Trump Hits Biden on Crime, Jobs - Wall Street Journal

* * * * * FRIDAY, AUGUST 28, 2020 ~ VOL. CCLXXVI NO. 50 WSJ.com HHHH $4 .00

DJIA 28492.27 À 160.35 0.6% NASDAQ 11625.34 g 0.3% STOXX600 370.72 g 0.6% 10-YR. TREAS. g 18/32 , yield 0.744% OIL $43.04 g $0.35 GOLD $1,921.60 g $19.10 EURO $1.1822 YEN 106.57

JASON GAYThe NBA could build aprotective bubble, butthe real world wasbound to intrude. A14

MANSIONWell-stocked

vacation homes areredefining ‘move-in

ready.’M1

Mission Impossible: ConvinceTown Its Bridge Can Be Blown Up

i i i

Makers of Tom Cruise movie target spanin Poland, but locals say it’s a landmark

WLEŃ, Poland—The missionseemed improbable, if not im-possible: Convince the residentsof a Polish town to let TomCruise blow up their bridge.

It was January, and a Holly-wood location scout hadslipped into the town of Wleń(population: 1,759) on an as-signment to secure Mr. Cruisean explodable structure for hisnext and seventh “Mission:

Impossible.” The scene wouldinvolve tossing a train going60 miles an hour into a lake.

An abandoned rail crossingon the town’s edge fit thespecifications. Paramount Pic-tures would repair it, thenblow it up. Afterward, it wouldhelp finance a new bridge,whose trains would bring incinema fans, the scout, RobertGolba, told the town’s mayor.

“Billions of people will watchthis film,” Mr. Golba said.

PleaseturntopageA10

BY DREW HINSHAWAND NATALIA OJEWSKA

people familiar with the mat-ter, while a second consortiumincluding Oracle Corp. also re-mains in the running.

Walmart was initially work-ing on a bid with Google par-ent Alphabet Inc. and Tokyo-based tech investor SoftBankGroup Corp., a person familiarwith the discussions said.

Google was involved intalks as recently as earlier this

PleaseturntopageA11

tential ban in the U.S. from theTrump administration over na-tional security concerns.

TikTok’s Chinese owner,ByteDance Ltd., is askingabout $30 billion for the U.S.operations, but bidders thusfar haven’t been willing tomeet that price, according topeople familiar with the nego-tiations. By contrast, TwitterInc. in recent weeks informallyfloated a TikTok bid closer to$10 billion, some of the peoplesaid.

Microsoft’s joint bid withWalmart is considered thefront-runner, according to

The race to capture Tik-Tok’s U.S. operations took asharp turn on Thursday, as re-tail giant Walmart Inc. said itis joining Microsoft Corp.’s bid

for the popular video-sharingapp after other deep-pocketedsuitors dropped out.

Walmart’s entry into theglobal sweepstakes was a sur-prise and comes as the partiesgrapple with a valuation forTikTok, which is facing a po-

By Sarah Nassauer,GeorgiaWells

and Cara Lombardo

dering that TikTok’s parent company sell theapp’s American operation or face a U.S. ban,on grounds it threatens national securitythrough the data it gathers.

Next, as Chinese nationalists lashed out atMr. Zhang on social media for not fightingthe Trump order, Mr. Zhang’s heavy-hittingWestern investors were applying pressure onhim to do the opposite—heed the order andsell.

Mr. Zhang fired back at Mr. Trump onMonday with a lawsuit filed in federal courtin California to stop the White House order.Then, he suddenly lost the high-profile lieu-tenant he had hired to extend TikTok’s glob-

PleaseturntopageA11

Zhang Yiming was having breakfast athome in Beijing in July when a messagepopped on his computer screen. A friendsent a link featuring President Trump, inwhich he said the coronavirus came fromChina and, as part of a U.S. response, hemight ban TikTok, the hit video app Mr.Zhang founded.

Mr. Zhang was astonished. “China virus?”he told people around him later. What didthe coronavirus have to do with TikTok?

From that initial shock, things quickly gotworse.

First, Mr. Trump upped the stakes by or-

BY LIZA LIN AND EVA XIAO

App’s Founder at CrossroadsZhang Yiming’s TikTok soared, then got caught up in geopolitics

TikTok CEO is stepping downafter three months............... A11

Heard on the Street: Fightoffers uncertain reward.... B10

Walmart Joins in TikTok Bid

1856 Last Island hurricane ashaving the strongest winds atlandfall in the state, accordingto Phil Klotzbach, a hurricane

PleaseturntopageA6

sprawling Cameron Parishearly Thursday as a storm ofhistoric proportions, withwind speeds of 150 miles anhour, according to the Na-tional Hurricane Center,speeds that surpassed those ofKatrina. Laura is tied with the

that was a stroke of luck,” saidretired Army Lt. Gen. RusselHonoré, a Louisiana native andleader of the federal responseto hurricanes Katrina and Ritain 2005. “It could’ve beenworse, let’s put it that way.”

Laura made landfall in

ADRE

ESLA

TIF/RE

UTE

RS

Lonnie Gatte returned to find his home in Sulphur, La., destroyed after Hurricane Laura made landfall.

The Federal Reserve ap-proved a major shift in how itsets interest rates by droppingits longstanding practice of pre-emptively lifting them to headoff higher inflation, a movelikely to leave U.S. borrowingcosts very low for a long time.

It won’t lead to a signifi-cant change in how the Fed iscurrently conducting policybecause it had already incor-porated the changes it for-mally codified Thursday.

But the shift marked a mile-stone. Had the strategy beenadopted five years ago, theFed would have likely delayedrate increases that began inlate 2015, following sevenyears of short-term rates

PleaseturntopageA2

BY NICK TIMIRAOS

Fed EasesInflationTarget inLandmarkDecision

WASHINGTON—PresidentTrump accepted his party’spresidential nomination Thurs-day, asking the public to lookpast months of hardshipwrought by compounding cri-ses across the country andvowing to use a second term tomend public health, revive theeconomy and restore law andorder to “Democrat-run citiesthroughout America.”

Standing in front of 1,500people in front of the WhiteHouse on Thursday, Mr. Trumpframed the final weeks of thepresidential race as a choicebetween what he called the ex-treme policies offered by Dem-ocratic presidential nomineeJoe Biden and the “righteousheart of the American people.”

PleaseturntopageA4

BY MICHAEL C. BENDERAND ALEX LEARY

LAKE CHARLES, La.—Hurri-cane Laura, the strongest stormto make landfall in Louisiana inmore than a century, causedwidespread power outages, se-vere flooding and left at leastthree people dead as it barreledthrough the state on Thursday.

The Category 4 stormslammed a casino riverboatinto an Interstate 10 bridge inLake Charles and blew out thewindows of many high-risebuildings downtown. A chlo-rine leak and fire at a chemicalplant in nearby Westlake sentresidents indoors and filledthe sky with smoke.

The damage, however, couldhave been much worse. If thestorm had made landfall a fewmiles west, it might havewashed up far more water.Laura also struck a swampyarea that was sparsely popu-lated and far enough east tospare the bulk of the GulfCoast’s chemical and oil facili-ties at the Louisiana-Texasstate line.

“It was only a few miles, and

BY ELIZABETH FINDELLAND VALERIE BAUERLEIN

Hurricane Laura Lashes LouisianaIn State’s Fiercest Storm in Century

INSIDE

James Mackintosh: Fed’s easymoney pumps up winners... B1

Storm spares heart of U.S.energy patch.............................. A6

Biden, Harris reject GOPcriticism of civil unrest........ A4

Trump Hits Biden on Crime, JobsPresident describesclash of ‘two visions’;Democrat accuses himof egging on violence

President Trump put forward his case for a second term Thursday night in a speech to 1,500 supporters in front of the White House.

ERIN

SCOTT

/PRE

SSPO

OL

CONTENTSArts in Review A12-13Business News.. B3,5Capital Account.... A2Crossword.............. A13Heard on Street. B10Mansion.............. M1-12

Markets...................... B9Opinion.............. A15-17Sports....................... A14Technology............... B4U.S. News..... A2-3,6,8Weather................... A13World News A9-10,18

s 2020 Dow Jones & Company, Inc.All Rights Reserved

>

What’sNews

Trump accepted the GOPpresidential nomination, ask-ing Americans to look pastmonths of hardship wroughtby compounding crises acrossthe country and vowing touse a second term to mendpublic health, revive the econ-omy and restore law and or-der to “Democrat-run citiesthroughout America.” A1, A4 Hurricane Laura, thestrongest storm to makelandfall in Louisiana in overa century, causedwidespreadpower outages and severeflooding and left at least threedead as it plowed throughthe state on Thursday. A1 Prosecutors chargedthe teen accused of openingfire and killing two peoplein Kenosha, Wis., amid un-rest following the policeshooting of Jacob Blake. A3 The Justice Departmentis asking four states hit hardearly in the pandemic fordata on certain nursinghomes, saying it is weighing aprobe into how they handledthe crisis in those settings.A8 The administration un-veiled a $750 million deal tobuy 150million rapid Covid-19tests fromAbbott, amove thatwould markedly expand U.S.capacity for rapid testing. A8 Russia has assembled alaw-enforcement team tohelp shore up Belarusianleader Lukashenko if pro-tests against him spiral outof control, Putin said. A18China’s coast guard de-tained a group of Hong Kongactivists after intercepting aboat en route to Taiwan,where the passengersplanned to seek refuge. A9

The Fed approved ama-jor shift in how it sets in-

terest rates by dropping itspractice of pre-emptively lift-ing them toheadoff higher in-flation, a move likely to leaveborrowing costs in the U.S.very low for a long time.A1,A2 The race to capture Tik-Tok’s U.S. operations tooka sharp turn asWalmart saidit is joining Microsoft’s bidfor the video-sharing appafter other deep-pocketedsuitors dropped out. A1TikTokCEOMayer said heis leaving after being on thejob for about threemonths, asthe firm comes under increas-ing pressure from the WhiteHouse over its China ties.A11 Initial jobless claims fellslightly last week but re-mained historically high, sig-naling layoffs are continu-ing amid the pandemic. A2 The S&P 500 closed at arecord for a fifth straightsession, adding 0.2%, whilethe Dow gained 0.6%. TheNasdaq retreated 0.3%. B9 Federal prosecutorscharged ex-UAW PresidentDennis Williams with em-bezzlement amid a probe ofcorruption at the union. B1 The indictment of Teva’sU.S. subsidiary on price-fixingcharges came after last-ditchtalks with the Justice Depart-ment failed to yield a deal. B1 Bayer’s $10.9 billionsettlement to resolve law-suits over the safety ofRoundup is stalling, plain-tiffs’ attorneys said. A6 Hot demand for laptopshelped HP and Dell soften thehit from a slowdown in of-fice-equipment spending. B4

Business&Finance

World-Wide

P2JW241000-5-A00100-17FFFF5178F

A2 | Friday, August 28, 2020 * * * * * THEWALL STREET JOURNAL.

U.S. NEWS

THE WALL STREET JOURNAL(USPS 664-880) (Eastern Edition ISSN 0099-9660)(Central Edition ISSN 1092-0935) (Western Edition ISSN 0193-2241)

Editorial and publication headquarters:1211 Avenue of the Americas, New York, N.Y. 10036

Published daily except Sundays and general legal holidays.Periodicals postage paid at New York, N.Y., and other mailing offices.

Postmaster: Send address changes to The Wall Street Journal,200 Burnett Rd., Chicopee, MA 01020.

All Advertising published in The Wall Street Journal is subject to the applicable rate card,copies of which are available from the Advertising Services Department, Dow Jones & Co. Inc.,1211 Avenue of the Americas, New York, N.Y. 10036. The Journal reserves the right not toaccept an advertiser’s order. Only publication of an advertisement shall constitute finalacceptance of the advertiser’s order.

Letters to the Editor: Fax: 212-416-2891; email: [email protected]

Need assistance with your subscription?By web: customercenter.wsj.com; By email: [email protected] phone: 1-800-JOURNAL (1-800-568-7625)

Reprints & licensing:By email: [email protected] phone: 1-800-843-0008

WSJ back issues and framed pages: wsjshop.com

Our newspapers are 100% sourced from sustainably certified mills.

GOT A TIP FOR US? SUBMIT IT AT WSJ.COM/TIPS

The last name of Kenosha,Wis., Mayor John Antaramianwas misspelled as Antamarianin some editions Wednesday ina U.S. News article about un-rest in the city.

Tyler Northern, whowatched video of a Tuesdaynight shooting in Kenosha,Wis., that left two people deadand a person wounded, said, “Ican’t say I would have donemuch different” if he had foundhimself in a situation in whichhe needed to defend his life. Hefound that possibility deeplydisturbing. On Thursday, he

said: “I believe that all life hasvalue and that everyone has aninherent right to life.” In someeditions Thursday, a U.S. Newsarticle about events in Kenoshacontained less context for Mr.Northern’s quotation.

The SCU Lightning Com-plex fire, which is burning eastof San Jose, is the third-largestfire in California history. Asmaller fire is burning in theSanta Cruz Mountains. A U.S.News article Tuesday aboutwildfires incorrectly said a fireburning in the Santa CruzMountains is the third-largest

fire. Also, in some editionsThursday, a U.S. News articleabout wildfires incorrectly saidthe SCU Lightning Complex fireis located in the Santa CruzMountains.

A chart with a Technologyarticle Thursday about China’sSTAR Market compared Tues-day’s prices for various stockslisted on STAR Market and inHong Kong. In some editions,the chart incorrectly said theywere Wednesday’s prices.

BNP Paribas SA is scalingback in commodity trade fi-

nance, and Société GénéraleSA is revamping its structured-products business. A Marketsarticle on Monday about Euro-pean banks incorrectly saidBNP Paribas and Société Gé-nérale are scaling back theirglobal ambitions to focus ontheir home economies.

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 [email protected] or by calling 888-410-2667.

CORRECTIONS AMPLIFICATIONS

F AJ M J AJM0

1

2

3

4

5

6

7 million

Initial claims forunemployment insurance

Note: Seasonally adjusted.Source: Labor Department

WEEKENDEDAUG. 22

1million

during a conference broadcastonline. “We’ve really got towork to find every scrap of le-verage in helping stabilize theeconomy.”

Stocks rallied Thursday,with the S&P 500 up 5.82points, or 0.2%, to close at arecord 3484.55. Governmentbonds sold off, with the yieldon the 10-year U.S. Treasuryrising to 0.744% from 0.686%the day before, to a two-month high. Bond yields risewhen prices fall.

Mr. Powell initiated a pol-icy-setting strategy review inlate 2018, motivated by the so-bering probability that centralbanks around the world willface greater difficulty than inthe past to spur growth due tolow levels of interest rates.

The coronavirus pandemic-induced recession broughtthose challenges into stark re-lief. The Fed cut its benchmarkrate twice in March to nearzero from a range between1.5% and 1.75%, and it hasbought trillions of dollars ofgovernment assets to stabilizemarkets.

If investors believe the Fed’swords are credible, the

changes made public Thursday“will increase the accommoda-tive power of policy,” formerFed Chairman Ben Bernankesaid. “When you go into a re-cession, markets will expect alonger period of easier policyand that will, in turn, increasethe amount of effective stimu-lus.”

For years, the Fed justifiedplans to withdraw stimulus asthe economy recovered by

warning that waiting too longto do so could provoke an ac-celeration of price pressures,particularly as joblessness fellbelow a level expected to pushprices higher, sometimes re-ferred to as the natural rate ofunemployment.

The Fed said Thursday thatdecisions to raise interestrates would be guided by a de-

pinned near zero. It amountedto the most ambitious revampof the central bank’s policy-setting framework since theFed first approved a formal 2%inflation goal in 2012.

By signaling Thursday itwanted inflation to rise mod-estly above its 2% target, theFed revealed how the globalcentral bank principle of infla-tion targeting, widely adoptedover the past quarter-century,might have outlived its useful-ness in a world of lower inter-est rates.

The revamp is designed toaddress the “reality of a quitedifficult macroeconomic con-text of low interest rates, lowinflation, relatively low pro-ductivity, slow growth, andthose kinds of things,” saidFed Chairman Jerome Powell

ContinuedfromPageOne

Fed EasesInflationTarget

mist at Grant Thornton LLP.The Fed’s new strategy won’t

be welcome news to savers re-lying on interest income. Butamong the biggest beneficiariesare likely to be people seekingemployment—especially low-in-come and minority groups thathave been hardest hit by thecoronavirus pandemic.

“They’re going to do every-thing in their power to makesure…that workers have lessunemployment, greater job se-curity, higher real wages,” saidJulia Coronado, a former Fedeconomist and founder of eco-

nomic-consulting firm Ma-croPolicy Perspectives LLC.“That’s what they want toachieve.”

The shift is partly a re-sponse to concerns about ris-ing income disparities and ra-cial inequality as well aslessons from the most recenteconomic expansion, when in-flation didn’t pick up even asthe unemployment rateplumbed 50-year lows.

Borrowing costs are alreadynear historic lows after theFed slashed its benchmarkovernight rate to near zero in

March as the coronavirus pan-demic struck.

With the new strategy,rates on auto loans, creditcards and mortgages are likelyto stay low.

The average rate on a 30-year fixed mortgage fell to2.91%, mortgage finance com-pany Freddie Mac reportedThursday, near its lowest levelin almost 50 years of record-keeping. A year ago at thistime, the 30-year, fixed rateaveraged 3.58%.

“This is a sea-change in theFederal Reserve’s monetary

policy whose effects will befelt on home buyers for manyyears into the future,” saidChris Rupkey, chief financialeconomist at MUFG Bank.“Mortgage rates will stay closeto 3% for years into the fu-ture.”

“The Fed has vowed to besupportive or as supportive aspossible,” said MichaelLorizio, a senior trader atManulife Investment Manage-ment. That, he said, is “goingto increase the appetite forrisk assets” like stocks andcorporate bonds.

The Federal Reserve’s newstrategy means that interestrates are likely to stay excep-tionally low for a longertime—a boon to people look-ing for work, buying a homeor investing in stocks.

The central bank set asideits longtime strategy of raisinginterest rates when it expectsinflation to start moving higher.

In practice, that means“low rates forever and a day,”said Diane Swonk, chief econo-

BY PAUL KIERNANAND SAM GOLDFARB

Job Seekers, Homebuyers Expected to Benefit

sire to avoid shortfalls of em-ployment from its maximumlevel rather than all deviationsabove or below the maximumlevel.

“They believe, and I agree,that there are substantial so-cial benefits from a strong la-bor market,” Mr. Bernankesaid. “Under this strategy,they will not take any steps tocool the labor market unlessthere is clear evidence of in-flationary pressure.”

The change “reflects ourview that a robust job marketcan be sustained without caus-ing an outbreak of inflation,”said Mr. Powell.

The revamp also set the ta-ble for the Fed to providemore specifics about how longit expects to keep interestrates low as soon as its Sept.15-16 meeting. It could do thatby putting forward an infla-tion threshold and a qualita-tive description of labor mar-ket conditions that wouldwarrant higher rates.

While the Fed didn’t changeits 2% target on Thursday, itsaid it would seek periods ofabove-target inflation if infla-tion runs below 2% following

economic downturns to pre-vent expectations of futureprices from sliding lower.

The Fed didn’t specify ex-actly how high or how long itwould allow inflation to riseabove 2%.

Mr. Powell secured agree-ment from all 17 officials whoparticipate in the Fed’s rate-setting deliberations on a newpolicy statement enshriningthe conclusions of the strat-egy review.

Some critics warned thatthe changes would do little toboost growth and insteadwould propel asset prices tohigher levels, creating finan-cial instability. Others hadrecommended even boldersteps, such as raising the in-flation target, to avoid thelow-inflation trap that hashampered central banks inJapan and Europe.

While it might be counter-intuitive for the Fed to desiremore inflation, particularlygiven rising costs for certainitems such as housing, Mr.Powell said the Fed needed toavoid “an adverse cycle ofever-lower inflation and infla-tion expectations.”

CAPITAL ACCOUNT | By Greg Ip

Central Bank Move Reflects Changed WorldWith the

revamp of itsmonetary-pol-icy frame-work, the Fed-eral Reserve

has subtly but clearly shiftedits priorities away from in-flation to employment.

The practical significanceis small. With inflation al-ready below the Fed’s 2%target and unemploymentabove 10%, interest rateswere going to stay near zerofor some years to come, andthat hasn’t changed.

But it’s an important insti-tutional and philosophicalshift. Like other pivots overthe central bank’s 107-yearhistory, this one comes in re-sponse to a changed world.

Central banks have longoperated on the assumptionthat there is a trade-off be-tween employment and infla-

tion. As the unemploymentrate drops below some “nat-ural” level, inflation starts torise, a relationship dubbedthe Phillips curve. Thatmeans unemployment couldbe both too high or too low.The Fed in its old operatingprinciples thus sought tominimize “deviations” of un-employment from this natu-ral level. In practice, thismeant the Fed had to bothestimate the natural rate andraise interest rates if actualunemployment threatened tofall below it.

T he new framework re-places “deviations”with “shortfalls,” im-

plying unemployment can betoo high but never too low.Two factors have driven this.The first is that the Phillipscurve has flattened since theearly 2000s. As unemploy-

ment fell to 50-year lows inthe last year, inflation alsostayed low. Fed Chairman Je-rome Powell explained thatthe change in wording “mayappear subtle, but it reflectsour view that a robust jobmarket can be sustainedwithout causing an outbreakof inflation.”

The second factor is thatmany countries are sufferingfrom persistently low growthand low actual and expectedinflation, which tend to pulldown interest rates overtime. That’s a problem be-cause if interest rates arelow in normal times, centralbanks have less room to cutthem in bad times.

“We have seen this ad-verse dynamic play out inother major economiesaround the world, and havelearned that once it sets in,it can be very difficult to

overcome,” Mr. Powell said.“We want to do what we canto prevent such a dynamicfrom happening here.”

This makes it critical thatinflation not fall persistentlybelow 2%. That’s why Fed of-ficials have now decided totarget an average inflationrate of 2%. If inflation runsbelow 2% for several years,it should run above 2% forseveral years as well. This isharder than it sounds. Witha flattened Phillips curve,even getting unemploymentbelow its natural rate isn’tguaranteed to boost infla-tion. But it’s the only leverFed officials have.

This is the latest evolutionof the central bank’s prioritiesin response to circumstances.The Fed was created in 1913after a major banking panic,with the purpose of servingas a lender of last resort to

the banking system. It was re-vamped during the Great De-pression to better manage thebroader economy. When infla-tion and unemployment bothrose throughout the 1960sand ’70s, Congress respondedby amending the Federal Re-serve Act to make maximumemployment and stable pricesthe Fed’s goals.

E xpectations of the Fedhave changed in recentyears as well. Mr. Pow-

ell noted that as unemploy-ment reached historic lows,it delivered “life-changinggains for many individuals,families and communities,particularly at the lower endof the income spectrum.”The gap between Black andHispanic unemployment andthat of white Americans fellto record lows.

Democrats are demanding

the Fed explicitly target racialdisparities in unemploymentand wealth. By elevating theprimacy of full employment,the Fed’s new framework im-plicitly addresses racial gapswithout making them an ex-plicit target.

With pressure growing onthe Fed to address an ex-panding list of priorities, itwas noteworthy that the cen-tral bank acted without Con-gress. Mr. Powell is buildingon his predecessors’ initia-tive by having the FederalOpen Market Committee for-malize its interpretation ofthe Federal Reserve Act’s em-ployment and inflation goals.

This preserves indepen-dence, and flexibility.Though hard to imagine now,high inflation might one daybe a problem again, and an-other revamp of its princi-ples could be in order.

Fed Chairman Jerome Powell during a conference that was broadcast online Thursday.

FEDER

ALRE

SERV

EBA

NK Unemployment claims fell

slightly last week but re-mained historically high, sig-naling layoffs continue as thecoronavirus continues to ham-per the economic recovery.

New applications for unem-ployment benefits ticked downto one million in the weekended Aug. 22, the Labor De-partment said. Initial unem-ployment claims remain wellbelow the recent peak of aboutseven million in March but arefar higher than pre-pandemiclevels of about 200,000 claimsa week.

The number of people col-lecting unemployment benefitsthrough regular state pro-grams, which cover mostworkers, edged down to about14.5 million for the weekended Aug. 15. So-called con-tinuing claims, which are re-leased with a one-week lag, hita high of nearly 25 million thisspring but have declined in re-cent weeks, a sign companiesare bringing back workers.

“We’re seeing gradual im-provement, but we really needto underscore the word ‘grad-ual’ here. We’re only inchingalong in terms of the labormarket’s recovery,” said SarahHouse, senior economist atWells Fargo Securities.

Separately, the CommerceDepartment revised its esti-mate of second-quarter eco-nomic growth, saying grossdomestic product fell at a31.7% annual rate, less than itsearlier estimate of 32.9%.

BY SARAH CHANEYAND PAUL KIERNAN

JoblessClaimsDeclineSlightly

12

0

2

4

6

8

10

%

2020 ’07-’09 ’01 ’90

Inflation during the expansionphase of the business cycle hastrended lower on average

3.0

0.5

1.0

1.5

2.0

2.5

% RECESSION

MONTHS AFTERTHE RATE PEAKED

Sources: Federal Reserve (funds rate); Commerce Department (inflation)

*Excludes food and energy

1994 2000 ’10 ’20

Core inflation, 12-month change*Average during expansion cycleFed inflation target

1 5 10 15 20 25 30 35 40 45

How the effective federalfunds rate changed duringthe past four downturns

The benchmarkinterest rate was cuttwice inMarch tonear zero.

P2JW241000-5-A00200-1--------XA

THEWALL STREET JOURNAL. * * * * * Friday, August 28, 2020 | A3

U.S. NEWS

WASHINGTON—HouseSpeaker Nancy Pelosi saidDemocrats would be willing toaccept a slightly smaller coro-navirus-aid package than theirprevious offer, but said theyremained at an impasse withthe White House.

Mrs. Pelosi indicated that a25-minute call she had withWhite House chief of staff MarkMeadows hadn’t eased themonthslong stalemate over thenext tranche of coronavirus aid.

“This conversation madeclear that the White Housecontinues to disregard theneeds of the American peopleas the coronavirus crisis dev-astates lives and livelihoods,”Mrs. Pelosi (D., Calif.) said af-ter the call. “Democrats arewilling to resume negotiationsonce Republicans start to takethis process seriously.’’

Mrs. Pelosi said that Demo-crats would be willing to accepta $2.2 trillion package, a mod-est scaling back of their last of-fer, but said they wouldn’t con-sider anything smaller.

Democrats had earlier pro-posed shaving $1 trillion offtheir roughly $3.5 trillion aidbill, passed by the House inMay, if Senate Republicanswould add a comparableamount to their own $1 trillionproposal.

The White House didn’t re-spond to a request for com-ment. White House officialssaid previously a relief pack-age of roughly $2 trillion to$2.5 trillion was a nonstarter.They have said they want tokeep it closer to $1 trillion,noting that Congress has al-ready authorized about $3 tril-lion in new spending sinceMarch to help mitigate the im-pact of coronavirus shutdowns.

Negotiations between Dem-ocratic leaders and seniorWhite House officials col-lapsed in early August.

Among the biggest stickingpoints is the $600 in weeklyfederal unemployment bene-fits for workers laid off duringthe pandemic. That benefit ex-pired at the end of July. Presi-dent Trump signed an execu-tive order Aug. 8 to send a$300 weekly addition to statejobless benefits.

Democrats have said the$600 weekly sum, which ispaid in addition to state bene-fits, is necessary to keep peo-ple out of poverty and theeconomy from collapsing andproposed extending it throughJanuary. Republicans said itwas too high and didn’t createan incentive for people to tryto find new work.

BY KRISTINA PETERSON

PandemicAid TalksRemainStalled,Pelosi Says

protecting the city from vio-lence, and some peaceful pro-testers say police have un-fairly attacked them whilebeing friendly with armed vig-ilantes.

“It’s just been pure mis-management,” said Zach Rod-riguez, a Kenosha Countyboard supervisor. Phone callsto the sheriff’s office havebeen left unanswered. At-tempts to contact the mayorhave been futile, too.

“We’ve reached out andsaid we need updates becauseour city is being burned to theground, people’s livelihoodsare being destroyed,” Mr. Rod-

riguez said. Kenosha residentsare “calling us and saying,‘Hey, what is the mayor doing?What is the sheriff doing?’And we have to tell them wedon’t know because they’renot filling us in.”

Mayor John Antaramian, aDemocrat, acknowledged thathe had been slow to updatethe public on the case.

Activists have condemnedthe police department overvideos released on social me-dia that showed Kenosha po-lice officers offering water toa group of white men, some ofwhom were armed, and thank-ing them.

“We appreciate you guys,we really do,” one person canbe heard saying.

In response, Kenosha PoliceChief Daniel Miskinis said at anews conference that his offi-cers “would toss a water toanybody.”

Protesters say the videos oflaw-enforcement officers act-ing friendly toward armedmen have disturbed them, es-pecially given the compara-tively harsh way they say theyhave been treated the last fewdays.

Sam Quigley, a volunteermedic, said he and other vol-unteers were blocked by police

officers and National Guard onTuesday night when trying toget to protesters who hadbeen injured by them.

“We were getting tear-gassed, pepper-sprayed, eventhough we’re clearly markedup as medics,” said Mr. Quig-ley, who wore a helmet embla-zoned with a red cross. “Theykeep saying they’re workingon the investigation, but theyneed to focus on the peoplewho are actually causing prob-lems for this city, not peacefulprotesters.”

KENOSHA, Wis.—Anger isgrowing over how state andKenosha officials have re-sponded to the police shootingof Jacob Blake and the ensuingviolence that has engulfed thissmall Midwestern city.

Kenosha officials haveshared little information withthe public, speaking at lengthfor the first time on Wednes-day, three days after a whiteofficer shot Mr. Blake, a Blackman, seven times in the back.Residents and business ownersare angry the state hasn’ttaken a more active role in

BY AKANE OTANI

Response to Blake’s Shooting Fuels Anger

gesturing to the uniformed of-ficers standing beyond thegates of the jail nearby. “But Ireally worry about the safetyof the younger generation.”

Shortly after, around adozen officers wearing hel-mets and carrying riot shieldswalked past the perimeter.

work as a medic, according toJeremiah Thomas, founder ofthe People’s Movement of Mil-waukee, which had protestersin Kenosha.

The complaint charging Mr.Rittenhouse details what canbe seen in video footage alongwith eyewitness accounts. Italleges that Mr. Rosenbaumtried to engage the teen, whoran away and was then fol-lowed by Mr. Rosenbaum. Atsome point, Mr. Rosenbaumthrew a plastic bag at Mr. Rit-tenhouse but didn’t hit him.The complaint cites a witnesswho said he saw Mr. Ritten-house fire three rounds at Mr.Rosenbaum before he eventu-ally falls to the ground.

At this point, the complaint,citing video, alleges that Mr.Rittenhouse made a phone callin which he said, “I just killedsomebody.”

Prosecutors then cite an-other video showing Mr. Rit-tenhouse running, as peopleyell about the shooting andchase him. Mr. Rittenhouse

trips and falls to the ground,firing at Mr. Huber, who isholding a skateboard and istrying to grab his gun, thecomplaint alleges.

Mr. Rittenhouse then alsofires upon an approaching Mr.Grosskreutz, who is hit in theright arm and appears to beholding a handgun as he isshot, the complaint alleges.

The complaint also providesdetails of autopsies performedby the Milwaukee Medical Ex-aminer’s Office. It says Mr.Rosenbaum suffered five gun-shot wounds to various partsof his body, and that Mr. Hu-ber was struck once by a shotthat perforated his heart andcaused other damage.

On Thursday, the AmericanCivil Liberties Union of Wis-consin and the national ACLUcalled for the resignation ofKenosha Police Chief DanielMiskinis and Kenosha CountySheriff David Beth over theirhandling of the Sunday shoot-ing of Mr. Blake and Tuesdaynight’s shooting of protesters.

KENOSHA, Wis.—Prosecu-tors on Thursday charged the17-year-old accused of open-ing fire on protesters, killingtwo people, amid unrest thathas rocked Kenosha after aBlack man was shot in theback by police.

The Kenosha County dis-trict attorney laid out sixcounts against Kyle Ritten-house, including first-degreereckless homicide, first-degreerecklessly endangering safety,first-degree intentional homi-cide and possession of a dan-gerous weapon, in the deathsof Joseph Rosenbaum and An-thony Huber, the attemptedkilling of Gaige Grosskreutz,and the reckless endangermentof reporter Richard McGinnis.

Prosecutors identified Mr.Rittenhouse as the man seenin multiple videos posted onsocial media of the deadlyshooting encounter Tuesdaynight in which Mr. Rosenbaumand Mr. Huber were killed.

National Guard membersfrom three states will be arriv-ing in Kenosha during the nextfew days, part of officials’ ef-forts to maintain calm in thecity’s streets following severaldays of looting and violence.Protests began Sunday afterthe police shooting of 29-year-old Jacob Blake, who remainshospitalized.

Kenosha will be gettinghelp from National Guardmembers deploying from Ari-zona, Alabama and Michigan,said Maj. Gen. Paul Knapp,who commands the WisconsinNational Guard. Some couldarrive as soon as Friday eve-ning, Gen. Knapp said.

Dozens of protesters carry-ing banners and signs gath-ered outside of the KenoshaCounty Jail on Thursday eve-ning. As the 7 p.m. curfewdrew close, Clyde McLemore,founder of the Lake Countychapter of Black Lives Matter,urged the group to get homesafely.

“They won’t bother me, be-cause I’m too old,” he said,

BY AKANE OTANIAND ERIN AILWORTH

New Charges Against Teen in Kenosha

Buildings in Kenosha were destroyed in the days following the police shooting of Jacob Blake. Prosecutors on Thursday charged KyleRittenhouse, who they identified as the person holding a gun at a protest on Tuesday, below left, for the deaths of two people.

FROM

TOP:

ALE

XWRO

BLEW

SKIF

ORTH

EWALL

STRE

ETJO

URN

AL;

TAYF

UNCO

SKUN/A

NADOLU

AGEN

CY/G

ETTY

IMAGES

Mr. Huber, 26, was “witty,”“a very awesome skate-boarder” and a “defender,”said Kurt Kennedy and MaryKennedy, who launched a Go-FundMe campaign for funeralexpenses for Mr. Huber, theirnephew. Mr. Grosskreutz hadregularly attended protests to

LakeMichigan

SHA

Sources: Staff reports; OpenStreetMap(roads); Microsoft (buildings)

WISCONSIN

Kenosha

1 mile1 km

22ndAve.

80th St.

63rd St

SheridanRd.

60th St.

52nd St.

50

Damaged buildings

SimmonsIsland Park

Deadlyshootingat protest

Some states have come upwith short-term fixes in thehopes that federal aid will ar-rive later and mitigate painfulcuts and layoffs. California willuse deferred spending, whichmeans schools will have to dipinto their savings or borrow$11 billion to replace delayedpayments from the state, withthe hope that federal fundingwill arrive by mid-October.

“The clock is ticking,” saidCindy Marten, superintendentof San Diego Unified SchoolDistrict. “If those deferralskick in, every district is goingto have to face very, verytough decisions.” That couldturn the current problem intoa decadelong budget crisis inpublic education, she said.

While the San Diego districtsaved about $2.7 million from

March through July becausecampus lights were off andbuses stayed in garages, thosesavings were erased by the$30 million in additional costto switch to remote learning.Its new overhead includeddeep-cleaning devices, provid-ing internet hot spots, deliver-ing meals, purchasing soft-ware licenses and expandingtech support, said Ms. Marten.More costs are expected if stu-dents return to school build-ings, she said.

Florida’s Broward CountyPublic Schools estimates thatit needs about $100 million inadditional federal aid to getthrough the pandemic. To holdclasses in person, about $10million a month will be neces-sary to ensure safety protocolsand enhanced cleaning when

students return to class, ac-cording to SuperintendentRobert Runcie.

Other costs are also increas-ing. Claims in the district’s em-ployee health insurance arerising. The district actuariesestimate the impact from thoseclaims could top $10 million inthe second half of the year.

Noelle Ellerson Ng, the asso-ciate executive director for ad-vocacy and governance at theSchool Superintendents Associ-ation, said Congress wouldhave needed to approve moreschool funding in April or Mayfor it to have reached districtsby the start of the school year.She said newmoney now wouldhelp school districts plan.

“Is sooner better thanlater? Yes it is. But eventuallyis better than never,” she said.

A stumbling block in talkson Capitol Hill is whether someof the money should be tied toin-person learning, a priority ofPresident Trump’s. The Repub-licans’ plan makes roughly two-thirds of their $70 billion avail-able only to schools that planto physically reopen. Demo-crats oppose putting that con-dition on any funds.

The fight over school fund-ing comes as negotiators arealso quarreling over how moremuch aid to send to state andlocal governments, with Dem-ocrats aiming for nearly $915billion and Republicans coun-tering with $150 billion.

—Kristina Petersoncontributed to this article.

As schools start the yearwithout more federal aid tohelp cover the costs of con-tending with a pandemic, aca-demic officials are warningthat vast budget shortfalls willfurther strain their districtsunless Democrats and Republi-cans break their impasse on anew coronavirus-relief package.

School districts are pushingahead with online, hybrid andin-person learning after thepandemic forced campusesand large parts of the econ-omy to close in the spring,sparking widespread layoffs inschool systems.

Congress approved $13.5 bil-lion in aid for elementary andsecondary schools in March.Both parties support providingmore money in a new round offunding, though they disagreeon how much more.

Republicans have proposedan additional $105 billion foreducation, with roughly $70billion targeted at K-12 schools.Democrats want to provide$175 billion to K-12 schools aspart of a $430 billion plan theyintroduced in the Senate,which also includes funding forchild care and colleges.

Talks between the partieson the new round of relief col-lapsed in July. The WhiteHouse and Democratic leadersremain at an impasse over thesize and contents of a newpackage.

BY YOREE KOHAND ANDREW DUEHREN

Schools Warn of Severe Budget Shortfalls

A kindergarten teacher in California disinfects her students’ chairs asthe school staff prepares for in-person classes to begin on Monday.

TERR

YPIER

SON/SCN

G/ZUMAPR

ESS

NBA teams will resumeplayoffs....................................... A14

Handcrafted in New York

Ice, Ice Baby

Call or Email to Purchase(805) 390 6326 | [email protected] the Collection at MISAHARA.COM

Ice, Ice Baby

Call or Email to Purchase(805) 390 6326 | [email protected]

"34-+,2) '%#1653(0 9+/27(4*(3,. 4(: 8$!#&&

P2JW241000-5-A00300-1--------XA

A4 | Friday, August 28, 2020 P W L C 10 11 12 H T G K R F A M 1 2 3 4 5 6 7 8 9 O I X X * * * * * * THEWALL STREET JOURNAL.

THE REPUBLICAN CONVENTION

Mr. Trump accepted the GOP nomination for president from the White House South Lawn. He was introduced by his daughter Ivanka Trump, a White House adviser.Speakers on the final night of the Republican National Convention included former New York Mayor Rudy Giuliani, top left, who called Democratic policies ’pro-criminal.’

FROM

LEFT

:RNC/ASS

OCIAT

EDPR

ESS;

BREN

DANSM

IALO

WSK

I/AGEN

CEFR

ANCE

-PRE

SSE/GET

TYIM

AGES

;ALDRA

GO/B

LOOMBE

RGNEW

S

Antioch, Ill., was arrested andcharged in connection with ashooting at about midnightTuesday that killed two peopleand left one person injured.

“The reality is that the lifeof a Black person in Americahas never been treated as fully

police shooting of Jacob Blake,a 29-year-old Black man. Au-thorities said they are con-cerned that outside agitatorsunconnected with peaceful day-time protests have descendedon the city after nightfall.

A 17-year-old resident of

under heightened scrutinyduring this Presidential elec-tion cycle. It is important thatwe, DHS employees, are famil-iar with the rules and policiessurrounding partisan politicalactivity to ensure that wecomply with them,” said thememo, which was reviewed byThe Wall Street Journal.

On Tuesday night, the GOPconvention broadcast a natural-ization ceremony featuring DHSacting secretary Chad Wolf,drawing criticism from Demo-cratic lawmakers and watchdoggroups. Rep. Bennie G. Thomp-son (D., Miss.), chairman of theCommittee on Homeland Secu-rity, sent a letter to the Officeof Special Counsel requestingan investigation of Mr. Wolf’sactions, citing potential Hatch

Act violations.Chad Mizelle, the depart-

ment’s acting general counsel,said in an interview that thedepartment posted the ethicsmemo on an internal website

on Tuesday morning beforethe Republican convention. Hedescribed the memo’s author,Mr. Maher, as the depart-ment’s top ethics official.

He said Mr. Wolf’s appear-

ance at the ceremony didn’tviolate the Hatch Act becausethe event was taped on Tues-day before the convention andthe White House had made thefootage public, available foranyone to republish.

“There’s no way that post-ing an official event online vi-olates the Hatch Act,” Mr. Miz-elle said. “If so, every politicalparty since the camera was in-vented would be violating theHatch Act.”

Mr. Mizelle declined to com-ment on whether he advisedMr. Wolf about his broadcastappearance at the convention,citing client privacy.

A White House spokesmansaid the Trump campaign de-cided to use the naturalizationceremony footage for its own

purposes, and “there was noviolation of law.”

The department intended toemail the memo to staff onTuesday but was hindered bya technical glitch, and subse-quently emailed it on Thurs-day morning, a department of-ficial said.

“DHS employee emails onthe Hatch Act are sent out fre-quently during every electionseason,” a department spokes-person said.

The DHS spokespersondidn’t respond to a request forcomment from Mr. Wolf.

Mr. Wolf has been thrustinto the spotlight in recentweeks. In July, he sent Home-land Security agents to Port-land, Ore., placing the depart-ment in a national debate over

the role of federal agents inquelling unrest in the city.During the Portland deploy-ment, Mr. Wolf and PresidentTrump often spoke severaltimes a day, the Journal ear-lier reported.

Earlier this month, theGovernment AccountabilityOffice concluded in a nonbind-ing report that Mr. Wolf wasimproperly appointed to hisacting role and is serving onan unlawful basis, potentiallyjeopardizing policies he en-acted if they are challenged incourt.

The president later an-nounced he would nominateMr. Wolf to serve permanentlyin the lead department role.

—Michelle Hackmancontributed to this article.

The Department of Home-land Security sent an emailurging employees to stay outof partisan activities after thedepartment’s acting head wasfeatured in the Republican Na-tional Convention this week.

In a memo emailed onThursday morning, the depart-ment’s top ethics officer JosephB. Maher addressed all DHSstaff, saying that the Hatch Actprohibits them from “conduct-ing any political activity whileon duty,” among other restric-tions. The memo said that po-litical appointees “are prohib-ited from actively participatingin partisan related political ac-tivities at any time.”

“We, as a Department, are

BY RACHAEL LEVY

DHS Ethics Chief Tells Staff to Avoid Political Activities

justify any of the looting, anyof the burning, any of the dam-age being done by protesters.But the people have a right tobe angry. People have a rightto protest,” Mr. Biden said.

Ms. Harris also continuedto denounce Mr. Trump’s han-dling of the coronavirus,which has gotten much less at-tention at this week’s GOPconvention than during theDemocratic event last week.

The escalated responsecomes a day after the vicepresidential nominee told do-nors in a virtual fundraiserthat Democrats had learnedlessons from 2016 in dealingwith the president andwouldn’t let his attacks standwithout an aggressive re-sponse.

“We can’t let anything goand dismiss it as being insig-nificant or unbelievable, be-cause again the stakes are toohigh,” she said. “And we needto have a response to every-thing so that we can win thiselection.”

human,” Ms. Harris said.She said she and Mr. Biden

had spoken to the family of Mr.Blake, who was shot by a whitepolice officer on Sunday in Ke-nosha, leaving him paralyzed.

“Make no mistake, we willnot let these vigilantes and ex-tremists derail the path to jus-tice,” Ms. Harris said.

“We all grew up recitingthe Pledge of Allegiance, butnow we must give real mean-ing to those words: One na-tion, under God, indivisible,with liberty and justice forall,” she said.

A top White House aide, Kel-lyanne Conway, suggestedThursday that the presidenthas a political advantage “themore chaos and anarchy andvandalism and violence reigns.”

Mr. Biden said in response ofMr. Trump: “He’s encouragingit, he’s not diminishing it atall.”

“What bothers me most isthe idea of just pouring gaso-line on the racial flames thatare burning now. That does not

tests in cities led by Demo-crats as evidence that Mr. Bi-den would be the wrongchoice for the moment. “Youwon’t be safe in Joe Biden’sAmerica,” Vice President MikePence said Wednesday.

Mr. Biden on MSNBCfaulted Mr. Trump’s leadershipfor the unrest, saying that thepresident is “rooting for moreviolence, not less.”

“He’s pouring gasoline onthe fire. This happens to beDonald Trump’s America,” Mr.Biden said. “I condemn vio-lence in any form, whether it’slooting or whatever it is.”

In a statement, Tim Mur-taugh, spokesman for Mr.Trump’s campaign, said: “Thiselection is a choice betweenPresident Trump’s strongstance with law and order andJoe Biden’s acquiescence tothe anti-police left and sidingwith rioters.”

Kenosha, Wis., has seen astring of violent clashes andfires as the city grapples withprotests following the recent

vention on Thursday, sayingRepublicans offered no clearplan to defeat the pandemicand made scant references toHurricane Laura or the week ofunrest in Kenosha, Wis., whereJacob Blake, a Black man, wasshot Sunday by a white policeofficer.

Mr. Biden, in an interviewwith MSNBC, faulted Mr.Trump’s response to the unrestin Wisconsin, saying that thepresident was “rooting for moreviolence, not less.”

“He’s pouring gasoline on thefire. This happens to be DonaldTrump’s America,” Mr. Bidensaid, adding: “I condemn vio-lence in any form, whether it’slooting or whatever it is.”

In addition to Mr. Trump’sspeech, the lineup for the finalnight of the convention featuredIvanka Trump, the president’selder daughter and a WhiteHouse adviser; former NewYork City Mayor Rudy Giuliani,who said Democrats want toimplement “pro-criminal, anti-police, socialist policies” whilecomparing Mr. Trump to Wash-ington, Lincoln and other iconicpresidents.

Mr. Trump’s speech cappedtwo weeks of unusual politicalconventions, as each party ad-justed a yearslong planning pro-

cess due to social-distancinglimitations caused by the pan-demic.

Republicans struggled withconvention planning this year,as the president insisted earlierthis summer on addressing anarena full of supporters. Thatforced Republicans to move theevent from Charlotte, N.C., toJacksonville, Fla., only to aban-don those plans amid a spike incoronavirus cases.

They settled on Washington,where Mr. Trump was featuredeach of the four nights, mostly

from different rooms of theWhite House and incorporatedofficial actions, including a nat-uralization ceremony and apresidential pardon, into con-vention programming. TheWhite House had said it is com-plying with ethics laws.

Mr. Trump delivered hisspeech on a hot, clear night onWhite House South Lawn,where rows of white foldingchairs were set up for an audi-ence of about 1,500. The chairswere just inches apart, despitea recommendation from the

federal Centers for DiseaseControl and Prevention to re-main at least 6 feet apart. Fewattendees wore masks.

Mr. Trump made changes tothe convention’s plans throughthe week, people familiar withthe decisions said. After watch-ing the Democratic conventionlast week, he ordered all thespeeches be cut by a few min-utes each to make the nightmove faster. While he initiallymocked Democrats for record-ing some segments, he likedthe pretaped segments of his

own convention after the firstnight and ordered more. OnWednesday and Thursday,nearly every speaker was re-corded ahead of time.

Just hours before his ad-dress, the death count fromcoronavirus exceeded 180,000.More than 10% of the countryremains out of work, more thandouble the rate before the pan-demic.

The president claimed thatMr. Biden squandered hischance to set the nation on theright course, and now promotes“the most extreme set of pro-posals ever put forward by amajor party nominee.”

“Joe Biden is weak. He takeshis marching orders from lib-eral hypocrites who drive theircities into the ground whilefleeing far from the scene ofthe wreckage,”Mr. Trump said.“He has pledged a $4 trilliontax hike on almost all Americanfamilies, which will totally col-lapse our rapidly improvingeconomy and once again recordstock markets.”

Mr. Trump promised to cre-ate 10 million jobs, further cuttaxes and increase manufactur-ing if elected to a second term.

—Catherine Luceyand Ken Thomas

contributed to this article.

He warned that Mr. Bidenwould unwind his trade poli-cies, dismantle sections of thewall being built along thesouthern border and serve as a“Trojan horse for socialism.”

“At no time before have votersfaced a clearer choice betweentwo parties, two visions, two phi-losophies, or two agendas,” theRepublican president said duringthe 70-minute speech.

Mr. Trump addressedCovid-19 by twice referring to itas the “China virus” and cast-ing his administration’s effortsto address the pandemic asquick and decisive. He acknowl-edged the deaths caused by thecontagion and added that, un-der Mr. Biden, “hundreds ofthousands more Americanswould have died.”

He said the current U.S. jus-tice system was equipped tohandle cases of police miscon-duct and condemned the vio-lence that had erupted along-side peaceful protests that havebeen simmering since the endof May. As in his conventionspeech in 2016, Mr. Trumppromised to restore law and or-der to the country, without de-tailing his plan to accomplishthat and instead pinned theblame on Democrats.

“I have done nothing butfight for you,” Mr. Trump said.“I did what our political estab-lishment never expected andcould never forgive, breakingthe cardinal rule of Washingtonpolitics. I kept my promises.”

Mr. Biden and his supportersspent much of their conventionlast week saying Mr. Trump hasexacerbated the troubles facingthe nation. The Biden campaigncriticized the president’s con-


Trump HitsDemocratsAs Extreme

Democratic running matesJoe Biden and Kamala Harrisrejected Republicans’ charac-terization of them as soft oncrime on Thursday and con-demned President Trump’s han-dling of unrest in parts of thecountry over racial injustice.

Ahead of Mr. Trump’sspeech at the Republican Na-tional Convention, Ms. Harrisemphasized the difference be-tween what she said werepeaceful protesters and agita-tors. “We must always defendpeaceful protests and peacefulprotesters,” Ms. Harris said inher first in-person, solo cam-paign event as the Democraticvice presidential nominee.“We should not confuse thatwith those looting and com-mitting acts of violence.”

Republicans during thisweek’s mostly virtual conven-tion repeatedly have pointedto recent instances of lootingand destruction during pro-

BY TARINI PARTIAND KEN THOMAS

Biden, Harris Reject GOP Criticism About Civil Unrest

Kamala Harris addressed charges leveled at the ticket by the GOP.

MICHAEL

A.M

CCOY/GET

TYIM

AGES

AGOP conventionbroadcast includingWolf drew criticismfromDemocrats.

P2JW241000-6-A00400-17FFFF5178F

THEWALL STREET JOURNAL. Friday, August 28, 2020 | A5

P2JW241000-0-A00500-1--------XA

A6 | Friday, August 28, 2020 * * * * * THEWALL STREET JOURNAL.

U.S. NEWS

Smoke rose from a burning chemical plant in Lake Charles, La., on Thursday.

ANDRE

WCA

BALLER

O-REY

NOLD

S/AGEN

CEFR

ANCE

-PRE

SSE/GET

TYIM

AGES

the storm strengthened sorapidly that there wasn’tenough time for the ocean torespond to the stronger winds.

On Thursday, while visitingFEMA headquarters in Wash-ington, President Trump saidhe would head to Texas andLouisiana over the weekend.

“It turned out we got a lit-tle bit lucky,” he said of thestorm. “It was very powerful,but it passed quickly.’’

Texas was spared the worstof the storm. In Beaumont,there were a few people withsaws and garbage bags cleaning

ern Arkansas through Friday.One difference with Laura

compared with other recentstorms is that it movedquickly overland at a steadyclip of 15 miles an hour, whichmeteorologists also said cur-tailed flooding.

Meteorologist and authorEric Holthaus said that whatmade Laura so fearsome isthat it strengthened soquickly, going from a tropicalstorm to a Category 4 hurri-cane virtually overnight. Hetheorized that the storm surgewas less than feared because

has sustained,” said David Bibo,associate administrator forFEMA response and recovery.

Officials said they weregrateful that residents listenedto the warnings about “unsur-vivable” flooding and largelyheeded the mandatory andvoluntary evacuation orders in21 parishes in Louisiana and 11counties in Texas.

By Thursday afternoon, thewinds had weakened to 50miles an hour as the stormtraveled overland. It is ex-pected to dump 3 to 7 inchesof rain across central and east-

Gov. Edwards said, noting thatthere was tremendous damageto the state’s infrastructure.

“Just about the entire statesaw tropical storm-forcewinds,” he said. “That is howbig and powerful this stormwas.”

—Rebecca Elliottcontributed to this article.

debris and fallen tree limbsfrom their yards. Laura nar-rowly missed the heart of U.S.fuel-making and chemicals pro-duction along the Gulf Coast.

In Louisiana, some 1,500rescue personnel were focusedThursday on getting peopleout of unstable homes andother dangerous situations,

OKLAHOMA

TEXAS

ARKANSAS

MISSISSIPPI

Sources: PowerOutage.US (outages); NOAA (wind, path)Note: Outages, wind extent and path as of Thursday afternoon

Laura’s path

Projected path

Hurricaneforcewinds

Tropical stormforcewinds

Percentage of customers that lost power by county or parish

25% 50% 75%

LOUISIANALOUISIANALOUISIANA

Destructive PathAs Laura churned inlandThursday, strongwinds knocked outpower tomore than half amillion customers in Louisiana,Texas and Arkansas.

HoustonNewOrleans

Jackson

specialist at Colorado StateUniversity.

State emergency manage-ment officials said at leastthree people died as a resultof trees falling on homes: a 14-year-old girl in Leesville, northof Lake Charles; a man inJackson Parish; and a man inAcadia Parish.

Some 130,000 customers inTexas were without powerThursday morning, accordingto poweroutage.us, whichtracks outage reports fromutilities. Louisiana Gov. JohnBel Edwards said that around650,000 customers were with-out power across his state.

Federal Emergency Manage-ment Agency officials said theLake Charles area receivedsome of the hurricane’s stron-gest winds. Most of the dam-age appeared to come fromwind, rather than flooding.Some buildings were left inrubble, many had roofs blownoff completely, and streetswere a hazardous maze ofdowned trees and power lines.

Linda Drounette, 73 yearsold, said she had no way out ofher apartment in Lake Charlesafter she found out about theevacuation buses too late—andeveryone she knew left townbefore she could ask for a ride.She holed up and prayed in anapartment complex that lostparts of its roof.

The wind’s noise will live inher nightmares, she said, butshe was grateful the floodingwasn’t as bad as anticipated.

“I figured I’d have to swimout of there with my cats,” shesaid.

The Covid-19 pandemiccomplicated emergency re-sponses. Officials adaptedshelters with distancing mea-sures and handed out masks toaccommodate those fleeing asthe coronavirus continues togrip both states. Most peoplewere sent to hotel rooms andvacant college dorms to mini-mize contagion risk, includingmore than 8,000 in Texas andaround 2,000 in Louisiana lateWednesday, said Charley Eng-lish, national emergency man-agement liaison for the Ameri-can Red Cross.

Officials said that they werebeing cautious due to the virusand shifting operations wherepossible.

“I can’t hand a water bottleto a disaster survivor overZoom, but I can talk through onthe phone with a disaster sur-vivor the damage their home


LauraHammersLouisiana

facilities will probably con-tinue in very short order,” hesaid.

More than 10% of U.S. refin-ing capacity, capable of pro-cessing more than two millionbarrels of oil a day, is clus-tered near the Texas-Louisianaborder around Lake Charles,La., according to Mizuho Secu-rities USA LLC.

In the Port Arthur, Texas,area, Motiva Enterprises LLC,

an affiliate of Saudi ArabianOil Co., said it planned to con-duct assessments and otherpreparations needed to restartthe nation’s largest refinery.

Total SA also was workingto restart a nearby refinery,the company told state regula-tors.

In the Lake Charles area,Citgo Petroleum Corp. andPhillips 66 said Thursdaymorning that they were pre-

paring to assess storm im-pacts at refineries they closedahead of Laura’s arrival.

Companies with chemicalsor liquefied natural-gas facili-ties in the area said theyplanned to evaluate damage assoon as it was safe.

“Based on local news re-ports, it appears the stormsurge was less than pro-jected,” a Cameron LNGspokeswoman said.

Hurricane Laura narrowlymissed the heart of America’sfuel-making and chemicals in-frastructure along the GulfCoast, but a chlorine fire inLouisiana on Thursday threat-ened the Lake Charles metro

area.The hurricane made landfall

in southwestern Louisianawith wind speeds of around150 miles an hour, accordingto the National Hurricane Cen-ter.

While the storm’s path justeast of the Texas-Louisianaborder missed the heaviestconcentration of energy facili-ties in the Beaumont-Port Ar-

By Rebecca Elliott,Collin Eaton

and DanMolinski

thur area, the harder-hit Loui-siana side is also home torefineries and natural-gas ex-port facilities.

Louisiana State Police re-sponded to a chlorine leak andfire at BioLab, a chemicalmanufacturing facility ownedby KIK Custom Products Inc.,Capt. Chavez Cammon said.

Isabelle Pierre, KIK’s gen-eral counsel, said the fire wasa result of damage sustainedduring the hurricane and thecompany was working with lo-cal officials to contain the siteand mitigate the impact. Sheadded that the facility hadbeen evacuated ahead of thehurricane and all employeeshad been confirmed safe.

The office of Gov. John BelEdwards in a text alert askedthose nearby to stay inside

with windows and doorsclosed.

In December, BioLab hadthe capacity to make 115 mil-lion pounds a year of chemi-cals used in swimming-pooldisinfectants and cleaningsupplies, according to Louisi-ana records at the time.

Chlorine exposure cancause nausea and vomiting,difficulty breathing, coughingand burning in the nose,throat and eyes, according tothe Centers for Disease Con-trol and Prevention.

Other than the Louisianafire, initial assessments indi-cated that many oil and gas fa-cilities sustained only minordamage, U.S. Energy SecretaryDan Brouillette said. “It is notsignificant in nature, meaningthat the operations of these

Storm Spares HeartOf U.S. Energy Patch

FROM

TOP:

AGEN

CEFR

ANCE

-PRE

SSE/GET

TYIM

AGES

;JOERA

EDLE

/GET

TYIM

AGES

Hurricane Laura destroyed homes near Lake Charles, La. Latasha Myles and Howard Anderson, below, were in their living room when the storm blew off the roof.

Roundup trials. Bayer saysRoundup is safe and doesn’tcause non-Hodgkin lymphoma.

Deals with some of the leadplaintiffs’ lawyers, AimeeWagstaff and Jennifer Moore,still haven’t been signed byBayer, the lawyers told a judgeat a Thursday hearing. An-other agreement to resolve alarge batch of cases was ter-minated this month, plaintiffs’lawyer Brent Wisner said.

The three firms collectivelyrepresent about 20,000 plain-tiffs, said Ms. Wagstaff.

U.S. District Judge VinceChhabria, who is overseeing

thousands of the cases filed infederal court, told the lawyershe wants to see a plan to re-start the litigation in light ofthe settlement uncertainty.Ms. Wagstaff said her firm al-ready was working to scheduletrials in Missouri state court.

“I guess I’m having a littlebit of trouble squaring what Iread in Bayer’s press releasein June with the numbersyou’re giving me right now,”Judge Chhabria said, afterhearing that the majority ofcases in his court still didn’thave signed settlement deals.

William Hoffman, an attor-

ney for Bayer, said the com-pany thought at the time ofthe announcement that itwould be able to finalize theagreements. “I think what wehave here is something thatoccurs in a lot of negotiations:a speed bump, a slight hiccup,a change in circumstance thathas led one party to put thingson hold temporarily,” he said.

“So the cases are not re-solved, is what you’re saying?”Judge Chhabria later said.

Settlement agreements havebeen finalized with lawyersrepresenting about 30,000plaintiffs, mediator Kenneth

Feinberg told the court.Specifics of the disagree-

ments weren’t discussedThursday, but Judge Chhabriatold the plaintiffs’ lawyers topublicly file parts of lettersthey had sent him in confi-dence detailing what the judgedescribed as Bayer “welching”on its deals.

Thursday’s hearing was an-other setback for Bayer. Thecompany already is working torevamp another component ofits June deal: A $1.25 billionproposal to resolve anyRoundup cases filed in the fu-ture. The company is redoing

that proposed class action af-ter Judge Chhabria indicatedhe was unlikely to approve it.

Judge Chhabria’s blessingisn’t required to settle the ex-isting cases, which Bayer saidwould cost between $8.8 bil-lion and $9.6 billion, but hemade clear Thursday he waswilling to bring more cases totrial if needed.

Bayer said Thursday it is op-timistic it could finalize thesettlements in the next 30 days.Bayer inherited the Rounduplitigation when it bought seedand pesticide maker MonsantoCo. for $63 billion in 2018.

Bayer AG’s $10.9 billion set-tlement to resolve lawsuits overthe safety of its Roundup weed-killer is stalling, plaintiffs’ at-torneys said Thursday in court.

The German chemical andpharmaceutical giant said inJune it had reached deals tosettle 75% of the 125,000 casesalleging its popular weedkillercauses cancer, and was work-ing to tie up the rest. Share-holders welcomed the news af-ter three California juriesreturned massive awardsagainst the company in

BY SARA RANDAZZO

Bayer’s Roundup Settlement Negotiations Hit New ‘Speed Bump’

P2JW241000-5-A00600-1--------XA


I N M E M O R I A M

Gerald D.Hines1 9 2 5 – 2 0 2 0

On behalf of the 4,800 employees around the world, we salute our founder,Gerald D. Hines, for his commitment to excellence, creating a cultureof peerless integrity, and his enduring legacy and contributions to quality inthe built environment.

PHOTO

:ANNIE

LEIB

OVITZ

P2JW241000-0-A00700-1--------XA

A8 | Friday, August 28, 2020 THEWALL STREET JOURNAL.

U.S. NEWS

mally accept the party’s presi-dential nomination for thesecond time.

Abbott said Wednesday itplans to ship tens of millions ofthe tests in September and ex-pects to increase production to50 million tests in October. TheOctober total would be roughlydouble the number of testsperformed in the U.S. in July.

Abbott said its data showthe new antigen test has dem-onstrated sensitivity—the per-cent of positive cases a test ac-curately detects—of about 97%.Rapid antigen tests are gener-ally thought to be less sensi-tive than lab-based PCR tests.

The White House has longused a different rapid test cre-ated by Abbott to test thepresident and those who comeinto contact with him.

The company has come un-der scrutiny for that test. Itwas forced to revise instruc-tions for use of the test whena preliminary study by a majormedical center found that itfrequently gave false negativeresults.

Abbott shares rose almost8% Thursday, boosted by theemergency-use authorizationand news of the large WhiteHouse purchase.

The Trump administrationunveiled a $750 million deal tobuy 150 million rapid Covid-19tests from Abbott Laborato-ries, a move that would sub-stantially expand the nation’scapacity for rapid testing.

The Food and Drug Admin-istration on Wednesdaygranted emergency-use autho-rization to the company for a$5 rapid-response Covid-19 an-tigen test that is roughly thesize of a credit card.

The test could be adminis-tered in a doctor’s or schoolnurse’s office and uses tech-nology similar to home preg-nancy tests. It returns resultsin about 15 minutes.

“This is a major develop-ment that will help our countryto remain open, get Americansback to work and kids back toschool,” White House senioradviser Alyssa Farah said.

The White House announce-ment came as PresidentTrump was expected laterThursday to defend his re-sponse to the pandemic thathas claimed roughly 180,000American lives in his speech atthe Republican National Con-vention, where he was to for-

BY REBECCA BALLHAUS

White House UnveilsDeal to Buy RapidTests From Abbott

FLORIDA

New Evidence FreesMan After 37 Years

A Florida man who has spentthe last 37 years in prison on arape and murder charge was or-dered released immediatelyThursday, after officials discov-ered new evidence that provedhis innocence.

Robert Duboise, who is 56years old, was serving a life sen-tence, convicted in 1983 for themurder of 19-year-old BarbaraGrams. She had been raped andbeaten while walking home fromher job at a Tampa mall.

Mr. Duboise’s conviction cen-tered on one piece of evidence:an alleged bite mark on the vic-tim’s face. A jailhouse infor-mant’s testimony also helpedconvict him.

On Thursday, a lawyer fromthe Innocence Project and a law-yer from the HillsboroughCounty Conviction Review Unitspoke during an online court

hearing and addressed the falseevidence that led to Mr.Duboise’s conviction. Expertsproved the mark wasn’t from abite, and the jailhouse informantwasn’t credible.

Teresa Hall, the supervisingattorney for the conviction re-view unit, found that much ofthe physical evidence in the casehad been destroyed. But shetracked down rape-kit evidence atthe county medical examiner’s of-fice and processed that for DNA.

Within a week, that evidenceexcluded Mr. Duboise.

—Associated Press

TRAFFIC SAFETY

NHTSA App SendsAuto-Recall Alerts

The U.S. government’s roadsafety agency is offering a smart-phone app that will alert drivers iftheir vehicles are recalled.

The National Highway TrafficSafety Administration wasscheduled to roll out the free

SaferCar app for both Androidand Apple phones Thursday.

Owners key in or scan their17-digit vehicle identificationnumber, and the app will searchthe agency’s database for recalls.If there is one, the app will sendan alert, the agency says.

People also can add childseats, trailers and tires, and theapp will check those for recalls.

Private services such as Carfaxalready offer similar apps for ve-hicle recalls, but this is a first forNHTSA, which is part of the U.S.Department of Transportation.Owners already can go towww.nhtsa.gov/recalls and checkthe NHTSA database for recalls.

Full information about theapp can be found atwww.nhtsa.gov/safercar-app.

NHTSA says that one in fourvehicles now on the road has anunrepaired recall.

Last year, 53 million vehicles,car seats, tires and equipmentwere recalled, according to theagency.

—Associated Press

PACKED HOUSE: A woman loaded a paper bag with food donations Thursday at the Latchis Theatre in Brattleboro, Vt., during the 11thannual Load the Latchis event, which seeks to fill all 750 seats with a bag of groceries for residents in need.

KRISTO

PHER

RADDER

/THEBR

ATTL

EBORO

REFO

RMER

/ASS

OCIAT

EDPR

ESS

U.S. WATCH

CALIFORNIA

Evacuated ResidentsAllowed to Return

Thousands of people forced toflee their homes were allowed toreturn Thursday after firefightersmade progress in their effort toput out massive and deadly wild-fires in Northern California. Offi-cials were working on plans to re-populate other evacuated areas.

Cooler weather and higherhumidity, along with an influx ofequipment and firefighters, con-tinued to help hard-pressedcrews fighting some of the larg-est fires in recent state history,burning in and around the SanFrancisco Bay Area.

The fires have claimed sevenlives and destroyed 1,800 build-ings, according to Cal Fire.

In the heart of wine country,evacuation orders in Napa andSonoma counties were liftedWednesday for about 35,000people.

—Associated Press

from a hospital couldn’t be de-nied admission or readmissionto a nursing home “based on aconfirmed or suspected diag-nosis of Covid-19,” and thatnursing homes couldn’t requireincoming patients to be tested.

New York state health au-thorities in July released a re-port that suggested coronavirusfatalities in the state’s nursinghomes were largely connectedto infected staff members. Thereport also said that most pa-tients admitted to nursinghomes from hospitals weren’tcontagious with the virus.

Indiana has guidelines thatsaid long-term-care facilitieswere “expected to accommo-date hospital discharges of pa-tients regardless of theirCovid-19 status.” The statesaid a person actively infectedwith the virus “but deemedready for discharge by the hos-pital may be transferred to anadequately prepared facility.”

A spokeswoman for the In-diana State Department ofHealth said that the statedidn’t ever “mandate that a fa-cility take even one patient”and that its guidance aimed to“facilitate communicationabout patient transfer and re-source availability.”

Justice Department officialsdisputed that its work waspartisan, saying it wouldn’trule out examining a Republi-can governor’s orders. The de-partment is already investigat-ing a severe, deadly outbreakat a state-run veterans homein Massachusetts, which has aRepublican governor.

There are more than 70,000Covid-19-related deaths linkedto nursing homes and otherkinds of long-term-care centersnationwide, according to a re-cent Wall Street Journal surveyof state and federal data. Thesedeaths have consistently ac-counted for at least 40% of allU.S. deaths from the disease.

Public-health experts be-lieve the severe impact onlong-term-care facilities re-flects, in part, the widespreadchallenges these facilitiesfaced in obtaining coronavirustests and protective gear, par-ticularly in the early days ofthe pandemic.

respond.“We have not reached any

conclusions about this mat-ter,” Eric Dreiband, assistantattorney general overseeingthe civil-rights division, wrotein the letters.

Some state policies enactedat the height of the pandemicwere meant to ensure thathospitals had enough beds forthe most severe Covid-19 casesby moving less-ill patients tonursing homes. But nursing-home residents and theirloved ones criticized the poli-cies as putting especially vul-nerable people at risk bybringing into their facilitiespeople who potentially couldstill be infected with the virus.

Democrats immediatelycriticized the Justice Depart-ment’s inquiry as politicallymotivated, noting its timingduring the Republican Na-tional Convention. They also

pointed out that the depart-ment had selected only statesled by Democrats when others,including some led by Republi-cans, had issued similar nurs-ing-home guidance.

New York Gov. AndrewCuomo and Michigan Gov.Gretchen Whitmer issued ajoint statement calling theDOJ’s fact-finding letters a“nakedly partisan deflection.”

“We will review this letterand respond as appropriate,however, Americans would allbe better served if the Trumpadministration stopped thepartisan games and focused ondelivering a real plan to defeatCovid-19,” Ms. Whitmer’sspokeswoman, Tiffany Brown,said in a statement.

States have a variety of pol-icies on when nursing homeshad to admit patients fromhospitals. New York’s policy,issued in March and later al-tered, said patients referred

The Justice Department isasking governors of fourstates that were hit hard earlyin the Covid-19 pandemic fordata on certain nursing homes,as it says it is considering aninvestigation into how thestates handled the crisis inthose care settings.

Department officials saidthey are scrutinizing whetherpolicies allowing or requiringpublic nursing homes to ac-cept recovering Covid-19 pa-tients from hospitals contrib-uted to deaths and violatedthe law. The inquiry is aimedat state-run nursing homes,which represent a sliver of thenation’s roughly 15,000 facili-ties, which are largely pri-vately owned.

A Wednesday announce-ment from the department saidpolicies in New York, New Jer-sey, Michigan and Pennsylvaniamay have resulted in thou-sands of Covid-19 deaths. Thedepartment didn’t offer directevidence to support its claims.

The four states have someof the highest coronavirus-re-lated fatalities linked to long-term-care centers for the el-derly, a national problem thathas more recently hit nursinghomes in Sunbelt states in-cluding Florida and Texas.

Officials from the JusticeDepartment’s civil-rights divi-sion sent letters to governorsof the four states, saying theyare trying to determinewhether to open investigationsunder a federal law that pro-tects the rights of people instate-run facilities.

The department is seekinginformation including the num-ber of state-run nursing-homeresidents and employees whocontracted the virus; the num-ber who died, including thosewho died in nursing homes orafter being transferred to ahospital; and the number ofpeople admitted to publicnursing homes from elsewhereafter testing positive forCovid-19 during the period inwhich the policies were inplace, according to the letters.

The states have 14 days to

BY JON KAMP, SADIE GURMANAND ANNA WILDE MATHEWS

U.S. Asks Governors for DataOn State-Run Nursing Homes

The queries focus onwhether coronavirusorders contributedto fatalities.

A medical worker showing the process for rapid coronavirus testingon an Abbott ID Now machine on Thursday.

SPEN

CERPL

ATT/GET

TYIM

AGES

1-800-441-6287 or 1-630-769-1500Auto. Home. Pet. Find Your Fit.

© 2020 MacNeil IP LLC

KEEPRAINOUT.LET FRESHAIR IN.

Side Window DeflectorsWeatherTech’s Side Window Deflectors allow youto enjoy fresh air this fall while staying dry in rainyweather. These sleek deflectors give an originalequipment look that enhances your vehicle’saesthetic. Plus, they are custom per vehicle typeto ensure the perfect fit.

Easy toInstall

P2JW241000-0-A00800-1--------EW


were involved in a group thathad sought to persuade for-eign countries to introducesanctions on Hong Kong afterthe law took effect.

Mr. Li was a volunteer for anadvocacy group for HongKong’s movement called “FightFor Freedom. Stand With HongKong.” After the Aug. 10 arrest,the group said the arrested sus-

pects linked with the group hadonly supported it in November,and as such weren’t criminallyliable as the national-securitylaw isn’t retroactive.

Bookseller Lam Wing-kee,one of the most high-profilefigures who fled Hong Kongfor Taiwan last year, said heexpects to see more people tryto escape.

HONG KONG—China’s coastguard detained a group ofHong Kong activists after in-tercepting a boat in the SouthChina Sea en route to Taiwan,where the passengers plannedto seek refuge from Beijing’snational-security crackdown.

The group, people familiarwith the matter said, includedAndy Li, an activist who wasarrested in Hong Kong twoweeks ago by a new nationalsecurity police unit that alsoraided the office of a newspa-per. Mr. Li had been releasedon bail by police, who said hewas being investigated for al-leged ties to a dissident groupsuspected of colluding withforeign countries to interferein Hong Kong affairs.

China’s coast guard has inthe past stopped boats sus-pected in smuggling opera-tions, but rarely has been in-volved in the arrest of pro-democracy activists leavingthe city by sea. The incident islikely to fuel tension with Tai-wan, an island democracy thatChina claims as its territory,and highlights the extent towhich China’s enforcement ofits new national security lawhas put a chill on antigovern-ment activism in Hong Kong.

The attempted escape toTaiwan was reminiscent of Op-eration Yellowbird, whenWestern intelligence agenciesand activists aided TiananmenSquare protesters trying toflee the mainland via HongKong—some of them by seawith the help of smugglers—while Chinese authorities triedto intercept them.

China’s coast guard said itsGuangdong unit seized aspeedboat in its territorial wa-ters southeast of Hong Kongthat was illegally crossing themaritime border Sunday, and

BY WENXIN FANAND JOYU WANG

WORLD NEWS

China Detains Fleeing Hong Kong ActivistsTarget of national-security law probewas among groupintercepted on boat

arrested more than 10 people,including one surnamed Li.The Guangdong coast guarddeclined to comment furtherwhen reached by The WallStreet Journal on Thursday.

Hong Kong’s police commis-sioner Chris Tang said hecouldn’t confirm the report,which appeared late Wednes-day on the China coast guard’sofficial microblog. Hong Kongpolice weren’t involved in theoperation, and the departmentis seeking information frommainland authorities, he said.

The whereabouts of Mr. Liand the others on board whowere arrested isn’t known, andMr. Li or a lawyer represent-ing him couldn’t be reached.

Taiwan’s president has beena vocal supporter of HongKong protesters and the islandhas served as a temporary ref-uge for a number of them inthe past year, some fleeingthere after fearing they wouldbe arrested. There is no extra-dition agreement between thetwo places.

Protesters hold up fingers, signifying ‘Five demands—not one less.’ Below, Chris Tang, Hong Kong police commissioner said his force was not involved in the detention.

FROM

TOP:

KINCH

EUNG/A

SSOCIAT

EDPR

ESS;

TYRO

NESIU/R

EUTE

RS

Taiwan, about 500 milesfrom Hong Kong, is seen as anally by many in Hong Kong intheir fight for greater auton-omy, while Chinese officialshave accused Taiwan of help-ing foment unrest in the city. .

Mr. Li was arrested in HongKong on Aug. 10 for an allegedviolation of China’s national-se-curity law, the legislation Bei-

jing imposed on the city onJune 30 to crush its lingeringantigovernment movement,which had sought to push backagainst Beijing’s tightening grip.

He was among a group of10 people, including AppleDaily publisher Jimmy Lai, ar-rested as part of a probe intoallegations of foreign collusionand fraud. Police alleged some

Foreign JournalistIs Denied a Visa

HONG KONG—Authoritiesdenied a work visa to AaronMc Nicholas, a Hong Kong-based Irish journalist, after hewas hired to join an English-lan-guage news site known for itsaggressive coverage of the city’sgovernment, the most recentsign of eroding press freedoms inthe city after Beijing’s impositionof a new national security law.

The decision adds to con-

cerns over the law, which saysmedia operating in the citymust be more rigorously con-trolled by state authorities.

Mr. Mc Nicholas has lived inHong Kong since 2015. After anearly six-month wait, his visaapplication to transfer to hisnew employer, the Hong KongFree Press, was denied with noexplanation, said Tom Grundy,editor in chief. Mr. Mc Nicholasdeclined to comment. TheHong Kong Immigration De-partment didn’t respond to arequest to comment.

—Dan Strumpf

100%money-back guarantee applies to each wine. Offer subject to availability. All orders fulfilled by licensed retailers/wineries and applicable taxes are paid. You must be at least 21 years old to order. Delivery is available to AZ, CA (offer may vary), CO, CT, FL, IA, ID, IL, IN (limiteddelivery area), LA, MA, MI, MN, MO, NC, ND, NE, NH, NJ (offer may vary), NM, NV, NY, OH, OR, SC, TX, VA, WA, WI, WV, WY and DC. WSJwine is operated independently of TheWall Street Journal’s news department. Full terms and conditions online. Void where prohibited by law.

98-Point Super Tuscanvs.

98-Point SouthernChallenger

THE GREAT ITALIAN TASTE-OFF

The Great Italian Taste-Off6 bottles (3 of each) JUST $59.99Plus $9.99 shipping and applicable tax

SAVE$53

The wine on the left is a bona fide classic from Tuscany’s brilliantBarbanera family. A ‘Super Tuscan’ blend of Sangiovese, Cabernet

Sauvignon and Merlot, it was awarded 98 points by leading critic LucaMaroni, who called it ”one of the best Italian reds of the year.”

Its challenger is from Puglia, the sun-drenched heel of Italy’s boot,and stars the region’s #1 grape, Primitivo. Like the wine on the left,it rates 98 points out of a maximum 99 and is ”an absolute ace,”

according to signore Maroni.

Both wines get their award-winning levels of color and flavorfrom the traditional governo or appassimentomethod of air-dryinggrapes after harvest. And today, both wines are only $10 each,a savings of 47%. This is NOT a wine club offer, just a chanceto compare two beautifully crafted Italian reds—and an openinvitation to shop our range of over 700 exceptional wines.

Put WSJwine to the test—and may the best wine win.

ORDER NOW ATwsjwine.com/italia OR CALL 1-877-975-9463QUOTE CODE 1849022

Limited cases available.

P2JW241000-0-A00900-17FFFF5178F


WORLD NEWS

Travelers wait to take a Covid-19 test at Frankfurt’s international airport on Thursday.

ALE

XKR

AUS/

BLOOMBE

RGNEW

S

“This particular bridge is anextraordinary monument: It’sthe highest train bridge in Po-land,” said Marcin Drews, a lo-cal video blogger specializingin documenting abandonedstructures. “Let’s say the mostfamous European movie direc-tor wanted to shoot a super-fa-mous movie in New York, andfor the purpose of this film heneeded to blow up the head ofthe Statue of Liberty. WouldAmericans say ‘OK, cool, this ishow we are going to promoteour culture in Europe?’ ”

The bridge has become asummer attraction, drawingtwice its ordinarily slow tour-ist volumes, as aficionadoscome to see it for perhaps thelast time. Some 15,000 peoplesigned a petition asking thegovernment to intervene.

In a letter to Poland’s cul-ture ministry, the U.S. Em-bassy has asked the govern-ment to work with some of theproducers involved, though ithasn’t expressed America’s po-

rebuilt to restore railway ser-vice, he said. “Bottom line: toopen up the area to tourism,the bridge needed to go,” hewrote. “And Mission: Impossi-ble (spoiler alert) would get toblow up part of a bridge.”

“To respect and celebratethe places we film is ourprime directive,” he wrote,adding “our production willnever do anything to harm asignificant landmark.”

The bridge doesn’t neces-sarily need to be destroyed tobe repaired, said Daniel Gibski,Deputy to the Regional Con-servator of Historical Monu-ments in the nearby city ofWrocław. He is opposed to theshoot: “I would not even liketo talk about this neocolonialattitude towards Poland.”

Live-action stunt work ishow Mr. Cruise markets his“Mission: Impossible” series.

The 58-year-old plays EthanHunt of America’s ImpossibleMissions Force, tracking vil-lains around the globe. The

thrill comes from watching Mr.Cruise—not a stunt double—climb Dubai’s Burj Khalifa(“Mission: Impossible” No. 4),cling to a military cargo planein midflight (No. 5), or pilot ahelicopter over the Himalayas(No. 6). “We’ve got to pushthe boundaries,” said “Mis-sion: Impossible” stunt coordi-nator Wade Eastwood.

In Wleń, many residents areskeptical. “I’ve lived for toolong to believe that once abridge is blown up they willrepair it,” said Teresa Mari-anna, 76.

The Pilchowice Bridge wasamong the last great accom-plishments of Germany’s Kai-ser Wilhelm II, who paradedacross it in 1912, shortly be-fore World War I. Later, Nazisoldiers fleeing Soviet troopstried to blow it up, but onlylightly damaged it. The lasttrain crawled across in 2016.

Then word reached Polishfilm producer Andrew Eksnerthat Mr. Cruise needed a bridge.

On Nov. 20, a “Mission: Im-possible” production manageremailed Mr. Eksner specifica-tions: “We want to shoot an incamera, full-scale, train crash.”

While Mr. Eksner was on thecase, a rival came in. By Decem-ber, Mr. Golba had been hiredto do the job Mr. Eksner hopedParamount would assign him.

Spurned, Mr. Eksner toldfriends about the plans toblow up the bridge for themovie. By March, wordreached a local preservationistcommunity that began a driveto list the bridge as a histori-cal monument. The issue sim-mered until a petition went vi-ral on social media in lateJuly. The bridge became na-tional news in Poland.

“The situation with thebridge in Pilchowice has becomea bit complicated,” an officialfrom the state railway companyemailed producers this month,proposing alternatives.

Mr. Cruise is still looking fora bridge.

in funding to improve digitalinfrastructure and helpschools prepare for online in-struction in the event a classor a school needs to shutdown.

However, Ms. Merkelcouldn’t convince the states torestrict attendance to private

gatherings such as weddingsand funerals.

In Central and Eastern Eu-rope, several countries areseeing record Covid-19 cases,and reintroducing controls.

The Czech Republic—one ofthe first European states tomandate widespread mask

wearing—lifted that require-ment in May, but on Mondaysaid it would reimpose facecoverings starting Tuesday.

Ukraine this week said itwould close its borders tomost nonresident foreigners,citing rising global Covid-19infections.

Europe brought the virusunder control in May andJune, but new infections be-gan rising again in July fol-lowing the lifting of most re-strictions and the resumptionof international travel.

Since then, national govern-ments have been tighteningsafety rules again in the hopeof preventing a second broadlockdown in the winter, whichwould spell doom for the al-ready battered Europeaneconomy.

Unlike in the spring, offi-cials have been trying to tar-get specific risks and out-breaks and keep business andsociety open as long as possi-ble without endangering pub-lic health.

Hans Kluge, the WorldHealth Organization’s directorfor Europe, at a news briefingon Thursday said there is “def-initely an uptick” in Europe,

adding that the region re-cently had seen an increase of10% in the 14-day infection in-cidence rate.

He said the situation is se-rious but shouldn’t be com-pared with the uncontrolledrise of infections and deaths inthe spring.

Germany’s national andstate leaders agreed to main-tain mandatory tests of travel-ers returning from high-riskcountries. They also will be re-quired to quarantine for 14days. People who refuse towear masks where they aremandatory will face a mini-mum fine of €50 ($59).

A ban on large gatheringsand events such as the annualOktoberfest, large sportingevents, and concerts, will re-main until the end of the yearinstead of expiring in October.

The government alsoagreed to provide €500 million

BERLIN—Germany hit pauseon any further loosening ofcoronavirus rules and intro-duced new restrictions onThursday, in the latest instanceof a European nation movingto tackle a resurgence in infec-tions driven by tourism andsummer festivities.

The new measures largelybuild on existing rules and aimto improve testing of peoplereturning from high-risk coun-tries, support the safe reopen-ing of schools and limit gath-erings and events that haveproven fertile ground forCovid-19 clusters.

“This is a broad package ofmeasures,” Chancellor AngelaMerkel told reporters. “A lot isopen, a lot of things are stillpossible. But now we knowwhere we have to focus our at-tention.”

BY WILLIAM BOSTON

Germany Imposes NewRules, Slows Reopenings

FROM PAGE ONE

This summer, the situationexploded.

As word filtered out, firstthrough the small town andthen Poland, residents eruptedin anger, suddenly protectiveof their hitherto little-noticedantique bridge. The PilchowiceBridge is a century old andrust-coated, its wooden floor-boards loose and its railscrooked. It is littered with pa-per cups, officially roped off topedestrians and too rundownto carry trains.

But to its town, and a nichecommunity of railroad conser-vationists, the bridge must besaved at all costs.


Seeking aBridge toBlow Up

sition on the explosion idea.Polish government officialshave taken conflicting stances.

Mr. Golba, the locationscout, who heads the film-pro-duction services company AlexStern, is worried his task isbecoming more difficult: “No-body cared about this bridge

until now,” he said.An assistant to Mr. Cruise

didn’t return requests forcomment.

In a statement, ChristopherMcQuarrie, the film’s writerand director, said he was onlylooking to blow up a middlesection of the bridge. Itneeded to be destroyed and

A petition signed by15,000 people askedthe government tointervene.

From catching counterfeithandbags to improving howyou fly and the technology’sbiggest challenges, learn what’snext for artificial intelligencein this special report.

©2020DowJones & Co., Inc. All rights reserved. 6DJ8000

AI’S FRONTIERS,ADVANCED AIR TRAVELAND SPOTTING FAKES

ARTIFICIAL INTELLIGENCE

Readmore atWSJ.COM/FOEAI

P2JW241000-0-A01000-1--------XA

THEWALL STREET JOURNAL. * * * * Friday, August 28, 2020 | A11

China’s Zhang Yiming built the hit video app TikTok; the Trump administration, citing security, insists he sell its U.S. operation.

SHANNONST

APL

ETON/R

EUTE

RS

half his time reading books.China in those years was

fortifying its control of the in-ternet, and after riots in therestive far-western region ofXinjiang in 2009, authoritiesblocked several websites ongrounds the unrest had beenorganized online. Mr. Zhang,by then working for a ChineseTwitter clone called Fanfou,rallied against the restrictions.

“Go out and wear a T-shirtsupporting Google,” he wrotein a blog post. “If you blockthe internet, I’ll write what Iwant to say on my clothes.”

The blog is no longer acces-sible online. Google pulled itssearch-engine operations frommainland China a year later.

Mr. Zhang started Byte-Dance, TikTok’s parent, in aBeijing apartment in 2012. Oneof its first products was anews-aggregation app calledJinri Toutiao, or “Today’sHeadlines.” Mr. Zhang, who isByteDance’s CEO as well asfounder, didn’t have a mediabackground, but he couldcode. The app used artificialintelligence to feed peoplenews based on their readinghabits: What did they tend toclick on? How long did theylinger? Did they finish it?

It also received more than100 lawsuits and complaintsfrom other online news portalsand from newspapers, someaccusing it of swiping theircontent. In some cases, Byte-Dance had to compensate con-tent creators for using theirwork without permission.

ByteDance said the com-pany, like other platforms inthe industry, “faced some con-fusion” about copyright lawsin China in its early years andhas since formed partnershipswith many media sites.

A trip to California in 2014solidified Mr. Zhang’s resolveto build a global company.With a group of other youngChinese business founders, he

shut down a ByteDance joke-sharing app for publishing“vulgar” content. This time,rather than denounce censor-ship, Mr. Zhang respondedwith a lengthy social-mediapost apologizing and promis-ing to nearly double the num-ber of censors at the company.

Asked about that this week,a ByteDance spokesman saidthe apology was an explana-tion to users upset that Mr.Zhang hadn’t protected theplatform from content thatdidn’t match their values.

As TikTok expanded abroad,its young workforce struggledto navigate regulatory mine-fields. Authorities in the U.S.,the Netherlands and Francescrutinized its practices sur-rounding the protection ofuser data. In June, TikTok wasamong Chinese apps banned inIndia, TikTok’s biggest marketby downloads, on cybersecu-rity grounds. South Korea’stelecom regulator fined TikTokin July for mishandling thedata of users under 14.

Tracking usersA Wall Street Journal anal-

ysis found this month that formore than a year, the apptracked users using a tacticbanned by Google, which en-abled it to collect unique iden-tifiers from millions of mobiledevices without letting usersopt out.

TikTok says it no longerdoes this and has promised tocreate a firewall betweenChina and overseas users.

The Trump administrationworries about potential Chi-nese government access toTikTok’s user data. China’s na-tional-security law obligesChinese companies to assist ininvestigations related to na-tional security. This meansByteDance would be likely tohave some trouble pushingback against certain data re-

toured Facebook Inc. and TeslaInc. and met figures such asYahoo Inc. co-founder JerryYang. He left convinced thatChinese entrepreneurs couldcompete in the big leagues.

TikTok proved him right.Powered by algorithms thatcan make its video feed addic-tive, it became a global sensa-tion. TikTok has been down-loaded more than two billiontimes world-wide, accordingto market research firm Sen-sor Tower. Its still-private par-ent ByteDance has a $100 bil-lion valuation.

Besides being the first con-sumer app from China to makeit big in the West, TikTok, un-like many of China’s past suc-cesses, can’t be accused ofcopying Western technologyrather than innovating. TikToknow is the primary social-me-dia platform for millions ofteenagers around the world.

Although technology wasonce seen as a sector wherethe U.S and China could worktogether—American venturecapitalists fueled China’s start-ups and Chinese engineersmoved into Silicon Valley—itis instead emerging as a front

line in the superpowers’standoff. TikTok has landed atthe center of the tussle, alongwith Huawei Technologies Co.and Tencent Holdings’ WeChatmessaging and payment app,which also faces an impendingban in the U.S. imposed by theTrump administration.

TikTok will increasingly beseen by Chinese authorities asa strategically important com-pany, said Ian Bremmer, presi-dent of political risk consul-tancy Eurasia Group. He saidits importance lies in the vastamount of user data it gathers,which drives “deep learning”and AI. “China suddenly real-izes they need these tech ca-pabilities internally, and theyneed them fast,” he said.

ByteDance launched TikTokin 2017, then acquired a Shang-hai-based rival, Musical.ly, thatwas gaining traction amongU.S. teens, and folded it intoTikTok. Mr. Zhang told a fo-rum at Beijing’s Tsinghua Uni-versity in March 2018 he ex-pected TikTok to have moreusers outside of China than in-side it within three years.

A few weeks after that fo-rum, the Chinese government

0million 200 400 600

This year, India bannedTikTok and other Chinese apps after aborder dispute. Now, the app is at risk of losing anothermarket,the U.S.

TopfiveTikTokmarkets bydownloads

TopfiveTikTokmarkets byin-app revenue

Note: Data from third-party Android stores not included. Data through Aug. 12.Source: Sensor Tower

India

U.S.

Indonesia

Brazil

Vietnam

U.S.

U.K.

Canada

Turkey

Australia

$0million 25 50 75 100

Geopolitical Fallout

FROM PAGE ONE

Walmart,MicrosoftUnite in Bid

alization. Kevin Mayer,brought in barely threemonths ago from Walt DisneyCo., said Thursday he wasquitting as TikTok chief execu-tive because the political cir-cumstances had changed therole so much.

Thus has the Chinesefounder of an app for teens,filled with goofy dancing andlip-syncing videos, beendragged into the tense U.S.-China geopolitical relation-ship. Mr. Zhang, a 37-year-oldadmirer of Silicon Valley, al-ways wanted the company hecreated to be seen as global.But not this way.

Thanks to the specter of aban on TikTok’s U.S. businessunless it’s sold, the app’s lu-crative American operation isin play, with Microsoft Corp.,Twitter Inc. and Oracle Corp.all negotiating to buy it or ex-ploring a bid. Walmart Inc.said Thursday it joined in as apotential partner of Microsoft.

An ultimatum from theWhite House was decidedlynot the future Mr. Zhangimagined as a young, entre-preneurial-minded softwareengineer in China.

He is different from an ear-lier generation of Chinesetech-company founders whosought favor from China’s rul-ing Communist Party estab-lishment. Mr. Zhang skewsmore California than GreatHall of the People. He wears T-shirts and jeans, eats at thecompany cafeteria and citestech mottos such as Ama-zon.com founder Jeff Bezos’“Always Day 1” rule that acompany should never stopacting like a startup.

Employees of the TikTokparent company, ByteDanceLtd., which Mr. Zhangfounded, refer to him by hisgiven name, Yiming. He isn’t aCommunist Party member.

Stint at MicrosoftBorn in the southeastern

province of Fujian in 1983, aperiod when China was start-ing to open up, Mr. Zhangstudied software engineeringat a university in the northerncity of Tianjin, where he methis wife and gained a reputa-tion as a guy who could fixcomputers. He worked at vari-ous startups and had a briefstint in corporate life, joiningMicrosoft’s Beijing office as anengineer in 2008.

He stayed less than a yearat Microsoft, telling Chinesemedia he found the work sounchallenging that he spent


quests from authorities in Bei-jing, said Fergus Ryan, an ana-lyst at the Australian StrategicPolicy Institute.

ByteDance says it doesn’tshare data with the Chinesegovernment and wouldn’t doso if asked.

Late last year, as the U.S.Committee on Foreign Invest-ment in the United States be-gan a review of ByteDance andTikTok practices to be surethey don’t pose a national-se-curity risk, Mr. Zhang reachedout to Microsoft PresidentBrad Smith and CEO Satya Na-della for advice on how to ad-dress data-security concernsand earn the trust of regula-tors, according to people privyto Mr. Zhang’s thinking.

The people said this re-sulted in plans by TikTok toopen a center in Los Angelesaimed at providing moretransparency about the app’soperations. The talks eventu-ally evolved into discussionsof a sale, the people said.

Mr. Zhang read a book byMr. Smith on tech-companygovernance, “Tools and Weap-ons,” and had it translatedinto Chinese. He ordered hisByteDance management teamto read it, said a person famil-iar with the matter.

In one corporate chat con-versation, Mr. Zhang high-lighted an excerpt from thebook about the 2019 mosquemassacre in Christchurch, NewZealand, which the shooterlive-streamed on the internet,leading to criticism of social-media companies. He urgedhis staff to test ByteDance’sability to respond to such asituation, according to ascreenshot of the chat seen bythe Journal.

Mr. Zhang, who last yearspent much of his time jet-set-ting, is now stuck in China be-cause of the coronavirus. He iskeeping U.S. hours, often inmeetings with investors acrossthe Pacific about the fate ofhis company.

As he faces pressure frominvestors to agree to a sale ofTikTok’s U.S. business to sat-isfy Mr. Trump—the presidenthas said the U.S. Treasuryshould get part of the saleprice—Mr. Zhang has held outhope for a different solution.He is growing increasinglyisolated in the talks, one per-son said.

Lately, he has come aroundto the idea that a sale is inevi-table, people familiar with thematter say. ByteDance de-clined to comment on the sta-tus of the talks.

In a letter to employeesearlier this month, Mr. Zhangadvised forbearance. “Therehas been a rise in anti-Chinesesentiment in many countries,”he wrote. “Don’t mind anyshort-term praise or loss, andpatiently do the right thing.”

—Yoko Kubota, RaffaeleHuang and Miriam Gottfried

contributed to this article.

week, according to people fa-miliar with the matter. Thosetalks are now dead and Soft-Bank is also no longer in therunning, people familiar withthe matter said. Twitter’s bidhas also lost momentum.

The Trump administrationhas said it wants TikTok’s U.S.operations to be owned by aU.S. company with tech exper-tise.

TikTok has been aiming topick a bidder to enter exclu-sive negotiations and seal adeal as early as next week, ac-cording to people familiarwith the deliberations.

ByteDance founder ZhangYiming isn’t fully on boardwith selling his creation. Mr.Zhang has been frustrated bythe U.S. demands and has toldpeople he might abandon thesale process and live with theconsequences from the Trumpadministration, according topeople familiar with the mat-ter.

The company is facing amid-September deadline tosell its U.S. operations, underan executive order issued byPresident Trump this month.TikTok on Monday filed a law-suit challenging the order.

TikTok, an app that shot topopularity with its videos ofdancing and lip-syncing teen-agers, has been downloadedmore than two billion timessince its launch, according tomobile-data research firmSensor Tower.


The company will now pro-ceed with deal negotiationswithout its high-profile Ameri-can CEO, Kevin Mayer, who re-signed on Wednesday, sayingthe political environment hadchanged significantly since hetook the job. He had joinedTikTok from Walt Disney Co.three months ago.

Walmart said it believes apartnership with Microsoftwould address U.S. concernsabout TikTok. Unlike big techcompanies that have been inthe Trump administration’scrosshairs, Walmart has closeties to the White House.

The retailer’s chief execu-tive, Doug McMillon, has trav-eled to the White House onseveral occasions, and Mr.Trump has praised Walmartand other big chains for help-ing with Covid-19 testing ef-forts during the pandemic.

Oracle’s rival bid alsoclaims White House connec-tions. Larry Ellison, the com-pany’s co-founder, this yearthrew a fundraiser at hishouse for the president.

The Oracle bid is proceed-ing with several of Byte-Dance’s existing investors, in-cluding Sequoia Capital,General Atlantic and CoatueManagement LLC.

Until now, Walmart hasmostly used social media toadvertise products. But thecompany has also begun to of-fer its own digital ad spaceand access to shopper data,mainly to its existing suppli-ers. An ownership stake inTikTok could allow Walmart touse the video platform to sellads to its suppliers—and po-tentially to sell its own prod-ucts through the app.

—Miriam Gottfried,Rob Copeland, Liza Lin

and Maureen Farrellcontributed to this article.

TikTok Chief ExecutiveKevin Mayer said he is leavingthe social-media platform af-ter being on the job for aboutthree months, as the companycomes under increasing pres-sure from the White Houseover its ties to China.

In a letter to staff, Mr.Mayer said the political envi-ronment had sharply changedin recent weeks and the role ofCEO at the hugely popularshort-video app would be al-tered significantly after theexpected sale of TikTok’s U.S.business.

The Trump administrationhas pushed TikTok’s owner,Chinese technology giant Byte-Dance Ltd., to sell its Ameri-can operations after targetingthe app over national securityconcerns. On Aug. 6, PresidentTrump gave Beijing-basedByteDance an ultimatum: finda U.S. buyer in 45 days or itwould effectively be banned.

U.S. officials say they areconcerned that TikTok couldpass on data it collects fromAmericans streaming videos toChina’s authoritarian govern-ment. TikTok has said itdoesn’t share data with theChinese government andwouldn’t do so if asked.

Zhang Yiming, the Beijing-based founder and chairmanof ByteDance, sent an email tostaff thanking Mr. Mayer forhis contribution and saying heunderstood how political cir-cumstances had led to the de-cision.

Mr. Zhang reassured em-ployees that the company was“moving quickly to find reso-

lutions to the issues that weface globally, particularly inthe U.S. and India.”

Mr. Mayer, a longtime me-dia executive who left WaltDisney Co. in May for TikTok,said he made the decision tostep down after consideringthe corporate structuralchanges that would be re-quired if the U.S. business wassold.

Vanessa Pappas, currentlythe U.S. general manager ofthe app, would serve as in-terim head of TikTok, he saidin the note, a copy of whichwas seen by The Wall StreetJournal.

“I understand that the rolethat I signed up for—includingrunning TikTok globally—willlook very different as a resultof the U.S. administration’s ac-tion to push for a selloff of theU.S. business,” Mr. Mayerwrote. “I’ve always been glob-ally focused in my work, andleading a global team that in-cludes TikTok U.S. was a big

draw for me.”TikTok has been entangled

in a high-profile technologybattle between the U.S. andChina since early July, whenSecretary of State MikePompeo first mentioned theU.S. government was lookinginto banning the app. HuaweiTechnologies Co. and TencentHoldings’ WeChat messagingapp have also been draggedinto the geopolitical spat, asthe world’s two major econo-mies clash on issues rangingfrom the origins of the corona-virus to trade.

The fate of TikTok, an appthat shot to popularity withits videos of dancing and lip-syncing teenagers, has beenthe subject of media specula-tion in recent weeks. Micro-soft Corp., Oracle Corp. andTwitter Inc. have all beennamed as possible buyers ofits operations in North Amer-ica, Australia and New Zea-land. TikTok has been down-loaded more than two billion

times since its launch, accord-ing to mobile-data researchfirm Sensor Tower.

Mr. Mayer’s departureshocked ByteDance’s staffersin China, several of whom toldthe Journal they hadn’t seen itcoming.

Mr. Mayer, former head ofthe Disney+ streaming unit,was hired to take charge ofByteDance’s global expansion,including in its music andgaming businesses. His hiringhad been viewed as a coup forByteDance, and the seasonedmedia executive was expectedto provide the operational ex-pertise to help the app navi-gate an uncertain global regu-latory environment for theChinese startup.

A TikTok representativesaid, “We appreciate that thepolitical dynamics of the lastfew months have significantlychanged what the scope ofKevin’s role would be goingforward, and fully respect hisdecision.”

Mr. Mayer didn’t immedi-ately respond to a request tocomment.

Mr. Mayer encounteredsome cultural clashes when hefirst came onboard andseemed to struggle with thefast pace at the startup, wherestaff eschewed email in favorof real-time conversations us-ing chat platforms, a personfamiliar with the companysaid, though that wasn’t likelya major factor in his depar-ture.

The Financial Times earlierreported Mr. Mayer’s intentionto step down.

—Raffaele Huangcontributed to this article.

BY LIZA LIN

TikTok CEO to Step Down

TikTok CEO Kevin Mayer is exiting after about three months.

PAWEL

KAMINSK

I/WALT

DISNEY

TELE

VISION/G

ETTY

IMAGES

FounderOf App atCrossroads

P2JW241000-4-A01100-1--------XA

A11A | Friday, August 28, 2020 * * THEWALL STREET JOURNAL.

law itself, but the rule of lawand the legitimacy of the CityCouncil as an institution capa-ble of overseeing the NYPD.”

The amendment will bevoted on at a later councilhearing.

can continue the work of re-form,” he said.

Councilman Rory Lancman,the Queens Democrat who in-troduced the original choke-hold measure, said the change“will eviscerate not just the

cerned with rising crime intheir communities and thatthe change to the law couldlead to an increase in arrests.

“I think there’s a growingrecognition that a better bal-ance needs to be struck so we

NYPD officers stood guard in front of the 120th precinct on Staten Island last month.

MICHAEL

M.S

ANTIAGO/G

ETTY

IMAGES

a slowdown, but they havecriticized the law, saying itcould restrict the ability forofficers to make a arrests.

Police Benevolent Associa-tion President Patrick Lynchsaid in a statement Thursdaythat only a repeal of the lawwould allow police officers towork “safely and effectively.”

Earlier this month, a coali-tion of New York City law-en-forcement unions filed a law-suit challenging the legality ofthe law.

Mr. de Blasio, a Democrat,said at an unrelated news con-ference Thursday that he sup-ports the bill.

The amendment would clar-ify the wording of the dia-phragm portion of the law, hesaid.

The mayor also said CityCouncil members are con-

threshold for criminality, add-ing that an officer must haveacted “recklessly,” and thatthe move caused “injury dueto asphyxiation.”

Moreover, it would clarifythat the action is unlawful if itoccurs “in the course of effect-ing or attempting to effect anarrest.”

The amendment was intro-duced by City CouncilmanDonovan Richards, a QueensDemocrat, who said in recentinterviews that he believesNew York Police Departmentofficers have been engaging ina slowdown since the choke-hold law took effect.

Mr. Richards said he wouldbe open to changes if it meantofficers could help stem a re-cent uptick in shootings.

Top NYPD officials havesaid officers aren’t engaging in

A bill introduced in theNew York City Council onThursday would limit the rea-sons a police officer could beprosecuted for using a choke-hold.

The measure would amenda law that went into effect inJuly that made the use of achokehold or chest compres-sion by a law-enforcement offi-cer a misdemeanor crime pun-ishable by up to a year inprison.

A broad majority of thecouncil and Mayor Bill de Bla-sio approved the law in thewake of large-scale protestsfollowing the May 25 killing ofGeorge Floyd, a Black man, inMinneapolis police custody.

The amendment to the leg-islation would clarify the

BY KATIE HONAN

NYC Council Measure WouldAmend Police-Chokehold Law

The department’s “mainpriority is doing everythingpossible to keep children innursing homes safe and pro-tected from Covid-19,” said thespokeswoman, Jill Montag. Afacility can make a plan for afamily visit, she said, if it is

medically necessary. Or, bystate rules, if a child is dying.

Only a small share of thecenter’s families have had thechance to be together lately,such as during specializedmedical appointments off-site.

Another loophole allowed

and with hundreds of employ-ees, it is hard for centers tohave 28 days of negative tests.

Late Wednesday the gover-nor’s office referred a requestfor comment to the Departmentof Health, saying the agency is“reviewing plans to expand vis-itation in these facilities.”

So far New York’s healthdepartment reports 16 chil-dren under age 20 have diedof Covid-19 statewide, and notone was in a pediatric nursinghome. Geriatric nursing homeshave had more than 6,450deaths confirmed or presumedto be tied to Covid-19, by statedata.

One patient at ElizabethSeton Children’s Center plead-ing for visits is StephanieGabaud, among the oldest at22. Born with spina bifida andwearing a Wonder Woman T-shirt on Monday, she talkedabout spending nearly herwhole life in the center.

“Not to hug or kiss mymom or dad has been reallyhard,” Ms. Gabaud said, hervoice starting to quaver. Shetells them she doesn’t want tomeet at the fence because itwould be too painful to endurethe barrier. “I would start cry-ing,” she said.

Tursi, the center’s chief execu-tive officer.

The Department of Healthrequires the facility to follownursing-home rules that banvisits for 28 days if a stafferor resident tests positive forCovid-19. Center officials saytheir facility should be treatedas a hospital, which would al-low each child to have a par-ent at the bedside.

Because of the stringent in-fection controls, no patient atthe facility has tested positivefor coronavirus or had a viralinfection since March 17, cen-ter officials said.

The institution spends$200,000 a month on weeklyvirus testing for more than600 employees, with 45 posi-tives among 8,758 tests, for apositivity rate below 1% as ofMonday, lower than thestate’s, they said. The center’slast positive test was Aug. 7.

A Department of Healthspokeswoman said the six pe-diatric nursing homes state-wide asked to be licensed asnursing homes and must fol-low rules for that license.

Two of the six have met thecriteria for visits, with no em-ployees or patients testingpositive for 28 days.

33 children to see parents forshort meetings at the on-siteschool during summer session,its officials said.

The school goes by StateEducation Department rules,which require parents to par-ticipate in plans for studentswith special needs.

Many families hope for re-unions when classrooms re-open on Wednesday. But somepatients are too young forschool or have finished theireducation, and some parentscan’t go during school hoursbecause they work.

Most patients are nonver-bal. About 65 are on ventila-tors. Parents worry some chil-dren might think they havebeen abandoned since the lock-down. Some have regressed intheir behavior, scratching theirskin and banging their arms ontheir wheelchairs.

Sen. Gustavo Rivera and As-semblyman Richard Gottfried,Democrats who chair thehealth committees of their leg-islative bodies, have written toGov. Andrew Cuomo and stateHealth Commissioner HowardZucker asking them to loosenthe visiting rules. They saidparents are essential parts oftheir children’s care teams,

YONKERS, N.Y.—Every weekTony Overby comes to a pedi-atric nursing home near NewYork City to talk to his daugh-ter Tonyka through a blackmetal fence.

He can’t visit her inside be-cause of state rules aimed atpreventing the spread of cor-onavirus. Most of the 169 chil-dren and young people at thehome haven’t been able to hugor kiss their parents for fivemonths. Visits inside stoppedin early March.

“Hey Nika-boo!” Mr. Overbycalled out to his daughter on arecent morning, as she sat si-lently in a wheelchair on theother side of a high fence atElizabeth Seton Children’sCenter. “Told you I’d be back!”

Now 20 years old, Tonykahas lived in the center sinceshe was 12. She lost her eye-sight, some brain developmentand the use of her limbs after asevere asthma attack deprivedher of oxygen for too long.

Tonyka can’t speak but canblink once for no, twice foryes, and smiles when shehears her father’s voice. Innormal times, she and her dadlistened to pop music and Dis-ney movies together. When hecould put his arms around her,he could feel her relax.

“It’s so frustrating, youwant to touch your daughter,”said Mr. Overby, a schoolcrossing guard supervisor wholives in Harlem. “You want herto feel your love.’’

The not-for-profit center inYonkers is one of the largestpediatric nursing homes in thecountry. Its officials and fami-lies are pleading with the stateDepartment of Health toloosen visiting restrictions.

Desperate for contact whenthe center barred visitorsstarting March 8, several par-ents started living in theirchildren’s rooms, knowing thatif they left, they couldn’t re-turn. One mother stayednearly three months.

“I can’t tell you how manyparents I’ve seen sobbing out-side that fence,” said Patricia

BY LESLIE BRODY

GREATER NEW YORK

Parents Plead to Visit Children at CenterCovid-19 rules prohibitpeople from enteringNew York pediatricnursing facilities

Tony Overby speaks with his 20-year-old daughter Tonyka at the Elizabeth Seton Children's Center, which locked down on March 8to curb the spread of the coronavirus. Below, Stephanie Gabaud says, ‘Not to hug or kiss my mom or dad has been really hard.’

MEL

ISSA

BUNNIE

LIANFO

RTH

EWALL

STRE

ETJO

URN

AL(2)

city could cut 22,000 workers.A mayoral spokeswoman saidthe longer officials delay, themore workers they eventuallywill have to let go.

Mr. de Blasio has added tensof thousands of workers sincebecoming mayor in 2014, andthe city has nearly 325,000 em-ployees. People familiar withthe process say the mayor alsowants to show a budget that hasbeen pared down further whenthe city releases its updated fi-nancial plan in November.

Labor leaders, whose sup-port propelled Mr. de Blasiointo office, have urged him topostpone Monday’s deadlineto provide more time to findother cost-saving measures.They also have framed theirargument in moral terms, say-ing many of the workers fac-ing layoffs were on the frontlines during the pandemic,

keeping the city functioning.“I understand the econom-

ics, but I think if you careabout the workers you willfind a different way,” HenryGarrido, the executive directorof District Council 37, thecity’s largest public-employeeunion, said in an interview.

Mayoral spokesman BillNeidhardt said layoffs will bea last resort. “The mayorknows who put him in CityHall: working class people andthe labor movement,” he said.“We desperately want to avoid[layoffs] and protect the work-ers who do the real work ofdriving this city forward.”

Mr. de Blasio has sought al-ternatives to the layoffs but hasso far come up empty-handed.He has pushed for Congress toapprove a relief package for thecity, but negotiations in Wash-ington are ongoing. He has

asked the state Legislature togive the city permission to bor-row up to $5 billion, but Demo-crats who control the stateSenate have so far objected.

In the past week, New Yorkcity council members and union

leaders have joined a renewedpush from the mayor’s office torequest borrowing authority.Representatives for the stateSenate and Assembly didn’t re-spond to requests for comment.

Mr. de Blasio has demon-strated a good working rela-

tionship with unions in thepast. In 2014, none of the 152unions representing hundredsof thousands of workers hadcontracts. He negotiated nearlyevery one within two years.

As the pandemic hit NewYork City in March, the mayorbriefly battled with the unionsrepresenting teachers and ad-ministrators about whether thecity should shut school build-ings. He announced their clo-sure on March 15, after days ofinsisting they wouldn’t be shut.

The president of the UnitedFederation of Teachers, Mi-chael Mulgrew, recently threat-ened to strike over health fearsrelated to the reopening ofschool buildings. The city,meanwhile, says 9,000 mem-bers of the teachers unioncould be let go, according to amemo Mr. Mulgrew sent tounion members that The Wall

Street Journal reviewed.Mr. de Blasio said earlier

this week the city hasn’t final-ized the number of layoffs.

Harry Nespoli, the head ofthe union representing sanita-tion workers and chairman ofthe Municipal Labor Commit-tee, a group of public-sectorunions, said workers madeconcessions in the contractsthat have been negotiated dur-ing the mayor’s two-terms,saving the city money. Unionsdon’t have room to make moreconcessions, he said.

Mr. Garrido said 5,000members of DC 37 are beingtargeted for layoffs, but theactual number could be higher.He said 151 members died fromCovid-19; hundreds more weresickened, while others workedfor weeks without a day off.“These are not numbers, theseare people,” he said.

New York City Mayor Billde Blasio faces one of the big-gest challenges of his politicalcareer as he decides the fateof 22,000 government workersin danger of being laid off andtests the support of unionswho helped him win office.

The Democratic mayor haspainted a bleak financial fore-cast for the city caused by thepandemic. The city must bal-ance a $9 billion deficit overthe next two years, but has fewoptions for plugging the hole.

If new revenue or savingsaren’t found, the city will be-gin notifying governmentworkers across all agencies ofthe layoffs Monday, accordingto mayoral officials. Workersin danger of losing their jobsmust receive a 30-day notice.

Mr. de Blasio has said the

BY KATIE HONAN

Mayor Faces Layoff Decision as Deadline Looms

22KThe number of New York Cityworkers who could be laid off.

Confusing TimesFor Autistic Teen

Christopher Greco, a 14-year-old with autism and aseizure disorder, moved intothe center just two days be-fore the March lockdown.

His father, Chris, is con-cerned that his son is lonelyand confused because he wasaccustomed to having hismother or grandmother withhim all day at his previous fa-cility.

“Just like that, like a lightswitch, nobody is with him,”Mr. Greco said.

The family has tried Face-Time but isn’t sure he under-stands how it works.

The nonverbal teenlaughs, cries and bangs on hiswheelchair during calls.

His father thinks he maybe happy to hear from thembut frustrated they haven’thad an in-person visit in fivemonths.

NY

P2JW241000-2-A011A0-1--------NS

THEWALL STREET JOURNAL. * * Friday, August 28, 2020 | A11B

GREATER NEW YORK WATCH

NEW YORK CITY

Suspect Is IndictedIn Attack on Police

A man who ambushed a NewYork City police officer in June—stabbing him in the neck andstealing his gun to shoot otherofficers—had an interest in vio-lent Islamic extremism and punc-tuated the attack with screamsof “Allahu Akbar,” prosecutors al-leged in court papers filed withhis indictment Thursday on stateand federal charges.

Days later, according to pros-ecutors, suspect Dzenan Cam-ovic told a hospital worker: “Myreligion made me do it.”

Mr. Camovic, a 21-year-oldBosnian immigrant living illegallyin the U.S., faces state chargesincluding attempted aggravatedmurder and federal charges in-cluding theft and unlawful pos-session of a firearm. His lawyersaid arraignments could bescheduled within a few weeks.

The attack happened amidprotests over the Minneapolispolice killing of George Floyd,leading to speculation amongpolice and union officials that hehad been inspired by antipolicerhetoric. Officer Yayonfrant JeanPierre and the other woundedofficers survived their injuries.

Mr. Camovic’s lawyer, RobertStahl, denied that his clientshowed support for IslamicState or other terrorist groups.Mr. Camovic “is a troubled youngman in a number of respects, asopposed to having any terroristor Islamic leanings,” he said.

—Associated Press

CONNECTICUT

Sports to ResumeDespite Warnings

The organization that over-sees high-school athletics inConnecticut plans to move for-ward with a fall sports season,including football, despite therecommendation of state healthofficials.

The revised plan releasedWednesday night by the Con-necticut Interscholastic AthleticConference would allow full con-tact practices beginning Sept. 21in all sports and games to beginon Oct. 1.

The CIAC said it decided topick Sept. 21 as a start date be-cause most schools will havebeen in session for at least twoweeks and that will give the or-ganization a better idea of howin-person learning is affectingthe spread of the coronavirusand what that impact might beon extracurricular activities.

Executive Director Glenn Lun-garini said Thursday that theplan may change again, but withConnecticut Covid-19 infectionrates among the lowest in thecountry, the organization be-lieves it is appropriate to atleast move toward a fall season.

Football conditioning resumedMonday and noncontact drillswill be allowed to start this Sat-urday.

The decision comes despite arecommendation from the stateDepartment of Health not toplay football or indoor volleyballthis fall.

—Associated Press

New York City principalsare warning of a teachershortage as they scramble tocomply with a new districtpolicy their union says wouldrequire thousands more teach-ers during a hiring freeze.

For weeks, principals havedemanded more guidance onhow to staff the city’s hybridmodel, in which some studentswill take classes online everyday, while others learn onlinepart of the week and go toschool buildings for one, twoor three days a week.

With just two weeks beforeschool is supposed to open onSept. 10, the city Departmentof Education told principals onWednesday to assign on-siteteachers to instruct studentsin classrooms, and teachersworking remotely to instructstudents who are learningfrom home, when possible. Insuch cases, a student likelywould have two teachers for aclass instead of one, and seethem on different days.

District officials said theway this policy plays out willvary by school. Having a teamof teachers for one class willbe most common in elemen-tary schools, but can happen inmiddle and high schools. Someclasses may be offered fully inperson, the guidance said.

Mayor Bill de Blasio told re-porters Thursday that the pan-demic created a challengingsituation, and educators willhave to be flexible with imper-fect solutions. He said substi-tutes and former teachers whowork in district offices will bebrought back to teachingroles.

The mayor said this strategyhad been worked out with thecity teachers union, and teacherteams will have 30 minutesdaily to plan for continuity ofinstruction. Some educatorssay it is hard to engage childrenin class and those tuning inelectronically at the same time.

The plan allows teacherswho have medical accommo-dations to work from home.

It sparked immediate con-

cern from principals unionchief Mark Cannizzaro, whosaid principals lack the moneyand authority during a cityhiring freeze to add faculty.“This is going to create astaffing crisis,” he said. “Thenumber of teachers that areneeded to staff this model will

be in the thousands.”Linda Chen, the district’s

chief academic officer, ac-knowledged at a news briefingthat the department is con-cerned about the staffing issue,and said “this is going to be avariable we need to solve for.”

The nation’s largest districtis one of the few big ones try-ing to start with in-person in-struction. The mayor says chil-

dren learn best in classroomsand need the emotional sup-port of seeing teachers, whileparents need to get back towork. Many parents agree. Themayor says parents of childrenwith special needs and Englishlanguage learners are particu-larly determined to get theirchildren back to campus.

The city principals unionhas pushed to delay in-personclasses until late September toallow for more preparation,and the teachers union hasthreatened to strike if schoolbuildings open without meet-ing its safety demands.

The United Federation ofTeachers said it helped createa flexible-team strategy, but“many schools will still face astaffing shortage.”

One elementary principal onManhattan’s Lower East Sidesaid she needs eight moreteachers. She is concernedabout plans to reassign officeworkers because they mightnot have taught for years,might not have the right exper-tise and might not be effective.

BY LESLIE BRODY

Principals Fear Teacher ShortageChancellor Richard Carranza, left, and Mayor Bill de Blasio. Educators must be flexible as schools reopen during the crisis, the city says.

BEBE

TOMAT

THEW

S/ASS

OCIAT

EDPR

ESS

‘The number…thatare needed to staffthis model will be inthe thousands.’

HELLO AGAIN: A visitor viewed a Matisse sculpture at the Museum ofModern Art, which reopened Thursday after being closed since March.

TIMOTH

YA.C

LARY

/AGEN

CEFR

ANCE

-PRE

SSE/GET

TYIM

AGES

Ross-Simons Item #933529To receive this special offer, use offer code: SPLENDOR102

1.800.556.7376 or visit ross-simons.com/splendor

$1,295Plus Free Shipping

14kt Yellow Gold Roped Double-Oval Link Bracelet7" length. 1⁄2" wide. Springring clasp.

Also available in 8" $1,495

Our 14kt yellow gold braceletelevates every look

Our classic, handcrafted bracelet hasa versatile design with endless appeal.Double-oval links of 14kt yellow goldwith roped detailing interlock for anelegant presence on the wrist. Wear itto pull a casual outfit together or to addthe perfect touch to your formal attire.

© 2020 Dow Jones & Company, Inc. All Rights Reserved.

Mansion Global Experience Luxury gives agents andbrokers a one-of-a-kind opportunity to showcase their exceptionalproperties to The Wall Street Journal’s high-net-worth subscribers withinthe most affluent zip codes and markets across the country.

Our October edition of Experience Luxury will be printed on hi-britepaper, an ultra-premium, high-quality paper stock that allowsqualified leads a brighter, more enhanced visual of your stunninglisting. Inserted into the WSJ Weekend Edition delivered on Saturday,October 3rd.

Distribution: 100,000 Wall Street Journal print subscribers of theWeekend Journal (top zip codes in New York, Los Angeles, San Francisco,Miami, Chicago, Boston, Dallas, Houston, and Washington D.C.).

Publish: October 3 • Close: August 31Materials Due: Sep.9For advertising opportunities, please contact:Olivia Cottrell at [email protected]

ShowcaseYourDistinctiveProperties inMansion GlobalExperience Luxury

GREATER NEW YORKNY

P2JW241000-2-A011B0-1--------NS


By now the circum-stances of RobinWilliams’s deathare settled fact. Hedidn’t kill himselfbecause of addic-

tion or depression, thoughhe’d made stops at thoseway stations in the past. Heput an end to his rich, joy-ous life because he was suf-fering, hideously and termi-nally, from diffuse Lewybody dementia, a rare andincurable degenerative dis-ease that ravages both bodyand brain. Tylor Norwood’s“Robin’s Wish,” a documen-tary streaming on digitalplatforms and VOD, exam-ines the nature and impactof the disease in useful, ifharrowing detail. The filmalso offers a portrait in un-fathomable courage. It’s ahorror story shackled to ahero’s journey in which aman with a surpassinglyfertile mind feels himself—his deepest, essential self—coming inexorably, inexpli-cably undone.

Much of the story is told,straight to the camera withquiet eloquence, by SusanSchneider Williams, Robin’sthird wife and widow. Theywere married in 2011, threeyears before his death atage 63. Her account of hisgradual, then precipitousdecline during the timethey were together is leav-ened by lovely evocations ofhis gift, and his legendarykindness. Seen at a record-ing session at Disney, he’s avolcano of invention as hevoices the Genie for the stu-dio’s 1992 “Aladdin.” (The

something more sinisterthat was sparking hallucina-tions and paranoid rages, allthe while banishing sleep,but for the longest while hedidn’t know what it was.

Ms. Williams recountswhat she calls his delusionallooping. “I just want to re-boot my brain,” he said.Shawn Levy, who directedRobin in his last onscreenperformance—for the 2014franchise fantasy “Night atthe Museum: Secret of theTomb”—remembers him say-ing “I’m not me anymore. Idon’t know what’s going on.”

Everyone on the set knewsomething was wrong, Mr.Levy says, yet they protectedRobin by keeping their con-cerns private.

I have my own memory ofthat wrongness. One eveningin February 2014, I attendeda screening on the 20th Cen-tury-Fox lot. Coming out, Isaw a blaze of light at thefar end of the street: A fea-ture film was shooting exte-riors. I had no idea at thetime that it was “Night atthe Museum,” but I walkedover to watch, then noticedRobin, in a Teddy Roosevelt

costume, standing alone onthe sidelines while the crewset lights and camera foranother take. My first im-pulse was to say hello—wehad spent several days to-gether for a magazine pro-file of him that I did in1990—but I decided againstit, puzzled by his blank ex-pression. It was him, forsure, but he looked like hisown stand-in.

The profile had beenprompted by watching andlistening to him on the side-lines of another set, “Awak-enings.” In the film, basedon a book by the great neu-rologist Oliver Sacks, Robinplayed a fictionalized ver-sion of Sacks affectingly.What seemed astonishing,though, was his electrifyingbanter between takes. Hewas so quick, and blissfullyfunny, that I couldn’t resistasking him if he’d considertalking to me for a piece onhow his mind worked. The

The actor and his wife,Susan Schneider Williams An image from TylorNorwood’s documentary

That the Canadian hit“Transplant” is joiningthe prime-time NBC

lineup is presumably the re-sult of pandemically limitedproduction schedules. Butthat’s selling it short. Theseries will make its debutas the best medical showon American television,which is something giventhe competition (even juston NBC). And while it’s abit early for a full-blown di-agnosis, it may turn out tobe one of the better dramasthe network has ever had.

Created by Joseph Kay,the show revolves aroundBashir Hamed (Hamza Haq),who is working at a Torontoeatery when a truck comescrashing through the plate-glass windows. Although in-jured himself, Bashir per-forms triage on thecustomers, giving onewoman CPR, preventingblindness in his boss by slit-ting his eyelid with a pair ofscissors (to release blood be-hind the eye) and, most dar-ingly, taking a power drill tothe skull of a customer, inwhom he accurately diagno-ses a potentially fatal epidu-ral hematoma. The viewerwill be correct in assumingthat Bashir did not acquirehis surgical skills eviscerat-ing chickens in the restau-rant kitchen.

Somewhat predictably—both politically and dramati-cally—he’s immediately sus-

TELEVISION REVIEW | JOHN ANDERSON

A SkilledDoctor’sSecond Act

NBC

(2)

FILM REVIEW | JOE MORGENSTERN

‘Robin’sWish’:The PunchlineWas CourageA documentary offers a movingportrait of RobinWilliams’s final years

sequence is familiar, but I,for one, can never getenough of it.) He entertainstroops in Afghanistan andIraq, tries to comfortgravely wounded soldiers inVA hospitals. (The docu-mentary takes its title fromhis abiding wish, born ofhis own fears, to help peo-ple be less afraid.)

At its heart, though, Mr.Norwood’s film is a chroni-cle—and ananguishing cel-ebration—ofRobin’s suffer-ing. One neu-rologist tellsus that peoplewho have“great brains”can toleratedegenerativediseases betterthan most. Thevirtuoso whocould bedazzlecomedy-clubaudiences withriffs on everysubject underthe sun certainly qualifiedon that score. But anotherspecialist describes Robin’scase as “about as devastat-ing a form of Lewy body de-mentia as I’d ever seen. Itreally amazed me that hecould walk or move at all.”What made the sufferingworse, if that’s possible, wasa delay in reaching a correctdiagnosis. Robin’s earlysymptoms, including atremor in one arm, were as-cribed to Parkinson’s dis-ease, but he didn’t buy it.Something else was at workin the recesses of his mind,

idea was vague at best, fat-uous at worst, but he imme-diately said yes; the subjectinterested him, though hewas entirely devoid of van-ity. A few months later Ifound myself in the livingroom of a house he’d rentedin Malibu (by then he wasshooting “The FisherKing”), where he performedbrilliant improv for me overthe course of two after-noons while I stopped himevery now and then, as we’dagreed, to inquire how oneidea had led to another—totry to track his hurtlingtrain of thought.

I thought back to thoseafternoons as I watched“Robin’s Wish,” remember-ing not only his kindnessand generosity but the de-light he took in performing,even for an audience of one.Now, having seen Mr. Nor-wood’s film, I can’t imaginethe depth of his pain as thatgreat brain and wondrousmind disintegrated, monthby terrifying month. Hiswidow calls him a “warrior.”He was surely that, in a warhe was doomed to lose. Andwhat a fight he fought.

volves, partly, the plight ofimmigrants from war-torncountries—Bashir’s friendKhaled (Fayçal Azzouz) is anundocumented Libyan whotakes refuge in the apart-ment Bashir shares with his12-year-old sister, Amira (Si-rena Gulamgaus), who wasin and out of refugee campswhile her brother was acombat surgeon in Syria.(Mr. Kay drops hints thatBashir worked in the famedsubterranean hospital inEastern Al Ghouta.) His im-pulse is to act quickly anddecisively, which puts himat odds with his more cau-tious and insurance-mindedcolleagues at York Memo-rial, including the otherwiseeager young residentMagalie Leblanc (LaurenceLeboeuf) and their pricklysupervisor, Wendy Atwater(Linda E. Smith).

For all its topical treat-ment of world affairs,“Transplant” is primarily ahospital drama, filled withtechnical discussions, notthe least of which areBashir’s brilliant diagnosticconclusions. No doubt, all ofit has been fully researched,but few of us will care,caught up as we are in theshow’s multiple, intersectingnarratives. Not every char-acter is as well written asBashir, perhaps, or Bishop,or Magalie or their impas-sioned and frustrated col-league June Curtis, playedby the gifted Ayisha Issa,who steals every scene she’sin. But the show operates ata very lofty level.

TransplantBegins Tuesday, 10 p.m., NBC

pected of having been thedriver in the truck crash,which is suspected of havingbeen a terrorist act. Andwhen he gets to the hospitaland performs the Heimlichmaneuver on an unattendedlittle boy choking on hisown vomit, he’s accused ofattacking said child. Such islife in Canada for a Syrianémigré doctor, whose pro-fessional life gets its second

act only because he’s savedthe right person: The hospi-tal’s head of emergencymedicine, Jed Bishop (a for-midable John Hannah).

In addition to being fraughtwith tension—Mr. Haq virtu-ally vibrates during Bashir’smore stressful moments—“Transplant” is remarkablycinematic. There are no show-runner fingerprints on thecamera lens, no visual formu-las dictating form. Instead, weget a creative use of space,close-ups and urban Canadianlandscape.

The story in the series in-

Hamza Haq, above; TorriHigginson, John Hannah, Mr.Haq, Jim Watson, LaurenceLeboeuf and Ayisha Issa, top

VER

TICA

LEN

TERT

AINMEN

T(2)

ARTS IN REVIEWNY

P2JW241000-0-A01200-1--------NS


ARTS IN REVIEW

WE’RE INTHISTOGETHER | ByMatt Gaffney

TheWSJ Daily Crossword | Edited by Mike Shenk

1 2 3 4 5 6 7 8 9 10 11 12

13 14 15

16 17 18

19 20 21 22

23 24 25 26 27 28 29

30 31 32 33

34 35 36

37 38 39 40 41 42

43 44 45

46 47 48 49 50 51 52

53 54 55 56

57 58 59 60

61 62 63 64 65 66

67 68 69

70 71 72

The answer tothis week’s contestcrossword is awell-knownbusiness magnate.

Across1 Island south ofNaples

6 Gave grub9 Author of “TheCommunistManifesto”

13 Founder ofMicrosoft

14 Early color TVpioneer

15 “___ in yourshoes...”

16 Loose17 Sooner19 Subject of Attila

Previous Puzzle’s Solution

20 Window part22 Underhanded23 Airborne archer25 Popular sandals27 Brisbane burger

basis30 Tackled

enthusiastically32 Current-

regulatingdevice

34 Morphine, e.g.36 Opinion37 Host of “Live” for

many years40 Section of L.A.43 Em or Bee, e.g.44 Undermine46 Defendant in a

1920s trial49 Reps

53 Friendlystart?

54 Martinispecification

56 Gilbert of “TheConners”

57 “Patience ___virtue”

58 “Frozen” role60 Like many Out

subscribers61 Jim Croce hit65 Hose brand67 Creator of

Black Pantherand the X-Men

68 Chaney of horrorfilms

69 Occupy, as atanning bed

70 Vogue rival

71 “I’ve finally seenthe light!”

72 Last part ofsome businessnames, or a hintregarding thefirst word of sixclues

Down1 Crescent-shapedsnack

2 Draw3 Anticipate4 For fun, for short5 Printery supplies6 New face in thedorms

7 Pilot portrayerin “Sully”

8 Mavericks, onscoreboards

9 Request fortreats, perhaps

10 Branch11 Belfast-born

Stephen12 Use a pencil to

vote for, maybe15 “___ would be a

man, must be anonconformist”:Emerson

18 Sunburn soother21 Popcorn brand24 Eric of “Mask”26 For a song27 “I could list

more people,but I won’t”

28 Fashion

29 Great Basin tribe31 NYPD call33 Cubic meters35 Baker who sings37 Work on the

street, maybe38 Grp. depicted in

“Trumbo”39 ___ time (quickly)41 Delhi breads42 Short-term work45 He played Bruce

Lee in “OnceUpon a Time inHollywood”

47 Op-ed piece48 When compared

with50 Kept asking51 Like some flaws52 Passes on a

proposal55 Colleague of Neil

and Ruth57 “Who Can ___

Now?” (Men atWork hit)

59 Penne ___ vodka61 Jack’s

predecessor62 Baseball great

Hodges63 Magic, on

scoreboards64 Ga. neighbor66 Augsburg “a”

s

Email your answer—in the subject line—to [email protected] 11:59 p.m. Eastern Time Sunday, August 30. A solver selected atrandomwill win aWSJmug. Last week’s winner: Eve Marostica, Boise, ID.Complete contest rules atWSJ.com/Puzzles. (No purchase necessary.Void where prohibited. U.S. residents 18 and over only.)

P I L E T A T A J E TA R D O R E R I C O R A LD E L V E M I N D B A L IE P E E S P E T C A U S E S

L T C O L S C R E S TB E F O U L R U GA G E R O N A P A R O D SC O R N E R T H E M A R K E TH S N M O H A I R U R S A

P I X O B T A I NS T A R T T U N D R AC H R I S T I N E U B E R SO R E S R A Z E T A L I AT O N S A R I D A G O N YW A Y Y A P S L A N D

STOCK

FREE MASS

BLACK

PUZZLECONTEST

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

City Hi Lo W Hi Lo W City Hi Lo W Hi Lo WToday Tomorrow Today Tomorrow

City Hi Lo W Hi Lo W

Anchorage 63 49 c 63 52 rAtlanta 88 75 t 87 74 tAustin 102 76 s 101 76 sBaltimore 93 75 pc 84 65 tBoise 90 61 s 94 55 sBoston 81 68 pc 78 66 tBurlington 74 60 pc 71 59 tCharlotte 92 74 t 89 70 tChicago 91 68 t 79 62 sCleveland 82 70 t 77 59 tDallas 101 80 s 101 80 tDenver 84 60 t 85 61 tDetroit 82 68 r 79 56 pcHonolulu 90 77 sh 90 77 pcHouston 95 79 t 95 78 pcIndianapolis 86 69 t 81 58 tKansas City 93 68 c 82 62 sLas Vegas 107 83 s 104 78 sLittle Rock 86 75 t 93 73 pcLos Angeles 89 65 pc 86 63 pcMiami 92 81 pc 92 78 tMilwaukee 81 64 t 76 59 sMinneapolis 80 60 r 77 58 sNashville 87 75 t 89 68 tNew Orleans 90 78 t 89 77 tNew York City 87 74 t 84 65 tOklahoma City 99 72 s 94 70 pc

Omaha 96 64 t 85 61 sOrlando 92 77 t 92 77 tPhiladelphia 91 75 t 85 66 tPhoenix 109 87 pc 106 85 pcPittsburgh 83 70 t 78 58 tPortland, Maine 78 61 pc 69 61 tPortland, Ore. 83 58 s 76 54 sSacramento 96 61 s 92 60 pcSt. Louis 87 74 t 86 64 pcSalt Lake City 93 69 pc 93 70 sSan Francisco 75 55 pc 74 57 pcSanta Fe 93 56 pc 84 56 pcSeattle 77 57 s 72 52 sSioux Falls 84 55 s 81 61 sWash., D.C. 92 75 t 84 69 t

Amsterdam 67 56 r 67 57 cAthens 94 73 s 93 70 sBaghdad 110 79 pc 111 79 pcBangkok 95 81 t 95 79 tBeijing 88 73 s 84 72 sBerlin 74 58 sh 74 56 pcBrussels 69 54 sh 66 54 tBuenos Aires 63 55 s 65 46 pcDubai 108 94 pc 107 93 sDublin 59 46 sh 58 43 pcEdinburgh 58 45 sh 57 43 pc

Frankfurt 77 57 sh 73 54 pcGeneva 71 57 t 64 54 rHavana 92 75 t 92 75 pcHong Kong 91 83 t 93 81 pcIstanbul 90 73 s 89 74 sJakarta 93 76 pc 94 76 pcJerusalem 85 66 s 94 71 sJohannesburg 75 57 pc 73 39 pcLondon 66 50 t 62 48 cMadrid 93 59 s 77 52 sManila 90 79 t 89 80 tMelbourne 62 47 s 68 55 sMexico City 75 57 t 73 55 tMilan 80 68 t 77 65 tMoscow 68 55 sh 67 55 cMumbai 85 78 t 84 78 tParis 73 55 pc 69 54 pcRio de Janeiro 79 68 s 83 70 sRiyadh 107 80 pc 107 78 pcRome 87 71 pc 89 74 sSan Juan 90 80 s 90 81 pcSeoul 89 76 t 87 76 tShanghai 88 79 t 91 80 cSingapore 86 78 c 86 78 shSydney 65 45 s 71 50 sTaipei City 93 80 t 92 80 tTokyo 91 80 pc 92 80 sToronto 80 66 c 77 58 pcVancouver 69 53 s 68 51 sWarsaw 71 60 pc 73 60 shZurich 74 55 t 62 55 r

Today Tomorrow

U.S. Forecasts

International

City Hi Lo W Hi Lo W

s...sunny; pc... partly cloudy; c...cloudy; sh...showers;t...t’storms; r...rain; sf...snow flurries; sn...snow; i...ice

Today Tomorrow

Warm

Cold

Stationary

Showers

Rain

T-storms

Snow

Flurries

Ice

<0

0s

10s

20s

30s

40s

50s

60s

70s

80s

90s

100+

lgA h

Jacksonville

eL kCCh l tt

LouL

Pit b hbbew York

CitySalt Lake C ylt L

Tampa

h

pMemph

ityCi

DPaso

Billings

Portland

an i

l d

A

ew l

PhSan Diego

Los AngeA

LasVe

i. PaMpls./S/l /St P

. LoLL

Chicagohhh

ington D.C.gton D Chihh

t

Charleshhh

kk rtford

hit

pd

CC ddd

A ti

lk

q qAlbb

h

homa CitymaOklahoma C ykl

an A iA t

es i

oux Falls

JJ k

i h

pPh d l hih l hyCCCh

FFa

Colo dp gSprings

P

dh

hhl i

T c

ybbanybA

Topeka

C bb

gA tA

Ft. Worth

Springfield

b

T t

pp

VV Calgary

d t

LAURA

HonoluluAnchorage

Jacksonville

Little RockCharlotte

Louisville

PittsburghNew York

Salt Lake City

Tampa

Nashville

Memphis

Detroit

KansasCity

DallasEl Paso

Billings

Portland

Miami

San FranciscoSacramento

Orlando

Atlanta

New OrleansHouston

PhoenixSan Diego

Los Angeles

LasVegas

Seattle

Boise

Denver

Mpls./St. Paul

St. Louis

Chicago

Washington D.C.

Boston

Charleston

Milwaukee Hartford

Wichita

Indianapolis

Cleveland

Buffalo

Austin

HelenaBismarck

Albuquerque

Omaha

Oklahoma City

San Antonio

Des Moines

Sioux Falls

Jackson

Birmingham

PhiladelphiaCheyenne

Reno

Santa Fe

ColoradoSprings

Pierre

Richmond

Raleigh

Tucson

Albany

Topeka

Columbia

Augusta

Ft. Worth

Eugene

Springfield

Mobile

Toronto

Ottawa Montreal

Winnipeg

Vancouver Calgary

Edmonton

70s

80s90s

60s50s

50s

40s

100s

100s

100s

100s

90s

90s

90s

90s

90s

90s

80s

80s 70s70s

70s

70s70s

70s

60s60s

60s 50s

BUCK

SCO

UNTY

PLAY

HOUSE

Brian Cox and Marsha Mason in the Bucks County Playhouse production of Jerome Kilty’s ‘Dear Liar’

ARR

AY(2)

FILM REVIEW | JOE MORGENSTERN

‘Lingua Franca’:Looking for LoveAn outer calm belies the

inner turmoil of the Fil-ipina caregiver at the cen-

ter of Isabel Sandoval’s “LinguaFranca,” a small and affectingfeature set mostly in the Brigh-ton Beach neighborhood ofBrooklyn. (It’s streaming onNetflix.) Her name is Olivia, sheis played—with extraordinaryunderstatement—by the film-maker, and she brings seem-ingly inexhaustible patience tothe job of looking after Olga(Lynn Cohen), an elderly Rus-sian woman who is often be-fuddled though not defeated bydementia.

Olivia, for her part, lives withsteady-state anxiety. She’s anundocumented immigrant, look-ing over her shoulder for ICEagents while hoping for a mar-riage, arranged or otherwise,that will win her a green card.That’s her plight, and she finds acandidate in Olga’s grandson,Alex (Eamon Farren), a wanna-do-well—one step up from ane’er-do-well—who wrestles car-casses in a slaughterhouse. Ifthis plot sounds predictable, it isand it isn’t, and you may wantto stop at this point to watchthe film before reading moreabout it. Or I can tell you moreabout what makes it so satisfy-ing before getting to whatmakes it distinctive.

Ms. Sandoval is a confidentstoryteller with a fondness forthe quirks and surprises ofcharacter—any character whocomes into view. She asks us tobe patient while Olga peels anorange, and, as you mightguess, Olga peels oranges veryslowly. But the old girl also hasspirit to spare, albeit in spurts,and does not suffer fools in herfamily gladly. “I may be old,”she lashes out at one point,“but I’m smart as a whip!” Ol-

ivia isn’t conventionally beauti-ful, but her voice carries theweight of her experience grace-fully, and her smile is beguilingas she gets Alex to pronouncea few words more or less rec-ognizably in her native Taga-log, or in Cebuano, the lan-guage of Cebu, the islandwhere she was born.

Olivia’s distinction is thatshe’s a trans woman, played bya trans woman filmmaker.That’s not meant to be a bigrevelation, either here or in thefilm. “Lingua Franca” is, firstand foremost, a story about

yearning, vulnerability and sex-ual awakening in which thecomplications of identity arerevealed slowly, with a drama-tist’s awareness that our per-ceptions will change, or un-dergo a succession of changes,before we come back to seeingthe decreasingly calm Oliviafor who she is, a passionatespirit on an uncertain journey.As for the lingua of the title, itcould be Tagalog, Cebuano orEnglish, but more likely it isindispensable, instantly trans-latable love.

Isabel Sandoval, above; Ms.Sandoval and Lynn Cohen, below

Two-character epistolaryplays are well suited tothe restrictive require-ments of Zoom webcast-ing during the pandemic.Hence I admit to being

surprised that it took so long forsomeone to revive “Dear Liar,” the1957 play that Jerome Kilty chis-eled out of the correspondence ofGeorge Bernard Shaw and Mrs.Patrick Campbell, the Vicwardianactress who inscribed her name inposterity’s books by creating therole of Eliza Doolittle in Shaw’s“Pygmalion” at the improbable ageof 49. Fortunately, Pennsylvania’sBucks County Playhouse, one ofmy favorite regional companies,has obliged with a very satisfyingbenefit reading of “Dear Liar” di-rected by Mark Brokaw and star-ring Marsha Mason and Brian Cox.

“Dear Liar” tells the tale of theelaborate, at times elephantineflirtation-on-paper between Mrs.Pat (as she was known) and Shaw,an emotionally stunted husbandwho developed a near-incapacitat-ing crush on his Eliza but was no-torious for talking about love inpreference to making it. The ultra-respectable Mrs. Pat, by contrast,liked to feign close acquaintancewith what she called “the hurly-burly of the chaise longue” andwas amused by the logorrheicShaw’s inability to get to thepoint. “When you were quite a lit-tle boy,” she tells him, “someoneshould have said ‘Hush,’ just once.”

Not many people could putShaw in his place, but the quick-witted, hatchet-tongued Mrs. Patknew that he had fallen hard forher and took ruthless advantageof it. She was that kind of woman:Michael Holroyd, Shaw’s biogra-pher, wrote that “Mrs. Pat wantedto be loved and she wanted to actgreat roles; but she was impossi-ble to live with and almost impos-sible to act with.” As a result, shedied poor and alone in 1940, her

only asset the letters from Shawthat she kept in a hatbox underher bed and that he had ada-mantly refused to let her publish(they did not see print until afterhis death in 1950).

Kilty used them well in “DearLiar,” which opened on Broadwayin 1960 and has since been pro-duced innumerable times (thoughit has yet to return to Broadwaysince the original production,which starred Katharine Cornelland Brian Aherne) and been filmedand adapted for TV repeatedly,

here and around the world. In anymedium, “Dear Liar” is a solidpiece of theatrical carpentry thatrarely fails to satisfy, and Mr.Brokaw has directed it simply andlucidly for Bucks County Play-house, moving the two Zoomboxes around the screen in such away as to lend visual variety tothe proceedings without makingthe results look jumpy.

Mr. Cox, as the script specifies,makes no attempt to impersonateShaw, merely coloring his voicewith “a touch of Irish accent,” andhis performance is exemplary.While Ms. Mason is a bit kittenish,she mostly does quite nicely withher part—I wouldn’t be surprisedto learn that she’d looked at someof the surviving sound film footageof Mrs. Pat—and hits the ballacross the net with aplomb.

You needn’t know anything aboutMrs. Pat to follow “Dear Liar,” bythe way: Kilty stitched enoughbackground into the script to keepthe viewer in the picture at all

times. If, on the other hand, youdon’t care for Shaw’s plays, “DearLiar” won’t be for you, but anyonewho likes “Pygmalion” (or “My FairLady”) will find it to be an intelli-gent, diverting entertainment.

i i iFlorida Repertory Theatre,

which webcast a superior produc-tion of Lucas Hnath’s “A Doll’sHouse, Part 2” back in April, isnow streaming a delightful mod-ern-dress version of “TwelfthNight” that is performed on thesimplest of sets by six of the com-pany’s non-Equity acting interns.Intended to be performed in localhigh schools as part of the com-pany’s “Theatre for Young Audi-ences” program, this hour-longstaging, adapted and directed byBill Kincaid, was taped just beforethe pandemic shut Florida Repdown. While I can’t imagine a bet-ter introduction to Shakespeareancomedy for adolescent audiences, Ialso got considerable pleasure outof it—the youthful cast rompsthrough the play with contagiousenergy—and if you feel like spend-ing a happy hour with Shake-speare, this “Twelfth Night” willleave you smiling.

Dear LiarBucks County Playhouse, NewHope, Pa. (viewable Sept. 1-4, $25 inadvance, $35 starting Sept. 1). Toregister for viewing, go to bcpthe-ater.org/dear-liar. For more informa-tion, call 215-862-2121

Twelfth NightFlorida Repertory Theatre, Fort My-ers, Fla. (available for viewing on anopen-ended basis, $15). For elec-tronic “tickets,” go to floridarep.orgor call 239-332-4488

Mr. Teachout, the Journal’s dramacritic, is the author of “Satchmo atthe Waldorf.” Write to him [email protected].

THEATER REVIEW | TERRY TEACHOUT

Postal Passions

A Zoom staging of theletters between GeorgeBernard Shaw and

Mrs. Patrick Campbell

P2JW241000-0-A01300-1--------XA

A14 | Friday, August 28, 2020 * * * * THEWALL STREET JOURNAL.

Floyd, Breonna Taylor, Ahmaud Ar-bery or anyone else they wished todiscuss.

What’s happening now? Thiswasn’t in the plan. This is more.

What occurred Wednesday withMilwaukee feels significant—a workstoppage, amid the playoffs, themost consequential part of theNBA’s restart. The Bucks, who ap-pear to have acted independentlyfrom not only the league, but alsoplayers on other teams, have a le-gitimate shot to win a title. Theyhave perhaps the most thrillingplayer in the sport, Giannis Ante-tokounmpo. They won more gamesthis season than any other fran-chise.

But the Bucks are also a close-knit team of players who marchedcollectively in the aftermath ofFloyd’s killing. Significantly:They’re a roster that watched Mil-waukee police use a stun gun onone of their own players, SterlingBrown, during a 2018 dispute overBrown parking his car across hand-icap spots outside a Walgreens at 2a.m.

Which is the part that gets lostin this, that this is personal in aleague where (as the Lakers noted

in a team statement Wednesdaynight) 80% of the players are Black,and no coating of wealth or famecan offer full protection. It’s whythe Bucks, after walking off, askedthe Wisconsin legislature to “takeup meaningful measures to addressissues of police accountability, bru-tality and criminal justice reform.”It’s what Los Angeles Clipperscoach Doc Rivers (the son of a po-lice officer, as is Sterling Brown)was alluding to the other nightwhen he said: “We’re the ones get-ting shot. We’re the ones that we’redenied to live in certain communi-ties. We’ve been hung…It’s amazingwhy we keep loving this country,and this country doesn’t love usback.”

Not everyone wishes to hear thiskind of pained, direct commentary,and it’s been very pained and directover the past 24 hours—witnessthe tearful words of former NBApros Chris Webber or Robert Horryor Dominic Smith of baseball’s NewYork Mets. It’s easier to divert, di-minish or argue another point. Eversince the NBA installed itself inFlorida, there’s been a steady rum-ble of criticism from those turnedoff by its visible protests or the

kneeling during the pregame na-tional anthem—or point to theleague’s muddled messaging onChina as evidence of glaring freespeech hypocrisy.

Meanwhile, there’s been a lot offorensics on the NBA’s televisionratings, and whether or not theleague is tanking its business bygetting behind a movement withoutunanimous support.

Maybe. Maybe not. I’m not surehow useful it is to judge the wor-thiness of a protest by its Nielsennumbers—as Ta-Nehisi Coatesnoted in a 2017 piece about the po-larity of Colin Kaepernick, civil-rights demonstrations have neverbeen broadly popular. A lot of pro-test now recalled as bright, unify-ing history was divisive in its day.

Refusing to take to the court iscontentious? It may damage thebusiness? No kidding. That’s therisk, but also the point. There’ssomething conflicted about criticiz-ing athletes as spoiled entertain-ers—and then condemning themfor taking a position that threatenssomething they love. That’s ordi-narily celebrated as courage. Turnsout they have that in the bubble,too.

SPORTS

IN THE END, THEREwasn’t a bubble.

Sure: The NBA couldbuild a plan, a protocol,a protective membraneagainst the coronavirus,

and it could be doctor-approved,collectively bargained and rigor-ously installed. They could jet 22franchises from 21 cities and relo-cate the most critical part of thebasketball season to the Disneycampus in Orlando, Fla. They couldtest the players and furnish roomservice, pickle ball, bass fishing andgolf, and make it as comfortable aspossible to go out and perform theold job in a weird new place.

Some of the atmospherics weredeeply surreal—the video fans, thephony crowd noise on TV—butoverall, the NBA’s plan was work-ing, far better than expected. If yousquinted from a distance, the bas-ketball in the bubble looked fairlyclose to the real thing.

But eventually the real world in-tervened, because the real worldfinds a way. On Wednesday, theMilwaukee Bucks—a championship-contending franchise that plays 45minutes north of Kenosha, Wis.,where a 29-year-old Black mannamed Jacob Blake was shot multi-ple times by police with his backturned—decided they wouldn’t playtheir scheduled opening-round NBAplayoff game.

Then the Orlando Magic, Mil-waukee’s opponent, said no, theywouldn’t play, either.

Then the Houston Rockets andOklahoma City Thunder. Nope.

Then the Los Angeles Lakers andPortland Trail Blazers. Then thewhole of the WNBA.

Then the Milwaukee Brewers andthe Cincinnati Reds joined in soli-darity from baseball. Then the Se-attle Mariners and the San DiegoPadres, and the Los Angeles Dodg-ers and San Francisco Giants.

Then Major League Soccer.

ASH

LEYLA

NDIS/PRE

SSPO

OL

day. By the end of the day, sevenMLB games had been postponed.The New York Mets and MiamiMarlins took the field, observed 42seconds of silence in honor ofJackie Robinson and walked offthe field, leaving a Black LivesMatter shirt at home plate.

The stoppage in play startedwhen the Bucks refused to take thecourt for their Wednesday gameagainst the Orlando Magic to pro-test the police shooting of JacobBlake, a Black man, that galvanizedthe nation after a summer of reck-oning about social justice and ra-cial inequality.

The NBA’s players and ownersconvened emergency meetings onThursday morning with the fate ofthe season hanging in the balance.

The players gathered in theirWalt Disney World bubble onWednesday night for several hoursto discuss whether they wanted to

continue the season and the disas-trous economic consequences of apotential holdout.

The Los Angeles Lakers andClippers, title contenders led byLeBron James and Kawhi Leonard,expressed their desire to boycott

the playoffs, according to multiplereports.

But the meeting ended withoutresolution and deliberations ex-tended into Thursday morning,when the league’s Board of Gover-nors held their own call.

NBA players and owners of the13 teams still in the playoffs—along with union representatives,league officials and Charlotte Hor-nets owner Michael Jordan—thenmet by videoconference on Thurs-day afternoon to formulate theirnext steps as the players continuedto demand change.

When the NBA season resumedin July after its shutdown, theleague stamped Black Lives Matteron the courts in empty arenas,while players knelt during the na-tional anthem, wore personalizedstatements on the backs of theirjerseys and used their news con-ferences to address injustices andcall for greater police accountabil-ity. In the wake of Blake’s shoot-ing, the Bucks contacted Wisconsinpoliticians from their locker roomon Wednesday, urging them to re-convene the state legislature.

Trump told reporters on Thurs-

day, hours before his speech at theRepublican National Convention,that he didn’t know much aboutthe NBA’s walkout but he wasaware of a decline in the league’stelevision ratings.

“People are a little tired of theNBA,” he said. “They’ve becomelike a political organization, andthat’s not a good thing. I don’tthink that’s a good thing for sportsor the country.”

The criticism from Trump andWhite House officials was a sharpcontrast from the praise lavishedon NBA and WNBA players by Bi-den, his running mate Kamala Har-ris and other Democratic politi-cians.

“This moment demands moralleadership,” Biden wrote on Twit-ter. “And these players answeredby standing up, speaking out andusing their platform for good. Nowis not the time for silence.”

TheNBAWill Resume PlayoffsNBA players decided on Thurs-

day to resume the league’s playoffsafter they refused to play Wednes-day in protest of a police shootingin Kenosha, Wis., a defiant actionthat had jeopardized the rest ofthe basketball season and contin-ued to halt play in other sportsleagues.

The NBA postponed three moregames scheduled for Thursday, oneday after the Milwaukee Bucksstaged their extraordinary workstoppage, but the players electingto restart the season averted a la-bor crisis for the league during apandemic.

A spokesman for the NBA saidthe league was attempting to re-sume the playoffs on Friday orSaturday.

The decision to pause—but notstop—came after what the NBAplayers called a boycott quicklyspread across sports and drewcriticism from President Trumpbut praise from former Vice Presi-dent Joe Biden.

The work stoppages in otherleagues on Thursday brought morepostponements in Major LeagueBaseball and the WNBA and thefirst disruptions to the NHL sched-ule.

The WNBA postponed threemore games as players said theywould take the day for reflectionand action but were ready to re-sume as early as Friday.

The NHL called off playoffgames for Thursday and Friday af-ter playing hockey on Wednesday.

Baseball pressed ahead with apiecemeal approach.

The six teams in three MLBgames that were postponed onWednesday returned to the fieldThursday, as did several Blackplayers who removed themselvesfrom the lineup, including St. LouisCardinals outfielder Dexter Fowler.Dodgers superstar Mookie Bettstold manager Dave Roberts onWednesday night that he wouldn’tplay Thursday before he changedhis mind and took his place inright field.

“It sucks because you’d love forit to be a unified thing,” Cardinalsace pitcher Jack Flaherty said on aZoom call with reporters Thursday.Not long after, he took to Twitterand wrote, in all capital letters,“We are the only sport playing to-day. Let that sink in.”

But other teams that played onWednesday took the baton Thurs-

After sitting out games in protest, players decided to continue the season. Disruptions continued in other sports.

The NBA postponed three playoffgames scheduled for Thursday.

KEVIN

C.CO

X/PR

ESSPO

OL

BY BEN COHEN

Then Naomi Osaka, tennis super-star, stepped out of a semifinal.Then the entire tournament Osakawas playing in—Cincinnati’s West-ern & Southern Open, relocated thisyear to New York—stopped all playfor Thursday.

A fresh cascade of postpone-ments and walk-offs happenedThursday. More baseball. NHL play-offs. NFL and college football prac-tices. By afternoon, the NBA wasworking toward a restart over theweekend, but a loud message hadbeen sent: There’s no bubble. Not inFlorida, and not around sports.

Which is probably fine. It’s al-ways been a dubious proposition,that sports are supposed to bestrictly escapist, as if Jesse Owens,Jackie Robinson, Muhammad Ali,Billie Jean King or other disruptersnow admired as icons existed in an-other dimension.

Sports as diversion is a nicethought, and it almost always is di-versionary—there’s a lot moregoofy in sports than there is seri-ous. Come on. You read this col-umn. A solid 90% of the time, it’sabout cats and other nonsense.

But like it or not, uncomfortablereal world is always there, ready tointervene. To purloin an overusedterm, sports isn’t a safe space.

“There is no place of refuge un-less everybody in this country isbeing respected in the same way,”the ESPN analyst Marcus Spearssaid Wednesday, shortly after theBucks declined to play.

The NBA bubble was born in cri-sis—negotiated in the wake ofGeorge Floyd’s killing in Minneapo-lis. Players were worried about theoptics of basketball action as pro-testers marched in the streets, sothe league offered the showcase asa platform, stenciling BLACK LIVESMATTER on the hardwood, creatingjerseys with slogans like SAYTHEIR NAMES and giving all per-sonnel a wide berth to talk about

JASON GAY

The NBA ProvesIt Never Was a Bubble

Thework stoppagesbroughtmore

postponements inMLB,theWNBA and the NHL.

Basketball inside the NBA’s Disney bubble looked fairly close to the real thing, but eventually the real world intervened.

P2JW241000-4-A01400-1--------XA


The LessonsOf DefeatLosers: Dispatches From the Other Sideof the ScoreboardEdited by Mary Pilon and Louisa Thomas(Penguin, 288 pages, $17)

BOOKSHELF | By Roger Lowenstein

F loyd Patterson, who was the heavyweight boxingchampion when people cared about such things,began to talk about himself in a way he never had

before when he started losing. What followed his twoknockouts by Sonny Liston was hurt—“a confused hurt—not a physical hurt.” It was the hurt of having to leave thering “and face those people.” Imagine, Floyd Pattersonpurchased false whiskers and a mustache to wear as adisguise. Yes, Floyd Patterson, as fearsome as any boxerever, considered himself a coward.

Patterson revealed his pain to the writer Gay Talese inEsquire in 1964. “The Loser,” as the article was called, isone of many compelling pieces gathered in “Losers:Dispatches From the Other Side of the Scoreboard.” Editedby Mary Pilon and Louisa Thomas—both sportswriters andcontributors to the book as well—“Losers” ranges over

time and a variety of sports,from the 1908 Olympicmarathon, covered by ArthurConan Doyle, to the Brooklyn“Bums”—oops, Dodgers—ofthe 1950s, to the ill-mannered, underachievingand maddeningly blaséAustralian tennis star NickKyrgios, who once asked a fan,mid-match, to get him a beer.

“Losers” considers tabletennis and sailing, summer-league basketball and bull-fighting. Its subjects all missedin some way—born on thewrong side of the tracks, foiled

by personal failings or injuriesor bad luck. “The locker rooms of winners are crowded,”the editors note in a spot-on introduction; those of losers,“desolate and awkward.” Yet while victory brings a fleetingtranscendence, “losing reveals something raw about what itmeans to be human.” Red Smith, the great sportswriter of thelast century, after wrongly predicting the winner of a prizefight, once acknowledged his error with the caustic admissionto a fellow writer: “My boy, crow is an acquired taste.”

We all acquire the taste sooner or later. We all lose.Some of the athletes profiled in “Losers” are people you’venever heard of, such as Charlie Rowan, an amateur boxerwho loved fighting so much that he did it for free but undidhimself with a world of personal trouble: drugs, guns, armedrobbery, you name it. Or Ernesto Sobrino, a Spanish bull-fighter performing as a banderillero, one of the old men ofthe ring whose high-risk vocation is to make the bullfighterlook good. Barry Newman, my former Journal colleague,wielding his pen like a matador, explains that banderillerosare thick-waisted versions of young matadors: “They run atthe bull with two barbed sticks and try to place them in itshump before the matador moves in for the kill.”

Some of the subjects are famous, or rather, infamous.Almost required is the entry on the Dodgers’ Ralph Branca,who threw an ill-fated pitch to Bobby Thomson of the NewYork Giants, who smacked a home run that cost theDodgers the pennant in 1951. Branca, sensitively portrayedby Joshua Prager, pounded his fist against a concrete wall.He stood under a cold shower. He wept. When he left thePolo Grounds, he was met by his fiancée and a priest. Thepriest said that it could have happened to anyone. “Yes,father, but why did it have to be me?”

All of these losers were good at something, some ofthem very good. As Brian Platzer writes of a pair of table-tennis whizzes, “these guys are geniuses in one very smallarea of life.” Loss for them was relative; competition at ahigh level put a burden on their friendship. Some of thelosers simply choked. All through the summer of ’64, mycamp mate gushed over his hometown Philadelphia Phillies.By Sept. 20, they led by 61/2 games, seemingly a sure bet toreturn to the World Series for the second time since 1915.(James Andrew Miller, the author of “The ‘Dewey DefeatsTruman’ of Sports,” mistakenly says the first time.) ThePhillies printed postseason tickets and sold 90,000 toadoring fans. The tickets said, “Phillies 1964 World Series.”Then the Phils lost 10 straight, and the Cardinals won thepennant.

And some subjects simply had the misfortune ofcoinciding with somebody better. Stefanie Loh recordsthe story of Jeremy Taiwo, a decathlete, who could neverbeat Ashton Eaton, his slightly older rival and friend andthe winner of Olympic gold medals in 2012 and 2016. “Isometimes wonder,” he admitted, “how much morehardware I might have bagged if I hadn’t come into thesport two years after a once-in-a-generation decathlete.”

I wasn’t persuaded by Ryan O’Hanlon’s “That LoserLeBron,” so titled because LeBron James, the best basket-ball player of his generation, has lost twice as many NBAfinals as he has won (six to three). Mr. O’Hanlon finds this“odd,” although Dan Marino never won a championship;nor did Ted Williams. Three championships isn’t exactlyloser material.

No anthology on losing would be complete withoutBoston, my adopted city. It used to be as adorable as alost puppy—all rusted overpasses and broken hearts.Now it is title-town: endless winners’ parades and gleamingtowers. Samuel Graham-Felsen, who once sold peanuts atFenway Park, has the grace to recognize that the city ofhis childhood was united by its collective torment. He stillroots for the Celtics, Sox and Pats, but, after so muchwinning, he admits: “Each year, I find myself cheering withless and less fervor.” He misses the old Boston, with itscursed and long-suffering fans. He misses the tribaloneness and deeper feelings that came with losing.

Mr. Lowenstein is the author of “America’s Bank: The EpicStruggle to Create the Federal Reserve.”

To themanwho threw the pennant-losing pitch toBobbyThomson, a priest said it could happen toanyone. ‘Yes, father, butwhydid it have to beme?’

The Smearing of Nikki Haley

P olitical abuse in Americacomes in many flavors,few more ugly than the

scorn showered by many In-dian-Americans on Nikki Ha-ley, arguably the most success-ful ethnic Indian politician inU.S. history.

Ms. Haley—née NimrataRandhawa—is the daughter ofSikh immigrants from India.She was born in South Caro-lina in 1972, and as a child sheworked at her mom’s clothingstore. She graduated fromClemson University with abachelor’s degree in account-ing and returned to work inthe family business. So far, sogood: works for parents,check; degree in accountancy,check. It doesn’t get moretextbook-Indian than that.

But Ms. Randhawa goes offthe rails. At 24, she marries awhite man. A year later sheconverts to Christianity, takingon her husband’s faith. Her big-gest ethnic sin, however, wasto join the Republican Party.Two-thirds of all Indian-Ameri-cans identify as Democrats, andfour-fifths voted for HillaryClinton in 2016. Compare that

with Hispanics, of whom nearlya third went for Donald Trump.Only African-Americans,among America’s minorities,are more monolithically Demo-cratic than Indians.

Ms. Haley, a former gover-nor of South Carolina, is a se-rious contender for her party’spresidential nomination in2024. At the Republican Na-tional Convention this week,she steered clear of the stri-dent tone of many otherspeakers. America’s “is a story

that’s a work in progress,” Ms.Haley said, stressing the needto make the country “evenfreer, fairer, and better for ev-eryone.” She was “the prouddaughter of Indian immi-grants.” In an echo of KamalaHarris’s much-lauded shout-out to her own Indian motherat the Democratic NationalConvention, Ms. Haley said,“My father wore a turban. Mymother wore a sari.”

After she’d spoken, Itweeted that I’d liked herspeech. I soon received a replyfrom an Indian-Americanwoman who has been a promi-nent New York City official. “Idisagree,” she wrote. “She re-writes things to serve her in-terests.”

How so? I asked. “Well sheAnglicized her name so shecould run for office.” Sheadded later that Ms. Haley hasbeen “intentionally white-washing herself for public con-sumption and acceptance. Andblindly ascribing to the mythof meritocracy.”

Responding to a line in Ms.Haley’s speech—“America isnot a racist country”—a groupcalled South Asians for Bidentweeted: “If America isn’t rac-ist, why did Nimrata Haley feelcompelled to change her nameto ‘Nikki.’ ” The group later de-leted the tweet. Facebook, too,was full of such Indian-Ameri-can observations.

Liberal Indian-Americanethnocrats have long allegedthat Ms. Haley’s preference fora name that many Americanswould find easier to say is aform of self-loathing, proof ofher desire to erase her Indian-

ness. This reflects a belief thatwhile it’s fitting for America toaccommodate immigrants, it’ssomehow wrong for immi-grants to have to accommo-date America. I also suggestthey brush up on their lan-guages. “Nikki” is a Punjabiword that means “little one,”often used as a term of en-dearment for the youngest girlin a Sikh family. (A little boywould be “Nikku.”)

Far from changing hername to fit in—which, surely,would be her own rightful de-cision and no one else’s—Ms.Haley has used a name herparents bestowed on her atbirth. “Nikki is my name on mybirth certificate,” she tweetedin May 2018. “I was born Ni-marata Nikki Randhawa.” Shemarried a man called MichaelHaley, becoming Nikki Haley.Millions of married womentake their husbands’ surnames.To suggest that Ms. Haley istrying to pass for white—andto bury her own identity in theprocess—is not only desper-ately overheated. It is racist.

Mr. Varadarajan is execu-tive editor at the Hoover Insti-tution.

By Tunku Varadarajan

Liberal Indian-Americans accuse herof denying her heritage.

OPINION

Coming in BOOKS this weekendWilliam Faulkner’s Civil War • The White House vs.the media • Endgame in the Western Pacific, 1944-45 •Gaps in geologic time and human memory • New novelsby Louise Penny, Evie Wyld & Yaa Gyasi • & much more

The Republi-can Party thatpresented it-self to the na-tion this weekhad a wideand welcom-ing look. Somein the GOPthink that lookcould makethe difference

in November.Following the 2014 election

of Mia Love, the first black Re-publican woman to win a seatin Congress, the WashingtonPost said: “For at least half acentury, the party of Lincolnhas battled charges that it isracist, sexist and anti-immi-grant.” These “charges”weren’ttrue, of course; they were thepronouncements of media beancounters whomeasure moralityin terms of racial percentages.Yet the “racist” chorus has onlygrown, and the election of Don-ald Trump sent the left to newlevels of hysteria.

This week, Americans got tochoose between that version ofthe GOP and their own lyingeyes. The party on display wasan array of African-Americanofficials, sports icons and civilrights leaders, Latina business-women, Native Americans, Cu-ban refugees, powerhouse fe-male politicians, dairy farmersand loggers, newly-sworn-inimmigrants, union workers,and an openly gay former act-ing director of national intelli-gence. It was an optimisticpresentation, too—a celebra-tion of the party’s width anddepth.

And the GOP didn’t just cele-brate its minority voices, it led

The GOP’s Wide-Open Armswith them. Speaker afterspeaker on opening night ex-plained their reasons for sup-porting the party, and invitedothers to test the waters. Therewas Kim Klacik, a young blackwoman running for Congress,who decried Democratic policiesthat have run Baltimore “intothe ground.”Madeline Lauf cele-brated her Guatemalan motherand warned what Joe Biden’stax and regulatory policieswould do to small businesseslike hers. Maximo Alvarez, aFlorida entrepreneur, told of es-caping Cuba’s death and starva-tion, explaining how Castro’spromises of “free education”and “free healthcare” “totallydestroyed” the country of hisyouth. Sen. Tim Scott gave amoving speech about his workwith the administration to directprivate investment to distressedcommunities. Daniel Cameron,Kentucky’s first black attorneygeneral, on Day 2 eloquently re-minded African-Americans thatno party deserves a monopolyon their vote. And so it went allfour days.

This level of outreach is newfor Republicans. It’s not thatthe GOP hasn’t long had minor-ity supporters, or that priorcampaigns didn’t court minor-ity voters. It was that the pitchwas more perfunctory than apriority. The GOP has a badhabit of assuming all it needsdo is say “free markets” andthe converts will come. Pastcampaigns would dump moneyinto Spanish-language ads,hold the occasional set-piece ina neighborhood, and hope tograb the 10% of the black votethat it usually does.

So it’s passing strange that

the GOP president who hasbeen relentless in promotingpolicies that benefit minoritiesis the one the media brandsmost racist of them all. Therewas the First Step Act, whichreformed sentencing laws;more than 90% of those whohave had their sentences re-duced are black Americans.The president in 2018 madehistorically black colleges anduniversities a priority, puttingnew money into loans and

funding. His tax law createdopportunity zones that funnelprivate investment to innercities. He has doubled down onschool choice, an issue with68% support among blacks and82% among Latinos, accordingto a Federation for Childrenpoll. His economic policiesproduced record-low black andHispanic unemployment.

The GOP outreach alsocomes at a potentially impor-tant moment. Latino and Afri-can-American voters overallhave real issues with Mr.Trump. In 2016 he scored only8% of the black vote, 28% ofHispanics, and 27% of Asian-Americans. Yet the polls alsoshow a growing awareness andfrustration among minoritiesthat the Obama-Biden yearsdidn’t deliver for their commu-nities. Despite his putativelead nationally, Mr. Biden has

less black and Hispanic sup-port at this point in the racethan Hillary Clinton and Ba-rack Obama did.

Does that softness translateinto a giant Trump minoritypickup? No. But it doesn’t haveto. Democrats like to point outthat Mr. Trump won the elec-tion by a margin of 80,000votes across three swing states.The Trump campaign knowsthat increasing its support—even a little—among minoritycommunities in those andother key battlegrounds couldprove huge. Take Michigan, oneof the three, where Mr. Trumpwon an estimated 6% of the Af-rican-American vote in 2016. Arecent Trafalgar poll showedhis current support at nearlydouble that, which wouldtranslate into tens of thou-sands of votes. Recent pollshave also shownMr. Trump do-ing better with Latinos, withone Marist poll showing himup 11% over 2016. Considerwhat that might mean in Ari-zona or Florida.

For an example of how thisworks in practice, listen to oneof Florida Gov. Ron DeSantis’sfavorite stories. The Republicanreminds people that his own2018 election was decided byfewer than 40,000 votes. Hismargin of victory was the100,000 African-Americanwomen who voted for him,many because of his unwaveringsupport for school choice.

All political parties under-stand: The bigger the tent thebetter. If the GOP is victoriousthis year, it will be in part be-cause it worked hard to stretchthat canvas wider.

Write to [email protected].

A marginal increasein Trump’s minoritysupport could swingthe vote in key states.

POTOMACWATCHBy KimberleyA. Strassel

Success cancover a mul-titude ofsins—at leastthat’s how itseemed toanyone ob-

serving Jerry Falwell Jr.’s be-havior when he served as pres-ident of Liberty University. Hisresignation this week was longoverdue, and Liberty can nowbegin regaining its place ofprominence as a leading evan-gelical academic institution. Itmust start with recommittingto what drew so many youngpeople there in the first place:its reputation for trainingchampions for Christ.

I enrolled at Liberty Univer-sity in 2009. Several of my sib-lings attended, and some ofmy dearest friends are formerclassmates. When I received alife-altering medical diagnosisduring my freshman year, Iwas surrounded by trustedfriends who cared for me. Pro-fessors invited me into theirhomes to share a meal withtheir families and learn aboutme beyond intellectual pur-suits. I grew in my faith asgodly professors and leadersshowed me a Christian frame-work for understanding theworld. I also got to know Mr.Falwell and his wife whileserving as senior class presi-dent in 2013.

My love for the school hasmade my grief profound overthe past few years, as Mr. Fal-

Where Liberty University Goes From Herewell made headlines for a vari-ety of moral failings. It culmi-nated this week when a youngman alleged that he had beensexually involved with the Fal-wells for several years. TheFalwells have confirmed thatthe affair occurred, but deniedthat Mr. Falwell was involved.After 13 years on the job, Mr.Falwell has said he is entitledto a $10.5 million severancepackage.

Scripture commands us notto rejoice but to grieve whenanother falls. Christiansshould pray for the Falwells’repentance and restoration.Recall Luke in his Gospel: “Payattention to yourselves! If yourbrother sins, rebuke him, andif he repents, forgive him.”When moral failures happen,as Christians we are rightlygrieved, because none of usare above committing similaracts. God calls us to repent,which means bringing lightinto dark places and rightlyordering our steps.

My fellow Liberty alumniand I want to believe theschool’s brightest days areahead, but that isn’t guaran-teed. This moral failing is onlya symptom of a larger prob-lem. Mr. Falwell’s behavior anddomineering leadership wentlargely unchecked by theboard members empowered tohold him accountable. Evenwith all the red flags—thecountless character flaws be-coming more and more obvi-

ous with time—the board al-lowed him to continue servingas president. This was a failureof its most basic duty.

Liberty’s actions, past andpresent, tell the world some-thing about Christ. As a Chris-tian university, its leadershipshould represent the tenets ofthe Christian faith. Perfect in-stitutions don’t exist, becauseno one is perfect. But we ought

to expect a better Christian andmoral witness that aligns withthe teachings of Jesus. Charac-ter, leadership and faithfulnessmatter. Ultimately, an organiza-tion can only be as healthy asits leadership.

Mr. Falwell denies severaladditional allegations of moraland financial misconduct,which is why it’s imperativethat the board orders an inde-pendent investigation into thefull extent of his behavior andleadership of Liberty. The samestandard of conduct must beapplied to everyone at the uni-versity. Swift steps should betaken for those who don’tabide by the shared commit-ment to follow Christ.

As the board begins its

search for a new president, itmust select someone who willput the mission of “trainingchampions for Christ” first.The next leader of Libertyshould focus on cultivating theminds of the next generation ofChristian leaders. Amplifyingculture-war battles for partisanplaudits is beneath someonecharged with leading such animportant institution.

The university must placethe spiritual care of studentsabove the pursuit of profits.That means creating a culturewhere students mature intheir walk with the Lord whilebeing challenged academically.Mr. Falwell made dramaticcuts to some departments anddissolved the entire philoso-phy department. New leader-ship should invest heavily toensure students receive thehighest quality education.

As America’s civic culture ishurting, it needs Christianswho faithfully live out the Gos-pel we profess. If Liberty canrecover that focus, I havegreat hope in its success. Thedecisions the board makes inthe coming days will chart theuniversity’s path. All commit-ted Christians ought to prayfor their success—and thatthey themselves can fan theflame for God’s glory.

Ms. Patterson Sobolik ispolicy director at the Ethicsand Religious Liberty Commis-sion in Washington.

The firing of JerryFalwell Jr. shouldbe the beginning ofmuch deeper reforms.

HOUSES OFWORSHIPBy ChelseaPattersonSobolik

P2JW241000-0-A01500-1--------XA


Robert Lighthizer’s Plan to Reform the WTORegarding U.S. Trade Representa-

tive Robert E. Lighthizer’s “How toSet World Trade Straight” (op-ed,Aug. 21): The so-called “free trade”dogma that led the U.S. into trade di-sasters was anything but. The termwas cynically employed by its propo-nents to avoid the economically accu-rate term “reverse mercantilism.”That policy deliberately gamed thegovernmentally established condi-tions of trade disproportionately tofavor imports over exports. As justone example, the U.S. government it-self calculated that the average tarifffor American imports was just over1%, the world’s lowest by far, whenthe average faced by American ex-ports was 40%. Every Econ 101 stu-dent learns that if you tax butter at40%, and guns at 1%, you get moreguns and less butter than the “freetrade” result. Thus our massive tradedeficits, with the consequent joblosses, wealth transfers abroad andother pathologies weren’t the naturalresults of “free trade” but the prod-ucts of deliberately engineered “re-verse mercantilism.”

While in theory a thorough over-haul of the WTO is long overdue, itcannot practically be expected anytime soon, if ever. While working to-ward that worthy goal, the negotia-tion and renegotiation of bilateraltrade agreements can be very benefi-cial, if truly bilateral in the two-way,reciprocal sense. Each such step,though incremental, could contributepositively to an improved trade land-scape for the U.S.

GEORGE W. SHUSTERCranston, R.I.

Mr. Shuster is a former co-chair-man of the American ManufacturingTrade Action Coalition.

Mr. Lighthizer makes clear he val-ues multilateral agreements amongneighboring countries, such as theU.S.-Mexico-Canada Agreement(USMCA), which he personally negoti-ated and championed. Yet Ambassa-dor Lighthizer has promised to delivera decision by Sept. 1 about potentialunilateral U.S. trade action againstMexican seasonal fresh produce.

Unilaterally adding tariffs or reduc-ing the flow of produce from Mexicowon’t result in more jobs for Ameri-cans, one of the USMCA’s goals. Amer-ican workers are largely unwilling to

pick produce, which is why growershere rely on imported labor such asH-2A guest workers. Most new jobscreated by such an ill-advised tradewar with our largest agricultural trad-ing partner would ironically go to im-migrant farm workers. Mexico is cer-tain to retaliate in kind and erectbarriers against American agriculturalexports, costing even more Americanjobs not only in fresh produce butalso in dairy, corn and other U.S. agri-cultural exports of which Mexico is amajor buyer. American workers andAmerican businesses are already suf-fering from the impact of the Covid-19pandemic and the resulting majoreconomic slump, plus lost farm ex-ports to China.

While President Trump can intro-duce and enact these protections, itwould harm more than it helps. Mr.Lighthizer commended the work doneon USMCA. He should give theUSMCA the opportunity to serveAmericans as intended, rather thanbend to political pressure to satisfy asmall group of American farmers withlittle regard to the potential damage itcould do to the larger number ofAmerican farmers who depend onMexico as one of their most valuedtrading partners.

LANCE JUNGMEYERPresident, Fresh Produce Association

of the AmericasNogales, Ariz.

The WTO member nations mightagain turn to negotiations—ratherthan litigation—to update and expandmultilateral obligations and disci-plines on trade distorting measuresand odious trade aggressions, such asforced tech transfer and theft of intel-lectual property.

Attentive oversight and involve-ment by the sovereign member na-tions of the WTO are the best checksand balances on a WTO that is be-coming increasingly irrelevant in theface of the growing, albeit confusing,spaghetti bowl of bilateral and re-gional agreements. And the confusingspaghetti bowl may be the best in-centive to return to the larger multi-lateral forum.

ALAN DUNNWashington

Mr. Dunn is a former assistant sec-retary, U.S. Department of Commerceand Uruguay Round WTO negotiator.

LETTERS TO THE EDITOR

“But doc, my tenuous grasp of realityis what gets me through the day.”

THEWALL STREET JOURNAL

Letters intended for publicationshould be emailed to [email protected] include your city, state andtelephone number. All letters are sub-ject to editing, and unpublished letterscannot be acknowledged.

Hong Kong Officials Should Walk the WalkThe letter from Chief Secretary

Matthew Cheung Kin-chung (Aug. 24)shows a worrying lack of awareness ofthe impact the new National SecurityLaw in Hong Kong is already having.

In any other country, the policemarching in and arresting the ownerand senior staff of a major news pub-lisher, whilst simultaneously arrestingother journalists across the territoryand other reporters being denied vi-sas, would be the sign of the collapseof free speech.

Earlier this month, we published areport in the U.K. on the actions ofthe Hong Kong Police Force duringthe protests last year which drew theire of senior officials of the HongKong regime. It has been widely re-ported that alleged supporters of“Fight for Freedom, Stand with HongKong,” which funded our report, areamong those being arrested in rela-tion to its publication. Is this the“collusion with a foreign country” of

which Chief Secretary Cheungspeaks? A critical report produced bylawmakers?

It is admirable that the chief secre-tary for administration in Hong Kongis so fond of free speech and, indeed,exercises his rights by writing to amajor international publication basedin a country where such rights aretaken seriously, but it is not so admi-rable that under his regime youngpeople are being arrested for express-ing an opinion on the future of HongKong and that legislators are beingbarred from standing in the next(postponed) election.

Mr. Cheung should familiarize him-self with Article 19 of the UniversalDeclaration of Human Rights.

ALISTAIR CARMICHAEL, M.P.BARONESS NATALIE BENNETT

LondonThe writers are co-chairs of the All-

Party Parliamentary Group on HongKong.

Pepper ...And Salt

They See Themselves as Agents, Not VictimsTunku Varadarajan, as an immi-

grant himself, offers a much morepositive description of immigrantsthan projected by the Democrats dur-ing the week of their national con-vention (“Democrats Make This Non-native Restless,” op-ed, Aug. 22). Mr.Varadarajan portrays immigrants aspeople who come to America as theland of opportunity where they canand do realize their dreams as in no

other place on earth, and not a placewhere racism denies them their fu-ture. His experience and observationsshow how successful our legal immi-grants are in this country. This raisesa difficult question: Why is it that im-migrants, including black immigrantsand their children, are more likely tothrive in this country than their non-immigrant minority counterparts?Mr. Varadarajan provides the answer:Immigrants generally haven't boughtthe Democrats’ portrayal of them “asvictims—hapless people thwarted by‘systemic racism’ and American injus-tice, moored forever in a netherworldof murk and fear.”

GREGORY W. GOVANOakland, Calif.

Pre-Covid Federal PolicyDiscouraged Telemedicine

In his Aug. 24 letter, Gregory O.Ginn wonders why health-care provid-ers didn’t offer telemedicine yearsago. Look no further than the Centersfor Medicare & Medicaid Services,which has defined a billable evalua-tion and management physician visitas one where the provider meets “faceto face” with the patient. This 1995 re-quirement was updated once, to allowtelemedicine visits only when the pa-tient lives in a “remote” area, at least25 miles from a physician office. Thereason for such restrictions by CMS isto prevent billing fraud. This is a Clin-ton-era rule that should have neverbeen implemented in the first place.

ROBERT CHIFFELLEPhoenix

The Trump Disruption

W hen Donald Trump won the Presi-dency four years ago, half of Americagnashed its teeth or cried and even

supporters who cheeredweren’t sure what to expect.Four years later our verdict isthat he has been better on pol-icy than we feared but worseon personal behavior than wehoped.WhetherAmericans re-elect himdepends onhow they assess that polit-ical balance sheet.

We realize that even considering the TrumpPresidency in these conventional terms is offen-sive to some readers. Don’t we get that he’s awould-be authoritarian, a Russian plant, or atleast so deeply flawed as a human being that hecan’t be trustedwith power?Yet our democracysurvives, and the Constitution’s checks and bal-ances are intact. Americanswho heard him askfor a second term Thursday night were tryingto make sense of what has been a raucous anddisruptive Presidency.

i i iThisweek’s virtual GOP convention has spent

hours educating voters about Trump Adminis-tration successes, and many are real, startingwith the pre-Covid-19 economy that we exam-ined this week. The political irony is that thissuccesswas due toMr. Trump’s adoption of con-ventional GOP economics, not his trade or immi-gration agenda.

The President contracted out tax reform toCongress, especially Paul Ryan in theHouse andPat Toomey in the Senate, and they delivered.Mr. Trumpalso hired a cast of deregulatorswholiberated the economy fromburdens on energyandmore. The economy kicked into higher gear,and the resulting tight labor market producedstrongwage gains for lower-skilledworkers leftbehind by the Obama-Biden years.

Mr. Trump’s tariff onslaught in 2018 hurtwhatwas a boom in newmanufacturing jobs assupply chainswere upset, input costs rose, anduncertainly increased. But he has avoided thefull-scale trade war we feared. His battles withChina achieved less than advertisedwith tariffs,butmoreonHuawei andattention toChinese cy-ber and IP theft.

Mr.Trumpisalso the firstPresidentsinceRon-ald Reagan to try to rein in the administrativestate.This can seem likeanabstractionbut it hasreal consequences inpeople’s lives.BetsyDeVos’srepealof JoeBiden’s “guidance” forhandlingsex-ualassaultcasesoncampuswill sparemanyyoungpeople fromunfair ruin.The repeal of theWatersof the U.S. rule will spare farmers and propertyowners from bureaucratic harassment.

These policies aremore likely to be sustainedby the more than 200 conservative judges Mr.Trumphas appointed. These judges aremore at-tentive to the abuses of the regulatory state,harm to the separation of powers, and limits onreligious liberty. The latter explains the endur-ing support forMr. Trump fromevangelicals andchurch-going Catholics.

Mr. Trump failed to repeal ObamaCare andhas nowdefaulted to promoting drug price con-trols that would limit the development of newcures. He also failed onwhat could have been a

landmark immigration reform, trading some le-galization formoreborder security.His televisednaturalization service thisweek clasheswith his

oftenharsh limits on even legalimmigration.

Foreign policy was one ofour biggest fears, and his re-cord is mixed. His disdain forconvention led him to usefuldecisions that no other GOP

Presidentwould havemade—withdrawing fromthe Potemkin Paris climate accord and Iran nu-clear deal, andmoving theU.S. Embassy to Jeru-salem. That latter two have contributed to abreakthrough in Arab-Israeli relations thateluded the last five Presidents.

Yet his bullying and impulsiveness haveneed-lessly soured relations with allies, especiallyGermany, and raised doubts about U.S. commit-ments.Most offensive is his personal courtshipof dictators, such as Kim JongUn, Vladimir Pu-tin, Turkey’s President Recep Tayyip Erdogan,and for awhile Xi Jinping. He seems to think hecan charm these hard men, and he has little toshow for his pursuit.

i i iWhich brings us to character. Americans

knew when they voted for Mr. Trump that hewouldn’t adhere to convention, but they alsohopedhismannerswould rise to the respect duethe office. They too often haven’t. He is need-lessly polarizing, luxuriates in petty feuds, andtrashes aideswho served himwell as theywalkout thedoor.He seemsnot to care ifwhat he saysis true, which has squandered his ability to per-suade in a crisis.

He often hurts himself by crashing throughproper norms aswith his near-invitation of theTaliban to Camp David and his threat to with-hold aid if Ukraine didn’t investigate Joe Biden.Bothwere stoppedby advisers, but the latter gothim impeached.

His narcissism is his ownworst enemy,whichthe public has seen to itsworst effect in the pan-demic. Mr. Trump brawledwith governors andthepress andbragged relentlessly about his suc-cesswhenAmericanswanted candid realism.HisAdministration’s anti-Covid record is better thanMr. Trump has made it sound.

Yet it’s impossible to assess Mr. Trump’s be-havior outside the context of the often unhingedopposition. We will never know how his Presi-dencymight havegonewithout theRussia collu-sionaccusations.ButwedoknowtheFBI, and theObamaAdministration, knewearly on that therewasnoevidence for the claims.Theynonethelessfed the media stories to cripple him.

BeforeElectionDay in2016,wewrote that thebiggest gamble of a Trump Presidency wasn’tthe fantasy that he was a Mussolini fromMan-hattan. It was that he’d face a hostile press andbureaucracy that his inexperience and erraticmanagementwould be unable to navigate. So ithas often been, and in 2018 the resulting tumultcost Republicans control of the House.

Americans now knowMr. Trump isn’t goingto change, but thenhe isn’t runningonly againsthimself. He has a chance to win another fouryears if voters conclude thathis disruption is lessrisky than theBiden-SandersDemocratic agenda.

His record is better thanhe and his opponentshave made it sound.

Low Rates Forever!

Jerome Powell’s Federal Reserve on Thurs-day released a long-awaited review of itspolicy framework, and it’s amixed bag. On

theupside, thecentralbankwillno longer throttle the economywhenever “too many” Ameri-cans have jobs. On the down-side, the Fed may never raiseinterest rates again.

The Fedwas overdue to re-think how it pursues its dualmandate of full em-ployment andprice stability.Most obviously, thetwogoals no longer appear to conflict in thewaymonetary economists once assumed.

Starting in the 1980s, the U.S. economyachieved unprecedented low unemploymentwithout an uptick in consumer prices as ortho-dox theory had predicted. Instead, asMr. Powellnoted in announcing the new strategy, businesscycles now seemmore likely to end in financialpanics than in inflationary spikes that trigger in-terest-rate increases.

One happy result is that the Fed is all butabandoning the discredited Phillips Curve, thetheory that policy makers must trade off be-tween employment and inflation. The Fedprevi-ously tried to head off inflation by raising rateswhenever it thought theunemployment ratewasfalling too far—whatever thatmeant—but nowthe Fed will wait for inflation to appear beforeacting.

Abandoning thePhillips Curve is awin for theeconomy, but it comes at a substantial cost inthis review as the Fed also is overhauling its in-flation target. Since the Fed adopted inflationtargeting in the late 1990s and early 2000s (andformalized a 2% target in 2012), policy makershave viewed the target as a ceiling.

No longer. The Fed now will aim to achieve“average” inflation of 2%,meaning it will toler-ate periods of faster price rises to compensatefor periodswhen inflation falls short.Mr. Powellbelieves such a symmetrical target is necessaryto “anchor” inflation expectations.

This is a politicalminefield because the defi-nition of the inflation timeperiodwill always beopen for debate.Mr. Powell and futureFed chairswill face pressure tomaintain low rates to com-pensate for someprotracted period of low infla-tion, or because a Senator or Twitter-happyPresident “believes” inflationwill fall below tar-get in the near future.

That increases the economic risk that the Fedmight end up looking through inflation until it’stoo late. Having effectively admitted it no longer

fully understands the relation-ship between economicgrowth, employment and infla-tion, the Fed still promises todecide in real time when itshealthy above-target inflationhas become dangerous. If the

central bank gets this wrong, it could be forcedto raise rates much higher, much faster than itwould want.

The more glaring problem is the long list ofquestions theFeddidn’t review.Themost impor-tant isMr. Powell’s observation, offeredwithoutelaborationThursday, that business cycles nowend indestructive financial crises. TheFed thinksthis is a regulatory problem to be solved withstricter capital rules and stress tests.

It might instead ask whether its preferenceover two decades for “looking through” risingasset prices such as oil, gold andhousing to keeprates low is contributing to financial instabilityinstead of economic growth.Without exploringthis question, the Fed has adopted a strategywith a built-in bias for low rates. The result isalmost certain to bemore financialmanias, pan-ics and crashes.

Thereareotherunansweredquestions. For in-stance, theFednowassumes that the economy’snatural rate of growth, and thus its natural inter-est rate (“r-star” in the lingo) are in anatural de-cline fordemographic orother reasons.Mr. Pow-ell cites this as a justification for the Fed’s newsymmetrical inflation target.

Well, what if there’s nothing natural aboutfalling growth because the Fed’s policies arecausing it? Research suggests sustained lowrates candent an economy’s growthpotential bysteering investment to unproductive uses, sus-taining zombie companies, rewarding corporatefinancial engineering instead of capital expendi-ture, and contributing to asset booms andbusts.It’s a shame the Fed has decided to double downon its low-rate, quantitative-easing bets beforesuch a self-examination.

The Fed says its review is a result of carefulstudy, including a national listening tour inwhich officials met with ordinary Americans.The truth is that it’s a leap into themonetary un-known and potentially a very expensive one.

The Federal Reservetakes a leap into themonetary unknown.

REVIEW & OUTLOOK

OPINION

P2JW241000-0-A01600-1--------XA


‘Critical’ Ethnic Studies Returns to CaliforniaExcluded from California’s model

curriculum are the white ethnicgroups (Italians, Irish, Poles and soforth) studied fruitfully by scholarssuch as Nathan Glazer, Daniel P.Moynihan and Michael Novak. Alsolargely excluded are groups like Jewsand Armenians who were persecutedabroad and sought refuge in Amer-ica. The groups that dominate thecurriculum are African-Americans,Latinos, Asian-Americans and Ameri-can Indians.

By focusing on these four andtreating them solely as victims, thecurriculum misses the opportunity toconvey to students that groups at thebottom of the social and economicladder can climb, making use of theircultural assets and the opportunitiesthe country affords them. This curric-ulum teaches the opposite. It attachesmoral opprobrium to success by in-structing teachers and students thatthe Jews and Irish in America havesecured white “racial privilege.”

Welcome to “critical ethnic stud-ies,” which boils down to vulgarMarxism, identity politics and vic-timology. Ideologically blinkered de-signers of ethnic-studies programsmiss out on knowledge and analysisfrom mainstream social sciences thatcould enhance what students aretaught.

Gary Becker won the Nobel Prizein economics in part for his analysisof discrimination. Becker showedthat if business owners hire on a ba-sis other than productivity, they payan economic penalty. They lose outon some of the most productive em-ployees, and competitors may hirethem. But when government policiesprotect established companies or en-sconced workers from competition,that penalty shrinks, making itcheaper to discriminate. In the JimCrow South, the costs of maintainingan exclusionary economy were un-

loaded on society. White companiesand workers used government tostop blacks from competing.

Such insights can complicate thecommon view of labor unions as ahumanitarian force aiding downtrod-den workers. Unions are job trustsdetermined to dominate labor mar-kets and raise wages by restrictingthe job opportunities of nonmem-bers—often blacks, historically. Her-bert Hill, the longtime labor directorof the NAACP, wrote in a 1965 essaythat labor-union exclusion of blackshas had “a cumulative effect in form-ing the occupational characteristics”of the African-American labor

force—to blacks’ disadvantage.Sociology and social psychology

also have much to teach ethnic stud-ies about the role of envy in society.For example, envy of successful Jewsand those of Jewish ancestry contrib-uted to the Spanish Inquisition andthe Holocaust. The rulers of Turkeyduring World War I mobilized envy tocarry out the Armenian genocide. Theprosperity of Japanese-Americanfarmers on the West Coast encour-aged envious neighbors to seek theirinternment and forced sales of theirproperty during World War II.

In his 1966 book “Envy: A Theoryof Social Behaviour,” sociologist

Helmut Schoeck demonstrates thatenvy can be found in all societies.The important thing for ethnic stud-ies to teach students is that somesocieties check and suppress envy inhelpful ways, while others exacer-bate it with horrific consequences.

The revised model curriculum inCalifornia portrays capitalism as op-pressive and gives considerableweight to America’s socialist critics.Yet history and political science showthat the state can be used readily un-der socialism for racist purposes. Ob-vious examples include the SovietUnion’s 1948-49 purge of “rootlesscosmopolitans”—that is, Jews—andits 1951-53 Doctors’ Plot attack onJewish physicians. Under socialism, abureaucratic elite controls all job as-signments, news media, courts andthe secret police. When that elite isenvious, insecure or looking for ascapegoat, what chance does an eth-nic minority have?

The proponents of critical ethnicstudies are so insulated by Marxismand identity politics that they missinsights from other fields. The newcurriculum doesn’t give a balancedpicture of America and, in these ra-cially charged times, it could ignitetruly ugly disputes. Perhaps worst ofall, it gives short shrift to minorityachievement and deprives studentsof the optimistic view of America.Following this curriculum, studentswould have no basis on which to un-derstand Frederick Douglass’s de-fense of the U.S. Constitution as “aglorious liberty document” and hiscelebration of the potential of acountry based on natural and in-alienable rights.

Mr. Evers is a senior fellow at theIndependent Institute and a formerU.S. assistant secretary of educationfor planning, evaluation, and policydevelopment.

By Williamson M. Evers

DAVID

KLEIN

A year after it was sent backto the drawing board, Cali-fornia’s ethnic-studiesmodel curriculum is back.The last version, released

in May 2019, was radical and jargon-laced. Even many progressives foundit fringy. On Aug. 13, the state Educa-tion Department presented a new,toned-down draft to the curriculumcommission. Not only does it sufferfrom the same conceptual problemsas before, but during their meeting,commissioners directed the Educa-tion Department to resuscitate un-popular parts cut from the 2019draft.

The curriculum is moving towardadoption in March by the StateBoard of Education. Legislation isalso advancing to make ethnic stud-ies a high-school graduation require-ment. The new curriculum won’tserve the educational function thatAmerica needs in a time of broadrecognition of injustice tied to race.Stanford education professorThomas Dee, a co-author of a 2016study finding academic gains forsome students who took an ethnic-studies class, said in a radio inter-view that “high-quality” ethnic-stud-ies curricula “don’t exclusivelyemphasize victimization.” “Just theopposite,” he said. They stress in-stead “the considerable cultural as-sets” of minorities and their capacityto achieve.

The state’s new curriculumprefers victimization tominority achievement, andMarxism to liberal values.

OPINION

A Coronavirus Lesson About the Modern StateLondon

Britain’s scandalsurrounding high-school exams isone of the mostinteresting of themany confusingcoronavirus sto-ries out there. Ifyou want to un-derstand how a vi-rus exposes every-

thing that’s wrong in moderngovernance writ large, this is theplace to look.

To get you up to speed: The U.K.A-levels are subject-matter examstaken by university-bound studentsin their last year of high school, af-ter two years of focused instruction.As with U.S. Advanced Placementcourses that sometimes confer col-lege credits, the A-levels are meantto denote a university level of aca-demic achievement.

Except that in Britain the stakesare much higher. The A-level is theonly government-approved qualifica-tion for university-bound high-school graduates, so it serves as adiploma. And since U.K. students de-vote only three years to their under-graduate degrees, A-levels serve asthe functional equivalent to an

American freshman year of college.As a result, admission offers es-

pecially to the most selective uni-versities are conditional on earningcertain minimum grades in specifiedA-level subject tests. These one-off,high-pressure tests are the stuff of18-year-olds’ nightmares.

Then the pandemic hit.The first spread of the virus and

Britain’s lockdown, imposed in lateMarch, coincided with the normalschedule for sitting the standardizedA-level tests. Absent that exam, anentire cohort of students would beleft without a clear path into theuniversity places for which they hadconditionally been accepted.

Of course the education bureau-cracy devised the worst possibleworkaround. Students would submitclass work graded by their teachersand scores on mock tests they tookearlier in their studies. A finelytuned computer algorithm wouldthen “normalize” those inputs to ac-count for possible grade inflationand spit out an exam grade for ex-ams students hadn’t taken.

No one seems to have stopped toask what could go wrong. The an-swer was a lot. Some 40% of gradeson individual A-level “exams” weredowngraded by the computer. Stu-

dents from poorer areas and lessglamorous schools were dispropor-tionately affected. For instance, thealgorithm assumed that the bigger aschool’s average class size, the lessaccurate a teacher’s classworkgrades were likely to be. This fa-vored students at posh privateschools with small classes. High-achievers were punished if they at-tended a school with a history ofpoor A-level results—the computerrelied heavily on historical averages.

This has become a political disas-ter for Prime Minister Boris John-son, and it should be. His lockdownpolicy failed to weigh the costs inlost educational opportunitiesagainst the virus’s cost on publichealth. Then his government pickeda dumb way to try to even thescales.

Weeks of public outrage, a spateof official resignations, and a humil-

iating policy U-turn (they’vescrapped the algorithm and will re-vert to unfiltered classwork grades)are condign punishment for thisdereliction of that most elementalduty of the politician—the balancingof competing priorities.

But this episode also shouldprompt a deeper meditation aboutthe flaws of our modern administra-tive state.

The U.K. exam fiasco highlightsthe extent to which overreliance ontechnocracy has robbed govern-ments—and societies—of resilience.Britain suffered for its long-runningattempt to impose national unifor-mity on education at all levels. U.S.college admissions have not beenmarred by a similar crisis because,mirabile dictu, no one is in charge.Meaning, no one person.

American high-school studentsfollow multiple pathways into highereducation. A hodgepodge of SATs,ACTs, grade-point averages, AP ex-ams and extracurricular activitiesprovide the fodder for admissionsofficers. In normal times, Americansworry this system is too flexible, tooforgiving of grade inflation or tooprone to abuse.

During an unprecedented crisis,however, flexibility has been a bless-

ing. It has provided the U.S. admis-sions system with a suppleness lack-ing in the U.K.’s rigid, technocraticapproach and thereby reduced theextent to which the pandemic crisishas disrupted higher education.

Don’t mistake this observationfor American jingoism. The U.S. bu-reaucracy fares little better thanBritain’s hapless test administratorsin many other regards. Witness thedisaster in America surrounding theinability of state-run schools toopen. Or note the way Albany’s reg-ulatory grip on New York state’shealth-care system allowed Gov. An-drew Cuomo to inflict a series ofdeadly administrative diktats requir-ing nursing homes to house corona-virus patients.

The point instead is to under-stand that none of these scandalsare purely political. Replace Messrs.Johnson or Cuomo or your state’seducation commissioner and youstill will have too many ways inwhich modern governments tend to-ward the uniform, the rote, thehighly technical—and the oftenwrong and unadaptable. If we neveragain want a pandemic to crippleour societies, we’ll have to replace alot more than the men and womenat the top.

A technocratic ‘fix’ forcancelled A-level examsturned a health crisisinto a social disaster.

POLITICALECONOMICSBy Joseph C.Sternberg

PUBLISHED SINCE 1889 BY DOW JONES & COMPANYRupert Murdoch

Executive Chairman, News CorpMatt MurrayEditor in Chief

Robert ThomsonChief Executive Officer, News Corp

Almar LatourChief Executive Officer and Publisher

EDITORIAL AND CORPORATE HEADQUARTERS:1211 Avenue of the Americas, New York, N.Y., 10036Telephone 1-800-DOWJONES

DOW JONES MANAGEMENT:Ramin Beheshti, Chief Technology Officer;Natalie Cerny, Chief Communications Officer;Kamilah Mitchell-Thomas, Chief People Officer;Edward Roussel, Chief Innovation Officer;Christina Van Tassell, Chief Financial Officer

OPERATING EXECUTIVES:Jason P. Conti, General Counsel;Tracy Corrigan, Chief Strategy Officer;Frank Filippo, Print Products & Services;Kristin Heitmann, Chief Commercial Officer;NancyMcNeill, Corporate Sales;Thomas San Filippo, Customer Service;Josh Stinchcomb, Advertising Sales;Suzi Watford, Chief Marketing Officer;JonathanWright, International

Professional Information Business:Christopher Lloyd, Head;Ingrid Verschuren, Deputy Head

Neal Lipschutz Karen Miller PensieroDeputy Editor in Chief Managing EditorJasonAnders,Chief NewsEditor;Louise Story,ChiefNews Strategist, Product &TechnologyOfficerThorold Barker, Europe; Elena Cherney, NewsFeatures & Special Projects;AndrewDowell, Asia;Anthony Galloway, Video & Audio; Brent Jones,Culture, Training & Outreach; Alex Martin, Print &Writing;Michael W. Miller, Features &Weekend;EmmaMoody, Standards; Shazna Nessa, Visuals;Matthew Rose, Enterprise;Michael Siconolfi,Investigations; StephenWisnefski, ProfessionalNewsGerard Baker, Editor at LargePaul A. Gigot, Editor of the Editorial Page;Daniel Henninger, Deputy Editor, Editorial Page

WALL STREET JOURNAL MANAGEMENT:Joseph B. Vincent, Operations;Larry L. Hoffman, Production

New York Has Witnessed a Mortgage Strike Before

N ew York is facing a crimewave and Rep. Alexandria Oc-asio-Cortez has found the cul-

prit: rent. People can’t afford it andneed money, “so they feel like theyeither need to shoplift some breador go hungry,” she said earlier thissummer.

New Yorkers who can’t pay rentdue to the hardships of Covid-19 al-ready can’t legally be evicted rightnow, but Ms. Ocasio-Cortez has co-sponsored a bill that would do morefor them: cancel rent and mortgagepayments nationwide for the dura-tion of the pandemic. Even Joe Bidenis on board: “Not paid later, forgive-ness,” he stressed in May. New York

Reps. Grace Meng and Jerrold Nadlerhave signed on as co-sponsors of therent-cancellation bill.

New York has been here before.After the stock market crash in Octo-ber 1929, unemployment soared tonearly 25%. Voices in the tenementscried “Rent strike!” Middle-classfamilies with mortgages were a dif-ferent matter. They faced impersonalfinancial institutions, not greedylandlords. Resistance would seem fu-tile. Once, however, New York home-owners banded together in a mort-gage strike.

Sunnyside Gardens in Queens is aplanned community of 563 homesbuilt between 1924 and 1928. TheCity Housing Corp. raised capitalfrom the likes of John D. Rockefeller

and Herbert Hoover, and the reform-minded founders sought to build acommunity, not only houses. Theirexperiment attracted many left-wingbuyers, including radicals. Nowhereelse could a communist and a Rocke-feller find common cause.

All was well until the crash. By1932 the situation was grim. The pri-mary breadwinner in 4 in 10 Sunny-side families had been unemployedfor 14 months or longer; three-quar-ters were down to 5 cents on thedollar of their 1928 net worth. Theirhome equity had vanished and theirbank accounts drained. Homeownersdemanded from the City HousingCorp. “(a) interest reduction, (b)three-year waiver of amortization,and (c) writing-down of the mort-

gage principal.” The company didwhat it could, but in 1934 it declaredbankruptcy. Sunnysiders launched astrike; more than half of them, LewisMumford included, withheld mort-gage payments. Reluctantly, the com-pany commenced foreclosure pro-ceedings.

Militants thought it was “a gigan-tic bluff.” “They cannot afford to gothrough with the foreclosures,” theyclaimed. “All we need to do to beatthem is not to pay City Housing anickel. Let us keep our lines fast.”They mastered the theater of pro-test, carrying signs proclaiming,“Rockefeller puts families out ofhomes.” A siren at one home broughtdozens of neighbors running to con-front the sheriff; housewives pelteddeputies with flour. One eviction fea-tured a mock funeral, with a coffinfor the family home.

Defiant acts of solidarity only de-layed the inevitable. Communist fer-vor couldn’t resist a capitalist legalsystem. Strikers sued in federalcourt for redress, but Judge John C.Knox expressed no sympathy forthose trying to “put the squeeze” onothers to get out of their own obliga-tions. A final appeal to Gov. HerbertLehman was rebuffed. “While I havemuch sympathy with all those in fi-nancial straits,” responded the greatliberal Democrat, “I do not consider

it to be the proper function of theGovernor to conduct negotiations forthe modification of private contractsbetween private individuals.”

Mayor Fiorello La Guardia finallybrokered a compromise. Recognizingthe radicals as “an increasing perilto all other home owners,” bond-holders dropped interest rates andreduced second mortgages by 25%,so the total owed didn’t exceed ahome’s value. Dozens of Sunnysidersaccepted the deal, but in the end,more than half lost their homes.

In the 1930s, many citizens clam-ored for intervention, but constitu-tionally there was little that could bedone. The governor refused to wieldstate power on strikers’ behalf.

New York’s leaders today offer astarkly different response. Gov. An-drew Cuomo signed executive ordersdeclaring a moratorium on evictionsand foreclosures and a 90-day sus-pension of mortgage payments.Reps. Ocasio-Cortez, Meng and Na-dler are pushing for outright rentand mortgage forgiveness at the fed-eral level.

We are left with irreconcilablemodels of state power. The liberalgovernment of the 1930s providedwhat relief and regulatory reform itcould, but rents and mortgages werea private matter. Today’s progres-sives recognize no economic ar-rangement as being in any way sac-rosanct. They seek to direct theeconomy to serve social justice, andsee no constitutional impedimentsahead.

Mr. Kroessler is a librarian atJohn Jay College of Criminal Justiceand author of a forthcoming bookabout Sunnyside Gardens.

By Jeffrey A. Kroessler

In 1929, when some Queensresidents stopped paying,leaders didn’t share AOC’sview of government power.

Danny Heitman, writing at theJournal’s website:

This weekend marks the 15th anni-versary of Katrina’s landfall, somethingmany Louisianans will reflexively re-member even though public commem-orations during the pandemic aren’t areal option. In this part of the world,Aug. 29 looms as vividly in the civicmemory as 9/11 . . .

Given Louisiana’s vulnerability tonature, why should anyone live here?America and the world are in bettershape because Louisiana’s residents,especially those along the coast, chooseto stick it out despite the risks. Ourfisheries and energy production helpfeed and sustain the world. Our richculture, including internationally cele-brated music and food, is inextricablylinked to the land where it was born.

Notable & Quotable

P2JW241000-0-A01700-1--------XA

A18 | Friday, August 28, 2020 * * * * THEWALL STREET JOURNAL.

WORLDWATCH

AUSTRALIA

Legislation TargetsForeign Influence

Australia’s federal govern-ment is seeking veto power overdeals between state and localofficials and foreign govern-ments as concerns about Chi-nese influence grow.

The legislation, expected to beintroduced next week, doesn’tspecifically target China—it wouldapply to all foreign govern-ments—but it comes at a timewhen relations between Beijingand the federal government areespecially chilly, and China is as-serting itself around the world.

Conservative lawmakers saythey worry that as views towardChina harden in the Australiancapital, Canberra, Beijing is look-ing to forge links through alter-native channels.

Australia is one of the mostChina-reliant developed economies.China has denied interfering inother countries’ affairs.

—Rachel Pannett

NORTH KOREA

CryptocurrencyHeists Alleged

U.S. authorities on Thursdaymoved to seize 280 cryptocur-rency accounts they said wereused by North Korean hackerswho stole more than a quarterof a billion dollars from crypto-currency companies around theworld, including one in the U.S.

The U.S. Justice Departmentsaid the accounts targeted inthe civil forfeiture filing wereused by the North Korean hack-ers and their Chinese agents tolaunder some of the money sto-len from more than a dozen vir-tual currency exchanges, a seriesof cyber thefts over the pasttwo years amounting to morethan $300 million.

The filing is the first publiclyannounced case of a U.S.-basedvirtual currency company beingtargeted by North Korea, offi-cials said. The company, whichthe Justice Department said fo-cused on the Algorand block-

chain, is referred to in the filingonly as “Exchange 10.”

North Korea’s mission to theU.N. didn’t respond to a requestfor comment, but officials havepreviously denied the country’sagents have hacked financial in-stitutions.

—Ian Talley

MALI

Deposed LeaderReturns Home

Former Malian President Ibra-him Boubacar Keita returnedhome Thursday after being de-tained for 10 days by the rulingmilitary junta that staged a couplast week, a family member said.

The move came as the juntamade public a decree of its Na-tional Committee for the Salva-tion of the People that seems tooverrule Mali’s constitution.

Mr. Keita was detained onAug. 18 when a group of militaryofficers arrested him. Later thatnight he resigned as president.

—Associated Press

CANADA

Central-Bank ChiefUrges Public Outreach

Central banks need to exertmore effort in talking to and lis-tening to the general publicwhen crafting policy, especiallyin an era when trust in public in-stitutions is low, Bank of CanadaGov. Tiff Macklem said Thursday.

Increased engagement withthe public would help centralbankers make better policy deci-sions and enhance their reputa-tion among the public, Mr. Mack-lem said in remarks at a virtualsymposium organized by the Fed-eral Reserve Bank of Kansas City.

He called on central bankersto make this one of central bank-ing’s lasting legacies from thepandemic. “[This] is more impor-tant now than ever as we grap-ple with Covid-19 and its harsheconomic consequences, whichaffect everyone,” said Mr. Mack-lem, who took over as Bank ofCanada governor in early June.

—Paul Vieira

UNREST: A protester threw a gasoline bomb at a South African police vehicle in Eldorado Park, an area of Soweto near Johannesburg, onThursday. Protests erupted over the killing of 16-year-old Nathaniel Julius, allegedly by local policemen. Police say they are investigating.

MICHEL

ESP

ATARI/A

GEN

CEFR

ANCE

-PRE

SSE/GET

TYIM

AGES

WORLD NEWS

The World Bank said it ishalting publication of its flag-ship report on business com-petitiveness to investigatedata irregularities.

Data about four countries—China, Azerbaijan, the UnitedArab Emirates and Saudi Ara-bia—appeared to have been in-appropriately altered, accord-ing to a person withknowledge of the decision. Themove renewed concerns firstraised two years ago by theWorld Bank’s chief economistthat the report, called “DoingBusiness,” was vulnerable tomanipulation.

The report has become thepremier international rankingof the business environment indifferent countries. Its annualpublication draws headlinesaround the world about the

standing of individual coun-tries, and it has been cited asa powerful motivator for gov-ernments to jockey for higherrankings by improving theirregulatory environment.

Countries can improve theirrankings by reducing bureau-cracy around starting busi-nesses, easing their permittingprocess and expanding accessto electricity, among othermeasures.

The World Bank said in astatement that it is beginninga systematic review of thedata, launching an indepen-dent audit of the process, andthat it would correct the data.

The World Bank said theOctober 2017 and October2019 reports were affected,adding that reports over thepast five years would be re-viewed. The next version ofthe report, which would have

been published in a little overa month, will be delayed.

The Washington-basedWorld Bank is collectivelyowned by 189 member coun-tries. Its primary function isproviding loans and grants to

the governments of poorercountries for the purpose ofpursuing capital projects,boosting economic growth andreducing poverty. In recentmonths, it has shifted much ofits work to helping countriesrespond to and recover from

the pandemic.For three of the countries

affected, China, Azerbaijanand the U.A.E., the World Bankhad reported a marked im-provement in their businessenvironments in recent years.Five years ago, China ranked90th in the report. Last year,its ranking climbed to 31st.

Azerbaijan rose from 80thto 34th over that time. In lastyear’s report, the U.A.E. wasranked the 16th-best businessenvironment in the world, upfrom 22nd five years ago.Saudi Arabia’s ranking slippedfrom 49th to 62nd in the pastfive years.

Embassies of the four coun-tries didn’t respond to re-quests to comment.

In 2018, the World Bank’schief economist, Paul Romer,said data in the report wassusceptible to manipulation.

He specifically alleged thatdata for Chile appeared tohave been manipulated toshow a deteriorating businessenvironment in the countryunder a left-wing government.Mr. Romer expressed concernabout the potential for politi-cal motivations behind theshifting rankings.

The allegations caused anuproar, with the Chilean gov-ernment demanding an apol-ogy. The bank apologized andsaid Mr. Romer’s accusationswere unwarranted. Mr. Romerresigned his post.

The World Bank conductedan audit later that year thatsaid there was no political ma-nipulation in the rankings.That audit only faulted thebank for changing its method-ology so frequently that therankings became confusing.Mr. Romer said at the time,

however, that he believed theaudit hadn’t addressed his keyconcerns about the potentialfor the data to be manipulated.

Mr. Romer couldn’t bereached to comment.

“Doing Business generatesdeep conflicts of interest,”said Justin Sandefur, a seniorfellow at the Center for GlobalDevelopment, a Washingtonthink tank. Conflicts are inevi-table, he said, when the mem-ber countries that fund WorldBank programs are the onesranked by the project, generat-ing the potential for internalpressure to make some coun-tries look better or worse.

“It’s time to scrap DoingBusiness,” he said. “Its wholeideological premise is out-dated and at odds with theWorld Bank’s real work. Andsigns keep emerging of evendeeper rot within the project.”

BY JOSH ZUMBRUN

World Bank Probes Data Manipulation

Awidely read report‘generates deepconflicts of interest,’a senior fellow says.

monarchy as a whole. But itwas Juan Carlos who opted forthe U.A.E., a federation of ab-solute monarchies that is oftencriticized as an opaque finan-cial center. Choosing the Gulfrather than another Europeancountry has further embar-rassed the monarchy, said San-dra León, a political scientist atMadrid’s Carlos III University.“Juan Carlos was supposed tochoose an unproblematic coun-try, but he didn’t,” she said.

Spain’s Supreme Court is in-vestigating possible moneylaundering and tax evasion in-volving Juan Carlos and severalpeople close to him. A Swissprosecutor is probing whethermultimillion-dollar paymentsfrom Saudi Arabia benefited theformer king, as well as the mo-tives for a large gift from himto one of his former partners,Corinna zu Sayn-Wittgenstein.

He hasn’t been charged witha crime or named as a suspectin the Spanish or Swiss probes.He hasn’t commented on thecases. His lawyer Javier Sán-chez-Junco said in August thatthe former king remains at thedisposal of the investigators.

During his reign until 2014,Juan Carlos cultivated businessrelationships in the Middle Eastas well as South America, help-

ing Spanish companies to windeals there. A contract in SaudiArabia to build a high-speedrail link between Mecca andMedina, awarded to a Spanishconsortium in 2011, is now apart of the investigations.

Juan Carlos also developedfriendships in the U.A.E., includ-ing in Dubai, whose ruler gavehim two Ferraris in 2011, aswell as with Abu Dhabi’s Sheikh

Mansour bin Zayed Al Nahyan,who owns British soccer clubManchester City and took JuanCarlos to see games there.

News of the Swiss probe inMarch, followed by the Spanishprobe in June, prompted theflight of Juan Carlos from thecountry he reigned over fornearly 40 years.

The investigations have fur-ther tarnished his standing in

Spain, as well as the monar-chy’s. King Felipe this spring re-nounced any personal financialinheritance from his father, in amove to distance himself fromJuan Carlos’s scandals. Felipealso stripped his father of hisannual stipend of around€200,000 (about $236,000).

Spaniards are now comingto terms with the contradic-tions that Juan Carlos embod-

ies. Franco hoped the youngBourbon prince would maintainan authoritarian regime afterhim, as he had sworn he wouldin 1969. But after Franco diedin 1975, newly crowned KingJuan Carlos soon sanctioned aliberal democratic constitution.In 1981, Juan Carlos played aleading part in thwarting anattempted military coup. Thosemoments earned him a place asone of modern Spain’s found-ing figures.

But at the same time, JuanCarlos led a luxurious lifestylewith minimal transparency. Heaccumulated vast wealth whoseorigins are now coming undergrowing scrutiny. His large col-lections of luxury cars andwatches became legendary, asdid his affairs. Biographers at-tribute to him four serious re-lationships and hundreds ofother partners during his mar-riage to Queen Sofia, who hasnot joined him in the U.A.E. Hisbehavior reminded some ob-servers of premodern Europeankings, who would marry to fur-ther their dynasty, but thenlive as freely as they pleased.

A spokesman for the royalfamily declined to comment onJuan Carlos’s private life, inkeeping with the palace’s pastpractice.

Spain’s former King JuanCarlos I surprised his countrythis month when he said hewas going into exile amid esca-lating judicial investigations ofhis finances. His choice of newhome has raised Spaniards’eyebrows further: the UnitedArab Emirates, in the Gulf re-gion where his business deal-ings triggered the scandals thatare battering his reputation.

Spain is re-evaluating thefallen monarch who played acentral role in its recent history.Juan Carlos was pivotal in re-storing and defending Spanishdemocracy after decades of dic-tatorship under FranciscoFranco, and Spain’s successfultransition won him the continu-ing respect of many in Spain.But his lavish lifestyle andopaque activities better befitteda potentate from Europe’s past,and grew increasingly incom-patible with popular expecta-tions in a modern democracy,biographers and historians say.

Juan Carlos left Spain at theprompting of his son and suc-cessor, King Felipe VI, to pre-vent the scandals and investi-gations surrounding the retiredking from sullying Spain’s

BY SABELA OJEAAND GIOVANNI LEGORANO

Spain Weighs Mixed Legacy of Exiled Former King

Ex-King Juan Carlos I helped restore democracy to Spain but is now beset by financial scandal.

JOHNTH

YS/B

ELGA/A

GEN

CEFR

ANCE

-PRE

SSE/GET

TYIM

AGES

didn’t elaborate on whichbranches of Russia’s securityservices— from police to para-military forces—had been usedto form the new detachment.

Mr. Putin’s remarks are thefirst signs from the Kremlin ofhow it might act to help Mr.Lukashenko if the protests,which, despite a brutal crack-down, largely have beenpeaceful, turn violent. It alsosignals to European countries,some of which have expressedtheir support for the demon-strators, that Russia considersBelarus firmly within itssphere of influence.

“The revolution in Belarusis not a geopolitical revolu-tion,” Belarus oppositionleader Svetlana Tikhanovskayasaid Tuesday in a video ad-dress to European legislatorsfrom Lithuania, where she fledafter the Aug. 9 election. “It isneither a pro-Russian, nor ananti-Russian revolution.”

A Belarusian opposition-ledcouncil that has tasked itselfwith seeing through a transferof power following the votesaid Mr. Putin’s comments areunacceptable. “This runs con-trary to international law andthe consolidated position ofthe Belarusian society,” theCoordination Council said.

MOSCOW—Russia has as-sembled a law-enforcementteam to help shore up Belaru-sian leader Alexander Lukash-enko if protests against himspiral out of control, PresidentVladimir Putin said.

Mr. Putin said the specialunit had been requested byMr. Lukashenko, who for thepast two weeks has been fac-ing massive street protests af-ter claiming an election winthat his opponents and theWest contend was marred bywidespread fraud.

On state TV, Mr. Putinnoted the countries’ historicand ethnic ties and said Russiais obliged to support Belarusunder a collective-defensetreaty and other pacts to alignthe two neighbors politically.

Mr. Putin said Thursdaythat the two leaders agreedthe team “would not be usedunless the situation goes outof control….Unless they startto burn cars, houses, banks,try to occupy governmentbuildings and so on.”

The Russian leader addedthat extremists might be try-ing to use the crisis in Belarusto destabilize the country. He

BY THOMAS GROVEAND GEORGI KANTCHEV

Putin Says Unit FormedTo Assist Belarus Chief

Vladimir Putin said Alexander Lukashenko requested the special unit.

MIKHAIL

KLIM

ENTY

EV/K

REMLIN/A

SSOCIAT

EDPR

ESS

P2JW241000-4-A01800-1--------XA

© 2020 Dow Jones & Company. All Rights Reserved. * * * * * THEWALL STREET JOURNAL. Friday, August 28, 2020 | B1

While still higher than a year ago, sales in some grocery categories have slowed. Some stateswith higher unemployment rates are having faster slowdowns in grocery spending.

...highest unemployment rates

...lowest unemployment rates

Stateswith the...

U.S. dollar sales in ediblegroceries, change fromprevious year*

June2020

July**

0

10

20

30%

*Each data point the end of a four-week period, change from previous year’s same four-week period†Includes traditional grocers, discount stores and mass retailers, including Walmart **Unemployment rates are preliminary July 2020 figuresSources: IRI (dollar sales); Bureau of Labor Statistics (unemployment rankings)

U.S. dollar sales, change fromprevious year*

Frozen food

Total edible†RefrigeratedfoodBeveragesPackagedfood0

10

20

30

40

50%

Lost Appetite

IdahoNev.Mass.Neb.N.Y.Utah

Feb. 2020 July

TECHNOLOGY: PUBLISHERS SEE AD DOWNFALL IN APPLE UPGRADE B4

S&P 3484.55 À 0.17% S&PFIN À 1.74% S&P IT À 0.03% DJTRANS À 0.71% WSJ$ IDX À 0.10% LIBOR3M 0.246 NIKKEI (Midday) 23292.80 À 0.36% Seemore atWSJ.com/Markets

BUSINESS&FINANCE

money from the Fed draggedthe 30-year mortgage ratebelow 3% last month for thefirst time. Low rates arepushing up house prices de-spite recession and unem-ployment, encouraging homebuilding and helping the

EARNINGSA surge in laptop saleseases the loss of officeequipment purchasesfor HP and Dell. B4

BLOOMBE

RGNEW

S

BUSINESSAs a new season of‘Fortnite’ comes out,gamers have to choose

sides. B3

Federal prosecutors havecharged former United AutoWorkers President Dennis Wil-liams with embezzlement,marking the latest escalationin a yearslong probe into cor-ruption in the union’s topranks.

The 67-year-old Mr. Wil-liams, who led the UAW forfour years, beginning in 2014,is accused of conspiring withother UAW officials to spend

union dues on personal ex-penses tied to trips to PalmSprings, Calif., according tocharging documents filedThursday with a Michigan fed-eral court.

He is the second formerUAW president to be chargedby the Justice Department inits criminal probe into unioncorruption within the U.S.auto industry.

Mr. Williams was chargedin a criminal information, anindication he plans to plead

guilty, according to legal ex-perts. Attorneys for Mr. Wil-liams, who retired from theunion in 2018, didn’t returnrequests for comment.

In the charging documents,prosecutors say Mr. Williamsconspired with at least sixother senior UAW officials toallegedly use fraudulent ex-pense reports to concealspending of union dues ontrips to Palm Springs, Calif.;Coronado, Calif.; and Missouri.Mr. Williams’s alleged involve-

ment in the scheme took placebetween 2010 and September2019, according to the courtfiling.

The latest charges come ascurrent UAW President RoryGamble is negotiating withthe U.S. attorney in Detroit toimplement reforms for theunion that would settle theinvestigation.

The parties have discussedthe possibility of a federalmonitor and changes to theway the UAW’s approximately

400,000 members elect unionleadership, according to a jointstatement issued in June whentalks began.

“The charges today are fur-ther steps forward in our re-lentless effort to ensure thatthe over 400,000 men andwomen of the UAW have hon-est and ethical leadership,”Matthew Schneider, the U.S.attorney in eastern Michigan,said.

Mr. Williams faces up toPleaseturntopageB2

BY NORA NAUGHTON

Former UAW President Charged

This week’s indictment ofTeva Pharmaceutical Indus-tries Ltd.’s U.S. subsidiary onprice-fixing charges came aftera last-minute staredown withthe Justice Department inwhich neither side blinked.

Prosecutors have been in-vestigating alleged collusionamong generic drugmakers foryears, and while a series ofcases and settlements hadfallen into place this year, Tevahad been more resistant thanother drugmakers in their dis-cussions with the Justice De-partment.

The department was prepar-ing to charge Teva but gave thecompany a chance to appeal totop officials, which it did with-out success, said a person fa-miliar with the matter.

Last-ditch talks Tuesday in-volving Teva Chief ExecutiveOfficer Kare Schultz and thedepartment’s top antitrust offi-cial, Makan Delrahim, failed toproduce a deal. The chargesfollowed later that day.

Teva, while seeking to avoidcharges, at a minimum wantedthe department to narrow itsallegations and agree to a con-siderably smaller penalty thanit was seeking, said the person.The department, however, be-lieved it already had offeredsome accommodations to Tevaand wanted penalties equiva-lent at least to what other sim-ilarly situated firms had paid;Taro Pharmaceuticals Inc., forinstance, agreed to a $205.7million settlement.

Teva, in arguing againstcharges and significant penal-ties, touted its role as a manu-facturer of therapeutics duringthe coronavirus pandemic, butthe department’s view was thata negotiated settlementwouldn’t have interfered withthe company’s ability to manu-facture and sell such medica-tions, the person said.

Mr. Schultz, in an interview,acknowledged he personallyparticipated in the talks thisweek and said the principalstumbling block was over thegovernment’s insistence thatthe company admit it engagedin wrongdoing.

Teva conducted its own in-vestigation and “didn’t see anyevidence that the company hadtaken part in price fixing orcollusion, so we had a hardtime admitting to a crime wehadn’t committed,” said Mr.Schultz, who has led the com-pany since 2017—after the al-leged price fixing took place.

He declined to comment onthe financial demands of the

PleaseturntopageB4

BY BRENT KENDALLAND JARED S. HOPKINS

IndictmentCameAfterFailedDOJ,Teva Talks

INSIDE

tocurrency era. The JusticeDepartment said OneCoin ac-counts show it took in some$4 billion from the fourthquarter of 2014 to the thirdquarter of 2016, sucking in in-vestors from Africa to the U.S.,Venezuela to China.

At its heart is a familydrama, revealed in court testi-mony and documents, inter-views with cryptocurrency ex-perts, and a review of publiclyavailable information, videosand advertising.

Today, Ms. Ignatova is no-where to be found. Her One-Coin co-founder, SebastianGreenwood, is in a U.S. jailawaiting trial on fraudcharges, and Mark Scott, alawyer who worked for One-Coin, has been convicted infederal court of laundering$400 million.

Her brother, Konstantin Ig-natov, who became OneCoin’spublic face after she vanished,is in U.S. custody after strikinga deal to plead guilty to fraud

PleaseturntopageB5

The splintering of one ofthe world’s biggest cryptocur-rency frauds began with an actof jealousy.

Ruja Ignatova, whose One-Coin raked in billions of dol-lars, suspected her boyfriendof stringing her along in late2017, her brother later testi-fied in federal court. So, hesaid, she had an associate rentan apartment beneath theboyfriend’s Florida digs anddrill through the floor toeavesdrop.

What she discovered wasanother kind of betrayal: thathe was cooperating with theFederal Bureau of Investiga-tion.

Weeks later Ms. Ignatova,known among her fans as the“Cryptoqueen,” disappeared.Federal prosecutors in NewYork have charged her withfraud.

The story of OneCoinstands out even among theoutlandish capers of the cryp-

BY JAMES MARSON

‘Cryptoqueen’ Took InBillions—and Vanished

Grocery shoppers are cuttingback on spending, data show, asign Americans are hurting forcash as the federal unemploy-ment stimulus remains on holdfor most recipients.

The shift in food spendingcomes after the $600 inweekly additional unemploy-ment checks expired in July. Itprompted grocery stores tobring back something custom-ers haven’t seen much of dur-ing the pandemic: discounts.

Lump-sum stimulus checksconsumers received in thespring and the extra unem-ployment money for peoplewho lost their jobs in the pan-demic helped shore up con-sumer businesses amid shut-downs and millions of workersclaiming unemployment.

While consumer spendingrebounded between May andJuly following a plunge earlierin the spring, analysts say abroader pullback on groceryspending could mean lowersales for more discretionaryitems such as clothes and cars.

Walmart Inc. executivessaid consumers are nervousabout their finances and jobsecurity in the absence ofstimulus aid, leading to cut-backs in spending.

“People perceive they’respending more money on food,despite eating out less,” saidWalmart U.S. Chief ExecutiveJohn Furner on a conferencecall last week. “So we’ll bethoughtful about the way weplan the rest of the year andreact to changes in the trendswe see from our shoppers.”

Other retailers, such asStop & Shop Supermarket LLC,expect consumer spendinggrowth to be tempered in themonths ahead by economicuncertainty and the continueddisruption of sporting events,restaurant dining and otherfacets of pre-pandemic life.

Gordon Reid, president ofStop & Shop, owned by Konin-klijke Ahold Delhaize NV, saidhe expects price to be a chal-lenge for consumers in the lastquarter of the year and intonext year. While Mr. Reid

hasn’t seen a direct connec-tion to reduced unemploymentchecks, he said customers aremore price-conscious.

President Trump signed anexecutive order earlier this

month that would provide re-cipients with an extra $400 aweek, but the program has runinto delays as it requiresstates to reconfigure their un-employment systems and chip

in $100 a person. So far, threestates are distributing funds.

While sales of groceries,such as frozen dinners, cereal,soup and coffee, are higherthan they were a year ago,

sales growth slowed comparedwith July and prior months inthe pandemic. Sales growth offrozen dinners averaged about9% for the three weeks endedAug. 16, compared witharound 17% for the previoustwo weeks, according to theIRI CPG Demand Index. Cerealsales averaged a 2% increasethe three weeks ended Aug. 16,compared with about 6% aver-age growth the prior twoweeks, the IRI data show.

The data includes onlineand in-store sales at tradi-tional grocers, dollar stores,mass retailers including Wal-mart and club stores.

Grocery prices were broadlyconsistent with prior weeks,and restaurant dining heldsteady during that time, theIRI analysis showed, indicatingthat neither was a significantfactor in the slowed groceryspending—further evidencethat the halted unemploymentstimulus was a driving factor.

PleaseturntopageB2

BY ANNIE GASPARROAND JAEWON KANG

Consumers Start to Cut Grocery Spending

Analysts say a broader pullback on grocery spending could mean lower sales for more discretionary items such as clothes and cars.

PATR

ICKT.

FALLON/B

LOOMBE

RGNEW

S

STREETWISE | By James Mackintosh

Fed’s Easy Money Pumps UpWinners Like Apple, Housing

Winning in-vestmentsthis year in-clude technol-ogy stocks,gold and,

umm, lumber. Pieces of woodmay not be as glitzy as Ap-ple or bullion. But like them,lumber and other assetslinked to home constructionare big beneficiaries of theFederal Reserve. Helpinghome-building is one obviousway to help the economy.

Helping Apple sharehold-ers, not so much. Yet, eventhe Fed’s contribution to soar-ing tech stocks should tricklethrough eventually, in a con-voluted way. That’s lucky, be-cause the Fed’s new way ofthinking laid out by ChairmanJerome Powell on Thursdaysuggests easy money is herefor the long run.

The link from low rates tohousing is obvious. Easy

stocks of house builders soar.Add in lockdown home

projects, renewed trade fric-tions with Canada and lowinventories, and it is under-standable that lumber priceshave more than doubled, andfar outpaced shares even ofbig winners Amazon, Apple,Facebook, Alphabet and Mi-crosoft this year. Stocks ofhome builders such as D.R.Horton Inc. and LennarCorp. are in the tech pack,too, although not so startlingas lumber.

The great plus is thatthese prices suggest at leastpart of the economy is heal-ing. The Fed is offering cheapmoney, and home buyers aretaking it: Weekly applicationsfor mortgages to buy a homereached the highest this sum-mer since Lehman Brotherscollapsed in 2008, accordingto the Mortgage Bankers As-

PleaseturntopageB2

Index ofmortgageapplications for purchase

Note: Not seasonally adjustedSources: Refinitiv; Federal ReserveBank of St. Louis (recessions)

RECESSION

500

0 Weekly

100

200

300

400

2010 ’20

CJGUNTH

ER/EPA

/SHUTT

ERST

OCK

Dollar stores expect steadyrise in budget shoppers....... B2

P2JW241000-5-B00100-1--------XA

B2 | Friday, August 28, 2020 THEWALL STREET JOURNAL.

INDEX TO BUSINESSESThese indexes cite notable references to most parent companies and businesspeoplein today’s edition. Articles on regional page inserts aren’t cited in these indexes.

A

Abbott Laboratories...A8Alphabet......................B3American Airlines.....B10Apple.................B1,B3,B4Ascential .....................B4

B

BigCommerce............B10Bill.com......................B10BNP Paribas................A2Boeing .........................B9B&R Stores .................B2BuzzFeed.....................B4ByteDance...........A1,A11

C

Citgo Petroleum.........A6Coca-Cola.....................B9Colonial Pipeline.........A6Coupa Software........B10C&S Wholesale Grocers.....................................B2

D

Dell Technologies........B4Delta Air Lines .........B10Dollar General.............B2Dollar Tree ..................B2D.R. Horton.................B1

E

Epic Games.................B3

F

Facebook..............B4,B10

G

GoDaddy....................B10

Graphic PackagingHolding......................B9

H

HP................................B4

Huawei Technologies

...................................A11

J

Jinri Toutiao..............A11

J.M. Smucker..............B2

K

Kellogg.........................B2

Keurig Dr Pepper........B9

Koninklijke AholdDelhaize....................B1

Kraft Heinz .................B2

L

Lennar .........................B1

M

Masco..........................B9

Microsoft......A1,A11,B10

N

News Corp...................B4

New York Times.........B4

O

OneCoin.......................B1Oracle ........................B10

P

PayPal........................B10Phillips 66...................A6Procter & Gamble.......B9Prudential..................B10

S

Saudi Arabian Oil.......A6Sensor Tower............A11Shopify......................B10Société Générale ........A2Square.......................B10

T

Tesla.....................B4,B10Teva Pharmaceutical ..B1TikTok........................B10

U

United Airlines..........B10

V

Visa............................B10

W

Walmart.........A1,B1,B10Walt Disney..............A11Wix.com....................B10

X

XPeng..........................B4

INDEX TO PEOPLE

BUSINESS & FINANCE

ployer in Kentucky at the endof March, hasn’t received stim-ulus or unemployment checkssince May because of a back-log in her state. She said shecut weekly spending on gro-ceries by half to $100, and re-lies on canned and frozen veg-etables. “I’ve never been thisdestitute before,” she said.

Newly price-sensitive shop-pers are buying more store-branded items, said MikeDuffy, chief executive of C&SWholesale Grocers Inc., a dis-tributor to grocery chains in-cluding Safeway and South-eastern Grocers. Private-labelbrand sales are outpacing na-tional brand sales, he added.

The trend could start put-ting pressure on grocery sup-pliers, including packaged-food companies. Cereal makerKellogg Co. and Kraft HeinzCo., which owns Oscar Mayerand other food brands, saidthey are planning to bringback discounts aimed at bud-get-conscious shoppers asthey try to hold on to salesmomentum they have gainedin recent months.

J.M. Smucker Co. is onecompany that says it is hold-ing back on deals. CEO MarkSmucker said Tuesday hehasn’t seen an impact fromthe halted unemployment bo-nus on its brands, and demandremains too high to merit dis-counts on its jams, Folgerscoffee and some other brands.“We are keeping an eye on thecompetition and taking itweek by week,” he said.

CME lumberfutures

Amazon

Apple

Facebook

S&P 500homebuildingsub-industry

Performance this year

Source: FactSet

100

–50

–25

0

25

50

75

%

Jan. Feb. March April May June July Aug.

sociations of America. It’scome down a bit since then,but year-over-year growth ofmore than 27% in mortgagesfor purchases is extraordinarywith unemployment above 10%.

T he trouble is that ittakes time for this helpto filter out to the rest

of the economy, at a timewhen the country’s recovery isdeeply unbalanced. Thosewithout jobs who have hadtheir unemployment benefitscut will take little comfortfrom the fact that work-from-homers can afford to buy abigger place with an office.

A similar division is underway in business: Creditworthycompanies able to issue bondshave access to super-cheapmoney. Those with ratingsdeep into junk territory arehaving to pay more than be-fore the crisis, while those re-liant on banks are finding thatlending standards are tighten-ing faster than they did in the2008-09 recession.

Consider Apple. Helping a$2 trillion company issue low-rate bonds to buy back itsshares is hardly a national pri-ority, but is one of the side ef-fects of Fed action. It isn’tonly a side effect, though. Thebenefit should, in a round-about way, eventually end uphelping the real economy.

Since the pandemic began,Apple has raised billions ofdollars in bonds at low rates,most recently paying 1.25% on10-year debt, in part to fi-nance buybacks. It can raisethe money more cheaplythanks both to the Fed’s ratecuts and Fed support of thecorporate bond market, boost-

ContinuedfrompageB1

B

Bergh, Chip .................B3

D

Duffy, Mike.................B2

F

Fraser, Liz....................B3

Furner, John...........B1,B2

G

Giaimo, Alex ...............B3

Greenwood, Sebastian

.....................................B1

Griffin, Mark...............B2

Gutman, Simeon.........B2

H

Horrowitz, Fran...........B3

I

Ignatova, Ruja.............B1

L

Langenstein, Molly.....B3

M

Mayer, Kevin .....A11,B10Musk, Elon................B10

N

Nordstrom, Peter........B3

O

Obray, Bob...................B2

R

Reid, Gordon..........B1,B2

S

Schultz, Kare ..............B1Smucker, Mark............B2Syngal, Sonia..............B3

V

Vasos, Todd.................B2

W

Williams, Dennis...B1,B2Witynski, Mike ...........B2

Y

Yiming, Zhang.....A1,A11

ing Apple’s profits and allow-ing it to do more buybacks(assuming Apple’s expansionplans are already fully fi-nanced).

The buybacks put some ofthat money into the hands ofan Apple shareholder, whomight invest it elsewhere, saveit or spend it. Money spent issimple, helping the economy.Money saved in a bank is sim-ple too, hindering growth. Ifthe money is reinvested, it’smore complex. It goes into thepocket of the seller of theshares, who then faces thesame choice. If everyone keepsreinvesting, prices get pushedup until eventually someonedecides to spend the money,or a company decides to issuestock. That, in turn, could beto finance a new project or re-capitalize a struggling busi-ness, or—more likely—to allowinvestors in a private companyto get out via an IPO (thenstarting the process all overagain as they are left withcash and the choice to spendor reinvest).

I nvestor preferences get inthe way of this process,because investors want to

buy the winners. So the Fed’seasy money pumps up thestock prices of the winners,but does little for the compa-nies that investors can see aresuffering, such as airlines,clothing stores and anythingconnected to tourism.

Capitalism requires winnersand losers, but the stock mar-ket’s divisions are huge. Theperformance of cheap and ex-pensive stocks has widenedmore this year than ever be-fore. In large part that reflectsthe coronavirus reality, as rev-enue collapses for entire sec-tors while a shift online booststhe winners.

But the division is accentu-ated by easy money. Housing,home builders and lumberhave joined the pandemic win-ners thanks to Fed policy. Therest of the economy will haveto wait.

Easy CashHelps SomeWinners

$1 items in its ads as shoppersbecome more budget-focused,said President Mark Griffin,though the chain hasn’t seen achange in sales growth.

The financial stress couldlead to more people shoppingat dollar stores, according toMorgan Stanley retail analystSimeon Gutman.

Dollar General Corp. ChiefExecutive Todd Vasos saidcredit-card data indicate con-sumers are trading down to itsstores from more traditionalretailers. “What we see is veryreminiscent of what we saw

during the Great Recession,”he said on a conference callThursday. Dollar General saidits same-store sales so far inAugust are up about 15%,above analysts’ forecast of 6%.

Dollar Tree Inc. said Thurs-day its sales have continued torise this month. “With the ex-tra unemployment benefits go-ing away and the unemploy-ment rate where it is, webelieve we’re in as great a po-sition as we were in 2008,”Chief Executive Mike Witynskisaid on a conference call.

Mary Proffitt, 63, who waslaid off by her restaurant em-

Stop & Shop said itssales growth startedslowing to singledigits in early June.

to serve shoppers who arelooking for deals and lower-priced merchandise during aperiod of economic weakness.

“We can see that we’re get-ting a trade-down at a prettygood clip,” Dollar GeneralChief Executive Todd Vasossaid on a call about quarterlyresults. “As we continue towatch this evolve, what we seeis very reminiscent of what wesaw during the Great Reces-sion.”

Dollar Tree Chief ExecutiveMike Witynski said with extraunemployment benefits goingaway and the higher joblessrate, shoppers will be lookingto his company for goods.

“Going into next year, espe-cially when the customers aregoing to need us most,with...the unemployment ratewhere it is, we believe we’re ina great position, as we were in’08, ’09, ’10,” he told investors.

New applications for unem-ployment benefits fell slightly

in the week that ended Aug.22 to one million, the LaborDepartment said Thursday.That is less than the recentpeak in March, when compa-nies began shedding millionsof jobs as the coronavirus firstshut down the economy, butstill higher than pre-pandemiclevels. The unemployment ratefell to 10.2% in July and someeconomists are warning aboutlong-term costs to the econ-omy due to the pandemic.

Dollar General said sales forits quarter ended July 31jumped to $8.68 billion from$6.98 billion a year earlier.Profit rose to $787.6 million,or $3.12 a share, from $426.6million, or $1.65 a share, in theyear-earlier period.

The company reportedhigher demand for home prod-ucts, toys and apparel, amongother areas, with salesboosted by pandemic-relatedshopping behavior.

Besides adding new con-

sumers trading down to shopat Dollar General, the Good-lettsville, Tenn., company saidits main customers, who liveon tight budgets, likely have abit more disposable incomebecause they are at home moreand not spending on other ac-tivities, Mr. Vasos said.

Comparable sales at DollarGeneral were up 15% for Au-gust through Tuesday, a lowergain than during its latest re-porting period, and gains areexpected to further moderatein the second half of the re-tailer’s fiscal year, executivessaid.

Dollar Tree, based in Chesa-peake, Va., said sales rose to$6.28 billion from $5.74 billiona year earlier. Earnings rose to$261.5 million, or $1.10 ashare, for the second-quarterended Aug. 1 from $180.3 mil-lion, or 76 cents a share. Com-parable sales for discretionarygoods rose about 29% at theretailer’s Family Dollar chain.

Dollar General Corp. andDollar Tree Inc. are aiming todraw in new consumers whoare freshly scrutinizing theirspending amid higher unem-ployment caused by theCovid-19 pandemic.

The rival discount retailchains on Thursday both re-ported stronger demand fortheir latest quarters, perfor-mances helped along by $600-a-week federal unemploymentchecks, a benefit that expiredlast month. Dollar General saidcomparable quarterly salesrose about 19%, while DollarTree, which operates DollarTree and Family Dollar stores,said those sales increased 7%.

The expiration of the higherfederal benefit last month anddelays tied to its replacementpose a challenge for the com-panies. But executives fromboth Dollar General and DollarTree said they are preparing

BY MICAH MAIDENBERG

Dollar Stores Expect Steady RiseIn Budget-Conscious Shoppers

Dollar General and Dollar Tree said they saw a rise in sales but warn of a deteriorating economy. A Dollar Tree in Chicago.

NAM

Y.HUH/A

SSOCIAT

EDPR

ESS

However, restaurant-data pro-vider Black Box Intelligencesaid same-restaurant sales de-clined less so far in Augustthan in July, when includingtakeout, delivery and dine-in.

Some states with higher un-employment, such as Illinois,Nevada and New York, recordeda greater deceleration in gro-cery spending, according to IRI.

Fewer trips to grocerystores, along with smaller re-ceipts per visit, are typicalpatterns during a recession.As consumers gravitate to-ward value, food companiesand retailers say they’re pre-paring to offer discounts thatcan eat into margins and in-tensify competition.

Sales at the grocery storehave been rare since March,but grocers are bringing thoseback, selling low-price itemsin bulk and revamping loyaltyprograms. Retailers and theirsuppliers are selling morevalue packs.

Stop & Shop said its salesgrowth started slowing to sin-gle digits in early June com-pared with double-digits atthe start of the pandemic. TheQuincy, Mass.-based grocer re-cently launched initiativessuch as three-day sales and anew loyalty program that al-lows consumers to spendpoints on groceries and fuel.The grocer’s advertisements ofdiscounts, which went down tofour pages from the usual 10pages at the start of the pan-demic, are now eight pageslong, Mr. Reid said.

Associated Food Stores, acooperative of more than 400grocers, is promoting moreitems and offering discountedproducts in bulk largely forlarge families, said Chief Fi-nancial Officer Bob Obray.“There is anxiety out there”because of economic uncer-tainty, he said.

Midwest grocer B&R StoresInc. started highlighting under-

ContinuedfrompageB1

ConsumersCut GrocerySpending

Sales have been rare since March, but grocers are bringing thoseback, selling low-price items in bulk and revamping loyalty programs.

LIBB

YMARC

HFO

RTH

EWALL

STRE

ETJO

URN

AL

five years in prison and a max-imum fine of $250,000.

The UAW condemned Mr.Williams’s alleged misconduct,and reiterated its commitmentto making reforms.

The federal investigationbecame public in 2017. Someunion members say the con-viction of several former top-ranking UAW officials hasdented their trust in the lead-ership as the union has strug-gled to reverse membershipdeclines.

A resolution to the investi-gation, which has so far led tocharges against 15 people, in-cluding Mr. Williams, wouldclose a difficult chapter forthe 84-year-old union.

Mr. Williams was elected tolead the union in 2014. Duringhis term, he sought to repairthe union’s finances, helped toexpand membership and nego-tiated with the Detroit carcompanies to eliminate a con-tentious two-tier wage struc-ture that kept more recenthires on a lower pay scale.

During this time, however,the charging documents claim,Mr. Williams and severalother senior UAW leaders tooktrips to California and Mis-souri, where they allegedlyspent embezzled union fundson personal expenses, such ascigars, golf outings and otherluxuries.

Former UAW PresidentGary Jones, who pleadedguilty earlier this year to con-spiracy to embezzle and racke-teering, was also a part of thisgroup, prosecutors say.

Prosecutors allege that onseveral trips to Palm Springs,Calif., Mr. Williams stayed formultimonth periods in rentedvillas illegally paid for withunion money, much of it dur-ing his term as president. Hethen allegedly representedthose trips to the UAW as partof conferences, concealing themisconduct, they say.

ContinuedfrompageB1

Ex-UAWPresidentCharged

P2JW241000-0-B00200-1--------XA

THEWALL STREET JOURNAL. * * Friday, August 28, 2020 | B3

has said it is committed to thefight, but the dispute could costmore than legal fees. Though“Fortnite” is free to play, Epicsells virtual goods inside it suchas character costumes. Lastmonth, the game, which hasmore than 350 million players,generated about $52.5 millionof in-app spending through theApp Store and Google Play com-bined, research firm SensorTower Inc. estimates.

The battle hasn’t been a totalloss for Epic. The in-app pay-ment system enables it to col-lect 100% of customers’ pur-chases. Epic hasn’t said howmuch money it has made, but ina court filing last week the com-pany said more than half of cus-tomers opted for Epic’s pay-ment method, which offeredplayers a discount on purchases,over Apple’s. Depending on howlong the dispute lasts, Appleand Google could lose out onmillions of dollars.

Current players unable todownload the latest versionafter Thursday won’t be ableto play the new season withfriends who can. “Fortnite”enables people on almost anydevice to jump into a matchtogether.

Long-term damage for Epic,Google and Apple is possible,said Jefferies analyst Alex Gi-aimo. Mobile “Fortnite” playerscould invest in other hardware,such as a console or PC, poten-tially costing Apple and Googlerevenue, but they could switchto other games, Mr. Giaimo said.

Some players are torn. “Iwould lean more toward Apple,”said Jed Martin, a sophomore atButler University, in Indianapo-lis, who manages a “Fortnite”esports team on campus. “Theywere doing their job and EpicGames was not complying.”

But he empathizes with mo-bile gamers. “If the game I loveto play every day got bannedout of the blue, I would be veryupset and would do whatever Icould do, small or large, in or-der to play again.”

With the launch of season 4of “Fortnite” Thursday, playerslike David Morell weren’t ableto access the videogame’s new-est content from their iPhones.

Mr. Morell, 32 years old,would need to download the lat-est version from Apple Inc.’sApp Store—but it’s no longerthere. Apple and Google re-moved “Fortnite” from theirapp marketplaces earlier thismonth after the game’s creator,Epic Games Inc., added an un-authorized payment system thatskirted the tech giants’ 30%commission on in-app pur-chases.

Epic sued Apple and the Al-phabet Inc. unit in U.S. Dis-trict Court in Northern Cali-fornia, saying the fees wereexcessive and that app cre-ators shouldn’t be restrictedto the Apple and Google pay-ment systems to process sales.

Mr. Morell, a freelance videoproducer in Cranston, R.I., isn’tsure where to channel his dis-appointment. “I am an Appledie-hard but I am an avidplayer of ‘Fortnite,’ ” he said.

Closely held Epic, which isvalued at more than $17 billion,

BY SARAH E. NEEDLEMAN

With New Season,‘Fortnite’ Fans ArePushed to Pick Sides

Americans’ newfound lovefor sweatpants has apparel re-tailers racing to get casual, asthey try to kick-start sales deci-mated by coronavirus-relatedstore closures.

Clothing chains from GapInc. to Nordstrom Inc. are add-ing merchandise aimed at cap-turing increased demand formore-relaxed clothing, as mil-lions work at home with officesshut down and every day a(very) casual Friday.

Gap even sold $130 millionin face masks during its latestquarter, another sign of howretailers have adapted to thepandemic.

Gap on Thursday said itsAthleta unit, which sells tights,jogging pants, sweats andworkout tops, was its best-per-forming fashion line during itslatest quarter, with sales rising6% on higher online orders. Old

BY MICAH MAIDENBERG

Navy, a chain offering T-shirts,hoodies, leggings and more, re-ported sales were down 5%,much better than the 52% de-cline at Banana Republic,known for dressier attire, and a28% decrease at Gap locations.

Sonia Syngal, chief executiveof San Francisco-based Gap,noted on a call with investorswhat she described as the “ca-sualization of American style,particularly in light of Covid-19.”Overall, the retailer generated$3.28 billion in sales for roughlythe three-month stretch untilthe start of the month, down18% compared with the prior-year period but better thanWallStreet forecasts.

Fran Horowitz, chief execu-tive at Abercrombie & Fitch Co.,told investors the company sawconsumers shift into buyingmore soft and cozy merchandiseduring its latest quarter. Saleswere off 17% year over year to$698 million, but a surpriseprofit after adjustments sentshares higher Thursday.

Chico’s Fas Inc. was able tocancel orders for some appareltypes including workwear, saidMolly Langenstein, chief execu-

tive, on Wednesday. Casual op-tions performed well at thecompany namesake boutiques,and the chain’s White HouseBlack Market shops introducednew options for washable knitjerseys, she said.

The shift toward more ca-sual dress, in the works for awhile, has accelerated duringthe Covid-19 pandemic, ashomebound consumers priori-tized comfort in selectingclothes to buy and wear, execu-tives and analysts say.

“We sold pajamas likecrazy,” Liz Fraser, the top exec-utive for Tapestry Inc.’s KateSpade brand, said this month.The firm’s Stuart Weitzmanbrand is also working to tapinto demand for casual mer-chandise, executives said.

Some product types, includ-ing activewear shorts, sweat-pants and sports bras, sawstronger sales from March toJuly, but demand for suits andmen’s dress shirts turneddown, according to consumerconsulting firm NPD Group Inc.

With the virus upending theeconomy, spending on apparelsuffered overall, declining 34%

from March to July comparedwith the same period in 2019,according to the firm.

Several chains that sell for-mal clothes or office attire—such as suit maker BrooksBrothers and Ascena RetailGroup, the owner of Ann Taylorand Lane Bryant—have filed forbankruptcy in recent months.

Apparel sales rebounded atWalmart Inc. and Target Corp.in the most recent quarter.Shoppers shifted to buying ba-sics, spent stimulus dollars onclothes, and big-box stores ab-sorbed sales from weaker re-tailers forced to close duringthe pandemic, like J.C. PenneyCo. and J.Crew Group Inc.

Levi Strauss and Co. sales fell62% in the most recent quarter,a time when stores were closedmuch of the time. The companyhas pared down and is preparedto be smaller going forward,said CEO Chip Bergh.

Overall sales at NordstromInc. fell 53% in the company’slatest quarter, in large part be-cause store closures limitedselling days, but executives saidthe chain has shifted to thedressed-down moment.

Clothing Retailers Go CasualStay-home orderstransform demand,spur chains to shiftmerchandise, styles

Gap said its Athleta unit, which sells tights, sweats and workout tops, was its best-performing line in the quarter. A store in New York.

MARK

LENNIHAN/A

SSOCIAT

EDPR

ESS

BUSINESS NEWS

Apple and Google are losingrevenue after removing thegame from theirmarketplaces.

Monthly ‘Fortnite’ revenuethroughAppStore andGoogle Play

Source: Sensor Tower

Game added toGoogle Play

$60

0

20

40

million

Jan. April Aug.

G-SERIES MASK

ORDER NOW ON CASTLEGRADE.COM

10% OFF WITH CODE: WJ10

NaCl tested at 98% filtration(meeting NIOSH requirement)

Form-fitting, no valves orvents

FDA Registered as N95 Respirator

Replaceable 4ply medical filters

No fogging of glasses or eyewear

Reusable daily, eco-friendly

Dishwasher-safe, easyto clean

Create Your OwnWSJ PortraitThe signature portrait style of your favoriteJournal authors is now exclusively available toWSJmembers. Use our AI-powered tool andupload a photo of yourself to create your ownWSJ Portrait.

MakeYour Portrait at aiportrait.wsj.com

©2020DowJones & Co., Inc. All rights reserved. 3DJ7953

P2JW241000-2-B00300-1--------XA


TECHNOLOGY WSJ.com/Tech

Privacy changes in AppleInc.’s new operating systemare sending ripples throughthe digital publishing world,with outlets that rely heavilyon advertising bracing for asizable drop in revenue fromiPhone users.

The upgrade, which is set toroll out this fall, will requireapps to ask users whether ornot they want their web activ-ity tracked. Some publishersworry that most users will optout, hobbling their ability toshow personalized ads in appsand dealing them a blow whenthe industry is trying to re-cover from the coronaviruspandemic.

“When every publisher isfighting for every last adver-tising cent, this couldn’t comeat a worse time,” said MartinClarke, publisher of DMG Me-dia, operator of the Daily Mailand MailOnline.

Apple’s change, which af-fects collection of Apple’s ad-vertising identifier for users,known as IDFA, also drew crit-icism from social-media giantFacebook Inc., which saidWednesday it would affect thecompany’s multibillion-dollarbusiness of facilitating adsales in apps. The new privacycontrols will also have an ef-fect on other ad-technologycompanies that facilitate adsales, as well as makers ofapps that sell ads using thoseintermediaries.

Sheri Bachstein, the globalhead of consumer business atthe Weather Co., which oper-ates weather.com, estimatedthat the price advertisers arewilling to pay to advertisewithin iPhone apps could de-cline by as much as 40% as aresult of the change. That isbecause advertisers generallypay a premium for ads tar-geted based on users’ interestsand behavior on the web.

Apple says it doesn’t planto prohibit tracking, but willsimply require app makers toobtain permission from theirusers to do so.

The development comes astensions between publishersand Apple have been rising.Last week, a trade group rep-resenting thousands of pub-lishers, including the NewYork Times, the WashingtonPost and The Wall Street Jour-nal, pushed for better termsthat would allow them to keep

more money from digital sub-scriptions sold through Ap-ple’s app store. Dow Jones &Co., publisher of the Journaland a unit of News Corp, hasa commercial agreement tosupply news through Appleservices.

The pop-up prompt willstate that the app owner“would like permission totrack you across apps andwebsites owned by other com-panies. Your data will be usedto deliver personalized ads toyou.” In a survey by Tap Re-search Inc., 85% of respon-dents said that if they saw thismessage in their favorite app,they would select “Ask AppNot to Track.”

“This seems aggressivelyaimed at getting people to optout,” Mr. Clarke said. He saidthe Mail’s iPhone app drawsabout 1.2 million viewers a dayof its total 16 million averagedaily users.

“You’re almost scaring theconsumer into saying, ‘Wait aminute. Am I comfortable withthis?’ ” said Mark Wagman,managing director at Ascen-tial PLC-owned marketingconsulting firm MediaLink.

The impact of the comingchanges won’t be felt uni-formly by all publishers, butcould be meaningful for com-panies that have “program-matic,” or automated ad sales,and have large numbers ofiPhone app users.

Jonah Peretti, the CEO ofBuzzFeed Inc., said while pub-lishers may feel some effect inthe short term, ultimately theindustry will adjust.

BY LUKAS I. ALPERTAND PATIENCE HAGGIN

PublishersSee RisksIn Apple’sUpgrade

Changes will impactthe ability to showpersonalized ads inapps.

including Teva.Mr. Schultz said that former

Teva employee Nisha Patel isthe Justice Department’s “keyperson” but alleged that shehas changed her testimonyseveral times, including afterreceiving legal protectionsfrom the government. “I wouldthink in the courtroom thatwould cast some doubt aboutthe value of the statementsfrom this person,” he said.

Larry Mackey, an attorneyfor Ms. Patel, declined to com-ment.

According to a related civillawsuit filed by state attorneysgeneral, Ms. Patel worked atthe company from 2013 to2016 and played a central rolein the price fixing of dozens ofdrugs.

During her time at Teva, thestates alleged, citing email,text and phone records, shewas in frequent contact withexecutives at rival genericcompanies to fix prices. She al-legedly compiled a spreadsheetto track potential products forcoordinated price hikes, rank-ing competitors’ product posi-tions in the market.

According to the states’ alle-gations, in 2014 alone, Tevacommunicated with employeesat other companies, by phoneor text message, 941 times.More than 80% of those com-munications involved Ms. Pateland another Teva employee.

Teva itself had an opportu-nity earlier in the investigationto secure legal protectionsfrom the Justice Department inexchange for its assistance, butother targets of the probeagreed to help the governmentinstead, the person familiarwith the matter said. Mr.Schultz declined to comment.

Justice Department. A Tevaspokeswoman declined to com-ment on whether the companycited the pandemic as a reasonto work out an agreement.

A department spokeswomandeclined to comment.

Israel-based Teva is one ofthe world’s largest genericdrugmakers, with sales totalingnearly $17 billion last year. Ge-neric medications account forsome 90% of medications dis-pensed annually in the U.S.

The indictment of Teva in-cludes three felony counts,with prosecutors alleging thecompany engaged in three sep-arate conspiracies of price fix-ing, bid-rigging and relatedcollusive activities on a rangeof drugs, including treatmentsfor high cholesterol, bloodclots and skin conditions.

The indictment, made publicWednesday, alleged Teva andco-conspirators communicatedregularly to increase and main-tain the prices for genericdrugs and effectively allocatedcustomers by agreeing in ad-vance who would win bids forbusiness. Pharmaceutical firmscontract with customers likewholesalers, insurers, drug-store chains and group-pur-chasing organizations.

Court papers indicated thatprosecutors have cooperatingwitnesses from inside multiplegeneric-drug manufacturers,

ContinuedfrompageB1

Charges forTeva CameAfter Talks

rise of local players such asHuawei Technologies Co. andXiaomi Corp., investors and lo-cal EV makers are banking onTesla filling the same role inChina’s EV sector, he said.

Tesla’s China sales took offafter its Shanghai plantstarted delivering Model 3 se-dans in December, helpingconvince wavering investorsthat electric cars remain theautomotive industry’s future.

Xpeng, which produces theP7 sports sedan and the G3SUV, sold 4,696 vehicles in thefirst half of 2020, according toLMC Automotive, lagging be-hind its startup peer Nio,which had sold 14,781 duringthe same period. Li Auto sold9,500 units, while Tesla out-sold all of them combined,selling 48,384 vehicles.

While Tesla builds its owncars in Shanghai, Nio employsa local state-run auto maker tomanufacture its vehicles.

Xpeng does both, outsourc-ing production of its firstmodel—an SUV—and startingproduction of a new sedan atits own plant in the southerncity of Zhaoqing in May.

—Jing Yangcontributed to this article.

in China has also buoyed in-vestors, said Bill Russo, thefounder of Shanghai-basedconsulting firm Automobility.Just as the Apple iPhoneseeded the Chinese smart-phone market and enabled the

panies in the eastern city ofHefei, allaying fears about thecompany’s solvency.

Since then Nio’s New York-listed shares have rallied fromunder $3 to about $20.

Tesla’s strong performance

lars of losses, are resurgent.The turning point came, ac-cording to auto analysts, whenNio, the highest-profile Chi-nese EV startup, securednearly $1 billion in fundingfrom several state-owned com-

Xpeng Inc., one of TeslaInc.’s Chinese rivals, raised$1.5 billion through an initialpublic offering in the U.S.,more than initially planned,because of high investor de-mand.

Xpeng sold 99.73 millionAmerican depositary shares atan offer price of $15 Thursday.That was more than the 85million shares that were previ-ously planned, and the offerprice was higher than the ini-tial guidance of $11-$13.

On the first day of tradingthe shares leaped 41% to$21.22. They trade on the NewYork Stock Exchange under thesymbol XPEV.

The electric-car maker joinsthe more than 20 Chinesetechnology companies to tapthe U.S. market this year bylisting on the Nasdaq StockMarket or the New York StockExchange and raising a total ofmore than $6 billion, accord-ing to Dealogic data.

China’s electric-vehiclestartups, which faced decliningsales last year while collec-tively incurring billions of dol-

BY P.R. VENKATAND TREFOR MOSS

Chinese Electric-Car Maker Roars in IPO

An Xpeng P7 performance electric vehicle at the NYSE Thursday. The company’s shares rose 41%.

MIKESE

GAR/

REUTE

RS

Hot demand for laptops aspeople work and learn remotelyhelped HP Inc. and Dell Tech-nologies Inc. soften the hitfrom a slowdown in office-equipment spending during thecoronavirus pandemic.

HP on Thursday said laptopsales surged 30% in the Julyquarter from a year ago, help-ing the company limit its reve-nue drop to 2%, as it reported$14.29 billion in sales, surpass-ing Wall Street’s projection of

BY MARIA ARMENTAL

$13.34 billion. The decline wasdriven by the printer business,as well as lower sales of desk-tops and workstations, withcompanies investing less in of-fice equipment as employeeswork from home.

Meanwhile, Dell said con-sumer revenue jumped 18% forthe business that includes com-puter sales, while commercial-client sales slumped 11%. Over-all revenue, much like for HP,fell 3% to $22.7 billion.

“We saw strength in thegovernment sector and in edu-cation, with orders up 16% and24%, respectively, as parents,teachers and school districtsprepare for a new frontier invirtual learning,” Dell Chief Op-erating Officer Jeff Clarke saidin a statement.

HP and fellow PC makers likeDell were expected to benefitfrom the demand surge duringthe pandemic. But the run onlaptops has also created bottle-necks. Some school districts,scrambling to equip students,have seen delayed shipments.

Both stocks were up over 2%in after-hours trading followingthe announcement of results.

The pandemic also hasspelled problems for the twotech companies from lowerspending on in-office equip-ment. Dell saw sales of serversand data-storage equipment fall,with customers shifting spend-ing to facilitating remote work.

HP says its printing busi-ness—smaller by revenue thanthe computer business but typi-cally more lucrative—saw sales

fall to $3.93 billion, driven bylower sales of commercial print-ers and supplies.

The consumer printer market,though, was a bright spot, withpeople stuck at home buying de-vices. Chief Executive EnriqueLores said those sales should liftthe printing business as peoplecome back to buy more ink andother printing supplies.

Earlier this year, Mr. Loreswarned the July quarter wouldbe tougher than the precedingone for the company’s printingbusiness as corporate custom-ers curtailed spending on officeequipment. “We couldn’t installmany of the units that we hadorders for,” he said in May.

On Thursday, Mr. Lores saidsupply-chain challenges thecompany encountered during

the pandemic hurt printer salesearly in the quarter, particu-larly on the consumer end. But,the CEO said, the consumerprinting business that saw rev-enue increase 7% in the quartershould strengthen. In addition,he said, commercial printingsales, while still down, wereimproving and supply-chainproblems had subsided.

And sales of printers, partic-ularly commercial models, havedropped amid budget cuts andgovernment lockdowns.

Xerox Holdings Corp., whichlast year launched an unsuc-cessful hostile-takeover bid forHP, saying the printing industrywas overdue for consolidation,reported its sales in the mostrecent quarter fell by morethan a third from a year earlier.

Laptop Sales Buoy HP and DellRemote-work demandeases loss from officepurchases, givescompanies stock boost

Chief Executive Kare Schultz said the company ‘had a hard timeadmitting to a crime we hadn’t committed.’

AMIR

COHEN

/REU

TERS

Never Miss A Story,Style or Trend.

Get the latest trends in theworlds of food, travel, business,

fashion, culture and more.

explore more at wsj.com/magazine

© 2020 Dow Jones & Company, Inc. All rights reserved. 3DJ4845

P2JW241000-0-B00400-1--------XA

THEWALL STREET JOURNAL. Friday, August 28, 2020 | B5

BUSINESS NEWS

$30 million to a company tobuy an oil field in Madagascar,a transaction that introducedMs. Ignatova to Neil Bush,George W. Bush’s brother, whowas a business associate of theChinese tycoon who owned thefield. Mr. Bush wasn’t involvedin any deal, his lawyer told acourt last year. The lawyerdidn’t respond to a request forcomment.

With big money came bigproblems. At least twice, One-Coin leaders pilfered tens ofmillions from the stashes, ac-cording to Mr. Ignatov. Law-enforcement agencieslaunched investigations, regu-lators blacklisted OneCoin andbanks closed accounts linkedto it, the authorities said.

By 2017, Ms. Ignatova beganto make contingency plans,visiting Kyrgyzstan in CentralAsia to procure a passport, herbrother said.

At the same time, her per-sonal life was on the rocks,her brother recalled. She wasplanning to elope with a mar-ried man named Gilbert Ar-menta. But she grew suspi-cious that he was stringingher along. In fact, Mr. Armentawas cooperating with federalauthorities, an FBI agent latersaid in court.

Mr. Armenta pleaded guiltyto wire-fraud, money-launder-ing and extortion conspiracycharges related to OneCoinand is awaiting sentencing.

Shortly after discoveringthat Mr. Armenta was an FBIinformant, Ms. Ignatovabolted. She flew to Athenswith only her purse and one ofher security guards, Mr. Igna-tov said the guard told him.Mr. Ignatov said he hasn’theard from her since.

Her disappearance sparkedpanic.

“Everybody thought thatshe is either dead or that shegot arrested,” said Mr. Ignatov.

OneCoin leaders hired a pri-vate investigator to find herbut failed, Mr. Ignatov said. Sohe became the face of One-Coin, telling enthusiasts thathe was in touch with his sister.A fan of mixed martial artswhose body is covered in tat-toos, he presented the busi-ness without his sister’s verve.

Anxious investors sooncame knocking.

Mr. Ignatov said he waskidnapped at gunpoint andtaken to the suburbs of Bul-garia’s capital where he wasbeaten and his finger broken.

“I was told if Ruja disap-peared with the money, thatthese people would come backand kill me,” he said.

Months later, he said, he re-ceived a call from a man iden-tifying himself as a high-rank-ing member of the Hell’sAngels summoning him to ameeting in Zurich, where hesaid in court testimony that agun was stuffed in his mouthand his life threatened.

But his Instagram accountand videos posted on YouTubedepict a jet-setting lifestyle.One photo shows him on thebeach in Rio de Janeiro. In an-other, he is in Paraguay on thestairs of an airplane embla-zoned with the OneCoin logo.

When he flew to San Fran-cisco in February 2019, law-enforcement agents ques-tioned him about hisintentions in the U.S. and con-fiscated his cellphone but lethim in, he testified.

Mr. Ignatov said he tossedhis laptop in a trash can onthe Las Vegas Strip because hewas afraid its contents couldbe used as evidence againsthim. An Instagram post onMarch 4 shows him on theHollywood Walk of Fame pos-ing in a Hawaiian shirt with acream boa constrictor.

Two days later, Mr. Ignatovwas arrested at Los AngelesInternational Airport. His sis-ter hasn’t surfaced.

In an email cited by theJustice Department, she hadearlier discussed with her co-founder what she would do ifOneCoin fell apart.

“Take the money and runand blame someone else forthis,” she wrote.

OneCoin’s Ruja Ignatova, in 2016.

PAULHAMPA

RTSO

UMIAN/EPA

/SHUTT

ERST

OCK

and other charges. He’s await-ing sentencing this fall.

A lawyer for Mr. Ignatovdidn’t respond to requests forcomment.

Ms. Ignatova couldn’t be lo-cated.

A lawyer for Mr. Scott saidhe had challenged his convic-tion and intended to appeal.

A lawyer for Mr. Green-wood, Bruce Barket, said: “Thegovernment’s assertion thatOneCoin is a fraudulentscheme doesn’t make it so. Itis just as likely that any harmto investors has been causedby the government’s accusa-tions and not the structure ofOneCoin.”

OneCoin’s original websitehas shut down and its leaderscouldn’t be reached for com-ment, but some sellers con-tinue to market coins. At apromotional event Saturday inBucharest called “The Legendof The One,” the presenter in-troduced a woman he de-scribed as the matriarch of theOneCoin family: Veska Igna-tova, the siblings’ mother.

In a video posted online,Veska Ignatova, who couldn’tbe reached for comment, gavea four-minute speech in Bul-garian. She didn’t mention herchildren, but apologized for“inconveniences” caused bytop sellers leaving the com-pany. They “were blinded bygreed and were pursuing theirown selfish ends,” Veska Igna-tova said.

Ruja Ignatova, a 40-year-old Bulgarian, started OneCoinin 2014 with Mr. Greenwood.Unlike more established cryp-tocurrencies, OneCoin wasn’tactively traded. The coinscouldn’t be used to buy any-thing. Their price was deter-mined solely by Ms. Ignatova,who promised big financial re-wards. Federal prosecutorswould later allege that One-Coin was less of a cryptocur-rency and more of a pyramidscheme, where money fromnew purchasers would flow upto Ms. Ignatova and otherswho sold the currency in theearly days.

Ms. Ignatova’s charismadrove sales. She has a law de-gree and once worked forMcKinsey & Co., and she bur-nished her image by buying anadvertorial cover of the Bul-garian edition of Forbes maga-zine and speaking at an Econ-omist conference in Bulgaria’scapital, Sofia, that OneCoinsponsored.

She appeared at marketingevents around the world, de-veloping a cultish followingamong backers who called herDr. Ruja and flashed a OneCoinhand signal. She took in morethan $500 million, her brothersaid in his testimony, buyingmansions, a yacht and luxurycars including an armoredLexus.

At the same time, Mr. Igna-tov was living in a village insouthwest Germany, where heand his sister had grown up.He drove a forklift at an auto-mobile company and volun-teered at dog shelters. In 2016,he said, Ms. Ignatova hiredhim as a personal assistant totake care of tasks like bookingflights and carrying her shop-ping bags.

He said in court testimonyhe took the chance to spendmore time with his elder sis-ter, whom he said he idolized,even though he had been liv-ing “a quiet small life that Iwas OK with.”

Ms. Ignatova initially paidhim €3,000 ($3,547) a month,he said, €200 more than heearned in Germany. Once, shebought him clothes from ex-pensive brands. Later, shegave him a house.

Legal proceedings laid outthe scale of the riches: OneCoinmade so much money that Ms.Ignatova and the other top sell-ers hardly knew where to putit. They stacked it in cash in of-fices and apartments in Bul-garia, Hong Kong, Dubai andSouth Korea.

They plowed it into stablesin Abu Dhabi for thoroughbredracehorses. They lent at least

ContinuedfrompageB1

OneCoinDevolvesInto Fraud

Anxious investorssoon cameknocking.Some had guns.

This announcement is neither an offer to purchase nor a solicitation of an offer to sell Shares (as defined below). The Offer (as defined below) is made solelypursuant to the Offer to Purchase, dated August 28, 2020, and the related Letter of Transmittal and any amendments or supplements to such Offer to

Purchase or Letter of Transmittal, and is being made to all holders of Shares. The Offer is not being made to (nor will tenders be accepted fromor on behalf of) holders of Shares in any jurisdiction in which the making of the Offer or the acceptance thereof would not be in compliance

with the securities, “blue sky” or other laws of such jurisdiction. In those jurisdictions where applicable laws or regulations require theOffer to be made by a licensed broker or dealer, the Offer shall be deemed to be made on behalf of Purchaser (as defined below)

by one or more registered brokers or dealers licensed under the laws of such jurisdiction to be designated by Purchaser.

Notice of Offer to PurchaseAll Outstanding Shares of Common Stock

of

Principia Biopharma Inc.at

$100.00 Per Share, Net in CashPursuant to the Offer to Purchase dated August 28, 2020

by

Kortex Acquisition Corp.a wholly owned subsidiary

of

SanofiKortex Acquisition Corp., a Delaware corporation (“Purchaser”) and a wholly owned subsidiary of Sanofi, a French société anonyme (“Parent”),

is offering to purchase all of the outstanding shares of common stock, par value $0.0001 per share (the “Shares”), of Principia Biopharma Inc., aDelaware corporation (the “Company”), at a purchase price of $100.00 per Share in cash (the “Offer Price”), without interest and subject to anywithholding of taxes required by applicable legal requirements, upon the terms and subject to the conditions set forth in the Offer to Purchase,dated August 28, 2020, and in the related letter of transmittal (the “Letter of Transmittal” which, together with the Offer to Purchase, as they maybe amended or supplemented from time to time, collectively constitute the “Offer”).

Stockholders of record who tender directly to Continental Stock Transfer & Trust Company (the “Depositary”) will not be obligated to paybrokerage fees or commissions or, except as may be set forth in the Letter of Transmittal, stock transfer taxes with respect to the purchase of Sharesby Purchaser pursuant to the Offer. Stockholders who hold their Shares through a broker, banker or other nominee should consult such institutionas to whether it charges any service fees or commissions.

THE OFFER AND WITHDRAWAL RIGHTS WILL EXPIRE AT ONE MINUTE FOLLOWING11:59 P.M., EASTERN TIME, ON SEPTEMBER 25, 2020 (SUCH DATE, OR ANYSUBSEQUENT DATE TO WHICH THE EXPIRATION OF THE OFFER IS EXTENDED, THE“EXPIRATION DATE”), UNLESS THE OFFER IS EXTENDED OR EARLIER TERMINATED.

The Offer is being made pursuant to an Agreement and Plan of Merger, dated as of August 16, 2020 (as it may be amended from time to time,the “Merger Agreement”), among the Company, Parent and Purchaser. The Merger Agreement provides, among other things, that, unless otherwiseagreed by the Company, Parent and Purchaser, at 8:00 a.m., Eastern Time, on the same date as the consummation of the Offer and subject to thesatisfaction or waiver of certain conditions, Purchaser will merge with and into the Company pursuant to Section 251(h) of the General CorporationLaw of the State of Delaware, as amended (the “DGCL”), upon the terms and subject to the conditions set forth in the Merger Agreement, with theCompany continuing as the surviving corporation and a wholly owned subsidiary of Parent (the “Merger”). In the Merger, each Share issued andoutstanding immediately prior to the effective time of the Merger (the “Effective Time”) (other than Shares (a) held by the Company (or in theCompany’s treasury), Parent, Purchaser, any other direct or indirect wholly owned subsidiary of Parent, or by stockholders of the Company whohave properly exercised and perfected their statutory rights of appraisal under Delaware law, or (b) irrevocably accepted for purchase in the Offer)will be converted into the right to receive an amount in cash equal to the Offer Price, without interest and subject to any withholding of taxesrequired by applicable legal requirements. As a result of the Merger, the Company will cease to be a publicly traded Company.

The Offer is not subject to a financing condition. The obligation of Purchaser to accept for payment and pay for Shares validly tendered (andnot validly withdrawn) pursuant to the Offer is subject to the conditions set forth in Section 15 of the Offer to Purchase (collectively, the “OfferConditions”). Among the Offer Conditions are: (i) the Minimum Condition (as defined below); (ii) the HSR Condition (as defined below), (iii) theRegulatory Condition (as defined below); (iv) the accuracy of the Company’s representations and warranties set forth in the Merger Agreementas of specified times, and the performance of the Company’s covenants set forth in the Merger Agreement, in each case, to specified standards ofmateriality; and (iv) since the date of the Merger Agreement, there not having occurred a Company Material Adverse Effect (as defined in the Offer toPurchase) that is continuing. The “Minimum Condition” means that the number of Shares validly tendered and not validly withdrawn together withany Shares owned by Parent or any of its wholly owned subsidiaries (including Purchaser) (but excluding Shares tendered pursuant to guaranteeddelivery procedures that have not yet been “received” (as such term is defined in Section 251(h)(6)(f) of the DGCL)), represents one more than 50% ofthe total number of Shares outstanding at the time of the expiration of the Offer. The “HSR Condition” means that any applicable mandatory waitingperiod under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, and the rules and regulations promulgated thereunder, anyextension thereof, or any timing agreement entered into with the Company’s prior written consent in accordance with the Merger Agreement, asapplicable, will have been obtained, received, terminated or expired, as the case may be. The “Regulatory Condition” means that there will nothave been issued by any court of competent jurisdiction or remain in effect any judgment, temporary restraining order, preliminary or permanentinjunction or other order preventing the acquisition of or payment for Shares pursuant to the Offer or the consummation of the Offer or the Mergernor will any action have been taken, or any legal requirement or order promulgated, entered, enforced, enacted, issued or deemed applicable tothe Offer or the Merger by any governmental body which directly or indirectly prohibits, or makes illegal, the acquisition of or payment for Sharespursuant to the Offer, or the consummation of the Merger.

The Board of Directors of the Company has unanimously: (i) determined that the Merger Agreement and the transactions contemplated thereby,including the Offer and the Merger, are advisable and fair to, and in the best interest of, the Company and its stockholders; (ii) agreed that the Mergershall be effected under Section 251(h) and other relevant provisions of the DGCL; (iii) approved the execution, delivery and performance by theCompany of the Merger Agreement and the consummation of the transactions contemplated thereby, including the Offer and the Merger; and (iv)resolved to recommend that the stockholders of the Company tender their Shares to Purchaser pursuant to the Offer.

The Merger Agreement provides that, subject to the parties’ respective termination rights in the Merger Agreement, Purchaser will extend theOffer: (i) for any period required by any legal requirement, any interpretation or position of the Securities and Exchange Commission (the “SEC”),the staff thereof or NASDAQ Global Select Stock Market (“NASDAQ”) applicable to the Offer; (ii) for periods of up to ten (10) business days perextension until the Regulatory Condition has been satisfied; and (iii) at the Company’s request if, as of any then-scheduled Offer Expiration Date,the Minimum Condition or any of the other Offer Conditions is not satisfied and has not been waived by Parent or Purchaser (to the extent permittedunder the Merger Agreement) on one or more occasions in consecutive increments of up to ten (10) business days each in order to permit thesatisfaction of such Offer Conditions. Without the Company’s written consent, Purchaser will not be required to extend the Offer beyond the earlierto occur of (x) the valid termination of the Merger Agreement in accordance therewith and (y) the first business day immediately following the EndDate. The “End Date” means November 16, 2020; provided, that, if on the End Date, all of the conditions to the closing of the Merger and the OfferConditions, other than the HSR Condition, shall have been satisfied or shall be capable of being satisfied at such time, the End Date may be extendedby either Parent or the Company, no more than once, by a period of one hundred eighty (180) days (and in the case of such extension, any referenceto the End Date in any other provision of the Merger Agreement will reference the End Date, as extended).

If the Offer is consummated, Purchaser will not seek the approval of the Company’s remaining stockholders before effecting the Merger. Parent,Purchaser and the Company have elected to have the Merger Agreement and the transactions contemplated thereby governed by Section 251(h) ofthe DGCL and agreed that, subject to the satisfaction or waiver of certain conditions, the Merger will be effected at 8:00 a.m., Eastern Time, on thesame date as the consummation of the Offer (unless otherwise agreed by the Company, Parent and Purchaser). Under Section 251(h) of the DGCL,the consummation of the Merger does not require a vote or action by written consent of the Company’s stockholders.

The Merger Agreement provides, among other things, that, without the prior written consent of the Company, Purchaser will not (A) decreasethe Offer Price; (B) change the form of consideration payable in the Offer; (C) decrease the maximum number of Shares sought to be purchased inthe Offer; (D) impose conditions or requirements to the Offer in addition to the Offer Conditions; (E) amend or modify any of the Offer Conditionsor any other terms or conditions of the Merger Agreement in a manner that would or would reasonably be expected to adversely affect any holder ofShares or that would, individually or in the aggregate, reasonably be expected to prevent or delay the consummation of the Offer or prevent, delayor impair the ability of Parent or Purchaser to consummate the Offer, the Merger or the other transactions contemplated by the Merger Agreement;(F) change or waive the Minimum Condition; (G) extend or otherwise change the Expiration Date in a manner other than as required or permittedby the Merger Agreement; or (H) provide any “subsequent offering period” within the meaning of Rule 14d-11under the Exchange Act.

Except as set forth above, subject to the terms of the Merger Agreement and the applicable rules and regulations of the SEC and other applicablelaws and regulations, Purchaser expressly reserves the right to waive any Offer Condition at any time and from time to time, to increase the OfferPrice and to make any other changes in the terms and conditions of the Offer. Any extension, delay, termination or amendment of the Offer will befollowed as promptly as practicable by a public announcement thereof, and such announcement in the case of an extension will be made no laterthan 9:00 a.m., Eastern Time, on the next business day after the previously scheduled Expiration Date.

For purposes of the Offer, Purchaser will be deemed to have accepted for payment, and thereby purchased, Shares validly tendered to Purchaserand not validly withdrawn as, if and when it gives oral or written notice to the Depositary of its acceptance for payment of such Shares pursuant tothe Offer. Upon the terms and subject to the conditions of the Offer, payment for Shares accepted for payment pursuant to the Offer will be madeby deposit of the Offer Price for such Shares with the Depositary, which will act as agent for tendering stockholders for the purpose of receivingpayments from Parent and Purchaser and transmitting such payments to tendering stockholders whose Shares have been accepted for payment.Under no circumstances will Parent or Purchaser pay interest on the Offer Price for Shares, regardless of any extension of the Offeror any delay in making such payment.

In all cases, Purchaser will pay for Shares tendered and accepted for payment pursuant to the Offer only after timely receipt by the Depositaryof (i) the certificates evidencing such Shares (the “Share Certificates”) or timely confirmation of a book-entry transfer of such Shares into theDepositary’s account at The Depository Trust Company (“DTC”) pursuant to the procedures set forth in Section 3 of the Offer to Purchase and(ii) the Letter of Transmittal (or a manually signed facsimile thereof), properly completed and duly executed, with any required signature guaranteesand (iii) any other documents required by the Letter of Transmittal or, in the case of a book-entry transfer, an Agent’s Message (as defined in theOffer to Purchase) in lieu of the Letter of Transmittal and such other documents. Accordingly, tendering stockholders may be paid at different timesdepending upon when Share certificates or book-entry transfers with respect to Shares are actually received by the Depositary.

Shares tendered pursuant to the Offer may be withdrawn at any time prior to the Expiration Date. Thereafter, tenders are irrevocable, except thatShares tendered may also be withdrawn after October 27, 2020 if Purchaser has not accepted them for payment by the end of October 27, 2020. For awithdrawal of Shares to be effective, the Depositary must timely receive a written or facsimile transmission notice of withdrawal at one of its addressesset forth on the back cover of the Offer to Purchase. Any notice of withdrawal must specify the name of the person who tendered the Shares to bewithdrawn, the number of Shares to be withdrawn and the names in which the Share Certificates are registered, if different from that of the personwho tendered such Shares. If the Shares to be withdrawn have been delivered to the Depositary, a signed notice of withdrawal with (except in the caseof Shares tendered by an “eligible institution”) signatures guaranteed by an eligible institution must be submitted before the release of such Shares.In addition, such notice must specify, in the case of Shares tendered by delivery, or other identification to the Depositary, of Share Certificates, the serialnumbers shown on the Share Certificates evidencing the Shares to be withdrawn or, in the case of Shares tendered by book-entry transfer, the nameand number of the account at DTC to be credited with the withdrawn Shares. Withdrawals of tenders of Shares may not be rescinded and any Sharesproperly withdrawn will be deemed not validly tendered for purposes of the Offer. Withdrawn Shares may, however, be retendered by following one ofthe procedures for tendering Shares described in Section 3 of the Offer to Purchase at any time prior to the Offer Expiration Time.

The information required to be disclosed by paragraph (d)(1) of Rule 14d-6 of the General Rules and Regulations under the Securities ExchangeAct of 1934, as amended, is contained in the Offer to Purchase and is incorporated herein by reference.

The Company provided Purchaser with the Company’s stockholder list and security position listings for the purpose of disseminating the Offerto Purchase, the related Letter of Transmittal and related documents to holders of Shares. The Offer to Purchase and related Letter of Transmittalwill be mailed to record holders of Shares whose names appear on the Company’s stockholder list and will be furnished for subsequent transmittal tobeneficial owners of Shares to brokers, dealers, commercial banks, trust companies and similar persons whose names, or the names of whosenominees, appear on the stockholder list or, if applicable, who are listed as participants in a clearing agency’s security position listing.

The receipt of cash by a holder of Shares pursuant to the Offer or the Merger will be a taxable transaction to U.S. stockholders for U.S. federalincome tax purposes. See Section 5 of the Offer to Purchase for a more detailed discussion of the tax treatment of the Offer. Stockholders shouldconsult with their own tax advisor to determine the particular tax consequences to them of the Offer and the Merger. For a morecomplete description of the principal U.S. federal income tax consequences and the Merger, see the Offer to Purchase.

The Offer to Purchase, the related Letter of Transmittal and the Company’s Solicitation/Recommendation Statement onSchedule 14D‑9 (which contains the recommendation of the Company’s Board of Directors and the reasons therefor) contain importantinformation. Stockholders should carefully read all documents in their entirety before any decision is made with respect to the Offer.

Questions or requests for assistance may be directed to Innisfree M&A Incorporated (the “Information Agent”) at the address and telephonenumbers set forth below. Requests for copies of the Offer to Purchase, the related Letter of Transmittal, the Notice of Guaranteed Delivery and othertender offer materials may be directed to the Information Agent or to brokers, dealers, commercial banks or trust companies. Such copies will befurnished promptly at Purchaser’s expense. Purchaser will not pay any fees or commissions to any broker or dealer or any other person (other thanthe Information Agent or the Depositary) for soliciting tenders of Shares pursuant to the Offer.

The Information Agent for the Offer is:

Innisfree M&A Incorporated501 Madison Avenue, 20th Floor

New York, New York 10022

Shareholders may call toll free: (877) 750‑8310Banks and Brokers may call collect: (212) 750‑5833

August 28, 2020

P2JW241000-0-B00500-1--------XA


ConsumerRates andReturns to Investor

Get real-time U.S. stock quotes and track most-active stocks, new highs/lows and mutual funds. Plus, deeper money-flows data and email delivery of key stock-market data. Available free at WSJMarkets.com

U.S. consumer ratesA consumer rate against itsbenchmark over the past year

3.00

3.60

4.20

4.80

5.40%

2019S O N D J

2020F M A M J J A

t

New car loan

tPrime rate

Selected ratesNewcar loan

Bankrate.comavg†: 4.19%First CommandBank 2.75%FortWorth, TX 888-763-7600

First SavingsBankofHegewisch 2.75%Chicago, IL 773-646-4200

ThinkMutual Bank 2.99%Rochester,MN 800-288-3425

First FSBofMascoutah 3.00%Mascoutah, IL 888-415-3279

CambridgeSavingsBank 3.24%Cambridge,MA 888-418-5626

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 2.00 -1.00Prime rate* 3.25 3.25 3.25 l 5.25 -1.00Libor, 3-month 0.25 0.26 0.23 l 2.16 -1.07Moneymarket, annual yield 0.24 0.24 0.24 l 0.78 -0.05Five-year CD, annual yield 0.66 0.67 0.66 l 1.75 -0.8130-yearmortgage, fixed† 3.11 3.05 3.03 l 4.22 -0.7315-yearmortgage, fixed† 2.60 2.64 2.58 l 3.57 -0.45Jumbomortgages, $510,400-plus† 3.15 3.08 3.06 l 4.71 -1.19Five-year adjmortgage (ARM)† 3.28 3.27 3.06 l 4.78 -0.02New-car loan, 48-month 4.19 4.26 4.17 l 4.65 1.30Bankrate.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

tTradeweb ICEThursday Close

tOne year ago

Forex RaceYen, euro vs. dollar; dollar vs.major U.S. trading partners

–8

–4

0

4

8%

2019 2020

Euros

Yens

WSJ Dollar indexs

Sources: Tradeweb ICEU.S. Treasury Close; Tullett Prebon; DowJonesMarketData

International Stock IndexesLatest YTD

Region/Country Index Close Net chg % chg % chg

World TheGlobalDow 3093.01 –10.28 –0.33 –4.9DJGlobal Index 444.20 –0.31 –0.07 2.3DJGlobal exU.S. 252.76 –1.36 –0.54 –4.1

Americas DJAmericas 809.45 1.54 0.19 6.4Brazil SaoPauloBovespa 100623.64 –3.69 –0.004 –13.0Canada S&P/TSXComp 16731.49 –58.48 –0.35 –1.9Mexico S&P/BMV IPC 37647.19 –105.85 –0.28 –13.5Chile Santiago IPSA 2660.74 –0.30 –0.01 –20.2

EMEA StoxxEurope600 370.72 –2.40 –0.64 –10.9Eurozone EuroStoxx 365.67 –2.96 –0.80 –9.5Belgium Bel-20 3370.25 –30.14 –0.89 –14.8Denmark OMXCopenhagen20 1326.15 –5.64 –0.42 16.8France CAC40 5015.97 –32.46 –0.64 –16.1Germany DAX 13096.36 –93.79 –0.71 –1.2Israel TelAviv 1412.44 –13.14 –0.92 –16.1Italy FTSEMIB 19847.38 –289.91 –1.44 –15.6Netherlands AEX 562.41 –3.83 –0.68 –7.0Russia RTS Index 1264.86 –8.38 –0.66 –18.3SouthAfrica FTSE/JSEAll-Share 56869.67 297.43 0.53 –0.4Spain IBEX35 7090.70 –32.30 –0.45 –25.7Sweden OMXStockholm 706.10 –3.41 –0.48 3.7Switzerland SwissMarket 10240.46 –69.19 –0.67 –3.5Turkey BIST 100 1108.93 9.91 0.90 –3.1U.K. FTSE 100 5999.99 –45.61 –0.75 –20.5U.K. FTSE250 17762.03 8.47 0.05 –18.8

Asia-PacificAustralia S&P/ASX200 6126.20 9.84 0.16 –8.3China Shanghai Composite 3350.11 20.37 0.61 9.8HongKong HangSeng 25281.15 –210.64 –0.83 –10.3India S&PBSESensex 39113.47 39.55 0.10 –5.2Japan Nikkei StockAvg 23208.86 –82.00 –0.35 –1.9Singapore Straits Times 2519.81 –22.27 –0.88 –21.8SouthKorea Kospi 2344.45 –24.87 –1.05 6.7Taiwan TAIEX 12797.31 –35.98 –0.28 6.7Thailand SET 1326.81 4.26 0.32 –16.0Sources: FactSet; DowJonesMarketData

MajorU.S. Stock-Market IndexesLatest 52-Week % chg

High Low Close Net chg % chg High Low %chg YTD 3-yr. ann.

DowJones

Industrial Average 28634.22 28363.93 28492.27 160.35 0.57 29551.42 18591.93 8.1 -0.2 9.3TransportationAvg 11265.18 11168.65 11205.61 79.06 0.71 11304.97 6703.63 10.9 2.8 7.1UtilityAverage 806.86 796.03 800.69 1.80 0.23 960.89 610.89 -5.3 -8.9 2.4Total StockMarket 35650.94 35303.94 35479.64 76.14 0.22 35479.64 22462.76 18.4 7.4 12.0Barron's 400 739.00 732.36 735.21 0.39 0.05 746.64 455.11 11.7 0.4 5.0

NasdaqStockMarketNasdaqComposite 11730.01 11551.01 11625.34 -39.72 -0.34 11665.06 6860.67 45.8 29.6 22.9Nasdaq 100 12047.99 11842.84 11926.16 -45.78 -0.38 11971.94 6994.29 54.8 36.6 27.0

S&P500 Index 3501.38 3468.35 3484.55 5.82 0.17 3484.55 2237.40 19.1 7.9 12.6MidCap400 1944.81 1926.96 1936.18 7.55 0.39 2106.12 1218.55 3.1 -6.1 4.2SmallCap600 912.14 900.70 905.46 3.08 0.34 1041.03 595.67 -1.6 -11.3 3.0

Other IndexesRussell 2000 1573.38 1555.27 1564.56 4.37 0.28 1705.22 991.16 4.5 -6.2 4.3NYSEComposite 13111.45 13012.97 13068.81 26.27 0.20 14183.20 8777.38 2.9 -6.1 3.4Value Line 482.10 477.45 479.90 2.08 0.44 562.05 305.71 -4.7 -13.1 -2.0NYSEArcaBiotech 5400.79 5308.36 5360.78 8.39 0.16 6142.96 3855.67 21.4 5.8 11.3NYSEArcaPharma 678.80 672.47 675.14 2.33 0.35 675.14 494.36 16.1 3.3 9.1KBWBank 78.21 76.07 77.89 1.82 2.40 114.12 56.19 -15.9 -31.3 -6.1PHLX§Gold/Silver 152.60 145.37 147.49 -3.01 -2.00 161.14 70.12 49.8 37.9 19.8PHLX§Oil Service 35.84 35.06 35.58 -0.07 -0.20 80.99 21.47 -43.6 -54.6 -33.7PHLX§Semiconductor 2258.10 2208.04 2220.15 -30.08 -1.34 2250.23 1286.84 48.4 20.0 27.1CboeVolatility 27.09 21.44 24.47 1.20 5.16 82.69 11.54 36.9 77.6 29.5

§NasdaqPHLX Sources: FactSet; DowJonesMarketData

LateTradingMost-activeandbiggestmoversamongNYSE,NYSEArca,NYSEAmer.andNasdaq issues from4p.m. to6:30p.m.ETas reportedbyelectronictradingservices, securitiesdealers and regional exchanges.Minimumsharepriceof$2andminimumafter-hoursvolumeof50,000shares.

Most-active issues in late tradingVolume AfterHours

Company Symbol (000) Last Net chg % chg High Low

iSharesMSCI EAFEETF EFA 3,551.4 65.02 ... unch. 65.09 64.66Gap Inc GPS 3,403.3 16.80 -0.58 -3.34 19.25 16.80SPDRS&P500 SPY 2,965.4 348.97 0.64 0.18 349.02 348.06PG&E PCG 2,710.5 9.15 -0.02 -0.22 9.19 9.11

Zynga ZNGA 2,606.7 9.05 0.06 0.67 9.05 8.98General Electric GE 2,360.7 6.48 ... unch. 6.50 6.46iShares iBoxx $HYCpBd HYG 1,955.7 85.02 -0.06 -0.07 85.08 85.00Pfizer PFE 1,870.6 37.72 -0.14 -0.37 37.95 37.72

Percentage gainers…Nutanix Cl A NTNX 920.8 25.24 3.54 16.31 25.75 21.20UltaBeauty ULTA 1,133.2 259.30 35.35 15.78 270.80 219.74Workday WDAY 847.0 243.90 27.27 12.59 246.00 212.10Guess GES 56.8 12.55 0.70 5.91 12.94 11.85VeevaSystemsClA VEEV 68.0 282.50 12.28 4.54 284.00 270.00

...And losersBill.comHoldings BILL 59.4 99.99 -6.07 -5.72 107.55 96.52OktaClA OKTA 560.3 209.49 -8.95 -4.10 232.02 203.12Gap Inc GPS 3,403.3 16.80 -0.58 -3.34 19.25 16.80SynchronyFinancial SYF 146.9 24.89 -0.69 -2.70 25.73 24.65NIOADR NIO 1,361.4 19.45 -0.43 -2.16 19.90 19.09

TradingDiaryVolume,Advancers, Decliners

NYSE NYSEAmer.

Total volume* 776,710,613 22,130,720Adv. volume* 467,527,776 14,297,515Decl. volume* 279,277,078 7,321,527Issues traded 3,082 265Advances 1,665 101Declines 1,304 155Unchanged 113 9Newhighs 101 6New lows 12 1ClosingArms† 0.77 0.18Block trades* 4,893 147

Nasdaq NYSEArca

Total volume*3,545,965,787 260,635,371Adv. volume*1,660,018,926 112,803,798Decl. volume*1,864,053,947 146,469,172Issues traded 3,460 1,436Advances 1,558 626Declines 1,820 788Unchanged 82 22Newhighs 142 212New lows 31 27ClosingArms† 0.96 0.89Block trades* 17,534 1,545

* 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

VBIVaccines VBIV 197,974 1473.7 4.25 32.24 6.93 0.47NIOADR NIO 191,450 46.8 19.88 -2.74 20.97 1.19AmericanAirlinesGroup AAL 108,019 12.3 13.28 3.87 31.67 8.25PEDEVCO PED 101,477 116251.8 2.11 168.72 2.50 0.67XPengADR XPEV 80,881 ... 21.22 41.47 25.00 10.00

ProSharesUltVIXST UVXY 73,176 169.9 21.23 4.53 135.00 10.40General Electric GE 72,851 -17.6 6.48 0.00 13.26 5.48Finl Select Sector SPDR XLF 66,405 -2.9 25.26 1.69 31.38 17.49Gevo GEVO 65,458 138.6 1.09 -12.10 3.60 0.46DestinationXLGroup DXLG 64,011 1933.7 0.45 57.20 1.90 0.22* 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

PIMCODynMulti Intl MFDX 375 6527 24.39 -0.83 26.35 17.15Rekor Systems REKR 5,860 5044 6.74 25.98 7.00 1.85Global Indemnity GBLI 1,080 4231 20.14 -19.28 34.65 17.01SPDRS&PCapitalMarkets KCE 278 2536 60.66 0.95 65.04 37.33TenzingAcquisition TZAC 232 2411 10.72 0.56 13.00 9.57

CollectiveGrowth CGRO 1,056 2284 9.83 -0.25 10.50 9.70FluxPowerHoldings FLUX 1,314 1622 6.07 20.20 10.09 3.80BMCStockHoldings BMCH 6,835 1587 39.45 22.44 40.09 13.38Silver SpikeAcquisition SSPK 1,201 1580 10.09 0.39 10.57 9.51VicShUSAAMSCI Intl Val UIVM 92 1481 41.34 -0.52 46.62 29.77* 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 Index11625.34 t 39.72, or 0.34%High, low, open and close for eachtrading day of the past three months.

Year agoLast

Trailing P/E ratio *†P/E estimate *†Dividend yield *†All-time high:

36.75 23.55

32.61 21.12

0.77 1.05

11665.06, 08/26/20

8000

8600

9200

9800

10400

11000

11600

May June July Aug.

65-day moving average

EQUITIES

CREDIT MARKETS

CorporateBorrowingRates andYieldsYield (%) 52-Week Total Return (%)

Bond total return index Close Last Week ago High Low 52-wk 3-yr

U.S. Treasury, Barclays 2468.060 0.530 0.480 1.910 0.400 6.55 5.11

U.S. Treasury Long, Barclays4803.860 1.400 1.270 2.370 0.980 11.58 10.76

Aggregate, Barclays 2270.410 1.190 1.130 2.460 1.020 6.18 5.08

Fixed-RateMBS, Barclays 2226.690 1.250 1.150 2.690 0.930 4.72 3.69

HighYield 100, ICEBofA 3176.046 4.235 4.577 10.740 4.235 2.179 3.934

MuniMaster, ICEBofA 587.819 0.997 0.948 3.441 0.838 3.843 4.005

EMBIGlobal, J.P.Morgan 899.387 4.721 4.684 7.480 4.523 3.866 3.966

Sources: J.P.Morgan; S&PDowJones Indices; BloombergBarclays; ICEDataServices

Latest Session 52-WeekCompany Symbol Close Net chg % chg High Low %chg

XPengADR XPEV 21.22 6.22 41.47 25.00 10.00 ...AutoWeb AUTO 4.83 1.25 34.92 5.00 0.50 105.5VBIVaccines VBIV 4.25 1.04 32.24 6.93 0.47 582.8Rekor Systems REKR 6.74 1.39 25.98 7.00 1.85 112.6Digital Ally DGLY 2.57 0.52 25.37 7.10 0.64 91.8

SunPower SPWR 11.05 2.13 23.86 12.34 2.64 27.9BMCStockHoldings BMCH 39.45 7.23 22.44 40.09 13.38 53.6RhythmPharmaceuticals RYTM 23.09 4.00 20.95 25.86 12.99 2.3FluxPowerHoldings FLUX 6.07 1.02 20.20 10.09 3.80 -39.3Veoneer VNE 12.84 1.88 17.15 18.55 5.25 -13.0

AMCEntertainmentHldgs AMC 6.52 0.92 16.43 12.13 1.95 -42.3China Liberal EducHldgs CLEU 6.29 0.87 16.05 6.50 3.40 ...AIM ImmunoTech AIM 2.43 0.31 14.62 7.11 0.38 34.3Pacific Ethanol PEIX 3.80 0.48 14.46 5.33 0.22 499.4voxeljet ADR VJET 8.45 1.05 14.19 11.85 2.92 7.0

MostActiveStocks

Latest Session 52-WeekCompany Symbol Close Net chg % chg High Low %chg

MaxeonSolar Technologies MAXN 19.00 -18.62 -49.49 37.62 14.82 ...AkersBiosciences AKER 2.85 -1.31 -31.49 12.72 1.55 -73.6AptorumGroup APM 2.11 -0.87 -29.19 18.25 1.66 -87.0FulgentGenetics FLGT 32.22 -12.58 -28.08 52.47 6.70 165.8Fluidigm FLDM 8.40 -3.03 -26.51 12.45 1.17 54.4

EveloBiosciences EVLO 4.35 -1.38 -24.08 9.27 3.01 -23.7KaleidoBiosciences KLDO 6.66 -1.91 -22.29 10.00 2.82 -29.9ComstockHldgCl A CHCI 2.69 -0.77 -22.25 6.26 1.06 34.2Quidel QDEL 174.56 -48.38 -21.70 306.72 55.25 166.0OraSure Technologies OSUR 11.53 -2.88 -19.99 19.75 5.23 70.6

Global Indemnity GBLI 20.14 -4.81 -19.28 34.65 17.01 -22.2Avadel PharmADR AVDL 6.35 -1.51 -19.21 13.49 2.10 135.2FTS International FTSI 3.30 -0.77 -18.92 71.60 1.01 -93.8AlloVir ALVR 26.71 -6.09 -18.57 45.28 18.15 ...ChembioDiagnostics CEMI 3.78 -0.82 -17.76 15.89 2.25 -25.1

VolumeMovers Ranked by change from65-day average*

Track the MarketsCompare the performance of selectedglobal stock indexes, bond ETFs,currencies and commodities atwsj.com/graphics/track-the-markets

CommoditiesPricing trends on some rawmaterials, or commodities

Thursday 52-Week YTDClose Net chg %Chg High Low %Chg % chg

DJCommodity 632.94 2.22 0.35 647.86 433.70 5.34 -1.46TR/CCCRB Index 152.70 0.25 0.16 187.39 106.29 -11.26 -17.81Crude oil,$per barrel 43.04 -0.35 -0.81 63.27 -37.63 -24.11 -29.51Natural gas,$/MMBtu 2.579 0.118 4.79 2.862 1.482 12.33 17.82Gold,$per troy oz. 1921.60 -19.10 -0.98 2051.50 1452.10 25.88 26.46

CURRENCIES & COMMODITIES

CurrenciesU.S.-dollar foreign-exchange rates in lateNewYork trading

US$vs,Thurs YTDchg

Country/currency inUS$ perUS$ (%)

AmericasArgentina peso .0135 73.8795 23.4Brazil real .1796 5.5681 38.5Canada dollar .7617 1.3129 1.1Chile peso .001275 784.40 6.1Colombiapeso .000262 3816.00 16.3EcuadorUSdollar 1 1 unchMexico peso .0452 22.1472 17.0Uruguay peso .02337 42.7950 15.2Asia-PacificAustralian dollar .7259 1.3776 –3.3China yuan .1451 6.8899 –1.1HongKong dollar .1290 7.7503 –0.5India rupee .01355 73.780 3.4Indonesia rupiah .0000682 14660 5.6Japan yen .009384 106.57 –1.9Kazakhstan tenge .002382 419.82 10.0Macau pataca .1253 7.9838 –0.4Malaysia ringgit .2397 4.1725 2.0NewZealand dollar .6639 1.5063 1.4Pakistan rupee .00597 167.385 8.0Philippines peso .0206 48.569 –4.2Singapore dollar .7320 1.3662 1.5SouthKoreawon .0008421 1187.57 2.8Sri Lanka rupee .0053743 186.07 2.6Taiwan dollar .03402 29.393 –1.7Thailand baht .03194 31.310 5.2

US$vs,Thurs YTDchg

Country/currency inUS$ perUS$ (%)

Vietnam dong .00004315 23175 0.01EuropeCzechRep. koruna .04499 22.228 –2.0Denmark krone .1588 6.2964 –5.5Euro area euro 1.1822 .8459 –5.1Hungary forint .003319 301.29 2.0Iceland krona .007231 138.29 14.2Norway krone .1122 8.9154 1.5Poland zloty .2680 3.7314 –1.6Russia ruble .01335 74.930 20.7Sweden krona .1146 8.7272 –6.8Switzerland franc 1.1001 .9090 –6.0Turkey lira .1359 7.3591 23.7Ukraine hryvnia .0363 27.5500 16.4UK pound 1.3201 .7575 0.4Middle East/AfricaBahrain dinar 2.6529 .3770 –0.02Egypt pound .0630 15.8703 –1.1Israel shekel .2964 3.3741 –2.3Kuwait dinar 3.2701 .3058 0.9Oman sul rial 2.5975 .3850 –0.01Qatar rial .2746 3.642 –0.04SaudiArabia riyal .2666 3.7507 –0.02SouthAfrica rand .0586 17.0604 21.9

Close Net Chg %Chg YTD%Chg

WSJDollar Index 88.32 0.09 0.10 –1.39

Sources: Tullett Prebon, DowJonesMarketData

Dow Jones Industrial Average28492.27 s160.35, or 0.57%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

28.46 18.9325.34 16.982.24 2.28

29551.42, 02/12/20

20000

21500

23000

24500

26000

27500

29000

May June July Aug.

Current divisor 0.14579812049809

Bars measure the point change from session's open

tt

Session high

Session low

Session open

Close Open

CloseDOWN UP


S&P 500 Index3484.55 s5.82, or 0.17%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

35.35 22.49

26.17 17.62

1.79 1.95

3484.55, 08/27/20

2650

2800

2950

3100

3250

3400

3550

May June July Aug.


*Weekly P/E data based on as-reported earnings from Birinyi Associates Inc.; †Based on Nasdaq-100 Index

MARKETS DIGEST

P2JW241000-0-B00600-1--------XA

THEWALL STREET JOURNAL. Friday, August 28, 2020 | B7

NetStock SymClose Chg

A B CABB ABB 25.63 -0.54AcadiaPharm ACAD 37.98 0.31ADT ADT 11.01 -0.06AECOM ACM 38.83 0.35AES AES 17.91 0.18Aflac AFL 36.88 0.43AGNC Invt AGNC 14.09 0.04ANGI HomesvcsANGI 13.73 -0.55

s Ansys ANSS 332.34 0.86ASETech ASX 4.11 -0.12ASML ASML 376.22 -9.70AT&T T 29.90 -0.09Azek AZEK 38.42 -0.16

s AbbottLabs ABT 111.29 8.10AbbVie ABBV 94.30 -0.05Abiomed ABMD 311.10 4.96

s Accenture ACN 240.87 0.42ActivisionBliz ATVI 83.90 -0.58Adobe ADBE 510.32 -18.17AdvanceAuto AAP 154.72 -1.76AdvMicroDevicesAMD 83.80 -2.22AgilentTechs A 99.02 -0.31AgnicoEagle AEM 79.40 -1.36AirProducts APD 292.75 -1.21AkamaiTech AKAM 114.06 1.68Albemarle ALB 91.13 -0.77Albertsons ACI 14.66 -0.04Alcon ALC 58.00 -0.33AlexandriaRlEstARE 170.52 0.13AlexionPharm ALXN 106.11 1.81Alibaba BABA 284.17 -7.79AlignTech ALGN 305.64 4.94Alleghany Y 561.88 19.09Allegion ALLE 103.24 0.78AlliantEnergy LNT 54.00 -0.04Allstate ALL 94.13 1.66AllyFinancial ALLY 23.14 0.84AlnylamPharmALNY 133.05 ...Alphabet A GOOGL 1628.52 -15.61Alphabet C GOOG 1634.33 -18.05Alteryx AYX 125.07 5.50AlticeUSA ATUS 27.35 0.41Altria MO 43.75 0.55AlumofChina ACH 6.30 ...

s Amazon.com AMZN 3400.00 -41.85Ambev ABEV 2.29 ...Amcor AMCR 11.07 0.12Amdocs DOX 60.44 0.30Amedisys AMED 243.07 -0.28Amerco UHAL 354.48 3.84Ameren AEE 78.93 0.49AmericaMovil AMX 12.25 -0.24AmericaMovil A AMOV 12.20 -0.21AmerAirlines AAL 13.28 0.49AEP AEP 78.37 -0.24AmerExpress AXP 101.53 3.13AmHomes4RentAMH 28.31 0.09AIG AIG 29.68 0.62AmerTowerREITAMT 247.97 1.00AmerWaterWorksAWK 141.37 0.47AmericoldRealty COLD 38.50 0.33Ameriprise AMP 159.10 3.36AmerisourceBrgnABC 98.13 0.47Ametek AME 100.91 -0.10Amgen AMGN 252.81 2.63Amphenol APH 108.10 -0.95AnalogDevicesADI 119.04 -0.85Anaplan PLAN 61.89 3.74AngloGoldAshAU 28.53 -0.68AB InBev BUD 58.96 -0.37AnnalyCap NLY 7.40 0.08Anthem ANTM 274.59 4.38Aon AON 199.58 4.14ApolloGlbMgmtAPO 47.30 0.40AppFolio APPF 173.62 -1.11Apple AAPL 500.04 -6.05ApplMaterials AMAT 62.03 -1.73Aptargroup ATR 120.05 1.45Aptiv APTV 85.34 -0.10Aramark ARMK 26.20 1.33ArcelorMittal MT 12.13 -0.09ArchCapital ACGL 32.31 0.92ArcherDaniels ADM 44.72 0.24AresMgmt ARES 40.78 0.64arGEN-X ARGX 227.99 -5.95AristaNetworksANET 222.18 0.13ArrowElec ARW 76.49 -0.17AscendisPharma ASND 137.82 -1.65AspenTech AZPN 126.83 -1.04Assurant AIZ 123.66 1.95AstraZeneca AZN 56.11 -0.89Athene ATH 37.22 0.29Atlassian TEAM 188.31 5.36AtmosEnergy ATO 98.98 -0.32Autodesk ADSK 243.11 -5.10Autohome ATHM 84.37 0.06Autoliv ALV 77.46 1.77ADP ADP 141.01 1.40AutoZone AZO 1195.89 -2.12Avalara AVLR 128.88 0.31Avalonbay AVB 158.45 4.60Avangrid AGR 48.81 0.07Avantor AVTR 21.85 0.10AveryDennisonAVY 116.29 0.54BCE BCE 43.99 0.22BHP Group BHP 55.04 -0.12BHP Group BBL 45.14 -0.30BJ'sWholesale BJ 46.86 -0.24BP BP 21.14 -0.24B2Gold BTG 6.39 -0.13Baidu BIDU 127.25 -0.22BakerHughes BKR 14.73 -0.32Ball BLL 79.34 0.42BancoBilbaoViz BBVA 2.96 0.01BancoBradesco BBDO 3.56 0.18BancodeChile BCH 17.07 0.05BancSanBrasil BSBR 5.19 0.13BcoSantChile BSAC 15.43 -0.16BancoSantander SAN 2.23 -0.01BanColombia CIB 28.11 -0.08BankofAmerica BAC 26.05 0.49BankofMontreal BMO 63.75 0.20BankNY Mellon BK 37.55 0.93BkNovaScotia BNS 43.85 0.73Barclays BCS 5.78 ...

BarrickGold GOLD 28.58 -0.79BauschHealth BHC 17.00 -0.26BaxterIntl BAX 86.27 1.92BectonDicknsn BDX 246.57 -7.41BeiGene BGNE 244.55 -4.71Berkley WRB 63.23 1.69BerkHathwy B BRK.B 216.87 2.21BerkHathwy A BRK.A 3256593358.00BerryGlobal BERY 51.44 -0.11BestBuy BBY 111.22 -1.09BeyondMeat BYND 132.15 6.63

s BigCommerce BIGC 141.00 2.00Bilibili BILI 45.14 -3.58

s Bill.com BILL 106.06 3.06Bio-Techne TECH 253.04 0.27Bio-RadLab A BIO 497.15 -16.06Biogen BIIB 279.26 0.09BioMarinPharm BMRN 75.43 0.54BioNTech BNTX 65.59 -2.31

s BlackKnight BKI 83.51 0.73BlackRock BLK 594.98 2.88Blackstone BX 53.54 -0.54Boeing BA 174.20 2.30BookingHldgs BKNG 1893.50 26.53

s BoozAllen BAH 88.58 1.10BorgWarner BWA 40.76 -0.77BostonBeer SAM 889.23 7.43BostonProps BXP 88.48 2.53BostonSci BSX 40.78 1.43BrightHorizons BFAM 134.12 5.41BristolMyers BMY 62.51 0.23BritishAmTob BTI 34.10 0.24Broadcom AVGO 339.14 -0.53BroadridgeFinl BR 138.81 -0.21BrookfieldMgt BAM 34.71 0.40BrookfieldInfr BIP 45.03 -0.16BrookfieldPropREIT BPYU 12.23 0.18BrookfieldRenew BEPC 54.16 0.11Brown&Brown BRO 46.06 0.40Brown-Forman B BF.B 72.90 0.11Brown-Forman A BF.A 66.11 -0.17Bruker BRKR 42.21 0.22Bunge BG 46.24 -0.41BurlingtonStrs BURL201.94 5.51CBRE Group CBRE 47.35 0.37CDW CDW 114.84 3.67CF Industries CF 33.24 -0.25CGI GIB 70.76 0.24CH Robinson CHRW 98.26 0.98CME Group CME 176.45 1.19CMS Energy CMS 59.72 0.32CNA Fin CNA 33.10 0.67CNH Indl CNHI 7.84 -0.07CNOOC CEO 113.71 -3.21CRH CRH 38.20 -0.65CRISPR Therap CRSP 89.42 0.51CSX CSX 76.19 0.78CVS Health CVS 63.39 0.69CableOne CABO 1868.27 65.78CabotOil COG 19.07 0.39CadenceDesign CDNS 109.36 -3.31CaesarsEnt CZR 47.26 1.27CamdenProperty CPT 89.67 2.94CampbellSoup CPB 53.29 -0.19CIBC CM 79.27 1.70

s CanNtlRlwy CNI 106.82 0.40CanNaturalRes CNQ 20.03 0.07CanPacRlwy CP 301.00 1.61Canon CAJ 17.30 -0.22CanopyGrowth CGC 16.50 ...CapitalOne COF 69.61 3.33CardinalHealth CAH 50.67 -0.28Carlisle CSL 129.27 0.42Carlyle CG 26.62 -0.32CarMax KMX 106.54 -0.69Carnival CCL 16.12 0.84Carnival CUK 13.49 0.56CarrierGlobal CARR 30.28 -0.75Carvana CVNA 208.01 0.19CaseysGenStores CASY 176.52 2.03Catalent CTLT 87.71 -1.00Caterpillar CAT 143.37 1.54Celanese CE 102.97 0.18CenovusEnergy CVE 4.81 -0.01Centene CNC 60.49 1.11CenterPointEner CNP 19.76 0.12CentraisElBras EBR 6.44 -0.02CenturyLink CTL 11.34 0.11CeridianHCM CDAY 76.96 0.35Cerner CERN 73.24 1.85CharlesRiverLabs CRL 217.15 -1.45

s CharterComms CHTR 614.29 -0.27CheckPoint CHKP 127.63 -1.32Chegg CHGG 75.20 -1.14Chemed CHE 510.77 3.25CheniereEnergy LNG 51.96 0.93CheniereEnerPtrs CQP 35.76 -0.38Chevron CVX 84.91 0.13Chewy CHWY 56.88 -1.40ChinaEastrnAir CEA 20.22 -0.01ChinaLifeIns LFC 12.12 -0.19ChinaMobile CHL 35.95 -1.06ChinaPetrol SNP 44.56 -1.64ChinaSoAirlines ZNH 25.87 0.14ChinaTelecom CHA 33.43 -1.27ChinaUnicom CHU 7.49 -0.44

s Chipotle CMG 1279.63 2.35Chubb CB 127.76 2.17ChunghwaTel CHT 37.22 -0.10Church&Dwight CHD 96.10 0.19

s ChurchillDowns CHDN 178.05 6.08Ciena CIEN 55.99 -0.94Cigna CI 177.08 2.98CincinnatiFin CINF 80.46 1.96

s Cintas CTAS 328.78 2.83CiscoSystems CSCO 42.29 0.04Citigroup C 51.72 0.87CitizensFin CFG 26.01 0.65CitrixSystems CTXS 142.24 -2.05Clarivate CCC 28.22 0.13Clorox CLX 220.69 0.40Cloudflare NET 39.73 -0.17Coca-Cola KO 48.23 0.07Coca-Cola Euro CCEP 41.50 ...Coca-Cola FemsaKOF 43.01 -0.01Cognex CGNX 66.62 -1.50CognizantTech CTSH 67.41 -0.34

s ColgatePalm CL 79.06 0.41

Comcast A CMCSA 44.54 0.34CommerceBcshrs CBSH 60.19 0.77SABESP SBS 9.00 0.13

s ConagraBrands CAG 38.77 0.04ConchoRscs CXO 51.81 0.73ConocoPhillips COP 38.15 0.59ConEd ED 71.07 0.29ConstBrands A STZ 182.65 1.29ConstBrands B STZ.B 182.39 1.52ContinentalRscs CLR 17.51 0.23Cooper COO 312.43 6.98Copart CPRT 103.08 0.65Corning GLW 32.13 -0.43Corteva CTVA 29.29 0.06CoStar CSGP 846.27 4.55

s Costco COST 346.36 2.09CoupaSoftware COUP 324.74 -7.09Credicorp BAP 130.39 0.76CreditAcceptance CACC 462.26 0.70CreditSuisse CS 11.14 -0.06Cree CREE 62.30 -0.38CrowdStrike CRWD 117.13 0.02CrownCastle CCI 163.42 2.45CrownHoldings CCK 76.97 0.02CubeSmart CUBE 31.29 0.33Cummins CMI 207.67 -1.48CureVac CVAC 57.71 -1.79CyrusOne CONE 82.37 0.04

D E FDISH NetworkDISH 34.71 0.15DTE Energy DTE 117.02 1.28DadaNexus DADA 26.22 -0.74Danaher DHR 204.39 -3.80Darden DRI 85.76 3.03Datadog DDOG 83.54 -2.74DaVita DVA 86.95 -0.57DeckersOutdoorDECK 210.82 -0.77

s Deere DE 209.83 -1.18DellTechC DELL 62.43 0.30DeltaAir DAL 30.82 0.87DentsplySirona XRAY 44.73 1.20DeutscheBankDB 9.73 -0.08DexCom DXCM 427.75 2.06Diageo DEO 135.43 -0.30DiamondbkEner FANG 39.77 0.38DigitalRealty DLR 153.70 -0.26DiscoverFinSvcsDFS 53.71 2.18DiscoveryB DISCB 35.53 -2.98DiscoveryA DISCA 22.86 0.09DiscoveryC DISCK 20.61 0.05Disney DIS 133.73 1.55DocuSign DOCU 214.77 0.36DolbyLab DLB 69.93 -0.66

s DollarGeneral DG 201.34 -2.75DollarTree DLTR 96.72 -7.52DominionEner D 78.00 -0.08Domino's DPZ 416.32 -1.77Donaldson DCI 50.85 -0.33Dover DOV 111.52 0.04Dow DOW 46.16 -0.18DrReddy'sLab RDY 59.70 -0.15DraftKings DKNG 39.06 0.20Dropbox DBX 20.31 -0.26DukeEnergy DUK 79.55 ...DukeRealty DRE 38.94 0.28Dun&BradstreetDNB 25.45 0.17Dunkin' DNKN 75.35 1.26DuPont DD 56.58 -0.33Dynatrace DT 42.68 -0.95ENI E 18.82 -0.25EOG Rscs EOG 44.95 1.69

s EPAM Systems EPAM 323.73 0.72E*TRADE ETFC 54.51 0.85EastmanChem EMN 73.89 0.61Eaton ETN 102.09 -0.31eBay EBAY 56.31 -2.27Ecolab ECL 197.68 0.57Ecopetrol EC 11.27 -0.14EdisonInt EIX 51.75 0.66

s EdwardsLife EW 83.70 2.18ElancoAnimal ELAN 28.13 -0.01

s Elastic ESTC 111.16 -1.82ElbitSystems ESLT 134.57 -1.29ElectronicArts EA 141.77 -1.86EmergentBiosol EBS 118.37 -5.36EmersonElec EMR 69.59 -0.68Enbridge ENB 32.43 0.28EncompassHealth EHC 65.14 3.34EnelAmericas ENIA 7.39 0.03EnergyTransfer ET 6.53 0.07EnphaseEnergy ENPH 73.44 -1.80Entegris ENTG 67.84 -2.01Entergy ETR 97.26 1.01EnterpriseProd EPD 17.34 -0.11Equifax EFX 166.19 4.92Equinix EQIX 789.65 7.65Equinor EQNR 15.99 -0.16Equitable EQH 21.44 0.28EquityLife ELS 65.89 1.15EquityResdntl EQR 56.63 1.71ErieIndemnity A ERIE 211.47 5.97EssentialUtil WTRG 42.40 -0.22EssexProp ESS 216.64 3.84EsteeLauder EL 216.41 -0.27Etsy ETSY 122.37 -4.54EverestRe RE 221.88 4.91Evergy EVRG 52.92 2.40EversourceEner ES 84.28 0.27ExactSciences EXAS 74.00 -2.18Exelixis EXEL 21.77 0.30Exelon EXC 36.89 -0.38Expedia EXPE 97.74 2.63

s ExpeditorsIntl EXPD 87.50 -0.05ExtraSpaceSt EXR 106.53 0.73ExxonMobil XOM 39.74 -0.27F5Networks FFIV 128.76 -5.05FMC FMC 109.41 0.72Facebook FB 293.22 -10.69FactSet FDS 353.93 -2.03FairIsaac FICO 425.01 -0.37Farfetch FTCH 27.57 -0.66Fastenal FAST 48.35 0.26Fastly FSLY 94.35 4.66FederalRealty FRT 81.41 1.64FedEx FDX 218.21 2.44Ferrari RACE 195.51 -3.78FiatChrysler FCAU 11.18 -0.11



FidNatlFin FNF 33.20 0.40FidNatlInfo FIS 151.20 3.31FifthThirdBncp FITB 20.94 0.6358.com WUBA 55.66 -0.04FirstRepBank FRC 114.84 1.41FirstSolar FSLR 77.61 -0.58FirstEnergy FE 28.10 0.09Fiserv FISV 99.00 1.06FiveBelow FIVE 110.60 -3.82Five9 FIVN 126.15 -2.17FleetCorTech FLT 248.00 3.20

s Floor&Decor FND 72.41 -1.45FomentoEconMex FMX 58.00 -0.03FordMotor F 6.91 0.09Fortinet FTNT 132.07 -5.15Fortis FTS 40.21 -0.31Fortive FTV 70.84 -0.09

s FortBrandsHome FBHS 84.86 -0.57FoxA FOXA 27.57 0.42FoxB FOX 27.64 0.49Franco-Nevada FNV 148.63 -1.93FranklinRscs BEN 21.35 0.05

s FreeportMcM FCX 14.90 -0.11FreseniusMed FMS 42.90 -0.44

G H IGCI LibertyA GLIBA 81.21 -0.18GDS Holdings GDS 81.01 -3.40GFLEnvironmentalGFL 18.46 -0.11GSXTechedu GSX 81.93 -1.57Galapagos GLPG 130.39 -3.80Gallagher AJG 106.00 1.53Gaming&LeisureGLPI 37.67 0.82Gap GPS 17.38 0.35Garmin GRMN 102.57 -2.10Gartner IT 130.72 -0.79Generac GNRC 186.65 -4.17GeneralDynamicsGD 152.44 1.97GeneralElec GE 6.48 ...GeneralMills GIS 64.71 0.46GeneralMotorsGM 29.69 0.21Genmab GMAB 36.82 -0.91Genpact G 42.18 0.36Gentex GNTX 27.50 -0.18GenuineParts GPC 93.65 -0.72GileadSciencesGILD 65.55 -0.05GSK GSK 39.75 -0.46GlobalPaymentsGPN 174.63 -0.55Globant GLOB 177.00 -1.92GlobeLife GL 85.09 0.93GoDaddy GDDY 83.32 -0.32GoldFields GFI 12.53 -0.31GoldmanSachsGS 210.15 2.93

s Graco GGG 58.11 -0.51s Grainger GWW 362.47 0.98Grifols GRFS 16.20 -0.09Grubhub GRUB 73.46 -1.54GuardantHealthGH 95.12 -0.11Guidewire GWRE 109.33 -1.96HCA HealthcareHCA 134.42 2.79HDFC Bank HDB 49.41 -0.31HD Supply HDS 40.51 -0.03HP HPQ 18.70 0.37HSBC HSBC 21.65 -0.17HUYA HUYA 28.19 0.33Halliburton HAL 16.02 0.21HartfordFinl HIG 41.49 1.03Hasbro HAS 80.68 1.23HealthpeakProp PEAK 28.05 0.75Heico HEI 108.25 2.10Heico A HEI.A 87.59 -0.45HenrySchein HSIC 66.45 0.78Herbalife HLF 49.68 -0.23Hershey HSY 148.70 -0.45Hess HES 46.42 0.12HewlettPackardHPE 9.57 -0.10Hill-Rom HRC 94.67 1.13Hilton HLT 88.80 2.00Hologic HOLX 61.54 -4.37

s HomeDepot HD 288.63 -3.30HondaMotor HMC 25.36 -0.36Honeywell HON 165.99 0.68HorizonTherap HZNP 73.33 0.26HormelFoods HRL 51.31 0.33DR Horton DHI 72.50 -1.57HostHotels HST 11.33 0.32HowmetAerospace HWM 17.43 0.24HuanengPowerHNP 17.24 -0.65

s Huazhu HTHT 43.58 0.54Hubbell HUBB 147.42 0.34HubSpot HUBS 296.10 -0.87Humana HUM 407.45 3.72

s JBHunt JBHT 142.80 0.60HuntingtonBcshs HBAN 9.64 0.23HuntingIngallsHII 153.44 0.58IAA IAA 51.37 0.95ICICI Bank IBN 10.68 0.15IdexxLab IDXX 386.28 0.26IHS Markit INFO 80.24 -0.07ING Groep ING 8.17 -0.10IPG Photonics IPGP 155.31 -1.35IQVIA IQV 158.50 -0.02IcahnEnterprises IEP 50.63 1.22Icon ICLR 184.76 -1.25

s IDEX IEX 178.74 -1.26s IllinoisToolWks ITW 198.67 -0.23Illumina ILMN 351.11 -2.45Immunomedics IMMU 40.91 -0.37ImperialOil IMO 16.71 -0.10Incyte INCY 94.30 0.55Infosys INFY 12.78 -0.10IngersollRand IR 35.29 0.13Inphi IPHI 111.68 -3.83Insulet PODD 216.33 0.90Intel INTC 49.40 -0.15InteractiveBrkrs IBKR 53.05 0.38ICE ICE 105.01 0.01InterContinentl IHG 58.56 1.02IBM IBM 124.65 0.48IntlFlavors IFF 123.58 -1.32IntlPaper IP 36.60 0.43Interpublic IPG 18.40 0.49Intuit INTU 345.00 2.66


s IntuitiveSurgical ISRG 709.39 9.40InvitatHomes INVH 28.82 0.32IonisPharma IONS 52.61 0.30iQIYI IQ 19.61 0.05iRhythmTechs IRTC 215.26 0.26IronMountain IRM 30.45 0.19ItauUnibanco ITUB 4.30 0.08

J K LJD.com JD 79.30 -1.08Joyy YY 88.53 -3.51JPMorganChase JPM 102.35 3.26JackHenry JKHY 165.85 -1.41JacobsEngg J 89.08 0.64JamesHardie JHX 23.36 0.36JazzPharma JAZZ 130.06 5.29J&J JNJ 152.98 0.68JohnsonControls JCI 40.90 -0.17JuniperNetworks JNPR 23.87 -0.24KB Fin KB 31.08 -0.28KE Holdings BEKE 46.90 -2.87KKR KKR 34.82 -0.17KLA KLAC 204.45 -7.78KSCitySouthernKSU 182.44 -0.74Kellogg K 70.46 0.08KeurigDrPepperKDP 29.93 0.13KeyCorp KEY 12.67 0.41KeysightTechs KEYS 95.61 -2.46KilroyRealty KRC 60.08 2.12KimberlyClark KMB 156.20 0.20KinderMorganKMI 13.86 0.13KingsoftCloud KC 35.87 0.20KinrossGold KGC 8.46 -0.26KirklandLakeGoldKL 51.79 -1.01Knight-Swift KNX 46.02 -0.53KoninklijkePhil PHG 49.52 -0.93KoreaElcPwr KEP 8.55 -0.03KraftHeinz KHC 34.76 -0.15Kroger KR 36.16 -0.21L Brands LB 29.93 -0.83LHC Group LHCG 205.00 -1.65Line LN 50.74 -0.48LKQ LKQ 31.76 -0.10LPL Financial LPLA 82.16 1.11L3HarrisTech LHX 181.17 1.87LabCpAm LH 174.26 -5.03LamResearch LRCX 341.45 -10.35LamarAdv LAMR 69.69 2.09LambWeston LW 62.45 1.00LasVegasSands LVS 50.53 0.67Lear LEA 114.68 -1.28Leidos LDOS 91.68 1.14Lennar B LEN.B 59.91 -1.08Lennar A LEN 75.80 -1.35

s LennoxIntl LII 283.07 -3.54LiAuto LI 19.38 -4.00LibertyBroadbandC LBRDK 141.23 -0.39LibertyBroadbandA LBRDA 139.00 0.18LibertyGlobal C LBTYK 22.81 0.08LibertyGlobal B LBTYB 25.00 1.52LibertyGlobal A LBTYA 23.42 0.13LibertyFormOne A FWONA 37.24 -0.18LibertyFormOne C FWONK 40.00 ...LibertyBraves A BATRA 19.92 0.15LibertyBraves C BATRK 19.81 0.18LibertySirius C LSXMK 36.29 0.41LibertySirius B LSXMB 36.40 -0.59LibertySirius A LSXMA 36.24 0.19EliLilly LLY 148.97 -0.29LincolnNational LNC 37.01 1.02Linde LIN 250.93 -1.95LiveNationEnt LYV 57.26 4.62LivongoHealth LVGO 136.68 1.49LloydsBanking LYG 1.42 -0.02LockheedMartin LMT 395.02 -0.42Loews L 36.78 0.88LogitechIntl LOGI 72.85 -1.97

s Lowe's LOW 166.31 -4.08s lululemon LULU 374.84 -6.66Lumentum LITE 84.43 -1.90Lyft LYFT 29.70 0.18LyondellBasell LYB 68.92 -0.39

M NM&T Bank MTB 105.87 2.13MGM ResortsMGM 22.81 0.82MKS Instrum MKSI 118.59 -2.84MPLX MPLX 18.00 0.19MSCI MSCI 369.89 -1.71MagellanMid MMP 38.49 0.71MagnaIntl MGA 50.27 -0.50ManhattanAssocMANH 97.85 0.30ManulifeFin MFC 15.23 0.05MarathonPetrolMPC 34.98 -0.35Markel MKL 1111.62 26.20MarketAxess MKTX 496.20 -3.21Marriott MAR 101.79 4.41Marsh&McLenMMC 114.68 0.46MartinMariettaMLM 209.08 0.61MarvellTech MRVL 35.91 0.30Masco MAS 58.40 -0.70Masimo MASI 219.89 1.66

s Mastercard MA 356.00 4.98MaximIntProductsMXIM 70.04 -0.27McCormickVtgMKC.V 206.22 -0.03

s McCormick MKC 205.45 -0.05McDonalds MCD 212.19 -1.57McKesson MCK 154.26 2.18MedicalProp MPW 18.68 0.30Medtronic MDT 106.86 2.78MelcoResorts MLCO 19.05 -0.50MercadoLibre MELI 1201.40 -14.53Merck MRK 85.82 0.28MetLife MET 39.07 0.75MettlerToledo MTD 968.68 -3.42MicrochipTechMCHP 107.41 -0.22MicronTech MU 44.62 -0.34

s Microsoft MSFT 226.58 5.43MidAmApt MAA 116.38 2.73MiratiTherap MRTX 147.63 -1.28MitsubishiUFJ MUFG 4.09 -0.07MizuhoFin MFG 2.71 -0.05


MobileTeleSysMBT 9.74 0.06Moderna MRNA 68.03 -2.47MohawkInds MHK 96.96 3.70MolinaHealthcareMOH 183.74 2.53MolsonCoorsB TAP 37.57 0.07MomentaPharm MNTA 52.10 -0.04Mondelez MDLZ 58.13 -0.23MongoDB MDB 227.21 -1.63MonolithicPowerMPWR 264.01 -5.54MonsterBev MNST 83.34 -0.63Moody's MCO 292.16 0.21MorganStanleyMS 52.61 0.90Morningstar MORN 162.39 0.46Mosaic MOS 18.42 -0.05MotorolaSol MSI 151.81 -1.52Mylan MYL 16.18 -0.13

s NICE NICE 235.81 -0.21NIO NIO 19.88 -0.56NRG Energy NRG 33.73 -0.21

s NVR NVR 4218.28 -1.72NXP Semi NXPI 126.05 -1.48Nasdaq NDAQ 131.85 -0.69NationalGrid NGG 56.35 -0.50NatlRetailPropNNN 36.11 1.06Natura&Co NTCO 17.57 0.12NatWest NWG 2.94 -0.06nCino NCNO 83.38 -3.33NetApp NTAP 43.91 1.70NetEase NTES 511.88 -2.13Netflix NFLX 526.27 -21.26Neurocrine NBIX 114.17 2.38NewOrientalEduc EDU 146.12 8.24NYTimes A NYT 43.37 0.22NewellBrands NWL 16.19 0.20Newmont NEM 64.76 -0.91NewsCorp B NWS 15.02 0.04NewsCorp A NWSA 15.06 0.06NextEraEnergyNEE 278.88 1.28

s Nike NKE 110.84 -0.69Nikola NKLA 39.31 0.49NiSource NI 22.18 -0.01Nokia NOK 5.01 -0.04NomuraHoldingsNMR 5.13 -0.04Nordson NDSN 189.12 -3.29NorfolkSouthernNSC 212.85 -0.23NorthernTrustNTRS 84.28 1.54NorthropGrumNOC 348.99 7.58NortonLifeLockNLOK 24.17 -0.04Novartis NVS 87.00 -0.03Novavax NVAX 107.35 -7.27NovoNordisk NVO 66.26 -0.51Novocure NVCR 81.50 1.53

s NuanceComms NUAN 29.66 -0.43Nucor NUE 45.55 0.05Nutrien NTR 37.45 -0.62NVIDIA NVDA 505.13 -5.79

O P QOGE Energy OGE 31.54 0.27ONEOK OKE 27.04 0.48OReillyAuto ORLY 462.58 -0.12OakStreetHealthOSH 44.56 0.24OccidentalPetrolOXY 13.04 0.08Okta OKTA 218.44 -5.70OldDomFreightODFL 199.07 0.07Ollie'sBargain OLLI 106.99 -3.72OmegaHealthcareOHI 31.29 0.95Omnicom OMC 54.96 1.30ON Semi ON 21.33 -0.35OneConnectFinTechOCFT 22.00 -0.98OpenText OTEX 45.85 0.58

s Oracle ORCL 57.18 -0.31Orange ORAN 11.35 -0.25Orix IX 60.76 -1.06OtisWorldwideOTIS 63.23 -0.95OwensCorningOC 69.05 -0.89PG&E PCG 9.17 0.30PLDT PHI 29.64 -0.05PNC Fin PNC 112.50 2.19POSCO PKX 39.09 -1.60

s PPD PPD 33.61 -0.08PPG Ind PPG 120.79 0.84PPL PPL 27.65 -0.03PRA HealthSci PRAH 103.95 0.39PTC PTC 89.42 -0.36Paccar PCAR 86.33 -0.54PackagingCpAm PKG 102.10 2.24PagSeguroDig PAGS 44.19 ...PaloAltoNtwks PANW 255.37 -8.07PanAmerSilver PAAS 34.05 -0.68ParkerHannifin PH 207.79 -1.11Paychex PAYX 76.54 0.70PaycomSoftware PAYC 293.00 -2.84Paylocity PCTY 143.18 1.59

s PayPal PYPL 204.34 0.86Pegasystems PEGA 127.90 -2.05Peloton PTON 70.30 3.00PembinaPipeline PBA 25.11 0.12PennNational PENN 55.14 -0.04Pentair PNR 45.60 -0.37Penumbra PEN 224.65 -5.35PepsiCo PEP 138.40 -0.07PerkinElmer PKI 114.50 -4.94Perrigo PRGO 52.39 0.42PetroChina PTR 34.42 -0.75PetroleoBrasil PBR 8.18 0.06PetroleoBrasilA PBR.A 7.95 0.03Pfizer PFE 37.86 -0.19PhilipMorris PM 80.00 0.02Phillips66 PSX 60.26 0.23Pinduoduo PDD 88.82 -0.43PinnacleWest PNW 73.23 0.41Pinterest PINS 34.49 0.18PioneerNatRscs PXD 105.38 0.97PlainsAllAmPipe PAA 6.95 0.19Polaris PII 104.12 0.06

s Pool POOL 336.67 0.82PrincipalFin PFG 44.34 0.64

s Procter&Gamble PG 138.21 -0.18s Progressive PGR 93.31 1.14Prologis PLD 101.90 0.87Proofpoint PFPT 111.26 -0.44PrudentialFin PRU 69.36 1.07


Prudential PUK 31.78 -0.09PublicServiceEnt PEG 52.29 -0.16PublicStorage PSA 211.27 2.76PulteGroup PHM 45.75 -0.54Qiagen QGEN 50.30 -1.75Qorvo QRVO 127.14 -4.37

s Qualcomm QCOM 116.02 -0.02s QuantaServices PWR 51.00 -0.43QuestDiag DGX 110.01 -8.32Quidel QDEL 174.56 -48.38

R SRELX RELX 22.73 -0.11

s RH RH 326.31 1.69s RPM RPM 86.14 0.23RaymondJamesRJF 76.74 1.54RaytheonTechRTX 60.90 0.13RealPage RP 62.70 -0.04RealtyIncome O 62.50 0.82RegencyCtrs REG 40.65 0.55RegenPharm REGN 614.97 2.97RegionsFin RF 11.70 0.32ReinsGrp RGA 93.96 1.92RelianceSteel RS 105.54 0.28RenaissanceReRNR 185.65 4.90Repligen RGEN 149.63 0.19RepublicSvcs RSG 92.68 0.64ResMed RMD 180.68 0.60RestaurantBrandsQSR 54.51 0.01RexfordIndlRealty REXR 48.09 0.43ReynoldsCnsmr REYN 32.95 0.30RingCentral RNG 285.70 -5.06RioTinto RIO 61.21 -0.55RitchieBros RBA 60.38 -0.72RobertHalf RHI 53.99 0.02RocketCos. RKT 27.10 -0.22Rockwell ROK 232.01 -0.38RogersComm BRCI 42.71 0.28Roku ROKU 160.97 -3.31

s Rollins ROL 55.18 -0.73RoperTech ROP 428.06 -4.38RossStores ROST 90.86 1.00RoyalBkCanadaRY 77.57 0.46RoyalCaribbean RCL 66.60 3.76RoyalDutchA RDS.A 29.78 -0.25RoyalDutchB RDS.B 28.23 -0.27RoyalGold RGLD 134.92 -1.87RoyaltyPharma RPRX 41.00 -0.94Ryanair RYAAY 86.40 2.02SAP SAP 165.85 -2.61

s S&P Global SPGI 363.98 -0.43SBA Comm SBAC 305.93 2.47SEI Investments SEIC 52.89 0.53SK Telecom SKM 22.88 -0.20SS&C Tech SSNC 63.74 -0.38StoreCapital STOR 27.01 0.65SVB Fin SIVB 252.04 2.69

s Salesforce.com CRM 276.32 4.00Sanofi SNY 50.76 -0.89SareptaTherap SRPT 149.34 0.49Schlumberger SLB 18.70 0.03SchwabC SCHW 36.08 0.66ScottsMiracleGro SMG 166.56 3.41Sea SE 153.15 -5.85Seagate STX 45.55 -0.18SealedAir SEE 40.66 -0.02SeattleGenetics SGEN 154.11 -0.37SempraEnergy SRE 123.59 1.25SensataTechs ST 41.29 -0.09ServiceCorp SCI 46.29 0.72ServiceNow NOW 480.55 -7.15ShawComm B SJR 19.03 0.11SherwinWilliams SHW 671.80 -4.91ShinhanFin SHG 25.45 -0.47Shopify SHOP 1053.50 -35.83Sibanye-Stillwater SBSW 11.88 0.04SimonProperty SPG 67.57 1.26SiriusXM SIRI 5.90 0.07Skyworks SWKS 140.10 -2.61SlackTech WORK 30.85 0.62Smartsheet SMAR 52.45 -0.02SmithAO AOS 49.20 -0.28Smith&Nephew SNN 40.60 0.42Smucker SJM 120.92 -0.81Snap SNAP 21.74 0.38SnapOn SNA 147.62 0.41SOQUIMICH SQM 31.80 -0.83SolarEdgeTech SEDG 210.44 -4.48SolarWinds SWI 21.02 0.01


Sony SNE 80.42 -0.70Southern SO 52.20 0.48

s SoCopper SCCO 46.32 -0.86SouthwestAir LUV 37.65 1.27Splunk SPLK215.39 -1.35Spotify SPOT 272.01 -6.28

s Square SQ 155.61 1.87StanleyBlackDck SWK 159.48 -0.22Starbucks SBUX 83.41 1.00StateStreet STT 69.25 1.27SteelDynamics STLD 29.79 0.06Steris STE 156.93 2.66STMicroelec STM 29.87 -1.04StoneCo STNE 50.56 1.66Stryker SYK 196.20 7.19SumitomoMits SMFG 5.78 -0.06SunComms SUI 148.45 1.69SunLifeFinancial SLF 43.34 0.63SuncorEnergy SU 16.45 0.16

s SunRun RUN 52.10 2.07Suzano SUZ 9.15 ...SynchronyFin SYF 25.58 1.13SyneosHealth SYNH 60.59 0.13Synnex SNX 126.20 -1.25Synopsys SNPS 217.17 -2.60Sysco SYY 60.03 2.53

T U VTAL Education TAL 76.43 -0.35TC Energy TRP 47.77 -0.05TD Ameritrade AMTD 39.05 0.68TE Connectivity TEL 95.45 -0.35Telus TU 18.64 0.17TIM Part TSU 13.01 0.05TJX TJX 53.67 0.41T-MobileUS TMUS 115.24 -0.95TRowePrice TROW 138.14 1.95TaiwanSemi TSM 80.60 -1.15TakeTwoSoftware TTWO 172.67 -2.72TakedaPharm TAK 18.78 -0.21

s TandemDiabetes TNDM 111.34 3.98Target TGT 150.31 -2.40TataMotors TTM 9.65 ...TeckRscsB TECK 11.36 -0.15TeladocHealth TDOC 215.77 1.20TeledyneTech TDY 321.64 0.88Teleflex TFX 380.28 4.35

s Ericsson ERIC 11.85 -0.16TelefonicaBrasVIV 8.73 ...Telefonica TEF 4.01 -0.07TelekmIndonesia TLK 20.13 -0.4110xGenomics TXG 110.29 -0.04Tenaris TS 11.55 -0.09TencentMusic TME 16.07 0.11Teradyne TER 84.78 -5.09

s Tesla TSLA 2238.75 85.58TevaPharm TEVA 9.48 -0.19

s TexasInstruments TXN 141.49 -0.96Textron TXT 39.32 0.49ThermoFisherSci TMO 420.53 -5.12ThomsonReuters TRI 77.30 0.143M MMM 164.08 0.18Tiffany TIF 123.23 1.71Toro TTC 75.77 0.83TorontoDomBk TD 50.56 0.10Total TOT 39.41 -0.03ToyotaMotor TM 133.56 -1.33

s TractorSupply TSCO 151.02 -3.61TradeDesk TTD 474.10 -6.94Tradeweb TW 57.31 0.36TraneTech TT 118.92 -1.16TransDigm TDG 498.32 13.43TransUnion TRU 86.28 0.51Travelers TRV 117.18 3.64Trex TREX 146.81 -1.30Trimble TRMB 52.04 -0.56Trip.com TCOM 29.03 0.43TruistFinl TFC 39.21 1.34Twilio TWLO 261.52 -3.50Twitter TWTR 40.39 -0.69TylerTech TYL 340.38 -3.45TysonFoods TSN 63.96 0.51UBS Group UBS 12.29 -0.09UDR UDR 34.93 1.14UGI UGI 33.80 0.47Uber UBER 32.80 0.50Ubiquiti UI 183.99 -1.73UltaBeauty ULTA 223.95 3.19Unilever UN 58.89 0.09


Unilever UL 60.40 0.10s UnionPacific UNP 194.44 0.12UnitedAirlines UAL 36.22 1.97UnitedMicro UMC 3.65 -0.11UPS B UPS 160.21 1.31UnitedRentalsURI 179.02 1.43US Bancorp USB 36.94 0.72UnitedHealth UNH 311.67 2.85UnivDisplay OLED 178.19 -3.32UniversalHealthBUHS 111.94 3.64VEREIT VER 6.87 0.17VF VFC 66.62 2.56VICI Prop VICI 23.14 0.36VailResorts MTN 223.06 2.77Vale VALE 10.93 -0.12ValeroEnergy VLO 53.44 -0.26VarianMed VAR 172.15 -0.10Vedanta VEDL 6.88 -0.08

s VeevaSystems VEEV 270.22 1.55Ventas VTR 41.70 1.18VeriSign VRSN 207.87 -0.64VeriskAnalytics VRSK 186.61 0.20Verizon VZ 59.43 -0.03VertxPharm VRTX 274.34 3.05ViacomCBS B VIAC 28.27 0.38ViacomCBS A VIACA 31.31 0.53Vipshop VIPS 17.25 0.09Visa V 211.03 0.77Vistra VST 19.10 0.34VMware VMW142.90 -0.69Vodafone VOD 15.07 -0.16VornadoRealtyVNO 36.88 1.12VoyaFinancial VOYA 52.14 0.56Vroom VRM 66.14 0.48VulcanMatls VMC 124.06 1.17

W X Y ZWEC Energy WEC 92.35 0.31WEX WEX 162.27 4.27W.P.Carey WPC 71.24 0.94WPP WPP 43.88 2.71Wabtec WAB 66.23 -0.53WalgreensBootsWBA 39.34 0.67

s Walmart WMT136.63 5.93WarnerMusic WMG 28.84 -0.58WasteConnectionsWCN 101.00 -0.73WasteMgt WM 114.27 0.37Waters WAT 215.76 -0.33

s Watsco WSO 244.07 -1.08Wayfair W 331.29 -11.11Weibo WB 36.27 0.07WellsFargo WFC 24.59 0.55Welltower WELL 57.92 2.07WestPharmSvcsWST 273.92 -0.19WesternDigitalWDC 35.24 0.95WesternUnionWU 23.85 -0.05WestlakeChemWLK 60.85 1.00WestpacBankingWBK 12.60 -0.09WestRock WRK 30.84 0.30WeyerhaeuserWY 30.16 0.80WheatonPrecMetWPM 51.41 -1.64Whirlpool WHR 177.83 -0.91Williams WMB 20.96 -0.09Williams-Sonoma WSM 91.13 -7.83WillisTowers WLTW 205.56 3.99Wipro WIT 4.26 0.03Wix.com WIX 291.05 -5.88

s Workday WDAY216.63 3.01WynnResorts WYNN 86.52 1.72XP XP 49.60 1.83XPO Logistics XPO 88.40 2.04XcelEnergy XEL 68.63 0.50Xilinx XLNX 103.72 -1.26Xylem XYL 81.21 0.51Yandex YNDX 64.59 -0.92YumBrands YUM 95.47 0.14YumChina YUMC 55.20 -0.20ZTO Express ZTO 32.26 -0.55ZaiLab ZLAB 80.45 -2.92ZebraTech ZBRA 277.26 -7.48Zendesk ZEN 93.02 -0.09

s Zillow C Z 85.24 1.39s Zillow A ZG 84.96 1.41ZimmerBiomet ZBH 140.53 3.70Zoetis ZTS 159.61 -0.15ZoomVideo ZM 294.68 -0.59ZoomInfoTech ZI 37.03 -1.02Zscaler ZS 138.76 -1.24Zynga ZNGA 8.99 -0.16


Thursday, August 27, 2020

How to Read the Stock TablesThe following explanations apply to NYSE, NYSEArca, NYSE American and Nasdaq Stock Marketlisted securities. Prices are composite quotationsthat include primary market trades as well astrades reported by Nasdaq BX (formerly Boston),Chicago Stock Exchange, Cboe, NYSE National andNasdaq ISE.The list comprises the 1,000 largest companiesbased on market capitalization.Underlined quotations are those stocks withlarge changes in volume compared with theissue’s average trading volume.Boldfaced quotations highlight those issueswhose price changed by 5% or more if theirprevious closing price was $2 or higher.

Footnotes:s-New 52-week high.t-New 52-week low.dd-Indicates loss in the most recent fourquarters.FD-First day of trading.h-Does not meet continued listingstandardslf-Late filingq-Temporary exemption from Nasdaqrequirements.t-NYSE bankruptcyv-Trading halted on primary market.vj-In bankruptcy or receivership or beingreorganized under the Bankruptcy Code,or securities assumed by such companies.

Wall Street Journal stock tables reflect composite regular trading as of 4 p.m. andchanges in the closing prices from 4 p.m. the previous day.

BIGGEST 1,000 STOCKS

HighsAnsys ANSS 334.89 0.3AbbottLabs ABT 114.00 7.8Accenture ACN 242.77 0.2AllstatePfdI ALLpI 27.39 -0.4Amazon.com AMZN 3453.00 -1.2AmerEqInvLifePfB AELpB 25.70 -0.3ArcBest ARCB 34.92 4.6AssdBancPfdF ASBpF 26.30 0.2AutoWeb AUTO 5.00 34.9B&G Foods BGS 31.93 0.6BMC Stock BMCH 40.09 22.4BankofAmPfdKK BACpM 27.58 0.3BigLots BIG 57.24 ...BigCommerce BIGC 162.50 1.4Bill.com BILL 107.41 3.0BlackKnight BKI 83.91 0.9BoozAllen BAH 89.29 1.3BrighthousePfdB BHFAO 27.32 0.7BrilliantAcqnRt BRLIR 0.22 18.6BrookfdRenewPfdA17 BEPpA 26.99 0.7BrookfieldRenew BEP 48.22 -0.3BurgundyTechAcqnUn BTAQU 10.02 -0.2CF Finance II CFIIU 10.01 -0.6CanNtlRlwy CNI 107.08 0.4CanadianSolar CSIQ 28.98 2.1CapstarSpacWt CPSR.WS 0.68 5.1CharterComms CHTR 621.04 ...ChickenSoupA CSSE 14.99 4.9Chipotle CMG 1290.51 0.2ChurchillDowns CHDN 179.36 3.5

52-Wk %Stock Sym Hi/Lo Chg

Cintas CTAS 331.87 0.9ColgatePalm CL 79.48 0.5CollectorsUniv CLCT 50.00 -1.1CollierCreek CCH.U 17.78 -1.4CollierCreekWt CCH.WS 4.73 -5.9CollierCreek CCH 17.00 -1.2ConagraBrands CAG 39.34 0.1Costco COST 347.74 0.6Deere DE 212.45 -0.6DenisonMines DNN 0.54 1.0Descartes DSGX 61.34 1.3DiamondPeak DPHC 18.97 11.4Dick's DKS 57.20 -1.8dMY Tech II DMYD.U 10.20 ...DollarGeneral DG 206.98 -1.3DragoneerGrowth DGNR.U 12.07 6.3EPAM Systems EPAM 326.93 0.2EdwardsLife EW 84.31 2.7eGain EGAN 12.54 8.38iEntsAcqnWt JFKKW 1.12 7.5Elastic ESTC 117.53 -1.6EntergyBds63 EAE 26.30 0.2EntergyBds66 EAI 26.85 1.0EntergyLA Bds52 ELJ 26.79 0.3EntergyLA Bds66 ELC 26.74 0.4ExpeditorsIntl EXPD 88.13 -0.1FS Devt FSDC 11.00 4.3FifthThirdPfdK FITBO 26.72 0.6FifthThirdPfdB PNFPP 26.78 0.5FirstCitizensPfdA FCNCP 26.71 0.8FstHorizonPfdE FHNpE 26.66 0.6FirstHorizonPfdD FHNpD 25.56 1.4


FirstMidBncpPfdC FMBIO 26.19 0.7FirstMidwestPfdA FMBIP 26.12 0.4FirstRepBkPfdI FRCpI 27.76 0.3FirstRepBkPfd FRCpJ 26.55 0.2Floor&Decor FND 74.23 -2.0FortBrandsHome FBHS 86.47 -0.7FreeportMcM FCX 15.34 -0.7G Willi-Food WILC 20.95 0.9Goldfield GV 4.75 0.9Graco GGG 58.90 -0.9Grainger GWW 366.25 0.3GreenVisionAcqnRt GRNVR 0.55 41.7HannonArmstrong HASI 42.68 1.0HomeDepot HD 292.95 -1.1Huazhu HTHT 43.90 1.3HudbayMinerals HBM 4.33 -2.1JBHunt JBHT 144.35 0.4IDEX IEX 181.25 -0.7IllinoisToolWks ITW 200.81 -0.1InariMedical NARI 76.80 1.8InnovativeIndProp IIPR 125.35 1.0IntuitiveSurgical ISRG 718.11 1.3KuraOncology KURA 24.04 0.8LancasterColony LANC 184.25 2.2LandstarSystem LSTR 136.52 ...LennoxIntl LII 289.31 -1.2Lowe's LOW 171.32 -2.4lululemon LULU 384.05 -1.7Mastercard MA 358.00 1.4McCormick MKC 207.24 ...MeritMedical MMSI 49.97 2.3MetLifePfdE METpE 28.30 0.2



MetLifePfdF METpF 27.13 0.1Microsoft MSFT 231.15 2.5MontroseEnvl MEG 27.75 -1.6MountainCrest MCACU 10.26 1.6Moxian MOXC 3.44 12.4NICE NICE 238.35 -0.1NVR NVR 4318.00 ...NationalBeverage FIZZ 81.28 2.9NatlGeneralPfdC NGHCN 26.34 0.3Neonode NEON 13.00 -9.8NexGenEnergy NXE 1.99 -2.0Nike NKE 112.79 -0.6Norbord OSB 36.44 0.3NuanceComms NUAN 30.28 -1.4OaktreeCapPfdA OAKpA 28.08 0.31-800-FLOWERS FLWS 31.65 4.5Oracle ORCL 58.45 -0.5Owens&Minor OMI 17.62 -0.6PEDEVCO PED 2.50 168.7PJT Partners PJT 61.07 -1.3PPD PPD 34.35 -0.2PSBusParksPfdZ PSBpZ 26.85 0.3Patterson PDCO 29.45 1.5PayPal PYPL 207.00 0.4Pool POOL 342.15 0.2Procter&Gamble PG 139.69 -0.1Progressive PGR 93.90 1.2Qualcomm QCOM 118.18 ...QuantaServices PWR 51.82 -0.8RH RH 329.09 0.5RPM RPM 87.00 0.3RekorSystems REKR 7.00 26.0RenaissancePfdF RNRpF 27.78 0.4RenaissancePfdE RNRpE 25.88 ...ReneSola SOL 2.98 -8.6Rollins ROL 56.51 -1.3S&P Global SPGI 367.54 -0.1Salesforce.com CRM 278.28 1.5SenecaFoods A SENEA 47.25 1.2SenecaFoods B SENEB 46.80 0.9ShockwaveMed SWAV 61.14 1.0


SilkRoadMed SILK 58.79 3.6SouthernNts20 SOJD 26.90 0.1SoCopper SCCO 47.67 -1.8Square SQ 161.54 1.2StifelFinlPfdC SFpC 27.31 0.1SunPower SPWR 12.34 23.9SunRun RUN 52.78 4.1SuperiorGroup SGC 24.23 2.4SwitchbackEnerWt SBE.WS 1.40 -2.8TFF Pharm TFFP 15.85 13.0TandemDiabetes TNDM 112.84 3.7Ericsson ERIC 12.10 -1.3Tele&DataNts TDA 25.60 0.8Tengasco TGC 1.05 11.3Tesla TSLA 2295.60 4.0TexasInstruments TXN 143.23 -0.7TractorSupply TSCO 155.56 -2.3TrineAcqnUn TRNE.U 13.05 -1.5TruistFinlPfdR TFCpR 26.49 0.3US BancorpPfdK USBpP 28.40 0.7UnionPacific UNP 195.80 0.1VaronisSystems VRNS 124.80 -0.7VeevaSystems VEEV 274.33 0.6Vicor VICR 84.65 -0.1VistasMediaA VMAC 9.92 1.0VivintSolar VSLR 28.97 4.6W.R.BerkleyDeb59 WRBpF 26.47 0.1Walmart WMT 139.35 4.5Watsco WSO 246.47 -0.4WellsFargoPfdAY WFCpY 27.02 0.4WellsFargoPfdT WFCpT 26.49 0.5WellsFargoPfdO WFCpO 25.72 0.5WernerEnterprises WERN 47.40 -0.1Workday WDAY 219.29 1.4XPeng XPEV 25.00 41.5Zillow A ZG 86.49 1.7Zillow C Z 86.81 1.7

LowsAdvEmissions ADES 3.95 -2.0


ArdmoreShipping ASC 3.73 -3.6BP Prudhoe BPT 2.21 -2.2BurgundyTechAcqnUn BTAQU 9.92 -0.2CF Finance II CFIIU 9.93 -0.6CapstarSpacWt CPSR.WS 0.52 5.1CN Finance CNF 3.15 ...Cohbar CWBR 0.85 -10.6ConsldWater CWCO 11.84 -0.7CyclacelPharm CYCC 3.83 -4.7ECMOHO MOHO 1.90 -4.0FortressValueII FAII.U 10.04 0.1FusionAcqnWt FUSE.WS 0.45 1.9GlobalIndemnity GBLI 17.01 -19.3GoHealth GOCO 12.91 -2.6GritstoneOncology GRTS 3.16 -0.9HappinessBiotech HAPP 2.15 -3.1HarmonyBio HRMY 31.88 -4.0Inhibrx INBX 15.76 -6.3Kubient KBNT 3.80 -2.3MaxeonSolar MAXN 14.82 -49.5NorthernGenesis NGA.U 9.84 0.8OdonateTherap ODT 14.78 -14.9PanaceaAcqnA PANA 9.55 0.5PolyPid PYPD 11.67 -5.4Psychemedics PMD 4.50 -4.6Quhuo QH 6.66 -9.5SINOPEC SHI 21.13 -3.9ScorpioTankers STNG 11.23 -6.9Shineco TYHT 2.67 -5.7SocCapHedII A IPOB 10.55 -1.3SundialGrowers SNDL 0.28 -2.6Synalloy SYNL 6.27 -2.0TimberPharm TMBR 1.17 -7.7TsakosEnergy TNP 8.30 -2.1UrbanTea MYT 1.74 1.9UTStarcom UTSI 1.38 -4.7Uxin UXIN 1.02 -5.4VarexImaging VREX 11.11 -1.4VastaPlatform VSTA 14.41 -6.3Vericity VERY 6.91 -14.1VistasMediaWt VMACW 0.21 -16.0


New Highs and Lows | WSJ.com/newhighs

The following explanations apply to the New York Stock Exchange, NYSE Arca, NYSE Americanand Nasdaq Stock Market stocks that hit a new 52-week intraday high or low in the latestsession. % CHG-Daily percentage change from the previous trading session.

DividendChangesDividend announcements fromAugust 27.

Amount Payable /Company Symbol Yld% New/Old Frq Record

Amount Payable /Company Symbol Yld% New/Old Frq Record

IncreasedIntuit INTU 0.7 .59 /.53 Q Oct19 /Oct12LCI Industries LCII 2.5 .75 /.65 Q Sep18 /Sep04

ForeignFanhuaADR FANH 5.2 .25 Q Sep22 /Sep08HighwayHoldings HIHO 14.8 .10 Q Oct13 /Sep28Royal Bank of Canada RY 4.2 .8213 Q Nov24 /Oct26Royal Bank of CanadaPfC2 RYpT 6.0 .42188 Q Nov06 /Oct27TeckResources Cl B TECK 1.3 .038 Q Sep30 /Sep15

KEY:A: annual;M:monthly; Q: quarterly; r: revised; SA: semiannual; S2:1: stock split and ratio; SO:spin-off.

BUSINESS OPPORTUNITIES

%7 %H"I:57 M5K I<O %JJOIJ 814@(?DJF,E31?! =6?=+180< 180 *:+4??*.4:+

-49"0*+A 9=<40=<=:=.4<4:+(2,46?=+180<+0=:-180<- 9=<40=-*:+868!401"? ;"-*:4-- +88?-(

2,4608640+A!*?? ;4 ="9+*8:478:J-A>-D1-@6! =N=N3> LN#NN%84PI

;A +,4 -49"047 9047*+80(

/:+404-+47$ '8:+=9+)8??A #08-9,="40 =+5,40!887%=0+:40-;A546+4<;40>& @3@3=+D+@B?0)32-@&?)-@/BB.A3@>C-@?$0BD

80 =+ ';LNG =69*=L;N$4#% +%'$,%& ',%&")/,!")# * 2"%0 /0 )#% %-$".1%0)1*6 ',%&") ("& *) )#%*$')"/05 4#%*$')"/01*6(%'*0'%22%&3 ./+)./0%&3 /, '/0)"0$%&*) *06 )"1%5

! - 3 . 5 0 4 " 1 . 4 + 0 / -" % . * * 0 ) , + $ * ! 3 ' # ) & /

7 $ 5 - - 0 * 4 3 " * - ) ' + 5 $ 0 ) *6 / 1 2 * ) , ) 4 # - 0 ' + & (

" - ), $/ &/%$/1 2 ( ./!%/ 3*,$!3$! 0 1 . 5 $

- ! 'A&8&+%(#;*! > / '5;! % 2 = " @ % ) " = C $ $ !

BUSINESS OPPORTUNITIES

-0" ./$+& 3)'0#)*%+, 20, 1 4+& !/%/,)(/'.33()D+ )D93.B%1 B% #1%9).3 4 ,F7,55 D% 1).(.3#%.)B 1%1 $- &%DB* #31)%. 341D)D+ B%B4' %1?$: )DB313.B #4). 4B $7/0: #31&%DB* 4D.<D.3161)BB3D 23 6'%3.. %1 "1)D(.7 !4<)B3

.%<103 .)130B 0%DB40B #1313113.E21%(31. 6)B*.31)%<. )D93.B%1. %D'3 #'34.37

($**$&)'"!))*!'*%&+&'*",'"# "*2(%,&&&,####

The MarketplaceADVERTISEMENT

To advertise: 800-366-3975 orWSJ.com/classifieds

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

COMMERCIAL REAL ESTATE

#"" *#%,!" (',$ )+&!"$;SZ#8Z 6#TZ Q<6V!Z 6W#6 U-.N) Sh.L Sh8hGGN_ -. gNKhGM -M Y<9Z6W<4XW6 SVYZ VQ849#Q!Z

!<R;#Qj_ h. V.OJh.h P-*,-*h(J-._ b7/'*5:'( 1B:7N5a fJGG -MMN* M-* )hGN h( ,'gGJP h'P(J-. F[[/ -M(KN *NL'Gh* 0N0gN*)KJ, -* GJ0J(NO ,h*(.N*)KJ, J.(N*N)() b(KN 7I'?@':8#!< K>7':'8785a KNGO gd(KN )N&N.(NN. bF@a !--,N* W-(NG "-**-fN*) b),NPJiPhGGd_ ;Sk W-(NG ;h*(.N*)_ SS!_ QWW RNcc SS!_#8W^! RNcc SS!_ YR#^VV RNcc SS!_ 9-0G') 8'J(N) RNcc SS!_ !k#W V RNcc SS!_ !k#W VV RNcc SS!_ X;RN0,KJ) ;h*(.N*) SS!_ X; RN0,KJ) RNcc SS!_ X; R'*M*NN)g-*- ;h*(.N*) SS!_ X; R'*M RNcc SS!_ X;UhPH)-. RNcc SS!_ X; UhPH)-. ;h*(.N*) SS!_ X; <hH 9JOLN ;h*(.N*) SS!_ X; <hH 9JOLN RNcc SS!_ X;U-K.)-. !J(d ;h*(.N*)_ SS!_ h.O X; U-K.)-. !J(d RNcc SS!a J. (KNJ* *N),NP(J&N R-*(LhLN "-**-fN*b)a-* Rh.hLJ.L Z.(J(bJN)a bP-GGNP(J&NGd_ (KN 71R'(%'( Q>7!7!'82F_ h) )N( M-*(K J. (KN RNcch.J.N ;GNOLNh.O 8NP'*J(d #L*NN0N.( b(KN 71R'(%' 9%:''?'>75a_ (-LN(KN* fJ(K PN*(hJ. *JLK() h.O ,*-,N*(d*N,*N)N.(J.L_ *NGh(J.L (-_ -* h*J)J.L M*-0 (KN RN0gN*)KJ, V.(N*N)() bP-GGNP(J&NGd_ (KN 76=RRB7':BR5a]"h)NO ',-. J.M-*0h(J-. ,*-&JONO gd (KN !--,N* !-0,h.JN) h.O (KNJ* hMiGJh(N)_ J( J) (KN

'.ON*)(h.OJ.L -M 8NP'*NO ;h*(d bg'( fJ(K-'( h.d *NP-'*)N (-_ -* *N,*N)N.(h(J-. -* fh**h.(d -M h.dHJ.O gd_ 8NP'*NO ;h*(d h) (- hPP'*hPd -* P-0,GN(N.N))a (Kh( bJa (KN RN0gN*)KJ, V.(N*N)() P-.)(J('(N(KN ,*J.PJ,hG h))N( -M (KN !--,N* W-(NG "-**-fN*)_ bJJa NhPK !--,N* W-(NG "-**-fN* -f.) (KN *NL'Gh*0N0gN*)KJ, -* GJ0J(NO ,h*(.N*)KJ, J.(N*N)() J. J() *N),NP(J&N R-*(LhLN "-**-fN* -* Rh.hLJ.LZ.(J(d% bJJJa (KN R-*(LhLN "-**-fN*b)a -* Rh.hLJ.L Z.(J(bJN)a K-GO J.(N*N)() J. h ,-*(M-GJ- -M FF K-(NG)G-Ph(NO YG-*JOh_ RJPKJLh._ h.O 6N..N))NN b(KN 71:=<':7!'85a_ h.O bJ&a (KN !--,N* W-(NG "-**-fN*) h*NONg(-*) '.ON* h 0Ncch.J.N G-h. J. (KN -*JLJ.hG ,*J.PJ,hG h0-'.( -M 1DF_C?[_[[[][[ b(KN 7I'LLB>!>'J=B>5a_ fKJPK G-h. J) J. ONMh'G(].#' /BR' P!RR 7BT' <RB*' => 3*7=@': "E )A)A B7 ++SAA BC?C QB87':> .!?' !> *=?<R!B>*' P!7# H'P

G=:T ->!&=:? 6=??':*!BR 6=(' /'*7!=> UD$+A bJa h( (KN M*-.( )(N,) -M (KN QNf j-*H !-'.(d 8',*N0N!-'*( "'JGOJ.L_ G-Ph(NO h( A[ !N.(*N 8(*NN(_ QNf j-*H_ QNf j-*H F[[[@% h.O bJJa J. *NP-L.J(J-. -M (KN!<3Vk^F> ,h.ON0JP h.O *NGh(NO GJ0J(h(J-.) -. ,'gGJP h))N0gGJN)_ (KN 8hGN fJGG hG)- gN P-.O'P(NO&J*('hGGd &Jh -.GJ.N &JON- P-.MN*N.PN] 6KN 49S hOO*N)) h.O ,h))f-*O fJGG gN ,*-&JONO (- hGG *NLJ)(N*NO,h*(JPJ,h.()]6KN !-GGh(N*hG fJGG gN )-GO h) h )J.LGN '.J( h.O J) -MMN*NO 9/ K/E ,MQ0Q K/E ,K.M 9JJ O9-J./]

8NP'*NO ;h*(d 0hHN) .- L'h*h.(NN_ *N,*N)N.(h(J-. -* fh**h.(d_ Ne,*N)) -* J0,GJNO_ h) (- h.d 0h((N*,N*(hJ.J.L (- (KN !-GGh(N*hG_ h.O (KN )hGN -M (KN !-GGh(N*hG fJGG gN 0hON fJ(K-'( *NP-'*)N (-_ h.OfJ(K-'( *N,*N)N.(h(J-. -* fh**h.(d gd_ 8NP'*NO ;h*(d] 6KN !-GGh(N*hG J.PG'ON) '.*NLJ)(N*NO )NP'*J(JN)'.ON* (KN 8NP'*J(JN) #P( -M F>DD_ h) h0N.ONO b(KN 7/'*5:!7!'8 9*75a_ h.O 8NP'*NO ;h*(d *N)N*&N)(KN *JLK( (- *N)(*JP( ,h*(JPJ,h(J-. J. (KN 8hGN (- ,*-),NP(J&N gJOON*) (Kh( *N,*N)N.( (Kh( (KN !-GGh(N*hGfJGG .-( gN )-GO_ h))JL.NO_ ,GNOLNO_ OJ),-)NO -M_ Kd,-(KNPh(NO -* -(KN*fJ)N (*h.)MN**NO fJ(K-'( (KN,*J-* *NLJ)(*h(J-. J. hPP-*Oh.PN fJ(K (KN 8NP'*J(JN) #P( h.O (KN )NP'*J(JN) Ghf) -M hGG -(KN* h,,GJPhgGNI'*J)OJP(J-.)_ '.GN)) h. NeN0,(J-. M*-0 )'PK *NLJ)(*h(J-. J) h&hJGhgGN];SZ#8Z 6#TZ Q<6V!Z (Kh( (KN*N h*N ),NPJiP *N+'J*N0N.() M-* h.d ,-(N.(JhG gJOON* J. P-..NP(J-.

fJ(K -g(hJ.J.L J.M-*0h(J-._ gJOOJ.L -. (KN !-GGh(N*hG h.O ,'*PKh)J.L (KN !-GGh(N*hG bP-GGNP(J&NGd_ (KN70';5!:'?'>785a_ J.PG'OJ.L fJ(K-'( GJ0J(h(J-. bFa P-0,GdJ.L fJ(K (KN *N+'J*N0N.() h,,GJPhgGN (- (KN)hGN -M (KN !-GGh(N*hG )N( M-*(K J. (KN V.(N*P*NOJ(-* #L*NN0N.( Oh(NO h) -M 8N,(N0gN* A_ E[F@ b(KN7K695a_ h0-.L 8NP'*NO ;h*(d h.O (KN K-GON* -M (KN 8N.J-* S-h. b(KN 7/'>!=: J=B>5a_ J.PG'OJ.L_ g'(.-( GJ0J(NO (-_ (Kh( )'PK gJOON* 0')( gN h 7:'hGJiNO 6*h.)MN*NN_5 h.O (KN fJ..J.L gJOON* 0')( ONGJ&N**N,GhPN0N.( L'h*h.(NN) M*-0 h 8',,GN0N.(hG 6KJ*O ;h*(d <gGJL-* bONi.NO J. (KN V!#a_ bEa P-0,GdJ.LfJ(K (KN ;GNOLNO Z.(J(d2) L-&N*.J.L O-P'0N.() h.O (KN O-P'0N.() L-&N*.J.L (KN RNcch.J.N S-h.h.O (KN 8N.J-* S-h._ h.O bDa P-0,GdJ.L fJ(K (KN -(KN* +'hGJiPh(J-.) h.O *N+'J*N0N.() bJ.PG'OJ.L g'(.-( GJ0J(NO (- (KN 6N*0) -M 8hGN *NGh(J.L (- (KN )hGN -M (KN !-GGh(N*hG b(KN 7.':?8 =& /BR'5a]#. -.GJ.N Oh(h)J(N M-* (KN 8hGN b(KN 74B7B8!7'5a J) h&hJGhgGN h( K((,=\\fff]

P--,N*K-(NG,-*(M-GJ-'PPM-*NPG-)'*N]P-0 fKJPK fJGG J.PG'ON PN*(hJ. *NGN&h.( J.M-*0h(J-. (Kh( 8NP'*NO;h*(d ,-))N))N) P-.PN*.J.L (KN !--,N* W-(NG "-**-fN*)_ (KN R-*(LhLN "-**-fN*)_ (KN Rh.hLJ.LZ.(J(JN)_ (KN ;*-,N*(JN)_ (KN RNcch.J.N S-h._ h.O (KN V!# bP-GGNP(J&NGd_ (KN 74!8*R=8'( IB7':!BR85ah) fNGG h) (KN 6N*0) -M 8hGN] #PPN)) (- )'PK J.M-*0h(J-. fJGG gN P-.OJ(J-.NO ',-. NeNP'(J-.-M h P-.iON.(JhGJ(d hL*NN0N.( fKJPK Ph. gN M-'.O -. (KN kh(h)J(N] 6- ,h*(JPJ,h(N J. (KN h'P(J-._,*-),NP(J&N gJOON*) 0')( P-.i*0 (KNJ* hgJGJ(d (- )h(J)Md (KN 9N+'J*N0N.() J. (KN 0h..N* ON)P*JgNO J.(KN 6N*0) -M 8hGN_ h.O M-GG-fJ.L )'PK P-.i*0h(J-._ )'PK +'hGJiNO ,h*(JPJ,h.() fJGG gN ,*-&JONO h 49Sh.O ,h))f-*O N.hgGJ.L hPPN)) (- (KN &JON- P-.MN*N.PN M-* (KN 8hGN] Q- J.M-*0h(J-. ,*-&JONO_ fKN(KN*J. (KN kh(h)J(N -* -(KN*fJ)N_ )KhGG P-.)(J('(N h *N,*N)N.(h(J-. -* fh**h.(d -M h.d HJ.O fJ(K *N),NP((- )'PK J.M-*0h(J-._ (KN !-GGh(N*hG -* (KN 8hGN] ;h*(JPJ,h.() h*N N.P-'*hLNO (- *N&JNf hGG kJ)PG-)NORh(N*JhG) h.O ,N*M-*0 )'PK O'N OJGJLN.PN h) (KNd ONN0 .NPN))h*d J. hO&h.PN -M (KN 8hGN]8NP'*NO ;h*(d *N)N*&N) (KN *JLK( (- P*NOJ( gJO_ )N( h 0J.J0'0 *N)N*&N ,*JPN_ *NINP( hGG gJO) h.O

(N*0J.h(N -* hOI-'*. (KN )hGN (- h.-(KN* (J0N_ fJ(K-'( M'*(KN* .-(JPN] #GG gJO) b-(KN* (Kh. P*NOJ( gJO) -M8NP'*NO ;h*(da 0')( gN M-* Ph)K fJ(K .- i.h.PJ.L P-.OJ(J-.) h.O (KN )'PPN))M'G gJOON* 0')( ONGJ&N*J00NOJh(NGd h&hJGhgGN L--O M'.O) bFa M-* (KN 9N+'J*NO kN,-)J( bh) ONi.NO J. (KN 6N*0) -M 8hGNa -. (KNOh(N -M (KN 8hGN_ h.O bEa M-* (KN ghGh.PN -M (KN ,'*PKh)N ,*JPN M-* (KN !-GGh(N*hG -. (KN PG-)J.L Oh(N,*N)P*JgNO gd (KN 6N*0) -M 8hGN] 6KN fJ..J.L gJOON* 0')( ,hd hGG (*h.)MN* (heN)_ )(h0, O'(JN) h.O)J0JGh* (heN) J.P'**NO J. P-..NP(J-. fJ(K (KN ,'*PKh)N -M (KN !-GGh(N*hG]:'N)(J-.) 0hd gN OJ*NP(NO (- "*N(( 9-)N.gN*L h( `F EFE^?FE^B>EA -* g*N((]*-)N.gN*L$h0]IGG]P-0]

P2JW241000-0-B00700-1--------XA


Metal &PetroleumFuturesContract Open

Open High hi lo Low Settle Chg interest

Copper-High (CMX)-25,000 lbs.; $ per lb.Aug ... ... ... 2.9650 0.0055 215Dec 2.9900 3.0120 2.9565 2.9905 0.0090 123,390Gold (CMX)-100 troy oz.; $ per troy oz.Aug 1948.90 1972.50 1948.90 1921.60 –19.10 167Oct 1955.50 1978.50 1907.40 1925.00 –19.10 63,734Dec 1963.00 1987.00 1914.70 1932.60 –19.90 405,619Feb'21 1970.90 1993.70 1922.80 1940.00 –20.30 35,175April 1973.60 1998.00 1928.40 1945.20 –20.80 18,404June 1977.20 1999.60 1934.60 1949.30 –21.20 8,084Palladium (NYM) - 50 troy oz.; $ per troy oz.Aug ... ... ... 2156.80 –31.40 1Sept 2189.10 2225.80 2142.50 2159.20 –31.40 1,180Dec 2199.30 2249.40 2161.30 2190.50 –22.40 8,328March'21 2201.20 2216.20 2168.00 2190.40 –24.90 103June 2184.50 –24.90 7Platinum (NYM)-50 troy oz.; $ per troy oz.Aug ... ... ... 924.80 –11.60 15Oct 943.80 960.00 918.80 928.10 –11.70 48,857Silver (CMX)-5,000 troy oz.; $ per troy oz.Aug 26.810 27.165 26.810 27.010 –0.420 13Dec 27.775 28.195 26.705 27.198 –0.406 137,512CrudeOil, Light Sweet (NYM)-1,000bbls.; $ per bbl.Oct 43.45 43.50 42.36 43.04 –0.35 379,823Nov 43.78 43.81 42.68 43.31 –0.38 210,793Dec 44.09 44.11 43.01 43.61 –0.39 267,339March'21 44.85 44.86 43.88 44.40 –0.41 130,439June 45.39 45.39 44.45 44.92 –0.43 179,124Dec 45.88 45.90 45.02 45.41 –0.46 193,914NYHarborULSD (NYM)-42,000gal.; $ per gal.Sept 1.2448 1.2477 1.2000 1.2107 –.0340 17,239Oct 1.2605 1.2627 1.2175 1.2293 –.0309 98,452Gasoline-NYRBOB (NYM)-42,000gal.; $ per gal.Sept 1.3554 1.3745 1.2688 1.2845 –.0761 21,988Oct 1.2630 1.2765 1.1989 1.2182 –.0452 137,592Natural Gas (NYM)-10,000MMBtu.; $ perMMBtu.Sept 2.424 2.598 s 2.388 2.579 .118 2,800Oct 2.527 2.715 s 2.491 2.710 .136 233,286Nov 2.798 2.951 s 2.772 2.943 .118 196,441Dec 3.089 3.229 s 3.080 3.216 .105 99,086Jan'21 3.207 3.332 s 3.194 3.318 .092 130,950March 3.030 3.136 s 3.017 3.125 .078 89,432

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

Agriculture FuturesCorn (CBT)-5,000bu.; cents per bu.Sept 340.00 344.75 339.00 344.25 3.75 97,976Dec 354.00 359.00 352.75 358.50 4.25 766,945Oats (CBT)-5,000bu.; cents per bu.Sept 261.00 270.50 261.00 269.75 6.50 80Dec 265.00 271.00 264.25 270.50 6.50 4,467Soybeans (CBT)-5,000bu.; cents per bu.Sept 919.75 943.75 919.50 937.25 17.75 16,955Nov 924.50 948.75 923.75 942.00 17.75 380,709SoybeanMeal (CBT)-100 tons; $ per ton.Sept 291.90 296.40 290.70 294.90 3.40 21,874Dec 299.40 304.70 298.50 303.10 3.80 171,971SoybeanOil (CBT)-60,000 lbs.; cents per lb.Sept 32.27 33.62 32.20 33.31 1.07 17,913Dec 32.60 33.81 32.50 33.50 .97 185,602RoughRice (CBT)-2,000 cwt.; $ per cwt.Sept 12.21 12.62 12.15 12.62 .36 562Nov 12.30 12.60 s 12.28 12.55 .24 8,997Wheat (CBT)-5,000bu.; cents per bu.Sept 531.75 543.75 531.00 542.50 10.50 12,787Dec 539.75 552.25 538.75 550.75 11.00 209,473Wheat (KC)-5,000bu.; cents per bu.Sept 449.25 464.50 448.25 460.75 10.50 14,105Dec 460.00 476.00 459.25 472.25 11.00 159,385Cattle-Feeder (CME)-50,000 lbs.; cents per lb.Aug 142.400 142.400 141.975 141.975 –.500 1,705Oct 141.725 142.500 139.550 141.150 –.775 17,558Cattle-Live (CME)-40,000 lbs.; cents per lb.Aug 104.000 104.100 101.800 102.975 –1.075 889Oct 106.900 106.925 104.975 106.150 –.850 121,814Hogs-Lean (CME)-40,000 lbs.; cents per lb.Oct 55.400 56.125 55.275 55.725 .175 97,271Dec 56.275 56.750 56.175 56.575 .250 54,590Lumber (CME)-110,000bd. ft., $ per 1,000bd. ft.Sept 887.30 887.30 s 887.30 887.30 29.00 1,601Nov 792.30 794.80 s 780.70 794.80 29.00 2,041Milk (CME)-200,000 lbs., cents per lb.Aug 19.73 19.77 19.73 19.76 .17 6,084Sept 15.92 16.29 15.14 15.47 –.36 4,158Cocoa (ICE-US)-10metric tons; $ per ton.Sept 2,589 2,589 2,589 2,589 63 904Dec 2,477 2,566 2,477 2,539 63 101,405Coffee (ICE-US)-37,500 lbs.; cents per lb.Sept 121.35 123.25 121.00 122.95 .15 742

Dec 121.80 122.95 118.90 122.35 .25 118,136Sugar-World (ICE-US)-112,000 lbs.; cents per lb.Oct 12.61 12.82 12.50 12.77 .19 365,530March'21 13.22 13.43 13.15 13.39 .18 262,236Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb.Nov 27.40 27.40 27.40 27.40 .03 1,987Jan'21 27.20 27.20 27.20 27.20 .03 1,961Cotton (ICE-US)-50,000 lbs.; cents per lb.Oct 64.49 64.95 64.49 64.76 –.22 116Dec 65.49 65.72 64.75 65.37 –.21 118,029Orange Juice (ICE-US)-15,000 lbs.; cents per lb.Sept 113.75 114.40 111.60 112.55 –1.20 1,665Nov 117.00 117.50 115.10 115.60 –1.15 6,053

InterestRate FuturesUltraTreasuryBonds (CBT) - $100,000; pts 32nds of 100%Sept 218-230 220-270 214-260 215-140 –3-22.0 353,100Dec 222-060 224-090 217-270 218-160 –4-01.0 876,668TreasuryBonds (CBT)-$100,000; pts 32nds of 100%Sept 178-010 179-030 176-040 176-130 –1-24.0 304,969Dec 176-130 177-140 174-150 174-240 –1-24.0 917,019TreasuryNotes (CBT)-$100,000; pts 32nds of 100%Sept 139-105 139-200 138-285 138-310 –11.0 950,559Dec 139-055 139-160 138-240 138-265 –11.0 2,626,6825Yr. TreasuryNotes (CBT)-$100,000; pts 32nds of 100%Sept 125-240 125-287 125-202 125-215 –2.5 852,158Dec 125-280 126-007 125-237 125-250 –2.7 2,534,0232Yr. TreasuryNotes (CBT)-$200,000; pts 32nds of 100%Sept 110-125 110-134 110-117 110-120 –.5 586,679Dec 110-137 110-146 110-127 110-130 –.7 1,526,23130DayFederal Funds (CBT)-$5,000,000; 100 - daily avg.Aug 99.9050 99.9075 99.9025 99.9050 .0025 187,924Oct 99.9250 99.9300 99.9250 99.9300 .0050 233,24010Yr. Del. Int. RateSwaps (CBT)-$100,000; pts 32nds of 100%Sept 100-155 100-260 99-270 99-310 –14.5 76,140Eurodollar (CME)-$1,000,000; pts of 100%Sept 99.7675 99.7750 99.7525 99.7575 –.0125 1,427,055Dec 99.7150 99.7250 99.6850 99.6900 –.0300 1,038,972March'21 99.7850 99.8000 99.7650 99.7700 –.0150 1,002,480June 99.7900 99.8100 99.7750 99.7800 –.0150 923,846

CurrencyFuturesJapaneseYen (CME)-¥12,500,000; $ per 100¥Sept .9436 .9472 .9373 .9382 –.0052 144,243

Dec .9450 .9481 .9384 .9392 –.0052 1,827CanadianDollar (CME)-CAD 100,000; $ per CADSept .7608 .7633 .7596 .7619 .0018 125,833Dec .7610 .7634 .7597 .7620 .0018 5,651BritishPound (CME)-£62,500; $ per£Sept 1.3213 1.3286 1.3162 1.3206 .0013 175,286Dec 1.3218 1.3290 1.3169 1.3212 .0013 4,127Swiss Franc (CME)-CHF 125,000; $ per CHFSept 1.1019 1.1071 1.0965 1.1010 … 52,562Dec 1.1045 1.1098 1.0995 1.1039 … 316AustralianDollar (CME)-AUD 100,000; $ perAUDSept .7234 .7292 s .7217 .7260 .0033 128,673Dec .7241 .7293 s .7218 .7262 .0034 1,125MexicanPeso (CME)-MXN500,000; $ perMXNSept .04548 .04573 .04489 .04504 –.00037 130,974Dec .04499 .04525 .04442 .04455 –.00037 2,687Euro (CME)-€125,000; $ per €Sept 1.1837 1.1907 1.1766 1.1828 .0009 684,750Dec 1.1860 1.1929 1.1789 1.1851 .0009 12,132

IndexFuturesMiniDJ Industrial Average (CBT)-$5 x indexSept 28312 28590 28181 28468 156 82,943Dec 28152 28458 28058 28339 153 805S&P500 Index (CME)-$250 x indexSept 3444.70 3487.70 s 3469.30 3485.30 5.00 30,364Dec … … … 3474.80 5.00 2Mini S&P500 (CME)-$50 x indexSept 3479.50 3498.25 s 3464.75 3485.25 5.00 2,681,528Dec 3467.75 3487.75 s 3454.50 3474.75 5.00 83,801Mini S&PMidcap400 (CME)-$100 x indexSept 1927.60 1943.70 1923.70 1934.60 7.60 58,170Dec 1923.60 1931.60 1921.20 1930.80 7.60 9MiniNasdaq 100 (CME)-$20 x indexSept 11984.50 12046.00 s 11834.75 11952.75 –38.50 241,221Dec 11960.00 12029.75 s 11820.25 11937.25 –38.25 3,668Mini Russell 2000 (CME)-$50 x indexSept 1563.00 1575.40 1551.70 1566.10 3.70 505,740Dec 1556.30 1571.80 1548.50 1562.70 3.70 1,077Mini Russell 1000 (CME)-$50 x indexSept 1938.20 1942.30 s 1923.40 1933.70 5.20 8,467U.S. Dollar Index (ICE-US)-$1,000 x indexSept 92.84 93.35 92.39 92.99 … 28,428Dec 92.85 93.35 92.45 93.01 –.02 1,956

Source: FactSet

Thursday

Aluminum, LME, $ permetric ton *1737.0Copper,Comex spot 2.9650IronOre, 62%FeCFRChina-s 121.2ShreddedScrap, USMidwest-s,m 235Steel, HRCUSA, FOBMidwestMill-s 492

Fibers andTextiles

Burlap,10-oz,40-inchNYyd-n,w 0.6200Cotton,1 1/16 std lw-mdMphs-u 0.6026Cotlook 'A' Index-t *71.35Hides,hvy native steers piece fob-u n.a.Wool,64s,staple,Terr del-u,w n.a.

Grains andFeeds

Barley,top-qualityMnpls-u n.a.Bran,wheatmiddlings, KC-u 83Corn,No. 2 yellow,Cent IL-bp,u 3.3150Corn gluten feed,Midwest-u,w 100.7Corn glutenmeal,Midwest-u,w 407.1Cottonseedmeal-u,w n.a.Hominy feed,Cent IL-u,w 95Meat-bonemeal,50%proMnpls-u,w 183Oats,No.2milling,Mnpls-u 3.0050Rice, LongGrainMilled, No. 2AR-u,w 30.25Sorghum,(Milo)No.2Gulf-u,k 5.3350SoybeanMeal,Cent IL,rail,ton48%-u 295.70Soybeans,No.1 yllw IL-bp,u 9.2700Wheat,Spring14%-proMnpls-u n.a.Wheat,No.2 soft red,St.Louis-u 5.6250Wheat -Hard - KC (USDA) $ per bu-u 4.8075

Thursday

Wheat,No.1softwhite,Portld,OR-u 5.2850

Food

Beef,carcass equiv. indexchoice 1-3,600-900 lbs.-u 190.23select 1-3,600-900 lbs.-u 173.99Broilers, National compwtd. avg.-u,w 0.6673Butter,AAChicago 1.4675Cheddar cheese,bbl,Chicago 144.00Cheddar cheese,blk,Chicago 186.50Milk,Nonfat dry,Chicago lb. 101.50Coffee,Brazilian,Comp 1.1402Coffee,Colombian, NY 1.6895Eggs,largewhite,Chicago-u 0.7850Flour,hardwinter KC 14.20Hams,17-20 lbs,Mid-US fob-u n.a.Hogs,Iowa-So.Minnesota-u 56.08Pork bellies,12-14 lbMidUS-u n.a.Pork loins,13-19 lbMidUS-u 0.8275Steers,Tex.-Okla. Choice-u 105.00Steers,feeder,Okla. City-u,w 152.88

Fats andOils

Corn oil,crudewet/drymill wtd. avg.-u,w 45.0000Grease,choicewhite,Chicago-h 0.2800Lard,Chicago-u n.a.Soybean oil,crude;Centl IL-u 0.3469Tallow,bleach;Chicago-h 0.3150Tallow,edible,Chicago-u n.a.

KEY TO CODES: A=ask; B=bid; BP=country elevator bids to producers; C=corrected; E=Manfra,Tordella & Brooks; G=ICE; 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; K=Prices are now in $ perbushel *Data as of 8/26

Source: Dow JonesMarket Data

CashPrices Thursday, August 27, 2020These prices reflect buying and selling of a variety of actual or “physical” commodities in themarketplace—separate from the futures price on an exchange,which reflectswhat the commoditymight beworth in futuremonths.

Thursday

Energy

Coal,C.Aplc.,12500Btu,1.2SO2-r,w 55.500Coal,PwdrRvrBsn,8800Btu,0.8SO2-r,w 11.600

Metals

Gold, per troy ozEngelhard industrial 1957.00Handy&Harmanbase 1923.85Handy&Harman fabricated 2135.47LBMAGold PriceAM *1918.50LBMAGold Price PM *1932.95Krugerrand,wholesale-e 2003.14Maple Leaf-e 2022.41AmericanEagle-e 2022.41Mexican peso-e 2330.30Austria crown-e 1890.96Austria phil-e 2022.41Silver, troy oz.Engelhard industrial 27.5000Handy&Harmanbase 27.0930Handy&Harman fabricated 33.8660LBMAspot price *£20.0700(U.S.$ equivalent) *26.3950Coins,wholesale $1,000 face-a 21573OthermetalsLBMAPlatinumPrice PM *916.0Platinum,Engelhard industrial 933.0Palladium,Engelhard industrial 2178.0

| wsj.com/market-data/commodities

Global GovernmentBonds:MappingYieldsYields and spreads over or underU.S. Treasurys on benchmark two-year and 10-year government bonds inselected other countries; arrows indicatewhether the yield rose(s) or fell (t) in the latest session

Country/ Yield (%) Spread Under/Over U.S. Treasurys, in basis pointsCoupon (%) Maturity, in years Latest(l)-2 -1 0 1 2 3 4 Previous Month ago Year ago Latest Prev Year ago

0.125 U.S. 2 0.156 s l 0.152 0.158 1.5180.625 10 0.745 s l 0.697 0.612 1.472

5.750 Australia 2 0.259 t l 0.262 0.276 0.746 10.2 11.0 -77.22.500 10 0.927 t l 0.962 0.898 0.918 18.2 26.6 -55.4

0.000 France 2 -0.582 s l -0.584 -0.617 -0.809 -73.8 -73.7 -232.70.000 10 -0.113 s l -0.124 -0.187 -0.415 -85.8 -82.0 -188.7

0.000 Germany 2 -0.647 t l -0.646 -0.669 -0.887 -80.3 -79.8 -240.50.000 10 -0.403 s l -0.414 -0.490 -0.693 -114.8 -111.0 -216.5

1.000 Italy 2 -0.102 t l -0.091 -0.066 -0.104 -25.9 -24.3 -162.30.950 10 1.025 s l 1.020 0.988 1.139 28.0 32.4 -33.3

0.100 Japan 2 -0.122 t l -0.110 -0.132 -0.302 -27.8 -26.3 -182.00.100 10 0.044 t l 0.046 0.020 -0.266 -70.1 -65.1 -173.8

0.400 Spain 2 -0.473 t l -0.461 -0.388 -0.551 -62.9 -61.3 -207.01.250 10 0.395 s l 0.376 0.345 0.083 -35.0 -32.1 -138.9

0.500 U.K. 2 -0.010 t l -0.010 -0.098 0.426 -16.7 -16.2 -109.34.750 10 0.339 s l 0.304 0.112 0.429 -40.6 -39.2 -104.3

Source: Tullett Prebon

CorporateDebtPricemoves by a company's debt in the creditmarkets sometimesmirror and sometimes anticipate,moves inthat same company’s share price.Investment-grade spreads that tightened themost…

Spread*, in basis points Stock PerformanceIssuer Symbol Coupon (%) Maturity Current One-day change Lastweek Close ($) % chg

NissanMotorAcceptance … 3.875 Sept. 21, ’23 215 –21 220 … …Royal Bank of Canada RY 1.600 April 17, ’23 16 –12 27 77.57 0.60Pacific Gas andElectric … 3.150 Jan. 1, ’26 220 –11 225 … …BNPParibas BNP 3.250 March 3, ’23 17 –8 n.a. ... ...

GeneralMotors Financial … 1.700 Aug. 18, ’23 138 –7 148 … …MorganStanley MS 4.875 Nov. 1, ’22 61 –7 64 52.61 1.74AbbVie ABBV 2.900 Nov. 6, ’22 39 –6 40 94.30 –0.05DeltaAir Lines DAL 7.000 May1, ’25 452 –6 456 30.82 2.90

…Andspreads thatwidened themostSocieteGenerale SOCGEN 3.875 March 28, ’24 130 17 110 ... ...Apple AAPL 3.850 May4, ’43 112 7 106 500.04 –1.20Pacific Gas andElectric … 3.750 July 1, ’28 235 7 222 … …ExxonMobil XOM 1.571 April 15, ’23 22 7 22 39.74 –0.67

VerizonCommunications VZ 4.272 Jan. 15, ’36 105 6 102 59.43 –0.05Citigroup C 4.450 Sept. 29, ’27 135 5 140 51.72 1.71Altria MO 4.250 Aug. 9, ’42 233 5 n.a. 43.75 1.27MorganStanley MS 4.300 Jan. 27, ’45 114 5 112 52.61 1.74

High-yield issueswith thebiggest price increases…BondPrice as%of face value Stock Performance

Issuer Symbol Coupon (%) Maturity Current One-day change Lastweek Close ($) % chg

Telecom Italia Capital TITIM 7.721 June 4, ’38 139.530 1.78 n.a. ... ...Occidental Petroleum OXY 7.500 May1, ’31 106.750 1.27 103.750 13.04 0.62LibertyMedia … 8.250 Feb. 1, ’30 109.000 1.25 107.938 ... ...UnitedAirlinesHoldings UAL 5.000 Feb. 1, ’24 89.500 1.00 86.750 36.22 5.75

DishDBS … 7.750 July 1, ’26 115.085 0.92 113.860 … …Netflix NFLX 5.875 Nov. 15, ’28 123.780 0.78 121.970 526.27 –3.88Royal CaribbeanCruises RCL 5.250 Nov. 15, ’22 88.750 0.75 89.500 66.60 5.98DeutscheBank DB 4.500 April 1, ’25 102.417 0.58 n.a. 9.73 –0.82

…Andwith thebiggest price decreasesNavient NAVI 6.750 June 15, ’26 103.771 –0.48 103.014 9.21 5.38FordMotor Credit … 3.087 Jan. 9, ’23 99.375 –0.47 98.500 … …TevaPharmaceutical FinanceNetherlands … 2.200 July 21, ’21 99.100 –0.40 99.095 … …Occidental Petroleum OXY 6.450 Sept. 15, ’36 98.120 –0.38 100.000 13.04 0.62

CF Industries CF 4.950 June 1, ’43 119.000 –0.35 119.250 33.24 –0.75ADTSecurity ADT 4.875 July 15, ’32 107.500 –0.25 108.500 11.01 –0.54Bombardier BBDBCN 6.125 Jan. 15, ’23 81.500 –0.25 79.414 ... ...

*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

Sources:MarketAxess CorporateBondTicker; DowJonesMarketData

BroadMarketBloombergBarclays

2270.41 6.5 U.S. Aggregate 1.190 1.020 2.460

U.S. Corporate IndexesBloombergBarclays

3348.34 6.4 U.S. Corporate 2.010 1.820 4.580

3054.24 5.5 Intermediate 1.350 1.230 4.400

4918.51 8.0 Long term 3.070 2.730 4.930

687.66 6.9 Double-A-rated 1.500 1.300 3.360

881.88 5.5 Triple-B-rated 2.390 2.210 5.350

HighYieldBonds ICEBofA

469.52 0.5 HighYield Constrained 5.372 5.151 11.400

404.97 -7.5 Triple-C-rated 12.167 10.735 19.071

3176.05 -0.5 HighYield 100 4.235 4.235 10.740

423.80 0.6 Global HighYield Constrained 5.433 4.893 11.310

322.03 -2.0 EuropeHighYield Constrained 3.964 2.464 8.183

U.SAgencyBloombergBarclays

1858.78 5.0 U.SAgency 0.560 0.480 2.040

1621.52 3.8 10-20 years 0.420 0.350 1.950

4229.77 10.9 20-plus years 1.580 1.170 2.480

2874.81 5.2 Yankee 1.530 1.430 3.500

Bonds | wsj.com/market-data/bonds/benchmarks

TrackingBondBenchmarksReturn on investment and spreads over Treasurys and/or yields paid to investors comparedwith 52-weekhighs and lows for different types of bondsTotalreturn YTD total Yield (%)close return (%) Index Latest Low High

*Constrained indexes limit individual issuer concentrations to 2%; theHighYield 100 are the 100 largest bonds † In local currency §Euro-zone bonds

** EMBIGlobal Index Sources: ICEDataServices; BloombergBarclays; J.P.Morgan

Totalreturn YTD total Yield (%)close return (%) Index Latest Low High

Mortgage-BackedBloombergBarclays

2226.69 3.7 Mortgage-Backed 1.250 0.930 2.690

2168.88 3.2 GinnieMae (GNMA) 0.710 0.290 2.660

1316.07 3.8 Fanniemae (FNMA) 1.440 1.110 2.690

2019.92 3.8 FreddieMac (FHLMC) 1.420 1.080 2.710

587.82 3.9 MuniMaster 0.997 0.838 3.441

415.99 4.3 7-12 year 0.962 0.771 3.447

472.94 4.4 12-22 year 1.437 1.224 3.690

455.26 3.3 22-plus year 2.210 1.765 4.123

Global Government J.P.Morgan†

610.24 4.7 Global Government 0.620 0.390 1.060

861.61 7.2 Canada 0.820 0.590 1.740

409.73 2.4 EMU§ 0.319 0.109 0.794

777.81 2.5 France 0.090 -0.160 0.430

543.88 1.5 Germany -0.280 -0.740 -0.050

294.60 -1.2 Japan 0.300 -0.070 0.320

606.65 1.8 Netherlands -0.190 -0.540 0.080

1065.88 6.1 U.K. 0.740 0.390 1.180

899.39 2.0 EmergingMarkets ** 4.721 4.523 7.480

Borrowing Benchmarks | wsj.com/market-data/bonds/benchmarks

MoneyRates August 27, 2020

Key annual interest rates paid to borrowor lendmoney inU.S. and internationalmarkets. Rates beloware aguide to general levels but don’t always represent actual transactions.

InflationJuly index ChgFrom (%)

level June '20 July '19

U.S. consumer price indexAll items 259.101 0.51 1.0Core 267.703 0.53 1.6

International rates

Week 52-WeekLatest ago High Low

Prime ratesU.S. 3.25 3.25 5.25 3.25Canada 2.45 2.45 3.95 2.45Japan 1.475 1.475 1.475 1.475

PolicyRatesEuro zone 0.00 0.00 0.00 0.00Switzerland 0.00 0.00 0.50 0.00Britain 0.10 0.10 0.75 0.10Australia 0.25 0.25 1.00 0.25

Overnight repurchaseU.S. 0.10 0.10 3.40 -0.07

U.S. government rates

Discount0.25 0.25 2.75 0.25

Notes ondata:U.S. prime rate is the base rate on corporate loans posted by at least 70%of the 10 largestU.S. banks, and is effectiveMarch 16, 2020. Other prime ratesaren’t directly comparable; lending practices varywidely by location; Discount rate is effectiveMarch 16, 2020.SecuredOvernight FinancingRate is as ofAugust 26, 2020. DTCCGCFRepo Index is Depository Trust&Clearing Corp.'sweighted average for overnight trades in applicable CUSIPs. Value traded isin billions ofU.S. dollars.Federal-funds rates are Tullett Prebon rates as of 5:30 p.m. ET.Sources: Federal Reserve; Bureau of Labor Statistics; DTCC; FactSet;Tullett Prebon Information, Ltd.

Federal fundsEffective rate 0.0900 0.0900 2.3600 0.0600High 0.1000 0.1100 3.0000 0.1000Low 0.0500 0.0500 2.0500 0.0100Bid 0.0800 0.0800 2.1200 0.0100Offer 0.1100 0.1100 2.5000 0.0500

Treasury bill auction4weeks 0.080 0.080 2.060 0.00013weeks 0.100 0.105 1.950 0.00026weeks 0.120 0.120 1.870 0.080

Secondarymarket

FannieMae30-yearmortgage yields

30days 1.856 1.802 3.388 1.75160days 1.912 1.854 3.403 1.804

Other short-term rates

Week 52-WeekLatest ago high low

Callmoney2.00 2.00 4.00 2.00

Commercial paper (AA financial)90days 0.13 0.16 2.53 0.04

Week —52-WEEK—Latest ago High Low

LiborOnemonth 0.15513 0.18325 2.10025 0.14925Threemonth 0.24600 0.25613 2.16413 0.23375Sixmonth 0.30775 0.29863 2.08525 0.28913One year 0.44238 0.44063 2.07413 0.43913

Euro LiborOnemonth -0.546 -0.552 -0.360 -0.621Threemonth -0.510 -0.515 -0.142 -0.539Sixmonth -0.471 -0.470 -0.052 -0.491One year -0.364 -0.360 0.008 -0.441

SecuredOvernight FinancingRate0.07 0.09 5.25 0.01

Value 52-WeekLatest Traded High Low

DTCCGCFRepo IndexTreasury 0.098 27.750 6.007 0.002MBS 0.120 77.750 6.699 0.011

Weekly surveyLatest Week ago Year ago

FreddieMac30-year fixed 2.91 2.99 3.5815-year fixed 2.46 2.54 3.06Five-yearARM 2.91 2.91 3.31

Week —52-WEEK—Latest ago High Low

iShMSCI EAFE EFA 65.02 –1.02 –6.4iShMSCIEmgMarkets EEM 44.96 –0.84 0.2iShNasdaqBiotech IBB 132.67 –0.11 10.1iShNatlMuniBd MUB 115.71 –0.34 1.6iShPfd&Incm PFF 36.69 –0.03 –2.4iShRussell1000Gwth IWF 225.56 –0.12 28.2iShRussell1000 IWB 193.97 0.23 8.7iShRussell1000Val IWD 122.10 0.71 –10.5iShRussell2000 IWM 155.80 0.24 –6.0iShRussellMid-Cap IWR 58.67 0.38 –1.6iShRussellMCValue IWS 83.31 0.62 –12.1iShS&P500Growth IVW 241.53 –0.17 24.7iShS&P500Value IVE 116.28 0.75 –10.6iShShortCpBd IGSB 54.96 –0.07 2.5iShShortTreaBd SHV 110.72 0.01 0.2iShSilver SLV 25.16 –1.60 50.8iShTIPSBondETF TIP 126.01 –0.40 8.1iSh1-3YTreasuryBd SHY 86.50 –0.01 2.2iSh7-10YTreasuryBd IEF 121.18 –0.35 9.9iSh20+YTreasuryBd TLT 161.24 –1.70 19.0iShRussellMCGrowth IWP 173.96 –0.34 14.0iShUSTreasuryBdETF GOVT 27.84 –0.41 7.3JPMUltShtIncm JPST 50.84 –0.02 0.8PIMCOEnhShMaturity MINT 101.91 –0.01 0.3SPDRBlmBarcHYBd JNK 105.72 –0.13 –3.5SPDRBloomBar1-3MTB BIL 91.53 ... 0.1SPDRGold GLD 181.24 –1.16 26.8SchwabIntEquity SCHF 32.00 –0.96 –4.8SchwabUSBrdMkt SCHB 82.88 0.29 7.8SchwabUSDiv SCHD 57.37 0.61 –0.9SchwabUSLC SCHX 83.84 0.26 9.2SchwabUSLCGrw SCHG 119.08 –0.07 28.2SchwabUSSC SCHA 71.25 0.13 –5.8

Closing Chg YTDETF Symbol Price (%) (%)

CommSvsSPDR XLC 63.41 –1.22 18.2CnsmrDiscSelSector XLY 149.55 –0.54 19.2CnsStapleSelSector XLP 65.19 0.62 3.5EnSelectSectorSPDR XLE 35.80 0.20 –40.4FinSelSectorSPDR XLF 25.26 1.69 –17.9FTDJ Internet FDN 196.25 –0.70 41.1HealthCareSelSect XLV 107.76 0.79 5.8IndSelSectorSPDR XLI 78.05 0.36 –4.2InvscQQQI QQQ 291.05 –0.31 36.9InvscS&P500EW RSP 111.42 0.51 –3.7iSh3-7YTreasuryBd IEI 133.38 –0.07 6.1iShCoreDivGrowth DGRO 41.17 0.64 –2.1iShCoreMSCIEAFE IEFA 61.36 –1.06 –5.9iShCoreMSCIEM IEMG 53.74 –0.79 –0.0iShCoreMSCITotInt IXUS 59.52 –0.83 –3.8iShCoreS&P500 IVV 349.76 0.22 8.2iShCoreS&PMC IJH 193.46 0.38 –6.0iShCoreS&PSC IJR 74.51 0.35 –11.1iShS&PTotlUSStkMkt ITOT 78.37 0.31 7.8iShCoreUSAggBd AGG 117.95 –0.35 5.0iShSelectDividend DVY 84.97 0.70 –19.6iShEdgeMSCIMinEAFE EFAV 69.00 –0.92 –7.4iShEdgeMSCIMinUSA USMV 64.96 0.46 –1.0iShEdgeMSCIUSAMom MTUM 150.70 –0.11 20.0iShEdgeMSCIUSAQual QUAL 107.16 0.08 6.1iShGoldTr IAU 18.40 –1.23 26.9iShiBoxx$InvGrCpBd LQD 134.59 –0.80 5.2iShiBoxx$HYCpBd HYG 85.08 –0.15 –3.3iShIntermCorpBd IGIB 60.83 –0.36 4.9iShJPMUSDEmgBd EMB 112.54 –0.47 –1.8iShMBSETF MBB 110.57 –0.03 2.3iShMSCIACWI ACWI 82.22 –0.30 3.7


Thursday, August 27, 2020 SchwabUSTIPs SCHP 61.46 –0.41 8.5SPDRDJIATr DIA 285.04 0.57 –0.0SPDRS&PMdCpTr MDY 353.23 0.39 –5.9SPDRS&P500 SPY 348.33 0.22 8.2SPDRS&PDiv SDY 96.80 0.76 –10.0TechSelectSector XLK 122.09 0.08 33.2UtilitiesSelSector XLU 58.90 0.32 –8.9VanEckGoldMiner GDX 40.66 –2.26 38.9VangdInfoTech VGT 324.02 –0.06 32.3VangdSCVal VBR 116.38 0.90 –15.1VangdSCGrwth VBK 217.56 0.01 9.5VangdDivApp VIG 130.66 0.73 4.8VangdFTSEDevMk VEA 41.87 –1.02 –5.0VangdFTSEEM VWO 44.60 –0.58 0.3VangdFTSEEurope VGK 54.49 –1.18 –7.0VangdFTSEAWxUS VEU 51.80 –0.86 –3.6VangdGrowth VUG 236.82 –0.20 30.0VangdHlthCr VHT 206.07 0.67 7.5VangdHiDiv VYM 83.87 0.60 –10.5VangdIntermBd BIV 93.35 –0.17 7.0VangdIntrCorpBd VCIT 95.88 –0.29 5.0VangdLC VV 162.19 0.28 9.7VangdMC VO 179.15 0.22 0.5VangdMBS VMBS 54.34 –0.06 2.2VangdRealEst VNQ 82.05 1.47 –11.6VangdS&P500ETF VOO 320.07 0.20 8.2VangdSTBond BSV 83.07 –0.02 3.1VangdSTCpBd VCSH 82.96 –0.04 2.4VangdSC VB 158.83 0.49 –4.1VangdTotalBd BND 88.13 –0.36 5.1VangdTotIntlBd BNDX 57.83 –0.10 2.2VangdTotIntlStk VXUS 53.61 –0.87 –3.7VangdTotalStk VTI 176.45 0.24 7.8VangdTotlWrld VT 83.36 –0.23 2.9VangdValue VTV 107.72 0.83 –10.1


Exchange-Traded Portfolios | WSJ.com/ETFresearch

Largest 100 exchange-traded funds, latest session

wsj.com/market-data/commoditiesCOMMODITIES

P2JW241000-0-B00800-1--------XA

THEWALL STREET JOURNAL. * * * * * Friday, August 28, 2020 | B9

Net YTDFund NAV Chg %Ret

American Century InvUltra 72.21 -0.01 38.4American Funds Cl AAmcpA p 36.68 +0.07 11.2AMutlA p 42.71 +0.22 -0.8BalA p 29.42 ... 4.6BondA p 14.07 -0.04 9.0CapIBA p 59.79 -0.03 -3.8CapWGrA 53.58 -0.12 3.5EupacA p 58.97 -0.41 5.9FdInvA p 63.11 -0.04 3.8GwthA p 62.50 -0.06 22.2HI TrA p 9.71 +0.02 0.2ICAA p 41.53 +0.05 6.3IncoA p 22.46 +0.01 -1.7N PerA p 55.24 -0.11 16.9NEcoA p 52.92 -0.14 15.7NwWrldA 75.90 -0.33 7.6SmCpA p 66.26 -0.13 12.6TxExA p 13.48 -0.02 2.7WshA p 47.03 +0.27 -1.3Baird Funds


AggBdInst 11.83 -0.03 7.2CorBdInst 12.15 -0.03 6.9BlackRock FundsHiYBlk 7.52 ... 0.3HiYldBd Inst 7.52 ... 0.4BlackRock Funds AGlblAlloc p 20.37 -0.05 9.3BlackRock Funds InstStratIncOpptyIns 10.08 ... 2.9Bridge Builder TrustCoreBond 10.95 -0.04 6.9CorePlusBond 10.66 -0.03 6.8Intl Eq 11.92 -0.11 -0.6LargeCapGrowth 19.67 ... 24.3LargeCapValue 12.90 +0.09 -4.9ClearBridgeLargeCapGrowthI 67.74 -0.18 24.0Columbia Class IDivIncom I 24.01 +0.09 -0.6Dimensional Fds5GlbFxdInc 10.87 ... 1.3EmgMktVa 24.95 -0.26-12.5


EmMktCorEq 20.65 -0.13 -4.2IntlCoreEq 12.76 -0.11 -6.6IntSmCo 17.52 -0.12 -7.1IntSmVa 16.55 -0.13-14.3LgCo 26.78 +0.04 9.2TAUSCoreEq2 20.32 +0.06 1.7US CoreEq1 26.54 +0.06 3.4US CoreEq2 23.85 +0.06 1.6US Small 31.58 +0.09 -9.3US SmCpVal 28.14 +0.21-17.9USLgVa 32.78 +0.20-14.1Dodge & CoxBalanced 95.34 +0.47 -3.8Income 14.75 -0.03 6.8Intl Stk 37.75 -0.32-13.4Stock 173.13 +1.35 -8.4DoubleLine FundsCoreFxdIncmI 11.24 -0.03 3.4TotRetBdI 10.74 -0.01 3.1Edgewood Growth InstitutiEdgewoodGrInst 49.79 -0.18 29.3


Mutual Funds 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.

Fidelity500IdxInstPrem121.12 +0.21 9.2Contrafund K6 18.30 -0.12 26.5ExtMktIdxInstPre 67.65 +0.32 6.0IntlIdxInstPrem 40.96 -0.36 -4.7MidCpInxInstPrem 23.34 +0.07 -0.7SAIUSLgCpIndxFd 18.86 +0.03 9.1SeriesOverseas 11.32 -0.07 5.0SmCpIdxInstPrem 19.87 +0.06 -5.3TMktIdxInstPrem 98.16 +0.22 8.7USBdIdxInstPrem 12.54 -0.04 6.8Fidelity Advisor INwInsghtI 38.70 -0.30 18.3Fidelity FreedomFF2020 16.49 -0.04 4.9FF2025 14.64 -0.04 4.8FF2030 18.13 -0.05 4.7Freedom2020 K 16.48 -0.04 4.9Freedom2025 K 14.62 -0.04 4.9Freedom2030 K 18.12 -0.04 4.8Freedom2035 K 15.26 -0.03 4.4Freedom2040 K 10.69 -0.03 4.2Fidelity InvestBalanc 27.23 +0.01 11.7BluCh 153.77 -0.81 42.7Contra 17.40 -0.12 27.8ContraK 17.43 -0.12 27.8CpInc r 10.07 +0.01 1.1DivIntl 43.48 -0.27 7.4GroCo 31.74 -0.25 48.6GrowCoK 31.81 -0.25 48.7InvGrBd 12.24 -0.04 7.7LowP r 46.85 +0.09 -6.4Magin 12.51 -0.03 22.6

OTC 17.23 -0.06 34.7Puritn 25.72 -0.08 13.8SrsEmrgMkt 21.50 -0.12 4.2SrsGlobal 12.82 -0.09 -2.7SrsGroCoRetail 26.68 -0.21 50.3SrsIntlGrw 18.88 -0.09 7.8SrsIntlVal 8.93 -0.09 -9.8TotalBond 11.49 -0.03 7.1Fidelity SAITotalBd 10.98 -0.03 6.5Fidelity SelectsSoftwr r 26.08 +0.12 35.6First Eagle FundsGlbA 57.76 -0.18 -0.3FPA FundsFPACres 32.07 +0.01 -2.2Franklin A1CA TF A1 p 7.73 -0.02 3.0IncomeA1 p 2.13 ... -5.9FrankTemp/Frank AdvIncomeAdv 2.11 ... -5.8FrankTemp/Franklin AGrowth A p 133.20 -0.03 18.7RisDv A p 73.81 +0.33 6.6FrankTemp/Franklin CIncome C t 2.16 ... -6.1FrankTemp/Temp AdvGlBondAdv p 9.80 -0.03 -5.2Guggenheim Funds TruTotRtnBdFdClInst 29.65 -0.10 11.2Harbor FundsCapApInst 108.09 -0.51 42.7Harding LoevnerIntlEq 24.82 -0.20 4.3

Invesco Funds YDevMktY 46.22 -0.13 1.4JPMorgan I ClassCoreBond 12.38 -0.07 6.5EqInc 18.03 +0.11 -5.9JPMorgan R ClassCoreBond 12.40 -0.07 6.5CorePlusBd 8.78 -0.04 5.9Lord Abbett AShtDurIncmA p 4.18 ... 1.3Lord Abbett FShtDurIncm 4.17 ... 1.1Metropolitan WestTotRetBd 11.60 -0.03 7.2TotRetBdI 11.60 -0.03 7.5TRBdPlan 10.91 -0.03 7.4MFS Funds Class IGrowth I 160.58 -0.41 26.3ValueI 41.64 +0.33 -5.8MFS Funds InstlIntlEq 27.72 -0.18 -0.5Northern FundsStkIdx 40.04 +0.07 9.2Nuveen Cl IHYMunBd 16.89 -0.03 -2.9Old Westbury FdsLrgCpStr 15.82 -0.03 5.0Parnassus FdsParnEqFd 51.77 -0.07 10.5PGIM Funds Cl ZTotalReturnBond NA ... NAPIMCO Fds InstlAllAsset NA ... NAHiYld 8.83 ... 0.9InvGrdCrBd NA ... NA

TotRt 10.91 -0.03 7.3PIMCO Funds AIncomeFd NA ... NAPIMCO Funds I2Income NA ... NAPIMCO Funds InstlIncomeFd NA ... NAPrice FundsBlChip 161.14 -0.82 29.6DivGro 55.10 +0.20 4.0EqInc 27.65 +0.23-12.6EqIndex 92.76 +0.16 9.1Growth 93.06 -0.24 26.9HelSci 90.17 -0.25 10.7LgCapGow I 56.66 -0.15 28.6MidCap 101.38 +0.04 6.3NHoriz 78.93 -0.06 32.9R2020 23.16 -0.04 4.8R2025 18.71 -0.04 5.2R2030 27.30 -0.04 5.4R2035 20.08 -0.03 5.5R2040 28.60 -0.04 5.7PRIMECAP Odyssey FdsAggGrowth r 47.97 -0.08 6.8Schwab Funds1000 Inv r NA ... NAS&P Sel NA ... NATSM Sel r NA ... NATIAA/CREF FundsBdIdxInst 11.66 -0.04 6.6EqIdxInst 25.38 +0.05 8.7VANGUARD ADMIRAL500Adml 322.40 +0.56 9.2BalAdml 42.10 +0.01 8.7

CAITAdml 12.30 -0.01 3.3CapOpAdml r166.90 +0.26 5.8DivAppIdxAdm 35.46 +0.25 5.8EMAdmr 37.21 -0.13 1.3EqIncAdml 72.71 +0.33 -7.0ExplrAdml 103.57 -0.13 6.5ExtndAdml 100.88 +0.47 6.1GNMAAdml 10.75 ... 3.3GrwthAdml 121.89 -0.26 30.5HlthCareAdml r 92.86 +0.31 8.8HYCorAdml r 5.85 ... 1.5InfProAd 28.13 -0.11 8.7IntlGrAdml 136.53 -1.14 32.8ITBondAdml 12.63 -0.03 8.6ITIGradeAdml 10.62 -0.02 8.2LTGradeAdml 11.90 -0.14 11.8MidCpAdml 221.94 +0.50 1.5MuHYAdml 11.75 -0.02 2.3MuIntAdml 14.73 -0.01 3.5MuLTAdml 12.11 -0.02 3.8MuLtdAdml 11.23 ... 2.5MuShtAdml 15.95 ... 1.6PrmcpAdml r150.18 +0.21 4.2RealEstatAdml116.31 +1.71-10.0SmCapAdml 76.08 +0.33 -3.6SmGthAdml 76.46 ... 9.7STBondAdml 10.88 -0.01 4.2STIGradeAdml 10.99 ... 4.1TotBdAdml 11.61 -0.04 6.7TotIntBdIdxAdm 23.09 -0.05 2.6TotIntlAdmIdx r 28.84 -0.21 -2.7TotStAdml 85.88 +0.20 8.8TxMCapAdml181.01 +0.33 10.1TxMIn r 13.47 -0.12 -3.8USGroAdml 159.10 -0.48 42.8

ValAdml 42.02 +0.34 -8.6WdsrllAdml 64.28 +0.17 0.3WellsIAdml 67.41 -0.05 3.4WelltnAdml 76.95 -0.06 4.2WndsrAdml 64.67 +0.47 -9.6VANGUARD FDSDivdGro 31.29 +0.17 3.3INSTTRF2020 25.33 -0.06 5.1INSTTRF2025 25.99 -0.06 5.1INSTTRF2030 26.37 -0.05 5.0INSTTRF2035 26.73 -0.05 4.8INSTTRF2040 27.07 -0.05 4.6INSTTRF2045 27.35 -0.05 4.5INSTTRF2050 27.40 -0.05 4.5INSTTRF2055 27.51 -0.05 4.5LifeCon 21.98 -0.06 5.5LifeGro 37.59 -0.07 4.8LifeMod 30.12 -0.07 5.2PrmcpCor 27.54 +0.07 -1.4STAR 29.80 -0.07 9.7TgtRe2015 15.95 -0.03 5.1TgtRe2020 34.17 -0.07 5.0TgtRe2025 20.85 -0.05 5.1TgtRe2030 38.26 -0.08 5.0TgtRe2035 23.60 -0.05 4.8TgtRe2040 40.95 -0.07 4.7TgtRe2045 25.83 -0.05 4.6TgtRe2050 41.59 -0.07 4.6TgtRet2055 45.15 -0.08 4.5TgtRetInc 14.67 -0.04 5.2TotIntBdIxInv 11.55 -0.02 2.7USGro 61.39 -0.18 42.7WellsI 27.82 -0.02 3.4Welltn 44.56 -0.04 4.1

WndsrII 36.23 +0.10 0.3VANGUARD INDEX FDSIdxIntl 17.24 -0.13 -2.8SmValAdml 49.97 +0.43-14.4TotBd2 11.53 -0.04 6.3TotIntlInstIdx r115.31 -0.88 -2.7TotItlInstPlId r115.34 -0.87 -2.7TotSt 85.84 +0.19 8.7VANGUARD INSTL FDSBalInst 42.11 +0.01 8.7DevMktsIndInst 13.49 -0.12 -3.8DevMktsInxInst 21.08 -0.19 -3.8ExtndInst 100.88 +0.48 6.1GrwthInst 121.90 -0.25 30.5InPrSeIn 11.46 -0.05 8.8InstIdx 311.60 +0.54 9.2InstPlus 311.62 +0.54 9.2InstTStPlus 73.47 +0.17 8.8MidCpInst 49.03 +0.11 1.5MidCpIstPl 241.80 +0.54 1.5SmCapInst 76.07 +0.33 -3.6STIGradeInst 10.99 ... 4.1STIPSIxins 25.58 -0.02 3.6TotBdInst 11.61 -0.04 6.7TotBdInst2 11.53 -0.04 6.4TotBdInstPl 11.61 -0.04 6.7TotIntBdIdxInst 34.65 -0.08 2.7TotStInst 85.89 +0.19 8.8ValueInst 42.02 +0.34 -8.6WCM Focus FundsWCMFocIntlGrwIns 21.84 -0.14 15.5Western AssetCoreBondI NA ... NACorePlusBdI NA ... NACorePlusBdIS NA ... NA

Data provided by

AUCTIONRESULTSHere are the results of Thursday'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.

FOUR-WEEKBILLS

Applications $90,686,406,100Accepted bids $32,815,238,900" noncompetitively $828,639,500" foreign noncompetitively $1,000,000,000Auction price (rate) 99.993778

(0.080%)Coupon equivalent 0.081%Bids at clearing yield accepted 72.34%Cusip number 9127964A4

The bills, datedSept. 1, 2020,mature onSept. 29,2020.

EIGHT-WEEKBILLS

Applications $105,715,080,800Accepted bids $38,284,015,800" noncompetitively $221,063,100" foreign noncompetitively $1,000,000,000Auction price (rate) 99.986000

(0.090%)Coupon equivalent 0.091%Bids at clearing yield accepted 0.55%Cusip number 9127964K2

The bills, datedSept. 1, 2020,mature onOct. 27, 2020.

SEVEN-YEARNOTESApplications $120,280,710,900Accepted bids $51,083,075,700" noncompetitively $8,737,800" foreign noncompetitively $0Auction price (rate) 99.869553

(0.519%)Interest rate 0.500%Bids at clearing yield accepted 68.04%Cusip number 91282CAH4

The notes, datedAug. 31, 2020,mature onAug. 31,2027.

U.S. government bondyields rose in a volatile ses-sion Thursday after the Fed-eral Reserve formally said itwould let inflation run hotterbut didn’t commit to buying

more longer-term Treasurydebt.

Y i e l d s ,which rise when bond pricesdecline, initially fell after FedChairman Jerome Powell saidcentral bank officials unani-mously approved a new ap-proach of making up for peri-ods of low inflation by seekingsubsequent periods of higherinflation.

The implications of the an-nouncement weren’t immedi-ately clear for bond investors.The Fed’s long-telegraphedstrategy means the centralbank will likely leave short-term interest rates near zerofor years to come, an outcomethat by itself should supportdemand for Treasurys. At thesame time, higher inflationerodes the purchasing powerof bonds’ fixed payments, po-tentially making longer-termbonds less appealing.

Following their initial drop,bond yields turned higher asinvestors focused on the lesssupportive aspects of theFed’s policy, analysts said.

The Fed didn’t commit tobuying more longer-termTreasurys as part of its infla-tion strategy. That disap-pointed some investors whoare concerned that the Fed’scurrent purchases could beoverwhelmed by a deluge ofnew debt entering the marketas the federal governmentfunds efforts to revive theeconomy.

Adding more uncertaintyfor investors, Mr. Powell saidofficials were being purposelyvague about the length oftime that inflation needs toaverage 2% before they raiserates.

Investors were cautiousThursday, preparing for anydevelopment that could hurtbond prices. By the end ofthe session, the yield on thebenchmark 10-year U.S. Trea-sury note had climbed to0.744%, from 0.686%Wednesday.

The 30-year bond yieldjumped to 1.499% from 1.406%a day earlier.

BY SAM GOLDFARBAND SEBASTIAN PELLEJERO

TreasurysFall AfterPowell’sRemarks

CREDITMARKETS

letter to Atlanta-based paper-container maker GraphicPackaging Holding Co. Lastyear, it sent similar letters toKeurig Dr Pepper Inc.,Procter & Gamble Co. andhome-improvement companyMasco Corp. The companies’spokespeople declined to com-ment.

The SEC sent its June letterto Coca-Cola after the agencynoticed the drinks maker’s ac-counts payable increasedaround $1.1 billion in 2019. Abump in accounts payable canindicate increased use of sup-ply-chain financing to extendpayment terms. The agencyhad learned that Coca-Colawas a user of a supply-chainfinance program.

It asked Coca-Cola to pro-vide the SEC with more de-tails about the supply-chainfinance deals and uncertain-ties related to the extension ofpayment terms. The agencyalso asked the company toconsider publishing changesin its account payable daysoutstanding, a metric of how

long it takes to pay its suppli-ers.

The company said it hadn’tpreviously disclosed the sup-ply-chain finance program, be-gun in 2014, because it hadn’tmaterially affected liquidityand wasn’t likely to in the fu-ture. Coca-Cola in a later re-

sponse to the SEC said itwould make disclosures aboutthe program in future filings.A Coca-Cola spokesperson de-clined to comment further.

In Boeing’s case, the SEC’sletter was prompted by thecompany’s greater disclosureof its supply-chain financingin March. The aerospace gi-ant, which was later laid lowby the coronavirus shutdown

of the travel sector, said tradepayables included $4.5 billionpayable to suppliers that werepart of its supply-chain fi-nancing programs, down from$5.2 billion on Dec. 31. It saidaccess to such financing couldbe curtailed if the company’scredit ratings were furtherdowngraded.

The SEC letter to Boeingasked it to provide the impactof supply-chain financing onits cash flows, how accountspayable balances had changedowing to the programs, bene-fits and risks of the arrange-ments and plans to extendterms to suppliers, amongother things.

Boeing responded that itdidn’t consider supply-chainfinancing to be material to itsoverall liquidity, and that thedecline was due to fewer pur-chases from suppliers and notdue to changes in the avail-ability of financing.

It pledged to disclose in fu-ture filings the amounts in-cluded in accounts payable asa result of the supply-chain-fi-

nance programs and the im-pact on operating cash flowseach period.

In its latest quarter endingin June, Boeing said tradepayables were little changedfrom March.

A Boeing spokesperson de-clined to comment.

Supply-chain finance pro-grams have multiplied in theyears since the financial cri-sis. Big players include Citi-group Inc. and HSBC HoldingsPLC, as well as nonbank firmssuch as SoftBank Group Corp.-backed Greensill Capital.

The techniques have gainedground even as other forms ofshort-term financing falteredduring the pandemic. Banksgenerated $12.7 billion in thefirst half of the year from sup-ply-chain finance, up 3.6%from a year earlier even asrevenue fell 29% for commodi-ties trade finance, accordingto research firm Coalition.

Because the deals are pri-vate and there is little disclo-sure, the size of the businessis hard to pin down.

when inflation levels hit 2%.The yield on 10-year U.S.

Treasury note rose to 0.744%,its highest level since June 16,from 0.686% on Wednesday,extending this week’s multidayselloff in U.S. governmentbonds. Bond prices and yieldsmove in opposite directions.

Short-term bond yields fellearlier in the day, a develop-ment that is good for banks,which generally borrow shortterm and lend long term. Con-sequently, the S&P 500’s fi-nancial sector rose 1.7%, thebest of the index’s 11 sectors.JPMorgan Chase rose $3.26,or 3.3%, to $102.35, and Bankof America added 49 cents, or1.9%, to $26.05. The short-

term yields ended the day lit-tle changed.

For equities, the upshot ofthe Fed’s new policy is that therelative value of stocks shouldbe higher than bonds, Mr. Ler-ner said. “It will continue topush investors into riskier as-sets if they want to get anykind of return,” he added.

Among individual stocks,Walmart rose $5.93, or 4.5%,to $136.63, and Microsoftgained $5.43, or 2.5%, to$226.58. The moves came af-ter Walmart said it discussedjoining Microsoft in a bid forChinese-owned social-mediaapp TikTok’s U.S. operations.Meanwhile, TikTok Chief Exec-utive Kevin Mayer resigned

gest its ramifications. Goldrose and then fell. Bond yieldsfell and then rose. Stock fu-tures were largely negative,but the major indexes openedhigher. They bounced aroundin the morning and climbed inthe afternoon.

Ultimately, Mr. Lerner said,the market will reposition forhigher long-term inflation ex-pectations.

The moves are coming aftera strong summer for equities.The S&P 500 rose for the 15thtime this month. That puts itup 79% of the trading days inAugust, according to DowJones Market Data. That is thehighest percentage since Feb-ruary 2017. If the index closesout the rest of the monthhigher, it would be the highestrate since May 1990.

Although investors ex-pected the Fed’s shift in infla-tion targeting, the focus onthe Fed’s other mandate—em-ployment—was a bit surpris-ing, said Merk Investments an-alyst Nick Reece.

The Fed’s goal isn’t neces-sarily to have the unemploy-ment rate hit any specific tar-get, but to have an economythat coaxes “marginal” work-ers back into the labor force.

“They’re trying to bring un-employment down, and the la-bor-force participation rateup,” Mr. Reece said. One waythe central bank can affectthat is by not raising rates

from the company, citing thepolitical environment as theTrump administration tries toforce a sale.

Abbott Laboratories added$8.10, or 7.9%, to $111.29 afterreceiving emergency-use au-thorization from the Food andDrug Administration for itsrapid-response coronavirusantigen test.

In economic news, the num-ber of Americans applying forjobless benefits fell modestlylast week, in line with econo-mists’ expectations for a smalldecline. About 1.006 millionpeople applied for benefits inthe week that ended Saturday,compared with 1.106 million inthe previous week and econo-mists’ forecasts of 1 million.

“While this is much in linewith expectations, it doesn’tchange the fact that politi-cians need to pass something,”said Michael Hewson, a mar-kets strategist at brokerageCMC Markets, referring to theneed for further stimulus.

Negotiations between theRepublicans and Democrats onan aid package have stalled,which some analysts worrywill threaten the rally instocks.

Overseas, benchmark stockindexes were mixed. The pan-continental Stoxx Europe 600fell 0.6%. Japan’s Nikkei indexhad advanced 0.3% as of mid-day Friday. The ShanghaiComposite had risen 0.5%.

U.S. stocks rose Thursdayafter Federal Reserve ChairmanJerome Powell said the centralbank would abandon its policyof pre-emptively raising ratesto head off inflation.

The Dow Jones IndustrialAverage climbed 160.35 points,or 0.6%, to 28492.27. Thegains leave the blue-chip index46 points from turning posi-tive for the year, a position itwas last in on Feb. 21.

The S&P500 climbed5.82 points, or0.2%, to

3484.55, extending its streakof consecutive record closes tofive. The technology-heavyNasdaq Composite Indexdropped 39.72 points, or 0.3%,to 11625.34, snapping a five-session winning streak.

Speaking remotely duringthe Fed’s annual symposium,Mr. Powell unveiled a newstrategy in which the Fed willtolerate periods when inflationruns higher than 2% to evenout periods when it has beenbelow that mark, as it hasmostly been since 2008.

“Basically, they’re tellingyou, ‘We’re not going to short-circuit this economy,’ ” saidKeith Lerner, a strategist atSunTrust Advisory Services.

Markets swirled after thespeech as investors tried to di-

BY PAUL VIGNAAND ANNA HIRTENSTEIN

Stocks Rise as Fed Signals Policy Shift

THURSDAY’SMARKETS

The S&P 500 is on pace for themost positive trading daysin amonth, on a percentage basis, since February 2017

Source: Dow Jones Market Data

80

0

20

40

60

%

’18 ’19 ’202017

The U.S. Securities and Ex-change Commission is askingblue-chip companies about apopular financing arrange-ment that frees up cash butpotentially hides risks from in-vestors.

The agency sent letters inJune to Coca-Cola Co. andBoeing Co. requesting moreinformation about how theyuse supply-chain finance, es-sentially a form of short-termborrowing to pay for goodsand services, according to se-curities filings.

The funding, often providedby banks, pays a company’ssuppliers earlier than theywould normally be paid, at aslight discount. It then col-lects the balance from thecompany down the road, gen-erally later than the companywould have paid their supplierdirectly.

While similar to loans, sup-ply-chain financing is oftennot clearly called out on acompany’s financial state-ments. Companies typicallyrecord the transactions as ac-counts payable, leading someto say they portray overly op-timistic financial health, espe-cially if banks pulled the fi-nancing suddenly.

An SEC spokesperson de-clined to comment. Theagency has increased scrutinyof the practice over the pastyear and a half. In June, theagency gave guidance on sup-ply-chain and other types ofshort-term financing in lightof coronavirus disruptions. Itsaid companies should “pro-vide robust and transparentdisclosures.”

“There is almost no infor-mation about it” in financialstatements, said Ben Lourie,an assistant professor at Uni-versity of California, Irvine’sPaul Merage School of Busi-ness. He worries that peopledon’t have the right informa-tion when building valuationand risk models about compa-nies.

In March, the SEC sent a

BY JULIE STEINBERG

SEC Asks Boeing, Coke for Data on Financing Tool

The aircraft maker was asked to explain the impact of supply-chain financing on cash flow, and how accounts payable balances had changed.

JASO

NRE

DMOND/

AGEN

CEFR

ANCE

-PRE

SSE/GET

TYIM

AGES

The arrangement forpaying a company’ssuppliers can hiderisks from investors.

MARKETS

P2JW241000-5-B00900-1--------XA


Job Losses Threaten Airline RecoveryUncertainty about travel restrictions is slowing the rebound in flights and could hit ticket revenue

HEARD ONTHESTREET

FINANCIAL ANALYSIS & COMMENTARY

Wix.com helps small busi-nesses get online, and it is also in-creasingly helping them with pay-ments. That puts it in WallStreet’s happy place.

Investors are crazy for digitalpayments. But they are also stillcoming to grips with what exactlyis a payments company. There arethe established payments giants,like Visa or PayPal Holdings. Butthere are also companies that offerservices so closely tied into pay-ments—like a business’s mobileapp, or sending out invoices—thatthey become payments gatekeep-ers. Often these gatekeepers nowcollect transaction fees themselves.

Tel Aviv-based Wix is perhapsbest known for website building,with some 180 million registered us-ers globally, many of them smallbusinesses. But its future may havemore in common with Shopify orSquare than with, say, GoDaddy.

Wix shares are already up 40%over the past three months, on thestrength of record user growth of9.3 million in the second quarterand an increase in the share of usersbuying multiyear subscriptions. Andyet it might still have more room torun. It trades at about 18 times trail-ing sales. Shopify, which helps com-panies build virtual stores and han-dles payments, is now around 60times. Newly listed BigCommerce,as well as Bill.com Holdings andCoupa Software, which are embed-ding payments in business spending,are all at over 40 times.

Wix this year rolled out a new e-commerce subscription offering, in-cluding things like shipping tools.This will compete with Shopify’scheapest tier in the realm of smallbusinesses, especially those rapidlytrying to adapt to the pandemic.Wix is also putting its gross marginto work by nearly doubling its mar-keting spend in the second quarter.

Wix isn’t a cheap stock. But themarket is now willing to give imme-diate credit to some companies foryears’ of e-commerce and paymentsgrowth. It likely wouldn’t take muchmore than one splashy quarter toreignite the flame. —Telis Demos

Wix CouldLight UpAgain WithPayments

Website builder rolls outmore e-commerce tools

A sale of the U.S. portion ofTikTok appears imminent. Butwhoever ends up with the prizemight rightfully wonder just whatthey are buying into.

The first point was driven homeWednesday night by the resigna-tion of TikTok’s chief executive,Kevin Mayer. The former risingstar at Disney only took the gig inmid-May, which means he spent atleast half his tenure dealing withdemands and threats from the U.S.government to find a local buyeror risk a shutdown. In the memoannouncing his departure earlierobtained by the Financial Times,Mr. Mayer noted that “we expectto reach a resolution very soon.”CNBC reported Thursday morningthat Mr. Mayer was excluded fromthe company’s talks with Micro-soft—the likely buyer—and that adeal could come within the nexttwo days.

Microsoft shares rose 2.5%Thursday while Oracle—the othermost-rumored buyer—saw its stockprice slip. Retail titan Walmart sawits shares jump 4.5% after it con-firmed it was forming a partner-

ship with Microsoft on its bid. Mi-crosoft’s shares are up more than10% since the first of this month,when its role as a likely buyer wasfirst reported. That is well abovethe S&P 500’s 6.5% gain in thattime, signaling support from inves-tors for the unconventional deal.

But the turbulence over the pastmonth, capped by Mr. Mayer’s sud-

den departure, raises legitimatequestions about how TikTok willlook and operate as a portion of itsformer self, run by a U.S.-basedcaretaker under the watchful eyeof the federal government. Mr.Mayer, once considered a candidatefor Disney’s top job, clearly didn’trelish becoming middle manage-ment at whatever tech giant landsthe company.

And whoever ends up owning theoperation might have to deal withthe fallout. President Trump’sthreats to shut down TikTok comejust as Facebook has been pushinga competing offering with its newReels service. According to SensorTower, U.S. downloads of the TikTokapp since the Trump administra-tion’s executive order on Aug. 6 aredown 19% from the three-week pe-riod just before. The buyer couldalso face reprisals in China for itsrole in a deal brokered by the U.S.government, especially after Mr.Trump floated the idea for the gov-ernment to get a piece of the action.TikTok might be hot property. Italso might be getting too hotto handle. —Dan Gallagher

Share-price and index performance,past threemonths

Source: FactSet

30

–10

0

10

20

%

June July Aug.

Microsoft

S&P 500

Named as likelyTikTok buyer

American Airlines said it would lay off roughly 19,000 staff when the industry’s federal-aid package expires.

ANDRE

WCA

BALLER

O-REY

NOLD

S/AGEN

CEFR

ANCE

-PRE

SSE/GET

TYIM

AGES

Prudential PLC’s half-yearoperating profit*

Price-to-forward earnings

Sources: the company (operating profit); FactSet (earnings)*IFRS segment operating profit from continuing operations to June 30

0 5 10 15 20 times

AIAGroup

Stoxx Europe600 Insuranceaverage

PrudentialPLC

M&G

EquitableHoldings

LincolnNational

$2.0

0

0.5

1.0

1.5

billion

2017 ’18 ’19 ’20

Asia operations JacksonNational

The future is bleak for airlineemployees, and the latest round ofjob cuts doesn’t even come with asilver lining for investors.

American Airlines said this weekit would lay off roughly 19,000 staffwhen the industry’s federal-aidpackage expires on Oct. 1. WhileAmerican is the most troubled ofthe three major U.S. carriers, UnitedAirlines and Delta Air Lines havewarned of cuts in the fall. Airlinesand their unions were unsuccess-fully in their efforts to push Wash-ington to approve a second $25 bil-lion package, which would preventredundancies until March 2021.

Yet the Dow Jones U.S. AirlinesIndex has gained 13% over the pastmonth, outpacing the S&P 500. Fi-nancial markets have discountedthe need for long-term changes,and major airlines’ cash buffersseem adequate to ensure their sur-vival. Importantly, July air trafficshowed people are eager to hop ona plane to go on vacation.

Recent signs, however, suggestthe pain may be greater than in-vestors expect.

For one, 85% of routes aroundthe world are still restricted, thesame percentage as in the begin-ning of May, UBS data shows.

Back in July, as Covid-19 casesrose again, the International AirTransport Association updated itsforecast for global passenger traf-fic, saying it wouldn’t return to itspre-pandemic level until 2024—ayear later than expected. Eversince, trends took a worrying turn.According to data by travel analyt-ics firm OAG, global scheduled ca-pacity fell for three weeks in arow. Capacity is set to continue itsrecovery, but the August lull is a

bad omen for industry prospects.An optimistic explanation for a

slowing number of seats flownwould be sensible efforts by air-lines to restrict supply and pushup ticket prices. American has in-deed moved away from its aggres-sive July strategy. Broadly, it ismore likely that uncertainty isweighing on demand for flightsand on prices.

Evidence from Europe, wherecross-border leisure travel haspartially resumed, shows half of allbookings are happening two weeksbefore departure. Budget airlinesare using different pricing strate-gies to cope with this change in

behavior and fill their planes, butanalysts expect average fares perpassenger-mile to be roughly 10%lower in the third quarter com-pared with a year earlier.

In the U.S., American andUnited are publishing higher faresthan a year ago, research by ana-lysts at Cowen shows, but theseannual increases have moderatedeven as capacity has stalled.

The figures are skewed higherby published business-class fares.These have remained elevated andstable, despite all evidence point-ing to almost nonexistent corpo-rate travel, which in normal timeswas the big moneymaker for full-

service airlines. Minimum leisurefares, by contrast, point to largedrops, as legacy carriers try tocompete with their budget peersby offering bargains—particularlyclose to departure.

All told, a lack of visibilityabout demand seems to be upend-ing carriers’ pricing strategies anddepressing the actual prices atwhich most tickets are sold. Giventhat the air-traffic recovery willtake years, airlines have no choicebut to slim down. Shorter-term,though, large job cuts are just an-other telltale sign for investors ofhow much damage is going on un-der the surface. —Jon Sindreu

Shares of companies offeringpayments and e-commerce tools

Source: FactSet

June July Aug.

-10

0

10

20

30

40

50%

Wix.com Shopify PayPal

Investors Stand to Profit on Insurer DivorceBreakups are never easy, but tak-

ing time to do it properly can bebetter for everyone.

Earlier this month, insurer Pru-dential PLC confirmed plans to splitfrom its U.S. business Jackson Na-tional. Activist investor Third Pointpushed for a quick breakup, but theLondon-listed company is taking itstime. That gives investors thechance to buy in before the sharesrerate. The insurer has two mainbusinesses: Jackson National, whichspecializes in retirement annuitiesfor Americans; and a Hong Kong-based business selling health andlife insurance and investments tothe middle classes in Asia and even-tually Africa. Both are profitable, butincongruously grouped together asPrudential they appear to fetch alower valuation than they might ifassessed on their individual merits.

To address this sum-of-the-parts problem, Third Point pushedfor a spinoff of Jackson to share-holders. Prudential instead plansto list the U.S. business through aninitial public offering before nextsummer. It will retain a stake thatcan be sold down gradually.

Low interest rates and regula-tory changes prompted many insur-ers to split into more focused busi-nesses in recent years. Prudential

has been through the separationringer, having spun off its U.K. in-vestment business M&G in October.

Jackson specializes in variableannuities, a stock-linked retirementproduct that is “extremely complexto analyze,” according to ThirdPoint. It isn’t the only investor tobelieve the unit’s value isn’t re-flected in Prudential’s share price.

In June, Athene agreed to buyan 11% stake in Jackson for $500million, which implies a $4.5 bil-

lion valuation. Apollo-backedAthene is an annuities specialistand seen by many as a shrewd in-vestor. The number is broadly inline with the valuation multiple ofrivals such as Equitable Holdingsand Lincoln National. That offersreassurance that Jackson is indeedworth more than Prudential’sstock price implies, but the shareshaven’t rerated since the news.

Jackson isn’t expected to needadditional capital: Its regulatory

risk-based capital solvency ratiowas within the IPO target range atthe end of June. It is likely to issuedebt up to Pru’s target leveragerange of 20% to 25%, but won’t paydividends until after the listing.

The breakup could prompt a re-evaluation of Prudential’s Asia-basedinsurance business too. According toChief Executive Mike Wells, “everydollar of capital invested organicallyin Asia new business created nearlysix dollars of value.” Third Point ar-gued the business is “materially un-dervalued” and UBS sees upside ofabout 15%. Shares in AIA, a similarbusiness, trade for 19 times prospec-tive earnings, compared with justnine times for Prudential’s stock.

To be sure, the IPO plan couldbe delayed by a second wave ofthe pandemic or other market dis-ruption. Pru’s Asian growth pros-pects, which are focused onemerging markets like India andIndonesia as well as mainlandChina and Hong Kong, could stall.

Yet a better valuation for Jack-son doesn’t depend on Asia, andthe IPO plans are in place. Reas-suringly, Mr. Wells has done thisbefore. Divorces usually only makelawyers richer, but Prudential’s isone from which investors couldbenefit. —Rochelle Toplensky

Fight for TikTok Offers Unsure RewardOVERHEARD

History has a way of rhymingat Tesla.

As the electric-car maker pre-pares a 5-for-1 stock split, theshare price is hovering near$2,100. Were it to close at thatprice on Friday, the price afterthe split would be $420.

That scenario would make fora large coincidence. The number,which elicits giggles from ado-lescents and eye rolls fromadults as a reference to mari-juana, has a famous place incompany history. In August2018, Elon Musk tweeted thathe had secured funding to take

the company private at thatshare price and was consideringdoing so.

That sent Tesla’s stock surg-ing, though no buyout ever ma-terialized and Mr. Musk wouldultimately settle securities-fraudcharges over the matter withthe Securities and ExchangeCommission.

Mr. Musk would later say thatthe episode was “worth it,” andin strictly financial terms it ishard to argue that point: a splitback to $420 would represent anear fivefold return in just overtwo years.

Tesla’s stock has risen about fivefold in two years. A Model Y Performance.

SCOTT

JACO

BS/EDMUNDS/ASS

OCIAT

EDPR

ESS

P2JW241000-0-B01000-1--------XA

THEWALL STREET JOURNAL. Friday, August 28, 2020 |M1

houses, two lakefront beaches,miles of trails and even antiquecarriage tours led by former Bud-weiser Clydesdale horses. Theproperty requires a full-time staffof 20, plus contractors. Now aftertwo decades the entire 4,500-acreoperation is going on the marketfor $75 million.

If it secures anything near itsasking price the estate would be-come the most expensive residen-tial property ever sold in thestate, far surpassing the $45 mil-lion sale of AOL co-founder JamesV. Kimsey’s Northern Virginiahome earlier this year. DanielHeider of TTR Sotheby’s Interna-tional Realty, the listing agent,noted the estate could be used asa corporate retreat or as a resort.

The enormous Virginia estateof former wireless telecom entre-preneur Tom Sullivan maintainsthe scale and amenities of a luxu-rious historical theme park.

There is, among other things, atwo-lane go-kart track, a 180-footwaterslide leading to a lake, 26

swimming pools, tennis and bocce courts and an out-door movie theater with a fire pit, Mr. Grinda got ev-ery carpet and couch, the paintings on the walls, thesoup spoons in the silverware drawers and the Frettesheets on the beds.

“The guy who envisioned it and built it had very simi-lar taste to me—he’s another tech entrepreneur wholoves kite-surfing,” Mr. Grinda said. “Not only did itmeet all my personal aesthetics, it was so well thought-out. There’s a compressor for kiting—it helps you pumpyour kites automatically—two kite launch poles andshowers for your feet on the way back from the beach.”

For some vacation-home buyers, the dream home isone that comes fully loaded, down to the pool toysand throw pillows. In island destinations in the Carib-bean and the Bahamas, the cost of shipping furniture,

kitchen appliances and other household items on andoff island can be prohibitive. Many luxury propertiesin such hard-to-reach locations are marketed as move-in ready, with the cost of the décor and furnishingsbaked into the sales price.

But after they have turned the key, buyers may findthat the ghost of their predecessor lingers on—in theshape of their bath towels, wall art and knickknacks.Mr. Grinda, who has been living at Triton since the cor-onavirus pandemic hit New York City, has gotten a win-dow into the psyche of his predecessor over the pastfive months.

“He’s German—everything had to be symmetric. Itcovers his mentality and his mind-set very well,” Mr.Grinda said. “Everything comes in threes: There are

PleaseturntopageM6

AVirginia EstateSeeks a Record

If the 4,500-acre property sells near its askingprice, it would become the state’s priciest home

BY KATHERINE CLARKEAt one point roughlyhalf the property wasowned by Frenchbillionaire BernardArnault; neighborsinclude wineriesowned by the TrumpOrganization,musician DaveMatthews and AOL’sSteve Case.

Fabrice Grinda, a tech entrepreneur andinvestor, visited dozens of vacation villasin Turks and Caicos in search of one thatwas toothbrush ready.

“None fit the bill. I wanted a placewhere I could move in and it was perfect,”

said Mr. Grinda, 46, who splits his time between NewYork City and Turks and Caicos when he is not visitingfamily in France, heli-skiing in Canada or taking survival-training vacations in the rainforests of Guyana.

He found his dream home in July 2019: Triton Villa,a 12,757-square-foot oceanfront home on Long BayBeach on Providenciales, which Mr. Grinda purchasedfor $11.5 million. Along with seven bedrooms, two

BY AMY GAMERMAN

MANSION$23 MillionFormer ReebokCEO takes a

haircut on sale ofhis estate. M10

Art DecoA renovation inOhio honors aniconic designstyle. M12

HOMES | MARKETS | PEOPLE | REDOS | SALES

Fabrice Grinda bought Triton Villa, a turnkey retreat, in 2019.

THEAGEN

CYTU

RKSANDCA

ICOS;

CORY

KLEIN(O

HIO)

These Homes Redefine‘Move‑In Ready’

Turnkey estates come stocked with everything—furniture, kitchen and housewares, even bed sheets.New owners can show up with just clothes and a toothbrush.

PURCHASE PRICE

$11.5MILLIONProvidenciales, Turks and Caicos

JASO

NHEN

RYFO

RTH

EWALL

STRE

ETJO

URN

AL

Kaushik and Rajni Joshi with their children at their new five-bedroom turnkey home.

PURCHASE PRICE

$3MILLIONClear Creek Tahoe, Nev.

La Belle Hortense, Louise Stapleton’s four-bedroom villa is being sold fully furnished.

NICOLE

CANEG

ATAFO

RTH

EWALL

STRE

ETJO

URN

AL

PURCHASE PRICE

$2.5MILLIONSt. Croix, USVI

The Sullivan property sits on awell-known winery route inSouthern Albemarle County nearCharlottesville. Big namesabound: At one point roughly halfthe property was owned byFrench billionaire Bernard Ar-nault, who heads luxury goods gi-ant LVMH.

The property is on the samePleaseturntopageM4 CE

SAROLIVA

RES/

TOWNSE

NDVISUA

LS(3)

FOR SALE

$75MILLION4,500 acres,go-kart track,180-footwaterslide,26 houses,largestprivately

owned lake inthe state,winery,

craft brewery,carriage ridespulled byformer

BudweiserClydesdales

P2JW241000-0-M00100-1--------XA

M2 | Friday, August 28, 2020 THEWALL STREET JOURNAL.

putting in a decorative pond, alsoused for swimming, in the frontyard.

They splurged on a $22,500basement sauna, which includestiles from Italy’s Bisazza, whilesaving on their kitchen by using avintage Bulthaup stainless-steelisland from their apartment.

The sleek, skeletal island—a1980s collector’s item by Otl

Aicher, a postwar German de-signer—looks just right in thenew cooking and dining area, thecouple say, but the current setupmakes meal preparation a bittight. They complemented the is-land with a new hanging light fix-ture from Italy’s Flos.

Another splurge was $17,000for a contemporary fireplace to fitinto a corner near an existing liv-ing-room window. Their decisionto use many pieces from theirprevious home allowed them tospend the bulk of their $77,000furniture budget on new built-inunits and custom carpentry.

Salvaging the building itself of-fered up some surprise decorativepossibilities, such as an industrialconcrete ceiling exposure in therear of the living room, whichplays off Italian steel-gray sofasand poured-concrete floors. Theygave new life to an existing ter-razzo staircase by adding hangingneon-tube lighting.

The couple spent about $71,000on their landscaping, including abamboo border for the pond. Theystill aren’t sure what to do with a

BY J.S. MARCUS

BALANCE SHEET

FromanOffice Building to aHomeA pair of Berlin architects found a run-down 1970s structure on a small lot in a leafy city district and transformed it

KEY COSTSBathrooms

$32,000Kitchen

$20,000Heating

$47,400Windows, glassdoors

$83,000Flooring

$35,600Landscaping

$71,000Lighting andelectrical work

$53,000Built-in units, othercarpentry

$71,000Fireplace

$17,000Sauna

$22,500

PHILIPPOBK

IRCH

ER(4);TH

OMASMEY

ER/O

STKR

EUZFO

RTH

EWALL

STRE

ETJO

URN

AL(EGGER

&SC

HEF

FL)

sizable leftover strip of yard nextto the house. To get her kids awayfrom too much screen time, shesays, “We’re thinking about atrampoline.”

The children’s suite has its ownoutdoor entrance, and is sepa-rated from the living and diningareas by a small internal court-yard. The au pair studio also hasits own entrance.

In theory, says Ms. Scheffl, thehouse could be broken up by asubsequent buyer into three con-dominiums.

The children had done withoutan au pair for several monthswhen Germany’s March shutdown,in response to the Covid-19 pan-demic, compelled the family towork and study from home. Withthe kids around all day, the open-plan office upstairs offered a niceview but precious little quiet andno privacy.

The family improvised by turn-ing the au pair suite into a self-contained office space. “Now it’scomfortable with everyone athome,” says Ms. Scheffl, adding:“I always hated commuting.”

The villa’sfacade isburnishedwood. Theopen, two-storyhome hasa fullstudio inthebasement.

Custom built-in cabinets decorate the open-plan living room, which was given a new poured-concrete floor.

Exposed originalconcrete in ceiling

ties were selling forwell over $1 million.

The bargaincame with a quan-dary: what, if any-thing, to do withthe actual building,whose odd place-ment on the lot allbut ruled out abackyard.

Ms. Scheffl saysthe couple firstthought about tear-ing down and starting fromscratch, then came up with some20 different options on how tosalvage the structure.

In the end, their plan includedgetting rid of the ground floor’scramped atmosphere by removingpart of the second floor and add-ing a raised picture window,which has the effect of a skylight.They made the most of the lot by

1980s Bulthaupisland

Neon-tubelighting

In the Berlin district of Ze-hlendorf, known for its di-verse range of villas, XaverEgger and Sandra Scheffl,both local architects, spent

$1.24 million to fashion their ownkind of villa out of a humdrumcommercial building dating to the1970s.

Situated at the back of a 1/5-acre lot in a mixed-use area of thedistrict, the two-story building

had a variedpast: Havingstarted out as aprinter’s shop,it was laterused as an of-fice building.The structure

was nearly derelict when the cou-ple purchased it for $530,000 inDecember 2015.

Mr. Egger, now 55, and Ms.Scheffl, 45, undertook a gut reno-vation for about $708,000, knock-ing down walls inside while add-ing a new, burnished-wood facadeoutside. Downstairs, they createda ground-floor, two-bedroomsuite for their chil-dren, now 13 and10, and added aself-contained stu-dio in the basementfor an au pair. Up-stairs, they turnedthe second floorinto a master’ssuite, with a home-office gallery over-looking the double-height living room.

At the end of2016, the familymoved into the3,200-square-foothome while stillhandling a numberof finishing touches. They de-clared the project completed inspring 2017.

Suburban Zehlendorf, in the farsouthwest of Berlin, is a radicalchange for the family. They hadbeen living in a 1,800-square-footapartment in Mitte, a central dis-trict that has been the center forBerlin gentrification since the1990s.

“We weren’t really looking,”says Ms. Scheffl, who works withher husband at SEHW Architecture,a Berlin firm founded by Mr. Egger.“But we happened to see it on theinternet.”

She and her husband then did abike tour of the area, which has anumber of small lakes and accessto forests and parks. “We saw itwas really nice there,” she adds.

It was also a really nice price,adds Mr. Egger. At the time, simi-lar-size new and restored proper-

Office galleryand terrace

PURCHASE +RENOVATION

$1.24MILLION

MANSIONNY

MAJESTIC SETTINGOVERLOOKINGTHEATLANTICOCEAN

126 Round Pond Road, Little ComptonThis magnificent home offers comfortable living, featuring a great

room, chef ’s kitchen, 2 family rooms, 4 ensuite bedrooms, multiple

decks, screened-in porch, and multiple decks. All with spectacular

views. Separate Surf Shack has a sauna, ½ bath, and 2 outdoor

showers. Technically advanced custom systems and naturalistic

landscaping. Property is within steps of ocean beaches. A truly

outstanding opportunity rarely offered at Round Pond.

Offered at $5,900,000

29 Meeting House Lane, Little Compton, RI • 401-635-8887www.countryandcoastal.com

A place to become... An artist, a business leader, ateacher. If kids and teens can dream it, Boys & Girls Clubscan help them become it. Because at our Clubs, it’s notmagic that makes dreams come true, it’s the people. Like ourYouth Development Professionals who ensure our youth havea place to feel physically and emotionally safe. A place tobelong. A place to have fun. A place to learn and grow on theirpath to a Great Future.

It’s about showing your true colors.It’s not just about coloring a page...

GreatFutures.org

P2JW241000-0-M00200-1--------NS


FROM

TOP:

TYRA

PACH

ECOPH

OTO

GRA

PHY(2);ER

ICRO

THPH

OTO

GRA

PHY

Onetime Reebok CEO sells Brooklineestate for a lot less. M10

vate-equity executive Jack McGinleyand his wife Julie McGinley, boughtthe home amid a much slower marketin 2017 for about $10.94 million, farless than its original $25 million ask-ing price, Mr. McGinley said.

Mr. McGinley said he and his wifehave no connection to the Massachu-setts area—their primary home haslong been in Lake Forest, Ill.—but theyare big fans of Mr. Stern’s work. Theyfell in love with the house after seeing iton the cover of a magazine. “His atten-tion to detail is amazing,” Mr. McGinleysaid of Mr. Stern’s work. They were alsodrawn by the local sailing scene, as Mr.McGinley is a keen boatsman.

The couple then tapped New Yorkinterior designer Victoria Hagan tocompletely redecorate it. It was fin-ished last year. The home is beingsold completely furnished.

Since Mr. McGinley, 74, retired lastyear, they have been spending moretime at another home they own inMontecito, Calif., and have decided itwill be their primary home. As such,they won’t have time to spend at Buz-zards Bay. —Katherine Clarke

feet, with deepfront porchesrunning thelength of thehouse and elab-orate stonework, Mr. Kinlin said.

The five-bedroom house has largeliving spaces framed with arches, baywindows that take advantage of thesite’s 270-degree water views, multiplefireplaces, a wine cellar, a bar, a two-lane bowling alley and an outdoorpool. It also comes with a deep-waterdock and a roughly 4,200-square-foot,three-bedroom guesthouse.

The owners, retired health-care pri-

A 10-acre Massachusetts estate witha classic shingle-style house designedby Robert A.M. Stern Architects iscoming on the market for $18.9 million.

In a coastal vacation communitynear the border with Rhode Island, theproperty sits on a peninsula that jutsinto Buzzards Bay. The area has beenbooming since the beginning of theCovid-19 crisis, said listing agent Rob-ert Kinlin of Robert Paul Properties. Hesaid the area has “just exploded in allprice ranges, and the high end of themarket has been very active.”

Mr. Kinlin says home buyers areseeking properties by the water andare also looking to avoid locations thatrequire public transportation like aferry or a plane, like the nearby islandsof Martha’s Vineyard or Nantucket.

Known as Seapoint, the estate haswater on three sides. The remains of aWorld War II bunker sit underground,as the area was the former site of alookout point in the war.

Built around 2007, the Stern-de-signed home is roughly 17,600 square

Peninsula HomeWith aPedigree Comes to Market

FOR SALE

$18.9MILLIONDesigned byRobert A.M.Stern,

17,600 sq. ft.,bowling alley

Don’t put your future on hold...Escape to Maine and work or learn from homewith standard generators, solar and Wi-Fi.Visit us online to tour our 3-D Model and reserveyour site now to begin construction in 2020 or 2021!! Maintenance-free living in a convenient, country setting! Customized, energy-efficient cottages with 4-season sunrooms! Hiking, biking, and free golf at three local courses! Choose your floor plan, decor finishes, and completion time frame! Peace of mind with priority access to continuum of care! Just minutes from the ocean and the city of Portland, Maine

Call or email for your private or virtual [email protected] 207-781-4460

cumberlandcrossingrc.com

AT ITS FINEST!

C U M B E R L A N D, M A I N E

ORAL REPRESENTATIONS CANNOT BE RELIED UPON AS CORRECTLY STATING REPRESENTATIONS OF THE SELLER. FOR CORRECT REPRESENTATIONS, MAKE REFERENCE TO THIS BROCHURE AND TO THE DOCUMENTS REQUIRED BY SECTION 718.503, FLORIDA STATUTES, TOBE FURNISHED BY A SELLER TO A BUYER OR LESSEE. This project has been filed in the State of Florida and no other state. This is not an offer to sell or solicitation of offers to buy the condominium units in states where such offer or solicitation cannot be made. Prices and availability are subject to changeat any time without notice. This is a limited time offer. Developer may withdraw offering at any time. We are pledged to the letter and spirit of the US Policy for achievement of equal housing opportunity throughout the nation. We encourage and support an affirmative advertising and marketing program in whichthere are no barriers to obtaining housing because of race, color, religion, sex, handicap, familial status or national origin. All real estate advertised herein is subject to the US Federal Fair Housing Act of 1968 which makes it illegal to make or publish any advertisement that indicates any preference,limitation, or discrimination based on race, color, religion, sex, handicap, familial status, or national origin. Please check with your local government agency for more information. The sketches, renderings, pictures and illustrations are proposals only and the developer reserves the right to modify, reviseor withdraw any or all of the same at its sole discretion without notice. The renderings illustrate and depict a lifestyle, however, amenities, features and specifications are subject to change without notice. All information is deemed reliable but is not guaranteed and should be independently verified.

A RARE GEM IN A PERFECT SETTINGA RARE GEM IN A PERFECT SETTINGSTUNNING 360° VIEWS | 21 EXPANSIVE RESIDENCES | PRE-CONSTRUCTION PRICING FROM $5.9 TO OVER $10 MILLIONSTUNNING 360° VIEWS | 21 EXPANSIVE RESIDENCES | PRE-CONSTRUCTION PRICING FROM $5.9 TO OVER $10 MILLION

1500 BEACH ROAD, TEQUESTA, FL 33469 | SEAGLASSJUPITERISLAND.COM | FOR INQUIRIES CALL: (561) 781-59891500 BEACH ROAD, TEQUESTA, FL 33469 | SEAGLASSJUPITERISLAND.COM | FOR INQUIRIES CALL: (561) 781-5989

Artist’s Concept

$3.5m $3.9mR E C E N T LY R E C E N T LY

Camp Iroquois Riverside RetreatOCT 2 SARANAC LAKE, NY OCT 8 SAVANNAH, GA

PlatinumLuxuryAuctions.com 800.262.5132

ALL SELLING WITHOUT RESERVE!

SEP 26 SANTA FE / GALISTEO, NM

+3,250-Acre Saddleback RanchR E C E N T LY

$18m

NM property listed and offered for sale by Barker Realty (Ph. 505.982.9836). Refer to PlatinumLuxuryAuctions.com for the relevant disclaimers and brokerage information for other luxury auction® properties.

PRIVATE PROPERTIES

TheMcGinleys paid $10.94millionfor the house in 2017.

NY

P2JW241000-0-M00300-1--------NS


Record-SeekingEstatestretch of road as theTrump Organization’sTrump Winery, which atone point was owned by thelate John Kluge, once Amer-ica’s richest person. Thestrip is also home to Blen-heim Vineyards, which isowned by musician DaveMatthews, and to EarlyMountain Vineyards, ownedby AOL co-founder SteveCase and his wife JeanCase.

Fitting its location, theSullivan estate includes a20-acre vineyard that haswon local prizes for itsChardonnay and CabernetFranc. It also has a craftbrewery, which draws on a7-acre barley field on theproperty.

Known as Mount Ida, theestate dates back to the1700s. Its main home, an oldfarmhouse-style, nine-bed-

ContinuedfrompageM1

room property known asMount Ida Farm, was builtaround 1780 on the south-ern shore of the James

River in Virginia’s Bucking-ham County, and was re-stored and moved to the es-tate about three decades

ago. It is also home toMount Pleasant Manor, aColonial-style house built in1810.

The seller is Tom Sulli-van, 58. In 2001 he and hispartners sold a majoritystake in the Arlington-

based company, TeleCorpPCS, to AT&T Wireless Ser-vices, which had alreadybeen its largest share-holder, for $2.4 billion, TheWall Street Journal re-ported at the time.

Mr. Sullivan said he pur-chased the Mount Ida es-tate following the AT&T ac-quisition, buying the mainfarm in early 2002 and add-ing acreage over the years.In all, he spent around $16million for the property, hesaid. He envisioned it as afamily retreat for him, hiswife and his three children,who are now in their 20s.

They were living in Poto-mac, Md., and he wantedthe children to experience amore rural lifestyle. He saidhe was attracted to theproperty’s diverse land-scape, which includes milesof private river frontage,mountain views, rollinghills, farmland, forests andthe largest privately ownedlake in the state.

Mr. Sullivan said he haspoured about $100 millioninto the property, buildinghomes, roads and bridges,adding amenities and in-stalling high-speed fiber op-tic cable to ensure thatthere is Wi-Fi everywhere.He also turned some oldbarns into event venues,and has hosted numerousweddings. One of the re-stored barns has a 35-footobservation tower fromwhich guests can get abird’s-eye view of the estate.

He also built about 20properties around the pe-rimeter of the property,which are operated as rent-als. Revenue generated bythe homes, as well as wed-dings and events, comes inat around $3 million annu-ally, which covers the nor-mal costs of operating theestate. He bought theClydesdales at auction afterthey had been retired byBudweiser, he said.

Mr. Sullivan said he’sselling because he rarelygets to spend time there,especially since his father,who lives in the Bostonarea, is unwell and his chil-dren now live in New York.

Selling is bittersweet, hesaid, since the family has somany memories of theproperty. He would hostmajor family get-togethers,bringing extended familyfrom across the country. Allthree of his childrenlearned to drive, fish andwater ski there. Once, thefamily brought in five hot-air balloons to land on theproperty for a birthdayparty. His father’s 82-year-old friend once ziplinedacross the lake.

When Mr. Sullivan pur-chased the property, it alsohad one component hewasn’t prepared for: aworking cattle farm. Withno experience, he hired alocal farmhand to overseethe operations. While theproperty is still home toabout 250 head of cattle,the farming has been scaledback substantially, since itwas so labor-intensive.

The remaining cows are“really good lawn mowers,”he said. CE

SAROLIVA

RES/

TOWNSE

NDVISUA

LS(5)

PURCHASEPRICE

$16MILLION

$100MILLIONMoney spenton building outthe property

$3MILLIONAnnual revenuegenerated bythe property

The estate dates to the 1700s.

Mr. Sullivan boughtretired Budweiser

Clydesales at auction.

One of two lakefront beaches

A kitchen from one of theproperty’s 26 houses.

The estate hostedmajorfamily get-togethers.

This property is listed for sale by Louis Martin of Barnes International Realty – Promenade 29 - CH-3780 Gstaad,Switzerland; +41 (0)33 748 10 02; and Peter Burbach of Burbach Roycroft - Blankenburgerstraat 26b 7481 EBHaaksbergen, Netherlands; +32 85 273 7258. Concierge Auctions, LLC is a marketing service provider for auctionsand is not a licensed Real Estate broker - 800 Brazos Street, Suite 220, Austin, TX 78701; +1 (212) 202-2940. Theservices referred to herein are not available to residents of any state where prohibited by applicable state law. Con-cierge Auctions, LLC, its agents and affiliates, broker partners, auctioneer, and sellers do not warrant or guarantee theaccuracy or completeness of any information and shall have no liability for errors or omissions or inaccuracies underany circumstances in this or any other property listings or advertising, promotional or publicity statements and materi-als. This is not meant as a solicitation for listings. Brokers are protected and encouraged to participate. Equal HousingOpportunity. See Auction Terms and Conditions for full details.

GSTAAD, SWITZERLAND

VIEW FILM & BID ONLINE 28–30 SEPT

AUCTIONPreviously Offered for CHF 19.5M.Bidding Starting at CHF 7.9M.

SELLING TO THE HIGHEST BIDDER.

In cooperation with:

Listed by Louis Martin of Barnes International Realty & Peter Burbach of Burbach Roycroft

ConciergeAuctions.com | +1 646.760.7823

MANSIONNY

John P. VitelloLicensed Real Estate Salespersono: 631.204.2407c: [email protected]

Linden Lane | An Elegant Waterfront Estate in Southampton Village$13.75M l 1.1± Waterfront Acres | 8,264± sf Including Finished Lower Level | Built in 2011 | 7 BR | 7 Full, 3 Half BADetached 1.5-Car Garage with Workspace | Lakeside Pavilion | Heated Gunite Pool | 33LindenLn.com

Fair Acres | A Superlative Quogue Village Estate$13.9M | 3.38± Acres | 8,894± sf | c. 1908 5 BR, 3.5 BA Main House | Guest House with 4 BR, 3.5 BA | 2 BR Cottagewith Attached 2+ Car Garage | Heated Gunite Pool | Pool House with Bath + Kitchenette | FairAcresQuogue.com

Exceptional 2.2-Acre Property in the Estate Section | Southampton Village$8.9M l 2.2± Acres | 2,200± sf | 3 BR | 3 BA | Manicured Landscaping with Cherry, Pear and Apple Trees55’ Saltwater Gunite Pool | Room for a 12,000± sf Home and Tennis Court | 292OxPasture.com

P2JW241000-0-M00400-1--------NS


took LaVett from Ginger andadded an “e” at the end. The extra“e” on my first name came later.

Atlantic put out the record, andit became a Top 10 R&B hit. I im-mediately considered myself astar and began practicing in frontof the mirror at home.

Recording and performing inrevues became the most naturalthing in the world for me. Musicwas all I knew in depth. To haveknown music for 60 years, I feel Iam music.

Today, my husband, Kevin, andI live in West Orange, N.J., in ahouse built at the turn of the lastcentury. It’s very quiet, with ahuge backyard and lots of flowers.Color picks me up.

My daughter, Terry, is now ateacher in Michigan. We’ve grownmuch closer recently. For a longtime, Terry felt she should havebeen with me on the road or Ishould have been home with her.

But we’re past that. Our agesare so close, we talk for hourswithout a disagreement. She callsme Jojo. “Jojo,” she says, “You’rea legend.”

I always thought I’d grow oldand obscure. Now with Terry, itsounds like I’m just going to growold.

—As told to Marc Myers

Bettye LaVette, 74, is a singer whofirst recorded at age 16 in 1962.She was inducted into the BluesHall of Fame in May. Her new al-bum, “Blackbirds” (Verve), wasreleased today.

but my mom and my sister Mattiestepped in to help. I didn’t wantto be in school anyway.

A year later, in 1962, my friendSherma “Ginger” LaVett intro-duced me to Johnnie Mae Mat-thews, a songwriter and recordproducer. I recorded “My Man—He’s a Lovin’ Man.” On the record,they used my first name and I

My parents resumed their corn-liquor business to make extramoney. They’d buy three or fourgallons from whoever made it andturned a profit by selling it inpints, half-pints and shots.

Again, we had a jukebox in theliving room. I was the only childin the neighborhood who knewsongs by Dale Evans, B.B. Kingand the Five Blind Boys.

All the clubs were on OaklandAvenue around the corner. When Iwalked to school, the doors wereopen and I could see the stages. Iwanted to be in there.

There was plenty of inspiration.Smokey Robinson lived across thealley, Jackie Wilson lived downthe street and Aretha Franklinlived across from Smokey.

I quickly learned to sing by fol-lowing along with the jukebox re-cords. I was blessed with a goodear, and I never sang out of key.At our house, there were alwaysso many grown-ups having fun, Iwanted to do what they did orwhat they talked about doing.

At age 15, I became a mother,

Throughout my earlychildhood, I wanted tobe a professional singer.But I never thought I

could actually be one. I didn’tknow anyone who sang.

There was no reason for me tosing other than in church. But Idid have an advantage growing upin Muskegon, Mich. My familysold corn liquor.

In the late 1940s, if you wanteda drink, you came to our house.All the gospel groups that touredregionally stopped by for shotsand my mother’s barbecue andfried-chicken sandwiches.

We even had a jukebox in theliving room. My father liked bluesand gospel, and my mother likedcountry & western and pop. Myteenage sister, Mattie, was 13years older than me. She listenedto everything.

Because my mother, Pearl, andmy father, Frank, worked for acar-parts company and then en-tertained, my sister took care ofme as if I was her child.

After my sister married in 1948,

record bombed. I was ill-advised.

How do you see yourself? I maynot have achieved what my con-temporaries have, but I feel I’veachieved something, even if I’m nota household name.

my parents decided to move to De-troit for jobs at General Motors.Mattie and her husband stayed inMuskegon. She joined us later, in1953, when she left her husband.

My mother only made it to thefourth grade and my father to thefifth. They didn’t talk to me much.Mom was about getting thingsdone. Her hands always smelledlike garlic and onions.

BETTYE’S BLUES

Favorite childhood record? Ben E.King’s “Dance with Me” in ’59. Hewound up being the first person Itoured with.

Bluest childhood moment? Mydog, Mickey, getting hit by a car.Anything I sing that’s sad, if I thinkof Mickey, I can make it sadder.

Your deep voice? My mother said Isounded like that from the mo-ment she saw me.

Biggest regret? Asking out of myAtlantic contract in ’63. My second

FROM

TOP:

JOSE

PHA.R

OSE

N;B

ETTY

ELA

VET

TE;M

AURICE

SEYM

OUR/

MICHAEL

OCH

SARC

HIVES

/GET

TYIM

AGES

(BEN

E.KING)

MANSION

HOUSE CALL | BETTYE LAVETTE

LearningThe BluesAs a ChildAt Home

The singer was an R&B star at 16, thanks to a living-room jukebox and a pushy friend

Bettye LaVette inManhattan in

March and, below,at the Royal

Peacock club inAtlanta in 1963.

NY

VT0930

Redtop59.4± Acres, Barnard, VT | $1,345,500

Story Jenks802-238-1332 • [email protected]

MA2775

Treetops4,417ft², Wellesley, MA | $2,995,000

Catherine Bassick617-800-7764 • [email protected]

Sound Advice, Exceptional Resultswww.landvest.com

Honey Pond Farm573.5± Acres, Middletown Springs, VT | $2,595,000

Wade Weathers, Jr.802-238-6362 • [email protected]

VT09

80

300 Fox Hill Street3.1± Acres, Westwood, MA | $1,900,000

John “Jay” Boyle617-733-6723 • [email protected]

MA2

675

ME1772

Sheep Island59± Acres, Owls Head, ME | $1,950,000

Joseph Sortwell207-706-6294 • [email protected]

NY0

361

Unger Tract152± Acres, Hamilton, NY | $340,000

David Speirs207-874-4982 • [email protected]

Serenity3.6± Acres, Winter Harbor, ME | $1,495,000

Scott McFarland207-276-3840 • [email protected]

ME1

766

RI0105

95 Riverscape Lane1.71± Acres, Tiverton, RI | $1,595,000

Terry Boyle617-821-7745 • [email protected]

THE WEST COAST IS CALLING

RESERVE A TOUR | 833-777-16601221OCEAN.COM | SANTA MONICA, CA

IRVINE MANAGEMENT COMPANY, A LICENSED REAL ESTATE BROKER DRE LIC. #02041810

LUXURY APARTMENT RESIDENCES

P2JW241000-0-M00500-1--------NS

M6 | Friday, August 28, 2020 THEWALL STREET JOURNAL. THEWALL STREET JOURNAL. Friday, August 28, 2020 |M7

Move-InReadythree cabanas outside, and threestripes everywhere, like on thetowels.” He also discovered hispredecessor’s pet peeve—air con-ditioning. “The prior guy neverused AC, but I like sleeping in acold room,” Mr. Grinda said. Soalong with a toothbrush, “Ibrought my super comfortablecomforter.”

The two men, who were intro-duced by Ian Hurdle, the real-estatebroker who handled the sale, havesince become friends. Triton’s pastowner has visited the villa as Mr.Grinda’s guest, staying in one of theoceanfront suites.

“For sure, I think we have verydifferent ways of living—he’d comealone. I come down here andthere’s 15 of us,” said Mr. Grinda,who is building guest bungalowsand a padel court on a 7-acre parcelacross the street. “My entourage ispretty large, so seven bedrooms isnot enough.”

Like many high-end vacationhomes, Triton is a rental prop-erty—in this case, one with its ownwebsite and Instagram page. Luxu-rious furnishings are part of thebrand for anyone in the market fora vacation villa.

“It needs to feel expensive,” saidMr. Hurdle, founder and director ofthe Agency’s Turks and Caicos of-fice, who must on occasion speakfrankly to sellers whose décor fallsshort. “I lost the opportunity tolist a property on the beach be-cause I felt the owner had donesuch an awful job of furnishingand decorating the interiors—frayed wicker, stains and holes in

ContinuedfrompageM1

the linens,” he said. “I said, ‘I amvery sorry, I cannot list this at $13million.’ He was so dismayed.”

Redecorating can be costly. Ontop of shipping costs, the govern-ment of Turks and Caicos levies atax on imported furniture that av-erages about 40% of its value, ac-cording to Mr. Hurdle. “And Cus-toms here are so diligent they willon a case-by-case basis inspectthe invoices,” he said.

Sometimes an impeccably out-fitted home can blind buyers to aproperty’s drawbacks. MikeWessinger, founder and CEO ofPointClickCare, a health-care soft-ware company, was smitten by an“absolutely stunning” contempo-rary villa in Providenciales whenhe was searching for an invest-ment property in Turks and Ca-icos that would double as a re-treat for his family.

“I thought, ‘Wow, I don’t haveto do anything. I can just walk inand this place is absolutely spec-tacular,’ ” said Mr. Wessinger, 50,who lives in Toronto with his wifeand two children.

He made an offer, which wasrejected.

“After a few days, I was glad[the seller] didn’t accept my of-fer,” Mr. Wessinger said. “I didn’tabsolutely love the location—itwas good, not great—and it was a1-acre lot. My wife is a huge ten-nis fan, and to build a tenniscourt, we would have really hadto jam it in.”

Instead, he spent just over $6million on a five-bedroom beach-front villa on a 2-acre lot withgood bones, a great location, and alot of worn furniture, in January.

“We are getting rid of every-thing except for two four-posterbeds and a table, and the teak fur-niture outside,” Mr. Wessingersaid. “I didn’t like the furniture at

all. It wouldn’t be my style were Ito pick it, and after 12 years of[the villa] being rented it waspretty much beat up.”

He has ordered most of thenew furniture from RestorationHardware. “It will all be shippedto Miami and then get on a con-tainer and make its way to the is-land. Then they’ll slap a tax on

it,” he said. “It won’t be cheap.”Some buyers learn to embrace

their predecessor’s stylistic idio-syncrasies over time. On St. Croixin the U.S. Virgin Islands, LouiseStapleton purchased La BelleHortense, a fully furnished four-bedroom villa for $2.5 million in2010. The house, which had beenowned by a Broadway producer,

was decorated with Indonesian ar-tifacts, carved wooden furnitureand curios such as an ornate doorthat had been converted into a cof-fee table and a bench seat.

“We got rid of some of the fur-niture. It looked great but itwasn’t exactly that comfortable tosit in,” said Ms. Stapleton, 55, whoowns and runs a publishing com-pany for financial products basedin St. Croix.

But she grew attached to thebronze giraffe who seems to bedrinking out of the swimmingpool, legs akimbo. “He is awe-some—great for hanging ontowhen you are floating at that endof the pool,” she said.

There was also a courtyardfountain shaped like an elephantatop a crumbling pedestal. Ms.Stapleton replaced the fountain—the new one is ornamented withflying sea turtles—but kept the el-ephant. “He’s sitting in the yard,”she said.

Ms. Stapleton, who wants todownsize to a smaller penthousecondo on St. Croix, listed the fur-nished villa for $3.15 million, ele-phant, giraffe and sea turtles in-cluded.

Some developers now offer arange of design packages for fullyloaded vacation homes. RobertHerjavec, an entrepreneur and castmember on the reality show “SharkTank,” and his wife Kym Johnson, aballroom dancer, bought a fur-nished three-bedroom home atMontage Residences Los Cabos,Mexico, for $3.2 million in 2017.

“They gave you a couple of op-tions, a couple of color schemes,and in less than an hour we basi-cally designed our whole unit,”said Mr. Herjavec, who is 57 andis based in Los Angeles.

Even so, the couple was sur-prised by the level of detail when

they arrived for their first stay atLos Cabos. “It wasn’t just fur-nished. There was art on the wallsand little knickknacks, even coffee-table books and things on the bed-side table,” said Ms. Johnson, 43.

“Even in our main house [inL.A.] we are always lookingaround and saying, ‘Oh we needthis, we need that,’ ” Mr. Herjavecsaid.

Kaushik and Rajni Joshi andtheir two children spent severallong weekends staying in a mod-ernist five-bedroom home in ClearCreek Tahoe, a gated golf commu-nity in Carson City, Nev., beforebuying it for around $3 million inJuly.

The family is gradually relocat-ing from California’s San Fran-cisco Bay Area, where Mr. Joshi isa global managing director withEquinix, a digital interconnectionand data center company.

“It gave the family a feeling forwhat it would be like,” said Mr.Joshi, 48. “The quality of the fur-niture is pretty high, the art wasall commissioned from a local art-ist, the sheets are from Ugg…. andmy son has got his own place tohang out, with multiple bunk bedsand a foosball table.”

Mr. Joshi was particularlytaken with thoughtful details likethe Jaipur throw blankets on thesofa and the high-end glasses andbar utensils in the bar. But whenit came time to complete the con-tract, he discovered the developerwanted to keep them.

“There was a little back andforth. It’s a $3 million home with$150,000 of furniture, and herewe are fighting about a $150 barset,” Mr. Joshi said. “Finally Isaid, ‘You can take the bar set butI’m keeping the Jaipur throws.’One of the developers, he reallyliked the bar set.”

MANSION

What’s the secret sauce that helpssell a multimillion-dollar furnishedvacation home? Experts and real-estate agents say it’s all aboutbuilding the fantasy.

BUY A HAMMOCK: Ian Hurdle,founder and director of theAgency’s Turks and Caicos islandsoffice, advises sellers to put up ahammock and to build a firepit—the islands’ steamy climate not-withstanding. “Water, fire, all ofthat appeals to the senses. Get aportable firepit if you don’t want toput one in,” Mr. Hurdle said

FRAGILE STEMWARE: “The morethin a wine glass, the more expen-sive. It boosts the perception of thehome as being more luxurious,” saidBeth Ann Shepherd, founder and

CEO of Dressed Design, who fur-nishes and accessorizes homes forprivate clients and developers. “Ifsomeone gives you a beautifulpiece of stemware, you’re thinking,‘This is the dream life.’ If someonegives you a thick, chunky wineglass, you’re thinking, ‘Red Lob-ster.’ ”

TOYS: A vacation home is all abouthaving fun and making memories,right? So throw in some toys. Kite-boards and jet-skis can boost theCaribbean curb appeal of a turn-key beach house. For a slope-sidemanse, park a pair of snowmobilesout front and set out some classicboard games by the fire. Or takeMs. Shepherd’s advice and mount apair of vintage Stein Eriksen skison the wall.

BUILD THE BRAND: Give yourvilla an exotic name, like “Impulse”or “Shambhala.” “Nobody wants tobuy a $13 million home with a bor-ing, long-winded street address.They want a short, snappy namethat’s evocative,” Mr. Hurdle said.For extra luxe, have your villa’sname embroidered on the linens,towels and bathrobes.

OUTDOOR APPEAL: Createspaces for open-air entertaining,like an outdoor movie theater. “Youcan do it in two days,” said Ms.Shepherd, who creates outdoortheaters for her clients with ahigh-definition screen projector, aportable free-standing moviescreen and a lot of giant nylonbeanbags—spaced six feet apart,of course.

THE SECRET TO SELLING A TURNKEY HOME

You’ve found your fantasy beachhouse or the mountain getaway ofyour dreams. Before you put in anoffer and pack your toothbrush, be-ware of the pitfalls of buying aturnkey luxury home.

FINANCING: Many lenders will ex-clude the cost of furnishings whenit comes to financing the purchaseof a turnkey home. Be prepared topay out of pocket for thosecouches, chairs and carpets. Banksthat do provide loans for the totalcost of the property, including thefurniture, may still question itsvalue in their appraisal. Expectsome back and forth about howmuch that mohair sofa is reallyworth.

NEGOTIATE: See if you can get

the seller to upgrade or replace fur-nishings you don’t like before youmake an offer, or as part of youroffer. “Particularly if a house hasbeen staged, you can go to [theseller] and say, ‘Hey, I love every-thing but I don’t like that head-board and that coffee table.Change those items, and we’ve gota deal,’ ” says Gary Gold, executivevice president with Hilton & Hylandin Beverly Hills, Calif.

HOME INSPECTION: Invest thetime and money in a full inspection.If you discover a red wine stain onthe white linen couch or that thedog has made a chew-toy of thedining room table leg, insist thattheir repair or replacement be in-cluded in the list of contingenciesfor closing.

LEARN TO LIVE WITH IT: Let’sface it: You may end up with abunch of worn towels you have toreplace and some furniture youdon’t like. “You’re buying into thelifestyle,” said David Fedeles, brokerassociate with Coldwell Banker St.Croix Realty. “Whether it’s a tat-tered rattan chair, or the dining ta-ble that was chewed by the dog,that’s part of the deal.”

OR NOT: You can try selling thatdining room set you’ve come to de-spise. There’s a market for upscalesecond-hand furniture on island re-treats, where ordering custompieces is expensive and time-con-suming. Failing that, “nonprofit or-ganizations like the animal shelterwill gladly accept donations,” Mr.Fedeles said.

BUYING YOUR TURNKEY IN PARADISE

A bedroom for Mr. Joshi’s son Avi is furnished with bunk beds, colorful throw pillows and anegg chair. The kitchen and dining area, below.

Triton Villa is located on Long Bay Beach on the island of Providenciales, Turks and Caicos. Each of Triton Villa’s seven bedrooms, left, has an ocean view. Thecouches, coffee tables and all other furnishings in Triton Villa were included in the sale.

12,757 square feet,7 bedrooms,2 acres,

2 swimming pools

5 bedrooms,views of the Carson Range

Mr. Joshi estimates that the homecamewith about $150,000 of furniture.

Triton Villa is staffed withtwo butlers and a chef.

JASO

NHEN

RYFO

RTH

EWALL

STRE

ETJO

URN

AL(3,J

OSH

I);N

ICOLE

CANEG

ATAFO

RTH

EWALL

STRE

ETJO

URN

AL(3,S

TAPL

ETON);TH

EAGEN

CYTU

RKSANDCA

ICOS(TRITO

NVILLA

);RO

GER

DAVIES(M

ONTA

GELO

SCA

BOS)

The pool area, below left, and the main home’s kitchen, above, at Ms. Stapleton’s villa in St. Croix. The property will be sold with all furnishingsincluded. Ms. Stapleton and her husband, Larry Williams, below right, intend to relocate to a penthouse condo on St. Croix.

Ms. Stapleton bought the villa fullyfurnished for $2.5 million in 2010.

Kaushik and Rajni Joshi and their childrenTanushka, 16, and Avi, 11, with Ruby thedog at their Clear Creek Tahoe home.

LIST PRICE

$3.15MILLION4 bedrooms,pool, gardencourtyard

Vacation villas, like the one pictured above at Montage Los Cabos in Los Cabos, Mexico, are sold fully furnished. Robert Herjavec and Kym Johnson bought a villa,not shown, at the resort.

MR. HERJAVEC’SPURCHASE PRICE

$3.2MILLION3 bedrooms

P2JW241000-0-M00600-1--------XA


5,3+.+431 "1*2 6.41+)0 !!"/+;/1$% #::)82!)-:0" $93*75% =$*5$<4*4$(,;74$4*75&5.')&/3

'4$<41)5 $4 /094 A.7< :2!,,,!,,, %31474$1-*-0#?"A+

"A@%7%1@? 2?!3 - D221??0 @;1A=

&37 (153-$)=9 $4 %31474$1- *-0#? '64&&8&; ($4&6!8&9($@?N&A!9M?@N$$(A 59K!N ;!N!;? )414N0 :$(? 8& 6:? 28)@L $> #?L6?N& ,@!:$ 286:(!-?L68K 38?2L $> 6:? !2?98&L"8N8&; )!&@LK!"?P %:? )!+?>N$&6 K)4M:$4L?A 6:?L8&;)?96N!K+ ($4&6!8& M8+? 6N!8) L0L6?(A *$N@8K L+8 6N!8)LA 8&@$$N 6?&&8L O=6&?LL K?&6?NA O K:!("8$&L:8" ;$)> K$4NL? !N? !)) $46L8@? 0$4N @$$NL6?"P

)(,"'%"#$ %"#- *'%#%"! &&"("''. '(-"'+.-($*2+-67 '%!)%%&)&,!, 60/$.17 56((.3+16(-.3+#"4/$.1)8+/

5+43+2$* *)*)(4/) !,2+'%#*+ . 2284F? B,/6 ).H.7G )$(3 =.@)6 /F2< $& 2.F4":73B. (H0"&B@J3 $$:+G &$.&6"@& J@3IB. ? *358 22 *"6)8 +G(8 B0";B".&"8I@&3 :3))"78 6)3"6378 ="78 / +@6:)3&B8 )@=7"7G8 J".)68 )@553& 7$$(8 ! (.:)($73. '$(3 =":+B 6$ <> ":73B $/ $03& B0":3 B.77$.&5@&+ &3@+)=$7)$$5.%353B67@"& 0"6) :$&&3:6B 6$ 67"@) BGB63( =3)@&5 07$0376G. #")+ 6$ B:)$$)B.2- (@&. 6$ *$.)537.-&10""1"""

3=!?;7# 2=!C%'0 2=?=#1;=

CompassBeverly Barnett - #01301989

phone: 415.302.9052

Considered the Gold Coast of San Francisco’s affluent Sea Cliff neighborhood, this exquisite 4BR/4.5BA Spanish Mediterranean manor is beautifullyrenovated w/a modern aesthetic and features breathtaking views of the Golden Gate Bridge & beyond from all levels. Gorgeous landscaped front & rear

gardens offer indoor/outdoor living. Sleek & sophisticated, the gracious FLR and stylish FDR have three sets of French doors and large windows that frameiconic vistas and open to the terrace & landscaped grounds. A well-appointed, high end kitchen opens to the family room and private garden. Enjoy sweeping

views from the luxurious master suite with gas fireplace, SPA-like master bath & home office. Designer details, hot tub, & VIEWS! VIEWS! VIEWS!

SAN FRANCISCO, CALIFORNIA

$12,500,000 - www.738elcaminodelmar

6!%0+& '.)-+ &.$%/*%+.3#" "0%.")/31-5* (,51&+0&)15$6$&#%$#&.11',/3 ")15$6!&#%$2&.11',/3

&3, 5,4(/ 1+ %3, 5,4(/ !1'%(12%+*, -,K-9K>7,-9<6 /9->.5 @2CBB6) ?3BB6) K-99>8- J))-97,= E>,J9>.78 E7-D6 J) &JD,K>7,6 >,/ (7KC 64C17,-B @;/9.62 @ H ;>K:2 E97E>K- J)F8-2 6-8D97KC 6C6K-.2 =JD9.-K $D; A-9J?!J1)47K8:-,2 (9-6KJ, *0"2 'DK9J, 6:>/-6B I 6-8D9- E4= 6K>116 ? G@03 8J,87-9=-6-9E78-6B #:- F,-6K %-,K:JD6- 7, %J9K1>,/B %-97J/B

.&06660666 *4',#5,+%3*$',)2*-

<=#%?1C;0 =#74=C

2(*'&.0* 1*/- "'&/&*3/.&-#) !$++*-(*/113 /2!0"-"0$$$- ,*.#541((&1%#.+1,.55.1+#/1'5/3

"+*!!$!& "#*!+)$! %#"(' ")8L , M?@N559A ? M!<)N559 08;;0 82@!<?@!7@ 08N78L)?@ )59? ;5K!<?@ 9?N? L<?2L !4!0 0N59 <)? $N?!< &!L<?N7 L=8<N!8; !7@ 9878<?L <5 45N;@ K;!LL M8=87+ 8L L8N? <5 2;?!L?/ %?!<8N87+ ! K)?0-L=8<K)?7A #?68<57 )59? !8<59!<857 L0L<?9A : 4?< M!NLA 87 )58L? <)?!<?NAM87= N559A +5;0 L898;!<5NA L!87!A +?!N N559A )5< <8M !7@ +!L .N? 28< 0589!0 7?6?N 4!7< <5 ;?!6?3 (!;; <5@!0 <5 LK)?@8;? 058N 2N86!<? L)5487+/

,%0###0###

,.++.)/:()5 8!&*():

GL Homesphone: 800.875.2179

Ultimate luxury at Boca Bridges – new sophisticated estate homes in ahighly amenitized non-golf community in the most sought-after address inSouth Florida. Contemporary, Modern, Transitional and Mediterranean homedesigns available. Featuring a stunning 27,000 sq. ft. club that rivals thefinest resorts. Low HOA fees, close to world-class shopping, great schools.Experience life in style today!From the $800s to $3 million BocaBridgesLiving.com

BOCA RATON, FLORIDA

Rodeo Realty IncCasey Gordon - DRE# 01880153phone: 805.750.9804 [email protected]

Eagle Canyon Ranch - A stunning 1900-acre expanse overlooking thePacific Ocean in Santa Barbara County, CA. On the market for the first timein 135 years, this privately-owned gentle ranch land includes 14 parcels ofpristine, usable open space, unobstructed ocean and mountain views, andbreathtaking landscapes offering a multitude of possibilities.

$50,000,000.00 http://eaglecanyonranchsb.com

GOLETA, CALIFORNIA

ADVERTISEMENT

,( !!"#$$&!%-. +//"'#("0'/0

53- #-A$')1 -'+-"6C-- A+ CA2$ )$-1+" ,1) .- CA2$" 16 31--),'1* >:-9-=41(94E0 69D &4I90< D41K;$=K?00 ?I96"."90< ?6; ?6 9C="."6( K"-90.BK9 ?D?".7%6M4B ? I?(6"+=96. =KE>&4E09< 19041.$0.BK9 344K< .966"0< ?6; 04 IE=& I4192@"KK? ?6; 0"6(K9$-?I"KB &4I90 "6=KE;9 KECE1B 0.?6;?1; -9?.E1902 ) ?I?A"6(K4=?."460 8 ,4B6.46 ,9?=&< !?3K90< ,46".? J31"6(0< H?I3? ?6; L41. J.2 #E="92H1B >9-419 B4E >EB< G '?B0/F !"(&.0 -41 :55 "6 04I9 K4=?."4602 *?KK .4;?B7#$A+ 63- +')(04BB" 6A 0& +'--'A) 31--),'1!'/')5%,A+

EE9 ?@$@C4 @C E 4#71% 6?=#@;1 ?=21%@=CB

6&' "&'%&(!$#& 5))')),*4. /61%91!%/31& 4(5+). "+*4%7'',284,$4,-4#%0'(

"(/4&* "(:*#51* $181*, 2 H<71 ' 7-/8JJ01 2 7:L? 8-59/-.4- 95 59LK:L-/J. B,H :48-5 G9L? 78-:L?L:69.C 0JK.L:9. I9-G5B %J4:L-/ 9. #-/ %-/C-51 :.-.C:C9.C +JK8<5-:5J. E89I:L- 4J00K.9LD JKL59/- $:86 (9LD1 @! G9L? CJ3+1L-..951 :./ ->K-5L89:.1 9L;5 L?- 9/-:3 7:5- +J8 5699.C1 7969.C1 ?969.C :./ 0J8-B) 09.B LJ 5?JEE9.C1 HA 09.B LJ '--8 =:33-D #-5J8L1 F) 09.B LJ "%( &.L;3 *98EJ8LB

9004&4/ 0(& -!1).61666 74/$4/,4%'3(+

#7; ?7;47B0 A737# $1??7'0 !%1A

&($ %."/..,) *#+.-,!.#,- ''"*!--'7 '(')#,#)###& '/$$17 $-%-"-"+)'&'1-*/'-*)8-/

')@7 " 0"!;:6;/ #1!"7 ')07/,;:7 7* A718<J. 86DJ.6DJ ?.2 I7.70/;F0)2 H;N6:"/ +06L .(7 D<.709 .(7/7 .6DJ(6L7/ <07 *@,M' M%= <J8 L6E7&$J 07<8C6J < 30$E<.79 )<.78 N<J72 >6.<N$J) G95-A /12 +.29 H ;78066L/9 H 4 ;<.(/9 G&:<0)<0<)79 30$E<.7 7N7E<.609 <J8 <J <L<B$J) 066+.63 .700<:72 !6D #K, +77/2=<N"$J) 8$/.<J:7 .6 D60N8&:N<// 07/.<F0<J./9 LF/7FL/9 /(633$J)9 3<0"/9L<0$J<9 <J8 .(7 ><L3< *<C2(169 ,-7 :4883/ *8, &6> + %7:; < '70,2 $7.77,'"775869

B%> <7%7#B3!#40 6?=#@;1

Gustave White Sotheby’s International Realtyphone: 401.849.3000

Moorland Lodge - Exquisite details grace this meticulously renovated gatedcompound on 13+ acres near Newport Harbor. Offering features lovelygardens and vistas, an eight bedroom main residence, two bedroom guesthouse, two bedroom carriage house/garage, and extra buildable lot. A shortwalk to the harbor, ferry shuttle, yacht clubs, beaches, and all Newport has tooffer.$6,995,000 GustaveWhite.com

NEWPORT, RHODE ISLAND

To Advertise email [email protected] or visit classifieds.wsj.com

P2JW241000-0-M00800-1--------XA


MARYLAND

#@J+<=8@T7;&>+7J=3M;F@J+ 95>@J;573M5F;<+L @ M@M+=L5GTRJ @)J+M9;)+LJ/9+2 4=... )++J5) ?M+@JRJ@:;7T1@J+M)M57J=3559= ?@M7= <5>:=LG7L+JL= 4R5GM)M58*@9J;85M+@7<CR;9@<+93R;@=HR5GML )M58%2'2IR5GML )M58EA'2-$=I$.=...

'081"98"-8 (">#".8363;<. 7 $8!+,:8: &")/+> ';)9;,<:4=5*!381 7 %;328;,1 %8;32/"< ';+;</"+

S5R7OGMM@/= QG0GM/ B3+>;@9;LJ N Q;>+7L+<O%=C, N K4.PI4.PK"HH'+99 N I.HP666P6666D(>+,8+8?+M 5) JR+ )M@7>R;L+ L/LJ+8 5) *!! ,(9;@J+L= QQ'

CALIFORNIACALIFORNIA

CALIFORNIA'*"(!%8:4?:-/.;,8:4A/0:?-

/+#)(/$)$+%%'-1#'-1+

'9>3+51 %56>6@+312

%D;5C13B .46?'395)(1=17C;= C7*-D@-=-HFB(=;D-:179 #-C+)81D)11/G "39B9;7/C7+C7/11DE139/11D =C0C7+ IC9) 53B91: 5-/;D/-5@C7+2 )19 938 ;7/ ,;9C12 A1=;D ,;7-=B$>&2 &'!2 8;B-:-79 ;7/ +;D;+-G

' 9$558/6 718/63$47/1 &

++/ 0".2,3!4 !.3*4(%!#%"%< 7 '*

&9=+3 $+))

)"6 2 (+-"$ 2 .(0-,,0%%%

'*/&0%$!!'"&#&%!",0$.#0/$".

((,( -)0.($"6 2 "&-"$ 2 .!0*#-0!!!

'< @-7 2?+7@ .@077@ "(9.7 @9 (9((7/7 )=7!@-+. #7%?@+3?( -9>7 37%@?07. 90+/+<%(:7@%+(. ;,78@7<.+=7 ?6:%@+</4 &-7 (9;70.6%"7 +<"( % (/ .?+@7 ;+@- *+@"-7<7@@7!.76%0%@7 91"7 90 3%>+(< 099> $ 60+=%@77<@0<4 )< 78"76@+9<%( <7+/-#90-99:5

% 9$55 8/6 718/63$47/1 #

$! &'%% -)&-(+2*1/*+& * '*

NEW YORK

List YourProperty Today

(800) 366-3975sales.realestate

@wsj.com

Formoreinformation visit:

wsj.com/classifieds

DIS

TINC

TIVE

PROP

ERTI

ES

SELECT RESIDENTIALLISTINGS EVERY

FRIDAYS INMANSION

©2020 Dow Jones & Company, Inc.All Rights Reserved. '*/&!%%$$/&-(-'

/+*)-&1)*-+&(1+1 !)!91

)"6 2 ("$ 2 .$0(,-0%%%

'=5>$+57 .+:=5 75/85. +,*. ,6;5 6150*8-$ "0*-,+9 6458 =*>*8- $05$9 *$: >*5<. #40*>$+5 +500$!5<*+, .?006?87*8--$0758.2&,*. ,6;5 6150. 685 =5>5= =*>*8- $+ *+./85.+ *8 $ 45$!53?= 85*-,"60,667 !=6.5+6 4$0(.9 %(* $87 +0$8.460+$+*682

' 9$55 8/6 718/63$47/1 &

+&-* $!44&, .%"!(%!#%"%< * '*

'*"&.%&33'+%!#"/+,)/,-)/+11

,5$)- ,/*-4)((("""6 2 (+-"$ 2 .&0&-%0%%%

) <"6!"%/ 4/&6/"6 5)," )6 ,)+" #)>*>3/5 .)/4 )! "=/6& 6)),: (*1); /5"/6&*8-3. 4"//3*7$ 3*#))62)-/#))6 .3+3*7$#"/&%5"# 4/-#3) !)6 >)603*7 !6), 5),"&*# /5" <63+&/" 7&6#"*: ')* %)*!)6,3*79*345"# #)>*4/&364:

'9$55 8/6 718/63$47/1&

+1/- #"& &"'%& "*)&")(%.2%0%< 1 '*

'*0&.%&33'+%!#",+(+.)-+.,//

,5$)- ,/*-4)(($"6 2 '"$ 2 .$0'-!0!!!

&498 D:B4 B+DE E.#AD4<E +4=8 ;8ED-:8;!0 $#@B8F %B8D@!<F- D: 17?75 '898@)D: 6DB+#: <.;#B8; CDBA+8:> 24F=#@ ;D:D:- " @D9D:-F44= B+#B 4.8:E B4 ;8AC, (3.#:ED982#=D@0 F44= 6DB+ /F8.@#A8 B+#B 4.8:E B4;8AC *498F8; .#BD4 " +<-8 -#F;8:,

%9$55 8/6 718/63$47/1#

,), !"&"'$"(, ""*%#*(%.2%0%< 1 '*

)*+'*&,$ ! (*#*"*%O,!% <#%;? #M

=A?>,>% M%; :K@!

*331(/.H3E5- M(E :3/70&<B %$8=< $<%?B+6?@

*@+>></0@%-- (%)<11 A577 -6"A,2 $<!/88> .8?-<

-+B- 8; 4=< 3/+-B+;< %#/<-1'%)< ;<: ><>8/+<-9

)I24-BBB'35 K6L5 @(96HD- #580

*9HPD @9++9HC IBJN$G&N2FI$OL80 @(96 %.H9H( ?96(. ,"(5H

Distinctive PropertiesADVERTISEMENT

To advertise: email [email protected] orWSJ.com/classifieds

FLORIDA

NORTH CAROLINA

3/*1+#.1 3/76-1 5.).12 366+, *1-.)#567 ,961.9 !6#*+(

; %3A9 4<139/A -C.4 2<1<1D @ AB.,,<1D <1 0<=C!19 '.H19.H1 *AB/0<77/; &!9/2 8.4431<9G H<9B 6)?B.3C A/83C<9G @ A9!+/2 D!9/B.3A/; "9311<1D 7.1D C!1D/ 0</HA .- 9B/ (73/ #<2D/ $.319!<1A; >F 4<7/A .- B<:<1D 9C!<7A5 8B<72C/1EA ,7!GDC.312A5 @ ! 8.4431<9G ,!0<7<.1

(;<0!:0 .3 0;8!, 4;5 ! :;)9+/)6<0!5, #;.01:+/2 /<4; 9!:-607

,/*+095.44#,06).556$9/3 ' &8&$"8&$:%:8

*#&'" % $ $ '

WYOMING

2&, 3&(0 &' . "+%0$ *' !#-&*$ )1/S \IDF %-62 T@ Z-(86TV \T7]Y

> W9VQ 2T E;T6;TV] K-29TV-7 #TN]62YY=HHHP6@& 1*F& =*,Y ,62T/V$9V< C9].6Y!/]62 ,R2 3 S *F S *,Q *N9V< 2;] ;TN6]6Y0>L=H *-NV:\-J)-NV .3 1 E2-77 XT-?V<E;]$ 4HO FT/V$ G]V + 03[HL[H 'TNN-760 !N]]V \T/6]6Y G]N@](2 @TN AF TN C-(-29TVY

!"55 420 /'& %+'$*(- 5.,'& 6.#011)1(3'-NT7 U5H:[=4:>14[ BMF%

"S&4>H&HHH

P2JW241000-0-M00900-1--------XA


The listing agents said the mar-ket in Brookline has been heatingup during the Covid-19 crisis asBostonians seek more space, homeoffices and gardens. “We can have20 of us in the same room andstill be social distancing,” GeorgeSarkis joked.

—Katherine Clarke

likely be sold to a housing devel-oper who could build multiplehomes, said listing agents Mr.Sarkis and his brother and col-league Manny Sarkis. Mr. Firemanbuilt another smaller home forhimself in the area, they said.

Mr. Fireman commissioned theproperty in the late 1990s, build-ing it in less than a year and justin time for the 1999 Ryder Cupgolf tournament, which took placeon the golf course at the adjacent

Onetime Reebok CEO Paul Fire-man has sold his home in an afflu-ent suburb of Boston for $23 mil-lion. It is one of the priciest salesfor the area, though it also soldfor a small fraction of its initialasking price.

The Brookline, Mass., property,just down the street from an elab-orate estate owned by NFL starTom Brady and model GiseleBundchen, originally came on themarket for $90 million in 2016.

George Sarkis of Douglas Elli-man, one of the listing agents,called the initial price an “astro-nomical number,” noting that theproperty was listed by differentagents at the time. He said Mr.Fireman did not yet have anotherplace to live in the area at thetime, and threw out the numberto test the market. The propertylater underwent several majorprice cuts.

The final sale price includes 7of the 14 acres included in theoriginal asking price. The rest will

Ex‑Reebok CEOEstate Sells for Less

PRIVATE PROPERTIES

See more photos of notablehomes at WSJ.com/RealEstate.Email: [email protected]

skylight, a large formaldining room, a wood-pan-eled billiards room and aseries of ornate fireplaces,according to the listing.

Mr. Fireman headedReebok International andled the sale of the com-pany in 2006 to Adidas

for $3.8 billion. He now headsFireman Capital Partners, an in-vestment firm. Mr. Fireman couldnot be reached for comment.

Country Club. Mr. Fire-man could watch thetournament from hishouse, the agents said.

While 20 years old, thehome is very traditional.It contains about 26,600square feet with eightbedrooms and is clad inIndiana limestone, with classicalcolumns and wrought iron balco-nies. It has a grand entryway witha sweeping staircase and central

SOLD

$23MILLION26,600 sq. ft.,wood-paneledbilliards room

DOUGLA

SEL

LIMAN(2)

The property first listed for $90million.

CALIFORNIA CONNECTICUT

S PACE I S THE NEW LUXURYWE HAVE THE BEST OPTIONS IN EVERY MARKET

Real estate agents affiliated with Coldwell Banker Realty are independent contractor salesassociates, not employees. ©2020 Coldwell Banker Realty. All Rights Reserved. Coldwell BankerRealty fully supports the principles of the Fair Housing Act and the Equal Opportunity Act. Ownedby a subsidiary of Realogy Brokerage Group LLC. Coldwell Banker, the Coldwell Banker logo,Coldwell Banker Global Luxury and the Coldwell Banker Global Luxury logo are registered servicemarks owned by Coldwell Banker Real Estate LLC.

120 W. OAK ST. #4C | CHICAGO, IL | $495,0002 Bed/2 Bath Condo | Private Balcony | Gold Coast

113 S. COUNTY LINE RD. | HINSDALE, IL | $3,995,000Prime SE Hinsdale Location | Turn Key | 100’ x 300’ Lot

135 N. GREEN BAY RD. | LAKE FOREST, IL | $3,299,000Incredible Craftsmanship | Private Backyard Oasis with Pool

711 S. GARFIELD ST. | HINSDALE, IL | $3,495,000Iconic Southeast Hinsdale Home | 5 En-Suite Bedrooms

1845 S. PRAIRIE AVE. | CHICAGO, IL | $2,100,000Better than New | Move-In Condition | Approx. 5,000 SF of Luxury

2728 N. WAYNE AVE. #1 | CHICAGO, IL | $969,000Sprawling 4 Bed/2.5 Bath Unit | Prime Lincoln Park Location

3 1 2 . 7 5 0 . 9 3 3 3WWW.DAWNMCKENNAGROUP.COM

Con ta c t t h e Dawn McKenna Group Today

H I N SDALE , I LCH I CAGO , I L NAP L E S , F LW INNETKA , I LLAKE FOREST, I L

NEW LISTING

PRIVATE OFFERING

FLORIDA

MULTI STATE OFFERINGS MASSACHUSETTS

4)0' ,#;<6<97!<$8735 ."8

3J9H AJGE9CH9%EG2 ?F#!G ) >9H7#H** '@8?GC BGE="A$#@C 6C2-#$:

/8#0% -:>$0 *4 G$ *(>F

+852--- $JHE/ "J!#GDE@ ;-* "CJ (DEFD% 6 7CGD%JGG"9&G@ 6- "9&G E# $<#GJ/ :%I#2 BC<< =JH'G ) 4#HJ 9E.

11+3$$7$:)#"&*(()-24)(444AJI , 8-0;11-

,!-'$($&&)* #!-&+"!*%-&=H7+)69

<=.+,=&- D)91;=.31?5G8$@!C% <=

1";!3$ /

3%

1";!3$ /

3%

MONTANA

)"%#"$#'! $&''%((:=?5@4:FAF0 79;<GG E, 2? ':>A?) 85E)-=58+:@5 := 9G. A>F5E )= *)- #D0; &:=?A=A1":: @A=0 25A?6F5ECA@5=)?)5E ?: B)E?1

/G @)=6?5E 2F:@ !5BB:3E?:=5 %A?):=AB $AFD1B *@A=!Q= B

' #, C : ? B M O : B < < ? <% # C : ? B M O : B C < ; ?

NEW YORK

>=.9282IK. IK 4E=&K. @)9".92 L1"=K:31 J9K=K.&<'299$5 >=.92 D&9C1 82IM 9D92B 2IIM5 0A8. *I=.%I<$ =K: 67G 8. I8 *E"$)9=: ?2=:&.&IK=" !IM9C&.)D=E".9: <9&"&K+1 G;6GG 14 8. - *9:1/G 6/F *=.)1'9K.2=" ,/' %9.=<)9: F('=2 #=2=+9 '"I19 .I

*9=<)91; J=2&K= =K: H91.=E2=K.1%!@"#5* ('8$= %!5&555@

'=).$". *)4:-= %/"=>>/ 0 1,;06810<<8;???9!:5/)42$5#=55:9"=+

(=$.:573 &5:$+

20C+ #.@<;A- *3.-,1 C (-/.44: )?.7@,B-/'4=47@;= 9@AB #44=1 (4;A &4?,-1 7-;.56(-;3B-,1 %;.@7;1 "3B44=,1 !.;@7 8 $>'. '(#*! &+%) "-$.,,$,,,

"+61 8351.21*'251/-0,))%,0%!&$35# 7+5142

/-0,()&,/&%0

)*!,".!)1)+-.+"'0'/%$( 0&-%#

+)2"-/! )"-!1+- .$ "!)30

,$&')(%#'*+"!'+(%,+! )%(&$ *+#%'$"!%+

'./:C )9. (9.39.:C/ (9?39;<1+#:B9?:. $9;<C:D< @D/5,

(DC.;, 7 *894:19, E @/.2 #.D8:C/- =/BB, E #9<1 E > "/,/.89D.,

A !/:,9<:B !C./:?, E 6 9) : %D<1+(B9,/ C9 #:;?: @:BB/2 (( 7 *D.39.C0

'./:C &<49?/ #9C/<CD:B+

"*!# ,+&&+$( )'%&%#(*.'(*,&,

-&("+2' :%/(: ":(-(:/( 7 +, -&("+2' *:$--%!'7!:!&8 "!%#)+/$!-,# 9)+5% -* (4%#)&4, 7-#2135,. ")!*#80"6' %C#2+@; ,=EE+@2 /+EEFA =,!/#,>FA :,+<#D;9==>;> F;DD+@2F#@> :+!D?,;F1?; <+FD#F +@ =@; =8 '=@@;!D+!?D.F C=FD!=<;D;> $;9 &@2E#@> /#CE;DF7 &FD#D; F+3; E=DF 5-B04

#!,;F #<#+E#"E;7 * FD=@;!F D/,=9 8,=C D/; '+D6A+@ D/; 8==D/+EEF =8 D/; (;,)F/+,;F7

)?>4<, -,B +341B GF3A BA?-. 9F.? 6F >346C+1>F-0-41-+1?D #F6>;&F.?> EA?>?,61G 3,B?A )F,>6A3)64F,C

,,(+ (= **,* )"='$!"#,%& &"$)% $)! #(('$)75023"$)$,7$.)&-37) '''-+47/$(64157+-815

>/.(1,$/ $( -.(>'0,JJJ*( /%$,$/ (> %$,$/ $,"N%&/1',.'+'*+ '* &,., !/,1).#"#>- &>(&/>$'/% %'*1/ 02P2JJJ

!&*%/-% ## (&$ 4!%+$'+*-+12* !"3 ,0*.,)

.63") >J (5HH13$ '3(J$ >R)5F1I(& L9G0K PD.72029 1& 9G0 ED278.88///J.63")(5HH13J(14

NOTABLE COMMERCIALPROPERTIES

©2020DowJones&Company, Inc.AllRightsReserved.

(800) [email protected]

Formore information: wsj.com/classifieds

Distinctive PropertiesADVERTISEMENT

To advertise: email [email protected] orWSJ.com/classifieds

YOUR PROPERTY HAS A HOMEINMANSION.

For more information on advertisingopportunities, please contact:[email protected] |AECH+=FH?F=AH A POWERFUL AUDI-ENCEO

ENGAGE

NN>>$$**11..%% 88<<''>>'' !!----DD$$..@@&& NN$$**##..UU LLNN!! NN<<**GG@@,, CCFFCCFF !!00$$DD&&'' EE(( >>** >>DD00..**QQ 999988 //EECC==QQFFFFFFSS44 CCFFCCFF RR>>"" 77>>@@..'')) TT>>BB<<22@@UUQQ 88@@11HH !!DDDD OOGG,,II&&'' OO..''..**##..00HH

!$"#%$&&&!::6L;3M O;!R;ONJ8M9 !9PLN;9P6R 83TP5; PK;O /E5S

P2JW241000-0-M01000-1--------XA


P2JW241000-0-M01100-1--------XA


ANNOTATED ROOM

Creating anArtDecoHomage in Columbus

A couple moves from a 13,000-square-foot estate to a city high-rise

that had worked in the Weiss’sOhio home, which was over 13,000square feet, according to the list-ing, wasn’t necessarily a fit for thesleek apartment. Only a select few

Two yearsago, designerCarrie Liv-ingston got a

call from MichaelWeiss, the Ohio-basedformer president andCEO of L Brands.Years earlier, Ms. Liv-ingston had designeda home for Mr.Weiss’s daughter. Ms.Livingston hoped shewould one day be ableto work for him andhis wife, Arlene Weiss.

The couple, she learned, wererelocating from their New Albany,Ohio, estate to a 23rd-floor homein a Columbus high-rise. Ms. Liv-ingston found that the furniture

antiques and piecesto which the familywas particularly at-tached made thetrip.

“We only broughttheir piano and theirart collection. Mrs.Weiss ended up dis-persing her entirehome from a 50-yearmarriage between allof her other homesand her daughters,”said Ms. Livingston.

What the Weisseswanted, Ms. Living-ston said, was a cele-

bration of Columbus. “Truly, Iwanted this art deco, old-worldglamour to represent the city ofColumbus,” she says. Here aresome of the design elements.

BY ADRIENNE GAFFNEY

LIVING ROOM[1] Custom pairedsofas backed withMacassar ebonywood and 18 caratgold-plated insertsand topped withblack marble.Price: $8,687 each[2] WestsideFeather & DownCorp. club chairs. ‘Ihad my workroombend that woodfor almost fourmonths to getthat shape,’ saidMs. Livingston.Price: $3,250 each[3] Antelope-printliving room carpetfrom STARKCarpet. Price:$9,450 [4] TheThomas Lavindrapes are double-layered. Price: $211per yard [5] Twonavy and goldflush-mountedlights from UrbanElectric Co. Price:$4,376 each

5

4

1

32

MEDIA ROOM[1] Sectional sofa from CLDesign and covered in a RalphLauren moleskin velvet. Price:$12,500 [2] CL Design chairsare on a swivel. Price: $2,625each [3] A coffee table fromWestside Feather & DownCorp. uses ebony wood andgold plating. Price: $5,443.75[4] Alabaster and aged-brasspendant lighting fixture fromHudson Valley Lighting Group.Price: $2,586

2

4

31

POWDERROOM[1] Fornasettiwallpaper with atheatrical theme.Price: $1,360.95[2] Mélangealabastersconces fromCirca Lighting.Price: $1,458[3] On theceiling, Ms.Livingston useda whiteAnaglyptawallpaper thatwas painted tomatch themolding. Price:$468.75 [4] Therounded-cornermirror sits in ablack-gloss framewith brassaccents and isfrom Arteriors.Price: $2,460.[5] Seen inreflection is agilded-iron lightfixture fromVisual Comfort.Price: $740

1

5

24

3

CORY

KLEIN(6)

DINING ROOM[1] Dining room chairs built by Westside Feather & Down Corp. Price: $16,125for eight [2] The custom-made CL Design dining table is oval shaped toaccommodate more seats. Price: $18,750 [3] Custom chandelier in 18-karatgold from CL Design. Price: $12,500 [4] Custom brass art-hanging system.Price: $5,263.69

1

4

3

2

ENTRY HALL[1] A Macassar Ebony art deco console table. Price: $4,375[2] Phillip Jeffries cloud paper, which comes in panels of six andportrays a scene. Price: $2,498.90 for six panels. [3] MDCwallpaper was used on the ceiling. Price: $888.75 [4] Suspensionchandelier by Charles Edwards Price: $4,611.03 [5] A brasspicture light from Visual Comfort illuminates art from Frenchcubist painter André Lhote. Price: $629

1

2

45

MANSION3

P2JW241000-0-M01200-1--------XA

Trump Hits Biden on Crime, Jobs - Wall Street Journal

Documents

Transcript of Trump Hits Biden on Crime, Jobs - Wall Street Journal