* * * * FRIDAY, NOVEMBER 27, 2020 ~ VOL. CCLXXVI NO. 126
00
DJIA Closed (29872.47)
What’s
News
Business & Finance
S alesforce CEO Benioff’s
effort to buy Slack,
which is valued at $17 bil-
lion and would be his big-
gest acquisition yet, posi-
tions the company to take on
Microsoft in key areas. A1
 The dollar hit its lowest
levels against a basket of
currencies in more than two
years this week and investors
think it will fall further. A1
 Deutsche Bank executives
want to expand in Russia.
Outside monitors who watch
over the bank’s money-laun-
dering controls said it should
shut the business instead. A1
 Retailers are bracing for an
unprecedented holiday shop-
ping season, starting with
the annual Black Friday rit-
ual, set against the backdrop
of a still-raging pandemic. B1
 Disney plans to lay off a
total of 32,000 employees by
March, a further workforce cut
that comes as the pandemic
hits the firm’s theme-park
businesses especially hard. B1
 Jobless claims rose for the
second straight week, a sign
the nationwide surge in virus
cases was starting to weigh on
the labor-market recovery. A2
 Exxon Mobil has low-
ered its outlook on oil
prices for much of the next
decade, according to inter-
nal company documents. B1
 German prosecutors are
examining Ernst & Young’s
role in the collapse of Wire-
card, ratcheting up pres-
sure on the audit firm. B10
 Sycamore agreed to pay
$540 million to buy Ann Tay-
lor and other store brands
from Ascena, the brands’
bankrupt parent said. B2
World-Wide
 The Supreme Court
blocked New York from im-
posing strict limits on atten-
dance at religious services
to combat Covid-19, with
Justice Barrett casting the
pivotal vote to depart from
past cases that deferred to
state authorities on pub-
lic-health measures. A1, A6
 Trump pardoned for-
mer national security ad-
viser Michael Flynn, using
his executive power to pro-
tect an ally who pleaded
guilty to lying to the FBI. A4
 With Trump’s drive to re-
main in office hitting a dead
end, Senate Republicans are
redoubling their efforts in
Georgia, where a pair of run-
offs will determine which
party controls the Senate. A4
 The president said he
would leave the White House
if the Electoral College elects
Biden, but was noncom-
mittal about attending an
inauguration ceremony. A4
 A top executive at Astra-
Zeneca pushed back against
criticism that the company
failed to disclose enough data
from a clinical trial of its
Covid-19 vaccine this week. A7
 The Army Corps of Engi-
neers rejected environmental
permits for the massive Peb-
ble Mine in Alaska, a likely
death blow for the project. A2
 Ethiopia’s government
began what it called the final
phase of a military operation
on the encircled capital of the
rebel-run region of Tigray. A8
 Saudi Arabia transferred
the case of women’s rights
activist Loujain al-Hathloul
to a terrorism court. A8
CONTENTS
Arts in Review A10-11
Banking & Finance B10
Business News.. B3,5
Crossword............... A11
Heard on Street. B12
Mansion............. M1-10
s 2020 Dow Jones & Company, Inc.
All Rights Reserved
NASDAQ Closed (12094.40) STOXX 600 391.63 À 0.1%
Familiar Floats but No Crowds This Thanksgiving Day
CRAIG RUTTLE/ASSOCIATED PRESS
SIDELINE: The annual Macy’s Thanksgiving Day Parade sent floats and bands down empty New York streets Thursday, as
coronavirus restrictions barred crowds of spectators. This year’s parade was kept to the area near Macy’s flagship store.
Salesforce’s Bid to Buy Slack
Puts Microsoft in Crosshairs
BY AARON TILL
Salesforce.com Inc. Chief Ex-
ecutive Marc Benioff’s effort to
buy Slack Technologies Inc.,
which is valued at $17 billion
and would be his biggest acqui-
sition yet, positions the com-
pany to take on Microsoft Corp.
in key areas.
Salesforce has thrived for
years as a niche business-soft-
ware vendor. The company is in
advanced talks to buy Slack,
The Wall Street Journal re-
TikTok Stars Prove
Key to Fighting Ban
Their lawsuit was orchestrated by the app,
according to people familiar with the effort
BY GEORGIA WELLS
In early September, a
handful of TikTok stars, most
of them in their early 20s,
gathered on a Zoom call to
tackle a weighty question:
Should they take on the U.S.
government?
After more discussions,
Doug Marland, a 23-year-old
comedian from New Jersey,
raised his hand to join a law-
suit objecting to the Trump
administration’s order to ban
the app. Two others—musi-
cian Alec Chambers and fash-
ion designer Cosette Rinab—
also volunteered.
The three have a combined
Deutsche Bank Russia Exit Urged
BY PATRICIA KOWS
AND JENNY STRASBURG
Deutsche Bank AG executives
want to expand in Russia de-
spite a legacy of missteps and
massive fines. Outside monitors
who watch over the bank’s
money-laundering controls said
it should shut the business in-
stead, a person familiar with
the communications said.
Move Over Tofurky, Now There’s Something Weirder
Markets..................... B11
Faux-meat market concocts new names; YamChops, Incogmeato
Opinion.............. A13-15
Sports........................ A12 BY JACOB BUNGE
Technology............... B4 AND HEATHER HADDON
U.S. News............. A2-7
Weather................... A11
World News...... A8,16
Food scientists for decades
have tinkered with plant pro-
teins, starches and oils to make
> burgers that sizzle, bleed and
taste like real beef, without
harming a single steer.
Then comes the hard part:
formulating a name.
Burger patties made from
soy, yellow peas and coconut
WSJ.com
10-YR. TREASURY Closed (0.878%)
ported on Wednesday. The po-
tential tie-up suggests that Mr.
Benioff, who has positioned
himself as a prominent voice in
American business, has the in-
dustry’s biggest player and
long-time rival, Microsoft, in its
sights, some analysts say.
Salesforce and Slack could
reach a deal within days, people
familiar with the matter said,
possibly by the time Salesforce
reports its third-quarter finan-
cial results Tuesday. The deal
would mark the company’s
7.4 million followers on Tik-
Tok and make their livings
off the app. The suit argued
that a ban would mean losing
their income and limiting
their ability to express them-
selves.
The lawsuit got little at-
tention when it was filed in a
Pennsylvania court. The Tik-
Tok stars ultimately pre-
vailed—and the case has be-
come central in creating a
path for the app to maintain
its foothold in the U.S., where
it is now used by almost one
in three Americans.
It looked like a grass-roots
effort, but it was not. Behind
Please turn to page A9
The monitors, appointed by
New York state’s Department of
Financial Services, told the
bank in October that efforts to
improve its operation weren’t
enough to make up for the large
risks of doing business with
Russian clients, the person said.
A Deutsche Bank spokes-
man declined to comment on
its dialogue with monitors, but
said it is conducting a risk
i i i
Just call me delicious
oil are well on their way to
ubiquity, with new and more-
convincing versions landing on
Burger King and Dunkin’
HHHH $4.
OIL Closed ($45.71) GOLD Closed ($1,805.70) EURO $1.1914 YEN 104.26
New York
Limits on
Religious
Services
Blocked
Barrett casts key vote
as high court rejects
state’s ability to curb
gatherings in pandemic
BY JESS BRAVIN
WASHINGTON—A divided
Supreme Court blocked New
York from imposing strict lim-
its on attendance at religious
services to combat Covid-19,
with new Justice Amy Coney
Barrett casting the pivotal
vote to depart from past cases
that deferred to state authori-
ties on public-health measures.
In orders issued late
Wednesday, the court, in a 5-4
vote, set aside attendance lim-
its that Democratic Gov. An-
drew Cuomo imposed on
houses of worship in areas
most severely affected by the
coronavirus: 10 people in red
zones and 25 in orange zones.
New York classifies places
where coronavirus infections
are of increasing severity as
yellow, orange or red.
most direct attack on a market Covid-19 broke out, Mr. Benioff Chief Justice John Roberts
Microsoft has identified as criti- quickly launched Work.com—a and three liberal justices dis-
cal to its growth. suite of applications that com- sented.
There is no guarantee the panies could use for contract The Roman Catholic Dio-
companies will reach an agree- tracing, mental-health checks cese of Brooklyn and Agudath
ment. If they do, it would add and shift scheduling. Israel of America, an Orthodox
fuel to Salesforce’s ambition to A deal for Slack could heat Jewish organization, alleged
become the go-to software plat- up a simmering rivalry with Mi- that the limits violated their
form for business customers to crosoft. About five years ago First Amendment rights of re-
use for everything from data Microsoft was in talks to buy ligious exercise.
analysis to managing customer Salesforce, but the deal fell The Supreme Court’s un-
relationships to even daily com- apart over price. Salesforce lost Please turn to page A6
munication. out to Microsoft in 2016 in bid-
The pandemic has amplified ding for LinkedIn Corp., the  Courts face more cases on
Salesforce’s efforts. When Please turn to page A7 Covid-19 limits.......................... A6
INSIDE Investors Expect
Weakened Dollar
To Decline Further
MARK LEECH/OFFSIDE/GETTY IMAGES
BY PAUL J. DAVIES Dow Jones Industrial Average
pierced 30000 for the first time
The dollar hit its lowest lev- on Tuesday before retreating
els against a basket of curren- Wednesday. A weak dollar can
cies in more than two years help stocks with big overseas
this week—and investors think operations since it makes earn-
it’ll fall further. ings in foreign currencies worth
OBITUARY The consensus view of a more in dollar terms.
Diego Maradona, who falling dollar is based on a big The ICE U.S. Dollar Index,
assumption: Covid-19 will be which measures the dollar
led Argentina to a more or less conquered in the against a basket of currencies
World Cup title with months ahead. Vaccines will al- from major trading partners
‘Hand of God,’ 60. A12 low economies around the such as Japan and the euro-
world to return to normal zone, slid below 92 this week,
within the next year, encourag- its lowest level since 2018, ac-
ARTS IN REVIEW ing investors to step back from cording to FactSet. It is down
John Anderson reviews the relative safety of U.S. as- more than 10.5% since its
sets and invest in stocks, bonds March peak.
‘Zappa,’ a documentary and currencies outside the U.S. A commentary from market
about the rock star
The slide in the dollar coin- strategists at Citigroup re-
savant. A10 cides with exuberance in the cently predicted the dollar
U.S. stock market, where the Please turn to page A2
Salesforce.
#1 CRM.
analysis for several countries,
including Russia. “As we work
to continuously improve our
controls in combating financial
crime, our risk appetite must
be in line with the maturity of Ranked #1 for CRM Applications based on
those controls,” he added. IDC 2020H1 Revenue Market Share Worldwide.
A Department of Financial 19.8%
Services spokeswoman de-
clined to comment.
The monitors are attorneys
Please turn to page A8
5.3%
4.8%
3.9%
3.8%
Brands Group Inc. menus and
in Kroger Co. and Walmart Inc.
meat sections over the last few 2016 2017 2018 2019 2020H1
years. The race for a piece of Source: IDC, Worldwide Semiannual
Software Tracker, October 2020.
the plant-based surge also
tests companies’ ability to con-
coct names that are appealing,
memorable, and not too corny.
Last year MorningStar salesforce.com/number1CRM
Farms, a division of Kellogg
Co., introduced “Incogmeato” CRM market includes the following IDC-defined functional markets: Sales Force Productivity and Management,
Marketing Campaign Management, Customer Service, Contact Center, Advertising, and Digital Commerce
Applications. © 2020 salesforce.com, inc. All rights reserved. Salesforce.com is a registered trademark of
and Spam maker Hormel Foods salesforce.com, inc., as are other names and marks.
Please turn to page A9
A2 | Friday, November 27, 2020
Hawaii Treads Gingerly to Revive Tourism
BY KIM MACKRAEL
Hawaii is seeking a careful
balance as the holiday travel
season kicks off: Allow enough
visitors to help struggling,
tourism-reliant businesses
without causing a new wave of
coronavirus cases.
The state last month began
allowing U.S. visitors to skip a
mandatory 14-day quarantine
if they get tested for Covid-19
through an approved provider
within three days of their
flight and the test comes back
negative. The change
prompted some businesses on
the islands to reopen, and
many are hoping for a pickup
in December.
But with surging coronavi-
rus cases across most of the
mainland U.S., Hawaii tight-
ened its rules this week so vis-
itors must have proof of a
negative test result by the
time they land. Those who
don’t will need to quarantine
for 14 days or the full length
of their trip, whichever is
shorter, even if a negative test
result becomes available after
their arrival. The stricter rule
could weigh on holiday travel.
Hawaii suffered one of the
most severe economic down-
turns of any state from the
pandemic. Hawaii’s unemploy-
ment rate was the highest of
any state in October, at 14.3%,
the Labor Department said.
Relatively strict Covid-19
prevention measures and the
fact the Hawaiian Islands can’t
be reached by car meant the
state didn’t see a summer up-
tick in tourism that some
mainland destinations en-
joyed. And many travelers re-
main worried about the risk of
infection while flying.
Travel to the islands plum-
meted in March, and remains
about 70% below its year-ago
level even after the preflight
testing measures were imple-
mented, according to state
data.
U.S. dollar versus a trade-weighted basket
of currencies in the U.S. Dollar Index
Lehman Brothers fails
120
100
80
60
2001 ’05
*Indexed ratio of dollar hedges to total holdings of U.S. bonds. Feb. 15, 2016 = 100
Source: FactSet (dollar versus currencies); Citigroup (dollar hedges)
Dollar Is
Expected to
Slide More
Continued from Page One
could see an additional 20%
drop in 2021, as foreign inves-
tors move to protect them-
selves from currency fluctua-
tions in their existing U.S.
holdings.
Other forecasts for the dol-
lar vary but mainly in terms of
how far it will fall. Goldman
Sachs analysts, for example,
predict a 6% decline over the
next 12 months; ING analysts
forecast as much as a 10%
drop.
“The dollar appears mean-
ingfully overvalued and inves-
tors are overweight U.S. as-
sets,” said Christian Mueller-
Glissmann, multiasset
strategist at Goldman Sachs
Group. High valuations for U.S.
stocks, interest rates that don’t
keep up with inflation and a
recovery of global growth
should all weigh on the dollar,
he said.
There have been great ex-
amples of the dollar surprising
investors. Some see the current
situation as similar to the early
2000s when the U.S. had high
budget and current-account
deficits and investors moved
out of U.S. stocks and bonds
into global markets. The dollar
index fell nearly 20% in 2002.
In 2008, many expected the
dollar to keep weakening
against the euro, but the un-
folding financial crisis threw
that sharply into reverse from
July onward. Currencies are
notoriously difficult to predict
because their behavior is the
SHAFKAT ANOWAR FOR THE WALL STREET JOURNAL
Sparse crowds made social distancing easier at the Alohilani Resort in Waikiki earlier this month.
Efforts to restart the tour-
ism economic engine may be
coming too late for some busi-
nesses. A survey conducted by
the state and consulting firm
Island Business Management
in September found 41% of
businesses expected their
2020 revenue to be less than
half of what it was last year.
More than a third indicated
they had significant difficulty
covering costs.
ABC Stores, a Honolulu-
based retail chain serving re-
sort areas, kept open about 20
of its 65 Hawaiian locations,
including a fulfillment center
for online orders, throughout
the pandemic. It gradually re-
opened other stores and has
about 45 in operation, Chief
Executive Paul Kosasa said.
Roughly two-thirds of the
chain’s pre-pandemic 1,000
Hawaii employees remain on
furlough.
Getting a store ready and
calling back workers takes
about two weeks, Mr. Kosasa
said. Sales are about 70% below
their year-ago levels. If tourism
drops off again, he said, he may
need to close stores.
In recent weeks, Hawaii’s
Covid crisis
’10 ’15 ’20
outcome of factors that affect
capital flows, such as trade and
investment flows, interest
rates and relative growth and
inflation.
“FX forecasting is a special-
ist form of financial-market as-
trology that I remain wary of,”
said David Riley, chief invest-
ment strategist at BlueBay As-
set Management.
This year, the dollar surged
in the spring during the
Covid-19 market panic, coming
back down after the Federal
Reserve flooded global markets
with dollars through a string of
facilities to support bonds and
corporate credit in the U.S. and
through currency swap lines
with foreign central banks. The
dollar’s fall continued with the
reopening of economies over
the summer.
The Fed’s largess last spring
pushed investors into stock
markets, but mostly they
bought growth and defensive
stocks.
Big U.S.-listed technology
companies and large, invest-
ment-grade corporate-bond is-
suers, a global market also
dominated by U.S. companies,
benefited.
Many believe that investors
will buy riskier and underval-
ued assets as economies keep
recovering.
“Excess dollar liquidity
[from the Fed] is still in the
system,” said Salman Ahmed,
global head of macro at Fidel-
ity International. “Once things
improve and reflation returns,
that liquidity can go back into
riskier assets.”
Investors are still heavily in-
vested in the U.S., a situation
that could reverse if growth
elsewhere bounces back.
Money managers have kept a
high proportion of funds in
U.S. assets, according to inves-
tor surveys from Bank of
U.S. NEWS
average number of new
Covid-19 cases held roughly in
line with the number of daily
cases reported a month ear-
lier, according to data from
Johns Hopkins University. And
the rate per 100,000 residents
on the islands this month has
been a fraction of the number
reported elsewhere in the U.S.
When the pandemic hit in
the spring, the decline in visi-
tors to Hawaii quickly rippled
across the islands. Many ho-
tels and restaurants closed
temporarily, and tens of thou-
sands of musicians, servers,
bartenders and others were
unemployed. Roughly half of
the hospitality jobs that ex-
isted before the pandemic
hadn’t returned by October,
the U.S. Labor Department
said. Hotel occupancy in Octo-
ber was less than 20%, versus
79% in the same month last
year, according to state data.
One of Highgate Hotels
LP’s seven hotels in Honolulu’s
Waikiki tourist hub remains
closed and another is being
used to house military and
health-care staff involved in
the pandemic response, said
Kelly Sanders, senior vice
Change in foreign investors’
use of dollar hedges on their
holdings of U.S. bonds*
100
80
60
40
2015 ’16 ’17 ’18 ’19 ’20
America Merrill Lynch and
Reuters.
The story now is that suc-
cessful vaccines, coupled with
expectations of a less-antago-
nistic trade policy from a Joe
Biden White House, will drive
global growth and make the
rest of the world more attrac-
tive. Investors in that scenario
would likely sell U.S. assets and
buy things in other countries—
that means also selling the dol-
lar, pulling its value down.
Not everyone buys the view
that investors will shift out of
the U.S. and sink the dollar.
Francesca Fornasari, head of
currency solutions at Insight
Investment, which is part of
Bank of New York Mellon
Corp., said she thinks the dol-
lar could weaken but believes
currencies in general are set to
become more volatile.
While interest rates are
stuck at very low levels in
most developed markets, it is
currencies that will be the
main outlet for changing inves-
tor views of the relative eco-
nomic outlooks for different
countries.
“It’s not obvious that you’ll
have the emergence of a clear
winner among economies,” she
said. “The dollar has been very
sensitive to changes in growth
expectations in different coun-
tries.”
For Mr. Riley at BlueBay,
money leaving U.S. stock mar-
kets may head to the DAX, Ger-
many’s industry-heavy stock-
market index, and to bank
stocks.
Both have rallied in recent
weeks while the dollar has
weakened. European and Japa-
nese stocks have done better
than the S&P 500 over the past
month. Both are filled with
companies that benefit from an
expanding economy: cyclical
and value stocks.
president of operations for
Hawaii. A third is being used
as a quarantine facility. Over-
all, the hotels that remain
open to tourists are averaging
about 25% to 30% occupancy.
State officials have said it
could take until 2025 for the
number of visitors to return to
pre-pandemic levels.
After losing her job as a
prep cook at a Honolulu sea-
Hawaii has suffered
one of the most
severe downturns of
any state.
food restaurant, Abigail Dela
Cruz said it took about six
months to get her unemploy-
ment benefits. They came
through in September, allow-
ing her to cover rent and start
repaying friends.
Ms. Dela Cruz, 36 years old,
also received a $500 restau-
rant gift card, which was
mailed by the state to out-of-
work residents in the fall, an
EMPLOYMENT
Jobless Claims Rise
For a Second Week
Jobless claims rose for the
second straight week, to 778,000,
a sign the nationwide surge in vi-
rus cases was starting to weigh
on the labor-market recovery.
Claims haven’t risen for two
consecutive weeks since July.
Worker filings for unemployment
insurance are down sharply from a
peak of nearly seven million in late
March. But they remain higher
than in any previous recession for
records tracing back to 1967.
Unemployment filings can be
more volatile around the holi-
days, because of workweek
changes that can cause sea-
sonal-adjustment anomalies. The
four-week moving average,
which smooths out weekly vari-
ation, increased by 5,000 to
748,500, the Labor Department
said Wednesday.
Some of the states with sharp
increases in virus cases, including
Minnesota, Ohio and Illinois, saw
a large rise in claims last week.
—Sarah Chaney Cambon
CORRECTIONS  AMPLIFICATIONS
The U.S., taking part in an
international donors’ confer-
ence for Afghanistan, said it
has made available $600 mil-
lion for civilian aid for the
country for next year, of which
it pledged $300 million and
made the other half dependent
on progress in the peace pro-
cess, which would be reviewed
during 2021. A World News ar-
ticle on Wednesday about the
conference said the U.S. had
pledged $600 million, with
half of that dependent on
progress in the peace process.
In some editions Wednes-
day, a graphic with a Page One
article about the Dow Jones
Industrial Average incorrectly
included a stock performance
chart for former Dow compo-
nent Bank of America Corp.
and omitted one for current
component Boeing Co.
ASER Centre, a New Delhi
think tank, was incorrectly
identified as ACER Centre in a
World News article Wednes-
day about remote learning in
India and in the credit line in
Readers can alert The Wall Street Journal to any errors in news articles by
emailing wsjcontact@wsj.com or by calling 888-410-2667.
THE WALL STREET JOURNAL.
Daily arrivals in Hawaii,
change from previous year*
25%
0 20
Domestic
passengers
–25
International
Total
–50 Note: Seven-day
moving average
–75
–100
J F M A M J J A S O N
*International passengers and total data exclude arrivals from Canada. †Seasonally adjusted.
Source: Hawaii Department of Business, Economic Development & Tourism (arrivals);
Labor Department (unemployment)
effort to help the unemployed
and struggling restaurants.
Ms. Dela Cruz made about
$200 selling pineapple upside-
down cakes to friends in Octo-
ber, and is hoping to branch
out to sell more desserts. “I’m
a little worried [because
things are] still shut down,”
she said. “I’m not sure if I can
find a job later.”
The downturn hurt tax rev-
enue, as well. The state will
have an estimated $1.7 billion
shortfall in its general fund
revenue for the fiscal year
ending in June 2021, according
to Hawaii’s Department of
Business, Economic Develop-
ment and Tourism, and offi-
cials have raised the possibil-
ity of furloughs that would see
most state employees work
two fewer days a month, with
a pay cut of about 9%.
The drop in visitors re-
newed longstanding calls to
focus on fewer, higher-spend-
ing tourists and diversify the
economy, including through an
expansion of the tech sector
and the defense industry.
“The level of tourists that
were coming in daily [before
the pandemic] was not sus-
U.S. WATCH
ECONOMY
Consumer Spending
Continues to Grow
The U.S. economy is recover-
ing at a sturdy but slowing pace
heading into the holidays.
Consumers stepped up their
spending by a brisk 0.5% in Octo-
ber, down from a gain of 1.2% the
month before, the Commerce De-
partment said Wednesday. Factory
orders for long-lasting goods rose
a solid 1.3%, in part because busi-
nesses shelled out more for long-
term projects, the agency said.
Sales of newly built homes slipped
last month but remained near the
highest level in almost 14 years.
All pointed to an economy re-
gaining ground lost in the spring
lockdowns and other curbs, even
if the expansion has slowed since
the third quarter’s rapid rebound.
Consumer spending has been
strong enough to help fuel eco-
nomic growth since the spring,
when the pandemic forced millions
of businesses, schools and govern-
ment agencies across the U.S. to
shut down or limit their activities.
—Josh Mitchell
an accompanying graphic.
Ed Stack, the chief execu-
tive of Dick’s Sporting Goods
Inc., enjoys target shooting. A
Business & Finance article
about the company published
on Dec. 5, 2018, incorrectly
said he enjoys hunting.
The #MeToo movement
gained momentum in 2017. In
some editions Monday, a Per-
sonal Journal article about of-
fice romance incorrectly gave
the year as 2016.
A Business News article
about Merck & Co.’s plans to
acquire OncoImmune appeared
in the print edition on Tues-
day. A correction published
Wednesday incorrectly said
the article ran Monday.
Notice to readers
Wall Street Journal staff
members are working remotely
during the pandemic. For the
foreseeable future, please send
reader comments only by
email or phone, using the con-
tacts below, not via U.S. Mail.
Unemployment rate†
25 %
Hawaii
15
10
U.S.
5
0
J F M A M J J A S O
tainable,” said Shannon Edie,
president of the Native Hawai-
ian Chamber of Commerce.
“This is giving us an opportu-
nity to look at our economy
and reshape things.”
Still, some businesses are
optimistic that the return of
tourists can keep their opera-
tions afloat.
Marn Zeeb reopened his ice
cream shop in Koloa, a small
town on the island of Kauai, in
early October and ramped up
to nearly full-time hours this
month.
Sales at Koloa Mill Ice
Cream & Coffee are less than a
third what they were during
the same period last year.
Still, the state’s partial re-
opening is making a differ-
ence, Mr. Zeeb said, and sup-
port programs including a
loan earlier this year through
the federal Paycheck Protec-
tion Program helped his busi-
ness survive. He said he hopes
Kauai doesn’t leave the pre-
travel testing program.
“Every day seems to be a
trickle better,” Mr. Zeeb said.
“If the trickle continues to be
positive, if the island continues
to be safe, we can make it.”
ALASKA
Army Corps Rejects
Huge Mine Project
The Army Corps of Engineers
rejected environmental permits
for the massive Pebble Mine in
Alaska, a likely death blow for
plans to excavate hundreds of bil-
lions of dollars worth of gold and
copper in a pristine wilderness.
Pebble Mine had drawn oppo-
sition from environmentalists,
who were joined by some conser-
vatives who said the open pit
mine would jeopardize one of the
world’s largest wild salmon popu-
lations in the Bristol Bay region.
The developers said they
could mitigate environmental
damage from the site, which
covers roughly 3,000 acres of
wetlands and open waters, with
nearly 200 miles of streams.
But the corps on Wednesday
rejected the mitigation proposals,
saying they were insufficient to
make up for all the wetlands the
project would damage. Developer
Pebble Limited Partnership said
it would appeal the decision.
—Timothy Puko
THE WALL STREET JOURNAL
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 THE WALL STREET JOURNAL.
BING GUAN/REUTERS
Small businesses have been hit with new Covid restrictions. A restaurant in Madison, Wis., has shifted to takeout-only orders.
Midwestern Governors Seek
More Federal Business Aid
BY KRIS MAHER
A growing number of gover-
nors are calling for another
round of coronavirus-relief leg-
islation from Washington, say-
ing they are unable to provide
additional funds to small busi-
nesses amid budget shortfalls.
The issue is gaining urgency
as money from federal relief
passed earlier this year runs
out ahead.
States have funneled hun-
dreds of millions of dollars in
federal aid into everything
from personal-protective
equipment and hazard pay for
front-line health-care workers
to schools and food banks.
Businesses, which generally
got a smaller slice of the aid
than programs directly tied to
the public-health emergency,
are in a particularly precarious
spot. In addition, federal loans
to businesses during the shut-
down earlier this year—known
as the Paycheck Protection
Program—have since run out.
The crunch is tough in the
Midwest, where some of the
nation’s strongest coronavirus
restrictions have been imple-
mented amid increases in
Covid-19 cases, hitting busi-
nesses just ahead of the holi-
day season.
Michigan Gov. Gretchen
Whitmer said the state had
used up all of its federal stimu-
lus funding from the spring
and now faces a $1 billion
shortfall. She recently banned
indoor dining for three weeks
Lawmakers Target Social Media’s Shield
BY RYAN TRACY
WASHINGTON—The law
that enabled the rise of social
media and other internet busi-
nesses is facing threats unlike
anything in its 24-year history,
with potentially significant
consequences for websites
that host user content.
Section 230 of the Commu-
nications Decency Act was in-
strumental to the success of
Silicon Valley tech giants such
as Facebook Inc., Twitter Inc.
and Alphabet Inc.’s Google and
YouTube by giving them broad
immunity for the content they
publish from users.
There is a growing consen-
sus in Washington and else-
where that Section 230 needs
an overhaul, even as liberals
and conservatives disagree on
the reasons why.
Democrats say the immunity
has allowed companies to ig-
nore false and dangerous infor-
mation spreading online, since
the companies generally aren’t
liable for harmful content.
Republicans focus their ire
on another aspect of Section
230, which says companies
broadly aren’t liable for taking
down content they deem ob-
jectionable. President Trump
and others contend liberal-
leaning tech companies have
used that provision to block
conservative views.
Tech companies acknowl-
edge they need to improve
their content-moderation
practices, but they deny negli-
gence or political bias. With
attacks coming from both
sides, some tech industry lead-
ers have begun to accept the
U.S. NEWS
and shut businesses like movie
theaters and bowling alleys.
“Our resources are
strapped, just like every state
in the nation,” Ms. Whitmer, a
Democrat, said earlier this
month. “And that’s why this
stimulus is so important.”
Rich Studley, president and
CEO of the Michigan Chamber
of Commerce, has criticized
Ms. Whitmer’s shutdown or-
ders as causing unnecessary
economic damage. The latest
round will cause many busi-
nesses to close permanently,
he said.
$434B
Potential total state budget
shortfalls from 2020 to 2022.
Yet he favors a new round
of federal relief targeted to
help businesses and unem-
ployed workers. A priority, he
said, should be funding state
unemployment insurance trust
funds that have been depleted.
That would help laid-off work-
ers and also prevent states
from raising payroll taxes on
businesses, which could deter
them from rehiring people.
“Simply dropping money
out of airplanes and hoping
politicians will spend it wisely
is not a very good strategy,” he
said.
Facebook’s Mark Zuckerberg testified remotely Oct. 28 during a
Senate panel hearing on the immunity offered by Section 230.
need to make changes.
“It may make sense for
there to be liability for some
of the content that is on the
platform,” Facebook Chief Ex-
ecutive Mark Zuckerberg told
the Senate Judiciary Commit-
tee on Nov. 17.
The question now is how
far the government might go.
Mr. Trump and President-
elect Joe Biden have both
called for revoking Section
230. That could force internet
companies large and small to
invest heavily in monitoring
content. Alternatively, they
might decide to stop moderat-
ing user posts, or cease host-
ing them altogether.
“There are literally thou-
sands of companies whose
business model is based upon
the protections afforded by
Section 230,” said Bradford
Young, associate general coun-
sel of Tripadvisor Inc., which
publishes user reviews of ho-
tels, eateries and attractions.
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Nationwide, states face the taxes, and that lawmakers
biggest cash crisis since the would “work expeditiously” to
Great Depression, with total get more federal aid to small-
budget shortfalls potentially business owners if Congress
reaching $434 billion from passed a new package.
2020 to 2022, as the economic The governors of Minnesota
slowdown from the pandemic and Ohio also have called for
cuts into state revenues. more federal relief.
In March, the federal gov- Michigan has distributed
ernment provided relief to nearly all of the $3.1 billion in
states through the $2.2 trillion coronavirus-relief funds it re-
Cares Act. But Congress hasn’t ceived. The state provided
passed a new round of relief, about $150 million to help
with some members citing a small businesses, including $10
growing federal deficit, which million given out as $10,000
hit a record $3.1 trillion in fis- grants to individual businesses.
cal 2020. “We’re just looking at how
The Cares Act requires the do we keep all these things go-
funding be spent by the end of ing on January 1st,” said Kyle
the year, and a survey by the Jen, Michigan’s deputy budget
National Governors Associa- director.
tion found last month that To balance Michigan’s bud-
states had allocated nearly get for the year that ended
90% of the money. Sept. 30, the state withdrew
In Pennsylvania, lawmakers $350 million from its rainy-day
and Democratic Gov. Tom Wolf fund to make up for lost reve-
used the state’s remaining $1.3 nue, among other moves.
billion in coronavirus-relief Jean Stelten-Beuning, who
money this month to fund sal- owns Top Dog Country Club, in
aries for state health and pub- New Germany, Minn., which
lic-safety employees so they charges $69 to $89 a night to
could balance the state’s bud- board dogs, said half her reser-
get through the end of June, a vations over Thanksgiving
move that angered some small- were canceled when people GMT EARTH
business groups. backed out of travel plans.
“Instead of throwing the in- Ms. Stelten-Beuning, who In platinum
dustry a lifeline, they’re described herself as a fiscal
throwing an anchor,” said John conservative, said a Paycheck
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tions operating without raising be a second round.”
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Section 230, and at least one
member of its conservative
majority has signaled it may
be time to do so.
While U.S. lawmakers gen- Holiday waves
erally don’t support revoking
Section 230, they have made a are here.
number of proposals to nar-
row it. The Senate Judiciary
MICHAEL REYNOLDS/PRESS POOL
Committee unanimously ap-
proved a bill in July that
would remove immunity for
child sex-abuse content. It
hasn’t become law, but could
re-emerge next year.
Other bipartisan Senate
proposals include allowing
state and federal agencies to
bring civil suits regardless of
Section 230, requiring web-
If the law were revoked, Mr. sites to report criminal activ-
Young said, Tripadvisor could ity, and mandating that large
find itself either not moderat- platforms have a process for
ing content at all, leaving up users to appeal their decisions.
irrelevant posts, or removing Senior Senate Republicans
negative reviews challenged have proposed limiting immu-
by business owners to avoid nity for content removal. In-
potential liability for publish- stead of enjoying protection Wave Pendant
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Congress enacted Section power to consumers by pro- Matching Earrings available
230 in 1996, during the inter- moting full and fair discourse
net’s adolescence. Courts had online,” Senate Commerce
held early online services lia- Committee Chairman Roger
ble when they tried to moder- Wicker (R., Miss.) has said.
ate posts. Lawmakers over- House Energy and Com-
rode those court decisions to merce Committee Chairman
encourage websites to be Good Frank Pallone (D., N.J.) said OAHU • MAUI • KAUAI • BIG ISLAND OF HAWAII
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Revisions to Section 230 cilitate a healthier online eco- PLEASANTON • PORTLAND • ROSEVILLE • SAN DIEGO
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A4 | Friday, November 27, 2020
Trade Tensions to Be Early Test GOP Sees Georgia
BY YUKA HAYASHI
WASHINGTON—During his
campaign, President-elect Joe
Biden highlighted his intention
to work closely with America’s
allies to ease trade tensions
and pressure China to abide by
international rules.
He will have several early
chances to do that after being
sworn in Jan. 20.
The new president will have
an opportunity to try to re-
solve a leadership dispute at
the World Trade Organization
pitting the U.S. against most
MARK MAKELA/GETTY IMAGES
other members. He also could
remove Trump administration
tariffs on imported steel and
aluminum that have riled trad-
ing partners.
Moreover, he could com-
mand the world economic
stage by calling an emergency
meeting of the Group of 20
nations early next year, as
some former economic offi-
cials have suggested, a poten-
tial setting for an unofficial
summit with Chinese Presi-
dent Xi Jinping.
Mr. Biden this week showed
his intent to reverse President
Trump’s pivot away from some
international agreements by
appointing former Secretary
of State John Kerry as a spe-
cial envoy for climate change,
a new position that will be fo-
cused on global policy.
One of the first steps Mr.
Biden can take is to end the
deadlock over the selection of
the WTO’s new leader.
The Trump administration
has opposed the candidate
backed by most member coun-
tries, Ngozi Okonjo-Iweala, a
former Nigerian finance minis-
ter and former World Bank ex-
ecutive. The administration
maintains that Ms. Okonjo-
Iweala doesn’t have enough ex-
perience in world trade, and is
instead backing South Korean
Trade Minister Yoo Myung-
hee. Either candidate would be
the first woman to lead the or-
ganization, and Ms. Okonjo-
Iweala would be the first WTO
leader from an African nation.
Traditionally, the choice of
WTO leader has been by unani-
mous vote, so a Biden adminis-
tration could end the deadlock
by agreeing to the Nigerian
Trump Pardons Michael Flynn, Ex-National Security Adviser
BY BYRON TAU
AND CATHERINE LUCEY
President Trump has par-
doned former national secu-
rity adviser Michael Flynn, us-
ing his executive power to
protect an ally who pleaded
guilty to lying to the Federal
Bureau of Investigation.
“It is my Great Honor to an-
nounce that General Michael T.
Flynn has been granted a Full
Pardon,” Mr. Trump said on
Twitter Wednesday.
Mr. Flynn pleaded guilty in
2017 to lying to the FBI about
President-elect Joe Biden says he intends to ease trade tensions.
candidate. The Biden transition
team didn’t respond to ques-
tions on the WTO leadership
and other trade-related issues.
Brian Pomper, executive di-
rector of Alliance for Trade
Enforcement, a group of trade
associations that advocates for
foreign governments to end
unfair trade practices, believes
that Mr. Biden is likely to go
with the consensus choice.
“It would make sense as a
way to show that he is more
multilateral, and willing to take
account of these multilateral
institutions,” Mr. Pomper said.
He and others say Mr. Biden
should also start taking steps
to allow the WTO to resume
its role as the arbitrator of
trade disputes. Mr. Trump has
said the WTO is unfair, and his
administration has blocked the
appointment of new judges to
the group’s appellate body, ef-
fectively disabling its dispute-
settlement function.
On tariffs, among the most
significant of those imposed by
Mr. Trump are on imported
steel and aluminum. The levies
of 25% on steel and 10% on
aluminum were imposed on
national security grounds, with
Mr. Trump saying they were
needed to protect an industry
vital to national defense.
The tariffs have provided
mixed benefits for U.S. steel
his contacts with a Russian of-
ficial in the weeks before Mr.
Trump’s inauguration, becom-
ing one of the most senior ex-
Trump officials to cooperate
in special counsel Robert
Mueller’s inquiry into Russian
interference in the 2016 elec-
tion and any links it might
have to the Trump campaign.
He later sought to withdraw
his plea and argued that he
had been set up by the FBI.
The Justice Department
agreed and moved to drop the
case earlier this year, but the
proceedings have been under
P W L C 10 11
Import volumes of steel
products from major trading
partners fell in 2019 after the
U.S. imposed tariffs in 2018.
Imports of steel products,
in millions of metric tons
5.6
5.0
4.0
3.5
2.5
2.3
1.4
1.0
0.6
2018 2019
*Countries that received exemptions
from U.S. tariffs.
Source: Census Bureau
companies, however, and hurt
U.S. manufacturers that either
faced retaliatory tariffs or
higher costs for imported
steel. Washington has ex-
empted several friendly coun-
tries such as Australia, Mexico
and South Korea from the tar-
iffs, but kept others on the
list, including the European
Union and Japan.
“The strongest signal Presi-
dent-elect Biden can send is to
review in federal court.
Mr. Flynn’s attorney, Sidney
Powell, said Wednesday on Fox
Business: “We certainly appre-
ciate President Trump giving it
to General Flynn, because this
has gone on far too long.”
Democrats swiftly con-
demned the move. Speaker
Nancy Pelosi, (D., Calif.) called
it “an act of grave corruption
and a brazen abuse of power.”
Supporters of Mr. Flynn be-
lieve he had been prosecuted
unfairly and a pardon was
warranted as part of a broad
rejection of the premise of the
12 H T G K R F A M 1 2 3 4 5 6
U.S. NEWS
simply repeal [the tariffs].
That’s absolutely within his
authority,” said Michael Smart,
managing director at Rock
Creek Global Advisors and a
former Democratic congressio-
nal and White House aide.
Meantime, the new adminis-
tration must decide what to do
5.0 Canada*
with trade promotion author-
ity: special legislation that al-
4.1 EU
3.8 Brazil*
lows trade officials to submit
any trade agreements to Con-
3.3 Mexico*
gress for expedited approval.
The current authority is set
2.3 Korea* to expire July 1, and the re-
newal process will be conten-
1.1 Japan tious because of partisan dif-
1.0 Russia ferences over worker and
0.8 Taiwan environmental protection in
0.5 China future trade agreements, par-
ticularly if the Republicans
maintain Senate control.
TPA’s expiration will also in-
fluence the Biden administra-
tion’s stance on the continuing
negotiations for a bilateral
trade agreement with the U.K.
started by the Trump adminis-
tration based on the authority.
The negotiations are believed
to be in their late stages.
Several former officials
from Democratic administra-
tions have called on Mr. Biden
to push for an emergency sum-
mit meeting of G-20 nations
early next year to set a global
agenda for recovery from the
coronavirus pandemic.
Russia investigation. While he
cooperated with Mr. Mueller,
Mr. Flynn and his lawyers later
pointed to documents unsealed
in April they said were evi-
dence the government tried to
set him up in a 2017 interview
that led to his departure from
the Trump administration and
subsequent indictment on a
charge of lying.
Republicans also say his
conversations with the Rus-
sian ambassador during the
presidential transition that led
to that 2017 interview were
appropriate for someone pre-
7 8 9 O I X X **** THE WALL STREET JOURNAL.
As Senate Firewall
BY SIOBHAN HUGHES
AND LINDSAY WISE
WASHINGTON—With Presi-
dent Trump’s drive to remain
in office hitting a dead end,
Senate Republicans are redou-
bling their efforts in Georgia,
where a pair of runoffs will
determine which party con-
trols the Senate.
Senate Majority Leader
Mitch McConnell (R., Ky.) and
Sen. Todd Young (R., Ind.), the
outgoing chairman of the Na-
tional Republican Senatorial
Committee, have told col-
leagues that each of them
needs to help Sens. David Per-
due and Kelly Loeffler keep
their seats in the Jan. 5 races,
GOP aides said. Senators are
traveling to the state to rally
voters and tapping their own
donor lists to raise money for
the Republican incumbents in
the races, where spending is
already set to hit $300 million.
“Failure is not an option”
has emerged as the party
mantra, according to a person
familiar with GOP conference
calls on messaging and fund-
raising.
Mr. Trump said Thursday he
would travel to Georgia, likely
on Dec. 5, to campaign for Mr.
Perdue and Ms. Loeffler.
The formal start of the
presidential transition helps
Republicans make their case
that denying Democrats a Sen-
ate majority will serve as a
check on President-elect Joe
Biden’s agenda. Republicans
will hold at least 50 seats next
year compared with 48 for
Democrats, and need to win at
least one of the two Georgia
runoffs to prevent Vice Presi-
dent-elect Kamala Harris from
being able to cast tiebreaking
votes in a 50-50 Senate.
“We are the last line of de-
fense,” Mr. Perdue said Tues-
day on Fox News. “These two
seats here will determine the
majority in the Senate. We are
going to…protect everything
that President Trump has ac-
complished in the last four
years, and make sure that the
people of Georgia know that.”
Democrat Jon Ossoff, who
paring to be the national secu-
rity adviser in a new adminis-
tration.
“General Flynn was NOT a
Russian agent,” Sen. Lindsey
Graham (R., S.C.) tweeted
Wednesday. “Instead, he was
the victim of a politically mo-
tivated investigation and pros-
ecution where the ends justi-
fied the means.”
During his time in office,
Mr. Trump has issued a num-
ber of high-profile pardons
and at least one controversial
commutation. He notably com-
muted the sentence of his
President Ties Exit
To Electoral College
WASHINGTON—President
Trump said he would leave
the White House if the Elec-
toral College elects Joe Biden
but was noncommittal about
attending the inauguration
ceremony.
He said the Electoral Col-
lege would be making a mis-
take to elect Mr. Biden but
indicated he would depart
without further challenge.
“Certainly I will, and you
know that,” he told reporters
Thursday evening after deliv-
ering a Thanksgiving message
to troops.
Asked about attending Mr.
Biden’s inauguration, he said,
“I know the answer, but I just
don’t want to say it yet.”
“It’s going to be a very
hard thing to concede,” the
president said.
The Associated Press has
declared Mr. Biden the winner
of the election, with 306 elec-
toral votes to 232 for Mr.
Trump.
—Alex Leary
is running against Mr. Perdue,
said in a recent interview that
the nationalization of the race
could help him and fellow
Democrat the Rev. Raphael
Warnock, who is trying to oust
Ms. Loeffler. The two are cam-
paigning in large part on being
central to Mr. Biden’s ability
to mount a robust Covid-19 re-
sponse, he said.
So far, Democratic candi-
dates Warnock and Ossoff are
outspending Republican candi-
dates Loeffler and Perdue. But
Republican super PACs Ameri-
can Crossroads and Senate
Leadership Fund are outspend-
ing Democratic Party commit-
tees and other left-leaning out-
side groups, the data show. The
two super PACs, run by allies of
Mr. McConnell, have committed
at least $90 million in televi-
sion and radio ads for the
Georgia runoffs through Jan. 5.
longtime friend and adviser
Roger Stone, who was con-
victed in federal court of mak-
ing false statements, witness
tampering and trying to im-
pede a congressional investi-
gation into Russian election
interference.
Other presidents have made
controversial pardon choices,
often waiting until right be-
fore leaving office. President
Obama commuted the sen-
tence of Chelsea Manning,
convicted on charges related
to passing classified docu-
ments to WikiLeaks.
THE WALL STREET JOURNAL. Friday, November 27, 2020 | A5

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A6 | Friday, November 27, 2020 THE WALL STREET JOURNAL.

U.S. NEWS

Courts Face More Cases on Covid Limits

High court ruling on
religious services
could affect up to 20
lawsuits across nation
The Supreme Court ruling
that blocked New York from im-
posing strict limits on atten-
dance at religious services could
influence lawsuits in other
sents religious groups and is at least one of its priests to many of these states that have
involved in half a dozen law- Covid-19, while many others the most restrictions.”
suits. He believes courts will were infected with the virus. Mr. Staver said limits on
be more likely to rule in favor Many religious congrega- church services made no sense
of religious groups after the tions have moved to online ser- when other activities, including
Supreme Court decision. vices or imposed capacity re- meals and social services in-
In a 5-4 ruling Wednesday, strictions, social distancing and side churches, were permitted
the Supreme Court court mask-wearing requirements. without such capacity limits.
blocked New York from imple- Pasadena, Calif.-based Har- Mr. Cuomo, a Democrat,
menting an order from Gov. vest Rock Church, which sued said Thursday that the ruling
Andrew Cuomo that intro- the state in July, last week had no effect on the state’s vi-
duced restrictions on houses filed an emergency petition rus-control efforts and per-

states seeking to overturn simi-
lar rules on houses of worship.
Up to 20 cases involving
By Stephanie
Yang, Josh Mitchell
and Alicia A. Caldwell
houses of worship in states in-
cluding Nevada, New Jersey,
California and Oregon could be
affected by the Supreme Court
decision, legal experts say.
“It will undoubtedly have a
major effect and probably
have a decisive effect,” said
Christopher Ferrara, special
counsel to the Thomas More
Society, a law firm that repre-
of worship in areas most se-
verely affected by the corona-
virus: limiting capacity by 25%
or 10 people in red zones and
33% or 25 in orange zones.
Some groups condemned
the decision. “The freedom to
worship is one of our most
cherished fundamental rights,
but it does not include a li-
cense to harm others or en-
danger public health,” said
Daniel Mach, director of the
American Civil Liberties
Union’s Program on Freedom
of Religion and Belief.
Perry Dane, a Rutgers Uni-
versity law professor, said the
court ruling will likely force
Gov. Andrew Cuomo called the ruling irrelevant for New York, but
others said it would help religious groups suing in other states.
governors to rethink how they
impose Covid-19 restrictions
so they are not making differ-
ent rules for different groups.
“The virus doesn’t care if it’s
infecting people at a Little
League game or in a church,” he
said. “So it should be possible
to come up with criteria that
are more technically neutral.”
ANDREW KELLY/REUTERS
with the Supreme Court to
block Gov. Gavin Newsom’s
coronavirus restrictions while
the case is being appealed.
Wednesday night’s ruling
by the Supreme Court was a
hopeful sign, said Mat Staver,
founder and chairman of the
Liberty Counsel and the lead
Churches have been hubs of attorney in the case.
the coronavirus’s spread world- “I think it’s very important
wide. In the U.S., religious that we get these rulings
gatherings have turned into su- now,” said Mr. Staver, who
perspreader events in states said his litigation includes
across the country, including roughly 170 California
Washington, California and Ken- churches. “Two weeks has now
tucky. moved into nearly eight
The Diocese of Brooklyn, one months, and there doesn’t
of the plaintiffs in the suit, lost seem to be an end in sight in
tained only to a specific Brook-
lyn “red zone” that was no
longer under such restrictions.
“It’s irrelevant from any
practical impact because the
zone that they were talking
about has already been moot,”
Mr. Cuomo said. “I think this
was really just an opportunity
for the court to express its
philosophy and politics.”
However, Eugene Volokh, a
professor at University of Cali-
fornia, Los Angeles School of
Law, said the Supreme Court’s
decision was significant be-
cause of its implications for
other cases and the fast-chang-
ing nature of the pandemic.

Religious not public health experts, and

we should respect the judg-
ment of those with special ex-
zone that they were talking
about has already been moot,”
Mr. Cuomo said. “I think this
At issue is whether the oc-
cupancy caps on religious con-
gregations were more severe
tice Ruth Bader Ginsburg, who
died in September. In previous
cases where churches contested
been reclassified as yellow
zones, which were subject to a
50% occupancy limit without a

Restrictions pertise and responsibility in

this area,” the opinion said.
But New York’s restrictions
was really just an opportunity
for the court to express its phi-
losophy and politics.”
than those of comparable ac-
tivities. The plaintiffs con-
tended that they faced stricter
Covid-19-related occupancy lim-
its, Justice Ginsburg joined
with three other liberal justices
numerical limit.
In separate dissents, liberal
justices said the court

Blocked “strike at the very heart of the

Continued from Page One
signed majority opinion found
that the religious plaintiffs were
likely to prevail and, overruling
federal courts in New York, sus-
pended the governor’s orders
while the litigation proceeds.
The court found it troubling
that businesses that the state
considered essential weren’t
subject to the same occupancy
limits. Those included “things
such as acupuncture facilities,
campgrounds, garages, as well
as many whose services are
not limited to those that can
be regarded as essential, such
as all plants manufacturing
chemicals and microelectron-
ics and all transportation facil-
ities,” the court said.
“Members of this Court are
First Amendment’s guarantee
of religious liberty.”
In addition to Justice Bar-
rett, Justices Clarence Thomas,
Samuel Alito, Neil Gorsuch and
Brett Kavanaugh—who had
dissented when the court re-
jected previous church chal-
lenges to Covid-19 regula-
tions—made up the majority.
In their dissents, the chief
justice argued the court’s ac-
tion was unnecessary, and the
liberal justices said the court
shouldn’t interfere with public-
health authorities.
Gov. Cuomo on Thursday
said the Supreme Court ruling
had no effect on the state’s vi-
rus-control efforts, and per-
tained only to a specific Brook-
lyn red zone that was no
longer under such restrictions.
“It’s irrelevant from any
practical impact because the
Beyond its immediate im-
pact on New York, the Thanks-
giving eve decision exposed
fissures within the court over
the pandemic response, with
justices filing six separate
opinions on their reasoning.
And it suggested that Presi-
dent Trump’s appointment of
Justice Barrett already had re-
duced the influence of Chief
Justice Roberts.
In recent years, the chief
justice played a mediating role
between two four-member
conservative and liberal blocs
on the court. He typically ad-
opted conservative legal prin-
ciples, but voted for proce-
dural reasons with liberal
justices in several high-profile
cases. With Justice Barrett
adding weight to the conser-
vative wing, Chief Justice Rob-
erts may find fewer opportuni-
ties for that balancing act.
limits than businesses New
York classified as essential,
such as grocery stores, laun-
and Chief Justice Roberts in de-
ferring to the judgment of pub-
lic-health authorities.
dromats and auto mechanics. Justice Barrett didn’t issue
an opinion of her own or join
separate concurring opinions
issued by fellow Trump ap-
The decision pointees Justices Gorsuch and
exposes fissures in Kavanaugh.
Justice Gorsuch’s opinion
the court over the stingingly criticized the
pandemic response. court’s previous approach.
“It is time—past time—to
make plain that, while the
pandemic poses many grave
The state argued that its challenges, there is no world
rules already treated houses of in which the Constitution tol-
worship more favorably than erates color-coded executive
activities it considered compa- edicts that reopen liquor
rable, such as lectures, con- stores and bike shops but
certs, cinemas and sporting shutter churches, synagogues,
events, which are completely and mosques,” he wrote.
shut in high-risk zones. In his dissent, Chief Justice
Wednesday’s order marked Roberts said the court’s action
the most dramatic shift since was premature, because the
Justice Barrett succeeded Jus- areas involved already had
shouldn’t interfere with pub-
lic-health authorities, who are
responding to a pandemic that
has killed more than 250,000
Americans, including more
than 16,000 in New York City.
Justice Stephen Breyer ac-
knowledged that the occu-
pancy limits interfere with reli-
gious observance, but said that
in light of the public-health
risks, they may be justified.
“The nature of the epidemic,
the spikes, the uncertainties,
and the need for quick action,
taken together, mean that the
State has countervailing argu-
ments based upon health,
safety, and administrative con-
siderations that must be bal-
anced against the applicants’
First Amendment challenges,”
he wrote, joined by Justices So-
nia Sotomayor and Elena Kagan.
—Stephanie Yang
contributed to this article.

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Primarily, I’ve noticed two things:
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CMO, Deloitte before. Even more, trust plays a key
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to the values that drive human emotion
and ultimately human behavior.
What are you most proud of in
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First, I’d recognize the Deloitte team for
the way we were able to pivot when the
pandemic began. When COVID19 hit, we
needed to do some ridiculously dificult
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transition 175,000 employees to virtual
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membervoicesdeloitte were safe.
Secondly, our purpose is to make an long week. I wanted to go home, but I
impact that matters, for our clients thought we needed to say yes. After
and our communities, and we’re seeing all, it happened to be our CEO and
an opportunity to do that when it COO asking. But Cathy astonished me
comes to helping organizations come by responding that she could not go
back stronger and more resilient. We because it would break a commitment
launched our Women’s Initiative in she made to her son — which was to take
1999, and our irst IMPACT Day (our him to his favorite place in the world,
commitment to giving back to our Chuck E. Cheese. I was so impressed by
communities through service) was how she recognized her family’s needs
20 years ago, but we are now more and then quickly pivoted to developing a
committed than ever before. plan that would still allow us to meet the
client’s needs. The moral of that story is
Third, I believe that life is lived in the simple: Speak up for yourself, and when
small moments of each day. One day, Kim you’re centered on shared outcomes,
McNeil-Downs, who runs our internal there are many ways to get to a solution.
agency in the U.S., was explaining what
the team had accomplished when her When it’s time to get creative,
voice broke and tears came into her eyes what do you do to get inspired?
on screen. She said something along the
lines of, “I am so proud of what we have Nothing clears the mind like fresh air and
accomplished, how committed the team a brisk walk. Then, to get inspired, I listen
is, how we have treated each other along to a variety of different voices through
the way, and how we inspire each other music and podcasts. I center on how I
when we need it most.” The humanity of want the outcome to feel and I start to
these times will always be something I outline what I am creating.
am in awe of.
Imagine you’re not a CMO and you
What’s the biggest learning have the talent to do anything —
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Earlier in my career, I was in New York If I had the talent required to be great, I
with a mentor of mine, Cathy Benko, would absolutely be a professional tennis
who was at the time a young principal, player. If not that, I would love to be a
for a weeklong client meeting. At the writer or host a talk show along the lines
end of it, we were asked to ly directly of David Letterman’s “My Next Guest
to Georgia for another meeting. I was Needs No Introduction.” I am fascinated
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THE WALL STREET JOURNAL.
Mask Makers
Step Up With
New Models
BY AUSTEN HUFFORD |
Manufacturers are introduc-
ing face masks for general use
that they say offer more pro-
tection than cloth coverings
without taxing supplies of the
N95 masks used in hospitals.
These mask makers said
many of the new models com-
ing to market are more protec-
tive than cloth masks but don’t
reach the level of protection
provided by N95s, which stop
at least 95% of very small par-
ticles with a sophisticated fil-
ter and a snug fit to the face.
The new masks are de-
signed to fill what makers call
a hole in the medical-gear
market as Covid-19 cases
surge—something for nonmed-
ical people worried about ex-
posure in their day-to-day
lives. Manufacturers say their
new masks follow recommen-
dations from public-health au-
thorities and typically include
a combination of reusable lay-
ers and a replaceable filter.
Despite big increases in do-
mestic production, N95s have
been in short supply since the
pandemic began. The surge in
cases is putting fresh strain on
U.S. stockpiles of a critical
piece of equipment for doctors
and nurses treating patients
with Covid-19.
The new masks aimed at
everyday consumers aren’t
subjected to the same federal
certification process as N95s
intended for medical workers.
Getting certified to produce
N95s is a long and rigorous
process, manufacturers said.
The National Institute for Oc-
cupational Safety and Health
has approved about 20 addi-
tional makers of N95s and
similar products this year, ac-
cording to the agency, increas-
ing the number of certified
companies around the world
by about one-third.
Salesforce
Seeks Boost
From Slack
Continued from Page One
business-focused social-media
network. The loss stung.
Salesforce responded by urg-
ing regulators to examine Mi-
crosoft’s proposed purchase on
antitrust grounds; the deal
passed regulatory scrutiny.
Landing Slack, which Micro-
soft also once tried to acquire,
could amount to a bit of re-
venge for Mr. Benioff.
San Francisco-based Slack
makes instant-messaging soft-
ware that it pitches as a solu-
tion to what it says is cluttered
and intrusive office email. It
launched in 2009 as a gaming
company called Tiny Speck, but
pivoted to the messaging app it
had developed for internal use.
Microsoft in 2016 launched
its own workplace collaboration
tool, Teams, spurring a some-
times heated battle between the
two companies. “They want to
kill us,” Slack CEO Stewart But-
terfield told the Journal this
year. This summer, Slack filed a
complaint with the European
Union over alleged antitrust be-
havior by Microsoft in using its
dominance to push Teams.
Slack “extends the footprint
of what Salesforce goes after,”
Jefferies analyst Brent Thill
said. “Not everyone uses a sales
system, but everyone can use
collaboration. ”
Mr. Benioff has a history of
deal making since he co-
founded Salesforce 21 years ago
and turned it into one of the
most successful companies in
the then still nascent market of
providing software as a service.
Salesforce completed its big-
gest-ever purchase last year,
paying around $15 billion in
stock for data-analytics plat-
form Tableau Software Inc.
A year earlier, it splashed
out more than $5 billion for
cloud-application provider
MuleSoft. Inc. This year Sales-
force said it was buying cloud-
software provider Vlocity Inc.
Salesforce has a market
value of some $230 billion after
years of big gains and its rich
stock price—which trades at
nearly 100 times its trailing-
year profits—gives the com-
* * * * Friday, November 27, 2020 | A7
U.S. NEWS
Vaccine
Test Result
Surprises
Developer
BY JOSEPH WALKER
AND JENNY STRASBURG
Honeywell International
Inc., which is making 20 mil- A top executive at Astra-
lion N95s a month for medical Zeneca PLC pushed back
workers, recently started sell- against criticism that the com-
ing a new mask aimed at the pany failed to disclose enough
general public that the com- data from a clinical trial of its
pany says offers more protec- Covid-19 vaccine this week and
tion than plain cloth. The $30 acknowledged skepticism
mask has two layers of polyes- about the vaccine’s 90% effec-
ter, nylon and spandex woven tiveness in a group of patients
together and comes with 12 who were accidentally given a
replaceable filters made out of lower dose than intended.
polypropylene, which is the Sleepnet Corp. modified a construction-site dust-protection mask—plugging a valve that allowed for “I’m not going to pretend
main filtering material in stan- unfiltered exhalation—so it could work as a coronavirus mask. Below, mask production at Sleepnet. it’s not an interesting result,
dard N95s. Will Lange, who because it is—but I definitely
runs Honeywell’s personal N95 masks. The masks, known don’t understand it and I don’t
protective equipment busi- as elastomerics, are certified think any of us do,” said Mene
ness, said the Charlotte, N.C.- to offer as much protection as Pangalos, AstraZeneca’s execu-
based conglomerate aimed to disposable N95s but are typi- tive vice president for bio-
combine the comfort of a cloth cally made from rubber and pharmaceuticals research and
mask with protection near plastic and contain a replace- development. “It was surpris-
what an N95 affords. able filter. ing to us.”
“We tried to combine the Another manufacturer of The U.K. company said on
best of both worlds,” he said. the reusable elastomerics, Monday that the vaccine it is
JARED CHARNEY FOR THE WALL STREET JOURNAL (2)
Some officials and medical MSA Safety Inc., recently won codeveloping with the Univer-
experts are encouraging people regulatory approval for a mask sity of Oxford was on average
to wear masks that offer more without an exhalation valve. about 90% effective in pre-
protection than simple cloth. The company said elastomer- venting Covid-19 when volun-
Canadian public health offi- ics can save hospitals space teers were given a half-dose
cials this month said people and money on their stockpiles shot followed by a full dose a
should wear masks in public because they are reusable. month or more later, but only
that contain three layers: two Some hospitals say using elas- 62% effective when two full
fabric plus a filter layer. The tomerics instead of disposable doses were given. The data
U.S. Centers for Disease Con- N95s can be complicated be- pooled trial results from the
trol and Prevention updated cause of the cleaning protocols U.K. and Brazil.
its guidance on Nov. 10 to say necessary to reuse them. U.S. regulators have set the
masks offer some protection ThermoPore Materials bar for authorizing vaccines at
to the wearer in addition to Corp. secured government ap- 50% effectiveness, but vac-
people nearby. it is to breathe through. The People have been buying proval in September to make a cines in development by Mod-
Emiel DenHartog, a professor CDC has said that a mask with the masks to protect against new type of N95 that uses a dif- erna Inc., and partners Pfizer
who studies respiratory protec- multiple layers of higher- the coronavirus, so Sleepnet ferent filtration material than Inc. and Germany’s BioNTech
tion at North Carolina State thread cloth offers more pro- this month started selling a the standard polypropylene, SE have set the benchmark
University, welcomed the work tection than a mask with one plug for the valve that pre- which has been in short supply. even higher with study results
to make new kinds of masks for layer of lower-thread cloth. vents droplets that could con- President Ken Milam said showing greater than 90% ef-
the public. He cautioned, Hampton, N.H.-based Sleep- tain the virus from being ex- the material ThermoPore is fectiveness.
though, that there isn’t a con- net Corp., which makes masks haled out of the mask. using, sintered polyethylene, Those vaccines use a new
sensus on how manufacturers for people with sleep apnea, “In a pandemic, what are looks under a microscope like gene-based technology that,
should test these products. also sells a reusable N95-style you worried about? Effective- BB pellets stuck together, despite its impressive clinical
“It’s hard for people to mask that was designed only ness and availability,” said Rob- compared with the tangled results so far, requires the
judge what is reliable,” he said. to protect the wearer during ert Skaff, business unit man- spaghetti of polypropylene. shots to be stored at subzero
Respiratory-protection ex- work on dusty construction ager for Sleepnet’s N95 mask. The company is trying to scale temperatures. AstraZeneca’s
perts say how much protection sites or home-improvement The New York City Fire De- up production of masks made vaccine can be stored in a
a mask provides—to both the projects. It includes a valve partment recently said it with the material at its factory more standard refrigerator,
wearer and people nearby— through which people exhale would buy a type of reusable in Newnan, Ga. “I wish we which could make it attractive
depends on how well it filters, unfiltered air, which could in- mask made by 3M Co. so as could bring it to more people to low- and middle-income na-
how well it fits and how easy clude virus particles. not to use up medical-grade faster,” Mr. Milam said. tions.
Six-month share performance
60% Salesforce.com
Slack's quarterly results
Revenue Net profit/loss
40
$300 million
200
20
100
0
0 –100
–200
–20
–300
Slack Technologies
–40 –400
June July Aug. Sept. Oct. Nov. FY2019 ’20 ’21
Note: Slack’s 2Q fiscal year 2021 ended July 31
Sources: FactSet (shares); S&P Capital IQ (results) 40 carats of sapphires
pany a valuable currency to use than 130,000 paying customers. in a parade of royal style
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The San Francisco-based been trying to turn Slack into
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panies can access a variety of
revenge for services they need to run their
Salesforce’s CEO. operations, offering interfaces
for other business-tool provid-
ers such as Workday Inc., cloud-
storage vendor Dropbox Inc.
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artificial intelligence, develop- would remain comparatively
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A8 | Friday, November 27, 2020
Ethiopian Military Moves on Rebel Capital
Government encircles
Mekelle after three
weeks of fighting with
northern region
BY NICHOLAS BARIYO
Ethiopia’s government be-
gan what it called the final
phase of a military operation
on the encircled capital of the
rebel-run northern region of
Tigray on Thursday, drawing
calls from the U.S. and United
Nations to halt the fighting in
the strategically important
Horn of Africa nation.
Government forces backed
by heavy artillery were posi-
tioned on the edge of Mekelle
after three weeks of fighting
with the regional government
of Tigray, which wants a bigger
voice in national rule.
The conflict, which has cut
off the largely autonomous
mountainous region and its half
a million residents, has killed
over 1,000 people and forced
some 40,000 civilians to seek
refuge in neighboring Sudan. A
news agency in Ethiopia’s Am-
hara region said Wednesday
that more than 10,000 Tigrayan
troops had been “destroyed,” a
claim that couldn’t be indepen-
dently verified.
Ethiopia’s government had
given rebel fighters loyal to
the Tigray People’s Liberation
Front, the party of the regional
government, an ultimatum to
surrender by the end of
Wednesday.
The U.N. Security Council
held its first meeting on Tigray
on Tuesday, despite disagree-
ment between European and
African members over whether
the talks should take place.
“The highly aggressive rhet-
oric on both sides regarding
the fight for Mekelle is danger-
Activist Saudi Woman to Face Charges of Terrorism
BY STEPHEN KALIN
RIYADH—Saudi Arabia
transferred the case of
women’s rights activist Lou-
jain al-Hathloul to a terrorism
court, raising fears among
supporters that she could re-
main in prison longer despite
international pressure to re-
lease her.
Ms. Hathloul was picked up
more than three years ago just
as the conservative kingdom
allowed women to drive,
something she and other de-
tained activists had long
pushed for. She was charged
with aiding an enemy country
but also speaking with foreign
journalists and diplomats, con-
tacting Saudi dissidents living
abroad, and applying for a job
at the United Nations.
On Wednesday, the Riyadh
Criminal Court ruled that it
lacked jurisdiction and sent
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The conflict between the central government and the largely autonomous Tigray region has displaced thousands of civilians. Above, Tigray refugees in eastern Sudan.
ously provocative and risks
placing already vulnerable and
frightened civilians in grave
danger,” U.N. rights chief Mi-
chelle Bachelet said.
Prime Minister Abiy Ahmed
said Thursday that “great
care” would be taken to pro-
tect civilians and “all efforts”
would be made to limit dam-
age to Mekelle. Rights groups
including Amnesty Interna-
tional have urged both sides
not to use artillery or carry
out aerial bombings, appealing
for them to consider the city’s
inhabitants and the many more
seeking refuge there from
fighting elsewhere in Tigray.
Several members of Presi-
dent-elect Joe Biden’s national
the case to the Specialized
Criminal Court, where new
charges are expected, Ms.
Hathloul’s family said. The
criminal court had convened
multiple sessions since open-
ing the trial in March 2019 but
none since March this year.
Ms. Hathloul looked weak,
her body shaking and voice
faint, according to her family.
The 31-year-old, who was
nominated this year for the
Nobel Peace Prize, earlier this
month ended a two-week hun-
ger strike to protest her
prison conditions.
A spokesman for the Saudi
public prosecutor didn’t an-
swer calls or messages, and
the media ministry didn’t im-
mediately respond to ques-
tions about the trial. Western
journalists have been denied
permission to enter the court-
room.
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security team have called for a
halt to the fighting.
“I’m deeply concerned
about the risk of violence
against civilians, including po-
tential war crimes, in the
fighting around Mekelle,” said
Jake Sullivan, Mr. Biden’s pick
for national security adviser.
On Thursday evening, it was
unclear whether a full-scale
military assault on Mekelle had
begun, with a communications
blackout that has shuttered the
internet and phone lines still
in place. A Western diplomat
said the TPLF had mobilized
many of the city’s civilians and
dug trenches around the capi-
tal in preparation for the in-
cursion.
Loujain al-Hathloul had lobbied for women to be allowed to drive.
Court was established in 2008
to try terrorism suspects but
has since been used to prose-
cute human-rights activists
and perceived dissidents.
Ms. Hathloul’s supporters
fear the change of venue rep-
resents a doubling down by
Crown Prince Mohammed bin
Bank Urged
To Quit
Russia
Continued from Page One
Lee Wolosky and Dawn Smalls
from the law firm Jenner &
Block LLP. A Jenner & Block
spokesperson didn’t respond
to requests for comment.
The monitors can’t directly
order changes at Deutsche
Bank. They make recommenda-
tions that are shared with the
New York regulator, which can
threaten fines and remediation.
The monitors have been in
place since Deutsche Bank set-
tled a case in 2017 related to
“mirror trades,” in which the
bank moved $10 billion of Rus-
sian client money out of the
country. They told Deutsche
Bank that a 2018 deal to sell a
property in Silicon Valley to a
Russian businessman, despite
the objection of the bank’s U.S.
reputational-risk committee,
played a role in forming their
views. The Wall Street Journal
reported about the deal last
year, citing documents and
people familiar with the matter.
The call by the monitors to
quit Russia creates a high-
stakes dilemma for the bank
and Chief Executive Officer
Christian Sewing. He has
promised to restore Deutsche
Bank’s tarnished reputation
THE WALL STREET JOURNAL.
tants in Somalia alongside U.S.
SUDAN forces.
AFRICA
Khartoum Military analysts said the
Mekelle battle for Mekelle will likely
dictate the next phase of the
TIGRAY confrontation.
“The capture of Mekelle
Addis Ababa may mark an end to the con-
ETHIOPIA ventional phase of the conflict
SOMALIA but may not mean an end to
Mogadishu the fighting,” said Louw Nel,
an analyst at South Africa-
KENYA 300 miles
based NKC African Economics.
300 km
Mr. Ahmed, who won a No-
bel Peace Prize last year and
Located near strategic wa- was due to face an election in
terways in the Red Sea, Ethio- October before the vote was
pia commands one of East Af- postponed due to the coronavi-
rica’s most powerful military rus, has intensified the mili-
forces, whose troops are cur- tary campaign, insisting that
rently fighting al-Shabaab mili- the government can only nego-
months?” Ms. Hathloul’s sister
Lina tweeted. “Nobody can be
fooled anymore. This is MBS’s
Saudi Arabia’s definition of a
fair trial and of an Indepen-
dent Court.”
The case presents an early
test of President-elect Joe Bi-
den’s pledge to reassess the
MARIEKE WIJNTJES/REUTERS
U.S. relationship with Saudi
Arabia and protect the right of
activists around the world to
speak freely, after President
Trump stood by Prince Mo-
hammed in the face of accusa-
tions that he ordered the 2018
killing of dissident Saudi jour-
nalist Jamal Khashoggi.
Salman, the kingdom’s day-to- Saudi Arabia has congratu-
day ruler who has accused her lated Mr. Biden on his election
and others arrested around victory, which Mr. Trump is
the same time of spying for trying to overturn, but re-
regional rivals Iran and Qatar. mains concerned about the
“How is it possible for the president-elect’s plans to re-
judge to realize the court lacks turn to the Obama-era nuclear
jurisdiction after dealing with deal with Iran. Mr. Biden has
the case for 1 year and 8 begun assembling a team of
FROM PAGE ONE
with regulators. Deutsche
Bank paid large fines in the
and annexation of Crimea.
Deutsche Bank itself shrank
U.S. and U.K. related to lax but didn’t close its Russian ac-
anti-money-laundering proce-
dures. In 2017, it ran into trou-
ble with Federal Reserve regu-
tivities beginning in 2015,
agreeing to service some cus-
tomers there from other cities
lators over risk controls in its
U.S. operations. It received a
fresh rebuke from the Fed this
such as London, Zurich and
Frankfurt. It has more than
1,000 employees in the country.
year over similar matters. The monitors told the bank
The bank has also faced it should withdraw from the
questioning from Democrats in business completely, including
Congress about Deutsche services to Russians outside of
Bank’s role as a leading lender the country, the person familiar
to President Trump. with the communications said.
Deutsche Bank has said it has Not doing so, they said, posed
committed significant resources
to improving its money-laun-
70
dering controls and has fully co-
operated in investigations.
Mr. Sewing is under pressure
to make the troubled lender
profitable despite negative in- Millions of dollars of Deutsche
terest rates in Europe and a Bank’s annual revenue in Russia
brutal pandemic that has hurt
the financial position of bor-
rowers. He launched a sweep-
ing overhaul of the bank in a threat to the bank and raised
2019, with plans to reduce head questions as to whether it had
count by nearly a fifth and to learned from its past mistakes.
pull back its presence as a com- Deutsche Bank executives
petitor to Wall Street giants have discussed expanding the
such as Goldman Sachs Group Russian business for several
Inc. and JPMorgan Chase & Co. years. The monitors learned
He has also looked to mar-
kets where Deutsche Bank can
about the plans in May, the
person familiar with the com-
grow. A renewed push into munications said.
Russia would be part of a Deutsche Bank would be
broader plan by the bank to ex- betting on a business that has
pand in emerging markets, long been a reputational and
people familiar with the moves financial headache. A Russia
said. Most global investment working group inside the bank
banks reduced their presence was meant to meet this month
in Russia after the U.S. imposed to consider a limited expan-
sanctions for Moscow’s 2014 sion plan, which will be pre-
invasion of Eastern Ukraine sented to the management
NARIMAN EL-MOFTY/ASSOCIATED PRESS
tiate after restoring the rule of
law in Tigray.
There are growing fears
that battle-hardened TPLF
fighters could retreat to the
mountains and launch an in-
surgency, even if they are
routed in Mekelle.
“Abiy’s government believes
that they are already dealing
with an insurgency,” said Bron-
wyn Bruton, director of pro-
grams at Washington-based
think tank Atlantic Council’s
Africa Center. “It seems clear
that the game plan is to encir-
cle the TPLF leadership inside
Mekelle, and hope that they
surrender, but I don’t doubt
the willingness of TPLF to
burn everything down.”
centrist foreign-policy and na-
tional-security officials.
Ms. Hathloul has become a
symbol for Saudi Arabia’s crit-
ics in the West, who have plas-
tered her face on public spaces
in Washington and European
capitals. Nine Democratic sen-
ators and Republican Sen.
Marco Rubio on Monday called
for the women to be released
“on the merits of their case,
but today…on health and hu-
manitarian grounds.”
Saudi Arabia has so resisted
Western calls to release Ms.
Hathloul, which crescendoed
last week ahead of the Group
of 20 summit hosted by Saudi
Arabia. Minister of State for
Foreign Affairs Adel al-Jubeir
told CNN the matter was up to
the courts and denied that the
activists were arrested for ad-
vocating the right to drive cars.
—Summer Said in Dubai
contributed to this article.
board before the end of the
year, the person said. Moves
would include widening invest-
ment-banking products offered
in the country, including in its
foreign-exchange business.
In 2017, Deutsche Bank paid
$629 million to end investiga-
tions by New York’s DFS and
U.K. regulators into the mirror
trades. By trading stocks in
two locations at once,
Deutsche Bank helped rich
Russians take billions of dol-
lars out of the country unmon-
itored. The bank reported to
the regulators about the
trades, made between 2011 and
2015, which violated U.S. anti-
money-laundering laws. A sep-
arate investigation by the Jus-
tice Department into the same
issue was continuing, accord-
ing to Deutsche Bank’s annual
report published in March.
As part of the settlement,
DFS appointed the team of
two independent monitors to
check on the bank’s efforts to
improve its controls, reporting
directly to the regulator.
The monitors were surprised
by Deutsche Bank’s wish to
widen its Russia business given
how little it helps the bottom
line. Last year, operations in
Russia generated less than $70
million in revenue—a tiny frac-
tion of the $27 billion the
whole bank made, according to
the bank’s annual report. The
figure, however, doesn’t include
all business with Russian cli-
ents done outside the country.
—Jimmy Vielkind
contributed to this article.
THE WALL STREET JOURNAL.
TikTok
Stars Help
Fight Ban
Continued from Page One
the scenes, the legal action was
orchestrated by TikTok and its
Chinese parent company, Byte-
Dance Ltd., according to people
familiar with the matter. It
lined up the influencers to be
plaintiffs, connected them with
a top First Amendment lawyer
and helped create a legal strat-
egy that was complementary to
a separate lawsuit the company
pursued under its own name,
the people said.
It was a twist in a geopoliti-
cal business saga that began
this summer, and continues
with a preliminary deal still
under negotiation that involves
Oracle Corp. and Walmart Inc.
taking stakes in TikTok.
ByteDance and its potential
U.S. partners are optimistic
about completing a deal in the
coming weeks, according to
people familiar with their dis-
cussions and internal thinking.
On Wednesday, the Trump ad-
ministration granted Byte-
Dance a one-week extension to
complete a deal, putting the
new deadline at Dec. 4.
In August, President Trump
signed an order calling for Tik-
Tok to be shut down or, alter-
natively, sold to a U.S. com-
pany. The administration said
it feared ByteDance could
share information about U.S.
users with the Chinese govern-
ment, which the company said
it would never do.
Two rulings
The first ruling in TikTok’s
favor came with its own law-
suit, which argued that an ini-
tial Commerce Department ban
on downloading or updating
the app would harm the com-
pany’s business. On Sept. 27,
Judge Carl Nichols in the U.S.
District Court in Washington,
D.C., determined that the gov-
ernment likely overstepped its
authority under national-secu-
rity law. The government ap-
pealed the decision, and the
case is still ongoing.
On Oct. 30, Judge Wendy
Beetlestone, in federal court
for the Eastern District of
Pennsylvania, ruled on the in-
fluencer lawsuit. She blocked
Commerce Department restric-
tions that would have barred
U.S. companies from listing
TikTok in their app stores—a
move that would effectively
make it inoperable in the U.S.
“Without access to the Tik-
Tok app, Plaintiffs would lose
access to all of these followers,
as well as to the professional
opportunities afforded by Tik-
Fake Meat
In Need of
New Names
Continued from Page One
Corp. launched “Happy Little
Plants.” A Canadian plant-
based retailer calls itself Yam-
Chops, San Diego startup Be-
fore the Butcher sells the
“Uncut” burger and a San Fran-
cisco company is called Uni-
corn Meat.
One thing many have in
common: avoiding the “V
words,” vegan or vegetarian,
which even ardent herbivores
admit can be a turnoff to curi-
ous carnivores.
A milestone arrived this
month when McDonald’s Corp.,
the world’s largest burger com-
pany, announced plans for a
slate of meat-free products
dubbed “McPlant.”
McDonald’s Chief Executive
Chris Kempczinski said the
chain did consumer testing on
a slate of name options for a
plant-based product line, and
McPlant was straightforward
Tok,” Judge Beetlestone said in
her decision.
The U.S. government has ap-
pealed the ruling. The govern-
ment called the plaintiffs’
claims meritless and argued
their request to block the ban
would “necessarily infringe on
the President’s authority to
block business-to-business eco-
nomic transactions with a for-
eign entity in the midst of a
declared national-security
emergency.”
In a statement, TikTok’s in-
terim head, Vanessa Pappas
said: “We stand behind our
community as they share their
voices, and we are committed
to providing a home for them
to do so.”
Delay, distraction
One of ByteDance’s goals in
recent months was to draw out
the Trump administration’s as-
sault, the people said, betting
that key officials would likely
become increasingly distracted
as the election approached.
The TikTok review by the
administration began with the
U.S. Committee on Foreign In-
vestment, which evaluates
deals for national security
risks. That committee has or-
dered ByteDance to divest its
U.S. operations of TikTok, out
of concern that user data could
be shared with the Chinese
government given regulations
there that require companies
to hand over huge swaths of
information. ByteDance has
said it would never share data
with the Chinese government,
though analysts and experts
say companies have little
choice but to comply if asked.
ByteDance’s legal efforts
were designed to chip away at
the more punitive efforts by
the Trump administration,
even while it pursued a deal
that would satisfy the Cfius or-
der, which also has bipartisan
support in Washington. Any
deal will ultimately require si-
gnoff from the U.S. president.
Although President-elect Bi-
den has not made clear his po-
sition on TikTok, the commit-
tee’s divestiture order would
still likely stand under new ad-
ministration.
For now, an outright ban of
TikTok appears off the table:
On Nov. 12, the Commerce De-
partment said it wouldn’t en-
force the order that would
have effectively forced TikTok
to shut down, citing the ruling
in the stars’ lawsuit, and the
administration’s legal options
are dwindling.
While TikTok was aggres-
sively pushing back on the pro-
posed bans in the courts, it
also pledged to work coopera-
tively with national-security
regulators on the potential deal
that would address the govern-
ment’s data-security concerns.
In mid-September, the com-
pany announced it had chosen
and clear.
There are now 323 meat al-
ternative products claiming to
be “plant-based,” according to
market-research firm Label In-
sight Inc.
Some go whole hog on the
concept of slaughtering vegeta-
bles, such as Minneapolis-
based retailer Herbivorous
Butcher or meat imitation
maker Vegetarian Butcher.
Allen Adamson, co-founder
of brand-consulting firm Meta-
force, said overtly plant-refer-
encing names like the McPlant
risk alienating everyday diners.
“Most people don’t graze in
the backyard, eating their
plants,” Mr. Adamson said.
Ben Pasternak, a software
entrepreneur, said he avoided
the V words when choosing a
name for his soy and wheat
protein-based nuggets. He set-
tled on Nuggs, which he said
reflects an acronym he used to
repeat: “Never underestimate
great, great software.”
Some veteran brands see
the upstarts as all bright pack-
aging and rebellious names,
and no heart. Lightlife Foods,
founded in 1979 as “Tempeh
Works,” is proud of its ingredi-
ents and playful names such as
“Fakin’ Bacon” coined by “two
FROM PAGE ONE
TikTok stars turned plaintiffs, from top left: comedian Doug Marland; University of Southern
California student Cosette Rinab; and musician Alec Chambers. The three sued the federal
government over its proposed ban of the app in the U.S., an effort that proved key.
Oracle as its partner to secure
its data in the U.S., with the
software giant and Walmart
Inc. taking ownership stakes in
a new company that would run
TikTok’s U.S. operations.
A key sticking point that
still needs to be ironed out is
the size of the ownership
stakes for ByteDance and its
new U.S. investors, according
to people familiar with the dis-
cussions and internal thinking.
The negotiations have al-
ready helped Walmart forge
closer ties to TikTok, some-
thing that has motivated the
retailer from the beginning, ac-
cording to people familiar with
the situation. Walmart is work-
ing toward partnering with
TikTok on providing warehouse
and shipment support for sales
made through the app, and
Walmart CEO Doug McMillon
now has relationships with Tik-
Tok’s executive leadership,
some of the people said.
Executives at Oracle, who
see TikTok as a major cus-
tomer for its cloud business,
expect the deal to be com-
pleted before the end of the
year, a person close to the
company said.
An ‘Incogmeato’ burger, part of a line of plant-based products
launched by MorningStar Farms, a division of Kellogg Co.
hippies in Western Massachu-
setts,” said Adam Grogan, chief
operating officer of parent
Greenleaf Foods SPC.
“Some of the others are try-
ing to stand out without the
background or credibility,” he
said. “They are a shade gim-
micky, to be honest.”
Plant-based food maker To-
furky Co. doesn’t mind being
zinged, said Chief Executive
Jaime Athos. The company was
founded in 1980 as Turtle Is-
land Foods, but got a boost in
1995 after launching its “To-
furky” tofu holiday roasts,
spoofed on late-night TV and
referenced on “Jeopardy!” The
Friday, November 27, 2020 | A9
business,” he said. “I felt like I
needed to fight” for TikTok.
Mr. Marland, the comedian,
said he likewise amassed
enough TikTok followers to
quit his job waiting tables and
drop out of school. He now
supports himself with sponsor-
ships from brands including
Snickers and Reebok, and
boasts three million followers.
As threats against the app
grew through the summer, Tik-
Tok officials stayed in close
touch with top performers on
the app to reassure them that
they had a plan to ensure sur-
vival and to dissuade them
from switching to rival plat-
forms, according to people fa-
miliar with the outreach. As
part of those communications,
the company stressed that the
stars had rights of their own to
defend, the people said.
In September, TikTok
brought the high performers
together to talk on a Zoom call
about the U.S. government
threats and what might be
done about them. They an-
swered questions about how
TikTok had affected their lives,
according to a person who at-
tended the call. Eventually Mr.
Chambers, Mr. Marland and
Ms. Rinab volunteered to be
plaintiffs in the lawsuit.
Ms. Rinab and Mr. Marland
had met each other at industry
events before, and they were
familiar with Mr. Chambers’s
work. In early September, the
three began messaging each
other daily in a group text
chain about the suit.
Ambika Kumar Doran, the
CLOCKWISE FROM TOP LEFT: KRISTIN SIEGLE; COSETTE RINAB; MATT FITZGERALD
lawyer TikTok pointed them to,
said she felt they had a strong
case because she believed the
Trump administration had
overreached its authority. She
was also aware they might find
it intimidating to take on the
U.S. government.
“It’s unprecedented for the
government to shut down an
entire forum for free speech,
no matter what the reason,”
said Ms. Doran, who focuses on
free-speech issues and technol-
ogy. She declined to discuss
how the litigation came to-
gether or was financed.
Stick with TikTok?
She filed the lawsuit on
their behalf on Sept. 18, two
days before the Commerce De-
partment was initially set to
ByteDance kept its lawsuits data, according to people fa- ban TikTok downloads. A judge
against the U.S. government miliar with the matter. in the parallel lawsuit on Tik-
active in part to ensure that A deal must ultimately get Tok’s behalf blocked that ban
the app didn’t face a shutdown signoff from the U.S. Commit- hours before it was to go into
as the negotiations took place. tee on Foreign Investment and effect.
Mr. Trump would still prefer Mr. Trump, as well as the Chi- While they waited for their
to get rid of TikTok in the U.S. nese government. own court hearing, the month
altogether, though his attention of October was stressful, the
has shifted to other matters, plaintiffs said. Some days Mr.
the senior administration offi- ‘Regular kids’ Marland refreshed the news
cial said. The official said that The lawsuit was designed in and Twitter all day, hoping to
even though Mr. Trump gave part to put a human face on hear a deal would save TikTok.
his preliminary approval to a TikTok. Mr. Chambers, the mu- Ms. Rinab, who posts about
deal, he has never been fully sician, joined the app in late fashion and lifestyle and said
sold on the idea because he 2018, and a cover version of she earns between $5,000 to
doesn’t want a transaction that Halsey’s “Without Me” re- $10,000 per video from en-
could be perceived as benefit- corded in the basement studio dorsements, heard fellow stars
ing China. at his parents’ house earned discussing whether to transfer
Inside the Trump adminis- him thousands of early follow- to other platforms such as You-
tration, Treasury Secretary ers. Tube.
Steven Mnuchin, Attorney Gen- Now more than two million On Oct. 28, Ms. Rinab set
eral William Barr and White users follow his videos, many her laptop up in the kitchen,
House economic adviser Larry of which feature his own origi- grabbed a coffee and sat down
Kudlow have all said in meet- nal music or his covers of radio to testify via videoconference.
ings at times that they believe hits. The 25-year-old from Con- She and Mr. Marland an-
a deal could work, while White necticut has earned endorse- swered a series of questions
House adviser and China hawk ment deals to promote Extra from lawyers on both sides,
Peter Navarro has advised Mr. gum and Cinnamon Toast mostly about how TikTok
Trump to avoid a deal, accord- Crunch cereal. works.
ing to the senior administra- “TikTok has allowed regular Two days later, Judge
tion official. kids like me, who don’t have Beetlestone sided with the
TikTok believes it will still access to a lot of money or plaintiffs.
likely need to divest its Ameri- connections to people who are —Alex Leary, Sarah Nassauer
can operations or face ques- high up in the industry, to and Aaron Tilley contributed
tions about its handling of U.S. make a stamp in the music to this article.
Frankensteining going on, com- and ads.
bining elements of areas we
liked and didn’t like,” he said.
Impossible this year tangled
in a European court with
Happy Little Plants was cho- Nestlé SA, the world’s biggest
sen, Mr. Kreske said, because it
conveys “plant positivity.”
packaged food maker, over the
Swiss company’s launch of a
INCOGMEATO/MORNINGSTAR FARMS
Fast-food giants have har-
nessed the plant-based buzz by
slapping brand names on
patty called the “Garden Gour-
met Incredible Burger.” The
District Court of The Hague
menus, such as Burger King’s ruled in Impossible’s favor,
Impossible Whoppers, supplied forcing Nestlé to rename its
by Impossible Foods Inc., and product the “Sensational
Carl’s Jr.’s Beyond Famous Star Burger” in Europe. Nestlé is
burgers supplied by Beyond appealing that ruling, a spokes-
Meat Inc. man said.
It isn’t clear yet whether Jeffrey Landsman, co-owner
McDonald’s will credit Beyond of L and L Specialty Foods,
on its menus when McPlant about two years ago issued a
company embraced the atten- burgers hit its grills, expected cease and desist notice to Gen-
tion and changed its name to in trials in 2021. eral Mills Inc.’s Pillsbury unit
Tofurky in 2013. The name created heartburn after seeing on the company’s
“You can be noticed for a for Beyond Meat, which had website a recipe for “bacon-
funny name, but you have to worked on McDonald’s previ- naise”—which also happens to
deliver a good product to stick ous test-launch of a “P.L.T.” be the name of L and L’s meat-
around,” Mr. Athos said. sandwich––plant, lettuce, to- free, bacon-flavored spread. A
Hormel’s development of mato––but wasn’t named as a General Mills spokeswoman
the Happy Little Plants brand current collaborator in the Mc- said the title was changed.
in spring 2019 involved em- Plant announcement this Christopher Jaynes, a vice
ployees across the company’s month. After its shares fell, Be- president at a software com-
marketing, sales, operations, yond quickly issued a state- pany, said he had taken to or-
regulatory affairs and account- ment saying it had a hand in dering Impossible burgers.
ing departments, as well as developing the new burger, too. Even with a catchy name, the
brand-strategy firm CBX. The Ethan Brown, Beyond’s chief new products face a steep chal-
effort produced a list of around executive and founder, said his lenge, he said. “How do you go
500 names, said Bryan Kreske, company’s profile among con- up against something as ubiq-
manager of Hormel’s business sumers has earned it a place uitous as a hamburger?” Mr.
incubator. “There was a lot of on restaurants’ menu boards Jaynes said.
 A9A | Friday, November 27, 2020
Traffic’s New Normal Is Less Congested
Manhattan businesses
are quieter, keeping
overall volume lower,
speeds a bit higher
BY PAUL BERGER
The empty roads of early
pandemic-era New York City
have filled back up, and traffic
has returned across the met-
ropolitan region. But the grid-
locked “carpocalypse” that
people feared for this fall has
failed to materialize and not
all road trips today are as bad
as they once were.
City transportation officials
say the region’s roads have
settled into a new, if tempo-
rary, normal in recent months.
Average daytime speeds in
Midtown Manhattan remain
slightly above pre-pandemic
levels, according to city data,
which also show that at night-
time some roads are signifi-
cantly faster than previously.
If New Yorkers feel as
though roads are as bad as
ever, that is because people
got used to freer-flowing traf-
fic in the spring and early
summer, said Eric Beaton, the
city’s deputy commissioner for
transportation planning and
management. “People don’t
necessarily remember day to
day what it was like a year
ago,” he said.
Sam Schwartz, a traffic
consultant and former New
York City traffic commissioner,
said data show that overall
traffic volumes in New York
VICTOR LLORENTE FOR THE WALL STREET JOURNAL (2)
The restaurant Odo, located in Manhattan’s Flatiron District, says it serves high-quality sushi at $23 for a 10-piece delivery box.
Japanese Restaurants Deliver Sushi
To Homes to Survive the Pandemic
BY ANNA MUTOH
Before the Covid-19 pan-
demic, New Yorkers had a hard
time scoring a seat at chef No-
zomu Abe’s Michelin-starred
restaurant on Manhattan’s Up-
per East Side.
Now Mr. Abe brings Sushi
Noz’s $325 omakase tasting
menu directly to diners, cater-
ing small events and intimate
private meals at homes, even
though that frequently involves
two-hour drives to Long Is-
land’s East End.
“Many of my customers are
not in New York City, so I get
called to the Hamptons, six to
eight times a week, sometimes
three times a day,” the chef
said.
The pandemic hasn’t
changed what well-heeled
foodies like to eat, but it has
upended where some of them
live and their thinking on din-
ing out.
Some high-end Japanese
restaurants have reinvented
themselves to accommodate
the migrations and shifting
habits. Sushi Noz and others
now trek to the second homes
of New York City residents in
the Hamptons and the Hudson
Valley. Other restaurants, such
as chef Masayoshi Takayama’s
three-Michelin-starred Masa,
have entered the delivery busi-
ness in Manhattan. Masa now
sells $800 sushi boxes meant
to feed a four-person house-
hold.
Even Yama Seafood, an East
Coast fish distributor that sup-
plies several high-end sushi
restaurants in New York City,
has recognized the changing
GREATER NEW YORK
Traffic backed up as workers resurfaced a road in Midtown Manhattan in October.
City are about 10% lower than
normal.
The reduction is driven in
part, Mr. Schwartz said, by a
significant decrease in traffic
circulating in New York’s cen-
tral business district, which
stretches from the southern
tip of Manhattan to 60th
Street.
That area is less busy than
it used to be. Just 10% of
white-collar workers have re-
turned to their Manhattan of-
fices, according to the Part-
nership for New York City, a
business group that represents
some of the city’s largest pri-
vate-sector employers. Tour-
ism has all but disappeared,
nightlife has been curtailed,
and taxi and for-hire vehicle
demand is weak.
Mr. Schwartz said once
Manhattan’s central business
demands. When the pandemic
hit, the supplier cut its staff to
15 from 75. To survive, it
started delivering to wealthy
clients a rare cut of tuna,
known as kama-toro, live Japa-
nese hairy crabs and Daisen
sea urchins that cost $1,000 for
350 grams, or about 12 ounces.
“We now have a new retail
business line,” said Nobu Ya-
manashi, director of Yama Sea-
food.
While some have been able
to adapt and thrive, other Jap-
anese restaurants, especially
midprice outposts, have folded.
Omakase by Teisui near Man-
hattan’s Madison Square Park,
and Inakaya in Times Square,
have closed permanently, ac-
NY
district is separated out from
the rest of the city, traffic is
almost at or in some cases is
as bad as pre-pandemic levels.
The worst spots for conges-
tion are expressways and
other highways that allow
trucks, said Mr. Schwartz,
rather than parkways which
prohibit the heaviest vehicles.
“If you have a choice between
a parkway and an expressway,
take the parkway,” he said.
Motion sensors on the
Brooklyn-Queens Expressway
in Brooklyn Heights show that
truck volumes are mostly back
to pre-pandemic levels, ac-
cording to city data analyzed
by Jingqin “Jannie” Gao, a se-
nior research associate at
C2SMART, a transportation re-
search center at New York
University Tandon School of
Engineering. Transportation
cording to their websites. Din-
ers at those restaurants typi-
cally paid $85 to $150 for their
meals. Some high-end estab-
lishments, such as the two-Mi-
chelin-starred Sushi Ginza On-
odera on Fifth Avenue near
Bryant Park, have closed tem-
porarily.
“There is a real danger that
if not careful, over 70% of Jap-
anese restaurants in New York
City may disappear,” said
Chikako Ichihara, treasurer of
the New York Japanese Restau-
rant Association.
Some of the city’s Japanese
restaurants were already facing
tough challenges to their busi-
ness, industry experts say, in-
cluding limited options for
* * THE WALL STREET JOURNAL.
Trucking Firms Say
Demand Is Shifting
Trucking and delivery com-
panies say they are as busy as
ever. The main difference today
is that a significant portion of
demand has shifted from Man-
NIYI FOTE/THENEWS2/ZUMA PRESS
hattan to the outer boroughs,
where package deliveries were
already growing in popularity
before the pandemic.
“A lot of office supplies are
coming to the home instead of
to business,” said Kendra Hems,
president of the Trucking Asso-
ciation of New York. “Also many
department officials say aver- traffic, Mr. Beaton said. Emp-
age speeds during the morning tier nighttime roads have co-
in that area of the BQE are incided with a significant in-
close to or slightly faster than crease in fatal motorcycle and
average speeds last year. car crashes, many of them at
At the height of the first night, he said.
wave of the pandemic, day- City data show that pedes-
time speeds in Midtown Man- trian deaths are on track this
hattan averaged about 13 year to reach a record low
miles per hour, according to since the city began its Vision
city data. Speeds have since Zero campaign in 2014 to
fallen to about 8 mph, up from eliminate road deaths. Motor-
about 7 mph before the pan- cycle and motor-vehicle occu-
demic. Mr. Beaton said slow- pant deaths are on course to
downs also are being caused, hit their highest levels since
in part, by a rise in activity at the campaign began.
hospitals, an increase in day- Among traffic specialists,
time construction and utility the biggest concern is that
work and by some delivery people have started swapping
companies that have shifted mass-transit trips for rides in
operations from overnight to private vehicles and that the
daytime to take advantage of trend could continue.
the drop in traffic. Mass-transit ridership in
Overnight traffic hasn’t re- the region fell further and is
turned as quickly as daytime recovering more slowly than
State Still Hopes
For Budget Help
At Federal Level
BY JIMMY VIELKIND
Top New York lawmakers
say they will continue to wait
for a federal coronavirus relief
package before making any ad-
justments to the state budget
even as fiscal issues pile up
for the state’s localities and
public authorities.
The wait-and-see approach
has ruled the State Capitol
since the spring, when mem-
bers of the Democratic-con-
trolled state Assembly and
Senate enacted a budget that
gave Gov. Andrew Cuomo uni-
lateral power to hold back
spending if additional federal
aid didn’t materialize.
So far it hasn’t, although
Mr. Cuomo and legislative
leaders said the election of
Joe Biden as president would
make it more likely that a new
federal package would include
significant funding for state
and local governments.
But until it materializes, the
funding. window for state lawmakers to
Ms. Ichihara said Japanese revise the budget enacted in
restaurants lack local commu- April—possibly by increasing
nity support because of the rel- income taxes—is closing. Sen-
atively small Japanese ate Majority Leader Andrea
diaspora in the U.S. By con- Stewart-Cousins said Monday
trast, Chinese and Korean res- that she wouldn’t rule out a
taurants are often supported legislative session this year
by a strong network of commu- but was still waiting on Wash-
nity banks, she said. ington.
Ms. Ichihara said she esti- “We have a huge deficit and
mates that 90% of Japanese we need a lot of answers, and
restaurants in New York are most of those good answers
funded by individuals, while need to come from our federal
only 10% of the financial in- government. But everything is
vestments come from Japanese on the table,” Ms. Stewart-
restaurant groups. Cousins, a Democrat from Yon-
Finding an experienced kers, said at a news conference.
trained sushi chef and paying A spokesman for Assembly
for the chef’s visa can also be Speaker Carl Heastie referred to
too pricey, she said. a Nov. 13 tweet in which the
Ms. Ichihara said some high- Bronx Democrat said he was ex-
end restaurateurs have also cited about Mr. Biden’s election
seen an opportunity in more but wasn’t ruling out a special
down-market fare. session. There are no current
Two years ago, Hiroki Odo plans for the Legislature to re-
opened Odo, a Michelin-starred convene before January, but Mr.
12-seat counter restaurant in Heastie will hold a virtual re-
Manhattan’s Flatiron District, treat with members next week
selling a $200 nine-course to discuss their next steps.
chef’s choice menu. Mr. Cuomo’s budget director,
In June Mr. Odo, a master Robert Mujica, said state spend-
chef, launched a new casual su- ing is $6 billion less than in the
shi line in Brooklyn called Hall previous fiscal year because the
by Odo. The new restaurant administration has held back
sources its sushi in Japan, but payments to municipalities and
keeps the cost low by slicing social-service providers while
and flash-freezing slabs of su- also delaying scheduled salary
shi-grade fish into bite sizes at increases for state employees.
a central kitchen. Then the fish The withholdings could turn
is flown directly to New York. into permanent cuts if Mr.
Mr. Odo said he has man- Cuomo formally proposes a
aged to serve high-quality su- budget adjustment—which
shi at $23 for a 10-piece deliv- could be amended by the Legis-
ery box. lature—but he hasn’t done so.
“Timing was actually good, “We’re on track to control
because with the pandemic, de- spending, and we’re talking to
mand for delivery rose the Legislature,” Mr. Mujica
quickly,” he said. said.
people are choosing to get deliv-
eries of home products versus
going to the store.”
A large number of deliver-
ies are still being made in
Manhattan’s central business
district, which is home to
about 600,000 people, said
Eric Beaton, the city’s deputy
commissioner for transporta-
tion planning and management.
Because Manhattan lacks
distribution facilities, most de-
liveries come via a bridge or
tunnel by smaller truck. That
has contributed to the number
of vehicles entering the area
rebounding almost to pre-pan-
demic levels.
vehicular traffic. Average
weekday ridership on the re-
gion’s three main commuter
railroads, Long Island Rail
Road, Metro-North Railroad
and NJ Transit, is down about
75% or more from pre-pan-
demic levels. Average weekday
subway ridership is down
about 70%.
Kaan Ozbay, director of
C2SMART, said the small shift
from mass transit to cars
shows how disastrous it would
be if more people choose pri-
vate vehicles to get to work as
offices open up as a vaccine is
distributed next year.
“People are not going to
work every day, yet still we
see the effect of congestion
and high demand for tunnels
and bridges,” he said. “It
shows the importance of tran-
sit for this region.”
The state faces a projected
$8.7 billion deficit in the fiscal
year that begins April 1, and
the picture is looking similarly
grim in other public entities
that rely on state funding.
New York City Mayor Bill
de Blasio said Monday that
tens of thousands of layoffs
are still possible next year.
Other cities and counties are
developing budgets for 2021
that raise taxes above the
state’s 2% cap, a maneuver
that requires a vote of 60% of
legislators.
The Metropolitan Transpor-
tation Authority is considering
a 2021 budget that would re-
$8.7B
The state’s projected deficit
for the year beginning April 1
duce or suspend some week-
day subway services and limit
weekend train frequency to
every 15 minutes. James Bren-
nan, a former state Assembly
member from Brooklyn, said
the state should step in to pro-
vide funding and avoid service
cuts; Mr. Mujica said it isn’t in
a financial position to do so.
Counties and cities are pre-
paring budgets that take effect
with the new year that reduce
their workforces and, in some
cases, lay off or furlough mu-
nicipal staff.
Senate Minority Leader
Chuck Schumer, a Democrat
from New York, said last week
that talks had restarted among
his party-mates who control
the House of Representatives
and Senate Majority Leader
Mitch McConnell, a Republican
from Kentucky.
Some unions and progres-
sive organizations in New York
say state lawmakers should
convene immediately and raise
taxes, arguing that any federal
aid won’t be enough to fix
such a large deficit.
David Friedfel, director of
state studies for the Citizens
Budget Commission, a nonpar-
tisan watchdog, said New
York’s deficit for the coming
fiscal year is closer to $17 bil-
lion because the official esti-
mate assumes there will be $8
billion of recurring cuts in the
$101 billion operating budget
that have yet to be detailed.
“It’s very unlikely that the
federal government is going to
provide aid in the amount or
duration where it will be suffi-
cient,” he said.
THE WALL STREET JOURNAL.
Origami Tree Folds In Traditions
BY CHARLES PASSY
Rockefeller Center might be
home to New York City’s most
famous Christmas tree, a behe-
moth that tops out at more
than 70 feet and draws both
tourists and locals like a yule-
tide beacon. But for nearly 50
years, it has had competition
from a tree defined less by size
than by the fact it is adorned
with hundreds of ornamental
figures of various creatures,
from dinosaurs to jellyfish.
And they are all made from
folded paper.
The Origami Holiday Tree
D. FINNIN/AMNH (2)
at the American Museum of
Natural History has emerged
as the city’s alternative take to
the Christmas tradition, one
that has been embraced over
the years precisely because of
its quirky beauty. Created in
cooperation with OrigamiUSA,
a national nonprofit organiza-
tion that promotes the centu-
ries-old Japanese art form, the
tree is a major draw for the
museum during the season.
“It’s a wonder of its own,”
said Ellen Futter, the mu-
seum’s president.
This year, the 13-foot tree
carries special meaning on dif-
ferent levels, said Ms. Futter
and officials with OrigamiUSA.
As New York’s cultural institu-
tions face many challenges be-
cause of the coronavirus pan-
demic and the lack of tourism
resulting from it, the tree is a
needed attraction. Museums
also are capped at 25% capac-
ity because of statewide safety
restrictions, though Ms. Futter
said the institution sometimes
has trouble reaching even that
limit, particularly on week-
days.
The tree, which each year
has a different theme, incorpo-
rates 1,000 origami cranes at
its base in the 2020 edition. In
Japan, the 1,000 cranes sym-
bolize hope and good wishes,
which the OrigamiUSA tree
designers felt was an impor-
tant message to convey in this
difficult year. The cranes are
in various colors, tying in with
the museum’s current “The
Nature of Color” exhibit.
“We try to make the tree
about the museum,” said Talo
© 2019 Sesame Workshop. All rights reserved.
* *
GREATER NEW YORK
A paper T. rex skeleton tops the Origami Holiday Tree at the American Museum of Natural History.
Kawasaki, who designed the
tree with Ros Joyce.
It is no small effort to pro-
duce 1,000 paper cranes in ad-
dition to the hundreds of other
figures on the tree. While the
OrigamiUSA team does bring
back many figures from year to
year, the 2020 tree posed a
challenge because of the crane
NY
aspect plus the difficulty in
rounding up volunteers to help
during the pandemic. Mr. Ka-
wasaki, who also works on a
volunteer basis, spent countless
hours producing about 500
cranes himself.
The American Museum of
Natural History came up with
the origami concept decades
THE MORE YOU UNDERSTAND
Friday, November 27, 2020 | A9B
GREATER NEW YORK WATCH
MANHATTAN NEW YORK STATE
Parade Goes On Officials Are Working
Without Crowds On Winter Virus Plan
The balloons were in the sky New York Gov. Andrew
and the marching bands took to Cuomo said Thursday that offi-
the streets for the annual cials are working on a winter
Macy’s Thanksgiving Day Parade plan for the coronavirus that will
on Thursday, but coronavirus re- add metrics for how the state
strictions meant it was without designates virus hot zones.
the throngs of people usually Mr. Cuomo said the state will
scrambling for a view. continue homing in on small
Instead of its typical path geographic areas where virus
through Manhattan, this year’s cases are a particular problem to
parade was kept to the area in avoid imposing broad statewide
front of Macy’s flagship store restrictions, considering factors
and aimed at a television audi- such as the hospitalization rate
ence instead of live crowds. and the availability of ICU beds.
—Associated Press —Associated Press
A LA VIEILLE RUSSIE
Established 1851
A SPECIAL EXHIBITION
ago almost by accident. Origa-
miUSA officials said the proj-
ect began with the late Alice
Grey, a museum entomologist
Ear Candy 250 YEARS OF STYLE
and origami enthusiast who NOVEMBER 7 - DECEMBER 23
liked to decorate her office
during the holidays with a 3-
foot tree adorned with paper
figures. In 1972, the idea arose
to turn it into a public display
with a larger artificial tree.
Part of the fun of the mu-
seum’s tree is that viewers
never quite know what they
will find among the hundreds
of figures, from an origami os-
trich in one spot to a koala
bear in another. But there is
no mistaking what tops the
tree this year—a giant paper
Tyrannosaurus rex skeleton in
place of the traditional star. It
plays into the museum’s ever-
popular dinosaur displays.
Viewed as a whole, the fig-
ures are meant to provide a
note of whimsy during the
holiday, Ms. Futter said. But
Wendy Zeichner, president of
OrigamiUSA, said the tree also
serves as a reminder of our
creative spirit, which is why Celebrate the timeless beauty of earrings ranging
her organization usually holds from antique to contemporary, in diamonds,
origami instruction at the mu- vibrant gemstones, and glittering gold.
seum in conjunction with the
exhibit. This year, OrigamiUSA
is continuing the tradition, al-
beit online.
745 Fifth Avenue
“It’s really a magical experi- (Between 57 th & 58 th Streets, 4 th Floor)
ence to watch a piece of paper
being transformed,” she said. ALVR.com • 212.752.1727
HER WORLD, THE MORE
POSSIBILITIES YOU SEE.
For Julia’s family, early screening for
autism made a lifetime of difference.
Find out more at ScreenForAutism.org
 A10 | Friday, November 27, 2020 THE WALL STREET JOURNAL.

ARTS IN REVIEW
than have it played wrong,” he says,
the conflict always being the lim-
ited rehearsal time available versus
the difficulty of his scores. In a BBC
interview preceding a performance
of his work later in London, he’s
asked whether he’s going to make
any money—and, if not, why do it?
“Any artistic decision based on
whether you’re going to make money
isn’t an artistic decision, it’s a busi-
ness decision,” he says. “I came here
to spend money on an English or-
chestra. To record my music. So I can
take it home. And I can listen to it.”
If anyone else is interested, he adds,
there will be a recording available.
But no, he says, he didn’t expect to
make any money.
Mr. Winter, whom some will know
as the non-Keanu Reeves half of the
“Bill and Ted” franchise, gives us the
whole Zappa story, from his child-
hood in Lancaster, Calif., where his
friends included avant-gardist-musi-
cian-to-be Don Van Vliet (aka Captain
Beefheart) and his father was a gov-
ernment meteorologist and history
teacher. At some point, he discovered
YORAM KAHANA/MAGNOLIA PICTURES

film (the bizarro Zappa production

“200 Motels” comes up later in the
Kerry McNabb doc) and the art of editing. “I edited
and Frank Zappa because I liked it,” he says, in an ar-
in 1975 chival interview. As we see, he edited
an alien attack into his parents’ wed-
ding film. At another point, he tells
us, he tried to burn down his high
school. The lucky breaks of Zappa’s
career included the six-month gig
that the Los Angeles-based Mothers
FILM REVIEW secured at New York’s 300-seat Gar-

‘Zappa’: A Rock Star Savant

BY JOHN ANDERSON tally surprised.” Which is likely the
biggest understatement in Alex
IN THE EPIC “ZAPPA,” Frank Winter’s wonderful movie.
Zappa’s widow, Gail, sums up her It’s a rare documentary portrait
musical polymath/provocateur hus- that doesn’t oversell its subject, but
band as having been first and fore- Mr. Winter has no need to do so:
most a composer—“which means Zappa’s stature, the recognition of
that absolutely everything is against his musical importance, has only
you.” Still, there were some lucky risen since his 1993 death. (Gail
breaks: As Zappa himself recalls, the Zappa died in 2015; Mr. Winter spent
famed record producer Tom Wilson, six years on his film.) According to
having been “dragged to the Whisky violinist David Harrington of the
a Go Go” to hear Zappa’s audacious Kronos Quartet, for which Zappa
Mothers of Invention in 1966, was wrote “None of the Above” in 1984,
having such a good time he really the guitarist-cum-social-satirist-cum-
listened to only one relatively con- political-activist ranks with Charles
ventional number. “He said, ‘Oh, a Ives, Harry Partch and Sun Ra
white blues band. OK, we’ll sign among American originals—though
’em.’” When Wilson actually got the Zappa presented by Mr. Winter
them in the studio, remembers band is so savvy one wonders if the whole
member Bunk Gardner, “he was to- pop-music connection was a long-
term calculation: Among “serious”
composers, the self-taught Zappa
would always have been a rustic.
Among rock stars, he was Stravinsky.
“You couldn’t really categorize his
music,” says Ruth Underwood, the
percussionist, pianist and longtime
Mother, whose recollections about
Zappa as both bandleader and hu-
man are among the film’s most
touching. Zappa himself, especially
late in his career, when he knew he
had prostate cancer, is quite a mov-
ing figure, aware of his fate and ap-
preciative of the love of his audience
in a way he hadn’t always seemed to
be. “He was a man of contradictions,”
says Ms. Underwood, “but he was
very consistent with those contradic-
tions.” Anti-drugs and a family man,
Zappa had his one mainstream hit
with “Valley Girl,” only because it
was a collaboration with his daugh-
ter, Moon Unit.
Despite all the obvious affection,
Mr. Winter delivers unalloyed
Zappa in “Zappa” (available Friday
in theaters, digital platforms and on
demand). He was a prickly charac-
ter, a workaholic, a perfectionist
and musical totalitarian: Describing
his role in one of the many Zappa
bands, the guitar virtuoso Steve Vai
says, “I was a tool.” Whether it was
the Mothers in their various incar-
nations or the London Symphony
Orchestra, the man in charge was
Frank Zappa and the goal was satis-
fying his intentions as an artist. In
two interviews done years apart,
Zappa addresses his orchestral mu-
sic. “I’d rather not have it played
rick Theatre in 1967 (“L.A. was a
very conforming community”).
There, according to Zappa, many of
the same people would come night
after night to see them refine their
act, an often lewd mix of music, the-
atrics, comedy and social critique.
There are a few details left out.
The landmark “Grand Wazoo” album
goes unaddressed; likewise, the oft-
recorded instrumental “King Kong.”
I’ve always been intrigued by the
story of Wild Man Fischer, the
street singer and paranoid schizo-
phrenic Zappa signed to a recording
contract in 1968. But there’s little
fault that even the most hardcore
fan could find with Mr. Winter’s
film, which accomplishes the acro-
batic act of doing justice to a figure
like Frank Zappa.
Mr. Anderson is a Journal TV critic.
Joe Morgenstern is on vacation.
 Director Alex Winter on his life,
career and Zappa in House Call... M6

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IT’S NOT HARD TO SEE po-
tential in “The Flight Atten-
dant” (Thursdays, HBO
Max), which opens with
Cassie (Kaley Cuoco), the
stewardess of the title, wak-
ing up in a hotel room in
Bangkok to discover a
blood-drenched male corpse
on the other bed. Terrified,
she calls a close friend in
New York to gasp out hys-
terical questions about the
famous Amanda Knox case,
and about the perils of fac-
ing a murder trial in a for-
eign country—Thailand, no
less—whose justice system Zosia Mamet, above, and Kaley Cuoco, top
and standards of evidence
bear small resemblance to
the sort Americans are ac- of a bloody body in the hero- tries to keep Cassie from fol-
customed to. She has reason ine’s hotel room. lowing her hysteria-driven
for her panic, especially There is, even so, a inclination to do and say ex-
since she was moved to sprightliness to this lurid actly the sort of things likely
clean up the blood and oth- tale, though a kind that goes to incriminate her.
erwise blindly push things dead, much like a stalled en- Cassie is haunted by ter-
around in what would cer- gine, when Cassie and the ror. Why, she wants to know,
tainly appear to police as former bloody corpse, Alex is that plane passenger star-
evidence-tampering. (Michiel Huisman), who ing at her so long? It’s his
She’s an intelligent sort of lives in her consciousness, job, her crew mates inform
victim—one who knows what have their many searching her—he’s an air marshal.
to fear, who recalls the Knox talks. There’s much to be said
case. It’s very soon clear, The show’s tone is at its both for the dialogue and
however, that this eight-part best in the real-world the performances, especially
saga is about to soar off snappy exchanges between that of Zosia Mamet, as An-
from the rational world—it’s Cassie and her loyal if con- nie, Cassie’s friend on this
not good news—onto an- fused band of fellow flight long flight, destination un-
other flight path. Namely, attendants who notice her known.
thriller fantasy. Which can’t air of disconnectedness—
be surprising considering lit- and liveliest in her talks The Flight Attendant
tle clues like the appearance with her lawyer friend, who Thursdays, HBO Max
 THE WALL STREET JOURNAL. Friday, November 27, 2020 | A11

ARTS IN REVIEW
THEATER REVIEW | TERRY TEACHOUT definitely qualifies. their privileged lives, least of all

Prisoners of Their Politics

Ms. Diamond’s charac-
ters are Valerie (Cassia
Thompson), a well-
heeled Black actor;
Jackson (Rasell Holt),
a Black surgical intern;
Ginny (Amy Kim
Waschke), an Asian-
American professor of
psychology; and Brian
(Jeb Burris), a white
neuroscientist. As I
wrote in my original
review, they’re all
“very smart, very at-
tractive, very smug,
very prickly, and com-
petitively progressive,
by which I mean that
they preface every
other sentence they
utter by assuring you
of the impeccability of
their liberalism.” Ms.
Diamond, who also
teaches at the Univer-
sity of Illinois at Chi-
cago, doubtless needed
a fair amount of nerve
to skewer the kinds of
people she presumably
AMERICAN PLAYERS THEATRE
Ginny, whose ambition to get
ahead is so powerful that it has cut
her off from the ordinary pleasures
of human existence: “I don’t do
girlfriend well. I’ve never actually
done girlfriend.”
Directed by Melisa Pereyra, this
webcast, like its predecessors in the
“Out of the Woods” series, is an un-
staged Zoom reading. It is well
acted, crisply paced and sufficiently
convincing in its own right to rein-
force my initially favorable impres-
sion of “Smart People,” and if
you’ve never seen the play, I recom-
mend it to you. But in the four
months since I last watched an
“Out of the Woods” reading, a
growing number of theater compa-
nies have produced theatrical web-
casts that go much further toward
giving the impression of a staged
production, and I confess that I’d
like to see APT try something more
ambitious than a no-frills Zoom
reading the next time around.
All that said, “Smart People,”
like the readings of “Arms and the
Man” and “Julius Caesar” that I re-
viewed in this space in July, is a
welcome reminder of the excel-

sees at work every lence of a theater company that is

day, but “Smart Peo-
ple” is nothing if not
fearless, and line after
line glistens with the
results of sharp-eared
observation. (Brian: “I
want to prove that all
whites are racist.” Val-
not nearly as well known as it de-
serves to be. I used to spend two
or three weeks every summer see-
ing shows at APT in pre-pandemic
days, and they were consistently
excellent. It will be good to go back
there again someday.

L
ydia R. Diamond’s “Smart Peo- see it taken up in short order by Clockwise from top left: Amy Kim erie: “Wow…that’s kind of hot when Smart People
ple,” a hard-edged satire of regional theaters. A four-character Waschke, Rasell Holt, Jeb Burris a white guy says that.”) American Players Theatre, Spring
life among the academic mul- play with minimal scenic require- and Cassia Thompson What makes “Smart People” Green, Wis. (viewable online through
ticulturati, was first performed off ments, it also lends itself to small- more than just a brilliant hatchet Dec. 31, free). To watch, go to pb-
Broadway in 2016 in a production scale bare-bones production, which job is that Ms. Diamond clearly swisconsin.org/out-of-the-woods
directed by Kenny Leon. I praised makes it ideally suited to webcast- online as part of the company’s feels for her characters, who are
the play at the time as “intelligent ing. Accordingly, Wisconsin’s “Out of the Woods” series of imprisoned by the stereotypes they Mr. Teachout, the Journal’s drama
and provocative enough to put you American Players Theatre, Amer- Zoom-based play readings. embody. They are—so to speak— critic, is the author of “Satchmo at
in mind of Tom Stoppard,” and I ica’s finest classical theater festi- True satire leaves no sacred cows human beings beneath the skin, the Waldorf.” Write to him at
wasn’t even slightly surprised to val, has now put “Smart People” unbutchered, and “Smart People” and none of them are happy with tteachout@wsj.com.

FILM REVIEW

Tales of the High Life

BY JOHN ANDERSON the ’70s after his escape from

JOANNA HARCOURT-SMITH/SHOWTIME
prison, was what was usually
IN APPROACHING Errol Morris’s termed a jet-setter, a happy vaga-
“My Psychedelic Love Story,” it bond with an ornate pedigree, a lux-
doesn’t hurt to have some familiar- urious lifestyle and no visible means
ity with “Wormwood,” the 2017 of support. She delivers a veritable
Netflix docudrama miniseries. In it, torrent of stories for Mr. Morris,
the fabled documentarian told the who for all his cerebral meditations
story of Frank Olson, a CIA em- on objective truth is essentially a
ployee who mysteriously fell to his storyteller himself. She also won-
death in 1953 nine days after being ders, 40 years later and after having
slipped LSD as part of an agency ex- seen “Wormwood,” whether her Still from ‘My Psychedelic Love Story’ showing Timothy Leary and Joanna Harcourt-Smith
periment. Was he pushed or did he role in Leary’s downfall had been a
jump? Was hippie socialite Joanna part of the War on Drugs.
Harcourt-Smith being used as a CIA Based on Ms. Harcourt-Smith’s ing bridge. She claims her stepfa- Interrotron, which enables him to Massachusetts interview location.
tool when her boyfriend, Timothy 2013 memoir, “Tripping the Bardo ther, Árpád Plesch, who married interview a subject eye-to-eye while There are virtually no interruptions
Leary, became a government infor- With Timothy Leary: My Psyche- both her grandmother and mother, still having that subject look di- to her story or statements, none of
mant in the mid-’70s? And what in delic Love Story” (she died in Octo- swindled and then denounced fellow rectly into the camera. (It was first the conventional cuts. Even as she’s
the world is the connection? ber), the Morris film is basically one Jews during the Holocaust. She and used on the Oscar-winning “The telling some tale, the perspective
LSD, for one thing. Leary, a psy- long narrative, a name-dropping ex- Leary took acid while inside Folsom Fog of War.”) In “My Psychedelic moves around the room, the effect
chologist who’d been fired from travaganza: Those with whom Ms. Prison (where Leary had the cell Love Story” (available Sunday at 9 being a further fragmentation of
Harvard for his early experimenta- Harcourt-Smith enjoyed fewer than next to Manson’s). The tales are p.m. on Showtime), he has taken the reality being recounted, or cre-
tion with psychedelic drugs, was six degrees of separation include flamboyant. They may even be true. the mechanics of movie journalism ated. It’s not an entirely new thing,
considered the “high priest” (all the Rolling Stones, Diane von Furst- Mr. Morris is among the most a step further: Ms. Harcourt-Smith, but it’s a film-nerd treat and a fas-
puns intended) of hallucinogens and enberg, Francis Ford Coppola, Ad- intellectual of documentary makers, who is a captivating narrator and cinating technique, almost as fasci-
at one point was dubbed the most nan Khashoggi, Andy Warhol, but on an artisanal level his trade- knows how to balance shameless nating as the subject herself.
dangerous man in America by Rich- Charles Manson and Benito Musso- mark is the head-on confrontation, charm and self-effacement, is shot
ard M. Nixon. Ms. Harcourt-Smith, lini. Her mother gave birth to her in the face-to-face interview. In refin- with four cameras and shown from Mr. Anderson is a Journal TV critic.
who became involved with Leary in St. Moritz, Switzerland, while play- ing that process, he developed the various angles inside the film’s Joe Morgenstern is on vacation.

Weather The WSJ Daily Crossword | Edited by Mike Shenk

30s
Shown are today’s noon positions of weather systems and precipitation. Temperature bands are highs for the day.
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Indianapo 80s and tigers bin Tariq, e.g.
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g Philadelphia
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A12 | Friday, November 27, 2020
Argentine Was Soccer’s Flawed Genius
The unlikely superstar was dazzling and outrageous and led his country to a World Cup title with the ‘Hand of God’
BY JOSHUA ROBINSON
D
iego Maradona, the
outlandish and daz-
zling Argentine soccer
star considered among
the greatest of all
time on the field and the most
outrageous off of it, died on
Wednesday following a cardiac ar-
rest. He was 60.
News of his death was con-
firmed by Argentina’s national soc-
cer federation. Maradona had un-
dergone surgery to
OBITUARY remove a blood clot
DIEGO from his brain ear-
MARADONA lier this month. He
1960-2020 had also struggled
for decades with
drug abuse and weight issues.
Argentina will honor Maradona
with three days of national mourn-
ing, the government announced.
“You took us to the top of the
world. You made us immensely
happy. You were the greatest of all,”
Argentine president Alberto Fer-
nandez, a supporter of Maradona’s
first club, wrote on social media.
“Thanks for having existed, Diego.”
During a whirlwind career that
saw him win a World Cup and be
expelled from another in disgrace,
Maradona became soccer’s favorite
flawed genius. For all of his bril-
liance with his feet, his most fa-
mous goal is one he scored ille-
gally with his hand. He changed
games with his control of the ball
on the field, yet could barely man-
age his life away from it.
His friends in-
cluded, at various
times, Sicilian
mobsters and com-
munist dictators.
His enemies: any
soccer official who
disagreed with
him, the entirety
of England, and of-
ten himself. Mara-
dona was so full of
contradictions that
the pinnacle of his
career—the 1986
World Cup—came
in the midst of his
yearslong cocaine
addiction.
As the late Uru-
guayan writer Ed-
uardo Galeano
once put it, Mara-
dona was “the
most human of the
gods.”
At 5-foot-5 and
occasionally overweight, Maradona
never looked like a world-beating
athlete, even during his prime in
the 1980s. But with his low center
of gravity and unparalleled instinct
for dribbling, he could twist and
turn through defenses like no one
else. The ball seemed tethered to
his feet, even as his body swelled
and injuries hobbled him through
20 years and six clubs.
TOM PERROTTA
In a Stay-at-Home
Pandemic, Sportswriter
Finds a Silver Lining
This year has been a
challenge for every-
one: lives lost, lives
disrupted, businesses
shut, with some of
them gone forever.
Many offices and schools remain
closed, or operating at a fraction
of usual capacity, especially in the
place where I live, Brooklyn, N.Y.
My neighborhood is gradually
bouncing back, but parents and
children are now accustomed to
being around each other all the
time. It isn’t easy. Every day feels
like a bit of a marathon.
I can’t lie: I like a lot of this sit-
uation. I’m grateful for it.
I’m grateful because, for me,
this slowing down is an opportu-
nity I would have never otherwise
had. For many years, I have been a
sportswriter, specializing in tennis,
contributing regularly to The Jour-
nal from events like Wimbledon
and the U.S. Open. I loved quirky
stories, like a former World No. 1
making house calls in a Winnebago
to give tennis lessons, or the frus-
trated towel police at the All Eng-
land Lawn Tennis Club. But it was
not uncommon for me to be away
from my wife and children for
weeks, covering tournaments as
far away as Australia. It was a
dream job, but I missed my family.
Then my life changed. Not long
after my 40th birthday, I was diag-
While his place among the leg-
ends of the game has never been
in question, the debate over Mara-
dona’s precise ranking in soccer’s
pantheon has lasted for decades.
Was he the greatest of all time, or
did that distinction belong to the
Brazilian Pelé?
Pelé won three World Cups to
Maradona’s one, but Maradona
also left South American club soc-
nosed with glioblastoma, a brain
tumor which required emergency
surgery. Since then I have endured
chemotherapy, radiation, experi-
mental treatments and devices.
But I also made it back to a bunch
of tournaments, and I’m very
proud of that.
When I was originally diag-
nosed, in December 2016, I was
told I would be lucky to make it
three years. Next month, it will be
four.
I’m greedy—I want more. But
my brain cancer is persistent. Tu-
mors have reappeared, and my op-
tions are limiting. My vision is
now impaired. My brain and pro-
cessing has grown foggier, and I
don’t move like I used to. For
months I have worn a large head-
piece, designed to slow the growth
of the tumors.
It is a tough hand, and as I con-
tinue to battle this, I am seized by
moments of anger and depression.
And yet my frustration is balanced
by this odd fortune of quarantine,
or semi-quarantine, or whatever
you want to call how it is we live
today.
In ordinary times, I’d be walking
my sons—they are 11 and 8—off to
school in the morning, then wait-
ing around at home for them to
finish. Time alone is not what I’m
craving right now—that’s when my
mind races.
SPORTS
Diego Maradona led Argentina, above,
to World Cup glory in the 1986 World
Cup. Left, he was back coaching in
Argentina with Gimnasia in 2019.
cer for the more competitive Euro-
pean leagues with Barcelona and
Napoli. Pelé’s club career never
crossed the Atlantic. The two are
so often mentioned in the same
breath that even FIFA, world soc-
cer’s governing body, couldn’t set-
tle the question when it came time
to award its Player of the Century
in 2000. Pelé finished at the top of
the vote among FIFA members
only for Maradona to crush Pelé in
FIFA’s internet poll.
FIFA compromised by sharing
the award, dubbing Maradona the
internet Player of the Century.
Maradona, never quiet about feel-
ing slighted, stormed out of the
room before Pelé could collect his
own trophy.
“My mother believes I am the
best,” he said in Doha, Qatar, in
2005. “And most people believe
my mother.”
Diego Armando Maradona was
born on Oct. 30, 1960 in a slum on
the outskirts of Buenos Aires. The
fifth of seven children, Maradona
showed early on that he could
master a ball better with his feet
than most could with their hands.
His trickery dazzled local scouts
Tom Perrotta, foreground, at work during the 2019 U.S. Open women’s final.
Instead, most days, everyone is
here—me, my wife (who’s working
from home) and my children (who
are mostly doing virtual school).
We’re jammed up here for hours,
in each other’s laps, in each
other’s business. It might drive
other parents crazy. I think it’s the
greatest.
I call it my unexpected blessing.
I’m trying to savor every minute of
it: every interaction, every game of
Uno, every book, every homework
* ***
and coaches so much that his local
club, Argentinos Juniors, handed
him his professional debut 10 days
before his 16th birthday.
In five years there, the mop-
haired kid known as “El Pibe de
Oro” (The Golden Boy), scored 116
goals in 167 appearances.
That earned him a big-money
move to Buenos Aires’ most ra-
bidly supported club, Boca Juniors.
By 1982, barely a year later, Barce-
lona had broken the bank to sign
him for what was then a world-re-
cord transfer fee of around $5 mil-
lion.
Maradona didn’t last long there
either. “The idiosyncrasies of the
Catalans,” he wrote in his autobi-
ography, rubbed him the wrong
way. It would take another record
fee—$8 million in 1984—for him to
land at Napoli, where fans turned
him from star player into a living
god.
“Life in Naples was incredible,”
Maradona wrote. “I couldn’t go out
on the street because they loved me
too much. And when the Neapoli-
tans love you, they really love you!”
Over seven years, he repaid the
supporters’ adoration with two
league titles and a UEFA Cup.
In the middle of that dizzying
spell came the 1986 World Cup,
where a single game—a single
five-minute spell, in fact—turned
problem. Even the boys’ fights feel
like a gift. I’ve spent so much
more time with them in the past
eight months than I would have.
My sons know what’s happening
with their father, but they might
not fully grasp why this is so pow-
erful to me. It’s my everything.
I hope there are other people
out there like me, finding silver
linings amid a pandemic. This sit-
uation has caused tremendous
stress and difficulty, but it has
THE WALL STREET JOURNAL.
FROM TOP: CARLO FUMAGALLI/ASSOCIATED PRESS; AGUSTIN MARCARIAN/REUTERS
into a microcosm of Maradona’s
entire career.
His opponent that day was Eng-
land with a place in the World
Cup semifinals on the line. The
game was tied 0-0 early in the
second half when Maradona chal-
lenged the England goalkeeper for
a high ball. The goalkeeper
reached, but somehow the 5-
foot-5 Maradona beat him to it
and the ball wound up in the net.
What the referee had missed in
the noise of Mexico City’s Azteca
Stadium was that Maradona had
used his hand to punch it home.
Maradona called his deception the
“Hand of God.”
Argentina would go on to lift
the World Cup, the second in its
history, and still its most recent
triumph. Maradona would never
hit those heights again. In 1990,
Argentina fell 1-0 in the final
against Germany. And four years
after that, in his first World Cup
after a 15-month suspension for
testing positive for cocaine, he
was thrown out of the tournament
entirely, this time following a posi-
tive test for ephedrine.
“At that point, I didn’t even
want revenge,” he wrote, insisting
that he was cleaner at the 1994
World Cup than he had been in
years. “My legs had been cut off,
my soul destroyed.”
also provoked new awareness of
what’s truly important. It’s
brought me closer to the people I
love, and I feel loved. I am grate-
ful forever to my wife; I wouldn’t
have gotten this far without her.
I’m grateful to everyone in my or-
bit who continues to reach out,
text, or manage a socially-distant
visit. These interactions are re-
prieves. I want all of them. I may
be the last person excited for
Zoom calls.
I don’t want to sugarcoat a pan-
demic, or my own personal situa-
tion. It sucks. It makes me mad. It
makes me crazy. It makes me cry.
I’d give anything to be back at
Wimbledon one last time, watch-
ing Federer and Serena on that
perfectly-manicured grass. The last
time I was there, in 2019, my wife
and kids came, too, and the four of
us got to sit on beautiful Henman
Hill and take it all in. It felt magi-
cal, the chance to share my job
with my children. But I don’t just
miss the big things. I’d give any-
thing to do even the mundane
things I used to do before.
I’m not sure I’ll get back there.
What’s next for me is unclear. I
know that I’m still fighting, trying
to stay in this match, amid a crisis
that’s unsettled for everyone. But I
also have a strange sort of grati-
tude for what has happened, how
it altered our lives, and gave me
an unexpected chance to spend al-
most every minute with the people
JIM CHAIRUSMI/THE WALL STREET JOURNAL
I love the most. These past few
months have underlined an obvi-
ous truth: parenting is hard. Fam-
ily life can be hectic. It’s meant a
lot of chaos around the house, but
I wouldn’t have it any other way.
For me, chaos is life.
Tom Perrotta has written about
tennis and other sports for the
Journal for more than a decade.
THE WALL STREET JOURNAL.
Justice for Michael Flynn
Chief Justice
John Marshall
once de-
scribed the
presidential
pardon as “an
POTOMAC act of grace.”
WATCH In the case of
Mike Flynn,
By Kimberley
D o n a l d
A. Strassel
Trump’s par-
don was
something more. It was a re-
quirement of justice.
Mr. Trump announced on
Twitter Wednesday that he’d
granted Mr. Flynn a full par-
don. Liberals and the media
are (as per their tedious
usual) claiming the president
stepped in to aid a corrupt
crony. This has it exactly back-
ward. The Flynn pardon was
necessary—to correct a cor-
rupt Federal Bureau of Inves-
tigation, a rogue special coun-
sel, an unprincipled federal
judge, and an embarrassingly
complicit media.
This story dripped out over
years, so it took until recently
to get a full accounting of the
government’s Trump-by-proxy
takedown of Mr. Flynn. A dec-
orated veteran, Mr. Flynn ad-
vised the Trump campaign
and in November 2016 was
named national security ad-
viser. The FBI had spent
months monitoring him as
part of its Russia-collusion
fantasy, yet by Jan. 4, 2017, it
had found nothing and moved
to close its case.
In rushed Peter Strzok—the
now-disgraced then-FBI
agent—to keep the investiga-
tion open. The FBI had
snooped on a Flynn call to the
then-Russian ambassador to
the U.S. This is perfectly legal;
ask Joe Biden’s team, which is
Woke Capitalism in a Secular World
HOUSES OF This week’s panies that play along is that a narrowly rationalist form of some other lasting, existential
WORSHIP e m o t i o n a l the proponents of many pro- scientific management, Saul commitment. They can be re-
By Andrew V. response by
Abela employees at
Penguin Ran-
dom House
Canada when they learned
that their company would
publish best-selling author
Jordan Peterson’s next book
follows Target’s flip-flop last
week on whether to sell Abi-
gail Shrier’s book, “Irrevers-
ible Damage: The Transgender
Craze Seducing Our Daugh-
ters.” They are the latest ex-
pressions of the new religion
of wokeness that is spreading
through corporations at a
staggering pace, filling the
vacuum left by the decline in
traditional belief and practice.
Some 18 months ago the
Business Roundtable pro-
posed redefining the purpose
of a corporation. Rather than
simply working in the inter-
est of shareholders, the or-
ganization affirmed that
companies also should com-
mit to delivering value to
customers, investing in em-
ployees, dealing fairly and
ethically with suppliers, and
supporting local communi-
ties.
The admirable—if platitudi-
nous—idea quickly has been
perverted to mean that busi-
nesses ought to obey orders
from the progressive elite, re-
gardless of how thin its con-
nection to any company may
be. In practice, “woke capital”
does little more than pay trib-
ute to progressive causes
through marketing and pos-
turing. The problem for com-
Covid Lockdown at the North Pole
By Bob Greene
I
can see him now, sitting
by himself in the
cramped but clean break-
fast buffet area of a roadside
hotel near the Fox River in
eastern Wisconsin. Baggy red
trousers with suspenders, full
white beard, big belly, he
would sometimes read the
morning paper, sometimes
glance at the television set
bolted to the wall above the
miniboxes of cereal.
He seldom spoke, not that
the place was busy in the
days leading up to Christmas.
This was more than 20 years
ago; I was covering a court
case in rural Wisconsin, and
this was the closest place to
the courthouse I could find
to spend the week. There
were some construction
workers staying there, and
me, and Santa Claus.
I’m thinking about him to-
day because of the decision
by Macy’s that, for the first
OPINION
making such calls now. The
FBI nonetheless debated a lu-
dicrous Logan Act charge, be-
fore settling on a simpler
course. As former FBI coun-
terintelligence head Bill Prie-
stap put it in handwritten
notes, one FBI option was “to
get [Mr. Flynn] to lie, so we
can prosecute him or get him
fired.”
The FBI didn’t need to in-
terview the National Security
Agency about his conversa-
tion; it had the transcript. Yet
the bureau’s then-Deputy Di-
rector Andrew McCabe sand-
bagged Mr. Flynn, arranging
for him to meet with FBI
agents without a lawyer. For-
mer FBI Director Jim Comey
later gloated over the setup.
The FBI also chose not to pro-
vide Mr. Flynn a standard
warning against lying, to keep
him comfortable. Despite all
this, the agents reported—ac-
cording to government
notes—that they “believe that
F. believes that what he said
was true.” He didn’t intention-
ally lie.
Fast forward to Robert
Mueller, who didn’t care. The
FBI knew in January 2017 that
its collusion investigation was
a bust; it confirmed the Steele
dossier was a fabrication. So
Mr. Comey engineered a spe-
cial counsel to salvage the
FBI’s reputation by ginning up
unrelated “crimes.” Mr. Muel-
ler dredged up the Flynn in-
terview and threatened to
prosecute the former national
security adviser’s son unless
Mr. Flynn pleaded guilty to ly-
ing. Facing bankruptcy, Mr.
Flynn succumbed to this na-
ked abuse of power.
Hope came with a new law-
yer and Attorney General Wil-
gressive causes are hostile to
free enterprise itself. The best
that such companies can hope
for is short-term appease-
ment.
The Business Roundtable
statement arguably was a re-
pudiation of the Friedman
doctrine, as explained by
economist Milton Friedman in
his 1970 article “The Social
Responsibility of Business Is
to Increase Its Profits.” He
wrote that corporate execu-
tives should “conduct the
business in accordance with
their [shareholders’] desires,
which generally will be to
make as much money as pos-
sible while conforming to the
basic rules of the society, both
those embodied in law and
those embodied in ethical cus-
tom.” Friedman didn’t address
what to do when “ethical cus-
tom” is inimical to free enter-
prise itself.
As any CEO knows, simply
making as much money as fast
as possible won’t ensure that a
company can flourish over
time. A corporation is a com-
plex human organization, ani-
mated by a vision of the good
it can do for its customers.
Success cannot be reduced
solely to profitability.
The problem is analogous
to one identified by philoso-
pher John Ralston Saul. Vol-
taire and his Enlightenment
colleagues championed reason
as the way to free people from
arbitrary power and the “su-
perstition” of religion. But
reason has been degraded into
time in 159 years, its depart-
ment stores won’t have a
Santa on site for children and
their families to visit. Covid,
of course—that’s the reason,
and we should have seen the
new policy coming.
I met Santa once in a
Wisconsin hotel. Now
kids won’t be able to
find him at Macy’s.
Across the country, de-
partment stores and malls
have agonized about what to
do with Santa. Some are of-
fering online visits and Zoom
calls, some are putting Santa
behind plexiglass or inside a
see-through globe. There’s a
built-in chilliness: Social dis-
tancing and Santa Claus are
concepts that clash.
That fellow in Wisconsin
always dined silently, but one
liam Barr’s 2020 decision to
review the case. But even as
the executive branch moved to
right its wrongs, a federal
judge took up the persecuto-
rial torch. In May the Justice
Department moved to drop its
case, presenting Judge Emmet
Sullivan with veteran prosecu-
tor Jeffrey Jensen’s assess-
ment that the FBI never had a
legitimate purpose in inter-
viewing Mr. Flynn, that he
should never have been prose-
cuted. The department also
presented papers document-
ing the FBI’s shocking behav-
ior.
Trump’s pardon for
his onetime national
security adviser rights
a grievous wrong.
The Justice Department,
not judges, makes the call on
whom to prosecute. Yet Judge
Sullivan refused to accept the
withdrawal, instead indulging
his politics and his inner petty
tyrant. He went so far as to
appoint a fellow conspiracy
theorist, retired Judge John
Gleeson, to spout evidence-
free claims that prosecutors
were giving special treatment
to Mr. Flynn. Judge Sullivan’s
behavior was so outrageous
that a federal appeals panel in
June ordered him to dismiss
the case. The full appellate
court in August agreed to let
him hold a hearing while
warning him to get his act to-
gether.
Judge Sullivan held his
hearing in September but by
this week had yet to rule. Mr.
observed in “Voltaire’s Bas-
tards” (1992). By reducing all
of morality to the latest pro-
gressive causes, the woke cap-
italists have unintentionally
become Friedman’s bastards—
replacing one narrow rational-
ism with another.
Another problem with woke
capitalism is that it simply
doesn’t work. One of my stu-
dents recently reviewed 30
cases of companies engaging
in political activism. Twenty-
seven generated a “negative
outcome,” or backlash. This
Principles grounded
in faith or existential
commitment should
guide companies.
shouldn’t be surprising. The
U.S. is sharply divided on po-
litical and social issues. There
isn’t much upside for a com-
pany to take a stand on abor-
tion, same-sex marriage or
complex racial issues, espe-
cially when such themes are
irrelevant to its business.
Principles guide good man-
agers when making decisions.
Yet these principles do not
come from external norms of
“ethical custom,” especially
not if the custom derives from
the progressive beliefs of the
moment. Principles, if they
are to be effective in guiding Busch School of Business at
any organization, must be the Catholic University of
grounded in faith or at least America.
morning, before I departed
for the courthouse, we were
both taking the remnants of
our breakfasts to the trash
and I asked him how long he
was staying at the hotel.
“Forty nights,” he said,
smiling, and that is when he
told me his story.
He was 60, he lived in a
small town in Montana, and
each year he found work,
though an agency, at a mall
or store somewhere in the
U.S. that needed a full-time
Santa. The definition of sea-
sonal labor. That particular
year he was assigned to the
Fox River Mall, near the ho-
tel. Ten in the morning until
the mall closed each night,
no days off.
He was a little lonely, he
said—he missed his own
grandchildren—but what he
saw and heard each day was
a gift beyond monetary
value. The mothers and fa-
thers of the surrounding
communities would arrive,
Trump might have waited, in
hope that Judge Sullivan
would feel mounting pressure
to regain some credibility by
dismissing. Then again, there
was every reason to believe
the judge would string this
out beyond Jan. 20. He’s made
clear all along he wants Mr.
Flynn subject to an avenging
Biden Justice Department. Not
because Mr. Flynn broke the
law, but because Mr. Flynn is a
stand-in for a president the
judicial, prosecutorial and me-
dia elites despise.
That’s the sad reality of the
Flynn mess. In a better world,
the Flynn case would have
been dismissed with prejudice,
an on-the-record censure of
appalling FBI and Justice De-
partment behavior. But that’s
why the judge refused to do it.
It had nothing to do with guilt
or innocence—but rather rep-
utation. We remain in the last
gasps of Never Trump world,
where people of power told
themselves it was OK to break
rules, norms, standards—even
the law—in their quest to take
the president down. To dis-
miss the Flynn case would
have been to acknowledge
that this behavior was wrong.
And that would have been too
painful, too embarrassing, too
galling for the haters.
So it was left to the White
House to make this right, to
take a wrecking ball to a
rigged system. Mr. Trump
acted correctly. And there
could have been no more fit-
ting, final rebuke to four years
of drive-by shootings than to
release the man the cabal
claimed as its very first vic-
tim. Justice indeed, and on
many levels.
Write to kim@wsj.com.
inforced by a healthy corpo-
rate culture, but there is no
substituting for internally
grounded habits such as hon-
esty, trustworthiness, and
self-discipline. We used to call
that virtue.
This straightforward and
principled approach to entre-
preneurship and management
is the best alternative to woke
capitalism. It grounds busi-
ness in lasting principles
while recognizing that the
creation of goods and services
for society is good in itself.
When done fairly and hon-
estly, commerce does not have
to be apologized for or justi-
fied through “woke-washing.”
Instead of using business to
further divide the country and
sideline people of faith, com-
panies can take a “live and let
live” approach.
One point in particular
from Friedman’s famous arti-
cle remains salient: It is not
the role of unelected business
leaders to involve public com-
panies in controversial politi-
cal or social issues. They
should instead work on the
good that they were estab-
lished to do, in a principled
fashion. And they should look
closely at the source of these
principles to make sure that
what they are following is a
moral compass, not a wind
vane.
Mr. Abela is dean of the
and their children would
shyly approach and whisper
their Christmas wishes to
him. “I see amazement in the
faces of the children,” he
said, “and hope, and excite-
ment.” Greeting all those
boys and girls for 40 days,
he said, meant he knew that
by the time he returned to
Montana he would have
made thousands of children
happy.
Covid has robbed us all of
a lot, and you can’t blame
Macy’s and the other stores
for being cautious. But the
days of pure wonder in a
young child’s eyes are finite
and nonrenewable. “It fills
me with cheer every day,”
the Santa at the breakfast
buffet told me before head-
ing off to work, in a Christ-
mas season that suddenly
feels very far away.
Mr. Greene’s books include
“Chevrolet Summers, Dairy
Queen Nights.”
Friday, November 27, 2020 | A13
BOOKSHELF | By Howard Schneider
Great
Expectations
Escape Artist
By Joseph McAleer
(Oxford, 368 pages, $25.95)
I
n “Escape Artist,” Joseph McAleer’s premise is that his
uneminent subject was in fact a remarkable fellow who
deserves to be much better known. He calls Harry Perry
Robinson (1859-1930) “a latter-day Tocqueville” whose
“march through history, a near-epic story,” exemplified
“an exciting personal story worthy of Horatio Alger.”
Whether readers of this book will enjoy it depends, I
suspect, on whether they agree with Mr. McAleer’s thesis.
Robinson’s father was a Church of England clergyman who
served in India and eventually ran a newspaper there.
Harry spent his first two years in India before moving to
England with his mother and five siblings. He attended the
elite Westminster School and won a scholarship to Oxford,
where he studied classics, receiving “a class IV degree,
the lowest.”
After graduation Robinson moved to the United States to
make his mark in the world. His assets? Good looks, charm,
an admirable work ethic and, one presumes, a tony English
accent, which invariably induces robust forelock tugging
in Americans. Also, a talent
for endearing himself to
powerful men. He became a
journalist in New York and
subsequently traveled west
(a proto-environmentalist,
he reveled in the landscapes)
to report on the completion
of the third transcontinental
railroad and a gold rush in
the Idaho territory. He then
moved to Minneapolis, where
he published his first short
story. There were others, and
eventually novels and
nonfiction books. (Based on
excerpts in “Escape Artist,” I
don’t think the world has
overlooked a gifted fiction writer.) He founded a trade
newspaper, the Northwestern Railroader, in 1887, organized
Railway Employes [sic] Clubs (pro workers, anti union)
and became “the voice and even conscience of the railroad
industry in America”—a most important industry at the
time. In 1891 he married Mary Lowry, the daughter of a
railroad magnate. He had come a long way.
Robinson became an American citizen in 1888 and by
1896 was a committed member of the Republican Party.
He deployed his Railway Employes Clubs to help William
McKinley’s presidential campaign, and when McKinley won,
the new president expressed his gratitude for Robinson’s
campaign assistance.
Robinson’s personal life was less happy by then. He and
Mary had grown apart, a situation probably exacerbated
by the very early deaths of their two children. In 1900 he
returned to England—without Mary—and eventually
regained his British citizenship. The next few years were
difficult for Robinson. He failed as a book publisher, caught
diphtheria and suffered financially. But his luck changed in
1905. He married Florence Tester (19 years his junior), with
whom he had a son. He also established a relationship with
that influential voice of the British establishment, the Times
of London, where he would remain for virtually the rest of
his life. The paper found Robinson’s great lifetime causes
congenial: devotion to the British Empire and a belief that
only the United Kingdom and the United States could guide
the world to stable peace and prosperity. Robinson reported
on an array of subjects for the Times, from the 1912
Olympics to World War I to the unsealing of King
Tutankhamun’s tomb and—perdition!—wrote book reviews.
As a journalist in the early years of the 20th
century, Robinson played eyewitness to many
historical events. Does that make him ‘great’?
In 1920, Harry was knighted for his work as a war
correspondent. He continued at the Times and ventured
around the globe when his health permitted. In 1923 he
traveled to Algiers to report on an auto race. He died of
pneumonia in 1930 at the age of 71.
“Escape Artist” is well researched and, for the most part,
well written. Mr. McAleer—the author, most recently, of
“Call of the Atlantic: Jack London’s Publishing Odyssey
Overseas, 1902-1916”—occasionally lapses into hyperbole.
“In spite of all his flaws,” he writes, “Harry had ‘real
greatness.’ ” I grant that Robinson was an astute careerist,
but I’ve searched my notes and memory of this book in
vain for signs of greatness.
Conclusions about Robinson’s distinction must be based
on his journalism. I don’t doubt that the bulk of his
reporting was competent. But when Mr. McAleer states,
apropos of King Tut, that “the scoop of the century was
about to drop into [Harry’s] lap” it seems far-fetched.
Lord Carnarvon, who funded the Tut expedition, contracted
with the Times to sell articles to other newspapers about
the investigation—not even the discovery—of the tomb.
Robinson served as Carnarvon’s flack. (Even if Harry had
scooped his competitors about all things Tut, were they
journalistic coups comparable to, say, Watergate?)
As for his war correspondence, Mr. McAleer maintains
that Robinson, “had few rivals.” I hope that wasn’t the case.
Robinson believed that a reporter’s job was “to help to win
the War . . . build up the nation’s pride in the Army, and to
strengthen the general moral [sic].” And so after the Battle
of Passchendaele, one of the most brutal battles of World
War I, he wrote, “everywhere there is the undefinable
thrill of victory,” not least among the wounded, who were
“dreadfully dirty and disreputable to the eye, but every man
cheery and full of hearty laughter, knowing we have won.
It is good even to be wounded on such a day.” Yes, it was
a different era, different journalistic rules, different norms.
Nevertheless, I find Robinson’s statement hateful.
This book prompted me to think of David Livingstone
andRichard Francis Burton, two 19th-century British
explorers who also boldly forayed into the world—and
whose achievements still impress. “Escape Artist” has
many virtues, but its subject is more Zelig than exemplar.
Mr. Schneider reviews books for newspapers and magazines.
Coming in BOOKS this weekend
Thorstein Veblen vs. the leisure class • The British Empire
and the historian’s pen • Phil Ochs: The voice of protest •
‘Harriet the Spy’ and her creator • Alternative media,
from talk radio to Twitter • Sam Sacks on fiction • & more
A14 | Friday, November 27, 2020 THE WALL STREET JOURNAL.

OPINION
REVIEW & OUTLOOK LETTERS TO THE EDITOR

Fireworks Over Religious Liberty Debating the Integrity of the 2020 Election

W
ow. That word rarely applies to Su- necessary because Mr. Cuomo has already re- Regarding your editorial “Georgia state legislatures choose to overrule
preme Court opinions. But it does in scinded his orders. But the majority explains Certifies: Donald Trump Lost” (Nov. the state’s vote it would have grave
21): The Journal spent much of the consequences for the GOP. But it
our view to the Court’s order on that Mr. Cuomo could reinstate or change them
last year running several editorials goes far beyond a danger to the GOP.
Thanksgiving eve enjoining at any time, as he often has, outlining the many troubles with Without proof of fraud, and putting
New York’s Covid-19 order re- The Supreme Court says and the plaintiffs would suffer mail-in voting, its easy susceptibility aside the legality of the decision, by
stricting attendance at reli- Cuomo’s orders violate immediate injury as they wait to fraud and the concerted Demo- overruling the vote and ensuring a
gious services. The Court is for courts to grant relief. Any- cratic efforts through lawsuits to Trump presidency, state legislatures
back as a sentinel protecting the First Amendment. one who has watched Mr. overturn state laws as written by would be threatening the foundation
the free exercise of religion, Cuomo operate in the pan- the legislature to force mail-in vot- of democracy. There is simply no
even in a health emergency. demic knows he relishes his ing, especially in the swing states. reason for citizens to participate in
The Court’s order is a temporary injunction role as master of the universe. On bullying Over the four years before that, the elections if the vote can be ignored
pending review on the merits by lower courts and brand as always, he dismissed the Court's order Journal editorial pages (but not the by a state legislature that doesn’t
perhaps eventually the Justices. But the rhetori- as “philosophy and politics.” news pages) shone the spotlight on like the result.
the phony Russia hoax that started MATT ELBERT
cal firepower unleashed in six separate opinions The order shows that new Justice Amy Co-
with the false Steele dossier. Houston
shows that convictions run hot at the Court on ney Barrett’s vote was decisive. The Court had The attitude of 95% of the media
this subject, as well they should given the stakes split 4-4 on previous religious appeals in the is that no one better ask any ques- Whether Mr. Trump’s attorneys
for American liberty that has itself been enjoined pandemic, and Justice Gorsuch unloads on the tions or doubt the absolute veracity can prove their claims in court re-
by politicians in the pandemic. Chief Justice’s May opinion in a California case of the vote count, and we are ex- mains to be seen, but serious ques-
In an unsigned 5-4 per curiam decision, the (South Bay United Pentecostal Church v. pected to disregard the testimony of tions have been raised about the va-
Court blocked as discriminatory Gov. Andrew Newsom). The Chief had cited a precedent from many eyewitnesses to what went on. lidity of the ballots tabulated in a
Cuomo’s arbitrary limits of 10 or 25 people in a century ago to argue for deferring to the au- What will keep the same thing from handful of states. In order for the
houses of worship in certain Covid hot spots. thority and expertise of local officials in an happening in future elections? electorate to have faith in the out-
The petitions came from the Catholic Diocese emergency. JOHN M. BLUST come, these questions must be ad-
Greensboro, N.C. dressed and fully answered.
of Brooklyn and Agudath Israel of America, “Even if the Constitution has taken a holiday
RICHARD REINITZ
which represents Orthodox Jews (Diocese of during this pandemic, it cannot become a sab- You are absolutely correct that if Houston
Brooklyn v. Cuomo). batical,” Justice Gorsuch writes. “Rather than
“Members of this Court are not public health apply a nonbinding and expired concurrence
experts, and we should respect the judgment from South Bay, courts must resume applying
of those with special expertise and responsibil- the Free Exercise Clause. Today, a majority of
Child-Care Access Is Good Policy for Families
ity in this area. But even in a pandemic, the the Court makes this plain.” Your editorial “A Family Policy school, the city’s maternal labor-force
Constitution cannot be put away and forgot- The Chief replies that Justice Gorsuch makes Warning” (Nov. 20) cites a single participation rate increased by about
ten,” the Court writes. “The restrictions at is- too much of a single sentence in his South Bay study about Austria to make the 12 percentage points, with 10 percent-
sue here, by effectively barring many from at- opinion. But the sharp exchange highlights the broad claim that child-care afford- age points attributable to preschool
tending religious services, strike at the very differences on the Court between the Chief’s ability “likely won’t have the trans- expansion. On Nov. 3, over two-thirds
formative effects that proponents of Coloradans voted for Proposition
heart of the First Amendment’s guarantee of re- political pragmatism and the majority’s adher-
hope” in the U.S. One study on Aus- EE. This initiative will generate over
ligious liberty.” ence to first constitutional principles. The opin- trian maternal employment is slim $2 billion over 10 years to support
The Court explains that New York’s order ions also make clear the frustration of the con- evidence to claim that American ini- universal preschool for four-year-olds
treats houses of worship more harshly than servative Justices with the Chief’s restraint in tiatives for affordable and high-qual- in the state.
what Mr. Cuomo considers “essential” busi- protecting core constitutional rights. ity early child care will fail. Despite decades of well-inten-
nesses. Those include liquor stores, bike shops, i i i American children need high-qual- tioned philanthropic interventions
acupuncturists, lawyers, accountants, and While the 5-4 order is welcome, it is disap- ity child care, but hardworking fami- and state-by-state initiatives, many
more. pointing that the ruling wasn’t 9-0. New York’s lies struggle to afford it. Over 80% of American families are still priced out
As Justice Neil Gorsuch puts it in a corker restrictions on religious worship are so over- parents shoulder the full cost, which of high-quality child care. Lawmakers
of a concurrence: “So, at least according to the broad, and so arbitrary, that their violation of exceeds $20,000 a year in 22 states. must consider implementing policies
Governor, it may be unsafe to go to church, but the Free Exercise Clause should be an easy call. The current system isn’t working. like Proposition EE nationally. Is soci-
Over 86% of child care is market ety not responsible for the well being
it is always fine to pick up another bottle of Americans have tolerated extraordinary re-
based, but the child-care market of our next generation? One study
wine, shop for a new bike, or spend the after- straints on their freedom in the pandemic, but doesn’t respond to typical supply and may highlight issues with Austria’s
noon exploring your distal points and meridi- it’s increasingly clear as we learn more about demand forces. The supply would in- policies, but much other evidence
ans. Who knew public health would so perfectly the virus that too many Governors have need- crease if parents could choose their points to significant educational and
align with secular convenience?” This disparate lessly infringed on basic rights. provider based on quality, rather than socio-economic benefits of high-qual-
treatment discriminates against religion. And too many judges have acquiesced. Amer- solely on cost. ity child care and we must provide it.
The four dissenters, including Chief Justice icans should welcome the Supreme Court back After Washington, D.C., began of- DAVID MERAGE
John Roberts, argue that an injunction isn’t at the ramparts as a defender of liberty. fering two years of universal pre- Englewood, Colo.

A Pardon for General Flynn
P
resident Trump’s decision Wednesday
to pardon former national security ad-
viser Michael Flynn is an overdue act
of justice that ends four years of political ha-
rassment, unjustified prosecution and judicial
abuse. If it sounds like we feel strongly about
this one, you’re right.
We’ve never met the former general and
decorated veteran. But every American should
be worried about his mistreatment by a politi-
cized system of justice that could happen to
anyone on the wrong side of vindictive people
with power.
The FBI and Justice pursued him though
they knew there was no basis for an investiga-
tion. They coerced a plea of lying to the FBI
though the interviewing agents thought he
was telling the truth. A later re-examination
ordered by Attorney General Bill Barr found
that Justice and the FBI had withheld exculpa-
tory evidence. Former FBI director James
Comey crowed about how the bureau took ad-
vantage of the unsuspecting Mr. Flynn and a
trusting White House to have his agents inter-
view him without courtesies normally ex-
tended to criminals.
Justice finally moved to dismiss the charges
this year, but then federal Judge Emmet Sulli-
van opted for political revenge by refusing to
agree to the dismissal. He even tried to investi-
gate the case himself—an extraordinary intru-
sion by a court into the executive branch’s
prosecutorial power. His obvious goal was to
stall long enough for a Biden Administration
to take power and reinstate the charges. What
a disgraceful performance.
Mr. Flynn should have been vindicated in
court, but Judge Sullivan was never going to
give him a fair hearing. A pardon was the only
avenue left to prevent Mr. Flynn from more
years of punishment. Congratulations to Mr.
Trump for sparing an innocent man who
served his country well but was ill-served by
too many of his countrymen.
Hard to See Something Like the Draft Again
Michael Sanger expresses a worthy
and honorable sentiment in his Nov.
18 letter regarding the value of mili-
tary service toward promoting a
stronger sense of civic virtue within
our nation. Unfortunately, whatever
its virtues, a reinstitution of the draft
is neither practicable nor consistent
with the deeper military traditions of
the American experience.
In 2017 the U.S. population of 18-
to-24-year-olds was approximately 31
million. The Army currently rejects
about 70% of volunteers for being un-
fit due to one reason or another, so
how universal would universal na-
tional service, military or otherwise,
really be if only nine million of 31 mil-
lion potential recruits can pass the
entrance requirements? Given that
our current active-duty military is 1.3
million, conscripting only those rea-
sonably fit to serve would require ex-
panding our current military infra-
structure by a factor of about seven.
Will the American people accept an
active-duty military of more than 10
million service members, much less
pay the costs demanded?
Perhaps a better solution would be
a strengthened system of locally
based reserve components, a reconsti-
tuted structure of the militia within
the several states. This would be
more in keeping with the Founders’
original concept of civil-military rela-
tions and promote the positive civic
virtues Mr. Sanger rightly advocates.
COL. CLARK SUMMERS, USAR (RET.)
Belmont, N.C.
Hong Kong’s Government
Misunderstands U.S. Oath
In his letter of Nov. 24, Hong
Kong Chief Secretary for Administra-
tion Matthew Cheung Kin-chung
wrongly states: “Members of the U.S.
Congress are required to swear to

GM Drives in Political Reverse Virtual, Carbon-Free Book

support and defend the U.S. Consti-
tution or face criminal charges.”

C
Here is the exact oath: “I do sol-
EOs are offering alms to win favor with complementary policies.” That standard will Burning for Non-PC Books emnly swear (or affirm) that I will
their future federal regulators. This now be dictated by California, which has banned support and defend the Constitution
week’s aim-to-please prize goes to CEO sales of gas-fueled cars by 2035. In his letter of Nov. 20, Jordan Sil- of the United States against all ene-
Mary Barra, who pulled the “We believe the ambitious verman asserts that Abigail Shrier’s mies, foreign and domestic; that I
Mary Barra drops “Does the ACLU Want to Ban My will bear true faith and allegiance to
plug on GM’s support for the electrification goals of the
Book?” (op-ed, Nov. 16) confuses “a the same; that I take this obligation
Trump Administration in its support for a Trump suit President-elect, California, right to freedom of speech with a freely, without any mental reservation
legal challenge to California’s and General Motors are right to have people listen to your or purpose of evasion; and that I will
electric car mandate. against California. aligned, to address climate speech.” He misapprehends the issue. well and faithfully discharge the du-
The Trump Environmental change by drastically reducing The Twitter mob didn’t want to read ties of the office on which I am about
Protection Agency last year automobile emissions,” wrote Ms. Shrier’s book; it objected to the to enter: So help me God.”
revoked the Obama Administration’s Clean Air Ms. Barra. She made this announcement after content and wanted Target to keep There are no caveats providing for
Act waiver that allowed California to set its meeting with California Air Resources Board others who might want to read the prosecution if the oath is not ful-
own auto greenhouse gas emission standards. chair Mary Nichols, who has been floated as a book from accessing it. Mr. Silverman filled. Mr. Cheung’s statement that it
Car makers complained that California’s elec- possible Biden EPA Administrator. is also wrong to suggest that the dan- is an international norm is flat out
tric-vehicle mandate and stringent emissions GM last week said it expects EVs to be- gers of book banning stem only from wrong. I hope all Americans under-
governmental actions. In many ways, stand the oath: We swear to defend
rules balkanized the national car market. come more profitable as battery costs decline
a book ban coerced by a Twitter mob ideals on a piece of paper, not a
If auto makers had to sell more EVs in Cali- and driving range improves. That would be is a greater danger to free speech, king, queen or dictator. That is what
fornia—which most currently do at a loss— fantastic, literally—but dealers who don’t since it is less controllable by judicial makes us different.
they’d have to raise prices on gas-fueled cars want to be stuck with unmovable inventory or democratic means. CDR. NORM FITZPATRICK, USN (RET.)
they sell in other states to compensate. Fed- aren’t buying Ms. Barra’s electric hype. Hence MARK WORCESTER Berwyn, Pa.
eral law explicitly prohibits states from setting GM is offering $500,000 buyouts to Cadillac Anchorage, Alaska
their own fuel economy standards, and the dealers that “choose not to participate on our
Constitution grants Congress the power to EV journey.” Pepper ...
regulate interstate commerce. GM is trying to ingratiate itself with regula- Remember Those Primitive And Salt
Republican states along with GM, Toyota tors so it can steer future fuel-economy stan- Videocalls of Long Ago? THE WALL STREET JOURNAL
and Fiat Chrysler intervened in support of the dards. Two years ago, GM called for a national
Jason Zweig’s “Back in Business:
Trump Administration in its legal standoff electric-car mandate with juiced-up regulatory
The Videocall Is So Last Century”
with California. A Biden Administration is ex- credits for its trucks and driverless cars. GM (Exchange, Nov. 14) reminds us that
pected to reverse the Trump fuel-economy also proposed to replace the 200,000 per man- fortune favors the lucky as well as
rules and reissue California’s waiver, but both ufacturer cap for the federal $7,500 EV tax the prepared and the bold. It’s a re-
will require new regulations that take time. credit—which it no longer qualifies for though minder, too, that success requires pa-
This means a legal challenge to California's most of its competitors do—with an industry- tience and persistence. Many of to-
authority to set its own rules may not be wide phase-out once electric cars exceed 5% day’s problems already have
moot if auto makers and GOP states continue of the U.S. light-duty fleet. technological solutions but are wait-
to fight. Yet Ms. Barra in a letter to environ- Other ideas include a mandate for EV char- ing for broad adoption.
mental groups on Monday said she is pulling gers in new homes and federally funded “K-12 MARK HOLMAN
Davis, Calif.
the plug on GM’s defense of the Trump Ad- education programs, and media programs
ministration and urged other auto makers to that highlight the benefits of driving elec-
Letters intended for publication
do the same. tric.” Perhaps China, which dominates bat- should be emailed to wsj.ltrs@wsj.com.
In joining the legal fight, GM had hoped to ne- tery production, could assist with the propa- Please include your city, state and
gotiate a settlement between the two sides, she ganda. We don’t want to hear GM caterwaul telephone number. All letters are sub-
explained, but “we believe there is now a path when it gets thrown by regulators under its ject to editing, and unpublished letters “Now that I’m here, could you tell me
cannot be acknowledged.
to achieve agreement on a national standard and own electric bus. what that was all about?”
THE WALL STREET JOURNAL.
A Progressive Assault on Selective High Schools
By Chester E. Finn Jr.
V
irginia Attorney General
Mark Herring has fired the
latest salvo in America’s
assault on meritocracy: a
61-page opinion holding
that the suburban Loudoun County
school system discriminated against
black and Hispanic youngsters be-
cause its selective-admission high
school, the Academies of Loudon,
hadn’t admitted enough of them.
Never mind that—as Mr. Herring ac-
knowledged—the school’s test-based
admissions process is open to all and
fairly managed. Because its results
have a “disparate impact,” the school
system must scrap it.
Nationwide, selective-admission
public schools, also known as “exam
schools,” are under attack because
the demographics of their student
populations don’t match those of
their communities. Much like elite
universities, critics allege, these
schools have been admitting far too
many whites and Asians and not
nearly enough blacks and Latinos.
Instead of fixing public
education, the left tries
to end testing at schools
it deems inequitable.
The ruckus began in New York,
where admission to nine of the city’s
hundreds of high schools is governed
by the eighth-grader’ scores on a
specialized admission test. Topping
the list are Stuyvesant and Bronx
Science, and there’s no denying that
they’re full of Asian and white kids,
many from low-income and middle-
class families. This has raised hack-
les for decades, but Mayor Bill de
Blasio and his schools chancellor
have recently pushed to make the
admissions process more “equita-
ble.” They want to reserve places for
Hindu Nationalists’ Crazy Crackdown on ‘Love Jihad’
The pandemic is
raging in India, eco-
nomic growth is cra-
tering, and Chinese
troops are squatting
on land India also
claims—and the rul-
EAST IS
ing Bharatiya Janata
EAST
Party has odd prior-
By Sadanand
ities. It is deter-
Dhume
mined to fight “Love
Jihad,” embracing a
conspiracy theory that views Muslim
men marrying Hindu women as an
act of religious warfare.
Talk of Love Jihad once was lim-
ited to the fringes of public dis-
course. India’s constitution safe-
guards individual rights, and
heterosexual adults may marry
whomever they please. But now five
BJP-ruled states—Assam, Haryana,
Karnataka, Madhya Pradesh and Ut-
tar Pradesh—are planning laws
against what Haryana’s Home Minis-
ter Anil Vij calls “a conspiracy of
changing religion by trapping some-
one in love.” Madhya Pradesh Chief
Minister Shivraj Singh Chouhan has
promised that “jihad will not be per-
mitted in the name of love at any
cost.” His Karnataka counterpart, B.
S. Yediyurappa, says his government
takes seriously “the luring of young
girls with the use of money or love.”
A Speedy Recovery Depends on More Aid. Will Trump Deliver?
By Alan S. Blinder
M
ajority Leader Mitch
McConnell sent the Senate
home for recess without
passing a new coronavirus relief
bill. Treasury Secretary Steven
Mnuchin has said he will pull the
plug on several of the Federal Re-
serve’s emergency lending facilities.
What are these men thinking?
Yes, the recent news on the vac-
cine front is wonderful. We are all
indebted to the scientists who have
worked so long, hard and success-
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black and Latino children, abolish
the entry exam, and instead ad-
mit top students from every mid-
dle school in the city.
But is every middle school
churning out eighth-graders with
the requisite skills and knowl-
edge to succeed at Bronx Sci-
ence? Are all children who make
good grades eager, motivated
learners ready to make the most
of what these high-powered
schools have to offer?
Instead of repairing the ele-
mentary and middle schools at-
tended by poor and minority kids
so that more of them will be pre-
pared for places like Stuyvesant,
and creating more such schools
for bright children from every
background to get a top-notch
education, New York’s equity
seekers are pressing to reallocate
an extremely scarce resource. Mr.
de Blasio and colleagues overlook
the educational tragedies that
the city’s schools routinely inflict on
so many of the girls and boys they
claim to be looking after.
The impulse is spreading. Con-
sider another furor in Virginia, over
admission to the esteemed Thomas
Jefferson High School for Science
and Technology in Fairfax County,
regularly ranked the country’s top
high school by U.S. News. Thomas
Jefferson is in such demand that it
can accept fewer than 1 in 6 appli-
cants. It’s been using its own special
exam and a “holistic” admissions
process that considers essays, inter-
views and teacher recommendations
as well as grades and test scores.
Thomas Jefferson’s minders have
tried various strategies to bring in
more pupils of color but none has
worked very well. Among the 486
students in the most recently admit-
ted class, fewer than 25 were black
or Hispanic—and few were low-in-
come.
The Fairfax County superintend-
ent and board last month moved to
abolish the qualification exam and
Last month, Uttar Pradesh Chief
Minister Yogi Adityanath told “those
who conceal their identity and play
with the honor of our sisters and
daughters” to “mend your ways” or
face consequences that he described
using a Hindi phrase that alludes to
a funeral procession. On Tuesday,
the Uttar Pradesh government ap-
proved a draft law that punishes
with fines and prison sentences “un-
lawful religious conversion,” includ-
ing for the purpose of marriage. A
convert who plans to marry some-
one from a different religious back-
ground will need to get permission
from a bureaucrat two months in ad-
vance.
India remains a largely conserva-
tive society where most people don’t
marry outside their subcaste, let
alone outside their faith. Nonethe-
less, Hindu nationalists have given
the lurid conspiracy theory credence
in the public’s eyes by promoting it
on social media, WhatsApp groups
and sympathetic TV channels.
The allegations, often made by
obscure Hindu nationalist activists
on social media or by local religious
figures, might accuse Muslim clerics
of training good-looking young men
to seduce gullible Hindu women.
Sometimes the conspiracy claims
that cunning Muslims achieve the
fully on the various vaccine proj-
ects. Thanks to them, the prover-
bial light at the end of the tunnel
is dimly visible. But only dimly.
Widespread vaccination is many
months away. As Yogi Berra might
have said, this horror show “ain’t
over.”
When Congress passed the Cares
Act in March, the pandemic looked
absolutely frightening. The act was
a sloppy piece of legislation with
many flaws. But it had two huge
virtues: It was big, and it came
fast, both of which helped pull the
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OPINION
application fee. The superintendent
proposed moving to a lottery system
that would place every eighth-grader
with good grades into the admis-
sions pool. For now the Fairfax
County School Board has shunned
the lottery. An Asian-American fa-
ther, testifying before the board
called that plan “government-spon-
sored discrimination against Asians.”
Lotteries signal a sort of superfi-
cial fairness, but in practice they’re
worse than taking every middle
school’s best students. Their effect
will be to encourage grade inflation
across the system—to get more kids
into the “pool”—and favor students
who may be ill-prepared or indiffer-
ent over hundreds who yearn for the
opportunity, many of them Asian-
Americans from low- or middle-in-
come families bent on getting their
children the best possible education.
Much the same thing is happening
elsewhere, including Boston (Boston
Latin School), Philadelphia (Central
High School), San Francisco (Lowell
High School) and Washington (Duke
same goal by pretending to be Hin-
dus. Either way, the alleged end re-
sult is invariably the same: An inno-
cent Hindu damsel is used as a baby-
making factory before being cruelly
divorced. For good measure, some
versions of the conspiracy toss in
the Islamic State and bomb-making
plots.
Converts will need special
permission to marry
someone of a different
religious background.
On one level, the progress of this
Hindu nationalist equivalent of
QAnon—think of it as Cow-Anon—
into law and mainstream discourse
represents the latest attempt to
bully and browbeat India’s 200 mil-
lion Muslims. The new laws will
likely have the same effect as the
strengthening of anti-cow-slaughter
legislation by BJP state governments
in Prime Minister Narendra Modi’s
first term. They will subject inter-
faith couples to harassment by offi-
cials, and give a tacit green light to
vigilantes.
But the Love Jihad bogey also
economy back from the abyss. The
pandemic is now worse than it was
then. Yet Mr. McConnell is a road-
block to more relief funds.
Remember, it was Cares, plus a
few other laws, plus rapid actions
by the Fed, that enabled the econ-
omy to make what looks like a V-
shaped recovery—so far. The ex-
pected tsunami of bankruptcies
hasn’t materialized—so far. It even
looks possible—so far—that the
feared scarring of both workers
and businesses may be limited.
Senators and the public need to
understand that it was Cares and
the rest that propped up the econ-
omy “artificially” as the virus was
pulling it down. But now, with
Covid-19 raging uncontrolled, most
of the Cares money has been spent
and more will expire in late Decem-
ber; the Centers for Disease Control
and Prevention moratorium on
evictions will end Dec. 31; and
Treasury intends to end its lending
facilities by the end of the year as
well.
Americans are suffering from the
tragic results of the Trump admin-
istration’s malign neglect of the vi-
rus. Will we now have to suffer
from malign neglect of the econ-
omy? Don’t think the Federal Re-
serve can ride to the rescue if Con-
gress fails. Not because the Fed
doesn’t want to help. But because
there isn’t much more it can do.
Think about the additional policy
measures that have been men-
tioned. One is increasing purchases
Friday, November 27, 2020 | A15
Ellington School of the Arts, School
Without Walls and others). All have
a small number of highly regarded
exam schools with enrollments that
don’t mirror their communities and
are therefore deemed retrograde, if
not discriminatory.
Yet the remedies being sought in
every case are wrongheaded. They
fiddle with the rationing system in-
stead of adding to the supply of se-
lective schools—fewer than 170 na-
tionwide at last count, among more
than 20,000 U.S. high schools—or
ensuring that more poor and minor-
ity kids are prepared to compete for
entry.
Achievement gaps are widespread
across America among kids from dif-
ferent backgrounds. On the National
Assessment of Educational Progress,
13% of white eighth-grade students
reached the “advanced” level in
math last year, as did 31% of Asian
kids, compared with only 2% and 4%
of black and Hispanic children. Stu-
dents who aren’t doing advanced
math by the end of middle school
reflects a deeper shift under way as
emboldened Hindu nationalists turn
on classical liberal ideas borrowed
from the West. India’s penal code,
which is partly based on English
common law, was written by the
great 19th-century British scholar-
politician Thomas Macaulay. The
cohort of educated Indian elites
who wrote the constitution—ad-
opted in 1950—borrowed heavily
from British Indian precedents as
well as from Ireland, Australia and
the U.S. Bhimrao Ambedkar, the
main architect of India’s constitu-
tion, held doctorates from Colum-
bia and the London School of Eco-
nomics.
It’s unclear if Hindu nationalists
can operate within constitutional
guardrails. The debate over Love Ji-
had raises important questions: Can
Hindu nationalism adapt to univer-
sal democratic principles? Or will it
evolve as an Indic version of Isla-
mism, another collectivist ideology
that extols comforting tales of past
glory, actively discriminates against
religious minorities, regards unmar-
ried women as communal property,
and privileges group solidarity
above individual rights?
These questions won’t be settled
immediately or cleanly. The new
laws will likely not ban Hindu
of Treasury securities and mort-
gage-backed securities under quan-
titative easing. Another is moving
those purchases out to longer ma-
turities. The Fed may and should
do both. But no one should seri-
ously think such policies will have
large effects on the economy.
The economy can’t wait
until January for more
help for states, businesses
and the unemployed.
Another option would be switch-
ing to yield-curve control, as prac-
ticed in Japan. That means replac-
ing QE with pegging the yield on
one or more Treasury maturities
for a while. I’m sympathetic. But
again, how much effect can yield-
curve control have when yields on
long-term Treasurys are already so
low? Will U.S. borrowing rates go
negative? I doubt it.
So it’s up to Congress and what’s
left of the Trump administration.
They should be working overtime
on a compromise fiscal package in
the range of, say, $1 trillion to $2
trillion. As Jason Furman recently
argued on these pages, the econ-
omy can’t wait until the Biden ad-
ministration takes office.
The package should have many
components. Most obviously, the
country is still short on critical
aren’t likely to succeed in selec-
tive-entry high schools. But tack-
ling that problem by abolishing
tests and randomizing admission
forfeits excellence in favor of
fake equity.
Developing talented students
is the right approach, but that
means starting “gifted and tal-
ented” programs in many more
elementary and middle schools.
School systems would also have
to face the reality that some kids
are smarter and more motivated
than others, no matter their
color. That’s anathema to “pro-
gressive” reformers, who prefer
to abolish accelerated classes for
high achievers. Ithaca, N.Y., is one
of several communities that has
moved to make all sixth- and sev-
enth-graders take the same math,
DAVID KLEIN
no matter how adept some are.
It is the job of schools to cre-
ate opportunities for all young
people, regardless of background,
to make the most of themselves.
Teachers can encourage the kid with
a gleam in her eye to take harder
classes. They can spot the shy 8-
year-old from a troubled home who
loves to read and hustle him into a
program for gifted students. They
can’t overcome every innate differ-
ence or compensate for every disad-
vantage at home. But the best of to-
day’s charter schools, such as New
York’s Success Academy, show that a
lot can be overcome.
The progressive assault on educa-
tion in the name of equity ends up
denying smart kids from every back-
ground the kind of education that
will assist them to make the most of
their abilities. That denies America
human capital for a robust economy,
while keeping a fraught society from
producing the opportunities that al-
low true equity to flourish.
Mr. Finn is president emeritus of
the Thomas B. Fordham Institute
and a senior fellow at Stanford’s
Hoover Institution.
women from embracing their Mus-
lim husbands’ faith. And for now
Hindu nationalists lack the ability
to junk a more than 150-year-old
penal code and a 70-year-old con-
stitution. But the direction India is
headed appears clear: Individual
rights and minority rights are re-
ceding.
Muslims are the current target of
choice, but over time the state’s
boot will likely also fall on Chris-
tians. Several Indian states already
boast misnamed “freedom of reli-
gion” laws designed to thwart con-
version out of Hinduism.
None of this is to deny that Isla-
mism is a real threat to India and
the world. The enslavement of Yaz-
idi women by the Islamic State, and
kidnappings and forced marriages of
Hindu and Christian girls by Muslim
landlords in Pakistan, have added to
a general sense of unease among
some Indians. Conspiracy theorists
skillfully weave fact with fiction.
But you can’t win a battle of ideas
with crazy ones. The best weapon
against Islamism is not demoniza-
tion but a sense of fairness that dis-
tinguishes between extremists and
ordinary Muslims. Love Jihad laws
do not represent a nation coming to
grips with a problem. They repre-
sent a nation losing the plot.
items such as test kits and personal
protective equipment. State and lo-
cal governments, which are on the
front lines in the battle against the
virus, urgently need several hun-
dred billion dollars in federal aid.
They must balance their budgets
even as they shoulder huge new
costs for health care, school safety,
security and more—and watch their
tax receipts wither.
With light now showing at the
end of the tunnel, it makes sense to
help small businesses survive with
more grants and soft loans. Econo-
mists generally view bankruptcy as
a normal and necessary part of
capitalism. But most of the small
businesses now on the brink didn’t
get there through poor business de-
cisions.
Last but certainly not least, tens
of millions of Americans need a
lifeline. It isn’t prosperous, white-
collar workers like me—and proba-
bly you, dear reader—who need
help. It’s society’s underdogs: the
unemployed, people of color, the
poor and so on.
These folks have pretty straight-
forward needs: cash income, food,
shelter and health care. The federal
government knows how to provide
these things. If it fails, the light at
the end of the tunnel may prove to
be an oncoming freight train.
Mr. Blinder, a professor of eco-
nomics and public affairs at Prince-
ton, served as vice chairman of the
Federal Reserve, 1994-96.
A16 | Friday, November 27, 2020
Italy’s South Recruits War-Zone Doctors
Group that aids war
and Ebola victims will
help battered region’s
Covid-19 patients
BY MARGHERITA STANCATI
ROME—Italy’s troubled
south, which was largely
spared earlier on in the pan-
demic, is now struggling to
cope—so much so that the
government is turning for
help to a medical charity used
to working in war zones.
The Milan-based nongov-
ernmental organization Emer-
gency is best known for as-
sisting war victims in
countries such as Afghani-
stan, or Ebola patients in Si-
erra Leone. It has now agreed
to help confront the crisis in
Italy’s poorest region of Ca-
labria, where the dysfunc-
tional health-care system is
ill-equipped to deal with a vi-
ral outbreak.
“Our priority is to help the
health-care system of Ca-
labria’s citizens, which has
been devastated,” said Gino
Strada, a surgeon and founder
of Emergency, which is set-
ting up a field hospital in Ca-
labria this week.
When the coronavirus out-
break first emerged in Italy’s
wealthier north in the spring,
a nationwide lockdown helped
stop it from spreading widely
in the south. But now that in-
fections are surging across
the country as a whole, with
around 54 cases for every
Beijing’s Family Policy Quietly Tested Chinese Drugmakers
BY LIYAN QI
When Zhang Yiqiu found
herself pregnant with her
third child two years ago, the
Beijing businesswoman ex-
pected to face a fine or bu-
reaucratic hurdles.
To her surprise, local offi-
cials praised her for her deci-
sion to have another child, she
said, though they couldn’t pro-
vide the proper paperwork for
her government health insur-
ance to cover the birth be-
cause parents are still offi-
cially forbidden from having
three children.
Ms. Zhang isn’t typical in
China, where the legacy of the
one-child policy and the ex-
pense of raising children have
meant many couples still have
no more than one. However, in-
terviews with parents, demog-
raphers and officials suggest
that some local authorities are
quietly allowing families to
have a third child without the
usual repercussions.
China’s leaders, including
President Xi Jinping, have said
they are concerned about the
country’s demographic trajec-
tory. Abolishing the one-child
policy in 2016 to let all cou-
ples have two children did
next to nothing for China’s
sagging birthrate. A once-a-
decade census this year is
likely to show that the number
of babies being born is far
from making up for the rapid
aging of the workforce.
Even so, leaders have given
no indication they are ready to
scrap birth restrictions, though
the Communist Party’s latest
five-year plan talks of improv-
ing birth policy. Meanwhile,
parents like Ms. Zhang aren’t
quite sure what to expect.
She had prayed for children
at Buddhist temples and had
her first child in 2013 and her
MEXICO
Suspect Arrested in
Killing of Americans
Mexican security forces cap-
tured the alleged mastermind of
the massacre of nine members
of a breakaway Mexican-Ameri-
can Mormon community a year
ago, an attack that shocked the
U.S. and Mexico and strained bi-
lateral relations.
The suspect was identified by
a senior official as Roberto
González, who is known as “The
32” and is considered one of the
chieftains of Mexican gang La
Línea. Authorities said the sus-
pect was arrested this week
with two other members of his
gang in the state of Chihuahua.
The arrest comes after rela-
tions were strained by the re-
cent U.S. detention of a former
Mexican defense minister on
drug trafficking and money-laun-
The army is building a Covid-19 field hospital in a former freight yard in Cosenza, a city in Italy’s poorest region of Calabria.
100,000 people detected daily
over the past two weeks, it is
exposing the shortage of med-
ical staff and hospital beds in
parts of the south.
“One of the biggest prob-
lems in Italy is the gaps that
exist in the health-care capac-
ity of different regions,” said
Giovanni Leoni, vice president
of Italy’s national doctors’ as-
sociation. In the south, “the
pandemic hit a system that
was already operating below
its potential.”
The northern region of
Lombardy, which includes Mi-
lan, had 347 hospital beds for
every 100,000 residents be-
fore the pandemic, whereas
Calabria had just 254, accord-
Zhang Yiqiu and her family in Beijing this year.
second in 2016, the first year
of the two-child policy. Preg-
nant again in 2018, “I wasn’t
clear about the policies and I
didn’t ask,” said Ms. Zhang,
who sells baby products online.
She said that after the birth,
local Beijing officials told her
they didn’t have the bandwidth
to pursue her birth violation.
Some other parents of more
than two children say they
have also gone penalty-free.
A 30-year-old stay-at-home
mother in Yangzhou in south-
eastern China—who wanted to
be identified only by her sur-
name, You—had three children
in four years and is pregnant
with her fourth. She said offi-
cials haven’t come after her.
“I think they are adopting
an attitude of ‘one eye open,
WORLD WATCH
dering charges. The ex-minister,
Gen. Salvador Cienfuegos, was
released this month after Mex-
ico vigorously complained that it
hadn’t been advised of the in-
vestigation and said it would re-
view and revise its security co-
operation with the U.S.
Officials said 17 people have
been arrested in connection with
the November 2019 massacre, in
which six women and three chil-
dren were killed. Authorities say
the attackers belong to La Línea,
an armed wing of the Juárez
cartel known for its hyperviolent
tactics. The motive behind the
killing isn’t clear yet as the in-
vestigation continues, a Mexican
prosecutor said.
Julián LeBarón, whose rela-
tive Rhonita Miller and her four
children were killed in the attack,
said he believes without U.S.
pressure, Mexico wouldn’t have
detained a single suspect.
—José de Córdoba
WORLD NEWS
ing to Italy’s national statis-
tics agency. Overall, Italy had
312 beds per 100,000 inhabit-
ants, below the European
Union average of 500.
Infection rates in southern
Italy remain lower than in the
north, but Calabria and the
neighboring region of Campa-
nia are under the strictest
lockdown amid fear their
health-care systems can’t
cope with many more pa-
tients.
In Naples, the capital of
Campania and one of the
most densely populated areas
in Europe, the health-care
system is already struggling.
Video footage taken recently
outside one of the main hos-
ZHANG FAMILY
one eye closed,’ ” she said.
No local government will
openly acknowledge that it is
allowing third children. And in
many places, restrictions con-
tinue to be strictly enforced.
“Birth policy in China is in a
logjam now,” said Wang Feng,
a sociology professor at the
University of California, Irvine.
The National Health Com-
mission, which supervises how
birth policies are handled
across China, didn’t respond
to requests to comment.
Rising living costs, especially
high home prices, have de-
terred young Chinese, most of
whom grew up as only children,
from having a second child, let
alone four. Ms. You said most of
her friends can’t fathom her de-
sire to have so many children.
IRAN
Western Academic
Freed After 2 Years
Iran released a British-Austra-
lian academic imprisoned on espi-
onage charges, ending an ordeal
that lasted more than two years
and strained diplomatic ties.
Australian Prime Minister
Scott Morrison said the govern-
ment had been informed late
Wednesday of the release of
Kylie Moore-Gilbert, a specialist
in Middle Eastern politics at the
University of Melbourne.
He declined to say whether it
was part of a prisoner swap.
Dr. Moore-Gilbert was ar-
rested at Tehran airport in Sep-
tember 2018 as she prepared to
leave the country following a
conference. She was tried, con-
victed and sentenced to 10
years in prison.
—David Winning
pitals showed nurses bringing
oxygen tanks to Covid-19 pa-
tients waiting in long car
queues.
Italian health care is typi-
cally overseen by regional au-
thorities, but Calabria’s sys-
tem was taken over by the
national government over a
decade ago, after grappling
with fraud scandals, mafia in-
filtration and high debts.
Since then, commissioners
appointed by Rome have gave
priority to cost cutting, shut-
ting down 18 hospitals in the
region and reducing medical
staff.
“The health-care system
has been poorly managed for
a long time. Now it’s shat-
In 2016, the year the two-
child policy took effect, the
number of newborns rose 7.9%,
to 17.86 million, from 16.55
million in 2015, but every year
since it has declined. It fell to
14.65 million in 2019, data
from the National Bureau of
Statistics showed. Meanwhile,
the number of Chinese 65 or
older grew more than 5% for
each of the past three years.
Beijing started dismantling
the once vast and powerful
family-planning bureaucracy
in 2018, perhaps the loudest
official signal that leaders
want to de-emphasize birth
restrictions.
“Officials all saw the writing
on the wall,” Prof. Wang said.
One effect, he said, is that en-
forcement of the two-child pol-
icy has been “lax and sporadic,
varying from locale to locale.”
An official in charge of fam-
ily-planning policies in western
Beijing said parents having
more than two children won’t
be punished in his district, un-
less they are state employees.
For those working in the public
sector, there will still be conse-
quences, the official said.
Many former family-plan-
ning officials want to hang on
to some version of restrictions.
Even if it scraps birth limits,
China may not be able to allevi-
ate its demographic bind, econ-
omists and demographers say.
Demographic challenges
mean China’s underlying po-
tential economic growth rate
is likely to slow to about 5.5%
over the next five years from
around 6.2% over the 2016-20
period, wrote Cai Fang, deputy
chief of the Chinese Academy
of Social Sciences, a top gov-
ernment think tank, in an es-
say this week. He called for
change in birth policies and
“family-based decision-making
on births” as soon as possible.
SOUTH KOREA
Recovery on Track
Despite Covid Surge
A jump in Covid-19 cases
won’t knock South Korea’s eco-
nomic recovery off track, the
country’s central bank said.
The Bank of Korea on Thurs-
day forecast the economy would
contract 1.1% this year, an im-
provement on its earlier expecta-
tion for a 1.3% drop.
The brighter outlook came as
the country recorded its highest
number of daily coronavirus
cases since March 1. The rise in
infections was factored in, the
bank said. The bank said it ex-
pects the recovery to continue
into the end of the year as
strong overseas demand for
South Korea’s tech goods and in-
creasing industrial investment
continue to pull up the economy.
—Eun-Young Jeong
THE WALL STREET JOURNAL.
a failure, said Giuseppe Falco-
matà, the mayor of Reggio
Calabria, the region’s biggest
city, and a member of the na-
tionally governing Democratic
Party.
“Field hospitals are needed
in an emergency. But after 10
months, we had time to pre-
pare,” said Mr. Falcomatà,
FORTUNATO SERRANO’/AGF FOTO/AVALON/ZUMA PRESS
who is pushing for control of
health care to be returned to
local authorities.
Italian Prime Minister
Giuseppe Conte told local me-
dia recently he took full re-
sponsibility for the lack of
leadership in Calabria during
the pandemic, and was confi-
dent Emergency could help
address the region’s needs.
The scope of the group’s
involvement goes beyond the
field hospital, which is being
set up in Crotone with Italy’s
civil-protection agency. The
tered,” says Ettore Jorio, a humanitarian organization is
professor of public-health setting up a drive-through
policy at the University of Ca- coronavirus testing site and is
labria. “Even if we had more likely to devote some of its
hospital beds in intensive resources to contact-tracing
care, we wouldn’t have the and to monitoring Covid-19
staff to operate it properly.” patients across the region,
Months after the peak of said Dr. Strada. Emergency is
Italy’s spring coronavirus cri- also considering reviving dis-
sis, the number of ICU beds is used hospitals to treat coro-
still well below the govern- navirus patients.
ment’s target, particularly in Dr. Strada is doing his best
the south. And in Calabria, to stay out of Italy’s political
out of the 280 ICU beds for squabbles.
which there is funding, only “Calabria isn’t Afghanistan,
133 were operational as of it can’t be compared. I hope
last week, according to the we won’t encounter hostility.
region’s association of emer- It seems natural that people
gency-room doctors. will want to collaborate, not
The government’s handling create obstacles for us,” said
of Calabria’s health system is Dr. Strada.
Are Pushed to Prove
Their Vaccines Work
BY CHAO DENG out solid evidence of the vac-
AND JON EMONT cine’s efficacy, raising con-
cerns from international
Pressure is mounting on public health experts.
Chinese drugmakers to show In September, the U.A.E.
clinical evidence that their went ahead in vaccinating
leading Covid-19 vaccines medical workers with Chinese
work, after early data on three vaccines.
Western-developed shots But at least one government
showed promising effective- is holding back from approving
ness against the disease. Chinese vaccines because of the
Earlier this week, AstraZen- lack of clinical evidence. Penny
eca PLC and the University of Lukito, head of Indonesia’s food
Oxford said their vaccine can- and drug authority, told law-
didate was anywhere between makers last week that her
62% to 90% effective, joining agency would delay granting
two other Western vaccine ri- emergency use of a vaccine de-
vals in providing data. The re- veloped by Chinese private
sults could allow the U.S. and drugmaker Sinovac Biotech
other countries to grant regu- Ltd. until late Janu-
latory authorization and gear ary, when it hopes interim re-
up distribution plans for wide- sults from ongoing trials in the
spread vaccination. country will be available.
Chinese vaccine makers Indonesian authorities are
kicked off late-stage clinical
trials in July, around the same
time as Western vaccine devel-
opers Pfizer Inc. and Moderna
Indonesia is holding
Inc. One reason China is hav- back approval
ing to wait longer for results,
public health experts say, is
because of a lack of
that the countries where Chi- clinical evidence.
nese researchers sought out
volunteers—in places such as
the United Arab Emirates and
Brazil—haven’t seen Covid-19 looking to follow the U.A.E. by
spread as quickly of late as it approving Chinese vaccines
has in the U.S., which is the for emergency use.
key testing ground for leading Sinovac’s late-stage trials
Western vaccine makers. are also under way in Bra-
Trials need to accumulate a zil. Researchers helping run
certain number of infection that trial say they now have 74
cases before researchers can confirmed Covid-19 cases
justify revealing which partici- among participants, enough to
pants received vaccines versus do an interim analysis, and
a placebo to calculate efficacy that they are likely to release
rates. early results in December.
“China has said it would Chinese vaccine developers
make its vaccine a global public have had to go abroad to con-
good but we need details and duct clinical trials because
accountability,” says Peter May- Covid-19 has been mostly un-
barduk, director at nonprofit der control within China for
consumer advocacy group Pub- months. Their Western rivals
lic Citizen in Washington, D.C. are running clinical trials
Chinese authorities didn’t abroad too, although they
wait for late-stage clinical re- have recruited tens of thou-
sults to begin vaccinations sands of volunteers in the U.S.
outside of trials. They have in- and U.K. Chinese researchers
oculated nearly one million have been shut out from such
Chinese people with shots by places amid rising tensions be-
state-owned Sinopharm, with- tween Beijing and the West.
WU YILU/AGENCE FRANCE-PRESSE/GETTY IMAGES
China began giving vaccinations without waiting for the results
of late-stage clinical Covid-19 vaccine tests.

BUSINESS & FINANCE
© 2020 Dow Jones & Company. All Rights Reserved.
S&P Closed (3629.65) S&P FIN Closed
Stores Face Different Black Friday Disney
BY MICAH MAIDENBERG
Retailers are bracing for an
unprecedented holiday shop-
ping season, starting with the
annual Black Friday ritual, set
against the backdrop of a still-
raging pandemic.
Stores have largely called
off the Thanksgiving evening
openings that had become rou-
tine in recent years, while
many shoppers are seeking so-
cially distanced ways to
browse and buy. Executives at
retail chains believe they are
nevertheless poised to reach
consumers, even if surging
Covid-19 cases may result in
weaker store visits and esca-
lating digital orders.
REBECCA DROKE FOR THE WALL STREET JOURNAL
Jayl’in Clark helps customers at a Dick’s Sporting Goods in Robinson Township, Pa. He was furloughed this spring, but was one of the first employees brought back.
Retail Work Adjusts for Pandemic’s Reality
BY SARAH NASSAUER
It isn’t what he signed up
for, but Jayl’in Clark, a 23-year-
old store clerk, is happy to
have a full-time job.
Mr. Clark stopped his stud-
ies at Howard University last
year, aiming to make enough
money to finish college and
help support his family. He
worked at a Nike Inc. store in
Pittsburgh for a few months
before getting a job at Dick’s
Sporting Goods Inc. in a
nearby suburban mall.
When the pandemic hit,
SARAH SILBIGER/BLOOMBERG NEWS
Lauren Hobart, in 2019, is the new CEO of Dick’s Sporting Goods.
Women Make Strides
As Fortune 500 CEOs
BY VANESSA FUHRMANS
In a year especially hard on
many working women, the
corporate world can hail one
major milestone: A record 41
female CEOs are slated to be
soon running Fortune 500
companies.
The Tuesday appointment
of Lauren Hobart as the new
chief executive of Dick’s
Sporting Goods Inc. brings
the number of women running
the biggest U.S. corporations
to a new—albeit still relatively
small—high. The rising num-
bers partly reflect companies’
efforts in recent years to more
systematically build a bench of
TECHNOLOGY: AMAZON WEB SERVICES HIT BY OUTAGE B4
S&P IT Closed
* * * *
PlansConsumers have started
holiday shopping earlier than
usual, some of them respond-
ing to the Black Friday deals
that chains have already
posted online, executives have
said. While overall spending
during the crucial holiday
stretch is expected to increase
this year, the fast spread of the
coronavirus in recent weeks
has retailers worried about
new restrictions that could
discourage store trips.
On Tuesday, American Ea-
gle Outfitters Inc. executives
said coronavirus hot spots
were having an effect on visits
to its shops. Gap Inc. warned
that the recent jump in coro-
navirus cases was a concern,
Dick’s decided to close all
stores to in-store shopping in
March. At first, Mr. Clark
stayed employed, helping to
bring online orders to shoppers
curbside.
“I could tell there were
phases,” said Mr. Clark. There
was “the kayak phase,” he said.
“Then gyms shut down, and
dumbbells, gym equipment was
flying off the shelves. Then
there was a bike phase.”
In early April, his manager
called with an update: Mr.
Clark would be furloughed. “I
said, ‘Hey, I completely under-
senior female talent, particu-
larly in the retail industry, ex-
ecutives and recruiters say.
More than in most sectors,
women have made big strides
in the senior ranks of retailers,
getting promoted and re-
cruited into roles that put
them on the leadership track.
When Ms. Hobart officially
starts the job in February, at
least 10 of the Fortune 500’s
41 female CEOs (barring any
new appointments or depar-
tures) are expected to be run-
ning retail chains, including
Kohl’s Corp.’s Michelle Gass,
Rite Aid Corp.’s Heyward
Donigan and CVS Health
Please turn to page B5
DJ TRANS Closed
THE WALL STREET JOURNAL.
WSJ $ IDX À 0.02%
saying the increase could
damp store traffic. Abercrom-
bie & Fitch Co. said it is as-
suming sales for its current
0.7%
Drop in household income last
month
quarter, which includes this
month and December, will slow
compared with recent demand
levels.
“Our historically largest vol-
ume weeks are ahead, and we
stand,’” Mr. Clark remembered.
During his time off, he tried to
catch up on reading and exer-
cising, while doing odd jobs to
earn money. He said he ate into
his savings.
By May, Mr. Clark was called
back to work. Dick’s was one of
the first retailers to reopen
stores after pandemic restric-
tions loosened. Mr. Clark went
back to helping with curbside
orders as well as getting the
store ready to reopen. He wore
a mask all day and adjusted to
air high-fives. “I’m a people
person,” he said. “I’m used to
Exxon, Internally, Shows
More Pessimism on Oil Prices
BY CHRISTOPHER M. MATTHEWS
Exxon Mobil Corp. has low-
ered its outlook on oil prices
for much of the next decade,
according to internal company
documents reviewed by The
Wall Street Journal.
As part of an internal finan-
cial-planning process con-
ducted this fall, Exxon cut its
expectations for future oil
prices for each of the next
seven years by 11% to 17%, ac-
cording to the documents.
The sizable reduction sug-
gests the Texas oil giant ex-
pects the fallout from the cor-
onavirus pandemic to linger
for much of the next decade.
The fossil-fuel industry is also
contending with increased
competition from renewable-
energy sources and electric
vehicles, as well as the pros-
pect of increased climate-
change regulation around the
world.
Unlike some rivals, Exxon
doesn’t publish its internal
views on commodity prices,
which it views as proprietary.
 Centrica seeks to sell off its
LNG portfolio.............................. B3
 Cheap propane is a boon for
restaurants, consumers....... B3
LIBOR 3M 0.224
NIKKEI (Midday) 26517.52 g 0.07%
may be facing further Covid-
related restrictions and clo-
sures,” Abercrombie Chief Ex-
ecutive Fran Horowitz told
investors.
Best Buy Co., like other
chains, didn’t provide a finan-
cial forecast for its quarter
that covers the holidays. Sales
for that period may taper off
compared with the fall, and in-
ventory constraints for some
products are expected to pose
challenges, executives said.
“Much uncertainty still re-
mains around the depth and
duration of the pandemic as
well as economic impacts of
sustained high unemployment
rates,” Corie Barry, Best Buy’s
chief executive, said.
shaking hands.”
He doesn’t understand why
some shoppers don’t wear
masks inside the store but is
friendly with all customers, he
said. “That is going to put me
at risk, let’s be honest,” said
Mr. Clark. “And big picture,
that’s going to put us back in
another shutdown, so why?”
Fitness-equipment sales
continue to be high at his
store, he said. On Tuesday,
Dick’s said same-store sales
rose 23% in the third quarter,
and its e-commerce sales
jumped 95% from a year ago.
Crude-oil futures prices
Brent West Texas
Intermediate
$70
60
50
40
30
20
10
0 was set to vote on this month,
J F M A M J J A S O N
Source: FactSet
Some investors have pressured
Exxon to release them, arguing
that the forecasts are critical
to understanding a company’s
plans and the future value of
its assets.
In 2019, Exxon had inter-
nally forecast that Brent oil
prices, the global benchmark,
would average around $62 a
barrel for the next five years
before increasing to $72 a bar-
rel in 2026 and 2027, the doc-
Friday, November 27, 2020 | B1
The jump in new Covid-19
infections is generating wor-
ries for retailers that shut
stores in the spring because
they were considered nones-
sential businesses and re-
opened them over the follow-
ing months. Retail chains have
tried to attract customers by
improving their digital-sales
operations and spending on
safety practices meant to pro-
tect store employees and reas-
sure customers.
Consumer spending in the
U.S. rose 0.5% in October, the
sixth straight monthly in-
Please turn to page B10
 Heard on the Street: Covid-19
won’t steal Christmas........ B12
Black Friday will be different
this year, but “people just want
to come out buying at this
point and they want that inter-
action,” Mr. Clark said. “They
say, ‘I just needed to get out of
the house.’”
Here is a typical day in a
store staffer’s atypical 2020
holiday season:
6 a.m. Mr. Clark wakes, gets
ready and is on the road by 7:15
a.m. for the half-hour drive to a
suburban mall.
7:45 a.m. Arrives at work.
Deposits cash from the previ-
Please turn to page B10
uments state.
This summer, the company
lowered that forecast to be-
tween $50 and $55 a barrel for
the next five years, before
eventually topping out at $60
a barrel in 2026 and 2027, ac-
cording to the documents,
which were dated September.
Brent oil is currently trad-
ing for about $47 a barrel af-
ter a jump in prices this week
that has brought prices back
to their highest levels since
spring.
Exxon’s new price forecast
was used at an early stage of
modeling its financial plan,
which the company’s board
according to an Exxon execu-
tive. An Exxon spokesman de-
clined to say what its current
price projections are, saying
that the company uses a range
of prices to develop its busi-
ness plans.
Years of lower oil prices
threaten to put further finan-
cial pressure on Exxon, which
has posted three straight
quarterly losses this year for
the first time on record, and
before the pandemic was in
the midst of a plan to spend
$230 billion to pump an addi-
Please turn to page B2
See more at WSJ.com/Markets
Deeper
Job Cuts
BY ERICH SCHWARTZEL
AND P.R. VENKAT
Walt Disney Co. plans to lay
off a total of 32,000 employees
by March, the company said, a
further reduction in its work-
force that comes as the pan-
demic hits the entertainment
company’s theme-park busi-
nesses especially hard.
The number of layoffs is
about 4,000 more employees
than the 28,000 job cuts an-
nounced in September. Most of
the job losses will come in the
company’s theme-park ranks,
where thousands of workers
have already been furloughed
or laid off.
The severe cuts to Disney’s
theme-park division accentu-
ates a new reality at the com-
pany since the pandemic can-
celed most live entertainment.
Once a reliable moneymaker,
the Disney theme parks are now
either operating at reduced ca-
pacity or closed altogether, with
one location—Disneyland in
Anaheim, Calif.—not expected
to reopen until at least next
year.
That has forced Disney exec-
utives to reorganize the com-
pany and shift focus toward its
year-old streaming service, Dis-
ney+. The service’s success in
finding early subscribers has
saved Disney’s share price,
which is trading at pre-pan-
demic levels as investors warm
to its growth potential. Even
with several vaccines in devel-
opment and possibly available
next year, Disney is betting that
its growth for the foreseeable
future will come in the living
room, not at the theme-park
turnstile.
The company has allocated
more resources to its streaming
operations and even shipped
some theatrical releases like
“Hamilton” and “Mulan” to the
platform. Another service, Star,
will expand further overseas. A
recent company reorganization
put streaming at the center of
distribution strategy.
Disney has taken several
moves since the pandemic’s
spread to cut spending and save
costs. Earlier this month, the
company said it was forgoing
its January 2021 dividend and
instead investing those funds in
its streaming division. The sus-
pension was a marked shift for
Disney, which has reliably paid
dividends on a semiannual basis
for the past several years. In its
regulatory filing Wednesday,
Disney warned it could continue
to forgo dividends or cut contri-
butions to employee pension
and postretirement medical
plans.
It was not the only warning
from Disney that spending
would continue to be drasti-
cally reduced. The company
Please turn to page B5
INSIDE
MEDIA
HBO Max hopes
‘Flight Attendant’
will land viewers on
streaming service. B4
HEARD ON THE
STREET
Offices and malls
will look different
after Covid-19. B12
B2 | Friday, November 27, 2020
INDEX TO BUSINESSES
These indexes cite notable references to most parent companies and businesspeople
in today’s edition. Articles on regional page inserts aren’t cited in these indexes.
A
Amazon.com ............... B4
Ascena Retail Group...B2
AT&T............................B4
B Iberdrola....................B12
Barclays.....................B11
Best Buy................B1,B5
BlackRock..................B11
Boeing....................A2,B1
Burger King.................A1
C ThermoPore Materials
China Evergrande......B11
China Resources Land
...................................B11
Citigroup......................B5
Clorox .......................... B5
CVS Health..................B1
D Unibail-Rodamco-
Deere...........................B2
Delta Air Lines ........... B2
Deutsche Bank............A1
E O
Enel............................B12
Ernst & Young...........B10
Exxon Mobil................B1
F-H
Facebook......................B5
Ferrellgas Partners.....B3
INDEX TO PEOPLE
A K
Ahmed, Salman..........A2
B Kilar, Jason ................. B4
Bauer, Daniel ............ B10
Benioff, Marc..............A1
Bloys, Casey................B4
Bressler, Léon...........B12
Butterfield, Stewart...A7
D Little, Joe..................B11
DenHartog, Emiel.......A7
Dufossé, Nadège.......B11
F McMillon, Doug.........B12
Fornasari, Francesca...A2
J Christian...................A2
Jepsen, Joshua ........... B2
Deere Forecasts Gains
In Machinery Sales
On Higher Crop Prices
BY BOB TITA
Deere & Co. raised expecta-
tions for profits next year, an-
ticipating that higher crop
prices will lead to improving
demand from U.S. farmers for
its tractors and harvesting
combines.
Dry weather in the U.S. this
summer contributed to a less
robust harvest than antici-
pated, as demand for wheat,
soybeans and corn rose due to
higher consumption of dinners
and baked goods at home dur-
ing the coronavirus pandemic.
That helped shrink grain
stockpiles and pushed up crop
prices, which have also bene-
fited this year from rising ex-
ports.
For Deere, the result is a
better outlook for demand from
farmers for its green-and-yel-
low machinery. The company
on Wednesday predicted world-
wide sales of its farm and land-
scaping equipment will rise 10%
to 15% next year.
“We are seeing demand
pick up,” said Joshua Jepsen,
director of investor relations,
Exxon Is
Pessimistic
On Pricing
Continued from page B1
tional one million barrels of
oil and natural gas a day by
2025.
While Exxon doesn’t dis-
close its forecasts, it has
sounded upbeat in public state-
ments about the long-term fu-
ture for the oil industry com-
ing out of the pandemic.
The company told investors
in October that current under-
investment in oil and gas pro-
duction would leave the world
short of needed fossil fuels in
coming years. In a note pub-
lished on Exxon’s website in
October, Chief Executive Dar-
ren Woods called the indus-
try’s woes temporary and said
that the need for Exxon’s
products would increase in the
near future. “Even accounting
for the short-term demand im-
pact of Covid-19, the invest-
ment case is still clear,” Mr.
Woods wrote.
Stephen Littleton, Exxon’s
head of investor relations, said
Exxon evaluates capital invest-
ment over a decadeslong time
horizon, and that the corona-
virus hadn’t changed its long-
term view. Exxon hasn’t can-
celed any projects because of
the pandemic, only delayed
them, he said.
“The fundamentals haven’t
changed; the only thing that
Highgate Hotels ......... A2
Honeywell...................A7
Hormel Foods ............. A1
S
Salesforce.com ........... A1
Shanxi Antai Group..B11
I Slack Technologies.....A1
Sleepnet......................A7
Suburban Propane
J Partners....................B3
J.C. Penney..................B2 Sycamore Partners.....B2
J.Crew..........................B5
T
JD.com.......................B11
Telia.............................B5
K Ascena Retail Group Inc., the
Kellogg........................A1 .....................................A7
Kohl's...........................B1 3M...............................A7
L TJX.............................B10
Lloyds Banking Group Toys “R” Us .............. B12
...................................B11 U-V
M UGI...............................B3
Microsoft .................... A1
Westfield................B12
N United Parcel Service.B5
Nordstrom.................B10 Vlocity.........................A7
W committed to retaining a sub-
Outdoor Research.......A7 Walmart......................A1
R Walt Disney................B1
Radio Shack .............. B12 Wirecard....................B10
Repsol........................B11 Y ing. As of late August, Ascena
Rite Aid.......................B1 Yongcheng Coal &
Roku ............................ B4 Electricity................B11
R
Kaluzny, Stefan .......... B2 Riley, David.................A2
Roth, Peter..................B4
Kosasa, Paul...............A2
S
Kruger, Joel...............B11
Sanders, Kelly.............A2
L
Sewing, Christian.......A8
Lange, Will..................A7
Skaff, Robert..............A7
Laughter, John............B2
Stankey, John.............B4
Layson, Keith..............A7
T
Littleton, Stephen......B2 Thill, Brent..................A7
M-P Tsui, Frank.................B11
W
Milam, Ken ................. A7 Woods, Darren............B2
Mueller-Glissmann,
Z
Park, Edward.............B11 Zeeb, Marn..................A2
during a conference call.
“We’re seeing that in our early
order programs and the large
tractor order book.”
Deere said it expects net in-
come next year in a range of
$3.6 billion to $4 billion. It
earned $2.75 billion in fiscal
2020, which ended Nov. 1. An-
alysts were expecting the com-
pany to forecast income of
$3.36 billion for 2021.
The Moline, Ill.-based
maker of tractors reported a
5% increase in profit for its
latest quarter, despite a 1% de-
cline in equipment sales com-
pared with the same period
last year.
The company reported net
income of $757 million for the
quarter, or $2.39 a share, com-
pared with $722 million, $2.27
a share, during the same pe-
riod last year.
Net equipment sales, in-
cluding Deere’s construction
and forestry machinery, were
$8.65 billion. Analysts were
expecting earnings of $1.49 a
share and $7.56 billion of
equipment sales, according to
FactSet.
LUKE MACGREGOR/BLOOMBERG NEWS
Exxon has sounded upbeat about the oil industry’s long-term future. Above, a refinery in England.
has changed is timing, because
we know populations and
prosperity will increase,” Mr.
Littleton said in an interview.
Exxon is struggling to cover
its dividend, $15 billion a year,
at current oil prices, taking on
debt this year to do so. So far
it has maintained the payout,
unlike rivals including Royal
Dutch Shell PLC and BP PLC,
which have cut their dividends
amid this year’s cash crunch.
The company cut $10 billion
from its capital expenditures
after the pandemic took hold
and has said it could lay off as
much as 15% of its global work-
force, which would total about
14,000 jobs including contract
employees. Exxon also said it
would reduce its capital budget
to between $16 billion and $19
billion next year.
Even with those cuts, Exxon
would need oil prices to be be-
tween $55 and $65 a barrel in
Ann Taylor, Sister Brands Draw Bid
BY ANDREW SCURRIA
Sycamore Partners has
agreed to pay $540 million to
buy Ann Taylor, Lane Bryant
and other store brands from
brands’ bankrupt parent com-
pany said Thursday.
The proposed deal would
also deliver the Loft and Lou &
Grey brands to Sycamore, sub-
ject to approval from the
bankruptcy court where As-
cena filed for chapter 11 pro-
tection in July.
Ascena said Sycamore “has
stantial portion of the retail
stores and associates” affili-
ated with the brands it is buy-
operated 1,500 stores through-
out the U.S.
The company has already
The airline said it has been able to avoid cutting front-line workers in part because of buyouts, early retirements and unpaid leaves.
Delta, Pilots Strike Deal to Save Jobs
BY ALISON SIDER
Delta Air Lines Inc. pilots
agreed to accept reduced pay
in exchange for job security
until 2022, as the industry
continues to grapple with re-
duced travel demand due to
the coronavirus pandemic.
Delta and the union that
represents its pilots said
Wednesday that the cost-cut-
ting agreement would prevent
the more than 1,700 pilot fur-
loughs the carrier had origi-
nally planned. Under the
agreement, pilots who would
have been furloughed will re-
ceive pay for 30 hours a
month, though they won’t have
to fly. Delta would also be able
to reduce pilots’ minimum
guaranteed work hours by as
much as 5%, which results in
lower pay, and the company
agreed not to carry out fur-
loughs until Jan. 1, 2022.
2021 to cover its capital ex-
penses and dividend, various
analysts estimate.
Shell publicly lowered its
price forecasts in June, pre-
dicting Brent oil would reach
$50 a barrel in 2022 before
reaching a long-term price of
$60. As a result of that revi-
sion, it said it would write
down the value of some oil
and gas assets by as much as
$22 billion. BP has also cut its
price forecasts and written
down billions in assets.
Exxon said in October that it
might write down the value of
natural-gas assets valued at as
much as $30 billion, but said
that doesn’t indicate changes to
its long-term price views. In re-
cent decades, the company has
seldom written down the value
of any assets. Executives have
for years argued that the com-
pany is extremely conservative
with its investment decisions,
BUSINESS & FINANCE
sold its Justice and Catherines
brands out of bankruptcy as
online-only businesses.
Permanent closures of retail
stores in the country hit a re-
cord in the first half of 2020 as
pandemic lockdowns and shop-
pers’ fear of disease curbed
foot traffic, pushing Ascena and
dozens of other retailers into
bankruptcy.
Some, such as Brooks Broth-
ers Group Inc. and J.C. Penney
Co., found buyers. Others in-
cluding Neiman Marcus Group
Inc. and J.Crew Group Inc.
handed themselves over to
lenders. A few, like discount re-
tailer Stage Stores Inc. and
women’s brand New York & Co.,
simply had to liquidate.
Before filing for chapter 11,
Ascena tried several steps to
soften the pandemic’s financial
impact, including temporarily
“Pilots, as long-term stake-
holders in our company, have
stepped up to the plate once
again to help Delta weather
this crisis,” said First Officer
Chris Riggins, a spokesman for
the union that represents
Delta’s pilots.
Airlines have had to shrink
to match a diminished outlook
for travel demand. The global
airline industry is forecast to
lose $38.7 billion next year
even if Covid-19 vaccines and
testing help reopen more bor-
ders, the International Air
Transport Association said
earlier this week.
Airlines were barred from
furloughing employees until
October under the terms of
federal aid they received at the
start of the pandemic. They
were hoping to receive another
round of funds to prevent job
cuts until next spring, but
stimulus discussions in Con-
choosing projects that will
work financially in any com-
modity-price environment.
But Exxon’s status as a low-
cost operator has slipped in
recent years. Biraj Borkha-
taria, an analyst at RBC Capi-
tal Markets, said Exxon’s
break-even is the worst among
its peers and that, at current
spending levels, its oil and gas
production is poised to shrink.
Mr. Woods told investors in
March that Exxon had
stressed-tested a range of
commodity prices, including
low-price scenarios. If oil
prices were to remain around
$50 a barrel for years, a sce-
nario Mr. Woods then called
unlikely, Exxon’s debt levels
would still be manageable.
“I would also tell you, if we
found ourselves in this un-
precedented environment for
five years, we would change
our plans,” Mr. Woods said.
* *** THE WALL STREET JOURNAL.
closing all its stores in March, its store count, exit Canada,
reducing capital expenditures Puerto Rico and Mexico, and fo-
and assessing vendor-payment cus more on e-commerce.
terms. The retailer entered chapter
Ann Taylor, the company’s 11 with support from the bulk
flagship chain, was once a re- of its senior lenders, which had
tailing bellwether, selling many agreed to a roughly $1 billion
women their first suits as they debt-for-equity swap that
entered the workforce. The re- would hand them a controlling
tailer tried for years to manage stake in the company.
the shift to casual dressing, The lenders have instead
launching the Loft brand in agreed to support the proposed
1998, but never recaptured its sale to Sycamore and an agreed
former glory. framework for divvying up the
Last year, Ascena wound proceeds, according to court
down its Dressbarn business, papers. “Ann Taylor, Loft, Lane
with more than 650 retail Bryant and Lou & Grey are
stores, to eliminate debt while well-known brands, each with
selling Dressbarn’s e-commerce passionate associates and loyal
rights for about $5 million. customers,” said Sycamore
Following the bankruptcy fil- managing director Stefan Ka-
ing, Ascena said it would shut luzny, a veteran retail deal
some Ann Taylor, Loft, Lane maker.
Bryant and Lou & Grey loca- —Aisha Al-Muslim
tions with the aim of reducing contributed to this article.
RICARDO RAMIREZ BUXEDA/TNS/ZUMA PRESS
gress have been stalled for dants, mechanics and now pi-
months. lots, in part because some
By the end of the year, U.S. 18,000 employees agreed to
carriers will have cut about take buyout or early retire-
90,000 workers through fur- ment offers, and thousands
loughs and voluntary depar- more took unpaid leaves. Delta
tures, according to lobbying also has cut hours for many
group Airlines for America, employees by 25% to save
bringing the industry’s em- money. In all, Delta has said it
ployment to its lowest level is about 20% smaller than it
since the mid-1980s. was before the pandemic.
United Airlines Holdings Airlines and unions have
Inc. and American Airlines worked to avoid cutting from
Group Inc. have furloughed their pilot ranks to avoid costly
over 30,000 workers. United and time-consuming retraining
has struck a similar deal to when demand recovers.
prevent cutting any pilots. John Laughter, senior vice
American furloughed 1,600 president and chief of opera-
pilots. Southwest Airlines Co. tions at Delta, said in a mes-
hasn’t yet cut any workers but sage to employees that the
has said it would begin fur- deal will better position the
loughing next year unless it airline to bounce back.
can reach deals with labor “Our recovery will be un-
unions to cut costs. even—as evident by the recent
Delta said it has been able increase in Covid rates which
to avoid cutting front-line are affecting our bookings for
workers such as flight atten- the holiday season,” he wrote.
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THE WALL STREET JOURNAL.
U.K.’s Centrica
Seeks to Sell Off
Its LNG Portfolio
BY BEN DUMMETT
AND JOE WALLACE
Centrica PLC, a major U.K.-
based energy supplier, is trying
to sell its portfolio of liquefied-
natural-gas supply contracts
and other assets, people famil-
iar with the matter said, as it
seeks to simplify its operations
amid volatile LNG prices.
The targeted value from
such a deal couldn’t be
learned. However, similar re-
cent transactions suggest that
Centrica, the owner of energy
and electricity service pro-
vider British Gas, may actually
need to pay any potential
buyer to take the LNG busi-
ness off its hands, underscor-
ing the uncertain outlook for
gas prices internationally.
The sale effort comes after
Centrica in July agreed to sell
its North American energy
supply, services and trading
business, Direct Energy, to NRG
Energy Inc. for $3.6 billion
The LNG business could of-
fer potential buyers a quick,
cheap way to enter the LNG
market as an established
player. Last year, Total SA
struck a deal to acquire the
noncore U.S. LNG business of
Toshiba Corp. The Japan-based
conglomerate paid the French
energy major $800 million to
take over its supply and trans-
portation LNG contracts. At
the time, Total said the acqui-
sition fit its strategy to further
expand its scale in the sector.
Any bet on Centrica’s LNG
business would come amid
forecasts that natural-gas
prices are poised to extend
their recent rebound in 2021,
following a yearslong slump
that reached its nadir in June.
The slide in crude-oil prices
during the pandemic prompted
U.S. energy companies to throt-
tle back output, pinching gas
supplies because many wells
produce gas as a byproduct.
Centrica’s LNG business
comprises supply arrange-
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on demand and executive
sessions with CEOs
OFFICIAL KNOWLEDGE PARTNERS
ments with U.S. exporter Che-
niere Energy Partners LP and
others as well as trading in gas
cargoes. Heightened market
volatility gave a boost to the
company’s LNG business in the
first half of the year, helping
lift operating profits in the
company’s marketing division
to £115 million ($154 million).
However, Centrica said that
as of June 30, its 20-year gas
contract with Cheniere had es-
sentially no intrinsic value.
The value of the deal—wel-
comed when it was signed in
2013 by then-U.K. Prime Min-
ister David Cameron as a
means of broadening the na-
tion’s energy mix—depends on
the gap between gas prices in
the U.S., and in Britain and
Asia. Booming gas supplies
and the growing market in
LNG cargoes have helped nar-
row those spreads.
Gas demand is expected to
expand over the coming de-
cades, as electricity producers
turn to a commodity that is in-
creasingly competitive with
coal and considered cleaner
than other fossil fuels. Global
consumption of liquefied natu-
ral gas will grow to 690 million
tons in 2045 from 355 million
metric tons in 2019, the Organi-
zation of the Petroleum Export-
ing Countries forecast in Octo-
ber. The LNG market has
become increasingly flexible,
with buyers turning to spot car-
goes instead of long-term deals.
Other than the Cheniere
deal, Centrica’s LNG contracts
include an agreement signed
last year with Tokyo Gas Co.
to jointly purchase 2.6 million
tons per annum from a Mo-
zambique LNG project. Under
the deal, gas will be delivered
until the early 2040s. In an-
other deal signed this year,
Centrica secured its first long-
term supply contract in China,
agreeing to deliver 500,000
tons annually of LNG to the
Shenergy Group Co., a Chinese
state-owned energy company.
BUSINESS NEWS
Restaurants use heaters to keep outdoor dining comfortable.
Cheap Propane Is a Boon
For Consumers, Restaurants
BY RYAN DEZEMBER
The coronavirus pandemic
has made propane a hot com-
modity among Americans heat-
ing outdoor spaces and hunker-
ing down in Covid cabins.
Fortunately for them, the coun-
try is flooded with the fuel,
and prices have rarely been
lower heading into winter.
Spot-market propane prices
at the Mont Belvieu, Texas,
trading hub have more than
doubled since dropping in late
March to their lowest level in
more than a quarter-century.
But at 55 cents a gallon, they
are still about one-third lower
than the 10-year average for
November.
Residential prices, which
are cheaper in the middle of
the country and more expen-
sive in East Coast markets
such as Florida and New Eng-
land, have lately averaged
$1.85 a gallon, the U.S. Energy
Information Administration
said Wednesday. That is the
lowest for this time of year in
more than a decade.
It isn’t as though there is
no demand for propane, which
belongs with butane and eth-
ane to a class of hydrocarbons
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purpose-driven
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Friday, November 27, 2020 | B3
U.S. propane exports,
monthly
1.5 million barrels a day
1.0
DAMIAN DOVARGANES/ASSOCIATED PRESS
0.5
0 0
2011 ’15 ’20
Source: U.S. Energy Information Administration (exports); FactSet (price)
called natural-gas liquids, or and shut off pool heaters and
NGLs. outdoor fire pits. Manufactur-
The U.S. is exporting about ers who use propane to make
four times as much propane as plastics reduced orders.
it shipped abroad in 2013, Americans stuck at home,
when the country became the however, picked up the slack
world’s top propane exporter. and began consuming more
At home, an uptick in residen- propane, just as they did with
tial demand has helped offset natural gas, lumber and wheat.
lower use by businesses and With temperatures dropping,
farmers, who haven’t needed they and restaurant owners
grain-drying equipment much have been buying bottled pro-
this year because a lack of rain pane to keep outdoor spaces
allowed them to let crops dry comfortable.
in the field. Shale drillers cut back this
But there is plenty of pro- year because of low commodity
pane flooding into the market prices, but propane output has
from shale wells in West Texas held relatively steady. That is
and Appalachia, where it is partly because wells in the
produced alongside oil and Permian Basin of West Texas
natural gas. Production has and New Mexico have tended to
nearly tripled over the past produce higher ratios of pro-
decade and reached record pane as they age, said Jennifer
levels this year. These days Van Dinter, head of NGL and
the U.S. produces about 60% petrochemical analytics at S&P
more propane than the entire Global Platts. “That’s given the
Middle East, according to S&P market a little more comfort in
Global Platts. terms of where we are this win-
Unusually warm weather ter,” she said.
last winter left behind big The Energy Information Ad-
stockpiles when economies ministration forecasts a 5% in-
were shut down to slow the crease in U.S. consumption this
spread of the coronavirus. Ac- winter, with expectations for
tivity plunged at ports and colder weather than last year
warehouses, where forklifts and Americans spending more
run on propane. Hotels closed time at home. About 5% of U.S.
Fortune CONNECT is a membership community for mid-career
professionals—executive track, rising fast and leadership bound—
who are looking for the knowledge, inspiration, and allies they
need to successfully lead in a stakeholder and purpose-driven
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Mont Belvieu spot
propane price
$2.00 a gallon
1.50
1.00
0.50
’11 ’15 ’20
households rely on propane for
heat, usually in the Northeast
and Midwest, particularly in ru-
ral areas that natural-gas pipe-
lines don’t reach.
Michael Stivala, chief exec-
utive of Suburban Propane
Partners LP, said people rid-
ing out the pandemic in coun-
try houses in such places as
Vermont, New Hampshire and
the Hamptons outside New
York City mean there are
many propane-fueled homes
being lived in a lot more than
usual. “All those homes that
were typically a getaway home
have become the Covid home,”
Mr. Stivala said.
Other propane sellers, in-
cluding Ferrellgas Partners
LP and UGI Corp., reported
higher residential sales this
summer, including through
tank-exchange businesses pop-
ular with backyard barbecuers.
Tony’s Nursery in Larch-
mont, N.Y., is having trouble
keeping in stock enough of the
20-pound tanks, with sales
about triple what they would
be in a typical year, said the
owner, Virginia Rodrigues.
“It’s a lot of demand,” she
said. “A lot of people are try-
ing to eat outside.”
B4 | Friday, November 27, 2020 THE WALL STREET JOURNAL.

MEDIA & TECHNOLOGY WSJ.com/Tech

HBO Max Hopes ‘Flight’ Takes Off Hourslong

BY JOE FLINT
Outage Hit of the sitcom that it shelled trol.

Casey Bloys was hunting for

a hit that could help the new
out $425 million to stream for
the next five years.
The Central Perk get-to-
“It’s coming from a place of,
let’s create something fun that
is also going to sneak up on
Amazon
HBO Max streaming service
stand out in an increasingly
fragmented video market—and
gether has been delayed be-
cause of Covid-19. Max also
lacks the breakthrough origi-
people and really move them,”
said Steve Yockey, the show’s
executive producer. Peter
Operation
help differentiate it from HBO, nal shows notched by other Roth, chairman of Warner BY MICAH MAIDENBERG
the premium cable home to new entrants, such as Dis- Bros. Television, which made
“Succession” and “Game of ney+’s “The Mandalorian” and the show said, “It is exactly Amazon.com Inc. grappled
Thrones.” Apple TV+’s “The Morning what I believe will generate with an hourslong outage tied
It was August and the HBO Show.” Other than the sci-fi subscribers for HBO Max.” to its enormous cloud-comput-
entertainment chief was in a drama “Raised by Wolves,” Distribution remains a chal- ing operation that affected
meeting with Sarah Aubrey, which has a cult following, lenge. Max is available to many businesses, forcing them
the executive who heads origi- Max has generated little heat. roughly 25 million current to warn their customers about
nal programming for HBO AT&T Inc.’s WarnerMedia HBO subscribers at no extra product disruptions
Max. They were discussing the initially set up Max as a stand- cost but only five million have The service interruption
service’s slate of shows when alone unit apart from HBO. The activated it. Another 3.6 mil- that affected a swath of cus-
the pair stopped on “The structure changed this year lion people had signed up di- tomers began early Wednesday
Flight Attendant,” an eight-ep- when Jason Kilar took over as rectly for Max as of the end of and lasted throughout the day
isode thriller based on the WarnerMedia chief executive September. Last week, Max as Amazon Web Services, as
book of the same title. It stars from John Stankey, who was struck a carriage deal with the online retailing giant’s
Kaley Cuoco, best known for promoted to CEO of AT&T. Mr. Amazon.com Inc. platforms cloud division is called, worked
“The Big Bang Theory.” Kilar gutted the Max leader- that should increase its reach to fully restore functions. Ama-
The show, about a hard- ship in August and put content by several million people. zon said early Thursday all ser-
partying flight attendant who under Mr. Bloys, describing the Because of the need to pro- vices were back to normal op-
wakes up next to a dead body veteran HBO programming ex- tect existing deals HBO has erations.
and finds herself in the middle ecutive as the person who with distributors, Max costs Before service was restored,
of an international mystery, needed to be “front and cen- $14.99 a month, which may be businesses warned customers
premieres on Thanksgiving. ter” of the operation. hard for many consumers to on Twitter that their products
Mr. Bloys, who oversees con- Challenges for Max include swallow in this time of eco- were facing problems because
tent for both HBO and HBO a cluttered marketplace and nomic uncertainty. Netflix Inc. of the outage.
Max, remarked that “this is confusion about whether the charges $13.99 a month while Roku Inc., behind its name-
exactly the kind of show that’s service is HBO Lite or the new Disney+ is $6.99. sake streaming devices, said it
complementary and a little bit HBO. “It’s a very good product had been affected by the out-

PHIL CARUSO/HBO
broader than what HBO would In reality, Max is trying to but they can’t price HBO Max age. A Roku spokeswoman said
do,” Ms. Aubrey said. be both. Subscribers receive competitively without under- users could still stream con-
“The Flight Attendant” is not only HBO content but also mining their traditional HBO tent. Insteon, which sells prod-
WarnerMedia’s latest hope to Max originals and a vast li- business,” said analyst Craig ucts for homes like thermo-
draw new viewers to HBO Max brary of movies and TV shows Kaley Cuoco portrays the title character in ‘The Flight Attendant.’ Moffett, of MoffettNathanson. stats and fan controllers, said
or prompt those with existing from Warner Bros. and else- An HBO Max spokesman in a tweet that Alexa voice
HBO accounts to switch over where, as well as children’s wants to make sure HBO fans shows aimed at younger view- said the service is already commands for one of its hub
to the service, which doesn’t content. and the talent community know ers such as reboots of “Gossip ahead of the subscriber pro- systems may fail because of
require a cable TV package. In an interview, Mr. Bloys the service and its distinctive Girl” and “Pretty Little Liars” jections it made to analysts in the outage.
Episodes of “The Flight Atten- said as consumers continue to and critically acclaimed shows and creating content from 2019. Executives have targeted The Chicago Tribune said in
dant” won’t appear on tradi- cut the cord from traditional won’t be swallowed up by Max. Warner Bros.’ DC Comics su- 50 million combined custom- a tweet it would post news up-
tional HBO channels. pay-TV packages, the $14.99-a- “HBO is healthy and funded perhero characters including ers for HBO and HBO Max by dates to social-media sites be-
HBO Max, which includes month Max serves as its own and its future is secure within “Green Lantern” and “Peace- 2025. cause it is “experiencing inter-
all HBO programming plus stand-alone bundle to keep Max,” he said. maker.” Mr. Bloys said Max “The Flight Attendant” was mittent issues with our
new originals and popular HBO healthy as well as a plat- Known for being a talent will be able to spend more on set to debut when HBO Max website and publishing system
older shows and movies, form for all the other Warner whisperer, Mr. Bloys plans to the DC shows than its sister launched in May, but produc- because of the AWS outage.”
launched with great fanfare in Bros. properties, including fea- bring the same nurturing ap- CW network has in previous tion stopped in March and Operations at The Wall Street
May. But it has signed up only ture films. proach to Max so it’s not seen incarnations. didn’t resume until August be- Journal were affected.
8.6 million subscribers so far. The highly anticipated War- as a soulless content factory. “We’re going to produce cause of the coronavirus. Cloud-computing services
WarnerMedia executives say ner Bros. movie “Wonder “I want to deploy the culture those at a scale similar to “Luckily, we got most of the have become more pivotal dur-
initial confusion between the Woman 1984” will debut in of putting talent first across `Westworld,’” Mr. Bloys said, airport scenes completed early ing the coronavirus pandemic
new service and other HBO theaters and on Max at the the organization,” he said. referring to the expensive HBO on,” said Ms. Cuoco. When the as many companies have em-
online platforms, such as the same time this Christmas. HBO is considered the most drama. show resumed production it braced remote hardware and
now-retired HBO Go and HBO While the rollout is happening talent-friendly programmer in “The Flight Attendant” is had to build sets that resem- software services to allow em-
Now, likely slowed sign-ups. out of necessity—the movie the industry, due to both its generating warm reviews for bled some of the location ployees to work from home.
For Max, as it is known in- theater business remains in large programming budget and its stylish look and Hitchcock- shots and relied on a small Amazon, on its cloud-com-
ternally, buzz has been sorely shambles because of Covid-19— collaboration with producers like pacing. Ms. Cuoco is being group of extras for crowd puter site, had earlier said a
lacking. The service planned to it’s also expected to help Max and cast on marketing and praised for her semi-comic, scenes. “If you look closely, programming interface for its
kick off with a “Friends” cast attract new customers. awards campaigns. semi-tragic portrayal of an al- you might see a few over and Kinesis Data Streams product
reunion to complement reruns At the same time, Mr. Bloys The priorities for Max are coholic spiraling out of con- over again,” she said. was impaired.
©2020 Dow Jones & Co. Inc. All rights reserved. 6DJ8182

Bull
or
Bear.
Boom
or
Bust.
There for you from 100
to 30000—and beyond.
THE WALL STREET JOURNAL.
Women
Advance
To CEO
Continued from page B1
Corp.’s Karen Lynch, whose
CEO appointment was also an-
nounced this month. Outside
the Fortune 500, J.Crew
Group said Tuesday it was re-
placing Jan Singer, who be-
came its CEO in February, with
another woman, longtime
J.Crew executive Libby Wadle.
Ms. Hobart’s path aligns
with the more deliberate moves
across some of the corporate
10
Number of women CEOs of
Fortune 500 retail chains
world to put women into roles
where they gain the broad op-
erating experience needed to
advance to the highest eche-
lons. Joining Dick’s Sporting
Goods in 2011 as chief market-
ing officer, Ms. Hobart was a
driver in the launch of one of
the retailer’s top private labels,
Calia by Carrie Underwood.
And as company president
since 2017, she has led its e-
commerce strategy.
The retail industry has cre-
ated more than its share of
those leadership opportunities
for women in part because it
has gone through so much
technological and competitive
upheaval over the past decade,
some recruiters say. That tu-
mult has shaken up the tradi-
tional paths to the CEO job,
which often required chief mer-
chandising experience, says
Jane Stevenson, who leads ex-
ecutive recruiter Korn Ferry’s
global CEO-succession practice.
“It’s forced boards to think
outside the box and to look at
where opportunity is being cre-
ated, and that has created an
opportunity for women to
shine,” she says. She points to
Best Buy Co. CEO Corie Barry’s
promotion to the top job last
dog•ged
/'dôg d/
adjective
Despite spending my early life in a shelter, there’s no dog more
determined than me. Thanks to the National Disaster Search Dog
Foundation, if you’re ever trapped under rubble after a disaster,
I’ll find you. That’s my job, and what I was born to do. You’ll never find
a dog more dogged.
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year from her chief finance role
as another case in point.
Ms. Stevenson adds that the
recent wave of female CEO ap-
pointments across industries,
including Jane Fraser at Citi-
group Inc. and Linda Rendle
at Clorox Co., is the result of a
decade of grooming senior fe-
male executives and promot-
ing them into C-suite roles
that put them in the running
for chief executive. “Compa-
nies are now harvesting those
efforts, but you have to plant
and cultivate the seeds to get
the crop,” she says.
Whether women’s gains con-
tinue at the same pace post-
pandemic is unclear, though.
Women up and down the cor-
porate ladder have borne a dis-
proportionate share of the bur-
den that has come from
juggling work and online-
schooling at home, data show.
In a survey of more than
40,000 North American em-
ployees this summer, research-
ers at McKinsey & Co. and Lea-
nIn.org found one in four
women were considering leav-
ing or downshifting their ca-
reers because of the work-life
crunch, compared with one in
five men.
Meanwhile, companies have
indicated a more cautious ap-
proach to changes at the helm
in the initial months of the
pandemic. A new report from
executive-recruitment firm
Heidrick & Struggles shows
that between March 11 and
June 30, 31 new CEOs were ap-
pointed at 965 of the world’s
largest public companies, com-
pared with 66 CEO appoint-
ments in the five months be-
fore March 11. Of the 31, two
were women—Allison Kirkby of
Swedish telecom Telia Co. AB
and United Parcel Service
Inc.’s Carol Tomé—down from
six in the pre-pandemic period.
Bonnie Gwin, co-managing
partner of Heidrick & Strug-
gles’s global CEO & board prac-
tice, says that after the pan-
demic’s initial months, many
are taking a longer view in suc-
cession planning. To thrive,
“many companies are realizing
it’s time they have to move
away from group thinking and
they need to diversify at every
level,” says Ms. Gwin, who pre-
dicts more women and people
of color will gain entry into ma-
jor-company C-suites in 2021.
BUSINESS NEWS
Error Hits Facebook Ad Tool
BY ALEXANDRA BRUELL
AND SAHIL PATEL
Facebook Inc. is offering
millions of dollars in credits to
some advertisers after discov-
ering a glitch in a tool that
tells advertisers how effective
their ads may be in driving re-
sults, such as getting consum-
ers to download an app or
purchase a product.
Facebook’s “conversion lift”
tool overestimated some cam-
paign results for 12 months, the
company quietly told its adver-
tisers this month.
The glitch skewed data that
advertisers use to decide how
much money to spend with the
company.
It isn’t the first problem
Facebook has discovered in its
systems to measure advertis-
ers’ campaigns, and it isn’t
likely to dent Facebook’s ad
revenue.
Walt Disney’s employee count
225 thousand
200
175
150
125
100
75
50
25
0
FY2010 ’12 ’14 ’16
*Fiscal year ended Oct. 3 Source: the company
Disney
Increases
Layoffs
Continued from page B1
also said it might further re-
duce capital spending, an indi-
cation that the slowdown in
costly initiatives like theme-
Victor
Active Search Dog
Rescued from Redding, CA.
Photographed by Shaina Fishman
at SDF’s National Training Center.
But some ad buyers said
the latest gaffe has hurt confi-
dence in the company’s met-
rics at a time when many busi-
nesses are navigating the
pandemic by trying to cut
costs and make sure their ad
spending performs.
Omnicom Group Inc. media
agency OMD Worldwide is
looking into how the error has
affected some clients’ invest-
ments before accepting cred-
its, said Florian Adamski,
OMD’s global chief executive.
“This is not an easy fix,” he
said. “It’s not like, pay a cou-
ple thousand or million bucks
and it’s over. This goes a lot
deeper and we need to find
out how to rectify the damage
done and make sure it doesn’t
happen again.
“If there is no governance
or third neutral party looking
at our investment tools, I can’t
sleep well at night and my cli-
203,000*
155,000
Parks,
Experiences
and
Products
division
’18 ’20
park construction projects is
likely to continue. Costs in
Disney’s film and TV divisions
might also be further reduced
as the number of productions
plummets, and the company
has already furloughed some
theme-park employees who
had been called back to work
as it appears reopening will
take longer than expected.
“Some of these measures
may have an adverse impact
on our businesses,” the com-
pany warned.
FROM
YOUR TABLE
TO THEIRS
Made in the USA
© 2020 MacNeil IP LLC
Friday, November 27, 2020 | B5
ents can’t sleep,” he added. Facebook’s offer of credits
The issue is particularly
acute for certain categories
such as retail, where marketers
extends to some advertisers
that used the tool when the er-
ror went undetected, from Au-
are spending as much as 5% to gust 2019 through August 2020.
10% more on Facebook and “While making improve-
other performance-centric ad- ments to our measurement
vertising channels to recover products, we found a technical
business lost during the early issue that impacted some con-
stages of the pandemic, said version lift tests,” said a Face-
the chief executive of one digi- book spokesperson in an
tal agency that spends hundred email. “We’ve fixed this and
of millions of dollars advertis- are working with advertisers
ing on Facebook every year. that have impacted studies.”
“Being able to attribute At one large buying agency,
where sales are coming from is the size of ad credits will be
hugely important right now,” around 0.5% of affected clients’
the executive said. “Every dol- annual budgets around the
lar spent has got to map back time of the glitch, according to
to data points and performance. a memo that the agency sent
If we can’t map that back, it be- to clients that was reviewed by
comes more difficult to justify
spending dollars when clients
are trying to manage their costs
as effectively as possible—and
The Wall Street Journal.
Facebook, which said it
fixed the error in September,
told advertisers about it this
media spend is a cost that month, according to a memo
needs to generate revenue.” that Facebook sent clients.
JEFF GRITCHEN/SCNG/ZUMA PRESS
Disney parks are either operating at reduced capacity or are closed.
Earlier this month, Disney
announced a second consecu-
tive quarterly loss as the pan-
ported in August.
Disney said it also plans to
launch a general entertain-
demic struck its core busi-
nesses such as theme parks
and movie distribution. How-
ment video streaming offering
under the Star brand outside
the U.S. in 2021.
ever, the company’s direct-to-
consumer business
emerged as a bright spot as
has
“With the unknown dura-
tion of Covid-19 and yet-to-be-
determined timing of the
quarantine life has increased phased reopening of certain
demand for streaming busi- businesses, it is not possible
ness. to precisely estimate the im-
Subscriptions to Disney+ hit pact of Covid-19 on our opera-
73.7 million as of Oct. 3, up tions in future quarters,” the
from more than 60 million re- company said.
DeskFone™
Whether family is near
or far this Thanksgiving,
DeskFone helps connect
you. Fully adjustable for
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chat, this phone holder
has non-slip feet so it
stays put on your dining
room table and theirs.
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1-800-441-6287 or 1-630-769-1500
B6 | Friday, November 27, 2020 THE WALL STREET JOURNAL.

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THE WALL STREET JOURNAL. Friday, November 27, 2020 | B7

MARKETS DIGEST
EQUITIES

Dow Jones Industrial Average S&P 500 Index Nasdaq Composite Index
Last Year ago Last Year ago Last Year ago
29872.47 t 173.77, or 0.58% Trailing P/E ratio 29.65 20.96 3629.65 t 5.76, or 0.16% Trailing P/E ratio * 41.34 24.16 12094.40 s 57.62, or 0.48% Trailing P/E ratio *† 37.92 25.77
High, low, open and close for each P/E estimate * 24.58 18.52 High, low, open and close for each P/E estimate * 25.95 18.93 High, low, open and close for each P/E estimate *† 31.45 22.65
trading day of the past three months. Dividend yield 2.05 2.21 trading day of the past three months. Dividend yield * 1.65 1.87 trading day of the past three months. Dividend yield *† 0.74 0.98
All-time high 30046.24, 11/24/20 All-time high 3635.41, 11/24/20 All-time high: 12094.40, 11/25/20

Current divisor 0.15198707565833

31700 3600 12300
Session high
DOWN UP
30500 3500 11900
t

Session open Close

Close Open
t

29300 3400 11500

Session low

28100 3300 11100

26900 3200 10700

65-day moving average 65-day moving average

65-day moving average 25700 3100 10300

Bars measure the point change from session's open

24500 3000 9900
Aug. Sept. Oct. Nov. Aug. Sept. Oct. Nov. Aug. Sept. Oct. Nov.
*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 p.m. ET as reported by electronic NYSE NYSE Amer.
Dow Jones trading services, securities dealers and regional exchanges. Minimum Total volume* 964,175,734 25,171,291
Industrial Average 30058.87 29806.25 29872.47 -173.77 -0.58 30046.24 18591.93 6.1 4.7 8.2 share price of $2 and minimum after-hours volume of 50,000 shares. Adv. volume* 420,638,876 15,925,465
Transportation Avg 12695.99 12515.65 12621.42 -93.96 -0.74 12715.38 6703.63 15.3 15.8 9.5 Most-active issues in late trading Decl. volume* 530,924,681 8,860,536
Utility Average 883.54 871.68 880.98 -1.64 -0.19 960.89 610.89 3.3 0.2 5.1 Volume After Hours Issues traded 3,198 275
Company Symbol (000) Last Net chg % chg High Low
Total Stock Market 37713.42 37491.44 37664.73 -24.66 -0.07 37689.39 22462.76 16.6 14.0 11.7 Advances 1,324 152
SPDR S&P 500 SPY 8,305.3 362.97 0.31 0.09 363.04 362.40
Barron's 400 811.64 806.12 809.98 -3.47 -0.43 813.45 455.11 12.6 10.6 5.2 Declines 1,762 109
NIO ADR NIO 7,282.6 53.79 0.10 0.19 54.07 53.47
Unchanged 112 14
Nasdaq Stock Market VanEck Vectors Gold Miner GDX 6,003.1 34.08 0.04 0.12 34.09 33.99 New highs 141 6
Nasdaq Composite 12114.77 12020.95 12094.40 57.62 0.48 12094.40 6860.67 38.9 34.8 20.6 iShares iBoxx $ HY Cp Bd HYG 4,525.5 86.27 ... ... 86.32 86.27 New lows 1 1
Nasdaq 100 12174.99 12081.51 12152.22 72.41 0.60 12420.54 6994.29 43.9 39.2 23.8 Schwab Fund Intl Large Co FNDF 4,189.2 28.79 0.03 0.10 28.79 28.79 Closing Arms† 0.73 1.64
Apple AAPL 3,508.0 116.17 0.140 0.12 116.42 115.96 Block trades* 6,026 265
S&P
-0.16
ViacomCBS Cl B VIAC 3,158.0 34.81 -0.01 -0.03 34.97 34.51
500 Index 3635.50 3617.76 3629.65 -5.76 3635.41 2237.40 15.1 12.3 11.7 Nasdaq NYSE Arca
JPM Alerian MLP AMJ 3,130.0 14.71 -0.05 -0.32 14.71 14.71
MidCap 400 2211.71 2191.24 2201.56 -16.28 -0.73 2217.84 1218.55 8.4 6.7 5.8 Total volume*4,432,131,086 213,861,832
SmallCap 600 1065.31 1052.49 1060.05 -9.36 -0.88 1069.41 595.67 6.0 3.8 4.6 Percentage gainers… Adv. volume*2,650,866,936 61,813,712
Synlogic SYBX 1,552.7 2.72 0.27 11.02 2.82 2.35 Decl. volume*1,731,379,133 149,489,898
Other Indexes
RMG Acquisition A RMG 525.6 15.36 1.27 9.01 15.99 13.88 Issues traded 3,703 1,423
Russell 2000 1852.62 1831.95 1845.02 -8.51 -0.46 1853.53 991.16 12.9 10.6 6.7
Advances 1,779 567
NYSE Composite 14203.44 14122.10 14191.58 -57.92 -0.41 14249.50 8777.38 4.3 2.0 4.5 GigCapital3 GIK 62.6 11.78 0.73 6.61 11.87 11.05
Declines 1,789 817
Value Line 550.67 544.25 547.48 -3.19 -0.58 562.05 305.71 1.4 -0.9 -0.1 Cousins Properties CUZ 54.4 36.11 1.98 5.80 36.13 34.13
Unchanged 135 39
NYSE Arca Biotech 5475.53 5417.14 5435.24 6.84 0.13 6142.96 3855.67 8.4 7.3 8.8
Social Cap Hed II A IPOB 133.0 21.41 0.98 4.80 21.50 20.26
New highs 199 109
NYSE Arca Pharma 665.13 660.20 663.25 -0.88 -0.13 675.64 494.36 5.9 1.5 7.2 ...And losers New lows 9 9
KBW Bank 94.25 92.85 94.06 -1.01 -1.06 114.12 56.19 -14.6 -17.0 -1.7 DPW Holdings DPW 426.6 6.24 -0.45 -6.73 6.73 6.00 Closing Arms† 0.65 1.37
PHLX§ Gold/Silver 133.81 131.87 133.00 2.18 1.67 161.14 70.12 41.6 24.4 17.9 ECMOHO ADR MOHO 73.8 2.67 -0.19 -6.64 2.81 2.60 Block trades* 28,007 892
PHLX§ Oil Service 43.13 42.15 42.91 -0.34 -0.78 80.99 21.47 -37.7 -45.2 -31.2 Yunji ADR YJ 276.1 4.67 -0.26 -5.27 4.94 4.62 * Primary market NYSE, NYSE American NYSE Arca only.
PHLX§ Semiconductor 2622.52 2590.62 2600.24 -8.77 -0.34 2609.01 1286.84 49.8 40.6 24.7 AnPac Bio-Medical ADR ANPC 139.5 6.85 -0.29 -4.06 7.25 6.50 †(TRIN) A comparison of the number of advancing and declining
issues with the volume of shares rising and falling. An
Cboe Volatility 22.50 21.13 21.25 -0.39 -1.80 82.69 11.75 80.9 54.2 30.0 Aerojet Rocketdyne AJRD 243.5 37.44 -1.18 -3.06 38.73 37.44 Arms of less than 1 indicates buying demand; above 1

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

International Stock Indexes Percentage Gainers... Percentage Losers

Latest YTD
Region/Country Index Close Net chg % chg % chg Latest Session 52-Week Latest Session 52-Week
Company Symbol Close Net chg % chg High Low % chg Company Symbol Close Net chg % chg High Low % chg
World The Global Dow 3397.97 –4.19 –0.12 4.5 AnPac Bio-Medical ADR ANPC 7.14 3.64 104.00 12.18 3.15 ... Hepion Pharmaceuticals HEPA 1.58 -0.60 -27.52 8.35 1.00 -74.8
DJ Global Index 475.29 0.73 0.15 9.5 Newborn Acquisition NBAC 22.27 10.31 86.20 22.74 9.70 ... Lixte Biotechnology LIXT 3.74 -1.01 -21.26 7.86 3.39 -30.7
DJ Global ex U.S. 275.66 0.95 0.34 4.6 Future FinTech Group FTFT 3.00 0.86 40.19 3.74 0.42 479.4 ECMOHO ADR MOHO 2.86 -0.74 -20.56 11.51 1.29 -66.2
Americas DJ Americas 854.64 0.14 0.02 12.3 Slack Technologies WORK 40.70 11.12 37.59 40.99 15.10 79.9 Ashford Hospitality Trust AHT 2.98 -0.77 -20.53 29.44 1.27 -89.2
Brazil Sao Paulo Bovespa 110227.09 94.56 0.09 –4.7 Fisker FSR 21.61 5.64 35.32 21.95 8.70 114.0 Gap Inc GPS 21.60 -5.27 -19.61 26.99 5.26 27.7
Canada S&P/TSX Comp 17351.34 38.27 0.22 1.7 Renalytix AI ADR RNLX 14.08 3.39 31.71 18.00 9.91 ... Corsair Gaming CRSR 42.80 -8.46 -16.50 51.37 14.09 ...
Mexico S&P/BMV IPC 42412.47 211.88 0.50 –2.6 Appian Cl A APPN 174.90 42.09 31.69 176.40 29.07 297.7 Ideanomics IDEX 2.71 -0.44 -13.97 4.75 0.28 189.4
Chile Santiago IPSA 2831.55 –9.06 –0.32 –15.1 Sierra Wireless SWIR 14.44 3.23 28.81 14.80 4.31 66.9 Ucommune International UK 7.15 -1.15 -13.86 12.07 6.01 -27.7
WidePoint WYY 10.48 2.26 27.49 15.89 3.00 187.7 Aurora Mobile ADR JG 3.16 -0.49 -13.42 5.43 1.40 23.9
EMEA Stoxx Europe 600 391.63 –0.46 –0.12 –5.8
Tuniu ADR TOUR 3.53 0.69 24.30 4.51 0.73 41.8 Planet Green Holdings PLAG 2.28 -0.34 -12.98 4.99 1.53 -15.9
Eurozone Euro Stoxx 390.82 –0.16 –0.04 –3.2
Belgium Bel-20 3691.48 –11.36 –0.31 –6.7 Francesca's Holdings FRAN 4.25 0.82 23.91 19.91 1.70 -72.7 HF Enterprises HFEN 6.10 -0.88 -12.61 7.80 6.01 ...
Denmark OMX Copenhagen 20 1383.41 9.35 0.68 21.8 Jumia Technologies ADR JMIA 37.61 7.21 23.72 38.86 2.15 497.0 Cango ADR CANG 8.57 -1.23 -12.55 14.00 4.20 21.2
France CAC 40 5566.79 –4.50 –0.08 –6.9 Precigen PGEN 7.48 1.40 23.03 7.65 1.26 36.0 Retractable Technologies RVP 12.15 -1.72 -12.40 14.40 0.97 767.9
Germany DAX 13286.57 –3.23 –0.02 0.3 Shift Technologies SFT 8.99 1.67 22.81 14.91 6.40 -9.3 Nikola NKLA 30.24 -4.26 -12.35 93.99 10.22 195.9
1486.38 1.31 –11.7 Boqii Holding ADR BQ 6.08 1.12 22.58 10.43 4.06 ... Sunworks SUNW 5.53 -0.77 -12.22 8.50 0.29 362.8
Israel Tel Aviv 19.15
Italy FTSE MIB 22201.44 –102.14 –0.46 –5.6
Netherlands AEX 607.39 1.00 0.16 0.5
Most Active Stocks Volume Movers Ranked by change from 65-day average*
Russia RTS Index 1307.14 5.31 0.41 –15.6 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 57923.69 181.50 0.31 1.5
Spain IBEX 35 8104.60 –60.10 –0.74 –15.1 NIO ADR NIO 204,151 25.0 53.69 0.34 57.20 2.11 Newborn Acquisition NBAC 24,051 14670 22.27 86.20 22.74 9.70
Sweden OMX Stockholm 757.97 1.73 0.23 11.3 Palantir Technologies PLTR 201,919 275.2 29.05 21.96 29.75 8.90 KraneShares EM Cons Tech KEMQ 1,306 9252 31.02 -0.31 31.40 17.13
Switzerland Swiss Market 10497.79 9.52 0.09 –1.1 Northern Dynasty Minerals NAK 199,171 1343.1 0.40 -50.11 2.49 0.35 WidePoint WYY 6,675 7904 10.48 27.49 15.89 3.00
1342.49 1.28 17.3 Sundial Growers SNDL 173,419 128.5 0.28 -6.95 3.88 0.14 Oaktree Acqn II OACB 655 4561 9.96 1.27 10.40 9.69
Turkey BIST 100 17.02
–15.6
MMTec MTC 141,936 11713.8 2.01 67.50 7.70 0.64 Western Asset TR WBND 843 2190 28.74 0.10 28.87 23.01
U.K. FTSE 100 6362.93 –28.16 –0.44
U.K. FTSE 250 19396.34 –173.05 –0.88 –11.4 Slack Technologies WORK 140,120 874.5 40.70 37.59 40.99 15.10 Renalytix AI ADR RNLX 578 2117 14.08 31.71 18.00 9.91
FuelCell Energy FCEL 120,843 232.3 8.84 15.25 11.31 0.48 iShares US Broker-Dealers IAI 279 2063 73.71 -0.08 73.77 42.54
Asia-Pacific
Titan Pharmaceuticals TTNP 117,419 259.8 0.19 14.05 0.55 0.09 Diamedica Therapeutics DMAC 1,077 1677 5.58 6.90 8.80 1.87
Australia S&P/ASX 200 6636.40 –46.93 –0.70 –0.7
General Electric GE 109,059 -2.4 10.50 0.48 13.26 5.48 Franklin Lib US Low Vol FLLV 198 1454 41.39 -0.29 43.00 26.10
China Shanghai Composite 3369.73 7.41 0.22 10.5
American Airlines Group AAL 99,985 50.5 14.94 0.81 30.78 8.25 INSU Acqn II Cl A INAQ 8,124 1443 13.49 20.55 14.79 9.75
Hong Kong Hang Seng 26819.45 149.70 0.56 –4.9
* Volumes of 100,000 shares or more are rounded to the nearest thousand * Common stocks priced at $2 a share or more with an average volume over 65 trading days of at least
India S&P BSE Sensex 44259.74 431.64 0.98 7.3 5,000 shares =Has traded fewer than 65 days
Japan Nikkei Stock Avg 26537.31 240.45 0.91 12.2
Singapore Straits Times 2857.48 –12.07 –0.42 –11.3 Track the Markets
South Korea Kospi 2625.91 24.37 0.94 19.5 Compare the performance of selected CURRENCIES & COMMODITIES
Taiwan TAIEX 13845.66 106.83 0.78 15.4 global stock indexes, bond ETFs,
Thailand SET 1433.56 17.84 1.26 –9.3
currencies and commodities at Currencies
wsj.com/graphics/track-the-markets
Sources: FactSet; Dow Jones Market Data
U.S.-dollar foreign-exchange rates in late New York trading
US$vs, US$vs,
Thurs YTDchg Thurs YTDchg
CREDIT MARKETS Country/currency in US$ per US$ (%) Country/currency
Vietnam dong
in US$ per US$ (%)
.00004317 23165 –0.03
Americas
Argentina peso .0124 80.8918 35.1 Europe
Consumer Rates and Returns to Investor Benchmark
Treasury Yields
yield curve Forex Race Brazil real .1874 5.3368 32.8 Czech Rep. koruna .04555 21.952 –3.2

U.S. consumer rates Selected rates and

Yield toRates
maturity of current bills, Yen, euro vs. dollar; dollar vs. Canada dollar
Chile peso
.7682 1.3018
.001305 766.30
0.2
3.7
Denmark krone
Euro area euro
.1600 6.2484
1.1914 .8394
–6.2
–5.9
notes and bonds major U.S. trading partners .000276 3617.70 .003301 302.94
30-year mortgage, Rate Colombiapeso 10.2 Hungary forint 2.6
A consumer rate against its
Ecuador US dollar 1 1 unch Iceland krona .007422 134.74 11.3
benchmark over the past year 2.50% Mexico peso .0499 20.0396 5.9 Norway krone .1126 8.8809 1.2
Bankrate.com avg†: 2.90% 10%
Uruguay peso .02347 42.6150 14.7 Poland zloty .2661 3.7575 –0.9
30-year fixed-rate
MidWestOne Bank 2.50% One year ago 2.00 Russia ruble .01321 75.701 22.0
Euro Asia-Pacific
s

4.00% t 5 Yen
s

t mortgage Iowa City, IA 800-247-4418 Sweden krona .1173 8.5250 –9.0

1.50 Australian dollar .7362 1.3583 –4.7
Charter Bank 2.63% Switzerland franc 1.1030 .9066 –6.3
3.00 China yuan .1521 6.5756 –5.6
0 Turkey lira .1271 7.8701 32.3
Eau Claire, WI 715-832-4254 1.00 Hong Kong dollar .1290 7.7510 –0.5
Ukraine hryvnia .0350 28.5500 20.6
Tradeweb ICE India rupee .01354 73.837 3.5
10-year Treasury 2.00 First National Bank 2.63% 0.50 –5 s
UK pound 1.3358 .7486 –0.7
Wednesday Close Indonesia rupiah .0000709 14100 1.6
note yield Waverly, IA 319-266-2000 t WSJ Dollar index Japan yen .009591 104.26 –4.0 Middle East/Africa
t 1.00 Farmers State Bank 2.75% 0.00 –10 Kazakhstan tenge .002361 423.49 10.9 Bahrain dinar 2.6525 .3770 –0.01
Waterloo, IA 877-FSB-1879 1 3 6 1 2 3 5 7 10 20 30 Macau pataca .1252 7.9890 –0.4 Egypt pound .0639 15.6376 –2.6
0.00 2019 2020 Malaysia ringgit .2459 4.0675 –0.6 Israel shekel .3010 3.3224 –3.8
TBK Bank, SSB 2.85% month(s) years
D J FM AM J J A S O N New Zealand dollar .7006 1.4273 –3.9 Kuwait dinar 3.2702 .3058 0.9
Dallas, TX 214-365-6900 maturity Pakistan rupee .00628 159.193 2.7 Oman sul rial 2.5976 .3850 –0.01
2020
Sources: Tradeweb ICE U.S. Treasury Close; Tullett Prebon; Dow Jones Market Data Philippines peso .0208 48.101 –5.1 Qatar rial .2746 3.642 –0.05
Yield/Rate (%) 52-Week Range (%) 3-yr chg Singapore dollar .7470 1.3386 –0.5 Saudi Arabia riyal .2666 3.7507 –0.02
Interest rate Last (l)Week ago Low 0 2 4 6 8 High (pct pts)
Corporate Borrowing Rates and Yields South Korea won .0009041 1106.07 –4.2 South Africa rand .0658 15.1882 8.5
Federal-funds rate target 0.00-0.25 0.00-0.25 0.00 l 1.50 -1.00 Sri Lanka rupee .0054019 185.12 2.1
Yield (%) 52-Week Total Return (%) Taiwan dollar .03508 28.505 –4.7 Close Net Chg % Chg YTD%Chg
Prime rate* 3.25 3.25 3.25 l 4.75 -1.00 Bond total return index Close Last Week ago High Low 52-wk 3-yr Thailand baht .03300 30.300 1.8 WSJ Dollar Index 86.74 0.02 0.02 –3.15
Libor, 3-month 0.23 0.22 0.20 l 1.96 -1.23
U.S. Treasury, Barclays 2458.520 0.590 0.600 1.860 0.400 7.349 5.155 Sources: Tullett Prebon, Dow Jones Market Data
Money market, annual yield 0.21 0.21 0.19 l 0.58 -0.12
1.480 14.893 10.205
Five-year CD, annual yield 0.58 0.58 0.58 l 1.42 -0.91 U.S. Treasury Long, Barclays 4741.060 1.480 2.340 0.980
Commodities
30-year mortgage, fixed† 2.90 2.94 2.90 l 4.22 -0.99 Aggregate, Barclays 2282.230 1.180 1.200 2.380 1.020 7.041 5.247 Wednesday 52-Week YTD
Pricing trends on someClose
raw materials, or commodities
Net chg % Chg High Low % Chg % chg
15-year mortgage, fixed† 2.41 2.45 2.41 l 3.57 -0.88 Fixed-Rate MBS, Barclays 2225.810 1.320 1.320 2.690 0.930 3.940 3.654
Jumbo mortgages, $510,400-plus† 2.94 2.91 2.90 l 4.36 -1.34 DJ Commodity 692.90 1.98 0.29 692.90 433.70 11.55 7.88
High Yield 100, ICE BofA 3271.220 3.961 3.957 10.740 3.589 4.654 4.708
Five-year adj mortgage (ARM)† 3.21 3.20 2.85 l 4.61 -0.40 TR/CC CRB Index 160.39 0.59 0.37 187.39 106.29 -11.07 -13.67
Muni Master, ICE BofA 591.915 0.970 0.998 3.441 0.838 4.964 4.438 Crude oil, $ per barrel 45.71 0.80 1.78 63.27 -37.63 -21.34 -25.14
New-car loan, 48-month 4.04 4.14 4.04 l 4.50 1.04
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 917.007 4.502 4.521 7.480 4.492 5.921 4.529 Natural gas, $/MMBtu 2.896 0.121 4.36 3.354 1.482 15.79 32.30
banks.† Excludes closing costs.
Sources: FactSet; Dow Jones Market Data; Bankrate.com Sources: J.P. Morgan; S&P Dow Jones Indices; Bloomberg Barclays; ICE Data Services Gold, $ per troy oz. 1805.70 0.90 0.05 2051.50 1453.40 24.24 18.84

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B8 | Friday, November 27, 2020 THE WALL STREET JOURNAL.

COMMODITIES wsj.com/market-data/commodities

Futures Contracts Open

Contract
High hilo Low Settle Chg
Open
interest
Cash Prices | wsj.com/market-data/commodities Thursday, November 26, 2020
Metal & Petroleum Futures Sugar-World (ICE-US)-112,000 lbs.; cents per lb. These prices reflect buying and selling of a variety of actual or “physical” commodities in the marketplace—
Contract Open
March 15.06 15.15 14.66 14.77 –.27 429,541 separate from the futures price on an exchange, which reflects what the commodity might be worth in future
May 14.16 14.23 13.84 13.95 –.18 220,494 months.
Open High hi lo Low Settle Chg interest
Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb.
Copper-High (CMX)-25,000 lbs.; $ per lb. Jan 29.40 29.40 29.40 29.40 … 1,808 Thursday Wednesday Wednesday
Nov 3.2940 3.2940 3.2925 3.3120 0.0120 280 March 28.98 28.98 28.98 28.98 … 3,334
March'21 3.3255 3.3515 s
LBMA Gold Price AM *1818.10 Hominy feed,Cent IL-u,w 120
3.3010 3.3305 0.0105 152,849 Cotton (ICE-US)-50,000 lbs.; cents per lb. Metals LBMA Gold Price PM *1799.60 Meat-bonemeal,50% pro Mnpls-u,w 260
Gold (CMX)-100 troy oz.; $ per troy oz. March 72.84 73.15 72.30 72.36 –.62 139,596
Nov 1801.40 1803.80 1801.40 1805.70 0.90 1,046 Gold, per troy oz Krugerrand,wholesale-e 1880.32 Oats,No.2 milling,Mnpls-u 3.3425
May 73.70 73.96 73.19 73.21 –.62 35,954
Dec 1805.20 1816.30 1798.60 1805.50 0.90 94,639 LBMA Gold Price AM *1808.55 Maple Leaf-e 1898.40 Rice, Long Grain Milled, No. 2 AR-u,w 28.38
Orange Juice (ICE-US)-15,000 lbs.; cents per lb. American Eagle-e 1898.40 Sorghum,(Milo) No.2 Gulf-u 6.3000
Jan'21 1809.80 1818.60 1803.00 1808.80 0.70 3,673 Jan 127.70 127.70 126.35 127.35 –.35 7,079 LBMA Gold Price PM *1810.20
Feb 1812.00 1821.70 1804.70 1811.20 0.30 340,439 Silver, troy oz. Mexican peso-e 2187.91 SoybeanMeal,Cent IL,rail,ton48%-u 394.90
March 128.20 128.20 126.50 127.60 –.30 2,964
1816.00 1825.10 1809.00 1815.10 0.10 63,990 Austria crown-e 1775.20 Soybeans,No.1 yllw IL-bp,u 11.7300
April LBMA spot price *£17.5700
1819.70 1828.30 1812.40 1817.80 –0.10 29,820 Austria phil-e 1898.40 Wheat,Spring14%-pro Mnpls-u 6.9600
June Interest Rate Futures (U.S.$ equivalent) *23.4100
Palladium (NYM) - 50 troy oz.; $ per troy oz. Silver, troy oz. Wheat,No.2 soft red,St.Louis-u 6.1825
Other metals Wheat - Hard - KC (USDA) $ per bu-u 5.6875
Nov … 2341.60 –8.50 6 Ultra Treasury Bonds (CBT) - $100,000; pts 32nds of 100% Engelhard industrial 23.4000
LBMA Platinum Price PM *955.0 Wheat,No.1soft white,Portld,OR-u 6.1500
March'21 2369.00 2370.00 2344.90 2364.70 –7.10 8,978 Dec 216-050 217-100 215-100 215-230 –24.0 234,319 Handy & Harman base 23.3750
Aluminum, LME, $ per metric ton *1967.0
Platinum (NYM)-50 troy oz.; $ per troy oz. March'21 214-150 215-210 213-200 214-010 –25.0 886,091 Handy & Harman fabricated 29.2190
Nov 967.30 11.60 112 Treasury Bonds (CBT)-$100,000; pts 32nds of 100% Fibers and Textiles LBMA spot price *£17.3600 Food
Jan'21 965.70 973.40 951.80 969.80 11.50 47,689 Dec 172-310 173-210 172-170 172-280 –1.0 356,757 (U.S.$ equivalent) *23.1550 Beef,carcass equiv. index
Silver (CMX)-5,000 troy oz.; $ per troy oz. March'21 174-030 174-240 173-190 174-000 –3.0 1,004,930
Cotlook 'A' Index-t *79.45 Coins,wholesale $1,000 face-a 17617 choice 1-3,600-900 lbs.-u 198.69
Nov 23.356 0.064 2 Treasury Notes (CBT)-$100,000; pts 32nds of 100% Food Other metals select 1-3,600-900 lbs.-u 177.80
March'21 23.390 23.640 23.210 23.446 0.036 113,261 Dec 138-080 138-150 138-040 138-085 .5 1,004,465 LBMA Platinum Price PM *936.0 Broilers, National comp wtd. avg.-u,w 0.8005
Crude Oil, Light Sweet (NYM)-1,000 bbls.; $ per bbl. March'21 137-275 138-025 137-230 137-285 1.0 2,467,396 Coffee,Brazilian,Comp 1.0959
Platinum,Engelhard industrial 958.0 Butter,AA Chicago 1.3600
Jan 44.82 46.26 44.73 45.71 0.80 409,337 5 Yr. Treasury Notes (CBT)-$100,000; pts 32nds of 100% Coffee,Colombian, NY 1.6491
Palladium,Engelhard industrial 2347.0 Cheddar cheese,bbl,Chicago 142.25
Feb 45.05 46.44 44.87 45.91 0.80 196,184 Dec 125-172 125-205 125-162 125-182 .5 879,158 Aluminum, LME, $ per metric ton *1964.5 Cheddar cheese,blk,Chicago 168.00
KEY TO CODES: A=ask; B=bid; BP=country elevator
March 45.17 46.52 45.08 46.03 0.78 175,463 March'21 125-275 125-310 125-262 125-287 .7 2,452,437 bids to producers; C=corrected; E=Manfra,Tordella & Copper,Comex spot 3.3120 Milk,Nonfat dry,Chicago lb. 109.50
June 45.33 46.48 45.25 46.12 0.71 212,559 2 Yr. Treasury Notes (CBT)-$200,000; pts 32nds of 100% Brookes; H=American Commodities Brokerage Co; Iron Ore, 62% Fe CFR China-s 128.2 Coffee,Brazilian,Comp 1.0843
Dec 44.91 45.86 44.89 45.67 0.64 284,337 Dec 110-126 110-132 110-125 110-128 .2 600,580 M=monthly; N=nominal; n.a.=not quoted or not 287
Shredded Scrap, US Midwest-s,m Coffee,Colombian, NY 1.6359
Dec'22 44.40 45.28 44.35 45.22 0.74 93,924 March'21 110-122 110-128 110-120 110-126 .2 1,392,596 available; R=SNL Energy; S=Platts-TSI; T=Cotlook
784
Limited; U=USDA; W=weekly; Z=not quoted. *Data as
Steel, HRC USA, FOB Midwest Mill-s Eggs,large white,Chicago-u 1.0150
NY Harbor ULSD (NYM)-42,000 gal.; $ per gal. 30 Day Federal Funds (CBT)-$5,000,000; 100 - daily avg. Flour,hard winter KC 15.45
of 11/25
Dec 1.3611 1.3987 1.3561 1.3866 .0271 17,579 Nov 99.9125 99.9150 99.9125 99.9125 .0000 150,036
Source: Dow Jones Market Data
Fibers and Textiles Hams,17-20 lbs,Mid-US fob-u 0.66
Jan'21 1.3658 1.4004 1.3604 1.3892 .0250 111,810 Jan'21 99.9200 99.9250 99.9200 99.9200 –.0050 145,316
Burlap,10-oz,40-inch NY yd-n,w 0.6450 Hogs,Iowa-So. Minnesota-u 65.13
Gasoline-NY RBOB (NYM)-42,000 gal.; $ per gal. 10 Yr. Del. Int. Rate Swaps (CBT)-$100,000; pts 32nds of 100% Pork bellies,12-14 lb MidUS-u n.a.
Dec 1.2577 1.2964 1.2558 1.2875 .0293 19,218 Dec 101-010 101-065 100-300 101-005 … 154,902 November 25, 2020 Cotton,1 1/16 std lw-mdMphs-u 0.6936
Wednesday Cotlook 'A' Index-t *80.15 Pork loins,13-19 lb MidUS-u 0.8063
Jan'21 1.2523 1.2795 1.2480 1.2710 .0200 135,545 Eurodollar (CME)-$1,000,000; pts of 100% Steers,Tex.-Okla. Choice-u n.a.
Natural Gas (NYM)-10,000 MMBtu.; $ per MMBtu. Dec 99.7475 99.7500 99.7425 99.7475 –.0025 1,107,637 Hides,hvy native steers piece fob-u 39.000
March'21 99.7900 99.7900 99.7850 99.7850 … 1,141,617
Energy Wool,64s,staple,Terr del-u,w n.a. Steers,feeder,Okla. City-u,w 145.63
Dec 2.765 2.914 2.700 2.896 .121 2,851
Jan'21 2.895 3.002 2.838 2.961 .061 297,938 June 99.7900 99.7950 99.7900 99.7900 … 871,292 Coal,C.Aplc.,12500Btu,1.2SO2-r,w 52.750
Feb 2.875 2.975 2.823 2.936 .059 95,677 Dec 99.7550 99.7550 99.7500 99.7500 … 837,802 Coal,PwdrRvrBsn,8800Btu,0.8SO2-r,w 11.600 Grains and Feeds Fats and Oils
March 2.810 2.900 2.762 2.865 .056 193,978 Barley,top-quality Mnpls-u n.a. Corn oil,crude wet/dry mill wtd. avg.-u,w 44.6000
April 2.692 2.756 2.664 2.734 .043 83,658 Currency Futures Metals
Bran,wheat middlings, KC-u 135 Grease,choice white,Chicago-h 0.2900
Oct 2.820 2.855 2.797 2.851 .031 95,465 Gold, per troy oz Corn,No. 2 yellow,Cent IL-bp,u 4.1050 Lard,Chicago-u 0.4100
Japanese Yen (CME)-¥12,500,000; $ per 100¥
Dec .9572 .9594 .9563 .9579 .0012 176,401 Engelhard industrial 1814.00 Corn gluten feed,Midwest-u,w 150.2 Soybean oil,crude;Centl IL-u 0.3981
Agriculture Futures March'21 .9586 .9608 .9577 .9593 .0013 2,470 Handy & Harman base 1810.20 Corn gluten meal,Midwest-u,w 549.3 Tallow,bleach;Chicago-h 0.3250
Corn (CBT)-5,000 bu.; cents per bu. Canadian Dollar (CME)-CAD 100,000; $ per CAD Handy & Harman fabricated 2009.32 Cottonseed meal-u,w 403 Tallow,edible,Chicago-u 0.3400
Dec 426.00 427.50 420.00 420.00 –5.75 91,564 Dec .7694 .7701 .7676 .7696 .0006 134,454
March'21 433.00 434.75 427.25 427.50 –5.00 883,867 March'21 .7698 .7703 .7679 .7699 .0007 3,223 KEY TO CODES: A=ask; B=bid; BP=country elevator bids to producers; C=corrected; E=Manfra,Tordella & Brookes; H=American Commodities Brokerage Co;
Oats (CBT)-5,000 bu.; cents per bu. British Pound (CME)-£62,500; $ per £ 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 11/24
Dec 288.00 289.00 283.00 285.75 –1.75 1,247 Dec 1.3362 1.3395 1.3306 1.3384 .0031 137,841 Source: Dow Jones Market Data
March'21 303.50 303.50 296.75 300.25 –3.50 4,032 March'21 1.3371 1.3404 1.3317 1.3394 .0031 3,445
Soybeans (CBT)-5,000 bu.; cents per bu. Swiss Franc (CME)-CHF 125,000; $ per CHF
Jan
March
1197.50 1198.50
1199.00 1200.25 s
1183.25 1184.00
1184.75 1185.75
–7.25 319,224
–7.50 251,443
Dec
March'21
1.0981
1.1012
1.1022
1.1055
1.0948
1.0982
1.1012
1.1045
.0042
.0042
49,688
596
Bonds | wsj.com/market-data/bonds/benchmarks
Soybean Meal (CBT)-100 tons; $ per ton. Australian Dollar (CME)-AUD 100,000; $ per AUD
Dec 399.40 402.40 s 395.00 396.90 –1.40 24,571 Dec .7361 .7375 .7327 .7367 .0012 129,286 Tracking Bond Benchmarks
Jan'21 398.00 401.30 s 393.80 395.90 –1.00 127,436 March'21 .7369 .7379 .7330 .7372 .0012 1,014
Soybean Oil (CBT)-60,000 lbs.; cents per lb. Mexican Peso (CME)-MXN 500,000; $ per MXN Return on investment and spreads over Treasurys and/or yields paid to investors compared with 52-week
Dec 38.38 38.68 38.05 38.18 .12 18,961 Dec .04983 .05002 .04967 .04999 .00016 135,180 highs and lows for different types of bonds
Jan'21 37.99 38.28 37.66 37.86 .14 147,351 March'21 .04934 .04953 .04919 .04950 .00016 1,520 Total Total
Rough Rice (CBT)-2,000 cwt.; $ per cwt. Euro (CME)-€125,000; $ per € return YTD total Yield (%) return YTD total Yield (%)
Jan 12.41 12.56 12.40 12.45 .05 8,584 Dec 1.1898 1.1935 1.1887 1.1922 .0034 630,187
close return (%) Index Latest Low High close return (%) Index Latest Low High
March 12.55 12.69 12.55 12.60 .05 268 March'21 1.1924 1.1962 1.1915 1.1949 .0034 8,962
Wheat (CBT)-5,000 bu.; cents per bu. Broad Market Bloomberg Barclays Mortgage-Backed Bloomberg Barclays
Dec 612.75 616.50 587.00 588.25 –23.00 15,037 Index Futures
March'21 619.00 622.75 595.25 596.50 –21.00 206,122 2282.19 7.1 U.S. Aggregate 1.190 1.020 2.380 2225.78 3.6 Mortgage-Backed 1.330 0.930 2.690
Mini DJ Industrial Average (CBT)-$5 x index
Wheat (KC)-5,000 bu.; cents per bu. Dec 30029 30165 s 29757 29828 –170 91,588 U.S. Corporate Indexes Bloomberg Barclays 2173.39 3.5 Ginnie Mae (GNMA) 0.780 0.290 2.660
Dec 563.25 565.00 543.00 543.75 –17.25 7,202
March'21 29929 30058 s 29664 29724 –172 6,967
March'21 570.75 575.00 549.75 550.50 –20.25 128,276
S&P 500 Index (CME)-$250 x index 3425.91 8.8 U.S. Corporate 1.850 1.820 4.580 1314.39 3.7 Fannie mae (FNMA) 1.520 1.110 2.690
Cattle-Feeder (CME)-50,000 lbs.; cents per lb. Dec 3640.30 3653.40 3625.30 3627.30 –5.40 28,405
Jan 138.900 140.575 138.675 140.175 1.575 19,693 3089.58 6.7 Intermediate 1.220 1.220 4.400 2017.33 3.6 Freddie Mac (FHLMC) 1.500 1.080 2.710
March'21 … … … 3618.60 –5.40 26
March 138.350 139.825 138.125 139.275 1.150 9,417
Mini S&P 500 (CME)-$50 x index 5123.95 12.4 Long term 2.850 2.730 4.930 591.92 4.6 Muni Master 0.970 0.838 3.441
Cattle-Live (CME)-40,000 lbs.; cents per lb. Dec 3635.50 3655.00 3615.25 3627.25 –5.50 2,475,696
Dec 111.525 111.650 110.875 111.375 .200 25,497 418.41 4.9 7-12 year 0.939 0.771 3.447
March'21 3629.25 3645.75 3606.75 3618.50 –5.50 72,168 697.81 8.2 Double-A-rated 1.460 1.300 3.360
Feb'21 114.250 114.350 113.600 114.175 .225 111,978
Mini S&P Midcap 400 (CME)-$100 x index
Hogs-Lean (CME)-40,000 lbs.; cents per lb. Dec 2218.00 2227.90 s 2188.90 2200.70 –15.90 53,874 910.15 8.5 Triple-B-rated 2.150 2.150 5.350 478.01 5.5 12-22 year 1.379 1.224 3.690
Dec 65.400 66.325 64.925 66.175 .875 23,964 March'21 … 2218.50 s 2189.30 2197.50 –15.50 n.a.
Feb'21 66.900 67.850 66.525 67.675 .925 81,813 High Yield Bonds ICE BofA 463.30 5.1 22-plus year 2.038 1.765 4.123
Mini Nasdaq 100 (CME)-$20 x index
Lumber (CME)-110,000 bd. ft., $ per 1,000 bd. ft. Dec 12098.50 12177.75 12077.50 12152.25 76.25 242,356 485.36 3.9 High Yield Constrained 4.748 4.655 11.400 Global Government J.P. Morgan†
Jan 603.00 625.00 599.20 617.10 16.60 1,953 March'21 12100.00 12170.00 12075.00 12146.75 76.50 4,451
March 560.50 577.40 554.50 569.30 18.10 620 Mini Russell 2000 (CME)-$50 x index 437.69 n.a. Triple-C-rated 9.621 9.621 19.071 614.17 5.4 Global Government 0.560 0.390 1.060
Milk (CME)-200,000 lbs., cents per lb. Dec 1853.30 1863.60 s 1828.10 1844.60 –6.90 559,101
Nov 23.14 23.24 23.10 23.11 –.03 5,544 3271.22 2.4 High Yield 100 3.961 3.589 10.740 861.49 7.2 Canada 0.840 0.590 1.740
Mini Russell 1000 (CME)-$50 x index
Dec 15.51 15.63 15.28 15.33 –.30 5,068 2035.00 2041.00 2030.10 2038.50 –1.10 9,180
Cocoa (ICE-US)-10 metric tons; $ per ton.
Dec 438.50 4.0 Global High Yield Constrained 4.732 4.731 11.310 420.01 5.0 EMU§ 0.066 0.050 0.794
U.S. Dollar Index (ICE-US)-$1,000 x index
March 2,759 2,768 2,685 2,724 –61 92,298 793.27 4.5 France -0.110 -0.160 0.430
Dec 92.13 92.26 91.91 91.97 –.25 30,655 334.35 1.7 Europe High Yield Constrained 3.085 2.464 8.183
May 2,697 2,700 2,631 2,667 –52 49,687 March'21 92.07 92.20 91.85 91.91 –.26 1,175
Coffee (ICE-US)-37,500 lbs.; cents per lb. U.S Agency Bloomberg Barclays 551.98 3.0 Germany -0.460 -0.740 -0.050
March 117.00 119.15 116.05 117.15 1.25 114,339
May 118.95 121.00 117.95 119.00 1.15 43,913 Source: FactSet 1863.16 5.2 U.S Agency 0.530 0.470 1.950 295.45 -0.9 Japan 0.280 0.040 0.320
1624.20 3.9 10-20 years 0.410 0.340 1.850 617.43 3.6 Netherlands -0.370 -0.540 0.080
4257.96 11.6 20-plus years 1.660 1.170 2.450 1076.21 7.1 U.K. 0.670 0.390 1.180
Macro & Market Economics 2912.25 6.5 Yankee 1.460 1.430 3.500 917.01 4.0 Emerging Markets ** 4.502 4.492 7.480
Watching the Gauges: U.S. Supply and Demand *Constrained indexes limit individual issuer concentrations to 2%; the High Yield 100 are the 100 largest bonds † In local currency § Euro-zone bonds
Inventories, imports and demand for the week ended November 20. Current figures are in thousands of barrels ** EMBI Global Index Sources: ICE Data Services; Bloomberg Barclays; J.P.Morgan
or thousands of gallons per day, except natural-gas figures, which are in billions of cubic feet. Natural-gas
import and demand data are available monthly only. Global Government Bonds: Mapping Yields
Inventories, 000s barrels Imports, 000s barrels per day Yields and spreads over or under U.S. Treasurys on benchmark two-year and 10-year government bonds in
Expected Previous Year 4-week 5-year Expected Previous Year 4-week 5-year selected other countries; arrows indicate whether the yield rose(s) or fell (t) in the latest session
Current change week ago avg avg Current change week ago avg avg
Country/ Yield (%) Spread Under/Over U.S. Treasurys, in basis points
Crude oil and Coupon (%) Maturity, in years Latest(l)-2 -1 0 1 2 3 4 Previous Month ago Year ago Latest Prev Year ago
petroleum prod 1,353,844 1,355 1,269 1,363 1,265 7,167 ... 7,078 8,798 7,100 9,612 0.125 U.S. 2 0.168 l 0.168 0.154 1.587
Crude oil 0.875 10 0.886 l 0.886 0.804 1.745
excluding SPR 488,721 unch 489 452 488 453 5,228 ... 5,254 6,190 5,253 7,527 2.250 Australia 2 0.103 t l 0.103 0.126 0.786 -6.5 -6.5 -80.1
Gasoline 230,147 228 226 228 229 441 ... 530 773 513 476 1.000 10 0.924 t 0.944 0.819 1.089 5.8 -65.6
l 3.8
Finished gasoline 26,203 800 26 24 26 25 10 ... 95 222 74 16
Reformulated 42 ... 0 0 0 0 0 ... 0 0 0 0 0.000 France 2 -0.683 t l -0.670 -0.695 -0.599 -85.1 -83.8 -218.7
Conventional 26,161 ... 26 24 26 25 10 ... 95 222 74 16 0.000 10 -0.348 t l -0.334 -0.297 -0.065 -123.3 -122.0 -181.0
Blend. components 203,944 ... 202 202 202 204 431 ... 435 551 439 460 0.000 Germany 2 -0.756 t l -0.743 -0.754 -0.633 -92.4 -91.1 -222.1
Natural gas (bcf) 3,940 ... 4 4 4 3 ... ... ... ... ... 0.000 10 -0.585 t l -0.566 -0.576 -0.371 -147.1 -145.1 -211.6
Kerosene-type 0.050 Italy 2 -0.414 t l -0.404 -0.356 -0.132 -58.2 -57.2 -172.0
jet fuel 37,142 ... 37 38 37 40 212 ... 20 116 145 180 0.900 10 0.603 t l 0.618 0.735 1.175 -28.3 -26.8 -57.0
Distillates 142,632 -1,500 144 116 148 136 186 ... 285 238 234 215
0.100 Japan 2 -0.149 t l -0.149 -0.128 -0.190 -31.7 -31.7 -177.7
Heating oil 8,841 ... 9 12 9 12 1 ... 2 0 1 45
Diesel 133,791 ... 135 104 139 123 186 ... 282 238 233 170 0.100 10 0.025 s l 0.018 0.035 -0.098 -86.1 -86.8 -184.3
Residual fuel oil 31,822 ... 33 29 32 35 172 ... 195 345 154 249 0.400 Spain 2 -0.587 t l -0.586 -0.551 -0.382 -75.5 -75.4 -196.9
Other oils 309,953 ... 310 293 316 270 776 ... 666 908 649 803 1.250 10 0.056 t l 0.068 0.190 0.384 -83.0 -81.8 -136.1
Net crude, petroleum 0.500 U.K. 2 -0.043 t l -0.023 -0.032 0.494 -21.1 -19.1 -109.4
products, incl. SPR 1,992,034 ... 1,993 1,905 2,001 1,932 -219 ... -740 113 -485 2,870 4.750 10 0.280 t l 0.319 0.277 0.655 -56.7 -109.0
-60.5
Source: Tullett Prebon
Weekly Demand, 000s barrels per day Natural gas storage Corporate Debt
Expected Previous Year 4-week 5-year Billions of cubic feet; weekly totals Prices of firms' bonds reflect factors including investors' economic, sectoral and company-specific
Current change week ago avg avg
expectations
Total petroleum Investment-grade spreads that tightened the most…
4250
product 19,156 ... 19,564 21,106 19,316 21,293 Spread*, in basis points
Natural gas, Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week
Finished lower 48 states 3250
Jefferies … 5.125 0.66 Jan. 20, ’23 45 –17 n.a.
motor gasoline 8,129 ... 8,258 9,204 8,371 9,307 t American International AIG 6.250 2.72 May 1, ’36 111 –14 n.a.
Kerosene-type
t
2250 Royal Bank of Canada RY 0.500 0.29 Oct. 26, ’23 8 –12 25
jet fuel 1,169 ... 987 1,876 1,099 1,786 Five-year average Pfizer PFE 4.000 2.01 Dec. 15, ’36 40 –11 n.a.
Distillates 4,175 ... 4,225 4,393 4,054 4,295 for each week 1250 Chevron CVX 1.141 0.26 May 11, ’23 6 –10 11
Residual fuel oil 326 ... 126 534 151 409 Cardinal Health … 7.000 1.80 Oct. 15, ’26 143 –7 n.a.
Propane/propylene 1,171 ... 1,470 1,239 1,297 ... 250 Telefonica Emisiones SA … 4.570 0.59 April 27, ’23 39 –7 n.a.
D J F M A M J J A S O N Commonwealth Bank of Australia … 2.850 0.90 May 18, ’26 53 –6 n.a.
Other oils 4,185 ... 4,499 3,859 4,344 ...
2020
Note: Expected changes are provided by Dow Jones Newswires' survey of analysts. Previous and average inventory data are in millions.
…And spreads that widened the most
Sources: FactSet; Dow Jones Market Data; U.S. Energy Information Administration; Dow Jones Newswires Southwest Airlines LUV 4.750 1.29 May 4, ’23 108 14 99
FedEx FDX 4.000 0.62 Jan. 15, ’24 24 9 n.a.
Nestle Holdings … 0.375 0.45 Jan. 15, ’24 24 6 22
Exchange-Traded Portfolios | WSJ.com/ETFresearch BNP Paribas BNP 3.500 0.65 March 1, ’23 44 5 45
\Ameriprise Financial AMP 4.000 0.46 Oct. 15, ’23 25 4 n.a.
Closing Chg YTD Intuit INTU 0.650 0.43 July 15, ’23 22 4 18
Largest 100 exchange-traded funds, latest session ETF Symbol Price (%) (%)
JPMorgan Chase JPM 3.875 0.80 Sept. 10, ’24 n.a. 3 50
Schwab US TIPs SCHP 61.34 0.16 8.3
Wednesday, November 25, 2020 Closing Chg YTD
SPDR DJIA Tr DIA 298.74 –0.56 4.8 Bank of America BAC 3.950 1.12 April 21, ’25 74 2 73
ETF Symbol Price (%) (%)
Closing Chg YTD SPDR S&PMdCpTr MDY 401.85 –0.69 7.1
ETF Symbol Price (%) (%) iShMSCI ACWI ACWI 87.87 –0.10 10.9 SPDR S&P 500 SPY 362.66 –0.15 12.7 High-yield issues with the biggest price increases…
CommSvsSPDR XLC 65.21 –0.02 21.6 iShMSCI EAFE EFA 71.22 –0.13 2.6 SPDR S&P Div SDY 106.36 –0.93 –1.1 Bond Price as % of face value
CnsmrDiscSelSector XLY 157.88 0.12 25.9 iShMSCIEmgMarkets EEM 49.57 –0.56 10.5 TechSelectSector XLK 122.01 0.21 33.1 Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week
CnsStapleSelSector XLP 66.93 –0.06 6.3 iShMSCIJapan EWJ 65.29 –0.71 10.2 UtilitiesSelSector XLU 64.40 0.26 –0.3
FinSelSectorSPDR XLF 28.56 –0.35 –7.2 iShNatlMuniBd MUB 116.81 0.02 2.5 VanEckGoldMiner GDX 34.04 1.86 16.3 Occidental Petroleum OXY 7.875 6.91 Sept. 15, ’31 107.250 2.15 101.729
iSh1-5YIGCorpBd IGSB 55.06 0.04 2.7 VangdInfoTech VGT 330.64 0.47 35.0 American Airlines AAL 3.750 14.96 March 1, ’25 65.625 1.63 60.030
FT DJ Internet FDN 204.85 1.39 47.2
iShPfd&Incm PFF 37.75 –0.05 0.4 VangdSC Val VBR 137.46 –0.87 0.3
HealthCareSelSect XLV 108.44 –0.37 6.5
iShRussell1000Gwth IWF 228.95 0.47 30.1 VangdSC Grwth VBK 245.88 0.08 23.7 FirstEnergy FE 7.375 3.44 Nov. 15, ’31 135.644 0.77 136.651
IndSelSectorSPDR XLI 88.97 –0.76 9.2
InvscQQQI QQQ 296.28 0.61 39.4
iShRussell1000 IWB 204.40 –0.02 14.6 VangdExtMkt VXF 154.39 0.42 22.5 Embarq … 7.995 5.95 June 1, ’36 120.490 0.76 118.730
iShRussell1000Val IWD 133.92 –0.64 –1.9 VangdDivApp VIG 138.54 –0.41 11.1
InvscS&P500EW RSP 124.27 –0.74 7.4
iShRussell2000 IWM 183.59 –0.34 10.8 VangdFTSEDevMk VEA 45.68 –0.20 3.7 Royal Caribbean Cruises … 5.250 5.52 Nov. 15, ’22 99.500 0.75 98.468
iSh3-7YTreasuryBd IEI 132.85 0.02 5.6
44.05 4.7
iShRussellMid-Cap IWR 65.98 –0.17 10.7 VangdFTSE EM VWO 48.31 –0.45 8.6 Sprint Capital … 8.750 3.07 March 15, ’32 153.875 0.75 152.687
iShCoreDivGrowth DGRO –0.52
iShS&P500Growth IVW 61.25 0.18 26.5 VangdFTSE Europe VGK 58.44 0.02 –0.3 0.68 105.250
iShCoreMSCIEAFE IEFA 67.25 –0.15 3.1 Crown Americas … 4.500 1.71 Jan. 15, ’23 105.800
iShS&P500Value IVE 125.94 –0.61 –3.2 VangdFTSEAWxUS VEU 56.50 –0.32 5.1
iShCoreMSCIEM IEMG 59.53 –0.48 10.7 iShShortTreaBd SHV 110.68 ... 0.2 VangdGrowth VUG 241.77 0.57 32.7 United Airlines Holdings UAL 4.250 4.02 Oct. 1, ’22 100.396 0.65 98.875
iShCoreMSCITotInt IXUS 65.12 –0.32 5.2 21.72 0.42 30.2
iShSilver SLV VangdHlthCr VHT 212.12 –0.21 10.6
iShCoreS&P500
iShCoreS&P MC
IVV
IJH
363.99
219.85
–0.14
–0.66
12.6
6.8
iShTIPSBondETF TIP 125.97
86.39
0.17 8.1
2.1
VangdHiDiv VYM 90.45 –0.65 –3.5 …And with the biggest price decreases
iSh1-3YTreasuryBd SHY 0.01 VangdIntermBd BIV 93.34 0.08 7.0
iShCoreS&P SC IJR 87.24 –0.78 4.0 –1.68 n.a.
iShS&PTotlUSStkMkt ITOT 83.12 –0.06 14.3
iSh7-10YTreasuryBd IEF 120.11 0.03 9.0 VangdIntrCorpBd VCIT 96.84 0.12 6.0 Genworth Financial GNW 6.500 7.19 June 15, ’34 94.103
iSh20+YTreasuryBd TLT 158.68 –0.31 17.1 VangdLC VV 169.98 0.02 15.0
iShCoreUSAggBd AGG 118.06 –0.03 5.1 United Airlines Holdings UAL 5.000 5.87 Feb. 1, ’24 97.500 –0.84 96.250
iShRussellMCGrowth IWP 191.85 0.72 25.7 VangdMC VO 199.84 0.04 12.2
iShSelectDividend DVY 96.38 –1.02 –8.8 iShUSTreasuryBdETF GOVT 27.66 –0.04 6.6 VangdMBS VMBS 54.11 ... 1.8 United States Cellular USM 6.700 3.70 Dec. 15, ’33 130.781 –0.81 131.250
iShESGAwareUSA ESGU 83.21 –0.01 16.7 –0.59 120.380
JPM UltShtIncm JPST 50.80 ... 0.7 VangdRealEst VNQ 85.27 0.06 –8.1 Netflix NFLX 5.375 2.88 Nov. 15, ’29 119.551
iShEdgeMSCIMinEAFE EFAV 72.02 ... –3.4 PIMCOEnhShMaturity MINT 102.00 0.01 0.4 VangdS&P500ETF VOO 333.19 –0.16 12.6
iShEdgeMSCIMinUSA USMV 66.72 –0.18 1.7 SPDR BlmBarcHYBd JNK 107.53 –0.01 –1.8 VangdST Bond BSV 82.86 ... 2.8 Quebecor Media … 5.750 1.84 Jan. 15, ’23 108.111 –0.51 108.750
iShEdgeMSCIUSAMom MTUM 153.74 1.10 22.4 SPDRBloomBar1-3MTB BIL 91.52 –0.01 0.1 VangdSTCpBd VCSH 83.06 0.04 2.5 Teva Pharmaceutical Finance Netherlands Iii … 2.800 3.35 July 21, ’23 98.625 –0.50 97.500
iShEdgeMSCIUSAQual QUAL 112.62 –0.35 11.5 SPDR Gold GLD 169.51 –0.05 18.6 VangdSC VB 184.02 –0.41 11.1
iSh5-10YIGCorpBd IGIB 61.45 0.13 6.0 SchwabIntEquity SCHF 35.14 –0.17 4.5 VangdTotalBd BND 88.18 –0.05 5.2
Transocean RIG 6.800 26.11 March 15, ’38 27.060 –0.44 17.875
iShGoldTr IAU 17.23 –0.06 18.8 SchwabUS BrdMkt SCHB 87.72 0.01 14.1 VangdTotIntlBd BNDX 58.45 0.02 3.3 Navient NAVI 6.750 5.11 June 15, ’26 107.819 –0.43 107.280
iShiBoxx$InvGrCpBd LQD 137.51 0.06 7.5 SchwabUS Div SCHD 63.81 –0.93 10.2 VangdTotIntlStk VXUS 58.25 –0.34 4.6
iShiBoxx$HYCpBd HYG 86.27 –0.05 –1.9 SchwabUS LC SCHX 87.94 –0.01 14.5 VangdTotalStk VTI 187.52 –0.04 14.6 *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.
iShJPMUSDEmgBd EMB 114.10 –0.08 –0.4 SchwabUS LC Grw SCHG 122.00 0.60 31.3 VangdTotlWrld VT 89.33 –0.16 10.3 Note: Data are for the most active issue of bonds with maturities of two years or more
iShMBSETF MBB 110.11 –0.04 1.9 SchwabUS SC SCHA 83.56 –0.48 10.5 VangdValue VTV 116.97 –0.62 –2.4 Source: MarketAxess
THE WALL STREET JOURNAL. Friday, November 27, 2020 | B9

BIGGEST 1,000 STOCKS

Net 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 Stock Sym Close Chg
The following explanations apply to NYSE, s-New 52-week high.
FidNatlInfo FIS 147.97 -0.95 KeurigDrPepper KDP 30.33 0.44 Novocure NVCR 116.68 -2.73 PrudentialFin PRU 78.73 -1.12 ServiceCorp SCI 49.76 0.32 Telefonica TEF 4.45 0.07 ViacomCBS A VIACA 35.93 0.26
NYSE Arca, NYSE American and Nasdaq Stock t-New 52-week low. FifthThirdBncp FITB 26.68 -0.58 KeyCorp KEY 16.51 -0.24 s NuanceComms NUAN 42.87 1.24 Prudential PUK 32.77 -1.13 ServiceNow NOW 519.22 4.53 TelekmIndonesia TLK 22.95 -0.42 ViacomCBS B VIAC 34.82 0.31
Market listed securities. Prices are composite dd-Indicates loss in the most recent FirstHorizonNatl FHN 12.93 -0.14 s KeysightTechs KEYS 118.52 0.40 Nucor NUE 54.78 -1.64 PublicServiceEnt PEG 59.97 0.29 ShawComm B SJR 17.49 -0.21 10xGenomics TXG 140.84 4.69 Viatris VTRS 17.07 0.17
quotations that include primary market trades four quarters. FirstRepBank FRC 132.96 -1.66 KilroyRealty KRC 63.35 -0.96 Nutrien NTR 48.59 0.51 PublicStorage PSA 223.30 1.23 SherwinWilliams SHW 731.25 -4.04 Tenaris TS 16.22 -0.13 Vipshop VIPS 25.85 0.05
as well as trades reported by Nasdaq BX FD-First day of trading. FirstSolar FSLR 92.45 2.04 KimberlyClark KMB 140.70 1.50 NVIDIA NVDA 529.39 11.08 PulteGroup PHM 44.61 0.63 ShinhanFin SHG 31.24 0.14 TencentMusic TME 16.71 0.23 Visa V 210.89 1.21
(formerly Boston), Chicago Stock Exchange, h-Does not meet continued listing FirstEnergy FE 26.56 -0.10 KinderMorgan KMI 14.85 -0.12 Qiagen QGEN 47.25 0.69 Shopify SHOP 1019.52 48.28 s Teradyne TER 108.34 -0.65 Vistra VST 19.47 0.10
Cboe, NYSE National and Nasdaq ISE. standards Fiserv FISV 114.98 0.10 KingsoftCloud KC 36.76 1.36 O P Q Qorvo QRVO 148.24 -3.51 Sibanye-Stillwater SBSW 13.15 0.26 s Tesla TSLA 574.00 18.62 VMware VMW 141.69 -8.82
The list comprises the 1,000 largest lf-Late filing FiveBelow FIVE 155.84 -1.65 KinrossGold KGC 7.12 0.14 Qualcomm QCOM 144.08 -1.85 SimonProperty SPG 87.19 -1.60 TevaPharm TEVA 9.75 -0.11 Vodafone VOD 16.76 -0.10
companies based on market capitalization. q-Temporary exemption from Nasdaq Five9 FIVN 144.39 1.35 KirklandLakeGold KL 39.62 0.76 OGE Energy OGE 34.64 -0.12 QuantaServices PWR 69.69 -0.94 SiriusXM SIRI 6.47 -0.08 TexasInstruments TXN 157.60 -1.75 VornadoRealty VNO 40.62 -1.22
FleetCorTech FLT 269.69 2.63 Knight-Swift KNX 40.86 -0.65 ONEOK OKE 37.54 -0.12 QuestDiag DGX 124.33 -1.67 Skyworks SWKS 135.95 -2.90 Textron TXT 47.20 -1.29 VoyaFinancial VOYA 59.65 -0.80
Underlined quotations are those stocks with requirements. OReillyAuto ORLY 444.14 -4.90
t-NYSE bankruptcy Flex FLEX 16.73 -0.27 KoninklijkePhil PHG 50.75 -0.03 Quidel QDEL 180.76 6.32 s SlackTech WORK 40.70 11.12 ThermoFisherSci TMO 448.45 8.89 VulcanMatls VMC 144.02 -0.91
large changes in volume compared with the Floor&Decor FND 82.08 -1.11 KoreaElcPwr KEP 9.93 -0.10 OakStreetHealth OSH 47.11 2.08 SmithAO AOS 56.37 -1.59 ThomsonReuters TRI 80.00 0.50
v-Trading halted on primary market.
issue’s average trading volume.
vj-In bankruptcy or receivership or FomentoEconMex FMX 75.96 -1.16 KraftHeinz KHC 32.54 -0.89 OccidentalPetrol OXY 16.72 -0.06
Okta OKTA 237.67 8.15
R S Smith&Nephew SNN 37.96 -0.29 3M MMM 177.12 0.04 W X Y Z
FordMotor F 9.08 -0.37 Kroger KR 32.32 -0.37 Smucker SJM 118.00 0.21 Tiffany TIF 131.58 0.07
Boldfaced quotations highlight those issues being reorganized under the Fortinet FTNT 119.86 1.27 L Brands LB 38.95 -0.74 OldDomFreight ODFL 202.91 -0.56 RELX RELX 23.40 -0.05 Toro TTC 90.26 -1.70 WEC Energy WEC 96.00 -0.24
whose price changed by 5% or more if their Bankruptcy Code, or securities OmegaHealthcare OHI 36.28 -0.51 s RH Snap SNAP 45.56 1.27
Fortis FTS 40.65 -0.04 Line LN 51.57 ... RH 449.45 10.85 SnapOn SNA 174.96 -4.10 TorontoDomBk TD 54.69 -0.11 WEX WEX 180.54 -4.16
previous closing price was $2 or higher. assumed by such companies. Fortive FTV 71.87 -1.06 LKQ LKQ 36.22 -0.58 Omnicom OMC 64.17 -0.27 RPM RPM 87.08 -1.59 Total TOT 44.75 -0.76 W.P.Carey WPC 70.95 -0.63
s ON Semi ON 28.58 -0.03 RaymondJames RJF 93.49 -0.47 Snowflake SNOW 303.02 20.92 WPP WPP 50.71 0.09
FortBrandsHome FBHS 84.86 0.42 LPL Financial LPLA 93.39 -1.43 s SOQUIMICH SQM 48.34 0.24 ToyotaMotor TM 141.31 -2.53
FoxA FOXA 29.30 -0.18 L3HarrisTech LHX 194.98 -0.85 OneConnectFinTech OCFT 20.02 -0.29 RaytheonTech RTX 73.81 -0.55 TractorSupply TSCO 133.90 -0.12 Wabtec WAB 74.09 -2.12
Wall Street Journal stock tables reflect composite regular trading as of 4 p.m. and OpenText OTEX 43.88 -0.04 RealtyIncome O SolarEdgeTech SEDG 275.97 7.00
FoxB FOX 28.96 -0.25 LabCpAm LH 196.46 -2.30 62.90 1.06
SolarWinds SWI 22.48 0.23 s TradeDesk TTD 862.27 18.17 WalgreensBoots WBA 39.07 0.55
changes in the closing prices from 4 p.m. the previous day. Franco-Nevada FNV 130.48 4.64 LamResearch LRCX 446.78 0.34 Oracle ORCL 57.41 -0.16 RegencyCtrs REG 47.59 -1.20 Walmart WMT 151.83 0.47
Orange ORAN 12.47 0.17 RegenPharm REGN 508.31 2.21 s Sony SNE 93.23 2.43 Tradeweb TW 58.13 0.51
FranklinRscs BEN 22.32 -0.05 LamarAdv LAMR 79.77 -1.25
Orix IX 77.91 0.68 RegionsFin RF 15.75 -0.34 SoteraHealth SHC 26.76 -0.24 TraneTech TT 144.97 -2.10 WarnerMusic WMG 28.85 -0.40
WasteConnections WCN 104.12 -0.77
Wednesday, Nov. 25, 2020 Net Net s FreeportMcM FCX 23.54 0.43 LambWeston LW 73.26 1.28
OtisWorldwide OTIS 67.38 -0.02 ReinsGrp Southern SO 60.89 -0.30 TransDigm TDG 603.85-11.56
Stock Sym Close Chg Stock Sym Close Chg FreseniusMed FMS 41.87 -0.09 LasVegasSands LVS 56.54 -1.54 RGA 121.33 -3.43
OwensCorning OC 74.16 -0.27 RelianceSteel RS 121.42 -1.23 s SoCopper SCCO 59.98 0.47 TransUnion TRU 93.65 0.63 WasteMgt WM 119.64 -0.79
Net Lear LEA 146.04 -4.29 Waters WAT 226.74 -5.51
SouthwestAir LUV 48.27 0.02 Travelers TRV 136.02 -0.37 Watsco
Stock Sym Close Chg BkNovaScotia BNS 49.73 0.10 Comcast A CMCSA 51.80 -0.54 G H I Leidos LDOS 102.64 0.07 PG&E
PNC Fin
PCG 12.64 -0.18 RenaissanceRe RNR 171.44 -3.51
PNC 140.65 0.54 Repligen RGEN 181.43 2.28 Splunk SPLK 198.86 0.37 Trex TREX 73.50 -0.50 Wayfair
WSO 223.75 -3.82
W 250.56 8.83
Barclays BCS 7.64 -0.38 Comerica CMA 53.30 -1.29 Lennar A LEN 77.04 0.51 Spotify SPOT 270.09 -0.05 Trimble TRMB 59.39 -1.20 Weibo
A B C BarrickGold GOLD 22.83 0.04 CommerceBcshrs CBSH 69.06 -0.69 GCI LibertyA GLIBA 91.04 -0.44 Lennar B LEN.B 61.58 0.32 POSCO
PPD
PKX 55.58 -0.69 RepublicSvcs RSG 97.44 -0.34
PPD 33.70 -0.09 ResMed RMD 206.03 -0.50 s Square SQ 212.92 10.02 Trip.com
WB 43.62 -0.83
TCOM 33.33 -0.51 WellsFargo WFC 28.59 -0.02
BaxterIntl BAX 75.39 -0.64 ConagraBrands CAG 35.76 0.40 GDS Holdings GDS 86.11 -2.14 LennoxIntl LII 288.97-11.74
PPG Ind PPG 146.69 -1.24 RestaurantBrands QSR 59.28 -0.81 StanleyBlackDck SWK 186.40 -4.34 TruistFinl TFC 48.51 -0.46 Welltower WELL 65.26 -0.21
ABB ABB 26.55 -0.28 BectonDicknsn BDX 227.47 -1.82 ConchoRscs CXO 63.37 -1.16 GFLEnvironmental GFL 26.44 0.54 LeviStrauss LEVI 19.49 -0.01 Starbucks SBUX 98.20 -0.10 Twilio TWLO 305.50 13.50 WestPharmSvcs WST 269.20 1.49
PPL PPL 29.39 -1.29 RingCentral RNG 288.70 5.88
AcadiaPharm ACAD 55.86 1.14 BeiGene BGNE 264.16 7.98 ConocoPhillips COP 43.63 -0.78 GSXTechedu GSX 62.30 -2.78 LiAuto LI 40.72 -3.24
PRA HealthSci PRAH 110.05 -1.03 RioTinto StateStreet STT 72.24 -1.18 Twitter TWTR 46.43 1.20 WesternDigital WDC 45.26 -0.58
AECOM ACM 52.24 0.06 BentleySystems BSY 35.67 0.09 ConEd ED 78.66 0.28 Galapagos GLPG 120.78 -2.76 LibertyBroadbandA LBRDA 156.90 -1.29 RIO 66.28 -1.37
s PTC PTC 105.96 2.05 RitchieBros RBA 67.32 0.96 SteelDynamics STLD 37.88 -0.75 TylerTech TYL 414.89 4.04 WesternUnion WU 22.58 0.15
AES AES 20.98 -0.17 Berkley WRB 64.96 -0.88 ConstBrands A STZ 204.70 -3.10 Gallagher AJG 116.07 -0.35 LibertyBroadbandC LBRDK 157.77 -0.87
Paccar PCAR 88.82 -1.59 RobertHalf RHI 65.83 -0.69 Steris STE 189.29 -1.34 TysonFoods TSN 64.99 0.19 WestlakeChem WLK 77.82 -1.79
Aflac AFL 45.61 -0.52 BerkHathwy B BRK.B 233.13 -0.79 ConstBrands B STZ.B 205.00 -2.14 Gaming&Leisure GLPI 42.04 -0.61 LibertyGlobal A LBTYA 22.77 -0.43 s STMicroelec STM 37.98 0.44 UBS Group UBS 14.62 -0.14 WestpacBanking WBK 15.35 0.08
GPS 21.60 -5.27 PackagingCpAm PKG 131.75 -2.85 RocketCos. RKT 20.42 -0.41
AGCO AGCO 93.20 -3.01 BerkHathwy A BRK.A 350395-706.00 Cooper COO 329.01 3.55 Gap LibertyGlobal B LBTYB 22.55 -1.21 s PagSeguroDig PAGS 48.14 1.52 Rockwell StoneCo STNE 70.51 -1.33 UDR UDR 39.76 -0.38 WestRock WRK 44.06 -1.37
AGNC Invt AGNC 15.65 -0.05 BerryGlobal BERY 53.94 -0.49 Copart CPRT 114.76 1.56 Garmin GRMN 116.37 -0.09 LibertyGlobal C LBTYK 21.94 -0.45 ROK 256.43 -0.38
s PalantirTech PLTR 29.05 5.23 RogersComm B RCI 46.69 -0.21 Stryker SYK 233.72 -6.59 UGI UGI 37.64 -0.42 Weyerhaeuser WY 29.13 -0.11
Ansys ANSS 322.87 2.75 BestBuy BBY 113.90 0.36 Corning GLW 37.30 -0.20 Gartner IT 153.87 -0.81 LibertyFormOne A FWONA 38.02 -0.16 s PaloAltoNtwks PANW 297.29 0.12 Roku SumitomoMits SMFG 6.10 -0.13 US Foods USFD 31.98 ... WheatonPrecMet WPM 38.55 0.11
ROKU 278.06 5.05
ASETech ASX 5.13 -0.10 BeyondMeat BYND 139.58 -2.25 Corteva CTVA 38.58 -0.32 Generac GNRC 216.51 2.67 LibertyFormOne C FWONK 42.39 0.09
ParkerHannifin PH 274.10 -5.76 Rollins ROL 55.94 -0.59 SunComms SUI 140.12 0.65 Uber UBER 50.80 -0.46 Whirlpool WHR 200.12 -0.10
ASML ASML 423.48 -0.79 Bilibili BILI 62.01 -0.83 CoStar CSGP 880.09 10.18 GeneralDynamics GD 152.04 -1.63 LibertyBraves A BATRA 26.38 -0.26
Paychex PAYX 93.12 -0.61 RoperTech ROP 418.47 -0.06 SunLifeFinancial SLF 45.35 -0.46 Ubiquiti UI 241.45 -4.91 Williams WMB 21.62 -0.34
AT&T T 28.99 -0.24 Bill.com BILL 114.03 4.96 Costco COST 387.75 3.53 GeneralElec GE 10.50 0.05 LibertyBraves C BATRK 26.09 -0.25
PaycomSoftware PAYC 407.17 6.69 RossStores ROST 110.92 -2.49 SuncorEnergy SU 17.56 -0.11 UltaBeauty ULTA 279.54 -5.17 Williams-Sonoma WSM 112.01 -0.95
AbbottLabs ABT 106.41 -1.20 Bio-Techne TECH 301.75 -1.07 CoupaSoftware COUP 327.53 9.97 GeneralMills GIS 60.00 -0.57 LibertySirius B LSXMB 43.00 0.12 s UltragenyxPharm RARE 119.83 0.95 WillisTowers WLTW 209.44 0.44
Paylocity PCTY 195.06 1.36 s RoyalBkCanada RY 82.92 0.07 SunRun RUN 67.97 1.63
AbbVie ABBV 104.20 0.24 Bio-RadLab B BIO.B525.43 3.43 Credicorp BAP 151.63 5.24 GeneralMotors GM 45.46 -1.00 LibertySirius A LSXMA 41.40 -0.93 s PayPal PYPL 214.46 8.46 RoyalCaribbean RCL 80.08 -1.55 Suzano SUZ 9.49 0.17 UnderArmour C UA 14.82 -0.11 Wipro WIT 5.08 -0.05
Abiomed ABMD 263.82 -1.85 Bio-RadLab A BIO 523.23 6.67 CreditSuisse CS 12.96 -0.06 Genmab GMAB 35.91 0.68 LibertySirius C LSXMK 41.63 -0.82 UnderArmour A UAA 16.86 -0.15 Wix.com
s Accenture ACN 249.33 -0.67 Biogen Pegasystems PEGA 130.49 2.20 RoyalDutchA RDS.A 36.34 -0.77 SynchronyFin SYF 31.38 -0.59 WIX 250.78 3.35
BIIB 241.75 -0.76 Cree CREE 88.82 -0.93 Genpact G 41.02 -0.60 EliLilly LLY 144.75 -0.15 Peloton PTON 106.94 1.52 RoyalDutchB RDS.B 34.89 -0.54 SyneosHealth SYNH 65.84 -0.36 Unilever UN 61.13 3.25 Woodward WWD 113.84 -0.88
ActivisionBliz ATVI 76.51 1.28 BioMarinPharm BMRN 78.15 0.19 CrowdStrike CRWD 149.96 0.51 Gentex GNTX 33.02 ... LincolnNational LNC 50.19 -0.72 Unilever UL 61.28 3.17 Workday
PembinaPipeline PBA 26.25 -0.25 RoyalGold RGLD 109.50 2.00 Synnex SNX 161.75 -2.27 WDAY 214.88 1.74
Adobe ADBE 470.08 7.38 BioNTech BNTX 104.96 3.09 CrownCastle CCI 164.96 0.71 GenuineParts GPC 98.95 -2.21 Linde LIN 253.34 -2.82 PennNational PENN 72.38 -0.89 RoyaltyPharma RPRX 40.97 1.39 Synopsys SNPS 217.02 1.53 UnionPacific UNP 207.24 -1.46 WynnResorts WYNN 100.40 -2.36
AdvanceAuto AAP 149.40 -0.43 BlackKnight BKI 91.06 -0.03 CrownHoldings CCK 95.81 -0.95 GileadSciences GILD 59.50 -0.75 LithiaMotors LAD 301.87 -6.76 UnitedAirlines UAL 45.64 0.68 XP
Pentair PNR 52.19 -1.90 Ryanair RYAAY 105.38 -0.55 Sysco SYY 71.68 -0.77 XP 41.98 -0.02
AdvMicroDevices AMD 86.71 1.64 s BlackRock BLK 703.61 4.31 Cummins CMI 230.39 -4.27 GSK GSK 37.23 0.14 LiveNationEnt LYV 68.29 -1.02 Penumbra PEN 224.12-10.06 SAP SAP 118.09 1.29 UnitedMicro UMC 6.77 0.09 XPO Logistics XPO 105.42 -0.44
Aegon AEG 3.65 -0.16 Blackstone BX 60.48 0.65 CureVac CVAC 81.79 -0.31 GlobalPayments GPN 197.01 -1.82 LloydsBanking LYG 2.00 -0.09
AgilentTechs A 114.35 -0.33 Boeing BA 217.61 -0.88 CyrusOne CONE 70.12 1.52 Globant GLOB 178.74 -2.57 LockheedMartin LMT 378.34 -0.14
PepsiCo PEP 144.16 0.13 S&P Global SPGI 338.04 3.83 T U V UPS B UPS 170.50 -2.19 XcelEnergy XEL 68.11 -0.03
UnitedRentals URI 230.46 -7.45 s Xilinx
AgnicoEagle AEM 63.80 0.91 BookingHldgs BKNG 2063.80-39.65 GlobeLife GL 96.65 -0.87 PerkinElmer PKI 127.50 0.43 SBA Comm SBAC 282.61 2.72 XLNX 135.56 2.34
Loews L 44.37 -0.52 PetroChina PTR 34.10 0.09 SEI Investments SEIC 55.75 -0.95 TAL Education TAL 73.85 0.05 US Bancorp USB 44.68 -0.72 XPeng XPEV 64.27 -6.36
AirProducts APD 278.12 -5.90 BoozAllen BAH 88.00 0.18
AkamaiTech AKAM 103.74 1.22 BorgWarner BWA 39.11 -1.36
D E F GoDaddy GDDY 78.05 1.25
GoldFields GFI 8.68 0.14
LogitechIntl LOGI 85.94 3.39 PetroleoBrasil PBR 10.03 0.03 SK Telecom SKM 23.13 -0.33 TC Energy TRP 45.08 0.06 UnitedHealth UNH 333.19 -2.82 Xylem XYL 96.69 -0.83
Lowe's LOW 154.88 -0.08 PetroleoBrasilA PBR.A 9.88 0.07 SS&C Tech SSNC 69.02 -0.75 TE Connectivity TEL 114.93 -2.00 s UnitySoftware U 137.46 8.42 Yandex YNDX 65.62 0.24
Albemarle ALB 134.73 -2.53 BostonBeer SAM 903.38 9.11 DISH Network DISH 36.16 -0.27 GoldmanSachs GS 236.54 -0.96 LufaxHolding LU 14.09 0.16
Albertsons ACI 15.80 -0.10 BostonProps BXP 102.35 -2.08 DTE Energy DTE 132.24 0.53 GoodRx GDRX 38.57 0.52 Pfizer PFE 36.53 -0.07 StoreCapital STOR 33.62 0.52 Telus TU 19.21 0.06 UnivDisplay OLED 219.98 -2.54 YatsenHolding YSG 16.86 -0.29
lululemon LULU 357.80 8.25 PhilipMorris PM 76.89 -1.13 SVB Fin SIVB 354.58 -7.25 TJX TJX 62.80 -1.53 UniversalHealthB UHS 133.25 -0.70 YumBrands YUM 106.61 -0.58
Alcon ALC 63.18 0.17 BostonSci BSX 33.55 -0.24 DadaNexus DADA 56.53 8.53 Graco GGG 68.02 -1.06 LumenTech LUMN 10.77 -0.13
AlexandriaRlEst ARE 162.58 0.22 BrightHorizons BFAM 173.02 1.03 Danaher DHR 217.22 -1.04 Grainger GWW 414.58 -5.97 Phillips66 PSX 66.26 -1.46 Salesforce.com CRM 246.82-14.02 T-MobileUS TMUS 128.74 0.68 VEREIT VER 7.40 0.05 YumChina YUMC 58.71 -1.66
Lyft LYFT 39.52 0.03 Pinduoduo PDD 135.90 -8.04 Sanofi SNY 50.20 0.28 TRowePrice TROW 145.04 1.10 VF VFC 87.57 -1.18 ZTO Express ZTO 29.46 -0.30
AlexionPharm ALXN 122.93 -0.18 BristolMyers BMY 62.84 -0.38 Darden DRI 110.58 -2.88 Grifols GRFS 18.21 -0.19 LyondellBasell LYB 89.33 -1.52
Alibaba BABA 277.72 -2.24 BritishAmTob BTI 35.80 -0.31 DarlingIngred DAR 47.99 -0.89 GuardantHealth GH 112.64 -0.36 PinnacleWest PNW 86.52 0.74 SantanderCons SC 23.30 -0.27 TaiwanSemi TSM 97.49 0.85 VICI Prop VICI 25.50 -0.61 ZaiLab ZLAB 106.69 0.28
Pinterest PINS 67.42 3.39 SareptaTherap SRPT 135.72 0.61 TakeTwoSoftware TTWO 173.98 4.15 VailResorts MTN 283.25 -3.29 s ZebraTech ZBRA 372.73 -0.74
AlignTech ALGN 473.69 -1.41 s Broadcom AVGO 390.83 -1.40 Datadog
Alleghany Y 597.72-11.45 BroadridgeFinl BR 146.27 -0.67 DaVita
DDOG 93.51 4.33 Guidewire GWRE 119.42 0.05
DVA 109.60 -0.07 HCA Healthcare HCA 153.62 -1.44
M N PioneerNatRscs PXD 109.96 -1.39 Schlumberger SLB 22.10 -0.13 TakedaPharm TAK 17.72 0.11 s Vale VALE 14.30 0.29 s Zendesk ZEN 134.52 5.57
Allegion ALLE 115.21 -1.58 BrookfieldMgt BAM 41.56 -1.48 DeckersOutdoor DECK 264.49 5.00 HDFC Bank HDB 68.21 -1.38 M&T Bank MTB 122.30 -1.37 PlainsAllAmPipe PAA 8.63 -0.03 SchwabC SCHW 49.75 -0.04 Tapestry TPR 29.69 -0.43 ValeroEnergy VLO 56.43 -2.06 Zillow C Z 107.09 0.09
AlliantEnergy LNT 53.51 0.14 BrookfieldInfr BIP 51.63 -0.47 Deere DE 256.43 -5.08 HD Supply HDS 55.78 0.03 MGMGrowthProp MGP 30.56 -0.27 PlainsGP PAGP 8.63 -0.09 ScottsMiracleGro SMG 169.41 -1.16 s Target TGT 179.82 1.96 VarianMed VAR 174.11 -0.01 Zillow A ZG 109.45 0.67
Allstate ALL 103.95 -0.93 BrookfieldPropREIT BPYU 16.73 -0.64 DellTechC DELL 69.35 -0.98 HP HPQ 22.25 0.50 MGM Resorts MGM 28.39 -0.06 PlugPower PLUG 26.16 -0.56 Sea SE 177.70 0.78 TataMotors TTM 11.78 0.08 VeevaSystems VEEV 268.36 2.78 ZimmerBiomet ZBH 149.68 -1.40
AllyFinancial ALLY 30.70 -0.37 s BrookfieldRenew BEPC 79.37 2.32 DeltaAir DAL 41.29 0.03 HSBC HSBC 26.75 0.09 MKS Instrum MKSI 136.25 -1.62 Pool POOL 333.59 5.31 Seagate STX 58.34 -0.21 TeckRscsB TECK 15.56 -0.25 Ventas VTR 49.23 -1.11 Zoetis ZTS 160.19 -0.87
AlnylamPharm ALNY 125.45 -0.21 Brown&Brown BRO 45.86 -0.59 DenaliTherap DNLI 60.62 -0.40 Halliburton HAL 17.86 -0.05 MPLX MPLX 22.27 -0.31 PrincipalFin PFG 52.00 -0.60 Seagen SGEN 165.45 0.82 TeladocHealth TDOC 190.59 4.17 VeriSign VRSN 198.72 1.26 ZoomVideo ZM 443.72 16.17
Alphabet A GOOGL 1764.13 0.23 Brown-Forman B BF.B 81.15 -0.67 DentsplySirona XRAY 51.32 -0.23 HartfordFinl HIG 46.58 -0.95 MSCI MSCI 403.95 4.31 Procter&Gamble PG 138.68 0.37 SealedAir SEE 45.22 -0.73 TeledyneTech TDY 388.16 -4.17 VeriskAnalytics VRSK 195.62 1.14 ZoomInfoTech ZI 47.10 0.35
Alphabet C GOOG 1771.43 2.55 Brown-Forman A BF.A 73.70 -0.45 DeutscheBank DB 11.37 -0.09 Hasbro HAS 92.14 0.04 MagellanMid MMP 43.26 -0.81 Progressive PGR 89.40 0.77 SempraEnergy SRE 131.96 -0.35 Teleflex TFX 373.66 -7.96 Verizon VZ 60.41 -0.23 Zscaler ZS 146.94 5.75
MagnaIntl MGA 61.66 -1.68 Prologis PLD 99.01 0.20 SensataTechs ST 50.31 -0.94 Ericsson ERIC 12.26 0.07 VertxPharm VRTX 218.10 1.60 Zynga ZNGA 8.04 0.04
Alteryx AYX 117.38 5.38 Bruker BRKR 50.50 0.18 DexCom DXCM 312.55 -0.77 HealthcareAmer HTA 26.69 0.04
AlticeUSA ATUS 34.37 -0.21 Bunge BG 61.83 -0.82 Diageo DEO 157.66 1.25 HealthpeakProp PEAK 30.51 -0.26 ManulifeFin MFC 17.12 -0.26
Altria MO 40.38 -0.62 BurlingtonStrs BURL 222.00 -3.95 DiamondbkEner FANG 45.39 -1.75 Heico HEI 128.46 -1.14 MarathonPetrol MPC 41.48 -0.97
AlumofChina ACH 8.99 -0.25 CBRE Group CBRE 61.26 -0.20 DigitalRealty DLR 135.75 3.15 Heico A HEI.A 114.30 -0.65 MaravaiLifeSci MRVI 26.96 0.67
Amazon.com AMZN 3185.07 67.01 CDW CDW 131.94 -4.88 DiscoverFinSvcs DFS 79.29 -2.31 HenrySchein HSIC 64.13 -0.44 Markel MKL 1007.00-20.49
Ambev
Amcor
ABEV 2.76 -0.02 CF Industries CF 38.17 -0.48 DiscoveryB DISCB 32.97 2.37 Hershey
AMCR 11.59 -0.21 CGI GIB 73.21 0.61 DiscoveryA DISCA 27.30 0.10 Hess
HSY 148.15 -0.06
HES 52.58 -1.06
MarketAxess MKTX 514.35 -4.11
Marriott MAR 129.22 -1.69
Borrowing Benchmarks | wsj.com/market-data/bonds/benchmarks
Amdocs DOX 65.94 -0.95 CH Robinson CHRW 93.03 -1.39 DiscoveryC DISCK 24.41 -0.06 HewlettPackard HPE 11.24 -0.29 Marsh&McLen MMC 115.23 0.13
Amedisys AMED 235.18 3.88 CME Group CME 174.79 1.61 Disney
Amerco
DIS 149.09 -2.40 HighwoodsProp HIW 39.13 -0.48
UHAL 414.00 -1.28 CMS Energy CMS 62.70 0.39 DocuSign DOCU 224.15 6.95 Hilton HLT 106.30 -2.64
MartinMarietta MLM 272.68 -2.24
MarvellTech MRVL 44.60 -0.24 Money Rates November 26, 2020
Ameren AEE 80.58 1.51 CNA Fin CNA 35.56 -0.41 DolbyLab DLB 88.84 -0.84 Hologic HOLX 68.23 0.55 Masco MAS 54.16 -0.47
AmericaMovil A AMOV 14.32 -0.07 CNH Indl CNHI 11.23 -0.03 DollarGeneral DG 217.00 4.02 HomeDepot HD 273.96 0.65 Masimo MASI 245.41 1.36 Key annual interest rates paid to borrow or lend money in U.S. and international markets. Rates below are a
AmericaMovil AMX 14.53 0.14 CNOOC CEO 124.01 2.22 s DollarTree DLTR 111.73 0.38 HondaMotor HMC 29.35 -0.38 Mastercard MA 341.32 -1.07
AmerAirlines AAL 14.94 0.12 s CRH CRH 42.46 0.59 DominionEner D 79.41 0.03 Honeywell HON 207.68 -0.21 MaximIntProducts MXIM 81.38 -0.32 guide to general levels but don’t always represent actual transactions.
AEP AEP 85.37 0.55 CRISPR Therap CRSP 110.00 0.01 Domino's DPZ 383.44 0.31 HorizonTherap HZNP 68.90 -0.14 McCormickVtg MKC.V 185.15 -2.17
AmerExpress AXP 120.58 0.19 CSX CSX 92.24 -0.68 Donaldson DCI 54.21 -0.65 HormelFoods HRL 46.87 -0.34 McCormick MKC 185.59 -0.95 Week —52-WEEK— Week —52-WEEK—
AmericanFin AFG 93.27 -1.49 CVS Health CVS 67.63 -0.80 Dover DOV 124.12 -2.22 DR Horton DHI 76.06 1.77 McDonalds MCD 219.34 -0.37
AmHomes4Rent AMH 28.86 0.23 CableOne CABO 1979.99 4.99 Dow DOW 56.43 -1.30 HostHotels HST 14.73 -0.10 McKesson MCK 179.50 -0.25 International rates Latest ago High Low Latest ago High Low
AIG AIG 40.12 -0.86 CabotOil COG 17.77 -0.26 DrReddy'sLab RDY 64.33 -1.20 HowmetAerospace HWM 24.55 -0.69 MedicalProp MPW 19.77 -0.02
AmerTowerREIT AMT 233.00 4.94 CadenceDesign CDNS 113.04 2.30 DraftKings DKNG 50.23 2.34 HuanengPower HNP 15.88 -0.28 Medtronic MDT 113.31 -0.75 Week 52-Week International rates 60 days 1.913 1.884 3.370 1.804
AmerWaterWorks AWK 153.13 -0.07 CAE CAE 25.42 -0.50 Dropbox DBX 19.11 0.66 Huazhu HTHT 51.38 -1.07 MelcoResorts MLCO 18.46 -0.63 Latest High Low
ago
AmericoldRealty COLD 33.79 0.46 CaesarsEnt CZR 69.37 -0.73 DukeEnergy DUK 96.15 -0.11 Hubbell HUBB 162.56 -1.58 MercadoLibre MELI 1480.36 41.08
Week 52-Week
Other short-term rates
Ameriprise AMP 190.19 -2.48 CamdenProperty CPT 98.62 -1.57 DukeRealty DRE 38.71 0.73 HubSpot HUBS 380.19 17.26 Merck MRK 80.06 -0.08
AmerisourceBrgn ABC 103.11 0.01 CampbellSoup CPB 48.92 -0.45 Dun&Bradstreet DNB 26.94 0.22 Humana HUM 401.04 -7.15 MetLife MET 47.76 -0.91 Prime rates Latest ago High Low
Week 52-Week
Ametek AME 119.82 -1.43 CIBC CM 85.76 0.34 Dunkin' DNKN 106.29 0.03 JBHunt JBHT 135.85 -0.83 MettlerToledo MTD 1125.16 -1.80
Amgen AMGN 220.31 -0.15 CanNtlRlwy CNI 110.39 -0.45 DuPont DD 64.89 -0.95 HuntingtonBcshs HBAN 12.69 -0.24 MicrochipTech MCHP 131.92 -1.64 U.S. 3.25 3.25 4.75 3.25 Latest ago high low
Amphenol APH 130.83 -0.42 CanNaturalRes CNQ 23.67 -0.26 Dynatrace DT 38.27 1.90 HuntingIngalls HII 165.53 -4.20 MicronTech MU 63.43 -0.52 Canada 2.45 2.45 3.95 2.45 Prime rates
AnalogDevices ADI 135.95 -0.94 CanPacRlwy CP 326.19 0.05 ENI E 20.65 -0.10 HyattHotels H 73.34 -0.71 Microsoft MSFT 213.87 0.01 Japan 1.475 1.475 1.475 1.475 U.S. 3.25 3.25 4.75 3.25 Call money
s Anaplan PLAN 70.32 3.10 Canon CAJ 18.85 0.20 EOG Rscs EOG 53.00 -1.42 IAA IAA 60.39 0.84 MidAmApt MAA 125.03 -0.85
AngloGoldAsh AU 20.94 0.17 CanopyGrowth CGC 26.87 -0.10 EPAM Systems EPAM 318.65 3.19 ICICI Bank IBN 13.00 -0.20 Middleby MIDD 136.75 -2.27 Canada 2.45 2.45 3.95 2.45 2.00 2.00 3.50 2.00
AB InBev BUD 67.99 -0.90 CapitalOne COF 89.90 -1.46 EastmanChem EMN 99.84 -3.38 IdexxLab IDXX 446.48 -0.35 MiratiTherap MRTX 225.46 2.05 Policy Rates Japan 1.475 1.475 1.475 1.475
AnnalyCap NLY 8.16 -0.04 CardinalHealth CAH 53.77 -0.20 Eaton ETN 122.19 -1.06 IHS Markit INFO 92.30 -1.32 MitsubishiUFJ MUFG 4.55 -0.07 0.00 0.00 0.00 0.00
CSL 149.08 -3.38 EatonVance EV 68.58 -0.12 s II-VI MizuhoFin MFG 2.72 -0.08
Euro zone Commercial paper (AA financial)
Anthem ANTM 309.05 -4.89 Carlisle IIVI 66.90 -0.12
Switzerland 0.00 0.00 0.50 0.00 Policy Rates
Aon AON 208.07 0.14 Carlyle CG 28.77 0.07 eBay EBAY 50.45 -0.08 ING Groep ING 9.91 -0.33 MobileTeleSys MBT 8.47 0.21 90 days n.a. 0.19 2.53 0.04
ApolloGlbMgmt APO 43.86 -1.72 CarMax KMX 95.29 -0.75 Ecolab ECL 218.03 -1.28 Invesco IVZ 17.03 -0.10 s Moderna MRNA 109.18 10.62 Britain 0.10 0.10 0.75 0.10 Euro zone 0.00 0.00 0.00 0.00
s Appian APPN 174.90 42.09 Carnival CCL 20.65 0.42 Ecopetrol EC 12.53 0.14 IPG Photonics IPGP 202.25 -2.55 MohawkInds MHK 133.13 -1.73 Switzerland 0.00 0.00 0.50 0.00
Apple AAPL 116.03 0.86 Carnival CUK 18.39 0.14 EdisonInt EIX 63.71 -1.74 IQVIA IQV 169.87 -2.13 MolinaHealthcare MOH 202.82 -2.35 Australia 0.10 0.10 0.75 0.10 Libor
ApplMaterials AMAT 81.14 -1.81 CarrierGlobal CARR 38.61 -0.76 EdwardsLife EW 84.21 -1.40 IcahnEnterprises IEP 50.00 -0.25 MolsonCoorsA TAP.A 54.46 -6.05 Britain 0.10 0.10 0.75 0.10 One month 0.14550 0.14650 1.80475 0.12663
Aptargroup ATR 126.29 -1.59 Carvana CVNA 238.16 1.44 ElancoAnimal ELAN 31.78 0.16 Icon ICLR 188.25 1.88 MolsonCoorsB TAP 46.50 -0.54 Other short-term rates Australia 0.10 0.10 0.75 0.10 Three month 0.23300 0.22375 1.96050 0.20488
Aptiv APTV 118.47 -3.19 Catalent CTLT 94.65 -0.01 Elastic ESTC 119.18 3.44 IDEX IEX 191.67 -2.82 Mondelez MDLZ 57.49 -0.33
Aramark ARMK 36.35 -0.60 Caterpillar CAT 174.63 -2.27 ElectronicArts EA 121.51 1.26 IllinoisToolWks ITW 211.10 -1.21 MongoDB MDB 265.40 0.80 Overnight repurchase Six month 0.26000 0.25688 1.92438 0.23375
MonolithicPower MPWR 306.42 1.73 Week 52-Week
ArcelorMittal MT 18.38 0.20 Celanese CE 133.01 -4.43 EmersonElec EMR 78.26 -1.69 Illumina ILMN 303.98 -1.65 One year 0.33738 0.33875 2.01200 0.32763
ArchCapital ACGL 33.55 -1.00 Cemex CX 4.70 -0.18 Enbridge ENB 31.82 0.50 ImperialOil IMO 18.70 -0.50 MonsterBev MNST 84.08 -0.11 Latest ago high low U.S. 0.08 0.07 1.65 -0.07
ArcherDaniels ADM 50.50 -0.06 Centene CNC 62.19 -1.20 EncompassHealth EHC 82.41 -0.43 Incyte INCY 81.16 0.42 Moody's MCO 276.57 4.99
AresMgmt ARES 45.04 0.38 CenterPointEner CNP 24.51 0.15 EnelAmericas ENIA 7.78 -0.10 s MorganStanley MS 63.48 -0.12 Euro Libor
Infosys INFY 15.10 -0.43
Morningstar MORN 197.79 -0.86
Libor U.S. government rates
arGEN-X ARGX 265.48 3.20 CentraisElBras EBR 6.05 -0.02 EnergyTransfer ET 6.49 -0.22 IngersollRand IR 44.81 -0.66 One month -0.578 -0.576 -0.360 -0.621
AristaNetworks ANET 270.55 -1.76 CeridianHCM CDAY 96.07 1.16 s EnphaseEnergy ENPH 139.07 3.05 Inphi IPHI 149.99 -0.70 Mosaic MOS 22.57 -0.61 One month 0.14675 0.14550 1.80475 0.12663
ArrowElec ARW 92.74 -1.07 Cerner CERN 74.12 -0.25 Entegris ENTG 88.96 -1.02 Insulet MotorolaSol MSI 172.13 0.26 Discount Three month -0.544 -0.545 -0.142 -0.548
PODD 248.86 -4.75 Three month 0.22438 0.21263 1.96050 0.20488
AscendisPharma ASND 162.15 2.87 CharlesRiverLabs CRL 226.35 1.67 Entergy ETR 112.25 1.65 Intel INTC 47.05 0.04 NICE NICE 233.90 -0.76
0.25 0.25 2.25 0.25 Six month -0.516 -0.520 -0.052 -0.526
AspenTech AZPN 134.99 2.03 CharterComms CHTR 651.40 0.96 EnterpriseProd EPD 20.36 0.06 InteractiveBrkrs IBKR 52.64 -0.13 NIO NIO 53.69 0.18 Six month 0.25500 0.25550 1.92438 0.23375
One year -0.473 -0.468 0.008 -0.474
Assurant AIZ 135.58 -0.50 CheckPoint CHKP 119.43 0.58 Equifax EFX 166.00 0.20 ICE ICE 103.93 0.86 NRG Energy NRG 32.25 0.47 One year 0.33300 0.33863 2.01200 0.32763
AstraZeneca AZN 52.60 -0.97 Chegg CHGG 72.57 3.84 Equinix EQIX693.54 1.16 InterContinentl IHG 63.19 0.05 NVR NVR 4110.76-51.27 Federal funds
Athene ATH 46.18 -0.66 Chemed CHE 471.95 8.49 Equinor EQNR 16.18 -0.39 IBM IBM 124.20 -0.22 s NXP Semi NXPI 157.67 -0.80 Secured Overnight Financing Rate
s Atlassian TEAM 216.35 2.85 CheniereEnergy LNG 59.51 0.54 Equitable EQH 26.38 -0.14 IntlFlavors IFF 112.40 -2.73 Nasdaq NDAQ 127.33 0.06 Euro Libor Effective rate 0.0900 0.0900 1.6200 0.0600
High 0.1000 0.1000 1.6500 0.1000 0.07 0.09 1.65 0.01
AtmosEnergy ATO 99.41 -0.87 CheniereEnerPtrs CQP 39.34 -0.07 EquityLife ELS 59.89 0.22 IntlPaper IP 51.07 -0.80 Natera NTRA 84.55 1.53 One month -0.579 -0.577 -0.360 -0.621
s Autodesk ADSK271.24 12.27 Chevron CVX 92.14 -3.48 EquityResdntl EQR 60.45 -0.83 Interpublic IPG 23.11 -0.12 NationalGrid NGG 59.85 -0.18 Low 0.0500 0.0500 1.5800 0.0100
Autohome ATHM 101.84 1.09 Chewy CHWY 69.34 2.09 ErieIndemnity A ERIE229.95 -0.65 Intuit NatlRetailProp NNN 39.81 -0.45 Three month -0.546 -0.543 -0.142 -0.548 Value 52-Week
INTU 350.47 5.27 Bid 0.0800 0.0800 1.6000 0.0100
Autoliv ALV 91.72 -2.03 ChinaEastrnAir CEA 23.14 -0.20 EssentialUtil WTRG 46.28 0.63 IntuitiveSurgical ISRG 726.37 1.53 Natura&Co NTCO 18.81 0.87 Six month -0.515 -0.519 -0.052 -0.526 Latest Traded High Low
ADP ADP 174.08 -1.19 ChinaLifeIns LFC 11.36 0.07 EssexProp ESS 254.40 -3.13 Invitae NVTA 46.85 0.20 NatWest NWG 4.37 -0.10 One year -0.477 -0.468 0.008 -0.477 Offer 0.1100 0.1100 1.6300 0.0500
AutoZone AZO 1129.60 -6.19 ChinaMobile CHL 30.40 -0.42 EsteeLauder EL 246.85 1.04 InvitatHomes INVH 29.25 0.65 nCino NCNO 79.73 2.98 DTCC GCF Repo Index
Avalara AVLR 166.45 2.02 ChinaPetrol SNP 47.49 0.77 Etsy ETSY 145.09 7.49 IonisPharma IONS 50.24 0.20 NetApp NTAP 53.52 -1.84 Treasury bill auction Treasury 0.107 48.650 1.720 0.002
Avalonbay AVB 171.05 -2.26 ChinaSoAirlines ZNH 31.80 -0.57 EuronetWorldwide EEFT 136.87 0.50 iQIYI IQ 22.39 0.14 NetEase NTES 93.80 -3.72 November 25, 2020 MBS 0.115 31.600 1.763 0.011
Avangrid AGR 46.92 0.03 ChinaTelecom CHA 30.97 -0.28 EverestRe RE 237.49 -4.05 IronMountain IRM 26.93 0.35 Netflix NFLX 485.00 2.12 4 weeks 0.080 0.085 1.620 0.000
Avantor AVTR 26.04 0.08 ChinaUnicom CHU 6.23 -0.06 Evergy EVRG 56.18 0.38 ItauUnibanco ITUB 5.55 -0.02 Neurocrine NBIX 95.12 -0.69 13 weeks 0.085 0.090 1.560 0.000
AveryDennison AVY 151.56 -1.50 Chipotle CMG 1276.68 13.86 EversourceEner ES 88.43 0.96 NewFortressEner NFE 43.75 2.00 Inflation 26 weeks 0.090 0.100 1.580 0.080
Weekly survey
AxonEnterprise AAXN 127.74 0.25 Chubb CB 152.53 -2.22 ExactSciences EXAS 115.87 -1.39 J K L NewOrientalEduc EDU 168.80 -4.39
Oct. index Chg From (%)
BCE BCE 43.66 -0.12 ChunghwaTel CHT 38.10 -0.25 Exelon EXC 42.22 -0.53 NewellBrands NWL 21.36 -0.10 Latest Week ago Year ago
BHP Group BHP 57.32 -0.53 Church&Dwight CHD 85.58 1.93 Expedia EXPE 123.18 -1.87 JD.com JD 88.23 -1.59 Newmont NEM 57.78 0.91 level Sept. '20 Oct. '19 Secondary market
BHP Group BBL 47.14 -0.72 ChurchillDowns CHDN 185.22 -0.96 ExpeditorsIntl EXPD 90.30 -0.04 Joyy YY 90.90 2.17 NewsCorp A NWSA 18.00 -0.17
BP BP 21.41 -0.45 Cigna CI 207.01 -3.01 ExtraSpaceSt EXR 111.99 1.99 JPMorganChase JPM 122.03 -1.29 NewsCorp B NWS 18.01 -0.17 Freddie Mac
BIDU 136.00 1.64 CincinnatiFin CINF 78.53 -1.03 ExxonMobil XOM 40.81 -1.17 JackHenry JKHY 157.87 0.74 U.S. consumer price index Fannie Mae
Baidu NextEraEnergy NEE 75.97 1.34 30-year fixed 2.72 2.84 3.68
BakerHughes BKR 19.78 -0.48 Cintas CTAS 360.49 -1.47 s F5Networks FFIV 164.75 -0.09 JacobsEngg J 106.35 -1.18 Nike NKE 135.54 0.84 All items 260.388 0.04 1.2 30-year mortgage yields
Ball BLL 96.30 0.19 CiscoSystems CSCO 42.50 -0.11 FMC FMC 116.68 -1.56 JamesHardie JHX 29.24 -0.29 Nikola NKLA 30.24 -4.26 15-year fixed 2.28 2.34 3.15
BancoBilbaoViz BBVA 4.45 -0.01 Citigroup C 57.06 ... Facebook FB 275.59 -1.33 JazzPharma JAZZ 141.83 -1.00 NiSource NI 24.90 -0.04 Core 269.328 0.10 1.6 30 days 1.887 1.856 3.362 1.751 Five-year ARM 3.16 3.11 3.43
BancoBradesco BBDO 4.21 -0.01 CitizensFin CFG 34.70 -0.36 FactSet FDS 322.28 2.40 J&J JNJ 143.68 -0.19 Nokia NOK 4.13 0.06
BancodeChile BCH 17.95 -0.37 CitrixSystems CTXS 121.41 -0.68 FairIsaac FICO 475.57 -4.45 JohnsonControls JCI 46.41 -0.25 NomuraHoldings NMR 5.15 0.01 Notes on data:
BancSanBrasil BSBR 7.53 0.06 Clarivate CCC 27.18 0.29 s Farfetch FTCH 53.56 1.06 JonesLang JLL 137.25 -3.48 Nordson NDSN 202.53 -2.00
BcoSantChile BSAC 17.83 -0.24 Clorox CLX 200.75 1.21 Fastenal FAST 48.19 -0.75 JuniperNetworks JNPR 22.04 -0.25 NorfolkSouthern NSC 241.46 -1.06 U.S. prime rate is the base rate on corporate loans posted by at least 70% of the 10 largest U.S. banks, and is effective March 16, 2020. Other prime rates
BcoSantMex BSMX 5.34 -0.20 Cloudflare NET 69.99 3.30 Fastly FSLY 83.17 1.92 s KB Fin KB 43.39 0.92 NorthernTrust NTRS 96.88 -0.73 aren’t directly comparable; lending practices vary widely by location; Discount rate is effective March 16, 2020. Secured Overnight Financing Rate is as of
BancoSantander SAN 2.91 -0.02 Coca-Cola KO 52.93 -0.29 FederalRealty FRT 91.04 -2.57 KE Holdings BEKE 60.50 -3.58 NorthropGrum NOC 312.26 2.28 November 24, 2020. DTCC GCF Repo Index is Depository Trust & Clearing Corp.'s weighted average for overnight trades in applicable CUSIPs. Value traded
BanColombia CIB 30.85 -0.49 Coca-Cola Euro CCEP 44.54 0.28 FedEx FDX 288.30 -3.38 KKR KKR 38.87 0.68 NortonLifeLock NLOK 18.18 -0.04 is in billions of U.S. dollars. Federal-funds rates are Tullett Prebon rates as of 5:30 p.m. ET.
BankofAmerica BAC 29.03 0.05 Cognex CGNX 72.99 -0.47 Ferrari RACE 212.39 2.09 KLA KLAC 248.95 -1.22 NorwegCruise NCLH 23.20 0.65
BankofMontreal BMO 74.81 ... s CognizantTech CTSH 78.55 -0.20 s FiatChrysler FCAU 15.78 0.12 KSCitySouthern KSU 189.60 -0.22 Novartis NVS 89.18 0.88 Sources: Federal Reserve; Bureau of Labor Statistics; DTCC; FactSet;
BankNY Mellon BK 40.37 -0.32 ColgatePalm CL 84.75 0.04 FidNatlFin FNF 36.99 -0.07 Kellogg K 63.26 0.79 NovoNordisk NVO 66.14 0.22 Tullett Prebon Information, Ltd.

New Highs and Lows | WSJ.com/newhighs Stock

52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg
GenesisParkAcqnUn GNPK.U 10.12 0.1 Magnite MGNI 19.58 7.1 Precigen PGEN 7.65 23.0 TekkorpDigital TEKKU 10.15 1.1 VPC Impact VIHAU 10.04 0.2 ZK Intl ZKIN 3.05 30.3
The following explanations apply to the New York Stock Exchange, NYSE Arca, NYSE American GreencityAcqnWt GRCYW 0.40 15.5 Mattel MAT 15.87 1.3 PropertySolns PSACU 10.40 0.8 10xCapVenture VCVCU 10.05 0.3 VPCImpactWt VIHAW 0.77 2.7 ZebraTech ZBRA 379.91 -0.2
and Nasdaq Stock Market stocks that hit a new 52-week intraday high or low in the latest GriffinIndlRealty GRIF 72.06 -0.1 MeritMedical MMSI 56.11 0.3 Pulmonx LUNG 53.62 3.9 TenzingAcqn TZACU 17.01 25.4 Vale VALE 14.33 2.1 Zendesk ZEN 135.30 4.3
HIG Acqn HIGA.U 10.02 0.2 Methanex MEOH 42.05 0.7 QAD A QADA 55.81 10.1 Teradyne TER 110.03 -0.6 Veritone VERI 21.10 20.0 ZionsBancorpPfdH ZIONN 26.29 ...
session. % CHG-Daily percentage change from the previous trading session. HLAcquisitionsWt HCCHW 4.44 12.3 MicroStrategy MSTR 277.22 9.3 QuinStreet QNST 18.66 3.8 Tesla TSLA 574.00 3.4 VillageFarms VFF 10.94 4.2

Wednesday, November 25, 2020

HalozymeTherap HALO
HannonArmstrong HASI
41.55 1.1 MidSouthBncp
55.70 1.9 Moderna
MSVB
MRNA
14.64
109.29
5.4
10.8
RH
RMG Acqn
RH
RMG.U
453.95
15.32
2.5
17.5
TradeDesk TTD
TridentAcqnsWt TDACW
868.23
1.50
2.2
8.1
VyGlblGrowthA VYGG 10.70 -1.4
WellsFargoPfdAA WFCpA 25.65 0.2
Lows
HealthAssurance HAACU 10.60 -0.2 MorganStanley MS 63.77 -0.2 RMG Acqn Wt RMG.WS 3.84 16.6 Tuniu TOUR 4.51 24.3 WescoPfdA WCCpA 30.63 1.0 ArcLightCleanWt ACTCW 1.15 -5.0
52-Wk % 52-Wk % 52-Wk % HighlandIncmPfdA HFROpA 26.05 -0.2 Morphic MORF 34.48 4.0 RMGAcqn RMG 14.48 18.6 21 Vianet VNET 31.50 20.4 WestportFuelSys WPRT 4.09 5.6 AspirCnsWt ASPL.WS 0.90 -3.7
Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Hillenbrand HI 39.68 -0.2 MrCooper COOP 27.53 1.2 RadiantLogistics RLGT 6.05 -0.5 US BancorpPfdL USBpQ 24.94 0.4 WheelerREITPfdD WHLRD 17.00 1.6 DragoneerGrowthII DGNS 10.70 -0.5
HorizonAcqn HZAC.U 10.59 0.5 NI NODK 18.09 0.3 Rapid7 RPD 74.40 1.9 USCellularNts2069 UZD 27.67 -0.3 WideOpenWest WOW 8.61 1.6 ExperienceInvt EXPCU 9.35 -8.4
BeamTherap BEAM 45.15 7.5 Denbury DEN 21.20 2.9 HorizonAcqnII HZON.U 10.20 1.5 NXP Semi NXPI 159.28 -0.5 ReinventTechZ RTPZ.U 11.30 1.4 US Lime&Min USLM 119.24 5.8 WidePoint WYY 15.89 27.5 Fanhua FANH 14.00 -0.8
Highs BitDigital
BlackLine
BTBT
BL
8.14 15.2 DixieGroup
116.13 2.3 dMY Tech
DXYN
DMYT.U
2.55
18.41
0.9
3.1
HorizonGlobal
Hovnanian
HZN
HOV
7.68 2.2 Natuzzi
42.47 4.2 Neuronetics
NTZ
STIM
9.76
8.57
4.4
4.9
RibbonComms RBBN
RomanDbdrTech DBDRU
6.71
10.30
-1.3
1.8
UltragenyxPharm RARE
UnitedBancshares UBOH
124.36
25.84
0.8
0.8
Workiva WK 76.22 2.9
WorldAcceptance WRLD 118.58 0.7
Immunome
JamfHolding
IMNM
JAMF
10.10
29.76
1.3
2.6
AEA-Bridges IMPX.U 10.05 0.4 BlackRock BLK 704.26 0.6 dMY TechA DMYT 16.55 3.7 HudbayMinerals HBM 6.52 0.2 NewBeginnings NBA.U 10.32 0.2 RoyalBkCanada RY 83.21 0.1 UnitySoftware U 138.95 6.5 Xilinx XLNX 137.33 1.8 NabrivaTherap NBRV 0.39 -6.4
AEA-BridgesA IMPX 9.68 ... BloomEnergy BE 27.55 9.8 dMY TechWt DMYT.WS 4.30 6.4 IBEX IBEX 20.25 4.5 NewAge NBEV 3.49 0.3 RyderSystem R 61.10 0.6 VG Acqn VGAC.U 10.55 1.4 Yeti YETI 64.11 2.4 OzonHoldings OZON 38.51 -2.9
AT&T PfdC TpC 26.39 -0.1 BluescapeOpps BOAC.U 10.10 0.4 dMY Tech II DMYD.U 11.51 5.1 IG Acqn Wt IGACW 1.58 46.3 NewbornAcqn NBACU 27.65 81.2 SPS Commerce SPSC 100.24 1.6 VG Acqn A VGAC 10.69 0.1 YRC Worldwide YRCW 6.19 1.7 Parts Id ID 5.62 -5.2
Accenture ACN 250.41 -0.3 BowXAcqnWt BOWXW 1.60 11.1 dMYTechII Wt DMYD.WS 1.94 6.2 II-VI IIVI 67.91 -0.2 NewbornAcqnRt NBACR 1.75 77.9 Sabre6.5%Pfd SABRP 152.32 1.5 VG Acqn Wt VGAC.WS 2.12 26.4 Yunji YJ 6.05 14.9 VesperHlthcrA VSPR 10.17 -6.2
AdvEnergyInds AEIS 98.65 -1.9 BreezeHldgs BREZU 10.12 0.5 dMYTechA DMYD 10.98 3.9 InsuAcqnII INAQU 15.19 20.9 NewbornAcqnWt NBACW 3.77 91.4 ShattuckLabs STTK 35.91 2.6
Affimed AFMD 5.30 1.0 BridgeBioPharma BBIO 48.64 3.2 dMYTechIII Un DMYI.U 10.28 0.1 INSU Acqn II A INAQ 14.79 20.6 NewbornAcqn NBAC 22.74 86.2 SierraWireless SWIR 14.80 28.8
AirTransportSvcs ATSG 31.59 0.4 Brightcove BCOV 15.71 16.6 DollarTree DLTR 112.93 0.3 INSU Acqn II Wt INAQW 3.65 40.3 NexPointPfdA NREFpA 26.70 2.6 SiyataMobileWt SYTAW 3.45 -5.1
AlbertonAcqnWt ALACW
AllscriptsHlthcr MDRX
0.77
14.48
32.1
-0.1
BrilliantAcqnWt BRLIW 0.43 18.1 DonnelleyFin DFIN
EVI
16.19
34.40
1.5
1.8
IonAcqn1 A IACA 10.64 1.2 NextGenHlthcr
Norbord
NXGN
OSB
18.74
39.27
4.2
-1.7
SiyataMobile SYTA 8.16 0.1 IPO Scorecard
Broadcom AVGO 395.50 -0.4 EVI Industries IonAcqn1Wt IACA.WS 2.64 39.1 SlackTech WORK 40.99 37.6
AlphaHlthcrWt AHACW
Alphatec ATEC
1.15
11.51
33.4
3.6
BroadstoneAcqn BSN.U 10.10 0.7 Eargo EAR
ADOCU
45.98
10.13
9.8
0.1
InsightEnt NSIT 73.92 0.2
NorthMountainUn
NorthernGenesis NGA.U
NMMCU 10.52
15.17
-0.2
12.3
Smith-Midland SMID 8.42 0.2 Performance of IPOs, most-recent listed first
Broadstone BNL 18.40 2.2 EdocAcqn IntelliaTherap NTLA 36.64 3.0 SocialCapHedV IPOE.U 11.00 0.7
AltairEngg ALTR 52.42 1.6 BEPC 79.74 3.0 EidosTherap EIDX 89.00 3.1 NorthernGenesis NGA 13.71 11.6 % Chg From % Chg From
BrookfieldRenew InterPrivate IPV.U 11.44 1.7 SOQUIMICH SQM 48.59 0.5
AltraIndlMotion AIMC 58.49 0.3 EARN 12.53 0.4 NorthernGenesisAcqnWt NGA.WS 3.75 24.5 Wed3s Offer 1st-day Wed3s Offer 1st-day
BuildersFirstSrc BLDR 37.52 0.6 EllingtonResiMtg InterPrivateWt IPV.WS 1.70 5.7 NuanceComms NUAN SoftwareII A SAII 9.91 ... Company SYMBOL Company SYMBOL
Ambarella AMBA 77.49 -0.7 ENPH 141.42 2.2 42.98 3.0
BurgundyTechA BTAQ 9.83 0.3 EnphaseEnergy InterPrivate IPV 10.75 3.1 OTR Acqn Sony SNE 93.50 2.7 IPO date/Offer price close ($) price close IPO date/Offer price close ($) price close
AmerEagle AEO 18.95 3.9 EnsignGroup ENSG 72.77 1.6 OTRAU 10.05 0.1
BurgundyTechWt BTAQW 0.78 4.0 Investindustrial IIAC.U 10.06 ... OasisPetrol 35.00 5.0 SoCopper SCCO 60.20 0.8
AmerSupercond AMSC 19.64 4.0 EosEnergyWt EOSEW 4.78 20.4 OAS
Anaplan PLAN 70.47 4.6
C4 Therap CCCC 36.00 4.1
EvolentHealth EVH 14.98 -1.4 JumiaTech JMIA 38.86 23.7 OceanFirstPfdA OCFCP 27.10 0.7 SpartanAcqnII SPRQ.U 10.37 3.0 Forest Road Acquisition 10.20 2.0 ... Ozon Hldgs 39.01 30.0 –2.9
APHA 7.18 2.3 CITICCapAcqn CCAC.U 11.02 ...
1.15 4.2 KB Fin KB 43.67 2.2 OcularTherapeutix OCUL 16.66 6.7 Square SQ 214.52 4.9 FRX.UT Nov. 25/$10.00 OZON Nov. 24/$30.00
Aphria FastAcqnWt FST.WS
ApolloStratGr APSG.U 10.15 0.3 Conx CONXU 10.08 0.1 F5Networks FFIV 167.00 -0.1 KSCitySo Pfd KSUp 33.17 3.7 Omnicell OMCL 108.50 -0.9 StableRoadAcqn SRAC 11.87 10.3
Appian APPN 176.40 31.7 CRH CRH 42.56 1.4 FtacOlympus FTOCU 10.09 0.5 KeysightTechs KEYS 119.17 0.3 ON Semi ON 29.12 -0.1 StableRoadUn SRACU 13.25 4.9 Spartan Acquisition II 10.30 3.0 ... Spring Valley Acquisition 10.02 0.2 0.2
ArcelorMittalNts MTCN 45.20 0.9 CambiumNtwks CMBM 28.50 9.7 Farfetch FTCH 53.65 2.0 KinsaleCapital KNSL 239.19 0.9 Oppenheimer A OPY 30.33 -2.2 StrPeakEnerA STPK 10.08 0.2
CapitalOnePfdI COFpI 25.93 ... FateTherap Kirkland's KIRK 15.69 7.4 OptimizeRx SterlingBncpPfdA STLpA 27.65 0.5 SPRQ.UT Nov. 25/$10.00 SVSVU Nov. 24/$10.00
ArcLightClean ACTCU 10.25 1.1 FATE 57.15 3.4 OPRX 25.61 4.5
CapitalOnePfdJ COFpJ 25.29 -0.2 FiatChrysler LG Display LPL 7.23 1.7 OrionEnergySys OESX STMicroelec STM 38.31 1.2
AspenAerogels ASPN 14.89 13.0
CardiffOncology CRDF 21.58 8.9 FirstMarkHorizon
FCAU 15.80 0.8
Lands'End LE 25.50 11.6 PMV Consumer PMVC.U
10.30 3.1
StokeTherap STOK 50.00 1.4
10X Capital Venture Acquisition 10.04 0.4 0.3 Tiga Acquisition 10.18 1.8 0.2
AtlasCrestInvt ACIC.U 10.40 1.2 FMAC.U 10.35 0.5 10.08 0.4
Atlassian TEAM 217.54 1.3 Chindata CD 19.45 7.4 Fisker FSR 21.95 35.3 LeMaitreVascular LMAT 41.86 0.2 PMV Consumer Wt PMVC.WS 1.16 10.6 StoneX SNEX 62.62 0.2 VCVCU Nov. 24/$10.00 TINV.UT Nov. 24/$10.00
Autodesk ADSK 282.49 4.7 CitiTrends CTRN 34.21 0.2 Fitbit FIT 7.24 0.3 LightspeedPos LSPD 51.78 7.4 PTC PTC 106.30 2.0 Strattec STRT 38.80 1.2
AvantiAcqn AVAN.U 10.10 0.5 Cleveland-Cliffs CLF 11.28 3.0 FiverrIntl FVRR 205.00 4.4 Limbach LMB 12.96 4.4 PTC Therap PTCT 64.62 0.6 SunnovaEnergy NOVA 42.66 7.0 Genesis Park Acquisition 10.02 0.2 0.1 Vision Marine Tech 14.21 42.1 –1.6
AvantiAcqnWt AVAN.WS 0.95 3.1 ClimateChgI CLII.U 10.45 0.5 ForestRoadAcqn FRX.U 10.35 2.0 LiveVentures LIVE 12.96 -1.4 PactivEvergreen PTVE 17.05 3.4 SunPower SPWR 24.21 1.6 GNPK.UT Nov. 24/$10.00 VMAR Nov. 24/$10.00
AviatNetworks AVNW 35.72 2.8 CognizantTech CTSH 79.00 -0.3 Forterra FRTA 18.42 3.6 LongviewAcqn LGVW.U 19.25 6.0 PagSeguroDig PAGS 48.92 3.3 Synlogic SYBX 3.99 12.9
AxosFinancial AX 35.90 1.0 CohnRobbinsA CRHC 9.90 0.2 FortressValueII FAII.U 10.53 0.5 LongviewAcqnA LGVW 17.99 6.9 PalantirTech PLTR 29.75 22.0 Systemax SYX 31.98 -1.6
AzurePowerGlbl AZRE 37.49 8.8 CiaSiderurgica SID 4.39 4.0 FortressValueII FAII 10.18 0.9 LongviewAcqnWt LGVW.WS 4.37 0.5 PaloAltoNtwks PANW 298.50 ... Ternium TX 27.40 0.4 HF Enterprises 6.10 –12.9 –12.6 Breeze Hldgs Acquisition 10.09 0.9 0.6
BMC Stock BMCH 49.05 0.9 CorMedix CRMD 9.38 15.4 Franchise7.5%PfdA FRGAP 25.70 0.9 LumberLiqu LL 30.99 -1.0 ParTechnology PAR 57.00 1.9 TPGPaceBenFin TPGY.U 10.20 0.7 HFEN Nov. 24/$7.00 BREZU Nov. 23/$10.00
BRP Group BRP 33.56 -2.8 Criteo CRTO 19.36 1.7 FreeportMcM FCX 23.66 1.9 Lydall LDL 28.75 1.1 PayPal PYPL 216.07 4.1 TPGPaceTechOpps PACE.U 10.30 0.7
B RileyFin RILY 37.01 3.6 CrownCrafts CRWS 7.66 -1.6 GOAcquisitionUn GOAC.U 10.17 0.7 MSA Safety MSA 151.53 -0.1 PetraAcqnWt PAICW 0.55 13.2 TTEC TTEC 68.00 2.2
BkofAmericaPfdNN BACpO 26.16 0.2 DPCM Capital XPOA.U 10.18 ... GenerationBio GBIO 40.15 5.2 MYR Group MYRG 53.85 -0.1 PraxisPrecision PRAX 40.68 5.1 Target TGT 180.48 1.1 Sources: Dow Jones Market Data; FactSet

Mutual Funds Data provided by

Fund
Net YTD
NAV Chg %Ret Fund
Net YTD
NAV Chg %Ret Fund
Net YTD
NAV Chg %Ret Fund
Net YTD
NAV Chg %Ret Fund
Net YTD
NAV Chg %Ret Fund
Net YTD
NAV Chg %Ret Fund
Net YTD
NAV Chg %Ret
EdgewoodGrInst 51.97 +0.49 34.9 InvGrBd 11.84 ... 8.9 JPMorgan I Class PIMCO Funds I2 CapOpAdml r185.40 -0.21 17.5 ValAdml 45.63 -0.29 -0.1 WndsrII 39.88 -0.17 10.4
Top 250 mutual-funds listings for Nasdaq-published share classes by net assets. Fidelity LowP r 48.78 -0.44 4.7 CoreBond 12.43 -0.03 NA Income NA ... NA DivAppIdxAdm 37.59 -0.15 12.7 WdsrllAdml 70.77 -0.31 10.4 VANGUARD INDEX FDS
500IdxInstPrem126.18 -0.19 14.2 Magin 12.57 +0.05 23.2 EqInc 19.44 -0.14 NA PIMCO Funds Instl EMAdmr 39.98 -0.32 9.9 WellsIAdml 69.57 -0.13 7.5 IdxIntl 18.70 -0.06 6.1
e-Ex-distribution. f-Previous day’s quotation. g-Footnotes x and s apply. j-Footnotes e
Contrafund K6 18.26 +0.04 26.2 OTC 16.61 +0.05 38.4 JPMorgan R Class IncomeFd NA ... NA EqIncAdml 78.41 -0.40 1.0 WelltnAdml 79.75 -0.20 8.5 SmValAdml 59.04 -0.52 1.7
and s apply. k-Recalculated by Lipper, using updated data. p-Distribution costs apply,
ExtMktIdxInstPre 78.80 +0.27 23.5 Puritn 25.85 +0.01 17.3 CoreBond 12.45 -0.03 NA Price Funds ExplrAdml 117.80 +0.08 21.2 WndsrAdml 74.80 -0.64 4.6 TotBd2 11.53 -0.01 6.8
12b-1. r-Redemption charge may apply. s-Stock split or dividend. t-Footnotes p and r TotIntlInstIdx r125.11 -0.39 6.2
apply. v-Footnotes x and e apply. x-Ex-dividend. z-Footnote x, e and s apply. NA-Not FidSerToMarket 12.57 -0.01 15.8 SrsEmrgMkt 24.05 -0.22 16.6 Lord Abbett A BlChip 162.89 +0.43 31.0 ExtndAdml 117.16 +0.41 23.6 VANGUARD FDS
IntlIdxInstPrem 44.74 ... 4.1 SrsGlobal 13.98 -0.03 6.2 ShtDurIncmA p 4.19 ... 2.2 DivGro 58.40 -0.18 10.6 GNMAAdml 10.72 ... 3.4 DivdGro 33.23 -0.09 9.7 TotItlInstPlId r 125.14 -0.39 6.2
available due to incomplete price, performance or cost data. NE-Not released by Lipper;
data under review. NN-Fund not tracked. NS-Fund didn’t exist at start of period. MidCpInxInstPrem 26.37 -0.07 12.2 SrsGroCoRetail 28.39 +0.28 59.9 Lord Abbett F EqInc 31.07 -0.25 -1.2 GrwthAdml 124.41 +0.63 33.4 INSTTRF2020 26.39 -0.02 9.5 TotSt 91.20 -0.06 15.9
SAIUSLgCpIndxFd 19.49 -0.03 14.1 SrsIntlGrw 19.83 +0.01 13.2 ShtDurIncm 4.19 ... 2.3 EqIndex 96.58 -0.15 14.1 HlthCareAdml r 92.87 -0.34 8.8 INSTTRF2025 27.27 -0.03 10.3 VANGUARD INSTL FDS
SeriesBondFd 10.78 -0.01 7.3 SrsIntlVal 10.02 ... 1.2 Lord Abbett I Growth 96.11 +0.36 31.0 HYCorAdml r 5.93 ... 4.0 INSTTRF2030 27.80 -0.03 10.7 BalInst 43.72 -0.02 13.3
Wednesday, November 25, 2020 SeriesOverseas 11.95 +0.02 10.9 TotalBond 11.25 -0.01 8.3 ShtDurInc p 4.19 ... 2.4 HelSci 98.64 +0.04 21.1 InfProAd 28.20 +0.03 9.3 INSTTRF2035 28.31 -0.04 11.0 DevMktsIndInst 14.69 -0.02 5.3
Net YTD Net YTD Net YTD SmCpIdxInstPrem 23.49 -0.11 11.9 Fidelity SAI Metropolitan West LgCapGow I 58.66 +0.16 33.2 IntlGrAdml 152.79 +0.34 48.6 INSTTRF2040 28.81 -0.04 11.3 DevMktsInxInst 22.96 -0.03 5.3
Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret TMktIdxInstPrem104.61 -0.07 15.8 TotalBd 10.69 ... 7.9 TotRetBd 11.67 ... 8.2 MidCap 112.26 -0.06 17.8 ITBondAdml 12.63 ... 9.2 INSTTRF2045 29.24 -0.04 11.7 ExtndInst 117.15 +0.41 23.6
USBdIdxInstPrem 12.45 -0.01 7.3 Fidelity Selects TotRetBdI 11.67 ... 8.5 NHoriz 87.94 +0.54 48.1 ITIGradeAdml 10.68 +0.01 9.5 INSTTRF2050 29.32 -0.04 11.8 GrwthInst 124.42 +0.63 33.5
American Century Inv WshA p 49.79 -0.22 5.0 EmgMktVa 27.21 -0.08 -3.2 InPrSeIn 11.49 +0.01 9.4
Ultra 73.90 +0.30 41.7 Baird Funds EmMktCorEq 22.74 -0.17 6.3 Fidelity Advisor I Softwr r 26.32 +0.24 36.9 TRBdPlan 10.97 ... 8.4 R2020 24.33 -0.03 10.1 LTGradeAdml 12.10 -0.03 14.5 INSTTRF2055 29.43 -0.05 11.8
NwInsghtI 39.07 +0.10 19.5 Tech r 29.22 +0.22 52.8 MFS Funds Class I R2025 19.79 -0.03 11.3 MidCpAdml 247.42 +0.02 13.6 IntlVal 38.92 -0.18 3.7
InstIdx 324.51 -0.50 14.2
American Funds Cl A AggBdInst 11.85 -0.01 7.9 IntlCoreEq 13.98 -0.03 2.8 InstPlus 324.53 -0.50 14.2
AmcpA p 38.36 -0.11 16.3 CorBdInst 12.20 ... 8.0 IntSmCo 19.32 -0.05 2.7 Fidelity Freedom First Eagle Funds Growth I 160.45 +0.99 26.2 R2030 29.05 -0.05 12.2 MuHYAdml 11.87 ... 4.1 LifeCon 22.68 -0.02 9.3
GlbA 61.03 -0.18 5.3 ValueI 44.86 -0.17 1.9 R2035 21.50 -0.04 13.0 MuIntAdml 14.79 -0.01
InstTStPlus 78.07 -0.04 16.1
AMutlA p 44.35 -0.17 3.6 BlackRock Funds IntSmVa 18.41 -0.06 -4.5 FF2020 17.37 -0.03 10.5 4.5 LifeGro 39.95 -0.06 11.4
MidCpInst 54.66 +0.01 13.6
BalA p 30.36 -0.05 8.3 HiYBlk 7.70 ... 4.0 LgCo 27.90 -0.04 14.2 FF2025 15.51 -0.02 11.1 Franklin A1 MFS Funds Instl R2040 30.79 -0.06 13.8 MuLTAdml 12.20 ... 5.3 LifeMod 31.61 -0.04 10.4
MidCpIstPl 269.56 +0.02 13.6
BondA p 14.14 -0.01 9.9 HiYldBd Inst 7.69 ... 3.9 TAUSCoreEq2 22.10 -0.10 11.0 FF2030 19.33 -0.04 11.6 CA TF A1 p 7.78 ... 4.4 IntlEq 29.71 +0.04 6.6 PRIMECAP Odyssey Fds MuLtdAdml 11.24 ... 3.0 STAR 31.88 -0.01 17.4 SmCapInst 88.13 -0.39 12.1
CapIBA p 62.27 -0.15 1.0 BlackRock Funds A US CoreEq1 28.59 -0.09 11.8 Freedom2020 K 17.36 -0.03 10.5 IncomeA1 p 2.27 -0.01 1.8 Old Westbury Fds AggGrowth r 54.37 +0.14 21.1 MuShtAdml 15.94 ... 1.7 TgtRe2015 16.44 -0.01 8.3 STIGradeInst 11.00 ... 4.8
CapWGrA 56.95 -0.12 10.4 GlblAlloc p 21.68 ... 16.3 US CoreEq2 25.93 -0.11 10.9 Freedom2025 K 15.49 -0.02 11.1 FrankTemp/Frank Adv LrgCpStr 16.70 -0.03 10.8 Putnam Funds Class Y PrmcpAdml r161.48 -0.13 12.0 TgtRe2020 35.58 -0.04 9.4 STIPSIxins 25.54 +0.02 4.0
EupacA p 64.80 -0.14 16.4 BlackRock Funds Inst US Small 36.51 -0.33 5.1 Freedom2030 K 19.32 -0.03 11.7 IncomeAdv 2.25 -0.01 1.9 Parnassus Fds StDurInc 10.10 ... 1.4 RealEstatAdml120.83 +0.01 -5.8 TgtRe2025 21.87 -0.02 10.2 TotBdInst 11.61 -0.01 7.3
FdInvA p 66.65 -0.12 10.0 StratIncOpptyIns 10.27 ... 5.6 US SmCpVal 33.36 -0.41 -2.2 Freedom2035 K 16.46 -0.04 12.6 FrankTemp/Franklin A ParnEqFd 51.88 -0.12 17.0 Schwab Funds SmCapAdml 88.13 -0.39 12.1 TgtRe2030 40.33 -0.06 10.6 TotBdInst2 11.53 -0.01 6.9
GwthA p 66.33 +0.21 29.7 Bridge Builder Trust USLgVa 36.88 -0.32 -2.7 Freedom2040 K 11.61 -0.03 13.2 Growth A p 139.41 +0.10 24.2 PGIM Funds Cl Z 1000 Inv r 82.57 -0.04 16.1 SmGthAdml 86.45 +0.09 24.2 TgtRe2035 25.00 -0.03 11.0 TotBdInstPl 11.61 -0.01 7.3
HI TrA p 9.98 +0.01 4.3 CoreBond 10.98 ... 7.8 Dodge & Cox Fidelity Invest RisDv A p 78.15 -0.51 13.1 TotalReturnBond NA ... NA S&P Sel 56.42 -0.09 14.2 STBondAdml 10.86 ... 4.4 TgtRe2040 43.56 -0.07 11.3 TotIntBdIdxInst 35.08 +0.02 4.2
ICAA p 43.37 -0.14 11.4 CorePlusBond 10.75 ... 8.3 Balanced 104.43 -0.62 6.1 Balanc 27.65 ... 18.0 Guggenheim Funds Tru PIMCO Fds Instl TSM Sel r 64.79 -0.04 15.8 STIGradeAdml 11.00 ... 4.7 TgtRe2045 27.62 -0.04 11.8 TotStInst 91.26 -0.05 16.1
IncoA p 23.33 -0.08 2.8 Intl Eq 13.08 -0.04 9.1 Income 14.90 ... 8.5 BluCh 157.27 +1.13 52.2 TotRtnBdFdClInst 30.15 ... 13.8 AllAsset 12.16 ... NA TIAA/CREF Funds TotBdAdml 11.61 -0.01 7.2 TgtRe2050 44.49 -0.07 11.9 ValueInst 45.63 -0.29 -0.1
IntBdA p 14.22 -0.01 6.9 LargeCapGrowth 20.44 +0.06 29.1 Intl Stk 43.05 -0.24 -1.3 Contra 17.40 +0.04 27.8 Harbor Funds HiYld 8.97 -0.01 3.6 BdIdxInst 11.66 ... 7.1 TotIntBdIdxAdm 23.38 +0.01 4.2 TgtRet2055 48.29 -0.08 11.8 WCM Focus Funds
N PerA p 59.13 +0.19 25.1 LargeCapValue 14.34 -0.11 6.2 Stock 196.76 -1.70 4.8 ContraK 17.43 +0.04 27.8 CapApInst 110.50 +1.15 NA InvGrdCrBd 11.23 -0.01 NA EqIdxInst 27.04 -0.02 15.9 TotIntlAdmIdx r 31.29 -0.09 6.2 TgtRetInc 15.03 -0.01 8.2 WCMFocIntlGrwIns 23.64 -0.02 25.0
NEcoA p 57.31 +0.05 25.3 Columbia Class I DoubleLine Funds CpInc r 10.53 ... 6.7 Harding Loevner ShortT 9.86 ... 2.5 VANGUARD ADMIRAL TotStAdml 91.24 -0.05 16.0 TotIntBdIxInv 11.69 ... 4.2 Western Asset
NwWrldA 82.64 -0.40 17.1 DivIncom I 25.37 -0.09 5.5 CoreFxdIncmI 11.30 +0.01 4.7 DivIntl 45.66 ... 12.7 IntlEq 26.86 -0.01 12.9 TotRt 10.95 ... 8.3 500Adml 335.74 -0.53 14.2 TxMCapAdml190.46 -0.09 16.3 USGro 64.22 +0.79 49.3 CoreBondI NA ... NA
SmCpA p 72.92 -0.06 24.0 Dimensional Fds TotRetBdI NA ... NA GroCo 33.76 +0.34 58.1 Invesco Funds Y PIMCO Funds A BalAdml 43.71 -0.02 13.3 TxMIn r 14.67 -0.02 5.3 WellsI 28.72 -0.05 7.4 CorePlusBdI NA ... NA
TxExA p 13.56 ... 3.9 5GlbFxdInc 10.89 ... 1.5 Edgewood Growth Instituti GrowCoK 33.84 +0.34 58.2 DevMktY 50.76 -0.59 11.3 IncomeFd NA ... NA CAITAdml 12.35 ... 4.3 USGroAdml 166.48 +2.05 49.4 Welltn 46.18 -0.12 8.4 CorePlusBdIS NA ... NA
B10 | Friday, November 27, 2020 THE WALL STREET JOURNAL.

BANKING & FINANCE

Avoid Black Friday Credit-Card Pitfalls

BY AMBER BURTON graduations. While some may be apply- to credit as well.
Here are some tips to keep ing for store credit cards this “Many retailers provide in-
This year has been different both your cheer and your time of year, keep in mind that centives to get you to sign up
in many ways, but Black Friday credit score up this holiday the number of people ap- for instant credit while making
promises to be business as season. proved for new cards is still a purchase with even more in-
usual, even with the large por- down, as lenders try to assess centives offered around the
tion of spending expected to risk in the pandemic. Ms. Gon- holidays,” said Tom Quinn, vice

PAUL HENNESSY/SOPA IMAGES/ZUMA PRESS

take place online rather than Plan ahead zalez’s best tip: Read the fine president of FICO Scores.
in person. Planning ahead and decid- print of any financing offers Mr. Quinn said it is impor-
Credit cards remain the top ing which cards you’ll use you’re looking into, and be- tant to be aware that opening a
payment option for consumers could go a long way, said Mi- ware of deferred interest. new credit card requires a
this holiday season, according chele Cagan, certified public “Deferred interest is a fea- “hard” pull of your credit report
to a recent survey by the Na- accountant and the author of ture commonly found in retail- as part of the process, which of-
tional Retail Foundation. Many “Debt 101.” ers’ payment plans or when ten lowers your credit score for
of those planning to charge Start by assessing existing applying for a new store card a short period.
their shopping may already be debt on each card and figuring with them. It basically means Also, consider if you are the
in debt. Almost out your utilization. Splitting that you pay no interest or a right person for this type of
PERSONAL 60% of cardhold- purchases among cards with reduced rate for a period but card. The rewards are often
FINANCE ers who have ex- different billing dates could Consumers should plan before they’re tempted to buy. allows the possibility for a appealing for loyal customers,
isting credit-card help with repayment. For ex- higher APR to retroactively ap- but the average APR is about
debt said they would be adding ample, instead of charging Mr. Schulz says keeping your ply to your entire original pur- 24%.
to it this week, according to a $1,000 on one card, spread the balance as low as you possibly Be strategic chase amount,” said Ms. Gon- “If you carry a balance regu-
poll by creditcards.com. purchases on cards with two can is ideal, and he sees addi- Doing research ahead of the zalez. larly, these cards aren’t for you
“One of the interesting different payment dates. Con- tional benefits to splitting pay- holidays is important. First, If you go this route, be sure because of the high interest
things that we’ve seen around sider when you’re expecting ments. A credit score consists make a list, and figure out to mark the date your promo- rates,” Mr. Schulz said.
[recent] holidays is people are your paycheck to hit to map not only of a person’s overall your budget. Equally important tional period ends, and pay off Last, as always, pay your
choosing to spend a little more out the payments. utilization rate but also utiliza- is researching whether you’ll your balance before high inter- bill as soon as possible. Mr.
on certain occasions in order to “And if you can get a higher tion rate by individual card, really be saving by buying the est rates kick in. Quinn recommends spending
make up for how crummy 2020 limit on your credit card, do said Mr. Schulz. item this weekend. only what you can reasonably
has been,” said Matt Schulz, it,” she said. The lower the uti- “So that distinction may not “Some things are cheaper pay off in two or three months
chief industry analyst at Lend- lization—the ratio of spending be a game changer when it on Black Friday,” said Jill Gon- Resist impulse buys after the holiday season.
ingTree. Mr. Schulz has ob- to your credit-card limit—the comes to your credit score, but zalez, an analyst at WalletHub. Ms. Cagan also encourages “People make bad decisions
served this trend in relation to better for your credit score it is a simple step that can make “However, WalletHub research people to shop online, which when they’re under pressure,
both Halloween and Thanksgiv- overall. Remember, a higher a difference if you’re at the determined that 21% of items cuts down on impulse buys and that’s especially true when
ing, as people try to make up limit isn’t a license to spend edge of good to great credit,” he offer no savings compared to that can really add up. But the it comes to money,” said Mr.
for missed birthday parties and more. said. their pre-Black Friday prices.” impulse-buy mentality applies Schulz.

Shops Face Store Clerk

Different Adapts to
Holiday Pandemic
Continued from page B1 Continued from page B1
crease, according to the Com- ous day in the backroom cash
merce Department. However, office, then heads to the sales
household incomes slipped floor to ready his team of
0.7% last month and consumer around six cashiers and cus-
confidence fell for November tomer-service employees for
amid the surge in virus cases. the day. The group has a
Spending during November masked, socially distant morn-
ADRIENNE GRUNWALD FOR THE WALL STREET JOURNAL

and December is expected to ing meeting before the store

increase by 3.6% to 5.2% year opens.
over year, according to the Na- 9 a.m. Store opens. Mr.
tional Retail Federation. Clark helps at the registers and
“People aren’t spending often works at the customer-
money on things like travel or service desk. This time of year,
sporting events or concerts. So customers often ask about gift
with more disposable income boxes, gift receipts, the return
available, heading into the hol- policy and whether there are
idays, research suggests people going to be any Black Friday
will be more likely to buy sales, Mr. Clark said.
products across our brands,” 11 a.m. The mall opens,
Gap Chief Executive Sonia Syn- which brings more traffic to
gal said. the store. Mr. Clark gives his
The San Francisco-based Macy’s is lobbying state and local governments against closing department stores over the holiday period. workers their breaks. The busy
chain didn’t provide a full fi- holiday season means he usu-
nancial outlook when it re- fewer shopping trips this holi- sures requiring employers to uncertainty into its business. make it easy for consumers to ally works through his lunch
ported quarterly results Tues- day season,” said Ernie Her- have a written plan detailing Macy’s Inc. is lobbying place digital orders and pick and snacks throughout the day,
day, saying it was generally rman, chief executive at TJX how they will prevent employ- states and local governments up goods in stores and get on- grabbing a Gatorade and a bag
assuming that sales would be Cos., the retailer behind chains ees from getting infected. against closing department line sales quickly shipped to of Combos, or bringing a fruit
flat or increase only slightly including T.J. Maxx and Home- Countries in Europe have im- stores over the holiday period, consumers. smoothie and a Nutri-Grain bar.
year over year for its reporting Goods. posed stricter rules to combat fearing what stringent lock- American Eagle operations Afternoon. Mr. Clark contin-
period covering the holiday States including Ohio have increased Covid-19 infections, downs would mean for de- chief Michael Rempell said the ues to work on the sales floor,
stretch. That range implies a recently put new curfews into including a nationwide lock- mand. Sales at Macy’s plunged company remained focused on sometimes training less-experi-
deceleration from the 13% and place, while the city of Chicago down in England that is sched- to roughly $3 billion for its converting demand into its enced staff on how to pitch the
5% year-over-year gains in issued a 30-day stay-at-home uled to end on Dec. 2. quarter that ended May 2 as a digital-sales operations even company’s credit card or prod-
comparable sales it recorded advisory this month. New Mex- Richard Hayne, chief execu- result of temporary store clo- as it faces capacity limits and uct-protection plans.
for the two prior quarters. ico, which ordered residents to tive at Urban Outfitters Inc., sures this spring but rose to Covid-19-related challenges to 4 p.m. Mr. Clark makes sure
Other retail executives, shelter in place in November, told investors that strict lock- about $3.6 billion and almost traffic levels at some stores. returns are processed and
meanwhile, have said some is allowing what it considers downs like the U.K.’s and a $4 billion in the subsequent The company has recently other tasks are done, not left
shoppers remain fearful about essential businesses to avoid growing number of “draconian two periods. been testing self-checkout in for the next employee working
returning to physical shops. potential closures if they offer store capacity restrictions and Executives at retail chains stores and same-day delivery the closing shift, he said. He of-
“We see some consumers regular tests for workers who stay-at-home orders” from say they are better prepared to for online orders and improved ten works an 8 a.m. to 4 p.m.
are still reluctant to shop in aren’t required to quarantine. state and local authorities have reach consumers than earlier page-load speeds on its web- shift but stays an hour later if
stores and others may make California adopted new mea- injected a significant level of this year, touting efforts to site. the store is busy.

New Retirement-Plan Rules in Limbo Ernst & Young Role

BY ANNE TERGESEN But George Michael Ger-
stein, co-chair of the fiduciary
In June, the U.S. Depart- governance practice at Stradley
ment of Labor proposed a reg- Ronon Stevens & Young, LLP,
ulation to change the rules said, “The rule will be vulnera-
governing advice in retirement ble, as I don’t believe it can be
accounts to align with another effective prior to Inauguration
Trump administration stan- Day…Considering the high-pro-
dard. But delays in completing file nature of the rule-making,
the proposal, likely due in part I suspect this will be on the
to financial-industry opposi- new administration’s radar.”
tion, have left it vulnerable to A stricter set of regulations
being scrapped after President- from the Obama administra-
elect Joe Biden takes office. tion, which imposed tight limi-
“Time is quickly running tations on conflicted invest-
out” on the proposed rule, ment advice, sparked an
said Jason Berkowitz, chief le- industry backlash and was
gal and regulatory affairs offi- struck down by a federal ap-
cer at the Insured Retirement peals court in 2018.
Institute, a trade association Consumer advocates have
for the annuities industry, criticized the Trump Labor De-
which was critical of some partment’s proposal, which
proposed provisions. they have said would weaken
The Labor Department de- standards under the Employee
clined to comment. Retirement Income Security
Such an outcome would Act of 1974, the federal law
mark the latest development in that governs 401(k)-type plans.
a decadeslong debate over The DOL’s proposal seeks to
what responsibilities brokers align the treatment of retire-
and other advisers have to cli- ment accounts with the Secu-
ents when giving investment rities and Exchange Commis-
advice in 401(k)-type accounts sion’s recently enacted
and individual retirement ac- Regulation Best Interest gov-
counts and how to manage con- erning brokers’ interactions
flicts of interest in the sale of with investors in taxable ac-
investments in those accounts. counts and IRAs. The SEC reg-
On Tuesday, the Labor De- ulation requires brokers to act
partment submitted the pro- in clients’ best interest when
posal to the White House Of- making specific recommenda-
fice of Management and tions and requires brokerage
Budget for review, a step to- firms to disclose and take
ward completing the regula- steps to reduce conflicts of in-
tion. terest, among other things.
Under federal law, 401(k)
plan sponsors and the advisers
who serve them are held to
strict standards, including pre-
venting conflicts of interest
from influencing investment
advice. That bars them from
accepting pay that varies from
one investment to another, in-
cluding sales commissions.
But when it comes to IRAs
and the billions of dollars that
move annually in rollovers
from 401(k)s to IRAs, advisers
aren’t always considered fidu-
ciaries and can, under some
circumstances, accept sales
commissions.
The proposed rule would
cause rollovers to be more
heavily regulated by requiring
advisers to act in the best inter-
est of clients when recommend-
ing a rollover if the adviser
Dividend Changes
Dividend announcements from November 25.
Company
Increased
Hormel Foods
Initial
Bentley Systems
Foreign
Elbit Systems
Special
Eaton Vance
GAMCO Investors Cl A
Loral Space & Comm
TX Pacific Land Tr
KEY: A: annual; M: monthly; Q: quarterly; r: revised; SA: semiannual; S2:1: stock split and ratio; SO:
spin-off.
were to provide ongoing advice
about any of the clients’ retire-
At Wirecard Is Probed
ment assets, rather than when BY PAUL J. DAVIES contents. “To date, we have no
providing advice to the 401(k) indications of any criminal
plan. The financial-services in- German prosecutors are ex- conduct by the auditors at EY
dustry is critical of that change. amining Ernst & Young’s role Germany,” a spokesperson
It “was a big step that in the collapse of disgraced said. “We continue to support
caught the industry off guard,” payments operator Wirecard all official investigations.”
said Fred Reish, a lawyer who AG, ratcheting up pressure on Wirecard’s collapse has
specializes in employee bene- the audit firm. been one of the biggest corpo-
fits. “The conditions are so de- Munich prosecutors said rate scandals in Germany for
manding they got a lot of oppo- they are evaluating a report by decades. It has sparked a par-
sition from broker dealers and the country’s accounting liamentary inquiry and led
insurers. I think that’s why it watchdog into the company’s Germany’s leading stock-mar-
hasn’t been finalized by now.” collapse this summer. The ket index, the DAX, to bring in
Mr. Reish said the stricter watchdog, known as Apas, a string of rule changes to im-
interpretation—that advisers launched an investigation into prove the quality of member
must act in the best interest of the work of the auditing firm’s companies.
participants when making roll- local affiliate, EY GmbH, after EY audited Wirecard’s ac-
over recommendations—might Wirecard admitted that more counts for more than a decade
stand even if the Labor De- than $2 billion of cash it had before the firm’s collapse. It
partment’s proposed rule dies. said was held in bank accounts has become a target of intense
—Paul Kiernan on its behalf didn’t exist. criticism in Germany, where
contributed to this article. “We are still evaluating regulators and the government
Apas’s report and haven’t yet are trying to unravel how the
made any decision about alleged fraud took place.
whether to bring any criminal Rival accounting firm KPMG
charges,” a spokesperson for AG conducted a special audit
the prosecutor said. Under into a series of allegations
Amount Payable / German law, any criminal cases about Wirecard’s accounting
Symbol Yld % New/Old Frq Record
would be against individuals and acquisitions that was pub-
rather than firms, she said. lished this year before the
HRL 2.1 .245 /.2325 Q Feb16 /Jan11
The prosecutors’ review of company’s collapse.
BSY 0.3 .03 Q Dec22 /Dec07
Apas’s submission, which be- EY has already lost two big
gan some weeks ago, was ear- clients in Germany over Wire-
ESLT 1.4 .44 Q Jan04 /Dec21
lier reported in the German card’s scandal. Commerzbank
newspaper Handelsblatt. Apas AG, Germany’s second-largest
EV 2.2 4.25 Dec18 /Dec04
declined to comment, citing lender, and DWS Group,
GBL 0.6 .90 Dec15 /Dec04 strict legal confidentiality Deutsche Bank AG’s asset-man-
LORL ... 1.50 Dec17 /Dec04 around its investigations. agement arm, said in Septem-
TPL 1.6 10.00 Dec17 /Dec11
EY said it hadn’t been given ber they decided not to use
a copy of the Apas report and EY’s affiliate in Germany to au-
so couldn’t speculate on its dit their accounts.
THE WALL STREET JOURNAL.
Pressure
Mounts on
Chinese
Coal Miner
BY CHONG KOH PING
An investigation into a trou-
bled Chinese state-owned coal
miner was escalated to the
country’s securities regulator,
as authorities pile pressure on
the company whose recent de-
fault rattled the bond market.
The National Association of
Financial Market Institutional
Investors, a self-regulating
body supervised by China’s
central bank, said that it has
sent leads related to suspected
violations of laws and regula-
tions by Yongcheng Coal &
Electricity Holding Group Co.
to the China Securities Regula-
tory Commission. The industry
group said it would also im-
pose unspecified sanctions on
the company and start an in-
vestigation into its parent, an
energy and chemicals conglom-
erate.
Yongcheng Coal missed a
deadline earlier this month to
repay 1 billion yuan, equivalent
to $152 million, in 270-day
commercial paper that ma-
tured Nov. 10, after having sold
new debt just weeks earlier.
The company had also trans-
ferred some assets, including
stakes in a local bank and sev-
eral chemical firms, to other
local state companies.
The miner’s failure to make
the debt payment and recent
bond defaults by an automo-
tive business and a chip maker
have caused unease among in-
vestors, sending yields on risk-
ier corporate bonds higher.
Yields rise as bond prices fall.
Yields on three-year Chinese
corporate bonds with double-A
credit ratings—a grade that in
China’s domestic rating system
indicates a significant amount
of risk—rose to more than
4.482% on Tuesday, their high-
Authorities have
taken a tough stance
on the recent
defaults.
est since December 2018, ac-
cording to financial informa-
tion provider Wind. They
edged down slightly to 4.479%
Wednesday but are still signifi-
cantly higher than a few weeks
ago. In comparison, yields on
triple-A-rated three-year cor-
porate bonds fell slightly to
3.881%. Three-year Chinese
government bonds were yield-
ing 3.085% Wednesday, accord-
ing to Wind.
Chinese authorities have
taken a tough stance on the re-
cent defaults, in what analysts
say are attempts to quell inves-
tor worries about wider liquid-
ity problems among state-
owned enterprises. China’s top
financial body, chaired by Vice
Premier Liu He warned over
the weekend that it would
show zero tolerance for mis-
conduct in the debt markets.
On Tuesday, Yongcheng Coal
and the main underwriters of
its commercial paper said in
regulatory filings that all 31
holders of the debt have
agreed on a repayment plan.
The company, whose parent is
owned by the Henan provincial
government, said it would re-
pay half of the 1 billion yuan to
creditors and roll over the rest
for another 270 days.
The 4.39% interest rate on
the debt will remain un-
changed during the extension
period, and repayment of the
rest of the principal and inter-
est will be done in a lump sum.
The company still has li-
quidity problems. Yongcheng
Coal separately said earlier
this week that it wasn’t able to
repay two other short-term
debt issues totaling 2 billion
yuan that recently matured.
The company said the corona-
virus pandemic has taken a
negative toll on its business
operations and that it has had
difficulties raising funds in the
bond market.
Chang Li, a Beijing-based di-
rector at S&P Global Ratings,
said he expects regulators to
take further steps to address
investor concerns on informa-
tion disclosure and poor gover-
nance at companies, including
state-owned enterprises, as
market confidence has been
shaken by the recent string of
credit events.
—Xie Yu
contributed to this article.
* * * *
Stocks Slip in Europe, Gain in Asia
Spanish energy firm
Repsol falls after
unveiling investment;
U.K. banks slump
BY JOE WALLACE
Most major Asian markets
ended the day higher. Japan’s
Nikkei 225 rose 0.9% to its
highest level since 1991. The
Shanghai Composite Index
ticked up 0.2%.
The U.S.
THURSDAY’S stock and gov-
MARKETS ernment-bond
markets were
closed for Thanksgiving.
The pan-continental Stoxx
Europe 600 slipped 0.1%. U.K.
equity markets weighed on the
broader gauge.
Stocks have been buoyed in
recent weeks by optimism
about the potential widespread
distribution of three Western
vaccines in the new year. Inves-
tors say the shots likely have
the potential to quell the pan-
demic, allowing portions of the
JD Health IPO
Adds to Banner
Year in Hong Kong
BY JOANNE CHIU
AND QUENTIN WEBB
Hong Kong is having a stand-
out year for stock listings, de-
spite political turmoil and the
derailment of the world’s larg-
est initial public offering.
On Wednesday, the telemedi-
cine arm of Chinese e-com-
merce giant JD.com Inc. kicked
off a $3 billion-plus IPO in Hong
Kong. The deal by JD Health
International Inc. will help lift
proceeds from Hong Kong IPOs
and secondary listings to a 10-
year high, even after the sudden
suspension of Ant Group Co.’s
blockbuster listing earlier this
month.
The city’s capital markets
continue to draw funds from
global investors despite
strained relations between Bei-
jing and Washington, China’s
imposition of a new national-se-
curity law in Hong Kong in
June, and other complications
such as the Trump administra-
tion’s attempt to bar American
investors from holding stocks of
some Chinese companies.
Hong Kong is the preferred
listing venue for many Chinese
companies, including technol-
ogy and health-care startups,
EU Notes BlackRock Concern Japan’s Central Bank
BY DIETER HOLGER
AND DAWN LIM
A European Union watch-
dog said Wednesday the bloc’s
executive branch failed to
properly consider potential
conflicts of interest when it
chose BlackRock Inc. to advise
the EU on future banking reg-
ulations.
“An application by a com-
pany to carry out a study
meant to feed into policy that
will regulate that company’s
business interests should have
resulted in significantly more
critical scrutiny by the Com-
mission,” said European Om-
budsman Emily O’Reilly, an
oversight officer.
She urged the commission
to update its guidance over
hiring contractors with poten-
tial conflicts of interest that
could affect their work and
forwarded her report to law-
makers in the European Parlia-
ment. The ombudsman investi-
gates potential malpractice in
EU institutions, but the office’
s findings have no binding
power.
In early March, the Euro-
pean Commission hired a
BlackRock arm to prepare a
technical analysis on how to
create a regulatory framework
that would account for envi-
ronmental and social risks for
banks. BlackRock counts banks
among its clients.
The company’s financial
markets advisory arm, which is
different from its asset-man-
agement arm, has worked with
various governments on poli-
cies over the past year because
of its experience working with
central banks. BlackRock is the
largest asset manager in the
world, with $7.8 trillion under
MARKETS & FINANCE
world economy to reopen and economy is on course to record
releasing pent-up demand for
goods and services.
“The big story has been the
its worst contraction in 300
years. Signs that the U.K. may
leave the European Union with-
strength in equity markets,”
said Joe Little, chief global
strategist at HSBC Asset Man-
out a trade agreement and in-
troduce new barriers to com-
merce have also made money
agement. “You’re seeing many managers wary of investing in
of these laggard sectors and British stocks.
even laggard markets begin to “Clearly, Brexit news over
enter the process of a catch-up.” the past day hasn’t been as
The rotation into economi- positive,” said Edward Park,
cally-sensitive sectors can keep chief investment officer at
running in 2021, according to Brooks Macdonald. “It could
Mr. Little. European and U.K. over the medium term and long
stock markets, heavily domi- term be far more influential in
nated by old-economy compa- terms of GDP than Covid,” Mr.
nies, stand to benefit, he added. Park said of a no-deal Brexit.
Among individual European Buoyant stock markets in
stocks, Repsol fell 3.5% after the U.S. and Europe contrast
the Spanish energy company with a worsening economic
said it would invest €18.3 bil- outlook for the next several
lion, the equivalent of $21.8 bil- months, as rising coronavirus
lion, between 2021 and 2025 in cases weigh on consumer confi-
a push to accelerate the energy dence and restrictions crimp
transition. activity. German consumer sen-
Shares in Lloyds Banking timent is set to fall in Decem-
Group, Barclays PLC and other ber, market-research firm GfK
financial-services companies said after a pickup in infections
weighed on the U.K.’s FTSE 100 led authorities to impose a par-
benchmark, a day after the na- tial lockdown.
tion’s fiscal watchdog said the “There is a kind of contrast
Initial public offerings and
other new listings in Hong Kong
$60 billion
As of Nov. 25
$39.1 billion
40
and has seen dozens of IPOs
from China this year. It has also
hosted several secondary list- 20
ings by U.S.-traded Chinese
companies. Beijing-based JD
Health on Wednesday began
taking orders for a $3.1 billion
to $3.5 billion IPO, according to
a term sheet seen by The Wall 0
Street Journal. With Ant’s list-
2010 ’12 ’14 ’16 ’18
ing delayed, this would be Hong
Kong’s largest IPO this year, ac- Source: Refinitiv
cording to Refinitiv.
Property-management com- on many of the deals. It is also
panies backed by developers a boon for the Hong Kong stock
China Evergrande Group and exchange, after it revamped its
China Resources Land Ltd. are rules in recent years to accom-
separately seeking to raise a modate unprofitable companies
combined total of as much as and those with unconventional
$3.6 billion, ahead of market shareholding structures. For
debuts in early December, fil- companies seeking to raise cap-
ings showed. ital from international inves-
The planned listings are set tors, “Hong Kong is still a very
to push fundraisings from IPOs attractive place,” said Frank
and secondary listings in Hong Tsui, senior fund manager at
Kong above last year’s total to Value Partners, an independent
the highest since 2010, when asset-management firm based
such share sales like this raised in the city. “I’m not seeing a
more than $57 billion, accord- slowdown in the IPO pipeline.”
ing to Refinitiv. More than 110 Mr. Tsui said Hong Kong had
companies have already raised been buoyed by the exchange’s
$39.1 billion through new list- reforms as well as the “massive
ings this year. global liquidity” supplied to
The flurry of share sales is markets by the Federal Reserve
good news for major U.S. banks, and other central banks. Hong
which have secured senior roles Kong was likely to remain a
critical factors appropriately
into account when assessing
bids does not ultimately serve
the public interest,” Ms.
O’Reilly said.
BlackRock was among nine
bidders that vied for the
contract. It offered €280,000,
equivalent to about $333,000,
PHILIPP VON DITFURTH/DPA/ZUMA PRESS
for the contract that had an
estimated value of €550,000,
according to the ombudsman’s
report.
While the ombudsman rec-
ommended updating the con-
flict-of-interest guidance, her
report said awarding the con-
tract didn’t rise to the level of
maladministration, or wrong-
The EU’s Emily O’Reilly doing, by the commission.
A spokesperson for the Eu-
management. ropean Commission said Ms.
“The European Commission O’Reilly’s report confirmed
has already publicly stated they “applied the rules fully
that the technical quality of and fairly,” but they will study
FMA’s [BlackRock’s financial the suggestions and reply to
markets advisory unit] pro- the ombudsman’s office by the
posal was the basis for their deadline of the end of March
decision in awarding the man- next year.
date,” said BlackRock spokes- “The Commission is com-
man Marc Bubeck. “FMA has mitted to transparency,” the
taken a wide-ranging and in- spokesperson said. “It is in
clusive approach, including ac- this spirit that the Commis-
ademia, civil society, banks, sion will shortly publish Black-
supervisors and market practi- Rock’s interim report, once
tioners, and looks forward to submitted by the contractor.”
completing its work and deliv- The ombudsman report
ering its final report to the comes in response to three
Commission.” complaints from a coalition
The ombudsman’s decision led by the nonprofit Change
report highlighted two areas Finance and two members of
of concern—that BlackRock the European Parliament.
has a financial interest in de- Damien Carême, one of the
velopments in the market it European Parliament members
was being hired to advise on, who lodged a complaint, said
and that BlackRock was able he and other colleagues in the
to underbid other companies. Greens alliance sent a second
“One cannot adopt a tick letter following the ombuds-
box approach to the awarding man’s report to European
of certain contracts. Treating Commission President Ursula
contract bidders equally is im- von der Leyen asking her to
portant, but not taking other cancel BlackRock’s contract.
Friday, November 27, 2020 | B11
between the current situation
around us in the real world,
where we see effectively we are
in a double-dip [recession],”
said Nadège Dufossé, deputy
head of multiasset at Luxem-
bourg-based asset manager
Candriam. “But the market is
now focusing on next year, on
the rebound.”
Sweden’s krona slipped 0.4%
after the Riksbank said its
benchmark interest rate is
likely to remain at zero for the
coming years. The central bank
expanded and extended its as-
set-purchase program.
In commodities, Brent crude
futures fell 1.4% to $47.85 a
barrel, trimming recent gains
after the international energy
benchmark settled at its high-
est level since early March on
Wednesday.
Bitcoin’s surge stalled, pull-
ing the cryptocurrency down to
about $17,000 late Thursday.
Technical indicators showing
that the price had risen too
high encouraged investors to
book profits, said Joel Kruger,
foreign-exchange strategist at
’20
The listings are set to push fundraisings to the highest since 2010.
competitive financial center in
the medium term, he said, at
least until China’s onshore stock
markets were fully open to for-
eign investors.
The pandemic has increased
investors’ interest in certain
health-care businesses, and
fundraising by Chinese health-
care companies has hit records
this year. JD Health said it runs
China’s largest online pharmacy
by revenue, organizes medical
bookings and offers online con-
sultations with doctors.
It made a net loss of 5.4 bil-
lion yuan, the equivalent of
$819 million, in the six months
to June, as expenses rose and it
booked a charge for the change
in the fair value of convertible
preferred shares. Revenue rose
76% year over year to 8.8 billion
Racks Up Stock Gains
BY MEGUMI FUJIKAWA
TOKYO—One of Japan’s big-
gest stock investors just re-
ported record gains of more
than $50 billion after a well-
timed bet. But the person who
engineered the windfall won’t
be getting a Wall Street-style
bonus, and some have even
started saying he shouldn’t
play the market so much.
That is because the hot-hit-
ting portfolio manager is Gov.
Haruhiko Kuroda, head of
Japan’s central bank. Mr.
Kuroda has led the Bank of
Japan’s push, unusual among
global central banks, to invest
in the Tokyo stock market.
In March, he doubled the
BOJ’s annual ceiling for its
purchases of exchange-traded
funds to the equivalent of $115
billion. That was the month
the stock market began surg-
ing after a pandemic-induced
dip. It closed Thursday at a
29-year high, up 60% from this
year’s low.
The superb timing helped
the central bank report a re-
cord jump for a six-month pe-
riod in its stock portfolio’s
gains when it released its semi-
annual financial report Thurs-
day. It said the market value of
its holdings stood at the equiv-
alent of nearly $400 billion as
of Sept. 30, which represented
an unrealized profit of $56 bil-
lion over what it paid.
Six months earlier, the BOJ
had barely any unrealized
profit left, and at one point in
March Mr. Kuroda said it was
carrying large losses.
The stock-buying program,
which began under Mr.
Kuroda’s predecessor a decade
LMAX Group.
At midday Friday in Tokyo,
the Nikkei was down 0.1%, the
Shanghai Composite was up
0.4% and South Korea’s Kospi
was flat.
U.S. stock futures were down
0.3% late Thursday.
—Anna Hirtenstein
contributed to this article.
AUCTION RESULTS
Here are the results of Wednesday'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.
Applications
FOUR-WEEK BILLS
$104,475,912,400
Accepted bids $32,939,099,400
" noncompetitively $830,694,200
" foreign noncompetitively $600,000,000
Auction price (rate) 99.993778
(0.080%)
Coupon equivalent 0.081%
Bids at clearing yield accepted 99.43%
Cusip number 9127965F2
The bills, dated Dec. 1, 2020, mature on Dec. 29, 2020.
EIGHT-WEEK BILLS
Applications $124,987,184,000
Accepted bids $38,428,878,000
" noncompetitively $152,920,800
" foreign noncompetitively $1,000,000,000
Auction price (rate) 99.987556
(0.080%)
Coupon equivalent 0.081%
Bids at clearing yield accepted 68.77%
Cusip number 912796A82
The bills, dated Dec. 1, 2020, mature on Jan. 26, 2021.
ISAAC LAWRENCE/AGENCE FRANCE-PRESSE/GETTY IMAGES
yuan, most of which came from
sales of products like over-the-
counter medicines, prescription
drugs, contact lenses and medi-
cal devices.
JD Health is offering nearly
382 million shares, with an in-
dicative price range of 62.80
Hong Kong dollars to HK$70.58
each—the equivalent of $8.10 to
$9.10. That represents 12.2% of
its enlarged share capital and
will value the company at up to
$28.5 billion.
Six cornerstone investors, in-
cluding investment firms Black-
Rock, Tiger Global and Hill-
house, will buy up to $1.35
billion of stock wherever the
deal is priced. The IPO could in-
crease to $4 billion if under-
writing banks exercise an op-
tion to buy 15% more shares.
ago in the aftermath of the
global financial crisis, isn’t
aimed at making trading profit.
It is supposed to encourage
broader risk-taking in the econ-
omy and ensure prices are ris-
ing at a small and steady clip.
Recently, with inflation
stuck around zero, some ana-
lysts are questioning whether
the program is doing much
good—especially during a pan-
demic, when other factors are
weighing on the psychology of
consumers and businesses.
Also, the central bank now
owns more than 6% of the to-
tal value of the Tokyo stock
market, leading some to won-
der whether the premier sym-
bol of capitalism could be un-
dermined by state influence.
NLI Research Institute
strategist Shingo Ide said the
central bank’s outsize role
could hurt corporate gover-
nance because it can’t act like
other shareholders in moni-
toring company strategy.
“Because such a large unre-
alized profit means the bank’s
holdings are also getting bigger
and bigger, there will likely be
more demand from outside the
BOJ to sell the stocks or start
thinking about an exit policy,”
said Naomi Muguruma, an
economist at Mitsubishi UFJ
Morgan Stanley Securities.
Mr. Kuroda said last week
that he wasn’t thinking of any
quick changes in the program.
Still, there are signs a re-
think is in its early stages. One
of the bank’s nine policy board
members said last week that
the bank might have to con-
sider tweaking its purchases
and alluded to the uncomfort-
ably large size of its holdings.
 B12 | Friday, November 27, 2020
Green Energy Firms Mimic Oil Playbook
Once humble utility companies, Enel and Iberdrola have built international operations to leverage scale and cost efficiencies
The decline of oil-and-gas su-
permajors over the past two years
has been matched by the rise of pre-
viously obscure utility companies. In
Europe, Enel and Iberdrola have
emerged as green energy giants, in
part by taking leaves out of the big-
oil playbook.
Like Shell and BP before them,
the companies have built global
portfolios to meet growing energy
demand, only with wind and sun
rather than fossil fuels. The strategy
has already made them the world’s
two largest renewable energy pro-
ducers by capacity, but they want to
get even bigger.
Enel said Tuesday that it will
nearly triple its capacity to 120
gigawatts by 2030. Earlier this
month, Iberdrola laid plans to dou-
ble its capacity to 60 gigawatts by
2025. The companies are similar to
JOHN KUCZALA
Virus Will Alter Malls and Offices
Vaccine will help commercial properties but long-term pressures may accelerate
The office and the shopping mall
are two of the things most visibly
changed by Covid-19. They also have
the most potential to bounce back
once a vaccine is distributed, but
they could look quite different.
Early indicators suggest that
many people want to continue going
about their lives more remotely.
About a quarter of office workers in
a recent survey by Jones Lang La-
Salle said they would like to work
outside the office full-time post-
pandemic. Meanwhile, Walmart
Chief Executive Doug McMillon said
this month the retailer was con-
vinced that most of the behavioral
shift to online shopping “will persist
beyond the pandemic.”
Still, it would be overly simplistic
to assume landlords are necessarily
imperiled. Commercial real estate is
a business that can take time to
evolve because of long-term leases.
A typical retail term is about six
years while offices are closer to 10
years, according to CoStar Group. In
addition, rent collection has stabi-
lized for offices, with owners col-
lecting more than 96% of the usual
rent as of July, according to Nareit,
which tracks figures for listed real-
estate investment trusts. Even for
free-standing retail—think big-box
Covid-19 Won’t Steal Christmas
This holiday season will be differ-
ent from any other, including what
people choose to spend money on.
This year’s Black Friday comes at
a critical juncture. New Covid-19
cases are rising sharply, millions of
people remain out of work and a
number of pandemic-assistance pro-
grams are set to expire at the end of
the year.
Yet Americans’ impulse to spend
in the period between Thanksgiving
and Christmas should never be un-
derestimated, and hunkered down
and in isolation from loved ones,
some may find extra comfort in giv-
ing gifts this year. Moreover, many
people who have remained em-
ployed have actually been saving
more this year, and have more
money at their disposal as a result.
Where people have been spend-
ing their money since the pandemic
began may provide a good guide to
where their holiday spending is go-
ing—with some caveats.
Commerce Department figures
released Wednesday showed that
personal spending rose 0.5% in Oc-
tober from September—better than
HEARD STREET FINANCIAL ANALYSIS & COMMENTARY
U.S. peer NextEra, which trades for
much higher earnings multiples, but
with an international rather than
domestic footprint.
All three are gearing up for dra-
matic growth in clean-power de-
mand. Renewables can now be cost-
competitive with fossil fuels, and
governments are accelerating plans
to cut carbon emissions.
Enel and Iberdrola share traits
with oil supermajors. They are verti-
cally integrated: They secure gov-
ernment rights to many wind and
solar sites; develop those projects;
and then manage power plants and
distribution networks. Their big, in-
ternational operations provide the
scale for cost efficiencies, as well as
local know-how and relationships.
Oil producers maintain a bank of
drilling rights. Similarly, Enel and
Iberdrola hold permissions to de-
stores—rent collection was about
95% in September.
The outlier is shopping centers,
where rent collection has rebounded
since the 49% nadir in May but was
still only at about 82% in Septem-
ber. The closure of more than 11,100
retail stores has been announced in
the U.S. this year through Novem-
ber, according to CoStar. Some
empty department stores could have
second lives as e-commerce distri-
bution centers.
Before the pandemic, many cen-
ters were trying to reorient around
experiential retail such as gyms and
restaurants. Those businesses were
hit hardest by the pandemic, so the
focus might shift to grocery, where
foot traffic has held up much better.
Even if consumers are shopping on-
line, they may want to physically re-
trieve their purchases, so outdoor
centers based around the traffic
generated by grocery is in demand.
In the office category, there are
already signs of future pressure on
rents. About 1.7% of U.S. office space
was available for sublease as of the
third quarter, according to CoStar.
That exceeds rates during the 2008
financial crisis, suggesting a trend
driven not just by recession. Plus,
office construction in the pipeline
Consumer spending on services,
annualized
$12 trillion
RECESSION
10
8 Spending on durable goods could
6 days, as people shell out money on
4 little more bearable. But some of
2 forward. Stuck inside, some families
0
Jan. 2020 June
Note: Seaonally adjusted
Source: Commerce Department via St. Louis Fed
the gain of 0.3% economists ex-
pected. Even so, October’s spending
level remained 1.6% below where it
was in February, before the crisis
struck.
Digging a little deeper, spending
on durable goods—long-lasting
items including cars and even video-
game consoles—was up 15.2% from
ON
THE
velop a large pipeline of renewable
projects around the world: Enel has
141 gigawatts worth, while Iberdrola
has 70 gigawatts. They continue to
bid for new opportunities.
The companies hold
permissions to develop a
large pipeline of projects
around the world.
There are some important differ-
ences, too. Oil projects are typically
high-risk, high-return investments,
while new power plants are a surer
thing and generate correspondingly
lower profits. Crude is a global com-
modity and prices are volatile.
reached a cyclical peak in the third
quarter, according to a Newmark
Group national market report.
It is premature, however, to con-
template a sea of empty offices.
Tech giants such as Facebook are
leasing or buying new space even
while envisioning more work being
done remotely. Job losses in indus-
tries that use offices have been
lower than other sectors, according
to Newmark. Even if more people
work remotely post-pandemic, “de-
densification” of the workplace
could mean that people who are
there will take up more space be-
cause of safety measures and efforts
to make offices welcoming. This is a
“countervailing trend to the remote-
working headwind,” says Nancy
Muscatello, managing consultant at
CoStar Advisory Services.
Another shift might be shorter
office leases. But shorter average
terms could push the cost of capital
for office buildings higher and pres-
sure valuations, notes KBW analyst
Jade Rahmani, though that would
be somewhat offset if interest rates
remain low.
Offices and malls aren’t going to
vanish, but they could be different
for both owners and occupants.
—Telis Demos
February, while spending on nondu-
rable items was up 4%, driven by
food purchases. Spending on ser-
vices—the much larger component
of spending which includes every-
thing from restaurant meals to den-
tist visits—was down 5.8%.
continue to do well over the holi-
gifts that make stay-at-home life a
that spending has likely been pulled
may have already bought that new
television they otherwise would be
springing for now, for example.
Oct.
Services spending, meanwhile,
could continue to suffer. Family out-
ings to the movies or giving gift
certificates to the spa don’t seem as
if they will be all that popular
this year.
The holidays are going to be
rough, with the country in the grips
of a pandemic that is going to get
worse before it gets better, and,
overall, people will be spending less
this year. But they will still spend.
—Justin Lahart
* *
Harder-to-transport power is a
much more local product, with
prices often regulated or fixed by
long-term contracts. That predict-
ability helps utilities to use leverage
to boost returns, while oil compa-
nies need lower debt levels to
weather commodity-price cycles.
Based in Rome, Enel operates pri-
marily in Europe, the U.S. and Latin
America. Its plan to triple its renew-
able capacity is part of a €160 bil-
lion, equivalent to $190.30 billion,
investment package in solar and on-
shore wind farms, power infrastruc-
ture, storage and hydrogen. It also
has 10 coal-fired power plants that
it intends to unload by 2027.
Spanish rival Iberdrola plans to
spend €75 billion by 2025 to double
its capacity. It builds solar and wind
farms, both on and offshore, mostly
in the U.S. and Europe. Last month,
Activists Score Win
Against Big European
Property Company
Trans-Atlantic mall giant Unibail-
Rodamco-Westfield has pulled back
from the brink. Finding a lasting fix
for its debt problem will be more
challenging.
Late Wednesday, Europe’s larg-
est listed-property company by as-
sets said it had issued bonds
worth €2 billion, equivalent to
$2.4 billion: one with a six-year
maturity and coupon of 0.625%
and an 11-year bond at 1.375%. Half
the cash will be used to refinance
existing debt. The size and low
cost of the issue is a win for activ-
ist investors who have been push-
ing for a new approach.
Along with French telecoms bil-
lionaire Xavier Niel, Unibail’s former
chief executive Léon Bressler suc-
cessfully persuaded investors to
vote against a controversial €3.5 bil-
lion equity raise two weeks ago.
Back then, Unibail’s chairman and
chief executive warned that unless
shareholders stumped up, the com-
pany could lose access to bond mar-
kets. Both men have since been
ousted, with Mr. Bressler taking
over as chairman.
News that a Covid-19 vaccine will
soon be available helped the activ-
Unibail-Rodamco-Westfield share price
€150
125
100
75
50
25
0
J F M A M J
Note: €1=$1.19
Source: FactSet
OVERHEARD
The Shack is back! Well, sort of.
Once-dominant electronics re-
tailer RadioShack had become a
punchline even before twice going
bankrupt, but a group of entrepre-
neurs with a penchant for iconic
brands have purchased the name
and launched an online marketplace
ahead of the holidays, The Wall
Street Journal re-
ported last week.
The results ap-
pear mixed. Their
One problem
“trending prod- fact that some stores ple who invested
ucts” at the top of
the page are all
remain open under
various wired and separate ownership. an age of digital
Bluetooth head-
phones and all are
sold out. Scrolling
down, one immediately sees prod-
ucts that, sadly, are in demand
these days and do appear to be in
stock: a noncontact infrared ther-
mometer (22% off!), a box of dis-
posable face masks (25% off!), hand to plow new ground. So far, Ra-
sanitizer and a face shield.
THE WALL STREET JOURNAL.
the company bought PNM Re-
sources, which supplies power in
New Mexico and Texas, making it
one of the largest players in the U.S.
There are risks. Green power de-
mand is expected to rocket but re-
turns could be pressured as many
companies, including the likes of BP
and Shell, crowd into the space. The
payback on these multidecade proj-
ects could eventually be squeezed
by higher interest rates, lower long-
term power prices (when fixed-price
contracts expire) or regulatory
changes. Ironically, climate change
could shift patterns of wind or sun-
shine, affecting plants’ efficiency.
Still, renewables are set to be a
major energy source and Enel and
Iberdrola, as the current leaders,
warrant more attention. These are a
far cry from your grandmother’s
utility stocks. —Rochelle Toplensky
ists’ case. The yield on Unibail’s out-
standing bonds has increased
slightly since investors voted
against the capital raise, but re-
mains much lower than during the
March selloff. The new debt will
come on top of net borrowings
equivalent to 12 times the earnings
before interest, taxes, depreciation
and amortization Unibail generated
last year. To get that number down,
the activists want Unibail to sell un-
derperforming Westfield malls in
the U.S. But with the rise of e-com-
merce weighing on the value of
stores, it may be hard to find buyers
at an acceptable price.
Unibail’s shares have rallied 85%
since Pfizer said its vaccine is effec-
tive. Under the old management’s
plan to raise €3.5 billion, sharehold-
ers would have been diluted by 37%,
according to UBS. At today’s higher
share price, that dilution falls to
28%. Unibail needs to keep bond
markets sweet: Any increase in the
cost of debt would make it harder to
refinance its €29 billion of total bor-
rowings.
Mr. Bressler has been correct so
far, but more difficult decisions are
still to come. —Carol Ryan
J A S O N
Scroll farther and you arrive at
products not exactly at the top of
people’s Christmas lists, but cer-
tainly reminiscent of RadioShack’s
glory days such as TV antennas,
video cables, soldering supplies and
a variety of transistor radios. Mak-
ing a revival of the old brand
tougher is the fact that some Ra-
dioShack stores
remain open under
separate owner-
is the ship. Still, the peo-
in Polaroid in 2017
have done well in
photos, as have
the new owners of
Pabst Blue Ribbon.
Other brands attempting second
lives, like Toys “R” Us and RCA,
nominally exist but seem more de-
signed to lure buyers unaware that
those companies disappeared than
dioShack is the wrong kind of retro.
 MANSION
All About $17 Million
The Green Telluride ranch
Landscaping made famous in
takes center Marlboro ads
stage. M2 sells. M8

HOMES | MARKETS | PEOPLE | REDOS | SALES THE WALL STREET JOURNAL. Friday, November 27, 2020 | M1

$1.76
MILLION
2015 Purchase
Price

VANESSA BERBERIAN FOR THE WALL STREET JOURNAL (2); SHRIMPLIN FAMILY (“BEFORE”)
$226,300
Cost for addition to
back of home

$740,000
Total cost of renovation

2,507
SQUARE FEET
Total size of home after
301-square-foot addition

Let There Be Light

A renovation in a British market town took a worn, dark house
and gave it a bright new life as a contemporary family home

BEFORE

BY RUTH BLOOMFIELD

B
ehind a very traditional facade,
Rob and Cath Shrimplin’s house
is hiding a contemporary sur-
prise.
The rear Confronted with a 1930s
facade of the home with a whole litany of problems to
Shrimplin overcome, the couple embarked on a radical
home, top, with remodel which involved taking a big bite
addition and out of the back of the property and replac-
central window. ing it with a wide column of glass.
The Shrimplin The project began five years ago, and was
family in their triggered by a change in the couple’s work-
addition, from ing lives. They had been living in a four-bed-
left to right, room terraced house in Wimbledon, the
Jessica, 11, neighborhood in southwest London which is
Scarlett, 8, home to the famous tennis tournament.
Luke, 6, Cath When they bought that house, both had been
and Rob. working in the West End; Mr. Shrimplin, 43,
as a planning consultant, and Mrs. Shrimp-
lin, 41, as a finance director. Then new jobs
brought relocations. By coincidence, both
found themselves working in offices in the
“home county” of Surrey, on the southwest
Please turn to page M4

Singapore’s High-Rise Bounce where home

prices are high,
2,177 apart-
ments were sold
from January to
September, up
Luxury sales have been brisk and prices have held firm, despite a slowdown at the highest end from 1,797 in the
year-ago period,
BY KATERINA ANG government data
show. The me-
Listing price: $14.2 million
PRIYESH SHAH LOOKED at more than a dian price per
dozen high-end apartments in Singapore as square footage
he searched recently for a permanent home also increased,
for his young family. The New Jersey native by 7.5% to
has worked in Singapore for eight years and, $1,705.
like many others, hoped the coronavirus- Among the new homeowners is Chinese
triggered economic downturn would be a tycoon Huang Youlong, who bought a pent-
good buying opportunity. house from billionaire property scion Kishin
Instead, the tech professional found that Please turn to page M10
YING YI CHUA FOR THE WALL STREET JOURNAL (3)

prices had barely budged and that many

new condos were quickly being snapped up.
“It’s a stable market without any ridiculous
deals,” says Mr. Shah. “I don’t think it
works like that here.”
Mr. Shah has since made an offer on a
property.
While some developers trimmed prices by
as much as 10% during the partial lockdown
this past summer, the luxury-home market
in this prosperous Southeast Asian island-
nation bounced back more quickly than most
South Beach Residences, with 190 units, top right. The 45th-floor penthouse, above and right. other global cities. In central Singapore,
 M2 | Friday, November 27, 2020 NY THE WALL STREET JOURNAL.

MANSION

SANTA
BARBARA, CALIF.

$8.95
MILLION
Six bed, five bath,
CLOCKWISE FROM TOP: CARSTEN SCHERTZER; JAKE DONAHUE/PORTLAND PICTURE; CHRIS MEECH; BEN MOSS/THE JILLS ZEDER GROUP; GABE BALAZS

three ½ bath,
8,306 sq. ft.

COMPARISON SHOPPING

Go Play Outside
Gardens and extensive landscaping have become hot home features during the pandemic

AKRON, OHIO // $2.95 MILLION BY CHRISTINA POLETTO in the 100 largest metro areas dis- VANCOUVER, WASH. // $2.995 MILLION

Seven bed, six bath, two ½ bath, 13,927 sq. ft.
CORAL GABLES, FLA. // $5.495 MILLION
Six bed, eight bath, one ½ bath, 9,807 sq. ft.
C
ovid-19 and long
stretches at home
have turned owners’
attention to creating
expansive, landscaped
outdoor spaces. Keith Williams,
co-owner of Nievera Williams, a
landscape architecture firm in
Palm Beach, Fla., says his business
has been very busy. “Clients are
focusing more on their gardens
and how they use their exterior
spaces, and just want a better and
more functional experience alto-
gether,” he says.
One priority for clients, says
Mr. Williams, is creating a space
for items like pools, fountains and
tennis courts. “Most of our clients
have more than one home and are
moving to one location and com-
bining all of their favorite ele-
ments,” he says.
Properties with gardens and
outdoor gathering spaces are of
particular interest to buyers. Ac-
cording to an October analysis by
Realtor.com, single-family homes
playing outdoor-related keywords
such as garden, courtyard, deck,
greenhouse and backyard sold
27%, or 12 days, faster than simi-
lar homes lacking those keywords.
(News Corp, owner of The Wall
Street Journal, operates Real-
tor.com under license from the
National Association of Realtors.)
Landscaping and gardens are
investments that require year-
round attention, says Mario Nie-
vera, co-owner of Nievera Wil- Six bed, five bath, two ½ bath, 8,837 sq. ft.
liams. “Many people who live
within apartments in large cities
are surprised to learn that you GREENWICH, CONN. // $8.21 MILLION
have to maintain and upkeep the
landscaping,” says Mr. Nievera.
Christian Douglas, a landscape
designer based in San Rafael, Ca-
lif., suggests hiring the home’s ex-
isting garden team or hiring a
competent crew with a skilled su-
pervisor. “The design and installa-
tion is the easy part,” says Mr.
Douglas. The critical piece, he
says, is deciding “who is going to
nurture and take ownership once
it’s all done.” Five bed, six bath, one ½ bath, 8,435 sq. ft.

New luxury condominiums echoing the rich architectural history of Bernardsville NJ

offering an unparalleled close-to-town and NYC train lifestyle. Sq. Footage 1,500 to 2,800+

Represented by Turpin Realtors

Molly Tonero, Sales Associate +1-888-948-7764
 THE WALL STREET JOURNAL. Friday, November 27, 2020 | M3

PRIVATE PROPERTIES

Mickey Drexler Sells His Fancy Ski House

stationery em- SOLD

blazoned with
$11
FROM LEFT: TORY TAGLIO REAL ESTATE PHOTOGRAPHY; BLOOMBERG NEWS (DREXLER)

its moniker “Ski

Former J.Crew chief Mickey
Drexler has sold his Ketchum,
Idaho, home and two adjacent lots
for $11 million, according to peo-
ple familiar with the transaction.
The property first went on the
market in 2019 with an asking
price of $13.9 million, according
to Travis Jones, who with col-
league Svea Grover at Engel &
Völkers represented both sides of
the transaction. Most recently the
property was seeking $8.9 million,
though that price didn’t include
the adjacent lots.
Designed by architect Thierry
W. Despont, the stone house sits
on a hillside in the Knob Hill
neighborhood and looks out at the
Smoky Mountains, Mr. Jones said.
The approximately 6,600-
square-foot home includes three
bedrooms, five bathrooms, a two-
sided fireplace in the great room,
gold-leaf ceilings in the kitchen
and an elevator. It also came fully
furnished, from the chandelier by
artist Dale Chihuly to the plaid
couches (which coordinate with
the plaid walls, plaid cushions and
plaid curtains).
Suzanne Devitt Levit, who pur-
The Thierry Despont-designed
property listed for $13.9 million in 2019.
chased the property with her hus-
band Carson Levit, said she likes
the interiors. “When friends ask
me are you going to change any-
thing (because they know what a
design buff I am), I say, ‘Abso-
lutely not! I would never have the
audacity to alter Thierry and
Mickey’s creation,’ ” Mrs. Levit
wrote in an email. “And luckily,
we’ve always loved plaid!”
Mrs. Levit said she spotted the
house online, relating that she
had enjoyed a recent visit to the
area so much “that I did what I
often do, which is scroll through
Zillow late night in bed.” She
added that she and her husband, a
former hedge-fund manager and a
private investor, had been think-
ing of buying a ski home in an
area that offered summer activi-
ties.
Mrs. Levit, who with her family
is based in San Francisco, emailed
the listing agent that night, and
she and her daughter toured the
house the next day. In addition to
the architecture, the location and
the views, the Levits said they
were struck by the attention to
detail, down to the home’s own
House.”
Meanwhile,
MILLION
6,600 sq. ft.,
the Levits are
three bedrooms,
asking $12.9
its own
million for their
stationery
Napa Valley
home, which in-
cludes a four-bedroom, four-bath
main house, a two-bedroom
guesthouse, two pools, a putting
green and a 2½ acre vineyard.
Mrs. Levit said they are selling af-
ter over 20 years because they
are avid skiers and plan on spend-
ing more time in Sun Valley and
in Gulf Stream, Fla.
While Mrs. Levit said their Sun
Valley purchase was not moti-
vated by the pandemic, the area,
like many vacation destinations,
has benefited from the dramatic
shifts in luxury housing demand
that have been spurred by the vi-
rus, Mr. Jones said. “This is our
first-ever billion-dollar year,” he
added.
In addition to his stint at
J.Crew, Mr. Drexler, above, was
also CEO of the Gap and served
on the board of Apple for 15
years. He has done other houses
with Mr. Despont including a
Manhattan townhouse and a
Tribeca condominium. He de-
clined to comment.
—Sarah Tilton

Golf Great Nick Price The property was listed for

close to $22 million in 2016.

Relists Florida Estate

Nick Price, a retired for-
mer top-ranked golfer, is
trying once again to sell his
estate on Florida’s Jupiter
Island, this time for $17
million.
He previously listed it
for close to $22 million in
2016 and took it off the
market early last year, ac-
cording to Zillow.
Before the virus, the Ju-
piter market was
sputtering and FOR SALE
price cuts were
plentiful. Now $17
sales are increas-
MILLION rican
ing as buyers from
the Northeast, now
11,000 sq. ft.,
billiards room,
able to work from
dock, on the
home, head south.
Intracoastal
A recent report by
Waterway
Douglas Elliman
shows that sales in
the Jupiter and Palm Beach
Gardens areas, including
Jupiter Island, were up
19.3% in the third quarter
compared with the same
period last year. The me-
dian sales price was up
15.8%.
Tracy Ward of the Ek-
lund|Gomes Team at Doug-
las Elliman, one of the
agents representing Mr.
Price this time around, de-
clined to comment on his
reasons for selling but said
he is motivated. “I think he
wants to sell. That’s clear the island via a private
with the new price point, laneway shared with two
we’re pricing it to move,” other homes.
she said. Mr. Price didn’t respond
The Zimbabwean golfer to a request for comment.
has three major champion- Ms. Ward is listing the
ships under his belt, includ- property with her colleague
ing PGA Championships in Kim Spears of Douglas Elli-
1992 and 1994 and the man.
Open Championship in —Katherine Clarke
1994. He bought the land
for $4 million in 1994, re- A Colorado ranch seen in
cords show. He had many ads sells. M8
the home custom
designed in tradi-
tional style with Af-
influences in
the late-1990s, Ms.
Ward said.
ABSOLUTE AUCTION
T RU LY A B S O LU T E & W I T H O U T R E S E RV E
Sitting at the end
of a driveway
flanked by massive
banyan trees, the
LIVE
house is roughly
ABSOLUTE
ABSOLUTE
11,000 square feet and has AUCTION
elaborate interior wood-
work, five bedrooms, a pair
of offices, a media room
and gym, a formal dining
room and a bar.
The roughly 6½-acre
property includes several
outdoor living and dining
areas as well as a large
pool, a dock with an 8,000- Wednesday, December th at  PM Local Time
pound boat lift and a tennis  Calle Real, Gaviota, California
court. It sits on the Intrac-  acres with approx.  miles
oastal Waterway and comes of Santa Barbara ocean coastline
with deeded access to the
beach on the other side of
3315 Fortnum Place
6 BEDROOMS | 5 FULL AND 2 HALF BATHS | $3,050,000
Steps from the Town Hall on Windsor’s elegantly tree-lined Fortnum Visit DeCaroAuctions.com for details. Private
Place and featuring an expansive courtyard tucked behind high garden previews by appointment. To schedule a private
walls, this home pairs the convenience of a central village location
preview,calltheDeCaroofficesat
.
with exquisitely private indoor-outdoor living.
 BROKER COOPERATION • REMOTE BIDDING AVAILABLE

Property listed and offered for sale by Kerry Mormann, of Kerry Mormann & Associates
(CABRE# ), with Berkshire Hathaway HomeServices California Properties
(DRE# 


). DeCaro Real Estate Auctions, Inc., is a licensed California Auction Firm

(CA Bond#   ) performing auction and auction marketing services as part of this
transaction and is not performing any real estate brokerage services. Review the Terms
and Conditions for further details at DeCaroAuctions.com. © Berkshire Hathaway
HomeServices California Properties (BHHSCP) is a member of the franchise system of
DANNY PETRONI (2)

BHH Affiliates LLC. BHH Affiliates LLC and BHHSCP do not guarantee accuracy of all data
including measurements, conditions, and features of property. Information is obtained from
various sources and will not be verified by broker or MLS. Buyer is advised to independently
verify the accuracy of that information.
772 388 8400 WINDSORFLORIDA.COM
M4 | Friday, November 27, 2020 NY THE WALL STREET JOURNAL.

MANSION

Cost of reconfiguring
first and second floors
$112,500

Cost of steel
panels for stairs
$9,265

Main entrance hall

Blending Old The new

addition, right,
with poured

And New concrete floors,

Continued from page M1
fringes of London.
“We were commuting out of
London, and it just didn’t make
any sense,” said Mr. Shrimplin.
They began house hunting and
in August 2015 they sold their
house for $1.747 million and si-
multaneously spent $1.76 million
on a seven-bedroom 2,206-square-
foot home set on the hillside
overlooking the affluent com-
muter town of Guildford, Surrey,
32 miles from central London.
The good news was that Lon-
don’s high real-estate costs meant
that although the two properties
were almost the same price, their
new home was about 40% larger
than their old one.
But there were also some draw-
backs. The house was dark and
gloomy inside and its kitchen was
small, as were three of the bed-
rooms. Two of the bedrooms were
in the converted loft level of the
house, but a bowing floor indi-
cated serious structural problems
(it turned out the loft conversion
had been built directly onto the
rafters of the ceilings below). To
add to their woes the staircase ac-
cessing the loft was very narrow
and very dark.
The home’s décor was also in
need of some work. “It was kept
very well, but perhaps not to
modern tastes,” said Mrs. Shrimp-
lin tactfully.
Nonetheless, in 2015 the couple
moved into the imperfect home
with their three children, Jessica,
now 11, Scarlett, 8, and Luke, 6.
bare brickwork,
and geometric
steel wall
panels. The
second floor
study, below,
replaced a
small bedroom
in the original
layout. Above,
geometric tiles
provide a focal
point in the
wide entrance
French doors
hall.
lead to the
back yard
They began working out how to
resolve their problems, with the
help of Alex Warnock-Smith,
founding director of architecture
firm Urban Projects Bureau.
Some solutions were fairly sim-
ple. To enlarge the kitchen, the
wall dividing it from the dining
room was removed, creating a
single large space. French win-
dows were added at the front of
the room, which leads out on to a
small sun terrace. A new picture
window above the kitchen sink
overlooks the terraced backyard.
The loft extension was rebuilt
providing bedrooms in the eaves
of the house for Jessica and Scar-
lett, plus a shared bathroom.
To make sure the top floor felt
like part of the main house, the
old staircase was replaced with a
more generously sized flight of
steps fitted with a balustrade that
seamlessly matches the rest of the
A new office
original 1930s staircase.

Luxury Real Estate & Yacht Auctions Cost of doors and

windows throughout
$87,360

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87’ Voyager Tri-Deck Ritz-Carlton Residences

Jenny Lynne Waterfront Penthouse

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VANESSA BERBERIAN FOR THE WALL STREET JOURNAL (6)

Fort Lauderdale, FL Baltimore, MD

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R E M OT E B I D D I N G AVA I L A B L E

View vir tual tour & f ilm at EliteAuc tions.co m

844 .94 .ELITE | Bro kers welcom e |
The living room and its newly discovered parquet flooring.
 THE WALL STREET JOURNAL.
Cost of new kitchen
$58,230
VANESSA BERBERIAN FOR THE WALL STREET JOURNAL (3)
Throughout the house, the old-
fashioned décor was stripped
away and replaced with more con-
temporary alternatives. The walls
are mostly white. Geometric
black, blue, and white tiles were
laid in the hallway, and the bed-
room carpets are a neutral oat-
meal. In the kitchen, the timber
cabinets are painted in deep blue
and pale gray. The off-white com-
posite stone work tops are illumi-
nated by lights strung onto a cop-
per pipe, industrial style. The
original teak parquet flooring—
which Mrs. Shrimplin was over-
joyed to find hidden under the
carpets in the living and dining
rooms—has been restored to its
original glory.
The couple decided to reduce
the number of bedrooms too,
combining two small adjacent
rooms into a single, spacious
guest room. Another bedroom has
been repurposed as an upstairs
study, bringing the total bed-
rooms down to five.
The back of the house has seen
the biggest metamorphosis. The
NY Friday, November 27, 2020 | M5
MANSION
Cost of redecoration
and hardwood flooring
$63,530
The kitchen’s window overlooks the backyard, while its
dining area takes advantage of newly discovered
parquet flooring and leads out to a new deck.
rear wall was qualms about their home’s change
demolished of pace. The addition is used as a
and the house Cost to update very nontraditional looking play-
extended out bathrooms room, which is heated by a wood-
into the back- $5,290 burning stove.
yard, adding The project began in November
301 square feet 2016, and the family was able to
and creating a move back into the house in Feb-
new room be- ruary 2018. The builders contin-
hind the exist- ued working around them until
ing living room May of that year. And although it
and entrance took longer than Mr. and Mrs.
hall. Viewed Shrimplin had hoped, their project
from the yard was delivered close to their bud-
this double- get, at a total cost of $740,000.
height addition The couple were thankful to be
appears to settled in a large, comfortable fam-
slice the old ily house with a backyard during
house in two Britain’s spring lockdown when the
with a wall of three children were being home-
glass. French schooled and they were both si-
doors lead out- multaneously working from home.
doors, with “It was undoubtedly stressful,”
windows above said Mrs. Shrimplin. “But it was
reaching to the loft. steel wall panels, is a world away into it,” said Mr. Shrimplin. “But relatively short-lived and the
This glass segment brings light from the cottage-style front fa- because you don’t see it from the sense of achievement that we get
into the rest of the house, solving cade of the house, or the cozy liv- front of the house, or as you first from the house now is amazing.
its final problem. The back room, ing room with its open fireplace walk in, I don’t think it is too in There are moments when I walk
with its poured concrete floors, and comfortable sofas. your face. You come to it slowly.” downstairs thinking, ‘Just look
bare brickwork, and geometric “It surprises you as you walk The children certainly have no what we have done.’ ”
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M6 | Friday, November 27, 2020 THE WALL STREET JOURNAL.

MANSION
HOUSE CALL | ALEX WINTER

An Excellent

FROM TOP: PHILIP CHEUNG; CAL SCHENKEL/ MAGNOLIA PICTURES; ALEX WINTER (FAMILY PHOTO)
And Bogus
Childhood
The ‘Bill & Ted’ actor and ‘Zappa’ director studied
tap, performed on Broadway at 13—and coped

T
he lights went down,
the curtain went up
and out I went. I was
13 and appearing in
the late-’70s revival of
“The King and I” as Anna’s son,
Louis.
I was on Broadway at the Uris
Theatre, and Yul Brynner had re-
turned to play the King. The
stakes were high, but I wasn’t in-
ALEX’S ADVENTURE
Why a documentary on Frank
Zappa?  He was one of
America’s greatest avant-garde
composers.
Biggest hurdle? Zappa’s wife,
Gail, gave us access to his vast
archives. Sorting through what
to use was a challenge.
Any Bill & Ted experiences
growing up? None at all.
What was your Bill reference?
I drew from myself at age 9
and my best friend, Matt.
Next documentary? I’m explor-
ing two. One is political and the
other is music-related.
timidated. I had been acting since
age 5.
My mother, Gregg Mayer, was a
New Yorker who studied with
Martha Graham and started a
modern-dance company in London
in the mid-’60s. That’s where she
met my father, Ross, an Australian
dancer in her company.
When I was 5, we moved from
London to St. Louis so my mother
could teach at Washington Univer-
sity. My father later started the
Mid America Dance Co.
Our home near campus was a
beautiful Tidewater with broad
porches. The house was always
filled with dancers touring or at-
tending college.
I started taking modern dance
and ballet in London when I was
4. In St. Louis, I moved on to tap
for 10 years. It helped me with
syncopation and thinking fast on
my feet.
Because my parents both
worked, I was a latchkey kid.
Washington U. became my after-
school sitter. Mom was well
known on campus, so I spent
much of my time wandering into
film and theater classes.
Drama instructors threw me on
stage whenever a production
needed a little kid. I loved make-
believe more than anything else.
My mother and I were close
and spent an enormous amount of
time together. My brother, Ste-
phen, who was 4½ years older,
got a lot of her time, too.
When I was 8, my parents di-
vorced. They had been leading very
Alex Winter at his became my manager King and I,” resulting in post-
South Pasadena, and got me an audi- traumatic stress disorder that
Calif., home, above, tion for “The King surfaced when I was in my 20s.
and with his mother, and I.” When the After film school at NYU, I
Gregg Mayer, in run ended in De- moved to Hollywood and ap-
London in 1969, right. cember ’78, I went peared in “The Lost Boys” and
on the road with “Rosalie Goes Shopping.” Then
the show. In 1979, I came “Bill & Ted’s Excellent Ad-
different lives from was cast as John venture” in 1989.
the time I was born. Darling in Broad- That film was both a turning
Even though I sensed way’s “Peter Pan.” point and a dark period for me,
the split coming, the Being a profes- since I was coping with PTSD.
divorce was hard. sional actor that Working on the set helped, since
Over the next few young came with a the film was light and fun.
years, I appeared in lot of pressure for Today, I live in South Pasadena,
national TV ads and me. I had to balance Calif., with my wife, Ramsey, who
performed in re- school, friends, per- is president of animation at Nick-
gional theater. My time in London forming, memorization, rejection, elodeon, and our sons. It was built
came in handy. I landed parts that not missing a line and so on. I in the 1920s and is similar to the
needed an English accent. This in- compartmentalized my life to get one I grew up in St. Louis.
cluded my first professional stage it all done at a high level. None of our three boys is an
role at 10 in a St. Louis Opera To help ease the stress, Mom actor. Our oldest is a painter
production of “Oliver!” and I moved to Montclair, N.J. She studying at art school. Our middle
When I was 12, my mother was an arts administrator at Wil- one is a jazz trumpeter in high
moved us to New York. Stephen liam Paterson College. school. And our youngest is just a
remained in St. Louis to finish Each day, I took the commuter kid. Thank God.
high school and then went to col- bus alone to New York and walked —As told to Marc Myers
lege in Missouri. to “Peter Pan” at the Lunt-Fon-
I didn’t want to leave my tanne Theatre. When the show Alex Winter, 55, is an actor best
friends. But when we arrived in was over at 11 p.m., I caught the known for portraying Bill in the
Long Island City, Queens, and I bus home. three “Bill & Ted” comedy films.
climbed out of our car, I couldn’t On top of all of my school and He directed “Fever” and the docu-
believe the buildings. acting work was another weight. I mentaries “Showbiz Kids” and
Weeks later, Niederlitz & Steele was sexually abused during “The “Zappa,” out today.

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THE WALL STREET JOURNAL. Friday, November 27, 2020 | M7

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

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M8 | Friday, November 27, 2020
Ad-Worthy
Ranch Sells
Colorado’s Last Dollar Ranch—
whose picturesque vistas have
been used over the decades to
peddle Marlboro cigarettes and
Budweiser beer—has sold for just
under $17 million, according to
people with knowledge of the
transaction.
Located on Hastings Mesa about
20 miles outside Telluride, the deal
includes nearly 700 acres, accord-
ing to Jeff Buerger of Hall and
Hall, the real-estate agent who
handled the off-market transac-
tion. The ranch includes a Victo-
ADVERTISEMENT
Distinctive Properties
To advertise: email sales.realestate@wsj.com or WSJ.com/classifieds
DISTINCTIVE PROPERTIES
PENNSYLVANIA

 
THE WALL STREET JOURNAL.
PRIVATE PROPERTIES
FROM LEFT: UNIVERSAL IMAGES GROUP/GETTY IMAGES; CRAIG ZERBE/SHUTTERSTOCK
rian-style SOLD
house, a barn JUST UNDER
and other
structures $17
built to look as
they would
MILLION
Nearly 700 acres,
have in the Old
Victorian house
West. “They’re
a step back in
time,” Mr. Buerger said.
Over the years the ranch has
appeared in a number of televi-
sion commercials, including a
2005 Super Bowl ad featuring the
Budweiser Clydesdales having a
snowball fight. “The
Last Dollar Ranch is
a very iconic place purchased the Last Dollar Ranch Energy Group, a Texas-based oil- The son of an Air Force pilot,
in Telluride,” Mr. at auction in 2007 for $6.27 mil- and-gas company, according to Mr. Lewis has a collection of more
Buerger said. “Liter- lion, Mr. Buerger said. At the time the company’s website. He owns than 24 classic WWII airplanes,
ally hundreds of the ranch spanned 396 acres un- several other ranches that are according to the Lewis Energy
people will line up der a conservation easement, he currently on the market with Mr. Group website. He couldn’t be
on the road in the said, but Mr. Lewis purchased ad- Buerger, including the roughly reached for comment.
fall there to take ditional, unencumbered acreage 377-acre True Grit West ranch —Candace Taylor
photos.” over the years, bringing the cur- asking $7.925 million and True
The seller was rent total to roughly 700. Grit South, which spans about 418
See more photos of notable
natural-gas execu- Mr. Lewis is the founder and acres and is listed for $2.565 mil- homes at WSJ.com/RealEstate.
tive Rod Lewis, who chief executive officer of Lewis lion, Mr. Buerger said. Email: privateproperties@wsj.com
DISTRICT OF COLUMBIA
SELECT RESIDENTIAL LISTINGS
FRIDAYS IN MANSION

 

   
 
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#$ ! LIST YOUR PROPERTY TODAY
 " ""% %%& (800) 366-3975


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

THE WALL STREET JOURNAL. Friday, November 27, 2020 | M9

The room that matters most

ROBBIE BRIGGS
President and CEO
Briggs Freeman Sotheby’s
International Realty
rbriggs@briggsfreeman.com
WHAT THE CEO SAYS
Don’t miss Robbie Briggs’
weekly thoughts, always on
briggsfreeman.com/blog
Our agents are tuned in to what buyers love — and don’t — especially when it comes to
arguably the most important room in the house. And, in a year plagued by a coronavirus,
when people are staying home more than ever, that means the kitchen has become more
essential than ever. That’s why we’ve gathered some of our hottest available kitchens —
and the homes that go with them — at briggsfreeman.com/yum. Come explore it: It’s
got trends and gadgets, too. The perfect side dish to it? Our first-ever Briggs Freeman
Sotheby’s International Realty cookbook, loaded with well-loved recipes from many
of our agents and the team that supports them. We call it Home Made: Love, Laughter
and Delicious Things from Our Homes to Yours. It is really special — and it’s all yours at
briggsfreeman.com/yum. So, pass the pepper and pass the love: I’ll see you in the kitchen.
B R I G G S F R E E M A N.CO M / YU M

For those ready for what’s next.

LIVE-STREAMING OPEN HOUSES ON BRIGGSFREEMAN.COM/LIVE VIDEO TOURS ON BRIGGSFREEMAN.COM/TOUR

GUARDED AND GATED HILLS OF KINGSWOOD / FRISCO

1786 Courtland Drive / $2,295,000

LINDA BAKER / 214-704-0769 / lbaker@briggsfreeman.com

DALLAS
UNDER CONTRACT / 1120 Easton Road
Listed for $775,000

SHELLE CARRIG / 214-450-8782 / scarrig@briggsfreeman.com

DALLAS
SOLD / 6146 Park Lane / Listed for $2,500,000
* "  
 

TESSA MOSTELLER / 214-505-1248 / tmosteller@briggsfreeman.com

HIGHLAND PARK UNIVERSITY PARK / DALLAS DALLAS

4300 Armstrong Parkway / $19,500,000 SOLD / 3917 Centenary Avenue 8305 Catawba Road / $1,189,000
Listed for $4,995,000

PENNY COOK / 214-384-2847 / ptcook@briggsfreeman.com JUSTIN FARMER / 214-538-5100 / jfarmer@briggsfreeman.com VICKI FOSTER / 214-642-8966 / vfoster@briggsfreeman.com

COLLEYVILLE UNIVERSITY PARK / DALLAS UNIVERSITY PARK / DALLAS

4812 Cranbrook Drive West / $929,000 4511 Potomac Avenue / $2,575,000 3405 Wentwood Drive / $3,150,000

PATTY LYNCH SMITH / 214-704-1696 / psmith@briggsfreeman.com

MAGGIE NEELY / 214-679-3517 / mneely@briggsfreeman.com ANN SHAW / 214-532-4824 / ashaw@biggsfreeman.com POGIR / 214-244-3103 / pogir@briggsfreeman.com

  

    
 

    !""  #" $
% #   
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M10 | Friday, November 27, 2020
Singapore
Bounce
Continued from page M1
RK for $20.6 million, ac-
cording to a person familiar
with the transaction.
Mr. Huang’s purchase be-
lies the bifurcation of the lo-
cal luxury market. Condos
priced under $3.5 million
have been selling, agents say,
but more-expensive units are
moving slower, despite the
tight supply of statement
penthouses.
In January, Desmond
Quek moved into a three-
bedroom, 50th-floor unit at
Wallich Residence that he
bought for $2.5 million. “An
impulse was triggered by the
‘wow’ factor,” says the 43-
year-old Singaporean eye
surgeon of his apartment’s
sprawling views.
Dr. Quek was initially
worried about the cost of fi-
nancing his new home dur-
ing the lockdown, when his
income momentarily took a
hit, but said he doesn’t re-
gret the timing of the pur-
chase. “It felt like I had the
whole building to myself,”
he says about the lockdown.
“That’s the price of vanity.”
Rules for foreign owner-
ship, made more compli-
cated by the pandemic, add
to the divisions in the mar-
ket. Foreigners typically
have been the buyers of the
higher-price apartments be-
cause of government re-
strictions on ownership of
the bungalows on large
land plots that are the pre-
ferred properties of locals.
And while Singapore has
been selectively easing the
ban set in March on foreign
entries, potential buyers
seem wary. Brokers say that
Chinese clients have started
reaching out again, but the
number of $5 million-plus
deals this year has been rel-
atively small.
“We have quite a number
of people who are very in-
terested but want to take a
look before making a deci-
sion,” says Cheng Hsing
Yao, group managing
director of GuocoLand,
a luxury developer
that recently sold
about a half-dozen
multimillion-dollar
condos across Singa-
pore in virtual transac-
tions alone.
To understand the im-
pact of the loss of wealthy
Chinese, Indonesian and
American buyers, look to
Singapore’s skyline. Over
the past half-decade, it has
been transformed by devel-
opers catering to a wave of
international buyers seek-
ing mixed-use towers that
blend offices, hotel and res-
idences.
Those buyers include
Boulevard 88 (in a rendering),
to be open in 2022. A four-
bedroom, above and right.
Listing price: $21.3 million
The dining room of a penthouse on the 60th floor of Wallich Residence, which has a view of the Marina Bay area.
Desmond Quek, a local eye surgeon, bought a three-bedroom, 50th-floor unit in December.
British industrial-design
billionaire James Dyson,
who last year paid a record
$54 million for a 21,108-
square-foot penthouse at
Wallich Residence, which
occupies the top portion of
a 951-foot skyscraper with
360-degree views of Singa-
MALAYSIA
SINGAPORE
Singapore
Strait
INDONESIA
pore, Malaysia and the In-
donesian islands. (The
building received special
dispensation to exceed local
height restrictions.) Mr. Dy-
son, who has another home
in Singapore, recently sold
the penthouse for $46 mil-
lion to an Indonesia-born
entrepreneur.
4-bedroom units: $6.9 million to $7.9 million
NY / NE
MANSION
Purchase price: $2.5 million
Meanwhile, four pent-
houses at Boulevard 88, a
condo development—popu-
lar with Chinese buyers—at-
tached to an Edition-brand
hotel and set to be com-
pleted in 2022, were ac-
quired last year for between
$20.5 million and $22.75
million.
In December, a 4,424-
square-foot apartment at
South Beach Residences,
part of a mixed-use de-
velopment with 190 lux-
ury units, offices and a
five-star JW Marriott
hotel that overlooks a
Formula One racing
route, was sold for
$12.6 million.
Despite the dearth of
foreign buyers this year,
developers have avoided
slashing prices, as buyers
with deep pockets scoop up
the relatively small number
of ultraluxury homes cur-
rently available, says Chris-
tine Sun, head of research
at OrangeTee & Tie.
“Luxury buyers don’t [re-
ally] have a budget con-
straint,” says Mr. Cheng,
whose company developed
Wallich Residence. “If they
THE WALL STREET JOURNAL.
take advantage of the re-
covery is Kamal Duhra, a
homemaker who is asking
$4.66 million for a four-
bedroom unit at luxury
condo the Grange that she
and her portfolio-manager
husband, Sat Duhra, ac-
quired for $3.45 million in
2017. The pair are looking
to invest their proceeds
into a rural property in
their native Britain, where
the stamp duty on higher-
end home purchases was
recently cut.
“We’re not desperate to
sell, but if the right offer
comes along…” she says.
The apartment is listed
with Sunita Gill at Singa-
pore Luxury Homes.
For the global elite, prop-
erty prices in Singapore are
low compared with financial
centers such as New York
and Hong Kong, where the
FROM TOP: YING YI CHUA FOR THE WALL STREET JOURNAL (3); JASON LEE (MAP); CITY DEVELOPMENTS LIMITED (3, INTERIORS (2); EXTERIOR RENDERING)
most desirable homes have
traded for more than $100
million. Because Singapore
is densely populated, the
government pursues a policy
of gradual price appreciation
through measures such as
stamp duties and a cap on
debt to 60% of a buyer’s
gross monthly income.
“As a result, there’s not
much speculation in the
market,” says Lee Mei Ling,
executive vice president at
City Developments, which
built Boulevard 88 and
South Beach Residences.
“That is why we are not
seeing a knee-jerk reaction
at this point compared to
previous crises.”
Some have their eye on
2023, when 3,514 new units
are expected to be com-
pleted in downtown Singa-
pore, up from 1,553 in 2021.
fall in love with a property, has encouraged some “Most people aren’t feel-
they will go for a bigger hedge-fund and family of- ing the impact of oversup-
unit because they want the fice managers to relocate to ply because completion is
best. It is very different this majority-Chinese city, in three years’ time,” says
from the mass market.” while Chinese tech giant Christine Li, head of re-
There are signs that a Tencent and TikTok owner search at Cushman & Wake-
new wave of wealthy buy- Bytedance have said they field Singapore. “But it is
ers is about to enter Singa- would invest billions in set- always in the mind of some
pore. Beijing’s political ting up regional hubs there. investors who have gone
crackdown in Hong Kong Among those hoping to through that before.”
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