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DJIA 24597.37 À 911.95 3.9%
What’s
News
Business & Finance
S tock prices surged as
investors cheered drug-
maker Moderna’s positive
early study of a potential
coronavirus vaccine. The
Dow jumped 3.9%, its best
day since early April. A1, A6
 Kevin Mayer, who was
passed over for the top job at
Disney, is becoming CEO of
TikTok, in a jump to one of
the entertainment industry’s
buzziest new arrivals. A1
 Uber is cutting thousands
more jobs, closing 45 offices
and re-evaluating a range
of big bets as it navigates
the coronavirus downturn. A1
 Huawei said the U.S. move
to thwart its access to semi-
conductors will damage the
firm’s ability to maintain its
telecom networks, but some
experts point to loopholes. B1
 SoftBank recorded the
worst results in its history,
notching huge losses at its
$100 billion Vision Fund
and other investments. B1
 The Fed is preparing to
lend directly to middle-mar-
ket businesses, a tricky task
that could bring financial
and political headaches. A2
 Powell, in testimony
prepared for delivery to a
congressional panel on
Tuesday, said the Fed will
use its “full range of tools to
support the economy.” A2
 SmileDirectClub sued
NBCUniversal for what it
alleges were defamatory
news reports about the com-
pany’s treatment methods. B1
 Penney plans to perma-
nently close 242 depart-
ment stores, or nearly 30%
of its locations, as the re-
tailer tries to streamline. B2
World-Wide
 A Saudi aviation student
who killed three people
last year at a naval base in
Florida had extensive ties
to al Qaeda, top U.S. law-
enforcement officials said
as they accused Apple of
stalling the probe by re-
fusing to help unlock the
shooter’s phones. A1
 Trump said he is taking a
malaria drug that he has cited
as a possible defense against
the coronavirus but that
some scientists have cau-
tioned needs further study
and could be dangerous. A6
 The president threat-
ened to permanently cut off
funding to the WHO and re-
voke U.S. membership if the
group doesn’t make changes
meant to curb what he
called its pro-China bias. A3
 Pompeo faced growing
political pressure as both
Democrats and Republicans
in Congress questioned the
administration’s decision to
fire State Department In-
spector General Linick. A3
 Barr said he didn’t expect
Obama or Biden to be inves-
tigated as part of an inquiry
into the origins of a probe into
whether the 2016 Trump cam-
paign colluded with Russia. A4
 The Supreme Court ruled
unanimously that victims of
al Qaeda’s 1998 attacks on
U.S. embassies in Africa
were eligible for punitive
damages from Sudan. A4
 The University of Notre
Dame plans to bring all stu-
dents back to its campus in
South Bend, Ind., to start
the next academic year
two weeks early. A2
CONTENTS
Business News...... B3
Capital Journal...... A4
Crossword.............. A13
Equities....................... B8
Heard on Street. B12
Life & Arts...... A12-13
s 2020 Dow Jones & Company, Inc.
All Rights Reserved
* * * * * *
NASDAQ 9234.83 À 2.4% STOXX 600 341.59 À 4.1%
Auto Workers Return as Assembly Lines Take Precautions
PAUL SANCYA/ASSOCIATED PRESS
IN STEP: Members of the United Auto Workers finish their shift Monday at Fiat Chrysler’s plant in Warren, Mich. Auto
makers restarted production in Michigan after weeks of inactivity, adding measures to prevent the spread of the virus.
Passed-Over Disney Executive
Named CEO at China’s TikTok
on
BY SHAN LI
us ,
AND ERICH SCHWARTZEL
l
e
al a
Kevin Mayer, who was
passed over for the top job at
Walt Disney Co., is becoming
ci on
chief executive of TikTok, in a
jump from one of the enter-
tainment industry’s most ven-
erable names to one of its
buzziest new arrivals.
er s
The longtime media execu-
tive, recently in charge of the
m er
Disney+ streaming service, is
joining Chinese tech giant
Bytedance Ltd. in newly cre-
m rp
Uber Cuts
More Jobs,
co Fo
Rolls Back
Ambitions
BY PREETIKA RANA
Uber Technologies Inc. is cut-
ting several thousand additional
jobs, closing more than three
n-
dozen offices and re-evaluating
big bets in areas ranging from
freight to self-driving technol-
ogy as Chief Executive Dara
no
Khosrowshahi attempts to steer
the ride-hailing giant through
the coronavirus pandemic.
Mr. Khosrowshahi outlined
the plans in an email to staff on
Monday, less than two weeks
after the company said it would
eliminate about 3,700 jobs and
planned to save more than $1
billion in fixed costs. Monday’s
decision to close 45 offices and
lay off some 3,000 more people
means Uber is shedding about a
quarter of its workforce in un-
der a month’s time. Drivers
aren’t classified as employees,
so they aren’t included.
Stay-at-home orders have
ravaged Uber’s core ride-hailing
business, which accounted for
three-quarters of the com-
pany’s revenue before the pan-
demic struck. Uber’s rides busi-
ness in April was down 80%
from a year earlier.
“We’re seeing some signs of
a recovery, but it comes off of a
Please turn to page A7
 Heard on the Street: Even
more rides on delivery....... B12
Pandemic Goal: Keep as Clean as a Hog Farm
Markets..................... B11
Opinion.............. A15-17
Sports....................... A14
Technology............... B4
U.S. News............. A2-4
Elaborate barn hygiene offers lessons; feeling safer ‘around my pigs’
Weather................... A13
World News............ A9
BY JACOB BUNGE
> A few weeks ago, after Brad
Greenway picked up some wa-
ter-line fittings from a supplier,
he followed his usual practice to
avoid bringing germs into his
workplace: he showered, put on
fresh clothes and wiped the
TUESDAY, MAY 19, 2020 ~ VOL. CCLXXV NO. 117 WSJ.com HHHH $4.00
10-YR. TREAS. g 31/32 , yield 0.741% OIL $31.82 À $2.39 GOLD $1,731.80 g $21.60 EURO $1.0915 YEN 107.32
Market
Rallies
On Virus
Vaccine
Progress
Dow industrials jump
900 points on early
results from Moderna,
erasing last week’s fall
BY PAUL VIGNA
AND PETER LOFTUS
Stock prices surged as inves-
tors cheered a drugmaker’s
positive early study of a poten-
tial coronavirus vaccine, send-
ing the Dow Jones Industrial
Average to its best day since
early April.
A rebound in oil prices and a
gradual easing of lockdown
measures also boosted senti-
ment, analysts said. Of the 30
stocks in the blue-chip index,
.
29 rallied, as did all 11 sectors
of the S&P 500.
ly
Markets have rebounded
sharply from their late March
lows and have been particularly
sensitive to any developments
suggesting progress toward a
vaccine for the virus.
On Monday, Moderna Inc., a
ated roles as chief operating giant’s direct-to-consumer and then the head of its parks and drugmaker in Cambridge,
officer and head of its block- international segment, includ- consumer products division, Mass., said the first human
buster short video app TikTok. ing Disney+, Hulu and ESPN+, would become CEO. study of its experimental coro-
He will be in charge of Byte- making him one of the high- Bringing in a seasoned navirus vaccine induced im-
dance’s global expansion, in- est-profile U.S. executives to American could boost Byte- mune responses in some of the
cluding in its music and gam- move to a Chinese company. dance’s recent efforts to dis- healthy volunteers who were
ing businesses. He will start He had been considered the tance itself—and TikTok spe- vaccinated. The results offer a
June 1. in-house favorite to get the cifically—from its Chinese preliminary but promising sign
Both TikTok and Disney+ Disney CEO job by many col- roots. about its capabilities to protect
have logged pandemic-fueled leagues within Hollywood, “Bytedance and TikTok are people against the new corona-
surges in popularity as people given the role he played in or- enormously powerful opportu- virus and suggest Moderna is
stuck in lockdowns are glued chestrating Disney’s biggest nities,” Mr. Mayer said in an on track to meet its ambitious
to their phones and TVs for deals and his recent work in interview. “I think the busi- Please turn to page A6
entertainment. charge of its streaming strat- ness is growing rapidly and
Mr. Mayer is currently egy. But in late February, Dis- serving a need.”  Trump says he is taking
chairman of the entertainment ney said that Bob Chapek, Please turn to page A2 hydroxychloroquine................ A6
INSIDE The New Way of Flying
Includes a Hefty Rule Book
JEFF LAUTENBERGER FOR THE WSJ
Airlines roll out strict protocols for boarding, dining, bathroom use
A new age of air travel is tak- lines try to control the typical
ing shape. By Alison Sider, crush, with some saying flight
Benjamin Katz
Airports and airlines are attendants will cue small groups
rolling out temperature checks and Mike Cherney when it’s their turn to stand up.
BUSINESS & FINANCE for crew and, increasingly, pas- As lockdowns loosen, airlines
Malls reopen, often to sengers, as well as thermal scans to spot are plotting a path out of hibernation, refor-
people with elevated body temperatures. mulating routes and services, and balancing
smaller crowds and Face masks are now de rigueur for travelers safety protocols with the challenge of convinc-
with many stores still
across the U.S. Passengers on Europe’s big- ing passengers to board the enclosed space of
shut. B1 gest budget carrier must raise their hands to an aircraft in the midst of a pandemic.
use the toilet. The Trump administration is preparing to
Forget about the perks of priority boarding begin temperature checks conducted by the
at Air France. The carrier is one of several Transportation Security Administration at
WORLD NEWS boarding passengers seated at the back of the some airports, The Wall Street Journal re-
Medical workers on aircraft first, to limit traffic jams in the aisle. ported Friday. The TSA said no decision has
Many airlines are removing in-flight maga- been made.
the front line are dying zines, scrapping meal services on shorter Some of the biggest changes airlines envi-
in Brazil’s fight against
routes, and parking the duty-free cart. sion are the result of what executives expect
the virus. A8 Getting off the plane at the end of the will be months, maybe years, of lower de-
flight could take even longer than usual as air- Please turn to page A11
Probe Ties Florida Attack
To al Qaeda, Faults Apple
BY SADIE GURMAN The gunman, Second Lt. Mo-
AND DUSTIN VOLZ hammed Alshamrani, a member
of the Saudi air force, had been
WASHINGTON—A Saudi avi- communicating with a number of
ation student who killed three al Qaeda in the Arabian Penin-
people last year at a naval base sula operatives for years, even
in Florida had extensive ties to before he began training with
al Qaeda, top U.S. law-enforce- the U.S. military, officials said, a
ment officials said on Monday discovery that was made based
as they accused Apple Inc. of on information recovered from
UNMATCHED
stalling the probe by refusing his two locked iPhones.
to help unlock the shooter’s “We received effectively no
phones. Please turn to page A4
CLOUD
FLEXIBILITY.
i i i
Get the cloud your business
parts down with disinfectant. “We’ve always tried to prac-
Mr. Greenway doesn’t work tice good biosecurity,” Mr. needs, when it needs it, with the
in a hospital, nursing home or Greenway said from the office at
grocery store. He raises pigs on one of his hog barns, housing
Dell Technologies Cloud.
a farm near Mitchell, S.D. The some of the 13,000 pigs his farm
extensive sanitation measures produces each year.
being adopted to combat the While the coronavirus pan- Learn more at DellTechnologies.com/Cloud
coronavirus have long been part demic has closed meat process-
of day-to-day life with hogs. Please turn to page A11
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
A2 | Tuesday, May 19, 2020
Fed Has Tricky Task With Business Loans
Central bank looks to
set terms that midsize
firms accept without
risking a lot of bad debt
BY NICK TIMIRAOS
The Federal Reserve is pre-
paring to lend directly to mid-
dle-market businesses, filling a
hole left by the government’s
economic crisis relief efforts,
and it is shaping up to be one
of the trickiest things it has
ever done.
The risk for the Fed is that
it goes where the central bank
has rarely ventured and that
not many businesses seek
help, creating both financial
and political headaches.
The program is designed to
assist companies like LMI
Aerospace, a St. Charles, Mo.-
based maker of airplane parts
that is too large to get help
under the Small Business Ad-
ministration’s loan program
but too small to benefit from
the Fed’s other corporate-
lending backstops.
Under the Fed’s middle-
market program, a company
would get a loan from a bank,
which would then sell up to
95% of the debt to the Fed.
This leaves the bank with less
additional debt on its books
NAVY
Roosevelt to Return
To Sea After Outbreak
The USS Theodore Roosevelt,
docked for nearly two months in
Guam after the largest coronavi-
rus outbreak to strike the U.S.
military, might return to sea as
early as this week, defense offi-
cials said, even though some
sailors have begun to test posi-
tive again.
As nearly 3,000 sailors have
returned to the aircraft carrier in
preparation for its departure, at
least 14 have tested positive for
the virus, officials said.
Some of the newly infected
sailors had already recovered
from Covid-19 once and then
tested negative for the virus be-
fore returning to the ship, de-
fense officials said. Defense offi-
cials didn’t know whether some
of the tests had produced false
negative readings or whether the
sailors had contracted the virus
after spending two weeks in
quarantine in Guam.
The outbreak and the Navy’s
handling of it led to a chain of fir-
ings, resignations and investiga-
tions. Then-acting Navy Secretary
Thomas Modly fired the carrier’s
commander, Capt. Brett Crozier,
TikTok
Taps Mayer
At Disney
no
Continued from Page One
Mr. Mayer said he would be
growing Bytedance’s various
businesses and seeking new
opportunities.
“I will be looking at TikTok
and looking at closely related
and adjacent businesses that
are large,” he said. “Gaming,
music comes to mind. Video,
writ large, is an interesting
opportunity.”
Known for its short, often
lighthearted user-created vid-
eos, the TikTok app has been
downloaded over 2 billion
times on Google Play and Ap-
ple Inc.’s App Store since 2017,
according to research firm
Sensor Tower. In the first
three months of 2020, TikTok
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and free to make more loans
to other borrowers.
LMI, which has cut its
workforce by 600 employees
since the start of the year to
1,600, has spoken to its lend-
ers in recent weeks about par-
ticipating in the program, and
found them hesitant. “They’re
not saying, ‘No, we don’t want
to do it,’ but they don’t want
to do this when their balance
sheets may have a lot of bor-
rowers that are going to be
underperforming for some
time,” said Ed Dickinson, the
company’s chief executive.
After credit markets started
seizing up amid the coronavi-
rus pandemic, the Fed re-
sponded in March and April
with promises to backstop
them—including corporate and
municipal debt markets—re-
ducing borrowing costs and
lifting stocks. Now, “its big-
gest challenges are making
these programs work,” former
Fed Chairman Ben Bernanke
said in an interview.
With the midsize business
program, a key challenge is set-
ting the terms so the Fed
doesn’t become a dumping
ground for bad loans—but not
so onerous that companies
don’t want to participate.
“The Main Street program is
going to be tremendously com-
plicated,” said former Fed
after Capt. Crozier wrote and dis-
tributed a memo demanding a
more aggressive response from
on SPORTS
the Navy.
Mr. Modly resigned days later,
after addressing Theodore Roose-
us ,
velt crew members over the
l
ship’s public address system. The
e
al a
Trump administration replaced
Mr. Modly with James McPher-
son, the Army’s undersecretary.
ci on
While an initial Navy investigation
recommended that Capt. Crozier
be reinstated, Mr. McPherson or-
dered a subsequent investigation,
which is continuing.
er s
—Nancy A. Youssef
m er
m rp
co Fo
DAMAGE: People salvaged belongings Monday from a home leveled by a tornado near Church Point, La.
racked up more than 315 mil-
lion downloads, the most of
n-
any app in a single quarter.
In joining Bytedance, Mr.
Mayer will help run one of the
world’s most valuable private
companies, estimated at $75
billion, and one that boasts
more than 700 million global
daily active users of its apps.
Bytedance has a stable of apps
and services, including a Chi-
nese version of TikTok called
Douyin.
But Bytedance isn’t consis-
tently profitable, The Wall
Street Journal has reported,
and a key part of Mr. Mayer’s
mandate will be generating
more revenue from its millions
of users, many of whom are
teenagers with limited spend-
ing power.
Bytedance is facing chal-
lenges in the U.S., where Tik-
Tok’s growing popularity has
attracted the scrutiny of U.S.
lawmakers concerned that its
Chinese roots could lead the
app to censor content to ap-
pease Beijing or share infor-
U.S. NEWS
Total asset holdings
of the Federal Reserve
$7.5 trillion
RECESSION
6.0
4.5
3.0
1.5
0 0
’08 ’10 ’12 ’14 ’16 ’18 ’20
Source: Federal Reserve
Chairwoman Janet Yellen. “One
of the problems with this pro-
gram is that it may turn out to
be insufficiently generous.”
The Fed is very sensitive to
political blowback such as the
criticism that surfaced after
the 2008 financial crisis, when
Washington’s rescue of Wall
Street avoided a deeper eco-
nomic downturn but was as-
sailed by lawmakers for not do-
ing more to help Main Street.
“It’s very important if you’re
going to engage in this, that
you get take-up,” said Chicago
U.S. WATCH
Court Rules Against
NCAA on Benefits
A federal appeals court dealt
another blow to the National Col-
legiate Athletic Association’s ef-
forts to keep tight limits on com-
pensating student-athletes, ruling
that the organization’s restrictions
violated federal antitrust law.
“NCAA limits on education-re-
lated benefits do not play by the
Sherman Act’s rules,” the Ninth
U.S. Circuit Court of Appeals
said in a ruling Monday.
mation with Chinese authori-
ties. The company has said
Beijing doesn’t dictate content
decisions and that no data on
U.S. users is stored in China.
Disney+, the flagship
streaming service Mr. Mayer
oversaw, has long been consid-
ered a key element of the
company’s strategy to compete
against at-home rivals like
Netflix Inc.
He leaves at a fraught mo-
ment: Even as the service adds
subscribers at a clip, it has be-
come all the more vital as
other Disney revenue streams
crater during the coronavirus
pandemic.
Disney said Rebecca Camp-
bell, a veteran of the com-
pany’s television operation,
will succeed Mr. Mayer.
Mr. Mayer, 58 years old,
first joined Disney in 1993 af-
ter graduating from Massa-
chusetts Institute of Technol-
ogy and Harvard Business
School. He left for a short pe-
riod of time before returning
in 2005, where he rose to be-
CORRECTIONS  AMPLIFICATIONS
A graphic with a May 15
Page One article about nursing
homes in New York left out
the names of the counties for
Manhattan, Brooklyn and
Staten Island. They are New
York, Kings and Richmond, re-
spectively.
Deaths attributed to all
types of diabetes averaged
14,122 during March and April
for the years 2016-2018. A
chart showing causes of death
with a Page One article Satur-
day about death rates was in-
Readers can alert The Wall Street Journal to any errors in news articles by emailing wsjcontact@wsj.com
* ***** THE WALL STREET JOURNAL.
Total lending operations businesses through the bank-
of the Federal Reserve ing system that the central
bank regulates.
$1.5 trillion
Mr. Mnuchin agreed last
month to provide $75 billion to
cover losses in the Main Street
1.2 Lending Program, and the Fed
says that will allow the central
bank to extend up to $600 bil-
0.9 lion in loans. Mr. Mnuchin has
said the Treasury would put up
more funds if they are needed.
The Main Street program is
0.6 open to companies with up to
15,000 employees or less than
$5 billion in revenue last year.
0.3 More than 19,000 U.S. firms
had between 500 and 15,000
employees in 2017, and they
collectively employed between
30 million and 40 million
’08 ’10 ’12 ’14 ’16 ’18 ’20 Americans, according to Cen-
sus Bureau data. Banks can
lend up to $25 million in new
Fed President Charles Evans. loans or refinance up to $200
Fed officials say they are million in an existing loan if a
working to fine-tune the pro- firm’s total debt, relative to its
gram, including extending it to 2019 earnings, is below certain
nonprofits. “We’re learning as thresholds.
we go,” said Fed Chairman Je- The Fed modified the initial
rome Powell in an online fo- terms of the program last
rum last week. month to allow larger firms
The middle-market lending and those with somewhat
program grew out of discus- larger debt loads to qualify.
sions in March between Mr. For aircraft-parts maker
Powell, Treasury Secretary LMI, the Fed’s terms—up to
Steven Mnuchin and lawmak- $25 million at a rate of 3 per-
ers including Sen. Mark War- centage points above short-
ner (D., Va.), who proposed us- term interbank lending rates—
ing the Fed to reach midsize are “reasonably attractive,”
ly
The decision, by a unanimous
three-judge panel, said the NCAA
unlawfully limited competition for
EDUCATION
Notre Dame to Bring
Students Back Early
student-athletes by adopting a
cramped view of the kinds of
compensation the athletes could The University of Notre Dame
receive related to their education. will bring all students back to its
Any immediate impact of the Indiana campus to start the next
ruling may be short-lived because academic year two weeks early,
the NCAA, facing pressures from a high-stakes decision schools
states, Congress and athletes, has across the country have been
committed to making broader wrestling with.
changes to rules on athlete com- Students will arrive at Notre
pensation starting in 2021, allow- Dame in South Bend the week
ing players to sign endorsement of Aug. 10 and will finish the se-
deals for the first time. mester before the Thanksgiving
—Brent Kendall break. They won’t return to cam-
pus until January. The schedule
is designed to limit travel off
campus in response to the coro-
navirus pandemic.
SCOTT CLAUSE/THE DAILY ADVERTISER/ASSOCIATED PRESS
The decision comes a week af-
ter the California State University
System announced that it
wouldn’t bring students back to
campus in the fall, except for a
small number of students partici-
pating in hands-on learning expe-
riences. The University of Califor-
nia system said it wasn’t likely to
bring students back in the fall and
would conduct classes remotely.
Purdue University, also in Indi-
ana, announced last month that it
intends to bring students back to
campus to start the fall semester.
—Douglas Belkin
come one of the most crucial
deputies for longtime chief ex-
closed theaters, disrupted sup-
ply chains and shut down Dis-
ecutive Robert Iger. ney parks.
Mr. Mayer played a key role
in the acquisitions that have
built Disney into an entertain-
But Mr. Mayer’s portfolio at
Disney+ has been a bright
spot, especially as families
ment colossus: Pixar Entertain- stuck at home sign up in
ment, Marvel Studios, Lucas- droves. Disney said earlier this
film Ltd. and the entertainment month that the service,
assets of 21st Century Fox. launched in November, had
In recent years, as Mr. Iger 54.5 million subscribers.
repeatedly delayed his own re- Putting Mr. Mayer in charge
tirement, Mr. Mayer emerged of Disney’s streaming efforts
as a top candidate for the CEO also gave him operational ex-
job. perience at the company
Many within Disney were where he previously had none.
surprised earlier this year At Disney+, he managed not
when Mr. Iger said he was go- only executives in charge of
ing to become executive chair- producing movies and TV
man, with Mr. Chapek becom- shows for the service, but also
ing CEO. Even Mr. Mayer was engineering teams brought on
caught off guard when the to build its back end.
news was announced, people At TikTok, he will be over-
close to him said. seeing a range of Bytedance
The franchise machine that businesses including gaming,
Mr. Mayer helped build at Dis- music and apps such as Helo,
ney—one in which a block- an entertainment platform
buster movie can spawn se- popular in India. He is report-
quels, toy sales and theme- ing directly to Bytedance
park rides—has been tested by founder and global chief exec-
the pandemic, which has utive Zhang Yiming.
correctly labeled as Type 1 di- Ahmaud Arbery was killed
abetes. Also, in some editions, outside the city of Brunswick,
a chart of the share of Ga., in Glynn County. The Edi-
Covid-19 deaths by gender and tor at Large column in Satur-
age incorrectly contained age day’s Review section incor-
55 twice; the second 55 should rectly said he was killed in
have read 65. Brunswick.
Stocks are more expensive Notice to readers
as measured by the Shiller P/E Wall Street Journal staff
ratio, which is cyclically ad- members are working remotely
justed, than at any time from during the pandemic. For the
1929 to 1996. The Streetwise foreseeable future, please send
column in Thursday’s Business reader comments only by email
& Finance section incorrectly or phone, using the contacts
said from 1929 to 1986. below, not via U.S. Mail.
or by calling 888-410-2667.
said Mr. Dickinson. That is
much less than the manufac-
turer would have to pay to
take a loan from a private in-
vestment company.
“We recognize nothing
would be forgiven out of this,
but right now, what we need is
some capital to build inventory
and keep our workforce en-
gaged,” Mr. Dickinson said.
Other businesses say the
proposition of adding more
debt isn’t attractive right now.
“It just wouldn’t make sense in
this environment,” said Bill
Hutton, president of Titan
Steel Corp., a Baltimore-based
distributor and processor of
steel products. The company
received assistance under the
small-business program and if
that hadn’t happened, “we’d be
hungrier” to participate in the
Main Street program, he said.
Dan Eberhart, a Phoenix-
based entrepreneur who in-
vests in industrial companies
that include utility construc-
tion, trucking and oil-field ser-
vices, said the Main Street
program could be a lifeline for
several of his companies.
“For the foreseeable future,
new credit is pretty much non-
existent,” he said. “Absent the
Fed program, we’re going to
see very, very little commer-
cial and industrial lending for
the next 120 days or so.”
.
Powell
Pledges
To Use
All Tools
BY NICK TIMIRAOS
Federal Reserve Chairman
Jerome Powell said the central
bank will use its “full range of
tools to support the economy”
as a result of the economic
shock caused by the coronavi-
rus pandemic in testimony
prepared for delivery to a con-
gressional panel on Tuesday.
Mr. Powell and Treasury
Secretary Steven Mnuchin are
set to appear by videoconfer-
ence before the Senate Bank-
ing Committee on Tuesday
morning as part of regular tes-
timony required by the $2 tril-
lion economic-relief package
President Trump signed into
law in March.
The legislation provided the
Treasury with $500 billion to
provide direct aid and to back-
stop credit markets, including
$454 billion to cover losses in
Fed lending programs.
The Fed is in the process of
establishing operations to lend
to businesses, cities and
states, an unprecedented ex-
pansion of the central bank’s
powers to support the U.S.
economy during a period of
severe distress. The Treasury
has provided $195 billion so
far to indemnify the Fed
against losses in those lending
programs.
One open question is how
the Treasury plans to allocate
the remainder of that money.
The remaining $259 billion
will be used to “create or ex-
pand programs as needed, as
we continue to monitor a vari-
ety of economic sectors
closely,” Mr. Mnuchin said.
He said he expected eco-
nomic conditions to improve in
the second half of the year in
his prepared testimony, which
was released Monday by the
Senate Banking Committee.
Mr. Powell didn’t announce
any new programs in his testi-
mony, and instead recapped
the steps the central bank has
taken since it cut interest rates
to near zero in mid-March.
“The Federal Reserve has
been entrusted with an impor-
tant mission, and we have
taken unprecedented steps in
very rapid fashion over the
past few months,” Mr. Powell
said in his prepared testimony.
Those actions have helped
buoy asset values, and the
Fed’s trickiest task now is to
get the programs up and run-
ning. In one particular novel
operation, the central bank will
lend through banks to middle-
market firms that are too large
for aid from the Small Business
Administration and too small
to borrow in Wall Street debt
markets in a forthcoming Main
Street Lending Program.
Mr. Powell said the Fed
would continue to adjust the
terms for lending operations
“as we learn more” about bor-
rower demand.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
THE WALL STREET JOURNAL.
President
Tells WHO
It Faces
U.S. Exit
BY ANDREW RESTUCCIA
AND GORDON LUBOLD
WASHINGTON—President
Trump threatened to perma-
nently cut off funding to the
World Health Organization and
revoke U.S. membership if the
group doesn’t make a series of
changes meant to curb what
the president called its pro-
China bias.
In a Monday letter to WHO
Director-General Tedros Adha-
nom Ghebreyesus, Mr. Trump
alleged that the organization
has shown an “alarming lack of
independence” from Beijing
and failed to adequately re-
spond to the coronavirus out-
break.
“It is clear the repeated mis-
steps by you and your organi-
zation in responding to the
pandemic have been extremely
costly for the world,” Mr.
Trump wrote. “The only way
forward for the World Health
Organization is if it can actu-
ally demonstrate independence
from China.”
Mr. Trump touted the letter
in a tweet Monday night. “It is
self-explanatory!” he wrote.
The White House didn’t re-
spond to a request seeking in-
formation on the changes Mr.
Trump would like to see the
WHO make.
The president had sus-
pended contributions to the
group in April pending an in-
ternal review of the WHO’s re-
sponse to the pandemic. The
four-page letter details the re-
sults of that review.
Noting that his administra-
tion has already discussed pos-
sible reforms with WHO offi-
cials, Mr. Trump gave the
group 30 days to make “major
substantive improvements” or
he would cut funding and re-
consider U.S. membership. The
U.S. is the largest donor to the
organization.
Mr. Trump alleged in the
letter that the WHO ignored
early reports of the virus
spreading in Wuhan, failed to
share information with other
countries, made misleading
claims and neglected to urge
China to allow for an indepen-
dent investigation into the ori-
gins of the virus.
The WHO didn’t immedi-
ately respond to a request for
comment.
Facing criticism for the U.S.
response to the pandemic, Mr.
Trump has increasingly blamed
China and the WHO for not do-
ing enough to prevent the virus
from spreading.
Public health experts have
said the Trump administration
didn’t adequately respond to
the crisis in the early days of
the U.S. outbreak. Mr. Trump
has defended the U.S. response.
Earlier, Chinese President Xi
Jinping used a WHO summit to
assert a claim to global leader-
no
ship in confronting the pan-
demic that began in that coun-
try, promising $2 billion in
coronavirus aid, particularly in
Africa, and backing the U.N.
agency in its fight with the U.S.
Speaking at the World Health
Assembly, the WHO’s annual and
most important meeting, Mr. Xi
praised the agency and said
other governments should in-
crease their financial commit-
ments to it.
All Monday afternoon, Amer-
ican allies—including French
President Emmanuel Macron
and German Chancellor Angela
Merkel—dialed in by videocon-
ference, complained about a lack
of international leadership and
offered pointed criticism for
those who aren’t supporting the
WHO, though none specifically
named the U.S.
Mr. Xi was the first major
world leader to address the con-
ference. He outlined a range of
new commitments, including a
“global humanitarian response
depot and hub in China to en-
sure the operation of anti-epi-
demic supply chains.” It will of-
fer physicians and supplies to
dozens of countries, especially
in Africa, he added.
Mr. Xi appeared to express
uncertainty about the origins of
the pandemic, saying: “We also
need to continue supporting
global research by scientists on
the source and transmission
routes of the virus.”
John Ullyot, a spokesman for
the U.S. National Security Coun-
cil, said Beijing’s commitment to
the WHO was a diversion.
—Drew Hinshaw
and James T. Areddy
contributed to this article.
* * * * * *
A Shop Called Quest in Claremont reopened for curbside service on May 8. Los Angeles County decided to ease some coronavirus restrictions earlier than the Bay Area.
In California, South Is Hit Harder
In California, the coronavi-
rus pandemic has become a
tale of two cities.
By Jim Carlton in San
Francisco and Alicia A.
Caldwell in Los Angeles
The San Francisco Bay Area,
along with Sacramento, has
about 10 million people of the
on overall in the Bay Area.
state’s 40 million residents,
us ,
but only 16% of its Covid-19
l
cases and 14% of deaths re-
e
al a
lated to the disease.
Meanwhile, in the Southern
California region dominated by
ci on
Los Angeles and Santa Barbara
to the north and San Diego to
the south, 22 million residents
are coping with about three-
quarters of the state’s corona-
er s
virus infections and deaths.
Experts say the disparity
m er
can be attributed to the Los
Angeles region’s move to issue
stay-at-home orders three days
later than the Bay Area’s, as
well as more facilities housing
m rp
elderly people and more low-
income minority residents,
who have been disproportion-
ately affected by the virus.
The differences could result
co Fo
in significantly different eco-
nomic trajectories for the two
regions in the months and
years to come. Northern Cali-
fornia is poised to recover
faster than the South because
its fewer cases will likely allow
it to loosen business restric-
tions earlier, said Jeff Bellisario,
executive director of the Bay
Area Council Economic Insti-
tute, a San Francisco think tank.
“With that ability of small
n-
businesses to reopen, that def-
initely has the Bay Area ahead
Lawmakers Question Firing
Amid Pompeo Investigation
BY COURTNEY MCBRIDE
AND LINDSAY WISE
Secretary of State Mike
Pompeo faced growing politi-
cal pressure Monday as both
Democrats and Republicans in
Congress questioned the
Trump administration’s deci-
sion to fire State Department
Inspector General Steve Linick,
who was conducting inquiries
concerning Mr. Pompeo.
The independent depart-
ment watchdog was investigat-
ing allegations that Mr.
Pompeo used government re-
sources for personal tasks, as
well as complaints about Mr.
Pompeo’s decision in last year
to bypass Congress in approv-
ing emergency arms sales to
Saudi Arabia and the United
Arab Emirates, according to
people familiar with the matter.
The decision to fire an in-
spector general in the midst of
inquiries concerning Mr.
Pompeo drew uneasy reactions
from several Republican law-
makers and charges from Dem-
ocrats that it was a move to
quash efforts at holding top
administration officials ac-
countable for their actions.
President Trump notified
Congress Friday of his intent to
fire Mr. Linick, adding on Mon-
day that he did so on Mr.
Pompeo’s recommendation. The
move drew criticism from GOP
U.S. NEWS
Different Cases
The increase in new Covid-19 cases in
Bay Area counties has been slowing
more than Southern California
counties in the past few weeks.
Meanwhile, visits to nonessential
businesses have also decreased more
Change in visits to
nonessential businesses*
Southern California counties
Bay Area counties
0%
–25
–50
–75
–100
March 9 April 1
*Change compared to average visits for each day of the week prior to the COVID-19 outbreak, defined as March 8th and earlier
Note: Bay Area counties include: San Francisco, Alameda, Contra Costa, Marin, Napa, San Mateo, Santa Clara, Solano and Sonoma.
Southern California counties include: Los Angeles, Orange, Riverside, Santa Barbara, San Bernardino, San Diego and Ventura.
Sources: Johns Hopkins University (cases), Unacast (visits)
of L.A. when you think about
economic recovery in the near
term,” he said.
The Bay Area is also poised
to rebound more quickly in the
longer term because it has so
many more people in technol-
ogy jobs who can work re-
motely, Mr. Bellisario said.
Roughly 20% of the workforce
in the Bay Area is in high-tech
jobs, compared with 9% for the
Los Angeles region, he said.
Sens. Susan Collins of Maine
and Mitt Romney of Utah,
while Sen. Chuck Grassley (R.,
Iowa), chairman of the Senate
Finance Committee, asked Mr.
Trump to provide a rationale
for his action by June 1.
“Removal of IGs without ex-
planation could create a chill-
ing effect in the oversight com-
munity, and risks decreasing
the quantity, quality, fidelity,
and veracity of their reports,”
Mr. Grassley wrote in a letter
to Mr. Trump on Monday.
Watchdog who was
dismissed was
probing arms sales
to Saudi Arabia.
On the Democratic side,
lawmakers said they would
open an investigation into Mr.
Linick’s removal, the latest in a
series of such actions by Mr.
Trump. Other inspectors gen-
eral removed from their posts
include those overseeing the
Pentagon and the U.S. intelli-
gence community.
Mr. Trump, asked about the
move at the White House on
Monday, told reporters that he
fired the State Department in-
spector general at Mr.
Tuesday, May 19, 2020 | A3
WATCHARA PHOMICINDA/ORANGE COUNTY REGISTER/ZUMA PRESS
Covid-19 cases per day Los Angeles County Public
Health Director Barbara Ferrer
Bay Area counties San Francisco Others
.
said officials there moved to a
500
lockdown order after the dis-
ly
ease was being transmitted
250
through the general community.
While infections might have
0
March
Southern California counties
2,500
April
Los Angeles
May
Others
been reduced by an earlier
lockdown, she said, the region’s
large population, poverty and
diversity made it a more invit-
ing target for the coronavirus.
2,250 Los Angeles has significantly
more African-Americans and
2,000 Latinos than San Francisco.
Combined, they have made up
1,750 about 47% of the Covid-19
deaths in Los Angeles County.
1,500
Ninez Ponce, director of the
1,250
Center for Health Policy Re-
search at the University of Cal-
1,000 ifornia, Los Angeles, said na-
tionally African-American and
Los 750 Latino communities have suf-
Angeles
fered an unusually high rate of
500 infections. “Lack of access to
health care and also with that,
250 a disproportionate burden of
San
some chronic conditions for
Francisco
0
communities of color, that’s
April 28 March April May getting exacerbated, or spun
out more in places like Los An-
geles,” Ms. Ponce said.
Despite being more affected
Jessica Wang/THE WALL STREET JOURNAL
by the coronavirus, Los Angeles
County began allowing florists,
Despite having the highest The city and county of Los bookstores and many other re-
population of any state, Califor- Angeles issued similar orders tailers to offer curbside service
nia as of Sunday had the fifth- three days later, the same day May 8, a step San Francisco
highest number of Covid-19 in- Gov. Gavin Newsom put the and some other Bay Area coun-
fections, at about 79,000. whole state on lockdown. ties took Monday.
Experts attribute that in “The problem is the Covid Los Angeles authorities said
part to the move of six coun- replicates quite quickly,” said they felt the need to ease re-
ties in the Bay Area to issue George Rutherford, professor strictions because of how few
the nation’s first stay-at-home of epidemiology at the Univer- people can work from home.
orders to a large population, sity of California, San Fran- “We just have a lot of people
on March 16. The area in Feb- cisco. “Even delays by as much who are unemployed and a lot
ruary recorded the nation’s as a couple of days mean you of people who are struggling,”
first fatality from Covid-19. get four times the cases.” Ms. Ferrer said.
You’re two feet away
from the perfect fit
and one step away
Pompeo’s request, saying he from ultimate comfort.
had the “absolute right” to do
so, but wasn’t aware of any in-
vestigations into Mr. Pompeo. We have your shoe size – in a sock
“I don’t know him at all. I
never even heard of him,” Mr.
Trump said of Mr. Linick. He
added: “I said, ‘Who appointed
him?’ and they said, ‘President
Obama.’ I said, ‘Look I’ll termi- kane11.com
nate him.’ ”
Mr. Pompeo told The Wash- Get 25% off your first order
ington Post on Monday that use code WS25
Mr. Linick wasn’t performing
Free shipping – Made in the USA
“in a way that we had tried to
get him to, that was additive
for the State Department.” He
said he didn’t know he was be-
ing investigated.
One of the investigations un-
der way by Mr. Linick’s office,
according to the people famil-
iar with the matter, concerned
allegations that Mr. Pompeo
had misused government re-
sources for personal tasks.
These included directing an
aide to walk his family’s dog,
pick up their dry cleaning and
make restaurant reservations
on their behalf, the people said.
A second investigation per-
tained to the decision by the ad-
ministration to push through $8
billion in weapons sales to
Saudi Arabia and the United
Arab Emirates by declaring an
emergency. Mr. Pompeo, citing
concerns about the threat posed
by Iran, invoked the emergency
authority in May 2019.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
A4 | Tuesday, May 19, 2020
Virus Exacerbates the Red-Blue Divide the top nine states also have
CAPITAL JOURNAL
By Gerald F. Seib
The coronavirus crisis
once seemed to be the kind
of gut-wrenching shock that
would pull together a politi-
cally divided nation. Increas-
ingly, though, it is pulling
the nation apart along famil-
iar lines.
To see why, start by look-
ing at how the pandemic’s
effects are
falling along
partisan lines,
leaving people
on both sides
of the red/
blue divide
now feeling they are bearing
unfair burdens.
Political power in the
states today is almost evenly
split between the two par-
ties: 26 have Republican gov-
ernors, 24 have Democratic
governors. Yet the coronavi-
rus’s effects aren’t even
close to falling evenly be-
tween red and blue states.
Two-thirds of confirmed
coronavirus cases are in
states with Democratic gov-
ernors. When states are
measured by the sheer num-
ber of cases, six of the top
seven have Democratic gov-
ernors. Together, those six
blue states have about half
of the nation’s cases, though
only about one-third of its
population.
Coronavirus deaths tell a
similar story. Eight of the
nine states with the most
deaths due to the virus are
states with Democratic gov-
ernors. When measured by
deaths per capita, eight of
Obama, Biden Likely Not Part of Investigation, Barr Says
BY DUSTIN VOLZ
Attorney General William
Barr said he didn’t expect for-
mer President Obama or Vice
President Joe Biden to be in-
vestigated as part of an exami-
nation of the origins of a fed-
eral probe into whether the
2016 Trump campaign col-
luded with Russia.
Mr. Barr last year appointed
John Durham, the U.S. attor-
ney for Connecticut, to review
the origins of the 2016 probe
into possible links between the
Trump campaign and Russian
election interference. The in-
Probe Ties
Al Qaeda
no
To Attack
Continued from Page One
help from Apple” to access the
phones, Federal Bureau of In-
vestigation Director Christo-
pher Wray said. The struggle to
unlock the encrypted phones
delayed the probe for months
and potentially jeopardized
public safety, he said.
The FBI, bypassing Apple’s se-
curity features, was ultimately
able to access information on
both phones belonging to the
gunman, but there is no guaran-
tee that law enforcement could
do that in a future case, Attorney
General William Barr said. The
information on the devices led to
a counterterrorism operation
against an associate of Alsham-
rani in Yemen, Abdullah al-Ma-
liki, Mr. Barr said.
The remarks were the gov-
ernment’s strongest yet against
Apple’s stance on encryption,
and escalated pressure on the
company to provide law enforce-
ment access to its technology
and on Congress to consider leg-
islation that could mandate tech-
nology companies to do so.
Apple said it had responded
within hours to the FBI’s first re-
quests for help in December and
provided “every piece of infor-
mation available to us,” includ-
ing iCloud backups, account in-
formation and transactional
data, while also lending continu-
ing technical expertise to agents
working the case.
“The false claims made about
our company are an excuse to
weaken encryption and other se-
curity measures that protect mil-
Democratic governors.
Obviously, the virus isn’t
picking partisan sides. It
moves without regard to bor-
ders or political affiliation. It
just happens that more of
the blue states have densely
populated metro areas, heav-
ily used mass-transit systems
and colder climates, which
help the virus spread more
easily. In some cases, they
also have older populations
more vulnerable to it.
These aren’t partisan dis-
tinctions. Massachusetts,
with its Republican governor,
Charlie Baker, has been hit
as hard as its Northeastern
neighbors.
Nor are the state-by-state
discrepancies necessarily a
sign of how well or how
badly governors are handling
the outbreak. Certainly some
will be judged to have acted
better than others, but
mostly they are dealing the
hand that nature and the
gods of disease handed them.
I
nevitably, though, this
uneven distribution of
disease has led to un-
even political reactions
about its burden. Red states
feel they are being hit
harder than justified by a
national economic shutdown
that, to them, simply feels
more acute than the problem
it is addressing. It’s no sur-
prise, then, that the debate
over how quickly to reopen
the economy is both an emo-
tional one and is falling
along partisan lines.
“A red-state governor is
losing his business in ex-
change for blue-state lives,”
onSenate Majority Leader Mitch McConnell, above center, has characterized state virus aid as a ‘blue-
said Angus Deaton, a Nobel
us ,
Prize-winning economist at a
l
Brookings Institution semi-
e
al a
nar last week. “So for him,
opening up is a no-brainer,
which is sort of why it is
ci on
happening.”
He added: “It is a lot to
er s
m er
vestigation, according to peo-
ple familiar with it, is proceed-
ing on multiple fronts,
examining how the initial alle-
m rp
gations surfaced in 2016, as
well as a separate 2017 U.S. in-
telligence report that con-
cluded Moscow interfered in
the presidential election in
co Fo
part to help then-candidate
Donald Trump.
“As to President Obama and
Vice President Biden, whatever
their level of involvement,
based on the information I
have today, I don’t expect Mr.
Durham’s work will lead to a
criminal investigation of either
n-
A Saudi gunman killed three people at a Florida naval base last year.
lions of users and our national
security,” Apple said. “It is be-
cause we take our responsibility
to national security so seriously
that we do not believe in the cre-
ation of a backdoor—one which
will make every device vulnera-
ble to bad actors who threaten
our national security and the
data security of our customers.”
The company and other ma-
jor Silicon Valley firms, including
Facebook, have said that under-
mining their security protocols
would make all of their users
vulnerable to malicious cyberac-
tivity, a view most independent
experts share.
Mr. Barr, a former top lawyer
at Verizon, has said he finds it
absurd that tech companies
would be exempt from laws like
the ones that requires telecom
companies to enable their ser-
vices and equipment to comply
with law enforcement surveil-
lance requests, and has made the
issue a top priority.
Yet despite the sharp tone on
Monday, the Justice Department
refrained from taking the more
forceful step of seeking a court
order to Apple to help break
open the phones, as it did four
years ago after two terrorists
killed 14 people and wounded 22
P W L C 10 11 12
state bailout.’ At top, New York Democratic Gov. Andrew Cuomo got a Covid-19 test on Sunday.
ask those governors to kill
their businesses and their
GDP for people who live far
away, and who they may not
even like very much.”
At the same time, blue-
state leaders are starting to
feel that, despite all the
man,” Mr. Barr said on Mon-
day in response to a reporter’s
question during a news confer-
ence called to discuss updates
to the probe of a shooting at a
military base last year in Pen-
sacola, Fla. “Our concern over
potential criminality is focused
on others.”
A spokesman for Mr. Obama
declined to comment. Mr. Bi-
den didn’t respond to a re-
quest for comment.
Mr. Barr didn’t provide de-
tails on exactly what or whom
Mr. Durham was investigating,
but he expressed concern gener-
ally about a trend to “gin up al-
in San Bernardino, Calif. But that
case prompted a backlash from
throughout the technology in-
dustry, and the Justice Depart-
ment withdrew its case when
the FBI contracted a third-party
vendor that unlocked the iPhone.
Despite condemnations of Ap-
ple, the Justice Department is no
closer to finding a solution to a
problem that has bedeviled it for
‘We received
effectively no help
from Apple,’ the
FBI’s director said.
years. Despite some interest
largely among Republicans in
Congress to re-examine the en-
cryption debate, legislation to
mandate weaknesses in technol-
ogy products remains unlikely to
garner substantial support.
“Every time there’s a trau-
matic event requiring investi-
gation into digital devices, the
Justice Department loudly
claims that it needs backdoors
to encryption, and then quietly
announces it actually found a
H T G K R F A M 1 2 3 4 5 6
U.S. NEWS
“we’re all in this together”
sentimentality heard early in
the crisis, that feeling isn’t
prevailing today—particu-
larly not in the U.S. Senate.
The states hit hardest by
the virus are suffering the
double whammy of lost tax
legations of criminality by one’s
political opponents based on
the flimsiest of legal theories.”
He didn’t directly address re-
marks made in recent weeks by
President Trump and some of
his conservative allies that have
suggested without evidence that
Messrs. Obama and Biden, the
presumptive Democratic presi-
dential nominee and Mr.
Trump’s expected 2020 oppo-
nent, engaged in criminal acts
to spy on his 2016 campaign.
But Mr. Barr said, as he has
in the past, that Mr. Trump
was the victim of a yearslong
“utterly false Russian collusion
way to access information
without threatening the secu-
rity and privacy of the entire
world,” said Brett Max Kauf-
man, a senior staff attorney at
the American Civil Liberties
FBI/AGENCE FRANCE-PRESSE/GETTY IMAGES
Union. “The boy who cried wolf
has nothing on the agency that
cried encryption.”
Messrs. Barr and Wray didn’t
provide details about how they
were initially unable to unlock
the phones.
Alshamrani posted anti-U.S.
messages on social media about
two hours before he opened fire
in a classroom at Naval Air Sta-
tion Pensacola on Dec. 6, killing
three and wounding eight more
before he was fatally shot, offi-
cials have said. He had been
communicating with al Qaeda
operatives shortly before the at-
tack, but Mr. Wray said his com-
munications and radicalization
dated back to as early as 2015.
“The evidence we’ve been
able to develop from the killer’s
devices shows that the Pensa-
cola attack was actually the bru-
tal culmination of years of plan-
ning and preparation by a
longtime [al Qaeda] associate,”
Mr. Wray said.
The gunman described a de-
sire to learn about flying years
ago, about the same time he
talked about attending the
Saudi Air Force Academy in or-
der to carry out what he de-
scribed as a “special operation,”
Mr. Wray said.
During the December gunbat-
tle, Alshamrani paused to open
fire at his iPhone, damaging it
and causing investigators to be-
lieve it held critical clues about
his planning. The second phone
was also badly damaged. Some
phone security experts said at
the time that the FBI could
likely work with a third-party
vendor to unlock the phone, but
Mr. Wray said on Monday that
option had been exhausted.
7 8 9 O I X X ***** THE WALL STREET JOURNAL.
dollars Congress already has
approved. And the Demo-
cratic-controlled House
voted last Friday to do just
that—to provide almost a
trillion dollars more in a new
aid package.
But that package is going
nowhere in the Republican-
controlled Senate, whose
leadership has characterized
additional aid as a “blue-
state bailout” of badly run
states and deeply indebted
FROM TOP: DARREN MCGEE/GOVERNOR CUOMO’S OFFICE/XINHUA/ZUMA PRESS; SAUL LOEB/AGENCE FRANCE-PRESSE/GETTY IMAGES
public pension programs in
which they have little inter-
est. At one point, Senate Ma-
jority Leader Mitch McCon-
nell suggested that troubled
states could simply declare
bankruptcy.
A
nd it’s in the Senate
where the imbalance
between coronavirus
impact and political clout is
most acute. Those six hard-
est-hit blue states have more
than half the country’s coro-
navirus cases, and a third of
its population—yet only 12%
of the votes in the Senate. It
is almost a perfect formula
for political tensions.
President Trump is strad-
dling this red and blue di-
vide. In sheer political terms,
two of the hardest-hit states,
Michigan and Pennsylvania,
are critical to him because
they happen to be swing
states he carried in the 2016
.
election.
The president “is abso-
ly
lutely open” to negotiating
more aid for states, White
House economic adviser
Kevin Hassett said in an in-
terview Friday. But, he
added, “the one thing he has
taken off the table is fixing
revenue as economic activity old problems” with new aid.
grinds to a halt as well as Mr. Deaton notes that the
skyrocketing costs for health splits may narrow if cases
care. These states’ finances, continue to grow in red
obviously, are being hit hard- states. But for now, the ideal
est, and they are seeking world in which red and blue
more help from Washington sympathize with each other
to cope, on top of billions of may be slipping further away.
narrative” and that standards Barr an “honorable man” and
at the Justice Department were said he would rely on him to
abused to reach a particular re- “make all of those decisions.”
sult. “We can’t allow this to Special counsel Robert
ever happen again,” he said. Mueller’s 2019 report said
Speaking at the White there were repeated contacts
House, Mr. Trump said he was between Russia-linked entities
a “little surprised” by Mr. and Trump campaign officials,
Barr’s announcement about but investigators didn’t estab-
the former president and vice lish that anyone affiliated with
president, adding that “if it the GOP presidential campaign
was me, I guarantee they’d be knowingly conspired with Rus-
going after me.” He said he sian interference efforts.
had “no doubt” that Messrs. Mr. Durham’s probe would
Biden and Obama were in- determine whether any federal
volved in what he called the laws were broken during the
“takedown of a president.” Russia investigation, Mr. Barr
Still, the president called Mr. said.
Terror Victims Can Sue
For Punitive Damages
BY JESS BRAVIN
WASHINGTON—The Su-
Matthew D. McGill, who ar-
gued the case in February. “We
are hopeful that this soon will
preme Court sided with vic- lead Sudan to reach a just and
tims of al Qaeda’s 1998 attacks equitable resolution with its
on U.S. embassies in Africa, victims.” The Nairobi victims
ruling unanimously Monday were the only ones who sought
that they were eligible for pu- punitive damages, he said.
nitive damages from Sudan, “Sudan looks forward to
which was found to have as- further proceedings in this
sisted the terror organization. continuing litigation, while it
The decision comes at a remains engaged with the
delicate time for relations be- United States in negotiations
tween the U.S. and Sudan, to normalize the bilateral rela-
where an uprising last year tionship,” said Christopher
overthrew the 30-year regime Curran, who argued for Sudan.
of Omar al-Bashir, who is “As always, Sudan expresses
wanted by the International sympathy for the victims of
Criminal Court for war crimes, the acts of terrorism at issue,
crimes against humanity and but reaffirms that it was not
genocide allegedly committed involved in any wrongdoing in
by his forces in the country’s connection with those acts.”
Darfur region. Washington and A State Department official
the transitional government in said: “We remain committed
Khartoum recently agreed to to our efforts to work with Su-
exchange ambassadors for the dan to achieve resolution of
first time in decades. claims related to the 1998 East
As part of its effort to get African bombings.”
off the State Department’s list Most of those killed or in-
of state sponsors of terrorism, jured in the embassy bombings
Sudan this year settled claims were foreign nationals.
by victims of the 2000 al Qaeda Foreign governments gener-
attack on the USS Cole in Ye- ally are immune from lawsuits
men, who likewise alleged the in federal courts, through dip-
Bashir regime had supported lomatic customs that also pro-
the terror organization. The tect the U.S. government from
State Department is seeking to being sued in other countries.
negotiate a settlement for the But Congress has created ex-
embassy bombings as well, the ceptions, including liability for
plaintiffs’ lawyers said. terrorist acts by nations the
“Sudan helped al Qaeda State Department designates
perpetrate the terrorist bomb- as state sponsors of terrorism.
ing of the U.S. Embassy in Nai- In August 1998, bombs ex-
robi, which devastated count- ploded at the U.S. embassies
less families of the U.S. in Nairobi, Kenya, and Dar es
employees and contractors Salaam, Tanzania, killing more
working there. It’s hard to than 200 people and wounding
imagine an act more deserving thousands; al Qaeda claimed
of punitive damages,” said responsibility.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. Tuesday, May 19, 2020 | A5

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 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

A6 | Tuesday, May 19, 2020 * ***** THE WALL STREET JOURNAL.

THE CORONAVIRUS PANDEMIC

Moderna Says Data Show Promise

BY PETER LOFTUS broader market.
Drugmaker Moderna Inc.
reported early results Monday
Moderna’s vaccine is among
several front-runners that have
emerged from the more than
from the first human study of
its experimental coronavirus
vaccine that gave a positive
100 coronavirus vaccines in de-
velopment world-wide. At least
seven other vaccines have
signal about the shot’s ability
to protect people, raising
hopes that a weapon to slow or
started human testing, and
several companies including
Johnson & Johnson, Pfizer
halt the pandemic could be on Inc. and AstraZeneca PLC are
the horizon. bulking up manufacturing ca-
The company said the vac-
cine induced immune re-
pacity to make doses to meet
global demand if vaccines they
sponses in some of the healthy or their partners are develop-
volunteers who were vacci-
nated, and the shots were gen-
ing prove successful.
The data suggest Moderna’s
erally safe and well-tolerated. vaccine “has a very good
The results offered a prelim- chance to provide protection”
inary but promising sign about from Covid-19, the disease
one of the most advanced coro- caused by the coronavirus,
navirus vaccines in develop- Chief Executive Stephane Ban-
ment, and suggested Moderna cel said in an interview.
was on track to meet its time- The company’s vaccine
table for producing it for possi- could be ready for emergency
ble emergency use in the fall. use as early as the fall, if it
The results don’t show proves to work safely in the
whether the vaccine actually subsequent testing.
protects people who are ex- The progress is relatively
posed to the new coronavirus. quick for any experimental vac-
Yet the results buoyed opti- cine, let alone one like Mod-
mism. Moderna shares rose erna’s based on a new and un-
20% Monday, helping to lift the proven technology.
Moderna, of Cambridge,
Mass., codesigned its vaccine
with the National Institute of
Allergy and Infectious Diseases
in January and rushed to man-
ufacture doses for testing.
NIAID is leading the clinical
trial that began in March,
starting at a site in Seattle and
now expanded to Atlanta and
The progress is
relatively quick for
any experimental
vaccine.
Maryland. The trial is ongoing
and aims to enroll up to 105
people, each receiving two
shots about four weeks apart.
The participants aren’t
tested for their body’s ability
to fight off the virus compared
with a group that wasn’t vacci-
nated; such testing will come
in a later stage.
Moderna’s vaccine doesn’t
contain the virus itself but
rather genetic material called
messenger RNA, which upon
injection delivers instructions
to the body’s cells to produce
proteins resembling those on
the surface of the coronavirus.
The proteins in turn trigger
an immune response that is
supposed to subsequently pro-
tect a person against any expo-
sure to the actual virus.
Researchers can design and
manufacture these types of
gene-based vaccines quickly,
but they have never been ap-
proved for widespread use
against diseases in humans.
Older vaccine technologies,
such as those using a weak-
ened virus or proteins, have a
more proven record but gener-
ally take longer to develop.
For some participants in the
Moderna vaccine study ages 18
to 55, varying doses of the vac-
cine increased immune re-
sponses, including boosting
certain antibodies to levels at
or above those seen in blood
samples from people who have
recovered from Covid-19, Mod-
erna said.
The Phase 1 study data came
from among the 45 people ages
18 to 55 who received three
different dose levels of the vac-
cine. An additional 60 people
over age 55 are being enrolled
in the study.
Researchers said the early
data were promising, but cau-
tioned that more testing was
needed to conclude whether
the vaccine is safe and effec-
tive. “This is just the very be-
ginning of the clinical work,”
said Barney Graham, deputy di-
rector of the vaccine-research
center at NIAID.
The early data are good
news, but don’t “yet answer
the question of whether this
will protect humans against in-
fection,” said Kathryn Edwards,
a pediatrics professor at Van-
derbilt University School of
Medicine who specializes in in-
fectious diseases.
One unknown: how much
Moderna’s vaccine will cost if it
proves successful in testing. Mr.
Bancel, the CEO, said Moderna
is starting to evaluate pricing,
but said “we don’t want to max-
imize profit on this product.
That is not responsible.”
Trump Says
He Takes
Contested
Drug for
Prevention
BY CATHERINE LUCEY
AND JARED S. HOPKINS
WASHINGTON—President
Trump said he is taking hy-
droxychloroquine, a malaria
drug that he has cited as a pos-
sible defense against the novel
coronavirus but that some sci-
entists have cautioned needs
further study and could be dan-
gerous.
“I happen to be taking it, hy-
droxychloroquine,” he told re-
porters at the White House on
Monday. He said he had con-
sulted with the White House
doctor and suggested he is tak-
ing the drug as a preventive
measure. Mr. Trump said he
has been checked regularly for
Covid-19, has tested negative
and has no symptoms. He said
he has been taking hydroxy-
chloroquine for about a week

Stocks Rise and a half.

Mr. Trump’s interest in the
drug dates to earlier this year,

On Vaccine when he praised it as a possible

treatment, after some scientists
and doctors theorized its anti-

Progress inflammatory properties could

.
help Covid-19 patients. But the
Food and Drug Administration

ly
warned last month that the
Continued from Page One drug is linked to serious heart
timetable for producing the problems and should be used
shot for possible emergency
use in the fall.
The vaccine still has much to
prove. While the study showed
on only on hospitalized patients or
as part of clinical trials.
Scientists including Anthony
Fauci of the National Institute
it was generally safe and well- of Allergy and Infectious Dis-
us ,

tolerated, it didn’t show eases also have cautioned that

l

whether it actually protects clinical trials are needed to de-

e
al a

people who are exposed to the termine the drug’s effectiveness

new coronavirus, a key proof against the coronavirus.
point. Many vaccines fail to Mr. Trump last month said
ci on

pass muster even after showing he was considering taking the

positive signs in early testing. drug and would consult his doc-
Yet the initial results buoyed tors even as experts and his ad-
ADAM GLANZMAN FOR THE WALL STREET JOURNAL

optimism, with Moderna shares visers were debating its efficacy.

jumping 20% to $80 each, a re- At the time, he also suggested
er s

cord. health-care workers would be

“The idea that there has wise to take it preventively.
m er

been progress in Moderna’s tri- On Monday, Mr. Trump con-

als but also the more positive tinued to stress anecdotal evi-
news that it looks like corona- dence in favor of the drug and
virus could be tackled with a told reporters, “I was just wait-
vaccine, has helped boost senti- ing to see your eyes light up
m rp

ment,” said Edward Park, dep- when I said this.” He also ex-
uty chief investment officer at pressed confidence in the
Brooks Macdonald. drug’s safety. “I’m not going to
The Dow industrials jumped get hurt by it. It’s been around
911.95 points, or 3.9%, to Shares of pharmaceutical company Moderna jumped 20% to a record $80. A company laboratory in Norwood, Mass. for 40 years for malaria, for lu-
co Fo

24597.37, its largest point and pus, for other things.”

percentage gain since April 6. S&P 500 and sectors, percentage below 2020 closing high with the National Institute of brokerage Instinet. The top of There is no compelling sci-
The S&P 500 rose 90.21 points, Allergy and Infectious Diseases the range has sparked selloffs, entific evidence to support the
or 3.2%, to 2953.91. Health care in January and rushed to man- and the bottom has sparked use of hydroxychloroquine as a
The Nasdaq Composite Technology
ufacturing for testing doses, is rallies. safe and effective way to pre-
added 220.27 points, or 2.4%, among several front-runners “Both sides are somewhat vent Covid-19, said William
to 9234.83. Consumer discretionary that have emerged from the exhausted,” he said, adding it Schaffner, an infectious-dis-
The rally continued outside more than 100 vaccines in de- would be a strong signal if the eases specialist at the Vander-
Communication services
the U.S. early Tuesday. At mid- velopment world-wide. index can break higher. bilt Medical Center in Nashville.
day in Tokyo, the Nikkei was up Consumer staples The company’s vaccine could While investors have Dr. Schaffner said clinical trials
1.9%, Hong Kong’s Hang Seng be ready for emergency use as cheered the easing of such that are under way will provide
Index was up 2.1%and South S&P 500 early as the fall, if it proves to lockdowns, Federal Reserve answers about whether hy-
Korea’s Kospi was up 1.8%. But Materials
work safely in the subsequent Chairman Jerome Powell cau- droxychloroquine is useful in
n-

U.S. stock futures were down testing. The U.S. Food and Drug tioned in a CBS interview on fighting the virus.
slightly. Utilities Administration recently gave Sunday that an economic re- The physician to the presi-
The U.S. rally erased last Moderna permission to begin covery could take more than a dent is Sean Conley, a Navy
Real estate
week’s losses, when the Dow the second stage of testing, and year and that the unemploy- commander who said that after
no

and S&P 500 suffered their Industrials the company aims to enter the ment rate is likely to keep ris- discussions with the 73-year-
steepest declines since the final stage in July. ing through June. old Mr. Trump, “we concluded
week ended March 20. Last Financials More than 1.5 million people “If lockdowns might be the potential benefit from
week’s drop followed a series of Energy in the U.S. have tested positive eased over a longer period of treatment outweighed the rela-
disappointing data releases for the coronavirus as restric- time, that would lead to recov- tive risks.”
-40% -30 -20 -10 0
that dashed investors’ hopes tions that helped slow the con- ery not really taking place until House Speaker Nancy Pelosi
for a quick economic rebound. Source: Dow Jones Market Data tagion’s spread continue to be 2021,” said Mr. Park of Brooks (D., Calif.) said she didn’t think
That sentiment shifted Mon- eased. More than two dozen Macdonald. “The size of the re- it was a good idea. “He’s our
day, with the Dow industrials U.S. oil prices climbed 8.1%, will likely be on hold until in- states have now lifted many re- cession in the first half of 2020 president and I would rather he
rising as much as 1,023 points lifted by record supply cuts and vestors believe there is little strictions or never enacted is almost being viewed by mar- not be taking something that
just ahead of the closing bell. a pickup in global fuel demand risk of a big second wave of in- them. Other states including kets as a curiosity, as investors has not been approved by the
Six of the S&P 500’s sectors as more countries and states fections, he said. “Even with New York, California and New believe the growth will be at scientists, especially in his age
rose more than 4%. Energy led ease lockdown measures. better economic numbers, the Jersey have also begun gradual least partially recouped.” group and in his, shall we say,
with a 7.6% gain, driven by a As economies emerge from market won’t rejoice,” Mr. reopening plans. As investors pushed stocks weight group—morbidly obese,
surge in oil prices. Exxon Mo- monthslong lockdowns, mar- Chew said, adding economic Monday’s rally put the S&P higher, they retreated from the they say,’’ she told CNN.
bil Corp. rose 8%, and Chevron kets will tend to creep higher, data are lagging indicators. 500 back at the top of a trading bond market. The yield on the Mr. Trump’s announcement
Corp. added 4.7%. Both stocks said Paul Chew, head of re- That helps explain investors’ range that has been rigid over benchmark 10-year Treasury comes after two people work-
are still down more than 20% search at Phillip Securities in appetite for a vaccine. Mod- the past month, said Frank edged up to 0.741% from ing in the White House complex
for the year. Singapore. But a stronger rally erna’s, which was codesigned Cappelleri, executive director at 0.640% Friday as prices fell. tested positive for the virus.

Guidelines to Reopen Nursing Homes Give States Flexibility

BY ANNA WILDE MATHEWS ments for coronavirus testing. Coronavirus Daily Update Industry groups have
The final version says a facil- warned, though, that nursing
Federal health regulators re- ity should have a testing plan As of 11:32 p.m. EDT May 18 homes need better access to
leased guidelines for reopening in place before beginning re- testing and protective gear for

1,508,598 90,353 283,178

nursing homes in the U.S., pro- opening phases. The document staff before they can reopen.
posing steps that eventually suggests that the plan involve “The reality is that too many
could allow visitors to return to initial testing of all residents nursing homes and other ag-
facilities that have been hit hard and staff, and it offers other U.S. cases U.S. deaths U.S. recoveries ing-services providers are still
by the coronavirus pandemic. testing recommendations as a desperately in need of testing

4,804,167 318,527 1,787,454

The recommendations from facility moves through various and personal protective equip-
the Centers for Medicare and stages of reopening. ment…and we don’t know
Medicaid Services, like a pre- State and local officials when or if it’s coming,” said
vious draft version reported would have flexibility in how World-wide cases World-wide deaths World-wide recoveries Katie Smith Sloan, the chief
by The Wall Street Journal, to implement the recommen- executive of LeadingAge,
call for a multiphase regimen, dations. For instance, states Source: Johns Hopkins University Center for Systems Science and Engineering which represents nonprofit
mirroring the three-phase might coordinate among the providers of aging services.
“Opening Up America Again” nursing homes in a certain re- Seema Verma, the CMS admin- Despite the actions, nursing The new guidelines suggest The guidelines issued Mon-
guidelines for states that were gion so they would start each istrator. She said the agency is homes and other long-term- nursing homes should have ac- day are “reasonable,” said
issued by the Trump adminis- of the phases at the same encouraging states and nursing care facilities have been among cess to adequate testing and Christopher Laxton, executive
tration in April. time, or they could let each fa- homes to move very carefully. the hardest-hit by the virus, protective equipment before director of AMDA, the Society
The earlier draft drew con- cility proceed at its own pace. CMS restricted visitors and with more than 28,000 deaths they begin reopening. “We are for Post-Acute and Long-Term
cern from industry officials “It’s very clear those deci- communal activities in nursing linked to Covid-19, according using extreme caution,” Ms. Care Medicine. “It allows for
who felt it was too vague and sions have to be made at the homes on March 13 in a bid to to a Wall Street Journal tally Verma said. She said testing is flexibility based on the status
included no specific require- state and local level,” said protect residents from Covid-19. of data reported by states. becoming widely available. of each facility.”
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
THE WALL STREET JOURNAL.
Florist Cultivates a Growing Clientele in a Time of Need
As the new
coronavirus
forces big
changes in
how we
work, The Wall Street Journal
is looking at how different
people are coping with the
stresses and risks. For earlier
articles in the series, visit
wsj.com/makingitwork.
BY VIPAL MONGA
Geoff Levenberg’s Cleve-
land-based flower-delivery
business is booming, but the
reason is tragic. Demand for
funeral bouquets and
wreaths has surged as peo-
ple succumb to Covid-19.
Mr. Levenberg’s business,
Allyson’s Flowers, is serving
an important role during the
pandemic. Bereaved family
members and friends can’t
attend funerals because of
restrictions on public gather-
ings in many states, so they
increasingly send flowers as
Uber Cuts
Quarter of
Its Staff
Continued from Page One
deep hole, with limited visibil-
ity as to its speed and shape,”
Mr. Khosrowshahi wrote in his
note to employees. The com-
pany’s food-delivery arm, Uber
Eats, has been a bright spot
during the crisis, but “the busi-
ness today doesn’t come close
to covering our expenses,” he
wrote.
Uber is in talks to buy rival
Grubhub Inc., according to
people familiar with the matter,
a deal that would help stem
losses from the cost-intensive
business of building out deliv-
ery operations and give Uber
an edge in competing with in-
dustry leader DoorDash Inc. Mr.
Khosrowshahi didn’t reference
the potential deal in his memo.
After its founding in 2009,
BES
no
US Best Managed Companies Program
Recognizes Strong Private Companies
The US Best Managed Companies program is pleased to announce its 2020 honorees. This group joins hundreds of
private companies around the world that have earned this designation in a rigorous and independent process that
evaluates four key criteria in their management skills and practices — strategy, execution, culture and financials.
Congratulations to the inaugural class of US winners who have achieved this mark of excellence.
Associa
The Beck Group
Beztak Companies
Blue Shield of California
Cambia Health Solutions
Children’s Hospital Los Angeles
Discount Tire
Dominium
JE Dunn Construction Company
Sponsored by
* *
a way to show their love.
Funerals usually make up
80% of Mr. Levenberg’s busi-
ness. Lately, the proportion
has been closer to 95%. “We
are doing about four times as
much business as normally,”
he said. “We could hire a
dozen more people.” Allyson’s
does most of its business in
Cleveland, but it also links up
with florists in other cities to
fulfill national orders.
The business has tracked
the new coronavirus’s spread.
Orders in the hard-hit New
Jersey and New York area
were up 400% in April, with a
smaller surge in Pennsylvania.
Mr. Levenberg has had so
many inquiries coming in
from Detroit, another Covid-19
hot spot, he had to reduce his
Google advertising there.
In normal years, Allyson’s
brings in roughly $700,000.
This year, he expects reve-
nue to reach $1.5 million.
The coronavirus lockdown
didn’t begin this way. When
Uber quickly became one of the
world’s hottest startups, trans-
forming how millions of people
get around. Co-founder Travis
Kalanick envisioned a future in
which robotaxis roam streets
and delivery drones fly over-
head—with Uber at the center
of it all. As the company grew,
it spent big to expand into ar-
eas beyond ride-hailing, amass-
ing billions of dollars in losses
along the way.
Investor enthusiasm started
to wane even before the pan-
demic. Uber had one of last
year’s most anticipated stock-
market debuts. The result dis-
appointed, with Wall Street
on As part of the latest
wanting to see a path to profit-
us ,
ability for Uber and other high-
l
profile tech companies.
e
BESal a
Mr. Khosrowshahi—ap-
pointed in 2017 after a series of
scandals led to Mr. Kalanick’s
ci on
ouster—pulled Uber out of
markets where it was weak and
laid off more than 1,100 em-
ployees last year. In February,
before the pandemic hit its
er s
home market, Mr. Khosrow-
BEST
shahi made a tall promise: He
m er
vowed to make Uber profitable
m rp
co Fo
n-
THE CORONAVIRUS PANDEMIC
Many of the flower arrangements Geoff Levenberg and his son Henry prepare are headed for funerals.
Mr. Levenberg returned to
Cleveland from a Florida va-
cation in early April, he was
prepared to lay off all 10 of
his employees. Ohio had been
largely shut since March 22,
and business had dropped by
by the end of 2020, a year ear-
lier than previously expected.
He recently moved that time-
line back to next year.
“I will not make any claims
with absolute certainty regard-
ing our future,” Mr. Khosrow-
shahi wrote in his note on
Monday. “I will tell you, how-
ever, that we are making really,
really hard choices now, so that
we can say our goodbyes, have
as much clarity as we can,
move forward, and start to
build again with confidence.”
changes, Uber will scale back
on noncore businesses. Mr.
Khosrowshahi said the com-
pany is winding down its prod-
uct incubator and artificial-in-
telligence lab, and exploring
“strategic alternatives” for
Uber Works, which pairs pro-
spective employers with gig
workers.
The company is also re-eval-
uating cash-burning businesses
such as freight and autonomous
driving. Uber has spent hun-
dreds of millions of dollars to
advance self-driving research.
Uber will book up to $260
BEST
UNITED STATES
UNITED STATES
MANAGED
COMPANIES
Recognizing private company success
BEST
TATES
HAVI
J.M. Huber Corporation
Jet Support Services, Inc. (JSSI)
Kent Corporation
Learning Care Group
Lithko Contracting, LLC
nexAir
Niagara Bottling, LLC
NOVA Chemicals Inc.
half. “For three weeks, it was
bad,” said Mr. Levenberg. The
50-year-old florist has owned
Allyson’s Flowers since 1997,
and was expecting a down-
turn worse than that of the
2008 recession. “Then, over-
Ride Reversal
Uber gross bookings are falling
with people working from
home during the pandemic.
Uber’s gross bookings,
quarterly
Rides Eats Other*
$ billion.
5

5

2018 ’19
*Includes freight and other bets
Note: Q2 2020 figure is an estimate
Sources: the company; FactSet (Q2 2020)
million in charges from the re-
structuring measures it un-
veiled this month, the company
said in a regulatory filing. Its
shares closed 3.54% higher in
Monday trading, roughly in line
with the broader market.
Employees in the U.S. will be
the hardest hit by the cuts, ac-
UNITED
UN
www.usbestmanagedcompanies.com
Tuesday, May 19, 2020 | A7
bouquets and then call their
contacts at local florists na-
tionwide to fill them. All of
the employees now work
from home. Other employees
arrange bouquets from their
homes. When they go out on
deliveries, they wear face
masks made by Mr. Leven-
DUSTIN FRANZ FOR THE WALL STREET JOURNAL
berg’s eldest son, Noah.
Mr. Levenberg, a father of
three, has been shaken by
calls such as one he received
from a customer at the end
of April. A woman drove to
New Jersey from Cleveland to
stay with her father and
await the rest of her family.
The father died while she was
there, and the husband and
children were restricted from
attending his funeral. She had
to bury her father alone.
night, everything went nuts.” “I’m used to getting calls
Calls started coming in for like that maybe once every
bouquets and arrangements two weeks. But when you get
in a deluge that hasn’t eased seven or eight calls in a row
for more than four weeks. that are family-to-family, and
Most of Mr. Levenberg’s they can’t attend, that’s the
employees take orders for worst thing about all this.”
cording to a person familiar
with the matter. Uber is closing
one of its offices in downtown
ernments begin to ease stay-at-
home orders: Will people re-
sume using its core rides
San Francisco, which had more services and, if so, how does
than 500 employees. It is also the company assure drivers—
considering moving its Asia and riders—that they are safe?
headquarters out of Singapore. The company has allocated
Smaller rival Lyft Inc. said $50 million to buy supplies for
last month that it would cut 17% drivers, including masks, disin-
of its workforce while also fur- fectant sprays and wipes. Start-
.
loughing workers and slashing ing Monday, the Uber app
pay amid efforts to cut costs. asked drivers across much of
ly
Mr. Khosrowshahi said he the world to verify they are
wants to rally around core busi- wearing face masks by taking
nesses—mobilizing people and selfies. Riders also need to con-
goods—and build an organiza-
tional structure that avoids du-
plication. He said Andrew Mac-
donald, Uber’s senior vice
firm they are wearing face cov-
erings.
Meanwhile, regulatory hur-
dles loom for the ride-sharing
president of rides, has been ap- giant. California sued Uber and
’20
pointed head of a unified mo- Lyft this month, alleging the
bility team that will cover all companies misclassified drivers
aspects of Uber’s rides busi- as independent contractors, de-
ness, including its public-trans- priving them of rights such as
portation partnerships. Pierre- paid sick leave and unemploy-
Dimitri Gore-Coty, vice ment insurance. The state’s gig
BEST
president of Uber Eats, was economy law that took effect
named head of a unified deliv- Jan. 1 aimed to force the com-
ery team that will include gro- panies to classify drivers as
cery deliveries. employees.
While these measures should Uber and Lyft have said
help rein in costs, Uber faces a their drivers are properly clas-
fundamental question as gov- sified under the law.
B
BEST
MANAGED
COMPANIES
UNITED
PANTHERx Rare
Rumpke Waste & Recycling
Servco Pacific Inc.
Sierra Nevada Corporation
Skullcandy, Inc.
Southwire Company, LLC
Sun-Maid Growers of California
Telamon Corporation
Topgolf Entertainment Group
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
A8 | Tuesday, May 19, 2020
Brazil’s Nurses Die on the Front Lines
SÃO PAULO—As the new
coronavirus ripped through a
government-run hospital here,
Dilva Barbosa de Oliveira did all
she could to save her patients.
Then one day, the nurse’s body
started to ache.
By Luciana Magalhaes,
Ryan Dube
and Jeffrey T. Lewis
Ms. Barbosa de Oliveira, 56
years old, grew fatigued, as a
fever spiked. She had trouble
urinating, started coughing and
lost her sense of taste and
smell. Gasping for breath, she
was rushed to the Employees of
São Paulo State Hospital where
she worked, this time as a pa-
tient in intensive care. She
tested positive for Covid-19, the
illness caused by the new coro-
navirus, and died 21 days later,
on May 7.
“She loved her job,” said
Selma de Araujo Vereda, recall-
ing how her aunt doled out
meaningful gestures for the el-
derly patients she cared for in
the geriatrics ward, like getting
them haircuts and body creams.
“It was her mission to help oth-
ers.”
The coronavirus is spreading
rapidly throughout Brazil, over-
whelming a health-care system
that is ill prepared to handle a
pandemic of this magnitude
and proving especially deadly
for the medical workers on the
front lines.
At least 116 nurses have died
in this country of 210 million
from Covid-19, according to
Brazil’s Federal Nursing Coun-
cil—the highest toll any-
where. That is more than the
107 nurses who have died in
the U.S., where the total death
count of people succumbing to
the pandemic is about six times
as high as Brazil’s. In Italy,
which has about twice as many
total deaths as Brazil, 39 nurses
have died, according to Italy’s
National Federation of Nurses.
Nurses and other medical
professionals in Brazil are often
outfitted with aging equipment
and lack enough face shields,
goggles, gloves and gowns to
battle a highly contagious dis-
ease, nurses from hospitals in
five states said in interviews.
At the Maracanã soccer sta-
dium in Rio de Janeiro, which
has been turned into a field
hospital, nurses sleep on the
floor of a hallway, as authori-
ties rush to get the facility set
up. The hospital was supposed
to have 400 beds available by
May 15, but it is still working at
about half of its planned capac-
ity, with only 200 beds and 80
intensive-care units.
“We’re afraid of being in-
fected and maybe even dying,”
said Lilianna Froes, 25, a nurse
in Belém in northeast Brazil
who has self-quarantined after
showing symptoms of the dis-
ease. “We see people dying all
the time. Every time we hear
news that a colleague has died,
it breaks our hearts and makes
us think, ‘It could be me next.’”
With 254,000 people having
tested positive for the novel cor-
no
onavirus, the country surpassed
Italy, Spain and the U.K. in re-
cent days and now trails only
the U.S. and Russia, according to
Johns Hopkins University. At
more than 16,000 dead, Brazil
has the sixth-highest number of
deaths in the world from the
pandemic.
The true numbers of both in-
fected and dead may be far
higher because the country does
far less testing than the U.S. and
Europe. Brazil performed 3,462
tests per one million people as
of Saturday, ranking 22nd in the
world, according to the analysis
company Statista. A study by Ri-
beirão Preto Medical School in
São Paulo and other universities
across Brazil calculated the
number of people infected with
Pakistan’s High Court Says All Stores Can Reopen Immediately
BY SAEED SHAH
ISLAMABAD—Pakistan’s Su-
preme Court ruled that all
stores and shopping malls can
open immediately, overturning
government-mandated clos-
ings of businesses to slow the
spread of the coronavirus as
justices weighed in on the
global debate about how to re-
vive economic activity.
Pakistan, a poor country of
220 million people, has seen
that debate intensify in recent
weeks while identified cases of
the disease have climbed de-
spite a lockdown on nonessen-
tial business activity and tight
restrictions on movement.
The country’s leading associ-
on
us ,
l
e
al a
ci on
er s
m er
m rp
co Fo
n-
Covid-19 at about three million.
That is twice the number of
confirmed cases in the U.S.
“Brazil is the most infected
country in the world today,”
said Domingos Alves, a profes-
sor at Ribeirão Preto Medical
School.
With the disease racing from
indigenous villages in the Ama-
zon to tightly packed slums in
Brazil’s cities, some governors
and mayors have put social-dis-
tancing measures in place. Still
Brazil’s restrictions are gener-
ation of doctors has pleaded
with authorities to maintain re-
strictions that provincial gov-
ernments have imposed to try
to slow the spread of the virus.
Prime Minister Imran Khan,
who has criticized such restric-
tions from the start as too eco-
nomically harmful in such a
poor nation, has advocated a
gradual easing, which provinces
largely have gone along with.
The court stepped into the
fray on its own initiative Mon-
day, ruling that all legal busi-
nesses had a right to operate.
In an interim order, the court
said that large-scale shopping
malls must be allowed to open
and that shops be permitted to
operate daily.
THE CORONAVIRUS PANDEMIC
ally looser than lockdown mea-
sures mandated in many Euro-
pean and Asian countries and
have an influential opponent:
President Jair Bolsonaro, who
wants to keep the world’s
ninth-largest economy operat-
ing normally.
“The people want to work to
put food on the table for their
families,” Mr. Bolsonaro said on
Sunday via his Twitter account.
“Millions (in Brazil) already
know what it’s like to live in
Venezuela,” he said in a recent
“If the businesses and indus-
tries remain closed for a long
time, their revival becomes
doubtful, more and more, and
in case they are not revived,
The court criticized
the government for
putting too much
focus on coronavirus.
millions of workers will be on
streets,” the Supreme Court
said after a hearing.
The chief justice added dur-
ing the proceedings that the
* ***** THE WALL STREET JOURNAL.
ly
A nurse pauses at Rio’s 200-
bed Lagoa Barra field hospital,
top. Above, a patient at Gilberto
Novaes hospital in Manaus.
Left, Selma de Araujo Vereda
and her husband, Wagner,
mourn the death of her aunt.
Dilva Barbosa de Oliveira.
tude is hurting us directly,”
said Solange Caetano, president
of the São Paulo state nurses
TOMMASO PROTTI FOR THE WALL STREET JOURNAL (3)
union. “Trying to end social
isolation means there are more
people in the street, more peo-
ple getting infected. That over-
loads the front line for treat-
ment.”
The confusion in Brazil is
prompting growing numbers of
people to go to work and leave
their homes, even in communi-
ties where local leaders have
advocated social-distancing
measures.
Nurses in Rio de Janeiro, the
state with the highest number
tweet, referring to the hunger of deaths among nurses, say
and poverty in that neighboring they have been pushed to the
country. brink.
The president’s stance on After recent budget cuts,
the pandemic has brought him some nurses are forced to work
into direct conflict with infec- double shifts to handle the in-
tious-disease experts, including flux of patients. They lack
people in his own health minis- enough N-95 face masks, forc-
try, and several governors. The ing them to repeatedly reuse
president fired Health Minister the ones they have, sometimes
Luiz Henrique Mandetta in over seven 24-hour shifts
April, and on Friday Mr. Man- spread out over a period of a
detta’s successor, Nelson Teich, month. Others use ineffective
resigned. cloth masks.
“Without a doubt his atti- Brazil’s Health Ministry said
government can’t deny shop- agreed with the provinces after
pers who want to purchase new negotiations that some busi-
clothes ahead of the Muslim nesses and retailers could re-
festival of Eid later this month. open last week. But shops were
Officials in the southern to remain closed two days a
province of Sindh, which in- week, while malls would stay
cludes the country’s biggest entirely shut. The court re-
city, Karachi, and is controlled moved those restrictions. The
by a political party opposed to court also criticized the gov-
Mr. Khan’s, expressed shock at ernment, which has announced
the court ruling but said they a $8 billion economic-support
would go along with it. package to deal with disease,
“Today we are being repri- for putting too much focus on
manded for not opening shop- combating the coronavirus.
ping malls and bazaars,” said “There are other serious
Saeed Ghani, an official in the ailments prevailing in the
Sindh provincial government. country, from which people
“Tomorrow they will repri- are dying daily,” it said.
mand us for a shortage of hos- Pakistan has identified
pital beds and doctors.” more than 42,000 cases of the
Mr. Khan’s government virus, with the total growing
that, as of May 12, it had pro-
vided 83 million individual pro-
tective equipment sets for
health professionals at the
front lines of the pandemic. All
.
the equipment was sent to the
various state health secretaries,
who were in charge of distrib-
uting them among the institu-
tions dealing with the disease.
In some hospitals in the
state, many have stopped
drinking water to avoid going
to the bathroom, worried they
will catch the virus while re-
moving gear, said Francisca
Valda Silva de Oliveira, presi-
dent of the Brazilian nursing
association.
Carla de Oliveira Obelar, 42,
a nurse in Rio who worked with
newborn babies, came down
with a fever and a cough but
couldn’t get a coronavirus test,
forcing her to pay for her own,
said her cousin, Glauber Aman-
cio, also a nurse. She tested
negative and returned to work
when her symptoms eased.
But her condition quickly de-
teriorated. After a desperate
search for an intensive care
unit bed, she finally got one—
on the day she died. Though
she never got a second test, her
death certificate listed Covid-19
as the cause of death.
The fear of death is pervasive
among hospital workers. In São
Paulo, nurses last week gathered
outside an art museum—scene
of frequent protests—on the
city’s most important thorough-
fare and lighted candles for col-
leagues who died. In Brasília,
not far from the presidential
palace, some protested by lying
on the ground with arms out-
stretched, a piece of paper on
each of their chests with the
names of colleagues who had
fallen.
Nurses at the Eduardo de
Menezes Hospital in Belo Hori-
zonte, a city to the north, de-
scribed breaking down in tears
during long shifts, over-
whelmed by the fear that they
will become infected and
spread the virus to loved ones.
They said they each have
just a protective gown, which
they use as they go from one
patient to the next. The hospi-
tal didn’t reply to a request for
comment but has previously
said it is working to provide
staff with new equipment.
“To protect my family, I
don’t want to do more shifts,”
said Eduardo Martins, 46, a
nurse who described how he
strips off his clothes before en-
tering his home after a shift. “I
have two kids, one is eight
months old.”
by about 2,000 cases a day re-
cently. It has reported 900
deaths from the disease.
Along with many other de-
veloping countries, the virus
reached Pakistan later than
elsewhere in the world. Health
officials say that may mean
the country has yet to see the
peak of the pandemic.
Health experts say Pakistan
and other developing nations
have fewer serious cases of the
disease and lower death tolls
due to their relatively young
populations. The experts warn
that the danger of spiraling
cases remains, while the hospi-
tals of developing countries
are poorly equipped to deal
with a surge of serious cases.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
THE WALL STREET JOURNAL.
Pro-Beijing
Bill Advances
In Hong Kong
Establishment official
wins vote to lead body
looking to criminalize
disrespect of anthem
BY JOYU WANG
HONG KONG—Pro-Beijing
lawmakers regained control of
a committee crucial to passing
a proposed law that would
criminalize disrespect of
China’s national anthem here
after scuffles broke out in the
city’s Legislative Council for
the second time this month.
Starry Lee, a leader of the
biggest pro-establishment party
and the incumbent chairwoman
of the House Committee that
sets the lawmaking agenda,
overwhelmingly won re-election
on Monday after some opposi-
tion members were ejected over
their conduct during the melee.
The result followed months
of filibustering by the pro-de-
mocracy lawmakers that drew
condemnation from Beijing
and the Hong Kong govern-
ment. Chinese authorities are
ratcheting up pressure on offi-
cials in the city and their po-
litical allies to stand with Bei-
jing and pass the controversial
anthem bill, along with other
Settler Convicted of Murder in Palestinians’ Deaths
BY DOV LIEBER
TEL AVIV—An Israeli court
convicted a Jewish extremist
of murder in a 2015 arson at-
tack that killed a Palestinian
couple and their baby in the
Israel-occupied West Bank and
sparked months of violence
between the two sides.
Amiram Ben-Uliel, who
lived at the time of the attack
in an outpost near the West
Bank settlement Shilo, was
charged with intentionally
fire-bombing the home of the
Dawabshe family in the West
Bank town of Duma.
The prosecution said the
25-year-old spray-painted the
words “revenge” and “long
live the Messiah” at the site
before the attack.
The ruling on Monday pro-
nounced Mr. Ben-Uliel guilty
on three counts of murder,
two counts of attempted mur-
der, two counts of arson and
conspiracy to commit a ra-
cially motivated crime.
A sentencing hearing is
scheduled for June 9. The con-
viction, which carries the pos-
sibility of life in jail, can be
WORLD WATCH
no
AFGHANISTAN
Suicide Bomber Kills
At Least 9 at Base
A suicide bomber in a stolen
military Humvee targeted a base
in eastern Afghanistan belonging
to the country’s intelligence ser-
vice Monday, killing at least nine
members of the force, Afghan
officials said. The Taliban claimed
responsibility for the attack.
At least 40 members of the
force were wounded in the attack
near the city of Ghazni, the pro-
vincial capital of Ghazni, according
to Arif Noori, the spokesman for
the provincial governor. Eight of
the wounded were in critical con-
dition, he said.
Taliban spokesman Zabiullah
Mujahid said the insurgents
were behind the attack in
Ghazni province, where the Tali-
ban control most of the country-
side and the rural areas.
The provincial capital briefly fell
to Taliban control twice in recent
years. The province has been the
scene of many large-scale attacks
against both Afghan and North
Atlantic Treaty Organization forces.
—Associated Press
SOMALIA
Disease Outbreaks
Feared After Floods
Flooding in central Somalia
has affected nearly one million
people, displacing about 400,000
people, the United Nations said
Monday, warning of possible dis-
ease outbreaks because of
crowding where the displaced
legislation, before the current
council term ends in July.
The anthem bill has drawn
parallels with last year’s extra-
dition bill that the government
was forced to withdraw after
mass protests. Some analysts
expect public opposition to
swell ahead of the bill’s second
reading next week, as China’s
annual legislative conclave is
held in Beijing.
Antigovernment demon-
strators have begun to return
to the streets in the city
gripped by unrest last year,
though so far in limited num-
bers as the semiautonomous
Chinese city tries to eradicate
the coronavirus. Chief Execu-
tive Carrie Lam has ordered
some easing of restrictive
measures on people’s move-
ment as locally transmitted
cases have dwindled to zero
some days. A social-distancing
law that bans a gathering of
more than eight people is still
in force, however.
On Monday morning, brawls
broke out at the legislature as
opposition lawmakers, shield-
ing themselves with a black
cloth and holding protest signs,
attempted to break through a
human wall of security guards
surrounding a pro-Beijing law-
us ,
l
e
al a
ci on
er s
m er
m rp
co Fo
Amiram Ben-Uliel was found guilty Monday of intentionally fire-bombing a West Bank home.
appealed.
The attack on the Dawabshe
family became a rallying cry
for Palestinians who said Is-
raeli law enforcement was
quick to pursue Palestinians
suspected of violence but slow
n-
when it came to Jewish ex-
are seeking temporary shelter.
At least 24 people have died
in the flash floods that hit
Beledweyne and Jowhar, two
agricultural centers in Somalia’s
central area, according to United
Nations Office for the Coordina-
tion of Humanitarian Affairs. The
area is still recovering from
floods last year that displaced
more than 500,000 people,
Belet Weyne in Hiraan region
is the most affected district after
the Shabelle River burst its
banks on May 12, inundating 85%
of Belet Weyne town and 25 vil-
lages by the river, the U.N. said.
—Associated Press
FRANCE
Police, Youths Clash
After Deadly Crash
Police officers in a Paris sub-
urb have clashed with youths pro-
testing the death of a man in a
motorcycle crash, authorities said.
Small fires were set in Argen-
teuil on Sunday night in anger
over the death of the 18-year-
old man, police said. He was
killed in a crash on Saturday
evening in which he wasn’t
wearing a motorcycle helmet.
French media reported that
friends of the victim blame a
nearby police car for contributing
to the crash, but there was no
elaboration on the cause. Police
didn’t provide further details, say-
ing an investigation was ongoing.
But police said the teenager’s
death caused simmering tensions
over the two-month coronavirus
lockdown to boil over.
—Associated Press
WORLD NEWS
Pro-democracy lawmaker Lam Cheuk-ting, right, threw papers at pro-Beijing politician Chan Kin-por during Monday’s scuffles.
maker who was appointed by
the legislature’s president to
preside over the election.
The pro-democratic lawmak-
ers challenged the legitimacy
of the appointment, but more
than a dozen were eventually
evicted after some attempted
to charge at security guards.
One tore off pages from the
legislature’s rule book and
tossed them, another held a
sign that read: “CCP tramples
HK Legislature,“ referring to
China’s ruling Communist
Party. Many pro-Beijing law-
on makers remained at their seats
tremists in the West Bank.
Following a breakdown of
the U.S.-backed peace talks in
2014, the attack contributed to
the intense bout of violence
between Palestinians and Is-
raelis in 2015.
The conviction of Mr. Ben-
Ukraine Corruption Battle Crawls Along
BY GEORGI KANTCHEV
AND ANN M. SIMMONS
A year ago, Volodymyr Zel-
ensky switched from playing a
corruption-fighting president
in a television comedy to be-
ing the real thing after he was
elected as Ukraine’s new
leader in a landslide win.
Since then, Mr. Zelensky, 42
years old, has recorded some
successes. Lawmakers no longer
enjoy immunity from prosecu-
tion. Parliament introduced new
impeachment procedures that
give it the power to remove a
president. On May 13, legislators
also adopted a law that would
prohibit the return of national-
ized banks to former owners,
among them an oligarch who
supported Mr. Zelensky’s cam-
paign for president last year.
But other anticorruption
laws have withered and the
dismissal of prominent re-
formers, including the inde-
pendent-minded prosecutor-
general and the heads of the
tax and customs agencies, has
drawn criticism from Euro-
pean officials and grass-roots
campaigners. Ukraine became
a focus of attention in the U.S.
after President Trump asked
Mr. Zelensky to investigate the
business dealings of the son of
his main rival, Joe Biden, an
episode that sparked Mr.
Trump’s impeachment in addi-
tion to worsening Ukraine’s
reputation for corruption.
“There was a lot of promise
when [Mr. Zelensky] came to
power, but since then momen-
Tuesday, May 19, 2020 | A9
as the episode unfolded. fellow citizens would like see
Ten days earlier, similar the Legislative Council to
chaotic scenes took place in carry out its duties in a more
the same chamber when the smooth way,” Ms. Lee said.
issue of re-electing Ms. Lee A spokesman for the gov-
came up at committee level. ernment said that it welcomed
After they were ejected on the election and hoped that
Monday, Ms. Lee, chair of the the Legislative Council would
Democratic Alliance for the Bet- return to normal after the fili-
terment and Progress of Hong bustering was ended.
Kong, collected all 40 votes Matthew Cheung, the city’s
from her camp. Pro-democracy No. 2 official, in a letter to Ms.
politicians—who occupy a mi- Lee last week said the Legisla-
ly
nority of the seats of the par- tive Council should press
tially democratically elected leg- ahead with the anthem bill as
islature—boycotted the election. a priority and had scheduled a
“I believe that most of the date for a second reading on
raeli law in these areas. Cur-
rently, the Israeli military is
responsible for jurisprudence
in areas of the West Bank con-
trolled by Israel.
The U.S.-backed annexation
plan has been criticized by
some in the European Union
as detrimental to a two-state
solution between Israelis and
Palestinians.
The Palestinians are threat-
ening to tear up all previous
agreements with Israel should
annexation take place, raising
the specter of a new cycle of
AVSHALOM SASSONI/PRESS POOL
violence between the two
sides.
Monday’s conviction sheds
light on Israeli attempts to
prevent homegrown Jewish
extremists from fueling the
conflict.
Israel’s internal security
agency Shin Bet called the ver-
dict “an important milestone
Uliel comes a day after Israeli in the fight against Jewish ter-
Prime Minister Benjamin Ne- ror.”
tanyahu swore in a new gov- Hussein Dawabshe, whose
ernment and said he intends daughter Riham and grand-
to annex Israeli settlements in child Ali Dawabshe were killed
the West Bank. in the attack, said he hoped
A key feature of this move the conviction would prevent
would be the application of Is- similar tragedies from occur-
tum has stalled and we’re even Sociology found 83% of Ukraini-
seeing some steps backward,” ans believe Mr. Zelensky’s cor-
said Daria Kaleniuk, co-founder ruption fight has failed, up from
of the nongovernmental Anti- 69% in November. Ukraine also
corruption Action Center. lost six places in this year’s
Mr. Zelensky’s team ac- ranking by Berlin-based corrup-
knowledges that fighting cor- tion watchdog Transparency In-
ruption in Ukraine is difficult. ternational, which places the
“Our principled position country 126th out of 180 coun-
provokes large-scale resis- tries because of the prevalence
tance from corrupt officials of of bribery.
all levels,” said Andriy Yer- Complicating efforts are the
mak, Mr. Zelensky’s chief of spread of the coronavirus that
staff. “But we are confidently has pummeled Ukraine’s econ-
moving toward our goals.” omy and a long-running con-
Mr. Zelensky inherited a flict in the east of the country
long legacy of corruption after
last year’s election. The for-
mer Soviet republic launched a
push toward privatization af-
The president has
ter declaring its independence found it a tougher go
in 1991, but much of its wealth
in real life than he
was seized by powerful oli-
garchs who gained control of did on television.
state assets and enterprises.
Since then, officials and
economists say graft has per-
meated Ukrainian society. where Russia-backed separat-
The toll is significant. ists have been fighting govern-
Though only 2% of all compa- ment troops, and where there
nies in Ukraine are run by pub- is no peace in sight.
lic officials or are linked to oli- Nor does it help that
garchs, they control more than Ukraine finds itself dragged
a fifth of total corporate reve- into political debate in the U.S.,
nue and more than 25% of the which provides millions of dol-
assets of all Ukrainian compa- lars in financial assistance and
nies, according to a 2018 military equipment each year.
World Bank study. This reduces Mr. Trump has pushed Mr. Zel-
productivity in the broader ensky to investigate the activi-
economy, the study says. ties of Hunter Biden, who sat
Many Ukrainians are skepti- on the board of gas company
cal that Mr. Zelensky can deliver Burisma Group when his father
on his promise to unburden was vice president, but Mr.
them from the scourge of the Zelensky has said he couldn’t
past. A February survey by the be pressured. Mr. Trump has
Kyiv International Institute of denied any wrongdoing.
VINCENT YU/ASSOCIATED PRESS
May 27. A bill needs to com-
plete three readings to pass
into law.
Pro-democracy legislator
Dennis Kwok, who serves as
the vice chairman of the
House Committee and was
publicly called out by Beijing
for delaying legislation, said
the anthem bill was a rerun of
the extradition bill.
.
“What we have seen today
are exactly what happened one
year ago,” he said. “One year
after the entire Hong Kong
had been traumatized, they
didn’t learn anything at all.”
ring.
“It doesn’t bring back my
family but it’s good for other
families because I don’t want
what happened to our family
to happen to them,” he said in
a radio interview with Israeli
national broadcaster Kan
News.
His grandson, Ahmad
Dawabshe, 5 years old and
present at the time of the at-
tack, sustained serious burns
but survived.
Mr. Ben-Uliel’s lawyer, It-
zhak Bam, argued that the de-
fendant’s confession to the
crime was given under duress
from torture by investigators
and that they would appeal to
the Supreme Court to overturn
the decision.
The court said that while
some of Mr. Ben-Uliel’s con-
fessions were given under du-
ress, the defendant knew
facts only someone who com-
mitted the arson could have
known.
The Shin Bet has said it
stands behind the facts culled
from its interrogation of Mr.
Ben-Uliel, who remains in
prison.
Some anticorruption cam-
paigners worry Mr. Zelensky is
wavering.
In March, the legislature Mr.
Zelensky’s party controls voted
to remove the country’s top
prosecutor, Ruslan Rya-
boshapka, a prominent West-
ern-backed reformer. Mr. Zel-
ensky had criticized him and
other law-enforcement bodies
for not quickly producing tangi-
ble results. “We promised citi-
zens a victory over corruption,”
Mr. Zelensky said at the time.
“Now it’s not even a draw.”
Mr. Ryaboshapka has de-
fended his record, saying he
was dismissed for introducing
sweeping overhauls.
Senior Ukrainian officials
insist they are committed to
their anticorruption cause.
The new bank law was widely
interpreted as hampering the
ambitions of Igor Kolomoisky,
a tycoon who backed Mr. Zel-
ensky in last year’s election
and has been fighting to re-
gain control of Privatbank,
which was nationalized in
2016; he and a partner had
each held a 45% stake before it
was taken over.
Under Mr. Zelensky, Ukraine
has also adopted new protec-
tions for whistleblowers and
moved to bolster key anticor-
ruption agencies. A new anti-
corruption court also has been
launched.
“I want the image of
Ukraine as a corrupt country,
as a country that cannot be re-
garded as an equal partner, to
remain in the past,” he said.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

A10 | Tuesday, May 19, 2020 THE WALL STREET JOURNAL.

How can I...

Ensure my
employees are safe?
Plan for
recovery curves?
.
ly
on
Help my
us ,
l
e
al a

community?
ci on
er s
m er

Prepare for
m rp

policy changes?
co Fo

Keep the lights on?

n-
no

There has never been

a more critical time for
leaders to connect.
Join the members of the CEO Council in
building a network of peers who challenge,
advise, support and inspire. Add your voice
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THE WALL STREET JOURNAL.
Sanitize
Like a Hog
Farmer
Continued from Page One
ing plants and wreaked havoc
on the food supply chain, many
farms have been a step ahead of
everyone else in practices to re-
duce contamination.
To access the pig breeding
barns on Mr. Greenway’s farm,
which supply piglets to his farm
and 13 others, workers undress,
scrub and shampoo in an on-site
shower stall, then pull on fresh
clothes and boots. To leave for
lunch or to grab something from
a truck, it’s the same process in
reverse.
The rules are so strict that
Mr. Greenway has never entered
the barns since they were built
13 years ago. “You don’t want to
bring anything back and forth”
between the breeding and hog
operations, he said.
The hyper-hygienic farms are
designed to prevent the spread
of epidemic illness among live-
stock herds and poultry flocks.
As the U.S. has exported more
New Era of
Air Travel
Launched
Continued from Page One
mand: They see fewer direct
flights, for instance, which
means more dreaded stopovers.
Some airlines are consider-
ing requiring passengers to
sign health certifications, or to
eventually carry “immunity
passports”—documentation
that a passenger has had, and
recovered from, the virus.
All of this presents a threat
to practices that helped drive a
record-long streak of airline
profits in the U.S.
Carriers boosted revenue by
squeezing more people into
coach in recent years—shrink-
ing seats and space between
rows. They charged for more
room and for extras that were
once free, like choosing seats in
advance. Fees for flight changes
and checked bags brought in
billions of dollars each year.
Now carriers are being en-
couraged to keep seats empty,
making it harder to turn a
profit on each flight. At the
same time, the corporate cus-
tomers willing to pay high fares
for seats in premium cabins
could be slow to return as long
as international travel restric-
tions remain, and may stay
grounded longer if video con-
ferencing becomes the norm.
For now, airlines have sus-
pended flight change fees and
may have a hard time reinstat-
ing them as they seek to re-
store confidence and keep sick
people from flying.
“It’s going to be socially less
acceptable for someone to get
on an airplane who clearly isn’t
no
well,” JetBlue Airways Corp.
Chief Executive Robin Hayes
says. “Airlines have to figure
out how they’re going to re-
spond to that in a way that still
allows them to be profitable,
but also recognize that you
don’t want people on the air-
plane that are ill.”
Temperature checks
Air France has rolled out
mandatory temperature checks
before each departure, with
passengers showing a tempera-
ture above 38 degrees Celsius,
or about 100 degrees Fahren-
heit, prevented from boarding.
So far, no passenger has been
denied boarding as a result, ac-
cording to an airline spokes-
man. Carrier KLM in the Neth-
erlands is requiring passengers
from areas designated high-risk
by the European Union to fill
out a health declaration. The
areas include major airports in
20 U.S. states.
The airport in Canberra,
Australia’s capital, is already
using thermal cameras to take
the temperature of passengers
as they pass through security.
London’s Heathrow Airport
plans to test thermal imaging
to screen arrivals at one of its
terminals for fever.
Korean Air has started scan-
ning passengers for high tem-
peratures flying out of Seoul.
Air Canada takes passenger
temperatures with a no-contact
infrared thermometer; and
Frontier Airlines plans to do
the same at boarding.
Some critics say tempera-
ture checks could give passen-
gers false confidence, as they
meat to the rest of the world
and domestic consumption has
ticked higher, farmers and
meatpackers have expanded
their farms into sprawling com-
plexes that raise cattle, hogs
and chickens by the thousands.
President Trump in late April
issued an executive order aimed
at speeding meat plants’ re-
opening, though overall beef,
pork and other red meat pro-
duction remains about 16% be-
low normal levels and farmers
have had to kill off stock.
On the farm, breeders, veteri-
narians and even manure haul-
ers are known for extreme hy-
giene measures.
Kevin Turner, who manages
Michigan State University’s
swine teaching and research
farm near Lansing, Mich., does
up to 20 loads of laundry a day
to help kill germs that could be
lurking in farm clothes. His sin-
gle-day record for showers is 12,
scrubbing down to enter and
exit the farm between teaching
classes on campus.
Mr. Turner’s biosecurity regi-
men now includes his family
grocery runs. He is wiping down
each gallon of milk before he
puts them into his SUV, and
anything that doesn’t require
refrigeration he is leaving in the
trunk a few days. “Right now, I
on
us ,
l
e
al a
ci on
er s
m er
m rp
A passenger wearing a mask boards an Air France flight to Mexico City from Paris Charles de Gaulle airport earlier this month.
won’t identify infected people
who are not symptomatic. Eu-
ropean air-safety regulators
co Fo
aren’t expected to embrace
temperature checks. A draft
document of the European
Union Aviation Safety Agency’s
recommendations circulated to
national authorities, according
to industry and government of-
ficials, indicates such checks
aren’t effective in delaying or
mitigating the Covid-19 conta-
gion.
Bathroom rules
n-
Low cost Ryanair Holdings
PLC, Europe’s biggest carrier by
passengers, has done away with
lines for the toilets. Passengers
are now required to raise their
hand to request permission
from a cabin crew member be-
fore using them.
U.S. carriers are beginning
to require passengers to wear
masks for the entirety of their
flights, but it’s not clear how
such a policy can be enforced.
Some airlines said they’re ad-
vising flight attendants to de-
escalate difficult situations if
passengers refuse to wear
masks.
The CEO of Frontier Airlines,
based in Denver, said “if some-
one is uncompliant, we will
eventually divert an airplane.”
One of the biggest chal-
lenges revolves around the via-
bility of social distancing at air-
ports and onboard aircraft.
Many industry executives say it
isn’t feasible. There’s little
agreement on standards. Indus-
try leaders are insisting on con-
sistency around the world so
passengers aren’t confused.
“It’s impossible to socially
distance in an airport,” says
John Holland-Kaye, chief execu-
tive of London Heathrow Air-
port. The hub is in the process
of rolling out Plexiglas screens
at check-in desks, encouraging
the use of face masks, and de-
ploying more automation to
limit the interaction between
staff and passengers.
Mr. Holland-Kaye is working
with his counterparts at air-
ports in Los Angeles, Hong
Kong and Sydney to implement
standardized procedures. “If we
wait until some global organi-
zation has agreed it for 172
countries, it’ll never happen,”
he said.
FROM PAGE ONE
feel safer health-wise if I’m in
and around my pigs than if I’m
going to the grocery,” he said.
Regular hand-washing is
nothing new to Ryan Hageman,
co-owner of NEIA Pumping Ser-
vice Inc., a Calmar, Iowa-based
manure hauling business.
“You’re going to get dirty,” he
said. “You’re dealing with shit.”
Mr. Hageman tries to keep
the company’s tractors stocked
with hand sanitizer. But as con-
sumers cleared the products
from store shelves, Mr. Hage-
man wasn’t concerned, even
ahead of his usual springtime
rush, when many Iowa hog and
dairy farmers clean out their
manure tanks and barns. Many
of his employees are just as
happy cleaning their hands with
industrial glass cleaner, sprayed
from aerosol cans.
“We’ll use that if necessary.
You’ve got to be able to clean up
with something,” said Mr. Hage-
man, who acknowledged it
wasn’t the product’s intended
purpose. “You spray it on your
hands and away you go.”
The Maschhoffs LLC, one of
the largest U.S. hog producing
companies, has for years re-
quired visitors to be fever-free
for 24 hours, since humans can
transmit illness to pigs, and to
have had no contact with other
Taking Off
Asia, first hit by the virus, is now first getting back into the air.
Flights scheduled for March 1 to July 31 within
Asia Europe
1.0million
2019
0.8
0.6
2020
0.4
0.2
0
March July
U.S. travelers screened by TSA
3 million people
2 in 2019
1 Air traffic is slowly coming
0 2020
March
Sources: Cirium Core (scheduled flights); TSA (travellers)
Middle seats
Some carriers have prom-
ised to keep the middle seat
open, to preserve some sense
of social distancing aboard.
That hasn’t been too onerous,
since there are so few fliers
these days.
Executives say that’s not via-
ble for the long haul. They
question its effectiveness, and
say carriers can’t afford the
cost of leaving those seats
empty. Air New Zealand Ltd.,
the country’s flag carrier, said
that to comply with social dis-
tancing, just under 50% of seats
on a turboprop and only 65% of
seats on an A320 narrowbody
can be filled. Flights need to be
77% full on average for airlines
to break even, according to the
International Air Transport As-
sociation, which estimates that
fares would have to climb 50%
to offset the cost of leaving so
much empty space on an A320.
With airlines having cut
down on the frequency of
flights, some planes have
started filling up.
United Airlines Holdings Inc.
earlier this month said it would
start giving passengers advance
notice if they’re scheduled to
fly on a full flight, allowing
them to make other plans. The
On Brad Greenway’s South Dakota hog farm, workers shower and
put on fresh clothes and boots before entering the barns.
pigs for 24 hours. Equipment is
fumigated on the way in, and
employees’ lunchboxes pass
through an ultraviolet light sys-
tem that kills germs.
“The clean side is the farm
side,” said Jay Miller, vice presi-
dent of health and operations
for Maschhoffs, which raises
215,000 sows from Wyoming to
Georgia. “The dirty side is the
outside world.”
In Ames, Iowa, the Iowa
State University Veterinary Di-
agnostic Laboratory, which ana-
lyzes about 90,000 cases of live-
stock and poultry disease
annually, is contributing test
methods and supplies to the
March July
back, as lockdowns ease.
April
airline shifted its policy after
images on social media of a
packed flight earlier this month
sparked outrage.
Rep. Peter DeFazio (D. Ore.),
chairman of the House Trans-
portation and Infrastructure
Committee wrote to major U.S.
airline trade groups last week,
urging them to do more to
space passengers out. Airline
executives say they can’t keep
that up forever.
“I would hope that we don’t
Passengers must
raise their hands to
request permission
to use the toilets.
have unnecessary regulations,”
Southwest Airlines Co. Chief
Executive Gary Kelly says. “It’s
really not a viable intermediate
or long-term solution to cap a
flight at 60%.”
For now, however, South-
west is limiting the number of
seats it will fill on any given
flight. When it sees bookings
start to approach that thresh-
old—something that has
started to happen several times
Tuesday, May 19, 2020 | A11
to ward off barn dust to the
semi-truck drivers who haul
manure and other goods for her
trucking business, while admon-
ishing them not to spend too
much time in truck stops.
“Most of the guys are pretty
friendly,” Ms. Halvorson said.
“They social distance all day in
their truck.”
Jean-Pierre Vaillancourt, a
veterinary medicine professor at
BRAD GREENWAY
the University of Montreal and
agricultural industry consultant,
in March quizzed the manager
of his parents’ retirement com-
munity about their coronavirus-
mitigation plans. Dr. Vaillan-
court explained the practices
state’s efforts to combat the used by veterinarians to divide
coronavirus. In late March, the routes among farms to avoid
American College of Veterinary crossing paths and potentially
Emergency and Critical Care spreading disease, and recom-
created a database of ventilators mended the retirement commu-
that could be transferred from nity adopt a similar approach.
animal to human use. Agriculture industry officials
Near Morristown, Minn., tur- credit the intense focus on hy-
key farmer Kim Halvorson has giene and sanitation for stem-
offered neighbors bleach from ming past animal epidemics.
the stockpile she keeps for Even stringent methods run
cleaning out her barns. After up against natural limits. One is
each flock of turkeys is trucked found in the pits beneath Mr.
out for processing, Ms. Halvor- Turner’s Michigan State re-
son soaps down the entire barn search farm, which gather the
and sprays the floors, walls and roughly 1.3 gallons of manure
equipment with disinfectant. each hog produces a day. “It’s
She has also handed out the clean, but it still smells,” Mr.
face masks she normally wears Turner said. “Pigs poop a lot.”
one that has encouraged pas-
sengers to spend more to se-
cure their peace of mind. Ryan-
air last week asked passengers
to purchase fast-track access
through airport security and
priority boarding to help avoid
.
crowding.
In China, where domestic
ly
flights have resumed in signifi-
cant numbers, aviation authori-
ties haven’t publicly announced
social-distancing measures.
Most airports and airlines re-
quire passengers to wear
masks, and to have their tem-
perature checked. Some air-
lines, including China Southern
Airlines Co., are preventing
passengers from sitting next to
one another.
Demand in China lags far be-
hind capacity, despite airlines
offering discounts of up to 90%
on many routes. China’s civil
aviation authority said last
week that passenger numbers
in April were down 69% from a
BENOIT TESSIER/REUTERS
year ago at 16.7 million. A five-
day holiday at the start of May
provided a boost, but not the
dramatic spike in travel de-
mand that usually characterizes
China’s national vacations.
Airlines have started clean-
ing planes more thoroughly and
more often, using equipment to
mist cabins with disinfectant
and wiping down all surfaces
between every flight, not just
North America when jets are parked overnight.
Delta Air Lines Inc. has
started building in extra time
between flights for cleaning,
and says it plans to keep the
procedures in place indefinitely.
“We’ll take delays if we have
to,” said Bill Lentsch, Delta’s
chief customer experience offi-
cer.
March July
Long layovers
Analysts at airline data firm
OAG estimated that with new
Same cleaning procedures, carriers
weekday might need to leave two hours
for connections, up from 45
minutes for domestic flights
and 90 for international con-
nections.
Another big change: where
you can fly. Widebody planes
that flew lucrative long haul in-
May
ternational routes are being
parked in droves, many perma-
nently. Delta said it will retire
a week for some routes—it will its 18 Boeing 777 jets, which it
add another flight if there’s used to launch ambitious global
enough demand to cover oper- routes like Los Angeles to Syd-
ating costs like fuel, Mr. Kelly ney, this year.
said. “We at least want the rev- Last year, global airlines
enue,” he said. competed to offer flights so
Earlier this month, Frontier long they tested human endur-
Airlines, thought it hit on a so- ance, like Qantas’s experiments
lution. Chief Executive Barry with direct service from New
Biffle says he believes keeping York and London to Sydney—a
middle seats empty does little 19-hour journey. Now Project
for safety if passengers wear Sunrise, as the effort was
masks. To give passengers dubbed, is on indefinite hold.
peace of mind, though, while U.S. airlines like Delta,
not forcing the airline to oper- United and American Airlines
ate money-losing flights, the Group Inc. had assembled
airline created a new offering: global networks, securing lu-
for a $39 fee, a passenger could crative airport slots and sign-
ensure being seated next to an ing joint venture deals with
empty middle seat. global partners. Executives now
Lawmakers wrote to Fron- believe international travel will
tier to object. Sen. Amy Klobu- be some of the last to recover.
char (D., Minn.) suggested fed- American has slashed inter-
eral guidelines might be national flying for the summer
necessary to ensure distancing and has delayed the launch of
on planes during a subcommit- new international routes it
tee hearing, broadcast online. planned for this year. Flights
Nick Calio, chief of Airlines from Philadelphia to Casa-
for America, an airline lobbying blanca, Morocco, Chicago to
group, protested that a rule Krakow, Poland, and Seattle to
wouldn’t be necessary. Bangalore, India, are being
“Hopefully the market will pushed back to 2021.
take care of that,” he said. “We’re not going to be flying
“Well, it didn’t with Fron- the same airplanes to the same
tier,” Ms. Klobuchar responded. places that we flew in the
That evening, Frontier re- past,” American Chief Executive
scinded its plan. Doug Parker told pilots during
The carrier isn’t the only a town hall earlier this month.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
A11A | Tuesday, May 19, 2020
Virus Hits Parts of Brooklyn Hardest
The highest death rate
is in an area bordering
East New York and
Canarsie, city data show
BYBEN CHAPMAN
AND KATIE HONAN
Parts of western New York
state are set to begin reopen-
ing, officials said Monday, as
new data showed the contrast
between how the new corona-
virus has affected lower-in-
come and wealthier neighbor-
hoods in New York City.
Data from New York City’s
health department, which re-
corded the number of deaths in
each ZIP Code, showed the high-
est death rate in the city is in an
area that borders East New York
and Canarsie, Brooklyn.
In that neighborhood, the
virus killed 76 people, or
roughly 1 in every 163 people,
according to a Wall Street
Journal analysis of the data.
The area is a predominantly
working-class community
home to the sprawling Starrett
Queens Market Manages Customer-Traffic Flow to Ensure Social Distancing
JOHANNES EISELE/AGENCE FRANCE-PRESSE/GETTY IMAGES
SIGN OF THE TIMES: A worker wearing a protective suit, mask and face shield limited the number of shoppers entering a grocery store Monday in Jackson Heights.
Wedding Plans Face Pandemic Headwinds
BY KATE KING
no
New York’s wedding industry
is in turmoil as the coronavirus
pandemic forces brides and
grooms to postpone their ex-
pensive and long-held plans—in
some cases for the second time.
Some couples, after re-
scheduling their spring wed-
ding dates for this summer or
fall, are again agonizing about
whether to postpone until next
year or cancel altogether. Ven-
ues and vendors, meanwhile,
face the prospect of little rev-
enue in 2020 and not much
hope of recouping next year.
Wedding planner Jennifer
Taylor said rescheduling is
tricky because the venue and
all of the vendors need to be
available for the new date. If
they aren’t, couples risk losing
their deposits.
“Everything is filling up for
2021 with new weddings plus
all the rescheduled ones,” said
Ms. Taylor, whose company A
Taylored Affair is based in
Manhattan. “It’s been a puz-
zle.”
Stephanie Grob and her fi-
ancé are pushing back their
wedding a second time after
already moving their original
April 25 date to July 25. Their
venue, the Bryant Park Grill in
Manhattan, has been accom-
modating and all of the ven-
dors are available for her
“Plan C” date next May, she
said.
“Our main struggle is just
picking a date when everyone
feels comfortable coming to
New York and having 150 peo-
ple in one venue,” said Ms.
Grob, a 29-year-old attorney.
“The uncertainty of what the
GREATER NEW YORK
City apartment complex
In Far Rockaway Queens,
288 people died of the virus, a
rate of 1 in every 225 people.
That ZIP Code has the highest
poverty rate in Queens, accord-
ing to U.S. Census Bureau data.
Nine of the 10 ZIP Codes
with the lowest death rates in
the city are in Manhattan. Two
ZIP Codes in lower Manhattan
had no fatalities.
Parts of western Queens,
which had some of the highest
infection rates in New York
City, also had a higher number
of deaths compared with other
neighborhoods.
Corona, Queens, which in
April had some of the highest
numbers of infections, had the
most deaths at 369, although
the death rate per capita was
lower. One in every 302 people
died of the virus, the health
department data show.
In nearby Elmhurst, 267
people died, a rate of 1 out of
every 348 people.
Across the state, New
York’s second-largest city, Buf-
falo, came a step closer to re-
opening after Gov. Andrew
on
us ,
l
e
al a
ci on
er s
m er
m rp
co Fo
n-
Conor Carroll and Stephanie Grob pushed back their wedding twice.
world’s going to look like is
the biggest problem.”
For many of the businesses
involved in saying “I do,” post-
poning a wedding from a Sat-
urday this year to a Saturday
next year means missing out
on the revenue they would
have gotten from a new wed-
ding in 2021.
Few brides and grooms are
interested in weekday wed-
dings, so displaced couples are
vying with newly engaged
ones for next year’s weekend
dates.
Allison Du Val, owner and
manager of The Foundry wed-
ding venue in Long Island City,
NY
Nine of the 10 ZIP Codes with the
lowest deaths in New York City are
in Manhattan, while parts of East
New York and Canarsie, Brooklyn,
saw the highest death rate. BRONX
Covid-19 deaths per
100,000 people by ZIP Code
MANHATTAN
100 No data
QUEENS
200
300
400
BROOKLYN
STATEN
ISLAND
Source: NYC Department of Health and Mental Hygiene; U.S. Census Bureau
Cuomo said the state’s West- pickup for retail can resume
ern region had met the re- starting Tuesday.
quired benchmarks. State officials use a dash-
Nonessential factory work, board based on federal guide-
construction and curbside lines that measures a region’s
owns and lives in the building,
said she is confident the busi-
ness will survive even if social
distancing and a struggling
economy mean weddings will
be downsized in the future.
Evan Tyler, chief executive
of the Manhattan-based mu-
sic-production company Star-
light Music, said he has to
charge rescheduling fees,
some as high as $5,000, when
couples postpone for weekend
dates next year. There are
costs associated with keeping
the same group of musicians
committed for another year,
including prepayments and
contractual raises for some
band members and additional
rehearsals, he said.
“We’re meeting a lot of re-
sistance from the brides and
grooms, and rightfully so,” Mr.
Tyler said. “But there’s only so
STEPHANIE GROB
much money we can lose.”
Steven Rosen, a wedding
photographer based in Brook-
lyn Heights, said he applied
for unemployment for the first
time this spring after a new
Queens, said she has offered federal law expanded benefits
couples with weekend wed- to include freelance and con-
dings in 2020 significant dis- tract workers.
counts to rebook on already He is hesitant to book any
less-expensive weekdays next weddings in 2020 that would
year but hasn’t had many tak- require him to take the sub-
ers. way or work in crowded areas,
“If they’re going to rebook, but said he is willing to sched-
they don’t want to skimp on ule socially distant photo
the day,” Ms. Du Val said. shoots with couples who come
“They’d rather go out further to his neighborhood.
than pick a Thursday.” “The idea of people travel-
The pandemic has affected ing in from all different parts
about 50 weddings booked at of the world to gather to-
The Foundry this season, with gether in groups of hundreds
10% of couples canceling alto- to dance and sing and cele-
gether. The current revenue brate and breathe on each
loss stands at about $850,000, other—it just doesn’t seem
but Ms. Du Val, whose family like a realistic expectation,”
* *** THE WALL STREET JOURNAL.
capacity for testing and trac-
ing new infections, as well as
the number of people who
died from or are hospitalized
for Covid-19, the disease
caused by the coronavirus.
The counties surrounding
Albany are close to hitting all
seven state metrics.
Long Island and the Hudson
Valley still have death rates
that exceed the state’s bench-
mark. New York City has a
hospitalization rate that
doesn’t meet the requirement.
“If you look at where we
are, we have done a phenome-
nal job in reducing the spike,
reducing what could’ve been
cataclysmic,” Mr. Cuomo, a
Democrat, said at a news con-
ference in Buffalo.
New York officials on Mon-
day reported declines in the
number of hospitalizations, in-
tubations, and new cases of
the disease. The state reported
106 deaths for Sunday, down
from 139 deaths Saturday.
The state’s three-day rolling
average of deaths, considered
a more reliable measure be-
cause it accounts for daily
ly
Mr. Rosen said.
In the meantime, Mr. Rosen
is offering couples remote
wedding portraits. Working
over a video call, Mr. Rosen in-
structs his subjects how to
find the best light, pose and
snap a shot, which he then ed-
its.
Abby Schmeichel, owner of
the Brooklyn-based floral-de-
sign company Hellabloom,
said she has booked two small
weddings that are taking place
over videoconference or with
just a handful of guests.
For one six-person cere-
mony, Ms. Schmeichel will
supply the bride’s bouquet and
the groom’s boutonniere, as
well as small arrangements.
Both couples plan to have full-
scale weddings next year.
The revenue from these
mini-ceremonies won’t make
up for the 175-to-200-guest
weddings that have been re-
scheduled. But Ms. Schmeichel
said the fact that the brides
continue to want flowers
makes her hopeful.
“People still want to be sur-
rounded by beauty,” she said.
Liz Wesley, who works in
online marketing, rescheduled
her June date for August but
now worries that it won’t be
safe even by late summer for a
wedding with 250 guests.
She said she would cancel
altogether except for all the
money and time that already
has been invested.
“It just makes you think, is
this how weddings should
be?” asked Ms. Wesley, a 30-
year-old Manhattan resident.
“Everything has to be done so
far in advance, and you don’t
know what’s going to happen.”
fluctuations, fell to 134 Sun-
day, its lowest level since
March 26.
As of Sunday, the state
counted of 351,371 people who
tested positive for the disease.
The state had 22,729 con-
firmed deaths from the virus.
New York City Mayor Bill
de Blasio said during a news
conference that restrictions in
the five boroughs could be
lifted as soon as the first half
of June, but warned that they
could be reinstated if the
spread of the disease acceler-
ates again.
The governor on Monday
said major sports teams, in-
cluding franchises in hockey,
baseball, basketball and foot-
ball, should plan to reopen
without fans present at games.
He said state officials would
help with reopening.
Judges and staff also will
be returning to courthouses as
legal proceedings resume in 30
upstate counties this week,
Mr. Cuomo added.
—Jimmy Vielkind
and Elbert Wang
contributed to this article.
$1 Billion
In State
.
Spending
Is Frozen
BY JIMMY VIELKIND
New York’s state govern-
ment is holding back more
than $1 billion of planned
spending as it grapples with
the financial fallout from the
coronavirus pandemic.
The delayed payments are a
response to a steep revenue
shortfall, Budget Director Rob-
ert Mujica said Monday. They
include aid to private colleges
and revenue due to counties
from the sale of medical mari-
juana.
Another $370 million of
grants to some of the state’s
largest upstate cities that
were scheduled to be made
later this month and in June
will be held up indefinitely,
Mr. Mujica said. “We are actu-
ally slowing down spending
everywhere,” he said.
New York has more deaths
from Covid 19 than any other
state. The effect on govern-
ment budgets has been debili-
tating. Both Mr. Mujica and
Gov. Andrew Cuomo say they
will go beyond delaying pay-
ments and actually reduce
spending by about $10 billion
if federal aid for the state isn’t
approved soon.
A cash report issued Friday
by Comptroller Thomas Di-
Napoli found state receipts
were more than $8 billion
short of expected levels for
April, when a large portion of
personal income tax payments
normally arrives in state cof-
fers. The state spent $4.4 bil-
lion in April, which is less
than 60% of what Mr. Cuomo
proposed before the coronavi-
rus arrived in the state.
Sales-tax collections that
fund cities and counties were
24.4% lower in April than in
the preceding year, the comp-
troller’s office reported.
Peter Baynes, executive di-
rector of the New York State
Conference of Mayors, which
represents cities and villages,
said some cities depend heav-
ily on state aid and sales tax
to balance their budgets.
“It’s going to be devastating
to those cities,” Mr. Baynes
said. “It’s beyond their capac-
ity to offset that lost aid by ei-
ther increasing property taxes
or cutting services.”
School districts around the
state also are putting final
touches on budgets for the
coming year, which in most ar-
eas must be approved by vot-
ers on June 9. Mr. Mujica said
districts should plan for a 20%
reduction in state aid, a loss
school officials have said
would force them to lay off
teachers.
“School districts are on
pins and needles as they ad-
vance budget proposals with-
out knowing how much state
aid they will receive this
year,” said Robert S. Schnei-
der, executive director of the
New York State School Boards
Association.
The $178 billion state bud-
get approved in April gave Mr.
Mujica unilateral power to re-
duce spending if revenues
don’t materialize.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
THE WALL STREET JOURNAL.
People recently watched ‘Dirty Dancing’ at a pop-up drive-in outside the Bel Aire Diner in Queens. Moviegoers were asked to remain in their vehicles to maintain social distancing during the pandemic.
Diner Shakes It Up With Makeshift Drive-In Movie
BY KATIE HONAN
The booths and stools in-
side the Bel Aire Diner in
Queens have been empty since
New York enacted restrictions
on nonessential business in
March to stop the spread of
the new coronavirus, but three
nights this month, its parking
lot has been jam-packed.
The diner, in the Astoria
neighborhood, set up a make-
shift drive-in movie theater af-
ter Gov. Andrew Cuomo on
May 11 said he was lifting a
ban on such screenings.
Now, it has one of the hot-
test events in the city, with
some customers renting cars to
attend and drivers pulling in
from as far away as New Jersey.
Eighty tickets for two nighttime
Together you and I can
no
turn a stairwell into an
ER at a moment’s notice.
Port-au-Prince, Haiti
Donate today at:
doctorswithoutbordersorg
* *
screenings of “The Sandlot” on
Saturday sold out within three
minutes a day earlier.
“We are like the poppin’
diner,” said Bel Aire employee
Victoria Philios, who helps
promote the movie nights.
The diner, which opened in
1965, is located in a corner of a
on
shopping center that includes
us ,
a supermarket, a Chinese res-
l
taurant and a pizza shop.
e
al a
The state’s lifting of the ban
on drive-in movies has been a
boon for William Bruner, 26
ci on
years old, who co-owns LI
Movie Nights and hosts the
screenings at the Bel Aire.
The pandemic forced the
cancellation or postponement
er s
of nearly all of his other jobs,
including weddings and corpo-
m er
rate events. But the smaller
m rp
co Fo
n-
NY
GREATER NEW YORK
portion of his business, host-
ing the occasional outdoor
movie night, “is definitely on
fire.”
The Bel Aire was the first
business to reach out about
hosting a drive-in, Mr. Bruner
said. He since has received
calls from all over New York,
New Jersey and Pennsylvania.
Dr. Paul McMaster, Doctors Without Borders Surgeon
Tuesday, May 19, 2020 | A11B
He mostly uses the same
equipment that he has for
ly
weddings, although he had to
elevate the screens for people
in cars to better see the film.
The diner did a test run for
friends and family on May 7,
said Peter Dellaportas, 32,
whose family owns the diner.
The official opening night was
May 13, which was chaotic be-
cause it was so new, he said.
They showed “Dirty Danc-
ing” but still were figuring out
the best way to arrange the
cars.
The diner’s owners had the
logistics worked out by Satur-
day night, when they held
their third movie night. They
organized the vehicles “kind of
like a ray of sunshine,” said
Ms. Philios, who is 22.
MARK LENNIHAN/ASSOCIATED PRESS (2)
.
A DJ plays music before a
show begins. The movie’s
sound is sometimes played
over the speakers, but on Sat-
urday the audio was wired
only through car radios to
limit people crowding outside.
Drive-in movie patrons can
order from a special menu
through the diner’s app or
website. The food is delivered
to vehicles based on license
plate and description.
Jon Hutchinson, 34, and his
wife, Esther Hutchinson, 35,
brought their children, 2-year-
old Jack and 3-month-old
Eliza, to see “The Sandlot.”
“It’s the first real event
where we can go to in quaran-
tine, and we are safe,” Mr.
Hutchinson said. “It’s the only
thing to do.”
HAITI 2010 © Julie Remy
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
A12 | Tuesday, May 19, 2020
BY RACHEL FEINTZEIG
A
licia Johnston couldn’t
take it anymore. She’d
spent weeks trapped at
home, juggling her full-
time digital marketing
job with caring for her children,
ages 4 and 6. One day, holed up in-
side her daughter’s closet, she called
her manager and broke down.
“Everyone was everywhere,” she
says. Coloring supplies and com-
puter monitors mingled on the
dining room table. Children’s
screams and dogs’ barks broke her
concentration.
Ms. Johnston’s manager offered
her the Holy Grail: a chance to sneak
back into some semblance of her old
life for a few hours. Once a week,
Ms. Johnston now drives to her
empty St. Paul, Minn., office, don-
ning a mask, grabbing a coffee and
relishing the quiet.
“I’m finally not responsible for
anyone in that moment of time be-
sides myself,” she says.
Proponents of the physical
workplace like to talk about how it
promotes serendipitous run-ins,
better communication and new
ideas rooted in collaboration. But
as the pandemic obliterates any
hint of work-life balance, many are
seeing the office for what it really
was: an escape from domestic life
that helped to more fully define
them. Even if the actual work can
be transferred to a home study—or
the Murphy bed Ms. Johnston
transforms into a desk—workers
say they feel lost without the trap-
pings of their office selves.
Gone are the suits and dresses—
uniforms that helped workers step
into their corporate personas and
chase the next deal or nail a presen-
tation. The energy of the office,
powered by conversations with col-
leagues or just the buzz of back-
ground noise, has faded away too.
Even the things workers used to
hate suddenly seem to reveal their
purpose. Those stolen minutes
spent waiting for an elevator were
a brief chance to decompress be-
tween meetings, that trip down-
town was a buffer between feeding
the baby breakfast and having to
face the boss. For many single
people, the expectation now is all
work, all the time. For parents,
there’s always a kid or computer
on their lap—often both.
“You can’t get away from your
family, can’t get away from your
work,” says Leslie Perlow, a leader-
ship professor at Harvard Business
School who studies work-life
boundaries. “You have no excuse
ever. Where can you be?”
Ms. Perlow has been interviewing
employees at professional services
firms. Many pine for a way to put
some guardrails on the workday: an
automated email that lists work
hours, for instance. “But that’s so
not accepted,” she says. Employees
are worried about keeping their jobs
in a hiring market that’s suddenly
swung from bidding wars to layoffs.
And some employers have made
clear they are loath to let workers
HOW TO SEPARATE WORK AND EVERYTHING ELSE WHEN IT’S ALL UNDER ONE ROOF
n Block your calendar: After feeling
guilty about locking his kids out of
the room when he had to work, Chieh
Huang, CEO of online bulk-shopping
no
site Boxed, decided he needed to find
a way to get back to his old schedule.
He set up his calendar to reflect a
break from 7:30 to 10:30 p.m., time
that used to be reserved for home life
back when he was commuting. He
also blocks an hour for lunch to spend
with his family.
At 91, Chicago Bluesman Has a New Solo Album
BY ALAN PAUL
JIMMY JOHNSON’S new solo al-
bum “Every Day of Your Life” has a
sense of urgency, perhaps because
the Chicago bluesman will celebrate
his 92nd birthday in November.
The title track encourages lis-
teners to “live every day like it’s
your last/one day it’s going to
come to pass.”
Mr. Johnson wanted “Every Day
of Your Life” to be different from
anything he had released during his
decades of making music. He exper-
imented with a different guitar
style, relying more on jazz slides
than blues bends. He added a solo
piano song and tried a reggae tune.
He also recorded a version of his
old friend Fenton Robinson’s
“Somebody Loan Me a Dime.”
“I don’t want to sound like I did
on any other record,” Mr. Johnson
said. “Some people do one thing
and that’s what they can do. I can
do a little more so why not stretch
my talent out and maybe do some
different things?”
Mr. Johnson’s blues are known
for his lyrics, high-pitched singing
and guitar work, and a blend of
LIFE&ARTS
It’s OK to Miss the Office
For many people working from home, an essential part of life is now missing
on
us ,
l
e
al a
ci on
er s
log off. At Bank of America, manage-
ment recently disabled the email
m er
system’s out-of-office function so
that workers can’t send automated
responses when they’re on vacation.
(A company spokesman says the
move was “not directly related to
m rp
the pandemic.”)
Besides, no out-of-office mes-
sage can keep the kids at bay
when school and child care have
evaporated.
co Fo
“They don’t care about the sched-
ule or what we planned for the day,”
40-year-old Susan Walmesley says
of her new officemates, 4-year-old
Brooke and 2-year-old Dylan. “They
make their own agenda.”
The chief marketing officer for
minigolf business Puttshack, Ms.
Walmesley has taken to conduct-
n-
n Create a ritual: Laura Stack, a pro-
ductivity consultant, hops from the
carpet in her home office to the
hardwood floors in the hallway to
signify the end of the workday. “It is
this celebration,” she says. “An actual
physical act that I do to say, ‘I’m
done working.’ ”
n Find a “third space”: For some
semblance of alone time, Ms. Stack
recommends creating an area in your
Mr. Johnson at the Chicago Blues Fest last year.
R&B swing, jazz cool and a laid-
back groove. That understated style
didn’t appeal to rock audiences as
much as the amped-up playing of
some of his Chicago club mates like
Buddy Guy, but it has endured.
“I’m still fairly cool,” Mr. John-
son said. “At my age you’re going
to have a little bit of arthritis in
your hands, so I had to alter my
playing a little and give up some
of the real sophisticated chords I
ing video calls from her laundry
room, where her team looks on as
she folds towels. She’s found her-
self fantasizing about her com-
mute into Chicago from the sub-
urbs, a 30-minute train ride she
used to complain about, and her
frequent plane rides for business
trips. During that in-between time
she could think and switch from
mom mode to worker mode.
“You can walk out the door and
kind of be somebody else at the
office. Now you’re just one per-
son,” says Matt Abramovitz, a 47-
year-old vice president of pro-
gramming at New York City
classical radio station WQXR.
He placed a few photos of his
children at the office but kept talk of
them to a minimum. These days, Mr.
house where you can decamp to chill
out, a domestic substitute for your
favorite coffee shop or bar. She re-
treats to her bedroom, making sure
to tell her family she’ll be unavailable
for a bit and asking if there’s any-
thing they need from her before she
leaves.
n Try scheduling “on” times: In her
work with consulting employees, Har-
vard Business School professor Leslie
used to favor.”
Born in Holly Springs,
Miss., in 1928—the year
Mickey Mouse was cre-
ated and penicillin dis-
covered—he moved to
Chicago in 1950 and
worked as a welder. He
didn’t start playing gui-
tar until age 30, primar-
ily backing R&B singers
like Otis Clay and Denise
LaSalle. Mr. Johnson
transitioned to blues in
1974, with stints as
rhythm guitarist for
Jimmy Dawkins and Otis
Rush. By the time he
was performing regu-
larly and recording as a
frontman, he was almost 50.
Mr. Johnson’s music and stage
presence exude calm and spiritual-
ity; his 1983 album was titled “Bar
Room Preacher.”
“I can’t take full credit for my
longevity, because I’ve been blessed,
but I also didn’t get stupid,” Mr.
Johnson said. “I never lived in the
fast lane like so many musicians
did. I’d like to think I was smart,
but there was stuff I didn’t like to
Susan Walmesley, left, pictured with
her daughters. Matt Abramovitz and
his daughter, Rose, above.
Abramovitz is recording his radio
show from a blanket fort in his
basement in Brooklyn, N.Y. His
daughter’s iPad is connected to his
phone number. She has a habit of
rejecting calls from important busi-
ness contacts.
The blur comes with some sweet
moments. Mr. Abramovitz spent a
recent weekday taking conference
calls from the beach while watching
his kids gather shells. Jon Stein, the
chief executive of New York City
digital-investing company Better-
ment, has replaced his walks to the
cafeteria with strolls to the mailbox
with his young daughters.
Mr. Stein’s wife, Polina Khentov, a
stay-at-home parent, loves that he’s
home to eat dinner every night and
assist with bedtime duties. But even
Perlow often focused on helping
teams carve out predictable time off
so folks could get a break. Now, the
more realistic expectation might be
predictable time on, she says: desig-
nated windows where people are
working. The shifts can be designed
to coordinate between colleagues
who need to collaborate. But they
also lend flexibility to workers dealing
with things like distance learning for
their kids.
do and the most important thing
when I got done with a gig was to
go home and be with my wife,
Sherry. We’ve been married 56
years and she’s pretty close to an
angel. We’ve been on the same
page. I don’t like hassle and she
don’t like hassle and we both be-
lieve that when there are things in
your life that stress you out, you
need to keep moving. Carrying a
grudge will carry you downhill.”
He briefly retired from playing in
‘I can do a little more so
why not stretch my
talent out and maybe do
some different things?’
1988, after he fell asleep driving the
band van home from a series of
shows. He had driven 18 hours that
day and went off the road. The van
flipped and Mr. Johnson burned his
hand and broke his collarbone.
Bassist Larry Exum and keyboardist
St. James Bryant were killed, de-
THE WALL STREET JOURNAL.
.
ly
she misses some of the separation
inherent in his old life.
“We get in each other’s territories
a little,” she says. Mr. Stein suddenly
has opinions on things that were
previously out of his domain, like
how to “optimize” the packed fridge.
Just as work was once a respite
from the responsibilities of home,
home was also a respite from work.
Buzzing smartphones and confer-
ence calls with Asia may have crept
in, extending the workday, but there
was still some chance to carve out a
life away from one’s laptop. Now
there’s no way to hide from the
boss, especially for those who don’t
have children.
“People know you can’t really do
anything else. You’re there on the
weekends. You’re there every day,”
says Obi Eneli, a 23-year-old man-
agement consulting associate at
PricewaterhouseCoopers. He spent
about two months holed up alone in
his small Manhattan apartment
working from a makeshift standing
desk cobbled together from stacked
boxes before flying to his family
home in Ohio this month.
Some are starting to worry about
the ramifications of the boundary
CLOCKWISE FROM TOP: ILLUSTRATION BY RUTH GWILY; MATT ABRAMOVITZ; DAN WALMESLEY
breakdown. At Snyk, a Boston-based
cybersecurity startup, productivity
has soared to record highs recently.
Workers can’t seem to resist pop-
ping onto their computers to do ex-
tra work at all hours, CEO Peter
McKay says. But they look terrible.
On Zoom calls, colleagues seem ex-
hausted and irritable, as if on the
verge of burnout, Mr. McKay has no-
ticed. “To be honest, I was feeling
the same way,” he says. “I didn’t
know what day it was.”
He decided to decree May 15 a
mental-health day for all employees
to rest. He hopes the break gives
people permission to re-erect some
of the borders once inherent in their
days. “You had this routine where
you could pace yourself. Now it’s all
turned upside down,” he says. “It’s
not sustainable.”
—Ben Eisen
contributed to this article.
spite Mr. Johnson’s efforts to rescue
them from the burning vehicle.
Both were veterans of the Chicago
blues world and Mr. Johnson is
haunted by their deaths.
“It was difficult—and it still is,”
he said. “That’s on me and I have
to live with it, but I had to accept
that staying home and feeling ter-
rible wasn’t going to bring them
back. The ‘what ifs’ kill you, but
folding my tent wasn’t going to
help the situation.”
About four years ago, Mr. John-
son quit touring but continued to
play around Chicago—until the cor-
onavirus pandemic shut down ven-
ues. He has since performed live on
Facebook several times. He hadn’t
intended to record again, he said,
but accepted an offer from the new
owners of the Chicago blues label
Delmark. “I don’t need no record,”
Mr. Johnson said. “I made money in
my life and I still got it, so what am
I going to worry about a new record
for? But I really appreciated being
asked by people who wanted to
make music and help musicians. I
figured that I might as well, be-
cause that’s what I do all day any-
how: play piano, play guitar and get
LOLA REYNAERTS
on my computer.”
 For Tuesday’s Arts in Review
articles, please see WSJ.com.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. Tuesday, May 19, 2020 | A13

LIFE & ARTS

3 Star CrossFit in Mt. Juliet, Tenn.,
left, cut class sizes in half for social
distancing and keeps its garage bay
doors open for air circulation since
reopening in May.

class sizes in half and mapped out

10-foot by 12-foot squares for so-
cial distancing, it is not requiring
face masks. “We’re doing every-
thing that we have to do and leav-
ing that decision up to members,”
says trainer Emily Gillis. “We’re in
a big warehouse space and we’re
FROM TOP: WILLIAM DESHAZER FOR THE WALL STREET JOURNAL; ORANGETHEORY FITNESS BEARDEN

keeping our two garage bay doors

open to keep the air circulating,
and we have an endless supply of
approved cleaners.” CrossFit ses-
sions were tweaked so there is no
partner work or equipment shar-
ing. Showers and water fountains
are closed.
“Our main demographic is soc-
cer moms trying to stay healthy to
play with her kids, and dads trying
to defeat the dad-bod,” she says.
The gym switched to an online
reservation system, Ms. Gillis says,
and average attendance last week
was higher than normal.
Some large fitness chains, like
Equinox and SoulCycle, have de-
layed opening locations nation-
wide, taking a wait-and-see ap-
proach. Gold’s Gym and Crunch
Fitness, on the other hand, have
reopened dozens of locations.
Crunch Fitness in Norman,
Okla., reopened on May 4. Per-
sonal training director Troy Hail
spent the prior weeks cleaning the

How Ready Are Gyms to Reopen?

facility, which was only a year old.
“We used industrial-strength sani-
tizer on every weight, took apart
every machine, re-oiled or reup-
holstered, and we have a big sec-
tion of turf that I cleaned with an
Owners balance state and medical guidance on masks and social distancing in fitness studios

.
electrochemical spray and vacu-
umed four times,” he says. The 27-

ly
BY HILARY POTKEWITZ homa and Tennessee were among every machine in the place, that’s week until the gym closed in mid- year-old personal trainer says all
a handful of states to include gyms a much bigger risk than the person March. Since its reopening on May five of his private clients have
GRAVITY FITNESS in downtown in the first wave of business re- who wipes down the one machine 7, the 47-year-old has gone every come back in the last week.
Atlanta reopened May 11. Follow-
ing new state protocols, a staffer
at the gym’s entrance takes every-
one’s temperature, and 6-foot
openings. Safety protocols are set

ing a patchwork of regulations and

uncertainty.
on
at the state and local level, creat-
spacing marks the gym floor, “The most frustrating thing is
us ,
that they use, stays away from
other people and gets in and out
with minimal exposure,” he says.
Despite the virus’s continued
other day. “You might want to ask
my husband, but I can tell you that
my mood is 100% better since I’ve
been going back,” Ms. Rowe says.
Oklahoma state guidelines call
for a temperature and wellness
check at the door, but are less spe-
cific on face masks. Crunch corpo-
spread, some people are eager to The state recommends custom- rate requires staff wear masks and

among other measures aimed at that there are no strict guide- get back to the gym. Denise Rowe, ers undergo a temperature check gloves, Mr. Hail says. Though the
l

reducing the risk of spreading the lines,” Mr. Pols says. “They’re basi- who runs a carpet-cleaning busi- and a series of wellness questions. gym recommends masks for cus-
e
al a

novel coronavirus. cally leaving it to the business ness with her husband in Knox- The studio cut class sizes in half, tomers, and even provides dispos-
It didn’t take long, however, for owners, and unless you have a ville, Tenn., used to visit Orangeth- to 14 people, which allows for two able ones, only about 10% of mem-
owner Aaron Pols to realize Geor- public health degree you don’t eory Fitness Bearden five days a empty rowing machines or tread- bers are using them, he says,
ci on

gia’s regulations were insufficient. know what to do.” mills between students, adding that gym traffic has been
For starters, they seemed to re- The CDC has five local fit- and changed class format light, at less than 40% of capacity.
quire face masks for employees, ness centers for employees, so no one shares equip- Every other cardio machine is
but not for customers. and all remain closed. The ment, says Kelsey For- roped off, all strength equipment
“We have a lot of older mem- agency follows federal sythe, Orangetheory is available, but there are no group
er s

bers in their 50s and up, and they rather than state guidelines, Bearden’s studio manager. classes. Showers are open; saunas,
really didn’t feel comfortable with- a spokesman said. Staff members deep clean too, but limited to three people at
m er

out everybody wearing a mask,” Gym-goers should be cau- all equipment before and a time, Mr. Hail says. For Dr.
Mr. Pols says. A few members who tious about huffing and puff- after classes. Lockers and Thomas, though, saunas cross a
work for the nearby Centers for ing in proximity to others showers are closed. line: they are tiny, closed spaces
Disease Control and Prevention indoors, says David Thomas, Orangetheory’s corpo- with little air movement.
also voiced concerns, he said. director of infectious dis- rate guidelines for face Shauna Mazak is one of Mr.
m rp

“Enough people spoke up that we eases at Johns Hopkins coverings are more strict Hail’s clients. The 38-year-old re-
needed to do something.” Medicine. “I would want the than Tennessee’s. Custom- spiratory therapist works nights in
So he made a new rule on the person working out next to ers must bring their own emergency and intensive care at
fly: Starting yesterday, the gym set me to be wearing a mask,” mask and wear it at all Oklahoma’s OU Medical Center,
aside a four-hour period, weekdays he said. “We now under- times, while instructors and says the gym helps her keep
co Fo

from 8 a.m. to 12 p.m., when face stand that the degree of ex-
masks will be required for every- piration, which is how hard
one. “So people know what to ex- you’re forcing air out of
pect,” he says. In its first week your mouth—to sing or
back in action, Gravity’s daily traf- shout or exhale—is a major
fic was about half its usual 200 factor in the amount of par-
visitors a day. ticles that get forced out of
Several states began easing your lungs.”
some restrictions in recent weeks Dr. Thomas suggests peo-
to boost local economies—or at ple weigh the risks before
least slow their decline—amid the going to a gym. “If you’re
Covid-19 pandemic. Georgia, Okla- someone who has to touch
n-
have to wear a mask and her sanity. “When you’re in the
safety goggles. Weekend heart of it working 12- to 16-hour
classes have been fully shifts, you just want a release—
booked, while weekday at- you need a place to go where you
tendance has been mixed. can burn off that energy you don’t
Eight new members joined think you have,” she says.
in the first week, a good She didn’t know what to expect.
number for this time of “But they have hand sanitizer ev-
year, she says. erywhere, people are always clean-
3 Star CrossFit in Mt. ing,” she says. “I’m very pleased
Juliet, Tenn., reopened on with how they’re doing every-
An instructor at Orangetheory Fitness Bearden. May 4, and while it has cut thing.”

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.
40s 1 2 3 4 5 6 7 8 9 10 11 12 13 Down 33 Stand the test of
no

60s Edmonton
d t 60s <0
50s 70s time
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Vancouver Calgary
70s 50s 35 Quiet “Hey!”
70s
10s 2 Passions
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p 17 18 19
80s 20s 3 Singing Nelson 38 Home for
60s
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Por
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Helena Ottawa 4 Seasonal song
Bismarckk 40s
60s 50s Augusta
A g t 22 23 24 25 26 27 39 “Heavens!”
Eugene 5 Salty solution
Boise Billings Mpls./St.
pls / . Paul Toronto
Toronto A bany
Albany
b 50s
50s 50s 70s Boston
t
28 29 30 31 32 33 40 Ref’s end to a
60s 70s 50s 60s 6 Had hankerings bout
Pierre Sioux FFalls
ll Milwaukee k Detroit
t Buffalol Hartford
artford
Cleveland
Cleve
Cl l d 70s 34 35 36 37
70s Reno 40s Des
es Moines
Chicago
C h 70s New ew York 7 Loads for roadies 41 Pace for playing
Cheyenne
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h y
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h Pittsburgh
Pitt b g h Philadelphia
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hi 80s 38 39 40 41 42
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p g Indianapolis
d p 8 Stock exchange 42 Boxer Laila
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Charles
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60s
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hit Louisville
Lou 9 Dorothy’s dog
Raleigh h 46 47 48 49 50 51 52 53 47 Yard tools
70s 50s anta Fe 70s
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kllahomaa C
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puff 48 Blacken, in the
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h 58 59 60 61 62 11 Chick tender
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bil J k ill
Jacksonville 63 64 65 66 12 Toward the
30s 40s 100s ti 90s
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ew Orleans
l Orlando
l d 67 68 69 “King James”
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an Antonio
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Ta p
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50s Honolulu Miami
Showers Flurries 70 71 72 52 Get support
A h g
Anchorage 19 Quick approval, from
70s 90s
Ice for short
ON THE MOVE | By Fred Ohles 53 Celebrated cellist
21 Many a film
U.S. Forecasts City Hi
Today
Lo W
Tomorrow
Hi Lo W City Hi
Today Tomorrow
Lo W Hi Lo W
Across 22 Canton of 50 First bride in festival film 56 Boosted
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Atlanta 76 60 s 73 58 t Portland, Maine 59 42 s 61 44 s Jakarta 91 79 t 89 78 t volume 24 Europe’s “boot”
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10 Spiced Indian 28 Nom de plume:
Baltimore 68 50 c 63 48 c Sacramento 73 51 pc 78 54 s Johannesburg 71 45 pc 70 44 pc
58 Inlet close to monogram
Boise 61 45 c 57 43 c St. Louis 69 59 pc 71 58 c London 76 54 s 80 55 pc tea Abbr. 63 Witness
Boston 56 44 pc 58 44 s Salt Lake City 78 49 pc 61 48 c Madrid 83 54 pc 87 56 s Houston 29 Catering swearing-in
14 The Jonas 30 Phone sounds
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Brothers, e.g. 63 Not as good as container words
Charlotte 72 55 r 64 57 r Santa Fe 85 49 pc 78 41 pc Melbourne 66 50 pc 57 47 c
Chicago 64 54 c 66 53 c Seattle 64 52 c 61 48 c Mexico City 81 58 t 82 58 t 34 Tear 31 “...bombs 64 Immediately
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Cleveland 69 52 c 65 51 pc Sioux Falls 70 58 s 73 59 s Milan 73 58 t 81 60 pc
son 36 Gun owners’ Florence bursting ___”
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Honolulu
68 52 sh 64 51 c
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77
78
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17 Wait at a light, 68 Blue supergiant A B B
A I D E A O D E S
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C E D E A L N I K E
Kansas City 71 58 s 70 59 pc Amsterdam 65 50 s 72 54 pc San Juan 89 76 s 89 76 pc F O O
T B A L L R E F E R E E
18 Overnight E N D B R E T A B E S
Las Vegas 75 58 s 79 64 s Athens 88 67 pc 83 63 pc Seoul 62 50 sh 66 50 c 43 “That feels so 69 Dreaful fate C I A
O T R A F F I C C O P
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A L M E M E A S T A
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Nashville 69 56 sh 73 58 sh Buenos Aires 73 62 s 71 58 pc Toronto 61 46 c 63 45 s A L O E E L A L P E W
New Orleans 89 73 s 84 73 s Dubai 103 84 s 99 82 pc Vancouver 64 50 c 63 47 r circled letters 46 Bottle shop “Frozen” B L OWS T H E WH I S T L E
New York City 67 48 pc 64 47 pc Dublin 67 48 pc 69 47 pc Warsaw 62 42 sh 61 37 pc E WA N M I L A T I M E R
Solve this puzzle online and discuss it at WSJ.com/Puzzles.
s

Oklahoma City 79 53 s 80 63 pc Edinburgh 64 53 sh 71 47 pc Zurich 76 50 pc 75 50 pc T E D S I T S Y R E D S

 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
A14 | Tuesday, May 19, 2020
Thanks for Masking! A Case for Covering Up
If Darth Vader can wear a face shield, the rest of us can handle 20 masked minutes inside the supermarket
I want to talk about
masks, because it feels
like a hot topic right
now, and there aren’t
a lot of hot topics in
sports at the moment.
I mean, I love Michael Jordan as
much as anybody, but I’m bored of
all these strained debates about
Michael Jordan. He was a great
basketball player, likely the great-
est who ever was. Do we really
have to argue this? It’s like listen-
ing to people argue about pizza, or
sunshine. Jordan’s great! The end.
Back to the masks. Here’s my
take: if Yogi Berra had to spend all
those years behind the plate wear-
ing a mask, and the sublime
hockey goalie Ken Dryden wore a
mask, and Darth Vader did, too, I
can handle wearing a mask when
I’m going to be out in public
around other people, and espe-
cially when I’m shopping inside a
store. It isn’t my favorite thing,
but I can do it.
Do you think Darth Vader threw
a fit when he got to Costco and
they told him to keep his mask on?
No, he did not. Darth got his two-
pound jar of cheese puffs and left.
I agree that wearing a mask is
strange. It was weird to see those
photos of soccer players in masks
on the bench this weekend. It isn’t
my ideal scenario, either. Look at
that adorable little
drawing of me that
runs with this Journal
column. You think I
enjoy covering up that
handsome mug with a
mask?
(I have not looked
like that drawing in at
least 10 years.)
I get it. Wearing a
mask is awkward. It
can feel restraining.
Uncomfortable. If you
have glasses, your
glasses fog up. I still
have no idea if I am
putting it on cor-
rectly. Half the time I
think I’m wearing it
inside out. I also have
a bandanna, which in-
stantly turns me into
the world’s most pa-
thetic stagecoach rob-
ber. If I tried to rob a
stagecoach right now,
all the people in the
stagecoach would just laugh and
tell the horses to clip-clop away.
But now I have options. At this
point, you can pretty much buy a
mask with anything on it. Do you
want a Pink Floyd “Dark Side of
the Moon” mask? Those exist. You
want a Georgia Bulldogs mask?
Please Step Away
From the Baserunner
BY JARED DIAMOND
no
IF THERE’S GOING to be baseball
this year, players will begin their
mornings by using a league-issued
contactless thermometer to mea-
sure their temperature twice in
rapid succession. Presuming it’s un-
der 100 degrees Fahrenheit, they
will be permitted to travel to the
stadium, commuting either in their
own car or on the team bus, be-
cause taxis, Ubers and public transit
won’t be allowed.
Once they arrive, they will be
checked for a fever again two more
times, in case symptoms developed
in the few hours after the first scan.
At that point, they will be granted
access into the “Restricted Areas,”
such as the clubhouse, weight room,
dugout and field—also known as
the places professional athletes ac-
tually do their jobs.
Their days will only get weirder
from there. Baseball might be
played this summer—but for every-
one involved, it won’t be much fun.
Major League Baseball submitted
its proposed 2020 operations man-
ual to the players’ union last week-
end, explaining how it envisions
staging something resembling a
season amid a global pandemic. The
67-page document, a copy of which
was obtained by The Wall Street
Journal, outlines all of MLB’s new
health and safety protocols in
painstaking detail, down to labeled
diagrams showing exactly where ev-
erybody should stand and sit in the
dugout to maintain proper social
distancing.
Any baseball put in play and
touched by multiple defenders will
be removed and exchanged for a
new one, according to the guide-
lines, and infielders are “strongly
discouraged” from throwing around
on
us ,
l
e
al a
ci on
er s
m er
m rp
You have many options. You want
a mask that has cute little illustra-
tions of baby goats on it? It’s a
co Fo
real thing. My 5-year-old has a
pink mask with magic unicorns on
it, and she loves it!
That’s a lie! She hates it, and I
have to chase her around like a
n-
the horn after an out. Fighting will
result in “severe discipline.” All
players are supposed to wash or
sanitize their hands every half-in-
ning.
But for as careful and thorough
as MLB’s idea looks, reading
through it also serves as a stark re-
minder of the enormity of the un-
dertaking at hand. Playing baseball
while trying to avoid spreading
Covid-19 will require everybody in
the industry—from players to
coaches to umpires—to accept a
heavily restrictive professional rou-
tine and completely overhaul their
private lives.
Even MLB seems to recognize
the challenge ahead, the need for
absolute cooperation and how
quickly the slightest misstep or mo-
ment of thoughtlessness could send
the entire construct crumbling into
oblivion. In a section headed “Con-
duct Outside of Club Facilities,” the
league warns that “the careless ac-
tions of a single member of the
team places the entire team (and
their families) at risk.” Those are
the stakes involved with restarting
baseball, with billions of dollars on
the line if the plan fails. It’s like
walking a tightrope on a dark blus-
tery night—and nobody can predict
when the next gust of wind will
come rolling through.
From the moment players enter
the ballpark, the setup will be un-
like anything they’ve ever experi-
enced, even beyond consenting to
frequent coronavirus diagnostic
tests and monthly blood samples to
scan for antibodies.
In the locker room, players will
be stationed at least 6 feet apart
and required to wear masks unless
they are on the field or engaging in
strenuous exercise. Each pitcher
will have an individual set of balls
SPORTS
JASON GAY
Players on FC Erzgebirge Aue’s reserve bench, above, wore masks during a German league match on May 16.
baby goat to get her to wear it.
Yes: It was confusing when the
government first asked us not to
wear masks, that they should be
reserved for health-care profes-
sionals, then turned around and
said: OK, wear ’em. I know there
are differing studies about how
much masks help, and it would be
silly to think they’re some kind of
infallible barrier, but they seem
like a reasonable precaution as or-
dinary life begins to reopen.
At the very least, you’re not
touching your face and nose,
which apparently we all unknow-
ingly do 400 billion times a day. A
mask also feels like good citizenry,
especially when we’ve been asking
essential workers to wear them for
months. I know there are cranks
who call mask-wearing “virtue sig-
naling,” because everything has to
be politicized these days, but come
on. A mask isn’t a podcast tote
bag. Don’t be a cynical lame-o!
Some signaling is indeed virtuous!
“When we’re out in the public
[wearing a mask], we’re signaling
this is a pandemic, we’re aware
this is happening, and I’m doing
my part,” Harvard T.H. Chan
School of Public Health assistant
Fielders will be encouraged to stay several steps away from runners this year.
to use in the bullpen. Hitters will be
discouraged from using the indoor
batting cage, and batting practice
pitchers must wear masks.
All meetings will be held virtu-
ally if at all possible, and if not,
outdoors with appropriate social
distancing and face-coverings.
Meals will ideally be eaten outside,
too, with prepackaged boxes replac-
ing the traditional buffet. Players
will be told to wait until they get
home to shower, a tall order for a
group of people accustomed to
showering at work two or three
times a day.
Then the game will start, bring-
ing about a whole new set of regu-
lations. The dugout will be as
ly
professor Joe Allen told the Jour-
nal’s Sumathi Reddy last month.
No one’s saying this is fun, but
if it helps get the country and
economy up and running, I’m
game. Think of your neighbors.
The people who work in stores—
do you think those folks want to
Turn wearing a mask
into a game. Pretend
you’re The Phantom of
the Costco.
be the mask police? No. They just
want to get home safe. Same with
strangers standing in line or walk-
ing past you on the sidewalk. You
might not be concerned about
your health, but they might be.
I don’t know who said it first,
but it’s a smart line: Wearing a
mask isn’t about you. It’s about ev-
eryone else.
This isn’t an endorsement of
mask vigilantism. I know there are
some hard-core mask-shamers on
mask patrol and doesn’t seem like
empty as possible, limited to the
manager, coaches and players
“likely to enter the game.” Every-
body else will be in the stands,
where they will be plenty of room
to spread out, since no fans will be
there. There won’t be mascots, bat
girls or ball boys, either.
The pregame exchange of lineup
cards will be eliminated, with clubs
submitting their lineups through an
app. When the ball is out of play or
between pitches, “fielders are en-
couraged to retreat several steps
away from the baserunner.” Social-
izing and fraternizing between play-
ers on opposing teams is forbidden.
Players must stay at least 6 feet
apart during the singing of the na-
THE WALL STREET JOURNAL.
.
a great use of time. I was embar-
rassed by those photos of New
Yorkers gathering outside bars this
weekend like it was an End of the
World Tailgate Party, but there are
going to be fools as this situation
goes along. I don’t want people
chasing maskless joggers around
with rakes and expired Clif Bars.
And I’m not saying you have to
wear a mask if you’re out in the
middle of nowhere. If you are
reading this right now on your
phone standing by yourself in a
barley field, I think it’s OK if you
don’t have a mask on. Same goes if
you’re living amongst bears in the
woods, rowing a boat across the
Pacific, or abseiling into a volcano.
But if we’re going to be in close
quarters around others, let’s mask
up. Let’s put the “public” back in
public health. Turn wearing a
mask into a game. Pretend you’re
The Phantom of the Costco. Pre-
tend you’re a world-famous sur-
geon on your way to do a historic
brain-replacement surgery…when
all you’re doing is schlepping into
CVS to buy toilet paper. I’ll tell
Darth Vader. He’s over in the far
aisle, looking for batteries and
Pop-Tarts.
tional anthem and “God Bless
America,” suggesting those tradi-
tions will continue without fans in
the building.
Spitting, that time-honored base-
ball tradition, has been banned, as
have sunflower seeds, tobacco and
communal water jugs. The same
goes for high-fives, fist bumps, hugs
and players touching their faces.
What happens if a player acciden-
tally licks his fingers or wipes sweat
off his brow isn’t enumerated.
Life on the road will be different.
Though personnel won’t technically
be quarantined, nobody in the trav-
eling party may leave the hotel or
congregate in communal areas
without receiving club permission.
The hotel pool, fitness center and
restaurant are off-limits, replaced
by a dedicated area in a private
area of the establishment for food
service. MLB will ask hotels to put
players on lower floors so they can
avoid elevators. The guidelines dis-
cuss at length ways players can
avoid touch-points and interacting
with hotel staff.
FROM TOP: ROBERT MICHAEL/DPA/ZUMA PRESS; JACK DEMPSEY/ASSOCIATED PRESS; BRAD PENNER/REUTERS
None of this will be very much
fun for the people living under
these strict conditions. Nor will it
be easy to eliminate all coronavirus
infections, though MLB says a posi-
tive test wouldn’t result in the sea-
son shutting down. Nonetheless,
baseball believes that these logis-
tics are doable—and that, if fol-
lowed, baseball can be played by
early July.
Over the next few days, the
union and league are expected to
convene at the (digital) negotiation
table. The players will respond to
MLB’s proposal for the first time.
Some will be willing to live under
these stipulations, the possibility of
a year with no income too severe.
Others will be less enthusiastic.
And even if the two sides reach
an agreement, they still have an-
other, perhaps taller mountain to
climb: striking a deal dictating
player compensation and other eco-
nomic considerations, an issue that
will probably take more than a 67-
page document to solve.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
THE WALL STREET JOURNAL.
OPINION
The Education of Jerry Falwell Jr.
How it must
hurt to have to
admit: Jerry
Falwell Jr. was
right.
No doubt
this explains
MAIN
why we’re not
STREET
reading sto-
By William
ries about
McGurn
how the presi-
dent of Lib-
erty University kept his Lynch-
burg, Va., campus open while
keeping his community safe
from Covid-19. The doomsday
predicted when Mr. Falwell
announced Liberty students
would return after spring
break never came to pass.
On March 16, three days af-
ter that announcement, Mr.
Falwell had to abandon his
plans for in-person classes
when Virginia Gov. Ralph
Northam banned gatherings of
more than 100 people. So Lib-
erty moved its classes online.
Thanks to long experience
with such instruction—Liberty
already had 100,000 online
students—the move wasn’t as
wrenching as it was for oth-
ers. Meanwhile, students could
still come back to campus if
they chose, and about 1,200 of
them did.
From the reaction, you
would have thought returning
to Liberty was a death sen-
tence. An emergency-room
physician told the Daily Beast,
“If Liberty University reopens,
people will die.”
On March 29, the New York
Times ran a news story whose
original headline read, “Liberty
University Brings Back Its Stu-
dents, and Coronavirus, Too.”
The Palestinians Need to Make Bold Moves
As specula-
tion intensi-
fies over pos-
sible Israeli
plans to an-
nex portions
of the West
GLOBAL
Bank, the Pal-
VIEW
estinian
By Walter
movement
Russell Mead
faces its
greatest crisis
since Israel became a state.
The underlying problem for
the Palestinian Authority is
that the balance of power has
shifted massively in favor of
Israel, and as other countries
recalibrate their policies in
light of this reality, Palestinian
options are narrowing faster
than the authority’s leaders
can adapt.
Ever since they turned to
the Arab countries to prevent
the emergence of a Jewish
state in the late 1940s, the
Palestinians have needed the
support of allies to even the
scales against the Zionists.
That need is more urgent and
pressing today than ever, but
allies are getting harder to
find.
In the Middle East, two of
the most important Arab
states—Syria and Iraq—are so
no
torn by internal strife that
they can no longer project
power beyond their borders.
Egypt is too concerned with
maintaining stability and nur-
turing a fragile economy to be
interested in confrontations
with Israel. The Gulf states are
struggling with the oil-price
implosion which, together
with their rising populations
and their fear of Iran, is dra-
Will a Face Mask Protect You?
By Marc Siegel
S
hould you wear a face
mask? Medical authori-
ties have sent confusing
messages. Both the U.S. sur-
geon general and the Centers
for Disease Control and Pre-
vention exhorted Americans
not to wear masks in January
and February, then reversed
themselves in April. Mask
wearing is now mandatory in
many workplaces and public
spaces, but how much good
does it do? The science is in-
conclusive, but probably not
much.
It’s generally understood
that surgical and cloth
masks—as distinct from N95
masks, designed to filter fine
particles—offer little or no
protection to the wearer. The
purpose of the mandates is
to protect others by ensuring
the covering of the face of
anyone who is infected. A
study published in Nature
Medicine in April looked at
246 people with acute upper
respiratory illness and found
As the Times reported,
nearly a dozen Liberty stu-
dents had come down “with
symptoms that suggested
Covid-19,” a fact endlessly re-
repeated in other news out-
lets. A snarky Financial Times
op-ed citing “Falwell’s hubris”
dropped the qualifiers and as-
serted “twelve students
promptly came down with cor-
onavirus,” which was cor-
rected about a week later.
Times columnist Paul Krug-
man wrote that Mr. Falwell
“seems to have created his
own personal viral hot spot.”
In one of several critical
pieces, the Washington Post
headlined a story “An authori-
tarian power structure
brought coronavirus to Liberty
University.”
Now the university has fin-
ished the school year and the
students have gone home. So
what actually happened?
To start with, only one stu-
dent tested positive for coro-
navirus. Liberty says this was
a graduate taking an online
course who hadn’t been on
campus before or after spring
break. Four employees either
working remotely or from of-
fices off-campus also tested
positive. But Mr. Falwell says
no infections were traced back
to campus. No Liberty student
living on campus tested posi-
tive, and no staffer stationed
on campus tested positive.
But press accounts left a dif-
ferent impression.
So far there have been no
mea culpas. In fact, now that
the story’s had a happy end-
ing, there’s barely been any
follow-up at all. Mr. Falwell
on
us ,
l
e
al a
matically curtailing their free-
dom of action even as their
need for allies grows.
ci on
With the U.S. looking to re-
duce its regional commit-
ments, these circumstances
have made Israel a vital stra-
tegic ally for the Sunni Arab
er s
world. Despite continuing
sympathy for the Palestinians,
m er
Arab governments cannot es-
cape the reality that for now,
and likely for some time to
come, the existence of a
strong Israel is a pillar of their
m rp
own independence.
Iran offers itself to Pales-
tinians as an ally, but support
from such a cash-strapped
friend comes with a low pay-
co Fo
off at a high price. Both the
U.S. and Israel would take a
very hard line against a Pales-
tinian Authority that turned
to Tehran for support, as
Hamas has. The sanctions and
financial blockade that would
follow such an alignment
would be crippling. Support in
Israel and the U.S. for tough
policies and annexations on
the West Bank would grow—
and the Arab world’s sympa-
n-
thy for Palestinians would be
diminished by the perceived
treachery of an alliance with
the Persian enemy.
Farther afield, the list of
potential allies is short. Tur-
key’s ties to Hamas make it an
unattractive partner for the
Palestinian Authority, and in
any case Ankara’s financial re-
sources and political influence
are limited. The Kremlin may
see itself as a rival to the U.S.,
but Russia’s ties to Israel are
deep. The Palestinians have
nothing to offer Russia to off-
that wearing a surgical mask
did decrease spread of ge-
netic material from respira-
tory viruses, including coro-
naviruses. The researchers
concluded: “We also demon-
strated the efficacy of surgi-
cal masks to reduce coronavi-
rus detection and viral copies
in large respiratory droplets
Maybe a little, but
washing your hands
and social distancing
are far more effective.
and in aerosols. . . . This has
important implications for
control of COVID-19, suggest-
ing that surgical face masks
could be used by ill people to
reduce onward transmission.”
Yet another April study,
published in the Annals of
Internal Medicine, revealed
that the force of sick pa-
tients’ coughs propelled
droplets through both surgi-
has company here. Like Mr.
Falwell, Gov. Ron DeSantis
was pilloried for trying to re-
open Florida. Today Politico
admits that “DeSantis looks
more right than those who
criticized the Sunshine State’s
coronavirus response” and
that the predicted “post-apoc-
alyptic hellscape of coronavi-
rus infection and cadavers
stacked like cordwood” hasn’t
materialized.
Attacked for keeping
Liberty University
open, he now seems to
have made a good call.
As is true of too much of
American life these days,
many of the responses are
rooted in feelings about Don-
ald Trump. Mr. Falwell is a
proud supporter of the presi-
dent and can sometimes sound
like him. The day he an-
nounced Liberty’s campus
would reopen, he appeared on
“Fox & Friends.” There he said
people were overreacting to
Covid-19, speculated that it
might be a Chinese-North Ko-
rean operation, and wondered
whether it was just “the next
attempt to get Trump.”
These remarks provoked a
great deal of noise, as Mr. Fal-
well often does. But critics ad-
dressing his university’s re-
sponse to Covid-19 allowed
that noise to distract them
from the central question:
whether Liberty University
was behaving responsibly. The
set what it gains economically,
politically and technologically
from its ties to Israel.
The European Union has
long been a focus of Palestin-
ian diplomatic efforts, but Eu-
rope is both divided and pre-
occupied with crises closer to
home. Last Friday, Josep Bor-
rell, the EU’s foreign-policy
chief, carefully noted that
while the EU considers annex-
ations on the West Bank ille-
gal, they aren’t comparable to
Russia’s annexation of Crimea.
Facing crisis, they
should follow Arafat’s
example by agreeing
to negotiations.
Since the strongest sanctions
require unanimous support
from EU countries, and both
Hungary and the Czech Re-
public stand ready to veto
sanctions on Israel, any EU
support for the Palestinians
will be limited. As despairing
anti-annexation Israeli colum-
nist Gideon Levy writes in
Haaretz, if Israel moves to-
ward annexations, “Europe
will not stand in its way.”
Meanwhile, India continues
to deepen economic and polit-
ical ties with Israel. China’s $2
billion investment in the port
of Haifa and a Chinese com-
pany’s plans to build the
world’s largest desalination
plant in Israel may annoy
China hawks in Washington,
but they also demonstrate
Beijing’s stake in good rela-
cal masks as well as cloth
masks.
What about asymptomatic
patients? The CDC based its
revised mask recommenda-
tion on studies that found
asymptomatic spread was far
more common than had been
thought. But there have been
no studies on masks’ effec-
tiveness in preventing it. Al-
though the coronavirus is
highly contagious, it is much
less so than, say, measles,
which can linger in the air
for two hours after a cough.
a sneeze or even speech. By
contrast, the Covid-19 virus
has not been proved to be
aerosolized. Coronaviruses
often enter the body through
the eyes, and frequent hand
and face washing and social
distancing is much more ef-
fective than masks at pre-
venting that.
Wearing a mask seems
harmless, but it could pro-
vide a false sense of security,
leading people to take fewer
precautions. According to the
World Health Organization,
answer has nothing to do with
anything Mr. Falwell may say
about North Korea, President
Trump or evolution for that
matter.
Remember, in keeping his
university open Mr. Falwell vi-
olated no laws or public-
health directives. Liberty fol-
lowed all rules and took
additional steps, including
constant cleaning of fre-
quently touched surfaces, re-
moving two of every three
computers from the lab to en-
sure social distancing, and
quarantining those suspected
of carrying the virus in a for-
mer hotel 3 miles from cam-
pus. Two surprise visits from
state health inspectors found
no violations.
At this moment other uni-
versities are making their own
decisions about reopening
come fall. Given the uncer-
tainty still remaining—and the
sometimes conflicting ad-
vice—surely the way forward
is to determine who’s been
successful and then seek to
understand why—and to root
for others to succeed what-
ever they try.
In a part of his early state-
ments on Liberty’s reopening
that received almost no at-
tention, Mr. Falwell said in
its handling of coronavirus
Liberty would prove a
“model” for others. Would it
kill the critics so quick to
paint Mr. Falwell as the Grim
Reaper to acknowledge, if
only in the name of science,
Liberty’s experience might
have something to teach
them?
Write to mcgurn@wsj.com.
tions with Israel.
The Palestinians have al-
ways believed that time was
on their side: Eventually, the
Arab world would grow stron-
ger, and world opinion would
isolate Israel. That confidence
was misplaced. As Israel has
grown into a tech giant and a
regional superpower, the Pal-
estinian bargaining position
continues to erode.
History offers the Palestin-
ian Authority some hope. In the
early 1990s, the collapse of the
Soviet bloc deprived the Pales-
tinians of funding and diplo-
matic support. Yasser Arafat’s
support for Saddam Hussein af-
ter his invasion of Kuwait en-
raged the Gulf Arabs. Isolated
and broke, Arafat got back in
the game by recognizing Israel
and signing the Oslo Accords in
1993 and 1995.
Faced with a worse crisis
today, Arafat’s successors
should be equally bold and ac-
cept one of the peace plans
put forward by Israeli prime
ministers since 2001 as the
basis for negotiations for a fi-
nal peace. This would shift
perceptions in the U.S., rally
Arab support, and blunt the
annexation drive in Israel.
Unfortunately, a weak and
divided Palestinian Authority
is unlikely to take such a con-
troversial step on its own.
Friends of a two-state solution
should weigh in from abroad.
If the Palestinian Authority
doesn’t move fast and move
soon, much will be lost. Time
will continue to work in Is-
rael’s favor, and Palestinian
options will only narrow as
hope grows more forlorn.
self-contamination and reuse
and or improper disposal of
masks can also hinder their
effectiveness and turn them
into vehicles of spread.
There have even been
questions about the effec-
tiveness of N95 masks at
protecting medical personnel.
They’re considered effective
at blocking coronavirus parti-
cles only when they’re form
fitted and tested to make
sure there isn’t any leakage.
When I worked on a corona-
virus ward, I felt much safer
because I also wore a plastic
face shield, which blocks vi-
ral particles from even reach-
ing the mask.
So wear a mask if you
must. But vigilant hand-
washing and social distanc-
ing will protect you much
better.
Dr. Siegel is a clinical pro-
fessor of medicine and medi-
cal director of Doctor Radio
at NYU Langone Health and
a medical correspondent for
Fox News.
Tuesday, May 19, 2020 | A15
BOOKSHELF | By Brooke Allen
Hillary
Unbound
Rodham
By Curtis Sittenfeld
(Random House, 420 pages, $28)
T
he genre of alternate-history fiction has produced
plenty of schlock and a few genuinely good novels:
Kingsley Amis’s “The Alteration,” for example, in
which the Reformation never took place, or Philip Roth’s
“The Plot Against America,” in which FDR loses the 1940
election to fascist-leaning Charles Lindbergh, or (although
it has its detractors) Stephen Fry’s “Making History,”
which depicts a 20th century without Adolf Hitler. Now
Curtis Sittenfeld, author of “Prep” and “American Wife,”
has produced another standout in the genre with her
readable and psychologically acute new novel, “Rodham.”
What if Hillary Rodham had turned down Bill Clinton’s
marriage proposal, embarked on an independent career and
left him to get on with things in Arkansas? “Rodham” follows
the historical record up until 1975, when, after several years
with Bill, Hillary understands that she will never be able to
trust him around women; it’s even possible that he raped
someone. After much soul-searching she breaks off the
relationship and goes home to teach law at Northwestern.
Bill soon marries some-
one quite different: a sweet
elementary-school teacher
from Texarkana. This choice
helps propel him into the
governor’s mansion. But as he
launches his 1992 presidential
bid the inevitable sex scandal
breaks. In real life, of course,
he overcame the Gennifer
Flowers debacle with Hillary by
.
his side, but in “Rodham” he
has a vulnerable wife who
ly
weeps during their “60 Minutes”
interview. “She was so—there
was no other word for it—weak,”
Hillary reflects, watching them on TV. “Bill
needed an equal who’d act like even if he’d had affairs, so
what? Because they both were sophisticated and tough. . . .
The American public would not, of course, like such a
woman, but that didn’t matter.”
So George H.W. Bush is elected to a second term; he is
followed in office by Jerry Brown (one term), John McCain
(two terms) and then Barack Obama (two terms). Bill consoles
himself by moving to Silicon Valley and making a cool billion
or two, shedding wives along the way and morphing into a
silver fox. Hillary is elected U.S. Senator from Illinois, a seat
she holds for more than two decades while making three bids
for the presidency. It is during the third one, in 2016, that
Bill resuscitates his political career and runs against Hillary
in the primary. It would be a spoiler to reveal the outcome
of all this, but Donald Trump does enter the picture—
though not quite in the way readers might expect.
Ms. Sittenfeld, born in 1975, is a generation younger
than her protagonist but not young enough, thank goodness,
to treat the mores of the 1970s and ’80s as grotesquely
Neanderthal. As someone who lived through those years
and thought she was paying attention, I was startled to
realize that in 1991 only two U.S. senators were women,
and that as late as the 1970s some Ivy League law schools
had a special “Ladies’ Day” on which professors made it a
point to call on female students, who were presumed to be
too diffident to speak up on any other day of the year.
Ms. Sittenfeld’s Hillary is a product of her time: As an
early boomer, she is caught up in the second-wave femi-
nism that flourished in her youth but imbued, through her
1950s childhood and strict Methodist upbringing, with
traditional notions about a woman’s place. “You’re awfully
opinionated for a girl” is a line she has heard more than
once. She agonizes over her crippling ambivalence about
her own ambition and worries about her moral worthiness
to hold office—not a question that would much bother Bill
Clinton, or most male candidates.
A novelist concocts an alternate reality in
which Hillary rejects Bill’s marriage proposal
and embarks on a solo political career.
Ms. Sittenfeld is at her best in depicting the bizarre
freak show into which presidential elections have devolved.
There is the “pink tax” demanded of women candidates—
extra time they must spend on their appearance. This
amounts to a full hour a day for Hillary: “Whenever I didn’t
have my hair and makeup professionally done, the media
would speculate about whether I was ill or exhausted.”
Then there are the obligatory big-donor events and liberal
lollapaloozas like the Aspen Ideas Festival (disguised as a
Jackson Hole symposium in the novel): “The Grand Tetons
rose behind us, a jazz quartet played on a patio near a
stream, servers pressed bacon-wrapped dates and tuna
tartare, and an unsurpassed quality of progressive
schmoozing occurred.”
Most distressing is the amount of coaching and grooming
so many candidates undergo in an endless and often fruit-
less effort to modulate their behavior according to polling
numbers. This was particularly evident in the case of the
real-life Hillary Clinton, an insecure candidate who was
almost too self-controlled. If we’ve learned one thing in
recent decades, it is that authenticity is of incalculable
importance in presidential elections. Bill Clinton, Donald
Trump, Bernie Sanders: You may not like them, but you
can’t deny they’re authentically themselves. With Hillary
Clinton one was never sure. But how authentic could she
really be, with the press always poised to pounce whenever
she put a foot wrong? “Really,” she reflects, “wasn’t this
endless ruminating over my own likability in itself a thing
only a woman would do?” Bill, of course, is a natural;
Hillary is painfully aware that she is not. “I was a hard-
working and not beautiful middle-class Midwestern girl
with a mean father. I had never believed the world existed
for my enjoyment. I’d believed instead that every situation
was a trade-off, that there was always a catch.”
Ms. Sittenfeld’s one misstep in this hugely enjoyable
book was in turning Bill Clinton into a comic-book villain,
an amoral user and sexual predator who trades in wives for
newer models and would have done the same with Hillary
had they married. Caught up in the novel, I was almost
surprised to remember that in fact the Clintons are still
married 50 years after their first meeting—presumably to
their own satisfaction, as there is no longer any political
necessity for their union. In this case, the reality—the fact
that these two forged a partnership that has endured in
spite of everything—is more interesting than Ms. Sittenfeld’s
simplistic good feminist/bad sexist dichotomy.
Ms. Allen reviews books for the Journal and other publications.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

A16 | Tuesday, May 19, 2020 THE WALL STREET JOURNAL.

OPINION
REVIEW & OUTLOOK LETTERS TO THE EDITOR

Moderna’s Vaccine Hope Put People Back to Work, Don’t Print Money

S
tock and oil prices climbed on Monday cine’s efficacy in thousands of people in July. Prof. Alan Blinder turns to Scarlett Because the current lawmakers
on news that a coronavirus vaccine can- A vaccine could be made available for high-pri- O’Hara to support Modern Monetary will be gone when interest rates rise
Theory (“On Coronavirus Debt, Heed and taxpayers suffer, those elected of-
didate by biotech startup Moderna has ority groups such as health-care workers as
the Wisdom of Scarlett O’Hara,” op- ficials are going from Scarlett O’Hara
shown promise in early clini- early as the fall if results show ed, May 15). He contends the U.S. can to Rhett Butler—frankly they don’t
cal trials. Governments are The biotech firm says promise. borrow and print money and ignore give a damn.
starting to lift their lock- its Phase 1 trial shows vaccines Historically only 16% of the consequences for now. He sees TOM LEINBACH
downs, but Americans and the that begin clinical no yellow lights yet but by the time Charlottesville, Va.
rest of the world will need an promising results. trials have been approved. But they appear, we’ll have undermined
effective vaccine—and maybe more than 100 vaccines are in our credibility as the world’s cur- Mr. Blinder says that we can take
several—for a return to pre- development worldwide, and rency and all the advantages it comfort that America isn’t yet close
virus normality. the Gates Foundation and the National Insti- brings to us. It would also produce a to its upper bound of government
It took 20 months for scientists to prepare tutes of Health are investing heavily to acceler- world financial crisis as other coun- borrowing, the Federal Reserve is
a SARS vaccine for test on humans, but private ate those like Moderna’s with the most scien- tries followed suit with undisciplined buying as much debt as the Treasury
borrowing and money printing dur- is selling, interest rates are staying
innovation is compressing the time-frame tific potential based on early evidence.
ing the pandemic. low and inflation isn’t on the horizon.
against Covid-19. Using rapid genetic sequenc- Scaling up manufacturing will take time, but The real cure for our economy is Throwing monetary and fiscal cau-
ing and its nimble mRNA manufacturing plat- Moderna’s factory outside Boston can produce getting people back to work. This is tion to the wind is imprudent, even in
form, Moderna was able to develop and deliver 100 million doses a year and it is working with how we finally recovered from the a pandemic, and won’t end well, with
a vaccine to the National Institutes of Health Swiss firm Lonza to increase capacity to up to Great Depression when the exigencies the exact nature of tomorrow’s (“well
for clinical trials in late February. one billion doses. Other drug manufacturers are of war re-employed millions over- into the future,” according to Mr.
Moderna’s mRNA vaccine gives cells a build- also gearing up factories to churn out vaccines night in 1942. Money doesn’t produce Blinder) economic pain or death spi-
ing manual to produce a particle that resembles if their candidates show promise. anything—people do. ral a known-unknown.
the spike on the coronavirus. The goal is to in- Johnson & Johnson plans to begin clinical ED KAHL SCOTT PIERCE
duce an antibody response similar to the actual trials in September and says it hopes that the Woodside, Calif. Hendersonville, N.C.
virus. Because the vaccine doesn’t utilize a first batches could be made available for emer-
pathogen particle, there are fewer safety risks. gency use early next year. Its Netherlands plant
Production can also rapidly be scaled up using could produce 300 million doses annually.
a standardized process. Pfizer is also testing several vaccine candidates Help Independent Lenders Help Homeowners
The first phase of a clinical trial examining and hopes to have 10 to 20 million doses ready The article “Mortgage Firms Show requests mandated by the Cares Act
whether the vaccine is safe and causes an im- for emergency use this fall. Strain” (Page One, May 11) acknowl- is the only reason we’ve asked the
mune response began in mid-March. Forty-five The FDA could help by streamlining trial de- edges the critical role that indepen- federal government to provide a lend-
healthy volunteers ages 18 to 55 received vary- signs such as allowing manufacturers to in- dent mortgage banks play in both the ing facility. This will help mortgage
ing doses. Moderna reported on Monday that crease participation in studies, or dose “arms,” lending and servicing space. However, servicers, who may need short-term
all participants who had been evaluated after with strong preliminary results. This wouldn’t it leaves readers with the impression loans, cover payments to investors on
receiving two doses developed antibody levels compromise safety, and the death and destruc- that there are structural problems behalf of borrowers. We urge the Fed-
with the mortgage industry that eral Reserve and U.S. Treasury to fol-
at or above levels of those seen in patients who tion from the virus have removed some of the
threaten the welfare of borrowers. low Ginnie Mae’s lead and create a
have recovered from the virus. political obstacles to faster testing. Thirty-five Despite stay-at-home orders and federal lending facility for those ser-
This suggests that the vaccine could be effec- House Democrats and Republicans last month

.
office closures brought on by an un- vicers that need it.
tive, and none of the participants experienced wrote a letter urging the FDA to act more rap- precedented pandemic and subse- ROBERT D. BROEKSMIT

ly
severe side effects. Separately, Moderna re- idly and nimbly. quent economic crisis, lenders are President and CEO
ported that its vaccine “provided full protection Relaxing lockdowns and social-distancing making near-record levels of refi- Mortgage Bankers Association
against viral replication in the lungs” in mice mandates will also be needed since masses of nances, providing tangible benefits to Washington
on
infected with the coronavirus. On May 7, the people will have to be exposed to the virus for
Food and Drug Administration cleared the com- manufacturers to figure out if vaccines work.
pany to begin phase two of its trial with 600 Until a vaccine is widely available, large gather-
consumers and churning out home-
purchase loans—all while providing
forbearance to millions of Americans
under hastily announced programs
Stalin First Tried to Resist
participants including individuals over age 55 ings may not occur, international travel will be
that vary from mortgage investor to
Hitler With Great Britain
us ,

to determine whether they also muster a robust limited, and millions of people will feel anxious
investor. In debunking Vladimir Putin’s
l

immune response. about returning to pre-virus habits. Which is The sheer number of forbearance claims about the Soviet Union’s
e
On May 12 the FDA granted Moderna fast- why markets are cheering on Moderna, despite
al a

World War II efforts (“Putin’s Myths

track designation, and the company plans to be- the uncertainties that remain, and Americans About the Soviets and World War II,”
gin the third phase of its trial to assess the vac- should be too. More Borrowing Won’t Help op ed, May 9), Prof. Ian Ona Johnson
ci on

omits evidence that the Soviets did

Profligate States Get Right attempt to establish an anti-Hitler co-
Chinese Lockdown Redux To anyone knowledgeable about the alition in the run up to the war. Re-
levels of debt accumulated by state en- cent scholarship confirms the numer-

R
emember those graphs showing that Bei- At least that appears to be the lesson from tities, Profs. John S. Baker Jr. and Rob- ous efforts by Joseph Stalin to reach
er s

jing’s draconian lockdown of Wuhan and these new developments in China. It’s hard to ert T. Miller’s proposal for states to out to Britain, and through it to other
avoid seeking default or bankruptcy Western governments, to join in pre-
other parts of China had beaten the cor- say for sure since Beijing remains so untrust-
m er

options is an absolute nonstarter (“A senting a united front against Hitler.

onavirus more effectively than
any other public-health mea-
sures anywhere? Well, the vi-
rus didn’t stay beaten, to judge
worthy about the coronavirus Better Alternative to State Bankruptcy In the most important of these, So-
Shutdowns haven’t pandemic that started in its or Default,” op-ed, May 8). With a cur- viet Ambassador to Britain Ivan
eliminated the virus, as heartland. rent funding gap between assets and Maisky repeatedly approached the
Beijing is resisting, strenu- liabilities of over $1 trillion just for Chamberlain government about such
m rp

by new cases emerging in Jilin new breakouts strike. ously, any international at- state pension funds—many with an in- an alliance. Loath to ally with the
province that have prompted tempts to investigate the ori- finitesimal likelihood of ever closing communists, Neville Chamberlain re-
another lockdown. gins of the virus. On Monday it their gaps—recommending that states sponded at various points by either
Jilin, in the country’s northeast, had reported imposed an 80.5% tariff on Australian barley af- take out even more debt crosses the ignoring these entreaties or slow-
around 120 new Covid-19 cases by this weekend. ter suspending beef imports from Down Under, line into irrationality. Advising a bor- waking talks that could have led to a
co Fo

rower that can’t pay its debts to bor- deterrent to Hitler.

It’s not clear how this cluster started—officials all to punish Canberra for publicly requesting
row even more doesn’t pass the “smell When these overtures failed, the
initially suggested the disease re-entered China such a probe. test,” or any test. Messrs. Baker and Soviets turned to Germany to seek an
from nearby Russia—but local transmission also China also thwarted Taiwan’s latest attempt Miller’s proposal for states to borrow alternative that would protect them
has occurred. Cue another general shutdown, as to attend this week’s World Health Assembly, more, sell their assets, waive immu- and, not coincidentally, reward them
the government rushed to halt transport in and the World Health Organization’s annual summit. nity provisions etc., would only delay with expanded territory. In no way
out of the region and imposed new limits on Doctors on the island were the first to warn the the day of reckoning which, if their does this excuse or lessen the evil of
daily life. world about human-to-human transmission of proposals were implemented, would the Molotov-Ribbentrop Pact, nor
This is the latest example of China’s experi- Covid-19 and have enjoyed some success in com- be an order of magnitude worse than does it deny the legitimacy of Prof.
ence confirming warnings that even draconian bating the disease. facing the music today. Remember, “if Johnson’s larger point, but one must
lockdowns don’t eliminate the coronavirus. Wu- This matters because China holds important you find yourself in a hole, stop dig- acknowledge the historical record.
han, where the outbreak started, saw a new clus- lessons for the world about the virus’s origins ging.” Their proposal would create a THOMAS SCHICK
graveyard of states. Brooklyn, N.Y.
ter of cases emerge last week. None of these and the efficacy of lockdown strategies. We hope
n-

AARON HARBER
rounds have been as severe as the original out- officials are being honest about what’s happen- Lafayette, Colo.
break in Wuhan, which the government says ing now in Jilin, but it’s impossible to trust Bei- Economics and Psychology
claimed nearly 4,000 lives in the city. jing or local Communist Party apparatchiks
But this highlights how the virus will be with when their instinct on so many other aspects of Covid Focus Is Disrupting Of Lockdown Drink and Pot
no

us for a long time if there is no vaccine, and the coronavirus has been to conceal and misdi-
Western governments will have to decide rect. It’s a pity no one asked Chinese President
Other Medical Research
whether they can stand to reimpose lockdowns Xi Jinping about this when he addressed the Regarding Kevin Sheth’s “Medical
when new clusters inevitably appear. WHO confab on Monday. Research Is Locked Down, Too” (op-
ed, May 5): As a participant in a two-
year clinical trial for a promising
The Mueller-Rosenstein Logan Act drug for treatment of Parkinson’s dis-
ease, I wholeheartedly endorse Dr.
Regarding Erica Komisar’s “In
Lockdown, Pot and Booze Are Bad
News” (op-ed, May 13): Although
Pennsylvania did close its liquor
stores at the beginning of its shut-
down, it started reopening them
when its citizens began leaving their
homes and driving to nearby states to

T
Sheth’s opinion that we must find a replenish their stock. Once again, we
he continuing prosecution of Michael to prosecute,” a reason the FBI never opened way to continue the thousands of were reminded of a lesson we learned
Flynn is a miscarriage of justice on an independent criminal investigation on a Lo- clinical trials underway around the during Prohibition. You cannot legis-
many levels, but one angle that de- gan basis. world regardless of any pandemic. late irresponsible behavior. You
serves more attention is the Yet, strangely, the Logan Millions of patients with scores of merely drive it underground.
reliance by Justice officials on How a musty 1799 law Act rationale somehow made diseases are counting on these trials. MIKE CARUSO
the Logan Act as an investiga- it into the memo that then Thousands of participants have in- Bethlehem, Pa.
tory excuse.
became an excuse to Deputy Attorney General Rod vested hundreds of hours in these tri-
The Logan Act is the ap- squeeze Michael Flynn. Rosenstein wrote in August als, and pharmaceutical companies It’s easy to understand why pot
have invested millions of dollars in and liquor stores are “essential” and
pendix of U.S. statute books, 2017 laying out the scope of
these clinical trials. Research has beauty and barber shops aren’t. The
a law that serves no useful special counsel Robert Muel- been gathered and the trials must be former pay heavy taxes to both the
purpose. The 1799 law bars private citizens ler’s investigation. A section of the memo is de- resumed soon to avoid a serious set- state and federal governments while
from intervening in disputes between the voted to Mr. Flynn, authorizing the Mueller back and unnecessary delay in bring- the latter don’t.
United States and foreign governments. No team to investigate “crimes” he may have com- ing new life-saving drugs to market. VIRGINIA BUTTERWORTH
American has ever been convicted under the mitted by “engaging in conversations with Rus- TIMOTHY P. O’REILLY Middletown, R.I.
law, though it is sometimes exploited for polit- sian government officials during the period of Philadelphia
ical ends. President Trump has picked up the the Trump transition.”
Logan chant in attacking former Secretary of Why was Mr. Rosenstein giving Mr. Mueller Pepper ...
State John Kerry’s private talks with Iran’s permission to indulge a dubious prosecutorial Founders Got Judges Right And Salt
foreign minister. theory that was dropped by his own department After reading your editorial “The
THE WALL STREET JOURNAL
The law was especially dubious in applica- eight months earlier? Mr. Rosenstein wrote his Chief Justice Quashes a Political
tion to Mr. Flynn, who as Mr. Trump’s appointee scope memo nearly three months after Mr. Stunt” (May 11) I could only think
as national security adviser in late 2016 and Mueller’s appointment, and it reads like the spe- how, once again, the Founding Fathers
early 2017 would naturally talk to foreign offi- cial counsel team grasping at any legal tactic it got it right. Can you imagine if the
cials. He needed to get to know people he would could find to pressure Mr. Flynn. In the end even federal judiciary were elected? Thank
God for the life tenure that insulates
soon deal with. Obama Administration officials the special counsel’s office dropped its Logan
our federal judges from this nonsense
apparently resented that Mr. Flynn was discuss- Act pursuit and squeezed Mr. Flynn to cop to ly- and the likes of Sen. Sheldon White-
ing President Obama’s December 2017 sanc- ing to the FBI when even the interviewing FBI house and his threatening-letter cabal.
tions against Russia for meddling in the U.S. agents weren’t sure he was lying. GREGORY A. BEDELL
election with the Russian ambassador to the Mr. Rosenstein hasn’t had to explain his Chicago
U.S. Yet whatever the wisdom of his conversa- scope memo in public and under oath, and we’d
tions, the Logan claim is silly. like to hear him do so. We hope the Senate Judi-
Letters intended for publication
The Justice Department made this clear two ciary Committee puts the question to him when should be emailed to wsj.ltrs@wsj.com.
weeks ago in its court filing seeking to drop its Chairman Lindsey Graham begins hearings on Please include your city, state and
charges against Mr. Flynn. The filing explains the Russian collusion investigation in early telephone number. All letters are sub-
that even the Obama Justice Department aban- June. While they’re at it, how about repealing ject to editing, and unpublished letters “Well, I have some good news
cannot be acknowledged.
doned a possible Logan charge as too “difficult the Logan Act? and some lab results.”
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
THE WALL STREET JOURNAL.
The U.S. Doesn’t Need a New Cold War
By Robert B. Zoellick
T
he U.S. approach toward
China now relies on con-
frontation and accusation.
Yet in diplomacy, as in
war, the other side gets a
vote. On May 22 China will convene
two of its annual summits, the Na-
tional People’s Congress and the Po-
litical Consultative Conference. The
Communist Party will choreograph
messages carefully: The collapse of
communism in the Soviet Union
casts a long shadow in Beijing, and
Covid-19 came close to shaking the
party’s legitimacy. In Chinese his-
tory, diseases, famines and other
natural disasters have foretold the
end of dynasties.
President Xi Jinping will want the
gatherings to herald China’s relative
success in handling the virus, its
emerging economic recovery, and its
role in a global “community of
shared interests,” as he has previ-
ously called the world order. He
Proponents of heightening
the conflict with China
understate the diplomatic
successes of recent years.
needs to moderate Beijing’s propa-
ganda overreach and its emissaries’
heavy-handed responses to critics.
Chinese historians recall that past
spasms of patriotic and party fer-
vor—the Boxer Rebellion and the
Cultural Revolution—scared the
world.
How will the U.S. respond? The
proponents of a “New Cold War”
have declared their objections to
China, but not what they plan to ac-
complish. When I worked with Secre-
tary of State James Baker during the
closing years of the old Cold War, we
focused on what we wanted to get
done—results, not mere expressions
of dissatisfaction.
The New Cold Warriors can’t con-
tain China given its ties throughout
Let Children Go to Summer School
By Robert C. Hamilton
A
s Americans begin to poke
their heads out of their homes
and behold the destruction
around them, it’s time for some bold
decisions. Start by getting children
back to school.
Studies from around the world
have confirmed that Covid-19 in chil-
dren is a well-tolerated infection. In
one large survey of coronavirus pa-
tients, only 1.7% were under 18.
Nearly 70% of those were asymptom-
atic. Between 5.7% to 20% of those
infected required hospitalization and
no deaths were reported.
The only exceptions are the rare
occurrences of pediatric multisys-
tem inflammatory syndrome, a
condition similar to Kawasaki dis-
ease that can affect the heart and
coronary arteries. In remote Senate
testimony last Tuesday, Anthony
Fauci cited this syndrome in urging
caution when it comes to releasing
children from pandemic measures.
But the condition is so rare—in
New York City there have only
no
been 145 cases as of publication—
that it doesn’t justify keeping kids
in lockdown.
The school shutdown brought on
Limit FISA Surveillance to Foreigners
By Thomas J. Baker
M
ichael Horowitz, the Justice
Department’s inspector
general, has documented
numerous inaccuracies in the Fed-
eral Bureau of Investigation’s war-
rant applications under the Foreign
Intelligence Surveillance Act. The
sloppiness is shocking but not the
worst of it. As Congress debates
the FISA’s reauthorization, it
should answer the urgent need for
reform.
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Rupert Murdoch
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China’s Xi Jinping visits a port in Zhejiang province, March 29.
the world; other countries won’t join
us. Nor can the U.S. break the re-
gime, though the Communist Party’s
flaws could open cracks within its
own society. The U.S. can impose
costs on China, but to what end, and
at what price to Americans? After
three years of bluster and tariffs,
President Trump negotiated a nar-
row trade deal with China. Even be-
fore the pandemic the deal was un-
likely to be fulfilled, and now it looks
fanciful.
The New Cold Warriors expunge
the successes of past U.S. coopera-
tion with China. Beijing was once a
wartime enemy, a supplier of proxy
foes in North Korea and North Viet-
nam, and the world’s leading prolif-
erator of missiles and nuclear weap-
ons technology. Beginning in the
1990s, China reversed course and
worked with the U.S. to control dan-
gerous weapons. It turned from pro-
liferation partnerships with Iran and
North Korea to helping the U.S.
thwart their development of nuclear
on
arms. From 2000 to 2018, U.S. diplo-
macy prodded Beijing to support 182
of the 190 United Nations Security
Council resolutions that imposed
sanctions on states. China also as-
us ,
sisted U.N. peacekeeping and helped
l
Washington end the genocide in Dar-
e
al a
fur, Sudan.
China became the largest contrib-
utor to global economic growth. Bei-
ci on
er s
by the virus, however, will have sub-
stantial negative effects for many
m er
children. Educating kids remotely is a
herculean task, and those attempting
it deserve our utmost praise, but sur-
veys indicate it isn’t going well.
On March 30 the Los Angeles
m rp
Unified School District reported that
15,000 of its high-school students
hadn’t checked in with their schools
once since they closed two weeks
earlier. The majority of the district’s
co Fo
students come from low-income
homes, which may not have home
computers or access to high-speed
internet. Another 40,000 LAUSD
high schoolers—one-third of the
student body—weren’t in daily con-
tact with their teachers.
Confining children indoors for
prolonged periods is also proving to
have a negative influence on their
psychological health. Psychologists
openly worry about depression,
stress, loneliness and the sense of
n-
vulnerability this prolonged isolation
could inflict on children. The situa-
tion is even bleaker for those trapped
in abusive homes. Childhelp reported
a 20% increase in calls and 439% in-
crease in texts to its child-abuse
hotline at the end of March.
The White House’s guidelines for
Mr. Horowitz’s staff reviewed a
sample from a recent five-year pe-
riod, October 2014 to September
2019, during which the eight FBI
field offices applied for more than
700 surveillance warrants on U.S.
persons. Each of the reviewed files
contained errors, inconsistencies
and omissions. After reviewing the
report, the FISA court’s Chief Judge
James E. Boasberg issued a rare
public order. He told the govern-
ment to undertake steps to ensure
the accuracy of FISA applications.
Robert Thomson
Chief Executive Officer, News Corp
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Chief Executive Officer and Publisher
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OPINION
Covid-19. We must learn how to pro-
tect ourselves against future epidem-
ics more quickly. America also needs
a strong recovery, which will require
a growing global economy, including
China. Washington must anticipate
financial weaknesses from moun-
tains of debt and experimental mon-
etary policies. Environmental and
JU PENG/XINHUA VIA ZUMA WIRE
energy risks will require interna-
tional cooperation and innovation.
We have begun a huge digital trans-
formation. Terrorists have not re-
tired, and dangerous would-be re-
gional hegemons still seek weapons
of mass destruction. And we need to
deal with China.
The U.S. strategy to address these
challenges must begin with its allies.
Europe’s role will be especially vital.
jing cut its current-account surplus Europeans have enjoyed Beijing’s ben-
from about 10% of gross domestic efits but also have felt China’s heavy
product to near zero, which drove hand. Most Europeans do not want to
world-wide expansion. For 15 years become Chinese tributary states, but
China was the fastest-growing desti- they may adopt a benign neutrality to-
nation for U.S. exports. It stopped ward Beijing. America’s appeal could
manipulating its exchange rate. Dur- tip the balance. The New Cold War-
ing the financial crisis, Beijing riors ignore how Washington led in
pushed the largest and quickest defining shared objectives with allies
stimulus and helped stave off global during the Cold War—prodding, but
depression, while cooperating closely also compromising, and combining
with the U.S., the International Mon- idealism with pragmatism. America’s
etary Fund and the World Bank. European and Indo-Pacific partners
China is also a leading innovator know addressing today’s problems will
in non-fossil-fuel technology, though require working with China, even if
it is the largest emitter of green- countries need to develop separate
house gases. The U.S. and its allies systems in critical areas such as tele-
successfully pressured Beijing to ban communications.
sales of elephant ivory, but China The U.S. must have the military
still permits illegal trafficking in rare means to deter aggression against vi-
species. This pandemic will likely tal interests and allies. America
prompt China to change its treat- should also promote the cause of free-
ment of wildlife. dom, which hasn’t been a Trump pri-
Over the past 50 years, America’s ority, and be a steady friend to other
prudent and persistent policy toward free countries. Even with authoritar-
Taiwan, combined with Beijing’s re- ian competitors such as China, the
luctant restraint, has enabled democ- U.S. should emphasize human aspira-
racy to prosper safely.
This doesn’t mean that all is well
with China. But it is flat wrong to
suggest that working with China has
tion, not name-calling. We want to ap-
peal to the Chinese public, not insult
them. The U.S. needs to offer allies
and the world an attractive approach,
not served U.S. interests. Self- which must include working with
deception will lead to dangerous China on mutual interests.
diplomacy.
The U.S. and its partners face a Mr. Zoellick is a former World
staggering set of challenges. We Bank president, U.S. trade represen-
need to find medical solutions to tative and deputy secretary of state.
reopening puts schools in the sec- parents. Masks, social distancing,
ond of three phases. But the data reduced student classroom numbers
show that keeping children isolated and antigen/antibody screening of
inside is worse for them than letting students and teachers should all be
them out into a world with corona- considered. Likewise, medically
virus. Happily, President Trump ex- compromised children who are
pressed his support for getting kids themselves at risk for Covid-19 in-
back into classrooms Wednesday, fection may need to continue with
saying that the virus has had “very remote schooling.
little impact on young people.” Wisdom and creativity must pre-
vail in these policy decisions, but
children—a demographic group that
Reopening classrooms has received scant consideration
during the pandemic—need to re-
brings risks. But they can turn to some semblance of nor-
be mitigated, and isolation malcy. Their education, mental
health and in some cases even lives
costs kids far more dearly. are at risk. Heading back to school
marks the start of this process.
Even five or six weeks of instruc-
Reopening schools should be car- tion this summer would help jolt
ried out with caution, but it can be students out of the academic coma
done. Early evidence indicates that into which many have fallen. It
children rarely transmit Covid-19 to would also provide some welcome
adults. For instance, a child who relief to many weary newly minted
tested positive for Covid-19 in the home-schooling parents who—from
French Alps did not pass the virus observation in my pediatric office—
on to anyone, despite being exposed are going crazy more quickly than
to more than 100 people. But be- their kids.
cause children can be asymptomatic
carriers of infection, school adminis- Dr. Hamilton practices pediatrics
trators will still need to consider in Santa Monica, Calif., and is au-
and protect at-risk teachers and thor of “7 Secrets of the Newborn.”
Yet inaccuracy isn’t the only prob- The inspector general’s find-
lem. The use of FISA against a U.S. ing—700 FISA warrants against U.S.
citizen presents a fundamental persons, by eight FBI offices in
threat to civil liberties. It essen- over five years—shows that the use
tially suspends the Constitution. of this intrusive tool against Ameri-
After FISA was enacted in 1978, cans has become routine. Unlike
FBI Director William Webster set criminal warrants, this process
the standards for its use. For more takes place in secrecy. The now-
than two decades the process was quotidian FISA has led to promiscu-
used solely to gather intelligence ous spying on Americans.
on foreign agents living in the U.S.
When an American was suspected
of being an agent of a foreign The problem goes far
power, the FBI would open a crimi-
nal investigation under the Espio- beyond Carter Page.
nage Act. That requires a higher Spying on Americans is
probable-cause standard than FISA,
as the evidence gathered must be dangerously common.
usable in court.
Over the years FISA has been
amended to allow for the surveil- Attorney General William Barr
lance of Americans. But there were correctly characterized as “malfea-
safeguards. Before 2016, it was FBI sance and misfeasance” the abuse
practice to use FISA coverage on an of Mr. Page’s rights. Mr. Barr has
American only if the subject had a also urged Congress to keep this
security clearance, possessed na- “important tool.” FISA should be
tional-security information, and kept—but only for its original pur-
had shown a willingness to share pose: to gather intelligence on for-
information with a foreign power. eign agents.
(Carter Page didn’t even hold a se- The FBI, in response to the most
curity clearance.) recent inspector general’s report, is
The number of FISA warrants in- implementing internal reforms it
creased over the years. The FISA characterizes as “foundational.”
court reports only 200 in 1979, its Amending FISA to forbid, or strin-
first full year of operation. By gently limit, the targeting of U.S.
2000, the number had risen to persons is the real foundational re-
1,000 annually. After 9/11, the num- form. Congress should take it up.
ber was as high as 2,000 in some
years, and the approach to approv- Mr. Baker is a retired FBI special
ing them was looser. agent and legal attaché.
Tuesday, May 19, 2020 | A17
Why Does
Reopening
Polarize Us?
By Dan Crenshaw
T
he debate over reopening the
economy has a peculiar charac-
teristic: It breaks down almost
entirely along political lines. Liberals
emphasize the dangers of an open so-
ciety, shaming those who want to go
back to work. Conservatives argue the
opposite. Red states are steadily re-
opening, while most blue states lag.
House Democrats believe it isn’t safe
for lawmakers to go back to work,
while the Republican-controlled Sen-
ate is back in session.
It isn’t obvious that such a debate
should be partisan, yet it is. Why? One
popular explanation is that all roads
lead to President Trump. Whatever he
says, the left will say the opposite.
Geographic distribution has also
been proposed as a factor. Liberals
tend to pack into crowded cities,
where the virus spreads more easily,
while conservatives populate the
more rural, safer regions. This expla-
nation is neat but fails to explain the
divide within cities, where Republi-
cans support reopening more than
their Democratic neighbors.
The divide over lockdowns
reflects deeper differences
in attitudes about risk,
liberty and morality.
.
ly
Another factor is that the eco-
nomic fallout has harmed working-
class, high-school-educated Ameri-
cans far worse than the liberal-
leaning college-educated. It is easy to
“prioritize public health” when you
work comfortably from home.
Finally, the far left is treating the
lockdowns and the consequent eco-
nomic devastation as an opportunity
to “restructure” America into a so-
cialist utopia. So they’re in no rush.
These factors contribute to the
partisan divide, but I believe a com-
plete account would take us deeper,
into the realm of psychology and mo-
rality. Liberal and conservative brain
function has been shown to differ
considerably during exercises in risk-
taking. These differences led re-
searchers to conclude that socially
conservative views are driven, at
least in part, by people’s need to feel
safe and secure. While liberals pres-
ent themselves as more open to expe-
rience and change, conservatives
seem more likely to protect that
which we know. This divide appears
to apply to multiculturalism, tradi-
tional institutions and financial risk,
but not all unknown risks.
Today conservatives are the ones
ready to confront risk head-on. That’s
consistent with my experience in the
military, where the overwhelming
majority of special operators identify
as conservatives. Recent data confirm
my experiences, indicating that high-
risk civilian occupations tend to be
filled by those who lean right. If con-
servatives show more brain activity
when processing fear, they also seem
better at overcoming it.
Liberals are also more comfortable
with a government that regulates
more behavior and provides more
services. They often say, “You can’t
be free if you don’t have service X, Y
and Z.” Such statements sound non-
sensical to conservative ears. The
conservative emphasis on personal
responsibility leaves less room for
the government micromanagement
we’re witnessing now.
Conservatives understand basic
morality differently, too. Research
shows that among the five moral
foundations—care, fairness, authority
and tradition, in-group loyalty, and
purity—liberals prioritize care and
fairness, while conservatives engage
all five about equally. The liberal
weighting means that far more em-
phasis is placed on a single consider-
ation—“If it saves even one life . . .”—
to the exclusion of others, such as the
costs to society. Liberals equate those
costs with simple monetary hardship,
easily replaced by a government
check. Conservatives realize economic
devastation may affect lives for years,
altering their entire trajectories.
The liberal approach betrays a lack
of imagination. Just because you dis-
like Mr. Trump doesn’t mean he must
be wrong here. Just because you can
work remotely doesn’t mean others
can, too. Just because you don’t want
to confront risk doesn’t mean others
should be prevented from doing so.
Just because you have a single-dimen-
sional view of “caring” doesn’t mean
we can afford to ignore the conse-
quences of economic devastation.
It is time to reopen America in a
smart and deliberate fashion and
stop calling people murderers be-
cause they want to get back to work.
The American people are responsible
enough to live free and confront risk.
Let them do so.
Mr. Crenshaw, a Republican, rep-
resents Texas’ Second Congressional
District.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

A18 | Tuesday, May 19, 2020 THE WALL STREET JOURNAL.

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Some See Gaps in Huawei Sales Ban
Huawei Technologies Co.
said Monday the Trump ad-
ministration’s move to thwart
its access to semiconductors
will damage its ability to
maintain its telecommunica-
tions networks.
But some China experts who
have closely studied the rule
say that it may not accomplish
that goal—similar to when the
administration last year put
Huawei on a blacklist, only to
have Huawei’s U.S. suppliers
figure out a way around the
move by shipping from over-
seas facilities instead.
JEFF LAUTENBERGER FOR THE WALL STREET JOURNAL
Shoppers lined up to enter the Foot Locker at Baybrook Mall southeast of Houston on Saturday, About half of the mall’s 200 stores remained closed due to the coronavirus.
Uneven Rules, Thin Traffic as Malls Reopen
On Saturday morning Tra-
cie Giarmo drove 30 minutes
to Toledo, aiming to escape
Michigan’s store closures and
take advantage of just-re-
opened Ohio malls.
By Sarah Nassauer in
Toledo, Ohio; Cameron
McWhirter in Atlanta
and Elizabeth Findell
in Houston
At the Franklin Park Mall in
Toledo, about half the stores in-
side were still closed, including
Macy’s, Dillard’s and the Apple
Store. The mall’s Pottery Barn
closed last year, part of a wider
pullback on physical stores as
shopping has shifted online.
Ms. Giarmo, a 56-year-old
nurse wearing a face mask,
had come to the mall to help
her daughter and future
daughter-in-law register at
Macy’s and Pottery Barn for
their coming weddings. “Now
we aren’t sure what we will
do,” she said.
Many U.S. malls were strug-
no
gling to attract shoppers and
keep tenants before the coro-
navirus pandemic. Most closed
in March, deemed nonessential
businesses by local govern-
ments. Some malls are now re-
opening, as those regulations
are softened, often to smaller
crowds and with many stores
still shut.
Foot traffic during the first
week of May fell an average of
83% compared with last year
at a handful of reopened malls
in seven states, including
Georgia and Texas, according
to Placer.ai. The research firm
uses cellphone data to gauge
SmileDirectClub Sues
NBC for News Reports
BY BENJAMIN MULLIN
Teledentistry company
SmileDirectClub Inc. sued Com-
cast Corp.’s NBCUniversal, seek-
ing nearly $3 billion in damages
for what it alleges were defama-
tory news reports about the
company’s treatment methods.
The suit, filed Monday in a
Tennessee court, focuses on a
Feb. 13 “NBC Nightly News”
segment that described com-
plaints by some SmileDirect-
Club customers and warnings
about teledentistry from an or-
thodontics professor. The law-
suit also says that an online ar-
ticle accompanying the segment
is inaccurate.
SmileDirectClub’s complaint
claims that the reports from
* * * **
S&P IT À 2.56%
By Bob Davis in
Washington and Dan
Strumpf in Hong Kong
The U.S. move is designed to
cut Huawei off from non-U.S.
companies that manufacture
chips used in Huawei’s cellular
base stations and servers as
well as its own smartphones.
Huawei called the move “ar-
bitrary and pernicious” in a
statement Monday, saying the
U.S. action “will impact the ex-
pansion, maintenance and con-
tinuous operations of networks
us ,
al a
ci on
The Franklin Park Mall in Toledo, Ohio, reopened last week.
Nearly 60% of the stores remained closed.
er s
What’s open at the Franklin Park Mall
m er
Open store Closed store
m rp
1 distance between cars in the
co Fo
2 Every other bathroom sink is
n-
Store status
57 Open
Source: Franklin Park Mall
consumer foot-traffic and
found that more shoppers vis-
ited the malls over the course
of that week.
“The pace of recovery is
picking up speed,” Placer.ai
NBC News contained numerous
errors involving the safety and
effectiveness of its products,
and that the network knew its
stories about SmileDirectClub
were untruthful.
“NBC must be held account-
able for its abuse of power and
betrayal of trust,” SmileDirect-
Club said in its lawsuit. “View-
ers and readers across the
country turn to the media for
the information they need to
make decisions about their
health and well-being.”
NBC News said, “We stand
by our reporting and believe
this is a meritless claim.”
SmileDirectClub, a Nashville-
based company with hundreds
of retail locations around the
Please turn to page B2
DJ TRANS À 7.24%
THE WALL STREET JOURNAL.
WSJ $ IDX g 0.70% LIBOR 3M 0.381
worth hundreds of billions of ultimately benefited Huawei,
dollars that we have rolled out these people say.
in more than 170 countries.” The rules say “you have to
U.S. Commerce Department stop selling to Huawei directly,”
licenses are required when
Huawei’s foreign suppliers have
“knowledge” that the products
says Willy Shih, a Harvard
Business School technology ex-
pert. “But how are you going to
are destined for Huawei and its know where it goes if you sell
affiliates or that designs for to a distributor?”
chips make use of U.S. technol- Another way to get around
ogy and or software, among the rule would be to ship to
other requirements. Huawei customers, who could
The semiconductor supply then assemble the chip or other
chain is so vast and requires product into a Huawei system,
so many different steps that said legal experts. That wouldn’t
suppliers could argue that be a shipment to Huawei, but
they didn’t know the products would benefit the company.
on
l
e
Parking lot
1 The mall suggests
customers maintain a 6-foot
parking lot and park in front of
the store they plan to visit.
Inside the mall, signs remind
shoppers to stay 6 feet apart.
2 Most food-court
restaurants are open, but all
3 A dozen shoppers waited be-
seating areas are blocked off.
blocked with a sign to maintain
social distancing.
3 Many shops that are open
limit the number of people
allowed inside at one time,
leading to lines outside Foot
Locker, Forever 21 and others.
Restaurants and fast food
70 Closed 13 16
Dylan Moriarty/THE WALL STREET JOURNAL
said in a report, but “visits are said they were eager to leave
still a far cry from ‘normal.’” their homes and get a taste of
The Wall Street Journal vis- normalcy. In some cases, they
ited three malls Saturday were making purchases that
morning in Ohio, Texas and had been delayed because of
Georgia. Dozens of shoppers store closures, though in lower
INSIDE Tesla’s Path to Joining S&P 500
Is Connected to a Profit Streak
DREW ANGERER/GETTY IMAGES
BY TIM HIGGINS
Elon Musk’s success last
week restarting production at
Tesla Inc.’s lone U.S. factory
ends one drama but sets up an-
BUSINESS other with a big question: Can
Mainstream beer the car maker park itself in the
S&P 500?
brands get a lift as Joining the index would
groceries stay open bring the prestige of belonging
while bars close. B3 to the benchmark gauge of U.S.
equities and drive index funds
to race to include Tesla’s shares
in their holdings.
WORKPLACES Inclusion in the S&P 500 re-
When a company’s quires an accumulated profit
over four consecutive quarters.
business is critical, With Tesla’s profit over its past
employees lock down three quarters—its longest run
at the office. B6 of profitability—it may be able
to join the influential index if it
NIKKEI (Midday) 20517.42 À 1.91%
Tuesday, May 19, 2020 | B1
“There are some elements of
language which create potential
gaps that are exploitable,” said
Scott Kennedy, a China special-
ist at the Center for Strategic
and International Studies. “It’s
not as blanket and comprehen-
sive” as administration officials
had said, Mr. Kennedy said.
A Commerce spokesman
said that the knowledge re-
quirement is essential to assure
technology companies that they
won’t be unfairly targeted.
“This rule stops foreign
foundries from knowingly using
Please turn to page B4
ly
numbers than a typical Satur-
day morning.
Also on full display were
the complex social dynamics
of mask wearing and a hodge-
podge of individual store rules
aimed at keeping people
healthy. Many retail workers
said they felt anxious about
coming back to work.
At Franklin Park Mall, the
food court was open, but all
seating was roped off. Aber-
crombie and Fitch, an apparel
retailer, let 25 people inside at
the same time. Foot Locker
allowed 18 people in at a time.
hind a rope barrier to enter.
The much larger Forever 21
apparel store allowed in 10
people at a time. A store
worker at the door asked those
waiting in line to put on masks
and ensure they covered noses
and mouths. A worker at the
nearby Skechers shoe store
asked customers to use hand
sanitizer before shopping.
Laurie Clauson, a 48-year-
old Toledo resident, shopped at
Dick’s Sporting Goods, the
only anchor store open Satur-
day with her son and daughter.
The family has been eager to
return to the mall to shop for
needed summer clothes and
shoes, she said. Each carried,
but didn’t wear, a face mask.
“We put them on only if the
store makes us,” said Ms. Clau-
son. Dick’s didn’t require face
masks to enter, according to
posted signs. “We bought them
just in case,” said Ms. Clauson.
Please turn to page B2
 J.C. Penney to close over 240
locations, seeks cost cuts.. B2
can defy Wall Street’s expecta-
tions and eke out another this
period.
The connection could help
explain why Mr. Musk was de-
termined to reopen the plant,
which had been idled since
March 23 by local authorities
trying to stem the spread of
Covid-19, the disease caused by
the new coronavirus.
Analysts and other observ-
ers puzzled over why Mr. Musk
pushed so aggressively to re-
start the Fremont, Calif., fac-
tory a week earlier than local
authorities anticipated—includ-
ing filing a suit in federal court
against the local authority that
ordered Tesla not to ramp up
and daring authorities to arrest
him (they didn’t). Mr. Musk
See more at WSJ.com/Markets
SoftBank
Suffers
Billions
In Losses
TOKYO—SoftBank Group
Corp. recorded the worst re-
sults in its nearly four-decade
history, as huge losses at its
$100 billion Vision Fund and
other investments threw into
question its strategy of fund-
ing digitally driven startups.
By Phred Dvorak,
Cara Lombardo
and Liz Hoffman
In addition, the technology
investment conglomerate
plans to seek buyers for about
$20 billion of its shares in T-
Mobile US Inc. as it takes
steps to pare a yearslong in-
vestment in the U.S. mobile-
phone sector, according to
people familiar with the situa-
.
tion.
Banks including Morgan
Stanley and Goldman Sachs
Group Inc. are working to
round up investors for what
would be one of the largest
stock trades in market history,
according to the people.
SoftBank owns roughly 25%
of T-Mobile after the U.S. cell-
phone giant’s recent merger
with SoftBank-controlled
Sprint. An additional 44% is
owned by T-Mobile’s longtime
parent, Deutsche Telekom AG,
with the rest trading publicly.
T-Mobile, the third-largest U.S.
wireless company, has a mar-
ket value of more than $125
billion.
Under a planned multipart
deal, Deutsche Telekom would
secure the right to buy T-Mo-
bile shares in the future to
bring its ownership stake
above 50%, which The Wall
Street Journal reported on
Monday.
In turn, SoftBank would be
released from agreements that
would have barred it from
selling most of its T-Mobile
shares for years, according to
some of the people.
There is no guarantee Soft-
Bank will go forward with the
sale or that there will be
enough investor demand at a
price the Japanese company
finds attractive.
The company said Alibaba
Group Holding Ltd. co-
founder Jack Ma—whose com-
pany has been the biggest in-
vestment success story for
SoftBank Chief Executive
Masayoshi Son—would step
down from SoftBank’s board
after 13 years. SoftBank has
slowly been paring its Alibaba
stake and disclosed further
steps in that direction on
Monday.
The Japanese conglomerate
said the Vision Fund recorded
an investment loss of nearly
$17 billion in the fiscal year
ended in March, including
more than $10 billion during
the January-March quarter, as
the coronavirus pandemic
pummeled the valuation of
companies in its portfolio.
Please turn to page B6
 Heard on the Street: Don’t
ignore cloudy vision ........... B12
complained that competing car
makers in other states were al-
lowed to reopen when he
wasn’t.
“I don’t think reopening a
week or two later than the De-
troit three or transplants mat-
ters much in the long run, but
it will matter for [second-quar-
ter] results,” said David Whis-
ton, an analyst for Morningstar
Research Services.
The local county on Monday
cleared manufacturers to re-
sume production if Covid-19-re-
lated safety requirements are
met. The local police depart-
ment that inspected Tesla’s U.S.
plant said “they were meeting
or exceeding the specific safety
protocols we were asked to
Please turn to page B11
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

B2 | Tuesday, May 19, 2020 * *** THE WALL STREET JOURNAL.

INDEX TO BUSINESSES BUSINESS & FINANCE

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
Abercrombie & Fitch...B1
Air France-KLM.........B12
Aksia............................B2
Alibaba Group B1,B4,B12
Alitalia.......................B12
Allegiant....................B12
Allyson's Flowers.......A7
Anheuser-Busch InBev
.....................................B3
Apollo Global
Management.............B2
Apple...........................A2
Arena Investors..........B2
AstraZeneca................A6
B Huawei Technologies..B1
Braskem ...................... B6
Bytedance...................A1
C
Centerbridge Partners B2
Chevron.......................A6
Comcast.......................B1
D J.Crew Group...............B2
Delta Air Lines ......... B12
Deutsche Lufthansa.B12
Deutsche Telekom
............................. B1,B12
Dick's Sporting GoodsB1
Dillard's.......................B1
DoorDash...................B12
E Marsh & McLennan ....B4
Exxon Mobil................A6
INDEX TO PEOPLE
A
Aronson, Jeffrey.........B2
B
Black, Gary................B11
C Johnson, Brian..........B11
Connolly, J. Erik..........B2
D
Dickinson, Ed..............A2
F
Facebook....................B11
Foot Locker ................. B1
Fortress Investment
Group.........................B2
FTI Consulting.............B3
G ...................................B12
Gap .............................. B2
Goldman Sachs......B1,B2
GrubHub......................A7
H Ryanair......................B12
Hertz Global................B3
Hong Kong Exchanges &
Clearing.....................B4
I Stage Stores...............B2
International
Consolidated Airlines
Group.......................B12
J Tesla............................B1
J.C. Penney..................B2
JDE Peet's...................B3
Johnson & Johnson....A6
L
LMI Aerospace............A2
M United Airlines..........B12
Macy's....................B1,B2
Meituan Dianping.......B4
Hutton, Bill.................A2
I
Iger, Robert.................A2
J
Josey, Ronald............B12
K Son, Masayoshi .......... B1
Khosrowshahi, Dara...A1
Moderna.........A1,A6,B12
Molson Coors Beverage
.....................................B3
Morgan Stanley..........B1
N-O
Norwegian Air Shuttle
Oyo Hotels & Homes..B6
P-R
Pfizer...........................A6
S ment stores, or nearly 30% of
SmileDirectClub..........B1
SoftBank Group...B1,B12
Southwest Airlines .. B12
T The 118-year-old company
Taiwan Semiconductor
Manufacturing..........B4
Tetragon Credit Partners
.....................................B2
Titan Steel..................A2
T-Mobile US.........B1,B12
U ruptcy this month.
Uber Technologies
........................A1,B6,B12
W-X
Walt Disney................A1
Xiaomi.........................B4
O
O'Leary, Michael.......B12
R
Rosner, Emmanuel....B11
S
Shah, Samit................B4
Stone, Paul..................B3
J.C. Penney to Close 242 Locations
And Reduce Expenses by $1 Billion
BY SUZANNE KAPNER
J.C. Penney Co. plans to
permanently close 242 depart-
its locations, as the retailer
tries to streamline its business
under chapter 11 bankruptcy
protection.
filed for bankruptcy on Friday,
becoming the biggest retailer
to seek court protection during
the coronavirus pandemic. Nei-
man Marcus Group Inc., J.Crew
Group Inc. and Stage Stores
Inc. have all filed for bank-
Penney said in a securities
filing Monday that it plans to
shrink its store count to 604
locations from 846 by next
year. It also plans to close two
distribution centers, reduce
corporate overhead by 25% and
cut $1 billion in expenses. It is
As Malls
Reopen,
Rules Vary
considering splitting the com-
pany into an operating entity
and real-estate investment
trust, which would allow it to
sell some stores and lease
them back.
The company declined to
disclose the list of locations
that will permanently shut or
how many jobs will be lost.
Penney had about 90,000 full-
time and part-time employees
as of Feb. 1, though it has fur-
loughed many after closing its
stores in March.
It began reopening some
locations this month and
plans to reopen another 115
on Wednesday.
The company said it wants
to supercharge its e-commerce
operations, which it plans to
grow to $2.3 billion in annual
sales by 2024, up from $1.5 bil-
lion last year.
In its business plan, Penney
said it has a strong brand but
has suffered in recent years
from confusing pricing, out-
dated marketing and a poor e-
commerce experience for cus-
tomers. It said it has taken
steps to address some issues
The retailer said the
pandemic created
“unprecedented
disruptions.”
by reducing inventory and im-
proving its digital presentation.
The company said those ac-
tions helped it to improve sales
in certain categories such as
activewear and women’s work
clothes and to expand margins
last year.
But the pandemic, which
forced Penney to temporarily
close all of its stores, created
“unprecedented disruptions” to
its business.
“The go-forward business
will be a smaller but stronger,
more effective, and more prof-
itable enterprise,” the com-
pany said.
Penney’s sales, which to-
taled $10.7 billion in the most
recent fiscal year, have fallen
every year since 2015, and it
hasn’t made an annual profit in
nearly a decade.
Its troubles date to 2011,
when it hired former Apple Inc.
executive Ron Johnson, who
eliminated discounts in favor
of everyday low prices and
dropped popular in-house
brands. Shoppers bolted. By
the end of 2012, sales had
fallen to $12.99 billion from
$17.26 billion a year earlier.

.
L T-V Continued from page B1
E At Baybrook Mall, in the

ly
Levenberg, Geoff........A7 Tordoff, Nigel..............B3
Eberhart, Dan ............. A2 southeast Houston metro area,
M Viecha, Martin..........B11
F lines formed outside some
Ma, Jack......................B1 W stores that had limited capac-
Fann, David.................B2
G-H
Gore-Coty, Pierre-
Dimitri.......................A7
Macdonald, Andrew....A7
Marinello, Kathryn......B3
Mayer, Kevin...............A1
Musk, Elon..................B1
Watson, Bart..............B3
Whiston, David...........B1
Whitworth, Brendan...B3
Williams, Bump..........B3
on ity. People streamed in and out
of Macy’s and Dillard’s, but
about half of the mall’s 200
stores remained closed. Secu-

DUSTIN CHAMBERS FOR THE WALL STREET JOURNAL

rity guards handed out free
us ,

masks, and about half the peo-

l

Distressed-Debt Funds ple chose not to wear them.

e
al a

It was the third weekend

that malls in Texas could re-

Seek Billions to Profit open. They were allowed to re-

ci on

open May 1 at 25% capacity.

Some stores at Baybrook

On Sudden Downturn offered only contactless

pickup, including Victoria’s Se-
cret, where Rebecca Smith, 54,
er s

and her granddaughter Ciara

BY WILL LOUCH fered few attractive distressed Christler, 14, stopped to grab
m er

investment opportunities even an online order. Shoppers at It’Sugar, a candy shop at Atlantic Station, a reopened outdoor mall in Atlanta.
After a decade on the side- for the savviest deal makers. Ms. Smith, a paralegal, said
lines, distressed investment “Returns in distressed debt the pair needed to get out of the
funds are back in vogue. prior to March 2020 were low,” house but was grateful for the
Firms that buy the debt of Mr. Fann said. contactless pickup and pleased
m rp

troubled companies or provide Things changed almost over- that the normally-packed mall
them with new loans are aim- night in March when the pan- was thinly populated. “I don’t
ing to raise a record sum of demic ended the longest bull come here normally; it’s too
money to take advantage of op- market in history. Previously crowded,” she said.
portunities created by the coro- healthy companies in sectors When major mall owners
co Fo

navirus pandemic. such as casual dining and lei- reported earnings last week,
Fortress Investment Group sure saw revenue fall precipi- executives said traffic was
LLC, Goldman Sachs Group tously, while those already slowly rising and more tenants
Inc. and Apollo Global Man- troubled are now fighting for planned to reopen, but local
agement Inc. are running ac- survival or in bankruptcy. laws limiting traffic vary
celerated fundraising processes Investment firms have re- widely by region.
JEFF LAUTENBERGER FOR THE WALL STREET JOURNAL

and launching new investment sponded fast. “Traffic picks up by day,”

strategies to profit from the Centerbridge Partners, a Thomas O’Hern, chief execu-
upheaval, according to people firm that combines traditional tive of Macerich Co., one of
familiar with the matter. buyouts with distressed-debt the largest U.S. mall owners,
Smaller firms that have investing, moved to take advan- told investors on May 12. “It’s
raised or are raising money to tage by activating a roughly $3 really going to be center by
target market disruption in- billion capital pool that had center, region by region.”
n-

clude Tetragon Credit Partners been on standby for four years, Macy’s Inc., Gap Inc. and
and Arena Investors, people fa- waiting for a downturn, accord- other apparel chains have an-
miliar with the matter said. ing to co-managing partner, nounced plans to slowly open
“Everybody and their sister Jeffrey Aronson. hundreds of stores this month
no

is back in the marketplace try- From March 9 to mid-April after shutting them in March
ing to raise a distressed debt the firm invested more than $2 and furloughing most of their
fund. We’ve been inundated billion across its portfolios, Mr. staff. The apparel chains are
with distressed ideas,” said Da- Aronson said. This is likely just trying to recoup some lost In Texas, many retailers encouraged customers to wear masks but the policy was not enforced.
vid Fann, vice chairman at New the beginning. “You have to sales that have recently forced
York investment advisory and recognize that this recession, companies like J.C. Penney Kemp allowed many nonessen- oncologist from suburban At- being back at work after
research firm Aksia LLC. as tough as it is, has just Co. and J.Crew Group Inc. to tial businesses to reopen, as lanta, came to Atlantic Station months of furlough. Getting
In total, firms are seeking started,” Mr. Aronson said. file for bankruptcy protection. long as they followed safety to get his son Simeon, 13, a employees to cover all the
more than $67 billion across 59 New York-based Fortress, On Friday, the government re- guidelines. haircut. The two then walked shifts was a challenge, she
funds, according to data pro- meanwhile, is tapping investors ported that April retail sales Atlantic Station, a large around a bit to see what was said. One worker declined to
vider Preqin Ltd. If they succeed, for more cash less than a year plunged 16.4% from March, in- outdoor mall set in a mixed- open and what wasn’t. come back because she had
the total would smash the record after raising nearly $8 billion cluding a nearly 90% drop in use development of Atlanta’s “Most of it was curiosity,” he asthma and another was fear-
set in 2008, when firms raised across its flagship credit and di- clothing sales. Midtown, had few customers said. They decided to get take- ful of traveling on mass tran-
$44.7 billion to profit from the rect-lending strategies, people Many large retailers expect Saturday compared with be- out ice cream and head home, sit, Ms. Jackson said.
fallout of the financial crisis. familiar with the matter said. slower sales at reopened fore the pandemic. Mr. Shelton said. The family “I was so nervous about
The upswing in fundraising Fortress wrapped up mar- stores and aren’t rushing to Most of the shopping cen- still was hunkering down, and opening today that I called
activity promises to mark a keting for both those funds late open ahead of demand. ter’s clothing stores—including buying much of what they friends in a prayer group, and
turnaround in fortunes for some last year and invested heavily “We looked at what it Gap, Athleta, H & M, Dillard’s needed online, he said. we said a prayer, but it’s been
distressed investment players, through March and April, leav- would be like to open in a way and Express—remained shut. It was the first open day OK,” she said.
who largely missed out as lever- ing its $6 billion credit fund that makes sense from a prof- Sanitation crews, all wear- since mid-March at a candy Ms. Jackson had no expec-
aged buyout and direct lending more than three-quarters de- itability standpoint, assuming ing masks, were cleaning pub- store in the mall. Staff en- tations that business would
funds raised record sums. Last ployed, people familiar with the a lower level of traffic,” Marc lic benches and railings forced rules about social dis- return to normal soon, she
year, distressed investors raised matter said. The firm is now Mastronardi, Macy’s chief throughout the area. Parking tancing and required every said. When she first came last
just over $19 billion—the lowest marketing a new credit fund stores officer, said in April. lots that were normally filled customer to wear a mask. week to clean her store for re-
figure since 2011. and direct-lending fund, seek- Georgia was one of the first had plenty of space. Not all Lurica Jackson, 46 years opening, she said the normally
The past decade of economic ing at least $4 billion in total, states to unlock its malls. shoppers wore masks. old, the candy store manager, crowded Atlantic Station
expansion and easy credit of- the people added. In late April Gov. Brian Jay Shelton, a 43-year-old said she was nervous about “looked like zombie land.”

Suit Alleges platform. The company also

says the affiliated providers can
refer patients to in-person den-
ment by the company. In one
instance, NBC News reported, a
patient said that her orthodon-
rectClub].”
SmileDirectClub attorney J.
Erik Connolly was one of the

Defamation tal and orthodontic care.

SmileDirectClub said its
market capitalization fell by
tist diagnosed her with a cross-
bite “possibly caused by”
SmileDirectClub’s dental align-
lead attorneys for Beef Prod-
ucts Inc. in its 2012 lawsuit
against Walt Disney Co.’s ABC

By NBC more than $950 million after

the report was aired and that
prospective customers canceled
their treatments.
RICHARD B. LEVINE/ZUMA PRESS
ers. In another case, a patient
said that his dentist claimed
the aligners “moved his teeth
News. That lawsuit sought $1.9
billion in damages in connec-
tion with the network’s reports
so fast that it caused some of on a textured beef product that

Continued from page B1
world, sells clear aligners
meant to straighten patients’
teeth without requiring fre-
quent visits to orthodontists’
offices. Patients use those
aligners at home and check in
with dentists and orthodontists
A SmileDirectClub ad in New York’s Times Square on the day of affiliated with SmileDirectClub,
the company’s initial public offering in September. using the company’s online
Its market capitalization
currently stands at about $2.63
billion. The company went
public in September at $23 a
share. On Monday, the stock
closed at $6.76.
The stories at issue contain
testimonials from SmileDirect-
Club patients who complained
of pain after receiving treat-
them to detach from the bone,”
according to NBC News’ re-
ports.
SmileDirectClub said in the
suit, which is seeking $2.85 bil-
lion in damages, that the
patients fabricated claims that
the company’s treatment
caused them physical problems
to “retaliate against [SmileDi-
critics dubbed “pink slime,” one
of the largest defamation cases
to go to trial in U.S. history.
The case was settled in June
2017. Disney disclosed in
August 2017 that it paid a net
sum of $177 million after insur-
ance recoveries in connection
with a settlement but didn’t
name the plaintiff.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. * * * * * Tuesday, May 19, 2020 | B3

BUSINESS NEWS

Hertz
Appoints
Pandemic Boosts Big Beer Brands
BY JENNIFER MALONEY Change in Bud Light retail-

Insider as When the apocalypse came,

Americans bought Bud Light.
store sales from a year earlier
5%

New CEO Big beer brands had been

losing ground for years before
the coronavirus struck. Now 5
BY DAVE SEBASTIAN drinkers are turning back to
mainstream beers as the crisis
Hertz Global Holdings Inc. shifts sales from tap rooms to 
named a new leader as the car- grocery store aisles, giving a
rental company’s future is in boost to giant beer companies
jeopardy amid the decimation while putting small craft –5
of global travel caused by the breweries in peril.
Covid-19 pandemic. The crisis has reversed the
The Estero, Fla., company trajectory of long-declining
–5
named Paul Stone as its presi- beers such as Bud Light, Miller
dent and chief executive, effec- Lite and Coors Light, but it isn’t
tive Monday. Mr. Stone, who clear how long the effect will
was the company’s executive last. The biggest U.S. brewers –75
vice president and chief retail are hoping some of the people Dec. Jan. Feb. March April
operations officer for North who have returned to these 2019 2020
America, succeeds Kathryn American lagers will stick with Source: Cowen analysis of Nielsen data
Marinello, who resigned from them after the lockdowns lift.
her positions. The more permanent im- tively strong sales of its main-
Ms. Marinello, who served as pact may be on small craft stream and budget brands in-
CEO for 3½ years, will remain brewers, some of whom al- cluding Miller Lite, Coors

SCOTT W. GRAU/ICON SMI/ZUMA PRESS

in a consulting position with ready have gone out of busi-
ness because of the pandemic.
The coronavirus crisis has
Paul Stone shut restaurants, bars, tap
was executive rooms and other out-of-home
vice president venues that together make up
and chief retail about 18% of U.S. beer sales. A
operations jump in retail-store beer sales
officer for hasn’t entirely made up for
North America. those losses, but it has given
new life to flagging main-
stream beer brands.
the company for up to a year to Beer drinkers have turned to
support the transition, the com- box stores and grocery stores,
pany said. and they are buying beer in 24-
Budweiser maker said its net sales grew in the U.S. by 1.9% in the first quarter despite the global crisis.
survey by the Brewers Associa-
tion, an industry group
The shift in buying behav-
as Americans brace for a pro-
longed economic downturn.
“It’s not so much of a time for
Light, Keystone Light and
Miller High Life.
Brendan Whitworth, chief
sales officer for AB InBev’s
U.S. business, said he expects
consumers to go back to
bars—and to craft beer. But
some coronavirus-era habits
may stick, he said, such as or-
dering booze online or doing
curbside pickup. And many
consumers might be looking
fan in college and a few years for more affordable options.
ago got interested in craft There were more than 8,000
beers. Since the coronavirus craft breweries in the U.S. as of

.
Hertz hired FTI Consulting and 30-packs so they can make ior has been a boon for mega- trying out all sorts of new and lockdown began, the 28-year- April, the Brewers Association
Inc. as a restructuring adviser fewer trips. Shoppers are ex- brewers such as Budweiser different things if incomes are old lead-paint inspector in Buf- said, and the churn rate was

for a planned bankruptcy, on perimenting less, gravitating to
top of other legal and financial brands they trust and looking
help, The Wall Street Journal for healthier, lower-calorie
reported earlier this month.
Ms. Marinello last week said
the coronavirus pandemic cre-
ated “a major business disrup-
beers. Some people, out of work
or watching their budgets, are
trading down to cheaper op-
tions. And distributors and re-
onfirst quarter despite the global
tion as global travel demand tailers, looking to simplify their
us ,
maker Anheuser-Busch InBev
SA, which said its net sales
grew in the U.S. by 1.9% in the
crisis.
Sales of mainstream beers
like Bud Light and Coors Light
in U.S. retail stores fell 3.1% in
under pressure,” Coca-Cola
Chief Executive James Quincey
said on a call with analysts last
month. “You tend to go back to
what is known.”
Coronavirus shopping pat-
terns are benefiting big beer
brands across the price spec-
ly
falo, N.Y., has driven around high. Because of the steep com-
each Friday night to buy a four- petition and the challenges of
or six-pack from tap rooms of- operating a small business, the
fering curbside pickup. But he
also has found himself drinking
more Bud Light. He and his girl-
friend bought a 30-pack re-
Brewers Association before the
pandemic projected that 400
breweries would close this year.
But now more are consider-
cently to play a virtual round of ing going out of business. In

dropped to almost zero and the supply chain, are trimming the 2019. Since coronavirus pan- trum, from budget beers like beer Olympics with friends. early April, a Brewers Associa-
l

U.S. used-car market effectively number of products they carry. try-loading began in early Keystone Light and Natural “It was definitely nostal- tion survey found 60% of craft
e
al a

shut down.” Hertz, in its May 11 All of those factors are hurt- March, sales in that category Light to pricier brews like Mi- gic,” Mr. Jackson said. brewers said they wouldn’t be
quarterly filing, warned there is ing small craft brewers, which have jumped 10.7% from the chelob Ultra and the biggest And he drank Bud Light to able to stay in business if so-
“substantial doubt that we will make most of their sales in same period a year ago, ac- craft beer brands like Sierra celebrate his brother’s 21st cial-distancing measures con-
ci on

be able to continue as a going their own tap rooms. Many
concern.” The company re- craft beer brands aren’t distrib-
ported a $356 million net loss uted in retail stores. For most
in the first quarter as it missed craft breweries, on-site sales
operating-lease payments for were down by more than 70%
er s
cording to an analysis of Niel-
sen data by beer-industry con-
sultant Bump Williams.
Companies across sectors,
including Procter & Gamble Co.,
Nevada and Blue Moon, a
craft-style beer owned by
Molson Coors Brewing Co.
The trend has also fueled the
continuing craze for hard selt-
birthday on Saturday. tinued for three months.
“Consumers are behaving Smaller craft brewers often
very differently to how they have high overhead costs,
were even four months ago,” heavy debt loads, minimal
said Nigel Tordoff, chief cus- cash reserves and little or no

its U.S. rental-car fleet. in early April, and sales of craft Nestlé SA and Coca-Cola Co., zer, pushing sales of White tomer officer at Molson Coors, distribution in retail stores,
—Nora Naughton beer to bars and restaurants have reported a similar con- Claw to new heights. which swung to a loss in the said Bart Watson, economist
m er

contributed to this article. had evaporated, according to a sumer shift to big-name brands Joel Jackson was a Bud Light first quarter but reported rela- for the Brewers Association.

Owner of Peet’s Chain Bets on

m rp

Coffee’s Strength With IPO Plans

OUTSTEER.
BY BEN DUMMETT
co Fo

AND SAABIRA CHAUDHURI

The investment firm behind

Peet’s Coffee, Pret A Manger
and Panera Bread is pushing
ahead with an initial public of-
fering of its coffee business,
aiming to raise up to €2 billion
($2.2 billion), according to a
person familiar with the mat- ACTIVE INVESTMENT MANAGEMENT ACROSS
PUBLIC AND PRIVATE MARKETS GLOBALLY.
ter—a bet that coffee’s resil-
ience will appeal to investors
ALEX TAI/SOPA IMAGES/ZUMA PRESS

amid uncertainty over the coro-

n-

navirus pandemic.
The planned offering of JDE
Peet’s by JAB Holding—which
also owns Krispy Kreme and
Navigating volatility for market-leading opportunities to generate alpha*
no

Keurig Dr Pepper—would likely

be the largest European IPO so
far this year and among the top Managing risk with a controlled framework, stress-tested for resiliency
three globally, according to De-
alogic. JAB first unveiled plans The initial offering would be the largest in Europe so far this year. Diversifying client porfolios with solutions across asset classes
for a possible IPO in December
and intends to proceed in the four weeks to May 2, according Starbucks has been reopen-
coming weeks because demand to research firm Nielsen, while ing many of its U.S. stores but
for coffee typically remains ro- single-serve coffee rose 16%. only for drive-through, delivery Looking beyond short-term volatility with a long-term
bust in downturns, the person Nestlé SA last month re- and pickup sales. Peet’s earlier
said. ported strong first-quarter this month began reopening its perspective is critical today. PGIM’s active approach
JDE Peet’s owns brands sell- sales of its coffee, saying the stores too, but with customers to investing is designed to pursue a broad range of
ing coffee through cafes and Starbucks-branded coffee it ordering and picking up at the opportunities created by the current environment.
grocery stores, including Peet’s sells in grocery and retail front door.
Coffee, Jacobs Coffee, Douwe stores did particularly well. JAB-owned businesses have Deep expertise across asset classes has propelled
Egberts, Senseo and Tassimo. However, cafe chains were sought to capitalize on greater our rise to a Top 5** manager in fixed income,
About 80% of JDE Peet’s coffee badly hit by lockdowns. Star- demand for at-home coffee.
is sold for at-home consump- bucks Corp. last month said Pret A Manger recently real estate, alternatives and emerging markets.
tion, a market that has held up global same-store sales launched a range of ground and
so far. dropped 10% in its second whole-bean coffee sold on Am-
Find out more at PGIM.com
U.S. sales of ground coffee at quarter as a result of the crisis, azon.com Inc. and its stores,
grocery stores and similar the first downturn by that mea- which it has been reopening for
channels jumped 11% in the sure in nearly 11 years. takeout service.

Ex-KPMG Auditors Settle With SEC

BY DAVE MICHAELS pass continuing-education
tests, the SEC said in June
Three former partners at 2019.
KPMG LLP agreed Monday to The SEC on Monday an-
temporary suspensions from nounced the first three indi-
public accounting roles over viduals to face discipline for
cheating on training exams, sharing answers to training
the Securities and Exchange tests, which KPMG accoun-
Commission said. tants must pass to continue
The settlement is the latest doing audit work. Former
fallout from an SEC ethics KPMG audit partners Timothy
probe that resulted in KPMG Daly, Michael Bellach and
paying a $50 million civil John Donovan were accused
penalty to resolve. of taking part in the cheating.
The case involved senior Attorneys for Messrs. Daly,
KPMG employees who were Bellach and Donovan didn’t
accused of using confidential return emails and phone mes-
regulatory information to bet- sages seeking comment. They
ter prepare for oversight ex- settled the SEC’s claims with-
aminations and other audi- out admitting or denying
tors who allegedly cheated to fault, and none of the settle-
ment orders imposed fines.
A KPMG spokesman said
the sanctions were expected
after the accounting firm set-
tled the SEC’s claims in June
2019. FIXED INCOME | EQUITIES | REAL ESTATE | ALTERNATIVES | PRIVATE CREDIT | QUANT SOLUTIONS
Separately, at least four
other former KPMG auditors
faced civil and criminal
charges for roles in a scheme, *Alpha indicates the performance, positive or negative, of an investment when compared against an appropriate standard,
which came to light in 2017, typically a group of investments known as a market index.
**Pensions & Investments’ Top Money Managers list, May 27, 2019. Pensions & Investments Real Estate Manager Survey,
to improperly obtain confi-
September 2019. Based on worldwide real estate AUM as of December 31, 2018. Willis Towers Watson’s Global Alternatives
dential information about Survey, July 2017. AUM as of December 2016. Ranking is based on the aggregate AUM aggregated by parent company in all
which of KPMG’s audits would alternative assets classes, regardless of sub-asset class.
be inspected by the Public © 2020 Prudential Financial, Inc. (PFI) and its related entities. PGIM, Inc., is the principal asset management business of
Company Accounting Over- PFI and is a registered investment advisor with the U.S. Securities and Exchange Commission. PGIM is a trading name of
sight Board. PGIM, Inc. and its global subsidiaries. The PGIM logo and the Rock symbol are service marks of PFI and its related entities,
The firm’s former No. 2 au- registered in many jurisdictions worldwide.
ditor was sentenced to a
prison term of one year and
one day for his role.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

B4 | Tuesday, May 19, 2020 THE WALL STREET JOURNAL.

TECHNOLOGY WSJ.com/Tech

Insurers Raise Bar for Hacking Policies

Customers with Companies are spending more access to this information or
on dedicated cyber insurance not following standard secu-
remote workers face policies as the spotlight on their rity procedures could be
an increase in scrutiny security practices intensifies. grounds for a company being
denied coverage, she said.
and premiums Value of premiums in the U.S.
“Underwriters should po-
$1.50 billion tentially decline coverages if
BY JAMES RUNDLE security best practices, such as
multifactor authentication, are
Cyber insurers, leery of se- not implemented,” she said.
curity risks created by remote 1.00 Companies face greater
working and other effects of scrutiny from their insurers
the coronavirus pandemic, are also because of far-reaching
stepping up scrutiny of policy- security and privacy laws at
holders’ se- 0.50 state, federal and international
CYBERSECURITY curity ar- levels. The General Data Pro-
rangements. tection Regulation in Europe,
These efforts could result in and the California Consumer

TNS/ZUMA PRESS
costlier policies, or even cov- 0 Privacy Act both include heavy
erage denials for companies. 2015 ’16 ’17 ’18 ’19 penalties for data breaches,
Surveys that help assess Note: Data are for cyber insurance in the for instance, which has driven
risk and calculate premiums property and casualty sector. demand for coverage and cre-
now seek more details about Use of home networks and personal equipment for company business can introduce cyber risks. Source: Fitch Ratings ated exposures for carriers.
how companies plan to handle A report published in March
data breaches, ransomware in- nies pay to claimants, for cybersecurity practices. don’t rely on everyone being as their website or email serv- by the Cyberspace Solarium
cidents and other cyberat- stand-alone cyber insurance Even so, insurers are look- in the office. ers, looking for vulnerabilities, Commission—a federal com-
tacks, said Stephen Viña, a se- policies rose to 47% in 2019 ing for proof from prospective One CFC client was recently he said. mission created by Congress
nior vice president in Marsh & from 34% in 2018, according to customers of certain universal the victim of a ransomware at- Insurers now often work in 2019—criticized insurers,
McLennan Co.’s cyber-insur- data from regulatory filings good practices. tack that infected more than proactively with customers to saying they had a poor under-
ance brokering business. compiled by Fitch Ratings. These include ensuring that 2,000 computers, Mr. Newman inform them of security vul- standing of cyber risk and that
“There are a lot more ques- The data is incomplete remote access is properly se- said. That would have been nerabilities before a breach they weren’t helping to im-
tions being asked,” he said. compared with other insur- cured, that operating systems relatively simple to fix accord- occurs, to avoid costly inci- prove risk management at
Insurers are worried, for in- ance sectors and doesn’t in- are kept up to date with secu- ing to the response plan, dent-response procedures. companies.
stance, that the use of home clude elements such as reim- rity patches, and that email which assumed every worker This helps insurers manage The commission called for
networks and personal equip- bursements insurers got from was in a central location such risk for contracts that may the creation of a federally
ment for company business their own insurance firms, but as the office. But because of have been signed 12 months funded program to help insur-
could introduce cyber risks provides a snapshot of overall pandemic-induced remote ago, in different circum- ers understand and price risk,
that might not have been a trends, said Jim Auden, a
Companies are work, the engineering task in- stances, he said. as well as certifications for cy-
concern when policies were managing director at Fitch. looking for proof of creased the cost of remedia- Information on security ber insurance products that
drawn up, he said. Companies “We think that with more tion, he said. measures such as email con- meet minimum regulatory
that had strict control over risk being covered, and maybe
certain universal The insurance industry is figurations and vulnerabilities standards.
their offices may no longer be newer underwriters getting good practices. now making more use of data on servers can often be deter- Some say the industry has

.
able to exert such control over into the business that don’t in its pricing decisions, said mined with a little technical improved in the past few
home environments. have that pricing expertise, Mr. Newman. This can include know-how and access to the years. “As insurers write more

The pandemic isn’t the only that’ll lead to more losses over
driver of these changes. time,” he said.
Insurers already had been Some of the difficulty insur-
looking at enhancing their un-
derstanding of cyber risks and
ers face when trying to assess
cyber risk is that the technol-
on
servers are properly config-
ured to guard against phishing
attacks, Mr. Shah said.
Graeme Newman, chief in-
ly
working with third-party com- proper tools, but some under- business, they get more data
panies that assess cyber risk, writers go further. and their understanding of the
as well as undertaking techni- Caroline Thompson, head of risk changes with that,” said
cal work in-house that insur-
ers haven’t done before.
underwriting at insurer Cow-
bell Cyber Inc., Pleasanton, Ca-
Fitch’s Mr. Auden.

coming up with better model- ogy used in cyberattacks de-
ing techniques, in part due to velops quickly, and every or-
losses stemming from a spate ganization’s risks are different,
us ,
WSJ PRO
novation officer at London- “It is hard to discern the lif., said underwriters should
based insurer CFC Underwrit- truth from answers on a pro- demand access to granular
ing Ltd., said insurers also posal form, so we as an indus- technical details that hackers

of data breaches and ransom- said Samit Shah, director of want to see policyholders’ try are having to do our own have been known to exploit,
CYBERSECURITY
l

ware incidents, experts say. insurance programs and part- business-continuity plans, to due diligence,” he said. That including cloud server security
e
al a

Direct loss ratios, which nerships at Boston-based Bit- ensure that they have been up- includes scanning the public- configurations and identity
measure the percentage of in- Sight Technologies Inc., which dated to take into account re- facing elements of a prospec- management processes, to get wsj.com/pro/cybersecurity
come that insurance compa- develops ratings for company mote-working situations and tive customer’s network such a better read on risk. Refusing
ci on

Hong Kong Stock Index Opens Door to More Tech Companies

er s

BY JOANNE CHIU and Meituan Dianping eligible Daniel Wong, director and pend on the value of their food delivery, both chose Hong tive of China’s changing econ-
m er

for entry.
Alibaba Group Holding The overhaul follows a cam-
Ltd. and other Chinese tech- paign by Hong Kong Ex-
nology companies appear set changes and Clearing Ltd.,
to join Hong Kong’s main the operator of the city’s stock
m rp
head of research and analytics,
in a call with reporters.
He declined to name poten-
tial candidates.
To start with, no new con-
freely tradable stock in Hong Kong as their main listing omy as the country switches
Kong. venue but have been ineligible to high-value industries from
New York-listed Alibaba for the main Hang Seng index low-end manufacturing.
raised nearly $13 billion because both have super-vot- The index has dropped 15%
through a stock sale in Hong ing shares. this year, lagging U.S. bench-

stock benchmark, after the exchange, in recent years to
compilers of the city’s flagship win listings from Chinese tech
Hang Seng index revamped and biotechnology companies,
their inclusion rules. partly by changing its stance
The changes will permit on corporate governance.
co Fo
stituent will be able to make
up more than 5% of the index,
which now has 50 members.
Mr. Wong said any future
changes to this 5% ceiling
Kong in November. The prospect of inclusion in marks and the Shanghai Com-
E-commerce competitor the main benchmark index posite.
JD.com Inc. is likely to follow could help attract more list- The index changes follow a
suit, after it filed a confiden- ings to Hong Kong. public consultation, launched
tial application in April for a The Hang Seng index is in January.

shares with unequal voting Hang Seng Indexes Co. will would depend on market re- secondary listing in Hong dominated by old-economy Hang Seng Indexes said
rights or primary listings else- implement its new rules when sponses. Kong. companies such as banks, in- more than 90% of respondents
where to join the 50-year-old it next reviews the index in The changes apply only to Smartphone-maker Xiaomi surers and real-estate develop- supported the proposals,
index, making Alibaba and August, and any inclusions will companies from Greater China, and Meituan Dianping, whose ers. Some investors have said which will also affect its Hang
others such as Xiaomi Corp. take effect in September, said and their weighting will de- app offers services such as it could be more representa- Seng China Enterprises Index.

Gaps Seen
ADVERTISEMENT

The Marketplace
In Curbs
NOEL CELIS/AGENCE FRANCE-PRESSE/GETTY IMAGES

To advertise: 800-366-3975 or WSJ.com/classifieds

On Huawei
n-

BANKRUPTCIES

   

     
no

 
 
Continued from page B1
certain U.S. software, technol-
ogy or equipment to produce
  
        
         
   
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! "
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     # $%   &

'
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  designs,” the spokesman said.

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ply chain are irrelevant when The company bought $18.7 billion of technology from U.S.
 
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there is no mystery as to ulti- suppliers last year, said Guo Ping, its chairman.

 

! 
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Friday’s Commerce Depart- merous products. Huawei vanced semiconductor plant in
!
 
    
  
  ''    ment rule came on the first an- makes semiconductors primar- Arizona, said it is working with
niversary of it placing Huawei ily for the company’s own outside counsel to examine the
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on the department’s entity list, smartphones and cellular net- implications of the rule change.
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can suppliers, such as Alphabet abled Huawei to survive on the complex, and is served by a
Inc.’s Google, without a license. entity list,” Mr. Guo said. “Our broad collection of interna-
The latest move directly tar- business has not been dis- tional suppliers,” said a TSMC
 $ %&  gets Huawei’s ability to buy rupted.” spokeswoman.
      '
  
chips that it designed itself, In taking the new action, Some analysts say it is un-
   
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since manufacturing such chips U.S. officials acknowledged the likely that Huawei would be


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ries of arrows aimed at Huawei loophole that allowed it to advanced chips if it loses access
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by the Trump administration, make use of U.S. electronic-de- to TSMC, one of few companies
which accuses the Chinese sign software and manufactur- capable of manufacturing chips
company of being a cybersecu- ing equipment to continue to with the smallest, most effi-
rity threat and stealing corpo- produce its own semiconduc- cient transistors.
BUSINESS OPPORTUNITIES BUSINESS OPPORTUNITIES rate secrets, allegations Huawei tors,” U.S. Undersecretary of “There are no workable al-
strongly denies. State Keith Krach said Friday. ternatives” to TSMC, said Paul
  
 
 
    
THE In a news conference Mon- “That ends today. The United Triolo, an analyst at the politi-

 

 
 
    
 
MARKETPLACE day at Huawei’s annual meeting
of analysts in Shenzhen, China,
States is closing this loophole.”
Analysts say Huawei’s latest
cal risk-consulting firm Eurasia
Group.

      
   ADVERTISE TODAY Huawei chairman Guo Ping said semiconductors are similar in Mr. Triolo also said it would
  

   
   

  the company was still assessing size and power to those made be hard for the companies sup-

 
  
 
   ! (800) 366-3975 the full impact of the new rule, by Western rivals, but can’t be plying these chips to plead ig-
 
     " #   but said it would inevitably af- easily made without using U.S.- norance. “These are custom-de-

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For more information visit:
wsj.com/classifieds
fect its operations. “The U.S.
persists in attacking Huawei,
developed technology.
The action highlights Tai-
signed chips,” he said.
Even if the legal loopholes
 

   
  
but what will that bring to the wan’s precarious position in the remain, it is far from clear that

  
  world?” Mr. Guo said. U.S.-China tech war. Though companies will try to take ad-

 Mr. Guo said the company Beijing considers it a renegade vantage of them. The adminis-
 
    bought technology with a total province of China, it is home to tration has made clear that it
   ! "#$$%
 
       

  
SHOWROOM value of $18.7 billion from U.S.
suppliers last year. Huawei also
technology companies that sell
to both countries, such as Tai-
considers Huawei a national-se-
curity threat, and companies
 
    
(800) 366-3975

  sales.showroom@wsj.com invested in its own technology wan Semiconductor Manufac- may be wary of aiding Huawei
  © 2020 Dow Jones & Company, Inc.
© 2020 Dow Jones & Company, Inc. to cope with the move, includ- turing Co. at a time when it is being pillo-
All Rights Reserved. All Rights Reserved. ing accelerating work on its TSMC, which last week an- ried by the administration and
own chips and redesigning nu- nounced plans to build an ad- Congress.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. Tuesday, May 19, 2020 | B5

Digital Transformation
wasn’t supposed to
happen this way.

.
ly
on
Product Manager
CFO
CIO
us ,
l
e
al a

Network Engineer
CEO
ci on

SFDC Admin
Inside Sales Rep
er s

Contracts Manager
m er
m rp

Accounts Payable Manager

co Fo

Web Developer
Customer Support Rep

Human Resources Director

n-

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B6 | Tuesday, May 19, 2020 * * THE WALL STREET JOURNAL.

BUSINESS & FINANCE

When Work Is Critical, Live at Work European

CEOs See
Pandemic prompts
extreme measures to
avoid infections and Recovery
keep operations going
BY AUSTEN HUFFORD
As Slow
BY DANIEL MICHAELS
Phil Lavallee walked into
work on March 23. He walked A global economic recov-
out on Friday. ery from the coronavirus cri-
Mr. Lavallee worked for 54 sis will take between one and
days straight as the director of three years, more than 80%
National Grid PLC’s transmis- of top European business
sion control center in Massa- leaders said in a survey to be
chusetts, without leaving the released on Tuesday.
premises. He is one of about The views of chief execu-
400 National Grid employees tives and chairmen in the Eu-
who have lived at the utility’s ropean Round Table for In-
job sites for weeks this spring dustry, a trade group, were
to keep energy grids running overwhelmingly pessimistic
during the coronavirus pan- about near-term prospects
demic and minimize the risk of and mirror the grim outlook
importing the contagion from of American chief executives
their homes and communities. in a similar recent survey.
While much of America has Both surveys were conducted
stayed home for two months, by the Conference Board, a
NATIONAL GRID

workers from bus drivers to U.S. business think tank.

grocery-store stockers and Among European business
some manufacturing employees leaders, 53% expect the
have continued reporting to global economy will need be-
their workplaces. That has ex- Dave Martin, a shift supervisor who had been scheduled to run in the Boston Marathon, ran the 26.2 miles in the National Grid parking lot. tween one and two years to
posed some to heightened risk recover, and another 39%
of infection, and prompted em- have to do for your brothers tion at a site in upstate New at one time, and cooks lived quet set and golf clubs. On Eas- predict the recovery will
ployers to add procedures and and sisters next to you.” York earlier this month. on the premises too. Employ- ter Sunday, a local band per- take between two and three
protective gear to minimize the Workers who are staying at “We just can’t let the power ees lived two to a recreational formed. “It was better than years.
risk of local outbreaks. the office say it takes a toll. grid go down. It’s just not an vehicle: one on the day shift, sitting in the conference room Business chief executive
Among the more extreme “At the end of 30 days you option,” Mr. Spink said. one on the night shift. Some all day long,” Mr. Lavallee said. officers on both sides of the
strategies that employers have can see it in people’s eyes. They When Mr. Lavallee asked conference rooms were con- Dave Martin, a shift supervi- Atlantic rated their current
tried is sequestering staffers at are shot,” said Mr. Lavallee, for 10 volunteers to live at the verted into sleeping quarters. sor, had been scheduled to run confidence in the economy at
work. A desalination center in who said he worked 12 hours facility in Worcester County Entertainment was another the Boston Marathon and had a level of 34 on a scale of
Carlsbad, Calif., a Braskem SA on, 12 hours off for the dura- that controls power lines in challenge. At one New York raised $8,000 for charity. After zero to 100, with expectations

.
plant in Marcus Hook, Pa., that tion of his stint at the plant. about 60% of Massachusetts site, a dad working at the sta- the marathon was postponed, for the coming six months
makes a polymer used in face “You are ready to go home.” and all of Rhode Island, many tion gave tips to his child he decided to run the 26.2 ranging between 48 and 50

masks, and a National Guard National Grid decided to
missile-defense contingent in have employees live on-site in
Colorado Springs, Colo., have all mid-March as the number of
housed employees on or near
job sites as they keep vital op-
erations going without risking
infections on their premises.
coronavirus cases surged in ar-
eas including New York state.
With around three employees
needed to work each of the
on
“It’s not an easy call to make, company’s control centers, an
us ,
more than were needed raised
a hand. Within 10 days the
workers moved in. Logistics
had to be hashed out quickly:
Where would employees
sleep? How would they eat?
National Grid rented about
two dozen camper trailers for
practicing the violin outside.
Families visited sequestered
loved ones, speaking through a
gate, and a Girl Scout troop
made a contact-free cookie de-
livery to Mr. Spink’s facility.
“There isn’t a lot to do after
work,” Mr. Spink said. “You can
ly
miles in the parking lot. When
co-workers realized what he
was doing, they created a
makeshift finish line. He fin-
ished in around 4½ hours.
As for Mr. Lavallee, he was
looking forward to seeing his
grandchildren. He missed two
for the economy overall and
for the respondents’ own in-
dustries.
Readings below 50 indicate
pessimism, according to the
Conference Board’s confi-
dence measure.
Comparing current busi-

to say: ‘You can’t go home to outbreak could quickly cripple living quarters, as well as walk around the compound.” of their birthdays. “If, God for- ness conditions to those six
l

your family and friends,’ ” said operations, said John Spink, trailers containing showers Employees at the Massachu- bid, we ever had to do this months ago, both U.S. and
e
al a

U.S. Army Sgt. Nadia Carter, who oversaw the on-site hous- and laundry machines. It hired setts site organized a cornhole again, I would set it up so that European executives gave
who is temporarily living away ing at roughly eight sites, a food-services provider to tournament, and crowned a somebody never spends more grades of only three out of
from home with four other mis- which can each contain multi- prepare three meals a day for winner of the bean-bag-tossing than 3½ weeks on-site,” he 100, “an extraordinarily low
ci on

sile-defense crew members in ple control rooms. He finished the roughly 80 workers stay- event last week. They also said. “It’s a tough road to go measure,” the two business
Colorado. “You do what you his own weekslong sequestra- ing at the Massachusetts site brought basketball hoops, a cro- down.” groups said in a report on the
survey.
“Business leaders almost

Ports in Europe Suffer a Steep Drop in Ship Calls unanimously provided the
er s

most negative assessment

possible on present business
m er

conditions” because of the

BY COSTAS PARIS Retailers in the West have sudden plunge in economic
canceled large numbers of or- activity, the Conference
European ports have been ders from Asian suppliers as a Board’s chief economist, Bart
the world’s hardest hit trade result, particularly from ap- van Ark, said of the European
m rp

gateways from the pandemic, parel providers. survey.

with up to two-thirds report- “With global container vol- The survey of the Euro-
ing significant declines in ship umes down overall between pean round table’s 56 mem-
calls this month in a sign of 8% and 10% and imports from bers was conducted in the
the deep contraction in global Asia down between 10% and middle of April.
co Fo

supply chains. 15%, European and North The U.S. survey was taken
The International Associa- American businesses are oper- from the end of March to
tion of Ports and Harbors said ating on survival mode to pre- early April.
in a report that in the first serve cash, often suspending Top cost-cutting measures
CHRIS EMIL JANSSEN/ACTION PRESS/ZUMA PESS

week of May around 65% of transit requests for goods al- being taken by European
big European ports saw up to ready on their way,” Mr. Not- companies include postponing
a quarter fewer ships coming teboom said. planned investments, cutting
in, compared with the average Vessel operators are drop- travel and freezing recruit-
at this time of year. ping scheduled sailings in a ment.
Around 40% of ports out- bid to conserve cash and Almost one in three com-
side Europe, including those in maintain freight rates. panies said it had temporarily
the U.S., saw a similar decline Denmark-based research closed plants or distribution
in port calls over the same pe- group Sea-Intelligence LLC centers. The business leaders
n-

riod. Container-ship lines have said Monday that cancella- ranked issuing new debt and
sharply cut back on sailings tions of container ship sailings drawing down lines of credit
out of Asia, scaling back ca- from Asia to Europe are up as the best measures to
pacity on the Asia-Europe and Shipping and port executives expect cancellations of sailings to peak in June. The port of Hamburg. 350% from the average at this steady finances.
no

trans-Pacific lanes that are the time of the year, while voided The European Round Table
backbones of global trade. and auto factories continue to versity of Antwerp in Belgium The figures paint a bleak journeys to U.S. gateways on includes many of the conti-
Shipping and port execu- be rattled, while passenger and a co-author of the report picture of supply chains that the West and East coasts were nent’s biggest companies, in-
tives expect cancellations of numbers on ferries and cruise that released on Friday. “The have been roiled by a double up 280% and 300%, respec- cluding auto manufacturers
sailings to peak in June and ships remain at record lows. larger hubs like Rotterdam, whammy: first by greatly di- tively. BMW AG, Daimler AG and Re-
then start easing if the coro- “In the coming weeks, sev- Hamburg, Los Angeles and minished supplies from China Port of Los Angeles Execu- nault, as well as chemicals gi-
navirus stops spreading and eral of the larger ports antici- New York will be impacted the after the country shut down a tive Director Gene Seroka said ant BASF SE, technology com-
lockdowns continue to be re- pate significant downturns in most but are also expected to swath of its manufacturing last week that activity in the panies Nokia Corp., LM
laxed. volumes due to blank sailings recover the fastest, as was the sector in February to contain country’s busiest port was at Ericsson, Vodafone Group PLC
Container ships, car carri- especially in the container and case after the 2008 financial the spread of the virus and 80% compared with normal and Orange SA, and consumer
ers and industrial dry-bulk car moving segments,” said crisis,” Mr. Notteboom said. then by lockdowns in Western levels, after an 18.5% year- companies including Hei-
vessels have been the hardest Theo Notteboom, a professor The study covered a total of countries that have gutted over-year drop in container neken NV, Barilla Group and
hit as manufacturing plants of port economics at the Uni- 76 ports. consumer demand. volumes in the first quarter. Nestlé SA.

SoftBank quire. The fund’s overall losses

over its history are smaller be-
cause it locked in gains on
continuing to invest cautiously
in new companies through a
new fund called Vision Fund 2
able assets—$266 billion
worth as of Monday, Mr. Son
said. That includes a $137 bil-
$13 billion.
The planned T-Mobile sale
would be even bigger and rank
nies in numerous co-invest-
ments, including into Alibaba’s
successful online bazaar, Tao-

Loses some assets it sold.

Many of the Vision Fund’s
portfolio companies—such as
but said he has given up—at
least for now—on the idea of
trying to get money from out-
lion stake in Alibaba, a nearly
$30 billion stake in T-Mobile
US, which last month closed
among the largest open-mar-
ket stock trades ever, accord-
ing to Dealogic. Investors of-
bao, which started in 2003 as
a joint venture with SoftBank.
Mr. Ma brought Mr. Son onto

Billions U.S. ride-hailing company

Uber Technologies Inc. and
Indian hotelier Oyo Hotels &
Homes—are struggling with
Continued from page B1 lost business as the coronavi-
That left SoftBank with a $9 rus downturn hits their opera-
billion net loss for the year. tions, Mr. Son said. The fund
The Vision Fund, the is more likely to see further
world’s biggest tech-invest- paper losses in the next year
ment fund, is underwater, with than paper gains, he said.
little chance of a recovery in Hours after SoftBank’s
the near future, Mr. Son said earnings announcement, Uber
during an earnings presenta- announced a new round of lay-
tion in Tokyo, filled with offs that would cut its staff by
black-framed charts compar- one-quarter. Most of the
ing the current turmoil to the fund’s investments were losing
Great Depression, and con- money before the downturn,
ducted online to prevent putting them in tenuous posi-
spread of the pathogen. The tions as the economy tumbled.
fund has lost around $800 SoftBank cut the estimated
million on the roughly $81 bil- value of shared-office com-
lion in investments it has pany WeWork to $2.9 billion
made, leaving returns at mi- as of March 31, less than one-
nus 1%, Mr. Son said. tenth of its peak valuation and
As of the end of March, the less than half of what Soft-
value of the Vision Fund’s Bank said it was worth three
present assets was $5.4 billion months ago.
below what they cost to ac- Mr. Son said SoftBank was
side investors.
SoftBank is still in a less
dire position than it was fol-
lowing the crash of the inter-
net bubble at the end of 2000
or after the collapse of broker-
age Lehman Brothers in 2008
The value of the
fund’s present
assets was $5.4
billion below cost.
kicked off the financial crisis,
Mr. Son said.
“Compared to those times,
when it seemed we were going
to fall off a cliff, and were
hanging on by two fingers or
one arm; we’re now just peer-
ing over the edge,” said Mr.
Son. That is because SoftBank
still has huge holdings of valu-
its deal to buy Sprint from
SoftBank, and a $42 billion
stake in SoftBank Corp., Soft-
Bank’s Japanese mobile-phone
unit.
Those are some of the as-
sets SoftBank can now milk
for a $41 billion program to
buy back shares and bolster its
finances that was announced
in March.
As for the sale of T-Mobile
stakes, the bankers will be
testing a market coming off its
most volatile stretch in years.
But the S&P 500 is up more
than 30% from its March lows
as investors continue to shrug
off signs about the depth of
the economic devastation the
coronavirus has wrought.
The market showed it was
open to giant public stock
sales last week when PNC Fi-
nancial Services Inc., the Pitts-
burgh-based regional bank,
sold its stake in money man-
ager BlackRock Inc. for about
ten demand big discounts to
take on trades of that size.
PNC sold its BlackRock shares
for 7.6% below the previous
closing price.
The sales are meant to
boost the price of SoftBank’s
Japan-listed shares and mol-
lify activist investor Elliott
Management Corp., which has
been agitating for changes at
the company.
SoftBank on Monday said it
entered into derivative trans-
actions in April and May to
sell $11.5 billion of Alibaba
shares.
Mr. Son also said he was
weighing whether to hold off
paying a dividend this year.
But the further paring
down of SoftBank’s Alibaba
stake, as well as the departure
of Mr. Ma from SoftBank’s
board mark a turning point in
a relationship that dates to the
1990s.
The pair led their compa-
Alibaba’s board in 2005, a po-
sition he still holds. Mr. Son
reciprocated in 2007, bringing
Mr. Ma to SoftBank’s board
and telling investors on a con-
ference call that he viewed the
relationship between SoftBank
and Alibaba to be that of a
parent and child.
The relationship switched
in 2014, when Alibaba had the
world’s biggest initial public
offering, propelling it well
past SoftBank in terms of mar-
ket capitalization and making
it the biggest source of wealth
for the Japanese company.
SoftBank has already sold bil-
lions of dollars of Alibaba
stock to help fund its purchase
of U.K. semiconductor de-
signer Arm and has pledged
billions more as collateral for
loans.
SoftBank’s moves to shore
up its finances will constrain
Mr. Son’s ability to throw bil-
lions at new tech companies.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. Tuesday, May 19, 2020 | B7

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B8 | Tuesday, May 19, 2020 THE WALL STREET JOURNAL.

MARKETS DIGEST
EQUITIES

Dow Jones Industrial Average S&P 500 Index Nasdaq Composite Index
Last Year ago Last Year ago Last Year ago
24597.37 s 911.95, or 3.85% Trailing P/E ratio 20.76 17.65 2953.91 s 90.21, or 3.15% Trailing P/E ratio * 24.56 22.07 9234.83 s 220.27, or 2.44% Trailing P/E ratio *† 27.85 23.78
High, low, open and close for each P/E estimate * 21.56 15.75 High, low, open and close for each P/E estimate * 22.69 17.15 High, low, open and close for each P/E estimate *† 26.97 20.92
trading day of the past three months. Dividend yield 2.69 2.22 trading day of the past three months. Dividend yield * 2.12 1.94 trading day of the past three months. Dividend yield *† 1.00 1.04
All-time high 29551.42, 02/12/20 All-time high 3386.15, 02/19/20 All-time high: 9817.18, 02/19/20

Current divisor 0.14579812049809

30000 3500 10500

27500 3250 9750

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

22500 2750 8250

Session high
DOWN UP
7500
t

Session open Close 20000 2500

Close Open
t

Session low 17500 2250 6750

Bars measure the point change from session's open

15000 2000 6000
Feb. Mar. Apr. May Feb. Mar. Apr. May Feb. Mar. Apr. May
*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*1,198,497,981 26,314,112
Industrial Average 24708.54 24059.98 24597.37 911.95 3.85 29551.42 18591.93 -4.2 -13.8 6.0 share price of $2 and minimum after-hours volume of 50,000 shares. Adv. volume*1,089,984,303 18,946,771
Transportation Avg 8366.34 8015.50 8322.86 561.86 7.24 11304.97 6703.63 -20.4 -23.7 -1.9 Most-active issues in late trading Decl. volume* 107,633,639 6,119,917
Utility Average 777.39 762.57 773.18 28.69 3.85 960.89 610.89 -2.3 -12.1 3.3 Volume After Hours Issues traded 3,019 278
Company Symbol (000) Last Net chg % chg High Low
Total Stock Market 30027.09 29616.61 29889.29 985.98 3.41 34631.28 22462.76 2.3 -9.5 6.9 Advances 2,647 205
SPDR S&P 500 SPY 13,284.6 295.19 0.19 0.06 295.62 294.45
Barron's 400 628.86 616.65 626.18 29.49 4.94 746.64 455.11 -7.1 -14.5 -0.1 Declines 331 65
Wells Fargo WFC 4,943.7 25.42 0.01 0.04 25.50 25.17
Unchanged 41 8
Nasdaq Stock Market Energy Transfer ET 4,619.2 7.82 0.01 0.13 7.85 7.79 New highs 45 6
Nasdaq Composite 9267.22 9154.35 9234.83 220.27 2.44 9817.18 6860.67 19.9 2.9 15.1 AbbVie ABBV 4,190.7 91.55 0.08 0.09 92.13 91.20 New lows 8 2
Nasdaq 100 9367.54 9248.78 9331.93 179.29 1.96 9718.73 6978.02 26.5 6.9 18.4 Industrial Select Sector XLI 4,026.7 63.45 0.07 0.11 63.45 63.29 Closing Arms† 0.85 1.06
General Electric GE 3,957.1 6.25 -0.02 -0.32 6.27 6.17 Block trades* 7,119 197
S&P

.
iShares MSCI Emg Markets EEM 3,912.6 37.41 -0.03 -0.08 37.45 37.34
500 Index 2968.09 2913.86 2953.91 90.21 3.15 3386.15 2237.40 4.0 -8.6 7.7 Nasdaq NYSE Arca

ly
Schlumberger SLB 3,330.5 17.98 0.03 0.17 17.98 17.51
MidCap 400 1682.51 1627.69 1674.06 95.80 6.07 2106.12 1218.55 -10.7 -18.9 -0.4 Total volume*4,343,818,146 346,254,806
SmallCap 600 766.71 733.69 763.72 51.34 7.21 1041.03 595.67 -17.7 -25.2 -2.5 Percentage gainers… Adv. volume*3,301,880,390 274,718,826
Arbutus Biopharma ABUS 1,398.5 2.75 0.88 47.06 3.18 1.87 Decl. volume*1,015,396,718 71,403,668
Other Indexes
Russell 2000
NYSE Composite
Value Line
1338.35 1290.90 1333.69
11454.35 11282.89 11402.23 454.91
413.17 387.49 411.65
76.70

24.16
on
6.10
4.16
6.23
1705.22
14183.20
562.05
991.16
8777.38
305.71
-12.5
-9.6
-21.2
-20.1
-18.0
-25.5
-0.7
-0.1
-6.9
Aurora Cannabis
Baidu ADR BIDU
Physicians Realty Trust DOC
ACB 1,650.6

107.7
18.65
1,669.1 116.05
17.36
1.55
8.46
1.18
9.06

7.29
18.70
7.86 118.63 106.13
17.47
16.98

16.18
Issues traded
Advances
Declines
Unchanged
3,348
2,682
605
61
1,427
1,217
206
4
NYSE Arca Biotech 5646.94 5566.33 5581.40 84.96 1.55 5581.40 3855.67 26.2 10.1 15.3
Tsakos Energy Navigation TNP 188.9 2.70 0.18 7.14 2.89 2.52
New highs 107 34
us ,

NYSE Arca Pharma 656.39 650.22 650.50 3.12 0.48 670.32 494.36 13.0 -0.5 7.9 ...And losers New lows 11 28
l

KBW Bank 69.68 66.82 69.26 5.07 7.90 114.12 56.19 -28.3 -38.9 -8.1 65.6 5.12 -0.78 5.80 5.08 Closing Arms† 1.36 1.72
e
Gamida Cell GMDA -13.22
al a

PHLX§ Gold/Silver 129.39 124.32 124.73 -1.88 -1.48 126.61 66.14 85.5 16.7 14.0 Clovis Oncology CLVS 1,077.0 8.35 -0.61 -6.81 9.01 7.82 Block trades* 23,393 1,375
PHLX§ Oil Service 31.12 29.25 30.96 3.43 12.44 86.91 21.47 -63.8 -60.5 -40.7 CBRE Group CBRE 486.0 36.85 -2.24 -5.73 39.50 36.85 * Primary market NYSE, NYSE American NYSE Arca only.
ci on

PHLX§ Semiconductor 1789.35 1746.13 1782.54 81.65 4.80 1979.50 1286.84 32.5 -3.6 19.3 iQIYI ADR IQ 436.8 17.50 -0.83 -4.53 18.78 17.12 †(TRIN) A comparison of the number of advancing and declining
issues with the volume of shares rising and falling. An
Cboe Volatility 31.08 28.35 29.30 -2.59 -8.12 82.69 11.54 79.6 112.6 26.0 LyondellBasell Inds LYB 73.5 57.01 -2.36 -3.98 59.37 57.01 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

er s

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
m er

World The Global Dow 2640.69 90.93 3.57 –18.8 PrimeEnergy Resources PNRG 78.50 28.80 57.95 170.99 47.68 -42.3 DB Crude Oil Double Shrt DTO 56.21 -40.79 -42.05 372.95 42.00 14.7
DJ Global Index 374.60 10.30 2.83 –13.7 Aurora Cannabis ACB 17.10 5.90 52.68 105.48 5.30 -83.2 Midatech Pharma ADR MTP 1.62 -0.93 -36.47 13.60 0.86 -79.4
DJ Global ex U.S. 213.57 4.64 2.22 –19.0 Annovis Bio ANVS 4.82 1.25 35.01 10.61 2.42 ... MicSec US Big Oil 3X InLv NRGD 23.12 -9.58 -29.29 304.72 23.00 -54.6
Azul ADR AZUL 7.48 1.84 32.62 44.55 5.30 -69.3 Direxion Hi Beta Bear 3X HIBS 13.51 -5.09 -27.37 71.87 13.13 ...
m rp

Americas DJ Americas 680.97 21.20 3.21 –10.5

Brazil Sao Paulo Bovespa 81194.29 3637.67 4.69 –29.8 Vir Biotechnology VIR 40.10 9.75 32.13 75.00 11.65 ... Forescout Technologies FSCT 22.57 -6.95 -23.54 40.06 20.66 -32.5
Canada S&P/TSX Comp 14638.90 … Closed –14.2 Novavax NVAX 56.96 13.33 30.55 61.50 3.54 843.0 Micro US Big Banks 3X Inv BNKD 22.70 -6.56 -22.42 97.12 18.39 -52.1
Mexico S&P/BMV IPC 37112.46 1421.07 3.98 –14.8 Oncolytics Biotech ONCY 2.66 0.61 29.76 6.02 0.35 63.2 VelocityShares 3x DGAZ 243.35 -63.92 -20.80 425.20 85.41 121.1
Chile Santiago IPSA 2632.56 98.28 3.88 –21.1 Direxion Rg Banks Bull 3X DPST 54.67 12.53 29.73 545.60 33.72 -87.4 Direxion S&P Oil Gas Br DRIP 6.74 -1.73 -20.43 59.65 4.11 52.2
4.07 Direxion Homebldr Bull 3X NAIL 21.71 4.82 28.54 98.55 4.76 -51.7 Direxion SC Bear 3x TZA 29.96 -6.75 -18.39 118.70 29.05 -40.1
EMEA Stoxx Europe 600 341.59 13.35 –17.9
co Fo

4.63 IMV IMV 2.95 0.65 28.26 5.12 1.35 -24.4 ProShsUlProSht Rssll2000 SRTY 15.24 -3.37 -18.11 60.28 14.78 -41.1
Eurozone Euro Stoxx 322.77 14.28 –20.1
Belgium Bel-20 3026.69 94.48 3.22 –23.5 Direxion Hi Beta Bull 3X HIBL 79.40 17.40 28.06 361.00 37.80 ... ProShsUlProSht MidCap400 SMDD 20.82 -4.59 -18.06 83.32 20.41 -41.5
Denmark OMX Copenhagen 20 1198.88 21.13 1.79 5.6 Celcuity CELC 7.39 1.61 27.85 25.00 4.03 -68.4 Direxion Real Est Bear 3x DRV 22.58 -4.96 -18.01 71.04 19.02 -33.9
France CAC 40 4498.34 220.71 5.16 –24.8 MicSec US Big Oil 3X Lev NRGU 4.46 0.95 27.07 55.19 1.10 -90.6 Direxion Daily En Bear 2x ERY 53.62 -10.35 -16.18 379.37 36.97 22.4
Germany DAX 11058.87 593.70 5.67 –16.5 KalVista Pharmaceuticals KALV 12.85 2.70 26.60 24.35 5.61 -44.2 ProShs UltrShrt Oil Gas DUG 45.04 -8.48 -15.84 184.95 36.87 15.1
1.62 –15.5 FTS International FTSI 4.72 0.99 26.54 153.20 3.40 -96.8 Venus Concept VERO 2.52 -0.45 -15.15 11.85 2.06 -70.0
Israel Tel Aviv 1421.72 22.68
Italy FTSE MIB 17401.45 549.10 3.26 –26.0
Netherlands AEX 519.89 19.58 3.91 –14.0
Most Active Stocks Volume Movers Ranked by change from 65-day average*
Russia RTS Index 1167.88 60.39 5.45 –24.6 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 51382.06 1753.34 3.53 –10.0
Spain IBEX 35 6779.30 304.40 4.70 –29.0 Sorrento Therapeutics SRNE 300,649 1973.6 6.50 -3.85 10.00 1.39 Flex iBx 3Y Dur TIPS TDTT 5,157 3261 24.97 0.16 25.29 23.10
Sweden OMX Stockholm 603.37 25.47 4.41 –11.4 General Electric GE 253,894 129.4 6.27 14.21 13.26 5.48 Sirius Intl Insurance SG 175 3013 6.30 -6.67 15.05 5.06
n-

Switzerland Swiss Market 9740.77 257.67 2.72 –8.3 JC Penney JCP 170,974 671.7 0.18 -23.02 1.26 0.14 SCVX Cl A SCVX 508 2550 9.76 0.21 10.00 9.20
2.22 –10.9 Ford Motor F 136,008 37.3 5.31 8.37 10.56 3.96 Aurora Cannabis ACB 96,209 2084 17.10 52.68 105.48 5.30
Turkey BIST 100 101982.96 2214.81
4.29 –19.8
SPDR S&P 500 SPY 117,958 -33.1 295.00 3.05 339.08 218.26 Sorrento Therapeutics SRNE 300,649 1974 6.50 -3.85 10.00 1.39
U.K. FTSE 100 6048.59 248.82
U.K. FTSE 250 16230.03 569.26 3.63 –25.8 Norwegian Cruise Line NCLH 104,330 219.0 12.88 17.95 59.78 7.03 VicSh EM Vol Wtd CEZ 131 1870 20.91 4.10 27.16 17.05
no

Aurora Cannabis ACB 96,209 2083.5 17.10 52.68 105.48 5.30 Mudrick Cap Acqn Cl A MUDS 520 1477 10.38 0.00 10.64 7.35
Asia-Pacific
Bank of America BAC 86,425 -5.1 22.93 6.95 35.72 17.95 VicSh Intl Volatility Wtd CIL 176 1081 32.43 6.02 40.23 26.15
Australia S&P/ASX 200 5460.50 55.69 1.03 –18.3
Moderna MRNA 80,285 336.3 80.00 19.96 87.00 11.54 iShares MSCI Kokusai ETF TOK 165 1048 65.46 4.17 76.43 49.06
China Shanghai Composite 2875.42 6.96 0.24 –5.7
Finl Select Sector SPDR XLF 79,540 -15.3 22.13 5.13 31.38 17.49 Northern Technologies NTIC 203 1001 6.90 -5.35 14.88 4.70
Hong Kong Hang Seng 23934.77 137.30 0.58 –15.1
* Volumes of 100,000 shares or more are rounded to the nearest thousand * Common stocks priced at $2 a share or more with an average volume over 65 trading days of at least
India S&P BSE Sensex 30028.98 –1068.75 –3.44 –27.2 5,000 shares =Has traded fewer than 65 days
Japan Nikkei Stock Avg 20133.73 96.26 0.48 –14.9
Singapore Straits Times 2539.28 15.74 0.62 –21.2 Track the Markets
South Korea Kospi 1937.11 9.83 0.51 –11.9 Compare the performance of selected CURRENCIES & COMMODITIES
Taiwan TAIEX 10740.55 –74.37 –0.69 –10.5 global stock indexes, bond ETFs,
Thailand SET 1286.53 5.77 0.45 –18.6
currencies and commodities at Currencies
WSJ.com/TrackTheMarkets
Sources: FactSet; Dow Jones Market Data
U.S.-dollar foreign-exchange rates in late New York trading
US$vs, US$vs,
Mon YTDchg Mon YTDchg
CREDIT MARKETS Country/currency in US$ per US$ (%) Country/currency
Vietnam dong
in US$ per US$ (%)
.00004285 23336 0.7
Americas
Argentina peso .0147 67.8209 13.3 Europe
Consumer Rates and Returns to Investor Benchmark
Treasury Yields
yield curve Forex Race Brazil real .1750 5.7131 42.1 Czech Rep. koruna .03949 25.325 11.7

U.S. consumer rates Selected rates and

Yield toRates
maturity of current bills, Yen, euro vs. dollar; dollar vs. Canada dollar
Chile peso
.7175 1.3937
.001221 819.20
7.3
10.8
Denmark krone
Euro area euro
.1464 6.8317
1.0915 .9162
2.5
2.7
notes and bonds major U.S. trading partners .000260 3852.50 Hungary forint .003092 323.39
Five-year ARM, Rate Colombiapeso 17.4 9.5
A consumer rate against its
Ecuador US dollar 1 1 unch Iceland krona .006948 143.93 18.8
benchmark over the past year 4.00% Mexico peso .0421 23.7548 25.5 Norway krone .0997 10.0263 14.2
Bankrate.com avg†: 3.23% 8%
Uruguay peso .02267 44.1200 18.8 Poland zloty .2391 4.1818 10.2
Credit Union of New Jersey 2.50% Russia ruble .01376 72.689 17.1
One year ago 3.00 Yen Asia-Pacific
4.00% Ewing, NJ 609-538-4061 4 Sweden krona .1031 9.7038 3.6
t t s
Australian dollar .6525 1.5326 7.6
Hanscom Federal Credit Union 2.63% Switzerland franc 1.0299 .9710 0.4
5-year adjustable- 3.00 2.00 China yuan .1407 7.1094 2.1
0 Turkey lira .1452 6.8856 15.7
rate mortgage Hanscom AFB, MA 800-656-4328 Hong Kong dollar .1290 7.7510 –0.5
Tradeweb ICE Monday Close Ukraine hryvnia .0376 26.5730 12.2
(ARM) India rupee .01323 75.610 6.0
2.00 Webster Bank 2.75% 1.00 –4 s UK pound 1.2195 .8200 8.7
t s Indonesia rupiah .0000673 14850 7.0
t Hartford, CT 888-493-2783 WSJ Dollar index Japan yen .009318 107.32 –1.2 Middle East/Africa
5-year Treasury Euro
1.00 Associated Bank, NA 3.00% 0.00 –8 Kazakhstan tenge .002397 417.20 9.3 Bahrain dinar 2.6487 .3776 0.1
note yield 1 3 6 1 2 3 5 710 30 Macau pataca .1252 7.9841 –0.4 Egypt pound .0633 15.7910 –1.6
Rockford, IL 800-682-4989 2019 2020
0.00 month(s) years Malaysia ringgit .2292 4.3625 6.6 Israel shekel .2834 3.5283 2.2
J J A S O N D J FMAM San Diego County Credit Union 3.00% New Zealand dollar .6040 1.6556 11.5 Kuwait dinar 3.2358 .3090 2.0
San Diego, CA 877-732-2848 maturity Pakistan rupee .00623 160.500 3.5 Oman sul rial 2.5974 .3850 unch
2019 2020
Sources: Tradeweb ICE U.S. Treasury Close; Tullett Prebon; Dow Jones Market Data Philippines peso .0197 50.790 0.2 Qatar rial .2770 3.610 –0.9
Yield/Rate (%) 52-Week Range (%) 3-yr chg Singapore dollar .7053 1.4179 5.3 Saudi Arabia riyal .2661 3.7585 0.2
Interest rate Last (l)Week ago Low 0 2 4 6 8 High (pct pts)
Corporate Borrowing Rates and Yields South Korea won .0008162 1225.24 6.1 South Africa rand .0545 18.3356 31.0
Federal-funds rate target 0.00-0.25 0.00-0.25 0.00 l 2.25 -0.75 Sri Lanka rupee .0053277 187.70 3.5
Yield (%) 52-Week Total Return (%) Taiwan dollar .03340 29.942 0.1 Close Net Chg % Chg YTD%Chg
Prime rate* 3.25 3.25 3.25 l 5.50 -0.75 Bond total return index Close Last Week ago High Low 52-wk 3-yr Thailand baht .03124 32.010 7.6 WSJ Dollar Index 93.69 –0.66–0.70 4.61
Libor, 3-month 0.38 0.43 0.38 l 2.52 -0.79
U.S. Treasury, Barclays 2463.240 0.560 0.560 2.370 0.480 12.65 5.44 Sources: Tullett Prebon, Dow Jones Market Data
Money market, annual yield 0.30 0.31 0.30 l 0.78 -0.02
1.370 31.17 12.16
Five-year CD, annual yield 0.83 0.84 0.83 l 1.97 -0.48 U.S. Treasury Long, Barclays 4815.850 1.360 2.790 0.980
Commodities
30-year mortgage, fixed† 3.56 3.51 3.51 l 4.22 -0.48 Aggregate, Barclays 2225.810 1.440 1.410 2.930 1.310 9.73 4.85 Monday 52-Week YTD
Pricing trends on someClose
raw materials, or commodities
Net chg % Chg High Low % Chg % chg
15-year mortgage, fixed† 2.97 3.06 2.95 l 3.61 -0.28 Fixed-Rate MBS, Barclays 2220.850 1.340 1.150 3.100 0.930 7.12 3.88
Jumbo mortgages, $510,400-plus† 3.64 3.58 3.54 l 4.71 -0.96 DJ Commodity 519.64 16.54 3.29 647.86 433.70 -15.65 -19.10
High Yield 100, ICE BofA 2895.421 6.555 6.611 10.740 4.516 –4.172 1.254
Five-year adj mortgage (ARM)† 3.23 3.23 3.21 l 4.78 -0.08 TR/CC CRB Index 129.09 4.34 3.48 187.39 106.29 -28.96 -30.52
Muni Master, ICE BofA 572.052 1.480 1.634 3.441 0.959 4.030 3.652 Crude oil, $ per barrel 31.82 2.39 8.12 63.27 -37.63 -49.57 -47.89
New-car loan, 48-month 4.27 4.30 4.26 l 4.81 1.07
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 821.733 5.912 6.070 7.480 4.523 –0.207 1.739 Natural gas, $/MMBtu 1.783 0.137 8.32 2.862 1.552 -33.30 -18.55
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. 1731.80 -21.60 -1.23 1756.70 1272.00 35.71 13.97

Get real-time U.S. stock quotes and track most-active stocks, new highs/lows and mutual funds. Plus, deeper money-flows data and email delivery of key stock-market data. Available free at WSJMarkets.com
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THE WALL STREET JOURNAL. Tuesday, May 19, 2020 | B9

COMMODITIES wsj.com/market-data/commodities

Futures Contracts Open

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

Metal & Petroleum Futures Cattle-Live (CME)-40,000 lbs.; cents per lb. Mexican Peso (CME)-MXN 500,000; $ per MXN Dec 2844.25 2950.00 2838.00 2934.00 101.25 37,353
June 98.000 100.000 97.175 98.725 1.725 46,632 May .04199 .04258 .04166 .04235 .00071 1,002 Mini S&P Midcap 400 (CME)-$100 x index
Contract Open Aug 98.625 99.825 97.500 98.850 1.025 103,245 June .04145 .04245 .04139 .04196 .00048 98,421 June 1573.00 1680.90 1571.50 1672.60 96.40 71,759
Open High hi lo Low Settle Chg interest Hogs-Lean (CME)-40,000 lbs.; cents per lb. Euro (CME)-€125,000; $ per € Sept 1628.00 1672.50 1573.00 1668.40 94.00 4
Copper-High (CMX)-25,000 lbs.; $ per lb. June 58.500 58.800 57.100 57.650 –.225 32,852 May 1.0825 1.0866 1.0801 1.0856 .0042 1,861 Mini Nasdaq 100 (CME)-$20 x index
May 2.3655 2.4260 2.3400 2.4050 0.0715 1,672 July 58.375 58.450 57.050 57.650 –.100 58,077 June 1.0820 1.0933 1.0805 1.0920 .0100 539,884 June 9135.00 9361.50 9110.25 9325.50 229.00 197,701
July 2.3375 2.4285 2.3340 2.4040 0.0735 99,558 Lumber (CME)-110,000 bd. ft., $ per 1,000 bd. ft. Sept 9097.00 9344.00 9097.00 9310.50 229.50 2,118
Gold (CMX)-100 troy oz.; $ per troy oz. July 349.80 351.00 343.30 346.20 1.20 1,579 Index Futures Mini Russell 2000 (CME)-$50 x index
May 1755.70 1770.50 s 1734.10 1731.80 –21.60 1,335 Sept 351.10 352.90 346.70 349.40 2.50 715 June 1254.10 1338.20 1247.50 1333.20 86.80 547,583
June 1757.50 1775.80 1729.30 1734.40 –21.90 257,707 Milk (CME)-200,000 lbs., cents per lb. Mini DJ Industrial Average (CBT)-$5 x index Sept 1269.70 1334.70 1246.60 1330.80 86.60 4,901
Aug 1769.40 1787.50 1741.90 1746.70 –21.30 165,420 May 12.25 12.29 12.20 12.24 … 4,600 June 23600 24640 23538 24507 990 71,344 Mini Russell 1000 (CME)-$50 x index
Oct 1780.00 1792.90 s 1750.50 1753.60 –19.60 18,096 June 16.75 16.90 16.32 16.66 –.19 4,992 Sept 23559 24526 23468 24405 971 843 June 1615.10 1632.40 1575.20 1625.00 50.70 8,189
Dec 1780.00 1800.00 s 1756.20 1760.60 –18.10 63,563 Cocoa (ICE-US)-10 metric tons; $ per ton. S&P 500 Index (CME)-$250 x index U.S. Dollar Index (ICE-US)-$1,000 x index
Feb'21 1765.00 1775.00 1762.00 1763.60 –17.40 10,863 July 2,393 2,416 2,376 2,404 5 73,008 June 2854.90 2947.30 2851.10 2947.90 101.50 103,060 June 100.44 100.52 99.60 99.68 –.75 31,406
Palladium (NYM) - 50 troy oz.; $ per troy oz. Sept 2,367 2,390 2,354 2,379 4 57,839 Sept … … … 2939.20 101.30 11 Sept 100.38 100.50 99.63 99.69 –.74 867
May … ... ... 2021.80 169.20 ... Coffee (ICE-US)-37,500 lbs.; cents per lb. Mini S&P 500 (CME)-$50 x index
June 1873.10 2070.00 1863.70 2027.10 169.20 3,381 May 105.70 105.70 105.70 105.70 .90 9 June 2859.75 2964.75 2850.00 2948.00 101.50 3,152,167 Source: FactSet
Sept 1880.00 2050.00 1880.00 2016.20 161.30 3,318 July 106.75 108.10 105.00 107.75 .90 80,326
Dec 2000.00 2000.00 2000.00 2009.20 161.50 393 Sugar-World (ICE-US)-112,000 lbs.; cents per lb.
Platinum (NYM)-50 troy oz.; $ per troy oz. July 10.52 10.83 10.47 10.80 .42 334,001
May 807.60 807.60 805.10 864.70 52.20 8 Oct 10.63 10.93 10.59
Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb.
10.90 .40 239,325 Bonds | wsj.com/market-data/bonds/benchmarks
July 823.10 877.00 822.70 869.30 52.20 42,602
Silver (CMX)-5,000 troy oz.; $ per troy oz. July 25.80 25.80 25.80 25.80 … 1,378
May 17.220 17.585 17.220 17.464 0.418 353 Sept 25.91 25.91
Cotton (ICE-US)-50,000 lbs.; cents per lb.
25.91 25.91 .01 2,611 Tracking Bond Benchmarks
July 17.225 17.985 17.125 17.468 0.398 111,605
Crude Oil, Light Sweet (NYM)-1,000 bbls.; $ per bbl. July 58.40 58.96 57.40 57.80 –.45 86,781 Return on investment and spreads over Treasurys and/or yields paid to investors compared with 52-week
June 29.53 33.32 29.53 31.82 2.39 54,931 Dec 57.98 58.78 57.35 57.93 –.24 60,174 highs and lows for different types of bonds
July 29.81 33.10 29.55 31.65 2.13 308,131 Orange Juice (ICE-US)-15,000 lbs.; cents per lb.
July 123.00 126.95 s 122.45 126.80 3.25 7,233 Total Total
Aug 30.30 33.52 30.15 32.27 2.15 248,058
Sept 122.90 125.20 s 122.10 125.05 2.25 1,942 return YTD total Yield (%) return YTD total Yield (%)
Sept 30.92 33.90 30.69 32.87 2.18 304,304
close return (%) Index Latest Low High close return (%) Index Latest Low High
Dec 32.25 34.77 32.13 34.07 2.06 339,481
Dec'21 35.55 37.81 35.55 37.30 1.76 129,484 Interest Rate Futures Broad Market Bloomberg Barclays Mortgage-Backed Bloomberg Barclays
NY Harbor ULSD (NYM)-42,000 gal.; $ per gal. Ultra Treasury Bonds (CBT) - $100,000; pts 32nds of 100%
June .9205 1.0286 .9195 1.0064 .0860 52,223 2225.81 4.5 U.S. Aggregate 1.440 1.310 2.930 2220.85 3.4 Mortgage-Backed 1.340 0.930 3.100
June 224-000 224-020 217-300 218-030 –5-18.0 1,040,215
July .9585 1.0586 .9556 1.0379 .0831 70,002
Sept 222-080 222-110 216-130 216-170 –5-18.0 75,948 U.S. Corporate Indexes Bloomberg Barclays 2174.56 3.5 Ginnie Mae (GNMA) 0.700 0.490 3.070
Gasoline-NY RBOB (NYM)-42,000 gal.; $ per gal. Treasury Bonds (CBT)-$100,000; pts 32nds of 100%
June .9700 1.0588 .9682 1.0258 .0556 45,072
June 181-010 181-040 178-020 178-050 –2-25.0 1,004,681 3164.14 0.7 U.S. Corporate 2.700 2.220 4.580 1309.75 3.4 Fannie mae (FNMA) 1.590 1.110 3.110
July .9882 1.0699 .9830 1.0426 .0588 92,197
Sept 179-160 179-170 176-180 176-200 –2-25.0 17,806
Natural Gas (NYM)-10,000 MMBtu.; $ per MMBtu. Treasury Notes (CBT)-$100,000; pts 32nds of 100% 2919.31 1.0 Intermediate 2.200 1.760 4.400 2011.26 3.4 Freddie Mac (FHLMC) 1.570 1.080 3.110
June 1.725 1.851 1.702 1.783 .137 101,895
June 139-115 139-125 138-180 138-190 –23.5 3,265,401
July 1.903 2.020 1.878 1.959 .126 311,801
Sept 139-035 139-050 138-090 138-100 –25.0 160,418 4559.99 0.3 Long term 3.560 2.950 4.930 572.05 1.1 Muni Master 1.480 0.959 3.441
Sept 2.062 2.163 2.047 2.110 .110 133,670
5 Yr. Treasury Notes (CBT)-$100,000; pts 32nds of 100% 663.03 3.5 403.00 1.0 7-12 year 1.461 0.924 3.447
Oct 2.145 2.244 2.138 2.198 .100 102,926
June 125-255 125-255 125-117 125-122 –11.0 3,301,676
Double-A-rated 1.790 1.670 3.360
Jan'21 2.965 3.033 2.964 2.993 .038 94,105
April 2.527 2.566 2.523 2.541 .022 69,921
Sept 125-200 125-207 125-062 125-067 –12.0 357,677 815.87 -1.6 Triple-B-rated 3.320 2.570 5.350 456.99 0.9 12-22 year 1.921 1.224 3.690
2 Yr. Treasury Notes (CBT)-$200,000; pts 32nds of 100%
June 110-094 110-099 110-066 110-068 –2.1 2,306,556 High Yield Bonds ICE BofA 433.39 -1.7 22-plus year 2.900 1.765 4.123
Agriculture Futures Sept 110-141 110-144 110-109 110-110 –2.5 131,607
30 Day Federal Funds (CBT)-$5,000,000; 100 - daily avg. 425.69 -8.9 High Yield Constrained 7.868 5.151 11.400 Global Government J.P. Morgan†
Corn (CBT)-5,000 bu.; cents per bu.
May 99.9475 99.9500 99.9450 99.9475 –.0025 228,664 608.26 4.4 Global Government 0.640 0.390 1.370
July 320.00 322.00 318.00 320.75 1.50 603,507 350.75 -19.9 Triple-C-rated 17.530 10.735 19.071
Dec 332.25 334.00 330.75 332.75 .75 346,236 July 99.9450 99.9500 99.9350 99.9350 –.0150 215,465
Oats (CBT)-5,000 bu.; cents per bu. 10 Yr. Del. Int. Rate Swaps (CBT)-$100,000; pts 32nds of 100% 2895.42 -9.3 High Yield 100 6.555 4.516 10.740 864.65 7.6 Canada 0.760 0.590 1.850
July 313.00 323.00 s 309.50 318.75 6.75 2,732 June 105-315 106-080 105-060 105-070 –1-01.0 73,230
Eurodollar (CME)-$1,000,000; pts of 100% 384.82 -8.7 Global High Yield Constrained 7.860 4.893 11.310 400.29 0.03 EMU§ 0.554 0.109 0.934
Dec 270.00 273.75 267.50 269.50 –.75 1,132
May 99.6375 99.6375 99.6350 99.6234 –.0141 388,142
Soybeans (CBT)-5,000 bu.; cents per bu. 294.92 -10.3 Europe High Yield Constrained 5.941 2.464 8.183 765.83 0.9 France 0.250 -0.160 0.570
June 99.6850 99.7000 99.6650 99.6700 –.0050 1,723,403
July 840.50 847.75 838.75 845.00 6.50 319,483
Sept 99.7200 99.7300 99.6950 99.6950 –.0200 1,628,149
Nov 848.00 855.00 845.75 852.75 7.25 173,440 U.S Agency Bloomberg Barclays 548.28 2.3 Germany -0.370 -0.740 0.070
Dec 99.7100 99.7200 99.6750 99.6800 –.0250 1,121,949
Soybean Meal (CBT)-100 tons; $ per ton.
July 287.80 t 284.50
288.00 285.10 –2.40 174,198 1850.00 4.5 U.S Agency 0.640 0.550 2.480 296.89 -0.4 Japan 0.230 -0.070 0.260
Dec 293.50 t 291.80
293.80 292.30 –.70 74,397
Currency Futures
1614.83 3.4 10-20 years 0.490 0.400 2.380 606.71 1.8 Netherlands -0.180 -0.540 0.190
Soybean Oil (CBT)-60,000 lbs.; cents per lb. Japanese Yen (CME)-¥12,500,000; $ per 100¥
July 26.61 27.40 26.61 27.32 .74 177,486 May .9335 .9339 .9303 .9305 –.0016 703 4204.74 10.2 20-plus years 1.620 1.170 2.950 1098.45 9.3 U.K. 0.510 0.390 1.440
Dec 27.43 28.17 27.38 28.13 .76 87,635 June .9337 .9343 .9305 .9315 –.0010 154,057
2741.51 0.4 Yankee 2.110 1.920 3.500 821.73 -6.8 Emerging Markets ** 5.912 4.523 7.480

.
Rough Rice (CBT)-2,000 cwt.; $ per cwt. Canadian Dollar (CME)-CAD 100,000; $ per CAD
July 16.06 16.38 15.99 16.07 .05 6,877 May .7134 .7173 .7088 .7162 .0073 820 *Constrained indexes limit individual issuer concentrations to 2%; the High Yield 100 are the 100 largest bonds † In local currency § Euro-zone bonds

ly
Sept 11.91 11.95 11.86 11.95 .04 4,385 June .7087 .7175 .7086 .7162 .0073 118,950
Wheat (CBT)-5,000 bu.; cents per bu. ** EMBI Global Index Sources: ICE Data Services; Bloomberg Barclays; J.P.Morgan
British Pound (CME)-£62,500; $ per £
July 501.50 502.75 t 493.75 497.00 –3.25 198,564 May 1.2236 1.2208 1.2080 1.2181 .0064 1,718
Sept 504.50 505.25 t 497.00 500.00 –3.00 76,746 June 1.2085 1.2229 1.2079 1.2193 .0075 173,099
Wheat (KC)-5,000 bu.; cents per bu. Swiss Franc (CME)-CHF 125,000; $ per CHF Global Government Bonds: Mapping Yields
July
Sept

May
Aug
454.25
461.75
455.50
461.75

126.175 127.000
132.100 133.700
444.50
451.00
446.25
452.75
Cattle-Feeder (CME)-50,000 lbs.; cents per lb.
125.500 126.600
131.575 132.550
–6.00 121,388
–6.00 39,334

1.875
1.475
2,013
15,413
June
Sept
on
1.0302
1.0328
1.0342
1.0370
Australian Dollar (CME)-AUD 100,000; $ per AUD
May
June
.6459
.6414
.6504
.6528
1.0253
1.0284

.6415
.6413
1.0287 –.0008
1.0316 –.0008

.6483
.6515
.0065 329
.0096 131,261
42,543
135 Yields and spreads over or under U.S. Treasurys on benchmark two-year and 10-year government bonds in
selected other countries; arrows indicate whether the yield rose(s) or fell (t) in the latest session
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
us ,

0.125 U.S. 2 0.185 s l 0.149 0.202 2.200

l

0.625 10 0.736 s l 0.646 0.643 2.393

Cash Prices | wsj.com/market-data/commodities Monday, May 18, 2020
e
al a

2.000 Australia 2 0.272 s l 0.268 0.214 1.221 8.7 11.9 -97.9

These prices reflect buying and selling of a variety of actual or “physical” commodities in the marketplace—
2.500 10 0.922 s l 0.919 0.855 1.652 18.6 27.3 -74.1
separate from the futures price on an exchange, which reflects what the commodity might be worth in future
0.000 France 2 -0.494 s -0.496 -0.495 -0.552 -64.5 -275.3
ci on

l -67.9
months.
Monday Monday Monday 0.000 10 -0.010 s l -0.026 0.022 0.289 -74.6 -67.2 -210.4
Aluminum, LME, $ per metric ton *1432.5 Wheat - Hard - KC (USDA) $ per bu-u 4.5875 0.000 Germany 2 -0.698 s l -0.739 -0.701 -0.645 -88.8 -284.5
Energy -88.3
Copper,Comex spot 2.4050 Wheat,No.1soft white,Portld,OR-u 6.0750
Coal,C.Aplc.,12500Btu,1.2SO2-r,w 54.650 Iron Ore, 62% Fe CFR China-s 96.2 0.000 10 -0.471 s l -0.529 -0.471 -0.101 -120.7 -117.5 -249.4
Food
Coal,PwdrRvrBsn,8800Btu,0.8SO2-r,w 11.500 Shredded Scrap, US Midwest-s,m 261 1.000 Italy 2 0.386 t l 0.543 0.799 0.621 20.1 39.4 -158.0
Steel, HRC USA, FOB Midwest Mill-s 498 Beef,carcass equiv. index
er s

Metals choice 1-3,600-900 lbs.-u 288.81 1.350 10 1.669 t l 1.854 1.783 2.673 93.3 120.8 28.0
Fibers and Textiles select 1-3,600-900 lbs.-u 269.73
Gold, per troy oz 0.100 Japan 2 -0.173 t l -0.163 -0.140 -0.161 -35.9 -31.2 -236.1
1750.00 Burlap,10-oz,40-inch NY yd-n,w 0.5700 Broilers, National comp wtd. avg.-u,w 0.7745
m er

Engelhard industrial
Butter,AA Chicago 1.6050 0.100 10 -0.010 t l -0.003 0.016 -0.055 -74.6 -64.9 -244.8
Handy & Harman base 1734.70 Cotton,1 1/16 std lw-mdMphs-u 0.5505
1925.52 *66.30
Cheddar cheese,bbl,Chicago 173.75 0.400 Spain 2 -0.260 s l -0.267 0.042 -0.345 -41.6 -254.5
Handy & Harman fabricated Cotlook 'A' Index-t -44.5
LBMA Gold Price AM *1734.85 Hides,hvy native steers piece fob-u 24.500
Cheddar cheese,blk,Chicago 181.50
Milk,Nonfat dry,Chicago lb. 94.00 0.500 10 0.803 t l 0.812 0.802 0.871 6.8 16.6 -152.1
LBMA Gold Price PM *1735.35 Wool,64s,staple,Terr del-u,w 3.25
1795.46
Coffee,Brazilian,Comp 1.0223 0.500 U.K. 2 0.007 t l 0.014 0.088 0.718 -13.5 -148.3
Krugerrand,wholesale-e -17.8
m rp

Maple Leaf-e 1812.72

Grains and Feeds Coffee,Colombian, NY 1.5497
Eggs,large white,Chicago-u 0.7650 4.750 10 0.258 s l 0.235 0.303 1.036 -47.8 -41.1 -135.7
American Eagle-e 1812.72 Barley,top-quality Mnpls-u n.a. Flour,hard winter KC 14.00
Mexican peso-e 2089.52 Bran,wheat middlings, KC-u 78 Source: Tullett Prebon
Hams,17-20 lbs,Mid-US fob-u 0.57
Austria crown-e 1695.22 Corn,No. 2 yellow,Cent IL-bp,u 3.0150 Hogs,Iowa-So. Minnesota-u 69.70
Austria phil-e
Silver, troy oz.
1812.72 Corn gluten feed,Midwest-u,w
Corn gluten meal,Midwest-u,w
112.2
455.5
Pork bellies,12-14 lb MidUS-u n.a. Corporate Debt
Pork loins,13-19 lb MidUS-u 2.1322
Engelhard industrial 17.1500 Cottonseed meal-u,w 253 Steers,Tex.-Okla. Choice-u 111.31
Price moves by a company's debt in the credit markets sometimes mirror and sometimes anticipate, moves in
co Fo

Handy & Harman base 17.0910 Hominy feed,Cent IL-u,w 105 Steers,feeder,Okla. City-u,w 149.25 that same company’s share price.
Handy & Harman fabricated 21.3640 Meat-bonemeal,50% pro Mnpls-u,w 310
LBMA spot price *£13.3200 Oats,No.2 milling,Mnpls-u 3.5375 Fats and Oils Investment-grade spreads that tightened the most…
(U.S.$ equivalent) *16.2500 Rice, Long Grain Milled, No. 2 AR-u,w n.a. Spread*, in basis points Stock Performance
Corn oil,crude wet/dry mill wtd. avg.-u,w 49.7000
Coins,wholesale $1,000 face-a 15808 Sorghum,(Milo) No.2 Gulf-u 7.9600 Grease,choice white,Chicago-h 0.2600 Issuer Symbol Coupon (%) Maturity Current One-day change Last week Close ($) % chg
Other metals SoybeanMeal,Cent IL,rail,ton48%-u 286.60 Lard,Chicago-u n.a.
LBMA Platinum Price PM *768.0 Soybeans,No.1 yllw IL-bp,u 8.2900 Soybean oil,crude;Centl IL-u 0.2592 ViacomCBS VIAC 4.200 May 19, ’32 213 –161 n.a. 19.05 10.12
Platinum,Engelhard industrial 817.0 Wheat,Spring14%-pro Mnpls-u 6.2975 Tallow,bleach;Chicago-h 0.3475 Southwest Airlines LUV 4.750 May 4, ’23 618 –105 694 27.09 13.49
Palladium,Engelhard industrial 2010.0 Wheat,No.2 soft red,St.Louis-bp,u 5.2000 Tallow,edible,Chicago-u 0.4275
Carnival CCL 6.650 Jan. 15, ’28 1055 –47 995 14.72 15.18
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; Marriott International MAR 3.125 Feb. 15, ’23 482 –45 470 93.62 17.38
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 5/15
Source: Dow Jones Market Data Glencore Funding GLENLN 4.125 March 12, ’24 260 –42 300 ... ...
Brandywine Operating Partnership … 3.950 Nov. 15, ’27 309 –41 n.a. … …

Borrowing Benchmarks | wsj.com/market-data/bonds/benchmarks …And spreads that widened the most

n-

Money Rates May 18, 2020 Omega Healthcare Investors OHI 5.250 Jan. 15, ’26 535 42 n.a. 29.47 12.01
AerCap Ireland Capital DAC … 4.450 Oct. 1, ’25 808 16 756 … …
Key annual interest rates paid to borrow or lend money in U.S. and international markets. Rates below are a Energy Transfer Operating … 5.150 March 15, ’45 470 13 457 ... ...
guide to general levels but don’t always represent actual transactions.
no

Oglethorpe Power OGLETH 5.050 Oct. 1, ’48 282 12 n.a. ... ...
Week —52-WEEK— Week —52-WEEK— 3.875 Sept. 12, ’23 215 12 n.a. 2.72 5.84
Inflation Latest ago High Low Latest ago High Low
Royal Bank of Scotland RBS
April index Chg From (%) Booking Holdings BKNG 3.600 June 1, ’26 247 11 233 1557.43 12.51
level March '20 April '19 Switzerland 0.50 0.50 0.50 0.50 Offer 0.0800 0.0800 2.5000 0.0500
Britain 0.10 0.10 0.75 0.10 Bank of Nova Scotia BNS 2.700 Aug. 3, ’26 148 11 n.a. 38.31 8.10
U.S. consumer price index Australia 0.25 0.25 1.50 0.25 Treasury bill auction ColumbiaPropertyTrustOperatingPartnership … 4.150 April 1, ’25 310 10 n.a. … …
All items 256.389 –0.67 0.3 4 weeks 0.090 0.095 2.365 0.000
Core 266.089 –0.46 1.4 Overnight repurchase 13 weeks 0.130 0.125 2.335 0.000 High-yield issues with the biggest price increases…
U.S. 0.07 0.08 3.40 -0.07 26 weeks 0.150 0.155 2.340 0.080
International rates Bond Price as % of face value Stock Performance
U.S. government rates Secondary market Issuer Symbol Coupon (%) Maturity Current One-day change Last week Close ($) % chg
Week 52-Week
Latest ago High Low Discount Fannie Mae United Airlines Holdings UAL 4.875 Jan. 15, ’25 56.000 5.00 57.500 24.13 21.13
0.25 0.25 3.00 0.25 30-year mortgage yields
Prime rates WPX Energy WPX 5.250 Oct. 15, ’27 92.800 4.77 n.a. 5.98 11.57
30 days 2.282 2.264 3.680 2.196
U.S. 3.25 3.25 5.50 3.25 Federal funds Baffinland Iron Mines BIMCN 8.750 July 15, ’26 92.662 4.41 86.250 ... ...
60 days 2.330 2.313 3.690 2.249
Canada 2.45 2.45 3.95 2.45
Effective rate 0.0600 0.0700 2.4300 0.0600 Ford Motor F 5.291 Dec. 8, ’46 70.688 4.19 68.250 5.31 8.37
Japan 1.475 1.475 1.475 1.475 Other short-term rates
High 0.1500 0.1500 3.0000 0.1400
Policy Rates American Airlines AAL 5.000 June 1, ’22 39.750 4.00 46.000 9.87 9.18
Low 0.0300 0.0500 2.3800 0.0200
Week 52-Week Occidental Petroleum OXY 6.950 July 1, ’24 90.970 3.97 88.000 15.07 9.04
Euro zone 0.00 0.00 0.00 0.00 Bid 0.0500 0.0500 2.4000 0.0100 Latest ago high low
Western Midstream Operating … 4.650 July 1, ’26 91.000 3.91 90.000 … …
Call money Seven Generations Energy VIICN 5.375 Sept. 30, ’25 79.000 3.89 83.000 ... ...
Key Interest Rates 2.00 2.00 4.25 2.00

Data are annualized on a 360-day basis. Treasury yields are per annum, Commercial paper (AA financial)
…And with the biggest price decreases
on actively traded noninflation and inflation-indexed issues that are 90 days 0.04 0.19 2.53 0.04 Triumph TGI 7.750 Aug. 15, ’25 54.000 –3.03 60.500 5.44 15.01
adjusted to constant maturities. Data are from weekly Federal Reserve Libor Hertz HTZ 7.125 Aug. 1, ’26 11.000 –2.50 15.000 3.17 20.08
release H.15. Onemonth *0.17238 0.19088 2.44188 0.17238 GEO GEO 5.875 Oct. 15, ’24 78.250 –1.50 78.500 11.27 8.78
Week Ended 52-Week Week Ended 52-Week Threemonth *0.38050 0.43350 2.52488 0.38050 Liberty Media LINTA 8.250 Feb. 1, ’30 88.750 –1.12 89.240 ... ...
May 15 May 8 High Low May 15 May 8 High Low
6-month 0.15 0.15 2.43 0.06 Sixmonth *0.65900 0.65888 2.57063 0.65863
Federal funds (effective) Oneyear *0.75538 0.76563 2.66563 0.74350 Weekley Homes WEEKHM 6.000 Feb. 1, ’23 94.500 –1.00 95.660 ... ...
1-year 0.15 0.16 2.34 0.15
0.05 0.05 2.41 0.04 2-year 0.16 0.17 2.20 0.16 Ashland … 4.750 Aug. 15, ’22 104.375 –0.94 105.260 … …
Euro Libor
Commercial paper 3-year 0.21 0.22 2.15 0.21 Diamond Offshore Drilling … 7.875 Aug. 15, ’25 9.000 –0.88 11.250 ... ...
5-year 0.33 0.34 2.18 0.33 One month *-0.444 -0.430 -0.360 -0.621
Nonfinancial 7-year 0.51 0.53 2.28 0.51 Three month *-0.263 -0.225 -0.142 -0.539 Intelsat Jackson Holdings INTEL 5.500 Aug. 1, ’23 54.750 –0.75 57.000 ... ...
1-month 0.12 0.14 2.42 0.12 10-year 0.67 0.67 2.40 0.61 Six month *-0.119 -0.117 -0.052 -0.491
2-month 0.18 0.25 2.42 0.18 1.08 *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.
20-year 1.09 2.65 1.00 One year *-0.059 -0.048 0.008 -0.441
3-month 0.24 0.39 2.44 0.24 Note: Data are for the most active issue of bonds with maturities of two years or more
Financial Value 52-Week Sources: MarketAxess Corporate BondTicker; Dow Jones Market Data
Treasury yields (secondary market) Latest Traded High Low
1-month 0.08 0.10 2.43 0.08
2-month 0.15 0.16 2.46 0.15
1-month 0.09 0.09 2.36 0.00
3-month 0.15 0.20 2.45 0.15 3-month 0.12 0.12 2.36 -0.01 DTCC GCF Repo Index
Discount window primary credit
6-month 0.15 0.15 2.36 0.06 Treasury 0.079 46.500 6.007 0.002 Dividend Changes
TIPS MBS 0.090 69.030 6.699 0.011
0.25 0.25 3.00 0.25 Dividend announcements from May 18.
5-year -0.40 -0.37 0.50 -0.55 Notes on data:
Treasury yields at constant 7-year -0.42 -0.42 0.53 -0.52 Amount Payable / Amount Payable /
-0.42 U.S. prime rate is the base rate on corporate
maturities 10-year -0.43 0.59 -0.48
loans posted by at least 70% of the 10 largest Company Symbol Yld % New/Old Frq Record Company Symbol Yld % New/Old Frq Record
1-month 0.09 0.09 2.40 0.01 20-year -0.25 -0.26 0.76 -0.32 U.S. banks, and is effective March 16, 2020.
3-month 0.12 0.12 2.41 0.01 Long-term avg -0.09 -0.10 0.89 -0.19 Other prime rates aren’t directly comparable;
Increased Foreign
lending practices vary widely by location; AAON AAON 0.7 .19 /.16 SA Jul01 /Jun03 GasLog Perp. Pfd. A GLOGpA 11.5 .54688 Q Jul01 /Jun30
Notes on data: Discount rate is effective March 16, 2020. DTCC iStar STAR 4.4 .11 /.10 Q Jun15 /Jun01 GasLog Ptrs Pfd. A GLOPpA 12.8 .53906 Q Jun15 /Jun08
Federal-funds rate is an average for the seven days ended Wednesday, weighted according to rates GCF Repo Index is Depository Trust & Clearing GasLog Ptrs Pfd. B GLOPpB 12.9 .5125 Q Jun15 /Jun08
on broker trades; Commercial paper rates are discounted offer rates interpolated from sales by Corp.'s weighted average for overnight trades in Reduced GasLog Ptrs Pfd. C GLOPpC 13.2 .53125 Q Jun15 /Jun08
discounted averages of dealer bid rates on nationally traded certificates of deposit; Discount window applicable CUSIPs. Value traded is in billions of Covanta Holding CVA 3.5 .08 /.25 Q Jul10 /Jun26 Koninklijke Philips ADR PHG 2.1 .96122 A Jul07 /Jul01
U.S. dollars. Federal-funds rates are Tullett
primary credit rate is charged for discounts made and advances extended under the Federal PBF Logistics PBFX 12.8 .30 /.52 Q Jun17 /May27 Maverix Metals MMX 0.8 .01 Q Jul15 /Jun30
Prebon rates as of 5:30 p.m. ET. *Data as of
Reserve's primary credit discount window program; rate is average for seven days ended Wednesday; 5/15/2020 nVent Electric NVT 3.8 .175 Q Aug07 /Jul24
Inflation-indexed long-term TIPS average is indexed and is based on the unweighted average bid Stocks RenaissanceRe Pfd. E RNRpE 5.3 .33594 Q Jun01 /May29
yields for all TIPS with remaining terms to maturity of 10 years or more; Sources: Federal Reserve; Bureau of Labor BioPharmX BPMX 1:12 /May19 RenaissanceRe Pfd. F RNRpF 5.7 .35938 Q Jun01 /May29
Sources: Federal Reserve; for additional information on these rate data and their derivation, Statistics; DTCC; FactSet;
please see, www.federalreserve.gov/releases/h15/data.htm Tullett Prebon Information, Ltd. KEY: A: annual; M: monthly; Q: quarterly; r: revised; SA: semiannual; S2:1: stock split and ratio; SO: spin-off.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

B10 | Tuesday, May 19, 2020 THE WALL STREET JOURNAL.

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. GenuineParts GPC 77.31 4.19 Lumentum LITE 71.26 3.53 Pinterest PINS 18.52 0.28 s ThermoFisherSci TMO 346.97 4.05 UniversalHealthB UHS 100.13 7.50 Welltower WELL 45.13 5.09
Arca, NYSE American and Nasdaq Stock Market t-New 52-week low. GileadSciences GILD 74.76 LYFT 30.43 PioneerNatRscs PXD 93.38 10.52 ThomsonReuters TRI 67.88 1.48 VEREIT VER 4.98 0.47
-1.50 Lyft 2.28 Wendy's WEN 20.57 -0.29
listed securities. Prices are composite quotations dd-Indicates loss in the most recent four s
that include primary market trades as well as quarters. GSK GSK 41.28 0.37 LyondellBasell LYB 59.37 5.77 PlainsAllAmPipe PAA 9.00 0.55 3M MMM 149.27 10.58 VF VFC 56.45 4.49 WestPharmSvcs WST 218.40 4.23
trades reported by Nasdaq BX (formerly Boston), FD-First day of trading. GlbBloodTherap GBT 73.62 0.93 Polaris PII 79.56 5.61 Tiffany TIF 127.66 0.65 VICI Prop VICI 16.52 1.22 WesternDigital WDC 42.38 3.17
Chicago Stock Exchange, Cboe, NYSE National and h-Does not meet continued listing GlobalPayments GPN 180.10 10.23 M N Pool POOL 229.56 6.59 Toro TTC 65.41 2.25 VailResorts MTN 189.05 20.12 WesternUnion WU 19.40 0.83
Nasdaq ISE. standards Globant GLOB 130.99 8.40 PostHoldings POST 88.12 3.24 TorontoDomBk TD 41.57 2.62 Vale VALE 9.01 0.74 WestlakeChem WLK 43.90 5.37
M&T Bank MTB 96.55 7.43
The list comprises the 1,000 largest companies lf-Late filing GlobeLife GL 73.94 5.18 PrincipalFin PFG 36.77 2.92 Total TOT 35.69 2.66 ValeroEnergy VLO 64.35 5.57 WestpacBanking WBK 10.16 0.32
based on market capitalization. q-Temporary exemption from Nasdaq MGM Resorts MGM 15.31 1.46
GlobusMedical GMED 49.79 3.97 Procter&Gamble PG 116.21 1.60 ToyotaMotor TM 119.47 2.58 VarianMed VAR 118.97 4.94 WestRock WRK 25.88 1.87
Underlined quotations are those stocks with requirements. MKS Instrum MKSI 97.34 4.87 TractorSupply TSCO 109.76 -1.96 s VeevaSystems VEEV 197.17 -3.26
GoDaddy GDDY 75.07 -1.44 Progressive PGR 76.62 0.41 Weyerhaeuser WY 19.17 1.84
large changes in volume compared with the t-NYSE bankruptcy s MPLX MPLX 19.14 0.99 TradeDesk TTD 296.73 -3.28 Ventas VTR 32.26 4.29 s
GoldFields GFI 7.93 -0.54 Prologis PLD 86.83 3.55 WheatonPrecMet WPM 45.24 -0.40
issue’s average trading volume. v-Trading halted on primary market. MSA Safety MSA 121.36 6.52 s Tradeweb
GoldmanSachs GS 181.88 10.01 Proofpoint PFPT 114.12 -1.49 TW 62.17 1.36 VeriSign VRSN 217.08 -0.17 Whirlpool WHR 118.59 9.79
Boldfaced quotations highlight those issues vj-In bankruptcy or receivership or being MSCI MSCI 346.75 5.53
whose price changed by 5% or more if their reorganized under the Bankruptcy Code, Graco GGG 46.23 2.02 ProsperityBcshs PB 60.24 4.34 TraneTech TT 81.39 4.18 VeriskAnalytics VRSK 158.32 3.76 Williams WMB 19.58 0.82
MagellanMid MMP 43.10 1.26 TransDigm TDG 370.52 45.52 Verizon VZ 55.72 1.01
previous closing price was $2 or higher. or securities assumed by such companies. Grainger GWW 290.92 12.13 PrudentialFin PRU 57.12 4.19 Williams-Sonoma WSM 70.28 3.76
GrandCanyonEduc LOPE 96.32 MagnaIntl MGA 39.78 3.06 TransUnion TRU 78.91 3.29 s VertxPharm VRTX 284.13 -4.56
0.43 Prudential PUK 27.47 1.87 WillisTowers WLTW 204.74 4.26
ManhattanAssoc MANH 74.81 2.49 TRV 95.30 4.99 ViacomCBS A VIACA 22.45 2.00
Wall Street Journal stock tables reflect composite regular trading as of 4 p.m. and Grifols GRFS 20.35 1.04 PublicServiceEnt PEG 49.35 3.89 Travelers Wipro WIT 2.93 0.02
GrubHub GRUB 57.67 2.70
ManulifeFin MFC 11.90 0.73 s Trex TREX 122.76 7.81 ViacomCBS B VIAC 19.05 1.75
changes in the closing prices from 4 p.m. the previous day. PublicStorage PSA 183.36 7.39 Wix.com WIX 193.76 -8.02
GpoAvalAcc AVAL 4.03 0.19 MarathonOil MRO 6.08 0.47 Trimble TRMB 38.64 3.24 Vipshop VIPS 16.62 -0.23
PulteGroup PHM 31.13 3.41 WooriFin WF 20.21 1.23
GuardantHealth GH 94.42 -3.08 MarathonPetrol MPC 34.95 4.65 Qiagen QGEN 42.32 0.26 Trip.com TCOM 25.53 1.53 Visa V 191.38 7.89 Workday WDAY 150.56 -3.74
Monday, May 18, 2020 Net Net Markel MKL 844.06 12.51
Stock Sym Close Chg Stock Sym Close Chg Guidewire GWRE 94.87 1.45 Qorvo QRVO 99.04 4.33 TruistFinl TFC 34.15 2.80 VistraEnergy VST 19.92 1.35 WynnResorts WYNN 81.47 3.77
Net HCA Healthcare HCA 105.60 6.86 MarketAxess MKTX 492.66 4.61 VMware VMW 139.03 4.55
Stock Sym Close Chg Qualcomm QCOM 79.94 4.17 Twilio TWLO 183.39 -5.83 XP XP 27.57 1.06
Bio-Techne TECH 266.79 -0.52 Datadog DDOG 67.41 0.25 HDFC Bank HDB 36.53 0.09 Marriott MAR 93.62 13.86 QuestDiag DGX 109.04 -2.04 Twitter TWTR 29.64 0.64 Vodafone VOD 15.71 0.98 XPO Logistics XPO 69.91 5.59
s Bio-RadLab A BIO 471.42 4.70 DaVita DVA 80.71 1.46 HD Supply HDS 29.78 2.48 Marsh&McLen MMC 107.00 2.53 s TylerTech -2.67 VornadoRealty VNO 37.87 2.55
A B C Biogen BIIB 315.90 -0.70 Deere DE 137.90 11.89 HP HPQ 16.12 1.26 MartinMarietta MLM 180.87 12.80
Quidel QDEL 182.80 -14.47 TYL 352.08
TysonFoods TSN 60.83 2.62 VoyaFinancial VOYA 43.04 2.27
XcelEnergy XEL 60.13 2.24
Xilinx XLNX 87.16 3.93
ABB ABB 18.68 1.02 BioMarinPharm BMRN 95.36 1.62 DellTechC DELL 43.78 1.69 HSBC HSBC 25.26 0.93 MarvellTech MRVL 27.58 1.24 R S UBS Group UBS 9.96 0.70 VulcanMatls VMC 101.24 5.17 Xylem XYL 62.02 3.83
BioNTech BNTX 60.17 10.68 DeltaAir DAL 21.86 2.67 Haemonetic HAE 103.37 3.00 Masco MAS 44.43 1.71 UDR 36.89 2.13 s
ACADIA Pharm ACAD 52.06 1.23 UDR YamanaGold AUY 4.97 -0.32
ADT ADT 6.30 0.28 BlackKnight BKI 74.81 1.21 DentsplySirona XRAY 40.57 2.86 Halliburton HAL 11.51 1.69
Masimo MASI 246.82 -2.00 RELX RELX 22.77 0.85
UGI UGI 30.96 2.57
W X Y Z Yandex YNDX 40.92 1.93
Mastercard MA 289.90 10.96 RPM RPM 69.69 2.98
AECOM ACM 34.69 2.67 BlackRock BLK 516.43 2.70 DeutscheBank DB 7.13 0.69 HartfordFinl HIG 35.25 2.00 Uber UBER 33.62 1.15 WABCO WBC 136.31 -0.14 YumBrands YUM 86.76 1.86
MatchGroup MTCH 83.60 5.43 RalphLauren RL 69.93 4.55
AES AES 13.04 1.29 Blackstone BX 53.57 2.50 DevonEnergy DVN 13.12 1.17 Hasbro HAS 68.26 3.46 Ubiquiti UI 175.89 2.92 WEC Energy WEC 87.62 2.82 YumChina YUMC 46.56 -0.59
MaximIntProducts MXIM 55.14 3.08 RaymondJames RJF 64.96 3.92
Aflac AFL 34.75 1.76 Boeing BA 135.44 15.44 s DexCom DXCM 414.44 -3.29 HealthcareAmer HTA 26.16 2.08 UltaBeauty ULTA 212.57 12.12 WEX WEX 135.38 14.88 s ZTO Express ZTO 34.37 1.04
s McCormickVtg MKC.V 177.11 -2.69 RaytheonTech RTX 57.90 5.17
AGNC Invt AGNC 12.90 0.46 BookingHldgs BKNG 1557.43173.12 Diageo DEO 140.10 5.48 HealthpeakProp PEAK 24.06 2.12 Unilever UN 49.31 1.02 W.P.Carey WPC 58.97 4.34 s ZaiLab ZLAB 73.37 3.10
BoozAllen BAH 70.65 -0.13 s McCormick MKC 176.33 -1.65 RealPage RP 65.10 0.87
ANGI Homesvcs ANGI 10.61 0.93 DiamondbkEner FANG 43.44 4.66 Heico A HEI.A 74.80 5.54 Unilever UL 52.45 1.24 WPP WPP 36.28 2.37 ZebraTech ZBRA 235.80 18.00
McDonalds MCD 179.83 6.02 RealtyIncome O 53.07 3.08
Ansys ANSS 263.51 9.58 BorgWarner BWA 29.54 1.77 DigitalRealty DLR 131.43 0.66 Heico HEI 90.82 7.64 UnionPacific UNP 159.12 7.88 Wabtec WAB 56.64 4.28 Zendesk ZEN 76.00 1.45
s BostonBeer SAM 499.23 -0.72 McKesson MCK 142.68 6.23 ReataPharm RETA 152.83 -1.94
ASETech ASX 4.27 -0.08 DiscoverFinSvcs DFS 41.06 3.06 HenrySchein HSIC 56.41 4.65 UnitedAirlines UAL 24.13 4.21 WalgreensBoots WBA 40.86 2.46 Zillow C Z 49.62 0.84
BostonProps BXP 80.93 5.98 MedicalProp MPW 17.56 1.53 RegencyCtrs REG 41.32 4.51
ASML ASML 304.89 12.35 DiscoveryB DISCB 38.50 -1.24 Herbalife HLF 41.86 1.86 UnitedMicro UMC 2.53 0.01 Walmart WMT 127.66 1.72 Zillow A ZG 49.44 0.93
Medtronic MDT 98.90 5.01 s RegenPharm REGN 560.28 -16.44
AT&T T 29.45 1.14 BostonSci BSX 36.42 1.59 DiscoveryA DISCA 21.28 0.81 Hershey HSY 132.27 1.89 UPS B UPS 96.10 5.07 WasteConnections WCN 91.59 1.29 ZimmerBiomet ZBH 122.67 10.28
MelcoResorts MLCO 15.54 0.40 RegionsFin RF 10.03 0.84
AbbottLabs ABT 90.27 0.38 BrightHorizons BFAM 108.48 9.35 DiscoveryC DISCK 19.30 0.59 Hess HES 49.11 5.04 UnitedRentals URI 129.33 10.76 WasteMgt WM 99.66 3.73 ZionsBancorp ZION 30.24 3.22
Bristol-Myers BMY 63.60 -0.49 MercadoLibre MELI 794.56 19.51 ReinsGrp RGA 90.29 7.38
AbbVie ABBV 91.47 0.76 Disney DIS 116.85 7.80 HewlettPackard HPE 9.99 0.88 US Bancorp USB 32.96 2.28 Waters WAT 188.24 9.78 Zoetis ZTS 131.42 3.93
BritishAmTob BTI s Merck MRK 79.72 -0.06 RelianceSteel RS 93.47 5.92
Abiomed ABMD 191.05 6.13 38.14 0.80 DocuSign DOCU 122.92 -2.96 Hill-Rom HRC 101.11 1.27 s UnitedTherap UTHR 119.26 2.90 Watsco WSO 162.94 4.81 ZoomVideo ZM 164.69 -10.14
AcceleronPharma XLRN 104.60 2.49 Broadcom AVGO 273.53 13.12 DolbyLab DLB 55.44 1.79 MercurySystems MRCY 85.22 3.60 RenaissanceRe RNR 164.90 5.28
Hilton HLT 73.07 4.53 UnitedHealth UNH 293.36 2.40 Wayfair W 153.84 -19.26 Zscaler ZS 73.81 -2.58
s MetLife MET 33.42 1.70 s Repligen RGEN 135.71 -4.77
Accenture ACN 192.75 8.87 BroadridgeFinl BR 119.44 3.89 DollarGeneral DG 182.05 0.03 Hologic HOLX 52.48 0.55 UnivDisplay OLED 149.42 7.04 WellsFargo WFC 25.41 2.05 s Zynga ZNGA 7.96 -0.08
ActivisionBliz ATVI 72.88 -1.04 BrookfieldMgt BAM 30.81 0.86 DollarTree DLTR 78.59 3.52 MettlerToledo MTD 718.70 20.00 RepublicSvcs RSG 82.21 2.74
s HomeDepot HD 245.35 6.02 ResMed RMD 167.17 3.05
AdaptiveBiotech ADPT 39.30 1.26 BrookfieldInfr BIP 39.70 1.26 DominionEner D 79.85 1.63 MicrochipTech MCHP 89.02 5.47
HondaMotor HMC 23.87 0.93 RestaurantBrands QSR 52.35 0.93
Adobe ADBE 367.97 2.67 Brown&Brown BRO 38.56 1.56 Domino's DPZ 364.50 -11.54 MicronTech MU 45.92 1.51
AdvanceAuto AAP 131.11 5.05
AdvMicroDevices AMD 54.59 0.39
Brown-Forman A BF.A 62.16 1.17
Brown-Forman B BF.B 67.67 1.35
Donaldson DCI 45.40 3.27
DouglasEmmett DEI 27.99 2.65
s
Honeywell HON 136.04
HorizonTherap HZNP 46.19
10.63
-0.88
Microsoft MSFT 184.91 1.75
MidAmApt MAA 114.36 7.49 s
RexfordIndlRealty REXR 38.98 1.91
ReynoldsCnsmr REYN 35.20 0.73
New Highs and Lows | WSJ.com/newhighs
HormelFoods HRL 48.15 0.23 s RingCentral RNG 263.06 -22.79
Aegon AEG 2.47 0.24 Bruker BRKR 43.00 1.47 Dover DOV 90.52 5.58 MiratiTherap MRTX 106.00 2.63
DR Horton DHI 51.91 4.70
RioTinto RIO 51.42 3.83
AgilentTechs A 83.66 2.07 Bunge BG 35.43 1.10 Dow DOW 36.74 3.18 MitsubishiUFJ MUFG 3.90 0.09 The following explanations apply to the New York Stock Exchange, NYSE Arca, NYSE American
HostHotels HST 11.78 1.72
MizuhoFin MFG 2.30 0.05 RobertHalf RHI 48.57 3.43
s AgnicoEagle AEM 66.11 -2.82 BurlingtonStrs BURL 178.67 10.89 DrReddy'sLab RDY 49.31 -0.35 and Nasdaq Stock Market stocks that hit a new 52-week intraday high or low in the latest
HowmetAerospace HWM 12.34 1.57 MobileTeleSys MBT 8.90 0.35 Rockwell ROK 205.17 7.30 session. % CHG-Daily percentage change from the previous trading session.
AirProducts APD 238.95 10.91 CACI Intl CACI 239.14 5.59 s DraftKings DKNG 29.55 0.32 Huazhu HTHT 33.59 1.45
AkamaiTech AKAM 98.10 0.01 CBRE Group CBRE 39.09 3.10 Dropbox DBX 21.59 -0.78 s Moderna MRNA 80.00 13.31 RogersComm B RCI 39.98 0.89
Hubbell HUBB 119.26 5.67 Roku
Albemarle ALB 63.93 2.58 CDW CDW 106.51 8.70 DukeEnergy DUK 84.92 3.73 MohawkInds MHK 85.97 9.39 ROKU 118.45 5.52 Monday, May 18, 2020
HubSpot HUBS 188.02 4.40 Rollins ROL 39.41 -0.59
Alcon ALC 60.50 3.61 CF Industries CF 26.39 1.57 DukeRealty DRE 32.45 1.62 MolinaHealthcare MOH 173.75 -7.67 52-Wk % 52-Wk % 52-Wk %
s Humana HUM 392.37 -5.85
AlexandriaRlEst ARE 145.36 3.93 CGI GIB 61.84 1.60 Dunkin' DNKN 63.61 0.41 MolsonCoorsA TAP.A 59.72 -3.81 RoperTech ROP 366.34 4.84 Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg
JBHunt JBHT 102.64 4.50
AlexionPharm ALXN 102.72 0.78 CH Robinson CHRW 77.84 5.34 DuPont DD 48.10 2.65 MolsonCoorsB TAP 38.55 2.20 RossStores ROST 90.63 5.32
HuntingtonBcshs HBAN 8.26 0.76 RoyalBkCanada RY 61.64 2.90 GalianoGold GAU 1.30 -2.4 SSR Mining SSRM 21.99 -2.3
BABA 215.28 11.60 Mondelez MDLZ 50.97 1.01
Alibaba
AlignTech ALGN 229.42 25.75
CME Group CME 185.80 4.73
CMS Energy CMS 56.09 2.41
Dynatrace
ENI
DT
E
34.89 1.86
18.74 1.31
HuntingIngalls HII 180.41 9.87
s MongoDB MDB 194.17 -2.11 RoyalBkScotland RBS 2.72 0.15 Highs Genmab
Geron
GMAB
GERN
29.62
2.40
2.5
17.7
SandstormGold SAND
ScottsMiracleGro SMG
8.81
146.51
-0.1
3.8
HyattHotels H 53.64 6.56 RoyalCaribbean RCL 43.70 6.25 ACM Research ACMR 63.96 8.3
Alleghany Y 487.11 28.59 CNA Fin CNA 27.67 1.67 EOG Rscs EOG 52.44 4.76 MonolithicPower MPWR 204.82 11.81 GoldFields GFI 8.67 -6.4 Sea SE 69.95 12.2
IAA IAA 37.44 1.71 ADC Therap ADCT 30.99 1.2
Allegion ALLE 95.88 2.94 CNH Indl CNHI 5.95 0.45 EPAM Systems EPAM 221.93 4.96 MonsterBev MNST 66.62 0.61 RoyalDutchA RDS.A 32.82 2.69 HeclaMiningPfB HLpB 58.00 1.6 SilverCrestMetals SILV 9.18 9.4
IAC/InterActive IAC 253.98 14.04 ARYA Sciences ARYAU 12.82 6.8
AlliantEnergy LNT 47.74 1.79 CNOOC CEO 118.72 10.13 E*TRADE ETFC 41.41 3.08 Moody's MCO 259.81 8.50 RoyalDutchB RDS.B 30.99 2.39 HomeDepot HD 248.32 2.5 SkySolar SKYS 2.63 38.4
ICICI Bank IBN 8.19 -0.27 AgnicoEagle AEM 69.66 -4.1
s AllogeneTherap ALLO 48.34 3.43 CRH CRH 30.04 2.18 EastWestBncp EWBC 34.90 3.07 MorganStanley MS 40.28 2.99 RoyalGold RGLD 134.28 0.28 HorizonTherap HZNP 47.94 -1.9 SorrentoTherap SRNE 10.00 -3.8
s IdexxLab IDXX 295.93 1.55 AgroFresh AGFS 4.20 4.1 HoulihanLokey HLI 64.84 3.8 SproutSocial SPT 26.20 6.0
Allstate ALL 99.04 3.66 CSX CSX 66.39 4.39 EastmanChem EMN 62.93 2.96 Morningstar MORN 143.16 -1.94 Ryanair RYAAY 58.21 8.46
IHS Markit INFO 69.14 2.58 AllogeneTherap ALLO 48.87 7.6 Humana HUM 412.70 -1.5 SturmRuger RGR 60.35 -0.4
AllyFinancial ALLY 16.57 1.33 CVS Health CVS 63.73 0.54 Eaton ETN 78.27 4.56 MotorolaSol MSI 135.52 6.45 SAP SAP 117.48 4.27 AngloGoldAsh AU 28.00 -3.9
ING Groep ING 5.81 0.55 s IdexxLab IDXX 302.99 0.5 T-MobileUS TMUS 102.73 4.7
AlnylamPharm ALNY 144.87 5.59 CableOne CABO 1930.14 94.90 s eBay EBAY 42.50 0.39 Mylan MYL 16.46 1.30 S&P Global SPGI 311.63 8.49 ArcturusTherap ARCT 55.00 19.5
IPG Photonics IPGP 150.22 4.04 I-Mab IMAB 21.45 8.6 TakeTwoSoftware TTWO 135.94 2.3
Alphabet C GOOG 1383.94 10.75 CabotOil COG 18.47 0.22 Ecolab ECL 204.89 10.14 s MyoKardia MYOK 110.11 -11.58 SBA Comm SBAC 289.33 5.23 ArcusBiosci RCUS 36.79 -3.1 TandemDiabetes TNDM 92.37 -4.4
IQVIA IQV 138.56 4.36 Immunomedics IMMU 34.92 -0.1
Alphabet A GOOGL 1385.18 12.12 s CadenceDesign CDNS 83.37 1.30 NICE NICE 175.71 3.50 SEI Investments SEIC 52.73 1.96 Atomera ATOM 7.80 -0.8 19.20 5.9 ThermoFisherSci TMO 351.86 1.2
10.55 0.62 IntelliaTherap NTLA

.
Ecopetrol EC IcahnEnterprises IEP 49.60 0.28
Alteryx AYX 128.96 -0.99 CaesarsEnt CZR 10.48 0.45 NRG Energy NRG 35.53 2.93 SK Telecom SKM 18.78 0.37 AtriCure ATRC 51.76 5.0 JD.com JD 55.61 9.2 Tradeweb TW 63.59 2.2
EdisonInt EIX 57.18 1.23 Icon ICLR 162.17 5.14
AlticeUSA ATUS 24.22 1.17 NVR NVR 3100.63305.57 SS&C Tech SSNC 56.87 2.27 Avalara AVLR 106.00 -1.7 JKHY 195.03 0.6 TranslateBio TBIO 19.75 22.6

ly
CamdenProperty CPT 90.92 7.12 EdwardsLife EW 216.43 3.47 IDEX IEX 154.63 6.21 JackHenry
Altria MO 37.60 1.01 SVB Fin SIVB 187.46 14.67 Bilibili BILI 34.10 9.0 KalaPharm KALA 12.99 3.1 Trex TREX 123.61 6.8
CampbellSoup CPB 50.94 -2.59 ElancoAnimal ELAN 19.71 0.59 IllinoisToolWks ITW 164.71 9.03
NXP Semi NXPI 102.07 11.62
Salesforce.com CRM 172.50 1.17 BiondVaxPharm BVXV 19.50 8.7 KinrossGold KGC 7.49 -5.2 21 Vianet VNET 17.62 -0.6
Amazon.com AMZN 2426.26 16.48 CIBC CM 60.58 4.38 Elastic ESTC 71.50 0.85 Nasdaq NDAQ 114.94 2.86
Illumina ILMN 344.14 9.14 Bio-RadLab A BIO 479.52 1.0 KinsaleCapital KNSL 140.52 4.6 TwistBiosci TWST 42.00 3.5
Ambev ABEV 2.13 0.11 CanNtlRlwy CNI 80.92 2.94 ElbitSystems ESLT 136.28 4.18 NationalGrid NGG 57.25 1.51 Sanofi SNY 47.64 0.38
s Immunomedics IMMU 33.92 -0.04 BioXcelTherap BTAI 51.03 5.8 LHC Group LHCG 161.99 6.8 TylerTech TYL 366.27 -0.8
Amcor AMCR 9.64 0.54 CanNaturalRes CNQ 18.74 1.73 ElectronicArts EA 117.12 -1.01 NatlInstruments NATI 37.20 0.96 SantanderCons SC 15.62 1.22 BlackDiamond BDTX 45.18 0.4
ImperialOil IMO 15.45 1.16 LeisureAcqn LACQ 12.37 8.1 UltragenyxPharm RARE 76.00 1.8
Amdocs DOX 62.37 2.06 CanPacRlwy CP 232.12 11.89 EmersonElec EMR 56.42 3.48 NatlOilwell NOV 12.78 1.26 SareptaTherap SRPT 146.77 5.52 BostonBeer SAM 523.55 -0.1 UnitedTherap UTHR 119.78 2.5
Amedisys
Amerco
Ameren
AMED 193.20 8.82
UHAL 298.28 8.66
AEE 72.23 3.47
AmericaMovil AMX 12.99 0.77
AEP AEP 79.88 1.45
Canon CAJ 20.44 0.43
CanopyGrowth CGC 16.32 0.46
CapitalOne COF 63.40 5.37
CardinalHealth CAH 52.21 3.26
Carlisle CSL 114.54 9.47
Enbridge

EnelAmericas ENIA 7.79

EnelChile
on
ENB 32.00 0.82
EncompassHealth EHC 70.02 4.79

ENIC 3.86 0.13

EnergyTransfer ET 7.81
0.52

0.61
Incyte
Infosys
IngersollRand IR
Ingredion
Inphi
Insulet
INCY 96.46
INFY 8.96
28.70
INGR 79.99
IPHI 108.54
PODD 201.26
0.34
0.26
2.28
1.86
3.43
-2.72
s
s
NatlRetailProp NNN 30.80 2.69
Natura&Co NTCO 11.62 0.68
NetApp
Netease
Netflix
NTAP 44.65 2.27
NTES 381.88 7.47
NFLX 452.58 -1.61
s
s
Schlumberger SLB 17.95 2.00
SchwabC SCHW 34.21 1.65
ScienceApplicat SAIC 84.69 1.68
ScottsMiracleGro SMG 144.91 5.35
Sea SE 69.49 7.53
CadenceDesign CDNS
CaledoniaMining CMCL
CampingWorld CWH
Catalent
CentralGarden
CTLT
CENT
CentralGardenA CENTA 34.41
84.06
14.49
18.81
77.60
36.99
1.6
9.2
12.3
3.1
5.1
5.3
LibertyMediaRt LSXMR
LogitechIntl
MadrigalPharm MDGL
McCormick
McCormickVtg MKC.V
MersanaTherap MRSN
LOGI

MKC

MinervaNeurosci NERV
8.00
54.95
124.29
180.38
180.00
10.71
13.89
11.8
3.1
2.6
-0.9
-1.5
-2.8
-0.2
VeevaSystems VEEV
Vermillion
VertxPharm
WaysideTech
WestPharmSvcs WST
WheatonPrecMet WPM
VRML
VRTX
WSTG
205.67
2.75
295.55
23.48
221.96
46.55
-1.6
-2.3
-1.6
6.6
2.0
-0.9
AmerExpress AXP 88.41 6.19 Carlyle CG 25.04 1.56 s EnphaseEnergy ENPH 64.42 6.05 Intel INTC 59.92 s Neurocrine NBIX 124.41 7.91 Seagate STX 49.38 1.61
1.64 ChannelAdvisor ECOM 13.17 3.3 WidePoint WYY 0.62 4.3
us ,

AmericanFin AFG 58.01 3.57 SealedAir SEE 30.45 1.69 Moderna MRNA 87.00 20.0
CarMax KMX 79.75 3.95 Entegris ENTG 57.03 1.51 ICE ICE 96.00 2.53 NewOrientalEduc EDU 122.69 5.11 Chipotle CMG 1017.87 2.8 Wingstop WING 130.99 -4.3
MongoDB MDB 202.80 -1.1
AmHomes4Rent AMH 23.91 0.82 Entergy ETR 99.42 4.44 NYTimes A NYT 37.57 0.79 SeattleGenetics SGEN 158.95 -1.38 CIEN 51.90 3.4 Y-mAbsTherap YMAB 40.88 1.6
Carnival CCL 14.72 1.94 InterContinentl IHG 43.57 3.81 Ciena
l

MyoKardia MYOK 126.30 -9.5

AIG AIG 28.45 1.98 EnterpriseProd EPD 18.17 1.00 NewellBrands NWL 12.66 0.96 SempraEnergy SRE 124.00 4.80 Cognex CGNX 60.40 4.6 YamanaGold AUY 5.39 -6.0
CarrierGlobal CARR 17.55 0.84 IBM IBM 121.56 4.58 Netease NTES 385.99 2.0
e
AmerTowerREIT AMT 236.03 6.45 NewMarket NEU 424.12 3.57 SensataTechs ST 35.99 2.71 CollierCreek CCH.U 12.75 0.2 ZTO Express ZTO 34.58 3.1
al a

Carvana CVNA 98.59 5.93 Equifax EFX 146.10 1.68 IntlFlavors IFF 131.90 3.68 Netflix NFLX 456.36 -0.4
AmerWaterWorks AWK 122.51 4.75 s Newmont NEM 66.26 -1.64 ServiceCorp SCI 37.53 1.97 CollierCreekWt CCH.WS 2.90 4.9 Neurocrine NBIX 125.22 6.8 ZaiLab ZLAB 73.98 4.4
CaseysGenStores CASY 149.77 4.19 Equinix EQIX 662.38 3.72 IntlPaper IP 32.80 1.75
AmericoldRealty COLD 34.78 0.84 ServiceNow NOW 374.87 4.41 ConyersParkIIAcqn CPAAU 11.90 6.3 Newmont NEM 68.77 -2.4 Zynex ZYXI 22.75 -3.6
s Catalent CTLT 75.74 2.25 Equinor EQNR 14.39 0.91 Interpublic IPG 16.62 1.25 NewsCorp A NWSA 11.16 0.29
CryoPort CYRX 25.84 2.4 Zynga ZNGA 8.14 -1.0
Ameriprise AMP 131.93 9.95 Equitable EQH 18.18 1.68 NewsCorp B NWS 11.28 0.27 ShawComm B SJR 16.07 0.20 NorthernDynasty NAK 0.99 6.9
Caterpillar CAT 115.02 7.10 Intuit INTU 290.37 5.98
ci on

Cytokinetics CYTK 23.04 2.7 NovaMeasuring NVMI 45.09 2.3

AmerisourceBrgn ABC 89.20 3.45
Ametek AME 83.28 3.69
Celanese CE 84.31 7.64 EquityLife ELS 60.34 3.55 IntuitiveSurgical ISRG 538.41 18.00 NextEraEnergy NEE 235.45 7.60
NielsenHoldings NLSN 13.80 1.09
SherwinWilliams SHW 572.25 3.87
ShinhanFin SHG 24.33 0.87 DLH Holdings DLHC 6.15 3.1 Novavax NVAX 61.50 30.6 Lows
CenovusEnergy CVE 4.44 0.73 EquityResdntl EQR 60.46 3.33 InvitatHomes INVH 25.42 1.32 DRDGOLD DRD 10.49 -5.1 NVIDIA NVDA 356.66 3.1 52.05 5.0
Amgen AMGN 233.19 -7.01 Nike NKE 91.04 4.05 Shopify SHOP 738.02 -28.98 Amcon DIT
Centene CNC 67.74 -0.96 ErieIndemnity A ERIE 169.73 5.25 IonisPharma IONS 55.02 1.95 DailyJournal DJCO 300.30 4.6 Okta OKTA 185.91 -1.2 AMTD Intl HKIB 6.21 -5.6
Amphenol APH 88.44 6.13 NiSource NI 23.17 0.80 Sibanye-Stillwater SBSW 8.30 0.43 DXCM 428.59 -0.8
CenterPointEner CNP 17.49 0.69 EssentialUtil WTRG 41.23 2.12 IovanceBiotherap IOVA 36.56 0.28 DexCom 1-800-FLOWERS FLWS 23.63 7.4 AirNetTech ANTE 0.63 1.4
AnalogDevices ADI 108.34 6.54 Nokia NOK 3.65 0.20 SignatureBank SBNY 99.72 9.59 DocuSign DOCU 128.46 -2.4 1LifeHealthcare ONEM 36.36 2.9
CentraisElBras EBR 4.29 0.38 EssexProp ESS 240.60 14.05 iQIYI IQ 18.33 0.38 CITICCapAcqnA CCAC 9.65 -1.0
Anaplan PLAN 44.68 1.57 NomadFoods NOMD 21.83 -0.17 SimonProperty SPG 56.91 5.59 DollarGeneral DG 185.01 ... OneConnectFinTech OCFT 16.81 11.3 PFH 0.66 -22.3
CenturyLink CTL 9.69 0.42 EsteeLauder EL 178.25 8.84 IronMountain IRM 23.67 1.25 Cabco JCP PFH
s AngloGoldAsh AU 26.67 -1.08 NomuraHoldings NMR 3.87 0.14 SiriusXM SIRI 5.51 0.17 DraftKingsWt DKNGW 20.00 3.3 PDL Biopharm PDLI 3.31 0.6 CentricBrands CTRC 0.33 -53.2
CeridianHCM CDAY 64.88 1.60 s Etsy ETSY 78.18 -7.45 ItauUnibanco ITUB 3.98 0.23
AB InBev BUD 43.11 3.14 Nordson NDSN 173.01 10.54 Skyworks SWKS 112.69 6.47 DraftKings DKNG 31.78 1.1 PFSweb PFSW 6.78 -0.6 Corts JCPen JBR JBR 0.60 -11.6
er s

Cerner CERN 68.38 3.27 Everbridge EVBG 154.84 -3.96 eBay EBAY 42.90 0.9
AnnalyCap NLY 6.20 0.39
CharlesRiverLabs CRL 171.78 1.97 EverestRe RE 180.36 11.42 J K L NorfolkSouthern NSC 170.73 10.37 SlackTech WORK 29.00 -2.33
EnphaseEnergy ENPH 64.50 10.4
PapaJohn's
PayPal
PZZA
PYPL
84.30
149.18
-4.6
0.5
Corts JCPen JBS
Corts JC KTP
JBN
KTP
0.50
0.70
-15.9
-18.3
Anthem ANTM 279.96 1.87 NorthernTrust NTRS 75.94 4.81 Smartsheet SMAR 53.79 0.92
CharterComms CHTR 517.79 14.40 Evergy EVRG 58.92 2.38 s JD.com Etsy ETSY 88.02 -8.7 Pinduoduo PDD 67.08 8.4 Digirad DRAD 2.22 3.4
Aon AON 196.84 5.17 JD 55.53 4.68 NorthropGrum NOC 331.17 9.54 SmithAO AOS 43.50 3.09
CheckPoint CHKP 106.44 1.69 EversourceEner ES 79.80 3.41 EvokePharma EVOK 1.80 14.3 PowerREIT PW 24.92 12.1 Genfit GNFT 5.61 -1.6
m er

ApartmtInv AIV 36.49 2.88 JPMorganChase JPM 90.45 4.55 NortonLifeLock NLOK 19.94 -0.08 Smith&Nephew SNN 40.07 2.28
Chegg CHGG 62.20 -4.46 ExactSciences EXAS 83.78 -2.51
s JackHenry
Fastenal FAST 40.46 0.4 RegenPharm REGN 583.54 -2.9 IntlGeneralInsWt IGICW 0.12 -14.6
ApolloGlbMgmt APO 43.51 2.82 JKHY 190.91 1.12 Novartis NVS 84.85 0.83 Smucker SJM 114.00 -0.73
Chemed CHE 465.77 7.26 Exelixis EXEL 25.69 -0.07 Fastly FSLY 42.97 -1.1 Repay RPAY 20.75 1.8 LyraTherap LYRA 12.60 -12.3
Apple AAPL 314.96 7.25 JacobsEngg J 77.37 5.26 NovoNordisk NVO 63.78 -0.13 Snap SNAP 17.49 0.39 Five9 FIVN 107.96 -2.4 Repligen RGEN 143.93 -3.4 MetenEdtechX METX 8.94 -3.5
CheniereEnergy LNG 43.52 2.25 Exelon EXC 37.54 2.25
ApplMaterials AMAT 54.36 2.32 JamesHardie JHX 14.41 0.48 Novocure NVCR 65.24 0.58 SnapOn SNA 134.39 11.44 FiverrIntl FVRR 65.86 0.2 Replimune REPL 22.13 4.7 PEDEVCO PED 0.67 -10.4
CheniereEnerPtrs CQP 32.13 0.06 Expedia EXPE 79.19 12.43
Aptargroup ATR 104.15 2.65 JazzPharma JAZZ 115.72 4.56 NuanceComms NUAN 20.66 0.67 SolarEdgeTech SEDG 128.00 7.56 FlyingEagleWt FEAC.WS 2.30 6.8 ReynoldsCnsmr REYN 35.92 2.1 SeacorMarine SMHI 1.77 -4.8
Chevron CVX 92.55 4.68 ExpeditorsIntl EXPD 73.69 2.18
Aptiv APTV 70.18 6.11 J&J JNJ 150.52 0.08 Nucor NUE 40.86 2.79 SolarWinds SWI 16.91 0.33 Fortinet FTNT 148.85 0.9 RingCentral RNG 292.48 -8.0 Satrn JCPen HJV 0.45 -29.4
Chewy CHWY 41.08 -1.03 ExtraSpaceSt EXR 87.13 5.32
m rp

Aramark ARMK 25.61 1.73 JohnsonControls JCI 29.53 1.07 Franco-Nevada FNV 152.70 -2.3 S&P Global SPGI 316.26 2.8 SenesTech SNES 1.32 -10.2
ChinaLifeIns LFC 9.82 0.29 ExxonMobil XOM 45.34 3.34 Nutrien NTR 32.86 1.17 SonocoProducts SON 48.20 2.87
ArcelorMittal MT 9.35 0.84 JonesLang JLL 94.16 8.08 s NVIDIA NVDA 350.01 10.38 Sony SNE 64.07 0.06
ChinaMobile CHL 37.22 0.75 F5Networks FFIV 141.17 2.44
ArchCapital ACGL 24.36 1.38 JuniperNetworks JNPR 23.44 0.49 Southern SO 54.42 1.88
ChinaPetrol SNP 48.32 3.00 FMC FMC 90.83 2.81
O P Q
Exchange-Traded Portfolios | WSJ.com/ETFresearch
ArcherDaniels ADM 35.80 1.68 KB Fin KB 26.48 0.97 SoCopper SCCO 35.63 2.82
ChinaUnicom CHU 6.42 0.33 Facebook FB 213.19 2.31
AresMgmt ARES 34.67 1.04 KKR KKR 25.85 1.12 SouthwestAir LUV 27.09 3.22
s Chipotle CMG 998.58 26.83 FactSet FDS 291.31 10.25 OGE Energy OGE 30.79 2.26
arGEN-X ARGX 164.68 7.84 KLA KLAC 172.31 4.88 Splunk SPLK 155.01 -1.18
Chubb CB 105.34 5.85 FairIsaac FICO 366.67 14.31 ONEOK OKE 35.07 2.68
AristaNetworks ANET 215.62 5.17 KT KT 10.02 0.15 Spotify SPOT 161.43 2.60
ChunghwaTel CHT 37.35 0.36 Farfetch FTCH 14.40 0.30 OReillyAuto ORLY 409.89 2.77 Largest 100 exchange-traded funds, latest session
ArrowElec ARW 65.94 4.28 KSCitySouthern KSU 138.98 5.13
Church&Dwight CHD 73.09 -0.51 s Fastenal FAST 39.07 0.15 OccidentalPetrol OXY 15.07 1.25
Square SQ 76.63 -3.63
co Fo

AscendisPharma ASND 140.77 0.87 Kellogg K 63.75 -0.32

s Ciena CIEN 51.36 1.71 FederalRealty FRT 78.82 6.80 s Okta OKTA 179.43 -2.17
StanleyBlackDck SWK 120.66 12.82 Closing Chg YTD
AspenTech AZPN 93.99 0.23 KeurigDrPepper KDP 26.96 0.66 Monday, May 18, 2020
Cigna CI 193.51 3.36 FedEx FDX 119.19 11.67 OldDomFreight ODFL 154.45 5.40
Starbucks SBUX 76.23 2.07 ETF Symbol Price (%) (%)
Assurant AIZ 98.29 7.18 KeyCorp KEY 10.71 0.99 Closing Chg YTD
CincinnatiFin CINF 53.17 3.92 Ferrari RACE 162.76 5.37 Ollie'sBargain OLLI 77.36 StateStreet STT 58.46 4.05
AstraZeneca AZN 53.45 0.04 KeysightTechs KEYS 96.85 2.07 3.91 ETF Symbol Price (%) (%) iSh1-3YTreasuryBd SHY 86.61 –0.08 2.3
Cintas CTAS 236.43 9.01 FiatChrysler FCAU 8.47 0.65 OmegaHealthcare OHI 29.47 SteelDynamics STLD 24.36 1.84
Athene ATH 27.61 2.94 KilroyRealty KRC 55.25 3.76 3.16 iSh7-10YTreasuryBd IEF 121.20 –0.62 10.0
CiscoSystems CSCO 45.06 0.79 FidNatlFin FNF 27.38 2.37 Steris STE 159.54 8.22 CnsmrDiscSelSector XLY 119.85 3.78 –4.4
Atlassian TEAM 182.16 -4.34 KimberlyClark KMB 137.73 -0.91 Omnicom OMC 53.17 2.27 iSh20+YTreasuryBd TLT 163.05 –2.20 20.3
Citigroup C 45.67 3.75 FidNatlInfo FIS 136.34 4.12 STMicroelec STM 24.89 1.25 CnsStapleSelSector XLP 58.30 1.59 –7.4
AtmosEnergy ATO 98.52 3.41 KinderMorgan KMI 15.49 0.65 ON Semi ON 15.61 1.46 EnSelectSectorSPDR XLE 38.93 8.17 –35.2 iShRussellMCGrowth IWP 147.36 2.95 –3.4
CitizensFin CFG 21.58 1.66 FifthThirdBncp FITB 17.87 1.75 s OneConnectFinTech OCFT 16.79 1.70 StoneCo STNE 24.40 2.52 iShUSTreasuryBdETF GOVT 27.90 –0.62 7.6
Autodesk ADSK 190.10 9.38 KingsoftCloud KC 23.02 -0.08 FinSelSectorSPDR XLF 22.13 5.13 –28.1
CitrixSystems CTXS 139.89 -6.83 58.com WUBA 51.94 0.05 s KinrossGold KGC 7.05 OpenText OTEX 40.04 1.81 Stryker SYK 191.92 11.65 JPM UltShtIncm JPST 50.39 0.04 –0.1
Autohome ATHM 75.55 1.08 -0.39 FT DJ Internet FDN 155.87 0.89 12.0
Clarivate CCC 23.55 0.23 FirstAmerFin FAF 47.49 2.94 KirklandLakeGold KL 39.53 -1.44 Oracle ORCL 53.15 0.23 SumitomoMits SMFG 5.37 0.28 PIMCOEnhShMaturity MINT 100.79 0.01 –0.8
Autoliv ALV 62.26 4.47 FT ValDivFd FVD 29.39 4.93 –18.4
Clorox CLX 203.95 -5.88 FirstRepBank FRC 101.08 5.17 Knight-Swift KNX 39.05 1.29 Orange ORAN 11.46 0.55 SunComms SUI 133.68 8.59 SPDR BlmBarcHYBd JNK 98.78 1.70 –9.8
ADP ADP 136.40 1.55 HealthCareSelSect XLV 101.25 0.83 –0.6
Cloudflare NET 28.07 -1.42 FirstEnergy FE 41.11 1.82 KoninklijkePhil PHG 43.25 Orix IX 59.78 1.93 SunLifeFinancial SLF 33.77 1.58 SPDRBloomBar1-3MTB BIL 91.53 ... 0.1
AutoZone AZO 1083.00 8.02 2.01 InvscQQQI QQQ 227.43 1.86 7.0
Coca-Cola KO 44.97 1.71 Fiserv FISV 105.05 5.03 OtisWorldwide OTIS 52.13 3.24 SuncorEnergy SU 17.23 1.08 SPDR Gold GLD 162.69 –0.76 13.8
s Avalara AVLR 101.20 -1.78 KoreaElcPwr KEP 9.06 0.29 InvscS&P500EW RSP 96.25 5.47 –16.8
Coca-Cola Euro CCEP 36.85 1.73 FiveBelow FIVE 94.54 5.60 Suzano SUZ 7.21 -0.37 SchwabIntEquity SCHF 27.85 3.88 –17.2
Avalonbay AVB 158.48 8.13 KraftHeinz KHC 30.87 1.67 OwensCorning OC 45.48 4.27 InvscS&P500LowVol SPLV 48.38 2.17 –17.1
s Cognex CGNX 59.87 2.65 s Five9 FIVN 103.65 -2.56 SynchronyFin SYF 17.96 1.42 iSh3-7YTreasuryBd IEI 133.24 –0.25 6.0
SchwabUS BrdMkt SCHB 69.69 3.35 –9.4
Avangrid AGR 41.00 1.32 Kroger KR 32.26 -0.25 PG&E PCG 12.27 0.94
CognizantTech CTSH 53.14 2.96 FleetCorTech FLT 237.77 15.23 SyneosHealth SYNH 58.03 2.65 SchwabUS Div SCHD 51.29 3.49 –11.4
Avantor AVTR 18.28 0.42 s LHC Group LHCG 160.18 10.20 PLDT PHI 23.70 0.04 iShCoreDivGrowth DGRO 36.42 3.91 –13.4
ColgatePalm CL 70.22 1.27 SNX 98.46 7.01 SchwabUS LC SCHX 70.45 3.13 –8.3
AveryDennison AVY 104.49 4.01 Flex FLEX 10.23 0.94 Line LN 49.53 -0.04 PNC Fin PNC 104.06 6.81 Synnex iShCoreMSCIEAFE IEFA 53.81 4.04 –17.5
Comcast A CMCSA 38.09 2.17 SchwabUS LC Grw SCHG 94.85 2.39 2.1
AxaltaCoating AXTA 21.00 1.30 FlirSystems FLIR 46.03 1.80 LKQ LKQ 25.78 2.18 POSCO PKX 35.76 1.49 Synopsys SNPS 159.87 1.14 iShCoreMSCIEM IEMG 44.61 3.70 –17.0
Schwab US TIPs SCHP 59.21 –0.12 4.6
CommerceBcshrs CBSH 59.04 4.82 Floor&Decor FND 47.70 3.26 LPL Financial LPLA 68.40 5.65 PPD PPD 27.60 0.09 Sysco SYY 52.70 5.08 iShCoreMSCITotInt IXUS 51.17 3.75 –17.3
BCE BCE 39.43 0.53 SPDR DJIA Tr DIA 245.93 3.81 –13.7
n-

SABESP SBS 7.12 0.61 FlowersFoods FLO 23.20 0.51 PPG 91.85 iShCoreS&P500 IVV 296.04 3.09 –8.4
BHP Group BHP 44.79 3.44 L3HarrisTech LHX 180.92 4.14 PPG Ind 4.93 SPDR S&PMdCpTr MDY 305.47 6.06 –18.6
BHP Group BBL 37.42 3.03
ConagraBrands CAG 34.01 -0.16 FomentoEconMex FMX 65.94 4.52 LabCpAm LH 167.09 -0.34 PPL PPL 26.13 1.62
T U V iShCoreS&P MC IJH 167.31 6.09 –18.7
SPDR S&P 500 SPY 295.00 3.05 –8.3
ConchoRscs CXO 59.27 5.01 FordMotor F 5.31 0.41 iShCoreS&P SC IJR 62.80 7.13 –25.1
BP BP 23.51 1.69 LamResearch LRCX 257.47 5.63 PRA HealthSci PRAH 94.43 2.44 TAL Education TAL 55.01 1.01 SPDR S&P Div SDY 87.17 5.67 –19.0
ConocoPhillips COP 43.60 2.73 s Fortinet FTNT 144.67 1.24 iShS&PTotlUSStkMkt ITOT 65.92 3.42 –9.3
B2Gold BTG 5.26 -0.16 LamarAdv LAMR 65.30 6.10 PTC PTC 68.97 3.97 TC Energy TRP 44.79 0.28 TechSelectSector XLK 95.76 2.45 4.5
ConEd ED 73.11 2.75 Fortis FTS 37.28 1.25 iShCoreUSAggBd AGG 116.86 –0.15 4.0
BWX Tech BWXT 57.74 2.74 LambWeston LW 56.37 4.28 Paccar PCAR 69.97 3.14 TD Ameritrade AMTD 35.51 1.92 UtilitiesSelSector XLU 57.06 4.11 –11.7
ConstBrands A STZ 168.51 10.02 FTV 59.19 3.94 iShSelectDividend DVY 78.91 5.12 –25.3
Baidu BIDU 107.59 7.73 Fortive LasVegasSands LVS 48.39 3.63 PackagingCpAm PKG 93.71 2.79 TE Connectivity TEL 76.27 6.23 VanEckGoldMiner GDX 35.93 –1.75 22.7
no

ConstBrands B STZ.B 157.54 -4.91 iShEdgeMSCIMinEAFE EFAV 64.73 2.54 –13.2 VangdInfoTech 2.41
BakerHughes BKR 15.34 1.58 FortBrandsHome FBHS 60.42 6.86 Lear LEA 102.78 7.32 PagSeguroDig PAGS 27.34 2.69 Telus TU 16.22 0.26
VGT 253.65 3.6
ContinentalRscs CLR 14.68 1.81 iShEdgeMSCIMinUSA USMV 59.76 2.75 –8.9 VangdSC Val VBR 99.28 7.03 –27.6
Ball BLL 64.35 2.12 FoxA FOXA 27.47 1.41 Leidos LDOS 98.73 1.91 PaloAltoNtwks PANW 226.14 3.31 TIM Part TSU 11.17 0.69 iShEdgeMSCIUSAMom MTUM 123.65 0.97 –1.5 VangdSC Grwth VBK 185.08 4.06 –6.9
Cooper COO 302.17 5.65 FoxB FOX 26.86 1.36 LEN 56.60
BancoBilbaoViz BBVA 3.02 0.23 Lennar A 5.96 PanAmerSilver PAAS 25.00 0.55 TJX TJX 49.76 2.59 iShEdgeMSCIUSAQual QUAL 93.27 3.09 –7.7
Copart CPRT 83.98 4.44 s Franco-Nevada FNV 147.24 -3.42 VangdDivApp VIG 114.51 3.26 –8.1
BancoBradesco BBDO 2.91 0.20 Lennar B LEN.B 43.01 4.69 ParkerHannifin PH 165.14 11.85 s T-MobileUS TMUS 101.90 4.58 iShGoldTr IAU 16.55 –0.72 14.1
Coresite COR 122.50 1.99 FranklinRscs BEN 18.34 0.58 VangdFTSEDevMk VEA 36.25 3.99 –17.7
BancodeChile BCH 16.74 0.66 LennoxIntl LII 193.82 12.90 Paychex PAYX 66.33 2.90 TRowePrice TROW 117.22 3.71 iShiBoxx$InvGrCpBd LQD 129.28 0.57 1.0 VangdFTSE EM VWO 37.11 3.78 –16.6
BancSanBrasil BSBR 4.33 0.36
Corning GLW 20.97 1.32 FreeportMcM FCX 9.18 0.70 PaycomSoftware PAYC 283.90 22.22 TaiwanSemi TSM 51.87 2.07 iShiBoxx$HYCpBd HYG 80.10 1.77 –8.9
LeviStrauss LEVI 13.07 0.98 VangdFTSE Europe VGK 46.48 4.52 –20.7
BcoSantChile BSAC 16.02 0.84 Corteva CTVA 24.01 1.24 FreseniusMed FMS 40.09 0.80 Paylocity PCTY 119.00 5.41 s TakeTwoSoftware TTWO 135.53 2.99 iShJPMUSDEmgBd EMB 103.94 1.74 –9.3
LibertyBroadbandC LBRDK 127.11 4.14 VangdFTSEAWxUS VEU 44.48 3.88 –17.2
CoStar CSGP 658.72 9.55 s PayPal PYPL 146.24 iShMBSETF MBB 110.93 –0.14 2.7
BancoSantander SAN 2.12 0.15 LibertyBroadbandA LBRDA 125.01 4.65 0.73 TakedaPharm TAK 18.97 0.38 2.28
BankofAmerica BAC 22.93 1.49
Costco COST 302.76 3.55 G H I LibertyGlobal C LBTYK 21.36 ... Pegasystems PEGA 87.36 1.20 s TandemDiabetes TNDM 84.33 -3.87 iShMSCI ACWI ACWI 70.04 3.40 –11.6
VangdGrowth
VangdHlthCr
VUG
VHT
187.32
193.37 1.08
2.8
0.9
CoupaSoftware COUP 209.90 -2.71 PTON 43.61 -4.81 Target iShMSCI EAFE EFA 57.39 4.04 –17.4
BankofMontreal BMO 47.69 3.38 GCI LibertyA GLIBA 63.79 2.07 LibertyGlobal A LBTYA 21.84 0.01 Peloton TGT 125.20 4.26 VangdHiDiv VYM 77.70 3.68 –17.1
Credicorp BAP 135.81 2.16 PembinaPipeline PBA 24.20 0.85 TechData TECD 133.66 -3.62 iShMSCI EAFE SC SCZ 50.23 3.74 –19.3 VangdIntermBd BIV –0.02
BankNY Mellon BK 33.73 1.67 GDS Holdings GDS 61.22 -0.81 LibertyGlobal B LBTYB 22.81 0.08 91.28 4.7
CreditAcceptance CACC 343.97 30.10 PNR 35.66 TECK 9.87 1.07 iShMSCIEmgMarkets EEM 37.44 3.91 –16.6 VangdIntrCorpBd VCIT 91.59 0.32 0.3
BkNovaScotia BNS 38.31 2.87 GFLEnvironmental GFL 17.78 0.13 LibertyFormOne A FWONA 31.10 2.47 Pentair 2.17 TeckRscsB
CreditSuisse CS 8.47 0.81 2.18 TeladocHealth TDOC 172.20 -12.03 iShMSCIJapan EWJ 53.00 2.49 –10.5 VangdLC VV 136.27 3.02 –7.8
Barclays BCS 5.17 0.46 GSXTechedu GSX 32.84 -2.59 LibertyFormOne C FWONK 32.89 2.70 Penumbra PEN 173.32
Cree CREE 49.39 6.64 iShNatlMuniBd MUB 113.46 –0.03 –0.4 VangdMC VO 153.62 4.16 –13.8
BarrickGold GOLD 27.20 -0.84 Galapagos GLPG 222.61 2.30 LibertySirius A LSXMA 32.94 1.69 People'sUtdFin PBCT 11.54 0.86 TeledyneTech TDY 330.18 15.11
CrowdStrike CRWD 76.10 -1.04 iShPfd&Incm PFF 33.92 1.44 –9.8 VangdMBS VMBS 54.49 –0.07 2.5
BauschHealth BHC 17.36 1.62 Gallagher AJG 90.30 3.07 LibertySirius C LSXMK 32.59 1.70 PepsiCo PEP 135.52 -0.43 Teleflex TFX 353.08 17.39
CrownCastle CCI 156.40 6.26 iShRussell1000Gwth IWF 179.13 2.28 1.8 VangdRealEst VNQ 72.87 5.92 –21.5
BaxterIntl BAX 86.82 -0.34 Gaming&Leisure GLPI 29.75 2.79 EliLilly LLY 157.96 -1.27 PerkinElmer PKI 93.32 0.46 Ericsson ERIC 8.64 0.22
CrownHoldings CCK 62.70 3.32 iShRussell1000 IWB 162.96 3.05 –8.7 VangdS&P500ETF VOO 271.08 3.06 –8.4
BectonDicknsn BDX 264.77 6.52 Garmin GRMN 81.89 3.86 LincolnNational LNC 36.40 3.65 Perrigo PRGO 54.96 2.20 TelefonicaBras VIV 8.33 0.47
CubeSmart CUBE 24.94 1.46 iShRussell1000Val IWD 109.76 4.54 –19.6 VangdST Bond BSV 82.71 –0.06 2.6
BeiGene BGNE 166.25 -0.01 Gartner IT 118.80 7.27 Linde LIN 192.25 9.66 PetroChina PTR 35.72 2.88 Telefonica TEF 4.74 0.15 iShRussell2000 IWM 132.68 6.08 –19.9
Cummins CMI 162.03 6.39 VangdSTCpBd VCSH 81.38 0.15 0.4
Berkley WRB 51.92 4.19 Generac GNRC 111.41 6.71 LiveNationEnt LYV 46.15 6.09 PetroleoBrasil PBR 6.84 0.74 TelekmIndonesia TLK 21.89 1.22 iShRussell3000 IWV 170.71 3.16 –9.4 VangdShortTermTrea VGSH 62.23 –0.06 2.3
CyrusOne CONE 69.75 0.40
BerkHathwy B BRK.B 175.46 6.21 GeneralDynamics GD 139.48 8.56 LivongoHealth LVGO 59.03 -0.29 PetroleoBrasilA PBR.A 6.48 0.57 10xGenomics TXG 77.20 -0.75 iShRussellMid-Cap IWR 50.28 4.55 –15.7 VangdSC VB 135.33 5.53 –18.3
BerkHathwy A BRK.A 2629009399.25 D E F GeneralElec GE 6.27 0.78 LloydsBanking LYG 1.42 0.09 Pfizer PFE 38.07 0.31 TencentMusic TME 12.39 0.43 iShRussellMCValue IWS 72.32 5.90 –23.7 VangdTotalBd BND 87.19 –0.18 4.0
BerryGlobal BERY 42.11 2.03 GeneralMills GIS 61.58 -0.91 LockheedMartin LMT 377.54 17.14 PhilipMorris PM 68.25 0.47 Teradyne TER 60.65 3.76 iShS&P500Growth IVW 194.41 2.39 0.4 VangdTotIntlBd BNDX 57.11 –0.07 0.9
BestBuy BBY 87.16 8.55 DISH Network DISH 26.74 2.03 GeneralMotors GM 24.81 2.18 Loews L 31.65 1.84 Phillips66 PSX 76.28 5.35 Tesla TSLA 813.63 14.46 iShS&P500Value IVE 106.06 4.06 –18.5 VangdTotIntlStk VXUS 45.94 3.89 –17.5
BeyondMeat BYND 130.03 -4.13 DTE Energy DTE 103.24 5.89 s Genmab GMAB 29.40 0.73 s LogitechIntl LOGI 54.64 1.63 PilgrimPride PPC 21.44 0.83 TevaPharm TEVA 11.77 0.56 iShShortCpBd IGSB 53.83 0.06 0.4 VangdTotalStk VTI 148.60 3.32 –9.2
s Bilibili BILI 33.66 2.78 Danaher DHR 162.24 -1.61 Genpact G 34.98 2.27 Lowe's LOW 116.73 2.95 s Pinduoduo PDD 66.46 5.16 TexasInstruments TXN 114.42 6.18 iShShortTreaBd SHV 110.82 ... 0.3 VangdTotlWrld VT 70.59 3.52 –12.8
Bill.com BILL 76.12 -1.15 Darden DRI 75.45 5.84 Gentex GNTX 25.43 1.14 lululemon LULU 255.65 8.56 PinnacleWest PNW 74.86 3.44 Textron TXT 27.19 2.99 iShTIPSBondETF TIP 121.54 –0.01 4.3 VangdValue VTV 97.97 3.89 –18.3

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
TMktIdxInstPrem 82.30 +2.72 -8.9 FPA Funds ValueI 37.55 +1.47 -15.5 PRIMECAP Odyssey Fds TotBdAdml 11.46 -0.03 4.7 TotIntBdIxInv 11.42 -0.01 1.3
Top 250 mutual-funds listings for Nasdaq-published share classes by net assets. USBdIdxInstPrem 12.38 -0.04 4.9 FPACres 29.13 +1.03 -13.9 MFS Funds Instl Growth r 35.66 +1.23 -12.9 TotIntBdIdxAdm 22.83 -0.02 1.2 USGro 46.60 +0.76 8.3
e-Ex-distribution. f-Previous day’s quotation. g-Footnotes x and s apply. j-Footnotes e and s Fidelity Advisor I Franklin A1 IntlEq 23.55 +0.88 -15.5 Schwab Funds TotIntlAdmIdx r 24.57 +0.76 -17.5 WellsI 26.41 +0.32 -2.5
apply. k-Recalculated by Lipper, using updated data. p-Distribution costs apply, 12b-1. r- NwInsghtI 31.49 +0.68 -3.7 CA TF A1 p 7.51 ... -0.7 Northern Funds 1000 Inv r 65.39 +2.07 -8.1 TotStAdml 72.36 +2.38 -8.8 Welltn 40.25 +0.80 -6.5
Redemption charge may apply. s-Stock split or dividend. t-Footnotes p and r apply. v-Footnotes Fidelity Freedom IncomeA1 p NA ... NA StkIdx 33.93 +1.04 -7.9 S&P Sel 45.50 +1.39 -7.9 TxMCapAdml 152.23 +4.81 -7.7 WndsrII 31.21 +1.18 -14.3
x and e apply. x-Ex-dividend. z-Footnote x, e and s apply. NA-Not available due to incomplete FF2020 14.78 +0.25 -6.0 FrankTemp/Frank Adv Oakmark Funds Invest TSM Sel r 50.99 +1.69 -8.9 TxMIn r 11.62 +0.40 -17.5 VANGUARD INDEX FDS
price, performance or cost data. NE-Not released by Lipper; data under review. NN-Fund not FF2025 13.00 +0.25 -6.9 IncomeAdv NA ... NA OakmrkInt 16.80 +0.92 -32.7 TIAA/CREF Funds USGroAdml 120.73 +1.96 8.4 SmValAdml 42.71 +2.83 -27.2
tracked. NS-Fund didn’t exist at start of period. FF2030 15.88 +0.35 -8.3 FrankTemp/Franklin A Old Westbury Fds BdIdxInst 11.51 -0.04 4.6 ValAdml 38.24 +1.45 -17.5 TotBd2 11.37 -0.04 4.2
Freedom2020 K 14.77 +0.25 -6.0 Growth A p NA ... NA LrgCpStr 13.38 +0.33 NA VANGUARD ADMIRAL WdsrllAdml 55.38 +2.09 -14.3 TotIntl 14.69 +0.46 -17.5
Freedom2025 K 12.97 +0.24 -7.0 RisDv A p NA ... NA Parnassus Fds 500Adml 273.36 +8.38 -7.9 WellsIAdml 63.97 +0.78 -2.5 TotSt 72.34 +2.39 -8.8
Monday, May 18, 2020 Freedom2030 K 15.86 +0.35 -8.3 FrankTemp/Franklin C ParnEqFd 43.33 +1.23 -7.6 BalAdml 37.72 +0.72 -3.1 WelltnAdml 69.51 +1.38 -6.4 VANGUARD INSTL FDS
Net YTD Net YTD Net YTD Freedom2035 K 13.09 +0.36 -10.5 Income C t NA ... NA PGIM Funds Cl Z CAITAdml 12.04 +0.01 0.5 WndsrAdml 58.16 +3.17 -19.6 BalInst 37.72 +0.71 -3.1
Fund NAV Chg % Ret Fund NAV Chg % Ret Fund NAV Chg % Ret Freedom2040 K 9.07 +0.27 -11.6 FrankTemp/Temp Adv TotalReturnBond NA ... NA CapOpAdml r 140.69 +4.75 -10.8 VANGUARD FDS DevMktsIndInst 11.63 +0.39 -17.5
Fidelity Invest GlBondAdv p 10.00 -0.04 -4.3 PIMCO Fds Instl DivAppIdxAdm 31.06 +0.96 -7.8 DivdGro 27.63 +0.87 -9.5 DevMktsInxInst 18.19 +0.63 -17.4
American Century Inv BlackRock Funds TAUSCoreEq2 17.23 +0.72 -14.1
Ultra 55.04 +1.08 5.5 HiYldBd Inst 6.94 +0.08 -9.8 US CoreEq1 22.48 +0.88 -12.8 AMgr50% 17.76 +0.27 -4.4
Guggenheim Funds Tru AllAsset NA ... NA EMAdmr 30.57 +0.65 -17.1 INSTTRF2020 23.02 +0.36 -4.5 ExtndInst 82.12 +3.86 -13.9
TotRtnBdFdClInst 28.19 -0.04 4.9 InvGrdCrBd 10.57 +0.01 -1.8 EqIncAdml 66.57 +2.40 -15.5 GrwthInst 96.50 +2.32 3.1
American Funds Cl A BlackRock Funds A US CoreEq2 20.22 +0.85 -14.2 Balanc 23.64 +0.53 -3.4 INSTTRF2025 23.26 +0.43 -5.9
4.0 ExplrAdml InPrSeIn
Harbor Funds 87.29 +3.72 -10.2 11.02 -0.01 4.6
AmcpA p 32.30 +0.82 -3.8 GlblAlloc p 18.41 +0.34 -5.9 US Small 26.84 +1.72 -23.1 BluCh 114.82 +2.75 6.6 TotRt 10.64 -0.03 INSTTRF2030 23.33 +0.49 -7.1
CapApInst 81.28 +1.26 7.3
PIMCO Funds A ExtndAdml 82.12 +3.86 -13.9 InstIdx 264.16 +8.10 -7.9
AMutlA p 38.67 +0.97 -10.6 BlackRock Funds Inst US SmCpVal 23.62 +1.83 -31.2 Contra 13.96 +0.20 2.5 INSTTRF2035 23.38 +0.55 -8.3
Harding Loevner
IncomeFd NA ... NA
GNMAAdml 10.81 -0.02 3.4 InstPlus 264.18 +8.10 -7.9
BalA p 27.12 +0.44 -4.4 MultiAstIncome 10.11 +0.09 -7.1 USLgVa 29.64 +1.47 -22.8 ContraK 13.99 +0.21 2.6
IntlEq INSTTRF2040 23.42 +0.61 -9.5
20.63 +0.77 NA
PIMCO Funds I2
GrwthAdml 96.49 +2.31 3.1 InstTStPlus 61.91 +2.04 -8.8
BondA p 13.74 -0.02 5.9 StratIncOpptyIns 9.60 +0.01 -2.8 Dodge & Cox CpInc r 9.03 +0.15 -10.5 Invesco Funds Y HlthCareAdml r 86.95 +1.32 INSTTRF2045 23.40 +0.67 -10.6
1.9 MidCpInst 42.07 +1.69 -13.3
GroCo Income NA ... NA
CapIBA p 55.56 +1.19 -11.4 Bridge Builder Trust Balanced 86.76 +3.11 -13.0 23.97 +0.51 12.2 DevMktY 38.05 +1.01 -16.6 HYCorAdml r 5.46 +0.05 -6.5 INSTTRF2050 23.44 +0.68 -10.6
MidCpIstPl 207.50 +8.37 -13.3
GrowCoK PIMCO Funds Instl
CapWGrA 45.88 +1.23 -11.8 CoreBond 10.70 -0.03 3.7 Income 14.24 +0.03 2.5 24.02 +0.51 12.3 JPMorgan I Class InfProAd 27.06 -0.02 4.6 INSTTRF2055 23.53 +0.68 -10.6 SmCapInst 64.90 +3.42 -17.9
EupacA p 47.93 +1.42 -13.9 CorePlusBond 10.30 -0.01 2.4 Intl Stk 32.56 +1.47 -25.3 InvGrBd 11.83 ... 3.3 CoreBond NA ... NA IncomeFd NA ... NA
IntlGrAdml 100.98 +3.13 -1.8 IntlVal 29.77 +1.02 -20.7 STIGradeInst 10.76 ... 1.3
LowP r Price Funds
FdInvA p 55.19 +1.38 -10.7 Intl Eq 10.14 +0.32 -15.4 Stock 152.69 +7.71 -19.6 40.79 +1.51 -18.5 EqInc NA ... NA ITBondAdml 12.32 -0.02 5.3 LifeCon 20.37 +0.24 -2.7 STIPSIxins 24.91 +0.04 0.9
GwthA p 51.29 +1.01 0.3 LargeCapValue 11.23 +0.52 -17.6 DoubleLine Funds Magin 10.31 +0.21 1.1 JPMorgan R Class BlChip NA ... NA ITIGradeAdml 10.21 +0.01 3.3 LifeGro 32.88 +0.84 -9.0 TotBdInst 11.46 -0.03 4.7
HI TrA p 8.90 +0.09 -9.6 ClearBridge CoreFxdIncmI NA ... NA OTC 13.26 +0.31 3.7 CoreBond NA ... NA DivGro 48.20 +1.51 -9.3 LTGradeAdml 11.27 -0.05 4.9 LifeMod 27.17 +0.51 -5.9 TotBdInst2 11.37 -0.04 4.2
ICAA p 36.13 +0.93 -8.2 LargeCapGrowthI NA ... NA TotRetBdI NA ... NA Puritn 22.40 +0.32 -1.2 CorePlusBd NA ... NA EqInc 24.78 +1.11 NA MidCpAdml 190.46 +7.68 -13.3 PrmcpCor 23.67 +0.82 -15.2 TotBdInstPl 11.46 -0.03 4.7
IncoA p 20.45 +0.45 -11.2 Columbia Class I Edgewood Growth Instituti SAIUSQtyIdx 14.38 +0.31 -2.0 Lord Abbett A EqIndex 78.64 +2.41 NA MuHYAdml 11.16 ... -3.7 STAR 26.17 +0.53 -4.3 TotIntBdIdxInst 34.26 -0.03 1.3
IntBdA p 14.00 ... 4.7 DivIncom I 21.48 +0.62 -11.5 EdgewoodGrInst 41.11 +1.01 6.7 SrsEmrgMkt 17.22 +0.46 -16.5 ShtDurIncmA p 4.06 +0.01 -2.4 Growth NA ... NA MuIntAdml 14.36 +0.01 0.2 TgtRe2015 14.80 +0.16 -2.5 TotIntlInstIdx r 98.27 +3.07 -17.5
N PerA p 44.30 +1.10 -6.3 Dimensional Fds Fidelity SrsGlobal 10.90 +0.35 -17.2 Lord Abbett F HelSci 85.02 +0.84 4.4 MuLTAdml 11.71 ... -0.5 TgtRe2020 31.04 +0.48 -4.6 TotItlInstPlId r 98.29 +3.07 -17.5
NEcoA p 44.29 +0.87 -3.1 5GlbFxdInc 10.81 ... 0.7 500IdxInstPrem 102.62 +3.14 -7.9 SrsGroCoRetail 20.11 +0.41 13.3 ShtDurIncm 4.05 ... -2.6 LgCapGow I NA ... NA MuLtdAdml 11.04 +0.01 0.3 TgtRe2025 18.66 +0.35 -5.9 TotStInst 72.38 +2.39 -8.7
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WshA p 42.42 +1.30 -11.4 IntlCoreEq 10.95 +0.40 -20.5 MidCpInxInstPrem 20.07 +0.87 -15.1 Fidelity SAI TotRetBd 11.32 -0.01 4.2 R2025 NA ... NA SmCapAdml 64.90 +3.41 -17.9 TgtRe2045 22.09 +0.64 -10.6 Western Asset
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 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
THE WALL STREET JOURNAL.
Crude Bets
Shift to
Long-Term
Delivery
BY RYAN DEZEMBER
AND MIKE DESTEFANO
The most wagered-upon oil
prices these days are for crude
bobbing at sea on big tankers—
or even still in the ground.
In futures markets for both
overseas-benchmark Brent and
West Texas Intermediate, the
main U.S. price, barrels for De-
cember delivery have the high-
est open interest, or total num-
ber of options and outstanding
contracts.
It is unusual for betting to
center on barrels scheduled for
delivery so far into the future.
The most open interest almost
always relates to oil for deliv-
ery the next
COMMODITIES month, or
sometimes
the month after that.
The situation reflects trad-
ers’ aversion to near-term con-
tracts as long as the coronavi-
rus pandemic is pummeling
fuel demand. Front-month West
Texas Intermediate futures last
month crashed below $0 as
buyers already swamped with
oil fled the market. The popu-
larity of the December con-
tracts also indicates optimism
that prices will rebound later
this year as shelter-in-place or-
ders are eased.
In data going back to 2006,
there hasn’t been another in-
stance in which a West Texas
Intermediate contract seven
months out had the greatest
number of bets related to it, ac-
cording to Dow Jones Market
Data. On only one other occa-
sion—exactly four years ago—
has the greatest open interest
been in the sixth Brent contract
out, which in that case was De-
cember’s.
West Texas Intermediate fu-
tures for June delivery gained
8.1% on Monday to end at
$31.82 a barrel on their final
day of trading. It was the high-
est closing price since March 11,
before much of the U.S. was un-
der stay-at-home orders to
stem the spread of the deadly
coronavirus.
Contracts for barrels to be
delivered in December closed at
$34.07. A barrel of Brent for
December settled at $37.11,
6.6% higher than July’s price of
$34.81.
The differences were much
larger last month, when fuel
consumption nosedived and un-
processed crude and unsold pe-
troleum products overwhelmed
storage facilities and refineries.
Prices for on-the-spot deliver-
ies of oil plunged, as did those
for prompt futures contracts.
As near-term crude prices
collapsed, the massive ex-
change-traded U.S. Oil Fund
spread out its exposure deeper
into the calendar. Since its
launch in 2006, the fund had
held all of its assets in one of
the two front months of West
Texas Intermediate futures. By
Friday, the $4.1 billion fund,
which is popular with day trad-
ers and hedge funds alike, held
$1.02 billion of December fu-
tures. Its next-largest exposure
was to August futures, to the
tune of $623 million.
Energy traders have done
particularly well this year bet-
ting on near-term oil prices to
fall while wagering on rising
prices later in the year. So-
called carry trades involving
West Texas Intermediate this
year have earned better than
80% on annualized basis, ac-
cording to BofA Securities ana-
lysts.
In a note to clients, they said
carry trades have historically
performed well even after sup-
ply gluts peak and suggested
such trades as a hedge against
a second viral outbreak.
The opportunity to profit by
holding oil back from the mar-
ket until prices rise—or at least
not losing money selling crude
for less than it cost to extract—
stoked a run on oil-storage ca-
pacity as well as oceangoing
tankers.
AUCTION RESULTS
Here are the results of Monday's Treasury auctions.
All bids are awarded at a single price at the market-
clearing yield. Rates are determined by the difference
between that price and the face value.
13-Week
Applications $191,595,487,700 $176,327,702,300
Accepted bids $71,455,888,700 $61,248,654,300
" noncomp
" foreign noncomp
Auction price (rate)
Bids at clearing yield accepted
Both issues are dated May 21, 2020. The 13-week bills
mature on Aug. 20, 2020; the 26-week bills mature on
Nov. 19, 2020.
* * * * * Tuesday, May 19, 2020 | B11
MARKETS
LAPRESSE/ZUMA PRESS
Italy is among the countries stepping up government spending to stimulate the pandemic-ravaged economy. The Great Synagogue in Rome was disinfected before reopening Monday.
Italian, Spanish Debt Sales Soar
BY ANNA HIRTENSTEIN Net sovereign-debt issuance The mounting debt load is rais- of [bond] supply that will be
Forecasts
ing alarms: The extra yield that hitting the market, the scale of
Investors are lapping up a €150 billion investors demand to hold Ital- central bank purchases miti-
record amount of Southern ian sovereign debt over German gates it,’’ said Andrew Mulli-
European sovereign debt in a bunds has widened to 2.1 per- ner, a portfolio manager at
hunt for yield, while counting Spain Italy centage points. Janus Henderson. Most inves-
on the region’s central bank to In response to the looming tors are expecting the central
backstop the riskiest bonds. 100 economic crisis, the European bank to increase its bond-buy-
Italy raised €16 billion Central Bank in March said it ing program, even “expecting
.
($17.3 billion) in late April in would start a new €750 billion it to double or more over the
its largest-ever bond-buying program to offer course of the year,’’ he said.
ly
CREDIT syndicated deal, relief to both governments and Investors nevertheless ap-
MARKETS through the sale 50
businesses by lowering borrow- pear willing to overlook the
of both five-year ing costs. That program has risks in part because years of
and 30-year bonds. A day
later, Spain set a record selling
€15 billion of 10-year debt.
That might be just the start.
on had limited success, though the
aggressive action helped revive
investors’ appetite for Southern
European government debt at
low interest rates and cheap
money flooding financial mar-
kets have shrunk the returns on
the world’s safest government
The coronavirus pandemic has 0 the time. The ECB’s bond pur- bonds: The yield on 10-year
us ,
dealt a hard blow to countries 1990 ’95 2000 ’05 ’10 ’15 ’20 chases were also challenged by German bonds was at minus
l
already wrestling with high a top German court earlier this 0.47% on Monday. For Japanese
e
al a
Note: Includes short- and long-term debt. Forecasts are before potential help from the European
debt loads and faltering eco- Stability Mechanism and the European Commission’s SURE loan program; €1 billion=$1.1 billion month. bonds, it was minus 0.006%,
nomic growth. One of the worst Sources: ECB (actual); UniCredit (2020 forecasts) ECB officials have pledged while U.S. debt was at 0.704%.
outbreaks has been in Italy, in recent weeks to help rein in “We’re in a negative inter-
ci on
where a strict lockdown to be worried,’’ said Keith investors, guaranteeing the borrowing costs for weaker est rate environment and it
brought its manufacturing sec- Price, head of primary debt is- sale of the full amount—rather eurozone governments that doesn’t look as if interest
tor to a near-halt. That is forc- suance for sovereigns, supra- than auctions. are running up massive defi- rates are going to be moving
ing governments to raise funds nationals and agencies at JP- “We just had an incredible cits while trying to save jobs higher, therefore it does be-
to revive their economies as Morgan Chase & Co. few weeks in bond markets,’’ and businesses. come about that search for
er s
the eurozone heads into its But there are signs emerg- said Mr. Price. “But without The comments have given yield,’’ said Mr. Price.
worst-ever recession. ing that national debt-man- the stimulus and the policy in investors confidence that the Even the most conservative
m er
Italy and France might raise agement offices are becoming place, there’s no way that ECB will do whatever it takes investors, including pension
more debt in 2020 than they less confident about demand could have happened.” to keep Italy and Spain from funds and insurers, have been
have in any of the last 30 for their bonds, according to Italy is among the countries defaulting, as that would pose channeling more funds into
years, according to forecasts Jorge Garayo, a fixed-income stepping up their government a massive threat to the com- riskier securities, such as junk-
from UniCredit SpA. Spain is strategist at Société Générale. spending to offer stimulus to mon currency. That is helping rated bonds, stocks and alter-
m rp
expected to issue its most Italy, Spain and even Ger- the economy. That is likely to keep the Italian 10-year yield native investments, in recent
since the 2008 financial crisis. many recently opted to sell push its ratio of debt to gross at about 1.68% on Monday, a years to generate better re-
“The response from inves- their bonds through syndica- domestic product to 167% this far cry from the 7% level it turns.
tors has been so strong, it tells tion deals—where banks are year, up from 135% at the end breached in 2011-12. —Pat Minczeski
you that the market seems not paid to drum up demand from of 2019, according to UniCredit. “While there is an awful lot contributed to this article.
co Fo
Tesla Profit Investors
Streak Tied Cut Firms
To the S&P Slack on
Continued from page B1 Bad News
n-
look at.”
Mr. Musk didn’t respond to a BY GUNJAN BANERJI
BEN MARGOT/ASSOCIATED PRESS
request for comment. Earlier this
month, he surprised investors by Investors are brushing off
no
saying he thought the company’s gloomy news from big corpora-
stock was too high, sending tions as earnings season comes
shares sharply lower only for to a close.
them to rebound in the following Corporate earnings are on
days. He didn’t explain why he track for the biggest decline
felt shares were overvalued. since 2009, headed toward a
On its face, generating a Reopening its Fremont, Calif., plant could help the car maker eke out a quarterly profit. roughly 14% fall for the first
profit in the April-to-June pe- quarter from the year prior, ac-
riod might seem improbable, 500. “I think it’s 75% likely Tesla's net profit/loss ber, could be pivotal to its fi- cording to FactSet. However,
given that Tesla’s U.S. car plant Tesla generates a GAAP profit nancial performance this investors appear more willing
$400 million
was idled for about half that of at least $1 in 2Q, and if that 1Q 2020 quarter. Tesla sales rose to take bad news in stride.
time. Analysts surveyed by happens, it’s 100% likely S&P $16 million strongly in the market even as Shares of companies report-
FactSet predict Tesla will re- would add Tesla to the S&P rival car makers were hard hit. ing weaker-than-expected earn-
200
port a loss of $387 million after 500,” he said in an email. Tesla has orders in hand for ings have on aver-
deliveries fall 31% from the first Inclusion in the S&P typi- future car deliveries, the com- ABREAST age fallen 1.1% from
quarter to 67,000. cally brings a rally for a com-
0
pany’s head of investor rela- OF THE the two days before
Tesla got close to meeting pany’s stock, though the gains tions, Martin Viecha, told MARKET their report through
the S&P 500 profit requirement don’t necessarily last long. Deutsche Bank, according to the two days after.
with its first-quarter results, Stock performance for compa- Deutsche analyst Emmanuel That is well below the average
–200
but it fell short of a cumulative nies added to the index be- Rosner. “Tesla’s record backlog 2.8% decrease recorded over the
four-quarter profit by about tween 1973 and 2018 usually of orders should provide a past five years for companies
$144 million, with a $16 million fell behind the S&P a year after –400
strong pipeline of deliveries re- missing estimates, according to
profit that wasn’t enough to inclusion, according to Ned Da- gardless of near-term condi- FactSet data as of Friday.
offset losses in the second vis Research. tions,” Mr. Rosner wrote to in- That was the case with Face-
quarter a year earlier. Its most Tesla’s stock price more –600 vestors last week. book Inc. The company reported
recent quarter also must be than doubled in 2020 through Barclays PLC analyst Brian per-share earnings of $1.71 for
profitable, along with other re- Feb. 19, when it closed at Johnson doubts Tesla can stay the first quarter, which was be-
quirements, for the S&P 500 to $917.42 a share—giving it a –800 in the black this quarter. He es- low consensus expectations.
consider adding the company. A market value of more than $170 timates the China factory prob- Still, its share price surged 7.9%
2017 ’18 ’19 ’20
spokesman for the index de- billion—before falling as the ably will make 39,000 vehicles from April 27 to May 1, accord-
clined to comment on an indi- pandemic hit the U.S. and Source: the company in the period and Fremont will ing to FactSet.
vidual company. roiled markets globally. After produce an estimated 24,000 It is the latest example of the
Investor Gary Black, who has Tesla posted a surprise first- resuming, Tesla could enjoy Model 3s, as it will take several unusual dynamics investors are
been long on Tesla since 2019 quarter profit in late April, its about seven weeks of produc- weeks for the factory to return navigating this earnings season.
and is the former chief executive shares rallied. It again hit a tion as long as suppliers—some to a more normal rate of build- Company guidance has been
of Aegon Asset Management, $150 billion market value on with their own plants shut by ing vehicles. The extra week Mr. sparse as corporate leaders have
says reopening the plant could May 8—the day Mr. Musk said local restrictions—can deliver Musk pushed for is “not enough struggled to project estimates
help Tesla eke out a $2 million he was recalling workers to the parts in time. Tesla’s only other to swing” a profit, he said. for the future during the pan-
profit for the second quarter. Fremont factory. Tesla shares assembly plant, in China, has Even if that happens, Mr. demic. Meanwhile, analysts and
That is based on his estimates finished trading Friday at been churning out cars for Musk may not have to wait long economists have been torn
26-Week
for delivery of 80,000 vehicles $799.17, giving the company a much of the quarter after a to knock on the S&P’s door. If about the path of the economic
helped by results in China and a value of $148.1 billion. brief Covid-19-linked pause. Tesla posts a loss in the second recovery in the U.S.
$665,365,800 $503,651,200
$594,000,000 $375,000,000
backlog of inventory that didn’t This quarter, Tesla pushed Any results are contingent on quarter, a rapid rebound in the As of Friday, about 35 com-
99.967139 99.924167 make it to customers at the end landlords for rent breaks that customers wanting cars, which third could still propel the car panies had provided guidance
(0.130%) (0.150%) of the first quarter, when the could bolster its bottom line. It isn’t a certainty amid fears of maker to its cumulative goal. for the second quarter, well be-
0.132% 0.152%
32.86% 61.30% pandemic shut down much of also furloughed workers with- an extended recession. Analysts expect profitable low the five-year average of
912796XF1 9127963A5 the U.S. and Europe. out pay, while temporarily cut- Tesla’s China performance, third and fourth quarters to 107, according to FactSet. Ana-
A profit, he bets, will trigger ting salaries of others. where its local plant started de- bring Tesla a total annual profit lysts are also slashing earnings
Tesla’s inclusion in the S&P With work at Fremont now livering Model 3 cars in Decem- of $190 million. expectations for the future.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
B12 | Tuesday, May 19, 2020
CHRIS RATCLIFFE/BLOOMBERG NEWS
Ryanair said on Monday it will post a loss of $216.4 million during its first fiscal quarter, which spans April to June, but Its shares still rose 17% on the day.
Lean Times Speak to Budget Airlines
Low-cost carriers are suffering from pandemic, but a shrinking industry also brings them advantages
No passenger carrier on the
planet can escape the painful
shrinkage that Covid-19 is imposing
on the aviation industry. For
scrappy low-cost carriers, though,
there is also something to like in a
leaner market.
European budget leader Ryanair
said Monday that it will post a loss
of €200 million ($216.4 million)
during its first fiscal quarter,
which spans April to June. Its
shares still rose 17% on the day.
When more than 70% of global air-
craft are grounded, this counts as
positive guidance.
Through most of the crisis so
far, shares of best-in-class budget
carriers Southwest Airlines and
Ryanair have outperformed those
of full-service peers Delta Air
Lines and British Airways owner
IAG. One reason is cyclical: Short-
haul bookings are likely to return
at a faster pace than international
ones. Yet there are also longer-term
advantages no-frills airlines can
grasp in the crisis, especially
Stakes for Uber’s Food Delivery Keep Rising
Uber Technologies suddenly has
even more riding on food delivery.
The company on Monday said it
was laying off 3,000 employees and
no
would close more than three dozen
offices in an effort to navigate the
coronavirus crisis. The cutbacks
mean the ride-hailing company,
which operates food-delivery arm
Uber Eats, needs a deal more than
ever with rival Grubhub.
In the past month, Uber has cut
roughly a quarter of its global
workforce. Notably, on Monday the
company also said it was evaluating
strategic alternatives for its autono-
mous-driving and freight busi-
nesses. Any withdrawal from these
initiatives would be a dramatic
step. Uber has already invested
hundreds of millions of dollars in
autonomous driving and has touted
it as a big future growth driver.
Uber appears to be tripling down
on food delivery, which has been a
It turns out restaurants can
make money on food-delivery
platforms. They may just have to
order their own food to do it.
A weekend post in popular
technology blog “Margins” high-
lighted just how messy the food-
delivery kitchen has become. Res-
taurants feel like they must pay
for multiple online-delivery plat-
forms to stay afloat but then face
costs from all the fees. Mean-
while, the delivery platforms
RICHARD B. LEVINE/ZUMA PRESS
themselves are losing money,
even as their services boom.
“Isn’t business supposed to
solve problems?” the author asks.
Leave it to a former Wall
Street trader to cook up a tasty
HEARD STREET
FINANCIAL ANALYSIS & COMMENTARY
on
us ,
in Europe.
l
Before Covid-19 hit, Ryanair
e
al a
was undoubtedly the most success-
ful airline in Europe, but costs
were rising and its way forward
ci on
was cloudy.
The company had mostly ex-
ploited the benefits of nimble
point-to-point routes between sec-
ondary airports with little competi-
er s
tion, forcing it to take on cutthroat
markets such as Germany with the
m er
2018 purchase of Austrian startup
Lauda. This deal also gave Ryanair
some Airbus A320 jets, even
though a Boeing 737-only fleet had
long been key to keeping its main-
m rp
tenance and training costs low.
Also in 2018, Ryanair was forced
to recognize trade unions for the
first time. For years, budget air-
lines had flourished by hiring
co Fo
cheaper staff, but a thriving econ-
omy and pilot shortage were put-
ting the model under strain.
Negotiating power has suddenly
shifted back to employers, with car-
riers laying off staff left and right.
n-
saving grace for its top line amid
the pandemic. The company re-
ported ride volumes were down
about 80% at their nadir in April,
but gross bookings for its Eats busi-
ness were up 52% from a year ear-
lier in the first quarter.
Uber has been working to merge
with competitor Grubhub since
early this year but has balked at
Grubhub’s asking price, The Wall
Street Journal has reported.
Such a deal would be likely to
greatly alleviate what analysts say
has become an unsustainably pro-
motional environment in the indus-
try. As such, it could accelerate
Uber’s path to profitability, a goal
which the pandemic has brought
even more into focus as ride-share
volumes have declined. JMP Securi-
ties analyst Ronald Josey predicts a
Grubhub merger could bring more
than $800 million of operational ef-
ficiencies to Uber Eats. It would
OVERHEARD
ON
THE
Ryanair is planning to cut 3,000
jobs and reduce staff pay by up to
one-fifth. U.S. airlines will surely do
the same once state-aid rules
against layoffs expire in October.
On Monday, Ryanair Chief Execu-
tive Michael O’Leary said that
Lauda is in an “existential crisis,”
with the A320 fleet now likely to be
Short-haul bookings are
likely to return at a
faster pace than
international ones.
gradually replaced by Boeing air-
craft. About the broader business,
though, he said: “I see nothing here
but opportunity to accelerate fleet
growth over the next year or two.”
There may be a lot for investors
to like in an old-school Ryanair,
with a homogenous fleet and cheap
also catapult Uber Eats into a domi-
nant position atop current leader
DoorDash, according to data from
Edison Trends.
But this feast won’t come easily.
Regulatory pressure could also get
in the way. Many cities such as Se-
attle and San Francisco are capping
the commissions delivery platforms
like Uber Eats can charge their res-
taurant customers. New York City,
where Uber and Grubhub already
have a commanding combined mar-
ket lead, looks likely to keep its own
limits at least for several months,
after the pandemic.
Uber continues to trade at a sig-
nificant premium to trucking and
rental-car companies. Without its
most cutting-edge side businesses,
the restaurant business becomes all
the more important to staying a
growth company. Uber will have to
pay up just to keep up.
—Laura Forman
arbitrage opportunity.
Many food-delivery companies
scrape menu data from restau-
rants, but it seems they don’t al-
ways get the prices right. In this
case, the author noticed Door-
Dash was charging eaters the
price of a plain cheese pizza,
while itself paying the restaurant
an inflated price for a specialty
pie with many toppings. By order-
ing its own pizzas, then, the res-
taurant could theoretically find an
easy profit.
This was an experiment done
in jest, sure. But it is good to
know a few bucks can still be
made by thinking outside the
pizza box.
labor, rebuilding its capacity in
cheaper, less crowded airports—
particularly given that its valuation
has dropped more than European
peers’. In the U.S., Southwest and
Allegiant are also likely to fare bet-
ter than legacy airlines, given how
reliant the late-cycle success of
Delta and United Airlines was on
corporate revenue.
To be sure, U.S. aviation is
highly consolidated, while Euro-
pean governments have aided air-
lines such as Lufthansa, Air
France-KLM, Alitalia and Norwe-
gian Air Shuttle. This will limit the
gains that stronger players can
make in an industry shakeout.
But there is still a silver lining
for the likes of Ryanair in the cur-
rent storm: After a transition
period of face masks and tempera-
ture checks, it could turn the indus-
try clock back half a decade or
more to an era when aviation eco-
nomics were more favorable to
low-cost airlines.
—Jon Sindreu
Investors Shouldn’t Ignore
Cloudy Vision at SoftBank
There is nothing like bad results
to focus the mind. SoftBank Group’s
investors should hope that applies to
the Japanese conglomerate too.
SoftBank reported Monday a re-
cord ¥1.36 trillion ($12.7 billion) op-
erating loss for the fiscal year ended
March as investments in its $100
billion Vision Fund plunged in value.
Office-sharing company WeWork,
which once had a valuation of $47
billion, is valued at $2.9 billion now.
SoftBank and the Vision Fund have
invested a total of $10.3 billion into
the company and its affiliates. Apart
from WeWork, ride-hailing giant
Uber Technologies Inc. and other
bets lost $9.4 billion for the Vision
Fund last quarter as the coronavirus
hits revenue in many startups, espe-
cially those related to travel.
SoftBank Chief Executive
Masayoshi Son hopes its portfolio of
winged unicorns, or companies with
valuations of $1 billion or more, can
fly again after the pandemic. Since
Vision Fund’s inception in 2017, it has
lost money on 47 investments but
made money on only 26 of them.
While it is natural for a venture-capi-
tal fund to lose money on many of its
investments and generate most of its
returns from a few winners, it could
be harder for the Vision Fund as its
bets are concentrated on a handful of
companies at very high valuations.
Around 40% of the fund is funded by
debtlike preferred stock, which means
it has to pay the 7% annual dividend
even if its investments languish.
But investors mostly have looked
beyond those losses, focusing in-
stead on SoftBank’s discount to its
net asset value. According to the
company’s estimates, SoftBank has
around $200 billion in net assets
but its market capitalization is less
than half of that at $90 billion. It
owns nearly $140 billion in Chinese
THE WALL STREET JOURNAL.
Be Careful
Handling
White-Hot
Moderna
Encouraging news
doesn’t remove risks
Thanks to optimism in the fight
against Covid-19, Moderna shares
are hot. Investors should be wary of
getting burned.
The biotech upstart on Monday
morning said early-stage results for
its experimental Covid-19 vaccine
are promising. The stock rocketed
higher in response. Moderna, which
has yet to have any drugs on the
market, has a market value of about
$30 billion.
The data certainly provide
grounds for real hope. Eight partici-
pants in the study who received the
vaccine candidate developed anti-
bodies at similar levels to recovered
Covid-19 patients. Meanwhile, just
one patient at the small-and-me-
dium-dose levels experienced an ad-
.
verse effect, though more patients
had them at higher doses. A larger,
ly
late-stage study is slated to begin
as soon as July with a goal of hav-
ing a vaccine available for emer-
gency use by the fall.
The economics of a Covid-19 vac-
cine are highly uncertain and charg-
ing a high price for one seems far-
fetched. But there is still a certain
logic to the company’s premium
valuation: Moderna is developing a
host of vaccine candidates for sev-
eral diseases with its technology.
But owning biotech stocks at ul-
trarich valuations exposes investors
to the sector’s unforgiving realities.
For starters, it is common for prom-
ising drug candidates to fizzle out
in larger trials after promising
early-stage results. More serious is-
sues with safety or efficacy could
emerge as the data set expands.
It is no surprise, then, that Mod-
erna announced a fresh stock offer-
ing on Monday. That decision is
smart. Although Moderna had
about $1.7 billion in cash and in-
vestments at the end of March, its
drug-development programs aren’t
cheap: It had nearly $140 million of
operating expenses in the first
quarter. Those expenses will likely
swell as research and manufactur-
ing demands pile up.
In this case, skipping the stock-
price party is probably a better idea
than a late arrival. —Charlie Grant
SoftBank’s annual net profit/loss
¥1.5 trillion
1.0
0.5
0
–0.5
–1.0
FY1995 2000 ’05 ’10 ’15 ’20
Note: Fiscal year ends in March. ¥1 billion=$9.3 million
Sources: the company; S&P Global Market Intelligence
e-commerce giant Alibaba Group
Holding and $30 billion in wireless
carrier T-Mobile US, which merged
with Sprint last month. The com-
pany said in March it would sell $41
billion of assets to repay debt and
fund buybacks. SoftBank’s shares
have gained 71% since the an-
nouncement. The asset sale seems
to be gaining steam: the company
will raise $11.5 billion by selling
some of its Alibaba shares in a com-
plex derivative transaction. Soft-
Bank plans to seek buyers for about
$20 billion of its T-Mobile shares. It
is also in talks to sell a significant
portion of its T-Mobile stake to
Deutsche Telekom.
While the asset sale and buy-
backs will likely help SoftBank’s
share price, investors shouldn’t
overlook the losses at Vision Fund
either. It is a reminder that even
though SoftBank’s stock might look
cheap against its assets, the com-
pany still has a penchant for splurg-
ing on value-destroying deals.
—Jacky Wong