* * * * * * WEDNESDAY, OCTOBER 28, 2020 ~ VOL. CCLXXVI NO. 101
00
DJIA 27463.19 g 222.19 0.8%
What’s
News
Business & Finance
isa’s $5.3 billion deal to
V acquire Plaid, a major
player in the financial-tech-
nology area, is in jeopardy
because of Justice Depart-
ment antitrust concerns. A1
 AMD plans to buy rival
chip maker Xilinx in a $35 bil-
lion deal, adding momentum
to the consolidation of the
semiconductor industry. B1
 South Korea’s GDP ex-
panded quarter-to-quarter,
as Asian economies shake off
the pandemic’s worst effects
and return to growth. A1
 Microsoft posted another
quarter of strong earnings
fueled by demand for cloud-
computing services, vid-
eogaming and computers. B1
 Caterpillar said quarterly
revenue fell in each of its three
global business segments. 3M
said sales were down in about
half of its business lines. B1
 BP reported a fifth con-
secutive quarterly loss, pro-
viding the first glimpse of
how major oil companies nav-
igated the third quarter. B3
 The Dow closed 0.8%
lower on Tuesday, while
the S&P 500 gave up 0.3%.
The Nasdaq rose 0.6%. B12
 The EPA will extend its ap-
proval of controversial weed-
killers for another five years,
a victory for agriculture com-
panies Bayer and BASF. B3
 Foreign direct investment
in China largely held steady
during the first half, even as
investment inflows into the
U.S. and EU plummeted. A8
 Raytheon said it is cut-
ting 20,000 jobs this year,
up from a previously an-
nounced 15,000. B2
World-Wide
 Fallout from missed
rent payments is threaten-
ing a large swath of the
U.S. population as the ex-
piration of eviction mora-
toriums draws near. A1
 Democrats are making a
late campaign foray into sev-
eral traditionally GOP-leaning
states, leaving Trump largely
playing defense in battle-
grounds he won in 2016. A4
 Trump is considering is-
suing an order mandating
an economic analysis of
fracking, according to senior
administration officials. A4
 Philadelphia was hit with
a second night of unrest
sparked by a video showing
police fatally shooting Wal-
ter Wallace Jr., a Black man
who was holding a knife. A3
 Two key Covid-19 metrics
have been rising in the
U.S. for days, and in some
cases weeks, pointing to a
fresh surge in infections in
a majority of states. A7
 The Justice Department,
in a letter to lawmakers, cited
restricted access to recent ar-
ticles about Hunter Biden in
calling for changing a law pro-
tecting online platforms. A10
 Southern California Edi-
son told state regulators that
its gear may have ignited one
of a pair of fast-moving wild-
fires in Orange County. A3
 The Justice Department
can’t represent the presi-
dent in a defamation lawsuit
against him, a judge ruled. A6
 Tropical storm Zeta
churned into the Gulf of Mex-
ico, where it was expected to
restrengthen into a hurricane
as it takes aim at Louisiana. A3
CONTENTS
Arts in Review... A13
Business News.. B3,5
Crossword.............. A14
Heard on Street.. B13
Markets.................... B12
Opinion.............. A15-17
s 2020 Dow Jones & Company, Inc.
All Rights Reserved
WSJ.com HHHH $4.
NASDAQ 11431.35 À 0.6% STOXX 600 352.58 g 0.9%
Candidates Pound Campaign Trail With One Week to Go
CLOCKWISE FROM LEFT: ANDREW HARNIK/AP; DAVID BECKER/REUTERS; EVAN VUCCI/AP; GRANT BALDWIN/AFP/GETTY IMAGES
FINAL STRETCH: Clockwise from left, Democratic presidential candidate Joe Biden greets supporters Tuesday in Atlanta;
Democratic vice-presidential candidate Sen. Kamala Harris attends a campaign event in Las Vegas; President Trump ar-
rives in Lansing, Mich., for a rally; and Vice President Mike Pence speaks at a rally in Greensboro, N.C. A4
Mounting Unpaid Rent Risks
U.S. Tidal Wave of Evictions
BY WILL PARKER
Fallout from missed rent
payments is threatening a
large swath of the U.S. popula-
tion, as the expiration of evic-
tion bans draws near.
A large number of renters
have been unable to pay some
or even all of their rent since
March, when the coronavirus
pandemic temporarily shut
down most businesses. Many
businesses remain closed or
only partially open, pushing
Californians Weigh
Easing Longtime
Property-Tax Cap
BY PETER GRANT
AND CHRISTINE MAI-DUC
More than 40 years after im-
posing severe restrictions on
property-tax increases, Califor-
nia voters are weighing
whether to roll them back next
week, sending shivers through
the state’s commercial real-es-
tate industry.
A measure on the Nov. 3 bal-
lot would make the most signif-
icant changes yet to 1978’s
Proposition 13 by allowing local
governments to begin assessing
commercial property based on
its current value, rather than
capping increases from the last
time it was sold.
This year’s measure, known
as Proposition 15, wouldn’t ap-
ply to residential property, al-
lowing homeowners to con-
Covid Closed Hong Kong’s Beaches,
But It Couldn’t Stop Swimmers
i i
Devoted oceangoers found ways in,
risking jellyfish, barnacles and hefty fines
BY ERIN MENDELL
HONG KONG—For a city
with more sea than land, Hong
Kong has been making it very
difficult to go to the beach.
Weeks after a third wave of
the coronavirus pandemic was
contained, resi-
dents here have
Personal Journal A11-12 been baffled why
Property Report... B6
Sports....................... A14 beaches were still
Technology............... B4 a no-go zone.
U.S. News.... A2-3,6-7 To enjoy a dip
Weather................... A14
World News....... A8-9
in the ocean, life-
long swimmer
Joy Zhu has Bay
> lately had two
choices: Clamber over barri-
cades to enter the designated
public beach and risk a hefty
fine for breaching rules de-
signed to prevent the spread
of Covid-19; or take her
10-YR. TREAS. À 7/32 , yield 0.778%
renters into unemployment
and draining their savings.
Federal and local eviction
moratoriums have protected
many of them from losing their
homes if they missed payments
during the pandemic. But the
national eviction ban and some
state and city protections are
set to expire by January or
sooner. Renters then will be on
the hook for months of missed
payments, which even those
who have jobs could struggle
to pay.
tinue to enjoy the state’s
longstanding limits on prop-
erty-tax increases.
“The proponents have ad-
opted a divide-and-conquer
strategy,” said Matt Regan, a
senior vice president of the Bay
Area Council, a business group
that opposes the measure.
“They’re saying we’re protect-
ing residential tax rates, but
we’re going to vote the com-
mercial property-tax payers off
the island.”
If fully implemented, Propo-
sition 15 would generate be-
tween $6.5 billion and $11.5 bil-
lion in additional annual tax
revenue for local governments,
according to California’s non-
partisan Legislative Analyst’s
Office. Proponents said the
money is needed for education,
Please turn to page A4
i platform he leads began blocking its millions
chances in unofficial, open wa-
ters—which lack the safety
nets used to protect swimmers
from sharks and other danger-
ous marine life, as well as
boats.
Swimming pools, play-
grounds, gyms and karaoke
bars reopened,
but not the offi-
cial beaches,
which also offer
a gentle slope
into the water,
changing rooms
and showers.
watch On Tuesday,
officials relented
and announced beaches will
open on Nov. 3.
It’s a relief to swimmers
like Ms. Zhu, who, after three
jellyfish stings and many days
Please turn to page A7
OIL $39.57 À $1.01 GOLD $1,908.80 À $6.10 EURO $1.1797 YEN 104.42
Antitrust
Concerns
Threaten
Visa Deal
Justice Department
scrutinizes $5.3 billion
planned purchase of
Plaid, a fintech firm
Visa Inc.’s $5.3 billion deal
to buy a major player in the fi-
nancial-technology area is in
jeopardy because of antitrust
concerns, according to people
familiar with the matter.
By AnnaMaria
Andriotis,
Brent Kendall
and Peter Rudegeair
The Justice Department
could decide soon whether it
will sue to block Visa’s acqui-
sition of Plaid Inc., a firm that
provides the technological in-
frastructure underpinning an
array of next-generation finan-
cial apps.
After spending the better
part of the year scrutinizing
the deal, the department is
concerned it could limit na-
scent competition in the pay-
ments sector, people familiar
with the matter said.
The Justice Department has
been making preparations for
potential litigation, including
Estimates of total outstand- ics estimates that it could lining up potential witnesses
ing rent debt vary widely. Yet reach nearly $70 billion by for a trial, some of the people
by any measure, the effects of year-end if there is no addi- said. No final decision has
missed rent payments are tional stimulus spending. The been made.
bound to imperil millions of economic-research firm calcu- The department late Tues-
renters, pressure the landlord lated that 12.8 million people day signaled its concerns in a
business, and wash over the in the U.S. would then owe an rare legal action that asks a
broader economy. average of $5,400 from missed Massachusetts federal judge to
A study of unemployed payments. order that Bain & Co., which
workers released last week by Even the larger figure has done consulting work for
the Federal Reserve Bank of would be far less than what Visa, comply with a civil sub-
Philadelphia calculated out- was lost when the $1.3 trillion poena and hand over work
standing rent debt would subprime-mortgage bubble material related to the Plaid
reach $7.2 billion before the burst, leading to a national deal. The department alleged
close of 2020. Moody’s Analyt- Please turn to page A2 Please turn to page A6
Dodgers
Win World
Series
Los Angeles cele-
brates after defeat-
ing the Tampa Bay
Rays 3-1 in Arlington,
Texas, Tuesday night.
Victory in the six-
game series gave the
Dodgers their first
DAVID J. PHILLIP/ASSOCIATED PRESS
championship in 32
years. In an ironic
twist in a pandemic-
shortened season,
Dodger star Justin
Turner was pulled
from the game after
testing positive for
Covid-19. A14
Twitter CEO’s Hands-Off Style
Comes Under Pressure
Jack Dorsey delegates big decisions while pursuing his own passions
BY KIRSTEN GRIND AND GEORGIA WELLS people familiar with the matter. After a pub-
Twitter Inc. CEO and co-founder Jack
lic outcry, he posted on Twitter that block-
ing link sharing with no context from the
Dorsey found himself in the hot seat two
weeks ago, when with little explanation the
company as to why was “unacceptable.”
Mr. Dorsey’s absence from such a key de-
cision isn’t unusual. At both Twitter and
of users from sharing links to a pair of New Square Inc.—the financial-technology firm
York Post stories about Joe Biden’s son, where he is also chief executive—current
Hunter Biden. Within hours, lawmakers said and former employees say he is hands-off to
they would subpoena Mr. Dorsey to explain the extreme, delegating most major deci-
his decision. Please turn to page A10
But Mr. Dorsey wasn’t involved in the ini-
tial discussions about the move, according to  DOJ cites article access in bid to change law... A10
South Korea Extends Asian Upturn
BY EUN-YOUNG JEONG year after two straight quar- Barclays, after a decline the
ters of contraction. previous quarter.
SEOUL—South Korea’s South Korea’s better-than- The strong economic num-
economy expanded quarter-on- expected performance comes bers underpin how swaths of
quarter, as Asian economies after China reported this month Asia have allowed citizens to
shake off the pandemic’s worst that its third-quarter GDP had regain some normalcy during
effects and return to growth. expanded 4.9% from the prior the pandemic, dining at res-
South Korea, during the year. Vietnam, which has kept taurants, watching musicals
July-to-September period, re- coronavirus cases low and and going to the office—albeit
ported its gross domestic never reported an economic with a face mask. It contrasts
product rose 1.9% from the dip, experienced 2.6% growth with intensifying restrictions
previous quarter, aided by a over last year’s third quarter. applied across Europe and re-
strong recovery in exports of Taiwan, another Covid-19 Please turn to page A8
cars and memory chips. Asia’s success, is expected to post
fourth-largest economy had year-to-year GDP expansion of  Heard on the Street: U.S. can’t
fallen into a recession this 2.2% this week, according to copy Seoul’s recovery............ B13
A2 | Wednesday, October 28, 2020 * * THE WALL STREET JOURNAL.

U.S. NEWS
SEC Director Says He Will Step Down Durable
Goods Stay
BY PAUL KIERNAN The coming vacancies un- Party—led by Sens. Elizabeth cially for small firms. More-

WASHINGTON—The Securi-
ties and Exchange Commission
derscore the significance of
the next president’s nomina-
tions to top financial regula-
Warren (D., Mass.) and Bernie
Sanders (I., Vt.)—will exert
over the nomination process.
controversial policy changes
involved increasing regula-
tions on proxy-advisory firms,
On Rising
official who writes rules for
initial public offerings and
other corporate disclosures
tory bodies. Mr. Clayton, a po-
litical independent chosen at
the beginning of President
Top positions in the agency
have typically been held by
former corporate lawyers.
making it harder for share-
holders to get proposals on
company proxies and giving
Streak

RYAN DONNELL FOR THE WALL STREET JOURNAL

said he planned to step down Trump’s term, has won praise Mr. Hinman, a longtime Sil- more investors access to pri- BY JEFFREY SPARSHOTT
later this year, part of the for maintaining the commis- icon Valley deals lawyer, was vate markets.
usual wave of departures from sion’s tradition of nonparti- recruited by Mr. Clayton in In 2019, companies raised Orders for long-lasting fac-
federal regulatory agencies at sanship. early 2017, when far more $1.2 trillion on public markets tory goods increased for the
the end of a presidential term. “They should get credit for money was being raised on and $2.7 trillion on private fifth consecutive month in Sep-
William Hinman, director of being really effective stewards private capital markets than markets, according to SEC es- tember, the latest sign manu-
the SEC’s Division of Corpora- of the capital markets and do- on public markets. A central timates. That compares with facturing companies are re-
tion Finance, said he would ing things that help to facili- part of his mission was to en- $1.35 trillion and $2.1 trillion, bounding from supply-chain
leave after 3½ years in the job, tate capital formation without courage more companies to go respectively, in 2014. disruptions and shutdowns re-
making him the second division sacrificing investor protec- public so that more investors “While we’ve tried to make lated to the pandemic.
chief to announce plans to leave tion,” Keith Higgins, a securi- could share in their growth the public-company alterna- New orders for durable
after the co-director of enforce- ties lawyer who led the SEC’s and all investors could benefit tive as attractive as possible, goods—products designed to
ment departed in August. division of corporation finance William Hinman from the disclosure of infor- that doesn’t mean we’re going last at least three years—rose
Chairman Jay Clayton has said during President Obama’s sec- mation required of public to try to make people go pub- 1.9% in September compared
he would stay at the agency for ond term, said of Messrs. Hin- for financial regulation. companies. lic because somehow we have with August, the Commerce De-
one presidential term, though man and Clayton. Should Mr. Biden win, current Mr. Hinman cut red tape made the private markets un- partment said Tuesday.
he hasn’t set a departure date. Neither Mr. Trump nor and former regulators say a around the process of register- attractive,” Mr. Hinman said. A closely watched proxy for
His predecessor, Mary Jo Democratic presidential nomi- critical question would be how ing with the SEC, streamlining “We want both public and pri- business investment—new or-
White, left at the end of the nee Joe Biden has offered much influence the progres- disclosure requirements and vate markets to function as ef- ders for nondefense capital
Obama administration. much insight into their plans sive wing of the Democratic easing some of the rules, espe- ficiently as possible.” goods excluding aircraft—in-
creased 1% last month. The

U.S. WATCH
measure had recovered all its
pandemic-related losses by Au-
gust, suggesting businesses
have ramped up capacity in an-
HOUSING ticipation of growing demand.
“The economic recovery
Home Price Index isn’t entirely dependent on con-
Rose 5.7% in Year sumers, with business-equip-
ment investment recording a
The S&P CoreLogic Case- swift bounce back to prepan-
Shiller National Home Price In- demic levels,” said Paul Ash-
dex, which measures average worth, chief U.S. economist at
home prices in major metropoli- Capital Economics.
tan areas across the nation, rose A separate index of con-
5.7% in the year that ended in sumer confidence slipped
August, up from a 4.8% annual slightly to 100.9 in October
rate the prior month. from 101.3 in the prior month,
Sales of previously owned according to survey data re-
homes, which make up the bulk leased Tuesday. The Conference
of the housing market, rose 2% Board, a private research
in August from a month earlier, group, said consumers’ expec-
MICHAEL REYNOLDS/EPA-EFE/SHUTTERSTOCK

according to the National Associ- tations for the labor market

ation of Realtors, as low mort- dimmed, with around one-fifth
gage-interest rates and a desire saying they expected jobs to be
for more space lured buyers into scarcer six months from now.
the market. A shortage of U.S. factories were hit by
homes for sale has led to com- health concerns, supply chain
petition among buyers and breakdowns and shutdowns
pushed home prices higher. early in the coronavirus crisis.
“Current home price growth is But efforts to reopen the econ-
exceptionally strong given that omy have helped manufactur-
the U.S. is an economic reces- ers regain much lost ground.
sion,” said Selma Hepp, deputy VIRUS’S TOLL: A visitor looks at the more than 200,000 flags placed to honor Covid-19 victims outside RFK Stadium in Washington, Orders for transportation
chief economist at housing-data D.C. The public art project, ‘In America, How Could This Happen,’ was conceived by artist Suzanne Brennan Firstenberg. equipment helped drive over-
provider CoreLogic. “It is the his- all gains, while military orders
torically low inventories and re- ILLINOIS other officer, who is Hispanic, state law with her sudden order. VIRGINIA were a big drag. Excluding
cord-low mortgage rates that approached the vehicle, and he Gun-rights groups accused transportation, orders were up
are outweighing economic and Police Version of opened fire out of fear for his Secretary of State Jocelyn Ben- Lee Statue to Stay 0.8%. Excluding defense, they
employment headwinds and fu- Shooting Is Disputed own safety when the vehicle son of exceeding her authority in While Suit is Pending were 3.4% higher.
eling the price acceleration.” moved in reverse toward him. banning people from openly car-
Also on Tuesday, the Com- A woman who was shot by On Friday, the police depart- rying guns within 100 feet of Richmond’s massive statue of New orders for durable goods,
merce Department reported that police last week in suburban Chi- ment fired the officer who shot voting sites. She acted after au- Gen. Robert E. Lee will stay in change since January
the homeownership rate rose to cago said officers did nothing them. Waukegan Mayor Sam thorities recently busted up an place in the former capital of the
Nondefense capital goods
67.4% in the third quarter, up more than cover her boyfriend Cunningham said last week that alleged plot to kidnap Gov. Confederacy at least a while lon-
excluding aircraft
from 64.8% a year earlier but with a blanket after he was shot dashcam and bodycam videos of Gretchen Whitmer. ger as a lawsuit over the gover-
down from 67.9% in the second and left him on the ground to die. the shooting would be made pub- But Ms. Benson failed to go nor’s plans to remove it plays out. 0%
quarter. Tafara Williams, 20 years old, lic after relatives of the shooting through a formal rule-making A judge on Tuesday issued a
However, the department spoke to reporters Tuesday in a victims have watched it. process required under state law, ruling that favors Virginia Gov.
said that its data collection was Zoom call from her hospital bed —Associated Press Judge Christopher Murray said. Ralph Northam, who announced –10
affected by the coronavirus pan- as she described the Oct. 20 Assistant Attorney General plans to take down the behemoth
demic and its survey response shooting in Waukegan that killed MICHIGAN Heather Meingast told the judge in June after the killing of George All durable
rates declined from last year, 19-year-old Marcellis Stinnette. “there are voters who are Floyd in Minneapolis police cus- –20 goods
which could affect the accuracy “They allowed him to die,” Judge Blocks Ban afraid. There are election work- tody. But the judge suspended his
of its second- and third-quarter Ms. Williams said. “They wanted On Guns at Polls ers who are afraid to go to work order pending the resolution of
–30
estimates. us to bleed out on the ground.” on Election Day.” an appeal. The suit was brought
Phoenix had the fastest Police have said the vehicle A judge on Tuesday blocked a The judge said voter intimida- by residents who live near the J F M A M J J A S
home-price growth in the coun- driven by Ms. Williams, with Mr. ban on the open display of guns tion already is illegal. statue. The death of Mr. Floyd, a Note: Seasonally adjusted
try for the 15th straight month, Stinnette in the passenger’s near Michigan polling places on Attorney General Dana Nes- Black man, sparked a renewed Source: Census Bureau
at 9.9%, followed by Seattle at seat, fled a traffic stop con- Election Day, agreeing with crit- sel, a Democrat, pledged to ap- wave of Confederate-monument
8.5%. ducted by a white officer. They ics who said a Democratic secre- peal the decision. removals across the U.S.  Heard on the Street: Factories
—Nicole Friedman said that a short time later, an- tary of state failed to follow —Associated Press —Associated Press hum on strong demand..... B13

CORRECTIONS  AMPLIFICATIONS
Rent Debt Paying Rent
Some are struggling to keep up Credit-card payments to small
ment for the apartment where
she raises her three children.
She lost hours as a hair stylist

Piles Up,
with rent payments, and also businesses, annual change
during the pandemic and now Apartment Investment & The VanMoof S3 e-bike has
turning to paying rent with Payments to rental owes $2,175 in back rent. She Management Co. on Monday a top speed of 20 miles an
credit cards. managers and agents says her landlord wants to declared a dividend of 82 cents, hour. An Off Duty article Satur-

Poses Risk Percentage of tenant
households behind on rent
payments, by race
Continued from Page One Black
wave of defaults and foreclo- Asian 20%
sures. But the tens of millions Hispanic 18%
of people potentially caught in
a web of home-rental debt and White 9%
eviction would far exceed the Other 16%
3.8 million homeowners who
were foreclosed on in Source: Census Bureau (tenants behind on rent); Philadelphia Federal Reserve Consumer Finance
2007-2010. Institute (credit-card payments)
Many people financially se-
cure enough to own a home Even some higher-income
are better positioned to navi- renters are falling behind. An
gate the economic downturn. analysis of rent payments in
The high unemployment rate 11.5 million professionally
has spared most white-collar managed rental apartments
professionals. Houses are sell- shows that unpaid rent was
ing at record rates, and home 7% higher in those buildings
prices have rarely been higher. between April and August this
Recently moribund suburban- year than it was during the
housing markets in the North- same months in 2019.
east and other regions have Mounting rental debt could
sprung back to life as buyers impede the path to a U.S. eco-
seek more space while work- nomic recovery, when 30 mil-
ing at home. lion to 40 million people from
But about a quarter of U.S. New York City to San Fran-
renter households with chil- cisco face potential eviction
dren are now carrying debt once moratoriums expire, ac-
from not paying rent, Census cording to estimates cited by
Bureau surveys show. Women federal government officials.
and people of color are dispro- “These households will have
portionately more likely to to make some pretty massive
owe rent, according to the cen- financial choices and pull back
sus data. Black and Latino Cal- on other spending to pay their
ifornians were twice as likely rent,” said Mark Zandi,
as whites to face rent insecu- Moody’s chief economist.
rity amid the pandemic, an “That’s a hit to the economy.”
analysis by the University of In the early weeks of the
California, Los Angeles found. pandemic, many renters tried
Other payments
80%
60
40
22%
20
0 day, and an eviction won’t
–20
–40
–60
2019 2020
to scrape together their rent
by borrowing from friends or
family. Some moved to credit
cards, adding to the debt load.
Credit payments to small
and medium-size businesses
connected to rental real estate
increased by more than 70% in
the spring, according to the
Philadelphia Federal Reserve.
The data showed that through
the fall these payments have
remained some 50% higher
than during the same period
in 2019.
Other renters falling behind
are now on payment plans ar-
ranged with their landlords,
allowing them to pay small
minimum amounts each
month. Some landlords are
charging punitive late fees on
top of what is already owed,
making the debt higher than
just the face value of the rent.
In Miami-Dade County, Fla.,
Isis Bouzy is struggling to
make the $665 monthly pay-
evict her.
She has lived in the unit for
five years. “I’m not sure where
this will leave me,” she said. “I
want to be a homeowner one
look good.”
The financial consequences
of falling months behind on
rent can linger for years, and
most landlords are unlikely to
forgive these debts, credit spe-
cialists said. “If you don’t pay
it back, that can escalate to
things like judgments, poten-
tial garnishments against your
wages,” said Kate Bulger, a fi-
nancial counselor specializing
in housing debt at the Money
Management International
counseling firm.
This kind of negative infor-
mation on a credit report also
makes it more difficult to se-
cure new housing, and future
landlords could require a
higher security deposit or ad-
vance rent payments.
While many landlords have
let tenants stay without pay-
ing all of their rent by estab-
lishing payment plans, there
are doubts about how many
tenants will ever be able to
pay all of what they owe.
“Am I concerned that some
tenants will leave me holding
the bag? Yes,” said Robert Nel-
son, a New York City landlord
who owns middle-income
apartment buildings. “But
what choice do we have?”
which was an aggregate of reg- day about technology during
ular quarterly dividends for the pandemic incorrectly said
2020’s fourth quarter and 32 mph.
2021’s first quarter of 41 cents
each. The Dividend Changes ta- Notice to readers
ble in Tuesday’s Business & Fi- Wall Street Journal staff
nance section incorrectly members are working remotely
placed the company among during the pandemic. For the
those with increased dividends, foreseeable future, please send
incorrectly showing a quarterly reader comments only by email
dividend increase to 82 cents or phone, using the contacts
from 41 cents. below, not via U.S. Mail.
Readers can alert The Wall Street Journal to any errors in news articles by
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THE WALL STREET JOURNAL. * * * * Wednesday, October 28, 2020 | A3

U.S. NEWS

Second Night
Of Unrest Hits
Philadelphia
BY SCOTT CALVERT Philadelphia had already
been preparing for potential
Looters hit businesses in violence around the Nov. 3
Philadelphia on Tuesday for a election, Police Commissioner
second straight night, as au- Danielle Outlaw said at a news
thorities struggled to contain conference Tuesday. The city
civil unrest sparked by a video is the most populous in Penn-
showing police fatally shoot- sylvania, a state viewed as key
ing Walter Wallace Jr., a Black to deciding the presidential

MATT SLOCUM/ASSOCIATED PRESS

man who was holding a knife. election.
Police said late Tuesday Ms. Outlaw said unrest
about 1,000 people were loot- caused by Monday’s shooting
ing businesses northeast of of Mr. Wallace could spill into
downtown, miles from the election-related disturbances.
West Philadelphia neighbor- To help manage tensions,
hood where the violence was city officials have requested
concentrated a night earlier. assistance from law-enforce-
Police urged residents in ment agencies in surrounding
several parts of the city to stay counties and from the state Marchers confronted officers Tuesday in West Philadelphia during a protest over the police killing of Walter Wallace Jr., a Black man.
indoors because those areas government.
were experiencing widespread Bystander video that cap- A police spokesman said of- At a news conference Tues- been called to the Wallace close my eyes, I get flashbacks
demonstrations that had tured the episode in West Phil- ficers ordered Mr. Wallace to day evening, Shaka Johnson, a home twice earlier Monday. about multiple shots.”
turned violent with looting. adelphia was distributed on drop the knife before they lawyer for the Wallace family, Their third appearance, which District Attorney Larry
Police had arrested 91 peo- social media. The video shows fired their guns. said Mr. Wallace had mental- ended with the deadly con- Krasner said his office will in-
ple late Monday and early Mr. Wallace standing on a side- The two officers, whose health problems and was tak- frontation, came after Mr. vestigate the incident along
Tuesday, most in connection walk with two police officers names haven’t been released, ing lithium under a doctor’s Wallace’s brother had re- with the police department.
with looting of pharmacies, pointing their guns at him. At each fired about seven rounds, care. quested an ambulance, Mr. Philadelphia Mayor Jim
shoe stores and other retail one point a woman appeared police Chief Inspector Frank “The man was suffering,” Johnson said, but the police Kenney said that he had spo-
outlets, police said. Thirty offi- to try to stop Mr. Wallace as Vanore said. He said he didn’t he said. “When you come to a officers got there first. ken with Mr. Wallace’s wife
cers were injured, mostly from he crossed the street. Officers know how many bullets struck scene where somebody is in a Mr. Wallace’s father, Walter and parents. “I have watched
hurled bricks and other projec- fired several times when he re- Mr. Wallace. Mr. Vanore said mental crisis, [and] the only Wallace Sr., decried the loot- the video of this tragic inci-
tiles, police said, and a ser- emerged onto the street from police received a call about a tool you have to deal with it is ing and called for justice for dent, and it presents difficult
geant’s leg was broken when between two parked cars and man who was screaming and a gun, that’s a problem.” his son. “I can’t even sleep at questions that must be an-
she was hit by a pickup truck. walked toward them. armed with a knife. Mr. Johnson said police had night,” he said. “Every time I swered,” he said.

Earlier Colon Cancer California Utility Cites Its Gear as

Screening Backed Possible Cause of Massive Wildfire
BY BRIANNA ABBOTT orectal cancer center at Dana- BY JIM CARLTON Edison officials weren’t
Farber Cancer Institute in AND DONALD MORRISON available to comment. The
People as young as 45 years Boston who wasn’t on the task utility, like its neighbor PG&E
old should get screened for co- force. Power company Southern Corp. in Northern California,
lon and rectal cancer, down Colorectal cancer is the California Edison told state cut power in the past few
from age 50, according to an fourth-most-common cancer regulators that its equipment days to lower the risk of elec-
independent, government- and second-leading cause of might have ignited one of a trified wires causing fires.
backed panel whose recom- cancer-related deaths in the pair of fast-moving wildfires Edison in November 2019
mendations usually lead to in- U.S. for men and women com- in Orange County that have agreed to pay $360 million to
JAE C. HONG/ASSOCIATED PRESS

surance coverage of such bined, with more than 147,000 prompted evacuation orders compensate about two dozen
preventive services. new cases and 53,200 deaths for 80,000 people. local governmental entities
The U.S. Preventive Ser- estimated to occur this year, The Silverado Fire, which for damages and other costs
vices Task Force recommended according to the National Can- broke out early Monday, has related to a series of fires and
lowering the starting age for cer Institute. consumed more than 11,000 resulting mudslides that hit
the screenings as colorectal Surgery is a common treat- acres of tinder-dry brush in the region in 2017 and 2018.
cancer rates rise among peo- ment for earlier-stage cancers, the foothills above Irvine and PG&E emerged from bank-
ple in their 40s and younger. and other potential treatments other cities south of Los Ange- ruptcy this year after grap-
The disease recently took the include chemotherapy, tar- les. The inferno had caused A firefighter battled a blaze in Irvine, Calif., which has consumed pling with billions of dollars
life of 43-year-old “Black Pan- geted drug therapy, radiation minimal property damage as of more than 11,000 acres. Another large fire broke out to the north. in wildfire-related liability
ther” movie star Chadwick therapy and immunotherapy. Tuesday night, but two fire- costs. The company’s equip-
Boseman. The cancer is more common fighters were in critical condi- Irvine resident Alan Sung quality readings into the un- ment sparked a series of de-
Under the Affordable Care among older adults, with rates tion after suffering burns. evacuated with this wife and 3- healthy range. The noxious air structive wildfires in 2017 and
Act, most health insurers higher in Black adults, men A few miles to the north, year-old daughter to stay with and fires prompted closures 2018 that collectively killed
would be required to cover the and people with a family his- the Blue Ridge Fire also broke family 10 miles away in Laguna for some schools. more than 100 people and
additional colorectal-cancer tory of colorectal cancer. out Monday and has blackened Hills. The 46-year-old grew up The causes of the two fires burned more than 15,000
screenings once the recom- Thanks in part to screening, more than 10,000 acres and in the city but said this was the were still under investigation. homes in Northern California.
mendation is finalized after a new cases and deaths overall led to evacuation orders for first time he had to evacuate But Edison officials said in a More recently, PG&E told
month of public comments. from the cancer are declining. the city of Yorba Linda. Both because of a wildfire threat. filing Monday with the Cali- California regulators its
The move “will enable Yet rates are rising in younger conflagrations were driven by “Maybe going forward we fornia Public Utilities Commis- equipment might have con-
greater access to colorectal adults. Among adults under 55, Santa Ana winds gusting up to need to have an emergency sion that the Silverado Fire tributed to the 56,388-acre
cancer screening for young the incidence increased 51% 80 miles an hour. In all, more bag ready, because what if you could have been sparked by Zogg Fire that broke out Sept.
people, and the sum of all of from 1994 to 2014 in the U.S., than 16,000 homes valued at don’t have the time,” he said. contact between a wire and a 27 near Redding, Calif., killing
this is that lives will hopefully and deaths increased 11% from $14.1 billion were at risk from Thick clouds of billowing conductor line in overhead four people and destroying
be saved,” said Kimmie Ng, di- 2005 to 2015, according to the the twin fires, according to es- smoke have obscured visibility electrical facilities where the 204 homes and other struc-
rector of the young-onset col- National Cancer Institute. timates by Realtor.com. in Orange County and sent air- blaze originated. tures.

Federal Judge Sentences Storm Zeta

Could Strike
Cult Founder to 120 Years Louisiana
BY DEANNA PAUL second request for a new trial
last week.
As Hurricane
The founder of a purported Prosecutors recommended BY ARIAN CAMPO-FLORES
self-help group that prosecu- Judge Garaufis sentence Mr.
tors described as a sex cult Raniere to life in prison, citing Tropical Storm Zeta churned
was sentenced to 120 years in “the unprecedented magni- into the Gulf of Mexico, where
federal prison Tuesday, mark- tude, duration and scope of it was expected to restrengthen
ing an end to a saga that en- Raniere’s crimes” and his lack into a hurricane as it takes aim
snared celebrities and busi- of remorse. at Louisiana and other parts of
nesspeople. On Tuesday, more than a the central Gulf Coast.
JANE ROSENBERG/REUTERS

A Brooklyn jury convicted dozen victims gave statements The storm made landfall
Keith Raniere, now 60 years that detailed the impact of his Monday night north of Tulum,
old, on federal charges of crimes. Mexico, on the Yucatán Penin-
racketeering, sex-trafficking, “He hid his abuse behind sula, as a Category 1 hurricane
forced labor and wire fraud in ideas and concepts of nobility. with 80 mile-an-hour winds,
June 2019 after a trial where I only now see that there was according to the National Hur-
prosecutors detailed wide- nothing noble about abusing ricane Center. It weakened as
ranging abuse and sexual ex- Keith Raniere was convicted of children,” said a letter written it moved over the northern
ploitation of women. sex-trafficking and forced labor. by Camila who didn’t disclose Yucatán and emerged off the
The six-week trial featured her last name. She said she coast, with winds slowing to
witnesses, including former “We are disappointed in the first met Mr. Raniere in 2003, 65 mph Tuesday afternoon.
members, who recounted how sentence and will appeal,” Mr. when she was 13. “I still hear Zeta is forecast to strike
women were controlled Raniere’s defense attorney his voice in my head.” the U.S. as a possible Category
through severe diets and Marc Agnifilo said Tuesday. Several members of the 1 hurricane late Wednesday THE WAVE COLLECTION
forced to turn over damaging The case received renewed group, including “Smallville” along a stretch of the central WAVE CUFF: 22K VIRGIN GOLD, $18,750
information, like naked photos attention this year after HBO actress Allison Mack and Sea- Gulf Coast that has been ham- MARQUISE WAVE CUFF:
and confessions. documentary “The Vow” of- gram Co. heiress Clare Bronf- mered this season by storms. DIAMOND AND 22K VIRGIN GOLD, $33,500
Mr. Raniere founded Nxivm fered a glimpse into the man, among others, were con- A hurricane warning was in ef-
under the guise of teaching group’s inner-workings. The victed of crimes for their fect from Morgan City, La., to
personal empowerment. Prose- network announced Friday involvement in Nxivm. the Mississippi-Alabama bor-
.
s re se rv ed

cutors said he “masqueraded as that a second documentary fo- Ms. Mack recruited women der, including New Orleans.
a self-help guru to gain the cused on Mr. Raniere’s trial to join a “female mentorship Zeta is the 27th named
trust of his followers, and then would air next year. group” led by Mr. Raniere. She storm of an especially active
Al l rig ht

exploited them for his own fi- Since the conviction, Mr. pleaded guilty to charges of Atlantic hurricane season,
nancial gain and sexual gratifi- Raniere has launched a cam- racketeering before his trial nearing the record 28 tropical
MODERN , BEFORE THE WORLD WAS
on , LLC.

cation.” paign to overturn the guilty began. storms of the 2005 season.
Mr. Raniere maintained his verdict, alleging prosecutorial Ms. Bronfman, a onetime- Those are the only two sea-
745 FIFTH AVENUE , SUITE 1210, NYC
©B el pe rr

innocence throughout the trial misconduct and witness intim- member of Nxivm’s executive sons in which forecasters ex-
and is “not sorry for his con- idation by the government. board, was sentenced to 81 hausted all the names on the 212 702 9040 • BELPERRON .COM
duct or his choices,” his law- U.S. District Judge Nicholas months in prison earlier this Atlantic list and began using
yers said in recent court filings. Garaufis denied Mr. Raniere’s month. the Greek alphabet.
A4 | Wednesday, October 28, 2020 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

Campaign Travel Reflects Shifting Focus

Trump mostly visits nal/NBC News polling.
Mr. Biden’s Tuesday re-
states he won while marks in Warm Springs, Ga.,
Biden ventures into were as much about where he
was as what he said. The town
GOP-leaning places is tiny—with about 400 resi-
dents, according to the last
BY REBECCA BALLHAUS census—but it was home to
AND JOSHUA JAMERSON Franklin D. Roosevelt’s getaway
during his presidency. Roose-
WA S H I N G T O N — D e m o - velt died in Warm Springs, and
crats are betting they can ex- a museum there focuses heav-
pand the electoral map in the ily on the New Deal.
final week of the 2020 cam- “This place, Warm Springs,
paign with a late foray into is a reminder that though bro-

SCOTT OLSON/GETTY IMAGES

several traditionally GOP-lean- ken, each of us can be healed,”

EVE EDELHEIT/REUTERS
ing states, leaving President Mr. Biden said, adding that as
Trump largely playing defense president he would unite a po-
in many battlegrounds he won larized nation.
four years ago. Mr. Trump won Georgia’s 16
Democratic nominee Joe Bi- electoral votes by 5 percentage
den on Tuesday traveled to points in 2016, but polls in re-
Georgia, a state that has voted Biden supporters watched former President Obama Tuesday in Orlando, Fla., while Trump backers heard the president in West Salem, Wis. cent months show the race
for the GOP nominee in every tightening. The president now
presidential election since polls now show Mr. Biden percentage points among campaign spokesman Tim Mur- Mrs. Clinton later was over a leads by less than 1 percentage
1992. Later in the week he will ahead by an average of 4.5 likely voters. Ms. Harris was taugh, who noted the presi- visit to Arizona in the final point in the Real Clear Politics
head to Iowa, which Mr. points, according to Real Clear set to appear Tuesday in Reno dent’s recent travel to Minne- days of the 2016 campaign—for polling average.
Trump won in 2016 by a siz- Politics. On Tuesday, he was and Las Vegas. sota, New Hampshire and not focusing on shoring up the Mr. Obama, Mr. Biden’s most
able margin after former Pres- scheduled to hold rallies in With Election Day a week Nevada—states Democrat Hil- battleground states that are prominent surrogate, hit the
ident Obama won it twice. His Michigan, Wisconsin and Ne- out, 62.7 million early ballots lary Clinton won in 2016. crucial to his victory. campaign trail for him in Or-
running mate, Sen. Kamala braska, where one electoral have been cast so far, accord- Mr. Biden is also spending On Monday, Mr. Biden said lando, Fla., for a drive-in rally
Harris, will travel to Texas and vote in an Omaha-area district ing to the Associated Press. time this week on offense, trav- he would keep focus on the outside the Camping World
Arizona later this week, states could prove decisive in a very That surpasses the early-vote eling to Pennsylvania on Mon- traditionally blue Midwestern Stadium, where he slammed
that voted for Republicans for close contest. Mr. Trump won tally four years ago, when 58.8 day and to Florida, Wisconsin states that Democrats lost in Mr. Trump for playing down
the past 10 and five campaign the district by 2.3 percentage million people cast early or and Michigan later in the week. 2016. “The blue wall has to be the severity of the virus.
cycles, respectively. points in 2016, and the Omaha mail-in ballots. But the former vice president’s re-established,” he said. In a series of tweets Tues-
Mr. Trump, meanwhile, is media market includes a por- Mr. Trump has projected campaign is making a risky bet In the final stretch, the Bi- day, Mr. Trump accused the
traveling this week to at least tion of neighboring Iowa. confidence. “Biden is drawing by spending time in the final den campaign has worked to news media of being overly fix-
five states he won in 2016 and On Wednesday, the presi- almost no one. We are drawing stretch aiming to flip Republi- keep the administration’s han- ated on a global pandemic that
that are key to a victory this dent will hold two rallies in tens of thousands of people,” can strongholds like Texas and dling of the virus in the fore- has killed more than 226,000
time around. He held three Arizona, one of which is just he tweeted Tuesday morning. Georgia. If he wins, Mr. Biden front for voters, who say the people in the U.S. alone.
campaign rallies on Monday in outside Nevada, where a New “If he wins where he won will be hailed for his strategy; pandemic is a top concern —Eliza Collins
Pennsylvania, which he nar- York Times/Siena poll Tuesday last time, he gets re-elected by if he loses, he will likely be crit- along with the economy, ac- in Warm Springs, Ga.,
rowly won in 2016 and where showed Mr. Biden leading by 6 a wide margin,” said Trump icized by fellow Democrats—as cording to Wall Street Jour- contributed to this article.

Trump Alters Tone on Immigration President Considers

Four years ago, then-candi-
date Donald Trump rode to the
Republican nomination and
Pro-Fracking Order
then the White House on a BY TIMOTHY PUKO dence to address the environ-
platform centered on curbing mental harm of climate change.
illegal immigration and build- WASHINGTON—President One aim of the proposed or-
ing a wall along the U.S.-Mex- Trump is considering issuing an der would be to highlight the
ico border. executive order mandating an broader impact of fracking
economic analysis of fracking, throughout a U.S.-based supply
By Sabrina Siddiqui, according to senior administra- chain, especially in swing
Michelle Hackman tion officials, who say the initia- states, according to one of the
and Chad Day tive is aimed at highlighting his senior officials and another
support for the energy industry person briefed on the plans.
But in 2020, Mr. Trump has in election battleground states Industries like steel in Ohio
placed less emphasis on the is- such as Pennsylvania. and Pennsylvania make pipe to
sue that dominated both his The proposed order would transport oil and gas, while
rise in politics and much of his ask government agencies to mines in Wisconsin produce
JOSE LUIS GONZALEZ/REUTERS

first term as president. perform an analysis of frack- sand used in fracking to prop
A Wall Street Journal re- ing’s impact on the economy open cracks in the shale rock
view found that immigration and trade and the conse- that oil and gas flow out of.
was the fourth most men- quences if the oil-and-gas ex- This year’s downturn has re-
tioned issue in Mr. Trump’s traction technique was banned, sulted in bankruptcies and lay-
2016 campaign TV ads but has the officials said. It also would offs in those businesses, too, as
barely cracked the top 10 this order those agencies to evalu- monthly wells being drilled in
cycle, according to data from ate what more they can do to the U.S. plummeted to less than
political ad tracker Kantar/ An excavator preparing for the construction of a border-wall section in El Paso, Texas, in August. expand its use, possibly 10% of the 2014 peak.
CMAG. through land management or Mr. Trump won Pennsylva-
The Trump campaign has in- preferred style of border fenc- tion and it failed horribly.” the top 25 most mentioned is- support of developing technol- nia in 2016 in part because he
stead focused on violence that ing, mostly replacing an exist- “Immigration was a signifi- sues in Mr. Biden’s television ogy, they said. outperformed past Republican
has erupted at some protests ing set of barriers on the bor- cant issue primarily for Repub- ads. He has mostly focused on These people said details of nominees in the counties with
around the country, jobs, gov- der installed by prior licans in 2016 and 2018 because the coronavirus, health care, the order were still under dis- the most gas drilling, said
ernment spending and China. administrations. The president of the president’s promotion of Social Security, public safety cussion, and a final decision on Kevin Book, managing director
Tim Murtaugh, a spokes- has set a goal to build 450 the issue,” said Whit Ayres, a and the economy. Still, he rou- whether to even issue it hasn’t of analysis firm ClearView En-
man for Mr. Trump’s cam- miles by year’s end. GOP pollster. “Given how much tinely criticizes Mr. Trump’s been made. ergy Partners LLC. An order
paign, said immigration “is The change in both Mr. the pandemic has overwhelmed record on immigration in his White House spokesman like this could boost enthusi-
still an important issue and Trump’s own emphasis of the our country and disrupted al- stump speech and has fea- Judd Deere declined to com- asm with those same voters
one that the president ad- issue and TV ad content this most every aspect of our lives, tured the issue in a handful of ment on any potential execu- and extend the use of that
dresses frequently.” cycle, compared with four years it makes sense that immigra- Spanish-language ads aired tive action but said Mr. Trump same playbook into other bat-
Yet, the contrast is also evi- ago, is in part a reflection of tion and other issues would over the past month. “has prioritized all forms of do- tleground states.
dent at Mr. Trump’s rallies, how the issues that matter to fade into the background.” In those ads, Mr. Biden mestic energy production “This is a hug-your-fracker
which now include only glanc- Americans have changed as the This time, immigration ads highlights his work leading the which has led to America be- move, but it’s also hug-your-
ing references to immigration. nation continues to weather a aired by the Trump campaign Obama administration’s re- coming energy independent.” fracker’s-supplier move,” Mr.
While campaigning across four pandemic that has killed more have a slightly different tone, sponse to the first wave of If an order is issued, it Book said. “In Pennsylvania
battleground states this past than 225,000 people in the U.S. attempting to reframe immi- children and families who ar- would be unlikely to have any fracking does make a difference
weekend, the president touted Some political strategists gration as an economic issue. rived at the border in 2014, short-term impact on an energy at the margins. And in a close
the continuing construction of say the campaign’s different In August, the campaign be- contrasting it with the family industry struggling with an oil race, these are votes worth
his border wall but com- emphasis also is a response to gan airing an ad claiming separation policy under the glut tied to the coronavirus fighting for.”
plained about the lack of me- the 2018 midterms, when Democratic challenger and for- Trump administration. pandemic. Asked about the potential
dia coverage around his immi- Democrats won control of the mer Vice President Joe Biden Mr. Trump and his allies But the goal is to draw a po- executive order, the Biden cam-
gration record. House. would “[crush] our economy also continue to play up the is- litical contrast between Mr. paign said Mr. Trump should be
“The press doesn’t talk “I don’t think it’s a coinci- with higher taxes and amnesty sue in social-media ads de- Trump and former Vice Presi- focused on the coronavirus
about the wall anymore, be- dence that we haven’t heard a to illegal aliens,” referring to signed to fire up his base. dent Joe Biden, his Democratic pandemic, and not commission-
cause it’s all built,” Mr. Trump whole lot about immigration the Democratic nominee’s More than 20% of Mr. Trump’s challenger in the election. Mr. ing a study.
said in Ohio on Saturday. since Election Day 2018,” said pledge to create a path to citi- Facebook ads over the past Biden has said he would oppose “President Trump knows
“Very soon, it’s going to be Alex Conant, a former senior zenship for 11 million immi- month have centered on immi- fracking on federal lands—a that Joe Biden won’t ban frack-
completed.” adviser to Florida Sen. Marco grants living in the country gration, according to Immigra- small part of U.S. production— ing, so he’s playing politics,”
The Trump administration Rubio. “He tried to make the without permission. tion Hub, a progressive advo- but more broadly has called for deputy national press secretary
has built about 370 miles of his midterms all about immigra- Immigration isn’t among cacy group. the U.S. to shift from oil depen- Matt Hill said.

California owned their buildings the lon-

gest. Proposition 13 capped in-
creases on assessed values to
companies such as Bechtel
Corp. and Charles Schwab Corp.
have announced moves out of
established by Facebook Inc.
CEO Mark Zuckerberg and his
wife, Priscilla Chan.
the California Business Round-
table, which has received
seven-figure donations from
tion of the reassessments until
2025 for properties in which
small businesses occupy more

To Weigh 2% a year for all property, but

it allowed reassessments when
real estate changed hands. Un-
California.
A poll released Monday by
the Institute of Governmental
“Prop. 13 created a long-
term, structural crisis to the
fiscal health of essential ser-
some of the biggest real-estate
owners in California.
Those opposed to the mea-
than half of the space.
As California’s real-estate
market has exploded, the differ-

Tax Limits der Proposition 15, many com-

mercial properties would be re-
assessed at market rates
starting in 2022.
Continued from Page One Increased taxes would come
health and social services, on top of property owners’ re-
which they said have been un- duced rents and occupancies
derfunded because of Proposi- during the coronavirus pan-
tion 13’s limits. demic. San Francisco, which
From the time Proposition rode the tech boom to years of
13 passed, through 2013, local prosperity, suffered the biggest
government revenue per person declines in office rents in the
in California grew 36%, com- country in the third quarter, ac-
pared with a nationwide aver- cording to CoStar Group Inc.
age of 69%, according to the Large California property
Legislative Analyst’s Office. owners warn that the higher
Still, at nearly $3,500, per-per- property taxes would hurt small
son local-government revenue businesses because, under most
remained slightly higher in Cal- commercial leases, tenants are
ifornia than the national aver- responsible for paying prop-
age of about $3,000. erty-tax increases. Property
If Proposition 15 passes, the owners said they also fear some
property owners hardest hit businesses could leave the state
would be those who have as a result. In recent years, big
Studies at the University of Cal-
ifornia, Berkeley, found that
49% of likely voters support
vices,” said Los Angeles County
Supervisor Mark Ridley-
Thomas, who supports Proposi-
sure said commercial property
owners already pay high busi-
ness taxes. The Tax Foundation,
ence between actual and as-
sessed value of many commer-
cial properties has widened
Proposition 15 and 42% oppose a conservative-leaning think significantly. Since 2005, actual
it, with 9% undecided. Support tank, ranks California 49th on office-building values in San
is the same as in a poll con- its 2021 state business-tax-cli- Francisco and West Los Angeles
ducted in September, while op-
Property owners mate index, citing its corporate, have risen 170% and 90%, re-
position has grown by 8 per- hardest hit would be sales and individual taxes. spectively, while assessed values
centage points, and the “I don’t think the middle of of buildings that didn’t change
percentage undecided has
those who’ve owned a pandemic is the right time to ownership rose 35%, according
fallen by the same amount. buildings the longest. decide to raise taxes,” said to Green Street, a commercial
The Proposition 15 vote is Brandon Shorenstein, chief ex- real-estate analytics firm.
being followed by conservative ecutive of a family-controlled Supporters of Proposition 15
activists nationally, as the pas- company that owns about 4 said any negative impact would
sage of Proposition 13 launched tion 15. Mr. Ridley-Thomas, a million square feet of San Fran- be outweighed by benefits for
an antitax revolt that swept Democrat, said the Covid-19 cisco office space. local-government budgets. “Our
through U.S. suburbs in the late pandemic and accompanying To address concerns that the businesses are thriving here in
1970s and early 1980s. economic slowdown have wors- law could damage small busi- California,” said Tyler Law, a
Supporters of Proposition 15 ened the situation, as the nesses, Proposition 15 exempts spokesman for the “Yes on 15”
have raised more than $64 mil- county faces falling revenue commercial and industrial land- campaign. “What’s not thriving
lion as of Monday, much of it and increasing spending needs. lords whose portfolios are val- is our schools, our ability to in-
from labor unions and wealthy Opponents have raised more ued at less than $3 million, as vest in public health care, our
donors such as the Chan Zuck- than $69 million, over half of well as home-based businesses. ability to fund firefighters who
erberg Initiative, a foundation that from a committee run by It also delays the implementa- are stretched to the limit.”
THE WALL STREET JOURNAL. Wednesday, October 28, 2020 | A5

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 A6 | Wednesday, October 28, 2020
FRED SCHILLING/COLLECTION OF THE SUPREME COURT OF THE UNITED STATES/GETTY IMAGES
Amy Coney Barrett, with husband Jesse Barrett, was sworn in as a justice Tuesday by Chief Justice John Roberts at the Supreme Court.
McConnell’s Tactics Pay Off
BY SIOBHAN HUGHES
The confirmation of Justice
Amy Coney Barrett marks the
culmination of a yearslong
campaign by Senate Majority
Leader Mitch McConnell to ex-
pand the number of conserva-
tives on the federal courts, an
issue critical to many Republi-
can voters and set to last re-
gardless of the result of the
election.
With Justice Barrett’s con-
firmation expected to lock in a
6-3 conservative majority on
the Supreme Court, the Ken-
tucky Republican will have
pushed through the confirma-
tion of more than 200 judicial
nominees during President
Trump’s first term. That in-
cludes three on the Supreme
Court and 53 on appeals
courts, nearly matching the to-
tal number of appeals-court
judges confirmed during Presi-
dent Obama’s two terms.
“We’ve made an important
contribution to the future of
this country,” Mr. McConnell
said on Sunday. “A lot of what
Lawmakers Want to Protect Local News From Big Tech
BY KEACH HAGEY
Some Senate Democrats are
seeking to enable regulators to
protect local news outlets, ac-
cusing tech giants such as
Google and Facebook of “un-
fair business practices,” ac-
cording to a new report by
members of a key committee
that will hear from the top in-
dustry executives this week.
Released on the eve of the
Senate Commerce Committee’s
hearing Wednesday with the
chief executives of Alphabet
Inc.’s Google, Facebook Inc.
and Twitter Inc., the report
argues that local journalism is
in a crisis—badly exacerbated
by the coronavirus pandemic—
partly because of alleged anti-
competitive behavior on the
part of the tech platforms that
ought to be policed by the
Federal Trade Commission.
“They are facing unfair
practices,” Sen. Maria Cantwell
(D., Wash.), the ranking mem-
ber on the committee, said in
an interview. “We think Con-
gress and the FTC should ad-
dress those unfair practices.”
A Google spokeswoman said
the report “distorts the reality
around Google’s role in the on-
line news ecosystem and the
Visa Faces
Antitrust
Scrutiny
Continued from Page One
Bain “has tried to stymie” the
investigation and has claimed
legal privilege over important
documents, at Visa’s direction.
The legal filing said the
Justice Department is consid-
ering whether the Plaid acqui-
sition will “allow Visa—the
dominant provider of debit
services in the United States—
to create or maintain a mo-
nopoly.”
Representatives of Visa and
Plaid declined to comment on
the investigation. A Bain
spokesman said the firm was
unable to comment.
we’ve done over the last four
years will be undone, sooner or
later, by the next election.
Won’t be able to do much about
this, for a long time to come.”
Helping approve Mr.
Trump’s judicial nominees has
been one of the key forces
aligning Mr. McConnell with
the president, who has empha-
sized his power in shaping the
courts in appealing to conser-
vative voters on issues includ-
ing abortion, gun rights and
religion. Republicans currently
control the Senate 53-47, but
the majority is seen as a toss-
up in next week’s election,
with many more GOP seats at
risk than Democratic ones.
The pace of confirmations
has been so rapid that there are
no spots on the appeals courts
left to fill. Mr. Trump has nomi-
nated Judge Barrett’s successor
on the Seventh Circuit.
Mr. McConnell’s success has
sparked deep dismay among
Democrats, who say his meth-
ods have deepened partisan
divides in the Senate and
could set off further retalia-
value that we provide to pub-
lishers who face challenges in
transitioning to the digital
world.”
Facebook took issue with
the report’s allegation that tech
giants take local news content
and data for their own sites, a
practice known as scraping.
“The accusation that we scrape
news articles is simply not
true,” a spokesman said.
The report also proposed a
range of other legislative
changes, including a law that
would force tech platforms to
negotiate with local news out-
lets to ensure those organiza-
tions are paid for their content,
in much the same way that lo-
cal TV broadcasters are paid by
cable and satellite companies
for distributing their content.
Painting a grim portrait of
the state of the local U.S. news
industry, the report noted that
it had lost 70% of its revenue
in the past two decades, while
today Google and Facebook
control 77% of local digital ad
revenue.
The report argued that the
FTC needs new authority now
so it can force Google and
Facebook to change their prac-
tices, given that the Justice
Department’s current antitrust
A Justice Department
spokeswoman declined to
comment on the state of the
investigation. Makan Delra-
him, the DOJ’s top antitrust
official, issued a statement
saying third parties like Bain
“must comply fully and expe-
ditiously with our civil investi-
gative demands and provide
the documents and data we
need to discharge our duties.”
Mr. Delrahim made public
in August a shake-up of inter-
nal operations to improve how
the department evaluates fi-
nancial-sector competition,
saying the government needed
to “take a fresh look” at how
new technologies are changing
competitive dynamics in the
financial-services industry.
At the same time, the Jus-
tice Department and Washing-
ton broadly are taking a closer
look at big tech companies
that dominate the way people
shop, work and communicate.
U.S. NEWS
tion that would remake the
way the Senate operates.
Some in the party have
pressured presidential nominee
Joe Biden to endorse the addi-
tion of seats to the Supreme
Court should he win the presi-
dency and Democrats flip the
Senate. Such a move to enlarge
the court would first require
an end to the Senate’s 60-vote
threshold on advancing most
legislation, a precedent that
has guarded against a major-
ity-rule system in the body.
Mr. Biden has resisted com-
mitting to any changes to the
court, but he has proposed
creating a commission to study
the matter. On the campaign
trail, Mr. Trump has boasted of
the number of judges he has
gotten approved, while warn-
ing that Mr. Biden would put
liberals on the bench and pos-
sibly expand the court.
Senate Minority Leader
Chuck Schumer (D., N.Y.) said
Monday the Barrett confirma-
tion “will go down as one of the
darkest days in the 231-year
history of the United States
Washington Sen. Maria Cantwell says local news outlets ‘are
facing unfair practices’ that Congress and the FTC should address.
lawsuit against Google could
take years to be resolved.
Democrats don’t control
committee business in the Re-
publican-led Senate. Criticism
of the tech platforms has been
bipartisan lately, though Repub-
licans tend to be more focused
on fears that the platforms are
silencing conservatives.
Senate Republicans have
The Justice Department filed
last week an antitrust lawsuit
against Google.
Any cases filed this late in
the Trump administration’s
first term will fall to whoever
wins next week’s election. Anti-
trust enforcement isn’t likely to
subside if Democratic presiden-
tial nominee Joe Biden wins.
He has said economic concen-
tration “threatens our Ameri-
can values of competition,
choice, and shared prosperity.”
Plaid has been viewed by
fintech companies and mer-
chants as a platform that
could one day enable consum-
ers to make purchases without
having to rely on debit and
credit cards.
The San Francisco-based
startup has said it provides
connections between more
than 11,000 banks and finan-
cial-services companies and
more than 200 million con-
sumer accounts.
* **** THE WALL STREET JOURNAL.
Judge Bars DOJ
From Representing
Trump in Lawsuit
BY CORINNE RAMEY
The Justice Department
can’t represent President
Trump in a defamation lawsuit
because he wasn’t acting in
his official capacity as presi-
dent when he denied allega-
tions that he raped an advice
columnist, a federal judge
ruled Tuesday.
The ruling, by U.S. District
Judge Lewis Kaplan, marks a
legal victory for E. Jean Car-
roll, a journalist who accused
Mr. Trump of raping her in a
department-store dressing
room in the 1990s.
Ms. Carroll’s lawsuit, origi-
nally filed in November 2019
in New York state court, con-
tended Mr. Trump defamed
her when he denied the al-
leged rape after an excerpt
from her book was published
last year.
If Judge Kaplan had ruled
Senate,” citing what he called for the Justice Department, it
the Republicans’ double stan- would almost certainly have
dard on voting on high-court brought an end to Ms. Car-
nominees in an election year. roll’s case. Government em-
Mr. McConnell responded ployees can’t be sued for defa-
that both parties had “parallel mation for actions they take in
oral histories” about who first their official capacity.
escalated the fights over judi- The Justice Department
cial nominees. But he said the moved in September to take
Democrats’ complaints about over the defense of the case
the latest nominee were un- from Mr. Trump’s private at-
founded. “They don’t like the torneys, claiming Mr. Trump
outcome. Well, the reason this was acting within the scope of
outcome came about is be- his employment when he said
cause we had a series of suc- he had never met Ms. Carroll
cessful elections.” and that “she’s not my type.”
Mr. McConnell has priori- “The president addressed
tized a conservative court for matters relating to his fitness
years. In 2016, the Senate for office as part of an official
leader declined to consider White House response to press
President Obama’s nominee to inquiries,” the Justice Depart-
the high court, citing the elec- ment said in a legal brief.
tion year. Mr. Trump then won Judge Kaplan ruled Tuesday
the election, and Mr. McCon- that Mr. Trump isn’t consid-
nell shepherded his first nomi- ered an employee of the U.S.
nee, Justice Neil Gorsuch, on under the Federal Tort Claims
to the court by changing the Act because its definition of
rules to allow Supreme Court employee doesn’t include pres-
nominees to advance with only idents. Even if Mr. Trump were
a simple majority instead of a considered an employee, he
60-vote supermajority after wasn’t acting within the scope
Democrats tried to block him. of his job, the judge wrote.
nect web publishers and ad-
vertisers. “This looks like mo-
nopoly upon monopoly,” Mr.
Hawley said at one point.
The Senate Commerce Com-
mittee minority report cited
practices such as Google’s re-
quirement that publishers
TOM WILLIAMS/CONGRESSIONAL QUARTERLY/ZUMA PRESS
agree to put their content on
Google-hosted Accelerated
Mobile Pages, or AMP, to re-
ceive a decent search ranking
on mobile. Publishers have
complained the technology de-
prives them of customer data
and hurts subscription rates.
The report also argued that
Google search, by using local
publishers’ headlines and snip-
pets without compensation
and increasingly answering
queries on Google without
pushing users through to pub-
lisher websites, was abusing
the original intent of copy-
right law’s notion of “fair use.”
been critical of the tech plat- Publishers have complained
forms’ influence over the pub- about similar “take it or leave
lishing landscape. During a it” dynamics with other Google
Senate hearing last month, Re- products, such as Google News
publican senators including and Google Discover, a feed of
Mike Lee (R., Utah) and Josh recommended content. In a re-
Hawley (R., Mo.) asked tough port this summer, the News
questions of a Google execu- Media Alliance, the news pub-
tive about the search giant’s lishers’ trade group, alleged
dominant market power in the that Google’s overwhelming
ecosystem of tools that con- market power has effectively
Visa, which made public the
planned acquisition in January,
is the largest U.S. card net-
tuit Inc.’s roughly $7 billion
deal for personal-finance por-
tal Credit Karma Inc.
work, handling $2.2 trillion of
credit, debit and prepaid-card
transactions during the first
Visa initially said it ex-
pected the Plaid acquisition to
close by the summer. In the
half of 2020, according to the
Nilson Report, a trade publica-
tion. Its closest competitor,
summer, Visa said it was ex-
pecting to close by the end of
the year.
Plaid makes software that
allows banks and fintechs to
A DOJ official wants plug into consumers’ various
financial accounts, enabling
‘a fresh look’ at how those companies, with users’
new tech is changing permission, to aggregate
spending data, look up bal-
competition. ances and verify other per-
sonal financial information. Its
clients and partners include
Venmo, the digital money-
Mastercard Inc., handled $942 transfer service owned by
billion in card transactions PayPal Holdings Inc.; stock-
during the period. trading app Robinhood Mar-
The Justice Department is kets Inc.; and mortgage-soft-
also reviewing Mastercard’s ware startup Blend Labs Inc.
nearly $1 billion deal for fin- Visa and Mastercard have
tech firm Finicity, a startup been concerned about getting
similar to Plaid, as well as In- left behind if more people
“His comments concerned
an alleged sexual assault that
took place several decades be-
fore he took office, and the al-
legations have no relationship
to the official business of the
United States,” wrote Judge
Kaplan, who was appointed by
President Clinton in 1994.
A Justice Department
spokeswoman declined to
comment. The department
could appeal the ruling.
Ms. Carroll’s lawyers op-
posed the Justice Department
request, saying Mr. Trump was
acting in a personal capacity
when he denied the alleged
rape. “There is not a single per-
son in the United States—not
the president and not anyone
else—whose job description in-
cludes slandering women they
sexually assaulted,” the lawyers
wrote in court documents.
Roberta Kaplan, a lawyer
for Ms. Carroll, said she would
press ahead with her lawsuit
in federal court.
“The simple truth is that
President Trump defamed our
client because she was brave
enough to reveal that he had
sexually assaulted her, and
that brutal, personal attack
cannot be attributed to the of-
fice of the president,” Ms.
Kaplan said.
The Justice Department’s
attempt to get involved in Ms.
Carroll’s suit was the latest in
a series of cases in which the
administration has moved
against the president’s critics.
Some of the cases have led
to disagreements within the
agency and questions about
whether the White House is in-
appropriately using the Justice
Department to protect Mr.
Trump’s personal interests, said
current and former officials.
A Justice Department
spokeswoman previously has
said the federal government
had a legitimate interest in
those cases. She didn’t re-
spond to requests to comment
Tuesday.
deprived publishers of the
ability to enforce the copy-
rights to their own material,
since in effect there is no sub-
stitutable competitor they
would work with instead if
they don’t like Google’s terms.
The Google spokeswoman
said Google sends traffic to
news websites and its ad prod-
ucts help publishers make
money. Google also has
reached agreements with se-
lected publishers around the
world to license news content.
The report notes that while
Facebook has made deals to
pay license fees to some pub-
lishers, they only cover about
a quarter of the local news
services whose content Face-
book displays in its news tab.
The Facebook spokesman
said the company gives “news
organizations the ability to
post news on Facebook free of
charge, and they have full con-
trol over how that content is
accessed and monetized.” He
said Facebook has spent hun-
dreds of millions of dollars on
programs to help local news.
Wall Street Journal parent
News Corp is among the com-
panies calling for Google and
Facebook to pay organizations
that provide quality news.
change how they make pay-
ments and use apps that, for
example, enable bank-account-
to-bank-account payments
that essentially bypass the
card networks. Both compa-
nies have been buying firms in
recent years that enable new
types of payments.
Merchants, meanwhile,
have been hoping that fintech
companies such as Plaid
would eventually help facili-
tate these new types of pay-
ments. That could allow mer-
chants to avoid the swipe fees
that are set by networks such
as Visa and Mastercard, which
have long been a point of con-
tention between merchants
and the card industry.
Plaid doesn’t currently op-
erate a payments network like
Visa’s, but Plaid’s software
can see if a consumer is the
owner of a given bank account
and can look up how much
money is in that account.
THE WALL STREET JOURNAL. * * Wednesday, October 28, 2020 | A7

U.S. NEWS

Rising
Metrics
Countries Try Shorter Quarantines
A growing number of coun-

Indicate tries are trimming the length

of time people potentially ex-
posed to the coronavirus need

New Surge to self-quarantine to reduce

the risk of spreading Covid-19.
Their reasoning: Shorter spells
BY TALAL ANSARI might help manage the pan-
demic by encouraging greater
Two key Covid-19 metrics compliance.
have been rising in the U.S. for
days, and in some cases weeks, By Jason Douglas
pointing to a fresh surge in in- in London and Brianna
fections in a majority of states. Abbott in New York
The seven-day average of
new cases reached a record Some disease and public-
high on Tuesday for the second health experts offer cautious
day in a row, with 69,967 con- support for the idea, saying
firmed infections, according to that although data is patchy,
a Wall Street Journal analysis such a trade-off might make
of Johns Hopkins University sense, especially where citi-
data. On Monday, the seven- zens’ weariness or inability to

ARTUR WIDAK/NURPHOTO/ZUMA PRESS

day average hit 68,767 cases. comply with more burdensome
The U.S. has regularly been restrictions are complicating
adding more than 50,000 new efforts to beat back a resur-
cases a day since Oct. 7—fig- gence. Cases in Europe are ac-
ures not seen since Aug. 14, celerating fast following a
when the country’s most pop- summer lull, and in the U.S.
ulous states including Califor- recently topped a new daily
nia, Florida and Texas were record of more than 80,000.
experiencing surges. The coun- Others, though, including the
try recorded 66,784 new infec- World Health Organization, say
tions on Monday, helping push it is a gamble that could back-
fire and will likely result in
some additional cases slipping
through. And gaps in knowl-
The number of edge about how exactly the vi-
confirmed Covid-19 rus behaves make it difficult to
determine the best abbreviated
cases in the U.S. has cutoff date or strategy.
passed 8.7 million. “There’s a trade-off because
you might miss some people,
but you could get so many
more people to adhere to the
the total number of confirmed quarantine requirements that
cases to more than 8.7 million. the gains would far outweigh
Hospitalizations are also on the people you might miss,”
the rise, with more than 40,000 said Mark Plescia, chief medical
people admitted to hospitals officer for the Association of
with Covid-19 for the sixth day State and Territorial Health Of-
in a row. On Monday, 42,917 ficials, which represents state
people were hospitalized, ac- health departments in the U.S.
cording to the Covid Tracking France in September cut to
Project, up from 41,776 on Sun- seven days from 14 the length
day. Nearly 9,000 individuals of time those who have been in
are in intensive-care units. contact with a known case must
The U.S. reported 481 fatali- quarantine at home. The coun-
ties for Monday, and the na- try’s health authority concluded
tion’s death toll had passed that citizens were reluctant to
226,000 on Tuesday, according stay home for two weeks and
to Johns Hopkins data. Mon- said the risk of spreading the
day’s total was higher than the contagion lessens over time.
340 deaths reported Sunday Belgium similarly shortened
and the 445 fatalities reported its quarantine period to seven
a week earlier. days from 14 on Oct. 1, also
Passengers waited at the airport in Burgas, Bulgaria, this month. Covid-19 cases in Europe are accelerating fast following a summer lull.
citing weak compliance, but
raised it to 10 days on Oct. 19
after a surge in cases. Spain in
September cut its period of
self-isolation after contact
with a coronavirus carrier to
10 days from 14.
In Germany, public-health of-
ficials have said the quarantine
period can be reduced to 10
days from 14 starting Nov. 8,
though it is up to individual
states to decide if they want to
follow that recommendation.
The U.K. government is weigh-
ing the case for a shorter quar-
antine but for now it remains at
14 days, Brandon Lewis, a mem-
ber of Prime Minister Boris
Johnson’s cabinet, said Sunday.
In the U.S., the Centers for
Disease Control and Prevention
is exploring ways to shorten
quarantine periods for school-
children who have been in con-
tact with infected people in an
effort to speed their return to
classrooms, though the two-
week guidance hasn’t changed.
Rules for incoming travel-
ers are more varied. France,
Belgium and Germany impose
the same length of quarantine
on travelers as residents are
required to self-isolate, while
Spain doesn’t impose any re-
strictions on international ar-
rivals. Some countries let ar-
rivals forgo quarantine if they
can produce a negative test.
The shifting regulations run
counter to advice issued by
the WHO and, in European
countries, by the European
Center for Disease Prevention
and Control.
Some scientists and public-
health officials say the extra
risk might be worth it. The
thinking goes that by reducing
quarantine stays, more people
are likely to see them through.
That might have a bigger ef-
fect on suppressing transmis-
sion of the virus if longer
spells of quarantine are rou-
tinely flouted, even after ac-
counting for the risk that some
people released sooner might
be or soon become infectious.
Compliance is a worry for
governments grappling with
fraying public approval of their
handling of the pandemic. A
September study by research-
ers at King’s College London
found only a quarter of adults
surveyed in the U.K. who lived
in a household where someone
had Covid-19 symptoms had
obeyed instructions to stay
home.
Behind the guidance from
the WHO and others are esti-
mates of the incubation period
of the virus, or the time from
exposure to symptoms. That
ranges from roughly two to 14
days. People tend to be infec-
tious a few days before symp-
toms start, and some 40%
don’t show symptoms but can
still transmit the virus, mak-
ing quarantine all the more
critical for disease control, in-
fectious disease experts say.
Several studies suggest the
median time to onset of symp-
toms after exposure is around
five days. One study, by epide-
miologist Justin Lessler and
colleagues at Johns Hopkins
Bloomberg School of Public
Health, found that 97.5% of
those who develop symptoms
do so within 11.5 days, accord-
ing to a paper published in the
Annals of Internal Medicine.
“Our upper bound of that 14
days still holds based on the
data that we have seen,” Maria
Van Kerkhove, Covid-19 tech-
nical lead at the WHO, said
last month.
Some disease experts agree
that it is better to stick with 14
days. “You want to minimize,
as much as possible, the risk,”
said Waafa El-Sadr, director of
the Global Health Initiative at
Columbia University’s Mailman
School of Public Health.
One middle way some pub-
lic-health authorities are ex-
ploring is testing for the virus
midway through quarantine.
Modeling focused on air trav-
elers by researchers at the
London School of Hygiene and
Tropical Medicine suggested
that testing after seven days
was almost as effective as a
14-day quarantine in control-
ling transmission.

FROM PAGE ONE

Swimmers
Get Around
Beach Rule
ANTHONY KWAN FOR THE WALL STREET JOURNAL

Continued from Page One

at an unofficial swimming spot
full of sharp barnacles and
rocks, has been taking her
chances sneaking on to the
beach.
She had become adept at
slipping past the law—she
would swim around sunrise
before official beach patrols
arrived, and afterward, since Hong Kong closed beaches during the Covid outbreak, but devoted
the showers were closed, swimmers found ways to get in the water. Above, Edie Hu.
would get the seawater
sprayed off with a hose by 427 square miles of land, de- Boat traffic can make the
some beach cleaners. termined swimmers found waters outside the safety nets
More and more, though, she other ways in. a bit dicey. Still, Edie Hu, 45,
resorted to swimming pools. On a September weekend, an experienced open-water
“I still like the ocean, but I Mr. Courret said, he and some swimmer who has circumnavi-
have other things to do,” said companions could get to their gated Hong Kong Island,
Ms. Zhu, a 27-year-old archi- route legally only by navigat- hasn’t missed a day of swim-
tecture Ph.D. student at the ing through wind surfers at a ming during the beach ban.
University of California, Los reopened city-run water- On one early swim, she
Angeles who is taking classes sports center. Normally, the said, her group was nearing an
remotely. swim would begin in the pro- offshore island when an ap-
Hong Kong officials had tected waters off an adjacent proaching boat swerved to
maintained that with the public swimming beach. avoid hitting one person and
spread of Covid-19 not fully On the way back, the swim- almost hit another. Ms. Hu,
contained in the city—local mers decided it was better to who has an art appraisal and
transmissions have persisted, be on the wrong side of the advisory company, called the
mostly in the single digits law than the wrong side of a marine police, who came and
each day—it was prudent to
keep beaches closed. The fine
wind surfer, and rerouted to
swim inside the net off the
scolded the group, saying they
shouldn’t be so far from shore.
pretty in pink
for entering a closed beach is closed beach—the waters in- “But we’re like, ‘Hey, the chopard pink diamond watch
US$260. side the net, in addition to the beaches are closed,’ ” she said.
A spokesman for the gov- beach itself, have been off lim- Now that beaches are re- Legendary firm. Sophisticated style. Rare pinks. This
ernment department that its. opening, she said, she is grate- stunning wristwatch by Chopard is covered in exceptionally rare
manages the stretches of sand On another day, Mr. Courret ful the government has “fi- natural fancy pink diamonds with sparkling white diamonds
said it is difficult to enforce and other swimmers entered a nally come to their senses.”
the safety measures used at tiny unofficial beach in the Lee Williamson, 35, lives on
on the watch’s face. This timepiece was only made in limited
sports venues and swimming shadow of statues of god- Lamma Island, one of the edition and rarely comes on the market. The pink diamonds
pools, such as restricting the desses. They stashed their many smaller islands that are total 3.38 carats while the white diamonds weigh 0.91 carats,
number of people and check- bags in a pavilion and blew up part of Hong Kong. He said and all are set in 18K white and rose gold. 71/2” length. #31-1591
ing body temperature. He said the bright pink and orange crowds have grown on an un-
the department has issued buoys they attach to a belt to official beach there overlooked
thousands of warnings but make them more visible to by a power station. The local
only one official citation. boats. It was hard to see any- journalist opted to host his
The city’s bars and restau- thing in the water, and on the son’s fifth birthday party there
rants had their restrictions return Mr. Courret navigated recently. Children and adults
eased in September. But to shore around rocks covered swam, and some guests took
beaches, closed since mid-July, with sharp shells and spiky Mr. Williamson’s paddle board
remained blocked. sea urchins. out on the water, he said.
“You’ve got all this space, The trouble has been worth He took care to take photos
which is safe and open, but it to Mr. Courret. “The variety facing away from the giant
you cannot cross it,” said Oliv- of the conditions, the connec- concrete chimney stacks. “I 622 Royal Street, New Orleans, LA • 877-677-2801 • ws@rauantiques.com • msrau.com
ier Courret, 46, a mental coach tion with the environment, the didn’t think that the backdrop
Since 1912, M.S. Rau has specialized in the world’s finest art, antiques and jewelry.
and clinical hypnotherapist space makes it so enjoyable,” to my kid’s fifth birthday party
who runs an open-water he said, adding that he and would be this big power sta- Backed by our unprecedented 125% Guarantee, we stand behind each and every piece.
swimming group. other open-water swimmers tion,” he said.
With 636 square miles of have had encounters with a lo- —Joyu Wang
sea to work with in a city with cal dolphin that they call Dave. contributed to this article.
A8 | Wednesday, October 28, 2020 THE WALL STREET JOURNAL.

WORLD NEWS
Second Wave Crashes Over France Foreign
Investment
Government weighs
tighter restrictions as
coronavirus infections
In China
surge across Europe Holds Firm
BY NOEMIE BISSERBE BY PAUL HANNON
GAIZKA IROZ/AGENCE FRANCE-PRESSE/GETTY IMAGES

PARIS—France has emerged Foreign direct investment

as the epicenter of the second in China largely held steady
wave of coronavirus infections during the first half of this
now sweeping much of Eu- year, even as inflows into the
rope, causing hospitals to U.S. and European Union
brace for a surge of new pa- plummeted, in a fresh sign
tients and pushing the govern- that the world’s second-largest
ment to consider tough new economy has suffered less
restrictions in some places. damage from the pandemic.
The country saw daily cases Globally, the monthly aver-
top 50,000 over the weekend, age for new investments for
while the seven-day average of the first half of 2020 was
new daily cases has increased down almost half on the
by more than 50% over the past A man walks through Bayonne before the start of a nighttime curfew. France saw daily Covid-19 cases soar past 50,000 over the weekend. monthly average for the whole
week, reaching 38,278 on Tues- of 2019, the largest decline on
day. That compares with a the Continent, reversing the Daily confirmed Covid-19 cases per million people, gist Martin Blachier. “People record, the United Nations’s
seven-day average of 69,967 gains Europe had won by the seven-day rolling average continue to have social inter- Conference on Trade and De-
cases in the U.S., whose popula- summer, when draconian, na- actions.” velopment said Tuesday. But
500 France
tion is around five times as big. tionwide lockdowns in many France’s neighbors are also while foreign investment in the
On Tuesday, health authorities European countries pushed in- fighting an alarming rise in in- U.S. and European Union fell
reported 523 new deaths, in- fections down to a trickle. fections. In Belgium, the aver- by 61% and 29%, respectively,
cluding 235 in nursing homes Now, European governments 400 age number of new daily cases inflows to China were down by
and other government facilities, are struggling to respond to Spain in the small European Union just 4%. China attracted for-
the highest toll since April. the second wave, loath to im- country jumped by nearly 40% eign investment totaling $76
In response, President Em- pose new lockdowns that 300 U.K. over the past week, local health billion in the period, while the
manuel Macron could imple- would compound the economic authorities said on Tuesday. U.S. brought in $51 billion.
ment tough new restrictions, pain the coronavirus pandemic Italy The country reported more The U.S. has long been the
as previous measures appear has already inflicted on their deaths per 100,000 inhabitants top global destination for
to have been insufficient in countries, but concerned about 200 than any other European businesses investing overseas,
containing the spread. the steady rise in hospitaliza- country over the past two with China ranking second.
This month, French authori- tions and deaths. weeks. To be sure, greatly ex- Unctad said the modest na-
ties ordered a curfew from 9 Jean-François Delfraissy, a 100 Germany panded testing has surfaced a ture of the decline in foreign
p.m. to 6 a.m. in the Paris re- doctor and immunology spe- larger number of infections investment to China was sur-
gion and nine other cities. cialist who leads a scientific than in the spring, when the prising. Back in March, when
The government is consid- board advising the French gov- confirmed cases were likely a China was the epicenter of the
ering earlier curfews in many ernment on how to tackle the 0 fraction of overall infections. pandemic with significant
parts of the country, as well as pandemic, said this week that M A M J J A S O Italy, Spain, Germany and parts of its economy in lock-
weekend lockdowns that the actual number of new daily Source: European Center for Disease Prevention and Control the U.K. have also seen a surge down, Unctad forecast that it
would sharply curtail individu- cases of infection in France is in new infections. would be the big loser, and ex-
als’ movements in virus hot probably closer to 100,000, and crippled its economy. But the double-cheek kiss, which had The number of Covid-related pected global flows of invest-
spots such as Paris, effectively is likely to continue to increase. government failed to protect been sidelined in spring. deaths in France remains com- ment to fall by 15% across
confining them to home, a “The second wave could be its hard-fought gains as sum- The nighttime curfew parable or even lower than in 2020.
close presidential aide said. worse than the first one,” Dr. mer drew to a close and colder French authorities ordered on other EU countries, though such However, China’s economy
Mr. Macron is meeting with Delfraissy said. temperatures approached. the Paris region and nine other figures typically lag behind in- reopened in April just as the
members of his government on France was slow to react to As they reunited with cities was extended last week fections by several weeks. U.S. and Europe were in lock-
Tuesday and Wednesday morn- a steady increase in Covid-19 friends and family, and flocked to 38 French départements—or But the death toll in France down, and the country has
ing to decide which measures cases that began in the sum- to restaurants and theaters, about two thirds of the French is increasing rapidly. since contained the virus with
to adopt, the person added. Mr. mer, epidemiologists say. The many people stopped follow- population—as the epidemic Hospital beds are filling up, only localized and short-lived
Macron will address the nation country had managed to re- ing social-distancing recom- accelerated across the country. too. The seven-day average of restrictions. By contrast, the
on Wednesday evening. duce the number of new daily mendations so closely, epide- But epidemiologists say it may new hospital admissions has U.S. and Europe have seen re-
The surge in infections in cases to fewer than 400 at the miologists and health officials be too little, too late. risen by more than 60% over surgences in infections that
France comes amid a sharp end of spring after a two- say. Some people even resusci- “This is not nearly enough,” the past week, reaching 2,016 have slowed their recoveries.
rise this autumn in much of month national lockdown that tated the country’s customary said Paris-based epidemiolo- on Tuesday. In the three months through
September, China’s economy
already had exceeded the lev-

Hong Kong Arrests Man Said to Seek U.S. Asylum

els of output recorded in the
last quarter of 2019, according
to data out last week.
The resilience of foreign in-
BY WENXIN FAN native city. Some have obtained vestment in China appears to
asylum in Germany, the U.K. and confound earlier expectations
HONG KONG—A disbanded Canada, and several high-profile that businesses would seek to
Hong Kong pro-democracy or- overseas dissidents are lobbying reduce their reliance on the
ganization said national secu- for more international punish- country as a key part of their
ISAAC LAWRENCE/AGENCE FRANCE-PRESSE/GETTY IMAGES

rity police arrested a former ment of China over its quashing supply chains. But James Zhan,
organizer of the group near of political dissent in the city. Unctad’s director of investment
the U.S. diplomatic mission in Hong Kong’s government and enterprise, said it is too
the city. said Tuesday that people early to reach that conclusion.
The organization, Studentlo- charged with criminal offenses “One of the main reasons
calism, which formally dis- should face trial by the city’s for reconfiguration of global
banded on the day China passed courts. “There is no justifica- supply chains is to increase re-
a new national security law in tion for any so-called ‘politi- silience, which requires backup
June, said on a Twitter account cal-asylum’ for people in Hong plans and redundant capaci-
that still bears the group’s Kong,” it said. ties,” he said. “A more practi-
name that police arrested Tony Thousands of protesters, cal approach companies can
Chung, 19 years old, on Tues- many of them young, have take would be building addi-
day, and two other former been arrested since social un- tional production bases out-
members elsewhere in the city. rest erupted last year over a side of China.”
All three had first been arrested local government bill that Across all developed econo-
in late July on suspicion of in- Tony Chung, seen in August in Hong Kong, was among the first arrested under China’s security law. would have allowed people to mies, inflows of foreign invest-
citing secession through social- be sent for trial across the ment were down 75% in the
media posts that called for the ment. The U.S. Consulate de- nations repeatedly have clashed Friends of Hong Kong said border into mainland China. first half of 2020 from the 2019
city’s independence, which they clined to comment. over Beijing’s handling of anti- it is assisting activists in the Though the measure was monthly average to total just
denied having made after a new Hong Kong police said they government protests in Hong city who are trying to seek scrapped, months of street $98 billion, a level last seen in
law banned such posts. arrested three people but Kong and the imposition of a asylum, but didn’t specify how protests rocked the city and 1994. In some cases—such as
A U.K.-based group called didn’t identify them, adding the national security law by Beijing they are advising them to go culminated in China imposing the Netherlands and the U.K.—
Friends of Hong Kong said Mr. trio were detained in relation designed to quash dissent. about it. U.S. rules state that its new security law under that decline took the form of a
Chung was arrested in a coffee to social-media posts published President Trump’s adminis- asylum seekers should claim which more than 20 people reduction in loans from the
shop across from the U.S. Con- since September, without elab- tration said earlier this year refugee status after they are in have been arrested. parent company to its overseas
sulate, where he was planning orating further. Police didn’t that people fleeing Hong Kong the U.S., but there have been The law provides for long subsidiaries, which are counted
to seek asylum. The Wall respond to a request to com- would be among those given instances of activists looking jail sentences for anyone con- as foreign investment.
Street Journal couldn’t inde- ment about the asylum claim. priority for refugee status, al- to flee through U.S. diplomatic victed of terrorism, secession, Foreign investment in de-
pendently verify the claim. The arrest potentially could though it has reduced the missions. subversion or colluding with veloping economies proved
Mr. Chung and his lawyer further increase tension be- overall limit on refugees per- Hong Kong activists are in- foreign forces to undermine more resilient, falling by just
couldn’t be reached to com- tween China and the U.S. The mitted to enter the U.S. creasingly seeking to flee their China’s national security. 16% to $296 billion.

FROM PAGE ONE

to seven economists polled by
South Korea The Wall Street Journal. South
Korea’s quarter-to-quarter re-
sults also beat consensus ex-
Economy pectations by 0.2 point.
Resilient global trade has
backed the rebound. In the
Rebounds third quarter, South Korea’s net
exports jumped 15.6% from the
prior quarter and contributed
Continued from Page One 0.4 percentage point to its over-
cord-level daily cases in the all GDP. In September, South
U.S., where businesses wonder Korea posted a yearly growth in
how lockdowns and pandemic exports for the first time since
concerns might dull commerce. February as shipments to the
South Korea, which dealt U.S. and Europe rose.
with a resurgence of Covid-19 Export demand has contin-
cases during its third quarter, ued to improve this month, ris-
had slumped into its first re- ing 5.9% for the first 20 days of
cession on an annual basis in October from the previous year
more than 10 years. On a quar- after adjusting for the number
terly basis, a more widely used of working days. Exports in the
measure in South Korea, it was third quarter showed their big-
the first recession in 17 years. gest contribution to South Ko-
The economy grew quarter- rea’s GDP growth in decades.
on-quarter. But on a yearly ba- At a Tuesday policy meet-
sis, the country’s GDP con- ing, Finance Minister Hong
tracted at 1.3%—though it Nam-ki said South Korea’s
handily topped a median fore- economy had “entered a re-
cast of a 2% decline, according covery path for normaliza-
tion.” Mr. Hong said he ex-
pects the economy to expand
in the fourth quarter, too.
Remote working and
schooling have also driven up
demand for electronic gadgets
and data servers that make up
the internet’s plumbing, a win
for South Korean chip makers
including Samsung Electronics
Co. and SK Hynix Inc.
“Korea has benefited a lot
from the global demand for
electronics,” said Alex Holmes,
a Singapore-based economist
at Capital Economics, adding
slumps in petrochemicals and
oil refining have been drags on
exports.
South Korea’s economy is ex-
pected to decline by around 1%
this year, the best-performing
major country apart from China,
according to the Organization
for Economic Cooperation and
Development’s latest forecasts.
By contrast, the U.S., Germany
and Japan are forecast to con-
tract by 3.8%, 5.4% and 5.8%, re-
spectively, the OECD forecasts.
China’s economy, which South Korea’s economic
grew for the second straight
quarter, has helped lift some
growth came as it dealt with a
second wave of cases that be-
neighboring countries and ma- gan in early August. During that
jor trade partners.
Japan, which has yet to re-
month, the country reported
more cases in three weeks than
port third-quarter figures, has
seen its economy rebound more
quickly than expected because
it had in the prior three months
combined. But the raw numbers
were a fraction of larger out-
breaks elsewhere: New daily
cases peaked at 441 on Aug. 27.
One positive surprise, econ-
The country has omists said, is the relatively
benefited from its modest fall in private con-
sumption, which dropped 0.1%
fast response to the from the previous quarter, or
coronavirus. by 4.5% when compared with
the previous year.
Some economists had ex-
pected South Korea to be hit
of strong demand for cars and harder, as the country kept el-
high-tech goods such as semi- evated social-distancing mea-
conductor-manufacturing ma- sures in place nationally for
chines, with exports to China much of August and Septem-
rising 14% in September from ber. Those restrictions limited
the prior year. On a quarter-to- gatherings to 50 indoors and
quarter basis, Singapore’s econ- closed venues like museums.
omy grew by nearly 8% for the But restaurants, bars and other
third quarter, though it de- stores largely stayed open.
clined 7% year-over-year. South Korea’s fast response
dealing with its second wave
helped small-business owners
like Bae Jin-sung get back on
their feet. His Cuisine La Clé
restaurant in Seoul, which
opened last year, had seen sales
plunge as tourism all but disap-
peared and locals stayed in-
doors. But on a recent evening,
days after South Korea relaxed
social distancing, Mr. Bae had
to turn away diners who had
shown up without reservations.
“I’m so thankful,” he said.
Park Jeong-woo, a Seoul-
based economist at Nomura,
said South Korea’s export-led
growth doesn’t have the same
pull on the domestic economy
as it used to have. The gains in
exports aren’t leading to in-
vestments in South Korea be-
cause of automation and off-
shore production, Mr. Park
said. “That’s going to lead to
reduced jobs and ultimately,
less consumption,” he said.
—Kwanwoo Jun in Singapore
and Peter Landers in Tokyo
contributed to this article.
THE WALL STREET JOURNAL. Wednesday, October 28, 2020 | A9

WORLD WATCH WORLD NEWS

INDIA PAKISTAN
Pompeo Touts Deal Bomb at Seminary
To Counter China Kills at Least 8
Increased U.S.-Indian military A powerful bomb blast ripped
and strategic cooperation will through an Islamic seminary on
help the two countries manage the outskirts Peshawar, Pakistan,
China’s growing influence in Asia, on Tuesday, killing at least eight
top U.S. diplomats said Tuesday. students and wounding 136 oth-
“Our leaders and our citizens ers, police and a hospital spokes-
see with increasing clarity that man said.
the [Chinese Communist Party] is The bombing happened as a
no friend to democracy, the rule prominent religious scholar dur-
of law, transparency, nor to free- ing a special class was delivering
dom of navigation—the founda- a lecture about the teachings of
tion of a free and open and pros- Islam at the Jamia Zubairia ma-
perous Indo-Pacific,” Secretary of drassa, said police officer Waqar
State Mike Pompeo told reporters Azim. He said initial investiga-
after the two countries signed a tions suggest the bomb went

ANTHONY SIAME/EPA/SHUTTERSTOCK
landmark defense agreement. off minutes after someone left a
“We stand shoulder to shoul- bag at the madrassa.
der in support of a free and Several of the wounded stu-
open Indo-Pacific for all, particu- dents were in critical condition,
larly in light of increasing ag- and hospital authorities feared
gression and destabilizing activi- the death toll could climb. Au-
ties by China,” Defense thorities said some seminary
Secretary Mark Esper said. teachers and employees were
The agreement will give India also wounded in the bombing.
access to advanced American map The attack comes days after
and satellite imagery, enhancing Pakistani intelligence warned Police in Zanzibar, Tanzania, arrest a man ahead of Wednesday’s election, when President John Magufuli is seeking another five-year term.

African Votes Test Democracy

the accuracy of automated weap- that militants could target public
ons, drones and missiles. The pact places and important buildings.
is known as the Basic Exchange No one immediately claimed
and Cooperation Agreement. responsibility for the attack in
—William Mauldin Peshawar.
—Associated Press
NIGERIA BY GABRIELE STEINHAUSER damage wrought by govern- be more focused on problems where President John Magu-
ENGLISH CHANNEL ment-mandated lockdowns. in their countries and not be fuli is almost certain to win
Police Shooting of A series of elections across The votes could reinforce a concerned with foreign af- another five years in office in
Protesters Probed Migrants’ Boat Africa threaten to roll back de- pattern of African incum- fairs,” said Thierno Diallo, a Oct. 28 elections, never re-
Capsizes; 4 Dead mocracy on the continent and bents’ working to cement their Guinean opposition politician. sponded to an EU application
The shootings of peaceful destabilize some of the few power by overhauling consti- The European Union, usu- to monitor the vote, a spokes-
protesters in Nigeria last week At least four people, including economies around the world tutions and passing laws ally one of the most active woman in Brussels said. Dur-
will be investigated by a judicial two young children, died Tues- still projected to grow this year. aimed at silencing dissent. monitors of African elections, ing the 2015 election that
committee, an official announced day when a boat carrying at In the mineral-rich West Af- “Democratic trends have re- is dispatching just four ex- brought Mr. Magufuli to
Tuesday, as some seek account- least 19 migrants capsized off rican nation of Guinea, the versed and there are now fewer perts to observe the election in power, EU observers called out
ability for the worst turmoil in France while trying to cross the army has been de- democracies in Africa than 20 shortcomings in the way the
decades in Africa’s most popu- English Channel to Britain, ployed against opposition sup- years ago,” Christopher Fomu- votes were tallied and bias on
lous country. French authorities said. porters who accuse the govern- nyoh, a Cameroonian academic the part of state media’s cov-
The committee is also inves- Fifteen migrants have been ment of having rigged an Oct. with the Washington-based Na-
The pandemic is erage of the vote that favored
tigating alleged atrocities com- saved so far and rescue and 18 election that handed Presi- tional Democratic Institute, said crimping foreign the ruling party.
mitted by the now-disbanded search operations were still un- dent Alpha Condé a third term. in a September submission to The only sub-Saharan Afri-
police unit known as the Special der way, according to the re- Before year end, voters the U.S. Congress Foreign Af-
observers’ presence can country where the EU is
Anti-Robbery Squad, or SARS, gional administration for the in six more countries in sub- fairs Committee. “Many coun- and activities. deploying a full observer mis-
the Lagos state governor, Baba- Nord region. Saharan Africa will head to the tries in Africa are falling short sion is Ghana, whose Dec. 7
jide Sanwo-Olu, tweeted. It said that the dead were a polls, testing institutions in in their efforts to consolidate general election is widely seen
Protests against the squad 5-year-old and an 8-year-old, an regional powerhouses such as constitutional rule, in respect of as the least problematic of the
continued last week even after adult woman and an adult man, Tanzania, Ivory Coast and presidential term limits…laws Ivory Coast, rather than a full coming votes.
authorities agreed to ban it. and stressed that the toll so far Ghana, along with Burkina on elections, civic space and mission of around 100 observ- Despite the alarming trends,
“The scope of the panel has is provisional pending further Faso, Niger and the Central Af- political party activity.” ers. Meanwhile, observers from the picture is far from uniform
been expanded to cover the searches in the area. rican Republic, where conflicts The votes are happening as the Carter Center—the human- across the continent of 54 na-
Lekki toll incident,” he said. Despite joint police efforts on are likely to constrain voting. the pandemic is crimping the rights and pro-democracy tions. Last year in Sudan,
Amnesty International has both sides of the Channel, mi- While most of these coun- presence and activities of for- group founded by former U.S. peaceful protests ended the 30-
asserted that soldiers killed sev- grants have long used northern tries haven’t seen the balloon- eign observers, and Western President Jimmy Carter—met year dictatorship of Gen. Omar
eral peaceful demonstrators at France as a launching point to ing coronavirus infections wit- governments are preoccupied with civil society and other ac- al-Bashir. In Malawi, the opposi-
the toll plaza in Lagos, opening sneak into Britain, and the issue nessed in the West, with escalating virus out- tors via video calls rather than tion in June won a rerun of a
fire as protesters sang the na- has long strained relations be- disruptions caused by uncer- breaks at home. in person, before sending a 36- 2019 election after the coun-
tional anthem. tween the neighbors. tain election results could “The coronavirus has al- person team to monitor voting. try’s supreme court nullified the
—Associated Press —Associated Press compound the severe economic lowed many governments to Authorities in Tanzania, vote for irregularities.

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A10 | Wednesday, October 28, 2020
DOJ Cites Article Access in Bid to Change Law
BY BRENT KENDALL
AND ARUNA VISWANATHA
WASHINGTON—The Justice
Department said it was con-
cerned that Facebook Inc. and
Twitter Inc. restricted access
to recent New York Post arti-
cles about the son of Demo-
cratic presidential nominee
Joe Biden, telling lawmakers
the department supported bi-
partisan interest in changing a
law providing legal protections
to online platforms.
The department made the
comments Tuesday in a letter
to Capitol Hill leaders ahead of
a high-profile Senate hearing
Wednesday in which Facebook
Chief Executive Mark Zucker-
berg and Twitter CEO Jack
Dorsey will testify.
Twitter’s
CEO Stays
Hands Off
Continued from Page One
sions to subordinates in part so
he can pursue his personal pas-
sions.
That management style now
faces one of its biggest tests
ever, amid growing pressure to
address the company’s prob-
lems. Starting Wednesday, Mr.
Dorsey is scheduled to testify
in Washington, along with
other tech CEOs, about their
handling of the Post articles
and other issues related to con-
tent moderation.
The enigmatic Mr. Dorsey
has worn a nose ring, com-
pleted a 10-day silent retreat in
Myanmar in 2018 and has said
he takes multiple ice baths a
day. He has an intense curiosity
about people and social issues
across the political spectrum.
Among the many people he has
developed relationships with
are Scott Adams, the creator of
the Dilbert cartoon and a prom-
inent conservative voice on
Twitter, and DeRay Mckesson, a
civil-rights activist and leader
of Black Lives Matter.
Mr. Dorsey has maintained a
cordial correspondence with
Charles C. Johnson, who was
once labeled by the left-leaning
Mother Jones magazine as
Twitter’s “most infamous right-
wing troll” and is permanently
banned from the platform.
“Jack Dorsey is a beautiful
man with the impossible job of
making everyone happy,” Mr.
Johnson said.
Split time
Investors and some employ-
ees say Mr. Dorsey should be
more focused on solving the
major problems facing Twitter,
which is valued at $38 billion
and has become a central cog
in how Americans express
themselves online.
At Twitter’s annual share-
holder meeting in May, inves-
tors questioned Mr. Dorsey
about his split time. “When will
Twitter obtain a full-time
CEO?” one asked. Another
added: “Why do you, Jack,
think you are the right leader
for our company?”
“To me, this is not a func-
tion of time, it’s a function of
prioritization,” Mr. Dorsey said.
Twitter declined to make
him available for comment.
Mr. Dorsey has led both
Twitter and Square to strong
financial performance. Twit-
ter’s stock is up more than 70%
since Mr. Dorsey took over as
CEO for the second time in the
fall of 2015. Square, which Mr.
Dorsey co-founded and has led
as chief executive since 2009,
has seen its stock grow around
14 times since its 2015 initial
public offering.
The problems Twitter is
grappling with include the pro-
liferation of hate speech, ha-
rassment, bullying, disinforma-
tion and accusations that it is
censoring some users.
Mr. Dorsey has acknowl-
edged these issues and repeat-
edly pledged to address them.
Current and former employees
say he often acts at a glacial
pace. Twitter took almost two
years to increase the 140-char-
acter limit on tweets after Mr.
Dorsey began asking about it in
2015. Employees developed
dozens of variations internally
for how to get rid of the limit,
but were delayed as they
waited for Mr. Dorsey to make
a decision, according to people
familiar with the efforts.
Earlier this year, the activist
hedge fund Elliott Management
Corp., unhappy with Mr.
The letter, signed by Ste-
phen E. Boyd, the assistant at-
torney general for legislative
affairs, said online platforms
“hold tremendous power over
information” and must “be
honest and transparent with
users about how they use that
power. And when they are not,
it is critical that they can be
held accountable.”
“For example, the decision
by two social media companies
to restrict access to news con-
tent of significant public inter-
est from the New York Post, a
widely distributed journalism
publication, is quite concern-
ing,” the department wrote.
The letter didn’t mention
Facebook, Twitter or the Biden
family by name, but suggested
the department didn’t believe
Jack Dorsey, pictured in 2019, has an intense curiosity about people and social issues.
Dorsey’s laissez-faire approach
to management and lack of at-
tention to Twitter, placed one
of its own investors on the
company’s board of directors.
The activist is treating this
year as a probationary period
for Mr. Dorsey, according to
people familiar with the matter.
Twitter’s chief financial offi-
cer, Ned Segal, has told inves-
tors and analysts over the past
18 months that the company is
working on acting more
quickly. In the past year, the
company has rolled out more
initiatives than in the past.
Mr. Dorsey’s style is a sharp
contrast to that of Facebook
CEO Mark Zuckerberg, who has
taken a hands-on role in pre-
paring his rival platform for the
coming election, including by
signing off on high-profile en-
forcement decisions.
Facebook has about 1.8 bil-
lion daily users across all of its
products, compared with Twit-
ter’s 186 million daily users.
Both Messrs. Dorsey and
Zuckerberg are scheduled to
testify before a Senate com-
mittee on Wednesday, along
with Alphabet Inc. CEO Sundar
Pichai, about their policies for
moderating content. Mr.
Dorsey is separately scheduled
to testify along with Mr. Zuck-
erberg before another commit-
tee in November about their
handling of the New York Post
articles and the election more
broadly.
Mr. Dorsey has said that as
leader of two publicly traded
companies, he sees his role as
asking questions of as many
different people as possible. His
contacts include Mr. Johnson, a
former writer for conservative
media outlets including the
Daily Caller.
Mr. Johnson was perma-
nently banned from Twitter in
2015 for posting a call for do-
nations for “taking out” Mr.
Mckesson, the civil-rights activ-
ist, according to a copy of the
tweet. Mr. Mckesson saw the
tweet as a threat, as did Twit-
ter. Mr. Johnson said the tweet
was taken out of context. He
later unsuccessfully sued over
the ban.
He posted online in at least
one instance doubts about the
scope of the Holocaust, and
was photographed making a
symbol for white power. Now
largely a tech investor, Mr.
Johnson said that he isn’t a Ho-
locaust denier or a white su-
premacist.
Mr. Dorsey wasn’t CEO at the
time of the ban but Mr. Johnson
said they got in touch after-
ward, through mutual friends.
Mr. Johnson said the two have
discussed the teachings of Satya
FROM PAGE ONE
such conduct is covered under
the legal protections afforded
online platforms and signaled
a willingness to get involved in
future litigation over the issue.
The New York Post’s arti-
cles cited emails it said were
written and received by
Hunter Biden and had been
provided by allies of President
Trump, who trails the former
vice president in polls. The
Trump allies said they re-
ceived the emails from a com-
puter-repair person who found
them on a laptop.
One article included a copy
of an email said to have been
sent to Hunter Biden appar-
ently describing a meeting be-
tween his father and an execu-
tive at Burisma Holdings, the
Ukrainian gas company on
Double Duty
Since Square's initial public
offering in November 2015, its
stock price has skyrocketed—
while that of Jack Dorsey's
other company, Twitter, has
grown much more slowly.
Stock-price performance
2016 ’17 ’18
Source: FactSet
Narayan Goenka, a teacher of
Vipassana meditation.
In June, Mr. Dorsey re-
sponded to a series of Signal
messages from Mr. Johnson to
tell him that Twitter wasn’t
censoring conservative voices.
As for Mr. Johnson’s ban from
Twitter, Mr. Dorsey said he was
“working on [a] path forward,”
according to the messages.
After an introduction
through Mr. Johnson, Mr.
Dorsey invested an undisclosed
amount in San Francisco-based
ClearLabs, a startup that is try-
ing to use genomics to identify
Covid-19, according to Mr.
Johnson and people close to
the deal.
‘Deeply curious’
Mr. Dorsey, 43 years old,
grew up in St. Louis. He has
said that his father is a Repub-
lican, his mother is a Democrat,
and that he is somewhere in
between. Both his parents use
Twitter, and his mother often
tweets “Good Morning!” to
start her day.
A billionaire several times
‘There’s a part of him that people don’t see, which is his curiosity
outside of tech,’ said civil-rights activist DeRay Mckesson.
* *** THE WALL STREET JOURNAL.
whose board Hunter Biden visions give them broad lati- they appeared to signal open-
served. Efforts by Mr. Trump tude to police their sites and ness to moderate changes.
to have Ukraine investigate the shield them from legal liabil- “Our Twitter Rules are not
Bidens and Burisma led to the ity related to users’ actions, based on ideology or a partic-
president’s impeachment by except in relatively narrow ular set of beliefs,” Mr. Dorsey
the House last year. circumstances. said in his prepared remarks.
The Biden campaign has The department has argued “We believe strongly in being
said that Joe Biden engaged in previously that platform com- impartial.”
no wrongdoing and that no panies must shoulder more re- Mr. Zuckerberg said Face-
such meeting took place. sponsibility for managing con- book wanted “to be a platform
News Corp, the corporate par- tent on their sites in fair and for ideas of all kinds” and was
ent of Wall Street Journal consistent ways. ready to work with Congress
publisher Dow Jones & Co., In prepared testimony for on issues related to regulating
also owns the New York Post. Wednesday’s hearing before “harmful content, privacy,
Mr. Boyd’s letter comes a the Senate Commerce Commit- elections, and data portabil-
month after the Justice De- tee, reviewed by the Journal, ity.”
partment sent a legislative Messrs. Zuckerberg and Earlier this month, both
proposal that calls for Con- Dorsey said removing Section Twitter and Facebook took the
gress to curb longstanding le- 230 immunity could make it unusual step of slowing the
gal protections for online harder for them to engage in spread of the New York Post
platforms under Section 230 basic content moderation to articles about Hunter Biden,
of the Communications De- address harmful content and saying the articles ran afoul of
cency Act of 1996. Those pro- protect people online, though company policies.
Employees at both Twitter
and Square have complained
about Mr. Dorsey’s absences,
current and former employees
and executives say.
As Square prepared to go
public in 2015, Mr. Dorsey took
on the additional job of leading
Twitter. He defended his fre-
quent absences by comparing
himself to Elon Musk, who also
runs two companies, Tesla Inc.
and SpaceX. “You are no Elon
Musk,” one Square executive
told Mr. Dorsey.
The issue of what some
called “absentee management”
appeared to come to a head af-
ter Mr. Dorsey announced in
late 2019 his intention to work
remotely from Africa.
After a trip there to study
how people in Africa used the
internet, Mr. Dorsey decided he
wanted to immerse himself in a
COLE BURSTON/BLOOMBERG NEWS
country where the web was still
new, said one person familiar
with his thinking.
Mr. Dorsey has long been a
proponent of working from
home, pushing for employees to
be able to work remotely even
before the pandemic, this per-
son said.
The Africa plan sparked the
ire of Elliott, which had taken a
son was protesting the death of roughly $1 billion stake in Twit-
Michael Brown, the Black teen- ter. In October 2019, Twitter’s
1,200% ager who was shot by a white stock price dropped 20% in a
police officer. Mr. Dorsey in- single day after a disappointing
1,000
vited Mr. Mckesson to join his earnings report.
family’s Christmas Day tradi-
800 tion of meeting at a coffee shop
in nearby St. Louis. Leadership style
Square Mr. Mckesson said he Elliott undertook a quiet re-
600
reaches out directly to Mr. view of Twitter’s leadership,
Dorsey with issues related to with current and former execu-
400 Twitter or Square. “Jack ap- tives telling the investor about
proaches problems from a spirit the challenges of Mr. Dorsey’s
200 of possibility, which is great,” leadership style and his jug-
Mr. Mckesson said. “He doesn’t gling of two companies, accord-
run from ‘the big idea.’ ” ing to people familiar with the
0
Mr. Adams, the Dilbert cre- matter.
Twitter ator, called Mr. Dorsey a Elliott threatened to oust
–200 “seeker” who is genuinely in- Mr. Dorsey. Employees de-
’19 ’20 terested in the world views of fended him on Twitter with a
others. #webackjack campaign. Mr.
A prolific user of Twitter Musk, a frequent user of the
over, Mr. Dorsey sports a large and its video app, Periscope, platform, also tweeted his sup-
tattoo of the S-shaped integral Mr. Adams said he connects port. The activist compromised
symbol used in mathematics on with Mr. Dorsey about site-spe- by taking a board seat, along
his left arm and typically wears cific issues, but also to talk with another investor, Silver
black T-shirts and hoodies. He about books. He said he be- Lake.
was fired as Twitter CEO in lieves that Mr. Dorsey struggles Egon Durban, co-chief execu-
2008 in part for leaving work with coming to terms with his tive of Silver Lake, said in a
early to go to yoga classes. own success, as does Mr. Ad- written statement he has devel-
He often walks miles across ams. “He will never be done oped “a deep appreciation for
San Francisco from his home in trying to figure out this reality Jack’s leadership and strategic
the mansion-studded Sea Cliff thing,” Mr. Adams said. vision” and looks forward to
neighborhood to his office In early 2019, as Twitter continuing to work with him.
downtown. Fascinated by the When the New York Post is-
minimalist style deployed by sue erupted on the platform in
the late Apple Inc. founder mid-October, Twitter initially
Steve Jobs, he owns only a
He has defended said it was blocking users from
handful of pieces of furniture. his absences by posting links to the articles due
The rapper Kanye West said to a potential violation of its
in a 2018 interview that Mr.
comparing himself rules about hacked materials.
Dorsey is his “favorite founder,” to Elon Musk. The Post said its stories
and the executive spent time were based on email exchanges
this summer with Jay-Z in the with Hunter Biden found on a
Hamptons. laptop given to allies of Presi-
“There’s a part of him that came under attack for its treat- dent Trump by a computer-re-
people don’t see, which is his ment of conservatives, Mr. pair person. News Corp, the
curiosity outside of tech,” said Dorsey gave interviews to a se- corporate parent of Wall Street
Mr. Mckesson. “He’s deeply cu- ries of media hosts, including Journal publisher Dow Jones &
rious about how to make an im- Joe Rogan and Sean Hannity. Co., also owns the New York
pact with regard to race and Some Twitter employees and Post. Mr. Biden’s campaign has
justice,” he added. executives objected to the denied allegations made in the
In 2014, Mr. Mckesson met move, saying that some of the articles.
Mr. Dorsey on the street in Fer- shows were more invested in Twitter quickly reversed
guson, Mo., where Mr. Mckes- stoking claims of anticonserva- course by changing its anti-
tive bias at Twitter than pre- hacking policy from 2018. The
senting facts, and didn’t make company said it would no lon-
good-faith efforts to find com- ger remove what it considers
mon ground, those people said. “hacked content,” unless it’s di-
Over the years, Twitter has rectly shared by hackers. It also
faced growing calls from users said it would label such tweets.
to address harassment on its Mr. Dorsey did provide guid-
platform that targeted women ance on those policy changes,
and people of color, such as according to people familiar
when the actress Leslie Jones with the decision. He usually
was attacked with racist and doesn’t weigh in on user-spe-
THE WASHINGTON POST VIA GETTY IMAGES
sexist memes. cific enforcement actions, in-
Mr. Dorsey also faced inter- stead trusting his team to make
nal opposition in 2016 when he them.
suggested bringing Mr. Mckes- In an investor conference
son on to the company’s board, earlier this year, Mr. Dorsey de-
according to people familiar fended his workload. “I have
with the matter. That same enough flexibility in my sched-
year, he tried unsuccessfully to ule to focus on the important
give a board seat to Malala things and I have a good sense
Yousafzai, a Pakistani activist of what is critical on both com-
who was a co-recipient of the panies,” he said.
Nobel Peace Prize but had little —Jim Oberman contributed to
business experience. this article.
THE WALL STREET JOURNAL.
New Yorkers Urged to Avoid Holiday Travel
NYC will enforce 14-day
quarantine for people
visiting states with
high Covid-19 infections
BY SHAN LI
New York City is ramping
up enforcement of quarantines
for out-of-state travelers, part
of an effort to contain the
spread of the coronavirus dur-
ing the holiday season.
At a Tuesday news confer-
ence, Mayor Bill de Blasio
urged New Yorkers to avoid
traveling in the last few
months of the year, especially
as Covid-19 infection cases
surge in many parts of the
country and around the world.
“This year we have to do
things differently,” he said.
“We have a real threat of a
second wave here in New York
City. We have been fighting it
back but we can’t take it
lightly.”
The city will “aggressively”
enforce a 14-day quarantine
for people coming from states
with a high percentage of pos-
itive tests for Covid-19, Mr. de
Blasio said.
The list now includes 38
states and the two U.S. territo-
ries of Guam and Puerto Rico.
“People have gotten the
message that quarantine mat-
ters, but they need to get the
message that if they violate
quarantine, there will be con-
sequences,” he said.
Moreover, the Democratic
mayor said the federal govern-
ment should mandate that all
travelers show a negative test,
taken within the last 72 hours,
before they are allowed to
Official Backs Sparing Regular Riders a Fare Boost
BY PAUL BERGER
Transit officials in New
York should avoid raising
prices on regular subway, bus
or rail riders as they consider
fare increases during the com-
ing months, according to a key
member of the board that will
set new prices for early 2021.
The state-controlled Metro-
politan Transportation Au-
thority began a process of bi-
ennially raising fares and tolls
a decade ago. MTA Commis-
sioner Lawrence Schwartz said
this time, because of the pan-
demic, he has asked transit of-
ficials to present him and his
colleagues with options that
keep prices flat for commut-
ers, while raising fares for in-
frequent riders.
Mr. Schwartz, an ally of
Gov. Andrew Cuomo and chair-
NEW YORK
MTA to Increase
Testing of Workers
The Metropolitan Transporta-
tion Authority announced Tues-
day it is embarking on a first-in-
the-nation program to test
thousands of workers weekly to
guard against a second wave of
the coronavirus.
MTA Chairman Patrick Foye
said the goal will be to test 15%
of front-line workers weekly.
That would amount to
roughly 6,000 bus and subway
workers, Transport Workers
Union Local 100 President Tony
Utano said in an email. Overall,
the nation’s largest public-transit
system has more than 70,000
employees. More than 120 MTA
employees have died from
Covid-19 this year.
“This is exactly the type of
screening program we have been
asking for and it’s a huge step for-
* *
GREATER NEW YORK
‘If they violate quarantine, there will be consequences,’ Mayor de Blasio says for travelers returning from states with a high percentage of positive Covid-19 tests.
board a plane.
At LaGuardia Airport in
Queens, a test-and-tracing site
has been set up so travelers
can be checked for the corona-
virus immediately upon land-
ing in the city, he said. A simi-
lar testing site will be
established at John F. Kennedy
International Airport, also in
Queens.
Ahead of the Thanksgiving
break, the State University of
New York is implementing
mandatory testing for all on-
man of the MTA’s finance
committee, said the authority
shouldn’t impose across-the-
board increases on commuters
when people are losing jobs or
being furloughed because of
the pandemic.
“People aren’t making any
money or they’re making less
money,” he said “I don’t need
to put an additional burden on
them at this stage of the game
with an economy in flux be-
cause of Covid.”
The MTA runs New York
City’s subway and bus systems,
two commuter-rail lines and
nine tolled bridges and tunnels.
The authority, which aims to
raise fare and toll revenues by
about 4% every two years, has
budgeted for the next increase
to take effect in the spring.
Transit ridership plum-
meted after the pandemic hit
ward in terms of protecting TWU
Local 100 members from a possi-
ble second wave,” Mr. Utano said.
The testing will be done at
field sites, including bus depots
and subway and train yards, and
at several medical-assessment
and operational health centers.
Results will be available within
24 to 48 hours.
—Associated Press
CONNECTICUT
High-School Sports
Decision Is Delayed
The organization that over-
sees high-school sports in Con-
necticut says it may need to
wait until mid-November before
deciding whether or how to
move forward with a winter
sports season as the number of
Covid-19 cases in the state con-
tinues to rise.
Gov. Ned Lamont said Tues-
day the rate of people found
NY
campus students across its
network of 64 colleges and
universities, according to a
Tuesday news release.
Any students using on-cam-
pus facilities, including gyms,
libraries and dining halls, will
be required to test negative
within 10 days before leaving
campus.
About 140,000 students will
be tested during this period in
an effort to control the spread
of the virus as students return
to their hometowns for the
the region in March. It has re-
turned slowly as many office
workers continue to work re-
motely and as the city’s tour-
ism and entertainment sectors
continue to operate at a frac-
tion of their capacity. Many of
the most frequent riders dur-
ing the pandemic have been
people who work in essential
industries and have no choice
but to take mass transit.
“We are considering all op-
tions while we undertake a thor-
ough analysis of equity impacts
of proposed policies so they do
not disproportionately impact
any one community,” an MTA
spokeswoman said Tuesday.
The previous fare and toll
increase, in 2019, aimed to
raise an additional $300 mil-
lion annually, often by increas-
ing prices for regular riders. It
froze the single subway and
GREATER NEW YORK WATCH
Mayor Bill de Blasio waited in a long line in Brooklyn to cast his ballot Tuesday during early voting.
with the coronavirus had in-
creased to 4.1% of those getting
tested, the highest level in the
state since early June.
Glenn Lungarini, the executive
holidays, the statement said.
New York also is grappling
with outbreaks at several of
its prisons, including the up-
state Elmira and Greene cor-
rectional facilities.
On Tuesday, protesters
gathered outside the Elmira
prison to protest a coronavirus
outbreak that has led to 459
prisoners testing positive as of
Friday. That is up from 10 peo-
ple just two weeks ago, ac-
cording to data from the state
Department of Corrections and
bus fare at $2.75, but elimi-
nated the bonus on MetroCard
purchases above $5.50 and in-
creased the cost of a monthly
pass by $6 to $127. Most
monthly passes on the Long
Island and Metro-North rail-
roads rose by 3.9%.
‘I don’t need to put
an additional burden
on them,’ says the
MTA commissioner.
MTA commissioners will
face tough choices between
competing aims to raise reve-
nues and to coax anxious rid-
ers back onto the transit sys-
tem during a pandemic.
director of the Connecticut Inter-
scholastic Athletic Conference,
said Tuesday that his organiza-
tion had hoped to release a full
plan for winter sports on Nov.
Wednesday, October 28, 2020 | A10A
Community Supervision.
“Mass incarcerations are a
public health crisis,” said Mar-
vin Mayfield, a statewide orga-
nizer at the Center for Com-
munity Alternatives, during a
Tuesday news conference.
He said the positive test
rate in Elmira was nearly 30
times the state average, and
called on officials to improve
testing and health care inside
prisons.
The Department of Correc-
tions and Community Supervi-
Authority officials project a
$12 billion operating deficit
through the end of 2021,
mostly driven by a steep drop
in revenues from fares and
dedicated taxes. The authority
has called on the federal gov-
ernment to bail it out.
Subway, bus and commuter-
rail use remains significantly
lower than pre-pandemic lev-
els. Average weekday ridership
on the MTA’s biggest fare-rev-
enue generator, the New York
City subway, is about 1.8 mil-
lion passengers, down roughly
70% compared with October
2019.
Betsy Plum, executive direc-
tor of Riders Alliance, which
advocates for subway and bus
riders, said a 4% fare increase
wouldn’t come close to help-
ing solve the MTA’s multibil-
lion-dollar fiscal problems. But
MIKE SEGAR/REUTERS
10, but may need to push that
back to the following week given
the uncertainty with the pan-
demic.
—Associated Press
JOHN MINCHILLO/AP PHOTO
sion didn’t respond to a re-
quest for comment.
Last week, spokesman
Thomas Mailey said the prison
system was implementing the
targeted testing of the entire
inmate population, which
should be completed by the
end of November. He said vis-
its would be suspended at
both the Greene and Elmira
prisons until further notice,
and all transfers in and out of
the two facilities would be
suspended.
she said it would hurt those
who rely on mass transit the
most. She called on the MTA
to forego fare increases in
2021 and to consider only rais-
ing tolls.
The MTA’s nine toll bridges
and tunnels have been one of
the few bright spots for the
MTA. This fall, weekday traffic
has returned to about 90% of
pre-pandemic levels.
In 2019, the authority
raised tolls by 6.3%. Mr.
Schwartz said he has asked
MTA staff to consider new toll
rates that charge trucks more
to enter the city during the
day to reduce congestion.
MTA staff are expected to
present their proposals to the
board in November. If board
members accept the plans, the
authority would hold public
hearings.
NEW JERSEY
Mail-In Ballots Boost
Early Voter Turnout
There is a week until Election
Day and more than 2.6 million
ballots have already been cast in
New Jersey, Gov. Phil Murphy
said Tuesday. That amounts to
67% of the voter turnout in 2016
and stems from the state holding
its first mostly mail-in election.
Mr. Murphy, a Democrat, cited
Covid-19 when he signed an or-
der in August calling for all ac-
tive registered voters to get a
ballot in the mail. Voters can
cast their ballot by sending it
back through the mail, dropping
it in one of at least 10 official
drop boxes in each county, hand-
delivering it to their county elec-
tion office or taking it in person
to their polling place on Election
Day. Polls are open from 6 a.m.
until 8 p.m. on Election Day.
—Associated Press
A10B | Wednesday, October 28, 2020 NY * * THE WALL STREET JOURNAL.

GREATER NEW YORK

METRO MONEY | By Anne Kadet

It’s Crunch Time for New Apple Varieties in N.Y.

Jeff and Together, however, they
Joy Crist and still account for less than 1%
their grown of the $4 billion annual U.S.
children Joel apple market, compared with
Crist and 26% for Honeycrisp.
Jenny Crist The problem? RubyFrost
Kohn have bet the family and SnapDragon are just two
farm on an apple. Make that of several dozen “club” vari-
two apples. They’re hoping eties hitting supermarkets
one or both of the new, lo- these days, each with their
cally bred varieties they own marketing campaigns.
have planted in their or- It’s hard to get noticed.
SARA HYLTON FOR THE WALL STREET JOURNAL (2)

chard—the SnapDragon and “I’m disappointed in the

the RubyFrost—will be the lack of grocery-store shelf
next Honeycrisp. A monster space, without a doubt, and
apple sensation. dismayed that they don’t
“It’s the greatest New give it to local apples that
York story and they are are this good,” says Joy Crist.
great apples,” says Joy Crist. Still, local farmers have
“We’re firm believers.” high hopes.
I recently took the trip 90 Scott Hill, owner of the
minutes north of New York Orchards of Concklin in Po-
City to visit Crist Bros Or- mona, N.Y., which sells pro-
chards in Walden, N.Y. The duce at its own stand and at
700-acre spread produces New York City farmers mar-
roughly 75 million apples a Joel Crist, below, says his family’s New York orchard is betting big on SnapDragon and RubyFrost upstarts to boost business. kets, says that while he of-
year, making it one of the fers 20 apple varieties, he’s
state’s larger wholesale or- SnapDragon and RubyFrost But the SnapDragon—yip- been blown away by the re-
chards. And the Crists have avoid the production risks pee! A cross between the action to SnapDragon. “It’s
converted 20% of their acre- associated with Honeycrisp, Honeycrisp and an unnamed the only apple I’ve seen that
age to the new varieties. while earning a decent Cornell apple-breeding selec- takes sales away from Hon-
It is an expensive, long- profit. At least in theory. tion known as NY752, it’s eycrisp,” he says.
term bet on consumer pref- “We’re betting that five even crispier and juicier And like Honeycrisp,
erences, says 32-year-old years from now, everyone than a Honeycrisp, and has a SnapDragon can fetch $2.99
Joel Crist, who represents wants SnapDragon and sweet, tangy flavor that is a pound retail—a dollar
his family’s fifth generation RubyFrost, not Red Deli- super satisfying. It’s my new more than all other varieties,
on the farm. Orchards cost cious,” says Mr. Crist, who favorite apple. he says.
about $20,000 an acre to trucks around the orchard Susan Brown, the Cornell

I
plant, and take about five listening to NPR podcasts University apple breeder f RubyFrost and Snap-
years to produce a commer- and samples up to 200 ap- who co-created both the Dragon sputter out, the
cial crop. ples a day at harvest time. SnapDragon and the Ruby- Crists are in trouble. An
“It can be darn near cata- Frost, says the two varieties orchard just down the road

W
strophic if you make the hile sales of Snap-
wrong bet,” he says. Dragon and Ruby-
Why take the risk on two Frost are just gain-
little-known varieties? It ing momentum, the story
comes down to economics, goes back more than a de-
Mr. Crist says. cade, when Cornell Univer-
Core varieties such as Red sity’s apple-breeding pro-
Delicious that were bred gram announced that the
mainly to look good and ship new varieties—then known
unscathed have fallen from as NY1 and NY2—were up
favor in recent years. They of- for grabs.
ten fetch less on the whole- A band of 147 New York
sale market than they cost to farmers bought exclusive
each tree, plus a percentage
of sales.
Proceeds support both
Cornell’s breeding program
and Crunch Time’s marketing
efforts. Like minor celebri-
cal empowerment. But if the
apples are lousy, who cares?
Last week, in the parking lot
outside the Crist Bros pack-
ing plant, I tried both.
were developed to accom-
plish different things.
The RubyFrost is great for
baking, resists browning and
has the tart flavor profile ap-
pealing to about 30% of con-
sumers.
I asked which she prefers.
“I will not answer that!” she
said. “I learned with my chil-
dren that you have no favor-
ites.”
So how are these varieties
that failed to replace its
older varieties with more
popular options was aban-
doned last year after produc-
tion costs exceeded sales.
“The apples are still out
there, hanging on the trees,”
Mr. Crist says.
But so far so good. He
says his farmer cousin, who
also has a road stand, re-
ports that “Snaps” are out-
selling Honeycrisp two-to-

T
produce—roughly $18 for a rights to grow the apples, ties, SnapDragon and Ruby- he RubyFrost, a cross performing? During the past one among regular
40-pound box. which allows them to control Frost have their own web- between a Braeburn three years, nationwide sales customers.
The newer, popular Hon- quality and avoid overpro- sites, Facebook pages, and an Autumn Crisp, of RubyFrost grew 192%, to “It just proves it’s going
eycrisp, which the Crists also duction. Their organization, Instagram feeds, hashtags was disappointing. While it’s $2.4 million, while Snap- to work,” says Mr. Crist. “We
grow, can fetch $50 a box or Crunch Time Apple Growers, (#seekthesnap, #getyour- got a great crunch and a Dragon sales grew 154%, to just need to get it out there.”
more. But it’s fussy, delicate operates like a coop. Mem- chompon) and YouTube hubs. lovely, deep, red color, the $4.3 million, according to
and expensive to produce. bers pay a licensing fee for It’s a nice story about lo- flavor didn’t wow. Nielsen. anne.kadet@wsj.com

Medicine in the Raw

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© 2020 Dow Jones & Company. All Rights Reserved.
BY ANNE MARIE CHAKER
T
ed Teuten is facing an
agonizing question for
Thanksgiving this year: Is
it safe for his 76-year-old
mother to come?
Mr. Teuten, an interior
designer, normally hosts a feast
with family and friends. This year,
he’s debating the risks his mom
will face if she travels to his home
in Chicago from hers near Albany,
N.Y. “My sister and I just finished
texting about whether to put my
mom on a plane,” he says. He’s
worried too about the risks of a
long, indoor dinner at close quar-
ters. “The whole thing is deeply
questionable at this point,” he
says.
His mother, Marguerite, says
she will likely end up staying
home. “I have a feeling I’ll be
spending it completely alone,” she
says. “And I am really not looking
forward to that.”
The pandemic is creating some
gut-wrenching decision-making for
families. After seven months of
isolation, the pull of getting to-
gether is strong. But with cases
surging across the country and
hospitalizations rising too, the
risks are high for traditional cele-
brations. The Centers for Disease
Control and Prevention advises
against big indoor gatherings and
warns against travel.
Only 27% of people say they are
celebrating Thanksgiving as they
normally would, according to a re-
cent survey of 9,262 adults by Civ-
icScience. Of those who are meet-
ing in person but taking
precautions, 20% plan to be with a
smaller group, 14% plan to wear
masks and 14% plan to social dis-
tance, according to the poll.
Two-thirds of adults think trav-
eling for the fall and winter holi-
days poses at least a moderate risk
to their health and well-being,
with 32% saying it poses a large
risk, according to a recent Axios/
Ipsos poll of 1,079 people.
In some families, partisan di-
vides over the virus are exacerbat-
FROM TOP: ILLUSTRATION BY MELINDA BECK; CATE TEUTEN BOHN; RACHEL SIMONEAU
Rachel Simoneau wants to fly out to visit her parents for Thanksgiving.
Helicopter
Parenting
In the Online
Classroom
FAMILY
& TECH
JULIE
JARGON
R
emote school has created a
whole new group of people
for teachers to manage during
class time: parents.
Now that moms and dads have
gotten a new window into the
classroom, many are having a hard
time staying out of it. Some are
asking questions during live video
classes or texting teachers while
class is in session. Others are sit-
ting next to their kids and asking
them questions or prodding them
to speak up.
In one hybrid class, an at-home
parent on Zoom interrupted a
teacher to point out that a student
in the physical classroom wasn’t
wearing his mask over his nose.
School districts have been sending
memos to parents reminding them
of Zoom etiquette, such as not
swearing in the background, not in-
terrupting kids or teachers during
class and remaining fully clothed
while their children are online.
I get it, parents. It’s hard to re-
sist getting involved in the kids’
education when it’s unfolding right
in front of us. After all, research
shows that parental involvement
in school leads to better educa-
tional outcomes. But this is some
GETTY IMAGES
next-level involvement. Think
about how it feels for the teacher
to work under your constant
watch. More important, think
FAMILY & RELATIONSHIPS
PERSONAL JOURNAL.
The Covid Thanksgiving
Is it safe to gather for Thanksgiving this year? As coronavirus cases surge, families are buying
outdoor heaters, contemplating virtual meals and worrying that grandma should stay home.
ing holiday tensions that exist
even in ordinary times, as relatives
disagree over precautions. “It’s
like the Civil War, when families
had half their sons on the side of
the North and the other half on
the side of the South,” says Mi-
chael Osterholm, director of the
Center for Infectious Disease Re-
search and Policy at the University
of Minnesota. “It’s the same thing
over Covid issues in families.”
about how it feels for your child,
who normally wouldn’t be sitting
next to you in class.
Jenny Rooney, a fifth-grade
teacher at Cornerstone School at
Pedregal, a public elementary
school in Rancho Palos Verdes, Ca-
lif., said about a quarter of her stu-
dents have parents sitting next to
them during virtual class. “A couple
of times parents have said some-
thing during the actual Zoom meet-
ing and I made it pretty clear that
that wasn’t acceptable,” she said.
Ms. Rooney teaches at a “parent
participation school,” which re-
quires parents to spend four hours
a week in the classroom. The idea
behind that is for parents to pro-
vide extra support for all students,
not just their own. “With online
school, the focus is on their own
child, and the idea that we’re a vil-
lage goes away,” said Ms. Rooney.
“A lot of kids have headphones
on and the parents don’t get to
hear us and so they’re asking their
child questions and the kid is re-
The hard part is figuring
out how to support your
children’s learning
without overstepping.
sponding and not focusing on
class. That’s pretty disruptive dur-
ing online learning,” Ms. Rooney
adds. “It’s not the child doing the
thinking, it’s the parents doing the
thinking.”
She suspects that some parents
are doing their kids’ work for
them. It’s the pandemic version of
the science fair where the kid who
shows up with the DIY DNA test
isn’t fooling anyone.
“If something is typed, I don’t
honestly know if a child did the
work or if a parent did. There have
THE WALL STREET JOURNAL.
Still, many people say they are
craving connection. “Not being able
to see each other on a regular basis
has been hard enough,” says Rosie
Mattio, a communications consul-
tant in Closter, N.J., who says her
family—including her two brothers,
their wives and children—has been
cautious about visits since the pan-
demic began. Her father is recover-
ing from cancer treatments; she has
visited with him only outdoors and
wearing masks.
She recently spent $500 on out-
door heaters and plans on hosting
a meal on her patio, underneath
tents she plans to purchase, with
four tables set up 6 feet apart to
accommodate each family branch.
“These occasions seem more im-
portant than ever,” she says.
Rachel Simoneau, a develop-
ment director for the Jewish Com-
munity Center in St. Louis, wants
to fly out to visit her parents in
Boca Raton, Fla., for the holiday.
But she is struggling with guilt.
“What if I am being absurdly self-
ish?” she wonders. “I just want to
see my family.”
The CDC offers suggestions for
lower-risk activities, such as a
small dinner with members of
your household; preparing tradi-
tional foods for neighbors or rela-
been a couple of
times where I’ve won-
dered,” she said. “I’m
not going to accuse
anyone of not doing
the work, but I’m not
going to use those
particular assign-
ments in final grades.
I’ve talked to the par-
ents as a whole, re-
minding them to
make sure it’s their
child’s work that’s be-
ing submitted.”
I made several at-
tempts to reach par-
ents in Ms. Rooney’s
class to get their in-
put, but I didn’t get
any takers.
Educators say re-
mote learning has
changed the class-
room dynamic.
“Learning means you struggle.
If students were in the classroom
they’d struggle and figure it out,
but at home they can run to mom
and dad,” said Siri Fiske, founder
of Mysa School, a private “micro
school” in Washington, D.C., that
emphasizes small classes and inde-
pendence in children. “If parents
could just get out of the room,
parents could get their work done
and kids could get their work
done. Kids need to take that re-
sponsibility, and they can.”
It’s a conundrum because, with
remote school, teachers depend on
parental involvement. “I can’t go
to your house and get your child
out of bed and onto the screen or
make sure they’re listening to me,”
said Ariel Martinez Brumbaugh, a
teacher and administrator at Mysa
School. Still, she says, it’s made
for a sometimes challenging situa-
tion for teachers. “There’s an awk-
wardness that didn’t exist before.
If you’re having it out with your
teen about putting their phone
away or turning their camera on,
Wednesday, October 28, 2020 | A11
Ted Teuten, his sister Cate and
mother Marguerite in 2015.
tives and delivering them in a con-
tact-free way; or having a virtual
dinner. Indoor gatherings
where people are in close contact
for extended periods are especially
risky: The virus spreads through
respiratory droplets produced
when people do things like talk or
breathe, and particles can linger in
the air of enclosed spaces for
hours, the CDC says.
Dr. Osterholm notes that holiday
gatherings present particular risks
in part because of older relatives.
“The consequences are so high,” he
says. “These are multigenerational
events.” Syra Madad, senior direc-
I’m not supposed to be hearing
that, but I do,” said Ms. Martinez
Brumbaugh. “Occasionally a parent
will text me about something I
said in class. You forget sometimes
that a parent is watching.”
The hard part for parents is fig-
uring out how to support their
children without overdoing it.
Marnie Lewis, the mom of a
fifth-grader at Mysa School, said
she grapples with this daily. One
day she began helping her daugh-
ter with an assessment and then
stopped herself. “I said to myself,
‘Marnie, you can’t help her with
that or the teacher won’t know
what she knows,’ ” she said.
Another time when she logged
into her daughter’s online class-
room and saw a reading assess-
ment that indicated her daughter
was struggling, she had to remind
herself to step back and let the
teachers work with her. “I’ve writ-
ten to the teachers to say, ‘I really
want to stay out of this but I need
your advice on how to help. Do I
just need to let her fail and let it
tor of NYC Health + Hospitals sys-
tem’s Special Pathogens Program,
says family members traveling to
other states should quarantine for
14 days before gathering with other
people.
Many families are trying to
come up with new ways to cele-
brate. In Kingston, Mass., Ken
Cook is taking a cue from his days
tailgating at Patriots football
games and hosting a “Tailgating
Thanksgiving” in his backyard. He
will pull out his old gear from the
basement, including three pop-up
tents which he envisions will
house “pods of cooking stations,”
he says. Tabletop lanterns will sit
on folding tables to provide light
and heat. A turkey will be cooked
in a deep fryer outside along with
vegetables and other side dishes
over propane camping stoves. Chil-
dren can roast marshmallows over
a recently constructed fire pit in
the backyard.
“We’re going crazy but it’s go-
ing to be fun,” says the 65-year-
old lab technician, who has four
sons and seven grandchildren.
His daughter-in-law, 44-year-old
Amanda Cook, plans to attend and
says she will probably make her
popular Brussels sprouts. “Maybe
we will make a new tradition.”
go?’ ” she said.
As an instructional technology
coordinator for a public school in
Virginia, Ms. Lewis has seen the
issue from the other side, too.
There have been times when she’s
seen parents appear on camera to
ask the teacher for tech help.
“We’ve told parents they can’t ask
the teacher for tech help while the
teacher is teaching,” she said.
“They’re supposed to reach out to
me for help.”
Even for parents like Ms. Lewis,
who don’t want to overstep, it’s
hard to know when not to.
She said her daughter some-
times gets distracted during
breaks and doesn’t return to class
on time. “I’m logged into her ac-
count on my computer and I tog-
gle between her schedule and my
work. I don’t want to be a nag but
I’m like, ‘Lunch is over, you should
go back.’ It’s a really tenuous line,”
she said. “Before the pandemic I
wouldn’t think about any of her
school stuff until she came home,
but now it’s all day long.”
 A12 | Wednesday, October 28, 2020
ILLUSTRATION BY EDEL RODRIGUEZ
BONDS
ELIZABETH
BERNSTEIN
I’VE GOT THE PERFECT four-let-
ter word for the moment: Hope.
Yes, it feels increasingly elu-
sive—seven months into a pan-
demic, during an emotionally ex-
hausting election cycle, as winter
bears down.
Yet hope is the very best reac-
tion for the moment, psychologists
say. It’s crucial to our physical and
mental health. It guards against
anxiety and despair. And it protects
us from stress: Research shows that
people with higher levels of hope
have better coping skills and
bounce back from setbacks faster.
They’re better at problem-solving
and have lower levels of burnout.
They have stronger relationships,
because they communicate better
and are more trusting. And they’re
less-stressed parents—more able to
teach their children to set goals and
solve problems.
“You can think of hope as a
PPE—a Personal Protective Emo-
tion,” says Anthony Scioli, a profes-
sor of psychology at Keene State
College in Keene, N.H., and co-au-
thor of “Hope in the Age of Anxi-
ety” and “The Power of Hope.”
MY RIDE | A.J. BAIME
This ’26 Ford Model T Has
History Written All Over It
John Butte, 71, a retired Caterpillar
executive from Dunlap, Ill., on the
1926 “Bradford Model T Girls” Ford,
as told to A.J. Baime.
P
eople talk about how the
Model T changed the world. To
me, this story is an example of
FROM LEFT: DANIEL ACKER FOR THE WALL STREET JOURNAL; DARLENE DORGAN BJORKMAN ESTATE
how that happened.
From 1934 to 1942, every sum-
mer a group of women in their 20s
from Bradford, Ill., would take a trip
in a Model T they called the Silver
Streak. Growing up, I first learned
about these trips because my
mother, Regina Fennell Butte, went
PERSONAL JOURNAL. | FAMILY & RELATIONSHIPS
HOPE
when everything feels
hopeless
Most psychologists define hope
as a yearning for something possi-
ble but not certain—such as a bet-
ter future—and a belief that you
have some power to make it hap-
pen. And they believe it has two
crucial components: Agency, or the
motivation, to achieve the desired
goal. And a strategy, or
pathway, to do that.
This is how it differs
from optimism, which
is the belief the future
Hope
is malleable.
will work out no matter
what you do. You can boost
Think of it like this: it. We have
If you want to lose 10 some
pounds, you need a influence over
plan and the willpower feelings
to follow it. Without of hope (or
this, you’ve got no real hopelessness).
hope for a fitter body.
Just wishful thinking.
Some people are more hopeful
than others, thanks to a combina-
tion of nature and nurture. Dr.
Scioli believes these people draw
on four main resources: Attach-
ment is a sense of continued trust
and connection to another person.
Mastery, or empowerment, is a
feeling of being strong and capa-
ble—and of having people you ad-
mire and people who validate
your strengths. Survival has two
features—a belief that you aren’t
trapped in a bad situation, and an
on one in 1939 to the New York
World’s Fair, and my aunt, Eleanor
Butte, went on two. The trips were
organized by Darlene Dorgan, who
ran a beauty parlor in Bradford and
who owned the Model T. There was
no air conditioning, and she enjoyed
going north for cooler weather ev-
ery summer.
Now it wasn’t common for young
women to take off unescorted, but
these girls had spirit. At one point,
Darlene claimed they went 71,000
miles in this Model T, visiting 44 of
the 48 states. I have doubted the
veracity of that statement as the
car had no
odometer. How
they kept track,
I have no idea.
In 1938, the
girls decided to
go from Brad-
ford to Dear-
born, Mich., the
home of Ford
Motor Company,
to wish Henry
Ford a happy
birthday. They
were uninvited,
but they actually
met him, and
NY
Finding
ability to hold on to positive
thoughts and feelings even while
processing something negative.
Spirituality is a belief in some-
thing larger than yourself.
The good news: Hope is mallea-
ble. You can boost it. Scientists say
it’s important that the area of the
brain that activates when
we feel hopeful—the ros-
tral anterior cingulate
cortex—sits at the inter-
section of the limbic sys-
tem, which governs our
emotions, and the pre-
frontal cortex, where
thoughts and actions are
initiated. This shows we
have some influence over
feelings of hope (or hope-
lessness). “Hope is a
choice,” says Rick Miller,
clinical director of the
Center for the Advanced Study and
Practice of Hope at Arizona State
University.
Of course, it seems harder to
choose hope at the moment, when
the world seems so bleak and our
brains are on high alert, constantly
scanning for threat.
If you’re grappling with a deep
despair and are having trouble
finding any hope, I strongly rec-
ommend you speak to someone—a
therapist, clergy member or coun-
selor, family member or friend.
every year from then on, wherever
they were on their travels, they would
send him a happy birthday telegram
(his birthday was on July 30). He be-
gan calling them the “Bradford Model
T Girls.” The trips ended in 1942 be-
cause of World War II and the ration-
ing of tires and gasoline.
My mother always spoke so
fondly of the trip she went on. She
passed away in 2011, and when I was
writing an obituary about her, I in-
cluded a paragraph about her trip to
the World’s Fair. I felt this urge to
find out if the Silver Streak Model T
Similarly, if someone you know
seems despondent or hopeless,
please reach out to them. In case
you need it, the National Suicide
Prevention Lifeline number is
800-273-8255.
Here’s some advice for everyone
whose hope could use a boost
right now.
Measure it
To increase hope, it helps to know
your baseline or starting point—and
which areas you need to improve. In
the early 1990s, a psychologist
named C.R. Snyder created the
Adult Trait Hope Scale, a list of 12
questions that test whether a per-
son has both the agency and the
pathway-thinking necessary for
hope. And Dr. Scioli has a longer
online quiz that explores the four
areas he believes hopeful people
draw on: attachment, mastery, sur-
vival and spirituality. It can mea-
sure both your current level of hope
and your long-term capacity for it.
Read history
Since the pandemic began, I’ve
read books on the Black Death, the
Civil War, Winston Churchill’s in-
ner circle during the London Blitz
and Miami in 1980 (it was a very
bad year). Each one cheered me
up. They helped me put 2020 in
perspective. They reminded me
still existed. Using the internet, I was
amazed at how much I began to un-
cover. I found the car in Portland,
Ore.; it was owned by a daughter of
Darlene Dorgan’s, and I was able to
buy it from her in 2012. The car was
still covered in original graffiti, what
they called at the time Lizzie labeling,
because people referred to the Model
T as the Tin Lizzie.
In 2013, my wife, Carmen, and I
made a trip to the Benson Ford Re-
search Center in Dearborn, Mich.,
which is basically the Ford archives.
We found photographs of the Brad-
THE WALL STREET JOURNAL.
that bad times do end. And they
gave me an intimate peek at how
people have held on to hope in the
darkest times.
“If you look at how surprising
events often come about in unpre-
dictable ways, it can get you out
of a fatalist way of thinking,” says
Michael Milona, an assistant pro-
fessor of philosophy at Ryerson
University in Toronto and author
of a just-published white paper on
hope and optimism commissioned
by the John Templeton Founda-
tion, a philanthropic institution
that funds scientific research.
Future cast
Imagine yourself happy when life
returns to normal. Arizona State’s
Mr. Miller recommends visualizing
four areas of your life—home and
family, career, community and rec-
reation—and to ask yourself how
you would like them to look in the
future. Picture them in great de-
tail. (Who are you with? What are
you doing? How do you look?)
Those are your goals. Next, think
about what you need to do now to
make that vision happen. Now
you’ve got agency.
Take a small step
Often, when we’re stressed, we
become overwhelmed. Setting one
goal for the week—and identifying
the steps we need to take—can
give us a sense of control. “Once
we begin to experience the suc-
cess in those steps, we start to
see more clearly that the future is
possible and we have the power
to pursue that goal,” says Chan
Hellman, executive director of the
Hope Research Center at the Uni-
versity of Oklahoma-Tulsa and co-
author of “Hope Rising: How
the Science of Hope Can Change
Your Life.”
Watch your words
Many years ago I interviewed Elie
Wiesel, the Nobel laureate, author
and Holocaust survivor. Mr. Wiesel
told me something I have never for-
gotten: “Every word we speak or
write matters.”
Heed Mr. Wiesel’s advice. Think
carefully about your words. Use
hopeful language: “I can.” “We will.”
“It’s possible.”
Spread hope. Emotions are con-
tagious. And everyone is searching
for hope right now. So model it for
others. Explain what makes you
hopeful.
Share your goals. And describe
how you plan to reach them. You
may garner support. You’ll inspire
others, showing what is possible.
Remember: Hope begets hope.
“When people around you are en-
ergized, that can energize you, as
well,” says Dr. Milona.
The Bradford
Model T Girls drove
their car on road
trips in the 1930s.
It is owned now by
John Butte, far left.
ford Model T Girls,
and telegrams be-
tween Henry Ford
and mostly Darlene,
but also others. I
have found newspa-
per articles and, by
making contact with
the children of other
women who went on
these trips, I found
three diaries and
many letters, all of
which helped me to
fill out the story. In
2015, I self-published
a book called “Dar-
lene’s Silver Streak
and The Bradford Model T Girls.”
Every year since I bought this car,
except in 2020 because of the pan-
demic, I have driven it in Bradford’s
Labor Day Parade. This is a big event
in Bradford, and it goes down Main
Street where Dorgan’s Café used to
be—the popular café run by Bill and
Daisy Dorgan, who bought the Model
T for their daughter, Darlene. In the
car with us was the last surviving
Bradford Model T Girl, Winnie
Swearingen Hays, now 102 years old.
Those parades are some of the most
memorable miles I have ever driven.
 THE WALL STREET JOURNAL. Wednesday, October 28, 2020 | A13

ARTS IN REVIEW
Clockwise from left: images from Mr. Weaver is also on hand to
‘The Ape,’ ‘Curse of the Undead’ kvetch about “Curse of the Un-
and ‘The Face at the Window’ dead” (1959), a 79-minute mashup
melding horror and the western,
both of which were in vogue when
reer before playing fiends on film, it was made, even as black-and-
including Sweeney Todd three white movies, like it, were not. He
times, and with his plummy voice skewers the film mercilessly in his
and dagger-sharp enunciation he is sardonic yet learned commentary.
as much a joy to hear as to watch. (He does allow that the picture
Boris Karloff is the prime draw contains one great line, when the
in “The Ape” (1940), even if this vampire and principal malefactor
62-minute effort,
co-written by hor-
rormeister Curt
Siodmak, is largely
unworthy of its
star. Karloff plays
the discredited and
disliked Dr. Adrian,
who just may cure
polio if he can ac-
quire enough of
the right serum.
He certainly has
incentive in the
form of the
stricken Frances
(Maris Wrixon),
whom he loves as
KINO LORBER (3)

a daughter. Per-
haps too much, for when he care-
lessly loses some of the precious
elixir, he turns to murder to create
more. That he does so in the skin
FILM REVIEW of an escaped circus ape should
tells the town preacher, “It’s amaz-
ing how little influence you have
when you’re not around.”)
In fact, the film’s blending of
western and ghoulish modes—

Tamer Tales of Terror

lead potential viewers to conclude from a script co-written by Ed-
that plot is not among this pic- ward Dein, the movie’s director,
ture’s strengths. But there are some and his wife, Mildred—is consider-
fine characterizations by a capable, ably better than Mr. Weaver sug-
if not starry, cast. And there is al- gests. With its eerie, electric-violin
ways something compelling in any heavy score and noirish lighting, it
These horror films’ gentle scares are a respite from the year’s calamity Karloff performance, here aug- casts a potent spell. And its story
mented by an avuncular push- of a stereotypical western town
broom mustache. turned upside down by the arrival
BY DAVID MERMELSTEIN Warren’s 1897 stage melodrama, Not one but of a bloodsucking gun-for-hire (a
which the movie’s title card pro- two irreverent cadaverous Michael Pate) and his
IF EVER THERE WAS a year when claims “famous.” It contains a host commentary attempt to woo the county’s most
Halloween didn’t require any extra of tropes we now associate with tracks accompany eligible maiden (Kathleen Crowley)
frights, this is it. Medical calamity, classic horror pictures, among this picture from the arms of an earnest cler-
chaos in the streets, mental an- them a damsel in distress, a mad (heaven knows gyman (Eric Fleming) puts a wel-
guish—who needs a day dedicated scientist, an evil nobleman and a why), but they come spin on a stock scenario.
to exacerbating all that? Yet we passel of murders. But a romance will interest any- Films like these remind us that
can’t help ourselves. Concerns that lies at the heart of this 65-minute one curious scares do not have to be scarring.
“Halloween might be canceled” potboiler, set in Belle Époque Paris about Holly- They also assert that atmosphere
seemed to top the news, or at least and directed by George King with wood’s Poverty is at least as important as plot in
social media, for a few days earlier fine distinction drawn between the Row studios, spe- this genre, arguably more so. And
this month. So if there must be ad- high and low life depicted. cifically Mono- disconcerting things—like women
ditional scares, keeping them light The love story, in which a poor gram Pictures. in peril, bubbling beakers, mist il-
seems the wisest course, with gore but handsome bank clerk courts The track with luminated by moonlight, and Kar-
and its ilk eschewed for tamer his employer’s comely daughter, is Tom Weaver, a loff himself—can offer a strange
thrills. And Kino Lorber has come thwarted by the Chevalier del noted historian kind of comfort because of their
to the rescue with a trio of pic- Gardo (Tod Slaughter, conveniently of genre movies, familiarity. Now more than ever,
tures newly liberated from the named), an unctuous, unscrupu- is alone worth that seems appealing.
crypt, all in luminous 4K or 2K lous and supercilious character ex- City of Lights with a wolf’s call be- the price of this disc, so delightful
transfers on Blu-ray and DVD. uding malevolence from every fore every death? Or does he just and, at times, laugh-out-loud Mr. Mermelstein writes for the
“The Face at the Window” pore. Is he, perchance, the dreaded happen to frequent crime scenes? funny is his dissection. (Or should Journal on film and classical
(1939) preserves on film Brooke Le Loup, a killer terrorizing the Slaughter had a laudable stage ca- I say vivisection in this case?) music.

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A14 | Wednesday, October 28, 2020 * ***** THE WALL STREET JOURNAL.

SPORTS
The Dodgers Win the World Series
The team claimed its first title since 1988, but Justin Turner exited early after receiving a positive Covid-19 test result
BY JARED DIAMOND

Arlington, Texas
The weirdest year in baseball
history ended Tuesday night in a
way that somehow seemed nor-
mal: with the Los Angeles Dodgers
celebrating a World Series cham-
pionship for the first time since
1988. Then, moments later, the
weirdness kicked back in to add a
surreal coda to baseball’s pan-
demic season.
As the Dodgers gathered on the
field for the trophy presentation,
it emerged that a key member of
the team—third baseman Justin
Turner—had left the game after
the seventh inning because his
coronavirus test from Tuesday
morning had come back positive
during the game. No explanation
for his departure had been pro-
vided while the game was in prog-
ress.
Afterward, Major League Base-
ball commissioner Rob Manfred
confirmed that Turner had re-
ceived the sport’s first positive
test for a player in nearly two
months. After early outbreaks on
the Miami Marlins and St. Louis
Cardinals threatened to bring
down the pandemic-shortened
season, baseball sought to avoid
the problem in October by moving
into a self-contained bubble, simi-
lar to how the NBA and NHL fin-
ished their campaigns. Though
players were tested every other
day during the regular season,
MLB increased the frequency to
daily testing in the playoffs.
The setup was designed to keep
players sequestered in a sterile
hotel, leaving little chance that

TIM HEITMAN/REUTERS
anybody inside could contract
Covid-19 The NBA and NHL both
successfully executed their bub-
bles for nearly three months. Un-
less Turner’s test result proves to
be a false positive, baseball’s out-
come will bring intense scrutiny Dodgers right fielder Mookie Betts celebrates after hitting a home run. Los Angeles rallied to beat the Tampa Bay Rays, 3-1, in Game 6 to win the World Series.
of how its health and safety proto-
cols could have failed on the most able strategic decision that ers acquired for this exact mo- bles became a rite of autumn The Dodgers prevailed, provid-
high-profile night of the season. changed the momentum of the ment, sealed it in the bottom of alongside leaf viewing. ing vindication for several key fig-
The test result put a weird spin contest. Rays ace Blake Snell the eighth with a home run. The Dodgers responded by tak- ures who long sought a champion-
on a Dodgers celebration that has looked untouchable, allowing just In many ways, the outcome ing a team with virtually no holes ship to solidify their legacies.
been 32 years in the making. two hits through 5 1/3 innings. came as no surprise. The Dodgers and improving it anyway. Already Roberts, the Dodgers’ skipper
Some players immediately donned Then, with the Rays up a run and finished the curtailed 60-game armed with a core highlighted by since 2016, finally navigated the
masks during the postgame cele- a man on first base, Tampa Bay schedule with a record of 43-17, a pair of aces in Kershaw and perils of the postseason after
bration, but others cavorted with manager Kevin Cash removed continuing their streak of eight Walker Buehler, the reigning MVP years of struggling to answer for
no face covering. Snell, replacing him with reliever consecutive division crowns. The in Cody Bellinger and a loaded tactical decisions that backfired.
After nearly a decade filled Nick Anderson, who had struggled Dodgers combined star power lineup that also featured Turner And Kershaw, the best pitcher of
with regular-season dominance in recent weeks. As Snell walked with a seemingly limitless supply and Corey Seager, Friedman his generation famous for his poor
followed by postseason disap- off the mound, the pandemic-re- of depth to build a juggernaut. sought the final piece that would performances in October, authored
pointment, the Los Angeles Dodg- stricted pro-Dodgers crowd of A similar sentiment also ap- erase all doubt. a World Series worthy of his
ers conquered the crapshoot of 11,437 cheered loudly. plied to the 2019 Dodgers. And the In February, the Dodgers greatness, going 2-0 with a 2.31
October to assume their long- The move followed a familiar 2018 Dodgers. And the 2017 Dodg- stunned baseball by swinging a ERA.
awaited place atop the sport. They script for the Rays, who rarely let ers. Since Andrew Friedman took trade with the Red Sox for Betts. MLB reaching this point at all
claimed the franchise’s first title a starting pitcher face an oppos- over the front office before the In July, after facing criticism for feels like an accomplishment.
since 1988, overcoming strict cor- ing lineup a third time. Given 2015 campaign—following a long declining to pursue top free Once the game returned in July—
onavirus protocols, a supersized Snell’s outing to that point, the tenure as the Rays’ general man- agents in previous offseasons, without the luxury of a bubble like
playoff format that lent itself to Dodgers didn’t complain--and they ager—the Dodgers are the only or- Friedman asserted the Dodgers’ fi- the NBA and NHL—coronavirus
flukey results and the ghosts of immediately pounced. Mookie ganization with an overall winning nancial muscle by signing Betts to outbreaks on the Miami Marlins
their own past failures. Betts doubled. A wild pitch plated percentage above .600. a $365 million contract extension. and St. Louis Cardinals raised
It wrapped up Tuesday night the tying run. The go-ahead run Despite perpetually stacked ros- Betts dazzled throughout the questions about whether the
with a 3-1 Dodgers victory over scored on a grounder by Corey ters, those other groups all fal- postseason not just with his bat, whole thing would crumble.
the Tampa Bay Rays in Game 6. Seager, with Betts sliding across tered, increasing the pressure on but with his speed, athleticism Ultimately, it all added up to
They benefited not just from stel- the plate ahead of first baseman Friedman and manager Dave Rob- and elite defensive prowess. Sea- create a season unlike any other
lar work from their oft-maligned Ji-Man Choi’s throw home. Betts, erts to succeed. As heartbreaking ger, who hits directly after Betts where one thing really made
bullpen, but also from a question- the superstar outfielder the Dodg- losses piled up, the Dodgers stum- in the order, surged as well. sense: the last team standing.

Weather The WSJ Daily Crossword | Edited by Mike Shenk

Shown are today’s noon positions of weather systems and precipitation. Temperature bands are highs for the day.
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SPOOKED | By Zachary David Levy the door
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THE WALL STREET JOURNAL.
OPINION
50 First Dates With Covid and Biden
I don’t like
doing it but
today’s col-
umn will ad-
dress two
separate top-
ics. Donald
BUSINESS
WORLD Trump con-
tinues to
By Holman W.
make dismis-
Jenkins, Jr.
sive remarks
about coro-
navirus testing. It may sur-
prise you that he has a point.
By now, the U.S. has con-
ducted 133,750,060 tests and
detected 8,660,366 cases but
except for diagnosing a rela-
tive handful who end up in the
hospital, this giant testing en-
terprise serves little practical
purpose.
Yes, I said that.
It does not limit spread be-
cause the results come too
slowly and, in any case, iden-
tify only a small percentage of
cases and therefore potential
spreaders. Nor does it provide
a window on the true scale of
the epidemic. Our flu surveil-
lance system, in 2016, used
fewer than one million tests,
and only about 85,000 in top-
tier labs, to estimate 24 mil-
lion cases nationally. We have
no similar formula for relating
today’s testing tip to the un-
derlying coronavirus iceberg
that we know is there.
At the end of July, U.S. con-
firmed cases reached 4.5 mil-
lion. A Stanford study exam-
ined blood samples routinely
collected from dialysis pa-
tients and found that, in July,
an estimated 9.3% of the U.S.
population, or 30.5 million
people, carried Covid antibod-
ies. Keep in mind that first-
Without a Platform, Trump Falls
If President
Trump loses
his race for
re-election
and takes Re-
publican in-
POLITICS c u m b e n t s
down with
& IDEAS
him, histori-
By William
ans may see
A. Galston
June 10 as an
important day
in the story. That is when the
Republican National Commit-
tee announced that for the
first time since its founding
before the Civil War, the
party would not draft a new
platform but would carry over
the 2016 platform, word for
word.
This decision symbolized
Mr. Trump’s takeover of the
party. It deprived the party’s
candidates of an authoritative
account of the Trump admin-
istration’s accomplishments.
Perhaps most important, it
meant that the party would
not offer an agenda for the
president’s second term. The
plan would be whatever Mr.
Trump says.
In an ordinary year, this
might not have mattered. The
conventional wisdom is that
elections featuring a sitting
president are referendums on
the incumbent’s record—un-
less the challenger can be de-
picted as unfit to replace him.
But former Vice President
Joe Biden has turned out to
be an elusive target, and the
Covid-19 pandemic disrupted
Mr. Trump’s campaign theme
of a strong economy. The
president’s instinct was to
treat Covid-19 as a temporary
interruption: Until the Wuhan
virus reached our shores, he
I Owe My Life to the A-Bomb
By William Lloyd
Stearman
I
was supposed to die 75
years ago. In June 1945,
President Truman ap-
proved Operation Downfall, a
plan to invade the Japanese
Home Islands of Kyushu and
Honshu. Operation Olympic
was to commence on Kyushu
Nov. 1, 1945, followed in
March 1946 by Operation
Coronet on Honshu. I was the
officer on a Navy landing
ship who acquired classified
documents for the ship, so I
came back to the ship with
operation plans involving our
flotilla.
I first checked to see where
we were landing. It was at
Kyushu’s east coast city of Mi-
yazaki. Next I turned to the
intelligence section, which de-
scribed what we were facing.
By the time I finished this sec-
tion, I was deeply depressed.
It was clear that I was on
time dialysis patients average
65 years of age. Older people
socialize less and have a
stronger incentive than young
people to avoid Covid. Though
the authors adjusted their re-
sults for demographics, behav-
ioral effects are harder to ac-
count for, so their estimate
may still understate the true
spread in the U.S. as of mid-
summer.
This now matters. Herd im-
munity, a subject mangled by
the press, has always been the
goal, achieved by vaccine as
much as possible, and by natu-
ral immunity to the extent
that we can’t curb natural
spread at a socially and politi-
cally acceptable cost.
Any vaccine is likely to be
only partly effective, and to
dribble out slowly. Deploying
it effectively, to save as many
lives as possible, means tar-
geting it to squelch the epi-
demic at the earliest possible
date. Come January, when the
first doses are expected to be
available, as many as 100 mil-
lion Americans may already
have some immunity. The best
target, counterintuitively, may
be those college-age people
who don’t yet have antibodies
because vaccinating them will
prevent the most future cases.
i i i Yorker magazine (now forgot-
Hunter Biden: Dad, I’m
working with a highflying, po-
litically connected Chinese
group on a vague investment
partnership that will pay me
$10 million a year.
Joe Biden: Son, I hope you
know what you are doing.
Hunter: Sure do. I told the
Chinese I’d be setting aside a
secret 10% stake for you.
argues, tax cuts and regula-
tory reforms and trade deals
had the U.S. economy break-
ing all the records, and when
the virus goes away, I’ll do it
again. He asks voters: Do you
really believe that a career
politician like Mr. Biden, who
presided over the slowest
economic recovery in our his-
tory, knows how to create
growth and jobs?
Unfortunately for Mr.
Trump, many voters have a
different view. They experi-
enced the pandemic as a life-
changing and often life-
threatening disruption, and
they looked to the president
for leadership. Drafting a
party platform would have
forced the administration to
consider a plan for bringing
the novel coronavirus under
control beyond relying on a
speedy vaccine. Instead, the
president minimized his role
and devolved responsibility to
the states, who struggled to
obtain essential medical sup-
plies. The president’s derisive
skepticism about wearing
masks further complicated
the efforts of governors and
local leaders.
Instead, Mr. Trump tried to
separate the coronavirus from
the economy. If states reopen,
he argued, people would go
about their business and learn
to live with Covid-19 until
vaccines and therapeutics
were developed. This is not
what happened. People voted
with their feet, staying away
from restaurants and airports
and entertainment venues.
The president’s demand to re-
open public schools met resis-
tance from fearful parents,
teachers and local officials.
death row, due to die Nov. 1. I
was shocked to read the Japa-
nese had 5,000 kamikaze air-
craft. Already our ship had
come very close to being
taken out by a kamikaze at-
tack, and two others in our
I was to be part of the
invasion of Kyushu in
November 1945. But
Hirohito surrendered.
group had been sunk. It
turned out that 5,000 had
been an underestimate—there
were actually 12,700 kamikaze
aircraft.
We were also very con-
cerned about our landing
beach’s facing a cliff that was
honeycombed with gun em-
placements. It is common doc-
trine to avoid being trapped
close to a cliff in amphibious
Seems they really want to put
money directly in your pocket,
you know, to own a piece of
Joe Biden.
Dad: The hell you say?
(Cuffs the boy around the
ears.)
When the Biden campaign
is done prevaricating about
documents reportedly found
on an abandoned Hunter lap-
top, the campaign may well
adopt this highly plausible
scenario. On Biden transition
To deploy a vaccine,
we will need accurate
data and Washington’s
eye on the ball.
letterhead, Hunter will apolo-
gize to his father, family and
the nation for inappropriate
representations while negoti-
ating a Chinese partnership
that ultimately fell through.
His father never was informed
of, and never would have ap-
proved, an agreement to be-
come a secret beneficiary in
one of his son’s business deals.
Up to our elbows in prior
reporting by the New York
Times, Politico and the New
ten by all of them) on Biden
family buckraking, the latest
revelations are interesting
only in suggesting that, in one
instance, Hunter intimated to
potential partners they were
buying not just him but his fa-
ther. The relative value?
Hunter Biden was reportedly
paid about $1 million a year by
Bursima. He expected to be
Stamping out the pan-
demic, it turned out, was a
necessary precondition for
getting the economy and soci-
ety back to normal. White
House chief of staff Mark
Meadows’ recent statement
that “we’re not going to con-
trol the pandemic” was a con-
fession of policy bankruptcy—
and a self-inflicted wound.
The GOP program is
the same as in 2016,
even though Covid-19
changed the world.
As unemployment surged,
millions of Americans faced
the possibility of losing their
employer-provided health in-
surance, and the expiration of
enhanced unemployment ben-
efits has made it harder for
them to afford alternatives.
This was a poor time for Mr.
Trump to attack the Afford-
able Care Act.
Throughout his presidency,
Mr. Trump has promised an
alternative to the ACA that
would preserve its popular
features—such as guaranteed
coverage for people with pre-
existing conditions—without
the mandates to which he and
his party object. The presi-
dent has never offered such a
plan. That reality has bedev-
iled Mr. Trump and Republi-
cans in Congress since the
party failed to repeal the law
in 2017. Drafting a party plat-
form might have forced the
administration to fill this
void. Instead, the president
was reduced to empty prom-
landings because it impairs
rapidly dispersing troops.
When checking a map of the
area, Army Maj. Gen. Hugh
Casey said that “anyone send-
ing troops ashore there was a
murderer.” In any case we
might not have made it to the
beach without being taken out
by one of the several thou-
sand suicide boats.
We knew the Japanese
would fight back fiercely. In
the spring 1945 Battle of Oki-
nawa—the first Allied attack
on Japanese territory—12,613
Americans were killed in ac-
tion lasting 83 days. The Op-
eration Downfall plan called
for some 450,000 Allied
troops on Kyushu two weeks
after X-Day. Planners expected
them to face around 300,000
Japanese troops. The actual
figure, we learned after the
war, was 917,000.
The War Department esti-
mated 400,000 to 800,000
Americans would die during
paid $10 million a year for a
Chinese deal in which he de-
livered his father as a party.
Some of my readers say “so
what?” and mention the Clin-
ton Foundation and the
Trumps themselves, though
the latter were in business be-
fore politics. Voters who want
a liberal-progressive policy
mix will vote for Mr. Biden
anyway; voters who equate
decorum with character are
likely to prefer him as well.
All true. It’s voters who
vote strategically, who care
most about Washington effec-
tively putting a vaccine in play
and supporting a return to
prosperity, who may need to
recalculate. A scandalized Mr.
Biden might find it harder to
resist his left-wing base in of-
fice. Recall that these forces
tried to scuttle his nomination
earlier in the year when
Zephyr Teachout, a former
New York gubernatorial candi-
date and Alexandria Ocasio-
Cortez ally, published a
lengthy indictment saying “Bi-
den has a big corruption prob-
lem and it makes him a weak
candidate.”
For these phlegmatic vot-
ers, possible Democratic con-
trol of the Senate has always
been the important wild card.
A vote for Mr. Trump then
would be a vote to spend
2021-22 enmeshed in a new
impeachment drama. A vote
for Mr. Biden would be a vote
for a high-stakes battle over
progressive wish-list items
like the Green New Deal.
Neither is appetizing but
we know from last year’s ex-
perience that impeachment
might hurt the economy less.
ises in his debates against Mr.
Biden. Voters have no reason
to believe that a second term
of President Trump would be
different from the first.
More bad news for Mr.
Trump: A headline in Mon-
day’s Wall Street Journal an-
nounced that “Tariffs on
China Fail to Aid U.S. Facto-
ries.” The trade deficit—the
president’s favored if contro-
versial measure of success—is
higher than ever. Manufactur-
ing jobs haven’t been brought
back to the U.S. Manufactur-
ing job growth had slowed
and production had peaked
well before the pandemic hit.
Worst of all, at least if you’re
Mr. Trump, is that the trade
deficit with China is as high
as it was when the president
took office.
Mr. Trump’s trade policies
have been controversial
within the Republican Party,
and they have divided the
corporate community. In a re-
cent survey, executives cite
U.S.-China business relations
as one of their top concerns
about a second Trump term.
The stock market—another of
the president’s favorite
benchmarks—has shrugged
off the rising prospects of a
Biden victory, even though
the former vice president’s
plan to raise corporate taxes
is bound to reduce profits in
the short term.
Here again, drafting a plat-
form could have been the oc-
casion for a midcourse cor-
rection. Instead, Mr. Trump is
likely to do worse in the busi-
ness community—as mea-
sured by dollars and votes—
than any other candidate in
the history of his party.
Operation Downfall. Japanese
officials estimated that 20
million of their countrymen
would die defending the
homeland.
But the two August 1945
atomic bomb attacks, against
Hiroshima and Nagasaki, con-
vinced Emperor Hirohito to
surrender: “The enemy had
begun to employ a most cruel
bomb,” he said. “We should
not continue fighting,” for
that “would result in an ulti-
mate collapse and obliteration
of Japan.”
Hirohito made the surren-
der official Aug. 15. I was
spared my date with death,
2½ months later.
Mr. Stearman, who served
on the National Security Coun-
cil staff under four presidents,
is author of “An American Ad-
venture, From Early Aviation
Through Three Wars to the
White House” (Naval Institute
Press, 2012).
Wednesday, October 28, 2020 | A15
BOOKSHELF | By Charlotte Gray
Conquering
Canada
The Company
By Stephen R. Bown
(Doubleday Canada, 474 pages, $28.95)
I
n the 17th century, Europeans knew little about the
immense interior of North America. But that didn’t stop
King Charles II of England from issuing, in 1670, a
grandiose charter granting an exclusive trading monopoly
across the entire Hudson Bay watershed. Eighteen well-fed
London investors now claimed control of some 1.5 million
square miles of land, spanning all of today’s Manitoba and
much of Quebec, Ontario, southern Saskatchewan, southern
Alberta, Minnesota and North Dakota.
It was the age of the English East India Co. and the Dutch
East India Co., European corporations geared to profit from
distant, exotic territories. The Hudson Bay basin offered a
similar opportunity because it was rich in one of the most
valuable commodities of the time—furs. During the next two
centuries, the Hudson’s Bay Co. would extend its reach across
the Rockies to the Pacific and into Oregon, Idaho and
Washington. It would realign
the economy of North America.
In “The Company,” Stephen
Bown, the author of “White
Eskimo,” tells the story of the
Hudson’s Bay Co. with verve
and an astringent, contemporary
slant. Until the late 20th
century, histories of the HBC
were invariably accounts of
intrepid white men who paddled
through treacherous rapids and
struggled through thick brush to
emerge as bearded heroes. They
traded with the land’s Native
Americans, who supplied the furs
but were rarely identified by tribe
or name. Mr. Bown widens the lens to include a more-informed
portrait of the these peoples and a more-balanced assessment
of the HBC’s impact during 200 years of monopoly.
He details how, in the late 1660s, two longtime New France
traders sold the English monarch on the idea of a trading
monopoly, which would be a poke in the eye of England’s
rival, France. Soon the company was setting up trading forts
at the mouths of the major rivers flowing into Hudson Bay,
the huge inland sea connected to the Atlantic by a single inlet.
There was already a well-developed trade network throughout
the continent’s waterways, dominated by the Cree and Ojibwe.
A handful of HBC managers bought into this system with
their own supply of trade goods—primarily metal tools,
implements, firearms, tobacco and gunpowder. They did
business first with Cree trappers and then with Cree and
other Native American middlemen, who purchased the furs
from people further inland.
For the next 150 years, the Hudson’s Bay Co. gradually
extended its activities, overseen by fewer than 500 North
America-based employees, known as Baymen, many of them
from the Orkney Islands of Scotland. Each spring, Native
American trappers and traders arrived at the forts, their
canoes loaded with lustrous beaver, fox, otter, muskrat and
other furs. The Baymen welcomed them in elaborate
ceremonies signaling mutual respect. In late summer, ships
from London sailed into Hudson Bay, quickly unloaded trading
goods and supplies to last the winter, packed their holds with
pelts, then sped home before the ice set in. Mr. Bown describes
the harshness of those winters: “It was a land where . . . wine
froze when poured from the bottle and hoarfrost covered the
interior walls.” Summer was little better. One Bayman recalled
how the bugs were so bad that “if a man open’s his mouth he
is Lyable to be Joack’t.”
As HBC explorers and traders ventured farther and farther
westward, they charted the continent’s great rivers and
mapped new routes, finally reaching the Pacific. European
diseases travelled with them; in some regions, Native
American mortality was as high as 80%.
It was the age of the East India Co., when
European corporations exploited distant,
exotic territories. Like British North America.
Gradually, communities of mixed-race families settled
around the forts, despite directives from London forbidding
liaisons between HBC employees and Native American women.
Throughout the 18th century, the commingling of communities
generated little tension. The HBC muddled along, its profits
eventually beginning to shrink. Then, in 1821, a Scotsman
named George Simpson arrived to take charge of operations
and revive the company’s flagging fortunes.
Short, plump and pugnacious, Simpson had made several
trips to the West Indies while working in the sugar trade.
There he “absorbed notions of superiority based on skin color”
and gender, views that infused the corporate culture he now
imported to the fur trade. For the next nearly 40 years,
Simpson—an iron-willed executive dedicated to eliminating
waste and inefficiency—crisscrossed his sprawling domain in
his birchbark canoe, propelled by Iroquois voyageurs who
would furiously paddle 100 miles in all weather during 18-hour
days. Simpson swooped in on outposts, catching managers
unprepared. He treated his mixed-heritage employees and
mistresses with sneering cruelty.
Simpson could rule as “a virtual dictator,” Mr. Bown writes,
because he kept the company so profitable that his landlords
in London never questioned his decisions. According to the
author, “the easy companionability that previously had
flourished between the peoples of the fur trade” dissolved
under pressure from the racist, imperial attitudes of Simpson
and his appointees. Mr. Bown’s judgment on Simpson is harsh:
He was “the greatest tragedy to befall the Company and
northern North America. . . . Rather than helping to prepare
its employees, contractors and customers for the tectonic
changes that were shaking the land in the later nineteenth
century, [he] turned on them.”
By the mid-19th century, British North Americans felt
threatened by American expansionism and wanted to secure
their own country. Supplies of beaver pelts had long dried up,
and an influx of settlers wanted access to HBC land. In 1869,
the company surrendered the vast majority of its territory to
the British Crown, receiving £300,000 in compensation. The
lands were then transferred to the new Dominion of Canada.
As before, the Native Americans who shared the land were
not consulted. But the HBC continued to thrive, becoming
the retail and real-estate corporation it is today.
“The Company” is compelling, both as a lively narrative
about a corporation that helped shape North American
development and as a thoughtful exploration of the complex
indigenous cultures that once dominated the continent.
Ms. Gray is the author of 11 books of biography and popular
history, including “The Promise of Canada.”
A16 | Wednesday, October 28, 2020 THE WALL STREET JOURNAL.

OPINION
REVIEW & OUTLOOK LETTERS TO THE EDITOR

Coping With the Covid Winter EVs Will Be Your Future, So Get Used to It

P
erhaps you’ve heard winter is coming. Or sponded more swiftly in El Paso. Regarding your editorial “Target: needed predictability of demand so the
as Joe Biden warned last week about a Death rates have also fallen tremendously as Your Gas Car” about the potential ban- necessary charging stations can be put
ning of sales of new fossil-fuel-pow- into place. Charging arrangements are
third virus wave, “We’re about to go into treatments have improved. This includes thera-
ered cars (Oct. 22): There is nearly $1.3 the biggest barrier to ownership for
a dark winter, a dark winter.” peutics like Gilead’s antiviral trillion in outstanding automobile debt. urban dwellers and those with range
He’s playing up the worst case Death rates have fallen remdesivir and Regeneron’s About 35% of all American adults who anxiety. My Chevy Volt has 38,000
as the election nears, so some sharply amid better antibody cocktail, but also own a car have loans. An aggressive miles and has had no significant loss of
context is in order. medical protocols such as shift to electric cars will make the gas- range. Once the prices come down a
Virus cases are increasing, care and treatments. prone positioning, low-flow powered vehicles obsolete and severely little, all-wheel drive becomes standard
but this is inevitable as cooler oxygenation in lieu of invasive damage their value as loan collateral. and there are ubiquitous charging sta-
weather arrives and Ameri- ventilation, and anticoagu- There are currently about 110 million tions that compete on price, there will
cans go indoors. Cases have also been climbing lants to treat blood clots. auto loans outstanding. It doesn’t look be no going back. I don’t know anyone
across Europe, in some countries more than in A new study by the NYU Langone hospital like the global-warming crowd has who has bought an EV who regrets it.
the U.S. But the good news is that America is bet- system reports its mortality rate declined by thought this through. DAVID J. MELVIN
DAVID SITOMER Chester, N.J.
ter prepared to handle another virus surge, and 70% from March to August after accounting for
Leawood, Kan.
progress toward a vaccine continues. age, health risks, admission vital signs and other Even the cheapest EVs are still be-
i i i factors. The Houston Methodist hospital system No, they aren’t out to get your gas- yond most people’s budget. Other fac-
The seven-day U.S. rolling case average has reported its mortality during the early summer powered car. The folks defending coal tors come into play. With many people
nearly doubled from the recent low in mid-Sep- surge was about 3.5% versus 12.1% in the spring. find that it is no longer economical due renting their housing, not everyone
tember. Cases are more geographically dis- Deaths have also trended lower because the to cheaper natural gas and renewable has the capability of recharging a car.
persed than in the spring and summer, rising public is doing a better job of shielding the el- energy. Since electric trucks appear What will the electric bill look like?
even in states with strict restrictions and mask derly and those at high-risk. The Centers for Dis- likely to succeed first, fleet owners When the useful life of the batteries
mandates. This includes New York and its neigh- ease Control and Prevention (CDC) reported last (Amazon, UPS and others) will demon- expires, what will the tab on the new
bors whose governors were hailed for suppos- week the share of deaths in nursing homes de- strate the lower vehicle maintenance batteries be? What’s the value of the
and lower cost of ownership of EVs, EV at that point?
edly controlling the virus. The increase has been clined by 45% between May and August. Individ-
and they will become mainstream. JOHN L. HOH JR.
most acute in upper Midwest states that weren’t uals over age 85 are 630 times more likely to die Mandating electric vehicles creates the Beloit, Wis.
hit as hard earlier. Some of the increase is due than those between 18 and 29, says the CDC.
to more testing, which is detecting more asymp- i i i
tomatic cases. This is why the epidemiologists who wrote the
Most concerning are hospitalizations, which Great Barrington Declaration, which has been
Of Course Puerto Rico Deserves to Be a State
are up by about 40% since mid-September though signed by tens of thousands of doctors and scien- Your editorial “Packing the U.S. hood, yet fail to mention that island
are still 30% or so below spring and summer tists, advise a focus on protecting the elderly. Senate” (Oct. 17) states: “The Found- voters have twice rejected the cur-
peaks. Most hospitals have ample capacity to They also warn that government lockdowns lead ers developed a model of representa- rent territory status and favored
treat virus patients while continuing elective pro- to worsening heart-disease outcomes, fewer can- tion that would hold a diverse repub- statehood among non-territory op-
cedures, which were stopped during the spring. cer screenings and more mental illness. lic together.” Our Founders also tions in 2012 and 2017. You also omit
established a government with the to mention the coming statehood
Covid patients occupy 13% of hospital beds in Nearly a third of the so-called excess deaths
“consent of the governed.” “yes” or “no” vote that, according to
Wisconsin, 15% in South Dakota and 15% in North in the U.S. this year have been attributed to This inherent principle of our public polling, is expected to see the
Dakota. According to North Dakota’s virus data causes other than Covid, including cardiovascu- constitutional republic is just as im- island vote in favor of statehood for
dashboard, 45% of non-ICU hospital patients clas- lar disease and uncontrolled diabetes. Covid has portant, yet as it stands Puerto Ri- the third time in less than a decade.
sified “with Covid” are admitted for other rea- accounted for less than 10% of deaths among cans are relegated to second-class The editorial rightly indicates that
sons and test positive for the virus. those over 65 this year, and a much smaller share citizenship since they cannot vote “both parties have endorsed a path
Some hospitals report being swamped, but among younger people. for the president who establishes to statehood for Puerto Rico if resi-
resources can be deployed to areas that need the Treating non-Covid health ailments can re- the regulations they have to live un- dents want it.” Hopefully, when the
extra beds. In El Paso, where Covid patients duce virus deaths. Masks can also help at the der, and their elected congressional island votes in favor of statehood on
make up 40% of hospital beds (about twice the margins, and wearing them to protect others in- representative cannot vote for or Nov. 3, its voice won’t be ignored
summer peak), Texas Gov. Greg Abbott has an- doors and in crowds is public-spirited and im- against policies on the floor of the simply due to the potential political
House that might better the lives of implications.
nounced an alternate care site and the feds are portant until a vaccine is widely available, which
Puerto Ricans. JENNIFFER GONZÁLEZ
sending critical-care personnel. may be as early as this spring. You also point to the “strong Resident Commissioner of Puerto Rico
Wisconsin has set up a field hospital in the Meanwhile, vaccines continue to progress, Puerto Rican resistance” to state- San Juan, Puerto Rico
Milwaukee suburbs to treat patients who aren’t and four in the U.S. have entered Phase 3 trials,
severely ill but may still need medical support. meaning they have already shown evidence of
As of Monday that hospital was treating four pa- generating antibodies in vaccinated patients. Mr.
tients. Hospitalizing patients with moderate ill- Biden says most Americans won’t be able to get
ness can prevent complications that cause long- vaccinated until the middle of next year, but An-
Biden’s Labor Plans Will Be a Major Change
term damage and can turn deadly. thony Fauci of the National Institutes of Health Regarding your editorial “Big La- time. The Office of Personnel Man-
Governors seem to have learned from mis- this month suggested April. bor’s Big Senate Plans” (Oct. 22): Joe agement estimates that federal em-
Biden would also create a “cabinet- ployees spent 3.6 million hours work-
takes during earlier waves, including New York If Mr. Biden is elected, he’ll benefit from vac-
level working group” to “explore the ing on union business while on the
Gov. Andrew Cuomo’s failure to use field hos- cines developed thanks to drug-company inno- expansion of sectoral bargaining,” un- clock in 2016, costing taxpayers $177
pitals set up by the feds in New York City. Mr. vation and the Trump Administration effort to der which entire industries would be million. One of the president’s orders
Abbott was slow to deploy resources to the streamline the bureaucracy. Expect his winter forced to a single bargaining table seeks to reduce this “official time” by
lower Rio Grande this summer but has re- to become less dark soon after Jan. 20. with unions to set wages and working two-thirds.
conditions industrywide. The only dif- To discourage the kind of corruption
ference between sectoral bargaining that has recently plagued the United
A Rule for Cleaner Dishes and the New Deal-era regulation of in-
dustry by the National Recovery Ad-
Auto Workers, the Labor Department
has developed a trio of regulatory re-

F
or years American homes have been
stuck with dishwashers that take forever
and still don’t get the job done. A new De-
partment of Energy rule finalized this week will
help change that.
If a camel is a horse designed by committee,
Sam Kazman, general counsel for the Competi-
tive Enterprise Institute (CEI), says today’s low-
performance dishwashers must have been de-
signed by regulators who eat out. Regulations
on energy and water usage—tightened in 2013
by the Obama Administration—mean that dish-
washers now take at least two hours to complete
a full wash cycle. Dishes may still emerge with
pieces of last night’s lasagna baked on.
Two years ago CEI petitioned the Energy De-
partment to allow dishwashers that would re-
Supreme Court Ballot Wisdom
duce the average cycle to one hour from two,
while also giving better performance. CEI ar-
gued that if the aim of the regulation was to con-
serve water and energy, it’s unlikely they
achieved their purpose. People responded to
poor dishwasher performance by pre-rinsing
each dish before putting it through their wash-
ers, wasting more water, or running their dish-
washers twice, wasting water and energy.
The revised DOE rule is not peace in the Mid-
dle East or a Covid-19 vaccine. But it is an exam-
ple of how common-sense deregulation can de-
liver real benefits for the public. Judging from
the public comments in support of the proposed
rule, we’d bet most Americans will be delighted
to learn they will soon be able to buy dishwash-
ers worthy of the name.
ministration is that union executives
write the rules instead of government
bureaucrats.
Mr. Biden would, on his “first day
in office,” rescind three executive or-
ders issued by President Trump to
make collective bargaining in the fed-
eral government more efficient,
streamline the process of dismissing
poor-performing federal employees
and limit taxpayer-funded union
Trump Should Stay Out of Korean Dispute
“Biz Doesn’t Stop for the Election” cision is expected Dec. 10.
(Business World, Oct. 14), an exami-
nation by Holman Jenkins of the rela-
tionship between trade-secret protec-
tion and economic vitality, builds to
an unsubstantiated conclusion that
President Trump would abandon four
years of trade policy and protect a
forms that would expand existing fi-
nancial transparency requirements for
unions and apply them to additional
entities, such as union trust funds.
While not explicitly mentioned by the
campaign, there is little doubt the pro-
posals would be in jeopardy under a
Biden administration.
AARON WITHE
National Director, Freedom Foundation
Washington
Mr. Jenkins speculates that Presi-
dent Trump would overturn action by
the commission holding SK Innovation
responsible for its wrongdoings, which
would set a dangerous precedent.
SK Innovation is a Korean com-
pany that violated America’s laws

T
he campaign to stigmatize the Supreme and eroding public confidence in electoral out- foreign intellectual-property thief against a company that is actively
Court is already under way, even before comes,” Justice Gorsuch wrote. “No one doubts from punishment. employing thousands of Americans,
new Justice Amy Coney Barrett hears a that conducting a national election amid a pan- At issue is the trade-secret dispute paying taxes and partnering with
between LG Chem and SK Innovation, some of America’s most important in-
case. Witness the media hyper- demic poses serious chal- two makers of electric-vehicle batter- novators. Meanwhile, SKI employs
ventilating after the Justices It isn’t partisan to rule lenges. But none of that means ies. Earlier this year, an administra- fewer than 100 Americans and was
ruled 5-3 late Monday that that a state’s voting individual judges may impro- tive law judge at the International recently alleged to be using illegal
Wisconsin’s Nov. 3 ballot dead- vise with their own election Trade Commission ruled for LG Chem Korean labor in Georgia. This is not
line must remain in place. deadline should stand. rules in place of those the peo- in an initial determination. A final de-the profile of a company that Presi-
The order sustained an ap- ple’s representatives have ad- dent Trump should wish to rescue.
pellate-court ruling that had opted.” Nor is it the profile of a company de-
halted a federal judge’s intrusion saying ballots The Wisconsin decision should reduce the Privacy, Censorship and the serving of rescue.
mailed on time could be counted even if they ar- chances of postelection legal chaos if the vote Trade-secret protection is the
Free Social-Media Model linchpin of American job creation.
rived six days late. The judge claimed Covid-19 count is close. Clear rules that everyone knows
Greg Woods’s “Censorship and Get- And companies that steal intellectual
as the excuse, but Badger State law says absen- upfront mean fewer openings for political mis-
ting Social Media Right” (Letters, property should not be trusted to
tee ballots must arrive by Election Day. chief that requires Supreme Court intervention Oct. 22) makes some very good create the jobs they promise.
Justices Neil Gorsuch and Brett Kavanaugh a la Bush v. Gore in 2000. points regarding old-fashioned mail SEUNGSE CHANG
wrote opinions that should help educate lower- Intriguingly, Chief Justice John Roberts voted and the telephone. He believes that LG Chem
court judges who think they can rewrite state with the majority, though he had sided with the social media doesn’t warrant addi- Seoul, Korea
election law on election eve. Justice Kavanaugh liberals in a recent case involving Pennsylvania tional restraints on content. However,
cited the Court’s precedents that “recognize a state law and courts. The Chief explained that what he misses is that the post office
basic tenet of election law: When an election is he sees less cause to intervene to overrule state doesn’t read your mail and the phone Pepper ...
close at hand, the rules of the road should be courts. But Justice Kavanaugh added, in a foot- companies aren’t supposed to eaves-
drop on your conversations. Social
And Salt
clear and settled.” note to his concurrence, that “state courts do not
Justice Gorsuch added that Wisconsin has have a blank check,” since the U.S. Constitution media eavesdrops on your every word THE WALL STREET JOURNAL
and uses that information to sell you
gone to extraordinary lengths to take account of empowers state legislatures to direct the man-
things and shape your thoughts and
Covid, including sending all registered voters an ner of presidential elections. opinions.
absentee-ballot application and return envelope Justice Barrett will soon get her chance to Social media should perhaps be
in the summer that they have been able to return weigh in on this, as other ballot cases percolate prevented from extracting any infor-
since September. through the courts. After their request for a stay mation about you, without your ex-
If Wisconsin’s Nov. 3 deadline can be thrown was denied, Pennsylvania Republicans came plicit permission, for any commercial
out due to Covid and despite the many avenues back to the Supreme Court last Friday, asking purpose. Maybe social media should
for casting a vote, Justice Gorsuch wrote, then the Justices to take the case on the merits and be a paid service as the post office
“what about the identical deadlines in 30 other to expedite a ruling. Also pending is an appeal and the phone companies are.
States?” Why bump the deadline six days and from North Carolina, where a legal settlement ROBERT DUTY
Dallas
not 10 days? Other judges, he continued, might extended the ballot deadline by nine days.
well “unfurl the precinct maps and decide The shame is that the left is portraying all this
Letters intended for publication
whether States should add polling places, revise as partisan when the law and Constitution are should be emailed to wsj.ltrs@wsj.com.
their hours, rearrange the voting booths,” and clear. Both parties benefit from clear and widely Please include your city, state and
so forth. understood election rules before the counting telephone number. All letters are sub-
“Last-minute changes to longstanding elec- begins. So does the cause of democratic legiti- ject to editing, and unpublished letters “Sorry, son, one day this will
cannot be acknowledged.
tion rules” risk inviting “confusion and chaos macy, no matter who wins. all be run by robots.”
THE WALL STREET JOURNAL.
The Amazing, Horrifying Age of Exaggeration
By Lance Morrow
E
xaggeration is the oldest
tendency of American hu-
mor. Politics, too. Think
of Mark Twain and Huck
Finn’s “stretchers,” or of
H.L. Mencken’s railing against char-
latan politicians and “the boobo-
isie.” The genre of tall tales—Amer-
ica’s naive gigantism—began with
John Henry and Paul Bunyan. It has
come to gorgeous flower in the
time of Donald Trump.
This is a golden age of American
exaggeration. Gaudy, reckless over-
statement, whether deployed in
self-glorification, in vilification of
enemies or in ideological hyper-
bole, has become the style of
American public life on both sides
of the political divide.
Hyperbole was more fun in
Mencken’s age. Today it’s
become ugly and fanatical,
a weapon in a holy war.
Once upon a time, as in
Mencken’s work a century ago, ex-
aggeration was fun; not so much
now. Exaggeration has been milita-
rized. It has been fanaticized. One
meme after another gets puffed up
and sent into combat, transformed
into ideology and, in the case of a
few choice exaggerations, sanctified
in the minds of the faithful. It is
politics as holy war.
You might expect a crisis as seri-
ous as that of 2020 to impose re-
With Justice Barrett, Is the End Near for Racial Preferences?
During her confirma-
tion hearings, Justice
Amy Coney Barrett
faced many more
questions about
ObamaCare than
about affirmative ac-
UPWARD
MOBILITY tion, though her
views on the latter
By Jason L.
are potentially far
Riley
more consequential.
The racial divi-
sions that have plagued the U.S. for
decades reached a head this sum-
mer with nationwide protests fol-
lowing the death of George Floyd.
This type of social unrest has long
been nurtured and exploited by
black leaders and their political al-
lies, who have turned the hallowed
civil-rights movement of the 1960s
into a lucrative racket today. These
efforts have been abetted by Su-
preme Court decisions that hem and
haw over the legality of racial-pref-
erence policies.
The Civil Rights Act of 1964 plainly
mandates equal treatment of individ-
uals regardless of race, and the addi-
tion of Justice Barrett makes it more
likely that the court will finally inter-
pret the law to mean what it says.
Nevertheless, our experience with
other Republican-appointed justices
Dodd-Frank Undermines the Fight Against Covid
By John Berlau
And Seth Carter
A
s U.S. manufacturers race to
produce new vaccines, thera-
peutics and medical equip-
ment to combat the pandemic,
their efforts are impeded by a mis-
guided decade-old government
mandate enacted, ironically, for hu-
manitarian purposes. This rule—
targeting “conflict minerals”—has
shrunk the medical supply chain
for components of everything from
ventilators to vaccine needles and
syringes.
The troublesome mandate is in a
last-minute provision inserted into
the Dodd-Frank financial overhaul
in 2010. That law’s Section 1502
forces manufacturers to disclose if
any of their products contain “con-
flict minerals” mined in the Demo-
cratic Republic of the Congo and
nine adjoining countries in Africa.
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straint: a spirit of sobriety, a style
of narrative temperance. In a bad
time, reckless exaggeration ought
to be condemned as a sin against
clarity and the common purpose.
But it’s something of a civil war
that Americans have on their
hands, and so, addicted to their
own righteousness as if to cocaine,
they have abandoned restraint and
made themselves at home in a
madhouse of hyperbole.
Overstatement is Donald Trump’s
natural style anyway. He exagger-
ates more shamelessly than the
Wizard of Oz. His enemies return
the favor and exaggerate him in the
opposite direction, so that every
day on Facebook and Twitter he’s a
psychotic, he’s the anti-Christ, he’s
Hitler, he’s the Tasmanian devil.
The Trump artillery lobs back rhet-
oric that abuses Joe Biden as a cor-
rupt, obtunded geezer infected with
the socialist virus. Mr. Trump sums
up the Bidens as “a crime family.”
Exaggeration is a symptom of
self-importance and insecurity. Yet
to describe either Mr. Trump or his
enemies on the left as “self-impor-
tant” is a wistful understatement.
One might as well refer to New
York City as the community across
the river from Fort Lee, N.J.
The left’s exaggerations have a
different tone and metaphysics
from Mr. Trump’s carny-barking.
The New York Times’s “1619 Proj-
ect,” to cite one case, sets forth an
invidious theory about slavery and
race in America that obscures an
essential truth of the country by
exaggerating and distorting it to
the point that it becomes, in effect,
false. That’s the trouble with exag-
who later moved left—from Sandra
Day O’Connor to David Souter to An-
thony Kennedy—urges caution.
In its earliest iteration, affirmative
action in practice meant outreach to
low-income blacks. It was argued
that the policy was necessary to
compensate for past injustices and
would one day no longer be neces-
sary. Over time, however, quotas and
set-asides replaced simple outreach,
and racial double-standards in col-
lege admissions were defended on
grounds that they enhanced “diver-
sity” on campus.
Affirmative-action benefits were
also extended to other groups, in-
cluding recent immigrants from Latin
America who had suffered no past
discrimination in the U.S. As the
country became steadily more di-
verse, the Supreme Court kept punt-
ing on the validity of these color-con-
scious policies, and colleges and
other institutions doubled down on a
racial spoils systems. What could
possibly go wrong?
In a 2003 Supreme Court decision
upholding racially discriminatory ad-
missions policies at the University of
Michigan, Justice O’Connor wrote:
“We expect that 25 years from now,
the use of racial preferences will no
longer be necessary.” It was a tacit
Under the law, companies listed on
U.S. stock exchanges must audit
their supply chains and disclose if
their products contain even traces
of the designated minerals—gold,
tantalum, tin and tungsten—that
might have been mined in areas
controlled by warlords.
The provision was sold as pro-
tecting Congolese citizens from
warlords who profited from the
mining and sale of these minerals.
Proponents claimed that restricting
their use would save lives, and the
only costs to Americans would be
possibly slight increases in the
prices of laptops, cellphones and
other “luxury” items that contain
these minerals.
They were wrong on two counts.
First, the effects of the conflict-
minerals mandate proved to be dev-
astating for those it aimed to help.
As the Journal reported, manufac-
turers spent about $709 million and
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Chief Executive Officer, News Corp
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OPINION
geration. It turns a kernel of truth
into a fancy lie. The first casualty
of ideology is historical accuracy.
The subject of race has gener-
ated an idiom of exaggeration: The
phrase “white fragility,” for exam-
ple, has taken its place as the neu-
rotic little sister of those twin
brutes, “white supremacy” and
“white nationalism.” All three
terms—resonant, self-confident and
self-evident to the minds of the be-
lievers—are irresponsible over-
statements that started out as
modestly accurate perceptions.
Now, in their exaggerated form,
they have become, shall we say,
privileged stereotypes.
Exaggeration may also take the
form of minimization, an effect
that went to work over the summer
in the phrase “overwhelmingly
peaceful,” which was attached as a
acknowledgment that these policies
weren’t working and, 17 years later,
there’s little evidence that anything
has changed. In the popular imagina-
tion of many on the political left, to-
day’s black middle class is a direct
product of the civil-rights gains of
the 1960s and the affirmative-action
policies that followed. But the data
tell a different story.
A new majority may
stop equivocating on
affirmative action, which
impedes black mobility.
The “progress toward equality for
black Americans didn’t begin in
1965,” write Harvard political scien-
tist Robert Putnam and his co-au-
thor, Shaylyn Romney Garrett, in
their new book, “The Upswing.” “By
many measures, blacks were moving
toward parity with whites well be-
fore the victories of the Civil Rights
revolution, despite the limitations
imposed by Jim Crow.” Moreover,
“after the Civil Rights movement,
that longstanding trend toward ra-
cial equality slowed, stopped, and
more than six million man-hours at-
tempting to trace their supply
chains for conflict minerals in 2014.
And 90% of those companies still
couldn’t confirm their products
were conflict-free. Many decided to
avoid the Congo region altogether
and source materials from other
countries and continents.
When mining dropped off due to
Dodd-Frank’s effects, Congolese vil-
lages were hit by reductions in edu-
cation, health care and food supply.
In 2014, 70 activists, academics and
government officials signed a letter
blasting initiatives like the Dodd-
Frank provision for “contributing
to, rather than alleviating, the very
conflicts they set out to address.”
Second, these minerals are also
used in medical devices and equip-
ment to dispense drugs and vac-
cines. AdvaMed, which represents
U.S. medical device makers, stated
in a 2011 comment to the Securities
and Exchange Commission that “it
is unavoidable that conflict miner-
als will be used” in medical devices,
and that “as there are currently no
substitutes for these minerals, the
continued sourcing of these miner-
als is necessary to ensure the safety
and efficacy of medical devices.”
An AdvaMed spokesman says the
views expressed in that letter have
not changed. Overwhelming evi-
dence confirms that the minerals
designated by Dodd-Frank still are
essential to medical equipment and
devices—including those needed to
fight Covid-19.
Ventilators often rely on energy-
storage capacitors made from tan-
talum. “The ability of tantalum ca-
pacitors to answer requirements for
reliability, robustness and high en-
ergy density make them critically
important for advanced medical ap-
plications such as lung ventilators
and life support monitoring equip-
ment,” wrote Tomas Zednicek, engi-
Wednesday, October 28, 2020 | A17
CHAD CROWE
ritual epithet to “protests” or
“demonstrations.” Americans were
asked to accept the oxymoron of
overwhelmingly peaceful riots. The
Orwellian phrase, manifestly un-
true, told Americans to ignore the
flames, the ruined businesses, the
rocks and bottles, the abandoned
police precinct, the lasers aimed at
cops’ eyes with intent to blind
them.
Cartoon generalizations often
work. Now and then they are
costly. Hillary Clinton discovered
that in 2016, after her crack about
the “deplorables.” So, too, racial
stereotypes of white people (claim-
ing to know their very thoughts,
conjuring the snakes of bigotry and
meanness hidden behind their ice-
blue eyes) are no more valid than
hatefully generalized projections
about blacks, Mexicans, Walloons,
even reversed.” The emphasis is the
authors’.
In the 1940s and ’50s, black-white
gaps were not only shrinking in in-
come, educational attainment, home-
ownership rates and other measures.
The gaps were shrinking at unprece-
dented rates that have never been re-
peated, even during the subsequent
era of affirmative action.
If anything, the evidence shows
that racial preferences have coin-
cided with slower black upward mo-
bility. After the University of Califor-
nia system ended its race-conscious
admissions policies in the 1990s,
black graduation rates rose. A policy
intended to increase the size of the
black middle class was in practice
limiting its growth. It would be diffi-
cult to identify a government pro-
gram coming out of the 1960s that
did more to help blacks than what
black were doing to help themselves
before the program.
For readers of conservatives like
Charles Murray, Walter Williams,
Thomas Sowell and Stephan and Abi-
gail Thernstrom, this history is well
known. But it’s nice to see it chroni-
cled by someone of Mr. Putnam’s
standing on the political left. It’s a
history that seriously undermines
the notion that racism is an all-pur-
neer and president of the European
Passive Components Institute, in
the newsletter and electronics jour-
nal TIC Bulletin.
X-ray machines rely on tungsten
components to ensure stability in
electron emission at high tempera-
tures. Chest X-rays are of height-
ened importance in helping detect
the presence and severity of
Covid-19 in many patients.
The ‘conflict minerals’
provision blocks resources
vital for everything from
ventilators to vaccines.
Inogen, a maker of oxygen con-
centrators, said in a May SEC filing
that “one or more” of the Dodd-
Frank minerals may be used in the
manufacturing of its devices that
provide supplemental oxygen. In
another recent filing, the company
warned that the conflict-minerals
mandate could cause price spikes
and shortages of its products.
“Costs could significantly increase
and our ability to meet demand for
our products could be impacted,”
the company writes.
Then there is the race for
Covid-19 vaccines and related medi-
cal supplies. The minerals restricted
by the Dodd-Frank Act are fre-
quently used in the composition
and production of needles, syringes
and vials necessary to transport
and administer billions of doses of
vaccines. The compressors used to
refrigerate vaccines also use these
minerals to function. For tantalum
in particular, the conflict-minerals
mandate is cutting off a wide swath
of the global supply for American
manufacturers. According to the
U.S. Geological Survey, Congo and
Uighurs or anyone else.
It isn’t an accident that the ex-
aggerations of the 1960s and the
exaggerations of the age of
Trump—of the baby boomers in
their youth and their dotage—are
similar. They call to each other
across the years. Both express
themselves in the form of what
might be called narcissistic general-
ization—an overstatement of griev-
ances, needs, desires, hatreds,
fears, impulses and indignations
emerging from the emotions of the
self-important and self-cherishing
collective.
Politics in a democracy is by
definition a circus of exaggeration;
it deals always in the dynamics of
competitive myths. You can’t get
your party’s myth up and running
without exaggerating a little: You
can’t have saints or demons, heroes
or villains, without hyperbole to
make them vivid. Exaggeration is
the yeast that makes the story rise.
It’s also true that electoral poli-
tics involves a Doppler effect. The
waves of exaggeration intensify, ris-
ing in pitch, as the election draws
near. After the first Tuesday after
the first Monday in November, with
the crisis of election past, the Dop-
pler waves normally recede and,
soon enough, the constitutional
process of acceptance sets in,
bringing relief, possibly hope. But
2020 is much crazier than other
election years. We’ll see.
Mr. Morrow is a senior fellow at
the Ethics and Public Policy Center.
His latest book is “God and Mam-
mon: Chronicles of American
Money.”
pose explanation for social inequal-
ity, or that blacks can’t progress
without special treatment, which is
why black politicians and civil rights
activists seldom bring it up.
What affirmative action has suc-
ceeded in doing is stoking racial con-
flict. It keeps race front and center
in our policy debates, regardless of
relevance. Lagging groups are told
that others have gotten ahead at
their expense.
High schools that cater to over-
achieving students are under pres-
sure to drop entrance exams and
adopt racial and ethnic admission
quotas. Colleges are sued for dis-
criminating against Asian-Americans
the way they once discriminated
against Jews. Corporations are
shaken down by “diversity consul-
tants” who claim that the only pos-
sible explanation for racial imbal-
ance in the workplace is racial
discrimination.
Racial preferences have also
served to diminish the achievements
of blacks who have succeeded, such
as the person who swore in Justice
Barrett on Monday, Justice Clarence
Thomas. The sooner these two can
get to work applying their originalist
jurisprudence to affirmative action,
the better off we’ll all be.
adjoining countries mine the major-
ity of tantalum.
Mining consultant Bill Millman,
former president of the Tantalum
International Study Center, says
that while there are more Congo-
lese mines that participate in the
Dodd-Frank compliance process,
there are still legitimate warlord-
free mines that can’t afford the
cost. “So what you’ve got is a nar-
row group of mines and a narrow
group of smelters supporting an in-
ternational market,” he says. “And
of course that’s got to push up
prices, and it does.” He adds that
countries such as China, which are
not bound by Dodd-Frank, have ac-
cess to Congolese tantalum that the
U.S. lacks because “they don’t have
to deal with any of these additional
costs.”
For the World War II-like efforts
to ready billions of doses of
Covid-19 vaccines, as well as medi-
cal devices to tackle new surges in
Covid-19 cases, American manufac-
turers will need untrammeled ac-
cess to the world’s resources. That’s
why President Trump must use a
part of the Dodd-Frank conflict-
minerals provision that allows the
president to waive the mandate for
two years if he deems such a waiver
in the interest of national security.
Issues in the Congo region are
important and can still be ad-
dressed in many other ways. But to-
day the national security interest—
and global interest—of defeating
Covid-19 cannot be weighed down
by outdated red tape that has failed
to serve even its own stated pur-
pose of alleviating suffering.
Mr. Berlau is a senior fellow at
the Competitive Enterprise Institute
and author of the book “George
Washington, Entrepreneur.” Mr.
Carter is a research associate at
CEI.
A18 | Wednesday, October 28, 2020 THE WALL STREET JOURNAL.

BUSINESS & FINANCE
© 2020 Dow Jones & Company. All Rights Reserved.
S&P 3390.68 g 0.30% S&P FIN g 1.91%
AMD Agrees to Buy Xilinx for $35 Billion
BY ASA FITCH
Advanced Micro Devices
Inc. plans to buy rival chip
maker Xilinx Inc. in a $35 bil-
lion deal, adding momentum to
the consolidation of the semi-
conductor industry that has
only accelerated during the
pandemic.
AMD and Xilinx on Tuesday
said the companies reached an
all-stock deal that would signifi-
cantly expand their product
range and markets and deliver a
Covid Hits
Sales for
Caterpillar
And 3M
BY AUSTEN HUFFORD
Big manufacturers are log-
ging lower sales to businesses
ranging from cruise-ship
builders to medical offices, as
the coronavirus pandemic con-
tinues to drag on economic ac-
tivity across the globe.
Caterpillar Inc. said Tues-
day that revenue fell by at
least a fifth in the latest quar-
ter in each of its three global
segments: construction, min-
ing and energy and transpor-
tation. 3M Co. said sales were
down in about half its busi-
ness lines from a year earlier
and that demand for its prod-
ucts for nonemergency medi-
cal and dental procedures
wasn’t likely to recover
through next year.
Their results show demand
from commercial customers is
on shaky ground as the pan-
demic continues to disrupt
work routines and commerce.
“It’s reflective of the chal-
lenges still with Covid,” 3M’s
Chief Executive Mike Roman
said of demand for its medical
and dental products. “It’s not
going to be a perfectly
straight line.”
Shares in 3M slipped 1.8%
to $163.15 on Tuesday, and
Caterpillar dropped 3.7% to
$157.20.
At the same time, demand
for 3M products such as N95
masks and home-cleaning sup-
plies is booming, and the St.
Paul, Minn.-based company’s
sales rose 4.5% to $8.35 billion
for the third quarter. Some
consumer-focused manufac-
turers like Whirlpool Corp.
have had trouble keeping up
with demand from consumers
refurbishing their homes and
buying new vehicles.
“We are seeing both sides
of the pandemic,” Mr. Roman
said.
Cases of Covid-19 are rising
sharply this month in the U.S.
and other parts of the world.
That is prompting new restric-
tions on restaurants and other
businesses. Industrial activity,
meanwhile, remains subdued.
U.S. factory output fell in Sep-
tember after three months of
gains, the Federal Reserve said
earlier this month.
Some manufacturers said
they have been whipsawed
this year by a plunge in de-
mand followed by a big surge.
Engine maker Cummins Inc.
said Tuesday it logged its big-
gest-ever increase in sales for
the latest quarter compared
with the previous three
months.
KAREN DUCEY/REUTERS
“Even with the dramatic in-
crease, however, sales re-
mained below last year’s lev-
els,” Cummins Chief Executive
Tom Linebarger told analysts.
Coatings maker PPG Indus-
tries Inc. said last week that
sales of its coatings used on
airplanes dropped 35% in its
latest quarter as big plane
makers cut production and
airlines flew less.
Caterpillar said slower con-
struction of everything from
cruise ships to pipelines dur-
ing the pandemic is weighing
on demand for its heavy ma-
chinery.
“Those are very big ma-
chines, very expensive, and
people are deferring [pur-
Please turn to page B2
TECHNOLOGY: AMAZON TO HIRE 100,000 SEASONAL WORKERS FOR HOLIDAYS B4
S&P IT À 0.52%
* * * **
DJ TRANS g 1.49%
THE WALL STREET JOURNAL.
WSJ $ IDX g 0.07% LIBOR 3M 0.213 NIKKEI (Midday) 23410.76 g 0.32%
Wednesday, October 28, 2020 | B1
See more at WSJ.com/Markets
financial boost immediately on biggest among chip makers and billion for Maxim Integrated centers that has taken off with problems with its manufactur-
closing. The Wall Street Journal would mark only the latest Products Inc. the introduction of new genera- ing process that analysts be-
previously reported the two landmark proposed transaction Santa Clara, Calif.-based tions of high-performance chips lieve could help competitors
were close to an agreement. in recent months. It comes just AMD specializes in central-pro- in recent years under Chief Ex- like AMD advance. AMD shed
The U.S. semiconductor in- weeks after graphics chip-mak- cessing units and graphics chips ecutive Lisa Su, making it a its chip-making facilities more
dustry is going through a seis- ing giant Nvidia Corp. agreed to at the heart of modern comput- more formidable competitor to than a decade ago and now re-
mic transformation, driven pay $40 billion for Arm Hold- ers. Its shares have advanced larger rival Intel Corp. lies on others to make its prod-
both by a wave of corporate ings, the British mobile-phone strongly this year as the pan- AMD is enjoying a surge at a ucts, such as Taiwan Semicon-
transactions and a pandemic chip design giant backed by demic fueled the sale of laptops, time when Intel has been strug- ductor Manufacturing Co.,
that has supercharged demand SoftBank Group Corp., in what as well as gaming systems such gling. Both companies have which runs some of the world’s
for some chips. would be the industry’s biggest as Microsoft Corp.’s Xbox and benefited from the spike in de- leading chip plants.
AMD’s planned purchase of ever deal if it goes through. Sony Corp.’s PlayStation that mand for laptops and cloud Please turn to page B2
Xilinx, which still must pass That proposed tie-up landed use AMD chips. The company computing as people increas-
regulator scrutiny in the U.S. after Analog Devices Inc. in July has also benefited from a busi- ingly work from home. Intel,  Heard on the Street: AMD
and abroad, would be one of the agreed to pay more than $20 ness selling processors for data however, has been stung by can roll the dice...................... B13
Ant’s Long Road to an IPO Games,
Ant Group’s initial public offering is poised to break global
records for total funds raised. The company became the world’s
Ant grew out of an online escrow service called Alipay—
a lifestyle and payments app with more than one billion users Cloud
most valuable startup after a fundraising round in mid-2018 that
valued it at $150 billion, and could raise more than $34 billion
with its coming listings and earn a valuation well in excess of
in mainland China—that was created in 2004 within online
retailer Alibaba Group. Alipay helped popularize QR codes.
Ant says it isn’t primarily a financial company, but
Boost
$300 billion.
That would place it among the world’s most valuable
a technology-solutions provider that connects individuals
and small businesses with banks, asset managers and other
technology companies.
Market value of the world’s top tech and payments companies
financial-services providers.
Microsoft
AT LISTING Alibaba CURRENT* Alphabet (Google) BY AARON TILLEY
Facebook
Ant $832B Visa $1.01T Mastercard Microsoft Corp. expects the
$666B pandemic-era demand surge for
$326B $316B cloud-computing services, vid-
Estimate eogaming and computers that
delivered a bumper quarter to
$313 billion $168B at listing $81B $43B $23B $5.3B persist at least through the rest
IPO: September 2014 May 2012 March 2008 August 2004 May 2006
of the year.
The software company on
Apple Tuesday said sales rose 12% to
Microsoft Amazon $37.2 billion, generating a net
$1.99T $1.61T profit of $13.9 billion in the
$1.59T first quarter of its fiscal year.
Tencent
The results surpassed Wall
$694B Street expectations on revenue
and profit for the quarter end-
$1.2B $0.8B $0.5B $0.4B ing in September.
December 1980 June 2004 March 1986 May 1997 Revenue from Azure, the
company’s massive cloud-com-
How its loan business works Where the money comes from puting service that has under-
pinned its financial success in
Alipay connects about 100 banks in China to consumers and small businesses that Ant’s revenue comes from two main sources: recent years, increased 48%
need short-term loans. Its credit businesses originate loans to millions of individuals. it collects fees from merchants when people from a year earlier.
MYbank, an Ant affiliate, provides loans to small businesses. Banks underwrite the transact with Alipay, and earns fees from “Demand for our cloud offer-
debt, take the credit risk and collect interest payments, while Ant collects fees banks and other financial companies that ings drove a strong start to the
for facilitating the transactions. The majority of Alipay’s transactions take place make loans or sell investment products on fiscal year,” Microsoft Chief Fi-
in China. It now handles more transactions yearly than Mastercard and Visa. its platforms. In the first half of this year its nancial Officer Amy Hood said.
operating margin was 34%. Microsoft’s personal-com-
puting business—which in-
Number of Ant’s individual Credit balance Annual transaction Revenue by division
borrowers borrowers volume* cludes licensing revenue from
2.5 trillion yuan 60 billion yuan Digital Digital PC sales, the Xbox gaming plat-
About payments finance form and Surface laptops—saw
500M sales advance 6% to $11.8 bil-
2.0 Alipay lion. The gaming content busi-
China $17.6 trillion† 40 ness saw a 30% jump in sales
1.4 billion 1.5 over the previous year. The
business is also expected to
further benefit later this year
World population 1.0
20 with the release of the new
7.7 billion Mastercard
Xbox Series X gaming console.
0.5 $6.3T
Visa 1st The company this quarter
$11.3T half will release its new Xbox Series
0 0 X gaming console into one of
2017 ’20† 2017 ’18 ’19 ’20 the hottest videogaming mar-
kets. “We expect very strong
*As of October 26 †As of June ‡For the 12 months ended June 2020 **Converted from yuan at Oct. 26 exchange rate Note: 1 trillion yuan=$149 billion
Sources: Dealogic (at listing); FactSet (current); staff reports (Ant); United Nations (world population); National Bureau of Statistics of China (China population); demand following the launch of
Ant Group (borrowers, revenue); the companies (transactions) our next generation Xbox Se-
ries X and S consoles,” Ms.
Please turn to page B4
Market Moves Signal Less Anxiety Over Election
BY GUNJAN BANERJI to higher economic growth, panies that typically trade at a something that hasn’t hap- stimulus plan in the cards. Al-
have ascended in October, while low multiple of their book pened all year. though other dynamics are at
Despite the recent stock- Treasury yields have jumped as value, or net worth—have out- Those market moves suggest play in markets, ranging from
market selloff, investors appear bond prices have fallen. Bets on performed. The S&P 500 Value investors are taking their cues the Covid-19 caseload to the
to be positioning for a speedy volatility falling through the index advanced 1.6% in October from polls showing former Vice vigor of the global economic re-
outcome to the presidential end of the year in the deriva- through Monday, beating the President Joe Biden with a covery, many investors say in-
contest and dwindling volatility tives market picked up, after S&P 500 Growth index’s 0.8% steady lead over President creased expectations for an or-
through the end of the year. months of investors positioning gain. The value index was on Trump, which increases the derly U.S. election season have
U.S. stocks, particularly for rocky markets into January. track to beat its counterpart for chances of a decisive victory. been among the key develop-
those in sectors most sensitive Value stocks—shares of com- the second consecutive month, They also see a robust fiscal Please turn to page B12
INSIDE Face Masks, Decor Fuel Etsy’s Momentum
BY CHARITY L. SCOTT masks, making it the second-
best selling category on the
Etsy Inc. is having a mo- site behind housewares and
ment. home furnishings.
The online marketplace Several other product cate-
built around selling handmade gories have fueled growth. Ex-
and vintage goods is riding a cluding masks, sales for the
wave of surging demand for home category were up 128%
KATHARINE KIMBALL/ZUMA PRESS
face masks and home decor, year over year, led by products
BUSINESS making it one of the few retail from furniture to wall art.
Raytheon continues winners in a year that has Sales of jewelry and accesso-
punished the sector. ries jumped 50%, while demand
with job cuts Now investors are looking also rose in smaller categories
as demand slows to see if Etsy, which reports including toys and games,
for jetliners. B2 third-quarter earnings on beauty and pet supplies.
Wednesday, can build on re- Etsy last year pegged the
cent momentum. The company size of its market at $100 bil-
PROPERTY REPORT said last quarter it had nearly A mask from Etsy. The site sold 12 million masks in April alone. lion, but the company and
Lenders take 19 million new or reactivated some analysts now say the
buyers on its platform, while Masks have played a big more than 110,000 sellers had pandemic has proved it is
action against total buyers jumped 41% from role in Etsy’s run. The com- sold at least one mask on the much larger. Needham & Co.
delinquent the same period last year. pany reported selling 12 mil- platform. Last quarter, 14% of analyst Rick Patel said strong
mall owners. B6 Profit swelled to five times the lion in April alone, and by the gross merchandise sales from sales last quarter in tradi-
year-ago quarter. end of the second quarter Etsy’s marketplace came from Please turn to page B4
B2 | Wednesday, October 28, 2020
INDEX TO BUSINESSES
These indexes cite notable references to most parent companies and businesspeople
in today’s edition. Articles on regional page inserts aren’t cited in these indexes.
A
Advanced Micro Devices
............................. B1,B13
Alphabet......................A6
Amazon.com..........B4,B6
Apartment Investment
& Management.........A2
Ares Management......B6
B
Banco Santander ........ B3
BASF............................B3
Bayer...........................B3
BioNTech.....................B5
Blend Labs..................A6
BP................................B3
C nounced 15,000—as it adjusts
Callaway Golf..............B2
Camber Creek..............B6
Caterpillar............B1,B12
CBRE Group.................B6
Chevron ....................... B3
Citigroup......................B3
Coinbase Global..........A6
Columbia Property Trust
.....................................B6
Convene.......................B6
CoStar ......................... A4
Cummins ..................... B1
Curbio..........................B6
D N-O
Davide Campari-Milano
...................................B13
Douglas Emmett ........ A4
E-F
Eli Lilly.................B5,B12
Etsy ............................. B1
INDEX TO PEOPLE
A H
Auchincloss, Murray...B3
B Hood, Amy..................B1
Beckerman, Michael...B6
Berman, Casey............B6
Bonfield, Andrew........B2
Botín, Ana...................B3
Brewer, Chip................B2
Bulger, Kate................A2
C Nelson, Robert............A2
Costello, Jim...............B6
D P-Q
Das, Ankhi...................B4
AMD
Agrees to
Buy Xilinx
Continued from page B1
This year’s almost 80% in-
crease in AMD’s share price
gave it the financial firepower
to scale up in a move similar to
Nvidia, which plans to use
about $21.5 billion in stock to
pay for Arm.
Xilinx shares rose more than
8%. AMD fell more than 4%.
With the chip industry con-
solidating and customer needs
changing, Ms. Su said size is
necessary to keep pace.
“We built a very strong busi-
ness around the foundation for
AMD, but when you look at
where the markets are going in
the future, I think scale mat-
ters,” she told the Journal, add-
ing that the companies’ cul-
tures, technology strategies and
business models meshed well.
Customers, she said, increas-
ingly want a variety of comput-
ing engines—chips that special-
ize in artificial intelligence, for
example, or networking—in-
stead of jack-of-all-trades chips.
And chip development costs are
rising, which gives the competi-
tive edge to those with larger
checkbooks.
AMD has steadily gained
 
market share against Intel in re-
cent months, reaching almost a
fifth of the market for PC cen-
* *** THE WALL STREET JOURNAL.
BUSINESS & FINANCE
Exxon Mobil................B3
Facebook .......... A4,A6,B4
Fifth Wall Ventures....B6
Poshmark .................... B6
PS Business Parks ..... A4
R
Raytheon Cuts More Jobs to Fit
Ford Motor................A12
G
Goldman Sachs...........B3
H
Raytheon Technologies
............................. B2,B13
Robinhood Financial...A6
Royal Dutch Shell.......B3
Downturn in Jetliner Demand
Harbor Group..............B6 S BY DOUG CAMERON hiring had been halved to Raytheon didn’t provide fi- industry recovery.
Harley-Davidson ......... B3 Saks Fifth Avenue......B6 4,000, while corporate staff nancial guidance for 2020, but The International Air
Hero MotoCorp ........... B3 SoftBank...................B13
HSBC ........................... B3 Sony.............................B1
Raytheon Technologies was reduced by 1,000. analysts forecast sales of Transport Association forecast
Hudson's Bay..............B6 Stitch Fix.....................B6 Corp., the biggest aerospace Aerospace suppliers are around $64 billion that would global airline revenues would
Stripe .......................... A6 supplier by sales, said it is shedding thousands of jobs in surpass those of Airbus SE be about $400 billion next
I
T cutting 20,000 jobs this year— response to the collapse of air- and Boeing Co. for the second year compared with an esti-
Industrious National
Management Company Taiwan Semiconductor up from a previously an- line traffic, though Raytheon year in a row. mated $350 billion in 2019. It
has been able to fall back on Sales at Raytheon’s Pratt & pared previous estimates from
.....................................B6 Manufacturing..........B1
Intel......................B1,B13 ThredUp.......................B6 to the shrinking airline indus- military sales such as engines Whitney jet-engine unit fell by August because of rising coro-
Intuit...........................A6 3M ............................... B1 try and the sharp drop in jet- for the F-35 combat jet and a third in the quarter, while navirus cases and pushed back
T-Mobile......................B6
J-K liner orders and deliveries. Patriot missiles. revenue from aircraft parts when it expects a vaccine to
Topgolf Entertainment The company, which sup- Defense rivals in recent halved as manufacturers re- be widely available.
JPMorgan Chase.........B3
.....................................B2
Kilroy Realty...............A4 plies engines, aircraft seats days have flagged slowing duced production and airline Airlines have cut back
Total ............................ B3
L Twitter........................A6 and other parts to airlines and growth in Pentagon spending flying remained subdued. sharply on maintenance
Latchable.....................B6 plane makers, said the cuts in- because of the soaring federal Raytheon expects its sales spending as they have cur-
U
Lord & Taylor .............. B6 clude a 20% reduction in its budget deficit. of parts and engines to Airbus tailed flying, hitting large and
Unibail-Rodamco-
M Westfield..................B6 commercial arm. It is also re- “Defense business also and Boeing to be down about small suppliers. Raytheon
Mastercard..................A6 V ducing its office and factory gives us the ability to continue 40% this year and in 2021 Chief Financial Officer Toby
Microsoft ............. B1,B12 space by as much as a quarter to invest through this cycle compared with last year, with O’Brien said the health of its
Visa............................. A1
in response to pandemic- and to make sure that we have minimal shipments of parts own supply chain had im-
W
Notarize.......................B6 driven changes in demand and the right technologies for the for the Boeing 737 MAX. proved over the quarter. He
Walker & Dunlop ........ B6 working conditions. future,” Chief Executive Greg Mr. Hayes said he didn’t ex- said the company had con-
Nvidia........................B13
OpenDoor .................... B6 X Raytheon had previously dis- Hayes said on an investor call pect 2019 levels of flying to cerns about only around 50 of
P Xilinx ......................... B13 closed around 15,000 job cuts as Raytheon reported a 77% return before 2023 at the ear- its 13,000 suppliers.
PayPal ......................... A6 Z at its Collins Aerospace and drop in quarterly profit. liest, and the main airline
Plaid ............................ A1 Zillow...........................B6 Pratt & Whitney engine arms. It Its shares fell 7%, or $4.28, trade group on Tuesday also  Heard on the Street: Remote
said Tuesday that contractor to $56.53 on Tuesday. tempered expectations for an work hits revenue................. B13
Quinn, Noel.................B3
Hayes, Greg.........B1,B13 R
Rascoff, Spencer.........B6
K Roman, Mike...............B1
Kay, Scott....................B3 S
Shorenstein, Brandon.A4
L
Silverman, Josh..........B4
Linebarger, Tom..........B1 Su, Lisa................B1,B13
N-O U
Umpleby, Jim..............B2
O’Brien, Toby .............. B2 Z
Zeitz, Jochen...............B3
Patel, Rick...................B1 Zenteno, Alex ............. B3
open up a previously untapped
$5 billion market to AMD’s data
center processors, she said.
Xilinx specializes in chips
that differ from the norm by al-
lowing users to reprogram
them after they are produced.
RICHARD RODRIGUEZ/GETTY IMAGES
Because of that flexibility, they
are useful in arenas where fast
prototyping is valuable and
where customers don’t need to
produce chips in large numbers.
Xilinx caters to some of the
same customers as AMD, in-
cluding operators of large data
centers filled with servers that
crunch companies’ data and Topgolf’s outdoor driving ranges have been a big draw during the pandemic. Above, race-car driver Kevin Harvick teed off in Allen, Texas, in 2018.
power the internet.
Xilinx would also give AMD a
foothold in areas where it is a
small player or entirely absent,
including telecommunications
Callaway on Course to Buy Rest of Topgolf
infrastructure and defense. Xil-
inx chips are used in the U.S.’s BY CARA LOMBARDO value of about $2 billion as of over 50% of Topgolf’s custom- vate-equity firm Providence
latest combat plane, the Lock- Monday’s close. ers don’t identify as golfers. Equity Partners, had been
heed Martin Corp. F-35 Joint Callaway Golf Co. agreed to Topgolf, based in Dallas, op- “Topgolf is the best thing looking into an initial public
Strike Fighter. They are also buy the rest of driving-range erates about 60 entertainment that happened to golf since Ti- offering. It was founded in
c F
commonly used in superfast 5G operator Topgolf Entertain- centers in the U.S. and else- ger Woods,” Callaway Chief 2000 by British brothers Steve
network infrastructure. ment Group, in a move that where that offer virtual golf- Executive Chip Brewer said. and Dave Jolliffe.
Financially, the deal, on clos- will bring a company known related games as well as les- “It’s going to be the largest Callaway first invested in
ing, would immediately improve for its clubs and golf balls into sons and host private parties. source of new golfers for our Topgolf in 2006.
AMD’s profit margins, earnings the fast-growing sports-enter- It generated about $1.1 billion industry.” The Carlsbad, Calif., com-
and cash generation, the com- tainment business. in revenue in 2019 and has Topgolf’s outdoor driving pany, founded in 1982, early
pany said. The move could also Callaway on Tuesday said it grown at a 30% compound an- ranges have been a big draw last year completed the nearly
aid AMD in reaching its goal of reached an all-stock deal that nual rate since 2017, the com- during the coronavirus pan- $500 million acquisition of ap-
20% annual revenue growth values Topgolf at around $2 panies said. It could be a valu- demic as people look for ways parel and equipment maker
over the next few years. AMD billion. Callaway, which al- able entry point into a sport to safely socialize out of the Jack Wolfskin. Callaway’s
promises $300 million in cost ready owns a roughly 14% that has been struggling to at- home. The company, whose other brands include Odyssey,
savings from the combination stake in Topgolf, had a market tract younger players, since other investors include pri- TravisMathew and Ogio.
within 18 months.
Under the deal, Xilinx share-
holders are to receive around
1.7234 AMD shares for each of
their Xilinx shares, representing
Sales for quarter.
The company said it ex-
pects sales to improve in the
   
a premium of almost 25% over
the company’s current value.
The addition of Xilinx, led by
Caterpillar, fourth quarter compared with
the third. The company’s order
backlog increased $500 mil-
  
 
  

tral processors in the second
quarter, according to Mercury
Research figures. It has also
CEO Victor Peng, would put
AMD on a more even keel with
Intel, which entered the fray in
3M Drop lion compared with the second
quarter but remained $1.2 bil-
lion below last year’s quarter.
been gaining share in CPUs that the chips Xilinx specializes in— “While the situation re-
go into servers. called field-programmable gate Continued from page B1 mains fluid, overall, we are   
 

The Xilinx deal, Ms. Su said, arrays—through its $16.7 billion chases] until such time as they cautiously optimistic,” Chief    

wouldn’t distract AMD from acquisition of Altera in 2015. have clarity,” Andrew Bonfield, Executive Jim Umpleby told
that business. AMD will win Despite the meteoric rise in Caterpillar’s financial chief, analysts.
  
 
further market share, she said, AMD’s share price and ambi- said in an interview. Caterpillar saw an uptick in   
adding that the companies to- tion, it lags far behind Intel in The oil-and-gas market was late payments from customers,
  
gether would have more prod- other measures of size. Intel particularly weak for Caterpil- with the past-dues rate in-
ucts and a longer list of custom- has roughly 10 times the num- lar. Its sales to customers in creasing to 3.8% from 3.2% in
ers that they could sell to ber of AMD’s employees and that industry fell 41% as de- the same quarter a year be-
together. Xilinx’s relationships made $71.9 billion of revenues clining energy prices have fore. Still, the company said
with telecom equipment giants last year, compared with AMD’s caused development of new oil its customers remained in
Samsung Electronics Co. and $6.7 billion. And Intel still main- and gas fields to stall. Cater- good financial health. While
Ericsson AB, for example, could tains a commanding lead pillar continues to view energy some went on a revised pay-
 ()
  (
against AMD in measures of as a long-term opportunity. ment schedule during the
 !  * ! 
AMD is parlaying the increase market share. During the quarter it said it heights of the lockdowns ear- !+'  '  ( 
in its share price to finance its Along with the transaction, would buy the oil-and-gas lier this year, about 90% are
biggest ever acquisition. Nvidia AMD on Tuesday reported a business of Weir Group PLC now back to paying on a nor- & !  ' ! '
also plans to use shares to help jump in third-quarter profit, for $405 million. mal schedule, Caterpillar said.
buy Arm Holdings. propelled by the same pan- Caterpillar said there were In all, revenue fell 23% to
( ! ' 
!' 

demic-fueled demand for vid- some positive signs in the $9.88 billion, from $12.76 bil- ) ( (!
Year-to-date performance eogame consoles and com- markets for its machinery. It lion in the same quarter a year
150% puter processors that has expects industrywide con- before. Profit declined 55% to  !



underpinned its stock much of struction demand in China to $668 million.
Nvidia the year. increase for the year as a 3M said sales of N95 and
100
+128% The company said it had
$2.8 billion in sales in the quar-
whole, despite a massive drop
at the start of 2020 as the
other masks were $235 million
higher than in the year-earlier
 
Advanced ter, up 56% from the year prior. country first worked to con- quarter. The company has sold "  #
 $%
Micro It generated 32 cents in earn- tain the virus. In the U.S., 1.4 billion masks so far this
50
Devices ings per share, almost triple the home builders have increased year and is on track to sell 2 
+72% year-ago figure. Both sales and construction rates recently. billion by the end of 2020 as it  ! 
per-share earnings topped Wall “Residential construction is more than triples production.
Xilinx Street estimates according to a bright spot. That’s some- The company said its global
0 +27% analysts surveyed by FactSet. thing we expect to continue,” sales grew 0.9%, excluding ac-
AMD said it expects to have Mr. Bonfield said. quisitions and currency move-
about $3 billion in sales in the Caterpillar said it was well ments, including a 5% increase
current quarter, also ahead of positioned to weather the cri- in the U.S. and 8% in China. 3M
   
–50
Wall Street expectations. sis, with $9.3 billion in cash posted a profit of $1.41 billion  
J FM AM J J A S O
Xilinx last week posted quar- and $14 billion of available li- compared with $1.58 billion in
Source: FactSet terly sales of $767 million. quidity at the end of its third the same period last year.
THE WALL STREET JOURNAL. * * Wednesday, October 28, 2020 | B3

BUSINESS NEWS

Harley-Davidson’s At BP, Five Quarters of Losses

Profit Surges on
Leaner Production
BY BOB TITA
Harley-Davidson Inc. deliv-
ered on its strategy to in-
crease profit by curbing mo-
torcycle production and costs.
The company’s shares
jumped 22% to $35.40.
The manufacturer reported
a 39% increase in third-quar-
ter profit despite selling 8%
primarily in North America,
Europe and parts of Asia—that
generate a large share of the
company’s sales and offer the
best potential for growth.
“We don’t want to grow for
the sake of growing. We want
to grow profitably,” Mr. Zeitz
said during a conference call
with analysts.
As the company retreats
Low oil prices, weaker
trading results, and
slim refining margins
hurt the bottom line
BY SARAH MCFARLANE
LONDON—BP PLC reported
a fifth consecutive quarterly
loss on Tuesday, providing the
first glimpse of how major oil
companies navigated the third
quarter amid a prolonged
slump in demand triggered by
the coronavirus pandemic.
The loss follows one of the

NOAM GALAI/GETTY IMAGES

less bikes than a year earlier.
Chief Executive Jochen Zeitz
is scaling back overseas ex-
pansions, eliminating slow-
selling models and lowering
inventory at bike dealers to
sharpen Harley’s focus on
best-selling models in markets
with the strongest sales.
The Milwaukee-based com-
pany is delaying or abandon-
ing models aimed at younger
riders and customers overseas.
Harley said it will exit 39 mar-
kets overseas with low sales
and rely on distributors to sell
its motorcycles in 17 countries,
including in India, where it is
closing an assembly plant.
India’s Hero MotoCorp Ltd.
will sell and service Harley’s
bikes in India. Under a licens-
ing agreement with Hero, Har-
ley will allow Hero to develop
and sell motorcycles under the
Harley-Davidson brand.
Harley said it will concen-
trate on about 50 markets—
from a decadelong effort to
expand the brand globally, it
has reduced its workforce by
about 10% and plans to trim
the number of current and
planned models in its lineup
by a third.
Overhead expenses fell 26%
during the quarter. Motorcycle
shipments from the factories
dropped 6% and dealer inven-
tories of motorcycles shrank
by more than a third.
For the quarter ended Sept.
27, net income rose to $120.2
million, or 78 cents a share,
from $86.6 million, or 55 a
share, a year earlier. Adjusted
profit increased to $1.05 a
share, ahead of the 30 cents
expected by analysts.
Harley said it generated
$964 million in revenue from
motorcycles and related prod-
ucts, down from $1.07 billion
in the year-earlier period but
ahead of the $844 million ex-
pected by analysts.
worst second quarters ever for
the sector, in which BP halved
its dividend and cut jobs. In
the third quarter, oil prices
stabilized at around $40 a
barrel after diving earlier in
the year. Still, prices remain
around a third below where
they were a year earlier.
BP’s earnings also suffered
from lower refining margins
and weaker trading results.
Trading had provided a bright
spot in the previous quarterly
earnings for BP, Royal Dutch
Shell PLC and Total SE, but
lower volatility in the quarter
ended Sept. 30 reduced trad-
ing opportunities.
Other major oil companies
are expected to report another
weak quarter, with Shell and
Exxon Mobil Corp. having al-
ready flagged expected losses
in their oil-and-gas production
businesses in recent weeks.
Shell is due to report its
earnings on Thursday, fol-
BP is increasing investment in renewables, to rely less on oil. A BP gas station in New York City.
lowed by Chevron Corp. and
Exxon on Friday.
Refining and trading some-
times offer some relief to ma-
jor oil companies during times
of lower energy prices but re-
cently even these areas ha-
ven’t been as profitable. Refin-
ing margins have in the past
risen when oil prices have
fallen, but Covid-19’s decima-
tion of fuel demand meant this
didn’t happen.
“Oil prices went down but
refineries couldn’t get the
product away to the market,
people weren’t flying, people
weren’t driving,” said Murray
Auchincloss, BP’s chief finan-
cial officer, in an interview.
The outlook for trading and
refining margins remained
challenging, BP said, due to
Covid-19, with inventories and
a leveling off in demand for
gasoline and jet fuel.
The company reported a re-
placement cost loss—a metric
similar to the net income fig-
ure that U.S. oil companies re-
port—of $644 million for the
three months ended Sept. 30,
from a loss of $351 million in
the year-earlier period.
It is the first set of earnings
for the British company since
it gave details of a wide-rang-
ing revamp to become less de-
pendent on oil, while increas-
ing investments in renewables
and other low-carbon energy
sources over the next decade,
at an event last month. That
shift hasn’t eased investor
worry. The company’s shares
are trading near a 25-year low
and have underperformed
their peers in recent months.
BP plans to sell $25 billion
of its assets by 2025 and has
already achieved around half
of the target, including recent
sales of its Alaska business
and its chemicals unit. Net
debt is expected to shrink in
the fourth quarter as proceeds
from the sales are received.

EPA Allows Weedkiller Type in a Win for Bayer, BASF

BY JACOB BUNGE
The U.S. Environmental Pro-
tection Agency will extend its
approval of controversial weed-
killers for another five years, a
victory for agriculture compa-
nies Bayer AG and BASF SE.
The agency said Tuesday its
reapproval of dicamba herbi-
cides, which have been blamed
for damaging millions of acres
of crops in recent years, would
provide clarity to farmers who
say they need the spray to
combat hard-to-kill weeds.
Tighter nationwide rules
around when and where the
herbicide can be sprayed on
farms will help limit injury to
crops and residential gardens,
the agency said.
“We have reached a resolu-
tion that is good for our farm-
ers and our environment,” said
EPA Administrator Andrew
Wheeler.
The dicamba weedkillers are
paired with soybean and cotton
seeds that have been genetically
engineered to withstand the
spray. The companies pitch the
combination as a way for farm-
ers to defeat costly weeds like
palmer amaranth and marestail
that have developed resistance
to other common farm herbi-
cides, like Bayer’s Roundup.
However, dicamba has di-
vided farmers since the compa-
nies released the products
about four years ago. The
chemical is prone to evaporat-
ing and drifting on the wind,
potentially threatening nearby
fields, and states have received
thousands of farmer complaints
of crop damage linked to di-
camba. The chemical compa-
nies and some farmers have de-
fended dicamba, saying that
their formulations of the herbi-
cide are less prone to evapora-
tion, and that the sprays can be
controlled by following manu-
facturers’ directions.
In June, the U.S. Court of
Appeals for the Ninth Circuit
ruled that the EPA overlooked
risks to other crops when the
agency last approved the herbi-
cides in 2018, and revoked
those approvals. While that rul-
ing came after many farmers
were done spraying dicamba
for the year, it raised pressure
on the EPA as the agency con-
sidered granting new dicamba
approvals, which were sched-
uled to be decided by late 2020.
To help protect vulnerable
crops, the EPA said Tuesday it
would prohibit the dicamba
herbicides from being applied
to soybeans after June 30, and
on cotton after July 30.
BASF’s U.S. Crop Vice Presi-
dent Scott Kay said the ruling
will help farmers keep fields
clear of weeds. Alex Zenteno, di-
camba product manager for
Bayer, said adding the new
chemical agent would help farm-
ers keep control over dicamba.

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B4 | Wednesday, October 28, 2020
Facebook’s Head
Of Public Policy in
India Steps Down
BY NEWLEY PURNELL
A Facebook Inc. executive
in India who was at the center
of a political storm over the
company’s policy on anti-Mus-
lim hate speech on the plat-
form is leaving her position,
the social-media giant said.
Ankhi Das, Facebook’s top
public-policy executive in its
biggest market by users, said
in an internal post provided by
the company that she had de-
cided to step down to pursue
her interest in public service.
The Wall Street Journal re-
ported in August that Ms. Das
had opposed applying Face-
book’s hate-speech rules to a
politician from the ruling
Hindu nationalist party, along
with at least three other
Hindu nationalist individuals
and groups flagged internally
for promoting or participating
in violence, according to cur-
rent and former employees.
Following the article’s pub-
lication, Indian lawmakers
questioned Facebook officials,
while the company’s staff
pushed internally for a review
of how it handles problematic
content.
In a letter from members of
Facebook’s internal group for
Muslim employees, called
Muslim@, staffers from India,
the U.S. and Middle East said
the company needed to make
its policy-enforcement process
for high-profile users more
transparent and less suscepti-
ble to political influence.
Facebook later banned a
member of India’s ruling
party, T. Raja Singh, whom the
In Memoriam
 
* * THE WALL STREET JOURNAL.
TECHNOLOGY WSJ.com/Tech
Journal identified as posting
material that violated hate-
speech rules. Mr. Singh has
TERRY PIERSON/ORANGE COUNTY REGISTER/ZUMA PRESS
said in Facebook posts and
public appearances that Roh-
ingya Muslim immigrants
should be shot, called Muslims
traitors and threatened to raze
mosques.
A subsequent Journal arti-
cle revealed that Ms. Das
made internal postings over
several years describing her
support for the ruling party
and criticizing its main rival,
behavior some staff saw as
conflicting with Facebook’s
pledge to remain neutral in
elections world-wide. An Amazon facility in Eastvale, Calif., in May. Excluding seasonal workers, Amazon’s world-wide workforce is headed to one million.
“Ankhi has decided to step
Amazon to Add 100,000 Jobs
down from her role in Face-
book to pursue her interest in
public service,” Ajit Mohan,
the company’s managing di-
rector for India, said. Ms. Das
was “one of our earliest em-
ployees in India and played an
instrumental role in the
growth of the company and its
services over the last 9 years,”
For Coming Holiday Season
he said. BY DAVE SEBASTIAN North America this year. Ama- The company will report until earlier this month. The
Ms. Das said in her post zon said it pays its workers at third-quarter results on Thurs- promotion propelled consum-
that she had “decided to step Amazon.com Inc. plans to least $15 an hour. day. Analysts polled by FactSet ers to spend billions of dollars,
down from Facebook after hire 100,000 seasonal workers Last month, the company expect Amazon to post a profit but the event was also marked
long service to its mission of in the U.S. and Canada heading said it would hire 100,000 ad- of $3.84 billion on sales of by activism around the coun-
connecting people and build- into the Thanksgiving and ditional warehouse employees $92.78 billion for the period. try, including an online peti-
ing communities.” Christmas holidays ahead of an in the U.S. and Canada. Ex- Amazon has experienced a tion targeting Amazon’s pro-
India is a key market for expected surge in online orders. cluding seasonal workers, Am- wave of orders this year as ductivity expectations for
Facebook, which isn’t allowed The e-commerce giant on azon’s world-wide workforce warehouse workers.
to operate in China, the only Tuesday said the seasonal will be roughly one million af- Retailers including Walmart
other nation with more than workers would pack and de- ter accounting for the 100,000 Inc. and Target Corp., as well
one billion people. liver items, among other roles, additional positions and
The company as e-commerce companies
Facebook’s policies for po- during the holiday shopping 33,000 corporate and technol- accounts for more such as Instacart Inc., have
licing content on its platform rush. The additions build on ogy jobs it is adding. Amazon also seen immense growth on-
have regularly drawn accusa- the company’s hiring spree will have more than 700,000
than a third of online line and hired hundreds of
tions of political bias in the this year to meet soaring de- employees in the U.S. once sales in the U.S. thousands of workers. Brick-
U.S., from Republicans and mand during the coronavirus those positions are filled. and-mortar retailers have
Democrats alike. pandemic, even as companies Amazon, which accounts for booked some growth through
across a range of industries more than a third of online their digital sales as their
have cut their workforces and sales in the U.S., has recorded Covid-19 restrictions pushed stores experienced Covid-19
filed for bankruptcy. record profits during the pan- more people toward online disruptions. Some retailers
The Seattle-based company demic. It posted a record shopping. After struggling to plan to close stores on
For more information:
wsj.com/inmemoriam
also said it has promoted
more than 35,000 operations
employees, including fulfill-
$88.91 billion in sales during
its second quarter, and profit
doubled to $5.24 billion from
meet a surge in online order-
ing at the outset of the pan-
demic, Amazon postponed its
Thanksgiving and are offering
Black Friday deals online dur-
ing November and December
ment-center workers, across the same period last year. annual Prime Day sales event to reduce crowds.



  

Face Masks for customers to find what

they are looking for—a rele-
quickly so that you can make
some extra income,” he said
home, some newly furloughed
workers with sewing skills

IN
vant issue this spring when a during an April interview on gravitated to the platform,

MEMORIAM Fuel Etsy’s search for “mask” was as

likely to bring up costumes as
protective face coverings.
Fox News. The marketplace
was flooded with masks of a
variety of sizes, colors and
pushing the number of active
sellers to 3.1 million, the com-
pany said. Etsy charges sellers

Honor your loved one’s life

in The Wall Street Journal
Momentum In the early days of the
pandemic, the Centers for Dis-
ease Control and Prevention
fabrics, and Etsy quickly es-
tablished itself as a go-to des-
tination for fabric masks.
a fee of 5% of the list price for
items sold on the platform.
The platform is currently
recommended against wearing Stephen DeMent, 40 years adding between 45,000 to
Continued from page B1 face masks. When that posi- old, who owns an Etsy shop 50,000 new sellers a week, and
Share your loved tional retail categories such as tion changed in April, many called Funk and Chill, heeded already has outstripped the to-
one’s story with an home and accessories showed retailers weren’t ready, lead- that call. A Seattle native liv- tal number of sellers added last
announcement in the Etsy’s reach beyond crafts. ing Americans to piece to- ing in Thailand, Mr. DeMent year, according to data from
pages of The Wall Street “Masks might be bringing gether face coverings out of said his shop usually has three Marketplace Pulse, a research
Journal, either in our people to Etsy’s door, but it’s old bedsheets and T-shirts. times its current selection of firm. Half of those new sellers
doing a good job of retaining Amid the effort to source apparel and accessories. He are based in the U.S., a signifi-
national or regional
them to buy other products,” reusable face masks, Etsy ap- reduced listings and quadru- cant jump over the past two
editions. Our In Memoriam Mr. Patel said. pealed directly to its then-2.8 pled his formerly five-person years, said Marketplace Pulse
notices provide a dignified Etsy’s shares have more million sellers through blog staff to keep up with demand founder Juozas Kaziukenas.
 
   way for friends, family and
  than tripled in value since the posts, emails and even televi- for masks. Etsy said it is continuing to
 

   colleagues to pay tribute. start of the year. sion appearances from CEO Funk and Chill has sold make other improvements to

  !    To help make its case to Josh Silverman. about 100,000 masks, he said, the buying experience, includ-
  !      new customers, the company “We’ve got a lot of materi- pushing revenue up roughly ing giving sellers the ability to
 "
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To learn more, visit has been increasing spending als available on Etsy that’ll 700%. “It’s basically been a display estimated delivery
#    $$
%   " #  WSJ.com/InMemoriam on marketing and customer show you the pattern that you six-month marathon,” he said. dates and rolling out Klarna,
&
   &# #$  support, including issuing re- need to use and give you tips While many Etsy shops are which allows customers to pay
 '  #  $ # funds more quickly. It also has and guidelines on how to get run by individual sellers who for purchases in installments,
  #&&   !
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invested in making it easier your shop up and running very were already working from to U.S. shoppers last week.
All Rights Reserved.
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To advertise: 800-366-3975 or WSJ.com/classifieds
Cloud Lift
PORSCHE
Microsoft
BRENT LEWIN/BLOOMBERG NEWS

Continued from page B1

Hood said.
Chief Executive Satya Na-
della is doubling down on the
company’s gaming effort. Mi-
crosoft last month said it would
 spend $7.5 billion to acquire Ze-
  "   , "#      niMax Media Inc., the owner of
  
,     "./  game developer Bethesda Soft- With many people at home, laptops and tablets are selling strongly.
  
,  ., 0)1  '&      works as well as the Doom vid-
2  "   , 3( 
  "#     "./  eogame franchise. The deal tions Inc. International Data Corp. Tues-
   
4  "   "#    $% &-5     "./ 2 came shortly after Mr. Nadella’s “The next decade of eco- day said that by the end of next

        
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failed bid to buy parts of the nomic performance for every year it expects 80% of enter-


    
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7 popular short-form video app business will be defined by the prises will put a mechanism in
 .  4 ,# &  ) &      TikTok from Beijing-based speed of their digital transfor- place to shift to cloud-centric
 "6 9&     ByteDance Ltd. mation,” Mr. Nadella said. infrastructure and applica-
2 "6 .&  3( &     "./ 4 Microsoft forecast record- Teams, Mr. Nadella said, has tions—a rate twice as fast as
2 .  4, 35: ;   !"# $ %  6   "./  breaking sales for the current more than 115 million daily ac- before the pandemic.
"7'78/<,3
quarter. But its projection for tive users, up from 75 million Strong demand for long-
 2 "6 4     2   $13.2 billion to $13.6 billion in daily active users disclosed in term Azure contracts swelled
   ! "#   2 ,#6(  &      revenue for the segment that April, and signaled that many commercial bookings in the
"   $% &      2 "6 , 
   2  "./ 2 included its gaming business of the changes made during the quarter, Microsoft said. They
 fell short of Wall Street’s lofty pandemic to how people work rose 23% year over year, far
,.3"=7-3</=",
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 '$ 44 &'(  , 1    4 down more than 1.5% in after- clear that people will need creases the Redmond, Wash.,
 ' ()*+ 7' -3  , ;    2  "./ 24 market trading. more flexibility in when, where company saw in the previous
 '$  5> 1 "1 & ! ,#  6    "./ 2 Throughout the pandemic, and how they work,” he said. two quarters during the start of
 '$ ' 5> 1   !)* $ % " ! =1 6   "./  Microsoft has enjoyed a boost “The next decade of economic the coronavirus pandemic.
2 "%1 & " 1&& ? -?
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software package Teams that their digital transformation,” Windows software package,
offers features that compete he said. said Brent Bracelin, an analyst

     
        with Slack Technologies Inc. The shift to the cloud is ex- at Piper Sandler. The company
 
      and video-teleconferencing ser- pected to be a continuing focus doesn’t break out Azure sales
vice Zoom Video Communica- for companies. Research firm figures.
THE WALL STREET JOURNAL. Wednesday, October 28, 2020 | B5

BUSINESS NEWS

Pfizer Late-Stage Vaccine Trial Nearly Set

Covid study enrollment
close to done; CEO is
cautious but says use
possible by year-end
BY JARED S. HOPKINS
AND MATT GROSSMAN
Pfizer Inc. said a global late-
stage trial evaluating its
Covid-19 vaccine is almost fully
enrolled with participants, as
its chief executive called for pa-
tience as researchers advance
in collecting trial results.
The drugmaker hasn’t yet
conducted the first review of
whether its experimental vac-
cine works safely.
Pfizer’s Phase 3 trial seeking
44,000 volunteers needs fewer
than 2,000 people to be fully
enrolled, the company said
pandemic.
“We have reached the last
mile,” Pfizer Chief Executive Al-
bert Bourla said on a confer-
ence with analysts discussing
earnings. “Let’s all have the pa-
tience required for something
so important for public health
and the global economy.”
Mr. Bourla reiterated the
time line he laid out earlier this
month for the vaccine’s poten-
tial rollout. He said Pfizer could
file for an emergency authori-
zation to put the vaccine into
initial public use in late Novem-
ber, assuming positive trial re-
sults—suggesting shots could
be made available in the U.S.
before the end of the year.
He also sought to provide
assurances that vaccine devel-
opment won’t be politicized.
Mr. Bourla called the upcoming
presidential election “an artifi-
view of whether the vaccine U.S. by March, and to deliver
works safely, known as an in- about 40 million by the end of
terim analysis, which was this year.
planned once 32 study partici- He also said the company
pants become infected with plans to provide the Covid-19
symptomatic Covid-19, Pfizer vaccine to developing and low-
said. The review is performed income countries, such as some
by an outside group of experts in Africa, on a not-for-profit
known as the data safety moni- basis. The company’s price in
toring committee. “We don’t the U.S. has tracked to about
have the 32 events right now,” $20 a dose, although the gov-
Mr. Bourla said. ernment purchased the initial
In an interview, Mr. Bourla doses and plans to provide
said it is “extremely unlikely” them to people free of charge.
any efficacy data about the vac- Sales for the vaccine are es-
cine would be made public be- timated at $3.5 billion next
fore Nov. 3, partly because once year before steadying at $1.4
the company gets the data it billion annually, according to
would take about a week to analysts at SVB Leerink LLC.
thoroughly analyze it. Pfizer recorded third-quarter
In Pfizer’s study, half the sales of $12.13 billion, com-
participants get a two-dose pared with $12.68 billion in the
regimen of the vaccine three same three-month period last
weeks apart, with the rest get- year. Analysts surveyed by
ting placebo shots. A week af- FactSet had forecast $12.31 bil-

Tuesday while announcing
third-quarter earnings. The
New York-based company also
said that nearly 36,000 people
in the trial received their sec-
ond injection of either the two-
dose vaccine or a placebo.
Pfizer’s Covid-19 vaccine,
which it is developing in part-
nership with Germany’s BioN-
Tech SE, is among the most ad-
vanced shots from
pharmaceutical companies
working to help stem the global
cial milestone” and asked for
patience as trial data is col-
lected, analyzed and potentially
filed to regulators. “This is go-
ing to be not a Republican vac-
cine or a Democratic vaccine. It
would be a vaccine for the citi-
zens of the world,” he said.
He added, “I know how
much stress levels are growing.
I know how much a vaccine is
needed for the world.”
An outside panel of experts
hasn’t performed the first re-
ter subjects receive their sec-
ond shot, researchers begin
checking whether the vacci-
nated group develops symp-
toms more or less frequently
than those who weren’t vacci-
nated. The Food and Drug Ad-
ministration is requiring two
months of observational safety
data of vaccinated study partic-
ipants.
President Trump has said a
Covid-19 vaccine could be avail-
able before Election Day.
The vaccine is being developed in partnership with BioNTech.
Pfizer’s development time line,
as well as those of the other
top Covid-19 vaccine develop-
ers, make a pre-election green-
light unlikely.
Pfizer has already spent
nearly $2 billion on its Covid
vaccine program. AstraZeneca
PFIZER/REUTERS
PLC, Moderna Inc. and Johnson
& Johnson also have vaccines
in advanced development.
Mr. Bourla said that Pfizer,
which is ramping up manufac-
turing capabilities, will be able
to meet its commitment to pro-
vide 100 million doses in the
lion of sales.
The company’s biopharma
revenue grew by 3% to $10.22
billion as sales expanded for
drugs such as blood thinner El-
iquis and arthritis treatment
Xeljanz. Revenue from the com-
pany’s Upjohn segment, which
focuses on generic drugs, de-
clined by 18% to $1.92 billion.
Pfizer plans to spin off Up-
john in a combination with
U.K.-based Mylan NV that will
be called Viatris.

Eli Lilly Posts Lower Earnings, Has Setback on Drug

BY PETER LOFTUS
Eli Lilly & Co. reported
lower-than-expected quarterly
earnings due to pricing pres-
sure on top products, while
the drugmaker said it would
proceed with plans to intro-
duce a new Covid-19 antibody
treatment despite a setback in
one of several clinical studies
of its uses.
The company Tuesday re-
ported third-quarter profit de-
clined to $1.21 billion, or $1.33
a share, from $1.25 billion, or
$1.37 a share, a year earlier. On
an adjusted basis excluding cer-
tain items, Eli Lilly’s profit was
$1.54 a share. Analysts polled
by FactSet had forecast an ad-
justed profit of $1.71 a share.
Revenue rose 5% to $5.74
billion from $5.48 billion, but
was short of the analysts’
forecast of $5.88 billion.
The revenue shortfall came
primarily from lower-than-ex-
pected sales of Lilly’s top
drug, the diabetes treatment
Trulicity. Lilly said that al-
though it made modest list-
price increases in the U.S., it
had lower realized prices due
to changes in its estimates of
rebates and discounts for the
drug. As a result, sales growth
was lower than prescription
volume growth.
The Indianapolis-based com-
pany said it would continue
pursuing U.S. authorization for
an antibody drug to treat
Covid-19 patients in the early
course of illness and with a
mild to moderate version of
the disease. That comes after
the National Institute of Al-
lergy and Infectious Diseases
said late Monday that it would
close a study of a different use
of that drug, later in the course
of the disease in hospitalized
patients. The institute con-
cluded the antibody drug
didn’t provide a clinical benefit
to hospitalized patients.
Eli Lilly Chief Executive Da-
vid Ricks said Tuesday that the
halted study doesn’t signal sig-
nificant concerns for LY-
CoV555’s safety. “We’ve
learned antibodies are more
likely to work early in the dis-
ease and are less likely to be
effective in later stages of the
disease,” he said in an inter-
view after the company re-
ported its third-quarter results.
A separate study had shown
that the antibody drug reduced
hospitalization rates in people
with mild to moderate Covid-19,
and this is the basis for Lilly’s
request for U.S. regulators to
authorize its use. Eli Lilly plans
to continue testing the drug in
other studies, in patients early
in the course of their disease,
and in people at risk of infec-
tion, including staff and resi-
dents at nursing homes.
Lilly shares dropped 6.9% to
$131.90 Tuesday, which ana-
lysts attributed to investor
disappointment in the anti-
body study halt as well as
third-quarter results that
missed expectations. The com-
pany lowered its profit guid-
ance for 2020, though it pro-
jected continued recovery in
the health-care sector despite
the continuing pandemic.
The company expects new
prescriptions for patients to
continue to recover in the U.S.
Company executives also ex-
pect general health-care activ-
ity to accelerate following a
slump earlier in the pandemic
as providers shift to telehealth.
Jared Holtz, a health-care
equity strategist at financial-
services firm Jefferies, called
the quarterly results slightly
disappointing and said the set-
back for the Covid-19 antibody
drug makes Lilly a less formi-
dable player in the hunt for
treatments.
Drugmakers and health offi-
cials say antibody-based drugs
may fill a treatment gap for
Covid-19 and provide tempo-
rary protection, even before
any Covid-19 vaccine becomes
available.
—Matt Grossman
contributed to this article.

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B6 | Wednesday, October 28, 2020 THE WALL STREET JOURNAL.

THE PROPERTY REPORT

Delinquent Mall Owners Face Foreclosure
Lenders take action as In one recent example, lend-
ers to the Saks Fifth Avenue
landlords continue to store at Miami’s Dadeland Mall
miss payments amid are foreclosing on the property
owner after it defaulted on its
Covid-19 struggles mortgage payment in April,
and hasn’t paid since, accord-
BY ESTHER FUNG ing to court documents filed at
a court in Miami-Dade County.
More lenders are starting to The $846 million mortgage
deliver a stern new message to is securitized with collateral
delinquent mall owners: time from 10 Saks stores and 24 Lord
to pay up. & Taylor stores around the
During the early months of country, meaning the lender
the pandemic, lenders were could seize these properties
willing to allow rent deferrals through the foreclosure process.
and offer other concessions to An entity affiliated with
retail property owners. Retail Hudson’s Bay Co., owner of
cash flow would return once the the stores, said it has been in
initial lockdown period passed, talks with the lender that be-
lenders figured. But the pan- gan before the foreclosure pro-
demic has accelerated store clo- ceedings. The owner “is disap-
sures. In a big blow to dozens pointed that in the context of a
of malls, Lord & Taylor filed global health crisis the lenders
for bankruptcy in August and would choose litigation over
will close all 38 of its stores. cooperation but understand
Now, as many landlords the background and continue
continue to struggle and miss to diligently pursue an amica-
payments, some banks and ble solution,” a Hudson’s Bay
other lenders think it is time spokeswoman said.
to start cracking down. An attorney for the lender,
who represents the various
bondholders in the commercial
mortgage-backed securities
market that have the loan,
didn’t respond to requests to
comment.
Some lenders are now wor-
ried about fast-falling retail
property valuations, which
around the country are plung-
ing by as much as 75%. Lend-
ers say they are compelled to
conduct foreclosure sales to
recoup what is owed them.
Meanwhile, a number of
mall owners are filing lawsuits
against retailers that they say
have the financial ability to
meet their obligations but ha-
ven’t paid rent. Some tenants,
in turn, have asked the courts
to allow them to break their
leases. “Every step of the way,
everyone is fighting each
other to see who will take the
loss,” said Jim Costello, senior
vice president of research firm
Real Capital Analytics.
In New York City, a Canadian
bank has launched foreclosure
proceedings against a retail
Delinquency rates for rower has been in default of its
commercial mortgage-backed debt payments since May, ac-
securities cording to a court filing last
20%
month. Harbor Group didn’t re-
spond to a request to comment.
Some mall landlords have
Retail
given up. The owners of Park
Plaza Mall in Little Rock, Ark.,
15
ended loan modification talks
in the spring and turned the
keys over to their lender. The
10
mall was valued at $33.1 mil-
lion when the negotiations col-
lapsed, down from $142 mil-
All
property
lion in 2011, according to real-
5 types estate data firm Trepp LLC.
A number of owners are
looking at converting malls to
residential buildings or ware-
0 houses, which are more in de-
2019 ’20
mand. But that could result in
valuations on the redeveloped
Source: Trepp properties falling by 60% to
90% compared with pre-
property in Midtown Manhat- Covid-19 levels, according to
tan owned by Harbor Group research analysts at Barclays
International. The property, PLC. Only 15% of mall conver-
whose former tenants include sions to other mixed-use de-
fashion and accessories retailer velopers offered better recov-
Charming Charlie, had a $40 ery rates, the analysts said.
million mortgage. The bor- Some mall investors are also
pressuring landlords to sell
properties, opposing fundrais-
ing plans that they believe will
only prolong the suffering.
A group of investors of Uni-
bail-Rodamco-Westfield SE,
which owns properties in Eu-
rope and big malls in San Di-
ego and suburban New Jersey,
said the company’s recently
proposed €3.5 billion rights is-
sue, equivalent to $4.1 billion,
would be severely dilutive to
its share price.
The investors said that the
Paris-based company should
sell its U.S. mall portfolio in-
stead. URW’s acquisition of
Westfield Corp. in 2018 had
“disastrous consequences,” ac-
cording to a presentation by
the activist investors who
jointly own 5% of URW.
The Westfield acquisition
“burdened the company with
debt, distracted management
and was a gross misallocation
of resources,” said Léon
Bressler, a former chief execu-
tive officer of Unibail, the pre-
decessor to URW.

Pandemic Boosts
Startups Behind
Virtual Solutions
BY PETER GRANT which was launched in 2011 and
raised a total of $37 million in
The business of investing in its first two funds. “Then in
tech-oriented, startup prop- March, there was a moment in
erty firms took years to gain time when the perception of
traction in the stodgy real-es- technology went from a nice-
tate industry. But it is gaining to-have to a need-to-have.”
fresh momentum during the Camber Creek has invested
coronavirus pandemic. in more than two dozen start-
As fear of exposure to the ups. They include Notarize Inc.,
new virus is limiting the ability a firm that enables home buy-
LATCHABLE

to visit properties and close on ers and sellers to use the inter-
them, demand is booming for net to remotely notarize docu-
startup firms that provide vir- ments. In July, when Notarize
tual ways to do this. Revenue announced a new $35 million Residents of the One Blue Slip apartment rental in Brooklyn use a system developed by Latchable to unlock doors using a cellphone.
and investment is rising for funding round, it said its busi-
many, especially for those in the ness had increased 400% since lion in 2018, according to hard, such as retail and lodg- Beckerman said. Group Inc.’s former chief execu-
hot residential-sales business. March. Camber Creek’s other CREtech, a research firm. ing. With millions of office em- Those with rising sales are tive, recently co-founded a firm
In the latest sign of that de- portfolio companies include More than $10.4 billion has ployees working from home, a finding much friendlier capital named Pacaso. It uses a varia-
mand, Camber Creek, a ven- Latchable Inc., a startup that been invested in proptech year number of firms in the co- markets. Opendoor, a startup tion of the timeshare ownership
ture-capital firm that focuses allows apartment-building ten- to date, which analysts say is working business, such as In- that enables homeowners to model to sell weekend homes
on what is known as proptech, ants to use their phones to un- an impressive showing given dustrious and Convene, were lock in a sales price and close within a few hours’ drive of
this month closed its third fund lock building doors and unit the lockdowns that impeded forced to lay off staffers during quickly, combined with a spe- customers’ main residences, a
with $155 million. That easily doors, limiting contact with business early in the pandemic. the pandemic’s early months. cial-purpose acquisition com- market segment in hot demand.
exceeded the $120 million tar- possibly contaminated surfaces. “It’s still a healthy number,” Startups typically aren’t pany in a deal last month that Most of the hottest startups
get when the fund was opened Proptech already looked said Michael Beckerman, chief profitable for years, relying in- gave the online real-estate plat- these days are in the home-
last year. “Over the past 10 poised to break out when the executive of CREtech. stead on investor capital. If form a value of $4.8 billion. sales business, where activity is
years, there’s been this consis- pandemic struck. A record $31 The pandemic and recession their business models are now Other ventures are geared to booming. Deals have become
tent but slow transition to billion was invested in real-es- have hurt some of the startups, challenged by Covid-19, they emerging real-estate trends heavily reliant on remote meet-
technology,” said Casey Ber- tate-technology companies in particularly those specializing are likely to face a bumpy road born in response to the pan- ings, tours and document sign-
man, founder of Camber Creek, 2019, up from about $10 bil- in property types that were hit until the pandemic is over, Mr. demic. Spencer Rascoff, Zillow ings that use recent software.

BUSINESS NEWS

Rent the Runway Considers Sales T-Mobile Makes Bid

BY JOHN D. STOLL
AND CHARITY L. SCOTT
For Pay-TV Viewers
BY DREW FITZGERALD from their bills, opting instead
Rent the Runway is raising to buy broadband internet ser-
a new round of financing and T-Mobile US Inc. is launch- vice as a stand-alone item and
is focusing on selling clothes, ing a new home television ser- sign up for a panoply of video
not just renting them, after the vice aimed at the millions of services such as Netflix and
startup suffered a near-fatal U.S. households that have cut Disney+.
blow from a coronavirus pan- the cable cord in recent years, So-called virtual pay-TV
demic that has kept women jumping into the already services delivered entirely on-
home for most of the year. crowded streaming-video mar- line haven’t fared much better.
KELLY SULLIVAN/GETTY IMAGES FOR RENT THE RUNWAY

The New York company ket. AT&T Inc.’s DirecTV Now ser-
raised roughly $100 million in The country’s No. 2 cell- vice, which delivers channels
new debt and equity financing phone carrier said Tuesday over the internet without a
this week, as it continues to that its long-planned TV ser- satellite, has shrunk since
work toward a public offering. vice will start next week with peaking at nearly two million
This funding represented a three tiers: TVision Vibe, a subscribers in 2018. PlaySta-
continuation of a $25 million bundle with nonsports chan- tion Vue, a TV service from
funding round this summer nels like BET and Comedy Sony Corp., shut down last
that valued Rent the Runway Central for a $10 monthly fee; year.
around $750 million, accord- TVision Live, a midrange pack- Wireless internet services
ing to people familiar with the age with local broadcast chan- are still a small sliver of the
terms, lower than a prior val- nels, sports channels like ESPN more than 100 million U.S.
uation. and news brands such as CNN; households that subscribe to
Rent the Runway launched and TVision Channels, which broadband. T-Mobile offered
in 2009 as an online clothing- The clothing rental startup said customers have shifted to buying more items than before the pandemic. adds on premium cable op- few details Tuesday about its
rental service for special-occa- tions like Showtime and Starz. planned fifth-generation home
sion apparel and accessories. It quickly had it not been for more items than they did be- speed up some moves, such as The company plans to de- broadband service. The com-
shifted to monthly subscrip- Covid,” said co-founder and fore the pandemic. A substan- giving customers the ability to ploy its TV service in stages. pany plans to roll out 5G
tion plans and expanded its of- CEO Jenn Hyman. She said the tial portion of the new fund- review items before shipment T-Mobile customers can access broadband to some areas over
ferings to include workwear, goal is to boost revenue at a ing, provided by Ares to reduce returns. the service starting Sunday, the coming months, though
children’s clothing, and more time when subscriptions are Management Corp., will be Like other retailers, Rent followed by its legacy Sprint the home-internet version
recently home goods. But coro- still below pre-pandemic levels. spent on new marketing initia- the Runway will use dynamic customers later in November. won’t be as widely available as
navirus has changed America’s Covid-19 hit the closely held tives. Ms. Hyman also plans to pricing. If, for instance, a cus- The wireless operator plans its mobile service.
wardrobe habits. Fewer people Rent the Runway hard, at one add more head count, includ- tomer looks to buy something to eventually provide the ser- Executives have promised
need as many work outfits or point cutting its subscriber ac- ing engineers and data scien- that has been listed very re- vice to customers of other to use the trove of airwave li-
dress up for events. tivity by as much as two-thirds tists. cently, it may be brand new, so cellphone carriers. T-Mobile censes acquired earlier this
The company has long of- compared with pre-pandemic Other companies that there will be no discount. As unveiled a $50 Hub device year through T-Mobile’s take-
fered customers the option to levels, Ms. Hyman said. sought to upend traditional re- the items begin circulating to with remote controls to carry over of rival Sprint Corp. to
buy items they rent, and it is To respond, she furloughed tail have also had to rethink members, buyers looking at the service through a plug-in offer 5G internet service over
expanding that service. Start- or laid off half the company’s their business models during used clothing will see prices dongle. The app is also avail- the air, but the company’s net-
ing next week, Rent the Run- workforce, scrapped its unlim- the pandemic. Stitch Fix Inc., fluctuate based on popularity able on Amazon Fire TV, Apple work overhaul is still a work
way will allow its members to ited subscription plan, shut all a service that sends customers and how much it has been TV and Google TV devices. T- in progress.
purchase any item on its site, retail stores permanently and curated boxes of clothes, saw rented. Mobile offered a year of free TVision is T-Mobile’s sec-
whether or not they have reworked pricing. Its rental higher demand this summer Several other e-commerce Apple TV+, the iPhone maker’s ond attempt at navigating a
rented it. More significantly, subscription now costs be- for direct purchases from its sites that sell used clothing are own on-demand video service, struggling pay-TV industry af-
the option will become avail- tween $89 and $199 a month, website versus its “fixes,” preparing to raise additional to customers who sign up this ter its 2018 purchase of Layer3
able to shoppers without a depending on how many items which are items the company funds from investors. year. TV for $325 million. The com-
Rent the Runway subscription customers want to have at a preselected and shipped to In recent weeks, both Posh- The wireless company’s TV pany has spent the past two
in the first half of 2021. time. customers. mark Inc. and thredUp Inc. service is taking on a market years piecing together the
“The company was always Rent the Runway said rental Stitch Fix CEO Katrina Lake have said they filed paperwork plagued by customer losses rights to carry enough tradi-
moving in this direction, but activity has improved from the said changes in consumer be- with the Securities and Ex- and dwindling profitability. tional live TV channels to
there is no way we would have summer lows, but existing cus- havior during the pandemic change Commission for initial Many cable customers have compete with its bigger cable-
headed in this direction as tomers have shifted to buying prompted the company to public offerings. dropped TV subscriptions TV rivals.
THE WALL STREET JOURNAL. Wednesday, October 28, 2020 | B7

BIGGEST 1,000 STOCKS

Net Net Net Net Net Net Net
How to Read the Stock Tables Footnotes: Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg
The following explanations apply to NYSE, s-New 52-week high.
0.68 Expedia EXPE 95.07 -3.94 Humana CognizantTech CTSH 73.39
HUM 432.14 -2.99 Loews L 34.15 -0.98 OccidentalPetrol OXY 9.27 -0.19 SBA Comm SBAC 301.83 -1.50 Tradeweb TW 59.75 0.78
NYSE Arca, NYSE American and Nasdaq Stock t-New 52-week low. 0.16 ExpeditorsIntl EXPD 94.28 0.01 JBHunt JBHT 126.33 -0.94 LogitechIntl LOGI 87.04 1.21 Okta
ColgatePalm CL 78.85 OKTA 221.33 2.13 SEI Investments SEIC 49.83 -0.31 TraneTech TT 123.68 -2.47
Market listed securities. Prices are composite dd-Indicates loss in the most recent
0.21 s ExtraSpaceSt EXR 117.09 -1.52 HuntingtonBcshs HBAN 9.94 -0.34 Lowe's
ColumbiaSportswr COLM 96.02 LOW 165.14 -2.99 OldDomFreight ODFL 189.59 -8.82 SK Telecom SKM 22.70 0.05 TransDigm TDG 464.02-19.18
quotations that include primary market trades four quarters. -0.33 ExxonMobil XOM 32.82 -0.53 HuntingIngalls HII 146.51 -3.20 lululemon
Comcast A CMCSA 43.44 LULU 333.81 2.21 OmegaHealthcare OHI 29.87 -0.74 SS&C Tech SSNC 62.98 -1.08 TransUnion TRU 80.60 -3.77
as well as trades reported by Nasdaq BX FD-First day of trading. -1.97 F5Networks FFIV 136.26 10.69 IAA IAA 56.69 0.72 LumenTech LUMN 8.96 -0.29 Omnicom
Comerica CMA 43.37 OMC 48.82 -2.42 StoreCapital STOR 26.29 -0.72 Travelers TRV 119.09 -2.45
(formerly Boston), Chicago Stock Exchange, h-Does not meet continued listing-1.69 FMC FMC 104.44 -0.92 ICICI Bank IBN 11.16 0.08 Lumentum LITE 83.84 1.24 ON Semi
CommerceBcshrs CBSH 61.33 ON 25.17 -0.38 SVB Fin SIVB 289.56 -0.38 Trex TREX 73.10 -1.54
Cboe, NYSE National and Nasdaq ISE. standards -0.59 Facebook FB 283.29 6.18 s IdexxLab IDXX 443.16 14.20 Lyft
ConagraBrands CAG 36.96 LYFT 22.94 -1.90 OneConnectFinTech OCFT 21.65 0.25 Salesforce.com CRM 250.30 8.32 Trimble TRMB 50.66 1.43
The list comprises the 1,000 largest lf-Late filing -0.08 FactSet FDS 318.90 -3.37 IHS Markit INFO 81.29 -0.37 LyondellBasell LYB 73.37 -2.06 OpenText
ConchoRscs CXO 43.71 OTEX 39.62 ... Sanofi SNY 47.40 -1.73 Trip.com TCOM 29.49 -0.87
companies based on market capitalization. q-Temporary exemption from Nasdaq-0.06 FairIsaac ConocoPhillips COP 30.26
FICO 405.84 -9.75 ING Groep ING 7.19 -0.42 Oracle ORCL 57.08 -0.41 SantanderCons SC 20.93 0.12 TruistFinl TFC 41.73 -1.30
Underlined quotations are those stocks with requirements. 0.31 Farfetch FTCH 28.97 0.18 Invesco IVZ 13.97 0.18
ConEd ED 83.05 Orange ORAN 10.76 -0.28 SareptaTherap SRPT 139.62 1.00 M N Twilio TWLO286.29-14.33
t-NYSE bankruptcy -2.81 Fastenal FAST 43.58 -0.72 s IPG Photonics IPGP 201.79 6.46
ConstBrands A STZ 172.16 Orix IX 61.62 -0.91 Schlumberger SLB 15.09 -0.08 s Twitter TWTR 51.27 2.27
large changes in volume compared with the -1.82 Fastly FSLY 74.46 0.44 IQVIA IQV 159.14 -3.03 M&T Bank MTB 99.30 -3.97 OtisWorldwide OTIS 61.97 -1.24 SchwabC
Cooper COO 346.35 SCHW 38.47 -0.68 TylerTech TYL 397.06 -1.88
issue’s average trading volume. v-Trading halted on primary market. MGMGrowthProp MGP 26.80 -0.46
0.12 FedEx
vj-In bankruptcy or receivership or FDX 274.41 -3.21 IcahnEnterprises IEP 49.95 -0.08
Copart CPRT 112.10 OwensCorning OC 68.86 -0.36 ScottsMiracleGro SMG 155.19 -0.03 TysonFoods TSN 57.67 0.21
Boldfaced quotations highlight those issues being reorganized under the -1.40 Ferrari RACE 185.34 -0.08 Icon ICLR 187.63 -4.36 MGM Resorts MGM 21.04 -1.09 PG&E
Corning GLW 32.85 PCG 9.91 -0.12 Sea SE 172.29 9.93 UBS Group UBS 12.09 -0.30
whose price changed by 5% or more if their Bankruptcy Code, or securities -0.37 FiatChrysler FCAU 12.91 -0.35 IDEX IEX 186.00 -4.08 MKS Instrum MKSI 109.80 -0.33 PLDT
Corteva CTVA 32.34 PHI 27.82 0.36 Seagate STX 48.56 -0.41 UDR UDR 31.09 -0.86
-1.87 FidNatlFin FNF 30.75 -1.25 IllinoisToolWks ITW 198.62 -1.29 MPLX
CoStar CSGP 828.88 MPLX 17.06 0.19 PNC Fin PNC 109.19 -2.44 Seagen SGEN 196.92 1.09 UGI UGI 34.45 -0.77
previous closing price was $2 or higher. assumed by such companies. MSCI 356.90 7.34 POSCO
2.01 FidNatlInfo FIS 137.86 -1.56 Illumina ILMN 321.74 2.68 MSCI
Costco COST 372.72 PKX 48.55 0.60 SealedAir SEE 40.60 -0.12 Uber UBER 34.16 -1.33
MagellanMid
CoupaSoftware COUP 292.03
-0.71 FifthThirdBncp FITB 22.91 -0.54 ImperialOil IMO 12.97 -0.14 MMP 35.81 -0.40 PPD PPD 34.01 -0.17 SempraEnergy SRE 130.27 -1.05 Ubiquiti UI 189.64 1.34
Wall Street Journal stock tables reflect composite regular trading as of 4 p.m. and -0.26 FirstRepBank FRC 125.75 -2.92 Incyte INCY 88.35 -2.09 MagnaIntl MGA 52.56 -0.79 PPG Ind
Credicorp BAP 119.96 PPG 127.39 -3.94 SensataTechs ST 44.35 -3.89 UltaBeauty ULTA 213.38 -7.59
changes in the closing prices from 4 p.m. the previous day. -0.35 FirstSolar FSLR 82.39 -1.36 Infosys INFY 14.85 -0.07 ManulifeFin MFC 13.84 -0.33 PPL
CreditSuisse CS 10.34 PPL 28.54 -0.38 ServiceCorp SCI 43.60 -0.33 s UltragenyxPharm RARE 97.44 6.19
-3.19 FirstEnergy FE 33.39 0.07 IngersollRand IR 36.10 -0.46 MarathonPetrol MPC 28.19 -0.41 PRA HealthSci PRAH 103.50 -3.26 ServiceNow NOW 499.81 -1.80
Cree CREE 68.00 Unilever UN 60.48 0.59
0.40 Fiserv FISV 96.61 -1.77 Inphi IPHI 113.88 -2.71 Markel
CrowdStrike CRWD 133.48 MKL 969.65-26.34 PTC PTC 84.26 0.59 ShawComm B SJR 17.14 -0.18 Unilever UL 60.99 0.23
Net Net 0.69 FiveBelow FIVE 135.25 2.79 Insulet s MarketAxess
CrownCastle CCI 160.61 MKTX 573.00 25.69 PCAR 88.45 -2.12 SherwinWilliams SHW 673.47 3.09 UnionPacific UNP 179.57 -5.13
Tuesday, October 27, 2020 PODD 246.04 -7.49 Paccar
Sym Close Chg Stock Sym Close Chg -0.34 Five9 FIVN 145.20 3.90 Intel INTC 45.64 -1.08 Marriott
CrownHoldings CCK 87.86 MAR 93.46 -2.56 PackagingCpAm PKG 113.97 -1.81 ShinhanFin SHG 26.36 -0.51 UnitedAirlines UAL 34.17 -1.17
Net Stock Marsh&McLen MMC 110.41 -0.68
CubeSmart CUBE 34.04
-0.51 FleetCorTech FLT 231.69 -9.52 InteractiveBrkrs IBKR 48.03 -0.24 PagSeguroDig PAGS 38.81 -0.03 Shopify SHOP 1082.89 44.84 UnitedMicro UMC 5.74 0.22
Stock Sym Close Chg ArcelorMittal MT 13.93 -0.62 Brown&Brown BRO 45.22 -1.37
-0.90 Flex FLEX 13.85 -0.25 ICE ICE 97.56 -0.20 MartinMarietta MLM 255.53 1.28 PalantirTech PLTR 10.95 1.00 Sibanye-Stillwater SBSW 12.15 -0.13
s Cummins CMI 219.78 UPS B UPS 170.84 2.84
ArchCapital ACGL 29.21 -1.27 Brown-Forman B BF.B 72.29 -0.47 1.23 Floor&Decor FND 78.63 0.47 InterContinentl IHG 51.13 -1.40 MarvellTech MRVL 41.47 0.58 PaloAltoNtwks PANW 231.54 -0.08 SimonProperty SPG 61.98 -2.70
CureVac CVAC 49.89 UnitedRentals URI 174.81 -7.31
A B C ArcherDaniels ADM 50.36 -0.83 Brown-Forman A BF.A 65.76 0.09 -1.01 FomentoEconMex FMX 56.22 -1.23 IBM Masco
CyrusOne CONE 74.33
IBM 110.56 -1.66 MAS 53.57 -0.38
PanAmerSilver PAAS 33.38 0.65 SiriusXM SIRI 5.91 0.12 US Bancorp USB 38.41 -1.55
AresMgmt ARES 42.95 -0.44 Bruker BRKR 42.69 0.63 FordMotor F 7.92 -0.11 IntlFlavors IFF 105.62 -3.33 Masimo MASI 251.18 5.14 ParkerHannifin PH 211.76 -6.97 Skyworks SWKS 145.12 -2.17 UnitedHealth UNH 320.51 -2.55
ABB ABB 25.58 -0.43 arGEN-X Mastercard MA 317.11 -0.95 Paychex
ARGX 258.83 9.41 Bunge
AcadiaPharm ACAD 46.36 1.49 AristaNetworks ANET 210.55 1.68 BurlingtonStrs BURL 200.35 0.09
BG 55.69 ... Fortinet FTNT 124.23 1.05 IntlPaper IP 44.37 -0.92 D E F PAYX 81.93 -0.55 SlackTech WORK 27.93 0.18 s UnitySoftware U 104.00 4.04
AECOM ACM 44.33 -0.50 ArrowElec ARW 79.54 -0.82 CBRE Group CBRE 44.86 -0.72 DISH Network DISH 26.00 -0.25 Fortis FTS 41.35 0.19 Interpublic IPG 18.85 -0.15 MaximIntProducts MXIM 70.72 -0.52 PaycomSoftware PAYC 382.70 4.28 Smartsheet SMAR 56.73 1.95 UnivDisplay OLED 195.66 4.70
FTV 63.65 -0.87 Intuit McCormickVtg MKC.V 193.13 -1.37 AOS 53.03 -0.90 UniversalHealthB UHS 111.39 -3.40
AES AES 20.34 -0.24 ArrowheadPharm ARWR 61.69 2.59 CDW Fortive INTU 330.27 2.18 Paylocity PCTY 190.04 1.40 SmithAO
CDW 123.28 -2.39 DTE Energy DTE 127.17 2.93 FortBrandsHome FBHS 81.81 -0.27 IntuitiveSurgical ISRG 720.90 9.13 McCormick MKC 192.21 -1.85 PayPal PYPL 200.43 3.21 Smith&Nephew SNN 37.23 -0.79 VEREIT VER 6.32 -0.17
Aflac AFL 35.36 -1.41 s AscendisPharma ASND 164.23 5.62 CGI GIB 64.02 -0.60 DadaNexus DADA 32.68 -0.05 FoxA McDonalds MCD 222.97 -1.30 VF VFC 72.38 -1.37
AGCO AGCO 78.02 -3.44 AspenTech AZPN 120.25 -3.59 CH Robinson CHRW 100.03 0.44 s Danaher FOXA 26.19 -0.23 Invitae NVTA 48.13 2.05 McKesson MCK 149.21 -3.06 Pegasystems PEGA 123.91 -5.47 Smucker SJM 113.10 -2.00
DHR 239.78 4.87 FoxB FOX 26.00 -0.18 InvitatHomes INVH 28.05 -0.59 Peloton PTON 121.15 3.05 Snap SNAP 41.54 0.27 VICI Prop VICI 22.63 -0.76
AGNC Invt AGNC 14.25 0.16 Assurant AIZ 120.69 -2.47 CME Group CME 159.47 -0.69 Darden DRI 95.84 0.44 Franco-Nevada FNV 138.05 2.26 IonisPharma IONS 46.98 -0.03 MedicalProp MPW 17.90 -0.27 PembinaPipeline PBA 21.08 -0.33 SnapOn VailResorts MTN 241.41 -3.36
Ansys ANSS 322.17 1.17 AstraZeneca AZN 52.48 -0.59 CMS Energy CMS 65.68 -0.47 DarlingIngred DAR 44.27 0.16 Medtronic MDT 105.21 -2.72 SNA 158.42 -5.83
FranklinRscs BEN 19.73 -3.11 iQIYI IQ 23.98 0.88 MelcoResorts MLCO PennNational PENN 57.75 -2.93 Snowflake SNOW 266.77 15.38 Vale VALE 11.04 -0.10
ASETech ASX 4.42 -0.10 Athene ATH 31.97 -1.34 CNA Fin CNA 29.00 -0.78 Datadog DDOG 101.33 1.57 FreeportMcM FCX 17.72 0.36 iRhythmTechs IRTC 225.09 6.65 16.15 0.24 ValeroEnergy VLO 38.26 -1.28
ASML ASML 366.37 -1.12 Atlassian Pentair PNR 49.94 -0.47 s SOQUIMICH SQM 37.32 0.89
TEAM 213.01 5.81 CNH Indl CNHI 8.06 -0.31 DaVita DVA 89.15 -0.56 FreseniusMed FMS 41.00 0.38 IronMountain IRM 27.02 -0.28 MercadoLibre MELI 1282.47 1.03 Penumbra PEN 238.83 2.12 SolarEdgeTech SEDG 261.84-11.16 VarianMed VAR 172.96 0.50
AT&T T 26.92 -0.46 AtmosEnergy ATO 97.07 -0.41 CNOOC CEO 95.17 -0.85 DeckersOutdoor DECK 262.03 0.23 Merck MRK 77.99 -0.85 VeevaSystems VEEV 302.35 5.48
AbbottLabs ABT 108.58 -0.42 Autodesk ADSK 250.60 1.47 CRH ItauUnibanco ITUB 4.37 -0.15 MetLife MET 37.77 -1.61 PepsiCo PEP 139.12 1.06 SolarWinds SWI 21.60 0.16
CRH 35.36 -0.74 Deere DE 228.51 -5.74 G H I Ventas VTR 39.95 -1.01
AbbVie ABBV 82.71 -1.21 Autohome ATHM 96.71 1.71 CRISPR Therap CRSP 98.12 3.99 DellTechC DELL 63.57 -1.17 MettlerToledo MTD 1052.58 7.29 PerkinElmer PKI 127.08 3.01 Sony SNE 77.47 1.27
VRSN 199.06 0.48
Abiomed ABMD 290.51 2.19 Autoliv ALV 80.01 -2.82 CSX CSX 78.09 -0.78 DeltaAir DAL 30.71 -1.22 GCI LibertyA GLIBA 79.20 -0.24 MicrochipTech MCHP 107.95 -1.78 Perrigo PRGO 44.03 -0.75 Southern SO 60.21 -0.40 J K L VeriSign
VeriskAnalytics VRSK 185.15 -0.34
AcceleronPharma XLRN 108.45 0.04 ADP PetroChina PTR 29.20 -0.07 s SoCopper SCCO 51.95 0.82
ADP 146.03 0.26 CVS Health CVS 58.15 -1.41 DentsplySirona XRAY 47.54 -0.07 GFLEnvironmental GFL 20.33 -0.91 JD.com JD 83.01 1.60 MicronTech MU 51.96 -0.18 PetroleoBrasil PBR 6.98 -0.21 SouthwestAir LUV 39.93 -1.17 Verizon VZ 57.38 -0.43
Accenture ACN 220.66 1.43 AutoZone AZO 1133.59-18.41 CableOne CABO 1753.49-29.40 DeutscheBank DB 9.25 -0.29 GSXTechedu GSX 68.29 0.32 Joyy YY 90.00 0.92 Microsoft MSFT 213.25 3.17 VertxPharm VRTX 212.19 5.04
ActivisionBliz ATVI 80.96 0.47 Avalara PetroleoBrasilA PBR.A 7.01 -0.20 Splunk SPLK 208.77 -1.01
AVLR 151.76 0.51 CabotOil COG 19.09 -0.25 DexCom DXCM 380.63-37.37 Galapagos GLPG 128.02 0.75 JPMorganChase JPM 99.33 -1.91 MidAmApt MAA 114.86 -2.27 Pfizer PFE 37.43 -0.49 Spotify SPOT 287.45 2.49 ViacomCBS A VIACA 29.61 -0.69
AdaptiveBiotech ADPT 51.22 1.27 Avalonbay AVB 139.88 -3.50 CadenceDesign CDNS 109.84 -0.04 Diageo DEO 136.60 0.05 Gallagher AJG 105.57 -0.59 JackHenry JKHY 151.22 -2.90 MiratiTherap MRTX 209.16 12.48 PhilipMorris PM 71.33 -2.32 Square ViacomCBS B VIAC 28.21 -0.54
Adobe ADBE 478.56 3.36 Avangrid MitsubishiUFJ MUFG 3.96 -0.05 SQ 171.02 1.13
AGR 50.43 0.29 CaesarsEnt CZR 48.47 -3.29 DigitalRealty DLR 150.66 -2.01 Gaming&Leisure GLPI 37.31 -0.79 JacobsEngg J 95.64 -0.90 Phillips66 PSX 47.07 -1.07 StanleyBlackDck SWK166.31 -6.55 Vipshop VIPS 20.66 1.40
AdvanceAuto AAP 150.41 -0.80 Avantor AVTR 24.44 -0.29 CamdenProperty CPT 89.30 -1.52 DiscoverFinSvcs DFS 65.26 -0.62 Gap GPS 20.35 -0.25 JamesHardie JHX 25.04 -0.07 MizuhoFin MFG 2.45 -0.04 Pinduoduo PDD 90.31 3.39 Starbucks SBUX 90.05 0.39 Visa V 190.06 -3.01
AdvMicroDevices AMD 78.88 -3.35 AveryDennison AVY 138.15 -1.10 CampbellSoup CPB 48.24 -0.05 DiscoveryA DISCA 20.10 -0.42
Garmin GRMN 98.61 -0.81 JazzPharma JAZZ 149.56 0.63 MobileTeleSys MBT 8.12 -0.15 PinnacleWest PNW 85.86 -0.65 StateStreet STT 61.65 -1.86 Vistra VST 18.44 -0.65
Aegon AEG 2.81 -0.12 AxaltaCoating AXTA 25.42 -0.77 CIBC MRNA 70.67 0.43
AgilentTechs A
CM 75.63 -0.95 DiscoveryC DISCK 18.23 -0.33 Gartner
106.04 1.41 AxonEnterprise AAXN 101.05 -0.88 CanNtlRlwy CNI 102.07 -0.02
IT 121.94 -2.09 JFrog FROG 81.56 -3.51 Moderna Pinterest PINS 52.52 2.06 SteelDynamics STLD 31.40 0.05 VMware VMW 139.10 -3.52
AgnicoEagle AEM 80.62 1.29 BCE
Disney DIS 123.31 -0.75 Generac GNRC 207.71 -2.69 J&J JNJ 143.15 -0.82 MohawkInds MHK 97.32 -2.00 PioneerNatRscs PXD 83.78 0.98 Stericycle SRCL 65.33 -0.58 Vodafone VOD 13.98 -0.54
BCE 41.96 0.03 CanNaturalRes CNQ 16.40 0.10 DocuSign DOCU 222.19 2.02 GeneralDynamics GD 134.87 -3.64 JohnsonControls JCI 42.18 -0.78 MolinaHealthcare MOH 203.87 -1.16 PlainsAllAmPipe PAA 6.43 -0.08 Steris STE 185.35 -1.07 VornadoRealty VNO 32.22 -0.93
AirProducts APD 283.50 -2.90 BHP Group BHP 49.74 -0.62 CanPacRlwy CP 308.00 0.08
DolbyLab DLB 71.51 0.23 GeneralElec GE 7.10 -0.28 JuniperNetworks JNPR 21.85 -0.04 MolsonCoorsB TAP 33.81 -1.07 Pool POOL 366.99 4.44 STMicroelec STM 31.81 -1.35 VoyaFinancial VOYA 48.99 -1.60
AkamaiTech AKAM 106.71 0.65 BHP Group BBL 40.53 -0.52 Canon
Albemarle ALB 95.18 0.70 t BP
CAJ 18.32 0.70 DollarGeneral DG 213.71 1.67 GeneralMills GIS 61.12 0.14 KB Fin KB 36.56 -0.58 Mondelez MDLZ 55.01 -0.22 PostHoldings POST 90.87 -0.47 StoneCo STNE 55.98 -0.17
VulcanMatls VMC 142.10 1.01
BP 15.38 -0.42 CanopyGrowth CGC 18.66 0.13 DollarTree DLTR 92.82 0.29 GeneralMotors GM 34.89 -0.93 KE Holdings BEKE 70.60 0.76 MongoDB MDB 244.01 3.91 PrincipalFin PFG 39.35 -2.64 Stryker SYK 213.46 -1.28
Albertsons ACI 14.89 0.09 B2Gold
Alcon ALC 60.50 -0.75 Baidu
BTG 6.79 0.25 CapitalOne COF 74.06 -0.89 DominionEner D 82.47 0.75 Genmab GMAB 34.97 ... KKR KKR 35.81 -0.69 MonolithicPower MPWR 319.88 2.93 Procter&Gamble PG 142.36 1.06 SumitomoMits SMFG 5.58 -0.08 W X Y Z
BIDU 134.89 1.94 MonsterBev MNST 80.39 1.54
AlexandriaRlEst ARE 156.16 -0.67 BakerHughes BKR 14.17 0.27 CardinalHealth CAH 47.48 -0.55 Domino's DPZ 397.03 2.42 Genpact G 35.30 -0.25 KLA KLAC 198.59 -0.35
MCO 266.19 -2.81 Progressive PGR 93.80 -0.04 SunComms SUI 140.36 -1.87 WEC Energy WEC 102.47 0.26
AlexionPharm ALXN 120.00 -0.76 Carlisle CSL 123.06 -4.13 Donaldson DCI 49.85 -0.25 Gentex GNTX 28.30 -0.45 KSCitySouthern KSU 176.15 -3.64 Moody's Prologis PLD 99.14 -1.33 SunLifeFinancial SLF 40.55 -0.60 WEX WEX 138.25 -1.79
s Alibaba BABA 317.14 10.27
Ball BLL 91.10 -0.46 Carlyle CG 25.77 -0.48 Dover DOV 111.55 -2.27 GenuineParts GPC 93.87 -1.56 Kellogg K 64.93 -0.77 MorganStanley MS 48.59 -1.73 Proofpoint PFPT 105.69 -0.88 SuncorEnergy SU 12.00 -0.28
BancoBilbaoViz BBVA 2.82 -0.06 CarMax KMX 87.44 -1.35 Dow DOW 46.57 -0.58 Gerdau GGB 4.20 0.10 KeurigDrPepper KDP 28.60 0.16 Morningstar MORN 183.19 0.50 PrudentialFin PRU 63.46 -2.96 SunRun W.P.Carey WPC 62.26 -2.60
AlignTech ALGN 455.09 0.58 Mosaic MOS 18.35 0.20 RUN 54.66 -1.64 WPP WPP 40.72 -2.06
BancoBradesco BBDO 3.49 -0.13 Carnival CCL 13.76 -0.27 DrReddy'sLab RDY 68.02 1.12 GileadSciences GILD 60.01 0.05 KeyCorp KEY 12.63 -0.37 Prudential PUK 25.94 -1.53 Suzano SUZ 8.74 -0.28
Alleghany Y 561.51-21.55 Wabtec WAB 58.61 -1.66
ALLE 99.26 -1.58 BancodeChile BCH 16.41 ... Carnival CUK 11.81 -0.39 DraftKings DKNG 38.70 -0.99 GSK GSK 35.35 0.13 KeysightTechs KEYS 106.90 1.05 MotorolaSol MSI 172.36 0.06 PublicServiceEnt PEG 61.00 0.02 SynchronyFin SYF 26.23 -0.66
Allegion Mylan MYL 14.46 -0.59 WalgreensBoots WBA 36.00 -1.21
AlliantEnergy LNT 57.16 0.33 BancSanBrasil BSBR 5.79 -0.31 CarrierGlobal CARR 33.60 -0.11 Dropbox DBX 19.03 -0.09 GlobalPayments GPN 164.76 -4.04 KimberlyClark KMB 134.76 -0.93 s PublicStorage PSA 234.61 -1.62 SyneosHealth SYNH 55.92 -2.03
MyoKardia MYOK 222.91 -0.09 Walmart WMT 142.87 0.71
ALL 89.04 -1.78 BcoSantChile BSAC 15.33 -0.06 Carvana CVNA 208.32 6.94 DukeEnergy DUK 93.06 -0.12 Globant GLOB 186.28 -0.76 KinderMorgan KMI 12.17 -0.21 SNX 137.40 -3.91
Allstate
GL 81.35 -2.48 KingsoftCloud KC 31.15 0.26 NICE NICE 230.08 2.99 PulteGroup PHM 41.33 -1.08 Synnex WarnerMusic WMG 27.88 -0.48
AllyFinancial ALLY 27.29 -1.18 BancoSantander SAN 2.00 -0.06 CaseysGenStores CASY 180.48 -0.95 DukeRealty DRE 37.74 -0.48 GlobeLife NIO 28.44 2.43 Qiagen QGEN 50.00 0.74 Synopsys SNPS 222.91 2.28 WasteConnections WCN 101.51 -0.89
AlnylamPharm ALNY 126.82 -1.85 BanColombia CIB 26.34 -0.60 Catalent CTLT 91.49 0.18 Dun&Bradstreet DNB 26.35 -0.41 GoDaddy GDDY 72.24 -0.67 KinrossGold KGC 8.75 0.24 NIO Qorvo QRVO 131.28 -3.17 Sysco SYY 58.34 -2.46 WasteMgt WM 110.63 -2.77
DNKN103.40 0.30 GoldFields GFI 11.65 0.13 KirklandLakeGold KL 46.54 0.68 NRG Energy NRG 33.04 -0.74
Alphabet A GOOGL 1598.88 14.59 BankofAmerica BAC 23.85 -0.69 Caterpillar CAT 157.91 -5.29 Dunkin' NVR 4000.66-36.86 Qualcomm QCOM 125.91 -0.29 Waters WAT223.96 3.65
Alphabet C GOOG 1604.26 13.81 BankofMontreal BMO 62.30 -1.06 Celanese CE 112.11 -3.39 DuPont DD 57.35 -1.15 GoldmanSachs GS 195.68 -5.46 Knight-Swift KNX 39.11 -0.30 NVR QuantaServices PWR 60.77 -0.37 T U V Watsco WSO 227.02 -0.80
3.98 -0.11 Dynatrace DT 40.79 0.48 GoodRx GDRX 49.16 -0.44 KoninklijkePhil PHG 49.25 0.41 NXP Semi NXPI 133.23 -1.66
Alteryx AYX 142.84 5.25 BankNY Mellon BK 35.56 -0.86 Cemex CX
NDAQ 125.10 -2.28 QuestDiag DGX 127.15 2.83 TAL Education TAL 66.56 -2.84 Wayfair W 274.34 2.98
AlticeUSA ATUS 26.89 -0.21 BkNovaScotia BNS 42.31 -0.62 Centene CNC 64.14 -2.25 ENI E 14.34 -0.37 Graco GGG 62.84 -1.11 KoreaElcPwr KEP 8.96 -0.19 Nasdaq Quidel QDEL 273.60 10.18 Weibo WB 41.67 1.87
Altria MO 37.17 -1.40 Barclays BCS 5.49 -0.25 CenterPointEner CNP 22.33 0.20 EOG Rscs EOG 34.58 -0.35 Grainger GWW 357.64 -3.64 KraftHeinz KHC 30.68 0.10 NationalGrid NGG 61.35 -0.26 TC Energy TRP 41.66 0.19 t WellsFargo WFC 21.82 -0.88
Natura&Co NTCO 17.22 -0.31
AlumofChina ACH 5.64 -0.05 BarrickGold GOLD 27.09 0.46 CentraisElBras EBR 5.80 -0.25 EPAM Systems EPAM 326.78 -1.66 Grifols
BauschHealth BHC 17.74 -0.09 CeridianHCM CDAY 88.84 0.04 EastmanChem EMN 82.45 -2.37 Grubhub
GRFS 17.90 -0.14 Kroger
GRUB 77.38 0.21 L Brands
KR 32.34 -0.82
LB 33.60 -0.56 NatWest NWG 3.06 -0.12
TE Connectivity TEL 101.67 -2.30
Telus TU 17.79 -0.16
R S Welltower WELL 54.03 -1.67
Amazon.com AMZN 3286.33 79.29 nCino NCNO 73.46 1.57 WestPharmSvcs WST 286.07 5.96
Ambev ABEV 2.44 -0.12 BaxterIntl BAX 80.62 0.61 Cerner CERN 72.74 -0.13 Eaton ETN 105.42 -2.00 s GuardantHealth GH 111.69 8.79 LHC Group LHCG 222.84 2.24 RELX RELX 20.90 -0.03 TJX TJX 54.13 -0.87 WesternDigital WDC 40.32 -0.17
BectonDicknsn BDX 244.24 2.24 CharlesRiverLabs CRL 229.26 -0.92 EatonVance EV 60.09 -1.02 Guidewire GWRE 98.69 -0.87 Line LN 51.33 0.31 NetApp NTAP 44.05 -0.88 RH RH 363.97 -1.23 T-MobileUS TMUS 112.82 1.04
Amcor AMCR 10.57 -0.06 NTES 88.42 1.71 RPM WesternUnion WU 20.85 -0.54
Amdocs DOX 56.32 -0.87 BeiGene BGNE 301.53 0.25 CharterComms CHTR 583.65 1.52 eBay EBAY 53.55 0.21 HCA Healthcare HCA 130.56 -4.87 LKQ LKQ 30.90 -0.82 NetEase RPM 86.07 -1.72 TRowePrice TROW 142.30 -2.73 WestlakeChem WLK 67.94 -2.10
Netflix NFLX 488.93 0.69 RaymondJames RJF 78.24 -1.57 TaiwanSemi TSM 86.71 -0.02
s Amedisys AMED 255.61 2.89 BentleySystems BSY 35.55 -0.87 CheckPoint CHKP 119.46 -0.54 Ecolab ECL 189.77 -8.40 HDFC Bank HDB 59.90 0.45 LPL Financial LPLA 79.63 -1.34 WestpacBanking WBK 13.15 -0.11
Amerco UHAL 357.22 -4.57 Berkley WRB 61.44 -2.36 Chegg CHGG 77.11 -9.58 Ecopetrol EC 9.53 -0.04 HD Supply HDS 40.38 -0.82 L3HarrisTech LHX 166.26 -3.57 Neurocrine NBIX 100.14 -0.80 RaytheonTech RTX 56.53 -4.28 TakeTwoSoftware TTWO 167.36 2.31 WestRock WRK 38.30 -0.41
Ameren AEE 84.19 0.13 BerkHathwy B BRK.B 206.88 -1.61 Chemed CHE 484.26 -8.15 EdisonInt EIX 57.81 -0.38 HP HPQ 17.98 -0.27 s LabCpAm LH 206.49 4.53 NewFortressEner NFE 49.16 -0.49 RealtyIncome O 58.73 -1.10 TakedaPharm TAK 16.55 -0.03 Weyerhaeuser WY 27.56 -0.89
AmericaMovil AMX 12.39 -0.22 BerkHathwy A BRK.A 310540-2195.00 CheniereEnergy LNG 47.89 0.26 EdwardsLife EW 76.50 -1.58 HSBC HSBC 21.52 0.79 LamResearch LRCX 343.83 -3.80 NewOrientalEduc EDU 168.81 -1.63 RegencyCtrs REG 36.22 -1.33 TandemDiabetes TNDM 115.04 -1.87 WheatonPrecMet WPM 47.84 -0.06
NYTimes A NYT 41.25 0.08 TGT 157.03 -0.94
AmericaMovil A AMOV 12.36 0.03 BerryGlobal BERY 47.17 -1.11 CheniereEnerPtrs CQP 36.05 -0.15 ElancoAnimal ELAN 31.55 0.72 Halliburton HAL 12.51 -0.28 LamarAdv LAMR 64.75 -2.92 NewellBrands NWL 17.19 -0.25 RegenPharm REGN 582.52 -3.22 Target Whirlpool WHR 195.82 1.76
BBY 113.58 -0.78 Chevron CVX 69.51 -1.43 Elastic ESTC 107.90 1.45 Hanesbrands HBI 17.50 0.03 LambWeston LW 66.23 -1.56 TeckRscsB TECK 12.56 -0.79
AmerAirlines AAL 11.23 -0.57 BestBuy Newmont NEM 61.65 1.33 RegionsFin RF 12.90 -0.45 Williams WMB 19.42 0.22
AEP AEP 92.53 -1.06 BeyondMeat BYND 161.95 -2.59 Chewy CHWY 67.72 4.23 ElectronicArts EA 126.62 -0.06 HartfordFinl HIG 37.56 -1.44 LasVegasSands LVS 48.29 -0.84 NewsCorp A NWSA 13.43 -0.22 ReinsGrp RGA 99.88 -4.11 TeladocHealth TDOC 223.06 10.91 Williams-Sonoma WSM 96.17 -0.62
BILI 45.82 0.82 ChinaEastrnAir CEA 21.20 -0.17 EmersonElec EMR 66.92 -0.81 Hasbro HAS 85.10 1.70 Lear LEA 127.09 -3.93
AmerExpress AXP 94.93 -1.95 Bilibili
ENB 28.31 -0.19 HealthcareAmer HTA 24.69 -0.81 Leidos NewsCorp B NWS 13.35 -0.24 RelianceSteel RS 108.89 0.99 TelecomArgentina TEO 6.76 -0.44 WillisTowers WLTW 200.44 -2.84
BILL 111.23 3.53 ChinaLifeIns LFC 11.82 -0.39 Enbridge LDOS 82.70 -0.74
AmericanFin AFG 74.00 0.84 Bill.com NextEraEnergy NEE 75.78 0.12 s RenaissanceRe RNR 172.13 -2.77 TeledyneTech TDY 315.67-11.02 Wipro WIT 4.91 -0.02
AmHomes4Rent AMH 28.81 -0.80 Bio-Techne TECH 266.20 1.65 ChinaMobile CHL 32.51 -0.21 EncompassHealth EHC 65.01 -0.42 HealthpeakProp PEAK 27.35 -0.59 Lennar B LEN.B 58.75 -1.90 Nike NKE 127.99 -0.38 Repligen RGEN 175.84 -1.70 Teleflex TFX 351.46 -5.90 Wix.com WIX 268.00 2.31
AIG AIG 31.16 -0.10 s Bio-RadLab A BIO 589.54 5.72 ChinaPetrol SNP 40.58 -0.17 EnelAmericas ENIA 6.74 -0.05 Heico A HEI.A 95.50 -1.03 Lennar A LEN 72.51 -2.51 Nikola NKLA 21.39 0.48 RepublicSvcs RSG 89.42 -1.44 Ericsson ERIC 11.78 -0.30 Workday WDAY 214.17 3.84
AmerTowerREIT AMT 236.16 -0.96 t Biogen BIIB 255.30 -1.46 ChinaSoAirlines ZNH 27.57 -1.20 EnergyTransfer ET 5.65 -0.53 Heico HEI 106.92 -2.24 LennoxIntl LII 283.64 1.83 NiSource NI 24.26 0.01 ResMed RMD 184.85 4.32 TelefonicaBras VIV 7.59 -0.22 WynnResorts WYNN 71.83 -1.69
AmerWaterWorks AWK 154.62 0.61 BioMarinPharm BMRN 76.18 -0.70 ChinaTelecom CHA 33.49 0.98 EnphaseEnergy ENPH 98.63 -5.04 HenrySchein HSIC 65.61 -1.26 LeviStrauss LEVI 16.52 0.25 Nokia NOK 4.24 0.01 RestaurantBrands QSR 53.41 -2.00 Telefonica TEF 3.57 -0.11 XP XP 43.11 0.33
AmericanWell AMWL 30.70 0.66 BioNTech BNTX 83.95 1.02 ChinaUnicom CHU 6.98 -0.09 Entegris ENTG 76.71 -0.44 Herbalife HLF 47.68 -1.24 LiAuto LI 19.21 0.13
NomuraHoldings NMR 4.68 0.02 ReynoldsCnsmr REYN 29.68 -0.37 TelekmIndonesia TLK 17.86 -0.06 XPO Logistics XPO 93.98 -0.27
AmericoldRealty COLD 36.92 -0.08 BlackKnight BKI 90.02 -0.31 Chipotle CMG 1310.15 -1.83 Entergy ETR 107.56 -1.45 Hershey HSY 142.50 -1.70 LibertyBroadbandC LBRDK 137.92 -0.65 Nordson NDSN 197.75 -5.30 RingCentral RNG 286.02 2.72 10xGenomics TXG 142.93 1.69 XcelEnergy XEL 72.33 0.64
Ameriprise AMP 162.39 -3.22 BlackRock BLK 614.53 -7.66 Chubb CB 123.41 -2.58 EnterpriseProd EPD 17.26 -0.05 Hess HES 37.40 -0.03 LibertyBroadbandA LBRDA 136.47 -0.15 NorfolkSouthern NSC 203.64 -7.02 RioTinto RIO 57.95 -0.33 Tenaris TS 9.89 -0.24 s Xilinx XLNX 124.35 9.80
AmerisourceBrgn ABC 97.65 -0.72 Blackstone BX 51.87 -0.97 ChunghwaTel CHT 37.96 0.32 Equifax EFX 147.81 -3.10 HewlettPackard HPE 8.80 -0.26 LibertyGlobal C LBTYK 19.90 -0.27 NorthernTrust NTRS 80.70 -1.53 RitchieBros RBA 60.31 0.09 TencentMusic TME 15.00 -0.04 XPeng XPEV 19.90 0.28
Ametek AME 102.59 -2.51 Boeing BA 155.24 -5.59 Church&Dwight CHD 92.23 0.32 Equinix EQIX 773.31 2.83 HighwoodsProp HIW 31.17 -1.33 LibertyGlobal A LBTYA 20.20 -0.38 NorthropGrum NOC 302.12 -7.72 RocketCos. RKT 20.11 0.23 Teradyne TER 87.46 -2.13 Xylem XYL 89.06 -1.01
Amgen AMGN 223.46 -1.43 BookingHldgs BKNG 1697.71-51.58 ChurchillDowns CHDN 164.17 -5.32 Equinor EQNR 13.43 -0.14 Hill-Rom HRC 94.36 2.85 LibertyFormOne A FWONA 33.12 0.02 NortonLifeLock NLOK 20.80 0.18 Rockwell ROK 236.88 -0.06 Terminix TMX 47.79 0.34 Yandex YNDX 59.53 0.40
Amphenol APH 115.05 -1.40 BoozAllen BAH 77.66 -0.22 Ciena CIEN 39.54 -1.03 Equitable EQH 18.50 -1.15 Hilton HLT 87.67 -2.71 LibertyFormOne C FWONK 36.00 0.18 Novartis NVS 80.95 -3.23 RogersComm B RCI 42.71 -0.19 Tesla TSLA 424.68 4.40 YumBrands YUM 97.99 -1.21
AnalogDevices ADI 120.29 -0.84 BorgWarner BWA 37.54 -0.94 Cigna CI 178.29 -3.59 EquityLife ELS 60.16 -1.76 Hologic HOLX 70.92 2.26 LibertyBraves A BATRA 21.05 -0.12 NovoNordisk NVO 67.95 -1.70 Roku ROKU 225.07 6.65 TevaPharm TEVA 8.74 -0.38 YumChina YUMC 53.98 -0.65
Anaplan PLAN 57.69 0.15 BostonBeer SAM 1076.57 29.00 CincinnatiFin CINF 73.85 -2.96 EquityResdntl EQR 49.69 -1.01 HomeDepot HD 276.84 0.80 LibertyBraves C BATRK 20.71 -0.09 Novocure NVCR 119.50 -2.00 Rollins ROL 59.29 -0.21 TexasInstruments TXN 147.12 1.17 ZTO Express ZTO 29.87 -0.52
AngloGoldAsh AU 24.70 0.24 BostonProps BXP 73.74 -1.67 Cintas CTAS 324.01 -4.92 s ErieIndemnity A ERIE 234.33 5.32 HondaMotor HMC 24.12 -0.34 LibertySirius C LSXMK 35.30 0.37 NuanceComms NUAN 33.37 0.33 RoperTech ROP 394.60-23.29 Textron TXT 32.95 -1.06 ZaiLab ZLAB 88.49 3.26
AB InBev BUD 55.25 -1.42 BostonSci BSX 36.05 -0.81 CiscoSystems CSCO 36.87 -0.80 EssentialUtil WTRG 43.46 -0.44 Honeywell HON 166.75 -3.42 LibertySirius A LSXMA 35.50 0.64 Nucor NUE 48.22 -0.06 RossStores ROST 91.45 -0.19 s ThermoFisherSci TMO 489.30 6.87 ZebraTech ZBRA 289.28 -5.82
AnnalyCap NLY 7.11 -0.03 BrightHorizons BFAM 159.99 -1.77 Citigroup C 41.88 -1.38 EssexProp ESS 195.34 -3.68 HorizonTherap HZNP 78.15 0.88 EliLilly LLY 131.90 -9.80 Nutrien NTR 40.41 -0.32 RoyalBkCanada RY 70.50 -1.10 ThomsonReuters TRI 80.39 -0.60 Zendesk ZEN 108.10 0.05
Anthem ANTM 298.88 -0.87 BristolMyers BMY 58.74 -0.93 CitizensFin CFG 26.66 -1.31 EsteeLauder EL 231.05 -1.12 HormelFoods HRL 50.03 0.58 LincolnElectric LECO 101.59 -1.13 NVIDIA NVDA 535.87 10.22 RoyalCaribbean RCL 57.38 -0.88 3M MMM 161.03 -5.13 Zillow C Z 92.52 0.47
Aon AON 199.48 -2.69 BritishAmTob BTI 32.69 -1.00 CitrixSystems CTXS 119.47 -4.35 Etsy ETSY 145.78 6.05 DR Horton DHI 69.10 -1.74 LincolnNational LNC 33.78 -2.01 RoyalDutchA RDS.A 24.19 -0.64 Tiffany TIF 128.88 6.06 Zillow A ZG 93.08 0.55
ApolloGlbMgmt APO 40.19 0.03 Broadcom AVGO 359.60 -3.44 Clarivate
Apple AAPL 116.60 1.55 BroadridgeFinl BR 139.99 -2.19 Clorox
CCC 30.36 0.86 EverestRe RE 202.10 -7.01 HostHotels HST 10.86 -0.33 Linde
CLX 214.18 1.45 Evergy
LIN 225.47 -2.52
EVRG 56.39 0.70 HowmetAerospace HWM 17.53 -0.75 LithiaMotors LAD 236.75 -4.55
RoyalDutchB RDS.B 22.98 -0.75 Toro
RoyalGold RGLD 121.33 1.14 TorontoDomBk TD 44.59 -0.69
TTC 82.64 -0.48 O P Q ZimmerBiomet ZBH 138.60 -0.91
Zoetis ZTS 162.47 1.99
ApplMaterials AMAT 58.83 -0.68 BrookfieldMgt BAM 31.85 -0.76 Cloudflare NET 55.98 1.23 EversourceEner ES 91.88 0.15 HuanengPower HNP 15.55 0.37 LiveNationEnt LYV 51.85 -2.68 OGE Energy OGE 32.49 -0.43 t RoyaltyPharma RPRX 37.87 -0.90 Total TOT 30.70 -1.21 ZoomVideo ZM 538.99 21.20
Aptargroup ATR 115.65 -1.45 BrookfieldInfr BIP 44.58 -0.79 Coca-Cola KO 49.90 0.10 s ExactSciences EXAS 131.12 24.55 Huazhu HTHT 41.47 -1.00 LivongoHealth LVGO 142.89 6.22 ONEOK OKE 29.32 -0.19 Ryanair RYAAY 83.05 -3.54 ToyotaMotor TM 132.46 -0.39 ZoomInfoTech ZI 43.06 1.77
Aptiv APTV 96.29 -1.90 BrookfieldPropREIT BPYU 14.58 -0.32 Coca-Cola Euro CCEP 38.13 -0.16 Exelixis EXEL 21.65 -0.25 Hubbell HUBB148.37 -0.63 LloydsBanking LYG 1.42 -0.06 OReillyAuto ORLY 450.22 -5.74 SAP SAP 114.50 -0.52 TractorSupply TSCO 134.16 -1.69 Zscaler ZS 148.64 -0.36
Aramark ARMK 28.76 -0.19 BrookfieldRenew BEPC 65.84 2.09 Cognex CGNX 66.70 -0.73 Exelon EXC 41.15 -0.55 HubSpot HUBS 304.56 -1.76 LockheedMartin LMT 362.43 -6.12 OakStreetHealth OSH 51.40 0.21 S&P Global SPGI 330.85 -2.70 TradeDesk TTD 613.36 5.04 Zynga ZNGA 9.45 0.12

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B8 | Wednesday, October 28, 2020 THE WALL STREET JOURNAL.

COMMODITIES wsj.com/market-data/commodities

Contract Open Contract Open

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

Metal & Petroleum Futures Oats (CBT)-5,000 bu.; cents per bu. Dec 72.00 72.53 71.76 72.03 –.08 126,533 British Pound (CME)-£62,500; $ per £
Dec 304.75 309.75 s 304.25 308.00 1.50 4,668 March'21 72.72 73.15 72.41 72.73 .01 73,363 Nov 1.3036 1.3080 1.3004 1.3059 .0039 870
Contract Open
March'21 304.50 307.50 s 304.50 305.25 .25 825 Orange Juice (ICE-US)-15,000 lbs.; cents per lb. Dec 1.3026 1.3084 1.3004 1.3061 .0039 141,917
Open High hi lo Low Settle Chg interest
Soybeans (CBT)-5,000 bu.; cents per bu. Nov 117.45 117.90 115.20 117.25 .15 728 Swiss Franc (CME)-CHF 125,000; $ per CHF
Copper-High (CMX)-25,000 lbs.; $ per lb. Nov 1086.00 1094.00 s 1081.75 1082.25 –5.50 94,458 Jan'21 115.20 116.00 114.10 115.50 1.05 8,392 Dec 1.1029 1.1051 1.1007 1.1034 –.0002 51,936
Oct 3.0880 3.0880 3.0880 3.0900 0.0015 137 1.1045 1.1081 1.1040 1.1066 –.0002 144
Jan'21 1083.00 1088.50 s 1076.25 1076.50 –7.00 378,119 March'21
Dec 3.0915 3.1125 3.0800 3.0935 0.0040 142,456 Australian Dollar (CME)-AUD 100,000; $ per AUD
Soybean Meal (CBT)-100 tons; $ per ton. Interest Rate Futures
Gold (CMX)-100 troy oz.; $ per troy oz. Dec 389.40 392.70 s 383.50 384.00 –5.60 147,975 Nov .7129 .7147 .7117 .7133 .0007 530
Oct 1904.60 1908.30 1904.40 1908.80 6.10 499 Ultra Treasury Bonds (CBT) - $100,000; pts 32nds of 100% .7123 .7149 .7117 .7134 .0007 130,563
Jan'21 383.10 385.00 s 377.50 377.90 –5.20 88,932 Dec
Dec 1904.40 1913.80 1898.70 1911.90 6.20 439,099 Dec 216-150 218-130 216-020 217-180 1-02.0 996,918 Mexican Peso (CME)-MXN 500,000; $ per MXN
Soybean Oil (CBT)-60,000 lbs.; cents per lb.
Feb'21 1911.40 1920.90 1906.30 1919.30 6.10 53,425 March'21 216-100 216-220 214-130 215-290 1-03.0 46 .04788 .04788 .04746 .04763 –.00004 57
Dec 34.36 34.70 34.03 34.11 –.35 142,249 Nov
April 1917.30 1926.40 1913.60 1924.90 5.90 27,492 Treasury Bonds (CBT)-$100,000; pts 32nds of 100% .04748 .04775 .04721 .04748 –.00004 126,192
Jan'21 34.20 34.42 33.84 33.92 –.32 91,923 Dec
June 1922.20 1931.20 1918.40 1929.70 5.80 17,971 Dec 173-170 174-130 173-120 174-030 16.0 1,210,236 Euro (CME)-€125,000; $ per €
Rough Rice (CBT)-2,000 cwt.; $ per cwt.
Dec 1939.20 1939.20 1935.40 1939.00 6.00 8,000 March'21 174-290 175-230 174-230 175-140 17.0 10,678 1.1818 1.1843 1.1798 1.1818 –.0001 1,874
Nov 12.28 12.52 12.27 12.48 .19 1,650 Nov
Palladium (NYM) - 50 troy oz.; $ per troy oz. Jan'21 12.41 12.62 12.41 12.48 .04 8,142 Treasury Notes (CBT)-$100,000; pts 32nds of 100% Dec 1.1822 1.1852 1.1804 1.1825 –.0001 625,564
Oct ... ... ... 2347.30 –14.60 12 Dec 138-200 138-290 138-185 138-270 6.5 3,133,598
Wheat (CBT)-5,000 bu.; cents per bu.
Dec 2374.10 2395.00 2324.60 2353.90 –14.80 9,504 March'21 138-075 138-175 138-075 138-160 7.0 10,193 Index Futures
Dec 618.75 627.00 614.75 615.75 –4.25 218,665
March'21 2378.90 2390.00 2342.10 2364.90 –14.70 1,072 5 Yr. Treasury Notes (CBT)-$100,000; pts 32nds of 100%
March'21 619.75 625.75 614.50 615.75 –4.50 80,757 Mini DJ Industrial Average (CBT)-$5 x index
Platinum (NYM)-50 troy oz.; $ per troy oz. Wheat (KC)-5,000 bu.; cents per bu. Dec 125-210 125-247 125-207 125-242 2.5 3,056,277
881.40 884.50 879.30 882.10 9.60 18 Dec 27581 27713 27232 27365 –216 93,357
Oct Dec 552.00 560.50 547.75 549.25 –2.75 109,336 March'21 126-025 126-032 125-315 126-030 2.7 4,945
873.40 889.10 872.60 886.80 9.40 50,609 March'21 27475 27610 27152 27273 –215 3,021
Jan'21 March'21 559.00 567.00 554.75 556.25 –3.25 65,185 2 Yr. Treasury Notes (CBT)-$200,000; pts 32nds of 100%
Silver (CMX)-5,000 troy oz.; $ per troy oz. Dec 110-132 110-137 110-131 110-135 .1 1,984,150
S&P 500 Index (CME)-$250 x index
Cattle-Feeder (CME)-50,000 lbs.; cents per lb. Dec 3396.80 3409.40 3368.30 3383.10 –10.40 13,741
Oct 24.370 24.370 24.320 24.526 0.150 2 March'21 110-137 110-137 110-135 110-136 … 88
Oct 133.500 134.500 133.450 134.300 .600 1,380 March'21 … … … 3373.40 –10.40 26
Dec 24.385 24.760 24.265 24.570 0.150 127,762 30 Day Federal Funds (CBT)-$5,000,000; 100 - daily avg.
Jan'21 127.275 129.450 126.950 128.425 1.650 24,471 Mini S&P 500 (CME)-$50 x index
Crude Oil, Light Sweet (NYM)-1,000 bbls.; $ per bbl. Cattle-Live (CME)-40,000 lbs.; cents per lb. Oct 99.9100 99.9125 99.9100 99.9100 .0000 217,795
38.59 39.83 38.51 39.57 1.01 407,185 Dec 3394.25 3410.00 3368.25 3383.00 –10.50 2,389,403
Dec Oct 104.200 105.025 104.075 104.850 .875 1,275 Jan'21 99.9250 99.9300 99.9250 99.9250 .0000 167,031
38.95 40.13 38.83 39.87 0.98 229,777 March'21 3388.75 3400.00 3359.50 3373.50 –10.25 25,452
Jan'21 Dec 104.225 105.350 103.525 104.050 .650 108,005 10 Yr. Del. Int. Rate Swaps (CBT)-$100,000; pts 32nds of 100%
Feb 39.25 40.43 39.17 40.18 0.96 128,263 Dec 101-185 101-245 101-135 101-215 7.5 137,922
Mini S&P Midcap 400 (CME)-$100 x index
Hogs-Lean (CME)-40,000 lbs.; cents per lb. Dec 1968.00 1979.10 1933.30 1943.30 –25.50 56,628
March 39.59 40.71 39.51 40.46 0.92 149,843 Eurodollar (CME)-$1,000,000; pts of 100%
Dec 68.175 69.650 67.425 67.650 –.100 85,537 March'21 … 1967.60 1933.80 1941.80 –25.50 ...
June 40.30 41.38 40.23 41.14 0.86 207,036 Nov 99.7700 99.7725 99.7650 99.7675 … 152,602
Feb'21 67.700 69.325 67.475 68.050 .400 47,619 Mini Nasdaq 100 (CME)-$20 x index
Dec 40.95 41.95 40.91 41.74 0.76 229,271 Dec 99.7550 99.7600 99.7500 99.7550 … 1,047,468
Lumber (CME)-110,000 bd. ft., $ per 1,000 bd. ft. Dec 11499.50 11623.00 11478.25 11588.00 95.75 224,429
NY Harbor ULSD (NYM)-42,000 gal.; $ per gal. Nov 502.80 518.40 498.00 505.20 2.20 1,126 March'21 99.7900 99.7900 99.7850 99.7850 … 1,052,296
1.1252 1.1615 1.1221 1.1577 .0359 22,022 March'21 11492.75 11613.25 11470.00 11578.75 95.75 1,944
Nov Jan'21 464.80 485.60 464.80 484.00 17.40 1,340 June 99.7950 99.8050 99.7950 99.7950 … 867,940
Dec 1.1279 1.1635 1.1279 1.1590 .0311 115,137 Mini Russell 2000 (CME)-$50 x index
Milk (CME)-200,000 lbs., cents per lb. Dec 1601.10 1611.60 1577.20 1589.00 –13.10 536,546
Gasoline-NY RBOB (NYM)-42,000 gal.; $ per gal. Oct 21.60 21.64 s 21.60 21.62 –.01 4,738 Currency Futures
Nov 1.1116 1.1471 1.1116 1.1434 .0318 22,128 Mini Russell 1000 (CME)-$50 x index
Nov 22.74 22.75 21.94 22.37 –.39 5,294 Japanese Yen (CME)-¥12,500,000; $ per 100¥ Dec 1890.00 1900.40 1888.10 1890.00 –5.70 8,945
Dec 1.0981 1.1328 1.0968 1.1288 .0319 133,273
Cocoa (ICE-US)-10 metric tons; $ per ton. Nov .9545 .9581 .9537 .9573 .0034 254 U.S. Dollar Index (ICE-US)-$1,000 x index
Natural Gas (NYM)-10,000 MMBtu.; $ per MMBtu. Dec 2,495 2,509 2,427 2,452 –45 62,464
Nov 3.016 3.091 s 2.986 3.019 –.005 14,731 Dec .9543 .9586 .9539 .9576 .0034 171,948 Dec 93.06 93.13 92.78 92.93 –.12 28,347
March'21 2,500 2,502 2,430 2,455 –37 71,899 Canadian Dollar (CME)-CAD 100,000; $ per CAD March'21 92.92 93.00 92.79 92.90 –.11 647
Dec 3.242 3.336 3.180 3.311 .058 181,714
Coffee (ICE-US)-37,500 lbs.; cents per lb. Nov .7582 .7609 .7570 .7597 .0020 123
Jan'21 3.360 3.449 3.302 3.424 .053 203,251
Dec 106.75 108.20 106.15 106.95 .30 88,018 Dec .7572 .7611 .7570 .7597 .0019 121,506
Feb 3.320 3.400 3.263 3.376 .047 84,060 Source: FactSet
March'21 109.40 110.80 108.80 109.55 .20 76,814
March 3.204 3.272 3.155 3.247 .034 136,391
Sugar-World (ICE-US)-112,000 lbs.; cents per lb.
Oct 3.017 3.034 2.994 3.032 .011 89,992
March 14.83 15.04 14.68 14.83 .06 457,458

Agriculture Futures
May 14.00 14.15 13.82 13.91 –.07 165,077 Borrowing Benchmarks | wsj.com/market-data/bonds/benchmarks
Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb.
Corn (CBT)-5,000 bu.; cents per bu. Jan 27.80 27.80 s 27.80 27.80 … 1,806
Dec 416.75 422.25 s 415.50 416.00 –1.75 718,993 March 28.00 28.10 s 28.00 27.95 .25 2,738 Money Rates October 27, 2020
March'21 417.50 422.25 s 415.75 416.50 –2.00 400,470 Cotton (ICE-US)-50,000 lbs.; cents per lb.
Key annual interest rates paid to borrow or lend money in U.S. and international markets. Rates below are a
guide to general levels but don’t always represent actual transactions.
Cash Prices | wsj.com/market-data/commodities Tuesday, October 27, 2020 Inflation Week
Latest ago
—52-WEEK—
High Low
Week
Latest ago
—52-WEEK—
High Low
These prices reflect buying and selling of a variety of actual or “physical” commodities in the marketplace— Sept. index Chg From (%)
level Aug. '20 Sept. '19 High 0.1000 0.1000 1.8700 0.1000 Commercial paper (AA financial)
separate from the futures price on an exchange, which reflects what the commodity might be worth in future Low 0.0500 0.0500 1.7000 0.0100 90 days 0.13 0.09 2.53 0.04
months. U.S. consumer price index Bid 0.0800 0.0800 1.7800 0.0100
0.14 1.4
Offer 0.1100 0.1100 1.8200 0.0500 Libor
Tuesday Tuesday Tuesday All items 260.280
Aluminum, LME, $ per metric ton *1822.5 Wheat - Hard - KC (USDA) $ per bu-u 5.5925 Core 269.054 0.11 1.7 One month 0.14463 0.14575 1.80475 0.13950
Energy Treasury bill auction 0.21325 0.21575 1.96050 0.20863
Copper,Comex spot 3.0900 Wheat,No.1soft white,Portld,OR-u 6.0250 Three month
Iron Ore, 62% Fe CFR China-s 115.7 International rates 4 weeks 0.085 0.090 1.710 0.000 Six month 0.24650 0.25188 1.92988 0.23375
Coal,C.Aplc.,12500Btu,1.2SO2-r,w 59.500 Food 13 weeks 0.100 0.100 1.620 0.000
Shredded Scrap, US Midwest-s,m 281 One year 0.33175 0.33713 2.01200 0.33175
Coal,PwdrRvrBsn,8800Btu,0.8SO2-r,w 11.750 26 weeks 0.110 0.115 1.610 0.080
Steel, HRC USA, FOB Midwest Mill-s 697 Beef,carcass equiv. index Week 52-Week
Metals choice 1-3,600-900 lbs.-u 176.00 Latest ago High Low Euro Libor
Fibers and Textiles select 1-3,600-900 lbs.-u 158.52
Secondary market One month -0.566 -0.563 -0.360 -0.621
Gold, per troy oz Broilers, National comp wtd. avg.-u,w 0.6875 Prime rates Three month -0.530 -0.533 -0.142 -0.540
1905.00 Burlap,10-oz,40-inch NY yd-n,w 0.6250 Fannie Mae
Engelhard industrial
Cotton,1 1/16 std lw-mdMphs-u 0.6903 Butter,AA Chicago 1.4075 U.S. 3.25 3.25 5.00 3.25 Six month -0.512 -0.510 -0.052 -0.515
1905.70 30-year mortgage yields
Handy & Harman base
Cotlook 'A' Index-t *77.40
Cheddar cheese,bbl,Chicago 245.25 Canada 2.45 2.45 3.95 2.45 One year -0.459 -0.464 0.008 -0.464
Handy & Harman fabricated 2115.33 Cheddar cheese,blk,Chicago 277.25 Japan 1.475 1.475 1.475 1.475 30 days 1.920 1.915 3.388 1.751
*1901.60 Hides,hvy native steers piece fob-u 35.500
LBMA Gold Price AM
Wool,64s,staple,Terr del-u,w n.a.
Milk,Nonfat dry,Chicago lb. 107.75 60 days 1.952 1.942 3.403 1.804 Secured Overnight Financing Rate
LBMA Gold Price PM *1898.45 Coffee,Brazilian,Comp 0.9976 Policy Rates 0.09 0.09 1.82 0.01
Krugerrand,wholesale-e 1986.30 Coffee,Colombian, NY 1.5395 Other short-term rates
Grains and Feeds Euro zone 0.00 0.00 0.00 0.00
Maple Leaf-e 2005.40 Eggs,large white,Chicago-u 1.0250 Value 52-Week
2005.40
Switzerland 0.00 0.00 0.50 0.00
American Eagle-e Barley,top-quality Mnpls-u n.a. Flour,hard winter KC 15.60 0.10 0.75 0.10
Week 52-Week Latest Traded High Low
2310.77 Britain 0.10
Mexican peso-e Bran,wheat middlings, KC-u 128 Hams,17-20 lbs,Mid-US fob-u n.a. Latest ago high low
1875.08 Australia 0.25 0.25 0.75 0.25 DTCC GCF Repo Index
Austria crown-e Corn,No. 2 yellow,Cent IL-bp,u 4.0350 Hogs,Iowa-So. Minnesota-u 72.60
Austria phil-e 2005.40 Corn gluten feed,Midwest-u,w 128.4 Pork bellies,12-14 lb MidUS-u 1.7790 Call money Treasury 0.114 43.150 1.873 0.002
0.8650
Overnight repurchase 2.00 2.00 3.75 2.00 49.750 1.894 0.011
Silver, troy oz. Corn gluten meal,Midwest-u,w 458.8 Pork loins,13-19 lb MidUS-u MBS 0.137
Engelhard industrial 24.4000 Cottonseed meal-u,w 320 Steers,Tex.-Okla. Choice-u n.a. U.S. 0.09 0.07 1.87 -0.07
24.4670 131.94 Notes on data:
Handy & Harman base Hominy feed,Cent IL-u,w 100 Steers,feeder,Okla. City-u,w
Handy & Harman fabricated 30.5840 Meat-bonemeal,50% pro Mnpls-u,w 263 U.S. government rates U.S. prime rate is the base rate on corporate loans posted by at least 70% of the 10 largest U.S. banks,
LBMA spot price *£18.6000 Oats,No.2 milling,Mnpls-u 3.1750
Fats and Oils and is effective March 16, 2020. Other prime rates aren’t directly comparable; lending practices vary
(U.S.$ equivalent) *24.2800 Rice, Long Grain Milled, No. 2 AR-u,w 28.38 Corn oil,crude wet/dry mill wtd. avg.-u,w 42.4200
Discount widely by location; Discount rate is effective March 16, 2020. Secured Overnight Financing Rate is
0.25 2.50 0.25 as of October 26, 2020. DTCC GCF Repo Index is Depository Trust & Clearing Corp.'s weighted
Coins,wholesale $1,000 face-a 18655 Sorghum,(Milo) No.2 Gulf-u 6.1600 Grease,choice white,Chicago-h 0.2850 0.25
average for overnight trades in applicable CUSIPs. Value traded is in billions of U.S. dollars. Federal-
Other metals SoybeanMeal,Cent IL,rail,ton48%-u 383.00 Lard,Chicago-u n.a. funds rates are Tullett Prebon rates as of 5:30 p.m. ET.
LBMA Platinum Price PM *878.0 Soybeans,No.1 yllw IL-bp,u 10.6550 Soybean oil,crude;Centl IL-u 0.3474 Federal funds
Sources: Federal Reserve; Bureau of Labor Statistics; DTCC; FactSet;
Platinum,Engelhard industrial 885.0 Wheat,Spring14%-pro Mnpls-u 6.9150 Tallow,bleach;Chicago-h 0.3225 Effective rate 0.0900 0.0900 1.8200 0.0600 Tullett Prebon Information, Ltd.
Palladium,Engelhard industrial 2380.0 Wheat,No.2 soft red,St.Louis-u 6.2575 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;
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 10/26
Exchange-Traded BANKRATE.COM® MMA, Savings and CDs
Source: Dow Jones Market Data Portfolios
Average Yields of Major Banks Tuesday, October 27, 2020
Largest 100 exchange-traded funds, latest session
Type MMA 1-MO 2-MO 3-MO 6-MO 1-YR 2-YR 2.5YR 5YR
ADVERTISEMENT Tuesday, October 27, 2020 National average
Closing Chg YTD Savings 0.09 0.06 0.06 0.09 0.13 0.19 0.22 0.19 0.33

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FT DJ Internet FDN 198.86 1.49 42.9
GSActiveBetaUSLC GSLC 68.78 –0.26 6.4
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B10 | Wednesday, October 28, 2020 THE WALL STREET JOURNAL.

MARKETS DIGEST
EQUITIES

Dow Jones Industrial Average S&P 500 Index Nasdaq Composite Index
Last Year ago Last Year ago Last Year ago
27463.19 t 222.19, or 0.80% Trailing P/E ratio 26.06 19.90 3390.68 t 10.29, or 0.30% Trailing P/E ratio * 38.25 23.68 11431.35 s 72.41, or 0.64% Trailing P/E ratio *† 37.62 24.75
High, low, open and close for each P/E estimate * 24.01 17.99 High, low, open and close for each P/E estimate * 25.55 18.25 High, low, open and close for each P/E estimate *† 31.31 21.87
trading day of the past three months. Dividend yield 2.24 2.28 trading day of the past three months. Dividend yield * 1.73 1.91 trading day of the past three months. Dividend yield *† 0.74 1.01
All-time high 29551.42, 02/12/20 All-time high 3580.84, 09/02/20 All-time high: 12056.44, 09/02/20

Current divisor 0.15198707565833

30000 3600 12500

29000 3500 12000

28000 3400 11500

27000 3300 11000

Session high
DOWN UP 26000 3200 10500
t

Session open Close

65-day moving average 65-day moving average
Close Open 65-day moving average
t

25000 3100 10000

Bars measure the point change from session's open Session low
24000 3000 9500
July Aug. Sept. Oct. July Aug. Sept. Oct. July Aug. Sept. Oct.
*Weekly P/E data based on as-reported earnings from Birinyi Associates Inc.; † Based on Nasdaq-100 Index

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

Latest 52-Week % chg Most-active and biggest movers among NYSE, NYSE Arca, NYSE Amer. Volume, Advancers, Decliners
High Low Close Net chg % chg High Low % chg YTD 3-yr. ann. and Nasdaq issues from 4 p.m. to 6:30 p.m. ET as reported by electronic NYSE NYSE Amer.
Dow Jones trading services, securities dealers and regional exchanges. Minimum Total volume* 795,557,625 12,301,886
Industrial Average 27707.69 27457.96 27463.19 -222.19 -0.80 29551.42 18591.93 1.4 -3.8 5.4 share price of $2 and minimum after-hours volume of 50,000 shares. Adv. volume* 199,359,826 7,699,356
Transportation Avg 11629.03 11420.41 11431.61 -173.21 -1.49 11988.83 6703.63 5.6 4.9 4.8 Most-active issues in late trading Decl. volume* 583,646,561 4,507,665
Utility Average 900.68 887.57 890.68 -1.30 -0.15 960.89 610.89 4.2 1.3 5.8 Volume After Hours Issues traded 3,138 263
Company Symbol (000) Last Net chg % chg High Low
Total Stock Market 35001.36 34779.54 34799.18 -119.00 -0.34 36434.12 22462.76 12.0 5.3 9.2 Advances 942 126
SPDR S&P 500 SPY 11,939.9 336.06 -2.16 -0.64 339.27 335.86
Barron's 400 748.96 740.41 740.41 -8.01 -1.07 767.01 455.11 6.5 1.1 2.3 Declines 2,086 129
TEGNA TGNA 9,876.0 12.40 -0.02 -0.16 12.42 12.40
Unchanged 110 8
Nasdaq Stock Market iShares MSCI Emg Markets EEM 6,740.3 45.79 -0.13 -0.28 46.02 45.63 New highs 31 2
Nasdaq Composite 11465.06 11361.86 11431.35 72.41 0.64 12056.44 6860.67 38.1 27.4 19.5 Microsoft MSFT 6,526.3 210.40 -2.85 -1.34 216.50 209.64 New lows 34 4
Nasdaq 100 11633.49 11503.10 11598.95 94.43 0.82 12420.54 6994.29 44.1 32.8 23.1 Vanguard FTSE Emerg Mkt VWO 5,070.1 44.91 -0.02 -0.04 44.92 44.85 Closing Arms† 1.09 0.55
Pfizer PFE 4,169.8 37.43 ... unch. 37.60 37.38 Block trades* 5,045 130
S&P
-0.30
Advanced Micro Devices AMD 4,120.6 79.42 0.54 0.68 80.26 78.77
500 Index 3409.51 3388.71 3390.68 -10.29 3580.84 2237.40 11.6 4.9 9.5 Nasdaq NYSE Arca
Intel INTC 4,028.0 45.44 -0.20 -0.44 45.67 45.36
MidCap 400 1975.59 1946.68 1946.68 -27.20 -1.38 2106.12 1218.55 -1.4 -5.6 1.9 Total volume*3,107,872,280 186,486,983
SmallCap 600 914.78 901.87 901.87 -12.09 -1.32 1041.03 595.67 -8.0 -11.7 -0.5 Percentage gainers… Adv. volume*1,508,743,551 91,356,524
Scholar Rock Holding SRRK 2,417.7 34.90 4.88 16.26 37.55 27.52 Decl. volume*1,569,379,367 94,147,471
Other Indexes
Community Health Systems CYH 60.9 4.96 0.57 12.98 5.00 4.35 Issues traded 3,587 1,401
Russell 2000 1609.53 1590.71 1590.71 -14.50 -0.90 1705.22 991.16 0.9 -4.7 1.8
Advances 1,362 538
NYSE Composite 12934.11 12817.87 12817.87 -118.52 -0.92 14183.20 8777.38 -3.0 -7.9 1.2 First Solar FSLR 1,638.6 91.12 8.73 10.60 98.50 81.43
Declines 2,097 845
Value Line 480.64 474.82 474.82 -5.82 -1.21 562.05 305.71 -10.3 -14.0 -4.4 Red Rock Resorts Cl A RRR 1,908.2 20.20 1.45 7.73 20.25 18.75
Unchanged 128 18
NYSE Arca Biotech 5404.66 5304.53 5356.88 52.77 0.99 6142.96 3855.67 19.9 5.7 9.2
cbdMD YCBD 164.9 2.29 0.11 5.05 2.74 2.14
New highs 42 5
NYSE Arca Pharma 642.66 634.21 634.57 -10.55 -1.63 675.64 494.36 5.3 -2.9 5.7 ...And losers New lows 64 5
KBW Bank 78.51 76.62 76.64 -2.36 -2.99 114.12 56.19 -27.5 -32.4 -9.2 Titan Machinery TITN 81.3 14.23 -1.47 -9.36 15.70 14.23 Closing Arms† 0.68 0.68
PHLX§ Gold/Silver 145.68 142.62 145.56 2.65 1.85 161.14 70.12 57.4 36.1 21.3 Arcus Biosciences RCUS 106.5 18.90 -1.83 -8.83 20.73 18.90 Block trades* 15,272 1,001
PHLX§ Oil Service 28.40 27.64 28.05 -0.45 -1.58 80.99 21.47 -59.2 -64.2 -39.8 Big 5 Sporting Goods BGFV 803.7 7.60 -0.52 -6.40 9.19 6.80 * Primary market NYSE, NYSE American NYSE Arca only.
PHLX§ Semiconductor 2331.72 2293.02 2300.91 -7.54 -0.33 2433.48 1286.84 38.4 24.4 22.1 Callaway Golf ELY 242.0 18.10 -1.18 -6.12 21.00 18.10 †(TRIN) A comparison of the number of advancing and declining
issues with the volume of shares rising and falling. An
Cboe Volatility 33.77 31.85 33.35 0.89 2.74 82.69 11.54 152.7 142.0 50.4 Akamai Technologies AKAM 306.7 100.60 -6.11 -5.73 111.00 99.82 Arms of less than 1 indicates buying demand; above 1

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

International Stock Indexes Percentage Gainers... Percentage Losers

Latest YTD
Region/Country Index Close Net chg % chg % chg Latest Session 52-Week Latest Session 52-Week
Company Symbol Close Net chg % chg High Low % chg Company Symbol Close Net chg % chg High Low % chg
World The Global Dow 2981.47 –33.88 –1.12 –8.3 Scholar Rock Holding SRRK 30.02 16.30 118.80 31.69 6.95 257.4 Catabasis Pharmaceuticals CATB 1.56 -3.80 -70.90 8.59 1.52 -68.2
DJ Global Index 436.10 –1.47 –0.34 0.5 Synalloy SYNL 5.20 1.11 27.14 15.95 3.81 -67.2 NGL Energy Partners NGL 2.92 -0.69 -19.11 12.08 1.15 -73.8
DJ Global ex U.S. 249.33 –0.92 –0.37 –5.4 Exact Sciences EXAS 131.12 24.55 23.04 141.90 35.25 44.7 Kala Pharmaceuticals KALA 6.28 -1.45 -18.72 14.68 3.45 80.3
Americas DJ Americas 791.57 –2.58 –0.32 4.0 Harley-Davidson HOG 35.40 6.40 22.07 40.86 14.31 -12.5 Trxade Group MEDS 5.05 -1.15 -18.55 11.60 4.01 -29.9
Brazil Sao Paulo Bovespa 99605.54 –1411.42 –1.40 –13.9 Harbor Custom Development HCDI 4.57 0.82 21.87 8.36 3.50 ... Amkor Technology AMKR 11.25 -2.14 -15.98 15.80 5.40 -24.6
Canada S&P/TSX Comp 16020.94 –58.61 –0.36 –6.1 1847 Goedeker GOED 8.27 1.36 19.68 17.75 5.65 ... BiondVax Pharma ADR BVXV 3.28 -0.62 -15.90 62.00 3.23 -39.3
Mexico S&P/BMV IPC 38001.31 –244.55 –0.64 –12.7 Unifi Inc UFI 15.74 2.53 19.15 27.85 7.48 -42.0 Marin Software MRIN 2.86 -0.51 -15.13 5.70 0.77 38.2
Chile Santiago IPSA 2547.03 –6.20 –0.24 –23.6 Kaspien Holdings KSPN 12.38 1.83 17.34 15.00 1.68 319.7 Akerna KERN 2.93 -0.52 -15.07 13.50 2.79 -42.1
TuanChe ADR TC 4.08 0.60 17.24 10.95 2.70 -61.8 Akebia Therapeutics AKBA 2.42 -0.42 -14.79 13.71 2.34 -38.3
EMEA Stoxx Europe 600 352.58 –3.37 –0.95 –15.2
Digital Ally DGLY 2.30 0.30 15.00 7.10 0.64 85.5 Scorpio Bulkers SALT 12.11 -2.09 -14.72 67.51 10.85 -81.9
Eurozone Euro Stoxx 344.54 –4.05 –1.16 –14.7
Belgium Bel-20 3153.02 –57.14 –1.78 –20.3 Flexsteel Industries FLXS 29.83 3.78 14.51 31.27 7.81 84.1 Ranger Energy Svcs Cl A RNGR 2.62 -0.45 -14.66 7.99 2.27 -48.2
Denmark OMX Copenhagen 20 1349.70 –5.61 –0.41 18.8 eXp World Holdings EXPI 47.50 5.97 14.38 62.50 6.51 442.9 KBS Fashion Group KBSF 2.41 -0.41 -14.54 4.45 0.95 17.0
France CAC 40 4730.66 –85.46 –1.77 –20.9 Rimini Street RMNI 3.55 0.44 14.15 5.97 2.22 -11.0 Genfit ADR GNFT 3.84 -0.63 -14.09 22.48 3.65 -73.8
Germany DAX 12063.57 –113.61 –0.93 –8.9 Prelude Therapeutics PRLD 36.75 4.40 13.60 50.19 23.69 ... Muscle Maker GRIL 1.76 -0.28 -13.73 5.09 1.31 ...
1346.49 –0.69 –20.0 Turning Point Brands TPB 37.25 4.32 13.12 39.42 14.09 76.8 Manitex MNTX 3.97 -0.63 -13.70 6.28 2.76 -28.5
Israel Tel Aviv –9.38
Italy FTSE MIB 18654.95 –290.20 –1.53 –20.6
Netherlands AEX 545.65 –0.30 –0.05 –9.7
Most Active Stocks Volume Movers Ranked by change from 65-day average*
Russia RTS Index 1131.36 –20.97 –1.82 –27.0 Volume % chg from Latest Session 52-Week Volume % chg from Latest Session 52-Week
Company Symbol (000) 65-day avg Close % chg High Low Company Symbol (000) 65-day avg Close % chg High Low
South Africa FTSE/JSE All-Share 54079.43 –811.45 –1.48 –5.3
Spain IBEX 35 6651.30 –145.60 –2.14 –30.3 Naked Brand Group NAKD 167,952 482.9 0.09 29.58 4.80 0.07 Scholar Rock Holding SRRK 51,564 40270 30.02 118.80 31.69 6.95
Sweden OMX Stockholm 700.39 –3.33 –0.47 2.9 Advanced Micro Devices AMD 155,924 172.4 78.88 -4.07 94.28 32.04 1847 Goedeker GOED 13,625 39940 8.27 19.68 17.75 5.65
Switzerland Swiss Market 9887.49 –98.13 –0.98 –6.9 NIO ADR NIO 103,561 -1.7 28.44 9.34 29.40 1.36 Aware UltSht Dur Enh Incm AWTM 806 14676 49.64 -0.03 51.05 46.25
1152.63 0.72 0.7 Insignia Systems ISIG 101,967 20400.7 1.28 34.75 1.75 0.54 dMY Tech Grp II Cl A DMYD 5,270 7597 10.26 2.60 10.60 9.80
Turkey BIST 100 8.19
–24.0
General Electric GE 97,638 -1.6 7.10 -3.79 13.26 5.48 Catabasis Pharmaceuticals CATB 20,567 5980 1.56 -70.90 8.59 1.52
U.K. FTSE 100 5728.99 –63.03 –1.09
U.K. FTSE 250 17587.71 –265.59 –1.49 –19.6 Apple AAPL 91,779 -46.4 116.60 1.35 137.98 53.15 Avantis Emg Mkts Equity AVEM 651 1907 53.64 0.30 56.26 35.21
Weidai ADR WEI 85,628 3252.7 2.35 35.06 6.46 0.73 Fortress Value II Cl A FAII 614 1706 9.73 0.31 10.06 9.65
Asia-Pacific
American Airlines Group AAL 65,120 3.3 11.23 -4.83 31.58 8.25 Harley-Davidson HOG 41,514 1539 35.40 22.07 40.86 14.31
Australia S&P/ASX 200 6051.00 –104.63 –1.70 –9.5
SPDR S&P 500 SPY 65,111 -3.5 338.22 -0.34 358.75 218.26 Trxade Group MEDS 1,309 1480 5.05 -18.55 11.60 4.01
China Shanghai Composite 3254.32 3.20 0.10 6.7
Ford Motor F 63,572 8.0 7.92 -1.37 9.58 3.96 Osprey Tech Acqn Cl A SFTW 1,309 1267 10.04 0.76 10.36 9.11
Hong Kong Hang Seng 24787.19 –131.59 –0.53 –12.1
* Volumes of 100,000 shares or more are rounded to the nearest thousand * Common stocks priced at $2 a share or more with an average volume over 65 trading days of at least
India S&P BSE Sensex 40522.10 376.59 0.94 –1.8 5,000 shares =Has traded fewer than 65 days
Japan Nikkei Stock Avg 23485.80 –8.54 –0.04 –0.7
Singapore Straits Times 2512.87 –10.44 –0.41 –22.0 Track the Markets
South Korea Kospi 2330.84 –13.07 –0.56 6.1 Compare the performance of selected CURRENCIES & COMMODITIES
Taiwan TAIEX 12875.01 –34.02 –0.26 7.3 global stock indexes, bond ETFs,
Thailand SET 1208.95 0.98 0.08 –23.5
currencies and commodities at Currencies
wsj.com/graphics/track-the-markets
Sources: FactSet; Dow Jones Market Data
U.S.-dollar foreign-exchange rates in late New York trading
US$vs, US$vs,
Tues YTDchg Tues YTDchg
CREDIT MARKETS Country/currency in US$ per US$ (%) Country/currency
Vietnam dong
in US$ per US$ (%)
.00004315 23177 0.02
Americas
Argentina peso .0128 78.3030 30.8 Europe
Consumer Rates and Returns to Investor Benchmark
Treasury Yields
yield curve Forex Race Brazil real .1751 5.7107 42.1 Czech Rep. koruna .04317 23.163 2.2

U.S. consumer rates Selected rates and

Yield toRates
maturity of current bills, Yen, euro vs. dollar; dollar vs. Canada dollar
Chile peso
.7584 1.3187
.001294 773.00
1.5
4.6
Denmark krone
Euro area euro
.1585 6.3085
1.1797 .8477
–5.3
–4.9
notes and bonds major U.S. trading partners .000262 3809.60 .003231 309.50
30-year mortgage, Rate Colombiapeso 16.1 Hungary forint 4.8
A consumer rate against its
Ecuador US dollar 1 1 unch Iceland krona .007148 139.90 15.5
benchmark over the past year 2.50% Mexico peso .0475 21.0339 11.1 Norway krone .1089 9.1868 4.6
Bankrate.com avg†: 3.04% 10%
Uruguay peso .02342 42.6950 15.0 Poland zloty .2571 3.8894 2.5
30-year fixed-rate East Boston Savings Bank 2.63% One year ago 2.00
Asia-Pacific Russia ruble .01294 77.283 24.5
mortgage t 5 Euro
s

4.00% Boston, MA 800-657-EBSB Sweden krona .1146 8.7226 –6.9

t 1.50 Yen Australian dollar .7127 1.4031 –1.5
s

First National Bank 2.63% Switzerland franc 1.1005 .9087 –6.1

3.00 China yuan .1491 6.7055 –3.7
0 Turkey lira .1222 8.1836 37.6
Waverly, IA 319-266-2000 1.00 Hong Kong dollar .1290 7.7500 –0.5
Tradeweb ICE Ukraine hryvnia .0351 28.4500 20.2
India rupee .01358 73.624 3.2
2.00 Farmers State Bank 2.75% Tuesday Close 0.50 –5 s
UK pound 1.3046 .7665 1.6
Indonesia rupiah .0000684 14625 5.3
10-year Treasury Waterloo, IA 877-FSB-1879 t WSJ Dollar index .009577 104.42 Middle East/Africa
Japan yen –3.9
t note yield 1.00 0.00
Prairie State Bank and Trust 2.75% –10 Kazakhstan tenge .002329 429.39 12.5 Bahrain dinar 2.6522 .3771 ...
Mt Zion, IL 800-597-2977 1 3 6 1 2 3 5 7 10 20 30 Macau pataca .1252 7.9885 –0.4 Egypt pound .0637 15.7081 –2.1
0.00 2019 2020 Malaysia ringgit .2402 4.1625 1.8 Israel shekel .2956 3.3826 –2.1
TBK Bank, SSB 2.85% month(s) years
N D J FM AM J J A S O New Zealand dollar .6707 1.4910 0.4 Kuwait dinar 3.2677 .3060 1.0
Dallas, TX 214-365-6900 maturity Pakistan rupee .00621 161.100 3.9 Oman sul rial 2.5972 .3850 0.01
2019 2020
Sources: Tradeweb ICE U.S. Treasury Close; Tullett Prebon; Dow Jones Market Data Philippines peso .0207 48.350 –4.7 Qatar rial .2746 3.642 –0.1
Yield/Rate (%) 52-Week Range (%) 3-yr chg Singapore dollar .7349 1.3607 1.1 Saudi Arabia riyal .2666 3.7503 –0.03
Interest rate Last (l)Week ago Low 0 2 4 6 8 High (pct pts)
Corporate Borrowing Rates and Yields South Korea won .0008855 1129.28 –2.2 South Africa rand .0617 16.1978 15.7
Federal-funds rate target 0.00-0.25 0.00-0.25 0.00 l 1.75 -1.00 Sri Lanka rupee .0054265 184.28 1.6
Yield (%) 52-Week Total Return (%) Taiwan dollar .03496 28.603 –4.4 Close Net Chg % Chg YTD%Chg
Prime rate* 3.25 3.25 3.25 l 5.00 -1.00 Bond total return index Close Last Week ago High Low 52-wk 3-yr Thailand baht .03205 31.200 4.8 WSJ Dollar Index 88.04 –0.06–0.07 –1.70
Libor, 3-month 0.21 0.22 0.21 l 1.96 -1.17
U.S. Treasury, Barclays 2466.130 0.540 0.560 1.870 0.400 8.16 5.45 Sources: Tullett Prebon, Dow Jones Market Data
Money market, annual yield 0.19 0.19 0.19 l 0.71 -0.13
1.430 17.58 11.61
Five-year CD, annual yield 0.61 0.61 0.61 l 1.53 -0.86 U.S. Treasury Long, Barclays 4781.920 1.470 2.370 0.980
Commodities
30-year mortgage, fixed† 3.04 3.04 2.93 l 4.22 -0.95 Aggregate, Barclays 2274.220 1.200 1.220 2.410 1.020 7.24 5.29 Tuesday 52-Week YTD
Pricing trends on someClose
raw materials, or commodities
Net chg % Chg High Low % Chg % chg
15-year mortgage, fixed† 2.56 2.56 2.48 l 3.57 -0.72 Fixed-Rate MBS, Barclays 2224.590 1.350 1.350 2.690 0.930 4.31 3.76
Jumbo mortgages, $510,400-plus† 3.09 3.10 2.93 l 4.42 -1.27 DJ Commodity 651.58 4.56 0.70 657.83 433.70 4.35 1.44
High Yield 100, ICE BofA 3185.461 4.602 4.442 10.740 4.235 1.848 3.608
Five-year adj mortgage (ARM)† 3.23 3.23 2.85 l 4.61 -0.29 TR/CC CRB Index 150.71 1.32 0.88 187.39 106.29 -15.51 -18.88
Muni Master, ICE BofA 585.335 1.120 1.134 3.441 0.838 4.324 3.961 Crude oil, $ per barrel 39.57 1.01 2.62 63.27 -37.63 -28.75 -35.19
New-car loan, 48-month 4.13 4.14 4.13 l 4.56 1.11
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 891.391 4.800 4.745 7.480 4.523 3.116 3.550 Natural gas, $/MMBtu 3.019 -0.005 -0.17 3.024 1.482 16.25 37.92
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. 1908.80 6.10 0.32 2051.50 1452.10 28.37 25.62

Get real-time U.S. stock quotes and track most-active stocks, new highs/lows and mutual funds. Available free at WSJMarkets.com
THE WALL STREET JOURNAL. * * * * Wednesday, October 28, 2020 | B11

BONDS wsj.com/market-data/
bonds/benchmarks BANKING & FINANCE
Tracking Bond Benchmarks
Return on investment and spreads over Treasurys and/or yields paid to investors compared with 52-week
highs and lows for different types of bonds Equitable, Reinsurer
Reach Annuities Deal
Total Total
return YTD total Yield (%) return YTD total Yield (%)
close return (%) Index Latest Low High close return (%) Index Latest Low High

Broad Market Bloomberg Barclays Mortgage-Backed Bloomberg Barclays

2274.22 6.7 U.S. Aggregate 1.200 1.020 2.410 2224.59 3.6 Mortgage-Backed 1.350 0.930 2.690
U.S. Corporate Indexes Bloomberg Barclays 2169.97 3.3 Ginnie Mae (GNMA) 0.830 0.290 2.660

3374.82 7.2 U.S. Corporate 1.960 1.820 4.580 1314.18 3.7 Fannie mae (FNMA) 1.530 1.110 2.690 BY LESLIE SCISM and Athene Holdings Ltd. Equitable said the deal in-
3071.67 6.1 Intermediate 1.300 1.230 4.400 2016.86 3.6 Freddie Mac (FHLMC) 1.520 1.080 2.710 Apollo, Crestview and Rever- volves about 13% of total vari-
ence each have 23% stakes. able-annuity business on its
4975.01 9.2 Long term 3.030 2.730 4.930 585.34 3.4 Muni Master 1.120 0.838 3.441
Equitable Holdings Inc. will Athene has a 21% stake and books as of June 30. The com-
689.19 7.1 Double-A-rated 1.500 1.300 3.360 413.34 3.6 7-12 year 1.120 0.771 3.447 transfer financial risk for $12 Voya has a stake just under pany said it remains commit-
891.50 6.5 Triple-B-rated 2.310 2.210 5.350 469.84 3.7 12-22 year 1.613 1.224 3.690 billion of retirement-income 10% ted to various types of vari-
High Yield Bonds ICE BofA 452.90 2.8 22-plus year 2.346 1.765 4.123 annuities to reinsurer Venera- The deal comes as many able annuities, even as these
ble Holdings LLC, as life in- U.S. life insurers have been older ones are reinsured by
470.68 0.8 High Yield Constrained 5.470 5.151 11.400 Global Government J.P. Morgan†
surers continue to reduce ex- selling or reinsuring blocks of Venerable.
412.15 -5.9 Triple-C-rated 11.310 10.735 19.071 614.97 5.5 Global Government 0.540 0.390 1.060 posures on their books in a business to affiliates of pri- In the years leading up to
3185.46 -0.3 High Yield 100 4.602 4.235 10.740 864.76 7.6 Canada 0.780 0.590 1.740 challenging environment for vate-equity-funded companies the 2008 financial crisis, in-
0.9 418.83 4.7 EMU§ 0.086 0.059 0.794 turning profits. that are developing expertise surers were in an arms race to
425.12 Global High Yield Constrained 5.478 4.893 11.310
The New York company has in managing the often-compli- offer more generous features
323.95 -1.4 Europe High Yield Constrained 3.869 2.464 8.183 793.26 4.5 France -0.110 -0.160 0.430
entered into an agreement cated products, including on their variable annuities,
U.S Agency Bloomberg Barclays 554.00 3.4 Germany -0.500 -0.740 -0.050 with privately held Venerable hedging the financial risks. and sales boomed. After stock
1864.29 5.3 U.S Agency 0.510 0.470 1.950 295.07 -1.0 Japan 0.290 0.040 0.320 to reinsure 114,000 variable- markets declined, those in-
1624.53 3.9 0.380 0.340 1.850
annuity policies that it sold come guarantees caused large
10-20 years 618.59 3.8 Netherlands -0.390 -0.540 0.080
between 2006 and 2008. losses to insurers.
4273.64 12.0 20-plus years 1.540 1.170 2.480 1087.39 8.2 U.K. 0.590 0.390 1.180 Variable annuities are in-
The deal comes as Insurers have been eager to
2883.80 5.5 Yankee 1.480 1.430 3.500 891.39 1.1 Emerging Markets ** 4.800 4.523 7.480 vestment products for conser- many life insurers divest themselves of the older
vative savers that provide a blocks of business because
*Constrained indexes limit individual issuer concentrations to 2%; the High Yield 100 are the 100 largest bonds
** EMBI Global Index
† In local currency § Euro-zone bonds
Sources: ICE Data Services; Bloomberg Barclays; J.P.Morgan tax-advantaged form of invest-
are selling or they aren’t selling the same
ing in stock and bond funds. reinsuring business. type of guarantees and have
Global Government Bonds: Mapping Yields They typically are sold with moved on to other products
guarantees of minimum life- with less risky features and
Yields and spreads over or under U.S. Treasurys on benchmark two-year and 10-year government bonds in time income if the funds per- better profit potential.
selected other countries; arrows indicate whether the yield rose(s) or fell (t) in the latest session form poorly. Equitable said the deal Venerable’s “conservative
Country/ Yield (%) Spread Under/Over U.S. Treasurys, in basis points The pact will double Vener- would free up $1.2 billion in investment approach, strong
Coupon (%) Maturity, in years Latest(l)-2 -1 0 1 2 3 4 Previous Month ago Year ago Latest Prev Year ago able’s total assets, Venerable capital, among other benefits. capitalization, focus on operat-
0.125 U.S. 2 0.149 t l 0.154 0.137 1.635 said. The firm got up and run- It said it would accelerate re- ing efficiency and deep exper-
0.625 10 0.783 t l 0.804 0.658 1.796 ning in 2017 with an agree- turn of capital to shareholders, tise in managing risk has posi-
2.250 Australia 2 0.126 t l 0.126 0.160 0.766 -2.4 -2.8 -86.9 ment to buy various annuity with $500 million of incre- tioned us for this transaction,”
1.000 10 0.814 t l 0.819 0.810 1.071 3.1 1.5 -72.6 portfolios of Voya Financial mental share repurchases in said David Marcinek, Venera-
0.000 France 2 -0.708 t l -0.695 -0.646 -0.614 -84.8 -224.9
Inc. 2021. ble’s chairman, in a release.
-85.7
Venerable was created by Equitable also said that it is Mark Pearson, chief execu-
0.000 10 -0.330 t l -0.297 -0.248 -0.072 -111.2 -110.1 -186.9
an investor group led by affili- negotiating to buy a 9.9% eq- tive of Equitable, said the deal
0.000 Germany 2 -0.773 t l -0.754 -0.701 -0.651 -92.2 -90.7 -228.6 ates of Apollo Global Manage- uity stake in Venerable’s par- “strengthens our ability to fo-

.
0.000 10 -0.612 t l -0.576 -0.526 -0.361 -139.5 -138.1 -215.8 ment LLC, Crestview Partners, ent holding company, VA Capi- cus on value-accretive busi-
Reverence Capital Partners tal Co., including a board seat. nesses.”

ly
1.000 Italy 2 -0.370 t l -0.356 -0.202 -0.191 -51.9 -50.9 -182.6
1.650 10 0.708 t l 0.735 0.903 0.948 -7.5 -6.9 -84.8

Banks in Hong Kong Rest Easier

0.100 Japan 2 -0.135 t l -0.128 -0.155 -0.238 -28.5 -28.2 -187.3
0.100 10 0.030 t l 0.035 0.011 -0.145 -75.3 -76.9 -194.2
0.400 Spain 2 -0.555 t l -0.551 -0.485 -0.388 -70.5 -70.4 -202.3
1.250 10 0.163 t l 0.190 0.245 0.260 -62.0 -61.5 -153.6 BY FRANCES YOON plex for banks. Still, they have mainland China.
0.500 U.K. 2 -0.047 t l -0.032 -0.061 0.530 -19.6 -18.5 -110.6 AND JING YANG drawn reassurance from the Benjamin Kostrzewa, a law-
4.750 10 0.235 t l 0.277 0.190 0.686 -54.8 -52.8 -111.1 fact the U.S. hasn’t expanded yer at Hogan Lovells in Hong
U.S. sanctions over Hong on an earlier presidential Kong, said it was helpful that
Source: Tullett Prebon
Kong are likely to pose fewer blacklist of sanctioned offi- the State Department list con-
Corporate Debt headaches for international cials, and from its advice. sisted of just 10 people, all of
banks operating in the finan- The Treasury’s Office of whom had already been named
Prices of firms' bonds reflect factors including investors' economic, sectoral and company-specific
cial hub than first feared, law- Foreign Assets Control re- by President Trump in a sepa-
expectations
yers say. cently said it would ask banks rate executive order in August.
Investment-grade spreads that tightened the most… Banks have been on notice about suspicious transactions That move imposed U.S. asset
Spread*, in basis points
Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week since July, when President before placing them on any freezes and travel bans on Ms.
Husky Energy HSECN 6.800 5.57 Sept. 15, ’37 401 –12 n.a. Trump signed a law targeting blacklist, and it would give Lam and other officials.
Energy Transfer Operating … 7.500 5.93 July 1, ’38 436 –10 n.a. people the U.S. sees as under- them time to end problematic “The State Department re-
American International Group AIG 4.125 0.74 Feb. 15, ’24 40 –9 n.a. mining Hong Kong’s autonomy, banking relationships, noted port was good news for Hong
John Deere Capital … 1.200 0.28 April 6, ’23 10 –9 14 and those handling their fi- Nicholas Turner, a lawyer at Kong, as they didn’t add in
Glencore Funding GLENLN 4.125 1.23 May 30, ’23 105 –6 110 nances. In a worst-case sce- Steptoe & Johnson LLP. new officials or entities,” said
HSBC Holdings HSBC 3.600 0.63 May 25, ’23 45 –6 52 nario, firms could effectively “Banks are breathing a sigh Mr. Kostrzewa, formerly a law-
Bank of America BAC 4.450 1.37 March 3, ’26 104 –5 106 be cut off from the American of relief,” said Mr. Turner, who yer at the Office of the U.S.
Canadian Natural Resources CNQCN 6.250 4.70 March 15, ’38 312 –5 313
financial system. The U.S. ac- advises financial institutions Trade Representative.
…And spreads that widened the most tion followed Beijing’s imposi- on compliance and economic- In practice, banks may have
General Motors GM 5.400 1.59 Oct. 2, ’23 140 12 143 tion of a tough new national- sanctions issues. “The Trea- only needed to take a few con-
Toronto–Dominion Bank TD 1.900 0.32 Dec. 1, ’22 17 9 n.a. security law in Hong Kong. sury guidance suggests that a crete steps.
Westpac Banking WSTP 2.000 0.33 Jan. 13, ’23 14 9 14 The Treasury Department bank won’t get caught off The Hong Kong Autonomy
e

Barclays BACR 4.375 1.64 Jan. 12, ’26 131 8 n.a. has until mid-December to pro- guard by a sanctions an- Act that became law in July
Delta Airlines, Inc. Retirement Plan … 4.750 4.23 Oct. 20, ’28 346 8 337 duce a blacklist of foreign fi- nouncement without receiving gives Washington discretion to
Shell International Finance RDSALN 0.375 0.36 Sept. 15, ’23 18 8 18 nancial institutions, after its some form of communication expand the sanctions’ scope at
Santander UK SANUK 2.875 0.84 June 18, ’24 51 8 53 counterparts at the State De- from Treasury prior to that.” any time.
Australia and New Zealand Banking ANZ 4.400 1.74 May 19, ’26 140 7 n.a.
partment named Hong Kong Hong Kong is home to many The U.S. has broadened
High-yield issues with the biggest price increases… Chief Executive Carrie Lam and international banks, invest- other sanctions recently, add-
Bond Price as % of face value nine other officials as individ- ment firms and insurers. They ing corporate entities to a list
Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week
ual targets earlier this month. have favored it partly because of targets it says should be
Telecom Italia Capital TITIM 6.000 4.20 Sept. 30, ’34 118.875 1.13 118.250 Legal experts say operating Hong Kong has a distinct legal punished for human-rights
Ligado Networks NEWLSQ 15.500 17.84 Nov. 1, ’23 94.710 0.96 95.500
0.81 97.122
in Hong Kong has become system, and is free of the capi- abuses in China’s northwest-
Occidental Petroleum OXY 7.500 8.23 May 1, ’31 94.952
Cleveland–Cliffs CLF 6.250 7.41 Oct. 1, ’40 87.980 0.73 82.000 more unpredictable and com- tal controls that apply in ern Xinjiang region.
Netflix NFLX 5.750 2.27 March 1, ’24 111.125 0.66 111.750
Navient
Sensata Technologies
NAVI
ST
6.500
4.875
4.17
2.48
June 15, ’22
Oct. 15, ’23
103.625
106.812
0.57
0.56
103.875
n.a.
New Highs and Lows | WSJ.com/newhighs Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg
Graphic Packaging International GPK 3.500 3.31 March 15, ’28 101.250 0.50 101.625 CatabasisPharm CATB 1.52 -70.9 Metacrine MTCR 8.21 -8.1
The following explanations apply to the New York Stock Exchange, NYSE Arca, NYSE ChardanHlthcr2Wt CHAQ.WS 0.55 -9.2 MetenEdtechX METX 3.00 -8.1
…And with the biggest price decreases American and Nasdaq Stock Market stocks that hit a new 52-week intraday high or low
in the latest session. % CHG-Daily percentage change from the previous trading session.
CogentComm CCOI
ConyersParkII CPAA
55.95 -1.8
8.66 -9.6
MingZhuLogistics YGMZ
NorthernOil&Gas NOG
3.85 -1.3
4.09 -4.2
Transocean RIG 7.500 58.28 April 15, ’31 13.250 –1.50 n.a. ConyersParkII Wt CPAAW 1.06 -8.6 OaktreeAcqnII OACB.U 9.99 0.1
Tuesday, October 27, 2020 CoreCivic CXW 6.00 -6.4 OpiantPharm OPNT 6.97 -1.0
American Airlines AAL 11.750 12.62 July 15, ’25 96.938 –1.31 99.000 CorEnergyInfr CORR 5.00 -3.1 PBF Energy PBF 4.62 -8.4
–1.23 103.845 52-Wk % 52-Wk % 52-Wk %
Navient NAVI 6.125 5.17 March 25, ’24 102.956 Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg
CuriosityStream CURI 8.46 1.1 ParamountGroup PGRE 5.89 -4.1
DBV Tech DBVT 1.45 -5.2 PeabodyEnergy BTU 1.43 -5.9
Ligado Networks NEWLSQ 17.500 29.37 May 1, ’24 75.000 –1.00 76.500 D8 A DEH 9.60 0.4 PhoenixTree DNK 2.04 -11.1
KodiakSciences KOD 102.74 1.1 Tantech TANH 2.99 10.4
L Brands LB 5.625 3.82 Oct. 15, ’23 105.020 –0.98 105.250 Highs LabCpAm
LatticeSemi
LH
LSCC
212.47 2.2
35.90 1.1
TekkorpDigital TEKKU
ThermoFisherSci TMO
9.97
490.71
0.4
1.4
DPCM Capital XPOA.U
EmpireStateReal60 OGCP
9.92 0.1
5.85 -1.5
PiedmontOfficeA PDM
Psychemedics PMD
12.12 -4.1
3.99 -6.1
Netflix NFLX 5.875 3.01 Nov. 15, ’28 120.316 –0.88 121.750 AciesAcqn ACACU 9.98 ... LianluoSmart LLIT 4.73 2.9 TurningPoint TPB 39.42 13.1 ExecutiveNtwk ENPC.U 24.68 0.1 PyxisTankersPfdA PXSAP 18.75 -0.1
BABA 319.32 3.3 Reading A RDI 2.40 -4.3
ADT Security ADT 4.875 4.39 July 15, ’32 104.386 –0.86 106.250 Alibaba LifeSciAcqn LSAC 14.98 1.8 Twitter TWTR 51.51 4.6 EyePointPharm EYPT 0.40 -2.5
RecroPharma REPH 1.81 ...
Amedisys AMED 259.85 1.1 LifetimeBrands LCUT 12.57 -13.3 USCellularNts2069 UZD 26.92 0.1 FSDPharma HUGE 1.72 -2.2
United Airlines Holdings UAL 5.000 9.06 Feb. 1, ’24 88.750 –0.66 90.590 AmicusTherap FOLD 19.47 1.0 LiveOakBcshs LOB 35.15 3.3 UltragenyxPharm RARE 99.79 6.8 FarmerBros FARM 3.87 -2.0 RockwellMedical RMTI 0.87 -4.1
ArenaPharm ARNA 87.59 1.9 FedNat FNHC 5.42 -4.4 RoyaltyPharma RPRX 37.65 -2.3
LordstownMotors RIDE 19.50 -12.7 UnitySoftware U 108.35 4.0
*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. AscendisPharma ASND 168.56 3.5 SachemNts2025 SCCC 24.56 0.1
LordstownMotorsWt RIDEW 7.79 -14.9 VaronisSystems VRNS 138.75 0.1 FinTechAcqnIV FTIVU 10.00 -0.3
BankofAmPfdE BACpE 25.15 ... SagaComm SGA 18.67 -4.0
Note: Data are for the most active issue of bonds with maturities of two years or more LuxHlthTech LUXAU 10.07 0.1 VoceraComm VCRA 35.36 4.2 FirstCash FCFS 54.12 -0.7
BioLifeSols BLFS 30.31 5.3 ScorpioTankers STNG 9.72 -3.7
Source: MarketAxess MallardAcqn MACUU 10.02 -0.9 WD-40 WDFC 239.47 1.2 FoghornTherap FHTX 15.99 -7.0
Bio-RadLab A BIO 592.66 1.0 SeaChange SEAC 0.73 -6.1
MarketAxess MKTX 575.60 4.7 Xilinx XLNX 130.40 8.6 FoleyTrasimeneA WPF 9.96 ...
Clarus CLAR 17.06 5.7 ShiftPixy PIXY 2.20 -0.9
MatchGroup MTCH 127.42 5.5 FortressValueIIWt FAII.WS 1.20 -2.8
SocialCapHedWt IPOC.WS 1.70 -2.8
CiaSiderurgica SID
CorsairGaming CRSR 26.45
3.88 ...
5.4
Moelis MC 42.12 2.8 Lows GEO Group GEO 8.24 -4.1
SocialCapHedV IPOE.U 10.35 ...
Dividend Changes Company Symbol
Amount
Yld % New/Old Frq
Payable /
Record
Crocs
Cummins
CROX 55.40
CMI 231.35
4.9
-0.4
MorganStanleyPfdA MSpA
OFSCapNts2023 OFSSG
24.49 1.6
24.85 0.4 AbraxisPetrol AXAS
Akerna KERN
1.62 -5.2
2.79 -15.1
GenesisHealthcare GEN
GlobusMaritime GLBS
0.43 -1.3
6.86 -1.5
StateAutoFin STFC
TWC Tech II TWCTU
12.93 -2.5
9.99 ...
1847Goedeker GOED 17.75 19.7 GoresHoldingsV GRSV 9.75 0.3 TailwindAcqnA TWND 9.55 -0.4
DanaherPfdA DHRpA1637.99 2.0 ArmstrongWorld AWI 61.56 -3.2
Dividend announcements from October 27. Initial Danaher DHR 240.51 2.1
PJT Partners PJT
PitneyBowes PBI
76.45 5.0
7.67 0.9 AspirationalCns ASPL.U 9.89 -0.1
GreenwichLife GLSI
HallofFameWt HOFVW
4.00 ...
0.19 -5.6
TalosEnergyWt TALO.WS 0.05 -0.7
TargetHosp TH 0.92 -12.0
Amount Payable / RiverNorth/DoubleLine Pfd OPPpA 4.4 .0668 Q Nov16 /Nov02 DenaliTherap DNLI 45.95 9.0 PublicStorage PSA 239.40 -0.7 Astronics ATRO 6.95 -2.0 HallofFameResort HOFV 1.84 0.5 Teekay TK 1.86 -4.5
dMY Tech II DMYD.U 10.85 3.9 Repligen RGEN 180.84 -1.0 AtlStreetAcqn ASAQ 9.61 -0.2 HaynesIntl HAYN 16.43 -0.6 Teligent TLGT 0.58 -0.8
Company Symbol Yld % New/Old Frq Record Stocks dMYTechII Wt DMYD.WS 1.65 20.8 AvenueTherap ATXI 3.06 -4.0 HealthStream HSTM 19.29 -7.6
ScholarRock SRRK 31.69 118.8 The9 NCTY 2.07 8.9
EllomayCapital ELLO 37.58 5.4 ShattuckLabs STTK 25.72 4.9 BCTG Acqn BCTG 9.83 ... HighPeakEner HPK 4.20 -6.7 9.66 -2.4
Increased WidePoint WYY 1:10 /Nov09 Thryv THRY
Endava DAVA 69.80 0.3 Shutterstock SSTK 70.60 11.8 BP BP 15.35 -2.7 HighPointRscs HPR 0.13 -3.1 Tricida TCDA 7.92 -4.2
Community West Bancshares CWBC 2.4 .05 /.045 Q Nov30 /Nov13 Foreign ErieIndemnity A ERIE 238.17 2.3 SilvergateCapital SI 23.48 3.0 BP Prudhoe BPT 1.35 -3.9 IntercorpFinSvcs IFS 22.00 -0.2 UnitedInsurance UIHC 4.69 -4.7
Global Partners GLP 12.3 .50 /.45875 Q Nov13 /Nov09 ExactSciences EXAS 141.90 23.0 SiyataMobile SYTA 6.10 7.5 BancoMacro BMA 12.21 -5.6 InVivoTherap NVIV 0.55 -4.2 UnivInsurance UVE 13.45 -4.6
Altera Infr 7.25% Pfd. A ALINpA 10.0 .4531 Q Nov16 /Nov06 ExtraSpaceSt EXR 120.29 -1.3 SiyataMobileWt SYTAW 3.00 41.4 BaudaxBio BXRX 1.19 -6.2 IterumTherap ITRM 0.48 -6.5 VG Acqn VGAC.U 9.85 -0.2
Kimbell Royalty Partners KRP 14.3 .19 /.13 Q Nov09 /Nov02
Altera Infr 8.5% Pfd. B ALINpB 11.0 .5313 Q Nov16 /Nov06 Flexsteel FLXS 31.27 14.5 SOQUIMICH SQM 37.85 2.4 Biogen BIIB 254.93 -0.6 JaguarHealth JAGX 0.22 -8.7 VastaPlatform VSTA 12.34 -4.4
Lake Shore Bancorp LSBK 4.1 .13 /.12 Q Nov19 /Nov05 GuardantHealth GH 114.33 8.5 SouthernNts2020C SOJE 25.56 0.1 BiondVaxPharm BVXV 3.23 -15.9 KiromicBiopharma KRBP 9.60 ... VectorAcqn VACQU 9.96 -0.2
Altera Infr 8.875% Pfd. E ALINpE 11.6 .5547 Q Nov16 /Nov06
Manhattan Bridge LOAN 10.4 .11 /.10 Q Jan15 /Dec31 HoulihanLokey HLI 65.25 3.3 SoCopper SCCO 52.65 1.6 BoqiiHolding BQ 5.01 -4.0 KismetAcqnOne KSMT 9.63 -0.4 VertexEnergy VTNR 0.40 -3.7
Mueller Water Products MWA 2.0 .055 /.0525 Q Nov20 /Nov10 KEY: A: annual; M: monthly; Q: quarterly; r: revised; SA: semiannual; HovnanianPfdA HOVNP 7.98 3.4 SpruceBio SPRB 20.05 3.5 CCNeubergerII PRPB 9.80 -0.2 LefterisAcqn LFTRU 9.82 -0.7 WellsFargo WFC 21.82 -3.9
RBB Bancorp RBB 2.9 .09 /.06 Q Nov16 /Nov02 IdexxLab IDXX 444.96 3.3 StitchFix SFIX 38.17 6.1 CVR Energy CVI 10.61 -5.2 LexiconPharm LXRX 1.29 -1.5 X4 Pharm XFOR 5.80 -6.6
S2:1: stock split and ratio; SO: spin-off. IPG Photonics IPGP 202.58 3.3 StokeTherap STOK 41.56 3.5 CapitalaFinance CPTA 8.71 -1.3 MallardAcqn MACUU 9.91 -0.9 ZosanoPharma ZSAN 0.40 -3.5

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
TotRetBdI 10.73 +0.01 3.6 GroCo 31.95 +0.32 49.6 IntlEq 24.71 -0.06 NA PIMCO Funds I2 DivAppIdxAdm 35.19 -0.24 5.5 WdsrllAdml 63.61 -0.51 -0.7 WndsrII 35.85 -0.28 -0.8
Top 250 mutual-funds listings for Nasdaq-published share classes by net assets. Edgewood Growth Instituti GrowCoK 32.02 +0.31 49.7 Invesco Funds Y Income NA ... NA EMAdmr 37.37 +0.19 2.7 WellsIAdml 66.63 -0.30 3.0 VANGUARD INDEX FDS
e-Ex-distribution. f-Previous day’s quotation. g-Footnotes x and s apply. j-Footnotes e EdgewoodGrInst 51.13 +0.30 32.7 InvGrBd 11.78 +0.02 8.2 DevMktY 46.77 +0.19 2.6 PIMCO Funds Instl EqIncAdml 70.97 -1.01 -8.5 WelltnAdml 75.93 -0.16 3.3 IdxIntl 16.88 -0.07 -4.2
and s apply. k-Recalculated by Lipper, using updated data. p-Distribution costs apply, Fidelity LowP r 43.83 -0.42 -6.0 JPMorgan I Class IncomeFd NA ... NA ExplrAdml 106.25 -0.39 9.3 WndsrAdml 63.64 -1.11-11.0 SmValAdml 50.03 -0.79-13.8
12b-1. r-Redemption charge may apply. s-Stock split or dividend. t-Footnotes p and r 500IdxInstPrem117.68 -0.35 6.5 Magin 12.22 +0.05 19.8 CoreBond 12.42 +0.02 NA Price Funds ExtndAdml 102.78 -0.54 8.4 VANGUARD FDS TotBd2 11.51 +0.02 6.5
apply. v-Footnotes x and e apply. x-Ex-dividend. z-Footnote x, e and s apply. NA-Not Contrafund K6 17.83 +0.13 23.3 NASDAQ r 144.35 +0.92 28.1 EqInc 17.58 -0.24 NA BlChip 159.36 +1.71 28.2 GNMAAdml 10.72 ... 3.3 DivdGro 30.93 -0.24 2.1 TotIntlInstIdx r112.93 -0.43 -4.1
available due to incomplete price, performance or cost data. NE-Not released by Lipper; ExtMktIdxInstPre 69.15 -0.36 8.4 OTC 15.81 +0.12 31.8 JPMorgan R Class DivGro 54.27 -0.30 2.7 GrwthAdml 119.20 +0.71 27.9 INSTTRF2020 25.22 -0.02 4.6 TotItlInstPlId r112.96 -0.42 -4.1
data under review. NN-Fund not tracked. NS-Fund didn’t exist at start of period. FidSerToMarket 11.60 -0.04 6.9 Puritn 24.92 +0.06 13.0 CoreBond 12.44 +0.02 NA EqInc 26.77 -0.39-14.9 HlthCareAdml r 90.84 -0.68 6.4 INSTTRF2025 25.82 -0.04 4.4 TotSt 84.16 -0.29 7.0
IntlIdxInstPrem 39.86 -0.29 -7.2 SrsEmrgMkt 22.15 +0.13 7.4 Lord Abbett A EqIndex 90.08 -0.27 6.4 HYCorAdml r 5.82 -0.01 1.7 INSTTRF2030 26.15 -0.05 4.1 VANGUARD INSTL FDS
MidCpInxInstPrem 23.76 -0.20 1.1 SrsGlobal 12.63 -0.04 -4.1 ShtDurIncmA p 4.18 ... 1.7 Growth 92.12 +0.66 25.6 InfProAd 28.19 +0.04 9.3 INSTTRF2035 26.46 -0.06 3.8 BalInst 41.58 -0.05 7.8
Tuesday, October 27, 2020 SAIUSLgCpIndxFd 18.18 -0.05 6.4 SrsGroCoRetail 26.89 +0.28 51.5 Lord Abbett F HelSci 95.99 +0.45 17.9 IntlGrAdml 138.43 +1.09 34.7 INSTTRF2040 26.76 -0.07 3.4 DevMktsIndInst 13.09 -0.10 -6.2
Net YTD Net YTD Net YTD
Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret
SeriesBondFd 10.77 +0.02 7.0 SrsIntlGrw 18.53 -0.03 5.8 ShtDurIncm 4.17 ... 1.6 LgCapGow I 56.21 +0.42 27.6 ITBondAdml 12.63 +0.02 9.0 INSTTRF2045 26.99 -0.08 3.1 DevMktsInxInst 20.47 -0.14 -6.1
SeriesOverseas 10.99 -0.05 1.9 SrsIntlVal 8.53 -0.11-13.8 Metropolitan West MidCap 104.99 -0.06 10.1 ITIGradeAdml 10.63 +0.02 8.8 INSTTRF2050 27.04 -0.09 3.1 ExtndInst 102.77 -0.54 8.4
American Century Inv WshA p 45.90 -0.40 -3.2 Dimensional Fds SmCpIdxInstPrem 20.24 -0.19 -3.5 TotalBond 11.18 +0.02 7.5 TotRetBd 11.61 +0.01 7.5 NHoriz 83.85 +0.39 41.2 LTGradeAdml 11.88 +0.05 12.2 INSTTRF2055 27.15 -0.09 3.2 GrwthInst 119.21 +0.71 27.9
Ultra 70.43 +0.57 35.0 Baird Funds 5GlbFxdInc 10.89 +0.01 1.5 TMktIdxInstPrem 96.50 -0.33 6.8 Fidelity SAI TotRetBdI 11.61 +0.01 7.8 R2020 23.08 -0.04 4.5 InPrSeIn 11.48 +0.01 9.3
MidCpAdml 225.19 -1.45 3.4 IntlVal 33.66 -0.32-10.3
American Funds Cl A AggBdInst 11.83 +0.02 7.6 EmgMktVa 24.58 -0.15-12.5 USBdIdxInstPrem 12.43 +0.02 7.0 TotalBd 10.61 +0.01 6.9 TRBdPlan 10.92 +0.01 7.8 R2025 18.63 -0.04 4.8 InstIdx 302.65 -0.91 6.5
MuHYAdml 11.67 ... 2.1 LifeCon 21.83 -0.01 5.2
AmcpA p 36.05 -0.11 9.3 CorBdInst 12.16 +0.02 7.5 EmMktCorEq 20.86 +0.03 -2.4 Fidelity Advisor I Fidelity Selects MFS Funds Class I R2030 27.16 -0.06 4.9 InstPlus 302.66 -0.91 6.5
MuIntAdml 14.64 ... 3.2 LifeGro 37.16 -0.10 3.6
AMutlA p 41.32 -0.31 -3.5 BlackRock Funds IntlCoreEq 12.48 -0.11 -8.3 Growth I 156.99 +1.31 23.5 R2035 19.98 -0.05 5.0
InstTStPlus 72.03 -0.24 7.1
NwInsghtI 38.03 +0.29 16.3 Softwr r 24.89 +0.16 29.4 MuLTAdml 12.02 ... 3.5 LifeMod 29.91 -0.05 4.5
BalA p 28.95 -0.09 3.3 HiYBlk 7.50 ... 0.9 IntSmCo 17.38 -0.14 -7.6 ValueI 40.84 -0.52 -7.2 R2040 28.46 -0.08 5.2
MidCpInst 49.75 -0.32 3.4
Fidelity Freedom Tech r 27.18 +0.15 42.2 MuLtdAdml 11.21 ... 2.6 PrmcpCor 27.22 -0.25 -2.5
BondA p 14.08 +0.02 9.3 HiYldBd Inst 7.50 ... 0.9 IntSmVa 16.19 -0.17-16.0 MFS Funds Instl MidCpIstPl 245.34 -1.58 3.4
FF2020 16.47 -0.01 4.7 First Eagle Funds PRIMECAP Odyssey Fds MuShtAdml 15.93 ... 1.6 STAR NA ... NA SmCapInst 77.32 -0.80 -1.6
CapIBA p 57.85 -0.40 -6.1 BlackRock Funds A LgCo 26.02 -0.08 6.5 FF2025 14.61 -0.02 4.6 GlbA 56.71 -0.31 -2.1 IntlEq 26.82 -0.18 -3.7 AggGrowth r 49.81 -0.10 10.9 PrmcpAdml r148.15 -1.05 2.8 TgtRe2015 15.91 ... 4.8 STIGradeInst 10.99
GlblAlloc p 20.31 ... 8.9 TAUSCoreEq2 20.03 -0.15 0.6 Old Westbury Fds ... 4.5
CapWGrA 52.26 -0.15 1.3 FF2030 18.08 -0.02 4.4 Franklin A1 Putnam Funds Class Y RealEstatAdml110.44 -1.82-13.9 TgtRe2020 34.01 -0.02 4.5 STIPSIxins 25.49 +0.01 3.8
EupacA p 58.96 +0.18 5.9 BlackRock Funds Inst US CoreEq1 26.08 -0.16 1.9 Freedom2020 K 16.46 -0.01 4.8 CA TF A1 p 7.64 +0.01 2.3 LrgCpStr 15.84 +0.04 5.1 StDurInc 10.10 ... 1.4 SmCapAdml 77.32 -0.80 -1.7 TgtRe2025 20.71 -0.03 4.4 TotBdInst 11.59 +0.02 6.9
FdInvA p 61.71 -0.29 1.8 StratIncOpptyIns 10.09 ... 3.5 US CoreEq2 23.50 -0.18 0.5 Freedom2025 K 14.60 -0.01 4.7 IncomeA1 p 2.09 -0.02 -6.8 Parnassus Fds Schwab Funds SmGthAdml 79.00 -0.34 13.5 TgtRe2030 37.94 -0.07 4.1 TotBdInst2 11.51 +0.02 6.5
GwthA p 61.75 +0.13 20.8 Bridge Builder Trust US Small 31.81 -0.45 -8.4 Freedom2030 K 18.07 -0.02 4.5 FrankTemp/Frank Adv ParnEqFd 51.55 -0.10 10.2 1000 Inv r 76.48 -0.24 7.5 STBondAdml 10.87 ... 4.4 TgtRe2035 23.37 -0.05 3.8 TotBdInstPl 11.59 +0.02 6.9
HI TrA p 9.70 -0.01 1.0 CoreBond 10.95 +0.01 7.3 US SmCpVal 27.98 -0.61-18.0 Freedom2035 K 15.19 -0.03 3.9 IncomeAdv 2.08 -0.01 -6.3 PGIM Funds Cl Z S&P Sel 52.62 -0.16 6.5 STIGradeAdml 10.99 ... 4.5 TgtRe2040 40.47 -0.10 3.4 TotIntBdIdxInst 35.07 +0.08 4.1
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 B12 | Wednesday, October 28, 2020
Nasdaq Outperforms Dow, S&P 500
AMD-Xilinx deal lifts
tech sector, but spread
of virus pressures
other major indexes
BY MISCHA FRANKL-DUVAL
AND AMBER BURTON
Stocks wobbled, attempting
to stabilize after worries
about the coronavirus pan-
demic sent markets tumbling
to start the week.
Rising Covid-19 infection
levels around the world are
compounding worries about
the global eco-
TUESDAY’S nomic outlook.
MARKETS The seven-day
average of new
cases in the U.S. reached a re-
cord Monday, while a number
of countries in Europe, includ-
ing Italy, Spain and Russia,
tightened restrictions on ac-
tivity to curb the spread.
One factor that has helped
stocks bounce back from sell-
U.S. Election
Adds to Pressure
On Turkish Lira
Investors already wary of
Turkish assets have a new rea-
son for caution: the U.S. elec-
tion.
By Caitlin Ostroff in
London and David
Gauthier-Villars
in Istanbul
The Turkish lira, which has
lost a quarter of its value
against the greenback this
year, tumbled past 8 to the dol-
lar for the first time Monday as
investors considered how the
presidential vote could com-
pound longstanding concerns
over Turkey’s economic out-
look. On Tuesday, the currency
hit a record low at 8.15 lira to
the dollar.
CURRENCIES Last week,
Turkey, a mem-
ber of the North Atlantic Treaty
Organization, confirmed it con-
ducted a missile-firing exercise
with an advanced air-defense
system it has procured from
Russia. The U.S. Department of
Defense criticized the move,
stoking concerns that it could
lead to sanctions against Turkey
that analysts and investors see
as more likely if Democratic
candidate Joe Biden is elected.
The Biden campaign didn’t re-
spond to a request for comment.
This has exacerbated pres-
sure on the lira from last week
when Turkey’s central bank
STEPHANIE KEITH/GETTY IMAGES
Signs are growing that there may not be protracted election uncertainty. Early voting in Brooklyn, N.Y.
Options contracts
outstanding on the
Invesco Solar ETF
120,000 contracts
100,000
Call options
outstanding
80,000 Put options
outstanding
60,000
40,000
20,000
0 0.2
J F M A M J J A S O
2020
Note: Data as of Monday.
Sources: Trade Alert (contracts outstanding, bearish/bullish ratio); Deutsche Bank (VIX futures contracts)
offs in the past: evidence that
parts of the economy have
started to recover from dis-
ruptions and shutdowns re-
lated to the pandemic.
Orders for long-lasting fac-
tory goods increased for the
fifth consecutive month in
September, Commerce Depart-
ment data showed Tuesday.
Orders rose 1.9% in September
from August.
The Dow Jones Industrial
Average fell 222.19 points, or
0.8%, to 27463, down four of
the past five trading days. The
blue chips are down 3.8% for
2020. The S&P 500 lost 10.29
points, or 0.3%, to 3390.68.
The Nasdaq Composite
climbed 72.41 points, or 0.6%,
to 11431.35.
Technology stocks were a
relative bright spot in Tues-
day’s market, buoyed by Ad-
vanced Micro Devices’ planned
$35 billion acquisition of Xil-
inx, a fellow chip maker. Xilinx
shares rose $9.80, or 8.6%, to
$124.35. AMD fell $3.35, or
surprised investors by not hik-
ing rates. Earlier this year, it
repeatedly cut interest rates in
a quest for growth. That
moved interest rates below in-
flation, discouraging investors
from holding Turkish assets.
The desire for growth,
championed by President Re-
cep Tayyip Erdogan, also saw
an expansion of credit to
households and businesses.
This increased the gap between
imports and exports, widening
the current-account deficit.
Meanwhile, Turkish exports
have fallen during the pan-
demic, and the central bank
has spent billions of dollars de-
fending the lira, drawing down
its reserves.
Turkey no longer has
enough reserves to cover two
months of imported goods, ac-
cording to data from the Inter-
national Monetary Fund.
“Turkey is in a very difficult
position anyway because it’s
facing an unprecedented crisis
and the authorities have not
provided the needed response,”
said Nikolay Markov, a senior
economist at Pictet Asset Man-
agement. “If we add the presi-
dential election to that, the
risk is quite elevated.”
In a development likely to
further stoke tension between
Washington and Ankara, a
Turkish court on Tuesday con-
victed an employee of the U.S.
Ratio of bearish options
outstanding tied to VIX
to bullish ones
1.4 times
1.2
BULLISH BEARISH
1.0
0.8
0.6
0.4
J F M A M J J A S O
2020
MARKETS
Index performance, Tuesday
1.0%
0.5
0
–0.5
–1.0
9:30 10 11 noon
Source: FactSet
4.1%, to $78.88.
Despite uncertainty due to
the rise in Covid-19 infections,
Craig Fehr, an investment
strategist at Edward Jones,
said he remains optimistic
The lira closed at a record low 8.15 to the dollar amid jitters that U.S.-Turkish relations could worsen. A currency exchange in Istanbul.
consulate in Istanbul on terror-
ism-related charges.
Nazmi Mete Canturk, who
worked as a security guard,
was sentenced to five years in
prison, according to Turkish
state news agency Anadolu, for
helping supporters of Fethullah
Gulen, a cleric Turkey has
blamed for a coup attempt in
2016. Mr. Gulen has denied
playing any role in the at-
tempted coup. Mr. Canturk,
who has denied the accusation,
is expected to be allowed to re-
main free pending appeal.
Mr. Biden has yet to outline
any specific Turkey policies.
Still, analysts said they ex-
pected him to take a tougher
stance against Mr. Erdogan
than Mr. Trump based on dec-
larations he has made when he
was vice president, as well as
during the 2020 campaign.
VIX futures
contracts, by
expiration date
33 points
32
31
Sept. 23, 2020
30
29
Monday
28
27 EXPIRATION DATE
N D J F M A
2020 2021
Nasdaq
Composite
+0.6%
S&P 500
–0.3%
Dow Jones
Industrial
Average
–0.8%
1 2 3 4
about the market’s recovery
heading into next year.
“I think there are still more
gains that can be seen in 2021.
We’re probably likely to see
the stock market produce both
In January, Mr. Biden said in
a New York Times interview
that he was “very concerned”
by Turkey’s acquisition of Rus-
sian air-defense systems, known
as S-400, adding that Mr. Erdo-
gan had to “pay a price” for it.
Mr. Biden called the Turkish
president an autocrat, and said
he was in favor of supporting
political opponents to defeat
him in elections.
When excerpts of the inter-
view resurfaced in Turkish me-
dia this summer, Mr. Erdogan’s
spokesman, Ibrahim Kalın, said
Mr. Biden’s comments were
“based on pure ignorance, ar-
rogance and hypocrisy.”
Turkey’s acquisition of
S-400 will trigger legally man-
dated congressional sanctions,
but their scope is still unclear.
Although the Trump admin-
istration has had repeated run-
Anxiety on
Vote Is Seen
Abating
Continued from page B1
ments in recent weeks.
“They no longer think the
election is going to be some-
thing that takes us a long time
to figure out,” said Amy Wu Sil-
verman, a managing director at
RBC Capital Markets. “People
are expecting good news out of
the fiscal stimulus as well as
the vaccine.”
Many investors had been
betting on prolonged uncer-
tainty after the election in an-
ticipation of a surge in mail-in
voting that would leave the
outcome undecided for weeks.
On Monday, as U.S. stocks fell
sharply and the Cboe Volatility
Index, or VIX, climbed, some in-
vestors positioned for its fall
through bearish options on the
gauge, Trade Alert data show. A
bearish bet on the VIX is akin to
a bullish bet on the S&P 500 be-
cause the two tend to move in
opposite directions. The S&P
500 continued to slip on Tues-
day as worries about the pan-
demic weighed on markets.
“It’s been a very popular
trade to position for volatility
to go lower after the election,”
said Christopher Murphy, co-
head of derivatives strategy at
Susquehanna Financial Group,
adding that these bets ap-
peared resilient even during
the stock-market selloff on
M J Monday.
The recent jump in the stock
market’s laggards, including fi-
nancial shares, comes as ana-
* **** THE WALL STREET JOURNAL.
volatility and returns that are
a bit more consistent with his-
torical norms,” he said.
Some investors also are bet-
ting that authorities will avoid
the stringent lockdown mea-
sures put in place in the spring
to slow the spread of the virus,
which brought the global econ-
omy to a jarring halt.
“At the moment, the market
is discounting for further lock-
downs and for the economy to
suffer dramatically again, and
I just don’t see that,” said Pat-
rick Spencer, managing direc-
tor at U.S. investment firm
Baird. “We’re in a V-shaped
recovery.”
A string of earnings results
drove swings across the stock
market.
Shares of Eli Lilly fell
$9.80, or 6.9%, to $131.90, af-
ter the drugmaker lowered its
profit guidance for 2020.
Shares of Caterpillar fell
$5.29, or 3.2% to $157.91, after
the company reported profit
and revenue fell during its
ins with Turkey—including re-
garding the prolonged
detention of a U.S. pastor in a
Turkish jail, as well as over
Syria—Messrs. Trump and Er-
dogan have displayed a warm
relationship.
Mr. Erdogan’s administra-
tion has clashed with the Euro-
pean Union—its largest trading
partner—in recent months over
issues including maritime
rights in the east Mediterra-
nean and the conflict between
Armenia and Azerbaijan over
Nagorno-Karabakh. On Sunday,
France said it would recall its
ambassador to Turkey after
Mr. Erdogan suggested that
French President Emmanuel
Macron needed a mental health
check and called on Turks to
boycott French goods.
Investors expect that, if
elected, Mr. Biden would work
lysts have said that a Demo-
cratic sweep of the White
House and Congress could ben-
efit the economy and markets.
Goldman Sachs Group Inc. ana-
lysts said earlier this month
that a Democratic sweep could
be a positive for stocks. UBS
Group AG echoed that senti-
ment Friday, saying a “blue
wave or status quo outcome
would likely be modestly better
for stocks because it would lead
to larger fiscal support.”
Business leaders have also
embraced the prospect of a Bi-
den presidency, despite his
push to increase taxes on cor-
porations and wealthy individu-
als. Their stances highlight the
importance of fiscal stimulus
and how the pandemic’s impact
‘Expecting good
news out of the
fiscal stimulus as
well as the vaccine.’
on the economy supersedes
many other factors. Democratic
lawmakers in Congress have
been pushing a $2.2 trillion
stimulus package to combat the
virus, much larger than Repub-
licans’ proposal.
Republicans are often
thought to be friendlier to the
stock market because of their
policies on lower taxes, though
stocks have tended to go up re-
gardless of which party con-
trols Washington. Mr. Trump’s
tax cuts, for example, helped
boost the stock market early in
his presidency. But that calcu-
lus has shifted ahead of the
coming election, in part be-
cause many believe that more
most recent quarter.
After the closing bell, Mi-
crosoft reported higher sales
fueled by pandemic-era de-
mand for cloud-computing
services. Shares ticked up 0.3%
after hours.
Overseas, the Stoxx Europe
600 slipped 0.9%.
At midday Wednesday in
Tokyo, the Nikkei was down
0.3%, Hong Kong’s Hang Seng
Index was down 0.4% and
South Korea’s Kospi was down
0.1%. U.S. stock futures were
down 0.5%.
AUCTION RESULTS
Here are the results of Tuesday's Treasury auction.
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.
TWO-YEAR NOTES
Applications $135,732,337,200
Accepted bids $59,729,134,900
" noncompetitively $141,024,700
" foreign noncompetitively $5,000,000
Auction price (rate) 99.948240
(0.151%)
Interest rate 0.125%
Bids at clearing yield accepted 76.17%
Cusip number 91282CAR2
The notes, dated Nov. 2, 2020, mature on Oct. 31,
2022.
YASIN AKGUL/AGENCE FRANCE-PRESSE/GETTY IMAGES
more with international insti-
tutions and be more collabora-
tive with European allies, Mr.
Markov said, contributing to
concerns that conflicts be-
tween the EU and Turkey could
lead to more aggressive sanc-
tions against Turkey.
Other investors said a Biden
administration would have to
reckon with the fact that Tur-
key plays a strategic role as
guardian of NATO’s southeast-
ern flank, and move cautiously
with sanctions.
“Turkey is a strategic part-
ner, and will remain a strategic
partner to the West,” said Po-
lina Kurdyavko, head of emerg-
ing markets debt at BlueBay
Asset Management. She added
that central bank policy, rather
than geopolitics, would guide
her decision regarding expo-
sure to Turkey.
fiscal stimulus is needed to
help the economic recovery.
In some cases, investors say
the idea of a speedy resolution
to the election is more comfort-
ing than a lead in the polls by a
particular candidate. Still, there
remain countless unknowns
about how the election will af-
fect policy on everything from
taxes to climate change and fi-
nancial regulation.
The recent trading activity
also highlights investors’ confi-
dence in such polling, despite
several political surprises in
2016, such as Mr. Trump’s vic-
tory and Brexit.
“There’s been kind of a re-
visiting of the sense that the
objective read of the polling is
the right way,” said Josh Youn-
ger, a managing director at JP-
Morgan Chase & Co. “The wider
the gap, the more decisive the
victory.”
Mr. Younger said it has re-
cently gotten cheaper to pick
up options around the presi-
dential election.
Other traders caution anxi-
ety surrounding the election
hasn’t dissipated entirely, and
the VIX has remained elevated
even as stocks have climbed
this month. On Monday, it
jumped to the highest level
since early September.
Even some investors who
had piled into exchange-traded
funds that would benefit from a
victory for Mr. Biden appear to
be hedging their bets. Solar
stocks and other alternative en-
ergy shares had surged in re-
cent weeks, partly thanks to the
expectation they would benefit
from Mr. Biden’s $2 trillion
plan to combat climate change.
But bearish put options out-
standing tied to the Invesco
Solar ETF recently surged to
the highest level of the year.
 THE WALL STREET JOURNAL.
Remote Work Is Tricky for Raytheon
Working from home has hit aerospace revenues but the company hopes it will also cut costs
The rise of Zoom and Microsoft
Teams amid the continuing pan-
demic is a worry for aerospace
companies, given the impact on
business travel. But at least remote
working can also help them cut
costs.
On Tuesday, Raytheon Technol-
ogies chief executive Greg Hayes
said he plans to cut office space by
20% to 25%. The aerospace and de-
fense conglomerate, which was
born out of the megamerger of Ray-
theon and United Technologies
earlier this year, already expected
to reduce its 31 million square feet
of office space by around 10%. The
experience of working through
Covid-19 has helped set much more
ambitious targets.
“For these last six months, as
I’ve toured the country and visited
facilities where we’ve got literally a
handful of folks working there and
everybody else is being efficient
REUTERS
working remotely, it became very
apparent we don’t need all this
space,” Mr. Hayes told analysts af-
ter reporting third-quarter results.
Raytheon’s ability to hold on to
cost savings should be at the fore-
front of investors’ minds.
So far, its $2 billion cost-cutting
initiative for the year is bearing
fruit. Free cash flow came in at $1.2
billion for the quarter, more than
six times higher than Wall Street
analysts expected. Earnings also
beat expectations.
Much of the cash-flow improve-
ment came down to the timing of
customer collections and tax pay-
ments, and another large part to
furloughs that will be reversed as
aerospace business starts to return.
Still, a chunk of the savings could
remain. Last week, Raytheon’s en-
gine manufacturer Pratt & Whitney
AMD Can Roll the Dice With Xilinx
Advanced Micro Devices is tak-
ing a big gamble in buying Xilinx.
The chip maker’s latest results
show why it can.
AMD announced both on Tues-
day morning. For Xilinx, AMD will
be paying the equivalent of about
$35 billion in stock, representing a
premium of about 35% to the value
of Xilinx shares before The Wall
Street Journal reported earlier this
month that the two companies
were discussing a deal. It is AMD’s
largest acquisition ever and fol-
lows closely a string of other chip
deals, most notably Nvidia’s an-
nouncement last month that it
would purchase Arm Holdings from
Softbank Corp. for $40 billion.
That deal also represents an ag-
gressive move by an ascendant
chip maker looking to significantly
ramp up its data-center business.
Both transactions face significant
hurdles getting the necessary gov-
ernment approvals in a semicon-
ductor market that has become
highly politicized with the U.S.-
China trade war. But Nvidia is a
good deal larger than AMD and is
more versed in the deal game. It is
also buying what is predominantly
a licensing business, while AMD
faces the challenge of integrating
OVERHEARD
Why is Covid-19 spreading rap-
idly in Europe? The latest evi-
dence comes from an unlikely
source: quarterly results from Ital-
ian liquor company Davide Cam-
pari-Milano.
On Tuesday, the distiller behind
brands such as Campari, Aperol
and Grand Marnier reported ex-
ceptionally strong growth for the
three months through September.
Excluding the impact of portfolio
and currency changes, sales were
13% higher than in
the comparable pe-
riod last year, led by
a 35% increase in its
home region of
Southern Europe,
Middle East and
Africa.
The company
STEFANO RELLANDINI/REUTERS
said its
aperitif
brands in
particular
had ben-
efited
HEARD STREET
FINANCIAL ANALYSIS & COMMENTARY
With the retirement of older fleets, Pratt is becoming a bit too dependent on Airbus’s A320 workhorse jet.
announced a new highly automated
turbine airfoil facility in North Car-
olina that is supposed to be cheaper
and more efficient.
Investors aren’t sold. The stock
fell roughly 7% Tuesday.
Sales for the defense business—a
key source of stability while the
commercial aerospace business re-
mains impaired—were a bit disap-
pointing. The real cause of the pes-
simism, however, is probably that
the market hadn’t fully digested
how long it will take for the high-
margin maintenance, repair and
overhaul business to bounce back.
For Raytheon, this includes Pratt
but also Collins Aerospace, which
makes parts for aircraft.
CEO Lisa Su projected 20% annual revenue growth for a combined company.
another chip maker from a very
different market segment and mak-
ing the deal work in a way that has
eluded Intel Corp. It bought Xilinx
competitor Altera in 2015 but has
yet to show much benefit from the
move.
AMD is enjoying much stronger
growth than Intel was at the time,
though. That momentum has
nearly doubled AMD’s market
value just this year alone and
made its stock into a valuable cur-
from the “staycation” trend, in-
cluding in Italy—an economy usu-
ally seen as dependent on global
tourism. In the region that in-
cludes Southern Europe, the com-
pany also noted “very favorable
weather conditions” and a “short-
term reaction” to reopenings after
the spring lockdowns.
The results came the day after
Italy imposed a 6 p.m. curfew on
bars and restaurants to stop so-
cial activity spreading the corona-
virus.
Young people
have been at the
forefront of the sec-
ond wave of
Covid-19 cases in
Europe, prompt-
ing authorities to
focus on reining
in drinking
establish-
ments. The
hangover
has ar-
rived.
Wednesday, October 28, 2020 | B13
ON
THE
Contrary to earlier hopes of a probably gives Raytheon an edge
second-quarter trough, sales for the over troubled rivals General Electric
three months through September and Rolls-Royce. With the retire-
were still down by a third at both ment of older fleets, Pratt is becom-
divisions relative to last year. Major ing a bit too dependent on Airbus’s
U.S. airlines have reported flat re- A320 workhorse jet, but this is a
pair expenses for the quarter, de- nice problem to have compared
spite having already cut them to the with Rolls’ focus on wide-body
bone during the lockdown period. planes. The ability to deliver a
Even if traffic were to return in lower cost base could prove crucial
the fourth quarter, this so-called af- to gaining market share, especially
termarket business wouldn’t see a if the extra cash is spent on tech-
comeback in 2021, given deferrals nology rather than buybacks.
in shop visits and the abundance of Aerospace companies can be for-
usable parts that are being stripped given for wishing that videoconfer-
off parked jets, Raytheon Chief Fi- encing doesn’t radically reshape
nancial Officer Anthony O’Brien corporate culture. Given their prob-
said Tuesday. lems, though, they are wise to em-
Still, a stronger balance sheet brace it themselves. —Jon Sindreu
for the same period reported last
week. And AMD’s strong projection
for the fourth quarter didn’t mir-
ror its rival’s claims of a “diges-
tion” period by large cloud provid-
ers that could depress data-center
sales for the year-end period. AMD
has the benefit of a strong product
cycle to fall back on at the moment
BRIDGET BENNETT/BLOOMBERG NEWS
with its next-generation Milan
server processors shipping to
cloud customers this quarter. In-
tel’s comparable Ice Lake proces-
sors are expected to see volume
shipping in the next quarter, but
they suffer from the perception
that it is built on a process tech-
nology now running behind the
one used for AMD’s latest chips.
AMD will need all the momen-
tum it can get. Chief Executive Lisa
rency for expansion—quite helpful Su said Tuesday that a combined
to a company with less than 10% of AMD-Xilinx can still average 20%
Intel’s cash on hand. And AMD’s annual revenue growth over the
results for the third quarter were longer term—the same target she
among its best ever, with revenue previously laid out for AMD alone.
surging 56% to a record $2.8 bil- That reflects big hopes for Xilinx,
lion and adjusted operating income which has averaged just over 6%
more than doubling to $525 mil- growth annually over the last five
lion, also a record. Both were well years and is expected to see reve-
ahead of Wall Street’s estimates nue fall this year.
for the period. Investors need to hope that
Those results contrasted sharply AMD’s golden touch will prove con-
with Intel’s disappointing numbers tagious. —Dan Gallagher
U.S. Can’t Copy South Korea’s Recovery
South Korea’s recession ended in Exports as a percentage of GDP
the third quarter with the economy
60%
growing by 1.9% from the second
quarter. The country’s commend-
able control of Covid-19 has 50
helped—but like China, its pre-ex- Germany
isting economic structure was
40
also key. South
The real secret sauce for coming Korea
back from Covid-19 has been a mix 30
of the two: getting the virus under
control early and benefiting from 20
an existing export-heavy economic China
Japan
model.
At 5.5 percentage points, exports 10 U.S.
made the largest contribution to
South Korea’s GDP growth since at 0 demand despite a global economic
least 1960. Without that export
1990 2000 ’10
boom, a slump in capital investment
would have left the country in re- Source: FactSet
cession. Private expenditures
dropped 0.1% quarter on quarter. North America and Western Europe
A lift in exports has an outsize would struggle to replicate this per-
effect on South Korea because the formance. In September, the coun-
economy is far more trade-oriented try’s three largest export groups—
than most. In 2019, exports ran to covering items such as electrical
about 40% of GDP, compared with machinery, machine tools and heat-
18.4% in China and 11.7% in the U.S. ing equipment, and vehicles and
Breaking down the components their parts—all grew by more than
of the surge offers the clearest indi- 10% year over year. That is mark-
cation of why most economies in edly stronger than the growth rates
Factories
Hum Amid
Strong
Demand
Manufacturers struggle
to keep up pace
Eight months into the Covid-19
crisis, manufacturers are facing an
unusual problem: They are strug-
gling to keep up with demand.
The Commerce Department on
Tuesday reported that orders for
durable goods—long-lasting items
such as cold-rolled steel in cooling
towers—rose 1.9% in September
from August, outstripping the 0.4%
gain economists expected. Details of
the report were strong, including a
1% increase in nondefense capital-
goods orders excluding aircraft,
which economists use as a proxy for
capital-equipment demand.
The gain in durable-goods orders
was slower than in the late spring
and early summer. But with the
overall level of new orders now
above where it was before the pan-
demic, it is impressive. Much of
that reflects a catch-up after orders
collapsed during the worst of the
crisis, but some unusual dynamics
in two areas of demand—cars and
housing—are also playing a big role.
Automotive demand plunged
when the pandemic closed car deal-
erships; new light-vehicle sales in
April were about half of their Feb-
ruary levels. And production came
to a near halt as assembly lines
shut down. But as the economy
opened up again, sales jumped—re-
flecting not only of pent-up demand
but the new urgency many people
felt to get a first or second set of
wheels as a result of the pandemic.
Car companies and their suppliers
are the biggest contributors to the
U.S. manufacturing base.
Meanwhile, the combination of
low interest rates and new demand
for suburban and second homes has
led to a resurgence in home build-
ing. That is good news for factories,
because it is fueling demand for
construction materials and equip-
ment. The rise in both new and ex-
isting home sales, as well as the de-
cisions by homeowners who are
staying put to update their sur-
roundings during the pandemic, has
also led to higher appliance sales.
Manufacturers are racing to keep
up. It is a situation that won’t last
forever but is a good problem to have.
—Justin Lahart
Auto and light-truck
motor vehicle assemblies
14 million units
12 RECESSION
10
8
6
4
2
0
Jan. 2020
Note: Seasonally adjusted annual rate
Source: Federal Reserve via St. Louis Fed
for the same period a year earlier.
Germany, Europe’s export cham-
pion, hasn’t controlled the virus as
successfully but has done well by
European standards. Its third-quar-
ter GDP won’t be released until the
end of the month, but the Interna-
tional Monetary Fund expects the
economy to contract by 6% this
year, somewhat less than the 9.8%
contraction forecast for France and
the U.K., or the double-digit drops
projected for Italy and Spain.
South Korea’s expansion is in
part to do with manufacturing the
things that have found continued
freeze this year. Its goods exports
are just 0.6% shy of their level one
year ago, while services exports are
still down 23.4%. Even if they had
exercised Seoul’s impressive control
over the spread of the virus, ser-
vices-focused exporters would
struggle to mimic that outcome.
Not every economy can grow by
leaning on overseas demand.
Though controlling the virus is a
prerequisite for an economic recov-
ery, structure matters just as
much—if not more. —Mike Bird
B14 | Wednesday, October 28, 2020 THE WALL STREET JOURNAL.

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