* * * * * *
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What’s
News
Business & Finance
he Fed said a prolonged
T economic downturn could
saddle the biggest U.S. banks
with up to $700 billion in
losses on soured loans and or-
dered them to cap dividends
and suspend share buybacks
to conserve funds. A1
 U.S. agencies moved to
roll back some financial reg-
ulations, potentially freeing
up tens of billions of dollars
for major lenders. B10
 New jobless-benefits
claims have held steady at
about 1.5 million each week so
far in June, signaling a slow
U.S. economic recovery. A1
 Administration officials
have talked about insert-
ing the government deep
into the private sector to
stiffen global competition
against China’s Huawei. A1
 U.S. stocks rose, with
the Dow advancing 1.2%,
while the S&P 500 and Nas-
daq both gained 1.1%. B11
 The federal Paycheck Pro-
tection Program to help small
businesses faces a significant
risk of fraud, the GAO said. A2
 Macy’s is laying off roughly
3,900 corporate staffers, or
about 3% of its total work-
force, as the retailer faces a
slow economic recovery. B1
 Wirecard filed for insol-
vency proceedings days af-
ter revealing that more than
$2 billion in missing cash
probably didn’t exist. B1
 Facebook is working to
persuade top advertisers not
to pause spending as it tries
to keep a limited boycott from
becoming a broad revolt. B1
 Nike sales fell 38% in the
quarter as stores closed be-
cause of the pandemic. B1
World-Wide
 Texas paused reopening
plans as new coronavirus
cases and hospitalizations
rose in a number of states,
and a CDC estimate showed
more than 20 million Amer-
icans may have contracted
the virus, many more than
initially thought. A1, A6
 The Trump administration
filed a legal brief urging the
Supreme Court to invalidate
the Affordable Care Act, back-
ing GOP governors’ efforts to
strike down the law. A3
 The House approved a
Democratic bill to overhaul
the nation’s law-enforcement
practices, but the prospects
for any legislation becoming
law remained dim. A4
 The Senate passed a bi-
partisan bill that would
put sanctions on Chinese
officials who erode Hong
Kong’s limited autonomy. A7
 The Supreme Court ruled
that a noncitizen apprehended
shortly after crossing the bor-
der has no constitutional right
to challenge immigration
officials’ expedited removal
orders in federal court. A5
 IAFF President Harold
Schaitberger, a supporter
of Democratic Party
causes, is mired in an inter-
nal financial dispute with
the firefighters union. A5
 South Korea’s president
warned North Korea
against conducting armed
attacks on his country. A10
 A White House-hosted
Serbia-Kosovo peace sum-
mit was postponed after an
international tribunal said
Kosovo’s leader could be
charged for war crimes. A9
CONTENTS
Business News.. B3,5
Crossword.............. A13
Heard on Street. B12
Life & Arts...... A12-13
Mansion.............. M1-12
Markets..................... B11
s 2020 Dow Jones & Company, Inc.
All Rights Reserved
FRIDAY, JUNE 26, 2020 ~ VOL. CCLXXV NO. 149 WSJ.com HHHH $4.
NASDAQ 10017.00 À 1.1% STOXX 600 359.74 À 0.7% 10-YR. TREAS. À 3/32 , yield 0.674% OIL $38.72 À $0.71 GOLD $1,762.10 g $3.70 EURO $1.1219 YEN 107.19
Somber Homecoming on 70th Anniversary of Korean War Millions
More Got
Virus in
U.S. Than
Thought
Government estimate
comes as Texas halts
reopening, California
declares emergency
YONHAP/AGENCE FRANCE-PRESSE/GETTY IMAGES
Texas paused reopening
plans as new coronavirus cases
and hospitalizations increased
in a number of states, and a
government estimate showed
By Jennifer Calfas,
Brianna Abbott
and Andrew Restuccia
PAYING RESPECT: South Korean honor guards carry the remains of soldiers killed inside North Korea during the Korean more than 20 million people in
War, at an event Thursday commemorating the 70th anniversary of the start of the war in 1950. A10 the U.S. might have contracted
the virus, far exceeding diag-
nosed infections.
Based on data from anti-
Fed Sets Caps on Bank Payouts
body testing, the federal Cen-
ters for Disease Control and
Prevention estimates that only
about one in every 10 Covid-19
cases in the U.S. has been iden-
Amid $700 Billion Loss Threat tified, its director, Robert Red-
field, said on Thursday. He
added that most people are
still susceptible to the virus.
“This outbreak is not over.
BY BEN EISEN bounce back for a few quarters, Fed said U.S. banks are strong third quarter. Most of the larg- This pandemic is not over,” Dr.
AND ANDREW ACKERMAN the 33 largest U.S. banks would enough to withstand the crisis est banks had previously Redfield said. “Greater than 90%
suffer heavy loan losses that and restricted dividend payouts agreed to halt buybacks during of the American public hasn’t
The Federal Reserve said a would erode the capital buffers and buybacks to make sure the second quarter. Buybacks experienced this virus yet.”
prolonged economic downturn meant to keep them on stable they stay that way. are the main way U.S. banks re- A number of states, includ-
could saddle the nation’s big- financial footing, the Fed said Banks, which will make pub- turn capital to shareholders. ing Arizona, Texas, South Car-
gest banks with as much as Thursday when it made public lic their dividend plans for next In a sign of the uncertainty olina and Florida, saw con-
$700 billion in losses on soured the results of its annual stress quarter as soon as Monday, facing the industry, the Fed re- firmed cases rise by more than
loans and ordered them to cap tests. won’t be able to make payouts Please turn to page A7 Please turn to page A6
dividends and suspend share Designed to gauge the health that are greater than their av-
buybacks to conserve funds. of the nation’s banking system, erage quarterly profit from the  FDIC lifts curbs on swaps and  Texas halts some
In a worst-case scenario, the stress tests were expanded four most recent quarters. investing..................................... B10 nonessential surgeries......... A6
where unemployment remains this year to study the effect of The Fed also barred them  Banks ignite late turnaround  Orders jump for drug used
high and the economy doesn’t the coronavirus downturn. The from buying back shares in the for stocks.................................... B11 against virus.............................. A6
New Jobless Claims
Hold at High Level,
Signaling Long Slog
BY SARAH CHANEY totaled 19.5 million in the
week ended June 13, down
The number of workers slightly from previous weeks.
NICHOLAS PFOSI/REUTERS
seeking jobless benefits has Economists said the slug-
held steady at about 1.5 mil- gish improvements dim pros-
lion each week so far in June, pects for a quick recovery.
signaling a slow recovery for Further, a recent increase in
the U.S. economy as states coronavirus cases could affect
face new infections that could efforts to reopen the econ-
A memorial to George Floyd in Minneapolis, whose death sparked national protests against police abuse. impede hiring and consumer omy—and get people back to
spending. work and spending money.
Applications for unemploy- “We’re seeing a slowdown
Many Minnesota Police Officers ment benefits were slightly
below 1.5 million last week, at
1.48 million, the Labor Depart-
in layoffs, but hiring hasn’t
picked up a tremendous
amount,” said Nick Bunker,
Stay on Job Despite Misconduct ment reported Thursday.
While weekly totals have grad-
ually eased from a late March
economist at the job site In-
deed. “The recovery from this
is going to potentially be a
peak of nearly 7 million, they very long slog if we can’t get
also remain well above the Please turn to page A2
Arbitration practices have come under scrutiny since the Floyd killing prepandemic record of
695,000 in 1982.  Macy’s to cut 3% of total
BY COULTER JONES AND LOUISE RADNOFSKY found that officers in the Minneapolis police Meanwhile, the number of positions........................................ B1
department who faced criminal charges dur- people receiving benefits, an  Heard on the Street: Jobs
Minnesota police officers who are fired for ing the past 15 years have been routinely al- indicator for overall layoffs, recovery risks stalling out... B12
misconduct or charged with criminal behav- lowed to return to the force, and half of them
ior often end up back on the force. are working there today.
Law-enforcement officers in the state who
appealed terminations since 2014 were rein-
stated half the time, according to a Wall
Those who still have their jobs, according
to the data sets, include an officer who
punched a handcuffed suspect and a sheriff’s
White House Seeks to
Street Journal review of records from the
Minnesota Bureau of Mediation Services,
which maintains a database of arbitration
deputy who was drunk and beat his canine
partner.
Please turn to page A4
Bolster Huawei Rivals
awards.
A Journal review of a different data set  Pressure grows for charges in Taylor killing...... A3 BY DREW FITZGERALD porting a private-equity group
AND SARAH KROUSE that would take one of the Eu-
ropean equipment makers pri-
The Covid 15 Have Made INSIDE Trump administration offi-
cials have talked about insert-
vate. Other proposals would
support “open” network tech-
Our Clothes Too Tight ing the federal government
deep into the private sector to
nology that would make it eas-
ier for U.S. startups to develop
i i i stiffen global competition new technology for 5G equip-
against Chinese telecom giant ment.
Apparel shoppers upsize after quarantine; Huawei Technologies Co. The ideas show how far the
The ideas, discussed inter- U.S. is willing to go in its fight
‘Holy moly, I gained 11 pounds’ mittently with U.S. tech giants, with China over who will sup-
private-equity firms and vet- ply the world with advanced
eran telecom executives, in- technologies.
Opinion.............. A15-17 BY SUZANNE KAPNER sizes as a stopgap until her clude prodding large U.S. tech- The pandemic has compli-
Sports....................... A14
Streetwise............. B10 old clothes fit. nology companies like Cisco cated an already knotty plan-
Technology............... B4 Amanda Ponzar knew she “I will have to buy more Systems Inc. to acquire Euro- ning process. The White House
U.S. News............. A2-7 had gained weight from all her clothes,” said Ms. Ponzar, 43, pean companies Ericsson AB postponed a planned April 1
Weather................... A13
World News..... A8-10
baking while sheltering at who works for a health-care or Nokia Corp., according to meeting on 5G technology
home in Alexandria, Va., but nonprofit, “but I’m determined people familiar with the mat- with Mr. Trump and execu-
she hadn’t realized how much to lose weight before I go back ter. In more than one case, tives from U.S. wireless carri-
> until she ordered shorts online to the office this fall.” MANSION they said, the company wasn’t ers, equipment makers and
from Walmart Inc. People spent the spring Designer’s search for a interested in buying into low- major tech companies includ-
They had an elastic waist but sheltering at home in sweat- margin businesses. ing Dell Technologies Inc., In-
were still too tight. “You need pants, perfecting banana-bread
home with high Policy makers have also dis- tel Corp., and Microsoft Corp.
smaller thighs to wear those,” recipes and indulging in pan- ceilings nabs former cussed shoring up Ericsson after the virus shut down
her 12-year-old son told her. demic-induced stress-eating. London church hall. M1 and Nokia with tax breaks and most travel.
She is now buying bigger Please turn to page A11 export-bank financing, or sup- Please turn to page A11
A2 | Friday, June 26, 2020
Wine Sellers
Brace for
Higher Tariffs
The U.S. is considering
raising levies on
European wines to
100% from 25%
BY JOSH ZUMBRUN
Harry Root’s business dis-
tributing imported wine from
Europe was already reeling
from a sales slump brought on
by coronavirus lockdowns
when he was hit with another
gut-punch: a $25,000 tariff on
a shipment of rose, “fun
whites” and beaujolais wines
at the Port of Charleston.
“We had gone two weeks
with effectively zero revenue,
yet still had to figure out how
to make payroll and make that
container payment as well,”
said Mr. Root, whose business
is also based in Charleston,
S.C. “It really brought back
into focus to us, just how hon-
estly cruel and inefficient
these tariffs are.”
More pain may be in store
for European wine importers.
The U.S. Trade Representa-
tive’s office, which imposed
25% tariffs on wine, cheeses,
olives and other products from
the European Union in Octo-
ber, is now considering raising
levies to 100%, citing a lack of
progress in negotiating a set-
Small-Business Aid Program Has Fraud Risk, GAO Says
BY YUKA HAYASHI
WASHINGTON—The $670
billion Paycheck Protection Pro-
gram to help struggling small
businesses survive fallout from
the coronavirus pandemic faces
a “significant risk” of fraud be-
cause of confusing rules and
lack of safeguards, a Govern-
ment Accountability Office re-
port has found.
In its haste to get money to
businesses quickly, the Small
Business Administration al-
lowed banks to rely on bor-
rowers’ own certifications to
determine their eligibility for
loans, which can be forgiven if
borrowers meet certain condi-
tions, the report noted.
Shortcomings in the pro-
gram were compounded by
rules issued by the Treasury
Department and the SBA after
the program had been
launched, leaving borrowers
and lenders further confused
and increasing the likelihood
Jobless
Claims
Stay High
Continued from Page One
the virus under control
quickly.”
U.S. stocks were volatile on
Thursday as investors faced a
cloudy economic outlook and
slowed-down reopenings in
several states, including Texas.
An afternoon rally erased the
morning’s declines, and the
Dow Jones Industrial Average
ended the day up 299.66
points, or 1.2%.
States where the coronavi-
rus is spreading the most are
experiencing a slowdown in
economic activity, according
to Jefferies. The number of
hours worked at small busi-
nesses hit its most recent peak
in mid-June and has since
dropped off in places including
Texas and Arizona, according
to scheduling and hiring soft-
ware provider Homebase.
Visits to restaurants, shop-
ping centers and other recre-
ational locations have been
rising nationwide but seem to
have peaked or plateaued in
states with rising infection
rates, according to Google Mo-
bility data.
“It is clear that the public is
not psychologically immune to
Covid-19, and will retrench as
the virus starts spreading
again,” said Aneta Markowska,
Jefferies economist.
Apple Inc. has said it would
temporarily close some stores
in coronavirus hot spots
tlement and eliminating subsi-
dies for Airbus SE.
In a public filing, the USTR
said that it could raise the tar-
iffs on or about Aug. 12, and
that it anticipated opening a
comment process in late June.
Importers, restaurateurs
and others who buy European
wines say higher tariffs would
devastate an industry floored
by months of lockdowns.
The tariffs were imposed in
response for trade practices in
an entirely different indus-
try—aviation.
After a long-running dis-
pute, the World Trade Organi-
zation ruled last year that the
EU had given improper subsi-
dies to the aircraft manufac-
turer Airbus, a rival to Boeing
Co. The WTO ruling allowed
the U.S. to impose as much as
$7.5 billion in tariffs, but
didn’t restrict the products on
which the U.S. can impose the
tariffs.
The USTR hit Europeans on
culturally significant exports—
putting the 25% tariffs on the
food products and just 10% on
aircraft. The U.S. later raised
the airplane tariff to 15%, de-
spite opposition by U.S. air-
lines.
For U.S. wine importers and
retailers, mitigating the tariffs
is a challenge because of a
thicket of rules and regula-
IRS Paid $1.4 Billion
To Dead Taxpayers
WASHINGTON—The Internal
Revenue Service paid nearly
$1.4 billion in stimulus checks
to dead people, according to a
Government Accountability Of-
fice report that provides the
first tally of such payments.
Citing data from the tax
agency’s inspector general
through April 30, GAO said
Thursday that the IRS made al-
most 1.1 million such payments
before Treasury Department of-
ficials determined that de-
that funds are misused, the
GAO said.
“Because of the number of
loans approved, the speed
with which they were pro-
cessed and the limited safe-
guards, there is a significant
Leveling Off
New applications for jobless benefits and the count of workers
receiving them have eased from record peaks, but remain at
historically high levels.
Initial jobless claims
7 million
6 24
June 14-20
5 20
1.5 million
4 16
3 12
2 8
1 4
0 0
J F M A M J
Note: Seasonally adjusted, latest figures are preliminary
Source: Labor Department
across a handful of states, in-
cluding Florida and Texas.
Walt Disney Co. said it would
postpone the scheduled re-
opening of its park in Ana-
heim, Calif., which had been
set for July 17.
Macy’s Inc. is laying off
about 3,900 corporate staffers
as the retailer confronts a
slow recovery.
The claims trend mirrors
shifts in other segments of the
economy, indicating conditions
have improved since hitting a
low earlier in the crisis but
have much ground to regain.
For instance, new orders for
durable goods—products de-
signed to last at least three
years—increased 15.8% in May
from the previous month. But
the rebound wasn’t enough to
make up for March and April
losses. In dollar terms, new or-
ders registered at levels last
seen in 2010, according to
Commerce Department data
U.S. NEWS
Cutting Edge Selections of Cincinnati hasn’t been able to absorb the increased cost from the tariff due to Ohio laws.
tions that can leave few op-
tions on how to respond.
Take Eric Faber, the chief
executive of Cutting Edge Se-
lections, a Cincinnati-based
wine distributor. Ohio laws re-
quire a markup of at least 25%
between wholesaler and re-
tailer and an additional 33%
between retailer and customer.
That means he can’t absorb the
increased cost from the tariff.
“We saw a slowdown in
sales for virtually every item
that took a price increase,”
said Mr. Faber. Even before
the pandemic hit, Mr. Faber
estimates he lost between 8%
and 13% of his sales.
During the pandemic, Mr.
Faber took a loan from the
Paycheck Protection Program
so that he wouldn’t have to lay
ceased people were ineligible
and began asking recipients to
return the money.
The GAO report says IRS
lawyers initially determined
that the agency couldn’t deny
payments to people who filed a
2019 return but have since
died. The report says IRS offi-
cials raised the issue to Trea-
sury officials while Congress
was drafting the legislation.
The law authorizing the stim-
ulus payments based the
amounts—up to $1,200 per
adult—on past tax returns. People
who died in 2018 or 2019 may
have filed returns before they
died or had heirs file final income
risk that some fraudulent or
inflated applications were ap-
proved,” the GAO said in the
report released Thursday. “In
addition, the lack of clear
guidance has increased the
likelihood that borrowers may
Recipients of jobless benefits
28 million
June 7-13
19.5 million
J F M A M J
released Thursday.
New orders for nondefense
capital goods excluding air-
craft—a closely watched proxy
for business investment—ad-
vanced 2.3%.
Separately, the Commerce
Department in an updated re-
port affirmed its earlier read-
ing that the U.S. economy in
the first quarter contracted
5% at a seasonally and infla-
tion-adjusted annual rate.
Economists project that the
second quarter, which ends
next week, will see the biggest
quarterly economic contrac-
tion in records dating back to
1947.
“I don’t think a V-shaped
recovery is realistic at all,”
said John Johnson, chief exec-
utive of Edgeworth Analytics,
a data consulting firm. “Hope-
fully we can mitigate the eco-
nomic damage.”
Federal Reserve Chairman
Jerome Powell told the Senate
off workers. But the salesmen
in his business work on com-
mission and the sales environ-
ment is difficult.
“There’s absolutely no rea-
son to drag in small busi-
nesses, particularly in the
United States, because of a
dispute between two of the
largest aircraft companies in
the world,” Mr. Faber said.
The wine industry has
mounted a vigorous opposi-
tion. In January, the last time
the USTR considered raising
the wine tariffs as high as
100%, and expanding it to
other countries, about 26,000
individuals and compa-
nies wrote in, overwhelmingly
opposed to the tariffs.
The USTR kept the tariffs at
25%, rather than raising them
tax returns for them afterward.
The IRS didn’t use death re-
cords from the Social Security
Administration as a computerized
filter in the first three rounds of
payments, according to GAO.
The tax agency then re-
versed that decision after Trea-
sury Department officials read
media reports about payments
to dead people.
The report also includes
new data showing that many
low-income families were short-
changed on payments. Accord-
ing to GAO, IRS is working to
get the money to those house-
holds by the end of July.
—Richard Rubin
misuse loan proceeds or be
surprised they do not qualify
for full loan forgiveness.”
The GAO, which was man-
dated to monitor spending of
public funds under the Cares
Act legislation to counter eco-
Banking Committee last week
that, assuming the virus re-
mained under control, the
economy could move through
three phases.
The first one, a sharp con-
traction, could then lead to
the second—a bounce back
marked by large increases in
re-employment. Mr. Powell
said it was possible the econ-
omy was in the beginning of
that second phase, but he
warned that the third phase of
recovery would require people
to regain their confidence en-
gaging in activity that requires
close indoor contact or large
outdoor gatherings.
The Labor Department is
scheduled to publish data on
June hiring next week. Em-
ployers added to payrolls in
May. Still, overall employment
was down by about 20 million
compared with February.
Some policy makers pointed
to strong job growth in May as
evidence the federal govern-
ment doesn’t need to extend
an extra $600 in weekly unem-
ployment benefits, which are
slated to expire at the end of
next month. That $600 comes
in addition to benefits pro-
vided by states.
Earlier this week, new find-
ings from the Brookings Insti-
tution concluded that states
with more-generous jobless
benefits experienced faster re-
coveries, including greater re-
hiring and fewer layoffs.
On the other hand, the Con-
gressional Budget Office pro-
jected extending the extra
$600 in benefits through Jan-
uary would lead to a decline in
employment for the remainder
of this year and all of next.
The government also ex-
panded unemployment bene-
* * THE WALL STREET JOURNAL.
AUSTIN BEEMAN/CUTTING EDGE SELECTIONS
to 100%. But on Wednesday, Monthly U.S. wine imports
the USTR again filed paper- from countries hit with tariffs
work that would allow tariffs
$200million
to be raised to 100%, sparking
a new round of anxiety in the October 2019
industry. Tariffs imposed
U.S. Trade Representative 150
Robert Lighthizer defended
the tariffs at a congressional
hearing June 17.
“We lost a lot of jobs be- 100
cause Europe was subsidizing
Airbus,” Mr. Lighthizer said.
“We will continue those tariffs
50 France
in place until we resolve that
issue.”
Officials with the EU trade Spain
mission in Washington didn’t Germany
0 U.K.
return a call seeking comment.
The EU trade commissioner 2019 '20
has said that the U.S. has Note: Wine of fresh grapes other
stepped back from settlement than sparkling wine
talks. Source: Trade Data Monitor
nomic fallout of the pandemic, The Wall Street Journal has
recommended that SBA imple- also documented a series of
ment plans to identify and re- shortcomings in the program.
spond to such risks and ensure In a recent interview, Treasury
the integrity and effectiveness Secretary Steven Mnuchin ac-
of the PPP. knowledged flaws but said
SBA spokesman Jim Billi- they were largely unavoidable.
moria said the GAO report With its funding of $670
“minimizes the historic work billion, the PPP makes up the
that SBA has undertaken to largest portion of the govern-
implement the Cares Act and ment’s $2.6 trillion Covid-19
mischaracterizes SBA’s en- response spending, and it was
gagement with GAO.” the first federal government
After making senior offi- program to be implemented to
cials available for interviews help businesses during the
and producing hundreds of current crisis.
pages of documents, he said, Other government pro-
the SBA continues to provide grams include the Treasury
additional information to the Department’s $500 billion as-
GAO, including loan-level data sistance to distressed sectors,
on PPP loans made to date. $375 billion earmarked for un-
“The PPP has been a his- employment insurance, $282
toric success of an unprece- billion in direct payments to
dented scale. In less than households through the Inter-
three months PPP provided nal Revenue Service and $232
more than 4.7 million small billion for the emergency pub-
businesses with over $515 bil- lic health response by the De-
lion in forgivable loans when partment of Health and Hu-
they needed it most,” he said. man Services.
fits to include those who were
previously ineligible for such
aid, such as self-employed and
benefits through that federal
program, which are tabulated
separately from state claims.
gig-economy workers. Last —Jeff Sparshott
week, 728,000 people sought contributed to this article.
CORRECTIONS  AMPLIFICATIONS
Roughly 400 of the more article on June 9 about a pa-
than 2,000 Panda Express lo- tient’s cancer diagnosis and
cations in airports, malls and treatment during the pan-
on university campuses had to demic incorrectly said she met
close when Covid-19 started with two radiologists.
spreading in the U.S. In some
editions Thursday, a Boss Talk Notice to readers
column about the restaurant Wall Street Journal staff
chain incorrectly said more members are working re-
than 2,000 locations closed. motely during the pandemic.
For the foreseeable future,
A radiation oncologist and please send reader comments
a resident in radiation oncol- only by email or phone, using
ogy advised a patient about the contacts below, not via
her treatments. A Life & Arts U.S. Mail.
Readers can alert The Wall Street Journal to any errors in news articles by
emailing wsjcontact@wsj.com or by calling 888-410-2667.
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 THE WALL STREET JOURNAL.
DOJ Asks
Justices to
Eliminate
Obamacare
BY STEPHANIE ARMOUR
The Trump administration
urged the Supreme Court to
invalidate the Affordable Care
Act in a legal brief filed
Thursday, putting health care
at center stage during an
election year already focused
on the coronavirus pan-
demic’s impact.
The Justice Department
said that the 2010 health law,
a signature achievement of the
Obama administration, is in-
valid because Congress in 2017
ended the financial penalty for
not having health insurance.
“The entire ACA thus must
fall with the individual man-
date,” Solicitor General Noel
Francisco wrote in the Justice
Department’s brief.
Supreme Court consider-
ation of the ACA won’t happen
until the fall at the earliest,
with any decision likely com-
ing after Election Day.
The administration’s contin-
ued support for toppling the
ACA is a political gamble as
jobless claims stabilize around
a historic high of about 20
million because of the pan-
demic. Democrats, including
presumptive presidential nom-
inee Joe Biden, are seeking to
portray President Trump as
endangering health coverage
at a time when more than
120,000 people in the U.S. have
died from coronavirus.
Republican-led states argue
the mandate on coverage is
unconstitutional and the entire
law should be struck down.
A group of 20 Democratic-
led states and Washington,
D.C., moved to defend the ACA
in court. The Supreme Court
upheld the health law in 2012
and 2015 but now has a con-
servative majority.
A decision invalidating the
ACA would end coverage for
the 11.4 million people who
signed up for insurance for
this year, halt the expansion of
Medicaid that covers more
than 12 million people and
again allow insurers to charge
higher premiums to consumers
with pre-existing conditions.
TASOS KATOPODIS/GETTY IMAGES
Crews installed fencing Thursday around the Emancipation Memorial in Washington, D.C., after demonstrators said they would topple it.
Lincoln Statue Targeted by Protesters
BY TED MANN
WASHINGTON—Protesters
said they are planning to top-
ple a statue of Abraham Lin-
coln in the capital meant to
commemorate his 1863 procla-
mation freeing enslaved people
in the rebel states at the height
of the Civil War.
The Emancipation Memo-
rial, erected in 1876 in Lincoln
Park on Capitol Hill, has long
drawn criticism for its pater-
nalistic imagery of a standing
President Lincoln looming
over a kneeling black man and
his broken shackles. The
planned attempt to remove
the statue comes as protesters
across the country have taken
aim at statues of slave owners,
Confederate leaders and pur-
veyors of white supremacy.
The National Park Service
said Thursday it would fence
off both the Emancipation Me-
morial and the Mary McLeod
Bethune Memorial, across Lin-
* * * * * *
A rally Thursday in Frankfort, Kentucky’s capital, pressed authorities to prosecute three police officers involved in the death of Breonna Taylor, who was shot in her home.
Calls Rise for Charges in Killing
BY ARIAN CAMPO-FLORES
More than three months af-
ter police fatally shot Breonna
Taylor, a 26-year-old black
woman, in her Louisville, Ky.,
apartment, protesters are
stepping up pressure on au-
thorities to bring criminal
charges against the three offi-
cers involved.
A rally on Thursday in
Frankfort, the state capital,
featuring celebrities including
the rapper Common, was
aimed at pressing state Attor-
ney General Daniel Cameron to
prosecute the officers. Demon-
strators have occupied a park
in downtown Louisville for
weeks, saying they want jus-
tice in Ms. Taylor’s case. Peti-
tions by advocacy groups
Color of Change and MoveOn
calling for the officers to be
fired have drawn more than
two million signatures.
Ms. Taylor, an emergency-
room technician, was at home
March 13 with her boyfriend
coln Park, to prevent them from
being damaged. Areas around
the statues will be closed
through the end of July, and
potentially longer, “to protect
these resources from significant
imminent threat of destruction
and vandalism,” the park ser-
vice said in a memo reviewed
by The Wall Street Journal.
There have been no public
threats to the Bethune memo-
rial, which honors the African-
American educator and civil
rights activist.
Demonstrators who want
the bronze Lincoln statue gone
gathered Tuesday evening in
the park to condemn its de-
sign, which they say implies
that it was only Lincoln’s be-
nevolence, and not the efforts
of black people, that ended
American slavery. Later, in an
Instagram post, organizers
said they would converge on
the statue on Friday evening.
“As a black man, when I see
that statue, I see that my free-
U.S. NEWS
when the three officers, who
had secured a no-knock search
warrant in connection with a
drug case, burst through the
front door. Her boyfriend,
thinking they were intruders,
shot at them, according to his
lawyer. Officers responded by
firing more than 20 bullets, at
least eight of which hit and
killed Ms. Taylor, according to
lawyers for her family. No
drugs were found at her home,
the lawyers said.
Nationwide protests
sparked by George Floyd’s kill-
ing while in Minneapolis po-
lice custody have fueled calls
for policy changes, from rein-
ing in police use of force to
slashing police budgets, and
the activists in Louisville are
pushing similar agendas.
“We’re going to keep doing
what we’re doing until those
demands are met,” said
Chanelle Helm, lead organizer
for Black Lives Matter Louis-
ville.
On Tuesday, interim Police
dom and liberation only lies
with white people,” said Glenn
Foster, 20 years old, an orga-
nizer of the Tuesday rally.
Organizers said they
planned to return in force to
pull the statue off its granite
pedestal, and authorities said
they were ready to counter the
effort. Several dozen officers
from Washington’s Metropoli-
tan Police Department and the
U.S. Park Police watched over
demonstrators Tuesday eve-
ning. On Wednesday, the Army
said it was activating 400
members of the D.C. National
Guard, at the request of the In-
terior Department, to help
guard government property
and monuments in the capital.
Asked about the protesters’
plans, a Metropolitan Police
spokesman said: “We certainly
will not allow for the destruc-
tion of property in the city.”
Some politicians are en-
dorsing the official removal of
the Lincoln statue as a new
Ms. Taylor was an EMT.
Chief Robert Schroeder fired
Brett Hankison, one of the of-
ficers involved, saying he had
violated procedures when he
“wantonly and blindly” fired
10 rounds into Ms. Taylor’s
apartment. The other two offi-
cers remain on the job and
have been reassigned. None of
the three have been criminally
chapter of protests in the wake
of the police killing of George
Floyd in Minneapolis widens
into a reckoning with the lega-
cies of past American leaders,
and with the anachronistic,
and for many offensive, styles
in which they are honored.
President Trump said dur-
ing a Wednesday news confer-
ence at the White House that
he would sign a “very strong”
executive order by the end of
this week that would toughen
penalties for destroying monu-
ments and statues.
On Thursday, however, Mr.
Trump indicated that he might
be open to removing some of-
fensive statues. “I can under-
stand certain things being
taken down, but they ought to
go through a process, legally,”
the president said during an
interview on Fox News.
Commenting on the Lincoln
Park statue, Mr. Trump said: “I
can see controversy, but I can
also see beauty in it.”
charged.
David Leightty, an attorney
for Mr. Hankison, filed an ap-
peal of his firing, saying he
didn’t fire his weapon blindly
and that the police chief’s
move was premature given
continuing investigations of
the incident. The Louisville
Metro Police Department
didn’t respond to requests for
comment.
Mr. Cameron, the attorney
general, took on the role of
special prosecutor in the case
after the commonwealth’s at-
torney for Jefferson County
recused himself in May, be-
cause he was pursuing a case
against Ms. Taylor’s boyfriend,
since dropped. He declined to
provide a date for the ex-
pected conclusion of his of-
fice’s own independent inves-
tigation.
“An investigation of this
magnitude, when done cor-
rectly, requires time and pa-
tience,” Mr. Cameron said at a
news conference. “I can assure
UCLA Is Probed Over
Review of Instructor
BY MELISSA KORN
The U.S. Education Depart-
ment is investigating whether
the University of California, Los
Angeles inappropriately opened
a review of a lecturer for using
the N-word in two classes this
month, questioning whether
the school stifled his academic
freedom.
In a letter to UCLA Chancel-
lor Gene Block dated Monday
and reviewed by The Wall
Street Journal, the Education
Department expressed concern
that the university “improperly
and abusively targeted” the in-
structor in violation of UCLA’s
own policies regarding free ex-
pression. The letter was sent to
UCLA Thursday, according to a
person familiar with the matter.
In early June, William Peris,
a political-science lecturer who
is white, gave presentations
about the history of racism in
the U.S. in two classes. In the
online sessions, he read from
Martin Luther King Jr.’s “Letter
from a Birmingham Jail” and
showed clips from a documen-
tary that included graphic de-
scriptions and images of lynch-
ings. Both the text and video
included the N-word.
Many students expressed
“distress and anger” about the
lectures and Mr. Peris’s reaction
to their discomfort, according
to a letter written by the politi-
cal-science department chair
and vice chairs, and shared with
the department. His response
“escalated the situation rather
than engaging in the thoughtful
and open discourse that we ex-
pect from our faculty. We share
students’ concerns that the lec-
turer did not simply pause and
reassess their teaching peda-
gogy to meet the students’
needs, particularly during this
sensitive time,” they wrote, ref-
erencing the recent killings of
George Floyd, Breonna Taylor
and other black people.
UCLA’s Discrimination Pre-
vention Office has launched a
review of the matter, the school
said.
“Targeting an instructor for
Friday, June 26, 2020 | A3
FROM TOP: BRYAN WOOLSTON/REUTERS; TAYLOR FAMILY/AGENCE FRANCE-PRESSE/GETTY IMAGES
you that we understand the
urgency, we understand the
public outcry and we under-
stand the need for the truth
and the desire for justice.”
The Federal Bureau of In-
vestigation’s Louisville office
is conducting its own continu-
ing investigation into Ms. Tay-
lor’s killing.
Calls to overhaul the police
department intensified early
this month after law enforce-
ment fatally shot David McA-
tee, the African-American
owner of a popular barbecue
restaurant in Louisville, amid
protests over police violence.
Police said Mr. McAtee fired
first, drawing return shots
from two city officers and two
National Guard troops.
Steve Romines, a lawyer for
Mr. McAtee’s family, said po-
lice first fired pepper balls at
the crowd, causing panicked
people to rush toward Mr.
McAtee. Mr. McAtee’s family is
preparing to file a wrongful-
death suit, Mr. Romines said.
reading from the works of Dr.
King or showing a documentary
quoting him is a direct assault
on academic freedom and con-
stitutionally protected free
speech,” said the Education De-
partment’s letter, signed by
Robert L. King, assistant secre-
tary of the Office of Postsec-
ondary Education. That letter
links to coverage about the inci-
dent on Fox News and in a con-
servative publication, the
Washington Free Beacon.
Mr. Peris swiftly issued apol-
ogies via a letter and video, ac-
cording to the political science
department. He didn’t respond
to a request to comment.
The Education Department
told UCLA to hand over emails
and additional records for Mr.
Peris and others in the political-
science department, as well as
material related to the school’s
faculty code of conduct, and
make available for interviews
Federal authorities
ask if academic
freedom was stifled
over a racial slur.
the chancellor, Mr. Peris and
others within a month.
If the Education Department
finds that UCLA violated its
code of conduct by failing to
protect Mr. Peris’s right to free
expression, the school could be
guilty of misrepresenting its ed-
ucational offerings, a person fa-
miliar with the investigation
said. That could be a violation
of UCLA’s agreements with the
federal government and lead to
sanctions.
UCLA said it will cooperate
with the investigation. In a
statement, the school said it re-
fers all reports of alleged mis-
conduct for review, and follow-
ing that procedure “does not
mean that anyone has been tar-
geted for disciplinary action or
that any matter has been pre-
judged.”
A4 | Friday, June 26, 2020
House Passes Democratic Bill on Policing
BY NATALIE ANDREWS
WASHINGTON—The House
on Thursday passed a Demo-
cratic bill to overhaul the na-
tion’s law-enforcement prac-
tices in the wake of protests
over police abuses and racism,
but the prospects for any leg-
islation becoming law re-
mained dim amid sharp differ-
ences with a rival Republican
proposal.
Lawmakers of both parties
were outraged over the killing
of George Floyd in police cus-
tody last month and presented
their own proposals to over-
haul policing practices in re-
cent weeks. Partisan disputes
quickly emerged over the scope
of the legislation, and no prog-
ress was made in reaching a
compromise.
The House bill passed
236-181 in the Democratic-con-
trolled chamber, but the GOP-
led Senate has called it a non-
starter. On Wednesday, Senate
Democrats blocked a rival GOP
bill from advancing.
The issue has dominated
Capitol Hill in recent weeks.
Majority Leader Mitch McCon-
nell (R., Ky.) delayed a vote on
a defense-policy bill to bring
the Republican measure to the
floor on Wednesday. House
Speaker Nancy Pelosi (D., Ca-
lif.) a week ago indicated a
willingness to go to conference
to reconcile the GOP and Dem-
ocratic bills and reach a bipar-
tisan solution. By Thursday,
however, she said she was
proud of Senate Democrats for
opposing the Republican mea-
sure, and it was now up to the
Senate to revive the stalled
legislative process.
“They need to go together
and write a bill that’s real,”
Officers
Stay on Job
After Firing
Continued from Page One
It’s a common phenomenon
across the U.S., a previous
Journal investigation found,
but the issue is especially
acute in Minneapolis, where a
white police officer’s killing of
George Floyd, a black man, on
May 25 ignited protests
around the world against rac-
ism and policing.
The next day, the city’s po-
lice chief, Medaria Arradondo,
fired the officer, Derek Chau-
vin, who had pressed his knee
into the neck of Mr. Floyd for
around eight minutes. The
chief fired three additional of-
ficers who failed to intervene.
All four face criminal charges,
including second-degree mur-
der for Mr. Chauvin.
Mr. Chauvin isn’t part of the
Journal’s analysis, as he hasn’t
appealed his firing and didn’t
appear in the arrest data the
Journal used. He had 18 com-
plaints on his official record,
including two that ended in
discipline from the depart-
ment, but no previous termina-
tions.
Police officers are often en-
titled to special job protections
that most other citizens don’t
get, including the right to ap-
peal serious disciplinary ac-
tions before an arbitrator.
Those protections are now
being questioned. In Minneap-
olis earlier this month, Chief
Arradondo said he would stop
negotiations with the police
union over its current contract
and instead will meet with
outside experts to discuss
ways to change the way disci-
pline and arbitration work.
Minnesota is one of 32
states with statewide collective
bargaining rights for police of-
ficers. Officers, like all Minne-
sota public employees, have
the right to appeal termina-
tions to an impartial arbitra-
tor. The state’s Bureau of Me-
diation Services keeps a roster
of potential arbitrators to
oversee disputes.
At least 40 police, sheriff’s
deputies or corrections offi-
cers in Minnesota have ap-
pealed their terminations since
2014, according to arbitration
records. Twenty terminations
were reduced to a suspension,
demotion or no punishment at
all.
For cases involving use of
force, seven out of nine offi-
cers were reinstated, including
two officers from the Minne-
apolis police department.
Both Chief Arradondo and
Minneapolis Mayor Jacob Frey
have called on the state legis-
Rep. Karen Bass was joined by other members of Congress on Thursday to speak about the bill, which was later approved, 236-181.
Mrs. Pelosi said. “Don’t just
take the words and defang, so
it has no effect.”
Republicans largely pointed
fingers back at the Democrats
for the breakdown. Sen. Tim
Scott (R., S.C.) said after the
legislation failed that he had
offered Democrats numerous
amendments to the bill and
that the prospects for a deal
looked bleak. “It’s closer to the
trash can than it ever has
been,” Mr. Scott said on Fox
News. Speaking of Democrats,
he said, “they don’t want this
president to have a victory on
another serious issue confront-
lature to change the way arbi-
tration works for police offi-
cers. “If the legislature is
serious about deep, structural
police reforms, this is the most
impactful change they could
make,” Mr. Frey said in a state-
ment last week.
Minneapolis Police Depart-
ment spokesman John A. Elder
said the department wouldn’t
speak about individual cases,
but it accepts the decision of
arbitrators.
Even in places with no
statewide collective bargaining
rights for police departments,
it can be difficult to perma-
nently fire officers. In At-
lanta—the center of a new
round of protests after a white
police officer fatally shot Ray-
shard Brooks, a black man, in
the back—officers and other
public city employees can seek
remedy before the Civil Ser-
vice Board.
Of the 18 officers who ap-
pealed their terminations there
since 2016, one was reinstated
and four had their appeals re-
jected, according to data from
the Atlanta Police Department.
The other 13 officers are
awaiting decisions, withdrew
appeals or reached a settle-
ment with the department.
The department declined to
comment on the decisions.
A record of misconduct or
criminal behavior bodes poorly
for an officer’s future policing,
said Robert Kane, a Drexel Uni-
versity criminology professor.
That misconduct can be conta-
gious, and allowing those offi-
cers to stay on the job sends a
damaging message about what
will be tolerated, he said: “The
more that happens, the more
the organization itself be-
comes poorly misbehaved.”
Police unions say that due
process is necessary and that a
poor decision, made in a split
second, shouldn’t necessarily
end a career.
Minneapolis Police Depart-
ment Officer Peter Brazeau
was accused of beating a hand-
cuffed, intoxicated man in De-
cember 2016 outside a down-
town bar, according to records
filed as part of his arbitration.
The department put Officer
Brazeau on limited duty, and
an advisory panel ruled that he
had violated the department’s
use-of-force policy.
He was returned to full duty
in December 2017 while the
department continued to hold
internal hearings. More than
two years after the incident, in
February 2019, the department
fired him for the violation.
In October 2019, an arbitra-
tor agreed that Officer Brazeau
violated use-of-force policies,
but ruled that the termination
was excessive given that the
department trusted him to re-
turn to work after the incident.
A job evaluation after the 2016
incident had said his perfor-
mance “exceeds expectations.”
P W L C 10 11
ing the minority communities.
This is pure race politics.”
A senior Democratic aide
said there was no serious offer
made to Democrats, nor any
commitment from Mr. McCon-
nell.
The Democrats’ bill, backed
by Congressional Black Caucus
members in the House and Sen-
ate, would bar law enforcement
from racial and religious profil-
ing and make it easier to prose-
cute police officers for miscon-
duct and allow civilians to
recover some damages if their
constitutional rights are found
to have been violated by police.
Police officers’ job protections are coming under renewed scrutiny.
Overturned
Between 2014 and 2020, at least 40 law enforcement officers in
Minnesota appealed their terminations. After they appealed, half
got their jobs back, usually with a suspension or demotion.
Length of lesser punishment for each officer reinstated
60
30
30
20
10
5 Arbitrator found mitigating circumstances
5 force and enter your home,
3 Arbitrator found use of force was 'less severe' than alleged
2
1
0
0
One officer received only a written reprimand, and two
officers were reinstated with no punishment.
0 tionwide whose arrests made
Note: Assumes a workday is eight hours and a month has 30 days.
Source: Minnesota Bureau of Mediation Services
Officer Brazeau got his job
back.
Attempts to reach Officer
Brazeau were unsuccessful. His
attorney didn’t respond for
comment.
Another officer, Blayne Leh-
ner, was fired for a 2014 inci-
dent when he was accused of
shoving a woman to the
ground and calling her a de-
rogatory name during a do-
mestic disturbance call, ac-
cording to arbitration records.
An arbitrator returned Mr.
Lehner to the Minneapolis Po-
lice Department and reduced
his penalty to a one-week un-
paid suspension. The arbitra-
tor wrote that the city’s inves-
tigation into the use of force
relied on hearsay and that
lesser charges didn’t warrant
termination.
Mr. Lehner was fired a sec-
ond time in 2019, related to a
separate use-of-force case that
happened even earlier, in 2013.
Mr. Lehner was accused of
kicking Luis Garcia, an 18-year-
old who had been handcuffed
12 H T G K R F A M 1 2 3 4 5 6
U.S. NEWS
Last week, Republicans, led
by Mr. Scott, the only black
GOP senator, presented a bill
that would, among other
things, study the status of
black men in America and, sep-
arately, the criminal justice
system, and collect data on the
use of no-knock warrants and
the use of force by police. Law-
makers hoped the studies
would provide data to shape
future legislation.
The measures overlapped a
bit, which gave some lawmak-
ers hope that a compromise
could be reached, but activists
largely urged Democrats to
390
365
300
270
210 Suspension
Demotion
Originally terminated
for use of force
during a traffic stop, in the
face, breaking his jaw and
knocking out his front teeth.
Mr. Lehner said Mr. Garcia,
who was a passenger in the
car, appeared intoxicated. At
the time he was kicked, Mr.
Garcia was in the back seat of
a squad car, according to court
records. An arbitrator denied
Mr. Lehner’s appeal on the
case.
Mr. Lehner and his attorney
in the case didn’t return calls
for comment.
Officers are often given the
benefit of the doubt by arbi-
trators and juries, said Eric
Hageman, an attorney who
represented Mr. Garcia in a
civil case against the city of
Minneapolis and Mr. Lehner.
Both parties settled with Mr.
Garcia and neither admitted
wrongdoing.
“The reality is because
they’re allowed to use force,
[police] get a lot of leeway in
these cases,” Mr. Hageman
said. “If you don’t always have
credible witnesses to come for-
7 8 9 O I X X **** THE WALL STREET JOURNAL.
Both bills would reduce
funding for state and local po-
lice departments that don’t ban
chokeholds, though the House
bill also institutes a ban for
federal police forces. The GOP
bill instructs the attorney gen-
eral to develop a plan to end
the practice and carves out an
exception for situations where
deadly force is authorized.
The measures also would
create a database of shared
disciplinary records so a prob-
lematic officer couldn’t be
hired by another agency un-
aware of his or her past.
In the Democrats’ bill, the
database would allow for pub-
lic access. Both measures con-
tained a bipartisan bill to
make lynching a hate crime.
But the two sides didn’t budge
from their initial stances de-
ROD LAMKEY/CNP/ZUMA PRESS
spite some initial hope of a
compromise.
The debate is stalled in the
Senate. Democrats are hopeful
that pressure from activists
who are protesting in the
streets, even a month after Mr.
Floyd’s death, will force Repub-
licans to negotiate. “I think the
continued activism is going to
block the Senate bill, saying it continue this pressure for
didn’t go far enough. change, like it did in [every-
“Quite frankly they, I don’t thing] from the civil-rights
think the majority in the Sen- movement to real legislation
ate shares our values on this here, to the workers’ rights
issue,” Rep. Lauren Underwood movement,” said Sen. Cory
(D., Ill.) said of the GOP stance Booker (D., N.J.).
in the policing debate. “I would When asked about Demo-
not characterize that the polic- crats’ call to send the bill to
ing reform effort went wrong. the Judiciary Committee,
I think there’s something where lawmakers could hold
wrong in the Senate.” hearings and amend it, the
Some on the left have called panel’s chairman, Sen. Lindsey
to “defund the police,” divert- Graham (R., S.C.), said: “I don’t
ing policing money to commu- see them running the place.”
nities, though most Democratic —Kristina Peterson
lawmakers have said they and Aaron Zitner
aren’t interested in doing that. contributed to this article.
ward and you don’t have police
officers willing to testify
against their fellow officers, it
in convictions. Some charges
were dropped. Some officers
were acquitted. Some officers
can be really difficult to win
these cases.”
Arbitrators in Minnesota of-
pleaded guilty to lesser
charges than the ones they had
initially been accused of.
ten cited an incomplete inves-
tigation or inconsistent pun-
ishment as reasons why
Those who continue to work
as police officers include one
who in 2011 was charged with
terminations were overturned. two felonies related to an al-
Unions agree, arguing that leged assault, though the
there are robust systems for charges were dismissed after
removing problem officers but he pleaded guilty to a misde-
departments don’t always fol- meanor of disorderly conduct
low them. and agreed to undergo coun-
“It’s not impossible to get seling.
STEPHEN MATUREN/GETTY IMAGES
rid of a bad cop,” said Bill That officer, Mukhtar Ab-
Johnson, executive director of dulkadir, also has been sued
the National Association of Po- twice. A young Ethiopian im-
lice Organizations. “If they fol- migrant alleged in a civil suit
low the rules, believe me, they that in 2010, the officer choked
can make it stick. But if they him after he said that getting
short-circuit the law and they cited for riding a bicycle with-
don’t honor the rights of offi- out a light was stupid, and the
cers, the arbitrator is going to officer called him a racial slur.
pick up on that.” In another case, a driver wait-
Many states, including Min- ing at a carwash in 2013 said
nesota, have a slim list of rea- that he was knocked down and
sons for formally revoking a repeatedly punched by the of-
police officer’s certification, ficer after he honked at the of-
such as criminal sexual con- ficer to take his turn, a claim
duct or armed robbery. If offi- that was supported by video of
cers are fired from one depart- the incident. Both cases were
ment but don’t lose financially settled out of court,
510 days certification, they can get re- lawyers for the plaintiffs said.
510 hired elsewhere. The lawyer who represented
Roger Goldman, a Saint the officer in his 2011 court
Louis University emeritus law case, Robert Fowler, said his
professor, said that for many client has a clean internal dis-
state-licensed professions, the ciplinary record and has since
standard for losing a license been promoted to sergeant. He
was far lower than a criminal said the city should have vig-
conviction. “If we have that for orously defended the civil law-
professions that are less seri- suits rather than settling.
ous than the ability of a cop to
carry a gun and use deadly
you’d think we’d want at least
‘It can be really
as strong a provision,” he said. difficult to win these
A previous study by the
Journal of 3,458 officers na-
cases’ against police
officers.
local news between 2005 and
2011 found that 332 were still
working as police officers in
2015, often for the same Mr. Fowler, who is general
agency. Another 1,927 officers counsel for the Minnesota Fra-
faced no formal barrier to re- ternal Order of Police, said
entering law enforcement. that the allegation about the
The Journal’s recent study 2011 assault was false and that
of the Minneapolis Police De- his client was “exactly the type
partment used data from of police officer we need to en-
Bowling Green State University sure good outcomes in the
criminologist Philip Stinson on contacts he has with the peo-
23 officers who were arrested ple of Minneapolis.”
between 2005 and 2013, and Of the other 10 Minneapolis
whose arrests became publicly officers who are still working
known. today after being charged with
Eleven of those officers are crimes, three had gotten into
working as police officers to- off-duty brawls with civilians.
day and have had their li- Five more had been charged
censes renewed following the with driving drunk—in one
arrest, according to data held case fighting with fellow police
by the Minnesota Board of officers upon arrest.
Peace Officer Standards and One was accused of false
Training. imprisonment while off-duty.
Of the other 12 officers, six The other was prosecuted by
had their licenses revoked. Li- the U.S. Justice Department
censes for five others have for assaulting a black teenager
now expired, though in two and acquitted. His department
cases, the officers appeared to tried to fire him twice for em-
have continued working for ployment misconduct relating
years after their arrest. Re- to internal investigations, but
cords for the remaining officer he was reinstated.
couldn’t be located. —Lisa Schwartz
Not all of the arrests ended contributed to this article.
THE WALL STREET JOURNAL.
SEC Chief
Says He
Sought
DOJ Post
BY DAVE MICHAELS
Securities and Exchange
Commission Chairman Jay
Clayton said Thursday that he
first spoke two weeks ago
with Trump administration of-
ficials about becoming the top
federal prosecutor in Manhat-
tan and defended his creden-
tials for the job.
Under repeated questions
from Democratic lawmakers at
a House hearing, Mr. Clayton
revealed some previously un-
disclosed details about the
Trump administration’s deci-
sion to nominate him as the
next Manhattan U.S. attorney.
Mr. Clayton would succeed
Geoffrey Berman, who was re-
moved last week from the job
by President Trump at Attorney
General William Barr’s request.
Democratic lawmakers say
they want to look into whether
Mr. Berman was fired over his
management of politically sen-
sitive probes, such as those in-
volving the business and polit-
ical activities of Mr. Trump’s
personal lawyer, Rudy Giuliani.
House Democrats pressed
Mr. Clayton about his ties to Mr.
Trump and whether he could
lead the nation’s most promi-
nent federal prosecutor’s office
in an independent fashion. Mr.
Clayton acknowledged golfing
with Mr. Trump “a handful of
times,” but said his SEC en-
forcement decisions have been
unswayed by political concerns.
“This was entirely my idea,”
Mr. Clayton said. “This is
something I have been think-
ing about for several months.”
Mr. Clayton was a corporate
lawyer at Sullivan & Cromwell
LLP before taking over the
SEC in May 2017.
Asked why he is qualified
for the role, despite having
never worked as a state or
federal prosecutor, Mr. Clayton
said he manages 1,300 en-
forcement attorneys at the
SEC, some of whom previously
worked as federal prosecutors.
Coverage Gaps Found With Short-Term Health Plans
BY STEPHANIE ARMOUR
Many consumers have been
forced to pay for their own
lifesaving treatment under
shorter-term health plans that
have seen enrollment jumps
since the Trump administra-
tion relaxed restrictions on
them, according to a report re-
leased Thursday by House
Democrats on the Energy and
Commerce Committee.
The short-term plans don’t
have to comply with the 2010
Affordable Care Act, so they
often exclude coverage for
pre-existing conditions and
charge women more for the
same coverage, the yearlong
investigation found.
These plans have prolifer-
ated since August 2018 when
the Department of Health and
Human Services issued a rule
expanding access, one of the
most significant steps to un-
dercut the ACA after GOP law-
makers in Congress failed to
repeal it in 2017.
These plans are generally
lower-priced but can deny
coverage based on consumers’
pre-existing health conditions.
They also don’t have to cover
the same benefits as ACA-
compliant plans.
Firefighters Union Chief Is Mired in Internal Financial Dispute
BY BRODY MULLINS
AND TED MANN
WASHINGTON—The head of
a major firefighters union, a
supporter of Democratic Party
causes and a confidant of
presidential candidate Joe Bi-
den, is mired in an internal
dispute over allegations of fi-
nancial mismanagement, im-
proper pension payouts and
misuse of union resources for
personal expenses.
Harold Schaitberger, the
longtime president of the In-
ternational Association of Fire
Fighters, is accused by the
union’s treasurer of prema-
turely collecting well over $1
million in payments from a
union pension fund while still
working at the union. The
union’s treasurer, Edward
Kelly, said the payments vio-
High Court Eases Path to Deportation
BY JESS BRAVIN
WASHINGTON—The
preme Court smoothed the
Su-
government’s path to deport
unauthorized immigrants
seeking asylum, ruling that a
noncitizen apprehended
shortly after crossing the bor-
der has no constitutional right
to challenge immigration offi-
cials’ “expedited removal” or-
ders in federal court.
In an opinion by Justice
Samuel Alito, the court’s con-
servative majority held that
such noncitizens are entitled
only to the administrative pro-
cess Congress provided, which
allows asylum seekers to make
their claims before immigra-
tion officers; if they are de-
nied, their claims can be re-
viewed by an immigration
judge, who is a Justice Depart-
ment employee and not part of
the independent federal judi-
ciary.
A 1996 immigration law
“crafted a system for weeding
out patently meritless claims
and expeditiously removing
the aliens making such
claims,” Justice Alito wrote.
“It was Congress’s judgment
that detaining all asylum seek-
ers until the full-blown re-
moval process is completed
would place an unacceptable
burden on our immigration
system and that releasing
them would present an undue
risk that they would fail to ap-
pear for removal proceedings.”
Chief Justice John Roberts
and Justices Clarence Thomas,
Neil Gorsuch and Brett Ka-
vanaugh joined the opinion,
while two liberal justices, Ste-
phen Breyer and Ruth Bader
Ginsburg, agreed on narrower
grounds.
Two other liberals, Justices
Sonia Sotomayor and Elena
Kagan, dissented.
The case involved Vijayaku-
mar Thuraissigiam, a Tamil
from Sri Lanka who was ap-
prehended 25 yards inside U.S.
territory after crossing from
Mexico near San Ysidro, Calif.
in 2017; he asked for asylum.
Asylum seekers are entitled to
a fuller examination of their
claims, including federal court
review, if an immigration offi-
The short-term plans don’t have to comply with the 2010 Affordable Care Act. An ICU in Seattle.
The administration has re-
peatedly said the plans give
consumers more choices and
promote market competition,
and that they are a boon for
people who can’t afford premi-
ums for ACA-compliant plans.
“President Trump has
brought more affordable in-
surance options back to the
market, including through al-
lowing the renewal of short-
lated union rules, and he plans
to try to force Mr. Schait-
berger to reimburse the union.
Mr. Schaitberger, 74 years
old, also failed to pay roughly
$1 million in taxes on more
than $3 million in deferred
compensation over two de-
cades as president, according
to union officials and a 105-
page memo the treasurer sub-
mitted to the union’s board.
Mr. Schaitberger blames the
union’s treasurers for failing
to notify him of the liability,
according to union officials.
He plans to file amended re-
turns to pay the unpaid tax,
according to a person familiar
with his thinking.
Mr. Schaitberger also faces
scrutiny from current and for-
mer union officials for charg-
ing the union for thousands of
dollars in steak dinners, bar
U.S. NEWS
U.S. border patrol agents in Texas apprehended migrants crossing the border from Mexico in February.
cer determines they have a
credible fear of persecution
over factors such as their race
or political opinions.
An immigration officer be-
lieved Mr. Thuraissigiam’s
claim that in his homeland he
had been abducted and badly
beaten by men in a white van,
but didn’t find evidence the
episode was related to his
Tamil ethnicity and denied Mr.
Thuraissigiam’s claim to asy-
lum. A supervisor backed that
decision, which was affirmed
by an immigration judge. Mr.
Thuraissigiam sought federal
court review through habeas
corpus, a process used to chal-
lenge unlawful detention, ar-
guing that immigration offi-
cers failed to sufficiently
probe his claims.
After obtaining a lawyer,
Mr. Thuraissigiam said his
treatment was part of the Sri
Lankan government’s pattern
of repressing Tamils.
“In particular, there is a
well-documented pattern of
Sri Lankan security forces kid-
term plans,” an HHS spokes-
woman said. “We’ve been
abundantly clear that these
plans aren’t for everyone, but
short-term plans can be an af-
fordable option for millions of
men and women left behind by
the Affordable Care Act.”
The investigation of 14 com-
panies that sell or help people
buy short-term health plans
was launched in March 2019.
tabs and music downloads, ac-
cording to tax filings and cur-
rent and former members of
its Washington staff.
“These are internal matters
being reviewed by the IAFF
Board through its internal pro-
cesses,” the union said.
Mr. Schaitberger declined
to comment on the allegations,
but after The Wall Street Jour-
nal contacted the union last
week, he sent an email to the
board saying the Journal was
preparing an article based on
“unfounded accusations.”
Mr. Schaitberger’s profile
has risen in the Democratic
Party alongside those of other
politically active union chiefs,
including the heads of the
American Federation of State,
County and Municipal Employ-
ees and the Service Employees
International Union, which
napping Tamils in white vans, as it was known in 1789 could
blindfolding them, and tortur- be used to require that aliens
ing them—widely known as be permitted to remain in a
the ‘white van’ abductions,” country other than their own,
Mr. Thuraissigiam’s brief said, or as a means to seek that
citing reports from news me- permission.”
dia and the United Nations “This ruling fails to live up
High Commissioner for Refu- to the Constitution’s bedrock
gees. principle that individuals de-
A federal appeals court in prived of their liberty have
San Francisco found that the their day in court, and this in-
expedited removal law, which cludes asylum seekers,” said
bars judicial review of immi- Lee Gelernt, an American Civil
gration-officer decisions, was Liberties Union attorney who
unconstitutional. argued Mr. Thuraissigiam’s
Justice Alito said the ap- case. “This decision means
peals court erred by extending that some people facing
habeas rights beyond their use flawed deportation orders can
when the Constitution was be forcibly removed with no
drafted. At the time, the pro- judicial oversight, putting
cess could only be used to get their lives in grave danger.”
out of custody—and Mr. Justice Department spokes-
Thuraissigiam could easily re- woman Alexa Vance said that
cover his freedom by dropping “the decision upholds the con-
his case. stitutionality of expedited re-
“The Government is happy moval…and reaffirms the
to release him—provided the proper scope of habeas relief
release occurs in the cabin of in the immigration context.”
a plane bound for Sri Lanka,” The “decision allows the
Justice Alito wrote. But “we Trump administration to con-
have no evidence that the writ tinue to defend our borders,
2019 plan year compared with
the prior plan year, for a total
of about three million consum-
ers enrolled.
Enrollment by brokers in-
creased by approximately 60%
in December 2018, and by
more than 120% in January
2019, compared with previous
months. The increases during
those months suggests that
these plans are benefiting
from the ACA’s open-enroll-
ELAINE THOMPSON/ASSOCIATED PRESS
ment season, when people can
sign up for or re-enroll in in-
surance plans.
In its review of consumer
complaints against insurers
selling short-term plans, the
committee said it found nu-
merous examples of patients
who were denied coverage for
treatment, leaving consumers
on the hook for hundreds of
thousands of dollars.
They included UnitedHealth “Coverage limitations vary
Group Inc. and Anthem Inc. greatly from plan to plan and
The committee included nine insurer to insurer, and limita-
of the major sellers of such tions are not made clear in
plans in the review. marketing materials, making it
UnitedHealth and Anthem extremely difficult for consum-
didn’t respond to requests to ers to understand what they
comment. are purchasing,” according to
The report found an in- a summary of the report.
crease of 27%, or more than Some plans impose maxi-
600,000 individuals, enrolled mums of $500 per policy pe-
in short-term plans during the riod for doctor’s office visits,
each have more than one mil- Mr. Schaitberger has told
lion members. colleagues his role in politics—
Under his stewardship, the and his ties to Mr. Biden—are
firefighters union has provided crucial to the union’s mission,
financial contributions to or- union officials say. Earlier this
ganizations that support spring, he told New York mag-
House Speaker Nancy Pelosi of azine he had privately sug-
California and Senate Minority gested a choice for a running
Leader Chuck Schumer of New mate to Mr. Biden. During a
York, according to the union’s videoconference with board
tax filings. members on Tuesday he said
Mr. Schaitberger is perhaps that if Mr. Biden wins, “we will
best known in political circles have a key to the back door of
as a longtime ally, confidant the White House.”
and supporter of Mr. Biden. The Biden campaign didn’t
The firefighters union was an comment on the union’s inter-
early backer of the former vice nal dispute.
president and one of the few At a contentious board
that supported him during the meeting in February, Mr. Kelly
Democratic primary, in which revealed the results of a
other large labor organiza- lengthy financial review and
tions threw their support be- accused Mr. Schaitberger and
hind rivals such as Sens. Ber- other union officials of over-
nie Sanders and Elizabeth stating revenues by millions of
Warren. dollars over the past dozen
Friday, June 26, 2020 | A5
ADREES LATIF/REUTERS
uphold the rule of law, and
keep Americans safe,” she
said.
In 2017, the expedited re-
moval process applied only to
those found within 100 miles
of the border; last week, a fed-
eral appeals court in Washing-
ton greenlighted Trump ad-
ministration rules subjecting
any unauthorized immigrant
who has been present less
than two years to the process.
In a concurring opinion,
Justice Breyer, joined by Jus-
tice Ginsburg, concluded that
habeas corpus wasn’t available
under the circumstances of
Mr. Thuraissigiam’s case, but
warned that the court’s
broader ruling raised uncer-
tainty about immigration law.
Justice Sotomayor, in a dis-
sent joined by Justice Kagan,
said the majority misread the
historical scope of habeas
rights and undercut the princi-
ples animating much of immi-
gration law.
—Michelle Hackman
contributed to this article.
$1,000 a day for hospitaliza-
tion, $500 per visit for emer-
gency services and $2,500 per
surgery for surgeon service,
according to the report.
The committee’s investiga-
tion found that, on average,
less than half of the premium
dollars collected from consum-
ers are spent on medical care,
unlike ACA-compliant individ-
ual market plans, which are
required to spend at least 80%
of all premium dollars on
health care. The rest of the
money generally goes to ad-
ministrative, overhead and
marketing costs.
“These plans are a bad deal
for consumers and oftentimes
leave patients saddled with
thousands of dollars in medi-
cal debt,” said Energy and
Commerce Chair Frank Pallone
(D. N.J.), and subcommittee
chairwomen Anna Eshoo (D.,
Calif.) and Diana DeGette (D.,
Colo.) in a statement.
HHS had estimated that, in
2019, as many as 200,000 peo-
ple previously enrolled in
health coverage on the ACA’s
exchanges would buy plans ex-
empt from the health law’s re-
quirements. About 8.5 million
people signed up for plans on
the ACA exchanges in 2019.
years, thereby allegedly mis-
leading the board about the
union’s financial health, said
people who attended the
meeting.
Mr. Schaitberger responded
to the allegations at a March
meeting by asserting that Mr.
Kelly overstepped his author-
ity in investigating the union’s
finances, according to people
at the meeting. Mr. Schait-
berger has said the allegations
are politically motivated be-
cause Mr. Kelly wants his job,
according to union officials.
The union president also said
Mr. Kelly had called him a
“crook,” which Mr. Kelly de-
nied in a memo to the board.
The March meeting de-
volved into a shouting match,
and the union’s board is inves-
tigating the allegations from
both sides, union officials say.
A6 | Friday, June 26, 2020 * **** THE WALL STREET JOURNAL.

U.S. NEWS

Texas Puts Halt to Some Surgeries Orders for

Drug Used
Governor suspends
procedures deemed
nonessential in four
Against
counties due to surge Virus Jump
BY MELANIE EVANS BY JARED S. HOPKINS
AND PREETIKA RANA
Demand for the generic
Texas ordered hospitals in drug dexamethasone has
four counties to stop some surged in a matter of days
surgeries as the pandemic since researchers in the U.K.
gains traction across Western reported that the steroid re-
and Southern states and hos- duced deaths in very sick
pitals fill with critical corona- Covid-19 patients, according to
virus patients. a major drug-purchasing firm.
Hospitals in Bexar, Dallas, Orders for dexamethasone
Harris and Travis counties surpassed 2.8 million last
must halt nonessential proce- week as the University of Ox-
dures as of Saturday to make ford released study results on
sure beds are available for cor- June 16, up from nearly
onavirus patients, under an ex- 397,500 the prior week, which
ecutive order issued by Texas was more typical, according to
Gov. Greg Abbott on Thursday. Vizient Inc., one of the largest
CALLAGHAN O’HARE/REUTERS

The Republican governor group-purchasing organiza-

stopped short of a statewide tions in the U.S. for hospitals.
shutdown, as Texas and other On the day the study was re-
states previously ordered leased, demand rose 167%, ac-
when the pandemic first hit. cording to Vizient.
Hospitals nationwide emptied Steve Lucio, vice president
out in late March under the of pharmacy solutions at Ir-
state orders, which governors Daily new Covid-19 cases and hospitalizations hit records in Texas this week. A patient is brought into Houston Methodist Hospital. ving, Texas-based Vizient, attri-
began to roll back in late April buted the demand to the study,
as economies tentatively re- tal revenue plunged. hernia—has to be treated like non-Covid-19 surgeries across said CEO Robert Trenschel. which is resulting in higher use
opened. The new order also al- Houston-area hospital execu- an emergency because of the its 11 Houston-area facilities. More delays could harm pa- of the drug to treat Covid-19
lows surgeries that wouldn’t tives told reporters Thursday complications associated with “The focus on Covid patients tients. Mayo Clinic scientists patients and hospitals planning
deplete hospital capacity. they had adequate capacity for delays,” said Todd Rosengart, a created a very detrimental ef- forecast some 21,000 deaths in ahead for use in the future.
“As Texas faces a rise in all patients who needed care cardiothoracic surgeon at fect all across our community, the U.S. from colorectal cancer “If people were not previ-
Covid-19 cases, we are fo- and hospitals regularly operate Houston-based Baylor St. and we don’t want that to over the next five years. In re- ously utilizing dexamethasone,
cused on both slowing the with full intensive-care units, Luke’s Medical Center and the happen again,” Dr. Callender search published this month, if they were trying to be a lit-
spread of this virus and main- even outside the pandemic. chair of surgery at Baylor Col- said in an interview before the those scientists said an addi- tle more judicious in their use
taining sufficient hospital ca- “It’s a little bit more complex lege of Medicine. governor’s order. tional 10,043 Americans are of steroids, they probably are
pacity for Covid-19 patients,” than absolute numbers of In other states with rising expected to die over that pe- now considering the use of
Mr. Abbott said. beds,” said David Callender, Covid-19 cases, hospitals con- riod because of surgical delays that product,” he said.
Daily new Covid-19 cases chief executive of Memorial tinue to perform nonessential associated with the Covid-19 Demand for several drugs
and hospitalizations hit re- Hermann, a Texas-based non-
The new order surgery. shutdown. such as sedatives used to treat
cords in Texas this week, state profit hospital system. allows surgeries that In Arizona, hospitals can’t Kate Dobyanski, a 48-year- Covid-19 patients has increased,
data show. It has pushed some Hospitals can add inten- perform nonessential proce- old mother of two, suffered and availability has fluctuated,
hospitals to near capacity for sive-care capacity by bringing
wouldn’t deplete dures once 80% of their beds collapsed hips because of during the coronavirus pan-
the most critical patients. The in more workers and are bet- hospital capacity. are occupied, under a state or- avascular necrosis. Doctors at demic, according to group-pur-
Texas Medical Center, a com- ter prepared to care for der. Intensive-care units Memorial Hermann replaced chasing organizations.
plex of hospitals in Houston, Covid-19 patients than they across Arizona were nearly her right hip days before sur- Prescriptions for antima-
reported it had reached 98% of were earlier in the pandemic, 90% full as of Tuesday, data geries shut down in early laria drugs such as hydroxy-
its normal intensive-care beds said Marc Boom, CEO of Hous- Doug Lawson, chief execu- from the state show. March, leaving her in a “tre- chloroquine also rose before
as of Tuesday. ton Methodist. tive of Baylor St. Luke’s Medi- In addition to bed space, mendous amount of pain” be- researchers began reporting
The new order comes as Many patients whose proce- cal Center, said Thursday that hospitals must also preserve cause her left side had yet to that the drugs didn’t benefit
Texas hospitals were just dures were postponed before hospital officials respected the the availability of staff and per- be operated on. coronavirus patients.
starting to recover from the can no longer wait, hospital ex- governor’s efforts to fight the sonal protective equipment Ms. Dobyanski was operated Dexamethasone was the first
first shutdown. Doctors said ecutives said in recent inter- virus. He said Baylor St. Luke’s such as gowns and masks. on as soon as her hospital re- drug to show in a clinical trial
their patients suffered anxiety, views before Mr. Abbott’s an- has the ability to manage high Yuma Regional Medical Center sumed non-Covid-19 surgeries that it could improve the sur-
pain and deteriorating health nouncement. “We’ve reached a demand for critical care. last week postponed four sur- on April 30, but has yet to fully vival of severely ill coronavirus
during the prior suspension, point where a routine elective In recent days, Memorial geries to remain below Ari- recover because her muscles patients, according to Univer-
and administrators said hospi- case—something as trivial as a Hermann had no plans to stop zona’s occupancy threshold, weakened while bedridden. sity of Oxford researchers who
led the 6,425-subject study.
The researchers first issued

Counties Mandate Masks in Businesses

BY ELIZABETH FINDELL After weeks of record-
breaking Covid-19 cases and
HOUSTON—On Monday, the hospitalizations across Texas,
first day that businesses here his county, Harris, and others
were required to make their are now making it a require-
customers wear face coverings, ment that businesses make
a few walked out of Phoenicia their customers mask up. Cit-
Specialty Foods in protest, ies and counties were told only
said Haig Tcholakian, owner of last week that they are allowed
the Houston grocery chain. to implement mask rules.
He didn’t mind. The store Whether the government
wants everyone to wear masks can force citizens to cover
inside and finally has a reason their faces has been the sub-
to enforce that: The county is ject of political debate here.
making them. Plus, he added, Some people oppose the re-
he can tell them he risks fines quirement, saying it violates
if their faces remain uncov- their personal liberty; others
ered—since some people may say the public-health reality of
find an economic argument rapidly rising virus cases and
more compelling than a health hospitalizations necessitate
one. masks.
Bexar County Judge Nelson
Wolff, the first local official to
impose mask rules on busi-
nesses, in the San Antonio
area, was at a Lowe’s on
Wednesday afternoon to buy
gardening supplies when he
saw an angry customer argu-
ing with the store cashier
about wearing a mask, Judge
Wolff’s spokeswoman said.
When the judge tried to inter-
vene, explain the policy and
offer his business card, the
man slapped the card from the
79-year-old official’s hand and
ran, she said.
A debate over masking has
also played out in Arizona.
Both states have seen surging
cases of the virus since begin-
ning to reopen in May.
The Texas border city of La-
redo was the first in the coun-
try to mandate masks, in
April, after spikes in Covid-19
cases there. But after major
cities with Democratic leader-
ship such as Austin and Hous-
ton followed suit, Texas Gov.
Greg Abbott, a Republican, ex-
plicitly banned local jurisdic-
tions from forcing people to
cover their faces.
Last week, however, as
Covid-19 cases in Texas
surged, Judge Wolff found a
loophole in Mr. Abbott’s order
by placing the burden on busi-
nesses to require masks,
rather than directly requiring
them of residents. Mr. Abbott
the results in a press state-
ment, not a peer-reviewed ar-
ticle in a medical journal.
More recently, the researchers
blessed the move, telling a lo- posted the findings on a pre-
cal television station that a lo- print server, and they still ha-
cal leader had “finally figured ven’t been peer-reviewed.
that out.” The words prompted The drug reduced deaths by
condemnations from many a third compared with stan-
Democrats and major newspa- dard treatment in patients on
pers that Mr. Abbott was play- ventilators, the researchers
ing games with constituents said in the study.
by governing in riddles. In patients receiving sup-
Mr. Abbott faced criticisms plemental oxygen, but not on
as well from some conserva- ventilators, the steroid cut
tives that he was backtracking deaths by one-fifth, according
on matters of personal liberty. to the researchers.
The governor maintained The U.S. Food and Drug Ad-
that requiring businesses to ministration has authorized
require masks was a possibil- the emergency use of a differ-
ity he had planned to allow all ent drug, remdesivir from
along. At least 10 of Texas’ Gilead Sciences Inc., because it
largest counties quickly imple- was shown in a trial to speed
mented orders that businesses up the recovery time of hospi-
require face masks or risk fines. talized Covid-19 patients.

Infections On the other side of the

country, where cases and hos-
pitalizations continued to de-
and Environmental Control.
Total coronavirus-related hos-
pitalizations in Arizona hit an-

Exceed cline, Mayor Bill de Blasio said

New York City was on track to
enter its third phase of re-
other high, with 2,453 patients
in the hospital on Wednesday,
according to the state’s De-

Estimates opening on July 6. “No one

wants to go backwards,” Mr. de
Blasio, a Democrat, said. “Let’s
partment of Health Services.
Florida reported more than
5,000 new coronavirus cases on
stick to it.” Thursday, as the percentage of
Continued from Page One And Connecticut became those who tested positive for
30% over the past week, ac- one of the first states to de- the virus continued to climb.
cording to a Wall Street Jour- clare that public, K-12 schools In California, Mr. Newsom
nal analysis of data from would open for full-time, in- warned a potential influx of
Johns Hopkins University. person instruction this fall. coronavirus-related hospitaliza-
The rapid increase is Coronavirus-related hospital- tions could affect reopening
prompting some governors to izations in Texas grew to 4,389 plans. Coronavirus-related hos-
OCTAVIO JONES/GETTY IMAGES

enact sweeping new measures, on Wednesday, another record pitalizations in the state in-
while others in places with di- in the state, according to data creased 32% in the past 14 days,
minishing case counts press from the Texas Department of with more than 4,200 people in
on with reopening. Health and Human Services. hospitals, he said on Thursday.
Texas Gov. Greg Abbott More than 10% of those tested As testing expands across the
halted reopening plans as new for coronavirus on Tuesday had state, the rate of positive tests
coronavirus cases and related a positive result, an increase has increased to 5.6% in the
hospitalizations increased. The from a low of 4.27% on May 26. past seven days, he said.
Republican governor issued an As coronavirus cases surge A medical technologist processes coronavirus tests at the AdventHealth Tampa labs in Florida. The budget emergency Mr.
executive order requiring hos- in parts of the country, the Newsom declared will bolster
pitals in several counties to Trump administration is mak- are increasingly concerned The sample collection, which also suggests the death rate support for more-vulnerable
halt nonessential surgeries to ing the case that the U.S. isn’t about the large number of determines the presence of an- from the virus is lower than populations. The proclamation
increase hospital capacity for experiencing a repeat of the Covid-19 cases among young tibodies indicating a person case counts suggest. More allows the Legislature access
a growing number of coronavi- outbreak’s darkest moments. people, many of whom might had the disease, is continuing. than 122,000 people have died to the state’s rainy-day fund as
rus patients. Senior administration offi- not know they have the disease Public-health experts have in the U.S. from Covid-19, ac- California faces a $54.3 billion
“The last thing we want to cials are distributing data to and as a result could spread it been eager to see results from cording to data compiled by budget deficit. Meanwhile, New
do as a state is go backwards lawmakers and governors meant to more at-risk individuals. large antibody-testing surveys Johns Hopkins University. York Gov. Andrew Cuomo said
and close down businesses,” to show that the increases are The CDC’s estimate that to better understand just how Mississippi reported single- on Thursday the total number
Mr. Abbott said. “This tempo- concentrated rather than wide- more than 20 million people in many people have been infected. day records for new confirmed of coronavirus-related hospi-
rary pause will help our state spread and that many of the the U.S. might have had the Earlier studies showed that coronavirus cases and related talizations stood at 996, the
corral the spread until we can new cases are being diagnosed coronavirus reflects the large prevalence varies based on lo- hospitalizations, with 1,092 first time the tally has dropped
safely enter the next phase of in less-vulnerable populations. number of individuals who ei- cation. About 22.7% of people new infections and 536 people below 1,000 since mid-March.
opening our state for business.” “We are looking at a very ther exhibit mild or no symp- tested positive for antibodies with confirmed cases in hospi- Overall, the U.S. accounts
California Gov. Gavin different environment right toms or previously couldn’t get in New York City, whereas tals on Wednesday. for more than 25% of the more
Newsom, a Democrat, declared now in terms of these new tested. The estimates are based about 4.1% of people tested In South Carolina, 16.9% of than 9.45 million cases world-
a budget emergency on Thurs- cases than at the point in late on national serological surveys positive in Los Angeles County, people tested for the coronavi- wide, according to data from
day to allow the state to pro- March and early April,” a se- that looked at samples col- officials in those cities said. In rus on Wednesday had posi- Johns Hopkins. The World
vide more funding and medical nior administration official lected via blood banks or for other parts of the country, the tive results—up from 7% on Health Organization said it ex-
resources in case of a poten- said on Wednesday. non-Covid-19-associated tests, prevalence is likely less. May 28, according to the pects total global cases to pass
tial surge in hospitalizations. But administration officials Dr. Redfield of the CDC said. The 20 million estimate state’s Department of Health 10 million next week.
THE WALL STREET JOURNAL.
U.S. NEWS
Senate Passes China
Sanctions Measure
BY LINDSAY WISE
AND IAN TALLEY
The Senate passed by unan-
imous consent a bipartisan bill
that would put sanctions on
Chinese officials who erode
Hong Kong’s limited autonomy
from Beijing, as well as the
banks and firms that do busi-
ness with them.
Because it sets mandatory
sanctions, the legislation has
drawn objections from Trump
administration officials con-
cerned it could hobble their
ability to conduct diplomacy
with China and give Congress
too much power over foreign
relations, according to con-
gressional, administration and
industry officials.
Still, they say, the bill’s fine
print provides the White
House with some flexibility in
how those sanctions are lev-
ied, assuaging some adminis-
tration concerns.
Under senate rules, a single
objecting senator could have
blocked the bill. Sen. Kevin
Cramer (R., N.D.) had blocked
it earlier this month, citing
the need for feedback from the
Trump administration. But no
one stepped up to do so on
Fed Warns
Banks on
Downturn
Continued from Page One
quired banks to resubmit up-
dated capital plans later this
year to reflect current stresses.
The central bank didn’t break
out the results of the coronavi-
rus analyses for individual
banks. However, among the six
largest, only Wells Fargo & Co.
had a dividend payout that
would breach the new threshold
set by the Fed, according to
Wolfe Research forecasts. The
bank’s dividend in the third
quarter would be 150% of its av-
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Thursday, and it passed.
The legislation, sponsored
by Sen. Chris Van Hollen (D.,
Md.) and Sen. Pat Toomey (R.,
Pa.), aims to defend human
rights in Hong Kong and pres-
sure China to preserve the ter-
ritory’s special status. The
sponsors say China’s introduc-
tion of new national security
laws in Hong Kong made the
bill more urgent. Those laws,
they say, dealt a blow to the
territory’s autonomy as Beijing
moves to stop pro-democracy
protests that have challenged
Chinese President Xi Jinping.
The White House didn’t re-
spond to a request to com-
ment. A spokesman for the
Chinese Embassy in Washing-
ton didn’t reply to a request to
comment.
The bill presents a challenge
for President Trump, who has
toughened his tone on China
and blamed it for the spread of
coronavirus. But the president
also has been reluctant to em-
brace measures sought by Con-
gress for fear they could upset
the trade deal he considers a
major accomplishment.
The bill will proceed to the
House, where a companion bill
has been introduced.
erage expected profit over the
past four quarters. A Wells Fargo
spokesman declined to comment
on the stress-test results.
The Fed said limiting share-
holder payouts would help keep
banks healthy during the reces-
sion. Its analysis of the current
pandemic found that if the econ-
omy takes a long time to recover,
banks could experience losses
similar to the financial crisis of
2008. Banks could suffer losses
on consumer debt such as auto
loans and mortgages, as well as
corporate debt and commercial
real estate. Most of the firms
would remain well capitalized,
but some would approach their
minimum capital levels.
Randal Quarles, the Fed’s
point man on financial regula-
tion, said the central bank
could take additional steps to
restrict buybacks or dividends
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DOUSED: Firefighters put out a blaze in a commercial building on Thursday in Seattle’s Chinatown-International District.
ARMY
Photo Use to End
In Officer Process
The U.S. Army will end the
practice of including photos of sol-
diers on records used to select fu-
ture officers and for other person-
nel purposes in a bid to root out
racial bias in its promotion-and-
advancement process, defense of-
ficials said Thursday.
The move marks the first ma-
jor change in response to reac-
tions throughout the U.S. military
“if the circumstances warrant.”
The Fed’s decision to allow
banks to keep paying dividends
during the crisis drew a sharp
dissent from Lael Brainard, the
Fed’s lone holdover from the
Obama administration. Allow-
ing banks to “deplete capital
buffers,” she said, could force
them to tighten credit in a pro-
tracted downturn.
“This is a time for large
banks to preserve capital, so
they can be a source of strength
in a robust recovery,” she said.
“This policy fails to learn a key
lesson of the financial crisis,
and I cannot support it.”
Former Fed officials and
Democratic lawmakers have
urged the central bank to pro-
hibit both buybacks and divi-
dends to ensure the firms could
continue to lend if the eco-
nomic fallout from the pan-
U.S. WATCH
to the killing of George Floyd, a
black man, by Minneapolis police.
Photos of soldiers routinely
were attached to a military ver-
sion of a résumé, known as an of-
ficer record brief, which military
review boards examine when con-
sidering a service member for a
major career advance. An internal
study showed the photos led to
racial bias against some of those
seeking to become Army officers.
The results led Army Secretary
Ryan McCarthy to propose re-
moving the photos, officials said.
—Nancy A. Youssef
demic worsens.
“Now is the time to suspend
capital distributions across the
board to bolster the loss ab-
sorbing capacity of big banks,”
Sen. Brian Schatz of Hawaii,
Sen. Sherrod Brown of Ohio
The central bank
could take further
steps to restrict
buybacks or payouts.
and Sen. Elizabeth Warren of
Massachusetts, all Democrats,
wrote in a letter to Mr. Quarles
and Fed Chairman Jerome Pow-
ell this week.
The Fed annually releases a
scenario for an economic catas-
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FEDERAL RESERVE
Kaplan Laments
Lack of Mask Use
Dallas Fed President Robert
Kaplan said he is worried Ameri-
cans aren’t taking a simple step
that would help reduce health
risks posed by the coronavirus
pandemic: wearing a mask.
While there is plenty of need
for official action to help the na-
tion navigate the pandemic,
those moves are “not going to be
a substitute for basic things like
trophe and then looks at banks’
ability to withstand it. The re-
sults, which were broken out by
individual banks and released
Thursday, were largely as ex-
pected. But this year’s scenario
was quickly overshadowed by
the pandemic, whose economic
effects were far worse.
After coronavirus ground the
U.S. economy to a halt in March,
the biggest U.S. banks set aside
billions of dollars to cover a
wave of expected loan defaults.
In the months since, a period
that saw unemployment surge
to a post-World War II high,
Americans skipped more than
100 million debt payments.
A gradual reopening of
stores, restaurants and facto-
ries in recent weeks has given
the economy a much-needed
boost. But a recent surge in
coronavirus cases in big states
DIGITAL
OPPORTUNITIES
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KEN LAMBERT/THE SEATTLE TIMES/ASSOCIATED PRESS
people in the United States
wearing masks,” Mr. Kaplan said
Thursday in a video appearance.
Comprehensive wearing of masks
is “not happening in the U.S., it’s
very uneven” relative to other na-
tions, where more citizens have
followed this step to mitigate the
spread of Covid-19, he said.
Recent data have shown signs
that the economy is recovering
more quickly than some ex-
pected, even as central bank offi-
cials continue to warn that a re-
bound will take some time.
—Michael S. Derby
like Arizona, Texas and Florida
has clouded the outlook.
Reflecting the uncertainty
about how the economy will
fare in the year to come, the
Fed’s analysis looked at three
extreme scenarios to gauge
their effect on banks. The first
was a “V-shaped” recovery in
which the economy bounces
bank rapidly from a severe
downturn.
That would result in nearly
$560 billion in loan losses
across the nine-quarter period
that the Fed studied.
A more prolonged downturn
that led to a “U-shaped” recov-
ery would cause $700 billion in
loan losses. A “W-shaped” re-
covery in which the economy
bounces back quickly but then
takes another drop, would re-
sult in $680 billion in loan
losses.
A8 | Friday, June 26, 2020 THE WALL STREET JOURNAL.

WORLD NEWS
Europe Says It Is Ready for Second Wave
Governments, health suffered some of the world’s
deadliest outbreaks, face
experts say response masks have become more
to earlier outbreaks common. But northern Euro-
peans, in Scandinavia, Ger-
has aided preparations many and the U.K., are less
keen on masks, according to a
BY MARGHERITA STANCATI survey by YouGov.
AND JASON DOUGLAS In Lombardy, face masks re-
main mandatory in public
BRESCIA, Italy—When the places, including outdoors.
coronavirus first hit Europe, The region, of which Milan is
the continent was ill-equipped the capital, still accounts for
to detect or contain it. Now, the bulk of Italy’s new cases,
many governments and health having reported an average of
experts believe so much has 140 daily over the past week.
changed that a crisis on the But that number tells only
scale of this spring’s probably part of the story. Not long ago,
won’t be repeated. testing in Lombardy was

FRANCESCA VOLPI FOR THE WALL STREET JOURNAL

More than a month since
Europe began lifting its lock-
downs, new coronavirus infec-
tions are continuing to decline
in most countries, despite con-
cern about some new clusters,
including among meat-pro-
cessing workers in Germany.
Yet there is optimism that a
second wave, if it comes,
won’t be as bad as the first.
Much of Europe has used the
lockdown period to build up
new systems for testing, track-
ing down and isolating virus
carriers. Millions of Europeans
have made social distancing
and mask wearing part of
their daily routine.
Nowhere is the change in
recent months starker than in
Lombardy, the northern Italian
region that suffered Europe’s
worst outbreak. The virus
spread there for weeks before
anyone noticed. In March,
many hospitals were over-
whelmed by Covid-19 patients.
Now it is up to people such as
Alice D’Adda to prevent that
from happening again.
Ms. D’Adda, who until
March worked as a cosmetics
saleswoman, is now a profes-
sional contact tracer in Bres-
cia, one of the worst-affected
cities in Lombardy this spring.
She was recruited by the local
health authority at the peak of
the crisis, and now spends
much of her day quizzing virus
carriers about whom they
might have infected.
Italy and other European
countries resorted to lock-
People patronized a bar last week in Brescia, which was one of the worst-affected cities in Lombardy during the coronavirus outbreak.
downs because they lacked ef-
fective arrangements for con-
taining the virus via testing
and contact-tracing, such as
those implemented in South
Korea and other East Asian
countries. But much of Europe
has reduced that gap.
“Most countries are in a po-
sition where they can respond
to the pandemic. We’ve all
learned from one another,”
said Linda Bauld, professor of
public health at the University
of Edinburgh. “Testing, trac-
ing, isolating—that’s going to
be the most important thing.”
The virus is still circulating
throughout the continent. In-
fections are increasing again in
some cities, including Berlin
and Lisbon, albeit from low lev-
els. Two Italian hospitals have
also grappled with fresh clus-
ters of cases. But public-health
authorities’ improved ability to
spot such clusters and track
down the infected means most
outbreaks are being contained.
Only a few hundred people
Continent Shows
Uneven Progress
Progress around Europe in
containing the spread of the cor-
onavirus is uneven.
Germany, which entered the
pandemic with more laboratory
and hospital capacity than most,
has beefed up its screening sys-
tem for new infections. The
are testing positive for the virus
each day in Germany, France,
Spain and Italy, compared with
thousands a day when the pan-
demic was at its fiercest.
Europe’s progress in keeping
infections down while easing
restrictions stands in contrast
with the U.S., where daily cases
are on the increase. California
and Texas reported record
numbers of infections on Tues-
day to push the seven-day daily
average nationwide to 33,552,
country’s center for disease con-
trol has hired more than 400
staff as contact tracers.
France is reimbursing the
cost of antibody tests for
health-care workers and people
who had symptoms but were
never tested for the virus. Pub-
lic-health authorities are testing
asymptomatic people in areas
where mortality was higher
than usual in recent months.
But the U.K. and Sweden
up 53% compared with a month
earlier. Total infections in the
U.S. have topped 2.3 million.
In Italy, some public-health
experts are even optimistic
that a second wave can be
avoided entirely, so long as
people don’t relax their behav-
ior too much.
“We have learned to coexist
with the virus, which is still
present,” says Claudio Sileo,
the head of Brescia’s city health
authority. “There may be small
largely restricted to patients
who needed hospital care. Now,
testing encompasses many
people with no symptoms.
In badly hit cities such as
Brescia and nearby Bergamo,
local authorities and private
companies are sponsoring an-
tibody tests to quickly identify
asymptomatic carriers among
their residents and workers.
Most of the virus cases re-
ported in Lombardy in recent
days were detected after serol-
ogy tests and had lingering
traces of the virus from old in-
are struggling to bring the pan- fections.
demic under control as quickly The older cases “very proba-
as their neighbors. bly are no longer able to trans-
There are several reasons for mit the virus,” Vittorio Demi-
the divergence, said Keith Neal, cheli, an epidemiologist and
emeritus professor of the epide- scientific adviser to Italy’s gov-
miology of infectious diseases at ernment, told reporters recently.
the University of Nottingham, “The weakly positive cases have
including differences in how a viral load that probably can’t
quickly and strictly countries cause a new infection.”
locked down their economies, Across Europe, hospitals
and how rapidly they scaled up are on alert for a possible
testing. surge in infections in the fall,
when schools reopen and peo-
ple spend more time indoors.
clusters. But a situation like the Many of Lombardy’s emer-
one we witnessed, where peo- gency Covid-19 wards, installed
ple weren’t receiving treatment hurriedly during March and
[because of full hospitals]— April at the peak of the crisis,
that, I think I can rule out.” have been mothballed but can
Individual behavior varies be reactivated if needed.
widely around Europe. While Hospitals such as Brescia’s
many people have internalized Spedali Civili are more confi-
social distancing, others, par- dent that they can treat
ticularly the young, have al- Covid-19 patients successfully,
ready abandoned it, gathering even if numbers rise again.
in crowds when they go drink- “We know a lot more,” said
ing on weekends. Camillo Rossi, a senior man-
In Italy and Spain, which ager at the hospital.

VIRTUAL SERIES:
THE FUTURE OF EQUALITY

Raj Chetty
Director, Opportunity Insights
+ more speakers to be announced soon

George Floyd’s killing has sparked a renewed

call for civil rights and a landmark Supreme
Court ruling now protects LGBTQ+ employees Meet us online
from discrimination at work. As the country July 9 at 8:00 PM EDT
continues to change, we’ll explore with leaders
such as Harvard economist Raj Chetty how
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 THE WALL STREET JOURNAL. * * * * Friday, June 26, 2020 | A9

WORLD NEWS

Serbia-
Kosovo
Summit
Postponed
BY LAURENCE NORMAN

A White House peace sum-

mit bringing together the
leaders of Serbia and Kosovo
this weekend was postponed
after an international tribunal
on Wednesday said Kosovo’s
president, Hashim Thaci, could
be charged for war crimes.
Richard Grenell, President
Trump’s special envoy for the

THOMAS SAMSON/AGENCE FRANCE-PRESSE/GETTY IMAGES (2)

Balkans, said on Twitter that
the meeting would be resched-
uled, after Kosovo’s Prime
Minister Avdullah Hoti an-
nounced Thursday morning he
was returning to Kosovo fol-
lowing the court’s move.
Officials said Kosovo’s two
most senior officials were in
transit when the Kosovo Spe-
cialist Chambers released a
statement Wednesday after-
noon, saying the prosecutor’s
office had filed a 10-count in-
dictment charging Mr. Thaci
and others with “a range of
crimes against humanity and A visitor admired the view from the Eiffel Tower in Paris on Thursday, when the famed tourist attraction partially reopened, with a percussion ensemble greeting visitors.
war crimes, including murder,

Eiffel Tower Reopens, but It’s a Hike

enforced disappearance of per-
sons, persecution and torture.”
Mr. Thaci, a veteran Bal-
kans politician who has led
Kosovo as prime minister or
president for most of the past
decade, has long been dogged
by allegations he was involved
in war crimes when he was
part of a Kosovo guerrilla
force during the 1998-99 con-
flict between Serbia and Kos-
ovo, a former Serbian province
that declared independence in
2008. He has denied the
charges.
Mr. Grenell was set to host
the White House meeting be-
tween leaders of Serbia and
Kosovo, seeking to kick-start
talks to resolve their decades-
long conflict. Serbia doesn’t
recognize Kosovo’s indepen-
dence.
The office of Serbian Presi-
dent Aleksandr Vucic said it
wasn’t yet clear if he would go
ahead with his visit.
BY BENOÎT MORENNE
PARIS—The Eiffel Tower re-
opened to visitors, ending the
landmark’s longest hiatus
since World War II and re-
flecting France’s push to re-
turn to normalcy as the coro-
navirus pandemic roils other
parts of the world.
Tourists arriving at the
1,063-foot tower for the first
time in more than three
months faced an unfamiliar
obstacle: stairs.
Elevators that once whisked
visitors up and down the tower
have been temporarily decom-
missioned to observe freshly
imposed social-distancing mea-
sures. Instead, visitors wearing
masks were asked to climb 674
steps in sweltering heat to
reach the tower’s second deck.
Steps lined with blue tape re-
minded them to remain 5 feet
apart. Hand-sanitizing stations
were ubiquitous. The very top
of the tower remained closed.
“When climbing up the
stairs, one feels like taking the
mask off,” said Alexandre Sail-
lard, a 34-year-old sales man-
ager. “But we’re rewarded
with the view.”
France is determined to
fully reopen its economy and
re-establish itself as the
world’s top tourism destination
even as the coronavirus accel-
erates beyond Europe leading
to a dearth of foreign tourists.
The number of European
tourists visiting France has
slowed to a trickle as many
travelers opt to stay home
Visitors climbed 674 steps to the tower’s second deck on a hot day.
rather than navigate quaran-
tine rules. On July 1, the Euro-
pean Union is due to lift its
travel ban on non-Europeans,
but as the U.S. and other coun-
tries grapple with surging in-
fections, some officials have
doubts as to whether that
timetable is tenable.
More than half of the 40 mil-
lion people who visit Paris every
year are foreigners, according to
the city’s tourism office. Sum-
mer brings 23,000 daily visitors
to the tower. That is expected to
shrink to no more than 4,000
this year, according to Société
d’Exploitation de la Tour Eiffel,
which manages the monument.
Fewer than 100 people
walked through security
checks onto the sprawling es-
planade at the tower’s feet
shortly before 10 a.m., wel-
comed by a percussion ensem-
ble and a row of journalists.
Patrick Branco Ruivo, direc-
tor of Société d’Exploitation de
la Tour Eiffel, struck an optimis-
tic tone, comparing the day
ahead with a wedding party af-
ter a long, stressful period. “The
idea is to forget everything and
to enjoy the visit and to enjoy
the view of Paris.”

WORLD WATCH

LIKE SUNGLASSES
IRAN unanimously to reduce the over- RUSSIA
night interest-rate target to 5%
Explosion Occurs from 5.5%, in line with market U.S. Marine Won’t

FOR YOUR CAR

Near Military Site
Iranian authorities said they
were investigating an explosion at
a Defense Ministry facility east of
Tehran, near a site that has been
crucial for Iran’s development of
missiles and munitions.
The Iranian Defense Ministry
said the blast early Friday was
caused by an explosion in an in-
dustrial gas tank in a civilian area
of Parchin. The fire was brought
under control and there were no
casualties, a spokesman for the
ministry said on state television.
The Parchin military base is a
huge complex dedicated to devel-
opment and production of rockets
and ammunition, and contains
several test sites. It is controver-
sial because of claims, which Iran
denies, that Parchin at least until
2004 was used to experiment on
explosives that could have been
used in nuclear weapons.
—Aresu Eqbali
MEXICO
Central Bank Cuts
Interest Rates Again
The Bank of Mexico cut inter-
est rates Thursday, citing substan-
tial risks to the economy as a re-
sult of the coronavirus pandemic.
The board of governors voted
VLADIMIR SMIRNOV/TASS/ZUMA PRESS
expectations. It was the bank’s
ninth consecutive interest-rate
cut and fifth this year.
Mexico closed down nones-
sential industries in April and
May, leading to steep declines in
output and consumption, and
many restrictions have remained
for much of the country in June.
—Anthony Harrup
PAKISTAN
Pilots Grounded
After Faking Exams
Pakistan’s national airline here
grounded 150 of its pilots Thurs-
day after the government said
nearly a third of the country’s pi-
lots obtained their flying licenses
fraudulently.
Pakistan’s aviation minister,
Ghulam Sarwar Khan, on
Wednesday said that 262 Paki-
stani pilots had faked exams to
get their pilot licenses by get-
ting others to sit for their ex-
ams and through other abuses
of the licensing process. The ac-
cused pilots worked for Pakistan
International Airways, private
domestic Pakistani carriers and
some for foreign airlines, he said.
It isn’t clear where those 112
of them not working at PIA are
employed.
—Saeed Shah
Appeal Conviction
A former U.S. Marine who
was sentenced to 16 years in a
Russian prison for espionage in
a ruling denounced by U.S. offi-
cials has decided not to appeal
his sentence. The scorching months of summer can take a toll on your
Lawyers for Paul Whelan, from
Novi, Mich., initially said that they
vehicle’s interior. SunShade is custom fit to help prevent
would challenge the judgment. fading, cracking and melting in the hottest weather. Plus,
But on Thursday, Mr. Whelan’s
brother said that won’t happen. it makes for a more tolerable temperature inside your car.
Mr. Whelan, 50 years old, might
become part of a prisoner ex-
change between the U.S. and Rus-
sia, his legal team has suggested.
The U.S. State Department didn’t
respond to a request to comment
on a possible exchange.
SunShade
—Georgi Kantchev Windshield and Full Kits Available
LONDON
Police Hurt Closing
Down Unlawful Party
At least 22 police officers were
slightly injured after a street
party in the south London district
of Brixton that violated coronavi-
rus lockdown restrictions de-
scended into violence. The Metro-
politan Police said Thursday they
were called overnight to “a large
unlicensed music event in the
street.” Four people were arrested.
—Associated Press

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OUTDOOR VOTING: Polls opened Thursday in Russia for a referendum on constitutional changes that
would allow President Vladimir Putin to stay in power until 2036. Above, the village of Lugovoye.
A10 | Friday, June 26, 2020 * * THE WALL STREET JOURNAL.

WORLD NEWS

New Delhi
Struggles as
Cases Surge
BY RAJESH ROY care system is being tested,”
AND VIBHUTI AGARWAL said Lalit Kant, an infectious-
disease specialist and consul-
NEW DELHI—A surge of tant who has worked in gov-
coronavirus cases in India’s ernment public-health agencies
capital and largest city is for decades. “It is now on the
overwhelming its health-care verge of crumbling apart.”
system, as the world’s second- For those stricken and their

ANUSHREE FADNAVIS/REUTERS
most-populous country be- family members, the upshot
comes a major focus in the has often been a grim search
global pandemic. for care.
New Delhi, a sprawling me- Mandeep Singh, a manage-
tropolis of some 30 million peo- ment consultant, fought a los-
ple, has rocketed to the top of ing battle to save his father-
the country’s regional coronavi- in-law, who tested positive for
rus sick list as cases have rap- the coronavirus this month.
idly multiplied in recent weeks. The hospital that performed Health-care workers carried the body of a person who died from Covid-19 to a crematorium in New Delhi on Wednesday.
The central government took the test told the family they
control of the local health-care would be notified about what too late after he passed away cannot even dispose of the “There are challenges, but Deadly Rise
response this month—with the to do next, but the call never gasping for air, Mr. Singh said. dead,” he added. we are fighting them out,” said
country’s powerful home minis- came, he said. “As soon as you use the Home Minister Amit Shah— Raghav Chadha, a legislator Covid-19 cases and deaths are
ter overseeing it personally—in After calling around to other word ‘Covid,’ the whole medi- longtime right-hand man to and spokesman for the Aam soaring in the state of Delhi.
the midst of government warn- hospitals and coming up with cal system wants to run away India’s Prime Minister Naren- Aadmi Party, which governs Daily confirmed cases
ings that some 80,000 hospital only one willing to help in ex- from you,” he said. dra Modi—took charge of the the capital and has had an of-
beds will be needed by the end change for an enormous deposit Beyond just additional beds, response in the city after In- ten-tense relationship with a 4,000
of July. That vastly exceeds the for treatment, the family re- the capital’s hospitals— dia’s Supreme Court decried central government run by Mr.
nearly 13,200 beds available sorted to Twitter to beg for stretched even in normal the situation. Modi’s Bharatiya Janata Party. 3,000
across state-run and private help. A Twitter response from a Referring to local news re- The struggles in the capital
hospitals in the city. Almost doctor told them not to worry ports on the deplorable condi- come as the coronavirus 2,000 Seven-day
half of those are currently oc- unless the father-in-law’s tem- tion of a leading government- spreads across the country rolling average
cupied, according to a govern- perature exceeded 101 degrees.
The capital expects run hospital in Delhi, the court with increasing speed. India 1,000
ment mobile app tracker. When it did, they tried to take virus infections to cited a litany of problems. “Pa- has recorded 456,183 cases so
The capital expects corona- him to the hospital, but no am- tients are crying and there is no far, a total exceeded only by 0
virus infections to soar to bulances would respond and no
soar to 550,000 by one to attend them,” the court the U.S., Brazil and Russia. April May June
550,000 by the end of July, up hospitals would admit him, with the end of July. said in a reprimand this month. Public-health experts and
from the 70,390 cases re- some saying they had no more The government is now those familiar with the city’s re- Daily deaths
ported through June 24. Well beds, others unable to admit rushing to make 20,000 new sponse to the crisis say that, as 100
over 3,000 new cases have ap- coronavirus patients, and still hospital beds available by the in much of the country, authori-
peared every day so far this others insisting that only the times before the coronavirus end of next week, including a ties didn’t use the pause created 80
week, vaulting Delhi past In- hospital that diagnosed him pandemic—are also critically new 10,000-bed temporary by the lockdown to prepare for 60
dia’s second-largest metropo- could admit him, Mr. Singh said. short of doctors, nurses and hospital that will be operated the surge of cases that followed.
lis and other major hot spot, The father-in-law died after specialists to administer life- by a division of the military. “Like most parts of the 40 Seven-day
Mumbai, where a population Mr. Singh and a stranger who saving equipment such as ven- Hotels, marriage halls and country, Delhi failed in rapidly rolling average
20
of some 25 million has re- passed by and lent a hand car- tilators, which are also in banquet rooms are being con- enhancing the health infra-
corded 68,481 cases as of June ried him on a stretcher in a short supply, and provisions of verted into coronavirus-treat- structure and ramping up test- 0
24. So far, 2,365 people have frantic hospital-to-hospital basic equipment such as ment centers. Testing for the ing and contact tracing,” one April May June
died of the disease in Delhi. search. He finally gained en- masks and gloves to protect virus has quadrupled, accord- official familiar with the re- Note: Data as of June 24.
“The capacity of the health- trance to an emergency room them, Mr. Kant said. “They ing to government officials. sponse said. Source: the government

Coronavirus Hits the Developing World

Many poorer nations 30,000 Brazil*
South Korea Warns
locked down with the
rest of the world but,
Italy locks down North Against Attacks
unlike hard-hit Spain India
BY ANDREW JEONG and destroyed an inter-Korean
20,000
developing countries liaison office on its territory
such as Italy and Spain, SEOUL—South Korean Pres- that had served as the South’s
India ident Moon Jae-in on Thursday de facto embassy to the North.
they haven't yet
warned North Korea against Though the North said ear-
managed to 'bend 10,000 conducting armed attacks on lier this week that Mr. Kim had
the curve', or reduce Seoul following weeks of rising suspended military “action
new cases. tensions that have dragged in- plans” against the South, the
Spain ter-Korean relations to their country issued statements
Daily Cases ▶ 0 lowest point in years. Thursday vowing to strengthen
Italy
seven-day moving avg. March April May June Mr. Moon’s remarks were its nuclear arsenal and accus-
unusually strong for a presi- ing Washington of levying “nu-
dent who has dedicated the clear threats and blackmail”
past three years to improving against it.
After falling in earlier 4,000 relations with Pyongyang. Dur- The South Korean leader’s
East/
epicenters of the Southeast ing that time, he engaged comments also come amid un-
pandemic, like Europe Asia North Korean leader Kim Jong easy ties between Seoul and
Un in three summits and in Washington. President Trump
and the U.S., deaths 2,000 MiddleEast/ 2018 facilitated the first sum- largely has ignored North Ko-
have soared in Central Asia
mit between a sitting U.S. rea’s resumption of missile
Latin America. Europe president and a North Korean tests since his last summit
52% of all deaths leader. with Mr. Kim in February 2019
0 Latin
Daily deaths ▶ America/ “We want peace. But we will collapsed without a deal on
by region Caribbean respond resolutely to anyone how to proceed with disman-
who threatens our people’s tling the Kim regime’s nuclear
2,000 North safety or lives,” he said, with- arms.
America†
out naming Mr. Kim. Mr. Trump has instead fo-
South Asia Mr. Moon spoke at a live cused more on pressing South
Africa
televised event commemorat- Korea to pay many more times
4,000 ing the 70th anniversary of the than it does now for hosting a
March April May June start of the 1950-53 Korean permanent U.S. military garri-
War. More than one million son of 28,500 troops—a thorny
South Koreans died during the issue that has soured U.S.-
16%
conflict. About 37,000 Ameri- South Korean ties.
Some poorer nations cans died while serving in Ko- Seoul’s repeated requests
Belgium
such as India have Italy rea at the time. for the U.S. to exempt several
U.K. “We have defense capabili- South Korean investment proj-
seen fewer deaths,
DEATHS AS SHARE OF REPORTED CASES

Mexico
12 ties strong enough to deny any ects in the North from sanc-
in part due to their Higher mortality in younger
provocation, from any direc- tions that restrict trade with
patients may be driven by greater
larger share of rates of obesity and diabetes Spain tion,” Mr. Moon said, drawing the Kim regime further an-
young people, Ecuador applause from a crowd that in- noyed a Washington keen on
8 Canada cluded U.S. officials and sur- enforcing the penalties until
who experience
viving South Korean veterans full denuclearization.
less severe cases China of the conflict. South Korea’s ambivalence
Indonesia
of the disease. Egypt U.S. Germany His remarks were among about joining Washington’s
4 the few warnings he has issued anti-China drive, and the re-
Upper income countries Iraq Colombia against Pyongyang, and were cently published memoir of
Lower/middle income India reminiscent of comments in Mr. Trump’s ex-national secu-
2017 when the Kim regime was rity adviser John Bolton, have
0 accelerating development of also hurt relations. Mr. Bolton
0% 5 10 15 20 25 30 nuclear weapons and com- in the book accuses Mr. Moon
SHARE OF POPULATION AGES 60+ pelled President Trump to of having “schizophrenic”
*Brazil had state lockdowns but no nationwide one. †Excluding Mexico Sources: Johns Hopkins, UN Jason French, Daniel Levitt and Josh Ulick/THE WALL STREET JOURNAL threaten to unleash “fire and thoughts about nuclear talks
fury” on North Korea. That with North Korea.
year, Pyongyang conducted the At the Korean War cere-

One Congo Ebola Outbreak Ends, Another Flares most missile tests in its his-
tory, according to figures com-
piled by the Center for Strate-
mony Thursday, Mr. Moon, ac-
companied by surviving South
Korean combat veterans, wel-
BY GABRIELE STEINHAUSER cal teams are sizable. and Ituri, with the disease kill- than 11,300 people. gic and International Studies, a comed the return of the re-
Decades of conflict left Con- ing 2,280 of them. This month, health workers Washington think tank, and mains of 147 South Korean sol-
JOHANNESBURG—Nearly golese and international health The distrust and violence discovered a fresh cluster of carried out its sixth atomic diers that the Pentagon’s
two years after the first case workers struggling to convince undermined the first large- Ebola cases in Mbandaka, a bomb test. Defense POW/MIA Accounting
was discovered, the Demo- a traumatized population in scale deployment of two Ebola city of about a million in North Korea is now esti- Agency had sent from its Ha-
cratic Republic of Congo on the nation’s east the Ebola vi- vaccines and experimental northwest Congo. In 12 of mated to have up to 40 nuclear waii facilities the previous day.
Thursday declared victory over rus was real. Militias and an- treatments. But the vaccine, Congo’s 25 provinces, Covid-19 warheads, from 30 last year, Mr. Trump sent a video
the second-deadliest Ebola gry locals attacked clinics and health screening and aggres- infections have been con- according to SIPRI, a Stock- message: “For all of the brave
outbreak in history, but the funeral teams, killing several sive contact tracing stopped firmed, with 6,411 cases and holm think tank that released men and women who fought to
country is battling a new flare- health workers, while families the disease spreading to other 142 deaths as of Wednesday. estimates this month. keep communism out, thank
up of the disease in its north- tried to hide sick relatives countries, averting a calamity Experts believe the real num- South Korea’s Moon govern- you, we salute you.”
west, along with a measles epi- from authorities. At least that, health experts warned, bers likely are higher because ment recently shifted its tone South Korean officials also
demic and a growing number 3,463 people were infected would have surpassed the labs run fewer than 1,000 tests toward the North after the Kim presented the remains of six
of coronavirus cases. since August 2018 in the east- 2014-16 Ebola outbreak in a day for a country of more regime threatened to carry out U.S. soldiers discovered earlier
The challenges facing medi- ern provinces of North Kivu West Africa that killed more than 84 million people. military action against Seoul this decade in their country.
THE WALL STREET JOURNAL.
Now Our
Clothes
Don’t Fit
Continued from Page One
Most of them escaped Covid-19,
but not the “Covid 15”—what
people are calling the quaran-
tine weight gain pushing Amer-
icans into roomier wardrobes
just as lockdowns lift.
Google searches for “elastic
waist” spiked in recent weeks,
according to Google Trends
data. Body-measuring apps are
reporting a jump in people re-
doing their profiles and choos-
ing looser fits. Some retailers
say they are increasing orders
of bigger sizes.
Rudy Glocker, founder of
Burgeon Outdoor, which sells
apparel and other outdoor gear
online and from a store in Lin-
coln, N.H., said more women
are ordering men’s sizes, which
tend to be less fitted, while men
are going up a size.
“It looks like the gym is go-
ing to be closed for a while,”
Mr. Glocker says one customer
told him, “so I better order the
larger size.” Mr. Glocker is add-
ing XXL sizes in items such as
T-shirts, fleece pullovers and
fleece jackets for fall.
“People are realizing they
still need to look good from the
waist up on their Zoom calls,”
U.S. Pushes
To Secure
5G Future
Continued from Page One
Administration officials
have touted progress over the
past year in spurring the roll-
out of faster 5G networks in
the U.S., by speeding up auc-
tions of airwave licenses and
enacting regulatory changes to
make it easier to install equip-
ment.
“Our governmentwide proj-
ect here in the Trump admin-
istration is very, very strong,”
National Economic Council Di-
rector Larry Kudlow said, add-
ing that a spate of major 5G
contracts awarded to Euro-
pean suppliers in recent weeks
shows that the market tide is
turning against China.
The competition
Huawei is the world’s top
seller of telecommunications
gear, with equipment in cell-
phone networks from Asia to
Germany.
The Chinese company cap-
tured 28% of global spending
on telecom equipment in the
first quarter of this year, ac-
cording to market researcher
Dell’Oro Group. Huawei is able
to offer its products at lower
prices than rivals with support
from the Chinese government,
The Wall Street Journal has
reported. Huawei has denied
receiving any special treat-
ment from Beijing.
U.S. suppliers are still too
small to compete with Huawei,
which means large wireless
carriers unwilling to buy Chi-
nese equipment remain reliant
on three international suppli-
ers: Ericsson, Nokia and Sam-
sung Electronics Co.
“For the first time in mod-
ern history, the United States
has not been the leader in an
emerging wave of critical
technology,” warns a paper
that circulated in the White
House, written late last year
by telecom experts including
former National Aeronautics
and Space Administration boss
Daniel Goldin and former
Nokia technology executive
Hossein Moiin.
The group aims to create a
“US-flagged” supplier that
could fill the gap left open by
U.S. champions that years ago
were acquired, like Lucent
Technologies, or disappeared.
Earlier this year, a pro-buy-
out group pitched the idea of a
government-supported consor-
tium investing directly in
Nokia or Ericsson to adminis-
tration and congressional offi-
cials, according to people fa-
miliar with the matter. The
proposal had support from a
group of private-equity inves-
tors led by Cerberus Capital
Management LP but stalled in
recent weeks as the equipment
makers’ stock prices rose, the
people said. A Cerberus
spokesman didn’t respond to
requests for comment.
Attorney General William
Barr endorsed the idea of
American public or private-
said Tanya Zhang, co-founder
of dress-shirt seller Nimble-
Made.com, “but if they’ve
gained a few pounds their
shirts are too tight.” Roughly
10% of the company’s custom-
ers have gone up a size in re-
cent weeks, she said.
Before the pandemic, Mary
Ann Lowry of Frisco, Texas, was
dieting for her son’s June 28
wedding. Sheltering at home,
she started bingeing on nutri-
tion bars and peanut butter, she
said. Now, with lockup lifting,
the 65-year-old educational di-
agnostician faced the prospect
of shopping for a wedding dress.
Unable to zip up her pants,
she got on the scale. “Holy
moly,” she said, “I gained 11
pounds in three weeks.”
Unsure of her new size, she
ordered two pairs of jeans from
Talbots in different sizes and
returned the larger pair. For the
wedding, she bought a dress
from a local boutique one size
larger than she wore pre-pan-
demic.
It was still too tight and had
to be let out around the waist,
she said: “You could see my
stomach rolls and my belly fat.”
Body-measuring app Perfitly
LLC noticed a 20% increase in
users redoing their profiles in
April and May compared with a
year ago, said CEO Dave
Sharma. It normally sees that
kind of a jump in January after
holiday weight gains. While Per-
fitly doesn’t track whether pro-
files are getting larger or
smaller, Mr. Sharma suspects
Workers at a 5G base station in southwest China. The U.S. is trying to boost competitors to Chinese telecom giant Huawei.
sector ownership of the Euro-
pean suppliers in a February
speech, saying it would create
“a more formidable competi-
tor and eliminate concerns
over its staying power.”
The attorney general later
promoted the idea of “inte-
grated open networks,” a con-
cept that allows cellphone
companies to mix and match
network components from dif-
ferent companies.
Today’s carriers generally
buy bundles of software and
equipment from one supplier
for specific cities, stunting
competition.
A Justice Department
spokeswoman declined to
comment further.
The coalition
Other companies have
closed ranks behind the Open
RAN Policy Coalition, a new
group that advocates for com-
petition in cell-tower equip-
ment.
The group, led by wireless
carrier AT&T, includes several
U.S. software companies seek-
ing a foothold in wireless net-
works, as well as more estab-
lished players, including
Nokia.
“Some see this as an oppor-
tunity to facilitate the creation
of an industrial base inside the
United States,” said Brian Hen-
dricks, Nokia’s policy chief for
the Americas. “The U.S. has
been out of the game for a
while.”
Mr. Hendricks said the
Finnish company’s U.S. re-
search and manufacturing as-
FROM PAGE ONE
After sheltering at home, some are upsizing their wardrobes; shopping in Montclair, N.J., this month.
people are sizing up. “We think
this is driven by folks gaining
weight,” he said, “given they are
less active and more confined
versus before the stay-at-home
orders, or eating more, either
out of stress or boredom.”
Amanda Dexter of St. Jo-
seph, Mo., had to change her
profile, which includes height,
weight and other measure-
ments, with Stitch Fix Inc., an
online personal-shopping ser-
vice and clothing retailer, after
ordering her normal size jeans
only to find they didn’t fit.
“It got to the point,” she
sets will play a role in the fu-
ture supply chain but
acknowledged more competi-
tion is inevitable.
Ericsson executives have
said they don’t expect to join
the policy coalition. The Swed-
ish supplier’s technology chief,
Erik Ekudden, said govern-
ments shouldn’t interfere with
technical work that the private
sector is well equipped to han-
dle.
Samsung strategy executive
Alok Shah said the South Ko-
rean technology giant already
manufactures some 5G compo-
nents in the U.S., including
cellular base station chips
made at an Austin, Texas, fac-
tory. An AT&T spokeswoman
said a more diverse and secure
supply chain is a company pri-
ority.
Multiplayer
Huawei spent more than double what each of its competitors
spent on research and development in fiscal year 2019. And, the
company sells equipment across the global telecom supply chain.
Research and development
spending
$40 billion
30
Huawei
20
Nokia
Oracle
10
Cisco
0 Ericsson
FY2009
Sources: S&P Global Market Intelligence (spending); Dell’Oro Group (market presence)
said, “where I didn’t want to
leave the house, because I
didn’t have any clothes that fit.”
She went up three sizes be-
fore finding the right pair. For
tops, the 34-year-old teacher-
turned-freelance-writer
changed her preference to
“loose” from “fitted,” she said,
adding: “I’m not wearing any-
thing form fitting these days.”
For retailers, gains from ad-
ditional sales can be offset by a
jump in returns, said Ray Li,
CEO of online bespoke-clothing
company Sene. A group of in-
dustry executives on a recent
Large U.S. wireless carriers
have been dissuaded from
buying Huawei equipment
since a House committee in
2012 named the company a
national-security threat.
At the time, the panel said
equipment from Huawei and
Chinese rival ZTE Corp. could
be used to spy or disrupt U.S.
communications, allegations
the companies deny.
That has channeled almost
all U.S. wireless business to
Nokia, Ericsson and Samsung.
Still, many wireless executives
are concerned about the long-
term health of Nokia and Eric-
sson, which have spent years
trying to restructure their op-
erations.
Nokia halted its dividend
last year and in March said its
CEO is stepping down. Erics-
Degree of company presence
in market
CELLULAR INTERNET
Huawei Major
Ericsson Negligible
Nokia
ZTE Minor
Cisco
Ciena
Samsung
'19
Friday, June 26, 2020 | A11
three months, estimates Narvar
Inc., a software company that
processes returns for more
than 200 brands, as more shop-
ping has shifted online. Narvar
CEO Amit Sharma estimates re-
tailers in aggregate are facing
upward of $800 million in ex-
penses from the additional re-
turns in the second quarter.
Some shoppers are getting a
rude surprise, finding that
larger sizes sometimes cost
more than smaller ones. Cloth-
ing companies have justified the
practice by saying the additional
fabric adds costs, according to
industry executives. Many con-
GABBY JONES/BLOOMBERG NEWS
sumers see it as body-shaming.
“I was annoyed that I had to
pay extra for the larger size,”
said Brett Downes, who re-
cently ordered extra-large
Puma shorts from a third-party
seller on Amazon.com Inc. They
cost about 12 British pounds, he
said (about $15), while the me-
dium—his size before he gained
Zoom call discussed their con- 30 pounds during lockdown—
cerns about rising returns from cost about eight British pounds.
size changes during the pan- An Amazon spokeswoman
demic, said Mr. Li, who was on said the retailer doesn’t price
the call. its own listings based on size
Burgeon Outdoors’s Mr. but that third-party sellers set
Glocker, also on the call, said a their own prices.
customer recently ordered a Mr. Downes, the 38-year-old
$100 fleece but had to exchange founder of a search-optimiza-
it for a larger size, costing the tion company, said he gorged
retailer an extra $14 in ship- on potato chips, chocolate and
ping. “We offer free shipping pizza, while sheltering at home
and free returns,” he said, “but in South Wales, U.K. “I can’t fit
all the extra returns are eating into any of my clothes,” he said,
into profits.” “but I’m hoping the weight will
Industry return volumes come off before I have to buy a
have doubled over the past new wardrobe.”
seas suppliers has since
cooled. “Nokia, Samsung and
Ericsson, they’re still very
much in the game and they’re
adding to their presence in the
U.S.” he said. “We want them
to move here and we might
help them out” through tax
policy. “We might pay some
moving expenses, but that’s
different than actual owner-
ship,” he said.
Nokia and Ericsson have
both resisted more drastic
proposals, such as government
mandates for completely open
telecom standards, according
to people familiar with the
matter.
The European companies
are instead pressing U.S. offi-
cials to support their opera-
tions through government-
backed groups like the Export-
Import Bank and U.S.
International Development Fi-
nance Corp., also known as
DFC.
Congress created the DFC
in 2018 by merging three ex-
isting development agencies
as an American answer to
China’s One Belt, One Road
initiative, which serves Bei-
jing’s interests through infra-
structure investments around
the world.
WANG QUANCHAO/XINHUA/ZUMA PRESS
Playing offense
DFC chief Adam Boehler
said the agency normally pre-
fers to direct investment dol-
lars to U.S. companies but has
authority to support non-do-
mestic manufacturers. “We’re
not out to play defense,” he
said. “We’re out to play of-
fense.”
Even if wireless carriers
son has returned to profitabil- have access to a more diverse
ity after years of restructur- group of vendors, it is unclear
ing. whether carriers will buy from
Without adequate competi- new entrants. Some American
tion, some China hawks and technology has appeared in
U.S. telecom executives fear networks abroad, such as in
Huawei’s reach within global Japan and India, but many of
telecom networks would be- those deployments are only a
come irreversible. few months old.
Huawei executive Vincent U.S. startups including Air-
Pang said in a February inter- span Networks Inc., Altiostar
view that starting a new cellu- Networks Inc., Blue Danube
lar-equipment maker from Systems, Mavenir Systems Inc.
scratch is easier said than and Parallel Wireless Inc. have
done. developed new technologies.
“In 5G, you don’t just invest Their executives say they have
$6 billion and you’re there,” made some progress but are
he said. “It would take years. nowhere close to securing the
So maybe the fastest way billions of dollars of orders
would be to buy from existing American cellphone carriers
suppliers.” steer each year toward the es-
tablished hardware companies.
Some U.S. companies see an
The Cisco discussion opening in a recently passed
Cisco Chief Executive Chuck law ordering American carri-
Robbins discussed a potential ers to remove “untrusted”
deal to buy all or part of a Eu- Huawei equipment, a technol-
ropean equipment firm last ogy swap that could generate
year with Mr. Kudlow, the more than $1 billion in poten-
White House economic ad- tial sales. The measure still
viser, though the talks were lacks funding.
“more patriotism-driven” than Altiostar strategy chief
a reflection of Cisco’s merger Thierry Maupilé said govern-
interest, a person familiar ment officials are more famil-
with the meeting said. iar than ever with the details
Mr. Robbins “didn’t want of cellular technology but he
the U.S. to fall behind,” the would like to see more coordi-
person said, but the company, nation.
which makes computer net- Mavenir Chief Executive
working gear, was unwilling to Pardeep Kohli said Washing-
invest in a less profitable busi- ton’s focus on countering Hua-
ness like Nokia or Ericsson wei has helped raise the U.S.
without some sort of financial company’s profile, especially
incentives, the person added. in the past year, though that
A Cisco spokeswoman declined interest hasn’t yet translated
to comment. into many pro-domestic poli-
Mr. Kudlow said that talk of cies. “There’s a lot of talk, but
a U.S. company buying over- nothing concrete,” he said.
A11A | Friday, June 26, 2020
Covid-19 Death Toll Rises in N.J.
After review of death-
certificate data dating
from late winter, likely
fatalities increased 14%
BY JOSEPH DE AVILA
New Jersey health officials
released figures for probable
Covid-19 deaths for the first
time, raising the state’s total
fatality count from the illness
caused by the new coronavirus
to nearly 14,900, a 14% in-
crease over previous esti-
mates.
State officials counted 1,854
probable fatalities after inves-
tigating death-certificate data
dating back to late winter.
About one-third of those
deaths were connected to
long-term care facilities such
as nursing homes, New Jersey
health officials said. The state
previously disclosed confirmed
coronavirus fatality figures.
“We know that there are
those upon whom a Covid-19
test was never performed,
even though the underlying
symptoms and causes of
death, point to the probability
that they did in fact have
Covid-19,” Gov. Phil Murphy
said at a news conference
Thursday.
New Jersey ranks second in
Sotheby’s to Auction Financier’s Collection
BY CHARLES PASSY
Felix Rohatyn may be best
known to New Yorkers as the
investment banker who helped
the city avoid bankruptcy in
the 1970s, thanks to the advi-
sory role he played at the be-
hest of then-Gov. Hugh Carey.
But Mr. Rohatyn, a Holo-
caust-era refugee from Austria
who died last year at the age
of 91, took on many other jobs
and duties over the years.
Principally, he was associ-
ated with the firm Lazard
Frères & Co., where he served
as managing director. He also
was the U.S. ambassador to
France from 1997 to 2000.
And yet, there is another
side to Mr. Rohatyn that many
didn’t know: His passion for
collecting art, particularly Old
Master works.
Now, Mr. Rohatyn’s family
is selling the collection
through Sotheby’s, officials
with the auction house said
this week.
Many of the 40-plus pieces
will be featured at a special
sale devoted solely to the col-
lection in October, while oth-
ers will be featured at auc-
tions throughout the year.
Among the most significant
works in the collection are
ones by 18th-century Italian
painters Canaletto and Ber-
nardo Bellotto that depict
scenes from Venice. The two
paintings are expected to go
for $3 million to $5 million
each, said Sotheby’s officials.
Nicolas Rohatyn, one of Mr.
Rohatyn’s three children, said
his father never cared to call
much attention to his collec-
tion.
“He did it on his own, and
he did it quietly,” said Nicolas
Rohatyn, who noted his fa-
ther’s tastes generally re-
flected his European upbring-
ing and sensibility.
Sotheby’s Chairman George
Wachter said that some of the
works in the collection cer-
NYPD Officer Faces Charges Over Alleged Chokehold
BY BEN CHAPMAN
A New York Police Depart-
ment officer on Thursday be-
came the first person charged
under a new state law that
criminalizes the use of a
chokehold by a police officer,
Queens District Attorney Me-
linda Katz said.
Officer David Afanador was
arraigned on charges of at-
tempted aggravated strangula-
tion and strangulation in the
second degree for allegedly
using a chokehold on a man
during an arrest Sunday morn-
ing in the Far Rockaway sec-
tion of Queens, the district at-
torney’s office said. Cellphone
video of the arrest was shared
on social media.
Officer Afanador and his at-
torney didn’t respond to calls
for comment. A 15-year vet-
eran of the NYPD, Officer Afa-
nador surrendered to Queens
prosecutors on Thursday,
NY * * THE WALL STREET JOURNAL.
GREATER NEW YORK
Connecticut
Schools
state-level reports.
State health departments
generally update data online
To Reopen
daily on the number of cases
and fatalities from the virus.
These data contribute to a na-
In the Fall
tional disease-surveillance
system that helps track BY JOSEPH DE AVILA
Covid-19 in near real time and
feed popular pandemic track- Connecticut officials said
ers such as the one from K-12 public schools in the state
Johns Hopkins University. would reopen for full-time, in-
The numbers are imperfect person instruction this fall.
and, public-health experts Students, teachers and
have said, are likely lower other staff would be required
than the true death toll. to wear masks at school and
Death-certificate data col- on buses, Gov. Ned Lamont
lected by the CDC eventually said at a news conference
will create an official count, Thursday. School districts also
BRIAN BRANCH PRICE/ZUMA PRESS
but these data come in much would be tasked with develop-
more slowly. ing plans to reduce the num-
In New Jersey, health offi- ber of students in schools in
cials have been combing the event of a future outbreak.
through death-certificate re- Education Commissioner
cords for weeks to get a more Miguel Cardona said the state
accurate fatality count, said is encouraging districts to keep
Edward Lifshitz, the communi- groups of students together
cable disease service medical and not mix classes as much as
A funeral for two people who died of coronavirus-related complications in East Orange, N.J., in May. director for the state Depart- possible so potential infections
ment of Health. It is a time- could be more easily traced.
the nation for Covid-19 deaths mined based on clinical judg- Adding probable death consuming process, he said. “We know wearing masks
and third for the cumulative ment. More states are moving cases can make a difference. “We think it’s important to for young children is difficult,
number of cases. in this direction—Massachu- When New York City started provide accurate information especially in the beginning.
The U.S. Centers for Disease setts also recently began re- reporting probable cases in to the residents of New Jersey But we have to work to give
Control and Prevention reiter- porting probable cases and mid-April, the case count and that those residents have them the strategies to do it,”
ated its guidance in April that deaths, and has added 168 there jumped by nearly 3,800 a right to know and under- Mr. Cardona said during a
determining a Covid-19 death likely fatalities starting March deaths to more than 10,000. stand what is happening in news conference. “Kids are re-
doesn’t require a laboratory 1—but reporting practices New York state, on the their state,” Dr. Lifshitz said. silient, kids will pick up on
test result. Instead, probable around the U.S. remain a other hand, has long reported —Jon Kamp things, and we feel that’s a
Covid-19 deaths can be deter- patchwork. only lab-confirmed cases in contributed to this article. strategy we need to employ.”
School districts will have to
maximize social distancing
and space desks apart as much
as possible, Mr. Cardona said.
Frequent hand washing and
disinfecting of surfaces will be
required.
Connecticut Education As-
sociation President Jeff Leake
and AFT Connecticut Vice
President Mary Yordon criti-
cized the administration’s plan
in a joint statement.
“The new plan raises many
concerns and leaves dozens of
unanswered questions regard-
ing how schools will operate
in a COVID-19 (novel coronavi-
rus) world,” the school union
officials said.
The unions asked for
smaller class sizes, routine
testing for Covid-19 and state-
Students, teachers
and staff would have
to wear masks in
class and on buses.
provided personal-protective
equipment. Union officials also
said the state must make ac-
commodations for teachers
and staff members who are at
a higher risk, which Mr. Car-
dona said during the news
conference would be done.
Mr. Lamont said school dis-
tricts would work with parents
who were reluctant to send
tainly could be considered mu- The collection also includes kids back to school.
seum-worthy. But that wasn’t a number of drawings. So- “For those parents that
important to Mr. Rohatyn, he theby’s officials pointed to two thought distance learning
added. studies of men by Antoine worked great, and they want a
“He just loved the 18th cen- Watteau, an 18th-century little more time, we’ll find a
tury, and he loved pretty French artist, as being among way to accommodate them,”
things,” Mr. Wachter said. the more significant. the governor said. “I think the
FROM TOP: SOTHEBY’S; ASSOCIATED PRESS
Not that Mr. Rohatyn lim- Mr. Rohatyn’s collection vast majority are going to say,
ited himself strictly to a par- certainly is worth more than ‘Let’s get back to school.’ ”
ticular period in art. what he paid for the works, New Jersey is expected to
Another work in the collec- which he acquired from the release its school plan Friday.
tion is “La Chevelure d’or,” a 1970s to the 1990s, Mr. Wa- New York has yet to present a
painting by French modernist chter said. But Nicolas Rohatyn school-reopening strategy.
Pierre Bonnard. Sotheby’s offi- said his father never viewed Connecticut was one of the
cials described it as present- art as an investment, despite states hardest hit by the
ing “a resplendent scene from his financial background. Covid-19 pandemic, but infec-
the artist’s Mediterranean-in- “It was 100% appreciation tions and hospitalizations
spired oeuvre.” for the art. It really had noth- have declined. The state re-
It has an auction estimate ing to do with the monetary ‘Grand Canal, the Rialto Bridge from the South’ by Canaletto, ported 81 new Covid-19 cases
of $2.5 million to $3.5 million. value,” his son added. from the collection of Felix Rohatyn, who died last year at 91. Thursday, and test results
came back with a positivity
rate of 1.2%.
During its peak, Connecti-
cut was reporting several hun-
dred new cases a day. Con-
necticut also recorded 11
other officers responded to a NYPD Officer Daniel Pantaleo 18 civilian complaints from Covid-19 deaths, raising the
complaint of someone scream- used a chokehold on him during 2009 to 2014. In 2010, he was state’s cumulative total to
ing at people near Rockaway his arrest. Mr. Garner’s repeated accused of using a chokehold, 4,298.
Beach around 8 a.m. Sunday, cries of “I can’t breathe” be- according to the CCRB. That Mr. Lamont said the state
Ms. Katz said. The officers en- came a rallying cry for activists. complaint was unsubstanti- opted for a statewide reopen-
countered three men, includ- “The ink from the pen Gov. ated by the CCRB, as were ing plan rather than on a dis-
ing one who appeared to re- Cuomo used to sign this legis- most of the other complaints trict-by-district basis to en-
trieve a can from a trash bin, lation was barely dry before lodged against him. sure that all Connecticut
BEBETO MATTHEWS/ASSOCIATED PRESS
she said. Officer Afanador al- this officer allegedly employed In 2014, Officer Afanador students receive the same
legedly wrapped his arm the very tactic the new law was charged with assault after quality of education. State of-
around the man’s neck while was designed to prohibit,” Ms. he allegedly used his police ficials also wanted to try to
he was pinned to the ground Katz said. gun as a club to hit a teenager make the coming school year
and continued a chokehold as On June 18, the New York while making an arrest in as normal as possible, he said.
other officers handcuffed the City Council also passed a bill Brooklyn. He was acquitted of Officials, however, cau-
man and he lost conscious- that criminalized all uses of the charge, according to a tioned that the districts must
ness, according to Ms. Katz. chokeholds by police. Mayor spokesman for the Brooklyn be prepared to reduce class
Officer Afanador was Bill de Blasio has said that he district attorney’s office. NYPD sizes or even go back to re-
charged under the new law in- would sign the measure. officials didn’t respond to mote learning if infection
Officer David Afanador tended to curb police abuses. The NYPD already had sus- questions about any depart- rates increase.
Gov. Andrew Cuomo on pended Officer Afanador with- mental disciplinary action “Part of our plan in Con-
NYPD officials said. June 12 signed the Eric Garner out pay over the incident. taken against Officer Afanador. necticut is to know when to
Following his arraignment, Anti-Chokehold Act into law, The department banned the The charges against Officer ramp down, which means
he was released on his own re- criminalizing the maneuver use of chokeholds in 1993. Afanador came as large-scale we’re going to reduce the
cognizance by Queens Judge when used by a police officer According to records kept protests over the killing of number of students in the
Danielle Hartman and ordered in a life-threatening way. by New York City’s Civilian George Floyd in Minneapolis classrooms as needed and ulti-
to return to court on Aug. 3. The law was named for Mr. Complaint Review Board, a have put pressure on depart- mately, if the data suggests, go
The incident occurred after Garner, a Staten Island man watchdog agency, Officer Afa- ments nationwide to imple- back to full distance learning,”
Officer Afanador and three who died in July 2014 after nador has been the subject of ment policing changes. Mr. Cardona said.
THE WALL STREET JOURNAL. * * NY Friday, June 26, 2020 | A11B

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 A12 | Friday, June 26, 2020 THE WALL STREET JOURNAL.

LIFE&ARTS
FOCUS FEATURES (4)

FILM REVIEW | JOE MORGENSTERN This one went into production well
before American politics was

‘Irresistible’: Thinking
transformed by social upheaval
during a pandemic, so the film
could hardly be expected to feel up
to the minute, hour or month.
(One fleeting scene toward the end

Inside the Ballot Box of the campaign may have been

shot and inserted at the last min-
ute as a gesture toward newswor-
thiness. In it, several people wait-
ing on an outdoor line are wearing
face masks, and not because the
Jon Stewart takes on political consultants and elections swamped by money weather is cold.) And Mr. Stewart

D
uring his 15-year
tenure as host of
“The Daily Show”
Jon Stewart was in
the fray day after
day, night after
night, chasing the news, riffing on
it, refracting it through his exuber-
ant wit and keen intelligence. As
the writer and director of “Irresist-
ible,” his second feature following
the 2014 “Rosewater,” he’s not so
much above the fray as off to the
side of it. The story seems timely
at first, a satirical take on the role
of political consultants and money
in American elections. Yet the film,
streaming on demand, brings old
news that can’t hold a flickering
candle to the events of our flab-
bergasting moment, and a clever
twist doesn’t redeem long pas-
sages of gratingly broad and awk-
ward humor.
Steve Carell is Gary Zimmer, a
Democratic strategist who went
down in flames with the Hillary
Clinton presidential campaign.
Now, his high-maintenance wagon
in need of hitching, he thinks he
may have found a star in Jack Has-
tings (Chris Cooper), a Wisconsin
farmer and retired Marine Corps
colonel who figures in a video that
reaches Gary through a junior
member of his D.C. staff. It’s a
news clip of a town meeting in
which Jack comes on like a Frank
Capra hero of yore, defending the
area’s downtrodden and striking
the operative as a potential candi-
date who could help Democrats get
rural voters under the tent in a
crucial swing state.
“Looks conservative, sounds
progressive,” Gary says; he’s a
Democrat, he just doesn’t know it
yet. With the blessings of the
Democratic National Committee,
Gary hops a luxurious charter
flight to Wisconsin, rents a Ford
SUV only because no Teslas are
available, meets Jack in the flesh
and decides to spend whatever it
takes for this man of the people to
enter and win an impending may-
oral election.
If that leap of faith and finance
seems unlikely, it’s time-tested.
Elections are an all but obligatory
part of films about politics; one of
the best political comedies ever,
Alexander Payne’s 1999 “Election,”
turned on a contest for student
body president in a high school.
And Mr. Cooper, a minimalist mas-
ter with a style that defines la-
conic and a face that bespeaks ex-
Clockwise from above: Chris Cooper;
Steve Carell and Jon Stewart on set;
Mackenzie Davis and Mr. Carell; Rose
Byrne
perience, makes Jack an affecting
character. This guy listens, thinks,
speaks his mind; he’s Capra’s John
Doe in dairy country. (In a small
though pivotal role, Mackenzie Da-
vis makes a strong impression as
Jack’s daughter, Diana.)
But Mr. Carell, a comic actor of
distinction, must carry the picture
in a role that’s less an instrument
of satire than a coarsely written
parody of cynical, effete political
operatives who work the election
system for whatever rewards they
can extract from it. And Gary is a
mensch compared to Faith
Brewster, his lascivious Republican
counterpart who shows up in town
once the hitherto quaint mayoral
race attracts national attention
and, by the time the results are in,
$45 million in national campaign
spending. Faith is written even
more coarsely, though played with
steely verve by Rose Byrne.
Unlike nightly TV shows, movies
take a long time to come together.
does tick off some funny stuff: a
CNN panel discussion with a dozen
heads, all talking in unison from
their tiny boxes on a jam-packed
screen; a sendup of the arcane
rules governing super PACs; a TV
commercial in which Jack, the ex-
Marine, fires off rounds with what
appears to be a semiautomatic
shoulder-mounted equivalent of a
howitzer cannon.
As often as not, though, the film
reaches for humor that isn’t there.
In a long and vacuous interlude,
Gary takes Jack to New York to meet
wealthy Democratic donors. The
great Bill Irwin has an inexplicably
cringeworthy cameo as a billionaire
industrialist who’s become a gro-
tesque cyborg after a succession of
crippling strokes. Through it all, the
people of the town are portrayed as
fatuous bumpkins afflicted with a
level of cheerfulness that hasn’t
been seen since “Fargo.”
There’s a reason for this—Mr.
Stewart is nobody’s bumpkin when
it comes to dumb stereotypes.
Still, the scheme of his script re-
quires them, and they aren’t all
that amusing, even in retrospect.
The film tells us that our electoral
process is broken, and money is at
the root of the problem. But this
strenuous fable excludes the as-
tonishing energy, let alone the an-
ger, that has colored American
politics for many years. “Irresist-
ible” is a closed system about a
dysfunctional system.

EXCEPT FOR “The History Boys,” THEATER REVIEW | TERRY TEACHOUT spite of this lapse of craft, and the
which had a solid run on Broad- production, directed by Philip

way in 2006 followed by several
regional stagings, Alan Bennett’s
plays aren’t widely performed in
the U.S. He’s best known over here
for “The Madness of George III,” the
1991 play whose 1994 film version,
“The Madness of King George,” was
a box-office hit. The play, however,
never made it to Broadway, and
neither did “The Habit of Art,” a
dual theatrical portrait of W.H.
Auden and Benjamin Britten that
was first produced in 2009 by
London’s National Theatre, then
received its U.S. premiere at
Washington’s Studio Theatre. I
saw it there in 2011 and was sur-
prised that it had no further suc-
cess in this country: While not
without flaw, “The Habit of Art” is
both challenging and entertaining,
and I assumed that someone in
New York would get around to
staging it sooner or later.
Hence my excitement when
59E59 Theaters announced that
Original Theatre Company, a
highly regarded English touring
troupe, would be performing “The
Habit of Art” as part of “Brits Off
Broadway,” a summer festival of
new plays that always has fine
things to offer (in recent years,
most of Alan Ayckbourn’s U.S. pre-
mieres have taken place there). No
such luck—the pandemic put paid
to this year’s festival—but the
good news is that Original Theatre
Company and 59E59 Theatres are
streaming a previously taped ver-
sion of “The Habit of Art” that is
outstanding in every way.
Mr. Bennett’s play is a small-
scale backstage comedy about a
bumpy rehearsal of an imaginary
HELEN MAYBANKS
An Imagined Reunion
Matthew Kelly, John Wark and David Yelland in Alan Bennett’s comedy ‘The Habit of Art’
within-the-play, who in real life
would later write biographies of
both men) and a “rent boy” hired
by Auden but in whom the inhib-
ited Britten takes an ill-concealed
interest of his own. Theater people
being what they are, the collision
of play and play-within-the-play
leads to richly farcical occur-
rences, but “The Habit of Art” is at
bottom a serious exploration of
the artist’s life, one that is con-
jured out of an ingenious act of
the theatrical imagination: Mr.
Bennett supposes that Britten (Da-
“Death in Venice.”
Nothing of the kind could possi-
bly have happened, of course.
While the two men had been close
friends and collaborators in the
’30s, the notoriously touchy Brit-
ten grew tired of the older poet’s
bossy manner and severed rela-
tions with him in the mid-’40s.
Part of the problem, however, was
that Auden was at ease with his
own homosexuality, while Britten
was disquieted by his own equivo-
cal attraction to pubescent boys—
or, as Mr. Bennett’s Auden puts it,
his model a dislike of the biogra-
pher’s art, feeling that it dispels
the productive mystery of creativ-
ity: “A writer is not a man of ac-
tion. His private life is or should
be of no concern to anyone except
himself, his family and his friends.
The rest is impertinence.”
To synopsize “The Habit of Art”
is an impossibly complicated task,
but all comes brilliantly clear in
the playing, and the rehearsal-
room sequences in particular are
as good as anything Mr. Bennett
has ever given us. The climactic
Franks, is so lively that it carries
you over. Mr. Kelly is especially
good in the double role of Auden
and Fitz, the actor who “plays” the
poet in “Caliban’s Day”: He wisely
creates his own Auden from
scratch instead of settling for a
paint-by-numbers impersonation,
and the effect is exhilarating. Mr.
Yelland, by contrast, sticks closer
to his diffident, ever-so-proper
model, but his performance works
just as well in its lower-keyed
manner. Full credit goes to Max
Pappenheim, the sound designer,
for weaving bits and pieces of
Britten’s music, some well-known
and others obscure, into and out
of the action with subtle skill.
Lovely though it would have
been to see a live performance,
I’m struck by how fully this web-
cast version of “The Habit of Art”
conveys the total effect of a play
that deserves to be staged in New
York when such things become
possible again. It might almost
have been made to be produced by
Lincoln Center Theater, and I hope
that will happen someday—but
don’t wait until then to see it for
yourself, for Original Theatre
Company has done complete jus-
tice to “The Habit of Art.” All told,
this is one of the most impressive
theater webcasts I’ve reviewed in
this space to date.
The Habit of Art
Original Theatre Company/59E59
Theaters, New York ($5 “tickets”
available through Sunday allow on-
line viewing through June 30). To
watch, go to 59E59.org

play called “Caliban’s Day” whose vid Yelland) approached Auden his “occluded sexuality” (referring meeting of Auden and Britten Mr. Teachout, the Journal’s drama
fictionalized protagonists are (Matthew Kelly) in 1972 to seek to Mann, though he clearly has doesn’t come off quite as well— critic, is the author of “Satchmo at
Auden, Britten, Humphrey Carpen- counsel about his last opera, a Britten in mind as well). As for Mr. Britten is not fully realized as a the Waldorf.” Write to him at
ter (the narrator of the play- stage version of Thomas Mann’s Bennett’s Auden, he shares with character—but the play works in tteachout@wsj.com.
 THE WALL STREET JOURNAL. Friday, June 26, 2020 | A13

LIFE & ARTS

FILM REVIEW | JOE MORGENSTERN

When Music
Cannot Soothe
ANY FILM with Nina Hoss
in it—“Phoenix” and “Bar-
bara,” among others—is an
event. “The Audition,”
streaming on demand, is
also a treat that becomes a
chilling enthrallment, one
of those closely observed
dramas you love—for its
intimacy, calm authority
and mystery—even before
you begin to get what it’s
really about.
Ms. Hoss stars as Anna
Bronsky, a violin teacher at a
German conservatory for
high-school-age musicians.
Serene and ostensibly self-
assured at preliminary audi-
tions for scholarship appli-
cants, Anna seems to find
something special in the
SUNDANCE NOW
ness rooted in long experi-
ence.
Several themes in the nar-
rative intertwine before they
resolve, like the music Anna
plays in a string quintet after
insisting she would never
play again—her insatiable
hunger for the safety of love;
her fear, indeed her terror, of
failure; her perfectionism,
which operates at toxic levels;
the toll it takes on her, as
well as on her teaching and
her family life; and, before
and after everything else, the
intricate connections between
teacher and student. In this
case it’s a teacher who needs
to create an artist out of un-
likely clay, and a student who
is tender, modestly talented

playing of a shy youngster at best and defenseless

named Alexander (Ilja
Monti)—if we can’t detect it,
the temptation is to blame
Claes Mansson, Julia Ragnarsson, Matias Varela, Johan H:son Kjellgren and Albin Grenholm ourselves—and champions
his candidacy over the ob-
jection of her colleagues.
TELEVISION REVIEW | DOROTHY RABINOWITZ “What counts is hearing
the notes before you play
against a force of nature gone
terribly wrong.
Another relationship be-
tween a young music student
and a perfectionist teacher
was explored six years ago in
Damien Chazelle’s powerful
“Whiplash,” with Miles Teller

Of Love and Money them,” she tells her new

student during his first les-
son. “All the rest is noise.”
No noise intrudes on the
as an ambitious jazz drum-
mer at a school like Juilliard
and J.K. Simmons in the Os-
car-winning role of a ruthless
A STORY SIMMERING with conspir- so—complicates matters in ways too boy’s casual story of how he and his film, in German and French tyrant who accepts nothing
acies and schemes involving a once- obvious to require explaining. But so friend had teased a beggar sitting in with English subtitles and less than perfection. But that
respected Swedish bank, “Blinded” is persuasive is Ms. Ragnarsson in the front of a supermarket. directed by Ina Weisse from was a tale of mutual combat,
so packed with plotters, frauds, fel- role of a reporter dedicated not only The friend, Rooth’s son explained, a screenplay she wrote with almost unto death. “The Au-
low travelers and innocents that it’s to the aims of journalism but the re- had money with him—a big bill—that Daphne Charizani. The mu- dition,” more modest in its
frequently impossible to tell the quirements of justice that the situa- he told the beggar he could have if he sic is exquisite, beginning scale though no less thrilling
swindlers from the victims. That this tion transcends the threat of trite- did a song and dance for them. So you with Bach’s Presto and Cha- in its intensity, pits Anna
doesn’t in the end matter in the least ness. You can feel her panic, her thought, Rooth asks his son, that it conne and including Schu- mainly against herself, even if
is a testament to the powers of this sense of the impossible, as she pre- was funny—funny to see someone bert, Lalo and Brahms. The she acts out her struggle
fact-based drama (chief writer Jesper pares for an interview with Rooth who was not born into privilege, as music lessons are fascinat- through the fury she visits on
Harries). that will require sharp questions. you were, humiliate himself? ing, and the language is ele- her innocent student.
One of the most endearing features Crimes were committed. How can he The boy argues that it was his gant in its specificity, Ms. Hoss has her finest of
of this subtitled series is the regular not have known? friend Victor who had the money, though Ms. Hoss often re- many fine passages when
intrusion, in all eight of its episodes, Victor who said that to the man. And veals her character’s feel- Anna, unable to drive poor
of Irving Berlin’s “Let’s Face the Mu- his father sternly informs him that ings without the help of Alexander to virtuosic
sic and Dance,” sung hauntingly by he is not to say that it was his friend. words; there’s no more ex- heights, speeds up the metro-
the Swedish singer Grant. The empha-
A drama based on the true “You will never say ‘Victor’ again.” pressive actor in the movies nome and redoubles her ef-
sis here is on the song’s first line— story of intrigue and Then Rooth tells the boy that they today. As for hearing notes fort with almost demonic en-
“There may be trouble ahead.” will find that beggar and his son will before they’re played, that’s ergy. But an offhand
And there is, indeed, trouble at ev-
deception at a once- apologize to him. what the film invites us to comment also makes the
ery turn for the family-owned ST respected Swedish bank. If Rooth is a man of hidden depths, do during early moments point of her monomania.
Bank, all of it the result of illegal ac- his wife, Sophie (Julia Dufvenius), is that only hint at Anna’s When her sweet-faced son,
tivities, including falsification of its fi- another story entirely. Her deepest feelings, or torment. In one Jonas (Serafin Mishiev)—
nancial reports. Certain of the revela- feelings are unhidden, written on her of them, a restaurant lunch younger than Alexander and a
tions about the bank’s practices had True, nothing about this conflict face. She’s certain that her husband is with her husband, Philippe budding violinist himself—
come about thanks to one woman— proves any help in dealing with her unfaithful—a feeling she projects with (Simon Abkarian), she can’t says he wants a dog, Anna’s
the ambitious and dishy young news- passionate attachment to Rooth, who exquisite subtlety. She soon knows settle down until she reply is quick and terse: “The
paper writer Bea Farkas (Julia Rag- is married with children and returns with whom, after a quick check of his changes tables several violin is your dog.” As task-
narsson), who habitually pursues her feelings in full. Still, the affair is phone. That subtle look, always on times while he watches her masters go, she’s one of a
every hint of irregularity, however mi- just one thread in this furiously paced her face, is the reason Ms. Dufvenius compulsiveness with a sad- memorable kind.
nor, in the faith that every suspicion chronicle of scandal and menace as ef- steals so many scenes.
is promising. Her unyielding assur- forts are made to prevent the leak of “Blinded” is above all meant to be a
ance and faith in her ability to sniff incriminating records. story of corruption and deception, Nina
out lies has put her in a position of Crowded though the series is— one in which many innocents among Hoss
some importance at her paper. And, in mobbed, actually—it’s filled with dis- the bank’s own employees were drawn
addition, had gotten her dismissed tinctive, admirably drawn characters. into shoddy investments and now
from that job—if temporarily—by an Rooth, perhaps the most intriguing stood to lose everything. There’s no
editor-in chief who viewed her as an figure, is more than just a wily top ex- missing the echoes of “Wall Street”
uncontrollable force. ecutive however he may look—which (1987) in the series—somewhere in it
In the case at hand, that obstinacy is slick, assured and impeccably tai- a voice is actually heard shouting
led her to conclude correctly that ST lored; one wide shot reveals the “Greed is good!” Not from the evi-
Bank had regularly misreported cer- arena-like immensity of his Master of dence of the cataclysms that befall
tain aspects of its financial losses and the Universe closet with its rows of this once secure bank and its employ-
STRAND RELEASING

gains—a piece of news terrifying to suits and shirts. But he also proves to ees in the course of these eight hours
the bank’s CEO, Peder Rooth. That be a man of principle, one surpris- of remarkably sustained drama.
Rooth (a masterly performance by ingly stern about the sort of values
Matias Marela) is also romantically his young son is picking up. He’s not Blinded
involved with Bea Farkas—and deeply happy when he hears, one day, the Thursday, Sundance Now

Weather The WSJ Daily Crossword | Edited by Mike Shenk

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A14 | Friday, June 26, 2020
A Little Baseball Goes a Long Way
The summer game is taking a 100-game haircut. It might be exactly what a stubborn sport needs.
Well, they did it. They
figured it out. After
threatening to spend the
summer snoozing in a
hammock, baseball has
decided to shave, put on a decent
pair of pants and make an appear-
ance. Assuming there are no disrup-
tions because of health issues—a
big assumption at the moment—
Opening Day should arrive by late
July.
There’s a big tweak, however. Be-
cause the party is starting so late,
baseball doesn’t have room for a
traditional 162-game season. In-
stead, it will play 60 games.
That’s right: they’ve lopped 102
games off. That’s a heck of a hair-
cut, to the point the diamond die-
hards worry that baseball will be
unrecognizable. You know what the
ballpark poets say: A baseball sea-
son is about the passage of time,
the rhythm of life, the gentle meta-
morphosis from spring to autumn,
yadda, yadda, and all that, please
give me a hot dog and a beer, I
can’t take it, it’s a sport, not an
MFA writer’s workshop.
The point is that a baseball sea-
son has historically been a slow
roll, slow to the point that even the
sloths nibbling leaves in the trees
are like, Hey, that’s a pretty slow
season, and there’s a whole mys-
tique around this languidness.
You’ve heard it a zillion times:
Baseball has no clock. It does not
rush. Baseball evolves.
So it’s going to be really fast and
weird—60 games in a little more
than two months, the shortest sea-
son in Major League history. But I
have a question:
What if we like it?
A little baseball could really go a
long way. What if 60 games of regu-
lar season baseball is exactly the
right amount?
What then?
It isn’t like 60 is a tiny number.
It’s not like they can knock the sea-
son out in a weekend. Plenty of
baseball leagues have seasons that
run far fewer than 162 games, and
they seem to be just fine.
Have you ever talked to a parent
of a child who plays travel base-
ball—you know, one of those par-
ents who had dreams of reading
Dennis Lehane on a beach and in-
stead is watching double-headers
Worst Hangover in Sports: Covid-19
ATHLETES HAVE BEEN reminded
for months that returning to com-
petition would mean changing al-
most everything about their lives.
There would be no high-fiving,
spitting or anything else that
might conceivably transmit the
coronavirus.
But as sports leagues around the
world race to get back into compe-
By Laine Higgins,
Joshua Robinson
and Rachel Bachman
tition, there’s one urge that young
and restless athletes can’t seem to
shake: the itch to party.
Soccer and baseball players in
Florida sent their teams into quar-
antine because they went for
drinks in a bar. Infections are ris-
ing on campuses because college
athletes went to parties. And ten-
nis world No. 1 Novak Djokovic
tested positive days after clubbing
with other pros in Serbia without
bothering to wear a face mask. Or
a shirt.
Athletes returning to their old
social lives is becoming a problem
in the new world of sports. The
leagues and schools want players
to stay in tightly controlled bub-
bles to avoid the risk of infection
Pitcher Nolan Ryan, left, and catcher Jerry Grote were ready to celebrate after the New York Mets won the National League pennant in 1969.
and sleeping in motor lodges with
bad coffee and a hornet’s nest next
to the ice machine? Sixty games in
the middle of summer is perfectly
capable of feeling like 6,000.
We all know baseball has time
problems. Even if you don’t think a
162-game season is too long—and
who doesn’t think a 162-game sea-
son is too long, other than baseball
owners and regional television ex-
ecutives, there is no reason players
in the World Series should be wear-
ing mittens—you can agree that the
individual games are too long. Even
baseball knows its games are too
long. You shouldn’t be able to drive
from Chicago to Iowa City in the
time it takes to play a baseball
game. In the postseason, you
shouldn’t be able to drive from Chi-
cago to Rio de Janeiro.
What if this pandemic-imposed
and prevent the outbreaks that
would trigger another wave of
lockdowns. But reopened bars and
restaurants—crowded indoor
spaces conducive to spreading the
virus—have never looked so attrac-
tive to people emerging from three
months of quarantine.
Djokovic and his friends were
not trying particularly hard to so-
cially distance. With the virus ebb-
ing in Europe, Djokovic organized a
series of exhibition tournaments
through the Balkans, where fans
could pack stadiums to watch the
tennis stars they hadn’t seen in
three months. The events couldn’t
have gone better—until they
couldn’t have gone worse.
Sunday’s final in Croatia, which
would have featured Djokovic, was
abruptly canceled after Grigor Dim-
itrov tested positive for Covid-19.
Over the next two days, Djokovic,
Viktor Troicki and Borna Coric all
did the same. It’s unclear when or
where they contracted the virus.
But they all spent an evening to-
gether frolicking in a cramped Bel-
grade nightclub the week before.
“Unfortunately, this virus is still
present, and it is a new reality that
we are still learning to cope and
live with,” Djokovic said.
Kansas State suspended volun-
SPORTS
JASON GAY
brevity is precisely what this sport
needed? Every sport has to be both
careful and clever this year. The Na-
tional Women’s Soccer League is re-
placing its season with a big tour-
nament, which sounds…kind of
great? Basketball’s got a bubble.
Hockey is going with a two-town
format. Nobody’s playing before
fans, at least at first.
I haven’t even gotten to the best
part about this MLB season: They’re
going to start extra innings with an
automatic runner on second base.
Yes! Beautiful!
I am not sure what part about
this innovation I like the best: the
actual second-base runner rule
change, which sounds like a sandlot
innovation—the only thing that
would be better is if the runner was
a ghost runner—or the fact that
snobby purist fans, already com-
tary workouts for all sports for two
weeks on Saturday after seeing
positive cases among football play-
ers climb from zero to 14. Initial
contact tracing efforts indicated al-
most half of the team had been ex-
posed to infected players, so ath-
letic director Gene Taylor asked
the whole team to quarantine until
July 4.
The alleged source of the out-
break: a handful of eager athletes
with asymptomatic cases who were
tested on June 12 and didn’t get
their results back until June 15.
They played videogames and blew
off steam at a player’s lake house
on the weekend in between.
A similar scene played out at
LSU, college football’s reigning na-
tional champion, which was one of
the few schools that made the un-
usual decision to test athletes only
for antibodies and not active infec-
tions.
A few cases linked to the Tiger-
land nightclub district in Baton
Rouge derailed voluntary workouts
and sent more than a quarter of
the football team—at least 30 foot-
ball players—into quarantine after
possible viral exposure, Sports Il-
lustrated reported Saturday. LSU
officials did not respond to re-
quests to comment.
pletely freaked that the National
League will play with a designated
hitter, sound like haute chefs, agi-
tated that baseball is becoming a
microwaved pizza bagel.
It’s to the point that some crab
apples are wondering if this short-
ened baseball season with expanded
playoffs and an NL DH and a freaky
extra inning rule shouldn’t really,
you know, count.
Oh, no. It should count. It must
count.
Baseball can’t go baseball here.
That would only be more alienating.
Winning an accelerated season
shouldn’t be an asterisk. The MVP
should matter. The World Series
should matter. Even the trophy—
which needs to be renamed “The
Rob Manfred Hunk of Metal”—
should matter. Winning is winning.
And this could be progress. Ev-
A few cases linked to the Tigerland
nightclub district in Baton Rouge
derailed voluntary workouts at LSU.
These setbacks, plus a handful
of smaller outbreaks across the
country, are crystallizing the diffi-
culty of enforcing a bubble on col-
lege campuses.
“The issue is not the two hours
at practice,” said UCLA athletic di-
rector Martin Jarmond. “It’s the
other 22 hours of the day.”
Trips out on the town are pre-
sumed to be what knocked an en-
tire team out of the monthlong Na-
tional Women’s Soccer League
tournament set to kick off Satur-
day. After the state of Florida re-
opened bars with reduced capacity
starting on June 5, several NWSL
players on the Orlando Pride par-
took. Then six players and four
staff members tested positive.
That was enough for the team to
pull out of the NWSL’s return to
play that starts this weekend in
Utah. The league’s protocols and
timelines for contact tracing in the
wake of the positive tests made it
impossible for the Pride to com-
pete, team doctor Daryl Osbahr
said in a statement.
It was also a reminder that cen-
tral Florida has emerged as a coro-
navirus hot spot as Major League
Soccer and NBA teams begin to ar-
rive for their own restarts. In early
June, Orange County’s seven-day
average rate of positive tests was
3.3%, and Walt Disney World’s sur-
rounding area seemed relatively
safe and virus-free. It’s now a trou-
bling 14.7%.
The potential for one player to
visit the wrong restaurant at pre-
cisely the wrong time and wipe out
an entire team is the reason NBA
teams are moving into a highly re-
stricted environment next month in
Orlando.
The eight teams still in the
NWSL tournament were set to en-
ter lockdown mode when they ar-
rived this week in the Salt Lake
City area, where the virus appears
to be spreading with frightening
speed. The players won’t be al-
lowed to leave what the NWSL is
calling the “protected environ-
ment” of the Herriman, Utah-area
soccer facilities.
Asked if there is now an explicit
rule against going to bars and
nightclubs, NWSL commissioner
Lisa Baird said: “Yes, there is.”
—Ben Cohen
contributed to this article.
THE WALL STREET JOURNAL.
erything in life could stand to be
shorter: sports, movies, presidential
campaigns, college, meetings, phone
conversations. P.T. Barnum is cred-
ited with saying Always leave them
wanting more and it’s a useful gov-
erning philosophy, not just for base-
ball, but for all of life. All of us
should be wary of a drive that’s too
long, a marriage that’s too long, or
a Journal sports column that’s too
long, and even worse, is about cy-
cling.
He’s got another column in the
paper today.
Is it about bikes?
It isn’t about bikes.
Phew.
No. This one’s about baseball. I
can’t wait for Opening Day. And
then, just a minute later, Game 7 of
the World Series. Play ball! And
make it snappy!
Australia,
New Zealand
To Host Cup
BY RACHEL BACHMAN
AUSTRALIA/NEW ZEALAND
triumphed in its bid to host the
2023 Women’s World Cup, win-
ning a vote of the FIFA Council
on Thursday and edging out Co-
lombia.
By nearly all outward metrics,
Australia/New Zealand had the
superior bid. FIFA’s written eval-
uation of bids gave it a 4.1 score
out of 5, compared with a 2.8 for
Colombia.
Australia/New Zealand’s cam-
paign, capped this week with a
light show at the Sydney Opera
House, pledged “an unprece-
dented level of financial invest-
ment in FIFA’s showpiece event”
and an emphasis on growing the
commercial side of the women’s
game.
The co-hosts promised record
attendance of 1.5 million for the
tournament’s 64 games, a figure
that would be helped by the
Women’s World Cup’s expansion
to 32 teams for 2023.
The FIFA Council vote, 22-13,
was closer than many expected.
Australia has the seventh-best
women’s soccer team in the
FROM TOP: ASSOCIATED PRESS; SEAN GARDNER/GETTY IMAGES; JASON MCCAWLEY/GETTY IMAGES
world by FIFA’s rankings. It lost
to Norway on penalty kicks in
the 2019 World Cup’s round of
16. New Zealand didn’t make it
out of the group stage.
One drawback for Australia/
New Zealand is time zones that
could make live viewing of
matches a challenge. Sydney is
14 hours ahead of the U.S. East
Coast, and nine hours ahead of
Central European Time.
The Women’s World Cup is
the most prominent women-only
global sporting event.
A Sydney Opera House light show.
THE WALL STREET JOURNAL.
Judging FBI Conduct
House Judi-
ciary Commit-
tee Democrats
were back at
their “politi-
cized Justice
POTOMAC Department”
theme this
WATCH
week, calling
By Kimberley
a disgruntled
A. Strassel
former lieu-
tenant of spe-
cial counsel Robert Mueller to
accuse the department of giv-
ing special treatment to Presi-
dent Trump’s allies. Too bad
the testimony came on the
very day a federal court con-
firmed that Mr. Mueller’s
team and the Federal Bureau
of Investigation engaged in
misconduct.
A three-judge panel of the
U.S. Court of Appeals for the
District of Columbia Circuit
did so via an order requiring
Judge Emmet Sullivan to dis-
miss charges against former
national security adviser Mike
Flynn. Most of the focus has
been on the legal merits of
the ruling. Judge Neomi Rao’s
compelling opinion rebuked
Judge Sullivan for ignoring
the department’s call to drop
the case and instead setting
himself up as both prosecutor
and jury. This was a win for
the separation of powers,
even as it was a step toward
justice for Mr. Flynn.
Largely overlooked was the
decision’s rebuke of the FBI
and the Mueller team. The
D.C. Circuit became the first
federal court to acknowledge
the misconduct that Attorney
General William Barr is trying
to bring to light. Most of the
courts that oversaw Mr.
Zoroastrianism Rises in North America
HOUSES OF Most ele- the fire has warmth and light. estimates
WORSHIP m e n t a r y - Light is a metaphor that cuts 100,000 and 200,000. Indian some tension. Converts and
By Amy DePaul school boys
spend their
free time
playing videogames or hang-
ing out with friends. Zerkxis
Bhandara’s childhood was a
bit different. He started train-
ing to become a Zoroastrian
priest when he was 9.
Mr. Bhandara, whose family
traces its lineage to a 12th-
century Indian cleric, was
born into the role. But the 25-
year-old graduate student
from Irvine, Calif., pushed
back on his early religious ob-
ligations. “Oh gosh, I was a
bad student,” he recalls. There
were classes. Homework.
“Like every 9-year-old, I
would rather do any other
thing.”
Yet by 11 he became an or-
dained Zoroastrian priest—
helping his father preside over
weddings, death prayers and
youth initiation ceremonies. In
high school he wore religious
garb under his regular
clothes—a white undershirt
called a sudreh and a knotted
sash, or kusti. “It dawned on
me,” he says. “I have to be an
example for the community.”
Now he finds refuge at his
community’s fire temple, the
Zoroastrian house of worship,
which hosts a gas flame that
never goes out. “To Zoroastri-
ans, fire is the physical form
of God’s energy. It’s in all Zo-
roastrian rituals,” Mr. Bhan-
dara explains. “We say that
Democrats Play Politics on Police Reform
By Shay Hawkins
T
he on-camera death of
George Floyd was a
tragedy and exposed a
deep failure in policing. Local
and state government in Min-
nesota failed to implement
best practices in hiring, train-
ing and discipline within the
Minneapolis police force. As
the weeks progressed, and ad-
ditional black deaths were
highlighted, the failure of
Minnesota’s leaders has been
repeated throughout New
York, Atlanta, Chicago and
Los Angeles. Our nation has
called out for a comprehen-
sive solution.
The tragedy could have re-
sulted in the most effective
police reform in years, but
this week Democrats in the
U.S. Senate, directed by Mi-
nority Leader Chuck Schumer,
voted along party lines to
block justice.
The Justice Act, a law-en-
forcement reform bill written
by Sen. Tim Scott of South
Carolina and introduced by
Senate Republicans, has much
in common with the Justice in
Policing Act, favored by
OPINION
Mueller’s prosecutions were
asked to do no more than
rubber-stamp a plea deal or
sign off on a jury verdict. But
Mr. Flynn, backed by tena-
cious lawyer Sidney Powell,
fought the charges—forcing
the Justice Department to re-
view its actions, acknowledge
its bad acts, and move to dis-
miss its case. Democrats and
the press cast this outcome
as evidence of Mr. Barr’s “po-
liticization.” The circuit court
begs to differ.
The Justice Department’s
credibility was at stake here.
Judge Sullivan bought into
the same Democratic conspir-
acy theories, which is why he
refused Justice’s motion to
dismiss and appointed retired
judge John Gleeson to act as
shadow prosecutor. He argued
the Justice Department wasn’t
entitled to the usual “pre-
sumption of regularity.” And
if the circuit judges thought
there was anything to claims
that Mr. Barr was playing po-
litical favorites, it could have
allowed the process to con-
tinue.
Instead they bluntly noted
that there was no “legitimate
basis” to question the depart-
ment’s behavior. They even
slapped Mr. Gleeson for rely-
ing on “news stories, tweets
and other facts outside the re-
cord.” By contrast, Judge
Rao’s opinion notes: “The gov-
ernment’s motion includes an
extensive discussion of newly
discovered evidence casting
Flynn’s guilt into doubt.” It
points out that this includes
“evidence of misconduct by
the Federal Bureau of Investi-
gation.” It finishes by noting
are
through the darkness of igno-
rance, bringing one face to
face with the truth of the di-
vine.”
The faith has taken a long
journey from its origins in an-
cient Persia to the converted
church in Orange, Calif., where
Mr. Bhandara worships today.
Zoroastrianism is arguably the
world’s first monotheistic
faith, with the oldest remains
of fire temples dating back
4,000 years. The supreme de-
ity in the faith is Ahura
Mazda. Zoroaster, or Zara-
thustra in ancient Persian,
was actually a prophet after
whom the religion came to be
known among Westerners.
Cyrus the Great, founder of
the first Persian Empire circa
550 B.C., was a Zoroastrian.
While Persia served as an in-
cubator for the faith, a group
of followers migrated to India
following the seventh-century
Muslim conquest. They
thrived there. For more than
1,000 years India and Iran
were the two areas most
closely associated with Zoro-
astrianism, but that’s chang-
ing. Indian Zoroastrians began
arriving in the U.S. and Can-
ada in the 1960s and ’70s in
relatively large numbers,
while Iranian Zoroastrians
came after the 1979 Islamic
revolution.
No one knows exactly how
many practice the faith
around the globe today, but
House Speaker Nancy Pelosi.
Both bills seek to address the
same problems, cover the
same subjects, invoke the
same federal powers, and at-
tach conditions to disburse-
ment of the same pool of fed-
eral funds—the COPS grant
program.
Chuck Schumer wants
a campaign theme,
not a solution.
In fact, the process began
with Republicans and Demo-
crats nearly on the same
page. Both bills would do the
following:
• Limit the use of choke-
holds by federal, state and lo-
cal law enforcement.
• Address the use of no-
knock warrants.
• Increase the use of body
cameras by law-enforcement
officers.
• Enhance transparency of
misconduct records.
• Incorporate nearly identi-
cal provisions from the Jus-
tice for Victims of Lynching
that each government branch
must be encouraged to “self
correct when it errs.”
The court’s conclusion is
obvious. All it had to do was
look at the voluminous evi-
dence the Justice Department
supplied. Its briefs proved the
FBI had improperly pursued
Mr. Flynn, keeping open an in-
vestigation that produced no
The D.C. Circuit
becomes the first
court to acknowledge
the FBI’s 2016 abuse.
evidence, ginning up a “viola-
tion” of the seldom-enforced
Logan Act, sandbagging Mr.
Flynn with an interview that
had no “legitimate investiga-
tive basis.” It even provided
new FBI notes this week sug-
gesting that then-President
Obama and Vice President Joe
Biden were improperly en-
gaged in the investigation.
The department’s filings
showed that the Mueller team
had consistently denied de-
fense attorneys exculpatory
information. And it explained
the straightforward process
by which it had reached its
decision to withdraw: Mr.
Barr in February appointed
veteran U.S. Attorney Jeff
Jensen to review the case, and
in May Mr. Jensen concluded
dismissal was “the proper and
just course.”
In a sane world, House Ju-
diciary Chairman Jerrold Na-
dler’s Wednesday hearing into
“political interference” at the
between West. But change has caused
Zoroastrianism is veering to-
ward extinction as a result of
low birthrates, and Iranian
figures are harder to come by
but much lower. Yet North
American Zoroastrians likely
have doubled, to as many as
35,000 in the past 15 years.
That’s mostly due to immigra-
tion—and possibly some con-
versions.
The faith is shrinking
in Iran and India
but growing in the
U.S. and Canada.
Along with Mr. Bhandara’s
Southern California temple,
three new American houses of
worship have been established
in the past four years, from
New York to Texas. Some of
the faithful look to these high-
profile venues as a hopeful
sign.
“Now Zoroastrians can do
their prayers and rituals and
religious classes,” says Dolly
Dastoor, former president of
the Federation of Zoroastrian
Associations of North Amer-
ica. She says that the new
temples have strengthened
the community and “because
of that, there is a little revival faith may depend on it.
of the religion over here.”
The religion has adapted as
it builds a new life in the vine, Calif.
Act that make lynching a fed-
eral hate crime.
• Train officers in areas
such as use of force and racial
bias.
• Collect oversight data.
• Promote hiring of officers
who demographically repre-
sent the communities they
serve.
This week’s vote was not
even a vote against the bill. It
was a vote against consider-
ation of the bill. Under the
parliamentary rules of the
Senate, the motion to proceed
would have simply opened up
negotiations, debate and an
amendment process that
could have narrowed the re-
maining differences.
Last week Mr. Schumer
claimed that the modest dif-
ferences between the propos-
als made Mr. Scott’s version a
“bad bill.” Yet Democrats have
refused to say on the record
what makes the Justice Act so
unacceptable and how it
should be changed. Democrats
appear to be using the consti-
tutionally questionable idea of
eliminating qualified immu-
nity as a shield to play parti-
san politics and prevent a bi-
department would therefore
have been treated as the farce
that it was. Its star witness
was Aaron Zelinsky, a former
member of Mr. Mueller’s pros-
ecution team, who complained
that the Justice Department
had recommended Roger
Stone get a lesser sentence
than the Mueller squad had
initially requested, and sug-
gested the Barr Justice De-
partment is doing political fa-
vors for Trump buddies.
Which is of course what a
former Mueller prosecutor
would say. What else can he
say? For years the evidence
has piled up of a rogue FBI
that spun a fake collusion nar-
rative. This was followed by a
savage special-counsel team
that knew its collusion remit
was baseless from the start—
and so instead pursued conso-
lation prosecutions. Including
one against Mr. Flynn, despite
FBI misconduct. Mr. Zelinsky
was at the center of the FBI
and prosecutorial excess—the
actual politicization—that Mr.
Barr is attempting to correct.
This crew’s only hope of sal-
vaging their reputations is to
join Democrats’ campaign to
besmirch Mr. Barr and fellow
reformers. And the press—
with its own Russia-hoax
credibility problems—will
gladly provide cover.
What matters, however, is
that the public gets the truth
from credible sources. It’s
been coming, from congres-
sional inquiries, from the non-
partisan Justice Department
inspector general, from inter-
nal Justice and FBI reviews.
And now from a court.
Write to kim@wsj.com.
children born of mixed-faith
marriages are not always
viewed as Zoroastrian among
more-orthodox practitioners.
Indian immigrant Dilnavaz
Bamboat of Milpitas, Calif.,
whose husband is Hindu,
would not be able to raise her
5-year-old son officially as a
Zoroastrian in her home com-
munity in Mumbai. But at her
temple in California, he can
take part in the youth initia-
tion ceremony. There are
many mixed marriages at her
temple, which she says wel-
comes newcomers. Thanks to
this openness, her community
is looking for a larger venue.
“The way the community’s
going in India, it’s definitely
going to peter out,” Ms. Bam-
boat says. “I have a feeling it
will morph and thrive in
North America and elsewhere
in the world.” But that may
require reuniting Zoroastrian
Indians, known as Parsis, and
Iranian-American Zoroastri-
ans, which have been riven by
history for a millennium.
At Ms. Bamboat’s temple
the two groups worship sepa-
rately but maintain friendly
relations. Zoroastrian leaders
in North America hope this
cordial cooperation can grow
into something deeper and
lasting. The survival of the
Ms. DePaul is a writer in Ir-
partisan legislative victory.
Mr. Scott, during a floor
speech on Wednesday, said he
feared that his Democratic
colleagues would prefer to
“run on police reform rather
than accomplish it.” It seems
his fears were well founded.
Senate Democrats presum-
ably reason that since Mr.
Scott drafted a solution, Re-
publicans will get some credit
for addressing the policing
problem, and this credit will
hurt Democrats running for
office in November. This fear
is amplified by the fact that
the overwhelming majority of
the recent episodes of police
brutality occurs in cities run
by Democrats.
George Floyd cannot be
brought back to his family,
but his death can define and
improve America. America
can be more just today than it
was yesterday. For that to
happen, the obstructionist
Democrats in the Senate must
be held accountable now, not
just in November.
Mr. Hawkins is a former
lead policy adviser to Sen.
Tim Scott.
Friday, June 26, 2020 | A15
BOOKSHELF | By Tom Nolan
Man
On a String
Hollywood Double Agent
By Jonathan Gill
(Abrams Press, 323 pages, $27)
T
he Russian-born Hollywood producer Boris Morros
was a short, bald and rotund man with a gregarious
manner, a taste for the good life and an unquenchable
ambition. Such a colorful figure might seem an obvious
choice for the role of successful show-business entrepreneur.
Less predictable was his casting in real life as a Soviet spy
and, later, as an American counterspy known to the FBI as
its “special special agent.”
“Nothing about Boris Morros was simple,” writes Jonathan
Gill in “Hollywood Double Agent,” a fascinating and swift-
reading biography. “What made [him] an unlikely Soviet spy
was ironically what allowed him to survive that dangerous
profession. He was ideologically uncommitted, constitutionally
indiscreet, addicted to fame and money, and oblivious to the
distinction between truth and fiction.”
Born in 1891 in what today
is Belarus, the musically gifted
Morros gained entrance at a
young age to the St. Petersburg
Conservatory. Upon graduation
in 1914, he was tasked with
organizing and directing
musical activities for Czar
Nicholas II’s imperial court.
After the Bolsheviks arrested
Nicholas and his family in 1917,
Morros expected as much for
himself. He managed to stay in
the good graces of the revolu-
tionaries, but with Red and White
factions doing battle, he felt vulnerable.
In 1920 he and a singer named Catherine
Modina fled, with her two children, to Constantinople,
where Morros married Catherine and briefly found work
with a popular comedy revue. Two years later, he secured
passage for himself and his new family on a steamship for
America.
By 1925 Morros was assistant conductor at New York’s
Rivoli Theatre, operated by the Paramount organization. In
addition to composing and conducting for silent films, he
booked the live acts that performed between movies. Morros
soon took on the role of a traveling “fixer” for Paramount—
hiring and firing musicians, adjusting programs, and
conducting orchestras himself. More promotions followed.
Mr. Gill, a professor of American history and culture at the
University of Amsterdam, says that Morros’s spy work began
in 1934. The Russians thought Morros could be of great use
to them, providing their agents with cover jobs “in every
country and city” where Paramount had offices.
His first assignment for the Soviets was arranging to put
a Russian operative on the Paramount payroll in Berlin. Not
long after, Morros was named the head of Paramount’s music
division and moved to Hollywood, where his fervor to serve
Moscow cooled. Within a few years, spying had proved more
worrisome than it was worth.
In 1939, Morros left Paramount and launched his own
production company. Mr. Gill calls this move “a matter of
raw ambition” but also posits another, secret reason for it:
“If, as Boris suspected, the only reason the Soviet spy
apparatus was interested in him was his position at
Paramount, Boris was hoping that by starting his own
company, he would be freed from his Soviet puppet masters.”
Boris Morros left Russia during its civil war,
thrived in the golden age of American movie-
making, and spied for the Soviets and the U.S.
Producer Morros made two successful pictures in a row:
“The Flying Deuces,” a Foreign Legion comedy with Laurel
and Hardy, and “Second Chorus,” a tepid musical with Fred
Astaire, Paulette Goddard and Artie Shaw. The Soviets, busy
with internal purges, left Morros mostly alone from late 1938
to early 1940. Then, nudged by no less a figure than Lavrentiy
Beria, the head of Stalin’s secret police, they tracked him
down for a new assignment. In early 1941, Morros agreed to
procure American visas, via his company, for Soviet spies in
the Baltics. But when the FBI arrested Morros’s contact
(returned to Russia in a prisoner swap), Morros was once
more off the hook. Within a year, though, the Soviets were
back—prodded, this time, by Stalin himself.
Morros and the Soviets continued their dysfunctional
relationship, even as Moscow insisted that he was essential
to their world-wide intelligence network. “It’s impossible to
escape the conclusion,” writes Mr. Gill, “that whatever their
doubts, [Boris’s Soviet contingent] loved being close to a
Hollywood celebrity, even one who wasn’t quite trustworthy.”
Morros felt a chill as the Cold War began in earnest. In
the summer of 1947, he sensed that it was time to do what
he’d been considering for years: call the FBI. Agents at the
bureau’s Los Angeles office greeted him as an old friend:
“It’s not too late,” they reassured him. Morros now began
the second half of his espionage career—as an American
counterspy. For the next 10 years, he would have two
masters to please.
At last, in January 1957, the double agent was alerted that
his cover was blown, and he came out of the cold and into the
spotlight of international publicity. Morros drew on a lifetime
of anecdotes and showmanship to sell himself to the media
as the Free World’s latest Cold War hero. Much of the press
loved him, though they weren’t sure quite what to make of
him. Was he a “master counterspy” or an “amateur forced to
rise to the occasion”? Was he motivated by “patriotism” or
by “self-interest”?
No matter. The story played well. Morros was now a
bigger celebrity than ever. He wrote a bestselling memoir,
“My Ten Years as a Counterspy” (1959), and saw it made into
a movie called “Man on a String”—in which he was played
by a dashing Ernest Borgnine. Morros died in 1963, at the
age of 72.
Mr. Gill has done justice to this impossible-to-invent
character and in the process has brought to life the world of
ideologues and opportunists in which Morros made his
peculiar mark. “Boris was a pathological liar,” his second
wife claimed. “But people believed him, and I like to think
that he believed himself.”
Mr. Nolan reviews crime fiction for the Journal.
Coming in BOOKS this weekend
Gorbachev, Reagan, Thatcher and the end of the Cold War
• Defining American nationhood • The ‘Hardhat Riot’ of
May 1970 • The life of naturalist Joseph Banks • To rue
the path not taken • An antic Arabic masterpiece • & more
A16 | Friday, June 26, 2020 THE WALL STREET JOURNAL.

OPINION
REVIEW & OUTLOOK LETTERS TO THE EDITOR

The Trump Referendum Virtual Classroom Must Address Its Problems

P
resident Trump may soon need a new stand the binary choice. Perhaps. But in 2016 Your editorial “Failure in the Vir- social distancing. Rather than man-
nickname for “Sleepy Joe” Biden. How Mrs. Clinton was as unpopular as Mr. Trump, tual Classroom” (June 22) shines a dating this unproven one-size-fits-
light on the educational neglect of all hybrid model, schools should be
does President-elect sound? On present while Mr. Biden is not.
distance learning this spring. Based offering options. Families will want
trend that’s exactly what Mr. Mr. Biden hasn’t even had on my three kids’ remote-learning ex- to make choices for distance versus
Biden will be on Nov. 4, as Mr. He still has no second to campaign to take a large periences in “Keep Portland Weird” in-person education based on indi-
Trump heads for what could term message beyond lead. He rarely leaves his Dela- Oregon, I believe the root cause is vidual health-risk factors and
be an historic repudiation that ware basement, he dodges weird education policy. learning styles. How about liberty
would take the Republican his own grievances. most issues, and his only real The Oregon Department of Educa- in education?
Senate down with him. message is that he’s not Don- tion (ODE) blocked transfers to vir- MARY MILLER
Mr. Trump refuses to ac- ald Trump. He says he’s a tual public charters. ODE took a full Beaverton, Ore.
knowledge what every poll now says is true: His uniter, not a divider. He wants racial peace and month to initiate “Distance Learning
approval rating has fallen to the 40% or below moderate police reform. He favors protests but for All.” Many teachers simply posted All children in the U.S. are guaran-
that is George H.W. Bush and Jimmy Carter ter- opposes riots and violence. a list of assignments rather than teed by federal law a “free appropri-
teach, despite school-issued laptops ate public education.” Yet there is
ritory. They’re the last two Presidents to be de- Some Democrats are literally advising Mr. Bi-
and free Wi-Fi options for everyone nothing “appropriate” about online
nied a second term. This isn’t 2017 when Mr. den to barely campaign at all. Eliminate the risk in our school district. Student moti- learning for many children with spe-
Trump reached similar depths after failing to of a mental stumble that will raise doubts about vation plummeted since ODE man- cial needs. An “appropriate” educa-
repeal ObamaCare while blaming Mitch McCon- his declining capacity that was obvious in the dated pass/no-fail-incomplete grad- tion for these children comprises in-
nell and Paul Ryan. He regained support with primaries. Let Mr. Trump remind voters each ing. High-school seniors weren’t person instruction provided by
tax reform and a buoyant economy that really day why they don’t want four more years of tu- educated at all. My daughter was told specially trained teachers. There is
was lifting all incomes. mult and narcissism. “seniors who were passing as of no way to replicate this in an online
i i i Mr. Trump’s base of 35% or so will never March 13 aren’t required to continue setting.
Now the election is four months away, voters leave, but the swing voters who stood by him distance learning.” And districts Unfortunately, and despite the des-
know him very well, and Mr. Trump has re- for three and half years has fallen away in the forced teachers to stop working on perate needs of these children, not
verted to his worst form. His record fighting the last two months. This includes suburban Fridays, to take advantage of unem- one district in Pennsylvania is provid-
ployment benefits including $600 a ing in-person education this summer.
coronavirus is better than his critics claim after women, independents, and seniors who took a week from the Cares Act. Now special-needs children face the
a bad start in late February and March. He mo- risk on him in 2016 as an outsider who would Unfortunately, here in Oregon, dire prospect of nearly six months
bilized federal resources to help hard-hit states, shake things up. Now millions of Americans are weird Covid-era education policies with no education. And the pleas to
especially New York. close to deciding that four more years are more are almost certain to continue. Ad- help these most vulnerable children
But he wasted his chance to show leadership risk than they can stand. ministrators are signaling that the continue to fall on deaf ears. It is a
by turning his daily pandemic pressers into i i i 2020-21 school year will likely be a complete and utter outrage.
brawls with the bear-baiting press and any poli- As of now Mr. Trump has no second-term hybrid style of two days in person JAMES J. PEPPER
tician who didn’t praise him to the skies. Lately agenda, or even a message beyond four more and three days remote, to maintain Doylestown, Pa.
he has all but given up even talking about the years of himself. His recent events in Tulsa and
pandemic when he might offer realism and hope Arizona were dominated by personal griev-
about the road ahead even as the country re- ances. He resorted to his familiar themes from California’s Biodiesel Choice Is a Good One
opens. His default now is defensive self-con- 2016 like reducing immigration and denouncing Regarding your editorial “Wind, ciation Clean Air Choice. Reducing the
gratulation. the press, but he offered nothing for those who Fire and the Coronavirus” (June 15) pollutants from smog and dangerous
The country also wants firm but empathetic aren’t already persuaded. on California’s emergency measures cancer-causing particulate matter in
leadership after the death of George Floyd, but Mr. Trump’s advisers have an agenda that to protect communities in danger of fossil fuels has never been more im-
Mr. Trump offers combative tweets that in- would speak to opportunity for Americans of wildfire: The California Air Resources portant.
flame. Not long ago Mr. Trump tweeted that a all races—school choice for K-12, vocational ed- Board (CARB), which has completed Moreover, the federal Environmen-
75-year old man who was pushed by police in ucation as an alternative to college, expanded the most rigorous research on the tal Protection Agency says that do-
Buffalo might be an antifa activist. He offered health-care choice, building on the opportunity planet to determine the carbon inten- mestic biodiesel reduces carbon emis-
no evidence. zones in tax reform, and more. The one issue sity of American energy sources, sions up to 86% compared with
Americans don’t like racial enmity and they on which voters now give him an edge over Mr. found biodiesel has the lowest score petroleum.
of any liquid transportation fuel it California is making great strides
want their President to reduce it. Mr. Trump Biden is the economy. An agenda to revive the
tested. in rolling back decades of carbon pro-
has preached racial harmony on occasion, but economy after the pandemic, and restore the CARB data indicate that biodiesel liferation endangering our families,
he gives it all back with riffs that misjudge the gains for workers of his first three years, would provided over 41% of California’s total homes and livelihoods. I’m proud
national moment. His “law and order” message appeal to millions. reduction of 47.1 million metric tons biodiesel is playing an important role
might resonate if disorder and rioting continue Perhaps Mr. Trump lacks the self-awareness in climate-changing gases from fuel in reaching zero new-carbon emis-
through the summer, but only if Mr. Trump is and discipline to make this case. He may be so use, more than any other fuel, and it sions in Californians’ not too distant
also talking about racial reconciliation and op- thrown off by his falling polls that he simply has reduced emissions of toxic pollut- future.
portunity for all. can’t do it. If that’s true he should understand ants such as those that cause smog TYSON KEEVER
Mr. Trump has little time to recover. The that he is headed for a defeat that will reward and make it difficult for many Ameri- Chair
President’s advisers say that he trailed Hillary all of those who schemed against him in 2016. cans to breathe. That’s why biodiesel California Advanced Biofuels Alliance
is featured as an American Lung Asso- Sacramento, Calif.
Clinton by this much at this point in 2016, that Worse, he will have let down the 63 million
they haven’t had a chance to define Mr. Biden, Americans who sent him to the White House by
and that as the election nears voters will under- losing, of all people, to “Sleepy Joe.”
Fed Is Trying to Do Things Beyond Its Power
A Vote for Discrimination Regarding your editorial “Jay Powell Jay Powell is signaling to the Wall

W
Lets It Loose” (June 11): The Federal Street doves that interest rates near
e live in strange times, and strange In other words, if the problem is police sin- Reserve’s actions and plans to keep in- zero will continue at least through
indeed is that, while deploring rac- gling out African-American young men without terest rates extremely low for years 2022. The markets, disconnected from
ism, the Democratic Legislature in cause, how is the answer to sort people by race have compounded the difficulties many the economy, are getting their IV shot
California has voted to codify in other areas of life, sowing retirees will have in providing a decent of liquidity to keep asset prices levitat-
California’s Legislature resentment and pitting Amer- standard of living for themselves. ing. Mr. Powell claims that smooth-
racial discrimination in state
Guided by prudent concerns, many functioning markets, not price levels,
law. On Wednesday the state votes to bring back ican against American? have invested in CDs and other “safe” account for his dovish policies.
Senate voted for a constitu- Today the effort to keep ra- investments (e.g., short-term, high- Mr. Powell may be able to control li-
tional amendment, ACA 5, racial preferences. cial discrimination out of Cali- quality bonds). These options are now quidity, but what is beyond his reach is
that would reintroduce racial fornia is led by Asian-Ameri- more likely to provide disastrously low the building momentum of insolven-
preferences for who gets a cans. They realize that their reinvestment rates for some time. cies, partially attributable to Fed en-
state job or contract, or who is admitted to a children are likely to be the victims of disparate The possibility of inflation at a couragement of debt buildup with en-
state university. treatment if ACA 5 goes through, especially in higher rate than the yields provided by gineered low rates. The last four Fed
The state Assembly previously passed the college admissions. In 2014 the Legislature safe investments compounds the chairmen will share the historical
measure, which means the amendment will be dropped an effort to repeal Prop 209 because threats faced by many retirees. rogues gallery with Herbert Hoover.
on the November ballot. It would repeal Propo- of Asian-American opposition, but this time op- ROBERT MANKIN FRED EHRMAN
New York New York
sition 209, which voters approved in 1996 and ponents were crushed.
outlawed racial bias in state policy. The repeal Now it’s up to the voters. Last November
effort received a boost from the killing of voters in Washington state narrowly defeated
George Floyd, no matter the irony of voting for a similar amendment, though opponents were Mr. Bolton’s Most Recent Bold Public Service
discrimination by race in the name of eliminat- vastly outspent by those favoring racial prefer- Regarding your editorial “The Con- is more important than the honor of
ing discrimination by race. ences. California is a more liberal state and its fessions of John Bolton” (June 19) the president. In this case, Mr. Bolton
Ward Connerly, a former University of Cali- political class and nearly all media will support about honor in public service: You has done the honorable thing, though
fornia Regent who led the 1996 campaign for repeal. fail to address the obvious dilemma. perhaps for mixed motives. He chose
Prop 209, says this thinking has it backward. But judging individuals by the color of their To whom does a government official truth for the American people over
“I am delighted to hear a long list of Democrats skin is antithetical to equal justice under the have a higher level of moral and ethi- secrecy for a flawed president. He
cal responsibility—to an individual and other former members of the
say that the murder of George Floyd shd inspire law. Let’s hope Californians hold on to this
(even a president) or the nation? If president’s inner circle are finally do-
us to treat everyone ‘equally,’” he tweeted. American principle of equality that goes back half of Mr. Bolton’s allegations are ing the honorable thing—letting us
“They shd share this belief with members of the to the Declaration of Independence, the 14th true, he serves the public with honor know the truth about Donald Trump.
CA Legislature who are supporting ACA 5.” Amendment, and the civil-rights movement. by disclosing those actions before an- If only they had spoken earlier.
other election. THE REV. TOM EICHENBERGER
Consider an incompetent physi- Milwaukee
The Filibuster Is Going, Going . . . cian performing a life-threatening

A
operation or an incompetent attor-
s progressive radicalism sweeps Amer- beth Warren called for getting rid of the filibuster ney representing a client in a death- Hooray for Hillsdale College
ica’s streets and civil-society institu- while more moderate candidates like Sen. Cory penalty case. Should their colleagues
Apparently, Hillsdale College (Hills-
tions, one question is whether its agenda Booker resisted. Mr. Coons’s apparent change of stay silent or sit and watch a tragedy
dale’s Statement, Notable & Quotable,
unfold?
can be translated into law. One heart suggests the progressives June 22) is being tarred and feath-
RICHARD J. COHEN
obstacle is the Senate filibus- A Biden ally signals will have little problem winning Margate, N.J.
ered for the present-day fashionable
ter, which constrains partisan sin of omission: insufficient virtue
majorities by requiring 60
Democrats will break out once they are trying to pass
legislation they deem “urgent” signaling.
Your editorial seems a perversion
votes for most legislation. But the 60-vote rule. on a party-line vote. Notably, LAWRENCE G. KARCH
of values—that honor to a president
Gainesville, Va.
if Democrats take control of Mr. Coons is one of Joe Biden’s
the Senate in 2020, expect the main Senate confidants.
rule to be torched as soon as it impedes the Dem- Perhaps the filibuster’s days have been num- Be Very Wary of China’s
ocratic agenda. bered since then Senate Majority Leader Harry Aspirational Cartography Pepper ...
The latest indication comes from Delaware Reid axed it for lower-court judges on a party- And Salt
Senator Chris Coons, a moderate Democrat with line vote in 2013. But the result of a unified Regarding “Tensions Grew Before
Grisly Fight” (World News, June 18): THE WALL STREET JOURNAL
a reputation as an institutionalist who in 2017 Democratic government unconstrained by the
More than 20 years ago I read a book
along with Maine Republican Susan Collins led legislative filibuster could be a dramatic redis- by a Dutch geographer who presaged
an open letter in support of the filibuster. “We tribution of political power that most Ameri- many current conflicts. Especially
are mindful of the unique role the Senate plays cans don’t suspect. memorable was his firm belief of a
in the legislative process,” they wrote in a letter Congress could pass statehood for Washing- China-India conflict based on the ex-
signed by 61 Senators. ton, D.C., and Puerto Rico, tilting the Senate fur- isting Chinese maps, which showed
But that was when Republicans controlled the ther left. A simple Senate majority could also Chinese boundaries including India’s
Senate. Now Mr. Coons tells Politico, “I will not change the composition of the federal judiciary, territory. The moral? Be alert for Chi-
stand idly by for four years and watch the Biden including the Supreme Court. The mere threat nese aspirational cartography.
administration’s initiatives blocked at every of this may already be causing Chief Justice John M.H. DEAL
Akron, Ohio
turn.” He added: “I am gonna try really hard to Roberts to move left.
find a path forward that doesn’t require remov- President Trump has been falling in the polls,
Letters intended for publication
ing what’s left of the structural guardrails, but and on present trend he’ll take the GOP Senate should be emailed to wsj.ltrs@wsj.com.
if there’s a Biden administration, it will be inher- down to defeat too. The stakes for the upper Please include your city, state and
iting a mess, at home and abroad. It requires ur- chamber are far greater than in a typical elec- telephone number. All letters are sub-
gent and effective action.” tion, and Republicans will have to start making ject to editing, and unpublished letters
cannot be acknowledged.
In the Democratic presidential primary, Eliza- that case to the voters. “It’s a Texas bonsai.”
THE WALL STREET JOURNAL.
By Allen C. Guelzo
W
hen Lamar Alexander
ran for governor of
Tennessee in 1978, his
wife confronted him
with a question:
“Why?” Although there are 55 gover-
nors in the U.S. (one for each state
and the five populated territories),
they tend, as Mr. Alexander discov-
ered, to be visible only as glorified
greeters for visiting delegations, as
lobbyists in Washington, or “leaping
out of helicopters and pulling the
cords on those loud guns at the Na-
tional Guard camps.”
Pennsylvania’s governor is
among many who have used
nearly unchecked power to
enforce maximal lockdowns.
That is, until the coronavirus.
On March 13, President Trump de-
clared the Covid-19 outbreak a na-
tional emergency under the terms of
the 1976 National Emergencies Act.
But when he claimed “total author-
ity” to determine when emergency
measures could be ramped down, he
encountered fierce blowback from
governors, who insisted Washington
doesn’t have absolute power over
the states.
The day of the governors had ar-
rived. In Michigan, Gov. Gretchen
Whitmer imposed a blanket stay-at-
home order on March 23, banning
gatherings among people who are
“not part of a single household” and
insisting that residents leave their
homes only for tasks the governor
China Hopes ‘Narendra’ Rhymes With ‘Surrender’
What are the costs
of kowtowing to
China? India faces
this question afresh
after clashes on its
disputed Himalayan
boundary last week
EAST IS
took the lives of 20
EAST
Indian soldiers and
By Sadanand
an unspecified num-
Dhume
ber of Chinese
troops. The skir-
mishes—the bloodiest fighting be-
tween India and China in more than
50 years—have ratcheted up ten-
sions between two of the world’s
largest militaries.
The bloodshed followed six weeks
of confrontation that began in early
May, when the Indian media re-
ported multiple incursions across
the boundary by the People’s Libera-
tion Army, backed by a large rear-
ward military buildup in China.
Should India fail to push the PLA
back, “it would be an example of
very successful public intimidation
by China that opens the door to fur-
ther blackmail down the line,” says
Ashley J. Tellis, an expert on Asian
security at the Carnegie Endowment
for International Peace. “That would
take the wind out of India’s diplo-
matic sails, and put paid to a long-
A Twitter Mob Takes Down an Administrator at Michigan State
By Jillian Kay Melchior
‘W
e are scientists, seeking
truth,” Michigan State
University physicist Ste-
phen Hsu wrote in a 2018 blog
post. “We are not slaves to ideo-
logical conformity.” That might
have been too optimistic. Last
week MSU’s president, Samuel L.
Stanley Jr., yielded to a pressure
campaign, based in part on that
post, and asked Mr. Hsu to resign
as senior vice president for re-
search and innovation.
The trouble began June 10, when
MSU’s Graduate Employees Union
composed a lengthy Twitter thread
denouncing Mr. Hsu as, among
other things, “a vocal scientific rac-
ist and eugenicist.” The union
claimed Mr. Hsu believes “in innate
biological differences between hu-
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A Wolf in Emergency Clothing
deemed essential, such as grocery
shopping. In Delaware, Gov. John
Carney issued an executive decree
banning all “nonessential mass gath-
erings,” imposing pre-emptive re-
strictions on “price gouging,” and
reserving to himself “the right to
take or direct state or local authori-
ties to take, without issuance of fur-
ther written order, any other neces-
sary actions.” (He has since issued at
least 29 executive orders that cite
“the authority vested in me as Gov-
ernor of the State of Delaware.”) On
March 27, Rhode Island Gov. Gina
Raimondo instructed police and Na-
tional Guard personnel to ferret out
refugees from New York with door-
to-door checks.
In the first pass of pandemic fear
over American communities, resi-
dents locked their doors, shunned
their neighbors, and closed their
businesses, as though a medieval
plague were soon to march through
their streets. Mercifully, our most
harrowing fears didn’t play out. As
people began to lift up their heads,
they also started wondering who, in
a republic that is supposed to func-
tion by the consent of the governed,
granted to the governors powers so
all-encompassing, and whether
these powers will become a “new
normal” whenever an emergency
can be invoked.
The genius of the American politi-
cal system is rooted in the Constitu-
tion’s limitations on power. Pennsyl-
vania is the place where that
document was written, which makes
the pandemic response of Pennsylva-
nia’s Gov. Tom Wolf all the more
grinding.
Three days after Mr. Trump’s
emergency declaration, Mr. Wolf or-
dered the closure of all schools and
standing Indian aspiration to be
treated as a Chinese peer in Asia.” It
would also signal to smaller Asian
countries that “resistance is futile,”
Mr. Tellis says.
The two sides differ on what
caused the violence on the night of
June 15 in the Galwan Valley. Ac-
cording to reporters briefed by In-
dian military officers, PLA troops,
armed with nail-studded iron rods
and baseball bats wrapped in barbed
wire, attacked Indian soldiers who
were verifying that the Chinese had
honored an agreement to pull back
from a recently occupied position. In
China’s version, India provoked the
brawl by crossing the informal bor-
der, known as the Line of Actual
Control. Satellite images suggest
that China is reinforcing its posi-
tions in the area rather than pulling
back.
One thing is not in dispute: Bilat-
eral ties are at their worst since
1976, when New Delhi and Beijing re-
established full diplomatic relations
after a 15-year hiatus. That break
came after a border war in 1962 in
which China defeated India.
Was last week’s fighting a deliber-
ate escalation by China or a miscal-
culation? Experts are divided. In an
email interview, Elizabeth Economy
man populations, especially regard-
ing intelligence.”
Mr. Hsu says these accusations
“were made in bad faith.” Take that
2018 blog post, which responded to
New York Times articles that, in his
words, linked “genetic science to
racism and white supremacy.” In it,
he wrote: “All good people abhor
racism. I believe that each person
should be treated as an individual,
independent of ancestry or ethnic
background. . . . However, this ethi-
cal position is not predicated on
the absence of average differences
between groups. I believe that ba-
sic human rights and human dig-
nity derive from our shared human-
ity, not from uniformity in ability
or genetic makeup.” Mr. Hsu
doesn’t work in this field but re-
jects the idea that scientists should
categorically exclude the possibility
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OPINION
Gov. Tom Wolf at a coronavirus press conference in Harrisburg, Pa., May 29.
public parks. Three days after that,
he issued a complicated and draco-
nian order that closed all “non-life-
sustaining businesses” and threat-
ened “enforcement actions” for
those that stayed open. At the begin-
ning of April, Mr. Wolf handed down
yet more orders, mandating that res-
idents stay home and wear masks
while outside.
These orders caused Pennsylva-
nia’s economic output to decline
more than twice as much as it did
during the 2007-09 recession, and
with more than twice the job losses.
In this year’s second quarter, more
than a million jobs disappeared, with
the heaviest losses falling on small
retail business. Even health care
shrank, as dentists and general prac-
titioners were forced to close or cur-
tail operations.
Many of Gov. Wolf’s actions have
of the Council on Foreign Relations
says, “Beijing is not spoiling for a
fight with India.” China is facing dip-
lomatic pressure from the U.S. and
other major powers, and there are
mounting worries in Beijing about “a
closer alignment between India and
other quad members, and, in partic-
ular, the United States.” The Quad is
an informal grouping of four democ-
racies—America, Japan, Australia
and India—that Beijing views as a
thinly veiled effort to curb its power.
A deadly border clash has
heightened tensions and
raised the stakes for
India’s prime minister.
China’s assertiveness also risks
alienating India’s 1.3 billion people
and harming Chinese prospects in a
potentially large market. Bilateral
goods trade stood at $85.7 billion in
2018, about four-fifths of it Chinese
exports to India. The Brookings In-
stitution estimates current and
planned Chinese investment in India
at $26 billion.
A wider conflict would also im-
of average genetic differences
among groups.
In a 2011 post, Mr. Hsu argued
that standardized tests are predic-
tive of the quality of graduate-
school candidates. The post men-
tioned nothing about race, but the
union imputed to him a belief “that
lack of Black & Hispanic represen-
tation in higher ed reflects lower
ability, despite evidence these tests
negatively impact diversity.”
The union also faulted him for
having “directed funding to re-
search downplaying racism in bias
in police shootings.” The MSU pro-
fessor who conducted that work,
psychologist Joe Cesario, tells me
that “we had no idea what the data
was going to be, what the outcome
was going to be, before we did this
study.” Mr. Cesario has collected
evidence from a simulator and from
Notable & Quotable
From Henry Bienen’s letter of res-
ignation as president of the Poetry
Foundation, June 9:
I have lost respect for the staff who
did not defend themselves or the
Foundation from attacks they knew to
be false. . . . Perhaps some of these at-
tacks could have been headed off if I
personally had allowed it to be said
the Poetry Foundation was racist,
complicit, or whatever else some peo-
ple wanted. To do that would have
dishonored you, the Board, me as
President, and the Foundation and its
work. I will not personally dishonor
myself, or the Board, or the Institu-
tion by so doing. At the end of the day
I must look at myself in the mirror,
and at my wife and children and
grandchildren, and at all of my friends
across all groups and identifications.
Friday, June 26, 2020 | A17
they need to have a voice, and so the
governor is always supportive of
that and is participating.” But on
June 17 the state Health Department
sued to close down an open-air car
show in Carlisle because of the
“strong potential for the spread of
JOE HERMITT/THE PATRIOT-NEWS VIA ASSOCIATED PRESS
infection.”
Many state legislators were not
amused. Republicans in both houses
proposed amending the state consti-
tution to prevent further emergency
declarations longer than 30 days
without legislative approval. A simi-
lar restriction is part of a new bill in
the Delaware Legislature. “For
months, the legislative branch was
completely out of business,” while
Gov. Carney arrogated the full powers
of governance, said Delaware state
Rep. Richard G. Collins. In at least
seven states (including Kentucky,
Michigan, New York and North Caro-
lina), lawsuits have successfully chal-
seemed arbitrary and capricious. He lenged governors’ restrictions.
didn’t hesitate to issue 6,124 “exemp- More than a century and a half
tions” to selected firms in Pennsyl- ago, the U.S. Supreme Court ruled
vania, from Alexander’s Well Drilling that even in the midst of civil war,
in Adams County to the White Horse governments had no business over-
Diner in York County. (One such riding constitutional guarantees in
waiver was for Mr. Wolf’s former the name of public safety. “The Con-
business, a kitchen and bath supply stitution of the United States is a
company, but it was revoked when a law for rulers and people, equally in
story on the exemption appeared in war and in peace, and covers with
the Philadelphia Inquirer.) the shield of its protection all
When protesters gathered at the classes of men, at all times, and un-
Capitol in Harrisburg on April 20 der all circumstances,” wrote Justice
and May 15 to demand a relaxation David Davis in Ex parte Milligan
of the shutdown, Mr. Wolf said that (1866). The day of the governors has
mass gatherings would risk spread- come, but it may not last long, as
ing the virus by gathering. That Americans reassert the limits of the
didn’t stop him from joining an even Constitution.
larger Black Lives Matter protest on
June 3. His health secretary, Rachel Mr. Guelzo is a senior research
Levine, explained that there are “ob- scholar at Princeton University and
viously significant social issues that a visiting fellow at the Heritage
are present, that people feel that Foundation.
peril India’s participation in Beijing’s seems clear—to advance its position
project to build non-Western institu- roughly to the occupation line by the
tions. This includes the annual Brics end of the 1962 war.”
(Brazil, Russia, India, China, South If Beijing indeed aims to humili-
Africa) summit, the Asian Infrastruc- ate India and capture territory that
ture Investment Bank and the China has long claimed, its timing
Shanghai Cooperation Organization. could not be better. At the moment,
A sign that this point has not yet India is struggling to contain
been reached: On Tuesday Indian Covid-19. It has reported more than
Foreign Minister S. Jaishankar par- 491,000 cases, the fourth highest
ticipated in a (virtual) trilateral total, behind the U.S., Brazil and
meeting with his Chinese and Rus- Russia.
sian counterparts. The pandemic has also dealt In-
But not everyone thinks that Bei- dia’s slowing economy a severe blow.
jing is unwilling to risk rupturing its Goldman Sachs expects Indian gross
relationship with New Delhi. “China domestic product to shrink 5% in the
views India not as a peer, but as a current fiscal year. Earlier this
subordinate state trying to punch month, Moody’s downgraded India’s
above its weight,” says Mr. Tellis. credit rating to the lowest invest-
“From a Chinese perspective, it ment-grade level, a notch above
makes sense to teach India a lesson, “junk” status. With the U.S. in a con-
cut it down to size, and show that tentious election, China may feel fur-
there’s a hierarchy in Asia with ther emboldened.
China at its apex.” For Prime Minister Narendra
In a recent essay in the War on Modi, this is a moment of truth. Six
the Rocks blog, Yun Sun, director of years ago, he rose to power in part
the China Program at Washington’s by promising to make India strong.
Stimson Center, points out that for He cannot afford to be seen as a
Beijing “standing up for its interests pushover either at home or abroad.
and territorial claims is worth the (The opposition is already rhyming
cost.” And “if a strategic friendship Mr. Modi’s first name with “Surren-
with India is untenable, it frees up der.”) In a rapidly changing Asia, the
room for tactical gains. In the near costs of kowtowing to China are sim-
term, China’s tactical objective ply too high.
real-world interactions between po- zations at the university.” She also
lice and citizens. He concluded that sent me the university’s statement
“the nature of the interaction really on the controversy: “MSU stands
matters the most, and officers were behind the academic freedom of all
not more likely to be ready to our faculty to research any topic
shoot upon encountering a black and those rights and privileges
versus white citizen.” continue to extend to Dr. Hsu.” The
statement noted that Mr. Hsu is
still a tenured member of the
The Graduate Employees faculty.
Kevin Bird, president of the
Union denounced Stephen Graduate Employees Union, denies
Hsu, and the president that the successful campaign to
oust Mr. Hsu from the administra-
demanded his resignation. tion will have a chilling effect on
free speech and inquiry. Mr. Bird
said that he hadn’t called for Mr.
A June 3 op-ed in these pages Hsu to lose tenure, and “if there’s
cited Mr. Cesario’s work, and the a campaign for that, I won’t be a
MSU communications team high- part of it.” But senior vice presi-
lighted the mention in the June 9 dent is “this really powerful ad-
edition of their email newsletter, ministrative role,” and “the way his
InsideMSU. The next day, the Grad- beliefs were expressed made it
uate Employees Union denounced seem like he had no concern for in-
Mr. Hsu. By June 11, editors of the creasing diversity.” So Mr. Hsu had
newsletter had apologized “for in-
cluding the item and for the harm
to go. “I don’t personally believe
that kind of enforcing a higher
it caused.” Hundreds of MSU stu- conduct to administrators will nec-
dents and employees signed peti- essarily chill faculty,” Mr. Bird
tions calling for Mr. Hsu to be fired says.
from the administration. Mr. Cesario disagrees. It’s “bad
Mr. Hsu says he felt compelled or worse that they are doing this to
to step down because he served at an administrator,” he says. “If any-
the pleasure of the president. But body should be allowed to explore
he thinks Mr. Stanley handled the all topics, speak on all topics, and
matter badly. “The first action of go where the data leads them, it’s
the university should be to investi- administrators.” He expects the ac-
gate, find the truth, and defend the tivists who won Mr. Hsu’s dismissal
person if the claims are false.” Mr. won’t stop “pushing for a narrow-
Hsu says MSU undertook no such ing of what kinds of topics people
investigation. can talk about, or what kinds of
MSU spokeswoman Emily Guer- conclusions people can come to.”
rant said: “President Stanley dis- The number of administrators will-
cussed the allegations directly with ing to defend scientific inquiry, Mr.
Mr. Hsu, and Mr. Hsu’s responses Cesario adds, is “now down by
to those complaints as expressed one.”
through his blog. The president
also discussed the allegations with Ms. Melchior is an editorial page
other relevant people and organi- writer for the Journal.
A18 | Friday, June 26, 2020 THE WALL STREET JOURNAL.

SCIENCE WILL BRING US

BACK TO NORMAL.

See the progress at PhRMA.org/coronavirus


BUSINESS & FINANCE
© 2020 Dow Jones & Company. All Rights Reserved.
S&P 3083.76 À 1.10%
Wirecard Moves Into Insolvency
Fintech firm’s stock
crashes 70% as
auditor sees signs of
‘sophisticated fraud’
BY PATRICIA KOWSMANN
Battered German fintech
company Wirecard AG has
filed for insolvency proceed-
ings, days after revealing that
more than $2 billion in cash
missing from its balance sheet
probably didn’t exist.
The move is the latest in a
startlingly swift unwind for a
Sugar Is Set for Record Quarter but Lockdowns Threaten Rally
LU BOAN/XINHUA/GETTY IMAGES
SHORT AND SWEET? Sugar prices are poised for their best quarter in four years, driven by a
recovery in oil markets and supply disruptions. But some say the run may not last. B11.
Facebook Presses to Contain Ad Boycott
BY SUZANNE VRANICA
Facebook Inc. is working to
persuade its top advertisers not
to pause spending on the social
network, as it tries to keep a
boycott from a handful of mar-
keters from turning into a
widespread revolt.
Facebook executives in
emails and calls with advertis-
ers and ad agencies over the
Albertsons Prices IPO
Below Expectations
BY CORRIE DRIEBUSCH
AND ALEXANDER OSIPOVICH
Albertsons Cos. priced its
initial public offering below ex-
pectations and its existing
shareholders sold fewer shares
than planned, marking a stum-
ble for the IPO market after it
had been revived by a string of
strong offerings.
Albertsons’ IPO priced at
$16 a share, according to peo-
ple familiar with the matter,
and raised $800 million
through the sale of 50 million
shares.
It had planned for existing
shareholders to sell 65.8 mil-
lion shares at $18 to $20 a
share, according to a regula-
tory filing.
So far this month, compa-
nies have raised nearly $12 bil-
lion in the U.S. IPO market, and
many noteworthy companies
have priced their deals above
expectations following strong
investor demand.
But Albertsons struggled to
garner the same level of sup-
port from potential investors,
and a recent slowdown in the
stock market could weigh on
an IPO market that has only re-
cently regained its footing.
The disappointing pricing
TECHNOLOGY: GOOGLE STRIKES DEALS TO PAY FOR SOME NEWS CONTENT B4
S&P FIN À 2.71% S&P IT À 1.30%
* * * **
company that until recently
was a shining star in Europe’s
tech scene. Wirecard is the
first insolvent company in the
DAX 30, Germany’s premier
stock-market index.
Shares in Wirecard crashed
70% after the announcement
Thursday, meaning the com-
pany’s market value has all
but evaporated to less than
€500 million from almost €13
billion ($14.5 billion) a week
ago. The collapse began on
June 18, when Wirecard said
its auditors couldn’t confirm
the existence of €1.9 billion
meant to be held in trust ac-
past week have conveyed that
they are taking seriously the
concerns of civil-rights groups
about the proliferation of hate
speech and misinformation on
its platform. But they are also
maintaining that business in-
terests won’t dictate their poli-
cies, according to people famil-
iar with the discussions.
“We do not make policy
changes tied to revenue pres-
sets up another test for the
IPO market: How shares of
Albertsons trade when they de-
but on the New York Stock Ex-
change on Friday.
Since the start of April,
shares of newly listed compa-
nies in the U.S. have risen an
average 25% on their first day
of trading, Dealogic data show.
Overall in 2020, newly listed
companies are rising 20% on
average in their first day of
trading, the biggest annual
pop since the height of the
tech boom in 2000, when U.S.-
listed IPOs were jumping an
average 70% in their first day
of trading.
The NYSE is looking to show
it is back in business as it
hosts its highest-profile IPO
since its famed trading floor
reopened. The floor had been
closed for two months due to
the coronavirus pandemic.
Albertsons, based in Idaho,
is the nation’s second-biggest
grocer after Kroger Co. by
number of stores. Its path to
an IPO has been long; the gro-
cer attempted to list shares in
2015 but ultimately pulled its
offering.
The company won’t receive
proceeds from the IPO because
Please turn to page B11
THE WALL STREET JOURNAL.
DJ TRANS À 1.14% WSJ $ IDX À 0.06%
counts. The company later
said the money probably
didn’t exist.
For years, Wirecard’s shares
skyrocketed under the leader-
ship of former Chief Executive
Markus Braun, who touted the
company as a moneymaking
machine whose payments-pro-
cessing business would be es-
sential for global commerce.
While the shares rose, inves-
tors who bet against Wire-
card’s stock and the media re-
peatedly raised red flags about
the company’s finances. Ger-
man authorities did little to
check on the accusations.
sure,” Carolyn Everson, vice
president of Global Business
Group at Facebook, said in an
email to advertisers last week-
end that was reviewed by The
Wall Street Journal. “We set
our policies based on principles
rather than business interests.”
Facebook executives are also
vowing to invest more to tackle
hate on the platform including
continuing the development of
INSIDE
PERSONAL
TECHNOLOGY
The Apple devices you
should and
should not buy. B4
AUTOS
Ford’s New F-150
pickup truck aims to
double as a rolling
office. B3
LIBOR 3M 0.306
Days after resigning as CEO,
Mr. Braun was arrested, with
Munich city prosecutors ac-
cusing him of “inflating Wire-
card AG’s sales volume with
fake income.” Prosecutors said
he was also under suspicion of
making the company look
more attractive to investors
and customers than it actually
was, and possibly cooperating
with other perpetrators. He
was released Tuesday on €5
million bail.
Mr. Braun has consistently
denied any wrongdoing at the
company, attacking allegations
about its accounting practices
Change this year in sugar-futures
prices and the Brazilian real’s
strength against the dollar
10%
0 part of local mandates that re-
–10
–20
12-year low
–30
Jan. Feb. March
Annual sugar output by major producers*
40 million metric tons
20
Brazil India
0 temporarily closed have been
2016 ’21 ’16
Sources: Tullett Prebon (currencies); FactSet (futures); U.S. Department of Agriculture (production)
artificial-intelligence technol-
ogy that can detect hate
speech, according to the email.
Several advertisers such as
ice-cream maker Ben & Jerry’s,
Patagonia Inc., VF Corp.’s North
Face, Eddie Bauer and Recre-
ational Equipment Inc. (REI)
have said they would halt ad-
vertising on the platform. Their
decisions came after a call from
civil-rights groups including
Nike’s Overall Sales Decline
Despite Online-Orders Leap
BY KHADEEJA SAFDAR
AND KIMBERLY CHIN
Nike Inc. said sales fell 38%
in the latest quarter as mass
closures of physical stores be-
cause of the coronavirus pan-
demic overshadowed surging
demand online.
Chief Executive John Dona-
hoe said Nike has reopened
most of its stores globally and
benefited from its digital apps
and online sales, which grew by
75% and cushioned the overall
decline. But he acknowledged
the impact of the virus on the
business and the company said
it wouldn’t provide an outlook
because of continuing uncer-
tainty.
The rapidly spreading coro-
navirus prompted Nike and
dozens of other retailers to
close their stores, governments
to limit travel and many shop-
pers to stay home.
Nike continued to pay its
workers during the closures
and doubled down on digital
sales while consumers were
confined to their homes.
Though states are gradually
easing lockdown measures,
there have been flare-ups of
new cases that have inter-
NIKKEI (Midday) 22474.65 À 0.97% See more at WSJ.com/Markets
as false and misleading.
Wirecard’s longtime audi-
tor, Ernst & Young GMBH,
said Thursday that it was
given false statements related
to the trust accounts while it
was completing its 2019 audit,
adding “there are clear indica-
tions that this was an elabo-
rate and sophisticated fraud,
involving multiple parties
around the world in different
institutions, with a deliberate
aim of deception.”
At the center of the scandal
is a trio of third-party partner
companies that have for years
Please turn to page B10
No. 11 sugar futures prices,
quarterly change
30% Best since
June 2016
Feb. 21
15.1% 0 pany said on Thursday.
–30
2015
Sugar
–9.8%
Real
–24.8%
April May June
*Data are for market years that
begin in the previous year and end in
the year labeled; 2021 is a forecast.
EU Thailand China
’21 ’16 ’21 ’16 ’21 ’16
the Anti-Defamation League
and NAACP last week to pull ad
spending from Facebook for the
month of July.
The pullback extended to
large advertisers Thursday, with
telecommunications giant Veri-
zon Communications Inc. say-
ing it was pausing its Facebook
and Instagram advertising.
In a letter to advertisers
Please turn to page B5
About 65% of the company’s stores are open in the Asia, Pacific and
Latin America regions. A store in Guangzhou, China.
rupted reopening plans in parts
of the country.
Nike said roughly 85% of its
stores were open in North
America. Roughly 90% of stores
were open in its Europe, Middle
East and Asia segment and
about 65% of stores were open
in the Asia, Pacific and Latin
America regions.
Mr. Donahoe said the com-
pany will continue to focus on
Friday, June 26, 2020 | B1
Macy’s to
Cut 3%
Of Total
Positions
BY SUZANNE KAPNER
Macy’s Inc. is laying off
roughly 3,900 corporate staff-
ers as the retailer, like other
businesses, confronts a slow re-
covery from a coronavirus-in-
duced economic crisis that
wiped out its profits in the
most recent quarter.
The job cuts, representing
about 3% of its total workforce,
excluding seasonal employees,
follow about 2,000 corporate
layoffs in February. Macy’s has
further reduced staffing across
its stores, supply chain and
customer support departments,
but may reinstate some posi-
tions as sales recover, the com-
Macy’s stores were closed
from March 18 through May 4,
’20
quired people to shelter at
home, and they are gradually
reopening across the country.
“While the reopening of our
stores is going well, we do an-
ticipate a gradual recovery of
business and we are taking ac-
tion to align our cost base with
our anticipated lower sales,”
Macy’s Chief Executive Jeff
Gennette said.
Companies across the econ-
omy have been paring jobs as
they respond to an economic
downturn that has already
sapped demand and profits.
General Electric Co., Boeing Co.,
Uber Technologies Inc. and
Airbnb Inc. said they were cut-
ting thousands of jobs. United
Airlines Holdings Inc. and
American Airlines Group Inc.
have announced plans to shrink
their management ranks by
30% in the fall.
Retailers whose stores were
’21
particularly hard hit. Depart-
ment-store chains Neiman Mar-
cus Group and J.C. Penney Co.
have filed for bankruptcy pro-
tection. Penney has set plans to
close 150 stores. This week, vi-
tamin retailer GNC Holdings
Inc. filed for bankruptcy pro-
tection with plans to close hun-
dreds of stores.
Other retailers are reducing
head count as they adjust to a
new normal, in which sales are
recovering slowly and stores
face the prospect of temporar-
ily closing again as virus counts
spike in certain states.
Apple Inc. has closed some
of its stores that had reopened
in Houston and other places
where Covid-19 cases have
jumped.
Please turn to page B2
ALEX PLAVEVSKI/EPA/SHUTTERSTOCK
expanding its digital business
and plans to open between 150
and 200 small-format stores
with merchandise that reflects
the preferences of customers in
the local area.
Even with the boost from
online, sales in the latest quar-
ter fell to $6.31 billion from the
year-earlier quarter. Shares of
Nike fell nearly 4% in after-
hours trading.
B2 | Friday, June 26, 2020
INDEX TO BUSINESSES
These indexes cite notable references to most parent companies and businesspeople
in today’s edition. Articles on regional page inserts aren’t cited in these indexes.
A
Airbus..........................A2
Alinea Group...............B3
Ally Financial............B11
Alphabet......................B4
Amazon.....................B12
Amazon.com ............... B3
American Airlines.....B11
Anthem.......................A5
Associated British
Foods.......................B12
AT&T............................B2
B Telefon AB L.M.
BlackRock..................B11
Boeing.........................A2
Burgeon Outdoor......A11
C U
Cardholder Management
Services...................B11
Cerberus Capital
Management...........B11
Credit Suisse Group . B10
D Verizon Communications
Darden Restaurants ... B3
E
Ernst & Young.............B1
F MGM Resorts
Facebook......................B1
Fidelity Investments..B5
Ford Motor..................B3
G Nimble-Made.com .... A11
General Motors...........B3
INDEX TO PEOPLE
B G
Bender, Brad ............... B4
Bonham-Carter, Edward
...................................B10
Brady, Jason..............B11
Brauer, Karl.................B3
C S
Chubak, Steven.........B12
D Milstein, Larry..........B11
Donahoe, John............B1
E O
Everson, Carolyn.........B1
Macy’s to
Cut 3% of
Positions
Continued from page B1
Coach parent Tapestry Inc.
made “significant reductions”
in its global head count in May
and June, according to a
spokeswoman. That followed
the elimination of roughly
2,100 jobs in its North Ameri-
can retail workforce in April.
Macy’s was struggling be-
fore the pandemic forced non-
essential retailers to temporar-
ily shut their stores.
In early February, the com-
pany said it planned to close a
fifth of its stores over the next
three years. As of Feb. 1, the
company employed 123,000 full
and part time staffers, down
from 166,900 five years ago.
Macy’s expects the layoffs to
generate savings of approxi-
mately $365 million in the cur-
rent fiscal year, and roughly
$630 million annually going
forward.
Disney Ride Veers From ‘Song of South’ Theme
BY ERICH SCHWARTZEL
Walt Disney Co. said it is
redesigning its famed Splash
Mountain rides—inspired by a
racist movie from the 1940s—
to be based on “The Princess
and the Frog,” a newer film
featuring the company’s lone
black princess character.
The log flume ride, featured
at both Walt Disney World and
Disneyland, is to trade the
themes of its original inspira-
tion, “Song of the South,” for
a new story line featuring
Princess Tiana, a New Orleans
waitress who aspires to be-
come a restaurateur in the
2009 animated film.
Splash Mountain is among
the best known theme-park
rides in the world, beginning
as a drift through a world
where frogs and other animals
croon “Zip-a-Dee-Doo-Dah”
before a five-story drop
douses riders with gallons of
water.
Disney said the changes
have been in the works for
more than a year, but the ride
and its original theme have
come under fire in recent
weeks as Black Lives Matter
protests have evolved to in-
clude referendums on how en-
tertainment companies treat
offerings new and old viewed
as anachronistic or racist.
The company is hardly
alone in seeing library titles
and current shows called into
question. HBO Max, the
streaming service run by
* *** THE WALL STREET JOURNAL.
BUSINESS & FINANCE
GNC..............................B1
Golden Nugget..........B11
P
Panda Express............A2
Unilever, Addressing Criticism,
Goldman Sachs Group
........................... B11,B12
Greensill Capital.......B10
GrubHub......................B3
Primark......................B12
Procter & Gamble.......B5
R
Rivian Automotive ..... B3
To Rename Skin-Lightener Cream
H S BY SAABIRA CHAUDHURI The company said that, de- haul brands is increasingly with several online petitions
HBO.............................B2 SoftBank Group........B10 spite the name, Fair & spilling outside the U.S. calling for Unilever to scrap
Hilton Worldwide State Street Global LONDON—Unilever PLC Lovely—Unilever’s largest per- Fair & Lovely generates an- the product gaining thousands
Holdings..................B11 said it would change the name sonal-care brand in India—has nual sales of more than $560 of backers. The company has
Advisors..................B11
Huawei........................A1
T
of controversial skin-lighten- never been a skin-bleaching million, largely in countries also faced criticism from its
I ing cream Fair & Lovely, one product. It said the brand uses such as India, Bangladesh and own employees in recent
of its top-selling personal-care sunscreen, vitamin B3 and Pakistan. It is also sold in Af- town-hall meetings, according
Inditex.......................B12 Ericsson .................... A1
brands, amid mounting criti- glycerin and is designed to im- rica and the Middle East and to a person familiar with the
Instacart......................B3 Tesla............................B3
cism that it suggests light skin prove firmness, smooth tex- is available in specialty stores matter.
Intercontinental T. Rowe Price Group...B5 is more attractive than dark. ture and improve the skin’s in the U.S. and Europe. Uni- Mr. Jain on Thursday indi-
Exchange.................B11 Turner Classic Movies B2 The owner of Dove soap, barrier properties. lever is a big advertiser in cated Unilever would overhaul
J Axe deodorant and Hellmann’s Unilever’s climbdown is the many of these regions and its its advertising around the
mayonnaise on Thursday said latest by consumer-goods brand, saying it would “fea-
JPMorgan Chase.......B11 Unilever.......................B2
it would drop the word “fair” companies facing criticism ture women of different skin
K UnitedHealth Group ... A5
from the brand in the next few about brands and marketing tones, representative of the
Kroger..........................B1
V
months and stop using the viewed by some as racist.
Unilever stopped variety of beauty across India
Vanguard Group...B5,B11 words “fair,” “fairness,” Those moves have picked up short of halting and other countries.”
L
“white,” “whitening,” “light” pace with antiracism protests, The company said it would
Lordstown Motors......B3
.....................................B1 and “lightening” for all its fueled by the killing of George
sales of Fair & change the name after it se-
M VF................................B1 products. It didn’t disclose a Floyd in police custody in Min- Lovely. cures regulatory approval in
Macy's.........................B1 W new name. neapolis last month, among the countries where it sells
“We recognize that the use other events. Johnson & John- Fair & Lovely. In South Africa,
McCormick.................B12 Walt Disney.........B2,B11
of the words ‘fair,’ ‘white’ and son recently said it would stop the product is branded as
Wells Fargo..A7,B11,B12
International...........B11 ‘light’ suggest a singular ideal selling skin-lightening prod- marketing of the brand has Even and Lovely.
Wirecard......................B1
of beauty that we don’t think ucts under its Clean & Clear long been a target for critics. Unilever has struggled with
N Z is right, and we want to ad- and Neutrogena brands. Pep- The company hired Bollywood perceptions of the brand for
Nike.............................B1 Zalando......................B12 dress this,” said Sunny Jain, siCo Inc. said it is retiring the stars and celebrities to en- decades and in the early
Unilever’s global head of Aunt Jemima brand of syrups dorse the cream’s benefits, 2000s began shifting its mar-
Zoom Video
Nokia...........................A1 Communications.....A11 beauty and personal care. and pancake mixes, while while TV ads showing the keting to focus less on chang-
Unilever stopped short of Mars Inc. is changing the prospects of glum, dark- ing a woman’s physical ap-
halting sales of Fair & name of its Uncle Ben’s rice. skinned women transformed pearance and more on imbuing
Lovely—as some critics had
called for—opting instead to
Unilever’s decision to re-
brand the 45-year-old product
after using Fair & Lovely, drew
accusations of racism.
her with confidence. Last year,
Fair & Lovely stopped using
continue selling the same for- shows how the pressure for Criticism of the brand has longstanding visuals showing
P mulation under a new name. companies to scrap or over- stepped up in recent weeks, a dark face turning light.
Gimber, Hugh............B11 Pritchard, Marc...........B5
Gruenberg, Martin....B10
R
L
Rossbach, Christopher
Lee, Gene....................B3
...................................B10
Lowenthal, Barry........B5
M
Sandberg, Sheryl ........ B5
Marsalek, Jan ........... B10
Schlichter, Jerome......B5
Murdoch, Rupert.........B4 Sherman, Aneesha ... B12
Z
O'Meara, David...........B5 Zuckerberg, Mark ....... B5
The savings are in addition
to the anticipated $1.5 billion in
annual cost reductions the
company announced in Febru-
ary.
Then came local mandates
requiring people to shelter at
home. Macy’s closed all its
stores March 18 and didn’t start
reopening them until May 4.
Mr. Gennette said on June 9
that shoppers were returning
to stores faster than expected
and he planned to reopen all of
EVERETT COLLECTION
them by the end of June. But
that was before the virus began
surging again in several states.
As of Friday, Macy’s hadn’t
closed any stores again but was
assessing the situation daily, a
spokeswoman said.
Macy’s expects pretax costs
‘Gone with the Wind’ Returns to HBO Max, With a Notice to Viewers
of roughly $180 million related
to the layoffs in the current fis- HBO Max has returned the the HBO Max sister channel lice. Besides sparking protests the Floyd protests started. Other
cal year, most of which will be epic movie “Gone with the Turner Classic Movies and a and calls for a re-examination of networks such as ABC have
recorded in the second quarter Wind” to its streaming platform University of Chicago professor, law enforcement, his violent promised to re-examine their
as a cash charge. less than a month after it was taped an introduction explaining death has also led the entertain- portrayals of blacks and law en-
The company said it swung removed amid concerns over its the movie can be “uncomfort- ment industry to question its forcement and to be more nu-
to a $652 million preliminary portrayals of slavery in the pre- able and painful” but is an im- own role in how it has portrayed anced in their storytelling.
loss for the first quarter, com- Civil War south. portant classic film that can lead blacks on screen and how that There is also a continuing dis-
pared with a profit of $137 mil- When HBO Max removed the viewers to consider their own has led to creating cultural ste- cussion about whether Holly-
lion a year ago. Sales in the pe- movie, it indicated it would re- values. AT&T Inc. is the parent reotypes. wood has been lax in its repre-
riod fell 45% to $3 billion. The turn it to the service with an in- company of HBO Max. The police shows “Cops” and sentation of black decision
company is scheduled to report troduction explaining that the HBO Max pulled the movie in “Live P.D.” were canceled by the makers in the executive suites
its final first-quarter results on film was a “product of its time.” the aftermath of the killing of Paramount Network and A&E of networks and studios.
July 1. Jacqueline Stewart, a host on George Floyd by Minneapolis po- Network respectively soon after —Joe Flint
WALT DISNEY CO./EVERETT COLLECTION
The Splash Mountain rides will instead be based on ‘The Princess and the Frog,’ with its black heroine.
AT&T Inc.’s Warner Bros., types and a glorification of ate in today’s world,” said Dis-
briefly pulled the 1939 classic plantation life. ney Executive Chairman Rob-
“Gone With the Wind” from its Even though the movie in- ert Iger when asked about
service before adding an intro- spired one of its most famous adding the film to Disney+
duction explaining it was a rides, Disney has otherwise earlier this year.
“product of its time.” Police kept the movie out of sight. “The Princess and the Frog”
shows such as “Cops” and The movie has never been was heralded when it came
“Live P.D.” have been canceled. available on home video in the out in 2009 for featuring Dis-
Released in 1946, “Song of U.S., and isn’t available to ney’s first black princess,
the South” takes place in the stream alongside other library though its domestic gross of
American South during the titles on its Disney+ streaming $104 million makes it one of
Reconstruction era, featuring service. the lower-performing ani-
characters with racial stereo- The movie is “not appropri- mated Disney movies.
THE WALL STREET JOURNAL.
Darden Restaurants
segment revenue
$2.5billion
Other
2.0 restaurants
LongHorn
Steakhouse
1.5 Olive
Garden
1.0
0.5
0 delivery, prompting many to
FY 2019 2020
Note: Fiscal year 2020 ended May 31.
Source: S&P Capital IQ; the company
Darden’s
Eateries
Adjust to
New Times
BY HEATHER HADDON
AND MICAH MAIDENBERG
Darden Restaurants Inc. is
focusing on simplifying its
menus, enhancing carryout op-
tions and revamping dining
rooms as it emerges from coro-
navirus-inspired lockdowns.
The operator of Olive Gar-
den, LongHorn Steakhouse and
other brands said 91% of dining
rooms in its restaurants were
open as of Monday with at least
limited capacity. Demand has
picked up. Sales volume at loca-
tions open at least 16 months
fell about 39% for the week
ended June 7, Darden said, but
that improved to a drop of
roughly 30% for the week
ended Sunday.
Governments required res-
taurants to close dining areas
to help stop the spread of the
coronavirus this spring, hitting
companies that built businesses
around in-store dining espe-
cially hard and forcing them to
refocus on pick-up and delivery.
Darden said it hasn’t seen
any immediate shift in sales in
states where coronavirus cases
are now shooting upward, but
is monitoring the situation
closely and will pivot back to
to-go sales if it needs to.
“Obviously we’re concerned,
we’re focused on it,” Chief Ex-
ecutive Gene Lee said.
The company is wrestling
with how to incorporate social
* * Friday, June 26, 2020 | B3
BUSINESS NEWS
Grocers, Restaurants Push Pickup
Businesses want to
wrest online orders
back from apps that
charge high fees
BY HEATHER HADDON
AND JAEWON KANG
Pickup orders are boosting
sales for restaurants and gro-
cers at better margins than
build out services they hope
customers will favor even af-
ter the coronavirus pandemic
has subsided.
Some supermarkets and res-
taurants say they want their
pickup operations to wrest
NINA WESTERVELT/BLOOMBERG NEWS
some online orders back from
apps such as those from Insta-
cart Inc. and Grubhub Inc.
They say the fees those and
other companies charge to de-
liver their food have added up
during the pandemic as dining
rooms closed, some customers
avoided supermarkets, and
business shifted online.
Restaurants such as Pizza Starbucks is building more pick-up-only stores in urban areas. The coffee chain’s store in New York’s Times Square.
Hut and Chili’s have expanded
upon pickup service that delivery, said Brent Laubaugh, in that time. At restaurants, place for takeout orders, for Brinker International Inc.
spares them the cost of deliv- co-president of the German carryout accounted for 42% of which it charges a 3% commis- Starbucks Corp. is building
ery at lower prices for cus- discounter’s U.S. operations. orders by dollars in May, ac- sion, well below what he and more pick-up-only stores in
tomers. Many independent “Delivery can be challeng- cording to data from research other restaurant operators say urban areas, and a service to
restaurants have thrown to- ing for people,” Mr. Laubaugh firm NPD Group Inc., com- delivery companies charge to take drinks to customers’ cars
gether multicourse carryout said. pared with a 13% share of take their food to customers. in the suburbs. During the
menus to generate business Delivery is still big business sales for delivery. Carryout Tock has processed around pandemic, Pizza Hut intro-
during the coronavirus pan- for restaurants and grocers, has maintained its share of $2 million in daily pickup or- duced contactless pickup, with
demic, too. and demand has increased for restaurant sales since dining ders a day since adding a car- employees wearing gloves de-
Executives at Darden Res- the services during the pan- rooms began to reopen in May, ryout option to the system livering preordered pizzas into
taurants Inc., owner of Olive demic, market-research firms NPD said, while drive-through when the pandemic began, Mr. customers’ cars.
Garden, said Thursday that and providers including Insta- and delivery have lost some Kokonas said. The company is The company is still fo-
they tried adding their own cart and Grubhub have said. ground to dine-in orders. signing up an average of 50 cused on its delivery business
delivery service during the But demand has softened Alinea Group, operator of restaurants a day, he said. but thinks some customers
pandemic, but found it to be somewhat as people start to five high-end restaurants in Casual-dining chains such may prefer pickup for its
inefficient and in low demand. venture outside their homes, Chicago, added a daily takeout as Denny’s Corp. and Chili’s value, said Kevin Hochman,
Chief Executive Gene Lee said even if it is to pick up food menu during the pandemic also started or added to con- the chain’s U.S. president. Its
the company plans to stick from a restaurant or grocer’s that continues to generate tactless curbside takeout dur- also preferable for margins, he
with a beefed-up carryout of- parking lot. Some delivery tens of thousands of dollars in ing the pandemic. Many say said.
fering instead. companies have also reduced weekly revenue at each restau- they intend to stick with it to Delivery companies are try-
Kroger Co., Albertsons Cos. promotions they introduced to rant even since Chicago al- bolster sales as customers ing to grab more pickup busi-
and other grocers are waiving draw customers as the pan- lowed for outdoor sit-down slowly return to dining rooms ness too. Grubhub, Uber Tech-
pickup fees and building out demic took hold. service in June. with restricted capacity in nologies Inc.’s Uber Eats
spaces to fill those orders. Pickup grocery sales were “It’s a lifeline,” said Alinea much of the country. division, DoorDash Inc. and
Aldi Inc. is offering pickup for up 81% in the week ended co-owner Nick Kokonas. “Delivery has been huge but Postmates Inc. all offer
the first time because custom- June 13 from the start of this He is also a founder of Tock takeout is significantly big- pickup-order processing for
ers asked for an alternative to year, according to Nielsen, Inc., a reservation-booking sys- ger,” said Wyman Roberts, restaurants. Instacart intro-
visiting stores or paying for while delivery sales rose 33% tem that has added a market- CEO to Chili’s parent company duced pickup last year.
Ford’s New F-150 Truck Aims The Marketplace
ADVERTISEMENT
To Double as Rolling Office To advertise: 800-366-3975 or WSJ.com/classifieds
BUSINESS OPPORTUNITIES COMMERCIAL REAL ESTATE
BY MIKE COLIAS  

 
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casts from analysts, according Corp., is targeting the work- verado and GMC Sierra, and tomer relationships to expand All Rights Reserved.
to FactSet. truck space with an electric Fiat Chrysler’s surging Ram that business.
B4 | Friday, June 26, 2020 THE WALL STREET JOURNAL.

TECHNOLOGY WSJ.com/Tech

PERSONAL TECHNOLOGY | By Joanna Stern

Google Will Pay
My Apple ‘Buy, Don’t Buy’ List Some Publishers
In this
world nothing
can be said to
be certain, ex-
Apple Pencil and Smart Key-
board. The iPad Air has a bet-
ter processor and slightly bet-
ter screen. Both could be
For News Content
cept Apple’s updated again before the end BY BENJAMIN MULLIN For years, news executives
willingness to of 2020, but at this point an have criticized major tech com-
sell you an iPhone, iPad or iPad is an iPad. Even an old Alphabet Inc.’s Google said panies like Google and Face-
iWhatever, no matter the hour one can work great. The it has reached agreements with book Inc. for aggregating and
or season. harder question comes with selected publishers around the distributing articles on their
Benjamin Franklin penned the new iPad Pros, refreshed world to license news content, platforms without shouldering
that. After quickly erasing in April. Before this week, I a significant development in any of the financial burden of

JOHN LAMPARSKI/SOPA IMAGES/ZUMA PRESS

“death and taxes.” On his iPad.
The observation has held
up over the ages, and there’s
no better time to be wary of it
than at this moment, which
I’m calling The Worst Time to
Buy Apple Products.
Readers of my column are
familiar with my annual
iPhone No-Buy Rule™. Once
June rolls around, it’s time to
wait for the new iPhones, typi-
cally announced in early Sep-
tember—though possibly later
this year, given Covid-19-re-
lated delays. An Apple spokes-
woman declined to comment.
What has changed is that,
in 2020, more Apple hardware
products fall into this no-buy
zone. On Monday, Apple un-
veiled new operating systems
coming this fall to the iPhone,
iPad, Apple Watch, Apple TV
and Mac. Each promises to
breathe new features into cur-
rent devices, enough that you
might not want to buy new
ones. Plus, specific software
features tease the likely hard-
ware upgrades to come.
In the case of the Mac, it
isn’t a tease. Apple shook the
foundation of its desktop and
laptop platform by promising
an Apple-silicon-powered Mac
by the end of the year. Think
of the software power of a
MacBook, combined with the
snappiness, battery life—and
apps!—of an iPad.
So if you have some extra
cash, put down the credit card
and consult my Apple product
do/do not buy list.
iPhone
Buy a new one now? Nope,
absolutely not. (Not unless
you’ve been wanting the
smaller, home-button-
Apple shook the foundation of its desktop and laptop platform.
equipped iPhone SE.)
Even if you’re tempted to
get an iPhone 11 model right
now, consider that new mod-
els (presumably the iPhone 12)
are expected with new de-
signs, better cameras and fast
5G wireless connectivity. If
history repeats itself, they’ll
be priced the same as the cur-
rent models. Also, consider
that Apple previously dropped
the price on popular older
models in September.
Plus, the free iOS 14 update
due in less than three months
will come to all iPhones that
run iOS (iPhone 6S and later).
It lets you decorate your home
screen with widgets and group
apps by category.
AirPods
Need some tiny white sticks
for your ears? Go right ahead.
In fact, the $249 AirPods Pro
and regular $159 AirPods are
only going to get better in the
fall. Apple revealed this week
just how much it can unlock in
these tiny wearables with soft-
ware.
With iOS 14, AirPods will
learn from your charging hab-
its to optimize charging and
reduce battery aging. AirPods
Pro get a surround-sound ef-
would’ve said, “Sure, get one!”
The new $799 11-inch and
$999 12.9-inch Pros, which I’ve
been testing, are the closest
thing to a perfect tablet/laptop
combo from Apple. The new
$299 Magic Keyboard is great
to type on, the trackpad works
smoothly with the new cursor
support and iOS 13—excuse
me, iPadOS 13—has the right
amount of multitasking and
file management to really let
me drive some work forward.
fect that stays centered as you
move your head.
Mac
This is the tough one. The
Apple Watch current MacBook Pro and
While I have strongly rec- MacBook Air models have glo-
ommended the Series 5 (and rious new keyboards and im-
Series 4 before that), I’m con- proved Intel processors. But
vinced the next watch will what exactly happens when
take another leap ahead in you stick an iPad Pro-like pro-
sensors. My tip-off? Apple cessor into a MacBook run-
didn’t talk much this week ning MacOS? MacOS Big Sur,
about new health features for coming this fall, will bring a
WatchOS. There are reports lot of the styling of iOS and
that the wearable could mea- iPadOS. But will the new Macs
sure blood-oxygen levels, ever support touchscreens?
which among other things are How about cellular connectiv-
tracked for possible indication ity? The sure bet is on im-
of Covid-19. Plus, the Series 5 proved battery life, better
really was the equivalent of an overall performance of Apple
iPhone “S” year—an incremen- software, more seamless inte-
tal hardware improvement gration with other Apple de-
over the Series 4. I’m betting vices and yes, iOS apps galore.
we’ll see a significant Apple If you need MacBook Pro
Watch upgrade in the fall, power at this point, the
with a drop in price for the higher-end machines are a
current top models. safe bet. It will likely take a
few years for the performance
and app support to come.
iPad Need an iMac? Hold off:
If your old iPad is dying The current one is overdue
and you need something for for a redesign.
Junior to watch “Zootopia” on If you’re looking for the
for the 5,000th time during best portable laptop for un-
the family road trip, get a der $1,000, the new MacBook
$329 iPad-iPad. That and the Air is safe. (You can even get
$499 iPad Air were refreshed a refurbished model for
in 2019 with support for the around $850.)
the yearslong tug of war be-
tween the tech giant and media
companies.
Google said the initial par-
ticipants include Germany’s
Spiegel Group, publisher of Der
Spiegel; Brazilian media com-
pany Diarios Associados; and
Solstice Media, the publisher of
local newspapers in Australia.
The company didn’t an-
nounce partnerships with any
publishers in the U.S., where
large players including Wall
Street Journal parent News Corp
have pressed Google to compen-
sate them for news content.
Brad Bender, Google’s vice
president of product manage-
ment for news, said the com-
pany is talking to news outlets in
“half a dozen” additional coun-
tries, but declined to name them.
Mr. Bender said the licensing
program represents a step up in
Google’s business dealings with
the news industry, which have
so far included limited agree-
ments to license some audio,
weather and sports content.
He declined to provide fi-
nancial details on the latest li-
censing deals, saying they vary
depending on how much and
what type of content each pub-
lisher is providing to Google.
Google is paying the news
organizations to license audio,
video, images and stories that
will be featured on Google’s pri-
mary mobile app and on mobile
devices using the Android oper-
ating system, accessible with a
swipe on the home screen. The
licensed content will also be
built into the Google News app
for every mobile device, and the
company hopes to eventually
make it available on other
Google products. Google aims to
launch the product later this
year, Mr. Bender said.
gathering the news. Rupert
Murdoch, News Corp executive
chairman, has been among the
most outspoken critics, along
with News Corp Chief Executive
Robert Thomson.
The winds have begun to
shift, somewhat. Facebook last
year struck deals with publish-
ers to put some of their content
in its news tab. Apple Inc. last
year launched Apple News+,
which for $9.99 a month pro-
vides access to articles from
magazines including Vogue, GQ
and Sports Illustrated. Dow
Jones & Co., publisher of the
Journal, has a commercial
agreement to supply news
through Apple services.
Google has moved more
slowly than its rivals. In Febru-
ary, the Journal reported that
Google was in talks to pay pub-
lishers for news content.
Google has come under in-
creasing scrutiny by regulators.
In France and Australia, au-
thorities are pressuring the
company to give value back to
publishers that provide content
included in its search results.
Australian government officials
said in April they would require
Google to begin paying outlets
for their content.
The U.S. Justice Department
and a group of state attorneys
general are likely to bring anti-
trust litigation against Google,
focusing on its dominant search
and online-ad businesses, the
Journal has reported.
“We can’t turn the clock
back to a world where the in-
ternet doesn’t exist,” Mr.
Bender said. “We are highly
motivated to play our part
alongside other companies,
governments and civil-society
groups to enable a better future
for journalism.”

June MONTHLY GUIDE

2020 This month members can benefit from vital resources and coverage to gain an understanding of
the recent protests and take part in the conversation. We also invite members like you to access
our journalism with our print edition app if you’re traveling and can’t get your newspaper.

PODCAST: 1960S RIOTS AND TODAY THE PRINT EDITION APP COMMUNITY CONVERSATIONS
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© 2020 Dow Jones & Co., Inc. All rights reserved. 6DJ7928
 THE WALL STREET JOURNAL.
Private Equity Arrives in 401(k) Plans
Potential for better
returns in diversified
funds comes with
more risk, bigger fees
BY ANNE TERGESEN
With the help of regulators
and lawmakers, 401(k) plans
are trying to become more like
the old-fashioned pension
plans they re-
RETIREMENT placed. The
latest example
involves private equity, an il-
liquid investment that is a sta-
ple in pensions and now wants
to be in your 401(k).
While the addition of
shares of privately held com-
panies may boost 401(k) inves-
tors’ returns, there are rea-
sons for concern, including
high fees and a lack of trans-
parency.
Earlier this month, the La-
bor Department issued guid-
ance confirming that 401(k)
plans can offer private equity
in a diversified fund, such as a
target-date fund. These port-
folios shift from stocks to
bonds as people age. Because
they serve as default invest-
ments in many 401(k) plans
that automatically enroll
workers, they receive more
than half of employees’ contri-
butions.
For private-equity firms,
some of which have been try-
ing for a decade to break into
the $7.9 trillion market for
workplace retirement plans,
this is a victory.
“401(k) plans have become
a huge pool of long-term
money,” said Fred Reish, an
attorney who specializes in
employee benefits. He said
other illiquid investments, in-
cluding hedge funds, may also
use the guidance to market
themselves as additions to tar-
get-date funds.
The Labor Department’s
move follows a 2019 law that
encourages 401(k) plans to
replicate another feature of
old-fashioned pensions by of-
fering annuities, insurance
contracts that turn savings
into a monthly income for life.
ETIENNE LAURENT/EPA/SHUTTERSTOCK
The company said in an email to advertisers, ‘We do not make policy changes tied to revenue pressure.’
Facebook
Presses on
Advertisers
Continued from page B1
Thursday, the Anti-Defamation
League said Facebook has re-
peatedly refused to remove po-
litical ads that contained “bla-
tant lies,” and has been slow to
respond to calls to take down
conspiratorial content.
“Every day, we see ads from
companies placed adjacent to
hateful content, occupying the
same space as extremist recruit-
ment groups and harmful disin-
formation campaigns,” the Anti-
Defamation League said in its
letter. “Your ad buying dollars
are being used by the platform
to increase its dominance in the
industry at the expense of vul-
nerable and marginalized com-
munities who are often targets
of hate groups on Facebook.”
Facebook declined to com-
ment.
Chief Executive Mark Zucker-
berg on Tuesday joined a Face-
book meeting with a group of
big advertisers and ad-agency
executives, according to people
familiar with the conference
call. Mr. Zuckerberg listened to
advertisers’ concerns and reiter-
ated the company’s principles of
neutrality. He said political con-
tent can be seen as egregious by
one side and not by the other,
the people said. Sheryl Sand-
berg, Facebook’s chief operating
The downside, critics say, is
that after years in which fees
on 401(k) accounts have been
declining, the two investments
would raise costs for workers.
That makes it hard to know
whether the move to replicate
pensions represents a win-win
for investors, private-equity
funds and insurers—or
whether those industries stand
to gain at investors’ expense.
Proponents say the addition
of a small amount of private
equity to a retirement portfo-
lio—say, up to 15%—would
give 401(k) plans access to an
investment that has histori-
cally boosted returns for pen-
sions, endowments and
wealthy individuals.
With the number of firms
traded on public stock ex-
changes down by half over the
past 20 years, private-equity
funds also offer a way to “par-
ticipate in the greater percent-
age of the economy that is pri-
vately held,” said David
O’Meara, senior investment
consultant at Willis Towers
Watson, which advises 401(k)
plans.
Critics note the effect fees
can have on fund returns. Pri-
vate-equity fund managers
generally collect a 2% manage-
ment fee plus 20% of the prof-
TECHNOLOGY
officer, also joined the client
council meeting, which had been
scheduled before the civil rights
groups called for the boycott
and was reported earlier by
Business Insider.
So far, many of the biggest
advertisers haven’t joined the
boycott, but several are seri-
ously considering it, according
to ad executives.
“Several of my clients are
planning on sitting out in July,”
said Barry Lowenthal, the chief
executive of the Media Kitchen
agency, an ad-buying agency
owned by MDC Partners Inc.
Some marketers are pausing
because “it’s the right thing to
do as a good corporate citizen,”
he said. The brands, which are
midsize advertisers, are likely
to pause quietly, he added.
Consumer goods giant
Procter & Gamble Co., a trend-
setter in the ad world, said it is
reviewing all platforms on
which it advertises for objec-
tionable content. Facebook is
included in that review, accord-
ing to a person familiar with
the matter. The company’s mar-
keting chief, Marc Pritchard,
vowed that it wouldn’t adver-
tise “on or near content that
we determine is hateful, deni-
grating or discriminatory.”
P&G met with civil-rights
group Color of Change this
week to discuss Facebook’s re-
cord of removing content that
violates their standards, ac-
cording to people familiar with
the matter. Color of Change
joined the ADL and NAACP in
calling for a Facebook boycott.
A P&G spokesman said the
company won’t name publicly
BUSINESS NEWS
35% Annual return
U.S. private equity funds*
30
Dow Jones U.S. Small Cap Index
Wilshire 5000 Total Market Index
25
20
15
10
5
0 from a risk-adjusted perspec-
1 3 5 10
YEARS OF INVESTMENT
*U.S. Private Equity Index after fees
Note: As of end of 2019
Source: Cambridge Associates
its, versus less than 0.5% a
year, on average, for the stock
funds that dominate 401(k)
menus, according to Bright-
Scope Inc.
Private-equity funds must
generate consistently higher
returns to compensate for
those fees and the extra risk
investors run when buying il-
liquid securities, said Rose-
mary Batt, a professor at Cor-
nell University. After fees, they
“shouldn’t just meet the stock
the platforms from which it
might pull ads.
Any pullback from Facebook
isn’t an easy decision. The plat-
form has become a must-buy
for many advertisers because of
its huge audience and the vast
amount of data the platform
has, which enables brands to
efficiently target customers.
Moreover, after pausing adver-
tising in the early days of the
pandemic, companies are now
anxious to boost ad spending.
Over the past few years,
Facebook has invested in work-
ers and technology to guard
against election interference
and to better police its plat-
forms, resulting in improve-
ments in the removal of hate
speech.
Some advertisers want Face-
book to go further and have
asked the social media giant for
more transparency regarding
where their ads appear and if
their promotions appear adja-
cent to hate speech. They have
also called for Facebook to im-
prove its technology that it
uses for detecting hate speech,
according to people familiar
with the discussions.
In her weekend email to ad-
vertisers, Facebook’s Ms. Ever-
son said 89% of the content re-
moved for violating hate-
speech policies in the six
months to March was detected
by the site’s systems before
anyone reported it to the com-
pany. Three years ago, that was
the case for only 23% of such
content, she said.
—Sharon Terlep
and Deepa Seetharaman
contributed to this article.
Friday, June 26, 2020 | B5
vate Equity Master Fund LLC
returned 7.34% a year after
fees, on average, versus 7.48%
for the Wilshire 5000.
Pantheon’s AMG Pantheon
Master Fund LLC returned
about 9.96% from April 1, 2015
to March 31, 2019, the latest
figures available, versus 10.1%
for the Wilshire 5000.
Like T. Rowe Price, the two
largest target-date fund pro-
viders, Fidelity Investments
and Vanguard Group, say they
continue to evaluate private
equity but have no immediate
plans to add it to those funds.
ILLUSTRATION BY ALBERT TERCERO
Through a partnership with
a Boston-based firm, Vanguard
recently began offering private
equity to the pension plans,
endowments and foundations
it manages money for.
Some say the Labor Depart-
ment’s guidance may help em-
ployers overcome reluctance
to add higher-priced invest-
sity says U.S. public pension ments to 401(k) lineups amid a
funds earned average annual continuing wave of lawsuits
returns of 11% after fees in pri- over fees. These include a suit
vate equity over the past 25 against Intel Corp. over using
years, about the same return private equity and other alter-
as small- and midcap U.S. native investments in its tar-
stock-market indexes. get-date funds.
Mutual fund giant T. Rowe Jerome Schlichter, an attor-
Price Group, one of the three ney whose St. Louis-based
largest in the target-date fund firm pioneered 401(k) fee liti-
market, says the contradictory gation, said employers must
results are because of differing demonstrate “that adding pri-
views on the reliability of the vate equity will increase after-
performance metrics. The fee returns.”
method the industry favors is “These are quite high-
sensitive to assumptions and priced investments and it will
“can overstate the benefit be difficult to determine that
they are likely to beat the
15 20 25 tive,” the company said. market after fees.”
Moreover, “there is a wide Other hurdles are logistical.
dispersion of results” between For example, private-equity
private-equity funds, making it funds typically bar sharehold-
important to pick a top man- ers from exiting for as many
ager, T. Rowe Price said. as 10 years.
market but beat it” by at least Currently, two private-eq- Robert Collins, a partner at
3 percentage points, she said. uity firms—Partners Group Partners Group, says the fund
It is hard to tell how much and Pantheon, which jointly invests a small portion of as-
return private equity delivers. sought the Labor Depart- sets in publicly traded stocks to
The average annual return ment’s guidance—have intro- cash-out departing investors. It
for an index of U.S. private-eq- duced funds for the 401(k) also provides the daily pricing
uity funds after fees over the market. 401(k) plans require. Mr. Collins
decade ended Dec. 31 was While neither reports re- expects large companies with
14.35%, versus 13.44% for the turns on their 401(k) funds, pension plans that invest in pri-
Wilshire 5000 Total Market their offerings registered with vate equity to be among the
Index, according to Cambridge the Securities and Exchange first to add it to their target-
Associates. Commission may offer clues. date funds. The fund has two
But a new study from an Over the four years through pension-fund clients but no tak-
economist at Oxford Univer- March 31, Partners Group Pri- ers among 401(k) plans—yet.
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B6 | Friday, June 26, 2020 THE WALL STREET JOURNAL.

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THE WALL STREET JOURNAL. Friday, June 26, 2020 | B7

MARKETS DIGEST
EQUITIES

Dow Jones Industrial Average S&P 500 Index Nasdaq Composite Index
Last Year ago Last Year ago Last Year ago
25745.60 s 299.66, or 1.18% Trailing P/E ratio 21.74 18.22 3083.76 s 33.43, or 1.10% Trailing P/E ratio * 27.38 22.82 10017.00 s 107.84, or 1.09% Trailing P/E ratio *† 30.75 24.53
High, low, open and close for each P/E estimate * 24.06 16.46 High, low, open and close for each P/E estimate * 24.82 17.85 High, low, open and close for each P/E estimate *† 30.15 21.25
trading day of the past three months. Dividend yield 2.55 2.23 trading day of the past three months. Dividend yield * 1.97 1.91 trading day of the past three months. Dividend yield *† 0.90 1.02
All-time high 29551.42, 02/12/20 All-time high 3386.15, 02/19/20 All-time high: 10131.37, 06/23/20

Current divisor 0.14579812049809

30000 3500 10500

27500 3250 9750

65-day moving average
65-day moving average
25000 3000 9000

22500 2750 8250

Session high 65-day moving average
DOWN UP
20000 2500 7500
t

Session open Close

Close Open
t

17500 2250 6750

Session low
Bars measure the point change from session's open
15000 2000 6000
Mar. Apr. May June Mar. Apr. May June Mar. Apr. May June
*Weekly P/E data based on as-reported earnings from Birinyi Associates Inc.; † Based on Nasdaq-100 Index

Major U.S. Stock-Market Indexes Late Trading Trading Diary

Latest 52-Week % chg Most-active and biggest movers among NYSE, NYSE Arca, NYSE Amer. Volume, Advancers, Decliners
High Low Close Net chg % chg High Low % chg YTD 3-yr. ann. and Nasdaq issues from 4 p.m. to 6:30 p.m. ET as reported by electronic NYSE NYSE Amer.
Dow Jones trading services, securities dealers and regional exchanges. Minimum Total volume* 966,284,279 23,157,871
Industrial Average 25769.61 25209.79 25745.60 299.66 1.18 29551.42 18591.93 -2.9 -9.8 6.4 share price of $2 and minimum after-hours volume of 50,000 shares. Adv. volume* 732,817,916 13,765,487
Transportation Avg 9006.13 8752.11 9000.30 101.06 1.14 11304.97 6703.63 -12.7 -17.4 -1.4 Most-active issues in late trading Decl. volume* 215,796,749 8,027,144
Utility Average 765.24 748.23 757.34 -10.26 -1.34 960.89 610.89 -6.0 -13.9 1.5 Volume After Hours Issues traded 3,049 271
Company Symbol (000) Last Net chg % chg High Low
Total Stock Market 31395.19 30742.08 31373.25 364.67 1.18 34631.28 22462.76 4.4 -5.0 7.5 Advances 1,920 146
T-Mobile US TMUS 11,043.7 109.40 -0.79 -0.72 110.19 109.03
Barron's 400 657.93 643.74 657.65 7.24 1.11 746.64 455.11 -3.8 -10.2 0.6 Declines 1,041 112
Ambev ADR ABEV 7,931.8 2.69 0.01 0.37 2.71 2.64
Unchanged 88 13
Nasdaq Stock Market Inovio Pharmaceuticals INO 5,522.3 34.86 3.61 11.55 35.57 30.88 New highs 25 3
Nasdaq Composite 10023.28 9810.47 10017.00 107.84 1.09 10131.37 6860.67 25.7 11.6 16.9 SPDR S&P 500 SPY 5,162.1 307.20 -0.15 -0.05 308.00 306.56 New lows 16 2
Nasdaq 100 10110.29 9901.21 10101.83 99.13 0.99 10209.82 6994.29 31.9 15.7 20.3 South Jersey Indus SJI 4,795.5 23.85 … unch. 23.85 23.85 Closing Arms† 0.56 0.35
Bank of America BAC 3,082.7 24.37 -0.35 -1.42 24.79 24.00 Block trades* 5,717 230
S&P
Affimed AFMD 2,635.0 4.82 0.19 4.10 4.85 4.61
500 Index 3086.25 3024.01 3083.76 33.43 1.10 3386.15 2237.40 5.4 -4.6 8.1 Nasdaq NYSE Arca
Wells Fargo WFC 2,458.8 26.44 -0.93 -3.40 27.57 26.00
MidCap 400 1754.74 1712.03 1754.04 22.56 1.30 2106.12 1218.55 -8.8 -15.0 0.2 Total volume*4,604,794,533 300,885,542
SmallCap 600 812.40 789.62 812.00 13.73 1.72 1041.03 595.67 -13.6 -20.5 -1.6 Percentage gainers… Adv. volume*3,135,770,684 217,383,874
UTStarcom Holdings UTSI 202.2 2.99 1.23 69.41 3.75 1.81 Decl. volume*1,412,963,248 81,574,373
Other Indexes
Altimmune ALT 817.1 11.77 2.58 28.08 12.25 9.15 Issues traded 3,424 1,412
Russell 2000 1413.71 1375.37 1413.31 23.57 1.70 1705.22 991.16 -8.6 -15.3 -0.03
Advances 2,222 1,108
NYSE Composite 11866.20 11640.02 11865.11 138.58 1.18 14183.20 8777.38 -8.5 -14.7 0.4 CalAmp CAMP 87.6 8.85 1.17 15.16 10.47 7.69
Declines 1,110 283
Value Line 436.29 426.86 436.21 4.70 1.09 562.05 305.71 -17.2 -21.0 -5.7 Inovio Pharmaceuticals INO 5,522.3 34.86 3.61 11.55 35.57 30.88
Unchanged 92 21
NYSE Arca Biotech 5827.50 5694.45 5826.49 98.14 1.71 5862.27 3855.67 24.2 15.0 13.2
NanoViricides NNVC 158.3 9.30 0.76 8.90 9.75 8.45
New highs 73 12
NYSE Arca Pharma 640.77 628.37 639.97 7.59 1.20 670.32 494.36 7.2 -2.1 5.2 ...And losers New lows 15 7
KBW Bank 77.09 73.82 76.92 2.49 3.35 114.12 56.19 -19.3 -32.1 -5.6 Milestone Scientific MLSS 122.4 2.16 -0.29 -11.84 2.43 1.90 Closing Arms† 0.90 1.82
PHLX§ Gold/Silver 122.34 119.53 122.27 1.21 1.00 129.26 70.12 46.6 14.4 13.6 Taubman Ctrs TCO 55.7 36.46 -1.63 -4.28 38.09 36.20 Block trades* 27,531 1,468
PHLX§ Oil Service 33.37 31.33 33.15 1.10 3.44 81.76 21.47 -58.2 -57.7 -36.2 Continental Resources CLR 137.3 15.59 -0.69 -4.24 16.57 15.59 * Primary market NYSE, NYSE American NYSE Arca only.
PHLX§ Semiconductor 1963.72 1914.30 1961.05 16.75 0.86 2004.66 1286.84 34.6 6.0 21.7 Extreme Networks EXTR 1,056.6 4.08 -0.18 -4.23 4.30 4.08 †(TRIN) A comparison of the number of advancing and declining
issues with the volume of shares rising and falling. An
Cboe Volatility 36.93 31.59 32.22 -1.62 -4.79 82.69 11.54 103.7 133.8 47.6 Goldman Sachs GS 328.2 199.00 -8.10 -3.91 208.75 197.77 Arms of less than 1 indicates buying demand; above 1

Nasdaq PHLX Sources: FactSet; Dow Jones Market Data indicates selling pressure.

International Stock Indexes Percentage Gainers... Percentage Losers

Latest YTD
Region/Country Index Close Net chg % chg % chg Latest Session 52-Week Latest Session 52-Week
Company Symbol Close Net chg % chg High Low % chg Company Symbol Close Net chg % chg High Low % chg
World The Global Dow 2815.14 11.83 0.42 –13.4 Ekso Bionics Holdings EKSO 7.30 4.20 135.32 20.10 2.25 -62.6 Xeris Pharmaceuticals XERS 2.72 -2.59 -48.78 12.94 1.42 -74.7
DJ Global Index 399.65 1.63 0.41 –7.9 Puhui Wealth Invt Mgmt PHCF 6.75 3.47 105.79 6.75 1.37 141.1 Kaleyra KLR 3.99 -1.25 -23.85 11.35 3.83 -61.3
DJ Global ex U.S. 232.89 –1.11 –0.48 –11.6 Vaxart VXRT 6.26 3.07 96.24 6.48 0.25 815.2 VelocityShares 3x Lg Nat UGAZ 7.02 -2.07 -22.77 239.80 6.75 -95.8
Americas DJ Americas 716.41 7.72 1.09 –5.8 Aptevo Therapeutics APVO 8.96 3.21 55.83 14.28 2.94 -25.2 uniQure QURE 49.22 -13.69 -21.76 78.53 36.20 -34.6
Brazil Sao Paulo Bovespa 95983.09 1605.73 1.70 –17.0 Ocean Bio-Chem OBCI 15.61 4.39 39.13 16.19 3.10 364.6 Ideanomics IDEX 2.44 -0.65 -21.04 3.98 0.28 12.4
Canada S&P/TSX Comp 15446.14 151.76 0.99 –9.5 Paysign PAYS 10.60 2.87 37.13 18.67 3.63 -14.2 Urban One Cl D UONEK 2.27 -0.48 -17.45 6.84 0.56 16.4
Mexico S&P/BMV IPC 37734.52 –173.86 –0.46 –13.3 Inovio Pharmaceuticals INO 31.25 7.38 30.92 31.57 1.92 970.2 NGL Energy Partners NGL 4.08 -0.80 -16.39 15.71 1.15 -72.0
Chile Santiago IPSA 2785.32 1.44 0.05 –16.5 Athersys ATHX 2.88 0.66 29.73 4.38 1.13 83.4 Magenta Therapeutics MGTA 8.31 -1.36 -14.06 16.19 5.76 -43.6
0.72 Rite Aid RAD 16.29 3.42 26.57 23.88 5.04 90.1 500.com ADR WBAI 3.31 -0.52 -13.58 11.66 2.84 -68.2
EMEA Stoxx Europe 600 359.74 2.57 –13.5
0.81 VelocityShares 3x DGAZ 553.83 113.83 25.87 559.35 85.41 250.0 ProSh Ult Bloombg Nat Gas BOIL 22.90 -3.58 -13.52 178.00 22.50 -83.7
Eurozone Euro Stoxx 351.06 2.81 –13.1
Belgium Bel-20 3357.00 55.47 1.68 –15.1 Cardiff Oncology CRDF 5.10 0.96 23.19 5.24 0.70 98.4 China Index Holdings ADR CIH 2.38 -0.34 -12.50 5.18 0.94 -31.0
Denmark OMX Copenhagen 20 1254.10 –3.30 –0.26 10.4 Evelo Biosciences EVLO 4.90 0.89 22.19 9.82 3.01 -45.5 9F ADR JFU 4.05 -0.57 -12.34 14.88 3.98 ...
France CAC 40 4918.58 47.22 0.97 –17.7 Applied DNA Sciences APDN 9.28 1.66 21.78 23.20 2.52 -54.5 Francesca's Holdings FRAN 4.02 -0.56 -12.23 21.95 1.70 -29.8
Germany DAX 12177.87 83.93 0.69 –8.1 TSR TSRI 4.75 0.84 21.48 8.88 2.64 0.1 KB Home KBH 29.38 -3.95 -11.85 40.51 9.82 15.7
–19.0 BRP Group Cl A BRP 16.54 2.87 20.99 18.50 8.35 ... Urban One Cl A UONE 22.00 -2.87 -11.54 54.16 0.95 947.6
Israel Tel Aviv 1362.68 –1.36 –0.10
Italy FTSE MIB 19234.75 71.77 0.37 –18.2
Netherlands AEX 560.41 3.08 0.55 –7.3
Most Active Stocks Volume Movers Ranked by change from 65-day average*
Russia RTS Index 1257.18 –24.00 –1.87 –18.8 Volume % chg from Latest Session 52-Week Volume % chg from Latest Session 52-Week
Company Symbol (000) 65-day avg Close % chg High Low Company Symbol (000) 65-day avg Close % chg High Low
South Africa FTSE/JSE All-Share 53914.05 –533.68 –0.98 –5.6
Spain IBEX 35 7270.30 74.80 1.04 –23.9 Zomedica Pharmaceuticals ZOM 236,598 546.4 0.23 22.11 0.50 0.11 Aptevo Therapeutics APVO 31,058 29981 8.96 55.83 14.28 2.94
Sweden OMX Stockholm 643.77 4.61 0.72 –5.4 Kitov Pharma ADR KTOV 217,623 865.6 1.26 46.00 1.40 0.22 Kaleyra KLR 3,090 8762 3.99 -23.85 11.35 3.83
Switzerland Swiss Market 10089.83 67.84 0.68 –5.0 Seanergy Maritime Hldgs SHIP 184,799 117.1 0.28 -5.08 0.90 0.12 Xeris Pharmaceuticals XERS 13,925 2328 2.72 -48.78 12.94 1.42
–0.2 Inovio Pharmaceuticals INO 139,639 326.4 31.25 30.92 31.57 1.92 Invsc S&P 500 EW Comm EWCO 170 2218 24.70 0.25 27.62 18.10
Turkey BIST 100 114138.95 –309.95 –0.27
Vaxart VXRT 135,525 1945.9 6.26 96.24 6.48 0.25 WisdomTree Eur Qlty Div EUDG 152 2207 25.83 1.89 28.55 18.60
U.K. FTSE 100 6147.14 23.45 0.38 –18.5
U.K. FTSE 250 17112.12 –38.71 –0.23 –21.8 Ekso Bionics Holdings EKSO 119,828 54297.9 7.30 135.32 20.10 2.25 BRP Group Cl A BRP 3,815 2131 16.54 20.99 18.50 8.35
American Airlines Group AAL 116,700 21.6 13.17 1.00 34.99 8.25 uniQure QURE 7,511 1908 49.22 -21.76 78.53 36.20
Asia-Pacific
TOP Ships TOPS 116,563 18.4 0.14 1.77 13.60 0.07 Magenta Therapeutics MGTA 3,471 1749 8.31 -14.06 16.19 5.76
Australia S&P/ASX 200 5817.70 –148.05 –2.48 –13.0
Finl Select Sector SPDR XLF 109,552 34.3 23.59 2.65 31.38 17.49 Workhorse Group WKHS 81,028 1672 8.56 0.59 10.25 1.32
China Shanghai Composite 2979.55 … Closed –2.3
SPDR S&P 500 SPY 88,553 -28.6 307.35 1.07 339.08 218.26 SPDR S&P Gl Infr GII 628 1489 43.60 0.11 57.32 32.27
Hong Kong Hang Seng 24781.58 … Closed –12.1
* Volumes of 100,000 shares or more are rounded to the nearest thousand * Common stocks priced at $2 a share or more with an average volume over 65 trading days of at least
India S&P BSE Sensex 34842.10 –26.88 –0.08 –15.5 5,000 shares =Has traded fewer than 65 days
Japan Nikkei Stock Avg 22259.79 –274.53 –1.22 –5.9
Singapore Straits Times 2590.15 –38.47 –1.46 –19.6 Track the Markets
South Korea Kospi 2112.37 –49.14 –2.27 –3.9 Compare the performance of selected CURRENCIES & COMMODITIES
Taiwan TAIEX 11660.67 … Closed –2.8 global stock indexes, bond ETFs,
Thailand SET 1325.88 –7.55 –0.57 –16.1
currencies and commodities at Currencies
WSJ.com/TrackTheMarkets
Sources: FactSet; Dow Jones Market Data
U.S.-dollar foreign-exchange rates in late New York trading
US$vs, US$vs,
Thurs YTDchg Thurs YTDchg
CREDIT MARKETS Country/currency in US$ per US$ (%) Country/currency
Vietnam dong
in US$ per US$ (%)
.00004309 23209 0.2
Americas
Argentina peso .0143 70.1550 17.1 Europe
Consumer Rates and Returns to Investor Benchmark
Treasury Yields
yield curve Forex Race Brazil real .1865 5.3613 33.4 Czech Rep. koruna .04202 23.800 5.0

U.S. consumer rates Selected rates and

Yield toRates
maturity of current bills, Yen, euro vs. dollar; dollar vs. Canada dollar
Chile peso
.7332 1.3640
.001237 808.30
5.0
9.3
Denmark krone
Euro area euro
.1505 6.6458 –0.3
1.1219 .8914 –0.04
notes and bonds major U.S. trading partners .000268 3731.50 Hungary forint .003167 315.75 6.9
Five-year ARM, Rate Colombiapeso 13.7
A consumer rate against its
Ecuador US dollar 1 1 unch Iceland krona .007217 138.57 14.4
benchmark over the past year 4.00% Mexico peso .0441 22.6618 19.7 Norway krone .1035 9.6581 10.0
Bankrate.com avg†: 3.12% 8%
WSJ Dollar index Uruguay peso .02372 42.1600 13.5 Poland zloty .2518 3.9708 4.7
s

Credit Union of New Jersey 2.50% Russia ruble .01448 69.082 11.3
One year ago 3.00 Asia-Pacific
4.00% Ewing, NJ 609-538-4061 4 Yen
s

t Sweden krona .1073 9.3191 –0.5

Australian dollar .6887 1.4520 1.9
Old National Bank 2.75% Switzerland franc 1.0545 .9483 –2.0
3.00 2.00 China yuan .1413 7.0782 1.7
t 0 Turkey lira .1459 6.8551 15.2
Appleton, WI 812-464-1494 Hong Kong dollar .1290 7.7506 –0.5
5-year adjustable- Ukraine hryvnia .0374 26.7500 13.0
India rupee .01324 75.515 5.8
rate mortgage 2.00 Associated Bank, NA 2.88% Tradeweb ICE 1.00 –4 UK pound 1.2419 .8052 6.8
s Indonesia rupiah .0000705 14175 2.1
(ARM) Rockford, IL 800-682-4989 Thursday Close t Middle East/Africa
t Euro Japan yen .009329 107.19 –1.3
5-year Treasury 1.00 Hanscom Federal Credit Union 2.88% 0.00 –8 Kazakhstan tenge .002474 404.28 5.9 Bahrain dinar 2.6480 .3777 0.2
note yield 1 3 6 1 2 3 5 710 30 Macau pataca .1252 7.9880 –0.4 Egypt pound .0619 16.1594 0.7
Hanscom AFB, MA 800-656-4328 2019 2020
0.00 month(s) years Malaysia ringgit .2337 4.2790 4.6 Israel shekel .2910 3.4362 –0.5
J A S O N D J FM AM J STAR Financial Bank 3.00% New Zealand dollar .6430 1.5552 4.7 Kuwait dinar 3.2480 .3079 1.6
Fort Wayne, IN 765-622-4185 maturity Pakistan rupee .00598 167.350 8.0 Oman sul rial 2.5972 .3850 0.01
2019 2020
Sources: Tradeweb ICE U.S. Treasury Close; Tullett Prebon; Dow Jones Market Data Philippines peso .0200 49.984 –1.4 Qatar rial .2746 3.641 –0.1
Yield/Rate (%) 52-Week Range (%) 3-yr chg Singapore dollar .7187 1.3914 3.4 Saudi Arabia riyal .2666 3.7511 –0.01
Interest rate Last (l)Week ago Low 0 2 4 6 8 High (pct pts)
Corporate Borrowing Rates and Yields South Korea won .0008316 1202.54 4.1 South Africa rand .0583 17.1463 22.5
Federal-funds rate target 0.00-0.25 0.00-0.25 0.00 l 2.25 -1.00 Sri Lanka rupee .0053665 186.34 2.8
Yield (%) 52-Week Total Return (%) Taiwan dollar .03388 29.514 –1.3 Close Net Chg % Chg YTD%Chg
Prime rate* 3.25 3.25 3.25 l 5.50 -1.00 Bond total return index Close Last Week ago High Low 52-wk 3-yr Thailand baht .03236 30.900 3.8 WSJ Dollar Index 91.62 0.05 0.06 2.30
Libor, 3-month 0.31 0.31 0.28 l 2.34 -0.99
U.S. Treasury, Barclays 2473.240 0.520 0.540 2.040 0.480 10.29 5.29 Sources: Tullett Prebon, Dow Jones Market Data
Money market, annual yield 0.28 0.29 0.28 l 0.78 -0.05
1.320 25.28 11.20
Five-year CD, annual yield 0.75 0.74 0.71 l 1.97 -0.63 U.S. Treasury Long, Barclays 4862.650 1.360 2.570 0.980
Commodities
30-year mortgage, fixed† 3.35 3.41 3.32 l 4.22 -0.56 Aggregate, Barclays 2256.970 1.300 1.310 2.590 1.270 8.61 5.05 Thursday 52-Week YTD
Pricing trends on someClose
raw materials, or commodities
Net chg % Chg High Low % Chg % chg
15-year mortgage, fixed† 2.92 2.86 2.81 l 3.57 -0.22 Fixed-Rate MBS, Barclays 2219.800 1.460 1.450 2.790 0.930 5.61 3.77
Jumbo mortgages, $510,400-plus† 3.38 3.46 3.35 l 4.71 -1.03 DJ Commodity 549.27 -0.44 -0.08 647.86 433.70 -11.88 -14.48
High Yield 100, ICE BofA 3014.951 5.589 5.308 10.740 4.516 –1.724 2.469
Five-year adj mortgage (ARM)† 3.12 3.18 3.11 l 4.78 -0.20 TR/CC CRB Index 135.37 0.12 0.09 187.39 106.29 -25.82 -27.14
Muni Master, ICE BofA 580.994 1.211 1.228 3.441 0.959 4.787 3.943 Crude oil, $ per barrel 38.72 0.71 1.87 63.27 -37.63 -34.85 -36.59
New-car loan, 48-month 4.44 4.18 4.17 l 4.72 1.37
Bankrate.com rates based on survey of over 4,800 online banks. *Base rate posted by 70% of the nation's largest EMBI Global, J.P. Morgan 864.668 5.145 5.163 7.480 4.523 1.506 3.140 Natural gas, $/MMBtu 1.482 -0.115 -7.20 2.862 1.482 -36.23 -32.30
banks.† Excludes closing costs.
Sources: FactSet; Dow Jones Market Data; Bankrate.com Sources: J.P. Morgan; S&P Dow Jones Indices; Bloomberg Barclays; ICE Data Services Gold, $ per troy oz. 1762.10 -3.70 -0.21 1772.10 1385.60 25.11 15.97

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B8 | Friday, June 26, 2020 THE WALL STREET JOURNAL.

COMMODITIES wsj.com/market-data/commodities

Futures Contracts Open

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

Metal & Petroleum Futures March 2.702 2.710 2.653 2.668 –.042 86,453 Sept 2,310 2,396 2,307 2,386 80 96,286 Sept .9354 .9356 .9317 .9338 –.0025 139,808
Coffee (ICE-US)-37,500 lbs.; cents per lb. Canadian Dollar (CME)-CAD 100,000; $ per CAD
Contract Open 96.65 97.10 94.55 94.85 –1.80 832 July .7330 .7351 .7316 .7327 –.0020 408
Open High hi lo Low Settle Chg interest Agriculture Futures July
Sept 97.50 98.15 95.15 95.80 –2.00 109,662 Sept .7335 .7350 .7316 .7328 –.0020 102,369
Copper-High (CMX)-25,000 lbs.; $ per lb. Corn (CBT)-5,000 bu.; cents per bu. Sugar-World (ICE-US)-112,000 lbs.; cents per lb. British Pound (CME)-£62,500; $ per £
June 2.6380 2.6450 2.6380 2.6625 0.0120 760 July 323.50 324.25 315.00 317.25 –7.00 188,783 July 11.77 11.83 11.65 11.81 .06 40,958 July 1.2424 1.2464 1.2392 1.2410 –.0014 510
Sept 2.6565 2.6825 2.6390 2.6780 0.0205 95,246 Sept 326.50 327.00 317.50 320.50 –6.50 592,858 Oct 11.78 11.93 11.73 11.92 .08 414,469 Sept 1.2429 1.2470 1.2394 1.2414 –.0014 172,305
Gold (CMX)-100 troy oz.; $ per troy oz. Oats (CBT)-5,000 bu.; cents per bu. Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb. Swiss Franc (CME)-CHF 125,000; $ per CHF
June 1761.70 1764.80 1759.80 1762.10 –3.70 1,816 July 305.00 323.00 304.50 311.50 6.75 568 Sept 25.95 25.95 25.95 25.97 –.03 2,361 Sept 1.0580 1.0580 1.0541 1.0564 –.0011 41,977
Aug 1772.30 1779.60 1764.10 1770.60 –4.50 375,797 Dec 289.50 291.25 285.75 289.75 .75 3,132 Nov 26.11 26.11 26.11 26.11 … 2,612 Dec 1.0590 1.0605 1.0575 1.0593 –.0011 99
Oct 1778.40 1788.00 1773.60 1779.70 –4.30 34,277 Soybeans (CBT)-5,000 bu.; cents per bu. Cotton (ICE-US)-50,000 lbs.; cents per lb. Australian Dollar (CME)-AUD 100,000; $ per AUD
July 870.50 871.50 861.75 869.25 –1.50 88,305 July 61.50 61.80 61.50 61.81 .15 679 July .6870 .6892 .6849 .6873 .0005 454
Dec 1789.30 1796.60 1781.60 1788.40 –4.20 79,036
Nov 870.00 870.50 860.00 868.25 –1.75 311,136 Dec 59.21 59.93 58.80 59.70 .49 115,206 Sept .6871 .6894 .6849 .6874 .0006 92,315
Feb'21 1794.00 1802.40 1789.20 1795.20 –4.30 21,561
Soybean Meal (CBT)-100 tons; $ per ton. Orange Juice (ICE-US)-15,000 lbs.; cents per lb. Mexican Peso (CME)-MXN 500,000; $ per MXN
June 1801.30 1801.30 1801.30 1799.90 –4.20 5,914
July 286.80 287.00 283.60 285.50 –1.20 43,216 July .04348 .04404 .04348 .04396 .00018 120
Palladium (NYM) - 50 troy oz.; $ per troy oz. July 119.00 121.00 117.10 120.30 .50 1,332
Dec 293.30 293.60 290.50 293.00 –.20 162,499 Sept .04344 .04372 .04303 .04359 .00017 114,859
June 1839.60 1839.60 1839.60 1824.90 –43.40 4 Sept 123.00 124.60 121.00 124.25 1.45 7,279
Soybean Oil (CBT)-60,000 lbs.; cents per lb. Euro (CME)-€125,000; $ per €
Sept 1873.30 1894.90 1830.20 1845.10 –43.40 6,306 July 27.64 27.67 27.36 27.54 –.11 45,191 July 1.1257 1.1263 1.1195 1.1220 –.0044 11,009
Dec 1873.40 1883.50 1841.00 1841.40 –43.60 385 Dec 28.51 28.53 28.21 28.42 –.08 156,175
Interest Rate Futures Sept 1.1274 1.1280 1.1210 1.1236 –.0044 564,731
Platinum (NYM)-50 troy oz.; $ per troy oz. Rough Rice (CBT)-2,000 cwt.; $ per cwt. Ultra Treasury Bonds (CBT) - $100,000; pts 32nds of 100%
June ... ... ... 803.90 –1.90 1 July 14.04 14.05 13.53 13.56 –.39 976 Sept 217-210 218-280 217-040 218-020 1-03.0 1,025,873 Index Futures
Oct 810.00 818.60 800.40 808.50 –9.30 37,096 Sept 12.26 12.39 12.19 12.39 .12 7,537 Treasury Bonds (CBT)-$100,000; pts 32nds of 100%
Silver (CMX)-5,000 troy oz.; $ per troy oz. Wheat (CBT)-5,000 bu.; cents per bu. Sept 178-020 178-200 177-270 178-070 11.0 1,024,189
Mini DJ Industrial Average (CBT)-$5 x index
Sept 25379 25659 25003 25596 203 72,343
June 17.765 17.805 17.700 17.883 0.225 8 July 480.00 489.25 478.75 486.75 5.50 49,371 Dec 174-220 176-300 176-280 177-070 11.0 1
Dec 25282 25530 24898 25475 200 90
Sept 17.720 18.085 17.650 18.051 0.240 111,580 Sept 483.25 491.75 483.25 488.25 2.50 215,521 Treasury Notes (CBT)-$100,000; pts 32nds of 100% S&P 500 Index (CME)-$250 x index
Crude Oil, Light Sweet (NYM)-1,000 bbls.; $ per bbl. Wheat (KC)-5,000 bu.; cents per bu. Sept 138-280 139-020 138-255 138-290 1.0 3,291,309
Sept 3031.70 3073.20 3006.10 3070.70 21.70 4,543
Aug 38.05 39.23 37.08 38.72 0.71 303,081 July 431.00 433.00 426.50 429.75 –1.50 26,784 5 Yr. Treasury Notes (CBT)-$100,000; pts 32nds of 100% Dec … … … 3060.60 21.70 2
Sept 38.26 39.38 37.32 38.91 0.70 318,496 Sept 439.50 441.25 434.50 437.75 –2.00 132,697 June 125-240 125-262 125-235 125-245 .2 27,432
Cattle-Feeder (CME)-50,000 lbs.; cents per lb. Sept 125-160 125-192 125-157 125-172 .2 3,440,058
Mini S&P 500 (CME)-$50 x index
Oct 38.44 39.52 37.56 39.08 0.69 130,628 Sept 3046.75 3079.50 3005.00 3070.75 21.75 2,576,899
Dec 38.78 39.83 38.02 39.43 0.70 314,311 Aug 132.950 134.400 132.425 133.250 .375 17,652 2 Yr. Treasury Notes (CBT)-$200,000; pts 32nds of 100% Dec 3032.75 3080.00 2995.50 3060.50 21.50 46,961
Sept 134.250 135.425 133.675 134.500 .325 6,409 June 110-072 110-077 110-070 110-076 .5 32,339
June'21 39.68 40.55 38.95 40.18 0.68 129,378
110-107 110-116 110-107 110-113 .3 2,052,900
Mini S&P Midcap 400 (CME)-$100 x index
Dec 40.30 41.16 39.73 40.78 0.62 137,604
Cattle-Live (CME)-40,000 lbs.; cents per lb. Sept
Sept 1734.30 1752.40 1701.00 1749.60 24.00 63,713
June 93.675 94.375 93.300 94.175 .875 2,120 30 Day Federal Funds (CBT)-$5,000,000; 100 - daily avg.
NY Harbor ULSD (NYM)-42,000 gal.; $ per gal. June 99.9200 99.9225 99.9200 99.9200 .0000 149,065
Dec 1806.50 1741.10 1700.40 1747.80 24.00 3
Aug 96.200 96.825 95.875 96.075 –.275 130,299
July 1.1520 1.1664 1.1180 1.1556 .0048 16,042 99.9450 99.9500 99.9450 99.9450 .0050 233,586
Mini Nasdaq 100 (CME)-$20 x index
Hogs-Lean (CME)-40,000 lbs.; cents per lb. Oct
Sept 10005.25 10107.00 9885.50 10088.25 77.50 182,764
Aug 1.1657 1.1808 1.1348 1.1695 .0038 73,037 10 Yr. Del. Int. Rate Swaps (CBT)-$100,000; pts 32nds of 100%
July 46.025 47.150 46.025 46.925 1.000 22,579 Dec 10004.00 10094.75 9876.25 10076.50 77.00 521
Gasoline-NY RBOB (NYM)-42,000 gal.; $ per gal. Aug 51.250 t 51.950 49.050 51.325 .075 88,334 Sept 100-230 100-260 100-175 100-220 3.5 67,784
July 1.1878 1.2100 1.1354 1.1942 –.0022 21,711 Eurodollar (CME)-$1,000,000; pts of 100% Mini Russell 2000 (CME)-$50 x index
Lumber (CME)-110,000 bd. ft., $ per 1,000 bd. ft. Sept 1394.70 1413.40 1363.60 1409.80 13.40 528,339
Aug 1.1939 1.2130 1.1421 1.1972 –.0020 97,561 July 426.80 444.00 426.80 435.60 6.80 496 July 99.7025 99.7050 99.6925 99.7025 … 274,419
Dec 1380.00 1410.00 1362.90 1407.30 13.40 312
Natural Gas (NYM)-10,000 MMBtu.; $ per MMBtu. Sept 423.50 438.90 423.50 429.50 5.40 1,373 Sept 99.7200 99.7200 99.7100 99.7150 … 1,782,931
July 1.595 1.598 t 1.440 1.482 –.115 18,081 Dec 99.6800 99.6850 99.6750 99.6800 … 1,082,624
Mini Russell 1000 (CME)-$50 x index
Milk (CME)-200,000 lbs., cents per lb. Sept 1671.90 1703.50 1668.20 1702.40 20.50 8,298
Aug 1.661 1.661 t 1.517 1.546 –.115 285,738 June 20.93 20.94 20.90 20.92 –.09 5,952 March'21 99.7700 99.7750 99.7650 99.7750 .0100 965,647
U.S. Dollar Index (ICE-US)-$1,000 x index
Sept 1.718 1.721 t 1.588 1.612 –.111 191,049 July 21.06 21.29 20.40 20.94 –.62 5,365 Sept 97.21 97.59 97.14 97.39 .26 19,258
Oct 1.817 1.822 t 1.706 1.730 –.092 126,432 Cocoa (ICE-US)-10 metric tons; $ per ton. Currency Futures Dec 97.26 97.56 97.26 97.40 .27 537
Jan'21 2.835 2.839 2.778 2.794 –.048 118,425 July 2,521 2,521 2,521 2,521 80 271
Japanese Yen (CME)-¥12,500,000; $ per 100¥
July .9343 .9348 .9310 .9330 –.0024 990 Source: FactSet

Cash Prices | wsj.com/market-data/commodities Thursday, June 25, 2020

Bonds | wsj.com/market-data/bonds/benchmarks
These prices reflect buying and selling of a variety of actual or “physical” commodities in the marketplace—
separate from the futures price on an exchange, which reflects what the commodity might be worth in future Tracking Bond Benchmarks
months. Return on investment and spreads over Treasurys and/or yields paid to investors compared with 52-week
Thursday Thursday Thursday
highs and lows for different types of bonds
Energy Aluminum, LME, $ per metric ton *1564.0 Wheat,No.1soft white,Portld,OR-u 5.7750
Total Total
Copper,Comex spot 2.6625 return YTD total Yield (%) return YTD total Yield (%)
Coal,C.Aplc.,12500Btu,1.2SO2-r,w 56.900 Iron Ore, 62% Fe CFR China-s 104.6 Food close return (%) Index Latest Low High close return (%) Index Latest Low High
Coal,PwdrRvrBsn,8800Btu,0.8SO2-r,w 11.750 Shredded Scrap, US Midwest-s,m 254 Beef,carcass equiv. index
Broad Market Bloomberg Barclays Mortgage-Backed Bloomberg Barclays
Metals Steel, HRC USA, FOB Midwest Mill-s 483 choice 1-3,600-900 lbs.-u 173.36
2256.97 5.9 U.S. Aggregate 1.300 1.270 2.590 2219.80 3.3 Mortgage-Backed 1.460 0.930 2.790
Fibers and Textiles select 1-3,600-900 lbs.-u 161.79
Gold, per troy oz Broilers, National comp wtd. avg.-u,w 0.7238 U.S. Corporate Indexes Bloomberg Barclays 2173.63 3.5 Ginnie Mae (GNMA) 0.860 0.490 2.740
Engelhard industrial 1763.00 Burlap,10-oz,40-inch NY yd-n,w 0.5850 Butter,AA Chicago 1.7650
Handy & Harman base 1756.55 Cotton,1 1/16 std lw-mdMphs-u 0.5814 3291.48 4.7 U.S. Corporate 2.190 2.160 4.580 1309.21 3.3 Fannie mae (FNMA) 1.680 1.110 2.810
Cheddar cheese,bbl,Chicago 240.00
Handy & Harman fabricated 1949.77 Cotlook 'A' Index-t *67.95 Cheddar cheese,blk,Chicago 257.50 3010.14 4.0 Intermediate 1.600 1.560 4.400 2010.01 3.3 Freddie Mac (FHLMC) 1.660 1.080 2.810
LBMA Gold Price AM *1775.70 Hides,hvy native steers piece fob-u 25.000 Milk,Nonfat dry,Chicago lb. 103.50
4814.01 5.8 Long term 3.200 2.950 4.930 580.99 2.7 Muni Master 1.211 0.959 3.441
LBMA Gold Price PM *1766.05 Wool,64s,staple,Terr del-u,w 3.18 Coffee,Brazilian,Comp 0.9212
Krugerrand,wholesale-e 1829.46 Grains and Feeds Coffee,Colombian, NY 1.4707 680.24 5.9 Double-A-rated 1.570 1.540 3.360 410.23 2.8 7-12 year 1.179 0.924 3.447
Maple Leaf-e 1847.06 Eggs,large white,Chicago-u 0.6450 861.55 3.3 465.93 2.9 12-22 year 1.658 1.224 3.690
Barley,top-quality Mnpls-u n.a.
Triple-B-rated 2.630 2.570 5.350
American Eagle-e 1847.06 Flour,hard winter KC 14.60
2128.95 Bran,wheat middlings, KC-u 85 High Yield Bonds ICE BofA 447.54 1.5 22-plus year 2.452 1.765 4.123
Mexican peso-e Hams,17-20 lbs,Mid-US fob-u n.a.
Corn,No. 2 yellow,Cent IL-bp,u 3.0450 -4.2 Global Government J.P. Morgan†
Austria crown-e 1727.27 Hogs,Iowa-So. Minnesota-u 46.95 447.39 High Yield Constrained 6.732 5.151 11.400
Corn gluten feed,Midwest-u,w 106.5
Austria phil-e 1847.06 Pork bellies,12-14 lb MidUS-u n.a. 612.26 5.0 Global Government 0.570 0.390 1.130
Corn gluten meal,Midwest-u,w 389.4 385.44 -12.0 Triple-C-rated 14.534 10.735 19.071
Silver, troy oz. Pork loins,13-19 lb MidUS-u 0.7618
Cottonseed meal-u,w n.a. 3014.95 -5.6 High Yield 100 5.589 4.516 10.740 868.04 8.0 Canada 0.710 0.590 1.740
Engelhard industrial 17.7000 Steers,Tex.-Okla. Choice-u 97.00
Hominy feed,Cent IL-u,w 102
Handy & Harman base 17.7380 Steers,feeder,Okla. City-u,w 145.13 405.73 -3.7 Global High Yield Constrained 6.576 4.893 11.310 408.00 2.0 EMU§ 0.350 0.109 0.794
Meat-bonemeal,50% pro Mnpls-u,w 188
Handy & Harman fabricated 22.1730 778.83 2.6
Oats,No.2 milling,Mnpls-u 3.4150
Fats and Oils 312.21 -5.0 Europe High Yield Constrained 4.662 2.464 8.183 France 0.070 -0.160 0.430
LBMA spot price *£14.2600 Rice, Long Grain Milled, No. 2 AR-u,w 30.00
(U.S.$ equivalent) *17.8550 U.S Agency Bloomberg Barclays 547.83 2.2 Germany -0.360 -0.740 -0.050
Sorghum,(Milo) No.2 Gulf-u 7.7763 Corn oil,crude wet/dry mill wtd. avg.-u,w 53.9500
Coins,wholesale $1,000 face-a 16098 SoybeanMeal,Cent IL,rail,ton48%-u 288.50 Grease,choice white,Chicago-h 0.2100 1858.24 5.0 U.S Agency 0.580 0.550 2.170 295.33 -0.9 Japan 0.280 -0.070 0.290
Other metals Soybeans,No.1 yllw IL-bp,u 8.5300 Lard,Chicago-u n.a. 1619.29 3.6 10-20 years 0.440 0.400 2.080 609.68 2.3 Netherlands -0.240 -0.540 0.080
LBMA Platinum Price PM *811.0 Wheat,Spring14%-pro Mnpls-u 6.6100 Soybean oil,crude;Centl IL-u 0.2619
Platinum,Engelhard industrial 800.0 Wheat,No.2 soft red,St.Louis-bp,u 4.9600 Tallow,bleach;Chicago-h 0.2200 4263.20 11.7 20-plus years 1.510 1.170 2.690 1108.81 10.3 U.K. 0.440 0.390 1.270
Palladium,Engelhard industrial 1846.0 Wheat - Hard - KC (USDA) $ per bu-u 4.4975 Tallow,edible,Chicago-u n.a. 2825.72 3.4 Yankee 1.730 1.730 3.500 864.67 -1.9 Emerging Markets ** 5.145 4.523 7.480
*Constrained indexes limit individual issuer concentrations to 2%; the High Yield 100 are the 100 largest bonds † In local currency § Euro-zone bonds
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; ** EMBI Global Index Sources: ICE Data Services; Bloomberg Barclays; J.P.Morgan
M=monthly; N=nominal; n.a.=not quoted or not available; R=SNL Energy; S=Platts-TSI; T=Cotlook Limited; U=USDA; W=weekly, Z=not quoted. *Data as of 6/24

Source: Dow Jones Market Data

Global Government Bonds: Mapping Yields
Yields and spreads over or under U.S. Treasurys on benchmark two-year and 10-year government bonds in
Exchange-Traded Portfolios | WSJ.com/ETFresearch selected other countries; arrows indicate whether the yield rose(s) or fell (t) in the latest session
Closing Chg YTD Country/ Yield (%) Spread Under/Over U.S. Treasurys, in basis points
Largest 100 exchange-traded funds, latest session ETF Symbol Price (%) (%) Coupon (%) Maturity, in years Latest(l)-2 -1 0 1 2 3 4 Previous Month ago Year ago Latest Prev Year ago
Thursday, June 25, 2020 Closing Chg YTD SPDR DJIA Tr DIA 257.44 1.10 –9.7 0.125 U.S. 2 0.164 t l 0.187 0.174 1.736
ETF Symbol Price (%) (%) SPDR S&PMdCpTr MDY 319.33 1.33 –14.9
Closing Chg YTD
SPDR S&P 500 SPY 307.35 1.07 –4.5
0.625 10 0.674 t l 0.683 0.661 1.988
ETF Symbol Price (%) (%) iShMSCIEmgMarkets EEM 40.43 0.42 –9.9
iShMSCIJapan EWJ 56.01 1.14 –5.5
SPDR S&P Div SDY 89.75 1.07 –16.6 2.000 Australia 2 0.262 t l 0.263 0.269 0.917 9.8 7.6 -81.9
CommSvsSPDR XLC 54.89 0.44 2.3
TechSelectSector XLK 103.58 1.28 13.0
CnsmrDiscSelSector XLY 126.72 0.13 1.0 iShNasdaqBiotech IBB 137.92 1.11 14.4
UtilitiesSelSector XLU 55.77 –1.24 –13.7
2.500 10 0.892 t l 0.932 0.869 1.293 21.8 24.9 -69.5
CnsStapleSelSector XLP 58.32 0.71 –7.4 iShNatlMuniBd MUB 115.36 0.11 1.3
EnSelectSectorSPDR XLE 37.82 1.91 –37.0 iShPfd&Incm PFF 34.65 –0.14 –7.8
VanEckGoldMiner GDX 34.96 0.63 19.4 0.000 France 2 -0.600 t l -0.591 -0.533 -0.666 -76.3 -77.8 -240.2
VangdInfoTech VGT 276.08 1.33 12.8
FinSelSectorSPDR XLF 23.59 2.65 –23.4 iShRussell1000Gwth IWF 191.12 1.15 8.6
VangdSC Val VBR 104.91 1.40 –23.5
0.000 10 -0.121 t l -0.104 -0.042 -0.005 -79.5 -78.7 -199.3
FT ValDivFd FVD 30.01 0.78 –16.7 iShRussell1000 IWB 170.75 1.11 –4.3
HealthCareSelSect XLV 98.71 0.98 –3.1 iShRussell1000Val IWD 111.92 1.07 –18.0
VangdSC Grwth VBK 197.93 1.19 –0.4 0.000 Germany 2 -0.690 t l -0.674 -0.673 -0.740 -85.4 -86.1 -247.6
VangdDivApp VIG 116.40 0.80 –6.6
InvscQQQI QQQ 246.03 0.95 15.7 iShRussell2000 IWM 140.45 1.51 –15.2
VangdFTSEDevMk VEA 39.04 1.32 –11.4 0.000 10 -0.466 t l -0.437 -0.495 -0.329 -114.0 -112.0 -231.7
InvscS&P500EW RSP 100.48 1.03 –13.2 iShRussell3000 IWV 178.97 1.14 –5.1
InvscS&P500LowVol SPLV 49.01 0.82 –16.0 iShRussellMid-Cap IWR 53.01 1.20 –11.1
VangdFTSE EM VWO 40.03 0.43 –10.0 1.000 Italy 2 -0.081 s l -0.095 0.376 0.286 -24.5 -28.3 -145.0
iShRussellMCValue IWS 75.53 1.02 –20.3 VangdFTSE Europe VGK 50.63 1.56 –13.6
iSh3-7YTreasuryBd IEI 133.46 0.01 6.1 0.950 10 1.303 s 1.265 1.596 2.161 58.2 17.3
VangdFTSEAWxUS VEU 48.01 1.07 –10.7
l 62.9
iShCoreDivGrowth DGRO 37.44 1.16 –11.0 iShS&P500Growth IVW 206.66 0.96 6.7
VangdGrowth VUG 200.95 1.12 10.3 0.100 Japan 2 -0.146 s l -0.148 -0.168 -0.223 -33.6 -195.9
iShCoreMSCIEAFE IEFA 57.72 1.35 –11.5 iShS&P500Value IVE 107.51 1.08 –17.4 -30.9
iShShortCpBd IGSB 54.66 0.04 1.9 VangdHlthCr VHT 190.65 1.12 –0.6
iShCoreMSCIEM IEMG 48.15 0.42 –10.4
VangdHiDiv VYM 78.38 1.08 –16.4 0.100 10 0.017 t l 0.017 0.005 -0.151 -65.8 -66.7 -213.9
iShCoreMSCITotInt IXUS 54.97 0.99 –11.2 iShShortTreaBd SHV 110.72 ... 0.2
VangdIntermBd BIV 92.89 0.06 6.5
iShCoreS&P500 IVV 308.50 1.05 –4.6 iShTIPSBondETF TIP 122.85 0.09 5.4 0.400 Spain 2 -0.445 t l -0.426 -0.300 -0.415 -60.9 -61.3 -215.1
iShCoreS&P MC IJH 174.79 1.30 –15.1 iSh1-3YTreasuryBd SHY 86.57 ... 2.3 VangdIntrCorpBd VCIT 94.72 –0.03 3.7
iShCoreS&P SC IJR 66.63 1.55 –20.5 iSh7-10YTreasuryBd IEF 121.64 0.02 10.4 VangdLC VV 142.36 1.05 –3.7 1.250 10 0.456 t l 0.461 0.682 0.380 -21.8 -22.2 -160.8
VangdMC VO 162.03 1.25 –9.1
iShS&PTotlUSStkMkt ITOT 69.10 1.25 –4.9 iSh20+YTreasuryBd TLT 163.50 0.29 20.7 0.500 U.K. 2 -0.075 s l -0.080 -0.043 0.676 -23.9 -26.7 -106.0
iShCoreUSAggBd AGG 117.87 0.12 4.9 iShRussellMCGrowth IWP 156.87 1.14 2.8 VangdMBS VMBS 54.36 0.06 2.2
iShSelectDividend DVY 80.06 0.95 –24.2 iShUSTreasuryBdETF GOVT 27.95 0.07 7.7 VangdRealEst VNQ 77.63 1.28 –16.3 4.750 10 0.157 t l 0.191 0.178 0.799 -51.8 -49.2 -118.9
iShEdgeMSCIMinEAFE EFAV 66.66 1.14 –10.6 JPM UltShtIncm JPST 50.75 0.02 0.6 VangdS&P500ETF VOO 283.76 1.06 –4.1
Source: Tullett Prebon
iShEdgeMSCIMinUSA USMV 60.14 0.96 –8.3 PIMCOEnhShMaturity MINT 101.60 0.01 0.0 VangdST Bond BSV 83.03 ... 3.0
iShEdgeMSCIUSAMom MTUM 130.00 1.20 3.5 SPDR BlmBarcHYBd JNK 101.89 –0.07 –7.0 VangdSTCpBd
VangdShortTermTrea
VCSH
VGSH
82.59
62.17
...
0.01
1.9
2.2
Corporate Debt
iShEdgeMSCIUSAQual QUAL 95.53 0.91 –5.4 SPDRBloomBar1-3MTB BIL 91.54 0.01 0.1
iShGoldTr IAU 16.85 –0.12 16.2 SPDR Gold GLD 165.80 –0.06 16.0 VangdSC VB 143.92 1.34 –13.1
Price moves by a company's debt in the credit markets sometimes mirror and sometimes anticipate, moves in
iShiBoxx$InvGrCpBd LQD 133.38 0.11 4.2 SchwabIntEquity SCHF 29.94 1.18 –11.0 VangdTotalBd BND 88.03 0.10 5.0 that same company’s share price.
82.12 0.04 –6.6 72.98 1.05 –5.1 VangdTotIntlBd BNDX 57.76 0.09 2.1
iShiBoxx$HYCpBd
iShJPMUSDEmgBd
HYG
EMB 108.88 0.06 –5.0
SchwabUS BrdMkt
SchwabUS Div
SCHB
SCHD 51.34 1.32 –11.4 VangdTotIntlStk VXUS 49.52 1.02 –11.1
Investment-grade spreads that tightened the most…
iShMBSETF MBB 110.73 0.10 2.5 SchwabUS LC SCHX 73.66 1.03 –4.1 VangdTotalStk VTI 155.64 1.21 –4.9 Spread*, in basis points Stock Performance
iShMSCI ACWI ACWI 73.84 1.07 –6.8 SchwabUS LC Grw SCHG 101.07 1.07 8.8 VangdTotlWrld VT 74.88 1.12 –7.5
Issuer Symbol Coupon (%) Maturity Current One-day change Last week Close ($) % chg
iShMSCI EAFE EFA 61.38 1.42 –11.6 Schwab US TIPs SCHP 59.96 0.05 5.9 VangdValue VTV 99.03 1.07 –17.4 E I Du Pont de Nemours CTVA 1.700 July 15, ’25 61 –17 80 … …
Sixth Street Specialty Lending TSLX 3.875 Nov. 1, ’24 363 –17 n.a. 16.59 0.48
Waste Management WM 3.150 Nov. 15, ’27 70 –17 67 102.39 1.01
Borrowing Benchmarks | wsj.com/market-data/bonds/benchmarks AT&T T 4.550 March 9, ’49 214 –16 211 29.72 1.02
Citigroup C 3.875 Oct. 25, ’23 70 –12 n.a. 52.68 3.68
Money Rates June 25, 2020 Schlumberger Investment SLB 3.650 Dec. 1, ’23 102 –12 104 … …
Aetna AET 2.800 June 15, ’23 65 –11 79 ... ...
Key annual interest rates paid to borrow or lend money in U.S. and international markets. Rates below are a BP Capital Markets BPLN 4.875 March 22, ’49 n.a. –11 329 ... ...
guide to general levels but don’t always represent actual transactions.
…And spreads that widened the most
Week —52-WEEK— Week —52-WEEK—
Inflation Latest ago High Low Latest ago High Low Royal Bank of Scotland RBS 7.500 Aug. 10, ’49 667 146 n.a. 3.05 2.01
May index Chg From (%) Oaktree Specialty Lending OCSL 3.500 Feb. 25, ’25 402 49 n.a. 4.47 1.48
level April '20 May '19 Federal funds Libor UBS AG UBS 5.125 May 15, ’24 246 36 n.a. 11.40 4.01
Effective rate 0.0800 0.0900 2.4300 0.0600 One month 0.18363 0.19000 2.40238 0.16825 Phillips 66* PSX 3.700 April 6, ’23 90 35 83 70.07 0.11
U.S. consumer price index
High 0.1100 0.1100 3.0000 0.1100 Three month 0.30600 0.30638 2.34075 0.28375
All items 256.394 0.002 0.1 Boeing BA 3.250 Feb. 1, ’35 350 32 335 174.88 –1.02
Low 0.0300 0.0300 2.3300 0.0200 Six month 0.36463 0.42475 2.26238 0.36463
Core 265.799 –0.11 1.2 Discover Bank* DFS 2.450 Sept. 12, ’24 105 27 93 … …
Bid 0.0300 0.0800 2.4000 0.0100 One year 0.57038 0.57738 2.28575 0.56375
ABN Amro Bank ABNANV 4.400 March 27, ’28 270 24 n.a. ... ...
International rates Offer 0.0800 0.1000 2.5000 0.0500
Euro Libor BBVA USA BCOMPS 2.500 Aug. 27, ’24 184 23 n.a. ... ...
Week 52-Week
Treasury bill auction One month -0.488 -0.484 -0.360 -0.621
Latest ago High Low 4 weeks 0.110 0.125 2.210 0.000 Three month -0.386 -0.408 -0.142 -0.539 High-yield issues with the biggest price increases…
13 weeks 0.155 0.175 2.210 0.000 Six month -0.328 -0.284 -0.052 -0.491 Bond Price as % of face value Stock Performance
Prime rates Issuer Symbol Coupon (%) Maturity Current One-day change Last week Close ($) % chg
26 weeks 0.175 0.185 2.075 0.080 One year -0.206 -0.175 0.008 -0.441
U.S. 3.25 3.25 5.50 3.25 Bacardi BACARD 5.300 May 15, ’48 124.908 4.08 n.a. ... ...
Canada 2.45 2.45 3.95 2.45 Secondary market Secured Overnight Financing Rate Hertz HTZ 7.125 Aug. 1, ’26 31.000 3.75 34.000 1.69 4.97
Japan 1.475 1.475 1.475 1.475 0.08 0.09 5.25 0.01
Fannie Mae Rite Aid RAD 6.125 April 1, ’23 98.000 3.00 96.500 16.29 26.57
Policy Rates 30-year mortgage yields Value 52-Week Jacobs Entertainment JACENT 7.875 Feb. 1, ’24 88.100 2.10 n.a. ... ...
Latest Traded High Low
Euro zone 0.00 0.00 0.00 0.00 30 days 2.230 2.242 3.424 2.183 Enova International ENVA 8.500 Sept. 15, ’25 90.030 2.03 87.000 15.26 2.21
Switzerland 0.50 0.50 0.50 0.50 60 days 2.269 2.283 3.434 2.219 DTCC GCF Repo Index Macy's Retail Holdings M 3.450 Jan. 15, ’21 96.600 1.63 97.250 6.50 –4.13
Britain 0.10 0.10 0.75 0.10 Treasury 0.125 65.364 6.007 0.002 Mallinckrodt International Finance S.A. MNK 5.750 Aug. 1, ’22 22.625 1.63 n.a. … …
Other short-term rates MBS 0.129 79.800 6.699 0.011
Australia 0.25 0.25 1.25 0.25 Vista Outdoor VSTO 5.875 Oct. 1, ’23 98.927 1.33 n.a. 13.71 3.32
Week 52-Week
Overnight repurchase Latest ago high low Weekly survey …And with the biggest price decreases
U.S. 0.11 0.11 3.40 -0.07 Latest Week ago Year ago
Call money Viking Cruises VIKCRU 5.875 Sept. 15, ’27 59.500 –6.75 71.000 ... ...
U.S. government rates 2.00 2.00 4.25 2.00 Freddie Mac United Airlines Holdings UAL 4.250 Oct. 1, ’22 85.125 –5.13 88.500 34.69 4.90
30-year fixed 3.13 3.13 3.73 Occidental Petroleum OXY 6.450 Sept. 15, ’36 86.750 –4.75 90.250 18.54 3.00
Discount Commercial paper (AA financial) 15-year fixed 2.59 2.58 3.16 Scientific Games International SGMS 7.000 May 15, ’28 83.000 –4.75 91.750 14.70 –4.82
0.25 0.25 3.00 0.25 90 days 0.21 0.23 2.53 0.04 Five-year ARM 3.08 3.09 3.39
Methanex MXCN 5.250 Dec. 15, ’29 90.152 –3.45 95.000 ... ...
Notes on data:
Range Resources RRC 4.875 May 15, ’25 77.100 –3.28 84.500 5.64 0.89
U.S. prime rate is the base rate on corporate loans posted by at least 70% of the 10 largest U.S. banks, and is effective March 16, 2020. Other prime rates American Airlines AAL 5.000 June 1, ’22 56.500 –3.00 70.000 13.17 1.00
aren’t directly comparable; lending practices vary widely by location; Discount rate is effective March 16, 2020. Secured Overnight Financing Rate is as of Diamond Sports DSPORT 6.625 Aug. 15, ’27 58.970 –2.53 65.850 ... ...
June 24, 2020. DTCC GCF Repo Index is Depository Trust & Clearing Corp.'s weighted average for overnight trades in applicable CUSIPs. Value traded is in
billions of U.S. dollars. Federal-funds rates are Tullett Prebon rates as of 5:30 p.m. ET. *Estimated spread over 2-year, 3-year, 5-year, 10-year or 30-year hot-run Treasury; 100 basis points=one percentage pt.; change in spread shown is for Z-spread.
Sources: Federal Reserve; Bureau of Labor Statistics; DTCC; FactSet; Note: Data are for the most active issue of bonds with maturities of two years or more
Tullett Prebon Information, Ltd. Sources: MarketAxess Corporate BondTicker; Dow Jones Market Data
THE WALL STREET JOURNAL. Friday, June 26, 2020 | B9

BIGGEST 1,000 STOCKS

Net Net Net Net Net Net
How to Read the Stock Tables Footnotes: Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg
The following explanations apply to NYSE, NYSE s-New 52-week high. FMC FMC 99.10 2.47 Neurocrine NBIX 128.47 3.11 S&P Global SPGI 327.82 9.85 s T-MobileUS TMUS 110.19 1.76 VeevaSystems VEEV 236.82 2.51
Arca, NYSE American and Nasdaq Stock Market t-New 52-week low. J K L
listed securities. Prices are composite quotations dd-Indicates loss in the most recent four Facebook FB 235.68 1.66 NewOrientalEduc EDU 132.98 0.87 SBA Comm SBAC 289.29 1.52 TRowePrice TROW 122.53 1.49 Ventas VTR 35.58 1.19
that include primary market trades as well as quarters. s FactSet FDS 342.16 44.95 JD.com JD 60.51 0.67 NYTimes A NYT 42.42 0.71 SEI Investments SEIC 54.28 0.98 TaiwanSemi TSM 57.04 0.46 VeriSign VRSN 205.11 2.38
trades reported by Nasdaq BX (formerly Boston), FD-First day of trading. FairIsaac FICO 416.37 7.31 NewellBrands NWL 15.19 0.10 SK Telecom SKM 18.62 -0.06 TakeTwoSoftware TTWO 140.40 0.53 VeriskAnalytics VRSK 166.21 2.52
Joyy YY 94.37 0.74
Chicago Stock Exchange, Cboe, NYSE National and h-Does not meet continued listing Fastenal FAST 41.67 0.33 Newmont NEM 58.59 0.18 SS&C Tech SSNC 55.07 -0.42 TakedaPharm TAK 18.48 Verizon VZ 54.28 0.35
JPMorganChase JPM 97.96 3.30 0.16
Nasdaq ISE. standards
The list comprises the 1,000 largest companies lf-Late filing s Fastly FSLY 81.67 5.60 JackHenry JKHY 180.25 0.56 NewsCorp B NWS 11.77 0.08 StoreCapital STOR 24.33 0.55 Target TGT 119.81 0.09 VertxPharm VRTX 295.15 3.97
based on market capitalization. q-Temporary exemption from Nasdaq FederalRealty FRT 84.69 2.22 JacobsEngg J 83.64 0.76 NewsCorp A NWSA 11.76 0.09 SVB Fin SIVB 215.00 7.02 TeckRscsB TECK 10.44 0.23 ViacomCBS B VIAC 22.97 -0.61
Underlined quotations are those stocks with requirements. FedEx FDX 136.11 1.02 JamesHardie JHX 18.63 NextEraEnergy NEE 239.16 -2.51 Salesforce.com CRM 188.34 2.79 TeladocHealth TDOC 201.70 4.69 ViacomCBS A VIACA 25.25 -0.71
large changes in volume compared with the t-NYSE bankruptcy -0.17
issue’s average trading volume. v-Trading halted on primary market. Ferrari RACE 170.09 1.40 JazzPharma JAZZ 110.09 1.06 Nike NKE 101.40 1.32 Sanofi SNY 51.86 0.80 TelecomArgentina TEO 9.46 0.18 Vipshop VIPS 19.71 -0.53
Boldfaced quotations highlight those issues vj-In bankruptcy or receivership or being FiatChrysler FCAU 9.99 0.26 J&J JNJ 139.67 -0.15 Nikola NKLA 71.10 -3.09 SantanderCons SC 18.87 0.75 TeledyneTech TDY 308.51 0.86 VirBiotech VIR 45.09 -2.77
whose price changed by 5% or more if their reorganized under the Bankruptcy Code, FidNatlFin FNF 30.70 0.33 JohnsonControls JCI 33.46 0.17 NiSource NI 22.33 -0.07 SareptaTherap SRPT 167.31 3.68 Teleflex TFX 354.96 -0.35 Visa V 193.98 2.57
previous closing price was $2 or higher. or securities assumed by such companies. FidNatlInfo FIS 133.28 0.98 JonesLang JLL 101.03 0.27 Nokia NOK 4.45 0.25 Schlumberger SLB 18.42 0.56 Ericsson ERIC 9.51 0.48 VistraEnergy VST 18.87 0.26
FifthThirdBncp FITB 20.50 0.61 JuniperNetworks JNPR 22.26 -0.12 NomuraHoldings NMR 4.42 -0.02 SchwabC SCHW 34.08 0.28 TelefonicaBras VIV 9.34 0.18 VMware VMW 149.45 -3.28
Wall Street Journal stock tables reflect composite regular trading as of 4 p.m. and
changes in the closing prices from 4 p.m. the previous day. 58.com WUBA 54.10 0.09 KB Fin KB 28.05 -0.09 Nordson NDSN 186.73 2.04 ScottsMiracleGro SMG 130.39 0.81 Telefonica TEF 4.88 0.13 Vodafone VOD 15.89 0.26
FirstAmerFin FAF 48.08 0.21 KKR KKR 31.47 1.16 NorfolkSouthern NSC 171.68 2.53 Sea SE 104.32 0.68 TelekmIndonesia TLK 22.18 -0.03 VornadoRealty VNO 37.91 0.13
Thursday, June 25, 2020 Net Net FirstRepBank FRC 108.18 2.61 KLA KLAC 192.35 3.73 NorthernTrust NTRS 78.44 1.26 Seagate STX 47.73 0.11 10xGenomics TXG 87.09 -0.86 VoyaFinancial VOYA 46.67 1.34

Net Stock Sym Close Chg Stock Sym Close Chg FirstSolar FSLR 50.38 1.30 KSCitySouthern KSU 147.28 4.70 NorthropGrum NOC 301.75 -0.16 SeattleGenetics SGEN 167.86 3.06 Tenaris TS 13.31 0.34 Vroom VRM 57.54 9.85
Stock Sym Close Chg FirstEnergy FE 37.53 -0.25 Kellogg K 65.51 0.63 NortonLifeLock NLOK 19.53 -0.21 SempraEnergy SRE 117.32 -1.68 TencentMusic TME 13.60 0.09 VulcanMatls VMC 116.91 -1.15
BcoSantChile BSAC 16.94 0.14 Clarivate CCC 22.16 0.17 Fiserv FISV 97.43 0.82 KeurigDrPepper KDP 28.40 ... Novartis NVS 89.60 0.80 SensataTechs ST 35.36 0.19 Teradyne TER 84.83 3.47
A B C BancoSantander SAN 2.48 0.09 Clorox CLX 214.92 2.89 FiveBelow FIVE 105.56 -0.86 KeyCorp KEY 12.91 0.42 NovoNordisk NVO 67.25 0.72 ServiceCorp SCI 39.20 0.06 Tesla TSLA 985.98 25.13 W X Y Z
BanColombia CIB 26.58 0.22 Cloudflare NET 36.00 1.00 Five9 FIVN 106.97 3.33 KeysightTechs KEYS 100.39 -0.84 Novocure NVCR 57.20 -2.15 ServiceNow NOW 401.64 8.71 TevaPharm TEVA 12.74 0.10 WEC Energy WEC 85.21 -1.58
ABB ABB 22.10 0.35 BankofAmerica BAC 24.72 0.91 Coca-Cola KO 44.93 0.28 FleetCorTech FLT 246.89 0.50 KilroyRealty KRC 59.04 0.15 NuanceComms NUAN 24.84 0.25 ShawComm B SJR 16.47 0.08 TexasInstruments TXN 125.06 1.07 WEX WEX 161.14 1.00
ACADIA Pharm ACAD 50.19 -1.83 BankofMontreal BMO 54.02 -0.26 Coca-Cola Euro CCEP 38.31 0.54
Floor&Decor FND 55.71 -0.06
KimberlyClark KMB 138.79 0.88 Nucor NUE 41.42 0.75 SherwinWilliams SHW 573.21 6.56 Textron TXT 33.00 0.57 W.P.Carey WPC 68.77 1.71
ADT ADT 7.76 -0.02 BankNY Mellon BK 38.15 0.92 Cognex CGNX 61.34 3.45 FomentoEconMex FMX 63.18 0.24 Nutrien NTR 33.70 0.18 ShinhanFin SHG 24.45 -0.07 ThermoFisherSci TMO 351.76 3.80 WPP WPP 38.82
AECOM ACM 35.99 0.41 BkNovaScotia BNS 41.10 0.27 CognizantTech CTSH 55.59 1.79 FordMotor KimcoRealty KIM 12.75 -0.06 ...
F 6.03 0.08
KinderMorgan KMI 14.96 0.15 NVIDIA NVDA 379.60 10.18 Shopify SHOP 916.32 19.32 ThomsonReuters TRI 67.10 0.41 Wabtec WAB 58.08 -0.22
AES AES 13.88 0.04 Barclays BCS 5.65 0.15 ColgatePalm CL 72.64 0.61 Fortinet FTNT 135.83 1.50 Sibanye-Stillwater SBSW 8.41 0.24 ThorIndustries THO 109.75 0.75 WalgreensBoots WBA 42.04 0.87
KingsoftCloud KC 28.93 2.26
Aflac AFL 35.83 0.66 BarrickGold GOLD 25.73 0.02 Comcast A CMCSA 38.57 0.01 Fortis FTS 37.69 0.23
KinrossGold KGC 6.69 -0.02
O P Q SignatureBank SBNY 105.49 4.20 3M MMM 154.67 2.45 Walmart WMT 119.71 -0.59
AGNC Invt AGNC 13.19 0.37 BauschHealth BHC 18.99 0.43 Comerica CMA 38.68 1.23 Fortive FTV 67.66 1.65
OGE Energy OGE 30.06 SimonProperty SPG 64.94 -0.17 Tiffany TIF 120.35 -1.09 WarnerMusic WMG 30.60 -0.73
ANGI Homesvcs ANGI 12.43 -0.15 BaxterIntl BAX 85.33 2.86 CommerceBcshrs CBSH 59.42 1.63 FortBrandsHome FBHS 61.65 KirklandLakeGold KL 38.94 0.52 -0.28
2.35 SiriusXM SIRI 5.82 0.04 Toro TTC 65.27 1.45 WasteConnections WCN 91.26 1.96
Ansys ANSS 287.19 1.94 BectonDicknsn BDX 228.94 -3.87 SABESP SBS 11.01 -0.17 FoxA Knight-Swift KNX 41.40 -0.16 ONEOK OKE 32.70 0.40
FOXA 26.93 -0.45 Skyworks SWKS 127.30 0.89 TorontoDomBk TD 44.74 0.50 WasteMgt WM 102.39 1.02
ASETech ASX 4.48 0.08 BeiGene BGNE 194.74 8.59 ConagraBrands CAG 33.69 -0.10 FoxB KoninklijkePhil PHG 46.97 0.49 OReillyAuto ORLY 417.60 3.68
FOX 26.75 -0.26 SlackTech WORK 32.82 0.85 Total TOT 39.17 0.87 Waters WAT 176.16 -1.20
ASML ASML 366.55 4.97 Berkley WRB 56.98 1.24 ConchoRscs CXO 51.76 0.15 Franco-Nevada FNV 136.54 KoreaElcPwr KEP 8.03 -0.05 OccidentalPetrol OXY 18.54 0.54
1.90 Smartsheet SMAR 53.97 1.17 ToyotaMotor TM 127.77 -0.03 Watsco WSO 171.12 0.56
AT&T T 29.72 0.30 BerkHathwy B BRK.B 178.85 1.32 ConocoPhillips COP 42.06 1.07 FranklinRscs BEN 21.08 KraftHeinz KHC 31.88 -0.25 Okta OKTA 204.22 8.40
0.26 SmithAO AOS 44.74 -0.37 TractorSupply TSCO 130.82 -0.52 Wayfair W 205.12 4.41
AbbottLabs ABT 89.62 2.32 BerkHathwy A BRK.A 2678401400.02 ConEd ED 70.62 -0.91 FreeportMcM FCX 11.08 Kroger KR 32.78 -0.04 OldDomFreight ODFL 163.01 -0.33
0.51 Smith&Nephew SNN 37.67 -0.06 TradeDesk TTD 409.71 13.34
AbbVie ABBV 96.99 1.85 BerryGlobal BERY 41.66 -0.34 ConstBrands A STZ 173.33 1.67 FreseniusMed FMS 43.64 s LHC Group LHCG 172.10 5.34 Ollie'sBargain OLLI 99.10 1.16 Weibo WB 33.90 0.94
0.94 Smucker SJM 105.74 -0.50 Tradeweb TW 62.17 1.32 WellsFargo WFC 27.37 1.25
Abiomed ABMD 241.75 0.09 BestBuy BBY 84.71 0.89 ConstBrands B STZ.B 171.17 -1.28 Line LN 50.18 -0.25 OmegaHealthcare OHI 28.76 0.36
s Snap SNAP 24.48 0.85 TraneTech TT 85.80 -0.24 Welltower WELL 50.21 0.83
AcceleronPharma XLRN 101.93 -0.61 BeyondMeat BYND 145.35 -6.03 ContinentalRscs CLR 16.28 1.16 G H I LKQ LKQ 25.19 0.41 Omnicom OMC 52.80 0.35
SnapOn SNA 131.69 0.87 TransDigm TDG 436.00 2.10 s
s Accenture LPL Financial LPLA 77.43 1.52 ON Semi ON 19.48 0.19 WestPharmSvcs WST 223.36 6.85
ACN 217.32 15.48 Bilibili BILI 44.57 0.54 Cooper COO 276.61 -4.78 SOQUIMICH SQM 26.36 0.77 TransUnion TRU 85.59
GCI LibertyA GLIBA 66.65 0.76 L3HarrisTech LHX 170.79 2.55 OneConnectFinTech OCFT 18.09 0.05 0.97 WesternDigital WDC 42.57 0.32
ActivisionBliz ATVI 76.21 0.63 Bill.com BILL 84.48 3.59 Copart CPRT 81.50 0.19 SolarEdgeTech SEDG 137.18 -11.31 Travelers
s GDS Holdings GDS 81.56 1.34 LabCpAm LH 161.32 4.23 OpenText OTEX 43.24 0.85 TRV 114.62 1.76 WesternUnion WU 21.17 0.22
AdaptiveBiotech ADPT 47.19 1.36 Bio-Techne TECH 258.27 5.76 Corning GLW 25.81 ...
GFLEnvironmental GFL 18.72 0.35 LamResearch LRCX 312.60 6.82 Oracle ORCL 54.53 0.09
SolarWinds SWI 18.43 0.09 Trex TREX 122.95 0.26 WestlakeChem WLK 53.88 1.31
Adobe ADBE 436.95 5.27 Bio-RadLab A BIO 437.24 4.82 Corteva CTVA 26.20 0.13 Sony SNE 71.00 0.35 Trimble
GSXTechedu GSX 57.80 1.10 LamarAdv LAMR 67.22 -0.98 Orange ORAN 11.66 0.05 TRMB 43.17 0.50 WestpacBanking WBK 12.15 ...
AdvanceAuto AAP 142.91 -0.09 Biogen BIIB 262.63 -0.41 CoStar CSGP 706.23 14.81 Southern SO 51.25 -1.13 Trip.com
Galapagos GLPG 205.65 5.17 LambWeston LW 63.86 0.81 Orix IX 64.34 0.21 TCOM 26.16 0.35 WestRock WRK 26.61 0.41
AdvMicroDevices AMD 51.93 -0.46 BioMarinPharm BMRN 124.22 3.59 Costco COST 300.53 2.51 SoCopper SCCO 38.32 0.84 TruistFinl
Gallagher AJG 97.28 2.50 LasVegasSands LVS 44.99 0.05 OtisWorldwide OTIS 56.20 0.66 TFC 38.55 0.89 Weyerhaeuser WY 21.99 0.24
Aegon AEG 3.04 0.11 BioNTech BNTX 59.71 4.98 s CoupaSoftware COUP 274.23 16.32
Gaming&Leisure GLPI 35.52 -0.34 Lear SouthwestAir LUV 32.97 0.72 TurkcellIletism TKC 5.90 -0.07 WheatonPrecMet WPM 42.21 0.67
AgilentTechs A 87.26 0.70 BlackKnight BKI 73.10 2.03 Credicorp LEA 108.20 0.99 OwensCorning OC 54.45 1.50
BAP 136.79 -2.98 Splunk SPLK 193.04 2.43 Twilio
Garmin GRMN 96.23 0.94 LegendBiotech LEGN 40.53 0.50 PG&E PCG 9.73 -0.07 TWLO 216.52 4.35 Whirlpool WHR 124.30 0.81
AgnicoEagle AEM 61.67 0.13 BlackRock BLK 546.97 8.40 CreditAcceptance CACC 422.38 9.88
s Spotify SPOT 267.47 24.61 Twitter
Gartner IT 119.19 3.53 Leidos LDOS 92.72 -0.53 PLDT PHI 23.69 -0.35 TWTR 31.37 -0.36 Williams WMB 19.10 0.26
AirProducts APD 237.30 4.16 Blackstone BX 57.23 2.04 CreditSuisse CS 10.26 0.35 Square SQ 104.78 3.90 TylerTech
Generac GNRC 114.82 1.55 Lennar B LEN.B 44.50 0.58 PNC Fin PNC 106.45 3.07 TYL 340.32 1.85 Williams-Sonoma WSM 83.70 0.07
AkamaiTech AKAM 102.89 1.92 Boeing BA 174.88 -1.81 Cree CREE 58.40 -0.10 StanleyBlackDck SWK 135.59 4.50 TysonFoods TSN 59.87
GeneralDynamics GD 146.96 0.51 Lennar A LEN 59.76 0.72 POSCO PKX 37.94 0.22 0.43 WillisTowers WLTW 199.31 8.46
Albemarle ALB 73.95 0.63 BookingHldgs BKNG 1615.39 5.06 s CrowdStrike CRWD 105.71 2.01 Starbucks SBUX 73.85 0.21 UBS Group UBS 11.40
GeneralElec GE 6.68 0.15 LennoxIntl LII 225.26 -0.17 PPD PPD 26.73 0.29 0.44 Wipro WIT 3.26 0.07
Alcon ALC 57.75 0.13 BoozAllen BAH 77.53 0.33 CrownCastle CCI 164.72 2.62
StateStreet STT 64.16 2.53 UDR
GeneralMills GIS 60.33 0.04 LibertyBroadbandC LBRDK 124.17 0.18 PPG Ind PPG 102.77 0.89 UDR 36.79 0.40 s Wix.com WIX 253.70 12.42
AlexandriaRlEst ARE 166.60 3.12 BorgWarner BWA 33.50 0.32 CrownHoldings CCK 62.93 0.64 SteelDynamics STLD 26.70 0.83 UGI
GeneralMotors GM 25.23 -0.05 LibertyBroadbandA LBRDA 122.80 0.10 PPL PPL 25.59 0.07 UGI 31.28 0.46 WooriFin WF 22.33 0.19
AlexionPharm ALXN 113.47 1.52 BostonBeer SAM 533.26 2.79 CubeSmart CUBE 26.96 0.20 Steris STE 149.15 0.11 Uber
Genmab GMAB 33.32 0.32 LibertyGlobal C LBTYK 21.38 -0.05 PRA HealthSci PRAH 94.10 -0.64 UBER 30.58 0.12 Workday WDAY 186.26 6.19
Alibaba BABA 222.16 -4.06 BostonProps BXP 90.05 0.36 Cummins CMI 169.71 3.10 STMicroelec STM 26.87 0.22 Ubiquiti
Genpact G 36.29 1.05 LibertyGlobal B LBTYB 23.23 -0.08 PTC PTC 77.36 0.44 UI 168.87 2.20 WynnResorts WYNN 73.56 -1.65
AlignTech ALGN 257.43 -0.22 BostonSci BSX 33.89 0.04 CyrusOne CONE 76.27 1.21 StoneCo STNE 39.96 1.53 UltaBeauty ULTA 194.20
Gentex GNTX 25.68 -0.09 LibertyGlobal A LBTYA 21.83 -0.19 Paccar PCAR 73.25 0.73 -5.80 XP XP 46.15 1.34
Alleghany Y 489.50 22.42 BrightHorizons BFAM 115.32 1.59
Stryker SYK 175.61 -0.69 Unilever
Allegion ALLE 98.00 0.17 Bristol-Myers BMY 58.18 0.42 D E F GenuineParts GPC 85.06 0.39 LibertyFormOne C FWONK 31.33 -0.22 PackagingCpAm PKG 95.93 -2.01
SumitomoMits SMFG 5.69 -0.03 Unilever
UN 54.83 0.09 XPO Logistics XPO 75.69 0.18
GileadSciences GILD 75.49 -0.44 LibertyFormOne A FWONA 28.97 -0.30 PagSeguroDig PAGS 35.49 0.49 UL 56.52 0.22 XcelEnergy XEL 62.90 -0.78
AlliantEnergy LNT 46.77 -0.35 BritishAmTob BTI 39.31 1.17
DISH Network DISH 33.87 -0.54 GSK SunComms SUI 140.37 2.60 UnionPacific UNP 167.02
GSK 41.12 0.45 LibertyBraves A BATRA 19.31 0.12 PaloAltoNtwks PANW 226.90 3.50 1.47 Xilinx XLNX 93.29 0.40
AllogeneTherap ALLO 43.98 0.63 Broadcom AVGO 308.85 1.88
DTE Energy DTE 104.92 -0.35 GlobalPayments GPN 167.56 SunLifeFinancial SLF 36.19 0.37 UnitedAirlines UAL 34.69
0.65 LibertyBraves C BATRK 18.87 0.15 PanAmerSilver PAAS 28.26 0.50 1.62 Xylem XYL 62.16 -0.29
Allstate ALL 95.83 2.88 BroadridgeFinl BR 124.79 2.09 Danaher DHR 172.15 0.87 Globant SuncorEnergy SU 16.73 0.02 UnitedMicro UMC
GLOB 148.61 3.25 LibertySirius B LSXMB 34.00 -1.00 ParkerHannifin PH 176.62 2.90 2.57 ... s Yandex YNDX 50.55 0.25
AllyFinancial ALLY 20.50 2.19 BrookfieldMgt BAM 33.64 0.85 Darden DRI 74.59 3.78 GlobeLife Suzano SUZ 7.18 -0.02 UPS B
GL 72.66 1.47 LibertySirius C LSXMK 33.79 -0.07 Paychex PAYX 73.05 UPS 110.52 1.02 YumBrands YUM 86.00 -0.56
AlnylamPharm ALNY 156.44 4.68 BrookfieldInfr BIP 41.49 -0.43
Datadog DDOG 89.60 1.10 GoDaddy
1.59
SynchronyFin SYF 22.75 0.66 UnitedRentals URI 144.34
GDDY 74.79 -0.80 LibertySirius A LSXMA 34.09 -0.23 PaycomSoftware PAYC 317.04 1.91 YumChina YUMC 49.82 0.12
Alphabet C GOOG 1441.33 9.36 BrookfieldPropREIT BPYU 10.28 -0.14 DaVita DVA 77.50 0.32 GoldFields
4.47
SyneosHealth SYNH 55.59 1.33 US Bancorp USB 38.05
GFI 8.97 0.21 EliLilly 5.83 Paylocity 1.18 ZTO Express ZTO 37.06 -0.32
Alphabet A GOOGL 1441.10 8.40 Brown&Brown BRO 41.00 0.95 DeckersOutdoor DECK 193.06 -1.46 LLY 162.86 PCTY 143.11 0.35
Synnex SNX 101.68 -0.91 s UnitedTherap UTHR 124.18
GoldmanSachs GS 207.10 9.08 LincolnNational LNC 36.80 2.90 ZaiLab ZLAB 80.05 1.46
Alteryx AYX 164.25 5.96 Brown-Forman A BF.A 56.28 -0.40 Deere DE 154.45 3.96 Graco
0.76 PayPal PYPL 172.50 4.50
Synopsys SNPS 189.69 0.49 UnitedHealth UNH 296.22
GGG 46.90 0.49 Linde 7.04 ZebraTech ZBRA 253.64 3.14
AlticeUSA ATUS 23.28 -0.27 Brown-Forman B BF.B 63.34 -0.47 DellTechC DELL 51.60 -1.50 Grainger
LIN 209.14 3.07 Pearson PSO 7.16 0.14
Sysco SYY 55.00 0.12 UnivDisplay OLED 151.33
GWW 295.95 1.16 LiveNationEnt LYV 44.17 3.53 Zendesk ZEN 84.76 3.00
Altria MO 39.66 0.23 Bruker BRKR 38.52 -0.06
DeltaAir DAL 28.01 0.67 Grifols
-0.01 Pegasystems PEGA 95.76 3.61
GRFS 18.80 0.03 LivongoHealth LVGO 71.55 -2.35 s Peloton UniversalHealthB UHS 90.44 1.14 Zillow C Z 59.08 -0.22
AlumofChina ACH 4.72 -0.01 Bunge BG 42.52 1.33
DentsplySirona XRAY 42.82 0.06 GrubHub
PTON 58.06 2.51 T U V
GRUB 68.95 0.50 LloydsBanking LYG VEREIT VER 6.72 0.20 Zillow A ZG 58.86 -0.16
Amazon.com AMZN 2754.58 20.18 BurlingtonStrs BURL 204.51 0.90 DeutscheBank DB 9.57 0.45 GpoAvalAcc AVAL 4.52
1.56 0.05 PembinaPipeline PBA 24.57 0.58
0.18 TAL Education TAL 67.93 0.38 VF VFC 59.81 0.78 ZimmerBiomet ZBH 115.30 -2.92
Ambev ABEV 2.68 0.09 CACI Intl CACI 219.11 -5.47
DexCom DXCM 398.09 3.79 GuardantHealth GH
LockheedMartin LMT 362.82 3.00 Pentair PNR 36.44 0.15
82.81 1.54 TRP 42.91 -0.23 VICI Prop VICI 21.06
Amcor AMCR 10.01 0.05 CBRE Group CBRE 43.52 0.77 Diageo Loews L 33.84 0.67 Penumbra PEN 173.31 0.31 TC Energy -0.02 ZionsBancorp ZION 34.25 1.03
DEO 135.59 ... Guidewire GWRE 108.21 1.40
Amdocs DOX 60.91 0.83 CDW CDW 112.44 0.95 LogitechIntl LOGI 62.88 0.61 PepsiCo PEP 131.41 1.85 TD Ameritrade AMTD 36.75 0.27 VailResorts MTN 182.74 2.74 Zoetis ZTS 135.31 1.01
DiamondbkEner FANG 43.62 1.72 HCA Healthcare HCA 93.35 -0.38 0.16 s
Amedisys AMED 198.65 6.65 CF Industries CF 27.54 -0.30 Lowe's LOW 131.77 -0.21 PerkinElmer PKI 95.93 -0.04 TE Connectivity TEL 78.98 0.91 Vale VALE 10.56 ZoomVideo ZM 259.51 3.61
DigitalRealty DLR 143.07 3.05 HDFC Bank HDB 45.65 1.54 16.89 0.15 ValeroEnergy VLO 57.28
Amerco UHAL 291.90 -2.44
CGI GIB 63.41 1.59 lululemon LULU 295.13 -0.09 Perrigo PRGO 54.73 0.78 Telus TU -0.74 ZoomInfoTech ZI 53.19 2.21
DiscoverFinSvcs DFS 52.06 1.25 HD Supply HDS 33.84 0.55 TSU 13.24 0.14 VarianMed
Ameren AEE 68.81 -0.65
CH Robinson CHRW 77.32 -1.22 Lumentum LITE 75.62 2.78 PetroChina PTR 34.07 0.18 TIM Part VAR 115.97 0.56 Zscaler ZS 111.61 3.35
DiscoveryB DISCB 42.00 3.98 HP HPQ 16.37 0.17 TJX 50.87 -0.66 Vedanta
AmericaMovil AMX 13.06 -0.05
CME Group CME 168.69 1.22 Lyft LYFT 33.19 0.39 PetroleoBrasil PBR 8.40 0.18 TJX VEDL 6.00 0.28 Zynga ZNGA 9.61 0.13
CMS Energy CMS 56.77 -0.63 DiscoveryA DISCA 21.26 -0.45 HSBC HSBC 24.06 0.54
AmericaMovil A AMOV 12.86 0.04 LyondellBasell LYB 64.00 3.36 PetroleoBrasilA PBR.A 8.05 0.15
CNA Fin CNA 32.32 0.59 DiscoveryC DISCK 19.27 -0.41 Halliburton HAL 12.43 0.57
AmerAirlines AAL 13.17 0.13 Pfizer PFE 32.32 0.13
CNH Indl CNHI 6.78 0.04 Disney DIS 111.36 -0.71 HartfordFinl HIG 38.36 0.50 M N PhilipMorris PM 70.67 0.58
AEP AEP 79.30 -1.41
AmerExpress AXP 97.85 2.37
CNOOC CEO 114.70 1.98 DocuSign DOCU 168.40 4.49 Hasbro HAS 70.36 -0.58
2.22 Phillips66 PSX 70.07 0.08 Dividend Changes
CRH CRH 34.06 0.22 DolbyLab DLB 66.23 0.24 HealthcareAmer HTA 26.82 0.40 M&T Bank MTB 105.14
AmericanFin AFG 61.92 1.58 0.60 MGM Resorts MGM 16.70 -0.23 Pinduoduo PDD 86.00 1.50
CSX CSX 68.22 0.72 DollarGeneral DG 190.67 -1.18 HealthpeakProp PEAK 26.59 Dividend announcements from June 25.
AmHomes4Rent AMH 27.35 0.48 0.20 MKS Instrum MKSI 114.01 1.18 PinnacleWest PNW 71.36 -0.26
CVS Health CVS 64.02 0.84 DollarTree DLTR 93.11 3.01 Heico HEI 99.17
AIG AIG 31.26 0.96 -1.71 MPLX MPLX 18.09 0.34 Pinterest PINS 22.58 -0.59 Amount Payable /
CableOne CABO 1747.20 -5.95 DominionEner D 81.14 -1.44 Heico A HEI.A 80.34
Company Symbol Yld % New/Old Frq Record
AmerTowerREIT AMT 254.36 0.18 0.22 MSCI MSCI 342.17 13.81 PioneerNatRscs PXD 97.70 5.54
CabotOil COG 17.17 -0.75 Domino's DPZ 373.70 -1.78 HenrySchein HSIC 56.40
AmerWaterWorks AWK 122.22 -2.18 -0.21 MagellanMid MMP 42.68 0.25 PlainsAllAmPipe PAA 8.66 -0.01
Increased
CadenceDesign CDNS 92.66 0.67 Donaldson DCI 44.16 1.08 Herbalife HLF 42.80
AmericoldRealty COLD 36.50 -0.01 DouglasEmmett DEI 30.76 1.11 Hershey HSY 128.67 0.69 MagnaIntl MGA 43.74 0.64 PlainsGP PAGP 8.83 0.14
Worthington Industries WOR 2.6 .25 /.24 Q Sep29 /Sep15
CaesarsEnt CZR 11.95 -0.10 PlanetFitness PLNT 64.87 -0.74
Ameriprise AMP 151.55 8.59 Dover DOV 92.29 0.40 Hess HES 50.63 1.67 ManhattanAssoc MANH 92.63 1.53
CamdenProperty CPT 89.71 0.69 Stocks
AmerisourceBrgn ABC 100.67 1.83 Dow DOW 39.98 1.53 HewlettPackard HPE 9.47 0.20 ManulifeFin MFC 13.59 0.26 Polaris PII 93.00 1.54
CampbellSoup CPB 49.60 0.74
Ametek AME 87.14 1.30 3.92 MarathonPetrol MPC 36.69 0.46 Pool POOL 263.91 2.62 Ctr Coast Brookfield MLP CEN 1:10 /Jul06
CIBC CM 68.15 0.20 DrReddy'sLab RDY 53.21 0.09 Hill-Rom HRC 105.60
Amgen AMGN 235.11 2.60 -0.68 Markel MKL 907.86 12.71 PostHoldings POST 86.00 -0.40
CanNtlRlwy CNI 87.12 1.68 DraftKings DKNG 36.07 -1.49 Hilton HLT 72.51 Foreign
Amphenol APH 95.20 0.59 0.90 MarketAxess MKTX 507.36 2.17 PrincipalFin PFG 40.00 0.46
CanNaturalRes CNQ 17.31 0.11 Dropbox DBX 22.16 -0.48 Hologic HOLX 54.57 Tecnoglass TGLS 2.0 .0275 Q Jul31 /Jul08
AnalogDevices ADI 120.10 0.63 -0.75 Marriott MAR 84.04 -0.96 Procter&Gamble PG 117.89 1.47
CanPacRlwy CP 250.65 5.78 DukeEnergy DUK 79.45 -1.02 HomeDepot HD 245.38
Anaplan PLAN 43.91 0.11 -0.04 Marsh&McLen MMC 106.98 3.05 Progressive PGR 79.90 2.61
Canon CAJ 21.16 0.37 DukeRealty DRE 35.04 0.46 HondaMotor HMC 26.25 KEY: A: annual; M: monthly; Q: quarterly; r: revised; SA: semiannual; S2:1: stock split and ratio; SO:
AngloGoldAsh AU 28.72 0.36 MartinMarietta MLM 205.83 -0.66 Prologis PLD 91.47 1.67
CanopyGrowth CGC 16.59 -0.12 Dunkin' DNKN 63.29 -0.41 Honeywell HON 142.46 4.11 spin-off.
AB InBev BUD 49.91 0.99 53.09 1.55 s HorizonTherap HZNP 56.98 1.98 MarvellTech MRVL 33.87 0.24 Proofpoint PFPT 107.36 1.25
CapitalOne COF 67.04 1.58 DuPont DD
AnnalyCap NLY 6.73 0.12 0.91 Masco MAS 48.70 0.97 ProsperityBcshs PB 57.23 1.42
CardinalHealth CAH 51.87 -0.14 Dynatrace DT 40.98 -1.36 HormelFoods HRL 48.67
-1.52 PrudentialFin PRU 60.45 0.75
0.02 Masimo
New Highs and Lows | WSJ.com/newhighs
Anthem ANTM 261.00 3.69 MASI 220.55
Carlisle CSL 114.06 1.06 ENI E 19.23 0.24 DR Horton DHI 54.11
Aon AON 194.39 6.86 EOG Rscs EOG 50.73 1.78 HostHotels HST 10.86 -0.12 Mastercard MA 298.01 4.00 Prudential PUK 30.23 1.02
Carlyle CG 28.39 ...
ApartmtInv AIV 37.12 0.92 EPAM Systems EPAM 250.99 3.49 HowmetAerospace HWM 15.20 0.58 s MatchGroup MTCH 98.95 0.93 PublicServiceEnt PEG 47.97 -0.19
CarMax KMX 89.59 0.14 PublicStorage PSA 191.03 1.58
ApolloGlbMgmt APO 49.54 0.03
Carnival CCL 16.00 ... E*TRADE ETFC 50.26 1.95 HuanengPower HNP 15.02 0.14 MaximIntProducts MXIM 60.19 0.28
The following explanations apply to the New York Stock Exchange, NYSE Arca, NYSE American
AppFolio APPF 161.23 2.44 -0.22 s McCormickVtg MKC.V 178.82 7.76 PulteGroup PHM 32.58 -1.26
and Nasdaq Stock Market stocks that hit a new 52-week intraday high or low in the latest
Carnival CUK 12.76 -0.27 EastmanChem EMN 67.72 0.87 Huazhu HTHT 36.43
Apple AAPL 364.84 4.78 0.99 s McCormick MKC 178.54 6.27 Qiagen QGEN 43.54 0.56 session. % CHG-Daily percentage change from the previous trading session.
CarrierGlobal CARR 21.52 -0.22 Eaton ETN 85.47 1.46 Hubbell HUBB 119.95
ApplMaterials AMAT 59.98 0.01 2.66 McDonalds MCD 182.76 -1.53 Qorvo QRVO 108.97 0.45
Carvana CVNA 117.16 4.91 eBay EBAY 49.40 0.63 HubSpot HUBS 221.75
0.73 Qualcomm QCOM 88.96 -0.18 Thursday, June 25, 2020
Aptargroup ATR 107.60 1.66 CaseysGenStores CASY 146.62 -2.61 Ecolab ECL 196.03 -0.64 Humana HUM 376.13 4.33 McKesson MCK 151.29
Aptiv APTV 76.63 2.01 Catalent 1.35 MedicalProp MPW 18.37 0.52 QuantaServices PWR 38.95 0.99 52-Wk % 52-Wk % 52-Wk %
CTLT 73.29 2.82 Ecopetrol EC 11.30 0.27 JBHunt JBHT 118.39
Aramark ARMK 22.24 -0.44 Caterpillar Medtronic MDT 88.86 0.51 QuestDiag DGX 108.30 3.75 Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg
CAT 124.71 2.65 EdisonInt EIX 54.89 0.52 HuntingtonBcshs HBAN 9.89 0.35
ArcelorMittal MT 10.63 0.51 Celanese 85.10 2.14 EdwardsLife EW 68.07 0.58 HuntingIngalls HII 172.11 4.89 MelcoResorts MLCO 15.43 -0.41 Quidel QDEL 207.88 7.38 Immunovant IMVT 29.96 1.3 Trupanion TRUP 42.86 3.3
ArchCapital ACGL 28.88 0.43 CenovusEnergy CVE
CE
4.66 0.10 ElancoAnimal ELAN 21.60 0.20 IAA IAA 38.76 -0.32 MercadoLibre MELI 971.44 17.67 R S
Highs InovioPharma INO 31.57 30.9 TurtleBeach HEAR 16.04 1.1
InterPrivate IPV 9.91 0.7 UnitedTherap UTHR 127.79 2.4
ArcherDaniels ADM 39.95 0.63 Centene CNC 63.36 1.48 Elastic ESTC 92.97 1.82 IAC/InterActive IAC 304.26 2.26 Merck MRK 76.57 0.70 AGM AGMH 26.44 1.2
KerosTherap KROS 42.26 3.6 VOXX Intl VOXX 6.20 4.7
RELX 0.39 A-MarkPrecMet AMRK 19.95 1.5
AresMgmt ARES 38.97 0.85 CenterPointEner CNP 18.15 -0.18 ElbitSystems ESLT 137.94 0.76 ICICI Bank IBN 9.38 0.22 MetLife MET 36.34 0.81 RELX 23.66 KitovPharma KTOV 1.40 46.0 Vaxart VXRT 6.48 96.2
Accenture ACN 217.89 7.7
arGEN-X ARGX 228.91 5.11 CentraisElBras EBR 8.01 MettlerToledo MTD 785.38 1.34 RPM RPM 74.05 0.95 LFCapAcqnA LFAC 10.85 0.8 WestPharmSvcs WST 223.57 3.2
5.76 0.19 ElectronicArts EA 130.74 -0.13 IdexxLab IDXX 327.39 Alarm.com ALRM 65.02 2.3
RaymondJames RJF 70.07 LGLSysAcqnWt DFNS.WS 0.67 -4.6 Wingstop WING 139.13 4.0
AristaNetworks ANET 211.98 2.73 CenturyLink CTL 10.04 0.30 EmersonElec EMR 60.35 0.72 IHS Markit INFO 72.95 1.21 MicrochipTech MCHP 101.98 0.90 1.66 Ameresco AMRC 26.88 2.6
LHC Group LHCG 172.13 3.2 Wix.com WIX 253.92 5.1
AscendisPharma ASND 151.72 -1.03 CeridianHCM CDAY 79.75 1.35 Enbridge ENB 30.31 0.21 ING Groep ING 7.08 0.28 MicronTech MU 49.19 0.90 RaytheonTech RTX 61.06 -0.66 AmerEqInvLifePfB AELpB 25.08 1.3
LimelightNetworks LLNW 7.48 17.0 WorkhorseGroup WKHS 10.25 0.6
AspenTech AZPN 102.74 1.84 Cerner CERN 68.36 -0.29 EncompassHealth EHC 60.53 -0.36 IPG Photonics IPGP 157.58 0.37 Microsoft MSFT 200.34 2.50 RealPage RP 65.72 0.36 AmerFinDeb2060 AFGD 26.24 0.2 Y-mAbsTherap YMAB 50.49 2.2
LiquidiaTechs LQDA 12.10 4.0
RealtyIncome O 0.11 AuburnNatlBncp AUBN 65.55 3.1
Assurant AIZ 100.30 -0.38 CharlesRiverLabs CRL 173.60 2.96 EnelAmericas ENIA 7.76 0.01 IQVIA IQV 137.80 1.33 MidAmApt MAA 111.35 0.83 59.57 MatchGroup MTCH 100.25 0.9 Yandex YNDX 50.75 0.5
Avalara AVLR 138.80 4.9 ZentalisPharm ZNTL 59.32 6.3
AstraZeneca AZN 53.01 0.88 CharterComms CHTR 510.02 2.03 EnelChile ENIC 3.91 0.13 IcahnEnterprises IEP 47.58 -0.17 MitsubishiUFJ MUFG 3.98 ... ReataPharm RETA 166.52 3.53 McCormick MKC 180.93 3.6
B.Riley II Wt BMRG.WS 2.40 -5.1 McCormickVtg MKC.V 180.34 4.5 ZoomVideo ZM 260.29 1.4
Athene ATH 31.89 0.88 CheckPoint CHKP 106.39 1.37 EnergyTransfer ET 7.41 -0.07 Icon ICLR 162.67 0.09 MizuhoFin MFG 2.45 -0.01 RegencyCtrs REG 45.08 0.72 B.Riley II A BMRG 11.84 -4.4 Medifast MED 131.11 6.5
Atlassian TEAM 180.36 3.54 Chegg CHGG 64.95 0.80 EnphaseEnergy ENPH 45.80 -0.88 IDEX IEX 152.19 3.43 MobileTeleSys MBT 9.41 0.05 RegenPharm REGN 619.96
RegionsFin RF
14.92 B.Riley II BMRG.U
BL
12.70
84.22
-2.2
4.1
MeridianBiosci VIVO 21.49 9.6 Lows
AtmosEnergy ATO 97.07 -1.89 Chemed CHE 450.00 5.00 Entegris ENTG 59.15 0.26 IllinoisToolWks ITW 170.96 1.93 Moderna MRNA 62.00 -2.84 11.65 0.37 BlackLine Nautilus NLS 8.75 0.4
12.04 13.1 BostonSciPfdA BSXpA 99.72 0.5
Autodesk ADSK 234.47 1.03 CheniereEnergy LNG 47.47 0.85 Entergy ETR 92.36 -1.15 Illumina ILMN 366.25 7.31 MohawkInds MHK 98.36 -0.93 RelianceSteel RS 92.89 1.83 BrainstormCell BCLI Novavax NVAX 86.50 7.8
10.07 -0.1 Briggs&Stratton BGG 1.15 -5.2
BrilliantAcqn BRLIU OceanBioChem OBCI 16.19 39.1
Autohome ATHM 76.27 2.49 CheniereEnerPtrs CQP 36.55 -0.25 EnterpriseProd EPD 18.12 -0.02 Immunomedics IMMU 35.13 0.20 MolinaHealthcare MOH 174.73 1.85 RenaissanceRe RNR 175.37 3.15 CC NeubergerI Wt PCPL.WS 1.39 -6.5
CardiffOncology CRDF 5.24 23.2 OcularTherapeutix OCUL 9.24 0.6
Autoliv ALV 63.68 0.80 Chevron CVX 89.21 1.57 Equifax EFX 167.94 1.77 ImperialOil IMO 15.74 ... MolsonCoorsB TAP 35.58 -0.92 Repligen RGEN 114.52 1.38 Cerus ChardanHlthcr2 CHAQ.U 9.15 -2.4
CERS 7.05 5.4 OncoCyte OCX 3.51 9.2
ADP ADP 147.45 2.61 Chewy Mondelez MDLZ 50.83 0.19 RepublicSvcs RSG 80.14 0.76 ComstockMining LODE CheetahMobile CMCM 1.78 1.1
CHWY 49.44 -0.30 Equinix EQIX 696.84 7.21 Incyte INCY 105.95 1.62 1.05 14.7 OneSpan OSPN 26.97 4.2 CorEnergyInfr CORR 9.16 -0.6
AutoZone AZO 1103.30 3.09 ChinaEastrnAir CEA 18.42 -0.07 Equinor EQNR 14.70 0.46 Infosys INFY 9.29 0.22 MongoDB MDB 224.03 6.19 s ResMed RMD 186.30 4.44 CoupaSoftware COUP 275.78 6.3 OricPharm ORIC 40.67 4.7 DiamondSShip DSSI 7.81 -2.2
s Avalara AVLR 137.59 6.46 ChinaLifeIns LFC 10.11 0.03 Equitable MonolithicPower MPWR 228.58 8.65 RestaurantBrands QSR 53.80 -0.62 CrowdStrike CRWD 108.34 1.9 OutlookTherapWt OTLKW 0.35 1.4
EQH 19.76 0.95 IngersollRand IR 27.57 0.07 EmpireStateRealty ESRT 6.26 3.4
CryoPort CYRX 29.97 1.1 Peloton PTON 58.30 4.5
Avalonbay AVB 153.37 1.80 ChinaMobile CHL 35.19 0.13 EquityLife ELS 63.27 1.79 Ingredion INGR 81.72 -0.45 MonsterBev MNST 69.06 0.99 ReynoldsCnsmr REYN 34.41 -0.10 FortressValueWt FVAC.WS 1.45 1.4
CryoPortWt CYRXW 26.21 2.6 PliantTherap PLRX 31.26 2.2
Avangrid AGR 41.53 0.11 ChinaPetrol SNP 43.16 0.35 EquityResdntl EQR 58.40 0.92 Inphi IPHI 113.07 3.91 Moody's MCO 276.17 10.64 RingCentral RNG 279.48 11.90 DadaNexus GasLog GLOG 2.57 ...
DADA 24.89 17.7 ProfDiversity IPDN 3.69 142.8 GlobalIndemnity GBLI 22.04 0.8
Avantor AVTR 16.84 -0.07 ChinaSoAirlines ZNH 22.46 0.24 ErieIndemnity A ERIE 188.17 4.76 Insulet PODD 193.44 1.33 MorganStanley MS 48.79 1.84 RioTinto RIO 56.76 1.13 DigitalTurbine APPS 11.92 6.7 ProtagonistTherap PTGX 19.67 6.3 Kaleyra KLR 3.83 -23.9
AveryDennison AVY 111.37 -0.92 ChinaTelecom CHA 29.10 -0.20 EssentialUtil WTRG 40.74 -0.69 Intel INTC 58.51 -0.58 Morningstar MORN 143.89 -0.31 RobertHalf RHI 50.34 0.87 DynagasLNG DLNG 3.97 -3.6 PuhuiWealth PHCF 6.75 105.8 LendingClub LC 4.45 2.9
AxonEnterprise AAXN 95.95 2.52 ChinaUnicom CHU MotorolaSol MSI 140.49 1.19 Rockwell ROK 208.20 3.17 DynavaxTechs DVAX 8.56 7.2 RanpakWt PACK.WS 1.60 3.2
5.73 -0.01 EssexProp ESS 229.26 1.49 InteractiveBrkrs IBKR 41.96 0.98 MatthewsIntl MATW 17.03 -0.4
Envela ELA 4.95 12.7 Redfin RDFN 41.31 6.1 17.38 -3.5
BCE BCE 41.74 0.26 Chipotle CMG 1048.90 0.95 EsteeLauder EL 186.95 -0.80 ICE ICE 92.83 2.12 Mylan MYL 16.38 0.36 RogersComm B RCI 40.57 -0.04 Momo MOMO
EssaPharma EPIX 6.29 -0.3 RelmadaTherap RLMD 54.00 6.8 9F JFU 3.98 -12.3
BHP Group BHP 49.41 1.00 Chubb CB 128.56 2.39 Etsy ETSY 101.28 3.11 InterContinentl IHG 44.96 -0.25 NICE NICE 194.72 1.65 Roku ROKU 123.60 0.25 EverQuote EVER 62.78 5.8 Repay RPAY 27.93 2.3 OfficePropNts2050 OPINL 24.72 0.2
BHP Group BBL 41.35 1.07 ChunghwaTel CHT 38.33 0.05 EverestRe RE 207.27 1.27 IBM IBM 119.03 2.61 NIO NIO 7.08 0.22 Rollins ROL 41.75 0.65 eXpWorld EXPI 16.20 3.9 Replimune REPL 26.13 17.6 PanhandleOil&Gas PHX 2.55 -3.3
BP BP 23.50 0.36 Church&Dwight CHD 76.74 0.49 Evergy EVRG 58.98 -0.06 IntlFlavors IFF 122.40 0.33 NRG Energy NRG 32.63 0.06 RoperTech ROP 393.35 6.42 FactSet FDS 343.78 15.1 ResearchFrontiers REFR 5.70 -7.9 Progenity PROG 10.25 -8.9
B2Gold BTG 5.23 -0.12 ChurchillDowns CHDN 133.95 1.26 EversourceEner ES 82.36 -0.06 IntlPaper IP 33.78 0.20 NVR NVR 3193.20 6.36 RossStores ROST 84.27 -2.78 Fastly FSLY 82.68 7.4 ResMed RMD 187.01 2.4 ScorpioTankersNts SBBA 23.35 0.6
FennecPharm FENC 9.75 1.8 RhythmPharm RYTM 25.86 -1.3 Synalloy SYNL 6.51 1.0
BWX Tech BWXT 56.19 0.29 Ciena CIEN 53.36 0.14 ExactSciences EXAS 83.88 1.32 Interpublic IPG 16.46 0.02 NXP Semi NXPI 113.37 0.31 RoyalBkCanada RY 68.28 1.00
FiverrIntl FVRR 76.37 6.7 SVMK SVMK 24.03 3.9 TailoredBrands TLRD 0.82 3.3
Baidu BIDU 123.73 2.36 Cigna CI 185.48 1.51 Exelixis EXEL 23.79 0.34 Intuit INTU 288.75 2.62 Nasdaq NDAQ 118.69 3.41 RoyalBkScotland RBS 3.05 0.06 FormaTherap FMTX 50.00 5.2 Schrodinger SDGR 88.15 7.6 Torm TRMD 6.79 -4.4
BakerHughes BKR 14.95 0.64 CincinnatiFin CINF 63.74 1.73 Exelon EXC 35.42 -1.05 IntuitiveSurgical ISRG 555.11 0.15 NationalGrid NGG 60.01 0.62 RoyalCaribbean RCL 48.58 0.34 Futu FUTU 25.20 3.7 SinoGlobalShip SINO 0.98 30.0 TrebiaAcqn TREB.U 10.25 -0.4
Ball BLL 69.20 0.22 Cintas CTAS 262.57 0.94 Expedia EXPE 82.72 1.48 InvitatHomes INVH 27.81 0.54 NatlRetailProp NNN 35.69 -0.11 RoyalDutchA RDS.A 33.89 0.77 GDS Holdings GDS 82.36 1.7 Snap SNAP 24.50 3.6 TriumphBncpPfdC TBKCP 23.60 1.0
BancoBilbaoViz BBVA 3.48 0.13 CiscoSystems CSCO 45.22 0.47 ExpeditorsIntl EXPD 72.99 -0.63 IonisPharma IONS 61.05 1.95 Natura&Co NTCO 15.64 0.38 RoyalDutchB RDS.B 31.90 0.68 GXAcquisitionWt GXGXW 1.00 -0.9 SpartanEnergy SPAQ 10.52 ... US NatGas UNG 8.89 -7.5
GreenVisionAcqnWt GRNVW 0.27 5.8 Spotify SPOT 268.30 10.1 Vaccinex VCNX 3.22 6.4
BancoBradesco BBDO 3.74 0.13 Citigroup C 52.68 1.87 ExtraSpaceSt EXR 91.79 1.31 iQIYI IQ 22.57 -0.35 NetApp NTAP 41.83 0.86 RoyalGold RGLD 119.13 0.76
GriffinIndlRealty GRIF 56.88 3.9 T-MobileUS TMUS 111.58 1.6 Valhi VHI 9.02 -0.2
BancodeChile BCH 18.37 0.04 CitizensFin CFG 25.26 1.18 ExxonMobil XOM 45.17 0.67 IronMountain IRM 24.64 -0.39 NetEase NTES 436.06 -1.40 Ryanair RYAAY 67.10 0.53 HorizonTherap HZNP 57.34 3.6 TottenhamAcqnIRt TOTAR 0.48 36.0 VarexImaging VREX 14.50 1.9
BancSanBrasil BSBR 5.51 0.09 CitrixSystems CTXS 140.89 -1.28 F5Networks FFIV 134.86 -0.15 ItauUnibanco ITUB 4.89 0.05 Netflix NFLX 465.91 8.06 SAP SAP 137.66 1.81 IGM Biosci IGMS 80.55 0.5 TrineAcqnUn TRNE.U 10.80 0.8 VistraEnergyWt VST.WS.A 0.45 -13.4

Mutual Funds Data provided by

Fund
Net YTD
NAV Chg % Ret Fund
Net YTD
NAV Chg % Ret Fund
Net YTD
NAV Chg % Ret Fund
Net YTD
NAV Chg % Ret Fund
Net YTD
NAV Chg % Ret Fund
Net YTD
NAV Chg % Ret
USBdIdxInstPrem 12.52 ... 6.3 FPACres 30.98 +0.29 -8.4 Northern Funds Growth r NA ... NA TotBdAdml 11.59 ... 6.1 TotIntBdIxInv 11.54 ... 2.4
Top 250 mutual-funds listings for Nasdaq-published share classes by net assets. Fidelity Advisor I Franklin A1 StkIdx 35.33 +0.38 -3.7 Schwab Funds TotIntBdIdxAdm 23.08 +0.01 2.4 USGro 51.10 +0.69 18.8
e-Ex-distribution. f-Previous day’s quotation. g-Footnotes x and s apply. j-Footnotes e and s NwInsghtI 33.43 +0.41 2.2 CA TF A1 p 7.65 ... 1.5 Oakmark Funds Invest 1000 Inv r 68.66 +0.77 -3.5 TotIntlAdmIdx r 26.58 +0.24 -10.3 WellsI 27.11 +0.08 ...
apply. k-Recalculated by Lipper, using updated data. p-Distribution costs apply, 12b-1. r- Fidelity Freedom IncomeA1 p 2.06 ... -9.8 OakmrkInt 19.24 +0.22 -22.9 S&P Sel 47.60 +0.52 -3.6 TotStAdml 75.76 +0.89 -4.0 Welltn 41.21 +0.22 -3.7
Redemption charge may apply. s-Stock split or dividend. t-Footnotes p and r apply. v-Footnotes FF2020 15.48 +0.08 -1.6 FrankTemp/Frank Adv Old Westbury Fds TSM Sel r 53.62 +0.63 -4.2 TxMCapAdml 159.69 +1.77 -3.2 WndsrII 32.65 +0.42 -10.3
x and e apply. x-Ex-dividend. z-Footnote x, e and s apply. NA-Not available due to incomplete FF2025 13.67 +0.09 -2.1 IncomeAdv 2.05 +0.01 -9.4 LrgCpStr 14.19 +0.12 -5.8 TIAA/CREF Funds TxMIn r 12.53 +0.13 -10.5 VANGUARD INDEX FDS
price, performance or cost data. NE-Not released by Lipper; data under review. NN-Fund not FF2030 16.78 +0.12 -3.1 FrankTemp/Franklin A Parnassus Fds BdIdxInst 11.64 ... 6.0 USGroAdml 132.41 +1.80 18.8 SmValAdml 45.10 +0.65 -22.8
tracked. NS-Fund didn’t exist at start of period. Freedom2020 K 15.47 +0.09 -1.5 Growth A p 115.52 +1.32 2.9 ParnEqFd 45.39 +0.37 -3.2 EqIdxInst 22.38 +0.27 -4.1 ValAdml 38.63 +0.44 -16.0 TotBd2 11.51 ... 5.7
Freedom2025 K 13.64 +0.08 -2.2 RisDv A p 65.26 +0.76 -6.0 PGIM Funds Cl Z VANGUARD ADMIRAL WdsrllAdml 57.94 +0.74 -10.3 TotIntl 15.89 +0.14 -10.4
Freedom2030 K 16.77 +0.13 -3.0 FrankTemp/Franklin C TotalReturnBond NA ... NA 500Adml 285.97 +3.11 -3.6 WellsIAdml 65.68 +0.20 0.1 TotSt 75.74 +0.88 -4.1
Thursday, June 25, 2020 Freedom2035 K 13.94 +0.13 -4.7 Income C t 2.09 ... -10.0 PIMCO Fds Instl BalAdml 38.94 +0.27 0.5 WelltnAdml 71.17 +0.39 -3.7 VANGUARD INSTL FDS
Net YTD Net YTD Net YTD Freedom2040 K 9.69 +0.09 -5.5 FrankTemp/Temp Adv AllAsset NA ... NA CAITAdml 12.19 ... 2.0 WndsrAdml 60.97 +0.82 -15.7 BalInst 38.94 +0.26 0.5
Fund NAV Chg % Ret Fund NAV Chg % Ret Fund NAV Chg % Ret Fidelity Invest GlBondAdv p 10.00 +0.01 -4.0 HiYld 8.51 -0.03 -3.5 CapOpAdml r 151.64 +2.12 -3.9 VANGUARD FDS DevMktsIndInst 12.54 +0.13 -10.6
Balanc 24.86 +0.19 1.6
Guggenheim Funds Tru InvGrdCrBd NA ... NA DivAppIdxAdm 31.60 +0.27 -6.2 DivdGro 28.42 +0.31 -6.9 DevMktsInxInst 19.60 +0.20 -10.6
American Century Inv HiYBlk 7.24 ... -4.3 US CoreEq1 23.61 +0.28 -8.5 TotRtnBdFdClInst 29.11 +0.01 8.7 TotRt EMAdmr 33.37 +0.13 -9.2 HlthCare r ExtndInst 88.95 +1.41 -6.8
Ultra 59.74 +0.73 14.5 HiYldBd Inst 7.23 ... -4.4 US CoreEq2 21.25 +0.26 -9.9 BluCh 127.67 +1.45 18.5 NA ... NA 209.30 +2.96 3.4
Contra 14.95 +0.18 9.8
Harbor Funds PIMCO Funds A EqIncAdml 67.91 +0.69 -13.8
INSTTRF2020 23.93 +0.12 -0.7 GrwthInst 103.48 +1.15 10.8
American Funds Cl A BlackRock Funds A US Small 28.33 +0.42 -18.8 CapApInst 89.39 +1.27 18.0 ExplrAdml 93.35 +1.34 -4.0 InPrSeIn 11.16 +0.01 5.9
AmcpA p 33.46 +0.37 1.4 GlblAlloc p 19.24 +0.11 -0.4 US SmCpVal 24.96 +0.39 -27.3 ContraK 14.98 +0.18 9.8 IncomeFd NA ... NA INSTTRF2025 24.32 +0.15 -1.7
Harding Loevner
PIMCO Funds I2 ExtndAdml 88.95 +1.41 -6.8 InstIdx 276.35 +3.01 -3.6
AMutlA p 39.45 +0.37 -8.3 BlackRock Funds Inst USLgVa 30.38 +0.38 -20.9 CpInc r 9.51 -0.01 -5.1 INSTTRF2030 24.48 +0.17 -2.5
IntlEq 22.81 +0.24 -4.2 GNMAAdml 10.79 ... 3.4 InstPlus 276.37 +3.01 -3.6
BalA p 27.75 +0.17 -1.3 MultiAstIncome 10.37 ... -3.4 Dodge & Cox GroCo 26.38 +0.31 23.5 Income NA ... NA INSTTRF2035 24.62 +0.19 -3.5
Invesco Funds Y
PIMCO Funds Instl
GrwthAdml 103.48 +1.15 10.8 InstTStPlus 64.81 +0.76 -4.0
BondA p 13.97 ... 7.9 StratIncOpptyIns 9.86 ... 0.1 Balanced 90.39 +0.33 -8.8 GrowCoK 26.43 +0.31 23.6 DevMktY 42.27 +0.15 -7.3 HlthCareAdml r 88.26 +1.24 INSTTRF2040 24.75 +0.21 -4.4
3.4 MidCpInst 44.31 +0.51 -8.3
InvGrBd IncomeFd NA ... NA
CapIBA p 57.32 +0.29 -7.8 Bridge Builder Trust Income 14.50 -0.11 5.0 12.11 ... 6.1 JPMorgan I Class HYCorAdml r 5.65 -0.01 -2.8 INSTTRF2045 24.81 +0.23 -5.2
MidCpIstPl 218.55 +2.55 -8.3
LowP r Price Funds
CapWGrA 48.87 +0.46 -5.6 CoreBond 10.90 ... 5.9 Intl Stk 35.71 +0.32 -18.1 42.63 +0.38 -14.8 CoreBond 12.36 ... 5.7 InfProAd 27.40 +0.02 5.9 INSTTRF2050 24.85 +0.23 -5.2 SmCapInst 68.95 +0.97 -12.6
EupacA p 53.30 +0.51 -4.2 CorePlusBond 10.55 ... 5.2 Stock 160.55 +1.59 -15.1 Magin 10.88 +0.14 6.7 EqInc 16.45 +0.19 -14.6 BlChip 137.97 +1.41 11.0
IntlGrAdml 115.10 +1.41 12.0 INSTTRF2055 24.95 +0.23 -5.2 STIGradeInst 10.93 ... 3.1
FdInvA p 57.14 +0.57 -6.0 Intl Eq 11.01 +0.13 -8.2 DoubleLine Funds OTC 14.42 +0.14 12.7 JPMorgan R Class DivGro 49.76 +0.52 -6.4
ITBondAdml 12.57 -0.01 7.7 LifeCon 21.08 +0.08 0.7 STIPSIxins 25.16 ... 1.9
GwthA p 54.61 +0.64 6.8 LargeCapGrowth 16.99 +0.20 7.3 CoreFxdIncmI NA ... NA Puritn 23.48 +0.18 3.6 CoreBond 12.38 ... 5.7 EqInc 25.73 +0.27 -19.3 ITIGradeAdml 10.50 -0.01 6.5 LifeGro 34.71 +0.30 -4.0 TotBdInst 11.59 ... 6.1
HI TrA p 9.30 -0.03 -4.9 LargeCapValue 11.76 +0.14 -13.7 TotRetBdI NA ... NA SrsEmrgMkt 19.32 +0.12 -6.3 CorePlusBd 8.72 -0.01 4.5 EqIndex 82.25 +0.90 -3.7 LTGradeAdml 11.78 -0.02 10.0 LifeMod 28.40 +0.18 -1.6 TotBdInst2 11.51 ... 5.8
ICAA p 37.59 +0.38 -3.8 ClearBridge Edgewood Growth Instituti SrsGlobal 11.84 +0.11 -10.1 Lord Abbett A Growth 79.92 +0.86 9.0 MidCpAdml 200.60 +2.33 -8.3 PrmcpCor 24.94 +0.31 -10.7 TotBdInstPl 11.59 ... 6.1
IncoA p 20.98 +0.13 -8.2 LargeCapGrowthI 58.13 +0.46 6.4 EdgewoodGrInst 44.19 +0.54 14.7 SrsGroCoRetail 22.14 +0.26 24.7 ShtDurIncmA p 4.14 -0.01 -0.1 HelSci 87.05 +1.05 6.9 MuHYAdml 11.56 ... 0.1 STAR 27.67 +0.22 1.2 TotIntBdIdxInst 34.63 +0.01 2.5
N PerA p 47.69 +0.52 0.9 Columbia Class I Fidelity SrsIntlGrw 17.19 +0.21 -1.9 Lord Abbett F LgCapGow I 48.75 +0.49 10.7 MuIntAdml 14.60 ... 2.1 TgtRe2015 15.28 +0.06 0.7 TotIntlInstIdx r 106.27 +0.93 -10.3
NEcoA p 47.95 +0.54 4.9 DivIncom I 21.88 +0.25 -9.4 500IdxInstPrem 107.36 +1.17 -3.6 SrsIntlVal 8.45 +0.13 -14.6 ShtDurIncm 4.14 ... -0.1 MidCap 92.37 +0.91 -3.1 MuLTAdml 11.98 ... 2.1 TgtRe2020 32.28 +0.17 -0.8 TotItlInstPlId r 106.29 +0.93 -10.3
NwWrldA 68.74 +0.70 -2.6 Dimensional Fds Contrafund K6 15.76 +0.19 8.9 TotalBond 11.34 -0.01 5.3 Metropolitan West NHoriz 71.47 +1.24 20.4 MuLtdAdml 11.16 -0.01 1.6 TgtRe2025 19.51 +0.12 -1.7 TotStInst 75.77 +0.88 -4.0
SmCpA p 60.06 +0.65 2.1 5GlbFxdInc 10.85 ... 1.1 ExtMktIdxInstPre 59.44 +0.94 -6.8 Fidelity SAI TotRetBd 11.51 ... 6.1 R2020 21.66 +0.12 -1.9 MuShtAdml 15.91 -0.01 1.1 TgtRe2030 35.52 +0.25 -2.6 ValueInst 38.63 +0.44 -16.0
TxExA p 13.33 ... 1.2 EmgMktVa 23.39 +0.12 -18.5 IntlIdxInstPrem 38.50 +0.45 -10.4 TotalBd 10.83 -0.01 4.6 TotRetBdI 11.51 ... 6.4 R2025 17.34 +0.11 -2.5 PrmcpAdml r 134.17 +1.70 -6.9 TgtRe2035 21.74 +0.17 -3.5 WCM Focus Funds
WshA p 43.27 +0.46 -9.2 EmMktCorEq 18.86 +0.08 -13.2 MidCpInxInstPrem 21.10 +0.24 -10.2 Fidelity Selects TRBdPlan 10.83 +0.01 6.3 R2030 25.09 +0.18 -3.1 RealEstatAdml 110.05 +1.35 -14.9 TgtRe2040 37.43 +0.32 -4.3 WCMFocIntlGrwIns 19.59 +0.26 3.6
Baird Funds IntlCoreEq 11.83 +0.12 -14.1 SAIUSLgCpIndxFd 16.64 +0.18 -3.8 Softwr r 22.68 +0.31 18.0 MFS Funds Class I R2035 18.34 +0.15 -3.6 SmCapAdml 68.95 +0.97 -12.6 TgtRe2045 23.43 +0.22 -5.1 Western Asset
AggBdInst NA ... NA IntSmCo 15.94 +0.10 -15.7 SeriesOverseas 10.36 +0.14 -3.9 First Eagle Funds ValueI 38.34 +0.34 -13.7 R2040 25.97 +0.23 -4.0 SmGthAdml 69.63 +0.97 -0.1 TgtRe2050 37.72 +0.35 -5.2 CoreBondI NA ... NA
CorBdInst NA ... NA IntSmVa 15.27 +0.11 -21.1 SmCpIdxInstPrem 17.91 +0.30 -14.7 GlbA 53.35 +0.42 -7.9 MFS Funds Instl PRIMECAP Odyssey Fds STBondAdml 10.88 ... 3.9 TgtRet2055 40.95 +0.39 -5.2 CorePlusBdI NA ... NA
BlackRock Funds LgCo 23.74 +0.25 -3.7 TMktIdxInstPrem 86.56 +1.01 -4.2 FPA Funds IntlEq 25.70 +0.29 -7.8 AggGrowth r NA ... NA STIGradeAdml 10.93 ... 3.1 TgtRetInc 14.18 +0.04 1.3 CorePlusBdIS NA ... NA
B10 | Friday, June 26, 2020
SoftBank Link Spurs Review of Funds FDIC Lifts
BY JULIE STEINBERG
AND DUNCAN MAVIN
LONDON—Executives at
Credit Suisse AG are review-
ing several of the bank’s funds
after becoming concerned
about the multiple roles
played by Japanese conglom-
erate SoftBank Group Corp.,
according to people familiar
with the matter.
Four Credit Suisse funds
have $7.5 billion in assets in
total and are sold to institu-
tional investors and wealthy
families as safe, short-term in-
vestments. They hold securi-
ties backed by loans made to
companies to allow them to
pay their suppliers more
quickly.
SoftBank plays three roles
in the Credit Suisse funds: it is
invested in the funds; it is in-
vested in the company whose
loans are held by the funds;
and the funds own securities
backed by loans made to other
companies that SoftBank has
invested in.
The review was launched
after senior executives at the
bank became concerned about
SoftBank’s roles in the funds,
one of the people familiar with
the matter said. But it is wide-
STREETWISE | By James Mackintosh
Models Support Case Stocks Are Undervalued
Why aren’t
stocks even
more expen-
sive? Before
you splutter
into your cof-
fee, yes, I know that valua-
tions are already the highest
since the dot-com bubble.
But with zero interest rates
locked in and Treasury yields
on the floor, financial models
could support much higher
valuations for the safest
stocks.
Stripping out the equa-
tions, the argument is that
the current price anticipates
future earnings or dividends,
with a discount applied to
reflect both the cost of
money and the risks. The
lower the discount rate, the
higher the future value of
earnings. And the cost of the
money part of the discount
rate—in essence the bond
yield—has never been lower.
C
hristopher Rossbach,
chief investment offi-
cer of London fund
manager J. Stern & Co., says
this more than justifies the
high valuations of stocks
with reliable dividends and
solid, if unspectacular,
growth—and he is a buyer
even at what look like histor-
ically elevated prices.
“Every day that goes by is
another missed opportunity
to buy Nestlé,” he says.
Because he expects the
Swiss food giant to keep
growing faster than inflation,
he says a fair valuation is 50
times earnings, assuming in-
terest rates return to what
once counted as normal. If
they stay depressed, it could
be even higher.
He doesn’t expect Nestlé’s
valuation to soar from its
current 23 times the next 12
months’ estimated earnings,
but doesn’t rule it out. And
being able to justify a much
higher valuation makes him
unbothered by the worries
that assail many over the
U.S. market’s high multiples.
Wirecard
Moves Into
Insolvency
Continued from page B1
provided a large share of
Wirecard’s reported revenue
and the bulk of its profits. The
revenue, however, was depos-
ited in the escrow accounts
held by trustees, rather than
being paid directly to Wire-
card itself. Wirecard said Mon-
day that these parties may
never have provided any busi-
ness to the company.
The company said Thursday
that if negotiations under way
with lenders failed, it would
trigger €1.3 billion in loan re-
payments by July 1.
“The management board
has come to the conclusion
that a positive going concern
Curbs on
ranging, and includes other
aspects of the funds not re-
lated to SoftBank.
The company tying this to-
gether is Greensill Capital,
which offers supply-chain fi-
nancing to companies, a form
of short-term cash that lets
them pay their bills more
quickly. Greensill, founded in
2011 by former Citigroup Inc.
banker Lex Greensill, counts
former U.K. Prime Minister Da-
vid Cameron as an adviser. It
is the sole supplier of the sup-
ply-chain finance deals that go
into the Credit Suisse funds.
A Credit Suisse spokesman
pointed to a statement he
made earlier this week con-
firming the review. A Greensill
spokesman said the firm isn’t
involved with Credit Suisse’s
internal matters and that it
has a strong relationship with
the bank. A SoftBank spokes-
woman declined to comment.
David Erickson, a senior fel-
low in finance at the Univer-
sity of Pennsylvania’s Wharton
School, said there should be
guardrails to protect investors
from potential conflicts of in-
terest, such as disclosures
about SoftBank’s role as an in-
vestor in the fund and its rela-
tionship to Greensill and com-
A simple gauge of the risk premium in U.S. stocks is back to what has counted
as normal since the 2008 financial crisis. When bond yields fall, stock valuations
often rise—but not always.
S&P 500 implied risk premium*
10.0 percentage points
7.5
5.0
2.5
0 back down to well within the
–2.5
–5.0
2000
*U.S. forward earnings yield minus 10-year Treasury or 10-year TIPS yield †Cyclically adjusted price/earnings ratio
Note: 10-year change 2020 figure through June 9
Sources: Refinitiv (S&P 500); Prof. Robert Shiller (10-year change)
So why isn’t the valuation
even higher?
“People get altitude sick-
ness,” says Edward Bonham-
Carter, vice chairman of Ju-
piter Asset Management.
Put another way, the mod-
els don’t work well when
rates are low. The farther out
we go in the future, the big-
ger the risks that something
unthinkable happens—simple
things like new technology,
taxes and capital controls, or
major events such as nation-
alization, wars or hyperinfla-
tion. The lower the discount
rate, the further out in the
future we have to think, but
the models don’t reflect this.
Discount future earnings
at 10%, and $100 of earnings
in a century’s time is irrele-
vant, worth less than a
penny today. Discount at 1%,
and $100 in 2120 contributes
$37. Discount it at 0.1%—not
forecast cannot be made in the
short time available,” it said,
adding that it would try to go
through a reorganization once
an insolvency administrator is
appointed by the court.
Under German insolvency
law, a court will appoint an
administrator who will look
into the company and decide
whether it can be restructured
as a viable business or should
be liquidated. Meanwhile, the
company is protected from
creditors.
Wirecard has a €1.75 billion
credit facility with several
lenders, €900 million in con-
vertible bonds—first sold to
an affiliate of Japan’s Soft-
Bank Group Corp. that were
then in effect packaged up and
resold by Credit Suisse to
other investors—and a €500
million corporate bond.
Wirecard’s fall from grace
has proven an embarrassment
for BaFin, Germany’s markets
regulator. It also raises ques-
tions about Germany’s efforts
BANKING & FINANCE
Lex Greensill’s firm offers finance
deals to the Credit Suisse funds.
panies that the fund finances.
In essence, SoftBank serves
as both a lender and borrower
in the transactions. The fund
documents reviewed by The
Wall Street Journal don’t dis-
close SoftBank’s connection to
Greensill or to the companies
receiving financing, though
there is no requirement to
make such a disclosure.
Last year, the Vision Fund
made a nearly $1.5 billion in-
vestment in Greensill through
two tranches that valued the
company at $3.5 billion. Soft-
Real
Nominal
’10
much of a change in the
rate—and that future money
is suddenly equivalent to $90
of earnings today.
Small changes in interest
rates have a much bigger im-
pact on the models when
rates are low, making earn-
ings far in the future matter
more for stock prices. But
that justifies a higher risk
premium, because risks far
out in the future become
more important too—and
history is littered with catas-
trophes that were unimagi-
nable even a few years be-
fore, let alone decades. Fat
profit margins are nibbled at
by new competitors, innova-
tive businesses stagnate or,
as is beginning to happen
with the big technology
stocks, regulators step in.
Unforeseen political or tech-
nological changes should be
more of a risk on a multide-
to become the European
Union’s leading financial cen-
ter as the U.K. leaves the bloc.
“The bankruptcy filing from
Wirecard is a fiasco for Ger-
many as a financial center,”
said Fabio De Masi, deputy
floor leader of Germany’s Left
party and a member of the
Bundestag finance committee.
“Heads have to roll in financial
supervision.”
A German court will
name an official to
decide if the firm
can be restructured.
A BaFin spokeswoman de-
clined to comment.
The alleged missing cash
was supposedly being held in
trustee accounts in the Philip-
pines. Philippine authorities
are looking for Jan Marsalek,
Bank currently has a 9.9% eq-
uity stake in the company, ac-
cording to a document viewed
by The Wall Street Journal
and people familiar with the
investment.
The rest of its stake was
structured as a convertible
bond, because SoftBank would
have needed approval for a
IAN TUTTLE/EPA/SHUTTERSTOCK
larger equity stake from regu-
lators in Germany where
Greensill owns a bank.
The SoftBank relationship
with Credit Suisse deepened in
recent months as one of the
funds bought securities
backed by loans made to other
Vision Fund portfolio compa-
nies. Four such companies
were among the top 10 recipi-
ents of financing from the
fund, receiving about $750
million in aggregate as of
March 31, according to a fund
document.
SoftBank was struggling
even before the coronavirus
slowdown, with several of its
companies—including office-
space provider WeWork—fall-
ing in value. Most of the com-
pany’s investments are in
money-losing young compa-
nies in fast-growing industries.
The four Vision Fund com-
panies are auto-financing com-
10-year change in U.S. Shiller
CAPE†
30 times
20
10
0 taking the consensus esti-
–10
–20
–30
1910 ’50 2000
10-year change in 10-year
Treasury yield
7.5 percentage points
5.0
2.5
0 nancial crisis for both ordi-
–2.5
–5.0
–7.5
’20 1910 ’50 2000
cade view, too.
Investors tend to ignore
these far-out risks, though,
in favor of the obvious. The
risk premium soared as the
coronavirus’s hit to the econ-
omy became obvious, then
shrank as the Federal Re-
serve and government
stepped in to provide sup-
port. In the eurozone the risk
premium has risen so much
in the aftermath of its near-
breakup in 2012 that it has
offset negative rates (if the
risk premium didn’t offset
the negative rates, an overall
zero discount rate would im-
ply infinite prices, breaking
the model).
T
he implied risk pre-
mium itself isn’t ob-
servable, being what is
left after the cost of money
and estimated earnings or
dividend growth are plugged
Mr. Braun’s right hand and
Wirecard’s chief operating of-
ficer until his dismissal Mon-
day, amid reports he flew
there to look for documents
that could help shed light on
the case.
Ferdinand Lavin, deputy di-
rector and spokesman of the
Philippines National Bureau of
Investigation, said he had in-
formation Mr. Marsalek had
been in the country, but had
no hard proof yet. “We are in-
vestigating the Wirecard
fraud,” he added.
Mr. Marsalek couldn’t im-
mediately be reached for com-
ment.
Wirecard said Thursday
that it is also evaluating
whether insolvency applica-
tions have to be filed for its
subsidiaries. One of them,
Wirecard Bank, which had €1.7
billion in deposits, isn’t part of
the proceedings. BaFin has ap-
pointed a special representa-
tive to handle the bank, the
company added.
THE WALL STREET JOURNAL.
pany Fair Financial Corp.; In-
dian hotel chain Oyo Hotels &
Homes; glass manufacturer
View Inc.; and Chinese online
car-trading platform Cheha-
oduo Group.
Fair’s chief executive
stepped down in October fol-
lowing layoffs at the company.
Oyo announced thousands of
layoffs in January and its chief
in April said its “balance sheet
runway has come under severe
stress” due to the pandemic.
SoftBank also injected $500
million into the Credit Suisse
funds, according to the person
familiar with the matter. It
isn’t clear when the invest-
ment was made.
The Credit Suisse funds
boomed last year, more than
quadrupling assets under
management to more than $9
billion from about $2 billion
as clients including corporate
treasurers, pension funds and
family offices poured in
money. This year the funds
were hit by a wave of redemp-
tions, though flows have stabi-
lized in recent weeks.
The Credit Suisse funds re-
semble money-market funds
that hold commercial paper,
which are short-term loans to
companies.
into a model with the cur-
rent price. Even the cost of
money is debatable (10-year
Treasury yields? Inflation-
adjusted yields? The hidden
risk-free rate that underlies
the bond yield?) and the es-
timates for earnings and the
growth rate are informed
guesses at best.
We can simplify it all by
mate for the earnings yield—
future profits as a percent-
age of the price—and
subtracting the Treasury
yield. Using 18-month esti-
mated earnings to try to
strip out the temporary ef-
fects of the lockdowns, this
gauge of the risk premium is
range of what counted as
normal since the 2008-9 fi-
nary Treasurys and inflation-
adjusted yields.
The battle between the
Fed and growth prospects
explains a lot of what has
been going on in the market.
The benefit of cheap money
is more than offset by
weaker growth for those
companies hurt by lockdown
restrictions or reliant on
economic growth. Stocks
that can promise earnings
growth whatever the econ-
omy does and might even
benefit from lockdown—pro-
viders of food, social media,
online deliveries—get the
benefit of the discount rate
without any offset.
Assuming that the U.S.
economy can overcome the
rising infection rates in
Southern states, a falling risk
premium could combine with
continued cheap money from
the Fed to support much
higher valuations. They
might be theoretically justi-
fied, and quite different from
the dot-com bubble period
when interest rates were
much higher. But I would
worry that they mean put-
ting far too great a value on
earnings impossibly far in
the future.
Wirecard’s unraveling is the
most prominent in the digital-
payments space, which ex-
ploded along with online shop-
ping and gambling. The
industry has created a number
of profitable businesses that
mostly sit in the background
of billions of transactions.
Wirecard’s fall would repre-
sent one of the biggest corpo-
rate scandals in Europe since
the collapse of Portuguese
lender Banco Espírito Santo
amid allegations of fraud in
2014.
The problems with Wire-
card’s books may stretch back
years. The company withdrew
its results for 2019 and the
first quarter of 2020, and
warned that its financial re-
sults for previous years could
also be affected.
The likely fictitious €1.9 bil-
lion is equivalent to all the net
income Wirecard has reported
over more than a decade.
—Feliz Solomon
contributed to this article.
Swaps and
Investing
BY PAUL KIERNAN
WASHINGTON—Federal
agencies moved Thursday to
roll back financial regulations
that could free up tens of bil-
lions of dollars for major banks
and allow them to invest more
in venture-capital funds, deliv-
ering Wall Street one of its big-
gest wins of the Trump admin-
istration.
The Federal Deposit Insur-
ance Corp. voted 3-1 to com-
plete a final rule to reduce the
amount of cash that banks
must set aside as collateral to
cover potential losses on swap
trades. The Federal Reserve
and Office of the Comptroller
of the Currency also signed off
on the changes.
Regulators including the Fed
and FDIC also moved to remove
limits on banks’ investment in
vehicles such as venture-capital
funds and credit funds. Those
restrictions were part of a
broader set of regulations
known as the Volcker rule.
The changes were opposed
by Democratic appointees at
both the Fed and FDIC, who
said they would allow banks to
engage in the sort of risky ac-
tivities that regulators identi-
fied and sought to contain after
the financial crisis. Wall Street
lobbyists applauded the
changes.
Swaps are a form of deriva-
tives in which two parties agree
to exchange payments based on
fluctuations in interest rates,
currencies or other financial in-
struments. A lack of transpar-
ency in the market—which by
one measure amounts to hun-
dreds of trillions of dollars—
and unseen exposure to massive
losses were key contributors to
the 2008 financial crisis.
Regulators in the years since
have required standardized
swaps to trade on electronic ex-
changes and clear through fa-
cilities known as central coun-
terparties, to provide greater
transparency and to centralize
risk. But swaps that are tailor-
made to fit the specific needs
of buyers and sellers continue
to be exchanged privately.
For these over-the-counter
swaps, regulators require a
fixed amount of collateral,
known as margin, to act as a
buffer against potential default
by one of the parties.
Abramoff
Accused of
Fraud Over
Crypto Sale
BY DAVE MICHAELS
AND JAMES V. GRIMALDI
Political lobbyist Jack
Abramoff was charged with
fraud Thursday in connection
with the sale of a new crypto-
currency that was touted as su-
perior to bitcoin.
Mr. Abramoff, 61 years old, is
a disgraced former lobbyist who
served time in prison and once
earned tens of millions of dol-
lars working on Native Ameri-
can casino interests. He was
charged in San Francisco federal
court over his role in the sale of
the proposed digital coin called
AML Bitcoin, which raised over
$5 million from 2,400 investors,
authorities said. Mr. Abramoff
was charged with conspiracy to
commit wire fraud and violating
the Lobbying Disclosure Act.
Mr. Abramoff agreed to settle
related civil claims filed by the
Securities and Exchange Com-
mission, the agency said. The
settlement would require him to
give back $50,000 in commis-
sions and agree to be barred
from working in the securities
industry or as an officer or di-
rector of a public company, the
SEC said. He also was charged
with failing to report as a lobby-
ist for the marijuana industry,
the Justice Department said.
Marcus Andrade, who ran the
company behind the offering,
was indicted on charges of wire
fraud and money laundering, ac-
cording to prosecutors. Attor-
neys for Mr. Andrade, 42, didn’t
return messages seeking com-
ment. An attorney for Mr.
Abramoff declined to comment.
The U.S. attorney’s office in
San Francisco said Mr. Abramoff
had filed a notice indicating he
intends to file a plea “pursuant
to a plea agreement.”
THE WALL STREET JOURNAL.
Banks Ignite Late Turnaround for Stocks
Dow ends up 300
points higher, powered
by gains in Goldman
Sachs, JPMorgan
BY MICHAEL WURSTHORN
AND AVANTIKA CHILKOTI
Stocks climbed, led by
shares of banks, which rose on
a regulator’s decision to ease
some postfinancial crisis re-
quirements.
Major indexes found their
footing in the final hour of
trading after swinging in and
out of the red
THURSDAY’S most of the
MARKETS day.
No clear cat-
alyst propelled stocks out of
their rocky stretch. But big
gains across the financial sector
supported benchmarks through-
out the session, and many of
those stocks extended their ral-
lies into the close. Those shares
got a boost after the Federal
Deposit Insurance Corp. voted
to reduce the amount of cash
that banks must set aside as
collateral to cover potential
losses on swap trades.
Other regulators signaled
Treasurys
Boosted
By Claims,
Virus Data
BY MATT WIRZ
Fears about a second wave
of coronavirus cases prompted
investors to seek safety in Trea-
surys and to sell bonds of com-
panies in industries most im-
pacted by economic shutdowns.
A rise in Covid-19 cases
across the country coincided
with a report
DEBT Thursday
morning of 1.5
million weekly jobless claims by
the Labor Department, roughly
unchanged from the two previ-
ous weeks. U.S. stock markets
fell after the report.
“The weekly claim numbers
were a little higher than ex-
pected and that’s a concern,”
said Larry Milstein, senior man-
aging director of rates trading
at R.W. Pressprich & Co. “A lot
of this is about uncertainty as
to how quickly people can get
back to work.”
The flight to safety drove the
yield of 10-year Treasurys down
to around 0.674% from a close
of 0.683% Wednesday, accord-
ing to data from Tradeweb. Eu-
ropean government bonds also
rallied with the yield of the U.K.
5-year hitting a record low of
negative .064%, according to
Tradeweb.
Corporate bonds, which rose
through most of May and June,
weakened as investors reduced
exposure to companies that
would be most affected by a
new wave of economic closings
in the U.S.
The price of American Air-
lines Group Inc.’s newly is-
sued 11.75% bond due 2025 has
dropped about 3% this week to
trade around 96 cents on the
dollar Thursday before re-
bounding to 97.25, according
to MarketAxess. Casino com-
pany Golden Nugget LLC’s
bond due in 2024 fell about 6%
to 76 cents on the dollar. Falling
corporate-bond prices increase
the yield that companies must
pay, endangering a key source
of capital for businesses.
AUCTION RESULTS
Here are the results of Thursday's Treasury auctions.
All bids are awarded at a single price at the market-
clearing yield. Rates are determined by the difference
between that price and the face value.
FOUR-WEEK BILLS
Applications
Accepted bids
" noncompetitively
" foreign noncompetitively
Auction price (rate)
Coupon equivalent
Bids at clearing yield accepted
Cusip number
The bills, dated June 30, 2020, mature on July 28,
2020.
EIGHT-WEEK BILLS
Applications
Accepted bids
" noncompetitively
" foreign noncompetitively
Auction price (rate)
Coupon equivalent
Bids at clearing yield accepted
Cusip number
The bills, dated June 30, 2020, mature on Aug. 25,
2020.
SEVEN-YEAR NOTES
Applications $107,642,797,000
Accepted bids
" noncompetitively
" foreign noncompetitively
Auction price (rate)
Interest rate
Bids at clearing yield accepted
Cusip number
The notes, dated June 30, 2020, mature on June 30,
2027.
* * * * * Friday, June 26, 2020 | B11
MARKETS
they plan to sign off on the Share-price and index performance, Thursday the Houston area. Other notable moves in-
changes, pushing the KBW Nas- “This appears to be coming cluded shares of Walt Disney.
daq Bank Index up 3.5%, a sign Wells Fargo as a bit of a wake-up call that The company pared an earlier
investors welcomed the regula- the exit from lockdown is not loss, closing down just 71 cents,
tory rollback.
Goldman Sachs
going to be an easy one,” said or 0.6%, to $111.36 after The
“Banks have been under the Hugh Gimber, a strategist at Wall Street Journal reported
regulatory thumb and that J.P. Morgan Asset Management. the entertainment group is con-
changed their profitability and Bank of America Shares of banks and other fi- sidering pushing back the
trajectory,” said Jason Brady, nancial firms stood out during launch of “Mulan,” in a sign
chief executive of Thornburg Citigroup
the session. that cinemas might not open as
Investment Management. Goldman Sachs shares rose soon as many expected.
“They’re probably marginally $9.08, or 4.6%, to $207.10. Ally Financial’s shares
more valuable following this.” JPMorgan Chase Wells Fargo added $1.25, or gained $2.19, or 12%, to $20.50
The Dow Jones Industrial 4.8%, to $27.37, while JPMor- after the company called off its
Average gained 299.66 points, KBW Nasdaq gan Chase advanced $3.30, or merger with Cardholder Man-
or 1.2%, to 25745.60, led by Bank Index 3.5%, to $97.96. agement Services, which had
shares of Goldman Sachs. The The stocks gave up some of been unveiled in February.
S&P 500 added 33.43 points, or S&P 500 their gains in after-hours trad- American Airlines rose 13
1.1%, to 3083.76 and the Nasdaq ing when the Federal Reserve cents, or 1%, to $13.17 despite
Composite advanced 107.84 Nasdaq imposed some limitations in shares trading lower earlier
points, or 1.1%, to 10017. Composite anticipation of a prolonged eco- Thursday. MGM Resorts,
0% 1 2 3 4 5
But the lack of clear direc- nomic downturn. The Fed or- meanwhile, slid 23 cents, or
tion throughout much of the Source: FactSet dered banks to cap shareholder 1.4%, to $16.70, while Hilton
session underscored the cloudy dividend payouts to preserve Worldwide declined 68 cents,
outlook facing investors. On one “If we get another lock- considered a lagging indicator, capital and barred share buy- or 0.9%, to $72.51, with both
hand, they are trying to factor down, investors are wondering there is some concern among backs in the third quarter. bouncing off their session lows.
in the possibility of renewed what that would look like, caus- analysts and investors that an- The Fed otherwise said the In Europe, stocks erased ear-
lockdowns in several states that ing some to think about either other round of statewide shut- largest banks are likely strong lier losses, rising 0.7%. In Asia,
have seen a pickup in new coro- de-risking again or de-risking downs could push those num- enough to survive the coronavi- South Korea’s Kospi lost 2.3%
navirus cases. On the other, more,” Mr. Brady added. bers higher. rus crisis as part of its annual and Japan’s Nikkei 225 bench-
some economic figures from The Labor Department said Apple said it would tempo- stress test. mark dropped 1.2%. At midday
earlier this month suggested Thursday that about 1.48 mil- rarily close 14 stores across Energy stocks also outper- Friday in Tokyo, the Nikkei was
the U.S. economy was beginning lion people applied for unem- Florida as coronavirus case formed during Thursday’s ses- up 1%, the Kospi was up 0.9%
to recover from the pandemic’s ployment benefits last week. counts rise, a day after unveil- sion, rising 1.9%, following an amd Hong Kong’s Hang Seng
economic fallout. Although jobless claims are ing plans to shut more stores in increase in oil prices. Index was down 0.5%.
Lockdowns Threaten Rally in Sugar Prices
BY ANNA ISAAC
Sugar prices are poised for
their best quarter in four years,
driven by a recovery in oil mar-
kets and supply disruptions in
the market for the sweetener.
But traders
COMMODITIES say the rally
may not last.
Raw-sugar futures, which
trade in New York, have
climbed almost 13% since the
end of March to about 12 cents
a pound Thursday. The surge,
which follows a battering that
sent the price to its lowest in
over 12 years in April, puts the
commodity on track for its
best quarter since June 2016.
HUANG XIAOBANG/XINHUA/GETTY IMAGES
The volatility this year in
the sugar market has mirrored
the turbulence in energy mar-
kets. That is because sugar
crops can be processed into
ethanol, a biofuel sometimes
used to power engines. But in-
creased sugar output from
Brazil, the world’s largest pro-
ducer, and a potential drop in
demand as coronavirus lock-
downs force people to cut The market has mirrored the volatility in energy prices this year. Trucks loaded with sugarcane at a manufacturer in southern China.
back on dining out, or con-
suming soft drinks and sugary have caused global sugar con- Indian farmers struggling with down 0.9% to $40.17. said Robin Shaw, a sugar ana-
products at movie theaters sumption to drop by an esti- adverse weather. Sugar prices began rallying lyst at commodities broker
and ballgames, threatens to mated 2.1 million metric tons When prices for crude-oil within days of the revival in Marex Spectron. “Once people
push prices lower again. since such measures began, and other forms of energy be- energy markets, though the thought that panic had over-
“There are a lot of dark according to the International gan their plummet this year, sweetener’s comeback has done things on the downside,
clouds on the horizon,” said Sugar Organization’s May Brazil’s sugar-cane mills been far more muted. A bot- it shot up.”
John Stansfield, a trader at market report. switched from ethanol produc- tleneck at the major Brazilian Still, Brazil is likely to
Group Sopex, a trading house On the flip side, the corona- tion toward exporting more port of Santos this month boost its annual production by
for sugar, coffee and cocoa. virus may cause further supply raw sugar. In May, Brazil’s ex- helped bolster sugar prices: around 9.6 million metric tons
“The rally in the last couple of disruptions, providing a boost ports for raw and refined The country has been hard hit in the 12 months ending April
weeks feels like a bit of a to the global sugar market, sugar were the highest since by the pandemic, leading to 2021, according to forecasts
dead-cat bounce. It doesn’t ap- said analysts at ING Bank. October 2017, according to fig- disruptions in the shipping ar- from the U.S. Department of
pear to be driven by sugar Before the pandemic struck, ures from the country’s Minis- rangements for sugar. This put Agriculture in May. This could
fundamentals.” investors and traders expected try of the Economy. particular upward pressure on offset the decline in global
Sugar consumption levels prices to continue rising this Brent crude, the interna- the contract for delivering stockpiles that the USDA an-
are hard to accurately fore- year, following an almost 12% tional benchmark for oil sugar to New York by July. ticipated in its forecasts for
cast, but demand is heavily gain in 2019. The output from prices, has roughly doubled “The price went up simply the 2020/21 season and put
tied to economic growth, said major producers in Asia was since dropping below $20 a because crude oil prices went fresh pressure on prices.
Mr. Stansfield. Lockdowns and falling, with Thailand’s yield barrel on April 21. shooting back up, having gone —Pat Minczeski
changes in consumer habits dropping due to a drought and On Thursday, Brent ticked too low in the panic of Covid,” contributed to this article.
Albertsons BlackRock Cuts Fee to
Sets IPO at Match Vanguard ETF
Lower Price BY DAWN LIM
BlackRock Inc. cut fees on
how day traders and central
banks channel money, allowing
investors to move in and out
its largest exchange-traded of markets in an instant.
Continued from page B1 fund, in an attempt to punch BlackRock, the world’s larg-
the stock sale is coming from back against an increasingly est asset manager, towers over
existing shareholders. formidable foe, Vanguard the $6 trillion ETF industry,
The IPO instead allows Group. holding more than a third of
Cerberus Capital Manage- The New York investment all global ETF assets. ETFs
ment LP, Albertsons’ private- giant disclosed it cut the price have long been a power center
equity backer, to start cashing investors pay for an ETF that at the firm, raking in about
out of a roughly 15-year in- tracks the S&P 500 to $3 on 40% of the firm’s base revenue
$156,849,350,200 vestment. every $10,000 invested, from and making up roughly 30% of
$53,265,946,200 Albertsons’ debut will pro- $4. The price of BlackRock’s its assets in the latest quarter.
$809,937,600
BING GUAN/BLOOMBERG NEWS
$432,000,000 ceed under unusual circum- fund now matches Vanguard’s Vanguard, the world’s sec-
99.991444 stances due to Covid-19 re- version. ond-largest asset manager,
(0.110%)
0.112% strictions that have forced With roughly $195 billion in commands roughly a fifth of
95.64% NYSE floor traders to wear assets, BlackRock’s iShares the ETF industry assets.
9127963G2
face masks, sit between plexi- Core S&P 500 ETF is the sec- Vanguard typically takes in
glass barriers and maintain a ond-largest ETF to be tracking a bigger share of mutual funds
6-foot distance from one an- the S&P 500 index after the than ETFs in new investor
$139,464,009,900 other. SPDR S&P 500 ETF Trust of money each year. But in the
$53,265,504,900
$174,728,300
The company’s debut will The nation’s second-largest grocer first attempted an IPO in 2015. State Street Global Advisors. first five months of 2020, ETFs
$966,000,000 appear subdued compared “We want that not only to made up a bigger part of net
99.978222 with big prepandemic IPOs at The market maker handling acting as the “stabilization be the largest S&P 500 ETF, flows into the firm than mu-
(0.140%)
0.142% the NYSE, which is owned by the Albertsons debut is set to agent” for Albertsons’ IPO, but the largest ETF in the tual funds. Vanguard also took
44.47% Atlanta-based Intercontinen- be Glenn Carell, a managing which can intervene to steady world,” Armando Senra, Black- in nearly twice BlackRock’s
9127963Q0
tal Exchange Inc. Under the director at GTS, a trading firm trading in the company’s stock Rock’s head of Americas haul of net flows into ETFs in
social-distancing rules, there that owns one of the largest by buying shares. iShares, said in an interview. the first five months of 2020.
will be no crowd of floor bro- designated-market-maker op- An official from the NYSE The move to close the gap BlackRock also announced
kers gathering to listen as erations at the NYSE. Mr. will also be nearby overseeing with Vanguard is a sign of an fee cuts for two other ETFs
$46,607,737,000
$2,217,700 Albertsons’ designated market Carell previously ran the IPOs the process. escalating fight between two that track U.S. stock indexes.
$0 maker shouts information on of companies including Ali- Bank of America Corp., titans for investor dollars and In total, the fee cuts cover
99.924456
(0.511%)
the stock’s expected opening baba Group Holding Ltd. and Goldman, JPMorgan Chase & clout in ETFs, a fast-growing roughly half of the assets of
0.500% price. Designated market mak- Twitter Inc. Co. and Citigroup Inc. are corner of the investment the lineup of funds the firm
60.32%
912828ZV5
ers are traders who stand in He will work alongside a leading the offering. world. Trading like stocks on brands as basic staples, com-
the middle of the floor and representative of Goldman —Jaewon Kang exchanges, the collections of prising lower-cost basic port-
help ensure orderly trading. Sachs Group Inc., the bank contributed to this article investments have transformed folios.
 B12 | Friday, June 26, 2020
JACOB KING/PA WIRE/ZUMA PRESS
Shoppers return 60% of the clothing they buy online, demonstrating that e-commerce isn’t viable for every type of business.
Primark Challenges Tech-Obsessed
Clothing chain will be useful measure of whether aversion to store-based retail is overdone
More than ever, investors see e-
commerce as the be-all and end-all
for fashion brands. One clothing
chain that does no business online,
Primark, may expose a gap in that
theory.
The Covid-19 outbreak and sub-
sequent store closures have made
web sales key for clothing compa-
nies. The pandemic is on track to
compress five years of online share
gains into one: E-commerce will
count for 23% of apparel spending
in Europe this year, up from 18% in
2019, according to Bernstein analyst
Aneesha Sherman. Investors have
piled into the stocks of pure online
fashion plays such as Zalando,
whose shares trade for 130 times
projected earnings after a 38% rally
this year. The world’s largest fash-
ion retailer, Zara-owner Inditex, has
reacted by speeding up its digital
transformation.
Trendy, very cheap clothes have
turned Primark into a big player
globally, with around $10 billion in
Wells Fargo Gets Dinged, Others May Follow
The Federal Reserve on Thursday
largely gave a pass to the biggest U.S.
banks while still finding a way to
subtly single out Wells Fargo. Bank
shareholders still shouldn’t assume
their dividends are assured for much
longer.
Along with its regular annual
stress tests, the Fed made a special
announcement that, for at least an-
other quarter, large banks will be
barred from making any share repur-
chases and face limits on dividend
payouts. The former was expected—
banks already have suspended buy-
backs since March in response to cor-
onavirus uncertainty. As for the
limitation on dividends, it has been
widely debated and doesn’t count as
a shock.
With respect to the stress tests
themselves, most major banks per-
formed as expected, with the possible
exception of Goldman Sachs. In the
Fed’s severely adverse scenario, the
The realization that you’ve left
home without hand sanitizer may
be more terrifying than forgetting
your phone, keys or maybe even
your child.
Months into the pandemic, ob-
taining quality hand sanitizer is
still a creative endeavor. The
shortage of the acrid elixir led to
some bizarre behaviors. Whether
out of desperation, confusion or
hope, some on social media re-
ported seeing individuals try to
squirt flavored syrups at cafes
onto their hands.
Beware of impostors: An Ama-
zon search returns a dizzying
amount of choices, few of them
familiar, and not all created equal.
HEARD STREET FINANCIAL ANALYSIS & COMMENTARY
ON
THE
sales in its last financial year. Its home delivery and returns. A com-
distribution model—large physical parable basket at ASOS, one of the
stores in Europe and since 2015 the cheapest online-only fast-fashion
U.S., but no e-commerce service— retailers in Europe, is more than
was starting to look unfashionable 50% more expensive than at Pri-
even before the crisis. The clothing mark, according to Jefferies. The
chain still has no immediate plans latter keeps prices low by spending
to sell online and is betting that low less than 1% of sales on advertising,
prices will draw shoppers back to
its stores.
Next week’s trading update from
the discounter’s owner, AB Foods,
Trendy, very cheap
which also has a grocery business, clothes have turned
will give the first indication of
whether or not management is
Primark into a big player
right. Anecdotally, queues outside globally.
Primark have been longer than at
Zara or H&M since stores reopened
across parts of Britain this month
based on site visits by analysts. sourcing garments from Asia and
If sales do recover faster than ex- avoiding home delivery.
pected, it would suggest that low- Although the shift online is the
cost bricks-and-mortar retailers are most important trend in retail, it
more sheltered from the online on- isn’t the only one. Value retailers
slaught than thought. E-commerce like Primark, or Marshalls in the
rivals struggle to match Primark’s U.S., are likely to win market share
prices because of the high cost of during this recession as shoppers
Wall Street firm saw its common eq-
uity Tier 1 capital ratio—the key mea-
sure of how much loss-absorbing
over the prior four quarters, accord-
ing to estimates by Wolfe Research
analyst Steven Chubak. Goldman’s
capital a bank holds—fall rather distributions would take up only
sharply to 6.9% from 13.3%. around 41%.
This suggests the bank may have Yet the Fed’s new formula would
to hold a larger slug of extra capital, automatically put pressure on divi-
the stress capital buffer, than most dends, if the economy fails to recover.
analysts had expected. By how much The longer the Covid-19 crisis drags
exactly won’t be known until Monday on, the more quarters there will be
at the earliest, when banks will be with low or even negative earnings
permitted to publicly report their for banks. Such a scenario would
stress capital buffers. drag their four-quarter average ever
Nonetheless, Goldman Sachs and lower, limiting what they can pay out
most others are unlikely to have to in the form of dividends to share-
reduce their dividends in the near holders. Recent sharp increases in vi-
term based on the Fed’s new stipula- rus infection rates in populous states
tion. It limits payouts to the average suggest that a V-shaped recovery is
level of earnings over the past four already off the table. If the economic
quarters. drag from the virus drags on, banks’
Of the six biggest banks in the dividends will be far from safe. The
U.S., only Wells Fargo looks likely to stress tests seemed benign, but bank
be affected immediately. Its dividend shareholders shouldn’t celebrate pre-
payouts in the third quarter were set maturely.
to hit 150% of its average earnings —Aaron Back
OVERHEARD
Last week, the Food and Drug
Administration identified nine
brands, all by the same maker,
that used methanol, which it says
can have toxic effects. The
agency said it was concerned
with false and misleading claims
some hand-sanitizer companies
are making, like that they can
provide 24-hour protection
DANA ULLMAN/BLOOMBERG NEWS
against the coronavirus.
But finding the good stuff
hardly ensures safety. Reports
have surfaced of hand sanitizer
sparking fires in cars under the
hot sun due to its high alcohol
content, although experts say that
is unlikely. It seems attempting to
play it safe can make you sorry.
* *
trade down to cheaper brands and
weak competitors go out of busi-
ness.
Primark also provides a reality
check that e-commerce isn’t viable
for every type of business. If shop-
pers send back 60% of the clothing
they buy online—around the norm
in some of Zalando and Asos’s mar-
kets—a retailer must sell at least
£40 ($50) a basket to break even,
according to a Bernstein analysis.
That makes it all but impossible to
sell very cheap fashion online prof-
itably while offering the free deliv-
ery and returns shoppers have
come to expect.
True, only a handful of names
can get away with avoiding e-com-
merce. Luxury label Chanel recently
confirmed that it still won’t be sell-
ing its handbags or clothing online.
Primark is at the other end of the
spectrum, but both are a reminder
that investors’ view of retail has be-
come too simplistic.
—Carol Ryan
Jobs Recovery Risks
Stalling Out
The June jobs report will proba-
bly be OK. But July is looking iffy.
The Labor Department on
Thursday reported that the num-
ber of people filing new unemploy-
ment-insurance claims in the week
ended Saturday came to a season-
ally adjusted 1.48 million, a drop
of 60,000 from a week earlier. An
additional 728,120 claims, unad-
justed for seasonal swings, were
filed for the special pandemic un-
employment-assistance program
that was set up for self-employed
and gig-economy workers.
Economists thought the main
claims figures would drop to 1.35
million. It was the second week in
a row that the level of claims
stayed basically even against ex-
pectations of large declines. That
suggests that the recovery in the
jobs market from the depths of the
Covid-19 crisis is losing speed. In-
deed, with the pandemic flaring up
in many regions of the U.S., there
is a danger the country could re-
verse the employment gains it re-
corded in the May jobs report.
This may not show up in next
week’s jobs report. That is because
the Labor Department refers to
pay periods in the week including
the 12th of the month when it tal-
lies up its jobs numbers, and that
week was much better in June
than it was in May. Jobless claims
in the June reference week came
to about 1.5 million, which com-
pares with about 2.4 million in the
May reference week. Moreover,
data from scheduling-software
company Homebase shows the
number of hourly employees work-
ing at restaurants, retailers and
other small businesses was down
by an average of 26.8% in the June
reference week from January lev-
els. That compared with 42% in
THE WALL STREET JOURNAL.
Pantry Trend
Is Mixed
Bag for
Spice Giant
Staples lift McCormick,
but eateries pose risk
Consumers have been stocking
up on McCormick’s spices, dry
baking mixes and other pantry sta-
ples. Its restaurant customers are
another story.
The company’s sales came in
strong for the quarter ended May
31, rising 7.6% from a year earlier,
sending McCormick's share price
up about 3% Thursday. However,
the 26% rise in revenue from sell-
ing to consumers was partly offset
by an 18% decline in sales to food-
service customers such as restau-
rants. That might explain why the
company continues to give no
guidance, even as it expressed con-
fidence for the rest of the year.
The risk in the home business is
that pantries, once stocked, won’t
need to be reloaded. However, a
big chunk of the surge in sales in
the quarter came from single-use
categories such as marinades and
dry recipe mixes. That should
make up for any potential drop in
sales for longer-use items such as
spices. Encouragingly, the com-
pany said the number of repeat
buyers in the U.S. rose 11% in the
latest quarter, even as the com-
pany’s household penetration in-
creased 16% in the same period.
Plus, recessionary periods have
tended to be good for McCormick
sales, the company said.
Weakness in restaurants is a con-
cern for the rest of the year. Away-
from-home business accounts for
some 20% of McCormick’s sales.
Some restaurants reduced menu se-
lections for takeout and delivery,
and limits to seated dining mean
restaurants will no longer have the
same demand for tabletop condi-
ments. The company said it is work-
ing with some customers to shift
sales from full-bottle condiments to
portable packets for takeout.
McCormick has done a lot to en-
gage with at-home consumers, in-
cluding ad campaigns educating
them on cooking at home. As res-
taurants begin reopening in
phases, McCormick will have to
work hard to make sure its prod-
ucts remain in those kitchens too.
—Jinjoo Lee
20%
Number of working
local-business hourly
employees in Arizona,
change from January levels
0
Seven-day
moving average
–20
–40
–60
–80
April May June
Source: Homebase
the May reference week.
Lately, the Homebase data have
been showing signs of a stall. In
the seven-day period ended
Wednesday, employment was
down 25.1% from January levels,
versus 25.3% a week earlier. More-
over, in some places where the vi-
rus has reasserted itself, the data
suggest the jobs market is deterio-
rating. In Arizona, which has been
hitting daily highs in new Covid-19
cases, employment was down an
average of 29.6% in the week
ended Wednesday, compared with
26.6% a week earlier.
Whether places with Covid-19
flare-ups can get things under con-
trol without ramping up restric-
tions, and whether places where
things appear better are able to
keep relaxing restrictions, will be
important for the July employ-
ment report. But at this point the
jobs revival that many people were
counting on continuing through
the summer appears to be at risk.
—Justin Lahart
 MANSION
$2.25 Million An Artful
A home designed Space
by architect This living room
A. James Speyer was inspired by a
lists. M3 painting. M5

HOMES | MARKETS | PEOPLE | REDOS | SALES THE WALL STREET JOURNAL. Friday, June 26, 2020 | M1

A guest room is tucked into

the second-floor gallery.

$1.738
MILLION
2 bed, 2 bath
2,621 sq. ft.

When Too
Much Is Just
Enough
A Brazilian designer wanted a London home with
high ceilings, and lots of light. She got more than
she bargained for in this former church hall.

BY RUTH BLOOMFIELD 1890, are around 30 feet high.

A
ll house hunters
have a wish list in
mind when they be-
gin looking for a
new home. Gianna
Camilotti’s list was short. When
she started searching online for
her dream home, she typed in
just one thing: “high ceilings.”
Brazilian-born Ms. Camilotti,
who has lived in the British capi-
tal since 2005, was determined to
find a property with a light and
airy feel. And the former James
Spicer Memorial Church Hall
School certainly fit the bill. The
ceilings of the main living room
of the home, originally built in
When she found it, the land-
mark gothic-style property was a
bare shell. This left Ms. Camilotti,
who had studied fine art in Brazil
and worked as an interior de-
signer there and in Italy, with the
tricky job of furnishing a truly
cavernous space.
The hall’s next owners will have
an easier ride. Ms. Camilotti is
planning a move back to Brazil to
be closer to her family and her
two-bedroom, two-bathroom,
2,621-square-foot home is listed
with Savills for $1.738 million. The
list price includes tens of thou-
sands of dollars worth of designer
and bespoke furniture designed to
Please turn to page M8

Gianna Camilotti, below, fell in love with the former James Spicer
Memorial Church Hall School, and applied her own design aesthetic to it.
PAUL RAESIDE (ARTFUL SPACE LIVING ROOM)

The 12-person dining table

required six people to lift
the glass into place.

Seeking the Sweet Spot PURCHASE PRICE: $460,000

In New York State

VANESSA BERBERIAN FOR THE WALL STREET JOURNAL (4) DOROTHY HONG FOR THE WALL STREET JOURNAL (KINGSTON)

The Kingston area in the Hudson Valley is attracting home

buyers desperate for big houses and plenty of green space

BY CHRISTINA POLETTO for working remotely. They are also avid

THE CATSKILLS ARE getting hotter, weath-
erwise and propertywise, as stir-crazy
house hunters search for residences outside
big cities. For those in the New
travelers with no immediate travel plans.
“Now we have to figure out our world in
a more localized way,” said Mr. Zeidan,
founder of Ro New York, a branding agency.
He added that he sees homeowner-

29
York City area, one of the more ship as a similar adventure: “The
sought-after spots in the state is house is a form of travel. It kills
the southeastern city of Kingston. time.”
Number of
A surge of potential buyers is They found a historic stone
homes sold in
buoying the area’s latest revitaliza- home in a hamlet close to King-
Kingston area
tion effort. ston that they first saw three
from mid-March
For Rony Zeidan, 42, and his years ago but weren’t ready to
to June 22
partner, Jonathan Meizler, 56, who buy, he said. But when the three-
live in Manhattan’s Hudson Yards, bedroom, two-bath home went on
it was the right time to buy in a less con- the market three weeks ago for under $1
gested area. They are concerned about hav- million, they didn’t hesitate.
ing to ride out a second lockdown, and they “We put the offer on it that morning,”
don’t think their apartment and terrace said Mr. Zeidan, and it was accepted. He Katrín Björk and her husband, Jens Sogaard, bought a four-bedroom, 2,700-square-foot
provide enough outdoor space for living or Please turn to page M6 Victorian home in Kingston, impressed by its size, original wood floors and 10-foot ceilings.
M2 | Friday, June 26, 2020 THE WALL STREET JOURNAL.

MANSION
JUMBO JUNGLE | KATY MCLAUGHLIN

Signs of aThaw in Jumbo Loans

The pandemic brought jumbo-loan activity to a screeching halt, but there are indications that things are warming up

B
illy Rose, the
founder of real-
estate broker-
age the Agency
in Beverly Hills,
got an offer on a $5 million
house in the Sunset Strip
neighborhood in April. Mr.
Rose knew the buyer and
his finances pretty well, be-
cause the buyer had made
a lower offer on the prop-
erty back in January,
backed up with an 80%
jumbo mortgage prequalifi-
cation. On a hunch, Mr.
Rose told his buyer to
check with the lender to
see if that type of jumbo
loan was still available.
It wasn’t. This time
around, Mr. Rose’s buyer,
who was self-employed,
would need to put 30%
down. The deal never came
together, he said.
Mortgages markets over-
all have taken a beating in
the Covid-19 crisis. But
jumbo loans have been
thrown to the mat. In early
April, Wells Fargo stopped
buying jumbo loans from
other loan originators.
Many banks followed suit,
which froze the liquidity in
a large part of the jumbo
market. Most lenders, in-
cluding Wells Fargo, Bank
of America, Chase, and
TIAA Bank, tightened lend-
ing standards or scrapped
certain types of jumbos,
such as investment loans or

LUCI GUTIÉRREZ (2)

cash-out refinances. Some
nonbank lenders stopped
doing any jumbos at all.
Borrowers found they
needed near-perfect credit
scores and 20% or even were in forbearance, com- The (Rate) Spread pany Optimal Blue. That from packaging and securi- at 4.99% for a 30-year
35% for down payments. pared with 8.7% of all gap narrowed in early tizing its loans and selling fixed,” he said.
The gap between jumbo and
According to data pro- mortgages, according to June, to 3.3% for conform- them to investors. In April Guaranteed Rate, a large
conventional loan rates has
vided by the Mortgage Black Knight, a mortgage closed since the pandemic's ing loans and 3.5% for jum- and May, it found few tak- retail nonbank jumbo
Bankers Association, since data and technology firm. peak but still remains wide bos. Another measure is ers for these securities— lender, wrote twice as
2015 average rates on 30- With conforming loans in the return of jumbo loans and those takers demanded many jumbo loans between
year fixed jumbo loans forbearance, government Loan rates compared for self-employed borrow- extremely high returns. So May and June as it did be-
have been lower than the agencies eventually step in 4.0% ers served by niche lenders. the best jumbo rates it tween April and May, said
average rates on 30-year to cover monthly payments; John Lynch is chief exec- could offer were 8% or Kasey Marty, executive vice
conforming loans. Since with jumbos, the mortgage utive of PCMA, a lender in 9%—which it didn’t even president.
February, that has re- owner gets nothing while a 3.8 30 year Irvine, Calif., that special- bother to promote, Mr. Several of the large bank
jumbo
versed, with average rates borrower doesn’t pay. izes in jumbo loans for af- Lynch said. But now, in lenders say that stricter
for a 30-year jumbo at While it is too soon to fluent borrowers whose fi- mid-June, liquidity has re- lending standards will be
3.73%, compared with call it a full-scale “reopen- 3.6 nancial profiles don’t turned to the market and loosened as the economic
3.52% for conforming ing” of jumbo markets, match traditional credit “we have our first set of picture improves, but that
loans. there are some emerging criteria. PCMA’s median loan docs going out today it is too soon to say when.
Average rates on jumbo signs of life. One measure 3.4 loan amount is about $1
loans have been so low for is the gap between average million, Mr. Lynch said.
the past several years conventional loan and Typically, a 30-year jumbo
3.2
partly because lenders view jumbo rates: In April, con- loan from PCMA has a rate
jumbos as lower risk. But forming 30-year mortgage
30 year
100 to 150 basis points THE ASK | HOW TO GET A JUMBO LOAN NOW
conform
that is another thing rates averaged 3.4%, while 3.0
above bank jumbo loans, so
turned upside down by the jumbos averaged 3.7%, ac- if a bank lends at 3.5%, If you need a jumbo loan lender who specializes in
Covid-19 crisis. As of June cording to data provided by J F M A M J PCMA lends at 4.5% to 5%. now, here’s some advice for self-employed jumbo borrow-
16, 11.8% of jumbo loans mortgage technology com- Source: Optimal Blue PCMA’s liquidity comes how to navigate the land- ers.
scape
4. Ask banks what pro-

4 LUXURY AUCTIONS  NO RESERVE  TX, FL & NY 1. Don’t stop after an online

search. Some online, non-
bank lenders, such as Bet-
ter.com and online mortgage
brokers, such as Morty.com,
offer jumbos that are later
purchased by banks. Much of
that market is frozen, so
some types of loans have
disappeared. Call mortgage
brokers and banks to
find the programs
that are still alive
and well.
grams they have for loyal
customers or borrowers
with lots of assets. Ocean-
First Bank, a regional bank
than lends in New Jersey,
New York and Philadelphia,
may reduce a down-payment
requirement to 20% from
25% for an existing customer
with assets at the bank in

2. Get ready to pro-

LU X U R Y C O N D O AT T H E A U S TO N I A N A BEAUTIFUL AUSTIN ICON vide proof of em-
200 C O N G R E S S AV E , #32N W, A U S T I N, T X 2308 W O O D L AW N B LV D, A U S T I N, T X ployment and in-
N O -R E S E R V E A U C T I O N T O M O R R O W  11 A M P R E V I E W S B E G I N T O M O R R O W  1-4 P M come multiple times
throughout the
transaction, as lend-
ers now need con-
tinual assurance
that a paycheck will
continue flowing right up to
the week the loan closes.
Prepare employers or
bosses for multiple requests
for letters and make sure
you have easy access to pay
stubs—ideally in a PDF that
you can upload.
C U S TO M 5/5.5 I N I S L E S O F C O L L I E R P R E S E R V E 33 TOTA L A C R E B E A C H F R O N T E S TAT E 3. If you are self-employed,
focus on “having a story to-
6230 L I G H T B O U R N WAY, N A P L E S, F L 32 WATC H WAY, L LOY D H A R B O R, N Y
gether,” said Micah Jindal,
P R E V I E W S B E G I N T O M O R R O W  1-4 P M P R E V I E W S B E G I N J U LY 11  1-4 P M who leads the mortgage
R E M O T E B I D D I N G AVA I L A B L E practice for Boston Consult-
some cases, said Christopher
Maher, president and CEO.
Citibank has a “High Net
Worth” program for people
with $500,000 or more in
liquid assets, even if they
aren’t held at Citi (they do
need to have a least
$50,000 at Citi); such cus-
tomers may be eligible for
interest-only loans, higher
loan limits or other terms
not available to other bor-
rowers, said Brad Wayman,

844.94.ELITE | EliteAuctions.com | ing Group. If your income is

volatile—with an annual bo-
head of U.S. mortgage sales
at Citi. “Relationship pricing”
200 Congress Ave, #32NW, Austin, TX, is listed for sale by licensed real estate agent Dustin Weiss (LIC # 729096) of Compass Real Estate Texas (LIC # 9006927), PH: 512-605-9611; 6230 Lightbourn Way, nus or profit-sharing—be offers should always be
Naples, FL, is listed for sale by licensed real estate agent Denise Zervos (LIC # 3431285) of Platinum Real Estate (LIC # CQ1048034), PH: 239-264-1100; 2308 Woodlawn Blvd, Austin, TX, is listed for sale
by licensed real estate agent Eric Copper (LIC # 521490) of Austin Portfolio Real Estate (LIC # 99105), PH: 512-330-1031; 32 Watch Way, Lloyd Harbor, NY, is listed for sale by licensed real estate salesperson ready to explain how it scrutinized carefully, but in
Patricia Healy (LIC # 10401291675) of Trump International Realty New York (LIC # 10991211675), PH: 646-942-5520. Elite Auctions is an auction marketing company and is not a licensed real estate broker.
The auction services referred to herein are not available to residents of any state where prohibited by applicable state law. Elite Auctions, its agents and affiliates, broker partners, auctioneer, and sellers do not works. Create a profile of this period can be a rare way
warrant or guarantee the accuracy or completeness of any information and shall have no liability for errors or omissions or inaccuracies under any circumstances in this or any other property listings or advertising,
promotional or publicity statements and materials. This is not meant as a solicitation for listings. Brokers are protected and encouraged to participate. All bidders are required to pre-register for each property auction your total assets. If banks to find wiggle room in the
in accordance with the Terms and Conditions. Equal Housing Opportunity. With James Gall, Jr., a licensed FL auctioneer (#AU-2) and Angelia Meier, a Texas-licensed auctioneer #15149. Elite Auctions is a licensed
Fl id i b i AB3687 turn you down, seek out a lending standards.
 THE WALL STREET JOURNAL. Friday, June 26, 2020 | M3

MANSION

FLY OVER PROPERTIES (4); ART INSTITUTE OF CHICAGO (SPEYER)

The Pittsburgh house
cost $307,163.23 to build.

LIVING HISTORY

The House That Launched

A Career Among the Stars
Former astronaut Jay Apt recalls growing up in this Midcentury Modern home, which Mr. Speyer studied under
is hitting the market for the first time since it was built in the early 1950s Mies van der Rohe.

BY ANTHONY PALETTA Mr. Speyer himself grew The kitchen, by design

up on the same street as firm St. Charles, remains

J
ay Apt, 71, re-
members watch-
ing an early NASA
satellite from the
leafy backyard of
his childhood home in Pitts-
burgh, and later viewing
the planets through a tele-
scope there.
This was no casual star-
gazing: Mr. Apt later be-
came an astronaut, com-
pleting four space
missions, includ-
ing two space-
walks. He cred-
its his
childhood
home, a circa
1952 modern
house with
floor-to-ceiling
glass windows,
for providing an
early acute con-
Architect
A. James Speyer
nection to nature.
“It really felt like you
were outside even when the
weather was not clement,”
said Mr. Apt, now a profes-
sor at Carnegie Mellon Uni-
versity, who moved into the
house at age 2. “Looking
out of the floor-to-ceiling
windows in the backyard
was instrumental in giving
me an appreciation of the
natural world.”
Now the Woodland Road
home is going on the mar-
ket for the first time since
it was built. Designed for
Mr. Apt’s parents by the ar-
chitect A. James Speyer, the
house has changed very lit-
tle since it was constructed,
Mr. Apt said. In the wake of
his mother’s death in Feb-
ruary, the four-bedroom
house is listed for $2.25
million by Amy Bair of
Howard Hanna Real Estate
Services.
Mr. Speyer’s most fa-
mous work is the Ben Rose
House near Chicago, a mod-
ern glass box known for its
supporting role in the 1986
movie “Ferris Bueller’s Day
Off.” Mr. Speyer studied ar-
chitecture under famed
modernist Mies van der
Rohe at the Illinois Insti-
tute of Technology, and
later became curator of
20th-century painting and
sculpture at the Art Insti-
tute of Chicago.
The Apt house is in Pitts-
burgh’s East End, with
neighbors including both
turn-of-the century man-
sions and several of the
city’s few modern homes.
the Apt house, and Mr. Apt
said his parents may have
known the architect.
Mr. Apt’s father Jerome,
who died in 2010, was a
mechanical engineer, and
his mother Joan was an
arts patron who served as a
Pittsburgh Symphony Or-
chestra board member and
was co-founder of the Pitts-
burgh Public Theater. Mrs.
Apt was about as
steeped in mod-
ernism as any
American
could be, hav-
ing spent her
teenage years
in the Alan IW
Frank House,
which was de-
signed for her
parents by Marcel
Breuer and Wal-
ter Gropius.
“The views, the clean de-
sign, no froufrou of any
kind was a kind of aesthetic
that my mother grew up
with,” said Mr. Apt. “It was
something that I knew she
wanted to bring to her
place on Woodland Road.”
His father had a more
practical imprint, working
on the design of the home’s
HVAC and recirculating hot
water system with Mr.
Speyer. It cost $307,163.23
to build the four-bedroom,
five-bathroom home, said
Mr. Apt, who has a list of
the building costs from his
parents’ accountant. (That
is about $2.9 million in to-
day’s dollars.)
Mr. Speyer was critical
of American home-building
bombast, declaring in a
1986 interview conducted
by the Art Institute of Chi-
cago shortly before his
death, “I think the typical
suburban style is really not
at all based in comfort, it’s
based in ostentation,” he
said. “Everybody,” he
added, is “putting a center-
piece on the table.” He took
a different path with his de-
sign for the roughly 4,100-
square-foot Apt house,
which sits on an exception-
ally leafy and private site
for its central Pittsburgh lo-
cation. Built into a hillside,
it reserves its prime vistas
not for the onlooker but for
the resident.
The foregrounding of na-
ture extends well beyond
its siting. At the Apt house,
he crafted a design clearly
An original refrigerator still works.
indebted to Mr. van der
Rohe’s trademark transpar-
ency: a white-steel framed
volume featuring floor-to-
ceiling windows on three
sides, offering expansive
views of the home’s back-
yard.
Each room of the house
features a slightly different
composition of glass, wood,
and brick walls and sur-
faces. Wood paneling, cabi-
nets, shelves, and built-in
desks mediate between
sturdy brick walls and vast
windows, resulting in a bal-
ance that feels airy but not
exposed. Marble bathrooms
in differing shades offer yet
more texture. There is very
non-Miesian arched fire-
place set in a long brick
wall in the living room, a
8 EXQ U ISIT E P R O P ERT IES … A L L SELLI NG W I TH
R E C E N T LY
$23.9m
JULY 16 FISHER ISLAND, FL
Exclusive Island Retreat
FOR SALE
$2.25
MILLION
4,100 sq. ft.,
4 bedrooms,
3-car garage
curvilinear accent
that anchors and
centers the space.
Brick plays an
important yet
Wood paneling, cabinets and shelves
subtle function
mediate between brick walls.
otherwise, jutting
out of the home’s
frame and cropping up in
exterior walls, accentuating
the sense of connection be-
tween inside and out. The
fireplace brick arch pattern
is echoed in the home’s dis-
THOO U T RE
R E C E N T LY
$4.2m
(Your Own) Private Island
largely the same as it was
in the 1950s.
tor still works, at an age
when it could be drawing
Social Security benefits.
The Apts made some mild
changes, such as a newer
dishwasher and range, and
converted a dumbwaiter
into a small elevator. And
yet the home is exception-
ally durable, their son said.
“It is remarkable how well
a steel and glass flat-roofed
house has held up over 70
years,” he said. “The house
is still as sturdy as the day
it was built, which is what
Pittsburgh steel will do for
you.”
Mr. Apt recalls the home
as a center for his parents’
vibrant social life, hosting a
range of musical and theat-
rical guests. “They had
large parties; the house was
really a marvelous place for
it,” he said. Hal Prince,
Isaac Stern, Itzhak Perlman
and many others found
tasteful welcome amid the
home’s Noguchi, Aalto, and
van der Rohe furnishings,
and an art collection featur-
ing works by Peter Rock-
well, Edward Steichen, and
Henry Koerner. Some of the
furniture is still in place,
creet three-car garage. but is being sold separately.
A kitchen by St. Charles, Ms. Bair said modern
a design firm also used by properties are rare in the re-
Mr. van der Rohe and Frank gion, but “there are a grow-
Lloyd Wright, is strikingly ing number of buyers look-
intact. Even the refrigera- ing for this type of home.”
PlatinumLuxuryAuctions.com
800.262.5132
RESERV
SERV E
R E C E N T LY
$45m
JULY 25 FIJI AUGUST 8 CORAL GABLES, FL
Waterfront Escape

R E C E N T LY R E C E N T LY R E C E N T LY R E C E N T LY

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JULY 9 JULY 11 JULY 18 JULY 30
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APT FAMILY ARCHIVE

L AU NCHING NE XT WE E K
32-ACRE LAKEFRONT COMPOUND • UPPER ST. REGIS, NY

Refer to PlatinumLuxuryAuctions.com for the relevant disclaimers and brokerage information for each luxury auction® property.
Jerome and Joan Apt in the home’s living room around 1953.
M3A | Friday, June 26, 2020 NY / NE THE WALL STREET JOURNAL.
THE WALL STREET JOURNAL. NY / NE Friday, June 26, 2020 | M3B
 M4 | Friday, June 26, 2020 NY THE WALL STREET JOURNAL.

PRIVATE PROPERTIES

Swim With the Fishes:

room with a movie projector, and
a formal dining room with seating
for about 20 people, according to

Miami House With Aquarium Lists

listing agents Bill Hernandez and
Bryan Sereny of Douglas Elliman.
The master suite has its own sit-
ting area, dressing room, sauna
and dedicated shoe closet. An ele-
vator connects the master suite to
all four levels of the house.
A two-story wall with cutout de-
signs was designed by the late
sculptor Erwin Hauer. The grounds
also include an infinity-edge pool,
an outdoor kitchen, and a dock
with a 55,000-pound boat lift.
The aquarium, which was
imported from Japan, is
FOR SALE located in the living

$34 room. It holds about

5,600 gallons of water
MILLION and cost $1 million,
the agents said. It
15,560 sq. ft., pool,
was so heavy that it
dock, roof garden,
had to be delivered by
wine cellar,
barge. To service the
shoe closet
aquarium, a scuba diver
PAUL STOPPI/BILL & BRYAN TEAM/DOUGLAS ELLIMAN (2)

enters through a hatch hid-

den in the master bedroom closet.
A large Banyan tree for the gar-
den was also delivered by barge.
The tree was cut into thirds and
then reassembled using a special
rebinding glue on site.
Mr. Radandt bought the prop-
erty for $9.2 million in 2015, ac-
cording to records. At the time,
the property was just a shell; the
prior owner hadn’t finished con-
Mr. Radandt paid $9.2 million for the property in 2015.
struction and there were no inte-
rior walls or finishes installed, the
listing agents said.
BY KATHERINE CLARKE Mr. Hernandez said the prior
owner had built the house to
A newly built Miami Beach spec roughly 40 feet high, which is no
mansion asking $34 million has a longer allowed under local zoning
saltwater aquarium so large it re- laws. As such, the house towers
quires a scuba diver to maintain it. above its neighbors and has pan-
The 15,560-square-foot water- oramic views of Biscayne Bay.
front property was developed by The agents declined to comment
Andre Radandt, property records on matters pertaining to the seller
show. Mr. Radandt is the former and Mr. Radandt wasn’t available
chief executive of Bolthouse for comment. He was chief execu-
Farms, a food and beverage com- tive of Bolthouse Farms from 2002
pany known as one of the world’s until 2008 and is no longer in-
largest carrot suppliers. volved with the company.
Located on the Venetian Is- Mr. Hernandez and Mr. Sereny
lands, the six-bedroom house has said the Miami Beach market has
roughly 6,500 square feet of ter- been busy over the past month de-
races, including a rooftop garden spite the coronavirus pandemic,
with a wet bar. There is also a and they have received numerous
gym, a wine cellar that can hold inquiries from New Yorkers look-
The aquarium, imported from Japan, cost $1 million.
more than 1,000 bottles, a club ing for single-family homes.

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THE WALL STREET JOURNAL. NY Friday, June 26, 2020 | M4A

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M4B | Friday, June 26, 2020 NY THE WALL STREET JOURNAL.

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Sams Creek, 1 Acre+/-, 4,200 SF+/- of Indoor/Outdoor Living, 4 Bedrooms, 4 Full & 1 Half Bathrooms, Elevated
Walkway to Bay, Multiple Terraces on Each Level, Rooftop Deck with Outdoor Kitchen and Custom Pool

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Nearing Completion, Designed by Award-Winning Architects Austin Patterson Disston,
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All information is from sources deemed reliable but is subject to errors, omissions, changes in price, prior sale or withdrawal without notice. All rights to content, photographs and graphics reserved
to broker. Equal Housing Opportunity Broker. Architectural renderings may be shown. Photographs may be enhanced. Bespoke Real Estate LLC is a licensed Real Estate Broker. 903 Montauk
Highway, Water Mill NY 11976
THE WALL STREET JOURNAL. Friday, June 26, 2020 | M5

MANSION
ANNOTATED ROOM

A Living Room With a Painterly Touch

A contemporary art lover bought a series of works by Anish Kapoor to inspire an interior in his Water Mill, N.Y., home

BY ADRIENNE GAFFNEY

F
or a Water Mill, N.Y., Cost of room: $232,000
living room, it all
started with the art.
The owner, a fol-
1
lower of the contemporary
market, bought a series of
Anish Kapoor works to use as
inspiration. Designer Amy
Lau, who was with him when
he made the purchase, says 8
“there’s such an emanating
quality about the art.” 7
Ms. Lau compared Benja-
min Moore paint samples
with each work to find the 13
or 14 shades within them.
The palette served as the
room’s color scheme.
An international race 3
horse owner in his mid-50s
who spends the summer and
4 6
early fall in the Hamptons
town wanted “a rocking show
house,” says Ms. Lau. “He
loves having people over.” 5
Ms. Lau balanced the high
energy of the bright colors
with neutral colors to attain
a relaxed, beach house feel.
“It looks almost like an ab- 2
stract watercolor of a water
scene,” she says of the room.

THOMAS LOOF
Here are some of the de-
sign elements of the roughly
9
$232,000 room.

1. “For a long time the Sectional Sofa circa 1950s 4. A pair of vintage Gio Silas Seandal // Price: color,” says Ms. Lau. Carlo knotted with wool and silk
owner has wanted a series // Price: $27,000 Ponti lounge chairs were $16,000 Nason by Mazzega // Price: and was custom-colored.
by this artist,” Ms. Lau says. upholstered in Moore & $5,200 from Archive Gal- House of Tai Ping // Price:
‘Shadows,’ by Anish Kapoor; 3. In one corner, Ms. Lau Giles leather // Price: 6. The table is organic lery $44,000
a series of 8 art works. // created an area for the $19,000 formed teak root with aqua
Price: $90,000 from Carolina owner and guests to play resin. “It’s biomorphic,” says 8. Ms. Lau calls the ab- 10. Suede and leather were
Nitsch Contemporary Art. cards. Paul Frankl cork top 5. Ms. Lau found three Ms. Lau. St. Barts Coffee stract pate de verre sculp- custom colored to fit the
quatrefoil game table for slices of blue agate and Table by Adrienne Shama- ture by Daum “fun and a color scheme. Designed by
2. The owner wanted lots Johnson Furniture Company had them made into tables ris // Price: $5,300 little phallic.” // Price: Amy Lau, fabricated by Erik
of seating to allow for en- and set of four chairs, both with tree-like pewter bases. $9,500 Bruce Creations. Shearling
tertaining. Vintage Harvey circa 1940s // Price: $7,200 Agate tops from Brenda 7. “The chandelier has this pillows by Rosemary Hall-
Probber Nuclear Angled from Studio 111 Gallery. Houston; bronze bases by unbelievable opalescent 9. The area rug was hand- garten // Price: $8,800

ARTIST’S CONCEPT

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M5A | Friday, June 26, 2020
New England Properties
Metro Boston,
Cape Cod, Islands
IN HIGH
DEMAND
by Joseph Dobrian
R
ecent concerns about the COVID-19 pandemic and
political upheaval seem to have spurred sales of
luxury homes in Massachusetts’ favorite vacation
areas: Cape Cod, Martha’s Vineyard, Nantucket and associ-
ated destinations. Some homeowners and buyers are con-
sidering spending more of the year in that part of the state,
perhaps making their primary homes there and maintaining
a pied-à-terre in Boston or NewYork City.
The Wall Street Journal news organization was not involved in the creation of this content.
BROOKLINE, MASSACHUSETTS
Extraordinary 14 room European Manor. 7 bedrooms. 5 full and 2 half
bathrooms. 6,943 sq. ft. On a 28,102 sq. ft. lot. ...$2,999,000
BROOKLINE, MASSACHUSETTS
Fabulous 13 room Colonial Revival residencer. 6 bedrooms. 4.5 bath-
rooms. 4,523 dq. ft. 3 tandem parking spaces. ...$2,999,900
NEWTON, MASSACHUSETTS
Magnificent 5 bedroom Tudor-style residence. 4.5 bathrooms. 4,827 sq.
ft. On a 38,901 sq. ft. lot. Private drive. ...$2,950,000
©2020 Hammond Residential Real Estate. All Rights Reserved.
Hammond Residential Real Estate supports the principles of the
Fair Housing Act and the Equal Opportunity Act. Operated by a
subsidiary of Realogy Brokerage Group LLC.
NY / NE
SpecialAdvertising
Special Advertising Section
Feature
Large modern homes, suitable for an extended family or multiple guests, are available in Brookline, Massachu-
setts, a Boston suburb known for its quality of life. This one is located at 38 Welch Road.
Generally speaking, the greater Boston area
and the nearby vacation communities have
seen demand running well ahead of supply,
with prices steady or rising. Buyers who are
building tend to go heavy on the amenities —
perhaps in anticipation of future health-relat-
ed lockdowns.
“Waterfront properties on Cape Cod func-
tion as self-contained resorts,” reports Paul
Grover, principal of Osterville, Massachusetts-
based Robert Paul Properties. “That’s what ap-
peals to buyers now. Our business is excellent,
because of high demand for properties with
open space, pools and private beach access,
and Cape Cod is accessible from Boston and
the New York metro area.”
“High-end summer rentals are at a premi-
um, and inventory of available properties for
sale is relatively low,” he adds. “I am personally
representing 30 listings across the Cape, while
40 to 50 is more typical at this time of year.”
BROOKLINE, MASSACHUSETTS
Estate area. Majestic 11 room residence. 6 bedrooms. 6 full and 2 half
bathrooms. 9,955 sq. ft. On an acre. 3-car garage. ...$6,500,000
BROOKLINE, MASSACHUSETTS
Spectacular 5 bedroom Contemporary Colonial residence. 4.5 bath-
rooms. 4,302 sq. ft. On a 16,374 sq. ft. lot. ...$2,675,000
NEWTON, MASSACHUSETTS
New construction. Handsome 6 bedroom residence. 7.5 bathrooms.
7,700 sq. ft. on a 22,215 sq. ft. lot. 3-car garage. ...$3,995,000
SERVING THE GREATER BOSTON AREA
Follow Us on Social Media
THE WALL STREET JOURNAL.
HAMMOND RESIDENTIAL
PRICES AREN’T HURTING
Grover explains that because spring sales
were so drastically curtailed, Cape Cod is ex-
periencing its spring market this summer.
Properties have been selling at or close to the
asking price, sometimes with multiple offers
— and in a few cases, they are selling for more
than the asking price.
“Some families who already own homes
here arrived in March because of the pandem-
ic, and some plan to stay permanently,” he says.
“We are already seeing shifts in lifestyle, with
people continuing to work from home in a re-
laxed environment with access to green space
and outdoor amenities.”
In any event, with many families looking for
a second home to which they can retreat as a
safety measure, the Cape Cod market should
stay busy.
Continued on page M5H
826 BOYLSTON STREET • CHESTNUT HILL
OFFICE: (617) 731-4644
OFFICE: (617) 332-8700
DEDHAM, MASSACHUSETTS
Precinct 1. On nearly 2 acres. Renovated 13 room main house. 3 bed-
room carriage house. Detached 3-bay garage. ...$3,295,000
BROOKLINE, MASSACHUSETTS
Restored 17 room Victorian residence. Museum-quality craftsmanship.
Artisanal kitchen. Lavish grounds. Near MBTA. ...$3,975,000
NEWTON, MASSACHUSETTS
Stunning, sunlit 6 bedroom residence on West Newton Hill. 6 full and
2 half bathrooms. 7,605 sq. ft. 2-car garage. ...$3,495,000
HammondRE.com
THE WALL STREET JOURNAL.
Osterville | $5,500,000
Exclusive waterfront residence on
Oyster Harbors w/ inground pool
& deep water dock
ROBERT B. KINLIN - 508.648.2739
Orleans | $3,199,000
Breathtaking views, private
neighborhood, open and spacious
GUTHRIE/MABILE - 508.246.3236
Osterville | $2,675,000
Stunning 5,000+ sq ft Cape
with golf course frontage on
Oyster Harbors.
ROBERT B. KINLIN - 508.648.2739
Osterville | $2,150,000
Fabulous three bedroom Cape
style home on a private 1.19 acre
lot with inground pool
ROBERT B. KINLIN - 508.648.2739
Osterville | $1,595,000
Walk to world class boatyards
and the village from this lovely
seaside home
TERRIE REILLY - 508.776.6182
Falmouth | $1,295,000
Waterfront 4BR and Apartment
on .89 acres, walk to village and
beach
JAMIE REGAN - 508.284.5200
F R O M C I T Y, TO C O U N T R Y, TO C O A S T. R O B E R T PA U L . C O M
GREATER BOSTON, 617.262.1414 | CAPE COD, 508.648.6861 | COASTAL MA, 508.748.2400
Osterville | $5,100,000
Stunning custom built home on
over four private acres with
beautiful water views.
ROBERT B. KINLIN - 508.648.2739
Marstons Mills | $3,599,999
Impeccable waterfront residence
boasts dramatic views, grounds
and shared dock.
PAUL GROVER - 508.364.3500
Onset | $2,495,000
Majestic 7 bedroom waterfront
home with additional dwelling
over carriage house
MATHEW J. ARRUDA - 508.965.8683
Chatham | $1,999,900
Stylish coastal chic, private setting,
deeded beach
GUTHRIE/MABILE - 508.246.3236
Chatham | $1,299,900
Custom built home in the heart of
Harding Beach Hills. A hidden gem
full of surprises.
GUTHRIE/MABILE - 508.246.3236
Marion | $1,195,000
Renovated Cape near Kittansett
Golf Club on Buzzard’s Bay with
Beach and Dock rights
ANNE BRAMHALL - 508.763.2236
NY / NE
Offering thorough, knowledgeable, discreet advice, and
extraordinary concierge level service. We Are Robert Paul.
Osterville | $4,600,000
Exceptionally updated five
bedroom home on Oyster Harbors
with inground pool
ROBERT B. KINLIN - 508.648.2739
Cambridge | $3,200,000
6 unit residential building situated
in much beloved Riverside location
between Harvard & Central Sq’s
LOUISE & SCOTT - 617.470.5077
Eastham | $2,395,000
Five acres of privacy, luxury and
coastal beauty, short distance to
Provincetown and Nat’l Seashore
FRAN SCHOFIELD - 508.237.0006
Prince Cove | $1,895,000
Spectacular waterfront with
expansive views, 190’ of frontage,
& deep water dock
PAUL GROVER - 508.364.3500
Cotuit | $1,550,000
Captivating 2+ acre seaside
property with Nantucket Sound
views, beach, & cottage
PAUL GROVER - 508.364.3500
Falmouth | $1,125,000
West Falmouth gem on 6+ bucolic
acres with beautiful gardens &
sweeping lawns
PAUL GROVER - 508.364.3500
Chatham | $3,995,000
Newly renovated beachfront three
bedroom oasis
GUTHRIE/MABILE - 508.246.3236
East Falmouth | $2,962,000
Superb detailing, high-end
finishes create a home to be
lived in & enjoyed by the sea
O’NEILL/HUSSEY - 508.524.7325
Orleans | $2,229,500
Big, bold, beautiful bay view home
steps to association dock, beach
and mooring field on Pleasant Bay
FRAN SCHOFIELD - 508.237.0006
Wellfleet | $1,649,000
Luxury residence and gallery/
commercial building on 1 lot in the
heart of Wellfleet Village
GROVER/SCHOFIELD - 508.237.0006
Chatham | $1,425,000
Luxurious 3 bedroom spacious
residence with private rooftop
deck
GUTHRIE/MABILE - 508.246.3236
Cotuit | $499,000
Spacious, renovated Cape Cod
escape on private corner lot.
DEB KENNEY - 508.776.2048
Friday, June 26, 2020 | M5B
Wareham | $3,599,999
Sprawling waterfront estate,
deep water dock and direct bay
access
STACEY REIFER - 617-504-8983
Marion | $2,695,000
Waterfront oasis on 2+ acres
offers gorgeous harbor views and
serene private beach
PAUL GROVER - 508.364.3500
Centerville | $2,200,000
This oceanfront retreat
offers outstanding vistas and
a private white sandy beach
ROBERT B. KINLIN - 508.648.2739
Fairhaven | $1,625,000
Rare waterfront compound on
over ten acres with five cottages
and 500’ of beach frontage
MATHEW J. ARRUDA - 508.965.8683
Cotuit | $1,395,000
Handsome Cape offers glorious
gardens, sweeping lawns, and
steps to Loop Beach
PAUL GROVER - 508.364.3500
Sandwich | $639,000
Custom-built 4 bedroom with a
piece of paradise in the backyard
TERRI MORRIS - 508.776.9694
M5C | Friday, June 26, 2020 NY / NE THE WALL STREET JOURNAL.

Special
SpecialAdvertising Feature
Advertising Section

New England Properties

LILA DELMAN REAL ESTATE

GUSTAVE WHITE SOTHEBY’S INTERNATIONAL REALTY

RHODE
ISLAND

LILA DELMAN REAL ESTATE

BIG VARIETY IN
A SMALL MARKET At the grand staircase in 225 Ruggles Avenue in Newport (left), tiles, brick, carpeting, elaborate
woodwork and imposing pillars create a dramatic effect. An aerial look at Northpoint (top right)
gives a sense of views, grounds and privacy. A formal dining room at Ker Arvor in Newport (above)
conveys the elegance of the estate.
by Joseph Dobrian

R
hode Island has long been a popular destination for upscale first- and second-home buyers because it packs so much into such
a small area. It has one big city and several middle-sized ones, plus many quaint villages and coastal towns as well as farm-
land. Practically any resident lives just a short drive from any other. The state is also known for its cultural and educational
options — and it’s a fairly easy commute to NewYork City or Boston.
The recent shutdown has introduced many people is much more ‘year-round’ than many other New “The upper end of the market has properties avail-
to working from home, and Rhode Island offers a sur- England communities.” able; people are surprised at what they can get for the
prising variety of houses and condos. Some observ- Elsman adds that the state of Rhode Island got money,” she notes. “It’s desirable now to have more
ers believe in the long run, Rhode Island will remain a especially high marks for maintaining safety during acreage, more space. Many buyers are keeping their
popular, versatile, reasonably priced option for those the pandemic, enhancing its reputation as a refuge homes in New York or Boston, but are making Rhode
who want to settle along the Atlantic Coast. where people from other states — especially New Island their permanent residence because they find
Ryan Elsman, chief operating officer of Lila York — could work productively while reducing the it easy to work from home and pop into Manhattan
Delman Real Estate in Newport, is especially enthu- impact of the coronavirus crisis. for a day, if they need to.”
siastic about Ker Arvor, a “pristine property” located Soby points out that the town of Bristol is home to
on just over nine acres and newly priced at $7.6 mil- VIRTUAL TOURS BOOST SALES the country’s oldest Fourth of July parade. Bristol is
lion. It’s a contained compound, inspired by a hunt- Bridgette Soby, broker and manager of the a waterfront town where yachting is a popular sport.
ing lodge at Versailles, former home of the French Narragansett office of Sotheby’s Mott and Chace, re- Nearby Narragansett is famous for its beach, and
royal family. ports “a tremendous uptick” in real estate activity in Jamestown is an island community easily accessible
“It has a stunning pool and beautiful gardens,” Rhode Island, mostly driven by people from greater by highway.
he says. “We’re seeing a lot of buyer confidence, New York City, Boston and Connecticut looking for “We’re offering a one-of-a-kind double condo
especially for these high-end properties, and we’ve a lifestyle change and more social distance. “Virtual unit at 341 Thames Street in Bristol,” she says. “It has
open houses have kept sales going; so has the real- a 180-degree sunset/water view in the heart of the
also seen more rental requests — from clients who
scenic town.”
might be looking to purchase but are testing the wa- ization that it’s easier and easier to work remotely,”
ters. People are discovering that the Newport area she says. Continued on next page

88 Cormorant Road 59 Manning Street

Narragansett
$3,575,000
East Side of Providence
$2,289,000
Serious Seller
401.527.8159 401.529.2188
 



See the Video Tour at 88Cormorant.com See the Video & 3D Tour at 59Manning.com

RESIDENTIAL PROPERTIES
322 Blackstone Boulevard 284 President Avenue
East Side of Providence East Side of Providence
$2,250,000 $1,575,000
401.529.2188 401.529.2188

306 Hardscrabble Rd, N. Salem, NY

26 Acres • Safe • 1 Hour From NYC

See the Video & 3D Tour at 322Blackstone.com See the Video & 3D Tour at 284President.com
Also Generates $200K Annual Income
300 - 302 Angell Street 22 Spencer Avenue
East Side of Providence Warwick
$1,395,000
401.529.2188
$1,395,000
401.527.8159
Deadline - July 15th

See the Video & 3D Tour at 300Angell.com See the Video Tour at 22Spencer.com
844.676.7651 | www.sparkoffer.com
R H O D E I S L A N D ’ S R E A L E S T A T E C O M P A N Y®
THE WALL STREET JOURNAL. NY / NE Friday, June 26, 2020 | M5D

Special Advertising
Special Feature
Advertising Section
New England Properties

THE PRESERVE CLUB AND RESIDENCES

MICHAEL OSEAN PHOTOGRAPHY

Honeysuckle Lodge, at 225 Ruggles Avenue in Newport, Rhode Island, combines traditional and modern architectural elements with intricate landscaping.

Continued from previous page
REMOTE, EASY ACCESS
Sally Lapides, CEO of Residential Properties, notes
that the combination of relatively low population den-
sity and the state’s small geographical size makes Rhode
Island of interest to homeowners who want remoteness
paired with proximity to recreation.
“People love Rhode Island because it’s filled with cul-
ture,” she says. “We have one of the country’s oldest rep-
ertory theatre companies: Trinity Rep, in Providence.
We have more colleges and universities than many
states, including Rhode Island School of Design, which
has an excellent museum. We’ve also been called a cu-
linary capital.”
Rhode Island offers a safe environment for children,
and most communities have quality school systems.
Lapides estimates that housing costs in Providence,
Rhode Island’s capital, are about a third less than New
York or Boston.
She recalls the first quarter of 2020 was “incredibly
busy” due to low interest rates. The second quarter was
slow, but low inventory kept prices up.
“Many people in the over-65 generation who thought
they might move to an assisted living community are
making other choices because of COVID-19,” she says,
“so they’re looking for two-bedroom ranch-style houses.
Lots of people are coming down from Boston. Second
homes are popular because people have seen the vul-
nerability of the stock market and they think it makes
more sense to invest in bricks and mortar.”
HIGH DEMAND HELPS SELLERS
Paul Leys, broker and co-owner of Gustave White
Sotheby’s International Realty Newport, recalls “a com-
plete turnoff of the faucet” of offers, showings and con-
tracts in March, but the market gradually picked up as
both buyers and sellers learned to use virtual technology.
He says he advised sellers to hold off listing their homes
this spring, but now pent-up demand has made Rhode
Island a sellers’ market.
“In Newport County — which includes the
communities of Newport, Middletown, Portsmouth,
Jamestown, Tiverton and Little Compton — we have
119 active $1 million-plus listings, far more than I
would have expected,” he says. “A good example of
recent activity is Honeysuckle Lodge on the Cliff
Walk, set on about two acres, priced at $10.9 million.
It had been sitting all winter, and just last week I got two
calls on it, out of the blue, both ready to make offers.”
Leys emphasizes the importance of looking in all
of Newport County, even if you have your heart set on
the city.
“I have buyers who say they just want to look in
Newport, but when I educate them about the market,
they fall in love with one of the other communities,”
he says. “Newport has the biggest sales price-wise,
and bigger houses, but you have to take all the com-
munities into account, as well as the neighboring
counties. It takes so little time to get from one place to
another, which people often don’t realize until they
get here.”

RHODE ISLAND

Restmere - Middletown
Magnificent Italianate villa designed in
1857 by Richard Upjohn and listed on
National Register of Historic Places.
Beautifully restored with gracious
entrance hall and grand staircase,
12-ft ceilings, and parquet floors, plus
new kitchen with fireplace 3rd floor WATERFRONT WATERFRONT
apartment, and add’l 2-bedroom
townhouse. Charming patios, outdoor
fireplace, a pergola, and stone walls
complete this turn-key estate.
$2,495,000

Jamestown, RI $6,995,000 Westerly, RI $4,400,000

Benjamin F. Downing MLS #1254366 401.633.5968 MLS #1249719 401.439.0268
House - Newport
Stunning turn-of-the-century 3,000
+ sf Victorian. Enjoy a charming
front porch to savor your morning WATER VIEWS WATERFRONT
coffee and wave to your neighbors.
A spectacular garden retreat with
koi pond, gas fireplace, and mature
landscaping makes this property even
more special. Meticulously rebuilt and
yet retaining so much of its charming
historic character. $2,100,000

Bristol, RI $3,495,000 South Kingstown, RI $7,950,000

MLS #1253913 401.214.1524 MLS #1240059 401.225.4106
Front Row On Newport
Harbor - Newport
Harborfront with deep water dock, WATER VIEWS OCEAN VIEWS
two moorings, and stunning sunset
views. Located just north of the
Newport Bridge, this solid brick
residence is a legal two-unit with
separate office. The first floor has a
gourmet kitchen overlooking the water
and master suite. Property includes
a two-car garage and large office in
the basement. Great location on the
edge of Newport’s charming Point
section and convenient to downtown.
$1,695,000
Westerly, RI $6,200,000 South Kingstown, RI $2,250,000
MLS #1246622 203.981.3275 MLS #1235319 914.497.7603

OCEANFRONT CONDO
Historic Gem on Iconic
State Street - Bristol
Stately 1810 Federalist center-village
property accurately restored and
steeped in history. Signature features
include pillared wrap-around porch,
“free standing” staircase, 9 ft ceilings,
spectacular wall murals, and wide-cut
fir floors. Beautifully preserved plus
modern updates. Bluestone patio, off
street parking, and seasonal views
of the bay, all steps to charming Little Compton, RI $7,850,000 Bristol, RI $4,300,000
downtown Bristol. $789,000 MLS #1226874 401.864.5401 MLS #1167151 401.212.6313

Expect Better.
mottandchace.com
Each office is independently owned and operated.
GustaveWhite.com 401.849.3000
M5E | Friday, June 26, 2020
New England Properties
Mountains,
Lakes, Seacoast
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High Point in Newbury, New Hampshire,
is a private, turnkey property with breath-
taking views and access to open spaces.
legacysir.com
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Custom-built in 2015, Whales Watch offers stunning
cceanviews.4,700SFShingle-stylemainhouse,2,850
SF guest house, infinity pool, spa, alfresco kitchen and
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Custom-built to the highest standards with 5BD/5BA,
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YORK, MAINE $1,600,000 BATH, MAINE
Contemporary cottage, sited on one bold oceanfront
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Nearly 1,700 SF of one floor living. Mary Jean Labbe
207.337.3661
NY / NE
Special Advertising
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by Joseph Dobrian
M
aine and New Hampshire continue to experience a low supply of luxury hous-
ing — and pent-up demand for it. Market observers generally expect listings
to increase this summer, with demand buoying prices.
Largely driving the market is an increased call
for on-premises amenities, due to concerns about
future quarantines. This means more acreage —
and more eyes on remote towns with less traffic.
Lakefront and seashore properties remain at a pre-
mium. Many buyers also seek proximity to quality
health care and schools.
“Market conditions in Northern New England
are similar to those you would find in many mar-
kets in the U.S.: high demand, low inventory,”
says Heather Peterson, broker at Four Seasons
Sotheby’s International Realty, Peterborough, New
Hampshire. “Potential sellers often don’t want to
show their property to out-of-state people for fear
that incomers will bring COVID-19 with them, so
they don’t want to put their house on the market
now. Other people, some near retirement, have de-
cided to keep their home as a refuge. If we can get a
property listed, we can sell it.”
LAND IS GRAND
Peterson adds that developable land usually stays
on the market longer than finished properties, but
home-hunters are showing increased interest in
land because of a general lack of finished products.
“If you buy land, you won’t have a house until
next year, but you’ll know what you’re getting,” she
Maine’s #1 Luxury
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Cottage is a masterpiece on outer Rockport Harbor, and designed by noted architect Jeremiah Eck,
crafted to the highest standards and built from the this stunning Contemporary-style home takes
finest available materials. Situated in the middle of full advantage of the site and offers three levels of
over three acres with a pool, pool house and hot tub. 180 degree ocean views. Elise Kiely 207.838 1050
Brian Wickenden 207.975.9650 Ginny Whitney 207.451.3093
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$1,900,000 PORTLAND, MAINE $1,795,000
Salt water farm on beautiful and historic Pemaquid Private townhouse-style single residential condo unit
Harbor. Looks like it has been in place for hundreds has never been lived in & is fully furnished. Spacious
of years yet offers the the convenience & comfort of rooftop deck with gas fire pit overlooking Portland’s
modern construction. 8 acres of meadows bordered India St. neighborhood and working waterfront.
by ancient stone walls and majestic oaks slope to 2,750 SF of furnished luxury. 4BR/3BA Elise Kiely
the water’s edge. Miles Geisler 207.380.6007 207.838.1050 Sandra Wendland 207.233.7788
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landscapes & unobstructed views of the Kennebec home set on 20 acres of woods and stream. Enjoy
River is move-in ready. The waterfront community privacy yet a reasonable commute to Portland or
offers exceptional single-level living with 9’ ceilings, Augusta. Unfinished but heated & plumbed lower
open floor plans, outstanding water views, custom level and loft-level master bedroom suite. Pat
kitchens,&garages. Sandra Wendland 207.233.7788 Lawson 207.798.1828
THE WALL STREET JOURNAL.
MICHAEL OSEAN PHOTOGRAPHY
says. “Builders are busy. You still get more for your
money here than in many areas of the country. You
can find acreage with a mountain view — 12 to
90 acres — from $200,000 to $400,000. A three- to
five-acre building site might range from $135,000 to
$175,000, but most people want more land than that.
That’s why they come to the country.”
Moreover, Peterson says, with so many state parks
and hiking trails closed — and with the danger of a
pandemic repeating itself over the years — buyers
want more on-property amenities, and thus more
acreage. Peterson says she has been selling at all
price points, but she’s especially enthusiastic about
a post-and-beam house designed by a well-known
home improvement specialist.
“It’s listed at $1.25 million,” she says. “It sits on 21
acres with privacy, views, a private pond and mani-
cured woodlands, just outside of Hancock, a picture-
perfect Colonial village. Lots of the established parks
and hiking trails are close by.”
Cindy Westover, broker at Galloway Real Estate,
Walpole, New Hampshire, is offering a similarly
priced escape — a James Stack property listed at
MICHAEL OSEAN PHOTOGRAPHY
$1.249 million, located in Walpole, 3.8 miles off of
Interstate 91. That highway, she notes, connects to
I-95, which goes directly to Florida.
Continued on next page
LANDVEST
New Hampshire
Monadnock Region
HANDSOME, TWO STORY DUTCH COLONIAL ESTATE
Well preserved, historic provenance and heirloom gardens with spectacular views and privacy.
PETERBOROUGH, NH | $1,800,000 | MLS#4799724
VIEWS OF MT. MONADNOCK, SK ATUTAKEE & THUMB MOUNTAINS
Road’s end 20 acre site, abutting “Supersanctuary”. Features 1st floor master suite.
HANCOCK, NH | $899,900 | MLS#4798255
GRACIOUS GENTLEMAN’S FARM
Meticulously maintained, this mountain view property has 144 investment quality acres.
PETERBOROUGH, NH | $2,100,000 | MLS#4705292
LARGE ACREAGE TRACT WITH VIEWS
A mile of road frontage, 438 acres+/- of open & wooded land within 1/2 hour of Dartmouth College.
CROYDON, NH | $1,200,000 | MLS#4435755
42 GROVE STREET | PETERBOROUGH, NH 03485 | O: 603.924.3321
FourSeasonsSIR.com | Each Office is Independently Owned and Operated.
THE WALL STREET JOURNAL. NY / NE Friday, June 26, 2020 | M5F

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New England Properties

Continued from previous page looking to expand their real estate holdings.
“We had a big shock this spring, everything
“It’s a beautiful place, not far from New just stopped for a while,” he says, “but then we
Hampshire’s White Mountains and the Green came back. The market was just hampered by a
Mountains in Vermont. The Hooper Golf shortage of inventory. June and July should nor-
Course, here in town, features one of the na- malize a little more.”
tion’s best nine-hole courses,” she says. Slater W. Anderson, Boston-based managing
“This property sits on five acres half a mile director of real estate at LandVest, says Vermont
from the town center, where you’ll find three is thriving as well, benefiting from the desire
restaurants, an active library and retail. It’s an for social distancing. He recalls that a fam-
old Colonial town, but not a dead town,” she ily contacted LandVest’s Woodstock Office in
points out. “Route 12 bypasses Walpole, so our early March, asking if they could find a rental in
character is preserved, but you’ll find larger and Vermont where they could keep to themselves
more varied retail along the highway.” and get outdoors.
The Stack House has four bedroom suites, “The family isn’t going back,” he says.
each with a walk-in closet and full bath, a spa- “They’re now looking to buy something per-
cious family room and a 27-by-24-foot gourmet manent in the corner of Vermont where they
kitchen “that has amazing redundancy — two sought refuge. They are not alone. Anecdotal
dishwashers, double ovens, a walk-in pantry and hard data points to an out-migration of
SARAH SZWAJKOS PHOTOGRAPHY
and a big closet,” Westover notes. “The master urban residents that we haven’t seen in re-
suite has a closet that’s the size of some people’s cent memory after decades of densification of 134 Big Tree Lane in Isleboro, Maine, is surrounded by a variety of trees, for maxi-
bedrooms, plus a steam shower and a soaking urban living.” mum privacy — but with easy access to the water.
tub. Outside, you’ll find a cobblestone patio The New England residential market,
with a built-in gas grill, perfect for an evening Anderson adds, is down across the board, with
get-together.” inventory and sales off 25%-40% year over year
To top it off, the detached garage measures since late March, depending on location. But
54 by 32 feet and features a full second floor the buyer pool appears to have dropped by a
with four dormer windows that could easily be smaller percentage: 15%-20% by some mea-
turned into an auxiliary dwelling. sures, and not at all by others. Mortgage appli-
As for market conditions overall, Westover cations went up for six consecutive weeks this
says the situation looks surprisingly healthy. spring and now stand 6.7% higher than this
“I’ve been busy, considering I haven’t been time a year ago.
allowed to have my brick-and-mortar office “The 10%-20% spread between buyer de-
open,” she reports. mand and seller supply is shaping the market
in ways that may seem counterintuitive amid a
INTERSTATE TRAVEL RESTRICTIONS global pandemic, stay-at-home orders and re-
In Maine, Chris Lynch, owner of Legacy cord unemployment claims,” he says.
Properties Sotheby’s International Realty, says Anderson reports that across New England,
Maine’s 14-day quarantine for nonresidents buyers outnumber sellers, and multiple bids are
hampered the market this spring, so he had to not uncommon. Compounding the problem is a
be much more creative with technology. lack of new inventory to replace the homes that
“Listings slowed to about half as much as was sell, go under contract or come off the market.
offered in the same period last year,” he says. “The highest increases in new listings are
“Supply is very tight, but I suspect owners who in seasonal markets where late May and June
held off putting their homes on the market will are the traditional starts of their peak sell-
list them in June and July. Meanwhile, the de- ing seasons,” he explains. “In the primary
mand keeps building.” home markets around Boston, Rhode Island
“Our market is lopsided: heavy on buyers and Southern New Hampshire, the new list-
and light on sellers. In June, all those buyers still ings are not keeping pace with the cumula-
should be there, and the pool of new listings tive loss of inventory through sales, contracts
continues to increase. About half of our busi- or cancellations.”
ness is people living in Maine; the other half — The residential market has the potential to
visitors from out of state — enjoy the vacation lead the way to a broader recovery into 2021, SCOTT HUSSEY PHOTOGRAPHY
home season from August through October.” he concludes. Buyers seem to want homes with
61 North Road sits on five acres, close to the center of Walpole, New Hampshire,
With more people working from home, more interior space, plus access to outdoor
with easy access to the interstate.
Lynch says, summer residents may come early, amenities like trails, parks and farmland.
ME1741
NY0365

NARRAGANSETT, RI | 518 OCEAN ROAD 30 Mile Views Whitecaps

$16,750,000 | 401.954.1850 240± Acres, Hillsdale, NY | $6,250,000 3.43± Acres, Camden, ME | $5,750,000
Cindy Welch Terry Sortwell
413-329-3999 • cwelch@landvest.com 207-236-3543 • tsortwell@landvest.com
ME1740

NEWPORT, RI | 60 BEACON HILL ROAD WATCH HILL, RI | 12 ARRAQUAT ROAD

$9,750,000 | 401.862.3956 $9,200,000 | 401.742.1225
MA2374

Hammetts Cove Waterfront Estate 82 Ocean Avenue

4± Acres, Marion, MA | $4,475,000 Kennebunkport, ME | $2,750,000
Joanna Dresser John Saint-Amour 207-776-5563 jsaint-amour@landvest.com
617-584-6855 • jdresser@landvest.com John H. Scribner 207-749-5148 jscribner@landvest.com
NH0462

WEEKAPAUG, RI | 15 SPRAY ROCK ROAD NEWPORT, RI | 275 HARRISON AVENUE

$8,950,000 | 401.742.1225 $7,600,000 | 401.952.3461

No.
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VT0916

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10.14± Acres, Colchester, VT | $2,595,000 86± Acres, Lyme, NH | $2,175,000
Wade Weathers, Jr. Kristin Hayes Claire
802-238-6362 • wweathers@landvest.com 603-494-9448 • kclaire@landvest.com
VT0983

QUONOCHONTAUG, RI | 648-A W. BEACH RD. JAMESTOWN, RI | 1088 EAST SHORE RD.

$7,500,000 | 401.742.1225 $5,950,000 | 401.862.1977
VT0931

282 Simon Willard Road Sun Hill

2.36± Acres, Concord, MA | $1,950,000 122.5± Acres, Hartland, VT | $1,595,000
J. Stanley Edwards Chris Lang
BARRINGTON, RI | 85 NAYATT ROAD BLOCK ISLAND, RI | 1432 SOUTHWEST PT. 617-948-8057 • jsedwards@landvest.com 802-274-4048 • clang@landvest.com
$4,975,000 | 401.266.9900 $3,600,000 | 401.741.1825
Sound Advice, Exceptional Results
DETAILS@LILADELMAN.COM | 855.789.LILA (5452)
*#1 luxury ranking based on highest volume of 2019 $1M+ sales in RI. Based on info. from RI Statewide MLS for period of 1/1/19-12/31/19.
www.landvest.com
M5G | Friday, June 26, 2020 NY / NE THE WALL STREET JOURNAL.

Special
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New England Properties

LIFESTYLE
New England packs plenty of lifestyle options into six states — urban, suburban,
village and rural homes are available in each. Attracting academics, entrepre-
neurs and retirees, this historical pocket of the U.S. is known for its educational

ATTRACTS BUYERS institutions, commerce and a large population of artisans and craftspeople.

Connecticut Massachusetts Rhode Island

Historically connected to the whaling industry,
Connecticut’s coast still attracts many homebuyers. The
western part of the state retains close ties to New York City,
as several communities offer easy commutes to Manhattan.
Educational institutions and insurance companies are ma-
jor contributors to the economy. The state contains a de-
lightful variety of cities, rustic villages and coastal towns
such as Bridgeport, New London and Mystic — each with its
own character. The Long Island Sound is a favorite vacation
spot for yachting enthusiasts.
Boasting the longest coastlines in the
northeast, Maine offers many proper-
ties on or near the ocean, and in or near
Portland, Kennebunk, Kennebunkport
and other popular destinations. Fishing
and yachting attract summer visitors,
but don’t forget inland Maine, with its
temperate summers and picturesque
The most populous of the New England states,
Massachusetts combines incomparable urban and rural
experiences. Boston — with many colleges and universi-
ties, a legendary symphony orchestra and a lively theatre
scene — remains an internationally renowned cultural
and educational center. To the west lie the Berkshire Hills,
famous for its natural beauty and music festivals. Cape
Cod and “The Islands” — most notably Martha’s Vineyard
and Nantucket — are favorite second-home locations.
The rocky, rugged “Granite State” at-
tracts people in the academic and health
care fields, as well as retirees looking for a
quiet, remote experience. It’s a state of lakes,
mountains and old-fashioned Colonial-style
villages. New Hampshire has no income tax
on wages or salaries, and no sales tax either.
The state also has a long-standing commit-
ment to conservation. Its lakes promise a va-
The smallest state, Rhode Island offers a sur-
prising variety of experiences, from urban to
rustic. It has been known since Colonial times
for its religious diversity. Providence, the capi-
tal and largest city, is famous for its education-
al institutions and cultural options. Newport
County contains several prosperous villages. Its
county seat, Newport, offers world-renowned
tennis and yachting events and music festivals
(including jazz), which contribute to its reputa-
tion as a year-round community. Rhode Island
also offers an abundance of working farms.
Vermont
The remote “Green Mountain
State” has been a favorite ski-
ing destination for generations.
Vermont is known for its pictur-
esque covered bridges, spectacular changes of

Maine
winters, when residents indulge their
passions for cross-country skiing and
snowmobiling.
New riety of freshwater fish (especially trout and
landlocked salmon). Moose
season and “maple syrup time” in late winter.
Farmhouses and country retreats with acreage
Hampshire and black bears roam its expan-
sive forested areas.
are available, as are homes in midsize cities and
villages that date back centuries.

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New England Properties
Continued from page M5A
Suzanne Lanzone, who heads MVYBroker in
Edgartown on Martha’s Vineyard, says she’s especially
enthusiastic about the Marigil Walsh property there,
located halfway between Edgartown village and the
Atlantic south shore, adjacent to the MV Boathouse Field
Club. Membership in the club is included in the deed to
the almost-new 6,700-square-foot home.
“A short walk takes you to the country club, which
has a pool, restaurant services, a spa and exercise facili-
ties,” she says. “Marigil Walsh, the home’s designer, put a
master suite on the first floor; the house has three other
guest suites. The lower level is fully furnished, with a den
and media room. A carriage house/garage can serve as
a studio and party barn. This property is all about the
active lifestyle.”
Edgartown, Lanzone explains, is an old whaling town,
and Up-Island is culturally more similar to the rustic ar-
eas of New Hampshire and Vermont than to Boston.
One-third of the island is under conservation; beaching,
boating and nature walks are the main recreational draws.
“Our season is long,” she says. “Thanksgiving is a big
holiday here, and we have fireworks on New Year’s Eve.
Activity doesn’t calm down until then. Martha’s Vineyard
is larger than you might think. We have lots of farming
and sustainable living options.”
“The real estate market on Martha’s Vineyard was
healthy before the pandemic,” adds Courtney Marek,
owner/broker at Sandpiper Realty in Edgartown. “We had
the highest gross sales volume ever on the island in 2019.
After a slowdown, inquiries began coming in at the be-
ginning of May. Buyers are seeking remote and less popu-
lated locations for their vacation homes. Inventory is low,
so properties are going under contract quickly. We also
see some multiple bid situations. The island is a beautiful
safe haven, not too far off the beaten path.”
REMOTE CAPABILITIES GAIN FAVOR
Mike Russo, founder of SparkOffer, an online real es-
tate marketplace, says his business seems to be catching
on in New England, especially in vacation areas. He re-
cently put a property under contract in Nantucket.
“Our platform is growing partly because people’s be-
havior is changing in reaction to COVID-19,” he says.
“This is a platform where you can make an offer from
your phone — not on a web-based form. You can actually
sign the documents and go through an identity
check, then the parties can negotiate the terms right
there, all through the platform.”
LIVING THE ACTIVE LIFESTYLE IN LUXURY
EDGARTOWN, MARTHA’S VINEYARD, MA.
This impressive and impeccably designed 6,721 square foot home is located at the exclusive Field Club in Edgartown; a private Club halfway between the Atlantic South Beach and Historic Edgartown Village.
The home was newly built in 2016 and when purchased by interior designer Gil Walsh in 2018, underwent extensive architectural upgrades and renovations. There is a total of four bedrooms with the Master Suite
on the first floor. In addition to the three guest bedrooms on the second floor there is an optional additional living space/den, plus a loft like family room separating the two wings.
The Chef’s kitchen includes marble countertops and top of the line appliances. The Living room contains a custom fireplace with French doors to the patio. Oak Floors run throughout the entire house including the
The two-car garage has been professionally designed with an office -style design studio on the second floor and a fully finished space for entertaining on the ground level.
The fully landscaped yard provides total privacy around the heated pool bordered by a bluestone patio. Stone steps through the rear gate leads directly to the Field Club and a membership is included with the Deed
of Sale. Club amenities include nine tennis courts, racquet sports, lawn games, a kids club, teen activities and a fitness center with spa services. There is a family pool and adult only pool alongside a Restaurant for
Exclusively offered, available for 2020 season, $4,895,000
NY / NE Friday, June 26, 2020 | M5H
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HAMMOND RESIDENTIAL
Convenient to Martha’s Vineyard, 46 School Street in Woods Hole, Massachusetts (left), overlooks
a popular boating area in Barnstable County on Cape Cod. A clean bright kitchen at 108 Griggs
Road in Brookline (above), provides generous storage space and plenty of room for an informal
sit-down meal.
ROBERT PAUL PROPERTIES
“That Nantucket property had been on the market for views with modern styling. Coolidge Corner is very hot
more than 700 days,” Russo says. “We set a deadline for and always will be.”
the seller and delivered nine offers. All information is
transparent; a potential buyer can tell if valid offers have Joseph Dobrian is a freelance writer specializing in real
been made and how many, although they can’t see what estate matters.
the offers amount to.”
Greater Boston remains a competitive market for high-
er-end real estate. The city suffers from chronic shortage
of new product, and many home-hunters look in near-
by suburbs such as Cambridge, Brookline and Newton. Vermont Family Retreat
James A. Nemetz, senior vice president and manager of
the Chestnut Hill/Waban offices of Hammond Residential Minutes to Mount Snow
Real Estate, notes that the high end was fairly quiet at the Ski Resort
beginning of the year, but sales have recently picked up.
“Activity usually craters around Memorial Day week-
end,” he says, “but this year, everyone was home, so we
had a lot of open houses since nobody had anywhere
else to go. We’ll probably see that around the Fourth of
July, too.”
“It was the entry-level buyers who have jobs and not
a lot of money in the stock market who were our cus-
tomers at the beginning of the pandemic, but now we’re
seeing interest from people who do have a lot of money
in the stock market and feel comfortable making offers
at the higher end. People are moving forward, looking
beyond the crisis.”
An entry-level single-family home in Brookline
or Newton can be had for $750,000 to $1.1 million,
Vermont Gentlemen’s Farm
on 197 acres of pristine beauty.
Nemetz says, and an open house tends to attract 50 to 60
people — and, typically, three to five offers.
“Pricing matters, but properties that are priced well Meticulously restored farmhouse and
will move,” he says. “Newton and Brookline both have barns.
convenient public transit to Boston, and their public
schools rival the private schools. Historically, this area is 2 1/2 hrs to Boston, 3 1/2hrs to
one of the safest places to put your money.” New York.
Eric Valentino of Wilder & Chavez, homebuilders
based in Newton Center, Massachusetts, agrees that de- Hunting, fishing, hiking, farming,
mand for quality housing — specifically new construc- snowmobiling.
tion, gut renovations and condo conversions — continues
to be strong. In the long term, he says, COVID-19 hasn’t Golf around the corner.
severely hurt the market.
“Wilder & Chavez has two condo units that will come Perfect family retreat.
available this month in Coolidge Corner, which will prob-
ably go fast due to a relative lack of inventory and histori- $2,950,000
cally low interest rates,” Valentino says.
“These are three- and five-bedroom units, with all the
bells and whistles,” he says. “They sit atop Corey Hill, an
extremely sought-after location. They have expansive
www.wellmanfarmvt.com
Call: 802-365-1964
lower level family/media room and laundry room.
daytime dining, socializing and summer fun.
Contact : Suzanne Lanzone
GRI REALTOR 508-627-0702
suzanne@mvybroker.com
M6 | Friday, June 26, 2020
Hot in N.Y.’s
Kingston
Continued from page M1
and Mr. Meizler plan to turn the
property into a second home and
work outpost. Mr. Meizler is the
founder of Title of Work, a luxury
accessories brand for men.
“We have an affinity for King-
ston because of the cultural re-
naissance that’s happening there,”
Mr. Zeidan added.
Their property was among the
29 homes in the area recorded
from mid-March through June 22
as having an accepted offer or go-
ing into contract, according to
Hayes Clement, an agent at Berk-
shire Hathaway in Kingston. The
median list price of those proper-
ties was $299,000, he said, with
13 listed at $375,000 or higher,
and three priced at more than
$500,000. The median time on the
market was 16 days, he added.
“The high-end market in King-
ston has been completely rede-
fined in a matter of months,” said
Mr. Clement, describing the area
as one of the hottest markets in
the Hudson Valley. “You’re now
routinely seeing $500,000-plus
listings and they sell, often in
days, sometimes to the first pros-
pect through the door.”
Comparing first-quarter sales
and median figures, the number
of single-family home sales in the
area rose to 47 this year, from 31
in the year-earlier quarter. The
median price jumped to $193,000
from $180,200. And sales hap-
pened faster, to a median period
of 100 days from 106 days in the
2019 quarter.
Large homes, once ignored in
favor of smaller weekend get-
aways, are now receiving the most
attention from out-of-town buy-
ers. “In the age of sheltering,
these homes are allowing individ-
New Yorkers Paul Thompson and
Evan Chodos found a historic
stone farmhouse on 29 acres, and
have made it their rural retreat.
uals or couples to have space for
a home office or two if necessary,
and space to bring extended fam-
ily and grandparents with them,”
said Jeff Serouya, an agent with
Berkshire Hathaway in Stone
Ridge. Agents were able to resume
in-person showings on June 9.
Kingston has a population of
about 24,000. It is roughly 90
miles north of New York City with
no direct rail service from Man-
hattan, although private buses
from TrailwaysNY operate with
city service. The trip takes about
two hours.
Buyers, said Mr. Clement, tend
to be younger home-seekers and
small-business owners. “And espe-
cially those with flexible sched-
ules who only needed to go into
the city one to two times a week,”
he added. In addition to being the
biggest town in the area, Kingston
also has a wider assortment of
dwellings than other towns in Ul-
ster County or in neighboring
Dutchess County, which also have
seen a rise in interest.
The charm of a stone farm-
house with wide plank floors, ex-
posed beams and quaint architec-
MANSION
The décor of the couple’s home is influenced by Scandinavian design,
above. Below, the children play in the daughter’s room.
tural details appealed to Paul
Thompson, an anesthesiologist,
and Evan Chodos, a media execu-
tive, who purchased their prop-
erty in the adjacent town of Mar-
bletown in November.
“It checks the boxes,” said Mr.
Thompson, 56, of their two-story,
circa-1800 Colonial home with a
private pond and large gunite
pool on 29 acres. It initially was a
weekend retreat for the Manhat-
tan residents, but now it is their
full-time residence.
“We focused our energies on
sprucing up the exterior to en-
hance its curb appeal,” added Mr.
Chodos, 46. “We’re just now com-
pleting a stone wall revitalization
project along Lapla Road, built a
gentle horse fence and removed
several overgrown trees.”
The couple had a property in
nearby Kerhonkson but sold it in
2017 with the goal of owning an
authentic antique home. They
spent two years looking before
they bought their current three-
PURCHASE PRICE: $805,000
Katrín Björk and her husband, Jens Sogaard, with two of their three
children, left. Above, fresh coats of stark white paint were used on the
walls to complement the original woodwork.
THE HOME HAS 10-FOOT CEILINGS
bedroom property for $805,000.
“Being away for two years, we
have seen a renaissance in the
area. There are so many new res-
taurants and shops in the King-
ston historic district,” said Mr.
Chodos. “The two-hour escape
from Manhattan to the fresh air of
Ulster County provides the perfect
getaway.”
The rapid development of King-
ston’s shops and its blos-
soming restaurant
scene are part of its
attraction. Two NEW YORK
restaurants
launched even as
the pandemic hit KINGSTON
the city: Lunch
Nightly, a
butcher shop and
a deli that offers
whole roast chick-
NY
ens and dinners to
go, and Turkish
Mediterranean spot Masa
Midtown, originally intended as a
catering and event space.
“We’ve since shifted gears to
takeout style and have been ad-
justing as the situation changes,”
said Ozlem Oguzcan-Cranston, the
owner and chef of Masa Midtown.
Lola pizzeria, another recent
addition to the culinary scene and
the latest dining enterprise from
restaurateur Taavo Somer is in
the Uptown Stockade District, one
of Kingston’s three main neigh-
borhoods and a major draw. It is
an eight-block area known for its
walkability and characterized by
slate sidewalks and pre-Revolu-
tionary Dutch stone buildings
housing coffee shops, bookstores,
THE WALL STREET JOURNAL.
FROM TOP: DOROTHY HONG FOR THE WALL STREET JOURNAL (5); MORTON ADAMS PHOTOGRAPHY (3); JASON LEE (MAP)
vintage clothing boutiques and art
galleries. A $10 million revitaliza-
tion grant from the state in 2017
helped spur the change.
One major project slated to be-
gin in early 2021 is an expansive
mixed-use development called the
Kingstonian, spearheaded by JM
Development Group LLC in part-
nership with Herzog Supply Co.
Plans include an open-air pedes-
trian plaza, restaurant and retail
stores, 143 apartments, a 32-room
hotel and parking for 420 cars.
The site originally was home to
the historic Kingstonian Hotel.
It isn’t the first time the city
has undergone a revival. In the
second half of the 20th century it
was considered a sprawling rural
tech hub, fortified by the presence
of IBM in the nearby town of Ul-
ster until the company’s depar-
ture in the 1990s.
“Kingston will continue to
adapt to future changes but also
continue to keep the history and
preservation in mind,” said Nancy
Chando, board of directors presi-
dent of Friends of Kingston. She
said she has fielded several re-
quests for information on historic
properties.
Midtown, which features
a housing stock of
smaller, single-family
i v er
homes and con-
Hudson R
verted loft build-
ings, is a popular
option for artists
seeking more
space and value.
The Rondout, a
waterside area
alongside Rondout
Creek, is a draw for
those who prefer his-
toric homes, niche bou-
tiques, antique stores and family
restaurants.
Katrín Björk and her husband,
Jens Sogaard, first saw their four-
bedroom, 2,700-square-foot Victo-
rian in Uptown Kingston last year.
They liked its spacious front
porch, original wood flooring and
10-foot ceilings on every level.
“We had been looking to buy a
house in the Hudson Valley for a
long time,” said Ms. Björk, 38,
who works as a lifestyle photogra-
pher and cookbook author. “It was
large enough to fit all our needs,
old enough to accommodate our
style, affordable, and in a great
and vibrant school district.”
They bought the property for
 THE WALL STREET JOURNAL. NY Friday, June 26, 2020 | M7

MANSION
same time relaxed enough about
it not to lose sight of the big pic-
PURCHASE PRICE: $265,000 ture.”
The Kingston area was an in-
stant draw for Konstanze Zeller,
50, a fashion-industry makeup
artist and food entrepreneur who
bought the fire-damaged shell of a
3,400-square-foot, 300-year-old
stone house that was once a small
cattle farm.
She purchased the Marbletown
property, including 6 acres, for
$265,000 in 2016 and did a gut
renovation, including room rede-
signs and a new kitchen and bath-
rooms. She declined to estimate
the costs.
The transformation into a luxe
rustic haven with four bedrooms
and 2.5 baths allows Ms. Zeller to
welcome friends and their chil-
dren. “I wanted a big house,” she
said.
Before the pandemic, she
rented her property as an event
space and as a backdrop for ad-
vertising photo shoots. Inside, she
hosted special events and private
culinary gatherings in her profes-
sional kitchen.
Ms. Zeller has spent the past
months building-out the event
space and barn, planting vegeta-
CLEMENS KOIS FOR THE WALL STREET JOURNAL (4); CLEMENS KOI (2, BARN)

bles and cleaning up her river-

$460,000 and in May 2019 moved
in with their son and daughter,
now ages 6 and 2, respectively.
Mr. Sogaard, 39, is a software en-
gineer. After their third child ar-
rived in February and amid the
pandemic, they turned their focus
to growing food and created a
garden with kale, cauliflower and
tomatoes.
“We are planning on redoing
our kitchen sooner rather than
later. As a family of five being
home 24/7 and having all our
meals at home, we have really ex-
perienced how unfunctional the
kitchen is,” said Ms. Björk.
Sarah Copeland, former food
director at Real Simple and au-
thor of numerous cookbooks,
moved to Hurley, just outside of
Kingston, 10 years ago when she
Konstanze
Zeller bought a
300-year-old
stone home
and renovated
it. She now
rents spaces
on the property
for events.
and her husband, András Gipp,
bought a 1930s cottage style
home with a unique 200-year-old
blacksmith barn on the property.
They paid less than $200,000. Ms.
Copeland and Mr. Gipp, a furni-
ture maker, have found a new and
thriving community for their fam-
ily since leaving the city full time
in 2015.
The desire for more reasonable
family living space wasn’t the
only thing driving her and like-
minded artists and entrepreneurs
north.
“There’s a real sense of com-
munity and camaraderie here,”
she said. “There is so much cre-
ative interchange and collabora-
tion, so much opportunity. Every-
one here is hungry—to grow, to
leap, to take risks—and at the
front to allow access for swim-
ming, kayaking and fishing.
She also has been developing
recipes for her company, Coc-
orau.com, which makes Raw Ca-
cao Bites and a line of food-based
powders.
In mid-June in Kingston, Mr.
Serouya, the real-estate agent,
listed another historic home: a
single-family stone house, built
around 1800, with five bedrooms
and two baths for $795,000. It has
updated interiors on 8 acres.
Around the same time, a single-
family brick house with two ga-
rages and a pool on just over one-
third acre in Midtown was listed
for $389,000. It sold in less than a
week, above asking price and with
multiple offers.
Another recent sale in the area
is a four-bedroom, 3½-bath Colo-
nial stone-and-brick Freer-Eddy-
Wurster House in the hamlet of
Eddyville that sold in November
for $1.45 million. The buyers were
a Manhattan couple. It had been
on the market 41 days.

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 M8 | Friday, June 26, 2020 THE WALL STREET JOURNAL.

MANSION

$987,000
2013 purchase price

$200,000
Cost of furnishings
and design

The living room is dominated by

a sculptural central staircase
and Ms. Camilotti’s piano.

When Too
Much Is Just
Enough

VANESSA BERBERIAN FOR THE WALL STREET JOURNAL (4)

Continued from page M1
fit a seriously big space.
Ms. Camilotti, 58, said she
never intended to live in Britain
let alone buy a property there.
But 15 years ago, when friends in-
vited her to stay for a couple of
months in Reading, a town just
west of London, she said she
jumped at the chance to improve
her English.
“I just fell in love with the
country and decided to stay,” she
said. After living in various parts Spicer Hall is being sold furnished, which includes its
Ms. Camilotti added a second closet
of London for several years, she made-to-measure white leather sofa, and a pair of
to the master bedroom, which is separated
decided in 2013 to put down more chairs by Flexform. The backyard has a memorial
from the main living area by a glass wall.
permanent roots. stone to the man whose family funded the building.
During her search, Spicer Hall
“popped up on screen and I
thought, ‘Oh wow,’ ” she said. “I galleried second floor. The two clothes, so she had a second
went to see it the same day and floors are linked by a sculptural closet installed into an existing
as soon as I walked in I knew that spiral staircase. arch-shaped niche.
I had found my house. I was just Ms. Camilotti’s first act was to The living room was already
enchanted.” rip up the brand painted white, with white-tiled
She paid $987,000 new carpets that floors, which Ms. Camilotti kept
for the property in ‘I realized that I had been laid up- as a neutral backdrop. As well as
the northeastern
commuter suburb of would never find stairs—“I hate car-
pet,” she said—and
the heavy, carved beams, the
room has a series of grand
Chingford, 11 miles (a on-the-market replace it with arched-stone windows trimmed in
30-minute train ride) furniture that white-painted tim-  The Spicer memorial amber-colored glass.
from the center of the ber floors. She also stone is built into the “I started making a layout and
city, and moved in this space would had a calm, neutral backyard wall of the home. the first thing that I realized was
with her dog Cara, a require.’ bathroom designed that I would never find on-the-
miniature Yorkshire as an en suite to the market furniture that this space
terrier. master bedroom. would require,” she said.
The hall is laid out across two The room already had a large So she set about designing her
floors: a first floor dominated by walk-in wardrobe, but it wasn’t own, notably a double-sided L-
a huge living room—56 feet by 28 large enough for her impressive shaped white leather sofa that
feet—with timber beams, and a collection of shoes, bags, and dominates the center of the living

LISTINGS
These former houses of worship are on the market and offer space and ceiling heights rarely found in London-area homes
FROM LEFT: KNIGHT FRANK; FINE AND COUNTRY; BLACK BRICK; MUNDAYS ESTATE AGENTS

$54.6 million Offers above $3.7 million $8 million $2 million

Located in upscale Knightsbridge, Central
London, St. Saviours was built about 1850.
The gothic-style building has been converted
into a seven-bedroom, seven-bathroom home.
Its original features—a 40-foot-high vaulted
ceiling, stone pillars, and oak beams—have
been preserved, with more modern facilities
added, notably a swimming pool, gym, and a
home movie theater. The property measures
12,102 square feet.
Agent: Knight Frank
Originally this chapel was attached to a la-
dies’ teacher training college in the south
London neighborhood of Camberwell, and
was built in 1908. It is now a four-bedroom,
three-bathroom home measuring 3,178
square feet. It has a small backyard. Its living
room has a barrel-vaulted ceiling, stained-
glass windows, and Latin friezes, while the
former altar now forms part of the kitchen.
Agent: Fine & Country
A gothic-style church in the fashionable Kensal
Green neighborhood of north London has been
converted into a four-bedroom, four-bathroom
home with 6,187 square feet of living space. The
central hall is now an open-plan kitchen and liv-
ing room combination. There is a courtyard gar-
den, and a bronze staircase that leads to a
study space above. Upstairs, the master bed-
room has a vaulted ceiling, twin dressing rooms,
and a stylish bathroom with free-standing tub.
Agent: Black Brick
Utopia House is a 1,800-square-foot former
Baptist mission hall in Deptford, southeast
London, built in 1906. It was refurbished in
2018, with polished concrete floors giving its
beamed living room an industrial vibe, a con-
temporary kitchen, and a new mezzanine
area overlooking the living room. The hall has
three bedrooms and two bathrooms, and
there is also a roof terrace.
Agent: Mundays.
 THE WALL STREET JOURNAL. NY Friday, June 26, 2020 | M9

MANSION

The kitchen,
VANESSA BERBERIAN FOR THE WALL STREET JOURNAL (4)

left, has an
aluminium Nur
pendant light
by Artemide
and stools by
Nube Italia.
Spicer Hall
dates from
1890. It is
decorated with
gothic-style
The L-shaped 18-foot-long leather sofa
arched
dominates the living area, which
windows and
is crowned by a 30-foot-high ceiling.
towers.

room and is about 18 feet long, the family of wealthy paper manu-
and a 15-foot-long glass dining ta- facturer James Spicer, an ardent
ble with wooden supports. It com- Congregationalist who had died in
fortably seats 12. It took six work- 1888, funded the building costs. A
men to lift the glass into place, memorial stone laid in Mr.
she said. Spicer’s honor is now a feature
Ms. Camilotti accessorized with within Ms. Camilotti’s backyard.
modern design classics like the The building’s architect was
Flos Lighting Taccia table lamp, a Rowland Plumbe. “London: East,”
set of white Vitra Eames DAR din- a gazetteer of historic buildings
ing chairs, and an Eero Aarnio originally written by the architec-
ball chair. tural historian Sir Nikolaus Pevs-
There are finishing touches in- ner and updated and republished
cluding animal skin rugs, and by the Yale University Press in
large contemporary photographic 2005, highlights its “handsome”
portraits and architectural details windows and orange brickwork.
on the walls. In 1910, a new church was built
Most of the pieces are either next door, and Spicer Hall became
black or white with accents of a school and community hall.
glass and chrome. “It is a sophis- It was converted back to a
ticated combination, I think,” she home during 2003 and 2004, and
said. “I wanted to keep a very Ms. Camilotti is its second resi-
light atmosphere and the black dent. She is selling the property
was perfect to create some con- because she is now planning a
trast.” move back to Brazil to be closer
The new look is far from that to her recently married son.
of the building’s first incarnation. “There might be grandchildren
Its origins date to 1888, when a and I want to be near,” she said.
Congregationalist church was Ms. Camilotti is selling the hall
founded in Chingford. Its mem- furnished. Other than her per-
bers met at the Victoria Coffee sonal belongings and beloved pi-
Palace, a local cafe, according to ano, everything will stay.
“A History of the County of Es- She says one downside of such
sex,” published in 1966 by Victoria supersize bespoke furniture is
County History. Ms. Camilotti sits by the origi- that she’s unlikely ever to find a
A year later, the congregation nal stained glass windows new home with rooms large
purchased a site for a church and enough to accommodate it.

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900 EAST ATLANTIC AVE, DELRAY BEACH, FL 33483. 561.278.5570 © 2020 DOUGLAS ELLIMAN REAL
ESTATE. ALL MATERIAL PRESENTED HEREIN IS INTENDED FOR INFORMATION PURPOSES ONLY. WHILE, THIS
INFORMATION IS BELIEVED TO BE CORRECT, IT IS REPRESENTED SUBJECT TO ERRORS, OMISSIONS, CHANGES
OR WITHDRAWAL WITHOUT NOTICE. ALL PROPERTY INFORMATION, INCLUDING, BUT NOT LIMITED TO SQUARE
FOOTAGE, ROOM COUNT, NUMBER OF BEDROOMS AND THE SCHOOL DISTRICT IN PROPERTY LISTINGS SHOULD
BE VERIFIED BY YOUR OWN ATTORNEY, ARCHITECT OR ZONING EXPERT. EQUAL HOUSING OPPORTUNITY.
* SALES LISTED AND/OR SOLD BY RANDY & NICK UNDER BROKER OF RECORD.
Michael Carucci
617-901-7600
 M10 | Friday, June 26, 2020 THE WALL STREET JOURNAL.

MANSION
IN THE TRENCHES | AMY GAMERMAN

A Little Showbiz Goes

Into Some Showings
Q
I also was on a show called “Son
Does a background in show of A Beach”—a Howard Stern origi-
business help sell homes? nal show that made fun of “Bay-
watch.” Every other beach show
had the bimbo girl who didn’t get
AMY WEBER got my first national commercial, the joke. I was the one who did.
Former actor, World Wrestling directed by Michael Bay. It was for Then World Wrestling Enter-
Entertainment performer Miller Lite. I had just turned 21, so I tainment hired me. They said, “We
Director of residential estates, could do the commercial—we shot need a Heather Locklear for the
The Agency, Pasadena, Calif. it on the beach. I was on a “General WWE.” It was a circus. You work
Hospital” sister show called “Port with your partner and you know
I always knew I wanted to enter- Charles.” My character’s name was what’s coming, but when you’re
tain. I moved to California by myself Lark Madison Scanlon and I was live in front of 60,000 people, the
from Illinois and within one month I evil. The brunette is always evil. adrenaline kicks in. I tore my rota-
tor cuff and cracked my tailbone.
My partner was supposed to put
her foot on my stomach and then
I’d go flying backward. Well, she
kicked me really hard and I missed
the rope and fell out of the ring.
I left after a 10-day tour over-
seas. We were flying from Japan
to Alaska and there were a couple
of wrestlers who were very disre- JAUBRIE ROECK parks at 3 p.m. I’d stay late and do
spectful to me on the plane. I re- Former performer, Walt Disney the Electrical Water Pageant
member standing on an airplane World show, and sometimes I’d go early
seat saying, “You really believe Sales associate, and do the trolley show. I was a
you’re a superhero? At the end of Premier Sotheby’s International background dancer, dancing
the day you’re running around in Realty, Port Orange, Fla. around and in front of the floats
women’s underwear.” in some theme outfit, lip-syncing
I wanted to be in a situation Dancing was what I did since I the lyrics to the music. I was a
where I could do whatever I was 3 years old. I was in tap, bal- court dancer for the Pirate and
wanted in my life, and I loved real let and jazz classes, and on a very Princess Parade. I was so amazed
estate. I became a broker and competitive high-school team. Af- at the costume and wigs.
have been in real estate full time ter I graduated, I wanted to get a When I got married and moved
for the past seven years. job in the industry, so I auditioned from Orlando, I had to find a new
When you meet someone to for Disney and Universal Studios way to make an income. My hus-
list their home, it’s like an audition. in Orlando. Disney offered me a band suggested the idea of be-
You kind of have to treat it as full-time position on the spot. coming a real-estate broker. I liked
such; you have to bring your A In my initial training I did ev- the idea of a schedule. I got my
game and all of who you are. In erything. Characters and costumes real-estate license in 2012.
the entertainment industry they are totally dependent on your I’m used to smiling and looking
always say it’s 90% confidence, height. They measured me at 5- approachable. But when I was in
10% talent. If you walk in and ex- foot-4½. I was Jessie the cowgirl entertainment, I didn’t have to
ude that confidence with the from “Toy Story,” King Louie, the deal with face-to-face stuff, like
seller, they’re going to trust you. monkey with the long arms from hard negotiations. A lot of times
I do get recognized. I don’t do “Jungle Book”—full fur costume— you have to give the client bad
open houses by myself, even Mr. Smee from “Peter Pan” and news.
VERÓNICA GRECH (2)

though after wrestling, I feel like I
could pretty much take anybody
who’d come at me. People have
asked me, “Can you sign the flier
or the brochure?”
Mrs. Incredible.
They started training me for
dancing roles. I worked at three of
the four parks at Orlando. We’d al-
ways do a parade in one of the
Sometimes people say, “You
look like Cinderella.” I say, “I was
never Cinderella, but I did dance
around her float in parades.”
—Edited from interviews

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To Advertise email sales.realestate@wsj.com or visit classifieds.wsj.com

THE WALL STREET JOURNAL. Friday, June 26, 2020 | M11

ADVERTISEMENT

Distinctive Properties
To advertise: email sales.realestate@wsj.com or WSJ.com/classifieds

MULTI STATE OFFERINGS

  


 






      


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M12 | Friday, June 26, 2020
Elon Musk Sells Los Angeles Mansion
Tesla Inc. Chief Executive Elon
Musk made headlines in May
when he announced a plan to sell
nearly all of his physical posses-
sions, including his real estate.
“Will own no house,” he tweeted
on May 1.
Now Mr. Musk is making good
on that promise, selling one of his
homes in the Bel-Air area of Los
Angeles for $29 million, according
to public records. The property
had been listed for $30 million in
early May. The listing was partic-
ularly notable in that it was “for
sale by owner,” meaning Mr. Musk
ADVERTISEMENT
Distinctive Properties
To advertise: email sales.realestate@wsj.com or WSJ.com/classifieds
THE WALL STREET JOURNAL.
PRIVATE PROPERTIES
didn’t use an agent to list the
property.
The buyer is a limited liability
company tied to William Ding, a
Chinese businessman and the
founder and chief executive of the
mobile gaming company NetEase,
records show.
FROM LEFT: SAUL MARTINEZ/GETTY IMAGES; MICHAEL MCNAMARA
Mr. Ding, whose SOLD
$29
net worth is
around $26 bil-
lion according to
the Bloomberg MILLION
Billionaires In- 7 bedrooms,
dex, was repre- tennis court,
sented by Scott fruit orchard
James of Doug-
las Elliman. Neither Mr. Ding nor
Mr. James was available for com-
ment.
The seven-bedroom house was
built in 1990 and has been “exten-
sively remodeled with large enter-
Mr. Musk paid $17 million for the house in 2012.
taining spaces, high ceilings and
fine finishes,” according to the
listing. Other amenities at the Mr. Musk purchased the house the area. now, so will only keep things that
property include a two-story li- for $17 million in 2012 from Mr. Musk did not respond to have sentimental value.”
brary, a home theater, a two-room Mitchell Julis, co-founder of requests for comment. He told —Katherine Clarke
guest suite, a tennis court, a wine hedge fund Canyon Capital Advi- The Wall Street Journal in May he
cellar, a gym and a pool. The sors, according to public records. had decided to sell his posses-  See more photos of notable
grounds include a fruit orchard, The property is one in a cluster sions because “I’m trying to make homes at WSJ.com/RealEstate.
according to the listing. of six houses Mr. Musk owns in my life as simple as possible right Email: privateproperties@wsj.com
WISCONSIN
  

 




  

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(800) 366-3975
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VIRGINIA
For more information visit:
wsj.com/classifieds

 

 
 
       
   



   
  

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THE WALL STREET JOURNAL. Friday, June 26, 2020 | M13

 
 
   
 

      


 
   
 
  
 

  
 
    
 

 

  
  
   
   


   

 


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 M14 | Friday, June 26, 2020
HOUSE CALL | SHEA WHIGHAM
A Career Began
Out on a Limb
The ‘Perry Mason’ actor on the post-injury
isolation that led to sensitivity and creativity
W
hile climbing a tree
when I was 12, I
slipped from a limb
and fell about 7
feet. My right leg was broken in
two places.
That summer, in 1980, I spent
most days with my father’s par-
ents, Millie and J.B. They kept an
eye on me while my parents
worked.
With my leg in a thigh-high
cast, I spent a good deal of time
by myself, in bed or on crutches.
The isolation allowed my imagina-
tion to take hold.
My family lived in a modest,
1½-story, wood-panel house in
Lake Mary, Fla., a small town be-
tween Orlando and Daytona
Beach. It was a nice place to live.
We moved there from Sanford,
FROM LEFT: WHIGHAM FAMILY; DANIEL PRAKOPCYK; ABBOT GENSER/HBO/ZUMA PRESS
Westport, CT
$5,750,000 I MLS#170238357
Jeanette Dryburgh & Assoc., 203.216.4518 John McGarr, 508.577.5450
N. Chatham, MA
$4,249,000 I MLS#21906578
Phyllis Power, 508.237.1406
New Canaan, CT
$3,750,000 I MLS#170278469
Laura Danforth, 203.801.8001
Provincetown, MA
$2,950,000 I MLS#21906407
Joel Harms, 508.246.8576
Norwalk/Wilson Point, CT
$2,059,000 I MLS#170294283
Stacy Book, 203.858.6309
Dedham, MA
$1,495,000 I MLS#72632952
The Walsh Team, 508.341.4904
an even smaller town, just before
I started high school. My father,
Frank, was an attorney there.
He and my mother, Beth, were
voracious readers. He read the ma-
jor poets: Byron, Keats and Shelley,
as well as Ingersoll and Shake-
speare. She was the high-school li-
brarian and had a beautiful singing
voice. She could light up a room.
Reading ran in the family. My
father’s father was injured in Ger-
many during World War II. Bedrid-
den when he returned, J.B. decided
he’d read for two years. He passed
that down to my father.
Growing up, I read Pat Conroy’s
books. But reading made me sen-
sitive, which was dangerous. Be-
ing sensitive in the South was like
being naive in New York. You
risked becoming a target.
So I hid my soft side from just
about everyone. My empathy be-
came key to my interest in acting.
Empathy helped me put myself in
other people’s shoes.
My father was tough on my
younger brother, Jack, and me. But
he let us find ourselves. He was a
disciplinarian with a humanitarian’s
understanding of right and wrong.
Fortunately for me, Mom often
stepped in to encourage Dad to be
reasonable. She was fiery.
In high school, I wasn’t a good
student. Every time I had the
chance to pick a seat in a class, I’d
take one next to the window. I’d
stare out and dream about what I
wanted to do. My brain didn’t
work for math or science.
Despite my interest in acting, I
wasn’t in high-school plays. I was
too nervous and shy. But I carried
that dream like a big secret.
After I graduated, I attended
Tyler Junior College in Texas. I
Nantucket, MA
$4,950,000 I MLS#86241
Darien, CT
$3,995,000 I MLS#170264894
George Flagg, 203.984.7673
Westport, CT
$3,500,000 I MLS#170297149
Leslie Clarke Homes, 917.570.7418 Nikki Carter, 508.410.0558
Newbury, MA
$2,775,000 I MLS#72646168
Dolores Person, 978.660.0967
Newburyport, MA
$1,875,000 I MLS#72628901
Dolores Person, 978.660.0967
Stonington, CT
$1,395,000 I MLS#170284819
Jeanne Fellows Grills, 860.912.1221
NY
MANSION
Shea Whigham in a 2018 portrait taken in Los Angeles, above, and
performing in the home of his grandparents in Sanford, Fla., in 1979, left.
loved my poetry and prose class.
Almost too much. I’d bring in
scenes from movies like “East of
Eden” and act them out. The
teacher had to remind me I wasn’t
in a drama class.
David Crawford, a professor
there, took me to San Antonio to
an open audition. I had rehearsed
a piece from the 1976 film “Helter
Skelter,” the one where Charles
Manson is on trial.
I did a reasonable job but was
flailing around. When I finished,
Joe Stockdale, a theater professor
at SUNY Purchase, pulled me
aside. He said, “Kid, you don’t
know what you’re doing, but you
have talent.” He got me into Pur-
Westport, CT
$4,890,000 I MLS#170293109
Leslie Clarke Homes, 203.984.1856
New Canaan, CT
$3,995,000 I MLS#170276387
Hannelore Kaplan, 914.450.3880
Orleans, MA
$3,500,000 I MLS#22002826
Newbury, MA
$2,750,000 I MLS#72627283
Dolores Person, 978.660.0967
Guilford, CT
$1,850,000 I MLS#170276408
Rose Ciardiello, 203.314.6269
Wilton, CT
$1,350,000 I MLS#170259823
Alan & Melissa Hamilton, 203.952.8880 DNA Properties, 203.536.3441
chase. That’s when I told my par-
ents about my career plans.
In our living room, my father
rolled his eyes. He said, “You have
about as much chance of becom-
ing an actor as I do president of
the United States.”
At Florida State, Dad had been
a quarterback. So when my
mother reminded him that Burt
Reynolds had been a quarterback
there, he gave in. But, he said I
needed a fallback plan. I told him
I had one. The truth was I didn’t.
I figured that if I had a Plan B, I’d
wind up doing Plan B.
At Purchase, I studied with Eu-
lalie Noble, a noted Broadway ac-
tress who left her stage career to
Naples, FL Westport, CT
$4,750,000 I MLS#218002043 $4,300,000 I MLS#170294678
John & Anthony Turco, 239.210.8888 Leslie Clarke Homes, 203.984.1856
Lexington, MA
$3,975,000 I MLS#72656860
Lori Talanian, 617.216.5943
N. Marshfield, MA
$2,999,900 I MLS#72480877
Liz McCarron, 617.347.4140
Newburyport, MA
$2,100,000 I MLS#72639550
Dolores Person, 978.660.0967
Clinton, CT
$1,695,000 I MLS#170292105
Ona Nejdl, 860.227.5027
Stamford, CT
$1,349,000 I MLS#170298311
THE WALL STREET JOURNAL.
SHEA’S WAYS
Who do you play in ‘Perry Ma-
son’? Peter Strickland, a wily inves-
tigator and Perry Mason’s right-
hand man
Series setting? Los Angeles, 1932
Favorite series? HBO’s “Boardwalk
Empire”
Why? Working with directors Mar-
tin Scorsese 
and Tim Van
Patten
Hobby? Fishing
in Florida’s Ev-
erglades
Brother? Jack
is a successful talent agent at CAA
in L.A. He means everything to me.
Lockdown activities? Miles of
walking, long drives to nowhere
and quality time with my kids
teach. She taught me technique
and helped me find the truth of a
character, no false notes.
At the end of college, I was the
only student who wasn’t signed
by an agent. I wasn’t sure what to
do, but I knew I wasn’t going
home to face my dad.
I found a manager and went on
an endless string of auditions. In
1999, he got me the last audition
on the last day for “Tigerland.” I
auditioned with a Texas accent
and got the role.
Today, my wife, Christine, and I
and our four children live in
Woodland Hills north of Los An-
geles. Our oldest, Giorgia, is an
actor forging her own way.
Our four-bedroom house was
built in the 1950s and overlooks
the San Fernando Valley. I love
reading in front of our living-
room fireplace.
When I was filming “Bad Com-
pany” in 2001, I introduced my
parents to Anthony Hopkins. He
was so gracious. They couldn’t be-
lieve they’d met Hannibal Lecter.
—As told to Marc Myers
Shea Whigham, 51, is an actor
who has appeared in “Boardwalk
Empire,” “Joker” and “Modern
Love.” He stars in HBO’s “Perry
Mason” drama series.
Westport, CT
$3,790,000 I MLS#170304949
Faith Schachne, 203.858.9876
Harwich, MA
$2,995,000 I MLS#22002313
Team Otis, 508.246.9095
Ludlow, VT
$2,100,000 I MLS#4797969
Kevin Barnes, 802.558.0479
Warren, CT
$1,525,000 I MLS#170268343
The Matthews Group, 860.868.0511
Marshfield, MA
$1,349,000 I MLS#72641774
Sydney Elliot, 617.529.4976