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Virus Cases in U.S. Climb Past 3 Million at Accelerating Pace Supreme

What’s With infections spreading rapidly in 60,000 Share of seated restaurant

News
California, Texas and Florida, the U.S.
surpassed 3 million confirmed Covid-19
3 million cases
It took 28 days to
diners compared to same day
of the week a year earlier, U.S. Court
cases less than a month after crossing 100% 39%

Business & Finance

the 2 million mark. A6
reach the most
recent million cases
75
of last year’s level
Expands
nited Airlines said it
Daily confirmed U.S. Covid-19 cases
40,000
2 million cases
50
Religious
U It took 43 days to reach 25
is exploring the possi-
bility of shedding almost
half its U.S. workforce amid
the pandemic-driven shake-
1 million cases
It took 95 days
the next million cases
0
Rights
A M J J
up of the industry. A1, B1 to reach 1 million Pair of 7-2 decisions
 Brooks Brothers filed for
total cases Share of small business exempts employers
bankruptcy protection. The locations open in Janaury
from regulations they
clothier plans to halt manu- currently open, U.S.
facturing at its three U.S. 20,000 say impede their faith
factories on Aug. 15 and will 100% 73%
search for a new owner. A1 open
BY JESS BRAVIN
75
 Facebook and its critics Daily deaths AND BRENT KENDALL
tried to win over advertisers
after an audit found continued 50 WASHINGTON—The Su-
problems with how the firm preme Court expanded exemp-
polices hate speech and other 25 tions for religious employers
content on its platform. B1 from contraceptive-care regula-
0 0 tions and antidiscrimination
 The Justice Department
A M J J
laws, extending a line of deci-
is examining whether Wire- Feb. March April May June July
sions that have elevated the
card played a critical role in Sources: Johns Hopkins University (cases, deaths); OpenTable (diners); Homebase (openings)
Note: July 8 cases and deaths as of 1:12 p.m. Diners and openings are seven-day moving averages through July 6. Small business openings are based on whether or not at least one employee rights of religious exercise and
an alleged bank-fraud con-
clocked in at a location. the role of sectarian institu-
spiracy connected to an on-
tions in American society.
line marijuana marketplace. B1
In one case on Wednesday,

Trump Urges Schools to Open,

 A federal judge dismissed the court ruled the Trump ad-
a GM lawsuit accusing Fiat ministration had legal power to
Chrysler of bribing union exempt employers that raise re-
officials to gain an advan- ligious or moral objections to
tage on its labor costs. B1 Affordable Care Act require-
 The Nasdaq rose 1.4%,
to a record, while the S&P
500 and Dow gained 0.8%
and 0.7%, respectively. Main-
Takes Aim at CDC Guidelines ments that health-insurance
plans cover contraceptives,
stripping the benefit from as
many as 125,000 female em-
ployees. In the other, the court
land Chinese shares ex-
BY ALEX LEARY sive guidelines for opening school system—made public pre- officials to open schools. found that religious schools
tended a winning streak. B11
AND CATHERINE LUCEY schools,” which he said are liminary plans to have schools Administration officials re- were immune from age and dis-
 The U.S. budget deficit “asking schools to do very im- reopen this fall with a mix of in- sponded to Mr. Trump’s criti- ability discrimination claims
totaled $863 billion in June, WASHINGTON—President practical things.” person and remote learning. cism by saying the CDC guid- filed by lay teachers.
nearly as much as the entire Trump pushed federal health Administration officials said Mr. Trump’s comments ance wasn’t meant to tie Both decisions came by 7-2
gap for fiscal year 2019. A3 officials to ease coronavirus the CDC would provide new Wednesday marked his second schools’ hands or provide an votes, with only the court’s
guidelines for schools and guidance next week that should charge into the fraught debate excuse not to open. most liberal justices, Ruth
 KKR struck a deal to buy
threatened to withhold federal allay some of the president’s in as many days, as districts “The president said today Bader Ginsburg and Sonia Soto-
insurer Global Atlantic for
funding from districts that concerns. roll out plans intended to bal- we don’t want the guidance to mayor, in dissent. The rulings
more than $4.4 billion. B1
don’t reopen, stepping up his Decisions about how and ance the hopes of parents, be too tough,” said Vice Presi- follow last week’s 5-4 decision
 Allstate agreed to ac-
effort to get children back in whether to reopen schools are teachers and students to return dent Mike Pence. “That’s the requiring a state to give reli-
quire peer National Gen-
the classroom. largely up to state and local gov- to normal school with the po- Please turn to page A2 gious schools the same benefit
eral for about $4 billion. B10
In tweets on Wednesday, Mr. ernments, and many districts tential health risks arising from it gives other private schools in
 Bayer is scrapping a $1.25 Trump wrote that he disagreed have said they plan to offer learn- children learning in close quar-  Universities sue U.S. over a tax-credit program, despite a
billion proposal to resolve with the federal Centers for ing in-person and remotely. ters. On Tuesday, the Republi- foreign-student ban............... A2 state constitutional provision
future lawsuits over whether Disease Control and Prevention On Wednesday, New York can president said he would  Plasma-derived drug to be barring public support for sec-
Roundup causes cancer. B3 on “their very tough & expen- City—the nation’s largest public pressure governors and other tested............................................. A6 Please turn to page A4

World-Wide

 Trump pushed federal

United Explores Tensions
Put Aside
For Trade
health officials to ease
coronavirus guidelines for
schools and threatened to
withhold funding from dis-
45% Cut to Staff Pact
tricts that don’t reopen. A1
 The U.S. surpassed 3 mil-
lion confirmed Covid-19
As Travel Slumps Mexican
President Andrés
Manuel López
KEVIN LAMARQUE/REUTERS

cases, as the coronavirus Obrador and

spread rapidly in Califor- BY DOUG CAMERON provement in travel from April’s President Trump
nia, Texas and Florida. A6 AND ALISON SIDER low. The pickup in Covid-19 pledged to work
 The Supreme Court, in cases in some states and new together on trade
United Airlines Holdings quarantine measures in the New and other issues
a pair of 7-2 decisions, ex-
Inc. said it is exploring the York City area and Chicago have Wednesday at the
panded exemptions for reli-
possibility of shedding almost kept fliers from resuming travel. White House. A16
gious employers from contra-
half its U.S. workforce, the The global airline industry
ceptive-care regulations and
first major domestic carrier to is preparing for tens of thou-
antidiscrimination laws. A1
detail how deep the industry sands of job cuts despite re-
 George Floyd told the of-
ficers who arrested him that
he couldn’t breathe, was
claustrophobic and afraid of
might have to retrench amid
the pandemic-driven slump in
passenger demand.
The Chicago-based carrier
ceiving billions of dollars in
government aid. Federal
money runs out on Oct. 1, and
United executives said its final
Brooks Brothers Files Chapter 11
being killed by police before
he was pinned to the ground,
according to court filings. A3
is sending mandatory 60-day
notices under federal labor
rules to 36,000 of its employ-
tally of furloughs should be
clear by mid-August.
The airline said those re-
As Covid-19 Rages, Tastes Shift
ees, a week after American ceiving notices of potential BY SUZANNE KAPNER nessman Claudio Del Vecchio, March, including Neiman Mar-
 The FBI is examining ex-
Airlines Group Inc. said it furloughs, which are required AND SOMA BISWAS filed for bankruptcy protection cus Group Inc., J.Crew Group
iled Chinese businessman
might have as many as 20,000 under federal law, include in Wilmington, Del., on Inc. and J.C. Penney Co. Eco-
Guo Wengui and the money
more staff than it needs to 15,000 flight attendants, 2,250 Brooks Brothers dressed Wednesday. One of the few nomic fallout from Covid-19
used to fund his media ef-
handle reduced demand. pilots and 11,000 customer- the U.S. business class in pin- brands to make clothes domes- has also pushed high-profile
forts in the U.S., including his
The U.S. airline industry is service staff. United said em- stripes for more than 200 tically, it plans to halt manu- companies in other industries
work with Steve Bannon. A4
facing its biggest shake-up in a Please turn to page A6 years and survived two world facturing at its three U.S. facto- into bankruptcy, including
 The U.K. government an- generation, with executives ex- wars and the shift to casual ries on Aug. 15 and will search Hertz Global Holdings Inc. and
nounced up to $38 billion in pecting a recovery in the de-  The Middle Seat: An asterisk Friday. But it was no match for a new owner. Chesapeake Energy Corp.
new stimulus measures to mand slump to take years. for world’s busiest airport...A9 for the coronavirus pandemic. Brooks Brothers joins a pa- Mr. Del Vecchio blamed the
boost the country’s econ- United’s decision follows the re-  Smaller carriers see an The closely held company, rade of U.S. retailers seeking pandemic for Brooks Brothers’
omy as it exits lockdown. A7 cent erosion of the fragile im- opening during the crisis......B1 which is owned by Italian busi- relief in bankruptcy court since Please turn to page A6
 Lt. Col. Vindman, who tes-

Theme Parks Ban Screaming, INSIDE TikTok, Oasis of Fun,

tified against Trump in House
impeachment hearings, is

Roller-Coaster Fans Howl

retiring from the Army due

Ventures Into Politics

to pressure from the White
House, his attorney said. A4
i i i
 Facebook said it had re-
moved a network of more Japan’s reopening rule isn’t so easy to
than 100 pages and accounts
linked to Roger Stone. A5 follow; ‘Please scream inside your heart’ App allows protest videos, quits Hong Kong,
 A Hong Kong hotel was
converted into the head-
BY RIVER DAVIS coronavirus is targeting thrill- while facing flak in Washington
seekers who might expel a
quarters of Beijing’s new se-
TOKYO—At the Fuji-Q High- burst of virus-carrying drop- TikTok has been one of ing as a platform for
curity agency for the city. A7
land amusement park recently, lets with a mid-ride utterance. the world’s biggest distrac- protesters and mischief-mak-
the chief executive and his Enjoy the ride, say theme-park tions during the pandemic, ers alike in a moment of so-
CONTENTS Markets..................... B11 corporate boss took a ride on operators—just don’t let your LIFE & ARTS thanks to its endless stream cial unrest around the world.
Business News.. B3,6 Opinion.............. A13-15
Capital Account.... A2 Sports........................ A12 the park’s No. 1 attraction, the voice show it. Christie’s tests the The shift is posing compli-
Crossword.............. A12 Technology............... B4 Fujiyama roller coaster, and “There’s just no way not to
market with its By Georgia Wells, cated new challenges for an
Heard on Street... B12 U.S. News............. A2-6 plunged 230 feet without so scream,” said college student Shan Li and Liza Lin extraordinarily popular app
Life & Arts......... A9-11 Weather................... A12
much as a peep. Rika Matsuura on a visit to livestream global art devoted, until recently, to
Management.......... B5 World News...... A7,16
A video showed the two ex- Tokyo Disneyland last week auction. A9 of bite-size videos featuring mindless fun.
ecutives, both clad in masks, when it reopened after a four- dance-offs, pranks and other Political content was long
> sternly riding the coaster in month break. “It’s kind of tor- goofs. anathema at TikTok, a Chi-
complete silence. It ended ture to be back at your favor- SPORTS Lately there has been a nese-controlled company
with a message: “Please ite place in the world and to Ivy League calls off dash of something new at known for avoiding any
scream inside your heart.” not be able to scream and en- TikTok: politics. video that might make some-
From Fujiyama to Tokyo joy everything 100%.”
football and other Experimenting with let- one uncomfortable. That in-
s 2020 Dow Jones & Company, Inc.
All Rights Reserved DisneySea’s Tower of Terror, The ban on screaming, sports for rest of ting users post short politi- cluded blocking or flagging
Japan’s campaign against the Please turn to page A8 2020. A12 cal videos, the app is emerg- Please turn to page A8
 A2 | Thursday, July 9, 2020 * *** THE WALL STREET JOURNAL.

U.S. NEWS
CAPITAL ACCOUNT | By Greg Ip

China’s Trade Surplus, and Frictions, Persist

President How Rising Inequality Dis- While the U.S. trade deficit with China has shrunk, it has grown Pettis write, inequality in China’s manufacturing has
Trump’s trade torts the Global Economy and elsewhere. The underlying driver of Chinese surpluses, low China contributed to inequal- recovered faster than its re-
war with Threatens International consumption, persists. ity in the U.S. tail sales, suggesting sur-
China is meet- Peace.” The authors are Mat- “The U.S. financial system pluses are about to re-
ing at least thew Klein, economics com- U.S. trade deficit, 12-month Consumer spending as share and consumer market func- emerge. Yet the world is in
one of his mentator at Barron’s, a sister total, with: of gross domestic product tion as a safety valve for ex- no mood to absorb China’s
goals. The U.S. trade deficit publication of The Wall $0 billion 70% U.S. ploitation elsewhere,” the au- production glut: Demand is
with China in the past 12 Street Journal, and Michael thors write. “Unless policies depressed everywhere. These
months has shrunk to its nar- Pettis, an economist who –100 RECESSION 60 in the rest of the world are the ingredients of a
rowest since 2012. teaches at Peking University’s change, the U.S. cannot uni- global fight for market share
Unfortunately, that narrow- Guanghua School of Manage- –200 50 laterally reduce inequality, fueled by protectionism and
ing has come from the U.S. ment. raise living standards, and currency devaluation.
buying less from China, rather Messrs. Klein and Pettis –300 China 40 China stabilize or reduce its current In the U.S., anti-China
than China buying more from shed new light on an old issue account deficit.” sentiment in both parties
the U.S. Slack Chinese imports by showing how global sav- –400 30 Though the worst of the has been whetted by the cor-
are a symptom of the underly- ings imbalances result from China shock had dissipated onavirus, pursuit of techno-
ing reason China’s trade sur- the growth model used by –500 20 by 2016, its legacy helped logical dominance, geostra-
pluses, not just with the U.S. China, as well as Germany. send Mr. Trump to the White tegic bullying and crackdown
–600 Rest of world 10
but the world, persist: China That model systematically House on an anti-free-trade on domestic dissent, includ-
consumes too little and saves suppresses the wages and platform. ing in Hong Kong. Senators
too much. consumption of ordinary –700 0 from both parties have taken

C
True, China’s overall sur- workers to generate high sav- 2003 ’10 ’20 2000 ’10 hina may have hoped its aim at global imbalances by
pluses have shrunk sharply as ings that can be invested in Sources: U.S. Census Bureau via Factset, Federal Reserve Bank of St. Louis (trade deficit); U.S. “phase one” trade deal proposing a tax on foreign
a share of its gross domestic new industries, or abroad. Commerce Department via Federal Reserve Bank of St. Louis (U.S. spending); CEIC (China spending) with Mr. Trump and purchases of U.S. stocks and
product in the past decade. “The high savings model narrowing surpluses would bonds, intervention in cur-
But because GDP has grown forces ordinary people to dustries. It did so through an By definition, surpluses in damp protectionism. Coinci- rency markets to weaken the
so much, the surpluses, espe- spend less so that the govern- undervalued exchange rate one country must equal defi- dentally, in the first quarter dollar, and even repudiation
cially for manufactured ment and business elites can and a financial system that cits in another, so the trade its current account, which in- of some Treasury debt held
goods, remain enormous. spend more,” they explain. It’s subsidized industrial borrow- surpluses generated by China cludes trade in goods and ser- by China. If Joe Biden de-
Consumption is still under the same model used by Brit- ers by paying savers next to and Germany force the U.S. vices and investment income, feats Mr. Trump, it will be
40% of Chinese GDP, one of ain during the Industrial Rev- nothing. Both have been re- (and other low-saving coun- flipped from surplus to deficit as the head of a Democratic
the lowest percentages olution and the Soviet Union formed, but Messrs. Klein tries such as the U.K.) to run as the coronavirus hampered Party more comfortable with
among major economies. The in the 1920s and 1930s. and Pettis note that many deficits. Trade deficits don’t exports. interventionism and less at-
persistence of those imbal- features of China’s economy necessarily reduce employ- But events are going in the tached to free trade.

L
ances is why trade conflicts ike South Korea and still discriminate against ment, but they change its wrong direction. Through China has long sought to
aren’t about to go away even Japan before it, China workers and consumers: ad- composition. In the 2000s, May, Chinese purchases of tamp down trade frictions
if Mr. Trump isn’t re-elected. grew rapidly by chan- versarial unions are illegal, Chinese imports wiped out U.S. goods are running at just by making its economic
The consequences of neling people’s savings into taxes on labor and consump- millions of U.S. jobs while half its commitment, accord- model more consumer
global trade surpluses and high-return investments in tion are high, and millions of Chinese savings helped in- ing to Chad Bown of the Pe- friendly. It may find those
deficits are the subject of education, public infrastruc- migrant workers are deprived flate the housing bubble. In terson Institute for Interna- efforts are too little, too
“Trade Wars are Class Wars: ture and export-oriented in- of social benefits. that sense, Messrs. Klein and tional Economics. late.

Universities Sue Over

Foreign-Student Ban
BY MELISSA KORN schools are offering hybrid or
AND MICHELLE HACKMAN in-person classes must be here
to participate. Colleges and
Harvard University and the foreign students swiftly criti-
Massachusetts Institute of cized the rules, saying they
Technology sued the Trump erected unnecessary obstacles
administration in federal court that would prevent some from
over new rules barring inter- continuing or beginning their
national students from staying academic careers.
in the U.S. while taking classes ICE, its parent agency the
entirely online this fall. Department of Homeland Se-
The suit, filed Wednesday in curity and their acting leaders
the U.S. District Court for Mas- are named in the suit.
sachusetts, seeks a temporary Ken Cuccinelli, a top official
restraining order prohibiting at the Department of Homeland
MANUEL BALCE CENETA/ASSOCIATED PRESS

the government from enforcing Security, said on CNN Tuesday

rules that were laid out Mon- that the policy was designed in
day by U.S. Immigration and part to “encourage schools to
Customs Enforcement govern- reopen.” His words are cited in
ing how foreign students can— the universities’ lawsuit.
and can’t—enroll at U.S. uni- An ICE spokeswoman said
versities this fall in light of the she couldn’t comment on
coronavirus pandemic. pending litigation.
Among the restrictions: There were nearly 1.1 mil-
Those foreign students attend- lion international students at
ing schools offering classes U.S. colleges in the 2018-19 ac-
Education Secretary Betsy DeVos, with Vice President Mike Pence at the White House on Wednesday, has argued for in-person instruction. only online can’t be in the U.S. ademic year, including those
to take their web-based working after graduation

Trump Calls Local Risk Dictates • Intensify cleaning and

the heightened costs of operat-
ing during a pandemic.
courses, and those whose while on student visas.

CORRECTIONS  AMPLIFICATIONS
disinfection efforts Senate Majority Leader

For Schools
CDC Guidelines • Require sick students and Mitch McConnell (R., Ky.) has
staff to stay home said getting children back in
school is a priority for the next

To Reopen The CDC has issued

recommendations for schools
to operate safely during the
Where there is mild to
moderate community spread:
• Cancel field trips, assemblies,
virus-relief bill. The Senate will
return from a recess on July 20.
House Democrats included $100
The name of Javier
Rodríguez Soler, chief execu-
tive of BBVA USA, was mis-
A Business & Finance article in
some editions Tuesday about
the Chinese chip maker’s offer-
coronavirus pandemic. and other large gatherings billion in funding to support spelled as Javier Rodríguez So- ing incorrectly said it would be
Continued from Page One These recommendations • Increase space between schools in a multitrillion-dollar lar in a Page One article the world’s largest stock sale
reason why next week the CDC ratchet up based on the level students’ desks and avoid bill the House passed in May, Tuesday about bank drive- this year. Some companies
is going to be issuing a new set of illness in the community. having desks face each other but Senate Republicans rejected through lanes. have sold larger amounts of
of tools, five different docu- Many districts plan hybrid • Stagger arrival and/or that proposal. stock in markets where they
ments that will be giving more in-person/at-home schedules for dismissal times Mr. Trump has taken an ag- AMC Entertainment Hold- are already listed.
clarity on the guidance going students in an effort to reduce • Teach staff and students to gressive stance on reopening ings Inc. on Tuesday was near-
forward.” the number of people at school maintain a safe distance from businesses and schools, and has ing a restructuring deal that The monthly U.S. jobs re-
CDC Director Robert Red- at the same time, driven by each other played down the gravity of data would help stave off a near- port was published on Thurs-
field said: “I want to make it these recommendations. showing a surge of coronavirus term bankruptcy filing. In some day, July 2. A Markets article
very clear that what is not the When there is cases in the South and West. editions Wednesday, a Page Wednesday about the stock
intent of CDC’s guidelines is to When there is no community substantial community spread: “We’re going to be in a very One What’s News summary in- market incorrectly said the re-
be used as a rationale to keep spread: • Consider extended school good place very soon,” he said correctly said the company was port was published Friday,
schools closed.” He said the • Teach and reinforce health closures and implement in an interview with Gray TV, bearing a restructuring deal. July 3.
next round of recommenda- hygiene practices distance learning when asked about comments by
tions would include documents Anthony Fauci, the nation’s top A $6.55 billion stock offer- Notice to readers
for parents, as well as symptom infectious-disease doctor, that ing in China by Semiconductor Wall Street Journal staff
surveillance for schools and ad- open this fall, some districts ceiving regular school meals. the U.S. needed to step up its Manufacturing International members are working remotely
vice for using masks. might be able to safely offer Mayor Bill de Blasio said response to the virus. Corp. would rank as the during the pandemic. For the
Current CDC guidelines ad- only a certain number of days New York City’s plan would bal- Democrats and their allies in world’s largest so far this year foreseeable future, please send
vise schools to have students at school. Asked to explain Mr. ance the safety of students and teachers unions said they favor among initial public offerings reader comments only by email
and staff wear face coverings Trump’s threat to “cut off fund- staff with the need for aca- opening schools but want it and secondary listings in new or phone, using the contacts
when physical distancing is dif- ing” for schools that don’t re- demic progress. City officials done safely. The National Edu- markets, according to Refinitiv. below, not via U.S. Mail.
ficult, and consider spacing open, Mr. Pence said that in the said they are reviewing CDC cation Association accused Mr.
desks 6 feet apart and in the next round of coronavirus relief guidance, and asking principals Trump of trying to use the is- Readers can alert The Wall Street Journal to any errors in news articles by
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Schools are also advised to con- give states a strong incentive cused Democrats of blocking a
sider closing dining halls and and encouragement to get kids fuller return to school for polit- THE WALL STREET JOURNAL
playgrounds. back to school.”
CDC guidelines can ical purposes. (USPS 664-880) (Eastern Edition ISSN 0099-9660)
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While the guidelines don’t lay Most education funding have the effect of “The Dems think it would be
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 THE WALL STREET JOURNAL. * * * * * Thursday, July 9, 2020 | A3

U.S. NEWS

Budget
Deficit
Local Governments Cut Spending
Education takes much
Ballooned of the reductions;
1.5 million jobs have
In June been shed since March
BY KATE DAVIDSON BY DAVID HARRISON

WASHINGTON—The U.S. State and local governments

budget deficit totaled $863 bil- from Georgia to California are
lion in June, nearly as much as cutting money for schools, uni-
the entire gap for fiscal year versities and other services as
2019, as federal spending tri- the coronavirus-induced reces-
pled to combat the coronavirus sion wreaks havoc on their fi-
pandemic and tax revenues nances.
plunged, the Congressional Widespread job losses and
Budget Office said Wednesday. closed businesses have reduced

MADDIE MCGARVEY FOR THE WALL STREET JOURNAL

Outlays soared to $1.1 tril- revenue from sales and income
lion last month, nearly half of taxes, forcing officials to make
which went to emergency agonizing choices in budgets for
small-business loans under the the new fiscal year, which
Paycheck Protection Program, started July 1 in much of the
CBO estimated. Congress en- country.
acted the law in March to help Governments have cut 1.5
small companies meet payroll million jobs since March,
expenses and keep workers at- mostly in education, and more
tached to their jobs. reductions are likely barring a
Spending on unemployment quick economic recovery. In
insurance benefits also surged Washington state, some state
last month, as millions of workers will take unpaid fur-
Americans remained out of loughs. In Idaho, Boise State Mayor Nan Whaley says Dayton, Ohio, may have to cut as much as 8% of the city’s general fund budget.
work despite efforts by many University cut its baseball and
states to resume normal activ- swim teams in an effort to save cation, an 8% reduction.
ity after months of shutdowns. $3 million. Revenue Volatility States Built Up to two unpaid furlough days a Funding was also reduced for
Outlays for jobless benefits Dayton, Ohio, Mayor Nan Year-over-year change in state month, and public colleges and Washington, D.C.-area transit
climbed from $2 billion in Whaley says the city may have and local quarterly tax receipts. Rainy-Day Funds universities face about $602 mil- system, neighborhood revital-
June 2019 to $116 billion last to cut up to 8% of its general RECESSION
lion in reductions. ization and drug treatment.
month, nearly half of which fund budget, which pays for 15% Some states are putting off The fiscal squeeze comes as
was because of the extra $600 fire, police, roads, trash collec- The decadelong economic hard decisions. New Jersey Gov. cities face demands to cut po-
in weekly benefits that Con- tion and other services. 10 expansion that ended in Febru- Phil Murphy, a Democrat, signed lice funding in the wake of Mr.
gress authorized as part of “I’m concerned we’ll have to ary allowed states to replenish a $7.6 billion stopgap budget for Floyd’s killing. Los Angeles re-
what is known as the Cares lay folks off before the end of 5 rainy-day funds. The median the next three months, which directed $150 million from the
Act. Those enhanced payments the year,” Ms. Whaley said. state went into the crisis with cuts $1.2 billion in previously al- police department’s nearly $2
are set to expire at the end of Nationwide protests sparked 0 reserves totaling a record 7.8% located spending. billion budget to social ser-
this month unless Congress by the killing of George Floyd at of its general fund budget, ac- With an uncertain outlook, vices.
chooses to extend them. the hands of Minneapolis police -5 cording to the National Associ- officials are trying to maintain In New York, Mayor Bill de
Spending for other safety-net have heightened attention to ation of State Budget Officers. reserves in anticipation of more Blasio and the City Council
programs also climbed last municipal budgeting. In many -10 California lawmakers used $9 lean years. “You may need to struck a deal that he said
month, including outlays for nu- cities, protesters are demanding billion of their $16 billion rainy- use it in 2022 and beyond,” said would cut the police budget by
trition assistance, Medicaid and that police budgets be cut or -15 day fund to help balance the Brian Sigritz, director of state about $1 billion, to $5.2 billion,
emergency funds for hospitals. money redirected toward social $202 billion budget that Gov. fiscal studies at the budget offi- and protesters are demanding
Federal revenues, mean- services. -20 Gavin Newsom, a Democrat, cers’ association. “They’re not even larger reductions.
while, sank 28%, to $242 bil- Across the country, the 2007 '10 '15 '20 signed June 29. Even so, state expecting this decline to be a The Atlanta City Council
lion, which the CBO attributed weeks before July 1 were employees will have to take up one-year or two-year thing.” narrowly defeated a proposal to
to declining wages and re- marked by a scramble to com- Source: Commerce Department hold back some police funding
duced economic activity, plete spending plans. The task until the department presented
which weigh on tax collection, has been complicated by uncer- normally not part of their fore- The National Governors As- In Georgia, Gov. Brian Kemp a plan to become more inclu-
as well as the administration’s tainty over the economic out- casts.” sociation says states need an- signed a budget bill that re- sive and transparent.
decision to delay tax-payment look, which depends largely on Adding to the uncertainty: other $500 billion in federal aid. duces spending by about 10%, Most years, Atlanta council
deadlines until July 15. unknowns such as the course of Many states pushed back the in- The U.S. Conference of Mayors including a $950 million cut to members hear two to three
Federal deficits typically the virus and how quickly a vac- come-tax-filing deadline to July says cities need $250 billion. the main state education fund. hours of public comment on the
deepen during economic down- cine can be developed. As a re- 15 from April 15, following the The Democratic-led House in Some poorer school districts budget. This year, they listened
turns, as rising unemployment sult, budgets may have to be re- U.S. Treasury’s lead. While that May passed a bill that included rely on the state to cover 70% to about 50 hours, largely
pushes up spending on safety- written in the coming months. should bring a short-term reve- $1 trillion to help state and local of operating expenses, said about police funding, said City
net programs such as jobless “I don’t think you can over- nue boost, officials don’t know governments. Republican sena- Margaret Ciccarelli, director of Council President Felicia
benefits and food stamps, and state the amount of uncertainty how much revenue to expect in tors have paused discussion on legislative services for Page Moore. To comply with social-
weighs on federal tax revenues. that states are dealing with,” the months ahead. another fiscal package until Inc., the state’s teachers’ asso- distancing efforts, people called
The U.S. budget gap was al- said Tracy Gordon, an expert on It is also unclear whether later this month. ciation. in to record their comments
ready expanding—and was on state and local budgets at the states will get more help from Almost all states and local “These are challenging times rather than appear in person.
track to exceed $1 trillion in the Urban Institute in Washington. Congress, which in March pro- governments require balanced and the budget reflects that re- “We had calls from people
fiscal year that ends Sept. 30— “You’re asking revenue estima- vided $150 billion but limited budgets. For now, they have ality,” Mr. Kemp, a Republican, all over the world,” Ms. Moore
when the coronavirus pandemic tors basically to consult epide- its use for pandemic response. largely avoided raising taxes to said on June 30. said.
hit. Congress has since autho- miological models and public Dayton got about $8 million plug budget holes, opting in- Maryland imposed $412 mil- —Alicia Caldwell
rized $3.3 trillion in new spend- health experts and take account and will use it to buy face stead to cut spending or dip lion in cuts, of which $136 mil- and Joseph De Avila
ing to help combat the virus. of all kinds of variables that are masks, Ms. Whaley said. into reserves. lion will come from higher edu- contributed to this article.

Floyd Told Police Officers Before

Pinning He Feared Being Killed
BY JOE BARRETT sitting in his car—on suspicion Floyd to walk to a squad car,
of using a counterfeit $20 bill, he repeatedly said that he
George Floyd told the Min- he wouldn’t immediately show couldn’t breathe and was
neapolis police officers who ar- his hands, so Mr. Lane drew his claustrophobic.
rested him that he couldn’t weapon, but put it away after When officers finally got
breathe, was claustrophobic Mr. Floyd complied, according him inside the car, Mr. Floyd
and afraid of being killed by to the filings. Still, Mr. Floyd began to thrash and hit his
police before being pinned to wouldn’t get out of the car. head against the glass inside
the ground by officers, accord- “Please don’t shoot me, Mr. the squad car, causing his
ing to court filings that pro- Officer. Please, don’t shoot me mouth to bleed, the new filing
GO NAKAMURA/BLOOMBERG NEWS

vide new details of his May 25 says.

killing. Officers called an ambulance
The filing came from an at- because of the bleeding and
torney representing Thomas
Thomas Lane says then held Mr. Floyd down on
Lane, one of the officers George Floyd hurt the ground because they be-
charged in the killing, who lieved he would injure himself
asked a Hennepin County judge
his head in the further if he wasn’t restrained,
Tuesday to dismiss charges of patrol car. according to the filing.
abetting second-degree murder “I can’t breathe,” Mr. Floyd
People waited to enter the U.S. at a border crossing in Matamoros, Mexico, in May. against his client, saying the said at one point while he was
officer didn’t play an inten- on the ground.

U.S. Seeks to Bar Asylum to tional role in the slaying.

Mr. Lane said the officers
had pinned Mr. Floyd to the
man,” Mr. Floyd said, accord-
ing to a transcript of body
camera footage.
“You’re fine, you’re talking
fine,” said officer J. Alexander
Kueng, according to a tran-

Migrants From Disease Hubs

ground after he struggled “Step out and face away. I’m scription of body camera foot-
while being arrested, including not shooting. Step out and face age.
smashing his head against away,” Mr. Lane said. “I’m through, I’m through.
glass inside the squad car until “Okay, okay, okay. Please. I’m claustrophobic. My stom-
he bled. Please, man. Please. Please,” ach hurts. My neck hurts. Ev-
BY MICHELLE HACKMAN danger. Communicable dis- data compiled by Johns Hop- The filing includes tran- Mr. Floyd said. erything hurts. Need some wa-
ease, the agencies say, could kins University. That compares scripts of body camera footage “Get out of the car,” Mr. ter or something, please.
WASHINGTON—The Trump pose a threat to Department of with a daily average of 1,421 and interviews with Mr. Lane, Lane said. Please? Can’t breathe officer,”
administration proposed a Homeland Security facilities for Mexico, which ranks ninth. who said he believed Mr. Floyd “Stop resisting Floyd!” said Mr. Floyd said, adding later:
new set of rules that would housing migrants, as well as to However, the data also shows was in medical distress and re- one of the other passengers in “You’re going to kill me, man.”
block migrants from applying the U.S. economy if the dis- the U.S. with a testing positiv- peatedly asked his more senior the car. —Julie Wernau
for asylum if they came from ease were to spread. ity rate of 5.48%, 17th in the officer, Derek Chauvin, if they As officers tried to get Mr. contributed to this article.
or passed through a country Migrants themselves world, compared with Mex- should roll Mr. Floyd on his
with a widespread contagious needn’t exhibit symptoms of ico’s rate of 21.94%, placing it side.
disease such as the coronavi- the disease to be considered a fourth in the world after Peru, In videos that emerged after
rus. threat; merely passing through Brazil and Qatar. Mr. Floyd’s May 25 killing, Mr.
That would in effect block a country where the disease is The rules would apply to Chauvin is seen kneeling on
nearly all asylum seekers at present is enough. any disease the U.S. govern- Mr. Floyd’s neck for around
the U.S. southern border from According to the rule, the ment has designated a public- eight minutes. Mr. Lane is
applying for any form of hu- entry of people “traveling from health emergency, but would holding down Mr. Floyd’s feet
manitarian protection in the these countries currently con- also permit the attorney gen- while another officer is on his
STEPHEN MATUREN/GETTY IMAGES

U.S. and would put them on a tinues to pose a risk of further eral and secretary of Home- back. A fourth keeps concerned
fast track to deportation in- transmission to the United land Security to declare future bystanders away.
stead. States, which otherwise has outbreaks as threats for the Mr. Chauvin has been
The new rules expand on a been making progress within purpose of judging asylum. charged with second-degree
provision of immigration law, its borders to stem the further There were 212,846 asylum murder and the other three, in-
which says applicants can be spread of the pandemic.” applications filed in the gov- cluding Mr. Lane, have been
denied asylum if they pose a The U.S. has the highest ernment’s 2019 fiscal year, ac- charged with aiding and abet-
danger to the security of the daily confirmed Covid-19 case cording to the government of- ting second-degree murder.
country, by classifying a pub- average in the world, at 19,854 fice that oversees immigration When officers first ap-
lic-health threat as a form of as of Wednesday, according to courts. proached Mr. Floyd—who was Former officer Thomas Lane with his attorney Earl Gray last month.
A4 | Thursday, July 9, 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

Bannon Work Part of U.S. Probe of Exile

FBI looks into Chinese alongside others to eliminate has denied that claim. Mr. Guo,
the Chinese Communist Party through a company he con-
businessman, funding and free his fellow countrymen trolled, first sued Strategic Vi-
source of firm that in China.” sion over breach of contract,
Mr. Guo, a former property and the research firm counter-
hired ex-Trump aide tycoon, in 2014 fled China, sued with its own breach of
where he is accused of wrong- contract claims.
The FBI is examining exiled doing including bribery, fraud, A New York state court on
Chinese businessman Guo Wen- money laundering, kidnapping June 28 dismissed a lawsuit
gui and the money used to fund and rape—allegations he has filed by Mr. Guo against Wall
his media efforts in the U.S., in- denied. He also has applied for Street Journal publisher Dow
cluding his work with Steve asylum in the U.S. Jones & Co. over its reporting
Bannon, a former senior ad- Mr. Guo has vexed Beijing about the litigation between
viser to President Trump, ac- with online videos and social- Strategic and the Guo-linked

DON EMMERT/AGENCE-FRANCE PRESSE/GETTY IMAGES

cording to people familiar with media posts alleging corrupt entity.
the matter. links between political and cor- The FBI viewed Mr. Guo as a
porate elites. Mr. Guo won the potential informant for the
By Aruna Viswanatha, support of China hawks in the agency and tried unsuccessfully
Brian Spegele Trump administration in 2017 to cultivate him as one around
and Rebecca Davis with a stream of criticism di- 2017, according to people famil-
O’Brien rected at Beijing. iar with his recruitment. The
A spokeswoman for Mr. Ban- FBI at that time also con-
Federal Bureau of Investiga- non said, “Neither Steve or any fronted Chinese agents who
tion national security agents in of his affiliates have been con- had allegedly come to the U.S.
recent months have asked peo- tacted by the FBI about any- to force Mr. Guo to return to
ple who know both men for in- thing, let alone this matter.” China and ordered them to
formation on Mr. Guo’s activi- Mr. Bannon described him- leave the country, the Journal
ties, including the source of self as “public enemy #1” of the previously reported.
funds of a media company Chinese Communist Party. Steve Bannon, left, with Guo Wengui at an event in New York in late 2018. When Strategic Vision, the
linked to him that hired Mr. A person familiar with Mr. research firm that is involved
Bannon in 2018 as a consultant, Bannon’s activities added that to a contractor. He said in a comment. started a campaign to create a in the dispute with Mr. Guo, at-
the people said. the contract signed in 2018, court filing that a Hong Kong Mr. Bannon teamed up with “New Federal State of China,” tempted to subpoena Mr. Ban-
As recently as last week, the with Guo Media, was for one company, ACA Capital, paid a Mr. Guo after Mr. Bannon left and Mr. Guo persuaded two of non last year to testify about
FBI met with one person famil- year only and wasn’t renewed. $1 million deposit on separate the White House in August China’s most celebrated ath- his relationship with Mr. Guo
iar with the companies tied to “Mr. Bannon and Mr. Guo work he commissioned from a 2017, and together they letes to denounce the ruling and their contract, an attorney
Mr. Guo, the people said. The have worked together on fight- research firm, Virginia-based launched what was billed as a Communist Party. for Mr. Bannon said that the
probe has been under way for ing the [Chinese Communist Strategic Vision. At the time of $100 million effort to investi- Still, some have raised former White House adviser
more than six months, and Party] and also on setting up a the payment in January 2018, gate alleged abuses of power by doubts about Mr. Guo’s loyal- worked with Mr. Guo, but dis-
prosecutors from the U.S. At- media and technology distribu- ACA Capital was owned by a Chinese President Xi Jinping ties. Mr. Guo hired Strategic Vi- missed the subpoena as a fish-
torney’s offices in Manhattan tion platform that breaks man named William Je, Hong and the Communist Party. He sion in 2018 to investigate cer- ing expedition.
and Brooklyn have been in- through the firewall directly to Kong corporate records show. has also appeared in online vid- tain people he said were tied to “Strategic Vision is attempt-
volved, some of the people said. the Chinese people in China FBI agents have asked peo- eos alongside Mr. Guo. top officials of the Chinese ing to use the subpoena to ha-
The purpose of the FBI’s in- and across the globe,” the per- ple familiar with Messrs. Ban- Mr. Bannon entered into a $1 Communist Party, according to rass, intimidate, and embarrass
terests couldn’t be determined. son said. non and Guo’s activities million contract with Guo Me- court filings. Mr. Bannon by prying into his
A lawyer for Mr. Guo said China’s embassy didn’t re- whether they knew of Mr. Je dia, which is owned by a Dela- The contract between Stra- professional relationship with
his client hadn’t been contacted spond to a request for com- and ACA, or the source of the ware entity, in 2018 for “strate- tegic Vision and Mr. Guo is now Mr. Guo as well as his personal
by the FBI. ment. money for Mr. Bannon, accord- gic consulting services,” which in litigation. After examining finances…in order to drum up a
“The FBI has never reached The Wall Street Journal ing to people aware of the in- included “introducing the Com- the research list provided by media circus and further harass
out to Mr. Guo or his colleagues couldn’t determine the source quiries. pany to media personalities,” Mr. Guo, Strategic Vision ac- Mr. Bannon,” Mr. Bannon’s at-
about any of these matters,” of funds used to pay Mr. Ban- A spokeswoman for the FBI according to the contract, a cused Mr. Guo himself of being torney at the law firm Quinn
the lawyer said. “Mr. Guo is non. But Mr. Guo has in the declined to comment. Neither copy of which was published by a Chinese “dissident hunter,” Emanuel Urquhart & Sullivan
honored to have the freedom in past used what appeared to be Mr. Je nor his attorney re- Axios. according to one of the court LLP wrote in a December 2019
the United States working a third party to provide funds sponded to messages seeking Last month the two men filings in the litigation; Mr. Guo letter filed in the litigation.

Biden and Sanders Allies Agree Impeachment Witness

BY ELIZA COLLINS
AND KEN THOMAS
fordable Care Act, offering
free college tuition for families
Vindman to Exit Army
making less than $125,000 and BY GORDON LUBOLD Mr. Trump. He was acquitted
Allies of Joe Biden and Ber- expunging records of those by the Senate earlier this year.
nie Sanders are recommending convicted of cannabis use. Lt. Col. Alexander Vindman, Col. Vindman, a decorated
the Democratic Party support “I commend the Task the Army officer who testified Iraq war veteran, confirmed on
eliminating carbon emissions Forces for their service and last year against President Twitter that he “requested re-
from power plants by 2035 helping build a bold, transfor- Trump during House impeach- tirement from the U.S. Army, an
and making it easier to prose- mative platform for our party ment hearings, has announced organization I love.”
JIM WATSON/AGENCE FRANCE-PRESSE/GETTY IMAGES

cute police for civil-rights vio- and for our country,” Mr. Bi- he is retiring from the service. Col. Vindman’s decision to
lations, offering the latest evi- den said in a statement. He is leaving due to pressure retire came after his pending
dence the party is uniting Mr. Biden has been aiming from the White House, said Da- promotion to full colonel had
behind a common agenda for a more unified party than vid Pressman, his attorney. been held up at the Pentagon.
faster than in 2016. in 2016, when supporters of Col. Vindman, formerly as- Defense Secretary Mark Es-
The recommendations, re- Mr. Sanders and then-nominee signed to the National Security per said last year that he would
leased Wednesday by the Biden Hillary Clinton fought over Council at the White House, re- not retaliate against Col. Vind-
campaign and compiled by task policy during platform negoti- alized his future in the Army man. But an Army promotion
forces made up of people cho- ations. Some Sanders support- would “forever be limited,” Mr. list that included more than
sen by the former vice presi- ers walked out of the conven- Pressman said. “Through a 1,000 names, including that of
dent and the Vermont senator, tion hall. campaign of bullying, intimida- Col. Vindman, stalled as offi-
are expected to form the base Mr. Sanders said in an in- tion and retaliation, the presi- cials weighed how to proceed. A
of the Democratic Party plat- terview Wednesday that his dent of the United States at- defense official said Wednesday
form, which will be formally longtime relationship with Mr. tempted to force [Col.] that Mr. Esper on Monday ap-
voted on at the convention Task forces representing both camps compiled the recommendations. Biden has influenced the pro- Vindman to choose between proved the promotion list, in-
next month, according to peo- cess in a positive way this cy- adhering to the law or pleasing cluding Col. Vindman’s.
ple familiar with the plan. mendations, and the report push to defund police depart- cle. “We disagree on issues, a president.” The White House In the House inquiry, Col.
Mr. Biden, the presumptive Wednesday doesn’t touch on ments. Many of the policies in but we have…a sense of trust National Security Council de- Vindman testified that a call in
Democratic presidential nomi- some key areas of debate in the document had already and respect for each other, and clined to comment. July 2019 by Mr. Trump to the
nee, hasn’t promised to adopt the party, such as expanding been proposed by Mr. Biden, I think those feelings were car- The House approved two ar- Ukrainian president was “inap-
all of the task force recom- Medicare to all Americans or a including expanding the Af- ried over into the task forces.” ticles of impeachment against propriate and improper.”

Religious The Obama administration

had sought to provide women
with coverage while relieving re-
another argument by the
states—that the Trump policy
was unreasonable—and sug-
the White House to the likely
Democratic nominee, Joe Bi-
den, the regulation could be

Rights Are ligious employers that objected

to providing it. The Obama-era
system required those employ-
gested the plaintiffs’ position
might prevail when the case re-
turns to the lower courts.
rolled back. And if Democrats
take control of the Senate, ad-
ditional legislation expanding

Expanded ers to file a notice with the De-

partment of Health and Human
Services, triggering an alternate
In dissent, Justice Ginsburg,
joined by Justice Sotomayor,
said that the majority forced
reproductive rights is possible.
Justice Alito wrote the
schools case, Our Lady of Gua-
mechanism to provide coverage. women to pay the cost of their dalupe School v. Morrissey-
Continued from Page One But some employers, includ- employers’ religious beliefs. Berru, concluding that First
tarian institutions. ing a Catholic religious order “For the first time, the Court Amendment religion guarantees
The latest religion rulings called Little Sisters of the Poor, casts totally aside countervail- immunized the schools from the
reflect a yearslong drive by the said filing such forms made ing rights and interests in its teachers’ discrimination claims.
It’s not just about coloring a page... court’s conservative majority, them complicit in their employ- zeal to secure religious rights In 2012, the Supreme Court
It’s about showing your true colors. on occasion joined by more lib- ees’ contraceptive practices. to the nth degree,” she wrote. recognized a “ministerial ex-
eral justices, toward a legal The Trump administration Congress, she said, had set the ception” to antidiscrimination
framework that grants religious responded by providing a blan- stage for women to have ready law, reasoning that religious-
institutions more freedom from ket exemption from the cover- access to contraceptives and freedom rights bar the govern-
public policies they oppose and age requirement for any em- other preventive measures that ment from a role in selecting
more access to public benefits. ployer, including for-profit and safeguard their health and al- members of the clergy, even in-
“These decisions continue publicly traded corporations, directly by allowing private
the Roberts Court’s campaign that asserted religious or moral lawsuits over practices that are
to ensure that religious actors objections. The states of Penn- illegal in other workplaces.
are maximally protected,” said sylvania and New Jersey chal-
The court has Wednesday’s ruling expands
Cornell University law profes- lenged the blanket exemption. moved away from a that principle to lay teachers.
sor Nelson Tebbe. Justice Thomas observed “The religious education and
The trend, Mr. Tebbe said, is that the contraceptive mandate
strict separation of formation of students is the
clear: The court is strengthen- isn’t part of the statute’s text church and state. very reason for the existence of
ing the Constitution’s protec- but was implemented under au- most private religious schools,
tions for the free exercise of re- thority Congress gave to the and therefore the selection and
ligion while weakening a federal Health Resources and supervision of the teachers upon
A place to become... An artist, a business leader, a separate constitutional clause Services Administration to de- low them “to chart their own whom the schools rely to do this
teacher. If kids and teens can dream it, Boys & Girls Clubs that prohibits government es- fine essential care for women. life’s course.” work lie at the core of their mis-
can help them become it. Because at our Clubs, it’s not tablishment of religion. “The same capacious grant of Mother Loraine Marie Ma- sion,” Justice Alito wrote.
magic that makes dreams come true, it’s the people. Like our Justice Clarence Thomas authority that empowers HRSA guire of the Little Sisters said In dissent, Justice Soto-
Youth Development Professionals who ensure our youth have wrote the majority decision ap- to make these determinations the ruling means that the con- mayor framed it differently.
a place to feel physically and emotionally safe. A place to proving Trump administration leaves its discretion equally un- traception mandate “will no lon- “Two employers fired their
belong. A place to have fun. A place to learn and grow on their exceptions to the regulation re- checked in other areas, includ- ger steal our attention from our employees allegedly because one
path to a Great Future. quiring that employer-provided ing the ability to identify and calling” to serve the elderly poor. had breast cancer and the other
health-insurance plans cover create exemptions from its own “No employer should deny was elderly,” she wrote, joined
birth control with no out-of- Guidelines,” he wrote, joined by their employees medicine by Justice Ginsburg. She la-
pocket costs. Chief Justice John Roberts and based only on the employer’s mented that “because the em-
While churches already were Justices Samuel Alito, Neil Gor- personal beliefs,” responded ployees taught short religion
exempt, there have been years such and Brett Kavanaugh. Pennsylvania Attorney General modules at Catholic elementary
of legal battles over whether Justice Elena Kagan, joined Josh Shapiro, a Democrat. schools,” they now “could be
GreatFutures.org
other employers, including by Justice Stephen Breyer, As a practical matter, voters fired for any reason, whether re-
those with religious affiliations, agreed. But they stressed that will likely have the next word. ligious or nonreligious, benign or
must comply. the court had left unresolved If November’s election hands bigoted, without legal recourse.”
THE WALL STREET JOURNAL. * * * * * Thursday, July 9, 2020 | A5

U.S. WATCH
SOCIAL MEDIA book’s head of security policy, ernor were “fully packed.” A con- Hill neighborhood to take down
said. Some 260,000 accounts fol- servative Democrat, Mr. Mixson the monument, which towers
Facebook Removes lowed one or more of the pages. made close to 200 appointments 100 feet high and was installed
Pages Tied to Stone A lawyer for Mr. Stone didn’t before Republican Bob Martinez in 1894. It depicts a Confederate
respond to a request for com- was sworn in as governor. soldier standing atop a pillar.
Facebook Inc. said Wednes- ment. Mr. Stone was convicted Mr. Mixson was later per- Richmond Mayor Levar Stoney,
day it had removed a network of last year on charges of lying to suaded by longtime legislative citing his emergency powers on
more than 100 pages and ac- Congress, witness tampering and historian Allen Morris to have his July 1, ordered the removal of all

LYNNE SLADKY/ASSOCIATED PRESS

counts linked to Roger Stone, the obstruction of a congressional portrait hung alongside Florida’s city-owned Confederate statues.
longtime confidant of President proceeding. He was scheduled to other governors at the Capitol. A statue of Gen. J.E.B. Stuart was
Trump, because it violated the begin serving a 40-month federal —Associated Press taken down by crews on Tuesday
company’s rules against coordi- prison sentence on July 14 but and four other monuments were
nated inauthentic behavior. has asked an appeals court to VIRGINIA removed last week.
Mr. Stone and his associates delay his reporting date over con- Richmond’s largest statue left
used fake Facebook and Insta- cerns about Covid-19. Richmond Removes standing is on state land—the
gram accounts that were active —Dustin Volz 6th Civil War Statue massive monument to Confeder-
since at least 2015 to promote ate Gen. Robert E. Lee. Its re-
media appearances and amplify FLORIDA SMUGGLING ALLEGED: A federal official walked among 81 seized Work crews have taken down moval, under the orders of Gov.
material related to the release of vehicles worth $3.2 million in Fort Lauderdale, Fla., on Wednesday. the Confederate Soldiers and Ralph Northam, has been
hacked Democratic emails during Ex-Gov. Mixson Dies; The shipment to Venezuela violated sanctions, officials said. Sailors statue, the sixth Confed- blocked at least temporarily by a
the 2016 election by WikiLeaks, Held Office 3 Days erate monument to be removed court injunction.
Facebook said. Mr. Mixson took over the top lahassee surrounded by his wife, in Richmond amid national pro- State and local governments
In total, 54 Facebook accounts, Former Florida Gov. Wayne spot on Jan. 3, 1987, when Gov. Margie, and loved ones, accord- tests against police brutality and across the country have take
50 Facebook pages and four ac- Mixson, whose three-day term Bob Graham resigned early to be ing to his family. symbols many see as racist icons. down monuments in response to
counts on Instagram were re- was shortest in state history, sworn into the U.S. Senate. Mr. The two-term lieutenant gov- Crews arrived at about 7 a.m. impassioned demonstrators.
moved, Nathaniel Gleicher, Face- died Wednesday. He was 98. Mixson died at his home in Tal- ernor said his three days as gov- Wednesday in the city’s Libby —Associated Press

DOJ Hits
City Police
Unit’s Use
Of Force
BY SADIE GURMAN
Pratt Industries helps us raise
the bar for high-quality meat
Officers in the narcotics
section of the Springfield,
Mass., Police Department rou-
tinely violate the constitu-
tional rights of citizens by us-

delivery, one box at time.

ing excessive force without
accountability, the Justice De-
partment said Wednesday in
announcing the findings of an
investigation into the police
department’s practices.
Narcotics officers “repeat-
edly punch individuals in the
face unnecessarily, in part be-
cause they escalate encounters
with civilians too quickly and
resort to unreasonable take-
down maneuvers that, like
head strikes, could reasonably
be expected to cause head in-
juries,” officials from the Jus-
tice Department’s civil-rights
investigation wrote in a report
of their two-year probe.
Justice Department offi-
cials found chronic problems
with use of force, poor record-
keeping and repeated failures
to impose discipline for offi-
cers’ misconduct, Massachu-
setts U.S. Attorney Andrew
Lelling said.
The report noted that city
officials cooperated with the
probe, have already imple-
mented some remedial mea-
sures and hired an outside
consulting firm to help resolve
the problems. A police depart-
ment spokesman didn’t return
calls for comment.
“In the coming weeks, we
will seek to work with you to-
ward developing an appropri-
ate settlement to ensure that
all necessary reforms are im-
plemented efficiently and ef-
fectively,” Mr. Lelling and Eric
Dreiband, head of the Justice
Department’s civil-rights divi-
sion, said in a letter to Mayor
Domenic Sarno.
As part of the inquiry,
known as a pattern-or-practice
probe, Justice Department of-
ficials said they studied more
than 114,000 documents de-
tailing the department’s poli-
cies and procedures, internal
reports, training manuals,
video footage and investiga-
tive files. They also inter-
viewed officers and police de-
partment command staff, city
officials and community mem-
bers as part of the expansive
review, which found officers
engaged in patterns of consti-
tutional-rights violations.
Such wide-ranging civil
rights investigations were a
hallmark of the Obama admin-
istration’s efforts to overhaul
troubled local police depart-
ments, but the Trump admin-
istration has significantly cur- Keeps Meat Frozen
tailed their use, focusing
instead on providing police
departments money and re-
sources for fighting violent
crime and other administra-
tion priorities.
Styrofoam Free
Democrats and at least one
powerful Republican, Missouri
Sen. Roy Blunt, have called on
Attorney General William Barr
to conduct more pattern-or- 100% Recycled
practice probes in the wake of
George Floyd’s killing in Min-
neapolis police custody in
May, which prompted wide-
spread protests and calls for a
transformation of policing in
America.
The inquiry into Spring-
field’s narcotics bureau,
opened in April 2018 after sev- TM MIKE SALGUERO
eral highly publicized contro-
versies involving its officers, is FOUNDER & CEO, BUTCHERBOX
the only pattern-or-practice
investigation opened under
the Trump administration.
 A6 | Thursday, July 9, 2020 THE WALL STREET JOURNAL.

U.S. NEWS

Plasma-Derived
Drug to Be Tested
BY AMY DOCKSER MARCUS cuss the design of the trial.
Convalescent plasma, as the
Drugmaker Emergent Bio- plasma taken from recovered
solutions Inc. plans to work patients is known, has emerged
with Mount Sinai Health Sys- as a promising, though un-
tem in New York City to test proven, treatment for Covid-19.
whether a drug derived from Recently published results from
the blood plasma of recovered an expanded-access study of
Covid-19 patients can prevent the therapy involving 20,000
infections in doctors, nurses patients found that the transfu-
and military forces. sions resulted in few serious
The proposed study, which side effects and that there
the partners announced wasn’t an excessive mortality
Wednesday, would add to ef- rate. But investigators can’t de-
CALLAGHAN O’HARE/REUTERS

forts evaluating the coronavi- termine whether plasma im-

rus-fighting potential of ex- proved outcomes because ev-
perimental drugs made from ery patient in the study
plasma donated by recovered received it.
patients. If the drug proves to Researchers want to see
work safely, it could help pro- whether drugs made by puri-
tect health-care workers and fying antibodies taken from
Health-care workers at the Texas Medical Center in Houston. Cases in California, Texas and Florida drove the U.S. to a new single-day record. other people working in essen- the donated blood could work
tial jobs who are at high risk better than the convalescent

U.S. Cases Exceed 3 Million

of infection until a vaccine is plasma. The drugs are known
ready and perhaps even after. as Covid-19 hyperimmune
Some people don’t tolerate globulin, or Covid-HIG.
vaccines, said Judith Aberg, The first of two trials spon-
chief of the division of infec- sored by the National Institute
BY TALAL ANSARI cases were reported over a pe- tive tests can’t be explained by While the U.S. has the most tious diseases and immunology of Allergy and Infectious Dis-
AND CATHERINE LUCEY riod of about six weeks. increased testing alone. fatalities of any country in the at Mount Sinai. “This offers an- eases testing Covid-HIG as a
“We have never gotten out Public-health officials say world, it doesn’t have the other avenue of prevention.” treatment will begin in seri-
The U.S. surpassed 3 million of the first wave,” said Dr. An- the percentage of positive highest percentage of deadly The trial is being funded ously ill hospitalized patients
confirmed Covid-19 cases less thony Fauci, the nation’s top- tests combined with new case cases. The percentage of con- with $34.6 million from the later this summer.
than a month after crossing infectious disease expert, in an numbers, hospitalization rates firmed U.S. infections result- Defense Department, which is The study by Emergent and
the 2 million mark, as the vi- interview with The Journal and deaths, among other met- ing in fatality declined slightly looking for drugs that could Mount Sinai would explore
rus spread rapidly in the na- podcast. “So I wish we would rics, together show the virus’s to 4.4% from 4.8% a week ago, help military units finding it whether such a drug could
tion’s three most populous stop talking about waves and spread throughout a commu- according to a Journal analy- difficult to do their work while protect against infection.
states. just look at the reality of nity. Increased coronavirus-re- sis of Johns Hopkins data. maintaining social distance. Under the terms, Immu-
Climbing case counts in where we are right now.” lated hospitalizations have The Centers for Disease The partners are still work- noTek Bio Centers LLC, which
California, Texas and Florida Higher case counts are at- strained hospital systems in Control and Prevention has ing out the details, including manages and operates plasma-
drove the U.S. to a new single- tributable in part to a rapid several states including Texas, estimated that more than 20 the number of subjects and collection centers, would pro-
day record of infections, with expansion of testing across the Arizona and Florida. Some million people may have con- the start date. They must also vide Mount Sinai with the ma-
60,000 new cases reported, ac- country. Even so, the percent- hospitals have struggled to tracted the virus, nearly 10 get permission from the Food chines to collect plasma from
cording to data from Johns age of positive test cases has contain the spread of the dis- times the number of con- and Drug Administration to recovered Covid-19 patients at
Hopkins University. also been rising in parts of ease from within their walls. firmed cases, so the actual conduct the study. the hospital. ImmunoTek’s FDA-
After the coronavirus was Florida, California and else- The U.S. death toll stands at rate may be much lower. Investigators said they approved license would be ex-
first reported in the U.S. in where, an indication that the more than 131,000, according Still, infectious-disease epi- would draw from previous tended to Mount Sinai to set up
January, the first million re- infection is accelerating, since to Johns Hopkins. The country demiologists caution that work using hyperimmune glob- plasma collection on site.
ported cases developed over the expansion of testing currently has 40.19 deaths per deaths typically lag behind ulin products in the prevention Mount Sinai would ship the
roughly three months, as test- should bring the overall per- 100,000 residents, which other indicators, as the dis- of diseases such as hepatitis B plasma to Emergent, of Gaith-
ing centered around those who centage of positive cases places it among the top 10 ease often progresses over the to set up the study. The re- ersberg, Md., which would
had fallen ill and essential down. Experts have said that countries in the world in that course of weeks in the most searchers said they hope to manufacture the Covid-HIG
workers. The second million the higher percentage of posi- metric, its data shows. severe cases. meet with the FDA soon to dis- drug to be studied in the trial.

FROM PAGE ONE

them for the pandemic. the takeup of buyouts. only a reprieve. Airlines projected furlough potential travel plans, with
United Sees United said it is still losing
$40 million a day, and airline
The industry had been on a
roll before the crisis hit, with
Overseas carriers including
United’s alliance partner
numbers are a gut punch, but
they are also the most honest
only 45% of almost 7,000 they
surveyed in early June aiming
executives have said the initial low-cost carriers in emerging Deutsche Lufthansa AG and assessment we’ve seen on the to travel within the next six
45% Cut to federal money provided time to
prepare for resizing their busi-
markets helping drive a dec-
adelong boom that added 100
British Airways have already
made public plans to shed large
state of the industry,” said As-
sociation of Flight Attendants-
months. That compares with
61% during a poll in April.

Workforce nesses and secure more private

sector cash. A senior United ex-
ecutive said the company
million new fliers a year, parts of their workforce, with
airline and finance executives
not expecting global demand to
CWA President Sara Nelson.
Airline executives have said
they don’t expect a second
United employs 95,000 staff
world-wide, and the potential
furlough notices cover 45% of
didn’t expect a further round recover to 2019 levels for be- round to be approved in an its domestic employees,
Continued from Page One of government support to
The airline doesn’t tween three and five years. election year, given what they though thousands have already
ployees could be rehired when cover staff costs beyond Oct. 1. expect a second United’s new CEO Scott view as the inevitability of a taken buyouts in a program
demand recovers. Delta Air Lines Inc. in June Kirby has said he has been demand recovery that will be open through July 15. Unpaid
“We can expect that this issued notices of potential fur-
round of job-saving among the most cautious about years in the making. leave and other offers that also
crisis will have a long loughs to 2,500 pilots, but federal aid. an industry recovery. This week Delta CEO Ed Bastian and could ultimately reduce the
shadow,” said Alexandre de hasn’t detailed how it could it reduced plans for more flying others have said it would take number of involuntary cuts.
Juniac, director general of the hit other workers. in August just days after issu- a vaccine or effective treat- It expects the number of in-
International Air Transport Other big carriers such as ing them, making the company ment against the coronavirus voluntary cuts required should
Association, a trade group that Southwest Airlines Co. haven’t while many airlines shrugged among the hardest hit by an in- to restart growth. be clearer by mid-August, and
expects global airlines to lose said whether they might have to off their legacy of losses to crease in Covid-19 cases in While airports have been re- a United executive said 26,000
as much as $84 billion this cut staff. American Airlines CEO generate record profits. some states as well as new jiggered to improve social dis- staff have already taken part
year, with revenues cut in half. Doug Parker said in June that The pandemic has brought quarantine measures in the tancing and airlines are press- in some form of voluntary pro-
U.S. airlines have been the pandemic could force the that to a grinding halt, and New York area and Chicago. ing the wearing of masks and gram this year, including buy-
among the industry’s most U.S. industry to shrink by the what United on Wednesday Unions representing flight the ability of in-cabin filters to outs and unpaid leave.
profitable, improving effi- equivalent of one major carrier. called “a last resort” in pre- attendants, pilots and others prevent the spread of the virus, U.S. airlines employed
ciency and reducing debt after As with United, the final paring staff for mass furloughs are seeking to have the federal travelers are still nervous. 751,000 workers at the start of
years of consolidation, but number of industry furloughs signals that worse is to come, payroll support extended an- IATA this week said that the year, according to Trans-
that wasn’t enough to prepare hinges on travel demand and with government aid providing other six months. “The United passengers are pushing back portation Department data.

Brooks and suppliers. Last week, Tai-

lored Brands skipped a bond
interest payment.

Brothers in Founded in 1818, Brooks

Brothers, which pioneered
BENJAMIN HOSTE FOR THE WALL STREET JOURNAL

ready-made suits, came of age

Bankruptcy along with the nation. Its

clothes have been worn by
dozens of U.S. presidents, in-
cluding Abraham Lincoln and
Continued from Page One Theodore Roosevelt, as well as
current troubles, saying in an tycoons ranging from the As-
interview on Wednesday that tors to the Vanderbilts.
temporarily closing stores Brooks Brothers popular-
during the lockdowns greatly ized looks such as the reverse-
reduced revenue, yet the com- stripe “repp” tie, a take on
pany still met its contractual Britain’s regimental neckwear,
obligations to workers, suppli- as well as Harris Tweed and
ers and other vendors. He said In-store tailors at Brooks Brothers, which is known for its suits. the Shetland sweater.
he wished that the govern- Brooks Brothers was ac-
ment had provided a lifeline to about $1 billion in revenue in investment bank PJ Solomon quired by the British retailer
larger retailers the way it did 2019, and about a quarter of its last year to explore strategic Marks & Spencer Group PLC in
to small businesses. sales came from e-commerce. options, including a possible 1988. It was sold in 2001 to
“Through every era, we had It has 500 stores around the sale, according to people fa- Retail Brand Alliance Inc.,
challenges, but we were confi- world and about 200 in North miliar with the situation. It which was controlled by Mr.
dent we would be able to man- America, after deciding to also received a $20 million Del Vecchio, whose father
age through them,” he said. close about 50 locations be- loan from liquidation firm founded Luxottica Group SpA,
“Retailing has been changing a cause of the pandemic. Gordon Brothers, these people the Italian eyeglass maker. It
lot in the last four to five Corporate America had said. The loan was from the changed its name to Brooks
years, and we were in the pro- turned increasingly casual, firm’s financing arm, which is Brothers Group Inc. in 2011.
cess of adapting to that new and fewer men were buying separate from the division Robert Herbst, a 62-year-
environment. When coronavi- suits. Once people started that handles liquidations, one old lawyer, remembers his fa-
rus came, there was really no sheltering at home, they of the people said. ther taking him to buy a
way to sustain things.” turned to even more casual at- Brooks Brothers is expected Brooks Brothers shirt, tie and
While it seeks a buyer and tire, such as sweatpants. As to attract buyers, other people blue blazer when he was about
restructures its debts, Brooks people begin to head back to familiar with the situation 7 years old. Later, when he
Brothers said it has secured a the office, it isn’t known said. Authentic Brands Group joined the law firm White &
$75 million debtor-in-posses- whether they will return to a LLC, a licensing company that Case LLP, he bought his first
sion loan from WHP Global. more formal way of dressing. owns the Barneys New York Brooks Brothers suit.
WHP, backed by Oaktree Capi- “I’ve seen a growing trend and Sports Illustrated names, “It was the uniform,” said
tal and BlackRock, is a brand- toward more casual dress is a potential suitor, they said. Mr. Herbst.
management firm that owns partly because that’s how our Other sellers of men’s busi- Mr. Herbst said that al-
the Anne Klein and Joseph Ab- clients are dressing,” said ness attire have also struggled though he has a closet full of
boud brands. Quyen Ta, a partner in law firm since the pandemic. Tailored Brooks Brothers suits he has
Brooks Brothers was facing King & Spalding LLP’s San Brands Inc., parent of Men’s been dressing more casually in
challenges before the health Francisco office. “I’ve met with Wearhouse and Jos. A. Bank, recent years.
crisis forced nonessential re- general counsels of public com- said in June that it had moved “I used to wear suits five
tailers temporarily to close panies who are in hoodies.” to conserve cash, such as by days a week, and that’s very
their stores. The company had Brooks Brothers hired the taking longer to pay landlords rare now,” he said.
THE WALL STREET JOURNAL. Thursday, July 9, 2020 | A7

WORLD NEWS
Hong Kong Security Office Opens Stimulus
Targets U.K.
Chinese agents move security office. “It’s such a vi-

into high-rise hotel to

sual and physical reminder
that big brother is watching.”
Lockdown
start policing city as
new law takes effect
“The fact that it was open-
ing first thing this morning—I
didn’t know about it until af-
Aftermath
ter the fact,” she added. “It’s BY PAUL HANNON
BY DAN STRUMPF all secretive.”
In the Wednesday flag-rais- The U.K. government an-
HONG KONG—First the con- ing ceremony, Mr. Zheng, in- nounced up to $38 billion in
struction signs went up, then a stalled by Beijing to lead the new stimulus measures to
flagpole appeared and police of- new office, was flanked by Mrs. boost the country’s economy as
ficers started to swarm the Lam and the head of China’s lo- it exits lockdown, a path that is
streets. Within hours, a sky- cal liaison office. He pledged to being considered by other rich
scraper hotel in a cozy neigh- work with the Hong Kong gov- nations as they seek to prevent
borhood of bars, apartments ernment and other mainland the economic shock of the pan-
and boutiques was transformed institutions to enforce national demic from snowballing into a
into something new: the head- security in the city while also multiyear slowdown.
quarters of Beijing’s powerful respecting citizens’ freedoms. Since lockdowns designed
new security agency for the city. The new office will wield to contain the coronavirus be-

LI GANG/NTB SCANPIX/ZUMA PRESS

Soon after dawn Wednes- broad powers to enforce the came widespread in March,
day, Chinese and local officials new national security law, as governments world-wide have
formally inaugurated the Of- well as act as a sort of minder committed trillions of dollars
fice for Safeguarding National of the local Hong Kong agen- to ensuring the survival of
Security, with Chinese state cies tasked with enforcement. businesses that saw their rev-
media invited to attend while Mr. Zheng is a hard-liner who enues tumble and to support-
many local and foreign jour- won attention for a crackdown ing household incomes as the
nalists had to watch the pro- on a rebellion in China’s number of hours worked
ceedings from afar. neighboring Guangdong prov- plummeted.
The rapid arrival of China’s China’s national flag is raised at the headquarters of Beijing’s security agency in Hong Kong. ince a decade ago. The U.K.’s new package
security agents, handed sweep- Under the new law, the of- marks the start of a second
ing powers to start policing the ple’s Liberation Army garri- the latest sign of Beijing’s with an adviser from Beijing fice will also have the power phase of government spending
city under Beijing’s new na- son. Hong Kong’s top local of- quickstep approach to enforcing that resolved to keep its deci- to take over national security and tax cuts designed to boost
tional security law, underscored ficial, Chief Executive Carrie new laws designed to rein in a sions private; and issuing new cases from Hong Kong author- demand and give businesses
how quickly this cosmopolitan Lam, welcomed their arrival. city that was gripped by mass rules giving local police broad ities if they meet certain crite- the confidence to put their
financial center is changing. “Having a law to follow is and sometimes violent antigov- powers to implement the legis- ria, including if a case involves employees back to work as the
“We will strictly follow the the starting point for main- ernment protests last year. lation that targets secession, a foreign power or if the office lockdown is lifted.
law to fulfill our duty, under taining national security,” Mrs. Just a week ago, the new subversion, terrorism and col- determines that the Hong “We need people feeling
legal supervision, and we will Lam said, according to re- national security law was ap- lusion with foreign entities. Kong government is “unable to confident,” Rishi Sunak, the
not violate any individual’s or marks released by the govern- proved by Beijing’s legislature Claudia Mo, a pro-demo- effectively enforce this law.” government’s treasury chief,
organization’s legal rights,” ment. “We must ensure that in a fast-tracked process that cratic member of Hong Kong’s “That could be a scenario told lawmakers. “That will
Zheng Yanxiong, head of the law enforcement is strict and bypassed local lawmakers. legislature, said she was struck where the judges aren’t making drive growth,” he said. “That
Office for Safeguarding Na- violations of the law will be Since then, officials have by the speed with which Bei- the right decisions” in the view will create jobs.”
tional Security, told assembled investigated.” moved quickly to create the en- jing installed its new office and of mainland authorities, said However, the package was
guests, which included main- The speed at which the hotel forcement apparatus: appoint- the building chosen to house it. Sharron Fast, a lecturer at Hong much smaller than that an-
land officials and the political was transformed into a base for ing judges and prosecutors; “The way it juts into the Kong University, calling the new nounced by Germany’s govern-
commissar at the city’s Peo- mainland intelligence agents is forming a security committee sky,” Ms. Mo said of the new office’s powers “wide-ranging.” ment in June, and some econ-
omists question whether it
would deliver the desired

U.S. Ready to Restart Talks With North Korea, Envoy Says boost to sentiment.
The package includes pay-
ments to businesses for retain-
BY TIMOTHY W. MARTIN U.S. deputy secretary of state, The two countries haven’t tions had “shifted into despair.” gun’s visit, North Korea said it ing furloughed workers and
reiterated Washington’s long- sat down for formal negotia- The two sides hold differing had no interest in talks with hiring young people, as well as
SEOUL—The U.S. stands held goal in negotiations with tions since October, when views on how and when the the U.S. before November’s grants to make homes and
ready to resume nuclear talks Kim Jong Un’s regime: elimi- North Korea abruptly cut off North should relinquish its nu- presidential election. public buildings more energy
if North Korea is willing to nate Pyongyang’s nuclear talks in Stockholm. Since then, clear arsenal. The Trump ad- If Mr. Kim appoints a coun- efficient. There also were cuts
make a deal, a top State De- weapons and bring peace to Mr. Kim has all but closed the ministration prefers the Kim terpart empowered to negoti- in taxes on hospitality and
partment official said Wednes- the Korean Peninsula. door to diplomacy and ordered regime agree to specifics be- ate, the North Koreans “will home purchases. Mr. Sunak
day, though Pyongyang has sig- “Dialogue can lead to ac- his citizens to prepare for a fore sanctions are relaxed. find us ready at that very mo- said the package could cost
naled it is in no mood to come tion, but action is impossible protracted life under economic Pyongyang wants the process ment,” Mr. Biegun said, adding the government up to £30 bil-
back to the negotiating table. without dialogue,” said Mr. sanctions. to unfold gradually, as the U.S. that the U.S. hadn’t requested lion ($38 billion) and that fur-
In his first visit to Seoul Biegun, after a meeting with North Korea’s foreign minis- removes some penalties. a meeting with the North dur- ther measures would be an-
this year, Stephen Biegun, the South Korea’s nuclear envoy. ter last month said U.S. rela- In the days before Mr. Bie- ing his visit. nounced in the fall.

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A8 | Thursday, July 9, 2020 THE WALL STREET JOURNAL.

FROM PAGE ONE

Politics tual nuances and feedback

from outside experts.”
Mr. Han said TikTok is cus-

Joins Mix tomizing its rules to fit cul-

tural norms of the places it
operates. It has hubs in Cali-

On TikTok fornia, Ireland and Singapore,

formed last year to fine-tune
the rules for differing regions.
The move followed an inci-
Continued from Page One dent in July 2018 when Indo-
snippets featuring disabled nesia blocked TikTok after a
people, too much cleavage group of local mothers com-
and, in one case, “Make Amer- plained about videos they saw
ica Great Again” caps. When as pornographic, according to
protests over the killing of Rudiantara, Indonesia’s former
George Floyd first rocked the information communications
U.S. in late May, some TikTok and technology minister. The

FROM TOP: REUTERS; JESSE GRANT/GETTY IMAGES FOR DISNEY

users said the hashtag “Black videos showed young people
Lives Matter” was being cen- dancing provocatively, a Tik-
sored on the app. Tok employee said. Mr. Rudi-
TikTok then apologized and antara said TikTok executives
attributed the problem to a flew to Jakarta and promised
glitch. It has featured videos to form a team to filter out
of the protests in recent videos that could offend in In-
weeks, including scenes of po- donesia.
lice firing tear-gas canisters, Indonesia let TikTok back
the looting of a barbershop online, but the incident im-
and protesters carrying a man pressed executives with the
with a gunshot wound—con- importance of respecting indi-
tent that former moderators vidual countries’ norms, said
say would surely have been former staff members.
blocked in the past. As TikTok has slowly rolled
Meanwhile, some users are back certain restrictions, for-
experimenting with ways to A sign for TikTok at an expo in China, above, and below, its new CEO, former Disney executive Kevin Mayer. Known for the light tone mer moderators said they
organize politically on the app. of its videos and tight grip on content, the Chinese-controlled app has recently started allowing users to post political videos. have been able to allow some
When President Trump’s June curse words and, depending
rally in Tulsa, Okla., drew a far
smaller crowd than antici-
Filling a Lot of Time tattoos, drugs or cigarettes.
The spokeswoman for Tik-
on the country, shirtless men,
tattoos and alcohol.
pated, TikTok users said they Monthly TikTok downloads Tok said it constantly evalu- In November, Dwayne John-
had reserved masses of tickets world-wide ates and adjusts its policies if son, the actor and former
and then stayed away, upend- they unfairly disadvantage wrestler known as The Rock,
ing expectations and giving 125 million certain users. posted his first video to the
the campaign a black eye. The Much of Europe Katie Seccombe said she app. In January, Tommy Lee,
Trump campaign disagreed, and the U.S. was banned from TikTok in the drummer for the band
100 enter lockdown
blaming the limited turnout on early May after posting a Motley Crue, joined TikTok.
fear of violent protests and question-and-answer lives- Both have large tattoos.
what it called biased media 75 tream during which she kissed In response to the concerns
coverage. her girlfriend on the cheek. of some in Washington that
“It was just really confus- TikTok’s Chinese ownership
50 ing,” said Ms. Seccombe, a 20- makes it a national-security
Out of Hong Kong year-old film-production major risk, officials of TikTok have
This week, Chinese politics at Florida Atlantic University. said that servers in the U.S.
embroiled TikTok as its parent 25 “I would watch other people in and Singapore hold its user
company said it would pull the bikinis and that was fine, but data, and they won’t share the
app out of Hong Kong, where a me doing something cute with data.
new national-security law im- 0 my girlfriend would always get
posed by mainland China will 2019 ’20 taken down.”
empower police to make inter- Note: Data exclude China. In mid-June, her TikTok ac- Moves to ban it
net companies hand over user Source: Sensor Tower count started working again. A That hasn’t satisfied Rep.
data. TikTok will exit from notification said it had been Abigail Spanberger (D., Va.), a
Google and Apple app stores Chinese legal system that in- in 2017 out of a fast-growing The spokeswoman for Tik- blocked for “serious pornogra- former Central Intelligence
in Hong Kong and cease oper- volves concessions to censor- Chinese app called Musical.ly, Tok said taking down MAGA phy.” She said she wasn’t told Agency officer, who said Tik-
ations for users there. ship faces the risk of alienat- which ByteDance acquired. content in response to the why it was reinstated. Tok would be legally obligated
TikTok also faces growing ing users accustomed to free TikTok is similar to Douyin, Jussie Smollett incident was A TikTok spokesman said to share with the Chinese gov-
flak in Washington, rooted in expression. TikTok has eased which operates only in China. never a policy at the app. Mr. videos from gay creators are ernment if asked.
concerns that the app’s Bei- up somewhat lately not only Disney also considered buy- Smollett denied filing a false among the most popular types The House in March passed
jing-based parent could share on political but also on its cul- ing Musical.ly, said former col- police report. on the app and are subject to a bill Ms. Spanberger spon-
information with the Chinese tural strictures. leagues of Mr. Mayer, who Early this year, videos of the same policies as others. sored that would ban the Tik-
government. The State and With a new American chief added he was among the Dis- women working out in sports Last month, TikTok Tok app on TSA employees’
Defense departments prohibit executive, hired from Walt ney executives who discussed bras and leggings flashed on launched a campaign to cele- phones. Earlier, U.S. regulators
employees from downloading Disney Co., TikTok is trying to an acquisition before deciding the screens of TikTok employ- brate gay pride events. It said launched a national-security
TikTok on government de- find the right balance between to pass. A Disney spokes- ees in Los Angeles. The em- it would promote content from review of the app after some
vices. Some members of Con- letting users freely address woman declined to comment. ployees knew videos of some LGBT users, along with the senators raised concerns Tik-
gress are seeking to widen sensitive topics and retaining From its start, TikTok has of the heavier women violated hashtag #MyPride. Tok was censoring content to
that ban, and Secretary of the upbeat vibe that made it a used artificial intelligence to a TikTok rule against showing TikTok said its decisions please the Chinese govern-
State Mike Pompeo this week staple of smartphones. How detect violations of its rules are rooted in a wish to keep ment, which TikTok denied.
hinted the Trump administra- CEO Kevin Mayer handles the concerning permissible con- the tone light, not in censor- Sen. Josh Hawley (R., Mo.),
tion was considering limiting tricky task will bear on the tent. It also hired human con- ship. There now is no limita- who in an interview labeled
U.S. users’ access to the app. fortunes of a parent company, tent moderators.
In a departure from tion to political speech, the TikTok “a surveillance ma-
A spokesman for TikTok ByteDance Ltd., that is plan- After pro-democracy pro- form, TikTok let its spokeswoman said, provided it chine on every phone that
said that the Chinese govern- ning an initial public offering. tests erupted in Hong Kong doesn’t violate other rules, downloads it,” has introduced
ment has never requested ac- last year, TikTok asked moder-
users post videos of such as a ban on hate speech. a bill to ban the app on all
cess to any of its user data ators to remove videos about protests in the U.S. She also said TikTok’s U.S. pol- government devices and called
and that TikTok wouldn’t Dealing with China the protests until mid-2019, icies are run by executives for testimony from TikTok’s
share any if asked. Though Mr. Mayer arrived from a according to a person familiar there, and U.S. content isn’t new CEO, Mr. Mayer.
controlled by a Chinese com- company well-versed in deal- with the matter. moderated in China. At TikTok, Mr. Mayer some-
pany, TikTok is registered in ing with authorities in China. “We do not, and have not, more than two inches of cleav- “In its early days, TikTok times faces risks beyond the
the Cayman Islands and its Disney has cleared numerous remove videos based on the age, but let the videos remain took very blunt strategies, all company’s control. In late
CEO is based in Los Angeles. movies with Chinese censors, presence of Hong Kong protest in a silent rebellion against in the sake of trying to keep June, India banned TikTok and
All this comes at a time of who are known for scrutiniz- content,” the spokeswoman rules they believed punished the platform as positive as dozens of other Chinese apps
roiling debate over how much ing every frame of a film. for TikTok said. large women and didn’t fit possible. That was unequivo- following a deadly border
control social-media compa- “I do have a lot of comfort When prosecutors in the with American culture, accord- cally the wrong approach,” clash with Chinese forces in
nies ought to wield over con- with wholesome or family- U.S. last year charged actor ing to one employee. said Eric Han, the app’s head the Himalayas. New Delhi
tent. The boom TikTok has en- friendly companies,” he said in Jussie Smollett with filing a The U.S. content-modera- of safety in the U.S. cited cybersecurity concerns
joyed shows the rewards of its an interview. Disney and Tik- false report of being attacked tion team was already battling The TikTok spokeswoman for the ban.
policy of tight control of con- Tok “do very different things,” by men yelling “This is MAGA with Beijing executives over added that “as our local safety Mr. Mayer told Indian offi-
tent. Its 315 million downloads he said, “but the family friend- country,” former TikTok mod- how much cleavage should be teams have grown in size and cials that Chinese authorities
in the first quarter were the liness and the wholesomeness erators said, they were told to permitted, members said. The sophistication, we’ve been had never requested the data
most ever for an app in one of it I really like. That’s a com- watch for hats and shirts with team started having a weekly able to take a more thoughtful of TikTok’s Indian users and
quarter, according to research fort zone for me for sure.” the slogan “Make America conference call with executives approach to developing and the app wouldn’t comply if
firm Sensor Tower. ByteDance, which already Great Again” and take down to air frustrations with rules enforcing our Community they did.
Yet as TikTok grows in the owned the popular Chinese any video that appeared con- that included no hip thrusting, Guidelines, incorporating —Erich Schwartzel
West, the app built under a app Douyin, developed TikTok troversial. shaking of the upper torso, things like important contex- contributed to this article.

Theme part because of infections

spread by lax behavior at night-
spots. During a state of emer-
operator. (It was recently beat
by TMNT Shellraiser coaster, in
New Jersey, by a half a degree,
Alexander Semencic, a New
York native who has lived in
Japan for 15 years, said he

Parks Ban gency in April and May, when

the government requested vol-
untary lockdown measures,
according to Coasterpedia.)
Fuji-Q Highland park awarded
both the Do-Dodonpa and Taka-
found it relatively easy to stay
quiet on Disneyland’s rides on
reopening day. That wasn’t the

Screaming new cases fell below 50 a day

as most stores closed and
events were canceled.
bisha rides five out of five
“scream points.”
Fuji-Q Highland would
case a couple of weeks earlier
when Mr. Semencic was on a
Universal Studios Japan roller
Tokyo Disneyland operator rather not encourage screaming coaster called the Flying Dino-
Continued from Page One Oriental Land Co. said it was these days, which is why CEO saur, where riders are strapped
along with a recommendation following the industry body’s Daisuke Iwata and his boss, into a prone position so they
that visitors wear masks, is in- guidelines and asking riders to Koichiro Horiuchi, chief execu- feel as if they are flying with-
cluded in guidelines released by think of the safety of others. tive of Fuji Kyuko Co., found out anything under them.
Japan’s theme-park associa- Screaming violations won’t be themselves barreling around on “I screamed so much. As it
tions when parks began re- punished. the Fujiyama coaster at 80 was coming out, it was a sound
opening in May. The guidelines Yuuki Suzuki said that he miles an hour for their video. that I couldn’t even believe,” he
are being followed by most and his wife, who spent 12 “We received complaints said.
parks in the country, including hours refreshing Tokyo Disney- that the theme park associa- Mr. Semencic said he was
Disneyland and Universal Stu- land’s home page to get tickets tion’s request to not make loud seated next to four teenage
dios Japan in Osaka. The asso- for reopening day, intended to noises was impossible and too girls who showed no sign of
KIMIMASA MAYAMA/EPA/SHUTTERSTOCK

ciations said they were follow- get the full experience of the strict. That’s why we decided to fear. One asked if he was OK af-
ing the judgment of health park. “You don’t see Disney- release the video,” a Fuji-Q ter the ride. “The no-screaming
officials, who have said actions lands in other countries asking spokesman said. rule added another level of
such as coughing and singing people not to scream. It’s too The video inspired a trend shame, I guess,” he said.
can spread droplets widely. strict,” said Mr. Suzuki, noting on social media of people post- Kindergarten teacher Nat-
Florida’s Disney World is that reopened parks in Hong ing stone-faced, mask-clad pho- sumi Goka tried meditating to
due to start reopening to the Kong and Shanghai don’t have tos of themselves on roller avoid screaming on a Fuji-Q
general public Saturday, and such a rule. “If a scream comes coasters with the hashtag “seri- ride. By closing her eyes and
while face coverings are re- out, it comes out.” ous face challenge.” emptying her mind of any of
quired there’s nothing in the Walt Disney Co. didn’t re- Minoru Nagasawa, who the fear or fun she was experi-
rules about screaming. spond to a request for com- Thrill seekers at Tokyo’s Toshimaen amusement park on June 25. works for an auto-parts com- encing, she completed the ride
The rules in Japan are vol- ment. pany, aced the challenge on a successfully. But not happily.
untary, a formula the country Natsumi Kumasawa said that sawa. “It was Umi’s first time est acceleration—hitting 112 recent visit. He said he wanted “That’s the idea of a roller
has used largely successfully in she tried to keep her 3-year-old at Disneyland, so it really miles an hour in 1.56 seconds, to try again, this time with a coaster—you scream,” said Ms.
beating back Covid-19. Mask- daughter, Umi, quiet while on couldn’t be helped.” according to the park’s website. date who might be impressed. Goka. “I’m just waiting for the
wearing in Japan is optional, rides at Disneyland. “Basically At Fuji-Q Highland, west of The Takabisha ride held the “It would be great to find day when we can ride roller
but it is nearly universal—al- she ended up shrieking the Tokyo, the Do-Dodonpa ride world record for steepest drop, someone who sees my lack of coasters and scream our hearts
though cases are now rising in whole time,” said Ms. Kuma- holds the world record for fast- 121 degrees, according to the fear as cool,” he said. out again.”
THE WALL STREET JOURNAL. * * NY Thursday, July 9, 2020 | A8A

GREATER NEW YORK

Cuomo, de Blasio Spar Over NYC Schools
The governor calls have the schools ready to go.” ries he would fall further be-
A fall reopening proposal is hind if he stays home, but he
the mayor’s plan to an important piece in restart- might get sick if he gets the vi-
reopen in the fall ing New York’s economy be- rus and could infect her elderly
cause many parents can’t re- mother, who lives with them.
‘reckless,’ premature turn to work sites without Kim Watkins, a parent
plans for their children. member of the Community Ed-
BY LESLIE BRODY Parents will have the option ucation Council in Manhattan’s
AND LEE HAWKINS of keeping students at home District 3, expressed concern
for full-time remote learning, that not all schools had full-
New York City Mayor Bill de a choice preferred by 26% of time nurses. She said she
Blasio unveiled a plan Wednes- families surveyed by the city. would decide on a plan for her
day to reopen the nation’s larg- The city has estimated as sixth-grader after hearing
est school district this fall, using many as 20% of its 80,000 more details from her school,
a mix of schedules in different teachers also could end up whose leaders she trusts. “This
schools that would have most working remotely due to is just the beginning of what is
children learning in classrooms “high-risk medical conditions” going to be the next step of a
for one to three days a week that could make them more really painful learning curve
and remotely the other days. vulnerable to the coronavirus. for parents,” she said.

MICHAEL LOCCISANO/GETTY IMAGES

The mayor said his prelimi- Schools will require face The district offered princi-
nary plans would balance the coverings for all, with a few ex- pals of most schools three op-
safety of the district’s 1.1 mil- ceptions, said Chancellor Rich- tions, depending on their
lion students and staff with the ard Carranza. There will be space and grade levels. One
need for academic progress. fewer students in each class- requires students to alternate
Gov. Andrew Cuomo called room, with optimal class sizes schedules every week, going to
the announcement premature, of nine to 12 students, he said. school two days in one week
and said his team would issue The district will deep clean and then three days the next
guidance for all of the state’s schools nightly, with more week. Another would have a
700-plus school districts next A teacher at P.S. 124 Yung Wing School in Manhattan prepared to teach remotely in early June. cleaning throughout the day. child go to school for two days
week. Districts must submit Parents and educators had for two weeks, and then one
proposals by July 31 for state infection rate is, you don’t people confirmed to have had City Hall responded that its conflicting feelings about the day in a third week. A third
approval, he said, with state know what else is going on, the virus and 4,606 deaths school reopening plan was tied plan. Angela Guerrero, a Man- would have a six-day cycle
officials aiming to make deci- and you decided at a much probably tied to the illness, ac- to health indicators. “If the hattan parent who quit work as that includes two in-person
sions by Aug. 7. He called it earlier time than you actually cording to city health depart- data tells us we have to do a housecleaner to care for her days and four remote.
“reckless” to make a determi- had to decide?” Mr. Cuomo ment data. While the number something differently, we will, three children when schools Many educators, including
nation so far in advance be- said at a news conference. of new daily cases in New York and we will work with the closed in the spring, said she is representatives of the princi-
cause of the fast-moving na- By Wednesday afternoon, City has been trending down state very closely on that,” the torn about whether to send pals union and teachers union,
ture of the pandemic. the city had 214,570 Covid-19 since early April, infections mayor said earlier in the day. them back. Her 9-year-old has said more funding from Con-
“You don’t know what the cases, with 18,618 deaths of are surging in many states. “But my responsibility is to autism and asthma. She wor- gress is key.

A Touch of Pomp Under Difficult Circumstances at a New Jersey High School

SUV
Incident
Probed
BY BEN CHAPMAN

The New York Police De-

partment is investigating why
a man drove his SUV through
a Black Lives Matter protest in
Midtown Manhattan.
The man drove a black
Dodge Durango through a dem-
onstration on Tuesday night af-
ter protesters tried to stop the
vehicle at 42nd Street and Sixth
Avenue while they marched, ac-
cording to NYPD officials. Po-
lice briefly detained the man a
few blocks away but then re-
leased him, the officials said.
They declined to provide the
driver’s identity. No one was in-
jured or arrested, officials said.
Video of the incident was
shared on social media.
New York City Public Advo-
cate Jumaane Williams said on
SETH WENIG/ASSOCIATED PRESS

Twitter on Wednesday that his

office also is investigating the
matter. “This video is extremely
troubling. Someone could have
been killed,” he wrote.
Representatives for Mayor
Bill de Blasio declined to com-
ment on the incident.
Protesters on Tuesday ini- GO FORTH: As a pandemic precaution, students practiced social distancing Wednesday during an outdoor graduation ceremony at Millburn High School in New Jersey.
tially pushed their bikes under
the SUV to prevent it from
moving forward, the NYPD of-

Advocates Push for More Services for Police

ficials said. Then the vehicle
rolled over the bikes.
The SUV drove a couple of
blocks where the driver was
stopped by police. NYPD offi- BY LEE HAWKINS mental-health experts. Sup- in the eye, thinking about the
cials couldn’t say if police pre- AND BEN CHAPMAN port programs for officers are kid that you couldn’t save.”
viously had been notified of critical amid public outcry In an interview, NYPD Com-
the march where the confron- New Jersey Attorney Gen- over the death of George missioner Dermot Shea said
tation occurred. eral Gurbir Grewal was leaving Floyd, a Black man killed in his department improved its
Manhattan Borough Presi- a holiday police luncheon in Minneapolis police custody, mental-health programs for
dent Gale Brewer said on 2018 when a smiling officer they say. His death has officers after a rise in suicides
Twitter that the protesters greeted him in Mr. Grewal’s spurred nationwide protests in the first half of 2019.
were conducting a peaceful native language of Punjabi. concerning police brutality A recently hired mental-
demonstration when they The officer, Pablo Santiago, and racism. health director and ongoing
were hit. “To willingly drive told him that he did monthly Michael Bizzarro, director training for peer counselors
NEW JERSEY ATTORNEY GENERAL GURBIR GREWAL

your car into human beings volunteer work at a Sikh tem- of clinical services for first re- are providing support to offi-
using their voices to improve ple in Lawrenceville, N.J., sponders at New Jersey’s Penn cers who need it, Mr. Shea said.
social conditions is reprehen- cooking food and giving it out Medicine Princeton House Be- “Historically we’ve had a
sible,” she wrote. to the city’s homeless and low- havioral Health, said the polic- number of programs available,
During the past month, income residents. Mr. Grewal ing protests are especially formal and informal, clergy
large-scale protests over po- was touched by Mr. Santiago’s challenging for officers now and counselors, things of that
lice brutality and racism have good work and agreed to join because many have been nature,” he said. “Clearly we
occurred across the U.S., in- him for a volunteer day at the lauded for their work during had to do more and do better.”
cluding in New York City. The temple. But the two never met the pandemic. “In March, Ten NYPD officers killed
protests were spurred by the again. Three weeks later, Mr. April, and May, they were he- themselves in 2019, according
May 25 killing of George Floyd Santiago, 42 years old, died by roes,” he said. “Now they are to the department. So far,
in Minneapolis police custody. suicide after shooting himself. being seen as villains.” three have died by suicide this
A driver was arrested in Se- “It absolutely floored me,” Police nationwide are more year. New Jersey lost four offi-
attle after he drove into dem- Mr. Grewal said. likely to suffer from post-trau- N.J. Attorney General Gurbir Grewal, right, was stunned when Pablo cers to suicide in 2019, and
onstrators on a closed high- In 2019, inspired by Mr. matic stress disorder, said Santiago, a Mercer County Sheriff’s Office detective, killed himself. there have been three in 2020,
way on July 4. One protester Santiago’s death, Mr. Grewal Karen Solomon, president and according to Ms. Solomon.
was killed and another was se- created the New Jersey Resil- co-founder of Blue H.E.L.P., a the organization has recorded said. Mental-health programs in
riously injured. iency Program for Law En- nonprofit that advocates for 90 suicides nationwide for Dr. Bizzarro, a former offi- New Jersey also have shown
On Monday, a Long Island forcement, a program that more services for law-enforce- 2020. cer who regularly counsels promise, Mr. Grewal said. His
man was arrested after he trains officers to better handle ment members to prevent sui- Mr. Santiago was a detec- first responders, said some directive requires the appoint-
struck two Black Lives Matter the stress of police work. cides. The recent protests may tive for the Mercer County members of law enforcement ment of “Resiliency Program
protesters at a roadside dem- That same year, following a fuel a rise in officer depres- Sheriff’s Office in New Jersey. suppress their emotions and Officers” to teach techniques
onstration in Huntington Sta- string of officer suicides in sion and suicide, she said. He started his career in law internalize traumatic memo- to officers in their depart-
tion, said Suffolk County Po- New York City, New York Po- “There’s too many pres- enforcement in 1994. His wife, ries to get through their shifts. ments. The officers are trained
lice officials. The lice Department officials cre- sures on them, and they’re Jennifer, and his colleagues “When you’re responding to in areas such as suicide pre-
demonstrators who were hit ated a program to provide bet- scared,” Ms. Solomon said. said he never revealed any a traumatic situation such as vention and understanding the
there suffered minor injuries, ter psychological support to “They’re scared they are going problems before killing him- an armed robbery or a child effects of stress-induced
they said. The driver in that officers. to get fired and scared that self. She said her husband hid drowning in a pool, could you trauma on the brain.
case was charged with assault Officials in the NYPD and in they’re going to accidentally much of his pain, including imagine if you allowed your “I have been around law en-
and released, officials said. New Jersey say the programs hurt somebody.” childhood trauma. “There emotions to come out?” he forcement for at least half of
The New York City protests have been helpful, with an in- Nationwide, the number of weren’t any signs,” she said. asked. “If it’s a robbery, you my career,” Mr. Grewal said.
mostly have been peaceful, al- creasing number of officers suicides involving law-enforce- Ms. Santiago praised Mr. run the risk of not making it “It took my experience with
though there has been some taking advantage of therapy. ment members jumped from Grewal’s efforts to better sup- home. And if you can’t save meeting Pablo Santiago and
violence, and hundreds of dem- These efforts are especially 142 in 2016 to 230 in 2019, ac- port officers. “I wish it could the child, you have to go home his death to really bring home
onstrators have been arrested. needed now, say police and cording to the group. So far, have helped my husband,” she and look your son or daughter how real of an issue this is.”
 A8B | Thursday, July 9, 2020 NY * * THE WALL STREET JOURNAL.

GREATER NEW YORK

City Improves Disease Surveillance

BY MELANIE GRAYCE WEST than 23,000 have died or are response by a lack of testing. imperfections,” she said.
presumed to have died as of Officials initially didn’t One tool, which officials
Technology used by New Tuesday from the disease, ac- have good estimates for pre- have said they are now using,
York City public-health offi- cording to city data. The virus diction models, and scientists is testing of the city’s waste-
cials to spot cases of Legion- has disproportionately af- didn’t understand that people water for evidence of the coro-
naires’ disease or a serious fected Black and Latino resi- were spreading the disease navirus. That effort could help
food-borne illness has been dents in densely packed, while asymptomatic, said health workers track a resur-

G. RONALD LOPEZ/ZUMA PRESS

fine-tuned to pick up poten- lower-income areas. Lorna Thorpe, a professor of gence of the disease.
tially connected cases of the Now—while the percentage epidemiology at NYU Gross- The analytical tool being
novel coronavirus. of people testing positive for man School of Medicine. rolled out by the health de-
It is the latest advancement the disease is around 1%—Dr. This spring hospitals were partment is a software called
in an effort by the New York Barbot said her department is overwhelmed in their ability SaTScan. It works by looking
City Department of Health and aiming to get to the lowest to report daily on new cases at coronavirus cases reported
Mental Hygiene to tease out possible number of Covid-19 and there wasn’t a good way by laboratories and comparing
potential links in clusters over cases. The goal is to use the to determine how many people them against what is expected
time and, hopefully, trace data to deploy resources to already had been exposed to in an area over time. A Covid-19 mobile testing site operating in the Bronx last month.
them back to the initial communities where the need the disease, she said. If the system shows more
sources of infection. is the greatest. Public-health officials are cases than typically expected, private event where multiple city had about 10,000. In Au-
“It’s not just about test, This fine-tuning of testing triangulating different data it triggers a signal to health people were sickened, he said. gust, the system is designed to
test, test everybody, although and tracing hopefully will sources to guide outbreak re- department epidemiologists to The way the city operates absorb a maximum of 165,000
that’s important,” said Oxiris stem a resurgence as the city sponse, Dr. Thorpe said. Part conduct deeper case investiga- its Test & Trace Corps also is people. What test and trace
Barbot, New York City’s health continues to reopen, and as of that effort includes data tions, said Demetre Daskalakis, being refined for adaptation in will look like in the fall will be
commissioner. “It is about how the fall approaches, when gathering in communities deputy commissioner for the the fall, said Ted Long, its ex- determined based on the sum-
you take that information and many health experts worry where you know there is a division of disease control at ecutive director. mer, Dr. Long said.
make smart decisions and re- about a collision of Covid-19 higher possibility for infection the city’s health department. The contact-tracing initia- “There’s two buckets of
ally track down where trans- and seasonal flu cases. spread, she said. Without years of data on tive is designed to absorb as tools that we need to have at
mission is actively happening.” Health officials, physicians “There’s no one single mea- the virus, health workers have many as 250,000 initial cases the ready for fall,” he said.
More than 200,000 people and public-health experts re- sure to guide us through this, had to create models. Already, and traced contacts, he said. “The first bucket is analytics.
in New York City have tested peatedly have said New York but you need the best possible signals from SaTScan led to a In June, 16,000 cases and con- The second bucket is as much
positive for Covid-19 and more City was hindered in its initial measures, and they all have cluster that was tracked to a tacts were expected, and the testing as possible.”

GREATER NEW YORK WATCH

NEW JERSEY mains under investigation. The
Passaic County Prosecutor’s Of-
Shooting Leaves fice is leading the probe.
4 Dead, 3 Wounded —Associated Press

A street shooting in a north- MANHATTAN

ern New Jersey community has
left four people dead and three Building Facade
others wounded, authorities said. Collapse Injures 1
The gunfire in Paterson
erupted shortly after 11 p.m. One person suffered minor
Tuesday. Four victims found at injuries when the brick facade of
the scene were taken to a hos- a vacant parking garage in Man-
pital, where they all died a short hattan partially collapsed on
time later, authorities said. Wednesday, officials said.
ANGELA WEISS/AGENCE FRANCE-PRESSE/GETTY IMAGES

Three other victims went to Part of the parapet of the

the hospital on their own seek- five-story building on East 38th
ing treatment, but further de- Street collapsed shortly before
tails on their conditions weren’t noon, said Deputy Fire Chief
disclosed. Nicholas Corrado.
“I want to be clear that we will One person suffered minor
have zero tolerance for violence in injuries from falling bricks and
our city,” Mayor André Sayegh was treated by emergency ser-
said in an email Wednesday. vices workers, he said.
It wasn’t clear how many A spokesperson for the city
shooters may have been in- Department of Buildings said the
volved, authorities said. Wit- property owner has been ordered
nesses said the gunfire came to install scaffolding to protect
from a vehicle that sped away the public. The department is in-
HONORING VICTIMS: Mothers who have lost children to gun violence and other advocates gathered Wednesday for a vigil at Brooklyn from the scene. vestigating the collapse.
Borough Hall. During the remembrance. 101 pairs of shoes and a casket were on display to represent victims of recent shootings in the city. A motive for the shooting re- —Associated Press

All the Power

Without the Pinch
Healthcare Starts with Healthy Food.

Since 1985, we’ve been cooking and home-delivering nutritious, individually tailored meals
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Being sick and hungry is a crisis. You can help.
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To learn more about FIMC’s work around the country, visit fimcoalition.org
 THE WALL STREET JOURNAL. Thursday, July 9, 2020 | A9

LIFE&ARTS
Nearly all gates at Dallas-Fort Worth
International Airport will be used at
peak hours, CEO Sean Donohue says.

April, and stronger than many

other U.S. airports.
Mr. Donohue decided early in
the pandemic that the airport
wasn’t going to furlough any of its
2,000 employees, so when traffic
started returning quickly, there
were plenty of workers available.
That decision was supported when
the federal airline bailout, the
Cares Act, made airports eligible.
DFW received $300 million.
DFW waived rent payments to
concessionaires if they closed. If
they stayed open, rent was signifi-
cantly reduced. Concessions also
pay a portion of their revenue to
the airport, but those minimum
BY SCOTT MCCARTNEY annual guarantees were eliminated
until next March. These policies
caused the airport to eat $70 mil-
lion in potential revenue, Mr.
Donohue says.
COOPER NEILL FOR THE WALL STREET JOURNAL

About $100 million in landing

fees and terminal rents have been
deferred for airlines—they will pay
it back later.
Ray Mickens, owner of M2 Con-
cepts, an operator of several food
outlets at DFW, says business has
doubled since the end of March
and early April. “People are eager
to get out,” he says.
Mr. Mickens, a cornerback in
the National Football League for 11
years, hired people back, then had
THE MIDDLE SEAT | SCOTT M C CARTNEY to shut down bars when Texas
backtracked and ordered bars re-

The World’s Busiest Airport* closed. Now he’s unsure whether

to keep them coming to work or
not.
“Right now our challenge is
dealing with regulations,” he says.
The airport went into the pan-
*Dallas-Fort Worth International is the default No. 1 for now with coronavirus reducing travel demic in strong financial shape,
with 600 operating days of cash
Grapevine, Texas American Airlines, which makes executive. continues to surge in Texas. on hand. Mr. Donohue says DFW

T
here’s an occasional its home at DFW, has been pushing Chengdu has seen larger pas- The airport has what it calls a can reduce its operating costs fur-
line at the Chick-fil-A connecting service more than its senger airplanes, so it has more strike team of 150 workers on pa- ther by taking advantage of lower
counter, and an occa- competitors, focusing mainly on departing seats, Cirium says. And trol to continuously clean high- interest rates and refinancing
sional line of airplanes DFW and Charlotte, N.C. American counting cargo flights, it has more touch areas. It’s added some 300 debt. He says the North Texas
waiting to take off, too. even announced it was dropping total takeoffs. Among U.S. airports, hand-sanitizer dispensers on ad- community, which owns and oper-
Dallas-Fort Worth International five routes to Asia from Los Ange- scheduled flights at DFW in June vertising displays and all kinds of ates the airport, is basically in-
Airport looks…sort of busy. les, making DFW its main trans- topped Atlanta, Denver, Charlotte other locations. By the end of July, vesting to keep its economic en-
And that’s enough to make DFW Pacific gateway. and Chicago O’Hare, in that order, restrooms will be all touchless— gine running so it can help the
the busiest airport in the world. From a low of about 200 flights according to OAG Aviation World- hands-free paper, soap, toilets, wa- local economy recover.
The sprawling Texas hub, with a day at DFW, American will hit wide, another data firm. ter fountains, etc. Sensors in pa- The airport stopped work on a
seven runways and five terminals, 667 flights a day later this month. At DFW, American’s airport per-towel dispensers alert workers huge new terminal—it may be
has more than 90% of its gates and Last summer it flew more than 900 clubs have reopened, and while the to low supplies. many years now before that’s
half its restaurants in operation. a day, and with larger airplanes. passenger flow rises and falls with Masks are now required at the needed. But it’s actually acceler-
DFW typically ranks behind Atlanta, In May, DFW had 12,109 depart- each bank of connecting flights, airport. Employees can get tested ated some construction projects,
Chicago O’Hare and Los Angeles in ing passenger flights, edging out terminals can look downright nor- at no cost when they want. including a four-gate expansion to
takeoffs and landings. But due to Chengdu, China, by 86 flights for mal at times. About 90% of gates It takes strong demand to fill the airport’s main international
the instant transformation of the the title of busiest in the world, are used for the late-afternoon planes on nonstop routes without terminal and a rebuilding of some
airline business, DFW finds itself at according to Cirium, a London- rush, and because American ex- connecting passengers. That gates at one of American’s termi-
least temporarily on top, with long- based travel data and analytics panded its schedule again on Tues- doesn’t exist today, and may not nals. Reconstruction of one of the
lasting implications for travelers. firm. In June, DFW widened its day, Mr. Donohue says, utilization for several years. So airlines are runways was moved up, starting in
For the past two decades, air- lead over Chengdu, Cirium says. will approach 100% at peak hours. back to the future emphasizing June instead of December.
lines have moved to more nonstop World’s busiest is a dubious ti- The traffic surge means that at hubs, where the number of possi- “I am pleasantly surprised by all
flights, bypassing big hubs in the tle in the middle of a pandemic— peak periods, travelers won’t be ble connections often drives just this, but also realistic,” Mr.
middle of the country. Now the even DFW has lost half of its busi- able to socially distance in domes- how full flights are. Donohue says. “After Labor Day,
midcontinent hub is back. For ness. It’s still seen more passenger tic terminals, he says. Sending ex- The airport says it expects July we are going to have to be very ef-
years to come, many travelers will flights than anyone else. tra travelers around the country passenger traffic to be down only ficient at how we run the airport,
find they must connect rather than “It does feel weird to be busy,” and beyond may prove to be a big about 45%. That’s far better than because we are not going to see
go nonstop. says Sean Donohue, DFW’s chief concern, especially if coronavirus the 95% plunge it saw in early traffic like this post-Labor Day.”

around 1955, for $4 million—over

Art Market Confronts its $900,000 high estimate.
Collectors continue to mine the
overlooked oeuvres of women art-

A Pandemic-Era Test ists like Asawa, whose works

rarely traded above $1 million a
decade ago. Size matters here, as
longer examples dotted with more
With Christie’s Auction overlapping forms tend to outsell
shorter, simpler versions.

Wayne Thiebaud (b. 1920)

BY KELLY CROW Born in Arizona, the artist earned
a living drawing for Walt Disney
A WEEK AFTER a Sotheby’s sale before breaking out on his own. He
revealed a healthy high-end art helped pioneer Pop art by thickly
market, rival Christie’s will offer painting images of cakes and other
its own test Friday when it live- treats in bakery cases as if they
streams a global auction that were a collection of circles, squares
could strengthen or shake collec- and cones. His images of carnival
tors’ confidence. hot dogs and San Francisco
Heading into this postponed streetscapes have been collected by
spring series, collectors wanted re- major museums like the Los Ange-
assurances that blue-chip art could les County Museum of Art.
still command predictable prices, For sale: “Four Pinball Ma-
despite the pandemic and volatil- chines,” 1962 (asking price: $18
ity in the broader financial mar- million-$25 million)
kets. Sotheby’s “rose to the crisis,” Auction record: In November,
said art adviser Beverly Schreiber Barnett Newman’s 1952 painting, ‘Onement V,’ left, and Wayne Thiebaud’s Sotheby’s sold “Encased Cakes”
Jacoby, when its June 29 trio of ‘Four Pinball Machines,’ from 1962, are among the highlights of the auction. from 2011 for $8.4 million—above
online sales of 74 pieces brought its $8 million high estimate.
in $363 million, led by an $85 mil- another in London, ultimately art stars like Lee Ufan. Ms. Schreiber Jacoby said this
lion Francis Bacon triptych. A few moving to the sale’s priciest offer- For sale: “Yellow Quadrangle,” record estimate will test how
days later, smaller house Phillips ings at Christie’s Rockefeller Cen- 1959 (asking price: $259,000- much collectors are willing to pay
sold every one of its 25 offerings ter saleroom in New York. $389,000) for one of the artist’s rare 1960s
for a total of $41 million. The house said it can’t let peo- Auction record: Three years works, which tend to be more cov-
Now it is up to Christie’s to auction is heavily weighted toward ple bid in person at the New York ago, Sotheby’s sold a smaller yel- eted than his later pieces.
round out the series with “One: A familiar names like Pablo Picasso sale, but a handful of bidders have low-on-black monochrome from the
Global Sale of the 20th Century.” and Roy Lichtenstein rather than been invited to attend in the other same year, “Yellow Eyes,” for Barnett Newman (1905-1970)
The 82-lot auction lacks a trophy less-proven upstarts. cities. Christie’s also created an $948,500, tripling its high estimate. The mustachioed New Yorker dab-
priced to outsell the Bacon but The sale’s star is Barnett New- online skybox where VIP bidders Collectors who admire Ufan, a bled in surrealism before discover-
does contain well-known artists man’s 1952 “Onement V,” a striped can log in and watch the sale to- Korean artist whose paintings ing his signature abstract style in
and carries a $337 million low esti- abstract estimated to sell for $30 gether, with specialists offering have sold for as much as $2.2 mil- the 1940s with his so-called zips,
mate. Collectors, Ms. Schreiber Ja- million to $40 million. real-time commentary. lion, are starting to reappraise his in which he bisected a bold mono-
coby said, are managing their ex- The wild card in Christie’s sale Here are four artists whose much-cheaper mentor, Yamaguchi. chrome with a zipper-like stripe.
pectations amid the pandemic and may be the experimental format. works could signal the strength of Of the six pieces in his “Onement”
don’t need the house to break a In the relay-style, live-streamed the market. Ruth Asawa (1926-2013) series, two belong to the Museum
slew of artists’ records. “It’s not event, auctioneers in four cities This San Francisco sculptor stud- of Modern Art.
the level at which Christie’s pieces plan to conduct back-to-back seg- Takeo Yamaguchi (1902-1983) ied Mexican basket-weaving before For sale: “Onement V,” 1952
sell that matters now,” she said. “It ments, each fielding real-time bids Born in Japanese-occupied Korea, gaining fame in the 1950s for cre- (asking price: $30 million-$40 mil-
just matters if the art sells at all.” before passing the digital gavel. Yamaguchi studied in Europe be- ating her own woven-mesh forms lion)
CHRISTIE’S IMAGES LTD. (2)

To minimize risk, the house has The sale will begin at 8:30 p.m. in fore discovering his own avant- that evoke cocoons. Auction record: Six years ago,
pledged to buy a dozen works and Hong Kong (8:30 a.m. in New York) garde style that involved painting For sale: “Untitled (S.401),” Christie’s sold his 1961 “Black Fire
lined up investors to buy 18 more with the sale of several works in- flat geometric shapes floating in 1953-54 (asking price: $3 million- I” for $84.2 million.
unless others outbid them during cluding an estimated $10 million black backgrounds. His works have $5 million) Trophy hunters may go after
the sale. That means 37% of the painting by Zao Wou-ki from 1963, been collected by the Solomon R. Auction record: Last November, this example by an abstract master
lots, or 30 works, are essentially “21.10.63.” Then an auctioneer in Guggenheim Museum, and his min- Christie’s sold “Untitled (S. 387),” in part because Newman’s works
presold. With a few exceptions, the Paris will take over, followed by imalism influenced contemporary a shorter hanging piece from seldom come to market.
A10 | Thursday, July 9, 2020 NY THE WALL STREET JOURNAL.

LIFE & ARTS

WHAT TO WATCH THIS WEEK

Tom Hanks Is Officially America’s Captain

BY DON STEINBERG

IN “GREYHOUND,” Tom Hanks

once again suits up as a captain
who keeps his head amid chaos. It’s
no surprise he’s returning to the
helm. Mr. Hanks has delivered
strong performances portraying
brave, humble captains before, in
“Apollo 13,” “Saving Private Ryan,”
“Captain Phillips” and “Sully.”
Why so many captains? The rank
seems ideal for Mr. Hanks. A cap-
tain is a leader who’s also a team-
mate, a boss who’s hard to hate.
Mr. Hanks’s captains give orders
but skip grandiose speeches, opting
for action alongside the crew.
“The reason Tom Hanks fits so
well into the role of a captain is be-
cause he’s a curious and empa-
thetic and goal-oriented person
himself. He’s a creative leader,”
says Aaron Schneider, who directed
“Greyhound,” from a script Mr.
Hanks wrote for himself, adapting a
1955 novel. The movie premieres
Friday on Apple TV+. “When he
brings that to the role of a captain
in a film, it’s like sliding into a
comfortable shoe. And he matches
the role in a way that audiences
find comforting.”
Mr. Hanks’s movie captains
clearly have crisis-management
skills. What else can they teach
about leadership?

Capt. Jim Lovell in ‘Apollo 13’

(1995)
Leadership lesson: Managing
unexpected change Mr. Hanks loves to play a captain. Above: Mr. Hanks captains a WWII Navy destroyer in ‘Greyhound’ out Friday on Apple TV+. Clockwise from below left: Mr.
Apollo 13 astronauts were sup- Hanks as a captain in space in ‘Apollo 13,’ a cargo ship captain in ‘Captain Phillips,’ an airplane captain in ‘Sully’ and an Army captain in ‘Saving Private Ryan.’
posed to walk on the moon, but…
“Houston, we have a problem.” Plan erts. He leads by example, wins his was called to task for what he
B is to return to Earth in a dam- team’s trust, and sacrifices himself might have done differently. Inves-
aged spacecraft. As mission com- to get the mission done. tigators question Sully’s personal
mander Jim Lovell, Mr. Hanks must The takeaway: The more chaos life and his rundown of what hap-
hold the ship and his disappointed there is, the easier it is for a team pened. Computer simulations sec-
team together. “Just breathe nor- to get distracted and lose focus on ond-guess his decisions. The probe
mal, fellas,” he reassures his co-pi- its key assignment. fills Mr. Hanks’s character with
lots as they scramble to repair the self-doubt. “I did the best I could,”
carbon dioxide scrubbers. When Capt. Richard Phillips in he tells his wife, as if he failed. But
‘Captain Phillips’ (2013) he defends his choices. “There
Leadership lesson: Negotiating wasn’t time for calculating. I had to
under pressure rely on my experience of managing
Richard Phillips is no Jean- the altitude and speed on thou-
Claude Van Damme. When armed sands of flights, over four decades,”
Somali pirates board his civilian It’s remarkable that while lauded he testifies. “The best chance those pened, and can explain why.
cargo ship, he needs to use his as a national hero for landing a passengers had was on that river.
wits. First he must negotiate with damaged passenger jet on the Hud- I’d bet my life on it. In fact, I did.” Cmdr. Ernest Krause in
his own crew, merchant seamen son River in 2009, saving all 155 The takeaway: A leader steps up ‘Greyhound’ (2020)
who complain that they didn’t sign people aboard, Capt. Sullenberger to take responsibility for what hap- Leadership lesson: Rising to
up to fight crime. With the pirates’ new challenges
rifles pointed at him, his eyes move “Greyhound” is a World War II
constantly. He seeks every resource sea battle film, based on the novel
and advantage to alert his crew to “The Good Shepherd” by C.S. For-
dangers and guide rescuers. Most ester and reminiscent of the 1957
of all, he gets inside the heads of Robert Mitchum movie “The Enemy
the hijackers, appealing to their Below.” Mr. Hanks is Ernest Krause,
reason, fears, and pride. “You’ve a U.S. Navy Commander captaining
got a man injured. Take the money the Greyhound. The destroyer is es-
out of the safe, and let’s call it a corting troop and supply ships
day,” he offers the pirate leader. In across the Atlantic when German
they ogle the moon regretfully, he the end, he outplays the pirates. U-boats swarm. Mr. Hanks plays a
reminds them to focus on their re- The takeaway: Understanding chess game of maneuvering, avoid-
vised objective: “We’re gonna need what everyone wants, from employ- ing torpedoes, and dropping depth
a contingency if we lose comm with ees to competitors, is vital to suc- charges. Nobody knows, until they
Houston. Freddo, let’s get an idea cess. already trust his moves, that it’s
where we stand on the consum- his first Atlantic crossing in charge
ables. Jack, get into the Odyssey Capt. Chesley Sullenberger in of a ship.
and bag up all the water you can ‘Sully’ (2016) The takeaway: A strong man-
before it freezes in there…Let’s go Leadership lesson: Owning your ager shows confidence even while
home.” decisions moving into unfamiliar territory.
The takeaway: When plans go
awry, a strong boss needs to adapt
decisively and gracefully, rallying
the team to give the new course as MORE PICKS TO ADD TO YOUR QUEUE
much energy as the original one.
An Expert Recom- An Expert Recommends: ‘Patriot’
Capt. John Miller in ‘Saving mends: ‘Giri / Haji’ (Amazon Prime Video)
Private Ryan’ (1998) (Netflix) Magician Penn Jillette is the co-
Leadership lesson: Keeping the Kevin Kwan is best star of “Penn & Teller: Fool Us,”
company on mission known for his best- which returned to CW for its sev-
FROM TOP: SONY PICTURES; EVERETT COLLECTION (5); NETFLIX; AMAZON STUDIOS

The traumatic carnage of the seller-turned-movie, enth season last month. Here, he
Normandy invasion is barely be- “Crazy Rich Asians.” His new novel, recommends two novelistic TV
hind them, and there’s a war to be “Sex and Vanity,” was released in shows created by Steve Conrad.
won. But U.S. Army Capt. Miller’s June. Here, he recommends a series “I thought you really couldn’t get
unit has orders to locate PFC in which East meets West. better in the novel form of television
James Ryan and get him home be- “I absolutely have been in love with than ‘Breaking Bad’ and ‘Better Call
fore he becomes the fourth Ryan ‘Giri / Haji,’ a series that takes place in Saul’ or ‘Fargo.’ Then I stumbled upon
brother killed in action. The cap- England and Japan. It’s about a Tokyo two shows created by Steve Conrad—
tain, a Pennsylvania schoolteacher, cop who’s sent to London on a special also trying to do. I’m trying to create TV ‘Patriot,’ and ‘Perpetual Grace, LTD’ picture, what damage would that do to
must keep his team on mission mission to find someone who is hiding projects that really are a fusion of East (available on Amazon and Epix), which you psychologically? It is the show that
while they question the sense of there. He infiltrates the Japanese under- and West, and he sort of beat me to it he created with Bruce Terris. I’ve laughed the hardest at, that I’ve
risking eight men’s lives to save world that exists in London and meets and did it so beautifully. He was able to ‘Patriot’ is about an intelligence offi- cried over and that has kept me on the
one. When sharpshooter Jackson an amazing cast of characters who help authentically portray all these people in cer named John Tavner (Michael Dor- edge of my seat in every way.
complains the job is a waste of his him and become like family. a very real, very honest, beautiful way man) who’s also a folk singer. His psy- ‘Perpetual Grace, LTD’ is the same
skills, Capt. Miller jokes to the sol- It’s amazing fusion of East and West. that shows off differences in cultures, chosis from being a spy trips out into heart and the same mind, but this time
diers, “Pay attention to Jackson, There are Japanese characters who are but also the universal commonality in all folk songs. So you have essentially starring Ben Kingsley and Jimmi Simp-
this is the way to gripe.” A tragedy so authentically Japanese. And British of us. I don’t want to give away too James Bond going on stage in coffee son. It is about a con man running a
illustrates the peril of straying characters who are so authentically Brit- many spoilers, but there’s something so houses and pouring out his heart. It has church and someone trying to rip him
from the mission. “Get your gear. ish. I was just in awe watching it and spectacular that happens in the final ep- something I’ve thought about, which is off. Together, the two shows are just
Let’s go,” Capt. Miller tells the sol- also a little bit jealous. So much of what isode that takes it from a level of just that if you made the decision to for- the greatest things I’ve seen.”
diers after one of them nearly des- creator Joe Barton accomplished I’m great TV to absolute brilliance.” sake personal morality for the bigger —Chris Kornelis
 THE WALL STREET JOURNAL. Thursday, July 9, 2020 | A11

LIFE & ARTS

IN FEBRUARY, Brooklyn, N.Y., MUSIC REVIEW | MARK RICHARDSON
rapper Pop Smoke, born Bashar

A Young Artist’s Final Dispatch

Jackson, was murdered in Los An-
geles during a home invasion. He
was 20 years old. His death came
as a shock both because he was so
young and because it happened
during his rapid ascent to the up-
per echelon of stardom. Pop
Smoke had been making music
only since 2018, but he had a star-
tlingly distinctive voice and was
the most visible exponent of a
once hyperlocal style, Brooklyn
drill, that was poised for a global
breakthrough. During his brief life
he issued two mixtapes, 2019’s
“Meet the Woo” and its sequel,
which came out just two weeks
before his murder. His proper de-
but album, “Shoot for the Stars,
Aim for the Moon” (Victor Victor/
Republic), out now, had been one
of 2020’s most anticipated re-
leases in the hip-hop sphere, a re-
cord designed to propel him to
the mainstream and that now
serves as his epitaph.
Pop Smoke will be forever de-
fined by the distinctive grain of
his voice, which is deep, gravelly
and expressive. He doesn’t often
rap fast, but his words sometimes
emerge as a blur—a highly rhyth-
mic series of vowels delivered in a
growling baritone. Older listeners
might be reminded of the half-
mumbled intonation of 50 Cent, an

The record extends and

refines the Brooklyn-
based hip-hop genre he
helped pioneer

acknowledged influence who also

executive produced “Shoot for the
Stars,” but the style is some dis-
tance from anything released dur-
ing the earlier artist’s heyday.
Drill is a subgenre made possi-
ble by the internet, where poten-
tial collaborators from anywhere
in the world can find each other.
It’s defined in part by its sonic

SUZANNE CORDEIRO/AGENCE FRANCE-PRESSE/GETTY IMAGES

sensibility—medium tempo, block-
shaking bass; the pitter-patter
16th-note high-hat sounds of trap
music with dramatic string-like
synths—and in part by its lyrical
depiction of violent street life.
Drill music emerged in Chicago
around 2010, in the scene sur-
rounding then-young rapper Chief
Keef, and variants began to crop
up in other cities not long after.
In England, the style known as
U.K. drill streamlined the aes-
thetic, hollowing out the mid-
range, stressing the low end, and
adding tricky off-beats to the Pop Smoke performing in November; the rapper was murdered in February and his debut album, ‘Shoot for the Stars, Aim for the Moon,’ has just been released
snare patterns. Pop Smoke heard
a track from East London pro- that seems to gather energy and aggressive posture. sample with a punishing snare- tween those forces instead of stat-
ducer 808 Melo and reached out then lash out like a venomous Elsewhere, “Shoot for the drum thwack. And “Enjoy Your- ing it outright. His lyrics are filled
about collaborating, and the lat- snake, as Pop Smoke and featured Stars” takes a clear turn toward self” has a bright nylon-string with references to violence of all
ter became the primary producer guest Quavo of Atlanta’s Migos accessibility. These pop-leaning guitar refrain in the mix to com- kinds, and moments of lightness
of the rapper’s two mixtapes. swap chants and exclamations. gestures are well executed but plement a Spanish-language guest and ease are few. Perhaps that
Their respective sounds devel- Later in the release, “Creature,” less distinctive. “For the Night,” spot from Colombian reggaeton would have come later. Cut down
oped in parallel, and their trans- featuring Swae Lee of the hip-hop assembled by several producers singer Karol G. just as he was discovering the
atlantic hybrid has become an im- duo Rae Sremmurd, quickens the including Mike Dean, known for In an interview with the New power of his creative voice, he’s
portant representation of pace and adds a layer of percus- his work with huge stars like York Times last year, Pop Smoke been denied the opportunity for
Brooklyn drill as a whole. sive clatter. Despite being seven Kanye West, features bits of said that his music is meant for growth, artistic and otherwise.
The tracks on “Shoot for the years older, Swae Lee sounds like twangy guitar, flute, and pro- kids growing up the way he did, “Shoot for the Stars” offers a
Stars” for which 808 Melo is once a kid next to Pop Smoke, as they cessed moans from guests Lil who carry guns to school because sadly incomplete sketch of what
again the producer carry that trade lines about sex and party- Baby and DaBaby, and the tone is they don’t feel safe but are still that might have looked like.
sound forward and form the heart ing. These songs are an extension warmer and more welcoming next working toward a diploma to
of this record. The second track, and refinement of Brooklyn drill, to Pop Smoke’s earlier work. “Yea make their families proud. “I do it Mr. Richardson is the Journal’s
“Aim for the Moon,” is one of allowing a slight twinkle of Yeah” brings to mind Dr. Dre circa for them,” he said. “That’s me.” rock and pop music critic. Follow
these, with a cavernous low end brightness in but maintaining its “2001” by combining a wispy R&B His work implies the tension be- him on Twitter @MarkRichardson.

The incredulous Sarah: “That I Jones. In “Palm Springs,” he is re-

might have heard about!?” freshingly restrained, even wry,
Yes, maybe in “Groundhog Day,” and maintains a reservoir of exis-
to which “Palm Springs” bears no tential dread behind his general ir-
small resemblance. Likewise the reverence. But with all due re-
series “Russian Doll.” Viewers, spect, it is the saucer-eyed Ms.
early on, might be rolling their Milioti (“How I Met Your Mother”)
own eyes at the prospect of watch- who is the revelation (to me, any-
ing another 90-minute feature way) and is playing every one of
about a day that never ends. Mr. Siara’s laugh-out-loud lines for
Worry not. Sarah and Nyles—and maximum impact. Mr. Simmons, in
Roy, the guy with the arrows and the J.K. Simmons-type role of Roy,
the grudge against Nyles—are could not be better cast. Likewise,
stuck in time, but screenwriter Peter Gallagher as the father of
Andy Siara (Max Barbakow di- the bride.
rects) does inventive things with “Palm Springs” waxes a bit
their cosmic staycation, having his more philosophical than is en-
heroes resist their plight but also tirely necessary, but Nyles and
exploit it. He also commits some Sarah would lose our respect en-
cleverness with his script, causing tirely if they didn’t ask some
us to double back on what’s al- questions about their uncertain
ready been said. For instance, status and its metaphysical mean-
when Nyles mutters “kill me” to ing, never mind marriage. Speak-
his girlfriend, Misty (played with a ing of which, the bride, Tala, and
rarified airheaded-ness by Mere- her fiancé, Abe, are played by
dith Hagner), you assume it’s be- Camila Mendes (“Riverdale”) and
HULU

cause of her. It is, but not entirely: Tyler Hoechlin (“Supergirl”), and
Cristin Milioti as Sarah and Andy Samberg as Nyles in ‘Palm Springs,’ streaming Friday on Hulu He’s reached the end of his rope while one is tempted to say they
on repeat viewings of his own life. have little to do but do it repeat-
So what’s the use of living at all, edly, that’s not really true: Each
TELEVISION REVIEW | JOHN ANDERSON Sarah asks him later, after a few time around the block for Sarah
too many reruns of her own day. and Nyles the landscape and the

‘Palm Springs’: ‘I Do,’ Again and Again “There might be some way to kill
yourself,” Nyles says, “but I ha-
ven’t figured it out yet.”
circumstances are changed (some-
times by them), and the actors
around them are really giving a
So they make the best of it, different performance each time.
BASED ON PURELY anecdotal evi- None of which is untrue, ex- Sarah (Cristin Milioti), screams, taunting the police, driving head- The sweet thing about “Palm
dence, the hunger for brainless but actly, and events do follow the disappears into a vortex of time on into a tractor-trailer, and steal- Springs” is what it says about
amusing content right now seems rom-com blueprint for at least 12 and space, and wakes up in the ing a plane and crashing it into the weddings, romance and perfect
very high, and “Palm Springs” minutes—with a riot of pre-nuptial morning. On the day of the same ground. The only repercussion is matches: As we see, Tala and Abe
would, at first glance, appear to sex; eye-rolling, cringe-inducing wedding. that they wake up, again, on the don’t really know each other well
qualify: Two guests at a destina- speeches at the reception; and “This is today,” Nyles explains day of the wedding. enough to get married. But are
tion wedding in the California des- small-caliber sniping between the to his bewildered and not-quite- For a few years, Mr. Samberg Sarah and Nyles meant for each
ert take a contemptuous attitude principals. Then a guy with a time-traveling companion. “Today was the Cast Member Who Over- other? You might say they have
toward everything they see, in- crossbow (J.K. Simmons) appears is yesterday. And tomorrow is also does Everything on “Saturday an eternity to find out.
cluding each other, but seem ulti- out of the darkness and plants a today. It’s one of those infinite Night Live,” a position held at one
mately destined to spend eternity few bolts in our hero, Nyles (Andy time-loop situations you might point or another by performers Palm Springs
together. Samberg), while his new frenemy, have heard about.” ranging from Chris Farley to Leslie Friday, Hulu
 A12 | Thursday, July 9, 2020 * * THE WALL STREET JOURNAL.

SPORTS
FRED KFOURY III/ICON SMI/ZUMA PRESS

The Harvard-Yale football rivalry will be put on hold until at least 2021 due to the pandemic. The Ivy League didn’t rule out the possibility of playing football and other fall sports in the spring.

Ivy League Says No Sports Until 2021

The decision postpones, and possibly cancels, football and other fall athletics. Bigger conferences to face the same decision.
BY LAINE HIGGINS not believe we can create and main- 2021 regardless of whether they en- could use when the temperature most seasons. There might not be
tain an environment for intercolle- roll. However, the Ivy League does hovers around 10 degrees, but they swimming or golf at some of these
The Ivy League on Wednesday giate athletic competition that not make it easy to play for five share a practice field with both la- schools if football goes away. There
became the first Division I confer- meets our requirements for safety years: there are no graduate trans- crosse teams and track and field. may not be upgraded libraries or
ence to postpone football and other and acceptable levels of risk,” said fers in the conference and the only Deciding which teams would get dorms either.
sports until at least the start of the Ivy League presidents in a joint way to get an extra year of compe- priority for space and practice At independent Notre Dame,
2021, setting the stage for bigger statement. tition is through a medical redshirt. times would be a major headache. football accounted for 87% of the
college sports bodies to either fol- The prognosis for fall sports in When spring athletes saw their sea- In Philadelphia, late-April football athletics revenue in 2019 and no
low suit or try to press on toward the Ivy League was cast into doubt sons suspended, the NCAA declined games could conflict with the Penn one on the 103-man roster has yet
an uncertain season. in recent days when several mem- to request a blanket waiver from Relays, the largest track and field tested positive for the coronavirus
The Ivy League is far from the ber institutions outlined plans to the NCAA that would allow them to meet in the country that fills Frank- during preliminary voluntary work-
big-money world of other football- limit student capacity on campus come back for another season. lin Field’s 53,000-some seats. outs. There’s far more reason for
dependent Division I conferences. this fall. Dartmouth, last year’s co- Ivy League schools compete in the Fighting Irish to forge ahead
But it is sometimes a barometer of champion in football, said it would the lower tier of Division I, the than there is for the Columbia Li-
what larger institutions might do. place an emphasis on bringing Football Championship Subdivision, ons, a team that’s won just 26
Last March, the Ivy League canceled freshmen to campus, with no more
The move comes less and see few of their games tele- games in the past decade.
its men’s and women’s basketball than 40% of the student body pres- than two months before vised or played in full stadiums. The Schools in the Power Five aren’t
tournaments days before the NCAA ent. Princeton’s campus will be pop- conference’s last national champion immune to the havoc of coronavi-
followed suit. ulated exclusively with incoming
the football season is was Yale in 1927. With billion-dollar rus, however. Stanford announced
The move comes less than two freshmen and rising juniors. Har- supposed to begin. endowments and robust academic Wednesday that financial challenges
months before the football season vard will house first years and a se- fundraising operations, athletics were behind its decision to discon-
is supposed to begin with high-pro- lect few upperclassmen who must isn’t as essential to the Ivies’ bot- tinue 11 of its 36 varsity sports:
file clashes like Alabama vs. USC on return to “progress academically.” tom line as it is to schools in the men’s and women’s fencing, field
Sept. 5 and Ohio State at Oregon Brown will split the academic year The Ivy League didn’t rule out Power Five conferences. hockey, lightweight rowing, men’s
the following week. The giants of into three semesters and offer stu- the possibility of playing football “Maybe our group can look at it rowing, co-ed and women’s sailing,
college sports will soon be forced to dents a place on campus for only and other fall sports in the spring. objectively and say, ‘maybe this is squash, synchronized swimming,
confront whether their seasons can two of them. But this comes with its own set of the best thing from a health stand- men’s volleyball and wrestling.
safely start, or proceed at all. The situation presents an obvi- logistical challenges. While many point for the greatest number,’ ” The Ivy League’s decision will
The decision leaves open the ous difficulty for fall athletic teams universities in the Power Five spon- said Teevens. “The FCS, Division II ripple through Division I football by
possibility that some or all of the trying to field a squad, especially in sor the NCAA minimum of 16 and Division III programs are all way of scheduling. The eight teams
sports could hold their seasons in football. As a consolation, the con- sports, the Ivies field more than pretty much in the same boat.” in the conference were slated to
the spring. That is far from a given, ference will allow athletes that are twice as many teams. There are 40 But the pressure to play foot- play 24 games against teams in the
however, given how uncertain the on campus to attend practices and varsity sports at Harvard; Columbia ball—and collect the revenue from Patriot League, Colonial Athletic As-
future path of the pandemic is. weightlifting sessions in accordance has the fewest with 29. it—is much more powerful for most sociation Conference and Pioneer
“With the information available with school health protocols. Dartmouth football coach Buddy schools in the Power Five Confer- League.
to us today regarding the continued Fall sports athletes will not use Teevens envisions a space issue. His ences, including giants like Michi- —Melissa Korn
spread of the virus, we simply do one of their seasons of eligibility in team has an indoor facility they gan and Texas that turn a profit contributed to this article.

Weather The WSJ Daily Crossword | Edited by Mike Shenk

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Oklahoma City 98 72 pc 98 75 s Edinburgh 63 50 sh 62 47 sh Zurich 86 58 pc 83 59 t H E S S E S N L A S E A

THE WALL STREET JOURNAL. Thursday, July 9, 2020 | A13

OPINION
A Fourth of July Election BOOKSHELF | By William Anthony Hay

If you believe
every presi-
dential elec-
Alone, the pan-
demic or protests
would be enough
protesters are
voices of light (re-
ally), and the re-
Political Man,
tion is a big public drama to viving economy is
Pivotal Moment

DREW ANGERER/GETTY IMAGES

bet, you prob- last a lifetime. actually sinking.
ably think this We’ve had both at But much of the
one is over. In the same time. I media is propagat-
WONDER
the betting regard these two ing this doom-to-
LAND
markets, Joe e x t ra o r d i n a r i l y the-horizon sce-
Haldane: The Forgotten Statesman
By Daniel
Henninger
Biden is up on grim experiences nario—the threat Who Shaped Britain and Canada
Donald Trump as the unavoidable of death or limit-
By John Campbell
by more than baseline reality for less systemic rac-
18 points. Most polls look like voters in the 2020 Going after Andrew Jackson in Lafayette Park, June 22. ism—when the (McGill-Queen’s, 483 pages, $49.95)

C
a permanent path to the golf election. public is focused
course for the president. Gal- Let’s return to what was in beaten-down population pro- on finding an upside and an urrent debates about liberalism—especially about
lup’s most recent presidential the public’s mind before this, duced a hard-to-miss outpour- exit from what they’ve just whether a free society can thrive alongside ever more
approval number is 38%. specifically the Democrats’ ing of patriotism in towns been through. urgent calls for government action—bring to mind an
Yes, Mr. Trump needs to competition for the party’s across the U.S. Meanwhile, the Trump al- episode from the Edwardian era. It was then that the Liberal
put up an agenda for 2021. nomination. A special word here about ternative, Joe Biden, increas- Party in Britain underwent a kind of identity crisis over
And yes, there’s never been a It featured multiple debates, the traditional Macy’s fire- ingly looks like a man trapped policy and principle. Richard Burdon Haldane, later Viscount
president who can’t sleep if he saturation coverage and com- works display in New York inside a party that has gone Haldane, stands out as a key figure in that story. Haldane
hasn’t shot himself in the foot pelling figures in Bernie Sand- City. Recall that the chain’s from what are now the obvi- (1856-1928) was “a picture of the well-fed but poorly slept”
before turning out the lights. ers, Elizabeth Warren, Cory flagship in Herald Square was ously irrelevant primary votes lawyer, John Campbell says, a man who combined profes-
Booker and Pete Buttigieg (re- looted on June 9. Not a for moderation to the defining sional success and public service. Now largely forgotten,
member him?). And who won? month later, Macy’s and Uni- vision of the party’s protesters Haldane embodied a political type that is familiar to
Polls won’t tell you Joe Biden, because he was a versal Television produced a in the streets. On Wednesday Americans in the high-minded figures of the Progressive Era
known moderate and promised broadcast of almost unimagi- the Biden campaign released and in their descendants today, who possess an almost
how the beaten-down normalcy as respite from Mr. nable beauty, all-American the “Biden-Sanders Unity Task missionary zeal for human betterment.
American population Trump’s personality. music and patriotic fervor, Force” recommendations for In “Haldane: The Forgotten Statesman Who Shaped
Those primaries weren’t with stunning shots of the the Democratic platform. The Britain and Canada,” Mr. Campbell, an investment banker
will vote this year. opinion polls. They were a de- Statue of Liberty, the Coney document is 110 pages long. with childhood ties to Haldane’s family, makes a persuasive
cision by Democratic voters in Island Ferris wheel and fire- Every voter should read it. case for his subject’s importance and, along the way, touches
diverse states to choose mod- works shooting from the Hud- Coalitions may be shifting on larger questions of culture and governance. The book’s
Still, I’m not sure tradi- eration. Surely that counts for son River and Empire State beneath the weight of these structure—less chronological than propelled by themes and
tional metrics and analysis ap- something as an expression of Building. events. The people moving out causes—may challenge readers new to the story, but its
ply in this election. We are in the American mind. But if you tuned in to the of unsettled cities to the sub- wealth of detail and insightful character sketches will
a constantly shape-shifting By March 19, the coronavi- evening news Saturday or urbs may not be new Trumpi- reward the effort.
campaign that has been over- rus was shutting down the Sunday, it told a different ans, but they don’t sound like As Mr. Campbell shows,
whelmed by the unprece- country. Mr. Trump turned out story. You saw a catalog of enthusiastic Biden voters. Haldane’s family heritage
dented intensity of events and to be an unreliable guide to vi- weekend violence, killings and Since the surge of shootings, adumbrated his public role.
how people are processing the rus information, fumbling an more protests. Not least was some black leaders and pas- His English mother was
experience. opportunity for presidential the toppling in Rochester, N.Y., tors have pushed back against descended from an eminent
In mid-March, normal life leadership with his all-about- of a statue of Frederick Doug- police defunding. Tory jurist and lord chancellor
stopped in America. The me briefings. His coronavirus lass, a founding father of black We may have an October (a position Haldane would
workforce was sent home. approval among independent American pride. surprise every month until himself occupy). On his father’s
Schools were closed. Life went voters has been below 40% for These are times—and emo- November. The Durham report side, his grandfather and great-
on through Zoom and Google two months. tions—that don’t lend them- looms. There will be debates. uncle both retired from military
Hangouts. People got Covid-19, Amid all this downer-ism, selves to conventional politi- Mr. Trump could decide it’s service to promote the evangel-
and many died. something politically signifi- cal analysis. more important for him to ical movement in Scotland.
Then on May 25, George cant happened—the Fourth of For example, one may ask: pick fights with more Bubba Though strict Calvinism was at
Floyd died during an arrest in July weekend. Is never-Trumpism finally Wallaces than elaborate the the center of the family’s Scottish
Minneapolis. There have been On Friday, Mr. Trump deliv- overplaying its hand? With Mount Rushmore argument home, Haldane lost his faith as a
constant protests since, ered his Mount Rushmore the election near, the Trump- for his re-election. But we teenager. Over time, and perhaps
watched nightly by a stay-at- speech, a detailed, articulate wallowing media has decided don’t need a political reset. without realizing the change, he transformed it into a secular
home nation. They’ve seen defense of American history its commitment to “truth” re- The pandemic and the pro- commitment to reform and social progress.
monument smashing, CHOP in and values. The next day—af- quires distortions of reality, tests have been enough reset Haldane studied classics and philosophy at Edinburgh
Seattle and calls to defund the ter weeks of watching protests such as that his Mount Rush- for a generation. University, but his six months at Göttingen, in Germany,
police. and overturned statues—a more speech was “dark,” the Write henninger@wsj.com. had a greater effect. Idealist philosophy, with Hegel as its
leading figure, came to guide his worldview, as did German
social policies. His outlook was less empirical than that of

Democrats Are Committing Unforced Errors his English counterparts—more inclined to abstract
reasoning and arguing from first principles.
Even so, Haldane was a man of the world. After practicing
By Karl Rove measures. This passed the erybody. I think we should lis- Sanders and his allies to offer law in London and making a good deal of money, he was

A
Senate by unanimous consent ten to the argument there.” unity. This could be another elected to Parliament in 1885—at a pivotal moment, as Mr.
s the mainstream media in 2018 but died in the House. When a prospective Demo- opening for the GOP, but it Campbell shows. The Liberal Party had dominated British
all but declares the By pressing for the Scott cratic running mate says must seize it effectively. politics since 1830, but tensions among its members were
2020 election for Joe Bi- bill now and the Cornyn-Peters Americans should consider re- Then there’s Mr. Biden’s re- growing even before William Gladstone split the party in
den, Democrats are making commission to follow, Republi- moving statues of the man sponse to “America First.” The 1886 over Irish Home Rule.
mistakes. They’re saying and cans can show they’re deter- who made our country possi- former vice president says Mr. Campbell describes Haldane as a living embodiment
doing things that could cause mined to turn the nation’s pain ble, the party is surrendering that “when America is first, of such tensions—between an older liberalism of laissez-faire
problems—if Republicans step into something good. If every- to its lunatic fringe. The it’s America alone.” This isn’t economics and limited government and a new kind, which re-
up their game. body mobilizes, the GOP can Trump campaign put out a surprising from someone sponded to the rising spirit of socialism and organized labor.
Consider the congressional regain the offensive. statement Tuesday, but the whose administration prac- (It was around this time that Marx’s ideas were being popu-
logjam over police reform. Af- Another opening for Repub- moment was worthy of an im- ticed “leading from behind” larized in England.) The young politician sought a rationally
ter George Floyd’s death in licans came Sunday, when mediate presidential state- and undertook an interna- organized state along German lines, what his friend Beatrice
Minneapolis, the nation was CNN’s Dana Bash asked Sen. ment and sustained criticism. tional apology tour. Republi- Webb called “a deliberately organized society.” Haldane’s lib-
angry and aghast. Then Ray- Tammy Duckworth—who’s be- It would have been a better cans can counter that America eralism went beyond the ideals of an earlier Liberal Party,
shard Brooks was killed in At- ing vetted as a possible run- way to start the week than at- First means putting workers, which had sought to minimize the state’s checks on individ-
lanta, and the demand for ning mate for Mr. Biden—if tacking Nascar driver Bubba families and communities ual action. He preferred to follow Wilhelm von Humboldt’s
change grew even stronger. statues of George Washington Wallace and defending the first. Besides, the world de- idea that government intervention, especially in education,
Yet when the Senate moved Confederate flag. pends on America leading the helped citizens cultivate themselves. He thought property
to take up the comprehensive There was also Mr. Biden’s way. The GOP can point to Mr. owed a debt to society for guaranteeing the wealth it earned.
police reform bill introduced Republicans must Sunday tweet: “We won’t just Trump’s successes on trade, While this new liberalism inspired Haldane and his colleagues
by Tim Scott (R., S.C.), Demo- rebuild this nation—we’ll getting allies to step up on to press for costly social reforms, it drove others toward the
crats blocked its consider- seize the opportunities transform it.” The former vice military spending, and U.S. Conservative Party.
ation, despite the bill’s many to regain the offensive president won his party’s nom- toughness in dealing with Iran
similarities with the Demo- ination because he seemed to and China, contrasting these
cratic House’s measure. Sen. in the campaign. be a mainstream Democrat. He with Obama-Biden failures. He found his party moving from the idea of
Scott guaranteed votes on any draws support from indepen- So much of this campaign limited government to a new agenda, one aimed
amendments Democrats dents and some conservatives has been nontraditional. Amer-
wanted, but no matter. should be taken down. For 141 for the same reason. He won’t ica’s attention has been riveted at responding to the rising spirit of socialism.
This intransigence is an op- tortured words, Ms. Duckworth keep it if he pushes “transfor- on the pandemic, economic
portunity to argue that Senate ducked the question before mation,” the pet phrase of Sen. fallout and racial tensions.
Democrats are more interested claiming President Trump Bernie Sanders and Rep. Alex- That has benefited Mr. Biden, Early in his career, Haldane helped establish the London
in election talking points than “spent all his time talking andria Ocasio-Cortez. as the polls attest. But the 77- School of Economics, and he guided the University of
giving meaning to the deaths about dead traitors” in his July One tweet does not a melt- year-old isn’t an imposing po- London toward its becoming a true teaching institution.
of Floyd, Brooks, Breonna Tay- 3 speech at Mount Rushmore. down make, but it could fore- litical talent—this will become He advised colleges in provincial cities to extend their
lor and others by passing leg- Actually, Mr. Trump didn’t shadow trouble. On Wednesday clearer as the campaign un- access to a wider range of students and social classes, and
islation that reforms policing. mention a single Confederate, Mr. Biden’s six “unity task folds—and he and his compa- he drew on German models to improve technical education.
Republicans can broaden but the Illinois Democrat may forces” released recommenda- triots regularly provide ammu- Oddly, though, it was in military matters that Haldane’s leg-
the issue by pointing out that have hoped an incendiary at- tions that will shape his plat- nition for Republican attacks. If acy is most notable. When, in 1905, a Liberal prime minister—
while a new law can solve cer- tack would distract Ms. Bash. form. Though Mr. Sanders had the GOP wants victory this fall, Henry Campbell-Bannerman—reached an impasse with his
tain pressing problems, the The interviewer pressed a seat at the table, he didn’t it had better figure out how to party’s grandees, he offered Haldane the War Office, hoping
criminal-justice system needs again, saying “but George get his way on several issues, exploit this. Time’s a-wasting. that “Schopenhauer,” as he called him, could manage what
a systematic review. A bill by Washington—I don’t think including Medicare for All. He was viewed as the cabinet’s most thankless job. The post
Sens. John Cornyn (R., Texas) anybody would call him a trai- and other leading progressives Mr. Rove helped organize gave Haldane plenty to reform. He restructured the army to
and Gary Peters (D., Mich.) tor. And there are moves by won’t stop pressing socialist the political-action committee cut costs and created an expeditionary force that could be
creating a National Criminal some to remove statues of nostrums simply because American Crossroads and is quickly sent abroad with reserves at home to reinforce it. He
Justice Commission would do him. Is that a good idea?” Ms. they’ve been promised good in- author of “The Triumph of also created a General Staff to facilitate planning. These
that, reporting to the next Duckworth responded blandly, augural tickets. It may take fur- William McKinley” (Simon & changes helped Britain stop the German invasion of France in
Congress on additional reform “I think we should listen to ev- ther policy concessions for Mr. Schuster, 2015). 1914 and led Sir Douglas Haig to call Haldane “the greatest
secretary of war England ever had.”
A career capstone came with Haldane’s elevation to lord

These Days, It All Feels Like Yesterday chancellor in 1912—the head of Britain’s legal system. As a long-
time member of the judicial committee of the privy council,
which heard appeals from the empire’s dominions, he played
By Peter Funt I remember the last meal I neutral ones. Something as sim- Research has shown that the a “leading role” in shaping the development of Canadian law,

L
ate in a restaurant: with my ple as the last time I got a hair- act of remembering is fre- according to Mr. Campbell. For a time, his knowledge of
ike many people, I’m wife, our daughter and our cut (Feb. 12) now qualifies as an quently enhanced by forgetting. Germany, and fluency in the language, gave him a liaison role.
usually better with long- son-in-law, at Zero Zero on emotional benchmark, because We clear space in our minds by After Wilhelm II asked him to join a meeting with the kaiser’s
term memories than the Folsom Street in San Fran- I have no idea when I’ll again replacing older memories with ministers, he joked about Haldane’s being the only Englishman
short-term kind. Mention cisco. It was March 6. The day feel safe visiting my barber. more recent occurrences. Right to sit in a German cabinet. But tensions with Berlin made his
sports, and I’ll deliver details my friends and I had our last For people with a rare con- now there is a lot that I look position difficult. On a visit to London, the kaiser invited
about the time I hit a homer in dition known as hyperthyme- forward to forgetting. himself to lunch at Haldane’s home, intensifying doubt about
high school: the look on the sia, the trivia has always been My short-term memory his loyalty—“doubt that would, in time of war, bury Haldane’s
pitcher’s face when he released Our last haircut and impossible to shake. For them, does seem to have improved reputation and political career,” Mr. Campbell writes.
the ball, the sight of my man- dinner out bear a new every detail of every day—pan- during the pandemic. Mention If Haldane’s career anticipated later technocrats and
ager jumping up and down in demic or not—is remembered a date, any date, since mid- reformists, as Mr. Campbell argues in this splendid portrait,
the coach’s box as I rounded emotional weight. in vivid detail. Mention a date, March, and I’ll be able to tell World War I made him an outsider in the Britain of his day.
third. no matter how long ago, and you the color sweatpants I After the war, few looked to Germany for models of any
Lately, however, I’m dwell- they’ll tell you what they were wore, when I walked out to the kind. Despite his sociability, Haldane, with his Continental
ing on lesser things from the baseball practice in the park: wearing that day or what they mailbox, and what I saw on my orientation and intellectual bent, never quite fit Britain’s
fairly recent past. The memo- March 11. The last time I saw had for lunch. The actress walk around the neighborhood. political culture. In retrospect, he seems more akin to
ries seem distant, yet they’ve my son: March 1. I dropped Marilu Henner has this condi- Memories like these are John Dewey and other Progressive leaders in America
barely gone by. Sheltered in a him two blocks from the rail tion, which is stressful because easier to preserve when noth- than aligned with the British liberal tradition—which may
pandemic, new memories are station in Stamford, Conn., so it creates an overdose of use- ing changes. account for why, though his accomplishments have lasted,
hard to come by—and the ones he could run for the train. less memories. Now we all the man himself has faded from view.
I’m stuck with are mighty Emotionally charged events have a better idea how people Mr. Funt is a writer and
mundane. are easier to remember than like Ms. Henner feel. host of “Candid Camera.” Mr. Hay is the author of “Lord Liverpool: A Political Life.”
A14 | Thursday, July 9, 2020 THE WALL STREET JOURNAL.

OPINION
REVIEW & OUTLOOK LETTERS TO THE EDITOR

Religious Liberty Lives at the High Court Military Bases, Ships, Heroes and Traitors

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eligious Americans sometimes fear that of the church’s teachings. Regarding Rep. Mike Garcia’s Confederate generals after whom 10
intolerant secular progressives will soon Justice Neil Gorsuch’s opinion in Bostock dis- “Name Bases For Heroes, Not Trai- Army bases are named. Those bases
tors” (op-ed, July 3): If Matthew Fon- were built during the World Wars and
try to ruin them for holding traditional missed such concerns with a pat line about how
taine Maury was a traitor, then George named in the spirit of Lincoln’s inten-
views. They can take heart in a those “are questions for future Washington and the signers of the tion of binding up the nation’s
pair of 7-2 rulings Wednesday In two 7-2 rulings, the cases.” There will be a blizzard Declaration of Independence were also wounds by showing respect for South-
from the Supreme Court, in Supreme Court upholds of them, no doubt. It’s a hope- traitors. Maury renounced his alle- ern valor and sacrifice in the Civil
which the Justices upheld con- ful sign for religious liberty giance to the U.S.; Washington re- War, not to exonerate the South for
science protections for nuns conscience protections. that even liberal Justices Ste- nounced his allegiance to King George waging an insurrection to defend slav-
and parochial schools. phen Breyer and Elena Kagan III. Maury was neither a slave owner ery. Fair-minded Northerners recog-
The issue in the first opin- joined the Guadalupe majority nor a proponent of slavery. His views nized that although the Southern
ion, Our Lady of Guadalupe School v. Morrissey- to expand the ministerial exception. of slavery were very similar to those cause was tainted by rebellion and
Berru, was whether two teachers could sue for The second opinion Wednesday, Little Sisters of Abraham Lincoln, who would have slavery, its soldiers and commanders
discrimination after Catholic schools didn’t renew of the Poor v. Pennsylvania, involved employers accepted slavery to preserve the merited esteem.
Union, and whose views would un- Justice Oliver Wendell Holmes Jr.,
their contracts. In 2012 the Court in Hosanna-Ta- who object to providing contraceptives under a
questionably be considered racist to- who was twice wounded in battle and
bor said a fourth-grade teacher could not sue her mandate from ObamaCare. The Little Sisters, an day. Maury is honored by the Navy not supported abolition, wrote: “We be-
Lutheran school. She was covered by a “ministe- order of Catholic nuns, have been fighting this because he was a Confederate but be- lieved that it was most desirable that
rial exception,” based on the First Amendment for years. The Trump Administration put forth cause he was a great scientist with the North should win. We believed in
right of churches to be free of government med- regulations in 2017 and 2018 to expand exemp- long and distinguished service in the the principle that the Union is indis-
dling. That teacher had religious training and a tions for employers with good-faith objections. U.S. Navy. soluble. We, or many of us at least,
formal title as a commissioned minister. Pennsylvania and New Jersey sued, calling it an Rep. Garcia claims to read history. also believed that the conflict was in-
How far does the ministerial exception reach? abuse of discretion. Yet he never seems to have asked him- evitable and that slavery had lasted
In Guadalupe, the two teachers at Catholic ele- Not so, wrote Justice Clarence Thomas for the self how he would have thought and long enough. But we equally believed
mentary schools prayed in class, instructed stu- Court’s five conservatives. The Affordable Care acted had he been in the shoes of the those who stood against us held just
men he condemns, and he attempts to as sacred convictions that were the
dents in doctrine, and took them to Mass. They Act’s text doesn’t mention contraceptives here,
draw a wholly unhistorical and illu- opposite of ours, and we respected
had less-substantial religious training, however, but rather empowers the executive branch to de- sory line between “traitors” and “true them, as any man with a heart must
and no special titles. cide what preventive health coverage is manda- heroes.” When the left comes for the respect those who give all for their
“What matters, at bottom, is what an em- tory. That “capacious grant of authority,” Justice true heroes, as they already have, he belief.” Tragically, the humanity of
ployee does,” wrote Justice Samuel Alito for the Thomas wrote, includes “the ability to identify will discover that he has no principled Lincoln and Holmes has become a ca-
majority. Focusing on clerical titles “would risk and create exemptions.” position from which to defend them. sualty of our hyperemotional political
privileging religious traditions with formal orga- This is a victory, but a narrow one. Justice Ka- JON JEWETT times.
nizational structures.” An amicus brief by Jew- gan concurred in the judgment, joined by Justice Ashland, Va. THOMAS L. PURVIS
ish organizations, for example, said that “Juda- Breyer. But as the case moves back to lower Independence, Ky.
ism has many ‘ministers.’” The same problem courts, she wrote, the Trump Administration’s Abraham Lincoln’s hope was that
applies with trying to use religious training as opt out might “prove arbitrary and capricious.” the nation be reunited by treating the Perhaps, as a student of history,
vanquished South “with malice to- Rep. Garcia should read President Lin-
a key distinction. That reads like an invitation to keep the Sisters
ward none, with charity for all.” In- coln’s Second Inaugural Address again
The ministerial exception is not subject to a in court. Justices Alito and Gorsuch signed a stead, the woke progressives’ rancor- and think about the president’s mean-
“rigid formula,” Justice Alito wrote, citing Ho- concurrence saying they also would have held ous contempt for all things Southern ing.
sanna-Tabor. The teachers here clearly “per- for the Sisters under the Religious Freedom Res- only serves to incite malice toward all STEPHEN WEEKS
formed vital religious duties,” and their schools toration Act, which would end their “legal odys- and charity for none, especially the Houston
“expressly saw them as playing a vital part in sey.” But progressives today exhibit a growing
carrying out the mission of the church.” hostility to religion, and they are likely to pursue
Don’t forget the context. Last month’s ruling the nuns to the end of the legal earth.
in Bostock v. Clayton County extended federal A President Biden would be under pressure No Plot by Venezuela’s Interim Government
antidiscrimination law to sexual orientation from the left to undo protections for religious
and transgender status. A religious school in employers, so the fight could start anew in 2021. As Venezuela’s ambassador to the Maduro regime where innocent Vene-
U.S., I write regarding “Venezuelan zuelans were scammed to shock the
progressive California might worry about be- A question for Joe Biden: How much do you want
Opposition Politician Led Planning to international community and divert
ing sued for dismissing a lay math teacher who to force Catholic nuns to violate their conscience Topple Maduro” (World News, June attention from the crippling, complex
began living a proudly gay lifestyle in defiance to appease the secular left? 27) instead of Leopoldo López, coordi- humanitarian emergency generated by
nator of the National Government the dictatorship in Venezuela.

How Not to Punish China Center of the Interim Presidency of

Venezuela, because the Nicolás Ma-
It is no secret that we have been
working tirelessly to free the people of

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duro regime continues to deny both Venezuela from the dictatorship that
ashington is mulling a variety of jing’s hands. The United Kingdom and other his freedom of speech and freedom of oppresses our rights, pilfers our na-
ways to punish Beijing for violating countries recognize that one effective way to movement. The article put him at even tional resources, kidnaps our demo-
Hong Kong’s autonomy. But one new push back against Beijing’s imposition of a dra- greater risk. Less than one day after cratic institutions and tortures and
idea should be off the table: the story was published, the regime kills its political opponents. We re-
conian security law is to allow
Weaponizing the dollar Hong Kongers to emigrate. used it to attack and slander Mr. Ló- main resolute in our effort to disman-
weaponizing the U.S. dollar to pez and pressure the Spanish govern- tle the worst dictatorship that the re-
undermine Hong Kong’s cur- to hurt Hong Kong Washington can do its part by ment to hand him over to the dictator- gion has ever suffered. We are fighting
rency. avoiding a crippling deprecia- ship. This is not only a risk to Mr. for 9.3 million people who are starv-
News reports Tuesday sug- would backfire. tion of the Hong Kong dollar López but also to thousands of activ- ing; for 5.1 million people who have
gested some Administration that would wipe out emigres’ ists of the Voluntad Popular, one of fled the country; for more than 15,000
officials are contemplating savings as they leave. the foundational allies of the interim people who, like Leopoldo, have suf-
cutting off Hong Kong banks’ access to U.S. dol- The bigger risk from such economic warfare government. fered arbitrary detention and torture.
lar funding. The aim would be to undermine the is to the U.S. Washington derives enormous in- We want to reaffirm that no mem- We are fighting for a country that de-
Hong Kong dollar, which since 1983 has been fluence from the free convertibility of the ber from Interim President Juan serves freedom and opportunity.
fixed to the U.S. dollar at a rate of about 7.8 greenback, which allows governments, institu- Guaidó’s government is linked to or CARLOS VECCHIO
participated in the false-flag operation Ambassador of the Bolivarian
Hong Kong dollars to $1. tions and individuals to use the dollar as a
“Gideon,” including Leopoldo López. It Republic of Venezuela
That peg is a currency board, which means global reserve currency. was an operation infiltrated by the Washington
that every single Hong Kong dollar in circula- The dollar’s global reach is why financial
tion is backed by around 13 cents held in a vault sanctions bite countries such as Iran and North
at the Hong Kong Monetary Authority. To main- Korea on the relatively rare occasions Washing-
tain the system, the HKMA and banks must be ton does cut off access to dollars. That influence
Cuomo’s Covid Response Was Never so Great
able to freely buy and sell U.S. dollars as de- also offers the Trump Administration better It’s hard to believe that anyone this has anything to do with pan-
mand for Hong Kong dollars rises or falls. Un- ways to impose financial penalties on Beijing, would attempt to defend New York demic response.
like mainland China’s currency, the yuan, Hong such as Magnitsky-style sanctions targeted at Gov. Andrew Cuomo’s ill-fated March It took until May 10 for Gov. Cuomo,
Kong’s money is stable and freely convertible, individual officials involved in human-rights 25 directive on returning Covid-in- facing increasing scrutiny from even
and has been the backbone of the territory’s abuses. fected patients to nursing homes (“On his political allies, to reverse his dev-
the Whole, Cuomo’s Managed Covid astating order.
prosperity for decades. The more creatively Washington wants to
Well,” Letters, July 2). The excuse of- ROBERT L. SMIALEK
That should be reason enough for the Trump think about how to hold Beijing accountable, fered by the letter writers and the Dublin, Ohio
Administration to leave the Hong Kong dollar the better. But the Administration should take Cuomo administration is that “a deci-
alone. The victims of any disturbance to the care to play to American strengths rather than sion was forced by the rapidly over-
currency board would be the people of Hong undermining them in the process. One of the whelming demand for hospital space Massive Drug Advertising
Kong, who are already suffering enough at Bei- biggest strengths is a fully convertible dollar. in New York for seriously ill patients.”
Then why were the emergency facili-
Budgets, Prices and R&D
Bonfire of the Liberals
ties set up around New York City never John Stanford’s argument that
fully used? Did we fear that President “Price Controls Would Throttle Bio-
Trump, who spared no effort to mobi- medical Innovation” (op-ed, July 2) is

A
merica’s liberal intelligentsia thought denying having signed it) and asked that her lize public and private resources, a tired, old, specious argument de-
might get some positive press? signed to scare the health-consuming
the election of Donald Trump meant name be removed. Others may yet face conse- The Javits Center was never fully public. The R&D budget is actually
America would re-enact “1984,” but it’s quences. Matt Yglesias, a co-founder of the mil- occupied and was shut down in early often smaller than the budget for
starting to look more like lennial progressive website May, as was the USNS Comfort. The marketing—those annoying ads on
“Homage to Catalonia,” A defense of free speech Vox, was among the signato- Samaritan’s Purse field hospital expe- the nightly news which advise you to
George Orwell’s account of the leads to recriminations wrote ries. One of his colleagues rienced a similar fate, accelerated by tell your doctor if you have tubercu-
left’s internecine savagery in an open letter to the resistance from local politicians who losis or cancer before she prescribes
during the Spanish Civil War. on the left. publication’s editors that be- couldn’t abide Franklin Graham’s sup- you the product. We need to go back
Witness the spectacular on- cause the Harper’s letter was port for traditional marriage, as if to the days (mid ’90s) when advertis-
line meltdown that followed a signed by “several prominent ing drugs directly to the public was
liberal open letter opposing left-wing attacks anti-trans voices” Mr. Yglesias’s signature banned. The money saved could re-
on free speech. “makes me feel less safe at Vox.” Scholars From Elementary duce the costs of drugs and increase
R&D. Of course, this wouldn’t be
“A Letter on Justice and Open Debate,” pub- Tom Wolfe couldn’t have devised a more pun- School Reunite in Print good for Mr. Stanford, the venture
lished Tuesday by Harper’s, opens with anti- gent satire of mutual recriminations among lib- Walter Russell Mead’s review of capitalist.
Trump throat-clearing. It then accurately de- eral elites. There is a significant layer of hypoc- William A. Darity Jr. and A. Kirsten MICHAEL CUMMINGS, M.D.
scribes the ferocious campaign of coerced risy here; many free-speech liberals tolerate left- Mullen’s “From Here to Equality” New Smyrna Beach, Fla.
conformity sweeping America’s liberal institu- wing mobs when their furies are aimed at (Bookshelf, June 18) is filled with in-
tions as they purge dissent from the hard-left conservatives. But now that the purge of conser- teresting and important historical de-
line. “Editors are fired for running controversial vatives from America’s flagship intellectual insti- tails. Here is one more: Walter Mead Pepper ...
pieces; books are withdrawn for alleged inau- tutions is almost complete, new enemies are and “Sandy” Darity were classmates
at Glenwood Elementary School in
And Salt
thenticity; journalists are barred from writing needed, and it’s no surprise that the left is de-
on certain topics; professors are investigated scending into mutual back-stabbing. Chapel Hill, N.C., during the early THE WALL STREET JOURNAL
1960s. Mr. Darity was the first Afri-
for quoting works of literature in class,” says Our hope is that the moderate elements can
can-American to attend the formerly
the statement signed by more than 150 writers fend off the woke attack. Society benefits when all-white public school and often the
and academics. both its left and right coalitions accept basic smartest student in class; Mr. Mead
The online left, which can’t decide whether free-speech principles. Yet if the intolerance was a budding intellectual, who ri-
left-wing censorship is a myth invented by its turns out to be self-perpetuating and unstoppa- valed Mr. Darity for the top grades.
enemies or a necessary tactic for destroying ble, we have a humble suggestion for any remain- After more than a half-century of suc-
them, erupted at the betrayal. Jennifer Finney ing signatories of the Harper’s letter: Consider cess and contributions from each of
Boylan, a frequent New York Times contributor a political belief system that is not premised on them, it’s fun to see Walter and
who had signed the letter, pleaded for forgive- the transformation of society, that is built on the Sandy’s lives intersect again.
ness on Twitter. She had not realized that not sanctity of traditional rights, and that abhors the PETER BARNES
Chapel Hill, N.C.
all the signatories were of the caliber of the so- certainty of revolutionary vanguards.
cialist intellectual Noam Chomsky, she wrote. In the 1970s a handful of intellectuals, ap-
Letters intended for publication
“The consequences,” she added, “are mine to palled by the left’s viciousness and anti-Ameri- should be emailed to wsj.ltrs@wsj.com.
bear. I am so sorry.” canism, became neoconservatives and helped Please include your city, state and
A Tufts University historian, Kerri usher in decades of better governance. Maybe telephone number. All letters are sub-
Greenidge, tweeted that she did “not endorse” the conditions will soon be right for something ject to editing, and unpublished letters “And I’m telling you the curtains
cannot be acknowledged.
the counterrevolutionary document (without similar to happen again. always looked like that.”
THE WALL STREET JOURNAL. Thursday, July 9, 2020 | A15

OPINION

Voters’ Choice: Growth or Stagnation A Plan

By Phil Gramm Now, as Americans begin rebuild-
To Avert a
And Mike Solon ing the economy after the destruc-
‘Superbug’
T
tion of the pandemic shutdown, the
he year began with a recov- principal question of the November
ery that belied every nega- election is whether to return to the
tive cliché about the Trump
tax cuts and regulatory re-
policies that brought us growth or to
the policies that produced stagna-
Pandemic
form. Tax cuts demagogued tion. Given the strong economy dur-
as giveaways to the rich were creating ing the primaries, even Democratic By David A. Ricks
higher wages and bonuses for workers voters rejected a radical transforma- And Kasim Kutay

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and producing the lowest unemploy- tion of the economy.
ment rates on record for blacks, His- But now Democratic leaders want e are commercial rivals, but
panics, single women, the disabled to use the economic destruction of we’re united in the recogni-
and those with criminal records. the pandemic shutdown as an oppor- tion that, while Covid-19
Wages at the bottom were growing tunity to implement a leftist agenda, holds center stage today, another
faster than at the top. The once-disap- with enormous new taxes, federal potentially devastating pandemic is
pearing middle class was prospering control of the health-care system, looming, and a joint effort by bio-

PHIL FOSTER
and propagating again. According to crippling energy mandates, a bailout pharmaceutical companies is needed
the United Nations, the birthrate in of profligate states and cities, and an to address it. Antimicrobial resis-
the U.S. had started to rise for the overpowering regulatory state. Mr. tance is a growing health threat
first time in the 21st century. In short, Biden is the face of the Democratic that kills some 35,000 Americans
the postwar prosperity that we feared nary number given the president’s ipation has risen by 1.1% under Mr. Party, but Elizabeth Warren, Bernie and 700,000 people globally each
had been lost forever was coming overall disapproval rating of 51%. Trump while it fell by an astounding Sanders and Alexandria Ocasio-Cor- year, with world-wide deaths pro-
home to America. The best of times for America 4.6% under Mr. Obama. tez are its heart. Their proposals go jected at 10 million annually in 30
were the worst of times for those In the first three years of the well beyond doubling down on a big- years.
whose rallying cries of class warfare Trump administration, total employ- government approach that didn’t Antibiotic-resistant “superbugs”
Before the shutdown, the increasingly rang hollow. When they ment was up 4.7% and real median work; they are to the left of any gov- have evolved to resist antibiotic
could no longer deny prosperity, household income was up $4,384, to erning socialist party in Europe. medicines, leaving the world almost
economy was booming. they claimed credit for it. President an all-time high. Who benefited The task of government in the as vulnerable as it was before the
Credit Trump’s policies, Obama congratulated himself on most? The groups Democrats claim next four years will be to rebuild the discovery of penicillin. We rely on
Twitter for his 2009 stimulus that to represent: blacks, Hispanics, sin- economy. The decision in November the availability of effective antibiot-
not Obama and Biden’s. paved “the way for more than a de- gle women, Native Americans, high- is which road leads to American ics to treat patients with conditions
cade of economic growth.” school dropouts, the disabled and prosperity. We tried a little socialism
But facts are stubborn things. Un- those with criminal records. Each of 12 years ago, and it produced stagna-
By January the Congressional der Mr. Obama’s policies of tax, those groups enjoyed the lowest un- tion and a failed recovery. Can we Without new medications,
Budget Office reported that the tax spend and regulate, real per capita employment rates on record. Blacks realistically expect that a lot more
cuts predicted to blow a hole in the income was up by only 5.6% and job and Hispanics had the lowest inci- socialism will work for us now? antibiotic-resistant germs
deficit had generated enough addi- growth was up only 5% some nine dence of poverty ever recorded. Unlike most elections, we have could kill 30 million a year
tional growth to add $7.4 trillion to years after the start of the 2007-09 Then the pandemic and shutdown more than promises to inform us.
gross domestic product over the next recession. Compare that with 21% in- hit. From the lowest unemployment We have 12 years of accumulated world-wide by 2050.
10 years, raising average annual per come growth and 18% job growth un- rate in 50 years, America suffered evidence on the performance of
capita income by $2,250. Over the der President Clinton nine years af- the highest rate in 88 years. Joe Bi- these two competing visions. If
next decade, that increased growth ter the start of the 1990-91 recession, den claims Mr. Trump has “squan- presidential elections are about re- ranging from root canals and cancer
is projected to generate $700 billion or 24% income growth and 20% job dered” the Obama-Biden recovery. sults, let the guide be the biblical to Covid-related infections—leaving
more in state and local taxes and an growth under President Reagan nine He blames banks and businesses, ig- admonition: “Ye shall know them by nearly every aspect of our health
additional $1.438 trillion of new fed- years after the start of the 1981-82 noring that the government ordered their fruits.” system at risk. As insulin develop-
eral revenue, offsetting the tax cut’s recession. Real median weekly wages the shutdown that crippled the ers and manufacturers, we are par-
projected 10-year cost of $1.456 tril- have risen six times as much in three strong recovery. Mr. Biden wants “to Mr. Gramm is a former chairman ticularly concerned for the 34.2 mil-
lion. Gallup found that President years under Mr. Trump’s policies as transform” the economy, beginning of the Senate Banking Committee. lion Americans with diabetes, who
Trump’s economic approval rating they did in eight years under Mr. with a repeal of Mr. Trump’s tax cuts Mr. Solon is a partner of U.S. Policy are highly vulnerable to infections
was 63% in January, an extraordi- Obama’s policies. Labor-force partic- and deregulatory program. Metrics. that can be lethal without effective
antibiotics.
Unfortunately, few companies

Libya’s Foul Foretaste of the Post-American World produce antibiotics that fight super-
bugs. That must change, which is
why 20 leading pharmaceutical com-
Does Libya show us taking their recent setback lying The war also underlines the weak- port for Hamas angers Israel. Its panies have formed the $1 billion
the future of world down. Russia and Syria are sending ness of the Sunni Arab world and its purchase of the Russian S-400 mis- AMR Action Fund to combat antimi-
politics? seasoned mercenaries from the Syr- need for a strong relationship with sile system infuriated the U.S. And crobial resistance by supporting the
U.S. engagement ian battlefields to defend the oil. De- Israel. That the Emirates, Egypt and by threatening to turn Hagia Sophia development of new antibiotics.
there has been mini- spite a U.N. arms embargo, both Saudi Arabia can’t control political (one of the holiest sites in Eastern Despite the threat of AMR, new
mal since a 2012 ter- sides continue to receive supplies. developments in nearby Libya illus- Orthodoxy) back into a mosque, antibiotics are used sparingly to
rorist attack killed trates the depth of the Arab crisis. President Recep Tayyip Erdogan is slow the development of resistance.
GLOBAL
four Americans, in- These states also failed to steer the picking a quarrel with Russia. Under While this makes sense for public
VIEW
By Walter
cluding the ambas- Amid the chaos, the EU, course of the Syrian war or prevent normal circumstances this would health, it doesn’t create a viable
sador, and trauma- Lebanon’s collapse. They need allies look like a suicidal policy mix, espe- marketplace. This leaves only a few
Russell Mead
tized the Obama NATO and the Arab world to balance both Turkey and Iran, and cially for a country with a weak cur- antibiotic candidates languishing in
administration. In are all divided over which as the U.S. withdraws, Israel is the rency and other economic problems. the pipeline, while developers, con-
America’s absence, over half a dozen only real option they have. But Mr. Erdogan clearly thinks he fronted with the high cost of drug
powers are struggling to control warlords to support. All this—plus the growing evi- sees a Mediterranean power vacuum, development, scramble for financing.
Libya’s future, carving up its terri- dence that Vladimir Putin’s financial and he’s seizing the chance to fill it. In recent years, several antibiotic-fo-
tory, and subsidizing militias and and political troubles are growing in Finally, the Libyan war shows that cused biotechs have declared bank-
warlords as they compete for control It is hard to predict what will hap- the wake of the Covid pandemic and a “post-American” world, one in ruptcy or exited the field.
over its oil and gas. No end to the pen next, other than that the inno- the oil-price collapse—helps explain which the U.S. retreats from its post- What we urgently need now is
war is in sight. cent and the weak will suffer horrifi- the boldness of Turkey’s recent pol- World War II policy of global en- collective leadership, from both in-
On one side Turkey and Qatar, cally as the factions and their icy moves. Ankara has crossed the gagement, is unlikely to be peaceful. dustry and governments, to solve
with some discreet Italian cheerlead- sponsors roll the dice. But the im- EU by exploring for gas in waters Zero-sum power games, weakening the antibiotic innovation challenge
ing, back the Tripoli-based warlords portance of this war is less about claimed by Cyprus. Its alliance with institutions, cynical power grabs: and ensure that we have effective
and affiliated tribal leaders whom who wins than what it reveals about Qatar puts it in direct opposition to More of the world will start looking medications.
the United Nations has anointed the the state of the world. Saudi Arabia and its friends. Its sup- like Libya and Syria. In 2018 Novo Holdings launched
“legitimate” government of Libya, The first point is that the U.N. is the Repair Impact Fund (an acro-
the so-called Government of National increasingly losing its moral legiti- nym for Replenishing and Enabling
Accord, or GNA. On the side of the
challenger coalition of tribal leaders
and warlords stand France, Russia,
macy and political relevance. That
France and Russia, both permanent
members of the Security Council, feel
I Cited Their Study, the Pipeline for Anti-Infective Resis-
tance) to invest $165 million in com-
panies involved in early-stage devel-
the United Arab Emirates and Egypt.
The latter coalition is led most visi-
bly by Khalifa Haftar, a rogue field
no qualms about supporting the reb-
els against the U.N.-backed govern-
ment speaks volumes about the place
So They Disavowed It opment of therapies targeting
resistant micro-organisms. Similar
investments, including the $500
marshal who heads what he calls the of international law in the world. The By Heather Mac Donald his administrative position. PNAS ed- million CARB-X (Combating Antibi-

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Libyan National Army. 2011 Western intervention in Libya itorialized that Messrs. Cesario and otic-Resistant Bacteria) initiative—
No higher principles are at stake. was intended to take international he Proceedings of the Na- Johnson had “poorly framed” their led by Boston University and funded
Neither side stands for anything law to new heights by enshrining the tional Academy of Sciences is article—the one that got through the by the U.S. government and the
more noble than its own security and “responsibility to protect” civilians a peer-reviewed journal that journal’s three levels of editorial and Wellcome Trust, among others—
power. The GNA isn’t fighting for from mass atrocities. Instead, cynical claims to publish “only the highest peer review. have revitalized the early-stage
freedom, Islam, U.N. legitimacy or and lawless calculation is enshrined quality scientific research.” Now, Mr. Cesario told this page that pipeline and created several promis-
any cause greater than its right to as the new normal. the authors of a 2019 PNAS article Mr. Hsu’s dismissal could narrow ing approaches. But these efforts
make as much money as possible The war also reveals the West’s are disowning their research simply the “kinds of topics people can talk face a lack of investors willing to
selling hydrocarbons while taxing growing divisions. Two North Atlan- because I cited it. about, or what kinds of conclusions shoulder the high costs and risks of
the human traffickers and arms tic Treaty Organization allies (Tur- Psychologists Joseph Cesario of people can come to.” Now he and the complex and expensive later
smugglers operating in the country’s key and Italy) back the GNA. Two Michigan State and David Johnson Mr. Johnson have themselves jeop- stages of development. Without
chaos. The rebels want pretty much more, Greece and France, stand with of the University of Maryland ana- ardized the possibility of politically funding and partnership today, and
the same thing. Mr. Haftar. A fifth, Britain, tilts to- lyzed 917 fatal police shootings of neutral scholarship. On Monday the prospect of some return tomor-
In the most recent fighting, the ward the Turks. This isn’t how civilians from 2015 to test whether they retracted their paper. They say row, these products will wither on
beleaguered GNA has been able to healthy alliances work. the race of the officer or the civilian they stand behind its conclusion the vine.
beat back Mr. Haftar’s forces, driving Another casualty of the Libyan predicted fatal police shootings. and statistical approach but com- Recognizing this gap, the AMR
them from the outskirts of Tripoli war: any sense of a joint foreign pol- Neither did. Once “race specific plain about its “misuse,” specifically Action Fund was formed by nearly
toward the central coastal city of icy from the European Union. Few rates of violent crime” are taken mentioning my op-eds. two dozen leading pharma manufac-
Sirte, which the government vows to places in the world matter more to into account, the authors found, The authors don’t say how I mis- turers and will support development
recapture. If Sirte falls, the GNA will Europe than its Mediterranean there are no disparities among used their work. Instead, they attri- of the most promising antibiotics.
be poised to take control of economi- neighborhood. But France, Greece those fatally shot by the police. bute to me a position I have never The fund has set an initial goal to
cally valuable oil facilities, starving and Italy are pursuing their indepen- These findings accord with decades taken: that the “probability of being bring up to four new drugs to pa-
the Haftar forces of the revenue they dent courses in Libya as if the EU of research showing that civilian be- shot by police did not differ between tients by 2030. The fund can’t solve
need to carry on the war. didn’t exist. This isn’t what emerging havior is the greatest influence on Black and White Americans.” To the the challenge alone; success re-
But Mr. Haftar’s patrons aren’t power blocs look like. police behavior. contrary, I have, like them, stressed quires that governments make the
In September 2019, I cited the ar- that racial disparities in policing re- necessary policy reforms to enable a
ticle’s finding in congressional testi- flect differences in violent crime sustainable antibiotic pipeline and
mony. I also referred to it in a City rates. The only thing wrong with marketplace.
PUBLISHED SINCE 1889 BY DOW JONES & COMPANY Journal article, in which I noted their article, and my citation of it, is Encouragingly, two bipartisan pol-
Rupert Murdoch Robert Thomson
Executive Chairman, News Corp Chief Executive Officer, News Corp
that two Princeton political scien- that its conclusion is unacceptable in icy proposals have been introduced
Matt Murray Almar Latour
tists, Dean Knox and Jonathan our current political climate. in Congress. The Disarm Act of 2019
Editor in Chief Chief Executive Officer and Publisher Mummolo, had challenged the study This retraction bodes ill for the would increase federal reimburse-
Neal Lipschutz Karen Miller Pensiero DOW JONES MANAGEMENT: design. Messrs. Cesario and John- development of knowledge. If scien- ment for new antibiotics. The Pas-
Deputy Editor in Chief Managing Editor Ramin Beheshti, Chief Technology Officer; son stood by their findings. Even tists must disavow their findings teur Act of 2020 would give quali-
Natalie Cerny, Chief Communications Officer;
Jason Anders, Chief News Editor; Louise Story, Chief
Kamilah Mitchell-Thomas, Chief People Officer; under the study design proposed by because they challenge reigning or- fied new antibiotic makers a
News Strategist, Product & Technology Officer
Edward Roussel, Chief Innovation Officer; Messrs. Knox and Mummolo, they thodoxies, then those orthodoxies guaranteed reimbursement level.
Thorold Barker, Europe; Elena Cherney, News Christina Van Tassell, Chief Financial Officer wrote, there is again “no significant will prevail even when they are Millions of lives could be at stake
Features & Special Projects; Andrew Dowell, Asia;
Anthony Galloway, Video & Audio; Alex Martin,
OPERATING EXECUTIVES: evidence of anti-black disparity in wrong. Political consensus will drive without new antibiotics, and decades
Kenneth Breen, Commercial;
Print & Writing; Michael W. Miller, Features & Jason P. Conti, General Counsel;
the likelihood of being fatally shot scholarship, and not the reverse. of progress in modern medicine
Weekend; Emma Moody, Standards; Tracy Corrigan, Chief Strategy Officer; by the police.” The consequences for the policing could be squandered. The AMR Ac-
Shazna Nessa, Visuals; Matthew Rose, Frank Filippo, Print Products & Services; My June 3 Journal op-ed quoted debate are particularly dire. Re- tion Fund buys time that we can’t af-
Enterprise; Michael Siconolfi, Investigations; Kristin Heitmann, Chief Commercial Officer;
Stephen Wisnefski, Professional News Nancy McNeill, Corporate Sales;
the PNAS article’s conclusion verba- searchers will suppress any results ford to waste on inaction. The pri-
Gerard Baker, Editor at Large Thomas San Filippo, Customer Service; tim. It set off a firestorm at Michigan that contravene the narrative about vate sector is stepping up in an
Paul A. Gigot, Editor of the Editorial Page;
Josh Stinchcomb, Advertising Sales; State. The university’s Graduate Em- endemic police racism. That narra- unprecedented way. It is time for
Suzi Watford, Chief Marketing Officer; ployees Union pressured the MSU tive is now producing a shocking policy makers to take the bold ac-
Daniel Henninger, Deputy Editor, Editorial Page Jonathan Wright, International
press office to apologize for the rise in shootings in American cities. tions needed to prevent another
WALL STREET JOURNAL MANAGEMENT: Professional Information Business:
Joseph B. Vincent, Operations; Christopher Lloyd, Head; “harm it caused” by mentioning my The victims, including toddlers, are pandemic.
Larry L. Hoffman, Production Ingrid Verschuren, Deputy Head article in a newsletter. The union tar- almost exclusively black.
EDITORIAL AND CORPORATE HEADQUARTERS: geted physicist Steve Hsu, who had Mr. Ricks is chairman and CEO of
1211 Avenue of the Americas, New York, N.Y., 10036 approved funding for Mr. Cesario’s Ms. Mac Donald is a fellow at the Eli Lilly & Co. Mr. Kutay is CEO of
Telephone 1-800-DOWJONES
research. MSU sacked Mr. Hsu from Manhattan Institute. Novo Holdings A/S.
A16 | Thursday, July 9, 2020 * *** THE WALL STREET JOURNAL.

WORLD NEWS

Cartel Becomes Top Mexico Threat Leaders

Pledge to
Attempted killing of
capital’s police chief
marks brutal escalation
Cooperate
by Jalisco drug group On Trade,
BY JUAN MONTES
AND JOSÉ DE CÓRDOBA Migration
MEXICO CITY—In late June, BY GORDON LUBOLD
more than two dozen gunmen AND JUAN MONTES
mounted a predawn ambush,
shooting at Mexico City’s po- WASHINGTON—Presidents
lice chief as his convoy drove Trump and Andrés Manuel Ló-
down leafy, iconic Reforma Av- pez Obrador of Mexico stood
enue and shattering the calm together at the White House
of the capital’s most elegant on Wednesday to proclaim
neighborhood. their friendship and pledged to
Using Barrett semiautomatic work together on migration,
rifles, the assailants riddled trade and efforts to counter
Omar García Harfuch’s armored drug trafficking.
Suburban with more than 400 “You have not treated us as
rounds. The police chief, hit a colony but as an independent
three times, survived, even nation,” said Mr. López Obra-
managing to send a few tweets dor, standing with Mr. Trump
from his hospital bed after in the Rose Garden. “That’s
emergency surgery to make why I’m here, to express to the
sure everyone knew whom he American people that your
blamed for the attack: The Ja- president has treated us with
KARLA RAMOS/REUTERS

lisco New Generation Cartel, a kindness and respect.”

group U.S. counterdrug offi- Mr. Trump, who came into
cials consider the biggest crim- office complaining about drugs
inal drug threat to the U.S. and illegal immigration from
The cartel, which dominates Mexico, praised the nation.
the trade in fentanyl and meth- “The relationship between the
amphetamines, has become Gunmen killed 28 people at a drug rehabilitation center in Jalisco state last week. Below, federal officers come under fire in Jalisco. United States and Mexico has
Mexico’s most powerful crimi- never been closer than it is
nal organization. More than any nearly 2,000 bank accounts right now,” Mr. Trump said.
rival gang, the Jalisco cartel has linked to the Jalisco cartel. In The two were officially cele-
made it a hallmark to attack March, the U.S. said it had ar- brating the new U.S.-Mexico-
Mexican security forces and rested more than 600 people Canada Agreement, which
public servants directly, making and handed down some 350 came into force July 1 and re-
it the biggest danger to the indictments. places the 1994 North Ameri-
country’s stability, former and “I feel that the Jalisco car- can Free Trade Agreement, or
current security officials say. tel is on a crusade of ven- Nafta, which Mr. Trump had
The organized-crime group geance for the injuries they criticized as being bad for
has killed more than 100 pub- feel they have suffered,” said American workers.
lic servants in Jalisco state, in- Eduardo Guerrero, a Mexican U.S. goods and services
cluding federal, state and local security analyst. “We are at trade with Mexico totaled an
FRANCISCO GUASCO/EPA/SHUTTERSTOCK

policemen, soldiers, mayors, the beginning of a wave of estimated $671.1 billion in

council members, a state tour- massacres and assassinations 2018, according to the Office
ism minister and a federal of police and judicial officials. of the U.S. Trade Representa-
lawmaker, state officials said. It’s part of a strategy to show tive. The two presidents also
In June, it killed a federal strength to the government.” signed a declaration pledging
judge and his wife. Now, some Calls to Mexico’s public se- cooperation on security, their
analysts worry the attack on curity ministry seeking com- economies and fighting the
the capital’s police chief shows ment weren’t returned. coronavirus.
it is launching a wider cam- The assassination attempt Canadian Prime Minister
paign of retribution. on the life of Mexico City’s po- Justin Trudeau, whose country
“These people have the fire- lice chief, who commands a is part of the trade agree-
power and the money to chal- ing plants, has become Mexico’s targeted attacks on civilians as tics. Mexican soldiers have force of some 90,000 officers, ment, didn’t attend the meet-
lenge the Mexican state,” said bloodiest battlefield. It is where a tool to force the government seized makeshift factories in represents an unprecedented ing over concerns of travel
Renato Sales, Mexico’s secu- the Jalisco cartel is fighting lo- to back off. “We are still deal- Jalisco’s mountains where car- challenge, some analysts say. during the pandemic, officials
rity commissioner from 2015 cal gangs to wrest control of a ing with criminals who want to tel members assemble their Mr. García Harfuch’s depart- said.
to 2018. “The Jalisco New $3 billion market in stolen gas- make money and not narco- own assault rifles, a former ment netted major arrests in While many analysts since
Generation Cartel is the most oline. The rehabilitation-center terrorists who want to impose state police chief said. recent months of leaders of two Mr. López Obrador’s election
urgent threat to Mexico’s na- attack is under investigation. a political agenda,” said Some security analysts be- warring Mexico City mafias, in 2018 expected a turbulent
tional security.” The cartel has also become Manelich Castilla, the former lieve the cartel is responding to one of which is allied with the relationship between the two,
Mexican authorities said in- the No. 1 target for the U.S. head of Mexico’s federal police. recent blows it has suffered on Jalisco cartel. But a top Mexico given Mr. Trump’s remarks
tercepted telephone calls show Drug Enforcement Administra- What is clear, however, is both sides of the U.S.-Mexico City official said the attack may about migrants and his plans
the cartel in recent weeks has tion, which has put up a $10 that the cartel is growing border. Some of those blows have been a personal vendetta. to build a wall along the U.S.-
drawn up a target list of top million reward for information have been deeply personal. In Mr. García Harfuch was the Mexico border, both leaders
government officials. One of leading to the capture of its February, Ruben Oseguera, the head of the intelligence division have collaborated closely.

27
them, officials say, was Mr. leader, Nemesio Oseguera, a 30-year-old son and heir ap- of the federal police when Mr. Mr. López Obrador’s gov-
García Harfuch, the Mexico City former Mexican municipal po- parent of the cartel leader, was Oseguera’s son was arrested in ernment has worked to stem
police chief. Another was En- lice officer who once served extradited to the U.S. to face 2015, the official said. the flow of migrants toward
rique Alfaro, the governor of Ja- time in a California prison for drug charges in Washington. The cartel’s growing asser- the U.S. border, helping Mr.
lisco, whose capital Guadalajara dealing heroin. Mr. Oseguera The Jalisco cartel operates in The younger Oseguera had tiveness presents Mexican Pres- Trump to achieve one of his
is Mexico’s second-largest city. is believed to be hiding in the most of Mexico’s 32 states been fighting extradition since ident Andrés Manuel López Ob- key campaign promises, and
“This is an example of the mountains in southern Jalisco. his arrest in 2015. But extradi- rador with a dilemma. The supported the renegotiation of
challenge the Mexican state is In its 2019 annual report, the tions by Mexico to the U.S. president took office in 2018 the trade pact. Mr. Trump, in
being confronted with,” Mr. DEA said the cartel has distribu- have soared this year after U.S. with the promise he would do turn, backed Mexico amid the
Alfaro said in a radio inter- tion hubs in Los Angeles, New more bold. Attorney General William Barr away with Mexico’s spiraling vi- coronavirus pandemic by
view last week, after disclos- York City, Chicago, Houston and The CJNG, as it is known for made them a priority in talks olence by attacking poverty. So sending it hundreds of ventila-
ing that federal officials had Atlanta. The U.S. Justice Depart- its initials in Spanish, now oper- with top Mexicans officials. far, violence has risen further, tors and taking on part of the
warned him his name was on ment considers it “the most ates in 27 of Mexico’s 32 states, In June, a federal judge and and Mexico posted a record oil production cut that Mexico
the hit list. “What we are see- well-armed cartel in Mexico.” up from 16 states in 2015, ac- his wife were shot and killed number of homicides in 2019. should have implemented as
ing is a threat to institutions.” For veterans of Latin Amer- cording to a recent Mexican in- in Colima state, which neigh- “López Obrador is in a co- part of a global deal in April
Last week, gunmen burst ica’s drug wars, the attacks on telligence report. While rival bors Jalisco. The judge played nundrum,” said Falko Ernst, a to shore up oil prices.
into a drug-rehabilitation cen- Mexican security forces are an cartels have been weakened by a role in one of the cases security analyst with non- White House officials say
ter in the city of Irapuato, in unsettling reminder of the cam- internal conflicts, the Jalisco against the younger Oseguera. profit International Crisis illegal migration is down con-
the central Mexican state of paign waged by cocaine kingpin cartel has kept a broadly uni- Ruben Oseguera has said he Group. “If he acts boldly, he siderably and that drug sei-
Guanajuato, and killed 28 peo- Pablo Escobar against the Co- fied leadership, a Mexican intel- is innocent of all charges would be undermining his own zures have totaled more than
ple. Guanajuato, home to thou- lombian state in the late 1980s. ligence official said. against him. rhetoric. If he doesn’t act, the $1 billion—factors the officials
sands of American retirees, as Others think the Jalisco car- The gang is known for its In June, Mexico’s Finance cartels would see it as a mes- say contribute to the stronger
well as major auto-manufactur- tel is still a long way off from paramilitary training and tac- Ministry said it had frozen sage of impunity.” relationship.

WORLD WATCH
U.N. Official Calls U.S.,
RUSSIA
Company Refuses
IVORY COAST
Presidential Nominee Iran Strikes Unlawful
To Pay for Arctic Spill Of Ruling Party Dies BY SUNE ENGEL RASMUSSEN of attacks across the Middle
East, including on U.S. troops
The Russian mining company Prime Minister Amadou Gon A top United Nations inves- and interests. The U.S. desig-
that saw a massive fuel leak at Coulibaly, the presidential candi- tigator condemned the U.S. nated him a terrorist in 2005.
one of its Arctic installations in date of Ivory Coast’s ruling party, killing of Iranian Maj. Gen. After the U.S. on Jan. 3
May is refusing to pay some $2 died Wednesday just days after Qassem Soleimani in January struck Gen. Soleimani’s convoy
ANDREJ ISAKOVIC/AGENCE FRANCE-PRESSE/GETTY IMAGES

billion in damages sought by the returning from two months of as unlawful, saying Washington in Baghdad with a drone, kill-
Russian government to cover medical treatment in France, failed to provide sufficient evi- ing him and several others,
the cleanup, and has questioned where he previously had under- dence that he posed an imme- White House officials said
how the figure was calculated. gone a heart transplant. diate threat to American inter- they had acted in self-defense.
At least 20,000 tons of fuel Mr. Coulibaly’s death throws ests to justify the drone strike. “Soleimani was plotting im-
seeped from a holding tank at a the October presidential election Agnes Callamard, the U.N.’s minent and sinister attacks on
power plant run by a subsidiary into disarray, raising concerns special rapporteur on extrajudi- American diplomats and mili-
of Norilsk Nickel, or Nornickel, about who now will represent cial, summary or arbitrary exe- tary personnel, but we caught
contaminating a swath of land the party of President Alassane cutions, also deemed illegal him in the act and terminated
and several ecologically impor- Ouattara, who is required to step Iran’s retaliatory missile strikes him,” President Trump said on
tant bodies of water in what the down after his second term. five days later, which targeted a Jan. 3. However, in a letter sub-
Russian branch of environmental Mr. Coulibaly, 61 years old, base in Iraq housing U.S. troops. mitted to the U.N. Security
group Greenpeace called the hadn’t spoken publicly about “To the extent that evidence Council on Jan. 8, which
worst spill the Arctic had seen. why he went to France back in points to the U.S. and Iranian formed the basis for the U.N. in
Nornickel said it would pay May. Many speculated that his strikes being retaliations or determining the legality of the
for the cleanup itself and work Protesters opposed to a weekend curfew to combat a coronavirus health problems were related to reprisals, each would be un- strike, the U.S. didn’t mention
with the state’s environmental resurgence protested Wednesday in Serbia’s capital Belgrade. his 2012 heart transplant. lawful,” the U.N. rapporteur any imminent threat and
watchdog, other federal bodies Mr. Ouattara’s party has been said in a report focusing on pointed solely to past incidents,
and independent experts “to SERBIA backtracked on his plans to rein- in power since postelection vio- the use of armed drones, and Ms. Callamard’s report said.
completely restore the ecosys- state a lockdown in Belgrade, lence a decade ago left some in particular the killing of Gen. The definition of self-de-
tem of the accident area.” President Backtracks but it didn’t stop people from 3,000 people dead after then- Soleimani, that she is set to fense used by the U.S. to jus-
Nornickel has also suggested On Pandemic Curfew firing flares and throwing stones President Laurent Gbagbo re- present Thursday in Geneva, a tify the drone strike against
the disaster was caused by melt- while trying to storm the parlia- fused to acknowledge his defeat copy of which was seen by The the general was in “complete
ing permafrost, echoing environ- Police fired tear gas at pro- ment building. Several people in a runoff vote. Wall Street Journal. contradiction” with interna-
mentalists and scientists who say testers in Serbia’s capital during were injured during the chaotic Mr. Coulibaly returned home six As head of a clandestine tional jurisprudence, she said.
global warming might pose a a second day of demonstrations clashes in front of the parlia- days ago. He attended a ministe- wing of Iran’s Islamic Revolu- A spokeswoman for the U.S.
threat to other oil and gas installa- against the president’s handling ment on Wednesday, including rial meeting in Abidjan Wednes- tionary Guard Corps responsible State Department said the re-
tions across the region of Siberia. of the coronavirus outbreak. some of the opposition leaders. day, but fell ill, officials said. for military operations abroad, port undermined human rights
—Ann M. Simmons President Aleksandar Vucic —Associated Press —Associated Press Gen. Soleimani ordered dozens by “giving a pass to terrorists.”
 TECHNOLOGY: TWITTER SIGNALS INTEREST IN DEVELOPING SUBSCRIPTION SERVICE B4

BUSINESS & FINANCE

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Thursday, July 9, 2020 | B1

Discounters like Southwest, Ryanair, Wizz and easyJet have returned capacity
quicker than legacy airlines.
U.S. airline capacity by number of seats, 5 Seat capacity, in millions:
Audit Assails
Facebook
in millions By selected U.S. airlines By selected European airlines

4 Southwest Ryanair
American Wizz Air
20 Delta Air France
3

On Content
United easyJet

Legacy carriers 2 2
16
1 1
BY JEFF HORWITZ also calls Facebook’s efforts in-
adequate.
0 0 Facebook Inc. and its de- “Unfortunately, in our view
12 March April May June March April May June tractors tried to win over ad- Facebook’s approach to civil
vertisers Wednesday, after a rights remains too reactive and
company-commissioned audit piecemeal,” said the report, re-
found continued problems with leased the day after Facebook
how the social media company Chief Executive Mark Zucker-
8 polices hate speech and other berg met with civil-rights ad-
problematic content on its vocates who have organized an
platform. advertiser boycott of the plat-
The auditors’ report, by form.
civil-rights attorney Laura “Many in the civil rights
4 Low-cost carriers Murphy and a team from law community have become dis-
firm Relman Colfax PLLC, heartened, frustrated and an-
praises the social-media com- gry after years of engagement
pany for undertaking a self-ex- where they implored the com-
amination and making some pany to do more to advance
0 meaningful changes, including equality and fight discrimina-
Source: OAG March April May June instituting rules against voter tion, while also safeguarding
suppression and creating a free expression,” the report

As World’s Big Airlines Retrench,

team to study algorithmic bias. said.
But the 100-page document Please turn to page B4

Some Carriers Detect an Opening GM Suffers Setback

BY BENJAMIN KATZ
AND ALISON SIDER
While the global aviation in-
dustry isn’t forecasting a return
ganizations and higher costs—
are forced to retrench. That is
ers, is also at a standstill,
thanks largely to conflicting
In Fiat Chrysler Suit
to 2019 demand until 2023, Mr. happening again, but on ste- travel restrictions around the BY MIKE COLIAS failed to show it was the pri-
For many of the world’s big Váradi predicts his airline by roids, both because of the scale world designed to keep the mary victim of any alleged
airlines, the coronavirus pan- then will be 50% bigger than it of today’s crisis and the un- pandemic in check across bor- A federal judge dismissed a racketeering activity that Fiat
demic is an existential threat. was before the crisis. usual way demand for tickets is ders. General Motors Co. lawsuit Chrysler officials might have
For Wizz Air Holdings PLC, a In the U.S., low-cost Alle- starting to return as lockdowns As economies emerge from accusing Fiat Chrysler Auto- engaged in.
European budget carrier, it is giant Travel Co., which mostly loosen. their pandemic-induced deep mobiles NV of bribing union Instead, the alleged primary
an opportunity. flies from smaller cities to Business travel, a cash cow freeze, though, some leisure officials to gain an advantage victims were rank-and-file UAW
On a map behind his desk, sunny vacation destinations, for the world’s biggest, full-ser- travel is returning. That is on its labor costs, in an un- workers, who would have re-
founder and Chief Executive said it could snap up jets at vice carriers, is showing no partly because of pent-up de- usual legal standoff between ceived lower pay from any at-
József Váradi has marked with bargain prices as bigger rivals signs of resuming any time mand among fliers eager to get rival automotive giants. tempt by Fiat Chrysler to lower
red pins airports across the retrench and sell aircraft. soon. Companies and execu- away again. Many people who GM in November filed a labor costs, the judge con-
Continent that he is targeting “Our phone rings daily with tives, at least for now, have managed to keep their jobs, but civil-racketeering lawsuit cluded. “GM suffered only indi-
for expansion. Since the pan- deals,” Allegiant CEO Maurice learned to do without. didn’t have anything to spend against Fiat Chrysler, claiming rect competitive harm,” he said.
demic started grounding Gallagher Jr. wrote in a letter “Business travelers, who money on during lockdowns, the Italian-American auto GM said it plans to continue
flights, the Budapest-based air- to shareholders late last month. provide the bulk of our reve- find themselves with more dis- maker intentionally hurt GM by pursuing the case and believes
line has announced plans to “I expect we will thrive in this nue, have not yet returned in posable income. paying off United Auto Workers there is evidence to show that
open eight new bases, including changed environment.” significant numbers,” Delta Air That is benefiting some low- leaders to win more-favorable Fiat Chrysler employees en-
in Milan and Dortmund, Ger- In times of crisis, low-cost Lines Inc. wrote in a letter to cost carriers, who tend to cater contract terms for union-repre- gaged in racketeering that
many, in the next eight weeks. discount carriers often benefit, employees last week. to the leisure-travel market. sented factory workers. harmed GM. “The district
That is expected to amount to while the bigger, network carri- International travel, another Budget carriers, with their On Wednesday, U.S. District court’s opinion is contrary to
100 new routes. ers—with typically fatter or- strong suit for the legacy carri- Please turn to page B2 Judge Paul Borman said GM Please turn to page B6

Wirecard Probed ViacomCBS to Show Champions League Soccer KKR Buys

As Part of Separate Insurer to
Bank-Fraud Case Build Up
JAVIER SORIANO/AGENCE FRANCE-PRESSE/GETTY IMAGES

The Justice Department is steep fees off the transactions.

Asset Pool
examining whether scandal- The Manhattan U.S. Attor-
plagued German payment ney’s office and the New York BY MIRIAM GOTTFRIED
company Wirecard AG played field office of the Federal Bu- AND DAVE SEBASTIAN
a critical role in an alleged reau of Investigation are ex-
$100 million bank-fraud con- amining whether Wirecard KKR & Co. agreed to buy
spiracy connected to an online played a role in the alleged the retirement and life-insur-
marijuana marketplace, ac- conspiracy by serving as both ance company Global Atlantic
cording to people familiar a payment processor and an Financial Group Ltd. for more
with the investigation. offshore merchant bank, the than $4.4 billion, in a deal that
people said. The authorities would boost the private-equity
By Rebecca Davis also are considering the possi- firm’s assets under manage-
O’Brien, Juliet Chung ble role of several former or ment by more than one-third
and Patricia current top Wirecard execu- ViacomCBS landed the U.S. rights to show soccer matches from the UEFA Champions League, a and help it dig deeper into a
Kowsmann tives, two of the people said. deal that adds a popular live-sports property to its CBS All Access streaming service. B4 market rivals have been min-
The attention from U.S. au- ing aggressively.
Two businessmen have al- thorities adds to the myriad KKR, which already man-
ready been charged in the al- legal woes facing Wirecard, ages $26 billion in assets on
leged fraud, accused of con-
spiring with third-party
payment processors and oth-
ers to trick U.S. banks into ap-
which was once more valuable
than any German bank, includ-
ing Deutsche Bank AG. The
company has rapidly unrav-
Walgreens Stores Will Add behalf of insurance companies,
plans to take over management
of roughly $70 billion of Global
Atlantic’s assets. KKR’s total
proving credit-card payments
for marijuana products. The
men were able to do this,
eled following revelations last
month that more than $2 bil-
lion it had claimed to have
Hundreds of Doctor Offices assets under management
would climb to $279 billion
from $207 billion as of March
prosecutors said, by using may never have existed. 31, with the percentage of the
phony companies with ac- The company hasn’t been BY SHARON TERLEP with costly, hard-to-manage der Gourlay, Walgreens co-chief firm’s assets that are deemed
counts at offshore merchant charged in the U.S. bank-fraud chronic conditions. Both chains operating officer. “It became permanent capital—money
banks that in turn earned Please turn to page B2 Walgreens Boots Alliance are seeking new ways to coun- clear that you have to have a that is particularly prized by
Inc., hit by slowing profits from ter smaller revenue from pre- primary care doctor as part of private-equity firms because it
prescription drugs, will attach scription drugs, which drive the the model both physically and doesn’t need to be regularly

INSIDE doctors’ offices to hundreds of

drugstores as the pharmacy
chain seeks to remodel itself as
bulk of their sales. They also
are battling online rivals such
as Amazon.com that have
digitally.”
Drugstores and doctors’
practices have been hurt by
replenished—rising to 33%
from 9%.
In buying a large chunk of
a health-care provider. drawn shoppers away from people staying home during the insurance assets, KKR is fol-
ALEX KRAUS/BLOOMBERG NEWS

The largest U.S. drugstore physical stores. coronavirus pandemic. Patients lowing the path of rivals
ABDOLLAH HEIDARI/REUTERS

chain by stores is pairing with Insurers and hospitals, are putting off visits to their Apollo Global Management
primary-care provider Vil- meanwhile, have been expand- health-care providers for fear Inc. and Blackstone Group Inc.
lageMD to open 500 to 700 ing their clinics or buying up of catching the virus during When the firms take over man-
clinics at Walgreens sites physicians’ practices, making visits. Walgreens is part of a agement of the assets, they
across the country over the more primary-care doctors em- coalition behind an ad cam- help insurers in their aim to
next five years. Walgreens will ployees of larger companies. paign to encourage people to earn more money than they
pay VillageMD $1 billion in eq- For example, UnitedHealth return to their medical provid- have to pay out to policyhold-
uity and debt over the next Group Inc. has acquired a net- ers as the pandemic continues. ers, a task that has become
BUSINESS COMMODITIES three years in exchange for a work of doctor practices, sur- Walgreens in April said store more difficult in an era of low
Bayer’s Roundup Gold ETF inflows 30% stake in the Chicago-based gery centers and urgent-care sales had begun to fall sharply interest rates.
startup by the end of that term. clinics. following an initial surge in de- Estimates put the assets of
settlement hit record Walgreens and rival CVS “We heard from patients mand in March as Americans Please turn to page B10
heads back to as bullion rally Health Corp. are in a race to that they trust their local doc- rushed to stock up in the pan-
negotiations. B3 continues. B11 become go-to treatment cen- tor and they don’t like chang- demic’s early days. The com-  Allstate acquires rival insurer
ters, particularly for patients ing their doctor,” said Alexan- Please turn to page B2 for $4 billion ............................ B11
B2 | Thursday, July 9, 2020 * *** THE WALL STREET JOURNAL.

INDEX TO BUSINESSES BUSINESS & FINANCE

These indexes cite notable references to most parent companies and businesspeople
in today’s edition. Articles on regional page inserts aren’t cited in these indexes.

A
AirAsia Group Bhd......B2
G
General Motors...........B1
Omnicom Group..........B4
P
Bed Bath & Beyond to Close Stores
Alcoa............................B3 H PepsiCo........................B4 BY MARIA ARMENTAL
Alibaba Group.............B4 R
Hennes & Mauritz....B12
Allegiant Travel..........B1
Allstate ..................... B10
Hertz Global HoldingsA1 Relman Colfax.............B1 Bed Bath & Beyond Inc. said
AMC Entertainment A2, I S it would permanently close
B11 ................................ iHeartMedia................B4 Saudi Aramco............B12 roughly 200 stores, a bet that
American Airlines.....B11 ImmunoTek Bio Centers Semiconductor the home-goods chain can ride
Andreessen Horowitz.B6 A6 Manufacturing out the coronavirus pandemic
Apollo Global ........B1,B6 J International.............A2 by shrinking its bricks-and-
Apple.........................B12 Sensor Tower..............A8
J.C. Penney..........A1,B12 mortar footprint.
Athora Holding ......... B10 Simon Property Group
AT&T............................B4
JD.com.........................B4
B12 Bed Bath & Beyond, which
Johnson Controls operates roughly 1,500 stores,
B Sirius XM Holdings .... B4
International.............B5 had to shut many of its loca-
Spotify Technology.....B4
Bank of America.......B10 JPMorgan Chase.......B10
Barrick Gold..............B11
SVB Financial Group...B6 tions starting March 23 be-
K T cause of Covid-19 restrictions
Bayer...........................B3
KKR..............................B1 Tailored Brands...........A6 in the U.S. Despite a jump in
Blackstone Group ....... B1

LUKE SHARRETT/BLOOMBERG NEWS

Brooks Brothers ......... A1 L TikTok..........................A1 online sales, the company’s
Bytedance...................A8 Levi Strauss..............B12 Trane Technologies.....B5 overall revenue for the quarter
Live Nation Twitter ........................ B4
C ended May 30 fell 49% to $1.31
C3.ai.............................B6
Entertainment........B11 U billion.
Carnival ..................... B11 M Unibail-Rodamco- The decline was in line with
Carrier Global..............B5 Marks & Spencer........A6 Westfield ...............B12
the quarterly drops reported by
Chesapeake Energy....A1 McDonald's..................B4 V
Kohl’s Corp., TJX Cos. and
Cole Haan..................B12 N ViacomCBS..................B4 other rivals during the period.
Comcast.......................B4 VillageMD....................B1
National General Unlike those chains, Bed Bath &
E Holdings..................B10 W
Beyond was struggling to draw Most of the stores that will close over the next two years are from the flagship chain.
Elliott Management ... B4 Neiman Marcus Group Walgreens Boots
Emergent Biosolutions A1 shoppers and boost sales be-
Alliance.....................B1
A6 NetEase.......................B4 Walt Disney....A8, B3,B4 fore the Covid-19 pandemic up- “The impact of the Covid-19 tor ousted most of the retailer’s converted about 25% of its
E.W. Scripps................B4 Newmont...................B11 Wirecard......................B1 ended shopping habits and the situation was felt across our leadership, including the co- stores into regional fulfillment
F Nike...........................B12 Wizz Air Holdings ...... B1 U.S. economy. business during our fiscal first founders. He has been trying to centers during the pandemic,
Norwegian Cruise Line Wynn Resorts...........B11 The company, which also quarter, including loss of sales streamline the business and de- nearly doubling its capacity to
Facebook......................B1
Holdings..................B11 Y owns the BuyBuy Baby and due to temporary store closures clutter stores. The retailer’s handle the surge in online
Fiat Chrysler
Automobiles ............. B1 O YRC Worldwide...........B6 Harmon drugstore chains, said and margin pressure from the formula of stocking stores sky- shopping.
most of the stores that will substantial channel shift to dig- high with goods and using cou- Bed Bath said nearly all of
close over the next two years ital,” said Chief Executive Mark pons to lure shoppers had be- its stores are open and offering
INDEX TO PEOPLE are from its flagship chain. It
had 955 Bed Bath & Beyond lo-
Tritton. “We believe Bed Bath &
Beyond will emerge from this
come outdated in a world
where most of the products it
curbside pickup. Digital sales
jumped 82% in the quarter, but
cations as of May 30, so the crisis even stronger.” sells are a click away. those gains were more than off-
B Greenspan, Elyse......B10 N closures represent about 21% of Mr. Tritton was named CEO On Wednesday, Mr. Tritton set by a 77% plunge in sales at
Bannon, Steve............A4 Gundlach, Jeffrey ..... B11 Nuttall, Scott............B10 those locations. last year after an activist inves- said Bed Bath & Beyond had stores due to the closures.
Barra, Mary.................B6 H O
Belardi, James..........B10 Harvey, Roy.................B3 O'Connell, Rhona......B11
Borman, Paul.........B1,B6 Henning, Peter............B6
D
Dalio, Ray..................B11
Davis, Nancy.............B11
J
Jones, Paul Tudor.....B11
L
P
Perdon, Gregory........B11
Pierson, Jamie............B6
Smaller Irving said. “We’ve seen mar-
ket exits, and we’re seeing air-
lines cut capacity.”
as a result.
And discounters that en-
tered the pandemic crisis in a
about 50% in June, and ex-
pects to steadily ramp up
through the remainder of the
S
Del Vecchio, Claudio...A1
F
Foster, Joe ................ B11
Levine, Allan.............B10
M
Sigritz, Brian .............. A3
Smith, Shepard...........B4
Carriers See The industry, even for dis-
counters, is still vulnerable. A
surge of new cases in many
weak position have been buf-
feted. Malaysia’s AirAsia
Group, one of the biggest dis-
year.
Andrew Watterson, chief
revenue officer at Southwest,
Mancini, Chris...........B11 T
G
Gilbert, Dan.................B5
Gordon, Tracy..............A3
Manley, Mike .............. B6
Mark Zuckerberg ........ B1
Mayer, Kevin...............A8
Ta, Quyen....................A6
W
An Opening parts of the U.S., where air-
lines had been banking on a
travel rebound, has already
count carriers in Asia, dis-
closed Tuesday that its ac-
countant had significant doubt
said in June that the airline
has added flights, believing
that some customers were
Greenblatt, Jonathan . B4 Motemaden, David ... B10 Wengui, Guo ..............A4 threatened to derail any na- over its ability to continue as itching to get out and had
Murphy, Laura.............B1 Wilson, Tom................B1 Continued from page B1 scent recovery. a going concern, citing its bal- money to burn after months of
cater to the leisure-travel mar- United Airlines Holdings ance sheet. forced savings. The airline de-
ket. Budget carriers, with their Inc. told employees Monday An AirAsia representative clined to comment on any

Wirecard scribed the government’s in-

dictment as vague and have
disputed the bank-fraud
lower cost structures, can of-
ten move more quickly into
markets from which others are
that reservations started to
slide at its Newark, N.J., hub
when New York, New Jersey
wasn’t available to comment.
For now, though, some car-
riers are moving to take ad-
fresh trends in the wake of vi-
rus resurgence in places such
as Texas.

Probed in charge, saying none of the U.S.

customer banks—the alleged
victims in the case—were
retrenching, said Alex Irving, a
London-based analyst at Bern-
stein. The crisis is also an op-
and Connecticut imposed
quarantine requirements on
travelers from hot spots last
vantage. After early stay-at-
home orders expired in May,
Southwest Airlines Co., Amer-
Wizz Air’s Mr. Váradi pre-
dicts many of his one-time ri-
vals won’t return to the skies.

Fraud Case cheated or lost money. They

also noted that the underlying
marijuana transactions were
portunity for discounters to
renegotiate with suppliers, in-
cluding airports and aircraft
month. Frontier Airlines, a
U.S. discounter, told employ-
ees this week that its bookings
ica’s biggest domestic airline,
launched a fare sale and a
marketing push to get passen-
“It’s one thing to stop the
operation of an airline, it’s an-
other to restart,” he said. “We
legal under state law. lessors. “It’s really about being have taken a hit, and that it is gers back in its planes. It is will see who can fly again and
Continued from page B1 Prosecutors allege that able to capitalize on those evaluating what schedule re- planning to fly at least 65% of for how long they can sustain
matter and hasn’t been identi- Messrs. Weigand and Akhavan strategic opportunities,” Mr. ductions it will need to make its schedule in July, up from it.”
fied in any public court filings. worked with executives at the In addition to its new bases,
When one of the two business- marijuana marketplace—Eaze Wizz Air has doubled the
men—a German e-commerce
consultant—was arrested and
detained in California in
Technologies Inc.—and third-
party payment processors to
launder those transactions, to
Walgreens products as more patients visit
the stores. The company also
aims to make money off its 30%
number of aircraft it plans to
operate under a new subsid-
iary in Abu Dhabi where the
March, a Wirecard executive
offered to help post his bail,
court filings show.
evade credit-card company re-
strictions on processing mari-
juana sales. In an April court
Stores Add stake in VillageMD.
Walmart Inc., the country’s
biggest retailer and a major Build a balanced
incumbent, Etihad Airways, is
pulling back.

A Wirecard spokeswoman
declined to comment.
Wirecard, once a fast-grow-
filing, prosecutors said the
conspirators used the phony
merchants’ offshore bank ac-
Doctors pharmacy operator, is also add-
ing medical services. The com-
pany has opened a handful of
portfolio with
ing German fintech company counts to disguise payments, clinics with doctors and den-
that appeared to thrive with
the rise of online commerce,
tricking U.S. banks into pro-
cessing tens of millions of dol-
Continued from page B1
pany will report financial re-
tists that offer flat-fee primary
care, such as $25 dental X-rays
Fractional Shares
served as a financial middle- lars in marijuana purchases sults for its May-ended quarter and $40 office visits. The com-
man for online businesses, in- made through Eaze’s platform. on Thursday. pany plans to expand the clin-
cluding processing electronic In a search-warrant applica- VillageMD, a network with ics broadly across Walmart’s
payments for retailers, gam- tion for Mr. Weigand’s elec- more than 2,800 physicians, 4,700 U.S. stores, said Sean
bling sites, travel companies tronic devices, an FBI agent has had a 15% to 20% drop in Slovenski, president of Walmart Invest in stocks you want
and other services. said the government was seek- primary-care visits amid the U.S. health and wellness, in an
But Wirecard has long been ing evidence of charges includ- pandemic, said Tim Barry, the interview. regardless of the share price
dogged by allegations from in- ing bank fraud, money laun- startup’s co-founder and CEO. “The intent is to spread
vestors that the company used dering and conspiracy. He said the drop-off is less se- across the majority of the fleet,
third parties and shell compa- “We are aware of this mat- vere than declines of 40% or but the clinics won’t be the IBKR offers Fractional Shares on
nies to generate fake revenue, ter and are fully cooperating more in the broader industry. same across the entire fleet,”
or claimed to hold cash that with the relevant authorities,” Executives from both com- he said last October, soon after more US Stocks, ETFs and ADRs
wasn’t there. The company California-based Eaze said last panies said the deal was ad- the first new clinic opened in than any other broker1
filed for the German equiva- week. Eaze wasn’t named in vancing before coronavirus. Georgia. The first locations
lent of bankruptcy last month, the indictment and hasn’t In adding primary-care doc- were stand-alone clinics next to
days after it disclosed the been charged. tors to its model, Walgreens is Walmart supercenters. Newer
missing $2 billion. Wirecard wasn’t named in diverging from CVS, which has versions are inside existing PICK PICK YOUR
Its chief executive, Markus the indictment or in any public said that physicians aren’t stores. YOUR
Braun, resigned last month court filings. The people famil- needed to create so-called Critics, including some in- $ AMOUNT
and is out on bail after being iar with the investigation said health-care hubs. CVS is creat- dustry analysts, health-care ex-
STOCK
arrested over accusations he Wirecard executives worked ing hubs inside its stores where perts and physician groups, ar-
inflated Wirecard’s numbers. with Messrs. Akhavan and patients would go to seek medi- gue that Americans aren’t Share Price2 Share %
Mr. Braun has consistently de- Weigand to create a payment cine, consultations and lab tests ready to accept their local
nied wrongdoing. His lawyer processing network that au- drugstore as a trusted health
didn’t respond to a request for thorities say skirted banking provider. Some also say the NFLX $
25 $
493.81 5.06%
comment. A second, unnamed rules and defrauded U.S. banks.
The chain is in a depth and complexity involved
executive was arrested in Mu- Mr. Weigand has been held in successfully treating chronic TSLA $
25 $
1,371.58 1.82%
nich this week under suspicion at a Southern California jail race with rival CVS conditions can’t be addressed
of conspiracy to commit fraud.
Munich prosecutors said
since his arrest. Manhattan
federal prosecutors have ar-
to become go-to by pharmacy chains.
Health-care industry lines GOOG $
25 $
1,495.70 1.67%
they are investigating former gued for his continued deten- treatment centers. are being redrawn and provid-
managers to determine tion, saying he poses a sub- ers are under pressure to re- AMZN $
25 $
3,057.34 0.82%
whether they faked income to stantial flight risk. vamp themselves. A high-profile
fool investors about the com- In an April letter to U.S. health venture backed by Ama-
pany’s health. District Judge Jed S. Rakoff to manage chronic conditions zon, JP Morgan Chase & Co. $
100 Stock Portfolio
The U.S. case appears to re- seeking their client’s release, such as diabetes and hyperten- and Berkshire Hathaway Inc.
late to Wirecard’s work in Mr. Weigand’s lawyers pro- sion. has shown little to the public
emerging markets, its banking posed a bail package including Both drugstore giants say three years after it was an-
arm and its payment process- a $4 million bond, secured by their ubiquity in American nounced. The venture’s chief ex-
ing services. U.S. authorities’ Mr. Weigand’s Luxembourg communities makes pharmacies ecutive recently stepped aside.
interest in Wirecard indicates home, and $1 million in cash a logical hub for people seeking Walgreens has been working
an investigation of far larger provided by Mr. Weigand’s treatment for chronic ailments, with VillageMD since last year, Start Investing Today!
scope than suggested in the friends. One of those friends, which are often exacerbated as when the companies opened
initial charges involving the Markus Fuchs, offered to con- patients struggle to take their five joint VillageMD locations
marijuana marketplace. tribute $150,000 toward the medications regularly and ad- in Houston. Walgreens’ Mr.

ibkr.com/fractional
On March 9, Ruben cash package, according to the here to medical regimens. Gourlay said patients’ adher-
Weigand, a 38-year-old Ger- court filings. Mr. Fuchs is vice CVS, which acquired insurer ence to medications improved
man citizen and resident of president of global sales at Aetna Inc. in 2018, said its at the pilot locations, convinc-
Luxembourg, was arrested at Wirecard Global Sales GmbH, health-hub model will drive ing the company the model
Los Angeles International Air- based in Munich, according to down the cost of health care, should expand. Available for
port on his way to Costa Rica. his LinkedIn account. He was savings that will then be cap- VillageMD, which has bought
His co-defendant, Hamid also named as a director of tured by its new insurance arm. up primary-care offices across
Individuals and Advisors3
“Ray” Akhavan, was arrested Wirecard’s holding company in It aims to have 1,500 health the country, will move existing
Member - NYSE, FINRA, SIPC – Any trading symbols displayed are for illustrative purposes only
later that month. Both were the U.K. in a September bond hubs opened by 2021. physicians into the Walgreens- and are not intended to portray recommendations. [1] Source - Investopedia.com. Fractional
charged with one count of prospectus. Walgreens, which has opted adjacent clinics. Trading Availability by Broker, as of June 9, 2020. Competitor offers subject to change without
notice. Services vary by firm. For complete information, see ibkr.com/info. [2] Share prices as of
conspiracy to commit bank Mr. Fuchs also wrote a letter to partner with rather than ac- The cost of a VillageMD of- 07/06/2020 [3] Restrictions apply. Nothing contained herein should be construed as investment
fraud in connection with the of support for Mr. Weigand, de- quire insurers or other compa- fice visit will vary based on the advice, either on behalf of a particular security or an overall investment strategy. Neither
Nasdaq nor any of its affiliates makes any recommendation to buy or sell any security or any
marijuana transactions and scribing him as one of his clos- nies, said the VillageMD pairing patient’s insurance coverage representation about the financial condition of any company. Investors should undertake their
have pleaded not guilty. est friends. will benefit it financially by and services rendered. own due diligence and carefully evaluate companies before investing. © 2020. Nasdaq, Inc.
All Rights Reserved. nasdaq.com ADVICE FROM A SECURITIES PROFESSIONAL IS STRONGLY
Lawyers for Messrs. Akha- Mr. Fuchs didn’t respond to driving up prescription sales as —Sarah Nassauer ADVISED. 07-IB20-1336
van and Weigand have de- requests for comment. well as sales of related medical contributed to this article.
THE WALL STREET JOURNAL. * * Thursday, July 9, 2020 | B3

BUSINESS NEWS

Bayer’s Roundup
Settlement Heads
Back to Negotiation
BY SARA RANDAZZO and try to blame Bayer.
The Environmental Protec-
Bayer AG is scrapping a tion Agency and other regula-

CHARLOTTE KESL/BLOOMBERG NEWS

$1.25 billion proposal for re- tors have said glyphosate
solving future lawsuits over doesn’t cause cancer. Three
whether its Roundup weed- California juries, meanwhile,
killer causes cancer, highlight- have concluded that Roundup
ing the difficulty of settling caused plaintiffs’ illnesses and
litigation over a product still awarded large verdicts.
on the market. Legal observers say a backup
The snag doesn’t affect plan that meets the judge’s ap-
deals valued up to $9.6 billion proval could take a few forms,
that Bayer reached with law- including allowing the science The Orlando, Fla., park will begin a phased reopening starting on Thursday, after months being closed by the pandemic.
yers representing tens of panel to conduct new research

Disney World Set to Restart

thousands of plaintiffs who rather than simply analyzing
blame Roundup for making existing studies. “In an area
them sick. It does, however, where the science may be
call into question how the Ger- evolving, how could it be ap-
man conglomerate will ever propriate to lock in a decision
fully put to rest the Roundup from a panel of scientists for all Theme park to operate have cost the company dearly.
liabilities it inherited when it future cases?” Judge Chhabria at reduced capacity, A popular summer day at Walt
purchased seed and pesticide wrote in his order. Bayer could Disney World can attract more
maker Monsanto Co. in 2018. also alter a proposal it made to with characters like than 200,000 guests and gen-
Bayer asked a federal judge monitor current Roundup users Cinderella from afar erate tens of millions of dol-
in San Francisco to approve a to see if they develop non- lars in revenue, according to a
unique type of class action that Hodgkin lymphoma, to better BY ERICH SCHWARTZEL former executive at the parks.
would dictate how people can use that monitoring to come up AND R.T. WATSON Disney World will have been
sue the company in the future with new research. closed for 118 days when it re-
over claims that Roundup Another option, said Univer- Langley Roby, a 38-year-old opens to the broad public on
causes non-Hodgkin lymphoma. sity of Connecticut law profes- teacher, counts traveling to Saturday.
The proposed class action de- sor Alexandra Lahav, is to wait Walt Disney World in her Disney’s parks in Shanghai

LANGLEY ROBY
pended on the creation of a for decisions in the appeals that mother’s womb as her first and Hong Kong have already
panel of scientists that would Bayer is pursuing in the three visit to the theme park in Or- reopened, allowing revenue to
definitively conclude whether Roundup cases that have gone lando, Fla. Her mother was six start flowing back to what had
Roundup and its active ingredi- to trial. Those appeals rest on months pregnant, but that been the company’s fastest-
ent, glyphosate, are carcinogens. the idea that the jury verdicts didn’t stop her from riding Langley Roby, second from right, is eager for Disney World to reopen. growing division. In May, Dis-
U.S. District Judge Vince are in contrast with the conclu- Space Mountain, says Ms. Roby. ney said the coronavirus had
Chhabria said this week he was sions of the EPA, which has told Ms. Roby’s next visit to Dis- World carries a symbolic pull, theme-park safety guidelines. taken about $1 billion in reve-
skeptical that a science panel Bayer it can’t put a cancer ney World may end up being with its closures and reopen- Far less opposition has nue from its parks division in
could fairly replace judges and warning label on the weedkiller even more unusual. Ms. Roby, ing plans serving as something emerged among the Walt Dis- the January-to-March quarter,
juries in the case, and that he since the agency determined from Owensboro, Ky., plans to of a barometer for the eco- ney World workforce, though when a majority of parks were
was unlikely to sign off on the the product isn’t carcinogenic. arrive at the park early Thurs- nomic resuscitation at large. the company has faced push- closed for only a few weeks. In
idea. “Although the court is not The problem for companies day morning to be among the The timing is particularly back over plans to have work- August, the company will dis-
aware of any Plan B, it would be trying to resolve any mass first guests welcomed back fraught, as the number of cor- ers self-screen for coronavirus close earnings from the fol-
surprising if none existed given tort, Ms. Lahav said, is how to into the Magic Kingdom since onavirus cases in Florida symptoms. lowing quarter, when the do-
the stakes involved and the nov- put an end date on liability. the coronavirus pandemic reaches record levels. Disney The Actors’ Equity Associa- mestic parks were shut down
elty of Plan A,” the judge wrote “What is a way to cabin it and closed its gates in March. is introducing safety measures tion, which represents some and the international locations
after expressing his concerns. control it, while still being fair “It’s never going to be that will inevitably disrupt the performers at the park, has open only for a limited time.
Bayer and plaintiffs’ law- to people?” she said. cleaner than it is that day,” escapist environment of the called on Disney to postpone Many of the most iconic as-
yers said Wednesday they will As Bayer works to recast the said Ms. Roby, who said she Happiest Place on Earth. the opening as cases in Florida pects of a trip to Disney World
work on refining the idea and class-action proposal, it contin- has visited Disney World The park is open to annual rise. “It is deeply disturbing have been reimagined for the
bring it back to the judge. ues to negotiate with lawyers about 40 times. “I feel like it passholders like Ms. Roby on that while coronavirus cases Covid era. Characters such as
Elizabeth Cabraser, a well- who have existing cases. At the will honestly be a safer envi- Thursday and Friday, with the in Florida surge, Disney is re- Cinderella or Gaston wave
known class-action expert rep- time of its June settlement, ronment than just going to the Magic Kingdom and Animal fusing to provide regular test- from balconies—or trot
resenting the plaintiffs, said Bayer said it had settled with grocery [store] or any place Kingdom areas opening to the ing to one of the few groups of through the park on horses—
they “remain strongly commit- lawyers representing 75% of the local because Disney has so general public on July 11, fol- workers in the park who by rather than walk the grounds
ted to a fair and just resolu- 125,000 known plaintiffs and much on the line.” lowed by Epcot and Disney’s the very nature of their jobs, and interact with guests.
tion.” Bayer echoed that, say- set aside between $8.8 billion Walt Disney Co. is counting Hollywood Studios four days cannot use personal protective If workers see customers
ing it will seek “a viable and $9.6 billion to cover the en- on die-hard fans like Ms. Roby later. equipment,” said Mary McColl, flouting the mandatory-mask
solution to manage and resolve tire batch of existing claims. to weigh the risks of traveling Workers at Disneyland Re- executive director of Actors’ rule, they are to approach
potential future litigation.” Plaintiffs’ lawyers unsatis- amid a pandemic and still de- sort in Anaheim, Calif., vocally Equity Association. them with the same demeanor
Bayer plans to continue sell- fied with settlement offers, cide to head to the park. In opposed Disney’s plans to re- A Disney spokeswoman said as when they see someone
ing Roundup with no change to meanwhile, are still signing up the most crucial test yet of its open there, culminating in a Actors’ Equity members won’t smoking in a nondesignated
its label for use in commercial new clients. Legal marketers ability to resume operations protest outside the park and a be called back to work during space, said Eric Clinton, presi-
farming and everyday garden- say television advertisements while keeping consumers safe, consortium of unions pleading the phased reopening. “We re- dent of an Orlando union local
ing. But doing so makes it dif- urging Roundup users with Disney will begin opening its with California Gov. Gavin gret that their union hasn’t ac- whose members operate rides
ficult for the company to fully non-Hodgkin lymphoma to call flagship park in phases start- Newsom to ask Disney to de- cepted the safety protocols.” and perform custodial work at
contain lawsuits filed over the number on the screen con- ing on Thursday and continu- lay. The company ultimately Disney is significantly re- the park. From there, things
Roundup’s safety since people tinue to air around the country. ing through July 15. Other did, saying it couldn’t reopen ducing its capacity at the park. can escalate to summoning se-
who use the product today —Micah Maidenberg theme parks have begun wel- on schedule after state offi- But any revenue is welcome curity or making the guest
could get sick years from now contributed to this article. coming visitors, but Disney cials delayed the release of after months of closures that leave the park.

Alcoa Counters Weak Demand With Cost Reductions

BY BOB TITA Chief Executive Roy Harvey in Washington has been idle the added output should par- tion of the new U.S. trade low aluminum prices globally.
said. for several years, and the tially offset declining prices agreement with Canada and Alcoa on Wednesday fore-
Alcoa Corp. said job cuts Alcoa in April said it would company has sold some over- for aluminum. The Aluminerie Mexico. cast second-quarter revenue
and other cost reductions have curtail production at its seas operations, including two de Bécancour smelter has The tariff’s reinstatement of $2.1 billion to $2.18 billion,
helped trim losses stemming smelter in Ferndale, Wash., smelters in Spain. been ramping up for the past would allow domestic produc- slightly above analysts’ esti-
from lower aluminum prices cutting about 700 jobs there. Alcoa said its raw alumi- year after unionized employ- ers to raise their prices, but mates. The company expects a
as the coronavirus pandemic The company also has shifted num production increased ees entered into a six-year would add to Alcoa’s cost for quarterly loss of $190 million
weighed heavily on the indus- production to more commod- about 3% in the second quar- contract that ended a lockout supplying Canadian-made alu- to $205 million, or between
trial economy. ity-grade aluminum ingots ter, compared with the first that began in early 2018. The minum to U.S. customers. Al- break-even and a loss of 8
The Pittsburgh-based com- sold by distributors as de- quarter, even as the pandemic plant employs 900 workers. coa, which owns its Quebec cents on an adjusted per-share
pany on Wednesday said be- mand fell for higher-cost cus- caused widespread outages at Alcoa opposes lobbying ef- smelter with Rio Tinto Alcan basis.
cause of those measures its re- tom aluminum products and factories. forts by other aluminum man- Inc., has two other smelters in Analysts polled by FactSet
sults for the latest quarter due alloys used by the automotive The company said the first ufacturers for the reinstate- Canada as well. had expected an adjusted loss
out next week will be better and construction industries. quarter is typically its weak- ment of a 10% tariff on Mr. Harvey has argued that of 58 cents a share.
than expected. The reduction at the Fern- est quarter for production. aluminum imports from Can- the duties are misdirected as Alcoa’s shares fell 1.25% to
“We realized gains in pro- dale smelter is the latest cost- Alcoa said it continues to ada. The duty was lifted by they don’t address excess alu- $11.09 in trading Wednesday.
ductivity, cost savings and also cutting step taken by Alcoa in restore production at its the Trump administration minum production in China, —Matt Grossman
increased our cash balance,” recent years. Another smelter smelter in Quebec, and said last year to facilitate comple- which he says is the cause of contributed to this article.

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B4 | Thursday, July 9, 2020 * **** THE WALL STREET JOURNAL.

TECHNOLOGY & MEDIA WSJ.com/Tech

Omnicom Plans Podcast-Ads Buy Twitter

The $20 million deal publisher the Ringer, which
Works on
with Spotify comes as
audiences grow and
makes many podcasts. It is
planning a criminal-justice
podcast co-produced and co-
Subscriber
ad targeting improves
hosted by Kim Kardashian
West, and recently won exclu-
sive rights to the popular pod-
Platform
BY NAT IVES cast from Joe Rogan in a li- BY ROBERT MCMILLAN
censing deal the Journal
Omnicom Media Group reported is worth more than Twitter Inc. said it was de-
plans to spend $20 million on $100 million. veloping a subscription service
advertising in podcasts dis- Podcasting’s rise has been that could give the social-media
tributed by Spotify Technol- slowed in part by fragmenta- company a new revenue source
ogy SA under a deal covering tion and the lack of digital at a time when it is under pres-
the second half of this year, marketing tools such as ad- sure to boost earnings.
the companies said. dressability, said Dawn Os- The San Francisco company
It isn’t the first plan for troff, the chief content and ad- said in a job posting for a se-
significant spending ahead of vertising business officer at nior software engineer that it
time for the fast-growing pod- Spotify. was “building a subscription
casting industry. iHeartMedia “There’s not even a unified platform” under a team code-
Inc. has been handling much metric by which podcasts are named Gryphon and seeking
of its podcast sales through being looked at by advertis- someone to lead payment and
upfront negotiations for al- ers,” she said. subscription client work.
most a year, according to In January, Spotify intro- Gryphon appears to be soft-

SPOTIFY/GIMLET
Conal Byrne, president of the duced a method of letting ad- ware that would be accessible
company’s iHeartPodcast Net- vertisers know how many peo- to Twitter’s internal teams
work. ple heard a given ad in a looking to add subscription op-
But advertisers typically podcast, rather than through tions to their products, accord-
sponsor individual series when Carrie Coon records ‘Motherhacker,’ a scripted fiction podcast produced by Spotify’s Gimlet Media. the common method of count- ing to the job description. “This
it comes to podcasts, where ing downloads for an episode, is a first for Twitter!” the com-
advertising is growing rapidly several million dollars through podcast format may increase podcast unit for around $300 and to insert ads in podcasts pany said in the posting.
but remains relatively small. Omnicom to advertise in pod- metrics even further,” she million, The Wall Street Jour- that have already been re- Chief Executive Jack Dorsey
Marketers are projected to casts in 2019, she said. said. nal reported this week. The corded. The technology, is under pressure to boost re-
spend $863.4 million on ad- Omnicom Media Group, The deal also calls for col- company last year struck an Streaming Ad Insertion, also sults after a battle with Elliott
vertising in U.S. podcasts this part of advertising-agency laboration on research and a exclusive deal for podcasts provides insight into the audi- Management Corp. The activ-
year, up from $678.7 million in holding company Omnicom first crack at new shows for from Walt Disney Co.’s Marvel ences reached and marketing ist investor sought to remove
2019, according to the Interac- Group Inc., is increasing its Omnicom Media Group clients, Entertainment. outcomes, Spotify said. the part-time chief, who splits
tive Advertising Bureau and podcast investment now partly which include McDonald’s Spotify last month formed The spread of ad technol- his time with financial technol-
PricewaterhouseCoopers. By because audiences continue to Corp., PepsiCo Inc. and AT&T its own pact for superhero ogy and better measurement ogy company Square Inc. The
comparison, ad revenue from grow and partly because tech- Inc. podcasts from the DC unit of will encourage larger ad buys sides agreed to a truce with
digital video in 2019 was $21.7 nology is making the ads more Big media and technology AT&T Inc.’s Warner Bros. En- in podcasting, but it is still Twitter pledging to seek stron-
billion, the IAB said. targetable and measurable, companies have been trying to tertainment Inc., plus other early going compared with ger revenue growth.
“It’s a big deal, a very big Ms. Sullivan said. capture more of podcasts’ fiction podcasts using Warner other digital media, said Zoe The job description offered
deal versus what we’ve done “We know that audio works growth for themselves, and to Bros. properties. It also has Soon, vice president at IAB’s few details on the subscription
in the past,” said Catherine very well at increasing con- accelerate it. acquired podcast producer Consumer Experience Center project, but said the hire would
Sullivan, chief investment offi- sumer attitudes and driving Sirius XM Holdings Inc. is Gimlet Media Inc., podcast of Excellence. be working closely with the
cer at Omnicom Media Group action, but we believe that nearing a deal to buy E.W. publisher Anchor FM Inc. and “Those are all things to company’s payments team and
North America. Clients spent adding addressability to the Scripps Co.’s Stitcher Inc. the sports-and-pop-culture crack,” she said. the web-based Twitter.com
group. The job would be based
in New York, where Twitter al-

ViacomCBS to Show Champions League Soccer ready has an office.

A person familiar with Twit-
ter’s plans said the company
was exploring a variety of reve-
BY BENJAMIN MULLIN annual March Madness colle- on the service as part of a bid to nue-generating initiatives. No
AND JOSHUA ROBINSON giate basketball tournament, expand its subscriber base. product decision has been
which is a reliable ratings The company’s streaming made, the person said.
ViacomCBS Inc. landed the driver for both CBS Sports and strategy doesn’t solely rely on Twitter shares rose more
U.S. rights to show soccer Turner Sports. The pandemic CBS All Access. ViacomCBS an- than 7% Wednesday.
matches from the UEFA Cham- has also created added uncer- nounced this month that it was Twitter has enjoyed strong
pions League, the company tainty for the National Football licensing some of its popular TV user growth this year as people
said, a deal that adds a popular League season, a major staple shows and movies to Comcast flocked to the platform during
live-sports property to its CBS of broadcast and cable TV. Corp.’s NBCUniversal unit for its the pandemic. But the company
All Access streaming service. A spokeswoman for Viacom- Peacock streaming service. has struggled to translate that
The four-year agreement, CBS declined to comment on ViacomCBS said on its first- popularity into financial gains.
terms of which weren’t dis- whether the deal had a provi- quarter earnings call that its
closed, gives ViacomCBS exclu- sion that allows the company domestic streaming and digital-
sive English language rights to to withhold rights fees if an video revenue rose by over half
show Champions League outbreak of coronavirus puts compared with the same period
PHIL NOBLE/REUTERS

matches, including on its CBS the UEFA matches on hold. in the previous year.
broadcast network, the CBS The deal provides a popular U.S. television hasn’t always
Sports cable network and CBS live-sports property for CBS All been a happy home for the
All Access, the company said. Access, which ViacomCBS has Champions League. CBS will be
The deal also covers two other anointed as its flagship direct- the competition’s third broad-
competitions, the UEFA Europa to-consumer streaming service. caster in five years, following
DIA DIPASUPIL/GETTY IMAGES

Liverpool plays Atlético Madrid in the Round of 16 in March.

League and UEFA Europa Con- “It’s great timing for us as challenging stints by Fox Sports
ference League. Turner Sports in June opted two weeks. ViacomCBS’s deal we embark on expanding CBS and Turner Sports.
The Champions League, out of the last year of its deal with UEFA will allow the com- All Access to be a cross-com- The biggest struggle is that
which holds club soccer’s most with European soccer’s govern- pany to show those games, fea- pany streaming service for Via- matches are played on Tuesday
prestigious tournament, was ing body, UEFA, allowing the turing such teams as Bayern comCBS,” Marc DeBevoise, the and Wednesday nights in Eu-
put on hold this year when the league to seek another U.S. me- Munich and Manchester City, company’s chief digital officer, rope, unlike most domestic
coronavirus pandemic swept dia partner. giving its lineup a shot in the said in an interview. league games, which are played
across Europe, wiping out live In June, UEFA announced arm in the midst of a slowdown ViacomCBS said earlier this on weekends. On the East Coast Shepard Smith
sports and forcing media com- that it would resume play in of big sporting events. year that it would put additional of the U.S., that puts the Cham-
panies to come up with alterna-
tive programming. AT&T Inc.’s
August with an eight-team
tournament held in Lisbon over
The coronavirus pandemic
forced the NCAA to cancel its
shows from its cable networks
and its Paramount movie studio
pions League squarely in the
middle of workday afternoons. Former Fox
ADVERTISEMENT News Anchor
The Marketplace Facebook ple in ovens.
Advertisers don’t always
know what content runs adja- Joins CNBC
BUSINESS OPPORTUNITIES
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COMMERCIAL REAL ESTATE PUBLIC NOTICES

Criticized cent to their brands. Geico
didn’t respond to requests for
comment.
BY JOE FLINT

 
  
  
 
   

In Audit “We do not condone hate
speech and believe in a world
where everyone is treated with
CNBC signed former Fox
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to anchor a new one-hour eve-

 

  
 



   
     

   
  
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© 2020 Dow Jones & Company, Inc.
All Rights Reserved.
MUSLIMS VS ZIONISTS that —Deepa Seetharaman cades in good times and in
referenced putting Jewish peo- contributed to this article. bad.”
THE WALL STREET JOURNAL. Thursday, July 9, 2020 | B5

MANAGEMENT

Quicken Loans
Chief to Keep
Control After IPO
BY PETER RUDEGEAIR Mortgage Finance, beating out
longtime heavyweights like

DANIEL K. SMITH/THE WALL STREET JOURNAL

Detroit businessman and Wells Fargo & Co. and JPMor-
Cleveland Cavaliers owner Dan gan Chase & Co.
Gilbert spent the past 35 years The ties between Rocket
building Quicken Loans into a Companies and Mr. Gilbert’s
mortgage lending giant and an other businesses will remain
extension of his personal tight following the IPO, ac-
brand. That won’t stop when cording to the new securities
the company goes public. filing. Jay Farner will continue
Rocket Companies Inc., to be the chief executive of
which owns Quicken Loans, Rocket Companies after the
filed paperwork this week to IPO. Mr. Farner will also con-
potentially list its shares on tinue to be CEO of Mr. Gil-
the New York Stock Exchange. bert’s holding company, Rock Equipment-maker Trane upgraded filters on 25 air handlers last month at the Dia Art Foundation’s Beacon, N.Y., museum.

Virus Spurs Ventilation Boost

In it, the company revealed Holdings Inc., that will control
that Mr. Gilbert’s holding com- the majority of Rocket Compa-
pany will continue to control nies’ shares.
79% of the voting power of The company warned po-
Rocket Companies’ common tential shareholders that the
stock following its IPO. Two of arrangement could create “ac-
Rocket Companies’ board tual or apparent conflicts of BY BOB TITA and its suburbs. to do everything we can for They’re actually effective in a
seats are held by Mr. Gilbert interest” if certain issues arise Modifications from equip- our staff to feel safe. When defined space,” said Luke Le-
and his wife, Jennifer Gilbert, between the two entities. Rock One way to reduce the ment manufacturers such as our staff is safe, they’ll convey ung, epidemic task force
an interior designer and entre- Holdings is also the control- spread of coronavirus is to Trane Technologies PLC, Car- that to our visitors.” leader for the American Soci-
preneur who was named a di- ling shareholder of several maintain ventilation with rier Global Corp. and Johnson Research released this ety of Heating, Refrigerating
rector in March. other businesses, including plenty of fresh air. But what Controls International PLC spring by the Department of and Air-Conditioning Engi-
Rocket Companies is the lat- Dictionary.com, according to does that amount to in build- include filtering indoor air Homeland Security found that neers, a trade association.
est business to attempt a public the filing. ings? more thoroughly, drawing coronavirus particles decay Transmission of the corona-
listing after the fallout from the The IPO paperwork also re- The pandemic is challeng- more outdoor air into build- faster at a room temperature virus is believed to occur
coronavirus pandemic kept the veals a series of commercial ing long-held conventions for ings, and deploying ultraviolet of 78 degrees Fahrenheit with mostly through droplets that
market for new issues quiet in relationships that Mr. Gilbert’s offices to be cool, dry, shaded light against the virus inside a relative humidity of 50% humans emit when they cough
early spring. In recent weeks, businesses have with one an- from direct sunlight and ventilation systems. than at lower temperatures or talk.
Warner Music Group Corp., other. Quicken Loans and an- mostly sealed off from outside “More fresh air and cleaner But doctors and researchers
grocery giant Albertsons Cos. other Rocket Companies unit air. Researchers say those con- air are the direction that cus- are investigating tiny virus
and online used-car seller paid nearly $100 million in ditions can help spread and tomers are going. This is top- particles that travel longer dis-
Vroom Inc. all completed public rent, fees and other real-estate sustain the virus, prompting of-mind for building owners
Coronavirus decays tances through the air.
offerings. Earlier this week, Pal- costs to companies affiliated manufacturers of heating, ven- and contractors,” said Jeff faster at a room A University of Oregon
antir Technologies Inc., one of with Mr. Gilbert since the start tilation and air-conditioning Williams, president of global study released in June found
Silicon Valley’s oldest startups, of 2019, including rent for the equipment to alter their prod- products for Johnson Controls,
temperature of 78 airborne virus particles on a
confidentially submitted IPO Detroit headquarters. Rocket ucts and strategies. maker of York-brand heating degrees Fahrenheit. quarter of the places tested on
paperwork. Companies also spent $24.1 Understanding the potential and air-conditioning equip- air-handling units at a local
Unlike many tech startups million to buy additional park- risks of coronavirus particles ment. hospital where coronavirus pa-
that have gone public in re- ing rights from Bedrock Man- circulating through office ven- Trane upgraded filters on tients were being treated. It
cent years, Rocket Companies agement Services LLC, Mr. Gil- tilation systems is critical to- 25 air handlers last month at and humidity. Add in a strong was unclear whether the parti-
is profitable. The company’s bert’s real-estate investment ward restoring the trust of the Dia Art Foundation’s Bea- dose of ultraviolet light, and cles were still viable while
net income rose 46% in 2019 firm, over that same time workers and the public confi- con, N.Y., museum. The air the virus decays by 90% in they were circulated.
to $892.4 million on revenue frame. dence in returning to commer- conditioning’s cooling coils less than seven minutes, ac- New York Gov. Andrew
of $5.1 billion. Quicken Loans Rocket Companies paid the cial buildings, facilities man- also were disinfected and the cording to the department. Cuomo said Monday that state
extended $145 billion of mort- Cleveland Cavaliers, of which agers and building owners say. louvers unstuck on dampers to Humans’ immune systems also regulators will require large
gages last year, and gains on Mr. Gilbert is the majority “Building owners are start- bring more outdoor air into are more effective against vi- shopping malls to have air fil-
the sale of those loans to owner, roughly $10 million for ing to realize what it means to the 240,000-square-foot for- ruses in warmer, more humid ters that can trap the virus
money managers represented naming rights and other ad- be prepared for the new nor- mer factory. Administrators conditions, according to a Yale particles as a condition for re-
the bulk of the revenue it gen- vertising costs since the start mal,” said Howard Lu, director hope the $15,000 upgrade will University study published in opening.
erated. of 2019. of business development for help open the museum, closed May 2019. Recirculated air should in-
Quicken was the biggest Mr. Gilbert suffered a se- Ainsworth Inc., which man- since March 13, within weeks. “We can minimize the clude about 20% outdoor air
mortgage lender in the U.S. in vere stroke last year. He is ages heating and air-condi- “This was an unexpected spread of the virus in the sum- to effectively dilute coronavi-
the first quarter, according to back to work but spending tioning systems at more than cost,” said Chief Operating Of- mer when there is plenty of rus particles, the Atlanta-
industry research group Inside hours each day in therapy. 40 office buildings in Toronto ficer Rachel Pivnick. “We want sunlight and higher humidity. based engineers’ society says.

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B6 | Thursday, July 9, 2020 THE WALL STREET JOURNAL.

BUSINESS NEWS

Government Loans Help Tech Startups

Silicon Valley leaned on alongside needy small busi- money to hold on to employ- subject, saying he had been

Paycheck Protection
nesses. In Silicon Valley, some Rescue Program’s tify that they needed the loans ees, then either they should asked about the April tweet
investors and startup execu- because of the economic uncer- be laid off or the business and Benchmark portfolio com-
Program despite tives have said that venture Aid Came Amid tainty. should be shut down,” Mr. panies’ involvement in the

investors’ opposition
capitalists shouldn’t be pro- Venture-Capital Halt In late April, the mood in Galloway said. “Every bailout PPP program. A “broad-based
tected from losses by taxpay- Silicon Valley changed, as up- leads to moral hazard, which program” for small companies
ers, and that companies with dated Treasury Department leads to a bigger bailout is “quite different” from a
BY ROLFE WINKLER access to cash shouldn’t get Technology startups raced guidance indicated that compa- later.” large public company “calling
rescue funding. to apply to the Paycheck Pro- nies with access to capital mar- Supporters of the program on Washington for a negoti-
Billionaire tech entrepre- Others argued hard-hit tection Program when it was kets or other sources of liquid- said one of its chief virtues ated bailout,” he said in the
neur Tom Siebel said last startups genuinely needed the announced in April, fearing the ity likely didn’t qualify and all was keeping workers off un- new tweet.
month that his software com- money to help keep people pandemic’s economic impact loans over $2 million would be employment rolls. Car rental startup
pany, C3.ai Inc., is growing employed because investors and seeing venture-capital mar- audited. But the program failed to Getaround Inc. got at least $5
sales 80% annually. It has stopped writing checks. kets freeze. Meanwhile, a debate raged reach many of the hardest-hit million. It has raised more
raised hundreds of millions of The newly released Trea- Some companies viewed over whether the funds were businesses, including those than $600 million from ven-
dollars from big-name ven- sury data show that venture- the loans as grants because meant for venture-backed com- that closed for prolonged pe- ture capitalists and other in-
ture-capital investors includ- capital firms including New the debt can be forgiven if panies or for hard-hit busi- riods or were overwhelmed by vestors, according to Pitch-
ing early Facebook Inc. backer Enterprise Associates, An- used largely to retain employ- nesses on Main Street like res- non-payroll costs. Harvard Book, and counts among its
Jim Breyer. It also received at dreessen Horowitz, Khosla ees. taurants and salons. economists concluded that the backers SoftBank Group
least $5 million from the gov- Ventures and Kleiner Perkins The application didn’t re- Many worried about public program had little impact on Corp.’s $100 billion Vision
ernment’s Paycheck Protection each had dozens of portfolio quire important information criticism or possible legal liabil- employment at small busi- Fund. Financial technology
Program. companies receive the forgiv- such as bank statements show- ity for taking taxpayer funds. nesses. company Upgrade Inc. took in
C3 is among thousands of able loans, according to an ing applicants’ cash balances, Some startups that had applied Bill Gurley, of venture firm at least $2 million of govern-
venture-backed startups that analysis by research firm CB though companies had to cer- for funds changed their minds. Benchmark, railed against ment money, then last month
took money from the rescue Insights. bailouts in April, saying on raised $40 million from inves-
program meant to help small SVB Financial Group’s Sili- Twitter: “Let’s be candid. If tors including Santander
businesses weather the eco- con Valley Bank, which counts clined to comment. A spokes- bility. you believe in business & cap- Group, one of the world’s larg-
nomic hit from the pandemic, many startups among its cli- woman for Silicon Valley Bank Scott Galloway, founder of italism, then there are zero est banks.
according to data released by ents, processed nearly 2,200 said it processed loans on a a startup with venture back- circumstances where the gov- A Getaround spokeswoman
the Treasury Department on loans for more than $150,000 first-come, first-served basis. ing and a marketing professor ernment should bail out eq- said its business was hit hard
Monday. each, distributing $1.7 billion, Jarrett Streebin, co- at New York University, criti- uity holders.” by Covid-related lockdowns
C3 was valued at $3.3 bil- including loans to more than founder and chief executive of cized investors whose compa- About a dozen Benchmark- and the program “helped re-
lion last year, according to 30 companies it has a stake shipping-software company nies took government rescue backed companies received a duce the otherwise severe im-
data firm PitchBook. in, CB Insights said. EasyPost, said his company money, saying it boosted their loan through the program, CB pact on the health of our or-
The rescue program has C3, based in Redwood City, returned its $6 million loan returns at taxpayer expense. Insights said. Mr. Gurley and ganization.” Upgrade didn’t
proven controversial, with Calif., has raised $300 million because there was too much “If a venture-backed com- Benchmark didn’t respond to respond to a request for com-
funds going to well-heeled in venture capital, including gray area around who quali- pany either can’t survive this requests to comment this ment.
and politically connected $50 million in September, ac- fied and he feared his com- pandemic or can’t convince week. Tuesday evening, Mr. —Peter Rudegeair
firms across the economy cording to CB Insights. C3 de- pany could face potential lia- investors to put in more Gurley posted again on the contributed to this article.

Workforce Cuts
Threaten Pipeline
Of Digital Tools
BY ANGUS LOTEN 25,500 jobs, including layoffs
at high-profile companies such
Technology startups have as Uber Technologies Inc.,
been laying off tens of thou- Groupon Inc. and Airbnb Inc.,
sands of workers to cope with the report said.
the economic fallout of the Uber in May announced
pandemic, potentially blunting more than 6,500 layoffs, cut-
a key innovation pipeline for ting roughly a quarter of its
the enterprise information- workforce. A month earlier,
technology market, according Lyft Inc. said it would cut
DAVID PAUL MORRIS/BLOOMBERG NEWS

to industry analysts. about 17% of its workforce,

“Startups are a great source furlough workers and slash
of innovation in the IT indus- pay in cost-cutting efforts to
try, but are now especially cope with lost sales during the
cash constrained,” said Max coronavirus pandemic.
Azaham, a senior research di- Startups developing artifi-
rector at research and consult- cial intelligence and other
ing firm Gartner Inc. emerging digital tools fall un-
Mr. Azaham said the coro- der the category of tech-sector
navirus has made startup in- employers, which have cut
vestors far more risk averse, jobs for four consecutive Lyft said it would cut about 17% of its workforce, furlough workers and slash pay in cost-cutting efforts to cope with lost sales.
resulting in a sharp downturn months, said Tim Herbert, ex-
in investment capital for IT ecutive vice president for re- been cutting costs to make up tal backers as affiliated busi- the group said. director of technology-advi-
companies looking to raise search and market intelligence for a loss of outside funding. nesses. Layoffs at tech startups sory firm Hampleton Partners.
less than $100 million. at IT industry trade group Global private-market fund- According to a May study could spell trouble for compa- Additionally, big corporations
As of last week, nearly CompTIA. ing for startups dropped to by the Washington Technology nies across the economy seek- often consider startup acquisi-
70,000 tech-startup employees The cuts included a record $67 billion in the first quarter, Business Association, an in- ing innovative digital tools to tions as a form of research
world-wide lost jobs since 112,000 layoffs in April, as down 22% from a year earlier, dustry trade group, fewer than weather the coronavirus crisis and development for IT de-
March, led by ventures in the tech companies scrambled to according to CB Insights, a 40% of 140 tech startups in and compete in a post-Covid partments, he said.
transportation, financial and slash costs, according to market-intelligence company. the greater Seattle metropoli- market. “The Covid-19 crisis has ac-
travel sectors, according to a CompTIA’s analysis of federal Most venture-backed start- tan area had received funding Startups and other small celerated the need for innova-
report by U.K.-based broker- employment data. By contrast, ups in the U.S. are largely un- under the program, while tech firms have for years been tion across many parts of the
age BuyShares.co.uk. employers outside the tech able to tap federal emergency many relied on unemployment a major source of emerging economy,” Mr. Simnett said,
Startups in the San Fran- sector have picked up the pace funds under the Paycheck Pro- insurance to pay bills. technology and skilled work- citing areas such as collabora-
cisco region, including Silicon of IT hiring in recent months. tection Program due to a rule Roughly 25% had fur- ers for larger companies, ac- tion and remote working, e-
Valley, have shed more than Startups this year have that counts their venture-capi- loughed or laid off workers, cording to Jonathan Simnett, commerce and IT services.

Lenders Extend Trucker’s Debt Terms GM Suit sor at Wayne State University
in Detroit, said GM could ap-
peal the decision, but it is diffi-

BY JENNIFER SMITH Suffers cult to revive a lawsuit once a

judge has granted a motion to
dismiss.
YRC Worldwide Inc.’s lend-
ers gave the trucker a 3½ year
reprieve on its heavy debt load
Setback Mr. Borman’s tossing of the
lawsuit came after he issued a
surprising and pointedly
as the company prepares for a worded order late last month,
$700 million federal bailout Continued from page B1 requiring the CEOs of both
package. well-settled RICO case law and companies to meet in person,
The Overland Park, Kan., would let wrongdoers off the without lawyers, to find a reso-
freight carrier said in a securi- hook for the massive harm lution to the dispute. The judge
ties filing Wednesday that its caused by their criminal con- at the time described GM’s le-
lenders agreed to extend the spiracy,” the company said. gal challenge as a “waste of
maturity date on one lending Fiat Chrysler said: “We have time and resources” and a dis-
facility until 2024, and to ex- said from the very outset that traction for executives whose
tend and further ease some re- this was a meritless lawsuit. leadership is needed to steer
quirements on a roughly $580 The dismissal of GM’s com- their companies through a
YRC WORLDWIDE

million term loan from a plaint with prejudice earlier to- health crisis and period of so-
group led by affiliates of day vindicates our position.” cial unrest.
Apollo Global Management The case’s dismissal is a re- GM appealed the decision
Inc. buke to GM Chief Executive asking a higher court to toss
Those deals were negoti- YRC Worldwide was struggling to turn its operations around before the coronavirus pandemic. Mary Barra, who believed Fiat out the initial order, arguing
ated as YRC was working out Chrysler intentionally took Mr. Borman had overstepped
the terms for a planned $700 the $2.2 trillion coronavirus back into this company, and agreement, YRC has agreed to steps to put GM at a disadvan- his authority, and asked that
million federal loan announced stimulus bill, will over time invest in the fleet and the roll- issue about 15.9 million shares tage, and felt strongly about the case be moved to a differ-
last week, YRC Chief Financial nearly double its debt load to ing stock,” he said, which will of common stock to the Trea- pursuing a legal case, people ent judge. On Monday, the
Officer Jamie Pierson said in around $1.6 billion, Mr. Pier- reduce the company’s operat- sury Department, according to familiar with the matter said. court sided with GM on the
an interview. son said. ing costs. a Tuesday securities filing, Legal experts had described meeting between Ms. Barra and
Altogether, the agreements The trucker plans to use a Buying new trucks will save giving the government a 29.6% GM’s civil-racketeering suit as Fiat Chrysler Chief Executive
give YRC “3½ years to focus $300 million tranche of the YRC between $10,000 and stake in the business and di- unusual and a long shot, noting Mike Manley, but denied the
on the business, with no ma- government loan to pay off $12,000 per tractor “on main- luting the shares of existing that such cases often are set- request to reassign the case.
turities at all,” Mr. Pierson health, pension and other obli- tenance alone,” he said. It is investors. tled or dismissed because of GM based much of its racke-
said. “It’s a new day. We’ve gations, and for working capi- “not only refreshing the fleet, That equity will be deliv- the difficulty of proving the teering suit on evidence from a
just got to not blow it up.” tal, Mr. Pierson said. Another but it’s also additional liquid- ered to a voting trust, and company was the primary vic- long-running federal investiga-
YRC, the fifth-largest truck- $400 million will go toward ity to operate the business.” once a one-year holding pe- tim of the alleged corruption. tion into union corruption that
ing company in the U.S. by buying new trucks and trailers YRC serves big retail ship- riod expires the government is In a civil-racketeering case, a has led to the convictions of
revenue, according to SJ Con- for YRC’s aging fleet, accord- pers such as Walmart Inc. and free to sell or hold the stock court typically considers claims Fiat Chrysler’s former top bar-
sulting Group Inc., carries ing to the filing. That loan will Home Depot Inc., along with as it sees fit, Mr. Pierson said. from only the primary victim of gainer and several United Auto
some $880 million in long- mature on Sept. 30, 2024. automotive and industrial cus- The boost from the govern- the alleged corruption, legal ex- Workers officials.
term debt and was struggling YRC doesn’t plan to pay the tomers. The company gener- ment loan will offset the dilu- perts have said. In his dis- JPMorgan Chase had esti-
to turn its operations around debt down during the life of ated $4.87 billion in operating tion to existing investors’ missal, the judge said any com- mated that GM could seek dam-
when the coronavirus pan- the loan, intending instead to revenue last year but has long shares “in spades,” Mr. Pier- petitive disadvantage suffered ages from Fiat Chrysler in ex-
demic hit, delivering a signifi- either pay it off or refinance struggled with heavy debt and son said. “The market value of by GM as a result of Fiat Chrys- cess of $6 billion if the case
cant blow to its business. at maturity, Mr. Pierson said. pension liabilities for its the company has in- ler’s lower labor costs would were to move forward.
The Treasury Department “We are going to take every largely unionized workforce. creased … since the deal was have been an indirect injury. —Nora Naughton
loan, through a provision of penny we can and invest it Under the federal loan announced.” Peter Henning, a law profes- contributed to this article.
THE WALL STREET JOURNAL. Thursday, July 9, 2020 | B7

MARKETS DIGEST
EQUITIES

Dow Jones Industrial Average S&P 500 Index Nasdaq Composite Index
Last Year ago Last Year ago Last Year ago
26067.28 s 177.10, or 0.68% Trailing P/E ratio 22.16 18.47 3169.94 s 24.62, or 0.78% Trailing P/E ratio * 27.38 23.10 10492.50 s 148.61, or 1.44% Trailing P/E ratio *† 31.95 24.49
High, low, open and close for each P/E estimate * 23.94 16.50 High, low, open and close for each P/E estimate * 25.12 17.89 High, low, open and close for each P/E estimate *† 30.59 21.75
trading day of the past three months. Dividend yield 2.50 2.21 trading day of the past three months. Dividend yield * 1.97 1.89 trading day of the past three months. Dividend yield *† 0.86 1.03
All-time high 29551.42, 02/12/20 All-time high 3386.15, 02/19/20 All-time high: 10492.50, 07/08/20

Current divisor 0.14579812049809

30000 3500 10500

27500 3250 9750

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

22500 2750 8250

Session high 65-day moving average
DOWN UP
t

Session open Close 7500

20000 2500
Close Open
t

17500 2250 6750

Session low
Bars measure the point change from session's open
15000 2000 6000
Apr. May June July Apr. May June July Apr. May June July
*Weekly P/E data based on as-reported earnings from Birinyi Associates Inc.; † Based on Nasdaq-100 Index

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

Latest 52-Week % chg Most-active and biggest movers among NYSE, NYSE Arca, NYSE Amer. Volume, Advancers, Decliners
High Low Close Net chg % chg High Low % chg YTD 3-yr. ann. and Nasdaq issues from 4 p.m. to 6:30 p.m. ET as reported by electronic NYSE NYSE Amer.
Dow Jones trading services, securities dealers and regional exchanges. Minimum Total volume*1,016,932,719 23,526,091
Industrial Average 26109.49 25816.25 26067.28 177.10 0.68 29551.42 18591.93 -3.0 -8.7 6.8 share price of $2 and minimum after-hours volume of 50,000 shares. Adv. volume* 613,576,888 13,048,100
Transportation Avg 9350.24 9228.64 9322.43 43.82 0.47 11304.97 6703.63 -9.4 -14.5 -1.3 Most-active issues in late trading Decl. volume* 388,882,219 9,254,054
Utility Average 785.53 773.74 783.15 7.56 0.97 960.89 610.89 -5.4 -10.9 3.7 Volume After Hours Issues traded 3,066 267
Company Symbol (000) Last Net chg % chg High Low
Total Stock Market 32285.20 31906.95 32262.10 266.23 0.83 34631.28 22462.76 5.0 -2.3 8.7 Advances 1,746 150
NIO ADR NIO 9,508.4 13.32 0.44 3.42 13.64 12.74
Barron's 400 671.34 662.04 669.71 5.08 0.76 746.64 455.11 -2.7 -8.5 1.1 Declines 1,222 102
Real Estate Sector SPDR XLRE 6,505.2 35.00 -0.08 -0.23 35.12 35.00
Unchanged 98 15
Nasdaq Stock Market Stitch Fix Cl A SFIX 5,765.7 29.10 -0.21 -0.72 29.47 28.88 New highs 79 9
Nasdaq Composite 10494.63 10350.96 10492.50 148.61 1.44 10492.50 6860.67 27.9 16.9 19.5 Bed Bath Beyond BBBY 5,612.0 9.76 -0.65 -6.24 10.50 8.99 New lows 11 1
Nasdaq 100 10669.13 10528.82 10666.70 142.69 1.36 10666.70 6994.29 35.0 22.1 23.5 SPDR S&P 500 SPY 3,701.6 316.88 0.70 0.22 316.93 315.94 Closing Arms† 0.93 0.63
Twitter TWTR 3,665.8 35.71 0.30 0.85 36.56 35.25 Block trades* 6,063 195
S&P
0.78
Caesars Entertainment CZR 3,570.3 12.14 0.02 0.17 12.16 11.86
500 Index 3171.80 3136.53 3169.94 24.62 3386.15 2237.40 5.9 -1.9 9.3 Nasdaq NYSE Arca
iShares MSCI EAFE ETF EFA 2,679.3 62.38 ... ... 62.40 62.34
MidCap 400 1782.86 1754.41 1774.86 11.94 0.68 2106.12 1218.55 -8.8 -14.0 0.5 Total volume*3,973,093,411 255,556,044
SmallCap 600 822.69 803.90 818.56 3.33 0.41 1041.03 595.67 -13.7 -19.8 -1.4 Percentage gainers… Adv. volume*2,827,918,561 177,897,455
CynergisTek CTEK 636.8 2.50 0.80 47.06 3.24 1.90 Decl. volume*1,115,954,097 73,030,375
Other Indexes
Optinose OPTN 181.5 5.15 0.90 21.18 5.73 4.28 Issues traded 3,403 1,401
Russell 2000 1431.83 1402.18 1427.40 11.41 0.81 1705.22 991.16 -8.8 -14.4 0.3
Advances 1,897 1,061
NYSE Composite 12095.18 11971.89 12086.39 96.26 0.80 14183.20 8777.38 -8.3 -13.1 0.9 Veritone VERI 117.6 13.70 1.55 12.76 14.97 11.34
Declines 1,412 317
Value Line 441.66 434.44 440.09 2.23 0.51 562.05 305.71 -17.7 -20.3 -5.4 Enzo Biochem ENZ 763.9 3.31 0.29 9.60 3.68 2.93
Unchanged 94 23
NYSE Arca Biotech 5978.21 5904.69 5954.23 53.95 0.91 5954.23 3855.67 25.4 17.5 15.1
BlueCity Holdings ADR BLCT 51.7 24.61 1.18 5.04 24.64 23.26
New highs 142 109
NYSE Arca Pharma 651.17 644.83 648.75 1.14 0.18 670.32 494.36 7.4 -0.7 6.8 ...And losers New lows 22 19
KBW Bank 72.55 70.77 72.13 0.64 0.90 114.12 56.19 -26.5 -36.4 -9.4 MOGU ADR MOGU 52.8 4.57 -0.38 -7.68 4.95 4.48 Closing Arms† 0.53 1.73
PHLX§ Gold/Silver 137.59 134.15 136.58 3.63 2.73 136.58 70.12 59.1 27.7 20.8 Otonomy OTIC 68.8 3.30 -0.26 -7.30 3.54 3.09 Block trades* 22,372 1,319
PHLX§ Oil Service 33.48 32.54 32.96 0.23 0.71 81.75 21.47 -59.7 -57.9 -36.2 Bed Bath Beyond BBBY 5,612.0 9.76 -0.65 -6.24 10.50 8.99 * Primary market NYSE, NYSE American NYSE Arca only.
PHLX§ Semiconductor 2051.14 2020.84 2049.76 29.99 1.48 2049.76 1286.84 39.3 10.8 24.8 VICI Properties VICI 58.6 19.00 -1.20 -5.94 20.31 19.00 †(TRIN) A comparison of the number of advancing and declining
issues with the volume of shares rising and falling. An
Cboe Volatility 30.20 27.24 28.08 -1.35 -4.59 82.69 11.54 115.5 103.8 35.9 NanoViricides NNVC 198.8 8.20 -0.51 -5.86 8.78 7.97 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 2887.37 5.19 0.18 –11.2 National General Holdings NGHC 33.84 13.43 65.80 33.84 11.82 47.6 Centogene CNTG 19.18 -4.40 -18.66 28.71 7.80 ...
DJ Global Index 411.78 2.10 0.51 –5.1 Altimmune ALT 17.03 5.84 52.19 20.65 1.51 595.1 MOGU ADR MOGU 4.95 -0.97 -16.39 6.85 0.88 58.7
DJ Global ex U.S. 240.35 0.35 0.15 –8.8 BlueCity Holdings ADR BLCT 23.43 7.43 46.44 35.89 16.00 ... Gilat Satellite Networks GILT 5.23 -0.88 -14.40 10.76 4.70 -39.5
Americas DJ Americas 736.88 5.81 0.79 –3.2 China Finance Online ADR JRJC 10.20 2.95 40.69 12.10 3.65 13.3 Evolus EOLS 3.35 -0.51 -13.21 20.27 3.08 -78.7
Brazil Sao Paulo Bovespa 99769.88 2008.84 2.05 –13.7 Jumia Technologies ADR JMIA 7.88 2.11 36.57 27.99 2.15 -70.1 Lemonade LMND 68.51 -10.28 -13.05 96.51 49.02 ...
Canada S&P/TSX Comp 15629.19 33.69 0.22 –8.4 Nikola NKLA 54.03 13.80 34.30 93.99 10.13 433.4 Professional Diversity IPDN 2.06 -0.28 -12.03 3.98 0.78 -11.3
Mexico S&P/BMV IPC 37483.88 –353.51 –0.93 –13.9 Clean Energy Fuels CLNE 2.86 0.65 29.41 3.75 1.05 5.9 YRC Worldwide YRCW 2.55 -0.32 -11.15 4.79 1.29 -26.3
Chile Santiago IPSA 2887.12 –49.49 –1.69 –13.5 Intersect ENT XENT 17.98 4.09 29.41 31.46 5.97 -15.1 Urban One Cl A UONE 15.90 -1.91 -10.72 54.16 0.95 600.4
Fluidigm FLDM 5.68 1.25 28.22 12.26 1.17 -50.2 Horizon Global HZN 3.25 -0.39 -10.71 5.79 1.20 -11.7
EMEA Stoxx Europe 600 366.48 –2.48 –0.67 –11.9
Edison Nation EDNT 3.71 0.80 27.49 5.20 1.32 63.4 StealthGas GASS 2.29 -0.27 -10.55 4.18 1.51 -36.0
Eurozone Euro Stoxx 359.33 –3.31 –0.91 –11.0
Belgium Bel-20 3418.91 –43.92 –1.27 –13.6 Container Store Group TCS 4.19 0.88 26.59 7.69 1.80 -43.7 Hepion Pharmaceuticals HEPA 3.69 -0.43 -10.44 8.35 1.00 -10.4
Denmark OMX Copenhagen 20 1281.74 7.46 0.59 12.9 Powerbridge Technologies PBTS 2.85 0.59 26.11 5.45 1.83 -23.0 NanoVibronix NAOV 1.98 -0.23 -10.41 3.70 1.42 -33.3
France CAC 40 4981.13 –62.60 –1.24 –16.7 NanoViricides NNVC 8.71 1.79 25.87 19.20 1.27 76.0 BELLUS Health BLU 2.97 -0.34 -10.14 12.03 2.52 -63.6
Germany DAX 12494.81 –121.99 –0.97 –5.7 Up Fintech Holding ADR TIGR 6.90 1.41 25.68 7.18 2.03 31.4 Applied Molecular Transpt AMTI 22.47 -2.53 -10.12 31.84 17.05 ...
1368.82 –1.46 –18.7 MICT MICT 2.58 0.51 24.64 2.99 0.38 243.9 Establishment Labs Hldgs ESTA 16.15 -1.75 -9.78 29.78 7.56 -22.7
Israel Tel Aviv –20.30
Italy FTSE MIB 19899.53 –113.15 –0.57 –15.3
Netherlands AEX 572.18 –3.34 –0.58 –5.4
Most Active Stocks Volume Movers Ranked by change from 65-day average*
Russia RTS Index 1245.54 –2.29 –0.18 –19.6 Volume % chg from Latest Session 52-Week Volume % chg from Latest Session 52-Week
Company Symbol (000) 65-day avg Close % chg High Low Company Symbol (000) 65-day avg Close % chg High Low
South Africa FTSE/JSE All-Share 55870.69 626.89 1.13 –2.1
Spain IBEX 35 7326.43 –120.97 –1.62 –23.3 NIO ADR NIO 566,674 723.4 12.88 -2.57 15.28 1.19 National General Holdings NGHC 39,340 11708 33.84 65.80 33.84 11.82
Sweden OMX Stockholm 668.67 –2.54 –0.38 –1.8 TOP Ships TOPS 142,801 49.5 0.11 7.62 12.00 0.07 NanoViricides NNVC 32,148 3442 8.71 25.87 19.20 1.27
Senmiao Technology AIHS 123,929 35256.5 1.25 49.84 2.26 0.26 China Finance Online ADR JRJC 1,462 2287 10.20 40.69 12.10 3.65
Switzerland Swiss Market 10178.41 –29.55 –0.29 –4.1
Twitter TWTR 109,108 401.2 35.41 7.34 45.86 20.00 Up Fintech Holding ADR TIGR 10,663 1763 6.90 25.68 7.18 2.03
Turkey BIST 100 118712.51 –626.34 –0.52 3.7
–18.4
American Airlines Group AAL 84,676 -14.9 11.99 0.67 34.99 8.25 89bio ETNB 1,065 1483 30.96 -6.32 47.25 14.00
U.K. FTSE 100 6156.16 –33.74 –0.55
U.K. FTSE 250 17185.24 –164.80 –0.95 –21.5 ProSh UltraPro Shrt QQQ SQQQ 77,898 8.3 6.48 -4.00 39.29 6.42 FT Dorsey Wright MomentumDVLU 134 1441 13.86 0.05 20.13 9.33
Electrameccanica Vehicles SOLO 69,910 594.3 4.71 13.49 6.00 0.89 MOGU ADR MOGU 6,970 1425 4.95 -16.39 6.85 0.88
Asia-Pacific
Clean Energy Fuels CLNE 69,908 7201.9 2.86 29.41 3.75 1.05 SPDR S&P Kensho Smart MobHAIL 81 1415 32.95 0.43 35.60 15.70
Australia S&P/ASX 200 5920.30 –92.62 –1.54 –11.4
General Electric GE 64,206 -44.1 6.86 1.48 13.26 5.48 Vertical Cap Incm Fd VCIF 301 1220 9.67 -0.31 11.00 7.50
China Shanghai Composite 3403.44 58.10 1.74 11.6
Ideanomics IDEX 63,493 116.4 1.56 23.81 3.98 0.28 Gilat Satellite Networks GILT 4,283 1145 5.23 -14.40 10.76 4.70
Hong Kong Hang Seng 26129.18 153.52 0.59 –7.3
* Volumes of 100,000 shares or more are rounded to the nearest thousand * Common stocks priced at $2 a share or more with an average volume over 65 trading days of at least
India S&P BSE Sensex 36329.01 –345.51 –0.94 –11.9 5,000 shares =Has traded fewer than 65 days
Japan Nikkei Stock Avg 22438.65 –176.04 –0.78 –5.1
Singapore Straits Times 2669.49 8.08 0.30 –17.2 Track the Markets
South Korea Kospi 2158.88 –5.29 –0.24 –1.8 Compare the performance of selected CURRENCIES & COMMODITIES
Taiwan TAIEX 12170.19 77.22 0.64 1.4 global stock indexes, bond ETFs,
Thailand SET 1362.46 –10.76 –0.78 –13.8
currencies and commodities at Currencies
WSJ.com/TrackTheMarkets
Sources: FactSet; Dow Jones Market Data
U.S.-dollar foreign-exchange rates in late New York trading
US$vs, US$vs,
Wed YTDchg Wed YTDchg
CREDIT MARKETS Country/currency in US$ per US$ (%) Country/currency
Vietnam dong
in US$ per US$ (%)
.00004312 23189 0.1
Americas
Argentina peso .0141 70.8791 18.4 Europe
Consumer Rates and Returns to Investor Benchmark
Treasury yield Yields curve Forex Race Brazil real .1872 5.3406 32.9 Czech Rep. koruna .04251 23.521 3.7

U.S. consumer rates Selected rates and

Yield Rates
to maturity of current bills, Yen, euro vs. dollar; dollar vs. Canada dollar
Chile peso
.7400 1.3514
.001271 786.90
4.0
6.4
Denmark krone
Euro area euro
.1521 6.5738
1.1330 .8827
–1.3
–1.0
notes and bonds major U.S. trading partners .000275 3638.26 .003194 313.09
Five-year ARM, Rate Colombiapeso 10.9 Hungary forint 6.0
A consumer rate against its
Ecuador US dollar 1 1 unch Iceland krona .007166 139.54 15.2
benchmark over the past year 4.00% Mexico peso .0441 22.6689 19.8 Norway krone .1066 9.3776 6.8
Bankrate.com avg†: 3.13% 8%
WSJ Dollar index Uruguay peso .02290 43.6700 17.6 Poland zloty .2532 3.9500 4.1
s

AmericanAirlinesFederalCreditUnion 2.75% Russia ruble .01405 71.181 14.7

3.00 Yen Asia-Pacific
4.00% 4
s

Ft Worth, TX 800-533-0035 Sweden krona .1089 9.1791 –2.0

One year ago Australian dollar .6982 1.4323 0.5
Citadel Federal Credit Union 2.75% Switzerland franc 1.0656 .9384 –3.0
t t 2.00 China yuan .1428 7.0045 0.6
3.00 0 Turkey lira .1458 6.8607 15.3
5-year adjustable- Exton, PA 800-666-0191 Hong Kong dollar .1290 7.7502 –0.5
Ukraine hryvnia .0371 26.9500 13.8
India rupee .01335 74.901 5.0
rate mortgage 2.00 Old National Bank 2.75% Tradeweb ICE 1.00 –4 s
UK pound 1.2611 .7930 5.1
Indonesia rupiah .0000694 14410 3.8
(ARM) Appleton, WI 812-464-1494 Wednesday Close t Middle East/Africa
Euro Japan yen .009323 107.26 –1.3
5-year Treasury 1.00 0.00 Kazakhstan tenge .002437 410.33 7.5 2.6522 .3771 ...
Hanscom Federal Credit Union 2.88% –8 Bahrain dinar
t

note yield Macau pataca .1253 7.9825 –0.4 Egypt pound .0624 16.0205 –0.2
Hanscom AFB, MA 800-656-4328 1 3 6 1 2 3 5 7 10 20 30 2019 2020
0.00 month(s) years Malaysia ringgit .2342 4.2695 4.4 Israel shekel .2900 3.4488 –0.1
J A S O N D J FM AM J J STAR Financial Bank 2.88% New Zealand dollar .6575 1.5209 2.4 Kuwait dinar 3.2472 .3080 1.6
Fort Wayne, IN 765-622-4185 maturity Pakistan rupee .00598 167.150 7.8 Oman sul rial 2.5974 .3850 unch
2019 2020
Sources: Tradeweb ICE U.S. Treasury Close; Tullett Prebon; Dow Jones Market Data Philippines peso .0202 49.502 –2.4 Qatar rial .2746 3.641 –0.1
Yield/Rate (%) 52-Week Range (%) 3-yr chg Singapore dollar .7188 1.3912 3.4 Saudi Arabia riyal .2666 3.7510 –0.01
Interest rate Last (l)Week ago Low 0 2 4 6 8 High (pct pts)
Corporate Borrowing Rates and Yields South Korea won .0008384 1192.75 3.3 South Africa rand .0590 16.9383 21.0
Federal-funds rate target 2.00-2.25 2.00-2.25 1.75 l 2.25 -1.00 Sri Lanka rupee .0053813 185.83 2.5
Yield (%) 52-Week Total Return (%) Taiwan dollar .03397 29.439 –1.6 Close Net Chg % Chg YTD%Chg
Prime rate* 3.25 3.25 3.25 l 5.50 -1.00 Bond total return index Close Last Week ago High Low 52-wk 3-yr Thailand baht .03206 31.190 4.8 WSJ Dollar Index 90.83 –0.40–0.43 1.41
Libor, 3-month 0.27 0.30 0.27 l 2.34 -1.03
U.S. Treasury, Barclays 2478.880 0.490 0.520 2.040 0.480 10.78 5.77 Sources: Tullett Prebon, Dow Jones Market Data
Money market, annual yield 0.27 0.27 0.27 l 0.78 -0.06
1.290 25.81 12.81
Five-year CD, annual yield 0.72 0.73 0.71 l 1.97 -0.68 U.S. Treasury Long, Barclays 4890.980 1.340 2.570 0.980
Commodities
30-year mortgage, fixed† 3.22 3.28 3.22 l 4.22 -0.83 Aggregate, Barclays 2270.530 1.210 1.270 2.590 1.210 9.21 5.59 Wednesday 52-Week YTD
Pricing trends on someClose
raw materials, or commodities
Net chg % Chg High Low % Chg % chg
15-year mortgage, fixed† 2.76 2.83 2.76 l 3.57 -0.51 Fixed-Rate MBS, Barclays 2225.420 1.290 1.360 2.790 0.930 5.68 4.09
Jumbo mortgages, $484,350-plus† 3.26 3.33 3.26 l 4.71 -1.19 DJ Commodity 578.83 2.66 0.46 647.86 433.70 -7.50 -9.88
High Yield 100, ICE BofA 3036.252 5.540 5.837 10.740 4.516 –1.373 2.694
Five-year adj mortgage (ARM)† 3.13 3.15 3.11 l 4.78 -0.32 TR/CC CRB Index 141.96 0.40 0.28 187.39 106.29 -22.92 -23.59
Muni Master, ICE BofA 582.324 1.171 1.201 3.441 0.959 4.767 4.209 Crude oil, $ per barrel 40.90 0.28 0.69 63.27 -37.63 -32.32 -33.02
New-car loan, 48-month 4.29 4.44 4.17 l 4.70 1.16
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 875.381 5.011 5.106 7.480 4.523 2.507 4.006 Natural gas, $/MMBtu 1.824 -0.052 -2.77 2.862 1.482 -25.37 -16.67
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. 1815.50 11.30 0.63 1815.50 1404.30 28.75 19.48

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B8 | Thursday, July 9, 2020 THE WALL STREET JOURNAL.

COMMODITIES wsj.com/market-data/commodities

Futures Contracts Open

Contract
High hilo Low Settle Chg
Open
interest
Cash Prices Wednesday, July 8, 2020
Metal & Petroleum Futures Sept 100.65 102.20 99.65 100.00 –.30 103,087 These prices reflect buying and selling of a variety of actual or “physical” commodities in the marketplace—
Contract Open
Sugar-World (ICE-US)-112,000 lbs.; cents per lb. separate from the futures price on an exchange, which reflects what the commodity might be worth in future
Oct 12.14 12.29 11.97 12.08 –.10 408,607 months.
Open High hi lo Low Settle Chg interest
March'21 12.81 12.92 12.66 12.78 –.05 198,587
Copper-High (CMX)-25,000 lbs.; $ per lb. Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb. Wednesday Wednesday Wednesday
July 2.7845 2.8145 2.7815 2.8145 0.0270 3,818 Sept 26.25 26.25 26.25 26.25 .05 2,375 Aluminum, LME, $ per metric ton *1596.5 Wheat,No.1soft white,Portld,OR-u 5.7900
Sept 2.7850 2.8255 2.7850 2.8240 0.0270 111,432 Energy
Nov 26.11 26.11 26.11 26.30 … 2,632 Copper,Comex spot 2.8145
Gold (CMX)-100 troy oz.; $ per troy oz. Cotton (ICE-US)-50,000 lbs.; cents per lb. Coal,C.Aplc.,12500Btu,1.2SO2-r,w 55.000 Iron Ore, 62% Fe CFR China-s 106.9 Food
July 1801.50 1817.90 s 1800.80 1815.50 11.30 888 July 64.87 64.88 64.87 64.66 1.42 172 Coal,PwdrRvrBsn,8800Btu,0.8SO2-r,w 11.950 Shredded Scrap, US Midwest-s,m 254
Aug 1807.90 1829.80 s 1803.80 1820.60 10.70 386,012 Dec 62.94 64.33 62.78 64.16 1.14 117,194 Beef,carcass equiv. index
Steel, HRC USA, FOB Midwest Mill-s 469
Oct 1819.70 1842.30 s 1816.80 1834.00 12.30 37,833 Orange Juice (ICE-US)-15,000 lbs.; cents per lb. Metals choice 1-3,600-900 lbs.-u 169.15
Dec 1832.60 1857.00 s 1829.10 1850.60 16.30 102,337 July 127.90 127.90 127.90 127.90 2.65 1 Fibers and Textiles select 1-3,600-900 lbs.-u 159.75
Feb'21 1841.30 1865.20 s 1839.20 1860.30 17.30 23,073 Sept 125.15 128.40 124.75 128.15 2.65 7,976 Gold, per troy oz Broilers, National comp wtd. avg.-u,w 0.7424
June 1854.40 1872.30 s 1854.40 1868.80 18.70 6,083 Engelhard industrial 1811.00 Burlap,10-oz,40-inch NY yd-n,w 0.5850
Butter,AA Chicago 1.6875
Palladium (NYM) - 50 troy oz.; $ per troy oz. Interest Rate Futures Handy & Harman base 1811.10 Cotton,1 1/16 std lw-mdMphs-u 0.6207 Cheddar cheese,bbl,Chicago 240.00
July … ... s ... 1916.80 –13.30 ... Handy & Harman fabricated 2010.32 Cotlook 'A' Index-t *69.70
Ultra Treasury Bonds (CBT) - $100,000; pts 32nds of 100% Cheddar cheese,blk,Chicago 273.75
Sept 1940.30 1971.50 1923.10 1938.30 –13.30 6,820 LBMA Gold Price AM *1775.50 Hides,hvy native steers piece fob-u n.a.
Dec 1938.80 1954.70 1937.00 1934.00 –14.00 405 Sept 219-280 220-000 218-080 219-080 –1.0 1,057,182 Milk,Nonfat dry,Chicago lb. 103.25
LBMA Gold Price PM *1789.55 Wool,64s,staple,Terr del-u,w 2.55
Platinum (NYM)-50 troy oz.; $ per troy oz. Treasury Bonds (CBT)-$100,000; pts 32nds of 100% Coffee,Brazilian,Comp 0.9433
Sept 179-070 179-090 178-140 178-300 –2.0 1,021,427 Krugerrand,wholesale-e 1881.98 Grains and Feeds Coffee,Colombian, NY 1.4922
July 851.60 869.70 851.60 874.00 20.20 1,039
Oct 860.00 888.20 859.80 884.00 20.80 45,911 Dec 177-040 177-110 177-040 177-130 –2.0 5 Maple Leaf-e 1900.08 Eggs,large white,Chicago-u 0.8050
Treasury Notes (CBT)-$100,000; pts 32nds of 100% American Eagle-e 1900.08 Barley,top-quality Mnpls-u n.a.
Silver (CMX)-5,000 troy oz.; $ per troy oz. Flour,hard winter KC 14.40
Sept 139-080 139-090 139-005 139-060 –.5 3,427,918 Mexican peso-e 2189.83 Bran,wheat middlings, KC-u 75
July 18.655 19.130 s 18.655 19.081 0.453 3,109 Hams,17-20 lbs,Mid-US fob-u 0.42
18.625 19.215 s 18.585 19.161 0.462 133,730 5 Yr. Treasury Notes (CBT)-$100,000; pts 32nds of 100% Austria crown-e 1776.77 Corn,No. 2 yellow,Cent IL-bp,u 3.3350
Sept Hogs,Iowa-So. Minnesota-u 50.19
Crude Oil, Light Sweet (NYM)-1,000 bbls.; $ per bbl. Sept 125-232 125-237 125-202 125-232 1.0 3,456,501 Austria phil-e 1900.08 Corn gluten feed,Midwest-u,w 105.1
Pork bellies,12-14 lb MidUS-u n.a.
Aug 40.48 41.08 40.30 40.90 0.28 237,472 Dec 125-220 125-252 125-245 125-257 2.0 109 Corn gluten meal,Midwest-u,w 398.7
Silver, troy oz. Pork loins,13-19 lb MidUS-u 0.7583
Sept 40.57 41.16 40.40 41.04 0.34 314,368 2 Yr. Treasury Notes (CBT)-$200,000; pts 32nds of 100% Cottonseed meal-u,w 245
110-126 110-131 110-122 110-130 .6 2,085,770
Engelhard industrial 18.6000 Steers,Tex.-Okla. Choice-u 94.67
Oct 40.71 41.28 40.54 41.18 0.34 165,917 Sept Hominy feed,Cent IL-u,w 98
30 Day Federal Funds (CBT)-$5,000,000; 100 - daily avg. Handy & Harman base 18.6780 Steers,feeder,Okla. City-u,w 149.25
Dec 40.91 41.49 40.79 41.41 0.35 272,855 Meat-bonemeal,50% pro Mnpls-u,w 170
41.62 42.22 41.53 42.18 0.43 133,551 July 99.9150 99.9175 99.9125 99.9150 .0025 198,132 Handy & Harman fabricated 23.3480
June'21 Oats,No.2 milling,Mnpls-u 3.4525 Fats and Oils
Dec 42.19 42.76 42.09 42.75 0.51 146,028 Oct 99.9500 99.9500 99.9450 99.9500 .0050 235,911 LBMA spot price *£14.4200
Rice, Long Grain Milled, No. 2 AR-u,w 30.00
NY Harbor ULSD (NYM)-42,000 gal.; $ per gal. 10 Yr. Del. Int. Rate Swaps (CBT)-$100,000; pts 32nds of 100% (U.S.$ equivalent) *18.0200 Corn oil,crude wet/dry mill wtd. avg.-u,w 48.9800
Sorghum,(Milo) No.2 Gulf-u 8.4238
Aug 1.2404 1.2511 1.2288 1.2344 –.0089 72,338 Sept 101-020 101-070 100-295 101-045 2.5 70,739 Coins,wholesale $1,000 face-a 16919 SoybeanMeal,Cent IL,rail,ton48%-u 294.30 Grease,choice white,Chicago-h 0.2100
Sept 1.2502 1.2633 1.2430 1.2490 –.0064 48,995 Eurodollar (CME)-$1,000,000; pts of 100% Other metals Soybeans,No.1 yllw IL-bp,u 8.7200 Lard,Chicago-u n.a.
Gasoline-NY RBOB (NYM)-42,000 gal.; $ per gal. July 99.7325 99.7325 99.7200 99.7250 –.0075 306,825
LBMA Platinum Price PM *830.0 Wheat,Spring14%-pro Mnpls-u 6.3325 Soybean oil,crude;Centl IL-u 0.2768
Aug 1.2702 1.2974 1.2641 1.2909 .0159 90,008 Sept 99.7450 99.7450 99.7300 99.7400 –.0050 1,672,131
Dec 99.7100 99.7150 99.7050 99.7150 … 1,086,558
Platinum,Engelhard industrial 847.0 Wheat,No.2 soft red,St.Louis-bp,u 5.2600 Tallow,bleach;Chicago-h 0.2250
Sept 1.2500 1.2715 1.2425 1.2691 .0171 69,516
March'21 99.8000 99.8050 99.7900 99.8050 .0050 946,417 Palladium,Engelhard industrial 1950.0 Wheat - Hard - KC (USDA) $ per bu-u 4.7675 Tallow,edible,Chicago-u 0.3800
Natural Gas (NYM)-10,000 MMBtu.; $ per MMBtu.
Aug 1.879 1.886 1.808 1.824 –.052 282,970
Sept 1.944 1.948 1.868 1.876 –.063 205,944 Currency Futures KEY TO CODES: A=ask; B=bid; BP=country elevator bids to producers; C=corrected; E=Manfra,Tordella & Brooks; G=ICE; H=American Commodities Brokerage Co;
Oct 2.032 2.036 1.961 1.970 –.058 118,754 M=monthly; N=nominal; n.a.=not quoted or not available; R=SNL Energy; S=Platts-TSI; T=Cotlook Limited; U=USDA; W=weekly, Z=not quoted. *Data as of 7/7
Japanese Yen (CME)-¥12,500,000; $ per 100¥
Jan'21 2.907 2.914 2.879 2.895 –.013 111,703
July .9289 .9329 .9285 .9329 .0027 1,079 Source: Dow Jones Market Data
March 2.761 2.771 2.741 2.760 –.008 79,059
Sept .9308 .9337 .9292 .9336 .0028 136,705
April 2.492 2.503 2.485 2.497 –.002 76,954
Canadian Dollar (CME)-CAD 100,000; $ per CAD
July .7341 .7411 .7341 .7408 .0051 388
Agriculture Futures Sept .7352
British Pound (CME)-£62,500; $ per £
.7413 .7342 .7409 .0051 115,755 Bonds | wsj.com/market-data/bonds/benchmarks
Corn (CBT)-5,000 bu.; cents per bu.
343.50 348.50 341.00 348.25 3.25 1,468 July 1.2551 1.2622 1.2510 1.2623 .0069 319
July
Sept 342.75 346.75 339.00 346.25 2.75 594,402 Sept 1.2552 1.2628 1.2514 1.2627 .0068 179,238 Tracking Bond Benchmarks
Oats (CBT)-5,000 bu.; cents per bu. Swiss Franc (CME)-CHF 125,000; $ per CHF Return on investment and spreads over Treasurys and/or yields paid to investors compared with 52-week
July 345.00 345.00 345.00 343.50 5.75 6 Sept 1.0631 1.0694 1.0622 1.0683 .0046 44,995
Dec 279.75 283.00 278.50 282.75 3.75 3,502 Dec 1.0670 1.0719 1.0654 1.0713 .0046 107 highs and lows for different types of bonds
Soybeans (CBT)-5,000 bu.; cents per bu. Australian Dollar (CME)-AUD 100,000; $ per AUD Total Total
July 891.25 898.75 891.25 894.75 –.50 363 July .6946 .6986 .6929 .6983 .0025 363 return YTD total Yield (%) return YTD total Yield (%)
Nov 902.00 902.25 895.00 897.25 –5.25 344,890 Sept .6948 .6989 .6929 .6984 .0024 103,794 close return (%) Index Latest Low High close return (%) Index Latest Low High
Soybean Meal (CBT)-100 tons; $ per ton. Mexican Peso (CME)-MXN 500,000; $ per MXN
July 291.50 293.10 291.50 291.60 –1.70 1,191 July .04395 .04406 .04368 .04398 –.00004 67 Broad Market Bloomberg Barclays Mortgage-Backed Bloomberg Barclays
Dec 303.10 304.60 300.60 301.80 –1.30 160,933 Sept .04341 .04375 .04328 .04362 –.00004 122,573 2225.42 3.6 Mortgage-Backed 1.290 0.930 2.790
Soybean Oil (CBT)-60,000 lbs.; cents per lb. Euro (CME)-€125,000; $ per € 2270.53 6.5 U.S. Aggregate 1.210 1.210 2.590
July 28.78 28.82 28.41 28.46 –.30 486 July 1.1275 1.1353 1.1264 1.1337 .0050 10,820 U.S. Corporate Indexes Bloomberg Barclays 2178.42 3.7 Ginnie Mae (GNMA) 0.670 0.490 2.740
Dec 29.51 29.60 29.05 29.21 –.35 176,070 Sept 1.1292 1.1369 1.1279 1.1353 .0050 575,196
Rough Rice (CBT)-2,000 cwt.; $ per cwt. 3339.61 6.2 U.S. Corporate 2.060 2.060 4.580 1312.70 3.6 Fannie mae (FNMA) 1.520 1.110 2.810
July ... ... ... 16.32 –.20 315 Index Futures 3031.48 4.7 Intermediate 1.470 1.470 4.400 2015.51 3.6 Freddie Mac (FHLMC) 1.500 1.080 2.810
Sept 12.32 12.32 12.08 12.10 –.21 8,241
Wheat (CBT)-5,000 bu.; cents per bu. Mini DJ Industrial Average (CBT)-$5 x index 582.32 2.9 Muni Master 1.171 0.959 3.441
Sept 25770 25999 25661 25969 199 71,442
4944.61 8.6 Long term 3.040 2.950 4.930
July ... 513.50 ... 517.50 25.25 132
Sept 495.50 517.50 494.75 516.50 21.25 221,059 Dec 25692 25871 25554 25852 198 241 691.68 7.4 Double-A-rated 1.460 1.460 3.360 411.41 3.1 7-12 year 1.140 0.924 3.447
Wheat (KC)-5,000 bu.; cents per bu. S&P 500 Index (CME)-$250 x index
July 447.25 453.50 437.75 452.00 16.00 69 Sept 3146.30 3165.40 3126.10 3163.40 27.00 10,079 874.99 4.7 Triple-B-rated 2.490 2.490 5.350 467.30 3.2 12-22 year 1.627 1.224 3.690
Sept 440.75 457.75 440.25 456.75 16.00 153,668 Dec … … … 3152.80 26.90 2 High Yield Bonds ICE BofA 449.35 2.0 22-plus year 2.406 1.765 4.123
Cattle-Feeder (CME)-50,000 lbs.; cents per lb. Mini S&P 500 (CME)-$50 x index
Aug 135.000 135.225 133.100 134.050 –.875 16,391 Sept 3135.25 3166.25 3125.50 3163.50 27.00 2,568,944 450.31 -3.6 High Yield Constrained 6.477 5.151 11.400 Global Government J.P. Morgan†
Sept 136.350 136.600 134.775 135.675 –.650 6,993 Dec 3124.75 3154.75 3115.25 3152.75 26.75 47,472
Cattle-Live (CME)-40,000 lbs.; cents per lb. Mini S&P Midcap 400 (CME)-$100 x index 383.75 -12.3 Triple-C-rated 14.113 10.735 19.071 612.94 5.2 Global Government 0.560 0.390 1.130
Aug 100.000 100.125 98.925 99.150 –.850 110,260 1762.20 1778.60 1749.30 1770.60 12.40 62,847
Sept 3036.25 -4.9 High Yield 100 5.540 4.516 10.740 865.47 7.7 Canada 0.750 0.590 1.740
Oct 104.000 104.175 102.850 103.500 –.675 74,384 Dec 1806.50 1767.90 1751.10 1770.10 12.40 3
Hogs-Lean (CME)-40,000 lbs.; cents per lb. Mini Nasdaq 100 (CME)-$20 x index 408.54 -3.1 Global High Yield Constrained 6.360 4.893 11.310 408.81 2.2 EMU§ 0.335 0.109 0.794
July 44.350 44.550 t 43.575 44.050 –.475 16,639 Sept 10526.00 10673.00 10505.25 10662.25 130.00 211,503
Aug 48.875 49.200 47.900 47.950 –.925 80,012 Dec 10521.00 10661.00 10498.00 10652.25 130.50 1,026 314.04 -4.4 Europe High Yield Constrained 4.531 2.464 8.183 779.00 2.7 France 0.070 -0.160 0.430
Lumber (CME)-110,000 bd. ft., $ per 1,000 bd. ft. Mini Russell 2000 (CME)-$50 x index
July 470.20 487.00 s 465.00 485.00 14.00 182
U.S Agency Bloomberg Barclays 546.56 2.0 Germany -0.330 -0.740 -0.050
Sept 1410.70 1429.60 1395.20 1423.00 12.10 528,786
Sept 465.30 471.40 s 451.10 469.40 14.10 1,771 1860.80 5.1 U.S Agency 0.550 0.530 2.160 295.32 -0.9
Dec 1407.30 1425.90 1393.80 1420.10 11.90 436 Japan 0.280 -0.070 0.320
Milk (CME)-200,000 lbs., cents per lb.
Mini Russell 1000 (CME)-$50 x index 1620.99 3.7 0.410 0.390 2.050
July 23.40 23.79 s 23.35 23.67 .23 6,490 10-20 years 608.77 2.1 Netherlands -0.220 -0.540 0.080
Sept 1752.00 1754.60 1735.50 1753.90 15.60 7,954
Aug 21.32 21.56 21.08 21.53 .03 5,280
Cocoa (ICE-US)-10 metric tons; $ per ton. U.S. Dollar Index (ICE-US)-$1,000 x index 4278.45 12.1 20-plus years 1.490 1.170 2.690 1102.98 9.8 U.K. 0.480 0.390 1.250
July 2,250 2,250 2,250 2,221 4 3 Sept 96.91 97.01 96.35 96.37 –.47 22,167
Dec 96.96 96.96 96.36 96.37 –.47 647 2850.63 4.3 Yankee 1.650 1.650 3.500 875.38 -0.7 Emerging Markets ** 5.011 4.523 7.480
Sept 2,142 2,148 t 2,092 2,100 –48 94,067
Coffee (ICE-US)-37,500 lbs.; cents per lb. *Constrained indexes limit individual issuer concentrations to 2%; the High Yield 100 are the 100 largest bonds † In local currency § Euro-zone bonds
July 98.95 98.95 98.95 98.95 –.30 280 Source: FactSet ** EMBI Global Index Sources: ICE Data Services; Bloomberg Barclays; J.P.Morgan

Macro & Market Economics Global Government Bonds: Mapping Yields

Watching the Gauges: U.S. Supply and Demand Yields and spreads over or under U.S. Treasurys on benchmark two-year and 10-year government bonds in
Inventories, imports and demand for the week ended July 3. Current figures are in thousands of barrels or selected other countries; arrows indicate whether the yield rose(s) or fell (t) in the latest session
thousands of gallons per day, except natural-gas figures, which are in billions of cubic feet. Natural-gas import Country/ Yield (%) Spread Under/Over U.S. Treasurys, in basis points
Coupon (%) Maturity, in years Latest(l)-2 -1 0 1 2 3 4 Previous Month ago Year ago Latest Prev Year ago
and demand data are available monthly only.
0.125 U.S. 2 0.169 s l 0.161 0.228 1.900
Inventories, 000s barrels Imports, 000s barrels per day 0.625 10 0.659 s l 0.646 0.882 2.051
Expected Previous Year 4-week 5-year Expected Previous Year 4-week 5-year 2.000 Australia 2 0.256 s l 0.256 0.295 0.978 8.7 9.5 -92.3
Current change week ago avg avg Current change week ago avg avg
2.500 10 0.882 t l 0.892 1.102 1.331 22.3 24.6 -72.0
Crude oil and
0.000 France 2 -0.589 s l -0.603 -0.530 -0.651 -75.7 -76.3 -255.1
petroleum prod 1,461,620 ... 1,452 1,304 1,453 1,281 9,631 ... 7,906 9,988 8,642 9,896
Crude oil 0.000 10 -0.127 t l -0.115 -0.025 -0.068 -78.6 -76.1 -211.9
excluding SPR 539,181 -2,800 534 459 538 448 7,394 ... 5,969 7,302 6,636 7,717 0.000 Germany 2 -0.667 s l -0.673 -0.616 -0.734 -83.6 -83.3 -263.4
Gasoline 251,682 ... 257 229 255 229 729 ... 1,011 871 744 775 0.000 10 -0.436 t l -0.427 -0.318 -0.364 -109.4 -107.3 -241.5
Finished gasoline 22,795 -300 24 22 24 24 118 ... 26 52 61 34
1.000 Italy 2 -0.090 t l -0.081 0.070 0.062 -25.9 -24.1 -183.8
Reformulated 40 ... 0 0 0 0 0 ... 0 0 0 0
0.950 10 1.209 t l 1.216 1.406 1.783 55.0 57.0 -26.8
Conventional 22,755 ... 24 22 24 24 118 ... 26 52 61 34
Blend. components 228,887 ... 233 207 231 205 611 ... 985 819 683 742 0.100 Japan 2 -0.133 t l -0.129 -0.150 -0.200 -30.1 -29.0 -210.0
Natural gas (bcf) 3,077 ... 3 2 3 3 ... ... ... ... ... ... 0.100 10 0.019 t l 0.040 0.046 -0.149 -63.9 -60.7 -220.0
Kerosene-type 0.400 Spain 2 -0.401 t l -0.394 -0.355 -0.410 -56.9 -55.5 -231.0
jet fuel 42,579 ... 42 41 42 42 195 ... 175 203 194 147 1.250 10 0.412 t l 0.420 0.547 0.374 -24.7 -22.7 -167.7
Distillates 177,262 200 174 131 175 142 72 ... 135 181 110 123 0.500 U.K. 2 -0.071 l -0.071 0.005 0.638 -24.0 -23.2 -126.3
Heating oil 9,333 ... 9 9 10 11 0 ... 0 44 0 27
4.750 10 0.185 s l 0.181 0.336 0.716 -47.4 -46.5 -133.4
Diesel 167,929 ... 165 121 165 131 72 ... 135 90 110 93
Residual fuel oil 40,376 ... 42 30 41 34 135 ... 118 147 136 197 Source: Tullett Prebon
Other oils 313,097 ... 308 314 308 290 961 ... 439 1,161 741 820 Corporate Debt
Net crude, petroleum Price moves by a company's debt in the credit markets sometimes mirror and sometimes anticipate, moves in
products, incl. SPR 2,117,643 ... 2,107 1,948 2,107 1,956 2,027 ... 70 1,651 1,132 4,125 that same company’s share price.
Investment-grade spreads that tightened the most…
Weekly Demand, 000s barrels per day Natural gas storage Spread*, in basis points Stock Performance
Issuer Symbol Coupon (%) Maturity Current One-day change Last week Close ($) % chg
Expected Previous Year 4-week 5-year Billions of cubic feet; weekly totals
Current change week ago avg avg Aircastle … 4.125 May 1, ’24 441 –31 n.a. ... ...
Omega Healthcare Investors OHI 4.375 Aug. 1, ’23 199 –23 n.a. 29.68 1.50
Total petroleum
4250 Biogen BIIB 3.625 Sept. 15, ’22 31 –22 57 280.19 4.41
product 18,120 ... 17,353 21,292 17,778 20,721
Natural gas, MPLX MPLX 4.875 Dec. 1, ’24 151 –21 n.a. 18.00 ...
Finished lower 48 states 3250
Santander Holdings USA … 3.400 Jan. 18, ’23 120 –20 151 ... ...
motor gasoline 8,766 ... 8,561 9,754 8,451 9,744 t
Pacificorp … 3.300 March 15, ’51 107 –18 135 ... ...
Kerosene-type 2250
jet fuel 924 ... 588 1,803 776 1,770
t …And spreads that widened the most
Distillates 3,019 ... 3,778 3,551 3,455 3,804 Five-year average 1250
Waste Management WM 2.950 June 15, ’24 220 41 205 103.12 –1.43
Residual fuel oil 496 ... 228 225 286 403 for each week
250
Hyatt Hotels H 4.850 March 15, ’26 373 39 349 50.59 1.50
Propane/propylene 647 ... 695 1,026 779 ...
J A S O N D J F M A M J Retail Properties of America RPAI 4.000 March 15, ’25 435 25 n.a. 6.67 –2.77
Other oils 4,268 ... 3,504 4,934 4,032 ...
2019 2020 Wells Fargo WFC 5.875 June 15, ’49 423 23 426 24.55 0.37
Note: Expected changes are provided by Dow Jones Newswires' survey of analysts. Previous and average inventory data are in millions. Energy Transfer Operating … 3.600 Feb. 1, ’23 214 21 n.a. ... ...
Sources: FactSet; Dow Jones Market Data; U.S. Energy Information Administration; Dow Jones Newswires
AerCap Ireland Capital DAC AER 4.875 Jan. 16, ’24 474 20 480 29.57 6.83
ONEOK OKE 4.550 July 15, ’28 335 19 320 27.36 –0.80
Exchange-Traded Portfolios | WSJ.com/ETFresearch Republic Services RSG 2.500 Aug. 15, ’24 58 18 59 80.00 –1.08

Largest 100 exchange-traded funds, latest session ETF

Closing Chg YTD
Symbol Price (%) (%) High-yield issues with the biggest price increases…
SchwabUS SC SCHA 65.20 0.80 –13.8 Bond Price as % of face value Stock Performance
Wednesday, July 8, 2020 Closing Chg YTD
ETF Symbol Price (%) (%) Schwab US TIPs SCHP 60.23 –0.25 6.4 Issuer Symbol Coupon (%) Maturity Current One-day change Last week Close ($) % chg
Closing Chg YTD SPDR DJIA Tr DIA 260.72 0.65 –8.6
ETF Symbol Price (%) (%) iShMSCI EAFE EFA 62.38 0.84 –10.2 SPDR S&PMdCpTr MDY 323.28 0.67 –13.9 EnLink Midstream ENLC 5.375 June 1, ’29 80.040 2.54 75.000 2.61 3.16
CommSvsSPDR XLC 56.65 0.89 5.6 iShMSCIEmgMarkets EEM 43.52 2.59 –3.0 SPDR S&P 500 SPY 316.18 0.76 –1.8
iShMSCIJapan EWJ 55.34 –0.07 –6.6 SPDR S&P Div SDY 90.24 –0.10 –16.1 Avis Budget Car Rental … 6.375 April 1, ’24 90.000 2.50 82.500 … …
CnsmrDiscSelSector XLY 131.89 1.07 5.2
CnsStapleSelSector XLP 59.67 –0.25 –5.3 iShNasdaqBiotech IBB 140.81 0.54 16.8 TechSelectSector XLK 107.72 1.63 17.5 Southwestern Energy SWN 7.500 April 1, ’26 91.250 1.67 87.595 2.68 –4.29
EnSelectSectorSPDR XLE 36.23 –0.08 –39.7 iShNatlMuniBd MUB 115.43 –0.02 1.3 UtilitiesSelSector XLU 57.47 0.90 –11.1
FinSelSectorSPDR XLF 23.17 1.05 –24.7
iShPfd&Incm PFF 34.80 0.35 –7.4 VanEckGoldMiner GDX 38.96 3.26 33.1 Occidental Petroleum OXY 7.875 Sept. 15, ’31 100.000 1.45 94.688 17.28 0.76
iShRussell1000Gwth IWF 200.97 1.38 14.2 VangdInfoTech VGT 287.63 1.74 17.5
FT DJ Internet FDN 181.94 2.10 30.8 Scientific Games International SGMS 8.250 March 15, ’26 92.188 1.44 89.805 16.60 2.50
iShRussell1000 IWB 176.03 0.80 –1.3 VangdSC Val VBR 105.00 0.39 –23.4
HealthCareSelSect XLV 101.75 0.01 –0.1
iShRussell1000Val IWD 112.96 0.30 –17.2 VangdSC Grwth VBK 203.94 1.33 2.6 7.500 March 15, ’25 1.38 n.a. ...
InvscQQQI QQQ 259.99 1.32 22.3 Bombardier … 71.250 ...
iShRussell2000 IWM 141.94 0.75 –14.3 VangdDivApp VIG 118.89 0.35 –4.6
InvscS&P500EW RSP 102.00 0.29 –11.9
iSh3-7YTreasuryBd IEI 133.53 –0.04 6.2
iShRussell3000 IWV 184.30 0.83 –2.2 VangdFTSEDevMk VEA 39.74 0.81 –9.8 Exterran Energy Solutions … 8.125 May 1, ’25 85.000 1.25 83.250 ... ...
iShRussellMid-Cap IWR 54.15 0.80 –9.2 VangdFTSE EM VWO 43.35 2.68 –2.5
iShCoreDivGrowth DGRO 37.84 0.34 –10.1
iShRussellMCValue IWS 76.11 0.37 –19.7 VangdFTSE Europe VGK 51.96 1.29 –11.3
Freeport–McMoran FCX 5.400 Nov. 14, ’34 104.000 1.25 101.423 12.82 0.71
iShCoreMSCIEAFE IEFA 58.65 0.83 –10.1
iShS&P500Growth IVW 215.48 1.22 11.3 VangdFTSEAWxUS VEU 49.56 1.27 –7.8
iShCoreMSCIEM
iShCoreMSCITotInt
IEMG
IXUS
51.78
56.77
2.47
1.28
–3.7
–8.3
iShS&P500Value IVE 108.47 0.17 –16.6 VangdGrowth VUG 210.71 1.24 15.7 …And with the biggest price decreases
iShShortCpBd IGSB 54.72 0.05 2.0 VangdHlthCr VHT 196.69 0.23 2.6
iShCoreS&P500 IVV 317.33 0.75 –1.8
iShCoreS&P MC IJH 177.02 0.70 –14.0
iShShortTreaBd SHV 110.72 –0.01 0.2 VangdHiDiv VYM 78.92 0.15 –15.8 United Airlines Holdings UAL 4.875 Jan. 15, ’25 77.500 –3.75 78.875 32.53 –0.06
iShTIPSBondETF TIP 123.47 –0.18 5.9 VangdIntermBd BIV 93.24 0.03 6.9
iShCoreS&P SC IJR 67.23 0.42 –19.8 iSh1-3YTreasuryBd SHY 86.55 ... 2.3 VangdIntrCorpBd VCIT 95.33 –0.17 4.4 Party City Holdings PRTY 6.125 Aug. 15, ’23 17.000 –2.50 22.000 1.40 9.37
iShS&PTotlUSStkMkt ITOT 71.10 0.88 –2.2 iSh7-10YTreasuryBd IEF 121.74 –0.16 10.5 VangdLC VV 146.94 0.90 –0.6
iShCoreUSAggBd AGG 118.32 –0.03 5.3 American Airlines AAL 11.750 July 15, ’25 92.000 –2.25 n.a. 11.99 0.67
iSh20+YTreasuryBd TLT 164.55 –0.40 21.5 VangdMC VO 166.28 0.71 –6.7
iShSelectDividend DVY 79.57 –0.05 –24.7 iShRussellMCGrowth IWP 163.73 1.49 7.3 VangdMBS VMBS 54.43 0.07 2.4 Navient NAVI 6.750 June 25, ’25 96.520 –2.17 95.625 6.89 1.55
iShEdgeMSCIMinEAFE EFAV 66.99 0.57 –10.1 iShUSTreasuryBdETF GOVT 27.99 –0.05 7.9 VangdRealEst VNQ 78.37 –0.14 –15.5
iShEdgeMSCIMinUSA USMV 61.10 0.20 –6.9 JPM UltShtIncm JPST 50.75 0.02 0.6 VangdS&P500ETF VOO 290.38 0.74 –1.8 United States Steel X 6.250 March 15, ’26 62.328 –2.17 63.500 6.81 –1.73
iShEdgeMSCIUSAMom MTUM 137.70 1.15 9.7 PIMCOEnhShMaturity MINT 101.59 –0.01 ... VangdST Bond BSV 83.04 –0.02 3.0
iShEdgeMSCIUSAQual QUAL 97.76 0.56 –3.2 SPDR BlmBarcHYBd JNK 102.13 0.25 –6.8 VangdSTCpBd VCSH 82.57 –0.01 1.9
Ford Motor F 7.700 May 15, ’97 97.500 –1.91 n.a. 6.09 –0.49
iShGoldTr IAU 17.27 0.58 19.1 SPDRBloomBar1-3MTB BIL 91.53 ... 0.1 VangdSC VB 145.97 0.81 –11.9 Continental Resources CLR 4.900 June 1, ’44 77.750 –1.75 79.625 16.13 3.80
iShiBoxx$InvGrCpBd LQD 135.36 –0.16 5.8 SPDR Gold GLD 170.09 0.62 19.0 VangdTotalBd BND 88.40 –0.06 5.4
iShiBoxx$HYCpBd HYG 82.39 0.27 –6.3 SchwabIntEquity SCHF 30.44 0.79 –9.5 VangdTotIntlBd BNDX 57.72 –0.07 2.0 Olin OLN 5.625 Aug. 1, ’29 91.750 –1.75 92.300 10.96 –0.72
iShIntermCorpBd IGIB 60.44 –0.11 4.2 SchwabUS BrdMkt SCHB 75.13 0.82 –2.3 VangdTotIntlStk VXUS 51.21 1.29 –8.0
iShJPMUSDEmgBd EMB 110.25 0.43 –3.8 SchwabUS Div SCHD 51.47 0.18 –11.1 VangdTotalStk VTI 160.23 0.82 –2.1 *Estimated spread over 2-year, 3-year, 5-year, 10-year or 30-year hot-run Treasury; 100 basis points=one percentage pt.; change in spread shown is for Z-spread.
iShMBSETF MBB 110.70 0.05 2.4 SchwabUS LC SCHX 75.93 0.74 –1.1 VangdTotlWrld VT 77.23 0.99 –4.6 Note: Data are for the most active issue of bonds with maturities of two years or more
iShMSCI ACWI ACWI 76.29 1.03 –3.7 SchwabUS LC Grw SCHG 105.83 1.23 13.9 VangdValue VTV 100.08 0.31 –16.5 Sources: MarketAxess Corporate BondTicker; Dow Jones Market Data
THE WALL STREET JOURNAL. Thursday, July 9, 2020 | B9

BIGGEST 1,000 STOCKS

Net Net Net Net Net Net
How to Read the Stock Tables Footnotes: Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg
The following explanations apply to NYSE, NYSE s-New 52-week high. GFLEnvironmental GFL 18.80 -0.35 LibertyBraves C BATRK 17.59 0.12 PetroleoBrasilA PBR.A 8.51 0.25 Tesla TSLA 1365.88 -23.98 US Bancorp USB 35.51 -0.07 Watsco WSO 184.08 1.31
Arca, NYSE American and Nasdaq Stock Market t-New 52-week low. s GSXTechedu GSX 78.21 9.10 LibertySirius B LSXMB 36.52 1.18 Pfizer PFE 33.75 -0.28 TevaPharm TEVA 11.40 0.19 UnitedHealth UNH 298.36 1.71 s Wayfair W 221.48 -4.01
listed securities. Prices are composite quotations dd-Indicates loss in the most recent four
that include primary market trades as well as quarters. Galapagos GLPG 200.47 -1.50 LibertySirius C LSXMK 34.71 -0.01 PhilipMorris PM 72.30 -0.64 TexasInstruments TXN 129.26 0.66 UnivDisplay OLED 158.22 3.92 Weibo WB 38.16 -1.24
trades reported by Nasdaq BX (formerly Boston), FD-First day of trading. Gallagher AJG 98.37 0.70 LibertySirius A LSXMA 35.02 0.07 Phillips66 PSX 63.98 -0.63 Textron TXT 31.71 0.22 UniversalHealthB UHS 90.70 -0.47 WellsFargo WFC 24.55 0.09
Chicago Stock Exchange, Cboe, NYSE National and h-Does not meet continued listing Gaming&Leisure GLPI 33.32 -0.16 s EliLilly LLY 169.13 2.38 Pinduoduo PDD 92.31 1.31 s ThermoFisherSci TMO 386.63 6.38 VEREIT VER 6.23 -0.08 Welltower WELL 50.03 0.08
Nasdaq ISE. standards Garmin GRMN 98.18 -0.54 LincolnNational LNC 35.22 1.10 PinnacleWest PNW 76.72 0.72 ThomsonReuters TRI 67.82 1.04 VF VFC 60.68 0.85 WestPharmSvcs WST 232.30 1.48
The list comprises the 1,000 largest companies lf-Late filing Gartner IT 121.84 0.83 Linde LIN 221.52 -3.01 Pinterest PINS 27.00 1.15 ThorIndustries THO 101.49 0.54 VICI Prop VICI 20.20 0.21 WesternDigital WDC 42.80 1.08
based on market capitalization. q-Temporary exemption from Nasdaq Generac GNRC 126.58 2.05 LiveNationEnt LYV 46.06 1.02 PioneerNatRscs PXD 96.59 0.52 3M MMM 154.58 -0.24 VailResorts MTN 180.61 2.40 WesternUnion WU 21.06 0.07
Underlined quotations are those stocks with requirements.
GeneralDynamics GD 143.90 -1.28 s LivongoHealth LVGO 96.82 3.06 PlainsAllAmPipe PAA 8.84 0.03 Tiffany TIF 121.58 -0.43 Vale VALE 10.76 0.29 WestlakeChem WLK 52.82 -0.98
large changes in volume compared with the t-NYSE bankruptcy
issue’s average trading volume. v-Trading halted on primary market. GeneralElec GE 6.86 0.10 LloydsBanking LYG 1.53 0.04 PlainsGP PAGP 8.88 0.02 Toro TTC 65.46 -0.43 ValeroEnergy VLO 52.98 -0.14 WestpacBanking WBK 12.56 0.10
Boldfaced quotations highlight those issues vj-In bankruptcy or receivership or being GeneralMills GIS 62.94 -0.04 LockheedMartin LMT 350.23 -3.04 Polaris PII 94.05 2.13 TorontoDomBk TD 44.63 0.35 VarianMed VAR 119.62 -0.57 WestRock WRK 27.47 -0.59
whose price changed by 5% or more if their reorganized under the Bankruptcy Code, GeneralMotors GM 24.94 -0.19 Loews L 33.92 0.25 Pool POOL 270.80 -1.09 Total TOT 38.87 0.33 Vedanta VEDL 5.96 0.11 Weyerhaeuser WY 22.67 0.47
previous closing price was $2 or higher. or securities assumed by such companies. s Genmab GMAB 35.24 0.86 LogitechIntl LOGI 66.15 1.01 PostHoldings POST 89.15 -0.28 ToyotaMotor TM 125.41 0.45 s VeevaSystems VEEV 252.40 7.45 WheatonPrecMet WPM 46.92 1.79
Genpact G 35.63 0.05 Lowe's LOW 135.75 0.73 PrincipalFin PFG 41.87 0.86 s TractorSupply TSCO 135.61 1.38 Ventas VTR 35.39 -0.04 Whirlpool WHR 136.00 2.34
Wall Street Journal stock tables reflect composite regular trading as of 4 p.m. and Gentex GNTX 25.38 -0.40 lululemon LULU 309.88 3.14 Procter&Gamble PG 122.89 0.67 TradeDesk TTD 462.49 11.78 VeriSign VRSN 210.80 -0.31 Williams WMB 18.94 0.03
changes in the closing prices from 4 p.m. the previous day. GenuineParts GPC 86.14 -0.70 Lumentum LITE 82.21 -0.74 Progressive PGR 77.37 -0.65 Tradeweb TW 57.54 1.23 VeriskAnalytics VRSK 172.83 -0.10 Williams-Sonoma WSM 85.98 2.32
GileadSciences GILD 75.61 -0.81 Lyft LYFT 32.18 1.24 Prologis PLD 95.76 0.93 TraneTech TT 92.13 0.72 Verizon VZ 55.38 0.34 WillisTowers WLTW 199.24 2.66
Wednesday, July 8, 2020 Net Net GSK GSK 40.73 0.35 LyondellBasell LYB 65.85 -1.64 Proofpoint PFPT 118.04 5.34 TransDigm TDG 426.90 7.41 VertxPharm VRTX 295.92 -3.14 Wipro WIT 3.29 -0.08
Net Stock Sym Close Chg Stock Sym Close Chg GlobalPayments GPN 168.42 0.86 PrudentialFin PRU 60.77 1.38 TransUnion TRU 87.03 0.73 ViacomCBS B VIAC 22.92 -0.03 s Wix.com WIX 292.12 9.31
Stock Sym Close Chg Globant GLOB 160.74 4.74 M N Prudential PUK 31.76 0.78 Travelers TRV 113.18 0.70 ViacomCBS A VIACA 25.05 -0.18 WooriFin WF 22.36 0.14
BerkHathwy B BRK.B 181.20 0.05 Cree CREE 60.78 1.93
GlobeLife GL 72.20 0.70 PublicServiceEnt PEG 50.87 0.58 Trex TREX 128.28 1.96 s Vipshop VIPS 22.20 1.55 Workday WDAY 198.30 6.70
A B C BerkHathwy A BRK.A 271770130.00 s CrowdStrike CRWD 114.55 8.13 M&T Bank MTB 98.98 0.44
GoDaddy GDDY 70.88 1.14 MGM Resorts MGM 16.30 0.16
PublicStorage PSA 193.36 -1.10 Trimble TRMB 42.40 0.36 VirBiotech VIR 46.07 1.72 WynnResorts WYNN 74.18 0.81
BerryGlobal BERY 44.00 -0.72 CrownCastle CCI 171.41 -0.10
s GoldFields GFI 10.20 0.32 MKS Instrum MKSI 114.12 1.75
PulteGroup PHM 35.27 1.35 Trip.com TCOM 27.19 0.15 Visa V 195.07 0.87 XP XP 47.70 0.95
ABB ABB 24.61 0.61 BestBuy BBY 87.18 1.59 CrownHoldings CCK 66.70 0.18 Vistra VST 19.56 0.58 XPO Logistics XPO 79.15
GoldmanSachs GS 202.25 2.89 MPLX MPLX 18.00 ...
Qiagen QGEN 43.57 0.38 TruistFinl TFC 35.32 0.02 0.97
AcadiaPharm ACAD 56.40 -0.60 BeyondMeat BYND 144.98 1.87 CubeSmart CUBE 27.72 0.21
Graco GGG 47.63 -0.06 s MSCI MSCI 370.71 18.10
Qorvo QRVO 113.03 0.01 TurkcellIletism TKC 5.78 -0.04 VMware VMW 147.00 1.47 XcelEnergy XEL 63.77 0.17
ADT ADT 7.66 0.06 Bilibili BILI 46.67 0.44 Cummins CMI 174.04 -1.53
Grainger GWW 308.77 -12.08 MagellanMid MMP 42.51 -0.59
Qualcomm QCOM 93.53 1.39 s Twilio TWLO 243.61 10.31 Vodafone VOD 15.83 -0.03 Xilinx XLNX 99.28 0.11
AECOM ACM 35.96 0.32 Bill.com BILL 90.46 4.82 CyrusOne CONE 76.25 -0.01
Grifols GRFS 18.59 -0.11 MagnaIntl MGA 45.03 -0.12
QuantaServices PWR 37.35 -1.14 Twitter TWTR 35.41 2.42 VornadoRealty VNO 35.86 0.05 Xylem XYL 65.74 -0.35
AES AES 14.44 0.30 Bio-Techne TECH 274.01 7.26 VoyaFinancial VOYA 47.07 0.44 s YamanaGold AUY
D E F GrubHub GRUB 70.90 -0.17 QuestDiag DGX 117.92 0.61 TylerTech TYL 355.04 2.52 5.56 0.03
Aflac AFL 35.40 0.78 Bio-RadLab A BIO 467.49 -0.85 ManhattanAssoc MANH 91.44 1.28
GpoAvalAcc AVAL 4.69 0.14 s Quidel QDEL 237.48 12.50 TysonFoods TSN 57.93 -0.76 Vroom VRM 50.24 -1.88 Yandex YNDX 50.23 0.26
AGNC Invt AGNC 12.99 0.17 Biogen BIIB 280.19 11.84 ManulifeFin MFC 13.50 0.01
DISH Network DISH 31.97 -0.71 GuardantHealth GH 87.13 1.85 MarathonPetrol MPC 34.15 -0.54 UBS Group UBS 11.87 0.16 VulcanMatls VMC 119.12 -3.55 YumBrands YUM 86.55 -0.31
s ANGI Homesvcs ANGI 15.76 0.04 BioMarinPharm BMRN 128.73 0.75 DTE Energy DTE 107.90 R S
0.81 Guidewire GWRE 115.62 3.34 UDR UDR 36.53 -0.37 YumChina YUMC 51.11 0.53
Ansys ANSS 301.90 2.58 BioNTech BNTX 67.56 -1.78 s DadaNexus DADA 29.78 3.52 HCA Healthcare HCA 95.63 -0.61
Markel MKL 898.09 4.63 W X Y Z ZTO Express ZTO 36.87 -0.64
ASETech ASX 4.67 0.02 BlackKnight BKI 71.40 1.05 s MarketAxess MKTX 544.42 11.26 RELX RELX 23.38 0.16 UGI UGI 30.71 -0.56
s Danaher DHR 184.422.38 HDFC Bank HDB 48.63 0.71 Uber UBER 33.93 1.11 WEC Energy WEC 88.74 0.04 s ZaiLab ZLAB 86.87 4.06
s ASML ASML 391.93 9.91 BlackRock BLK 557.61 8.38 Marriott MAR 89.99 2.56 RPM RPM 74.96 -0.70
Darden DRI 73.12 0.93 HD Supply HDS 33.52 -0.24 Ubiquiti UI 179.05 3.11 WEX WEX 158.06 1.35 ZebraTech ZBRA 257.21 2.95
AT&T T 30.46 0.14 Blackstone BX 54.47 0.87 Marsh&McLen MMC 109.08 1.73 RaymondJames RJF 67.98 0.96
s Datadog DDOG 96.136.04 HP HPQ 16.75 0.12 0.59 Zendesk ZEN 92.32 2.57
AbbottLabs ABT 92.58 0.12 Boeing BA 180.08 1.20 MartinMarietta MLM 208.89 -3.68 RaytheonTech RTX 61.01 ... UltaBeauty ULTA 202.02 -0.91 W.P.Carey WPC 66.52
DaVita DVA 81.91-0.08 HSBC HSBC 24.09 -0.51 s MarvellTech MRVL 37.58 2.14 RealPage RP 65.56 s
0.38 UltragenyxPharm RARE 90.00 2.12 WPP WPP 37.39 -1.48 Zillow C Z 63.61 0.92
AbbVie ABBV 99.28 -0.07 BookingHldgs BKNG 1661.30 3.85
DeckersOutdoor DECK 193.364.26 Halliburton HAL 12.47 0.06 RealtyIncome O 58.53 -0.04 Unilever UN 53.04 -0.15 Wabtec WAB 57.50 -0.24 Zillow A ZG 63.20 1.17
Abiomed ABMD 265.64 1.05 BoozAllen BAH 75.47 0.07 Masco MAS 50.19 0.17
Deere DE 158.38-0.32 HartfordFinl HIG 37.65 0.47 RegencyCtrs REG 43.40 -0.69 Unilever UL 54.59 ... WalgreensBoots WBA 42.29 0.07 ZimmerBiomet ZBH 118.92 1.92
AcceleronPharma XLRN 102.28 -0.56 BorgWarner BWA 34.93 -0.11 Masimo MASI 234.49 0.60
DellTechC DELL 54.151.20 Hasbro HAS 73.26 -0.28 RegenPharm REGN 640.34 -0.54 UnionPacific UNP 169.04 -0.74 Walmart WMT 124.44 -2.51 Zoetis ZTS 138.81 0.37
Accenture ACN 218.89 2.56 s BostonBeer SAM 588.16 6.50 Mastercard MA 300.15 0.64
DeltaAir DAL 27.01 ... HealthcareAmer HTA 26.15 -0.15 MaximIntProducts MXIM 62.08 RegionsFin RF 10.34 0.01 UnitedAirlines UAL 32.53 -0.02 WarnerMusic WMG 29.98 0.34 ZoomVideo ZM 266.32 4.22
ActivisionBliz ATVI 79.28 0.78 BostonProps BXP 87.58 -0.70 0.57
DentsplySirona XRAY 42.00-1.37 HealthpeakProp PEAK 26.85 -0.20 McCormick MKC 183.64 0.50 RelianceSteel RS 92.10 -1.76 UnitedMicro UMC 2.77 -0.03 WasteConnections WCN 92.10 0.35 ZoomInfoTech ZI 44.26 -0.88
AdaptiveBiotech ADPT 48.81 2.26 BostonSci BSX 34.55 -0.09
DeutscheBank DB 10.00
0.18 Heico HEI 99.10 1.34 McDonalds MCD 185.85 0.03 RenaissanceRe RNR 169.63 0.53 UPS B UPS 114.47 0.02 WasteMgt WM 103.12 -1.50 Zscaler ZS 120.85 7.01
Adobe ADBE 457.68 8.32 BrightHorizons BFAM 111.33 0.58
DexCom DXCM 435.11
9.25 Heico A HEI.A 80.54 1.08 McKesson MCK 144.57 -1.23 Repligen RGEN 125.28 1.14 UnitedRentals URI 148.65 1.08 Waters WAT 185.05 -0.29 s Zynga ZNGA 10.25 0.36
AdvanceAuto AAP 136.45 -0.23 Bristol-Myers BMY 59.56 -0.73
Diageo DEO 139.582.09 HenrySchein HSIC 57.19 -1.32 MedicalProp MPW 18.38 -0.04 RepublicSvcs RSG 80.00 -0.87
AdvMicroDevices AMD 53.43 0.50 BritishAmTob BTI 38.81 -0.37
DiamondbkEner FANG 40.23 0.11 Herbalife HLF 45.47 -0.21 Medtronic MDT 91.61 -0.06 ResMed RMD 192.72 1.25
Aegon AEG 3.10 0.01 Broadcom AVGO 319.57 6.45
DigitalRealty DLR 147.11 -0.38 Hershey HSY 128.52 -0.73 MelcoResorts MLCO 15.75 -0.07 RestaurantBrands QSR 54.93 0.33
AgilentTechs A 89.54 0.33 BroadridgeFinl BR 128.59 1.48
AgnicoEagle AEM 65.87 1.55 BrookfieldMgt BAM 32.96 0.72
DiscoverFinSvcs DFS 48.68
DiscoveryB DISCB 37.58
0.53
-3.43
Hess
HewlettPackard HPE
HES 49.32 0.96
9.21 0.14
MercadoLibre MELI 1015.00 7.76 ReynoldsCnsmr REYN 34.57 -0.71 Dividend Changes
Agora API 53.93 -4.37 BrookfieldInfr BIP 40.21 -0.57 Merck MRK 77.92 -0.80 RingCentral RNG 294.32 7.59
DiscoveryA DISCA 20.22 -0.14 Hill-Rom HRC 111.97 0.79
s AirProducts APD 269.79 4.66 BrookfieldPropREIT BPYU 11.35 -0.04
DiscoveryC DISCK 18.19 -0.18 Hilton HLT 75.09 0.92
MetLife MET 36.77 0.75 RioTinto RIO 58.30 1.39 Dividend announcements from July 8.
AkamaiTech AKAM 112.67 1.69 Brown&Brown BRO 41.07 0.32 MettlerToledo MTD 818.19 -0.87 RobertHalf RHI 50.53 -0.06
Disney DIS 116.663.03 Hologic HOLX 57.62 0.77 MicrochipTech MCHP 103.98 -1.01 Rockwell ROK 212.28 0.84 Amount Payable /
Albemarle ALB 77.95 -0.05 Brown-Forman B BF.B 64.04 -0.13
s DocuSign DOCU 206.35
8.60 HomeDepot HD 249.17 1.82 MicronTech MU 49.71 0.62 RogersComm B RCI 39.49 -0.68 Company Symbol Yld % New/Old Frq Record
t Albertsons ACI 15.16 -0.02 Brown-Forman A BF.A 58.80 0.27
DolbyLab DLB 65.71 0.67 HondaMotor HMC 25.37 -0.30 Microsoft MSFT 212.83 4.58 Roku ROKU 133.76 3.34
Alcon ALC 57.16 0.03 Bruker BRKR 41.26 0.33 Reduced
DollarGeneral DG 186.53 -1.29 Honeywell HON 145.59 0.62 MidAmApt MAA 113.82 -0.75 Rollins ROL 44.96 -0.66
AlexandriaRlEst ARE 160.85 0.27 Bunge BG 39.19 -0.45
4.65% Fltg. Rate STRATS GJO 2.6 .0169 /.01859 M Jul15 /Jul14
DollarTree DLTR 90.29
-0.21 HorizonTherap HZNP 58.76 1.47 MitsubishiUFJ MUFG 3.87 -0.04 RoperTech ROP 397.41 6.93
AlexionPharm ALXN 108.00 -4.46 BurlingtonStrs BURL 183.54 0.46
DominionEner D 1.00
75.22 HormelFoods HRL 47.91 -0.24 MizuhoFin MFG 2.44 -0.03 RossStores ROST 86.02 -0.36
STRATS Dom Res Ser 05-06 GJP 3.3 .0615 /.06352 M Jul15 /Jul14
s Alibaba BABA 257.68 21.17 CBRE Group CBRE 44.49 0.18
Domino's DPZ 384.143.00 DR Horton DHI 58.85 2.30 MobileTeleSys MBT 8.90 0.28 RoyalBkCanada RY 68.06 0.13
AlignTech ALGN 278.39 3.68 CDW CDW 113.38 -0.68
Donaldson DCI 45.51
-0.50 HostHotels HST 10.73 -0.11 Initial
Alleghany Y 487.76 2.74 CF Industries CF 27.74 -1.48 Moderna MRNA 61.58 0.49 RoyalBkScotland RBS 3.09 0.04
DouglasEmmett DEI 29.48
-0.37 HowmetAerospace HWM 15.33 0.19 First Horizon Pfd. B FHNpB 13.3 .8281 Aug03 /Jul17
Allegion ALLE 102.49 0.44 CGI GIB 63.86 0.89 MohawkInds MHK 91.39 -4.59 RoyalCaribbean RCL 50.07 2.51
Dover DOV 96.91 0.08 HuanengPower HNP 16.70 1.01 First Horizon Pfd. C FHNpC 6.6 .4125 Aug03 /Jul17
AlliantEnergy LNT 48.51 0.04 CH Robinson CHRW 80.50 0.30 MolinaHealthcare MOH 182.35 -0.07 RoyalDutchA RDS.A 32.75 0.12
Dow DOW 40.35-1.34 Huazhu HTHT 37.90 2.10
AllogeneTherap ALLO 44.22 0.14 CME Group CME 168.08 2.47
DrReddy'sLab RDY 52.26 0.81
MolsonCoorsA TAP.A 55.51 ... RoyalDutchB RDS.B 30.90 0.24 Foreign
Hubbell HUBB 125.45 0.45 MolsonCoorsB TAP 34.74 0.08 RoyalGold RGLD 126.75 1.88
Allstate ALL 88.22 -4.43 CMS Energy CMS 59.40 -0.09 Luxfer Holdings LXFR 3.8 .125 Q Aug05 /Jul17
DraftKings DKNG 33.10 2.50 HubSpot HUBS 239.66 4.40 Mondelez MDLZ 51.24 -0.26 Ryanair RYAAY 66.21 -0.72
AllyFinancial ALLY 19.67 0.06 CNA Fin CNA 30.65 0.12 Mobile TeleSystems ADR MBT 8.2 .59166 SA Jul08 /Jul09
Dropbox DBX 22.74 0.30 Humana HUM 386.00 -5.70 MongoDB MDB 234.05 8.56 SAP SAP 146.95 2.89
AlnylamPharm ALNY 160.42 0.42 CNH Indl CNHI 6.92 0.06 Pembina Pipeline PBA 7.8 .1551 M Aug14 /Jul24
DukeEnergy DUK 81.44 0.62 s JBHunt JBHT 125.91 1.87 s MonolithicPower MPWR 247.53 3.53 s S&P Global SPGI 354.32 13.13
Alphabet C GOOG 1496.00 10.82 CNOOC CEO 115.42 1.86
DukeRealty DRE 35.49 -0.17 HuntingtonBcshs HBAN 8.44 0.05 MonsterBev MNST 71.76 0.06 SBA Comm SBAC 303.18 -2.31
Alphabet A GOOGL 1503.60 13.68 CRH CRH 35.83 -0.31 KEY: A: annual; M: monthly; Q: quarterly; r: revised; SA: semiannual; S2:1: stock split and ratio; SO:
Dun&Bradstreet DNB 26.49 -0.11 HuntingIngalls HII 167.49 -0.83 s Moody's MCO 294.24 8.87 SEI Investments SEIC 55.25 0.21
s Alteryx AYX 179.69 6.08 s CRISPR Therap CRSP 94.17 2.76 spin-off.
Dunkin' DNKN 65.990.54 ICICI Bank IBN 9.89 -0.02 MorganStanley MS 48.91 1.42 SK Telecom SKM 20.10 0.20
AlticeUSA ATUS 23.37 -0.07 CSX CSX 69.10 0.58
DuPont DD -1.36
52.25 IdexxLab IDXX 336.12 -1.18 Morningstar MORN 150.44 1.16 SS&C Tech SSNC 56.57 0.56
Altria MO 39.87 -0.07 CVS Health CVS 63.14 -0.78
Dynatrace DT 42.36
0.54 IHS Markit INFO 76.45 0.19
AlumofChina ACH 6.05 0.44 CableOne CABO 1787.99 8.57
ENI E 19.71
0.13 ING Groep ING 7.11 -0.13
MotorolaSol MSI 132.13
Mylan MYL 16.19
1.05
0.08
StoreCapital STOR 22.30
SVB Fin SIVB 209.92
-0.08
2.14
IPO Scorecard
s Amazon.com AMZN 3081.11 80.99 CabotOil COG 17.55 -0.53
Ambev ABEV 2.81 0.10 CadenceDesign CDNS 99.60 0.83
EOG Rscs EOG 47.44-0.67 IPG Photonics IPGP 161.70 -0.31 NICE NICE 187.91 1.06 s Salesforce.com CRM 200.28 3.90 Performance of IPOs, most-recent listed first
EPAM Systems EPAM 255.66 3.41 IQVIA IQV 144.17 2.23 s NIO NIO 12.88 -0.34 Sanofi SNY 51.52 0.09 % Chg From % Chg From
Amcor AMCR 10.45 -0.17 CaesarsEnt CZR 12.12 0.20
E*TRADE ETFC 50.511.48 IcahnEnterprises IEP 48.02 -0.08 NRG Energy NRG 33.19 0.44 SantanderCons SC 18.34 0.50 Company SYMBOL Wed3s Offer 1st-day Company SYMBOL Wed3s Offer 1st-day
Amdocs DOX 58.67 0.46 CamdenProperty CPT 89.48 -0.23
EastmanChem EMN 69.79 -1.51 Icon ICLR 171.40 -0.48 NVR NVR 3331.42 90.35 SareptaTherap SRPT 170.15 6.26 IPO date/Offer price close ($) price close IPO date/Offer price close ($) price close
Amedisys AMED 200.95 0.09 CampbellSoup CPB 49.53 -0.20
Eaton ETN 87.34-0.06 IDEX IEX 157.81 -0.52 NXP Semi NXPI 116.43 1.00 Schlumberger SLB 18.07 -0.11
Amerco UHAL 299.02 6.01 CIBC CM 67.66 0.57
s eBay EBAY 58.271.27 IllinoisToolWks ITW 174.32 -1.01
Thera Acquisition 12.02 20.2 ... Panacea Acquisition 11.63 16.3 2.9
Ameren AEE 73.94 0.60 CanNtlRlwy CNI 89.79 1.58 Nasdaq NDAQ 121.70 1.23 SchwabC SCHW 34.43 0.54 TXAC July 8/$10.00 PANA.UT July 1/$10.00
Ecolab ECL 196.77
-6.17 Illumina ILMN 369.87 -2.25 NationalGrid NGG 57.38 1.22 ScottsMiracleGro SMG 138.22 -0.28
AmericaMovil AMX 12.76 -0.05 CanNaturalRes CNQ 16.74 -0.10
Ecopetrol EC 11.42
0.15 s Immunomedics IMMU 41.55 0.39 NatlRetailProp NNN 34.37 -0.11 s Sea SE 124.46 11.56 Accolade 34.31 56.0 15.5 GS Acquisition Hldgs II 10.50 5.0 –0.1
AmericaMovil A AMOV 12.56 -0.14 CanPacRlwy CP 259.23 3.93
EdisonInt EIX 54.46
-0.02 ImperialOil IMO 15.45 -0.41 Natura&Co NTCO 15.65 0.88 Seagate STX 46.56 -0.55 ACCD July 2/$22.00 GSAH.UT June 30/$10.00
AmerAirlines AAL 11.99 0.08 t Canon CAJ 19.35 -0.19
EdwardsLife EW 68.76 0.19 Incyte INCY 108.27 -0.38 NetApp NTAP 43.76 0.90 SeattleGenetics SGEN 175.53 -0.61 Capstar Special Purpose Acquistion 10.18 1.8 –0.4 Akouos 21.74 27.9 –1.2
AEP AEP 82.42 0.03 CanopyGrowth CGC 16.33 -0.17
ElancoAnimal ELAN 21.65 0.10 Infosys INFY 10.34 0.10 s NetEase NTES 454.56 10.27 SempraEnergy SRE 117.25 -0.51 CPSR.UT July 2/$10.00 AKUS June 26/$17.00
AmerExpress AXP 92.90 -0.11 CapitalOne COF 61.39 1.48
Elastic ESTC 96.593.27 IngersollRand IR 28.12 0.02 s Netflix NFLX 502.78 9.62 SensataTechs ST 36.01 -0.06
AmHomes4Rent AMH 26.85 0.26 CardinalHealth CAH 50.29 0.07 Lemonade 68.51 136.2 –1.3 Albertsons Companies 15.16 –5.3 –1.9
ElbitSystems ESLT 131.90 0.90 Ingredion INGR 81.41 -1.26 Neurocrine NBIX 130.11 2.15 ServiceCorp SCI 37.78 -1.11
AIG AIG 29.85 0.68 Carlisle CSL 114.37 -0.83 LMND July 2/$29.00 ACI June 26/$16.00
ElectronicArts EA 135.61 0.83 Inphi IPHI 125.50 3.64 NewOrientalEduc EDU 141.58 3.94 s ServiceNow NOW 425.20 13.46
AmerTowerREIT AMT 264.70 -1.27 Carlyle CG 28.50 1.43
EmersonElec EMR 61.09 0.27 Insulet PODD 207.69 1.56 s NYTimes A NYT 43.02 0.21 ShawComm B SJR 16.27 -0.04
AmerWaterWorks AWK 131.76 1.45 CarMax KMX 88.70 0.11
Enbridge ENB 30.10 0.16 Intel INTC 58.61 0.30
Dun & Bradstreet Hldgs 26.49 20.4 4.5 Ebang Intl Hldgs 4.21 –19.5 –15.8
AmericoldRealty COLD 36.56 -0.57 Carnival CCL 15.32 0.75 NewellBrands NWL 15.81 -0.04 SherwinWilliams SHW 586.12 -2.62
DNB July 1/$22.00 EBON June 26/$5.23
EncompassHealth EHC 61.44-0.62 InteractiveBrkrs IBKR 48.70 1.83 Newmont NEM 63.43 0.96 ShinhanFin SHG 25.42 0.42
Ameriprise AMP 148.41 2.28 Carnival CUK 12.72 0.63 EnelAmericas ENIA 8.04 -0.19 ICE ICE 93.84 1.27
AmerisourceBrgn ABC 97.21 -1.09 NewsCorp B NWS 11.88 -0.15 Shopify SHOP 1017.30 3.31
CarrierGlobal CARR 23.99 -0.02 EnelChile ENIC 4.21 0.01 InterContinentl IHG 48.30 0.99 Sources: Dow Jones Market Data; FactSet
Ametek AME 87.99 -0.39 s Carvana CVNA 138.92 5.81 NewsCorp A NWSA 11.85 -0.15 Sibanye-Stillwater SBSW 9.67 0.43
EnergyTransfer ET 6.54
0.23 IBM IBM 117.71 0.13 NextEraEnergy NEE 253.27 6.55 SignatureBank SBNY 104.69 1.88
Amgen AMGN 251.59 -1.56 CaseysGenStores CASY 149.58 -0.39
EnphaseEnergy ENPH 54.93 4.29 IntlFlavors IFF 123.37 -3.68 Nike NKE 98.84 1.77 SimonProperty SPG 65.71 -0.22
Amphenol APH 95.05 -1.17 Catalent CTLT 76.22 2.49
AnalogDevices ADI 122.86 0.24 Caterpillar CAT 128.13 0.93
Entegris
Entergy
ENTG 59.76
ETR 96.90
-0.02
1.05
IntlPaper
Interpublic
IP
IPG
34.14 -1.10
17.00 -0.19
Nikola
NiSource
NKLA 54.03
NI 23.38
13.80
0.05
SiriusXM
Skyworks
SIRI 5.78
SWKS 132.15
-0.01
-0.13
Borrowing Benchmarks
Anaplan PLAN 51.33 1.90 Celanese CE 85.75 -2.24
s AngloGoldAsh AU 31.39 0.69 CenovusEnergy CVE
EnterpriseProd EPD 17.54 -0.08 Intuit INTU 310.38 2.45 Nokia NOK 4.15 -0.16 SlackTech WORK 34.24 2.76 wsj.com/market-data/bonds/benchmarks
4.44 -0.04
Equifax EFX 169.100.40 IntuitiveSurgical ISRG 580.96 5.62 NomuraHoldings NMR 4.59 0.08 Smartsheet SMAR 52.86 2.29
AB InBev BUD 52.41 -0.12 Centene CNC 65.59 -0.24
Equinix InvitatHomes INVH 27.57 0.11
AnnalyCap
Anthem
NLY 6.59 0.13
ANTM 262.54 -2.35
CenterPointEner CNP 19.33 -0.16
CentraisElBras EBR 6.37 0.20
Equinor
EQIX 720.35
-0.72
EQNR 14.930.39 IonisPharma IONS 60.91 -0.48
Nordson NDSN 187.53
NorfolkSouthern NSC 175.26
0.52
1.14
SmithAO AOS 47.84
Smith&Nephew SNN 39.05
-0.06
-0.39
Money Rates July 8, 2020
Equitable EQH 19.20 0.31 iQIYI IQ 22.89 -0.44 NorthernTrust NTRS 80.16 2.31 Smucker SJM 104.71 -1.34
Aon AON 195.54 3.08 CenturyLink CTL
ApartmtInv AIV 37.42 -0.58
9.80 -0.10
EquityLife ELS 64.04 0.87 IronMountain IRM 26.16 0.12 NorthropGrum NOC 301.10 -3.37 s Snap SNAP 26.41 1.60 Key annual interest rates paid to borrow or lend money in U.S. and
CeridianHCM CDAY 84.99 1.24 ItauUnibanco ITUB 5.02 0.16
ApolloGlbMgmt APO 50.35 1.33 Cerner CERN 69.97 -0.10
EquityResdntl EQR 57.48 -0.11 NortonLifeLock NLOK 20.11 0.31 SnapOn SNA 132.84 -1.32 international markets. Rates below are a guide to general levels but
ErieIndemnity A ERIE 191.89
2.41 Novartis NVS 88.12 0.32 SOQUIMICH SQM 28.20 0.19
AppFolio APPF 162.71 1.52 CharlesRiverLabs CRL 185.09 3.68
EssentialUtil WTRG 43.10 0.20 J K L Novavax NVAX 98.30 -6.26 s SolarEdgeTech SEDG 157.92 11.35
don’t always represent actual transactions.
s Apple AAPL 381.37 8.68 CharterComms CHTR 528.31 0.29
EssexProp ESS 226.92
-1.20 s NovoNordisk NVO 65.88 0.82 SolarWinds SWI 18.31 0.35
ApplMaterials AMAT 62.77 0.59 CheckPoint CHKP 115.94 0.06 JD.com JD 65.38 3.71
Week —52-WEEK—
Aptargroup ATR 112.93 -2.22 s Chegg CHGG 72.79 1.55
EsteeLauder EL 188.61 -0.51
Joyy YY 83.33 -2.15 Novocure NVCR 60.97 1.39 Sony SNE 69.79 0.63 Inflation Latest ago High Low
Etsy ETSY 111.90
-0.31 NuanceComms NUAN 25.49 0.78 Southern SO 53.06 0.34
Aptiv APTV 76.76 -0.35 Chemed CHE 476.14 4.55 JPMorganChase JPM 93.30 0.98 May index Chg From (%)
EverestRe RE 204.41 0.69 Nucor NUE 39.66 -1.52 SoCopper SCCO 40.65 0.65
Aramark ARMK 21.65 0.53 CheniereEnergy LNG 50.51 -0.04 JackHenry JKHY 181.96 2.14 level April '20 May '19 Other short-term rates
Evergy EVRG 61.380.54 Nutrien NTR 31.78 -0.82 SouthwestAir LUV 32.89 -0.12
ArcelorMittal MT 11.28 -0.04 CheniereEnerPtrs CQP 34.57 0.03 JacobsEngg J 81.60 -1.92
EversourceEner ES 85.14
0.81 s NVIDIA NVDA 408.64 13.77 s Splunk SPLK 205.16 8.48
ArchCapital ACGL 27.65 0.14 Chevron CVX 86.35 0.04 JamesHardie JHX 18.92 -0.47 U.S. consumer price index Week 52-Week
ExactSciences EXAS 91.66 5.36 JazzPharma JAZZ 107.54 -1.24 s Spotify SPOT 269.26 7.27
ArcherDaniels ADM 38.68 -0.54 Chewy CHWY 49.99 2.19 Latest high low
AresMgmt ARES 38.78 0.88 ChinaEastrnAir CEA 19.35 0.54
Exelixis EXEL 23.920.54 J&J JNJ 143.27 0.42
O P Q s Square SQ 133.35 7.75 All items 256.394 0.002 0.1 ago
s arGEN-X ARGX 251.38 5.98 ChinaLifeIns LFC 13.43 0.85
Exelon EXC 37.15 0.15 JohnsonControls JCI 34.15 -0.10 OGE Energy OGE 30.79 StanleyBlackDck SWK 139.28 0.39 Core 265.799 –0.11 1.2
Expedia EXPE 84.20
-0.85 JonesLang
-0.03
Starbucks SBUX 74.14 -0.11
Call money
AristaNetworks ANET 214.10 3.32 ChinaMobile CHL 36.32 0.19 JLL 104.12 0.27 ONEOK OKE 27.36 -0.22
AscendisPharma ASND 145.27 -2.33 ChinaPetrol SNP 45.20 1.06
ExpeditorsIntl EXPD 76.46-0.76 JuniperNetworks JNPR 22.30 -0.19 OReillyAuto ORLY 420.49 -1.68 StateStreet STT 64.95 1.78 International rates 2.00 2.00 4.25 2.00
ExtraSpaceSt EXR 95.67 0.59 KB Fin KB 29.46 -0.09 SteelDynamics STLD 24.90 -0.69
AspenTech AZPN 103.80 1.69 ChinaSoAirlines ZNH 24.61 0.57 OccidentalPetrol OXY 17.28 0.13
Assurant
ExxonMobil XOM 43.14 -0.10
KKR KKR 33.88 3.08 s Steris STE 150.82 -0.96 Week 52-Week Commercial paper (AA financial)
AIZ 100.74 1.32 ChinaTelecom CHA 30.89 0.52 Okta OKTA 219.78 12.44
F5Networks FFIV 134.16 -0.13 Latest High Low n.a. 2.53 0.04
AstraZeneca AZN 54.19 0.72 ChinaUnicom CHU 6.18 0.08 KLA KLAC 204.51 1.82 OldDomFreight ODFL 176.87 1.24 STMicroelec STM 27.38 0.11 ago 90 days n.a.
FMC FMC 99.05-2.81 StoneCo STNE 41.53 1.40
Athene ATH 31.02 1.02 Chipotle CMG 1114.43 5.33 KSCitySouthern KSU 146.93 1.79 Ollie'sBargain OLLI 100.88 2.15
Facebook FB 243.58 2.72 Stryker SYK 181.77 1.43 Prime rates Libor
s Atlassian TEAM 195.88 5.44 Chubb CB 127.86 0.69 Kellogg K 66.61 ... OmegaHealthcare OHI 29.68 0.44
s FactSet FDS 349.438.41 SumitomoMits SMFG 5.61 -0.05
AtmosEnergy ATO 99.38 -0.69 ChunghwaTel CHT 38.14 0.17
FairIsaac FICO 422.00
12.20
KeurigDrPepper KDP 28.61 -0.51 Omnicom OMC 53.60 -2.11 U.S. 3.25 3.25 5.50 3.25 One month 0.18825 0.16625 2.36913 0.16225
Autodesk KeyCorp KEY 11.60 0.15 SunComms SUI 138.29 0.83
ADSK 243.90 4.96 Church&Dwight CHD 80.26 1.21
Farfetch FTCH 19.601.42 KeysightTechs KEYS 99.14
ON Semi ON 19.97 0.70 Canada 2.45 2.45 3.95 2.45 Three month 0.27288 0.29850 2.33950 0.26838
Autohome ATHM 84.80 4.43 Ciena CIEN 55.51 -0.39 -0.74 OneConnectFinTech OCFT 20.00 -0.17 SunLifeFinancial SLF 36.59 0.45
Fastenal FAST 43.02
-1.04 KilroyRealty KRC 57.78 SuncorEnergy SU 16.24 -0.15
Japan 1.475 1.475 1.475 1.475 Six month 0.35338 0.38425 2.26238 0.35338
Autoliv ALV 64.16 -0.38 Cigna CI 180.08 -1.97 0.01 OpenText OTEX 43.27 0.43
ADP ADP 148.10 1.10 CincinnatiFin CINF 69.14 0.84
s Fastly FSLY 96.168.65 KimberlyClark KMB 143.35 0.83 Oracle ORCL 56.66 0.35 Suzano SUZ 6.80 0.13 One year 0.48813 0.53325 2.28575 0.48813
FederalRealty FRT 80.26 -2.06 KimcoRealty KIM 12.15 SynchronyFin SYF 22.32 0.53
Policy Rates
AutoZone AZO 1117.98 -10.60 Cintas CTAS 271.31 1.33 ... Orange ORAN 11.94 -0.01
s Avalara AVLR 141.27 4.88 CiscoSystems CSCO 45.81 0.18
FedEx FDX 158.560.02 KinderMorgan KMI 14.52 -0.15 Orix IX 60.90 0.90 SyneosHealth SYNH 56.56 -0.84 Euro zone 0.00 0.00 0.00 0.00 Euro Libor
Ferrari RACE 175.91
2.40 s KingsoftCloud KC 40.07 4.08 Synnex SNX 117.78 1.96 Switzerland 0.00 0.00 0.50 0.00 One month -0.492 -0.497 -0.360 -0.621
Avalonbay AVB 153.30 -1.42 Citigroup C 50.88 0.56 OtisWorldwide OTIS 56.92 0.10
FiatChrysler FCAU 9.98 -0.11 s KinrossGold KGC Synopsys SNPS 201.48
Avangrid AGR 42.97 0.28 CitizensFin CFG 23.66 0.16 7.59 0.16 OwensCorning OC 56.71 1.49 3.85 Britain 0.10 0.10 0.75 0.10 Three month -0.432 -0.411 -0.142 -0.539
FidNatlFin FNF 30.46 0.57 Sysco SYY 53.11 0.09
Avantor AVTR 18.72 0.27 CitrixSystems CTXS 149.69 -0.39 KirklandLakeGold KL 47.53 3.66 PG&E PCG 8.78 -0.18 Australia 0.25 0.25 1.00 0.25 Six month -0.336 -0.331 -0.052 -0.491
FidNatlInfo FIS 136.80 0.30
AveryDennison AVY 112.95 -2.90 Clarivate CCC 22.65 0.13 Knight-Swift KNX 43.97 -0.17 s PLDT PHI 27.49 1.47 -0.252 -0.230 0.008 -0.441
AxaltaCoating AXTA 22.23 -0.01 s Clorox CLX 225.57 1.76
FifthThirdBncp FITB 18.14 0.08
KoninklijkePhil PHG 48.11 0.24 PNC Fin PNC 100.14 0.43
T U V Overnight repurchase
One year
58.com WUBA 54.180.18
AxonEnterprise AAXN 96.93 0.87 Cloudflare NET 38.40 0.49 KoreaElcPwr KEP 7.97 0.11 POSCO PKX 39.79 1.41 TAL Education TAL 73.09 2.24 Secured Overnight Financing Rate
FirstAmerFin FAF 47.74 0.79 U.S. 0.13 0.14 3.40 -0.07
BCE BCE 40.89 0.05 Coca-Cola KO 45.07 -0.14 KraftHeinz KHC 31.86 -0.19 PPD PPD 28.10 0.05 TC Energy TRP 41.96 0.17
FirstRepBank FRC 103.80 0.20
Kroger KR 32.42 -1.26 0.10 0.10 5.25 0.01
BHP Group BHP 51.11 1.19 Coca-Cola Euro CCEP 38.81 -0.25
FirstSolar FSLR 58.064.90
PPG Ind PPG 106.47 -1.95 TD Ameritrade AMTD 37.19 0.60 U.S. government rates
BHP Group BBL 42.48 1.26 Cognex CGNX 61.32 0.56 LHC Group LHCG 179.12 1.34 PPL PPL 25.72 0.29 TE Connectivity TEL 80.09 -0.74 Value 52-Week
FirstEnergy FE 40.63
0.38 Line
BP BP 23.16 0.14 CognizantTech CTSH 55.70 -0.15
Fiserv FISV 97.100.29
LN 50.72 -0.73 PRA HealthSci PRAH 95.41 -0.25 Telus TU 16.62 0.12 Discount Latest Traded High Low
s B2Gold BTG 5.99 0.15 ColgatePalm CL 74.49 0.52 LKQ LKQ 25.69 0.11 PTC PTC 78.50 1.91 TIM Part TSU 14.28 0.49
FiveBelow FIVE 103.30
4.80 LPL Financial LPLA 0.25 0.25 3.00 0.25
Baidu BIDU 130.64 2.81 Comcast A CMCSA 39.74 -0.33
s Five9 FIVN 118.20
3.52 L3HarrisTech LHX
76.65 1.23 Paccar PCAR 75.46 -0.31 TJX TJX 50.87 0.07 DTCC GCF Repo Index
BakerHughes BKR 15.52 0.30 CommerceBcshrs CBSH 55.90 -0.18 164.65 -3.03 PackagingCpAm PKG 96.31 -2.36 T-MobileUS TMUS 106.61 0.81 Federal funds
FleetCorTech FLT 253.64 0.87 Treasury 0.132 40.900 6.007 0.002
Ball BLL 72.14 -0.54 SABESP SBS 10.90 0.22 LabCpAm LH 174.46 1.34 PagSeguroDig PAGS 38.69 -0.10 TRowePrice TROW 124.22 1.26
FlirSystems FLIR 39.78 -0.55
LamResearch LRCX 333.80 5.91 PaloAltoNtwks PANW 242.82 9.75 s TaiwanSemi TSM 62.59 1.88
Effective rate 0.0900 0.0800 2.4100 0.0600 MBS 0.142 48.900 6.699 0.011
BancoBilbaoViz BBVA 3.53 -0.01 ConagraBrands CAG 35.70 -0.18
BancoBradesco BBDO 3.81 0.14 ConchoRscs CXO 50.52 -0.16
Floor&Decor FND 58.99 0.72 LamarAdv LAMR 63.69 -0.90 s PanAmerSilver PAAS 32.49 2.37 TakeTwoSoftware TTWO 147.82 0.55
High 0.1000 0.1000 3.0000 0.1000
BancodeChile BCH 19.41 -0.50 ConocoPhillips COP 41.04 0.40
FomentoEconMex FMX 60.50 -0.14 LambWeston LW 61.85 -1.20 ParkerHannifin PH 179.13 -3.21 TakedaPharm TAK 17.48 -0.01 Low 0.0300 0.0300 2.3300 0.0100 Notes on data:
FordMotor F 6.09
-0.03 LasVegasSands LVS
45.61 0.58 Bid 0.0800 0.0300 2.4000 0.0100
BancSanBrasil BSBR 5.51 0.21 ConEd ED 72.43 -0.07 Paychex PAYX 74.55 0.61 TandemDiabetes TNDM 103.81 1.83 U.S. prime rate is the base rate on corporate
Fortinet FTNT 146.35
8.39 Lear LEA 105.67 -1.11 Offer 0.1100 0.0800 2.5000 0.0500
BcoSantChile BSAC 17.77 -0.27 ConstBrands B STZ.B 183.58 -5.70 PaycomSoftware PAYC 319.14 5.41 Target TGT 117.70 -0.36 loans posted by at least 70% of the 10 largest
Fortis FTS 38.43 0.05 Leidos LDOS 88.06 0.17
BancoSantander SAN 2.49 -0.02 ConstBrands A STZ 183.48 1.02 Paylocity PCTY 147.90 4.07 TeckRscsB TECK 10.73 0.24 U.S. banks, and is effective March 16, 2020.
BanColombia CIB 28.38 0.98 ContinentalRscs CLR 16.13 0.59
Fortive FTV 68.28 0.22 Lennar A LEN 65.55 3.38 s PayPal PYPL 181.57 4.29 s TeladocHealth TDOC 224.53 7.27 Treasury bill auction Other prime rates aren’t directly comparable;
FortBrandsHome FBHS 65.12 1.39
BankofAmerica BAC 23.10 0.09 Cooper COO 280.08 -2.18
FoxA FOXA 25.30
Lennar B LEN.B 49.38 2.53 Pearson PSO 7.20 0.04 TelecomArgentina TEO 9.20 -0.10 4 weeks 0.115 0.110 2.210 0.000 lending practices vary widely by location;
-0.39 Discount rate is effective March 16, 2020.
BankofMontreal BMO 53.31 0.49 Copart CPRT 85.20 0.08
FoxB FOX 25.39-0.38
LennoxIntl LII 244.60 7.08 Pegasystems PEGA 101.34 1.65 TeledyneTech TDY 302.19 5.24 13 weeks 0.150 0.150 2.210 0.000
BankNY Mellon BK 38.82 1.05 s CoreLogic CLGX 67.88 -0.79 LeviStrauss LEVI 12.68 -1.15 s Peloton PTON 62.52 1.70 Teleflex TFX 360.26 -0.43 Secured Overnight Financing Rate is as of July
Franco-Nevada FNV 144.60 3.14 26 weeks 0.165 0.165 2.075 0.080 7, 2020. DTCC GCF Repo Index is Depository
BkNovaScotia BNS 40.52 0.13 Corning GLW 26.48 -0.01 LibertyBroadbandC LBRDK 128.04 -0.44 PembinaPipeline PBA 23.88 0.02 Ericsson ERIC 9.54 0.10
FranklinRscs BEN 21.13 0.46 Trust & Clearing Corp.'s weighted average for
Barclays BCS 5.77 0.12 Corteva CTVA 25.86 -1.28 LibertyBroadbandA LBRDA 125.32 -0.65 Pentair PNR 36.62 0.15 TelefonicaBras VIV 9.12 0.15 Secondary market
BarrickGold GOLD 27.72 0.70 CoStar CSGP 730.00 6.66
FreeportMcM FCX 12.82 0.09
LibertyGlobal A LBTYA 22.92 -0.05 Penumbra PEN 193.98 2.81 Telefonica TEF 4.61 ...
overnight trades in applicable CUSIPs. Value
FreseniusMed FMS 43.08 -0.57 traded is in billions of U.S. dollars. Federal-funds
BauschHealth BHC 17.55 -0.88 Costco COST 316.32 0.09 LibertyGlobal C LBTYK 22.59 0.05 PepsiCo PEP 134.22 0.65 TelekmIndonesia TLK 22.32 0.23 Fannie Mae rates are Tullett Prebon rates as of 5:30 p.m. ET.
BaxterIntl BAX 84.18 -1.32 s CoupaSoftware COUP 304.87 14.49 LibertyGlobal B LBTYB 23.73 PerkinElmer PKI 102.41 2.76 10xGenomics TXG 91.19 2.53
BectonDicknsn BDX 252.73 1.35 Credicorp BAP 129.58 -3.71
G H I LibertyFormOne A FWONA 30.92
0.66
Perrigo PRGO 54.93 -0.27 Tenaris TS 12.95 -0.04
30-year mortgage yields
0.78 Sources: Federal Reserve; Bureau of Labor
BeiGene BGNE 204.10 7.51 CreditAcceptance CACC 435.79 9.57 GCI LibertyA GLIBA 73.06 -0.13 LibertyFormOne C FWONK 33.43 0.71 PetroChina PTR 37.35 1.18 s TencentMusic TME 16.84 0.42 30 days 2.060 2.155 3.424 2.060 Statistics; DTCC; FactSet;
Berkley WRB 56.78 0.04 CreditSuisse CS 10.51 0.14 s GDS Holdings GDS 88.96 6.74 LibertyBraves A BATRA 18.01 0.10 PetroleoBrasil PBR 8.76 0.30 Teradyne TER 87.75 1.41 60 days 2.142 2.228 3.434 2.142 Tullett Prebon Information, Ltd.

Mutual Funds Data provided by

Fund
Net YTD
NAV Chg %Ret Fund
Net YTD
NAV Chg %Ret Fund
Net YTD
NAV Chg %Ret Fund
Net YTD
NAV Chg %Ret Fund
Net YTD
NAV Chg %Ret Fund
Net YTD
NAV Chg %Ret Fund
Net YTD
NAV Chg %Ret
500IdxInstPrem110.41 +0.86 -0.9 SrsEmrgMkt 20.50 +0.46 -0.6 JPMorgan I Class IncomeFd NA ... NA CapOpAdml r157.73 +1.90 ... WdsrllAdml 58.52 +0.43 -8.7 WndsrII 32.99 +0.25 -8.7
Top 250 mutual-funds listings for Nasdaq-published share classes by net assets. Contrafund K6 16.46 +0.22 13.8 SrsGlobal 12.23 +0.13 -7.1 CoreBond NA ... NA PIMCO Funds I2 DivAppIdxAdm 32.27 +0.13 -3.7 WellsIAdml 65.75 -0.01 0.9 VANGUARD INDEX FDS
e-Ex-distribution. f-Previous day’s quotation. g-Footnotes x and s apply. j-Footnotes e ExtMktIdxInstPre 61.30 +0.67 -3.9 SrsGroCoRetail 23.36 +0.38 31.6 EqInc NA ... NA Income NA ... NA EMAdmr 35.99 +0.91 -2.0 WelltnAdml 72.45 +0.38 -1.9 SmValAdml 45.13 +0.23-22.7
and s apply. k-Recalculated by Lipper, using updated data. p-Distribution costs apply, IntlIdxInstPrem 39.15 +0.22 -8.9 SrsIntlGrw 17.78 +0.21 1.5 JPMorgan R Class PIMCO Funds Instl EqIncAdml 67.81 +0.10-13.3 WndsrAdml 60.28 +0.10-15.7 TotBd2 11.57 -0.01 6.4
12b-1. r-Redemption charge may apply. s-Stock split or dividend. t-Footnotes p and r MidCpInxInstPrem 21.54 +0.15 -8.3 SrsIntlVal 8.60 +0.06-13.1 CoreBond NA ... NA IncomeFd NA ... NA ExplrAdml 95.97 +1.19 -1.3 VANGUARD FDS TotIntl 16.42 +0.19 -7.4
apply. v-Footnotes x and e apply. x-Ex-dividend. z-Footnote x, e and s apply. NA-Not SAIUSLgCpIndxFd 17.12 +0.14 -1.0 TotalBond 11.40 -0.02 5.9 CorePlusBd NA ... NA Price Funds ExtndAdml 91.39 +0.99 -3.9 DivdGro 28.62 +0.05 -5.5 TotSt 77.94 +0.65 -1.3
available due to incomplete price, performance or cost data. NE-Not released by Lipper; SeriesOverseas 10.64 +0.10 -1.3 Fidelity SAI Lord Abbett A BlChip 145.83 +2.86 17.3 GNMAAdml 10.81 ... 3.7 HlthCare r 213.09 +0.80 5.3 VANGUARD INSTL FDS
data under review. NN-Fund not tracked. NS-Fund didn’t exist at start of period. SmCpIdxInstPrem 18.10 +0.14-13.7 TotalBd 10.90 -0.01 5.4 ShtDurIncmA p 4.15 ... 0.2 DivGro 50.81 +0.30 -4.1 GrwthAdml 108.44 +1.37 16.1 INSTTRF2020 24.35 +0.11 1.0 BalInst 39.72 +0.19 2.5
TMktIdxInstPrem 89.05 +0.73 -1.4 Fidelity Selects Lord Abbett F EqInc 25.72 +0.06-18.7 HlthCareAdml r 89.87 +0.34 5.3 INSTTRF2025 24.82 +0.15 0.4 DevMktsIndInst 12.78 +0.09 -8.9
USBdIdxInstPrem 12.58 -0.01 6.9 Softwr r 23.63 +0.41 22.9 ShtDurIncm 4.15 ... 0.3 EqIndex 84.20 +0.66 -1.0 HYCorAdml r 5.68 ... -2.1 INSTTRF2030 25.02 +0.16 -0.4 DevMktsInxInst 19.97 +0.14 -8.9
Wednesday, July 8, 2020
Fidelity Advisor I First Eagle Funds Metropolitan West Growth 83.95 +1.52 14.5 InfProAd 27.55 -0.05 6.5 INSTTRF2035 25.22 +0.18 -1.1 ExtndInst 91.38 +0.99 -3.9
Net YTD Net YTD Net YTD
Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret NwInsghtI 35.00 +0.51 7.0 GlbA 54.17 +0.20 -6.5 TotRetBd 11.58 ... 6.9 HelSci 89.54 +0.62 10.0 IntlGrAdml 124.11 +2.37 20.7 INSTTRF2040 25.40 +0.20 -1.9 GrwthInst 108.44 +1.36 16.1
Fidelity Freedom FPA Funds TotRetBdI 11.57 -0.01 7.0 LgCapGow I 51.25 +0.90 16.3 ITBondAdml 12.62 -0.02 8.2 INSTTRF2045 25.51 +0.22 -2.6 InPrSeIn 11.22 -0.03 6.5
American Century Inv AggBdInst 11.83 ... 6.8 EmgMktVa 24.58 +0.30-13.8 FF2020 15.79 +0.09 0.4 FPACres 30.49 +0.21 -7.1 TRBdPlan 10.89 ... 7.0 MidCap 94.98 +0.75 -0.4 ITIGradeAdml 10.57 ... 7.4 INSTTRF2050 25.55 +0.22 -2.6 InstIdx 282.79 +2.20 -0.9
Ultra 63.30 +0.87 21.4 CorBdInst 12.13 +0.01 6.3 EmMktCorEq 19.94 +0.37 -7.5 FF2025 Franklin A1 MFS Funds Class I NHoriz 74.30 +1.25 25.1 LTGradeAdml 12.06 -0.02 12.8 InstPlus 282.80 +2.20 -0.9
13.96 +0.09 ... INSTTRF2055 25.65 +0.22 -2.5
American Funds Cl A BlackRock Funds IntlCoreEq 11.95 +0.07-12.6 CA TF A1 p 7.68 ... 2.0 ValueI 38.74 +0.14-12.4 R2020 22.06 +0.12 -0.1 MidCpAdml 206.08 +1.72 -5.8 InstTStPlus 66.70 +0.56 -1.2
FF2030 17.18 +0.13 -0.8 LifeCon 21.31 +0.08 2.2
AmcpA p 34.62 +0.35 4.9 HiYBlk 7.26 ... -3.8 IntSmCo 16.21 +0.08-14.0 IncomeA1 p 2.06 +0.01 -9.4 MFS Funds Instl R2025 17.71 +0.12 -0.4 MuHYAdml 11.60 +0.01 0.5 MidCpInst 45.52 +0.38 -5.8
Freedom2020 K 15.78 +0.10 0.4 LifeGro 35.32 +0.28 -1.5
AMutlA p 40.10 +0.12 -6.8 HiYldBd Inst 7.25 -0.01 -3.9 IntSmVa 15.49 +0.05-19.8 FrankTemp/Frank Adv IntlEq 26.28 +0.17 -5.7 R2030 NA ... NA MuIntAdml 14.62 ... 2.4 MidCpIstPl 224.52 +1.88 -5.7
Freedom2025 K 13.94 +0.09 ... LifeMod 28.74 +0.16 0.4
BalA p 28.19 +0.09 0.2 BlackRock Funds A LgCo 24.31 +0.19 -0.9 IncomeAdv 2.04 ... -9.4 Northern Funds R2035 NA ... NA MuLTAdml 12.01 +0.01 2.5 SmCapInst 69.98 +0.63-11.3
BondA p 14.05 -0.01 8.6 GlblAlloc p 19.58 ... 1.9 US CoreEq1 24.06 +0.18 -6.3 Freedom2030 K 17.16 +0.13 -0.7 StkIdx 36.34 +0.29 -0.9 MuLtdAdml 11.17 ... 1.8
PrmcpCor 25.56 +0.21 -8.5
STIGradeInst 10.96 ... 3.5
Freedom2035 K 14.31 +0.13 -2.1 FrankTemp/Franklin A R2040 26.69 +0.26 -1.4 STAR 28.23 +0.19 3.9 STIPSIxins 25.22 -0.01 2.1
CapIBA p 58.18 +0.22 -6.4 BlackRock Funds Inst US CoreEq2 21.60 +0.16 -8.0 Growth A p 120.18 +1.20 7.1 Oakmark Funds Invest MuShtAdml 15.92 ... 1.2
PRIMECAP Odyssey Fds
CapWGrA 50.58 +0.53 -2.3 MultiAstIncome 10.45 ... -2.4 US Small 28.53 +0.19-18.0 Freedom2040 K 9.97 +0.10 -2.8 PrmcpAdml r139.30 +1.67 -3.4 TgtRe2015 15.48 +0.05 2.0 TotBdInst 11.65 -0.01 6.8
RisDv A p 67.09 +0.28 -3.1 OakmrkInt 19.70 +0.14-21.0 AggGrowth r 46.41 +0.69 3.4 TgtRe2020 32.84 +0.15 1.0 TotBdInst2 11.57 -0.01 6.4
EupacA p 55.41 +0.59 -0.4 StratIncOpptyIns 9.91 ... 0.7 US SmCpVal 24.90 +0.18-27.3 Fidelity Invest Old Westbury Fds RealEstatAdml111.02 -0.15-14.1
FrankTemp/Franklin C Growth r 39.66 +0.47 -3.1
FdInvA p 58.78 +0.53 -3.3 Bridge Builder Trust USLgVa 30.32 +0.06-20.5 Balanc 25.47 +0.17 4.1 SmCapAdml 69.98 +0.63-11.3 TgtRe2025 19.91 +0.12 0.4 TotBdInstPl 11.65 -0.01 6.8
BluCh 135.12 +2.61 25.4 Income C t 2.09 ... -9.6 LrgCpStr 14.67 +0.18 -2.7 Schwab Funds TgtRe2030 36.31 +0.23 -0.4 TotIntBdIdxInst 34.66 +0.04 2.6
GwthA p 57.18 +0.64 11.8 CoreBond 10.95 -0.01 6.6 Dodge & Cox SmGthAdml 71.67 +0.93 2.8
FrankTemp/Temp Adv Parnassus Fds 1000 Inv r 70.72 +0.58 -0.6
HI TrA p 9.35 -0.01 -4.2 CorePlusBond 10.61 -0.01 6.0 Balanced 90.74 +0.26 -8.4 Contra 15.64 +0.22 14.8 STBondAdml 10.89 ... 4.1 TgtRe2035 22.27 +0.16 -1.1 TotIntlInstIdx r109.82 +1.27 -7.3
GlBondAdv p 9.99 ... -4.1 ParnEqFd 47.35 +0.36 1.1 S&P Sel 48.96 +0.38 -0.9
ICAA p 38.58 +0.27 -1.3 Intl Eq 11.26 +0.07 -6.1 Income 14.62 -0.01 5.9 ContraK 15.67 +0.22 14.9 STIGradeAdml 10.96 ... 3.5 TgtRe2040 38.41 +0.30 -1.8 TotItlInstPlId r109.84 +1.27 -7.3
CpInc r 9.52 +0.01 -4.9 Guggenheim Funds Tru PGIM Funds Cl Z TSM Sel r 55.16 +0.45 -1.4 TgtRe2045 24.09 +0.21 -2.5 TotStInst
IncoA p 21.27 +0.07 -6.9 LargeCapGrowth 17.72 +0.19 11.9 Intl Stk 36.49 +0.24-16.3 TotBdAdml 11.65 -0.01 6.8 77.98 +0.66 -1.2
N PerA p 50.07 +0.49 5.9 LargeCapValue 11.82 +0.04-12.9 Stock 161.28 +0.79-14.7 GroCo 27.84 +0.45 30.3 TotRtnBdFdClInst 29.37 -0.01 9.7 TotalReturnBond NA ... NA TIAA/CREF Funds TgtRe2050 38.78 +0.33 -2.5 ValueInst 39.03 +0.11-15.1
TotIntBdIdxAdm 23.10 +0.03 2.6
GrowCoK 27.90 +0.46 30.4 Harbor Funds PIMCO Fds Instl BdIdxInst 11.70 -0.01 6.6 TgtRet2055 42.10 +0.36 -2.5 WCM Focus Funds
NEcoA p 49.65 +0.72 8.6 ClearBridge DoubleLine Funds TotIntlAdmIdx r 27.46 +0.32 -7.4
NwWrldA 71.67 +0.92 1.6 LargeCapGrowthI NA ... NA CoreFxdIncmI 11.16 ... 2.4 InvGrBd 12.19 -0.01 6.9 CapApInst 95.81 +1.75 26.5 AllAsset 11.22 -0.01 -4.6 EqIdxInst 23.03 +0.19 -1.3 TotStAdml 77.96 +0.65 -1.2 TgtRetInc 14.30 +0.04 2.5 WCMFocIntlGrwIns 20.38 +0.21 7.8
SmCpA p 62.07 +0.72 5.5 Columbia Class I TotRetBdI NA ... NA LowP r 43.22 +0.16-13.6 Harding Loevner HiYld 8.56 -0.01 -2.8 VANGUARD ADMIRAL TotIntBdIxInv 11.55 +0.01 2.6 Western Asset
TxMCapAdml163.91 +1.33 -0.3
TxExA p 13.36 ... 1.5 DivIncom I 22.21 +0.07 -8.1 Edgewood Growth Instituti Magin 11.32 +0.12 11.0 IntlEq 23.62 +0.30 NA InvGrdCrBd NA ... NA 500Adml 292.59 +2.27 -0.9 TxMIn r 12.76 +0.09 -8.9 USGro 54.40 +0.83 26.5 CoreBondI NA ... NA
WshA p 43.94 +0.19 -7.8 Dimensional Fds EdgewoodGrInst 46.14 +0.62 19.8 OTC 15.23 +0.24 19.1 Invesco Funds Y TotRt 10.86 -0.01 6.5 BalAdml 39.71 +0.19 2.5 USGroAdml 140.97 +2.17 26.5 WellsI 27.14 -0.01 0.8 CorePlusBdI NA ... NA
Baird Funds 5GlbFxdInc 10.85 ... 1.1 Fidelity Puritn 24.16 +0.20 6.6 DevMktY 44.08 +0.80 -3.3 PIMCO Funds A CAITAdml 12.21 ... 2.2 ValAdml 39.03 +0.11-15.1 Welltn 41.96 +0.22 -2.0 CorePlusBdIS NA ... NA
B10 | Thursday, July 9, 2020 THE WALL STREET JOURNAL.

BANKING & FINANCE

Allstate Buys Rival Insurer for $4 Billion

Rare acquisition amid policies and “lender placed in-
surance,” which is coverage
pandemic will boost that banks and other lenders
market giant’s reach require borrowers to have in
place to protect underlying col-
in property policies lateral.
Under the deal, shareholders
BY LESLIE SCISM of National General will receive
AND BEN OTTO a total of $34.50 a share, an of-
fer that comprises $32 a share
U.S. insurance giant Allstate from Allstate and expected
Corp. agreed to acquire peer closing dividends of $2.50 a
National General Holdings share, the companies said. The
Corp. for about $4 billion in total offer represents a 69%
cash, expanding its reach in the premium to the stock’s last-
personal property-liability busi- traded price.
ness. Allstate will fund the deal
Allstate will add relation- with $2.5 billion in cash re-
ships with more than 42,000 sources at Allstate and National
independent agents across the General and by issuing $1.5 bil-
U.S. in the acquisition. While lion in new Allstate senior debt.
many insurance companies Allstate investors reacted
have increasingly steered away warily. Allstate shares fell 4.8%

CHARLES MOSTOLLER/BLOOMBERG NEWS

from armies of agents as more in trading Wednesday, while
consumers buy all types of National General shares were
products online, the deal re- up more than 65%.
flects Allstate’s view of a con- Many Allstate shareholders
tinued role for middlemen in are wondering if they might be
selling policies to individuals. better off if the car insurer
The pact also highlights ramped up its stock-repurchase
technological change that is program rather than do the
coursing through the car- and deal, some analysts said in
home-insurance industry, in- notes to investors. Allstate is
cluding to speed up the buying Insurers fear the recession will leave more people unable to pay home and car premiums. Damage from Hurricane Dorian last year. maintaining its stock-repur-
process and make life easier for chase program, but “investors
agents. Wall Street analysts Chief Executive Tom Wilson miums, and would lead to steep part of an industrywide move- help, and we’ll do whatever will focus on the fact that this
said the relatively unknown Na- said that the pact had its ori- drops in purchases of homes ment in which insurers slashed they want....Technology enables capital could have been used to
tional General, based in New gins early this year and was put and cars, he said. billions of dollars of premiums you to do that better, cheaper buy back shares,” Wells Fargo
York City and partially owned on hold by the pandemic. But To date, “the pandemic has owed to them in April and May and faster.” Securities analyst Elyse Green-
by the low-profile entrepre- he said fresh scenario planning had modest impact on Allstate under tens of millions of poli- Allstate said the acquisition span said.
neurial Karfunkel family, has indicated that the possible fi- and the auto-insurance indus- cies, prodded partly by con- would increase its market share Evercore ISI analyst David
advanced technology. nancial returns “from moving try,” he said. sumer activists. in personal property-liability Motemaden said Allstate be-
The deal for National Gen- forward outweighed the poten- In fact, car insurers bene- More recently, traffic volume insurance by more than 1 per- comes a more complicated
eral is one of the biggest since tial risk of the pandemic get- fited in one big way: Shelter-in- has picked up as many states centage point to just over 10%. story for investors as now
the global coronavirus pan- ting worse.” He added: “No- place rules kept millions of pol- have lifted shelter-at-home re- That brings it nearer to No. 3 “there is an integration and less
demic as economic uncertainty body knows for sure.” icyholders’ vehicles parked in strictions. Progressive. dry powder for capital return.”
continues to complicate leader- The downside risk includes a driveways, and accident rates Mr. Wilson said the deal Besides auto insurance, Na- Allstate said the deal would
ship decisions at companies recession that leaves yet more plummeted. Allstate has re- highlights that while some con- tional General’s product offer- have no impact on its current
across the world. people unemployed and unable turned more than $1 billion in sumers don’t want help from ings include accident- and sup- roughly $3 billion share-repur-
In an interview, Allstate to pay their car and home pre- premiums to its customers, agents, “some people do want plemental-health insurance chase program.

End of Payday Lending Effort Faulted KKR Deal relationship with Blackstone in
conjunction with a deal by Fi-
delity National Financial Inc. to

BY YUKA HAYASHI a dozen U.S. states have effec-

tively banned payday loans
Builds Up buy FGL for $2.7 billion.
Closely held Global Atlantic
has nearly $90 billion in assets
WASHINGTON—A Trump
administration decision to roll
back an Obama-era effort to
through usury laws, even as
they fight online lenders’ at-
tempts to skirt such limits.
Asset Pool and more than two million pol-
icyholders. The insurance com-
pany was founded in 2004 by
rein in payday lenders was de- The bureau’s move was wel- Goldman Sachs Group Inc.,
nounced by consumer advo- comed by groups representing Continued from page B1 where Global Atlantic Chief Ex-
cates and Democrats but wel- banks and credit unions, which the global insurance industry ecutive Allan Levine served as
comed by banks seeking to have sought clear guidance from at more than $30 trillion, KKR CEO for the investment bank’s
ANDREW HARRER/BLOOMBERG NEWS

enter the market for high-in- regulators on how to cater to Co-President Scott Nuttall said reinsurance group. It separated
terest consumer loans. lower-income consumers who on an investor conference call from Goldman in 2013.
The Consumer Financial Pro- don’t qualify for conventional Wednesday. “It’s an enormous Global Atlantic has a history
tection Bureau on Tuesday for- credit cards or other lending market and in this low-rate of expansion through acquisi-
mally repealed a key provision products because they have im- world, we’ve been finding that tions, completing 20 reinsur-
of a proposed regulation re- paired or no credit history. insurance companies are look- ance transactions covering
quiring lenders to verify bor- The Consumer Bankers Asso- ing for alternative investments about $27 billion in assets
rowers’ incomes to ensure that ciation, which represents big within their portfolios.” since its founding. KKR said it
they can afford to repay the banks including JPMorgan Investors cheered the news, plans to continue to build the
loans, which charge annual in- CFPB Director Kathleen Kraninger said the action would ensure that Chase & Co. and Bank of Amer- with KKR’s shares rising 10% in business through deals.
terest rates as high as 400%. At consumers have access to credit from a competitive marketplace. ica Corp., said the amended rule trading Wednesday. Like Athene and FGL, the
the same time, the bureau said will help banks provide “much- Apollo, the original archi- company focuses on fixed an-
it would move ahead with an- law against bad actors.” The Community Financial needed small-dollar loans to tect of the strategy, joined with nuities, which pay owners a set
other provision that limits how Consumer advocates criti- Services Association of Amer- consumers in need.” former American International
often lenders can access bor- cized the decision, saying it ica, a trade group that repre- Bank regulators, including Group Inc. executive James Be-
rowers’ bank accounts in their put vulnerable consumers at sents small-dollar, short-term the Federal Reserve Board and lardi in 2009 to build what
attempt to collect payments. risk of being mired in high-in- lenders, said the new rule will the Federal Deposit Insurance would become Athene Holding
Global Atlantic has
In a statement, CFPB Direc- terest debt they cannot repay. benefit millions of American Corp., in May issued joint Ltd. Financed by an investment nearly $90 billion in
tor Kathleen Kraninger said “Amid a global pandemic consumers. “The CFPB’s action guidance for banks that seek from a publicly traded vehicle
the bureau’s action would “en- and an economic contraction will ensure that essential credit to offer “responsible small- Apollo controlled, Athene
assets and is valued
sure that consumers have ac- with little precedent, the CFPB continues to flow to communi- dollar loans.” bought up fixed-annuity assets at $4.4 billion.
cess to credit from a competi- has chosen to devote scarce ties and consumers across the The proposal to restrict the on the cheap in the aftermath
tive marketplace, have the best resources not to protecting country, which is especially im- payday loan industry, years in of the financial crisis and
information to make informed consumers, but to dismantling portant in these unprecedented the works, was introduced in signed them over to the buy-
financial decisions, and retain guardrails that would have times,” D. Lynn DeVault, the late 2017, days before Richard out firm to manage. amount of interest over the life
key protections without hin- given people more protection group’s chairman, said. Cordray, the Obama-appointed Apollo now manages $140 of a contract. Insurers make
dering that access.” She said from predatory lenders,” said Consumer groups have director, left the bureau. The billion of assets on behalf of money by earning more on the
the bureau “will continue to Linda Jun, senior policy called on lawmakers to impose bureau soon put the proposal Athene and Athora Holding money handed over by buyers
monitor the small-dollar lend- counsel at Americans for Fi- a limit of 36% on interest rates on hold and revised it before fi- Ltd., a European insurance than they are required to pay
ing industry and enforce the nancial Reform. for consumer loans. More than nally rescinding it on Tuesday. company it founded in 2014. out, making them attractive to
That accounted for 44% of private-credit managers.
Apollo’s total assets at the end KKR will pay the amount of

Fed Official Sees Likely Need for Loan Program of March and contributed the
bulk of the $190 million in fee-
related revenue the firm re-
Global Atlantic’s book value as
of the deal’s closing through a
combination of cash from the
BY PAUL KIERNAN dent of the Federal Reserve be eligible to access the loans. completed the registration pro- ceived from permanent-capital firm’s balance sheet, proceeds
Bank of Boston, said in an in- Of the five largest U.S. cess, while another 174 are still vehicles in the first quarter. from potential minority co-in-
WASHINGTON—The Federal terview Wednesday. “So banks by assets, only Bank of signing up. Apollo’s credit business has vestors and the issuance of
Reserve’s $600 billion lending there’s an insurance element America Corp. has indicated He acknowledged that it is ballooned as a result of the debt or equity. Global Atlan-
program for medium-size against the pandemic, as well that it plans to make Main “going to take some time for strategy, becoming the envy of tic’s book value as of March 31
businesses hasn’t attracted as meeting an immediate need Street loans available to new banks and borrowers to be- its peers, and is now the indus- was about $4.4 billion, the
much interest yet, but that is of some borrowers.” customers. Three others— come familiar with the pro- try’s largest, with $210 billion companies said.
likely to change if the U.S. The Main Street Lending Wells Fargo & Co., Citigroup gram” but that he fully expects in assets as of March 31. Global Atlantic sharehold-
economy takes a turn for the Program aims to lend to com- Inc. and U.S. Bancorp.—said demand to pick up. Blackstone got the right to ers, which include Goldman
worse amid rising coronavirus panies contending with the they plan only to serve existing Under the program, banks manage the assets of FGL and its private-wealth clients,
cases, said the official who economic fallout from the pan- customers. JPMorgan Chase & will lend between $250,000 Holdings Inc., formerly known will have the opportunity to
runs the program. demic, but it has struggled to Co. didn’t say whether it and $300 million to businesses as Fidelity & Guaranty Life, roll their investments into the
“The likelihood that we con- get off the ground since it was planned to lend to new cus- that were creditworthy before when a special-purpose acqui- deal. KKR said it initially ex-
tinue to have serious problems announced in April. Its rollout tomers through the program. the economic crisis began. A sition company in which the pects to have about 60% eco-
with the infections means that was held up by negotiations Almost 11,000 federally in- Fed facility will then buy a private-equity firm invested nomic ownership of the com-
businesses are likely to be dis- over terms, while bankers have sured banks and credit unions 95% stake in those loans, leav- bought the insurer in late 2017. pany. Global Atlantic will
rupted for a longer period of expressed skepticism that many could be eligible. Mr. Rosen- ing originating banks with 5% In February, FGL said it was remain a separate business un-
time,” Eric Rosengren, presi- borrowers that need help will gren said that 260 lenders have of the credit risk. extending and enhancing its der Mr. Levine’s leadership.

New Highs and Lows | WSJ.com/newhighs Stock

52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg
EMX Royalty EMX 2.69 13.0 HarmonyGold HMY 5.80 14.7 Moody's MCO 294.39 3.1 SandstormGold SAND 10.08 0.6 Twilio TWLO 244.99 4.4 Canon CAJ 19.12 -1.0
The following explanations apply to the New York Stock Exchange, NYSE Arca, NYSE American eBay EBAY 58.46 2.2 HeartlandPfdB HTLFP 25.34 0.9 NIO NIO 15.28 -2.6 Saratoga7.25Nts SAK 25.68 1.1 TwistBiosci TWST 55.36 11.8 CorEnergyInfr CORR 7.65 1.0
and Nasdaq Stock Market stocks that hit a new 52-week intraday high or low in the latest EmergentBiosol EBS 94.96 5.5 Huami HMI 17.67 10.1 NantHealth NH 6.39 5.8 SchneiderNatl SNDR 25.54 0.2 2U TWOU 42.40 6.7 EchoStar SATS 25.04 0.6
session. % CHG-Daily percentage change from the previous trading session. EquinoxGold EQX 11.77 1.9 JBHunt JBHT 127.22 1.5 NantKwest NK 15.00 22.3 Sea SE 126.68 10.2 USAutoPartsNtwk PRTS 10.22 16.8 Express EXPR 1.24 7.7
EverQuote EVER 62.94 1.4 IAC/InterActive IAC 127.60 -2.2 NatlGeneral NGHC 33.84 65.8 SeabridgeGold SA 18.72 ... US Xpress USX 6.61 -4.7 FirstHorizonPfdB FHNpB 24.31 1.4
Wednesday, July 8, 2020 FactSet FDS 350.92 2.5 IamGold IAG 4.64 4.8 NeoGenomics NEO 36.27 2.1 SenmiaoTech AIHS 2.26 49.8 UltragenyxPharm RARE 91.77 2.4 FirstHorizonPfdD FHNpD 22.06 -6.5
52-Wk % 52-Wk % 52-Wk % Fastly FSLY 96.30 9.9 Immunomedics IMMU 41.95 0.9 NetEase NTES 455.99 2.3 SeresTherap MCRB 6.75 4.6 UnvlSecInstr UUU 1.48 3.5 FirstMidBncpPfdC FMBIO 24.05 ...
FinTechIIIWt FTACW 2.98 19.7 IntelliaTherap NTLA 25.44 3.7 Netflix NFLX 505.10 2.0 ServiceNow NOW 426.78 3.3 UpFintech TIGR 7.18 25.7 FortressValueWt FVAC.WS 1.17 -12.9
Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg
FirstHorizonPfdC FHNpC 25.56 0.4 Invitae NVTA 35.33 3.1 NYTimes A NYT 43.50 0.5 Shift4Paymts FOUR 47.95 5.3 VBI Vaccines VBIV 4.40 17.6 HallofFameResort HOFV 5.85 24.2
AurynResources AUG 2.40 8.9 Clorox CLX 226.73 0.8 Five9 FIVN 119.90 3.1 JD.com JD 65.90 6.0 NiuTech NIU 25.88 1.9 Snap SNAP 26.50 6.4 Vapotherm VAPO 45.66 7.8 InterceptPharm ICPT 43.00 -2.9
Highs Avalara AVLR 142.11 3.6 CollectiveGrowth CGRO 10.25 0.6 FiverrIntl FVRR 84.99 0.1 K12 LRN 34.66 4.9 NVIDIA NVDA 409.00 3.5 SolarEdgeTech SEDG 158.00 7.7 VeevaSystems VEEV 253.17 3.0 JawsAcqnA JWS 10.08 -0.7
B2Gold BTG 6.07 2.6 CoreLogic CLGX 69.36 -1.2 FocusFinPtrs FOCS 35.07 4.3 KingsoftCloud KC 40.20 11.3 OPKO Health OPK 4.21 6.5 Splunk SPLK 205.28 4.3 Vicor VICR 75.64 2.5 MatchGroup MTCH 91.51 2.4
ANGI Homesvcs ANGI 16.38 0.3
BallardPower BLDP 20.30 2.7 CoupaSoftware COUP 305.00 5.0 FortressValueAcqn FVAC.U 10.38 -0.5 KinrossGold KGC 7.69 2.2 Okta OKTA 219.99 6.0 Spotify SPOT 277.62 2.8 Vipshop VIPS 22.44 7.5 9F JFU 2.85 -6.9
ASML ASML 392.15 2.6
Bandwidth BAND 138.93 4.0 CrowdStrike CRWD 114.69 7.6 FortressValueA FVAC 10.30 -0.7 LGI Homes LGIH 103.21 5.2 Overstock OSTK 46.98 -4.3 Square SQ 133.43 6.2 VivintSolar VSLR 15.69 4.8 OncoCyte OCX 1.20 2.4
AirProducts APD 276.86 1.8
BectonDicknsnPfB BDXB 56.13 0.2 CryoPortWt CYRXW 29.36 2.3 FreedomHolding FRHC 19.50 -0.3 LGLS ysAcqn DFNS 10.15 0.1 PLDT PHI 27.51 5.6 SunOpta STKL 5.48 7.9 Vuzix VUZI 3.40 16.8 OrchardTherap ORTX 5.11 -0.4
AkeroTherap AKRO 41.16 5.7
BiohavenPharm BHVN 78.75 8.1 CyberOptics CYBE 38.38 6.0 Futu FUTU 33.80 0.2 LatticeSemi LSCC 30.50 1.0 PaciraBioSci PCRX 56.69 4.4 SunRun RUN 28.40 8.0 Wayfair W 230.92 -1.8 OricPharm ORIC 24.04 -4.0
AlamosGold AGI 10.57 2.3
BiondVaxPharm BVXV 34.72 4.6 Cytokinetics CYTK 27.24 3.4 FutureFinTech FTFT 1.96 7.4 EliLilly LLY 169.82 1.4 PanAmerSilver PAAS 32.75 7.9 SyrosPharm SYRS 12.57 3.7 Wix.com WIX 297.21 3.3 PG&EUn PCGU 93.63 -1.6
Alibaba BABA 258.49 9.0
BlinkChargingWt BLNKW 4.57 11.4 DRDGOLD DRD 17.01 3.8 GAN GAN 28.95 1.2 LivongoHealth LVGO 97.47 3.3 PapaJohn's PZZA 89.74 5.2 TFI Intl TFII 38.33 2.2 YamanaGold AUY 5.73 0.5 PanhandleOil&Gas PHX 2.36 -1.6
Alteryx AYX 180.17 3.5
BlueCity BLCT 35.89 46.4 DadaNexus DADA 30.59 13.4 GDS 89.03 8.2 MAG Silver MAG 15.20 4.4 PYPL 182.64 2.4 TGTX 24.53 5.5 ZaiLab ZLAB 87.12 4.9 13.61 -7.2
Altimmune ALT 20.65 52.2 GDS Holdings PayPal TG Therap PolyPid PYPD
BlueknightEnPtrsA BKEPP 5.85 ... DanaherPfdB DHRpB 1125.47 1.5 GSX 83.13 13.2 MICT MICT 2.99 24.6 PTON 63.25 2.8 TSM 62.74 3.1 Zynga ZNGA 10.28 3.6
Amazon.com AMZN 3083.97 2.7 GSXTechedu Peloton TaiwanSemi ProvidentBncp PVBC 7.41 -0.9
BostonBeer SAM 588.56 1.1 Danaher DHR 184.89 1.3 G Willi-Food WILC 16.80 2.9 MSCI MSCI 370.87 5.1 PurpleInnovation PRPL 19.27 3.0 TeladocHealth TDOC 225.19 3.3 RandCapital RAND 10.50 -1.5
AmicusTherap
AmrytPharma
FOLD
AMYT
16.13 -0.7
15.50 42.4 Broadwind BWEN 5.32 20.2 Datadog DDOG 96.84 6.7 GalianoGold GAU 1.69 2.0 MTBC MTBC 11.84 -3.6 Quidel QDEL 243.68 5.6 TencentMusic TME 17.30 2.6 Lows ReconTech RCON 1.04 ...
AndinaAcqnIII ANDAU 11.75 6.7 CRISPR Therap CRSP 97.82 3.0 Daxor DXR 18.00 4.9 Genmab GMAB 35.33 2.5 Macrogenics MGNX 32.18 3.8 RH RH 269.21 3.0 TherapAcquisition TXAC 13.50 20.2 AestheticMed AIH 5.05 -7.4 SeaChange SEAC 1.36 0.3
AngloGoldAsh AU 32.09 2.2 Carvana CVNA 139.30 4.4 dMY TechA DMYT 10.22 1.1 GenMarkDiagn GNMK 19.83 21.0 MarketAxess MKTX 546.03 2.1 RetractableTechs RVP 9.69 23.4 ThermoFisherSci TMO 395.00 1.7 Albertsons ACI 15.04 -0.1 SiebertFin SIEB 4.05 0.7
Apple AAPL 381.50 2.3 CelsiusHldg CELH 12.72 4.6 DocuSign DOCU 206.55 4.3 GigCapital3 GIK 10.03 1.5 MarvellTech MRVL 37.60 6.0 S&P Global SPGI 354.75 3.8 360Finance QFIN 15.01 10.9 AscenaRetail ASNA 0.85 -20.2 StateAutoFin STFC 15.85 2.2
arGEN-X ARGX 251.38 2.4 ChannelAdvisor ECOM 17.33 4.9 Domo DOMO 38.00 3.9 GoldFields GFI 10.23 3.2 MeritageHomes MTH 83.36 6.7 SSR Mining SSRM 23.03 5.0 TractorSupply TSCO 135.70 1.0 BCB Bancorp BCBP 8.19 3.5 uCloudlink UCL 13.55 0.8
AssemblyBiosci ASMB 25.45 1.3 Chegg CHGG 73.78 2.2 DraftKingsWt DKNGZ 250.00 -57.3 GooseheadIns GSHD 82.36 7.9 MersanaTherap MRSN 24.97 -2.1 Saia SAIA 122.38 3.1 TrebiaAcqn TREB.U 10.90 1.1 BrickellBiotech BBI 0.88 -1.8 Vivus VVUS 0.51 -15.8
Atlassian TEAM 197.06 2.9 CleanEnerFuels CLNE 3.75 29.4 elfBeauty ELF 20.84 5.4 GreenBrickPtrs GRBK 13.23 2.1 MonolithicPower MPWR 248.79 1.4 Salesforce.com CRM 201.20 2.0 Trupanion TRUP 45.92 4.7 CONSOL Coal CCR 3.91 -1.3 WholeEarthBrds FREE 6.93 6.9
THE WALL STREET JOURNAL. * * * * * Thursday, July 9, 2020 | B11

MARKETS

ECB Helps
Close Gap
Gold ETFs Add Record $40 Billion
BY AMRITH RAMKUMAR Gold prices* Monthly net flows Performance of gold-mining

On Bond Nearly $40 billion flowed

into gold-backed exchange-
$1,800 a troy ounce
into gold-backed ETFs
North America
Asia Other
Europe
assets and S&P 500 in 2020

Risk Levels traded funds in the first half of

the year, topping the previous
annual record and highlighting 1,700
$10 billion
Kinross Gold

BY ANNA HIRTENSTEIN robust investor demand for 8 Barrick Gold

precious metals during the cor-
Despite European Central onavirus pandemic. 6
Bank President Christine The flood of money moving 1,600
4 Newmont
Lagarde’s statement earlier into the gold market comes
this year that it isn’t the cen- with bullion
2
tral bank’s job to close COMMODITIES prices rising VanEck
spreads, that is precisely what to their high- Vectors Gold
1,500 0 Miners ETF
it has done. est level in nearly nine years.
The cost of borrowing for On Wednesday, the most ac- -2
Europe’s riskiest governments tively traded gold futures rose S&P 500
has returned to pre-coronavi- 0.6% to $1,820.60 a troy ounce 1,400 -4
rus levels, indi- on the Comex division of the
Jan. 2020 July March 2019 '20 June 0% 25 50
CREDIT cating that the New York Mercantile Exchange.
MARKETS central bank Prices are up nearly 20% for *Most actively traded futures
has effectively the year and about 4% below Sources: FactSet (price, performance); World Gold Council (flows)
created a backstop to the mon- their record of $1,891.90 from
etary union’s debt market. August 2011. don’t invest in commodities to Barrick Gold Corp. have soared tations. Projections that fiscal Foster, who manages the Van-
The spread, or difference Driving the rally are a burst add gold to their portfolios. in recent weeks, bringing their and monetary stimulus could Eck International Investors
between yields, on Greek and of haven buying from skittish Adding to the excitement in the year-to-date advances above eventually lift consumer prices Gold Fund. “it’s hard to imagine
Italian government bonds com- investors along with ultralow sector: Big-name money man- 45%. faster than interest rates while that inflationary pressures
pared with German bonds interest rates amid central agers like Ray Dalio, Jeffrey Precious metals are also get- devaluing traditional currencies won’t develop.” Mr. Foster ex-
Wednesday hovered near the banks’ efforts to prop up the Gundlach and Paul Tudor Jones ting a boost from unease about are fueling some bullish gold pects gold prices to test $2,000
tightest level since before world economy. Low rates have touted the benefits of November’s presidential elec- bets. Inflation has remained in the next six to 12 months
panic about the coronavirus make owning gold more attrac- owning the metal in recent tion and fresh geopolitical con- low over the past decade, how- and that the company has re-
overtook markets. The differ- tive for investors because the months. flicts around the globe. Uncer- ever, defying predictions for a ceived more investor interest
ence between the yields on eu- precious metal doesn’t offer While stocks and other risky tainty about the relationship bullion-lifting acceleration in for its gold products lately.
rozone countries’ bonds is any yield simply for holding it. assets have also climbed lately, between the U.S. and China prices. Hedge funds and other spec-
seen as a barometer of finan- With those trends lifting in- many analysts project a bumpy continues to stoke anxiety for Persistently low inflation in ulative investors lifted net bets
cial stress in the region. The vestor demand for the haven economic recovery that still investors. A border dispute be- the years following the finan- on higher gold prices in three
wider the spread, the more metal, $39.5 billion flowed into boosts gold. tween India and China and ten- cial crisis dragged down gold consecutive weeks through
worried investors are. gold-backed ETFs in the first “It just seems like the mo- sions between North and South from its 2011 peak. Some ana- June 30, pushing them to a
The yield on Greece’s 10- six months of the year, World mentum is going to continue,” Korea are also supporting gold lysts say this economic cycle two-month high, Commodity
year debt was at 1.029% and It- Gold Council figures published said Chris Mancini, an analyst demand. could be different, wagering Futures Trading Commission
aly’s at 1.205%, on Wednesday Tuesday show. That topped a at the Gabelli Gold Fund. “You’ve got a perfect storm,” that immense bond buying by data showed. Investors have
according to Tradeweb, the previous annual record hit in “We’re starting to see more said Rhona O’Connell, head of the Federal Reserve and gov- also been flocking toward
lowest since March and below 2016 and pushed global gold and more broad interest from market analysis for EMEA and ernment spending will eventu- gold’s precious-metal peer, sil-
where they began the year. For ETF holdings to a record. people who don’t know much Asia at StoneX Group Inc. ally cause inflation. ver, in recent weeks.
both, that is over a full per- These funds like SPDR Gold about gold and are trying to “There’s all sorts of tensions “We’re looking at stimulus On Wednesday, most ac-
centage point less than at the Shares have grown more popu- learn about the story.” creeping in.” that’s an order of magnitude tively traded silver futures rose
height of the turmoil. Bond lar because they are an easy Shares of gold-mining com- At the same time, investors larger than what we saw after 2.5% to $19.161 a troy ounce,
prices rise as yields fall. way for investors who generally panies like Newmont Corp. and are monitoring inflation expec- the financial crisis,” said Joe also extending a recent climb.

Lagarde backed
away from her initial
position on being a
Chinese Stocks Extend Rally to a Seventh Day
BY JOE WALLACE parts of the country, and ten- Index performance Wednesday “There’s definitely never
backstop. AND GUNJAN BANERJI sions have risen between been more unknown unknowns
China and the U.S. Shanghai Composite 1.74% out there,” said Nancy Davis,
U.S. stocks rose while main- “I would characterize the portfolio manager of the Qua-
land Chinese shares extended stock market as relatively im- Nasdaq Composite 1.44 dratic Interest Rate Volatility
“If you know that the ECB is their winning streak for a sev- mune to the [health] crisis,” and Inflation Hedge Exchange-
there to protect the spread enth day. said Gregory Perdon, co-chief Russell 2000 0.81 Traded Fund. “We’ll have to
market, why would you want Major indexes wavered for investment officer at Arbuth- see whether the economy can
to bet against it?” said Peter much of the day before turn- not Latham & Co., a U.K. pri- S&P 500 0.78 stay open and people can get
Schaffrik, a global macro strat- ing higher late in the session. vate bank. It is difficult for back to work.”
egist at RBC Capital Markets. The jump stock prices to go down when Dow industrials 0.68 The unemployment rate fell
The central bank “has made WEDNESDAY’S helped claw stimulus measures by the Fed- in June but still hovered at
huge contributions to stability MARKETS back losses eral Reserve and European Hang Seng 0.59 11.1%.
in financial markets. The mar- from the prior Central Bank have pinned Chinese shares resumed
ket is reassured.” session, when the S&P 500 fell down bond yields, he added. –0.67 Stoxx Europe 600 their recent spurt, pushing the
This is despite historic con- and snapped its five-session That has been on display Shanghai Composite Index up
tractions in European coun- winning streak. this week. –0.78 Nikkei Stock Average 1.7%. Early Thursday, the
tries’ economies resulting from Stocks have traded in a nar- The Nasdaq Composite benchmark was up 0.2%.
the lockdowns and a surge in row range for the past month, added 148.61 points, or 1.4%, Source: FactSet The index has advanced 8%
debt issuance as governments after zipping higher for much to a record 10492.50. this week as individual inves-
seek to fund their fiscal stimu- of the second quarter. The S&P 500 advanced tors are looking for safety. 20% for the year and about 4% tors bet that a recovering
lus programs. Investors have been weigh- 24.62 points, or 0.8%, to Gold prices are hovering at below their record of $1,891.90 economy will boost profits.
Italy was the first country ing stimulus efforts by central 3169.94, led by shares of tech- the highest level since 2011. from August 2011. At midday Thursday in To-
in the region to implement a banks and governments nology companies. The Dow On Wednesday, the most ac- Meanwhile, shares of ho- kyo, the Nikkei 225 Stock Av-
lockdown in early March and against signs that the rebound Jones Industrial Average tively traded gold futures rose tels, airlines, restaurants and erage was up 0.2%, Hong
subsequently its economy is in U.S. economic growth has gained 177.10 points, or 0.7%, 0.6% to $1,820.60 a troy ounce other companies that have Kong’s Hang Seng Index was
expected to be the worst-hit in lost speed. to 26067.28. on the Comex division of the been affected by coronavirus- flat and South Korea’s Kospi
the trade bloc in 2020. The Eu- Meanwhile, there has been Despite the recent stock New York Mercantile Ex- related lockdowns have fallen was up 0.5%. U.S. stock futures
ropean Commission is fore- a jump in coronavirus cases in gains, there are signs inves- change. Prices are up nearly over the past month. were down slightly.
casting that it will shrink
11.2%. Greece is predicted to
contract by 9%, compared with
an expected decline of 8.7%
across the euro area.
Bets on
Ms. Lagarde said on March
12 that the ECB was “not here
to close spreads.” After a
Business
sharp selloff in southern Euro-
pean government debt, she
quickly pivoted to echo the
Reopenings
rhetoric of her predecessor.
Mario Draghi, pledging to do
“everything necessary” to help
Lose Steam
the eurozone through the cri- BY AKANE OTANI
sis. Six days later, the ECB an-
nounced a €750 billion Bets on a relatively smooth
($846.84 billion) bond-buying reopening of businesses
program, which was expanded across America are fizzling
to €1.35 trillion June 4. out in the stock market.
This program is expected to Shares of hotels, airlines,
DAVID PAUL MORRIS/BLOOMBERG NEWS

vacuum up net issuance of restaurants and other compa-

government debt through to nies that have been heavily
next year, according to re- affected by coronavirus-re-
search from J.P. Morgan Asset lated lockdowns initially
Management. perked up when states began
Also providing reassurance easing restrictions on busi-
to investors is the European ness and travel.
Recovery Fund, a €750 billion But as the number of coro-
plan put forward by the Euro- navirus cases has risen across
pean Commission which is the U.S. and some states have
backed by heavyweights Ger- halted their reopening plans, An American Airlines check-in site. The airline’s shares are among those that have declined lately as a result of rising virus cases.
many and France. It proposes many of those stocks have
to provide capital to EU coun- fallen behind again—a sign dex is down 18% over the nities. Shares of banks, casinos and airlines have fallen behind the
tries through a mix of grants that investors are skeptical past month. Many are just choosing to broader market again as rising coronavirus cases have forced
and loans. there will be a full turn- Another group of stocks steer clear of bets that hinge some states to slow down or halt their reopening plans.
In the U.S., yields on bench- around soon. that have suffered? Large on millions of Americans
mark 10-year Treasury notes The S&P 500 is trading at event operators, which have soon being able to freely Share-price and index performance over the past month
rose to 0.656% from 0.648% on roughly the level it was one been hit with cancellations of shop, travel and entertain the 0%
Tuesday. month ago. festivals, concerts and other way they used to a couple S&P 500
—Pat Minczeski In contrast, shares of mass gatherings. Live Nation months ago.
–5
contributed to this article. American Airlines Group Entertainment Inc. is down It is reminiscent of how
Inc., Norwegian Cruise Line 21% over the past month. bank stocks fell behind the
Holdings Ltd., Carnival Corp. It is a contrast to the rela- market for years after the –10
AUCTION RESULTS and Wynn Resorts Ltd. have tively muted action across S&P 500’s financial crisis low,
Here are the results of Wednesday's Treasury KBW Nasdaq
auction. All bids are awarded at a single price at the each fallen at least 27% over the S&P 500 as a whole, as market research firm Strate- –15
market-clearing yield. Rates are determined by the Bank Index
difference between that price and the face value. the same period. well as the furious rally in gas said in a note.
NINE-YEAR, 10-MONTH NOTES Bank stocks have also technology stocks that has After a brief pop, the sec-
–20
Applications $78,612,577,600 taken a heavy hit—no sur- taken the Nasdaq Composite tor was effectively “dead
Accepted bids $31,544,209,100
" noncompetitively $3,836,200
prise, given that downbeat to fresh highs and the market money for years.”
" foreign noncompetitively $0 projections for economic capitalization of Amazon.com The broader market might –25
Auction price (rate) 99.733486
Wynn
(0.653%)
growth over the next year Inc. above $1.5 trillion in look relatively calm these Resorts
Interest rate 0.625% suggest banks’ lending busi- July. days. But underneath the sur- –30
Bids at clearing yield accepted 79.05% American
Cusip number 912828ZQ6
nesses will remain under What is clear is that inves- face, investors are clearly June 10 July Airlines
The notes, dated July 15, 2020, mature on May 15, pressure for some time. tors don’t believe the stock fleeing stocks tied to an or-
2030. The KBW Nasdaq Bank In- market is devoid of opportu- derly reopening. Source: FactSet
B12 | Thursday, July 9, 2020 THE WALL STREET JOURNAL.

HEARD STREET ON
THE
FINANCIAL ANALYSIS & COMMENTARY

Investors Should
Beware of Bargains
At Shopping Malls

JOSH EDELSON/AGENCE FRANCE-PRESSE/GETTY IMAGES

Rental income will be under pressure long after
the pandemic has passed for retail landlords

After years of worrying about e- income will settle in the future. Less
commerce, mall owners face another than one-third of rent due for April
unwelcome reckoning from the pan- was collected by U.S. mall landlords,
demic. Their stocks appear cheap, according to Fitch Ratings.
but investors are better off window Permanent rent cuts will be
shopping until the long-term hit to needed to avoid a rise in vacan-
rental income is understood. cies. Even well-funded interna-
Retail real-estate investment tional brands like Swedish fashion The company has launched new iPhones in the last half of September every year since 2012. CEO Tim Cook last year.

Apple Is Ripe for a Setback

trusts have been among the biggest chain H&M are negotiating reduc-
losers in this year’s health crisis. tions of up to 25%. Bankruptcies of
Shares in Europe’s Unibail-Ro- department stores such as J.C.
damco-Westfield, which owns Penney could be especially tricky:
Westfield-branded shopping centers So-called cotenancy clauses in the
in London and San Francisco, have U.S. allow retail renters to break
fallen by almost two-thirds this leases without penalty if big an-
year. The market value of U.S. peer chor tenants aren’t replaced within Wall Street isn’t yet factoring in an iPhone launch delay
Simon Property Group has halved. a year to 18 months.
On paper, these once-dependable The pandemic has also acceler-
stocks now come with dividend ated the existing threat posed by e- Wall Street is so over the moon Apple’s iPhone revenue for fiscal third and fourth quarters*
yields of around 10% even after commerce to retail landlords. By about Apple Inc.’s next iPhone that
3Q 4Q
slashing payouts. the end of this year, 23% of all total few seem to care when it will actu-
Shopping centers used to offer a European apparel spending will be ally arrive. $40 billion
reliable source of income—one rea- online, according to Bernstein esti- Up 12% over the past month,
son why they traditionally appealed mates, up from 18% in 2019. The Apple is one of only four Dow FORECAST
to pension funds. This also explains U.S. faces a similar ramp-up in e- components positive for that pe- 30
why mall REITs headed into this cri- commerce when it has record levels riod. The company is also valued
sis brimming with debt. European of physical shopping space. Today, at more than $1.6 trillion—second
names have average net borrowings there are nine malls for every mil- only to Saudi Aramco globally. 20
of 13.4 times projected earnings be- lion households, UBS data shows. That is quite a run for a com-
fore interest, taxes, depreciation and This is up from eight in 1980 when pany that makes the bulk of its
amortization, according to property e-commerce didn’t exist. money selling gadgets produced in
10
consultant Green Street. U.S. peers Debtholders are bearish about the global pandemic’s ground zero.
carry slightly less. It is increasingly the creditworthiness of mall ten- What is more, the current hype is
difficult to judge where their rental ants. The yield on 10-year bonds is- mostly over one gadget in particu-
0
sued by fashion brands in Europe lar; analysts widely expect Apple
Dividend yield has increased by nearly 4 percent- to launch its first 5G iPhone this FY2012 ’13 ’14 ’15 ’16 ’17 ’18 ’19 ’20
age points since March to 6.6%, ac- fall. * Fiscal year ends in September.
20% cording to Green Street’s Rob Apple has put new iPhones on Sources: the company (actual); FactSet (forecast)
Virdee. The 2.1% average yield for the market in the last half of Sep-
issuances by retail landlords seems tember every year since 2012. The That means the new iPhones are might therefore find itself in a
complacent by comparison. pandemic has understandably unlikely to contribute to Apple’s bind when it reports fiscal third-
15 The real estate they own is thrown a wrench into the com- own fiscal fourth quarter that ends quarter results on July 30, as that
some comfort for both stock and pany’s production machine, in September. But most analysts so report typically includes a revenue
bondholders, but valuations are though, given its impact on Chi- far don’t seem to be factoring in a forecast for the fourth quarter.
highly uncertain right now. Enter- nese factories and travel to and delay. Wall Street’s consensus esti- Raymond James analyst Chris
prise values, which include debt as from the mainland. The Wall mate for iPhone revenue in that Caso helpfully suggested on Tues-
10
URW well as market values, offer a good Street Journal reported in April quarter hasn’t changed in the past day that Apple simply should
indication of how investors are that production of this year’s flag- two months, according to FactSet. avoid giving guidance, as it did in
pricing Covid-19’s impact on un- ship iPhones was pushed back by Analysts are also predicting a 20% its last report because of the un-
derlying property portfolios. about a month. Broadcom effec- sequential jump in overall revenue certainty created by the pandemic.
5 URW’s enterprise value has fallen tively confirmed that delay in its for the fourth quarter—a bigger Or the company could simply ad-
Simon Property Group by a modest 15% this year, while own earnings report last month increase than the company has mit that the pandemic has forced
Simon Property’s has fallen 35%. when the chip maker warned it seen for that period since it began it to tweak its normal launch
With shopping malls facing a wouldn’t see the normal third- launching new iPhones each Sep- plans. After all, Apple fans will
0
turbulent future, bargain-hunters quarter seasonal uptick from “our tember. line up for new devices whenever
on the stock market may find bet- large North American customer” Apple has historically been they go on sale—provided they can
Aug. 2019 ’20 ter deals elsewhere. until its fiscal fourth quarter, loath to give even vague hints of still afford them.
Source: FactSet —Carol Ryan which ends in October. future product plans. The company —Dan Gallagher

Earnings Forecasts Are OVERHEARD

Too Dire, but Be Careful The Brooks Brothers bankruptcy article about the demise of the yup-
is a sign of the times, the culmina- pie in marketing began this way:
The second quarter probably Change in S&P 500 tion of trends from working from “They have adjusted their Brooks
wasn’t as horrible for U.S. compa- second-quarter earnings estimates home to e-commerce to casual Brothers suspenders, glanced at their
nies as estimates suggest. That from a year earlier dress on Wall Street. Rolex President watches and
hardly counts as an all-clear signal Indeed, the brand has a place in marched off in their Cole Haan loaf-
10%
as the Covid-19 crisis reasserts itself. several moments of U.S. history. ers. Perhaps never to return.”
With results about to start roll- There was the “Brooks Brothers Being founded in 1818, Brooks
ing in, analysts polled by Refinitiv 0 riot” of November 2000, when sup- Brothers existed well before yuppies
estimate that second-quarter earn- porters of George W. Bush tried to and survived them by a few years
STEFANIA M. D’ALESSANDRO/GETTY IMAGES

ings at companies in the S&P 500 –10 rush the doors of the office of the still. More recently, a surprising epi-
will show a drop of 43.9% from a Miami-Dade supervisor of elections. thet is sometimes attached to the
year earlier. That is far worse than –20 Or consider that cultural arche- brand. One Etsy listing describes a
the 11.7% decline they forecast at type of the 1980s: the yuppie. In Brooks Brothers argyle sweater as
the outset of the quarter, when it –30 that decade, stories about this de- “hipster,” and an eBay listing used
was clear the crisis was buckling mographic were almost always ac- the same term to describe one of
the economy. –40 companied by some of their favor- its tan leather garment bags. Brooks
There is a tendency for analysts ite brands, Brooks Brothers among Brothers’ legacy may live on in the
to set a low bar for earnings even –50 them. A 1990 Wall Street Journal closets of the yuppies’ children.
in normal times. In the second
Jan. Feb. March April May June July
quarter that tendency may have
gone into hyperdrive. This is be- Source: IBES data from Refinitiv
cause the bulk of the downward
revisions happened early in the
quarter, before it was clear the
onavirus caution flags have gone
back up, spending in June looks to
Levi Strauss Looks Faded in a Pandemic
economy had started bouncing have improved from May’s level.
back. That bounceback hasn’t Analysts’ difficulty figuring out Many have joked that seated compared with a 34% decline for accounted for 5% of total sales a
spurred many upward revisions. what is happening on the ground Zoom calls have eliminated the need Levi Strauss, which dropped 8.4% on year earlier, brought in 15% last
At the outset of the quarter, earn- has probably amplified their cau- for new pants. Levi Strauss & Co. Wednesday. quarter. The acceleration in online
ings for industrial companies in the tion. Over 40% of companies in the shareholders aren’t laughing. While its recent results were selling means the company’s e-com-
S&P 500 were expected to decline S&P 500 have withdrawn guidance, The brand’s revenue dropped 62% markedly weaker, Levi Strauss’s re- merce business will be profitable for
by 32.8%, and by the end of May, leaving analysts flying blind. Mean- in the quarter ended May 24 com- treat seems excessive for a company the full year, ahead of expectations.
that drop was marked down to 88%. while, many techniques analysts use pared with a year earlier, and the that has posted solid performance And while denim isn’t an up-and-
Now estimates are calling for an to decipher what is happening with company swung to a net loss. coming growth category like athletic
89.1% decline. The pickup in indus- their companies, such as factory A couple of factors compounded wear, Euromonitor still predicts the
trial activity that was reflected in tours and store checks, have been the poor performance: One was that market will grow 2% to 3% a year in
the Institute for Supply Manage- put on hold. its business is pants-focused. The
Almost 40% of reopened the U.S. The jeans maker’s domestic
ment’s better-than-expected June Even if companies beat current company said on a Tuesday earnings stores saw sales brand awareness is topped only by
manufacturing report last week estimates handily, there is no cer- call that its tops business, which ac- Nike, according to a survey con-
seems not to have registered. tainty their results will be met with counted for 21% of sales last fiscal
numbers exceed year- ducted by UBS Research last year.
Similarly, earnings for consumer glee. The torrid recovery in stocks year, fared better in the last quarter. ago levels last month. Like many of its peers, the com-
cyclical companies were expected suggests any good news on earn- Aside from the aforementioned issue pany is using the bad months to fo-
to slip by 33% at the start of the ings may have been baked in even of presentability on camera, custom- cus its attention where it matters,
quarter, by 109.7% at the end of as more recent news on Covid calls ers might be less comfortable buy- including high-tech initiatives in de-
May (in other words, to show out- into question the rapid improve- ing pants online without the ability over the past few years. sign and product development.
right losses), and are now pegged ment analysts expect following the to try them on. The second factor It seems to be faring far better Levi Strauss has weathered a lot
to fall by 114%. Yet the Commerce second quarter. Current forecasts was the timing of its quarter, which where bricks-and-mortar sales have of storms in its 167-year history. The
Department’s May retail sales re- show S&P 500 earnings slipping encompassed the peak pandemic resumed. As stores reopened, Levi depth of its latest swoon, a blip in
port, released in mid-June, showed 24.7% in the third quarter, 13.2% in months of March, April and May. Strauss stopped burning cash and the long run, might present a buying
a much bigger bounce from April the fourth quarter and then gaining Nike, another apparel brand with saw positive cash flow in June. Al- opportunity. If any apparel maker
than economists expected. Even 12.2% in the first quarter. a similar reporting period, saw reve- most 40% of reopened stores saw can look even more stylish after be-
though credit-card data suggest That could be a stretch. nue drop by a much milder 38%. Its sales numbers exceed year-ago lev- ing stretched and torn, it is this one.
sales have softened recently as cor- —Justin Lahart share price is down 4% year to date els last month. E-commerce, which —Jinjoo Lee