* * * * * * THURSDAY, JULY 16, 2020 ~ VOL. CCLXXVI NO. 13
00
DJIA 26870.10 À 227.51 0.9%
What’s
News
Business & Finance
hina has become the first
C major economy to return
to growth since the coro-
navirus began sweeping the
globe, posting 3.2% growth
in GDP for the second quar-
ter from a year earlier. A1
 Twitter was hit with a
widespread attack that al-
lowed hackers to take over an
array of accounts including
those of politicians, billion-
aires and celebrities, as well
as Apple and other firms. A1
 Apple won a major battle
with the EU as a court sided
with the company over a
$14.8 billion tax bill that EU
antitrust officials had said
was owed to Ireland. A1
 Walmart and Kroger will
require customers to wear
face coverings inside all
their U.S. stores amid the
surge in coronavirus cases. A1
 American Airlines told
25,000 workers that their
jobs are at risk after federal
aid expires Oct. 1, as air-
travel demand falls again. B1
 Goldman, buoyed by its
Wall Street roots, posted
near-record quarterly reve-
nue of $13.3 billion, with
profit remaining steady. B1
 U.S. stocks rose, with the
Dow industrials and S&P
500 both gaining 0.9%, while
the Nasdaq added 0.6%. B11
 Wirecard touted partner-
ships in releases that were
in some cases misleading or
promoted without the agree-
ment of the firms named. B1
 Chipotle said it is add-
ing as many as 10,000 em-
ployees as it opens more
stores with drive-through
lanes for digital orders. B1
World-Wide
 As the pandemic pushes
hospitals in the South and
West near capacity, the ur-
gent need for available beds
has stranded patients in
emergency rooms, scram-
bled ambulances and forced
patients to relocate hun-
dreds of miles to relieve
overcrowded wards. A6
 Senior White House trade
adviser Navarro criticized
Fauci in an opinion column
that the White House said
wasn’t authorized. A6
 Biden’s lead over Trump
reached double digits this
month as the president’s ap-
proval rating declined, ac-
cording to a new Wall Street
Journal/NBC News poll. A4
 The president said he is
replacing his campaign man-
ager, a move that comes less
than four months before the
election. Bill Stepien will take
over from Brad Parscale. A4
 Trump said his adminis-
tration has completed its up-
date to the National Environ-
mental Policy Act, including
changes that will mandate
deadlines for completing
environmental reviews. A3
 The president renewed
his fight against a New
York state grand-jury sub-
poena for financial records,
including tax returns. A4
 The encounter between
George Floyd and police esca-
lated quickly after an officer
drew his weapon, according to
police body-cam footage. A5
 Justice Ginsburg was
released from a Baltimore
hospital after an overnight
stay for treatment for a
possible infection, the Su-
preme Court said. A5
CONTENTS
Arts in Review... A13
Business News B3,5-6
Crossword.............. A14
Heard on Street. B12
Markets..................... B11
Opinion.............. A15-17
s 2020 Dow Jones & Company, Inc.
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Sabotage Probed in String of Fires, Explosions in Iran China’s
Economy
Resumes
Growth
Better-than-expected
rise in GDP of 3.2%
follows historic drop
IRIB NEWS AGENCY/AGENCE FRANCE-PRESSE/GETTY IMAGES
when virus struck
BY JONATHAN CHENG
BEIJING—China has be-
come the first major economy
to return to growth since the
coronavirus started sweeping
the world earlier this year.
China on Thursday reported
growth of 3.2% for the second
quarter from a year earlier, as
authorities reaped the benefits
of an aggressive campaign to
ON ALERT: Tehran is investigating a blaze, shown on Iranian state television, at a port Wednesday, the latest of several eradicate the virus within its
fires and explosions that have raised suspicions of coordinated sabotage targeting the nation’s infrastructure. A7A borders.
In sequential terms, China’s
second-quarter growth in
Cyberattack on Twitter Hits
gross domestic product repre-
sented an 11.5% rebound from
the first three months of the
year, according to data re-
leased Thursday by Beijing’s
Titans of Business, Politics
National Bureau of Statistics.
For the first six months of the
year, China’s economy con-
tracted by 1.6% compared with
the first half of 2019.
The strong growth figure
BY EUIRIM CHOI ing incident in Twitter’s his- same account. who had access to internal sys- for the three months ended
AND ROBERT MCMILLAN tory, began shortly before 4 Twitter’s security account tems and tools. The hackers June 30 beat economists’ me-
p.m. EDT, when compromised posted around 5:45 p.m. EDT may have accessed information dian estimate of 2.6% growth
Twitter Inc. was hit with a accounts—many of them re- that the company was investi- or engaged in other malicious and was at the top end of an
widespread attack Wednesday lated to the digital currency gating the incident and taking activity, Twitter said, adding it unusually wide range of fore-
that allowed hackers to take bitcoin—began posting mes- steps to fix it. Within roughly a was still investigating. casts, from a contraction of
over an array of accounts in- sages requesting money be sent half-hour, the company took The company didn’t say 3.1% to growth of 3.5%.
cluding those of politicians, to cryptocurrency accounts. the extraordinary step of limit- how long the hackers had been It followed a historic 6.8%
billionaires and celebrities The attacks quickly spread to ing posts from verified ac- able to access its internal sys- year-over-year economic con-
such as Joe Biden, Barack more prominent accounts, with counts with blue check marks, tems. Twitter said it had lim- traction in the first three
Obama, Bill Gates, Kanye West the bogus messages sometimes which Twitter designates for ited access to internal systems months of the year, when Bei-
and Elon Musk, as well as Ap- receiving thousands of likes be- more prominent users. in response to the hack and jing shut down the country in
ple Inc. and other companies. fore they were taken down, Twitter later said it believed locked compromised accounts. late January as the coronavi-
The attack, which security only to be posted again a short the hackers perpetrated the at- “Tough day for us at Twit- rus spread across China from
experts called the worst hack- while later, sometimes on the tack by targeting employees Please turn to page A4 Please turn to page A7
Walmart, Kroger
To Require Masks
In All U.S. Stores
ANDREA MORALES FOR THE WALL STREET JOURNAL
BY DAVE SEBASTIAN workers to wear masks, but
AND SHARON TERLEP like most retailers, they previ-
ously followed local guidelines
Walmart Inc. and Kroger for shoppers. “We recognize
Co. will require customers to additional precautions are
wear face coverings inside all needed to protect our coun-
their U.S. stores, joining a try,” Kroger said.
growing chorus of big busi- Other chains made similar
nesses and state leaders decid- moves after Walmart’s an-
ing that masks are needed to nouncement Wednesday at
battle the surge in coronavirus other chains, including Kohl’s
Jamya Eubanks with a math workbook that her mother bought to help with her schoolwork. cases and calling for a na- Corp., which operates about
tional policy. 1,000 department stores, and
The retail giants, which op- Panera Bread, which has about
Remote Learning Widens erate more than 8,000 stores
across the country, said they
were adopting their own mask
2,000 restaurants. Best Buy
Co. and Starbucks Corp. had
mask rules that kicked in on
America’s Education Gap requirements to protect their
staff and customers. Walmart
said a lack of federal rules had
Wednesday.
There is scientific and medi-
cal consensus that masks are
left it with a patchwork of lo- critical in slowing the virus’s
cal regulations. “We know this spread. The federal Centers for
A district of mostly Black, low-income students is hard hit is a simple step everyone can Disease Control and Prevention
take for their safety and the recommends everyone wear a
BY TAWNELL D. HOBBS work: a packet of practice college-prep ques- safety of others,” it said. face covering in public, espe-
tions she printed from the internet. They join major U.S. air- cially indoors and when social
JACKSON, Miss.—After schools shut down “I’m educating him the best way I can,” lines and a number of gover- distancing isn’t possible. Presi-
in March, LaKenya Bunton would get home said Ms. Bunton, a 41-year-old single mother. nors, even those who were ini- dent Trump, a Republican who
around 7 a.m. from an overnight quality-con- “I don’t want him to be behind.” tially hesitant to do so, in wore a mask in public for the
trol job at a factory, doze for a few hours, With the next academic year quickly ap- adopting mask requirements Please turn to page A2
then become teacher to her 16-year-old son, proaching, school districts and parents ev- to stop the spread of the re-
Amarrius. erywhere are racing to figure out how to re- spiratory disease, which has  Once spared, Arizona now
Her son, a rising sophomore, had received sume learning during the coronavirus killed more than 136,000 in suffers............................................ A3
no remote-learning materials from his school pandemic—with the interruption that up- the U.S.  Bursting hospitals compound
and didn’t hear from most of his teachers. ended the last school year beginning to look Walmart and Kroger have risks of virus.............................. A6
Ms. Bunton’s method included collecting Am- like a longer-term disruption. Los Angeles’s kept their stores open through  Some fret as offices beckon
arrius’s cellphone and handing him the day’s Please turn to page A8 the pandemic and required employees.................................... B1
Scrabble Traditionalists PERSONAL Apple Wins Tax Case,
Decry Baby Dragons JOURNAL.
i i i Dealing a Blow to EU
GIL COHEN-MAGEN/AFP/GETTY IMAGES
Hoping to draw new players, mobile
BY VALENTINA POP phabet Inc.’s Google, and Ama-
version now features gems, gnomes AND SAM SCHECHNER zon.com Inc.
But Wednesday’s setback
Personal Journal A9-12 BY VALERIE BAUERLEIN to interest younger players in Apple Inc. won a major bat- might at the same time em-
Sports....................... A14
Streetwise................ B6 an older game. tle with the European Union bolden Ms. Vestager and other
Technology............... B4 One of the hottest new mo- It has alienated many vet- when the bloc’s second-high- EU leaders in their push to
U.S. News............. A2-6 bile games has falling tiles, eran Scrabblers in the process. est court sided with the U.S. create new regulations for tech
Weather................... A14
World News.... A7-7A
sparkling jewels and a chat “It’s an obscenity,” said company over a €13 billion companies because they argue
function where players can get Josh Bernoff, a 61-year-old ($14.8 billion) tax bill EU anti- that existing rules are insuffi-
to know one another. business author. “It’s like be- TRAVEL trust officials had said the cient to bring big tech compa-
> That game is Scrabble. ing inside the small intestine ENTERTAINMENT company owed to Ireland. nies to heel in areas ranging
The new “Scrabble Go” app of a unicorn that just ate a The decision was a rebuke from competition to taxes.
was pushed out last month, bunch of rainbow Skittles.” The Middle Seat: Flying to Margrethe Vestager, who is The case stems from a 2016
when its red-and-tan decade- Scrabble Go has spawned leading the charge at the Eu- decision by the European
old predecessor was decom- thousands of 1-star reviews on
is safer than you think, ropean Commission to rein in Commission, the bloc’s top an-
missioned. The candy-colored, Google Play and the App Store but risks remain. A9 alleged abuses by big tech titrust enforcer, which said
fast-paced update was meant Please turn to page A8 companies including Apple, Al- Please turn to page A7A
 A2 | Thursday, July 16, 2020
Spending on Cars, Homes Stays Strong
Economy is bolstered
by low interest rates
and confidence among
high-income Americans
BY SARAH CHANEY
Consumers have continued
spending on big-ticket items
such as vehicles and homes
during the coronavirus pan-
demic, helping support the U.S.
economy as it battles a surge in
cases and renewed business
shutdowns.
Historically low interest
rates are luring in auto and
home buyers, many of whom
have higher incomes and firmer
job security than low-wage,
service-sector workers hardest-
hit during the recession, econo-
mists and industry experts say.
“Looking at the car sales,
looking at the retail activity,
looking at the housing data, it
has been pointing to a really
bigger recovery story,” said
James Knightley, an economist
at ING Groep NV. “If you’ve got
a job and feel pretty secure and
you see your equity holdings
rise in value, you’re probably
still feeling pretty good.”
Mr. Knightley said the big-
ticket purchases could weaken
if the rise in coronavirus infec-
tions and dialed-back state re-
openings significantly damp
employment and consumers’
ability to spend. Incomes also
could take a hit if the federal
government doesn’t continue
providing expanded unemploy-
ment benefits to the millions of
people still out of work because
of the crisis, he added.
“I’m just growing a little bit
more nervous that after this
good run, we could be in for a
softer set of numbers,” he said.
Congress is debating
whether to extend an extra
$600 a week in unemployment
benefits provided by the federal
stimulus enacted in the spring.
The aid is scheduled to expire
at the end of July.
COOPER NEILL/BLOOMBERG NEWS
The Fed’s Patrick Harker says
containing the virus is critical.
Walmart
To Require
Face Masks
Continued from Page One
first time this weekend, has re-
sisted calls for a national man-
date. The White House Corona-
virus Task Force has left any
mask mandates to states.
An increasing number of
states, including hard-hit Cali-
fornia and New York, mandate
masks in public but about half
of states don’t, including Flor-
ida, where there has been a
surge in cases, and Walmart’s
home state of Arkansas. Many
local governments have man-
dates in states where they
aren’t required.
In early July, amid rising
case totals, Texas Gov. Greg
Abbott, a Republican who once
prohibited local officials from
requiring masks, did an about
face, ordering most Texans to
wear them. Alabama Gov. Kay
Ivey, a Republican, said on
Wednesday she would imple-
ment a state mask order.
The differing rules have
prompted business leaders to
call on the White House and
state leaders to adopt a na-
tional mask policy. “Issuing
voluntary guidance on masks
is insufficient to protect public
health” and risks continued
community spread and a new
round of shutdowns, the U.S.
Chamber of Commerce, Na-
tional Retail Federation and
other business groups wrote
in a July 2 letter to the White
Auto sales have improved steadily and have outperformed expectations. Here, a used-car dealership in Jersey City, N.J., in May.
Solid spending on durable
goods—typically more expen-
sive products designed to last
more than three years—differs
from previous downturns, when
consumers sharply pulled back
on these larger purchases while
continuing to spend at service-
sector businesses, according to
findings from a Harvard-based
nonprofit research group.
Spending on long-lasting,
durable goods accounts for
about 7% of gross domestic
product. Outlays at service-sec-
tor businesses make up a much
larger share of economic out-
put and were the hardest-hit
businesses by the pandemic.
Growth in services will need to
rise much more for the U.S. to
achieve a full economic recov-
ery. In May, consumers in-
creased their spending on ser-
vices by 5.4%. A Commerce
Department report due out
Thursday on retail spending,
which covers spending on autos
but not houses, is expected to
Fed Official Expects a ‘Choppy Recovery’
BY MICHAEL S. DERBY
The resurgence of coronavi-
rus cases is adding uncer-
tainty to what is likely to be a
slow recovery for the U.S.
economy, said Federal Reserve
Bank of Philadelphia President
Patrick Harker.
“The state of the economy
really begins and ends right
now with the virus and how
the virus is being contained
and controlled, or not,” Mr.
Harker said in an interview
with The Wall Street Journal.
When it comes to how the
economy performs, the official
doesn’t see a fast rebound from
the huge hit taken in the second
House and governors.
“Retailers are protecting
the health and safety of com-
munities they serve,” the NRF
said on Wednesday. “Our
elected leaders need to set
politics aside and follow their
example.” The industry group
called on all retailers to adopt
nationwide mask policies, say-
ing Walmart’s decision was a
tipping point in the debate.
U.S. airlines began requiring
customers to wear masks in
May. Initially, enforcement was
lax, but over the past month,
airlines have tried to step up
enforcement, pledging to ban
passengers who refuse to com-
ply at least until the pandemic
passes. Some aviation unions
said this doesn’t go far enough
and want a federal rule requir-
ing masks on planes.
Delta Air Lines Inc. Chief
Executive Ed Bastian stopped
short on Tuesday of calling for
new regulation, but said it
would be helpful if the federal
government would more
strongly encourage people to
wear masks in their daily
lives, including during travel.
The United Food and Com-
mercial Workers International
Union, which represents 1.3
million workers in grocery, re-
tail and other industries, also
called for a national mandate.
“With governors in the major-
ity of states refusing to make
masks mandatory, millions of
Americans are needlessly be-
ing put in danger every day,”
said Marc Perrone, the UFCW
International president.
Nearly three-quarters of
voters in a new Wall Street
Journal/NBC News poll said
they always wear a mask while
shopping, working or when
U.S. NEWS
New single-family home sales
800,000 RECESSION
700,000
600,000
500,000
400,000
300,000 Note: Home sales
are at a seasonally
adjusted annual rate
200,000
2011 '15
Source: Commerce Department (new home sales); J.D. Power (vehicles)
show a June increase of 5.2%,
according to a Wall Street Jour-
nal survey of economists.
Major auto makers reported
steep drops in second-quarter
quarter, saying “if you think of
a letter, it’s definitely not a U,
it’s probably closer to a swoosh,
written with a very shaky hand.
We aren’t going to see a
smooth recovery until the virus
is controlled and contained.”
Mr. Harker, who is a voting
member of the rate-setting Fed-
eral Open Market Committee,
said his bank had been expect-
ing to see a moderate recovery
over the second half of the year
after a huge drop in the second
quarter, which would likely
leave activity down by around
7% for the year and jobless rate
at 10%. Unemployment was at
11.1% in June.
“Given what we are seeing
A greeter at a Walmart store in Reno, Nev., informed customers
of a mask requirement at that store in late June.
they are around people out-
side their homes, an 11-per-
centage-point increase from
last month. The share of
Trump supporters who say
they always wear masks
climbed 15 points since June,
to 54% from 39%.
Businesses have been caught
in the middle and have taken it
upon themselves to set nation-
wide masks requirements.
Costco Wholesale Corp. took a
lead on the issue and has re-
quired masks for shoppers
since May, making it a target
for critics of the policies.
Walmart’s mask rule begins
July 20 for its stores and
Sam’s Clubs locations, while
Kroger’s starts July 22.
About two-thirds of Wal-
mart’s 5,000 stores are in areas
with mask mandates. In those
places, “virtually everyone ei-
ther brings a mask or readily
complies with the requirement,
and we anticipate that to hap-
pen in other areas as well,”
Retail sales of vehicles
compared with J.D. Power's
pre-virus forecast
New New premium
40%
20
0 wanted a vehicle with all-
–20
–40
–60
–80
'20 March April May June
2020
sales, as the pandemic led car
plants and some dealerships to
close for extended periods.
Still, sales have improved
steadily and broadly outper-
with the resurgence of the vi-
rus, due to the South and
Southwest and other parts of
the country, that is a very fluid
forecast we are constantly re-
vising. This will be a choppy
recovery,” Mr. Harker said. He
now expects the unemploy-
ment rate will stay above 10%,
which means there is a good
chance of no further signifi-
cant improvement in hiring
over the course of the year.
In the interview, Mr. Harker
said he didn’t see much scope
right now for the Fed to do
more than what it is now doing,
while noting he sees space for
continued broader government
support, such as maintaining in
said Dacona Smith, Walmart’s
chief operating officer, and
Lance De La Rosa, Sam’s Club
chief operating officer.
Earl LaGorin, an 81-year-old
Colorado resident, said he
stopped shopping at one Wal-
mart outside Denver because
he didn’t find the wearing of
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* **** THE WALL STREET JOURNAL.
Industrial Output
Picks Up Again
U.S. manufacturing in-
creased in June for the sec-
ond straight month, a sign of
economic recovery in the
weeks before the recent
surge in coronavirus cases.
Industrial production—a
measure of output at facto-
ries, mines and utilities—rose
a seasonally adjusted 5.4% in
June from May, the Federal
Reserve said Wednesday.
That was a bigger increase
than the 4% rise anticipated
ANGUS MORDANT/BLOOMBERG NEWS
by economists.
The index for May was
unrevised at 1.4% while the
index for April was revised
down to a 12.7% drop.
The index for the second
quarter as a whole fell at an
annual rate of 42.6%.
—David Harrison
formed expectations this spring have suffered the brunt of coro-
and summer. Retail sales of navirus job losses in service
new autos were just slightly be- sectors like leisure and hospi-
Used low pre-virus forecasts in the tality. That means they have
week ended July 5, according to less to spend on cars and don’t
J.D. Power, an auto-industry re- tend to qualify for the incentive
search firm. offers and financing deals that
Brandon Merrill, age 32, of people with higher incomes
Orem, Utah, and his wife, tend to, said Thomas King, who
leads the data and analytics di-
wheel-drive, and in May they vision at J.D. Power.
decided to buy their first new Purchases of high-end
car after seeing online ads of- homes have done relatively
fering low-cost financing deals well in the U.S. In May, the lux-
during the pandemic. ury market outpaced the rest of
The loan for the Subaru the housing market in price
Crosstrek has an interest rate growth and views, according to
of 0.9% for 60 months. “Having Realtor.com. New-home sales
such a low interest rate for that surged 16.6% in May to an an-
long a time is unheard of,” Mr. nualized rate of 676,000 units,
July Merrill said. according to the Commerce De-
Sales of used vehicles have partment, just below levels
benefited too, with sales about seen before the coronavirus
20% above J.D. Power’s pre-virus struck the U.S. economy.
forecasts in the week ended July Existing-home sales fell in
5, mirroring past downturns the same month, but econo-
when consumers turned to more mists and brokerages said they
affordable auto options. expected purchases picked up
Lower-income Americans in June.
some form the expanded job- are going to act in such a way
less benefits that are set to ex- that we bring the economy
pire at the end of the month. back and let inflation run
He suggests that the Fed above our target’...We are not
hold steady with near-zero going to act prematurely until
rates and asset buying. “I we see real movement back to
don’t see any need to act any- the target,” he said.
time soon until we see sub- In the interview, Mr. Harker
stantial movement in inflation said he doesn’t expect to see a
to our 2% target and ideally broad shutdown in the econ-
overshooting a bit,” before the omy again. But he said caution
Fed considers reversing some remains in order: “This is just
of its stimulus. where we simply have to take
Mr. Harker also said it was our time reopening,” adding
key for the Fed to guide expec- “if we go through this period
tations about its policy stance. where we are opening and re-
“I think the most important closing and opening and re-
tool in our tool kit, as we start closing, this, in my mind will
to emerge out of this, is for- have a very negative effect on
ward guidance that says ‘we consumer confidence.”
masks to be adequately en-
couraged. “I think it’s wonder-
ful if they can enforce” the
I’m just opposed to it being
mandated for people,” he said.
Walmart said it would have
mask policy, he said.
Most major companies,
from big-box retailers to phar-
staff members at store en-
trances to remind visitors who
aren’t wearing a mask and
macy chains, require employ- hand out free masks to those
JASON BEAN/RENO GAZETTE JOURNAL/REUTERS
ees to wear masks and ask who didn’t bring one. It will
shoppers to wear them in make some exceptions to the
places where state or local requirement. “Our associates
governments say they are will be trained on those excep-
mandatory. Some of those tions to help reduce friction
companies prohibit patrons for the shopper,” Messrs.
from entering without a mask, Smith and De La Rosa said.
while others request custom- Kroger, whose chains in-
ers wear one but will still al- clude Fred Meyer and Harris
low them in if they refuse. Teeter, said customers with
Tony Alfonso, a 46-year-old medical conditions may not be
North St. Paul, Minn., resident, able to wear a mask and it en-
said he won’t be going to Wal- courages them to wear a face
mart after the new require- shield or facial covering. The
ment is in effect. He said he supermarket operator asks
would abide by a store’s mask those unable to do so to use
policy if he needs to get an the grocer’s e-commerce ser-
item that can’t be found else- vices for pickup or delivery.
where. “A business can do —Allison Sider
what they want obviously, but contributed to this article.
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THE WALL STREET JOURNAL.
Trump Moves
To Soften
Environment
Impact Rules
BY TIMOTHY PUKO
President Trump said his
administration has completed
its update to the National En-
vironmental Policy Act, includ-
ing changes that will mandate
deadlines for completing envi-
ronmental reviews.
The new rules would re-
quire full environmental im-
pact statements to be com-
pleted within two years. Less
comprehensive environmental
assessments would have to be
concluded within one year. It
hews to a proposal the admin-
istration made in January.
The measures, which are ex-
pected to be published in the
Federal Register on Thursday
and go into effect in 60 days,
are supported by business
groups and trade unions who
say the environmental review
process has been distorted to
become a tool to endlessly de-
lay needed infrastructure.
The changes are opposed by
environmentalists who say the
reviews serve as a bulwark
against climate change and
help protect poor and minority
communities that typically lack
the resources to defend their
interests from development.
Mr. Trump made his an-
nouncement at a late-afternoon
visit to United Parcel Service
Inc.’s Hapeville Airport Hub in
Atlanta. He said the overhaul
will lead to better roads,
bridges and tunnels for ship-
pers and commuters. “For de-
cades the single biggest obsta-
cle to building a modern
transportation system has been
the mountains and mountains
Updated National
Environmental
Policy Act will put
deadlines on reviews.
of bureaucratic red tape in
Washington, D.C.,” he said.
Environmental reviews now
take longer than four years on
average—seven for highways,
according to the administra-
tion. It has previously esti-
mated a national backlog of
infrastructure projects at
nearly $1 trillion.
Democrats and environmen-
tal groups say the changes
could limit legal rights for peo-
ple who file comments late in
the environmental review pro-
cess. They are also concerned
climate change may get less
scrutiny. “This is the height of
stupidity, the equivalent of
sticking your head in the sand
like an ostrich—and then hop-
ing the water doesn’t rise,” said
Samantha Gross, a fellow spe-
cializing in climate and energy
at the Brookings Institution.
Business lobbyists who sup-
port the changes say a much
larger overhaul is still neces-
sary to break the gridlock.
“NEPA is just a small compo-
nent of that,” said Ben Norris,
senior counsel at the American
Petroleum Institute, the indus-
try’s largest trade group. “The
foot shouldn’t come off the gas.
There’s a lot more to do here.”
Pipelines are likely to bene-
fit, experts said, from one of the
new policy’s biggest changes,
excluding more projects from
the most stringent reviews.
California Orders Keep Businesses Guessing
BY ANNE STEELE
For the first 10 days after
Shawn Heatherman reopened
her Santa Rosa, Calif., chil-
dren’s hair salon in mid-June,
her stylists were booked solid.
After months of lockdown, fam-
ilies were eager for trims for
their shaggy-haired children—
or for help rectifying the re-
Once Spared, Arizona Now Suffers
BY DAN FROSCH
AND ELIZABETH FINDELL
In the state with the highest
per capita rate of Covid-19
cases in America over the past
week, Arizonans are waiting up
to eight hours in the broiling
hot sun to get tested. A metro-
politan area of a million people
was down to 17 free ICU beds
Tuesday. A top health official in
the largest county said the cor-
onavirus is now so widespread
that contact tracing is almost
ineffective.
Local officials and public-
health experts coping with the
coronavirus pandemic in Ari-
zona say the state was lucky to
avoid a large outbreak in the
spring, but that instead of us-
ing the time to prepare for a
future wave, political leaders
assumed the situation was al-
ready well in hand.
A full-throttle reopening in
May that drew crowds to bars
and restaurants, a failure to in-
crease testing and a lack of
contact tracing have fueled an
avoidable crisis, they said. Now,
26.46% of tests in the past
seven days have come back
positive, the highest rate in the
nation, according to Johns Hop-
kins University data. And some
3,000 people are hospitalized
with Covid-19 daily, compared
with 789 two months ago, when
the state first reopened.
In Maricopa County, home to
Phoenix, officials said the virus
is so widespread that contact
tracing is no longer effective.
“It’s like we were driving down a
single-lane road and there was a
car accident up ahead and we
could see an off ramp to avoid it.
But it felt like everyone was say-
ing we could just avoid the acci-
dent by not taking the off ramp,”
said Ross Goldberg, president of
the Arizona Medical Association.
Local officials and public-
health experts blame leaders
across the state for the lack of
preparation and precautions.
Much of the anger is directed
at the administration of Doug
Ducey, the state’s Republican
governor, for allowing busi-
nesses to reopen quickly and
without enough guidance, and
also for not enforcing stricter
mask rules to stem the spread
of the coronavirus. They also
say Mr. Ducey, along with local
officials, didn’t invest enough
in testing and contact tracing.
“I don’t think I could have
been any more direct in laying
out the brutal facts of our cur-
rent reality and also talking
about the actions that can
change our situation,” Mr.
Ducey said in a recent press
Covid-19 cases are rising faster in Arizona and its most populous
county, Maricopa, than the U.S. average, even as the testing rate
remains below the national level.
U.S. Arizona Maricopa County, Ariz.
Total confirmed cases per
100,000 people
2,000
1,500
1,000
500
0 0
April May June
Note: Population totals as of 2019
Sources: Johns Hopkins University (cases); COVID Tracking Project (testing); Census Bureau
(population)
After seeing the number of
Covid-19 cases across the state
rise in recent weeks, Gov. Gavin
Newsom on Monday ordered a
halt to indoor activities at bars,
restaurants, salons and gyms—
many of them already strug-
gling—less than a month after
allowing them to reopen.
“I was already scared,” said
Ms. Heatherman, who came to
U.S. NEWS
A health-care worker collected paperwork at a drive-through testing site in Tucson this week. About 3,000 people in Arizona are now
hospitalized with Covid-19 daily, compared with 789 two months ago, when Gov. Doug Ducey lifted the state’s stay-at-home order.
conference. “I’m confident that
on the other side of this, Ari-
zona will come out healthier
and stronger.” A spokesman
said he wasn’t available for fur-
ther comment.
Will Humble, executive di-
rector of the Arizona Public
Health Association, said that
after months of weak measures,
Mr. Ducey and other state offi-
cials were finally coming to
grips with the need for more
aggressive steps, including
more tests and faster turn-
around times for results. But he
said far more is needed.
Currently, Arizona’s largest
testing lab, Sonora Quest, which
handles 80% of the state’s
Covid-19 tests, is receiving
14,000 a day but processing only
10,000, said Chief Executive Da-
vid Dexter. Results can take up
to 11 days, the company said.
Mr. Dexter said that officials
underestimated the demand for
testing after the reopening, and
that many, including himself, as-
sumed the coronavirus would
fade away in the heat.
When Mr. Ducey issued a
stay-at-home order March 30,
Arizona had barely more than
1,000 confirmed cases. For the
next two months, the situation
Total tests per 100,000 people
12,000
9,000
6,000
3,000
July
whether indoor or outdoor.
In late May when some in-
door dine-in restrictions were
lifted, Teresa Razo’s two Or-
ange County restaurants, Cam-
balache Grill in Fountain Val-
ley and Villa Roma in Laguna
Hills, weren’t ready to open
until early and late June, re-
spectively.
Ms. Razo said that if she
Thursday, July 16, 2020 | A3
CHENEY ORR/BLOOMBERG NEWS
appeared stable, but several
former Arizona officials who
worked closely on the response
said they were unsettled by the
lack of urgency and poor plan-
ning.
The state’s former emer-
gency management director,
Wendy Smith-Reeve, resigned
in late March, citing a disjointed
response marred by poor com-
munication and little focus on
preparing for a future surge.
Cara Christ, who heads Ari-
zona’s Department of Health
Services, said her office worked
closely with local health offi-
cials to figure out how best to
respond to the pandemic. But
Dr. Christ said that the “real
boots on the ground” are the
county health departments.
When Mr. Ducey lifted Ari-
zona’s stay-at-home order on
May 15, he barred municipali- The Work
from Home Sale
ties from implementing their
own restrictions. “It was a big
mistake not allowing the coun-
ties and cities to do their own
mitigation measures,” said Mr.
Humble.
Now–July 28
Daniel Ruiz, Arizona’s chief Work from Home furniture, lighting and
operating officer and a top aide
to Mr. Ducey, said the intention
accessories ship free in 1-3 days, every day.
was to create uniform regula- Pair proven performance with new perspectives
tions and keep people from on Scandinavian design to create a space that
flocking to counties with looser
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Over Memorial Day week-
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and restaurants shocked public- Visit knoll.com/shop Call a Knoll Home Design Shop
health officials. By mid-June, New York 212 343-4190
the total number of cases had
Los Angeles 310 620-2680
doubled to 36,844.
Under pressure from doctors
and local mayors, Mr. Ducey on
June 17 allowed counties and
cities to require masks. In re-
cent weeks, the governor has
shut down gyms and bars again
and restricted indoor restau-
rant capacity to 50%.
The state’s hospital ICU ca-
pacity has shrunk from 28% of
beds available on May 15, when
the stay-at-home order expired,
to 12% on July 13. “It’s critical.
I’m not mincing words any-
more,” said Theresa Cullen,
medical director of Pima
County, home to Tucson. Hppy W,
—Alicia A. Caldwell
contributed to this article. Hppy L
significant financial steps and
introducing new protocols for
operating and cleaning. Some
businesses had to submit plans
to local authorities or apply for
permits to put up new signs or
outdoor operations.
“The pandemic is not going
away, so for businesses to suc-
ceed, understanding how those
potential future closures affect 


sults of home haircuts.
But in the weeks after the
initial rush, Ms. Heatherman
watched business at Cookie
Cutters fall off, hitting a 60%
drop last week.
Reopenings throughout Cal-
ifornia have been damped by
capacity restrictions, stringent
cleaning protocols, conflicting
guidance from authorities at
different levels of government
and concerned clients. On top
of financial challenges, busi-
ness owners have been wres-
tling with the fear of putting
their employees and custom-
ers at risk.
tears when reflecting on the
potential danger to her stylists.
“It’s actually probably better
now to be shut down in some
ways than to incur the cost of
running the business with so
few clients.”
Restaurants were allowed
to operate takeout and deliv-
ery services during the initial
lockdown that began mid-
March. They were later al-
lowed to open with outdoor
seating, and in some counties
indoors with social-distancing
restrictions. The latest order
closes indoor restaurant din-
ing operations and all bars,
knew it would last only two
weeks, she wouldn’t have
opened for dine-in. There
aren’t enough hours for the
staff she brought back, so they
are each working one night a
week. “All these opening and
closing changes, we bleed.
We’re bleeding. It’s not going
to help us,” she said. “The
worst thing they’ve done to us
is say ‘effective immediately’
and given us no time to pivot.”
Xiomara Peña, California
program director for Small
Business Majority, said the
shutdown poses challenges for
those who opened after taking
them is going to be key for   
businesses to make pointed de- 
cisions,” she said.
Tenoverten, a chain of nail
salons, closed its Los Angeles
location for good this month,
deciding to focus resources on
its four New York City loca- Call or Email to Purchase
tions. “In L.A. there wasn’t a (805) 390 6326 | contact@misahara.com
clear enough path to make it a
viable business option to stay Shop the Collection at MISAHARA.COM
open,” co-founder Nadine
Abramcyk said. “If we knew it
was going to be six months, we Handcrafted in New York
could put our head down and
forage, but we’re looking at
two to three years before get-
ting back to full capacity.”
A4 | Thursday, July 16, 2020 HK JP TU ML SI IN UK FR MN PR ***** THE WALL STREET JOURNAL.

U.S. NEWS

Poll Shows Biden’s Lead Growing President

BY ANDREW RESTUCCIA
Renews Bid Mr. Trump and his top ad-
State of the Race
Former Vice President Joe
Biden’s lead over President
President Trump’s job approval rating has declined, and he trails his Democratic challenger,
former Vice President Joe Biden, by 11 percentage points.
visers have often played down
the threat, saying that the
country is recovering from the
To Block
Trump reached double digits
this month as Mr. Trump’s ap-
proval rating declined amid
Preference for president

Total
BIDEN TRUMP
51% 40%
Trump job
60%
approval
job-approval pandemic. They have also em-
phasized the importance of re-
opening the economy.
Subpoena
widespread disagreement with By more than 2-to-1, voters BY JESS BRAVIN
Men 43 45 Disapprove 56% said they are more likely to
his handling of the coronavi-
rus pandemic, according to a Women 58 35 55 vote for a candidate who is President Trump renewed
new Wall Street Journal/NBC Ages 18-34 62 23 more focused on stopping the his fight against a New York
News poll. Age 65 or older 47 46 spread of the virus than on re- state grand-jury subpoena for
Less than four months be- 50 opening businesses. financial records, including tax
White 42 49
fore the November election, Overall, nearly three-quar- returns, telling a federal court
51% of voters said they would Black 80 6 ters of voters, 72%, said they in New York on Wednesday he
vote for Mr. Biden if the elec- Hispanic 67 22 45 believed the country was on would raise additional objec-
tion were held today, with 40% White, college degree 53 38 the wrong track. tions to the Manhattan district
backing Mr. Trump. Mr. Biden’s Republican pollster Bill attorney’s investigation into
White, no college degree 35 57
lead over the president rose 40 Approve 42% McInturff, who conducted the hush-money payments made
from 7 percentage points last Independents 48 36 survey with Mr. Hart and fellow by former Trump lawyer Mi-
month, as both candidates saw Urban 61 27 Democrat Jeff Horwitt, said Mr. chael Cohen.
growth in the share of voters Suburban 49 43 35 Trump’s path toward winning Last week, the Supreme
who view them very negatively. 2017 '18 '19 '20
re-election is narrowing. Court rejected the president’s
Rural 35 57
Mr. Trump maintained the “There would have to be a claims of immunity from the
backing of a majority of voters Source: WSJ/NBC News telephone poll most recently of 900 registered voters conducted July 9–12; margin of error +/-3.27 pct. pts. sea change in these numbers to subpoena, leaving Mr. Trump
on the economy, with 54% ap- say how you would project that largely with the same tools to
proving of his handling of it, a pollster who worked on the all deeply submerged underwa- to the pandemic has steadily Trump would be winning a na- fight the district attorney avail-
record high in the poll. The survey, said Mr. Trump faced ter,” Mr. Hart said. “They rep- dropped, falling 6 percentage tional vote,” he said. able to anyone under criminal
U.S. economy officially entered the most challenging environ- resent the best measure of the points since last month and 8 Forty-eight percent of vot- investigation. In legal papers
a recession in February. ment for an incumbent since standing and political strength percentage points since March. ers viewed Mr. Trump very filed jointly with District Attor-
The president’s overall job- Jimmy Carter in 1980 and Lyn- of an incumbent president.” More than 136,000 people in negatively, with 6% viewing ney Cyrus Vance Jr., attorneys
approval rating dropped 3 per- don Johnson in 1968. Mr. The coronavirus crisis con- the U.S. have died as a result of him somewhat negatively. for Mr. Trump said they
centage points over the last Carter lost and Mr. Johnson tinued to drag on Mr. Trump’s the virus and more than 3.4 Meanwhile, one-third of vot- planned to raise objections the
month. Forty-two percent of decided not to seek re-election. re-election chances, with 37% million people have been in- ers have a very negative view Supreme Court listed as poten-
voters approved of Mr. Trump’s “President Trump has hit of voters approving of his han- fected, according to data from of Mr. Biden, the highest such tially available, including possi-
performance, with 56% disap- the trifecta in the misery mar- dling of the continuing out- Johns Hopkins University. As level the former vice president ble claims that the subpoena
proving—his lowest job-ap- ket. The three key indicators— break and 59% disapproving. states grapple with how and ever recorded in the poll. An was overbroad, intended to ha-
proval rating since April 2018. job rating, personal feelings, The number of voters who ap- when to safely reopen, corona- additional 13% have a some- rass the president or to manip-
Peter Hart, a Democratic attitudes on re-election—are prove of Mr. Trump’s response virus cases are increasing. what negative view of him. ulate his policy decisions.
Mr. Vance disputed those
allegations, saying they al-

Trump Replaces His Campaign Manager

ready had been rejected by the
court during earlier stages of
the case. But he agreed to de-
lay enforcing the subpoena if
BY ANDREW RESTUCCIA according to people familiar the court would approve an
AND REBECCA BALLHAUS with the matter. But in recent expedited hearing schedule for
weeks, Mr. Kushner showed Mr. Trump’s new arguments.
WASHINGTON—President signs of losing patience with Under the schedule, Mr.
AMY NEWMAN/THE RECORD OF BERGEN COUNTY/ASSOCIATED PRESS

Trump announced on Wednes- Mr. Parscale, the people said. Trump must file by July 27,
day that he is replacing his Mr. Kushner didn’t respond to Mr. Vance’s response would be
campaign manager less than a request for comment. due a week later, with all brief-
four months before the No- Doug Deason, a Dallas in- ing complete by Aug. 14. If the
vember election amid polls vestor and top Trump donor, district court decides expedi-
showing him trailing former said he had been anticipating tiously and the circuit court
Vice President Joe Biden, his the change for several days. rules quickly on appeals, the
presumptive Democratic rival. “The need was there, the pres- case potentially could return to
The president said he ident recognized it, and pulled the Supreme Court by fall.
EVAN VUCCI/ASSOCIATED PRESS

would name Bill Stepien, a the trigger quickly,” he said. Mr. Vance’s office is seeking
longtime aide, as campaign Mr. Deason said he hoped to determine the source of a
manager. His current cam- Mr. Stepien would be able to $130,000 payment to former
paign manager, Brad Parscale, better restrain Mr. Trump’s adult-film star Stormy Daniels
will remain a senior adviser to tweets by asking him to run in 2016—and how the payment
the campaign focused on digi- them through a “fact checking was accounted for by the
tal and data strategies, Mr. team” before sending them. “I Trump Organization. It is
Trump said in a statement love most of his tweets, but against state law to falsify
posted on Facebook and later Bill Stepien, left, will take over from Brad Parscale, with less than four months till the election. some have been pretty far out business records.
on Twitter. there lately, and others make The Manhattan prosecutor
“Both were heavily involved ruary 2018, when he named Mr. data and digital team.” Mr. campaign, but instead drew pointless attacks,” he said. began the investigation follow-
in our historic 2016 win, and I Parscale campaign manager. Miller added that the moves headlines for its sparse crowds. Mr. Parscale built his repu- ing Mr. Cohen’s August 2018
look forward to having a big Mr. Trump has grown in- “play to everyone’s strengths.” Last weekend, the Trump tation on his data collection guilty plea to federal cam-
and very important second win creasingly concerned about Andrew Bates, a spokesman campaign abruptly canceled a and lacked the deeper knowl- paign-finance crimes for the
together,” Mr. Trump said of polls showing him behind Mr. for the Biden campaign, said planned rally in New Hamp- edge of running a national 2016 deal keeping Ms. Daniels
Messrs. Stepien and Parscale. Biden, according to people close of the shake-up: “Almost shire, citing an expected campaign. He also drew atten- silent regarding her alleged
Mr. Stepien, the former to him. A Wall Street Journal/ 140,000 Americans have lost storm. Some of Mr. Trump’s tion for his allocation of cam- extramarital affair with Mr.
White House political director NBC News poll released on their lives and millions more allies had privately raised con- paign resources and the in- Trump.
who in 2016 was the Trump Wednesday showed Mr. Trump have lost their jobs because of cerns that the rally would at- come that he drew, affording Mr. Trump has denied the
campaign’s national field direc- trailing the former vice presi- Donald Trump’s failed leader- tract a smaller-than-expected him property and flashy cars, affair and knowledge of the
tor, was promoted to deputy dent by 11 percentage points. ship. The Trump campaign’s crowd amid concerns about the people said. arrangement.
campaign manager in late May. “This helps best position the game of musical chairs won’t the coronavirus. Mr. Stepien was an aide to In 2019, Mr. Vance’s office
Mr. Stepien and Mr. president for a win in the fall,” fix this. We need a new presi- Top donors and numerous former New Jersey GOP Gov. subpoenaed the financial re-
Parscale didn’t respond to re- said Jason Miller, a Trump dent for that.” campaign advisers have Chris Christie. Mr. Stepien was cords from Mr. Trump’s ac-
quests for comment. campaign spokesman. “It’s a Mr. Parscale’s standing as pushed Mr. Trump to replace fired from Mr. Christie’s staff counting firm, Mazars USA LLP.
The shake-up, which follows recognition of Bill’s talent and campaign manager was badly Mr. Parscale since the Tulsa after emails and text messages Mr. Trump filed suit to block
several weeks of Mr. Trump his experience managing past hurt by the Trump rally in rally. Mr. Parscale survived the involving his name indicated his accountants from comply-
adding new advisers to his campaigns, and the success Tulsa, Okla., in June—the first past several weeks largely be- that George Washington ing, leading to last week’s Su-
campaign, is the first major Brad had brought to the cam- since the start of the coronavi- cause of the support from Bridge lanes had been closed preme Court decision.
change he has made to the op- paign by building a first-rate rus pandemic—that was in- Jared Kushner, Mr. Trump’s as political retribution against —Deanna Paul
eration’s leadership since Feb- organization and world-class tended to mark a reset for the son-in-law and senior adviser, Fort Lee’s Democratic mayor. contributed to this article.

Hack Hits
Politicians,
Moguls
Continued from Page One
ter. We all feel terrible this
happened,” Chief Executive
Jack Dorsey tweeted.
It’s not just about coloring a page... The breadth of the attack
It’s about showing your true colors. and Twitter’s struggle to bring
it under control made it one of
the most extensive security
failures in Twitter’s history,
one that raises serious ques-
tions about a social platform
that has attained a central
place in political, cultural and
business communication.
Twitter shares had risen
11.3% this year through
Wednesday’s close before fall-
ing more than 3% in after
hours trading Wednesday. The compromised accounts posted messages seeking cryptocurrency payments before being removed.
Sen. Josh Hawley (R., Mo.)
sent a letter to Mr. Dorsey re- fort to obtain cryptocurrency. such as Mr. Obama and former Coinbase said it was track-
questing its cooperation with The account of Mr. Musk, Vice President Biden. ing cryptocurrency scams be-
A place to become... An artist, a business leader, a the Justice Department and the Tesla Inc. CEO, appeared The posts appear to have ing shared on Twitter, and
teacher. If kids and teens can dream it, Boys & Girls Clubs the Federal Bureau of Investi- to have been one of the earli- prompted a number of users working to block transactions
can help them become it. Because at our Clubs, it’s not gation to secure the platform. est to be compromised, along to send money. The bitcoin ad- from its platform to the ad-
magic that makes dreams come true, it’s the people. Like our “I am concerned that this with the accounts of the bit- dress posted from the account dresses that were posted.
Youth Development Professionals who ensure our youth have event may represent not coin and Ripple cryptocurren- of Mr. Biden, the presumptive Steven Zheng, a researcher
a place to feel physically and emotionally safe. A place to merely a coordinated set of cies, as well as digital cur- Democratic presidential nomi- at The Block, a publication spe-
belong. A place to have fun. A place to learn and grow on their separate hacking incidents but rency exchanges including nee, received more than cializing in cryptocurrencies,
path to a Great Future. rather a successful attack on Coinbase. $100,000 in bitcoin, according said he observed crypto-ex-
the security of Twitter itself,” The attack quickly spread to Blockchain.com, a crypto- change Twitter accounts, in-
Mr. Hawley wrote. The FBI de- across the platform, hitting currency exchange. cluding Binance, to be among
clined to comment. numerous business leaders “Twitter locked down the the first to be compromised.
The method used to breach and other prominent figures account immediately following After a short time, more main-
Twitter’s defenses, and the including Mr. Gates, the Mi- the breach and removed the stream accounts like that of Mr.
motives of the hackers, was crosoft Corp. co-founder, Ama- related tweet,” a Biden cam- Musk were used to tweet the
GreatFutures.org
unclear, and some security ex- zon.com Inc. CEO Jeff Bezos, paign official said. “We remain attackers’ messages. Binance
perts said the damage could Berkshire Hathaway Inc. CEO in touch with Twitter on the said none of its users had sent
extend beyond the apparent ef- Warren Buffett, and politicians matter.” funds to the hackers’ accounts.
THE WALL STREET JOURNAL. * * Thursday, July 16, 2020 | A5

U.S. NEWS

Officer Quickly Drew Gun on Distressed Floyd

BY ERIN AILWORTH
AND JULIE WERNAU
MINNEAPOLIS—The Memo-
rial Day encounter between
George Floyd and police esca-
lated quickly after one of the
officers drew his weapon on a
crying and increasingly flus-
tered Mr. Floyd, according to
police body camera footage
made public for the first time
Wednesday.
The footage, taken from two
officers charged in Mr. Floyd’s
killing, also shows that the
body camera worn by former
police officer Derek Chauvin fell
off during a struggle with Mr.
Floyd. It was under the squad
car during the entire time that
Mr. Chauvin had his knee posi-
tioned on Mr. Floyd’s neck,
leading to his death.
A spokesman for the Minne-
apolis Police Department con-
firmed that Mr. Chauvin’s body
camera had fallen off during
the arrest.
Mr. Chauvin has been
charged with second degree
murder. Former officers
Thomas Lane, J. Alexander
Kueng and Tou Thao have been
charged with aiding and abet-
ting second degree murder.
The Wall Street Journal is
part of a coalition of news out-
lets that asked the court to
make the body camera footage
public. On Wednesday, the
court made nearly 65 minutes
of footage available for public
viewing.
Within seconds of tapping
the butt of a metal flashlight on
the driver’s side window of Mr.
Floyd’s vehicle and ordering
him to show his hands, Mr.
Lane drew his service weapon
and pointed it at Mr. Floyd.
“I’m sorry, I’m so sorry. God
dang, man. I got, I got shot the
same way, Mr. Officer, before,”
Mr. Floyd said through tears as
he lay his head on the steering
wheel, before placing his hands
atop his head at Mr. Lane’s or-
der.
Mr. Floyd repeatedly asked
not to be shot as he was or-
dered from the car. Later, offi-
cers told Mr. Floyd they were
there because they suspected
him of using counterfeit money
at a convenience store.
“And do you know why we
pulled you out of the car?” Mr.
Kueng asked him. “Because you
was not listening to anything
we told you.”
“Right, but I didn’t know
what was going on,” Mr. Floyd
replied.
Craig Futterman, director of
the Civil Rights and Police Ac-
countability Project at the Uni-
versity of Chicago Law School,
called Mr. Lane’s actions con-
trary to accepted procedure
and de-escalation tactics.
“Everything about Lane’s ap-
proach created the potential for
and indeed reality of dramatic
force that may have never As Mr. Floyd flailed on the rear
arisen,” he said. seat of the car, he told officers
Attorneys representing the for the first time, “Hold on … I
four officers either didn’t re- can’t breathe, Mr. Officer.
spond to requests for comment Please, please.”
or declined to comment, citing After Mr. Floyd got out of
a court gag order by the judge. the car and while Mr. Chauvin
Also on Wednesday, attor- had his knee pinned into Mr.
neys representing Mr. Floyd’s Floyd’s neck, he repeatedly ut-
family filed a federal civil rights tered some version of the
lawsuit against the four officers phrase “I can’t breathe,” ac-
for violating Mr. Floyd’s right cording to transcripts of the
to be free of excessive force, body-camera videos released
and against the city of Minne- earlier this month.
apolis for its policies and pro- By the time medics arrived,
cedures that allowed the killing Mr. Floyd had passed out and
to occur. his body was limp as he was
When Mr. Chauvin arrived, loaded onto a stretcher and
he helped the other officers placed in an ambulance.
push and pull a struggling Mr. —Joe Barrett
Floyd into the squad car briefly. contributed to this article.

U.S. WATCH
SUPREME COURT longer has a rational understand-
ing of why the government plans
Justice Ginsburg Is to execute him,” said Rebecca
Out of the Hospital Woodman, one of his attorneys.
The Justice Department has
Justice Ruth Bader Ginsburg said it disagrees that Mr. Purkey
was released from a Baltimore is incompetent.
hospital Wednesday following an —Sadie Gurman
overnight stay for treatment for

SARAH A. MILLER/TYLER MORNING TELEGRAPH/ASSOCIATED PRESS

a possible infection, the Su-
preme Court said.
“She is home and doing well,”
a court spokeswoman said.
On Tuesday, the court said
Justice Ginsburg, 87 years old,
had been admitted to Johns Hop-
kins Hospital for an endoscopic
procedure to clean out a bile duct
stent. She experienced fever and
chills but was resting comfort-
ably following the procedure, the
court said. She had been ex-
pected to remain at the hospital
to receive intravenous antibiotics.
The incident occurred two
months after she was admitted
to the same hospital for treat-
ment of a benign gallbladder
condition and a gallstone that
caused an infection.
Tuesday’s hospital visit came
after the court’s deliberations in
litigation over Justice Department
plans to execute inmate Daniel
Lewis Lee. The court approved
the execution by a 5-4 vote, with
Justice Ginsburg in dissent, and
Mr. Lee was put to death.
—Jess Bravin
UNITED AT LAST: Workers on Wednesday began to remove a fence that marked the point of division at the once-segregated Cedars
Memorial Gardens Cemetery in Mineola, Texas. Blacks and whites have been allowed to be buried on both sides in recent years.
WASHINGTON
Execution Is Blocked
By District Judge
A judge blocked the execution
of a federal inmate whose law-
yers say he suffers from demen-
tia and other mental disorders,
setting the stage for another le-
gal showdown ahead of what is
scheduled to be the federal gov-
ernment’s second execution this
week after a nearly 20-year hia-
tus on the practice.
The Justice Department on
Wednesday immediately appealed
the order from U.S. District Judge
Tanya Chutkan, which said Wes-
ley Ira Purkey’s lawyers had
shown evidence that he lacks the
mental capacity to understand
why he faces the death penalty.
The Supreme Court has held it
unconstitutional to execute in-
mates who lack the mental ca-
pacity to comprehend the ratio-
nale for their punishment.
Mr. Purkey was convicted of
raping and killing 16-year-old
CENSUS
Visits to 56 Million
Households Begin
Thousands of census takers
are about to begin the most la-
bor-intensive part of America’s
once-a-decade head count: visit-
ing the 56 million households
that haven’t responded.
The visits that start Thursday
kick off a phase of the census
that was supposed to begin in
May before it was delayed by
the coronavirus pandemic, which
forced the Census Bureau to sus-
pend field operations for a
month and a half and to push
back the completion of the cen-
Jennifer Long before dismember- sus from July 31 to Oct. 31.
ing her body with a chain saw. Census takers will ask ques-
He was also convicted in state tions about who lives in a house-
court of bludgeoning to death an hold and the residents’ race, sex
80-year-old woman. He at- and relations to each other. Be-
tempted to burn down her cause of the virus, they have
house to hide the evidence but been instructed to pose ques-
was caught by a neighbor. tions from outside and to decline
“Though he has long accepted invitations to come indoors.
responsibility for his crime, he no —Associated Press

ADV ERTISEMEN T

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“The three priorities I would like to see
the 2020 presidential winner address
are: 1) help revive growth in the U.S.
economy in concert with our global trading
partners; 2) enact policies that emphasize
sustainable supply chains, that are
resilient, with greater local content;
and 3) enliven the spirit of America as
the ‘shining city on a hill,’ where ‘a mighty
woman with a torch’ stands beside the
golden door.”
“The next president must strive to build a
more just and inclusive society. The toxic
combination of racism and a pandemic have
further exposed yawning chasms across racial
and socioeconomic fault lines. The collective
retirement system needs to be part of the
solution too, given underfunded pension
plans and a looming Social Security shortfall.
And the next president must help restore
trust in the institutions on which citizens
rely to lead them through crises.”
“Climate change is the most pressing issue of
our time, and we have a duty to leave a healthier
planet for the next generation. We know that
pollution disproportionately harms the health
of residents in underserved communities. So
first, let’s work together to grow clean energy
sources. Second, let’s ensure all citizens,
regardless of income or zip code, have access
to clean-energy solutions and careers. Third,
let’s expand transportation electrification,
as we have committed to electrifying half of
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A6 | Thursday, July 16, 2020
Bursting Hospitals Compound Risks of Virus
As the pandemic pushes
hospitals in the South and
West near capacity, the urgent
need for available beds has
stranded patients in emergency
rooms, scrambled ambulances
and forced patients to relocate
hundreds of miles to relieve
overcrowded wards.
By Melanie Evans,
Joseph Walker
and Stephanie Armour
In Arizona, hospitals are us-
ing a statewide transfer center
to move 30 to 50 patients
among facilities each day, said
the director of the state’s De-
partment of Health Services. In
Florida, hospital giant HCA
Healthcare Inc. isn’t accepting
patients transferred from
other overflowing hospitals. In
Houston, the daily hunt for
empty beds has left critically
ill patients to wait hours or
days in emergency rooms for
vacancies.
A dozen Houston-area hos-
pitals had a combined 273 pa-
tients holding in emergency
rooms for an empty bed Tues-
day, including about 40 in
need of intensive care, said
Darrell Pile, chief executive of
the Southeast Texas Regional
Advisory Council, which tracks
bed availability and helps hos-
pitals coordinate transfers.
“This disaster beats all disas-
ters,” he said.
Data Point to Uptick in New Covid-19 Cases Trump
BY SARAH KROUSE
AND ALLISON PRANG
Oklahoma Gov. Kevin Stitt
became the latest politician to
test positive for the new coro-
navirus, as rising numbers of
cases in more U.S. states sug-
gested the pandemic was con-
tinuing to spread.
Mr. Stitt, a Republican, joins
a list of U.S. and world leaders
who have contracted Covid-19,
the disease caused by the cor-
onavirus. Last week, Atlanta
Mayor Keisha Lance Bottoms
said she had tested positive.
Since the pandemic began,
Brazilian President Jair Bol-
sonaro, British Prime Minister
Boris Johnson and Bolivia’s in-
terim President Jeanine Áñez
also have tested positive for
Covid-19.
New coronavirus cases have
risen 26% over the past week
in Mr. Stitt’s state, and the
share of positive tests in Okla-
homa has ticked up to 8% from
3% a month ago. The state so
far has recorded 22,813 cases
and 432 deaths.
Forty-six states had a
seven-day average of new
cases higher than their aver-
age during the past two weeks,
according to a Wall Street
Journal analysis of data from
Johns Hopkins University.
That held true in 44 states at
the start of the month and 21
The sustained surge in hos-
pitalizations there and in other
cities like Phoenix and Miami is
straining the response effort,
as the need for beds is running
up against shortages of staff—
and in some cases space. The
public’s noncompliance with
mask or social-distancing
guidelines further allows the
virus to spread, he said.
“What we’re facing has got-
ten much worse than anyone
ever imagined and much worse
than anyone could ever prepare
for,” Mr. Pile said. “The public
has to do its part.”
Hospitals in Arizona re-
ported nearly 3,500 coronavi-
rus patients Tuesday, a figure
that has climbed steadily after
the state reopened its economy
and coronavirus cases surged.
Texas in late June moved to
scale back its reopening, halt-
ing some nonessential surger-
ies in certain counties and roll-
ing back bar openings, as
hospital intensive-care units
grew full. But occupancy rates
continue to climb in Texas hot
spots.
The surge in patients and
rising numbers of deaths in
some U.S. communities follow
the rise in cases that has hap-
pened alongside efforts to re-
start local economies.
Across the U.S., more than
3.49 million people have been
infected, and 137,357 have died,
according to data compiled by
New daily Covid-19 cases in
the U.S.
7-day average
Daily total
14-day average
70,000
60,000
50,000
40,000
30,000
20,000
10,000
0 In the column published
A M
Source: Johns Hopkins University
states at the beginning of
June, suggesting recent in-
creases in new cases.
The surge comes as turn-
around times stretch on for
test results, hampering con-
tainment efforts.
Comparing one- and two-
week averages of new corona-
virus cases helps smooth out
anomalies in the data, includ-
ing those caused when states
don’t report cases during a
weekend.
Some of the recent in-
creases stem from growing
testing capacity, though the
share of tests that has come
back positive also has risen na-
tionwide. When a higher share
U.S. NEWS
States with the most current Covid-19 hospitalizations
Texas
Fla.
Calif.
Ariz.
Ga.
Ill.
S.C.
La.
Ala.
N.C.
0 2,500
Source: University of Minnesota COVID-19 Hospitalization Tracking Project
Johns Hopkins University.
States like Florida and Arizona
have hit new highs in recent
days, and now states like Ten-
nessee, West Virginia, Okla-
homa and South Carolina have
seen new coronavirus cases
jump 20% or more from a week
ago.
A clear picture of hospital
strain is limited, however, by
uneven public reporting across
states and hospitals and ad hoc
efforts by federal officials to
collect data since the pandemic
began.
Federal officials on Wednes-
LYNNE SLADKY/ASSOCIATED PRESS
J J
Kelly Rodriguez leads a dance class at the Girl’s Empowerment and Mentoring Summer Arts Camp.
The Miami-Dade County program employs health-screening procedures and practices social distancing.
of tests return positive at the
same time testing capacity is
flat or growing, it can be a
sign the virus is spreading,
public-health researchers say.
The seven-day moving aver-
age for tests in the U.S. that
come back positive is 8.7%, ac-
cording to Johns Hopkins data,
and has been rising since mid-
June.
Growing wait times for test
results have undermined con-
tact-tracing efforts aimed at
tamping down outbreaks.
Meantime, with demand surg-
Colleges Plan Robust Testing
Of Students, Faculty for Fall
BY STEPHANIE ARMOUR
AND MELISSA KORN
Universities, seeking to bring
students back to campus this
fall are laying out reopening
plans that rely heavily on their
health departments arranging
widespread, frequent testing of
students, faculty and staff.
Some worry about whether
the nation’s coronavirus test-
ing capacity can keep up.
The Texas A&M University
System said Tuesday that it has
negotiated with Curative Inc., a
testing company in California,
to send 15,000 test kits with
mouth swabs to its campuses
each month. Chapman Univer-
sity in Orange, Calif., is spending
$1.65 million to contract with
Laboratory Corp. of America
Holdings for mass testing.
Princeton University, Har-
vard University and Massachu-
setts Institute of Technology
will test students once they
arrive on campus, then test
regularly thereafter. Purdue
University, in Indiana, said
last week that it would require
its more than 40,000 students
to be tested before coming
back to campus.
These moves, a sampling of
broad testing plans being for-
mulated across U.S. academia,
follow calls from the Trump
administration and elsewhere
to get students back to cam-
pus after most colleges shut
5,000 7,500 10,000
day defended a decision to
have hospitals report data on
critical supplies and staff to
the U.S. Health and Human Ser-
vices Department rather than
the federal Centers for Disease
Control and Prevention, which
has been the traditional clear-
inghouse of such information.
Critics fear the move would
enable the Trump administra-
tion to politicize hospital virus
data by impeding access to or
sharing of information.
“Rather than strengthening
the public health data system
to improve hospital reporting,
ing and test-results delays
more pronounced, some gov-
ernment officials are pulling
back on broad access to testing
and reserving it for those with
symptoms or who are at high
risk.
Across the U.S., more than
3.43 million people have been
infected, and 136,466 have
died, according to data com-
piled by Johns Hopkins. World-
wide, about 13.3 million have
been infected, and about
578,000 have died.
A number of states, includ-
down during the spring out-
break. And yet, while few ar-
gue with the goal of resuming
students’ education, a debate
is under way over how best to
ensure safety and to avoid be-
coming incubators facilitating
the spread of the virus.
Testing is widely acknowl-
edged as necessary to track the
spread of the virus and to sup-
press clusters once they
emerge. But the nation’s ability
to conduct and process
Covid-19 tests is already strain-
ing to complete 600,000 a day,
with a shortage of processing
capacity, as well as a shortage
of reagents, plastics, swabs and
other necessary materials.
Adding tests for hundreds of
thousands of students to the
mix, some say, could cause fur-
ther backlogs and equipment
shortages. With results in some
parts of the country taking four
or five or even seven days, tim-
ing the pre-arrival tests—and
finding value in their results—
could be challenging.
The Centers for Disease
Control and Prevention is dis-
couraging widespread testing
of the asymptomatic as a
screening tool, recommending
instead that schools follow the
lead of such cities as Austin,
Texas, which is preserving
testing capacity by focusing
on symptomatic patients. The
American Academy of Pediat-
rics said testing all students
* *** THE WALL STREET JOURNAL.
the administration has chosen
to hand data to an unproven,
commercial entity, reporting to
political appointees, not scien-
tific experts,” Tom Frieden,
who ran the CDC during the
Obama administration, tweeted
on Wednesday. The data collec-
tion will be overseen by a pri-
vate contractor, TeleTracking.
Michael Caputo, a spokes-
man for HHS, said that the CDC
system is no longer adequate
for monitoring hospital infor-
mation and that the agency
can’t keep up with the pan-
demic.
CDC Director Robert Red-
field said that no one is taking
access or data away from CDC.
Hospital surge response dif-
fers across states, which have
taken varied roles in tracking
patient capacity and transfers.
States also have taken mixed
approaches to mandates to halt
nonessential hospital services.
Arizona requires hospitals
that have enough capacity to
accept patients from its state
transfer coordination center,
said Cara Christ, head of Ari-
zona’s Department of Health
Services. Some hospitals in the
state have voluntarily halted
nonessential surgery. The state
requires hospitals to suspend
the procedures when total oc-
cupancy levels exceed 80%, a
spokeswoman said.
In Florida, HCA Healthcare
said last week it would limit
ing Tennessee, West Virginia,
Oklahoma and South Carolina,
have seen new coronavirus
cases jump 20% or more from
a week ago.
Cases in Tennessee climbed
to more than 66,700 Tuesday
as the state reported 1,514 new
cases. The daily number of
new cases reached a high of
3,314 on Monday.
West Virginia had 145 daily
confirmed new cases Tuesday,
up from 64 confirmed daily
cases a day earlier, bringing
the state’s total to 4,463.
for infection before the start
of school is “not feasible in
most settings at this time.”
“There’s a real concern that
the existing testing infrastruc-
ture is nowhere close to capa-
ble of widely testing asymp-
tomatic individuals,” said
Jeremy Konyndyk, a senior
policy fellow at the Center for
Global Development.
The CDC has said about
40.8 million tests have been
conducted nationwide, with
3.6 million of them positive.
States performed about 16.5
million tests in June.
For colleges—and some pri-
mary and secondary schools—
testing is part of a broader
push to ensure safety through
measures including contact
tracing, social distancing,
smaller or hybrid classes, man-
datory face coverings and copi-
ous amounts of hand sanitizer.
Public and private labs are
nearing capacity because of in-
creased testing due to a surge
in cases. Lab giants Quest Di-
agnostics Inc. and LabCorp,
which have administered mil-
lions of tests taken by other in-
stitutions, didn’t respond to re-
quests to comment.
“If our labs had more sup-
plies and instruments, we could
do more testing,” said Julie
Khani, president of the Ameri-
can Clinical Laboratory Associ-
ation, “but global demand has
strained the supply chain.”
scheduled surgeries and cancel
those that could safely be post-
poned.
To preserve hospital capac-
ity in Texas, Gov. Greg Abbott
halted in late June surgery
across four counties, including
Harris, which is home to Hous-
ton. Since then, intensive-care
occupancy across the county’s
hospitals has increased to 98%
from 92%, Setrac data show.
Mr. Abbott, a Republican, later
expanded the number of coun-
ties subject to the order.
Creating more ICU beds will
be challenging with acute staff-
ing challenges, Mr. Pile said.
“This virus has gone on so long
and has consumed staff from
all parts of the state,” he said.
“There are no longer enough
staff to put a patient in all of
those beds.”
Memorial Hermann Health
System continued to add beds
with its Houston-area hospitals
near capacity, a spokeswoman
said. It has received 60 nurses
deployed by the state to pro-
vide relief and hired additional
staff through temporary agen-
cies.
The Texas Department of
State Health Services as of July
8 had sent about 1,200 health-
care workers to hospitals and
had an additional 576 on
standby, agency spokesman
Chris Van Deusen said.
—Melanie Grayce West
contributed to this article.
Adviser
Criticizes
Fauci
BY ANDREW RESTUCCIA
WASHINGTON—A senior
White House trade adviser crit-
icized Anthony Fauci, the gov-
ernment’s top infectious dis-
ease expert, in an opinion
column that the White House
said wasn’t authorized.
Tuesday night in USA Today,
Peter Navarro wrote, “Dr. An-
thony Fauci has a good bedside
manner with the public, but he
has been wrong about every-
thing I have interacted with
him on.” He added that he lis-
tens to Dr. Fauci “with skepti-
cism and caution.”
Some administration officials
have ramped up their public and
private criticism of Dr. Fauci in
recent days in the wake of his
recent comments that, given the
continued risks of the coronavi-
rus pandemic, some states like
Florida reopened their econo-
mies too early. That criticism
has sparked alarm from public-
health experts and Democrats
who said the attacks are irre-
sponsible as virus cases and
hospitalizations continue to rise
in hard-hit states.
President Trump is pushing
for states to reopen schools in
the fall and further ease lock-
downs on businesses.
On Wednesday, the White
House distanced itself from Mr.
Navarro’s column criticizing Dr.
Fauci. When asked about the
column, Mr. Trump said that
Mr. Navarro wasn’t speaking on
behalf of the administration.
“Well, he made a statement
representing himself,” Mr.
Trump told reporters. “He
shouldn’t be doing that.”
Mr. Navarro didn’t respond
to a request to comment.
“The Peter Navarro op-ed
didn’t go through normal White
House clearance processes and
is the opinion of Peter alone,”
Alyssa Farah, the White House’s
director of strategic communi-
cations, tweeted.
Over the weekend, the White
House distributed to the Wash-
ington Post a list of Dr. Fauci’s
past comments about the coro-
navirus that officials said cast
doubt on his judgment.
Dr. Fauci told the Atlantic in
an interview published Wednes-
day that he had no plans to re-
sign. He said he met with White
House Chief of Staff Mark
Meadows on Monday to discuss
criticism of him. Mr. Meadows,
according to Dr. Fauci, didn’t
apologize and said he wasn’t
aware that White House offi-
cials would criticize him in the
press. A spokesman for Mr.
Meadows declined to comment.
“I cannot figure out in my
wildest dreams why they
wanted to do that,” Dr. Fauci
told the Atlantic. He added, “I
can’t explain Peter Navarro.
He’s in a world by himself, so I
don’t even want to go there.”
THE WALL STREET JOURNAL. * * * * * * Thursday, July 16, 2020 | A7

WORLD NEWS
Tokyo’s Travel Push Sparks Worry InVirus
Japan,
Rises
Trip incentives are
offered as coronavirus
cases creep higher in
Among
Japanese capital U.S. Troops
BY MEGUMI FUJIKAWA BY ALASTAIR GALE

TOKYO—Japan’s capital is TOKYO—Japan’s defense

going through a resurgence of minister accused the U.S. mili-
coronavirus infections. Many tary of lax coronavirus con-
parts of the country have vir- trols after infections at a Ma-
tually none. And the govern- rine Corps base more than
ment is kicking off a $10 bil- doubled and three Americans
lion tourism promotion next allegedly ignored Japanese
week to encourage urbanites quarantine rules and took a
to roam the country. commercial flight while in-
Some wonder whether that fected.
is a good idea. Camp Hansen, a Marine
“As long as people don’t Corps base on the southern is-
move, the virus doesn’t move. land of Okinawa, reported 36
It’s just common sense. Even new Covid-19 cases to local
elementary-school students un- authorities on Wednesday, in-
derstand that,” said Soichiro creasing its total to 58. Com-
DAI KUROKAWA/EPA/SHUTTERSTOCK

Miyashita, the mayor of the bined cases involving the U.S.

city of Mutsu on the northern military on Okinawa are at
tip of Japan’s main island. He 136, including 71 at another
said he might close local at- Marine Corps base, the U.S.
tractions to discourage visitors. military said.
Japan’s experiment with The military also is looking
trip incentives and other simi- into the case of the three
lar programs around the globe Americans who are connected
have set off debates about to a third Marine Corps base
how far governments should Geisha apprentices arrived for a traditional Japanese theatrical-arts festival in Kyoto, the country’s ancient capital, on June 27. on the mainland and arrived in
go to encourage a revival in Japan on Sunday. Defense
sightseeing, eating and drink- adults to go on a trip under night. The program reim- “It costs a lot to travel for a by 4.5% to 5.7% in the year Minister Taro Kono said he be-
ing—activities that powered these conditions when children burses 35% of the costs in family of four, but we plan to ending in March. Mr. Abe, who lieves the Americans told Jap-
many local economies before cannot go on school trips.” cash and, starting in Septem- book a better hotel this time is weighing whether to call an anese quarantine officials they
the new coronavirus. A similar controversy is tak- ber, will give back an addi- using the subsidies.” election this year, is looking to would rent a car at the airport
“We received strong demand ing place in the U.K., where the tional 15% in coupons to be On a travel website operated get the economy back to nor- and drive to the base, but took
from tourism-related industries government’s “Eat Out to Help used at shops during the trip. by messaging-app company mal as quickly as possible. a commercial flight instead.
and local stakeholders that the Out” plan will offer diners 50% The plan seems to be driv- Line Corp. and Venture Repub- The prime minister’s top All arrivals in Japan must
campaign should be launched discounts in August—up to ing demand. lic Inc., the number of bookings aide, Chief Cabinet Secretary take a coronavirus test and
soon, especially in time for sum- about $13 a head—for meals at Yumiko Hayashi, a 54-year- rose by about 40% the weekend Yoshihide Suga, pledged in a agree not to use public trans-
mer break, which is the busiest restaurants and pubs. Critics old Zumba instructor in cen- after the subsidies were an- speech on Saturday to priori- port during a two-week quar-
season,” said Kazuyoshi Akaba, say the plan may end up subsi- nounced. ANA Holdings Inc. tize recovery, playing down antine period. Local reports
the minister in charge of tour- dizing virus-spreading behavior. said All Nippon Airways would fears of a second nationwide say the three tested positive.

243
ism, defending the decision to Compared with the U.S., restore nearly its full schedule wave of infection. “It is not an “We must have a response
start the subsidies on July 22. Japan has a small virus prob- of domestic flights during the exaggeration to say that this is that ensures U.S. bases won’t
Nearly $40 billion in annual lem, with about 22,000 cases peak summer-vacation period overwhelmingly Tokyo’s prob- be the cause of a general
spending by foreign tourists in and slightly fewer than 1,000 of Aug. 7-17. lem,” Mr. Suga said. spread of infection,” Mr. Kono
Japan has gone up in smoke deaths. However, in recent Record daily coronavirus Since Prime Minister Shinzo Tokyo Gov. Yuriko Koike hit said during a meeting
this year because the govern- weeks, Tokyo has seen a rise infections in Tokyo Abe lifted a state of emer- back, saying the government’s Wednesday with Okinawa Gov.
ment has barred virtually all in infections, mainly among gency in late May, signs of re- combination of promoting Denny Tamaki, who has called
foreign visitors. younger people. Officials covery have emerged. A gov- travel and discouraging risky on the central government to
At parliament on Wednes- blame nightspots and parties. ernment survey of workers activities was the equivalent tighten oversight of U.S. bases.
day, opposition parties called The decision to start do- tral Japan, said the campaign such as taxi drivers and res- of running the heater and air A day earlier, Mr. Kono de-
for postponing the tourism mestic travel subsidies was prompted her to revive her taurant staff whose jobs give conditioner at the same time. scribed the possible violation
promotion, clashing with a made the same day Tokyo set family’s annual vacation, them insight into the economy On social media, people pro- of quarantine guidelines by
government minister who said a record for daily coronavirus which she had thought would found sentiment improved in tested the travel subsidies and the three Americans as “an ex-
it could be carried out safely. infections with 243. be impossible. June at the fastest pace since called for spending the money tremely grave incident,” and
Opposition lawmaker Jun Under the “Go To Travel” “I want to go on a family comparable data became avail- elsewhere. One of the top said the U.S. military’s han-
Azumi, summarizing what he campaign, the government will trip before a second wave hits able in 2002.Still, the central hashtags on Japanese Twitter dling of the virus has shown
said were his constituents’ subsidize travel costs such as and we won’t be able to go bank predicted on Wednesday this week translated as “Please “a series of problems.”
views, said: “It is strange for lodging up to about $190 a anymore,” Ms. Hayashi said. that the economy would shrink suspend the Go To campaign.” A spokeswoman for the U.S.
military said the commander
of U.S. Forces Japan, Lt. Gen.

Hong Kong Curbs Unify West Against Beijing

Kevin B. Schneider, met with
government officials to dis-
cuss their concerns and the
military was reinforcing edu-
BY JAMES T. AREDDY starting even before the law cation on rules to prevent the
AND WILLIAM MAULDIN took effect just before the July spread of the virus, including
1 anniversary of the city’s re- those set by Japan. The Ma-
Complaints about China turn to Chinese control in rine Corps locked down bases
have piled up in Western capi- 1997. The U.S., Canada and on Okinawa on Sunday in re-
tals in recent years, but it took Australia moved to suspend sponse to the outbreak and
Beijing’s new curbs on Hong extradition treaties with Hong closed nonessential facilities.
Kong’s autonomy to galvanize Kong, while the European “We are more than willing
them around something ap- Union next week is expected to to work with the government
proaching a common cause. follow other Western coun- and take their feedback seri-
China’s imposition this tries in blocking exports of ously. We are doing what we
month of a national security equipment to Hong Kong that can to improve procedures,”
law for Hong Kong, despite its could be deployed for military said Maj. Genieve White, a
promise to preserve the city’s uses, essentially treating the spokeswoman for U.S. forces
freedoms, drew criticism from city as they do mainland in Japan. If the investigation
the U.S. and every other mem- China. into the three Americans
ber of the Group of Seven The U.K. is offering around shows they didn’t adhere to
ANTHONY KWAN/GETTY IMAGES

leading industrial nations—ei- three million Hong Kong resi- Japanese quarantine policy,
ther directly or as part of a dents the opportunity to live action will be taken against
bloc. Countries took concrete and work in the U.K.; such of- them, she added.
action, saying they would fers are repeated elsewhere. The coronavirus outbreaks
block shipment of certain London is also preparing sanc- among Americans have
high-technology equipment to tions similar to those an- alarmed locals because Japan
the city or welcome Hong nounced in the U.S. to hold hasn’t experienced large clus-
Kong residents who wanted to Chinese officials personally ac- ters of infection. Okinawa and
leave. A government-sponsored advertisement promotes Hong Kong’s new national security law. countable for imposing the na- its surrounding islands have
Suddenly, fresh movement tional security law. had 148 cases in total since
is apparent on other issues day, U.S. Secretary of State in its former colony. rival, Europe has focused on Beijing says the handling of the pandemic began.
that have been the focus of Mike Pompeo announced new For years, Western politi- the commercial relationship. Hong Kong is a domestic mat- Mr. Kono said he is con-
complaints. On Tuesday, the visa restrictions against some cians have been critical of The outrage over Hong ter; the Chinese foreign minis- cerned that the outbreaks will
U.K. reversed a decision to al- employees of Huawei and what they have seen as Bei- Kong is of a different order. try has said the national secu- affect the readiness of the U.S.
low Chinese telecommunica- other Chinese technology com- jing’s muscle-flexing in the “Hong Kong for Westerners rity law was in the city’s best military, which also has re-
tions equipment maker Hua- panies. South China Sea, predatory is not obscure and exotic like interests. Chinese media have ported infections among per-
wei Technologies Co. to Some analysts speculated trade practices that helped Xinjiang. It’s not an abstrac- also championed support for sonnel in neighboring South
supply technology for its 5G the U.K. move may have been companies like Huawei and tion like the South China Sea,” the Hong Kong law in the de- Korea, including 11 people who
mobile-phone systems. The driven in part by frustration in human-rights abuses, includ- said Daniel Russel, a former veloping world. arrived from the U.S. in early
U.S. has long pressed its ally London over the law in Hong ing detention of around a mil- U.S. diplomat. “It’s a very fa- Huawei and China’s govern- July.
to consider Huawei a security Kong, which in one stroke un- lion ethnic Uighurs in Xinjiang miliar place.” ment say the company oper- American officials have said
risk, at least since Congress in dermined the 50 years of self- in China’s far west. But Western nations adopted ates as a commercial enter- the virus hasn’t reduced the
2012 first linked it to possible governance Beijing had whereas the U.S. typically wor- remarkably similar strategies prise that acts independently military’s ability to carry out
Chinese spying. On Wednes- pledged to Britain to respect ries about China as a strategic to push back on Hong Kong, of Beijing. its mission.

China's quarterly GDP,

China’s sales showed the country’s
economic recovery was uneven
and following recent signs
in June for the first time since
the outbreak.
The rebound came during a
measures that they have so far
put into place, particularly as
the U.S. struggles to rein in re-
With the second-quarter
advance, China is looking in-
creasingly like a bright spot in
change from a year earlier
15%

Economy that policy makers are keen to

tame the markets after a rapid
rally, said Sylvia Sheng, a
quarter when China appeared
to have brought the virus un-
der control. In early April, it
cord numbers of new corona-
virus cases.
A deep and prolonged re-
a world ravaged by the pan-
demic. The International Mon-
etary Fund projects China’s
2Q 2020
10
Rebounds Hong Kong-based global mul-
tiasset strategist at J.P. Mor-
gan Asset Management. The
ended its 77-day lockdown of
Wuhan, a city of 11 million. It
responded forcefully to subse-
cession in the U.S. would
crimp demand for Chinese
goods in their most important
economy to grow by 1.2% for
the full year, which would
make it the only large econ-
3.2%

Shanghai Composite was down quent viral resurgences, in- export market, while the per- omy to notch positive growth
5
Continued from Page One 1.4% and Hong Kong’s Hang cluding one that emerged in a sistence of virus cases around in 2020.
the central city of Wuhan. Seng Index was off 1.15 at mid- wholesale market in Beijing the world could keep much of Though the world will likely
“The national economy day Thursday. U.S. stock fu- last month, testing millions the global economy in some be looking to China’s economic
overcame the adverse impact tures were down 0.4%. within weeks and restricting state of lockdown for months, engine to help power the 0
of the epidemic in the first The robust second-quarter travel in and out of the capi- weighing on growth prospects. global recovery, Beijing’s re-
half gradually and demon- recovery followed a string of tal. As of Wednesday, the Separately, China has itself straint on fiscal and monetary
strated a momentum of restor- data points that suggested country recorded 10 consecu- been dealing in recent weeks stimulus means that China is
ative growth and gradual re- China’s economy had turned a tive days without a case of lo- with its worst flooding in re- unlikely to do as much heavy –5
covery,” the statistics bureau corner. Manufacturing surveys cal transmission. cent memory across swaths of lifting as it did during the
said in an English-language have shown a steady recovery The question now for Bei- the country, including parts of 2008-09 global downturn.
statement. in sentiment over the past jing’s policy makers is whether its manufacturing and export —Bingyan Wang, Grace Zhu, –10
Nevertheless, Chinese three months, and China said the rebound can sustain itself heartland, which some econo- Liyan Qi, Xiao Xiao and 2010 ’12 ’14 ’16 ’18 ’20
stocks came under pressure as Tuesday that exports and im- through the coming months mists worry could hamstring Chong Koh Ping contributed
weaker-than-expected retail ports had returned to growth with only the modest stimulus the nascent recovery. to this article. Source: National Bureau of Statistics via Wind
 A7A | Thursday, July 16, 2020
Sabotage Suspected in Iranian Port Blaze
Series of incidents
have harmed facilities
linked with Tehran’s
nuclear programs
BY SUNE ENGEL RASMUSSEN
AND BENOIT FAUCON
Iranian authorities are in-
vestigating a blaze that dam-
aged seven ships at a southern
Iranian port, the latest in a
string of fires and explosions
that have raised suspicions of
coordinated sabotage target-
ing the nation’s infrastructure
and a nuclear facility.
Iranian state television
showed black plumes of smoke
billowing over the Bushehr
port on Wednesday as
firetrucks worked to extin-
guish the flames.
A shipping-services pro-
vider operating at the port
confirmed that at least seven
vessels had caught fire.
Authorities said they didn’t
know the cause of the fire. No
casualties were reported.
Jahangir Dehghani, director
general of local crisis manage-
ment in Bushehr, told state
television that a cause would
be disclosed once authorities
concluded their investigation.
The fire at Bushehr’s Delvar
Shipyard follows a series of in-
JAVIER TORRES/AGENCE FRANCE-PRESSE/GETTY IMAGES
PROTESTS IN CHILE: A car dealership in Santiago was damaged during protests to support a bill in the legislature that allows 10% pension
withdrawals amid the coronavirus pandemic. The lower house approved the bill Wednesday and sent it to the Senate.
SYRIA
U.S. and Allies Target
ISIS Funding Network
The U.S. has joined six other
nations in sanctioning a financial
network linked to the Islamic
State terrorist group and its af-
filiates, blocking any of their as-
sets in the U.S., the Treasury
Department said.
The joint sanctions imposed
Wednesday target financial-ser-
vices companies al Haram Ex-
change, Tawasul Co. and a third
that, according to the Treasury
Department, “have played a vital
role in transferring funds to sup-
port Syria-based ISIS fighters
and have provided hundreds of
thousands of dollars of liquidity
to ISIS leadership.”
Al Haram Exchange couldn’t
be reached. A representative for
Tawasul didn’t answer questions
EU Suffers
Setback in
Apple Case
Continued from Page One
Ireland must recoup €13 billion
in allegedly unpaid taxes be-
tween 2003 and 2014, money
the commission said consti-
tuted an illegal subsidy under
the bloc’s strict state-aid rules.
The General Court swept
aside that reasoning, saying it
annulled the decision because
the commission had failed to
meet the legal standards in
showing that Apple was ille-
gally given special treatment.
The 2016 decision against
Apple was one of Ms. Ve-
stager’s first big broadsides
against tech companies in her
role running the EU’s competi-
tion enforcement. She later is-
sued Google three fines totaling
cidents that have damaged fa-
cilities connected to Iran’s nu-
clear and missile programs
and other important infra-
structure.
Bushehr, which lies on the
Persian Gulf coast, is a key
hub for Iran’s oil industry and
home to the Bushehr nuclear-
power plant.
Iranian officials have char-
acterized most of the recent
incidents—which number at
least eight in less than three
weeks—as accidents.
The government hasn’t
given a cause for the most se-
rious incident, a massive ex-
plosion July 2 at Natanz, one
of the country’s key nuclear
facilities.
The blast at Natanz caused
extensive damage at an assem-
bly center for advanced centri-
fuges, destroying most of the
roof and nearly the entire
building.
Arms experts say the dam-
age, visible on satellite imag-
ery, bears signs of explosives
planted inside the building.
A previously unknown
group calling itself the Home-
land Cheetahs, which said it
consisted of members of Iran’s
security forces intent on
bringing down the Islamic Re-
public, claimed responsibility
for the explosion at Natanz.
Some analysts have linked the
WORLD WATCH
sent via text message.
The penalties, issued by the
seven member states of the Ter-
rorist Financing Targeting Center,
targeted individuals and entities
in Turkey, Syria and Afghanistan.
The TFTC, launched in 2017, is
composed of the U.S., Saudi Ara-
bia, Bahrain, Kuwait, Oman, Qatar
and the United Arab Emirates.
—Courtney McBride
CANADA
Central Bank Signals
Extended Low Rates
The Bank of Canada left its key
interest rate unchanged at 0.25%
and signaled it is likely to remain
at that level for at least two years
as the economy gradually recovers
from the coronavirus pandemic
and measures to contain it.
“It’s going to be a long climb
back,” Bank of Canada Gov. Tiff
$9.4 billion, and launched for-
mal antitrust probes into Ama-
zon and Apple. She is now also
responsible for tech regulation
and is considering imposing a
digital tax on tech giants.
After Wednesday’s decision,
Ms. Vestager said she would
“carefully study the judgment
and reflect on possible next
steps” and vowed to continue
investigations into national
tax deals with corporations to
establish whether they consti-
tute illegal subsidies.
“The Commission stands
fully behind the objective that
all companies should pay their
fair share of tax,” she said,
adding that if one EU govern-
ment gives corporations tax
benefits that aren’t available
to their rivals, “this harms fair
competition in the EU.”
In a September hearing at
the General Court, Apple’s
lawyers said the commission’s
decision to call for the pay-
ment “defied reality and com-
mon sense” and Apple’s CEO
Tim Cook at the time slammed
WORLD NEWS
Seven ships burned at the Bushehr port on Wednesday, following a string of recent incidents in Iran.
incident to sabotage by for-
eign powers, most likely Is-
rael. Iranian officials have pri-
vately said they suspect Israel
was behind the blast, accord-
ing to Iranian and European
officials.
After Israel accused Iran of
trying in April to disrupt its
water supply with a cyberat-
tack, Israel targeted the com-
mand-and-control system at
an Iranian port in Bandar Ab-
bas, a foreign-security official
with knowledge of the Israeli
Macklem said Wednesday. “We
are being unusually clear that in-
terest rates are going to be low
for a long time.”
The central bank said it
would hold its policy rate at the
lowest effective level, previously
estimated at 0.25%, until its 2%
inflation target can be achieved
in a sustainable way.
The Bank of Canada’s commu-
nications imply “it has no inten-
tion of raising policy rates for sev-
eral years,” said Capital Economics
economist Stephen Brown.
The Bank of Canada said it
estimates Canada’s gross do-
mestic product fell 43% annual-
ized in the second quarter of
this year compared with the pre-
vious three-month period. Over-
all, the bank anticipates a de-
cline in real GDP of 7.8% this
year, followed by growth of 5.1%
in 2021 and 3.7% in 2022.
—Kim Mackrael
the decision as “total political
crap.”
The company, however, had
parked the sum in an escrow
account, pending adjudication
in EU courts.
The commission can still
challenge the Apple ruling at
the bloc’s top court, the Euro-
pean Court of Justice. In re-
cent comments, however, Ms.
Vestager pointed to the limita-
tions of state-aid law in en-
forcing what she describes as
“paying your fair share of tax.”
The overturning of the Ap-
ple decision comes at a sensi-
tive time in the battle over
how much tax big tech compa-
nies should pay—and where
they should pay it. European
countries and the U.S. are at an
impasse in international talks
on the topic, with Europeans
pushing for rules that would
make tech companies pay more
levies where their customers
are based, and Americans re-
jecting a system that doesn’t
apply to all companies.
Several countries, including
operation said. That resulted
in dozens of cargo ships con-
gesting the harbor.
Israel declined to comment
on Wednesday and hasn’t
commented on the Natanz in-
cident.
Other recent incidents in-
clude a fire at a hospital in
Tehran, which killed 19 people,
and an explosion at the Khojir
missile base east of the capi-
tal.
Authorities said both inci-
dents were accidents.
JAPAN
BOJ Cuts Forecast
For Economic Growth
The Bank of Japan lowered
its economic growth forecast on
Wednesday in a reflection of the
coronavirus pandemic, and kept
its monetary policy unchanged.
“Japan’s economy has been in
an extremely severe situation
with the impact of Covid-19 re-
maining at home and abroad,”
the bank said.
The bank’s policy board projects
the Japanese economy will shrink
between 4.5% and 5.7% in the fis-
cal year ending March 2021. In its
previous report three months ago,
it had projected a contraction of
between 3% and 5%. It predicts
core inflation excluding fresh food
at between minus 0.5% and minus
0.7% in the current fiscal year.
—Megumi Fujikawa
France, have unilaterally im-
posed taxes on tech compa-
nies. EU leaders, including Ms.
Vestager, have said the EU
would do the same if there
isn’t progress at an interna-
tional level by the end of this
year.
Apple and Ireland ap-
Ireland reiterated
that it gave no
special treatment to
the tech giant.
plauded on Wednesday the an-
nulment of the tax case. Ire-
land reiterated that it gave no
special treatment to Apple and
said the company had paid
taxes according to “normal
Irish taxation rules.”
Apple said it supports in-
ternational talks over how
countries should divide up
taxation rights for multina-
THE WALL STREET JOURNAL.
missiles at a base in Iraq hous-
ing U.S. troops, causing con-
cussions from the blasts
among troops there, according
to the Pentagon.
Most recently, Iranian offi-
cials have gloated about the
fire on the American amphibi-
IRIB NEWS AGENCY/AGENCE FRANCE-PRESSE/GETTY IMAGES
ous assault ship USS Bon-
homme Richard off the coast
of San Diego.
“Americans shouldn’t look
for someone to blame and ac-
cuse others. This is a fire they
set themselves,” the com-
mander of the Revolutionary
Guard’s Quds Force Esmail
Ghaani said on Wednesday.
“This incident is the response
of your atrocities and has been
done by your own elements.
God punishes you with your
own hand.”
Adding to tensions in the
region, a Dominican-flagged
Tensions have surged in re- tanker was forcibly brought to
cent weeks between Tehran Iran this month, said U.K.-
and its rivals ahead of the Oc- based nonprofit seafarers or-
tober expiration of a United ganization Human Rights at
Nations arms embargo im- Sea, which spoke to the ves-
posed on Iran, which the U.S. sel’s captain.
and Israel are seeking to have Iranian businessmen had
extended. tried to buy the ship in May
Hostilities between the U.S. but were foiled when their ac-
and Iran have subsided counts were frozen by the U.S.,
slightly since the U.S. killing in according to a U.S. court case.
January of Iranian Maj. Gen. —Aresu Eqbali in Tehran
Qassem Soleimani with a and Felicia Schwartz
drone strike in Iraq. in Tel Aviv
Iran later fired a barrage of contributed to this article.
Ethiopia Leader Faces
Violent Reckoning
Just a Year After Nobel
BY NICHOLAS BARIYO country’s first multiparty elec-
tions, scheduled for August,
Targeted killings, deadly have been postponed indefi-
street protests, a postponed nitely due to the coronavirus.
election and rising regional Some analysts say the next
tensions over control of the months will be crucial for the
Nile River are destabilizing course of a strategically vital
Ethiopia, posing a stern chal- nation that has posted more
lenge to the reformist leader than a decade of double-digit
of Africa’s second-most popu- growth, casting off its famine-
lous nation just a year after he stricken image to become a
won the Nobel Peace Prize. poster-child for rapid eco-
Prime Minister Abiy Ahmed nomic development and pov-
stunned world leaders when he erty reduction. Ethiopia is the
ended a 20-year conflict with dominant power on the Horn
neighboring Eritrea and of Africa, the coastline perched
pledged to break open one of on one of the world’s busiest
the continent’s most entrenched shipping lanes and site of
one-party states within months mounting geopolitical compe-
of taking office in 2018. He tition between the Gulf monar-
freed thousands of political chies, Iran, China and the U.S.
prisoners, closed torture cham- Mr. Ahmed, a 43-year-old
bers and allowed the return of former army intelligence offi-
hundreds of exiled dissidents. cer, has been supported by
But instead of dismantling U.S. policy makers hoping to
the country’s one-party sys- move a crucial counterterror-
tem, Mr. Ahmed is now build- ism partner closer to Wash-
ing a new system centralized ington and away from Beijing.
around his personal authority, The most recent street pro-
critics say. He has responded tests were sparked by the kill-
to an upsurge of antigovern- ing of Hachalu Hundessa, a
ment protests with an iron fist. popular musician whose songs
In the past week, more than decried the treatment of Ethi-
230 protesters from the opia’s largest ethnic group, the
Oromo—Ethiopia’s largest eth- Oromo, who have long com-
nic group—have been killed in plained of political marginal-
clashes with security forces and ization. Mr. Hundessa once led
thousands more detained as the protests that helped bring
they called for a greater stake Mr. Ahmed—also an ethnic
in Ethiopia’s political system. In Oromo—to power amid hopes
recent months, the government the group would gain a greater
has faced down protests in the share of political and economic
restive regions of Tigray and power. But recently, Oromo
Amhara, where demonstrators leaders say they have been be-
called for more autonomy from trayed as Mr. Ahmed has
the government in Addis Ababa. sought to replace Ethiopia’s
The government has shut federalized state with a cen-
off the internet, closed several tralized unitary government.
media houses and arrested Mr. Ahmed’s office said
dozens of opposition figures. Ethiopia’s transition to democ-
In a televised address, Mr. Ah- racy was “tumultuous and
med praised the crackdown. filled with many obstacles as
Troops called in to quell the structures, systems and net-
protests have maintained a works that remained under the
heavy presence in the capital grip of authoritarianism are
and several other towns. The slowly being chiseled away.”
tional companies. “This case
was not about how much tax
we pay, but where we are re-
types of state aid.
A central issue in the Apple
case was whether two Irish
quired to pay it. We’re proud
to be the largest taxpayer in
the world as we know the im-
tax rulings granted to Apple in
1991 and 2007 gave a form of
special treatment to the com-
portant role tax payments play
in society,” an Apple spokes-
man said.
pany, or whether they just re-
iterated an interpretation of
Irish tax law as it was applied
Tax activists, however, said more generally.
the decision reinforces their Those rulings allowed two
call for new rules. Irish-registered Apple units to
While the Apple tax case attribute only a small sliver of
isn’t legally related to other some $130 billion in profit to
antitrust enforcement Ms. Ve- Ireland in an 11-year period.
stager is pursuing, Wednes- The commission said all that
day’s decision might dent her revenue should be attributed
reputation and cast doubts on to Ireland, but the Irish gov-
the solidity of other cases. The ernment and Apple said they
commission is currently de- split the profit reasonably,
fending a similar taxation case given that almost all of Apple’s
against Amazon and three an- intellectual property is devel-
titrust decisions against oped in the U.S., not Ireland.
Google in court. In Wednesday’s ruling, the
The tax case overturned in General Court said despite the
Wednesday’s ruling is based gaps in the contested tax rul-
on a quirk of EU law aimed at ings, the commission hadn’t
creating a level playing field proven the Irish government
for companies across the bloc granted a special advantage to
by forbidding governments Apple that was unavailable to
from granting companies some other companies in Ireland.
THE WALL STREET JOURNAL. Thursday, July 16, 2020 | A7B

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A8 | Thursday, July 16, 2020
Scrabble
Fans Decry
Dragons
Continued from Page One
(“Seizure-inducing!”), Face-
book pages like “Scrabble Go
Away!!!!” and Reddit threads
on how to reverse engineer
old devices to play the defunct
app offline. Complaints range
from glowing treasure chests
to the difficulty of finding the
dictionary to the number of
widowers in the chat room.
“This is not Tinder,” said Liz
Horkan, a 60-year-old airline
retiree. “I don’t want to get to
know any of these people. I
want to play Scrabble.”
More than 8,100 people
signed a Change.org petition
asking Hasbro Inc. to bring
Vulnerable
Students
Fall Behind
Continued from Page One
school system said Monday it
will start the year online, while
New York City recently an-
nounced a plan to bring stu-
dents back to classrooms part
time. Districts have to weigh
the potential public-health risks
of bringing students into class-
rooms against the shortcom-
ings of remote-learning pro-
grams, which schools hastily
rolled out in the spring with
generally dismal results.
The problems were ampli-
fied for children in the nation’s
worst-performing schools, in-
cluding at Jackson Public
Schools, where 95% of the stu-
dents are Black and just as
many are considered low in-
come. District parents say if ed-
ucation is the great equalizer,
their children are at a growing
disadvantage.
These schools and their
communities were already
working to overcome legacies
of racial inequities when the
killing of George Floyd spurred
national protests and broader
actions to address racism. The
pandemic set them even fur-
ther behind.
In Jackson, like in many
other districts, school officials
essentially gave up on requiring
remote learning last spring. In
late April the district allowed
children who were passing be-
fore the shutdown to skip the
last two months of school and
still receive an overall passing
grade. Some students didn’t
have internet access or parents
available to help. Even some
teachers couldn’t get online at
home when schools closed.
Ms. Bunton and other par-
ents said they tried to get
homework packets with the
rest of the year’s curriculum
from their children’s schools,
but were told there were none.
Jackson Schools Superin-
tendent Errick Greene said the
district was ill prepared for the
pandemic. Beyond connectivity
issues, Dr. Greene noted that
some parents have their own
challenges helping their chil-
dren learn. About 28% of Jack-
son school parents age 25 and
up had no more education than
a high-school diploma, and al-
most 12% had less school than
that, according to a five-year
estimate in 2018 by the Census
Bureau.
“We were caught flat-
footed,” Dr. Greene said.
Learning loss
Preliminary research sug-
gests students nationwide will
return to school in the fall with
roughly 70% of learning gains
in reading relative to a typical
school year, and less than 50%
in math, according to projec-
tions by NWEA, an Oregon-
based nonprofit education-ser-
vices firm. It expects a greater
learning loss for minority and
low-income children, who have
less access to technology and
whose families are more likely
to be affected by the economic
downturn.
About 26 million public-
school students, just over half
in the U.S., are considered low-
income and rely on free or re-
duced-price meals at school.
Dr. Greene said there could
be a mix of in-person and re-
mote learning in the fall, and
his goal is to make sure all stu-
dents can get online and have
devices to learn on. But he wor-
ries that providing laptops to
students could make them vul-
nerable to crime.
back the old Scrabble app at
least until the pandemic is over,
saying, “Please don’t abandon
us when we need you most.”
Time spent on mobile games
has spiked during the Covid-19
crisis with downloads quadru-
pling to nearly four million in
March for the most popular mo-
bile word game, Zynga Inc.’s
Words With Friends 2, accord-
ing to market-research firm
Sensor Tower. The firm esti-
mates Words With Friends 2 has
about 44.5 million total down-
loads since its introduction in
2017, while Scrabble Go has
about 19.1 million downloads
since it was first available glob-
ally in March.
Mark Blecher, Hasbro’s head
of digital gaming, said the old
app isn’t coming back and that
the company sees the new app
as a game-changer for Scrabble,
which has been a “relatively
successful, year-in, year-out
steady brand.”
Scrabble Go is the result of a
Jamya Eubanks reads her math workbook, top. Above left, Errick Greene, Jackson Public Schools superintendent, wants to teach
students life skills like critical thinking, along with academics. Above right, LaKenya Bunton with her 16-year-old son, Amarrius.
“That puts a target on
them,” he said. “I’m stunned at
the number of devices and the
amount of equipment we’ve
lost just through burglaries” at
school.
The district’s academic plan
is for teachers to go right into
next year’s curriculum and fill
in the learning gaps along the
way. Many students will start
having missed about a quarter
of the last school year.
Missing those months will
leave some children across the
country, especially those al-
ready behind, struggling to
catch up, educators said. “I
think of it as an academic death
spiral,” said Robin Lake, direc-
tor of the Center on Reinvent-
ing Public Education at the Uni-
versity of Washington Bothell.
“I don’t know how you do alge-
bra without pre-algebra.”
Jackson’s 22,500 public-
school students were already
behind their peers academi-
cally. About 24% met Missis-
sippi proficiency standards in
math, and 27% in English lan-
guage arts, or ELA, in the
2018-19 school year. Statewide,
47% met proficiency in math
and about 42% in ELA.
The Jackson school district
is the largest low-performing
district in the state with the
highest child-poverty rate in
the nation. About 43% of Black
children in Mississippi lived in
poverty in 2018, defined as a
family of four with an annual
income below $25,465, while
14% of white children did, ac-
cording to the Annie E. Casey
Foundation’s Kids Count Data
Center.
Nearly all of Jackson’s stu-
FROM PAGE ONE
new agreement with Scopely
Inc., a Los Angeles-based mo-
bile-game company best known
for Looney Tunes World of
Mayhem and The Walking
Dead: Road to Survival. Scopely
and Hasbro collaborated on
2015’s Yahtzee with Buddies,
which is one of the top 50 high-
est-grossing games on mobile,
according to Mr. Blecher. The
app “is going to substantially
increase the number of people
who are playing Scrabble,” he
said. Scrabble Go operates on a
“freemium” model, meaning the
app is free to download but has
ads popping up every few plays
or so and charges from $2.99 to
$99.99 for in-app purchases of
perks. An ad-free version is
available for $7.99 a month.
The app rewards regular
play with gems redeemable for
“boosts” like a peek at the best
available word or help winning
themed, 3-D tile sets such as
“Baby Dragons.” Players can
deck out their tiles with flamin-
dents rely on free- and re-
duced-school lunch. Many live
in neighborhoods with aban-
doned houses. About a third
have no computers or cannot
get on the internet at home.
In recent panels led by the
district, most participating
teachers and parents said they
preferred to have in-person and
remote-learning options.
Jasmine Grant is among
those without internet at home.
Her 10-year-old son, Javonta
Eubanks, spent much of his
time during the shutdown play-
ing with a remote-controlled
car outside their modest home.
Ms. Grant, a 29-year-old sin-
gle mother, reads to her son
and has him read to her, but he
didn’t understand work pro-
vided by his school and she
didn’t have time to help him
while working a full-time clean-
ing job in the next city, she
said. Javonta is learning dis-
abled and has already been
held back a year.
Her 8-year-old daughter,
Jamya Eubanks, largely finished
the academic year on her own
with school work packets. She
made the occasional visit to her
grandmother’s house, where
there is internet, to check in
with teachers.
“It’s frustrating, but they’re
my kids and I’m going to do my
best,” Ms. Grant said. Still,
she’s hesitant to send her chil-
dren back to school in the fall,
fearing they could catch
Covid-19.
When Dr. Greene took over
as schools superintendent in
late 2018, the district’s state
performance grade was an F. It
narrowly avoided a state take-
New look
gos and yard gnomes.
Scopely Co-Chief Executive
Javier Ferreira said reimagining
Scrabble was critical because
the dominant way to play
games these days is on a mobile
device. “The notion of play has
evolved,” he said. Mr. Ferreira
said he regrets a vocal minority
of players don’t like Scrabble
Go but said a silent majority
seems happy, with 2.5 million
people playing every day and
players spending 80 to 100
minutes a day on the app.
over in 2017.
The district’s overall grade
rose to a D in the 2018-19
school year. Dr. Greene said the
rise reflected gains made be-
fore he rolled out a five-year
strategic plan to improve the
schools, which includes adding
prekindergarten seats and en-
suring a certified teacher in ev-
ery classroom. Nine of the dis-
trict’s 52 schools have the top
A rating for student achieve-
ment, student growth and
other academic measures.
In a recent video to the
school community, the superin-
tendent spoke about Mr. Floyd,
Breonna Taylor and Ahmaud
Arbery, whose killings have
‘Are they setting
my children up
for failure?’ one
parent asks.
sparked protests around the
country. Combined with the
pandemic, he said, communities
have had to deal with the “frus-
tration of having to experience
these multiple traumas all at
once.”
Dr. Greene said that had
given him a renewed awareness
of the responsibility to educate
students beyond math and lit-
eracy skills, by teaching them
life skills like critical thinking
and good communication.
He spoke about the chal-
lenges he faces as a Black man,
and how he recently found him-
self actively working to be less
THE WALL STREET JOURNAL.
It isn’t the first clash over to the game’s Facebook page. He
how and when to translate the
1948 analog classic for a digital
was disappointed when he read
the dozens of comments. No one
age. For years, Hasbro was hes- said much about his analysis;
itant to develop a computer
game for fear of hurting board-
they mostly griped about Scrab-
ble Go. “I’m trying to say this in
game sales, Mr. Blecher said.
Hasbro was slow to roll out a
PC version in the 1990s and a
as non-ageist a way as I can,”
said Mr. Anderson, a 35-year-old
textbook editor. “It’s almost al-
web version in the 2000s, send- ways older boomer-style Face-
ing some serious players to un- book profiles.”
official sites, said Stefan Fatsis, Mr. Bernoff, who has posted
author of “Word Freak,” a book about Scrabble Go, is audition-
on competitive Scrabble. He ing alternatives such as Word
said he initially disliked the Master and Lexulous. He said he
cluttered nature of Scrabble Go, long since ruled out Words With
with its “exploding letters and Friends because of its embrace
exploding design.” But he said of 50,000 contemporary words,
Scopely deserves credit for re- such as “hangry” and “BFF.”
sponding to criticism with a Ms. Horkan, the former air-
new Scrabble Classic option line worker, said she now quits
reachable within a few taps. Scrabble Go games as soon as
Scopely said about 8.5% of us- someone asks her if she’s mar-
ers play Scrabble Classic. ried. She also is seeking an al-
Scopely hired Will Anderson, ternative game but is struggling
the top-ranked U.S. player, as a to find something calming. “I
consultant. He recently did a don’t want to play Candy
play-by-play analysis of an elite- Crush,” she said. “I just want my
level Scrabble Go match posted simple game.”
shutdown. Days before the
school year ended, he said that
it felt like it was already over
back in March, then corrected
himself. “I still got to go
through her,” he said of his
mother’s lessons.
When the shutdown started
on March 16, Ms. Bunton said
that her son regularly heard
from only one of his teachers
and that homework packages
weren’t available, either online
or through physically picking
them up.
On April 9, she asked on a
district Facebook post if stu-
dents would receive work pack-
ages like a neighboring district.
She didn’t receive a response.
The Jackson school district
said there was confusion early
on but packages were eventu-
ally made available at all
schools.
Melissa Cole, who has four
children in Jackson schools,
said inconsistent messages
from the district, such as not
really knowing what was due
and when during most of the
shutdown, made learning diffi-
cult. “Are they setting my chil-
dren up for failure?” she said.
She noted the district sent a
questionnaire to parents
shortly after the shutdown to
find out what technology par-
ents needed at home, but par-
ents never heard back about it.
Dr. Greene said the survey re-
ceived only about a 13% re-
sponse rate, so other methods
were used to determine that
around 30% of families in the
district had device or connec-
tivity issues.
ANDREA MORALES FOR THE WALL STREET JOURNAL (3)
Better technology
Dr. Greene is counting on
stimulus money to help pay for
an influx of technology in the
fall, and is working with IT
teams and law enforcement on
security protocols to prevent
thefts. He said better technol-
ogy will improve the remote-
learning experience, though it
won’t be as good as students
interacting in person with
teachers.
Mississippi State Superin-
tendent of Education Carey M.
Wright backs Dr. Greene’s plan
threatening on a recent jog in to launch right into next year’s
his neighborhood—he smiled curriculum, without trying to
more and made sure to wave at make up for lost time from
passersby. He said he wants to March to May. “If you start
prepare students to be leaders there, children will never catch
in creating a more just society. up,” Dr. Wright said. “Teachers
Falling behind academically will know the skills they have
is a top reason why students to fill in.”
drop out of school, according to Dr. Wright also expects re-
the National Dropout Preven- mote work to be required and
tion Center, based in South graded next school year. “We
Carolina. can’t keep saying, ‘Do your best
The Jackson school district and we’ll sort of, kind of give
had a graduation rate of 75% in you a grade,’ ” she said.
2019, lower than the state aver- Ms. Bunton’s concerns for
age of 85%. About one in four Amarrius went beyond academ-
students were considered ics. At Forest Hill, guns on cam-
chronically absent, meaning the pus and fights between stu-
student missed 10% or more of dents have been issues over the
their school days. years. In 2016, the state audi-
Ms. Bunton grew up in Jack- tor’s office didn’t complete its
son and attended its public review there, citing safety con-
schools. She has high hopes for cerns.
Amarrius, who she says is Early in the school year, Ms.
headstrong for his age and not Bunton got a text from her son
shy to give an opinion. He asking her to pick him up after
dreams of being a veterinarian, someone brought a gun onto
when he’s not playing basket- school grounds. She raced over
ball or videogames. in her car, joining other par-
His school, Forest Hill High ents, and said she waited for
School, is one of the worst per- three hours for a lockdown to
forming in the state, with an F lift to get him.
rating. About 11% of Amarrius’s Amarrius isn’t planning on
schoolmates scored proficient going back. He just learned he
in math and 16% in ELA in the was accepted to a free 22-week
latest state exam. Half were military academy residential
chronically absent. program elsewhere in the state
In their brick home in a that will help him earn a high-
quiet court, Ms. Bunton dis- school diploma or equivalent.
plays a “2020 Vision Board” in He wants to take the military
the living room with messages entrance exam afterward to
such as “Dream it. Believe. Own join the U.S. Marines, although
it.” Nearby is a short religious he still hopes to be a veterinar-
paperback she wrote and self- ian one day. His mother sup-
published, titled “One Day at a ports his plan.
Time.” “I fear for his safety,” she
She likes having the inspira- said. “I don’t think he’d get the
tion around her son, who com- proper education that he needs
plained of boredom under the here.”
 THE WALL STREET JOURNAL.
YUKI IWAMURA/ASSOCIATED PRESS
A Black Lives Matter protester and NYPD officers scuffled on the Brooklyn Bridge during a demonstration Wednesday.
Officers Injured in Protest
Four members of the
NYPD were hurt
confronting Black Lives
Matter demonstrators
BY BEN CHAPMAN
A high-ranking New York
Police Department official
and three other officers suf-
fered injuries during a con-
frontation Wednesday be-
tween Black Lives Matter
protesters and pro-police
demonstrators on the Brook-
lyn Bridge, police officials
said.
The two demonstrations,
which drew 1,000 to 2,000
people, occurred around 9:45
a.m. and resulted in 37 peo-
ple being arrested, officials
said. The protests temporar-
ily shut down the Brooklyn
Bridge.
Three officers sustained
Top Staffers Leave
De Blasio’s Office
BY KATIE HONAN
Four top staffers for New
York City Mayor Bill de Blasio
have either left or announced
their departure in the past
week, exiting his administra-
tion as the city tries to emerge
from the pandemic and faces a
financial crisis.
Freddi Goldstein, the
mayor’s top spokeswoman, left
Friday after four years in the
administration. Wiley Norvell—
the mayor’s director of commu-
nications who had been with
Mr. de Blasio since he was the
city’s public advocate in 2010—
had his last day on Friday, as
well. Neither are moving to
other jobs right away, they said.
On Tuesday, mayoral
spokeswoman Olivia Lapeyrol-
erie, who also worked for Mr.
de Blasio’s brief presidential
campaign, announced she was
leaving to become a vice presi-
dent at public-relations firm
SKDKnickerbocker.
The most recent departure
announcement came Wednes-
day, when Deidrea Miller, a dep-
uty communications director in
the mayor’s office, said she is
leaving at the end of the month
for a job in the private sector.
The departures come more
than a month after Alison
Hirsh, a senior adviser for stra-
tegic planning to the mayor,
left to become a senior adviser
for New York City Schools
Chancellor Richard Carranza.
“The team will carry on,” Mr.
de Blasio said Friday while in-
troducing his new spokesman,
Bill Neidhardt, who replaced
Ms. Goldstein and previously
worked on Vermont Sen. Bernie
Sanders’ presidential campaign.
“The issue here is of course
to make sure that we keep go-
* *
GREATER NEW YORK
serious head injuries while
responding to the confronta-
tions, police officials said.
NYPD Chief of Department
Terence Monahan was struck
in the hand and suffered two
broken fingers, according to
the officials.
The NYPD posted video of
the incident on Twitter.
“Three officers violently
attacked by protesters cross-
ing the Brooklyn Bridge. The
officers sustained serious in-
juries. This is not peaceful
protest, this will not be toler-
ated,” the NYPD said in a
statement accompanying the
video.
The confrontation between
the two groups of protesters
took place hours before New
York City Mayor Bill de Blasio
signed legislation on police
accountability into law, in-
cluding a measure that crimi-
nalizes the use of a chokehold
by an officer.
ing with this work we are do-
ing right now,” the mayor said.
Despite a citywide hiring
freeze, Mr. de Blasio said at an
unrelated news conference
Wednesday that the departing
staffers’ positions likely would
be filled “as part of the basic
functioning of this place.”
The coronavirus slowed
enough in the city to allow it
to begin a phased reopening in
June after months in lock-
down. However, the pandemic
devastated the economy and
led to more than 23,000 con-
firmed and probable virus-re-
lated deaths.
The city also faces a $9 bil-
lion tax revenue deficit during
the next two years. The mayor
and the New York City Council
approved a budget last month
that called for billions of dol-
lars in spending cuts.
On Wednesday, Mr.
Neidhardt said that with the
passage of the budget and
drop in Covid-19 cases, leaving
City Hall made sense for some
people. “This is a natural time
for transition, especially for
staff who helped New York
make it through a time of his-
toric crisis,” he said.
For more than a month,
large-scale protests over the
death of George Floyd have
taken place in the city. Mr.
Floyd, a Black man, was killed
in police custody in Minneapo-
lis. Mr. de Blasio has been crit-
icized over the New York Po-
lice Department’s response to
the protests.
Some City Hall workers also
criticized the mayor’s defense
of the NYPD during the pro-
tests. Mr. de Blasio, who is in
his last term as mayor, in turn
held a conference with staffers
to regain their support.
NY
The NYPD already banned
the use of chokeholds. The
new policy makes it a misde-
meanor offense, punishable
by up to a year in prison.
“I’m confident we can
make these reforms work and
continue strengthening the
bond between police officers
‘This is not peaceful
protest, this will not
be tolerated,’ the
department said.
and our communities,” Mr. de
Blasio, a Democrat, said after
signing the legislation.
The new law was signed in
response to weeks of large-
scale protests around the
country following the death
of George Floyd. Mr. Floyd, a
NYC ‘Shortchanged,’ Report Says
BY AKANE OTANI
New York City small busi-
nesses got disproportionately
fewer loans from the federal
government’s Paycheck Protec-
tion Program than parts of the
country that weren’t as hard
hit by the pandemic, a city
comptroller report says.
Only 12% of the roughly 1.1
million employee-based and
nonemployer businesses in
New York City received a PPP
loan, according to the report
released Wednesday. By com-
parison, more than 20% of
businesses in states that were
less economically affected by
the pandemic—such as North
Dakota, South Dakota and Ne-
braska—got federal aid, the re-
port says, based on roughly
three months of federal data
through June 30.
Small businesses in Mon-
tana, Kansas, Iowa and Wyo-
ming also received a higher
share of PPP loans than busi-
nesses in New York City, the
report says.
“New York City is the eco-
nomic engine of the nation,
and PPP loans should be a life-
line to our businesses that
have been ravaged by the
Covid-19 pandemic,” Comptrol-
ler Scott Stringer said.
The $670 billion emergency-
relief program, which sped
through Congress with biparti-
san support and began accept-
ing applications on April 3,
helped save tens of millions of
jobs from elimination, econo-
mists say. But the program—
which also has benefited larger,
well-heeled and politically con-
nected organizations—has faced
accusations that it failed to help
many of the nation’s smallest
and most vulnerable businesses.
The Small Business Admin-
istration, which runs the PPP,
didn’t respond to a request for
Black man, was killed while in
police custody in Minneapolis
on May 25.
Police officials in New York
City have spoken out against
the law, and NYPD Commis-
sioner Dermot Shea has said
it might cause officers to hes-
itate while on the job.
Several confrontations be-
tween pro-police protesters
and Black Lives Matter dem-
onstrators have occurred in
New York City during the
past several days.
Chief Monahan has tried to
ease tensions with demon-
strators. As an act of solidar-
ity, he took a knee with Black
Lives Matter protesters dur-
ing a June 1 demonstration.
He also has spoken out in
opposition to the violence
against police officers that
has sometimes occurred dur-
ing the mostly peaceful dem-
onstrations following the
death of Mr. Floyd.
A federal loan program didn’t give city businesses their fair share, Comptroller Scott Stringer says.
comment. The agency has said
the data it has released show
the program’s success in help-
ing a range of businesses.
“The PPP is an indisputable
success for small businesses,
especially to the communities
in which these employers serve
as the main job creators,” SBA
Administrator Jovita Carranza
said earlier this month.
The comptroller’s report
found PPP funding disparities
among the city’s five boroughs.
In the hard-hit Bronx, 40% of
small businesses were granted
PPP loans, below the citywide
average of 50% and the lowest
share of the five boroughs.
The report also showed dis-
parities across sectors, with
just 22% of nursing homes and
mental-health facilities receiv-
ing PPP loans, compared with
66% of management-consulting
companies and 55% of legal-
services firms.
When the program
launched, businesses were re-
Thursday, July 16, 2020 | A8A
Slain Entrepreneur
Was Force Behind
Many Tech Startups
BY BEN CHAPMAN
AND PAUL BERGER
A tech entrepreneur whose
body was found dismembered
in his luxury condo in New
York City was a passionate ex-
ecutive with an interest in the
developing world, former col-
leagues said Wednesday.
Fahim Saleh, a 33-year-old
venture capitalist and CEO of
Nigeria-based startup Gokada,
was discovered dead Tuesday
in his apartment on Manhat-
tan’s Lower East Side, accord-
ing to New York Police Depart-
ment officials.
No arrests have been made,
the officials said.
In 2018 Mr. Saleh helped
launch Gokada, a motorcycle
ride-sharing company.
Anthony Igbinosun, a for-
mer health and safety man-
ager at Gokada, in Lagos, said
Mr. Saleh was down-to-earth
and humble.
Mr. Saleh was enthusiastic
about developing products
that would make life easier for
people, Mr. Igbinosun said, es-
pecially in developing coun-
tries such as Nigeria and Ban-
gladesh.
“From our conversations, I
got the idea that he wanted to
make a difference,” Mr. Igbino-
sun said. “He once told me one
of his motivations for found-
ing Gokada was to improve the
living standards of the thou-
sands who would ride Gokada
bikes.”
NYPD officials said one of
Mr. Saleh’s sisters found his
body when she went to visit
him at his home, which he
bought in 2019 for $2.25 mil-
lion, according to city prop-
erty records. His remains had
been dismembered with an
electric saw that was still
plugged in at the apartment,
the officials said. Some of his
body parts had been hidden in
bags, they said.
Surveillance video shows
Mr. Saleh getting into an ele-
vator in his apartment build-
ing with a man who was
dressed in black and wore a
mask, according to the offi-
cials.
Mr. Saleh’s family couldn’t
be reached for comment.
In February, Mr. Saleh
posted a video on YouTube de-
fending his company against a
move to ban commercial mo-
torcycles in Lagos.
Share of New York City small
businesses by industry that
received PPP loans
Hotels
89%
Management-consulting services
66
Legal services
55
Nursing homes and
mental-health facilities
22
Social services
21
Source: Office of the New York City Comptroller
quired to spend 75% of their
loans on payroll within an
eight-week period to have
them forgiven. That made it
difficult, if not impossible, for
many businesses that shut
down during the pandemic to
take advantage of the program.
A representative for Gokada
said Wednesday on Twitter
that Mr. Saleh believed in the
power of technology to trans-
form lives for the better.
“RIP, Fahim. You will be
missed by everyone at Gokada
and by the entire Nigerian
startup community,” the post
said.
Mr. Saleh was born in Saudi
Arabia to a middle-class Ben-
gali family and raised in Roch-
ester, N.Y., according to a 2016
profile in an online magazine.
In posts he published on
Medium.com, Mr. Saleh said
he began his entrepreneurial
career when he was 16. He
eventually created youth-tar-
geted websites such as icon-
dude.com and AIMdude.com,
according to the 2016 profile.
One of his biggest early
successes was PrankDial,
founded in 2010, which let us-
ers send prerecorded prank
calls to friends and family
members and then record
their reactions.
Mr. Saleh went on to co-
found Pathao, an on-demand
digital platform and transpor-
tation-network company based
in Dhaka, Bangladesh, and a
venture-capital firm called Ad-
venture Capital, according to
his LinkedIn profile.
In Medium posts, Mr. Saleh
said he believed in focusing on
one idea at a time, even as he
pursued a variety of busi-
nesses. Above all, he followed
his own interests.
“At the end of the day, you
need to make sure it’s some-
thing you’re truly passionate
about,” he wrote on Medium
in 2018. “If you go into a proj-
ect entirely focused on making
money, you’re going to be dis-
appointed.”
TEMILADE ADELAJA/REUTERS
Fahim Saleh was Gokada’s CEO.
ALAN CHIN FOR THE WALL STREET JOURNAL
The challenge was height-
ened for businesses in New
York City, which was hard hit
early on in the pandemic and
one of the first jurisdictions in
the country to order shut-
downs affecting broad swaths
of its economy.
Congress has heeded calls
to amend the PPP. President
Trump signed a bill in June
that extended the period busi-
nesses had to spend their
loans and lowered require-
ments on payroll spending.
Earlier this month, the presi-
dent also signed a measure to
extend the deadline for busi-
nesses to apply for loans to
August.
Mr. Stringer said Washing-
ton must do more.
“Our analysis proves New
York City’s workers and entre-
preneurs have been short-
changed,” he said. “The federal
government must step up to
the plate and help New York-
ers get back on their feet.”
 A8B | Thursday, July 16, 2020 NY * * THE WALL STREET JOURNAL.

GREATER NEW YORK

Broadway Casting Director Takes His Final Bow

BY CHARLES PASSY
Early in his career as a theat-
rical casting director, Jay Binder
was asked by the playwright
Edward Albee to find a one-
armed actor for a production.
Mr. Binder’s response: “Left
Mr. Binder said the corona-
virus pandemic played a role
in his decision to depart be-
cause it has put Broadway and
much else in show business on
pause. Moreover, he said that
after auditioning at least
100,000 actors since starting
ing a star to a role,” said Jack the Pulitzer Prize-winning “He was like my mentor,”
Viertel, the departing artistic playwright, which encom- said Ms. Benanti.
director of New York City Cen- passed working on all his Mr. Binder is stepping
ter’s “Encores!,” a revival se- Broadway shows starting in down, but he isn’t leaving the
ries for which Mr. Binder has the late ’80s. theater world altogether. Be-
handled casting since its in- Not that there haven’t been fore he focused on casting for
ception in the ’90s. struggles with some boldface the stage, he spent much of
Mr. Viertel added that Broadway names along the his career as a roving director.

arm or right arm?”
It is that level of detail that
has marked Mr. Binder’s
nearly four decades in the
casting field, say industry pro-
fessionals. And it is probably
why Mr. Binder has lasted so
long, assembling slates of ac-
tors for about 100 Broadway
productions.
Now, Mr. Binder, 69 years
old, is stepping down from his
company, Binder Casting. He
sold the firm in 2016 to RWS
Entertainment Group, a New
York-based producer of shows
and live events, but remained
on board during the past four
years. But as of this summer,
he is giving up all day-to-day
involvement.
his casting career in the early
1980s, he felt a final bow was
in order.
“That’s a long time,” Mr.
Binder said of his tenure,
which has encompassed such
Tony Award-winning shows as
“The Lion King,” “Jerome Rob-
bins’ Broadway,” “A Gentle-
man’s Guide to Love & Mur-
der” and “Lost in Yonkers.”
Mr. Binder, a native of
South Orange, N.J., is hardly
the only casting director on
Broadway, but industry profes-
sionals say he has distin-
guished himself not only by
virtue of his longevity, but by
his cunning theatrical in-
stincts.
“He has a nose for match-
sometimes Mr. Binder would
encourage the series to pro-
duce certain musicals when he
had a star in mind.
A case in point: Mr. Binder
suggested Cole Porter’s “Can-
Can” because he thought Patti
LuPone would be perfect in
one of the lead parts. Sure
enough, Mr. Viertel took his
advice, and the production and
Ms. LuPone’s performance re-
ceived rave reviews.
Notwithstanding the power
of suggestion, Mr. Binder said
the secret to good casting is
just following the lead of the
director or playwright.
“At the end of the day, they
have to have the ownership”
of the show, said Mr. Binder,
BINDER CASTING
Jay Binder has a storied past.
whose work also has extended
to film and television.
He noted that, in some in-
stances, he has been called
upon to line up countless ac-
tors for auditions, giving the
show’s creative team plenty of
possibilities. But in other
cases, such as his work with
the late playwright Neil Simon,
it was left to him to do much
of the winnowing in advance.
“I think we established a
trust in each other,” said Mr.
Binder of his relationship with
way. Mr. Binder cited working
with Mr. Robbins on “Jerome
Robbins’ Broadway” as one
such instance—not just be-
cause the director and chore-
ographer could be so notori-
ously demanding, but also
because the show had such a
large cast, with 60 parts to
fill. “It was a very arduous
process,” he said.
Another key to Mr. Binder’s
job: spotting unknown talent,
especially from an early age.
He discovered Broadway vet-
eran Laura Benanti when she
had just finished high school.
He went on to cast her in sev-
eral productions, including her
Tony Award-winning perfor-
mance in a “Gypsy” revival.
“I directed in every dinner
theater in the country,” he
said, and he hopes to return to
that aspect of the craft. He
might also work with RWS En-
tertainment in an occasional
advisory role.
Meanwhile, he muses about
the general anonymity of cast-
ing directors to the theatergo-
ing public. Mr. Binder under-
stands that actors are the ones
who deserve the true spot-
light, but he hopes some
broader recognition will
emerge, at least from the in-
dustry, for the job he and his
colleagues have done.
“I think it’s a crime to this
day that there is no Tony
Award for casting,” he said.

GREATER NEW YORK WATCH

MANHATTAN
Met Art Museum
To Reopen in August
New York’s Metropolitan Mu-
seum of Art will reopen five
days a week starting Aug. 29 af-
ter being closed since March 13
to curb the spread of the coro-
navirus, museum officials an-
nounced Wednesday.
The Met’s Fifth Avenue build-
ing will be open Thursday
through Monday with safety pro-
tocols, including frequent clean-
ing and visitors limited to 25% of
the museum’s capacity, the offi-
cials said. Face coverings and so-
cial distancing will be required.
The Met’s Cloisters facility in
SHANNON STAPLETON/REUTERS
NEW JERSEY
Investigation Opens
Into Police Shooting
New Jersey’s attorney gen-
eral’s office is investigating a fa-
tal shooting by police of a man
following an alleged domestic-vi-
olence incident.
The office identified the man
Wednesday as 24-year-old of
Timothy O’Shea of Morris Town-
ship. According to authorities, po-
lice from Morris Township, Morris
Plains and Morristown responded
to a 911 call Tuesday from a
caller who reported a domestic-
violence incident and said a per-
son at the home had cut himself
and had a gun. When they ar-

upper Manhattan will open at a rived, they found Mr. O’Shea

later date, officials said. The Met
Breuer on Madison Avenue,
which the Met took over in
2016, won’t reopen. It is being
turned over to the Frick Collec-
tion as a temporary home during
renovation of the Frick’s Fifth
GRIEVING: A funeral was held Wednesday at a Bronxville, N.Y., church for Brandon Hendricks-Ellison, who was shot in the Bronx on June 29, Avenue mansion.
days after he graduated from high school. The 17-year-old was among the victims of a recent wave of gun violence in New York City. —Associated Press
bleeding and holding a pistol, the
attorney general’s office said.
One officer fired, striking Mr.
O’Shea once. The attorney gen-
eral’s office said a replica .9mm
pistol was recovered at the scene.
Authorities didn’t identify the offi-
cer who fired the fatal shot.
—Associated Press

All the Power

Without the Pinch
Healthcare Starts with Healthy Food.

Since 1985, we’ve been cooking and home-delivering nutritious, individually tailored meals
to people living with serious illness in the NYC metropolitan area.
Being sick and hungry is a crisis. You can help.
Donate, volunteer, or just learn more at glwd.org

godslovewedeliver @godslovenyc God’s Love We Deliver is a member of the Food is Medicine Coalition (FIMC).
To learn more about FIMC’s work around the country, visit fimcoalition.org
 TRAVEL & ENTERTAINMENT

PERSONAL JOURNAL.
© 2020 Dow Jones & Company. All Rights Reserved. THE WALL STREET JOURNAL. Thursday, July 16, 2020 | A9

JUST
HOW
SAFE IS
FLYING
NOW?
Advanced air filters
help, but risks remain

THE
MIDDLE
SEAT
Scott
McCartney

I
t’s one of the key questions for
our economy, our family rela-
tions and our basic ability to
break from the routine: Is it
safe to fly on an airplane?
The answer: not as safe as
the airline industry would have
you believe, but a lot safer than
you might think.
Airplane cabins are heavily ven-
tilated, and robust airflow, mixed
with fresh air, seems to lessen the
spread of the virus that causes
Covid-19. Taken to its extreme, it’s
the same idea that outdoors, with
ample airflow and fresh air, is
safer than indoors.
“Contrary to what people believe,
you’re not flying through the air in
a sealed tube,” says Amanda Simp-
son, vice president for research and
technology at Airbus Americas.
Airlines and airplane manufac-
turers are mounting a major push
to build confidence among travel-
ers. They claim the brisk ventila-
tion, along with significant filter-
ing of the air and a constant
infusion of fresh air from outside
planes, makes airplane air safer
from the virus than many other in-
door public settings such as office
buildings and restaurants. Wearing
masks and using hand sanitizer af-
ter trips to the lavatory make the
environment even safer, they say.
Some public health experts sug-
gest the risks are greater: Airflow
The Air Up There
A complex system cleans and recirculates air through an airplane.
1 Outside air enters through
the engine and is compressed,
heating it.
2 It then passes through cooling
packs located below the cabin.
The packs help regulate the
temperature of the
compressed air.
1 4
5 The mixed air enters the cabin
through overhead vents and
downward in a circular motion.
Source: Boeing
An American Airlines flight boards in San Diego. New research shows boarding and deplaning may be the most dangerous times for virus transmission.
and filtering may not help if some-
one next to you coughs or sneezes
on you. And there’s no getting
around the fact that people are
packed closer together on air-
planes than just about any other
public setting.
Airlines know this is a defining
issue for the future of travel. A
public-opinion study done in 11
countries for the International Air
Transport Association, an airline
group, in the first week of June
found that 65% of respondents
listed sitting next to someone who
might be infected as the top con-
cern for people on aircraft. Using
the restroom was second.
“The overall risk, I think right
now, I would put it at moderate,”
says Mark Gendreau, chief medical
officer at Beverly and Addison Gil-
3 Meanwhile, air from the cabin
travels to the same area to pass
through HEPA filters. These
filters, also used in hospitals, are
capable of removing at least
99.9% of particles like bacteria,
viruses and fungi.
5 now that when the plane is in
6 Because of a concern that some
2 even for a few minutes during
3 7
6 Cabin air leaves through floor
vents. About half is dumped
outside the plane.
bert hospitals outside Boston and
an expert on disease transmission
on airplanes.
He was just asked to peer re-
view a new study done in Germany
by experts in airplane modeling
that he thinks is instructive to
travelers. The computer simula-
tions showed the highest risk for
Covid infection among air travelers
is during boarding and deplaning.
That’s when people are in close
contact, sometimes with noses and
mouths not far apart. Think of
hoisting overhead bags into bins
just above aisle-seat passengers.
Howard Weiss, one of the authors
of a 2018 study identifying trans-
mission paths for respiratory dis-
eases on airplanes, says the compar-
ison to office air and other settings
may not be very relevant. “Offices
4 The two air sources are then
infused 50-50 through an
air-mixing unit and circulated
back to the cabin.
7 The other half is sent back to the
HEPA filter to be mixed again
with the fresh outside air.
Kyle Kim/THE WALL STREET JOURNAL
don’t have seats packed like air-
planes do,” says Dr. Weiss, a biology
professor at Penn State University.
There are few known cases of
transmission of coronavirus inside
an airplane. Contact tracing after a
flight March 31 between the U.S.
and Taiwan with 12 symptomatic
Covid-19 passengers revealed no
onboard transmission among 328
other passengers and crew, accord-
ing to the IATA. A flight from
China to Canada with one symp-
tomatic passenger revealed no on-
board transmission. However, pre-
liminary research on a March 2
London-to-Vietnam flight on sug-
gests a passenger likely infected 14
others. Twelve were seated nearby.
Airlines say there haven’t been
unusually high infection rates for
flight attendants, who spend much
more time in planes than most
travelers. (See Air Mail below.)
“If there were problems, the
data would show it,” says David
Seymour, chief operating officer at
American Airlines.
Scientific studies over many
years looking at previous virus
outbreaks, as well as the current
pandemic, suggest that viral trans-
mission between passengers on
planes is low on the whole. But it
isn’t without risk. One study of
SARS, another coronavirus, found
one infected person on a flight in-
fected 22 others.
“It is generally accepted right
flight and the ventilation system is
up and running, it does a really
good job of clearing the air of in-
fectious particles,” Dr. Gendreau
says.
airlines may leave ventilation off
boarding and deplaning, Boeing
says it issued an advisory to air-
lines to use onboard power to run
ventilation at full strength.
Airlines aren’t required to com-
ply, and the U.S. has no regulations
requiring cabin ventilation sys-
tems be operated on the ground,
according to the Federal Aviation
Administration.
Southwest, American and other
airlines say they already have a
standard practice of operating
with full airflow on the ground as
well as in the air.
Coronavirus is spread through
droplets spewed from an infected
person and ingested by others
through the mouth, nose or eyes.
Large droplets ejected by coughing
or sneezing have been a concern,
but increasingly scientists have
suggested tiny aerosol particles
emitted through breathing can
hang in the air and do harm.
Aviation experts say airplane
ventilation systems don’t do much
for the large droplets: They’re too
big to be sucked up quickly by air-
flow. That’s why those immedi-
ately around you could pose a dan-
ger. But experts say airplane
ventilation likely does a lot to con-
trol aerosol contamination.
Most of the industry says venti-
lation and masks make middle
seats safe. Airlines also note that
many planes have two seats on
one side of an aisle, so there are
plenty of times when you are
seated shoulder-to-shoulder with-
out regard to a middle seat.
The idea of blocking the middle
seat seems a U.S. creation. A sur-
vey by consulting firm IdeaWorks
found no effort to block middle
seats among 17 non-U.S. airlines.
Only Delta, Southwest, JetBlue,
Alaska and Frontier are doing it.
Health experts say that even
though you can’t social distance
on an airplane, not having some-
one in the middle seat does reduce
the chances of infection. For one,
there are just fewer people nearby.
And any extra distance could help.
Recent calculations by Massa-
chusetts Institute of Technology
professor Arnold Barnett, an avia-
tion statistics expert, found an oc-
cupied middle seat increased the
odds of virus transmission by 79%.
The chances were one in 4,300
with all seats full, versus one in
7,700 with an empty middle seat
on an Airbus A320 or Boeing 737.
In both cases, the risk is low, and
he calls his own data “rudimen-
tary,” but it suggests 90 people a
day could be infected at current
passenger loads of about 600,000
people a day on U.S. airlines.

Travel Risks
And Refunds
The average time between
flying and a positive test
was 16 days. Pilots had simi-
A: Loud and clear. The
DOT recently reported
consumer complaints for
is more than twice as many
as American, second-worst
among U.S. carriers.
lar results, with the average April, and you can probably Air Canada had the most

Q: To learn about coro-

navirus risks and
flying, I have tried to
time between a positive test
and flying at 17.5 days.
still hear the screaming if
you turn your ear toward
refund complaints filed at the
Transportation Department
FROM TOP: SANDY HUFFAKER/GETTY IMAGES; HECTOR RETAMAL/AFP/GETTY IMAGES

contact, to no avail, the
FAA and the flight atten-
dants’ union. My hunch is
that the people who reg-
ularly work on airplanes
are the “canary in the
coal mine” when it comes
to measuring how
dangerous it is to fly.
Are there any data?
—Walter Ramsley,
Tucson, Ariz.
Ground workers like bag-
gage handlers are 30% of
the cases at American and
17% of the workforce.
With all, the difficult
question to answer is:
Where were the workers in-
fected? At home, out and
about, in the workplace
Checking travelers this month on a flight leaving Shanghai. break room, talking to co-
workers or talking to cous-
no response. If there were a with real data. It’s very in- ins? But the data from
problem, they would raise it teresting. Flight attendants American, at least, suggest
quickly for the safety of account for 20% of the there isn’t a big problem in
Washington, D.C.
In total, there were 17,387
complaints filed specifically
about refund issues, com-
pared with 98 for April
2019. U.S. airlines and for-
eign carriers each accounted
for about 44% of the com-
plaints; travel agencies ac-
counted for the other 12%.
Which airlines drew the
most complaints? United, by
far. United, which changed
its policies several times to
among foreign airlines, with
969. Air Canada denied re-
funds for canceled flights
even though U.S. regulations
require that airlines offer that
option. Air Canada says Ca-
nadian authorities allowed its
no-refund policy; U.S. authori-
ties say U.S. regulations apply
to any flight to or from the
U.S. and trump Canadian
rules. But the DOT has yet to
enforce its own rules on for-
eign airlines by fining them or

A: Walter, your question

is perfectly timed.
their members. I also talked
to several airlines, all of
That’s a question I explore
in my column this week. I
tried a couple of flight-at-
whom said they aren’t see-
ing a major issue with flight
attendants.
tendant unions but they had American came forward
Covid-19 positive test results
at the company and make
up 21% of the workforce.
Among the flight attendants
who have the disease, 40%
hadn’t flown within 14 days.
airplane cabins. deny consumers refunds for
flights the airline canceled
forcing them to give refunds.
—Scott McCartney
Q: Did consumers
scream at the De-
partment of Transporta-
before ultimately backtrack-
ing to its original policy, ac-
counted for 2,727 com-
Subscribe to The Middle
Seat newsletter at
tion over refund issues? plaints about refunds. That wsj.com/newsletters.
A10 | Thursday, July 16, 2020 NY THE WALL STREET JOURNAL.

PERSONAL JOURNAL. | TRAVEL & ENTERTAINMENT

COLLECTOR’S EYE | KELLY CROW

After Building A Top Art Collection,

Who Are They Buying Now?
Denise and Gary Gardner are acquiring more art by women
including Lorna Simpson, Bethany Collins and Candida Alvarez

W
orks by Black of the African diaspora.
artists have Ms. Gardner, the vice-chair-

surged in popu-
larity in recent
years, as curators
and collectors re-
appraise their place in the canon.
Chicago collectors Denise Gard-
ner and her husband, Gary, have
spent nearly four decades amass-
ing one of the world’s preemi-
nent showcases of Black artists.
So, who are they collecting now?
Their holdings of at least 130
works offer a sweeping look at
modern and contemporary Black
art, from pioneers like Henry Os-
sawa Tanner to modernists like
Charles White and Norman
Lewis. Yet even established col-
lections can use a tune-up, said
Ms. Gardner, who has focused
lately on adding works by women
Amy Sherald’s “A clear
unspoken granted magic,’
above, part of the collection of
Denise Gardner, right.
CLOCKWISE FROM TOP: THE ART INSTITUTE OF CHICAGO; CANDIDA ALVAREZ/MONIQUE MELOCHE GALLERY, CHICAGO AND GAVLAK, LOS ANGELES, PALM BEACH; BETHANY COLLINS/PATRON, CHICAGO; LORNA SIMPSON/HAUSER & WIRTH/JAMES WANG; AMY SHERALD/MONIQUE MELOCHE GALLERY, CHICAGO
man of the board at the Art In-
stitute of Chicago, said she re-
cently walked into the room at
home where she has long dis-
played the masters of the col-
lection—and realized every art-
ist was a Black man. She had
bought a couple of major works
by Black women lately, so she
resolved to add these artists to
the main room. “I rearranged
everything, and now my room
of masters is half women,” she
said, including Amy Sherald’s “A
clear unspoken granted magic,”
a 2017 portrait of a young,
Black woman.
Ms. Gardner spoke to The Wall
Street Journal about three artists
she and her husband recently
added to their collection.

Lorna Simpson Candida Alvarez

‘Mind Reader,’ 2019
Known for: Emerging in the 1980s
as a pioneer of conceptual photogra-
phy, Ms. Simpson created collages us-
ing pictures of Black women she
found in vintage magazines like Eb-
ony and Jet, often calling out racism
or sexism where she saw it. In recent
years, she’s added painterly elements
to pieces like “Mind Reader” by
screenprinting images onto fiberglass
and then layering ink on top. The
Brooklyn, N.Y.-based artist is currently
in a group show at Venice’s Punta
Della Dogana museum, up through
Dec. 13, and has a solo show at
Hauser & Wirth’s Hong Kong gallery
through Sept. 30.
Prices: Several works in Ms. Simp-
son’s 2019 “Darkening” show at
Hauser & Wirth’s New York gallery,
where Ms. Gardner bought “Mind
Reader,” have since sold at art fairs
for around $425,000.
“The work I got is part photography, because
it uses a found image of a woman with a
bouffant like the Supremes, but it’s also part
painting because the artist has washed over
this woman with ink. It has such a quiet
power to it, and when I stare at it, I get
quite emotional. I don’t know the artist well,
but I get the sense she has that power, too.”
‘dadadahlia,’ 2005-08
Known for: This 65-year-old painter
makes kaleidoscopic abstracts that
evoke everything from shards of
stained glass to nebulous shapes in-
spired by her favorite Renaissance
paintings. She has built a following
since going back to school at age 40 to
earn her master’s in fine art from the
Yale School of Art, graduating in 1997.
In February she had her first solo show
with Chicago’s Monique Meloche Gal-
lery, suspending new, mesh-like paint-
ings on aluminum frames. New York’s
El Museo del Barrio is including her
work in an exhibit planned for next
year.
Prices: The artist’s gallery said her
prices span $4,500 to $45,000.
“Her family is originally from Puerto
Rico, but she lives locally, and I’ve col-
lected her for the past seven years.
She paints big, bright, complicated canvases and then she started teaching at the Art Insti-
like mine, which references the Dada art tute. Now, she’s really producing work, and it’s
movement but also big florals. I’m a sucker for amazing. When we gutted our basement, we
artists’ personal stories, and I admire how converted it into a gallery-like space just to
Candida painted even while raising her son, show living artists like Candida.”

Bethany Collins
‘I am for you (You’re a Grand
Old Flag),’ 2018
Known for: Ms. Collins investi-
gates the politics of language by
partially erasing or burning phrases
in everything from classic poetry
like Homer’s Odyssey to patriotic
songs. The artist, who lives and
works in Chicago, broke onto the
art scene while doing a residency
at the Studio Museum in Harlem.
Two years ago, during Art Basel
Miami Beach, she enlisted choral
groups to sing 100 different ver-
sions of the 1831 song, “My Coun-
try, ’Tis of Thee,” including politi-
cally charged lyrical alterations.
She also displayed a hymnal with
pages singed so that parts of them
crumbled as people flipped
through. When the Peabody Essex
Museum in Salem, Mass., reopens
July 18, Ms. Collins’ hymnal will go
on view in the exhibit “Jacob Law-
rence: The American Struggle,” up
through Aug. 9.
Prices: Ms. Collins’ Chicago gallery,
Patron, has sold her works for be-
tween $10,000 and $65,000.
“She layers text in most of her
paintings. I have two, and from
afar they look like clouds or
smudges. But when you get close,
you see they are individually
painted. I just got ‘I am for you
(You’re a Grand Old Flag),’ and
she’s taken the lyrics from that
song, and it looks like she’s thrown
them onto a dark burgundy back-
ground. For at least the past three
years, she’s been revisiting the lyr-
ics of these classic, Americana
songs, and it’s her way of asking:
‘Who is American and what does
that mean?’ Just the sheer man
hours it takes for her to do her
works, it’s so rewarding to see.”

From left, Martie Ma-

The trio—Natalie Maines, Mar-
The Return of the Chicks tie Maguire and Emily Strayer—
have long been known for a pop-
guire, Natalie Maines
and Emily Strayer at
the Grammys in 2007.
BY RAYMOND ANG Seventeen years later, the band is forward approach in their music,
attempting a comeback with the re- which came to fruition in the 2006 The Chicks may be

B
efore being assailed for criti-
cizing President Bush over
the Iraq war in 2003 and
dropped by country radio, the trio
lease of“Gaslighter,” their first al-
bum since 2006. They are mixing
music and politics, releasing a pro-
test-inspired music video and drop-
album, “Taking the Long Way,” country veterans but
produced by rock impresario Rick the list of collabora-
Rubin. It won five Grammy tors on their new al-
Awards, including album, record bum reads like a
MICHAEL CAULFIELD/WIREIMAGE/GETTY IMAGES

formerly known as the Dixie
Chicks had become the bestselling
female group in the U.S., accord-
ing to the Recording Industry
Association of America.
Famous for crossover hits like
“Cowboy Take Me Away” and
“Wide Open Spaces,” they spent the
ensuing years releasing a Grammy-
winning album, focusing on family
and reaping the benefits of nostal-
gia on a reunion tour.
ping “Dixie” from their name amid
a national debate on racism and the
use of Civil War-era phrases.
The album, out Friday, builds
off the comeback single “Gas-
lighter,” released in March, which
became their first solo Top 20 Bill-
board Hot Country Songs hit since
2003. It comes at a time when the
cultural impacts of female artists
from the 1990s and early 2000s
are being reassessed.
and song of the year.
“I never really liked country
music but I remember always lov-
ing their songs when they’d come
on the radio…It didn’t feel so in
the box of country music,” says
songwriter and producer Teddy
Geiger, a “Gaslighter” collaborator.
Ms. Geiger sees the band as
mold-breakers who opened up
country in the same way Drake
and Kanye West opened up rap to
melodic singing.
As a single, “Gaslighter” has
racked up nearly 30 million audio
and visual streams since it came out
on March 4, according to Nielsen
Music/MRC Data. That’s tracking
similarly with a recent Tim McGraw
single but far from the 425 million
that a Maren Morris hit can pull.
who’s who of pop:
from indie stars like
St. Vincent to the co-
producer Jack Antonoff, who
helped craft some of the past de-
cade’s most celebrated pop al-
bums, such as Taylor Swift’s
“1989.” The result is an album that
embraces the sound of contempo-
rary pop, with the classic instru-
mentation of the band’s country
past, some collaborators say.
 THE WALL STREET JOURNAL. Thursday, July 16, 2020 | A11

PERSONAL JOURNAL. | TRAVEL & ENTERTAINMENT

BY JOHN JURGENSEN

H
ere we are, again, at the
ribbon cutting of an-
other massive ware-
house of streaming en-
tertainment. Peacock,
the subscription video
service from NBCUniversal had its
grand opening Wednesday after a
three-month test run for custom-
ers of parent company Comcast.
It’s stocked with 20,000 hours
worth of movies and television,
and joins more big-box and bou-
tique streamers than you can
count on two hands, including Ap-
ple TV+, Disney+ and HBO Max, all
of which opened their virtual
doors in the last nine months.
It’s enough to make your spin-
ning head explode. Even “peak
TV,” a cheeky term for the surplus
of shows currently being pro-
duced, falls short of describing the
sum of what these streaming plat-
forms offer. That is, thousands of
titles—new and old, classic and
crappy—side by side on the digital
shelves. Multiply that by the num-
ber of platforms to choose from.
The average streaming household
subscribes to about four of these
services, and has ac-
cess to roughly
100,000 hours of con-
tent, according to re-
search firm Ampere
Analysis.
This calls for strat-
egies to get around
the unique form of pa-
ralysis all these
choices can cause. We
asked experts in and
outside the entertain-
ment industry for
other approaches.
Study the Credits
Try the kind of basic talent scout-
CLOCKWISE FROM TOP: STEVE SCHOFIELD/PEACOCK; TYLER GOLDEN/NETFLIX; UNIVERSAL 1440 ENTERTAINMENT/PEACOCK; NETFLIX; EVERETT COLLECTION (3)
WHAT TO WATCH THIS WEEK Harness Nostalgia
In their pitches to customers,
How to Create The average viewer has
100,000 hours of TV on
some streamers emphasize older,
familiar titles even more than
new stuff. And the depth of their
the Ultimate their screen. Here are six
ways to navigate the
catalogs vary: On Netflix, the
overwhelming majority of titles,
TV Watch List streaming flood.
85%, were from the 2010s or
later, according to Ampere. On
HBO Max 12% of titles, which in-
clude a Turner Classic Movies
lineup, were released in the 1960s
or earlier, more than any other
major streamer.
For many people, there might
be a therapeutic purpose to revis-
iting the oldies. If
you’re someone
who would test
high on the “nos-
talgia inventory”
that psycholo-
gists use to gauge
people’s senti-
mentality about
the past, you’re
more likely to get
measurable bene-
fits from tapping
into those feel-
ings, says Dr.
Wing-Yee Cheung.
She studies nos-
talgia at the U.K.’s University of
Winchester and sometimes uses
music to trigger it in her test sub-
jects. “They feel life is more
meaningful, and they feel more
loved and optimistic. It’s like a
safe haven in a way,” she says.
This can apply to TV too.
Dr. Cheung suggests finding
shows or movies you associate
with specific life chapters and the
people you watched with. “It’s not
just about the content, it’s about
bringing back the time you used
the funniest to share with those people.”
comedy I’ve
seen since I
can’t remem- Trust the Algorithms

ing Hollywood pros do. As a fan of
the TV series “Supernatural,” pro-
ducer Greg Berlanti noted how
many episodes he loved were writ-
ten by Sera Gamble, whom he
eventually worked with on the
stalker drama “You.” After he
looked up the makers of an indie
horror movie he recently watched
at home (“The Wretched,” about a
bloodthirsty witch) his executives
met with its two directors about a
potential project together.
When you find a show or movie
that clicks with you, follow the
trail of its makers to discover
more of their work. A dynamic
script or visual style might lead to
more of the same from the writer
or director responsible for it. Be-
cause most shows don’t offer more
than top line credits at a glance
connecting such dots could require
a visit to IMDB.com.
Use a Rule of Three
Through his company Mr. Berlanti
has added more shows to the cur-
rent TV landscape than any other
producer—18 series in the last
year—yet he is hesitant about tak-
ing on new shows as a viewer. He
waits until a show or movie has
been recommended by at least
three different sources before try-
ing it. That rule paid off with
“What We Do In the Shadows,” a
series (on FX and Hulu) about a
crew of immortal vampires sharing
a house in Staten Island. “Probably
ber when,”
he says.
Conversely,
Mr. Berlanti
has a method
for targeting which shows not to
watch. “When people say, ‘It really
gets good in episode five,’ I’m
out,” the producer says, noting
how hard he and his teams work
to make the first episodes of their
own shows great.
Make a List
It’s obvious but easy to forget:
Whether you’re entering a Wal-
mart Supercenter or Netflix, be
armed with a shopping list. “It’s
work, but that’s what it takes to
become a smarter shopper in an
environment where choice has
proliferated on a daily basis,” says
Bob Goldin, a food and beverage
industry consultant who works
with manufacturers and suppliers
on the issue of “hyperchoice.”
Jot down word-of-mouth recom-
mendations on your phone. Keep a
browser tab open to a positive re-
view. Or experiment with one of
the growing number of apps that
track viewing history and suggest
new shows to try, including Just-
Watch, Reelgood, TV Time, or
Watchworthy.
If you’re totally empty-handed,
try thinking in terms of “core as-
sortments,” the term in the super-
market industry for staple product
groups, like the ketchup, yellow
Watching TV requires a lot more thought than
it used to. Clockwise from top: ‘Brave New
World;’ ‘You;’ ‘Curious George’; ‘National Lam-
poon’s Vacation;’ ‘Fauda;’ ‘Married...With Chil-
dren’ and ‘The Carol Burnett Show.’
Netflix earlier this year. Peacock
has a feature borrowed from net-
mustard and mayo that anchor the work TV: “channels” that run pro-
condiment section. The TV equiva- gramming continuously on a time
lent for Mr. Goldin are the sub- schedule. The “Saturday Night
genres of Nordic crime series, Brit- Live” channel, for instance, offers
ish detective mysteries, and other hourlong blocks of sketches cu-
high-tension international dramas rated by the show’s producers. Mr.
such as the Israeli intelligence Strauss says Spotify also served as
thriller “Fauda.” Browsing in these a model, where some music pro-
categories is more likely to yield gramming is assembled by hu-
him good results. mans, some by algorithms.
Users have their pick of Peacock
Let TV Programmers content on-demand, of course. But
Do the Work there are signs viewers want
Streamers know choice overload is somebody else to choose some-
a growing problem and that view- times. During Peacock’s test pe-
ers want ways to deal with it. “On riod, cordcutters with no cable
many services, it’s almost like en- subscription were 10 times more
tering a casino, with no sense of likely to watch the site’s channels
time or place. Everything is menu than users who had access to tra-
driven,” says Peacock chairman ditional cable TV, Mr. Strauss says.
Matt Strauss. “There’s no question that part of
This has led to a hodgepodge of the intrinsic value of television is
guidance tools like the Top 10 pop- you don’t have to think, you can
ularity rankings introduced by just turn it on and watch.”
Automated recommendation en-
gines get a bad rap but the truth
is, algorithms offer a way to dis-
cover things your usual word-of-
mouth network and trusted critics
have not.
However, this kind of explora-
tion hinges on the way streamers
offer up their data-driven recom-
mendations. Netflix, for example,
routinely presents various users
with different artwork for a single
title, showcasing certain charac-
ters or scenes based on their past
viewing choices.
Behavioral scientists refer to
such tools as “choice architec-
ture.” Cass Sunstein, who helped
coin the term, enjoys science fic-
tion, but the image of a red pray-
ing mantis inside the silhouette of
a woman got him to click on “La
Mante,” a French drama about a
serial killer. “It just looked visu-
ally interesting, and the show
turned out to be excellent,” says
Mr. Sunstein, a Harvard Law pro-
fessor whose new book, “Too
Much Information,” is about our
emotional response to the way
info is presented.
Streamers must use choice ar-
chitecture to regularly match
viewers with fresh discoveries,
Mr. Sunstein says. Users, mean-
while, shouldn’t be afraid to
gamble on algorithms or impulse
picks, because all they’re risking
is some wasted time, he says:
“It’s probably going to be fine.”

HERE’S WHAT ELSE IS STREAMING THIS WEEK

Escapism: ‘Die Hart’ (Quibi) Family Hour: Sharkfest

(National Geographic, Nat Geo WILD, Hulu)
Movies and shows that take
ICONS BY ROB WILON; PHOTOS CLOCKWISE FROM TOP LEFT: QUIBI; ANDY BRANDY CASAGRANDE IV/NATIONAL GEOGRAPHIC; STUDIO LAMBERT/ALL3MEDIA INTERNATIONAL

us to far off places National Geographic’s “Shark-

“Die Hart,” a new action-
comedy series that premieres
Monday on Quibi, stars come-
dian Kevin Hart as a frus-
trated comedic actor—named Kevin Hart—
who dreams of becoming an action-film star.
Mr. Hart attends a special school for training
action heroes run by Ron Wilcox (John Tra-
volta) where he and Jordan King (Nathalie
Emmanuel, from “Game of Thrones”) learn
their trade by braving knives, flames and
other props on their way to achieving action-
film stardom.
Ms. Emmanuel says she was drawn to the
project in part by the broadly relatable plight
of the story’s main characters, who are “be-
ing told by the world that they’re one thing,
and finding it hard to break out of those ste-
reotypes.”
The actress has experience training for an
action-adventure role, having starred in
“Game of Thrones.” As Missandei, Ms. Em-
manuel says she had to learn both how to
ride a horse and speak a fictitious language.
For “Die Hart,” meanwhile, she says she has
learned some new fight sequences.
“When you’re fighting against a guy twice
the size of you,” she says, “you feel pretty
empowered—like, ‘Oh, I’m such a bad ass.’ ”
fest,” an annual celebration of
the underwater predator, re-
turns for its eighth install-
ment on Sunday. National
Geographic and Nat Geo
WILD are airing 17 new hours of original pro-
gramming over five weeks. This year’s lineup
includes specials like “World’s Biggest Tiger
Shark?” “Sharks vs. Dolphins: Blood Battle,”
“Sharkcano,” and “50 Shades of Sharks.” The
programs are available on Hulu and Video On
Demand the day after they premiere. change is creating new stories to tell about
Janet Han Vissering, senior vice president sharks. “Raging Bull Sharks,” for example,
of development and production at National looks at how warming waters have expanded
Geographic, says that eight years in, there is the range of the bull shark, and what hap-
still no shortage of ideas for new shark tales. pens when bull sharks encounter great white
She estimates that she vetted 600 project and tiger sharks.
ideas for programs this year alone. In the face of climate change, sharks, like
Ms. Han Vissering says that climate humans, she says, “are also adapting.”

New This Week: ‘The Nest’
(Acorn TV)
Newly released movies and
series
Early in the first episode of
“The Nest,” a wealthy woman
driving a Land Rover hits a
teenage girl. No lawsuit en-
sues. Instead, the teen offers to carry a baby
for the woman and her husband, who’ve
been struggling to conceive.
“It’s completely crazy,” says Nicole Taylor,
the show’s writer and creator. “But it’s plau-
sible, psychologically, for her, because of the
situation that she’s in.”
The new BBC thriller, which began
streaming this week on Acorn TV, explores
the relationship between an upper-crust
Glasgow couple, Emily and Dan (played by
Sophie Rundle and Martin Compston), in the
middle of an infidelity crisis, and a teenage
girl, Kaya (Mirren Mack), who might be the
couple’s last hope.
Ms. Taylor says she finds infertility ripe
for narrative mining in part because it can be
such a devastating surprise to women, who
have tended to grow up inundated with
warnings about getting pregnant.
An Expert Recommends: ‘Virus’
(YouTube)
Junot Diaz won a Pulitzer
Prize for his 2007 novel, “The
Brief Wondrous Life of Oscar
Wao.” Here, he recommends a
Japanese apocalyptic film that
seems eerily timely.
“‘Virus’ has haunted me ever since I first
saw it on cable back in the early ’80s. It’s
based on a novel by one of Japan’s science-
fiction grandmasters, Sakyo Komatsu, and di-
rected by Mr. Bad-Ass himself, Kinji Fuka-
saku. It depicts a military-designed super-
pathogen that escapes from the lab and
proceeds to kill most of Earth’s population.
”What is resonant about the film and why
it continues to feel true to me is not only its
neorealismo ruthlessness—the world is de-
stroyed twice, first by the virus and then by
automated military “defense protocols”—but
also Mr. Fukasaku’s willingness to lay the
blame for the apocalypse on the civilian
leadership who are too busy playing games
to keep an eye on the doomsday weapons
their irresponsible defense departments are
cooking up.
“In Japan there’s been talk about ‘Virus’
predicting Covid. But Mr. Fukasaku wasn’t
predicting as much as he was depicting the
true calamity of his times and ours: leaders
willing to sacrifice all of us for the sake of
their ambition, vanity and pride. Beneath all
the drama of civilizational collapse and a fro-
zen scientist at last finding his heart, Mr. Fu-
kasaku seems to be underscoring that in de-
mocracies, we don’t just elect leaders, we’re
also electing, if we ain’t careful, our dooms.”
—Chris Kornelis
 A12 | Thursday, July 16, 2020
Tales From the
Far Side of
Motherhood
Summer novels give
older women heroines
they will recognize
BY ELLEN GAMERMAN
O
lder heroines
make a splash in
this summer’s
beach (or lock-
down) reads.
A generation
of readers is looking for characters
who, like themselves, are seeking
fulfillment as they age. Book buy-
ers, the bulk of whom are women,
want to see themselves in print in
their 40s, 50s and 60s, and a new
batch of fiction is obliging them.
“A lot of editors and readers are
drawn to women who change after
the long years of motherhood,” said
Sara Nelson, vice president and ex-
ecutive editor at HarperCollins,
which like The Wall Street Journal
is owned by News Corp. “A very
reader-friendly generation is look-
ing for their life-changing experi-
ences to be reflected back to them.”
There is no prototype for these
characters. In Marcy Dermansky’s
“Very Nice,” just out in paperback,
a college-age woman pursues a ro-
mance with a famous male novel-
ist but runs into formidable com-
petition in the form of her own
beautiful mother. Meanwhile, in
“The Weekend,” an international
bestseller by Australian novelist
Charlotte Wood that comes out in
the U.S. next month, an older
woman thinks she is seducing a
man while he, in one particularly
biting scene, is making fun of her.
Older heroines have been rede-
fining their identities in books for
a long time—Amazon has a best-
seller list devoted to “divorce fic-
tion”—but often it has been their
younger years that have mattered
most. These novelists want to go
further in challenging assumptions
about their aging characters, trad-
ing away some of their melancholy
for humor and drama.
Here, a sampling of the latest
novels focused on older women.
‘The Motion of the
Body Through Space’
Lionel Shriver
Serenata, a compulsive runner side-
lined by wrecked knees, is an icon-
oclast who disdains many things,
including her nonathletic husband’s
sudden decision to run a marathon.
“She herself was only 60, though
What’s the Fuss
Over Clubhouse?
BY PAUL VIGNA
T
he highlight of the hot new
social-media app Clubhouse,
an audio-based platform
where people go to talk, is the Sat-
urday-night dinner parties hosted
by Felicia Horowitz, a philanthro-
pist and wife of Andreessen Horo-
witz co-founder Ben Horowitz.
More than 100 people typically
join one of these parties, which
usually revolve around a theme.
This past Saturday, the topic was
reopening sports leagues in the
midst of the pandemic. But it
wasn’t just the topic that attracted
the crowd—it was the people dis-
cussing it. It featured former New
York Yankees pitcher CC Sabathia,
Dallas Cowboys linebacker Jaylon
Smith, former pro football player
PHOTO ILLUSTRATION BY EMIL LENDOF/WSJ, PHOTOS: GETTY IMAGES; BLOOMBERG NEWS; AP; EPA/SHUTTERSTOCK
Marcellus Wiley and Los Angeles
Lakers center JaVale McGee. They
talked about protective measures,
the ramifications of players get-
ting Covid-19, and even exchanged
some friendly trash talk.
Two Saturdays ago, the topic
was criminal-justice reform, fea-
turing the activist and author
Shaka Senghor and the CNN host
Van Jones. The most notable guest
to attend recently was Oprah Win-
frey, who accepted an invitation
from Ms. Horowitz and dropped
into a dinner party a month ago.
Ms. Winfrey declined to comment.
Clubhouse, which allows multiple
people to talk to each other at the
same time, is a cross between a
house party and a star-studded
conference. You could be in a
“room” talking about books or
practicing Spanish. Or you could be
in a room with Ms. Winfrey and,
say, Michael Ovitz, who also is on
the app. There are venture capital-
ists, entertainers, entrepreneurs
and politicians on the site. A few
people from the Biden campaign
PERSONAL JOURNAL. | TRAVEL & ENTERTAINMENT
hers was the first generation to ap-
pend ‘only’ to such a sobering mile-
stone,” Ms. Shriver writes.
The couple can still remember
each other as young people, which
allows for a bit of forgiveness as
they start to fall apart. But in Ms.
Shriver’s hands, no marriage is
safe. Coast at your own risk.
“I liked the idea of a marriage
suddenly being put in this state of
peril and fragility
right at the point
where they need to be
able to rely on each
other,” said Ms.
Shriver, 63. “It has a
kind of drama to it. If
you’re writing about a
youthful romance, it’s
not on the same scale.”
Once an avid runner
who also suffered knee
problems, Ms. Shriver is
interested in the fight to
stay fit into older age.
“No matter how many press-ups
you do, you’re still going to get
old, and then you feel as if that de-
cay is your fault,” she said. “Expe-
riencing that decay is at its least
bittersweet. At its worst it’s simply
bitter.”
‘All Adults Here’
Emma Straub
Astrid witnesses a school bus run
over an acquaintance. The jolt con-
vinces her to face her mistakes as
a parent of three struggling adult
children. A 68-year-old widow who
loved her husband, Astrid also
comes out to her kids about her
use it. U.S. Rep Ted Lieu,
whose 33rd congressional
district in California en-
compasses parts of Los An-
geles, Santa Monica and
Beverly Hills, is on it. Other
famous names include
Mark Cuban, Terry Crews,
Jeffrey Katzenberg, Ashton
Kutcher and Chris Rock.
Such a roster has given
Clubhouse an outsize
amount of attention. The
conversations there spill
out onto Twitter and into
the press. That buzz was
good enough for the app
to draw a reported $10
million investment from
Andreessen Horowitz.
Because the app is in-
vite-only, you need to
know somebody to get on
it. That’s normal for an
app in test mode. What
isn’t normal is having Ms.
Winfrey as a “beta tester.”
In some ways, then, being
on it is like being in the
ultimate insider network. Clockwise from top left: Marc Andreessen, Van Jones, Gayle King, Oprah and Felicia Horowitz.
Even after getting in,
users get excited about
certain events. Meltem Demirors
had Clubhouse on her phone, but
hadn’t checked it in weeks. Then
she saw people talking about Ms.
Winfrey on that Saturday a month
ago. Clubhouse talks are not re-
corded. Ms. Demirors, an executive
at crypto investment firm Coin-
Shares, knew if she wanted to hear
Oprah, she had to go into the room caustic and divisive than other so-
right then. “It’s all ephemeral,” she cial media—if its founders can get
said. “It creates this cool urgency.”
If you haven’t heard of Club-
house, that’s because the app is
running as a test version and not
available publicly. It has only
about 3,500 people on it (the test
version can have up to 10,000 peo-
ple, so there’s still room). The
new girlfriend.
“How long have you been lying
to us?” her son sputters. One of
her daughters is laughing: “Hon-
estly, I’m impressed.” A supportive
grandchild tells her “NFG.” (Look
it up.)
Ms. Straub, 40, had assumed
she would center her book on As-
trid’s daughter, roughly the au-
thor’s age. But she
gravitated to Astrid in-
stead, interested in the
older woman’s per-
spective, her ability to
see her own role in
the way her grown
children turned out.
The novelist, who
owns a bookstore in
Brooklyn, is aware of
all the young heroines
out there. But she
also is inspired by
writers like Elizabeth
Strout, who, in “Olive Kitteridge”
and the 2019 follow-up “Olive,
Again,” imbued her characters with
what Ms. Straub called “more hu-
manity and respect than old people
often get in life and in fiction.”
‘It’s Not All Downhill
From Here’
Terry McMillan
The author of “How Stella Got Her
Groove Back” tells the story of Lo-
retha, a satisfied matriarch in a
happy marriage. At the start of a
romantic getaway for her 68th
birthday, her husband, who still
gives X-rated toasts in private,
drops dead on top of the luggage.
app’s creators, Paul Davison and
Rohan Seth, plan to release it for
the general public, but are still
building the infrastructure that
will allow it to operate at scale.
They gave no indication of when
that might be.
The idea is that having people
speak to each other will be less
the details right.
In a chat last week, a group of
Silicon Valley insiders got into a
heated conversation about the
journalists who cover them, just
after a reporter who’d written
about the app was in the room.
The conversation was recorded,
Through the friend-
ship of her graying girl
squad, Loretha turns her at-
tention toward her health, her
wayward daughter and her re-
maining years. “I’m doing every-
thing I can to slide into home,” Lo-
retha says, “so I leave gold dust
behind me.”
Ms. McMillan, 68, whose mother
died at 59, quit cigarettes, alcohol
and sugar over the years. The au-
thor, who is Black, feels a kinship
with friends of other races and
ethnicities in the way they’re ap-
proaching aging. “We are enjoying
being right here now,” she said. “I
waited a long time to get here. I’m
not going to have anybody tell me
how to do it.”
‘When I Was You’
Amber Garza
Meet the Kelly Medinas from Fol-
som, Calif.
In the novel out Aug.
25, an empty-nester
becomes obsessed with
a young mother who
has the same name as
she does and lives in
the same city. When a
pediatrician’s office
mistakenly calls the
older Kelly to make
an appointment for
an infant, the 40-
something mother is
pierced by jealousy.
She imagines her counter-
part, a new mom with a chubby
baby and a whole life ahead of her.
Without her 19-year-old son at
home, the older Kelly is adrift. “It’s
an obsessive relationship with her
child,” Ms. Garza said. “He leaves
and she’s like, ‘Who am I? What
leaked to the press and led to a
contentious exchange on Twitter.
The incident raised questions
about issues of privacy and con-
duct that Messrs. Davison and
Seth are already confronting along
with the app’s rising profile. “For a of the day, but most of the time
number of reasons, the ‘build qui-
etly’ approach didn’t work,” they
wrote in a blog post last week.
They declined to comment.
They haven’t decided whether
conversations will or should be re-
corded, if only to investigate alle-
gations of harassment, they said in
the blog post. The user base has
been selected with an eye toward
diversity and inclusion, they say,
but they aren’t sure yet what tools
THE WALL STREET JOURNAL.
ILLUSTRATION BY SERGE BLOCH
am I going to do with my
life now?’”
Ms. Garza, 42, plunges
into psychological-thriller terri-
tory as she puts her Kellys to-
gether and adds in an abusive
husband. “I didn’t want readers to
come away thinking Kelly was a
sad woman,” she said. “I wanted
her to be free of that.”
‘Mother Daughter
Widow Wife’
Robin Wasserman
Elizabeth, a 48-year-old widow, is
forced to re-examine her mar-
riage when a teenager shows up
at her doorstep. The girl is the
daughter of “Wendy Doe,” a
woman with a severe form of am-
nesia whom Elizabeth had studied
nearly two decades earlier as a
research fellow under a charis-
matic adviser, her then-married
future husband.
“Nobody really wants to identify
as a middle-aged woman—there’s
no societal incentive for me to turn
that into my brand,” said Ms. Was-
serman, 42, who
solely wrote teenage
protagonists before
this book. At the same
time, she thinks this is
her first book that both
her friends and her
mother’s friends will
want to read.
The novel’s arrival
amid lockdowns is strik-
ing to her. “It feels like
for women, especially at
this moment of being
trapped alone in the lives
we’ve made for ourselves, all these
questions are brought to the sur-
face,” she said. “Who am I sup-
posed to be at this age, and what
life am I supposed to have made
for myself? Because here I am in-
side of it and there’s no escaping.”
they can build in to main-
tain that when anybody
can sign up.
The issue of privacy is
one that gets talked about
a lot on the app.
As a “beta,” it’s nomi-
nally a private space, and
some of the people on it
are very candid, sharing
sensitive information
about themselves.
In practice, though, a
lot of what gets said on
Clubhouse leaks out onto
other platforms. And it’s
hard to claim privacy if
you are talking with a
group that numbers in the
dozens or even hundreds.
“100%, they [users]
should expect it could be-
come public, just as you
would any other social
channel,” says Jeremiah
Owyang, a tech analyst at
Kaleido Insights who is on
the app.
Some people already
there give it high marks.
“This voice-based thing is
a really good substitute for
the casual conversations
you have in a normal day,”
said Muneeb Ali, the co-
founder of a crypto-based
startup called Blockstack,
who got his invitation
from a somebody in the
crypto space who knew the app’s
creators. “It feels more like a cof-
feehouse or a bar.”
Sometimes, as with the dinner
parties, famous and influential
people discuss the pressing issues
it’s ordinary professionals looking
for ways to connect. “There’s this
cool balance between spontaneity
and letting things play out,” Ms.
Demirors said.
Right now, Clubhouse is a small
community. Maintaining the cur-
rent spirit when the number of us-
ers grows will be a challenge. “As
soon as you get lots of people,”
Mr. Ali said, “conversations
change.”
THE WALL STREET JOURNAL.
Singular Cinema From Across the Ocean
BY DAVID MERMELSTEIN
F
or any lover of Japanese
cinema not living near New
York, the Japan Society’s
Japan Cuts film festival, or-
ganized annually since
2007, stood as the ultimate
tease. For some two weeks every
summer, the society screened all
manner of new Japanese movies at
its Manhattan headquarters: dra-
mas and comedies, shorts and doc-
umentaries, even anime.
The Covid-19 pandemic has nat-
urally thrown that ritual into chaos
this year. But rather than cancel
the festival, the Japan Society has
instead opted to make available via
streaming the very films it had se-
lected for traditional screenings.
And it has maintained the same
window for seeing these pictures,
July 17 through 30, though they
can now be watched at any point
during this period rather than only
at a specific time.
The society has also maintained
the concept of a festival pass, al-
lowing for complete program ac-
cess to all 42 films for $99. Lesser
bundles are also available, includ-
ing a slate of 10 features for $39 or
seven documentary features for
$29. (Single feature-length movies
cost $7; individual shorts run be-
tween $1.50 and $3.)
Like those from other countries
far from Hollywood, many Japa-
nese movies break with familiar
tropes, and therein lies their ap-
peal—perhaps never more so than
now, when the virus’s myriad chal-
TELEVISION REVIEW | JOHN ANDERSON
Who to Suspect When
You’re Expecting
T
he thriller genre has never
been short on women who
are having babies, had ba-
bies, lost babies or want babies.
They might be out for revenge.
They might be the targets of re-
venge. They might be innocently
carrying the spawn of Satan. But
you usually know which is which
and who is who.
The principal twists in “The Se-
crets She Keeps”—a six-part melo-
drama created by mystery writer
Michael Robotham and based on
his novel—are the plural “secrets”
and the singular “she”: Who are
we talking about? And what does
she know?
Despite this Australian series
being a spoiler minefield fertilized
with red herrings, it seems safe to
say there are two co-equal charac-
ters. And both are bulging at the
waistline: Meghan (Jessica De
Gouw) seems to be a happily mar-
ried mother of two with an “oops
ARTS IN REVIEW
THE STAYING INSIDE GUIDE—FILM
Scenes from ‘Fukushima 50,’ above;
‘Labyrinth of Cinema,’ top; ‘Our
Lovable Tramp,’ right; and ‘Prison
Circle,’ bottom
lenges have so constrained our op-
tions. In any event, present-day
Japanese films are a far cry from
the carefully ordered pictures of
Kenji Mizoguchi and Yasujiro Ozu,
and their bracing aspects, even
when confounding Western expec-
tations, can be reward enough.
Perhaps no film in this festival
makes that point better than “Lab-
yrinth of Cinema” (2019), directed
by Nobuhiko Obayashi, who died in
April at age 82. A heady, and often
frustrating, mélange that stars an
appealing group of young actors, it
yokes a nostalgia trip to musical
numbers, satire, time travel and
earnest pleas for pacifism.
Several dramas reveal deep ties
to the 2011 earthquake, tsunami
and subsequent Fukushima nuclear
disaster, most obviously the big-
gest-budgeted movie in this festi-
val, “Fukushima 50” (2020), a
baby” on the way; she’s a
“mommy blogger” with quite a
number of devoted followers, one
of whom is sending her Bitmojis
that look like the horror-movie
staple Chucky and include such
pleasantries as “die bitch!” Agatha
(Laura Carmichael) is a shelf-
stocker at the local market who is
also carrying, and whose boy-
friend Hayden (Michael Sheasby)
is an active-duty sailor who’s been
at sea for seven months (making
the timing just right). Agatha is
also, we infer, closing in on the
anniversary of another baby’s
death.
Agatha, never without an
agenda, slouches through down-
market Sydney sporting Doc Mar-
tens knockoffs, lank hair and the
ubiquitous khaki parka; Meghan
seems to go through life swathed
in cashmere. But even though the
class distinctions are acute, and a
source of tension for the viewer,
heart-in-your-throat procedural
starring Ken Watanabe as the nu-
clear plant’s senior manager.
“Voices in the Wind” (2020) finds
a 17-year-old orphan, Haru (Serena
Motola in a heartbreaking and raw
performance), taking a road trip
across northeastern Japan and en-
countering all manner of fellow cit-
izens who, like her, are still reeling
from the devastation and loss of
2011. A related shadow hovers over
“It Feels So Good” (2019), in which
Naoko (Kumi Takiuchi), on the
brink of marriage, reignites an in-
tense sexual relationship (explicitly
shot) with Kenji (Tasuku Emoto),
her cousin and former close friend.
“Kontora” (2019) also plumbs
deep passions, specifically familial
guilt and remorse, but its interna-
tional production crew—Indian di-
rector, Estonian cinematographer—
and monochromatic palette (it’s
shot in black-and-white) give the
picture a Central European feel,
even as its characters and themes
are distinctly Japanese. Wan Marui,
as the fierce and sensitive high-
school girl at the center of the film,
is particularly impressive, and so is
it’s not quite clear at first how
they’re going to play into the
story. Agatha is certainly a
stalker, but she’s got other se-
crets, too, as does Meg, whose un-
planned pregnancy has cooled
things between herself and her
sports-broadcaster husband, Jack
(Michael Dorman). “We need to
find our intimacy again,” she tells
her sister, Grace (Cariba Heine),
who is the picture of sibling loy-
alty just for keeping a straight
face at a line like that.
“The Secrets She Keeps,” which
swings back and forth between its
heroines’ storylines as if a hand is
rocking the narrative cradle, isn’t
immune to humor: When Agatha
is initially rebuffed by Hayden,
she visits his family to enlist their
support. Mom and dad (Elizabeth
Alexander, Brandon Burke) are
sympathetic, but Hayden’s deaf
brother, Regan (Ryan Carter),
starts signing furiously from the
start of the meeting (“We don’t
even know she’s his girlfriend!”)
while staring daggers at Agatha.
Regan, we suspect, is no dope.
As Meghan, the first-rate Ms.
De Gouw (“The Crown”) is over-
shadowed by Ms. Carmichael, who
not only has the meatier and
Hidemasa Mase, a nonprofessional
actor who plays the picture’s cata-
lyst, a mute backward-walking
loner. (Mr. Mase also drew the diary
sketches central to the action.)
Those hoping the festival’s
“opening” feature, Shinichiro
Ueda’s “Special Actors” (2019),
would rival the filmmaker’s sensa-
tional debut, “One Cut of the
Dead” (2017), will be left disap-
pointed. A clever, if baggy, comedy
that owes more than a little to
Hollywood movies like “The Sting”
(1973), it’s a low-key charmer but
no groundbreaker.
Two wildly different feature-
length documentaries stand out:
“Book-Paper-Scissors” (2019) and
“Prison Circle” (2020). The former
is a meticulous study of a storied
Japanese book-jacket designer; the
latter, a stirring, but also searing,
examination of Japan’s criminal
class and a novel rehabilitation
program at the country’s most pro-
gressive prison.
Fans of the cherished “Tora-san”
comedies, the brainchild of Yoji Ya-
mada, will be delighted by the inclu-
sion of a sidebar dedicated to this
Jessica De Gouw and Laura Carmichael in ‘The Secrets She Keeps’
more complicated performance to
deliver but is far better known, at
least in the U.S.: For six seasons,
she played Lady Edith (aka “poor
Edith”), the classic middle child of
the Crawleys of “Downton Abbey,”
and reprised her role in last year’s
feature film. Without revealing
too much, her performance as Ag-
Thursday, July 16, 2020 | A13
CLOCKWISE FROM TOP: LABYRINTH OF CINEMA FILM PARTNERS/PSC; SHOCHIKU CO., LTD.; KAORI SAKAGAMI; FUKUSHIMA 50 PRODUCTION COMMITTEE
nearly 50-film series, featuring the
original, “Our Lovable Tramp”
(1969), along with two later pic-
tures, the 15th (1975) and 42nd
(1989) installments, all starring Ki-
yoshi Atsumi in his career-defining
role as the alternatingly endearing
and infuriating vagabond around
whom these movies revolve. (All
have recently been restored in 4K by
Shochiku, the studio that produced
them.) Astonishingly, Mr. Yamada
has returned to the series more than
20 years after Atsumi’s death, and
his elegiac “Tora-san, Wish You
Were Here” (2019) receives its U.S.
premiere at this festival.
And that’s the primary appeal of
Japan Cuts. It’s the best opportunity
for American film lovers to get an
unparalleled peek into the singular
world of Japanese cinema, with all
its insular weirdness and paradoxi-
cal universality. Or, as the dancing
girls in one of the numbers from
“Labyrinth of Cinema” sing: “Movies
are dreams, dreams are movies. It’s
a wonderful world.”
Mr. Mermelstein writes for the
Journal on film and classical music.
SUNDANCE NOW
atha simultaneously elicits view-
ers’ sympathy while also raising
their suspicions. But such is to be
expected in a series so firmly a
part of the cloak-and-dagger-and-
pregnancy-test tradition.
The Secrets She Keeps,
Thursdays, Sundance Now
A14 | Thursday, July 16, 2020 THE WALL STREET JOURNAL.

SPORTS
The Outlook Is Grim for College Football
Even the most powerful forces in the sport feel powerless as coronavirus cases surge across the U.S.
BY LAINE HIGGINS
AND LOUISE RADNOFSKY

N
otre Dame athletic direc-
tor Jack Swarbrick is
one of the most power-
ful figures in college
football. But as the coming season
slowly falls apart, even the game’s
most powerful figures feel power-
less to stop it.
“With each day where the coun-
try doesn’t get a better handle on
the pandemic, the risk to the fall
season grows…and the only two

FROM TOP: SANTIAGO FLORES/SOUTH BEND TRIBUNE/ASSOCIATED PRESS; ROBERT FRANKLIN/ASSOCIATED PRESS
options are no season or to ex-
plore the spring,” said Swarbrick.
“We’re mid-July and the trends
are the wrong way.”
Distress signs are everywhere in
college football. In the Southeast-
ern Conference—where big pro-
grams have vowed to play on—Al-
abama’s elephant mascot is
wearing a mask, coaches are tap-
ing public-service announcements,
and the outlook is grim.
Meanwhile, moves by the Big
Ten and Pacific-12 Conferences to
cancel nonconference schedules
have raised questions that are dif-
ficult to answer—like how Colo-
rado can play Pac-12 rival Wash-
ington, which is over 1,300 miles
away, but not Colorado State an
hour’s drive north.
The situation at Notre Dame
shows how little control even the
game’s titans have as the pan-
demic unfolds. Notre Dame has re-
ported only one positive case in
over 250 tests administered to its
football team, which is currently
residing in a local hotel as volun-
tary workouts continue. When the Big Ten and Pac-12 canceled nonconference games last week, Notre Dame lost games against three big-name opponents: Stanford, the University of
“I couldn’t feel better about our Southern California and Wisconsin. ‘We’re mid-July and the trends are the wrong way,’ says Notre Dame athletic director Jack Swarbrick, pictured below.
preparation, our thoughts about
weekly testing and travel and what at risk that its football coaches “There are different ge- chancellor at the University
the spectator experience would be suited up for selfies in school- netic strains of the virus of Nebraska’s Medical Center.
like,” Swarbrick said. “We really themed masks for a public-service that are regional, and mini- Kratochvil said the Big
invested a lot in trying to make announcement-type video begging mizing long-distance travel Ten’s protocols might in-
that as safe as can be.” people to wear masks. would help to keep these ge- volve comparing the results
Yet as long as coronavirus infec- “The direct outlook is not netic strains from intermix- of a PCR test administered
tions rise, as they have since mid- good,” said SEC commissioner ing,” said Nolan, a member Wednesday or Thursday,
June, the feasibility of staging Greg Sankey on social media be- of the Covid-19 task force which take hours or days to
gridiron contests this fall plum- fore pleading with fans to “con- for her university and its af- process, with the results of
mets. When the Big Ten and Pac-12 sider our behavior to make possi- filiated hospital system. a rapid test, which are cur-
canceled nonconference games last ble what right now appears very Both explanations raise rently less accurate, admin-
week, Notre Dame immediately difficult.” only more questions thanks istered on Saturday morning
lost games against three big-name In the meantime, college officials to the sprawling nature of before kickoff.
opponents: Stanford, the Univer- are trying to stave off a canceled modern college football con- That’s a difficult, expensive
sity of Southern California and season with conference-only slates. ferences. A wave of realign- prospect. Big Ten officials
Wisconsin. Other conferences may soon follow ment in the mid-2010s, have also expressed concerns
“It’s the environment around us the Big Ten and Pac-12 in canceling driven by television con- that schools with smaller ath-
kind of collapsing,” Swarbrick said. nonconference games. SEC leaders tracts, changed the Big Ten, letic department budgets
Even if Notre Dame proceeds with are meeting in Birmingham, Ala., once firmly anchored in the wouldn’t be able to comply,
its plan to bring students back on this week and will make an an- Midwest, into a more or that they could even feel
Aug. 10 and plays at Navy on Sept. nouncement about their season by sprawling landscape that pressure to fudge their ad-
5, “Universities simply may shut the end of the month. spans two time zones and herence to the agreement.
down part way through the foot- Travel might be a factor in those 1,300 miles. Patriot League commis-
ball season.” decisions, some public-health offi- Conference officials say sioner Jen Heppel—while of-
At the moment, he’s not even cials said. Commercial air travel to that the main advantage in fended at the suggestion
sure about that. “It’s been a bad get a team to play a far-off noncon- allowing games only between March. They’ve formed task forces that her league’s schools couldn’t
week. Every morning when I read ference school would be riskier teams in the same conference is of medical experts to draw up be trusted—said it probably
the Johns Hopkins summary of than travel controlled by the that they can force consistent test- health guidelines, but aren’t much wouldn’t be possible to meet that
where we are nationally or read school, like a private plane or a bus. ing and safety protocols that closer to releasing them than they standard. On Monday, her league
about California closing back up Melissa Nolan, assistant profes- would be hard to agree on with were two months ago. canceled fall athletic competitions,
things that it reopened…it saps ev- sor of epidemiology at the Univer- teams from outside. “One of the challenges is really becoming the second Division I
erybody’s optimism and perspec- sity of South Carolina, warned that The leaders of the big-money variability across the nation,” said conference to do so after the Ivy
tive,” he said. variations in the virus also sup- conferences known as the Power Dr. Chris Kratochvil, chair of the Big League last week.
As cases soar in the South, the port the idea of staying closer to Five have held a daily call to dis- Ten’s Task Force on Emerging Infec- “The virus is not under control
SEC feels that its season is enough home. cuss the pandemic since early tious Diseases and associate vice in our country,” she said.

Weather The WSJ Daily Crossword | Edited by Mike Shenk

Shown are today’s noon positions of weather systems and precipitation. Temperature bands are highs for the day.
60s d t
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briefly
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BLESS YOU! | By David Alfred Bywaters 10 The balls in the 52 Tiramisu dusting
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Oklahoma City 94 75 pc 97 76 s Edinburgh 67 57 pc 64 50 sh Zurich 66 57 sh 72 52 t L I L A M S T E L S E E P

THE WALL STREET JOURNAL. Thursday, July 16, 2020 | A15

OPINION
Oh Yes, Ban the Redskins BOOKSHELF | By Peter Cozzens

For now, the

Washington
Redskins are
celebrate genocidal pioneers.
The San Francisco 49ers are
named after 19th-century Cali-
The Race to Get
just the Wash-
ington Some-
thing or Oth-
ers, a team
fornia gold-diggers who raped
the environment.
The Houston Rockets have
an impossibly male-sounding
Ready to Fight
WONDER
LAND with no name.
After holding
name and should compensate
by becoming the Houston
The Rise of the G.I. Army, 1940-1941
By Daniel

NICK WASS/ASSOCIATED PRESS

out for years Rockettes. By Paul Dickson
Henninger
against the in- The Colorado Avalanche (Atlantic Monthly, 432 pages, $30)

ertial forces of
political correctness, the
Washington football team
caved. Hmm, maybe “caved” is
inappropriate language now.
They gave up.
You knew the Redskins were
done as soon as Dreyer’s Grand
Ice Cream said it was dropping
Eskimo Pie so the company
could be “part of the solution
on racial equality.” When I was
growing up, Eskimo Pie always
made me think Eskimos were
great. But what did I know?
I give up. It’s time to
ditch a lot of really
terrible sports-team
names. I have a list.
I’ve been fighting the team-
name wars for years, most re-
cently over baseball commis-
sioner Rob Manfred’s goofy
suppression of the Cleveland
Indians’ Chief Wahoo.
You have to know when
you’re licked. Sorry, wrong
word. I mean beaten. Double-
sorry; no one should be
beaten. I mean defeated. I am
defeated. Instead of complain-
ing about the Redskins, it’s
time to get ahead of the logo
posse and eliminate a lot of re-
ally terrible sports-team
names. Many of these teams
probably think there’s no way
their names would offend any-
one. They are about to find out
how wrong they are.
First we get rid of the low-
hanging, already rotting fruit:
The Chicago White Sox, the Bos-
ton Red Sox and the Cleveland
The Redskins logo on FedExField.
Browns. White, red, brown and
black are unspeakable and un-
thinkable colors now—for any-
thing. The Chicago Green Sox
would be ok. Many pro athletes
are weirdly attracted to the
color pink, so the Boston Pink
Sox would work.
Clevelanders will object
that even if most people under
20-years-old think the Cleve-
land Browns offends the race
gods, the Browns are named
after team founder Paul
Brown, who, as luck would
have it, was a white guy. The
easiest solution would be to
abolish the Browns once and
for all. Who would notice?
Sing “hey hey, goodbye” to
any team whose name sug-
gests centuries of systemic
privilege: the Kansas City Roy-
als, Los Angeles Kings, Sacra-
mento Kings, Vegas Golden
Knights and Cleveland Cava-
liers. And hasn’t the moment
come for LeBron James to re-
nounce “King James”?
Let’s admit it: Times have
changed. The highest value in
modern American life is feel-
ing safe. Not “safe” in the
sense of not being gunned
down tomorrow night. I mean
safe the way a college student
or street protester feels “un-
safe” if bad thoughts are
brought to mind.
By this measure, the list of
violative professional sports-
team names is endless.
evokes death. The New York
Rangers sound like the police.
The Texas Rangers are the po-
lice. What were the San Diego
Padres thinking?
The Chicago Bulls are an-
other team named after an
abused animal, not to mention
The Denver Broncos? Bron- the consumption of animal
cos are abused horses forced protein. A new name that
to buck and then submit by a comes to mind is the Chicago
Dallas Cowboy kicking them Jordans in honor of Michael,
with San Antonio Spurs. but that will remind some peo-
They’ve all gotta go. Ford Mo- ple of the Jordan River and the
tor just resurrected its Bronco plight of the Palestinians.
SUV. What terrible timing. Don’t get me started on
Dump it. teams who think they’re safe
Too many teams are still by hiding behind the names of
dependent on fossil fuels: the birds or animals. The Toronto
Detroit Pistons, Edmonton Oil- Blue Jays are named after a
ers and Pittsburgh Steelers. nasty bird. The Atlanta Hawks
Let’s clean up the Steelers by kill rabbits. Just the words
renaming them the Pittsburgh “Miami Dolphins” make me
Windmills. want to cry.
The Philadelphia 76ers? The Miami Heat may be the
Surely they’re already on their future, invoking the problem of
way to being rehabilitated as climate change, and we can’t
the Philadelphia 1619s. be reminded of that too often.
The Miami Marlins shame- The about-to-die Cleveland In-
lessly expropriated the name dians could become the Cleve-
of a vulnerable species. They land Cold.
should be renamed the Miami The team name of the Utah
Minnows. Jazz never made sense to me,
Anyone who thinks names but it does suggest that re-
like this honor endangered branding teams as musical in-
species doesn’t understand struments might be safe. The
why statues of George Wash- New England Patriots are
ington have to go. The Minne- problematic in so many ways.
sota Timberwolves should Patriotism? Are you kidding
leave the wolves alone and call me? I look forward to them
themselves the Minnesota coming back as the New Eng-
Lutefisk. land Trombones.
Names associated with reli- For now, Washington sits
gious belief are also a problem. with a nameless football team.
The New Jersey Devils imply How about calling the team in
God exists. Ditto the New Or- the nation’s capital the Wash-
leans Saints, and the Boston ington Nothings? That sounds
Celtics evoke Irish Catholics. like something we could all
Get rid of them. agree on.
The Portland Trail Blazers Write henninger@wsj.com.
O
n Sept. 1, 1939, Nazi Germany shattered the
precarious peace of Europe with its 1.5 million-man
Blitzkrieg invasion of Poland. On that fateful day,
the U.S. Army numbered fewer than 200,000 men, a force
smaller than that of Portugal. Equipment and tactics were
obsolete, units scattered and at half-strength, and most
officers valued horse cavalry more than tanks.
In “The Rise of the G.I. Army, 1940-1941,” veteran author
Paul Dickson resurrects a critical but overlooked period,
recounting the remarkable story of American mobilization
during the 828 days between the war’s onset and the Dec. 7,
1941, Japanese attack on Pearl Harbor. In that interval, an
army emerged that was capable of defeating battle-hardened
Germans in North Africa a year later—far sooner than Adolf
Hitler had expected American forces to enter the war.
Weaving high drama with deep insight, Mr. Dickson describes
the extraordinary challenges that President Franklin D.
Roosevelt and his Army chief of staff, George C. Marshall,
had to overcome to make the G.I. Army a reality. (The initials,
standing for “Government Issue,” were stamped on Army
equipment, conferring a nickname on American soldiers.)
Mr. Dickson argues convincingly that the precursor to
the G.I. Army was the Civilian Conservation Corps, a New
Deal relief program designed to provide work during the
Great Depression. “Little understood at the time—and
largely forgotten in the intervening decades,” Mr. Dickson
writes, “the CCC became a driving force for improving the
Army and facilitating the education and professional
development of key officers.”
The Army ran CCC camps,
and Cols. Omar Bradley and
George C. Marshall, among
other future war leaders,
gained invaluable experience
managing the multi-million-
man organization. From the
disciplined ranks of the CCC
also came thousands of future
noncommissioned officers.
Mr. Dickson deftly weaves
the story of such tentative
steps toward forging the G.I.
Army into a parallel narrative
of fierce isolationism, borne of
a belief that America’s involvement in
World War I had been a colossal mistake.
“The Rise of the G.I. Army” reveals that the young men
who would become the “Greatest Generation” over-
whelmingly opposed military service. In the mid- and late
1930s, as Mr. Dickson reminds us, an organization called
Veterans of Future Wars, begun as a sardonic Princeton

2020 Gives New Meaning to ‘Viral Campaign’ prank, grew to become a college-centered antiwar
movement with tens of thousands of members.
Sentiment shifted dramatically after Germany had
By Karl Rove nity to lay down big themes carefully to set messages for The Covid campaign will conquered most of Europe and then invaded the Soviet

C
ovid-19 has transformed
so many things, from
work and school to
travel and simple human inter-
actions. Politics hasn’t es-
caped alteration.
Take the national conven-
tions. These sprawling politi-
cal festivals draw delegates,
party leaders, donors, activists
and journalists, as well as the
simply curious and advocates
of important and sometimes
bizarre causes. All are treated
to a week of speeches, rallies,
entertainment and business:
approving a platform and
nominating a presidential
ticket.
No more. Because of the
coronavirus, Democrats can-
celed their Milwaukee festivi-
ties, downsizing the in-person
part to essential business and
virtualizing everything else.
Republicans moved from Char-
lotte, N.C., to Jacksonville,
Fla., because North Carolina
Gov. Roy Cooper wouldn’t al-
low the party to fill up a big
arena for President Trump’s
acceptance speech. Both con-
ventions will be slimmed
down, with important fund-
raising, networking and mobi-
lization activities nixed or re-
duced to Zoom sessions or
small, socially distanced inter-
actions.
Convention planners are
grappling with how to build
enough interest and tension to
draw a large television audi-
ence for the acceptance
speeches, the crucial opportu-
and outline a vision. Ideally,
more people will be watching
than at any other time in the
campaign except the debates.
Almost 34 million people
watched Hillary Clinton’s July
2016 acceptance speech, after
nearly 35 million watched Mr.
Trump’s earlier that month.
This speech is especially im-
portant for the incumbent to
show he has a worthy second
act. It will tax each party’s
creativity to draw the maxi-
mum number of eyeballs next
month.
Social distancing will
protect Biden from
gaffes and raise the
stakes of the debates.
Unless Covid-19 retreats,
the fall campaign will also be
transformed. Gone will be big
rallies, endless bus tours and
days spent going from hangar
to hangar as candidates hop-
scotch across battleground
states. There will be more set-
piece speeches like the one
Mr. Biden delivered Tuesday
to a nearly empty room, out-
lining his $2 trillion version of
the Green New Deal. There will
also be more releases of posi-
tion papers, like Mr. Biden’s
110-page report last week of
the issue groups he and Sen.
Bernie Sanders organized.
Each campaign, if it’s wise,
will plan its social media more
the day, and deploy more sur- also allow Mr. Trump to dodge Union, which enabled America’s first peacetime draft to
rogates to hit local television questions from the press that proceed smoothly on Oct. 16, 1940. It was hardly a panacea,
and newspapers. The latter re- inevitably would be about any- however. “Reality was quick to intrude,” Mr. Dickson writes,
flects a return to a time before thing but the day’s message. It “as the government learned the extent of malnutrition and
air travel, when a party’s mes- will also draw even more at- other negative side effects of the Depression and the years
sage was amplified by local tention to his tweets, where of drought that created the Dust Bowl. Nearly half the
voices across the U.S. his massive number of follow- men drafted in the first twelve months were sent home.
There will be more pseudo- ers gives him a huge throw- More than 100,000 were rejected because they could
dramas like Mr. Biden’s run- weight advantage. The care neither read nor write. Another group was toothless or
ning an ad in Texas. His cam- with which he posts can ad- lacked more than half their teeth.”
paign refuses to say how much vance his cause or harm it. A greater battle loomed. Draftees were inducted for only
it’s spending on the ad—a pit- This all raises the stakes of 12-months service. The prospect of hundreds of thousands
tance, by all appearances—but the presidential debates of of men being discharged in October 1941—just as the threat
reporters bit for the day on September and October. De- from Japan became clear and Germany seemed on the
the story line that Mr. Biden is bates haven’t been this impor- verge of defeating the Soviet Union—threw Roosevelt and
so strong he could win the tant since the 1980 bout be- Marshall into a paroxysm of political maneuvering.
Lone Star State, which Demo- tween President Jimmy Carter Imploring his fellow congressmen to extend the time of
crats last captured in 1976. and Ronald Reagan, in which service, a young Lyndon Baines Johnson said: “I am
Unfortunately, this turn the Republican’s remarks— confident that, at this time, every American knows his
from conventional campaign- “There you go again” and “Are country is an island in a world of danger.” Perhaps, but the
ing will also kill opportunities you better off than you were final vote was 203-202; the security of the United States
for journalists to confront can- four years ago?”—settled the had been balanced on a legislative pinhead.
didates regularly on the trail contest. Mr. Trump can’t take
with difficult questions. This the debates for granted; the
Covid campaign format can Washington Post reported that As war raged in Europe, America went about
also help the 77-year-old Mr. Mr. Biden “dominated” Paul building an army that could join the fight,
Biden avoid the usual wear Ryan in a 2012 debate. He was
and tear of running for presi- widely viewed as the victor if need be. So many obstacles, so little time.
dent, while reducing the over Sarah Palin in 2008’s
chances he’ll say something slugfest, and he has already
unscripted and crazy. participated in a dozen de- A major episode in “The Rise of the G.I. Army” involves
The new type of campaign bates this campaign, Mr. three massive troop exercises in 1941, in the largest of
can help Mr. Trump, but only Trump none. which, the Louisiana Maneuvers, 400,000 men engaged in
with a change in mindset. He The pandemic is testing mock war designed to prepare for the rigors of real war.
will miss big rallies, but he has both candidates. America has Mr. Dickson’s rousing narrative of the simulated battles
the biggest megaphone of all never seen a campaign like restores these important exercises to their central place
with Air Force One and the this, in which the ability to ad- in the history of the Army. Gen. Dwight D. Eisenhower
presidency itself. He’s stron- just and recalibrate matter so observed in retrospect that the benefits of the maneuvers
ger politically when he es- much. were “incalculable.” They “accustomed the troops to mass
chews the role of candidate teamwork” and speeded up the process of “eliminating the
and acts as chief executive. He Mr. Rove helped organize unfit.” He concluded that the efficiency of American troop
treats presidential events as the political-action committee movements three years later, “in the race across France,
campaign rallies when he American Crossroads and is was forecast on the roads in Louisiana in September 1941.”
should be transforming cam- author of “The Triumph of Mr. Dickson also presents a poignant counter-narrative,
paign rallies into presidential William McKinley” (Simon & that of black soldiers and civil-rights leaders struggling to
events. Schuster, 2015). overcome the strictures of segregation. The Army of
1940-41 was a Jim Crow institution. In the wake of the
first draft, thousands of patriotic African-Americans were

Notable & Quotable: Holder on Clinton’s Pardons

Former Deputy Attorney
General Eric Holder, testifying
at a Senate Judiciary Commit-
tee hearing on “President Clin-
ton’s Eleventh Hour Pardons,”
Feb. 14, 2001:
On Friday, January 19 . . ., I
received a phone call from Mr.
[Marc Rich’s attorney Jack]
Quinn at about 6:30 p.m. He
told me that I would be get-
ting a call from the White
House shortly, and he asked
me what my position would be
on the pardon request for Mr.
Rich. I told him that although
I had no strong opposition
based on his recitation of the
facts, law enforcement in New
York would strongly oppose it.
Given Mr. Rich’s fugitive sta-
tus, it seemed clear to me that
the prosecutors involved
would never support the re-
quest. But I did not reflexively
oppose it because I had previ-
ously supported a successful
pardon request for a fugitive,
Preston King, who, in the con-
text of a Selective Service
case, had been discriminated
against in the 1950s because of
the color of his skin.
Shortly after my conversa-
tion with Mr. Quinn, I re-
ceived a phone call from the
White House counsel, Beth
Nolan, asking me my position.
I am not sure if it was Ms. No-
lan or Mr. Quinn who brought
to my attention that [Israeli]
Prime Minister [Ehud] Barak
had weighed in strongly on
rejected before separate barracks and mess halls could be
built. “In 1940,” Mr. Dickson writes, “it was unthinkable
that blacks and whites could eat or sleep under the same
behalf of the pardon request, perhaps midnight, on the night roof.” In the final mock battle in 1941, the Carolina
but this assertion really of the 19th. In retrospect, I Maneuvers, the 366th Infantry Regiment, an African-
struck me. With that signifi- now wish that I had placed as American unit posted in Massachusetts that had fought
cant piece of new information much focus on the Rich case as with distinction in World War I, was “disinvited,” the only
I ultimately told Ms. Nolan I did on other pardons involv- component of the First Army to be excluded. The reason,
that I was now “neutral, lean- ing people such as Derrick as Mr. Dickson makes clear, was that the 366th, unlike the
ing towards favorable” if Curry, Dorothy Gaines and other black units, “was commanded by a black man.”
there were foreign policy ben- Kemba Smith, all of whom had The best history is character-driven, and in this Mr.
efits that would be reaped by received extraordinarily long Dickson excels. He follows the fortunes of emerging Army
granting the pardon. drug sentences which, I stars such as Bradley, George S. Patton, Mark Clark and
Even after my conversation strongly believe, were not Eisenhower himself with verve and compassion. None
with Ms. Nolan on the evening commensurate with their con- shone more brightly than Marshall. His herculean labor
of January 19, I did not think duct. Though I am speculating and innovations—most notably, the creation of the Officer
that the pardon request was somewhat, had I known of the Candidate School—were instrumental to the forging of a
likely to be granted given Mr. reported meeting that night modern American fighting force. Of course, as Mr. Dickson
Rich’s fugitive status. I contin- between the President and shows in this indispensable account, the credit for eventual
ued to believe this until I actu- counsel for Mr. Rich, I might victory would be widely shared, not least among the G.I.s
ally heard that his name had have become more active in themselves.
been placed on a list of par- this matter, even at that late
dons to be granted by the date, sensing that there was a Mr. Cozzens is the author of “Tecumseh and the Prophet:
White House. I was informed real possibility the pardon re- The Shawnee Brothers Who Defied a Nation,” to be
of this list around 11 o’clock, quest might be granted. published in September.
A16 | Thursday, July 16, 2020 THE WALL STREET JOURNAL.

OPINION
REVIEW & OUTLOOK LETTERS TO THE EDITOR

The Biden Election Stimulus Any Federal California Bailout Needs Strings

D
emocrats and Republicans are starting looked at the economic evidence and estimated We disagree with Gerald L. Parsky’s to pay subsidies and benefits to people
to negotiate over another huge spend- that extending the $600 benefit would result suggestion that the feds refuse to help who are living in our country illegally?
Californians recover from Covid-19 un- Besides doling out government-sub-
ing bill, and the question for Republi- in the creation of some 10 million fewer jobs
less they first agree to engage in a wild sidized health benefits to young adults
cans is why they would want through the end of this year. experiment with their taxes (“Califor- living here illegally, California recently
to repeat the biggest mistake Another jobless benefit Even half of that job loss nia Wants a Federal Bailout? Tax Re- allocated additional cash payments of
from the last one? That’s pre- increase would keep would do great harm to the form Must Come First,” Cross Country, $500 apiece to 150,000 of its illegal im-
cisely what they would do if recovery. July 11). migrants hurt by the coronavirus.
they follow Treasury Secre- unemployment high. Laid-off workers need Mr. Parsky recommends adopting a In Los Angeles County alone Super-
tary Steve Mnuchin and ex- help, but the best policy as “business net receipts tax” (BNRT) to visor Michael D. Antonovich announced
tend the federal jobless-insur- the economy recovers is to re- replace many current taxes, and claims that the Department of Public Social
ance bonus up to 100% of lost wages. turn to letting states handle jobless claims. his 2009 tax commission provided Services issued nearly $639 million in
Recall that Mr. Mnuchin and President State benefits generally provide between a “recommendations that were very de- welfare and food-stamp benefits to ille-
Trump assented in the Cares Act to House third and a half of worker salaries. This fulfills tailed.” The California Taxpayers Asso- gal immigrant parents for their native-
ciation participated in the commis- born children in 2013. Taxpayers spend
Speaker Nancy Pelosi’s demand to pay a federal the original purpose of jobless insurance,
sion’s hearings and recalls things more than $550 million on public
jobless benefit of $600 a week on top of the which is to tide workers over until they can differently. The commission’s final re- safety, $500 million on health care and
regular state payments through July 31. The find a new job and maintain the incentive to port didn’t even specify a tax rate hundreds of millions on education to
result has been that tens of millions of Ameri- look for one. If state jobless insurance funds other than “up to 4%.” support illegal immigrants just in Los
cans earn more now by staying at home than run low, they can borrow from the federal gov- The business community noted that Angeles County.
if they return to work. ernment. the impact and unintended conse- Other sanctuary states such as Illi-
This has already produced the anomaly that, Mrs. Pelosi said recently she won’t budge quences were unknown and potentially nois and New Jersey are also having
despite an 11.1% nationwide jobless rate, em- from the extra $600 a week, and that’s no sur- disastrous. Pro-tax activists questioned difficulty balancing their budgets and
ployers in much of the country still can’t find prise. She knows that a higher jobless rate on the legality of the BNRT and worried it meeting their state pension obliga-
enough workers. The Labor Department’s July Election Day due to the $600 benefit would would decimate revenue. Before the ink tions. It is only fair to American tax-
7 Jolts survey found that job openings rose to help Joe Biden. She can also sense that Presi- on the report was dry, some commis- payers that any federal bailout should
sioners suggested adding exclusions come with similar strings attached.
5.4 million on the last business day of May. Job dent Trump wants another large spending bill, and increasing rates to make up the DOMINIC D’AMELIO
openings rose in accommodation and food ser- and she’s happy to hold firm until the White revenue. More uncertainty. Tallahassee, Fla.
vices (+196,000), retail trade (+147,000), and House moves her way. During hearings, a respected econo-
construction (+118,000), among others. No one That’s already happening. Senate Majority mist discussed constitutional concerns, Any federal bailout of California
knows how the spike in coronavirus cases will Leader Mitch McConnell assured his Members then suggested that businesses could would likely include payments to the
affect hiring, but the recession is over and the that the enhanced benefit wouldn’t be part of avoid the tax by borrowing and invest- state’s underfunded public-employee
economy is growing again. Short of wide- the next package, but Mr. Mnuchin has already ing in capital goods. pensions. In addition to the tax reform
spread new lockdowns, the economy will need undercut that. Is this what Mr. Trump meant Vital questions still haven’t been an- advocated by Mr. Parsky, any federal
more workers to keep growing. by the art of the deal? swered, which may be why Mr. Parsky funds for California pensions should be
Yet Mr. Mnuchin said last week on CNBC i i i has been unable to garner support for conditioned on the reform of public
the BNRT, and now recommends forc- pensions, shifting employees to de-
that the White House is considering another Congress has already appropriated some
ing it on Californians by withholding fined-contribution plans like most pri-
expansion of jobless benefits. House Demo- $2.7 trillion in virus relief, and much of it aid until they capitulate. vate-sector Californians currently have.
crats have passed an expansion of the $600 hasn’t been spent. Other than liability reform, We agree that California relies too This would begin to solve the struc-
weekly federal enhancement through January none of the policies now on the phase-four ne- heavily on high-income taxpayers, but tural budget issues the state faces that
2021. Mr. Mnuchin wouldn’t go that far but gotiating table are pro-growth. They’re all the BNRT is too risky to be good tax drive sky-high tax rates.
said: about substituting taxpayer money for private policy, and too unpopular—even with Pension reform would have the
“You can assume that it’ll be no more than income. Mr. Mnuchin favors another round of many members of the tax commis- added, very significant benefit of
100%. So yes, we want to incent people to go $1,000 to $1,200 checks, though the U.S. sav- sion—to be viable. weakening the nexus between Demo-
back to work. And even at 100%, if people have ings rate is now 23%. California is far from perfect when it cratic politicians and public-employee
jobs, we want them to go back to work. So en- Consumers will spend if they have confi- comes to taxes, but the tax structure campaign contributions that have
hanced unemployment is intended for people dence, and what they need are an incentive to allowed the state to build $21 billion in made the state uncompetitive politi-
reserves after approving major spend- cally while at the same time failing to
who don’t have jobs and particularly in indus- return to work and for companies to hire. On
ing increases for education and social effectively address the many social and
tries that are harder to rebound.” that score the least bad idea is to cut the pay- programs. There is no reason to jetti- economic problems the state faces
The Congressional Budget Office recently roll tax to reduce the cost of hiring workers. son the system, especially amid the un- ranging from homelessness to dreadful
found that extending that $600 a week benefit Mr. Mulligan estimates that a payroll tax cut certainty of a global crisis. road conditions.
until Jan. 31, 2021, would mean that “roughly through the end of the year would result in two ROBERT GUTIERREZ JOHN FOSTER
five of every six recipients would receive bene- to three million more new jobs, and help black President and CEO Portola Valley, Calif.
fits that exceeded the weekly amounts they workers in particular. California Taxpayers Association
could expect to earn from work during those Temporary tax cuts have only temporary Sacramento, Calif. If California is to receive a federal
six months.” A 100% wage substitute would be benefits. And with the economy recovering, it bailout, then every other state should
less damaging than the $600 benefit but would isn’t clear that any more spending or tempo- While I agree with Mr. Parsky that receive a grant of equal value on a per
“tax reform must come first,” may I capita basis.
still make it harder for employers to coax em- rary tax relief is warranted. But at least the
also suggest that adherence to our im- DAVID PETERSON
ployees back to work. payroll tax cut won’t harm job creation and migration laws must also be a priority Orlando, Fla.
Economists Casey Mulligan of the Univer- won’t keep the jobless rate higher than it before California can receive federal
sity of Chicago and Steve Moore recently should be when voters go to the polls. aid. Sanctuary-state California has one- If bailed out, will California be
third of all the welfare recipients in the 2020’s prodigal son or will it be the
country, and 30% of them live in house- same old, same old? I expect the latter.
A Loss for Europe’s Antitrust Abusers holds headed by illegal immigrants. JUDY GREY

H
igh-tax European governments would
love nothing better than to milk profit-
able American tech giants for all the
revenue they can get. Efforts to do it directly
by passing new tax laws have failed so far. And
on Wednesday a European Union court slapped
down an especially frivolous attempt to impose
such taxes through the back door.
The EU’s second highest court overturned a
2016 European Commission ruling that Apple
owed €13 billion in taxes to Ireland. The Com-
mission’s legal theory was as silly as the sums
involved were huge: By charging Apple “too lit-
tle” tax, Dublin had offered the American com-
pany a subsidy that’s illegal under EU rules bar-
ring state aid.
The truth is more prosaic. During the 1980s
Apple set up two business units in Cork as re-
ceptacles for global sales, and the units held the
rights to significant amounts of intellectual
property. Most of Apple’s IP is produced in the
U.S., and these Irish units remitted some of
their profits to fund research in the U.S.
Under Irish law, the rest of the profits gener-
ally were not taxable in Ireland because the
sales happened elsewhere. And they weren’t
taxable anywhere else because under long-
standing global tax rules only Ireland was eligi-
ble to tax them. The arrangements were com-
Trump’s Virus Non-Message
plex, but in 1991 and 2007 the Irish government
confirmed they were legal. The Commission ar-
gued that Apple received low-tax deals not
available to other companies that would make
this an illegal subsidy. But the EU General Court
said regulators hadn’t proved that Apple was
given special treatment.
Which is precisely what burns Brussels—and
Paris, Berlin and other high-tax governments—
about Ireland’s tax regime. Dublin’s low tax
rates for all comers, and the economic success
it enjoys as a result, highlight the folly of im-
posing high taxes elsewhere.
The Apple case was among the first and the
largest attempt to stifle tax competition
through misapplying antitrust law. That effort
is winding down as Competition Commissioner
Margrethe Vestager has suffered a string of le-
gal defeats, including a case targeting Star-
bucks’s taxes in the Netherlands.
This won’t be the end of the story. As the at-
tempt at back-door antitrust taxation falters,
expect more calls for a EU-wide digital-sales tax
on U.S. firms. That may succeed. But European
companies and foreign competitors would be
better off if Europe made itself a more hospita-
ble tax and regulatory climate for its own start-
ups instead of trying to drag the rest of the
world into its high-tax red-tape morass.
Why are American taxpayers expected
It’s Past Time to Pull the Plug on Use of Talc
Regarding James R. Copland’s
“Johnson & Johnson Takes a Pow-
der” (op-ed, May 23): The decision
by Johnson & Johnson to stop the
production of its iconic Johnson’s
Baby Powder for the North American
market marks a milestone in
women’s health and serves as a tri-
umph for the scientific research that
has evolved over the past 40 years.
I have reviewed more than 250
peer-reviewed studies demonstrat-
ing the statistically significant asso-
ciation of talc use to ovarian cancer.
There is no doubt in my mind that
cosmetic talc can contain known
carcinogens, including asbestos, fi-
brous talc and heavy metals, which
Anguilla Sought Comfort
Under British Crown Again
Walter Russell Mead writes amus-
ingly about the breaking apart of the
British Empire (“The Sun Ever Sets
on the British Empire,” Global View,
July 7). “For all the incompetence
and corruption” (by native post-im-
perial governments), he writes, “no-
body rejoined the Empire.” There is
Alexandria, Va.
can never be completely removed
from the finished powder.
The FDA is likely to move forward
with requirements for enhanced
screening methods for, and broader
definitions of, the carcinogenic sub-
stances found in raw talc. Health
Canada is expected to soon an-
nounce similar new hurdles for the
use of talc in cosmetics, if not an
outright ban, while the European
Union stopped the sale of talc-based
powders several years ago. Mean-
while, a federal judge in New Jersey
has allowed around 17,000 lawsuits
against J&J to proceed, affirming
that there is reliable scientific evi-
dence linking talcum powder to
ovarian cancer.
Science is never easy, as we have
seen with the uncertainties and diffi-
culties in controlling the spread of
Covid-19. Obviously, those debates
don’t mean the virus isn’t real, and
deadly. But science provides a direc-
tion and can offer an evaluation of
the potentially deadly risks and neg-
ligible benefits associated with a
consumer product.
PROF. JUDITH T. ZELIKOFF
NYU Grossman School of Medicine

P
resident Trump’s coronavirus manage-
ment ratings have been plummeting
(67% disapproved in an ABC/Ipsos poll
last week) and if a better public-relations plan
is in the works, it’s not apparent. Wednesday’s
news on this front was an op-ed by Peter Na-
varro, a top economic adviser, attacking the
judgment of Anthony Fauci of the National In-
stitutes of Health. The White House formally
disavowed the op-ed, but it came after the
White House social-media director posted an
anti-Fauci cartoon on Sunday.
The point is not that Dr. Fauci has been right
about everything—the now-reversed early
guidance against masks, in particular, hurt pub-
lic confidence in health experts. Nor should the
doctor set virus policy, which is up to elected
representatives. The problem is that the White
House seems to have given up on projecting any
consistent virus message, and the descent into
internal sniping amplifies a perception of dys-
function that is politically damaging.
The media are propagating the view that the
U.S. is a coronavirus basket case. In fact, the
per-capita death rate remains lower than that
of some major countries in Western Europe. A
more significant reason voters are souring on
Mr. Trump’s virus management is his unwill-
ingness to be candid or consistent about the
disease’s likely toll.
Americans will accept bad news if it’s in the
context of realism about the problem and a
strategy to address it. Mr. Trump’s messaging
has caromed from saying the virus isn’t a prob-
lem, to the economy must shut down to crush
it, to the economy must open and everything
will soon go back to normal, to barely talking
about it at all as cases rise. Now his aides are
filling the vacuum by attacking the government
health expert who sees it as his role to warn
of worst-case scenarios.
This is a mess, and if it continues Republi-
cans will be routed in November. Leaning into
a culture war against experts won’t win unde-
cided voters. Americans want a realistic as-
sessment, which is that infections are not go-
ing to be eliminated in the U.S. in the
immediate future but that does not justify the
public-health and economic harm of indefinite
lockdowns. If the Administration had said
that there would likely be virus flare-ups in
parts of the country amid reopenings and civil
unrest, fewer Americans would have been
caught by surprise.
Today President Trump’s opponents can de-
pict the White House as resigned, lacking direc-
tion, and more eager to disparage medical au-
thorities than rally them to implement the
Administration’s strategy. Time is running out
to change that perception.
at least one counterexample to that: New York
the “Anguillia Revolution.”
Anguilla, a small island in the Ca-
ribbean, was spun off by the British
CORRECTION
in 1967 into a federation with St.
Kitts and Nevis. Anguillans chafed Antony Blinken’s first name was
under this arrangement, which was misspelled in the July 14 Global View
dominated by St. Kitts, and later that column.
year they forcibly ejected the St.
Kitts police from the island. After a
referendum, the island asserted its Pepper ...
independence—not from Great Britain
but from St. Kitts. Confusion fol-
And Salt
lowed, and the British eventually THE WALL STREET JOURNAL
landed 300 soldiers on the island in
March 1969. The soldiers met no re-
sistance from the locals, who pro-
ceeded to set up their own governing
institutions.
In 1980 Anguilla was allowed to
formally secede from St. Kitts and
become a separate crown colony. To-
day it is happily prospering as a Brit-
ish overseas territory.
FRED SELLERS
Georgetown, Texas
Letters intended for publication
should be emailed to wsj.ltrs@wsj.com.
Please include your city, state and
telephone number. All letters are sub-
ject to editing, and unpublished letters “Say what you will, Miller, but
cannot be acknowledged.
sociopathy as been very good to me.”
THE WALL STREET JOURNAL.
The Politics of Hydroxychloroquine
By Allysia Finley
H
ubert Humphrey began
his career as a pharma-
cist before going into
politics. Today’s politi-
cians sometimes seem to
have the opposite aspiration. Presi-
dent Trump “pushes dangerous, dis-
proven drugs,” Joe Biden declares in
his “Plan to Beat Covid-19.” “Our
country is now stuck with a massive
stockpile of hydroxychloroquine, a
drug Trump repeatedly hailed.”
Neither man has any expertise in
pharmacology, and Mr. Trump did
get out over his skis in promoting
the malaria treatment, also known as
HCQ, for the novel coronavirus. But
since every Trump action prompts a
reaction, his political and media op-
ponents launched a campaign to dis-
credit the drug. This politicized envi-
ronment has produced dubious
science and erratic policy.
Trump touted it, so Biden
denounces it. The FDA has
suspended a permit for its
use. Let doctors decide.
The Food and Drug Administration
issued an emergency use authoriza-
tion on March 28, allowing hospitals
to treat Covid-19 patients outside
clinical trials using HCQ donated by
manufacturers to the national stock-
pile. But on June 15 the agency re-
scinded the authorization. “In light
of ongoing serious cardiac adverse
events and other potential serious
side effects,” the FDA announced,
“the known and potential benefits of
. . . hydroxychloroquine no longer
outweigh the known and potential
risks for the authorized use.”
The Covid Fiscal Crisis Is About Debt and Taxes
Alas, it’s time to
talk about what the
coronavirus pan-
demic means for
your tax bill. The
good news is that
POLITICAL the damage to your
ECONOMICS wallet or purse
might not be as se-
By Joseph C.
rious as you fear.
Sternberg
The bad news is
that the broader
economic destruction will be a lot
worse than you imagine.
Policy makers and voters alike are
waking up to the fact that those tril-
lions of dollars and euros and pounds
our governments spent were real
money. The Congressional Budget Of-
fice (CBO) last week pegged the fed-
eral budget deficit at $2.7 trillion for
the October through June period.
Britain’s Office of Budget Responsi-
bility this week warned that the fiscal
deficit for this financial year could
clock in anywhere between 13% and
21% of gross domestic product. Don’t
ask about Italy, France or Spain.
The conventional explanation for
why this should alarm us is that taxes
inevitably must rise to repay those
Some Students Want Me Fired for a Thought Experiment
By Walter E. Block
A
New Orleans
large group of students want
me fired from my faculty posi-
tion. The main charge they
make against me is that I believe
slavery is wrong for the wrong rea-
sons—“because it goes against Liber-
tarianism, not because it is morally
wrong.”
In truth, I repudiate slavery on
both grounds. I even favor repara-
tions, but not from all whites to all
blacks. Many whites came to the U.S.
long after 1865 and owe nothing to
anyone. Many blacks, too, are, or are
descended from, recent arrivals, and
are thus entitled to no compensation.
Slavery should have been declared
a crime, ex post facto. The guilty
should have been imprisoned and
their property given to their victims,
PUBLISHED SINCE 1889 BY DOW JONES & COMPANY
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But the scientific basis for the re-
vocation now appears faulty. Most
studies didn’t adjust results for con-
founding variables such as disease
severity, drug dosage or when pa-
tients started treatment. Two new
peer-reviewed studies find that HCQ
can significantly reduce mortality in
hospitalized patients. With hospital
beds filling up across the American
South and West and a limited supply
of Gilead Sciences’ antiviral remdesi-
vir, the FDA should reinstate its
emergency-use authorization for
HCQ.
HCQ has been safely used for de-
cades to treat patients with lupus
and rheumatoid arthritis, both in-
flammatory autoimmune conditions.
The drug has also been found to in-
terfere with the novel coronavirus’s
replication in vitro, and studies this
spring from France, Brazil and China
showed the drug might help moder-
ately ill patients.
HCQ also has side effects. It can
cause cardiac arrhythmias, a particu-
lar risk for severely ill Covid-19 pa-
tients because the virus can damage
heart tissue. But the FDA emergency
authorization warned about this and
required doctors to monitor patients
closely and report adverse side ef-
fects to the agency.
In late May, the Lancet published
a large-scale international study that
claimed hospitalized Covid-19 pa-
tients treated with HCQ were 30%
more likely to die. But the medical
journal retracted the study on June 4
after more than 120 scientists
pointed out significant flaws in the
data and methodology. The source of
the raw data refused to share it with
independent reviewers.
Nonetheless, the anti-Trump me-
dia claimed vindication later that day
when the New England Journal of
Medicine published a randomized
trial that concluded HCQ didn’t pre-
debts. Such fearmongering has the
virtue of being true. Expect politi-
cians on the left to seize on high pan-
demic deficits and debt loads as an
opportunity to overhaul taxation, and
not for the better.
A President Biden will welcome
the excuse to reverse the 2017 Trump
tax reform while sidestepping the
boost the tax cuts gave to economic
growth—“because the deficit.” Brit-
ain’s Labour Party is itching to raise
tax rates on corporate profits, which
were slashed after 2010, and debate
about a wealth tax is kicking into
gear. The European Union will seize
its moment to impose tech taxes on
American digital firms.
Yet one can be cautiously optimis-
tic that the tax-hike damage will be
limited. Your tax bill may go up for a
few years. But we set taxes at their
current levels to boost economic
growth. Gravity will reassert itself
long before the pandemic debt is paid
off as voters tire of paying for coro-
navirus twice over, first under gov-
ernment-imposed lockdowns and
then via extraction of resources from
the productive private economy.
Which is why the bigger economic
the new ex-slaves. “Forty acres and a
mule” is a rough approximation of
the compensation that was due.
Nowadays if a great-grandchild of
slaves can demonstrate this connec-
tion, he should be able to obtain
acreage from the great-grandchil-
dren of slave holders who improperly
held onto their plantations.
It’s true I have argued “there is
nothing inherently wrong with slav-
ery”—an eccentric and provocative
view. To understand it, consider a
thought experiment: Suppose my son
has a dread disease. Its cure costs $10
million, which I don’t have. You do, so
we make a deal: You give me the
funds. I come to your farm to harvest
crops or to your home to give you
economics lessons. If you don’t like
the way I perform these duties, you
may physically assault or kill me.
Is this a legitimate contract in the
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Chief Executive Officer, News Corp
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Chief Executive Officer and Publisher
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OPINION
vent illness in people who had been
exposed to the virus. The study’s raw
data showed that people who took
HCQ within two days of exposure
were 38% less likely to develop
symptoms. But a third of subjects in
the trial took the drug four days af-
ter exposure, which obscured its ben-
efits. Since the average viral incuba-
tion period is five days, starting the
drug four days after exposure is un-
likely to do much good.
On June 5, University of Oxford re-
searchers reported that a midpoint
review of their HCQ trial had found
no clinical benefit. “This result
should change medical practice
worldwide,” Oxford epidemiologist
Martin Landray declared in a press
release. It usually pays to be skepti-
cal of such sweeping claims based on
a single study.
The Oxford team released a pre-
print study with more data from its
trial on Wednesday. Patients were
treated on average nine days after
their symptom onset, which may have
been too late to improve clinical out-
comes. The trial’s protocol also called
for dosages two to three times as high
danger by far posed by pandemic
debt is that it will remain precisely
that—debt.
An underappreciated aspect of our
growing mountain of government
debt is the political pressure it places
on central banks, not least the Fed-
eral Reserve, to suppress interest
rates for the purpose of making debt
service affordable. If you’re doubtful,
consider some numbers.
The only thing worse than
how we’d pay for pandemic
relief is what will happen
when, inevitably, we don’t.
Back in January—remember Janu-
ary?—the CBO issued one of its regu-
lar 10-year fiscal projections. Even
without trillions in debt-fueled pan-
demic spending, the CBO estimated
net federal debt would surge to $31.4
trillion, or 98.3% of GDP, by 2030. A
nontrivial portion of that would arise
from mounting interest payments on
the debt, which the CBO expected to
free society? I say yes. We both bene-
fit from it, at least in theory, as in all
voluntary transactions. Hence there is
nothing inherently wrong with slav-
ery; it is illicit if it is imposed by one
person over another, but not if both
parties agree. (I have similarly argued
in these pages that socialism is unob-
jectionable if it is voluntary.)
The petition authors are not the
first to misrepresent my views. In
2014 a reporter from the New York
Times interviewed me. I tried to ex-
plain the gigantic chasm between
voluntary and coercive slavery and
patiently expounded that the latter
should certainly not be legal. The pa-
per published a story that implied I,
a staunch libertarian, favored actual
slavery as practiced in the U.S. until
1865. I sued for libel. The lower court
threw out my case, but the appellate
court ruled in my favor. I settled
Notable & Quotable: Fear
Mark McDonald, a psychiatrist
who specializes in children and at-
risk youth, testifying at a June 24
hearing of the Orange County, Calif.,
Board of Supervisors:
Children are not dying from
Covid-19. Children are not passing
the disease on to adults. So the only
question is, “Why are we even hav-
ing this meeting tonight?” We’re
meeting because we adults are
afraid.
As parents, we will face many
moments of anxiety: seeing our
children off on their first day of
kindergarten, their first day of
camp, their first year of college.
We may want to keep them home
to protect them from the world,
which can indeed be a frightening
Thursday, July 16, 2020 | A17
New York’s Mount Sinai Health Sys-
tem hospitals were 47% less likely to
die after adjusting for confounding
JIM BOURG/REUTERS; PATRICK SEMANSKY/ASSOCIATED PRESS
variables such as underlying health
conditions and disease severity. No-
tably, Mount Sinai’s treatment pro-
tocol called for lower dosages than
in the Oxford trial, and patients on
average were treated within one day
of hospitalization.
The second, published July 1 in
the International Journal of Infec-
tious Diseases, found that patients
treated with HCQ at Henry Ford
Health System hospitals in Detroit
were 50% to 66% less likely to die af-
ter adjusting for confounding vari-
ables including other treatments.
Nearly all patients began treatment
within two days of admission, re-
as those recommended by the FDA’s ceived dosages that hewed closely to
emergency use authorization. FDA guidelines, and were continu-
In revoking the authorization 10 ously monitored for cardiac arrhyth-
days later, the FDA cited the New mias.
England Journal and Oxford work as “Our patient population received
well as a British Medical Journal aggressive early medical interven-
study from China that purportedly tion, and were less prone to develop-
found no benefit from the drug. Yet ment of myocarditis, and cardiac in-
an April draft of the last study con- flammation commonly seen in later
cluded that HCQ accelerated “the al- stages of COVID-19 disease,” the
leviation of clinical symptoms, possi- Henry Ford doctors noted.
bly through anti-inflammatory This shouldn’t be surprising. An
properties” and “might prevent dis- FDA safety review published July 1
ease progression, particularly in pa- reported only five adverse side ef-
tients at higher risk.” fects from HCQ through the emer-
The draft also noted that after ad- gency use authorization among tens
justing for the confounding effects of of millions of doses that were dis-
other antivirals used to treat pa- tributed to hospitals. This suggests
tients, “the efficacy of HCQ on the al- that the drug isn’t harmful to the
leviation of symptoms was more evi- vast majority of patients who are
dent.” This analysis of HCQ’s benefits treated according to FDA guidelines.
was scrubbed from the published With hundreds of Covid-infected
version because some editors and re- Americans still dying each day, the
viewers quibbled that it wasn’t called agency should let physicians decide
for in the trial protocol. whether to treat patients with HCQ
The first of the new studies based on their experience and scien-
showing benefits from HCQ ap- tific evidence. Leave politics out of it.
peared in the Journal of General In-
ternal Medicine on June 30. It found Ms. Finley is a member of the
patients treated with the drug at Journal’s editorial board.
rise to $819 billion, or 2.6% of GDP, in system or fiscal crisis.
2030 from $376 billion, 1.8% of GDP, in No central banker will ever chance
2019. it, as much as they’ll strenuously
The CBO quaintly assumed, how- deny they worry about government
ever, that the Fed eventually would debt financing. The path of least re-
raise interest rates. An upward drift sistance instead becomes to keep
in the yield on the 10-year Treasury rates low forever, in turn encouraging
note to around 3% by 2030 from more debt.
about 2% as of January accounted for This baleful interaction between
an extra $284 billion in annual inter- pandemic fiscal policy and the political
est costs. Conversely, holding rates economy of central banking will im-
steady at around 2% for the next 10 pose an enormous hidden cost on our
years (and holding everything else economy for years. Ultralow interest
equal) would shave $1.3 trillion off rates aren’t a free lunch. They stimu-
the total debt by 2030. late wasteful government spending
This all assumes a much lower 10- and fruitless private investment at the
year yield than we had as recently as expense of genuine investment and in-
the 1990s, and right now it’s nearer novation to boost productivity. After a
0.6%. And the deficit and debt situa- point—which we probably crossed
tion has grown monumentally worse some time ago—low rates weigh on
since January. growth rather than encourage it.
The U.S. thus finds itself stuck in The result is a brittle economy
a debt trap, alongside the rest of the that churns out too many houses, fi-
developed world. Economists at the nancial assets and overindebted re-
Bank for International Settlements tailers, and too few productive job
coined that term to describe a situa- opportunities—and creates one finan-
tion in which prolonged low interest cial crisis after another. That’s a fate
rates induce the accumulation of so worse than any tax hike. The worst
much unproductive government and part is we’ll probably get both the
private debt that to raise rates taxes and the financial crisis before
would risk a catastrophic financial- this pandemic-debt story is done.
with the newspaper on mutually and provocative ideas, is crucially
agreeable terms, and it ran a correc- important for progress in philosophy
tion more than six months after the and science. If scholars are forbidden
story’s publication. to probe the implications of basic
principles wherever it leads them, so
much the worse for the future pros-
Civilization’s progress pects of civilization.
John Stuart Mill put it best in “On
depends on the freedom Liberty”: “He who knows only his
to express eccentric and own side of the case, knows little of
that. His reasons may be good, and
provocative ideas. no one may have been able to refute
them. But if he is equally unable to
refute the reasons on the opposite
Hardly anyone, even among liber- side; if he does not so much as know
tarian intellectuals, agrees with my what they are, he has no ground for
case for permitting voluntary slav- preferring either opinion. . . . Nor is
ery. I can well understand why it it enough that he should hear the ar-
would repel people, including the guments of adversaries from his own
students who signed the petition. teachers, presented as they state
But the defense of academic free- them, and accompanied by what they
dom, and specifically of the freedom offer as refutations. . . . He must be
to think about and express eccentric able to hear them from persons who
actually believe them; who defend
them in earnest, and do their very
utmost for them.”
Even my harshest critics will
readily acknowledge that I defend
place. But let’s be clear, when we the principles of private property
do that, we are not really protect- rights, liberty and laissez-faire capi-
ing our children. We are only at- talism in earnest and to my utmost
tempting to manage our own anxi- ability.
ety, and we do that at their Although the students who signed
expense. We are acting as negligent the petition—none of whom, I be-
parents. We are harming our chil- lieve, have ever taken one of my
dren. We are failing them. classes—want me fired, I bear them
We must agree to make decisions no ill will. They are young people,
in the best interest of the children. just starting out. My door is always
If we do not—if, paralyzed by fear, open. I invite any and all of the sig-
we continue to act purely out of natories of the petition, some 650 of
self-interest—we will ensure an en- them so far, to engage in a dialogue
tire generation of traumatized with me about these issues. More
young adults, consigned to perpet- than 4,500 people have signed a
ual adolescence and residency in counterpetition saying I deserve a
their parents’ garages, unable to raise. I am very grateful to them.
move through life with indepen-
dence, courage, and confidence. Mr. Block is a professor of eco-
They deserve better—we owe it to nomics at Loyola University New
them as parents. Orleans.
A18 | Thursday, July 16, 2020 THE WALL STREET JOURNAL.

co
n-
no

BUSINESS & FINANCE
© 2020 Dow Jones & Company. All Rights Reserved.
S&P 3226.56 À 0.91% S&P FIN À 1.91%
Trading Tumult Buoys Goldman
Quarterly revenue is
second-highest ever
as rival banks report
big drops in profit
BY LIZ HOFFMAN
Nobody is better at capital-
izing on market chaos than
Goldman Sachs Group Inc.
Its traders and investment
bankers posted near-record
revenue to keep firmwide prof-
its steady, throwing an elbow
to larger commercial-bank ri-
Chipotle
Plans Big
Drive-Up
Expansion
BY MICAH MAIDENBERG
Chipotle Mexican Grill Inc.
said it is adding as many as
10,000 employees as it opens
more stores with drive-
through lanes for digital or-
ders, another example of how
restaurants are adjusting to
changes in customer behavior
tied to the Covid-19 pandemic.
Chipotle expects more than
60% of new stores that it
opens will include drive-
through lanes, which are
strictly for picking up orders
placed in advance online. The
company said restaurants with
what it calls “Chipotlanes” re-
quire more staff than its tradi-
tional restaurants.
Chipotle, which had 83,000
employees as of the end of last
year, has already hired 8,000
of the potential 10,000 addi-
tional workers.
The burrito chain developed
56 stores with drive-through
lanes last year, or 40% of all
new locations, according to its
latest annual report. During
the first quarter, the company
added 19 stores and 11 had
lanes.
Chipotle opened its first
drive-through lane two years
ago, a spokeswoman said.
With the pandemic forcing
restaurant chains to close din-
ing rooms or limit their capac-
ity, drive-through lanes have
taken on heightened impor-
tance. Companies that offer
them have been better able to
sustain sales compared with
those relying heavily on dining
in as consumers stayed at
home.
Chipotle finance chief John
Hartung said last month that
even before the pandemic,
sales were strong at restau-
rants with what the company
calls “Chipotlanes” and have
only improved during corona-
virus lockdowns.
“The Chipotlane is showing
up in a big way during this
historical pandemic and you’re
going to see a lot more,” he
said at an investor conference.
Chipotle executives said in
April that average daily sales
ARND WIEGMANN/REUTERS
for the chain’s order-ahead
business had doubled com-
pared with pre-pandemic lev-
els, adding impetus to a shift
toward more stores with
lanes.
Digital sales in the first
quarter grew 81% from a year
earlier to $371.8 million, rep-
resenting more than 26% of
the company’s total sales. The
company in April reported a
3.3% rise in comparable sales
for the period.
The pandemic has forced
restaurant chains, retailers
DHIRAJ SINGH/BLOOMBERG NEWS
and other businesses to re-
think how they serve their
customers.
Starbucks Corp. said last
month it would open 40 to 50
pickup-only stores over an 18-
month stretch in the U.S. and
Canada while closing some
traditional cafes.
Many restaurant companies
have sought to bolster deliv-
ery options. Best Buy Co. and
other retailers have worked to
develop curbside pickup, while
some stores are experimenting
with sidewalk shopping.
TECHNOLOGY: NISSAN’S LUXURY ELECTRIC SUV REVIVES STOCK B4
S&P IT À 0.53%
vals that blamed the coronavi-
rus pandemic for lower quar-
terly results.
Goldman was buoyed by its
Wall Street roots, seizing on a
flood of corporate fundraising
deals and torrid trading mar-
kets to post its second-highest
quarterly revenue ever, at $13.3
billion. Those fees were slightly
offset by higher reserves for fu-
ture loan defaults in what is ex-
pected to be a sustained and
deep recession.
The challenge now for Chief
Executive David Solomon: not
to learn the wrong lesson.
Global copper inventories by exchange
1.0 million metric tons
0.8
0.6
0.4
0.2
0 –60
Jan. Feb.
*Front-month Comex copper futures
Sources: Bloomberg via Jefferies (inventories); FactSet (performance); Commodity Futures Trading Commission (net bets)
Surging Copper Prices Signal
Optimism About Global Growth
BY AMRITH RAMKUMAR
Global investors are piling
into bullish wagers on copper
prices, sparking the quickest
rally in the industrial metal in
years and signaling that many
money managers remain hope-
ful about the economic out-
look despite rising coronavirus
cases in much of the U.S.
With investors pouring
money into assets that have
performed well recently, front-
month copper futures climbed
in 12 consecutive sessions
INSIDE
BUSINESS
Red Bull replaces
top U.S. executives
amid internal
tensions. B3
DEALS
Google to invest
$4.5 billion in company
behind India’s largest
telecom provider. B4
* * * **
DJ TRANS À 2.88%
THE WALL STREET JOURNAL.
WSJ $ IDX g 0.24%
Goldman hasn’t seen this kind
of activity since 2010. Its ability
then to wring profits from eco-
nomic turmoil bolstered its sta-
tus as a Wall Street heavy-
weight and delayed its push
into steadier businesses such as
consumer banking and asset
management that could help
balance the firm when this cri-
sis passes.
“We became super busy be-
cause our clients were super
busy,” Mr. Solomon said on a
conference call. “I don’t neces-
sarily view that as permanent.”
He added that market activity
London Metal Exchange
Shanghai Futures Exchange
China bonded warehouses
March April May
through Monday to $2.94 a
pound, their highest level
since April 2019. They slipped
on Tuesday and Wednesday.
Still, the 12-session winning
streak was the metal’s longest
since late 2017, when a rosy
outlook for the world economy
and upbeat momentum pushed
prices higher.
Because copper is widely
used in the global manufactur-
ing sector and critical to mak-
ing everything from smart-
phones to houses, many
market watchers use its price
Some Fret as Offices Beckon Employees
BY COLLIN EATON
AND KONRAD PUTZIER
Employees of Phillips 66
got the message in mid-May.
The Houston-based oil re-
finer couldn’t have a viable
business if people didn’t return
to their daily commutes, Chief
Executive Greg Garland said in
an internal video seen by The
Wall Street Journal. Phillips 66
would have to do its part.
“If we in the energy busi-
ness are reluctant to go back
to the office, why should other
people go back? How can we
get our economy going
again?” he said in the video.
By early June, Phillips 66
had recalled the majority of its
employees to its main Houston
office, which houses around
2,300 people. It has stayed
mostly full as Texas has
emerged as a hot spot for new
infections that have strained
the state’s hospital system.
Employees at the company
have been discussing what
they describe as lax safety
protocols on issues like masks
and an onerous approval pro-
cess to work from home, ac-
LIBOR 3M 0.273
has slowed in the past few
weeks from the spring pace.
Quarterly earnings were
roughly flat from a year ago at
$2.4 billion. Per share, that
amounted to $6.26. That far
outpaced expectations of Wall
Street analysts, who had ex-
pected Goldman to earn $1.12
billion, or $3.90 a share. Shares
rose 1.5% in morning trading
and briefly touched a five-
month high.
The second quarter was
banks’ biggest test in more
than a decade. Unemployment
soared, companies lined up for
Performance, year to date
10%
0
–10
–20
–30
Jan.
Net bets on higher copper prices
by speculative investors
20,000 contracts
0 potential furlough to 25,000 of
Comex –20,000
–40,000
–60,000
Share-price performance, year to date
0%
–20
–40
June July Jan.
as an economic indicator. The
metal is closely linked to
growth in China in particular.
The world’s second-largest
economy consumes roughly
half of the world’s copper, and
recent data indicate a growth
recovery there that is stronger
than many analysts antici-
pated after the coronavirus
shut down Chinese manufac-
turing early in 2020.
The 35% climb in copper
from a low hit in March is part
of a broader surge in volatile
assets as individual investors
As parts of the U.S. economy attempt to reopen, companies are taking various approaches to getting
people back to work as coronavirus infections surge across the U.S. A Boston transit station on Tuesday.
cording to several people fa-
miliar with the conversations.
Phillips 66 spokesman Den-
nis Nuss said the company has
continuously updated protocols
based on direction from the
Centers for Disease Control
and Prevention, state and local
NIKKEI (Midday) 22831.96 g 0.49%
Thursday, July 16, 2020 | B1
cash and executives spun up
models to see how their busi-
nesses would fare in what is
likely to be a deep downturn.
Goldman’s good fortune under-
scores a broader divide that
people have struggled to recon-
cile in recent months, between
a stumbling economy and a ral-
lying stock market.
Quarterly profits fell 51% at
JPMorgan Chase & Co. and
73% at Citigroup Inc. Wells
Please turn to page B2
 Heard on the Street: Firm
allays fears over capital.... B12
Shanghai Composite
March
Copper*
May July
Jan. March May July
Southern Copper
Freeport-McMoRan
March May July
and speculators around the
world try to ride the momen-
tum. The Shanghai Composite
stock index recently hit a
nearly 2½-year high, while the
tech-laden Nasdaq Composite
has risen to records in recent
days.
Gains in popular invest-
ments like electric-auto maker
Tesla Inc. have been particu-
larly high lately, underscoring
a wide-ranging rally that is
leaving skeptics scratching
their heads.
Please turn to page B11
guidance and employee feed-
back, and he didn’t dispute Mr.
Garland’s video message. The
company has said its federal
designation as critical to U.S.
infrastructure exempts it from
state rules on workplace capac-
ity. Phillips 66 “understands
See more at WSJ.com/Markets
American
Warns of
25,000
Job Cuts
BY ALISON SIDER
American Airlines Group
Inc. told 25,000 workers that
their jobs are at risk after fed-
eral aid expires Oct. 1, as air-
travel demand falls again amid
climbing coronavirus numbers.
The pandemic has caused a
rout for air travel deeper and
more persistent than almost
anyone anticipated. Executives
expect it could take years for
travel demand to climb back to
its 2019 highs. Meanwhile, air-
lines grapple with how deeply
to make cuts to hold on to
enough cash to survive. United
Airlines Group Inc. said last
week it would send such no-
tices to 36,000 employees—
close to half its U.S. staff.
American said in a letter to
employees Wednesday that it
expects to have 20,000 more
employees than it needs this
fall. The Fort Worth, Texas-
based carrier sent notices for
its employees as stipulated by
federal labor laws. The figure
Please turn to page B2
Wirecard
Overstated
Ties With
Companies
BY CAITLIN OSTROFF
Before Wirecard AG unrav-
eled in an accounting scandal,
the company built up an image
as a fast-growing financial
technology company. It
spewed out news releases
publicizing partnerships with
blue-chip names such as SAP
SE, Zurich Insurance Group
and SoftBank Group Corp.
The Wall Street Journal
found that some of those part-
nership announcements were
misleading or were promoted
without the agreement of the
companies involved. The Jour-
nal reached out to more than
300 companies with which
Wirecard said it had entered
partnerships or collaborations.
German software company
SAP was surprised to see a
news release in February from
Wirecard saying it had become
an “official development part-
ner.”
“Wirecard announced a
partnership with SAP that was
Please turn to page B2
CRAIG F. WALKER/THE BOSTON GLOBE/GETTY IMAGES
that some employees have con-
cerns” and made accommoda-
tions for high-risk employees
and caregivers of high-risk
family members to work from
home, Mr. Nuss said.
“We firmly believe that we
Please turn to page B5
B2 | Thursday, July 16, 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 Fortress Value
Adyen...................B2,B12
Allianz ......................... B2
Alphabet......................B4
Amazon.com
...........A1,A4,A12,B4,B12
American Airlines.......B1
ANA.............................A7
Antofagasta..............B11
Apple ............ A1,B11,B12
Atlantia.......................B6
Autostrade per l'ItaliaB6
B SAP..............................B1
Bank of America.........B2
Bank of New York
Mellon.....................B10
Barrick Gold..............B11
Berkshire Hathaway...A4
BHP Group ................ B11
BP................................B5
Bumble Bee Foods......B3
C K
Carnival ....................... B2
Chevron ....................... B5
Chipotle Mexican GrillB1
Cisco Systems.............B4
Citigroup.......B1,B10,B12
Coinbase......................A4
Costco Wholesale.......B3
D Microsoft.....................B4
Delivery Hero............B12
Discover Financial
Services.....................B2
E Nikola..........................B4
eBay...........................B12
Evercore.....................B10
F Oracle .......................... B4
Fiat Chrysler...............B3
Ford Motor..................B2
INDEX TO PEOPLE
A L
Abramcyk, Nadine......A3
Altman, Roger .......... B10
B
Barron, David..............B6
Berg, Florian...............B6
G P
Garland, Greg..............B1
H-J
Heatherman, Shawn .. A3
Jackson, Paul............B11
Tumult
Buoys
Goldman
Continued from page B1
Fargo & Co. posted its first
quarterly loss in 12 years. The
three banks set aside a com-
bined $28 billion in the quarter
to cover expected losses on
loans to newly unemployed con-
sumers and corporate borrow-
ers whose businesses have
evaporated. Goldman, a smaller
lender, set aside $1.6 billion.
The current economic crisis
isn’t a 2008-style banking-sys-
tem meltdown, and today’s
banks hold more blow-cushion-
ing capital than they did then.
But that capital isn’t bottom-
less, and a sustained recession
would eat into it as loans go
bad. Last month, the Federal
Reserve ordered banks to con-
tinue a hiatus on share buy-
backs and capped their share-
holder dividends to preserve
cash.
Goldman is considered to be
in a better position than larger
commercial banks to weather
at least this leg of the crisis.
Without a big mortgage or
credit-card business, it is less
exposed to a spike in unem-
ployment or ultralow interest
rates.
Net interest from loans con-
tributed just 12% of Goldman’s
revenue last year, versus half or
more at JPMorgan and Bank of
America Corp. Nearly two-
thirds of its revenue comes
from securities trading and in-
vestment banking.
Trading revenue nearly dou-
bled from a year ago. Volatile
markets are Goldman’s spe-
cialty, and a playground the
firm hasn’t seen in nearly a de-
cade. Revenue was 149% higher
than the same period last year
in fixed-income trading, a more
opaque business where better
risk models and sharper noses
make a difference during a cha-
Goldman Sachs’ revenue ( )
and earnings ( ), quarterly
$14 billion
12
10
8 cover most of their payroll
6 lion stimulus package approved
4 funding runs out Oct. 1. Ameri-
2 Citigroup
0 –1
2018 ’19
Source: the companies
* *** THE WALL STREET JOURNAL.
BUSINESS & FINANCE
Wirecard press releases
announcing partnerships and
Prosus........................B12 Singapore
collaborations with other
Acquisition..............B10 PSA Group...................B3 15 companies, per year
Freeport-McMoRan...B11 Q China
G Quest Diagnostics......A6 9
80 press releases
Gameforge...................B2 QVT Financial............B10 Germany Europe Asia-Pacific India
Goldman Sachs R 68 141 companies 56 companies 8
...............B1,B10,B11,B12 Red Bull.......................B3
GrubHub....................B12 Turkey 60
Rinspeed......................B2
H Rio Tinto ................... B11 8
HarperCollins............A12 Royal Dutch Shell.......B5
Japan
HCA Healthcare..........A1 S 40
HelloFresh.................B12 7
a
HSBC ......................... B10 SoftBank...................B12 aysi
Huawei Technologies . A7 SoftBank Group..........B1
Mal
20
J Sonos.........................B12
Southern Copper.......B11
JHL Capital Group .... B10
Spotify Technology...B12
Number of companies presented
Jio Platforms..............B4
JPMorgan Chase..B1,B12
Standard Chartered..B10 as partnerships or collaborations 0
Starbucks....................B1
Just Eat Takeaway.com in Wirecard press releases, 2006 ’10 ’15 ’20
...................................B12 T
Tencent......................B12 by region and country, 2017-20
Tesla.......................A4,B4 Americas U.S. Wirecard’s share price, weekly
Kajomi.........................B2
Total ............................ B5
Käfer............................B2 Twitter........................A1
40 31 €200
Kohl's .......................... A1 France
Kroger..........................A1 U
Uber Technologies .... B12 13
L-M
United Airlines............B2 150
LabCorp.......................A6 UnitedHealth ....... B3,B12
LINE.............................A7 U.S. Bancorp ............. B11
V-W U.K. Middle East Br
Moderna....................B11 a 100
MP Materials............B10 Venture Republic........A7 13 and Africa Me zil
Walmart......................A1 xi
N-O 8 co
Wells Fargo.................B1 Switzer-
Wirecard......................B1 50
Nissan Motor..............B4 land
Z Austria
Ocado.........................B12 9
Zalando......................B12 8 Sweden €2.21
Zoom Video 0
P CommunicationsB4,B12 5
Panera Bread .............. A1 Zurich Insurance....B1,B2 2006 ’10 ’15 ’20
Source: WSJ analysis of Wirecard press releases Note: Some companies included in multiple press releases. Number of press releases in 2020 is through June 10; €1 = $1.14
Wirecard car maker Rinspeed AG, SAP,
vehicle-inspection company
Dekra SE, Zurich Insurance
Rodriguez-Masiu, Paola
Lee, Thomas..............B11
M
...................................B11
S
Overstated and Osram Licht AG.
However, spokespeople for
Zurich, Osram, SAP and Dekra
Meir, Edward.............B11
N
Santomassimo, Michael
...................................B10
Schlosstein, Ralph....B10
Its Ties said they had joined with
Rinspeed, but not with Wire-
card. A Rinspeed spokesman
Nuss, Dennis...............B1 declined to comment.
Shiliashki, Mario.......B12
Continued from page B1 Partnerships are an impor-
Solomon, David...........B1
never signed by us nor was tant metric of a company’s
Poirier, Marc-Andre....B5 T-W [it] approved from us to pub- growth and potential, said
MICHAELA HANDREK-REHLE/BLOOMBERG NEWS
Putman, Todd..............B3
Taylor, Amy.................B3 lish a press release,” according Sanjay Sakhrani, an analyst
R Taylor, Gary.................B3 to spokesman Marcus Winkler. with Keefe, Bruyette & Woods
Razo, Teresa ............... A3 Weinberg, John.........B10 The release listed no contact who has covered Wirecard
for SAP. He said SAP didn’t since 2017. But it is time-in-
contact Wirecard about the tensive to ascertain the ro-
otic market.
Goldman’s investment bank-
ers had one of their best quar-
discrepancy at the time.
Wirecard is now insolvent
and is being sold for parts af-
bustness and profitability of
each relationship to which
payment companies lay claim.
ters ever as companies rushed
to sell stock and debt to the
public to shore up their fi-
ter it revealed a more than $2
billion hole in its balance
sheet in June. Wirecard de-
“On the surface, when you
look at the nature of the an-
nouncements and the results,
nances. Goldman helped raise
cash for Ford Motor Co., cruise
line Carnival Corp. and United
clined to comment.
A key question facing inves-
tigators and investors: What
Markus Braun, chief executive officer of Wirecard, put a high priority
on issuing news releases.
they suggested the company
has significant momentum
and wind as its back,” Mr.
Airlines Holdings Inc., each rac- was the extent of Wirecard’s Sakhrani said. “What’s diffi-
ing to survive the shutdown. In- business of helping retailers to pretty impressive,’” said Neil of Wirecard Bank AG. They cult to do is the forensic anal-
vestment-banking revenue of process credit-card transac- Campling, head of telecoms, are one of our payment ser- ysis and determine what is
$2.66 billion was 36% higher tions? The prolific number of media and technology re- vice providers,” said a spokes- real and what is not.”
than the same period last year, news releases gave investors search at Mirabaud Securities. man for the videogame firm Since June, companies
as underwriting revenues from the impression of a far-reach- “If you looked at the details, this month. have sought to distance them-
those deals and others offset a ing business with many poten- you’d realize it was absolutely Michael Hoffmann, co- selves from Wirecard.
drop in merger fees. tial customers. meaningless.” founder and CEO of German Allianz SE said it was end-
While the chaos of the quar- Wirecard’s former Chief Ex- More than 90 companies email marketing company ka- ing a mobile-payment app it
ter helped Goldman’s core Wall ecutive Markus Braun, now ac- identified in Wirecard’s re- jomi GmbH, said he had developed with Wirecard.
Street businesses, it now cused by German prosecutors leases responded to The Jour- never heard of Wirecard be- German retailer Käfer AG said
threatens the firm’s new con- of falsely inflating revenues, nal’s inquiries. Many declined fore one of its sales represen- it decided to break with Wire-
sumer-lending arm, Marcus, put a high priority on issuing to comment. Others con- tatives asked to meet him in card after the company filed
which launched about three news releases, according to 2017. The representative of- for bankruptcy and now
years ago and had $23 billion former employees. fered to put kajomi on its works with a competitor for
of outstanding or available Business unit leaders would payment platform for small- credit-card transactions.
loans as of March 31. All are get regular calls from the in-
Companies have and-medium-sized companies. SoftBank Group, which
unsecured loans, which are of- vestor relations team demand- sought to distance Shortly after, Wirecard is- helped arrange a $1 billion in-
ten the first bills to go unpaid ing things to announce, ac- sued a release naming kajomi vestment months before the
as struggling borrowers priori- cording to one employee.
themselves from as a partner, despite no for- German payments company
tize their home, car and other Some joked internally that Wirecard. mal agreement being signed went bust, is also looking to
collateral from repossession. these releases were Wirecard’s and no money changing end its partnership with
Goldman says Marcus is real product. hands, Mr. Hoffmann said. Wirecard. A SoftBank spokes-
built for the long haul. But its A lawyer for Mr. Braun While kajomi remains on the man declined to comment.
belated push onto Main Street didn’t respond to requests for firmed they had legitimate checkout portal website, the In July 2019, Wirecard said
means it missed the consumer- comment. The lawyer previ- business with Wirecard. Some company has generated no it had started a partnership
banking boom that its rivals ously said his client was coop- said they were Wirecard cus- new customers from it, he with AUTO1 Group, a Euro-
enjoyed over the past decade erating fully with prosecutors. tomers but that the releases said. He didn’t object to the pean car-selling platform
and now faces only the poten- In 2019, Wirecard issued overplayed their relationship. press release at the time be- backed by SoftBank’s Vision
tial bust. over 100 news releases, while “Wirecard partners with cause he figured it might Fund. An AUTO1 spokesman
About one-quarter of the competitors such as Dutch world-wide successful gaming bring in new clients without said last month there was “no
$4.4 billion Goldman has set payments processor Adyen company Gameforge,” said any work from his own com- cooperation with Wirecard.
aside to cover expected loan N.V. issued 21 releases and the the headline of a 2018 Wire- pany. We had a phase of brain-
losses are for consumer loans, U.S.’s Discover Financial Ser- card press release about a Wirecard said in a Novem- storming, but it never went
which represent less than 10% vices put out 80. linkup with a German com- ber 2019 press release that it forward.”
of its total loans, suggesting it “If you’re just scratching pany. would shape the “future of —Paul J. Davies
expects those to default at a the surface and you look at “ ‘Partnering’ is not quite mobility with renowned part- and Will Horner
higher rate than corporate or headlines, you’ll say ‘oh that’s accurate. We are a customer ners,” including Swiss concept contributed to this article.
real-estate loans.
Goldman’s balance sheet
grew to a postcrisis high of $1.1
trillion as of June 30, with an
influx of cash and higher trad-
American
ing inventory offsetting a de-
cline in loans. Corporate clients
borrowed heavily early in the
Warns of
quarter, but replaced that bank
debt with longer-term bonds
after the Fed intervened and
Job Cuts
markets relaxed.
It plowed excess cash into Continued from page B1
safe harbors such as Treasury includes airport and technical
DAVID PAUL MORRIS/BLOOMBERG NEWS
bonds that offer paltry returns operations workers who could
but boost financial resilience. be shifted to other locations,
the airline said.
Earnings per share, The potential cuts affect
quarterly about 29% of the airline’s front-
line workers. American has pre-
$7 viously made cuts to its admin-
istrative and management
6 Goldman
employees that resulted in
Sachs
about 5,000 people leaving the
5 company, a spokesman said. The cuts affect 29% of front-line workers. The airline previously cut administrative staff.
U.S. carriers received $25
4 billion in government aid to imposed curbs on travel. Some Isom wrote. “That unfortu- leaves that provide medical
of those measures include nately has not been the case.” coverage and partial pay for el-
3 costs under the broad $2.2 tril- quarantine requirements for American said employees igible employees for up to two
anyone arriving from a growing who received notices of poten- years, as well as early retire-
2 in March. They agreed not to number of hot spots across the tial furlough include 9,950 ments. The final number of fur-
furlough any workers until the country. American’s passenger flight attendants, 37% of the loughs will depend in part on
revenue in June was down 80% airline’s total. The notices will
1 JPMorgan how many employees accept
can Chief Executive Doug from the same month in 2019. also go out to 2,500 pilots and these offers, American said.
Parker and President Robert “We had a stated goal of thousands of other workers, Delta Air Lines Inc. said this
0
Isom said Wednesday in the avoiding furloughs because we American said. week that 17,000 employees
Wells letter to employees that pas- believed demand for air travel The company is also offering had agreed to depart the com-
Fargo senger demand has started to would steadily rebound by Oct. new voluntary leave packages, pany and that thousands more
’20 2018 ’19 ’20 slow again as infection rates 1 as the impact of Covid-19 dis- potentially limiting forced cuts. had signed up for unpaid leaves
rise and several states have re- sipated,” Messrs. Parker and The packages include extended of absence.
THE WALL STREET JOURNAL. * * * * Thursday, July 16, 2020 | B3

BUSINESS NEWS

Red Bull
Replaces
Top U.S.
Executives
BY CHARITY L. SCOTT

The maker of Red Bull en-

ergy drinks has replaced its top
U.S. executives amid internal
tensions over the closely held
company’s response to the
Black Lives Matter movement.
Red Bull GmbH, the Aus-
trian company that makes the
drink, said Stefan Kozak, its
North America chief executive,
and Amy Taylor, its North
America president and chief

VINCENT J. TOFILAU FOR THE WALL STREET JOURNAL

marketing officer, have left the
company. It named other exec-
utives to temporarily fill the
roles.
Red Bull didn’t give a reason
for the changes, which were an-
nounced in an internal memo. .
Ms. Taylor had been working
on diversity and inclusion ef-
forts within the company with
Mr. Kozak’s support for several
years but was met with opposi-
tion when she began advocat-
ing for Red Bull to be more More than 40% of the world’s commercially caught tuna comes from the western and central Pacific Ocean. The StarKist dock in American Samoa.
overt in its support of racial

American Demand for Tuna Climbs

justice in the past month, ac-
cording to people familiar with
the matter.
Some U.S. employees had re-
cently raised concerns about
what they considered the com-
pany’s inaction on the Black
Lives Matter movement and
about a racist slide that was in
a presentation given at a com-
pany event in February. An im-
age of the slide was obtained
by Business Insider, which ear-
lier reported on the news.
“We reject racism in every
form, we always have, and we
always will,” the company’s
board said in a statement to
The Wall Street Journal. “Red
Bull has always put people and
their dreams and accomplish-
ments at its core and values the
contribution of each and every
person—no matter who they
are. We want everyone who
feels this way to be welcome in
Red Bull.”
Companies from sneaker
maker Adidas AG to tech giants
like Facebook Inc. have faced
pressure from employees to do
more to confront racism and
promote diversity, as social ac-
tivism over the police killing of
George Floyd moves deeper
into the workplace.
Companies struggle to late last year, according to
data from the Food and Agri-
keep up supply of fish culture Organization of the
as wholesale prices United Nations.
Prices vary depending on
shoot up sharply where the fish is bought.
Skipjack tuna purchased in
BY LUCY CRAYMER Bangkok cost $1,200 a metric
ton in June, up 14% from De-
HONG KONG—Tuna fish has cember 2019 but down from a
surged in popularity thanks to peak of $1,500 in March, ac-
pantry loading during the cor- cording to data from Thai
onavirus pandemic, but pro- Union Group, a global seafood-
ducers of the canned fish are based food producer that owns
dealing with higher prices and the Chicken of the Sea canned-
other challenges that are mak- tuna brand.
ing it difficult to keep up with Tuna has gone the opposite
the increased demand. way of wholesale prices for
Americans have been buy- other seafood, which have
ing more canned tuna during broadly declined due to sharp
the economic downturn, in drops in restaurant demand.
part because it is one of the The tuna industry has a
cheapest proteins on the mar- long supply chain. Analysts
ket, costing as little as $1 for a say wholesale prices could re-
5-ounce can. Bumble Bee main elevated or trend higher
Foods said sales of canned in the coming months due to
and pouched tuna jumped as challenges of getting enough
much as 100% from mid-March fish to meet the surge in de-
to early April, while Costco mand.
Wholesale Corp. put limits on More than 40% of the
how many tuna containers a world’s commercially caught
customer could purchase. tuna comes from the western
Even after the initial feed- and central Pacific Ocean, in
Tuna prices have increased
since the start of the
coronavirus outbreak,
bucking a downward trend
for most seafood.
Wholesale price indexes
Tuna All fish
110
100
90
80
70
60
Feb. 2019
Source: Food and Agriculture Organization
are hampering production.
Pittsburgh-based StarKist
Co., which is owned by a
South Korean conglomerate,
processes and cans most of its
tuna in American Samoa, a
tiny territory that is closer to
New Zealand than it is to the
continental U.S.
vessels from coming in and
delivering their catch.
Compounding matters,
StarKist’s plant on American
Samoa recently encountered
mechanical issues that took a
while to fix, in part because
the company had to charter a
plane to fly in people to bring
parts and do the repairs. Then
shipments of canned tuna to
the continental U.S. were held
up because the ship that ser-
vices the archipelago broke
down twice and had to be re-
placed.
“There have been a lot of
complaints—rightly so—be-
cause they’re not getting their
products,” said Mr. Choe, re-
ferring to retailers. He added
'20
that problems at the plant
probably could have been eas-
ily and quickly been fixed were
it not for the pandemic.
For decades, the world’s
largest producers of canned
tuna struggled to reverse fall-
ing sales and shed negative
perceptions that their prod-
ucts were old-fashioned, pun-
gent, high in mercury and en-
vironmentally unfriendly. Then
cludes canned products—
jumped 50%.
“People are asking, is this
pantry-loading? Is this con-
sumption? I would say, every
pantry-loading leads to higher
consumption. People are not
just leaving that in their pan-
try. They are consuming it,”
Joerg Ayrle, Thai Union’s chief
financial officer, said on a con-
ference call. He also said the
company has released videos
with recipes for various types
of tuna fish cakes and tuna
pancakes.
Darian McBain, Thai Union’s
global director of corporate af-
fairs and sustainability, said
the company expects demand
for canned tuna to remain ele-
vated, though not at the level
it experienced earlier this
year.
Chicken of the Sea had to
close a canning facility in Ly-
ons, Ga., for one day last
month after a coronavirus out-
break at the plant. “It’s our
new normal,” Dr. McBain said.
At a Bumble Bee Foods fa-
cility in Santa Fe Springs, Ca-
lif., the company has added

Cost Savings ing frenzy, canned-tuna pro-

ducers say sales for these
products have remained signif-
the waters around tiny nations
such as Tuvalu and Kiribati.
The fish are then shipped to
The company has wanted to
increase production, said An-
drew Choe, StarKist’s presi-
the pandemic occurred, and
the 20th-century pantry staple
became popular again.
Saturday shifts for workers to
meet increased demand.
Todd Putman, Bumble Bee
Lift Insurer icantly higher than a year ear-
lier.
processing plants on islands in
the Pacific, Asia or South
dent and chief executive, but it
has been unable to buy tuna
Thai Union, the owner of El
Segundo, Calif.-based Chicken
Foods’ executive vice presi-
dent and chief growth officer,

UnitedHealth Companies have been able

BY ANNA WILDE MATHEWS
AND DAVE SEBASTIAN
UnitedHealth Group Inc.
saw profit rise sharply because
of savings from surgeries, hos-
pital stays and doctor visits
canceled amid the coronavirus
pandemic, but the company
said that health care returned
to near-normal levels in recent
weeks.
The second-quarter results
from UnitedHealth, parent of
the largest U.S. health insurer,
   
to keep retail prices steady for
tuna so far, even though aver-
America. Tuna is often canned
in a third country before land-
ing on supermarket shelves.
from some of its regular sup-
pliers during the pandemic.
Border restrictions and fish-
of the Sea, said in May that
sharply higher sales of canned
tuna during the first quarter
said the company’s tuna stocks
are running low.
“The product is available;
age wholesale prices for tuna Tuna stocks have been am- ing-port closures at some helped the group achieve its it’s just a matter of getting it
were up 41% from a year ear- ple this year, say food-industry neighboring Pacific islands— best operating performance in into the U.S.,” Mr. Putman
lier in the year through May analysts, but border controls where StarKist often buys years. In March alone, sales of said. “Our supply chain is
after reaching decade lows and other supply-chain issues tuna—have prevented fishing ambient seafood—which in- strained.”
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share, compared with $3.29 bil- in the Latin word “stello,” 
        

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braced for surges of coronavi- “The stakes are high here,” Despite the fallout from the in France, is the parent com- 

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procedures and routine care. agreed to merge last year in a after Walter Chrysler who chionne, who took control of ! $((")
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nation’s whole medical infra- help them leverage their has endured as a corporate Mr. Marchionne died in 2018. ADVERTISE TODAY
structure, it’s a massive decline global scale and advance new name for nearly a century and Company executives have 

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cally pays for,” said Gary Taylor tougher environmental regula- ers, including the failed Daim- equal share in the newly For more information visit:              
of JPMorgan Chase & Co. tions. lerChrysler tie-up in the early formed company, and the deal wsj.com/classifieds  

  


As the cost of doing busi- 2000s. will result in annual cost sav-  
 Heard on the Street: Virus ness continues to grow for Italy’s Fiat traces its roots ings of about €3.7 billion © 2020 Dow Jones & Company, Inc. 


All Rights Reserved.    
bump is likely to last.......... B12 global car companies, collabo- back to 1899 when the Italian ($4.22 billion).
B4 | Thursday, July 16, 2020
Google Puts $4.5 Billion Into India Deal
Tech giant buys stake
in telecom Jio, aiming
to further tap budding
internet market
BY BEN OTTO AND ERIC BELLMAN
Alphabet Inc.’s Google will
invest about $4.5 billion in Jio
Platforms Ltd., the company
behind India’s largest telecom
provider by subscribers, giving
the American tech giant a
powerful partner for its plans
to get hundreds of millions
more people online.
Google will take a 7.7% stake
in Jio, which brought the in-
ternet to millions of people
who previously couldn’t afford
it by offering inexpensive
handsets and data plans. It
now has more than 388 million
subscribers.
Mukesh Ambani, chairman
of Jio’s parent company, Reli-
ance Industries Ltd., and In-
dia’s richest man, announced
the deal at a Reliance share-
holder meeting Wednesday.
“Google has empowered
millions of Indians to access
helpful information and, like
Jio, is a force for change and
innovation,” Mr. Ambani said.
“We welcome Google onboard
and are excited about our
partnership for what it can de-
liver to Indians.”
Jio and Google also an-
nounced that they will work
together to develop affordable
smartphones.
The tie-up provides Jio with
cash and another sophisticated
international partner. In re-
turn, Google will get a power-
Nissan’s Luxury Electric SUV Revives Battered Stock
BY SEAN MCLAIN
TOKYO—Nissan Motor Co.
finally captured for itself
some of the investor excite-
ment over electric vehicles,
unveiling a new model that
helped its shares rise more
than 7%.
The Japanese auto maker
said it would start selling a
midsize electric sport-utility
vehicle called the Ariya next
year starting at around
$40,000.
Even before the formal an-
nouncement Wednesday af-
ternoon in Yokohama, Nis-
san’s shares rose nearly 9%
from Tuesday’s closing price,
ultimately finishing the Tokyo
day up 7.25%.
Shares of electric-vehicle
companies have been on a
tear this year. Tesla Inc.’s
shares have risen by more
than a third in July alone.
The company is now the
most valuable car maker in
the world, surpassing Toyota
Motor Corp.
Nikola Corp., once a rela-
tively unknown maker of elec-
tric trucks, saw its shares
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Jio Platforms owns the nation’s largest mobile network, offering some of the lowest rates in the world. It is now moving into e-commerce.
ful local ally. Reliance Indus-
tries has interests ranging
from retail to refining and is
known for its understanding of
regulators and regulations.
Jio has raised billions of
dollars from leading technol-
ogy and private-equity firms
around the world this year.
The investment by Google fol-
lows others by companies in-
cluding Facebook Inc., Silver
Lake, Vista Equity Partners,
KKR & Co., General Atlantic
LLC, the Abu Dhabi Investment
surge after its public market
debut in early June. Its value
briefly surpassed that of Ford
Motor Co. Nikola doesn’t yet
sell any vehicles but says it
will make a truck called the
Badger to rival the Ford
F-150, the bestselling vehicle
in the U.S.
Nissan executives have
long bemoaned the attention
and investor love showered
on companies like Tesla that
are credited with pushing
electric vehicles into the
mainstream—a feat that Nis-
san believes it achieved first
with the Leaf, which went on
sale in 2010.
While the Leaf has sold
nearly 500,000 units, it fell
far short of initial expecta-
tions.
One reason Nissan got
shunted to the sidelines, the
executives say, is that the
Leaf was designed to be an
affordable vehicle, with unre-
markable styling and perfor-
mance, while Tesla aimed for
luxury-car buyers with sports-
car performance.
The Ariya is going for the
Tesla crowd. It will cost as
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Reliance has spent more
than $30 billion building up-
start mobile operator Reliance
Jio Infocomm Ltd., which is
part of Jio Platforms. Jio is
now moving into e-commerce,
as legions of people in the
country of 1.3 billion begin
transacting online for the first
time.
Just this week Google an-
nounced it was creating a $10
The Ariya would be offered next year starting at about $40,000.
much as an Infiniti, Nissan’s
luxury brand, and go from
zero to 60 miles an hour in
5.1 seconds, the company
said.
“This is a no-compromise
Zoom Devices Target Remote-Work Era
BY AARON TILLEY
The global coronavirus pan-
demic turned Zoom into a
presence in millions of house-
holds. Now the videoconfer-
encing provider is betting it
will stay there for the long-
haul with remote work shift-
ing to a more enduring setup.
Zoom Video Communica-
tions Inc. on Wednesday in-
troduced Zoom for Home, a
lineup of dedicated videocon-
ferencing devices designed to
make the use of its software
easier for people working from
home. The first product com-
bines its video-call software
with a 27-inch touch screen,
featuring three wide-angle
cameras and an array of eight
microphones to provide clear
video and audio connections.
It is intended to give people a
kind of videoconferencing
setup that colleagues working
in offices enjoy, the company
said.
“Lots of people are sitting
at home on Zoom meetings
day-in and day-out. They’d
prefer not to use a laptop for
all these meetings,” Zoom
Chief Product Officer Oded Gal
said in an interview.
The device, made by a part-
ner company, is the first new
product that San Jose-based
Zoom has unveiled to try to le-
verage its sudden popularity.
In the past, Zoom was mainly
used for office-based video
meetings, but its use has sky-
rocketed in recent months for
THE WALL STREET JOURNAL.
WSJ.com/Tech
at 4G speeds. Its great gamble
was that if more Indians were
given a taste of what they
could do on the internet, then
subscriptions and usage would
take off. His affordable data
plans and phone have now
given Jio one of the world’s
fastest-growing captive audi-
ences, which it is trying to le-
verage to turn itself into a
one-stop shop for those com-
ing online for the first time.
Despite the surge in sub-
scriptions, there are still close
to half a billion Indians who
have yet to get online.
Alphabet has been one of
the first global tech companies
to see the opportunity for
growth from the less affluent
consumers in India and other
developing markets. Its “Next
DHIRAJ SINGH/BLOOMBERG NEWS
Billion User” initiative has
tried to make the internet
more accessible through mo-
bile phones using its Android
operating system.
It has tried to tweak its
sites, apps and services to be
easier to use by people who
have less expensive phones,
for example, or aren’t used to
using keyboards or English.
billion fund to invest in Indian is twice the number expected It has been so successful in
tech companies, partnerships to be added in China and the serving those new to the inter-
and infrastructure. The Jio U.S. combined. net in India that many now use
deal will be the first invest- Mr. Ambani’s Jio has led voice search in local language
ment from that fund. growth in India since it on YouTube as their main way
Many analysts and execu- launched in 2016. It built a na- to explore the online universe.
tives consider India one of the tionwide 4G network and at- “Our joint collaboration will
last great untapped digital tracted customers by basically focus on increasing access for
markets. While expansion in giving subscriptions away for hundreds of millions of Indians
most big markets has slowed, months to promote its service. who don’t currently own a
India will be adding around 171 When it did start charging, smartphone while improving
million new wireless internet it set some of the lowest rates the mobile experience for all,”
subscribers in the next five in the world, which have Sundar Pichai, CEO of Google
years, according to estimates stayed low—less than $3.50 a and Alphabet, said in a news
from GSMA Intelligence. That month for 1 GB of data a day release Wednesday.
Nissan shares jumped ahead of car agencies to pad sales. Af-
the unveiling of its new electric ter it pulled back on some ef-
vehicle. forts to lift volume, the com-
pany lost $6.2 billion in the
Nissan Motor Co. share price year ended in March.
The Ariya is unlikely to
turn around the business on
¥420
its own because electric vehi-
cles, despite the investor in-
terest, remain a fraction of
410 the total car market.
But Nissan hopes it will
KAZUHIRO NOGI/AGENCE FRANCE-PRESSE/GETTY IMAGES
lead a move into more attrac-
400 tive cars that the company
can sell for more money.
Nissan said the Ariya
390 would be the first model to
bear a new corporate logo
with a sleeker font.
380 It will have a range of be-
tween 280 miles and 380
miles, depending on the
370 equipment package.
With a high-speed charger,
July 2 July 15
the car could be recharged to
Note: ¥100 = 93 U.S. cents around 230 miles of range in
Source: FactSet 30 minutes, the company
said.
car: great acceleration, strong of cutting-edge vehicles, that Using Amazon.com Inc.’s
response, good handling,” image has taken a beating in Alexa voice-recognition soft-
said Nissan Chief Executive recent years with a lineup ware, Ariya drivers will be
Makoto Uchida. that was older than rivals. able to turn on their lights at
Although Nissan has tradi- The company relied heavily home before getting there,
tionally seen itself as a maker on low-profit sales to rental Nissan said.
both remote work and staying much larger rivals, including sales grew sharply to $328.2
in touch with friends and fam- Microsoft Corp. and Cisco million.
ily. The number of average Systems Inc. Microsoft has Chief Executive Eric Yuan
daily sessions soared to 300 been aggressively pushing its has said he wants to remain
million in April from 10 mil- Teams software and rolled out focused mostly on business
lion at the end of last year. features to match Zoom, in- users. When Zoom suffered
Although designed for cluding custom virtual back- criticism for its security and
home use, the new equipment grounds and allowing more safety lapses during the pan-
still targets principally busi- users to show up on screen at demic, Mr. Yuan told The Wall
ness customers, Mr. Gal said. once. Cisco already has its Street Journal “hopefully we
The first video screen the own suite of videoconferenc- can go back to business cus-
company is offering under the ing hardware, along with a tomers after this.”
arrangement comes with a service called Webex. Zoom won’t be building the
$599 price tag, which is likely home hardware, but is work-
too steep for the casual Zoom ing with third-party vendors.
user. It co-developed the first
Zoom first began work on
The company’s first screen with DTEN, a San Jose-
its home-office offering before videoconferencing based equipment company
the pandemic struck, in an ef- that makes the devices in
fort to satisfy requests from
setup comes with a China, Zoom said. Zoom’s own
many of its business custom- $599 price tag. ties to China have come under
ers. When the Covid-19 disease scrutiny over concern that
drove people to work from data may be shared with its
home, the company fast- government. The company has
tracked the project, seeing po- Earlier this month, Zoom said Beijing has never asked
tentially greater demand than launched a hardware-subscrip- for information on foreign us-
first expected, Mr. Gal said. It tion service to package third- ers.
briefly slowed work on the ef- party videoconferencing hard- The first Zoom for Home
fort as it focused on fixing ur- ware with its software— device, available next month,
gent security and safety flaws
that came to light with its
software amid its mass use
initially in the U.S. and later
overseas.
These initiatives still leave
is designed to sit on a desk
next to the user’s laptop. The
Zoom software that runs on
during the pandemic.
Mr. Gal said the new prod-
millions of people using Zoom
for free. Facilitating all its us-
the device will be integrated
into a user’s calendar, so they
uct could also help people to ers, including the millions who can pull up meetings as they
teach using Zoom at a time don’t pay, has come with a happen or take calls as they
when major school districts cost. Zoom’s cost of revenue— come in, not unlike a phone.
and universities are saying made up of what it spends to Additional equipment that is
they will engage in remote- run its own data centers and being developed by other part-
learning in the fall. pays to cloud providers like ners is in the pipeline, Mr. Gal
Zoom’s popularity during Amazon.com Inc. and Oracle said.
the pandemic has landed the Corp. for additional capacity— —For more WSJ Technology
nine-year old company in the surged more than fourfold analysis, reviews, advice and
middle of a heated corporate from a year earlier to $103.7 headlines, sign up for our
battle for customers among million in the last quarter as weekly newsletter.
THE WALL STREET JOURNAL. NY Thursday, July 16, 2020 | B5

BUSINESS NEWS

Some Order staffing levels. It adjusted its

policy on masks to require all
employees and contractors to

A Return to wear face coverings in com-

mon areas, when people
weren’t sitting at their desks

The Office or in meetings where social

distancing was inadequate.
Employees said some man-
agers have encouraged work-
Continued from page B1 ers not to criticize leadership
have a safe workplace which al- decisions.
lows us to continue with an es- “We are unaware of any
sential business for the nation,” such instructions or directives
he said. “The practices put in by individual managers,” Mr.
place at Phillips 66 demon- Nuss said. The company also
strate that it is possible to both “rejects any suggestion that
reopen many of our businesses Phillips 66 discourages the in-
while protecting the health and put of its employees, positive
safety of the workforce.” or negative,” he said.
As parts of the U.S. economy Since March, Mr. Nuss said,
attempt to reopen, companies the company’s emergency oper-
and institutions are taking vari- ations center has routinely eval-
ous approaches to getting peo- uated and adjusted its plans
ple back to work as coronavirus and protocols based on em-
infections surge across the U.S. ployee feedback and authori-

JEENAH MOON/BLOOMBERG NEWS

With more than 3.4 million con-
firmed cases nationwide and a
death toll topping 136,000, em-
ployers say they are operating
under unprecedented circum-
stances with no universal
guidelines, making it difficult to
balance workers’ safety and fi-
nancial exigencies after months
of inactivity. The result is a
segment of the workforce rang-
ing from baseball players to
bankers who say they feel un-
due pressure to report for duty.
Employees of Crédit Agri-
cole Group received an email
on June 8 from Marc-Andre
Poirier, senior regional officer
for the Americas at the finan-
cial firm’s corporate and in-
vestment-banking unit, saying
that all New York City employ-
ees would start returning to
the office in phases beginning
on June 15. Some would be told
to return full-time while others
would rotate in and out of the
office in assigned groups, ac-
cording to the email, which
was viewed by the Journal.
Employees with pre-exist-
ing medical conditions were
told to contact human re-
sources. One employee who
went through the bank’s pro-
cess of asking not to return to
the office due to an elevated
health risk was told the bank
saw no reason for him not to
return, according to an email
viewed by the Journal. If he
decided his health risk pre-
vented him from returning, he
was told, he could use vaca-
Crédit Agricole employees were told New York City employees would return to the office in phases. A city subway station in late June.
tion days, request unpaid time
off or apply for short-term
disability leave.
“There’s pressure for peo-
ple to go in,” said another em-
ployee. Aside from health
risks, the return process cre-
ated logistical challenges. Em-
ployees who were supposed to
return on June 15 were noti-
fied days before, leaving par-
ents with little time to arrange
for child care.
A document titled “Fre-
quently Asked Questions” at-
tached to Mr. Poirier’s June 8
email said that with respect to
child care, “It is each em-
ployee’s responsibility to
make sure he or she is able to
come back to work when re-
quired to do so.”
A Crédit Agricole spokes-
woman said the firm has made
every effort to protect its em-
ployees during the pandemic.
She said it is closely regulat-
ing the number of employees
in the office and conducting
health screenings by using
questionnaires and on-site
nurses. She added the firm
doesn’t comment on the pri-
vate health of its employees
but that it is complying with
all laws related to employee
health, privacy and safety.
Since Phillips 66 began call-
ing workers back to work,
Covid-19 cases in its home
state have surged. Texas has
reported a total 275,058 posi-
tive cases as of Tuesday, with
about 77% of those emerging
since the end of May, accord-
ing to the state’s health de-
partment. The state also hit a
record in new daily cases
Tuesday, with a single-day in-
crease of 10,745, the data show.
Several other large energy
companies in Houston, includ-
ing Chevron Corp., BP PLC,
Royal Dutch Shell PLC’s U.S.
subsidiary Shell Oil Co. and
Total SA, have kept most of
their employees working re-
motely throughout the pan-
demic, with some pulling
those who had returned to of-
fices back home as the fourth-
largest U.S. city became a cor-
onavirus hot spot.
Phillips 66’s Mr. Garland
said in the May video that em-
ployees had proved they could
work remotely, but staying
home until a vaccine was avail-
able wasn’t an option for the
economy, the energy industry
or the company. The effects of
the pandemic could cost the
company $3.2 billion in the
first half of the year, he said.
In addition, he said limiting
Employers say
they are operating
without universal
guidelines.
workers to teleconferences and
video meetings would make it
impossible to tap into the cre-
ativity and productivity gener-
ated by office encounters.
The company has had 39
cases of Covid-19 at its Hous-
ton headquarters so far, repre-
senting less than 2% of the
workforce there, according to
an internal dashboard viewed
by the Journal.
Mr. Nuss, the spokesman,
ties’ guidance. The company has
surveyed employees, who get
weekly updates from executives
through internal videos, pod-
casts and virtual meetings..
Employees who live with or
are themselves medically vul-
nerable can seek the company’s
high-risk designation to work
remotely, after submitting doc-
umentation from their health-
said Phillips 66 has monitored, care providers, in line with the
isolated or quarantined em- Americans With Disabilities Act,
ployees as necessary. As of Mr. Nuss said. Many employees
July 10, it hadn’t seen any evi- who have requested that status
dence of workplace spread were identified and have
“when employees adhere to worked from home, he said.
our protection practices,” and In internal communication
contact tracing shows most to employees on the com-
positive cases result from ex- pany’s pandemic pay policy,
posures outside the headquar- Phillips 66 said primary care-
ters office. None of the known givers of children attending
cases have resulted in hospi- closed schools or day care
talizations, he said. would be able to work re-
When its office reopened, motely for an additional work-
Phillips 66 didn’t require em- week to find alternate child
ployees to wear masks in sev- care following a business
eral common areas until late unit’s transition back to the
June, employees said. In mid- office. Employees unable to
June, when Harris County or- work remotely could take up
dered businesses to mandate to one week of paid time off to
face coverings, the firm said in find alternate child care.
an email viewed by the Journal Mr. Nuss said company offi-
that the order applied to busi- cials are reviewing the policy
nesses that provided goods and and “are mindful of the upcom-
services directly to the public, ing school year next month.”
which the company doesn’t do Texas education officials said
at its corporate headquarters. last week they plan for schools
When the county raised its to open, with opportunities for
coronavirus threat level to the some virtual instruction and
most severe near the end of the expectation that closures
the month, the company told could become necessary.
employees in an email it —Patrick Thomas
wouldn’t be changing its office contributed to this article.

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B6 | Thursday, July 16, 2020 THE WALL STREET JOURNAL.

STREETWISE | By James Mackintosh
Luck Is Key to Social Investing
Does ESG
investing
make money?
The trouble
with asking
about environ-
mental, social and governance
investing is that it isn’t a
thing that can be measured—
or rather, it is lots of things
all measured differently. That
hasn’t stopped the U.S. Labor
Department from proposing a
regulation to prevent pension
funds from using an ESG ap-
proach unless they expect it
to make more money.
The suggestion has fund
managers spluttering. Of
course ESG investing makes
money, they say. Investors
can have their cake and eat it
too. Reams of studies show
ESG outperforming tradi-
BUSINESS NEWS
Benettons Give Up
Highway Operator
just be coincidental and not
Two prominent MSCI environmental, social and governance
indexes beat the market this year, while a third has lagged
slightly behind.
Total return this year
related to the ESG assess-
ments in themselves.
Here is a way to think
In Pact on Bridge
about how different the differ- BY ERIC SYLVERS Prime Minister Giuseppe
iShares MSCI USA iShares ESG MSCI iShares ESG MSCI
ESG Select ETF USA ETF USA Leaders ETF
ent ESG scores are: A chair- Conte brokered a compromise
woman trying to find some- The Benetton family, one of that involves leaving Auto-
5% thing to boast about in her Italy’s most famous business strade as highway operator
0 company’s annual report need dynasties, bowed to political while pushing out the Benet-
–5 only split the E, S and G pressure to surrender its most tons as the major shareholder.
scores separately and look valuable asset, the company Autostrade has said it al-
–10
across the rating agencies, and that runs much of the country’s ways met its obligations to in-
–15 the business is bound to be highway network, as a belated vest in maintaining the road
–20 MSCI USA above average on something. consequence of the deadly col- network and that the bridge
–25 Florian Berg of MIT Sloan lapse of a bridge in Genoa in collapse wasn’t its fault. The
School of Management exam- 2018. Benetton family has said it had
–30 ined five scoring systems for The Benettons agreed to no direct control over how Au-
–35 924 companies and found cede control of toll-road opera- tostrade is run and shouldn’t be
J F M A M J J that only 35 of them were be- tor Autostrade per l’Italia SpA blamed for the tragedy.
low median on each of the E, to a government-owned bank. Shares in the family-con-
ESG beats market, at least as Or ESG lags market, as
S and G scores from all five Autostrade must also pay €3.4 trolled holding company, Atlan-
measured by S&P measured by FTSE Russell
rating agencies in 2017. Prizes billion ($3.9 billion), which in- tia SpA, which is publicly
Total return this year Total return this year for everyone! cludes funds to compensate listed, rose 27% on Wednesday
S&P 500 S&P 500 ESG Russell 1000 Russell 1000 victims of the Genoa disaster as the deal with the govern-
ESG

tional approaches.
The trouble is that reams
of other studies show ESG un-
derperforming. The reason is
simple: There is no one thing
that is ESG investing, but a
variety of approaches all us-
ing the same name.
Narrow down the question
of ESG performance to just
the pandemic period and it is
clear that there is no consis-
tent answer to the question
of whether ESG has outper-
formed.
P
ART of the confusion is and covers the cost of the re- ment lifted the specter of the
5% 5%
because the ratings placement bridge that is sched- heavily indebted Autostrade
0 0 have different aims: uled to open in early August. having its license revoked and
–5 –5 Some aim to measure only is- The government expects the potentially falling into bank-
–10 –10 sues that are material for the Benettons’ family-controlled ruptcy.
stock, while others are de- holding company, which owns The Benettons are known for
–15 –15 signed to measure the com- 88% of Autostrade, will exit their clothing business, but di-
–20 –20 pany’s behavior without con- from the business entirely. versified into other sectors in-
–25 –25 sidering whether the issues The agreement ends a stand- cluding infrastructure as their
–30 –30
matter financially. The latter off that began when the Mo- namesake apparel brand de-
are designed to be used by in- randi Bridge in the port city of clined. The clothing company
–35 –35 vestors trying to change the Genoa collapsed in August has fallen on hard times as it
J F M A M J J J F M A M J J world, the former by those 2018, killing 43 people. The struggles to carve out space be-
Note: Through Monday who prioritize making money. bridge, built in the 1960s, was tween fast-fashion behemoth
Sources: Refinitiv (MSCI, Russell 1000); S&P Dow Jones Indices (S&P 500); The government’s proposed under management by Auto- Zara and more high-end Italian
FTSE Russell (Russell 1000 ESG) new rule would allow pension strade. The decay of steel ca- labels such as Armani. But in-

E
VEN from a single index
provider you can get
different results. MSCI’s
USA Extended ESG Focus in-
dex, which aims to minimize
divergence from the wider
market, beat MSCI USA—its
equivalent to the S&P 500—
both for the year so far and
since stocks peaked on Feb.
19. But the MSCI USA ESG
Leaders index is slightly be-
hind for the year and has
fallen more than a percentage
point more than the ordinary
index since the February top.
Use S&P or FTSE Russell
indexes and you get different
answers, too. The ESG version
of the S&P 500 handily beat
the benchmark this year; the
Russell 1000 ESG index fell
more than the ordinary index.
Even where an ESG index
did beat the market, it had
little to do with environmen-
tal, social or governance is-
sues. Instead, it came down to
luck: Did they happen to pick
the stocks that best rode out
coronavirus lockdowns? It is
better to be lucky than right.
But having, as some did, less
exposure to cruise liners or
long-haul airlines because of
their carbon footprint was
luck, not a well-thought-out
way to avoid the stocks hurt
most by Covid-19. There are
several reasons Microsoft
tends to score well on ESG,
but its cloud services being in
demand because everyone is
working from home isn’t
among them.
“When there’s a macro
event it’s hard to claim that
company A was better posi-
tioned than company B be-
cause they had a better ESG
score,” said David Barron, head
of index equity and smart beta
at Legal & General Investment
Management, which runs its
own ESG scores.
The same problems bedevil
any effort to decide whether
paying attention to ESG
boosts long-run returns. The
ESG measures are so different
that one of them is almost
bound to be outperforming
over any given period. There
is almost certainly another
that is underperforming. And
both the outperformance and
the underperformance may
funds to use ESG to try to
make money, although extra
regulatory hurdles might still
make ESG-based investing un-
attractive.
Even here the question of
outperformance may be moot.
That much in ESG is finan-
cially material, whether in-
volving governance, pollution
or labor relations, doesn’t
mean that a focus on it will
necessarily make money.
When ESG issues are rele-
vant they should be factored
in to a stock price, for good
or bad. The trick, as so often
in investing, is to spot when
the price isn’t properly re-
flecting reality.
ESG scores can be no more
than a starting point in that
search.
bles that held up a 700-foot
section of the bridge probably
led to its collapse, according to
civil engineers. Prosecutors are
still investigating to firmly es-
tablish the cause and who was
to blame.
Italian populist parties in-
cluding the 5 Star Movement,
which is part of the current
Italian government, have de-
manded for two years that Au-
tostrade be stripped of its li-
cense to manage the country’s
lucrative highway system.
But Italy’s finance ministry,
controlled by the centrist Dem-
ocratic Party, warned that re-
voking a major public contract
without proof of culpability
could land the government in a
court battle ending in a hefty
compensation bill.
vestments in Autostrade and
other businesses via the Atlan-
tia holding company have
helped make the Benettons one
of Europe’s richest business dy-
nasties. The family’s growing
reliance on government con-
tracts and perceived closeness
to Italy’s political establishment
have made them targets for an-
tiestablishment parties. Both
the governing 5 Star and the
nationalist League, Italy’s big-
gest opposition party, have ac-
cused the Benettons of milking
public-sector contracts for
profit while investing too little.
The Benettons have said Auto-
strade took part in public ten-
ders, along with other compa-
nies, that outlined how much
would have to be spent on road
maintenance.

F OR

Y
E D

R
I R

E
W

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W S

CO
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ID S

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THE WALL STREET JOURNAL. Thursday, July 16, 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
26870.10 s 227.51, or 0.85% Trailing P/E ratio 23.46 18.63 3226.56 s 29.04, or 0.91% Trailing P/E ratio * 27.95 23.30 10550.49 s 61.91, or 0.59% Trailing P/E ratio *† 34.05 25.25
High, low, open and close for each P/E estimate * 23.78 16.87 High, low, open and close for each P/E estimate * 25.14 18.05 High, low, open and close for each P/E estimate *† 31.55 21.99
trading day of the past three months. Dividend yield 2.42 2.18 trading day of the past three months. Dividend yield * 1.94 1.88 trading day of the past three months. Dividend yield *† 0.82 1.02
All-time high 29551.42, 02/12/20 All-time high 3386.15, 02/19/20 All-time high: 10617.44, 07/10/20

Current divisor 0.14579812049809

28000 3350 10600

26500 3200 10000

65-day moving average

25000 3050 9400

23500 2900 8800

Session high
DOWN UP
t

Session open Close 22000 2750 8200

Close Open 65-day moving average
t

65-day moving average

20500 2600 7600
Session low
Bars measure the point change from session's open
19000 2450 7000
Apr. May June July Apr. May June July Apr. May June July
*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* 950,756,231 26,019,253
Industrial Average 27071.33 26692.48 26870.10 227.51 0.85 29551.42 18591.93 -1.3 -5.8 7.5 share price of $2 and minimum after-hours volume of 50,000 shares. Adv. volume* 823,083,159 20,544,450
Transportation Avg 9778.12 9545.57 9737.44 272.20 2.88 11304.97 6703.63 -6.4 -10.7 -0.02 Most-active issues in late trading Decl. volume* 121,110,564 4,561,908
Utility Average 813.11 795.28 796.47 -3.44 -0.43 960.89 610.89 -3.4 -9.4 4.0 Volume After Hours Issues traded 3,064 270
Company Symbol (000) Last Net chg % chg High Low
Total Stock Market 32958.84 32572.16 32874.73 383.33 1.18 34631.28 22462.76 7.3 -0.5 8.9 Advances 2,536 189
Caesars Entertainment CZR 8,667.4 12.46 -0.01 -0.08 12.50 12.35
Barron's 400 691.32 681.43 689.35 16.43 2.44 746.64 455.11 0.5 -5.9 1.7 Declines 466 76
SPDR S&P 500 SPY 7,889.8 322.70 0.85 0.26 322.70 321.62
Unchanged 62 5
Nasdaq Stock Market American Airlines Group AAL 4,576.3 13.09 -0.35 -2.60 13.78 12.90 New highs 99 5
Nasdaq Composite 10604.67 10420.54 10550.49 61.91 0.59 10617.44 6860.67 28.9 17.6 18.7 iBio IBIO 4,444.6 3.25 -0.08 -2.40 3.68 3.10 New lows 4 0
Nasdaq 100 10780.40 10570.96 10701.68 12.16 0.11 10836.33 6994.29 35.7 22.5 22.4 iShares MSCI Emg Markets EEM 4,336.3 43.30 0.16 0.37 43.35 43.11 Closing Arms† 0.78 0.60
Zynga ZNGA 3,931.0 9.51 0.04 0.42 9.56 9.47 Block trades* 5,468 211
S&P
VanEck Vectors Gold Miner GDX 3,552.1 38.66 -0.01 -0.03 38.74 38.62
500 Index 3238.28 3200.76 3226.56 29.04 0.91 3386.15 2237.40 8.1 -0.1 9.5 Nasdaq NYSE Arca
Invesco QQQ Trust I QQQ 2,441.5 261.00 0.10 0.04 261.00 260.59
MidCap 400 1841.43 1810.16 1836.30 53.66 3.01 2106.12 1218.55 -5.2 -11.0 1.3 Total volume*4,593,669,878 302,403,569
SmallCap 600 857.53 837.67 853.10 30.11 3.66 1041.03 595.67 -9.3 -16.5 -0.4 Percentage gainers… Adv. volume*3,600,400,501 228,024,939
Dell Techs Cl C DELL 549.9 56.85 4.17 7.92 57.40 52.68 Decl. volume* 969,524,305 72,488,246
Other Indexes
FireEye FEYE 332.5 13.17 0.83 6.73 13.49 12.20 Issues traded 3,426 1,417
Russell 2000 1485.05 1432.50 1478.27 50.01 3.50 1705.22 991.16 -4.7 -11.4 1.1
Advances 2,718 1,155
NYSE Composite 12419.80 12309.26 12391.32 187.11 1.53 14183.20 8777.38 -5.6 -10.9 1.4 Alcoa AA 1,081.8 13.45 0.76 5.99 14.05 12.65
Declines 632 246
Value Line 457.84 442.27 456.32 14.05 3.18 562.05 305.71 -14.2 -17.4 -4.7 RTI Surgical RTIX 209.1 4.00 0.20 5.26 4.48 3.80
Unchanged 76 16
NYSE Arca Biotech 6021.20 5912.16 6002.80 118.37 2.01 6002.80 3855.67 28.0 18.5 15.4
AG Mortgage Invt Trust MITT 99.7 3.66 0.17 4.87 3.70 3.50
New highs 106 64
NYSE Arca Pharma 666.14 653.17 664.99 11.82 1.81 670.32 494.36 14.0 1.7 7.5 ...And losers New lows 8 18
KBW Bank 75.49 73.69 75.15 2.33 3.20 114.12 56.19 -22.9 -33.7 -7.9 Tricida TCDA 102.1 16.50 -9.70 -37.02 26.20 15.45 Closing Arms† 1.16 1.82
PHLX§ Gold/Silver 138.07 134.38 137.93 0.86 0.63 137.93 70.12 54.5 29.0 19.5 CLPS CLPS 72.1 2.80 -0.52 -15.66 3.65 2.58 Block trades* 23,443 1,514
PHLX§ Oil Service 34.56 33.32 34.32 1.52 4.64 80.99 21.47 -54.8 -56.2 -36.6 Colony Capital CLNY 154.2 2.20 -0.17 -7.17 2.37 2.20 * Primary market NYSE, NYSE American NYSE Arca only.
PHLX§ Semiconductor 2077.51 2033.23 2064.17 -5.62 -0.27 2076.72 1286.84 37.3 11.6 23.2 Cytokinetics CYTK 289.9 27.55 -1.41 -4.87 28.96 26.68 †(TRIN) A comparison of the number of advancing and declining
issues with the volume of shares rising and falling. An
Cboe Volatility 30.09 27.17 27.76 -1.76 -5.96 82.69 11.54 98.7 101.5 42.9 ON Semiconductor ON 576.3 20.57 -0.96 -4.46 21.59 20.25 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 2961.77 39.59 1.35 –8.9 Genetic Technologies ADR GENE 5.67 3.41 150.88 10.30 1.41 119.8 Perceptron PRCP 4.74 -1.76 -27.08 7.29 2.34 26.4
DJ Global Index 418.98 5.19 1.25 –3.5 China Finance Online ADR JRJC 14.13 6.82 93.30 31.40 3.65 68.9 nCino NCNO 72.34 -19.25 -21.02 91.88 68.56 ...
DJ Global ex U.S. 244.27 3.53 1.47 –7.3 WISeKey Intl Hldg ADR WKEY 9.54 3.55 59.13 22.27 3.90 -37.4 Rigel Pharmaceuticals RIGL 3.28 -0.85 -20.48 5.24 1.23 31.7
Americas DJ Americas 750.73 8.39 1.13 –1.3 CLPS CLPS 3.32 1.17 54.42 8.86 1.62 -36.3 Caladrius Biosciences CLBS 2.48 -0.52 -17.33 3.64 1.05 -15.1
Brazil Sao Paulo Bovespa 101790.54 1350.31 1.34 –12.0 iBio IBIO 3.33 1.01 43.53 3.98 0.05 365.1 INmune Bio INMB 13.05 -2.70 -17.14 24.42 2.20 43.6
Canada S&P/TSX Comp 16063.33 154.88 0.97 –5.9 Taiwan Liposome ADR TLC 8.50 2.27 36.44 12.65 2.48 63.5 Sorrento Therapeutics SRNE 6.58 -1.36 -17.13 10.00 1.39 163.2
Mexico S&P/BMV IPC 36590.26 399.35 1.10 –16.0 Bloom Energy BE 17.65 4.56 34.84 18.26 2.44 52.2 Sphere 3D ANY 3.90 -0.75 -16.13 5.55 0.33 169.0
Chile Santiago IPSA 2787.60 –96.07 –3.33 –16.4 PDS Biotechnology PDSB 2.72 0.68 33.33 6.71 0.62 -56.0 Vaxart VXRT 14.49 -2.48 -14.61 17.49 0.25 1940.8
1.76 Leju Holdings ADR LEJU 3.28 0.68 26.15 4.81 1.03 173.3 Zynex ZYXI 22.48 -3.75 -14.28 29.73 7.22 200.9
EMEA Stoxx Europe 600 373.87 6.47 –10.1
1.57 EDAP TMS ADR EDAP 2.93 0.57 24.15 5.39 1.46 10.2 Direxion Hi Beta Bear 3X HIBS 6.31 -0.95 -13.09 71.87 4.80 ...
Eurozone Euro Stoxx 367.46 5.67 –9.0
Belgium Bel-20 3500.87 43.10 1.25 –11.5 Equillium EQ 17.33 3.35 23.96 27.05 2.20 215.1 Future FinTech Group FTFT 2.68 -0.40 -12.99 3.45 0.42 127.1
Denmark OMX Copenhagen 20 1308.90 28.39 2.22 15.2 Mercurity Fintech ADR MFH 2.84 0.54 23.48 5.20 1.00 15.4 Cleveland BioLabs CBLI 2.85 -0.42 -12.84 5.00 0.50 88.7
France CAC 40 5108.98 101.52 2.03 –14.5 Mitcham Industries MIND 2.74 0.51 22.87 4.42 0.70 -37.6 Qumu QUMU 4.54 -0.61 -11.84 5.50 1.25 14.4
Germany DAX 12930.98 233.62 1.84 –2.4 Royal Caribbean Cruises RCL 58.36 10.21 21.20 135.32 19.25 -47.8 AquaBounty Technologies AQB 3.86 -0.50 -11.47 4.55 1.52 9.7
2.46 –16.8 Norwegian Cruise Line NCLH 18.50 3.17 20.68 59.78 7.03 -62.6 RAPT Therapeutics RAPT 27.01 -3.41 -11.21 51.21 10.52 ...
Israel Tel Aviv 1400.30 33.65
Italy FTSE MIB 20281.38 401.63 2.02 –13.7
Netherlands AEX 577.56 5.05 0.88 –4.5
Most Active Stocks Volume Movers Ranked by change from 65-day average*
Russia RTS Index 1219.26 2.47 0.20 –21.3 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 55947.05 415.99 0.75 –2.0
Spain IBEX 35 7487.60 135.60 1.84 –21.6 Genetic Technologies ADR GENE 373,445 24979.1 5.67 150.88 10.30 1.41 China Finance Online ADR JRJC 26,618 28936 14.13 93.30 31.40 3.65
Sweden OMX Stockholm 688.41 11.95 1.77 1.1 American Airlines Group AAL 132,138 35.9 13.44 16.16 34.99 8.25 Taiwan Liposome ADR TLC 1,339 19391 8.50 36.44 12.65 2.48
Switzerland Swiss Market 10460.01 200.51 1.95 –1.5 NIO ADR NIO 113,826 22.5 13.52 -4.05 16.44 1.19 WISeKey Intl Hldg ADR WKEY 2,437 18119 9.54 59.13 22.27 3.90
Closed ProSh UltraPro Shrt QQQ SQQQ 104,797 39.7 6.38 -0.62 39.29 5.78 Fortress Value Acqn Cl A FVAC 6,843 6968 10.99 9.90 11.99 9.78
Turkey BIST 100 117741.10 … 2.9
1.83 –16.6
Ford Motor F 101,494 14.3 6.74 5.97 10.50 3.96 WBI BullBear Trd US TR WBIN 84 1546 16.74 0.72 20.66 14.41
U.K. FTSE 100 6292.65 112.90
U.K. FTSE 250 17420.55 245.86 1.43 –20.4 iBio IBIO 94,849 526.2 3.33 43.53 3.98 0.05 Postal Realty Trust Cl A PSTL 199 1426 13.41 -7.56 19.48 10.84
Finl Select Sector SPDR XLF 90,510 17.5 24.15 1.98 31.38 17.49 Sierra Oncology SRRA 335 1392 12.01 10.18 24.20 8.55
Asia-Pacific
Moderna MRNA 90,426 310.3 80.22 6.90 88.37 11.54 Merida Merger Corp. I MCMJ 492 1354 9.93 0.20 10.28 7.72
Australia S&P/ASX 200 6052.90 111.82 1.88 –9.4
General Electric GE 89,606 -20.1 7.14 3.78 13.26 5.48 Churchill Cap III Cl A CCXX 9,361 1189 11.35 1.89 12.93 9.66
China Shanghai Composite 3361.30 –53.31 –1.56 10.2
SPDR S&P 500 SPY 86,732 -13.7 321.85 0.92 339.08 218.26 Goldman Sachs Human GDNA 66 1126 63.88 2.72 64.08 41.71
Hong Kong Hang Seng 25481.58 3.69 0.01 –9.6
* Volumes of 100,000 shares or more are rounded to the nearest thousand * Common stocks priced at $2 a share or more with an average volume over 65 trading days of at least
India S&P BSE Sensex 36051.81 18.75 0.05 –12.6 5,000 shares =Has traded fewer than 65 days
Japan Nikkei Stock Avg 22945.50 358.49 1.59 –3.0
Singapore Straits Times 2648.90 28.72 1.10 –17.8 Track the Markets
South Korea Kospi 2201.88 18.27 0.84 0.2 Compare the performance of selected CURRENCIES & COMMODITIES
Taiwan TAIEX 12202.85 –6.16 –0.05 1.7 global stock indexes, bond ETFs,
Thailand SET 1354.31 13.24 0.99 –14.3
currencies and commodities at Currencies
WSJ.com/TrackTheMarkets
Sources: FactSet; Dow Jones Market Data
U.S.-dollar foreign-exchange rates in late New York trading
US$vs, US$vs,
Wed YTDchg Wed YTDchg
CREDIT MARKETS Country/currency in US$ per US$ (%) Country/currency
Vietnam dong
in US$ per US$ (%)
.00004313 23184 0.05
Americas
Argentina peso .0140 71.3080 19.1 Europe
Consumer Rates and Returns to Investor Benchmark
Treasury Yields
yield curve Forex Race Brazil real .1860 5.3755 33.7 Czech Rep. koruna .04278 23.378 3.1

U.S. consumer rates Selected rates and

Yield toRates
maturity of current bills, Yen, euro vs. dollar; dollar vs. Canada dollar
Chile peso
.7402 1.3511
.001277 783.00
4.0
5.9
Denmark krone
Euro area euro
.1533 6.5251
1.1412 .8763
–2.1
–1.7
notes and bonds major U.S. trading partners .000276 3623.85 Hungary forint .003228 309.81
Money market accounts Colombiapeso 10.4 4.9
A consumer rate against its
Ecuador US dollar 1 1 unch Iceland krona .007132 140.21 15.8
benchmark over the past year 4.00% Mexico peso .0448 22.3298 18.0 Norway krone .1078 9.2746 5.6
Bankrate.com avg†: 0.26% 8%
Uruguay peso .02281 43.8350 18.0 Poland zloty .2548 3.9245 3.5
s

Synchrony Bank 1.05% WSJ Dollar index

Federal-funds Asia-Pacific Russia ruble .01410 70.929 14.3
2.00% 3.00 4 Yen
s

Draper, UT 800-677-0718 Sweden krona .1103 9.0695 –3.2

target rate One year ago Australian dollar .7009 1.4267 0.1
t ableBanking,adivisionofNortheastBank 1.05% t Switzerland franc 1.0586 .9446 –2.4
1.50 2.00 China yuan .1431 6.9889 0.4
0 Turkey lira .1458 6.8573 15.3
Lewiston, ME 877-505-1933 Hong Kong dollar .1290 7.7527 –0.5
Money market Ukraine hryvnia .0367 27.2500 15.1
India rupee .01331 75.125 5.3
account yields 1.00 Marcus by Goldman Sachs 1.05% Tradeweb ICE 1.00 –4 UK pound 1.2588 .7944 5.3
s Indonesia rupiah .0000685 14588 5.1
t New York, NY 855-730-7283 Wednesday Close t Middle East/Africa
Euro Japan yen .009351 106.94 –1.6
0.50 CFG Community Bank 1.06% 0.00 –8 Kazakhstan tenge .002422 412.96 8.2 Bahrain dinar 2.6522 .3771 ...
Baltimore, MD 888-205-8388 1 3 6 1 2 3 5 7 10 20 30 Macau pataca .1252 7.9900 –0.3 Egypt pound .0626 15.9673 –0.5
0.00 2019 2020 Malaysia ringgit .2346 4.2625 4.2 Israel shekel .2918 3.4272 –0.8
Vio Bank 1.11% month(s) years
A S O N D J FMAM J J New Zealand dollar .6572 1.5216 2.4 Kuwait dinar 3.2548 .3072 1.4
Oklahoma City, OK 888-999-9170 maturity Pakistan rupee .00598 167.125 7.8 Oman sul rial 2.5974 .3850 unch
2019 2020
Sources: Tradeweb ICE U.S. Treasury Close; Tullett Prebon; Dow Jones Market Data Philippines peso .0202 49.456 –2.5 Qatar rial .2747 3.641 –0.1
Yield/Rate (%) 52-Week Range (%) 3-yr chg Singapore dollar .7197 1.3895 3.2 Saudi Arabia riyal .2666 3.7507 –0.02
Interest rate Last (l)Week ago Low 0 2 4 6 8 High (pct pts)
Corporate Borrowing Rates and Yields South Korea won .0008326 1201.00 4.0 South Africa rand .0603 16.5897 18.5
Federal-funds rate target 0.00-0.25 0.00-0.25 0.00 l 2.50 -1.00 Sri Lanka rupee .0053821 185.80 2.5
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 .03171 31.540 6.0 WSJ Dollar Index 90.57 –0.22–0.24 1.12
Libor, 3-month 0.27 0.27 0.27 l 2.30 -1.03
U.S. Treasury, Barclays 2485.670 0.480 0.490 2.020 0.470 11.37 5.73 Sources: Tullett Prebon, Dow Jones Market Data
Money market, annual yield 0.26 0.27 0.26 l 0.78 -0.07
1.240 29.05 13.00
Five-year CD, annual yield 0.69 0.72 0.69 l 1.97 -0.75 U.S. Treasury Long, Barclays 4945.370 1.290 2.540 0.980
Commodities
30-year mortgage, fixed† 3.15 3.22 3.15 l 4.22 -0.81 Aggregate, Barclays 2277.470 1.180 1.210 2.550 1.170 9.76 5.53 Wednesday 52-Week YTD
Pricing trends on someClose
raw materials, or commodities
Net chg % Chg High Low % Chg % chg
15-year mortgage, fixed† 2.72 2.76 2.71 l 3.57 -0.46 Fixed-Rate MBS, Barclays 2224.560 1.250 1.270 2.710 0.930 5.69 3.94
Jumbo mortgages, $484,350-plus† 3.19 3.26 3.18 l 4.71 -1.15 DJ Commodity 581.48 4.52 0.78 647.86 433.70 -5.66 -9.47
High Yield 100, ICE BofA 3059.185 5.123 5.540 10.740 4.516 –0.619 2.767
Five-year adj mortgage (ARM)† 3.07 3.13 3.07 l 4.78 -0.30 TR/CC CRB Index 141.22 1.23 0.88 187.39 106.29 -21.29 -23.99
Muni Master, ICE BofA 585.119 1.078 1.171 3.441 0.959 5.109 4.235 Crude oil, $ per barrel 41.20 0.91 2.26 63.27 -37.63 -27.44 -32.53
New-car loan, 48-month 4.26 4.29 4.17 l 4.69 1.17
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 876.514 5.006 5.011 7.480 4.523 2.326 3.690 Natural gas, $/MMBtu 1.778 0.032 1.83 2.862 1.482 -22.83 -18.78
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. 1811.40 0.80 0.04 1815.50 1413.90 27.45 19.21

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B8 | Thursday, July 16, 2020 THE WALL STREET JOURNAL.

COMMODITIES wsj.com/market-data/commodities

Futures Contracts Open

Contract
High hilo Low Settle Chg
Open
interest
Cash Prices Wednesday, July 15, 2020
Metal & Petroleum Futures Sept 98.00 98.15 96.30 97.20 –.75 103,141 These prices reflect buying and selling of a variety of actual or “physical” commodities in the marketplace—
Contract Open
Sugar-World (ICE-US)-112,000 lbs.; cents per lb. separate from the futures price on an exchange, which reflects what the commodity might be worth in future
Oct 11.38 11.90 11.36 11.82 .50 392,771 months.
Open High hi lo Low Settle Chg interest
March'21 12.09 12.58 12.09 12.50 .45 220,098
Copper-High (CMX)-25,000 lbs.; $ per lb. Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb. Wednesday Wednesday Wednesday
July 2.9280 2.9300 2.8600 2.8705 –0.0455 2,773 Aluminum, LME, $ per metric ton *1640.0 Wheat,No.1soft white,Portld,OR-u 5.8150
Sept 26.60 26.60 26.60 26.67 .42 1,736 Energy
Sept 2.9390 2.9760 2.8730 2.8850 –0.0475 115,968
Nov 26.60 26.75 26.60 26.75 .25 2,577 Copper,Comex spot 2.8705
Gold (CMX)-100 troy oz.; $ per troy oz. 50.750 112.7 Food
July 1806.10 1813.50 s 1806.10 1811.40 0.80 323
Cotton (ICE-US)-50,000 lbs.; cents per lb. Coal,C.Aplc.,12500Btu,1.2SO2-r,w Iron Ore, 62% Fe CFR China-s
Aug 1811.10 1819.50 1804.00 1813.80 0.40 304,511 Oct 63.22 63.31 62.60 62.59 –.10 152 Coal,PwdrRvrBsn,8800Btu,0.8SO2-r,w 12.000 Shredded Scrap, US Midwest-s,m 234
Dec 62.63 63.15 62.00 62.13 –.50 120,338 Steel, HRC USA, FOB Midwest Mill-s 460 Beef,carcass equiv. index
Oct 1824.10 1830.80 1816.50 1826.10 0.60 37,733 Metals
Dec 1839.70 1847.20 1831.90 1841.60 0.10 186,579 Orange Juice (ICE-US)-15,000 lbs.; cents per lb. choice 1-3,600-900 lbs.-u 168.48
Sept 125.90 127.30 124.25 124.80 –1.75 7,618 Fibers and Textiles select 1-3,600-900 lbs.-u 158.45
Feb'21 1851.20 1856.00 1842.00 1850.60 –0.10 25,632 Gold, per troy oz
April 1860.90 1860.90 1851.20 1856.70 –0.20 7,438 Nov 127.25 128.50 125.55 126.30 –1.25 1,690 Burlap,10-oz,40-inch NY yd-n,w 0.5850 Broilers, National comp wtd. avg.-u,w 0.7534
Engelhard industrial 1805.00
Palladium (NYM) - 50 troy oz.; $ per troy oz. Cotton,1 1/16 std lw-mdMphs-u 0.5959 Butter,AA Chicago 1.6925
Handy & Harman base 1804.60
July ... ... s ... 1988.50 24.40 2 Interest Rate Futures Cotlook 'A' Index-t *69.15 Cheddar cheese,bbl,Chicago 242.00
Sept 1982.40 2014.60 1975.30 2010.00 24.40 7,373 Handy & Harman fabricated 2003.11
Ultra Treasury Bonds (CBT) - $100,000; pts 32nds of 100% Hides,hvy native steers piece fob-u 25.000 Cheddar cheese,blk,Chicago 280.00
Dec 1989.00 1996.10 1989.00 2007.00 24.40 727 LBMA Gold Price AM *1798.20
Sept 222-010 222-240 220-140 221-200 –1-09.0 1,041,851 Wool,64s,staple,Terr del-u,w n.a. Milk,Nonfat dry,Chicago lb. 101.00
March'21 ... ... ... 2005.00 24.40 1 LBMA Gold Price PM *1801.90
Treasury Bonds (CBT)-$100,000; pts 32nds of 100% Coffee,Brazilian,Comp 0.9189
June ... ... ... 1996.60 24.40 1 Krugerrand,wholesale-e 1885.31 Grains and Feeds
Platinum (NYM)-50 troy oz.; $ per troy oz. Sept 179-240 180-060 179-030 179-230 –18.0 1,044,407 Coffee,Colombian, NY 1.4750
Dec 178-280 178-100 177-230 178-020 –18.0 6 Maple Leaf-e 1903.44
July 834.30 838.70 832.00 835.00 6.80 720 Barley,top-quality Mnpls-u n.a. Eggs,large white,Chicago-u 0.8050
Treasury Notes (CBT)-$100,000; pts 32nds of 100% American Eagle-e 1903.44
Oct 841.90 852.80 835.00 843.20 6.40 44,584 Bran,wheat middlings, KC-u 75 Flour,hard winter KC 14.25
Sept 139-065 139-140 139-035 139-110 –2.5 3,420,193 Mexican peso-e 2193.69
Silver (CMX)-5,000 troy oz.; $ per troy oz. Corn,No. 2 yellow,Cent IL-bp,u 3.1350 Hams,17-20 lbs,Mid-US fob-u 0.52
19.600 19.715 s 19.485 19.685 0.234 2,418
Dec 139-080 139-105 139-040 139-080 –2.5 382 Austria crown-e 1779.91
July
5 Yr. Treasury Notes (CBT)-$100,000; pts 32nds of 100% Corn gluten feed,Midwest-u,w 102.3 Hogs,Iowa-So. Minnesota-u 46.98
Sept 19.645 19.815 19.525 19.761 0.231 140,245 Austria phil-e 1903.44
Sept 125-217 125-255 125-207 125-242 –.5 3,474,830 Corn gluten meal,Midwest-u,w 399.3 Pork bellies,12-14 lb MidUS-u 1.1020
Crude Oil, Light Sweet (NYM)-1,000 bbls.; $ per bbl. Silver, troy oz. Pork loins,13-19 lb MidUS-u 0.8087
Dec 125-265 125-287 125-252 125-282 –.7 407 Cottonseed meal-u,w 245
Aug 40.55 41.26 40.08 41.20 0.91 128,484 Engelhard industrial 19.2500
2 Yr. Treasury Notes (CBT)-$200,000; pts 32nds of 100% Hominy feed,Cent IL-u,w 98 Steers,Tex.-Okla. Choice-u 95.00
Sept 40.79 41.46 40.32 41.40 0.85 439,498 Handy & Harman base 19.3130
Oct 40.97 41.61 40.51 41.57 0.84 186,093
Sept 110-124 110-132 110-122 110-130 … 2,096,189 Meat-bonemeal,50% pro Mnpls-u,w 163 Steers,feeder,Okla. City-u,w 149.25
Dec 110-099 110-114 110-099 110-130 … 1 Handy & Harman fabricated 24.1410
Dec 41.25 41.83 40.81 41.80 0.78 248,753 Oats,No.2 milling,Mnpls-u 3.3575 Fats and Oils
42.19 42.52 41.66 42.50 0.56 140,806
30 Day Federal Funds (CBT)-$5,000,000; 100 - daily avg. LBMA spot price *£15.0900
June'21
July 99.9100 99.9125 99.9075 99.9100 .0000 202,348
Rice, Long Grain Milled, No. 2 AR-u,w 30.00
Dec 42.84 43.03 42.27 43.00 0.41 152,153 (U.S.$ equivalent) *18.8950 Corn oil,crude wet/dry mill wtd. avg.-u,w 46.5000
Oct 99.9450 99.9450 99.9400 99.9450 .0050 237,911 Sorghum,(Milo) No.2 Gulf-u 8.1525
NY Harbor ULSD (NYM)-42,000 gal.; $ per gal. Coins,wholesale $1,000 face-a 17423 Grease,choice white,Chicago-h 0.2100
10 Yr. Del. Int. Rate Swaps (CBT)-$100,000; pts 32nds of 100% SoybeanMeal,Cent IL,rail,ton48%-u 286.30
Aug 1.2168 1.2485 1.2090 1.2448 .0240 55,303 Other metals
Sept 101-010 101-135 101-000 101-075 –7.5 69,646 Soybeans,No.1 yllw IL-bp,u 8.6950 Lard,Chicago-u n.a.
Sept 1.2357 1.2605 1.2244 1.2575 .0216 65,702
Eurodollar (CME)-$1,000,000; pts of 100% LBMA Platinum Price PM *823.0 Wheat,Spring14%-pro Mnpls-u 6.4775 Soybean oil,crude;Centl IL-u 0.2793
Gasoline-NY RBOB (NYM)-42,000 gal.; $ per gal.
Aug 1.2573 1.2771 1.2448 1.2645 .0171 67,476
Aug 99.7375 99.7425 99.7375 99.7375 –.0050 203,017 Platinum,Engelhard industrial 836.0 Wheat,No.2 soft red,St.Louis-bp,u 5.6250 Tallow,bleach;Chicago-h 0.2250
Sept 99.7350 99.7450 99.7350 99.7400 –.0050 1,517,387 Palladium,Engelhard industrial 1967.0 Wheat - Hard - KC (USDA) $ per bu-u 4.7950 Tallow,edible,Chicago-u 0.4200
Sept 1.2339 1.2522 1.2243 1.2428 .0166 92,489
Dec 99.6900 99.6950 99.6850 99.6950 –.0050 1,056,315
Natural Gas (NYM)-10,000 MMBtu.; $ per MMBtu.
March'21 99.7850 99.7950 99.7800 99.7900 –.0050 942,739
Aug 1.743 1.792 1.728 1.778 .032 157,489
Sept 1.787 1.831 1.769 1.818 .031 259,842 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;
Oct 1.891 1.929 1.871 1.917 .026 125,796 Currency Futures 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 7/14
Nov 2.348 2.378 2.316 2.366 .018 89,055 Japanese Yen (CME)-¥12,500,000; $ per 100¥ Source: Dow Jones Market Data
Jan'21 2.881 2.899 2.856 2.888 .004 115,240 Aug .9325 .9378 .9323 .9353 .0021 257
March 2.750 2.765 2.724 2.750 –.001 80,657 Sept .9330 .9383 .9326 .9356 .0021 134,653
Canadian Dollar (CME)-CAD 100,000; $ per CAD
Agriculture Futures Aug .7355 .7405 .7345 .7404 .0062 14,008 Bonds | wsj.com/market-data/bonds/benchmarks
Sept .7348 .7407 .7348 .7405 .0062 115,244
Corn (CBT)-5,000 bu.; cents per bu.
British Pound (CME)-£62,500; $ per £
Sept
Dec
326.00
333.50
328.75
336.25
322.75
330.50
326.25
334.00
.25 569,958
.25 569,919
Aug 1.2576 1.2651 1.2559 1.2585 .0026 347 Tracking Bond Benchmarks
Sept 1.2563 1.2654 1.2563 1.2586 .0025 178,030 Return on investment and spreads over Treasurys and/or yields paid to investors compared with 52-week
Oats (CBT)-5,000 bu.; cents per bu.
271.75 276.25 270.00 276.25 5.25 816
Swiss Franc (CME)-CHF 125,000; $ per CHF
Sept
Sept 1.0662 1.0691 1.0591 1.0595 –.0072 48,287 highs and lows for different types of bonds
Dec 265.75 269.25 264.50 269.00 5.75 3,363
Dec 1.0627 1.0718 1.0623 1.0624 –.0072 130 Total Total
Soybeans (CBT)-5,000 bu.; cents per bu.
Aug 879.25 887.50 877.50 886.25 8.25 73,629
Australian Dollar (CME)-AUD 100,000; $ per AUD return YTD total Yield (%) return YTD total Yield (%)
Aug .6982 .7038 .6976 .7001 .0031 369 close return (%) Index Latest Low High close return (%) Index Latest Low High
Nov 878.75 884.00 876.50 882.75 5.25 326,544
Sept .6979 .7039 .6979 .7001 .0031 106,245
Soybean Meal (CBT)-100 tons; $ per ton. Broad Market Bloomberg Barclays Mortgage-Backed Bloomberg Barclays
Aug 285.90 287.10 284.10 285.80 .60 47,670
Mexican Peso (CME)-MXN 500,000; $ per MXN
Aug .04464 .04470 .04434 .04452 .00020 84 3.6
Dec 293.00 294.40 290.70 293.40 1.10 154,003 2277.47 6.9 U.S. Aggregate 1.180 1.170 2.550 2224.56 Mortgage-Backed 1.250 0.930 2.710
Sept .04419 .04457 .04416 .04436 .00020 124,351
Soybean Oil (CBT)-60,000 lbs.; cents per lb.
Aug 28.46 28.83 28.46 28.80 .34 49,209
Euro (CME)-€125,000; $ per € U.S. Corporate Indexes Bloomberg Barclays 2174.69 3.5 Ginnie Mae (GNMA) 0.610 0.490 2.660
Aug 1.1416 1.1460 s 1.1400 1.1415 .0011 1,577
Dec 29.09 29.49 29.07 29.37 .28 163,780
Sept 1.1420 1.1468 1.1407 1.1422 .0011 595,308 3363.39 6.9 U.S. Corporate 2.010 2.010 4.580 1312.94 3.6 Fannie mae (FNMA) 1.490 1.110 2.730
Rough Rice (CBT)-2,000 cwt.; $ per cwt.
Sept 12.05 12.06 11.94 11.99 –.02 8,394 3038.99 5.0 Intermediate 1.440 1.440 4.400 2015.48 3.6 Freddie Mac (FHLMC) 1.470 1.080 2.740
Nov 11.84 11.85 11.73 11.78 –.06 1,699 Index Futures
Wheat (CBT)-5,000 bu.; cents per bu. Mini DJ Industrial Average (CBT)-$5 x index 5017.30 10.1 Long term 2.940 2.940 4.930 585.12 3.4 Muni Master 1.078 0.959 3.441
Sept 527.00 551.75 526.75 550.75 24.00 202,557 Sept 26644 27063 26571 26765 274 79,787
Dec 533.75 554.50 532.75 553.75 21.00 101,888 696.65 8.1 Double-A-rated 1.420 1.420 3.360 413.53 3.6 7-12 year 1.044 0.924 3.447
Dec 26598 26928 26453 26639 269 258
Wheat (KC)-5,000 bu.; cents per bu. S&P 500 Index (CME)-$250 x index 470.16 3.8 12-22 year 1.525 1.224 3.690
Sept 442.00 460.25 441.00 459.50 17.25 154,192 881.87 5.5 Triple-B-rated 2.430 2.430 5.350
Sept 3206.10 3231.70 3198.80 3219.40 35.80 11,664
Dec 453.25 471.75 453.25 470.75 16.50 61,644 High Yield Bonds ICE BofA 452.83 2.7 22-plus year 2.287 1.765 4.123
Dec … … … 3208.50 35.70 2
Cattle-Feeder (CME)-50,000 lbs.; cents per lb. Mini S&P 500 (CME)-$50 x index
Aug 136.750 139.825 136.650 139.425 2.700 12,390 453.34 -2.9 High Yield Constrained 6.195 5.151 11.400 Global Government J.P. Morgan†
Sept 3204.00 3233.25 3192.00 3219.50 36.00 2,576,124
Sept 137.475 139.900 137.250 139.550 2.075 11,108
Cattle-Live (CME)-40,000 lbs.; cents per lb. Dec 3199.00 3222.00 3180.00 3208.50 35.75 48,078 385.77 -11.9 Triple-C-rated 13.696 10.735 19.071 613.36 5.2 Global Government 0.560 0.390 1.080
Aug 98.900 101.800 98.425 101.300 2.500 63,592
Mini S&P Midcap 400 (CME)-$100 x index
Sept 1797.30 1838.40 1780.00 1832.10 53.50 63,046 3059.19 -4.2 High Yield 100 5.123 4.516 10.740 867.87 8.0 Canada 0.710 0.590 1.740
Oct 103.100 105.450 102.650 104.550 1.450 102,181
Dec 1806.50 1828.50 1779.50 1831.60 53.50 3
Hogs-Lean (CME)-40,000 lbs.; cents per lb. 410.34 -2.6 Global High Yield Constrained 6.173 4.893 11.310 409.00 2.2 EMU§ 0.330 0.109 0.794
July 46.925 47.525 46.850 47.325 .525 9,472 Mini Nasdaq 100 (CME)-$20 x index
Oct 49.650 50.175 49.175 49.425 –.250 81,491 Sept 10706.00 10766.50 10551.25 10683.25 37.00 222,089 314.84 -4.2 Europe High Yield Constrained 4.469 2.464 8.183 779.69 2.7 France 0.060 -0.160 0.430
Lumber (CME)-110,000 bd. ft., $ per 1,000 bd. ft. Dec 10702.00 10750.00 10539.00 10669.25 37.00 1,186
July 600.00 600.00 s 600.00 600.00 17.00 2 Mini Russell 2000 (CME)-$50 x index U.S Agency Bloomberg Barclays 546.96 2.1 Germany -0.340 -0.740 -0.050
Sept 514.90 519.50 s 502.10 505.20 –6.30 2,298 Sept 1432.20 1483.10 1431.60 1476.70 57.30 511,587
Dec 1438.00 1479.00 1427.70 1473.50 57.30 473
1861.79 5.2 U.S Agency 0.550 0.530 2.160 294.69 -1.2 Japan 0.300 -0.070 0.320
Milk (CME)-200,000 lbs., cents per lb.
July 24.38 24.38 24.27 24.31 –.03 6,561 Mini Russell 1000 (CME)-$50 x index 1620.96 3.7 10-20 years 0.420 0.390 2.050 609.21 2.2 Netherlands -0.230 -0.540 0.080
Aug 23.07 23.14 22.34 22.34 –.75 5,636 Sept 1781.00 1789.60 1767.60 1785.10 17.90 8,030
Cocoa (ICE-US)-10 metric tons; $ per ton. U.S. Dollar Index (ICE-US)-$1,000 x index 4296.41 12.6 20-plus years 1.450 1.170 2.650 1097.76 9.2 U.K. 0.520 0.390 1.190
July 2,253 2,253 2,253 2,253 –20 3 Sept 96.12 96.22 95.72 96.04 –.17 22,715
Sept 2,163 2,174 2,126 2,135 –20 91,580 Dec 96.09 96.16 95.79 96.03 –.17 731 2861.54 4.7 Yankee 1.610 1.610 3.500 876.51 -0.6 Emerging Markets ** 5.006 4.523 7.480
Coffee (ICE-US)-37,500 lbs.; cents per lb. *Constrained indexes limit individual issuer concentrations to 2%; the High Yield 100 are the 100 largest bonds † In local currency § Euro-zone bonds
July 95.95 95.95 95.95 95.95 –.75 190 Source: FactSet ** EMBI Global Index Sources: ICE Data Services; Bloomberg Barclays; J.P.Morgan

Macro & Market Economics Global Government Bonds: Mapping Yields

Watching the Gauges: U.S. Supply and Demand Yields and spreads over or under U.S. Treasurys on benchmark two-year and 10-year government bonds in
Inventories, imports and demand for the week ended July 10. Current figures are in thousands of barrels or selected other countries; arrows indicate whether the yield rose(s) or fell (t) in the latest session
thousands of gallons per day, except natural-gas figures, which are in billions of cubic feet. Natural-gas import Country/ Yield (%) Spread Under/Over U.S. Treasurys, in basis points
Coupon (%) Maturity, in years Latest(l)-2 -1 0 1 2 3 4 Previous Month ago Year ago Latest Prev Year ago
and demand data are available monthly only.
0.125 U.S. 2 0.153 t l 0.169 0.201 1.833
Inventories, 000s barrels Imports, 000s barrels per day 0.625 10 0.631 s l 0.626 0.730 2.092
Expected Previous Year 4-week 5-year Expected Previous Year 4-week 5-year 5.750 Australia 2 0.268 s 0.262 0.279 1.008 9.3 -82.6
Current change week ago avg avg Current change week ago avg avg
l 11.5
2.500 10 0.886 t l 0.922 0.867 1.464 25.5 29.6 -62.8
Crude oil and
petroleum prod 1,452,344 ... 1,462 1,315 1,454 1,285 7,300 ... 9,631 9,225 8,394 10,176 0.000 France 2 -0.607 t l -0.592 -0.553 -0.663 -76.0 -76.1 -249.6
Crude oil 0.000 10 -0.132 t l -0.130 -0.038 0.010 -76.2 -75.5 -208.2
excluding SPR 531,688 -1,300 539 456 536 447 5,567 ... 7,394 6,832 6,368 7,764 0.000 Germany 2 -0.669 t l -0.660 -0.669 -0.731 -82.2 -82.9 -256.4
Gasoline 248,535 ... 252 233 253 230 493 ... 729 852 734 975 0.000 10 -0.443 s l -0.443 -0.444 -0.251 -107.4 -106.9 -234.3
Finished gasoline 22,883 -900 23 23 23 24 166 ... 118 12 94 77
Reformulated 47 ... 0 0 0 0 ... 0 0 0 0 1.000 Italy 2 -0.067 t l -0.065 0.006 -0.016 -22.0 -23.4 -184.9
0
Conventional 22,836 ... 23 23 23 24 166 ... 118 12 94 77 0.950 10 1.207 t l 1.211 1.443 1.640 57.6 58.6 -45.1
Blend. components 225,651 ... 229 210 230 206 327 ... 611 840 640 898 0.100 Japan 2 -0.152 t l -0.140 -0.163 -0.177 -30.5 -30.9 -201.0
Natural gas (bcf) 3,133 ... 3 2 3 3 ... ... ... ... ... ... 0.100 10 0.024 t l 0.026 0.007 -0.114 -60.7 -60.0 -220.6
Kerosene-type 0.400 Spain 2 -0.391 s l -0.402 -0.337 -0.446 -54.4 -57.1 -227.9
jet fuel 40,390 ... 43 41 41 42 159 ... 195 190 173 84 1.250 10 0.422 s l 0.404 0.560 0.505 -22.2 -158.6
-20.9
Distillates 176,809 1,600 177 136 176 142 99 ... 72 132 94 153
0.500 U.K. 2 -0.085 s l -0.102 -0.025 0.628 -23.8 -27.1 -120.5
Heating oil 9,753 ... 9 10 10 11 0 ... 0 1 0 1
Diesel 167,057 ... 168 126 166 131 99 ... 72 61 94 152 4.750 10 0.167 s l 0.150 0.209 0.803 -46.3 -47.6 -128.8
Residual fuel oil 38,545 ... 40 30 41 34 128 ... 135 163 119 272 Source: Tullett Prebon
Other oils 315,420 ... 313 318 311 291 795 ... 961 937 825 826 Corporate Debt
Net crude, petroleum
Price moves by a company's debt in the credit markets sometimes mirror and sometimes anticipate, moves in
products, incl. SPR 2,108,493 ... 2,118 1,960 2,109 1,959 -75 ... 2,027 2,167 743 4,596
that same company’s share price.
Investment-grade spreads that tightened the most…
Weekly Demand, 000s barrels per day Natural gas storage Spread*, in basis points Stock Performance
Issuer Symbol Coupon (%) Maturity Current One-day change Last week Close ($) % chg
Expected Previous Year 4-week 5-year Billions of cubic feet; weekly totals
Current change week ago avg avg HSBC Holdings HSBC 6.250 March 23, ’49 511 –42 456 24.27 1.34
Total petroleum Mohawk Industries MHK 3.850 Feb. 1, ’23 265 –42 93 76.54 3.14
4250
product 18,480 ... 18,120 20,306 18,075 21,024 Southwest Airlines LUV 4.750 May 4, ’23 313 –32 316 35.75 7.52
Natural gas,
Finished lower 48 states 3250 AerCap Ireland Capital DAC … 3.875 Jan. 23, ’28 448 –30 472 … …
motor gasoline 8,648 ... 8,766 9,214 8,646 9,650 t Bank of America BAC 5.200 June 1, ’49 396 –27 397 24.60 1.91
Kerosene-type 2250 Cenovus Energy … 4.250 April 15, ’27 476 –21 485 ... ...
t
jet fuel 1,269 ... 924 1,876 897 1,747
Distillates 3,692 ... 3,019 3,565 3,489 3,976 Five-year average 1250 …And spreads that widened the most
Residual fuel oil 383 ... 496 475 320 281 for each week
Aircastle … 4.250 June 15, ’26 558 65 547 ... ...
Propane/propylene 913 ... 647 1,298 739 ... 250
J A S O N D J F M A M J JPMorgan Chase JPM 5.150 May 1, ’49 397 35 386 99.73 1.55
Other oils 3,575 ... 4,268 3,877 3,986 ...
2019 2020 HSBC Holdings HSBC 6.000 May 22, ’49 504 15 444 24.27 1.34
Note: Expected changes are provided by Dow Jones Newswires' survey of analysts. Previous and average inventory data are in millions. Bank of America BAC 3.300 Jan. 11, ’23 41 14 46 24.60 1.91
Sources: FactSet; Dow Jones Market Data; U.S. Energy Information Administration; Dow Jones Newswires
Enable Midstream Partners ENBL 3.900 May 15, ’24 419 14 417 4.38 4.29
4.101 March 1, ’28 80 11 77 267.28 1.45
Exchange-Traded Portfolios | WSJ.com/ETFresearch Anthem ANTM
First Horizon National FHN 3.550 May 26, ’23 180 10 210 9.35 7.22
Closing Chg YTD Wells Fargo WFC 5.875 June 15, ’49 431 10 424 25.35 4.54
Largest 100 exchange-traded funds, latest session ETF Symbol Price (%) (%)

Wednesday, July 15, 2020 Closing Chg YTD SchwabUS SC

Schwab US TIPs
SCHA
SCHP
67.29
60.43
3.33
–0.07
–11.0
6.7
High-yield issues with the biggest price increases…
ETF Symbol Price (%) (%)
Closing Chg YTD SPDR DJIA Tr DIA 268.91 0.87 –5.7 Bond Price as % of face value Stock Performance
ETF Symbol Price (%) (%) iShMSCI EAFE EFA 63.55 1.13 –8.5 SPDR S&PMdCpTr MDY 334.61 3.00 –10.9
iShMSCIEmgMarkets EEM 43.14 0.30 –3.9 SPDR S&P 500 SPY 321.85 0.92 –0.0 Issuer Symbol Coupon (%) Maturity Current One-day change Last week Close ($) % chg
CommSvsSPDR XLC 57.44 0.60 7.1
CnsmrDiscSelSector XLY 134.83 1.43 7.5 iShMSCIJapan EWJ 56.65 1.27 –4.4 SPDR S&P Div SDY 93.55 2.07 –13.0
CnsStapleSelSector XLP 61.13 0.08 –2.9 iShNasdaqBiotech IBB 142.62 1.68 18.3 TechSelectSector XLK 107.64 0.54 17.4 Tupperware Brands TUP 4.750 June 1, ’21 76.250 5.25 n.a. 7.54 3.71
EnSelectSectorSPDR 37.38 2.16 –37.7 iShNatlMuniBd MUB 115.89 0.06 1.7 UtilitiesSelSector XLU 58.14 –0.39 –10.0
XLE
iShPfd&Incm PFF 34.97 0.78 –7.0 VanEckGoldMiner GDX 38.67 0.21 32.1 American Airlines AAL 5.000 June 1, ’22 57.760 3.76 52.500 13.44 16.16
FinSelSectorSPDR XLF 24.15 1.98 –21.5
iShRussell1000Gwth IWF 201.45 0.44 14.5 VangdInfoTech VGT 286.80 0.62 17.1
FT DJ Internet FDN 177.94 0.13 27.9
179.12 0.98 0.4
Royal Caribbean Cruises RCL 7.500 Oct. 15, ’27 82.789 3.30 78.630 58.36 21.20
iShRussell1000 IWB VangdSC Val VBR 109.65 3.63 –20.0
HealthCareSelSect XLV 104.63 1.30 2.7
InvscQQQI QQQ 260.90 0.20 22.7
iShRussell1000Val IWD 116.87 1.73 –14.4 VangdSC Grwth VBK 205.91 2.51 3.6 Continental Resources CLR 4.375 Jan. 15, ’28 89.949 2.95 86.500 18.00 6.64
iShRussell2000 IWM 147.03 3.67 –11.3 VangdDivApp VIG 121.96 1.00 –2.2
InvscS&P500EW RSP 105.63 2.31 –8.7
iSh3-7YTreasuryBd IEI 133.59 0.01 6.2
iShRussell3000 IWV 187.74 1.22 –0.4 VangdFTSEDevMk VEA 40.44 1.13 –8.2 MPT Operating Partnership … 5.000 Oct. 15, ’27 106.149 2.40 103.489 … …
iShRussellMid-Cap IWR 55.58 2.30 –6.8 VangdFTSE EM VWO 42.93 0.09 –3.5
iShCoreDivGrowth DGRO 38.92 1.25 –7.5 5.500 July 15, ’28 2.38 97.750 ...
iShRussellMCValue IWS 79.24 2.67 –16.4 VangdFTSE Europe VGK 52.88 1.19 –9.8 EQM Midstream Partners … 100.500 ...
iShCoreMSCIEAFE IEFA 59.63 1.17 –8.6
iShS&P500Growth IVW 217.25 0.56 12.2 VangdFTSEAWxUS VEU 50.16 0.97 –6.7
iShCoreMSCIEM IEMG 51.42 0.31 –4.4 iShS&P500Value IVE 112.03 1.34 –13.9 VangdGrowth VUG 211.97 0.58 16.4 TransDigm TDG 6.375 June 15, ’26 96.125 2.38 94.000 434.21 2.73
iShCoreMSCITotInt IXUS 57.43 1.00 –7.2 54.78 0.04 2.1
iShShortCpBd IGSB VangdHlthCr VHT 201.88 1.63 5.3
iShCoreS&P500 IVV 323.16 0.93 –0.0
iShCoreS&P MC IJH 183.14 3.04 –11.0
iShShortTreaBd
iShTIPSBondETF
SHV
TIP
110.74
123.88
...
–0.06
0.3
6.3
VangdHiDiv
VangdIntermBd
VYM
BIV
81.27
93.48
1.25
0.05
–13.3
7.2
…And with the biggest price decreases
iShCoreS&P SC IJR 70.18 3.83 –16.3 iSh1-3YTreasuryBd SHY 86.56 0.01 2.3 VangdIntrCorpBd VCIT 95.70 0.03 4.8
iShS&PTotlUSStkMkt ITOT 72.48 1.31 –0.3 iSh7-10YTreasuryBd IEF 121.97 –0.03 10.7 VangdLC VV 149.51 0.97 1.1 Ascent Resources Utica Holdings … 10.000 April 1, ’22 83.000 –1.60 n.a. ... ...
iShCoreUSAggBd AGG 118.68 0.01 5.6 iSh20+YTreasuryBd 166.34 –0.47 22.8 170.07 1.77 –4.6
iShSelectDividend DVY 82.76 2.10 –21.7
TLT VangdMC VO AMC Entertainment Holdings AMC 10.500 April 15, ’25 80.500 –1.50 78.625 4.50 6.64
iShRussellMCGrowth IWP 164.06 1.49 7.5 VangdMBS VMBS 54.32 –0.02 2.2
iShEdgeMSCIMinEAFE EFAV 67.58 0.69 –9.3 iShUSTreasuryBdETF GOVT 28.06 –0.07 8.2 VangdRealEst VNQ 78.60 0.98 –15.3 Golden Nugget … 6.750 Oct. 15, ’24 68.000 –1.00 72.500 ... ...
iShEdgeMSCIMinUSA USMV 62.19 0.73 –5.2 JPM UltShtIncm JPST 50.77 –0.01 0.7 VangdS&P500ETF VOO 295.63 0.89 –0.1
iShEdgeMSCIUSAMom MTUM 138.76 0.21 10.5 PIMCOEnhShMaturity MINT 101.65 0.01 0.1 VangdST Bond BSV 83.09 0.01 3.1 SM Energy SM 6.750 Sept. 15, ’26 50.500 –1.00 52.000 3.71 5.40
iShEdgeMSCIUSAQual QUAL 99.92 1.31 –1.1 SPDR BlmBarcHYBd JNK 103.23 0.62 –5.8 VangdSTCpBd VCSH 82.68 0.06 2.0
iShGoldTr IAU 17.33 0.23 19.5 SPDRBloomBar1-3MTB BIL 91.54 ... 0.1 VangdSC VB 150.05 3.14 –9.4 Xerox … 4.800 March 1, ’35 93.063 –0.97 92.250 ... ...
iShiBoxx$InvGrCpBd LQD 136.57 0.20 6.7 SPDR Gold GLD 170.34 0.09 19.2 VangdTotalBd BND 88.70 0.01 5.8
iShiBoxx$HYCpBd HYG 83.21 0.57 –5.4 SchwabIntEquity SCHF 31.01 1.17 –7.8 VangdTotIntlBd BNDX 57.78 –0.08 2.1
Coty COTY 6.500 April 15, ’26 86.000 –0.75 87.019 4.40 4.76
iShIntermCorpBd IGIB 60.69 0.13 4.7 SchwabUS BrdMkt SCHB 76.62 1.26 –0.3 VangdTotIntlStk VXUS 51.71 0.88 –7.1
iShJPMUSDEmgBd EMB 110.25 0.41 –3.8 SchwabUS Div SCHD 53.33 1.91 –7.9 VangdTotalStk VTI 163.30 1.24 –0.2 *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.
iShMBSETF MBB 110.62 –0.02 2.4 SchwabUS LC SCHX 77.37 0.99 0.7 VangdTotlWrld VT 78.46 1.06 –3.1 Note: Data are for the most active issue of bonds with maturities of two years or more
iShMSCI ACWI ACWI 77.46 0.99 –2.3 SchwabUS LC Grw SCHG 106.78 0.70 14.9 VangdValue VTV 103.32 1.26 –13.8 Sources: MarketAxess Corporate BondTicker; Dow Jones Market Data
THE WALL STREET JOURNAL. Thursday, July 16, 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. GDS Holdings GDS 81.73 0.25 J&J JNJ 148.26 0.34 Moody's MCO 293.52 2.28 PublicServiceEnt PEG 52.40 0.88 SoCopper SCCO 42.81 0.34 UnitedAirlines UAL 36.37 4.63
Arca, NYSE American and Nasdaq Stock Market t-New 52-week low. MorganStanley MS
GFLEnvironmental GFL 19.25 0.32 JohnsonControls JCI 36.44 1.47 51.35 0.85 PublicStorage PSA 192.80 -1.04 SouthwestAir LUV 35.75 2.50 UnitedMicro UMC 2.72 -0.04
listed securities. Prices are composite quotations dd-Indicates loss in the most recent four
that include primary market trades as well as quarters. GSXTechedu GSX 76.63 -2.99 JonesLang JLL 107.51 4.99 Morningstar MORN 153.41 1.72 PulteGroup PHM 36.18 0.73 Splunk SPLK 200.56 0.78 UPS B UPS 119.21 3.88
trades reported by Nasdaq BX (formerly Boston), FD-First day of trading. Galapagos GLPG 200.74 8.73 JuniperNetworks JNPR 23.20 0.26 MotorolaSol MSI 134.56 1.59 s Qiagen QGEN 46.30 -0.07 Spotify SPOT 258.50 -4.30 UnitedRentals URI 160.80 3.65
Chicago Stock Exchange, Cboe, NYSE National and h-Does not meet continued listing Gallagher AJG 101.49 0.42 KB Fin KB 29.53 0.39 Mylan MYL 16.98 0.46 Qorvo QRVO 112.84 0.22 Square SQ 122.20 0.96 US Bancorp USB 37.64 1.35
Nasdaq ISE. standards Gaming&Leisure GLPI 34.69 1.87 s KKR KKR 35.01 0.52 NICE NICE 198.26 1.11 Qualcomm QCOM 92.55 0.17 StanleyBlackDck SWK 151.51 5.08 UnitedHealth UNH 304.07 -4.45
The list comprises the 1,000 largest companies lf-Late filing Garmin GRMN 99.45 1.61 KLA KLAC 196.04 -4.89 NIO NIO 13.52 -0.57 QuantaServices PWR 40.02 1.69 Starbucks SBUX 75.61 2.88 UnivDisplay OLED 154.93 3.11
based on market capitalization. q-Temporary exemption from Nasdaq KSCitySouthern KSU 155.62 NRG Energy NRG 34.02 0.18 QuestDiag DGX 122.24 -0.47
Underlined quotations are those stocks with requirements. Gartner IT 126.74 6.85 2.77 StateStreet STT 64.64 -0.35 UniversalHealthB UHS 97.95 5.27
large changes in volume compared with the t-NYSE bankruptcy s Generac GNRC 133.95 2.82 Kellogg K 68.09 -0.31 NVR NVR 3337.32 30.83 Quidel QDEL 246.18 6.36 SteelDynamics STLD 27.01 0.54 VEREIT VER 6.46 0.22
issue’s average trading volume. v-Trading halted on primary market. GeneralDynamics GD 145.79 2.43 KeurigDrPepper KDP 29.42 0.08 NXP Semi NXPI 121.83 1.38 Steris STE 157.59 4.27 VF VFC 62.66 2.42
Boldfaced quotations highlight those issues vj-In bankruptcy or receivership or being GeneralElec GE 7.14 0.26 KeyCorp KEY 11.99 0.60 s Nasdaq NDAQ 126.84 2.04 R S STMicroelec STM 29.33 0.32 VICI Prop VICI 21.19 1.51
whose price changed by 5% or more if their reorganized under the Bankruptcy Code, s GeneralMills GIS 64.60 -0.57 KeysightTechs KEYS 96.78 0.95 NationalGrid NGG 54.73 -0.61 StoneCo STNE 40.71 2.32 VailResorts MTN 189.01 10.57
RELX RELX 23.08 0.40
previous closing price was $2 or higher. or securities assumed by such companies. GeneralMotors GM 26.88 1.24 KilroyRealty KRC 58.18 0.36 NatlRetailProp NNN 35.45 1.62 Stryker SYK 188.62 5.91 Vale VALE 11.54 -0.06
RPM RPM 77.09 1.50
s Genmab GMAB 36.03 0.70 KimberlyClark KMB 143.28 -0.68 Natura&Co NTCO 15.08 0.32 SumitomoMits SMFG 5.79 0.07 ValeroEnergy VLO 57.23 2.83
RaymondJames RJF 72.14 3.09
Wall Street Journal stock tables reflect composite regular trading as of 4 p.m. and Genpact G 36.31 1.38 KinderMorgan KMI 14.96 0.41 t nCino NCNO 72.34 -19.25 SunComms SUI 135.26 -0.61 VarianMed VAR 126.17 4.44
changes in the closing prices from 4 p.m. the previous day. RaytheonTech RTX 62.94 2.47
Gentex GNTX 25.96 0.40 KingsoftCloud KC 32.00 -1.01 NetApp NTAP 44.38 0.67 SunLifeFinancial SLF 38.26 0.69 Vedanta VEDL 5.81 -0.01
RealPage RP 66.18 1.64
GenuineParts GPC 88.26 2.09 KinrossGold KGC 7.66 -0.07 NetEase NTES 472.21 -3.84 SuncorEnergy SU 17.30 0.33 VeevaSystems VEEV 247.76 3.29
RealtyIncome O 58.63 1.08
Wednesday, July 15, 2020 Net Net GileadSciences GILD 76.65 -0.54 KirklandLakeGold KL 45.11 0.12 Netflix NFLX 523.26 -1.62 Suzano SUZ 7.22 0.32
RegencyCtrs REG 42.97 0.90 Ventas VTR 35.97 0.80
Net Stock Sym Close Chg Stock Sym Close Chg GSK GSK 41.95 1.25 Knight-Swift KNX 43.28 0.22 Neurocrine NBIX 135.15 4.03 SynchronyFin SYF 23.64 1.19 VeriSign VRSN 199.19 0.54
RegenPharm REGN 632.74 -8.49
Stock Sym Close Chg GlobalPayments GPN 169.22 6.17 s KoninklijkePhil PHG 50.51 1.79 NewOrientalEduc EDU 144.44 3.40 SyneosHealth SYNH 61.48 2.27 VeriskAnalytics VRSK 175.40 0.81
Berkley WRB 61.64 1.73 CreditSuisse CS 10.75 ... RegionsFin RF 10.73 0.52
Globant GLOB 158.45 1.62 KoreaElcPwr KEP 8.10 -0.05 s NYTimes A NYT 44.14 0.74 Synnex SNX 123.70 3.42 Verizon VZ 55.06 -0.38
A B C BerkHathwy B BRK.B 190.56 0.85 s Cree CREE 66.25 1.91 RelianceSteel RS 95.10 1.21
GlobeLife GL 75.31 1.93 KraftHeinz KHC 33.15 -0.16 NewellBrands NWL 16.40 0.32 Synopsys SNPS 194.35 -0.93 VertxPharm VRTX 295.11 1.28
BerkHathwy A BRK.A 285520740.00 CrowdStrike CRWD 103.15 -2.46 RenaissanceRe RNR 182.18 4.56
GoDaddy GDDY 72.20 -0.15 Kroger KR 33.77 -0.47 Newmont NEM 62.14 0.37 Sysco SYY 55.44 2.48 ViacomCBS B VIAC 24.95 0.70
ABB ABB 24.60 -0.23 BerryGlobal BERY 46.14 1.06 CrownCastle CCI 168.00 -1.35 Repligen RGEN 130.97 6.13
NewsCorp B NWS 12.72 0.34
-1.66 s
BestBuy BBY 88.42 1.53 CrownHoldings CCK 67.10 GoldFields GFI 11.09 0.23 LHC Group LHCG 185.37 6.94 RepublicSvcs RSG 84.30 1.26 ViacomCBS A VIACA 27.30 0.84
AcadiaPharm ACAD 55.13 1.41
ADT ADT 8.33 0.53 BeyondMeat BYND 131.75 3.97 CubeSmart CUBE 27.90 0.14 GoldmanSachs GS 216.90 2.89 s Line LN 52.17 0.53 NewsCorp A NWSA 12.65 0.22
s ResMed RMD 197.55 2.51
T U V Vipshop VIPS 21.62 0.43
Graco GGG 52.51 1.09 LKQ LKQ 28.47 2.48 NextEraEnergy NEE 259.00 -3.55 VirBiotech VIR 50.67 1.09
AECOM ACM 37.94 1.73 Bilibili BILI 43.22 -0.76 Cummins CMI 181.72 3.41 RestaurantBrands QSR 58.16 2.56 TAL Education TAL 74.05 2.10
Grainger GWW 333.62 6.03 LPL Financial LPLA 79.30 2.83 NielsenHoldings NLSN 15.61 0.74 Visa V 196.55 3.22
AES AES 15.07 0.31 Bill.com BILL 82.91 -0.01 CyrusOne CONE 76.31 -0.56 ReynoldsCnsmr REYN 33.95 -0.27 TC Energy TRP 44.51 0.84
Grifols GRFS 19.46 0.24 L3HarrisTech LHX 166.83 4.47 Nike NKE 98.54 1.78 Vistra VST 19.30 0.11
Aflac AFL 36.28 0.63 Bio-Techne TECH 274.30 7.63 RingCentral RNG 257.21 -5.37 TD Ameritrade AMTD 38.60 1.24
Nikola NKLA 54.58 1.44
AGNC Invt AGNC 13.40 0.42 s Bio-RadLab A BIO 498.35 9.39 D E F GrubHub GRUB 69.43 -0.54 LabCpAm LH 188.75 0.91
NiSource NI 23.72 -0.03
s RioTinto RIO 60.87 0.03 TE Connectivity TEL 85.49 4.02 VMware VMW 139.70 1.45
s s Bio-RadLab B BIO.B 496.61 59.64 GpoAvalAcc AVAL 4.74 0.07 LamResearch LRCX 343.22 -2.84 RobertHalf RHI 54.10 2.11 Telus TU Vodafone VOD 16.09 0.17
ANGI Homesvcs ANGI 16.53 0.30 DISH Network DISH 33.78 1.29 Nokia NOK 4.33 0.01
17.43 0.42
Ansys ANSS 301.04 Biogen BIIB 282.96 1.69 GuardantHealth GH 83.22 2.08 LamarAdv LAMR 66.07 2.63 Rockwell ROK 222.04 2.97 TIM Part TSU 14.07 0.28 VornadoRealty VNO 38.15 1.48
...
DTE Energy DTE 109.20 0.42 Guidewire GWRE 114.64 1.22 LambWeston LW 68.26 2.11 NomuraHoldings NMR 4.58 -0.05 VoyaFinancial VOYA 49.13 1.53
ASETech ASX 4.72 -0.04 BioMarinPharm BMRN 126.74 0.31 RogersComm B RCI 41.30 0.96 TJX TJX 52.63 2.77
DadaNexus DADA 29.48 2.80 HCA Healthcare HCA 105.65 6.69 LasVegasSands LVS 50.25 2.86 Nordson NDSN 192.29 2.89 VulcanMatls VMC 123.53 2.70
ASML ASML 375.43 -21.40 BioNTech BNTX 78.00 -5.88 Roku ROKU 154.21 3.85 T-MobileUS TMUS 104.92 -0.47
s Danaher DHR 188.34 2.89 HDFC Bank HDB 46.73 Lear LEA 113.00 4.21 NorfolkSouthern NSC 181.28 3.35
AT&T T 30.01 0.05 BlackKnight BKI 70.25 -0.02 0.43 s Rollins ROL 47.11 1.76 TRowePrice TROW 132.06 1.42
AbbottLabs ABT 96.73 1.91 BlackRock BLK 568.59 7.26
Darden DRI 79.12 6.19 HD Supply HDS 35.66 0.83 Leidos LDOS 87.82 1.62 NorthernTrust NTRS 80.55 -1.10
RoperTech ROP 399.69 3.01 s TaiwanSemi TSM 66.06 -0.90
W X Y Z
Datadog DDOG 88.48 -0.41 HP HPQ 17.79 ... Lennar A LEN 68.32 2.03 NorthropGrum NOC 300.76 5.21
AbbVie ABBV 100.48 1.61 Blackstone BX 56.01 1.48 RossStores ROST 83.66 3.49 TakeTwoSoftware TTWO 151.28 0.23 WEC Energy WEC 87.46 -0.64
DaVita DVA 84.54 2.59 HSBC HSBC 24.27 0.32 Lennar B LEN.B 51.11 1.38 NortonLifeLock NLOK 20.24 0.07
Abiomed ABMD 276.64 12.23 Boeing BA 187.94 7.98 RoyalBkCanada RY 70.86 1.24 TakedaPharm TAK 17.50 0.17 WEX WEX 165.65 13.10
DeckersOutdoor DECK 201.95 3.52 HUYA HUYA 23.74 -0.23 LennoxIntl LII 247.04 8.10 Novartis NVS 87.87 0.40
AcceleronPharma XLRN 99.20 0.82 BookingHldgs BKNG 1799.34103.11 RoyalBkScotland RBS 3.13 0.07 TandemDiabetes TNDM 99.47 1.91 W.P.Carey WPC 68.24 1.39
Deere DE 172.39 2.83 LibertyBroadbandC LBRDK 131.26 1.47 s Novavax NVAX 111.15 1.18
s Accenture ACN 219.76 1.40 BoozAllen BAH 72.50 0.29 Halliburton HAL 13.00 0.52 RoyalCaribbean RCL 58.36 10.21 Target TGT 121.67 1.59 WPP WPP 38.73 0.78
DellTechC DELL 52.68 0.18 LibertyBroadbandA LBRDA 128.68 1.46 NovoNordisk NVO 66.59 1.10
ActivisionBliz ATVI 79.15 -0.62 BorgWarner BWA 37.56 1.28 HartfordFinl HIG 40.41 1.67 RoyalDutchA RDS.A 33.98 0.47 TeckRscsB TECK 11.29 0.14 Wabtec WAB 61.66 2.22
DeltaAir DAL 28.60 2.49 Hasbro HAS 78.33 3.71 LibertyGlobal A LBTYA 23.37 0.31 Novocure NVCR 63.64 5.50
AdaptiveBiotech ADPT 43.59 0.34 s BostonBeer SAM 641.00 18.07 RoyalDutchB RDS.B 31.81 0.40 TeladocHealth TDOC 221.83 12.61 WalgreensBoots WBA 40.68 0.57
DentsplySirona XRAY 45.16 2.51 HealthcareAmer HTA 25.84 -0.12 LibertyGlobal C LBTYK 23.03 0.31 NuanceComms NUAN 25.33 0.47
Adobe ADBE 433.01 -0.77 BostonProps BXP 93.18 0.73
Nucor NUE 41.68 0.62
RoyalGold RGLD 126.95 1.05 TelecomArgentina TEO 9.11 -0.07 s Walmart WMT 132.00 -0.01
AdvanceAuto AAP 143.68 5.10 BostonSci BSX 36.70 1.48 DeutscheBank DB 10.19 0.17 HealthpeakProp PEAK 26.85 0.67 LibertyFormOne A FWONA 33.50 1.27 RoyaltyPharma RPRX 43.00 -0.52 TeledyneTech TDY 321.89 18.68 WarnerMusic WMG 29.63 -0.01
Nutrien NTR 33.66 0.61
AdvMicroDevices AMD 55.34 0.62 BrightHorizons BFAM 115.69 6.59 DexCom DXCM 417.94 7.60 Heico A HEI.A 78.28 1.66 LibertyFormOne C FWONK 36.10 1.36
NVIDIA NVDA 409.09 -5.99 Ryanair RYAAY 73.64 5.71 Teleflex TFX 374.41 12.06 WasteConnections WCN 99.84 1.68
Aegon AEG 3.23 0.01 BristolMyers BMY 59.27 1.38 Diageo DEO 143.27 2.61 Heico HEI 96.67 2.19 LibertyBraves A BATRA 19.36 0.80 s SAP SAP 156.61 2.76 Ericsson ERIC 9.67 0.08 WasteMgt WM 106.79 0.59
s DiamondbkEner FANG 39.90 0.62 HenrySchein HSIC 63.68 3.99 LibertyBraves C BATRK 19.07 0.87
AgilentTechs A 92.88 2.19 BritishAmTob BTI 36.31 -0.57 O P Q s S&P Global SPGI 354.80 3.16 TelefonicaBras VIV 8.98 -0.04 Waters WAT 220.80 22.73
AgnicoEagle AEM 65.82 0.73 Broadcom AVGO 313.78 -1.30 DigitalRealty DLR 144.17 -2.61 Herbalife HLF 50.67 -0.25 LibertySirius A LSXMA 35.94 2.24 SBA Comm SBAC 292.91 -4.21 Telefonica TEF 4.72 -0.07 s Watsco WSO 191.34 2.91
s AirProducts APD 281.97 0.98 BroadridgeFinl BR 128.75 1.97 DiscoverFinSvcs DFS 50.35 2.83 Hershey HSY 132.00 0.20 LibertySirius C LSXMK 35.93 2.29 OGE Energy OGE 31.98 0.17 SEI Investments SEIC 57.77 1.40 TelekmIndonesia TLK 21.23 0.04 Wayfair W 217.92 -2.29
AkamaiTech AKAM 112.78 0.51 BrookfieldMgt BAM 34.86 0.76 DiscoveryA DISCA 21.78 1.13 Hess HES 48.66 1.18 EliLilly LLY 165.45 1.57 ONEOK OKE 28.83 1.61 SK Telecom SKM 19.88 0.07 10xGenomics TXG 90.93 2.02 Weibo WB 35.90 -0.38
Albemarle ALB 86.60 2.45 BrookfieldInfr BIP 43.21 1.40 DiscoveryC DISCK 19.53 1.08 HewlettPackard HPE 9.64 0.13 LincolnElectric LECO 89.84 1.64 OReillyAuto ORLY 432.93 5.03 SS&C Tech SSNC 57.38 1.16 Tenaris TS 13.14 0.29 WellsFargo WFC 25.35 1.10
Albertsons ACI 14.62 0.03 BrookfieldPropREIT BPYU 11.56 0.46 Disney DIS 120.90 2.24 Hill-Rom HRC 111.86 2.56 LincolnNational LNC 37.21 1.75 OccidentalPetrol OXY 17.18 0.50 StoreCapital STOR 22.44 0.39 TencentMusic TME 16.22 -0.14 Welltower WELL 51.04 1.10
Alcon ALC 59.82 2.86 Brown&Brown BRO 42.31 0.36 DocuSign DOCU 192.83 -3.60 Hilton HLT 80.92 7.41 s Linde LIN 237.63 4.50 Okta OKTA 204.05 -2.70 SVB Fin SIVB 220.78 12.67 Teradyne TER 86.53 -0.08 s WestPharmSvcs WST 241.22 7.94
AlexandriaRlEst ARE 163.73 0.26 Brown-Forman A BF.A 61.07 0.41 DolbyLab DLB 66.00 0.39 s Hologic HOLX 60.26 0.83 LiveNationEnt LYV 51.84 5.43 s OldDomFreight ODFL 179.36 1.63 Salesforce.com CRM 188.09 -1.47 Tesla TSLA 1546.01 29.21 WesternDigital WDC 44.07 2.03
AlexionPharm ALXN 111.13 2.56 Brown-Forman B BF.B 66.26 0.04 DollarGeneral DG 189.43 -0.30 s HomeDepot HD 257.80 0.01 LivongoHealth LVGO 108.31 7.13 Ollie'sBargain OLLI 95.13 0.32 s Sanofi SNY 53.27 1.16 TevaPharm TEVA 12.69 0.97 WesternUnion WU 22.13 0.57
Alibaba BABA 249.21 0.63 Bruker BRKR 43.17 3.06 DollarTree DLTR 95.71 1.35 HondaMotor HMC 26.50 0.55 LloydsBanking LYG 1.49 0.02 OmegaHealthcare OHI 30.13 0.88 SantanderCons SC 18.18 0.35 TexasInstruments TXN 132.15 0.26 WestlakeChem WLK 55.18 1.82
s AlignTech ALGN 314.30 14.68 Bunge BG 43.23 1.33 DominionEner D 75.45 1.53 Honeywell HON 151.93 3.83 LockheedMartin LMT 364.56 8.90 Omnicom OMC 56.23 1.37 SareptaTherap SRPT 169.66 2.90 Textron TXT 33.66 1.05 WestpacBanking WBK 12.70 0.23
Alleghany Y 520.43 21.75 BurlingtonStrs BURL 181.59 10.38 s Domino's DPZ 413.68 11.38 HorizonTherap HZNP 56.92 0.75 Loews L 36.05 0.53 ON Semi ON 21.53 0.84 Schlumberger SLB 18.90 0.51 ThermoFisherSci TMO 392.70 5.24 WestRock WRK 30.15 1.00
Allegion ALLE 106.80 2.56 CBRE Group CBRE 45.22 1.87 Donaldson DCI 47.74 0.86 HormelFoods HRL 48.82 -0.27 LogitechIntl LOGI 66.79 0.72 OneConnectFinTech OCFT 23.44 0.86 SchwabC SCHW 35.66 1.11 ThomsonReuters TRI 69.78 1.48 Weyerhaeuser WY 25.06 0.60
AlliantEnergy LNT 49.37 -0.12 CDW CDW 117.70 3.30 DouglasEmmett DEI 30.21 0.35 DR Horton DHI 60.05 0.90 s Lowe's LOW 141.22 1.16 OpenText OTEX 42.97 0.69 ScottsMiracleGro SMG 143.30 0.45 ThorIndustries THO 110.95 5.00 s WheatonPrecMet WPM 47.25 0.16
AllogeneTherap ALLO 41.59 0.54 CF Industries CF 30.64 1.00 Dover DOV 102.18 3.54 HostHotels HST 11.62 1.01 lululemon LULU 312.51 4.19 Oracle ORCL 56.62 -0.58 Sea SE 113.21 -0.09 3M MMM 159.33 0.79 Whirlpool WHR 143.14 4.16
Allstate ALL 90.13 0.40 CGI GIB 66.45 1.93 Dow DOW 43.33 0.89 HowmetAerospace HWM 16.70 1.01 Lumentum LITE 82.58 1.95 Orange ORAN 12.39 0.03 Seagate STX 48.24 0.86 Tiffany TIF 122.50 0.76 Williams WMB 20.08 0.98
AllyFinancial ALLY 21.91 1.09 CH Robinson CHRW 84.91 1.12 DrReddy'sLab RDY 53.69 0.68 HuanengPower HNP 16.30 -0.37 Lyft LYFT 30.78 2.86 Orix IX 60.87 -0.40 SealedAir SEE 36.15 1.26 Toro TTC 68.35 1.96 Williams-Sonoma WSM 84.85 1.53
AlnylamPharm ALNY 158.02 0.79 CME Group CME 168.83 3.27 DraftKings DKNG 32.56 2.35 Huazhu HTHT 35.48 1.06 LyondellBasell LYB 68.88 1.92 OtisWorldwide OTIS 58.20 0.83 SeattleGenetics SGEN 177.89 4.46 TorontoDomBk TD 45.71 0.97 WillisTowers WLTW 206.12 2.17
Alphabet A GOOGL 1516.88 -3.98 CMS Energy CMS 59.74 -0.36 Dropbox DBX 20.85 0.56 Hubbell HUBB 131.92 2.32 OwensCorning OC 58.59 1.83 SempraEnergy SRE 123.15 1.31 Total TOT 39.31 0.27 Wipro WIT 3.85 0.36
Alphabet C GOOG 1513.64 -6.94 CNA Fin CNA 32.45 0.42 DukeEnergy DUK 80.43 -1.26 HubSpot HUBS 216.36 4.37 M N PG&E PCG 9.20 -0.16 SensataTechs ST 40.49 2.04 ToyotaMotor TM 127.33 0.90 Wix.com WIX 273.68 -6.14
Alteryx AYX 162.45 -2.69 CNH Indl CNHI 7.48 0.19 DukeRealty DRE 35.82 0.32 Humana HUM 395.37 -1.17 PLDT PHI 27.37 -0.23
ServiceCorp SCI 39.13 1.60 s TractorSupply TSCO 139.20 -0.46 Workday
M&T Bank MTB 102.77 4.44 WDAY 183.23 -2.45
AlticeUSA ATUS 24.21 0.20 CNOOC CEO 114.04 -1.33 Dun&Bradstreet DNB 25.50 0.11 s JBHunt JBHT 130.34 1.65 PNC Fin PNC 104.07 2.81
ServiceNow NOW 423.56 10.33 TradeDesk
MGM Resorts MGM 18.20 2.04 TTD 436.37 4.33 WynnResorts WYNN 86.74 7.44
Altria MO 41.00 -0.06 CRH CRH 38.06 0.90 Dunkin' DNKN 67.63 3.17 HuntingtonBcshs HBAN 9.11 0.48
POSCO PKX 39.24 0.28
ShawComm B SJR 17.99 0.42 Tradeweb
MKS Instrum MKSI 116.05 2.49 TW 54.41 0.12 XP XP 44.93 0.31
AlumofChina ACH 6.70 -0.01 CRISPR Therap CRSP 93.32 2.41 DuPont DD 54.86 1.21 HuntingIngalls HII 176.97 5.15
PPD PPD 28.76 0.39
SherwinWilliams SHW 597.44 10.74 TraneTech
MPLX MPLX 18.26 0.97 TT 100.93 3.40 XPO Logistics XPO 80.18 1.47
Amazon.com AMZN 3008.87 -75.13 CSX CSX 70.66 1.32 Dynatrace DT 42.19 1.36 ICICI Bank IBN 9.39 0.07
PPG Ind PPG 115.62 3.90
ShinhanFin SHG 24.94 0.27 TransDigm
MSCI MSCI 376.25 7.17 TDG 434.21 11.55 XcelEnergy XEL 64.20 -0.44
Ambev ABEV 2.69 0.07 CVS Health CVS 64.58 0.88 ENI E 20.13 0.06 IdexxLab IDXX 340.74 2.27
PPL PPL 25.69 0.15
Shopify SHOP 959.45 -14.96 TransUnion TRU 86.54 2.41 Xilinx
MagellanMid MMP 42.75 2.10 XLNX 99.31 0.68
Amcor AMCR 10.70 0.09 CableOne CABO 1776.13 26.36 EOG Rscs EOG 47.46 0.18 IHS Markit INFO 78.15 PRA HealthSci PRAH 100.29 3.22
1.26 MagnaIntl MGA 47.36 0.78 Sibanye-Stillwater SBSW 10.05 0.08 Travelers TRV 119.14 0.59 Xylem XYL 74.98 1.65
Amdocs DOX 59.10 0.25 CabotOil COG 17.85 0.41 EPAM Systems EPAM 260.07 6.46 PTC PTC 80.28 1.87
ING Groep ING 7.59 0.29
ManhattanAssoc MANH 91.10 5.56 SignatureBank SBNY 109.07 6.11 Trex TREX 132.09 3.57 YamanaGold AUY 5.54 0.01
Amedisys AMED 211.01 6.37 CadenceDesign CDNS 99.11 0.08 E*TRADE ETFC 53.08 0.92 s Paccar PCAR 78.72 1.67
IPG Photonics IPGP 171.10 6.36
ManulifeFin MFC 14.04 0.26 SimonProperty SPG 66.59 4.66 Trimble TRMB 44.31 1.33 s Yandex YNDX 54.82 1.47
Amerco UHAL 309.63 6.22 CaesarsEnt CZR 12.47 0.27 EastmanChem EMN 75.23 2.21 PackagingCpAm PKG 102.84 0.72
IQVIA IQV 152.37 4.59
MarathonPetrol MPC 37.57 1.37 SiriusXM SIRI 6.01 0.35 Trip.com TCOM 28.02 1.92 YumBrands YUM 90.35 2.17
Ameren AEE 75.93 -0.64 CamdenProperty CPT 91.44 0.74 Eaton ETN 93.40 2.73 PagSeguroDig PAGS 35.96 0.77
IcahnEnterprises IEP 50.20 1.07
Markel MKL 940.83 13.62 Skyworks SWKS 131.32 0.14 TruistFinl TFC 36.93 1.75 YumChina YUMC 52.48 1.92
AmericaMovil AMX 13.15 0.85 CampbellSoup CPB 49.21 -1.10 eBay EBAY 58.39 -0.69 s PaloAltoNtwks PANW 240.50 -4.83
Icon ICLR 183.67 4.28
MarketAxess MKTX 531.86 9.64 SlackTech WORK 32.12 -0.25 Twilio TWLO 224.27 0.45 ZTO Express ZTO 36.26 -0.32
AmericaMovil A AMOV 13.11 0.85 CIBC CM 69.40 1.19 Ecolab ECL 207.90 3.76 PanAmerSilver PAAS 33.56 0.58
IDEX IEX 168.12 5.83 Smartsheet SMAR 46.05 -0.85 Twitter TWTR 35.67 1.29 ZaiLab ZLAB 85.96 0.28
Marriott MAR 94.03 6.91 ParkerHannifin PH 186.82 3.16
AmerAirlines AAL 13.44 1.87 CanNtlRlwy CNI 93.27 1.48 Ecopetrol EC 11.89 -0.02 IllinoisToolWks ITW 182.21 2.78 SmithAO AOS 50.63 0.70 TylerTech TYL 351.22 3.65 ZebraTech ZBRA 268.16 1.69
Marsh&McLen MMC 111.58 1.34 Paychex PAYX 73.53 1.66
AEP AEP 84.68 -0.67 CanNaturalRes CNQ 17.99 0.41 EdisonInt EIX 55.28 -1.39 Illumina ILMN 382.33 6.08 Smith&Nephew SNN 41.79 2.43 TysonFoods TSN 60.52 1.71 Zendesk ZEN 88.42 -0.26
MartinMarietta MLM 222.04 7.27 PaycomSoftware PAYC 294.19 7.75
AmerExpress AXP 97.36 2.52 CanPacRlwy CP 264.94 4.23 EdwardsLife EW 72.47 1.25 Immunomedics IMMU 41.16 0.51 Smucker SJM 105.88 -1.31 UBS Group UBS 12.07 -0.09 Zillow C Z 59.08 1.23
MarvellTech MRVL 37.05 -0.18 Paylocity PCTY 137.61 2.44
AmericanFin AFG 62.28 2.17 Canon CAJ 20.21 -0.16 ElancoAnimal ELAN 24.08 0.60 ImperialOil IMO 16.63 0.44 Snap SNAP 24.54 0.80 UDR UDR 37.10 0.51 Zillow A ZG 58.97 1.22
s Masco MAS 51.53 0.50 PayPal PYPL 172.06 -0.24
AmHomes4Rent AMH 27.26 0.20 CanopyGrowth CGC 18.15 0.77 Elastic ESTC 89.76 0.83 Incyte INCY 104.25 1.23 SnapOn SNA 141.44 5.00 UGI UGI 32.36 0.76 ZimmerBiomet ZBH 131.72 7.55
Masimo MASI 229.75 5.40 Pegasystems PEGA 98.72 0.27
AIG AIG 31.77 0.98 CapitalOne COF 63.68 3.00 ElbitSystems ESLT 130.97 1.47 s Infosys INFY 11.91 1.32 SOQUIMICH SQM 29.56 -0.53 Uber UBER 32.81 1.88 ZionsBancorp ZION 33.53 1.51
Mastercard MA 305.72 6.77 Peloton PTON 63.13 0.18
AmerTowerREIT AMT 257.27 -1.67 CardinalHealth CAH 52.09 1.16 ElectronicArts EA 138.43 -0.10 IngersollRand IR 30.96 1.23 s SolarEdgeTech SEDG 174.85 6.65 Ubiquiti UI 176.23 0.07 Zoetis ZTS 142.92 2.52
MaximIntProducts MXIM 70.47 0.55 PembinaPipeline PBA 25.10 0.22
AmerWaterWorks AWK 134.06 -0.78 Carlisle CSL 120.45 3.50 EmersonElec EMR 63.63 1.54 Ingredion INGR 84.55 1.80 SolarWinds SWI 17.92 0.17 UltaBeauty ULTA 203.81 11.87 ZoomVideo ZM 256.22 -3.79
s McCormickVtg MKC.V 190.34 0.34 Pentair PNR 42.26 1.50
AmericoldRealty COLD 36.15 0.78 Carlyle CG 29.12 0.62 Enbridge ENB 30.98 0.39 Inphi IPHI 123.60 -1.28 SonocoProducts SON 53.58 1.24 Unilever UN 53.66 0.31 ZoomInfoTech ZI 39.85 -0.14
s McCormick MKC 189.20 -0.22 Penumbra PEN 192.86 5.94
Ameriprise AMP 154.10 4.30 CarMax KMX 95.04 3.69 EncompassHealth EHC 65.21 2.43 Insulet PODD 202.25 6.08 s Sony SNE 76.83 2.31 Unilever UL 55.22 0.22 Zscaler ZS 119.84 -2.59
McDonalds MCD 191.77 1.05 PepsiCo PEP 133.69 -1.83
AmerisourceBrgn ABC 101.90 2.57 Carnival CCL 17.48 2.44 EnelAmericas ENIA 7.60 -0.24 Intel INTC 59.03 0.05 Southern SO 53.02 -0.66 UnionPacific UNP 174.39 2.50 Zynga ZNGA 9.47 -0.35
McKesson MCK 153.50 5.66 s PerkinElmer PKI 108.97 2.21
Ametek AME 93.22 1.43 Carnival CUK 13.99 1.88 EnelChile ENIC 4.03 -0.11 InteractiveBrkrs IBKR 53.22 2.17
MedicalProp MPW 18.29 0.04 Perrigo PRGO 58.10 1.85
Amgen AMGN 253.31 0.22 s CarrierGlobal CARR 26.45 1.30 EnergyTransfer ET 6.62 0.26 ICE ICE 93.24 1.52
Medtronic MDT 97.16 2.51 PetroChina PTR 35.00 -0.33
Amphenol APH 100.44 3.04 Carvana CVNA 136.49 0.54 EnphaseEnergy ENPH 57.95 2.07 InterContinentl IHG 50.71 3.32
AnalogDevices ADI 117.90 -0.11 CaseysGenStores CASY 157.64 1.70 Entegris ENTG 57.93 -0.11 IBM IBM 123.00 2.40
MelcoResorts MLCO 17.89
MercadoLibre MELI 971.63
0.89
-1.00
PetroleoBrasil PBR 8.99
PetroleoBrasilA PBR.A 8.69
0.13
0.11
Borrowing Benchmarks
Anaplan PLAN 45.61 -0.73 s Catalent CTLT 83.71 4.39 Entergy ETR 96.24 -1.39
AngloGoldAsh AU 31.48 -0.09 Caterpillar CAT 138.36 1.48 EnterpriseProd EPD 17.81
IntlFlavors IFF 129.72 2.71
Merck MRK 79.44 1.19 Pfizer PFE 35.72 0.49 wsj.com/market-data/bonds/benchmarks
0.72 IntlPaper IP 36.31 0.85
MetLife MET 38.64 0.75 PhilipMorris PM 75.00 0.69
AB InBev BUD 54.16 1.12 Celanese CE 91.90 3.06 Equifax EFX 164.94 1.50 Interpublic IPG 18.05 0.70 s
AnnalyCap
Anthem
NLY 7.02 0.26
ANTM 267.28 3.81
CenovusEnergy CVE 4.65
Centene
0.23 Equinix
CNC 65.60 0.32 Equinor
EQIX 713.88
EQNR 15.32
-3.03
0.17
Intuit INTU 289.97 4.60
MettlerToledo MTD 869.04
MicrochipTech MCHP 107.88
19.70
0.31
Phillips66
Pinduoduo
PSX 65.46
PDD 85.30
3.50
-2.03 Money Rates July 15, 2020
IntuitiveSurgical ISRG 607.80 22.46
MicronTech MU 50.51 0.80 PinnacleWest PNW 79.88 0.26
Aon AON 200.99 1.94
ApartmtInv AIV 38.18 0.32
CenterPointEner CNP 19.30 0.02 Equitable EQH 20.58 0.96 InvitatHomes INVH 27.59 0.32
Microsoft MSFT 208.04 -0.31 Pinterest PINS 24.62 -0.12 Key annual interest rates paid to borrow or lend money in U.S. and
CentraisElBras EBR 6.62 0.17 EquityLife ELS 63.22 -0.18 IonisPharma IONS 62.95 1.45
ApolloGlbMgmt APO 51.85 1.14 CenturyLink CTL 9.71 -0.18 EquityResdntl EQR 57.72 0.70 iQIYI IQ 23.02 -0.23
MidAmApt MAA 112.43 -0.51 PioneerNatRscs PXD 96.59 0.93 international markets. Rates below are a guide to general levels but
MiratiTherap MRTX 123.30 3.01 PlainsAllAmPipe PAA 8.22 0.44
Apple AAPL 390.90 2.67 CeridianHCM CDAY 81.75 2.34 ErieIndemnity A ERIE 200.57 3.42 IronMountain IRM 27.60 0.29
MitsubishiUFJ MUFG 3.99 0.04 PlainsGP PAGP 8.43 0.50
don’t always represent actual transactions.
ApplMaterials AMAT 62.10 -0.44 Cerner CERN 71.81 2.08 EssentialUtil WTRG 43.04 -0.34 ItauUnibanco ITUB 5.08 -0.03
MizuhoFin MFG 2.57 0.05 Polaris PII 100.96 3.34
Aptargroup ATR 117.90 1.59 s CharlesRiverLabs CRL 193.45 6.00 EssexProp ESS 226.27 -2.03 Week —52-WEEK—
Aptiv APTV 81.78 3.59 s CharterComms CHTR 552.01 9.06 EsteeLauder EL 199.53 3.65 J K L MobileTeleSys MBT 8.97 0.07 s Pool POOL 287.55 6.17 Inflation Latest ago High Low
s Moderna MRNA 80.22 5.18 PostHoldings POST 89.18 0.93
Aramark ARMK 23.95 1.93 CheckPoint CHKP 120.38 2.00 Etsy ETSY 101.97 -1.77 June index Chg From (%)
JD.com JD 62.55 0.42 MohawkInds MHK 76.54 2.33 PrincipalFin PFG 44.56 2.03
ArcelorMittal MT 12.02 0.21 Chegg CHGG 70.91 1.71 EverestRe RE 218.29 6.85
Joyy YY 81.52 -0.48 MolinaHealthcare MOH 185.86 0.38 Procter&Gamble PG 124.50 -0.59
level May '20 June '19 Other short-term rates
ArchCapital ACGL 30.34 1.44 Chemed CHE 475.05 12.62 Evergy EVRG 61.23 -1.14
JPMorganChase JPM 99.73 1.52 MolsonCoorsB TAP 35.77 0.69 s Progressive PGR 85.89 1.39
ArcherDaniels ADM 40.90 0.46 CheniereEnergy LNG 50.61 1.22 EversourceEner ES 85.00 -1.42
JackHenry JKHY 180.13 0.07 Mondelez MDLZ 52.57 -0.28 Prologis PLD 93.74 0.36
U.S. consumer price index Week 52-Week
AresMgmt ARES 40.40 0.67 CheniereEnerPtrs CQP 33.70 0.54 ExactSciences EXAS 95.84 2.86 Latest ago high low
arGEN-X ARGX 257.29 3.04 JacobsEngg J 81.16 2.12 MongoDB MDB 206.96 -2.99 Proofpoint PFPT 115.12 -1.90 All items 257.797 0.55 0.6
Chevron CVX 88.89 0.54 Exelixis EXEL 24.37 0.57
AristaNetworks ANET 215.14 -0.59 Chewy CHWY 47.12 -0.88 Exelon
JamesHardie JHX 19.71 0.82 MonolithicPower MPWR 246.72 -2.80 PrudentialFin PRU 63.93 2.02 Core 266.302 0.19 1.2
EXC 38.05 0.18
JazzPharma JAZZ 109.46 2.15 MonsterBev MNST 72.19 0.56 Prudential PUK 32.02 0.75
Call money
ArrowElec ARW 67.77 1.43 ChinaEastrnAir CEA 18.54 0.19 Expedia EXPE 90.23 7.76
AscendisPharma ASND 139.88 2.04 ChinaLifeIns LFC 12.37 -0.11 ExpeditorsIntl EXPD 79.83 International rates 2.00 2.00 4.25 2.00
1.71
AspenTech AZPN 97.25 3.19 ChinaMobile CHL 35.04 -0.37 ExtraSpaceSt EXR 98.08
Assurant AIZ 103.85 2.32 ChinaPetrol SNP 43.68 -0.53 ExxonMobil XOM 44.63
0.78
0.56
IPO Scorecard Week 52-Week Commercial paper (AA financial)
s AstraZeneca AZN 58.00 4.02 Latest ago High Low 90 days 0.18 n.a. 2.53 0.04
ChinaSoAirlines ZNH 23.69 0.30 F5Networks FFIV 146.93 3.02 Performance of IPOs, most-recent listed first
Athene ATH 33.45 1.62 ChinaTelecom CHA 29.64 -0.17 FMC FMC 107.87 4.43 % Chg From % Chg From
Atlassian TEAM 175.32 1.17 ChinaUnicom CHU 5.94 -0.15 Facebook Prime rates Libor
FB 240.28 0.55 Company SYMBOL Friday3s Offer 1st-day Company SYMBOL Friday3s Offer 1st-day
AtmosEnergy ATO 100.64 0.21 Chipotle CMG 1133.65 30.63 FactSet FDS 351.84 0.27 IPO date/Offer price close ($) price close IPO date/Offer price close ($) price close U.S. 3.25 3.25 5.50 3.25 One month 0.18088 0.18825 2.29788 0.16225
Autodesk ADSK 235.58 0.98 Chubb CB 132.80 2.06 FairIsaac FICO 406.01 -2.58 Canada 2.45 2.45 3.95 2.45 Three month 0.27288 0.27288 2.30250 0.26625
ChunghwaTel CHT 37.43 -0.17 Farfetch D8 Hldgs 10.03 0.3 ... PTK Acquisition 10.09 0.9 –0.2
Autohome ATHM 89.22 0.53 FTCH 20.88 0.27
DEH.UT July 15/$10.00 PTK.UT July 13/$10.00 Japan 1.475 1.475 1.475 1.475 Six month 0.33463 0.35338 2.22688 0.33463
Autoliv ALV 67.73 1.09 s Church&Dwight CHD 84.60 0.12 Fastenal FAST 44.02 0.62 One year 0.47688 0.48813 2.23850 0.47688
ADP ADP 148.60 3.12 Ciena CIEN 53.46 0.49 Fastly FSLY 82.37 0.50 GoHealth 19.46 –7.3 ... Poseida Thera 14.02 –12.4 –8.7 Policy Rates
AutoZone AZO 1149.23 15.86 Cigna CI 181.04 -1.13 FederalRealty FRT 80.97 2.97 GOCO July 15/$21.00 PSTX July 10/$16.00 Euro zone 0.00 0.00 0.00 0.00 Euro Libor
Avalara AVLR 125.79 -2.46 CincinnatiFin CINF 73.52 0.81 FedEx FDX 161.25 2.75 Malacca Straits Acquisition 10.04 0.4 ... Nkarta 36.55 103.1 –23.7 Switzerland 0.00 0.00 0.50 0.00 One month -0.501 -0.492 -0.360 -0.621
Avalonbay AVB 154.54 0.14 Cintas CTAS 278.40 8.10 Ferrari RACE 179.00 0.90 MLACU July 15/$10.00 NKTX July 10/$18.00 Britain 0.10 0.10 0.75 0.10 Three month -0.455 -0.432 -0.142 -0.539
Avangrid AGR 45.20 0.07 CiscoSystems CSCO 46.40 0.14 FiatChrysler FCAU 10.43 0.15
Avantor AVTR 19.21 1.07 Citigroup C 51.84 1.69 FidNatlFin FNF 32.17 0.50
Artius Acquisition 10.36 3.6 0.1 Thera Acquisition 14.35 43.5 19.4 Australia 0.25 0.25 1.00 0.25 Six month -0.392 -0.336 -0.052 -0.491
AveryDennison AVY 118.99 3.17 CitizensFin CFG 25.45 1.56 FidNatlInfo FIS 140.43 4.01
AACQU July 14/$10.00 TXAC July 8/$10.00 One year -0.291 -0.252 0.008 -0.441
AxaltaCoating AXTA 23.88 1.07 CitrixSystems CTXS 150.82 -2.85 FifthThirdBncp FITB 19.17 1.02
Overnight repurchase
nCino 72.34 133.4 –21.0 Accolade 32.41 47.3 9.1 0.13 3.40 -0.07 Secured Overnight Financing Rate
AxonEnterprise AAXN 92.64 -0.19 Clarivate CCC 22.47 0.60 58.com WUBA 55.18 -0.10 U.S. 0.14
BCE BCE 41.71 0.62 Clorox CLX 225.50 -5.02 FirstAmerFin FAF 52.75 NCNO July 14/$31.00 ACCD July 2/$22.00
1.55 0.11 0.10 5.25 0.01
BHP Group BHP 53.08 0.72 Cloudflare NET 36.12 -0.63 FirstRepBank FRC 111.08 2.36 U.S. government rates
BHP Group BBL 44.22 0.96 Coca-Cola KO 46.40 0.53 Sources: Dow Jones Market Data; FactSet Value 52-Week
FirstSolar FSLR 60.98 -0.80
s BJ'sWholesale BJ 39.11 -1.04 Coca-Cola Euro CCEP 39.56 0.94
FirstEnergy FE 40.82 -0.10
Discount Latest Traded High Low
BP BP 23.81 0.53 Cognex CGNX 62.48 1.01
Fiserv FISV 100.74 3.20 0.25 0.25 3.00 0.25
s B2Gold BTG 6.10 0.07 CognizantTech CTSH 59.67 3.20 DTCC GCF Repo Index
Baidu BIDU 125.05 -0.44 ColgatePalm CL 74.69 -0.16
FiveBelow
Five9
FIVE 102.63
FIVN 112.73
4.80
0.22
Dividend Changes Federal funds Treasury 0.151 35.000 6.007 0.002
BakerHughes BKR 15.60 0.04 Comcast A CMCSA 41.96 0.78 54.600 6.699 0.011
FleetCorTech FLT 265.79 16.69 Effective rate 0.0900 0.0900 2.4100 0.0600 MBS 0.169
Ball BLL 69.52 -4.09 CommerceBcshrs CBSH 57.17 1.71
FlirSystems FLIR 42.36 2.31
Dividend announcements from July 15. High 0.1100 0.1000 3.0000 0.1000
BancoBilbaoViz BBVA 3.67 0.08 SABESP SBS 11.32 0.73
BancoBradesco BBDO 3.82 -0.02 s ConagraBrands CAG 36.60 -0.17
Floor&Decor FND 61.56 1.71 Amount Payable / Low 0.0300 0.0300 2.3300 0.0100 Notes on data:
FomentoEconMex FMX 58.34 0.26 Company Symbol Yld % New/Old Frq Record Bid 0.0800 0.0800 2.4000 0.0100
BancodeChile BCH 18.77 -0.37 ConchoRscs CXO 52.05 1.33 U.S. prime rate is the base rate on corporate
FordMotor F 6.74 0.38
BancSanBrasil BSBR 5.47 0.06 ConocoPhillips COP 41.62 0.31 Increased Offer 0.1100 0.1100 2.5000 0.0500 loans posted by at least 70% of the 10 largest
Fortinet FTNT 129.32 -5.16
BcoSantChile BSAC 16.95 -0.45 ConEd ED 71.51 -0.66 U.S. banks, and is effective March 16, 2020.
Fortis FTS 39.56 0.51 Bank of Am Dep ser 4 BMLpJ 4.2 .2556 /.25 Q Aug28 /Aug15 Treasury bill auction
BancoSantander SAN 2.56 0.05 ConstBrands A STZ 182.63 3.45 Other prime rates aren’t directly comparable;
BanColombia CIB Fortive FTV 71.19 2.03 Bank of America Dep pfd 2 BMLpH 4.0 .1917 /.1875 Q Aug28 /Aug15 lending practices vary widely by location;
27.09 0.19 ContinentalRscs CLR 18.00 1.12 4 weeks 0.100 0.115 2.135 0.000
BankofAmerica BAC 24.60 0.46 FortBrandsHome FBHS 68.38 1.67 Bank of America Pfd E BACpE 4.3 .2556 /.25 Q Aug17 /Jul31 Discount rate is effective March 16, 2020.
Cooper COO 296.84 8.94 13 weeks 0.145 0.150 2.115 0.000
FoxA FOXA 26.06 1.03 Secured Overnight Financing Rate is as of July
BankofMontreal BMO 55.97 1.76 Copart CPRT 86.58 3.03 Bank of America Pfd L BMLpL 4.4 .2556 /.25 Q Aug21 /Aug01 26 weeks 0.145 0.165 2.035 0.080
BankNY Mellon BK 36.86 -2.11 FoxB FOX 26.25 1.12 14, 2020. DTCC GCF Repo Index is Depository
CoreLogic CLGX 67.20 0.14
BkNovaScotia BNS 41.88 0.64 Franco-Nevada FNV 148.24 1.53 Trust & Clearing Corp.'s weighted average for
Corning GLW 28.06 0.70 Foreign Secondary market
Barclays BCS 6.08 0.10 Corteva CTVA 27.94 0.86
FranklinRscs BEN 21.52 0.76 overnight trades in applicable CUSIPs. Value
FreeportMcM FCX 13.53 0.03 IHS Markit INFO 0.9 .17 Q Aug14 /Jul31 traded is in billions of U.S. dollars. Federal-funds
BarrickGold GOLD 27.09 0.04 CoStar CSGP 691.74 11.75
FreseniusMed FMS 42.59 0.43
Fannie Mae rates are Tullett Prebon rates as of 5:30 p.m. ET.
BauschHealth BHC 18.65 1.25 s Costco COST 326.70 -1.30 Shaw Communications B SJR 4.8 .0726 M Nov27 /Nov13
30-year mortgage yields
BaxterIntl BAX 87.09 2.44 CoupaSoftware COUP 297.18 -0.61 Sources: Federal Reserve; Bureau of Labor
BectonDicknsn BDX 266.96 3.56 Credicorp BAP 130.51 3.51
G H I KEY: A: annual; M: monthly; Q: quarterly; r: revised; SA: semiannual; S2:1: stock split and ratio; SO: 30 days 2.036 2.060 3.388 2.016 Statistics; DTCC; FactSet;
s BeiGene BGNE 239.31 2.36 CreditAcceptance CACC 449.19 19.13 GCI LibertyA GLIBA 74.77 0.92 spin-off. 60 days 2.121 2.142 3.403 2.100 Tullett Prebon Information, Ltd.

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 Fund
Net YTD
NAV Chg %Ret
500IdxInstPrem111.93 +1.01 0.9 SrsEmrgMkt 20.34 +0.12 -1.4 JPMorgan I Class IncomeFd NA ... NA CapOpAdml r160.92 +2.72 2.0 WdsrllAdml 60.00 +0.82 -6.4 WndsrII 33.82 +0.46 -6.4
Top 250 mutual-funds listings for Nasdaq-published share classes by net assets. Contrafund K6 16.42 +0.02 13.5 SrsGlobal 12.39 +0.12 -5.9 CoreBond 12.44 ... 6.6 PIMCO Funds I2 DivAppIdxAdm 33.09 +0.31 -1.2 WellsIAdml 66.73 +0.33 2.4 VANGUARD INDEX FDS
e-Ex-distribution. f-Previous day’s quotation. g-Footnotes x and s apply. j-Footnotes e ExtMktIdxInstPre 62.84 +1.62 -1.5 SrsGroCoRetail 23.48 +0.12 32.3 EqInc 17.13 +0.22-10.9 Income NA ... NA EMAdmr 35.67 +0.01 -2.9 WelltnAdml 73.68 +0.58 -0.3 SmValAdml 47.10 +1.60-19.3
and s apply. k-Recalculated by Lipper, using updated data. p-Distribution costs apply, IntlIdxInstPrem 39.99 +0.50 -6.9 SrsIntlGrw 18.13 +0.24 3.5 JPMorgan R Class PIMCO Funds Instl EqIncAdml 70.04 +0.88-10.4 WndsrAdml 62.35 +1.34-12.8 TotBd2 11.59 ... 6.6
12b-1. r-Redemption charge may apply. s-Stock split or dividend. t-Footnotes p and r MidCpInxInstPrem 22.12 +0.48 -5.9 SrsIntlVal 8.83 +0.10-10.8 CoreBond 12.46 ... 6.6 IncomeFd NA ... NA ExplrAdml 97.71 +2.39 0.5 VANGUARD FDS TotIntl 16.62 +0.16 -6.3
apply. v-Footnotes x and e apply. x-Ex-dividend. z-Footnote x, e and s apply. NA-Not SAIUSLgCpIndxFd 17.43 +0.16 0.8 TotalBond 11.44 +0.02 6.3 CorePlusBd 8.79 +0.01 5.5 Price Funds ExtndAdml 93.70 +2.43 -1.5 DivdGro 29.32 +0.35 -3.2 TotSt 79.41 +0.93 0.6
available due to incomplete price, performance or cost data. NE-Not released by Lipper; SeriesOverseas 10.86 +0.15 0.7 Fidelity SAI Lord Abbett A BlChip 145.12 +0.67 16.7 GNMAAdml 10.77 -0.01 3.3 HlthCare r 217.64 +3.74 7.5 VANGUARD INSTL FDS
data under review. NN-Fund not tracked. NS-Fund didn’t exist at start of period. SmCpIdxInstPrem 18.75 +0.64-10.7 TotalBd 10.93 +0.02 5.7 ShtDurIncmA p 4.15 ... 0.3 DivGro 51.98 +0.56 -1.9 GrwthAdml 109.11 +0.65 16.8 INSTTRF2020 24.56 +0.13 1.9 BalInst 40.21 +0.29 3.8
TMktIdxInstPrem 90.78 +1.06 0.5 Fidelity Selects Lord Abbett F EqInc 26.64 +0.46-15.8 HlthCareAdml r 91.79 +1.58 7.6 INSTTRF2025 25.07 +0.16 1.4 DevMktsIndInst 13.03 +0.16 -7.1
USBdIdxInstPrem 12.61 ... 7.2 Softwr r 23.23 +0.16 20.8 ShtDurIncm 4.15 +0.01 0.3 EqIndex 85.74 +0.77 0.8 HYCorAdml r 5.70 +0.02 -1.7 INSTTRF2030 25.31 +0.19 0.8 DevMktsInxInst 20.37 +0.26 -7.1
Wednesday, July 15, 2020
Fidelity Advisor I First Eagle Funds Metropolitan West Growth 83.84 +0.44 14.3 InfProAd 27.63 -0.01 6.8 INSTTRF2035 25.53 +0.21 0.1 ExtndInst 93.70 +2.44 -1.5
Net YTD Net YTD Net YTD
Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret NwInsghtI 34.94 +0.12 6.8 GlbA 55.25 +0.56 -4.7 TotRetBd 11.61 +0.01 7.2 HelSci 90.82 +1.57 11.5 IntlGrAdml 125.57 +1.17 22.2 INSTTRF2040 25.74 +0.23 -0.5 GrwthInst 109.12 +0.65 16.8
Fidelity Freedom FPA Funds TotRetBdI 11.61 +0.01 7.4 LgCapGow I 51.14 +0.26 16.1 ITBondAdml 12.64 ... 8.4 INSTTRF2045 25.88 +0.25 -1.1 InPrSeIn 11.26 ... 6.9
American Century Inv AggBdInst 11.87 ... 7.2 EmgMktVa 24.33 -0.07-14.7 FF2020 15.93 +0.11 1.3 FPACres 31.05 +0.40 -5.4 TRBdPlan 10.92 +0.01 7.3 MidCap 96.95 +2.00 1.7 ITIGradeAdml 10.59 +0.01 7.6 INSTTRF2050 25.93 +0.25 -1.1 InstIdx 287.97 +2.61 0.9
Ultra 63.54 +0.35 21.8 CorBdInst 12.17 +0.01 6.7 EmMktCorEq 19.85 +0.03 -8.0 FF2025 Franklin A1 MFS Funds Class I NHoriz 73.56 +1.22 23.9 LTGradeAdml 12.19 ... 14.1 InstPlus 287.98 +2.60 0.9
14.09 +0.10 0.9 INSTTRF2055 26.03 +0.25 -1.1
American Funds Cl A BlackRock Funds IntlCoreEq 12.21 +0.15-10.7 CA TF A1 p 7.73 ... 2.7 ValueI 39.97 +0.57 -9.6 R2020 NA ... NA MidCpAdml 210.78 +3.79 -3.6 InstTStPlus 67.96 +0.80 0.6
FF2030 17.37 +0.15 0.3 LifeCon 21.47 +0.10 3.0
AmcpA p 35.00 +0.30 6.1 HiYBlk 7.26 ... -3.7 IntSmCo 16.45 +0.19-12.7 IncomeA1 p 2.09 +0.02 -8.1 MFS Funds Instl R2025 NA ... NA MuHYAdml 11.67 ... 1.2 MidCpInst 46.56 +0.84 -3.6
Freedom2020 K 15.91 +0.11 1.3 LifeGro 35.79 +0.32 -0.2
AMutlA p 40.98 +0.34 -4.8 HiYldBd Inst 7.26 ... -3.7 IntSmVa 15.78 +0.19-18.3 FrankTemp/Frank Adv IntlEq 26.87 +0.39 -3.6 R2030 NA ... NA MuIntAdml 14.68 +0.01 2.8 MidCpIstPl 229.64 +4.14 -3.6
Freedom2025 K 14.07 +0.11 0.9 LifeMod 29.04 +0.19 1.5
BalA p 28.49 +0.09 1.3 BlackRock Funds A LgCo 24.75 +0.22 0.9 IncomeAdv 2.07 +0.02 -8.1 Northern Funds R2035 NA ... NA MuLTAdml 12.08 +0.01 3.2 SmCapInst 71.89 +2.13 -8.9
BondA p 14.09 +0.01 8.9 GlblAlloc p 19.81 ... 3.1 US CoreEq1 24.67 +0.39 -3.9 Freedom2030 K 17.35 +0.15 0.4 StkIdx 37.00 +0.33 0.9 MuLtdAdml 11.20 +0.01 2.1
PrmcpCor 26.17 +0.49 -6.3
STIGradeInst 10.96 ... 3.6
FrankTemp/Franklin A R2040 NA ... NA
CapIBA p 58.72 +0.36 -5.5 BlackRock Funds Inst US CoreEq2 22.21 +0.40 -5.4 Freedom2035 K 14.49 +0.15 -0.9 Growth A p 121.90 +1.37 8.6 Oakmark Funds Invest MuShtAdml 15.93 ... 1.3
STAR 28.57 +0.24 5.2 STIPSIxins 25.25 +0.01 2.2
PRIMECAP Odyssey Fds
CapWGrA 51.16 +0.40 -1.2 MultiAstIncome 10.48 ... -2.1 US Small 29.73 +1.01-14.6 Freedom2040 K 10.11 +0.12 -1.4 PrmcpAdml r141.58 +2.22 -1.8 TgtRe2015 15.59 +0.07 2.7 TotBdInst 11.67 ... 7.0
RisDv A p 68.90 +0.92 -0.5 OakmrkInt NA ... NA AggGrowth r 47.25 +1.16 5.2 TgtRe2020 33.13 +0.18 1.8 TotBdInst2 11.59
EupacA p 55.88 +0.47 0.4 StratIncOpptyIns 9.92 ... 0.9 US SmCpVal 26.22 +1.07-23.5 Fidelity Invest Old Westbury Fds RealEstatAdml111.41 +1.14-13.8 ... 6.6
FrankTemp/Franklin C Growth r 40.59 +0.94 -0.9
FdInvA p 59.54 +0.41 -2.0 Bridge Builder Trust USLgVa 31.53 +0.63-17.3 Balanc 25.73 +0.22 5.5 SmCapAdml 71.89 +2.13 -8.9 TgtRe2025 20.11 +0.13 1.4 TotBdInstPl 11.67 ... 7.0
BluCh 135.46 +1.09 25.7 Income C t 2.12 +0.02 -8.3 LrgCpStr NA ... NA Schwab Funds TgtRe2030 36.72 +0.27 0.7 TotIntBdIdxInst 34.65 -0.01 2.6
GwthA p 57.80 +0.36 13.0 CoreBond 10.98 ... 6.9 Dodge & Cox SmGthAdml 72.45 +1.82 3.9
FrankTemp/Temp Adv Parnassus Fds 1000 Inv r 72.04 +0.76 1.3
HI TrA p 9.40 +0.05 -3.6 CorePlusBond 10.64 +0.01 6.3 Balanced 92.64 +1.21 -6.5 Contra 15.60 +0.02 14.6 STBondAdml 10.89 ... 4.1 TgtRe2035 22.55 +0.19 0.1 TotIntlInstIdx r111.19 +1.07 -6.2
ICAA p 39.16 +0.28 0.2 Intl Eq 11.45 +0.13 -4.5 Income 14.67 +0.02 6.3 ContraK 15.62 +0.02 14.5 GlBondAdv p 9.94 -0.03 -4.5 ParnEqFd 48.24 +0.33 3.0 S&P Sel 49.86 +0.45 1.0 TgtRe2040 38.93 +0.35 -0.5 TotItlInstPlId r111.21 +1.07 -6.2
STIGradeAdml 10.96 ... 3.6
CpInc r 9.63 +0.09 -3.7 Guggenheim Funds Tru PGIM Funds Cl Z TSM Sel r 56.23 +0.65 0.5 TgtRe2045 24.45 +0.24 -1.0 TotStInst
IncoA p 21.62 +0.17 -5.4 LargeCapGrowth 17.84 +0.12 12.7 Intl Stk 37.24 +0.51-14.6 TotBdAdml 11.67 ... 7.0 79.45 +0.93 0.6
N PerA p 50.92 +0.48 7.7 LargeCapValue 12.23 +0.24 -9.8 Stock 166.09 +3.13-12.1 GroCo 28.00 +0.15 31.1 TotRtnBdFdClInst 29.50 +0.02 10.3 TotalReturnBond NA ... NA TIAA/CREF Funds TgtRe2050 39.35 +0.38 -1.1 ValueInst 40.31 +0.52-12.4
TotIntBdIdxAdm 23.09 -0.01 2.6
GrowCoK 28.05 +0.15 31.1 Harbor Funds PIMCO Fds Instl BdIdxInst 11.73 ... 6.9 TgtRet2055 42.72 +0.42 -1.1 WCM Focus Funds
NEcoA p 49.65 +0.37 8.6 ClearBridge DoubleLine Funds TotIntlAdmIdx r 27.80 +0.26 -6.2
NwWrldA 71.90 +0.57 1.9 LargeCapGrowthI 61.11 +0.38 11.9 CoreFxdIncmI NA ... NA InvGrBd 12.22 +0.01 7.2 CapApInst 95.56 +0.48 26.2 AllAsset NA ... NA EqIdxInst 23.47 +0.28 0.6 TotStAdml 79.44 +0.93 0.6 TgtRetInc 14.38 +0.05 3.1 WCMFocIntlGrwIns 20.60 +0.24 8.9
SmCpA p 62.31 +1.03 5.9 Columbia Class I TotRetBdI 10.74 ... 2.8 LowP r 44.22 +0.74-11.6 Harding Loevner HiYld 8.61 +0.05 -2.2 VANGUARD ADMIRAL TotIntBdIxInv 11.55 ... 2.6 Western Asset
TxMCapAdml166.91 +1.72 1.5
TxExA p 13.44 +0.01 2.1 DivIncom I 22.72 +0.16 -6.0 Edgewood Growth Instituti Magin 11.36 +0.04 11.4 IntlEq 24.08 +0.31 1.2 InvGrdCrBd 11.06 +0.01 3.3 500Adml 297.95 +2.69 0.9 TxMIn r 13.02 +0.17 -7.0 USGro 54.41 +0.35 26.5 CoreBondI NA ... NA
WshA p 44.85 +0.43 -5.9 Dimensional Fds EdgewoodGrInst 46.03 +0.35 19.5 OTC 15.32 +0.12 19.8 Invesco Funds Y TotRt 10.89 ... 6.9 BalAdml 40.20 +0.29 3.8 USGroAdml 140.99 +0.89 26.6 WellsI 27.55 +0.14 2.4 CorePlusBdI NA ... NA
Baird Funds 5GlbFxdInc 10.85 ... 1.1 Fidelity Puritn 24.20 +0.11 7.1 DevMktY 44.02 +0.33 -3.5 PIMCO Funds A CAITAdml 12.27 +0.01 2.8 ValAdml 40.31 +0.52-12.4 Welltn 42.67 +0.34 -0.3 CorePlusBdIS NA ... NA
 B10 | Thursday, July 16, 2020 THE WALL STREET JOURNAL.

BANKING & FINANCE

Low Rates Eat Into BNY Mellon Revenue

Bank’s interest income
drops, with further
decline anticipated
in the next quarter
BY MATT GROSSMAN
Bank of New York Mellon
Corp. reported a drop in net
interest revenue in the second
quarter and warned that the
trend may continue in the
months to come, sending
shares of the custody bank
lower Wednesday.
The New York City-based
investment-management firm
said its net revenue from in-
terest decreased to $780 mil-
lion, a 3% fall from last year’s
level. Analysts’ consensus had
forecast net interest revenue
of $792.3 million, according to
FactSet.
The bank attributed the
trend to lower interest rates
on interest-earning assets.
The Federal Reserve has low-
ered its key interest rates to
nearly zero in recent months
as part of its strategy to help
offset the impact of the coro-
navirus pandemic and boost 8% to 11% over the next three than other financial institu- cast of 91 cents a share. Its in-
the economy. months compared with the tions to low rates. come from fee revenue in the
For banks and other finan- most recent quarter, before “The big negative was that period was $3.17 billion,
cial firms that fund themselves stabilizing. the low-interest-rate environ- higher than the $3.11 billion of
with deposits and other short- “I think when you look at ment is going to hurt net in- such revenue it reported in
term loans and put that money the third quarter, it’s really all terest income more than peo- last year’s second quarter and
to work through loans and lon- about rates coming down and ple have in their models,” Mr. better than analysts’ consen-
ger-term investments, falling getting the full impact of that Schorr said of the second- sus estimate of $3.12 billion.
rates can impair profitability. for the full quarter,” Mr. San- quarter results. “If you have a BNY Mellon set aside $143
The bank’s shares declined tomassimo said. He added that portfolio that turns over million for credit losses in the
5.4% to $36.86 in trading the bank would optimize its quickly, when rates go down, quarter, a figure the bank said
Wednesday. securities portfolio in re- you have to reinvest at lower reflected credit downgrades
In a conference call in the sponse. rates more quickly.” and macroeconomic challenges
morning, Chief Financial Offi- Glenn Schorr, an analyst at Overall, the bank reported a during the coronavirus pan-
cer Michael P. Santomassimo Evercore ISI Equity Research, stronger-than-expected profit, demic. In the first half of last
told analysts that net interest said BNY Mellon’s business earning $1.01 a share, com- year, the bank had achieved
income is likely to decline by model leaves it more exposed pared with the consensus fore- net credit recoveries.

Evercore Names
New Leaders as
Altman Backs Off
BY LIZ HOFFMAN core as CEO in 2009, when Mr.
Altman took his first steps
Roger Altman founded back. A co-founder of Black-
Evercore Inc. in 1995 after a Rock Inc., he was seen as
long career on Wall Street and strongest in asset manage-
Washington. He’s now laying ment, where Evercore main-
the groundwork to make sure tains a small business but has
it thrives after he exits. scaled back broader ambitions.
Evercore will elevate a pair Mr. Weinberg, 63, belongs
of executives, Ralph Schloss- to one of the last Wall Street
tein and John S. Weinberg, to dynasties. His grandfather,
be co-chief executive officers Sidney Weinberg, and later his
TANG YAN/SOPA IMAGES/ZUMA PRESS

and co-chairmen of the board, father, John L. Weinberg, ran

allowing the 74-year-old Mr. Goldman for much of the 20th
Altman, Evercore’s senior century. A cousin, Peter Wein-
chairman, to take another step berg, is a founding partner and
back from the firm he built CEO of Perella Weinberg, a ri-
into a small but notable player val boutique.
on Wall Street. Mr. Altman started his ca-
The moves essentially mu- reer at Lehman Brothers and
tualize what had been split re- joined a young Blackstone Inc.
sponsibilities; Mr. Schlosstein
Sanctions have long been a minefield for international banks, and rising tensions between the U.S. and China have already created difficulties. had previously been the firm’s
sole CEO, while the younger Roger Altman

Banks Face a Quandary in Hong Kong Mr. Weinberg, recruited from

BY FRANCES YOON
AND QUENTIN WEBB
As the U.S. moves to punish
Chinese officials involved in the
clampdown on Hong Kong, in-
ternational banks and other
businesses have a problem: how
to obey conflicting rules of both
Washington’s coming sanctions
regime and the territory’s
broad new national-security
law.
On Tuesday, President
Trump signed into law a bill
that requires sanctions against
not only Chinese officials and
entities materially contributing
to the erosion of Hong Kong’s
autonomy, but also financial in-
stitutions doing business with
those who will appear on the
eventual blacklist.
At the same time Hong
Kong’s security law outlaws re-
ceiving “instructions, control,
funding or other kinds of sup-
port from a foreign country” to
impose sanctions against Hong
Kong or China.
The issue may come to a
head swiftly: the U.S. secretary
of state has 90 days to identify
sanctions targets, and after
that, a 30- to 60-day timetable
kicks in for his counterpart at
the Treasury Department to
name “foreign financial institu-
tions” which have conducted
significant transactions with
those people.
Mini vandePol, the Asia Pa-
cific head of compliance and in-
vestigations at law firm Baker
McKenzie, said some banks
were already trying to identify
likely sanctions targets and
adapt accordingly. “The most
important thing institutions can
do at this time is to have a
thorough understanding of
their business partners so that
they can address any potential
risks proactively,” she said.
Last week, the Trump ad-
ministration imposed sanctions
on senior Chinese officials ac-
cused of carrying out human-
rights abuses against Turkic
Muslims in the remote Xinjiang
region. The sanctions would
ban travel to the U.S. and ac-
cess to the U.S. financial sys-
tem. China vowed to impose re-
taliatory measures.
In a briefing dated July 13,
lawyers from Norton Rose Ful-
bright said the potential di-
lemma had “sparked consider-
able controversy within the
financial industry in Hong
Kong.”
“Companies may have to
choose between breaching the
Goldman Sachs Group Inc.
four years ago, had tended to
the board alone.
takes another
step back from
the firm he
built into a
national security law and falling freezing accounts or ending re- “We found we were operat- notable player
foul of U.S. sanctions. Several lationships could draw more ing as equal partners for two on Wall Street.
banks have sought clarification scrutiny. to three years, and this formal-
in this regard, however guid- For individuals, U.S. sanc- izes that,” Mr. Schlosstein,
ance from Hong Kong or Chi- tions would include visa bans who is 69, said in an interview. in the late 1980s. He served in
nese authorities has not yet and asset freezes. For financial Wall Street’s boutiques— two White Houses, first in the
been received,” they wrote. institutions, Washington’s Hong smaller firms, many founded Carter administration, where
Almost all international Kong Autonomy Act lists 10 and bulked up during the tal- he helped save Chrysler from
banks have some presence in possible punishments, including ent exodus that followed the bankruptcy, and later as Bill
Hong Kong. Some, including bans on getting loans from U.S. 2008 financial crisis—are Clinton’s deputy Treasury sec-
HSBC Holdings PLC, Standard banks, doing foreign-currency growing up. These firms spe- retary. He was seen as a fast
Chartered PLC and Citigroup deals in the U.S., and on their cialize in corporate advice, riser in the party but left the
Inc., have sizable retail net- executives entering America. rather than lending or securi- White House in 1994 after
works. The three banks all de- The president would have to in- ties trading, and pitch them- bruising testimony during the
clined to comment. troduce five of these within a selves as consiglieres rather Whitewater investigation.
The Norton Rose Fulbright year, and all 10 within two than financial superstores. He launched Evercore a year
team said some financial insti- years. Evercore is one of the oldest later and has remained a
tutions with significant opera- Sanctions have long been a and by far the biggest, with player in Democratic politics,
tions in Hong Kong had already minefield for international 1,900 people and $2 billion in advising Hillary Clinton on her
reviewed their client base to banks, and rising tensions be- annual revenue, most of it 2008 presidential bid and ap-
identify potential sanctions tar- tween the U.S. and China have from advising on mergers and pearing on the shortlist to be
gets. In addition, they said that already created other difficul- corporate bankruptcies. Barack Obama’s chief economic
while political rhetoric sug- ties for some global lenders. Mr. Schlosstein bristles a bit counselor.
gested a focus on Chinese state- HSBC Holdings PLC was pil- at the boutique label, saying it The new co-CEOs face a
owned banks, the act’s remit loried by pro-Beijing figures “speaks to a scale we’ve out- likely contraction in mergers
extended to insurers, currency and the state media for not get- grown.” Evercore was No. 4 as corporate clients wait out
exchanges, travel agents and ting behind the security law, last year on Wall Street in ad- the uncertainty of a recession
even car dealers. and then faced a backlash in visory revenue, trailing only from the coronavirus. They
Yuan Zheng, a lawyer for law the U.S. and U.K. after its Asia Goldman, Morgan Stanley and said Evercore’s restructuring
firm Davis Polk, said Chinese chief endorsed the legislation. JPMorgan Chase & Co.—all business, plus a smaller busi-
authorities might not enforce The bank earlier had to re- global firms with dozens of ness advising companies on
the national-security law provi- spond to anger in Beijing over business lines. how and where to raise money,
sion so aggressively that stan- information it provided in a Mr. Schlosstein joined Ever- would help compensate.
dard procedures like reviewing U.S. criminal case against
client databases or reclassifying China’s Huawei Technologies
a client as higher-risk would Co., in a case tied to sanctions New Highs and Lows | WSJ.com/newhighs
count as a breach. But she said on Iran.
The following explanations apply to the New York Stock Exchange, NYSE Arca, NYSE American
and Nasdaq Stock Market stocks that hit a new 52-week intraday high or low in the latest
session. % CHG-Daily percentage change from the previous trading session.

Rare-Earth Metals Company to Go Public Stock

52-Wk %
Sym Hi/Lo Chg Stock
Wednesday, July 15, 2020

GeneralMills
52-Wk %
Sym Hi/Lo Chg Stock
GIS 65.41 -0.9
52-Wk %
Sym Hi/Lo Chg
PatrickIndustries PATK 65.39 5.8

BY CORRIE DRIEBUSCH splash when it agreed to go Highs GeneticTechs

Genmab
GENE
GMAB
10.30 150.9
36.17 2.0
PerkinElmer
Pool
PKI
POOL
109.43 2.1
288.53 2.2
ANGI Homesvcs ANGI 17.05 1.8 GoHealth GOCO 26.25 -7.3 PrincipiaBio PRNB 81.33 6.8
public through a blank-check AryaSciencesII ARYBU 12.50 2.6 GoldFields GFI 11.11 2.1 Progressive PGR 86.49 1.6
Accenture ACN 222.75 0.6 PropTechAcqnA PTAC 10.75 1.4
Rare-earth minerals pro- company. On Sunday, health- AgilentTechs A 93.06 2.4
GreenDot GDOT
GreenroseAcqn GNRSU
52.52 3.5
10.60 -1.8 PropTechAcqnUn PTACU 11.30 0.4
ducer MP Materials Corp. will care-services provider Multi- AirProducts
AlignTech
APD
ALGN
285.30
321.49
0.3
4.9
GreenroseAcqn GNRS 10.05 1.3 PureAcqnWt PACQW
PurpleInnovation PRPL
5.00 138.1
21.18 5.5
Gulf Resources GURE 6.42 3.7
go public through a blank- Plan Inc. said it was merging AndinaAcqnIIIWt ANDAW 0.95 15.4 HarmonyGold HMY 6.11 -0.3 Qiagen QGEN 46.98 -0.2
AquaBountyTech AQB 4.55 -11.5 HeatBiologics HTBX 1.48 23.7 QuakerChemical KWR 200.09 4.4
check company, joining the with a blank-check company in AstraZeneca AZN 58.84 7.4 HeclaMining HL 4.43 4.5 RH RH 280.74 4.7
AtlasAir AAWW 49.55 2.2 HeclaMiningPfB HLpB 60.99 6.0 RanpakWt PACK.WS 1.65 3.1
growing wave of companies an $11 billion deal. AtossaTherap ATOS 4.69 10.9 HennessyCapIV HCACU 12.84 2.7 RegalBeloit RBC 92.59 2.1
ROGER KISBY FOR THE WALL STREET JOURNAL

doing so. This year, amid the corona- AudioEye AEYE

AzurePowerGlbl AZRE
14.25
17.75
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Hologic
HomeDepot
HOLX
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60.59 1.4
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MP Materials has struck a virus pandemic, investors have BJ'sWholesale BJ 40.47 -2.6 HudsonExecUn HECCU 10.46 -0.5 ReplayAcqnWt RPLA.WS 1.15 5.5
B2Gold BTG 6.13 1.2 JBHunt JBHT 131.14 1.3 ResMed RMD 198.44 1.3
deal to merge with Fortress put billions of dollars into new BeiGene BGNE 247.37 1.0 IAC/InterActive IAC 130.70 1.8 RiminiStreet RMNI 5.40 1.7
Bio-RadLab A BIO 500.51 1.9 IPG Photonics IPGP 171.33 3.9 RioTinto RIO 61.61 ...
Value Acquisition Corp. in a blank-check companies as they Bio-RadLab B BIO.B 500.00 13.6 iBio IBIO 3.98 43.5 Rollins ROL 47.28 3.9
SAP SAP 157.23 1.8
deal worth more than $500 choose to invest their money BloomEnergy
BoiseCascade
BE
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18.26
43.67
34.8
7.2
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Infosys
ICLR
INFY
186.19 2.4
12.20 12.5 S&P Global SPGI 357.07 0.9
million, which will value MP at into firms that can search for Bonso BNSO 3.04 6.7 InspireMedical INSP 102.62 10.6 SailPointTechs
Sanofi
SAIL
SNY
29.76 2.6
53.71 2.2
BostonBeer SAM 641.79 2.9 InterPrivate IPV.U 10.48 1.8
$1.5 billion. The deal includes good deals. BrighthousePfdB BHFAO 25.98 1.7 JohnsonOutdoors JOUT 94.26 2.2 SchneiderNatl SNDR 25.63 0.9
Brunswick BC 68.37 2.4 KKR KKR 35.34 1.5 Silicom SILC 38.34 3.1
the special-purpose acquisi- Blank-check companies CHP Merger CHPM 10.39 2.1 K12 LRN 45.45 9.7 SilvercorpMetals SVM 6.21 3.0
CCJ 11.56 6.3 SolarEdgeTech SEDG 175.14 4.0
tion company’s $345 million in raise money by going public Cameco
CampingWorld CWH 34.33 1.9
Kadant
KeyTronic
KAI
KTCC
117.12 4.7
7.43 20.7 SonicAutomotive SAH 41.09 5.4
assets as well as an additional and then, while they trade, CarrierGlobal
CastleBiosci
CARR
CSTL
26.57
45.37
5.2
5.0
KinsaleCapital KNSL 164.80 1.1 Sony SNE
SportsmansWrhs SPWH
77.88 3.1
16.08 4.0
KoninklijkePhil PHG 50.80 3.7
$200 million investment from hunt for a company in which Catalent CTLT 84.17 5.5 LCI Inds LCII 122.94 5.1 SunnovaEnergy NOVA
SunRun RUN
20.93 -0.6
36.22 6.0
CelsiusHldg CELH 13.96 2.8 LFCapAcqnWt LFACW 1.99 -18.9
institutional investors. Chi- to invest the funds they CentralGardenA CENTA 35.16 -0.3 LGI Homes LGIH 111.00 4.6 TD Holdings GLG 2.68 14.1
CENT 38.07 -0.2 TFI Intl TFII 39.73 0.5
cago hedge fund JHL Capital The Mountain Pass mine was acquired when MP Materials was formed. raised. They must identify a CentralGarden
CharlesRiverLabs CRL 195.15 3.2
Line
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LIVK
52.36 1.0
9.93 0.3 TaiwanLiposome TLC 12.65 36.4
TaiwanSemi TSM 67.21 -1.3
Group LLC and QVT Financial target to bring public within CharterComms CHTR 552.54
ChinaFinance JRJC 31.40
1.7
93.3
LejuHoldings LEJU 4.81 26.2
TechTarget TTGT 32.83 0.9
Linde LIN 241.18 1.9
LP, which control MP Materi- part to labor costs and envi- ruptcy three years ago when two years, on average, and the Church&Dwight CHD 85.31 0.1 LithiaMotors LAD 176.69 3.6
TizianaLifeSci
TractorSupply
TLSA
TSCO
10.00 -9.9
141.85 -0.3
ClearwaterPaper CLW 39.32 1.8 LiveOakAcqn LOAK 9.99 0.9
als, will roll over their equity ronmental restrictions in the they started MP Materials. investment is subject to share- ConagraBrands CAG 37.09 -0.5 LiveOakAcqnUn LOAK.U 10.35 -0.3
Trevena TRVN 1.93 8.8
COST 329.32 -0.4 Trupanion TRUP 49.30 1.4
stake into the newly publicly U.S. To become a publicly listed holder approval. Costco
Cree CREE 66.46 3.0
Lowe's
LumberLiqu
LOW
LL
142.34 0.8
17.93 4.0
TurtleBeach HEAR 18.94 -0.3
TwistBiosci TWST 57.78 4.3
traded entity. U.S. politicians and govern- company, MP Materials is tak- In addition to more compa- Cytokinetics
D8 Holdings
CYTK
DEH.U
29.20
10.10
3.9
0.3
MalaccaStraits MLACU 10.15 0.4
VBI Vaccines VBIV 5.54 7.8
Masco MAS 51.83 1.0
VAPO 50.31 2.2
Rare-earth minerals aren’t ment officials have tried to ing advantage of the latest nies seeking IPOs through Danaher DHR 188.44 1.6 McCormick MKC 191.40 -0.1
Vapotherm
VaronisSystems VRNS 106.73 ...
DanaherPfdA DHRpA 1309.96 0.4 McCormickVtg MKC.V 190.34 0.2
as rare as their name might shift the balance more toward trend in the industry: using a blank-check companies, more DanaherPfdB DHRpB 1134.17 1.2 Medifast MED 159.01 2.4
VivintSolar
Walmart
VSLR
WMT
20.05 4.8
134.13 ...
DaqoNewEnergy DQ 98.89 0.4 MTD 873.16 2.3
indicate: The elements are home, and MP Materials, the blank-check company, or one prominent investment manag- Daxor DXR 18.80 2.0
MettlerToledo
MicroVision MVIS 1.95 13.8
Watsco WSO 191.60 1.5
WestPharmSvcs WST 241.70 3.4
used in a variety of high-tech only current U.S. producer of whose purpose is to raise ers are dipping their toes in dMY Tech
dMY TechA
DMYT.U 11.25
DMYT 10.66
1.9
0.2
Moderna
Nasdaq
MRNA
NDAQ
88.37 6.9
127.36 1.6
WheatonPrecMet WPM 47.69 0.3
Yandex YNDX 54.91 2.8
items, from cellphones to mili- rare earths, has been a benefi- money for acquisitions. the blank-check pool. Hedge- dMY TechWt DMYT.WS 1.78 4.6 NatlGeneral NGHC 34.48 -0.1

tary equipment to the magnets ciary of the push. Though blank-check compa- fund billionaire William Ack-
Domino's
EmergentBiosol EBS
DPZ 417.34
101.34
2.8
1.6
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Neogen NEOG
25.85 -0.1
80.48 1.4 Lows
EnvivaPartners EVA 39.53 1.7 NewProvidenceAcqn NPAUU 10.81 1.6
used to power electric cars. For example, the Defense nies have been around for man is seeking to raise up to EssaPharma EPIX 7.31 8.2 NYTimes A NYT 44.29 1.7
BorqsTechs
Briggs&Stratton
BRQS
BGG
0.81
0.75
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FatBrandsPfdB FATBP 17.10 -3.8
risen to prized status in the for the development of a pro- brand-name companies are of what would be the biggest- FocusFinPtrs FOCS 37.16 4.1 OldDomFreight ODFL 179.82 0.9 GoHealth GOCO 18.71 -7.3
FortressValueAcqn FVAC.U 12.50 9.4 OmegaFlex OFLX 120.00 3.5 IMAC Wt IMACW 0.05 16.1
trade tug of war between the cessing facility at the Moun- only recently tapping them for ever blank-check company, the FortressValueWt FVAC.WS 2.49 31.0 OncoSecMedical ONCS 3.60 -5.6 Immatics IMTX 10.85 -0.6
FortressValueA FVAC 11.99 9.9 OpenLending LPRO 19.30 6.1 JT 0.55 -3.3
U.S. and China in recent years. tain Pass mine in the Califor- their IPOs. Last year, Virgin latest stop on his comeback FreedomHolding FRHC 19.75 1.4 OriginAgritech SEED 12.23 14.3
JianpuTech
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THE WALL STREET JOURNAL.
OPEC and
Its Allies
Agree to
Boost Oil
Output
BY BENOIT FAUCON
AND SUMMER SAID
An alliance of crude pro-
ducers led by Saudi Arabia
agreed on Wednesday to in-
crease oil production starting
in August, officials in the
group said, amid signs that
demand is recovering follow-
ing lockdowns related to the
coronavirus pandemic.
Key members of the Organi-
zation of the Petroleum Ex-
porting Countries and its Rus-
sia-led allies agreed to loosen
existing production caps by
about 1.6 million barrels a day,
partly reversing draconian
output cuts enacted to stem a
sharp price decline in the
early days of the coronavirus
pandemic.
In April, Saudi Arabia, the
world’s largest oil exporter,
led a push among the 23-pro-
ducer group to cut collective
output by 9.7 million barrels a
day, as the coronavirus pan-
demic led to a collapse of oil
demand.
The Wall Street Journal re-
ported over the weekend that
the alliance was considering
an easing of those production
cuts.
Wednesday’s decision
pushed Brent oil prices up 43
cents, or 1%, to $43.3 a bar-
rel.
The group officially agreed
to an overall relaxation of cuts
of 2 million barrels a day of
production, but required some
countries that lagged behind
in enforcing earlier cuts to re-
duce their output by a net
400,000 barrels a day.
Those production cuts will
be required until the end of
October.
Producers’ relative opti-
mism coincides with a Friday
report from the International
The group agreed to
an overall relaxation
of cuts of 2 million
barrels a day.
Energy Agency showing the
worst effects of the coronavi-
rus pandemic on global oil de-
mand have passed but will
continue to echo as the market
slowly recovers in the second
half of 2020.
In its widely read monthly
report Tuesday, OPEC itself
said it expected that the
world’s demand for oil would
increase by 7 million barrels a
day next year, after a forecast
8.9 million-barrel-a-day de-
cline in 2020.
The world’s largest oil pro-
ducers are attempting to mop
up an oil glut and stabilize
prices.
West Texas Intermediate
futures, the benchmark in U.S.
oil markets, have traded at
around $40 a barrel since late
June after falling below zero
at one point in April.
The OPEC Plus alliance has
gradually deepened reductions
in output since 2016, as it
faced competition from U.S. oil
producers.
Some members of the alli-
ance made a rare exception in
mid-2018 when they temporar-
ily increased production to
make up for lost Iranian bar-
rels because of sanctions by
the U.S.
Experts said the easing of
reductions remained a risky
bet.
“Some of the more errant
producers could use the easing
as an excuse to revert to past
practice, and overall group
compliance levels could
erode,” said Helima Croft, the
chief commodities strategist
at Canadian broker RBC.
“Given the financial distress
facing many OPEC producers
in a $40 [per barrel] Brent en-
vironment, the margin for er-
ror appears rather slim in our
view.”
The possible return of
Libya’s oil production, which
has been mostly shut since
January, is another wild card.
A renegade Libyan com-
mander shut 1 million barrels
a day of the country’s high-
quality oil but has come under
pressure from the interna-
tional community to reopen oil
fields and ports.
* * * * *
Stocks Rise as Vaccine Progresses
BY JOE WALLACE
AND MICHAEL WURSTHORN
The Dow Jones Industrial
Average rose a fourth straight
day, notching its longest win
streak in more than a month,
after investors got good news.
Signs of progress toward a
coronavirus vaccine by Mod-
erna propelled most corners of
the stock mar-
WEDNESDAY’S ket higher.
MARKETS Goldman
Sachs Group
added to the advance after re-
porting one of its best quarters
by revenue ever. Apple won a
court case in Europe, and eco-
nomic figures on industrial pro-
duction surprised to the upside.
Those developments helped
push the blue-chip index up
227.51 points, or 0.9%, to
26870.10. The S&P 500 rose
29.04 points, or 0.9%, to
3226.56, leaving it off 0.1% from
where it started the year. The
Nasdaq Composite advanced
61.91 points, or 0.6%, to
10550.49.
Most of the gains followed
the release of a new study sug-
gesting Moderna had reached a
breakthrough with its coronavi-
rus vaccine, setting the stage
for a larger trial at the end of
this month. Cruise-ship opera-
tors, airliners and other stocks
sensitive to the coronavirus cri-
sis led the stock market higher.
Shares of Moderna rose $5.18,
or 6.9%, to $80.22.
Crude Prices Increase on Falling Inventories
BY AMRITH RAMKUMAR
Oil prices rose Wednesday,
hitting a fresh 4½-month high
with investors hoping for
faster-than-expected coronavi-
rus-vaccine development and
weighing a by 1.6 million barrels a day
COMMODITIES sizable drop
in domestic
crude stockpiles.
U.S. crude futures added
2.3% to $41.20 a barrel on the
New York Mercantile Ex-
change, their highest close
since early March. Prices are
well below where they started
the year, with the coronavirus
denting demand, but have re-
bounded in recent weeks with
some states and countries re-
opening and producers curtail-
ing supply. U.S. crude briefly
fell below $0 for the first time
ever in late April due to a
global oil glut.
Wednesday’s gains for oil
came with stocks and other in-
vestments climbing after new
details about the first human
study of Moderna Inc.’s exper-
imental vaccine showed it in-
duced the desired immune re-
sponse for all 45 people
evaluated. Researchers said the
results bolstered their decision
to start a large clinical trial
slated to start later this month.
Copper
Prices
Surge
Continued from page B1
“It’s just one of these envi-
ronments,” said Will Rhind,
chief executive of ETF pro-
vider GraniteShares, which
manages a roughly $60 million
ETF tied to a basket of com-
modities that includes copper.
“Whether it’s copper or Tesla,
it seems like everything is go-
ing up.”
Hedge funds and other
speculative investors in-
creased net bets on higher
copper prices in three consec-
utive weeks through July 7,
powering them to a two-year
high, Commodity Futures
Trading Commission figures
show. Copper isn’t the only
metal flashing a bullish signal
for the economy. Traders have
also been bidding up prices of
other raw materials such as
aluminum and tin in recent
weeks.
The gains are a boon for di-
versified mining companies
such as Rio Tinto PLC and
BHP Group Ltd. that have
seen the coronavirus pan-
demic sap demand for their
core products. Shares of those
companies and copper mining
companies such as Freeport-
McMoRan Inc. and Southern
Copper Corp. have surged in
the past three months.
Demand isn’t the only fac-
tor fueling the gains. Analysts
project long-term copper
MARKETS
Share-price and index performance, Wednesday
15%
10
5
0 S&P 500
9:30 a.m. noon
Source: FactSet
“Every time we get some
sort of positive news on the
vaccine front, then understand-
ably markets benefit from
that,” said Paul Jackson, head
of asset-allocation research at
Invesco. “The way it’s looking
at the moment, it really looks
as though a vaccine is the only
hope. This thing is not going
away.”
Promising developments on
various coronavirus vaccines in
development have acted as cru-
cial catalysts for some of the
stock market’s biggest days of
gains, sometimes even helping
to pull indexes out of a rut.
Wednesday’s development
appeared to keep the trend in-
tact after several days of sloppy
trading, said Thomas Lee, man-
U.S. output stayed flat for the third week, easing concerns about a quick increase in domestic production.
The Moderna shot is just
one of the clinical trials
planned in the coming weeks,
and traders will be closely
monitoring the results to
gauge how quickly a vaccine
could ease the damage caused
by the pandemic and support
consumer confidence.
Analysts were weighing the
latest weekly U.S. crude inven-
tory figures, which showed
The metal is widely used in the global manufacturing sector and critical to making everything from smartphones to houses,
shortages due to a dearth of
investments in new mines.
More recently, mine and refin-
ery disruptions in producing
nations like Chile due to the
coronavirus threaten to lower
production. A worker strike at
a Chilean mine operated by
Antofagasta PLC and co-
owned by Barrick Gold Corp.
marks the latest potential cop-
per supply disruption.
With output from some
mines limited and demand
picking up, global copper
Moderna
U.S. Bancorp
Goldman Sachs
4 p.m.
aging partner and head of re-
search at Fundstrat Global Ad-
visors, in a note to clients. The
vaccine, along with the passing
of the U.S.’s July 15 tax day,
could mark a turning point for
markets.
“There are piles of cash seen
in [hedge funds], macro funds,
mutual funds and individual in-
vestors,” Mr. Lee said. “Health-
care data continues to support
some sort of cure, the focus on
reclosings ultimately fades. And
markets continue to be risk
on.”
Some better-than-expected
earnings results also boosted
stock prices. Goldman Sachs
surprised Wall Street by re-
porting a $2.4 billion profit for
last quarter, more than double
stockpiles fell much more than
expected last week. Inventories
dropped 7.5 million barrels,
compared with a 1.3-million-
barrel decline projected by an-
alysts and traders surveyed by
The Wall Street Journal.
Despite rising coronavirus
cases in much of the U.S., gas-
oline demand declined only
modestly, the data showed,
driving hopes that a week-
stockpiles have been dropping
since March, according to
Christopher LaFemina, a met-
als and mining analyst at Jef-
feries. “Without a significant
increase in investment in new
capacity, the market is poised
to be materially undersupplied
as long as demand continues
to recover,” he said in a recent
note.
Still, the recent advance has
many skeptics who worry that
copper has risen too quickly
given a fragile demand outlook
Thursday, July 16, 2020 | B11
TED S. WARREN/ASSOCIATED PRESS
A patient gets a shot of Moderna’s vaccine. Company shares rose 6.9%.
the expectation of forecasters serve said. Production rose
and bucking the lackluster re- 5.4%, accelerating from the 1.4%
sults revealed by JPMorgan growth recorded in May.
Chase, Citigroup and other The yield on 10-year Trea-
banks. sury notes rose to 0.629% from
Shares of Goldman rose 0.614% Tuesday.
$2.89, or 1.4%, to $216.90 after Overseas, the Stoxx Europe
paring an earlier gain. 600 rose 1.8%, with gains for
Apple had contributed to the airline and cruise-line stocks.
session’s earlier gains after the Early Thursday, Chinese
tech company won a legal bat- stocks were lower even after
tle with the European Union. Beijing reported higher-than-
The bloc’s second-highest court expected growth numbers. The
sided with the U.S. company Shanghai Composite was down
over a €13 billion ($14.8 billion) 0.8% and Hong Kong’s Hang
tax bill that EU antitrust offi- Seng Index was down 0.9%. At
cials had said Apple owed to midday in Tokyo, the Nikkei
Ireland. Shares rose $2.67, or 225 Stock Average was off 0.5%,
0.7%, to $390.90. Australia’s S&P/ASX 200 was
Meanwhile, U.S. industrial down 0.5% and South Korea’s
production continued to re- Kospi was down 0.7%. U.S.
cover in June, the Federal Re- stock futures were 0.5% lower.
about output cuts from the Or-
ganization of the Petroleum
Exporting Countries and allies
like Russia. Key OPEC members
and their partners said
Wednesday they have agreed
to loosen current supply curbs
with demand rising. The an-
nouncement was less severe
than some analysts expected,
and reports that extra cuts
from countries that haven’t
been complying with the quo-
tas are imminent eased fears
TANNEN MAURY/EPA/SHUTTERSTOCK
that higher OPEC supply could
flood the market with oil again.
At the same time, many
traders are still wary that key
producers such as Saudi Ara-
bia and Russia might increase
supply too fast to maintain
market share, keeping oil in its
recent trading range.
“The price recovery is frag-
ile and hinges not only upon
slong rebound in fuel con- avoiding a derailing of the de-
sumption could resume in the mand recovery, but also
coming months. Meanwhile, OPEC+ adherence to quotas as
U.S. crude output stayed flat they slowly ramp-up output in
at 11 million barrels a day for August,” Paola Rodriguez-
the third consecutive week, Masiu, senior oil-markets ana-
easing concerns about a quick lyst at Rystad Energy, said.
increase in domestic produc- Brent crude futures, the
tion in response to the crude- global gauge of oil prices,
price recovery. added 2.1% to $43.79 a barrel
Additionally, investors were on the Intercontinental Ex-
parsing the latest reports change.
FEATURE CHINA/BARCROFT MEDIA/GETTY IMAGES
in much of the Western world. phase-two trade accord be-
The metal has outpaced other tween the U.S. and China, po-
cyclical assets tied to the tentially weakening global
economy such as oil prices trade flows and hurting cop-
and bank shares this month, per demand.
signaling to some analysts a Copper is shaking off those
possible disconnect in the cop- concerns for now, but some
per market. traders are skeptical the
Meanwhile, coronavirus steady climb will continue.
cases continue to rise in states “It’s taken us by surprise,”
such as California, Texas and said Edward Meir, a consul-
Florida, dulling hopes for a tant focused on metals at bro-
swift U.S. economic rebound. kerage ED&F Man Capital Mar-
And President Trump recently kets. “I would be cautious
damped expectations for a about this rally.”
B12 | Thursday, July 16, 2020
Amsterdam Has a New Tech Cluster
Europe is no longer a wasteland for internet stocks, and three of the most active are in the Dutch city
Where is Europe’s tech capital?
Cynics that say nowhere haven’t
been watching Amsterdam.
The pandemic has taken to an
extreme the existing growth and
valuation gaps between internet-
based and other businesses. The
most obvious winners are the likes
of Amazon, but a few much
smaller European digital companies
have hitched a ride on the trend
too. Three of the most valuable are
based in Amsterdam, where public
companies were born in the 17th
century Dutch Golden Age.
One is takeout-tech pioneer Just
Eat Takeaway.com, which last
month announced a deal to buy U.S.
peer Grubhub for stock now valued
at roughly $7 billion. After an ini-
tial wobble in the early weeks of
the pandemic, meal-ordering plat-
forms have recorded rapid growth
Goldman Sachs Group price-to-book ratio
1.5 times
1.0
0.5
0 0
2018
Sources: FactSet (price-to-book ratio); company reports (common equity tier 1 capital ratio)
Goldman Allays Capital Fears
Wall Street giant got trading boost, thanks in part to the Fed’s efforts
Goldman Sachs came into the
earnings season seemingly at some
risk from higher capital require-
ments. But its performance has
put those concerns aside for now.
Wall Street’s boom in the second
quarter is partly thanks to actions
in Washington. Bankers attributed
a surge in fixed-income trading
revenue in large part to historic
levels of corporate-debt issuance.
This generates underwriting fees,
but keeps trading desks active as
those bonds and loans are snapped
up by investors. That debt issuance
was facilitated by the Federal Re-
serve’s efforts, ranging from near-
zero rates to liquidity facilities to
direct market buying.
Importantly, this kind of trading
activity is typically less capital-in-
tensive than the kind driven by
widening spreads and surges in
volatility. Banks can make money
either by matching buyers and
sellers or, when markets are vola-
tile, by taking risk off clients’
hands and adding to their own as-
sets. The latter can be lucrative,
but runs the risk of generating
losses and taking up capital. Gold-
man said it logged a surge in more
capital-efficient “intermediation”
trading in the quarter, across
Virus Threatens U.S. Industry Bounce
Factories had a big rebound last
month, but Covid-19’s resurgence
is threatening to cut the manufac-
turing recovery short.
The Federal Reserve on
Wednesday reported that indus-
trial production—the combined
output of U.S. factories, utilities
and mines—rose 5.4% in June from
a month earlier after a 1.4% in-
crease in May. The gain was driven
by a 7.2% increase in manufactur-
ing production, with a 120% jump
in motor-vehicle output counting
as the standout.
That still left manufacturing
production in a deep hole. For the
whole of the second quarter, it was
down 14.7% from the first quarter.
And on a monthly basis, it was
down 11.1% in June from its Febru-
ary level. But the direction is right
and in the absence of other news
it would point to a recovery in the
factory sector and the economy.
Unfortunately, there is other
news. Newly confirmed Covid-19
cases are surging in the Sunbelt
and elsewhere, leading some state
and local authorities to reimpose
HEARD STREET
FINANCIAL ANALYSIS & COMMENTARY
as consumers seek restaurant meals
from the security of their homes.
Another is Adyen, whose tech-
nology allows digital companies
such as Uber and Spotify to take
payments from customers quickly
and cheaply. As the coronavirus
has pushed more shoppers online,
investors have grown comfortable
with higher valuation multiples
despite a hit to its business serv-
ing the travel sector. Adyen’s mar-
ket value has almost doubled this
year to €42 billion ($47.88 billion).
Finally, there is Prosus, which
listed on the Amsterdam stock ex-
change last year and now calls it-
self Europe’s largest consumer in-
ternet company. This is technically
true—its market value is €140 bil-
lion—but only because it owns 31%
of Chinese giant Tencent.
The mainly emerging-market
’19 ’20
fixed-income and equities markets,
from a year earlier.
Goldman came into the earnings
season under the cloud of a
higher-than-expected minimum-
capital requirement from the Fed’s
recent stress test. The fear was
the bank might have to sacrifice
revenue to preserve its capital. In-
stead, in the quarter, Goldman not
only generated a huge amount of
additional revenue via its trading
desk, but was able to do so while
still improving capital measures.
The bank grew its global mar-
kets revenue nearly 40% from the
first quarter, while it lowered the
value of risky assets used to calcu-
late its key capital ratio. The re-
sulting 13.6% core equity capital
ratio just about matches its esti-
mated minimum requirement,
leaving more than enough cushion
for its dividend.
The question for investors is
whether Goldman and other big
trading banks—capital measures
improved at Citigroup and JP-
Morgan Chase—achieved this feat
mostly organically, or whether it
was a unique moment amid the
Fed’s and companies’ actions. An-
swering this would give a better
picture of banks’ ability to con-
Index of manufacturing production,
100=2012 average
110
105
100
95
90
85
80
2019
Source: Federal Reserve
restrictions, and consumers to be-
come more wary. Credit-card data
suggest consumer spending, while
up strongly last month, slowed,
while mobility gauges, which mea-
sure people’s time away from
home, suggest some caution.
That raises the possibility that
demand might not be quite so ro-
ON
THE
tech businesses Prosus runs itself
are much smaller, but most are in
areas that have thrived during the
pandemic: food delivery, payments
and online classified ads. One ex-
The pandemic has
shined a spotlight on
those internet stocks
Europe has to offer.
ample: Lockdowns have motivated
small businesses in countries like
Poland and Colombia to move on-
line with its digital-payments plat-
form, PayU, in dramatically higher
numbers than ever before, says Ma-
rio Shiliashki, chief executive of the
Goldman’s standardized common
equity tier 1 capital ratio, quarterly
15%
Ratio requirement*
10
5 clear business winners in the pan-
2018 ’19 ’20
*Federal Reserve’s new minimum requirement as of Oct. 1
tinue to generate offsetting reve-
nue and preserve capital in the
event of a double-dip scenario for
markets and the economy.
Goldman points to a plethora of
initiatives as evidence of a durable
capital efficiency transformation.
In trading, it has sought to offer
electronic tools to clients that gen-
erate efficient, tech-like revenue; it
sought to deepen its relationships
with the biggest clients that gener-
ate the steadiest activity; it has
systems to increase the speed with
which it moves inventory. It has
further sought to grow other capi-
tal-efficient businesses, and in the
quarter it reported progress in
transaction banking and in using
client capital to fund illiquid in-
vestments. It added more deposits.
This progress suggests that at
its present price of slightly below
book value, Goldman offers upside
to investors buying into its long-
term vision.
Another strong trading quarter
under different conditions with a
similar capital result would be great
to see. But against the current eco-
nomic backdrop, and compared
with other financials, the risk-re-
ward at Goldman looks favorable.
—Telis Demos
bust in the months ahead as man-
ufacturers had hoped. Indeed a re-
port from the Federal Reserve
Bank of New York on Wednesday
showed that New York manufac-
turers’ optimism about business
over the next six months, which
shot higher in early June, moder-
ated this month.
Nor is weakening demand the
only stumbling block manufactur-
ers might face—there is the virus.
While manufacturers are deemed
essential businesses, or nearly so,
in many places, Covid-19’s resur-
gence could lead them to adopt
more precautionary measures to
protect workers, slowing produc-
’20
tion. And in the worst case, where
workers are infected, production
lines could be shut down.
One hopes that both govern-
ment officials and consumers in
the new Covid-19 hot spots will
take the steps to get outbreaks un-
der control, allowing the country
to resume reopening. Until then,
manufacturing’s recovery could be
on hold.
—Justin Lahart
unit’s global payments business.
For investors, Prosus is an un-
usual story that revolves around
the discount at which its stock
trades versus that of its largest in-
vestment, rather than its own
growth. The Tencent stake is val-
ued at €182 billion—much more
than Prosus itself. What happens to
the operations it actually con-
trols—the company is itching to
buy eBay’s $10 billion classified-ads
business, according to Bloomberg—
is a rounding error by comparison.
Prosus’s only true peer is the bet-
ter-known tech conglomerate Soft-
Bank, which similarly, is valued at
far less than its stake in Alibaba.
There are fast-growing internet
companies in other European cities
too. Meal-kit pioneer HelloFresh,
emerging-market takeout platform
Delivery Hero and online clothing
UnitedHealth’s
Coronavirus Boost
Is Likely to Last
Health insurers are emerging as
demic. That might be less tempo-
rary than the market expects.
UnitedHealth Group reported
second-quarter results on Wednes-
day that blew past very high expec-
tations. Widespread decisions to de-
lay nonemergency medical care gave
the bottom line a major boost: The
insurance giant spent 70 cents of ev-
ery premium dollar on medical care
in the quarter, down from more than
83 cents a year earlier. As a result,
adjusted earnings were $7.12 a share,
which was nearly double the total of
the year-ago period. This came as
revenue grew 2% to $62.1 billion.
Shares fell 1.4%, probably because
UnitedHealth didn’t raise its full-
year profit guidance. After all, it
would seem logical that patients
who skipped needed care will even-
tually catch up. The company said
access to care began to improve in
May and is approaching normal lev-
els. What’s more, it is inevitable that
some patients who have deferred
care will have gotten sicker during
the pandemic, which could result in
more-expensive bills going forward.
But the stock has been a big win-
UnitedHealth Group’s share price
$320
300
280
260
240
220
200
180
Feb. March April
Source: FactSet
OVERHEARD
Investors love Zoom, but they
hate tech hardware. The marriage
should be interesting.
Zoom Video Communications
introduced its first in a new line
of dedicated video-calling devices
on Wednesday. They are designed
for businesses users stuck at
home who don’t want to have
constant Zoom calls taking up
their laptops. At least they didn’t
think small. The device—with the
gangly name of Zoom for Home-
DTEN ME—is a 27-inch touch-
screen device
selling for $599.
Video-calling
devices from
Amazon.com,
Google and
Facebook offer
screen sizes in
the 10-to-15-
inch range and
cost less than
half as much.
A Zoom de-
THE WALL STREET JOURNAL.
retailer Zalando all hail from Ber-
lin, while grocery-delivery special-
ist Ocado is based near London.
None of these European compa-
nies has anything like the scale of
the U.S. or Chinese internet giants,
which makes their competitive po-
sitions harder to defend. That may
be the main long-term risk for in-
vestors to monitor: Today’s high
valuations, particularly for Adyen,
make sense only if the companies
maintain leadership in their re-
spective niches. Shorter-term,
there is also the escalating risk
that this year’s social-distancing
trade has gotten too crowded.
Still, the pandemic has shined a
spotlight on those internet stocks
Europe has to offer. When the
world reopens, the Dutch capital in
particular will be valued at a visit.
—Stephen Wilmot
ner since the spring, and more up-
side seems within reach. For start-
ers, UnitedHealth earned $10.84 a
share in the first half of the year.
That is two-thirds of the full-year
profit outlook of about $16.40 a
share. Last year, it earned more than
$7 a share over the final six months.
UnitedHealth has earned a reputa-
tion over the years for issuing con-
servative guidance and beating it.
There is reason to expect a simi-
lar result this time. Despite pent-up
demand for care, it will take time for
patients to catch up. Hospitals and
walk-in surgical centers can increase
capacity by only so much under the
best conditions, and Covid-19 cases
are surging in large parts of the U.S.
Another wholesale shutdown of nor-
mal hospital operations seems re-
mote, but the presence of hot spots
means procedure volume recovery
won’t necessarily be smooth.
The presidential election could
be another reason the company
doesn’t want to toot its own horn at
the moment. The cost of health care
has been largely absent from the
debate, but that could change. Flat
guidance today could help ensure a
profitable future. —Charley Grant
May June July
vice may be welcomed by home-
bound professionals with desk
space and generous expense ac-
counts. Investors who bid Zoom’s
stock up 282% this year don’t
seem convinced. The shares
slipped 1.5% on the news
Wednesday. With the exception
of Apple, investors have largely
taken a dim view of tech hard-
ware. Sonos, GoPro and Fitbit
command multiples between 1 to
2 times forward sales compared
with Zoom’s current range in the
high 30s.
Still, with its
stock price still
above $250, a
Zoom investor
ZOOM VIDEO COMMUNICATIONS
would need to
sell just three
shares to try
the company’s
new video-
phone. George
Jetson might
take that deal.