* * * * * TUESDAY, JANUARY 5, 2021 ~ VOL. CCLXXVII NO. 3
00
DJIA 30223.89 g 382.59 1.3%
What’s
News
Business & Finance
H aven, a health-care,
venture launched with
great fanfare by Amazon,
Berkshire Hathaway,
JPMorgan and their chief
executives, is folding after
about three years. A1
 Fiat Chrysler and Peugeot
maker PSA are accelerating
plans to complete their
merger, saying the combi-
nation should be accom-
plished in mid-January. A1
 Factories in the U.S., Asia
and Europe boosted their out-
put as 2020 drew to a close,
aided by a rise in new orders
and a revival in trade. A2
 U.S. stocks tumbled on
the first trading day of 2021,
retreating from records set
just days ago. The Dow fell
1.3% and the S&P 500 and
Nasdaq both gave up 1.5%. B1
 The NYSE reversed a deci-
sion to delist China’s three
largest telecom carriers after
consulting with authorities
about a U.S. investment ban. B1
 A group of Google employ-
ees has formed a union to
organize workers across the
company’s global operations, a
rare move in Silicon Valley. B1
 Mondelez is nearing a
deal to buy paleo chocolate-
bar maker Hu, the latest
move by an established food
firm to tap into growing de-
mand for healthier snacks. B3
 ViacomCBS said it had
reached a distribution deal
with Disney’s Hulu that puts
many of its most popular ca-
ble channels on the live-TV
video-streaming service. B4
 Workplace messaging
platform Slack suffered a
widespread service disruption
for several hours Monday. B4
World-Wide
 Trump disparaged Senate
Republicans who aren’t
backing further challenges to
Biden’s presidential victory,
further roiling a party that
has split over whether to
support Trump’s attempts
to stay in power or accept
the incumbent’s loss. A1
 Georgians were bracing
for Tuesday’s Senate runoff
elections with their state in
the spotlight after Trump
urged state officials to nullify
Biden’s November win. A6
 Saudi Arabia moved to
end a yearslong regional dis-
pute with Qatar, taking a first
step toward resolving a bitter
feud that has fractured the
Middle East and hampered
U.S. efforts to isolate Iran. A1
 Iran said it has resumed
enriching uranium to 20%
purity, exceeding limits set
in a 2015 nuclear deal and
slashing the time it would
take for Tehran to produce
weapons-grade fuel. A7
 López Obrador said Mexico
would offer Assange political
asylum after a British judge
refused to order the WikiLeaks
founder’s extradition to the
U.S. on spying charges. A16
 Johnson ordered schools
and nonessential shops across
England to shut amid spiral-
ing infection rates caused by a
new coronavirus variant. A16
 The House passed rules
that weakened a procedural
tool Republicans had used
to force Democrats to take
tough political votes. A4
 Trump awarded the Pres-
idential Medal of Freedom to
Rep. Nunes, bestowing the
nation’s top civilian honor on
a close Republican ally. A6
CONTENTS
Arts in Review.... A11
Business News...... B3
Capital Journal...... A4
Crossword............... A11
Heard on Street.. B11
Markets................... B10
s 2021 Dow Jones & Company, Inc.
All Rights Reserved
NASDAQ 12698.45 g 1.5% STOXX 600 401.69 À 0.7%
U.K. Court Rejects U.S. Bid for Assange’s Extradition
ELIZABETH COOK/ASSOCIATED PRESS
ON HOLD: A British judge rejected a U.S. request to extradite Julian Assange on spying charges, saying the WikiLeaks founder
would be at severe risk of suicide awaiting trial in a U.S. high-security prison. Mexico’s president offered Assange asylum. A16
Saudis, Qatar to Settle Feud,
Aiding U.S. Efforts on Iran
BY DION NISSENBAUM
Saudi Arabia moved to end
a yearslong regional dispute
with Qatar, taking a first step
toward resolving a bitter feud
that has fractured the Middle
East and hampered U.S. efforts
to isolate Iran, Saudi, Kuwaiti
and U.S. officials said.
Riyadh on Monday re-
opened its airspace and land
Big Firms Disband
Health Partnership
BY SEBASTIAN HERRERA
AND KIMBERLY CHIN
A health-care venture
launched with great fanfare by
three of the world’s most
prominent companies—Ama-
zon.com Inc., Berkshire Hatha-
way Inc. and JPMorgan Chase
& Co.—and their chief execu-
tives is folding about three
years after its founding.
Haven Health, originally
sparked by an idea from JP-
Morgan Chief Executive James
Dimon and supported by Ama-
zon’s Jeff Bezos and Berk-
shire’s Warren Buffett, sought
to “transform health care” and
reduce costs for hundreds of
thousands of workers at the
three companies by pooling
resources and technology.
The joint venture, which
was made public in 2018 with
expectations high enough to
Feel the Burn,
While Out
In the Cold
i i i BY NORA NAUGHTON
Gyms test outdoor
winter workouts
during pandemic
BY HILARY POTKEWITZ
Colleen McGrath hardly rec-
ognizes herself some mornings.
Bundled in fleece, a hat and
leggings, the 35-year-old fit-
ness newbie heads to a vacant
Opinion.............. A13-15
Personal Journal A9-10
lot where her gym has set up
loudspeakers, artificial turf
platforms and an open-air ex-
Sports........................ A12
Technology............... B4 ercise arena. “The idea of
U.S. News............. A2-6 working out outside in a Chi-
Weather................... A11
World News...... A7,16
cago winter would’ve sounded
crazy a year ago,” she says.
“Now I love it. I go six days a
> week. I’ve invested in thermal
turtlenecks. I don’t know who
this girl is right now.”
That’s music to the ears of
David Blitz, the CEO of her
gym, Studio Three.
Please turn to page A10
WSJ.com
10-YR. TREAS. g 1/32 , yield 0.915%
and sea borders to its tiny
neighbor, and leaders of the
rival nations will gather on
Tuesday to sign an agreement
meant to end a three-year-old
regional blockade of Qatar,
which Saudi Arabia, the United
Arab Emirates, Bahrain and
Egypt accused in 2017 of sup-
porting terrorism and aligning
with Iran.
White House senior adviser
push down the shares of major
insurers, will cease operations
in February without having
achieved those aims.
For all its ambitious goals,
the hoped-for health-care
transformation proved too dif-
ficult to achieve, according to
people familiar with the mat-
ter. The shutdown attests to
challenges of making sweeping
changes to the U.S. health-care
system and of bringing inno-
vations to hundreds of thou-
sands of employees around the
country working at different
companies, the people said.
“The Haven team made
good progress exploring a
wide range of health-care so-
lutions, as well as piloting new
ways to make primary care
easier to access, insurance
benefits simpler to understand
and easier to use and prescrip-
Please turn to page A2
Fiat Chrysler and PSA
Speed Up Merger Deal
Fiat Chrysler Automobiles
NV and Peugeot maker PSA
Group are accelerating plans
to complete their trans-Atlan-
tic merger, saying that the
biggest automotive merger
this century should be com-
plete mid-January.
The new timeline follows
both auto makers winning ap-
proval from shareholders for
the deal Monday, a critical step
needed to move the merger into
its final stages. Executives had
previously been aiming for
completion by the end of the
2021 first quarter. They now ex-
pect it to be done on Jan. 16.
For more than a year, the
two auto makers have been
working through the details of
the combination, which when
completed would create a
global auto-making colossus,
selling 8.7 million vehicles an-
nually—more than General
Motors Co.
The two plan to call the
HHHH $4.
OIL $47.62 g $0.90
Jared Kushner, who helped
broker an end to the standoff
over the past few weeks, flew
to Saudi Arabia on Monday to
attend the signing after re-
ceiving a rare invitation to the
Gulf Cooperation Council
meeting where leaders are ex-
pected to take the first major
steps in ending the dispute.
U.S. and Saudi officials said
Saudi Arabia had a new incen-
INSIDE
BLOOMBERG NEWS
WORLD NEWS
Hit by new strain of
virus, Britain is ordered
to go on national
lockdown. A16
ASSOCIATED PRESS
JASON GAY
The only thing you can
expect in this year’s
NFL playoffs is a little
more chaos. A12
newly combined auto maker
Stellantis NV and said Monday
it would start trading in Paris
and Milan on Jan. 18 and in
New York the following day.
At both PSA and FCA,
shareholders overwhelmingly
supported the deal with more
than 99% of the votes cast at
each company approving the
merger, according to results
released Monday.
Each share of PSA will be ex-
changed for 1.742 shares in FCA
stock, the companies said. Fiat
Chrysler shareholders will also
receive a special cash distribu-
tion of €1.84 per common share
the day before the merger
closes, for a total payout of €2.9
billion ($3.5 billion), as previ-
ously agreed to.
Carlos Tavares, the PSA chief
tapped to lead the combined
group, said that the new com-
pany’s size and scale will help it
confront the continued chal-
lenges posed by the Covid-19
crisis and help it keep pace
Please turn to page A6
GOLD $1,944.70 À $51.60 EURO $1.2255 YEN 103.13
Trump’s
Last Push
On Vote
Fuels a
GOP Rift
Ahead of certification,
the president calls out
Republicans not behind
bid to overturn results
BY LINDSAY WISE
AND SIOBHAN HUGHES
WASHINGTON—President
Trump disparaged Senate Re-
publicans who aren’t backing
further challenges to Democrat
Joe Biden’s presidential victory,
further roiling a party that has
split over whether to support
Mr. Trump’s attempts to stay in
power or accept the Republican
incumbent’s loss.
Ahead of a joint session of
Congress to certify Mr. Biden’s
306-232 Electoral College win,
13 Republican senators have ig-
nored the pleas of party leaders
and said they plan to challenge
some states’ results, forcing de-
bates and votes in both cham-
bers on Wednesday, despite no
chance of changing the out-
come. Others called such ac-
tions futile and motivated by
personal political ambitions, fu-
eling an intraparty fight as law-
tive to end the dispute: The makers position themselves for
imminent start of the adminis- re-election contests in 2022
tration of President-elect Joe and the 2024 presidential race.
Biden. Mr. Biden, a Democrat, “The ‘Surrender Caucus’
has vowed to take a tougher Please turn to page A4
approach toward Saudi Arabia
Please turn to page A8  Gerald F. Seib: Lines drawn
for Republican civil war....... A4
 Tehran accelerates uranium  CEO group calls on Congress
enrichment.................................. A7 to certify Biden win............... A4
 Saudis, Russia split on oil  Georgia girds for Senate
output.......................................... B10 runoff vote.................................. A6
One Fed Loan Plan
Found Few Takers
Program for midsize firms didn’t wow banks
BY NICK TIMIRAOS zaz, chief executive of Wer-
ner Aero Services, a New
In the depths of the finan- Jersey supplier of aircraft
cial panic from Covid-19 last engines and parts that
year, the Federal Reserve of- couldn’t get a loan under the
fered to lend to a wide swath program.
of businesses—something it Washington was happy to
had never done before. Yet it rely on the Fed because it
struggled to find takers. had the chops to get a pro-
The Main Street Lending gram for medium-size busi-
Program aimed to help pan- nesses up and running fast.
demic-hit businesses that Its apolitical reputation re-
were too small to borrow in duced concern about loans
the bond market but might being steered to big donors.
need more help than a small- The Treasury Department
business loan from the popu- became a Fed partner to ab-
lar Paycheck Protection Pro- sorb any loan losses.
gram. But the experience re-
“There was a program vealed the limitations of run-
here that looked nice on pa- ning a relief program
per, but in practicality, it has through the Fed and exposed
not worked,” said Mike Ca- Please turn to page A8
WE STO P
AT N OTHI N G .
That's why we built a flexible,
pay-as-you-go cloud for a
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A2 | Tuesday, January 5, 2021 * **** THE WALL STREET JOURNAL.

Manufacturers Ended Year on High Note
BY PAUL HANNON widespread immunity against
AND AMARA OMEOKWE Covid-19.
Surveys of purchasing man-
Factories in the U.S., Asia agers at factories across Asia
and Europe boosted their out- and Europe released Mon-
put as 2020 drew to a close, day recorded strong rises in ac-
aided by a rise in new orders tivity during December, with
and a revival in trade that has Taiwan’s manufacturing sector
continued despite a sharp rise recording its strongest month
in coronavirus infections in almost a decade. The results
across many large economies. of a similar survey of U.S. man-
The resilience of the global ufacturers also pointed to an
manufacturing sector contrasts increase in activity.
with weakness in services Despite increases in infec-
businesses that rely on close tions in both the U.S. and Eu-
physical proximity and that rope that have prompted gov-
have suffered as consumers try ernments to impose or extend
to lower their risk of infection restrictions, manufacturers
and governments impose re- continued to report a recovery
strictions on their behavior. from the sharp declines in out-
Economists expect that di- put that accompanied the pan-
vergence to be a feature of the demic’s first wave and the lock-
global economy well into 2021, downs that accompanied it.
and until vaccines are distrib- Data firm IHS Markit said
uted broadly enough to ensure its purchasing managers index
U.S. NEWS
for the U.S. manufacturing
sector rose to 57.1 in Decem-
ber from 56.7 in November.
That was the biggest improve-
ment since September 2014,
IHS Markit said. A reading
above 50 points to an increase
in activity from the previous
month, while a reading below
that level points to a decline.
IHS Markit’s purchasing
managers index for the euro-
zone’s manufacturing sector
also rose, to 55.2 in December
from 53.8 in November, reach-
ing its highest level since May
2018.
“The solid performance of
manufacturing amid the tight-
ening of Covid-19 restrictions
in the closing months of 2020
represents a major contrast to
the lockdowns earlier in the
year, with factories acting as a
crucial support to the econ-
omy as the service sector is
hit by tough social distancing
measures,” said Chris William-
son, IHS Markit’s chief busi-
ness economist.
Meanwhile, in the U.S., the
resurgence of coronavirus cases
and coronavirus-related supply-
chain disruptions posed chal-
lenges for some manufacturers,
Mr. Williamson said. Consumer-
goods producers, for example,
reported a decrease in orders
and production as Americans
pulled back on spending, and
factories overall said input
prices were up sharply.
Europe’s factory revival has
been led by Germany, which is
seeing strong demand for its
exports. The country’s PMI rose
to its highest level in almost
three years during December.
Japan, another leading ex-
porter of manufactured goods,
saw its PMI rise to its highest Purchasing managers indexes
level since April 2019, while for manufacturing
South Korean factories re-
60
ported the same strong growth
in activity as in November. Above 50 indicates Germany
By contrast, China’s Caixin an expansion U.S.
PMI for the manufacturing sec-
tor fell slightly, partly reflect- China
ing a cooling of demand for the 50
country’s exports. During the Japan
pandemic, protective gear and
work-from-home tech products
have served as pillars for
China’s overseas trade, helping
it gain global market share. 40
Despite the lengthening re-
covery, the surveys of pur-
chasing managers indicate
that many factories around
the world continue to cut pay- Below 50 indicates
rolls. That suggests that many a contraction
30
remain cautious about their
prospects in 2021, even as the 2019 2020
deployment of vaccines gets Sources: IHS Markit (U.S.); IHS Markit/BME
under way. (Germany); au Jibun Bank (Japan); Caixin (China)

U.S. WATCH
EPA Narrows Use
Of Science in Rules
FEDERAL RESERVE
Stimulative Policy to
Remain, Official Says
Federal Reserve Bank of Chi- BY TIMOTHY PUKO agency must now give greater
cago President Charles Evans consideration to studies in this
said the U.S. economy has a WASHINGTON—The Envi- area in which underlying dose-
long period of very stimulative ronmental Protection Agency is response data is available for
monetary policy ahead of it as issuing new rules that will give independent validation. And
the central bank works to help preference in future decisions when it proposes new regula-
the nation emerge from the cor- about public health to scientific tions it must make available to
onavirus pandemic. studies that disclose their un- the public that science that in-
Mr. Evans, who was making a derlying data. forms the rule.
virtual appearance Monday at an The policy change, in the The rule won’t categorically
economic conference, made lim- works since the start of the exclude any data, Mr. Wheeler
Trump administration, has wrote, adding that the new
MARK HUMPHREY/ASSOCIATED PRESS

ited comments about the out-

look for the economy. He noted been opposed by public-health practices can be done without
that in terms of the recovery, experts, scientists and former releasing personal information
“progress on the vaccine front staff. They say it could under- or violating confidentiality.
has been very positive, and it mine the agency’s effectiveness, The rule will prevent agency
looks like the health crisis will and in many cases it is impossi- leaders from trying “to cherry-
be brought under control as we ble to require these types of pick research to derive politi-
move through the year.” disclosures without violating cally helpful results,” he wrote.
As for central-bank interest- patient confidentiality. It outlines specific criteria for
rate policy, Mr. Evans said the EPA Administrator Andrew when the administrator can
Fed’s new framework that aims GALLANTLY STREAMING: Firefighters unfurled a flag Monday on the street where a Christmas Day Wheeler said the changes are make case-by-case exemptions
for inflation to overshoot its 2% bombing took place in Nashville, Tenn. Officials are assessing damage to dozens of buildings. aimed at increasing transpar- to these requirements.
target to make up for times when ency so that the public has a Several scientists and health
it has fallen short argues in favor WISCONSIN car. Mr. Blake was left paralyzed called stand-your-ground right chance to scrutinize findings experts have questioned Mr.
of a long period of low rates. by the shooting. from an individual’s house and that underlie major regulations. Wheeler’s claims. The disclo-
“It likely will take years to get Governor Activates Amid the unrest, Kyle Ritten- car to any place, “if that person “By shining light on the sci- sure requirement is more likely
average inflation up to 2%, which National Guard house was charged with homi- is in a place in which the person ence we use in decisions, we to narrow what research will be
means monetary policy will be ac- cide and other offenses after lawfully has a right to be.” are helping to restore trust in considered, they said.
commodative for a long time,” Mr. Wisconsin Gov. Tony Evers shooting three protesters dem- As recently as last month Gov. government,” Mr. Wheeler “If left unchallenged, this
Evans said in the text of his authorized deployment of the onstrating against the treatment DeWine hinted he might veto the wrote in a commentary pub- rule would essentially bar the
speech. “This translates into low- state National Guard ahead of an of Mr. Blake, leaving two dead. bill, saying lawmakers should fo- lished by The Wall Street Jour- agency from using the most rel-
for-long policy rates, and indicates expected decision on whether to Mr. Rittenhouse faces an ar- cus on what he sent them in- nal on Monday. “We want the evant medical studies when
that the Fed likely will be continu- charge a Kenosha police officer in raignment hearing on Tuesday. stead. But on Monday, he signed EPA to be able to say, ‘you can creating rules about air pollu-
ing our current asset purchase the shooting of Jacob Blake. —Joe Barrett the bill in “the spirit of coopera- check our work.’ ” tion, toxic chemicals, water
program for a while as well.” The Democratic governor said tion” with the General Assembly. Many public-health studies contaminants,” Chris Zarba, a
Mr. Evans will be a voting that 500 troops were activated OHIO He said he was disappointed rely on information about indi- former director of the EPA’s
member of the rate-setting Fed- at the request of local authorities. lawmakers didn’t add the mea- vidual patient health that is re- Science Advisory Board, said in
eral Open Market Committee Kenosha faced several weeks Gun Law Eliminates sures he sought for more than a quired to be kept confidential, a statement. “The rule…doesn’t
this year. When that body met of civil disorder and extensive Duty to Retreat year that would toughen back- which may now exclude ground- ensure transparency in science,
in mid-December, policy makers property damage after Mr. Blake ground checks and boost penal- breaking health findings from but rather is detrimental to
indicated that an uncertain re- was shot multiple times in the An individual’s duty to retreat ties for felons committing new EPA consideration, critics say. high-quality impartial decision-
covery from the pandemic and back by a police officer as Mr. before using force has been crimes with guns. The governor The rules apply to the EPA’s making.”
no expectation inflation will Blake attempted to get in his car eliminated in Ohio under a gun- has pushed these proposals consideration of “dose-re- Mr. Zarba was joined in the
reach the official goal of 2% on Aug. 23. Police made several rights bill signed by Republican since the Aug. 4, 2019, Dayton sponse studies,” used to figure statement by other former EPA
points to near zero rates attempts to detain Mr. Blake, a Gov. Mike DeWine on Monday massacre that killed nine and out how much exposure to a employees, who say the change
through at least 2023. The Fed Black man who was wanted un- despite the governor’s vocal con- wounded more than two dozen. chemical or pollutant increases will benefit industrial interests
also gave no hint it is prepared der a felony warrant. cerns that GOP lawmakers were Nan Whaley, the Democratic the risk to a person’s health. by excluding certain types of
to cut back on its large-scale A bystander video captured ignoring his own legislation pro- mayor of Dayton, accused Mr. Those determinations are fun- studies.
purchases of Treasury and mort- officers yelling for Mr. Blake to posed following the 2019 mass DeWine of giving into extrem- damental to many core EPA They noted the EPA has long
gage bonds. drop a knife, which was later shooting in Dayton. ists in his own party. rules on public health. had a public review process for
—Michael S. Derby found on the floorboards of his The measure expands the so- —Associated Press In future decisions, the the science it uses.

CORRECTIONS  AMPLIFICATIONS
Haven become executive chairman
and focus more on the pan-
demic. Dr. Gawande, who took
The limited public achieve-
ments contrast with Haven’s
ambitions, which attracted at-
The program, which offered
Seattle-area workers at-home
visits by nurses or clinicians,

Venture Is the head role in July 2018,

wanted to move away from
day-to-day management of Ha-
tention from leaders of several
of the U.S.’s most recognized
companies. Berkshire’s Mr.
is now available for all Ama-
zon employees who use com-
pany coverage in Washington
Iranian Maj. Gen. Qassem
Soleimani was killed by a U.S.
drone strike Jan. 3, 2020. A U.S.
ers” in Monday’s Journal Re-
port incorrectly listed the Ar-
gentine peso twice, including a

Shut Down ven, people familiar with the

matter said.
Turnover at the joint ven-
Buffett, JPMorgan’s Mr. Dimon
and Amazon’s Mr. Bezos all ex-
pressed hope that the effort
state, including warehouse
workers.
Amazon prizes its “fail fast”
News article in some editions
Monday about the decision to
keep the USS Nimitz aircraft
data point marking an incorrect
loss of 0.12%.

ture was a problem almost
Continued from Page One from its outset, according to
tion drugs more affordable,” a people familiar with the mat-
spokeswoman said. ter. Other executives who left
The three founding compa- Haven included technology
nies plan to try to split Ha- chief Serkan Kutan and oper-
ven’s staff, Mr. Dimon said in a ating chief Jack Stoddard.
memo to bank employees Haven sought to develop
Monday. new ways to improve access to
“We’ll collaborate less for- primary care, simplify insur-
mally going forward as we ance coverage and make pre-
each work to design programs scription drugs more afford-
tailored to specific needs of able, the company said. It
our individual employee popu- tested providing flat-rate costs
lations and local markets,” he for health-care services, which
wrote. “Haven worked best as all three companies piloted,
an incubator of ideas, a place according to a person familiar
to pilot, test and learn—and a with the venture. One such pi-
way to share best practices lot involved about 30,000 JP-
across our companies.” Morgan employees in Ohio and
Haven’s foundation ulti- Arizona. Haven also worked on
mately proved unwieldy for experiments to lower prescrip-
solving the three sprawling tion drug costs and to make
companies’ problems, people leading providers accessible to
familiar with the matter said. employees wherever they live,
Different employee bases and this person said.
locations led to different pri- It couldn’t be learned how
orities, and each company had much Haven cost the three
its own existing health-care companies, as it operated
systems that required differ- largely out of public view, but
ent fixes, according to one of the costs weren’t a significant
the people familiar with the factor in its shutdown, one of
matter. After Haven struggled the people said.
to implement any changes, the The company showed few
three companies opted to signs of impact in the three
close it down, this person said. years following its rollout. Ha-
Writer, surgeon and Har- ven spent much of its early time
vard University professor Atul building data systems about
Gawande was named Haven’s employees across the three
chief executive, but he stepped partner companies, people fa-
down in May, saying he would miliar with the matter said.
would help reduce costs for
their workers and improve
care. In a March 2019 memo
posted on Haven’s website, Dr.
Gawande promised that the
startup would be “relentless,”
produce “high impact” work
and “create new solutions and
work to change systems, tech-
nologies, contracts, policy, and
whatever else is in the way of
better health care.”
The JPMorgan-
Amazon-Berkshire
venture showed few
signs of impact.
Combined, the three com-
panies have more than 1.5 mil-
lion employees, with Amazon
accounting for about 1.1 mil-
lion on its own. The tech giant
has more than 800,000 work-
ers in the U.S. and hired
400,000 in 2020 alone.
Even as Haven sought to
improve health-care offerings
for the three companies, Ama-
zon teams worked separately
to expand the company’s pro-
grams for its workers, particu-
larly in the Seattle area. In
2019, it launched a virtual pri-
mary-care clinic for employees
there dubbed Amazon Care.
culture aimed at quick innova-
tion, and separate teams often
work on similar projects at the
same time. The company often
operates as a network of small
teams under one umbrella
rather than with centralized
planning, according to current
and former Amazon employees.
The tech giant has long
pursued its own health-care
ambitions and launched an on-
line pharmacy in November.
The pharmacy will ship insu-
lin, asthma inhalers and other
common generic or branded
medications. It won’t sell opi-
oids or other drugs deemed at
higher risk of theft, and cus-
tomers will need prescriptions
for their medications.
Amazon said its pharmacy
would accept most insurance
and offer discounts to unin-
sured Prime customers. An
Amazon spokeswoman said at
the time that “the same teams,
technology, and infrastructure
that support PillPack by Ama-
zon Pharmacy have expanded
to serve a wider range of cus-
tomers, both in terms of needs
and numbers.” Amazon bought
online pharmacy PillPack Inc.
about two years before intro-
ducing its own service. Previ-
ously, Amazon customers had
been directed to a separate
site geared toward patients
with complex, chronic medical
conditions.
carrier in the Middle East in- The Industry Groups table
correctly said he was killed Jan. in the Markets Digest page of
3, 2019. Monday’s Journal Report
showed performance for the
Chen Yang, who runs a full year 2020. The table incor-
state-owned enterprise in rectly labeled the performance
China, expected to incur losses change as from the previous
in 2020 in part because of a quarter.
sharp rise in shipping costs. In
some editions Monday, a World Notice to readers
News article about China’s ex- Wall Street Journal staff
porters incorrectly said he ex- members are working re-
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Drive-Through Vaccination Site Opens for Kentucky Health-Care Workers
JON CHERRY/GETTY IMAGES
GEARING UP: Workers prepared Monday for the first day of mass inoculations with Moderna’s Covid-19 vaccine in Broadbent Arena at the Kentucky Exposition Center in Louisville.
Travel
Reaches
Pandemic
High Over
Holidays
BY MELANIE GRAYCE WEST
More than 1.3 million people
traveled through U.S. airports
on Sunday, the highest number
since March and an indication
that many didn’t heed public-
health warnings to avoid travel
and gatherings with family and
friends during the Christmas
and New Year holidays.
For seven of the past nine
days, more than one million
people passed through airport
checkpoints daily, according to
data from the Transportation
Security Administration. The
number of travelers moving
through airports around the
Christmas holidays mirrors
the number who traveled im-
mediately before and after
Thanksgiving.
Compared with last year,
however, travel is significantly
down: Some 2.4 million people
traveled on Jan. 3, 2020.
Health authorities, including
the U.S. Centers for Disease
Control and Prevention, have
maintained that the risk of in-
fection on airplanes is low. But
1.3M
Number of people that traveled
through U.S. airports on Sunday
as a fall surge of the coronavi-
rus strained hospitals across
the country, public-health ex-
perts and the CDC urged people
not to travel over the holidays,
and instead recommended that
people remain at home and cel-
ebrate only with those in their
households.
Public-health authorities
have said that small gather-
ings and shared meals led to
post-Thanksgiving Day spikes
of Covid-19 cases around the
country, and predicted that
Christmas and New Year’s
would lead to similar surges.
In the past seven days, there
have been some 1.5 million new
cases of Covid-19 in the U.S.,
according to the CDC. U.S. hos-
pitalizations on Sunday were at
a record-high of 125,544 peo-
ple, according to analysis from
the Covid Tracking Project.
Data is still likely affected by
the holidays, when closed of-
fices and limited staffing lead
to lags in reporting.
The seven-day moving aver-
age of newly reported cases on
Sunday was 213,437, according
to a Wall Street Journal analy-
sis of Johns Hopkins data, top-
ping 200,000 once again after
a slight drop during the
Christmas holidays. The 14-
day average was 198,781.
When the seven-day average
exceeds the 14-day average, it
suggests cases are on the rise.
 What you need to know
about virus variants............ A10
* * * * *
Vaccine Makers Struggle to Fill Jobs
BY ELIZABETH KOH
Contract-manufacturing
companies working to acceler-
ate the global availability of
Covid-19 vaccines are strug-
gling with a shortage of their
own: There aren’t enough
workers to meet this year’s big
production push.
The talent pool is so tight
that Emergent BioSolutions
Inc., a Covid-19 contractor
based in Gaithersburg, Md.,
for AstraZeneca PLC and
Johnson & Johnson, enlisted
its CEO and a half-dozen other
senior executives to pitch po-
tential hires at a virtual career
fair in October. More than 550
people attended.
Not enough of them were
swayed. More than two months
later, Emergent still has
roughly 200 openings for ware-
house associates, quality-assur-
ance analysts and even a sup-
ply-chain management director.
“Hiring and ramping up has
become challenging,” said
Sean Kirk, an Emergent execu-
tive vice president, who spoke
at the event.
Outsourcing companies such
as Emergent make about one-
sixth of complex treatments in-
cluding vaccines, but the scale
and abruptness of Covid-19
shots is likely to boost that
share much higher, say indus-
try executives and experts.
With demand dwarfing supply,
Pfizer Inc., Moderna Inc. and
others are turning to contract
manufacturers for assistance in
what is the largest pharmaceu-
tical rollout in modern history.
But those helping drugmak-
ers need more help themselves.
More than 5,000 open jobs ex-
ist at the world’s 10 largest
companies that have won
Covid-19 outsourcing work, ac-
cording to a Wall Street Jour-
nal analysis of the companies’
websites. The firms were
ranked by production capacity.
The labor crunch is another
potential drag on a global vac-
cine rollout already facing a
supply backlog and requiring
As Virus Hits Jails, Guards Want Inoculation
BY KRIS MAHER
Prison guards, criminologists
and public-health advocates
across the U.S. are pushing for
prisons to receive Covid-19 vac-
cines early, arguing that a na-
tional surge of the disease
among inmates and staff puts
them at particularly high risk
of infection and death.
Health officials say inoculat-
ing guards without giving the
shot to prisoners wouldn’t help
stop the spread, spurring a de-
bate over whether people con-
victed of crimes should be vac-
cinated ahead of the general
population.
“There’s no way it’s going to
go to prisoners before it goes to
people who haven’t committed
any crime,” said Colorado Gov.
Jared Polis, a Democrat, after a
draft of a state vaccine plan that
came out in December put the
incarcerated people ahead of
those over 65 and other vulner-
able populations.
A spokeswoman for the gov-
ernor said inmates will receive
the vaccine based on need, at
U.S. NEWS
A technician supervising testing for production and supply of a Covid-19 vaccine candidate in
September in a Catalent Inc. facility in Italy. Catalent has tried unusual recruiting strategies.
near-flawless logistics. Many
contract manufacturers are
trying to fill roles that often
require years of experience in
pharmaceutical manufacturing
or biotechnology-related de-
grees. They are also struggling
to hire workers willing to work
overnight shifts, as production
goes round-the-clock. The jobs
are likely to be permanent.
“We are truly in unprece-
dented territory because of the
world-wide demand outstrip-
ping supply,” said Rena Conti, a
Boston University business
professor who studies bio-
pharmaceutical supply chains.
Many contract manufactur-
ers were already staffing up
before the pandemic. Demand
has soared for niche produc-
tion of complex medications
treating diseases such as
breast cancer or rheumatoid
arthritis, taken by a minority
of the population. But Covid-19
vaccines have created a mas-
sive new product category
where the potential market is
every person on Earth.
World production of
Covid-19 vaccines is expected
to reach six billion doses in
2021, according to industry
the same time as members of
the general public.
For many states, the rela-
tively small number of initial
doses and complicated logistics
of delivering the vaccine to
competing groups are adding to
the pressures of prioritizing its
distribution.
Prisons have been among
the nation’s worst coronavirus
hot spots. On average, the rate
of Covid-19 cases in state and
federal prisons was four times
that of the general population
and the mortality rate was
twice as high, according to a
September report by the Coun-
cil on Criminal Justice.
The nation’s aging prison
population is more likely to have
chronic health conditions than
the general population, putting
inmates at greater risk of devel-
oping a severe case of the dis-
ease, and then infecting correc-
tions staff who can carry the
virus home, health officials say.
There have been 307,898
cases among inmates, with
1,801 deaths, according to the
University of California, Los
Amid unprecedented demand for Covid-19 vaccines, drug
developers are leaning more on contract manufacturers
to satisfy orders world-wide.
Biologic drugs (including
vaccines) manufacturing
by source, 2019
In-house or via partnerships
83%
65%
For overall
Contract FDA-approved
manufacturers drugs
17% 35%
Source: GlobalData Pharmaceutical
Deals database
tracker PharmSource. Nearly
every major pharmaceutical
company with a potential vac-
cine candidate has enlisted
contract manufacturers to help
meet production targets.
Catalent Inc., one of the
largest contract manufacturers
in the U.S., has leaned into un-
usual recruiting strategies, in-
cluding ads on the radio-
streaming app, Pandora,
targeting people who live near
its manufacturing plants. It of-
fers $3,000 sign-on bonuses for
its manufacturing associates
Angeles Law Covid-19 Behind
Bars Data Project. About 67,000
cases of Covid-19 have been re-
ported among prison staff with
over 100 deaths, according to
the project.
“It doesn’t make sense to
vaccinate workers but not vacci-
nate the people they are
charged with protecting,” said
Wanda Bertram, a spokeswoman
for the Prison Policy Initiative,
which is advocating that staff
and inmates receive the vaccine.
At the Monroe County Cor-
rectional Facility in Strouds-
burg, Pa., roughly three dozen
corrections officers out of
about 130 at the facility have
tested positive since late No-
vember. Some 20 officers said
they inadvertently brought the
virus home and infected family
members and friends, accord-
ing to Teamsters Local 773.
“We are advocating across
the country for corrections offi-
cers to be among the first to re-
ceive the vaccine,” said Matt
Weidman, business agent for
Teamsters Local 773. “They’re
doing front-line work. It’s just
Tuesday, January 5, 2021 | A3
FDA Dismisses Talk
Of Cutting Doses
The U.S. Food and Drug
Administration rejected sug-
VINCENZO PINTO/AGENCE FRANCE-PRESSE/GETTY IMAGES
gestions to cut the recom-
mended dosages of Covid-19
vaccines so more people
could be inoculated.
The federal health agency
said Monday that suggestions
to lower the dosages weren’t
supported by evidence and
could put public health at risk.
The two vaccines authorized
for use in the U.S.—from
Pfizer Inc. and Moderna Inc.—
require two doses, given three
or four weeks apart.
Moncef Slaoui, chief ad-
viser to the federal govern-
ment’s Operation Warp Speed
coronavirus response program,
said Sunday that federal offi-
cials were considering giving
some individuals two half-
Publicly known contract doses of Moderna’s vaccine to
manufacturing agreements speed up the overall pace of
for drug manufacturing vaccination to the public.
Clinical trials for both vac-
300 cines showed they were
highly effective at protecting
against symptomatic Covid-19
200 when given in two doses. The
FDA authorized giving the
two doses of the vaccines on
100 the timetables used in late-
stage testing.
Dr. Slaoui suggested re-
0 ducing dosages as the num-
2016 ’17 ’18 ’19 ’20 ber of people vaccinated so
far in the U.S. has fallen short
willing to work overnight shifts of projections.
at its Madison, Wis., facility. In a statement, FDA Com-
The company, based in Som-
erset, N.J., has hundreds of un-
filled jobs, which could directly
affect how much extra produc-
missioner Stephen M. Hahn
and FDA vaccine chief Peter
Marks said that “changes that
are not supported by ade-
tion it can allot to Covid-19 quate scientific evidence may
vaccines, said Bernie Clark, ultimately be counterproduc-
Catalent’s vice president of tive to public health.” They
marketing and strategy. The said doctors and nurses ad-
company has signed multiple ministering the Covid-19 vac-
Covid-19 vaccine contracts. cines should follow their FDA-
“To keep adding capacity authorized dosing schedules.
and new lines, you have to —Thomas M. Burton
have the people to run them,” and Jared S. Hopkins
Mr. Clark said.
behind a prison wall.” inmates will likely be inoculated
Several officers at the Mon- at the same time, she added. It
roe County facility said they is unclear whether county cor-
were required to stand close to- rections officers will be part of
gether in a briefing room, the first phase, according to the
weren’t informed when inmates warden and the union.
tested positive and that N95 About 14 states currently list
masks weren’t readily given to corrections staff in the first
guards working in units with phase of their vaccine rollout,
Covid-19-positive inmates. The according to an analysis of 49
union also alleged that a vehicle state distribution proposals by
used to transport prisoners the Prison Policy Initiative.
wasn’t cleaned regularly. Seven states include prison in-
“You’re putting your life on mates in the first phase. Some
the line for this facility, and states put corrections staff and
they’re not doing anything for inmates in a second phase,
you,” said Alizabeth Plows, a while others haven’t accounted
corrections officer there. for either group in existing dis-
Warden Garry Haidle said the tribution plans.
facility is following federal and UCLA law professor Sharon
state safety protocols and that Dolovich said inmates should
except for a temporary shortage be given priority when it comes
of sanitizing wipes, it has had to Covid-19 inoculation for pub-
enough personal protective lic-health reasons—and because
equipment for officers. there is a moral imperative to
Pennsylvania has included do so.
correctional employees in Phase “These are people in close
1 of its vaccine-distribution plan. quarters where conditions are
But medical staff will receive the perfect for the spread of
vaccine first, a spokeswoman for Covid,” said Ms. Dolovich.
the state department of correc- —Zusha Elinson
tions said. Nonmedical staff and contributed to this article.
A4 | Tuesday, January 5, 2021 P W L C 10 11 12 H T G K R F A M 1 2 3 4 5 6 7 8 9 O I X X ***** THE WALL STREET JOURNAL.

U.S. NEWS

Lines Are Drawn for a Republican Civil War challenged by Republican
rebels, who, taking a cue
from what is happening
right now, will charge that
the election was “rigged” by
the establishment, and go to
court to try to overturn it.
CAPITAL JOURNAL
siderable internal ideological kota—in which they have to the precedent that it would which path the party takes
schisms. Instead, the party is take a stand that either infu- set.” from here is under way. It
being pulled apart in the last riates Trump loyalists back And the Arizona Republi- was set in sharp relief by the
days of the Trump term. home or energizes Demo- can Party openly attacked president’s 11th-hour insis-
Mr. Trump is setting up crats and many indepen- the most prominent Arizona tence last week that his
this week as a dramatic test dents against them. Republican of the past gen- party’s congressional leaders
of loyalty to him in the form Meantime, the party’s eration, the late Sen. John reverse course and support
of his last-ditch effort to broader splits are coming to McCain, in a weekend tweet $2,000 coronavirus relief

S
uch are the forces be-
By Gerald F. Seib ing unleashed this
week within the GOP,
where the prospect of a vir-
Less than two years from tual civil war suddenly feels
now, after this week’s at- real. This internal struggle
tempt to overturn the re- engages the president and
overturn the victory of Pres- the surface. The president proclaiming that the GOP is checks for most Americans.
ident-elect Joe Biden, and rang in the New Year by “never going back” to the This week’s drama is partly
his core supporters will be tweeting that his party’s sec- party he represented but in- about election results, but
rallying in Washington to ond-ranking senator, Mr. stead “is now, and forever also about where Republican
underscore the point. Sens. Thune, who has an 85% life- will be, one for the working office-holders will land along
Josh Hawley of Missouri and time congressional-vote ap- man and woman!” this philosophical divide.
Ted Cruz of Texas, who as- proval rating from the Amer- As that tweet shows,

T
sults of the presidential elec- his family; lawmakers court- pire to lead the Trump army ican Conservative Union, there is an important ideo- he unanswerable ques-
tion has long since played ing the support of Trump whenever Mr. Trump isn’t should be unseated by one of logical struggle lying be- tion is whether Mr.
out, here is a plausible sce- loyalists; and a conservative there to do so himself, have the president’s personal fa- neath the skirmishing. Mr. Trump can maintain
nario: Republican establishment engineered a scenario in vorites, South Dakota Gov. Trump essentially ran for his hold on the party once
A Republican senator or embodied by Senate Major- which each of their col- Kristi Noem. president in 2016 as an inde- he is out of office. Scott
House mem- ity Leader Mitch McConnell. leagues will have to go on Former House Speaker pendent populist, with no Reed, a longtime GOP strate-
ber, one party Part of the struggle is ideo- record either favoring or op- Paul Ryan released over the use for a Republican estab- gist, argues that “Trump
leaders are logical, part is simply about posing the president’s effort weekend a blunt statement lishment that largely op- wannabes need a new para-
eager to see power. In any case, it figures to reverse the election. urging his former colleagues posed him. Upon prevailing, digm, for there will never be
retain his or to roll through the next two They have done so in defi- not to attempt what many he turned the party away another Trump.” He predicts
her seat, will years and into the 2022 mid- ance of Mr. McConnell, cre- are about to try: overturn from traditional conservative Mr. McConnell, a traditional
be challenged term election. ating in the process a no-win the election results. “Under principles of free trade, conservative, will emerge as
in a primary by a disciple of The irony is that Republi- scenario for a series of their our system, voters deter- lower government spending the party’s clear leader.
President Trump. The in- cans might instead be unit- colleagues up for re-election mine the president, and this and limited executive au- He adds: “The election
cumbent, after being at- ing in celebration over what in 2022—Roy Blunt of Mis- self-governance cannot sus- thority and toward more of a showed us that GOP policies
tacked as a member of a dis- actually was a good outcome souri, Lisa Murkowski of tain itself if the whims of working-class agenda. and ideas worked up and
paraged party establishment, for them in the 2020 vote, Alaska, Rob Portman of Congress replace the will of Now, with the Trump down the ticket, but it was
will still win the primary. and allowing attention to fo- Ohio, Marco Rubio of Flor- the people,” Mr. Ryan wrote. presidency near its end, the the personality that cost us
But that outcome will be cus on Democrats’ own con- ida, John Thune of South Da- “I urge members to consider inevitable struggle over the White House.”

Trump Congress Should

Blasts GOP Certify Biden Win,
Senators
Continued from Page One
within the Republican Party will
CEO Group Says
go down in infamy as weak and BY EMILY GLAZER an emergency, 10-day audit of
ineffective ‘guardians’ of our Na- the election results. Although
tion,” Mr. Trump tweeted Mon- Nearly 200 top U.S. business none of the challenges are ex-
day, referring to Republicans leaders pressed Congress to pected to succeed, they could
who wanted to certify the re- certify President-elect Joe Bi- slow the process.
sults. He called them “willing to den’s electoral victory in a let- By law, Congress must hold
accept the certification of fraud- ter Monday, the latest attempt a joint session on Jan. 6 to rat-
ulent presidential numbers!” by corporate executives to pub- ify Mr. Biden’s 306-232 Elec-
Mr. Trump has blamed voter licly urge a smooth transition toral College win. Objections
KEVIN DIETSCH/PRESS POOL

fraud for his defeat, but no sig- of power as President Trump from some Republican senators
nificant evidence emerged that and many Republicans continue and House members are ex-
would change the result, and he to dispute the election results. pected to force debate and
and his legal team have been The letter, sent by the Part- votes in Congress. Majorities in
dealt losses in courts at all lev- nership for New York City, the House and Senate would
els including the U.S. Supreme which represents the city’s have to agree for the challenge
Court. Then-Attorney General business leaders and largest to succeed, an extremely un-
William Barr said last month GOP Sen. Tom Cotton with his wife, Anna Peckham, at his ceremonial swearing-in at the Capitol. employers, called on Congress likely prospect given that Dem-
the Justice Department hadn’t to certify the electoral vote on
found evidence of widespread pared for the proceedings to from some states unless Con- runoffs, and he encouraged Wednesday as the nation con-
fraud that could reverse Mr. Bi- last for several days. gress appoints a commission to other Senate Republicans to re- tinues to reel from the corona- Pfizer CEO
den’s victory. Over the week- Democrats said Republicans conduct an emergency, 10-day main silent as well, this person virus pandemic. Albert Bourla
end, Mr. Trump urged Georgia were bowing to Mr. Trump’s audit of the election results. said. But over the weekend Mr. “Attempts to thwart or delay was among
Secretary of State Brad Raffen- demands despite no chance of It takes one House lawmaker Cotton spoke to Mr. McConnell this process run counter to the the nearly 200
sperger to overturn the Novem- success. and one senator to object to a again and they discussed essential tenets of our democ- executives
ber election results that deliv- “It’s just really soul crushing state’s electoral votes in writ- whether he should come out racy,” the letter said. “Our duly who signed
ered the state to Mr. Biden. that these people are continuing ing on Wednesday. The objec- with a statement before elected leaders deserve the re- the letter.
Mr. Trump’s comments came this effort, but our democracy is tion, once filed, triggers two Wednesday, the person said. spect and bipartisan support of
as more than a dozen Republi- stronger,” Sen. Amy Klobuchar hours of concurrent debate and For Republican senators and all Americans at a moment
can senators and scores of GOP (D., Minn.) said. “Donald Trump votes in each chamber. staff who feared more defec- when we are dealing with the ocrats control the House.
House members have said they is a dominant personality and On Monday, Mr. Trump sin- tions, Mr. Cotton’s statement worst health and economic cri- In a Saturday telephone call,
would challenge certification of he knows no limits, and he’s gled out one Republican sena- came as “a sigh of relief,” one ses in modern history.” Mr. Trump urged Georgia’s Re-
Mr. Biden’s win. Senate Major- pushing this to the end.” tor for breaking with him. He aide said. Several more GOP Among the nearly 200 busi- publican secretary of state,
ity Leader Mitch McConnell (R., Business interests weighed tweeted at Sen. Tom Cotton of senators said they wouldn’t ness leaders who signed the Brad Raffensperger, to overturn
Ky.) and other Republicans have in, with nearly 200 top U.S. Arkansas: “Republicans have challenge the election results. letter are the heads of financial the November election results
made the case that a public business leaders in a letter pluses & minuses, but one thing “I cannot support allowing firm BlackRock Inc., consul- that led Mr. Biden, a Democrat,
fight over the results could Monday pressing Congress to is sure, THEY NEVER FORGET!” Congress to thwart the will of tancy Deloitte, airline JetBlue to win the state.
hurt GOP incumbents’ chances certify the results. The U.S. Mr. Cotton, who along with the voters,” said Sen. Rob Port- Airways Corp. and pharmaceu- The U.S. Chamber of Com-
in 2022 and could open future Chamber of Commerce also Messrs. Cruz and Hawley is man of Ohio in a statement. tical company Pfizer Inc., ac- merce, which represents more
presidential contests up to urged lawmakers to back Mr. seen as a 2024 presidential Sens. Shelley Moore Capito cording to a release sent by the than three million businesses,
challenges by Democrats. Biden’s win and for the Trump hopeful, said in a statement (R., W.Va.) and Kevin Cramer partnership. The group includes also urged Congress on Monday
Vice President Mike Pence is administration to facilitate an late Sunday he wouldn’t join (R., N.D.) also said Monday they a number of Fortune 500 com- to certify Mr. Biden’s win.
scheduled to preside over orderly transition. the group objecting to results. wouldn’t object to the electoral panies across industries as well “Efforts by some members
Wednesday’s joint session to The group planning to chal- Mr. Cotton’s decision not to tally. Sen. Kelly Loeffler, a can- as New York-based financial- of Congress to disregard certi-
count each of the 538 Electoral lenge Mr. Biden’s win in the participate long predated Mr. didate in the runoffs in Georgia services firms and law firms. fied election results in an effort
College votes from the 50 Senate includes Sen. Josh Haw- Hawley’s announcement last Tuesday, said she would. Eleven current and incoming to change the election outcome
states and the District of Co- ley (R., Mo.), who said Wednes- week, according to a person fa- Capitol Hill offices are being Republican senators said this or to try to make a long-term
lumbia. Any challenge is set to day he would contest results in miliar with Mr. Cotton’s think- overwhelmed by calls in the past weekend that they would political point undermines our
fail in both chambers, given Pennsylvania and potentially ing. Last month, he privately thousands, urging their elected vote to reject the Electoral Col- democracy and the rule of law
Democratic control of the other states. On Saturday, 11 let Mr. McConnell know where officials to investigate the pres- lege votes of some states on and will only result in further
House and lack of broad GOP more senators, led by Ted Cruz he stood but didn’t plan to dis- ident’s fraud allegations and Wednesday as not “lawfully division across our nation,”
Senate support. Senate leader- of Texas, said they, too, planned close his decision before Tues- overturn the election in his fa- certified” unless Congress ap- said Chamber CEO Thomas J.
ship told staffers to be pre- to challenge electoral votes day’s pivotal Georgia Senate vor, GOP Hill aides said. points a commission to conduct Donohue in a statement.

House Weakens Tool Used by Minority Proud Boys Leader Is

BY NATALIE ANDREWS identities by changing pro-
nouns and familial relation-
WASHINGTON—The House ships in the House rules to be
passed rules that weakened a gender-neutral. Among spe-
procedural tool Republicans cific changes, the new rules
had used to force Democrats strike ‘‘himself or herself’’ and
to take tough political votes as insert ‘‘themself,” and changes
well as added exemptions to a “chairman” to “chair.” The
budget rule that progressives rules also change familial
deemed a win. terms to make them gender
The rules package for the neutral, changing “uncle” and
new Congress passed on parti- “aunt” to “parent’s sibling,”
san lines in a 217-206 vote for example. The changes af-
Monday. The rules are set by fect the language in House
the majority party’s leadership rules but doesn’t apply to law-
and must be passed at the start makers’ own language or leg-
of each session of Congress. islative proposals.
The new package strength- Democrats said the rules
ens congressional oversight, change was designed to reflect
seeks to protect whistleblowers the increasingly diverse Con-
and specifically defines that gress, but Republicans said the
any current and former White move was absurd.
House employees can be sub- Notably, the new rules also
poenaed. It also renews proxy include a change to a House
voting, which allows lawmak- procedure called a motion to
ers to vote remotely during the recommit, a procedural vote
pandemic by designating a that the minority can use to
lawmaker to vote on their be- change legislation in a final
half. Republicans object to the amendment vote before legis-
remote voting rule and are dis- lation passes. The rules ad-
puting it in court, though some opted on Monday would pre-
GOP lawmakers have used it. vent the procedural vote from
The package also instructs altering bills on the floor di-
lawmakers to honor all gender rectly before passage. Instead,
the minority would only be
able to use the motion to send
a bill back to the committee.
Republicans in the last ses-
sion effectively used the mo-
tion to recommit for political
messaging and to trap the ma-
jority into taking difficult
votes on a part of the legisla-
tion and occasionally getting
GOP provisions through the
Democratic-controlled body.
The package also
instructs lawmakers
to honor all gender
identities.
The change was pushed by
Democrats likely to face com-
petitive re-election races who
are leery of votes that can
then be turned into attack ads.
Democrats argued that Repub-
licans often aren’t proposing
amendments in good faith be-
cause they often end up voting
against the final legislation.
“The only thing being taken
away is their gotcha opportu-
nities,” said Majority Leader
Charged After Clashes
Steny Hoyer (D., Md.) about BY RACHAEL LEVY protests in the capital. He told
the Republicans. the Post he would plead guilty
“The Democrat majority is WASHINGTON—The leader to destruction of property, pay
just coming right out and ad- of the far-right Proud Boys was the church the cost of the ban-
mitting that they are unable to arrested on Wednesday in ner and accept arrest if author-
stand by their caucus’s radical Washington, D.C., and charged ities filed charges.
beliefs,” said Rep. Ted Budd in connection with unrest that The night of the burning,
(R., N.C.). followed pro-Trump protests in brawls broke out between some
The rules package also the nation’s capital last month. demonstrators and counterpro-
changes the longstanding pay- Metropolitan Police arrested testers. Several people, including
as-you-go, or PAYGO, provision Enrique Tarrio, 36 years old, eight police officers, were hurt,
that says legislation that and charged him with destruc- authorities said at the time.
would increase the deficit tion of property related to the Mr. Tarrio’s arrest came the
needs to be offset. Progres- burning of a Black Lives Matter same day civil-rights groups
sives sought to eliminate the banner belonging to a historic filed a lawsuit against Mr. Tar-
provision so they could push Black church. Police also rio and Proud Boys Interna-
for legislation that doesn’t charged him with possession of tional LLC over vandalism they
have a direct offset, such as what they said were two “high- say the group committed at an-
Medicare for All or the Green capacity firearm magazines.” other Black church, the Metro-
New Deal. Moderate Blue Dog Mr. Tarrio didn’t return a politan African Methodist Epis-
Democrats argued for specific phone call seeking comment. A copal Church.
exemptions, rather than a com- social-media account for the “I love a good fight,” Mr.
plete end to PAYGO, according Proud Boys on Monday night Tarrio said in a social-media
to a senior Democratic aide. said the group had started a le- post about the lawsuit earlier
The resulting compromise gal-defense fund for him. on Monday.
gives the Budget Committee Mr. Tarrio told the Washing- Fresh protests are expected
chairman the ability to declare ton Post in December he partic- in Washington on Tuesday and
bills that respond to the pan- ipated in burning a Black Lives Wednesday to support Presi-
demic or seek to combat cli- Matter banner that had been dent Trump’s claims the elec-
mate change as having no ripped from the Asbury United tion was “stolen” from him. Mr.
cost, effectively exempting Methodist Church during un- Tarrio had said he plans to at-
them from the PAYGO rules. rest that followed pro-Trump tend.
THE WALL STREET JOURNAL. Tuesday, January 5, 2021 | A5

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A6 | Tuesday, January 5, 2021 * *** THE WALL STREET JOURNAL.

U.S. NEWS

Georgia Girds
For Senate
Runoff Vote

FROM LEFT: ERIK S. LESSER/EPA/SHUTTERSTOCK; CAROLYN KASTER/ASSOCIATED PRESS

DALTON, Ga.—Georgians Asked about Mr. Sterling’s
were bracing for Tuesday’s remarks, Trump campaign se-
Senate runoff elections with nior legal adviser Jenna Ellis
their state in the political spot- said in a statement, in part:
light after President Trump “The Trump Legal Team has
urged state officials in a week- presented facts and evidence,
end phone call to nullify Presi- including witnesses and expert
dent-elect Joe Biden’s win in testimony” that she argued
the November vote. show there were election issues.
The secretary of state’s of-
By Joshua Jamerson, fice said Monday it had re-
Cameron McWhirter ceived reports of some counties
and Alexa Corse preparing to bolster security at
some polling stations. Bishop
Gabriel Sterling, voting sys- Reginald T. Jackson, who over-
tem implementation manager sees Georgia’s African Method-
at the Georgia secretary of ist Episcopal churches and is
state’s office, on Monday de- head of a nonpartisan faith-
bunked a host of inaccurate based voter-turnout organiza-
claims by the president and his tion, said some get-out-the-vote
allies about fraud in the state’s rallies were canceled over the
Nov. 3 election during a news weekend because of threats and
conference at the state Capitol. several churches that planned
Mr. Trump’s campaign and to serve as polling stations had
a Trump elector previously received bomb threats.
said that data indicated that “Our community is deeply
more than 66,000 voters un- concerned for our congrega-
der the age of 18 illegally tions’ safety and the voting
voted. But state officials found rights of every Georgian,” the
that no underage voters cast bishop said.
ballots, Mr. Sterling said. Late Monday, Mr. Trump
“This is all easily, provably held a rally in Dalton on behalf
false. Yet the president persists of Republican candidates Da-
and, by doing so, undermines vid Perdue and Kelly Loeffler,
Georgians’ faith in the election both locked in close races. Mr.
system,” Mr. Sterling said. Perdue, whose term as senator
Mr. Trump’s campaign ear- expired Sunday at noon, is
lier said as many as 2,560 fel- battling Democrat Jon Ossoff
ons voted illegally. Mr. Ster- to return to Washington. Ms.
ling said Monday that state Loeffler—appointed last year
officials have access to better to fill a Senate seat vacated by
data. He said 74 potential Sen. Johnny Isakson, who re-
cases are under investigation tired—is running in a special
but some of those people may election against Democrat Ra-
have been eligible to vote for phael Warnock to finish two
reasons such as having com- years of that term.
pleted their sentences. Before Mr. Trump arrived
There are potentially two in Georgia, Ms. Loeffler said
cases of ballots cast by people that she would be joining
who died before the election, about a dozen GOP senators to
Mr. Sterling said, but that is object to certifying Mr. Biden’s
still being investigated. That 306-232 Electoral College win.
data contradicts a claim that Taking the stage before a
there were more than 10,000 crowd of thousands, Mr.
votes from people who died Trump immediately declared
before the election, he said. his election rigged and
“If you’re a Georgia voter, if claimed victory. “They’re not
you want your values reflected taking this White House, we’re
by your elected officials, I going to fight like hell.”
strongly beg and encourage He urged voters to support
you, go vote tomorrow. Do not the candidates. If Republicans
let anybody discourage you,” lose the seats, he said, Demo-
Mr. Sterling said. crats could push through their
President Trump and President-elect Joe Biden both held rallies for candidates Monday in an election that will decide Senate control.
agenda. “America as you know
it will be over,” Mr. Trump said.
“That’s why I’m here. I don’t
want to do rallies for other
people.…if you don’t show up
the radical Democrats will win.”
Mr. Biden traveled to At-
lanta for a campaign event for
the Democratic candidates
hours ahead of Mr. Trump.
He didn’t directly mention
the president but said generally
that the Republican Party ought
to have more respect for elec-
tion results. “In America, as our
opposition friends are finding
out, all power flows from the
people,” Mr. Biden said. “That’s
our democracy. Politicians can-
not assert, take or seize power.
Power is given—granted—by
the American people alone.”
The races are some of the
most expensive for the Senate
in history, and the results will
determine which party con-
trols the chamber.
More than three million
Georgians had already voted
early in the runoff elections
before news broke Sunday of
the weekend conversation dur-
ing which Mr. Trump urged
Georgia Secretary of State
Brad Raffensperger and his
staff to overturn November’s
presidential election results.
Throughout the conversa-
tion, Mr. Raffensperger, who
oversaw the state’s elections,
rejected pressure to further in-
vestigate an election that has
gone through multiple recounts
and legal challenges without
any evidence of widespread
fraud being found. His office on
Monday expressed confidence
in Tuesday’s voting as well.
“President Trump and Geor-
gia GOP chairman David Shafer
have run around this state say-
ing ‘You can’t trust the voting
machines, you can’t trust ab-
sentee ballots,’ which has left
many Republican voters won-
dering, ‘Will my vote even
count?’ ” said Mr. Raffen-
The state is in focus
after Mr. Trump
urged officials to
void Mr. Biden’s win.
sperger’s spokesman, Ari Schaf-
fer. “Our office believes every
vote counts. Your vote matters.”
In a response by text, Mr.
Shafer said: “I have criticized
Raffensperger for weakening
signature verification and re-
fusing to allow meaningful ob-
servation of the verification
process. Our only remedy at
this point is to turn out the
vote tomorrow. The more of us
who vote, the harder it is for
them to cheat.”
GOP politicians in Georgia
who have come under attack
from Mr. Trump since Novem- whole Trump mentality,” Mr.
ber include Gov. Brian Kemp, a Morsberger said. “Trump and
onetime ally Mr. Trump en- Trump puppets need to go. It’s
dorsed in 2018. On the Satur- embarrassing for our country.
day call, Mr. Trump called Mr. We need to clear out support
Kemp “a disaster” and said, for this kind of goofiness.”
“Like a schmuck I endorsed Representatives for Ms.
him.” On Fox News Sunday Loeffler didn’t respond to re-
night, Mr. Kemp said, “I haven’t quests to comment.
listened to the tape. I would Mr. Perdue said Monday on
just say all those things to me Fox News that it was “disgust-
right now are distractions. The ing” that the president’s con-
thing that matters is Tuesday.” versation was leaked to the
Vice President Mike Pence, news media, and renewed his
campaigning Monday in Milner, call for Mr. Raffensperger to
Ga., said that he shared con- resign. He said a day earlier
cerns about whether the No- that he didn’t think the news
vember election was conducted of the conversation would al-
fairly. “I know we all have got ter the outcome of the runoffs.
our doubts about the last elec- “A lot of people in Georgia
tion,” he said. “I promise you and 75 million Americans I
come this Wednesday, we will think align with him right now
have our day in Congress; to- that something untoward hap-
morrow is Georgia’s day,” Mr. pened here in Georgia, and we
Pence said, noting the effort by have not gotten to the bottom
some Republicans to object to of it,” Mr. Perdue said.
certifying Mr. Biden’s win. State Republican officials
Some Georgia Republican and former U.S. Attorney Gen-
voters were disturbed by news eral William Barr have said
of Mr. Trump’s Saturday con- there is no evidence of wide-
versation. Emory Morsberger, spread voter fraud.
a former Republican state rep- The Senate currently has 50
resentative who voted for Mr. Republicans and 48 members
Trump in 2016, said he had of the Democratic caucus. If
planned to vote for Mr. Perdue Democrats win both Georgia
and against Ms. Loeffler in the races, they will gain control
contests. He changed his mind because Vice President-elect
after learning of the presi- Kamala Harris would cast tie-
dent’s call and voted against breaking votes.
both Republicans. He dropped —Lindsay Wise
his absentee ballot off Monday. in Washington
“We need to get rid of the contributed to this article.

Auto Firms Nunes, a Trump Ally,

Close In Awarded Presidential
On Merger Medal of Freedom
VLADIMIR SIMICEK/AGENCE FRANCE-PRESSE/GETTY IMAGES

Continued from Page One

with an industrywide shift to BY CATHERINE LUCEY with Russia, calling him “a
more technologically advanced public servant of unmatched
vehicles. “We are aware of the President Trump awarded talent, unassailable integrity,
fact that together we will be the Presidential Medal of Free- and unwavering resolve.”
stronger than individually,” he dom to Rep. Devin Nunes on In a 2019 report, special
told shareholders Monday. Monday, bestowing the na- counsel Robert Mueller con-
The combination is ex- tion’s top civilian honor on a firmed that Moscow interfered
pected to produce savings— close Republican ally during in the 2016 election and de-
$6.1 billion annually by the the closing days of his presi- tailed contacts between the
companies’ projections—as dency, the White House said. Russian operatives and mem-
well as help the two auto mak- Mr. Nunes, of California, bers of the Trump campaign,
ers navigate increasingly strin- was the top Republican on the but said the evidence didn’t
gent emissions regulations and House Intelligence Committee establish a conspiracy or coor-
invest in costly new technolo- when it conducted the Russia dination between the two.
gies, such as those used in hy- PSA and FCA shareholders overwhelmingly supported the deal. A Peugeot plant in Trnava, Slovakia. probe. He aggressively de- As chairman of the House
brid and electric vehicles. fended Mr. Trump during in- Intelligence Committee in
Meanwhile, the new Stellan- ing it to cut its shareholder will put pressure on Stellantis Similarly, in China, the vestigations into Russian in- 2017, Mr. Nunes oversaw the
tis will have to manage a hefty dividend in April. But the to keep each one distinctive, world’s largest auto market, terference in the 2016 election House panel’s Russia probe,
slate of 15 vehicle brands, while strength of the U.S. market’s while generating savings by Fiat Chrysler and PSA have and throughout the president’s but drew criticism from Demo-
fixing its business in China and rebound over the summer combining the underlying engi- struggled to gain a larger foot- impeachment trial in the crats, who accused him of pro-
improving results in Europe, a helped it post a surprisingly neering and manufacturing. hold, selling fewer than 200,000 House of Representatives. viding political cover to the
crowded market that has long strong third-quarter profit. “They have to play that very vehicles combined in 2019, ac- The Democratic-majority Trump administration rather
bedeviled many car companies. Mr. Tavares spent more tactically,” said Stefano Aversa, cording to industry data. That House voted to impeach Mr. than leading a serious, inde-
Like other auto manufactur- than three decades climbing a vice chairman at consulting represents less than 1% of the Trump on charges stemming pendent inquiry.
ers, both companies have been the ranks at the Nissan-Re- firm AlixPartners. “Over time, nearly 26 million vehicles sold from his efforts to press Mr. Trump also plans to
weakened by the coronavirus nault Alliance and was once you will likely see a reposition- in China that year. Ukraine to announce investiga- award the Presidential Medal
pandemic, and Mr. Tavares will considered an heir apparent to ing or consolidating of certain Jefferies’ Mr. Houchois said tions that could benefit him of Freedom to Rep. Jim Jordan
face the task of integrating Carlos Ghosn, at the time the brands to avoid overlap.” Mr. Tavares faces a big decision politically. The Republican-led (R., Ohio), according to people
their global operations at a alliance’s head, before leaving In Europe, where both auto in China: to stay or go. With Senate acquitted the president. familiar with his plans.
time the industry is still trying in 2013 to take over then- makers have a big presence, Beijing phasing out a joint-ven- In a news release, the White During a 2018 interview
to regain its footing after a struggling rival PSA. At PSA, the market is only getting ture requirement for auto mak- House praised Mr. Nunes for with “Fox & Friends,” Mr.
turbulent year. Fiat Chrysler he led the purchase of GM’s tougher. New auto-emissions ers in 2022, the new Stellantis his role in attempting to dis- Trump said Mr. Nunes should
and PSA executives said the money-losing brands in Eu- regulations are compelling car chief could use its expiration to credit investigations of the get the medal, calling them
economic challenges created by rope—Opel and Vauxhall—and companies to roll out more hy- take an entirely different ap- Trump campaign’s contacts “high awards for civilians, and
the pandemic have only further the following year restored brid and electric vehicles or proach. “You can’t really be a he’s done amazing.”
underscored their rationale for them to profitability. face penalties. And vehicle de- global auto maker without a Considered one of the na-
the merger, the auto sector’s Still, megamergers in the mand remains depressed as presence there, so then it be- tion’s highest civilian honors,
largest since 1998. Both com- auto industry have a spotty re- the pandemic’s fallout contin- comes: ‘How do you go about the medal is awarded to peo-
panies declined to comment. cord, analysts and executives ues to take a toll on sales. Fiat it?’ ” Mr. Houchois said. ple “who have made especially
“The merger is an opportu- said, and the FCA-PSA tie-up Chrysler, in particular, has The deal already has cleared meritorious contributions to
SAUL LOEB/AGENCE FRANCE-PRESSE/GETTY IMAGES

nity to reset everything in a re- comes as other global auto long grappled with factories several hurdles, including win- the security or national inter-
ally fast-changing industry,” manufacturers are moving running at below-normal ca- ning approval from European ests of the United States, to
said Philippe Houchois, an auto quickly to downsize and be pacity, industry data show, but Union regulators, but it is still world peace, or to cultural or
analyst for Jefferies. “Now, you more nimble. One of the big- closing plants in Europe is ex- waiting for regulatory approval other significant public or pri-
can change your priorities to gest challenges facing Mr. Tav- pensive and politically fraught, from governments in several vate endeavors.” It was estab-
adjust to the changing world.” ares will be trying to manage analysts said. smaller markets. The companies lished in 1963 by President
France’s PSA, whose brands the combined group’s collec- Both companies have in- also have yet to publicly reveal John F. Kennedy.
include Peugeot and Citroën, tion of 15 automotive brands— sisted they won’t close plants. the new leadership team. In December, Mr. Trump
has fared better than rivals more than the dozen owned by But that would mean Mr. Tava- Fiat Chrysler said in De- awarded the medal to retired
during the health crisis, man- Volkswagen AG, now the res would have to find ways to cember that Mike Manley, the Notre Dame football coach Lou
aging to post a profit in the world’s largest auto maker by fill up the European factories company’s current chief execu- Holtz and Iowa wrestling icon
first half of 2020. Fiat Chrys- sales. with models that generate tive, would take on a new role Dan Gable.
ler was hit hard in the spring Mr. Tavares has said he steady sales—a tactic Fiat postmerger, running the Mr. Trump’s plans were
by factory closures and a col- doesn’t plan to cut any brands, Chrysler has tried in the past Americas for the newly com- Rep. Devin Nunes oversaw a earlier reported by the Wash-
lapse in vehicle demand, lead- but industry analysts said that with little success, analysts said. bined auto maker. House committee’s Russia probe. ington Post.
THE WALL STREET JOURNAL.
Tehran Accelerates Uranium Enrichment
New nuclear activity
exceeds deal’s limits,
speeds up timetable
to produce a weapon
BY ARESU EQBALI
AND JARED MALSIN
TEHRAN—Iran said it has
resumed enriching uranium to
20% purity, exceeding limits
set in a 2015 nuclear deal and
slashing the time it would take
for Tehran to produce the
grade of fuel needed for a nu-
clear weapon.
The nuclear activity, which
returns Iran to an enrichment
level it last reached before en-
tering the international ac-
cord, dials up pressure on
Washington and crosses a red
line set by European countries
that remained committed to
the agreement after the
Trump administration with-
drew from it in 2018.
The move threatens to com-
plicate President-elect Joe Bi-
den’s plan to rejoin the deal
that placed limits on Tehran’s
nuclear program, but which
floundered after the U.S. left it
and reimposed crippling eco-
nomic sanctions on Tehran. Mr.
Biden has said the U.S. would
rejoin the deal as long as Iran
complies with its terms.
The enrichment activity also
raises tensions in the Middle
East when the region is on edge
during the waning days of the
Trump administration.
Tehran has vowed to avenge
the killings of a top Iranian nu-
clear scientist in November and
a senior Iranian general, who
died in a U.S. drone strike last
January. The strike followed a
year of spiraling hostilities in
the region that included explo-
sions on oil tankers and an at-
tack on Saudi oil facilities that
the U.S. blamed on Iran. Tehran
has denied involvement in the
explosions and the Saudi attack.
An Iranian government
spokesman on Monday de-
fended the decision to lift the
enrichment levels, saying it
complied with a law passed by
Parliament in December. Presi-
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turn a stairwell into an
ER at a moment’s notice.
Port-au-Prince, Haiti
Donate today at:
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Iran has stepped up uranium-enrichment efforts at the Fordow nuclear facility, seen in a satellite photo, beneath a mountain south of Tehran.
dent Hassan Rouhani had said
he opposed the move, urging
caution with respect to actions
that could provoke hostilities
with the West.
“The government finds it-
self obliged to carry out this
law,” said the spokesman, Ali
Rabie. The enrichment is tak-
ing place at the Fordow nu-
clear facility beneath a moun-
tain south of Tehran, he said.
The heightened level of en-
richment cuts the time it
would take for Iran to create
weapons-grade uranium,
which is 90% enriched. David
Albright, a former weapons in-
spector and president of the
Institute for Science and Inter-
national Security, a security
think tank in Washington, esti-
mated that it would take six to
nine months to build a nuclear
explosive, prepare a test site
and carry out a nuclear test.
President Trump’s with-
drawal from the nuclear agree-
ment reimposed economic
sanctions on Tehran and
launched an era of renewed
hostilities with Iran and its al-
lies in the Middle East.
WORLD NEWS
South Korean Ship
Is Seized in Gulf
Iranian forces seized a
South Korea-flagged ship on
Monday, a semiofficial Iranian
news agency reported, height-
ening tensions with a U.S. ally.
Forces boarded the vessel
because it was creating un-
specified pollution in the Per-
sian Gulf, the agency reported.
The vessel’s owner, DM
Shipping of Busan, South Ko-
rea, didn’t respond to calls.
Tehran is in a dispute with
South Korea over Seoul’s re-
fusal to unlock frozen oil-reve-
nue accounts to pay for
Iran told the International
Atomic Energy Agency on Dec.
31 that it planned to proceed
with 20% enrichment, the
agency has said. IAEA Director-
General Rafael Grossi confirmed
to member states on Monday
that Iran began feeding uranium
that was already enriched up to
Iranian forces detained the Hankuk Chemi tanker on Monday.
Covid-19 vaccines and other hu-
manitarian goods.
Iran has previously seized
vessels from countries with
which it has had disputes.
4.1% into six centrifuge cascades
at the Fordow facility for en-
richment up to 20%. The agency
said its inspectors were present
at the nuclear site to detach the
agency’s seal from a cylinder
containing the uranium supply.
A U.S. State Department
spokeswoman called Tehran’s
Dr. Paul McMaster, Doctors Without Borders Surgeon
Tuesday, January 5, 2021 | A7
ramps up pressure on Western
countries, reaching 4.5% pu-
rity last year. The 2015 deal
limits Iran to 3.67% purity.
The increased nuclear activ-
ity and the Dec. 1 law that set
it in motion could be designed
to improve Iran’s position in
negotiations toward a revival
of the 2015 nuclear deal under
Mr. Biden, who will be inaugu-
rated as president on Jan. 20.
Iran’s Foreign Minister Ja-
vad Zarif said the nuclear ac-
tivity was in response to non-
compliance by other members
of the agreement. “Our mea-
sures are fully reversible upon
MAXAR TECHNOLOGIES/ASSOCIATED PRESS
FULL compliance by ALL,” he
said on Twitter on Monday.
Tensions between Iran and
its opponents have soared since
the killing of Iran’s top nuclear
scientist, Mohsen Fakhrizadeh,
who died in an attack on his car
outside Tehran in late Novem-
ber. Iranian leaders accused Is-
rael of carrying out the attack.
Israel has neither confirmed
nor denied involvement.
The killing further unsettled
the Middle East in a tense pe-
riod as the region awaits the in-
auguration of Mr. Biden, who
has vowed to change course on
TASNIM NEWS AGENCY/EPA/SHUTTERSTOCK
U.S. policy toward the region
following years of a pressure
campaign on Iran carried out by
the Trump administration.
The campaign included crip-
pling economic sanctions and
the January 2020 killing of Maj.
Gen. Qassem Soleimani, a senior
leader in Iran’s Islamic Revolu-
tionary Guard Corps and the ar-
chitect of Iran’s alliances with
powerful militia groups that en-
hanced Tehran’s influence
In 2019, Tehran detained a across the Middle East.
British-owned tanker for Iranian proxy groups in the
months after the U.K. seized region called for revenge at-
an Iranian vessel that was on tacks on the anniversary of Gen.
its way to Syria. Soleimani’s death on Jan. 3,
which came and went without
spectacular violence.
move “a clear attempt to in- “These anniversaries are
crease its campaign of nuclear big. This is a way for Iran to
extortion, an attempt that will mark them, to say we didn’t
continue to fail.” engage in revenge that we
The increase in uranium-en- would be taking, but we are do-
richment levels accelerates ing things,” said Ariane Tabata-
Iran’s approach, in which it bai, an Iran expert at the Alli-
had been gradually increasing ance for Securing Democracy
uranium enrichment as it at the German Marshall Fund.
HAITI 2010 © Julie Remy
A8 | Tuesday, January 5, 2021
Saudis,
Qatar Set
To End Rift
Continued from Page One
than President Trump, a Re-
publican who stood by Ri-
yadh’s leaders when they were
accused of jailing human-rights
activists and killing Saudi jour-
nalist Jamal Khashoggi.
If it holds, an end to the
blockade takes a diplomatic
problem off the table for the
incoming Biden team, which
wants to turn its focus toward
consolidating support for ef-
forts to draw Iran back into
the 2015 nuclear agreement
and negotiate a follow-on
agreement addressing Teh-
ran’s ballistic-missile program
and regional ambitions.
U.S. and Saudi officials said
they had secured a compro-
mise that will allow Qatar
again to fly planes over the
Gulf nation in exchange for
Qatar Airways dropping a se-
ries of legal challenges against
the four nations that sought
$5 billion in compensation for
the airspace bans.
While the detente won’t ad-
dress the underlying issues
that led to the dispute, it will
A Fed Plan
Generated
Few Loans
Continued from Page One
gaps in the government’s abil-
ity to deliver aid to companies
that can’t raise money on Wall
Street. For months, many
banks weren’t interested in
participating. Demand picked
up only in recent weeks after
word came that the program
would be ending.
“There is a cost if, when-
ever we have [financial pan-
ics], we do programs that only
help large institutions, be-
cause in the long run that
makes it much riskier to be a
small or medium-size firm,”
said Eric Rosengren, president
of the Federal Reserve Bank of
Boston, which has adminis-
tered the Main Street pro-
gram. Many such businesses
could fall through the cracks,
he said, accelerating a long-
running consolidation in
which larger companies with
access to low-cost credit in-
crease market share.
When the pandemic struck,
the Fed launched a suite of
emergency loan programs. It
went beyond its core mission
as lender of last resort to the
banking system by becoming a
commercial lender, a role its
leaders had long resisted for
fear of being pulled deeper
into politics. The Fed initially
saw the situation as desperate,
its other tools were exhausted
and it wanted to show it could
help those beyond Wall Street.
Officials have been far less
concerned than they were in
the 2008 financial crisis about
encouraging irresponsible be-
havior by providing broad
safety nets. As the pandemic
and lockdowns spread last
spring, there initially was little
debate or support for an ap-
proach that would allow busi-
nesses that had been healthy
before the pandemic to be
wiped out.
Businesses “didn’t close be-
cause of anything they did
wrong,” Fed Chairman Jerome
Powell said on April 9, a day
when the central bank un-
veiled the Main Street pro-
gram and announced a larger
safety net for the corporate-
bond market. “To the extent
we have the ability to make
them whole, we should be do-
ing that as a society,” he said.
Word of a Fed plan to back-
stop corporate borrowing en-
couraged investors to buy cor-
porate bonds, which cut the
need for purchases by the Fed.
So middle-market compa-
nies wouldn’t be left out, the
Fed agreed to purchase bank
loans made to firms that had
up to 15,000 employees or un-
der $5 billion of revenue and
had been profitable in 2019.
Congress roped in the Trea-
sury to absorb any losses on
the loans because the central
bank believes it isn’t allowed
to sustain capital losses. The
Treasury agreed to provide
$75 billion to cover loan
losses, using funds Congress
provided for this purpose.
The Fed, lacking the band-
width to underwrite thousands
of loans, relied on banks to
White House adviser Jared Kushner met with Saudi Crown Prince Mohammed bin Salman in September.
resolve the most problematic
short-term challenges for Qa-
tar and its rival Gulf neigh-
bors.
“This is the biggest break-
through we’ve had to date,”
one senior Trump administra-
tion official said. “It doesn’t
mean they will love each other
and be best friends, but it
does mean they will be able to
work together.”
Qatar’s regional rivals re-
main wary. Officials from sev-
eral Gulf nations warned that
the Saudi-led deal would only
paper over the problems and
predicted that the divisions will
quickly re-emerge unless Qatar
takes major steps to reorient re-
lations with its Gulf neighbors.
Marc Epstein’s Milk Street Café in Boston got a loan via the Fed’s Main Street plan, but some found banks not willing to participate.
make the Main Street loans.
To encourage them to do so, it
agreed to purchase 95% of
each loan. The Fed said its
Main Street program would
purchase up to $600 billion of
such loans.
It bought just 646 loans to-
taling $6.3 billion from July
through November.
The borrowers included a
Brooklyn landscaping archi-
tect, a minor league baseball
club in Texas and a casino in
the Poconos of eastern Penn-
sylvania. The largest was $300
million to Fitness Interna-
tional LLC in Irvine, Calif.,
which runs LA Fitness gyms.
Primary problem
The root failure, say banks
and borrowers, was that if the
loan a borrower wanted was
attractive to a bank, the
lender didn’t want to sell most
of it to the Fed. But if a loan
looked to be a dud, the bank
was reluctant to hold any of it.
Some current and former
officials also said loan terms
were too strict because the
Treasury was concerned about
not losing the money Congress
authorized. It would have been
better if lawmakers had been
explicit about how much of
that money they were willing
to let the Treasury lose, in Mr.
Rosengren’s view.
In past crises, Congress cre-
ated special agencies to do
this kind of work. In 1932,
lawmakers chartered the Re-
construction Finance Corp. to
stem failures of banks and
railroads by taking equity
stakes. In 1989, after many
savings and loan associations
failed, Congress created the
Resolution Trust Corp. to
manage the liquidation of
their assets.
What the government de-
vised this time “was a com-
promise program which has
been like trying to administer
mouth-to-mouth resuscitation
through a cocktail straw,” said
George Selgin, a Fed historian
at the Cato Institute, a liber-
tarian think tank.
Marc Epstein, owner of the
FROM PAGE ONE
“Everyone is now waiting to
see if Qatar does what it says
it will do, now that we have a
framework agreed upon,” a se-
nior Bahraini official said.
Qatari Emir Sheikh Tamim
bin Hamad Al Thani is ex-
pected to attend Tuesday’s
meeting as a sign of the na-
tion’s commitment to resolv-
ing the dispute, according to
an official government state-
ment.
U.S. and Middle East offi-
cials said they hope Tuesday’s
meeting will set the stage for
new talks meant to consoli-
date regional opposition to
Iran and curb the animosity
among the Gulf neighbors.
One major sticking point is
Credit Caution
Main Street loans purchased by the Fed were limited…
By loan amount, in millions*
Less than $0 35 loans
$0 to $
$0 to $
$0 to $
$0 to $0
$00 to $0
$00 to $00
…and these are the reasons lenders gave in a survey† for why
they were denied.
Very important Somewhat important
Key terms unattractive to bank
18.2% 18.2%
Planned use of Main Street loan not sound
45.6%
Firm too severely affected by virus
38.6%
Borrower ineligible/terms not attractive
53.4%
Firm in poor condition pre-virus
*as of Nov. 30 †of 86 banks where the Fed asked participating lenders for the reasons they hadn't
approved Main Street loan applications
Source: Federal Reserve
Milk Street Café, a few blocks
from the Boston Fed’s down-
town headquarters, qualified
for a $1.5 million Main Street
loan in October. He said he
would use it to help reopen
when former customers return
to their office jobs. Mr. Ep-
stein said he wasn’t sure how
he would be able to afford the
reopening costs without the
loan.
Tina Beattie, co-owner of a
company that runs 36 Denny’s
franchises in five Midwestern
states, said she too was eager
to get a Main Street loan, so
much so that she paid $30,000
for audited financials to sat-
isfy one lender’s loan-qualifi-
cation rules.
“That was money we took
out of working capital at a
the media war among the na-
tions, where state-backed
news outlets routinely target
their rivals with negative cov-
erage.
“Is it perfect? No,” a second
senior Trump administration
official said. “Ultimately, I
think what this shows is that
the parties have more to gain
from ending this now than
from letting it go on beyond
the Trump administration.”
The Middle East nations’
severing of ties with Qatar in
2017 had Mr. Trump’s enthusi-
astic backing, even though Qa-
tar is home to the largest U.S.
military base in the region,
which has long been used to
carry out airstrikes against Is-
86
122
105
103
54
Not important
22.8%
38.6%
32.8%
68.4% 21.1% 10.5%
tenuous time. That’s how
much we thought the program
would be of value,” Ms. Beattie
said. “We thought it was a su-
per-elegant program. I loved
everything about it.”
Main Street loans carry a
rate of 3 percentage points
above short-term interbank
lending rates and have five-
year terms. They allow bor-
rowers to delay principal pay-
ments for two years and
interest payments for the first
year.
Existing lenders to Ms.
Beattie’s Top Line Restaurants
Inc. weren’t interested in the
Main Street program because
it didn’t allow them to refi-
nance a portion of borrowers’
existing debt. Other lenders
also declined. “They said,
THE WALL STREET JOURNAL.
lamic State forces in the Mid-
dle East and Taliban insur-
gents in Afghanistan.
cretly flew to Riyadh to offer a
new deal to end the dispute.
Qatar agreed to constrain cov-
SAUDI PRESS AGENCY/AGENCE FRANCE-PRESSE/GETTY IMAGES
Saudi Arabia and its allies
issued a list of 13 demands for
Qatar, including shutting the
erage by Al Jazeera, Gulf offi-
cials said, but the network
continued to run programming
state-backed Al Jazeera satel-
lite news network, severing
ties with the Muslim Brother-
that infuriated leaders in
Saudi Arabia, the U.A.E. and
Egypt.
hood, and cutting off its mili- Late last year, Gulf leaders
tary cooperation with Iran. reached out to Mr. Kushner
Doha rejected the accusations and asked him to help, U.S. of-
that it was aligned with Iran ficials said. Mr. Kushner had
and supported terrorism, and developed close ties with
managed to mitigate the dam- Saudi Crown Prince Moham-
age caused by the dispute. med bin Salman. And he had
The Trump administration business ties in Qatar, where
quickly reversed course and the Kushner family unsuccess-
sought unsuccessfully for fully tried to secure critical
years to broker an end to the funding to bail out a finan-
dispute. Over the past year, cially troubled Manhattan
negotiations focused mainly real-estate project.
on resolving the fight over air- While Mr. Kushner was
space. working to end the dispute in
To evade the ban on flying December, the Trump adminis-
over Saudi Arabia, Qatar re- tration approved the sale of
routed some planes over Iran, more than $760 million in
providing Tehran with a new arms to Saudi Arabia and
source of funds for use of its more than $100 million to
airspace while the U.S. was Egypt, which had pushed back
working to choke off money on the U.S.-brokered deal.
flowing to the government. U.S. officials said the arms
Mr. Trump pressed Saudi Ara- sales weren’t related to the
bia to cede ground on the is- deal to be signed on Tuesday.
sue, but Riyadh was reluctant Qatar has its own incen-
to give up its main pressure tives to strike a deal to end
point with Qatar. the airspace restrictions: The
The feud was stoked by tiny Gulf nation is preparing
critical media coverage that to host the 2022 soccer World
incensed leaders in the rival Cup.
capitals. In the fall of 2019, —Summer Said in Dubai
Qatar’s foreign minister se- contributed to this article.
Ms. Beattie’s Top Line res-
taurants, for instance, got a
PPP loan. But a Main Street
loan, too, “could have given us
some breathing room,” she
said.
Mr. Cazaz of Werner Aero
said PPP loans, with forgive-
ness that depends on their be-
ing used mostly for payroll,
were useless for companies
such as his because it didn’t
have business to hire people to
do.
Mr. Epstein reopened his
Milk Street Café in September
to meet forgiveness require-
ments of his PPP loan, but he
closed the Boston restaurant
back down and furloughed all
72 employees on Oct. 25, the
day after the money ran out.
Because his business depends
TONY LUONG FOR THE WALL STREET JOURNAL
so heavily on corporate cater-
ing, he lost more money when
it was open than when it was
closed, he said. He hopes to
reopen once Covid-19 vaccines
are widely distributed.
Demand for the Main Street
program picked up in recent
weeks. Reasons included
changes made to encourage
broader awareness and use of
the program, bankers said.
In mid-November, Treasury
Secretary Steven Mnuchin said
‘We’re not touching the hospi- he wouldn’t authorize several
tality segment,’ ” Ms. Beattie of the Fed’s most novel emer-
said. gency loan programs, includ-
Mr. Cazaz of Werner Aero ing Main Street, to operate af-
said if his company had re- ter Dec. 31.
ceived a Main Street loan, it “What you have now is a
would have been able to avoid rush to get whatever you can
furloughing 23 of its 30 work- before it closes down because
ers. He said banks told him there may be nothing else,”
141 they passed on the program said Hal Scott, a professor at
because they worried about Harvard Law School who has
the “government coming back criticized the program for be-
two or three years down the ing too stingy.
road and saying, ‘This loan The Main Street program
was bad. You’re liable for the ended up doing more business
entire 100%.’ ” in December than in its first
Reese Ryan, chairman of R five months combined, bring-
Bank in Round Rock, Texas, ing total lending to more than
said his bank decided not to $17 billion.
participate because many
firms with little revenue amid
the pandemic were too risky, No longer needed
regardless of their 2019 finan- In Mr. Mnuchin’s November
cials. He said if the program announcement, he said the
had allowed banks to sell 100% program was no longer needed
63.6%
of Main Street loans to the and the funds would be better
Fed or to refinance a portion spent on business grants. In
31.6% of existing debt, “I would have the recently enacted $900 bil-
done that in a heartbeat.” lion Covid aid bill, Congress
Fortunately for Mr. Ryan, rescinded $429 billion it had
22.8% not all lenders were so cau- provided for the Fed pro-
tious. He also served as the grams.
CEO until recently of a sports The bill provided $325 bil-
13.8% and entertainment company lion in additional small-busi-
that got a $16 million Main ness aid, plus $15 billion for
Street loan in October. It gave movie theaters and live-enter-
the firm, which owns a sta- tainment venues. To process a
dium concession business and last-minute crush of Main
the Round Rock Express base- Street loans approved in De-
ball team, a way to avoid go- cember, the Fed and Treasury
ing deeper into debt through extended the program’s termi-
more-expensive bank loans. nation date to Jan. 8.
Fed and Treasury officials The program would have
said Main Street was designed reached more borrowers if it
to address a grim scenario had been extended into 2021,
that never materialized: one said John Steinmetz, CEO of
where companies unable to Vista Bank, a $1.3 billion com-
borrow in capital markets munity bank in Dallas that
drew down their credit lines completed 79 Main Street
and overwhelmed the banking loans. “We had to turn away
sector’s capacity to lend. several at the end that were
Another reason the pro- good candidates," he said.
gram wasn’t used more widely, Sen. Pat Toomey (R., Pa.)
they said, was that the Trea- won language in the relief bill
sury’s Paycheck Protection that prevents the Fed and
Program ended up reaching Treasury from restarting the
more businesses that other- Main Street program in 2021
wise might have been candi- without Congress’s approval.
dates for a Main Street loan. Mr. Toomey said the gov-
The PPP provided loans of up ernment had succeeded in re-
to $10 million that can be for- storing the flow of credit.
given if they’re used mainly to “The goal wasn’t to have the
pay employees. The PPP has Fed lend as much money as
made $525 billion in loans. possible,” he said.
 THE WALL STREET JOURNAL.
Hospitals Risk Fines Over Vaccine Delay
Governor announces
measures to expedite
inoculations, prevent
fraud and cutting line
New York Gov. Andrew
Cuomo outlined measures to
accelerate the pace of Covid-19
vaccinations in the Empire
State, saying the current roll-
out has fallen short.
By Melanie Grayce
West, Jared S. Hopkins
and Joseph De Avila
Hospitals can be fined and
denied further allocations of
the vaccine if they don’t use
up their doses by the end of
this week, Mr. Cuomo said
Monday. Going forward, hospi-
tals have seven days to use up
their allocation, he said.
Mr. Cuomo said the state
would supplement and expe-
dite a federal program to vac-
cinate people in nursing
homes. To supplement the ef-
forts of hospitals and pharma-
cies, the state will also de-
velop drive-throughs and use
public facilities, churches and
other community venues for
distribution of the vaccine to
the general public, he said.
Additionally, the Democrat
said he would propose a law
that would make fraud in the
distribution of the Covid-19
vaccine a crime, including sit-
uations where people falsify
records to skip the line, give
vaccines to family or sell the
vaccine.
“This vaccine can be like
gold to some people,” Mr.
Cuomo said.
The moves came as New
York reported its first case of
a highly contagious new vari-
ant of the coronavirus. It is
also facing rising hospitaliza-
tions once again.
New York has recorded
more than 395,000 new cases
of Covid-19 since Thanksgiv-
LIRR Presses Ahead
With Its Expansion
BY PAUL BERGER
New York state transporta-
tion officials said Monday that
despite the coronavirus pan-
demic they are on schedule to
complete a $2.6 billion project
that will expand rail capacity
on one of the nation’s busiest
commuter railroads.
The Metropolitan Transpor-
tation Authority paused billions
of dollars of planned spending
after the virus started spread-
ing in the region in March. The
pandemic also caused construc-
tion delays as worksites and
suppliers were forced to close
or limit operations.
Janno Lieber, the authority’s
chief development officer, said
in an interview that the MTA’s
plans to add a third track to the
Long Island Rail Road’s Main
Line should be completed in
2022, as expected.
The project will increase ca-
pacity on five LIRR branches
over a 10-mile stretch from
Floral Park to Hicksville. Before
the pandemic the route carried
about 40% of the LIRR’s
300,000 weekday passengers.
Commuter rail ridership
has plummeted across the
country since the start of the
pandemic as many white-col-
lar workers shifted to working
from home rather than com-
muting to the office and many
businesses closed or are oper-
ating at limited capacity.
Weekday ridership on the
LIRR is down more than 75%.
MTA officials say the LIRR
capacity expansion is still
needed because ridership is
expected to return and de-
mand will only increase in the
following years. Mr. Lieber
MTA
Workers laid tracks in September as part of the Long Island Rail
Road’s Main Line expansion project, due to be completed in 2022.
* *
GREATER NEW YORK
Nurse Sandra Lindsay, who had been the first New Yorker vaccinated against Covid-19, joined in a prayer before her second shot Monday.
ing, according to data com-
piled by Johns Hopkins Uni-
versity. More than 8,200
people were hospitalized
across the state on Monday,
up from 3,103 people on
Thanksgiving, Mr. Cuomo said.
Health officials across the
U.S. are in a race to get the
vaccines out as the number of
people hospitalized with
Covid-19 continues to reach
all-time highs and several
states have reported cases of a
fast-spreading new variant of
Covid-19. The variant was first
detected in the U.K. and is
thought to be more transmis-
sible. By nearly every mea-
sure, December was the worst
month since the pandemic
started.
Far fewer people are being
immunized against Covid-19
noted the work also will mod-
ernize a heavily used stretch
of line and eliminate eight
railroad crossings that incon-
venience residents and have
been the scene of dozens of
injuries and several deaths
over the past decade.
The MTA paused billions of
dollars of spending on tracks,
vehicles and equipment last
year because of a significant
drop in revenue from fares
and dedicated taxes.
In 2020, the authority com-
mitted just $5 billion of a
planned $13 billion in spend-
ing. It has delayed projects to
add new subway escalators
and elevators and to bring ser-
vice on the authority’s Metro-
North Railroad into New York
City’s Penn Station.
Mr. Lieber said the LIRR
project survived and is moving
forward because construction
began before the pandemic. He
said the authority has managed
to keep to schedule, in part, by
using fixed cameras and mobile
GoPro cameras to limit the
need for supervisors and in-
spectors to appear on work
sites and at suppliers’ factories.
He said the authority also
has implemented aggressive
safety protocols, such as sepa-
rating entrances and exits on
work sites, minimizing min-
gling among workers and not
allowing sharing of tools.
Mr. Lieber said the author-
ity has taken advantage of low
ridership during the pandemic
to accelerate many other exist-
ing projects, such as taking
the E train out of service near
John F. Kennedy International
Airport to perform extensive
track repairs.
NY
than U.S. officials projected, as
the process has been beset by
confusion and disorganization
in many states. Trump admin-
istration officials have said
that the vaccine schedule will
accelerate soon, but that the
onus remains on states and lo-
calities to make that happen.
Only Pfizer Inc’s and Mod-
erna Inc.’s vaccines have been
authorized in the U.S. at this
point. They are expected to be
administered on specific vac-
cines timetables, in line with
those shown to be effective in
clinical studies. The federal
government said it has been
holding back half of the doses
that the manufacturers re-
leased for distribution to en-
sure people in the U.S. get
their second dose.
Clinical trials for both vac-
Virus Variant Found in Saratoga
BY JIMMY VIELKIND
The highly contagious
strain of Covid-19 recently dis-
covered in the U.K. has
reached New York, Gov. An-
drew Cuomo said Monday.
State health officials said
they detected a case of the
strain in a man from upstate
Saratoga County. The new
variant, which is known to
spread 70% faster than earlier
versions of the virus, was first
detected in the U.S. in a man
in Colorado, health officials
said last week.
The New York man is asso-
ciated with N. Fox Jewelers in
Saratoga Springs, a business
where other people tested
positive for coronavirus, New
York state officials said. The
officials urged anyone who
visited the store since Dec. 18
to be tested.
The identification of the
new strain in New York came
as Covid-19 hospitalizations
and positivity rates continue
to climb around the state,
mostly in areas north of the
Hudson Valley.
Another 170 New Yorkers
died on Sunday as a result of
Covid-19, and 8,251 people
around the state were hospi-
talized, the Democratic gover-
nor said. That is the highest
hospitalization figure since
May 7, state data show. Calcu-
lated on a seven-day average,
71% of the state’s available
hospital beds are occupied.
The number of people hos-
pitalized is higher in upstate
regions that weren’t hit as
MANHATTAN
Judge Rejects Effort
By Subway Bomber
The conviction of a Bangla-
deshi immigrant who set off a
pipe bomb attached to his chest
in New York City’s busiest subway
station was properly returned by
a Manhattan jury, a judge said in
a decision released Monday.
The December 2017 attack by
Akayed Ullah, 30 years old, of
Brooklyn, fizzled when the bomb
barely exploded, burning him but
causing mostly minor injuries to
others. Judge Richard Sullivan re-
jected several challenges by Ullah
to his November 2018 conviction
cines showed the vaccines
were highly effective at pro-
tecting against symptomatic
Covid-19 when given in two
doses, with the booster shot
coming three or four weeks
later.
In addition to the rollout is-
sues, some people remain hes-
itant to get the vaccine. Dr.
Howard Zucker, commissioner
of the New York State Health
Department, said Monday that
about 10% of New York nurs-
ing-home residents and 15% of
staff employees have refused
to take a coronavirus vaccine
when offered. Hospitals, which
have been charged with vacci-
nation, have also lagged be-
hind in their efforts, with
some lacking “a sense of ur-
gency,” Dr. Zucker said.
Mr. Cuomo said Monday
‘If you can stay home, stay home,’ said Albany County Executive Daniel McCoy in a Monday update.
hard as New York City during
the initial wave of the pan-
demic last spring. The highest
positivity rates are in the Mo-
hawk Valley and Finger Lakes
regions; the latter includes the
city of Rochester.
Mr. Cuomo said he would
order further shutdowns only
if data showed hospitals would
be overrun. New York cur-
rently bans gatherings of more
than 10 people around the
state and prohibits indoor din-
ing in New York City.
Albany County Executive
Daniel McCoy said Monday
that the number of hospital-
ized Covid-19 patients has ex-
ceeded its record level for the
past three consecutive days.
He urged people to stay home
GREATER NEW YORK WATCH
for the attack in subway tunnels
beneath Times Square and the
Port Authority bus terminal.
Those challenges included a
claim that he didn’t provide sup-
port to the Islamic State group.
Judge Sullivan said in a deci-
sion dated Dec. 31 but placed in
the public record Monday that
evidence “amply establishes”
that Ullah acted at the group’s
direction by “heeding the call of
the organization’s propaganda
and recruiting materials.”
Ullah faces a mandatory 30-
year prison term.
Amy Gallicchio, a lawyer for
Ullah, declined to comment. Pros-
ecutors declined to comment.
—Associated Press
Tuesday, January 5, 2021 | A8A
vaccination by the end of Jan-
uary. Dentists, physical thera-
pists, police-department medi-
cal staff and others working in
a health-related capacity are
now eligible to get a vaccine.
To date, some 110,000 New
Yorkers have received the vac-
cine, according to the city’s
health department.
In New Jersey, front-line
workers at University Hospital
in Newark received their sec-
ond dose of the vaccine on
Monday, becoming the first in
the state to get the subse-
quent shot, Gov. Phil Murphy,
a Democrat, said.
In all, 101,417 Covid-19 vac-
cine doses have been adminis-
tered to health-care workers
and staff and residents at
long-term care facilities like
nursing homes, which amounts
SHANNON STAPLETON/PRESS POOL
to about a quarter of the
405,000 doses allocated for
New Jersey.
About 112,000 doses out of
the 405,000 allotted for the
state have been set aside for
long-term care facilities and
state health officials expect
most of those to be adminis-
tered before the end of the
month, said Judith Persichilli,
that he wants public-hospital commissioner of the New Jer-
systems to be held account- sey Department of Health.
able for the percentage of Ms. Persichilli said the gap
Covid-19 vaccine that is moved between the number of vac-
out the door. Any patient-fac- cines available and those ad-
ing health-care worker can ministered is partially due to
now receive the Covid-19 vac- hospitals falling behind in re-
cine, Mr. Cuomo added. “I porting how many vaccines
want to get needles in the they have administered. Some
arms,” he said. health-care workers eligible
New York City Mayor Bill for the vaccine may have put
de Blasio has said the city set it off before the holidays as
a goal of administering one well, she said.
million Covid-19 vaccine doses “We did get anecdotal in-
by the end of January. To formation that people did not
reach that goal, however, Mr. want to get vaccinated during
de Blasio said the city would the holidays in case they
need to double weekly capac- didn’t feel well,” Ms. Persi-
ity and get support from all chilli said. “So hopefully by
levels of government. the end of this week we’ll have
On Monday, Mr. de Blasio much better reporting.”
announced several new vac- —Stephanie Armour and
cine pop-up clinics as part of a Jimmy Vielkind contributed
target to create 250 sites for to this article.
OFFICE OF ALBANY COUNTY EXECUTIVE DANIEL P. MCCOY
and support restaurants by data showed the school’s posi-
getting takeout, and he asked tivity rate was lower than the
school districts to pause in- surrounding communities’. It
person learning for one or two would be up to individual dis-
weeks rather than resume af- tricts, the governor said.
ter the holiday break. The Mohawk Valley had the
“Only go out if necessary. If state’s highest seven-day posi-
you can stay home, stay home. tivity rate, at 10.4%, state offi-
Don’t travel if you don’t have cials reported on Monday.
to,” Mr. McCoy, a Democrat, Oneida County Executive An-
said. thony Picente, whose office is
Only the state has the au- in Utica, agreed with Mr.
thority to close school build- Cuomo’s approach.
ings, or order restrictions on “I can’t say that I want to
activities such as dining, per- see things shut down, because
sonal care and gyms. Mr. I don’t think that’s going to fix
Cuomo previously said in July it,” Mr. Picente, a Republican,
that he would close schools in said. “It’s behavior, education
a region where the seven-day that we have to continue and
average positivity rate topped hopefully we have to get this
9%. But on Monday he said vaccine out the door quicker
schools could remain open if to stem this tide.”
CONNECTICUT BROOKLYN
Fire Kills Woman; Man Is in Custody
Many Left Homeless After Fatal Stabbing
A woman was killed and A 79-year-old man was fa-
about 20 people were left tally stabbed and two people in-
homeless when fire ripped cluding a 4-year-old were
through a multifamily dwelling in slashed in what police said were
New Haven early Monday, au- attacks by a family member.
thorities said. Officers responded to a report
The fire broke out at around of an assault just before 6:30 p.m.
1:30 a.m. at a building on Salton- Sunday in Bedford-Stuyvesant
stall Avenue. Firefighters used a and found the victims. A 22-year-
ladder to rescue four people old man was taken into custody.
from the building’s upper floors. Charges against him were pend-
One, a woman, was pronounced ing Monday. Police said the at-
dead. Two of the other victims tacker and the victims were all
were hospitalized. members of the same family.
—Associated Press —Associated Press
A8B | Tuesday, January 5, 2021 NY * * THE WALL STREET JOURNAL.

GREATER NEW YORK

Higher Minimum Wages Kick In Fake Bomb

Prompts
Some businesses in
Westchester County Evacuation
and on Long Island
had pushed for delay At Mall
BY KATE KING BY BEN CHAPMAN

New York state leaders have New York Police Depart-

moved ahead with minimum- ment investigators were
wage increases over objections searching for a suspect who
from some groups who said left a fake bomb in a vehicle
businesses battered by the cor- that led to the evacuation of a
onavirus pandemic couldn’t af- Queens mall Monday morning,
ford the increased labor costs. police officials said.
New York is gradually rais- The vehicle, a black Tesla,
ing its minimum wage to $15 was in a parking garage at
an hour, and as of Dec. 31 em- Queens Place Mall in the
ployers on Long Island and in Elmhurst section of the bor-
Westchester County were re- ough, the officials said. Inside
quired to start paying workers the vehicle, investigators
at least $14 an hour, up from found batteries, wire, duct
$13. The minimum rose to tape and an aerosol container,
$12.50 from $11.80 an hour in according to the officials.
the rest of New York state out- The items weren’t a threat
SPENCER PLATT/GETTY IMAGES

side New York City, where all to the public, the officials said.
employers hit the $15 hourly Investigators determined they
wage requirement at the end constituted a hoax bomb in-
of 2019. tended to cause a disruption.
State law requires the New “The Bomb Squad has de-
York State Division of the Bud- termined that this is a hoax
get to analyze the impact of device, which means, in their
recent minimum-wage in- judgment, it was set up to ap-
creases and the health of the New York City hit the $15 hourly wage requirement at the end of 2019. Wage activists demonstrating in August in Times Square. pear to be a device,” NYPD
economy before the state Deputy Commissioner of Intel-
moves forward with scheduled industries, have been dispro- suffering such a decrease in ees, said the wage increase with the statewide unemploy- ligence and Counterterrorism
increases. A 2016 law, which portionately harmed by the business, it becomes much, won’t have a significant im- ment rate falling below 4% John Miller said at a news
raises the minimum wage over pandemic and need support, much harder to pay the higher pact on her business. just before the pandemic. The conference at the scene.
several years to $15 an hour, is Ms. Reardon said in explaining wages,” he said. “Some people don’t even statewide rate was 8.1% in No- A Siberian husky was also
scheduled to reach the thresh- her decision to move forward Some business groups said have food,” said Ms. Welling- vember, the most recent data found in the vehicle, police of-
old in Long Island and with the minimum-wage in- the higher labor costs could ton, who is also deputy direc- available, down from a high of ficials said. The dog was re-
Westchester in 2021. crease. slow the state’s jobs recovery. tor of Nassau County for the 16% in July, according to the moved from the vehicle by a
Roberta Reardon, commis- “We will rebuild our econ- “It just increases the cost of state labor department. member of an NYPD canine
sioner of the New York State omy while continuing to lead doing business at a time when In addition to New York, 19 unit, police officials said.
Department of Labor, had the the nation in the fight for eco- sales are at an all-time low, other states and 32 cities and Police officials declined to
option of delaying the wage nomic justice,” she said in a revenue is at an all-time low
‘In New York we counties raised their minimum comment on possible motives
boost but said the labor mar- statement. “This investment in and many businesses are sim- believe a fair day’s wages Jan. 1, according to a for the hoax and other items
kets affected by the increase— our workers once again proves ply closed in New York state report by the National Em- that might have been found in
meaning those outside New that in New York we believe a or operating under severe ca-
work deserves a fair ployment Law Project, a non- the car. An investigation into
York City—are leading the fair day’s work deserves a fair pacity restrictions,” said Greg day’s pay.’ profit research group that ad- the matter remained ongoing,
state’s economic recovery. day’s pay.” Biryla, New York director of vocates for low-wage workers. and no arrests had been made
The unemployment rate for Steve Wangel, president of the National Federation of In- The statewide new minimum Monday afternoon, the offi-
Long Island and Westchester, the Lynbrook Chamber of dependent Business. wages range from $8.75 an cials said.
for example, fell to 7.1% in Oc- Commerce on Long Island, Elizabeth Wellington, vice Long Island African American hour in Montana to $14 an Police first received a 911
tober from its pandemic peak said he supported delaying the president of the trucking com- Chamber of Commerce. “Some hour in California. call about the suspicious vehi-
of 15.4% in April, according to minimum-wage increase. Mr. pany Wellie The Transporter, workers in the African-Ameri- In New Jersey, the mini- cle at 7:40 a.m. Monday, the
the report. The national unem- Wangel, who owns a kitchen based in Elmont on Long Is- can community have to hold mum rose to $12 an hour from officials said, and NYPD Bomb
ployment rate was 6.9% in Oc- cabinet and design company, land, said she supported rais- three jobs in order to survive.” $11 on Jan. 1. A law signed in Squad and Emergency Service
tober, according to the U.S. La- isn’t affected by the change ing the minimum wage be- The state budget division’s 2019 by Gov. Phil Murphy, a Unit officers responded.
bor Department. because he pays his employees cause many workers are report found that minimum- Democrat, will gradually in- The police investigation led
Minimum-wage workers, on commission. having a hard time paying wage increases over the last crease the state’s minimum to the closure of nearby build-
such as those employed in the “Especially now, because of their living expenses. Ms. Wel- four years didn’t adversely af- wage to $15 an hour for most ings and roads for roughly two
retail, leisure and hospitality coronavirus and businesses lington, who has two employ- fect employment in New York, workers by 2024. hours.

Medicine in the Raw

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 HEALTH & WELLNESS

PERSONAL JOURNAL.
© 2021 Dow Jones & Company. All Rights Reserved. THE WALL STREET JOURNAL. Tuesday, January 5, 2021 | A9
ILLUSTRATIONS BY BRIAN STAUFFER

ANATOMY OF A WORKOUT
JEN MURPHY A n hourlong escape to even a home
gym is a luxury right now. If you’re
finding it hard to make time for your
of the cup Ms. Campbell and Mr.
Turpin will perform a toe tap on.
With older children, Ms. Campbell
 Plank Ball Roll
(Ages 8 to adult)

The Family
workout, try including your kids.
“It’s important for your kids, no
matter their age, to see you make
movement a priority,” says Samantha
Fitness Plan Campbell, owner of Deep Relief Peak
Performance Athletic Training Center
suggests turning exercise into play.
She often gamifies workouts for her
training programs specifically designed
S tart in a plank position, hands under shoulders, feet
shoulder-width apart or wider for more stability. If
there are two people, face each other. The farther apart
for kids ages 5 to 13. “The more com- you are, the more challenging the exercise. If there are
petitive you make an activity, the more
excited kids are to do it,” she says. And
more than two people, form a circle.
Roll a ball from person to person maintaining proper

To Fight in Haiku, Hawaii, on the island of Maui.

Rather than ditch her workout, Ms.
Campbell creates ways to involve her
both adults and kids tend to stick with
workouts that feel fun. Here, Ms.
Campbell shares ideas for exercises
form. Don’t let your hips sink or hike up to the ceiling.
Try to maintain a straight line from head to toe. You can
use a ball of any size.

Cabin Fever 2½-year-old daughter, and husband,

Neil Turpin. It might be as simple as
having her daughter call out the color
that will challenge your core strength,
reaction time, agility and cardio while
getting the whole family involved.
A smaller ball, like a tennis ball, will be more difficult
to stop. If someone misses a ball, you can implement a
five push-up penalty. Perform for time or until fatigued.

 One-Leg Balance Toe Taps color mark with your foot without losing
(Ages 2 to adult) your balance. The first person to tap wins.
Keep score and play to 10 points, then

P lace three different colored cups or

bowls, bottoms facing up, in a line 6
inches apart. One person will be on each
side of the line, standing just beyond
arm’s distance away from the objects.
Choose a foot to balance on and take
turns calling out a color. Try to tap that
switch sides. You can also have a third
person call out the colors.
For an advanced variation, play the
same game, but each person will be in a
forearm plank on either side of the line
and must tap the mark with their hand  Dead Bug Pillow Toss the pillow back to your shins. Don’t let your
while trying to maintain their balance. (Ages 5 to adult) back come off the ground.
For an added challenge, touch the pillow to

L ie on your back (like a bug). Lift your legs,

with your knees bent at a 90-degree angle.
Raise your arms toward the ceiling with your
wrists above your shoulders. Your lower back
should be flat against the floor. Place a pillow
on your shins. Slightly lower the shins and
bring them back up to toss the pillow to your
arms, then bring your arms overhead and toss
the ground behind your head before throwing
it back. If you have a partner, lie head to head
on the floor and throw the pillow back and
forth to each other, using your shins. Or you
can lie with your feet in the middle, bent at 90
degrees, and throw the pillow with your arms,
allowing the shoulder blades to come off
the ground.

For the full family-friendly workout, please go to WSJ.com.

I AM FROM TUCSON, diagnosed
Readers with coronavirus on June 15. I
don’t think people believe the
Share Long- symptoms we have are real.
The stories of the others
prompted me to write. My symp-
Haul Covid toms are similar. Hard to breathe,
racing heart, numbness and tin-
Experiences gling, tight and heavy feeling in my
chest, aching in various body parts,
sometimes headache, ringing in my
ears. Some days are better but after
YOUR I go and do something—shop, cook,
HEALTH relax in the pool, or walk farther
SUMATHI than the mailbox—I am done for the
REDDY day. And I can’t stay focused, can’t
work seated at the computer for
more than 30 or 40 minutes with-
groups. We have been sick with
identical stories and symptoms
for the same amount of time.
Today I’m having a bad breath-
ing day, which Stephanie dealt
with for the past three days. When
I get up, my oxygen levels go down
MY 17-YEAR-OLD daughter got
Covid in early March. She men-
tioned that she was smelling “pad
Thai” or dirty rags all the time,
but I ignored her as I myself was
working in the Covid ICUs during
the surge as an intensivist, and
smell is altered, and she gets no
pleasure from scents that used to
be enjoyable.
—Dana Lustbader,
Great Neck, N.Y.
I’M 22 YEARS OLD and I’ve had
POTS for about three years. Be-
coming chronically ill flipped my
life upside down. Now I’ve
learned how to live with POTS, as
well as my overlapping chronic
health conditions.
There is a huge community of
POTS patients who have been bat-
tling this condition for many
years, pre-Covid, with little to no
light ever shed on our struggle.

A
series of Wall Street Journal
articles about long-haul
Covid patients, who suffer
from debilitating symptoms for
months after their initial diagno-
BRITTANY GREESON FOR THE WALL STREET JOURNAL
out getting confused and frustrated. There are still some doctors who
Thank you for letting me share refuse to treat it because they
this. No one else is listening. don’t believe it’s real.
—Morgan Egan-Murphy, Becoming chronically ill, espe-
Tucson, Ariz. cially if you were healthy before,

sis, prompted readers to share can be one of the most isolating

their own stories. Some described
their experiences with long Covid,
which can include brain fog, severe
fatigue and racing heart rate.
Other readers shared their experi-
ences with a disorder called POTS,
a little-understood syndrome that
existed before Covid but is being
diagnosed more often in people
with post-acute Covid symptoms.
Here are edited excerpts of
their comments.
STEPHANIE Zeidenweber and I
live maybe five minutes down the
street from each other. Both of us
got sick. Both of us had asthma as
children but we’re both extremely
active in our present lives.
Even though we have similar
friends, we never met each other
until we got sick. We lean on each
other because nobody else under-
stands what we are going through
except for those in our support
Tracy Tobiczyk featured in an earlier WSJ article about long-haul Covid.
and my heart rate spikes. Some- felt totally overwhelmed.
times this will go back to normal My daughter still can’t smell.
again, and I will have a full sense We had a near fire in our kitchen
of relief for a short period of time last month from burned popcorn
until it starts all over again. in the microwave, and she
—Stephanie Bregman, couldn’t smell the smoke. She ex-
Boca Raton, Fla., with periences a disturbing smell most
Stephanie Zeidenweber, of the time. Although better than
Delray Beach, Fla. it was in March, her sense of
experiences of one’s life. It was
for me. It took me years to find
doctors and resources to help
me feel less alone in my experi-
ence and battle with this condi-
tion. There is a community
waiting to support and embrace
post-Covid patients entering the
realm of long-lasting illness for
the first time.
—Catherine Ames,
Carlsbad, Calif.
 A10 | Tuesday, January 5, 2021
What You Need to Know About Virus Variants
BY DANIELA HERNANDEZ
AND SARAH TOY
S
cientists around the
world are scrambling to
learn more about previ-
ously unknown variants
of the coronavirus that
seem to spread from
person to person more readily
than other versions of the
Covid-19-causing pathogen.
One new variant, known as
B.1.1.7, was identified in December
in the U.K., leading to travel re-
strictions and a widespread lock-
down there. Since then, the U.K.
variant has been detected in China
and other countries, as well as in
Colorado, California and Florida.
In South Africa, meanwhile,
doctors and researchers battling a
second surge of Covid-19 cases are
studying another new variant and
what role it plays in the rising tide
of cases there. The variant, known
as B.1.351, has been identified in
samples dating back to October. It
hasn’t been detected in the U.S.
Here is what we know so far
about the new variants and the ge-
netic mutations that characterize
them, as well as their potential im-
pact on public health.
What is a viral variant?
Viral variants are new versions
of a virus that arise as a result of
small changes in its genetic code.
Over the course of the pandemic,
there have been several variants.
Those that proved able to spread
more efficiently have become more
prevalent, while others fizzle out.
Why the concern about these par-
ticular variants?
Some doctors worry that the new
variants of the coronavirus could su-
percharge the spread of Covid-19,
putting additional stress on hospi-
tals and nursing homes when cases
are near their historic highs.
Preliminary data suggest that
BING GUAN/BLOOMBERG NEWS
the new variants are no more
likely to cause severe illness than
the more familiar forms of the cor-
onavirus. But even if their viru-
lence isn’t greater, the variants’
apparently increased transmissibil-
ity could spell more misery and
death by increasing the number of
Cold Sweat:
Winter Tests
Outdoor Gyms
Continued from Page One
“We were going gangbusters [out-
side] all summer, but we thought
we’d be back inside by October,” he
says. He didn’t plan on running an
all-weather program until member
surveys showed people wanted it.
Members like Ms. McGrath, who
works at Camp One Step, a series of
programs for kids diagnosed with
cancer, say they aren’t comfortable
with the risks of indoor exposure.
Covid-19 forced gyms to get cre-
ative with their offerings in 2020,
moving workouts online and out-
doors. As the pandemic stretched
into winter, renewed lockdown mea-
sures are leaving some with no place
to go but back outside.
A number of gyms are taking over
rooftops, parks and empty lots to
help people build up a cold sweat all
winter. Independent studios have
been leading the way, while boutique
chains like SoulCycle, Barry’s (for-
merly known as Barry’s Bootcamp)
and CycleBar have set up outdoor lo-
cations in the Northeast.
The outdoor arenas of Studio
Three, which specializes in high-in-
tensity interval training in groups,
provided an unexpected boon, Mr.
Blitz says. While indoor workouts
were limited to 15 people per class-
JOHN R. BOEHM (2)
room due to Covid restrictions, each
outdoor venue can hold at least 25.
“We didn’t plan on being outdoors
beyond Nov. 15, but people asked us
to,” said Gyee O’Malley, co-owner of
PERSONAL JOURNAL. | HEALTH & WELLNESS
A Covid-19 testing site in California, one of the states where a U.K. variant of the coronavirus has been detected.
cases of Covid-19.
U.K. contact-tracing data show
that patients infected with the
new variant went on to infect
more people than those infected
with previous variants. Data also
suggested that the viral load, or
the amount of virus in the body,
was higher among people infected
with the new variant. The higher
the viral load for individuals, the
more infectious they tend to be.
What gave rise to the new
variants?
Like other viral pathogens, the
coronavirus spreads by infecting
cells and then reproducing within
them, creating copies of itself that
spread throughout the body and
then are shed, potentially infecting
other people.
Boston’s Row House, a rowing-
themed fitness studio. She and her
staff roll 15 ERG machines and a ste-
reo system to a patio on Lovejoy
Wharf for each session. Classes have
happened with the temperature as
low as 28 degrees.
“My new motto is, ‘If you keep
showing up, we’ll keep showing up,’”
she says.
Winter fitness warriors have al-
ways powered through frigid
weather. But to survive, gyms need to
attract more than just the die-hards.
They need to convince less enthusias-
tic customers, the casual exercisers
who would happily stay home.
Jennifer Fahy is one of them. “Ev-
ery gym membership I’ve had has
been kind of a failure,” says the 44-
year old, who works for the nonprofit
Farm Aid. She joined Row House to
support a neighbor’s new business a
year ago and figured she’d drop it af-
ter the trial period. But she got
hooked on the low-impact workout
and waterfront views. Now she
doesn’t blink at choosing an outfit for
an early-morning workout in 34 de-
grees. Plus, there’s the sunrise to look
NY
The reproduction process in-
volves copying the virus’s genetic
code, which holds the instructions
for building successive generations
of virus particles, or virions. But
the code isn’t always reproduced
faithfully; sometimes the copying
process yields mistakes that re-
searchers have likened to typo-
graphical errors. This is what
gives rise to new viral variants.
Some viruses have genetic codes
of DNA, the same molecule that car-
ries the genetic information in hu-
man cells. Other viruses, including
the coronavirus, are based on a re-
lated molecule known as RNA.
RNA viruses lack a molecular
proofreader, a protein that checks
for mistakes and corrects them, so
they “accumulate more typos more
quickly,” said Bettie Steinberg, a vi-
Right, an outdoor
fitness class; Below,
Kathryn Acosta in a
Chicago class.
forward to.
“There’s a great
sense of purpose in
getting ready for
something that gets
me out of my house,
out of my neighbor-
hood and out of my
head,” Ms. Fahy says.
Zi Yan, an associ-
ate professor of
health sciences at
Merrimack College,
says outdoor classes
can provide physical
benefits and much-
needed social sup-
port, especially dur-
ing this Covid winter.
“Believe it or not, weather is one
of the biggest predictors of exercise,”
she says. Exercise self-efficacy, or
confidence in your ability to do a
workout, goes way down in harsh
weather, she says, even for those who
exercise indoors. But group workouts,
even with just one other person, can
serve as a huge motivating factor.
Mental-health counselor Jennifer
Liu, 33, says she’s always hated the
cold. Zoom sessions mean she rarely
has to leave her Seattle home. But
she makes an exception for classes at
The Bar Method in Seattle’s Phinney
Ridge neighborhood. The studio of-
fers online classes, and set up 20
stand-alone ballet barres in a parking
lot under a canopy. In November,
Washington state halted indoor group
fitness and limited outdoor classes to
five people.
“The in-person classes are a hot
commodity,” Ms. Liu says.
rologist and provost at Northwell
Health’s Feinstein Institutes for
Medical Research.
What about the mutations seen in
the new variants?
The new variant that cropped up
in the U.K. has about two dozen
separate mutations, including some
related to the prominent outcrop-
pings that stud the coronavirus’s
outer surface. It is this so-called
spike protein that helps the virus in-
filtrate cells by binding to and then
breaching their outer membranes.
In theory, a mutated form of the
spike protein could boost the ability
of a virus to attach to cells and thus
enable it to infect with increased ef-
ficiency. Previous research has
shown one mutation of note in the
U.K. variant can make the virus
Eric Lawrence worried at first
about leading outdoor spin classes
for the studio where he works, BYK-
lyn, in the winter in Brooklyn, N.Y.
“My biggest concern was after class,
when you’re all sweaty and it’s freez-
ing. I mean, that’s how you die in the
wilderness,” he says. “But hey, guess
what: We’re not in the wilderness.”
Riders usually show up to BYKlyn’s
industrial courtyard in layers, hats
and gloves. By the third song, they’re
often down to T-shirts. “It becomes
this bizarre fitness strip tease during
class, with people just flinging off
their clothes,” Mr. Lawrence jokes.
Cindy Brauer, founder of Mojo
Fitness, a studio in Wayne, Pa.,
moved her dance-based workouts to
a nearby amphitheater. There’s
enough space to go maskless and
blast music. She set the original tem-
perature limit at 40 degrees, but re-
cently dropped it to 33.
“It feels like I’m playing a game of
THE WALL STREET JOURNAL.
more infectious, said Dr. Ravindra
Gupta, a University of Cambridge
virologist who ran the studies.
The South African variant has
more than 20 mutations, including
several affecting the spike protein.
The U.K. and South Africa vari-
ants share a spike-protein muta-
tion that enables the spike to bind
more tightly to the cell mem-
branes, research suggests.
Do existing vaccines work against
new variants?
While there is no final word yet
on whether the existing vaccine
made by Pfizer and BioNTech and
the one from Moderna confer im-
munity to the new variants, scien-
tists have expressed confidence
that they do.
The mutations “raise some ques-
tions about vaccine efficacy, but it’s
important to note that the vaccines
elicit a broad immune re-
sponse…that targets several areas
of the spike protein,” said Dr. Rich-
ard Lessells, an infectious-disease
specialist at the University of Kwa-
Zulu-Natal in Durban, South Africa,
and a member of the team that dis-
covered the South African variant.
Pfizer and Moderna have con-
ducted lab tests of their vaccines
against several versions of the coro-
navirus and found that the vaccines
were effective against all. The com-
panies said they were conducting
experiments to determine whether
antibodies generated by people vac-
cinated were effective against the
U.K. and South Africa variants.
The Centers for Disease Control
and Prevention continues to urge
people who are eligible for vaccina-
tion to get the shots.
What can be done to stay safe
from the new variants?
Infectious-disease experts and
public-health officials say it is im-
portant to continue strategies for
avoiding contagion, including social
distancing, masking and hand-wash-
ing, as well as avoiding exposure to
others indoors, especially where
ventilation is poor. Extra care might
be required in indoor gatherings if
experiments confirm that the new
variants are more infectious.
—Joanna Sugden
contributed to this article.
limbo with our community. How cold
can they go?” Ms. Brauer says. She
wonders if “Polar-style Mojo” might
have a future beyond the pandemic.
Many gym managers admit they’re
still in uncharted territory. The com-
puters in stationary bikes or rowing
machines may freeze at extreme tem-
peratures. The season’s first snow-
storm collapsed BYKlyn’s canopy. The
structure took a few days to rebuild.
Ms. O’Malley stayed up late checking
Row House security cameras after the
storm, not for damage, but to moni-
tor Boston’s snow removal.
“I had four classes scheduled that
were completely booked, so I needed
to make sure they plowed the wharf,”
she said.
In Chicago, Studio Three member
surveys indicated people would be
willing to come out in 15-degree
weather, but Mr. Blitz isn’t convinced.
“I think 20 degrees is probably the
limit, he says. “We’ll see.”
THE WALL STREET JOURNAL. Tuesday, January 5, 2021 | A11

ARTS IN REVIEW

GETTY IMAGES (3); ASSOCIATED PRESS (2)

A
Clockwise from below: Lana Del Rey, Dave Grohl of Foo Fighters, SZA, Josh and Jake Kiszka of Greta Van Fleet and Travis Scott, all of whom have recently issued singles

n artist or label consid- MUSIC REVIEW | MARK RICHARDSON bodes well for this project. They

Unmissable Music
ering releasing music in pair a mournful vocal sample from
2020 had to make some obscure Philly soul band the Ethics
calculations: How impor- with precise and forceful percus-
tant would live promo- sion, bringing new clarity to
tion be to this record’s Madlib’s layered collage approach.

For an Uncertain Year

success? Would the music still be In 2017, singer Solána Rowe, aka
timely if it sat on the shelf for six SZA, released her debut “Ctrl,” a
months or more? Would the artist brilliant LP that immediately put
have the financial means to put a her in the upper echelon of artful,
completed album on hold? How dif- expressive R&B artists. We’re still
ficult would it be to record the mu- waiting for word on album number
sic in an age of social distancing? We expected a sixth studio album a member of the indie supergroup effort, “The Battle at Garden’s two, but in August 2020 she said
The answers to these and other from Toronto’s Drake in 2020, but Boygenius—with Ms. Bridgers and Gate,” marks a subtle shift in ap- it was coming soon. “Good Days,”
questions led to one of the stranger the rapper and singer born Aubrey Lucy Dacus—and she has a solo al- proach, leaning toward progressive which came out in December, is a
release years in memory, light on Graham instead put out “Dark Lane bum, “Little Oblivions,” coming rock in the vein of early Rush. wish for the future that shows her
big names and heavy on collections Demo Tapes,” a mishmash of old Feb. 26. Ms. Baker’s music is explo- In contrast to Greta Van Fleet, communicative powers, mixing the
of live and unreleased material tracks and previously unreleased sive, with screamed choruses about Darkside offer a more contempo- rhythmic sophistication of hip-hop
culled from the archives. The first material. The long awaited LP, “Cer- emotional torment, but her new rary vision of psychedelia. The with the warmth of gospel.
half of 2021 will most likely be a tified Lover Boy,” is coming later song “Faith Healer” sees her group’s lone full-length studio al- Canadian singer Mike Milosh
continuation of 2020’s patchwork. this month, and our first bum came out in 2013, but takes a different approach to R&B
Touring as we knew it before the taste of music from it came this spring the duo of pro- with his project Rhye. In his fragile
pandemic won’t be back anytime in the form of “Laugh Now ducer and vocalist Nicolas falsetto, he sings almost exclusively
soon. But even at this early date Cry Later,” featuring Chi- Jaar and multi-instrumen- about love and sensuality. His most
there are a number of potentially cago rapper Lil Durk. The talist Dave Harrington will vaporous songs are smooth and ac-
important records from artists who song is loose and breezy issue “Spiral.” The band complished and also easy to forget,
find themselves at a crucial junc- and breaks no new ground combines Mr. Jaar’s but “Black Rain,” taken from his
ture—trying to maintain momen- for Drake, but his effortless midtempo grooves with forthcoming album “Home,” pairs
tum after a breakthrough, return- melodic style is intact. Mr. Harrington’s acid-fried his usual airiness with a crisp and
ing after years away, struggling to Dave Grohl’s Foo Fight- guitar soloing, and their appealing disco beat.
take their music to a new place. ers last released a full- best tracks are extended Travis Scott’s 2018 release, “As-
Here’s a look at 10 tracks from such length record in 2017. The instrumental jams that pa- troworld,” is a latter-day rap land-
albums, most of which should come group’s 10th studio album, tiently build and release mark that sounds even better than
out this year—some have release “Medicine at Midnight,” is tension. “Liberty Bell,” a you remember, and anticipation for
dates, some are tentative, and one coming Feb. 5. The most single from the new al- “Utopia,” the Houston-born rapper’s
hasn’t been announced. recent advance single, “No bum, has a clubby 1980s follow-up, is high. “Franchise,”
Torch singer Lana Del Rey first Son of Mine,” dropped last sheen and laconic vocals which came out in September, hints
mentioned “Chemtrails Over the week, and it found the that suggest the possibility that “Utopia” will extend his recent
Country Club,” the follow-up to band in a familiar hard- of a song-oriented turn. streak. With contributions from At-
her 2019 LP “Norman F—ing Rock- rocking zone, but “Shame Shame” smoothing out rough edges while Hip-hop producer Madlib, born lanta rapper Young Thug and Brit-
well,” back in May, and it was at from November is more interest- keeping her trademark intensity. Otis Jackson Jr., is prolific, with ish vocalist M.I.A. and a hypnotic
one point scheduled for release ing: Moody and subtle with R&B Michigan’s Greta Van Fleet is dozens of solo and collaborative low-end pulse, the song features Mr.
this past fall. But Ms. Del Rey inflections, it finds Mr. Grohl ex- notorious for sounding like 1970s releases, but he had a relatively Scott’s trademark laid-back inten-
pushed it back, and it seems likely ploring the upper end of his vocal rockers, particularly Led Zeppelin, quiet year in 2020. He returns sity. There’s no doubt 2021 will be
to come out in the first half of range to intriguing effect. even though its members were later this month with “Sound An- another strange and unpredictable
2021. The advance single “Let Me The past year was a great one born in the mid- to late 1990s. The cestors,” a collaboration with elec- year for music, but on the evidence
Love You Like a Woman” was pro- for the younger generation of rock band’s technical skill is not in tronic producer Kieran Hebden, here, with a little luck, it could also
duced and co-written by Ms. Del songwriters, particularly women. doubt, but it remains to be seen if working under his moniker Four turn out to be a great one.
Rey’s frequent creative partner Both Phoebe Bridgers and Waxa- the group will add anything new Tet. Mr. Hebden has a knack for
Jack Antonoff, and with its spare hatchee had creative break- to its influences. At the very least, bringing out the best in his collab- Mr. Richardson is the Journal’s
piano part it pretty much picks up throughs, and they made two of the single “Age of Machine,” slated orators, and the soulful and atmo- rock and pop music critic. Follow
where her last record left off. 2020’s best records. Julien Baker is for the band’s April 16 sophomore spheric “Road of the Lonely Ones” him on Twitter @MarkRichardson.

Weather The WSJ Daily Crossword | Edited by Mike Shenk

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A12 | Tuesday, January 5, 2021
It was a game so pain-
ful to watch, my eye-
balls may need to go
on injured reserve—
Washington edged the
barely-there, comically-
disengaged, Bartleby-the-Football-
Coach Philadelphia Eagles Sunday
night, capturing the somebody’s-
gotta-win-it NFC East with a hardy
7-9 record, and slink into the NFL’s
last playoff spot like a wedding
guest without a present or shoes.
Washington will host Florida
man Tom Brady and the Tampa
Bay Buccaneers next Sunday in the
Maryland ’burbs.
Also in the NFC postseason
party: Green Bay, New Orleans, Se-
attle, the Los Angeles Rams and
the Chicago Bears.
In the AFC, it’s the defending
Super Bowl champions Kansas City,
the Buffalo Freaking Bills—hosting
a playoff game in Buffalo for the
first time since 1996—Pittsburgh,
Tennessee, Baltimore, and a frisky
Indianapolis outfit.
And I think that’s it.
Yeah, that’s it. That’s your NFL
playoff field.
JUST KIDDIN’! WE KNOW WE
LEFT SOMEONE OUT. THE 11-5
JUGGERNAUT CLEVELAND
BROWNS HAVE MADE THE PLAY-
OFFS! RUN TO THE WINDOW,
BROWNS FANS, AND SCREAM TO
THE NEIGHBORS. YES! IT’S ALL
HAPPENING! YA-HOOOOO!
OK: stop screaming, Browns
fans, you’re scaring all of the
neighborhood pets.
Feel good for Cleveland. It’s
been some kind of wait: 18 seasons,
since 2002. The Browns didn’t
make it easy on
themselves, as they
nearly let an ap-
prentice-quarter-
backed Steelers out-
fit rally Sunday and
toss a great season
down the drain-
pipe.
That’s just life
with the Browns.
Doesn’t matter
now—they’re here.
Baker Mayfield and
Cleveland have a re-
turn date with Pitts-
burgh—and presum-
ably, Steelers
starting quarterback
Ben Roethlisberger.
I’m actually going
to type out the spe-
cifics here so
Browns fans can
stare at it for a cou-
ple of hours.
NFL Wild-Card
Round. Cleveland at
Pittsburgh. Sun. Jan
10. 8:15 p.m.
Pretty to look at,
no?
You know what wasn’t pretty?
That Washington-Philly game.
Yeeeesh.
There are a lot of people on
Monday morning—they’re called
Giants fans—who are miffed that
the Eagles coach Doug Pederson
seemed to get a midgame divorce
from coaching competitive football,
changing over to a third-string
quarterback who hadn’t played in a
BY ANDREW BEATON
TENNESSEE TITANS quarterback
Ryan Tannehill dropped back with
18 seconds left and his team tied
38-38 against the Houston Texans
on Sunday evening. With the AFC
South on the line in a game seem-
ingly headed to overtime, Tannehill
pulled off what nobody could’ve
imagined seconds earlier. He
floated the ball perfectly into the
outstretched arms of wide receiver
A.J. Brown—a 52-yard completion
that set up the game-winning field
goal.
It was brilliant. It came out of
nowhere. It came surprisingly late.
Tannehill’s improbable pass was
just like Tannehill’s improbable ca-
reer.
Tannehill was a high school
quarterback who was converted
into a college wide receiver and
then a quarterback again. He spent
seven disappointing years with the
Miami Dolphins, who paid some of
his contract just to trade him away.
He was a backup for the Titans,
who traded practically nothing to
acquire him.
That explains why nobody ex-
pected this quarterback in his 30s
to transform into one of the best
football players in the NFL.
For the second straight season,
Tannehill has led the Titans to the
playoffs. A year ago, he ended Tom
Brady’s career in New England, and
then in the divisional round upset
Lamar Jackson and the top-seeded
Baltimore Ravens—the same team
Tennessee will face this weekend.
It’s been easy to overlook Tan-
nehill’s success. He plays with run-
ning back Derrick Henry, who just
became the eighth player in NFL
history to run for 2,000 yards in
the same season. He won under
50% of his games with the Dol-
phins. He plays in one of the NFL’s
smaller markets.
But by any traditional or ad-
Let’s Get Set for the NFL Playoffs
Kansas City and Green Bay are the top seeds. And—wait—are those the Cleveland Browns?
regular-season game since 2018,
and effectively handing D.C. the fi-
nal playoff slot over New York, but
I have to ask: What about that
clodhopper of a game was surpris-
ing? Did you watch any of the NFC
East this season?
This was, after all, a division
that raised soul-crushing football
and inexplicable coaching to rare
art—ask a Cowboys fan—and
should have been collectively ban-
The Bargain Bin Quarterback
Who Became an NFL Star
vanced measure, this quarterback
who spent years being mediocre
has become one of the best and
most efficient players at the most
important position in his sport. In
2019, he led the NFL in passer rat-
ing and yards per pass attempt.
Over the past two seasons, only one
quarterback has produced more ex-
pected points added per play, ac-
cording to nflfastR. The lone
quarterback ahead of him in that
metric is reigning Super Bowl
MVP Patrick Mahomes.
It has been a stunning star turn
because there’s nothing more
important for NFL
teams than identifying
the best quarterbacks.
The ones capable of
such phenomenal play
aren’t usually discov-
ered after they are
discounted and dis-
carded. Late bloomers
are rare.
Tannehill’s unusual
breakout in 2019,
which was solidified
in 2020, came after an
unusual odyssey. It
helps reveal why he
may have found his
footing far later in his
career than Jackson, Ma-
homes, Josh Allen, Russell
Wilson, Aaron Rodgers,
Tom Brady or pretty much
every other top quarterback
in the NFL because he left a
trail of clues that indicated
there was a fountain of un-
tapped potential.
Before Tannehill became an
SPORTS
JASON GAY
ished from the postseason. Had
Philadelphia triumphed, the NFC
East would have been won by a Gi-
ants team that went 6-10, which
I’m 60% sure is a violation of the
Geneva Convention.
While there are inspiring, happy
stories to root for with Washing-
ton—head coach Ron Rivera, who
coached through radiation and
chemo, and quarterback Alex
Smith, now returned to football af-
NFL prospect at Texas A&M, he was
fast enough and far enough back on
the team’s depth chart that the
team’s coach told him to try some
snaps at wide receiver in 2008. “I
ended up having some
success that day,”
Tannehill later
said at the NFL
Ryan Tannehill
The Washington Football Team, above, clinched the NFC East with a victory
over Philadelphia. Left, Browns quarterback Baker Mayfield celebrates.
ter a catastrophic leg injury two
seasons ago—this was a division
that wore ineptitude like a badge.
The no-nickname WFT will have
their hands full with Tampa Bay, an
offense-minded octopus which won
its last four regular-season con-
tests to finish 11-5. For all the mid-
season blah, blah, blah about Brady
and how he needed to get “in sync”
with his receivers and head coach
Bruce Arians, it proved to be an-
other sprightly year: 4,633 yards
passing, 40 touchdown throws, at
age 43. If that’s not “in sync,” I’d
like to know what is.
The Super Bowl is in Tampa in
February. No Super Bowl partici-
pant has ever played the Super
Bowl in its home stadium. To get
there, the Bucs will have to win on
the road. We’ll see.
Meanwhile, in Brady’s former
home of New England, they mourn-
fully turn the page to the Celtics,
Bruins and Red Sox.
I know what you’re thinking: OH
BOO-HOO THE PATS KILLED US
FOR YEARS. HAVE A DUNKIN’ AND
TAKE THE WINTER OFF.
Elsewhere, Buffalo will host In-
dianapolis on Saturday. The Rams
visit the Seahawks and Russell Wil-
son’s and Pete Carroll’s radiant
positive energy. The Ravens and
Tennessee—two clubs still marvel-
ously loyal to rushing the ball—
have a bar fight scheduled for Sun-
day. Chicago wanders to New
combine. “About two days later, I
was in the starting rotation at re-
ceiver.”
He led the team in receiving
yards that year, and it wasn’t until
midway through the 2010 season
that he actually became the team’s
quarterback. He looked pretty good
at that, too. After the next year, the
Miami Dolphins made him the No. 8
pick in the 2012 NFL draft.
Tannehill’s time in Miami pro-
duced mixed results at best. He had
double-digit interceptions each of
his first five seasons. He was
sacked frequently. He missed the
entire 2017 season with a knee in-
jury. His 2018 season was derailed
by another injury.
After that, the Dolphins traded
him to the Titans for picks in the
fourth and seventh rounds of the
draft. For good measure, the
Dolphins threw in a sixth
rounder and paid some of
Tannehill’s contract.
Yet there were still
indications he had
what it took to be a
highly successful
quarterback in the
modern NFL. He had
the athleticism to
thrive as a college
wide receiver. He had the
throwing ability to be worthy of
a top draft pick. He went
42-46 during his time in Mi-
ami despite playing many of
those years with a much-
maligned coaching staff—
his coach during his later
years was Adam Gase,
who was fired Sunday as
THE WALL STREET JOURNAL.
FROM TOP: MITCHELL LEFF/GETTY IMAGES; SCOTT GALVIN/REUTERS
Orleans.
They have got a bye up in Green
Bay, where the Packers own the No.
1 seed and home field amid ice
fishing season. In the AFC, the top
seed belongs to Kansas City, and
more important, quarterback Pat-
rick Mahomes, football’s most elec-
tric player.
Buffalo’s got that late-season
swagger, though. Keep an eye out.
Is it possible we get an all-fro-
zen Green Bay-Buffalo Super Bowl,
played in the languid humidity of
the Gulf Coast? Who knows. Re-
member: This column picked the
Detroit Lions to win the Super
Bowl this year. You should really
just use this thing to scoop out the
cat’s litter box, and do apologize to
the cat.
The NFL managed to get here, in
a pandemic. Like the NFC East, it
wasn’t especially smooth—there
were team outbreaks, postponed
games and even the bizarre sight
of Wednesday afternoon football. It
isn’t like the issue has gone away,
either; New Orleans played this
weekend without star running back
Alvin Kamara, who tested positive,
but hopes to return versus the
Bears.
The only thing you can expect in
this year’s playoffs is a little more
chaos.
And amazingly, the Cleveland
Browns. Go to the window, Browns
fans, shout. It’s real.
coach of the New York Jets.
Not even the Titans expected
much, though. He was there to back
up Marcus Mariota, the quarterback
they had once taken with the No. 2
pick in the draft. Then he was
named the starter after the team
began the season 2-4 in 2019. They
finished the year 9-7 and in the
playoffs behind his phenomenal
performance. He led the league
with a 117.5 passer rating and 9.6
yards per attempt. He led them to
playoff wins over the Patriots and
Ravens. He made the Pro Bowl,
making him the third oldest quar-
terback in the prior two decades to
be named to his first Pro Bowl, ac-
cording to Stats, LLC.
For anyone who doubted
whether Tannehill’s breakout per-
formance as a 31-year-old was le-
gitimate, he followed that up with
his play in 2020. He continued to
rate as one of the game’s most effi-
cient passers while leading them to
an 11-5 record—Tennessee’s best
mark in over a decade.
The Titans were also the perfect
match to bring out Tannehill’s skill-
set. Their offensive coordinator, Ar-
thur Smith, is one of the game’s
most creative play-callers, capable
of exploiting Tannehill’s athleti-
cism. Henry, the NFL’s most fear-
some running back, buoys his un-
canny play-action passing—
Tannehill entered the final week of
2020 leading the league in passing
yards on play-action plays.
Sunday’s game was the ultimate
display of all of this. While Henry
ran for 250 yards and two touch-
downs, Tannehill’s speed led him to
CARMEN MANDATO/GETTY IMAGES
run for two scores of his own. He
threw for another score. He
dropped the ball in A.J. Brown’s
arms to lead to the game-winning
score.
The win solidified the Titans’ di-
vision crown. It also affirmed how
they gave up almost nothing for a
star quarterback.
THE WALL STREET JOURNAL.
OPINION
Joe Biden’s Missing Coattails
On Tuesday
the American
people will
learn
things from
two
Georgia’s Sen-
ate runoffs.
MAIN
STREET One
whether Don-
is
By William
ald Trump,
McGurn
amid all his
election con-
troversies, can rally his troops
in numbers sufficient to put
Republican Sens. Kelly Loeff-
ler and David Perdue over the
top. The other is whether Joe
Biden has any coattails.
Thus far attention on Geor-
gia has focused on President
Trump, and for good reason.
Not only did he lose a state
that hasn’t gone for a Demo-
cratic presidential candidate
since Bill Clinton in 1992, he’s
now made himself the main is-
sue in the two Senate runoffs.
And the outcome will affect all
Americans, because it will de-
termine whether the Biden
agenda will sail through a
Democratic Congress or be
blocked and tempered by a
Republican Senate.
But there’s been zero atten-
tion on the equally compelling
question about Mr. Biden: Can
he carry Democrats other than
himself to victory?
The November election sug-
gests he can’t. Start with the
Senate, which Democrats were
favored to win. Instead, they
have 48 seats, so they need to
sweep both Senate runoffs to
get to a 50-50 tie in which Ka-
mala Harris would then cast
the deciding vote.
Brexit Arrives, for Better or Worse
Fo r t y - e i g h t
years after
the U.K. en-
tered what
would become
the European
Union and
GLOBAL
more than
VIEW
four years af-
By Walter
ter voters
Russell Mead
shocked David
C a m e ro n ’s
government by voting to
leave, Brexit is no longer only
a gleam in Nigel Farage’s eye.
As of last weekend, Britons
have joined Americans in
those crowded “Other Pass-
port” lanes in European air-
ports and British trade faces
more red tape.
Whatever its merits as pol-
icy, Brexit was an important
test of the U.K. political sys-
tem. Most of the British es-
tablishment hates Brexit as
much as the U.S. establish-
ment hates Donald Trump.
But instead of following the
European pattern of holding
repeated referendums until
voters return the “right” an-
swer, the political glitterati
bowed to the people’s will.
Like Brexit or loathe it, that is
how democracy is supposed
to work.
It is also a personal tri-
umph for Boris Johnson.
Prime Minister Johnson took
office with a Parliament hope-
lessly deadlocked on Brexit.
He maneuvered his opponents
into allowing him to call an
election on a date of his
choosing, won some of La-
bour’s safest seats to gain a
solid majority, and—to the as-
tonishment and chagrin of his
Lockdowns Starve Mom and Pop
By Andy Puzder
T
he latest lockdowns
across the country will
be deadly for the small
businesses that have endured
the pandemic this far. While
there are no official numbers
yet, business data show signifi-
cant losses. Yelp’s Local Eco-
nomic Impact Report found
that, from March 1 through
Aug. 31, nearly 100,000 busi-
nesses listed on Yelp had
closed permanently due to the
pandemic, an average of more
than 500 a day.
In addition to destroying
the accomplishments of thou-
sands of American entrepre-
neurs and the jobs they cre-
ate, lockdowns are forcing
retail to consolidate around
large national brands, which
are better positioned to sur-
vive the pandemic.
Consider restaurants, Amer-
ica’s second-largest source of
private employment. Accord-
ing to the National Restaurant
Association, 110,000 have per-
manently closed and more
than 500,000 are “in an un-
Democrats fared even
worse in the House. Though
expectations were that Demo-
crats would pick up seats, Re-
publican victories narrowed
Nancy Pelosi’s Democratic ma-
jority to 11 votes from 37. Hav-
ing Mr. Biden on the ticket
may have helped Democrats
such as Pennsylvania’s Conor
Lamb eke out victories in
more moderate districts, but
the Biden-led blue wave
proved a dud.
Now it’s all being refought
in Georgia. Again November
offers little evidence of a Bi-
den effect here. Other than
Mr. Biden’s own victory, Dem-
ocrats in Georgia flipped only
one of nine GOP House seats.
The two Democratic Senate
candidates, Jon Ossoff and Ra-
phael Warnock, have each
raised more than $100 million
for this race, with Mr. Ossoff
emerging as the most richly
funded candidate in the his-
tory of the U.S. Senate. If the
Democratic Senate candidates
don’t win, it will confirm that
Mr. Biden’s Georgia triumph
had less to do with his appeal
than it did with dislike for Mr.
Trump.
The math underscores the
coattails problem. Take Mr. Os-
soff, who garnered 88,000
fewer votes than Mr. Perdue in
November. Roughly 100,000
Georgians who pulled the lever
for Mr. Biden failed to do so for
Mr. Ossoff. Mr. Warnock, who
is challenging Ms. Loeffler,
ended up more than 800,000
votes short of Mr. Biden.
The runoffs will be close
and the polls, almost all
critics—negotiated an agree-
ment that won the backing of
both hardline Tory Brexiteers
and the head of the Labour
opposition.
That he pulled all this off
despite the pandemic eroding
his government’s standing in
the polls, and sending him to
critical care, only emphasizes
the extraordinary nature of
his success. It remains to be
seen what Mr. Johnson will
make of Brexit, but he has al-
ready joined Margaret
Thatcher and Tony Blair on
the short list of post-imperial
British leaders who made a
mark on world history.
It is also much too soon to
tell how Brexit will work out
in practice. Raising barriers to
travel and trade is not a recipe
for economic growth, and the
world-beating U.K. financial
sector is particularly vulnera-
ble. Still, both Britain and the
EU may find offsetting advan-
tages. Without Eurosceptic
Brits dragging their feet, Eu-
ropeans are now free to
tighten the “ever closer union”
that many hope will make the
EU a more significant world
power. And freed from the
regulatory burdens of EU
membership, Britain has the
chance to engage more deeply
with faster growing economies
around the world.
For the U.S., Brexit is a
challenge. Britain’s egress
from the EU didn’t only widen
the English Channel; the At-
lantic Ocean is going to be
harder to cross. Without the
U.K., the EU is likely over time
to become less Atlanticist,
more statist and more inward
precedented economic de-
cline.” In November alone, the
Bureau of Labor Statistics re-
ported, restaurants and bars
lost 17,400 jobs as new state
lockdowns took effect.
But while national brands
lose in lockdown-happy states,
many are able to compensate
with revenue from their loca-
tions in places with minimal
restrictions.
Paying customers are
the best stimulus for
any small business.
National chains that are
known for delivery are actu-
ally seeing sales improve.
Domino’s third-quarter U.S.
sales were up 17.5%; Papa
John’s were up 24%. Quick
service chains with drive-
through lanes are also benefit-
ing: McDonald’s third-quarter
U.S. sales rose 4.6%, while
Wendy’s were up 7.9%.
Single-location, sit-down
eateries have none of these ad-
within the margin of error, go
back and forth. As this column
goes to press the latest poll
numbers show effectively a
dead heat, with each Demo-
crat holding a slight lead.
Meanwhile, Democrats have
been busy registering new
voters and successfully getting
them out to vote.
Can the president-
elect carry Democrats
other than himself
past the finish line?
The challenge for Republi-
cans is clear: They need Mr.
Trump to get Republicans to
the polls. Which is why Sens.
Loeffler and Perdue have
backed the president’s attacks
on Georgia’s Republican gov-
ernor, Brian Kemp, and its Re-
publican secretary of state,
Brad Raffensperger. It’s also
why they have endorsed the
president’s bid for $2,000
stimulus checks and avoided
antagonizing him on the Na-
tional Defense Authorization
Act by abstaining rather than
voting to override his veto,
even though both actions run
counter to their earlier votes
and positions.
So far in the runoffs, more
than three million Georgians
have already voted. Of these
votes Democrats are thought
to enjoy a large advantage,
buoyed by an increase in Afri-
can-American numbers. Re-
publican hopes, by contrast,
looking. It will almost inevita-
bly seek to define itself in jux-
taposition to America in vari-
ous ways. The rush to sign an
investment treaty with China
despite public requests for de-
lay and consultations from se-
nior members of the incoming
U.S. administration is a sign
of things to come as the cen-
ter of gravity of the post-
Brexit EU shifts east.
And the United Kingdom
may shrink too. Brexit was
unpopular in Scotland, and a
plurality of Scots currently
tell pollsters they would vote
to secede from Britain if a
new referendum is held.
With Britain gone,
the U.S. will find
it even harder to
influence EU policy.
Scexit would have serious im-
plications for U.S. security
and the future of NATO. Al-
though the Scottish National
Party dropped its longstand-
ing opposition to NATO in
2012, it remains fiercely op-
posed to nuclear weapons.
This means that an indepen-
dent Scotland might seek to
ban both British and Ameri-
can nuclear submarines from
its waters, a stance that could
make Scottish membership in
NATO impossible.
Brexit has been on the ta-
ble since Jan. 2013 when
then-Prime Minister David
Cameron, hoping to eliminate
Brexit as a divisive issue in
vantages. Those that have
scraped by through outdoor
dining, delivery and limited in-
door seating are now being
pushed to the brink by fresh
lockdowns and worsening
weather.
My favorite Italian restau-
rant, Trattoria Mollie in Santa
Barbara, Calif., is one such es-
tablishment. Mollie is an Ethio-
pian immigrant who invested
everything she had in her res-
taurant. She never made a for-
tune, but I’ve never seen any-
one happier running a
restaurant, or better at it. Her
employees, many of whom are
also immigrants, make a good
living. Santa Barbara’s mild cli-
mate has allowed her business
to survive on outdoor dining
alone.
That is, until a couple weeks
ago when, despite its limited
health risks, outdoor dining
was banned by Gov. Gavin
Newsom. Mollie called me in
tears asking for advice; her
restaurant was on the brink,
and her employees were about
to go jobless, unable to feed
their families or pay their rent.
are pinned to an Election Day
surge, and the GOP needs the
president to ensure they get
it. In this sense, Monday
night’s Trump rally in Dalton,
Ga., is the president’s win-one-
for-the-Gipper test.
Mr. Biden held his own rally
earlier in the day. In Atlanta
he characterized Ms. Loeffler
and Mr. Purdue this way: “You
have two senators who don’t
think they work for you. They
think they work for Trump.”
Though he said that electing
“Jon and the Reverend” would
“break the gridlock that’s
gripped Washington,” it was a
relatively brief appearance.
Given the overriding impor-
tance for Democrats of turn-
ing out African-American vot-
ers, who account for about a
third of the state’s registered
voters, maybe Democrats are
looking to Ms. Harris and Ba-
rack Obama to get the job
done. On Sunday Ms. Harris
blasted Mr. Trump for his
weekend call to Mr. Raffen-
sperger asking him to “find”
the 11,780 votes he needs to
overturn Georgia’s presiden-
tial election results.
Plainly Democrats have con-
cluded that, even though the
president isn’t on the ballot,
defeating Mr. Trump is a more
promising sales pitch than
asking Georgians to send to
Washington two senators who
will be partners for Mr. Biden.
The good news for Mr. Biden is
that he won’t be blamed if
Democrats lose. The bad news
is that this is only because no
one thinks he’s really a factor.
Write to mcgurn@wsj.com
British politics, announced
that he intended to renegoti-
ate the terms of Britain’s EU
membership and ask British
voters to endorse the agree-
ment in a referendum. The
failure of the Obama adminis-
tration to take this issue seri-
ously, to try to facilitate a
U.K.-EU agreement palatable
to British voters, was the
first of a number of unmis-
takable signals from Wash-
ington that Europe was no
longer an important foreign
policy priority.
Any Cold War American
administration would have
seen a potential rift between
key NATO allies—to say noth-
ing of the potential break-up
of Britain—as a major na-
tional security challenge de-
manding a focused response.
In the Obama years, Washing-
ton mostly yawned when the
subject came up; then Presi-
dent-elect Trump suggested
that the U.K. name Mr. Farage
as its ambassador to the U.S.
Neither approach did much to
strengthen our trans-Atlantic
alliances or to protect Ameri-
can interests as Brexit moved
forward.
But there are weighty con-
sequences to Britain’s EU de-
parture, and the Biden admin-
istration will need a more
proactive European and Atlan-
tic policy to avoid the worst.
Promoting an Open Atlantic
trade agreement, supporting
Franco-British military coop-
eration and working to rejuve-
nate NATO can strengthen
critical U.S. alliances even as
the U.K. and the EU go their
politically separate ways.
Mollie isn’t alone. From
the Pineapple Hill Saloon &
Grill in Los Angeles to Bread
and Barley’s in Covina, videos
spreading across social media
show the increasing despera-
tion and anger of California’s
independent restaurant com-
munity.
Paycheck Protection Pro-
gram loans have ameliorated
some losses, but even more
generous benefits would be
insufficient to keep local
businesses alive if lockdowns
persist. The best stimulus for
any business is customers. In
many cases, it would only
take a little leeway—all Mol-
lie needs is the restoration of
outdoor dining.
If blue states really want
to champion the vulnerable
and dispossessed, they
should start by letting them
feed their families.
Mr. Puzder is a former
CEO of CKE Restaurants and
author of “The Capitalist
Comeback: The Trump Boom
and the Left’s Plot to Stop
It.”
Tuesday, January 5, 2021 | A13
BOOKSHELF | By Laura Vanderkam
The Commute
To Nowhere
Where Is My Office?
By Chris Kane
(Bloomsbury Business, 262 pages, $35)
F
or much of the past century, work has been a place
where people went. For big organizations, a workplace
meant “concrete, steel and glass monuments built to
service commerce and Mammon; commanding the skyline
of the modern cityscape and dominating the lives of the
millions of people who work in them.” So observes corporate
real-estate veteran Chris Kane in “Where Is My Office?”
But now, he says, “the world of work is changing.” Office
work especially is “no longer anchored in one place.”
Indeed, he notes, work has become a thing that people do
and not a place where people go.
So what is to become of those monuments to Mammon?
And how about all those workers whose lives were dominated
by them? Mr. Kane explores this question in his intriguing,
if meandering, book on “reimagining the workplace for the
21st century.”
Much has been written on the future of work, mostly by
management gurus. Mr. Kane comes at the question from a
different angle, with a
background in the property
business—mostly, though not
exclusively, in the U.K. He
calls himself an “industry
provocateur” who has spent
his career persuading the
people who finance and build
offices to think about what
their tenants will actually
want. (Oddly enough, they
don’t seem to want the
“uninspiring spaces of beige,
grey or off-white” that the
industry delivers.) He has also
helped large companies rethink
their property portfolios, urging
executives to see that property
can be converted “from a cost centre into a value creator.”
He observes that “a well-designed and well-run workplace
has beneficial effects on the performance of its occupants.”
They collaborate. They feel inspired. They don’t quit quite as
quickly. Handled well, property can be a strategic tool.
Mr. Kane acted on this principle most notably at the BBC,
where, beginning in 2004, he oversaw a vast property
reorganization. He recounts shrinking the BBC’s total real-
estate footprint, modernizing its facilities with new systems
and networks for digital technology, moving functions out
of expensive London, and transforming the BBC’s historic
buildings into redevelopment projects. By building
independent studio and media-company space in the BBC’s
old Television Centre, creating new parkland, and tying the
complex to a nearby shopping development, he helped
leverage the BBC brand to create a place that other brands
clamored to become part of.
While the BBC case study is fascinating, the rest of
“Where Is My Office?” is a bit unsatisfying for anyone looking
for answers to the question of what the workplace of the
future will look like. One reason may be that no one knows,
especially now that Covid has changed daily work rhythms.
Mr. Kane is also keenly aware that many past attempts to
rethink office life have resulted in ideas that are questionable
at best: Witness seas of soul-deadening cubicles or the
attempts to do away with assigned seating completely that
ended up with much-hated “hot desking” policies—everyone
has to fend for herself every morning to score a workable spot.
While noting that companies will want more flexible
spaces to scale up and down and shorter leases, Mr. Kane
wisely doesn’t endorse no-personal-space policies that seem
unaware of human nature; nor does he recommend shrinking
square-footage requirements to save money and then hoping
for the best. He argues that smaller, fluid spaces can’t just
be about cutting costs; they should be “about choice of how
and where we work.”
Is it worth having central hubs and office towers
or would it be better just to rent space for a
week every quarter to gather distributed teams?
The options include renting space in commercial co-
working spaces such as WeWork and working from home—
something companies were loath to allow in the past, since
“many managers insist on being able to see their staff and
have them physically present in the same office.” Managers
fear that “no work gets done unless they can see their staff
at their desks.” Mr. Kane is quick to argue against this fear,
but 10 months into Covid, much of this debate seems moot.
The proportion of Americans who had ever worked from
home doubled in the span of about two weeks in March
2020. There is every reason to think that, even if “normal”
life returns, many companies will aim to keep at least part
of their workforce away from central hubs and office towers
and that many employees will refuse to endure commutes
after a year or more of skipping them. To what effect? one
wonders. While Mr. Kane refers to the pandemic from time
to time, “Where Is My Office?” feels as if the bulk of the
manuscript was written before this game-changer. He says
that “the corporate sphere now needs to take a Darwinian
approach—adapting and evolving in order to cope with
uncertainty.” But the BBC’s new spaces were created with
the idea that employees would show up at them more days
than not. Now it’s unclear how many organizations really
need a gleaming headquarters—no matter how well-
designed the headquarters happen to be.
Early in “Where Is My Office?” Mr. Kane says that, while he
is trying to issue a “clarion call” for people to “take a smarter
approach in how spaces and places are used,” he also hopes
to “demystify the complexities of the corporate property
sector to make it just a little easier for everyone to under-
stand.” One suspects that this is where his true interests lie.
The result is much discussion of British lease idiosyncrasies,
among other digressions. Even the BBC case study is more a
play-by-play of critical meetings than a guide to how others
should rethink their spaces. Such a guide would surely be
useful for a leader looking to figure out how much space
employees need, or what the right mix of in-person and
remote work should be, or whether it’s worth having a
headquarters or just renting space for a week every quarter
to gather distributed teams.
That said, whatever the post-pandemic workplace looks
like, it will look better if leaders follow a lesson that Mr.
Kane learned early on: “The focus had to be on the people
and their activities rather than the physical space.” Otherwise
offices are just places to go—and not much more.
Ms. Vanderkam is the author of “The New Corner Office:
How the Most Successful People Work From Home.”
A14 | Tuesday, January 5, 2021 THE WALL STREET JOURNAL.

OPINION
REVIEW & OUTLOOK LETTERS TO THE EDITOR

Pelosi Keeps Her Gunpowder Dry The Next Energy Secretary’s Climate Record

F
or all the attention devoted to Republi- a state avenue provides the opportunity to re- In addition to billions of taxpayer signing an industrial-size plant takes
cans contesting Joe Biden’s victory, the solve first.” We’ll see if that tradition holds in dollars awarded to favored corpora- several years and multiple steps. Ar-
tions under the guise of investing in ranging the financing required to
party with the best chance to overturn Mrs. Pelosi’s polarized and closely divided
green energy, expect two major pol- complete the plant as part of the
a federal election this year re- House. icy reversals from an Energy Secre- early development of the system is
mains the Democrats. Democrats reserve the Mr. Elias found seven Hart tary Jennifer Granholm (“Biden’s Cli- normal for a capital-intensive indus-
Nancy Pelosi, who was nar- right to overturn an voters who sent in absentee mate All Stars,” Review & Outlook, try. Never drawing on that money
rowly elected again as Speaker ballots that county election Dec. 28). should the technology fail to meet its
on Sunday, allowed the Repub- Iowa House election. boards disqualified because of First, “environmental responsibil- early-stage milestones is also stan-
lican winner in Iowa’s 2nd problems with the envelope ity” will justify regulations that drive dard practice. That is what happened
Congressional district, Mari- seal. He also found a voter up the cost of shale oil-and-gas pro- with Mascoma.
annette Miller-Meeks, to take her seat. But that whose absentee ballot was disqualified because duction, perhaps halting new produc- GEORGE SCHAEFER
may not be the last word on the election, which it lacked a signature in the required space and tion altogether. Second, mandates Austin, Texas
Democrat Rita Hart hasn’t conceded. Mrs. two whose ballots were dropped off at the wrong and incentives to use renewable en-
ergy will turn energy producers from The editorial board is correct to
Pelosi’s spokesman said Ms. Miller-Meeks would county commissioner’s office.
profit makers into rent seekers, gen- point out that progressive solutions
be seated “provisionally” and “pending the out- Absentee ballots usually have a higher rejec- erating returns from government lar- to climate change—subsidies, man-
come” of a House probe. tion rate than ballots cast in person because of gesse. Increases in the legally re- dates and taxes—are often ham-
The House has the power to decide contested the greater security needed, but some Demo- quired percentage of renewable handed tools. Perhaps they would
elections of its Members. Mrs. Pelosi is saying crats have lately talked themselves into the posi- energy in the electricity stream raise hold less sway were the GOP to offer
that the Democratic-controlled Committee on tion that any disqualification is voter suppres- corporate profits in tandem with con- an alternative. As with health-care,
House Administration reserves the right to rec- sion. The Hart campaign also successfully sumer energy costs. Republicans have left climate issues
ommend muscling Ms. Miller-Meeks out of her excluded several Miller-Meeks ballots over This is what Ms. Granholm did as to the Democrats and have lost votes
seat months from now, when Mr. Trump’s chal- “identifying marks” that could be recontested governor of Michigan. As energy sec- as a result. Young people, especially
lenge is history. if the House opened the door to it. retary, her policies would slow energy those wary of strong progressive pol-
Ms. Miller-Meeks, a physician and state sena- production, drive costs up and in- icies, will more seriously consider
Another question about the race that was
crease government involvement in voting for Republicans if the party
tor, won the district by six votes. Her victory was never litigated because Ms. Miller-Meeks won our lives—that’s the plan. would devise and sell an efficient cli-
confirmed in a recount, and the state certified the is why the absentee ballot recount in Scott JOHN MULARONI mate plan.
results Nov. 30. More than three weeks later Marc County found 131 more votes than in the initial Bloomfield Hills, Mich. CHRISTIAN CARSON
Elias, the Democratic election lawyer who special- count, resulting in a 26-vote swing to Ms. Hart. Cambridge, Mass.
izes in vote-counting mischief (Al Franken in Mr. Muller notes that the Hart campaign often You cite several examples of green-
2008), presented the House with a list of 22 bal- sought more-inclusive recounts in Democratic technology projects that received Your editorial cites several exam-
lots he says should have been counted and would counties compared to Republican ones. state and federal awards but were ples of alternative-energy invest-
result in a net 15-vote swing to Ms. Hart. It is possible to throw doubt on any race this never completed, leaving the impres- ments by government that didn’t pan
The most straightforward response for Ms. close. The question is how many Democrats sion that this money was spent and out. Your conclusion: “Government is
Miller-Meeks, whose lawyers have to respond would be willing to bypass state courts and un- wasted. This isn’t necessarily so. Sig- a lousy venture capitalist.” But a very
nificant portions of government similar article could have been writ-
this month, is that the Hart campaign forfeited seat an elected Republican Member to grow
awards are never disbursed. ten about the venture-capital indus-
a House challenge because it never asked a state their majority. It’s not lost on Mrs. Pelosi that As the former chief financial offi- try itself. Even the industry admits
court to review the ballots under Iowa law. moving on Jan. 3 would distract from the Jan. cer of Mascoma, the biofuels startup that about 30% of its ventures fail,
Derek Muller, a University of Iowa law profes- 6 spectacle of congressional Republicans voting mentioned in the editorial, I must but the number may well be higher.
sor who represented the Miller-Meeks campaign to contest the Electoral College. But new rules clarify that the $20 million of state Research from Shikhar Ghosh of Har-
on a county recount board, wrote that Congress for the 117th Congress direct extra money to- funds and $100 million of federal vard Business School, cited in the
generally “prefers not to dig into the nuances of ward “resolving contested elections,” and the funds were not wasted. None of Journal in 2012, found that about
state law, or to visit facts for the first time that Speaker may be biding her time to strike. these grants were disbursed to Mas- three-quarters of venture-backed
coma, as our technology was never firms in the U.S. don’t return inves-
demonstrated successfully and the tors’ capital. The hope is that the few
Biden’s Iran Policy vs. Reality in Tehran project stopped before these funds
were required.
investments that succeed will more
than make up for all the failures.

P
resident Trump’s maximum-pressure
sanctions campaign against Iran will
continue until his final day in office—
and so will Tehran’s escalating violations of the
2015 nuclear deal. While the facts on the ground
change, Joe Biden’s policy hasn’t.
Iran is now enriching uranium to 20% purity,
the International Atomic Energy Agency con-
firmed Monday. This is below the 90% needed
for a bomb but a big leap above the accord’s
3.67% limit. Iranian President Hassan Rouhani
says he was “bound” by the Iranian parliament,
which passed a law mandating the escalation.
But this crosses a red line for the European
countries that have tried to keep the deal alive
since Mr. Trump’s 2018 withdrawal.
The regime also said Monday that it had
detained a vessel from South Korea, which
is in a dispute with Tehran over frozen bank
accounts. Last month Mr. Trump blamed
Iran-backed militias for the largest attack
on Baghdad’s Green Zone since 2010. Iran
was also likely behind a series of cyber at-
tacks against dozens of Israeli firms at the
end of 2020.
This shouldn’t surprise anyone: Tehran has
been a regional menace for 40 years. Mr.
Trump’s newly acquired sanctions leverage
could eventually forge a better deal, but it was
always unlikely in his first term. Watching Iran
break out from the deal so easily is a reminder
of how sweet the 2015 accord’s terms are for
Tehran, which bet on waiting out Mr. Trump
for a Democrat.
Mr. Biden has said the U.S. will comply with
the agreement again as soon as Iran does. This
ostensibly would be followed by negotiations
over other malign Iranian behavior. “In that
broader negotiation, we can ultimately secure
limits on Iran’s ballistic missile technology,” Mr.
Biden’s National Security Adviser, Jake Sullivan,
said in an interview over the weekend.
“We did believe that if you had the Iranian
nuclear program in a box, you could then begin
to chip away at some of these other issues,” Mr.
Sullivan recalled of the original deal, which he
helped negotiate. “Obviously, that did not come
to pass, but it was never fundamentally part of
the Iran nuclear deal that we had the expecta-
tion that it would.” If that’s the case, why does
Mr. Sullivan think the Biden Administration can
get cooperation on missiles now?
Simply rejoining the deal means giving up
significant leverage for nothing. Iranian For-
eign Minister Javad Zarif said last month that
the sanctions campaign had done $250 billion
in damage. The U.S. would have to accept irre-
versible benefits to Iran, like the knowledge
and data its scientists gained while violating
the deal.
Iran is escalating its nuclear enrichment to
put pressure on the new U.S. Administration
to rush back into the 2015 deal. It sees the same
Obama negotiators moving into Biden jobs, and
figures it can outfox them again. But if the U.S.
keeps Mr. Trump’s sanctions, and persuades
Europe to join them, the pressure will be back
on Tehran to make concessions.
Developing a new technology, im-
plementing a complex system and de-
No Blanket Protection for Internet Platforms
I agree with Rick White that “Laws
Governing Online Speech Need Re-
form, Not Repeal” (op-ed, Dec. 23).
Outright repeal of Section 230, which
grants immunity from liability to in-
ternet platforms for content posted
on their sites by third parties, would
prompt even more censorship. The
social-media companies would try to
protect themselves from litigation
over all kinds of potentially offensive
or illegal content that users post.
Since the First Amendment is a
well-litigated line between permissi-
ble and impermissible speech consis-
tent with the values of a free society,
it offers the best solution for regulat-
ing the social-media companies. The
government should condition the
grant of immunity under Section 230
on a pledge from the platforms not to
censor third-party content unless it
falls outside the protections of the
First Amendment, such as libel,
threats to overthrow the government,
direct threats of physical violence
and certain types of indecent mate-
rial. Censoring “hate speech” or con-
tent suspected of originating with
hackers couldn’t meet this standard
STEPHEN BROWN
Palm Beach, Fla.
because such speech is within the
protection of the First Amendment.
Any internet provider that refused to
adopt this policy would lose the pro-
tections of Section 230 entirely.
ROBERT GOODFRIEND
Dallas
Mr. White is right to call for re-
form of internet speech protections.
This should include a new definition
of libel for those platforms protected
by Section 230. The law in this area
is as out of date as a Sony Beta re-
corder. Who could have known then
that a new type of newsstand would
emerge, become dominant and act no
better than a partisan pest hole?
Internet platforms should be liable
when a plaintiff can show a pattern
or practice of publishing falsehoods
or imposing discriminatory censor-
ship. The platforms are able to track
their own data and manage the liabil-
ity risks. What they lack is the objec-
tivity and decency to operate in the
nondiscriminatory manner expected
of any fixed-site retailer.
STAN LONG
Eugene, Ore.

Congress’s Doctor Shortage Can Anyone Justify the Blackwater Pardons?

H
Your characterization of the par- A federal judge dismissed the orig-
ospitals in much of America are triag- health spending. ObamaCare’s payment models dons of the Blackwater mercenaries inal indictments for “reckless viola-
ing Covid-19 patients because they are accelerated these trends. as “hard to justify” (“Trump’s Weiss- tion of the defendants’ constitutional
short of staff, especially doctors Another problem Congress overlooked is the mann Pardons,” Review & Outlook, rights.” To appease Iraqi politicians
trained in emergency-care and Dec. 26) is a masterpiece of under- seeking re-election, the Obama ad-
aging U.S. population and phy-
statement. These four killers opened ministration pressured the Justice
anesthesiology. Blame Con- Trillions for Covid relief, sician workforce. A third of fire with machine guns and grenade Department to appeal. After multiple
gress, which rationed the sup- very little to address the 906,000 or so practicing launchers on a crowd of unarmed trials, the guards were convicted—not
ply of new physicians two de- doctors in the U.S. are over men, women and children. Seventeen by a jury of their peers but a civilian
cades ago and is only now medical training. age 60, and the Association of innocent civilians were killed. Might jury with no combat experience. Ap-
addressing its mistake, albeit American Medical Colleges the pardons be connected to the fact peals raising more constitutional vio-
not nearly enough. (AAMC) forecasts a physician that Blackwater was founded by Erik lations—including that prosecutors
The $900 billion relief bill adds 1,000 new shortage of 54,100 to 139,000 physicians by Prince, a Trump buddy and informal withheld information suggesting the
Medicare-funded graduate medical education 2033. Shortages will be especially acute in geri- adviser? lead Iraqi investigator had ties to ter-
(GME) positions over five years. A Congressio- atrics, primary and emergency care. DON KAUL rorist groups—were rejected.
nal bill summary boasts about the doctor-train- Medical schools are expanding enrollment, Chicago President Trump’s pardons were
not only justifiable. They did justice.
ing expansion, though it requires a microscope but graduates face a bottleneck because there
Your editorial calls the pardons of DAVID B. HARRISON AND ERIC H. JASO
to find amid the spending fat. are too few GME positions—only 120,000 or so, former State Department security Short Hills, N.J.
Since 1965 Medicare has funded the vast ma- and each lasts about three to five years. Some guards “hard to justify” and com- Messrs. Harrison and Jaso repre-
jority of residency positions at hospitals, which hospitals fund residencies from their own bud- ments that they “show disrespect for sented Paul Slough, one of the former
are essentially apprenticeships for medical gets—e.g., charging more to privately insured American soldiers who must be disci- Blackwater guards, in his pardon ap-
school graduates. During the early 1990s econo- patients—but rural and low-income hospitals plined under great stress on the bat- plication.
mists and physician groups sounded alarms are less able to do so. tlefield.” To the contrary, the Justice
about a physician glut—their theory being that Some health economists say technology and Department’s obsessive prosecution
more doctors would result in needless treat- nurses can substitute for fewer doctors. We of these decorated veterans disre- Pepper ...
ments and health spending. support relaxing state licensing regimes to let spected U.S. fighters making split-
second decisions in a war zone.
And Salt
Congress responded in the Balanced Budget physician assistants and registered nurses pro-
After a car bombing targeted an THE WALL STREET JOURNAL
Act of 1997 by capping Medicare-funded resi- vide more care, but the pandemic has high-
American diplomat, the guard team
dency positions at 1996 levels and paying hospi- lighted the limits of this strategy and the U.S. stopped traffic in a busy Baghdad
tals to eliminate positions. Health-maintenance faces a nurse shortage too. square to ensure her safe passage. A
organizations were supposed to limit health- In a minor political miracle, health industry car suddenly sped toward them.
care utilization and spending while the popula- lobbies and medical groups endorsed legislation When the driver ignored warnings to
tion and demand increased. to add 15,000 Medicare-funded GME positions stop, guards shot at and disabled the
Yet introductory economics teaches that over five years, but the details proved too thorny car. Immediately the convoy came un-
prices will rise when demand increases and for Congress to negotiate. As a small salve, the der heavy insurgent gunfire and re-
supply stays the same. This has happened in latest relief bill expands residency positions by turned fire. Tragically, Iraqi civilians
health care. Government has kept a lid on physi- 1,000 over five years, which will cost in the were killed, but this was no unpro-
voked massacre.
cian fees for Medicare and Medicaid, but doc- neighborhood of $120 million. That’s less than
tors increased rates charged to private insurers 0.004% of Covid relief spending this year and
Letters intended for publication should
to compensate. Hospitals have also discovered 0.015% of Medicare spending last year. be emailed to wsj.ltrs@wsj.com. Please
they can generate more revenue if in-house doc- When Americans can’t find a doctor in the include your city, state and telephone
tors perform more treatments. So hospitals coming years, they should blame a Congress number. All letters are subject to
have acquired independent physician practices, that spends trillions without addressing this editing, and unpublished letters cannot
be acknowledged.
which has reduced competition and driven up soon-to-be urgent need. “Hold up, Reynolds—you’re in coach.”
THE WALL STREET JOURNAL.
Beijing’s Bid for Financial Supremacy
By Kevin Warsh
C
hina is no longer biding its
time and hiding its
strength. Those days are
over.
China’s economic growth
in 2020 significantly outpaced the
U.S. and all other major economies,
which suffered severe recessions.
China’s recent adventurism at home
and abroad can be explained largely
in economic terms. Its leaders draw
confidence to challenge the world
from their country’s macroeconomic
outperformance, and from their grow-
ing belief in the superiority of China’s
economic governance model.
A new front in the great power
competition between the U.S. and
China has opened. Beijing isn’t yet
ready to challenge the U.S. dollar di-
rectly. But it has set its sights on the
China plans to displace
the U.S. as investors’ top
target, and global crises
have sped up its effort.
U.S. bond market, which showed new
vulnerability last year. China is tak-
ing steps to displace U.S. Treasurys
as the world’s most important and
reliable asset. American policy mak-
ers should take notice.
There are signs that China is
starting to reduce its direct pur-
chases of Treasurys. This is difficult
to know precisely: China’s official
foreign exchange reserves total more
than $3 trillion, and it controls other
massive pools of capital. The compo-
sition of China’s foreign reserves and
the amount of its dollar-denomi-
nated assets are a state secret.
But, according to statistics com-
piled by the U.S. Treasury Depart-
ment, Chinese direct holdings of
U.S. government debt fell in each of
the past five months, and are now at
An Awesome Spectacle of Dishonesty and Opportunism
FREE
EXPRESSION
By Gerard Baker
C
ynical opportunism is the cur-
rency of democratic politics.
Since man first learned that
the route to power required the
massaging of others’ egos, history
has been replete with sycophants
and yes-men with an unerring drive
to jettison any principle in the ser-
vice of self-advancement.
There’s a story of an ambitious
and especially oleaginous member of
the British Parliament who, when
some young colleague—a potentially
useful voter in a future leadership
election—asked what time it was,
put his arm around the questioner’s
shoulder and, smiling, said: “What
time would you like it to be?”
But even those long familiar with
spectacles of careerist expediency
dressed up in faux-altruistic casu-
istry can only step back in awe when
evidence of a new standard of cyni-
cal self-aggrandizement comes
along. So it is this week with the
Why We’re Ending the EPA’s Reliance on Secret Science
By Andrew Wheeler
T
he task of science is one of
test and retest, analysis and
comparison, over and over. It
is slow and careful work, done in
the open. Only rarely has science
benefited from secrecy, and that is
usually for reasons of national secu-
rity. The geniuses of the Manhattan
Project who built the atomic bomb,
the mavericks of Cape Canaveral
who sent men to the moon, these
giants did their work behind high
walls, and for good reason.
But the work of the Environmen-
tal Protection Agency—to protect
human health and the environ-
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the lowest level in nearly five years.
The share of new U.S. debt bought
by China is smaller than it’s been in
decades.
China is also trying to replace the
U.S. as the preferred destination for
foreign capital. Its leaders are ac-
tively seeking to persuade global in-
vestors to reconfigure their portfo-
lios to give Chinese securities,
especially risk-free debt, a much
greater role. And some finance min-
istries, sovereign-wealth funds and
large global asset managers are con-
sidering shifting capital in the com-
ing year to China’s higher-yielding
sovereign debt.
Currently, 10-year U.S. Treasurys
yield less than 1% nominally, imply-
ing a significant negative real return
over the decade. The Federal Re-
serve’s newfangled policy regime of
lower interest rates and higher infla-
tion for longer periods portends con-
tinued losses. Investors will increas-
ingly struggle to build portfolios if
they are unable to use Treasury
bonds to mitigate risk effectively.
China’s comparable 10-year bonds
yield about 3.25%, allowing for the
prospect of positive real returns.
Historically, the renminbi was an in-
adequate store of value, which kept
international investors wary. In the
five years before the Covid crisis, the
dollar-renminbi exchange rate weak-
ened as much as 15% peak-to-trough
amid heightened volatility. Global in-
vestors were reluctant to buy Chi-
nese sovereign debt over comparable
U.S. Treasurys.
In a purposeful and marked
change in recent quarters, China has
consistently fixed its overnight ex-
change rate in one direction, allowing
its currency to strengthen more than
8% against the dollar. China’s fiscal
and monetary support for its econ-
omy has become less expansionary.
The clear and concerted message to
global investors: Invest in China and
get better, safer returns. China’s abil-
ity to sustain investor interest de-
pends on the long-term strength of
spectacle of around 150 Republican
members of Congress who will on
Wednesday refuse to approve the
presidential election results re-
turned last month by the Electoral
College.
The action, by more than half the
Republican members of the House
and almost a quarter of GOP sena-
tors, may rank among the most cyni-
cally contrived, morally contempt-
ible, soul-corrupting acts of political
degeneracy ever attempted.
Let’s be clear at the outset what
it isn’t. It isn’t a coup. It isn’t even a
serious attempt to overturn the elec-
tion result.
The letter signed by 11 senators
who plan to object this week is up
front about this. They acknowledge
with disarming honesty that their
effort to reject the result pending a
congressionally-mandated inquiry
into voter fraud will fail.
“We are not naïve. We fully ex-
pect most if not all Democrats, and
perhaps more than a few Republi-
cans, to vote otherwise.”
It’s the brazen acknowledgment
of this reality that makes the whole
enterprise so unprincipled. We can
reasonably surmise that if the sena-
ment—shouldn’t be exempt from
public scrutiny. This is why we are
promulgating a rule to make the
agency’s scientific processes more
transparent.
Too often Congress shirks its re-
sponsibility and defers important
decisions to regulatory agencies.
These regulators then invoke sci-
ence to justify their actions, often
without letting the public study the
underlying data. Part of transpar-
ency is making sure the public
knows what the agency bases its de-
cisions on. When agencies defer to
experts in private without review
from citizens, distinctions get flat-
tened and the testing and delibera-
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Chief Executive Officer, News Corp
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Professional Information Business:
Ingrid Verschuren, Deputy Head
OPINION
its economy, of which there should be
some skepticism. But the current nar-
rative of strong, stable, sustainable
Chinese growth is gaining big trac-
tion in the investor community.
The vulnerability of the U.S. bond
market became clearer when Covid
fears struck last year. Foreign inves-
tors, including China, pulled back
from the Treasury market. Prices fell
unexpectedly, even as equity prices
plummeted. Yields spiked 0.75% in
mid-March, one of the largest, fast-
est shifts in years. U.S. bond liquidity
evaporated, and Treasurys failed to
serve as an effective market hedge.
Market panic ensued. The Fed en-
tered the market in unprecedented
tors really thought their stunt had
the slightest chance of success they
wouldn’t be doing it. If they thought
that their votes would throw the
election to the House of Representa-
tives, deny Joe Biden’s victory and
gloriously reinstall Donald Trump as
president on Jan. 20, they wouldn’t
touch it.
The GOP election
challenge marks a new
low-water mark for
political cynicism.
There would be a kind of kami-
kaze courage about their action if
this was indeed its objective. But
these are no kamikaze politicians,
willing to make the ultimate political
sacrifice for a cause. These guys are
more like the ground crew at a Japa-
nese fighter base, happy to supply
the fuel to propel others to their
fate. They only mount this perfor-
mance because they are secure in
the knowledge that enough of their
Republican colleagues will eschew
tion of science is precluded.
Our rule will prioritize transpar-
ency and increase opportunities for
the public to access the “dose-re-
sponse” data that underlie signifi-
cant regulations and influential sci-
entific information. Dose-response
data explain the relationship be-
tween the amount of a chemical or
pollutant and its effect on human
health and the environment—and
are the foundation of the EPA’s reg-
ulations. If the American people are
to be regulated by interpretation of
these scientific studies, they de-
serve to scrutinize the data as part
of the scientific process and Ameri-
can self-government.
Notable & Quotable
From changes to the House rules
package for the 117th Congress:
(3) In clause 8(c)(3) of rule XXIII,
strike ‘‘father, mother, son, daughter,
brother, sister, uncle, aunt, first cousin,
nephew, niece, husband, wife, father-
in-law, mother-in-law, son-in-law,
daughter-in-law, brother-in-law, sister-
in-law, stepfather, stepmother, step-
son, stepdaughter, stepbrother, step
sister, half brother, half sister, grand-
son, or grand daughter’’ and insert
‘‘parent, child, sibling, parent’s sibling,
first cousin, sibling’s child, spouse,
parent in-law, child-in-law, sibling-in-
law, stepparent, step child, stepsibling,
half-sibling, or grandchild.’’ . . .
(6) In clause 4 of rule XXVII, strike
‘‘himself or herself’’ and insert
‘‘themself.”
DAVID GOTHARD
scale and scope, purchasing about $1
trillion in government debt in about
three weeks.
This Covid-induced episode stands
in contrast with the global financial
crisis a decade ago: U.S. bonds then
served as the ultimate safe haven.
China never sought to replicate
the U.S. economic system. But for de-
cades Beijing considered America’s
economic model worthy of great re-
spect, even admiration. Since their
1980s reforms under Deng Xiaoping,
Chinese leaders believed the U.S.
knew how to run a successful mod-
ern economy.
Times have changed. Many of
China’s leaders no longer hold the
their opportunism and affirm the
election result.
The senators’ cynicism is further
underlined by their claims of prece-
dent. It’s true that something similar
happened in 1876. And they rightly
note more recent examples, includ-
ing the last time a senator objected
to Electoral College results in 2005.
To grasp fully the measure of these
senators’ gall, however, it’s worth
noting exactly who that challenger
was.
Two words: Barbara Boxer.
I’m old enough to remember
when that name was for most con-
servatives a byword for unprincipled
chicanery, political extremism and
rank dishonesty. Now, apparently,
Ms. Boxer’s ridiculous challenge to
the 2004 election result makes her
the model they wish to emulate.
Let’s state it again for disgruntled
conservative voters: Of course there
are legitimate concerns about the
outcome of the 2020 election, espe-
cially the ubiquity of mail-in voting
susceptible to manipulation.
But beyond that general objec-
tion—and a justified conviction that
future elections must not be con-
ducted in this way—the case that
Transparency is a defense of, not
an attack on, the important work
done by career scientists at the
EPA, along with their colleagues at
research institutions around the
country. Increasing polarization
around scientific questions stems in
part from too many public policy
debates setting science in a cate-
gory apart from normal discussion
or standards. By shining light on
the science we use in decisions, we
are helping to restore trust in gov-
ernment. We want the EPA to be
able to say, “you can check our
work.”
The rule-making process is itself
transparent. This rule-making is the
result of several years of work and
two separate public comment peri-
ods, making this final rule a better
product.
Some special interests have dem-
agogued the rule, calling it an at-
tack on privacy that would weaken
the science used by the EPA and po-
liticize public health studies. Critics
in the media appear to prefer it
when regulators feed them conclu-
sions, instead of analyzing the un-
derlying data themselves.
This rule is not a stick for forcing
scientists to choose between re-
specting the privacy and rights of
their study participants and submit-
ting their work for consideration.
No private information will be re-
leased as a result of this rule. We
can verify results with independent
review and still protect confidential
and personal information. Our rule
won’t allow administrators to
cherry pick research to derive polit-
ically helpful results. It won’t cate-
Tuesday, January 5, 2021 | A15
U.S. economy in the same regard.
They believe America’s growing ad-
diction to negative real interest
rates, its unsustainable fiscal path,
and the Fed’s debt monetization in-
dicate a country—and a system—in
decline.
Two major economic shocks, the
Great Recession and the Great Lock-
down, influenced the thinking of
China’s leaders. The twin shocks, sep-
arated by a decade of deliberation
among China’s academics, policy
makers and other party members,
changed China’s view of its relative
economic strength and accelerated
the timeline to bolster its global
presence.
America’s economic future, how-
ever, depends less on the top-down,
macroeconomic decisions of manda-
rins in Washington than China might
appreciate. U.S. prospects rest more
on the resilience and dynamism of
the micro-foundations of our econ-
omy—the culture of hard work, risk-
taking, free allocation of capital and
labor, and respect for the rule of law
in a market system.
China is moving with dispatch to
establish itself as the preferred des-
tination for low-risk capital returns.
If successful, this would be a critical
step in its effort to establish an al-
ternative financial and economic
global ecosystem. China could then
emerge as a more viable and serious
rival for hegemony.
In good times, U.S. policy makers
feel no compulsion to normalize, and
in bad times no reason or ability to
do so. Better, more forward-looking
U.S. economic policy is required to
retain the privilege of U.S. Treasurys
as the world’s safe-haven asset, not
least to strengthen America’s posi-
tion in its growing rivalry with
China.
Mr. Warsh, a former member of
the Federal Reserve Board, is a dis-
tinguished visiting fellow in econom-
ics at Stanford University’s Hoover
Institution.
the election was fraudulent and
must be undone hasn’t been made to
anything near a legal standard.
The senators’ letter fails to ad-
vance the ball on this issue. Tell-
ingly, the only documentation in
their bill of complaint is a reference
to a Reuters-Ipsos poll citing wide-
spread distrust of the election out-
come. It isn’t clear if any of them
spotted the irony—the only thing
less trusted these days than mail-in
voting is opinion polling.
There are, it seems, enough prin-
cipled conservatives to expose and
oppose this cant. As Rep. Liz Cheney
(R., Wyo.) put it this weekend, the
proposed vote would set “an excep-
tionally dangerous precedent,
threatening to steal states’ explicit
constitutional responsibility for
choosing the president and bestow-
ing it instead on Congress.”
Doubtless, the members of Con-
gress signing up for this week’s odi-
ous little exercise assume they will
be rewarded by the ranks of angry
Republican voters. Perhaps so. Let’s
hope for their sakes that the gain
thus achieved is large enough to fill
the hole where their principles
might once have been.
gorically exclude any scientific work
from EPA use. We don’t seek to
limit anyone’s ability to conduct
sound science.
Transparency has been a guiding
principle at the EPA for 50 years. Ad-
ministrator William Ruckelshaus is-
sued his famous “Fishbowl Memo” in
The agency has long made
decisions without allowing
the public to scrutinize
our underlying data.
1983. This memo demanded that EPA
employees act in the open and “en-
sure that the basis for the Agency’s
decision[s] appears in the record.”
Ruckelshaus knew the credibility of a
regulator depended on clear commu-
nication with the public.
Transparency knows no political
ideology. My Democratic predeces-
sors often appealed to its impor-
tance. In 2014, the Obama adminis-
tration’s Gina McCarthy reassured
the National Academy of Sciences
that, “In everything we do—EPA re-
lies on transparency, on rigorous
peer review, and on robust, mean-
ingful public comment.” This final
regulation does just that. Please
read the rule before you reflexively
repeat tired misinformation or
make another’s interpretation of it
your own.
Mr. Wheeler is administrator of
the Environmental Protection
Agency.
A16 | Tuesday, January 5, 2021
U.K. Spurns U.S. Bid for Assange Mexican
President
Judge rejects request
to extradite founder of
WikiLeaks, citing risk
of suicide in prison
BY JASON DOUGLAS
LONDON—A British judge
rejected a U.S. request to ex-
tradite Julian Assange on spy-
ing charges, saying the
WikiLeaks founder would be at
severe risk of suicide if sent to
the U.S. to await trial in a
high-security prison.
The decision marks a major
setback in Washington’s pur-
suit of Mr. Assange for pub-
lishing secret documents relat-
ing to the Iraq and
Afghanistan wars. A lawyer for
the U.S. government said it
would appeal, setting the
stage for another hearing in
the coming months at the
High Court in London. A bail
application is scheduled to be
heard on Wednesday.
Delivering her ruling on
Monday, District Judge Van-
essa Baraitser said Mr. As-
sange has already toyed with
suicide and the prospect of de-
tention in isolation in the U.S.
would likely result in a suicide
attempt.
The judge said the harsh
conditions under which he
would likely be held in the U.S.
prison system would exacer-
bate that risk. The court heard
evidence from doctors who di-
agnosed Mr. Assange with de-
pression and autism.
Under British extradition
law, as well as European hu-
man-rights law to which the
U.K. is a party, a judge can
block extradition on health
grounds if it would result in
Johnson Imposes Third Lockdown as New Strain Spreads
BY MAX COLCHESTER
LONDON—Prime Minister
Boris Johnson began a na-
tional lockdown Monday, or-
dering the British population
to stay home until mid-Febru-
ary amid spiraling infection
rates caused by a new variant
of the coronavirus.
As of Monday evening,
schools and nonessential
shops were to shut across
England and people have been
told to leave their homes only
if necessary.
The imposition of a third
national lockdown came after
the government’s chief medi-
cal officers warned the more-
contagious strain was spread-
ing quickly and that some
hospitals risked being over-
whelmed within three weeks
if new restrictions weren’t put
in place.
There are now more
Covid-19 patients in British
hospitals than at the height of
the pandemic in the spring.
Mr. Johnson said that the
fight against the virus had
reached a critical phase. “It is
SOUTH KOREA
Population Declines
For the First Time
South Korea’s population de-
creased for the first time in
2020, entering a downward trend
likely worsened by the pandemic.
South Korea, Asia’s fourth-
largest economy, reported a pop-
ulation of 51.8 million last year, a
drop of 20,838 people from
2019, according to government
data released Sunday, measuring
citizen registration numbers.
Leading the population drop
is South Korea’s low number of
births. Births have fallen to lows
every year since 2016. The aver-
age number of children a
woman will bear in her lifetime
in South Korea was 1.1 last year,
the lowest fertility rate in the
world, according to a United Na-
tions Population Fund’s survey
of more than 200 countries.
The pandemic, which ham-
mered jobs and forced couples
to delay marriages, is likely to
have weighed on birthrates, es-
pecially in South Korea where
the majority of child births occur
after marriage, said Choi Seong-
soo, a sociology professor at
Yonsei University in Seoul.
A Bank of Korea report in De-
cember said the Covid-19 shock
could have a permanent impact
on birthrates as the delays in
childbearing turn into permanent
decisions to forgo children alto-
gether.
—Eun-Young Jeong
Julian Assange’s supporters celebrate in London after the ruling that he can’t be extradited to the U.S.
unjust or oppressive treatment.
“I find that the mental con-
dition of Mr. Assange is such
that it would be oppressive to
extradite him” to the U.S.,
Judge Baraitser said in a 132-
page ruling. “The overall im-
pression is of a depressed and
sometimes despairing man
who is genuinely fearful about
his future,” she said.
The judge did, however, dis-
miss multiple other arguments
against extradition, including
the defense’s assertion that Mr.
Assange’s prosecution was po-
litically motivated and violated
his rights to free expression.
A spokesman for the U.S.
Department of Justice said
that while it was disappointed
in the court’s decision, the U.S.
had prevailed on every point
clear that we need to do more
together to bring this new
variant under control,” he
said.
The government is engaged
in a logistics race as it tries to
vaccinate its population to
slow the spread of the virus
and protect vulnerable people.
Britain moved more quickly
than other European nations
to approve and roll out
Covid-19 vaccines. So far over
a million people have received
a vaccine shot in the U.K.
However, the new variant
of the virus—Mr. Johnson
said scientists estimated it
was 50% to 70% more trans-
missible than earlier vari-
ants—has taken hold since
December and is spreading
rapidly, U.K. government sci-
entists warned.
Epidemiologists say that
stopping the virus’s exponen-
tial spread will require the
immunization of around two
million people a week and
strict social-distancing re-
strictions.
U.K. infection rates have al-
ready begun to surge. The
NEW OBSTACLE: Students walked in a flooded classroom caused by the overflow of Lake Victoria in Kisumu, Kenya, on Monday as
public schools officially reopened after the government closed them in March to curb the spread of the Covid-19 coronavirus.
NORTH KOREA
Government Applies
For Covid Vaccines
North Korea submitted an ap-
plication to receive Covid-19 virus
vaccines from the main global al-
liance helping lower-income coun-
tries with inoculations, according
to a person familiar with the
matter.
Gavi, the international vaccine
alliance, declined to comment on
WORLD NEWS
of law raised. “We will con-
tinue to seek Mr. Assange’s ex-
tradition to the United States,”
he said.
Mr. Assange, a 49-year-old
Australian who appeared in
court in person Monday, is
wanted in the U.S. on 18
charges of breaking espionage
laws and conspiring to hack a
military computer. The alleged
offenses relate to the publica-
tion in 2010 and 2011 by
WikiLeaks of a huge trove of
classified material that
painted a bleak picture of the
American campaigns in Iraq
and Afghanistan and their af-
termath.
Mr. Assange has repeatedly
defended his work and the
wider WikiLeaks project as
public-interest journalism that
Brian Pinker, 82, became the first person to receive a shot of the
vaccine developed by AstraZeneca and the University of Oxford.
number of people testing pos-
itive for Covid-19 doubled
over the past week to 366,000
as of Monday. Hospitalization
numbers have risen 30% in a
week. Deaths in the week rose
by a quarter to 4,228.
The buildup to the latest
lockdown was marked by Mr.
Johnson gradually tightening
rules amid clamor by scien-
tific advisers who said Brit-
ain’s system of regionally tai-
WORLD WATCH
North Korea’s application. But the
group is assessing individual
economies’ demands and expects
to provide an update early in the
year, a Gavi spokesman said.
In recent weeks, North Korea
has reached out to several Euro-
pean embassies, inquiring how
the country might obtain
Covid-19 vaccines, according to
people familiar with the matter.
Gavi said last month that it
had received detailed vaccine re-
quests from 86 of 92 lower-in-
* * THE WALL STREET JOURNAL.
“If you are in perfect health
you are never going to win
that argument. But if you
have, as Assange does, these
Offers
underlying, serious mental-
health problems, then it’s go-
ing to be a problem always
Asylum
with the Americans,” he said. BY JOSÉ DE CÓRDOBA
The U.S. alleges that Mr. As-
sange broke the law by solicit- MEXICO CITY—President An-
ing classified material from for- drés Manuel López Obrador of-
mer U.S. Army intelligence fered political asylum to Julian
analyst Chelsea Manning and Assange after a British court
by helping her crack a pass- denied a U.S. request to extra-
word to obtain that material. dite the founder of WikiLeaks
Publication of the diplomatic to face spying charges.
cables and military logs she Mr. López Obrador on Mon-
DOMINIC LIPINSKI/PA WIRE/ZUMA PRESS
provided endangered the lives day said Mexico would ask the
of U.S. intelligence sources, the U.K. government about the
U.S. government alleges. possibility of freeing Mr. As-
In June, the Justice Depart- sange, and that Mexico would
ment issued a fresh indictment offer him asylum.
that included new allegations “Therefore, a pardon for
that broadened the scope, the Mr. Assange, pardon and asy-
department said, of the conspir- lum,” he said.
acy surrounding alleged com- Mr. López Obrador said Mex-
puter intrusions with which Mr. ico was happy that the British
Assange has been charged. He is court had denied the U.S. extra-
alleged between 2007 and 2015 dition request, which he called
exposed wrongdoing by the to have encouraged and assisted a “triumph for justice.” He said
U.S. and other governments. hackers affiliated with the Mr. Assange is a journalist who
His case isn’t the first occa- groups Anonymous and LulzSec deserves an opportunity.
sion where a British judge has obtain classified information A British judge denied the
blocked extradition on the published by WikiLeaks, and to U.S. request because she said
grounds that aspects of the have played a role in helping it would put Mr. Assange, who
U.S. prison system would qual- Edward Snowden, a National faces espionage charges for
ify as unjust or oppressive Security Agency contractor who publishing secret documents
treatment for someone who is in 2013 leaked details of clan- pertaining to the wars in Iraq
ill. London’s High Court re- destine surveillance programs and Afghanistan, at risk of sui-
jected the extradition to the to the media, to evade arrest. cide if he was sent to the U.S.
U.S. of Lauri Love, an alleged In hearings at a London to await trial in a maximum
computer hacker, on similar court spread over almost a security prison.
grounds in 2018. year, Mr. Assange denied he Mr. López Obrador said the
Nick Vamos, a partner at solicited anything from Ms. right to asylum is part of Mex-
London law firm Peters & Pe- Manning or helped her steal ico’s foreign-policy tradition,
ters and a former head of ex- classified files. His defense ar- “which is protection, but at
tradition for England and gues that his prosecution is the same time carries the re-
Wales’s Crown Prosecution politically motivated, a poten- sponsibility of making sure the
Service, said it was an argu- tial bar to extradition under a person receiving asylum
ment defense teams frequently bilateral treaty between the doesn’t intervene, doesn’t in-
deploy when resisting extradi- U.S. and U.K. that governs ex- terfere in political matters of
tion to the U.S. tradition requests. any country.”
First Minister Nicola Sturgeon veloped by Pfizer Inc. and Bi-
moved to put Scotland into oNTech SE that was approved
lockdown until the end of in the U.K. earlier in Decem-
January. ber require two doses to be
With the start of the roll- fully effective.
out of the vaccine developed At the end of last month,
by AstraZeneca PLC and the Britain’s chief medical officers
STEVE PARSONS/PA WIRE/ZUMA PRESS
University of Oxford on Mon- wrote to health professionals
day, government officials are arguing that allowing a 12-
hopeful that vaccination rates week gap between shots
can increase significantly by would ensure that more peo-
the second half of the month. ple can receive a basic level of
Britain has already set up protection.
close to 1,000 mass injection Some experts question
sites and has drafted thou- whether data back this ap-
sands of retired nurses and proach.
doctors to administer the Even with higher vaccina-
shots. The government is rac- tion rates, restrictions will
ing to inoculate the 13 million likely be necessary for some
Britons who are considered time to come.
lored restrictions wasn’t most at risk from the virus. A study by Imperial College
working. As late as Sunday, “We are now rolling out London found the new mu-
Mr. Johnson was urging par- the biggest vaccination pro- tated variant of the coronavi-
ents to send their children to gram in our history,” said Mr. rus increases the R number—
school where possible. Johnson. By mid-February, ev- or the number of people on
The government held off eryone most at risk of the vi- average every person with the
announcing a more stringent rus should have received a infection goes on to infect—
nationwide lockdown while shot of a vaccine, he said. At by 0.4 to 0.7. That could ne-
awaiting evidence of how that point many restrictions gate the effect of the existing
tighter social restrictions in can be removed, Mr. Johnson social-distancing restrictions
the south of the country af- said. that were in place across
fected the virus’s spread. Both the AstraZeneca-Ox- much of the country before
Earlier on Monday, Scottish ford shot and the vaccine de- Monday.
GREECE
First Openly Gay
Minister Appointed
The center-right government
in Greece named the country’s
first openly gay minister in a
cabinet shuffle Monday.
Nicholas Yatromanolakis, 44
years old, was named as the
new deputy minister of culture
after being promoted from the
BRIAN ONGORO/AGENCE FRANCE-PRESSE/GETTY IMAGES
position of general secretary at
the ministry.
The government retained its
ministers of health and finance
and most other key positions in
the shuffle.
—Associated Press
COLOMBIA
Boat Carrying
Migrants Sinks
Rescue workers in Colombia
are trying to locate more than
20 migrants whose boat sank as
it tried to reach Panama.
come countries and economies bating the virus a matter of na- The sinking was reported on
eligible for the Covax Advance tional survival. It has sealed off Monday by officials in Acandi, a
Market Commitment program, its borders and suspended for- municipality along the Gulf of
which is aiming for equitable eign travel. Uraba. Thousands of undocu-
distribution of vaccines. For that Nearly 12,000 people have mented migrants cross the gulf
group, which includes North Ko- been tested for Covid-19 in each year on small boats.
rea, Covax has secured at least North Korea through Dec. 17, Migrants traveling through
1.3 billion donor-funded doses, with tens of thousands having the Uraba region are mostly try-
targeting coverage of up to 20% been quarantined, according to ing to make it to the U.S. Many
of the population by the end of the World Health Organization. come from Cuba and Haiti. But
2021. Health experts and foreign offi- it is also common to see mi-
North Korea hasn’t reported a cials are skeptical that North Ko- grants from Africa and Asia
single Covid-19 case. The Kim rea is virus-free. along this route.
Jong Un regime has called com- —Timothy W. Martin —Associated Press
 TECHNOLOGY: SLACK RESTORES SERVICE AFTER WIDESPREAD DISRUPTIONS B4

BUSINESS & FINANCE

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THE WALL STREET JOURNAL.

WSJ $ IDX g 0.03% LIBOR 3M 0.237

Tuesday, January 5, 2021 | B1

NIKKEI (Midday) 27232.38 g 0.10% See more at WSJ.com/Markets

Stocks Start Year With a Selloff NYSE

S&P, Dow fall after
both benchmarks
face in containing the pandemic
mean many companies will re-
Share-price and index
performance, Monday
Tesla
Delta Air Lines losing $1.48, or
3.7%, to $38.73.
Scraps
main vulnerable to financial
closed at records on
last day of 2020
pressures in the near term.
The Dow Jones Industrial
Average fell 382.59 points, or
Dow Jones Industrial Average

BY AKANE OTANI
AND ANNA HIRTENSTEIN
1.3%, to 30223.89. The S&P 500
shed 55.42 points, or 1.5%, to
3700.65, and the Nasdaq Com-
posite declined 189.83 points,
Stocks tumbled on the first or 1.5%, to 12698.45.
trading day of the year, re- “We have continued con-
treating sharply from records cerns over Covid-19 and the
set just days ago. ability to staunch this wave,
Investors are starting off the not just in the U.S. but glob-
new year fixated on the same ally,” said Quincy Krosby, chief
issue that dominated markets market strategist at Prudential
for much of 2020: the corona- Financial.
virus pandemic. Many believe Ms. Krosby added that there
economic activity will pick up appeared to be growing ner-
later this year as more of the vousness over Tuesday’s Geor-
population is vaccinated and gia runoff races, which will de-
businesses reopen. But they ac- termine whether Republicans
knowledge the path to recovery can hold on to control in the
will likely be long and uneven. Senate. In recent days, betting
News on the pandemic has markets have shown the Re-
painted a grim picture in re- publican lead shrinking, point-
cent days. Hospitalizations in ing to what will likely be a
the U.S. jumped to a record tight race.
Sunday. Meanwhile, govern- “These are all of these con-
ments across Europe are ex- cerns, and then we have a mar-
tending lockdowns to try to ket that is priced to perfection,
slow the spread of the virus. which is denting returns right
The difficulties countries now,” Ms. Krosby said.
–6%
Source: FactSet
Among individual stocks,
Coca-Cola shares fell $2.08, or
3.8%, to $52.76. RBC Capital
Markets analysts downgraded
the stock to sector perform
from outperform, saying they
believe the pandemic will con-
tinue to limit major public
Russell 2000
Nasdaq Composite
S&P 500
Hilton Worldwide Holdings
Delta Air Lines
Coca-Cola
American Airlines
Marriott International
–4 –2 0 2
events and dining at restau-
rants, potentially hurting de-
mand for Coca-Cola products.
Airline stocks, another
group that has been hard hit
by the pandemic, fell as well,
with American Airlines falling
64 cents, or 4.1%, to $15.13, and
Hotel operators also re-
treated, with Hilton World-
wide Holdings shedding $3.80,
or 3.4%, to $107.46 and Mar-
riott International losing
$7.09, or 5.4%, to $124.83.
One stock that bucked the
trend: Tesla. The electric-car
maker rose $24.10, or 3.4%, to
$729.77 after saying it deliv-
ered a record 499,550 cars last
year, just shy of its half a mil-
lion target.
As investors broadly with-
drew from stocks, gold prices
jumped 2.7% to $1,944.70 a
troy ounce, posting their big-
gest one-day percentage gain
since April. The precious metal
tends to gain favor with inves-
tors when market volatility in-
4 creases.
Overseas, the pan-continen-
tal Stoxx Europe 600 rose 0.7%,
paring earlier gains.
The U.K.’s FTSE 100 added
1.7%. The trade deal struck on
Christmas Eve between the
U.K. and European Union is
likely delivering a boost to
British stocks, said Sebastian
Please turn to page B10
Chinese
Delistings
BY CHONG KOH PING
AND BEN OTTO
The New York Stock Ex-
change reversed its decision to
delist China’s three largest tele-
communications companies, af-
ter consulting with regulatory
authorities about a recent U.S.
investment ban.
In a statement released late
Monday in New York, the Big
Board said “it no longer intends
to move forward with the de-
listing action” on China Mobile
Ltd., China Telecom Corp. and
China Unicom (Hong Kong)
Ltd.
The Hong Kong-listed shares
of the three telecom majors
surged on the news. Shares of
China Mobile, which is among
the most valuable of China’s
listed state-owned enterprises,
rose as much as 7.5% in late
morning trade on Tuesday,

Casinos Raise Stakes on Online Gambling

while China Telecom and China
Unicom jumped 8.1% and 11%,
respectively.
NYSE’s earlier plan to delist
the companies followed a U.S.
BY KATHERINE SAYRE government order, signed by
President Trump in November,
U.S. casino operators are that prohibits Americans from
wrestling for control of an on- investing in a list of companies
line- and sports-gambling the U.S. government says sup-
market that has softened the ply and support China’s mili-
blow of Covid-19 closures, but tary, intelligence and security
there is a long way to go be- services.
fore digital wagering can The trading ban was sup-
match the profits from bricks- posed to start on Jan. 11, and
and-mortar casinos. investors would have until No-
Las Vegas-based MGM Re- vember to shed their holdings.
sorts International has made The NYSE had sent out a no-
the equivalent of an $11 bil- tification about its plans to
lion takeover offer for Entain commence delisting procedures
PLC, one of the U.K’s largest around New Year’s Day, while
gambling firms and the owner markets were closed. The sur-
of the Ladbrokes brand, the prise announcement roiled the
companies said Monday, con- Hong Kong-listed shares and
firming an earlier Wall Street American depositary receipts of
Journal article. It marks one the three companies on Mon-
of the biggest potential deals day after trading resumed, as
in the race for the growing large and small investors
online- and sports-betting in- scrambled to figure out what to
dustry. Entain said the £8.09 do with their American deposi-
PAUL SANCYA/ASSOCIATED PRESS

billion offer significantly un- tary share holdings.

dervalues the company but The current blacklist covers
asked for more information 35 companies, including the
on the strategy behind a privately held parents of the
merger. three listed telecom companies,
In a written statement as well as China’s largest chip
Monday, MGM said it believes maker, surveillance, aerospace,
the deal would position the shipbuilding, construction and
company as a global operator MGM and Entain are partners in the venture behind BetMGM, a U.S. sports- and online-betting brand. technology companies.
across online and retail gam- The U.S. Treasury Depart-
bling and diversify its opera- nese territory of Macau. MGM area for growth. revenues. Covid-19 vaccines flurry of acquisitions and in- ment’s Office of Foreign Assets
tions. MGM said it “looks for- and Entain are partners in the Last year was a tumultuous have gambling operators hop- vestments last year. MGM ri- Control, which handles eco-
ward to engaging with Entain venture behind BetMGM, a one for the gambling industry. ing for a swift return to nor- val Caesars Entertainment nomic sanctions, has said the
on this basis.” U.S. sports- and online-bet- The coronavirus pandemic mal this year, but much re- Inc. reached a $4 billion deal ban covers derivatives and de-
MGM owns more than a ting brand. A merger would prompted casinos to maneu- mains uncertain. to buy another U.K. sports- positary receipts, as well as ex-
dozen resorts on the Las Ve- give MGM full control over ver through monthslong clo- The pandemic increased betting company, William change-traded funds, index
gas Strip, along with casinos what the company has sures and reopenings under gambling companies’ interest Hill PLC, which already has a funds and mutual funds.
across the U.S. and in the Chi- pointed to as a significant occupancy limits, wiping out in the online space, with a Please turn to page B2 Please turn to page B2

Bitcoin’s Wild Ride INSIDE Google Employees Launch

Carries Over Into ’21 Union to Push for Changes
GETTY IMAGES FOR GOOD+FOUNDATION

BY PAUL VIGNA tocurrency, rose as much as

35% over the three-day week- BY SARAH E. NEEDLEMAN $258,708 in 2019, according month alleging Google inter-
Bitcoin got the new year off end, trading above $1,000 for to company filings. rogated, surveilled and later
to a scorching start as inves- the first time since early 2018. A group of Google employ- Organizing efforts began fired employees for engaging
tors continued to pile on bets Ether eased by 1% on Monday, ees has formed a union to or- over a year ago, part of a in workplace organizing. A
that the digital currency’s closing at $998. ganize workers across the continuing tide of activism Google spokesman said the
price will keep rising. The moves were so strong, technology company’s within Google. Members said company denies the claims.
The price of bitcoin rose as they are likely to spark a back- sprawling global operations, a the union’s immediate goal “We’ve always worked hard
much as 19% over the weekend, lash, Mr. Aslam said. “Traders BUSINESS rare move within Silicon Val- isn’t collective bargaining or to create a supportive and re-
trading as high as $34,452 on need to be mindful that a cor- Mondelez nears ley and one that reflects formal recognition by Alpha- warding workplace for our
Sunday, according to CoinDesk. rection is looming,” he said. growing employee activism in bet. The push instead reflects workforce,” said Kara Silver-
It finished 2020 at $28,966, A correction of sorts did oc-
deal to buy the sector. a need for employees to be stein, Google’s director of
more than quadrupling on the cur, again illustrating the vola- the rest of a maker Representatives said the able to speak out about the people operations. “Of course,
year. tility of the asset class. After of chocolate bars. B3 Alphabet Workers Union— company without facing ca- our employees have protected
Bitcoin has been on an ex- bitcoin hit its new high, the which is currently backed by reer repercussions, they said. labor rights that we support.
tended rally since early Sep- price fell 15%, trading as low as around 200 workers, a frac- In 2018, thousands of em- But as we’ve always done,
tember, part of the “everything $29,069 early Monday morn- tion of the tech company’s ployees staged a walkout to we’ll continue engaging di-
rally” that fueled gains in ing. Bitcoin closed Monday more than 132,000 employ- protest a workplace culture rectly with all our employees.”
stocks, emerging markets and down 7.6% at $31,027. ees—will be affiliated with that they said promotes and Organizers also cited the
other assets. Bitcoin, introduced in 2008, Communications Workers of protects perpetrators of sex- recent firing of a Black artifi-
In many respects, what hap- was designed as a digital ver- America Local 1400, and is ual harassment. cial-intelligence researcher in
pened in the first few days of sion of cash that could operate the first one open to employ- Employees had previously reflecting the need for em-
2021 resembled a stock market outside the control of govern- ees and contractors at any Al- also criticized the company’s ployee activism. Timnit Gebru
“short squeeze,” said AvaTrade ments or central banks. phabet Inc. company. The work with the Defense De- late last year said she was
analyst Naeem Aslam. He was Last year, when the Federal union will be supported by partment and its plan to ex- fired by Google after refusing
referring to the cascade of Reserve cut interest rates, members paying 1% of their plore a censored search en- to retract a research paper
buying that can happen when pushing down the value of the annual base pay and bonus gine for Chinese citizens. and complaining about the
investors respond to a price U.S. dollar, bitcoin became a every year, organizers said. The employee group also company in an email to
jump by buying back stock fashionable bet as an inflation FINANCE Google employees are said Google has retaliated colleagues, saying it ignored
they have sold in an effort to hedge, though that status has Fidelity looks to among the best-paid workers against employees critical of her feedback on issues like
keep their losses from mount- yet to be proved. in American corporations and the company and done little the proportion of female em-
ing. There was a notable influx
convert day traders enjoy ample perks. Median to address complaints of dis- ployees.
It wasn’t just bitcoin that of professional traders last into fee-paying pay at Alphabet, whose oper- crimination and harassment. In a December memo, Chief
took a wild ride. The price of year, highlighted by billionaire customers. B9 ations include a range of in- The National Labor Relations Executive Sundar Pichai
ether, the second-largest cryp- Please turn to page B10 ternet businesses, was Board filed a complaint last Please turn to page B4
 B2 | Tuesday, January 5, 2021 * **** THE WALL STREET JOURNAL.

INDEX TO BUSINESSES CORPORATE WATCH

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 Fidelity Investments..B9
Activision Blizzard....B11
Alibaba........................B9
Alphabet ................ B1,B4
Amazon.com...............A1
American Airlines.......B1
American Well............B3
Apple...........................B4
AstraZeneca........A3,A16
AT&T............................B4
Avid Bioservices.........A3
B
BioCatch......................B4
BioNTech ............. A3,A16
C Just Eat Takeaway.com
Caesars Entertainment
.....................................B1
Catalent ...................... A3
CD Projekt.................B11
China Mobile...............B1
China Telecom.............B1
N
Fitness International . A8 NautilusTech ............. B10
Flir Systems................B2 98point6......................B3
G Nordstrom.................B10
Gap ............................ B10 P-R
Genworth Financial .... B3 PayPal........................B10
H Peugeot.......................A1
Haven Healthcare.......A1 Pfizer...................A3,A16
Hilton...........................B1 PSA Group .................. A1
Hony Capital ............... B3 Recipharm AB.............A3
Hu................................B3 Robinhood Financial ... B9
J S
Johnson & Johnson....A3 Semiconductor
JPMorgan Chase.........A1 Manufacturing
International.............B9
.....................................B9 Slack Technologies ..... B4
K Sony...........................B11
Square.......................B10
Kohl's.........................B10
T
L
Teladoc Health............B3
Livongo Health............B3

WAYNE PARRY/ASSOCIATED PRESS

China Unicom (Hong
Kong).........................B1
Coca-Cola.....................B1
Coinbase....................B10
Corsair Gaming.........B11
D M
Delta Air Lines ........... B1
Deutsche Boerse.........B9
Discovery.....................B4
E-F
Electronic Arts..........B11
Emergent Biosolutions
.....................................A3
Entain..........................B1
Euronext......................B9
Fiat Chrysler...............A1
INDEX TO PEOPLE
A G
Aslam, Naeem ............ B1
B H
Bonnanzio, John ......... B2
Brennan, John.............B4
Brown, Jordan.............B3
Bussmann, Brendan....B2
C Ryan, Devin.................B2
Cicconi, Fiona Clare....B4
Creutz, Doug.............B11
D-F
Dimon, Jamie..............A1
Druckenmiller, Stanley
.....................................B1
Fasola, Ken..................B2
Foley, Jane..................B9
London Stock Exchange
Group.........................B9
Lonza...........................A3
LVMH Moët Hennessy
Louis Vuitton............B9
Macy's.......................B10
Marriott.......................B1
Massachusetts Mutual
Life Insurance.........B10
MGM Resorts
International.............B1
Microsoft...................B11
MicroStrategy.............B1
Moderna......................A3
Mondelez International
.....................................B3
Grove, Chris ................ B2
Hassid, Mony..............B4
J
Johnson, Abigail.........B9
Jones, Paul Tudor.......B1
K S
Karp, Jason.................B3
Krosby, Quincy............B1
L T
Luk, Ben....................B10
M-N
Mackay, Sebastian....B10
McInerney, Thomas....B3
Teledyne TechnologiesB2
Tesla.....................B1,B10
Top Line Restaurants.A8
Turtle Beach..............B11
V
ViacomCBS..................B4
Vista Bank..................A8
W
Walt Disney................B4
Webull Financial.......B10
Werner Aero ServicesA1
WikiLeaks ................. A16
William Hill.................B1
Z
Zoom Video
Communications.....B10
Molloy, Bart................B4
Nelson, Lucas..............B4
Nowak, Brian ............ B11
P Teledyne--which also makes
Pichai, Sundar.............B1
R and infrared systems--said there
Rumph, Ken...............B11
Silverstein, Kara.........B1
Subramaniam, Ram....B9
Tavares, Carlos...........A1
Trout, William.............B9
W each FLIR share. The arrange-
Williams, Dave............B2
Penn National Gaming is part owner of Freehold Raceway. The company’s chief financial officer stepped down from the post.
TELEDYNE
Night-Goggles Maker
Bought for $8 Billion
Teledyne Technologies Inc.
agreed to buy FLIR Systems Inc.,
a maker of night-vision goggles
and other thermal-imaging sen-
sors, in a cash-and
-stock deal valued at approxi-
mately $8 billion, the companies
said Monday.
digital imaging sensors, cameras
is minimal overlap between the
companies’ products because
they are based on different semi-
conductor technologies for differ-
ent wavelengths.
The Thousand Oaks, Calif.,
company agreed to pay $28 in
cash and issue 0.0718 share for
ment implies a purchase price of
$56 a FLIR share, a roughly 28%
premium, based on Teledyne’s
Teledyne on Monday also re-
vised higher its estimates for
fourth-quarter and full-year
earnings.
—Matt Grossman
CENTENE
Merger Deal Signed
With Magellan Health
Centene Corp. agreed to buy
Magellan Health Inc. for a total
enterprise value of $2.2 billion,
the companies said Monday.
The cash deal values Magellan,
a Phoenix-based managed-health-
care company, at $95 a share.
Magellan closed trading at $82.84
on Thursday before the New
Year’s Day holidayCentene, a St.
Louis-based health-care company,
said the deal would broaden its
offerings in the areas of mental
and behavioral health.
The deal is expected to close
in the second half of the year,
the companies said. Magellan
Health Chief Executive Ken Fa-
sponsored health plans.
—Matt Grossman
PENN NATIONAL
Finance Chief Leaves
After Less Than Year
Penn National Gaming Inc. on
Monday said Dave Williams has
stepped down as executive vice
president and chief financial offi-
cer after less than a year on the
job.
The Wyomissing, Pa., gaming
company said industry analyst
Felicia Hendrix will join as exec-
utive vice president and chief fi-
nancial officer, effective March 2.
Penn National said Mr. Wil-
liams, who will remain as a non-
officer employee in an advisory
position until Feb. 19 to assist
with the transition, will receive
two years’ pay at his current
base salary and a one-time pay-
ment of 1.5-times his base pay.
Mr. Williams, who joined
demic factored into his decision
to leave.
Penn National said Ms. Hen-
drix, who was most recently a
managing director and equity re-
search analyst covering the
gaming, lodging, and leisure in-
dustries at Barclays.
—Colin Kellaher
DENTSPLY
Pact Is Reached With
Byte Aligner Firm
Dentsply Sirona Inc. said it
acquired Byte, a direct-to-con-
sumer, doctor-directed supplier of
clear aligners, for $1.04 billion.
The Charlotte, N.C., maker of
dental products and technologies
said the deal adds scale to its
SureSmile clear-aligner business
and bolsters its connection with
dental professionals.
Dentsply said it expects Byte
to generate 2021 sales of at least
$200 million, bringing the com-
pany’s combined clear-aligner rev-

MGM Bids accept as being in the main-

stream, while online casinos
have been a tougher sell, said
five-day volume-weighted aver-
age as of Dec. 31. Shares of Flir,
which is based in Arlington, Va.,
sola and other Magellan execu-
tives will join Centene. The deal
comes nearly a year after Cen-
Penn National last March at a
base salary of $650,000, said
the challenges of working re-
enue to more than $300 million
by the end of the year. Dentsply
also expects the acquisition will

For Betting Brendan Bussmann, partner

and director of government
affairs at Global Market Advi-
jumped 19% Monday to $52.24,
while Teledyne shares slid 7.6%
to $362.39.
tene closed its acquisition of
WellCare Health Plans, another
insurer focused on government-
motely from the West Coast
and the potential strain of relo-
cating his family during the pan-
add at least 5 cents to 2021 ad-
justed per-share earnings. ,
—Colin Kellaher

Company sors.
“It’s going to be harder for
legislators to feel comfortable
putting a slot machine or ta-
Continued from page B1 ble game on somebody’s
partnership with Caesars. phone sitting at their house,”
The total revenue gener- Mr. Bussmann said.
ated from online casino and Sports betting has been ad-
sports betting, though, is still opted more quickly across the
a fraction of what gambling country since the Supreme
operators get from slot ma- Court in 2018 issued a ruling
chines and table games in that cleared the way for
bricks-and-mortar casinos. states to legalize the practice.
From January through Oc- Now, 25 states and the Dis-
tober of last year, total com- trict of Columbia have legal
mercial gambling revenue fell sports wagering. Some states
33% from the previous year to allow online sports wagering,
about $24 billion, according while some have limited the
to the most recent data com- practice to in-person sports
ROY LIU/BLOOMBERG NEWS

piled by the American Gaming betting at casinos.

Association, an industry trade “There’s enough of a mar-
group. More than $19 billion ket to play in, at this point,
of that came from gamblers at that establishing your brand,
slots and table games. establishing your operations,
all of those things matter
quite a bit more to the long-
term success of an operator The Hong Kong-listed shares of the three telecom companies jumped on news of the Big Board’s decision.
The pandemic like MGM,” said Chris Grove,
increased gambling
companies’ interest
gambling-industry analyst
and partner at Eilers & Kre-
jcik Gaming. “Three or four
NYSE China Mobile’s share-price
performance since its IPO
in 1997
in the online space. years ago, planting a flag in
the U.S. online gambling mar-
ket wasn’t worth that much.”
Scraps HK$150

Meanwhile, gross revenue

from online casino games
Meanwhile, total gambling
revenue, particularly in casi-
nos outside of Las Vegas, has
Delistings 125

more than tripled during that begun to recover after the 100
period, but the total revenue springtime closures of casinos Continued from page B1
amount was still only $1.23 wiped out revenue. In Octo- Last week, the Treasury said
billion. Sports betting, includ- ber, total gambling revenue it would add subsidiaries to the 75
ing online sports wagering, fell about 6% from the previ- blacklist if they were majority
rose 39% to more than $957 ous year, according to the owned—or controlled—by a
million. trade group. company that has been named. 50
Online casinos, which in- Under the proposed MGM- The NYSE on Monday said it
clude digital versions of slot Entain deal, the resulting had further discussions with 25
machines and roulette, have combined company would “relevant regulatory authori-
been legalized in only five generate about 30% of its ties” about the Treasury De-
states: New Jersey, Pennsylva- earnings before interest, partment’s recent statement on 0
nia, West Virginia, Delaware taxes, depreciation and amor- its intention to publicly name 2000 ’10 ’20
and Michigan. Nevada limits tization from digital opera- the subsidiaries of the banned Note: HK$1=$0.13
online casino games to poker tions, with the remainder groups. Source: FactSet
only. coming from traditional en- “At this time, the Issuers
Sports betting has been terprises, according to ana- will continue to be listed and plemented the administrative
easier for state lawmakers to lysts at Jefferies Group LLC. traded on the NYSE,” the ex- order for political purposes,
change said, adding its regula- completely ignoring the actual
tion arm will continue to evalu- situation of the companies con-
ate how the executive order cerned and the legitimate
applies to the three telecom rights and interests of global
companies and their continued investors, and seriously dis-
listing status. rupting the normal market
China Mobile has been listed rules and order.”
on the Big Board for more than In separate statements re-
PAUL ELLIS/AGENCE FRANCE-PRESSE/GETTY IMAGES

two decades, while China Uni-
com and China Telecom have
been traded on the exchange
since 2000 and 2002 respec-
tively. All had raised billions of
dollars in their initial public of-
ferings.
Some analysts said the de-
listing would likely force some
American investors to sell their
shares when they were trading
near multiyear lows.
The China Securities Regula-
MGM rival Caesars Entertainment reached a $4 billion deal last tory Commission on Sunday
year to buy another U.K. sports-betting company, William Hill. said the U.S. government “im-
leased a day earlier, the three
Chinese telecom companies
said their American depositary
receipts represent ownership of
3.3% to 8% of the companies’
tradable shares, and account
for 9% to 22% of total trading
volumes, when both ADRs and
Hong Kong shares are consid-
ered.
On Tuesday, China Unicom
and China Telecom noted the
NYSE’s updated decision and
said they will continue to moni-
tor developments.
THE WALL STREET JOURNAL. * * Tuesday, January 5, 2021 | B3

BUSINESS NEWS

Mondelez
Set to Buy
U.S. Insurer’s Chinese Merger Stalls
BY LESLIE SCISM
AND SERENA NG
Chocolate China Oceanwide Holdings

Bar Maker Group Co.’s four-year-old

BY CARA LOMBARDO
Mondelez International
Inc. is nearing a deal to buy
paleo chocolate-bar maker Hu
Master Holdings, the latest
move by an established food
company to tap into growing
demand for healthier snacks.
The snack-food giant, which
took a minority stake in Hu in
2019, is planning to buy the
agreement to buy Genworth
Financial Inc., one of the
world’s longest deal engage-
ments, is petering out.
In October 2016, Genworth
agreed to sell itself to the Chi-
nese conglomerate for $2.7
billion in cash. But on Monday,
Richmond, Va.-based insurer
Genworth said a year-end
2020 deadline to complete the
transaction with Beijing-based
China Oceanwide wasn’t ex-
tended—after 16 extensions.
VINCENT YU/ASSOCIATED PRESS

rest in a transaction that val- While the companies didn’t

ues Hu at around $340 mil-
lion, according to people fa-
miliar with the matter. The
deal for closely held Hu could
be announced this week, they
said.
Hu (pronounced “hue”)
makes a popular chocolate bar
based on the paleolithic diet
that is vegan and free of soy
and refined sugar. More re-
cently, it expanded into grain-
free crackers.
The company traces its
roots to 2012, when its flag-
ship restaurant opened in New
York City’s Greenwich Village.
It was founded by Jason H.
Karp and siblings Jordan
Brown and Jessica (Brown)
Karp, according to the com-
pany’s website.
Mondelez, the maker of
Oreo cookies and Ritz crack-
ers, has been adding to its
snack portfolio. Like other
food makers, it has prioritized
brands with simpler ingredi-
ents as consumers’ tastes turn
away from highly processed
foods and toward healthier
fare.
In 2018 it agreed to buy
cookie maker Tate’s Bake Shop
for about $500 million. Tate’s,
known for its green and white
label, uses brown cane sugar
and butter over high-fructose
corn syrup and vegetable oil.
Hu is expected to operate
separately from other Monde-
lez divisions, as do Tate’s and
Perfect Snacks, another recent
acquisition that makes organic
nutrition bars.
cancel the merger agreement,
the move indicates the long-
running affair could end with-
out a marriage.
Genworth said a stumbling
block was the deal’s financing,
which was to be partially sup-
plied by Hony Capital, a Chi- Genworth’s CEO said Hong Kong quarantine rules complicated efforts to finalize a financing plan. The city’s airport in October.
nese private-equity firm. A
Hony Capital representative Thomas McInerney said quar- Genworth Financial share price care insurance are over. Gen- Few companies were hit as
declined to comment. antine requirements for travel- worth helped popularize the hard as Genworth.
$5
Genworth said the Covid-19 ers to Hong Kong—along with product line in the 1990s and The absence of a deal will
pandemic “and associated re- pandemic prohibitions in the 2000s, and it led the sales shine a spotlight on long-
strictions” also delayed the Asian financial center on gath- 4 charts in many years. standing concerns about the
deal’s closing. erings of more than two peo- The policies typically pay adequacy of many insurers’ re-
Shares of the insurer tum- ple—complicated efforts by for in-home aides, nursing serves for paying long-term-
bled $1.09, or 29%, Monday to China Oceanwide to finalize 3 homes and other costs of peo- care claims potentially over
$2.69, taking the New York- and execute its financing plan ple who no longer can care for decades. According to a De-
listed company’s market capi- with Hony. themselves. Millions of Ameri- cember report by Moody’s In-
talization down to about $1.4 Earlier, the company had 2 cans own policies, which were vestors Service, Genworth has
billion. said Oceanwide and Hony once sold by an array of prom- about $30 billion in such re-
The deal was supposed to needed to hold in-person dis- inent insurers. serves, making it home to the
1
give Genworth a much-needed cussions to finalize the terms But insurers miscalculated biggest single block of long-
$1.5 billion capital infusion, for up to $1.8 billion in debt fi- the costs they would incur, in- term-care policies in the U.S.
and was agreed to at a time nancing for the deal. 0 cluding such factors as the life-insurance industry.
when Chinese conglomerates Mr. McInerney wasn’t avail- Aug. 2020 Oct. Dec. ’21
length of time people would Genworth said Monday it in-
were flush with cash and pay- able for comment on Monday. be on claims and how many tends to manage its U.S. life in-
ing top dollar for assets all The company plans to host an Source: FactSet policyholders would file surance companies “on a
over the world. It passed investor call Tuesday. claims. Ultralow U.S. interest stand-alone basis with no plans
many regulatory hurdles, get- Hong Kong, a major hub for As Oceanwide and the U.S. rates since 2008 also badly to infuse capital into those
ting approval from Chinese Chinese companies’ fundrais- insurer struggled to close the hurt the product line, as insur- companies in the future, absent
authorities, insurance regula- ing, in December tightened deal over the past year, Wall ers invest the policies’ annual an Oceanwide transaction.”
tors and the Committee on travel restrictions following a Street analysts said they be- premiums until needed for The company also said it is
Foreign Investment in the U.S., rise in coronavirus cases. lieved Genworth has financial payouts. Since 2007, insurers focusing on executing a contin-
which reviews cross-border Since late last month, it im- resources to run its operations have bulked up their reserves gency plan that could include
deals for national-security posed 21-day mandatory quar- without a buyer. The company with more than $10 billion in an initial public offering of
concerns. antines on arrivals from most has a robust mortgage-insur- charges against their earnings stock of its U.S. mortgage-in-
Given the many closing ex- countries, deterring many in- ance business to generate reve- to reflect the higher antici- surance business. Genworth
tensions, some regulators had ternational travelers. nue and profits, and it has pated payouts. said this and other steps would
to approve the deal a second Both companies said in enough money on hand to Many received regulatory help improve its financial posi-
time after their earlier ap- Genworth’s release Monday cover its 2021 debt obligations, approval to pass on double- tion, adding that it has enough
provals expired. that they remain open to com- analysts said in recent months. digit and even triple-digit rate cash and assets to pay off debt
At Genworth’s annual pleting the transaction, but ei- But the collapse of the deal increases to consumers, anger- coming due next month.
shareholders meeting last ther side can terminate the would mean that Genworth’s ing their customer base. Most —Jing Yang
month, Chief Executive merger agreement at any time. days as a pioneer in long-time- quit selling new policies. contributed to this article.

Telemedicine Startups Seek
To Build on 2020 Momentum
BY BRIAN GORMLEY
Venture-capital investment
in telehealth soared last year
as startups grew to meet pan-
demic-driven demand. Now
the industry aims to sustain
its momentum in 2021.
Globally, telehealth startups
gathered $10.22 billion
through Dec. 20, an increase
of more than 70% from the
$5.95 billion raised in all of
2019, according to market-in-
telligence firm CB Insights. In-
vestment in telehealth was
smaller than in biotechnology,
where startups globally had
tions, prepared for the Agency rollees received a Medicare
for Healthcare Research and telemedicine service, accord-
Quality, identified potential ing to the agency.
benefits, saying, for example, One question is whether
that reduced patient time in telehealth can continue its
the emergency department is
a likely outcome of specialty
telehealth consultations.
climb, or if the pandemic
pulled the sector’s next few
years’ of growth forward to
Telehealth grew in 2020 today. Several investors and
with help from expanded observers say they expect sus-
Medicare coverage. Before the tained demand because tele-
pandemic, 15,000 fee-for-ser- health enables efficient care
vice beneficiaries received a and greater ability to manage
Medicare telemedicine service chronic diseases.
weekly, Medicare said in De- Consumers and health-care
cember. providers have indicated that
they view telehealth positively,
said Marissa Schlueter, a se-
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Telehealth companies such
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 B4 | Tuesday, January 5, 2021 * * THE WALL STREET JOURNAL.

TECHNOLOGY & MEDIA WSJ.com/Tech

Slack Restores
Service After
Broad Disruptions
BY KIMBERLY CHIN start the application to see if
there is an improvement.
Workplace messaging plat- Temporary interruptions
EMERSON MILLER/PARAMOUNT NETWORK/ASSOCIATED PRESS

form Slack Technologies Inc. for popular online services are

suffered a widespread service
disruption for several hours
Monday, as many employees
returned to work for their first
full workday of the year.
The disruptions were first
reported around 9:48 a.m. ET,
according to tech service
tracker Downdetector. Cus-
tomers were experiencing
problems loading channels and
connecting to Slack, the com-
pany said Monday morning.
The San Francisco-based
company was able to restore
The Paramount Network, home to hit show ‘Yellowstone,’ will also be added to Hulu + Live TV as part of the multiyear agreement. access for most of its affected
relatively common, but their
effects are being felt more as
many employees turn to cloud
services and other connected
platforms to help them work
remotely amid the pandemic.
“We know how important it
is for people to stay connected
and we are working hard to
get everyone running as nor-
mal,” a Slack spokeswoman
said in an emailed statement.
On Dec. 14, more than a
dozen of Alphabet Inc.’s
Google services, including its
popular email client Gmail and

ViacomCBS Sets Deal to Offer

users by midafternoon with
limited performance issues.
“We’re seeing improvements
with error rates on our side,
and we believe affected cus-
YouTube, suffered disruptions.
The company cited trouble
with its authentication system,
which caused a range of ser-
vices and platforms reliant on

Channels on Hulu’s Live TV

BY BENJAMIN MULLIN com, CBS had a distribution
agreement with Hulu that put
ViacomCBS Inc. said it has its broadcast network on the
reached a distribution agree- live-TV service, along with
ment with Walt Disney Co.’s
Hulu that puts many of its
most popular cable channels
channels including Pop TV, the
CW and the Smithsonian
Channel. The agreement with
on the live-television video-
streaming service.
Financial terms of the mul-
Hulu is the latest in a series of
expanded deals ViacomCBS
has signed with distributors
tiyear agreement weren’t dis-
closed. The deal adds 14 cable
networks from ViacomCBS to
since its merger in 2019, in-
cluding Alphabet Inc.’s You-
Tube TV, Dish Network Corp.,
Hulu’s live-TV option, includ- Comcast Corp. and Verizon
ing Comedy Central, MTV and Communications Inc.
children-friendly channel Nick- ViacomCBS sold the merger
elodeon. The Paramount Net- to investors, in part, by prom-
work, home to hit show “Yel- ising that the combination of
lowstone,” will also be added the company’s film and TV as-
to Hulu + Live TV. sets would make it better able
Before its merger with Via- to compete with rivals as the
media industry hurtles toward
consolidation. That proposi-
tion will be tested later this
year as ViacomCBS launches
Paramount+, an expanded ver-
sion of its CBS All Access
streaming service.
A spokeswoman for Via-
comCBS said Paramount+
would be distributed as widely
as CBS All Access when it is
launched later this year.
The video-streaming mar-
ketplace is getting increas-
ingly crowded, with a flurry of
new services having been
launched since late 2019, in-
cluding Disney’s Disney+, Ap-
ple Inc.’s Apple TV+, AT&T
Inc.’s HBO Max and Comcast’s
Peacock. The wave of new en-
trants didn’t prevent most ma-
jor streaming services from
posting significant subscriber
gains in 2020, a recent Wall
Street Journal analysis found.
On Monday, Discovery Inc.
launched Discovery+, a
streaming service that in-
cludes shows from all of its
major cable networks. The
new service, which costs $4.99
a month with ads and $6.99
without, features content from
channels including TLC, Food
Network, Discovery Channel
and Animal Planet.
The service will also in-
clude library programming li-
censed from other companies,
including the BBC, A&E Net-
works and Group Nine Media.
tomers should be able to ac-
cess Slack,” the company said.
Slack said it was still work-
ing to resolve issues with the
functionality of some calendar
apps as well as troubles with
email notifications. It recom-
mended users refresh or re-
Google
Employees
Form Union
Continued from page B1
pledged the company would
review the circumstances be-
hind the researcher’s exit, in-
cluding “where we could have
improved and led a more re-
spectful process.”
“I’ve heard the reaction to
Dr. Gebru’s departure loud
Google’s technology to not
work correctly for about an
hour.
A day later, some Gmail us-
ers still had trouble accessing
their accounts, experienced
delays or encountered other
unexpected behavior.
problems its members see at
Google, including pay dis-
crepancies and retaliatory fir-
ings, he said.
Google has long supported
open debate among employ-
ees, though it has imple-
mented rules intended to
curb political conversations
among staff. Google has also
added corporate moderators
to many of its internal affin-
ity groups as a way to reduce
strife. It announced changes
last year to how it treats alle-
gations of sexual misconduct
in its executive ranks and put
$310 million into a new fund
for diversity and inclusion

Cyber Startups Face Funding Tests

and clear: it seeded doubts
and led some in our
community to question their
place at Google,” Mr. Pichai
BY JAMES RUNDLE wrote in the memo. “I want
to say how sorry I am for
Disruption caused by the that, and I accept the respon-
coronavirus pandemic forced sibility of working to restore
startups and their investors to your trust.”
rethink how they did business Securing collective-bar-
in 2020. This year, venture- gaining rights can be a hard-
capital firms say, companies fought, expensive endeavor
that want to attract funding that can face resistance from
will have to move beyond es- management, said Beth Allen,
tablished niches, while com- a spokeswoman for the Com-
peting with global rivals and munications Workers of
enduring greater scrutiny than America. For a company of
WU XIAOLING/XINHUA/ZUMA PRESS
initiatives.
Google late last year an-
nounced the hiring of a chief
people officer following the
resignation of its vice presi-
dent of people operations, Ei-
leen Naughton. The new exec-
utive, Fiona Clare Cicconi,
was previously human-re-
sources chief at pharmaceuti-
cal company AstraZeneca PLC
and starts with Google this
week.
Several large tech compa-
nies have faced pressures
from their workforces of late.
Workers at an Amazon.com

in the past. Google’s size and geographic Inc. warehouse in Alabama

In particular, a supply-chain reach, the process could be
cyberattack that affected doz- especially challenging, she
ens of U.S. federal agencies said. Forming a union without
and technology firms in recent collective bargaining isn’t
Several large tech
weeks has heightened aware- novel in itself, she added, but firms have faced
ness about how vendors se- is new for the tech sector,
cure their own products and where few unions exist.
pressures from their
information. CWA and its affiliates rep- workforces of late.
For startups, including new Investors are looking to capitalize on technology programs that were given a boost by remote resent 700,000 workers at a
cybersecurity companies, this working amid the pandemic. The RSA cybersecurity conference in San Francisco in February. range of telecommunications
is likely to translate into in- and media companies, from
creased due-diligence require- AT&T Inc. and Verizon Com- received approval last month
ments, said John Brennan, a Investors Look survive the pandemic or even one-year fundraising process. munications Inc. to news out- to hold a unionization vote,
San Francisco-based partner strengthen, fueling hopes for a Other observers expect fundrais- lets including the New York the first such election since
at YL Ventures. To Private Equity fundraising surge in 2021. ing in the first half of the year Times and The Wall Street 2014 at the nation’s second-
“Scrutiny will get 50% to Institutional investors are to remain hampered by travel Journal. The unionization ef- largest employer. Amazon has
100% tighter,” he said. “Espe- generally not reducing their al- restrictions, with many sponsors fort at Google is part of a faced criticism from workers
cially for a cybersecurity com- A lean year for private-eq- locations to the private-equity quietly premarketing their funds, broader push within the labor who have said the company
pany where you’re trying to uity fundraising has sharpened asset class as a result of the followed by a burst of activity in group to organize digital hasn’t provided proper safety
mitigate risk, not increase it.” investors’ appetite for the as- pandemic. A surging stock mar- the second half of 2021. workers. conditions at its warehouses
Along with being unable to set class, and signs point to a ket, low yields on safer assets, What is clear is that de- Union membership has in response to the coronavi-
take shortcuts, startups will rebound in 2021. a surplus of cash coming back mand is still robust. A recent been on the decline for sev- rus pandemic. Some have also
need to think beyond tradi- After years of booming from investment firms and, of survey by secondary advisory eral decades, but Ms. Allen complained of being retali-
tional security technology to fundraising for private-equity course, hopes that a vaccine firm Coller Capital shows LPs said interest in organizing ated against for urging better
attract funding, investors say. sponsors, the coronavirus pan- will curb the pandemic have in- want an even greater tilt to- has been rising of late. Com- treatment of workers as they
Lucas Nelson, managing direc- demic brought it all to a halt, vestors eager to put new ward private equity following panies have long told workers handled an extraordinary
tor at New York-based Lytical though it was short-lived. The money into private equity. the pandemic. Thirty-five per- they were being taken care of, surge in orders amid elevated
Ventures, said that while vir- final numbers aren’t in, but ex- “Limited-partner commit- cent of the 113 LPs surveyed but now “the facade has staff absences.
tual private networks and sim- perts estimate 2020 fundraising ment to the asset class is as said they want to increase their started to crack,” she said. Amazon has said that its
ilar secure communications will be about 25% lower than strong as it has ever been,” allocations to private equity, up The Google union’s main teams regularly consult with
technologies proved popular that of 2019, due mainly to the said Bart Molloy, a partner with from 32% of LPs in a similar goal is to have a say in how medical experts to ensure the
at the start of the pandemic as challenges of securing commit- Boston-based placement firm survey in winter 2019. Private- Alphabet does business and safety of its sites, employees
companies adapted to newly ments amid travel restrictions Monument Group. debt funds showed the greatest how its products are used, ac- and customers.
remote workforces at short and economic disruption. However, the fundraising increase in demand, while real- cording to Andrew Gainer-De- The company has denied
notice, they aren’t a suitable The good news for firms process is likely to remain estate funds showed the larg- war, a Google software engi- firing workers for seeking
long-term solution. hoping to raise capital this year slower this year. Mr. Molloy esti- est decline in interest among al- neer in Cambridge, Mass. better treatment and denied
Instead, “zero-trust” mod- is that all the factors that cre- mates the pandemic added ternative-asset classes. Though no specific actions that people were terminated
els—where every user and ated the boom seem likely to about three months to the usual —Chris Cumming are planned, the group in- or reprimanded for violating
device must be rigorously tends to speak out about internal policies.
authenticated each time they
log on—and authentication ment company Auth0 Inc. which includes cloud security traditional geographic areas,
and identification technologies closed a $120 million Series F companies, to grow to $9.3 such as Silicon Valley or New
are likely to attract funding, as funding round in July. billion by 2023, from around York, and farther afield.
companies feel more Additionally, investors are $6.2 billion in 2020. This was true for Mony
comfortable undertaking secu- looking to capitalize on tech- Investors say they are also Hassid, a managing director at
rity and technology projects, nology programs that were broadening their range of M12, Microsoft Corp.’s venture
he said. catalyzed by remote work and companies they consider for arm, who said his company
Many larger venture-fund- the pandemic, including the investment. initially focused on existing
ing deals that closed in 2020 move to cloud infrastructure. While the value of deal flow deals and supporting portfolio
involved identity management With that, Mr. Brennan said, has largely remained unaf- companies from March. But as
or DevOps security, which aims has come a rise in demand for fected by the pandemic during months passed, Mr. Hassid
NOAH BERGER/ASSOCIATED PRESS

to bring security into every security products that deal 2020, Mr. Nelson suggests that said the pandemic later forced
stage of the software-develop- specifically with the cloud. early on, many investors fo- investors to adapt their mind-
ment process. These are two “This [pandemic] has really cused on deals that were al- set beyond typical boundaries.
areas seen as crucial to en- been an accelerant in a lot of ready in progress before the “Without our office space,
abling zero-trust models. Bio- ways. And importantly, I think pandemic was declared in we’ve challenged ourselves to
Catch Ltd., for instance, which it’s gotten the board’s atten- March, and on funding compa- find the best entrepreneurs
helps companies prevent fraud tion in a lot of cases, which is nies started by founders that globally, instead of the best
by assessing customer and em- always very helpful for bud- were already known to them. founders who are within the
ployee identities using biomet- gets,” he said. Research firm As investors figured out how 50 miles around each office lo-
ric data, raised $125 million in PitchBook Data Inc. expects to make deals remotely, many cation and able to drive in for Company employees walked off the job in 2018 to protest
April, while identity manage- the network security market, began to look outside of their a meeting,” he said. allegations of sexual misconduct in the executive ranks.
THE WALL STREET JOURNAL. Tuesday, January 5, 2021 | B5

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B6 | Tuesday, January 5, 2021 THE WALL STREET JOURNAL.

BIGGEST 1,000 STOCKS

Net Net Net Net Net Net
How to Read the Stock Tables Footnotes: Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg
The following explanations apply to NYSE, NYSE s-New 52-week high. HCA Healthcare HCA 163.64 -0.82 Phillips66 PSX 69.88 -0.06 Telefonica TEF 4.06 0.02 UnitedMicro UMC 8.01 -0.42 Waters WAT 250.15 2.73
Arca, NYSE American and Nasdaq Stock Market t-New 52-week low. HDFC Bank HDB 70.00 -2.26 M N Pinduoduo PDD 166.78 -10.89 TelekmIndonesia TLK 24.72 1.20 UPS B UPS 163.80 -4.60 Watsco WSO 225.54 -1.01
listed securities. Prices are composite quotations dd-Indicates loss in the most recent four s HP HPQ 24.11 -0.48 PinnacleWest PNW 79.09 -0.86 10xGenomics TXG 140.56 -1.04 UnitedRentals URI 229.65 -2.26 Wayfair W 236.46 10.65
that include primary market trades as well as quarters. M&T Bank MTB 126.82 -0.48
HSBC HSBC 25.74 -0.17 Pinterest PINS 68.07 2.17 Tenaris TS 16.02 0.07 US Bancorp USB 46.12 -0.47 Weibo WB 40.66 -0.33
trades reported by Nasdaq BX (formerly Boston), FD-First day of trading. MGMGrowthProp MGP 30.68 -0.62
Halliburton HAL 18.83 -0.07 PioneerNatRscs PXD 113.48 -0.41 TencentMusic TME 19.37 0.13 UnitedHealth UNH 349.50 -1.18 WellsFargo WFC 29.70 -0.48
Chicago Stock Exchange, Cboe, NYSE National and h-Does not meet continued listing MGM Resorts MGM 29.70 -1.81 s
HartfordFinl HIG 48.29 -0.69 PlainsAllAmPipe PAA 8.20 -0.04 Teradyne TER 119.19 -0.70 UnitySoftware U 144.08 -9.39 Welltower WELL 61.60 -3.02
Nasdaq ISE. standards MinisoGroup MNSO 25.42 -0.97 s TSLA 729.77 24.10 UnivDisplay OLED 227.02 -2.78 WestPharmSvcs WST 285.57 2.26
Hasbro HAS 91.96 -1.58 PlugPower PLUG 32.17 -1.74 Tesla
The list comprises the 1,000 largest companies lf-Late filing MKS Instrum MKSI 150.24 -0.21
HealthcareAmer HTA 26.20 -1.02 Pool POOL 356.89 -15.61 TevaPharm TEVA 10.34 0.69 UniversalHealthB UHS 135.28 -2.22 WesternDigital WDC 52.23 -3.16
based on market capitalization. q-Temporary exemption from Nasdaq MPLX MPLX 21.97 0.32 s
HealthpeakProp PEAK 28.89 -1.34 PrincipalFin PFG 48.31 -1.30 TexasInstruments TXN 162.22 -1.91 VEREIT VER 35.61 -2.18 WesternUnion WU 21.77 -0.17
Underlined quotations are those stocks with requirements. s MSCI MSCI 437.64 -8.89
Heico A HEI.A 114.20 -2.86 Procter&Gamble PG 137.82 -1.32 Textron TXT 46.38 -1.95 VF VFC 85.12 -0.29 WestlakeChem WLK 81.65 0.05
large changes in volume compared with the t-NYSE bankruptcy MagellanMid MMP 41.37 -1.07
Heico HEI 127.62 -4.78 Progressive PGR 97.13 -1.75 ThermoFisherSci TMO 471.82 6.04 VICI Prop VICI 24.65 -0.85 WestpacBanking WBK 14.90 ...
issue’s average trading volume. v-Trading halted on primary market. MagnaIntl MGA 69.71 -1.09
HenrySchein HSIC 66.49 -0.37 Prologis PLD 96.04 -3.62 ThomsonReuters TRI 80.90 -0.99 VailResorts MTN 269.01 -9.95 WestRock WRK 42.45 -1.08
Boldfaced quotations highlight those issues vj-In bankruptcy or receivership or being ManulifeFin MFC 17.55 -0.27
Hershey HSY 150.90 -1.43 Proofpoint PFPT 132.72 -3.69 3M MMM 171.87 -2.92 s Vale VALE 17.40 0.64 Weyerhaeuser WY 32.81 -0.72
whose price changed by 5% or more if their reorganized under the Bankruptcy Code, MarathonPetrol MPC 40.75 -0.61 TIF 131.44 -0.01 ValeroEnergy VLO 55.73 -0.84 WheatonPrecMet WPM 45.26 3.52
Hess HES 52.80 0.01 PrudentialFin PRU 76.40 -1.67 Tiffany
previous closing price was $2 or higher. or securities assumed by such companies. Markel MKL 1021.01 -12.29 s TTC 93.40 -1.44 VarianMed
HewlettPackard HPE 11.57 -0.28 Prudential PUK 37.47 0.54 Toro VAR 175.13 0.12 Whirlpool WHR 176.90 -3.59
MarketAxess MKTX 562.78 -7.78 56.26 -0.16 Vedanta
HighwoodsProp HIW 38.23 -1.40 PublicServiceEnt PEG 55.73 -2.57 TorontoDomBk TD VEDL 9.16 0.38 Williams WMB 20.10 0.05
Wall Street Journal stock tables reflect composite regular trading as of 4 p.m. and Marriott MAR 124.77 -7.15 TOT 42.38 0.47 VeevaSystems VEEV 274.26 2.01 Williams-Sonoma WSM 102.95 1.11
Hilton HLT 107.46 -3.80 PublicStorage PSA 220.20 -10.73 Total
changes in the closing prices from 4 p.m. the previous day. Marsh&McLen MMC 113.51 -3.49 ToyotaMotor TM 153.29 -1.28 Ventas
Hologic HOLX 73.12 0.29 s PulteGroup PHM 42.21 -0.91 VTR 46.88 -2.16 WillisTowers WLTW 203.70 -6.98
MartinMarietta MLM 277.80 -6.17 TractorSupply TSCO 139.71 -0.87 VeriSign
HomeDepot HD 263.92 -1.70 s Qiagen QGEN 53.31 0.46 VRSN 213.58 -2.82 s Wipro WIT 5.73 0.08
MarvellTech MRVL 46.31 -1.23 TTD 773.43 -27.57 VeriskAnalytics VRSK 202.88 -4.71 Wix.com
Monday, January 4, 2021 Net Net HondaMotor HMC 27.76 -0.49 Qorvo QRVO 164.59 -1.68 TradeDesk WIX 253.15 3.19
Masco MAS 53.68 -1.25 TW 62.24 -0.21 Verizon
Stock Sym Close Chg Stock Sym Close Chg Honeywell HON 207.95 -4.75 s Qualcomm QCOM 148.50 -3.84 Tradeweb VZ 58.85 0.10 Woodward WWD 118.87 -2.66
Net Masimo MASI 265.90 -2.48 TT 143.98 -1.18 VertxPharm VRTX 229.43 -6.91 Workday
HorizonTherap HZNP 72.54 -0.61 QuantaServices PWR 68.25 -3.77 TraneTech WDAY 228.08 -11.53
Stock Sym Close Chg Mastercard MA 351.49 -5.45 TransDigm TDG 587.67 -31.18 ViacomCBS B VIAC 36.60 -0.66 WynnResorts WYNN 106.90 -5.93
Biogen BIIB 242.95 -1.91 Datadog DDOG 91.23 -7.21 HormelFoods HRL 46.31 -0.30 s QuestDiag DGX 121.12 1.95
MaximIntProducts MXIM 87.50 -1.15 TransUnion TRU 95.85 -3.37 ViacomCBS A VIACA 37.33 -0.49
BioMarinPharm BMRN 86.30 -1.39 s DaVita DVA 116.50 -0.90 DR Horton DHI 67.34 -1.58 Quidel QDEL 190.28 10.63 39.21 -0.46
A B C BioNTech BNTX 85.73 4.21 DeckersOutdoor DECK 283.45 -3.33 HostHotels HST 14.15 -0.48
McCormick MKC 93.99 -1.61 Travelers TRV 135.65 -4.72 Viatris
XP XP
VTRS 18.54 -0.20 XPO Logistics XPO 116.52 -2.68
McCormickVtg MKC.V 93.50 -2.07
s ABB ABB 28.27 0.31 BlackKnight BKI 88.35 ... s Deere DE 267.64 -1.41 HowmetAerospace HWM 26.87 -1.67 McDonalds MCD 210.22 -4.36
R S Trex TREX 82.34 -1.38 s Vipshop VIPS 28.30 0.19 XcelEnergy XEL 65.66 -1.01
BlackLine BL 127.36 -6.02 DellTechC DELL 72.49 -0.80 HuanengPower HNP 14.53 0.12 Trimble TRMB 66.29 -0.48 Visa V 217.76 -0.97 Xilinx
AcadiaPharm ACAD 52.81 -0.65 McKesson MCK 174.43 0.51 RELX RELX 24.91 0.25 XLNX 142.43 0.66
s BlackRock BLK 710.82 -10.72 DeltaAir DAL 38.73 -1.48 HTHT 45.45 0.42 Trip.com TCOM 33.50 -0.23 Vistra VST 19.18 -0.48 XPeng
AECOM ACM 48.92 -0.86 Huazhu MedicalProp MPW 20.80 -0.99 RH RH 442.26 -5.26 XPEV 44.10 1.27
63.00 -1.81 DenaliTherap DNLI 70.86 -12.90 HUBB 156.06 -0.73 TruistFinl TFC 47.18 -0.75 VMware VMW 138.68 -1.58 s Xylem
s AES AES 23.24 -0.26 Blackstone BX Hubbell Medtronic MDT 116.02 -1.12 RPM RPM 88.98 -1.80 XYL 99.69 -2.10
Boeing BA 202.72 -11.34 DentsplySirona XRAY 53.75 1.39 HUBS 387.74 -8.70 Twilio TWLO 334.59 -3.91 Vodafone VOD 16.93 0.45
Aflac AFL 43.19 -1.28 HubSpot MelcoResorts MLCO 17.94 -0.61 RalphLauren RL 101.33 -2.41 Twitter TWTR 54.53 0.38 VornadoRealty VNO 36.66 -0.68 Yandex YNDX 69.75 0.17
AGCO AGCO 102.51 -0.58 s BookingHldgs BKNG 2164.08 -63.19 DeutscheBank DB 10.74 -0.16 Humana HUM 412.19 1.92 MercadoLibre MELI 1640.00 -35.22 YatsenHolding YSG 16.63 -0.37
RaymondJames RJF 94.03 -1.25 TylerTech TYL 431.61 -4.91 VoyaFinancial VOYA 58.07 -0.74
AGNC 15.39 -0.21 BoozAllen BAH 85.98 -1.20 DexCom DXCM 357.74 -11.98 JBHT 134.84 -1.81 MRK 80.96 -0.84 TysonFoods TSN 63.50 -0.94 VulcanMatls VMC 146.53 -1.78 YumBrands YUM 105.82 -2.74
AGNC Invt JBHunt Merck RaytheonTech RTX 68.43 -3.08
s Ansys ANSS 357.67 -6.13 BorgWarner BWA 38.06 -0.58 Diageo DEO 159.79 0.98 HuntingtonBcshs HBAN 12.56 -0.07 MET 46.08 -0.87 57.05 -0.04
MetLife RealPage RP 86.80 -0.44 UBS Group UBS 14.29 0.16 YumChina YUMC
s ASETech ASX 5.97 0.13 BostonBeer SAM 952.28 -42.01 DiamondbkEner FANG 48.94 0.54 HyattHotels H 71.00 -3.25 MettlerToledo MTD 1160.87 21.19 ZTO Express ZTO 28.05 -1.11
RealtyIncome O 59.86 -2.31 UDR UDR 36.85 -1.58 W X Y Z
s ASML ASML 500.00 12.28 BostonProps BXP 90.82 -3.71 DigitalRealty DLR 135.29 -4.22 IAA IAA 64.05 -0.93 MicrochipTech MCHP 137.18 -0.93 129.78 -5.56
RegencyCtrs REG 44.27 -1.32 UGI UGI 34.79 -0.17 ZaiLab ZLAB
AT&T T 29.44 0.68 BostonSci BSX 35.27 -0.68 s DiscoverFinSvcs DFS 89.61 -0.92 ICICI Bank IBN 14.44 -0.42 s MicronTech MU 74.05 -1.13 ZBRA 378.13 -6.20
RegenPharm REGN 482.86 -0.25 US Foods USFD 32.44 -0.87 WEC Energy WEC 90.38 -1.65 ZebraTech
AbbottLabs ABT 109.11 -0.38 s BridgeBioPharma BBIO 63.64 -7.47 DiscoveryB DISCB 34.50 2.10 s IdexxLab IDXX 491.77 -8.10 Microsoft MSFT 217.69 -4.73 15.95 -0.17 138.99 -4.13
RegionsFin RF Uber UBER 51.14 0.14 WEX WEX 197.21 -6.32 Zendesk ZEN
AbbVie ABBV 105.41 -1.74 BrightHorizons BFAM 164.43 -8.56 DiscoveryA DISCA 30.63 0.54 IHS Markit INFO 90.91 1.08 MidAmApt MAA 122.71 -3.98 RGA 111.75 -4.15 130.77 0.97
ReinsGrp Ubiquiti UI 270.76 -7.75 W.P.Carey WPC 68.00 -2.58 Zillow C Z
AbCelleraBio ABCL 39.10 -1.14 BristolMyers BMY 61.38 -0.65 DiscoveryC DISCK 26.39 0.20 II-VI IIVI 76.01 0.05 MiratiTherap MRTX 221.61 1.97 s RelianceSteel RS 119.71 -0.04 ZG 136.51 0.57
UltaBeauty ULTA 282.47 -4.69 WPP WPP 53.88 -0.20 Zillow A
s Abiomed ABMD 316.73 -7.47 BritishAmTob BTI 37.70 0.21 Disney DIS 177.68 -3.50 9.27 -0.17 MitsubishiUFJ MUFG 4.38 -0.05
ING Groep ING RenaissanceRe RNR 161.76 -4.06 UltragenyxPharm RARE 136.47 -1.96 Wabtec WAB 72.65 -0.55 ZimmerBiomet ZBH 153.16 -0.93
AcceleronPharma XLRN 124.31 -3.63 s Broadcom AVGO 425.22 -12.63 DocuSign DOCU 222.41 0.11 Invesco IVZ 16.95 -0.48 MizuhoFin MFG 2.55 ... RGEN 190.66 -0.97 ZTS 163.59 -1.91
s
Repligen UnderArmour A UAA 17.35 0.18 WalgreensBoots WBA 41.40 1.52 Zoetis
ACN 256.46 -4.75 s BroadridgeFinl BR 151.51 -1.69 DolbyLab DLB 94.87 -2.26 s IPG Photonics IPGP 218.21 -5.58 MobileTeleSys MBT 9.12 0.17
Accenture RepublicSvcs RSG 93.54 -2.76 UnderArmour C UA 15.06 0.18 Walmart WMT 146.53 2.38 ZoomVideo ZM 359.98 22.66
ActivisionBliz ATVI 89.90 -2.95 BrookfieldMgt BAM 39.45 -1.82 DollarGeneral DG 209.71 -0.23 IQVIA IQV 176.60 -2.57 Moderna MRNA 111.73 7.26 RMD 212.18 -0.38
ResMed Unilever UL 60.53 0.17 WarnerMusic WMG 36.87 -1.12 ZoomInfoTech ZI 45.58 -2.65
AdaptiveBiotech ADPT 55.83 -3.30 BrookfieldInfr BIP 49.49 0.09 DollarTree DLTR 106.94 -1.10 IcahnEnterprises IEP 52.06 1.39 MohawkInds MHK 136.11 -4.84 RestaurantBrands QSR 59.39 -1.72 UnionPacific UNP 203.01 -5.21 WasteConnections WCN 101.19 -1.38 Zscaler ZS 196.09 -3.62
ADBE 485.34 -14.78 BrookfieldPropREIT BPYU 17.69 2.75 DominionEner D 73.89 -1.31 Icon ICLR 192.02 -2.96 MolinaHealthcare MOH 216.08 3.40 RingCentral RNG 382.20 3.23
Adobe UnitedAirlines UAL 41.63 -1.62 WasteMgt WM 114.83 -3.10 Zynga ZNGA 9.77 -0.10
AdvanceAuto AAP 157.34 -0.17 BrookfieldRenew BEPC 57.95 -0.32 Domino's DPZ 379.50 -3.96 IDEX IEX 195.31 -3.89 MolsonCoorsB TAP 45.65 0.46 s RioTinto RIO 77.39 2.17
AdvMicroDevices AMD 92.30 0.59 Brown&Brown BRO 46.35 -1.06 DoorDash DASH 139.19 -3.56 IllinoisToolWks ITW 203.13 -0.75 s Mondelez MDLZ 57.92 -0.55 RitchieBros RBA 66.66 -2.89
Aegon AEG 3.88 -0.07 Brown-Forman A BF.A 72.64 -0.83 Dover DOV 123.34 -2.91 Illumina ILMN 367.76 -2.24 MongoDB MDB 350.41 -8.63 RocketCos. RKT 20.00 -0.22
AgilentTechs A 118.64 0.34 Brown-Forman B BF.B 78.03 -1.40 Dow DOW 54.04 -1.46 ImperialOil IMO 19.36 0.33 s MonolithicPower MPWR 364.82 -1.41 Rockwell ROK 246.47 -4.34
AgnicoEagle AEM 75.18 4.67
s
Bruker
Bunge
BRKR 53.31 -0.82
BG 65.71 0.13
DrReddy'sLab RDY 71.22 -0.07
DraftKings DKNG 44.86 -1.70
Incyte
s Infosys
INCY 86.45 -0.53
INFY 17.25 0.30
s MonsterBev MNST 90.60 -1.88
MCO 292.00 1.76
RogersComm B RCI 47.45 0.86 Dividend Changes
AirProducts APD 268.20 -5.02 Moody's Roku ROKU 317.90 -14.12
ABNB 139.15 -7.65 BurlingtonStrs BURL 253.38 -8.17 Dropbox DBX 22.05 -0.14 IngersollRand IR 44.31 -1.25 s MorganStanley MS 68.33 -0.20 ROL 38.24 -0.83
Airbnb
CBRE Group CBRE 59.50 -3.22 DukeEnergy DUK 89.71 -1.85 s Inphi IPHI 161.36 0.89 s Morningstar MORN 231.52 -0.05
Rollins Dividend announcements from January 4.
AkamaiTech AKAM 105.24 0.25 RoperTech ROP 419.55 -11.54
s Albemarle ALB 152.63 5.11 CDW CDW 127.16 -4.63 DukeRealty DRE 38.41 -1.56 Insulet PODD 251.62 -4.01 s Mosaic MOS 23.67 0.66 RossStores ROST 117.07 -5.74 Amount Payable /
s Albertsons ACI 17.12 -0.46 CF Industries CF 38.53 -0.18 Dun&Bradstreet DNB 24.32 -0.58 Intel INTC 49.67 -0.15 MotorolaSol MSI 167.50 -2.56 RoyalBkCanada RY 81.87 -0.19
s 70.32 -0.79
Company Symbol Yld % New/Old Frq Record
Alcon ALC 65.68 -0.30 CGI GIB 78.03 -1.28 DuPont DD InteractiveBrkrs IBKR 61.23 0.31 NICE NICE 278.83 -4.71 RoyalCaribbean RCL 70.72 -3.97
AlexandriaRlEst ARE 170.77 -7.45 CH Robinson CHRW 92.37 -1.50 Dynatrace DT 42.07 -1.20 s ICE ICE 113.30 -1.99 NIO NIO 53.49 4.75 RoyalDutchA RDS.A 36.03 0.89
ENI 20.79 0.19
Increased
AlexionPharm ALXN 156.81 0.57 CME Group CME 179.30 -2.75 E InterContinentl IHG 63.28 -1.84 NRG Energy NRG 36.30 -1.25 RoyalDutchB RDS.B 34.28 0.67
CMS Energy CMS 59.61 -1.40 EOG Rscs EOG 49.86 -0.01 IBM 123.94 -1.94 NVR NVR 4040.65 -39.21 Eaton Vance Global Income EVGBC 3.2 .0339 /.0318 M Jan07 /Jan05
Alibaba BABA 227.85 -4.88 IBM RoyaltyPharma RPRX 46.83 -3.22
s AlignTech ALGN 526.46 -7.92 CNA Fin CNA 38.02 -0.94 EPAM Systems EPAM 348.06 -10.29 IntlFlavors IFF 105.08 -3.76 NXP Semi NXPI 162.04 3.03 Ryanair RYAAY 105.33 -4.65
CNHI 12.49 -0.35 EastmanChem EMN 98.58 -1.70 NDAQ 132.01 -0.73
Reduced
Allakos ALLK 133.77 -6.23 CNH Indl IntlPaper IP 48.49 -1.23 Nasdaq SAP SAP 129.24 -1.15
Alleghany Y 596.63 -7.06 CNOOC CEO 87.80 -3.85 Eaton ETN 118.75 -1.39 Interpublic IPG 23.14 -0.38 Natera NTRA 96.31 -3.21 S&P Global SPGI 333.25 4.52 Eaton Vance TABS 5-to-15Y EVLMC 2.0 .0164 /.0174 M Jan07 /Jan05
Allegion ALLE 114.48 -1.90 s CRH CRH 42.71 0.13 EatonVance EV 67.73 -0.20 Intuit INTU 371.70 -8.15 NationalGrid NGG 59.72 0.69 SBA Comm SBAC 275.63 -6.50
AlliantEnergy LNT 50.49 -1.04 CRISPR Therap CRSP 158.01 4.90 eBay EBAY 51.50 1.25 IntuitiveSurgical ISRG 800.00 -18.10 Natura&Co NTCO 19.54 -0.46 SEI Investments SEIC 56.93 -0.54 Initial
Allstate ALL 108.08 -1.85 CSX CSX 87.99 -2.76 Ecolab ECL 214.31 -2.05 Invitae NVTA 43.64 1.83 NatWest NWG 4.25 -0.27 SK Telecom SKM 24.31 -0.17 General Finance Nts 2025 GFNSZ 7.5 .5086 Feb01 /Jan15
s AllyFinancial ALLY 35.43 -0.23 C3.ai AI 120.01 -18.74 Ecopetrol EC 12.95 0.04 InvitatHomes INVH 28.58 -1.12 NetApp NTAP 64.86 -1.38 SS&C Tech SSNC 70.81 -1.94
AlnylamPharm ALNY 128.10 -1.87 CVS Health CVS 69.99 1.69 EdisonInt EIX 60.49 -2.33 IonisPharma IONS 56.78 0.24 NetEase NTES 96.74 0.97 StoreCapital STOR 32.10 -1.88 Stocks
Alphabet C GOOG 1728.24 -23.64 CableOne CABO 2152.22 -75.50 EdwardsLife EW 88.92 -2.31 iQIYI IQ 18.04 0.56 Netflix NFLX 522.86 -17.87 s SVB Fin SIVB 387.34 -0.49
s CadenceDesign CDNS 135.76 -0.67 ElancoAnimal ELAN 30.50 -0.17 Neurocrine NBIX 95.87 0.02 180 Degree Capital TURN 1:3 /Jan04
Alphabet A GOOGL 1726.13 -26.51 IronMountain IRM 28.66 -0.82 Salesforce.com CRM 220.31 -2.22
Alteryx AYX 111.16 -10.63 CAE CAE 26.61 -1.13 Elastic ESTC 141.46 -4.67 ItauUnibanco ITUB 5.89 -0.20 NewFortressEner NFE 52.58 -1.01 Sanofi SNY 48.75 0.16 Acorda Therapeutics ACOR 1:6 /Jan04
AlticeUSA ATUS 36.71 -1.16 CaesarsEnt CZR 71.60 -2.67 ElectronicArts EA 139.51 -4.09 s NewOrientalEduc EDU 174.00 -11.81 SareptaTherap SRPT 165.29 -5.20 Helius Medical Techs HSDT 1:35 /Jan04
Altria MO 40.84 -0.16 CamdenProperty CPT 96.30 -3.62 EmersonElec EMR 78.01 -2.36 J K L NYTimes A NYT 49.20 -2.57 Schlumberger SLB 21.95 0.12 Insignia Systems ISIG 1:7 /Jan04
AlumofChina ACH 9.05 0.37 CampbellSoup CPB 48.53 0.18 Enbridge ENB 31.97 -0.02 s NewellBrands NWL 21.71 0.48 s SchwabC SCHW 52.76 -0.28
84.52 -0.95 EncompassHealth EHC 82.34 -0.35 JD.com JD 86.33 -1.57 NEM 63.15 3.26 s
Amazon.com AMZN 3186.63 -70.30 CIBC CM
EnelAmericas ENIA 8.24 0.02 JPMorganChase JPM 125.87 -1.20
Newmont ScottsMiracleGro SMG 200.72 1.58 Foreign
Ambev ABEV 2.99 -0.07 CanNtlRlwy CNI 109.58 -0.27 NewsCorp B NWS 17.96 0.19 Sea SE 196.06 -2.99
EnergyTransfer ET 6.10 -0.08 JackHenry JKHY 158.66 -3.33 Pyxis Tankers Pfd. A PXSAP 13.6 .1615 M Jan20 /Jan12
Amcor AMCR 11.38 -0.39 CanNaturalRes CNQ 24.44 0.39 NewsCorp A NWSA 18.16 0.19 Seagate STX 60.08 -2.08
CanPacRlwy CP 344.83 -1.86 EnphaseEnergy ENPH 172.24 -3.23 JacobsEngg J 106.11 -2.85 NextEraEnergy NEE 74.22 -2.93 SGEN 168.43 -6.71
Amdocs DOX 69.54 -1.39 Seagen Special
Amedisys AMED 289.42 -3.91 Canon CAJ 18.21 -1.20 Entegris ENTG 95.20 -0.90 JamesHardie JHX 29.68 0.02 NielsenHoldings NLSN 20.23 -0.64 SempraEnergy SRE 123.80 -3.61
Amerco UHAL 444.70 -9.26 CanopyGrowth CGC 26.12 1.48 Entergy ETR 98.01 -1.83 JazzPharma JAZZ 160.40 -4.65 Nike NKE 140.10 -1.37 s SensataTechs ST 51.97 -0.77 PC Connection CNXN ... .32 Jan29 /Jan12
AEE 76.13 -1.93 EnterpriseProd EPD 19.29 -0.30 J&J JNJ 156.50 -0.88 NiSource NI 22.58 -0.36 48.55 -0.55
Ameren CapitalOne COF 97.84 -1.01 ServiceCorp SCI
Equifax EFX 187.96 -4.88 JohnsonControls JCI 46.18 -0.41 Nokia NOK 3.89 -0.02 ServiceNow NOW 526.83 -23.60 KEY: A: annual; M: monthly; Q: quarterly; r: revised; SA: semiannual; S2:1: stock split and ratio; SO:
AmericaMovil AMX 14.75 0.21 CardinalHealth CAH 52.93 -0.63
Equinix EQIX 692.56 -21.62 JonesLang JLL 142.33 -6.04 NomuraHoldings NMR 5.22 -0.11 ShawComm B SJR 17.55 -0.01
AmericaMovil A AMOV 14.25 -0.37 Carlisle CSL 153.93 -2.25 spin-off.
Equinor EQNR 16.87 0.45 JuniperNetworks JNPR 22.61 0.10 Nordson NDSN 196.56 -4.39 SherwinWilliams SHW 723.47 -11.44
AmerAirlines AAL 15.13 -0.64 Carlyle CG 31.11 -0.33
Equitable EQH 24.72 -0.87 KB Fin KB 39.13 -0.47 NorfolkSouthern NSC 233.44 -4.17 ShinhanFin SHG 29.26 -0.50
AEP AEP 81.54 -1.73 CarMax KMX 93.30 -1.16
EquityLife ELS 60.47 -2.89 KE Holdings BEKE 57.51 -4.03 NorthernTrust NTRS 92.50 -0.64 SHOP 1092.40 -39.55
AmerExpress AXP 118.04 -2.87 Carnival CCL 20.38 -1.28 Shopify
EquityResdntl EQR 57.50 -1.78 KKR 39.65 -0.84
Exchange-Traded Portfolios | WSJ.com/ETFresearch
AmericanFin AFG 85.16 -2.46 Carnival CUK 17.63 -1.11
KKR NorthropGrum NOC 294.76 -9.96 s Sibanye-Stillwater SBSW 16.92 1.03
AmHomes4Rent AMH 29.08 -0.92
ErieIndemnity A ERIE 240.91 -3.66 s KLA KLAC 260.33 1.42 NortonLifeLock NLOK 20.77 -0.01 SignatureBank SBNY 135.94 0.65
CarrierGlobal CARR 37.03 -0.69
AIG 37.13 -0.73
EssentialUtil WTRG 46.19 -1.10 s KSCitySouthern KSU 200.98 -3.15 NorwegCruise NCLH 23.73 -1.70 SimonProperty SPG 82.81 -2.47
AIG Carvana CVNA 236.27 -3.27 ESS 228.25 -9.17
AmerTowerREIT AMT 219.60 -4.86
EssexProp Kellogg K 61.45 -0.78 Novartis NVS 94.37 -0.06 SiriusXM 6.17 -0.20
Catalent CTLT 103.73 -0.34 EsteeLauder EL 254.99 -11.20
SIRI
AmerWaterWorks AWK 150.24 -3.23 s KeurigDrPepper KDP 31.59 -0.41 NovoNordisk NVO 71.43 1.58 Skyworks SWKS 150.72 -2.16 Largest 100 exchange-traded funds, latest session
Caterpillar CAT 182.15 0.13 ETSY 172.08 -5.83
AmericoldRealty COLD 35.70 -1.63
Etsy KeyCorp KEY 16.29 -0.12 Novocure NVCR 161.32 -11.72 SlackTech WORK 41.99 -0.25
Celanese CE 125.93 -4.01 EuronetWorldwide EEFT 140.65 -4.27
Ameriprise AMP 188.11 -6.22 s KeysightTechs KEYS 131.18 -0.91 NuanceComms NUAN 43.70 -0.39 Smartsheet SMAR 68.12 -1.17
Cemex CX 5.16 -0.01 RE 228.11 -5.98 Monday, January 4, 2021 Closing Chg YTD
AmerisourceBrgn ABC 96.50 -1.26
EverestRe KimberlyClark KMB 133.40 -1.43 Nucor NUE 52.51 -0.68 SmithAO AOS 53.92 -0.90
CenovusEnergy CVE 6.18 0.14 EVRG 53.75 -1.76 Closing Chg YTD ETF Symbol Price (%) (%)
s Ametek AME 118.38 -2.56
Evergy KinderMorgan KMI 13.56 -0.11 Nutrien NTR 49.43 1.27 Smith&Nephew SNN 42.97 0.80
Centene CNC 62.09 2.06 84.51 -2.00
EversourceEner ES KingsoftCloud KC 43.11 -0.44 NVIDIA NVDA 524.54 2.34 SJM 115.63 0.03 ETF Symbol Price (%) (%) iSh7-10YTreasuryBd IEF 119.98 0.03 0.0
Amgen AMGN 226.66 -3.26 CenterPointEner CNP 21.34 -0.30 Smucker
ExactSciences EXAS 128.77 -3.72 KinrossGold KGC 7.98 0.64 SNAP 49.59 -0.48 124.69 0.16 0.2 iSh20+YTreasuryBd TLT 157.54 –0.12 –0.1
Amphenol APH 128.52 -2.25 CentraisElBras EBR 6.82 -0.17 Snap ARKInnovationETF ARKK
s AnalogDevices ADI 146.02 -1.71 Exelon EXC 41.17 -1.05 KirklandLakeGold KL 44.55 3.28 O P Q SNA 166.92 -4.22 66.48 –1.5 iShRussellMCGrowth IWP 101.18 –1.43 –1.4
CeridianHCM CDAY 102.53 -4.03 SnapOn CommSvsSPDR XLC –1.48
s Expedia EXPE 131.37 -1.03 KodiakSciences KOD 137.73 -9.18 SNOW 278.24 -3.16 iShUSTreasuryBdETF GOVT 27.38 0.50 0.5
Anaplan PLAN 69.84 -2.01 Cerner CERN 77.74 -0.74 OKE 37.50 -0.88
Snowflake CnsmrDiscSelSector XLY 159.42 –0.85 –0.8
s ExpeditorsIntl EXPD 92.31 -2.80 s KoninklijkePhil PHG 55.70 1.53
ONEOK
s SOQUIMICH SQM 51.10 2.01 JPM UltShtIncm JPST 50.79 ... ...
AngloGoldAsh AU 25.49 2.87 CharlesRiverLabs CRL 249.67 -0.19 OReillyAuto ORLY 453.97 1.40 CnsStapleSelSector XLP 66.72 –1.08 –1.1
ExtraSpaceSt EXR 110.29 -5.57 KoreaElcPwr KEP 12.16 -0.11 SolarEdgeTech SEDG 311.35 -7.77 PIMCOEnhShMaturity MINT 102.03 –0.01 –0.0
AB InBev BUD 69.77 -0.14 CharterComms CHTR 647.03 -14.52 OSH 57.00 -4.16 EnSelectSectorSPDR XLE 37.96 0.16 0.2
ExxonMobil XOM 41.50 0.28 KraftHeinz KHC 34.23 -0.43 OakStreetHealth s SNE 100.07 -1.03 SPDR BlmBarcHYBd JNK 108.67 –0.25 –0.2
AnnalyCap NLY 8.23 -0.22 CheckPoint CHKP 129.88 -3.03 OccidentalPetrol OXY 17.45 0.14
Sony FinSelSectorSPDR XLF 29.08 –1.36 –1.4
F5Networks FFIV 175.85 -0.09 Kroger 32.13 0.37 SoteraHealth SHC 27.02 -0.42 SPDRBloomBar1-3MTB BIL 91.52 ... ...
Anthem ANTM 318.58 -2.51 Chegg CHGG 87.33 -3.00 KR
OKTA 250.67 -3.59 HealthCareSelSect XLV 112.95 –0.43 –0.4
FMC FMC 113.12 -1.81 39.60 2.41
Okta
59.36 -2.07 SPDR Gold 182.33 2.23 2.2
Aon AON 204.55 -6.72 Chemed CHE 528.58 -4.03 L Brands LB
OldDomFreight ODFL 190.69 -4.49
Southern SO IndSelSectorSPDR XLI 86.41 –2.42 –2.4
GLD
Facebook FB 268.94 -4.22 LKQ 34.72 -0.52 s SCCO 67.27 2.15 36.26 0.69 0.7
ApolloGlbMgmt APO 47.77 -1.21 CheniereEnergy LNG 58.91 -1.12 LKQ
OmegaHealthcare OHI 35.03 -1.29
SoCopper InvscQQQI QQQ 309.31 –1.41 –1.4
SchwabIntEquity SCHF
FactSet FDS 330.59 -1.91 LPL Financial LPLA 103.34 -0.88 SouthwestAir LUV 45.04 -1.57 SchwabUS BrdMkt 89.77 –1.34 –1.3
Appian APPN 143.70 -18.39 CheniereEnerPtrs CQP 34.80 -0.45 OMC 60.88 -1.49 125.70 –1.44 –1.4
SCHB
FairIsaac FICO 505.26 -5.78 L3HarrisTech LHX 180.44 -8.58 s ON Semi
Omnicom
Splunk SPLK 166.37 -3.52
InvscS&P500EW RSP
63.23 –1.42 –1.4
Apple AAPL 129.41 -3.28 Chevron CVX 84.71 0.26 32.67 -0.06 133.02 0.03 0.0
SchwabUS Div SCHD
Farfetch FTCH 62.00 -1.81 ON
LH 204.88 1.33 OneConnectFinTech OCFT 20.09 0.38 Spotify SPOT 311.00 -3.66
iSh3-7YTreasuryBd IEI
89.80 –1.26 –1.3
ApplMaterials AMAT 86.87 0.57 Chewy CHWY 88.90 -0.99 LabCpAm
44.19 –1.41 –1.4
SchwabUS LC SCHX
Fastenal FAST 47.65 -1.18 LamResearch LRCX 478.02 5.75 OpenText SQ 221.16 3.52 iShCoreDivGrowth DGRO
s Aptargroup ATR 134.00 -2.89 ChinaEastrnAir CEA 21.77 0.26 OTEX 45.44 -0.02
Square SchwabUS LC Grw SCHG 126.72 –1.32 –1.3
Fastly FSLY 86.14 -1.23 StanleyBlackDck SWK 169.35 -9.21 iShCoreMSCIEAFE IEFA 69.49 0.58 0.6
s Aptiv APTV 129.51 -0.78 ChinaLifeIns LFC 10.89 -0.17 LamarAdv LAMR 80.28 -2.94 OpendoorTech OPEN SchwabUS SC SCHA 87.78 –1.37 –1.4
FateTherap FATE 89.68 -1.25 24.01 1.28 s iShCoreMSCIEM IEMG 62.54 0.81 0.8
Aramark ARMK 37.72 -0.76 t ChinaMobile CHL 26.86 -1.68 LambWeston LW 75.67 -3.07 Starbucks SBUX 103.10 -3.88 Schwab US TIPs SCHP 62.18 0.16 0.2
FedEx FDX 253.19 -6.43 Oracle ORCL 63.75 -0.94 iShCoreMSCITotInt IXUS 67.58 0.58 0.6
s ArcelorMittal MT 23.95 1.05 ChinaPetrol SNP 44.86 0.26 LasVegasSands LVS 57.95 -1.65 Orange StateStreet STT 72.25 -0.53 SPDR DJIA Tr DIA 302.32 –1.13 –1.1
Ferrari RACE 227.01 -2.51 ORAN 12.25 0.39 iShCoreS&P500 IVV 370.22 –1.38 –1.4
ArchCapital ACGL 34.90 -1.17 ChinaSoAirlines ZNH 29.99 0.34 Lear LEA 157.44 -1.59 Orix SteelDynamics STLD 36.62 -0.25 SPDR S&PMdCpTr MDY 413.34 –1.57 –1.6
FiatChrysler FCAU 18.19 0.10 IX 75.88 -1.45 226.30 –1.54 –1.5
ArcherDaniels ADM 49.87 -0.54 t ChinaTelecom CHA 26.04 -1.51 Leidos LDOS 102.44 -2.68 OtisWorldwide OTIS 65.59 -1.96 Steris STE 188.49 -1.05 iShCoreS&P MC IJH
SPDR S&P 500 SPY 368.79 –1.36 –1.4
FidNatlFin FNF 38.40 -0.69 STMicroelec STM 38.51 1.39 iShCoreS&P SC IJR 91.04 –0.94 –0.9
AresMgmt ARES 46.68 -0.37 ChinaUnicom CHU 5.50 -0.18 Lennar A LEN 74.27 -1.96 OwensCorning OC 73.94 -1.82 SPDR S&P Div SDY 104.47 –1.38 –1.4
FidNatlInfo FIS 139.91 -1.55 STNE 82.67 -1.25 iShS&PTotlUSStkMkt ITOT 85.12 –1.28 –1.3
arGEN-X ARGX 297.04 2.95 Chindata CD 19.00 -4.96 Lennar B LEN.B 59.75 -1.45 OzonHoldings OZON 43.49 2.08 StoneCo TechSelectSector XLK 127.90 –1.63 –1.6
FifthThirdBncp FITB 27.23 -0.34 s SYK 239.02 -6.02 iShCoreUSAggBd AGG 118.04 –0.13 –0.1
AristaNetworks ANET 283.16 -7.41 CMG 1319.12 -67.59 LennoxIntl LII 268.23 -5.74 PG&E PCG 12.21 -0.25
Stryker 61.12 –2.52 –2.5
Chipotle s FirstRepBank FRC 147.22 0.29 SumitomoMits SMFG 6.10 -0.07 94.76 –1.48 –1.5
UtilitiesSelSector XLU
ArrowElec ARW 97.62 0.32 Chubb CB 149.73 -4.19 LeviStrauss LEVI 19.65 -0.43 PNC Fin PNC 149.15 0.15
iShSelectDividend DVY VanEckGoldMiner GDX 38.51 6.91 6.9
FirstSolar FSLR 101.24 2.32 SunComms SUI 146.13 -5.82 84.89 –1.33 –1.3
ArrowheadPharm ARWR 74.83 -1.90 ChunghwaTel CHT 38.83 0.21 LiAuto LI 32.46 3.63 POSCO PKX 62.39 0.08
iShESGAwareUSA ESGU VangdInfoTech VGT 347.91 –1.66 –1.7
FirstEnergy FE 29.51 -1.10 SunLifeFinancial SLF 44.19 -0.27
AscendisPharma ASND 165.49 -1.29 Church&Dwight CHD 86.60 -0.63 LibertyBroadbandC LBRDK 155.58 -2.79 PPD iShEdgeMSCIMinUSA USMV 66.93 –1.40 –1.4 139.89 –1.63 –1.6
Fiserv FISV 111.92 -1.94 PPD 34.26 0.04 VangdSC Val VBR
AspenTech AZPN 130.70 0.45 LibertyBroadbandA LBRDA 154.54 -3.04 PPG Ind SuncorEnergy SU 16.72 -0.06 iShEdgeMSCIUSAMom MTUM 160.07 –0.76 –0.8
ChurchillDowns CHDN 188.39 -6.40 FiveBelow FIVE 167.09 -7.89 PPG 141.31 -2.91 VangdSC Grwth VBK 262.76 –1.83 –1.8
Assurant AIZ 132.11 -4.11 LibertyGlobal A LBTYA 24.31 0.09 PPL SunRun RUN 69.98 0.60 iShEdgeMSCIUSAQual QUAL 114.36 –1.59 –1.6
Ciena CIEN 51.18 -1.67 Five9 FIVN 173.15 -1.25 PPL 27.58 -0.62 VangdExtMkt VXF 162.25 –1.48 –1.5
AstraZeneca AZN 50.52 0.53 LibertyGlobal B LBTYB 24.10 -0.42 s PRA HealthSci PRAH 123.43 -2.01 Suzano SUZ 11.16 -0.02 iShGoldTr IAU 18.55 2.32 2.3
Cigna CI 205.72 -2.46 FleetCorTech FLT 265.93 -6.90 VangdDivApp VIG 139.27 –1.35 –1.3
Athene ATH 41.99 -1.15 LibertyGlobal C LBTYK 23.53 -0.12 PTC SynchronyFin SYF 34.14 -0.57 iShiBoxx$InvGrCpBd LQD 137.43 –0.51 –0.5
CincinnatiFin CINF 84.50 -2.87 Flex FLEX 17.88 -0.10 PTC 118.18 -1.43 s VangdFTSEDevMk VEA 47.48 0.57 0.6
Atlassian TEAM 231.56 -2.31 LibertyFormOne A FWONA 36.85 -1.14 Paccar Synopsys SNPS 254.70 -4.54 87.12 –0.21 –0.2
Cintas CTAS 343.60 -9.86 Floor&Decor FND 92.46 -0.39 PCAR 84.72 -1.56 iShiBoxx$HYCpBd HYG VangdFTSE EM VWO 50.34 0.46 0.5
AtmosEnergy ATO 94.03 -1.40 LibertyFormOne C FWONK 40.87 -1.73 s PackagingCpAm PKG 135.75 -2.16 Sysco SYY 72.31 -1.95 115.27 –0.55 –0.6
CiscoSystems CSCO 43.96 -0.43 FomentoEconMex FMX 75.12 -0.65 iShJPMUSDEmgBd EMB VangdFTSE Europe VGK 61.02 1.29 1.3
s Autodesk ADSK 296.84 -8.50 60.14 -1.52 LibertyBraves A BATRA 25.29 0.42 PagSeguroDig PAGS 54.50 -2.38 iShMBSETF MBB 110.14 0.01 0.0
Citigroup C FordMotor F 8.52 -0.27 T U V VangdFTSEAWxUS VEU 58.65 0.50 0.5
Autohome ATHM 97.99 -1.63 CitizensFin CFG 35.52 -0.24 FTNT 145.56 -2.97 LibertyBraves C BATRK 25.27 0.39 PalantirTech PLTR 23.37 -0.18 iShMSCI ACWI ACWI 90.22 –0.55 –0.6
Fortinet VangdGrowth VUG 249.66 –1.45 –1.5
Autoliv ALV 91.12 -0.98 CitrixSystems CTXS 128.33 -1.77 FTS 40.81 -0.01 LibertySirius A LSXMA 42.54 -0.65 PaloAltoNtwks PANW 351.66 -3.73 TAL Education TAL 69.22 -2.29 iShMSCI EAFE EFA 73.34 0.52 0.5
Fortis VangdHlthCr VHT 222.58 –0.51 –0.5
ADP ADP 168.96 -7.24 Clarivate CCC 29.81 0.10 FTV 68.81 -2.01 LibertySirius C LSXMK 42.49 -1.02 PanAmerSilver PAAS 37.33 2.82 TC Energy TRP 40.84 0.12 iShMSCIEmgMarkets EEM 52.00 0.64 0.6
Fortive VangdHiDiv VYM 90.40 –1.21 –1.2
AutoZone AZO 1180.40 -5.04 Clorox CLX 200.44 -1.48 FortBrandsHome FBHS 84.80 -0.92 s LightspeedPos LSPD 67.16 -3.23 ParkerHannifin PH 266.02 -6.39 s TE Connectivity TEL 120.30 -0.77 iShMSCIJapan EWJ 66.76 –1.18 –1.2
AVLR 163.68 -1.21 VangdIntermBd BIV 92.83 –0.02 –0.0
Avalara Cloudflare NET 74.59 -1.40 FoxB FOX 28.41 -0.47 EliLilly LLY 165.50 -3.34 Paychex PAYX 90.36 -2.82 Telus TU 19.91 0.11 iShNatlMuniBd MUB 117.13 –0.06 –0.1
AVB 155.52 -4.91 VangdIntrCorpBd VCIT 97.02 –0.12 –0.1
Avalonbay Coca-Cola KO 52.76 -2.08 FoxA FOXA 28.81 -0.31 LincolnNational LNC 48.82 -1.49 PaycomSoftware PAYC 427.73 -24.52 TJX TJX 66.81 -1.48 iSh1-5YIGCorpBd IGSB 55.17 ... ...
AGR 44.90 -0.55 VangdLC VV 173.39 –1.34 –1.3
Avangrid Coca-Cola Euro CCEP 48.40 -1.43 Franco-Nevada FNV 131.76 6.43 Linde LIN 258.81 -4.70 Paylocity PCTY 199.03 -6.88 T-MobileUS TMUS 132.43 -2.42 iShPfd&Incm 38.14 –0.96 –1.0
Avantor AVTR 27.31 -0.84 LithiaMotors LAD 284.24 -8.43 PayPal
PFF VangdMC VO 203.74 –1.47 –1.5
Cognex CGNX 80.22 -0.06 FranklinRscs BEN 24.34 -0.65 PYPL 231.92 -2.28 TRowePrice TROW 147.69 -3.70 237.74 –1.41 –1.4
s AveryDennison AVY 151.90 -3.21 LiveNationEnt LYV 70.67 -2.81 Pegasystems PEGA 131.67 -1.59
iShRussell1000Gwth IWF VangdMBS VMBS 54.08 0.02 0.0
CognizantTech CTSH 79.42 -2.53 s FreeportMcM FCX 27.14 1.12 s TaiwanSemi TSM 111.70 2.66 208.89 –1.39 –1.4
AxonEnterprise AAXN 116.85 -5.68 1.85 -0.11 Peloton
iShRussell1000 IWB VangdRealEst VNQ 82.17 –3.25 –3.2
ColgatePalm CL 84.33 -1.18 FreseniusMed FMS 42.55 0.99 LloydsBanking LYG PTON 145.96 -5.76 TakeTwoSoftware TTWO 201.85 -5.94 134.89 –1.35 –1.3
BCE BCE 43.00 0.20 LockheedMartin LMT 344.64 -10.34 PembinaPipeline PBA 23.94 0.28
iShRussell1000Val IWD VangdS&P500ETF VOO 339.03 –1.36 –1.4
Comcast A CMCSA 50.51 -1.89 TakedaPharm TAK 17.99 -0.21
s BHP Group BHP 67.35 2.01 iShRussell2000 IWM 193.50 –1.31 –1.3 VangdST Bond BSV 82.89 –0.01 –0.0
Comerica CMA 55.50 -0.36 G H I Loews L 44.40 -0.62 PennNational PENN 80.89 -5.48 s Tapestry TPR 32.71 1.63
s BHP Group BBL 55.07 2.04 s LogitechIntl LOGI 98.47 1.28 Pentair iShRussellMid-Cap IWR 67.45 –1.60 –1.6 VangdSTCpBd VCSH 83.24 –0.01 –0.0
CommerceBcshrs CBSH 66.08 0.38 PNR 51.53 -1.56 Target TGT 177.63 1.10
BP BP 20.83 0.31 GDS Holdings GDS 93.86 0.22 LOW 160.38 -0.13 PepsiCo iShRussellMCValue IWS 95.27 –1.74 –1.7 VangdSC VB 191.53 –1.62 –1.6
s CiaSiderurgica SID 6.42 0.47 Lowe's PEP 144.27 -4.03 TataMotors TTM 12.76 0.16
s Baidu BIDU 216.80 0.56 s GFLEnvironmental GFL 27.80 -1.38 LufaxHolding LU 14.30 0.10 PerkinElmer PKI 145.51 2.01 s TECK 18.97 0.82 iShS&P500Growth IVW 62.87 –1.49 –1.5 VangdTotalBd BND 88.07 –0.14 –0.1
ConagraBrands CAG 35.99 -0.27 TeckRscsB
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THE WALL STREET JOURNAL. Tuesday, January 5, 2021 | B7

MARKETS DIGEST
EQUITIES

Dow Jones Industrial Average S&P 500 Index Nasdaq Composite Index
Last Year ago Last Year ago Last Year ago
30223.89 t 382.59, or 1.25% Trailing P/E ratio 29.73 21.35 3700.65 t 55.42, or 1.48% Trailing P/E ratio * 40.40 25.67 12698.45 t 189.84, or 1.47% Trailing P/E ratio *† 39.45 28.06
High, low, open and close for each P/E estimate * 24.91 19.28 High, low, open and close for each P/E estimate * 26.75 19.70 High, low, open and close for each P/E estimate *† 32.79 24.15
trading day of the past three months. Dividend yield 2.00 2.22 trading day of the past three months. Dividend yield * 1.60 1.81 trading day of the past three months. Dividend yield *† 0.75 0.95
All-time high 30606.48, 12/31/20 All-time high 3756.07, 12/31/20 All-time high: 12899.42, 12/28/20

Current divisor 0.15198707565833

32200 3750 12800
Session high
DOWN UP
t

Session open Close 31000 3625 12400

Close Open
t

29800 3500 12000

Session low

28600 3375 11600

65-day moving average

65-day moving average 27400 3250 11200

65-day moving average

26200 3125 10800

Bars measure the point change from session's open

25000 3000 10400
Oct. Nov. Dec. Oct. Nov. Dec. Oct. Nov. Dec.
*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*1,157,073,103 42,712,810
Industrial Average 30674.28 29881.82 30223.89 -382.59 -1.25 30606.48 18591.93 5.3 -1.3 6.4 share price of $2 and minimum after-hours volume of 50,000 shares. Adv. volume* 361,665,953 37,099,246
Transportation Avg 12537.42 12151.41 12230.03 -276.90 -2.21 12803.02 6703.63 12.7 -2.2 4.1 Most-active issues in late trading Decl. volume* 782,437,045 5,292,698
Utility Average 865.53 838.49 843.00 -21.64 -2.50 960.89 610.89 -3.1 -2.5 6.4 Volume After Hours Issues traded 3,232 283
Company Symbol (000) Last Net chg % chg High Low
Total Stock Market 39380.38 38245.45 38646.40 -573.22 -1.46 39219.62 22462.76 16.5 -1.5 11.1 Advances 913 139
SPDR S&P 500 SPY 14,854.7 369.02 0.23 0.06 369.37 368.37
Barron's 400 857.16 834.18 842.50 -9.70 -1.14 852.20 455.11 15.0 -1.1 5.2 Declines 2,254 132
NIO ADR NIO 10,607.3 53.74 0.25 0.47 53.88 51.29
Unchanged 65 12
Nasdaq Stock Market Intel INTC 8,980.0 49.64 -0.03 -0.06 49.77 49.53 New highs 167 13
Nasdaq Composite 12958.72 12543.24 12698.45 -189.84 -1.47 12899.42 6860.67 40.0 -1.5 21.5 Apple AAPL 6,937.5 129.39 -0.02 -0.02 129.72 129.15 New lows 5 0
Nasdaq 100 12950.22 12537.42 12694.66 -193.62 -1.50 12888.28 6994.29 43.5 -1.5 24.5 MGM Resorts Intl MGM 6,871.2 29.84 0.14 0.47 29.84 29.50 Closing Arms† 0.78 0.08
Las Vegas Sands LVS 5,893.7 58.02 0.07 0.12 58.25 57.94 Block trades* 6,118 435
S&P
-1.48
Microsoft MSFT 3,769.5 217.52 -0.17 -0.08 218.00 217.25
500 Index 3769.99 3662.71 3700.65 -55.42 3756.07 2237.40 14.0 -1.5 10.8 Nasdaq NYSE Arca
iShares U.S. Real Estate IYR 3,542.1 82.89 0.15 0.18 82.93 82.29
MidCap 400 2323.54 2252.32 2269.45 -37.17 -1.61 2315.36 1218.55 10.5 -1.6 5.6 Total volume*6,556,894,591 316,958,113
SmallCap 600 1128.80 1094.37 1106.93 -12.00 -1.07 1124.94 595.67 8.5 -1.1 5.4 Percentage gainers… Adv. volume*4,238,295,719 152,386,506
Atlantic American AAME 250.4 3.25 1.11 51.87 3.89 2.18 Decl. volume*2,277,079,626 163,074,722
Other Indexes
Boston Private Financial BPFH 399.9 10.59 2.20 26.22 10.99 8.39 Issues traded 3,854 1,470
Russell 2000 1990.70 1927.15 1945.91 -28.94 -1.47 2007.10 991.16 17.0 -1.5 7.7
Advances 1,552 525
NYSE Composite 14605.75 14258.25 14376.70 -148.10 -1.02 14524.80 8777.38 3.1 -1.0 3.3 Jefferies Financial Group JEF 52.6 26.16 1.34 5.40 26.99 24.82
Declines 2,226 924
Value Line 572.75 557.26 561.65 -7.12 -1.25 568.77 305.71 1.8 -1.3 -0.6 AgEagle Aerial Systems UAVS 63.4 5.70 0.23 4.20 5.75 5.45
Unchanged 76 21
NYSE Arca Biotech 5776.36 5664.30 5741.55 2.54 0.04 6142.96 3855.67 14.0 0.04 9.9
Genworth Financial A GNW 460.9 2.79 0.10 3.72 3.17 2.68
New highs 296 349
NYSE Arca Pharma 692.08 679.16 687.38 -2.04 -0.30 691.70 494.36 5.4 -0.3 7.4 ...And losers New lows 20 41
KBW Bank 98.54 95.77 96.96 -0.95 -0.97 112.35 56.19 -13.3 -1.0 -3.7 ViewRay VRAY 550.2 5.65 -0.76 -11.86 6.63 5.44 Closing Arms† 0.37 0.62
PHLX§ Gold/Silver 154.89 149.40 154.07 9.88 6.85 161.14 70.12 46.6 6.9 20.6 Fate Therapeutics FATE 51.8 84.75 -4.93 -5.50 89.68 83.00 Block trades* 48,478 1,302
PHLX§ Oil Service 45.70 44.00 44.91 0.58 1.31 80.99 21.47 -44.5 1.3 -34.1 ZIOPHARM Oncology ZIOP 71.0 2.71 -0.11 -3.90 2.82 2.70 * Primary market NYSE, NYSE American NYSE Arca only.
PHLX§ Semiconductor 2872.20 2763.09 2783.21 -12.29 -0.44 2816.27 1286.84 51.7 -0.4 28.3 Generation Bio GBIO 1,203.7 29.00 -1.08 -3.59 30.08 28.30 †(TRIN) A comparison of the number of advancing and declining
issues with the volume of shares rising and falling. An
Cboe Volatility 29.19 22.56 26.97 4.22 18.55 82.69 12.10 94.7 18.5 43.0 NGM Biopharmaceuticals NGM 79.2 28.50 -0.75 -2.56 29.28 25.43 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 MSCI ACWI 642.98 –3.32 –0.51 –0.5 Bionano Genomics BNGO 7.20 4.12 133.77 7.24 0.25 466.9 Calithera Biosciences CALA 2.72 -2.19 -44.60 8.18 2.46 -46.9
MSCI ACWI ex-USA 328.99 2.49 0.76 0.8 The9 ADR NCTY 6.62 3.08 87.01 12.30 2.04 -35.1 QuantumScape QS 49.96 -34.49 -40.84 132.73 9.74 ...
MSCI World 2670.04 –20.00 –0.74 –0.7 ViewRay VRAY 6.41 2.59 67.80 6.95 1.11 65.2 Genworth Financial A GNW 2.69 -1.09 -28.84 4.84 1.87 -39.1
MSCI Emerging Markets 1304.43 12.68 0.98 1.0 Pandion Therapeutics PAND 21.94 7.09 47.74 27.75 10.28 ... Beam Global BEEM 55.81 -17.97 -24.36 75.90 4.28 1168.4
Americas MSCI AC Americas 1447.96 –19.86 –1.35 –1.4 Kaspien Holdings KSPN 20.19 5.56 38.03 20.20 1.96 797.5 Bonso Electronics Intl BNSO 5.90 -1.79 -23.28 10.44 1.94 156.5
Canada S&P/TSX Comp 17527.77 94.41 0.54 0.5 EyePoint Pharmaceuticals EYPT 9.01 2.43 36.93 21.00 3.51 -38.7 Greenpro Capital GRNQ 1.59 -0.46 -22.44 3.12 0.21 144.6
Latin Amer. MSCI EM Latin America 2459.84 8.08 0.33 0.3 Bit Digital BTBT 29.27 7.36 33.59 33.00 0.28 7224.8 CNFinance Holdings ADR CNF 3.28 -0.93 -22.09 5.05 2.90 -29.0
Brazil Sao Paulo Bovespa 118854.71 –162.53 –0.14 –0.1 U.S. Silica Holdings SLCA 8.97 1.95 27.78 9.11 0.79 40.4 MicroSectors Gold 3X Invr GDXD 17.68 -4.69 -20.96 28.50 17.27 ...
Chile Santiago IPSA 2912.49 54.88 1.92 1.9 Tiziana Life Sciences ADR TLSA 2.58 0.56 27.72 12.17 0.62 152.9 Chindata Group ADR CD 19.00 -4.96 -20.70 24.30 13.12 ...
Mexico S&P/BMV IPC 44703.00 636.12 1.44 1.4 Genetic Technologies ADR GENE 4.50 0.90 25.00 10.30 1.41 116.3 PMV Pharmaceuticals PMVP 49.25 -12.26 -19.93 63.22 31.05 ...
EMEA Stoxx Europe 600 401.69 2.66 0.67 0.7 Insignia Systems ISIG 7.31 1.43 24.33 12.25 3.78 32.2 Professional Diversity IPDN 2.08 -0.51 -19.69 5.56 0.76 128.6
Eurozone Euro Stoxx 400.14 2.58 0.65 0.6 Universal Security UUU 6.16 1.15 22.95 13.94 0.30 952.4 FG Financial Group FGF 3.39 -0.83 -19.67 6.40 2.80 -38.1
Belgium Bel-20 3664.24 42.96 1.19 1.2 Peabody Energy BTU 2.94 0.53 21.99 10.25 0.80 -70.3 Indonesia Energy INDO 6.09 -1.41 -18.80 11.87 1.55 -15.1
Denmark OMX Copenhagen 20 1487.58 22.41 1.53 1.5 MicroSec Gold 3X Lvgd ETN GDXU 30.76 5.42 21.39 31.26 21.29 ... Sigilon Therapeutics SGTX 39.25 -8.78 -18.28 54.32 22.00 ...
5588.96 0.68 0.7 Studio City Intl ADR MSC 14.23 2.36 19.88 27.00 11.87 -27.9 Clene CLNN 7.57 -1.44 -15.98 10.00 7.20 ...
France CAC 40 37.55
Germany DAX 13726.74 7.96 0.06 0.1
Israel Tel Aviv 1498.03 –8.92 –0.59 –0.1
Most Active Stocks Volume Movers Ranked by change from 65-day average*
Italy FTSE MIB 22315.87 82.97 0.37 0.4 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
Netherlands AEX 631.03 6.42 1.03 1.0
2.69 2.7 Bionano Genomics BNGO 572,923 1716.4 7.20 133.77 7.24 0.25 Invsc S&P MC Value Mom XMVM 450 7065 35.80 -2.14 37.12 17.03
Russia RTS Index 1424.84 37.38
1.80 Zomedica ZOM 374,616 578.4 0.35 51.78 0.50 0.06 Magellan Health MGLN 4,748 3618 93.64 13.04 94.23 30.60
South Africa FTSE/JSE All-Share 60479.42 1070.74 1.8
Spain IBEX 35 8099.20 25.50 0.32 0.3 Jaguar Health JAGX 337,731 895.2 1.78 118.40 1.85 0.19 Alberton Acquisition Cl A ALAC 1,887 3554 13.55 18.76 14.18 10.25
775.29 0.90 0.9 Check-Cap CHEK 333,446 12950.5 1.45 215.22 2.37 0.24 FT Mid Cap Value FNK 255 3006 35.11 -1.75 36.40 17.87
Sweden OMX Stockholm 6.91
0.33 0.3
Sundial Growers SNDL 265,688 16.3 0.55 16.16 3.88 0.14 iSh Focused Value Factor FOVL 182 2468 42.20 -1.01 50.84 25.83
Switzerland Swiss Market 10738.39 34.88
Turkey BIST 100 1495.43 18.71 1.27 1.3 NIO ADR NIO 211,973 22.9 53.49 9.75 57.20 2.11 China Unicom HK ADR CHU 10,480 2378 5.50 -3.17 9.35 5.08
U.K. FTSE 100 6571.88 111.36 1.72 1.7 Ocugen OCGN 167,782 323.0 3.07 67.76 3.50 0.17 iSh Cybersecurity Tech IHAK 1,574 2166 39.65 -1.73 41.61 20.36
20537.89 0.24 0.2 Apple AAPL 142,845 24.1 129.41 -2.47 138.79 53.15 iShares US Basic Material IYM 2,622 1858 112.71 -0.62 115.51 59.49
U.K. FTSE 250 49.59
Acasti Pharma ACST 112,568 512.0 0.40 21.54 2.54 0.17 China Telecom ADR CHA 2,031 1772 26.04 -5.48 41.49 24.10
Asia-Pacific MSCI AC Asia Pacific 201.23 1.27 0.63 0.7
Naked Brand Group NAKD 108,108 5.0 0.22 13.39 2.62 0.07 Innov MSCI EM Pwr Jan EJAN 437 1744 29.70 -1.13 30.29 20.99
Australia S&P/ASX 200 6684.20 97.10 1.47 1.5
* Volumes of 100,000 shares or more are rounded to the nearest thousand * Common stocks priced at $2 a share or more with an average volume over 65 trading days of at least
China Shanghai Composite 3502.96 29.89 0.86 0.9 5,000 shares =Has traded fewer than 65 days
Hong Kong Hang Seng 27472.81 241.68 0.89 0.9
48176.80 0.64 0.9
Track the Markets
India S&P BSE Sensex 307.82
Japan Nikkei Stock Avg 27258.38 –185.79 –0.68 –0.7
Compare the performance of selected
global stock indexes, bond ETFs,
CURRENCIES & COMMODITIES
Singapore Straits Times 2858.90 15.09 0.53 0.5 currencies and commodities at
South Korea Kospi 2944.45 70.98 2.47 2.5 wsj.com/graphics/track-the-markets Currencies
Taiwan TAIEX 14902.03 169.50 1.15 1.2 U.S.-dollar foreign-exchange rates in late New York trading
Thailand SET 1468.24 18.89 1.30 1.3 Get real-time U.S. stock quotes and track most-active stocks, new US$vs, US$vs,
Sources: FactSet; Dow Jones Market Data highs/lows and mutual funds. Available free at WSJMarkets.com Mon YTDchg Mon YTDchg
Country/currency in US$ per US$ (%) Country/currency in US$ per US$ (%)
Americas Vietnam dong .00004330 23080 unch
CREDIT MARKETS Argentina peso .0118 84.6283 0.6 Europe
Brazil real .1888 5.2972 2.0 Czech Rep. koruna .04677 21.381 –0.4
Canada dollar .7826 1.2778 0.3 Denmark krone .1647 6.0723 –0.3
Consumer Rates and Returns to Investor Benchmark
Treasury yield Yields
curve Forex Race Chile peso .001420 704.30 –0.9 Euro area euro 1.2255 .8160 –0.3
U.S. consumer rates Selected rates andtoRates
Yield maturity of current bills, Yen, euro vs. dollar; dollar vs. Colombiapeso .000290 3449.50 0.8 Hungary forint .003392 294.85 –0.7
notes and bonds major U.S. trading partners Ecuador US dollar 1 1 unch Iceland krona .007848 127.42 –0.3
A consumer rate against its Five-year ARM, Rate Mexico peso .0501 19.9681 0.4 Norway krone .1169 8.5527 –0.3
benchmark over the past year 2.50% Uruguay peso .02362 42.3450 –0.02 Poland zloty .2690 3.7181 –0.4
Bankrate.com avg†: 3.20% 10% Asia-Pacific Russia ruble .01343 74.482 0.6
2.50% Euro Sweden krona .1212 8.2520 0.3
s

5-year Citizens Equity First Credit Union One year ago 2.00 Australian dollar .7668 1.3041 0.3
adjustable-rate 4.00% Peoria, IL 309-633-3603 5 Switzerland franc 1.1349 .8811 –0.4
t China yuan .1548 6.4616 –1.1
t mortgage (ARM) 1.50 Turkey lira .1347 7.4248 –0.2
Haven Savings Bank 2.50% s Hong Kong dollar .1290 7.7538 0.01
3.00 0 Ukraine hryvnia .0350 28.5500 0.7
1.00 Yen India rupee .01368 73.078 0.1
Hoboken, NJ 201-659-3600 UK pound 1.3574 .7367 0.7
Tradeweb ICE Indonesia rupiah .0000720 13895 –1.1
2.00 Star One Credit Union 2.63% 0.50 –5 s Japan yen .009696 103.13 –0.2 Middle East/Africa
Monday Close
Sunnyvale, CA 408-742-2801 t WSJ Dollar index Kazakhstan tenge .002374 421.25 –0.03 Bahrain dinar 2.6522 .3771 unch
5-year Treasury 1.00 0.00 Macau pataca .1251 7.9920 0.01 Egypt pound .0635 15.7393 –0.04
Associated Bank, NA 2.75% –10
t note yield Malaysia ringgit .2496 4.0065 –0.4 Israel shekel .3115 3.2100 –0.1
Rockford, IL 800-682-4989 1 3 6 1 2 3 5 7 10 20 30 2020 2021
0.00 New Zealand dollar .7178 1.3931 0.1 Kuwait dinar 3.2889 .3041 –0.02
East Cambridge Savings Bank 2.75% month(s) years
J FMAM J J A S ON D J Pakistan rupee .00623 160.400 0.02 Oman sul rial 2.5974 .3850 unch
Cambridge, MA 866-354-3272 maturity Philippines peso .0208 48.040 0.1 Qatar rial .2747 3.640 –0.03
2020
Sources: Tradeweb ICE U.S. Treasury Close; Tullett Prebon; Dow Jones Market Data Singapore dollar .7572 1.3206 –0.1 Saudi Arabia riyal .2666 3.7515 –0.01
Yield/Rate (%) 52-Week Range (%) 3-yr chg South Korea won .0009202 1086.69 0.1 South Africa rand .0679 14.7225 0.2
Interest rate Last (l)Week ago Low 0 2 4 6 8 High (pct pts)
Corporate Borrowing Rates and Yields Sri Lanka rupee .0053476 187.00 0.9
Close Net Chg % Chg YTD%Chg
Federal-funds rate target 0.00-0.25 0.00-0.25 0.00 l 1.75 -1.25 Taiwan dollar .03559 28.095 0.02
Yield (%) 52-Week Total Return (%) Thailand baht .03344 29.900 –0.5 WSJ Dollar Index 84.98 –0.02–0.03 –0.03
Prime rate* 3.25 3.25 3.25 l 4.75 -1.25 Bond total return index Close Last Week ago High Low 52-wk 3-yr
Libor, 3-month 0.24 0.24 0.20 l 1.88 -1.47 Sources: Tullett Prebon, Dow Jones Market Data
U.S. Treasury, Barclays 2459.080 0.570 0.580 1.790 0.400 7.219 5.283
Money market, annual yield 0.20 0.20 0.19 l 0.57 -0.13
Five-year CD, annual yield 0.56 0.58 0.56 l 1.41 -0.96 U.S. Treasury Long, Barclays 4716.280 1.520 1.530 2.320 0.980 14.876 10.074 Commodities
30-year mortgage, fixed† 2.89 2.92 2.86 l 4.22 -1.02 Aggregate, Barclays 2290.730 1.130 1.150 2.310 1.020 6.875 5.396 Monday 52-Week YTD
Pricing trends on someClose
raw materials, or commodities
Net chg % Chg High Low % Chg % chg
15-year mortgage, fixed† 2.37 2.40 2.37 l 3.43 -0.99 Fixed-Rate MBS, Barclays 2231.840 1.250 1.290 2.690 0.930 3.729 3.739
Jumbo mortgages, $548,250-plus† 2.90 2.94 2.87 l 4.36 -1.42 DJ Commodity 733.66 2.07 0.28 733.66 433.70 13.24 0.28
High Yield 100, ICE BofA n.a. n.a. 3.577 n.a. n.a. n.a. n.a. TR/CC CRB Index 167.35 -0.45 -0.27 187.39 106.29 -10.70 -0.27
Five-year adj mortgage (ARM)† 3.20 3.21 2.85 l 4.35 -0.83
Muni Master, ICE BofA n.a. n.a. 0.867 n.a. n.a. n.a. n.a. Crude oil, $ per barrel 47.62 -0.90 -1.85 63.27 -37.63 -24.74 -1.85
New-car loan, 48-month 4.02 4.02 4.02 l 4.50 0.78
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 933.830 4.300 4.355 7.480 4.295 5.788 4.861 Natural gas, $/MMBtu 2.581 0.042 1.65 3.354 1.482 20.89 1.65
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. 1944.70 51.60 2.73 2051.50 1477.30 24.17 2.73
B8 | Tuesday, January 5, 2021 THE WALL STREET JOURNAL.

COMMODITIES wsj.com/market-data/commodities

Futures Contracts Open

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

Metal & Petroleum Futures July 630.50 636.25 s 623.00 629.75 1.50 78,357 March .9700 .9744 .9687 .9705 .0016 204,061 June 30342 30562 s 29648 29984 –393 77
Wheat (KC)-5,000 bu.; cents per bu. Canadian Dollar (CME)-CAD 100,000; $ per CAD S&P 500 Index (CME)-$250 x index
Contract Open
March 605.00 613.75 s 597.00 599.50 –4.00 122,152 Jan .7858 .7896 s .7814 .7829 –.0004 1,339 March 3694.70 3772.70 s 3691.30 3692.20 –56.60 8,633
Open High hi lo Low Settle Chg interest
May 607.75 616.00 s 600.25 603.25 –3.00 38,156 March .7855 .7897 s .7815 .7830 –.0004 146,596 Mini S&P 500 (CME)-$50 x index
Copper-High (CMX)-25,000 lbs.; $ per lb. Cattle-Feeder (CME)-50,000 lbs.; cents per lb. British Pound (CME)-£62,500; $ per £ March 3748.75 3773.25 s 3652.50 3692.25 –56.50 2,531,490
Jan 3.5590 3.6010 3.5415 3.5530 0.0390 3,422 Jan 1.3674 1.3704 s 1.3544 1.3568 –.0087 740
Jan 138.550 138.800 134.500 134.950 –4.000 7,616 June 3739.75 3762.75 s 3642.75 3682.00 –56.50 4,122
March 3.5270 3.6070 3.5220 3.5545 0.0355 160,440 March 1.3667 1.3710 s 1.3547 1.3572 –.0087 139,189
March 139.675 139.900 135.400 136.025 –4.200 21,273 Mini S&P Midcap 400 (CME)-$100 x index
Gold (CMX)-100 troy oz.; $ per troy oz. Cattle-Live (CME)-40,000 lbs.; cents per lb. Swiss Franc (CME)-CHF 125,000; $ per CHF
Jan 1912.20 1945.10 1912.20 1944.70 51.60 521 March 2307.40 2330.60 2246.20 2266.80 –36.70 52,210
Feb 115.300 115.375 111.500 112.300 –2.725 109,499 March 1.1340 1.1406 s 1.1328 1.1378 .0056 48,293
Feb 1908.20 1948.70 1906.10 1946.60 51.50 406,192 June … 2277.20 –38.80 n.a.
April 119.300 119.500 115.650 116.250 –3.000 82,095 June 1.1364 1.1434 s 1.1359 1.1408 .0056 80
March 1917.80 1949.90 s 1917.80 1949.00 51.70 2 Mini Nasdaq 100 (CME)-$20 x index
Hogs-Lean (CME)-40,000 lbs.; cents per lb. Australian Dollar (CME)-AUD 100,000; $ per AUD March 12889.00 12959.75 s 12522.50 12685.50 –200.00 219,677
April 1912.50 1953.00 1911.30 1951.10 51.50 87,935 Feb 71.425 72.000 70.675 71.225 .950 79,402 Jan .7711 .7741 .7644 .7672 –.0024 762
June 1918.00 1955.60 1918.00 1954.30 51.50 36,025 June 12857.25 12942.50 s 12508.75 12670.25 –200.25 1,166
April 73.000 74.025 72.600 73.625 1.375 45,762 March .7703 .7746 .7647 .7675 –.0025 138,167
Aug 1927.20 1958.50 1926.90 1957.60 51.80 12,243 Lumber (CME)-110,000 bd. ft., $ per 1,000 bd. ft. Mexican Peso (CME)-MXN 500,000; $ per MXN Mini Russell 2000 (CME)-$50 x index
Palladium (NYM) - 50 troy oz.; $ per troy oz. Jan 873.10 883.00 864.00 876.80 3.70 545 March 1977.90 1997.60 1920.50 1945.50 –29.30 532,515
Jan .05052 .05060 .05000 .05017 .00009 87
Jan s 2385.90 –62.60 1 March 727.00 748.90 694.00 700.60 –16.30 1,706 March .04992 .05032 .04962 .04983 .00009 140,306 June 1972.60 1992.70 1918.00 1941.20 –29.40 31
March 2464.50 2485.50 s 2370.00 2391.20 –62.60 8,989 Milk (CME)-200,000 lbs., cents per lb. Euro (CME)-€125,000; $ per € Mini Russell 1000 (CME)-$50 x index
Platinum (NYM)-50 troy oz.; $ per troy oz. Jan 15.81 16.16 15.39 15.42 –.38 3,681 Jan 1.2240 1.2313 1.2240 1.2256 .0025 2,093 March 2121.50 2121.60 s 2063.70 2084.50 –32.10 8,055
Jan 1085.40 1117.50 s 1052.30 1066.00 –9.40 882 Feb 17.30 17.99 16.99 17.12 –.37 3,001 March 1.2252 1.2330 s 1.2249 1.2271 .0025 662,648 U.S. Dollar Index (ICE-US)-$1,000 x index
April 1081.00 1142.00 s 1055.00 1071.50 –7.70 56,873 Cocoa (ICE-US)-10 metric tons; $ per ton. March 89.87 89.93 t 89.39 89.85 –.05 34,928
Silver (CMX)-5,000 troy oz.; $ per troy oz. March 2,624 2,661 2,542 2,552 –51 96,899 Index Futures June 89.74 89.89 t 89.38 89.82 –.04 531
Jan 27.284 0.952 483 May 2,545 2,589 2,497 2,507 –28 56,240
March 26.770 27.760 26.730 27.364 0.952 144,172 Coffee (ICE-US)-37,500 lbs.; cents per lb. Mini DJ Industrial Average (CBT)-$5 x index
Crude Oil, Light Sweet (NYM)-1,000 bbls.; $ per bbl. March 30481 30691 s 29760 30104 –393 84,975 Source: FactSet
March 128.40 129.40 125.25 126.15 –2.10 110,946
Feb 48.40 49.83 s 47.18 47.62 –0.90 367,996 May 130.00 131.30 127.25 128.10 –2.05 46,173
March 48.49 49.94 s 47.31 47.76 –0.87 270,365 Sugar-World (ICE-US)-112,000 lbs.; cents per lb.
April
May
48.56
48.46
50.01 s
50.00 s
47.43
47.50
47.87 –0.82
47.92 –0.77
131,218
101,192
March
May
15.65
14.78
16.13 s
15.20 s
15.55
14.74
15.76
14.95
.27
.27
391,368
213,950
Bonds | wsj.com/market-data/bonds/benchmarks
June 48.40 49.96 s 47.50 47.92 –0.71 230,220 Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb.
Dec 47.36 48.97 s 46.81 47.18 –0.50 269,319 March 28.50
28.72
28.75
29.00
28.50
28.72
28.50
28.75
.10
.15
2,820
2,362
Tracking Bond Benchmarks
NY Harbor ULSD (NYM)-42,000 gal.; $ per gal. July
Feb 1.4828 1.5347 s 1.4522 1.4620 –.0220 98,160 Cotton (ICE-US)-50,000 lbs.; cents per lb. Return on investment and spreads over Treasurys and/or yields paid to investors compared with 52-week
March 1.4839 1.5348 s 1.4540 1.4640 –.0214 52,924 March 78.25 79.90 s 78.25 78.97 .85 127,824 highs and lows for different types of bonds
Gasoline-NY RBOB (NYM)-42,000 gal.; $ per gal. May 78.78 80.51 s 78.78 79.69 .99 43,378 Total Total
Feb 1.4085 1.4516 s 1.3620 1.3729 –.0372 120,263 Orange Juice (ICE-US)-15,000 lbs.; cents per lb. return YTD total Yield (%) return YTD total Yield (%)
March 1.4131 1.4560 s 1.3697 1.3807 –.0347 79,340 Jan 121.90 121.90 121.90 121.80 –1.45 674 close return (%) Index Latest Low High close return (%) Index Latest Low High
Natural Gas (NYM)-10,000 MMBtu.; $ per MMBtu. March 125.80 126.95 121.00 122.85 –2.65 8,706
Feb 2.626 2.670 s 2.566 2.581 .042 197,610 Broad Market Bloomberg Barclays Mortgage-Backed Bloomberg Barclays
March 2.601 2.643 s 2.553 2.561 .035 250,113 Interest Rate Futures 2231.84 n.a. Mortgage-Backed 1.250 0.930 2.690
April 2.605 2.652 s 2.576 2.582 .044 111,461
2290.73 -0.1 U.S. Aggregate 1.130 1.020 2.310
Ultra Treasury Bonds (CBT) - $100,000; pts 32nds of 100%
May 2.617 2.669 s 2.601 2.608 .053 64,315 March 212-310 213-260 211-180 213-060 –12.0 1,044,130 U.S. Corporate Indexes Bloomberg Barclays 2178.50 n.a. Ginnie Mae (GNMA) 0.710 0.290 2.660
Sept 2.786 2.809 s 2.760 2.767 .055 46,908 Treasury Bonds (CBT)-$100,000; pts 32nds of 100% 3453.44 -0.2 U.S. Corporate 1.770 1.740 4.580 1318.14 n.a. Fannie mae (FNMA) 1.430 1.110 2.690
Oct 2.813 2.837 s 2.784 2.793 .052 112,039 March 172-270 173-110 172-040 173-010 –5.0 1,161,798
June 170-200 171-210 170-200 171-190 –7.0 14 3112.30 -0.1 Intermediate 1.100 1.080 4.400 2023.30 n.a. Freddie Mac (FHLMC) 1.410 1.080 2.710
Agriculture Futures Treasury Notes (CBT)-$100,000; pts 32nds of 100%
5170.55 -0.4 Long term 2.810 2.730 4.930 n.a. n.a. Muni Master n.a. n.a. n.a.
Corn (CBT)-5,000 bu.; cents per bu. March 137-310 138-055 137-260 138-040 1.5 3,229,599
March 487.25 497.75 s 479.50 483.75 –.25 835,996 June 136-230 137-085 136-195 137-065 .5 140 701.91 -0.2 Double-A-rated 1.420 1.300 3.360 n.a. n.a. 7-12 year n.a. n.a. n.a.
May 486.00 497.25 s 480.25 484.25 1.00 272,697 5 Yr. Treasury Notes (CBT)-$100,000; pts 32nds of 100%
March 126-045 126-070 126-022 126-065 1.2 3,238,502 921.07 -0.2 Triple-B-rated 2.020 2.010 5.350 n.a. n.a. 12-22 year n.a. n.a. n.a.
Oats (CBT)-5,000 bu.; cents per bu.
March 361.00 370.00 s 353.75 356.00 –4.75 3,986 2 Yr. Treasury Notes (CBT)-$200,000; pts 32nds of 100% High Yield Bonds ICE BofA n.a. n.a. 22-plus year n.a. n.a. n.a.
May 358.75 364.75 s 350.00 351.25 –3.75 527 March 110-155 110-158 110-151 110-157 .1 1,903,468
Soybeans (CBT)-5,000 bu.; cents per bu. 30 Day Federal Funds (CBT)-$5,000,000; 100 - daily avg. n.a. n.a. High Yield Constrained n.a. n.a. n.a. Global Government J.P. Morgan†
1349.75 s Jan 99.9175 99.9200 99.9150 99.9150 –.0050 158,760 n.a.
Jan 1324.00 1306.25 1316.50 1.25 4,198 n.a. n.a. Triple-C-rated n.a. n.a. n.a. 615.25 Global Government 0.550 0.390 1.040
March 1319.25 1349.50 s 1301.00 1313.00 2.00 410,499 Feb 99.9250 99.9250 99.9200 99.9200 .0000 151,511
Soybean Meal (CBT)-100 tons; $ per ton. 10 Yr. Del. Int. Rate Swaps (CBT)-$100,000; pts 32nds of 100% n.a. n.a. High Yield 100 n.a. n.a. n.a. 863.65 n.a. Canada 0.820 0.590 1.700
Jan 439.10 444.90 s 425.70 427.20 –7.20 3,794 March 97-275 98-045 97-225 98-015 2.0 109,264
Eurodollar (CME)-$1,000,000; pts of 100% n.a. n.a. Global High Yield Constrained n.a. n.a. n.a. 420.98 0.1 EMU§ 0.042 0.010 0.794
March 431.90 440.80 s 420.70 423.70 –5.70 185,549
Soybean Oil (CBT)-60,000 lbs.; cents per lb. Jan 99.8025 99.8075 99.8000 99.8025 –.0025 250,642 n.a.
Europe High Yield Constrained n.a. n.a. n.a. 793.96 n.a. France -0.120 -0.160 0.430
n.a.
Jan 43.63 44.61 s 42.50 42.93 –.40 2,290 March 99.8300 99.8350 99.8250 99.8300 … 1,060,812
March 42.50 44.07 s 41.75 42.13 –.27 212,138 June 99.8350 99.8450 99.8300 99.8400 .0050 942,621 U.S Agency Bloomberg Barclays 552.95 0.1 Germany -0.480 -0.740 -0.050
Rough Rice (CBT)-2,000 cwt.; $ per cwt. Sept 99.8300 99.8400 99.8250 99.8350 .0050 795,681
1868.29 n.a. U.S Agency 0.480 0.460 1.880 295.12 n.a. Japan 0.300 0.040 0.320
Jan 12.65 12.65 12.65 12.45 .05 114
March 12.75 13.02 s 12.62 12.73 .04 9,138 Currency Futures 1628.25 n.a. 10-20 years 0.360 0.340 1.760 619.04 0.1 Netherlands -0.400 -0.540 0.080
Wheat (CBT)-5,000 bu.; cents per bu. Japanese Yen (CME)-¥12,500,000; $ per 100¥ 4276.71 n.a. 20-plus years 1.630 1.170 2.410 1095.68 n.a. U.K. 0.540 0.390 1.130
March 643.00 650.25 s 634.00 642.00 1.50 193,713 Jan .9683 .9737 s .9682 .9699 .0016 1,209
2935.26 n.a. Yankee 1.380 1.370 3.500 933.83 n.a. Emerging Markets ** 4.300 4.295 7.480
*Constrained indexes limit individual issuer concentrations to 2%; the High Yield 100 are the 100 largest bonds † In local currency § Euro-zone bonds

Cash Prices | wsj.com/market-data/commodities Monday, January 4, 2021 ** EMBI Global Index Sources: ICE Data Services; Bloomberg Barclays; J.P.Morgan

These prices reflect buying and selling of a variety of actual or “physical” commodities in the marketplace—
separate from the futures price on an exchange, which reflects what the commodity might be worth in future Global Government Bonds: Mapping Yields
months. Yields and spreads over or under U.S. Treasurys on benchmark two-year and 10-year government bonds in
Monday Monday Monday
selected other countries; arrows indicate whether the yield rose(s) or fell (t) in the latest session
Aluminum, LME, $ per metric ton *n.a. Wheat,No.1soft white,Portld,OR-u 6.6000
Energy Country/ Spread Under/Over U.S. Treasurys, in basis points
Copper,Comex spot 3.5530 Yield (%)
Coal,C.Aplc.,12500Btu,1.2SO2-r,w 54.350 Iron Ore, 62% Fe CFR China-s 164.5 Food Coupon (%) Maturity, in years Latest(l)-2 -1 0 1 2 3 4 Previous Month ago Year ago Latest Prev Year ago
Coal,PwdrRvrBsn,8800Btu,0.8SO2-r,w 11.550 Shredded Scrap, US Midwest-s,m 371 Beef,carcass equiv. index 0.125 U.S. 2 0.115 t l 0.119 0.151 1.523
Steel, HRC USA, FOB Midwest Mill-s 1009 181.36 0.875 10 0.915 s 0.913 0.967 1.787
Metals choice 1-3,600-900 lbs.-u l
Fibers and Textiles select 1-3,600-900 lbs.-u 168.26
Gold, per troy oz Broilers, National comp wtd. avg.-u,w 0.8048
2.250 Australia 2 0.076 t l 0.079 0.110 0.836 -4.1 -4.2 -69.7
Engelhard industrial 1941.00 Burlap,10-oz,40-inch NY yd-n,w 0.6450 Butter,AA Chicago 1.3950 1.000 10 0.994 s l 0.982 1.006 1.266 7.8 6.3 -52.3
Handy & Harman base 1943.20 Cotton,1 1/16 std lw-mdMphs-u 0.7597 Cheddar cheese,bbl,Chicago 148.25
Handy & Harman fabricated 2156.95 Cotlook 'A' Index-t *n.a. Cheddar cheese,blk,Chicago 161.75 0.000 France 2 -0.677 s l -0.698 -0.688 -0.599 -79.4 -81.9 -213.2
LBMA Gold Price AM *n.a. Hides,hvy native steers piece fob-u n.a. Milk,Nonfat dry,Chicago lb. 114.75 0.000 10 -0.365 t l -0.341 -0.305 0.021 -128.0 -126.0 -176.8
LBMA Gold Price PM *n.a. Wool,64s,staple,Terr del-u,w n.a. Coffee,Brazilian,Comp 1.2012
Krugerrand,wholesale-e 2028.62 Grains and Feeds Coffee,Colombian, NY 1.7603 0.000 Germany 2 -0.717 t l -0.710 -0.742 -0.626 -83.4 -83.1 -215.9
Maple Leaf-e 2048.13 Eggs,large white,Chicago-u 0.7750
Barley,top-quality Mnpls-u n.a. 0.000 10 -0.605 t l -0.571 -0.543 -0.280 -152.0 -149.0 -207.0
American Eagle-e 2048.13 Flour,hard winter KC 16.30
Mexican peso-e 2359.84 Bran,wheat middlings, KC-u 148 Hams,17-20 lbs,Mid-US fob-u n.a.
Corn,No. 2 yellow,Cent IL-bp,u 4.7750
0.050 Italy 2 -0.413 t l -0.411 -0.397 -0.222 -53.0 -53.2 -175.4
Austria crown-e 1914.98 Hogs,Iowa-So. Minnesota-u 62.33
Austria phil-e 2048.13 Corn gluten feed,Midwest-u,w 152.7 Pork bellies,12-14 lb MidUS-u n.a. 0.900 10 0.551 s l 0.546 0.629 1.345 -36.5 -37.3 -44.4
Corn gluten meal,Midwest-u,w 565.2 Pork loins,13-19 lb MidUS-u 0.8652
Silver, troy oz. 0.100 Japan 2 -0.124 t l -0.120 -0.130 -0.125 -24.1 -24.1 -165.7
Cottonseed meal-u,w n.a. Steers,Tex.-Okla. Choice-u 112.00
Engelhard industrial 27.5100
Hominy feed,Cent IL-u,w 118 Steers,feeder,Okla. City-u,w n.a. 0.100 10 0.023 t l 0.025 0.026 -0.016 -89.3 -89.4 -180.5
Handy & Harman base 27.2000
Meat-bonemeal,50% pro Mnpls-u,w 300
Handy & Harman fabricated 34.0000
Oats,No.2 milling,Mnpls-u 3.7150 Fats and Oils 0.400 Spain 2 -0.595 s l -0.629 -0.588 -0.376 -71.2 -75.0 -190.8
LBMA spot price *£19.4100 Rice, Long Grain Milled, No. 2 AR-u,w 26.88
(U.S.$ equivalent) *26.4850 Corn oil,crude wet/dry mill wtd. avg.-u,w 41.5000 1.250 10 0.030 t l 0.041 0.085 0.388 -88.6 -87.8 -140.1
Sorghum,(Milo) No.2 Gulf-u 6.9375
Coins,wholesale $1,000 face-a 20191 SoybeanMeal,Cent IL,rail,ton48%-u 424.70 Grease,choice white,Chicago-h 0.3200
0.125 U.K. 2 -0.157 t l -0.148 -0.035 0.557 -27.4 -26.9 -97.6
Other metals Soybeans,No.1 yllw IL-bp,u 13.0600 Lard,Chicago-u n.a.
LBMA Platinum Price PM *n.a. Wheat,Spring14%-pro Mnpls-u 7.1400 Soybean oil,crude;Centl IL-u 0.4393 4.750 10 0.176 t l 0.200 0.354 0.739 -73.9 -71.9 -105.0
Platinum,Engelhard industrial 1121.0 Wheat,No.2 soft red,St.Louis-u 6.7450 Tallow,bleach;Chicago-h 0.3800
Source: Tullett Prebon, Tradeweb ICE U.S. Treasury Close
Palladium,Engelhard industrial 2469.0 Wheat - Hard - KC (USDA) $ per bu-u 6.2450 Tallow,edible,Chicago-u n.a.

KEY TO CODES: A=ask; B=bid; BP=country elevator bids to producers; C=corrected; E=Manfra,Tordella & Brookes; H=American Commodities Brokerage Co; Corporate Debt
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 12/31/20 Prices of firms' bonds reflect factors including investors' economic, sectoral and company-specific
Source: Dow Jones Market Data
expectations
Investment-grade spreads that tightened the most…
Borrowing Benchmarks | wsj.com/market-data/bonds/benchmarks Spread*, in basis points
Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week
Money Rates January 4, 2021
Archer–Daniels–Midland 4.535 2.40 March 26, ’42 74 –6
Key annual interest rates paid to borrow or lend money in U.S. and international markets. Rates below are a
ADM n.a.
guide to general levels but don’t always represent actual transactions. Santander UK SANUK 2.875 0.72 June 18, ’24 56 –6
n.a.

Inflation Week —52-WEEK— Week —52-WEEK—

Lloyds Banking 4.582 1.46 Dec. 10, ’25 111 –5
Latest ago High Low Latest ago High Low
LLOYDS 123
Nov. index Chg From (%)
Switzerland 0.00 0.00 0.50 0.00 UnitedHealth 3.750 0.54 July 15, ’25 18 –5
level Oct. '20 Nov. '19 Treasury bill auction UNH 33
Britain 0.10 0.10 0.75 0.10 4 weeks 0.080 0.080 1.575 0.000
U.S. consumer price index Australia 0.10 0.10 0.75 0.10
–0.06 1.2
13 weeks 0.090 0.095 1.550 0.000 …And spreads that widened the most
All items 260.229 26 weeks 0.090 0.100 1.535 0.080
Overnight repurchase
Core 269.473 0.05 1.6 17
U.S. 0.11 0.12 1.65 -0.07 Nomura Holdings NOMURA 1.851 1.00 July 16, ’25 65 n.a.
Secondary market
International rates 14
U.S. government rates Fannie Mae Verizon Communications VZ 4.862 3.03 Aug. 21, ’46 137 127
Week 52-Week 30-year mortgage yields
Latest High Low Discount NatWest 4.800 1.25 April 5, ’26 90 9
ago
30 days 1.879 1.938 3.252 1.751
NWG n.a.
0.25 0.25 2.25 0.25 60 days 1.906 1.962 3.265 1.804
Prime rates Mitsubishi UFJ Financial 3.741 1.50 March 7, ’29 58 8
MUFG n.a.
U.S. 3.25 3.25 4.75 3.25 Federal funds
2.45 2.45 3.95 2.45
Other short-term rates
Canada Effective rate 0.0900 0.0900 1.6200 0.0600 Royal Bank of Canada 0.500 0.34 Oct. 26, ’23 22 8
RY 24
Japan 1.475 1.475 1.475 1.475 High 0.1000 0.1000 1.6500 0.1000 Week 52-Week
Low 0.0500 0.0500 1.5800 0.0100 Latest ago high low General Electric Capital 6.875 3.42 Jan. 10, ’39 175 7
Policy Rates
… 180
Bid 0.0800 0.0800 1.6000 0.0100
Euro zone 0.00 0.00 0.00 0.00 Offer 0.1100 0.1000 1.6300 0.0500 Call money Nestle Holdings 0.375 0.39 Jan. 15, ’24 22 7
NESNVX 22
2.00 2.00 3.50 2.00
Toronto–Dominion Bank 0.750 0.69 Sept. 11, ’25 34 7
Commercial paper (AA financial) TD 34
Key Interest Rates 90 days 0.20 0.14 2.53 0.04
Data are annualized on a 360-day basis. Treasury yields are per annum, High-yield issues with the biggest price increases…
Libor
on actively traded noninflation and inflation-indexed issues that are One month 0.13975 0.14513 1.69900 0.12663
Bond Price as % of face value
adjusted to constant maturities. Data are from weekly Federal Reserve Three month 0.23725 0.24013 1.87800 0.20488 Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week
release H.15. Six month 0.25588 0.26663 1.89425 0.23375
0.34063 0.34038 1.96875 0.32763 Transocean 7.500 24.65 April 15, ’31 36.750 1.00
Week Ended 52-Week Week Ended 52-Week
One year RIG 35.000
Jan 1 Dec 25 High Low Jan 1 Dec 25 High Low
Euro Libor L Brands 6.950 6.44 March 1, ’33 104.220 0.45
6-month 0.10 0.09 1.58 0.06 LB n.a.
Federal funds (effective) 1-year 0.11 0.09 1.57 0.09 One month -0.590 -0.597 -0.360 -0.621
0.09 0.09 1.59 0.04 0.13 Three month -0.563 -0.564 -0.142 -0.574 Ford Motor Credit 4.389 3.17 Jan. 8, ’26 105.625 0.38
2-year 0.13 1.58 0.11 … 105.125
3-year 0.17 0.18 1.59 0.13 Six month -0.535 -0.530 -0.052 -0.540
Commercial paper One year -0.494 -0.485 0.008 -0.501 0.25
5-year 0.37 0.38 1.66 0.21 Dell DELL 7.100 2.27 April 15, ’28 132.250 131.162
Nonfinancial 7-year 0.66 0.66 1.79 0.39
1-month 0.09 0.09 1.60 0.07 10-year 0.94 0.95 1.88 0.55
Secured Overnight Financing Rate
2-month 0.10 0.10 1.60 0.07 20-year 1.46 1.47 2.19 0.99 0.07 0.08 1.64 0.01 …And with the biggest price decreases
3-month 0.12 0.15 1.84 0.09
Financial Value 52-Week –3.06
Treasury yields (secondary market) Latest Traded High Low Macy's M 6.790 7.90 July 15, ’27 94.438 n.a.
1-month 0.10 0.11 2.15 0.08
2-month n.a. 0.23 2.27 0.08
1-month 0.08 0.08 1.58 0.00
3-month 0.10 DTCC GCF Repo Index United Airlines Holdings 4.875 5.65 Jan. 15, ’25 97.250 –1.53
3-month 0.16 0.17 2.44 0.11 0.09 1.55 -0.01 UAL 97.000
6-month 0.10 0.09 1.54 0.06 Treasury 0.121 n.a. 1.720 0.002
Discount window primary credit MBS 0.125 n.a. 1.703 0.011 American Airlines 11.750 7.80 July 15, ’25 114.803 –0.82
TIPS AAL 114.250
0.25 0.25 2.25 0.25
5-year -1.55 -1.54 0.41 -1.55 Notes on data:
–0.55
Treasury yields at constant 7-year -1.29 -1.28 0.35 -1.29 U.S. prime rate is the base rate on corporate Netflix NFLX 5.375 3.09 Nov. 15, ’29 117.574 117.870
maturities 10-year -1.04 -1.01 0.35 -1.05 loans posted by at least 70% of the 10 largest
1-month 0.08 0.08 1.61 0.01 20-year -0.59 -0.56 0.47 -0.70 U.S. banks, and is effective March 16, 2020. Nokia Oyj 6.625 4.37 May 15, ’39 128.250 –0.50
Long-term avg -0.46 Other prime rates aren’t directly comparable;
NOKIA n.a.
3-month 0.10 0.09 1.58 0.01 -0.44 0.62 -0.50
lending practices vary widely by location;
Sprint 7.875 1.89 Sept. 15, ’23 115.625 –0.41
Notes on data: Discount rate is effective March 16, 2020. S 115.967
Secured Overnight Financing Rate is as of
Federal-funds rate is an average for the seven days ended Wednesday, weighted according to rates December 29, 2020. DTCC GCF Repo Index is GrafTech Finance 4.625 4.47 Dec. 15, ’28 101.000 –0.38
on broker trades; Commercial paper rates are discounted offer rates interpolated from sales by Depository Trust & Clearing Corp.'s weighted
… 100.979
discounted averages of dealer bid rates on nationally traded certificates of deposit; Discount window average for overnight trades in applicable
R.R. Donnelley & Sons 8.820 8.39 April 15, ’31 102.875 –0.38
primary credit rate is charged for discounts made and advances extended under the Federal CUSIPs. Value traded is in billions of U.S. dollars. RRD 103.000
Reserve's primary credit discount window program; rate is average for seven days ended Wednesday; Federal-funds rates are Tullett Prebon rates as
Inflation-indexed long-term TIPS average is indexed and is based on the unweighted average bid of 5:30 p.m. ET.
*Estimated spread over 2-year, 3-year, 5-year, 10-year or 30-year hot-run Treasury; 100 basis points=one percentage pt.; change in spread shown is for Z-spread.
yields for all TIPS with remaining terms to maturity of 10 years or more; Sources: Federal Reserve; Bureau of Labor Note: Data are for the most active issue of bonds with maturities of two years or more
Sources: Federal Reserve; for additional information on these rate data and their derivation, Statistics; DTCC; FactSet;
please see, www.federalreserve.gov/releases/h15/data.htm Tullett Prebon Information, Ltd. Source: MarketAxess
THE WALL STREET JOURNAL. * * * * * Tuesday, January 5, 2021 | B9

BANKING & FINANCE

Fidelity Seeks to Convert Day Traders

As assets under three times as many new ac- headquarters.
counts as in 2019. FMR LLC, the firm’s parent
management surge, Moves by Fidelity and many company, earned $6.87 billion
firm looks to expand rivals to slash commissions on in 2019 on $20.9 billion in rev-
many trades to zero in late enue.
services that draw fees 2019 set the stage for the There are some clear stra-
large uptick in 2020. Those tegic differences between Fi-
BY JUSTIN BAER cuts, along with other innova- delity and rivals in how they
tions like the industry’s broad make money.
Individual investors’ fasci- embrace of trading in frac- In 2015, Fidelity stopped
nation with the markets pro- tional shares, was then cou- taking payments from market-
duced its share of bold new pled with a transition to re- makers for routing stock
winners in 2020. Few had mote work that gave many trades their way, an industry-
more to gain than one of the Americans the spare time to wide practice. Fidelity does
more traditional money man- place bets. have an alternative trading
agers, Fidelity Investments. “A couple years ago, the system, which allows the firm
Fidelity ended the third sense was the brokerage in- to collect a fee from institu-
quarter with $8.8 trillion in dustry was consolidating and tional clients for matching its
assets under administration, the business was dying,” said orders with those of retail cus-
or what investors held in bro- William Trout, director of tomers. Fidelity doesn’t own a
kerage and retirement ac- wealth management at Javelin banking unit, limiting how
counts on the firm’s platform, Strategy & Research. “Now much interest income it can
and in its funds. That is up you have the perfect storm.” collect from customers’ cash.
from $8.32 trillion in Decem- The latest wave of newcom- The company gets a cut of
ber 2019. ers has skewed younger and is the fees other money manag-
The firm processed 2.2 mil- more diverse than what many ers charge clients who buy
lion trades a day through Sep- wealth managers normally at- their funds on the Fidelity
tember 2020, nearly twice tract, Mr. Ryan said. “They’re platform.
what it had during the year- incredibly important custom- The bigger that platform
earlier period, and has added ers,” he said. “Younger inves- grows, the more bargaining
more than 3.5 million new ac- tors are, on balance, going to power Fidelity wields with

ANDREW HARRER/BLOOMBERG NEWS

counts since the end of 2019. have smaller accounts. But the managers that want to stay
Fidelity’s tally of new ac- earlier investors start, clearly there.
counts ticked even higher in the greater the potential for The firm is also paid to
the fourth quarter, according substantial income growth.” manage the back-office opera-
to the firm. Their arrival has raised the tions for independent advisers
But there is a caveat. A stakes in asset management. and brokers. And when a cus-
chunk of the new money com- Many in the industry have for tomer ends up turning to one
ing in pays little or no com- years fretted over a future be- of those firms for advice, Fi-
missions or fees. yond wealthy baby boomers. delity can earn a referral fee.
Fidelity’s strategy has been CEO Abigail Johnson says that with so many accounts, the money manager has an edge in scale. But now there is an opportu- Despite the big year, some
to attract as many new inves- nity to attract younger cus- aren’t so sure Fidelity is get-
tors to its platform as possible firms’ futures, but keeping Executives say Fidelity has Fidelity isn’t alone in reap- tomers just as they enter the ting more than its share of po-
with low- or no-cost services. them and migrating them to an advantage over competitors ing the benefits of a surge in market for the first time, and tential individual investors.
Once they are in, the firm is more expensive services is a because it is privately held, investor interest that took firms are trying to position John Bonnanzio, editor of
betting many will graduate to more daunting challenge. with fewer pressures to churn hold of markets last year. themselves to benefit. Fidelity Monitor & Insight, an
more lucrative offerings such Fidelity executives say their out short-term profits—and From the market’s dizzying Fidelity’s strategy during independent investing news-
as financial advice. plan is on track. The firm says because it already manages climb to records, to the multi- this boom appears to be to of- letter, said Fidelity’s Women’s
Whether it works won’t be the number of customers ask- more than 76 million accounts billion-dollar mergers that re- fer as much as possible, know- Leadership Fund, a mutual
known for some time. ing for financial advice, con- across its businesses, including shaped the wealth-manage- ing some of those services will fund that invests in companies
Many firms in the investing necting with call centers, visit- being the nation’s largest bro- ment industry, to the bring in little or no fees. that value women leaders, re-
industry have seen inflows ing the website and accessing kerage and administrator of emergence of a new genera- Whether this strategy is cently caught the attention of
from popular products reverse their accounts from their mo- 401(k)-type retirement plans. tion of day traders at startup working already is tough to his 30-year-old daughter. As
or have watched enthusiasm bile devices are all up. “A lot has to do with scale,” online broker Robinhood tell. Controlled by the Johnson for his son and stepson, each
for the stock market ebb with Fidelity’s full-service Abigail Johnson, Fidelity’s Markets Inc., 2020 was a ban- family since 1946, Fidelity of- still in college: They both set
account balances. It is also wealth-management unit now chief executive, said last ner year for the individual-in- fers few disclosures on the up Robinhood accounts this
easier than ever to move oversees $1.4 trillion. month at the Barron’s Execu- vesting world. Devin Ryan, an profitability of its businesses. past year, he said.
money across firms and strate- “We’ve seen unprecedented tive Briefing conference. “We analyst with JMP Securities, How exactly the firm matches “What I don’t know is if it’s
gies, reducing the client inertia engagement,” said Ram Subra- are able to do core back-office said individual trading volume up with its publicly traded ri- the kind of place young people
Wall Street has long relied on. maniam, Fidelity’s head of processing at lower unit costs. hit a record last year, with vals such as Charles Schwab want to go,” he said. “They
Signing up new clients to wealth management and digi- We can spread costs over many brokers and wealth Corp. remains a mystery to view these larger firms as
accounts is a vital step in tal advice. more transactions.” managers adding two or even most outside Fidelity’s Boston somewhat ‘old school.’”

Trading of EU Stocks Shifts

From U.K. After Brexit Deal
BY BEN DUMMETT Trading venues had been already has triggered an out-
ready for the post-Brexit shift flow of £1.2 trillion, equivalent
The fallout from Britain’s of EU stock trading volume. to about $1.6 trillion, of assets
split from the European Union The LSE’s Turquoise, for ex- to Continental Europe since the
showed itself on the first trad- ample, at the end of November 2016 Brexit vote, and forced
ing day of the year as a big set up a European hub in Am- banks, exchange operators and
chunk of dealing volume in EU sterdam to trade European other financial institutions to
stocks moved from London to stocks. Cboe also has a hub in move hundreds of employees
venues located in Amsterdam, Amsterdam. Aquis operates a and expand or set up new of-
Paris and the continent’s other platform in Paris for the same fices in Frankfurt, Paris and
financial centers. reason. other European cities.
Britain’s membership of the While the operations there- Officials at some exchanges
EU had meant the region’s fore look unlikely to suffer, at say it is too early to determine
banks and investors could by- least in the short term, vol- whether Europe’s domestic
pass the home exchanges of umes leaving London send a stock markets will generate
stocks such as Paris-listed lux- signal that other city centers significant gains in trading
ury-goods giant LVMH Moët can compete effectively and volume on their respective ex-
Hennessy Louis Vuitton SE support comparable services changes as a result of the shift
and Amsterdam-listed Just without hiccups. in activity to the Continent.
Eat Takeaway.com NV, the big The LSE declined to com- That is reflected in the mar-
food-delivery company, and ment on the trading volume ket share data of different op-
HOLLIE ADAMS/BLOOMBERG NEWS

trade them in London over al- levels of its Turquoise platform erators. For example, trading
ternative venues. Those venues in Amsterdam Monday. For volume on Deutsche Börse’s
included Turquoise, a trading Cboe, about 90% of its trading Xetra exchange currently rep-
facility majority-owned by the volumes of European stocks resents about 14.4% of total
London Stock Exchange had moved to its platform in volume across European mar-
Group PLC, and rival platforms Amsterdam Monday. Before kets, according to Cboe, which
Aquis Exchange PLC and Cboe that, all of that volume had tracks the data. That is up
Global Markets Inc.’s Europe- been handled in London. In the from about an average daily
based marketplace. case of Aquis, close to 100% of share of 13.9% in December.
But with the Brexit trade its volumes of European stocks However, Spain’s Bolsa de Trading in stocks such as Amsterdam-listed Just Eat Takeaway.com are among those that moved
agreement taking effect Jan. 1, had moved to its Paris opera- Madrid’s market share and from London because of the trade agreement that took effect Jan. 1.
that option ended. tion. That is up from a minimal that of Euronext NV’s Euro-
The bloc pushed for greater amount when the U.K. was still pean platforms including which was trading 1.5% lower Covid-19’s spread and vaccina- period to really look through
control over the trading of EU part of the EU. those in Amsterdam and Paris against the euro. tions against it are obscuring the overriding factors. It’s
stocks during Brexit negotia- “It’s been an overnight are currently down from their Jane Foley, head of foreign- any impact. quite difficult to figure out
tions as part of its efforts to transition business,” said December averages. exchange strategy at Ra- “Perhaps during the course which factors are pulling in
better compete with London, Belinda Keheyan, head of mar- The shift in trading vol- bobank, said that while the of this year that might become any direction.”
historically Europe’s dominant keting at Aquis. umes of EU stocks coincided change in trading venue might a little more obvious,” Ms. Fo- —Caitlin Ostroff
financial center. The U.K.’s split with the EU with weakness in the pound, weigh on the pound, news on ley said. “We need a longer contributed to this article.

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
DoubleLine Funds CpInc r 10.68 -0.04 -0.3 CapApInst 102.92 -1.30 -1.2 PIMCO Funds A EMAdmr 41.81 +0.13 0.3 WelltnAdml 75.93 -0.67 -0.9 ExtndIstPl 303.54 -4.30 -1.4
Top 250 mutual-funds listings for Nasdaq-published share classes by net assets. CoreFxdIncmI 11.33 +0.01 0.1 DivIntl 47.97 +0.29 0.6 Harding Loevner IncomeFd 12.10 -0.01 NA EqIncAdml 78.29 -1.04 -1.3 WndsrAdml 70.38 -1.02 NA IdxIntl 19.45 +0.05 0.3
e-Ex-distribution. f-Previous day’s quotation. g-Footnotes x and s apply. j-Footnotes e TotRetBdI 10.72 +0.02 0.2 GroCo 32.49 -0.38 -1.2 IntlEq 28.54 +0.12 0.4 PIMCO Funds I2 ExplrAdml 118.01 -1.71 NA VANGUARD FDS MdCpGrAdml 89.90 -1.36 -1.5
and s apply. k-Recalculated by Lipper, using updated data. p-Distribution costs apply, Edgewood Growth Instituti GrowCoK 32.57 -0.39 -1.2 Invesco Funds Y Income 12.10 -0.01 NA ExtndAdml 123.01 -1.74 -1.4 DivdGro 32.69 -0.55 NA SmValAdml 60.12 -0.95 -1.6
12b-1. r-Redemption charge may apply. s-Stock split or dividend. t-Footnotes p and r EdgewoodGrInst 51.00 -0.77 -1.5 InvGrBd 11.91 -0.01 -0.1 DevMktY 53.44 -0.02 ... PIMCO Funds Instl GNMAAdml 10.74 ... ... INSTTRF202026.19 -0.06 -0.2 TotBd2 11.46 ... ...
apply. v-Footnotes x and e apply. x-Ex-dividend. z-Footnote x, e and s apply. NA-Not Fidelity LowP r 48.23 -0.40 -0.8 JPMorgan I Class IncomeFd 12.10 -0.01 NA GrwthAdml 128.45 -2.01 -1.5 INSTTRF202527.37 -0.08 -0.3 TotIntlInstIdx r130.09 +0.30 0.2
available due to incomplete price, performance or cost data. NE-Not released by Lipper; 500IdxInstPrem128.26 -1.91 -1.5 Magin 12.83 -0.22 -1.7 CoreBond 12.28 ... NA Price Funds HlthCareAdml r 90.64 -0.31 NA INSTTRF203028.03 -0.10 -0.4 TotItlInstPlId r130.12 +0.30 0.2
data under review. NN-Fund not tracked. NS-Fund didn’t exist at start of period. Contrafund K6 18.64 -0.24 -1.3 NASDAQ r 159.42 -2.37 -1.5 EqInc 19.42 -0.31 NA BlChip 162.85 -2.67 -1.6 HYCorAdml r 5.98 ... NA INSTTRF203528.62 -0.11 -0.4 TotSt 93.32 -1.39 -1.5
ExtMktIdxInstPre 82.31 -1.17 -1.4 OTC 17.28 -0.24 -1.4 JPMorgan R Class DivGro 59.06 -0.95 -1.6 InfProAd 28.38 +0.06 0.2 INSTTRF204029.22 -0.13 -0.4 VANGUARD INSTL FDS
FidSerToMarket 12.72 -0.19 -1.5 Puritn 25.77 -0.25 -1.0 CoreBond 12.30 ... NA EqInc 30.76 -0.48 -1.5 IntlGrAdml 161.52 +1.23 NA INSTTRF204529.74 -0.15 -0.5 BalInst 43.96 -0.39 -0.9
Monday, January 4, 2021 IntlIdxInstPrem 45.77 +0.16 0.4 SrsEmrgMkt 25.05 +0.09 0.4 Lord Abbett A Growth 95.19 -1.75 -1.8 ITBondAdml 12.59 ... ... DevMktsIndInst 15.28 +0.03 0.2
INSTTRF205029.82 -0.15 -0.5
Net YTD Net YTD Net YTD MidCpInxInstPrem 26.57 -0.44 -1.6 SrsGlobal 14.39 +0.05 0.3 ShtDurIncmA p 4.21 ... ... HelSci 98.00 -0.85 -0.9 ITIGradeAdml 10.47 ... NA DevMktsInxInst 23.89 +0.06 0.3
Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret INSTTRF205529.89 -0.16 -0.5
SAIUSLgCpIndxFd 19.34 -0.29 -1.5 SrsGroCoRetail 22.50 -0.27 -1.2 Lord Abbett F LgCapGow I 60.22 -0.99 -1.6 LTGradeAdml 11.76 -0.03 NA IntlVal 40.21 -0.04 -0.1 ExtndInst 123.00 -1.74 -1.4
American Century Inv Baird Funds DivIncom I 25.47 -0.34 -1.3 SeriesBondFd 10.78 ... ... SrsIntlGrw 17.84 +0.06 0.3 ShtDurIncm 4.21 ... ... MidCap 111.43 -1.65 -1.5 MidCpAdml 252.23 -4.17 -1.6 LifeCon 22.62 -0.05 -0.2
GrwthInst 128.46 -2.01 -1.5
Ultra 74.86 -1.08 -1.4 AggBdInst 11.77 ... ... Dimensional Fds SeriesOverseas 12.47 +0.07 0.6 SrsIntlVal 10.14 +0.05 0.5 Metropolitan West NHoriz 80.89 -1.39 -1.7 MuHYAdml 11.97 +0.01 NA InPrSeIn 11.56 +0.02 0.2
LifeGro 40.06 -0.18 -0.4
American Funds Cl A CorBdInst 12.14 ... ... 5GlbFxdInc 10.90 +0.01 0.1 SmCpIdxInstPrem 24.62 -0.36 -1.4 TotalBond 11.32 ... ... TotRetBdI 11.18 ... ... R2020 22.64 -0.11 NA MuIntAdml 14.87 +0.01 NA InstIdx 326.60 -4.87 NA
LifeMod 31.54 -0.11 -0.3
AmcpA p 38.54 -0.57 -1.5 BlackRock Funds EmgMktVa 28.75 +0.10 0.3 TMktIdxInstPrem106.14 -1.58 -1.5 Fidelity SAI TRBdPlan 10.48 -0.01 -0.1 R2025 19.25 -0.12 NA MuLTAdml 12.23 ... NA InstPlus 326.61 -4.87 NA
PrmcpCor 28.65 -0.33 -1.1
AMutlA p 44.05 -0.56 -1.3 HiYBlk 7.80 ... ... EmMktCorEq 24.41 +0.14 0.6 MFS Funds Class I R2030 28.24 -0.21 NA MuLtdAdml 11.26 ... NA InstTStPlus 72.88 -1.08 NA
USBdIdxInstPrem 12.44 -0.01 -0.1 TotalBd 10.76 ... ... STAR NA ... NA
BalA p 30.01 -0.19 -0.6 HiYldBd Inst 7.79 ... ... IntlCoreEq 14.60 +0.03 0.2 Growth I 159.22 -2.55 -1.6 R2035 21.06 -0.18 -0.8 MuShtAdml 15.95 ... NA MidCpInst 55.72 -0.92 -1.6
Fidelity Advisor I Fidelity Selects TgtRe2015 15.71 -0.02 -0.1
BondA p 13.79 ... ... BlackRock Funds A IntSmCo 20.26 -0.02 -0.1 ValueI 44.48 -0.63 -1.4 R2040 PrmcpAdml r151.92 -1.93 -1.3 MidCpIstPl 274.80 -4.54 -1.6
NwInsghtI 37.24 -0.45 -1.2 Softwr r 26.63 -0.49 -1.8 30.16 -0.27 -0.9 TgtRe2020 34.20 -0.09 -0.3
CapIBA p 62.71 -0.30 -0.5 GlblAlloc p 21.42 -0.11 ... IntSmVa 19.09 -0.04 -0.2 MFS Funds Instl RealEstatAdml116.33 -4.05 -3.4 SmCapInst 91.67 -1.55 -1.7
Fidelity Freedom Tech r 26.55 -0.32 -1.2 PRIMECAP Odyssey Fds TgtRe2025 21.47 -0.07 -0.3
CapWGrA 59.08 -0.31 IntlEq 30.88 +0.24 0.8 AggGrowth r NA SmCapAdml 91.67 -1.55 -1.7 STIGradeInst 11.03 ... NA
-0.5 BlackRock Funds III LgCo 27.73 -0.42 -1.5 FF2020 17.12 -0.04 -0.2 First Eagle Funds ... NA TgtRe2030 40.40 -0.15 -0.4
Northern Funds SmGthAdml 92.34 -1.67 -1.8 STIPSIxins 25.65 +0.03 0.1
EupacA p 69.55 +0.21 0.3 iShS&P500IdxK437.72 -6.56 -1.5 TAUSCoreEq2 22.67 -0.32 -1.4 FF2025 15.41 -0.04 -0.3 GlbA 61.26 ... ... Schwab Funds TgtRe2035 25.12 -0.10 -0.4
StkIdx 41.37 -0.62 -1.5 1000 Inv r 82.34 -1.22 STBondAdml 10.87 ... ... TotBdInst 11.62 ... ...
FdInvA p 68.49 -0.66 -1.0 BlackRock Funds Inst US CoreEq1 29.27 -0.41 -1.4 FF2030 19.23 -0.05 -0.3 Franklin A1 -1.5 TgtRe2040 44.07 -0.20 -0.5
Old Westbury Fds STIGradeAdml 11.03 ... NA TotBdInst2 11.46 ... ...
GwthA p 66.75 -0.79 -1.2 StratIncOpptyIns 10.37 ... ... US CoreEq2 26.60 -0.37 -1.4 Freedom2020 K 17.11 -0.03 -0.2 CA TF A1 p 7.82 ... ... S&P Sel 56.57 -0.85 -1.5 TgtRe2045 28.05 -0.14 -0.5
LrgCpStr 17.01 -0.13 -0.8 TSM Sel r 65.49 -0.97 TotBdAdml 11.62 ... ... TotBdInstPl 11.62 ... ...
HI TrA p 10.14 ... 0.1 Bridge Builder Trust US Small 37.98 -0.44 -1.1 Freedom2025 K 15.38 -0.04 -0.3 IncomeA1 p 2.28 -0.02 -0.9 -1.5 TgtRe2050 45.22 -0.23 -0.5 TotIntBdIdxInst 35.14 +0.04 0.1
Parnassus Fds TotIntBdIdxAdm 23.42 +0.03 0.1
ICAA p 43.77 -0.65 -1.5 CoreBond 10.79 ... ... US SmCpVal 34.07 -0.36 -1.0 Freedom2030 K 19.21 -0.05 -0.3 FrankTemp/Frank Adv TIAA/CREF Funds
TotIntlAdmIdx r 32.53 +0.07 0.2 TgtRet2055 49.09 -0.25 -0.5 TotStInst 93.37 -1.38 -1.5
IncoA p 23.42 -0.13 -0.6 CorePlusBond 10.60 ... ... US TgdVal 23.34 -0.25 -1.1 Freedom2035 K 16.49 -0.06 -0.4 IncomeAdv 2.26 -0.02 -0.9 ParnEqFd 52.96 -0.69 -1.3 EqIdxInst 27.39 -0.40 -1.4 TgtRetInc 14.92 -0.01 -0.1
PGIM Funds Cl Z TotStAdml 93.35 -1.39 -1.5 ValueInst 45.79 -0.62 -1.3
N PerA p 60.40 -0.09 -0.1 Intl Eq 13.40 +0.04 0.3 USLgVa 37.13 -0.40 -1.1 Freedom2040 K 11.70 -0.05 -0.4 FrankTemp/Franklin A VANGUARD ADMIRAL TxMCapAdml194.78 -2.85 -1.4 TotIntBdIxInv
11.71 +0.01 0.1 WCM Focus Funds
NEcoA p 58.73 -0.78 -1.3 LargeCapGrowth 20.28 -0.29 -1.4 Dodge & Cox Fidelity Invest Growth A p 133.32 -2.11 -1.6 TotalReturnBond 15.08 -0.01 NA 500Adml 341.47 -5.10 -1.5 TxMIn r 15.26 +0.03 0.2 USGro 64.57 -1.06 NA WCMFocIntlGrwIns 24.79 +0.04 0.2
NwWrldA 87.73 -0.22 -0.3 LargeCapValue 14.48 -0.24 -1.6 Balanced 101.05 -0.73 -0.7 Balanc 28.01 -0.27 -1.0 RisDv A p 79.09 -1.10 -1.4 PIMCO Fds Instl BalAdml 43.95 -0.39 -0.9 USGroAdml 167.23 -2.74 NA WellsI 28.16 -0.17 -0.6 Western Asset
SmCpA p 78.99 -0.56 -0.7 ClearBridge Income 14.65 ... ... BluCh 160.39 -2.69 -1.6 Guggenheim Funds Tru AllAsset NA ... NA CAITAdml 12.36 ... NA ValAdml 45.80 -0.61 -1.3 Welltn 43.97 -0.39 -0.9 CoreBondI NA ... NA
TxExA p 13.63 +0.01 0.1 LargeCapGrowthI NA ... NA Intl Stk 43.68 -0.02 ... Contra 16.54 -0.22 -1.3 TotRtnBdFdClInst 29.66 -0.04 -0.1 InvGrdCrBd 11.28 -0.01 NA CapOpAdml r175.60 -1.92 -1.1 WdsrllAdml 67.85 -0.84 NA WndsrII 38.24 -0.48 NA CorePlusBdI NA ... NA
WshA p 49.48 -0.69 -1.4 Columbia Class I Stock 190.31 -2.25 -1.2 ContraK 16.58 -0.21 -1.3 Harbor Funds TotRt 10.60 ... NA DivAppIdxAdm 37.79 -0.55 -1.4 WellsIAdml 68.22 -0.41 -0.6 VANGUARD INDEX FDS CorePlusBdIS NA ... NA
B10 | Tuesday, January 5, 2021 * **** THE WALL STREET JOURNAL.

MARKETS

Saudis, Russia Split on Oil Output Markets

Start Year
Talks between OPEC producers, a group that to-
and other producers
end in deadlock, with
gether has been dubbed OPEC-
plus, in the first of their
monthly meetings to review
global oil demand. Last month,
more slated Tuesday they agreed to increase pro-
duction by 500,000 barrels a
BY BENOIT FAUCON day, bringing their net cuts
AND SUMMER SAID since the start of the pandemic
to 7.2 million barrels a day.
Saudi Arabia and Russia On Monday, they were
deadlocked Monday over scheduled to decide whether
whether their producers’ alli- to continue to raise production
ance should boost crude out- or stand pat.
put amid a resurgent pan- Saudi Arabia and most of
demic, delegates said after a the broader alliance backed
day of talks ended without a holding steady for at least an-
deal. other month, delegates said.
The 13-strong Saudi-led Or- These countries are concerned
ganization of the Petroleum a variant of the Covid-19 virus
Exporting Countries met virtu- is threatening a resurgence of
ally Monday with 10 Russia-led the pandemic, while vaccina-
tion programs aren’t progress-
ing as fast as expected.
“Even in this general opti-
mistic environment, I want to
urge caution,” Saudi Energy
Minister Abdulaziz bin Salman
said during opening remarks
before the online meetings.
“Do not put at risk what we
have achieved for the sake of
an instant illusionary benefit.”
Moscow, however, pushed
for an increase in output by
another 500,000 barrels a day,
the delegates said. Russia sees
oil consumption coming back
and is concerned about losing
market share to U.S. produc-
ers, which aren’t subject to re-
strictions, these people said.
“We hope that in 2021 we
will be able to see the recov-
ery in demand, including as a
result of the vaccination which
is already under way in nu-
merous countries,” Russian
Deputy Prime Minister Alexan-
der Novak said ahead of the
meeting.
The group is set to meet
again Tuesday, hoping to iron
out its differences. News of the
disagreement sent oil prices
lower. In late trading in Lon-
don, Brent, the international
benchmark, fell 1.4% to $51.09
a barrel, while West Texas In-
termediary fell 1.85% to $47.62
a barrel.
Saudi Arabia and Russia
clashed last year over oil pol-
icy, effectively triggering a
global price war when each
opened up their spigots and
flooded the market. That un-
folded just as the coronavirus
was spreading rapidly from
China to the rest of the world.
Governments around the
world started locking down
their economies, and oil de-
mand tumbled.
Amid a steep price drop,
Saudi Arabia and Russia aban-
doned their rivalry, and OPEC-
plus agreed to record cuts of
9.7 million barrels a day. Part
of the deal called for the even-
tual reinstatement of produc-
tion in increments of 2 million
barrels a day. The first of that
added production came online
over the summer, while mem-
bers agreed last month to
bring on another 500,000 bar-
rels a day in January.
With Selloff
Continued from page B1
Mackay, a multiasset fund
manager at Invesco.
“A lot of the tail risks of a
no deal [Brexit] have been re-
moved now. This will lead peo-
ple to start dipping their toes
again in the U.K. market,” he
said.
Investors also said they
were reassured by newly re-
leased data on the health of the
manufacturing sector. Factories
in Asia and
MONDAY’S Europe in-
MARKETS creased their
output as
2020 drew to a close, accord-
ing to surveys of purchasing

Stock Rally in 2020 Outpaced Luxury Items

BY ANNA HIRTENSTEIN
In 2020, you were better off
putting money into a stock in-
dex fund than in fine art or di-
amonds.
The S&P 500 index, which
tracks the U.S. stock market
broadly, rose over 15% last
year and the tech-heavy Nas-
daq index surged 44%. It was
also a banner year for bonds.
The Bloomberg Barclays
Global Aggregate bond index
climbed 9.2% on a total return
basis.
That is significantly better
than the performance of many
alternative investments. This
asset class includes hedge
funds, private equity and more
exotic investments such as
classic cars and other luxury
goods. Investors typically put
money into these riskier bets
to boost their overall returns.
But that strategy was turned
on its head last year.
The meltdown in markets in
March pushed central banks
into action, unleashing colos-
sal amounts of monetary stim-
ulus and a series of interest
rate cuts around the world.
This wave of cheap money
propelled many stocks and
bonds to all-time highs.
With all this new money in
the financial system, some in-
vestors channeled more capital
into alternatives. But on aver-
age, hedge funds returned 6.3%
in 2020, according to research
and intelligence firm Pivotal-
Path. Global private equity fell
nearly 9% as industries such as
retail and hospitality were hit
by the pandemic and leveraged
bets went sour. Some luxury
goods gained as investors
bought them as havens, but
typically generated single-digit
annual returns.
Investments in leveraged
buyouts, which typically sad-
dle an acquired company with
high amounts of debt, declined
8% in value on average, data
from financial software com-
pany eFront showed. Venture
capital was relatively flat, edg-
ing down 1.4%.
A lot of venture firms held
up last year for the same rea-
son as technology stocks: The
pandemic accelerated the up-
take of technology, said Steven
Kaplan, a professor of entre-
preneurship and finance at the
University of Chicago Booth
Business School. But “on the
buyout side, they were more
hurt. If you have a hit to your
cash flows, it’s going to get a
bit magnified on the downside
by the debt,” he said.
The luxury-goods market
also suffered. Lockdowns
Returns in 2020
Nasdaq
S&P 500
Colored diamonds
Global bond index*
Hedge funds
Classic cars
Fine wine
Private equity
Art
-10% 0 10
*Return on Bloomberg Barclays Global Aggregate
Sources: FactSet (Nasdaq, S&P 500 and bond index); Amma Group (diamonds);
PivotalPath (hedge funds); Historic Auto Group International (cars); Liv-ex (wine);
eFront (private equity); Art Market Research (art)
closed auction houses, curbing
sales of paintings, sculptures
and antiques. Art sold for
about 10% less than the previ-
ous year, according to Art
Market Research.
“Collectors increasingly ex-
pected to pay ‘Covid-prices’
and average values were down
by the end of the year,” said
Sebastian Duthy, chief execu-
tive at Art Market Research.
“There were half the number
of individual artist records at
auction when compared with
2019.”
Some classic-car owners
used vehicles such as Lambor-
ghinis and BMWs as collateral
for loans, according to
20 30
Dietrich Hatlapa, founder of
Historic Auto Group Interna-
tional who helped value them
for this purpose.
“Around March and April,
the drop-off in transaction
volumes was dramatic. Activ-
ity has started up again, with
some smart money looking for
bargains,” said Mr. Hatlapa.
“Some people are also buying
cars as an inflation hedge, due
to all the money that’s being
printed” by central banks.
Historic Auto Group Inter-
national’s Top Index, which
tracks the value of a basket of
classic cars including
Porsches, McLarens and Mer-
cedes-Benz models rose 5.9%
last year. Another HAGI index
that just tracks rare Ferraris
rose 14.4%.
The value of colored dia-
monds, some of the scarcest
jewels in the world, held up al-
though the markets for them
were quieter. Pink and blue-
hued stones rose about 11% in
value, according to Amma
Group, an investment house
specializing in colored dia-
monds. While “there were a
number of fancy-colored dia-
40
monds sold at auction during
the pandemic, the overall
number has been less simply
because of the non-movement
of goods around the world,”
said Philip Baldwin, managing
director and co-founder of
Amma Group.
There were some excep-
tions. A dozen bottles of Châ-
teau L’Église-Clinet 2010 Bor-
deaux wine went for £3,150,
equivalent to $4,273, a 37%
rise compared with the previ-
ous year.
That still doesn’t come
close to gains made by some
stock pickers. Shares of elec-
tric-car maker Tesla surged
over 720% from the beginning
of the year. Zoom Video Com-
munications, the developer of
videoconferencing software,
rose to over $335 from $68,
netting a gain of 395%.
managers that showed strong
rises in activity during Decem-
ber.
“We’re going through re-
newed lockdowns, which is
curtailing activity to some ex-
tent, but what we’ve seen
through the pandemic is that
manufacturing activity tends to
hold up quite well,” Mr. Mac-
kay said.
Most major stock bench-
marks in the Asia-Pacific re-
gion advanced. South Korea’s
Kospi led gains, rising 2.5%.
Early Tuesday, the Kospi was
up 0.1%.
On Monday, the Shanghai
Composite rose 0.9%, even af-
ter a private survey showed
China’s manufacturing activity
moderated in December due to
weak demand for the country’s
exports.
Ben Luk, senior multiasset
strategist at State Street Global
Markets, said the data pointed
to continued fragility in the
Chinese economy. But he said
that helped ease concerns that
China’s central bank would act
prematurely to tighten mone-
tary policy.
Early Tuesday, the Chinese
benchmark was down 0.3%.
Japan’s Nikkei 225 dropped
0.7% Monday after Prime Min-
ister Yoshihide Suga said he
might declare a state of emer-
gency in Tokyo and surround-
ing areas as new coronavirus
infections continue to rise. The
Nikkei was down 0.1% at mid-
day Tuesday.
—Joanne Chiu contributed to

Bitcoin bitcoin as well.

Trading platforms including
PayPal Holdings Inc., Square
essentially a very small market.
The total market value for
bitcoin is just under $600 bil-
O’Carroll, founder of over-the-
counter trading firm Nautilus-
Tech. About half of the inves-
recent days a flurry of media
articles and trending Twitter
topics has spurred renewed in-
this article

Extends Inc., Robinhood Markets Inc.

and Webull Financial LLC be-
gan to allow their customers
lion, far below the market
capitalizations of the biggest
individual stocks, like Apple
tors she talked to are
expecting a correction, and
half “are cheering it on and
terest in the asset for retail in-
vestors,” the firm wrote in a
note.
AUCTION RESULTS
Here are the results of Monday's Treasury auctions.
All bids are awarded at a single price at the market-
clearing yield. Rates are determined by the difference
between that price and the face value.

Wild Ride to buy and sell it, bringing in a

new wave of smaller investors.
The largest U.S. cryptocur-
rency exchange, Coinbase Inc.,
Continued from page B1 plans to conduct an initial
investors such as Paul Tudor public offering in 2021, giving
Jones and Stanley Drucken- the public its first chance to
miller. Companies such as Mi- buy equity in a major industry
croStrategy Inc. and Massa- company.
chusetts Mutual Life Those moves have sparked
Insurance Co. started buying new investment into what is
Inc., worth more than $2 tril-
lion. It is also well below the
total market value of the gold
trying to figure out where
their profit-taking price point
should be.”
Meanwhile, the gains for
bitcoin and ether have been
mirrored by a selloff in the Applications
13-Week 26-Week
$166,405,255,500 $172,036,744,600
market, which was about $11.9 That is coming just as out- third-largest cryptocurrency, Accepted bids $60,936,717,500 $57,550,945,600
" noncomp $599,578,300 $474,983,200
trillion at the end of 2019, ac- side interest appears to be XRP. It is down more than 50% " foreign noncomp $95,000,000 $0
cording to the World Gold peaking again. since the Securities and Ex- Auction price (rate) 99.977250 99.954500
Council. Searches of the word bit- change Commission sued the (0.090%) (0.090%)
0.091% 0.091%
With the latest run to re- coin on Google reached their company that created it, Rip- Bids at clearing yield accepted 15.42% 70.47%
cords, there is a discernible highest level since the ple, alleging the company 9127964X4 912796B57
Both issues are dated Jan. 7, 2021. The 13-week bills
split in investor opinion about 2017-2018 rally, according to should have registered XRP as mature on April 8, 2021; the 26-week bills mature on
what comes next, said Beatrice research firm TradeBlock. “In a security. July 8, 2021.

Cotton Prices Surge Amid Dry Weather and China Concerns

BY KIRK MALTAIS Cotton futures price
80 cents a pound
Cotton prices have risen to
their highest level in nearly
75
two years thanks to dry
weather that reduced the crop
70
and concerns of forced labor
in China that made a big
65
chunk of the nation’s fiber
output off-limits to clothing
60
makers.
The most- 55
COMMODITIES active cotton
futures con- 50
tract ended Monday at 79
cents a pound, up about 55% 45
since prices bottomed on April
Feb. 2020 June Sept. ’21
1 during the early days of U.S.
coronavirus lockdowns. Source: FactSet
A lack of rainfall in key
RORY DOYLE/BLOOMBERG NEWS

growing regions reduced ex- If a bulk of China’s home-

pectations for the current crop.
The International Cotton Advi-
sory Committee last month
trimmed its estimates for the
global harvest by about 1%. The
U.S. Department of Agriculture
expects the smallest domestic
crop in five years.
The weather in Texas—the
country’s top cotton-produc-
ing state—has been especially
challenging for farmers. Walt
Hagood, who grows cotton on
3,500 acres in the western
part of the state near Lubbock,
said drought cut his yield by
about a third last year. “We’ve
been in a bad cycle here for
several years now,” he said.
Farther east, there was too
much water for some Texan
growers. Hurricane Hanna
made landfall in South Texas
in late July, flooding fields
and defoliating plants along
the Gulf Coast.
“We’re shorter on cotton
A lack of rainfall in important growing regions has lowered output expectations for the commodity.
than we want to be,” said
Brian Adamek, who farms
1,200 acres in Victoria, Texas.
“Mills are starting to crank
up.”
The approval and distribu-
tion of Covid-19 vaccines have
fueled expectations of a re-
vival among apparel makers
and retailers that have suf-
fered during the pandemic and
related lockdowns. Operating
profits at department stores,
including Macy’s Inc., Nord-
strom Inc. and Kohl’s Corp. as
well as other clothing retailers
such as Gap Inc., should at
least double this year com-
pared with last, Moody’s In-
vestors Service predicts.
U.S. cotton has lately be-
come more attractive to the
yarn spinners and cloth mak-
ers that supply garment facto-
ries and ultimately clothing
retailers.
A weakened dollar has re-
duced the price of U.S. bales
for foreign cotton buyers. The
WSJ Dollar Index, which mea-
sures the dollar against a bas-
ket of 16 other currencies, lost
about 5% in 2020 and is off
more than 12% from its March
peak.
Meanwhile, a big chunk of
the world’s supply was af-
fected when the Trump admin-
istration last month banned
cotton and cotton products
from China’s top producer
over allegations of forced la-
bor in the arid northwestern
region of Xinjiang, where Bei-
jing has targeted the country’s
largely Muslim Uighur people
as part of the largest mass de-
tention of a minority group
since World War II.
The Department of Home-
land Security said Customs
and Border Protection officials
would seize shipments con-
taining cotton or cotton prod-
ucts originating from the Xin-
jiang Production and
Construction Corps, a state-
owned paramilitary organiza-
tion.
Xinjiang accounts for 85%
of China’s total cotton output,
according to the National Bu-
reau of Statistics of China. U.S.
officials say that items made
with forced labor, from blue-
jeans to blankets, have been
sold in American stores.
China accounts for 40% of
the world’s textile exports and
30% of the world’s clothing ex-
ports, according to data from
the World Trade Organization.
grown cotton is forbidden in
American stores, its mills
must procure their raw mate-
rial elsewhere.
“China has to source cotton
and yarn from other places,”
said Peter Egli, director of risk
management for Plexus Cotton
Ltd.
Between quality issues with
cotton from other countries
including India and the agree-
ment to buy more U.S. farm
goods, China’s mills are likely
to turn to American growers,
Mr. Egli said.
China has committed to
buying 4.1 million bales of U.S.
cotton during the current mar-
keting year, which began in
August. That is 50% more than
China bought from U.S. farm-
ers before the two nations
signed their “phase one” trade
deal in January 2020.
—Ryan Dezember
contributed to this article.
THE WALL STREET JOURNAL.
China’s Growth
Data Dazes
And Confuses
Investors are right to be skeptical about the stats
on the world’s second-largest economy
The world’s second-largest
economy is incredibly influential—
trends in China help determine ev-
erything from the global prices of
steel and pork to the balance of
military power in the Taiwan
Strait. It is also widely misunder-
stood.
While skepticism of China’s offi-
cial figures is widespread, and jus-
tifiably so, some of the more gran-
ular official data are actually very
useful. The picture can and does
change over time: When a certain
economic data point becomes a
political target in China, the incen-
tives for officials to fudge it rise.
Still, understanding the lay of the
land can help investors spot suspi-
cious deviations from trend—or
changes in reporting—that might
be an indication of problems offi-
Chinese data, change from
a year earlier
60% Total finance outstanding*
Revenue of China-listed firms†
Nominal economic growth
40
20
0 prices. That could create problems
–20
2009 ’12 ’15 ’18
*Advanced six months †A shares
Sources: CEIC; Wind (revenues)
For Now, Videogames Have
A Lingering Immunity Boost
While most businesses are un-
derstandably pleased to see 2020
pass, videogame companies might
have some mixed feelings.
The coronavirus pandemic has
been an undeniable boon for the
game industry. Restrictions that
have kept many at home and shut
down other forms of entertainment
have resulted in a banner year for
the sector. Six of the largest game
publishers are expected to post
combined total revenue of $24 bil-
lion for the calendar year, up 19%
from the previous year, according
to consensus estimates compiled by
FactSet. In 2019, the same group’s
combined revenue fell nearly 3%.
That number doesn’t include
sales of the new Xbox and PlaySta-
tion consoles, which went on sale in
early November and are still very
hard to come by due to soaring de-
mand. Other game-hardware mak-
ers also have been capitalizing on
the rush. Turtle Beach, which
makes accessories such as specialty
headphones for gamers, has re-
corded a 71% year-over-year sales
gain to $227 million for the nine-
month period ended September.
Newly public Corsair Gaming,
which makes game PCs and laptops
and other related accessories,
logged a 54% revenue jump to about
$1.2 billion for the same period.
For game makers, the current
sales boom has been especially re-
markable considering the impact
the pandemic has had on their de-
velopment cycles. Several major
games got delayed in 2020 due to
Videogame companies combined total revenue
$25 billion
20
15
10
5 Activision
0 branches, helping people that don’t
2017 ’18
Sources: S&P Global Market Intelligence (actual); FactSet (projections)
HEARD STREET
cials would prefer to sweep under
the rug.
Probably the simplest method is
to pay more attention to nominal
growth—or new output before ad-
justing for changes in prices—than
the top-line “real” growth figure,
both for gross domestic product
and narrower indicators such as
industrial output.
There are three reasons. First,
real growth has long been one of
the ways officials are evaluated in
China, and so there is a strong in-
centive to inflate it—and substan-
tial evidence that has happened,
particularly during downturns. For
instance, after the housing and
commodity market downturn of
2015 and early 2016, China’s Inner
Mongolia province—a major coal
producer—admitted its 2016 in-
dustrial growth was overstated by
40%.
Second, official statisticians use
some questionable assumptions
for the price adjustments to real
growth. Oxford Economics notes
that unlike the U.S. and Germany,
which use more precise inflation
indexes to adjust industrial growth
in their national accounts, China
relies on its producer-price index,
which is strongly influenced by
heavy industry and commodity
if, for example, steel and coal
prices fall substantially but more
profitable, fast-growing sectors
such as electronics or pharmaceu-
’21 ticals don’t see their prices change
as much.
Most important, nominal
the challenges imposed by remote
working. That included the annual
entry to Activision Blizzard’s
blockbuster “Call of Duty” franchise.
The game, “Black Ops Cold War,”
launched a few weeks later than
normal and has garnered among the
franchise’s lowest critic scores in
more than a decade. But Cowen an-
alyst Doug Creutz notes the game is
still on track to sell more than 20
million units. Analysts estimate Ac-
tivision’s publishing business, which
comprises mainly the “Call of Duty”
franchise, will show a 74% surge in
net bookings for 2020, to nearly
$3.9 billion, according to FactSet.
Even 2020’s flops have been rel-
ative. In a Dec. 22 regulatory dis-
closure, Polish game publisher CD
Projekt reported unit sales of its
problem-plagued “Cyberpunk
2077” totaled more than 13 million
copies since its Dec. 10 launch.
That is well below the 18 million to
25 million units that Jefferies ana-
lyst Ken Rumph said Wall Street
had been expecting the title to sell
in its debut. But it isn’t bad for a
game so riddled with bugs that
Sony dropped it from its online
store, while both Sony and Micro-
soft joined other retailers in offer-
ing refunds to disgruntled players.
Analysts still expect CD Projekt to
post the equivalent of about $672
million in revenue for 2020—more
than five times the previous year’s
sales, according to FactSet.
But like other industries that
have been boosted by the pandemic,
the videogame sector faces the
’19 ’20 ’21
Projections
FINANCIAL ANALYSIS & COMMENTARY
ON
THE
growth lines up far better than so-
called real growth with other cy-
clical indicators that aren’t con-
trolled by government statisticians
—like global metal prices and the
profits of listed Chinese compa-
nies. That makes it more credible.
Unfortunately, nominal growth
figures are released only once ev-
ery three months. What about
more high frequency data?
China’s headline industrial
growth figure, which is released
monthly, is of questionable value.
But the more volatile data on out-
put of individual industrial prod-
ucts is probably more reliable. For
instance, an average of growth in
output of steel, cement, glass and
other heavy industrial products
tends to follow Chinese housing
prices, which you would expect
since housing is the largest source
of demand for these materials.
And when Chinese housing de-
mand is strong but industrial out-
put is artificially weak—as in the
forced steel capacity closures of
2017—global metal prices have
skyrocketed, which is what one
question of what business will look
like in 2021 when mass vaccinations
are expected to slowly bring life
back to normal. Brian Nowak of
Morgan Stanley argued in a Dec. 22
report that the pandemic “likely
pulled forward four years of gamer
adoption,” which will leave growth
depending on publishers’ abilities to
launch compelling games.
Of course, game publishers could
be helped by further adoption of
the new Xbox and PlayStation con-
soles, which will raise demand for
games designed to take advantage
of their cutting-edge capabilities.
Activision and Electronic Arts—
the two largest publishers by an-
nual revenue—are expected to re-
cord revenue growth of 7% and 8%
respectively in calendar year 2021,
with at least two new games from
Activision’s Blizzard side and a
new “Battlefield” from EA pro-
jected to be released in the year.
The speed of national reopening
also will factor heavily into the in-
dustry’s performance for 2021.
Lockdowns and other restrictions
seem likely to persist through the
winter given the recent jump in
Covid-19 cases, while the reopening
of mass entertainment options such
as movies, concerts and theme
parks that compete for spare time
and discretionary income likely will
occur much later. But as more en-
tertainment options open up and as
more workers return to the office,
the game industry will need to con-
tend with not being the only game
in town. —Dan Gallagher
Zynga
Nexon
Ubisoft
Take-Two
EA
ACTIVISION
Activision’s ‘Black Ops Cold War’
would expect.
China has recently released a
new series on unemployment—an-
other very politicized data set—
that may turn out to be better
than its predecessor, which barely
ever moved at all. But in the
meantime the employment subin-
dexes of the nation’s purchasing
managers indexes are probably a
reasonable proxy for the labor
China’s headline
industrial growth figure,
released monthly, is of
questionable value.
market. One reason to think that is
true: They move with the trend in
listed company profits, as ex-
pected, since companies should
tend to hire more when times are
good and profits are rising.
Unfortunately, the disappear-
ance of useful official data series
Share-price and index performance over the past year
300%
200
100
0
–100
March 2020 June
Source: FactSet
Biden Administration
Could Unsettle Banks
Historically, investors in banks
would be worried about stepped-
up financial regulation from a new
Democratic administration. This
time, however, a bigger long-term
worry might be government efforts
that could disrupt banking itself.
There are a handful of measures
either working their way through
agencies or being discussed in
Democratic policy circles aimed at
broadening access to financial ser-
vices, which could force traditional
banks to compete more—either
with the government, technology
upstarts, or both in combination.
Postal banking is one intriguing
example. The notion of offering ba-
sic banking services via the post of-
fice had the support of several
Democratic contenders, and some
advocates have had roles in Biden’s
transition. Major new legal powers
granting the U.S. Postal Service li-
cense to make loans or hold depos-
its may be politically complex. But
things like installing ATMs, facilitat-
ing bill payments or expanding elec-
tronic money transfer services at
post offices may be more feasible.
Some banking industry groups
have opposed postal banking, argu-
ing consumers could be left vulner-
able. But moves to broaden banking
access might generate support
among other constituencies, per-
haps from rural representatives, or
in Silicon Valley: Digital players
could see post offices as de facto
use traditional banks move cash
into and out of their virtual wallets.
There are other ideas that could
Tuesday, January 5, 2021 | B11
ARIEL DAVIS
in China is also a common occur-
rence—oftentimes after that data
begins to show trends counter to
the narrative that the government
is pushing. In late 2018, as the
trade war with the U.S. was begin-
ning to bite, China’s export hub
Guangdong province was ordered
to stop publishing its own pur-
chasing managers index. The offi-
cial explanation was the surveying
office hadn’t properly applied to
renew its authority to compile the
index, although it had been pub-
lishing the series regularly for
seven years previously. A widely
watched official series detailing
how much lending goes to state-
owned versus private sector bor-
rowers—another sensitive, highly
politicized topic in recent years—
has also disappeared since 2016.
All of this sometimes makes
finding and interpreting Chinese
data more like searching for bur-
ied treasure than most analysts
and economists are accustomed to.
But on the bright side there is al-
ways something new to unearth.
—Nathaniel Taplin
Afterpay
Square
PayPal
KBW Nasdaq
Bank Index
Sept. Dec. ’21
further enable a new kind of bank-
ing ecosystem to evolve. One that
has been making its way into poten-
tial legislation is to create accounts
for individuals with the help of the
Federal Reserve. Some propose this
in conjunction with postal banking.
Additionally, the Fed is in the early
stages of developing its own real-
time payments. Depending on how
it is fleshed out, that could compete
with some existing bank payments.
There also are continuing devel-
opments at the level of who is al-
lowed to offer banking services.
Some of this work, done by agencies
during the Trump administration,
may move further ahead in the com-
ing years under new leadership. A
lot of the thinking behind the Office
of the Comptroller of the Currency’s
process for so-called fintech char-
ters began under President Barack
Obama and may continue. The Fed-
eral Deposit Insurance Corp. has ad-
opted new rules around industrial
loan companies that might open a
path for more nonbanks to offer
certain banking services, though
much may hinge on how individual
applications are treated. There also
are potential Consumer Financial
Protection Bureau “open banking”
rules that might allow easier access
to bank-account data from upstarts.
The bottom line is that investors
in banks have more to think about
than, say, higher capital require-
ments. A combination of technologi-
cal and political currents means the
future of banking could be up in the
air in more ways than one.
—Telis Demos
B12 | Tuesday, January 5, 2021 THE WALL STREET JOURNAL.

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