For personal, non-commercial use only. Do not edit, alter or reproduce.
For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
DJIA 25706.09 g 361.19 1.4%
What’s
News
Business & Finance
M ainland China stocks
have surged to multi-
year highs in recent days,
raising concerns of too-rapid
gains amid signals that
Beijing is eager to prevent
shares from overshooting. A1
 New applications for un-
employment benefits edged
down last week and the num-
ber of people receiving pay-
ments fell to the lowest level
since mid-April, signs of some
healing in the labor market. A2
 ByteDance is consider-
ing changing the corporate
structure of its popular
app TikTok, amid scrutiny
over its Chinese ties. B1
 Starbucks will require
customers in the U.S. to wear
masks at company-operated
stores starting next week. B1
 Hedge-fund tycoon Ack-
man is expected next week
to launch an initial public of-
fering of the biggest “blank
check” company ever. B1
 Walgreens Boots said it
plans to cut about 4,000
jobs in the U.K. and sus-
pend stock buybacks. B1
 The Dow fell 1.4% and
the S&P 500 dropped 0.6%
in Thursday’s session, while
the Nasdaq gained 0.5%. B11
 German prosecutors are
looking into possible money
laundering by executives at
payments firm Wirecard. B2
 Two U.S. airlines have
canceled Hong Kong flights
after the city said all arriv-
ing crews would have to
undergo Covid-19 tests. B3
 Prices for forest products
like lumber and plywood
have soared as demand has
boomed amid the pandemic. B1
World-Wide
 The Supreme Court
paved the way for a New
York prosecutor to enforce
a subpoena for Trump’s fi-
nancial and tax records, but
issued a mixed decision in a
related case involving sub-
poenas from Congress. A1
 The high court declared
a swath of Oklahoma to be
part of the Muscogee (Creek)
Nation’s reservation with a
5-4 ruling that upheld
19th-century treaties. A4
 The rising tide of corona-
virus cases in the U.S. South
and West emerged amid a
patchwork of often confus-
ing or conflicting rules
across government. A1, A5-7
 The Big Ten canceled
nonconference athletic
competitions including
football games and sig-
naled that its whole sea-
son might be in jeopardy. A1
 Mnuchin said the
Trump administration is
working with the Senate
to pass a new bill for coro-
navirus-related economic
aid by the end of July. A5
 Biden laid out a $700 bil-
lion plan to revive the U.S.
economy with an America-
centric approach to job cre-
ation and manufacturing. A5
 Former Manhattan U.S.
Attorney Berman told law-
makers that Barr repeat-
edly pressured him to step
down voluntarily. A3
 Ex-Trump lawyer Cohen
was taken back into custody
after a dispute with proba-
tion officers over terms of
his home confinement. A3
 The U.S. imposed sanc-
tions on senior officials in
China’s Xinjiang region. A8
CONTENTS
Banking & Finance B10
Business News.. B3,6
Crossword............... A11
Heard on Street. B12
Life & Arts....... A10-11
Mansion............. M1-16
s 2020 Dow Jones & Company, Inc.
All Rights Reserved
NASDAQ 10547.75 À 0.5%
KIM HONG-JI/REUTERS
no
Markets..................... B11
Opinion.............. A13-15
Sports........................ A12
Technology............... B4
U.S. News............. A2-7
Weather................... A11
World News...... A8,16
> allowing France, the world’s
* * * * *
STOXX 600 363.64 g 0.8%
Mayor of South Korea’s Capital Is Found Dead
on
GRIM DISCOVERY: Police carry the body of Seoul Mayor Park Won-soon, which was found early Friday
after he was reported missing. There was no immediate evidence suggesting a homicide, a police official
us ,
said. Local media reported that a former secretary had accused the mayor of sexual misconduct. A8
l
e
al a
China Cautions Investors Court Backs Tribe on Treaties
ci on
About Market Exuberance
er s
m er
China’s yuan has strength-
ened to levels last hit in March
and local financial markets
have rallied as confidence
m rp
builds that the country’s econ-
omy is shaking off the corona-
By Chong Koh Ping,
Xie Yu
co Fo
and Joanne Chiu
virus pandemic.
The optimism has spurred
mainland Chinese stocks to
multiyear highs in recent days,
with the Shanghai Composite
rising 16.5% over eight straight
sessions of gains through
Thursday. Those increases
were partly fueled by opti-
Big Ten Calls Off
n-
Nonleague Games
BY LAINE HIGGINS
AND RACHEL BACHMAN
The Big Ten conference
canceled nonconference ath-
letic competitions including
football games because of the
coronavirus pandemic and sig-
naled that its whole season
might be in jeopardy, a move
that could begin to unravel the
entire college-football season.
“We are focused on how to
play this season in a safe and
responsible way based on the
best advice of our medical ex-
perts,” Big Ten commissioner
Kevin Warren said on Thurs-
No Exit: The French, Stuck at
Home, Become Tourists in France
i i
Strangers in their own land, locals
discover the Eiffel Tower, Provence
BY BENOÎT MORENNE
PARIS—The French are ven-
turing into unknown territory:
France.
Every summer French vaca-
tioners snub their homeland in
favor of far-flung destinations,
top tourism destination, to be-
come a playground for foreign
tourists.
That means millions of
French have never climbed the
Eiffel Tower; or soaked up
FRIDAY, JULY 10, 2020 ~ VOL. CCLXXVI NO. 8
10-YR. TREAS. (Reopening) , yield 0.605%
mism among China’s millions
of individual investors, who
dominate trading.
There is concern that the
gains have been too rapid. Chi-
nese state media urged inves-
tors this week to think long
term. Authorities also high-
lighted hundreds of operations
making illegal loans against
shares, indicating that Beijing
is eager to prevent stocks from
overshooting.
In a sign of such exuber-
ance, QuantumCTek Co. surged
about 10-fold on its first day
of trading in Shanghai on
Thursday, giving it a $4.2 bil-
lion market value.
The Shanghai market took a
day. He also allowed for the
possibility of not playing at all
this fall, saying: “It’s important
to get across that we’re also
prepared not to play should the
circumstances dictate. We’re
taking this one step at a time.”
College football is one of the
most lucrative operations for
many big universities, and par-
ing it back—or canceling it alto-
gether—is another powerful fi-
nancial blow to universities
that are struggling to keep stu-
dents during the pandemic.
Athletics are turning out to be a
thorny aspect of navigating the
Please turn to page A8
i Spurs New Covid Surge
views from the summit of Mont
Blanc; or sauntered along Nice’s
palm tree-studded Promenade
des Anglais. The French have
never seen themselves as
“Leven als god in Frankrijk,” as
the Dutch like to say, or “Living
like a god in France.’’
It’s an embarrassment of
riches that has long stood in
contrast with the perennial
malaise that many French feel
toward France. “Being French is
to live in a paradise inhabited
Please turn to page A9
WSJ.com HHHH $4.00
OIL $39.62 g $1.28 GOLD $1,799.20 g $16.30 EURO $1.1286 YEN 107.20
Trump Dealt
Setback on
Disclosures
Justices pave way for that the rule of law applies to
everyone. But the justices rec-
N.Y. prosecutor to view ognized the role the president
records, but for now plays and sought to set rules
that give him room to lead the
deny Congress access nation, while also respecting
the prerogatives of lawmakers
BY BRENT KENDALL and law-enforcement officials.
AND JESS BRAVIN In the New York case, the
court rejected Mr. Trump’s
WASHINGTON—The Su- overarching claim that as
preme Court paved the way for president, he enjoys absolute
a New York prosecutor to en- immunity from the disclosure
force a subpoena for President of information sought by pros-
Trump’s financial and tax re- ecutors.
cords, but issued a mixed deci- Writing for the court, Chief
sion in a related case involving Justice John Roberts recalled
subpoenas from Congress. the trial of Aaron Burr for trea-
The decisions—both on 7-2 son, when then-Chief Justice
votes on Thursday—send the John Marshall ordered then-
cases back to lower courts, President Jefferson to turn
where Mr. Trump can raise ad- over evidence the former vice
ditional objections to the sub- president sought in his defense.
poenas. The rulings put off, “Two hundred years ago, a
.
likely until after the November great jurist of our Court estab-
election, any ability to see Mr. lished that no citizen, not even
ly
Trump’s financial records. But the President, is categorically
the justices also have acceler- above the common duty to pro-
ated a criminal investigation duce evidence when called
into hush-money payments to
women who claim to have had
affairs with Mr. Trump be-
cause New York prosecutors
upon in a criminal proceeding,”
Chief Justice Roberts wrote.
“We reaffirm that principle to-
day and hold that the President
now can move forward with- is neither absolutely immune
out waiting for the president from state criminal subpoenas
to leave office. seeking his private papers nor
The decisions reaffirmed the entitled to a heightened stan-
court’s longstanding principle Please turn to page A4
The Supreme Court declared a swath of Oklahoma to be
part of the Muscogee (Creek) Nation’s reservation,
enforcing 19th-century treaties in a landmark ruling. A4
Bartlesville
breather early Friday, with its 44
Area of
stock benchmark down about detail
Enid 35 Cherokee
1%.
Stock-market gains are oc-
curring against a brightening OKLAHOMA
Stillwater Tulsa
economic backdrop. Some Muscogee
economists expect second- Oklahoma City (Creek)
40 40
quarter data to show China’s
economy grew in the three Norman Seminole
months through June.
Larry Hu, chief China econo-
Lawton
mist at Macquarie Capital Ltd.,
forecasts 3% year-over-year Chickasaw Choctaw
44
growth in gross domestic prod-
35
uct, compared with a 6.8% de-
cline in the first quarter. “It’s a Populated
V-shaped recovery, but the areas
question remains how resilient Sources: U.S. Census Bureau; U.S. Supreme Court Brian McGill/THE WALL STREET JOURNAL
it’s going to be in the second
Please turn to page A2
Meatpackers Slammed by Virus
Turn to Robot Butchers
Pandemic speeds shift, but machines can’t yet match humans
BY JACOB BUNGE AND JESSE NEWMAN production by more than one-third in late
April.
SPRINGDALE, Ark.––Deboning livestock Meatpackers in response spent hundreds
and slicing up chickens has long been hands- of millions of dollars on safety equipment
on labor. Low-paid workers using knives and such as personal protective gear, thermal
saws work on carcasses moving steadily scanners and workplace partitions, and they
down production lines. It is labor-intensive boosted workers’ pay to encourage them to
and dangerous work. stay on the job.
Those factory floors have been especially They also are searching for a longer-term
conducive to spreading coronavirus. In April solution. That quest is playing out in a for-
and May, more than 17,300 meat and poultry mer truck-maintenance shop near the Spring-
processing workers in 29 states were in- dale, Ark., headquarters of meatpacking giant
fected and 91 died, according to the U.S. Cen- Tyson Foods Inc. There, company engineers
ters for Disease Control and Prevention. and scientists are pushing into robotics, a de-
Plant shutdowns reduced U.S. beef and pork Please turn to page A9
INSIDE U.S. Policy Patchwork
The rising tide of coronavi- states have been the primary
rus cases in the U.S. South and drivers behind moves with the
West, coming four months most impact on the coronavi-
into the outbreak, emerged rus’s spread. States, in turn,
amid a patchwork of often have often given responsibility
for many of those decisions to
By Arian Campo-Flores, counties, cities and businesses.
Rebecca Ballhaus The result is a dizzying mix
and Valerie Bauerlein of rules and guidelines that can
differ widely from one region to
confusing or conflicting rules the next. It is a reflection of the
MANSION across government that have American system of governance
Black interior proved inconsistent and often that limits federal power and
difficult to enforce, making distributes power across states
designers are seeing the pandemic harder to halt. Please turn to page A6
increased attention With the federal govern-
and business. M1 ment handing off many deci-  WHO shifts its guidelines on
sions over reopening, the Covid-19......................................... A7
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

A2 | Friday, July 10, 2020 * *** THE WALL STREET JOURNAL.

U.S. NEWS
Jobless Claims Edge Lower Again Recovery
Hinges
Labor market shows was 695,000 in 1982. Initial jobless claims fers slightly from year to year. programs in place since the

gradual improvement,
but applications are
The number of Americans
receiving unemployment bene-
fits fell by nearly 700,000 to
still well above normal
18.1 million for the week ended
June 27, the lowest reading
since the week ended April 18.
BY ERIC MORATH Those so-called continuing
claims are reported with a
New applications for unem- week lag. The modest easing
ployment benefits edged down of the number of unemploy-
last week and the number of ment rolls suggests new lay-
people receiving payments fell offs are being offset by hiring
to the lowest level since mid- and recalling of workers.
April, signs the labor market Employers added a com-
is healing and so far not sig- bined 7.5 million jobs in May
nificantly affected by a rising and June after shedding 21
number of Covid-19 cases in million jobs in March and
several states. April, separate Labor Depart-
Initial unemployment ment data showed.
claims fell by a seasonally ad- Claims fell in most states
justed 99,000 to 1.3 million for last week, including California
the week ended July 4, the La- and Florida, on a nonseason-
bor Department reported ally adjusted basis, the Labor
Thursday. That extends a Department said. Claims did
trend of gradual declines from rise by 20,000 in Texas, 18,700
a peak of 6.9 million in mid- in New Jersey and by nearly
March, when the coronavirus 10,000 in Louisiana.
pandemic and mandated busi- While Thursday’s report is
ness closures shut down being watched for signs of
swaths of the U.S. economy. how a rising level of Covid-19
Still, last week’s level was well cases in several large states is
above the highest week on re- affecting the labor market, it
cord before this year, which may not give a clear view. The
7 million
Whether the recent rate of
job creation, and relatively
lower pace of layoffs, can con-
6 tinue is in doubt because cor-
onavirus infections are caus-
ing state authorities to
5
reconsider reopening plans
and creating renewed uncer-
4 tainty for many businesses
and consumers.
3 Alyssa D’Angola, a 35-year-
old bartender in Austin, Texas,
lost her job at the Golden
2 Goose for a second time in
late June when the state or-
1 dered bars to close to stem a
resurgence in coronavirus
cases. She had been back at
0 work for only five weeks when
M A M J J the second closure began.
Note: Seaonally adjusted
Ms. D’Angola said she was
Source: Labor Department able to delay her mortgage
payments beginning in the
Independence Day holiday, ob- spring and is receiving unem-
served July 3, reduced the ployment benefits, including a
number of business days ap- $600 weekly top-up from the
plicants had to file. federal government. That ex-
Workers aren’t required to tra benefit is set to expire at
seek benefits the same week the end of this month. “When
they are laid off. Also, the sea- all this stuff runs out, I don’t
sonally adjusted data tend to know where I’m going to be,”
be volatile around major holi- she said.
days, because the timing dif- In addition to regular state
1960s, unemployment benefits
have been expanded to those
previously ineligible for such
On Virus
aid, including self-employed
and gig-economy workers.
Last week, one million
Response
sought benefits through that BY HARRIET TORRY
program, which is accounted AND ANTHONY DEBARROS
for separately from the regu-
lar unemployment insurance A strong economic recovery
program and not adjusted for depends on effective and sus-
seasonality. For the week tained containment of Covid-19,
ended June 20, the latest economists said in a new Wall
available data, the number re- Street Journal survey, as the
ceiving payments through the U.S. surpassed three million
program rose by 1.5 million to confirmed coronavirus cases.
14.4 million. The latest monthly survey
Many economists, including by The Wall Street Journal
Bradley Hardy at American found 91% of business and aca-
University in Washington, ex- demic economists agreed
pect overall employment “somewhat” or “strongly” that
growth will continue, but at a economic recovery depends on
significantly slower pace than containing the virus.
during the past two months. “A virus resurgence will
“When you see the rising push consumer spending back
number of cases,” Mr. Hardy into hibernation,” said Scott
said, “you have to ask to what Anderson, chief economist at
degree will that tamp down Bank of the West.
foot traffic and spending, and Federal Reserve officials,
ultimately employment.” including Chairman Jerome
—Kim Mackrael Powell, have voiced similar
and Justin Baer views in recent days.
contributed to this article. “It is not possible to fully
reopen the economy until this

U.S. WATCH
coronavirus no longer poses a
threat to public health,” said
Bernard Baumohl, chief global
economist at the Economic
WASHINGTON Outlook Group.
Still, compared with last
Flynn Judge Asks

.
month’s survey, expectations
For Full Court Review for the outlook improved

ly
slightly. Economists estimated
A federal judge asked for a that gross domestic product
full appeals court to review an contracted at a 31.9% annual
order telling him to dismiss the
case against former national se-
curity adviser Michael Flynn.
U.S. District Court Judge Em-
on rate in the second quarter,
compared with a 33.5% pace of
contraction in the last survey.
They expect the economy will
met Sullivan on Thursday asked return to growth in the third
us ,

the full U.S. Court of Appeals for quarter and expand at a 15.2%
l

the District of Columbia Circuit rate. Last month, their expec-

e
al a

to review a decision that or- tation was for a 14.2% pace of

dered him to drop the charges growth in the third quarter.
ASHLEE REZIN GARCIA/CHICAGO SUN-TIMES/ASSOCIATED PRESS

after the government sought a The U.S. entered a recession

ci on

dismissal. A three-judge panel in February, the National Bu-

had ruled for Mr. Flynn, saying reau of Economic Research de-
Judge Sullivan was obligated to termined in June. About a
grant the government’s motion quarter of economists in the
to dismiss the case. survey said a recovery is un-
er s

In the 2-1 order filed last der way, while 64% expect it
month, the appeals court said to start in the current quarter.
m er

Judge Sullivan had overstepped In the latest survey, 70% of

his authority when he appointed economists said they expect
a retired judge to act as a the recovery to resemble a
friend-of-the-court and argue “swoosh” shape similar to the
against the Justice Department’s Nike logo, with a large drop
m rp

request to drop a count of lying followed by a gradual recov-

to the Federal Bureau of Investi- ery. That was broadly un-
gation to which Mr. Flynn had changed from the two previ-
pleaded guilty. SPRAYED: With temperatures in the 80s, a father and daughter cooled off Thursday in an open fire hydrant on Chicago’s South Side. ous monthly surveys and a
Mr. Flynn’s lawyers had ob- contrast to the predictions of
co Fo

jected to Judge Sullivan’s initia- MICHIGAN Wednesday, asks a U.S. district plaintiff alongside the U.S. gov- Club in the case, said the govern- Trump administration offi-
tive, asking the appeals court to court in Michigan to reject a set- ernment, but the Justice Depart- ment’s action jeopardizes a set- cials, who have predicted a
force the judge to dismiss the DOJ Asks for Denial tlement that would require De- ment says it shouldn’t have the tlement that took more than two swift, V-shaped recovery.
case. Of Utility Settlement troit-based utility DTE Energy Co. power to push for settlement years to negotiate and would Economists’ forecasts for
The panel said the decision to close three coal-fired power terms beyond what the govern- benefit Black and poor communi- the labor market also im-
was about whether a district The Trump administration is plants and pay $2 million for lo- ment approves. Justice Depart- ties that suffered from the coal- proved slightly this month.
judge could prolong a prosecu- asking a federal judge to reject a cal environmental improvements. ment lawyers say they are trying burning plants in their communi- They see the unemployment
tion after the government said it settlement between the Sierra Those terms would be in addi- to make this a test case, leading ties. “It’s unconscionable,” Mr. rate at 9.1% in December, com-
no longer believed the case to Club and a Michigan utility over tion to a $7.3 million settlement to a national precedent limiting Fisk said. “This should be an easy pared with a 9.6% forecast in
be in the public interest. “Both alleged clean-air violations, argu- with the federal government and the ability of citizen groups to win for everyone involved.” last month’s survey.
the Constitution and cases are ing that the deal improperly would have ended a decadelong press for stiffer punishments. A DTE spokesman said the The Journal surveyed 60
clear: he may not,” the ruling goes beyond what the federal case over alleged Clean Air Act Shannon Fisk, an attorney for company had no comment on economists from July 2-7,
said. government has approved. violations at DTE plants. the Earthjustice environmental the legal action. though not every economist
n-

—Byron Tau The motion, filed late The Sierra Club has been a co- group who represented the Sierra —Timothy Puko answered every question.

Beijing Nasdaq Composite Index How many onshore yuan Net flows via only ones jumping into main- scale was a quite substantial
no

gained 0.5%. $1 can buy* Stock Connect land Chinese stocks. Foreign in- pickup in portfolio inflows into
The rapid run-up in Chinese 6.8 yuan $10 billion vestors bought a net 55 billion China,” Mr. Chan added, refer-

Warns on shares caused a tempering this

week of official support for the
rally. A front-page editorial
yuan ($7.9 billion) of mainland
stocks in the first five trading
days of this month through the
ring to increased purchases of
Chinese stocks and continued
buying of the country’s bonds

Bull Run Monday in the state-owned
China Securities Journal about
a “healthy bull market” was
viewed as an official endorse-
Continued from Page One ment, in a market where inves-
half,” he said. He expects full- tors often take their cues from
year growth of 2%. government action and state-
The rebound is in contrast to ments. But on Thursday, the
uncertainty that hangs over same newspaper urged inves-
economies in Europe and the tors to manage risks, respect
U.S. A resurgence in coronavirus the market and invest rationally
cases in some states has raised and for the long term.
questions about the durability of “The painful lessons of the
a reopening of businesses. abnormal stock-market volatil-
While U.S. stocks have re- ity in 2015 is still vivid in our
bounded from March lows, in minds, warning us that we must
particular big technology com- promote a healthy and prosper-
panies, the Dow Jones Indus- ous stock market in a proper
trial Average and the S&P 500 manner,” the newspaper said.
both remain in the red for the Starting in 2014, the Chinese
year. The Dow lost about 1.4% market more than doubled in
Thursday while the tech-heavy less than a year, as individual
6.9 5 Stock Connect trading link in by foreign investors.
Hong Kong, Wind data show. A raft of recent survey data
That was more than all net pur- has shown economic activity
7.0 0 chases last month. gathering momentum, sug-
That in part has helped bol- gesting Beijing’s uncompro-
ster the yuan. On Thursday, mising approach to tackling
7.1 –5 China’s currency traded below 7 the coronavirus pandemic is
per dollar. For years, China pre- starting to pay dividends.
vented the yuan from trading It is also enticing individual
weaker than 7 per dollar, but it investors into stocks. Wang Jian,
7.2 –10 let the currency cross that level a 37-year-old project manager at
J F M A M J J J F M A M J J† last summer in the midst of a games company in Shanghai,
*Scale inverted to show a stronger yuan. †Through July 8 heightened trade tensions. said there were no better invest-
Source: Tullett Prebon (currency); Wind (net flows) Craig Chan, head of global ment opportunities than stocks
foreign-exchange strategy at at the moment. He said the
investors borrowed to bet on margin-lending platforms and Nomura, said a weaker dollar, rally can continue, given that in-
stocks. But an epic crash in their operators. These lenders China’s improving economic vestors’ concerns about trade
mid-2015 wiped out most of worked through websites, apps outlook and limited recent ac- conflict and the coronavirus
those gains in two months. and social media, with some of- tions by the Trump adminis- have receded, and valuations are
In another sign of caution, fering to lend investors up to 10 tration against China had all still low by global standards.
China’s securities regulator late times their capital, it said. helped buoy the currency. —Zhou Wei
on Wednesday listed 258 illegal Local investors aren’t the “One thing that tipped the contributed to this article.

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THE WALL STREET JOURNAL.
Sports Offer
Lessons for
Return to Class
BY TAWNELL D. HOBBS
School districts throughout
the U.S. are getting a firsthand
lesson on what a fall reopen-
ing could bring: sporadic clo-
sures as students and staffers
test positive for Covid-19.
At least half the states have
districts that have shut down
summer athletic training
mainly due to students and
coaches testing positive for the
virus, some of whom passed
pre-screening checks. The ex-
perience has been a wake-up
call for administrators planning
to open schools for in-person
learning after summer break.
“We’re getting some in-
sights of just how disruptive
this could be,” said Scott Ma-
ben, a spokesman for Coeur
d’Alene Public Schools in Coeur
d’Alene, Idaho, an 11,000-stu-
dent district. “It’s given us
maybe a bit of a crash course.”
Mr. Maben said his district
has four student-athletes who
tested positive for the virus,
resulting in training programs
shutting down for a couple of
weeks.
Many school districts plan
Berman
Says Barr
Pressed for
Departure
BY REBECCA BALLHAUS
AND SADIE GURMAN
Former Manhattan U.S. At-
torney Geoffrey Berman, who
was ousted last month by Pres-
ident Trump, told lawmakers
that Attorney General William
Barr repeatedly pressured him
to step down voluntarily and
warned him that being fired
would hurt his career and fu-
ture job prospects.
In testimony Thursday dur-
ing a closed-door hearing of
the House Judiciary Commit-
tee, Mr. Berman described a
tense meeting with Mr. Barr at
the Pierre Hotel in New York,
where he was called with little
explanation, according to a
copy of Mr. Berman’s opening
statement viewed by The Wall
Street Journal.
At that meeting, Mr. Barr
first asked Mr. Berman to re-
sign, according to the state-
ment.
Mr. Berman said he told Mr.
Barr he wouldn’t step down
and asked if the attorney gen-
eral was dissatisfied with his
performance.
“He said that he was not at
no
all dissatisfied,” Mr. Berman
wrote, adding that Mr. Barr
told him that the move was
“solely prompted by [Securities
and Exchange Commission
chairman] Jay Clayton’s desire
to move back to New York and
the administration’s desire to
keep him on the team.”
The Justice Department re-
sponded to a request for com-
ment by referring to a recent
interview by Mr. Barr in which
he denied anything improper
about Mr. Berman’s dismissal.
When Mr. Berman declined
to resign, Mr. Barr offered him
other jobs, including as the
head of the Justice Depart-
ment’s civil division in Wash-
ington, Mr. Berman said.
“I told him that while I did
not want to get fired, I would
not resign,” Mr. Berman said,
according to his statement. “I
told the attorney general that
there were important investiga-
tions in the office that I wanted
to see through to completion.”
Later that day, a Friday, at
9:15 p.m., Mr. Barr announced
Mr. Berman had stepped down.
“That statement was false,”
Mr. Berman told lawmakers.
Mr. Barr and his associates
have said that while the attor-
ney general was growing frus-
trated with Mr. Berman, view-
ing him as obstinate and not a
team player, there was no sin-
gle reason for his ouster.
Mr. Barr said Wednesday in
an ABC News interview that
any suggestion that Mr. Ber-
man was fired in connection
with an ongoing case was ludi-
crous.
—Dustin Volz
contributed to this article.
* *
to offer in-person and remote
learning, or a blend of both.
New York City this week un-
veiled its preliminary plan,
which entails most students
learning in classrooms one to
three days a week and re-
motely the other days. Presi-
dent Trump is pushing dis-
tricts to reopen and this week
threatened to withhold federal
funding from those that don’t.
The problems with summer
athletics doesn’t necessarily
mean the virus will spread in
the same way in the classroom.
It’s likely harder to social dis-
tance on, say, a football field
than it would be in a class-
room. At the same time, class-
rooms are indoors, which is
generally conducive to more vi-
rus spread than the outdoors.
Now, planning is under way
in districts across the country
to keep the virus from spread-
ing throughout school buildings
in the fall. Some plans include
putting students with Covid-19
symptoms in isolation rooms
until parents pick them up.
Others include reconfiguring
classrooms and common areas
to keep students apart and end-
Felony-Murder Charge Is Tool Some Question
on
BY JACOB GERSHMAN
Prosecutors in Minnesota
us ,
and Georgia are deploying a
l
controversial criminal statute
e
al a
in their effort to punish those
charged in the killings of
George Floyd, Rayshard Brooks
ci on
and Ahmaud Arbery.
The white police officers
and others facing charges in
the deaths of the three Black
men are accused of felony mur-
er s
der, among other charges. The
felony-murder rule is based on
m er
a legal doctrine hundreds of
years old that allows a defen-
dant to be charged with mur-
der for causing death while
committing particular felonies.
m rp
The felony-murder rule gives
prosecutors a powerful tool:
the ability to win the equiva-
lent of a conviction for first- or
second-degree murder without
co Fo
proving the intent, premedita-
tion or gross recklessness typi-
cally required. It can be applied
to someone who didn’t actually
physically commit the homi-
cide, and in some jurisdictions,
a conviction can be punished as
harshly as intentional murder.
Prosecutors who support
the rule say it discourages peo-
ple from participating in seri-
ous felonies and deters crimi-
nals from engaging in
n-
dangerous conduct while com-
mitting them. They also argue
Cohen Back in Custody Amid
Rift With Probation Officers
BY REBECCA BALLHAUS
NEW YORK—Michael Co-
hen, President Trump’s former
lawyer, has been taken back
into custody after a dispute
with probation officers over
terms of his home confine-
ment that would bar him from
publishing a book or engaging
with the media while serving
his sentence, a legal adviser of
Mr. Cohen’s said.
Mr. Cohen was released to
home confinement in May
over coronavirus concerns. On
Thursday he and his lawyer,
Jeffrey Levine, went to the
courthouse to sign papers for
the home confinement and
pick up his ankle bracelet, ac-
cording to Lanny Davis, Mr.
Cohen’s legal adviser and for-
mer lawyer.
When the two men arrived,
Mr. Davis said, probation offi-
cers presented a list of eight
terms Mr. Cohen would have
to agree to as part of his home
confinement. They included
agreeing not to speak to any
member of the media, not to
tweet or post on social media
and not to publish a book
while serving out the remain-
der of his sentence, which is
slated to end in May 2022.
Mr. Cohen has said he
started writing a book while
serving time in an Otisville,
N.Y., federal prison since May
U.S. NEWS
Student-athletes practiced social distancing during a drill at a sports camp at Martin High School in Arlington, Texas, last month.
ing perfect-attendance awards
so sick children stay home.
At Lake Zurich High School
in Illinois, 211 students are in
self-quarantine after multiple
student-athletes were tested
and self-reported positive
Covid-19 results after the first
day of summer sports camps on
Monday, according to spokes-
woman Jean Malek. The stu-
dents participated in football,
dance and baseball camps at
the high school. Some students
had close contact with those
testing positive, while others
didn’t pass temperature checks
Demonstrators calling for racial justice carried an image of George Floyd in New York City on Juneteenth.
that an added level of culpabil-
ity should apply when someone
is killed during the crime.
But some legal scholars and
others advocating against what
they see as inequities in the le-
gal system have long faulted
the rule for giving prosecutors
too much power to treat felons
as killers. Critics of felony mur-
der say it too often leads to
overly harsh sentences, partic-
ularly for poor minorities.
Prosecutors in Minneapolis
2019. He told the probation of-
ficers he had already finished
his book and didn’t want to
give up his right to publish it
or to engage with reporters or
on social media, Mr. Davis
said.
Mr. Cohen noted he had
been able to interact with re-
porters while in prison.
The officers told Mr. Cohen
they would see what they
could work out and left
President Trump’s
former lawyer was
released to home
confinement in May.
Messrs. Cohen and Levine in a
room for more than an hour,
Mr. Davis said. Then, without
further word from the proba-
tion officers, three U.S. Mar-
shals arrived to handcuff Mr.
Cohen and take him into cus-
tody, Mr. Davis said. At that
point, Mr. Cohen said he
would sign the document but
was told “it’s out of our
hands,” according to Mr. Davis.
A Justice Department offi-
cial said Mr. Cohen was taken
into custody because he re-
fused electronic monitoring.
Mr. Davis said that was “to-
to enter camp. Some fell ill fol-
lowing participation in one of
the camps, the district said.
The Lake Zurich district
closed the three sport camps
until an investigation and con-
tact tracing are complete.
In Mustang Public Schools
outside Oklahoma City, 17 stu-
dent-athletes and one assis-
tant coach have tested positive
for the virus in recent days.
Spokesman Kirk Wilson said
that all of the students who
had tested positive had
cleared screening to practice.
The students participated in
are applying Minnesota’s ver-
sion of the felony-murder rule
in their case against Derek
Chauvin, the fired police officer
who knelt on the neck of Mr.
Floyd while he was prone and
handcuffed, leading to his
death from cardiac arrest. In
Georgia, former Atlanta police
officer Garrett Rolfe also faces
felony-murder charges for
shooting Mr. Brooks outside a
fast-food restaurant.
Separately in Georgia, a
tally false.”
“Mr. Cohen declined to
agree to the terms required
for the [Federal Location Mon-
itoring] program and home
confinement placement,” the
official said in a statement.
“Mr. Cohen remains subject to
compliance with BOP policy,
which includes being subject
to electric monitoring and ob-
taining preapproval for media
interviews. As a result of his
refusal to consent to the terms
of the program, he was re-
turned to a BOP facility for
service of his sentence.”
Mr. Levine confirmed that
his client had been taken into
custody but didn’t immedi-
ately give a reason why.
Mr. Cohen had served just
over a year of his three-year
sentence when he was re-
leased on furlough before be-
ginning home confinement,
where he had been expected to
serve out the rest of his sen-
tence.
He was convicted in 2018
on charges including cam-
paign-finance violations re-
lated to his involvement in
making hush-money payments
to women who alleged they
had affairs with Mr. Trump.
He also pleaded guilty to tax
crimes and making false state-
ments.
—Sadie Gurman
contributed to this article.
Friday, July 10, 2020 | A3
LM OTERO/ASSOCIATED PRESS
training for basketball, foot- ipants receive a health screen-
ball and cheerleading. ing, including a temperature
Mr. Wilson said that the dis- check, said spokesman Dan
trict suspended summer activi- Hollar. The 25,500-student
ties for football and basketball district plans to rely on its on-
for 14 days but expects them to line learning program if posi-
resume on July 12 unless gov- tive cases emerge after
ernment authorities advise schools open Aug. 17 for in-
otherwise. He said the 12,360- person and remote learning.
student district is working on “If we have to close for a
its health and safety plan for number of days, we’ll pivot to
the coming school year. an online-learning platform
The Boise School District in for that particular school,” Mr.
Idaho ended summer athletic Hollar said. “We may have to
practices and workouts at high close a few schools. We may
schools on June 26 after four have to close the district for a
.
positive Covid-19 cases. Partic- longer period of time.”
ly
ample is a robber who holds up
a convenience store at gun-
point and kills a customer who
attempted to grab his gun. The
robber never intended to kill
anybody but can be charged
with felony murder.
Prosecutors say the felony-
murder rule is fair when
wielded carefully.
“I’ve heard the criticism” of
felony murder, said Peter Skan-
dalakis, executive director of
the Prosecuting Attorneys’
Council of Georgia, a state-
funded group responsible for
ALLISON DINNER/ZUMA PRESS
training prosecutors in Geor-
gia. But he said that when ap-
plied appropriately, the felony-
murder rule serves justice.
“Prosecutors have to be delib-
erate in how they’re charging
it,” he said.
Critics of the felony-murder
rule say the prosecution strate-
gies in the high-profile police
Glynn County grand jury in cases could undermine their
June indicted three men on fel- push to curb its use nationally
ony-murder charges in the as part of a broader agenda of
death of Mr. Arbery, a 25-year- criminal-justice overhauls in
old who was fatally shot while the U.S.
out running. The three killings “We’re seeing police officers
provoked protests around the being held accountable by the
country. very mechanisms that advo-
Forty-two states have fel- cates are seeking to abolish,”
ony-murder rules, according to said Adam Foss, a former assis-
Guyora Binder, a law professor tant district attorney in Boston
at the University at Buffalo in who now runs a nonprofit
New York and a leading expert group that conducts training
on the doctrine. A standard ex- for prosecutors.
UNTIL JULY 12
NOW ON UNTIL JULY 12
ALLURING OFFERS ON
ALL COLLECTIONS
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
A4 | Friday, July 10, 2020
Swath of Oklahoma Deemed Indian Land
Supreme Court says
tribe never lost its
sovereignty granted in
19th-century treaties
BY JESS BRAVIN
AND KRIS MAHER
WASHINGTON—Oklahoma
state officials and business
groups reacted cautiously to a
Supreme Court ruling Thurs-
day that declared a swath of
the state near Tulsa to be part
of the Muscogee (Creek) Na-
tion’s reservation, as the im-
plications for criminal cases,
taxes and regulation remained
unclear.
The 5-4 court decision by
Justice Neil Gorsuch enforced
19th-century treaties the U.S.
made with the Creek, a land-
mark recognition of Native
American rights that potentially
could lead to nearly half the
state being classified as Indian
country, if similar agreements
with the neighboring Cherokee,
Chickasaw, Choctaw and Semi-
nole tribes are honored.
At issue was whether Okla-
homa’s admission to the Union
in 1907 dissolved the Musco-
gee (Creek) reservation that
now adjoins its second-most
populous city, Tulsa. The Su-
preme Court case arose when
Native Americans prosecuted
in Oklahoma state courts be-
KEVIN LAMARQUE/REUTERS
President Trump blasted Thursday’s Supreme Court rulings, calling them ‘part of a political witch hunt and a hoax.’
Trump’s
Claim
Is Rejected
no
Continued from Page One
dard of need.”
“Beginning with Jefferson
and carrying on through Clin-
ton, Presidents have uniformly
testified or produced docu-
ments in criminal proceedings
when called upon,” he wrote.
Manhattan District Attorney
Cyrus Vance Jr., a Democrat,
had issued a subpoena to Mr.
Trump’s accounting firm, seek-
ing years of Trump financial
documents and tax records as
part of his probe. Whether
those documents at some point
become public will likely de-
pend on lower courts siding
with Mr. Vance as Mr. Trump
mounts further challenges—
and on whether prosecutors ul-
timately choose to bring a case
against the president or any of
his associates.
In the congressional case,
Chief Justice Roberts, again
writing for the court, said the
lower courts were too quick to
side with three House commit-
tees seeking records from the
president’s accountants and
bankers, rebuffing House argu-
ments about the scope of its
subpoena power and finding
that it failed to recognize the
prerogatives of the executive
branch.
The court laid out its own
criteria for considering con-
gressional subpoenas involving
the president—and sent the
case back to lower courts for
further review.
The court’s liberal members
and both of Mr. Trump’s ap-
pointees were in the majority.
Justices Clarence Thomas and
gan contesting their convic-
tions, arguing that as resi-
dents of an Indian reservation
they could only be tried in
federal court.
Justice Gorsuch based his
opinion firmly on the ground
that despite the many steps
Congress had taken to dimin-
ish Creek self-government, it
never formally extinguished
the tribe’s sovereignty. To dis-
establish the reservation, he
wrote, Congress must explic-
itly say so.
But from its opening lines
the opinion made clear that
the sometimes shameful treat-
ment of Native Americans so-
lidified the court’s resolve to
recognize the Creeks’ rights.
“On the far end of the Trail
of Tears was a promise,” Jus-
tice Gorsuch wrote, joined by
Justices Ruth Bader Ginsburg,
Stephen Breyer, Sonia Soto-
mayor and Elena Kagan.
“Forced to leave their ances-
tral lands in Georgia and Ala-
bama, the Creek Nation re-
ceived assurances that their
new lands in the West would
be secure forever.”
Over time, “Congress has
since broken more than a few
of its promises to the Tribe,”
he wrote. But, “we hold the
government to its word.”
Four conservatives on the
court dissented.
The court dismissed argu-
ments that recognizing the res-
on
us ,
l
e
al a
ci on
er s
m er
m rp
co Fo
Court to Hear Case
On Fannie, Freddie
n-
The Supreme Court said
Thursday it would wade into a
yearslong dispute involving the
government’s takeover of Fan-
nie Mae and Freddie Mac,
which guarantee half the coun-
try’s $11 trillion mortgage mar-
ket and neared collapse during
the 2008 financial crisis.
The case involves legal is-
sues stemming from the gov-
ernment’s 2012 decision to
Samuel Alito dissented.
Although the cases concern
much of the same material, the
court drew sharp legal distinc-
tions between the House sub-
poenas and that issued by the
New York prosecutor.
Chief Justice Roberts char-
acterized the dispute with the
House as part of an ongoing
constitutional relationship with
the executive better resolved—
as it had been until this case—
by the “hurly-burly, the give-
and-take of the political
process.” The congressional
subpoena power is to support
the legislative process, the
chief justice wrote, and in
many instances lawmakers
likely could find information
they need from sources other
than the president’s personal
papers.
In contrast, “criminal sub-
poenas issued to the President
in the course of a specific in-
vestigation” implicate “‘the
very integrity of the judicial
system,’” which would be un-
dermined without ‘full disclo-
sure of all the facts,’” the chief
justice wrote, quoting from the
court’s 1974 ruling against
President Nixon in the Water-
gate case.
“This is all a political prose-
P W L C 10 11 12
If accords with other tribes are honored, nearly half the state could be classified as Indian country.
ervation would unsettle gov-
ernment in Oklahoma. Justice
Gorsuch observed that over the
20th century the federal gov-
ernment had abandoned its
campaign to force Native
Americans to assimilate, in-
stead recognizing the value of
indigenous culture, and he
speculated that comity and co-
operation would prevail under
the new legal framework.
In a joint statement Thurs-
day, the state of Oklahoma and
the Creek tribe and the four
other tribes pledged to work
together on issues raised by
channel nearly all of Fannie
and Freddie’s profits to the
Treasury Department.
The move was part of the
government’s bid to more
quickly reclaim the taxpayer
dollars that kept the firms
afloat. It also stopped the com-
panies from borrowing from
the Treasury to pay dividends
they owed the government un-
der the terms of their bailout.
The court said it would
hear dueling appeals by both
the government and a group of
shareholders.
—Brent Kendall
cution,” Mr. Trump, a Republi-
can, wrote on Twitter on
Thursday morning. “I won the
Mueller Witch Hunt, and oth-
ers, and now I have to keep
fighting in a politically corrupt
New York. Not fair to this Pres-
idency or Administration!”
Mr. Trump tempered his
frustration after discussing the
rulings with his advisers
throughout the day, saying
later that he was “satisfied”
with one ruling and “not satis-
fied” with the other.
“We are pleased that in the
decisions issued today, the Su-
preme Court has temporarily
blocked both Congress and
New York prosecutors from ob-
taining the President’s financial
records,” Mr. Trump’s lawyer,
Jay Sekulow, said. “We will
now proceed to raise additional
Constitutional and legal issues
in the lower courts.”
Mr. Vance, the Manhattan
district attorney, said: “This is
a tremendous victory for our
nation’s system of justice and
its founding principle that no
one—not even a president—is
above the law.”
The Supreme Court gave Mr.
Vance nearly all he asked for:
the right to enforce subpoenas
against the president in state
H T G K R F A M 1 2 3 4 5 6
U.S. NEWS
the court’s ruling to preserve
sovereign interests and laws
and regulations that “support
public safety, our economy,
and private property rights.”
“We will continue our work,
confident that we can accom-
plish more together than any
of us could alone,” the state-
ment said.
The picture from dissenting
justices was far different.
Chief Justice John Roberts
wrote that whatever promises
of perpetual rights the U.S.
made to the Creek Nation were
extinguished in the 1860s.
court, subject to the objections
any individual could raise
against a criminal inquiry.
The dissenters didn’t accept
Mr. Trump’s claims of absolute
immunity, but Justice Alito
said the risks to the presidency
ought to require a prosecutor
to demonstrate a special need
for the evidence.
In the congressional case,
the House Oversight Commit-
tee, investigating ethics issues
in the executive branch, issued
a subpoena to accounting firm
Mazars USA LLP for eight years
of financial records related to
Mr. Trump, his real-estate com-
pany, his foundation and other
entities belonging to the presi-
dent.
A pair of other House com-
mittees—the Financial Services
and Intelligence Committees—
issued subpoenas seeking a
range of Trump records from
Deutsche Bank AG and Capital
One Financial Corp. Deutsche
Bank since 1998 has led or par-
ticipated in loans of at least
$2.5 billion to companies affili-
ated with Mr. Trump.
The Intelligence Committee
said it needed the information
as part of its probe of foreign
influence in the U.S. political
process, including whether for-
eigners have financial leverage
over the Trump family and its
enterprises.
Mr. Trump argued that
House committees infringed
on his prerogatives as chief
executive.
House Speaker Nancy Pelosi
(D., Calif.) said after the rulings
that the House would continue
its press in lower courts to ob-
tain Mr. Trump’s financial re-
cords as part of its oversight of
the executive branch.
“The path that the Supreme
Court has laid out is one that
is clearly achievable by us in
the lower court and we will
continue to go down that
path,” she said.
7 8 9 O I X X **** THE WALL STREET JOURNAL.
formation of the State, Con-
KEVIN WOLF/AP IMAGES FOR SMITHSONIAN’S NATIONAL MUSEUM OF THE AMERICAN INDIAN
gress incorporated them into a
new political community,” he
wrote. To hold otherwise “may
destabilize the governance of
vast swathes of Oklahoma.”
Experts in Native American
law were divided over how
far-reaching the effects of the
ruling will be.
One clear change will be
that the federal government,
rather than the state, will now
have jurisdiction in the terri-
tory to police and investigate
major crimes, such as murder,
rape or aggravated assault,
that involve tribal members,
according to legal experts.
Meanwhile, hundreds of
criminal convictions previ-
ously reached by state prose-
cutors in the area could also
have to be retried, they said.
But the effect of the ruling
“The Five Tribes, whose on other matters, from prop-
members collectively held at erty ownership to business li-
least 8,000 slaves, signed trea- censing, remains murky.
ties of alliance with the Con- Because states aren’t al-
federacy and contributed lowed to tax Indians on reser-
forces to fight alongside Rebel vations, experts said the state
troops,” the chief justice and tribe would likely have to
wrote, joined by Justices Clar- negotiate tax issues, and that
ence Thomas, Samuel Alito state tax revenues would likely
and Brett Kavanaugh. decline somewhat.
Congress began reducing “I think it is a huge win for
the tribes’ territory and abol- tribes and tribal sovereignty
ished their sovereignty alto- in the short run,” said M. Todd
gether with Oklahoma state- Henderson, a professor at the
hood, he wrote. “By conferring University of Chicago Law
citizenship on tribe members School. “It creates enormous
and giving them a vote in the uncertainty for everyone.”
.
ly
Rulings Cast Light
On the Limits of
Presidential Power
BY BYRON TAU led House have been tangling
over numerous issues both be-
WASHINGTON—The Su- fore and in the aftermath of his
preme Court on Thursday impeachment trial.
handed down two major rul- The decision in the congres-
ings on the powers, privileges sional subpoena case reaf-
and immunities of the presi- firmed limits to Congress’s or-
dency that will have lasting dinary investigative power—
impact on how future disputes with the court saying that it
between the White House, needed a legislative purpose to
Congress and prosecutors are obtain information in many cir-
handled. cumstances.
In both decisions, the courts “I think that’s the most im-
rejected arguments from Presi- portant finding regarding the
dent Trump’s lawyers and the future of the presidency and
Justice Department that a separation of powers,” said Mr.
president has immunities and Rozell, the George Mason pro-
privileges that put him com- fessor. “The court has estab-
pletely beyond the reach of au- lished a line here that Congress
thorities seeking his documents doesn’t have the power of what
or testimony. might be called the fishing ex-
In addition, the Supreme pedition—to search for any and
Court inserted the federal everything.”
courts more fully in mediating A lawyer for Mr. Trump por-
disputes between Congress and trayed the two decisions as a
the White House—putting victory—noting the cases
some limits on what Congress would now return to the lower
can obtain from a president
while also rejecting claims that
a president can assert a sweep-
courts for additional proceed-
ings. “We will now proceed to
raise additional Constitutional
ing privilege against turning
over his records to Capitol Hill.
In its decisions, the court
“affirmed the fundamental
principle that the president is
not above the law—even the
CRAIG HUDSON/BLOOMBERG NEWS
president’s private business
dealings are subject to the
same standards of legal inquiry
and investigation as any other
U.S. citizen,” said Mark Rozell,
a professor at George Mason
University who has studied ex-
ecutive power and the presi-
dency.
At odds in the two cases
were disputes over Mr. Trump’s
financial records—sought by
The high court also
both Congress and prosecutors put limits on what
in New York City. The court re-
jected the notion advanced by
Congress can obtain
Mr. Trump’s lawyers that he from a president.
had “absolute immunity” from
having to turn over records to
prosecutors in New York—with
two of Mr. Trump’s own ap- and legal issues in the lower
pointees to the court, Neil Gor- courts,” wrote attorney Jay
such and Brett Kavanaugh, rul- Sekulow on Twitter.
ing against him. Lawyers representing the
In the congressional case, president either in his personal
the court was more circum- or institutional capacity have
spect and it left key issues un- argued at various points that
resolved. law enforcement can’t investi-
While recognizing that con- gate the president at all; that
gressional power to investigate he can shut down investiga-
was limited, the majority noted tions into himself or his associ-
that they had never before ates; and that obstruction-of-
been asked to decide a case in- justice laws don’t apply to the
volving a congressional sub- president, The Wall Street
poena for the president’s pri- Journal has previously re-
vate papers. In a 7-2 decision, ported. In one notable incident,
the Supreme Court sent the a lawyer representing Mr.
congressional subpoena case Trump argued that he couldn’t
back down to a lower court be investigated by state prose-
with detailed instructions on cutors while in office—even if
the duty to balance the needs he were to commit murder.
of Congress with those of the The two cases decided by
executive. the Supreme Court this week
The cases are likely to have are the first test of those legal
an especially significant impact theories at the high court—and
beyond Mr. Trump’s tenure in suggest that the justices are
office in the context of con- unlikely to bless such sweeping
gressional investigations where presidential authority and
Mr. Trump and the Democratic- power.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
THE WALL STREET JOURNAL.
Mnuchin Sees
New Stimulus
BY PAUL KIERNAN
WASHINGTON—Treasury
Secretary Steven Mnuchin said
the Trump administration is
working with the Senate to
pass a new bill for coronavirus-
related economic aid by the
end of July, as enhanced unem-
ployment benefits near expira-
tion.
Mr. Mnuchin said the ad-
ministration supports a second
round of economic impact pay-
ments to households, an exten-
sion of enhanced unemploy-
ment benefits for furloughed
workers and a “much, much
more targeted” version of the
Paycheck Protection Program
of forgivable loans for small
businesses.
“I had a very productive call
with [Senate Majority Leader]
Mitch McConnell yesterday,”
Mr. Mnuchin said in an inter-
view with CNBC. “As soon as
the Senate gets back, we’re go-
ing to sit down on a bipartisan
basis with the Republicans and
the Democrats, and it will be
our priority to make sure be-
tween the 20th and the end of
the month that we pass the
next legislation.”
House Democrats in May
passed a $3.5 trillion bill that
would extend the $600 in extra
weekly unemployment pay-
ments through December, send
households more stimulus
checks, and provide $1 trillion
to state and local governments
whose revenues have been hit
by the pandemic.
Senate Republicans have
postponed deliberations on the
next round of stimulus until
July 20, leaving little time to
reach a consensus before the
unemployment supplement ex-
pires. Republican leaders have
expressed concern that en-
hanced jobless benefits dis-
courage people from returning
to work as the economy re-
opens.
“We knew there was a prob-
lem with the enhanced unem-
ployment in that [in] certain
JOSE LUIS GONZALEZ/REUTERS
The U.S.-Mexico border area as viewed this month from Ciudad Juárez, Mexico.
no
Arrests at Border With Mexico
Rose Sharply in June, U.S. Says
BY MICHELLE HACKMAN
WASHINGTON—The number
of migrants arrested at the
southern border jumped by
40% in June from the prior
month, according to figures re-
leased by U.S. Customs and
Border Protection.
The increase came at a time
when the U.S. was denying
most migrants entry during the
coronavirus pandemic. Arrests
of migrants surged to 30,300
last month, including about
27,000 people who were turned
back under the new policy.
Immigration officials in
March introduced the border
policy, under which nearly all
migrants, including children,
are quickly turned around to
Mexico without the chance to
ask for humanitarian protection
in the U.S. CBP says the new
policy is necessary to protect
the health of border patrol
agents and border towns.
CBP has declined to specify
why some migrants are taken
into custody while others
aren’t. Those taken into cus-
tody could be allowed to apply
for asylum.
The American Civil Liberties
Union and other organizations
have sued the government over
the rules, and a federal judge
has indicated he believes they
are likely unlawful.
The June increase was
* * * *
cases, people were paid more
than they made in their jobs,”
Mr. Mnuchin said, adding that
he hoped to cap the next round
of benefits at 100% of a
worker’s original income.
Weekly unemployment ben-
efits normally average less
than $400 a week. Mr.
Mnuchin indicated that the
next round of extra benefits
might be aimed at workers in
industries hardest hit by the
coronavirus pandemic and re-
sulting lockdowns.
“Even at 100%, if people
have jobs, we want them to go
back to work,” he said. “So en-
hanced unemployment is in-
tended for people who don’t
have jobs in, particularly, in-
dustries that are harder to re-
bound, so we will not be doing
it in the same way.”
Officials are also discussing
another round of direct pay-
ments to individuals, following
the $1,200 most American
adults received in April.
“We do support another
round of economic-impact pay-
ments,” Mr. Mnuchin said. “The
level and the criteria we’ll be
discussing with the Senate.”
But he repeated the admin-
istration’s opposition to aid for
state governments that he said
were mismanaged before the
Covid crisis struck.
In appearances in Kentucky
this week, Mr. McConnell (R.,
Ky.) has raised the possibility
of approving another round of
stimulus payments for people
who make $40,000 a year or
less, many of whom work in
on
hospitality industries. He has
us ,
indicated that he will unveil
l
proposals for a bill later this
e
al a
month.
House Speaker Nancy Pelosi
(D., Calif.) said Thursday that
ci on
families making more than
$40,000 would also likely need
assistance. She said she ex-
pected the next coronavirus bill
to have more than $1 trillion
er s
for help for Americans and $1
trillion for state and local gov-
m er
ernments.
m rp
co Fo
n-
fueled primarily by single Mexi-
can adults, who made up about
80% of people crossing the bor-
der, CBP said. That shift
emerged this year after several
years when those encountered
at the border were predomi-
nantly Central American fami-
lies.
About 152,000 Mexicans
have crossed the border during
the fiscal year that started in
October, equal to 59% of all
those who crossed and on pace
to double last year’s number.
The Trump administration
published the statistics a day
Single Mexican
adults made up
about 80% of people
crossing the border.
after Mexican President Andrés
Manuel López Obrador held an
Oval Office meeting with Presi-
dent Trump, where the two
leaders praised one another for
building a stronger relationship
in part by shrinking levels of
migration.
“We’ve been helped greatly
by Mexico on creating record
numbers in a positive sense on
our southern border,” Mr.
Trump said in the White House
U.S. NEWS
Joe Biden, left, toured McGregor Industries’ metal-works plant in Dunmore, Pa., with owner Robert McGregor, center, on Thursday.
Biden Outlines Economic-Revival Plan
BY SABRINA SIDDIQUI
Former Vice President Joe
Biden laid out a $700 billion
plan Thursday to revive the
U.S. economy with an Amer-
ica-centric approach to job
creation and manufacturing,
issuing a direct challenge to
President Trump as they pre-
pare to compete for working-
class voters in the November
election.
Mr. Biden’s “Buy American”
economic agenda is designed
to counter Mr. Trump’s “Amer-
ica First” platform through
what he said would be the
largest mobilization since
World War II of public invest-
ments in procurement, infra-
structure and research and de-
velopment.
Under Mr. Biden’s plan, the
federal government would
spend $400 billion in govern-
ment purchasing of U.S.-based
goods and services over four
years and $300 billion in re-
search and development for
Rose Garden after their meet-
ing. “It’s been really very, very
tight.”
The number of migrants ar-
rested at the border in the past
few months has been at histori-
cally low levels, close to where
it was during several months at
the start of President Trump’s
term, when migration also
plummeted.
The small number of mi-
grants making the journey
north—particularly from Cen-
tral America and farther
south—is likely in part thanks
to border closures and other
pandemic-related travel restric-
tions across Latin America. By
contrast, in June 2019, border
agents arrested about 95,000
migrants.
Analysts believe the uptick is
due to a Mexican economic
downturn, which accelerated
during the pandemic and
prompted migrants to head
north to seek work. Economic
activity fell 17% in April from
the prior month.
An estimated 12.5 million
Mexicans left the active work-
force in April, according to the
National Statistics Institute,
most of whom were in low-
paid, informal work.
Many of the unemployed
were workers who were fur-
loughed during the shutdowns
with no guarantee their jobs
would return.
Friday, July 10, 2020 | A5
SPENCER PLATT/GETTY IMAGES
new technologies and clean- pandemic.” offset the new spending, Mr.
energy initiatives. Mr. Trump’s re-election Biden’s campaign referred to
“The stakes couldn’t be campaign released a new tele- his previous tax plan, which
higher,” said Mr. Biden, who vision ad Thursday attacking would raise taxes on corpora-
spoke from Dunmore, Pa., and Mr. Biden’s support for trade tions and the wealthiest
cited the economic damage deals such as the North Amer- Americans and reverse Mr.
and human cost inflicted by ican Free Trade Agreement Trump’s tax cuts for high
.
the coronavirus pandemic. and the Trans-Pacific Partner- earners.
“That’s why this is no time for ship. Responding to Mr. Bi- Mr. Biden has previously re-
ly
divisive politics. Donald den’s speech, Trump campaign leased a tax plan that would
Trump may believe in pitting spokesman Hogan Gidley said, revert the top individual in-
Americans against Americans. “We don’t need to guess what come-tax rate for individuals
I don’t.”
The presumptive Demo-
cratic nominee’s remarks in
the battleground state came as
a Biden economy would look
like since Americans have
been forced to live through it
once already.”
with incomes above $400,000
from 37% under current law to
39.6%. He would also raise the
corporate tax rate from 21% to
Vice President Mike Pence Mr. Biden said it was Mr. 28%.
made campaign stops in east- Trump who had reneged on Mr. Biden’s plans would add
ern Pennsylvania on the same his 2016 campaign pledge to $700 billion in federal spend-
day. Mr. Biden spoke at a met- revitalize U.S. manufacturing ing to more than $6 trillion
alworks plant to outline what and bring jobs back to rural over the next 10 years he had
his campaign billed as the first America. previously laid out through
plank of his economic recov- “Donald Trump loves to the course of the campaign.
ery plan. talk, and talk and talk,” Mr. Bi- That would pay for policies
“Enough is enough,” Mr. Bi- den said. “But after three and like expanding government
den said. “It’s time to reverse a half years of big promises, health-care coverage and of-
the priorities in this country. what do the American people fering universal prekindergar-
It’s time to help small busi- have to show for all the talk?” ten.
nesses, middle-class folks, When asked by The Wall —Jacob M. Schlesinger
manage their way through the Street Journal how he would contributed to this article.
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A6 | Friday, July 10, 2020
As Virus Surges, Test
Results Take Longer
The surge in U.S. coronavi-
rus cases and growing demand
for Covid-19 tests are straining
the ability of pharmacies and
labs to deliver timely results
to consumers, causing delays
that hamper efforts to contain
the spread of the virus.
By Sarah Krouse,
Sharon Terlep
and Matt Grossman
CVS Health Corp., which
tests tens of thousands of pa-
tients daily, initially promised
results in three to five days
and is now telling people to ex-
pect a wait of between five and
seven days because of backlogs
at labs. Walmart Inc. says tests
that took about two days as re-
cently as late June now take
four to six because demand has
increased as a result of cases in
states such as Texas.
Patchwork
Of Policies
Spurs Covid
Continued from Page One
and localities, but to health of-
ficials it is an ineffective way to
manage a pandemic.
Some states have called for
clearer, more-consistent guid-
ance from the federal govern-
ment, which has delivered
mixed messages on masks and
lockdowns—though federal offi-
cials say some states have ig-
nored what guidance the gov-
ernment did provide. By the
time the Trump administration
issued in-depth guidance on re-
opening in May, all 50 states
had begun the process.
North Carolina required
mask-wearing statewide on
June 26, but a dozen sheriffs
said they wouldn’t make people
abide by it. Next door, on the
same day, the Republican gover-
nor of South Carolina said a
statewide mask mandate would
create “a false sense of secu-
rity,” and wouldn’t be enforce-
able. Then local officials in the
coastal cities of Myrtle Beach
and North Myrtle Beach decided
to require mask-wearing there.
In Southern California, when
bars in Riverside County
opened, neighboring Los Ange-
les County residents pushed for
the same. Officials wound up al-
lowing Los Angeles County bars
to open June 19 even though in-
fections were increasing. “I re-
gret that,” said Barbara Ferrer,
director of the county health de-
partment, who now confronts
new-case numbers that often
exceed 2,000 a day, more than
any other California county. “I
wish we had been able to wait a
little longer,” she said.
Anthony Fauci, director of
no
the National Institute of Allergy
and Infectious Diseases, said in
a Wall Street Journal interview
on Monday that multiple ap-
proaches and plans among local
jurisdictions contributed to the
different levels of outbreaks
states are currently seeing.
While the federalist system
mostly works well, Dr. Fauci
said: “It would seem that in this
circumstance you’d have to
question that.” He said the fed-
eral government could do a bet-
ter job making the case to
Americans to take responsibility
for not propagating the pan-
demic. “I’m not sure we do that
very well,” he said. “We need to
get people like myself, like my
colleagues out there more.”
Dr. Fauci said state leaders
often say they wish they had
more central guidance on re-
opening, though he added most
states wanted to make their own
decisions until the case count
began ticking up. For the federal
government, he said: “It’s kind
of like you’re damned if you do,
you’re damned if you don’t.”
On June 5 at the Knight’s Pub
in Orlando, Fla., patrons de-
scended on the college hangout,
embracing Florida’s decision to
reopen bars and other venues
despite the state’s climbing cor-
onavirus case count. Bars were
permitted to operate at 50% ca-
pacity indoors and full capacity
outdoors with social distancing.
The bar’s owner, Michael
D’Esposito, said that without
more-detailed guidance from
state or local officials on how to
reopen, he drew on Centers for
Disease Control and Prevention
recommendations and fellow
operators’ input. Security
Infectious-disease experts
say prolonged wait times for
test results complicate efforts
to find and isolate the chain of
people with whom an infected
individual has been in contact.
That makes it harder to limit
the virus’s spread.
“If you’re going to do contact
tracing and the test comes back
in five to seven days, you might
as well not do contact tracing
because it’s already too late,”
Anthony Fauci, the nation’s top
infectious-disease doctor, said
in an interview with “The Jour-
nal,” a Gimlet and Wall Street
Journal podcast.
Individuals waiting on diag-
nostic test results must decide
whether to isolate themselves
until the results arrive or con-
tinue going to work or social
activities and risk transmis-
sion to others. The number of
confirmed new Covid-19 cases
us ,
al a
ci on
er s
m er
Michael D’Esposito, above, closed his Orlando, Fla., pub four days after reopening; below, dining outdoors in Manhattan Beach, Calif., July 3.
guards broke up large groups,
he said, and masked bartenders
m rp
stopped serving every 30 min-
utes to sanitize bar tops.
Two days later, a customer
called reporting possible
Covid-19 symptoms, he said. At
co Fo
least 41 coronavirus cases have
since been linked to the bar, ac-
cording to the state. Four days
after reopening, Mr. D’Esposito
shut down. “It was a no-
brainer,” he said. “The commu-
nity wasn’t ready.” Then Florida
officials suspended the bar’s al-
cohol license, citing a lack of so-
cial distancing—a move Mr.
D’Esposito is challenging, saying
he hewed to the rules. Florida
has since prohibited alcohol
n-
consumption at bars.
A consistent national ap-
proach is the most effective way
to combat a pandemic, epidemi-
ologists say.
In the U.S. response so far,
“there is no national goal, no
national objective,” said Michael
Osterholm, director of the Uni-
versity of Minnesota’s Center
for Infectious Disease Research
and Policy. “We make each state
come up largely with its own
guidelines for how to respond.”
While some other countries
have curbed the virus with a na-
tional focus, the White House
doesn’t believe it would have
made sense to more rigorously
enforce federal guidelines for
The CDC recommends, among other guidelines, that states
have a downward trajectory of cases for two weeks before
starting to reopen.
Daily Covid-19 cases, per 100,000 people
California
60 May 18
Governor announces the
easing of criteria for counties
40 that want to reopen faster
than the rest of the state
20
0 0
M A M J
South Carolina
60
May 18
40 Hair salons, public pools
and gyms open
20
0 0
M A M J
Source: Johns Hopkins University
U.S. NEWS
in the U.S. hit a single-day
high of 60,000 Wednesday, ac-
cording to data from Johns
Hopkins University.
Many Americans are emerg-
ing from months of quarantine
and social isolation while the
weather, along with business
reopenings, is drawing more
people outside to recreational
and social gatherings.
Will Harrison, 25 years old,
was exposed to Covid-19 at his
job as a dental assistant in
Dallas, where cases have been
surging. He was tested at a
CVS on July 1, but he still
hasn’t received a result. “I was
never told to expect delays,”
said Mr. Harrison, who cares
for an elderly relative. “I don’t
feel comfortable returning
home to my family without
negative results, so I stayed a
few nights in a hotel, and I’m
couch-surfing this week.”
on
l
e
reopening because the virus af-
fected every state differently, an
administration official said.
Starting in early spring, the
White House sought to shift re-
sponsibility for lockdown and
reopening decisions to the
states. In mid-April, President
Trump initially asserted “total”
authority over reopening the
country, drawing blowback from
governors in several states who
had begun building their own
plans in the absence of federal
guidelines. The next day, he said
Florida
60 June 5
Bars, tattoo shops,
massage parlors, tanning
40 salons and movie theaters
allowed to open in select
areas at half capacity
20
J M A M J J
Texas
60 May 27
Governor announces
expansion of services and
40 activities allowed to reopen
during second phase
20
J M A M J J
People lined up this week to get a Covid-19 test at the Miami Beach Convention Center in Florida.
CVS, which can test 70,000
people a day, last week ex-
tended the expected wait time
for test results at roughly
1,400 locations offering self-
swab tests that are sent to
third-party labs. Surging cases
in some parts of the country
have created high demand,
leading to backlogs in getting
results, a CVS spokesman said.
he wouldn’t pressure any gover-
nor to reopen.
In late April, the White
House rejected a CDC plan with
detailed procedures for schools
and businesses to reopen and
requested revisions to make it
less prescriptive. Over the last
two weeks in May, the CDC
posted 62 pages of in-depth
guidance on reopening, after it
was cleared by the White House.
The Trump administration
also faced some legal limits in
its ability to direct states’ re-
sponses, though there are no
laws preventing the White
House from issuing clear guide-
lines.
Public-health experts credit
the Trump administration with
significantly scaling up testing,
though they say the push came
so late that it has been difficult
to catch up. Recently, the avail-
ability of tests has again become
an issue. The administration
also succeeded in increasing the
production of ventilators.
Alyssa Farah, White House
director of strategic communi-
cations, said: “The federal gov-
ernment has been working side
by side with states since day
one to ensure they have the in-
frastructure, medical supplies,
testing capacity, and hospital
capacity to treat the virus.”
Still, the U.S. now has the
world’s most Covid-19 cases,
more than 3 million out of 12
million world-wide, according to
Johns Hopkins University data
as of July 9.
Cases have been trending up
over the past week in 35 states,
according to Johns Hopkins.
Florida, California, Arizona and
THE WALL STREET JOURNAL.
CRISTOBAL HERRERA/EPA/SHUTTERSTOCK
Pharmacy chains typically A spokeswoman for Labo-
enter partnerships with large ratory Corp. of America said
labs to process samples col- a boost in demand, as well as
lected from nasal swabs. supply and equipment con-
Lab giant Quest Diagnos- straints, has meant it may take
tics this week said increased four to six days to deliver re-
demand for testing delayed sults after a specimen is
turnaround time for tests to picked up. That compares with
four to six days. That is up the typical one- to two-day pe-
from a three- to five-day range riod, though results are faster
announced June 29. for patients in hospitals.
vices agency, said he didn’t
think counties were given too
much control over reopening.
Republican governors in the
South were among the last to
order lockdowns and among the
earliest to lift them, citing the
FROM TOP: EVE EDELHEIT FOR THE WALL STREET JOURNAL; PATRICK T. FALLON/BLOOMBERG NEWS
importance of economic recov-
ery. South Carolina Gov. Henry
.
McMaster declared a statewide
stay-at-home mandate April 7
ly
and lifted it May 4. New cases
have soared in the weeks since,
from 135 a day on May 4 to
1,537 on July 8. Some of the
state’s biggest hot spots are on
the coast, where towns moved
aggressively to try salvaging the
tourist season. In the past
month, cases jumped eightfold
in Horry County, home to Myr-
tle Beach.
Mr. McMaster has said it is
up to local governments to im-
pose further restrictions. He
said on June 26 that a statewide
mask mandate wouldn’t be en-
forceable. A spokesman said Mr.
McMaster was in regular con-
tact with the Trump administra-
tion and considered federal
guidance and state data when
reopening.
North Myrtle Beach Mayor
Marilyn Hatley, a Republican
and member of the governor’s
economic-revitalization task
force, said she has no regrets
about reopening quickly. “We
could not keep the economy of
our state totally shut down.”
In North Carolina, Demo-
cratic Gov. Roy Cooper imposed
a statewide mask order June 26.
A dozen sheriffs said they
wouldn’t enforce it. “We’re not
going to harass people,” said
Sheriff Sam Page of Rockingham
County, a Republican.
A spokeswoman for Mr. Coo-
per said that the governor’s or-
der is meant to slow the spread
of the virus and: “It is the re-
sponsibility of law enforcement
to enforce this.”
In Florida, where new cases
have set fresh records and
topped 11,000 on July 3, Repub-
lican Gov. Ron DeSantis has con-
Texas reported the most new sistently deferred to local offi-
cases nationally as of July 5. cials on decisions on closures
Dr. Fauci in the interview said and reopenings.
the U.S. never locked itself down Yet local leaders lacked their
to the same degree as Europe, own epidemiologists and health-
where more than 90% of the Eu- care professionals. Miami Beach
ropean Union was locked down Mayor Dan Gelber, a Democrat,
for a period, compared with said, “I’ve literally been on the
about 50% of the U.S. Those ag- phone with the [Florida] De-
gressive restrictions allowed Eu- partment of Health and said,
rope to bring down its baseline ‘What should I do?’ and the re-
case count, making it easier to sponse has been, ‘We have to
prevent individual cases from check with supervisors.’ ”
becoming surges, he said. A spokesman for the health
Administration officials point department didn’t respond to
to America’s death count, which requests for comment. A
Johns Hopkins data show is spokeswoman for Mr. DeSantis
lower per capita than some Eu- said the governor’s policy deci-
ropean countries. The White sions were guided by data such
House doesn’t view the current as the positivity rate for tests,
surge as being driven by how which were low in the lead-up
the country reopened, an ad- to the reopening of bars.
ministration official said. In Texas, Republican Gov.
California appeared to be far- Greg Abbott lifted a statewide
ing well after Democratic Gov. stay-at-home order May 1, when
Gavin Newsom issued the na- new infections had plateaued.
tion’s first statewide shelter-in- He limited local governments
place order in mid-March. In from implementing their own
May, he outlined a system for such mandates, saying he
counties to reopen in stages, as trusted Texans to protect them-
they hit certain metrics on hos- selves and others. Texas cases
pitalizations and case numbers. began to rise in May, then soar
But counties ended up following in June. They jumped 65% the
their own rules, sometimes re- week ended June 26, reaching
opening even as cases climbed. nearly 6,000 a day.
The system put pressure on Mr. Abbott began backtrack-
local governments to keep up ing. He ordered bars to shut
with nearby jurisdictions, effec- down again. In subsequent days,
tively allowing those with the he mandated the use of masks
most-lax rules to set the stan- in most counties and granted lo-
dard for everyone. Dr. Ferrer cal governments the authority
said she initially planned to wait to put limits on gatherings of
three weeks after opening one more than 10 people. Mr. Ab-
sector of the economy before bott’s office didn’t respond to
opening another, but: “It’s been requests for comment.
so hard to hold that line.” —Ian Lovett
Mark Ghaly, secretary of Cal- and Josh Barbanel
ifornia’s Health and Human Ser- contributed to this article.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
THE WALL STREET JOURNAL.
WHO
Shifts Its
Agency Prepared for War, Not a Virus
The top U.S. agency charged
Covid-19 with preparing for a pandemic
and overseeing the medical
stockpile spent years bracing
Guidelines for potential attacks on the
Korean Peninsula and was ill-
prepared for the coronavirus
BY DREW HINSHAW crisis that continues to surge,
AND LUKAS I. ALPERT according to current and for-
mer government officials.
The World Health Organiza-
tion revised its guidelines on By Stephanie Armour,
two key issues concerning how Alexandra Berzon
the new coronavirus spreads, and James V. Grimaldi
saying people who are talking
or singing may expel the virus Robert Kadlec handed out
through tiny airborne particles old business cards to staff
that float through cramped when he started in 2017 as
and unventilated spaces such chief of the office for the As-
as restaurants or nightclubs. sistant Secretary for Prepared-
The WHO also said Thurs- ness and Response. They were
day that nearly half of all cor- labeled, “Kadlec’s Rules of Mil-
onavirus transmission might itary Medicine.” One rule:
come from individuals who “The next war is tomorrow.”
have yet to show symptoms It was—just not the one he
and don’t know they are sick. had planned for.
Both changes mark a shift Under Dr. Kadlec—a deco-
from previous versions of the rated, retired U.S. Air Force
guidelines, which had said the colonel and veteran of two
disease was spread by larger wars—a priority for the
droplets and principally by agency became preparing for
people who already feel ill. an attack from North Korea on
Many scientists had pressed the Korean Peninsula. Code-
the WHO to revise its guide- named “Able Papa,” the plan
lines, citing emerging re- involved moving as many as
search. The revised recom- 100,000 Americans out of a
mendations suggest stronger nuclear or biological zone in
measures might be needed to South Korea and repatriating
control the spread of Covid-19, them to the U.S.
just as states such as Florida But his agency, which oper-
and Texas mull a second round ates within the Department of
of lockdowns. Health and Human Services,
If a substantial number of also was supposed to plan for
Covid-19 infections are coming other medical crises, such as a
from individuals who feel fine, pandemic—an explicit mandate
temperature checks at places from Congress when it was cre-
where many people gather ated 15 years ago. ASPR never-
wouldn’t offer sufficient pro-
tection, and stronger mea-
sures would be needed.
Acknowledging the aerosol
theless became so mission-
driven on possible military
threats that it was caught off
guard when the coronavirus hit,
onall health-related responses,
transmission suggests health- according to current and for-
us ,
care workers might need to mer government officials famil-
l
stock up on supplies of N95 iar with the planning.
e
al a
masks that filter out small Initial shipments of a coro-
particles. navirus treatment went to hos-
It also could require indoor pitals that didn’t need it, hospi-
ci on
establishments full of people tal executives said. A decision
breathing in recirculated air— to repatriate infected cruise-
from college dorms to nursing ship passengers to the U.S. led
homes—to invest in filters, or to a standoff with U.S. public-
reconsider the safety of re- health officials who said it was
er s
opening. too risky. ASPR had spent hun-
The WHO declined to com- dreds of millions of dollars fill-
m er
ment beyond the guidelines. ing the U.S. Strategic National
m rp
co Fo
Introducing
a new collection
n-
interviews and deep dives
no
that will help you get more out
of work,
and everything else
makes your life
Be your best self.
Be better than that.
Whatever better means to you,
ind it in Personal Journal.
Read Personal Journal content in print beginning Monday, July 13.
©2020 Dow Jones & Co., Inc. All rights reserved. 6DJ7963
U.S. NEWS
Stockpile with drugs for an-
thrax and smallpox. Meanwhile,
federal officials said, supplies
of personal protective equip-
ment for health workers, such
as masks, had dwindled.
Now, the agency’s ability to
oversee the coronavirus crisis
remains critical as some states
reopen while cases continue to
surge, with confirmed Covid-19
infections in the U.S. surpassing
three million less than a month
after crossing the two million
mark, and a nationwide death
toll that exceeds 131,000.
In an interview, Dr. Kadlec
said he worked with the fund-
ing he was allocated and had
to prepare for nuclear, radio-
logical and chemical attacks
alongside pandemics.
An HHS spokeswoman said
there was no separate pan-
demic funding provided be-
yond supplemental pandemic
funding expended in 2018.
Dr. Kadlec disputed that the
agency was ill-prepared for
the pandemic. “We have to
balance those things with all
the other things we have to
do, like pandemic planning,”
Dr. Kadlec said.
“It would have been hugely
irresponsible not to prepare for
those threats, and the federal
government is uniquely respon-
sible for doing so,” said HHS
spokesman Michael Caputo.
Under federal law, ASPR is
the lead operational and coordi-
nating body for public-health
emergencies. Federal plans des-
ignate ASPR—which had a bud-
get of $2.6 billion for fiscal
2020—as the agency to oversee
such as coordinating with af-
fected hospitals. ASPR is driv-
ing work on a critical coronavi-
rus vaccine. It is also in charge
of coronavirus drugs, including
distributing remdesivir.
Before the pandemic, how-
ever, ASPR’s priority was a
possible bioweapon, chemical
or nuclear attack. Just before
the virus began spreading, Dr.
Kadlec met with drug-com-
pany executives and consul-
tants and acknowledged there
were still major holes in other
areas of planning.
“We’re waiting for the next
PERSONAL JOURNAL ,
family,
Robert Kadlec at a March 3 Senate hearing on Covid-19 response.
A Question of Priorities
The federal government's emergency-preparedness spending
on threats from terrorist groups and hostile nations has far
outstripped the money allocated to preparing for pandemics
and influenza outbreaks.
Spending, fiscal years 2016-18
Anthrax
Radiological/nuclear
Pandemic/influenza
Smallpox
Chemicals
$0.19
Botulinum toxin
$0.08
Source: U.S. Department of Health and Human Services medical countermeasures budgets
big thing to happen, because
you know it will,” he told them
in October 2019. “It could be a
coronavirus, for which we
don’t have countermeasures.”
A confidential report pre-
pared a year earlier by a con-
sulting firm hired by ASPR,
which was viewed by The Wall
Street Journal, concluded that
the agency was “drastically”
underfunding medical mea-
sures to counter pandemics
while the federal government
was spending vastly more to
prepare for cybersecurity
threats and on missile defense.
An HHS spokeswoman said
Congress has continued to un-
of columns,
leisure
yours.
Friday, July 10, 2020 | A7
according to the Journal analy-
sis of federal data. A further
29% of those budgets was dedi-
cated to countermeasures for
smallpox and attacks featuring
chemicals, botulinum toxin or
nuclear or radiological weap-
ons, the Journal analysis found.
Some of Dr. Kadlec’s allies
said he needed to push the
agency toward doing more on
biodefense to prepare for large-
scale terrorist events. North Ko-
rea had conducted missile and
TOM BRENNER/REUTERS
nuclear tests in 2017 and 2018,
they said, so the ASPR focus on
that potential risk and repatria-
tion of U.S. citizens made sense.
Dr. Kadlec planned to use $1
billion to stockpile an anthrax
treatment largely sourced
from India even though top
White House, Food and Drug
Administration and ASPR em-
ployees argued the large pur-
chase was wasteful, according
to people familiar with the
discussions. Dr. Kadlec and
HHS went ahead nonetheless.
An HHS spokeswoman said
the purchase was coordinated
$1.18 billion
with other government enti-
ties involved in emergency re-
$0.83
sponse.
As the Covid-19 pandemic
$0.71 unfolded, Dr. Kadlec fumbled
some key decisions in the re-
$0.54 sponse, according to govern-
ment officials. Following a staff
request for a disaster-leadership
meeting, Dr. Kadlec wrote on
Jan. 18 that he was “not sure if
.
that is a time sensitive urgency.”
In a March 19 email, White
ly
House economic adviser Peter
Navarro criticized Dr. Kadlec
derfund the strategic national for failing to put someone in
stockpile.
The Journal analyzed the
federal government’s emer-
gency-preparedness contracts
charge of handling contracts.
“I cannot have these kind of
bullshit delays at HHS,” Mr.
Navarro wrote to Dr. Kadlec.
and found that spending on “Your shop is now officially a
threats from terrorist groups bottleneck.”
and hostile nations has far out- In the interview, Dr. Kadlec
stripped the allocations for po- denied moving too slowly in
tential pandemics and influenza recognizing and acting on
outbreaks. In fiscal years 2016 threats, pointing to early
through 2018, 12.5% of the bud- meetings with National Secu-
gets for drugs and the Strategic rity Council officials and early
National Stockpile—an emer- work repatriating Americans
gency cache of supplies now from Wuhan, China, where the
run by ASPR—went toward flu coronavirus originated, and
and pandemic preparedness, from infected cruise ships.
while countermeasures for an- —Tom McGinty
thrax alone ate up nearly 21%, contributed to this article.
that
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
A8 | Friday, July 10, 2020
Seoul’s Mayor Is Found Dead in a Forest
Praised for response
to coronavirus, Park
had been discussed as
presidential candidate
BY TIMOTHY W. MARTIN
AND ANDREW JEONG
SEOUL—The mayor of
South Korea’s capital, praised
for his city’s aggressive coro-
navirus response, was found
dead in a forested area in
northern Seoul, local police
said.
Park Won-soon, leader of
Seoul since 2011, had been re-
ported missing early Thursday
evening, kicking off a search
that involved more than 700
police and fire personnel. The
body of Mr. Park, 64 years old,
was discovered by rescue dogs
early Friday, a senior police
official said at a briefing. Au-
thorities didn’t immediately
find evidence that would sug-
gest a homicide, the official
said.
A former female secretary
of Mr. Park’s had recently
gone to the police, accusing
Mr. Park of sexual misconduct,
South Korea’s semiofficial
Yonhap News Agency re-
ported, citing unnamed law-
enforcement sources. The se-
nior police official confirmed a
formal complaint had been
filed against Mr. Park this
week, though he declined to
elaborate.
Mr. Park, outspoken and
popular, had ascended to his
role after winning a by-elec-
tion after his predecessor
abruptly resigned. Mr. Park, a
former human-rights lawyer,
had no prior political experi-
ence. He ran as an indepen-
dent, outside the country’s po-
litical establishment, and won
a following by appealing to
younger voters and pledging
Chinese Officials Face U.S. Sanctions Australia Won’t Allow
BY WILLIAM MAULDIN
WASHINGTON—The U.S. im-
posed sanctions on senior offi-
cials in China’s Xinjiang region,
accusing them and the region’s
police of being complicit in hu-
man-rights violations against
the Muslim population in the
northwest China.
The Treasury and State de-
partments designated Chen
Quanguo, the Chinese Commu-
nist Party secretary for Xinji-
ang, under the sanctions, effec-
tively locking up international
assets and preventing him or
his immediate family members
from traveling to the U.S.
THOMAS PETER/REUTERS
The two agencies also im-
posed sanctions on Zhu Hailun,
the party secretary of the Xinji-
ang Political and Legal Commit-
tee, and Wang Mingshan, the
party secretary of the Xinjiang
Public Security Bureau. Huo
Liujun, the former secretary of
the police bureau, was sanc-
no
tioned by the Treasury Depart-
ment alone, while the State De-
partment said it would impose
visa restrictions on additional
unnamed officials linked to un-
just detention or mistreatment
of Uighurs, ethnic Kazakhs or
other minorities in Xinjiang.
“The United States will not
stand idly by as the [Chinese
Communist Party] carries out
human-rights abuses targeting
Uyghurs, ethnic Kazakhs, and
members of other minority
Big Ten
Season in
Question
Continued from Page One
crisis; this week, Stanford and
Dartmouth said they are cutting
numerous smaller sports.
The Big Ten’s move, and
others that might follow, also
have major ramifications for
things such as competing for
conference and national cham-
pionships. One problem in sort-
ing that out is the diffuse na-
ture of governance in major-
college football, the one sport
in which the NCAA doesn’t con-
trol the national championship.
The Big Ten’s decision will
strike 42 nonconference foot-
ball games from the schedule.
The steps come a day after the
Ivy League said it would post-
More than 700 police and fire personnel searched for missing Seoul Mayor Park Won-soon. Rescue dogs found his body early Friday.
to boost welfare spending. He
was re-elected in 2014 and
2018.
He later joined the left-
leaning Democratic Party and
was often floated as a poten-
tial successor to South Korean
President Moon Jae-in, whose
term ends in 2022.
“It’s still early as we piece
together his state of mind
oncity officials attributing his
these past few days,” said
us ,
Jean H. Lee, director of the
l
Korea program at the Wilson
e
al a
Center, a nonpartisan think
tank in Washington. “But
there’s no doubt we will need
ci on
er s
m er
m rp
co Fo
n-
Hundreds of thousands of Uighur Muslims in Xinjiang province are held in camps that China calls schools.
groups in Xinjiang,” Secretary of
State Mike Pompeo said.
Mr. Chen, the top official di-
recting China’s clampdown in
the fractious Xinjiang region,
has emerged as a pioneer of ag-
gressive, technology-driven po-
lice techniques. A member of
the Communist Party’s elite 25-
member Politburo, he is now the
highest-ranking Chinese official
on the Treasury Department’s
list of sanctioned individuals.
The sanctions detailed
Thursday are likely largely
pone all sports until at least
the start of 2021.
For the Big Ten and other
big conferences, however, the
financial implications of cancel-
ing games are much greater
than in the Ivy League. Televi-
sion contracts net Power Five
schools tens of millions of dol-
lars a year. Ticket sales can ac-
count for as much as 20% of
revenue. Gridiron gains at many
of these universities make less
high-profile sports possible.
Now the question is how
much of college football’s sea-
son will survive. When the
pandemic began, many pro-
grams roared confidently
ahead, proclaiming that the
season wasn’t in doubt.
But fault lines have appeared
that have made it more difficult
to find a path forward. Dozens
of players have tested positive
for Covid-19 after returning to
campus for voluntary workouts
in June. At some schools, it re-
mains unclear if students will
return to campus for classes.
WORLD NEWS
to remember Mayor Park for
all his complexities—his lead-
ership and visionary ideas as
well as the demons that may
have led him to this end.”
Mr. Park had failed to show
up to work on Thursday, with
absence to a health issue. His
daughter reported him miss-
ing, at 5:17 p.m., after Mr. Park
had left a message with word-
ing that resembled a will, Yon-
hap reported.
He was last spotted by se-
curity cameras around 11 a.m.,
traveling by taxi to a park
symbolic because the officials
are unlikely to travel to the U.S.
and probably don’t hold signifi-
cant assets in financial institu-
tions outside China.
President Trump signed new
legislation this year that would
allow for sanctions related to
the treatment of the Uighurs,
but the penalties announced
Thursday were based on older
authority. Congress also passed
legislation a week ago that
would require sanctions on offi-
cials linked to Beijing’s effort to
FROM PAGE ONE
Pressure will mount now on
other conferences to follow
suit and, in the best-case sce-
nario, play only games that are
a bus ride away. A Pac-12
spokesman said the conference
hadn’t yet made a determina-
tion on fall sports. The Atlan-
tic Coast Conference said it
was delaying the start of com-
petition for several fall sports
but didn’t mention football.
“We plan to continue to pre-
pare for all available scenarios
until we are informed that
some are no longer viable,”
Big 12 Conference commis-
sioner Bob Bowlsby said.
Southeastern Conference com-
missioner Greg Sankey said
the league was still contem-
plating the fate of fall sports.
Most of the Big Ten’s non-
conference football games were
scheduled for the early weeks
of September. Mr. Warren said
the league is considering mov-
ing more conference games to
September and would release a
tentative schedule next week.
with rolling hills and not far
from the mayor’s official resi-
dence. He wore a black base-
ball cap, dark clothes and a
backpack, Seoul police said.
His phone was last tracked to
this area.
Mr. Park was found with his
cellphone, his business cards
and pens, the senior police of-
ficial said at the briefing.
Local media said Mr. Park
would be succeeded in the in-
terim by his deputy, Seo
Jeong-hyup. When Mr. Park’s
predecessor resigned in Au-
gust 2011, after losing a refer-
curb Hong Kong’s autonomy
through a new national security
law. Mr. Trump hasn’t signed it.
The sanctions, levied under a
previous executive order and
U.S. human-rights law, are the
latest effort by the administra-
tion to pressure Beijing, which
Washington accuses of human-
rights abuses, undermining the
autonomy of Hong Kong and un-
fair trade practices.
A spokesman for the Chinese
Embassy in Washington didn’t re-
spond to a request to comment.
Ohio State athletic director
Gene Smith suggested that
conference games could take
place as early as the end of
August. That means teams that
play Aug. 29 would have to
start practicing next week to
comply with the NCAA’s rec-
ommended six-week preseason
Dozens of players
have tested positive
for Covid-19 after
returning to campus.
conditioning period. Starting
later or shortening the window
would require permission from
the NCAA’s Football Oversight
Committee, he said.
“This gives us flexibility to
be nimble,” Mr. Warren said.
But safety has risen on the
agenda of many in the college
sports world. Chris Hinton, a
* *** THE WALL STREET JOURNAL.
among its 8.3 million resi-
dents.
At times, he pushed more
aggressive—and new—re-
sponses to the virus than the
national government. Seoul
first began offering anony-
mous Covid-19 tests in May
when an outbreak emerged
from popular gay clubs, leav-
ing many hesitant to come
forth for screening. The city
implemented random testing
at schools in hopes of detect-
ing contagion spread earlier.
The idea of using QR-code
scanners to log visitors at
gyms, clubs and other venues
was initially piloted in a Seoul
neighborhood.
Mr. Park, like other South
Korean leaders, had hoped to
leverage the successful fight
against the pandemic to a big-
ger leadership role on the
global stage. In June, Seoul
hosted a virtual, weeklong
“Cities Against Covid-19
Global Summit,” with mayors
and governors from more than
40 countries participating. Mr.
KIM HONG-JI/REUTERS
Park gave the keynote address.
Mr. Park, who had been a
prominent activist before en-
tering politics, had also been
vocal on maintaining warm
ties with North Korea. In 2018,
he was part of the South Ko-
rean delegation that traveled
endum that attempted to rein to Pyongyang for an inter-Ko-
in school-lunch subsidies, the rean summit. Mr. Park was
.
by-election occurred just two photographed shaking hands
months later. But Seoul offi- with North Korean leader Kim
ly
cials didn’t immediately say Jong Un.
when a vote to elect Mr. Park’s “Mayor Park was likely a
successor would occur. Mr. presidential candidate in
Park had recently won global
attention for helping Seoul
navigate one of the world’s
earliest coronavirus out-
2022,” said Jessica Lee, a Ko-
rea expert at the Quincy Insti-
tute for Responsible State-
craft, a Washington think
breaks. With a population of tank. “So, his passing is not
around 10 million, Seoul re- just a shock for the Korean
ported under 1,400 Covid-19 people but may have long-
cases as of Thursday. New term implications for the con-
York City, by contrast, has tinuation of President Moon’s
more than 220,000 cases conciliatory foreign policy.”
Hong Kong Extradition
BY RACHEL PANNETT Hong Kong residents. New Zea-
land on Thursday said it was
SYDNEY—Australia is sus- reviewing its relationship with
pending its extradition treaty the city, including extradition
with Hong Kong and giving arrangements, controls on ex-
the city’s residents a pathway ports of strategic goods and
to staying permanently in re- travel advice.
sponse to China’s decision to “The new laws Beijing has
impose new national security imposed on Hong Kong are
legislation, a move likely to even more repressive than the
further inflame tensions with security laws on the mainland
Beijing. and subject Hong Kongers to
Prime Minister Scott Morri- arbitrary detention and arrest.
son said on Thursday that the So, if Australia is to be consis-
national security law consti- tent on extradition, we must
tuted “a fundamental change end extradition to Hong
of circumstances in respect to Kong,” said Michael Shoebri-
our extradition agreement dge, a former top Australian
with Hong Kong” and that defense-intelligence official,
Australia had formally notified who is a director of defense,
Hong Kong and Chinese au- strategy and national security
thorities of the decision. at the Australian Strategic Pol-
He also said about 10,000 icy Institute, a security think
Hong Kong residents in Aus- tank.
tralia on student or temporary Australia doesn’t have an
work visas would be offered extradition treaty with Beijing.
the chance to extend those by A spokesman for China’s for-
five years, with a pathway to eign ministry said Australia’s
permanent residency at the moves violate international law
end of that period. and interfere with China’s inter-
Countries worried about the nal affairs. “The Chinese side
law, which has increased the does not buy this and expresses
power of Beijing’s security its strong condemnation and
forces in the former British col- reserves the right to react fur-
ony, have made a series of re- ther,” Zhao Lijian said.
sponses. Last week, Canada The stakes are especially
suspended its extradition treaty high for Australia because of
with Hong Kong, while the U.K. the importance of its economic
is offering a path to citizenship relationship with China, its big-
for as many as three million gest two-way trade partner.
former Northwestern football
player and co-founder of an
advocacy group for parents of
dents back to campus for volun-
tary workouts in advance of of-
ficial practices, which the NCAA
college-football players, said
the Big Ten’s cancellations
were a needed step. He added
will permit on July 15. The Big
Ten declared these workouts
voluntary and will honor ath-
that the conference probably
should follow the Ivy League
and scrap the season.
letes’ scholarships should they
choose not to participate.
Big Ten schools are testing
“Unless something really athletes upon arrival on cam-
changes in regards to the virus, pus, though not every athletic
I would say it should be [can- department is disclosing its
celed],” he said. “We’re having test results. At the 10 universi-
an increase in positive testing. ties publicizing results, 2,028
It’s spiking all over the country. tests performed since June 1
I use the analogy of, if you use have yielded more than 50
a tornado coming, you’re going coronavirus infections.
to be running in the opposite It is unclear what sorts of
direction, not towards it. Un- public-health prerequisites
less you’re a storm chaser.” must be in place for the confer-
Mr. Hinton co-founded Col- ence to consider canceling fall
lege Football Parents 24/7 athletics. Mr. Warren deferred
with his wife, Mya Hinton, a to the Big Ten’s Task Force for
former Northwestern basket- Emerging Infectious Diseases.
ball player. They have one son, “Obviously we need the vi-
Chris, on the football team at rus to be managed differently
Michigan and another, Myles, than it is now, because we have
on Stanford’s team. a spike again,” Ohio State’s Mr.
Most universities in the Big Smith said. “I just want to have
Ten have begun welcoming stu- a chance for our kids to play.”
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
THE WALL STREET JOURNAL.
The French
Discover
France
Continued from Page One
by people who think they’re in
hell,” Sylvain Tesson, the
French adventurer, once wrote.
With border reopenings in
flux around the world due to
the coronavirus pandemic,
however, the French suddenly
have France to themselves, and
they’ve decided it’s time to see
what all the fuss is about. A
survey of 2,000 French vaca-
tioners released last month by
Protourisme, a French consul-
tancy, found that 86% of re-
spondents are planning to vaca-
tion in France this summer.
France last month began al-
lowing European Union citizens
to enter, as well as nationals
from 15 non-EU countries start-
ing in early July. Visitors from
the U.S. are still banned.
Newlyweds Sabrina and Ro-
main Guerrand had to scrap
their plans for a three-week
honeymoon in French Polynesia
and instead crisscross France.
They visited the Alps and the
Atlantic Coast before heading
Meat
Plants Try
Robots
Continued from Page One
velopment the industry has
been slow to embrace and has
struggled to adopt.
The team, including design-
ers who once worked in the
auto industry, are developing
an automated deboning system
destined to handle some of the
roughly 39 million chickens
slaughtered, plucked and sliced
up each week in Tyson plants.
Tyson, the biggest U.S. meat
company by sales, currently
relies on about 122,000 em-
ployees to churn out about 1 in
every 5 pounds of chicken,
beef and pork produced in the
country. The work at Tyson’s
Manufacturing Automation
Center, which opened in Au-
gust 2019, is speeding the shift
from human meat cutters to
robotic butchers.
Over the past three years,
Tyson has invested about $500
million in technology and auto-
mation. Chief Executive Noel
White said those efforts likely
would increase in the after-
math of the pandemic.
The Covid-19 pandemic has
been a debacle for the $213
billion U.S. meat industry. For
the first time in memory for
some Americans, there wasn’t
enough meat to go around. Re-
duced production forced gro-
cery giants such as Kroger Co.,
Costco Wholesale Corp. and
Albertsons Cos. to limit how
much fresh meat shoppers
could buy in some stores. Fast-
food chain Wendy’s had to tell
no
customers that some restau-
rants couldn’t serve hamburg-
ers.
Now automation projects
are racing ahead, said Decker
Walker, a managing director
with Boston Consulting Group,
or BCG, who works with meat-
packers. “Everybody’s thinking
about it, and it’s going to in-
crease,” he said.
Automation has trans-
formed jobs such as car assem-
bly, stock trading and farming.
Meat processors, though, em-
ploy 3.2 workers per 1,000
square feet of manufacturing
space, three times the national
average for manufacturers, ac-
cording to data compiled by
BCG. While U.S. manufacturing
worker density overall has
held steady over the past five
years, in meat plants it has in-
creased, according to the firm.
Executives of Tyson and
other meat giants, including
JBS USA Holdings Inc. and
Cargill Inc., say that is because
robots can’t yet match hu-
mans’ ability to disassemble
animal carcasses that subtly
differ in size and shape. While
some robots, such as auto-
mated “back saw” cutters that
split hog carcasses along the
spinal column, labor alongside
humans in plants, the finer
cutting, such as trimming fat,
for now largely remains in the
hands of human workers, many
of them immigrants.
Workers in the animal
slaughtering and processing
industry, including some not
working on processing lines,
were paid an average $15.92 an
hour in 2019, according to the
Bureau of Labor Statistics.
Visitors wear masks at Chateau de Versailles as the palace is
reopened. The French have France to themselves this summer.
to Paris to ascend the Eiffel
Tower. It had been more than
15 years since Ms. Guerrand, a
36- year-old nurse, or her hus-
band, a 35-year-old flight atten-
dant, had visited the monu-
ment.
“Granted, it’s not Tahiti,”
Ms. Guerrand said, surveying
the city’s canopy of zinc roof-
tops punctuated with bell tow-
ers and domes. “But we were
able to end our trip on a ro-
A skilled loin boner can
carve a cut of meat like filet
mignon without leaving too
many scraps on the bone,
which have to be turned into
lower-value products like
finely textured beef, a low-cost
trimming used in hamburger
meat, or dog food, said Mark
Lauritsen, an international vice
president for the United Food
and Commercial Workers In-
ternational Union, which rep-
resents many meatpacking
on
workers. For beef companies,
us ,
that’s the difference between
l
meat selling wholesale at $5 a
e
al a
pound and 19 cents a pound,
he said.
“Labor is still cheaper, and
ci on
humans can do those skilled
jobs much better than ma-
chines can,” he said.
Meat companies have raised
hourly pay in recent years in
er s
response to a tightening U.S.
labor market. Adjusted for in-
m er
flation, though, average meat-
processing wages have fallen
50% since 1975, according to
University of Missouri history
professor Chris Deutsch.
m rp
Meat industry officials say
the cost of living is lower in
rural areas, where many plants
now are located, and that more
experienced workers are paid
co Fo
more. Tyson said its average
hourly pay for U.S. employees
was $15.77 last year, and JBS
said its average hourly worker
makes more than $20 an hour.
Hazardous job
While meat processing
overall has grown safer in re-
cent years, it remains one of
the more hazardous jobs in the
U.S. economy, according to the
n-
Bureau of Labor Statistics.
With 4.3 workplace injuries or
illnesses per 100 full-time
workers in 2018, the industry’s
rate is nearly 40% higher than
the national average for all in-
dustries, surpassing logging,
mining and construction. Ani-
mal slaughter and processing
facilities logged 23,500 nonfa-
tal injuries and illnesses in
2018, the latest year for which
data is available, though such
data is marred by underreport-
ing, according to the U.S. Gov-
ernment Accountability Office.
Bashar Abdulrazzaq, an
Iraqi refugee, said he lasted
less than a year at Tyson’s
Perry, Iowa, pork plant. After
an eight-hour shift carving
meat from the backs of hogs,
Mr. Abdulrazzaq said, his fin-
gers often were locked in place
and he had to pry open his
hand to begin work the follow-
ing morning. Lower back pain,
caused by moving heavy car-
casses, ultimately drove him
from the job, he said.
“Doing that for eight hours
a day nonstop,” he said, “it’s
not human.”
Tyson said it has invested in
ergonomics and other changes
to make jobs less physically
demanding, including auto-
mated carcass split saws and
spare rib pullers at the Perry
plant. It said the position Mr.
Abdulrazzaq held has been
eliminated after the company
installed a less labor-intensive
production process.
Roughly 585,000 people
work in U.S. meatpacking
plants. Plant workers cycle in
and out of jobs rapidly, with
annual turnover in meat plants
ranging from 40% to 70%, ac-
cording to Boston Consulting
Group, versus an overall 31%
average for manufacturers.
FROM PAGE ONE
mantic note.”
About a third of French
tourists go abroad every year,
according to Didier Arino, the
director of Protourisme, rein-
forcing their reputation as in-
defatigable wanderers. They
travel to remote Indonesian is-
lands or countries like Myan-
mar that have only recently re-
opened to tourism, seeking the
thrill of discovery. It’s an ethos
captured by Guide du Routard,
A robotic meat-cutting system used by JBS USA Holdings, which is investing in automation.
Workers in meat processing plants work in closer quarters and earn less than those in many
industries. Meat production has been rising.
Estimated employees per 1,000 square feet of
manufacturing space
Meat processing
Consumer & electronics
Food
Machinery
Chemicals
Paper
Beverage & tobacco
U.S. manufacturing
average
1.04
Textiles
  
Average hourly earnings for selected
industries, 2019*
$12.11 $13.77
Gasoline Food &
stations beverage stores
*For production and nonsupervisory employees
Sources: Boston Consulting Group, U.S. Energy Department, NAIOP Research Foundation (manufacturing space);
Agriculture Departmen (meat production); Labor Department (wages)
Problems keeping plants
staffed predate the pandemic.
Plants struggle to draw enough
workers to small towns in the
South and Midwest that house
most of the industry’s plants.
Refugees, who can legally work
in the U.S., and immigrants, in-
cluding those can’t, make up a
significant portion of the
workforce.
Difficulties recruiting work-
ers have been an impediment
to expanding plants and build-
ing new ones, executives said.
“The biggest push that we
have in terms of automation
over the last five years is be-
cause of the availability of la-
bor in the U.S.,” said Andre
Nogueira, chief executive of
JBS USA, a unit of Brazilian
meat company JBS SA.
Covid-19 compounded that
problem. As the pandemic
spread in March and April,
hundreds of workers stayed
home from plant jobs across
the country, according to meat
company and union officials.
Meat companies responded by
erecting partitions between
workstations and break room
lunch tables, installing auto-
mated temperature scanners
and distributing masks and
gloves.
While weekly U.S. meat pro-
duction has recovered, labor
challenges continue to force
France’s de rigueur travel
guide, which depicts an adven-
turer carrying a rucksack in the
shape of a globe on its cover.
This year, Guide du Routard
scrambled to expand its collec-
tion on France’s hinterlands.
New volumes focus on the
Somme region, where French
and British forces fought Ger-
many in the First World War,
and the Champagne region,
known for its sparkling wine.
Tour operators are also
shifting gears. Nomade Aven-
PASCAL LE SEGRETAIN/GETTY IMAGES
ture, a firm that last year sent
12,000 French tourists to desti-
nations like Madagascar and
Kyrgyzstan, has begun renting
vans, equipped with kitchens
and double beds, to people who
want to tour France—a similar
service offered to visitors to
Tanzania, said Managing Direc-
tor Fabrice Del Taglia.
Victorien Masson, a 24-year-
old law student from Paris, re-
called feeling “sad and a little
pissed” when the pandemic
forced him to interrupt his trip
around the world. Five months
into his journey, he flew back to
Paris from Australia and turned
his sights to France.
Money was an issue. Youth
hostels in France were 13 times
as expensive than Nepal, Mr.
Masson says. And one dinner at
a French bistro was equivalent
to about five meals in South-
   
$24.68
$15.92 $16.59
Animal Textile Health care &
slaughter & mills social
processing assistance
some meat processors to focus
on high-volume, less-processed
cuts, meaning fewer boneless
products in supermarket meat
cases, said Will Sawyer, an
economist with agricultural
lender CoBank.
Meatpacking companies
have tested automated cutting
systems before, with mixed re-
sults. Some projects were
abandoned after wasting too
much high-value meat, indus-
try officials said. Poultry pro-
cessors have successfully auto-
Problems keeping
meat plants staffed
predate the
pandemic.
mated some steps, such as the
job of “gut snatchers,” who re-
moved birds’ entrails, partly
because chickens tend to vary
less in size than do cattle and
hogs.
A growing consumer appe-
tite for products such as
deboned chicken and skinless
meat has required more people
on processing lines. Decades
ago, most Americans bought
whole chickens. McDonald’s
Corp.’s introduction of Chicken
east Asia.
Mr. Masson settled on taking
a 250-mile bike ride along the
Loire River, a route that is vis-
ited every year by tens-of-thou-
sands of travelers, including
large contingents of Dutch and
British tourists.
Mr. Masson and three
friends set out on a 10-day
journey through the country-
side with stops at Chambord
and Chenonceau, majestic cas-
tles that hug the riverbank.
“I had no idea,” Mr. Masson
said.
More than 85 million for-
eign tourists visit France each
year, including about five mil-
lion Americans. International
air traffic to France dropped by
85% in May, the latest available
data, according to Atout
France, the national tourism
development agency.
The unusually large number
of French tourists visiting
France does not make up for
the absence of big-spending
Chinese, American and Russian
visitors. Faced with a shrinking
pool of visitors, some of
France’s most illustrious desti-
nations find themselves in the
unfamiliar position of having to
hustle for foot traffic.
The Côte d’Azur, whose cob-
bled streets and stony beaches
were visited by more than six
million foreigners last year, has
ly
JBS
U.S. annual meat production
by type
50 billion pounds
Chicken
40
30 Pork
Beef
20
10
0 worker in plants in Sweden,
1970 2000 ’19
$37.28
$28.51 $30.53
Construction Mining Oil & gas
extraction
McNuggets in the 1980s
changed that. Roughly 85% of
chicken eaten in the U.S. today
is parts like breasts and wings
or products such as chicken
fingers, according to the Na-
tional Chicken Council.
JBS, the world’s biggest
meat company by sales, has
been working for years to au-
tomate portions of its poultry
and livestock operations
around the world, said Mr.
Nogueira. JBS in 2015 paid $42
million for a controlling stake
in Scott Technology Ltd., a
New Zealand-based robotics
company that has automated
lamb processing.
Trail humans
At Pilgrim’s Pride Corp., the
second-biggest U.S. chicken
processor and majority-owned
by JBS, deboning machines
now trail humans by only 1% to
1.5%, in terms of meat yield
per chicken.
“They are much closer to
what the person can do than
seven years ago,” Mr. Nogueira
said. Technology and automa-
tion are part of the $1 billion
in capital expenditures JBS
USA has planned for 2020.
“One day we will be there, but
we are not there yet,” he said.
Dean Banks spent years di-
recting automation projects at
Friday, July 10, 2020 | A9
launched itself into a marketing
war with other regions. Posters
plastered on the walls of Paris
metro stations trade barbs.
“This summer, there’s no
need of people to be the place
to be,” the southwestern region
of Lot-et-Garonne offered, tak-
ing aim at the French Riviera’s
reputation for glitz.
Jean-Gabriel Baron, a 26-
year-old finance manager at
Quitoque, a food delivery com-
pany, traveled around the world
for six months in 2015 and has
visited over 50 countries. But
the pandemic forced him to
cancel his plans to honeymoon
in Brazil. Now, the couple is
planning to spend about 10
days in Provence, sipping rose
in Nice and wandering through
medieval villages.
“Never been,” said Mr.
Baron, who grew up in the
Loire Valley. “I’ve always told
myself there would be too
many tourists.”
Valérie Gibert, a 54-year-old
nurse from southwestern
France, is planning to make her
first-ever weeklong trip to
Paris this month. She’ll scale
the Arc de Triomphe; wander
down the Hall of Mirrors in the
Palace of Versailles; and gaze
into the eyes of the Mona Lisa
at the Louvre. Her goal, she
said, is “to discover and be
amazed.”
technology and health-care
companies, most recently at X,
the unit of Google parent Al-
phabet Inc. set up to solve
some of the world’s most vex-
.
ing problems. He joined Ty-
son’s board of directors in
2017 and became president in
December.
Teaching robots to cut and
sort meat, which involves soft
material and variability, he
said, “it’s the most challenging
operational environment you
can find.” The low tempera-
tures at meat plants, kept cool
for food-safety reasons, pose
more hurdles for robotics, as
does blood splatter, industry
officials said.
Tyson’s technicians are try-
ing to teach machines to rec-
ognize and quickly adjust to
differences in meat coloration
and shape, part of what execu-
tives say makes meat process-
ing harder for machines than,
say, assembling cars from uni-
form, manufactured compo-
nents.
In meat plants, “our parts
are infinitely variable,” said
Marty Linn, previously the
principal engineer of robotics
for General Motors, who joined
Tyson last year to help direct
its automation efforts.
European meat plants have
incorporated more automation
than their U.S. counterparts,
using lasers and optical eyes to
read cuts of meat on a con-
veyor belt and send them to
different departments to be
packed, weighed and shipped.
The technology means a single
Denmark and France does the
work of eight or nine workers
in U.S. plants, though the oper-
ations run at a slower pace,
said Mr. Lauritsen, the union
official.
Mr. Lauritsen said boosting
automation at U.S. meatpack-
ing plants needs to be done
thoughtfully so job losses don’t
devastate the communities
they sustain.
“If you take half the jobs
out of Worthington, Minn., and
Denison, Iowa, you take away
2,000 jobs and the payrolls
that come with them,” he said,
referring to two towns with
meatpacking plants. “You’ve
crippled those communities.”
Tyson’s Mr. Banks said that
workers are in no danger of
being replaced broadly by ro-
bots soon. Workers whose jobs
are automated can be moved
into other, open positions, so
layoffs aren’t needed, he said.
Robots can improve employee
retention, he said, by making
jobs more skilled and less
strenuous.
Mr. Banks said that the
technology is needed to relieve
bottlenecks in Tyson’s plants,
where lack of skilled workers
in critical jobs can slow overall
production. To solve one such
problem, he said, Tyson de-
signed a water-jet cutting sys-
tem capable of carving up
chicken breasts more precisely
than humans can. Many Tyson
chicken plants now are using
the system to develop new
products that they couldn’t
make using human labor, he
said.
Automation “is something
we think is going to be revolu-
tionary for our business,” said
Doug Foreman, Tyson’s direc-
tor of manufacturing technol-
ogy, who has designed meat-
cutting equipment for decades.
“We are on the cusp of a sig-
nificant rollout.”
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
A9A | Friday, July 10, 2020
Task Force Urges N.J. to Cancel Tax Breaks
Millions in job-retention
credits were given to
companies that didn’t
really plan to leave
BY KATE KING
A New Jersey task force
charged with examining the
state’s corporate-incentive pro-
grams recommended suspend-
ing or terminating $578 million
in tax breaks awarded to a
dozen companies.
The task force, convened by
Democratic Gov. Phil Murphy,
said it had referred companies’
incentive packages to either the
New Jersey Economic Develop-
ment Authority for further re-
view or to law enforcement to
investigate whether fraud was
committed. In some cases, com-
panies were referred to both
law enforcement and the EDA.
Three additional companies
voluntarily gave up their incen-
tives, with the forgone awards
totaling $11.5 million, it said.
The task force’s final report,
released Thursday, concluded
that the state’s biggest incen-
Rolling Out a Black Lives Matter Mural on Manhattan’s Fifth Avenue
ANGELA WEISS/AGENCE FRANCE-PRESSE/GETTY IMAGES
SENDING A MESSAGE: Activists painted ‘Black Lives Matter’ in giant yellow letters in front of Trump Tower on Thursday. President Trump tweeted last week that the street
mural would be ‘a symbol of hate.’ Mayor Bill de Blasio, who helped with the painting, said the slogan is patriotic ‘because there is no America without Black America.’
Parents Press Schools Chief on Reopening
BY LESLIE BRODY
no
New York City parent lead-
ers grilled Schools Chancellor
Richard Carranza on Thursday
about his plans to reopen
schools in the fall, with some
expressing frustration that the
officials didn’t have more say.
Parents asked how students
could wear face masks all day,
how teachers would be trained
to deliver better online les-
sons, and how parents who
can’t afford child care will go
back to work if their children
are home on different days of
staggered schedules.
Their questions came the
day after the head of the na-
tion’s biggest school district
unveiled preliminary plans to
have most students in class-
rooms for one to three days a
week, and learning remotely
the other days.
Mr. Carranza said the pro-
posals were designed for safe
social distancing, while the
city grapples with the corona-
virus.
At a monthly meeting of
the Chancellor’s Parent Advi-
sory Council, which includes
parent representatives city-
wide, members said families
deserved to have had more in-
put on developing plans that,
if approved by the state,
would pose enormous logisti-
cal challenges.
“We haven’t been part of
the plan, we get the informa-
tion when the decision is
made,” said Sheree Gibson, a
member from Queens. “At this
point, parents feel there is a
broken trust with you.”
“What am I going to do to
rebuild trust?” the chancellor
GREATER NEW YORK
tive programs lacked sufficient
oversight by the EDA and
awarded millions in job-reten-
tion tax credits to keep compa-
nies in the state that weren’t
genuinely planning to leave.
The report also found that tax-
incentive consultants some-
times encouraged companies to
misrepresent their relocation
plans on tax-credit applications.
Ronald Chen, the task
force’s chairman, said the
problems showed the dangers
of offering limitless tax incen-
tives. The report recommended
that any future programs have
monetary caps to encourage
economic-development offi-
cials to be more discerning.
“The EDA has fostered a per-
missive culture of ‘getting to
yes’ with applicant companies,”
Mr. Chen said. “Much of this
culture can be attributed to the
inherent temptation to treat
tax incentives as an apparently
unlimited source of funding.”
The EDA approved $11 bil-
lion in tax incentives between
1996 and February 2018. The
tax-credit programs under re-
view, created in 2013 by for-
mer Republican Gov. Chris
on
us ,
l
e
al a
ci on
er s
m er
m rp
co Fo
n-
responded in a virtual meet-
ing. “I’m going to keep your
kids safe in school.’’
Mr. Carranza said he under-
stood that parents need to
work, but there would be no
in-person learning if health
experts say that isn’t safe.
“I’m going to push back
against the idiots that are
talking about ‘Send everybody
back to school, Covid isn’t
real,’ ” he said.
The city’s public-school sys-
tem surveyed families on their
preferences for online and in-
person instruction, but some
parents said that format didn’t
Uncertainty surrounds how New York City schools, such as P.S. 111 in Queens, would operate in the fall.
NY
Christie and the Democratic-
led legislature, expired a year
ago. New Jersey lawmakers
from both parties pushed to
renew the programs, saying
they were vital to keeping
companies in the state.
Mr. Murphy has said the tax
breaks were too generous and
has pushed for more limited
incentive programs targeted at
specific industries. “This ad-
ministration will not tolerate
fraud or self-dealing,” he said
Thursday. “Moving forward
any incentives offered must
produce the number of prom-
ised jobs for our state.”
Tim Sullivan, appointed by
Mr. Murphy to head the EDA in
2018, said the task force’s re-
port would help the agency im-
prove its oversight and inform
future incentive programs.
The task force recommended
canceling the tax breaks
awarded to four companies
connected to South Jersey
power broker George Norcross,
a major player in the state’s
Democratic Party and a long-
time booster of the city of Cam-
den. The companies include the
insurance company Conner
allow them to spell out their
full concerns.
About 26% of parents have
told the district they prefer to
keep students home full-time
for distance learning.
The chancellor said some
central-office decisions “have
to be made on the fly” during
a crisis, but he expects all
principals to include parent
leaders in inspections of
school sites and discussing re-
opening issues.
Rosa Diaz, a member of the
Community Education Council
for Manhattan’s District 4,
asked if schools could ensure
* *** THE WALL STREET JOURNAL.
Strong & Buckelew, where Mr. sued unsuccessfully to stop
Norcross is executive chairman, the task force’s inquiry.
and Cooper University Health A spokesman for Mr. Nor-
Care, where he serves as chair- cross and Conner Strong &
man of the board of trustees. Buckelew said the firm moved
Also on the list were a real- nearly 150 employees to Cam-
estate company, the Michaels den from Philadelphia, com-
Organization, and NFI, a third- plied with the EDA’s require-
party supply-chain provider. ments and expects to receive
The two businesses partnered its tax breaks. Cooper Health
didn’t respond to a request for
comment.
The task force also identified
‘Incentives offered problems with the $260 million
must produce the tax-incentive package awarded
to energy company Holtec In-
number of promised ternational. Mr. Norcross has
jobs for our state.’ said he helped recruit the com-
pany to Camden. Holtec misled
the EDA in its tax-incentive ap-
plication by suggesting that it
with Mr. Norcross’s insurance had competing incentive offers
firm in building a new water- in South Carolina, but those of-
front office building in Cam- fers weren’t serious alterna-
den and applied for $245 mil- tives to the New Jersey loca-
lion in tax breaks in 2016. tion, according to the report.
The Michaels Organization A spokesman for Holtec
declined to comment. NFI said the company cooperated
didn’t respond to requests for with New Jersey’s reviews but
comment. “false accusations continue to
The companies, along with be made with no merit.”
Cooper Health, Mr. Norcross, New Jersey pays out tax
his insurance firm, as well as credits over 10 to 20 years af-
the law firm Parker McCay, ter certifying that companies
ly
siblings would attend on the “I can’t afford to have one
same days. A paralegal, she in school and two at home,”
said she couldn’t pay for a Ms. Diaz said after the meet-
babysitter through the school ing. “So many questions don’t
year. have answers right now.”
After schools closed in mid- Mr. Carranza said his team
March due to the pandemic, and principals are trying to
Ms. Diaz said her 13-year-old work through hundreds of is-
son took care of his two sib- sues, from finding enough
lings, including a 3-year-old, teachers to deciding whether
while trying to study as his it would be safe to have a
parents worked away from band with a trumpet player.
home. She said her 8-year-old “You play and you empty
daughter, who has special your spit valve” from the in-
needs, was so distraught about strument, he said. “How can
missing school she had an you do that in the age of
anxiety attack that required Covid?”
medical treatment. The chancellor said he is
negotiating with the teachers
union to set requirements for
live, real-time remote instruc-
tion, after many parents com-
plained during the spring
there wasn’t enough.
Some parents asked in a
chat box during the online
conversation whether families
would be told if someone at
school became infected with
coronavirus. A district spokes-
woman said yes, “transpar-
ency is critical.”
If the state allows the city
to keep the reopening plan an-
nounced Wednesday, most
schools are expected to choose
a schedule offering each child
in-person instruction for five
days every two or three
weeks.
“If parents don’t know what
SHANNON STAPLETON/REUTERS
classrooms or remote learning
will look like, how can they
choose?” asked Martha Kes-
sler, a member of the advisory
council’s executive board. “If
schools don’t know how many
will opt for remote, how do
they know which model to
pick?”
are delivering their promised
jobs and investments.
Of the $578 million in in-
centives that the task force
recommended be canceled or
suspended, an estimated $42
million has been doled out, ac-
cording to the task force’s at-
torney, Jim Walden.
The report also shed light
on the role consultants played
in securing lucrative tax incen-
tives. In one case, the task
force said a consultant at
KPMG LLP encouraged the
Italian eyewear company Sa-
filo SpA to submit a tax-incen-
tive application that said it
would move to Rockland
County, N.Y., if it didn’t receive
tax incentives. Emails showed
the company had wanted to
remain in New Jersey from the
beginning of its relocation
search, the report said.
The EDA approved $4.5 mil-
lion in incentives for Safilo to
move from Parsippany to Se-
caucus, but the company didn’t
satisfy the requirements. Safilo
didn’t respond to a request for
comment. A KPMG spokesman
said the firm disagrees with the
report.
Covid-19
Testing
.
Targets
Hot Spots
BY KATIE HONAN
New York City health offi-
cials are pushing coronavirus
testing across the boroughs
and prioritizing neighbor-
hoods with lower testing
rates, as they work to stem
the spread of the virus that
has killed more than 20,000
residents since the spring.
The officials also are trying
a hyperlocal approach to test-
ing outreach, focusing on
neighborhoods with low testing
rates but a higher percentage of
positive cases of those tested.
The first neighborhood will be
Tremont, in the Bronx, officials
said. That ZIP Code is testing
about 3.7% positive, more than
three times the citywide aver-
age of 1%, officials said. The
city aims to test at least 2,500
people in that neighborhood
within the next two weeks.
Officials currently are con-
ducting between 25,000 and
30,000 tests a day citywide.
Annabel Palma, the chief eq-
uity officer for the city’s Test &
Trace Corps, said it is impor-
tant to join with local groups to
make sure residents get tested
because these organizations
are trusted in the community.
Some residents are afraid to
get tested because of their im-
migration status, she said. “We
want to make sure that people
understand that this program
has nothing to do with your
immigration status, but every-
thing to do with the health and
safety of yourself and your
loved ones,” Ms. Palma said.
The city also announced a
grant program to give $10 mil-
lion to 20 community-based
organizations focusing on out-
reach to encourage testing.
Ted Long, the executive di-
rector of the Test & Trace
Corps, said more than 4,000
people are working with offi-
cials to get resources such as
hotels for quarantine use.
“We can bring testing levels
up and we can detect more
cases and we can offer imme-
diate resources,” Dr. Long said.
There are still challenges
within the city’s testing and
tracing operations. It can take
as long as seven days for re-
sults to come back. The city is
looking to bring in more in-
house and local testing to
shorten the wait time, he said.
As of Thursday, there have
been nearly 215,000 positive
cases of coronavirus in New
York City, according to health-
department data, and more
than 55,000 hospitalizations.
Upwards of 23,000 people are
confirmed or likely to have
died from the virus in the city.
Many officials pointed to
the lack of early testing capac-
ity as a reason for the spread
of the virus in March and
April.
Mayor Bill de Blasio said
Thursday there would be addi-
tional pop-up testing sites
around the city as part of a
“Covid-19 Testing Day of Ac-
tion,” an outreach program to
encourage more New Yorkers
to get tested.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. * * NY Friday, July 10, 2020 | A9B

GREATER NEW YORK

GREATER NEW
YORK WATCH
Upscale Restaurants Take to the Streets
BY CHARLES PASSY

NEW YORK In many ways, it was busi-

Archdiocese to Close
20 Catholic Schools
Twenty Catholic schools in
the New York City area are clos-
ing due to dwindling enrollment
in the wake of the Covid-19 pan-
demic, the Archdiocese of New
York said Thursday.
The health crisis and job
losses hurt many students’ fami-
lies so they couldn’t afford tu-
ition, at a time when the cancel-
lation of public Masses
ness as usual earlier this week
at Daniel, the posh, signature
restaurant of famed French-
born chef Daniel Boulud on
Manhattan’s Upper East Side.
In his genial manner, Mr.
Boulud went from table to ta-
ble, chatting up guests. But the
exchanges were happening
outside the Michelin-starred
restaurant in what Mr. Boulud
is dubbing the Daniel “ter-
race,” his white-tablecloth ver-
sion of the sidewalk setup that
has become the pandemic-era

FROM TOP: DANIEL BOULUD KITCHEN; BLUE HILL AT STONE BARNS

hampered fundraising that sup-
ports the schools, the archdio-
cese said.
“Children are always the most
innocent victims of any crisis,”
said Cardinal Timothy Dolan,
archbishop of New York. “Too
many have lost parents and
grandparents to this insidious vi-
rus, and now thousands will not
see their beloved school again.”
The closures affect about 350
employees and 2,500 children,
who could transfer to other
Catholic schools for this fall, the
archdiocese said. Schools that
won’t reopen include sites in
New York City, New Rochelle,
Yonkers, Pelham Manor and
Poughkeepsie. The archdiocese
said last year it served about
60,000 children, and it will have
172 schools open in fall.
—Leslie Brody
norm in New York City.
Mr. Boulud nevertheless
hopes to be a cheerleader for
bringing fine dining to the
streets, defying the notion that
outdoor setups are strictly the
province of casual and lower-
priced establishments. “I want
my colleagues to say, ‘If Daniel
did it, maybe I should do it,’ ”
he said on Wednesday, the
first night he featured the al
fresco seating.
A handful of other top-tier,
Michelin-starred restaurants
already have begun outdoor
service, including Atera, a con-
temporary American spot in
Tribeca. And slightly outside indoor environment to which Diners, above, eat outdoors at
the city, the farm-centric Blue they are accustomed. Daniel restaurant in Manhattan.
Hill at Stone Barns, located in “You’ve just got to roll with At left, Blue Hill at Stone Barns
Pocantico Hills, N.Y., has it,” said Russ Hudson, an Up- in Pocantico Hills, N.Y., is offering
started as well with what it per West Side resident who is what it bills as ‘picnic dining.’
bills as “picnic dining.” a Daniel regular. He came on
More high-end places are Wednesday to dine solo, enjoy- person, to largely serve them-

.
NEW YORK CITY planning to join the band- ing a striped bass paired with selves.
wagon by mid-July. Among a mushroom fricassee. In the end, chefs and own-

Four Zoos, Aquarium
To Reopen on July 24
The Bronx Zoo and New York
City’s aquarium and three other
zoos will reopen this month after
being closed since March 16 be-
cause of the coronavirus, zoo of-
them: Jungsik, a contemporary
Korean restaurant in Tribeca,
and Aquavit, the Nordic-
themed favorite in East Mid-
town.
The sudden push speaks to
the fact that with indoor seat-
on
ing in the city on hold indefi-
us ,
ly
As fancified as Mr. Hudson’s ers of these acclaimed restau-
dinner may sound, it actually rants aren’t sure their outdoor
represented a more modest dining programs will earn
menu from Mr. Boulud, who
normally features a four-
course prix-fixe meal, priced at
$158, at the restaurant, with
them enough to make the sum-
mer profitable. Aside from the
fact their check averages will
be lower, they also generally
wine pairings that can add up don’t have the same capacity.

ficials said Thursday. nitely, white-tablecloth restau- to another $142 to the tab. At Daniel, the outdoor seat-
l

The Bronx Zoo, the New York rants must find a way to Now, everything is offered a la ing is limited to 10 tables,
e
al a

Aquarium, the Central Park Zoo, maintain a public presence and carte—entrees are priced at compared with the nearly 40
the Prospect Park Zoo and the keep at least some staff em- $34 to $49—with the food be- the restaurant has indoors.
Queens Zoo will open on July ployed. “We have to do some- ing prepared as an extension Some of Mr. Boulud’s cus-
ci on

24, said the Wildlife Conserva-
tion Society, which runs the fa-
cilities.
Visitors will have to buy tick-
ets online in advance, and masks
thing,” said Hakan Swahn,
owner of Aquavit.
Moreover, many are hearing
from customers who are eager
to dine again at their estab-
er s
of the Daniel Boulud Kitchen,
the to-go and delivery service
he launched during the crisis.
Other restaurants are simi-
larly abandoning multicourse,
a less formal and slightly less
costly approach, and they are
At Blue Hill at Stone Barns,
customers are presented with
tomers are grateful, saying
that while they could have or-
dered his food to go, the expe-
rience of dining at a restaurant
can’t be replicated. “It’s a re-

will be required for everyone lishments, regardless of the prix-fixe menus, some of which mindful some patrons want a picnic basket’s worth of turn to civilization,” said Joel
over 3 years old. fact that it might not be in the can run close to $300. They less contact with servers dur- farm-fresh produce and pre- Hirsch, an Upper East Side res-
m er

—Associated Press rarefied (and air-conditioned) say the outdoor setting merits ing this time. pared goods, priced at $195 a ident and Daniel regular.
m rp
co Fo

All the Power

n-

Without the Pinch

no

Healthcare Starts with Healthy Food.

Since 1985, we’ve been cooking and home-delivering nutritious, individually tailored meals
to people living with serious illness in the NYC metropolitan area.
Being sick and hungry is a crisis. You can help.
Donate, volunteer, or just learn more at glwd.org

godslovewedeliver @godslovenyc God’s Love We Deliver is a member of the Food is Medicine Coalition (FIMC).
To learn more about FIMC’s work around the country, visit fimcoalition.org
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

A10 | Friday, July 10, 2020 THE WALL STREET JOURNAL.

LIFE&ARTS
Tom Hanks as Cmdr. Ernest
Krause (right) with crew
members in ‘Greyhound’

SONY PICTURES
FILM REVIEW | JOE MORGENSTERN

‘Greyhound’:
A Good Man’s Grace Under Pressure

DURING THE BATTLE of the At-
lantic in World War II, Allied con-
voys carried desperately needed
supplies and troops from U.S.
ports to Britain. Marauding packs
of German submarines exacted a
herd,” a 1955 novel by C.S. For-
on
ester; “greyhound” is the radio
call sign of Krause’s ship, the USS
Keeling. In Hollywood during the
war, or in its aftermath, a pro-
duction like this would have
us ,
Shelly Johnson.) Telling details
heighten the tension: frozen
windshield wipers that must be
fixed so the captain can see from
the bridge; a near-collision with a
freighter in the dark; blips on the
.
ly
Rose, as he watches his beloved ing the film, conceived and pro-
corvette sink beneath the waves.)
Captaincy is nothing new for
Mr. Hanks. He played captains in
“Saving Private Ryan,” “Captain
duced for the big screen, end up
as a streaming attraction because
of the pandemic. Subsequently he
expressed gratitude for careful
Phillips,” “Sully” and “Apollo 13,” care his film has received from

terrible toll, yet most cargo ships flaunted its genre conventions, scopes of relatively primitive and and will play another one in Apple, its new distributor.
l

got through, accompanied by de- couched its heroism in larger- finicky radars and sonars; a sub- “News of the World.” The special Still, he has called attention to
e
al a

stroyers and other light vessels than-life characters. The watch- marine’s sudden apparition; the quality he brings to these roles is a concern shared by many film
that took on the deadly U-boats. In word here is emotional re- orange aura of distant freighters humility that tempers the cus- lovers who suddenly find them-
“Greyhound,” streaming on Apple straint—Ernie Krause is precisely in terminal distress. tomary notion of a commanding selves starved for the sort of
ci on

TV+, Tom Hanks is Cmdr. Ernest
Krause, a U.S. Navy destroyer cap-
tain leading a convoy across the
North Atlantic soon after America
entered the war; it’s his first com-
life-size—within a story that’s presence, and he does it again in spectacles, enhanced by spectacu-
amplified by strong graphics and “Greyhound.” Krause isn’t sure lar sound, that can be experi-
digital effects. (Elisabeth Shue he’s equal to the task of shep- enced only in movie theaters.
plays the love of Krause’s life in a
Tom Hanks stars as a herding the convoy to still waters How much are movies diminished
cameo-size appearance.) U.S. Navy destroyer at the end of the perilous jour- by streaming? In some cases, not
er s

mand and his first Atlantic cross-
ing. The film is impressive visu-
The most dangerous stretches ney, but he’s a man of faith who much at all; intimate dramas, the
of the crossing take place in the
captain braving U-boats takes comfort from the Bible—so motion-picture equivalent of lit-
and stormy seas
m er

ally, though less so on TV screens
than it might have been on the
theater screens it was made for,
and repetitive though still absorb-
ing dramatically, a string of action
so-called Black Pit, the area of
the North Atlantic where convoys
are beyond the range of air cover.
The film’s vision of all the ships
beset by heaving winter seas, as
m rp
(Two companion pieces for
was the captain in Forester’s
book, though his faith was far
from unconditional—and views
his enemies with compassion.
“Fifty less krauts!” says an exu-
erary novellas, can look and
sound fine on good home screens.
But movie movies, those resonant
action adventures, are another
story. Even “Greyhound,” a com-

vignettes separated by tense inter-
ludes. But parts of the drama play
out on its star’s face, and they’re
the best parts, because there’s no
one better at portraying a good
well as the submarine wolf pack
they conceal, could pass for a
Turner seascape in near-black-
and-white. It’s not surprising that
the director, Aaron Schneider, has
co Fo
“Greyhound” are the 1981 “Das
Boot,” a peerlessly claustrophobic
study of life aboard a German U-
boat, and “The Cruel Sea,” the
splendid English drama from 1953
berant young crewman after the
destroyer has sunk a German sub-
marine. “Yes, fifty souls,” the cap-
tain replies solemnly.
A producer as well as the star
pact production that runs only 91
minutes, suffers from the strait-
ened physicality. Seen at home,
its mighty waves may be bounded
by furniture or windows. Seen in

man’s self-doubts and a frightened spent most of his filmmaking ca- in which a world of horror and and writer of “Greyhound,” Mr. a theater, they’d suggest a proper
man’s courage. reer as a cinematographer. (The grief registers on the face of Jack Hanks was outspoken in a recent ocean. Waiting for wisdom on the
The screenplay was adapted by production was designed by Da- Hawkins’s Ericson, the captain of interview about what he called future of the big-screen experi-
Mr. Hanks from “The Good Shep- vid Crank and photographed by the convoy escort HMS Compass the “absolute heartbreak” of see- ence, we are all at sea.

TELEVISION REVIEW | DOROTHY RABINOWITZ

A Spy in Search of
n-

A Purpose
no

IT TAKES A BIT of time to become
accustomed to David Schwimmer,
largely known to the world as the
vulnerably endearing Ross of
“Friends”—paleontologist, thinker,
lover—in the role of a crude blow-
hard who feels entitled to push peo-
ple around, which is how he ap-
pears in the opening scenes of the
frequently hilarious “Intelligence,” a
presentation of Peacock, NBCUni-
versal’s new streaming service,
which begins July 15.
Mr. Schwimmer plays American
NSA agent Jerry Bernstein, dis-
patched to the U.K. Government
Communications Headquarters, in
Cheltenham, where he’s supposed
to join a crack team of British ana-
lysts devoted to battling cyber-ter-
rorism. It’s instantly clear that he’s
going to pose much larger problems
to his sedate colleagues than any
stock version of the crude American
imaginable, and it should be said on
Mr. Schwimmer’s behalf that he
puts his heart into it and becomes
in short order an entirely persua-
sive bully and liar. And, in addition,
a devotee of the sort of team-build-
ing gibberish favored—though far
more delicately delivered—by Mi-
chael Scott (Steve Carell) of
Dunder Mifflin Paper Co. in “The
Office” (American version).
A connection very likely intended
by the creators of this six-part se-
ries (writer Nick Mohammed) that
comes described as a workplace
comedy. But this series bears small
resemblance to comedy of that
genre. For there are in “Intelli-
gence” no seriously defined charac-
ters whose lives and foibles one
this office every day are without ex-
ception a decidedly freakish lot,
with looks to match. There’s Mary
(a bewitching Jane Stanness), given
to sharing confidences about cer-
tain of her bodily functions that are,
to her, a source of high drama. A
gracious sort, she sits calmly at
work, her head shrouded by thick-
ets of hair that may or may not
have been washed in the past year.
Jerry, introduced to Mary, has only
to look at her to ask, “What hap-
pened?” Mary, we learn, is consid-
ered the most brilliant analyst on
the team—a Nobel nominee. Work-
ing by her side is the seductive
Tuva (Gana Bayarsaikhan), distin-
guished by a prominent nose ring
and generally menacing air.
At the center of much of the ac-
tion is the expert code analyst Jo-
seph (Mr. Mohammed). Dutiful and
yearning—he wants desperately to
win Jerry’s friendship—he’s a richly
comic presence, if also one regularly Nick Mohammed and David Schwimmer in ‘Intelligence,’ a comedy on the new Peacock streaming service
undermined, for American audiences
at least, by an impenetrable accent. her staff. Among them is her sullen Christine looks on when Jerry, just American presidential election.
A common problem in British im- assistant, Evelyn (Eliot Salt), who arrived from America, takes it upon Whatever the case, Agent Jerry
ports. Still, it’s worth the effort to considers it an undue burden to have himself to bring a new tone to the is, this season, a character in need
lip-read Joseph’s comments—his ca- her day-long office naps interrupted staff, by leading them in morale- of a reason for being that’s a good
sual report, for instance, that in the by requests for her to perform some building exercises and barking or- deal more substantial than the
course of his analytic searches it duty. Summoned by Christine to get ders at them. He doesn’t seem to script provides.
had been possible to download Mat- Jerry’s personnel file, Evelyn tells understand that he has no authority Still, “Intelligence” goes rollicking
thew McConaughey’s browsing his- her no, it’s classified. here—he’s come to these headquar- along, with much to commend it,
tory. Asked by his superior what The meaning of Christine’s icy ters as a consultant, Christine in- chiefly its wit and energy—and un-
that history had to do with the pur- reply, ”if only there were an institu- forms him. expected little touches, among them
suit of cyber-terrorists, Joseph has tion that cracked codes to access But the question arises—what, in the divine Noël Coward singing
no trouble supplying streams of materials,” not surprisingly eludes fact, is this character doing here? “There are bad times just around
imaginative rationalizations. her lazy assistant, whose ignorance There are hints scattered through- the corner” at the end of each epi-
Presiding over all that goes on at is bottomless. She’s a chestnut of a out the action that there are hidden sode. It doesn’t hurt, either, that its
Government Communications Head- stock character, but one neverthe- reasons for his being sent from the brief chapters are a liberating 30
quarters is its no-nonsense manager, less imbued with freshness thanks U.S. to work in England—some minutes, commercials included.
Christine, portrayed by Sylvestra Le to these encounters with her em- scandal, possibly, to be revealed in
SKY UK

comes to know. The warriors Touzel, who quite simply lights up ployer. season 2. Perhaps even involvement Intelligence
against cyber-terror who come to the screen in scene after scene with A master of annihilating hauteur, in a plot to influence the past Wednesday, Peacock
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. Friday, July 10, 2020 | A11

LIFE & ARTS

IF YOU’RE LOOKING for theater
webcasts to keep you entertained
during the pandemic, the site of
London’s National Theatre should THEATER REVIEW | TERRY TEACHOUT

Diving Into an
be one of your regular stops. Not
only does the NT routinely make
broadcast-quality videos of its ma-
jor productions, but it is respond-

Ocean of Emotion
ing to the closing of British the-
aters by streaming a free video
every Friday on its “National The-
atre at Home” webpage. These
videos, each of which remains
available for a week, are of the
highest possible artistic merit and
technical finish, and the com-
pany’s latest offering, a 2016 re-
vival of Terence Rattigan’s “The
Deep Blue Sea” directed by Carrie
Cracknell, will be of special inter-
est to American viewers, since
Rattigan’s plays are rarely pro-
duced in the U.S. “The Deep Blue
Sea,” his masterpiece, had a brief
Broadway run in 1998, but so far
as I know, it hasn’t been staged
over here since then, in New York
or anywhere else.
I can’t imagine a better intro-
duction to Rattigan than “The
Deep Blue Sea,” a 1952 drama
about the English middle class and
its stiff-upper-lip discontents that
is at once suavely crafted and pro-
foundly felt. In Rattigan’s world,
class is destiny, leaving scars on
all who try to escape its iron grip.
“The Deep Blue Sea” is no excep-
tion, for it opens cold (so to
speak) with a suicide attempt by Adetomiwa Edun, above, and Tom
Lady Hester Collyer (Helen Mc- Burke and Helen McCrory, right, in
Crory), who has left her prim hus- ‘The Deep Blue Sea’
band (Peter Sullivan), a High Court
judge, for a handsome test pilot audience in the theater laughing—
(Tom Burke) whom she craves so Rattigan, the shrewdest of theatri-
passionately that it scares him off. cal craftsmen, always took care to
“You know I wanted your love,” leaven the loaf of hurt with tart

.
Lady Hester’s penitent but uncom- humor.) Whether you’re a Rattigan
prehending spouse assures her, to fan or a curious novice, this one’s

ly
which she makes this shattering an absolute must.
reply: “You wanted me simply to
be a loving wife. There’s all the The Deep Blue Sea
difference in the world.”
Ms. McCrory is thrilling as the
National Theatre, London
(viewable online through July 16,
on

RICHARD HUBERT SMITH (2)

desperate Lady Hester, though she free). To watch, go to
never overshadows the other nationaltheatre.org.uk/nt-at-home)
members of Ms. Cracknell’s well-
us ,

matched ensemble cast, and the Mr. Teachout, the Journal’s drama
l

production comes through with critic, is the author of “Satchmo at

e
al a

shining precision on video. (It’s the Waldorf.” Write to him at

sometimes startling to hear the tteachout@wsj.com.
ci on

FILM REVIEW | JOE MORGENSTERN

er s

Haunting in Mind and Body

m er

SOMETIMES FIRST EFFORTS are Kay and Sam—played respectively else? What’s she doing with that
dismissed with, if not damned by, by Emily Mortimer and Bella knife? Why does she have blood
the faint praise of “promising.” Heathcote—hurry out from their on her hands? And, horror of hor-
m rp

That’s what “Relic” is for a while— place in Melbourne to the molder- rors, has the time come when she
probably a longer while than ideal. ing country home of Kay’s mother, can’t be alone and must be moved
This debut feature from Australia, and Sam’s grandmother, Edna to a facility for assisted living? On
directed by Natalie Erika James (Robyn Nevin), who has disap- top of that, or surrounding it, is
IFC MIDNIGHT

from a screenplay she wrote with peared. Edna’s grip on reality had the horrible state of her house—
co Fo

Christian White, keeps promising already begun to loosen; now she conspicuous rot and insidious
to be something special, one of may have lost it. Suddenly, though, mold are everywhere. None of this
those small-scale horror tales with she reappears, apparently none the makes it haunted, but strong hints Robyn Nevin in Natalie Erika James’s debut ‘Relic’
a big impact on your heart rate. worse for whatever experience she in that department come from
But then it fulfills the promise had and can’t remember, except for Brian Reitzell’s keening music and a surreal dimension. she and her writing partner, Mr.
with a revelation that you can’t a dark mark on her chest. Robert Mackenzie’s sound design. First-time filmmaker or no, Ms. White, have a gift for resonant
quite pin down with words—not As horrors go, dementia ranks (It’s amazing how the deep bass James directs actors expertly, and ambiguity. In the end “Relic” really
that I’ll try—and a final image high, a subject sufficient to sus- tones pumped out by subwoofers has a fine cast to work with. (The is about decay, both physical and
guaranteed to take up residence in tain plenty of suspense. Edna’s have come to signify evil.) Then production was designed by Ste- spiritual, and filial devotion. But
your long-term memory. charming matter-of-factness alter- that promise is fulfilled. The ven Jones-Evans and photo- devotion to what is the question.
The story starts with beguiling nates with spasms of paranoia. Is house is truly haunted, in satisfy- graphed by Charlie Sarroff.) The answer makes this movie dis-
simplicity. A mother and daughter, she a threat to herself or anyone ingly traditional ways that develop What’s more—and it’s a lot more— tinctive, and well worth seeing.
n-

Weather The WSJ Daily Crossword | Edited by Mike Shenk

Shown are today’s noon positions of weather systems and precipitation. Temperature bands are highs for the day.
1 2 3 4 5 6 7 8 9 10 11 1268 Bayer brand
13
PUZZLE
CONTEST
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60s 0s
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V
Vancouver 14 15
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60s Seattle 20s 70 Some action 32 Money of
Por
P d
Portland 70s 90s 30s 18 19 20 cameras 42-Across
70s Montreal
Helena Bismarckk Ottawa
A g t
Augusta 40s 21 22 23 71 Glosses over? 33 Berger of
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Eugene i
Boise Down “Major Dundee”
80s Billings 80s Mpls./St.. Paul
Pau T
Toronto A bany
Albany
Boston 50s
24 25 26 27 28 29 30 31 32 33 1 Berth place 35 God with wings
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Sioux ll k
Milwaukee Detroit l
Buffalo tford
Hartford 60s
P
Pierre 2 High point
90s 70s Newew Y
Yorkk 70s 34 35 36 37 38 37 Level
Reno Ch
Chicago C d
Cleveland
90s Salt Lake City
Che
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Cheyenne
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hil d lphi
Philadelphia 3 Librarian’s urging 41 Word found
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Omaha Pittsburgh
Pit b h 80s 39 40 41 42
Sacramento Indianapolis 4 Rankle carved at
Denver Springfield h on D.C.
Washington DC 90s
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Charleston 43 44 45 46 5 Bösendorfer Roanoke’s Lost
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Las p
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52 53 54 55
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Memphis C b
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San Diego 100s Ph
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kl oma City
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Birmingham 9 On topic
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El Paso D ll
Dallas Jackk
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 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
A12 | Friday, July 10, 2020
The Football Coach Who Walked Away
Chris Petersen made a stunning decision to step down at Washington. He is now preparing for a new campus role.
OK, so I am not the
first person to say to
Chris Petersen: Buddy,
you picked the right
time to step away from
college football.
“Yeah, I’ve had that a few
times,” Petersen says. “Like, ‘What
in the world did you know?’ And
I’m like, ‘Oh, yeah. I knew. I just
needed to sit this out a while.’ We
get a good laugh out of that.”
The recently departed University
of Washington head coach chuck-
les. In the background, I can hear
the chirping of birds. Petersen’s
calling from his home in the lake-
side town of McCall, Idaho—a
place he’s escaped to since his days
coaching that bright-blue jugger-
naut at Boise State.
“A pretty good place to just un-
wind in nature and water and all
that good stuff,” he says.
It sounds idyllic.
Petersen’s former environment
of college football, meanwhile, is
in a turbulent state. Amid a persis-
tent pandemic, universities are
struggling to set plans for the re-
turn of students and sports. Train-
ing is under way, but athletes con-
tinue to test positive for Covid-19.
The fall 2020 season remains in
flux; the Ivy League just postponed
its entire fall sports season. Now
there’s talk of moving the whole
deal to spring, an idea Petersen
finds intriguing.
“If you were able to buy six
more months of time…there’s go-
ing to be some problems that
would come with football in the
spring, but it just seems like it
would be much more doable with
the information that we would
learn from now till then,” he says.
It isn’t his call to make. For the
first time in decades, preparing for
a college football season is not Pe-
tersen’s direct concern. In Decem-
ber, the 55-year-old UW coach,
who possesses a sterling lifetime
record of 147-38—that’s close to an
80% winning percentage—stunned
the sport by walking away from it,
citing a plan to “get rested, get re-
charged, and get redirected.”
Now he knows what he is doing
next—and it isn’t football.
This fall, Petersen will be at the
University of Washington’s Foster
School of Business, installed as the
Fritzky Chair of Leadership and as
an adjunct professor. The Foster B-
School intends to open in late Sep-
tember with a combination of on-
campus and virtual learning, and
Petersen’s task will be to advise
and mentor students, staff and fac-
ulty in the management ap-
proaches that made him one of the
most successful college coaches of
his generation.
Washington saw a natural fit.
“Chris, he’s just different—and I
BY LOUISE RADNOFSKY
A PARTIAL OWNERSHIP stake in
a Women’s National Basketball As-
sociation team is currently the
no
hottest topic in Georgia’s election
season.
The Atlanta Dream has been
thrust to the center of a struggle
for a key U.S. Senate seat because
of a fight over the meaning of
Black Lives Matter. The battle in-
volves part-owner Kelly Loeffler,
the Republican U.S. senator who is
trying to simultaneously fend off a
conservative Republican and a
Black Democrat to hold her seat in
Georgia.
The WNBA—one of the most po-
litically outspoken leagues in
American sports—is dedicating its
season to what it has billed as a
social-justice initiative that will in-
clude displaying “Black Lives Mat-
ter” on the court and names of
Black women killed by police on
players’ uniforms. Loeffler, who
owns 49% of the Dream, wrote to
the league earlier this week oppos-
ing the plan as politically divisive.
That has set off the kind of fire-
fight that could play out across
the national political landscape in
the remaining months until Elec-
tion Day. It has also made Loeffler
an outlier in the sports world,
where leagues and franchises have
rushed to embrace the antiracist
movement in the wake of the kill-
ing of George Floyd.
The league has disavowed Loeff-
ler, with commissioner Cathy En-
gelbert saying in an ABC News in-
terview, “Kelly’s views are not
consistent with those of the WNBA
and its players.” The players asso-
ciation called for Loeffler to relin-
quish her ownership, in a tweet
that read: “E-N-O-U-G-H! O-U-T!”
Loeffler dug in, saying she
wanted a debate about Black Lives
Matter’s policy goals. “This is an
organization that seeks to destroy
American principles, and I had to
Former Washington football coach Chris Petersen has a sterling lifetime record of 147-38. But he stunned the sport by walking away after the 2019 season.
on
mean that in a very positive way,”
says Frank Hodge, the Foster Busi-
ness School dean. “He thinks of
things differently, much more ho-
us ,
listically, much more about the de-
l
velopment of young men and
e
al a
women, not just about their ath-
letics and their performance in
athletics.”
ci on
For Petersen, it’s a welcome ad-
justment. These days, he often
goes to bed without setting an
alarm. He’s got only one calendar
to navigate—not the four separate
er s
calendars he says he juggled while
working as a head coach. While he
m er
misses the Husky players and
coaches—some of the latter he’s
worked with since Boise State, in-
cluding new Huskies head coach
Jimmy Lake—he sounds confident
m rp
he did the right thing.
“This time that I’ve had, to be
away and do a lot of reading and
research and writing and talking
to a bunch of different people has
co Fo
been so healthy,” he says. “You get
a lot of clarity.”
“I’ve been doing this 30-plus
years without any sort of break,”
Petersen says. “That can be un-
healthy.”
Petersen styled himself as a
head coach who thought bigger
n-
WNBA Team Lands in the Middle
Of a Georgia Senate Race
draw the line,” she told Fox News
host Laura Ingraham Wednesday.
“There’s no room in this country
for racism, but this isn’t what the
Black Lives Matter political organi-
zation is about. They want to abol-
ish the police completely within
five years.”
Black Lives Matter is a decen-
tralized political movement. Lead-
ers of its official chapters, and
throngs of loosely affiliated back-
ers, generally support reallocating
police funds to social programs, as
well as other overhauls of police
SPORTS
JASON GAY
than his win-loss record, installing
a philosophy around his teams
called “Built for Life” in which he
sought to prepare his players for
success beyond the gridiron. But it
was still big-time college ball,
where each W and L was signifi-
cant. He is candid about the grind
of his former job, where the on-
field and off-field demands seemed
to intensify with each passing sea-
For the first time in
decades, preparing for a
season is not Petersen’s
direct concern.
son, and it was easy for work-life
balance to become skewed.
It’s a balance he’d like to restore
to his profession. While some busi-
nesses are getting better at giving
their employees latitude to reset
themselves—loosening restrictions
time off and sabbaticals—Petersen
believes college football, and col-
lege sports in general, lag behind.
“The recruiting—it’s just a job
of never enough. There’s never
department oversight, discipline
and practices; many others have
also pushed for departments to be
completely abolished.
Loeffler also said she would re-
fuse to sell her stake in the team,
because “this is about every Amer-
ican’s right to speak out, to enjoy
free speech…and not be canceled.”
Raising the temperature: Loeff-
ler is a Republican senator locked
in a fierce struggle to retain her
seat. She was appointed late last
year by Georgia’s GOP Gov. Brian
Kemp to replace retiring Sen.
ly
enough time,” he says.
“Maybe with all the things that
we’re going through here, there’s
going to be a big reset on a lot of
different things in college sports.
And I’m hoping that it’s going to
be for the better.”
Petersen’s story could be a B-
school lesson unto itself, about a
high-functioning executive who
recognized his own work-life chal-
lenges and was self-aware enough
to hit a hard pause.
He says he’s far from alone.
“I can’t tell you how many
coaches, administrators, athletic
directors that I’ve talked to,” he
said. “My story or my journey and
the things that really bothered me
is not unique to me. I think the
business world is ahead of the
sports world in terms of the
healthy way of living life.”
In recent years, the college
sports landscape has begun to
shift in other ways—notably
around the issue of allowing play-
ers to financially benefit from
their own name, image and like-
ness. Petersen sounded open to
the concept, so long as it wasn’t
overly disruptive. “Part of being a
leader, is figuring, ‘OK, what’s the
best way to do this that’s going to
Johnny Isakson.
Now Loeffler is trailing badly in
the polls in an unusual election set
up that requires her to fight until
November, and possibly beyond,
against both a Democratic candi-
date and a conservative Republi-
can close to President Trump.
Republicans can’t afford to lose
Loeffler’s seat if the party hopes
to retain its majority in the U.S.
Senate. Democrats are targeting it
as one of at least three seats they
need to flip in order to take con-
trol of the chamber.
THE WALL STREET JOURNAL.
DAVID BECKER/GETTY IMAGES
.
help the kids?’ ” he says. “That’s
the question, and not mess every-
thing up.”
As for his own future, Petersen
was careful to not make any proc-
lamations. He’s familiar with the
history of coaches definitively say-
ing they’re done with it—and then
scrambling back not long after.
“I would never say never,” he
says. “But I just think I can have
such a bigger impact going down
the path that I’m going.”
“I think there’s a lot of things
that I’ve been through that I can
help others not have to go down
that path to learn that hard les-
son…that really gets me excited.”
Of course, Petersen’s been keep-
ing up on the sport, and the con-
tinued discussions of how and
when college football can safely
come back. If Petersen has any re-
grets about not being out there, as
college football tries to find its
way during a public-health crisis,
he doesn’t reveal them. “The job’s
so hard anyway, and now you
throw this curveball into it? Man.”
The coach sounds content to be
an observer.
“I’m so intrigued by this, how
this is going to unfold,” Chris Pe-
tersen says.
Georgia Sen. Kelly Loeffler, right,
courtside during a game in 2019,
owns 49% of the Atlanta Dream.
That’s why Loeffler is under at-
tack from all sides over her con-
nection to the team.
Georgia’s special election rules
don’t involve a traditional party
primary. Instead, multiple candi-
dates from each party tussle in a
free-for-all until Election Day, and
if nobody gets 50% of the vote or
more, the top two head to a runoff
election in January.
Loeffler’s GOP rival, Rep. Doug
Collins, a close Trump ally, has
forced her to run to the right as
they battle for Republican votes.
Collins has said that Loeffler
has never complained before about
the team she owns backing
Planned Parenthood or gun con-
trol, alleging that her support for
conservative causes is temporary.
“Join Doug Collins in calling on
Kelly Loeffler to get out of the lib-
eral agenda advocacy business and
sell her interest in the Atlanta
Dream,” his website says.
Raphael Warnock, the Demo-
cratic front-runner in the race, is
the senior pastor of Ebenezer Bap-
tist Church in Atlanta. He has
identified himself closely with
Black Lives Matter and has said
that in criticizing the league initia-
tive, Loeffler has “chosen to give
into the narrow impulses of tribal-
ism and bigotry.”
Neither the league nor the play-
ers’ association would comment on
RICH VON BIBERSTEIN/ICON SMI/GETTY IMAGES
whether they would try to force
Loeffler to sell her stake.
A spokeswoman for the Atlanta
Dream said only that the team’s
players and staff were focused on
other things. “The Atlanta Dream
is not a political entity—we are in
the business of sports and enter-
tainment,” the team said.
—Lindsay Wise
and Rachel Bachman
contributed to this article.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
THE WALL STREET JOURNAL.
OPINION
Supreme Loser: Pelosi’s House
The Supreme
Court
Thursday
on
punted in two
cases concern-
ing subpoenas
POTOMAC for President
WATCH Trump’s
nancial
fi-
re-
By Kimberley
cords, sending
A. Strassel
them back to
lower courts
to resolve a host of legal ques-
tions. Yet if the cases had no
clear winner, one of the rulings
did produce an outright loser:
Speaker Nancy Pelosi’s over-
zealous House.
Since the moment Mrs.
Pelosi retook the gavel in Jan-
uary 2019, she’s operated as if
her institution is the only
branch in town, with limitless
power. Within days of the
2018 election, an unnamed
House Democrat bragged that
the incoming majority was
loading a “subpoena cannon,”
aimed at more than 80 differ-
ent areas of Trump investiga-
tion. The president’s tax re-
turns, his firing of former FBI
Director James Comey, his
discussions with foreign lead-
ers, security clearances, the
Trump family business,
Stormy Daniels, the reassign-
ment of executive branch em-
ployees, the Mueller report.
Ad nauseam.
No one disputes the House
has oversight authority. But
courts have always made clear
that this power must be
firmly tethered to a “legisla-
tive purpose.” Prior Con-
gresses at least attempted to
hew to the spirit of that
phrase. Mrs. Pelosi’s commit-
tee chairmen—driven by fury
over the Trump presidency—
Ukraine’s ‘Holocaust Disneyland’
HOUSES OF The territory controversial, given that the When Karel Berkhoff—the that “a project that shows con-
WORSHIP of Ukraine country has occupied and an- Western world’s foremost ex- tempt for the people of
By Vladislav was the site
Davidzon of countless
horrors
committe d
against the Jewish people un-
der Nazi occupation. Yet the
resource-strapped country
lacks a major museum and me-
morial dedicated to the Holo-
caust. While an international
initiative to create one began
in 2016, the ambitious project
is in disarray, with one critic
calling it “Holocaust Disney-
land.”
For centuries Ukraine has
constituted the historical
homeland for much of Euro-
pean Jewry, and more than
half of American Jews have
roots in the region. An esti-
mated 1.5 million Jews were
killed on its territory during
the “Holocaust by bullets,”
with some 90% of the killings
carried out directly by Ger-
man forces. Babyn Yar—a ra-
vine outside of Kyiv, where
some 34,000 Jews were
rounded up and shot Sept.
29-30, 1941—has come to sym-
bolize the killing fields across
Eastern Europe.
no
The Babyn Yar Holocaust
Memorial Center initiative,
launched in 2016, likely will be
the last major Holocaust me-
morial built during the life-
times of survivors. Costs are
projected to surpass $100 mil-
lion. Most funding has come
from four Jewish billionaires,
some of whose families per-
ished at Babyn Yar. Yet three
of the billionaires are Russian
citizens. The leading role
played by Russians has been
Stalin and the Confederacy
By William Toti
O
n a business trip to the
Republic of Georgia, I
was invited by a local
employee to visit Joseph Sta-
lin’s birthplace. I’m not sure I
knew at the time, in 2015, that
Stalin was from Georgia. But
I’m fascinated by history, so I
went.
The house of Stalin’s birth
had been Sovietized, with
heavy industrial surroundings
and a museum. I paid a few
extra dollars for a tour. My
guide was a sexagenarian
English-speaking Georgian
woman who had a great depth
of understanding of every ma-
jor event in Stalin’s life. I
quickly realized that she re-
vered the dictator who had
ordered the death of nearly a
million Soviet citizens.
When I asked her about
this, she had a well-rehearsed
response: “I have been to
America and have seen all the
statues of your Confederate
embarked on an extended
fishing expedition. In doing
so, they exposed how easy it
is to abuse the legislative-pur-
pose doctrine.
Case in point: Ways and
Means Chairman Richard Neal
in the spring of 2019 de-
manded six years’ worth of
Mr. Trump’s tax returns, from
2013 to 2018. Mr. Neal knew
he needed a legislative pur-
pose, so he claimed his com-
mittee was conducting over-
sight of the Internal Revenue
Service’s policy on auditing
presidents. In case the pretext
wasn’t already painfully obvi-
ous, he didn’t bother to ask
the IRS about its audit policy,
he didn’t ask for information
about any other president,
and he asked for Trump tax
returns from four years before
he was president.
The Democratic House also
tossed overboard an estab-
lished system of compromise.
Congress and White Houses
have long fought over docu-
ments and generally worked it
out. Republicans as recently as
2017-18 spent more than a year
using threats to pry docu-
ments out of the Justice De-
partment about its Trump-
Russia investigation and finally
reached an accommodation.
The Pelosi Democrats cared
more about generating “ob-
struction” headlines than get-
ting results. They refused to
negotiate; they moved in-
stantly to hold officials in con-
tempt and file lawsuits.
These antics forced the Su-
preme Court to weigh in—and
today’s Democrats, as well as
future Congresses, may be
sorry. In Trump v. Mazars,
the justices blocked for now
us ,
l
e
al a
ci on
nexed swaths of Ukrainian ter-
ritory and waged a war that
has cost at least 14,000 Ukrai-
nian lives since 2014.
er s
This strife has been ampli-
fied by the appointment of
m er
Russian filmmaker Ilya Khrzha-
novsky to oversee the content
and message of the memorial
as artistic director. Although
Mr. Khrzhanovsky is an undeni-
m rp
ably talented filmmaker, his vi-
sion for the project is disturb-
ing. His stated plan for Babyn
Yar is to re-create an “immer-
sive” experience in which visi-
co Fo
tors act in the roles of Nazi ex-
ecutioners, Jewish victims or
local collaborators.
A document describing his
plans proposed to present visi-
tors with images and stimuli
that guide them through the
horror experienced by the vic-
tims. At the same time, they
would be faced with a multi-
tude of other trauma-inducing
experiments while wandering
a labyrinth. Mr. Khrzhanovsky
n-
proposed to use virtual-reality
technology that would create
an experience akin to the Stan-
ford prison experiment.
The filmmaker had devel-
oped such techniques during
the more than decadelong pro-
cess of filming “DAU” (2019).
That cinematic project—made
up of a dozen immersive fea-
ture films—has led to a crimi-
nal investigation into alleged
abuse of infants during pro-
duction. The films also have
been criticized for their re-cre-
ations of sexual violence and
for including real-life neo-Na-
zis as central protagonists.
leaders. If I asked you why
Americans have so much de-
votion to men who fought a
war for the right to kill mil-
lions of American slaves, you
would say you are honoring
the warriors and not the slav-
ery they fought for, right? I
give you the same answer for
Stalin.”
A tour guide at the
dictator’s birthplace
led me to rethink
American history.
For me, this came com-
pletely out of left field. I an-
swered that my family had
immigrated from Italy to the
American North in the 1920s
and had no ties to the Confed-
eracy. But that missed the
point.
Recent events have caused
me to reflect on this conver-
several congressional subpoe-
nas for the president’s finan-
cial records, instructing lower
courts to re-evaluate the is-
sues. Mrs. Pelosi put a brave
spin on this, claiming the jus-
tices had “reaffirmed Con-
gress’s authority to conduct
oversight.” In fact, the deci-
sion puts heightened scrutiny
and new limits on Congress’s
subpoena power.
The justices make it
harder for lawmakers
to justify subpoenas
for the president.
Writing for a 7-2 majority,
Chief Justice John Roberts
took note of the House’s unre-
strained behavior, explaining
this dispute was “the first of
its kind” to reach the high
court after “two centuries” in
which Congress and the White
House were able to work such
disagreements out. Yes, the
court held, Congress can con-
tinue pushing for its subpoe-
nas in lower courts, but
henceforth all courts will be
required to subject all subpoe-
nas to several tests.
For starters, lawmakers will
have to show that they need
the president’s papers specifi-
cally to fulfill a legislative
purpose. “Congress may not
rely on the President’s infor-
mation if other sources could
reasonably provide Congress
the information it needs,”
on
Chief Justice Roberts writes.
Courts must also now insist
on a subpoena “no broader
than reasonably necessary to
pert on Babyn Yar and the me-
morial’s former lead histo-
rian—resigned, he compared
the project to a Shoah theme
park. Over several months Mr.
Berkhoff was joined by a ma-
jority of the staff, a paralyzing
turnover. The scandal has led
to months of criticism among
Ukrainian civil society and
opinion makers, and the previ-
ous architectural design for
the memorial complex has
been thrown out, leaving a
“hole in the ground,” accord-
ing to one observer.
A memorial would re-
create the aesthetics
of Nazi terror at the
site of an atrocity.
The desire of the memo-
rial’s core donors and board
to forge an original and af-
fecting memorial is laudable.
Yet Mr. Khrzhanovsky’s record
of approaching the totalitar-
ian past by re-creating it in
the most visceral manner
raises a disturbing question.
Is vividly bringing the aes-
thetics of Nazi terror on the
very ground where it had
taken place an appropriate
way to honor victims?
Unlike other Holocaust me-
morials around the world,
whose governing bodies con-
sist of their own citizens,
Ukraine is barely represented Review’s chief editor and Tab-
on the project’s board. Chair- let Magazine’s European cul-
man Natan Sharansky has said ture correspondent.
sation and reconsider my own
blasé attitude toward the Con-
federacy and its icons, sub-
jects that came up from time
to time during my nearly 30
years in uniform.
When I walked the fields of
Gettysburg, Antietam, Manas-
sas and Chancellorsville with
military lecturers who would
occasionally wander from tac-
tical analysis to defense of the
“Lost Cause,” I said nothing.
When my parents moved
the family to southern Vir-
ginia and I was confronted by
the locals with a vigorous de-
fense of the “noble sons of
Virginia,” I usually didn’t re-
spond.
When, during my Navy ca-
reer, I was confronted by the
Confederate battle flag hang-
ing in spaces aboard ship or
tacked to the bumpers of one
of my sailors’ cars, I don’t be-
lieve I ever said a thing.
When a uniformed col-
league at the Pentagon argued
energetically that it was right
support Congress’s legislative
objective.” Those subpoenas
must provide “detailed and
substantial” evidence of legis-
lative purpose. And finally,
courts must from now on spe-
cifically assess “the burdens
imposed on a President by a
subpoena,” because they come
from a “rival political branch,”
which could use them “for in-
stitutional advantage.”
That’s a lot of new hurdles
to jump, and the immediate
consequence is that the Pelosi
subpoena cannon has been re-
placed with a rifle. House
Democrats are going to have
to work much harder to pry
information from this admin-
istration. Should Democrats
go to the courts, their subpoe-
nas will be subjected to new
scrutiny. Should they attempt
to return to a tradition of ne-
gotiation, the administration
may now prove less willing to
play ball, knowing that it has
some shot of victory in the ju-
diciary.
And that may prove the
dynamic going forward—for
all future Congresses and
White Houses. Will the prior
spirit of compromise and ne-
gotiation ever reign again?
This is all new territory. It’s
not the high court’s fault;
Democrats’ anti-Trump ma-
nia (yet again) created a sep-
aration-of-powers circum-
stance that required judicial
intervention. The ruling is
instead another reminder:
For all Democrats caterwaul
about Mr. Trump breaking
“institutions” and “norms,”
it’s the “resistance” left that
has produced the most
wreckage.
Write to kim@wsj.com.
Ukraine will not be built.” The
center’s board of directors has
responded to recent criticism
by holding an open board
meeting and giving a seat to
former Ukrainian President Le-
onid Kravchuk. The board
should add more qualified
Ukrainians to avoid legitimate
concerns about historical dis-
tortions or Russian state inter-
ference in Ukrainian affairs.
But questions about the source
of financing and Mr. Khrzha-
novsky’s role and vision re-
main unanswered.
While the controversy con-
tinues, the Ukrainian govern-
ment has its own plans. Anton
Drobovych, the new head of
the Ukrainian National Insti-
tute of Memory, has confirmed
the intention to complete a
state-funded Babyn Yar memo-
rial museum in time for next
year’s 80th anniversary. But
the center’s problems aren’t
going away.
These cascading controver-
sies threaten the private proj-
ect’s survival. Its failure would
be a tremendous shame for
Ukrainians and world Jewry.
The victims deserve a power-
ful retelling of the tragedy on
Ukrainian soil. Ukrainian Presi-
dent Volodymyr Zelensky,
himself of Jewish descent,
should take the lead in setting
matters right at the troubled
Babyn Yar Holocaust Memorial
Center.
Mr. Davidzon is the Odessa
for 10 Army bases to be
named after Confederates
when not one was named for
Ulysses S. Grant, I was merely
bemused.
No one in 2020 defends
slavery. Instead they offer ra-
tionalizations in the name of
“preserving history.” Chang-
ing base names and lawfully
taking down monuments
doesn’t change history. It
merely stops glorifying those
who committed historic
wrongs.
The Georgian woman’s nar-
rative wasn’t quite right. Un-
like Stalin, Confederate gener-
als didn’t order the execution
of millions. But their rebel-
lion, waged to preserve slav-
ery, ended up killing hundreds
of thousands of Americans.
And it gave ammunition to an
apologist for Soviet commu-
nism decades after the Cold
War.
Mr. Toti is a retired U.S.
Navy captain.
Friday, July 10, 2020 | A13
BOOKSHELF | By Tunku Varadarajan
Let’s Get
Out of Here
The Meaning of Travel
By Emily Thomas
(Oxford, 245 pages, $18.95)
U
nprecedented in modern history—and in all recorded
history, if we put to one side such abstractions as the
Wrath of God—is the present fact that the entire
world lives in fear of an identical threat. Rich or poor, East
or West, we’ve all come to accept curbs on the way we live,
one of which is a near-moratorium on travel to foreign parts.
Given our Covid confinement, “The Meaning of Travel”
could not have come at a more poignant and appropriate
time. Written by Emily Thomas, a professor of philosophy
at England’s Durham University, this profound little book
explores why humans choose to wander from their homes
with no ostensible purpose other than to make the excursion
in question. There is, Ms. Thomas tells us, a “difference
between a trip to the grocery store, and a trip to the Sahara.”
She is aware, of course, that most people will intuit the
difference; yet she takes on the task of explaining it with a
verve and lilt that are rare in modern professors.
Travel, Ms. Thomas writes, “is tangled with philosophy.”
There’s a myth, she tells us—though I hadn’t known of it
before—“that philosophers
don’t travel.” It’s fueled,
apparently, by Socrates, who
rarely set foot outside the
city walls of Athens, and by
Kant, whose farthest foray
from his native Königsberg
was 100 miles. In contrast to
these homebodies, Ms. Thomas
marshals a hefty cast of pro-
travel sages, including
.
Descartes, Hobbes, Locke and
Rousseau.
ly
Locke, she writes, believed
that travel would enhance
man’s understanding of human
behavior, given the
opportunities it offered to
observe other peoples. In this, Ms. Thomas says, he was
building on the conviction of Francis Bacon, who held that
“we should study the natural world through observation
and experiment,” kick-starting the evidence-based process
by which science “distinguished itself from philosophy.”
In 1660, “a group of natural philosophers inspired by
Bacon” founded the British Royal Society, an organization—
still thriving—that was “fixated on gathering data about
far-flung lands.” This idea of travel as data collection came
to be embedded in the minds of travelers well into the
Victorian Age. Many ordinary travelers, unconnected to
scientific enterprise, felt obliged to keep diaries, draw maps
and sketch the things they saw—as if for posterity.
“Although humans have been traveling for tens of
thousands of years,” Ms. Thomas writes, “the luxury of
tourism is relatively new.” By her account, leisure travel
came into its own in the mid-17th century. The Age of
Discovery of the 16th and 17th centuries had given rise to
books about exploration and distant places—books such as
William Lithgow’s “Rare Adventures & Painfull Peregrinations”
(1632). These “began percolating through the European con-
sciousness” and “especially fired the British imagination.”
British aristocrats, “the only people wealthy enough to
afford it,” began to travel in Europe on a Grand Tour.
Chaperoned groups of well-born young British men, between
the ages of 16 and 22, followed itineraries that included
Paris, Geneva, Barcelona, Florence and Venice. Rome, Ms.
Thomas writes, was “the heart of the trip, and tourists
visited much the same places then as today”—the
Colosseum, St. Peter’s Basilica, the Sistine Chapel.
Given the distractions, Adam Smith thought it
was better to go to school than to go abroad.
Eventually, everyone wanted to travel everywhere.
Not all their activities were high-minded. The Grand
Tourists often had “simpler motivations” that included sex—
which is, perhaps, what led the philosopher Adam Smith to
huff that young men would be better off at university than
traveling “in the most frivolous dissipation.” Inevitably, many
of these early sex tourists came back to Britain with venereal
disease—causing them to prefer French doctors over English
ones, “as the French best understood their ailments.”
In the 1840s, the English travel agency Thomas Cook
arranged the first commercial tours of Italy. These were the
beginnings of the mass tourism of today. Certainly travel
became a less elite enterprise, allowing middle-class
Britons to brag, in the words of Paul Theroux: “I was there.
I saw it all.” Travel became just one more aspect of bour-
geois one-upmanship.
Voyages abroad weren’t confined to cities. Ms. Thomas
is particularly engaging on the subject of the wilderness,
and an account of a trip she made by herself to Alaska runs
parallel with her broader inquiry. Her chapter on the
American Transcendentalists, including Emerson and
Thoreau, explains how “Walden”—the latter’s book on his
life in the wilderness—came to be “one of the founding texts
of environmental philosophy.”
With some irreverence, she also cites “Walden” as the
inspiration for “cabin porn”—the hipster phenomenon of
“dreaming about cabins, the door to a simpler life in harmony
with nature.” Although she professes to like “Walden,” she
can’t resist pointing out that Thoreau’s life of hardship in the
woods was eased by his mother, who “washed his underwear.”
Ms. Thomas asks—and answers—other questions that
would be studied if the “philosophy of travel” were a
recognized field of study. Is travel a male concept? Are maps
“transparent” sources of information, or “opaque” assertions
of national greatness? Is it ethical to travel to an endangered
coral reef?
Her parting shot has a touch of sweetness to it, and
humanity. Travel, she says, “can change the way we feel
about our home places.” Traveling, in other words, “makes
you modest.” To underline her point, she quotes Flaubert,
who wrote: “You see what a tiny place you occupy in the
world.” The coronavirus, by sad contrast, has only enlarged
our sense of ourselves—yet another aspect of its pathology.
Mr. Varadarajan is executive editor at Stanford
University’s Hoover Institution.
Coming in BOOKS this weekend
The life & long shadow of Sen. Joe McCarthy • A strong-
willed woman in Japan’s Floating World • What the nose
tells the mind • Is cleanliness a virtue? • David Mitchell’s
rock novel • The Black Sea & the Roman Empire • & more
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

A14 | Friday, July 10, 2020 THE WALL STREET JOURNAL.

OPINION
REVIEW & OUTLOOK LETTERS TO THE EDITOR

A Bad Day for the Presidency Is Campus Culture Destructive to Society?

T
he Supreme Court looks like it was try- These separation-of-powers concerns are Regarding John M. Ellis’s “Campus lessons were mostly about the intern-
ing to split the baby Thursday in a pair better than nothing, but it’s far from certain Culture Seizes the Streets” (op-ed, ment of Japanese-Americans. The
July 6): There’s no question that uni- westward movement was about the
of 7-2 decisions on subpoenas for Presi- they’ll restrain a willful Congress or partisan
versities today are overwhelmingly mistreatment of Native Americans. I
dent Trump’s personal re- judges. The result means that left and liberal. But college students was told to have a bulletin board on
cords. But forget about Mr. The High Court opens Congress now has an invita- have always been active and “radical” “diversity.” Our texts were replaced
Trump. The real import of the the gates for Congress tion to seek a President’s per- for their day. In my lifetime, they with what we now call a politically
rulings is that the Supreme sonal records as long as it marched for civil rights in the early correct curriculum.
Court has weakened the Presi- and prosecutors. builds a remotely plausible 1960s, against the Vietnam War in My ex-students are now profes-
dency by opening the gates to legislative purpose and with- the 1970s, for a nuclear freeze in sors, teachers, authors, legislators
harassment by Congress and out the political accountabil- 1982, for LGBT rights in 1993, against and media personalities. We are reap-
especially local prosecutors. ity of an impeachment proceeding. the Iraq war in 2003, for women’s ing what we have sown.
As a practical matter, the Justices re- Justice Clarence Thomas nails the impeach- rights many times and now, again, for PHILIP NEFF
manded both cases to lower courts to recon- ment point in his dissent, and Justice Samuel civil rights. In every case, they were Walnut Creek, Calif.
right. In every case, they faced in-
sider based on new general guidelines laid out Alito highlights the inadequacy of the Court’s
transigent resistance and were casti- Mr. Ellis cites zero evidence that
by the majority opinions. This means Mr. remand to lower courts given that the House gated by conservatives as wrong- the professoriate is advocating dan-
Trump probably won’t have to turn over his subpoena at issue so clearly fails the Chief Jus- headed miscreants. Prof. Ellis doth gerous and destructive ideas. Pre-
tax returns before the election. And if he loses tice’s four-part test. You have to wonder if that worry too much. Most kids eventually sumably he concludes that because a
in November, the Supreme Court will never was the price the Chief had to pay for getting grow old and mellow. Virtually every history minor addresses “poverty, in-
see the cases again. the four liberal Justices on board. right-wing conservative in power equality and social justice” it must be
You can almost hear the Chief Justice wish- i i i went to college—most of them to an indication of “radical-left politics.”
ing for this reprieve in his majority opinion in The Trump v. Vance ruling looks even more elite schools—and they now control Is it his contention that poverty and
Trump v. Mazars, the Congressional case. “His- dangerous for Presidents. All nine Justices most branches of government. inequality don’t exist, or that they
torically, disputes over congressional demands agreed, rightly in our view, that the President MICHAEL P. HENNESSY are unworthy of study?
Chapel Hill, N.C. RICHARD MORSE
for presidential documents have not ended up is not absolutely immune from criminal investi-
Redondo Beach, Calif.
in court. Instead, they have been hashed out in gations or subpoenas. As the Chief writes for Mr. Ellis offers good market-driven
the ‘hurly-burly, the give-and-take of the politi- the majority, even John Marshall required approaches to help solve campus It’s significant that Prof. Ellis’s
cal process between the legislative and the ex- Thomas Jefferson to comply with a subpoena bias. However, I suggest the addi- piece was written by a professor
ecutive,’” the Chief writes. in Aaron Burr’s treason trial. But his opinion tional solution of adding “political emeritus. If it were submitted by a
i i i grants a President few protections from politi- viewpoint” as a protected class under junior faculty member, it seems un-
But the two cases will still be precedents af- cal harassment. Title VII of the 1964 Civil Rights Act, likely that the person would ever re-
ter Mr. Trump departs, and they bode ill for fu- “It is not enough to recite sayings like ‘no as amended. Not only would this help ceive tenure.
ture Presidents of either party. Start with man is above the law’ and ‘the public has a right with campus bias in hiring practices JOHN RENTZ
Mazars, in which House Democrats subpoenaed to every man’s evidence,’” Justice Alito writes and admissions, but it would also ad- Cincinnati
Mr. Trump’s tax returns and other financial re- in dissent that has a realistic handle on our par- dress big-tech’s discrimination on
their publishing platforms, something One of the most defining learning
cords from banks and accounting firms. They tisan times. “These sayings are true—and im-
I have personally experienced. Addi- moments of my education was a de-
claim the documents are needed to inform leg- portant—but they beg the question. The law ap- tionally, this would allow American bate at Yale between William F. Buck-
islation about Russian meddling in elections plies equally to all persons, including a person

.
businesses to avoid the corporate ley Jr. and William Sloane Coffin, the
and to close “loopholes that allow corruption, who happens for a period of time to occupy the blackmail of the current “cancel” notable Yale chaplain. Those 90 min-

ly
terrorism, and money laundering to infiltrate Presidency. But there is no question that the na- movement by making it illegal to dis- utes in the early ’50s between right
our country’s financial system.” ture of the office demands in some instances criminate against a political view- and left helped define my political
Not even the Court’s four liberals bought that the application of laws be adjusted at least point. Adding to the amendment may beliefs to this day. It is with some re-

Chief writes, “We would have to be ‘blind’ not

on
that line as they joined the majority. As the until the person’s term in office ends.”
As Justice Alito notes, the Court has recog-
to see what ‘[a]ll others can see and under- nized “a President is ‘an easily identifiable tar-
be a big hurdle, so perhaps some en-
terprising attorneys could take this
up through the courts on grounds of
free expression, as we currently offer
gret and concern that a conservative
like Bill Buckley wouldn’t be allowed
to darken the door of most universi-
ties today, while someone airing the
stand’: that the subpoenas do not represent a get”’ and “there are more than 2,300 local pros-
for religious viewpoints and have re- left-wing beliefs of Bill Coffin would
us ,

run-of-the-mill legislative effort but rather a ecutors and district attorneys in the country.
cently expanded for LGBQT+ rights. be preaching to the choir.
l

clash between rival branches of government Many local prosecutors are elected, and many LLOYD BARGER RALEIGH COFFIN
e
over records of intense political interest for all prosecutors have ambitions for higher elected
al a

Scottsdale, Ariz. Vero Beach, Fla.

involved.” office.”
Yet even as he bows to the separation of The Chief says judges will police local prose- I strongly encourage alumni to Prof. Ellis evokes the nostalgia of
ci on

powers, the Chief refuses to reject the subpoe- cutors, but this is optimism approaching politi- stop donating to their universities the good old days. He may have for-
nas. Instead, he establishes a new four-prong cal naiveté. In this case, none of the lower until this campus insanity starts re- gotten that the AAUP document he
test for lower courts to review subpoenas. courts would even concede that a sitting Presi- versing itself. I am a Cornell grad and
invokes was created at Columbia Uni-
“Congress may not rely on the President’s in- dent can’t be criminally prosecuted by a local haven’t donated in the last few years.versity as a response to President
formation if other sources could reasonably district attorney. While the Chief says a Presi- If enough alums did this, along with Nicholas Murray Butler who fired any
er s

providing an explanation about why, professor who opposed American en-

provide Congress the information it needs” and dent can challenge a subpoena by “‘“an affirma-
perhaps we might begin to see a try into World War I. No debate.
a subpoena may be “no broader than reason- tive showing of impropriety,” including “bad
m er

change. Prof. Ellis and I shared a career;

ably necessary to support Congress’s legislative faith”’ or retaliation for official acts,” Justice PEGGY RICHARDSON
we saw two different worlds. He saw
objective,” the Chief writes. Alito correctly notes that “such objections are Santa Clara, Calif.
only chaos and bad education. I saw
Courts must also be “attentive to the nature almost universally overruled.” something that has become the envy
of the evidence offered by Congress to establish Mr. Trump won’t occupy the Oval Office for- I was an elementary-school teacher of the world and, until the Covid-19
m rp

that a subpoena advances a valid legislative ever, maybe not past January. Rest assured that from 1969 to 1998. During my years crisis, a $36 billion-dollar trade sur-
purpose” and “should assess the burdens im- Republican partisans will interpret the Court’s in the classroom the curriculum and plus.
posed on the President by a subpoena, particu- rulings on Thursday as a license to harass a the school atmosphere changed. No EM. PROF. SOL GITTLEMAN
larly because they stem from a rival political Democratic President as long as they put for- more Pledge of Allegiance or singing Tufts University
branch that has an ongoing relationship with ward a plausible legal cover. Joe and Hunter Bi- “America the Beautiful.” World War II Lexington, Mass.
co Fo

the President and incentives to use subpoenas den had better prepare for the subpoenas of
for institutional advantage.” their personal and business records.
Payroll-Tax Cuts Mostly Go to the Better Off
Hating Clarence Thomas Casey B. Mulligan and Stephen off workers. It’s telling that the au-

E
Moore’s prescription for the next thors don’t even mention Social Se-
ven by Twitter standards, the response riage. A self-described Ivy Leaguer cited round of coronavirus relief (“A True curity, though the program relies on
to Thursday’s two Supreme Court deci- Justice Thomas’s originalist legal principles Economic Stimulus Plan,” op-ed, payroll-tax contributions. Workers
sions on President Trump’s tax records to imply he’s a hypocrite because “the laws July 3) may be a salve for employ- earn these benefits, but tampering
was revealing. For much of in 1776 did not allow a Black ers and high earners, but won’t cure with the program’s funding stream
the day, Clarence Thomas The Twitter left rolls man to get an education, be- the financial woes that ail unem-
ployed, lower-income and working-
places future benefits at risk. Ameri-
cans who cannot yet return to work,
was “trending,” as they say, out racist attacks. come a lawyer or marry a
n-

class Americans. Fiscal conserva- or don’t deem it safe to do so,

and not in a nice way.
The reason for the Twitter
fury appears to be Justice
Thomas’s dissents (along
no
White woman.” One tweet tives Moore and Mulligan want should not be punished by having
Calling Jack Dorsey. that now seems to have Congress to jettison extended unem- their unemployment benefits cut off
been deleted along with the ployment benefits for workers who during a pandemic. But they will
account was this: “Clarence

lost their jobs during the pandemic, need their Social Security benefits
with those of Justice Samuel Alito) in Trump Thomas—the one black life that doesn’t and instead eliminate the payroll when they retire, which is why pay-
v. Vance and Trump v. Mazars. Both cases matter.” taxes that fund Social Security. roll-tax cuts are an ill-advised rem-
dealt with efforts—one by Manhattan’s dis- People have the right to disagree vehe- (President Trump has insisted on edy for the financial pain of
trict attorney, the other by Congress—to gain mently with the Justice’s opinions, and we un- the same.) Covid-19.
access to Mr. Trump’s personal tax and busi- derstand that Twitter is often a free-speech Contrary to the authors’ claim, a MAX RICHTMAN
ness records. (See nearby.) payroll tax cut wouldn’t “dispropor- President & CEO
sewer. But these tweets reveal the sorry fact
tionately benefit” lower-income National Committee to Preserve
Many critics limited themselves to exple- that many on the political left think racist at- workers. According to the Institute Social Security and Medicare
tives, but many featured an ugly focus on his tacks are fine as long as they’re levied against on Taxation and Economic Policy, Washington
race. “Clarence Thomas believes he’s still a a black conservative who has the nerve to nearly half of the benefit from a
slave, and he’s fine with it,” ran one. Another think for himself.
declared, “Uncle Tom was a real Clarence Don’t wait for CEO Jack Dorsey and his
payroll-tax cut would go to the rich-
est 20% of taxpayers, and would be
CORRECTIONS
Thomas.” Twitter censors to mark these racist tweets a boon to big corporations that are
Others focused on his interracial mar- as offensive hate speech. under no obligation to rehire laid- Ina Weisse’s film “The Audition” is
available on the Strand Releasing
website. A June 26 review of the
Joe Biden vs. the Nuns New York Makes a Mistake,
Funding Police Saves Lives
movie, “When Music Cannot Soothe,”
misstated its availability.

H
i i i
ours after the Little Sisters of the Poor den’s political radar was out of date.” The Journal is right to oppose cut- Nancy Novack was one of the edi-
won—again—at the Supreme Court on But the share of Catholics voters who chose ting New York’s police budget by $1 tors who worked on PBS’s “The Vote.”
Wednesday, Joe Biden pledged to fight the Republican for President rose seven points, billion (“New York’s Cop Out,” Review A July 3 review, “When Women
like hell to roll back con- to 52%, from 2008 to 2016. & Outlook, July 3). Funding police Seized Suffrage,” omitted her name.
science protections for Catho- As President, he says The Obama Administration’s saves lives. Europe spends more of its
lic nuns and other religious he’d keep harassing the protracted legal war on Cath- economy on the police than the U.S.
employers who object to pro- olic nuns surely had some- does. Partly as a result, Europe has Pepper ...
viding contraceptives. Little Sisters of the Poor. thing to do with it. Feelings of both a lower murder rate and a lower
And Salt
The first version of besiegement were often cited rate of killings by the police.
ObamaCare’s contraceptive by religious backers of the More cops on the beat means they THE WALL STREET JOURNAL
spend more time getting to know the
mandate offered a narrow exclusion only for not-exactly-pious Donald Trump.
communities they serve. That makes
churches. But Vice President Biden “argued in- Mr. Biden projects a moderate Catholic per- them more knowledgeable and effec-
ternally for a stronger exemption than what sona, so why continue fanning these cultural tive and less likely to get into unnec-
was in the initial rule,” according to “Reclaim- flames? If elected he says he’ll “restore the essary violent encounters.
ing Hope,” a memoir by Michael Wear, who Obama-Biden policy” of giving an exemption Cutting police spending will harm
worked on faith issues in the White House. Mr. to churches, an “accommodation” to nonprofits minorities most, as the murder rate
Biden even “arranged for Cardinal Timothy “with religious missions,” and apparently noth- increases. In 2018, 45% of all murder
Dolan of New York, the head of the US Confer- ing to religious for-profits. By the way, under victims were black, 89% of whom
ence of Catholic Bishops, to meet with Presi- his “accommodation,” the Little Sisters’ em- were killed by another black person.
dent Obama.” ployees would be provided contraceptives HANS BADER
Arlington, Va.
A 2014 New Yorker profile corroborates this “through their insurance company or a third-
account: “In 2011, Biden objected to an Admin- party administrator.” This sounds exactly like
Letters intended for publication
istration plan to require Catholic hospitals and the fig leaf they rejected years ago. should be emailed to wsj.ltrs@wsj.com.
other institutions to cover contraceptives un- Harassing nuns in court for four more years Please include your city, state and
der the Affordable Care Act, saying that it won’t unite the country, and it makes us won- telephone number. All letters are sub-
would cost them working-class votes.” Some der if Mr. Biden will ever be capable of saying ject to editing, and unpublished letters
cannot be acknowledged.
of Mr. Obama’s advisers “concluded that Bi- no to the ascendant cultural left. “I’m looking for my first celebrity.”
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
THE WALL STREET JOURNAL.
By Mike Gonzalez
F
aced with general unrest in
the streets, will America’s
political, corporate and
media leaders panic? Will
they acquiesce to bad poli-
cies that the nation will regret for
decades? You can count on it, be-
cause that’s what happened the last
time America was convulsed by ra-
cially charged riots.
Some 700 riots shook America be-
tween 1965 and 1971, leaving devasta-
tion in their wake. Between 1965 and
1968, more than 300 riots left 250
people dead and hundreds of millions
of dollars in property damage, ac-
cording to historian Hugh Davis Gra-
ham. The establishment lost its nerve
and capitulated. Militants intimidated
politicians, college administrators
and midlevel bureaucrats into laying
the foundation for the identity poli-
tics that rankle our lives today.
The policy mistakes of
the 1960s and ’70s laid
the foundation for the
identity politics of today.
In response to the activists’ de-
mands, the policy makers of the past
blessed the federal bureaucracy’s cre-
ation of racial and ethnic categories
and the related use of racial prefer-
ences for university admissions, em-
ployment and government contract-
ing. The formalizing of groups, the
addition of incentives to adhere to
them, and the culture of victimhood
that the whole scheme instilled, be-
trayed the colorblind promise of the
civil-rights movement. The Civil
What Beijing Lost With Its Border Clash Blunder
Think of it as Xi Jin-
ping’s Himalayan
blunder. The final
outcome of the bor-
der standoff between
China and India may
be uncertain, but the
EAST IS
consequences of
EAST
New Delhi’s decision
By Sadanand
last week to ban 59
Dhume
Chinese apps, includ-
ing the popular
video-sharing app TikTok, are clear.
Should the ban stick, and be emu-
lated by other countries, it could seri-
ously set back Beijing’s ambition to
replace the U.S. as the world’s domi-
nant technological power.
“Chinese companies can’t really be
global if they lose out on India,” says
Rush Doshi, an expert on Chinese
strategy at the Brookings Institution.
“And if India can do this, then other
countries can do it too.” On Monday,
Secretary of State Mike Pompeo told
Fox News that the U.S. was consider-
ing a ban on TikTok and other Chi-
nese social-media apps. Australia is
also pondering a TikTok ban.
New Delhi’s decision comes amid a
continuing nine-week confrontation
with China along their disputed
2,200-mile boundary, which began af-
The Next Pandemic: Trump Derangement Syndrome
no
By Joseph Epstein
I
t’s been going around for some
time and now appears to be in
danger of spreading widely. I re-
fer not to Covid-19, but to Donald-20,
or, to use its pseudoscientific name,
Trump Derangement Syndrome. Re-
search has shown that TDS appears
in five stages, each of advanced in-
tensity. Perhaps there will be some
value, if not promise of diminish-
ment, in setting these parameters out
for public awareness.
The cause of TDS is clear
enough—Donald Trump, his looks,
his manner, his nearly every utter-
ance. So far there is no known cure.
Ventilators are unnecessary in TDS,
for people who progress beyond the
first stage tend to vent quite vigor-
ously on their own.
In Stage One, the afflicted has de-
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We Might Get Fooled Again
Rights Act of 1964 was intended to
cure problems like segregation. In-
stead, by creating an incentive system
based on grievances, the architects of
identity politics all but ensured vic-
timhood would never end.
That didn’t matter to men like La
Raza executive director Raul Yzagu-
irre, who urged the Census Bureau in
1974 to abandon national origin
questions and instead create groups.
“There is a difference between a mi-
nority group and a national origin
group—a difference recognized in
terms of national economic and so-
cial policies,” he wrote.
The racial activists of the late
1960s and early ’70s insisted they
were acting on behalf of the grass
roots. Not so. The real images of the
period, writes John D. Skrentny in
“The Minority Rights Revolution”
(2002), weren’t angry raised fists:
“The images of the minority rights
revolution are mostly of mainstream
Euro-American males and minority
advocates, wearing suits, sitting at
desks, firing off memos, and meeting
in government buildings.”
As for the leaders of the establish-
ment, many believed that racial pref-
erences and the balkanization of
identity politics would be temporary.
Forty years later, we know how
wrong they were.
McGeorge Bundy was President
Kennedy’s national security adviser.
No Boston brahmin was more repre-
sentative of the elite set. By the time
he left Camelot and took the helm of
the Ford Foundation in 1966, the era’s
riots were fully underway. Bundy and
the other foundation executives “had
little idea about how to stop the re-
bellions or their negative impact on
‘the American body politic,’ ” accord-
ing to historian Karen Ferguson.
on
“Fear of the destabilizing impact and
us ,
l
ter the Indian media reported that
e
al a
Chinese troops had intruded in at
least three places on territory India
regards as its own. Tensions between
ci on
the nuclear-armed neighbors spiked
last month after a vicious mountain
brawl involving hand-to-hand combat
and nail-studded clubs killed 20 In-
dian soldiers and an unspecified
er s
number of Chinese.
Following talks Sunday between
m er
Chinese Foreign Minister Wang Yi
and Indian National Security Adviser
Ajit Doval, both sides have begun
pulling back troops in some areas.
But it’s unclear if China will vacate all
m rp
the territory it has occupied since
May or allow the resumption of regu-
lar Indian patrols on land both coun-
tries claim.
At first blush, the Indian app ban
co Fo
may not look like much. India ac-
counted for less than 1% of TikTok’s
parent company ByteDance’s $17 bil-
lion in global revenue last year. Pre-
venting Indian teenagers from show-
ing off their Bollywood dance moves
doesn’t seem like the most effective
way of reversing a People’s Libera-
tion Army land grab. And by spook-
ing Chinese venture capital, India
hurts its own nascent startup ecosys-
tem and deepens questions about the
n-
cided before 2016 that Donald
Trump has serious, even strenuous,
character flaws that disqualified him
for the presidency or any other pub-
lic office. Voting for him was never
possible. For Stage One sufferers, a
second Trump term could have ef-
fects that are frightening to contem-
plate. Stage One patients view the
Trump presidency as a blotch in
American political history.
In Stage Two, one dwells upon
Donald Trump’s looks. One has put a
fair amount of thought into the archi-
tecture of his hairdo, wondering how
much time each morning he must de-
vote to its re-creation and whether
he employs a stylist to help. One no-
tices that the length of his neckties
covers up his ample alderman as
does the way he sits, leaning forward
in his chair. Photographs of him in
golf apparel are studied for what
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OPINION
After the Watts riots in Los Angeles, August 1965.
revolutionary possibility of a sus-
tained black revolt drove virtually all
American social policy, public and
private, during this crisis.”
Bundy and his team believed in a
staggering stratagem that Ms. Fergu-
son calls “developmental separat-
ism.” The theory held that only after
a period of ethnic separation could
assimilation take place at some time
in the future. One could say that they
invented modern identity politics.
Already in 1969, the Ford Founda-
tion was making “grant proposals di-
rected at increasing the group iden-
tity and power of minorities.” Via
large grants, the foundation created
the National Council of La Raza and
the Mexican American Legal Defense
and Educational Fund.
They also midwifed racial prefer-
ences. Key passages of Justice Harry
Blackmun’s frequently quoted con-
curring opinion in Regents of Univer-
transparency and predictability of its
economic decision-making.
But though the move may harm
India, it could ultimately hurt China
much more. For starters, a perma-
nent exit from India would seriously
damage TikTok’s prospects of becom-
ing a global rival to Facebook. With
more than 200 million users, India
Fighting with India in the
Himalayas may cost China
its shot at becoming the
dominant tech power.
was TikTok’s largest overseas mar-
ket. ByteDance’s valuation, estimated
privately at around $110 billion be-
fore the ban, is sure to take a hit.
Other popular Chinese apps affected
by the ban include Alibaba Group’s
UC Browser, Tencent Holdings’
WeChat, and the file-sharing app
ShareIt. The market-research firm
Sensor Tower estimates that Indians
cumulatively downloaded the banned
apps 750 million times this year.
Last year six of the 10 most down-
loaded apps in India were Chinese, up
they reveal of the impressive breadth
of his backside. The smugness of his
smile is registered, the smallness of
his hands always noted.
In Stage Three, one is ready to be-
lieve anything—anything pernicious
or salacious, that is—about Mr.
Trump and to reject anything he has
done that might be good for the
country, if only because he is the
man who did it. One is ready to be-
lieve that he diets exclusively on the
meat of endangered species, that
there is something weirdly illicit
about his relationship with Vladimir
Putin, that he secretly admires Kim
Jong Un’s wardrobe. For Stage Three
sufferers, nothing about President
Trump can be totally disbelieved.
As for those of Donald Trump’s
policies that, coming from another
president, one might be pleased
about, these are rejected in Stage
Three derangement syndrome. Israel
shouldn’t count on the allegiance of
Mr. Trump. The revival of the Ameri-
can economy, before Covid-19 sent it
cratering, was owing not to Mr.
Trump but to President Obama. The
lowering of black and Hispanic un-
employment figures under the
Notable & Quotable: We Retract Our Retraction
Adam Marcus writing on the Re-
traction Watch blog, July 8:
The researchers who earlier this
week called for the retraction of
their hotly debated paper on police
shootings and race say the reasons
for their decision to pull the article
have been misinterpreted.
Crime researchers David Johnson,
of the University of Maryland, and
Joe Cesario, of Michigan State Uni-
versity, initially referred in a retrac-
Friday, July 10, 2020 | A15
black community to a “psycho-cul-
tural and therapeutic issue of black
identity without having to deal with
the structural and material issues.”
Today we see the same problems.
Take the effort to “defund” or “dis-
mantle” police departments. The rich
will always be able to buy their own
private protection. But how will leav-
ing entire urban areas without the
protection of the law help our most
impoverished citizens?
Or consider the call for repara-
tions, backed by the New York
HULTON ARCHIVE/GETTY IMAGES
Times’s Nikole Hannah-Jones, cre-
ator of the “1619 Project.” Talk of
reparations distracts us from ad-
dressing the cultural dysfunctions
that ail Americans of all kinds, such
as family breakdown. Payments for
race-based suffering will further en-
shrine resentments as the basis for
attention, assistance and sense of
self-worth.
sity of California v. Bakke, the 1978 The unseemly rush by corpora-
Supreme Court case that cemented tions to outwoke each other has al-
racial preferences in college admis- ready filled the coffers of radical or-
sions, were lifted almost verbatim ganizations like the Black Lives
from a 1977 essay Bundy wrote for Matter Global Network Foundation,
the Atlantic. It was Bundy who whose stated goals include the de-
wrote: “To get past racism, we must struction of the nuclear family—the
here take account of race. There is no very institution that needs shoring
other present way.” up. Meantime, the push by newspa-
Bundy wasn’t alone. Following the pers and other media companies to
Detroit riots, Michigan Gov. George silence voices that dissent from these
Romney co-founded an organization “remedies” will only ensure that the
called New Detroit, which funded country walks into more problems
black nationalists who had little ac- without a real debate.
tual support among African-Ameri- We have been here before. Our
cans. According to Jake Klein of the leaders panicked and let ideologues
Capital Research Center, New Detroit dictate terms. Let history be our
produced a school curriculum that guide this time.
.
contained the first mention of the
notion that racism had to include Mr. Gonzalez is a senior fellow at
ly
both prejudice and power. Such iden- the Heritage Foundation and author
tity-based schemes failed to close the of “The Plot to Change America: How
gap because, as Ms. Ferguson notes, Identity Politics Is Dividing the Land
they reduced the problems of the of the Free.”
from three five years ago, according most obvious example. In the past,
to a study by MacroPolo, a China-fo- opposition from India effectively de-
cused think tank affiliated with Chi- railed Facebook’s “Free Basics” plan
cago’s Paulson Institute. TikTok took to provide stripped-down internet ac-
the top spot. Banishment from India, cess in poor countries. Beyond tech-
which has more than 500 million nology, many other countries now
smartphone users, hobbles China’s echo objections to China’s Belt and
effort to compete with U.S. firms like Road Initiative first voiced by India
Facebook, Google and Amazon for three years ago.
“the next billion users,” people turn- What does the app ban mean for
ing to the internet for the first time U.S. firms? That depends on whether
to shop, search for information or India’s move will be limited to Chi-
make digital payments. nese companies or signals a broader
“Chinese leaders dreamed that shift toward its own brand of techno-
their apps would set the global stan- nationalism.
dard,” says Mr. Doshi. “That dream In a phone interview, Sharad
has been dashed.” Sharma, the Bangalore-based co-
Nor will the fallout be confined to founder of iSPIRT—a think tank that
apps. New Delhi has already barred advocates for homegrown technology
India’s state-owned telecom firm companies—calls the app ban “po-
BSNL from sourcing equipment from tentially a Sputnik moment for In-
China’s ZTE and Huawei. Media re- dia.” He hopes it marks a turn to-
ports suggest government pressure ward domestic innovation the way
on private telecom firms to do the the Soviet Union’s launch of the sat-
same. The odds of Huawei playing a ellite Sputnik in 1957 spurred a vast
role in India’s 5G rollout in the com- U.S. effort to improve its technologi-
ing years now look vanishingly slim. cal competitiveness.
The damage may not be limited to We will only know how inward In-
India. The Indian ban could have a dia will turn in the coming months
“cascading effect,” says Adam Segal, and years. But one thing seems cer-
an expert on Chinese technology tain: If India’s app ban stays, Xi Jin-
firms at the Council on Foreign Rela- ping’s Himalayan adventure will have
tions. Mr. Pompeo’s remarks are the cost his country dearly.
Trump administration is scarcely to Trump lose the forthcoming presi-
be believed. Nor is the utility of his dential election, Stage Four derange-
legislation reforming prisons or of ment syndrome sufferers believe he
his creating opportunity areas in is unlikely to depart the White House
black neighborhoods, if only because willingly and is not beyond using
it happened under Donald Trump, military force to keep himself in
who is, patients say, clearly a racist. power. Mussolini, Hitler, Stalin,
Mao—for people with Stage Four de-
rangement syndrome, Donald Trump
Symptoms include is clearly a figure in their line.
In Stage Five TDS, one is weighted
obsession with the down with all the symptoms of the
president’s hair and first four stages, but brings to them
an added choleric intensity of anger.
comparing him to Mao. At the mere mention of the name
Donald Trump, unprintable expletives
issue out of one’s foam-flecked lips.
In Stage Three derangement syn- One’s skin flushes, veins appear on
drome, if Donald Trump is for any one’s forehead, one’s hands tremble,
specific policy, one is automatically one loses all powers of speech.
against it; if he is against it, one is Still, the nice thing about Trump
for it. Case not so much closed as Derangement Syndrome is that to
never really opened. prevent catching or spreading it, you
In Stage Four, one imputes evil to don’t have to wear a mask or always
Mr. Trump. One believes he became be washing your hands or practice
president of the United States to social distancing. All you have to do
boost his hotel business. One is cer- is turn off your television set.
tain he has it in mind to create a dy-
nasty, with Don Jr. and Jared Kush- Mr. Epstein is author, most re-
ner waiting to succeed him as cently, of “Charm: The Elusive
president-emperor. Even should Mr. Enchantment.”
tion statement to citations to the In an amended statement, the au-
work of Heather Mac Donald, of the thors noticeably omit references to
right-leaning Manhattan Institute, Mac Donald. On Wednesday, Cesario
who wrote about the PNAS article told Retraction Watch:
for the City Journal and the Wall “The [first statement] was an
Street Journal. earlier version and we slightly
Those pieces, Cesario and John- amended it because people were in-
son said, had unfairly co-opted the correctly concluding that we re-
paper, “Officer characteristics and tracted due to either political pres-
racial disparities in fatal officer-in- sure or the political views of those
volved shootings,” to argue against citing the paper. Neither is correct
the existence of racial bias in police and so this version makes the rea-
shootings. son more clear.”
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
A16 | Friday, July 10, 2020
Virus Lockdowns
Fuel Africa Trade
In Conflict Gold
BY NICHOLAS BARIYO
AND JOE PARKINSON
KAMPALA, Uganda—At the
deserted Entebbe airport on a
recent night, Ugandan police
searched two cardboard boxes
in a white pickup truck that
were due to be loaded onto a
cargo flight. The plane was
bound for Dubai after having
ferried Covid-19 aid into
Uganda.
In the boxes, the police
found the latest and largest
haul of gold illegally smuggled
from the war zones of the Dem-
ocratic Republic of Congo: 205
pounds valued at $5 million.
Inside one of the world’s
toughest coronavirus lock-
downs, a glittering trade for
illicit product is booming: con-
flict gold.
In recent months, record
amounts of gold from the con-
flict zones of Eastern Congo
have been smuggled across the
porous border with Uganda,
where it is being stamped with
fake certifications before be-
ing shipped to international
markets in Dubai, Mumbai and
Antwerp, Ugandan security of-
ficials, smugglers and traders
said. Much of the gold is
reaching these overseas mar-
kets using cargo planes re-
turning from Uganda after de-
livering Covid-19 aid and other
essential supplies, according
to plane manifests seen by The
Wall Street Journal.
“These smuggling rackets
have worsened in recent
months,” said Fred Enanga,
Uganda’s police spokesman.
“We are doing all we can to en-
Candidate’s Death Roils Ivory Coast Election Libya, U.S.
BY GABRIELE STEINHAUSER
JOHANNESBURG —The
death of the ruling-party candi-
date in Ivory Coast’s October
presidential election has unrav-
eled a carefully choreographed
succession plan, testing the
stability of one of the world’s
fastest-growing economies.
Prime Minister Amadou Gon
Coulibaly died on Wednesday,
days after returning from two
months’ medical treatment in
France, where he had received a
heart transplant in 2012. The 61-
year-old was a close lieutenant
of President Alassane Ouattara,
a former International Monetary
Fund official who has overseen
the economic renaissance of the
world’s top cocoa producer fol-
lowing a debilitating civil war.
Mr. Gon Coulibaly’s death
leaves the ruling RHDP bloc in
no
ARISTIDIS VAFEIADAKIS/ZUMA PRESS
ATHENS PROTEST: Violence erupted Thursday as thousands demonstrated in the Greek capital against a new law to curb public protests. Six police officers were injured.
CHINA
First Virus Hot Spot
Beset by Flooding
China’s central Hubei province,
the original center of the corona-
virus, had only just emerged
from an unprecedented months-
long lockdown aimed at contain-
ing the deadly pandemic.
Now, it is facing its second ca-
lamity of the year as the largest
rains in recent memory swell
some sections of the Yangtze
River and cause widespread
flooding in the countryside around
the provincial capital of Wuhan.
Record rainfall in and around
sure that wrong elements do
not use our borders and airport
as a conduit for smuggled gold.”
The trade in conflict gold
isn’t new, but it has perhaps
never been more lucrative:
Gold prices at illegal and un-
regulated Congolese mines,
where supply chains have been
disrupted by coronavirus shut-
downs and renewed violence
between militant groups, have
dropped more than 40% since
April, local traders said, while
on global markets, prices are
up by almost a third.
Difficult to trace, conflict
gold has fueled regional wars,
funded rebel fighters in Congo
and prompted the United Na-
tions to impose sanctions on
prominent traders. Activists
and U.N. investigators have
long accused Uganda and sev-
eral of Congo’s neighbors of
being complicit in the plunder
of Congolese gold, and the U.S.
has pushed electronics firms
to prove minerals used in
products from laptops to
smartphones aren’t from
rebel-held mines.
The calls to end the illicit
trade grew louder last year af-
ter Uganda’s gold exports over-
took coffee to become the lead-
ing export commodity for the
first time—despite the country
producing very little bullion.
The U.N. estimated that
more than 95% of gold exports
from Uganda in 2019, which to-
taled just over 25 tons, wasn’t
of Ugandan origin. Despite a
on gold trade is legitimate and
near total lockdown of the
us ,
economy, Uganda earned more
l
than $120 million from gold
e
al a
exports in March and April, ac-
ci on
search of a new candidate for
er s
the Oct. 31 vote, just as two of
Mr. Ouattara’s predecessors are
m er
looking at a return to the pres-
idency. Mr. Ouattara himself
considered running for a third
term, before picking Mr. Gon
Coulibaly, who he described as
m rp
“my younger brother, my son”
when announcing his death, as
his successor in March.
The president has said a
constitutional two-term limit
co Fo
doesn’t apply to him, since the
document was passed only af-
ter his election to a second
term in 2015—a theory that
has been rejected by his rivals
and analysts.
The election risks sparking
a new round of political up-
heaval. In 2010 and 2011, some
3,000 Ivorians died in unrest
after President Laurent
Gbagbo refused to accept Mr.
n-
Hubei has disrupted travel, hurt
business activity and left millions
stranded and separated from
their loved ones—for many, for
the second time in six months.
State media have reported
that roughly 3.5 million people in
Hubei, a province of nearly 60
million people, were directly af-
fected by the rains between July
4 and 8, resulting in a direct
economic loss of 4.5 billion yuan
($644 million).
In Huangmei county, record lev-
els of rainfall triggered a landslide
on Wednesday, burying nine villag-
ers. Only an 80-year-old woman
survived, state media reported.
—Jonathan Cheng
WORLD NEWS
cording to the country’s cen-
tral bank, equal to nearly half
of total export earnings.
Uganda’s Energy and Miner-
als Ministry insists that the
that it ensures that all those
in the industry are licensed.
To stem smuggling, a special-
ized unit has been created to
watch over gold flashpoints,
government officials say.
But experts say the smug-
Ouattara’s victory in elections.
The government defaulted on
its debts and the cocoa har-
vest rotted in warehouses.
Last year, the International
Criminal Court in The Hague,
Netherlands, found Mr.
Prime Minister
Amadou Gon
Coulibaly died
after months
of treatment
for a heart
condition.
Gbagbo not guilty of crimes
against humanity linked to the
violence, opening the door for
his return to domestic politics.
In May, the court cleared Mr.
Gbagbo for traveling while he
waits for an appeal of his ac-
WORLD WATCH
DENMARK
Russia Gas Pipeline
Clears Key Hurdle
Denmark granted unexpect-
edly swift approval for resuming
construction of the Russian-
backed Nord Stream 2 pipeline
in Danish waters, potentially
clearing one of the last hurdles
for completing the project at the
center of a geopolitical tussle.
The pipeline would deliver Rus-
sian natural gas to Germany, and
while those two governments
have characterized the project in
commercial terms, U.S. lawmakers
and officials fear that Nord Stream
glers are one step ahead: side-
stepping restrictions, improv-
ing their forgeries of official
documents and constantly
changing smuggling routes.
U.N. investigators estimate
that each month between 2
tons and 3 tons of Congo’s con-
flict gold—with a market value
above $100 million—is crossing
the Ugandan frontier, passing
border crossings patrolled by
heavily armed guards.
quittal to be decided. His Ivo-
rian Popular Front has yet to
name a candidate for the elec-
tion.
Sylvain N’Guessan, a politi-
cal analyst in the country’s
main city, Abidjan, said he now
expects both Messrs. Gbagbo
and Ouattara to run in October,
a potentially explosive remake
of the 2010 contest. “But I
don’t see it resulting in armed
conflict,” Mr. N’Guessan said.
Should both enter the race,
they would join another for-
mer president, Henri Konan
Bedie, 86, whose ouster in a
1999 coup hastened a period
of instability and civil war that
left the country effectively
split in two for a decade.
Mr. Ouattara’s popularity
has waned in recent years, as
many Ivorians have failed to
see the economic expansion he
2 will give Moscow greater politi-
cal leverage across Europe.
Denmark generally prohibits
vessels doing seabed construction
to anchor on the seafloor, be-
cause of the presence of unex-
ploded World War II ordnance,
and Russia’s pipe-laying vessels
generally rely on anchoring, rather
than using a computer-controlled
system to maintain position.
Nord Stream 2 AG, a com-
pany owned by Russia’s gas-ex-
port monopoly Gazprom, peti-
tioned the Danish regulator last
month to use anchored vessels.
The Danish Energy Agency
granted the approval Monday.
—Brett Forrest
* * THE WALL STREET JOURNAL.
Fuel tanker trucks are sometimes used to conceal and smuggle
gold across Uganda’s border. Certificates of origin for the
smuggled gold can be forged in downtown Kampala.
Smugglers and police say the
gold is secreted in trucks that
are allowed to bypass coronavi-
rus restrictions to deliver “es-
sential goods” from fuel to food
supplies. The yellow bars,
weighing between 5 and 20 ki-
lograms, are stuffed underneath
truck cabins, inside battery
compartments and emptied
gasoline tankers. Once inside
Uganda, the truckers sell the
bars to traders who purchase
forged documents in Kampala
that disguise the gold’s origin.
ly
The scramble is fueling vio-
lence in the eastern Congolese
province of Ituri, complicating
efforts to restore order in a re-
gion plagued by decades of con-
flict. Fresh violence has left
more than 1,300 civilians dead
since March, in what the U.N.
says may amount to war crimes.
Armed groups are carrying
out predatory raids on mines
oversaw translate into better
livelihoods. Some 46% of the
population still lives in pov-
erty and cocoa farmers have
suffered steep fluctuations in
global prices for their crops.
Already, the president’s
choice of Mr. Gon Coulibaly as
his successor triggered some
prominent desertions from the
governing coalition. A push for
a third term could lead to fur-
ther splintering.
“The president has said on
several occasions that he
would step aside,” said Albert
Toikeusse Mabri, a former ed-
ucation minister whose party
forms part of Mr. Ouattara’s
coalition. “I expect him to
stick to his word.”
Mr. Mabri also raised the
possibility that the election
could be postponed because of
the coronavirus pandemic.
SERBIA
Mass Gatherings Ban
Is Set After Violence
Serbian authorities on Thurs-
day banned gatherings of more
than 10 people in the capital, Bel-
grade, after two nights of violent
clashes between police and thou-
sands of demonstrators protesting
coronavirus lockdown measures.
Thousands of people defied
the ban Thursday night to stage
a sit-down protest in front of
Parliament, but that gathering
and others remained peaceful
despite a large police presence.
—Associated Press
ESTHER RUTH MBABAZI FOR THE WALL STREET JOURNAL (2)
in search of gold, local officials
say. In April, armed bandits at-
tacked a Chinese-owned mine
site 40 miles north of the
Eastern city of Beni, killing
three Chinese nationals before
stealing an unspecified amount
of gold. Dozens of other at-
tacks have taken place near
gold-trading routes, killing
dozens of people since Janu-
ary, provincial authorities said.
Experts analyzing the sup-
.
ply chain say that business is
turning from smaller legal
traders into the hands of
large-scale smugglers and
criminal gangs.
“There are many new ac-
tors,” said Joanne Lebert, exec-
utive director of Impact, a Ca-
nadian natural-resources think
tank. “Large wealthy traders
are most active. They are the
ones that are smuggling gold
out hidden in petrol trucks.”
Investigate
Alleged
Barter Deal
Libya and the U.S. are in-
vestigating suspected gold-for-
cash trades between Venezu-
ela and Libyan militia leader
Khalifa Haftar, security offi-
cials said.
By Benoit Faucon in
London and Ian Talley
in Washington
The Libyan government,
with the help of the United
Nations and the U.S., has been
tracking Mr. Haftar’s private
jet, which is suspected of car-
rying gold from Venezuela to
West Africa, and from there to
Europe and the Middle East,
U.S., European and Libyan se-
curity officials said.
Libya’s attorney general has
opened an investigation into
information that suggests Mr.
Haftar’s eastern Libya-based
faction has been bartering U.S.
dollars for Venezuelan gold.
The country’s interior minis-
ter, Fathi Bashagha, said
Thursday that the inquiry was
initiated at his request.
“Venezuela is under U.S.
sanctions so we have to open
an investigation,” he said.
The U.S. State Department
has said publicly that it has
been looking at flight-tracking
suggesting Mr. Haftar’s jet
traveled to Caracas. “We’ve
been tracking those reports on
Haftar’s trip—alleged trip to
Venezuela,” David Schenker,
the department’s assistant sec-
retary for near eastern bureau
said on a June 11 press call.
The State Department
didn’t respond to a request to
comment. Representatives for
Mr. Haftar’s faction, the Lib-
yan National Army, and the of-
fice of Venezuelan President
Nicolás Maduro didn’t respond
to requests to comment.
The U.S. is seeking to re-
place Mr. Maduro with Juan
Guaidó. But the Maduro re-
gime has endured, even as the
pandemic and a crash in oil
prices have compounded the
impact of a U.S. oil embargo.
Mr. Maduro has reached out
world-wide, where he has
sought assistance from U.S.
foes such as Iran and Russia.
“Haftar has been concerned
his accounts could be frozen if
he comes under sanctions”
and would prefer to have gold,
which is more difficult to
track, a European security of-
ficial said.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

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TikTok Weighs Pullback From China Starbucks

To Require
BY LIZA LIN for TikTok or establishing a startups. million users downloaded Tik- the app is intensifying.
AND SHAN LI

ByteDance Ltd. is consider-

headquarters for the app out-
side of China to distance the
app’s operations from China,
ing changing the corporate
structure of its popular short-
video app TikTok, as it comes
said a person familiar with the
company’s thinking.
TikTok, which has shot to
under increasing scrutiny in global fame over the last two
its biggest markets over its years thanks to its catchy
Chinese ties. dancing and lip-syncing vid-
Senior executives are dis- eos, is owned by Beijing-based
cussing options such as creat- ByteDance, one of the world’s
ing a new management board most valuable technology
ByteDance, whose second-
ary shares have valued the
firm at $150 billion in recent
weeks, counts big-name U.S.
investors such as Coatue Man-
agement and Sequoia Capital
among its backers.
The app has seen a surge in
downloads as the coronavirus
kept millions of people locked
up in their homes and eager
for distractions. About 315
Tok in the first quarter of the
year, the most downloads ever
for an app in a single quarter,
according to research firm
Sensor Tower, bringing its to-
tal to more than 2.2 billion
world-wide.
But as TikTok grows in pop-
ularity—and an increasingly
assertive Chinese government
raises hackles in foreign capi-
tals—regulatory pressure on
Officials in several coun-
tries have expressed concerns
over the large volumes of user
Masks for
data TikTok collects, with
some speculating that Byte-
Dance could be compelled to
Customers
share it with the Chinese gov-
ernment. TikTok has repeat- BY HEATHER HADDON
edly denied receiving Chinese
government requests for user Starbucks Corp. will re-
data and said it wouldn’t re- quire customers in the U.S. to
Please turn to page B2 wear masks at company-oper-
ated stores starting next week,
as retailers look to keep em-

America, Decked Out, Binges on Lumber

ployees and patrons safe amid
rising coronavirus cases in
parts of the country.
Customers will have to
wear masks in about 8,900
BY RYAN DEZEMBER stores Starbucks runs begin-
ning July 15, the company said
Gold is climbing toward a in a blog post Thursday. The
record high, oil futures went number of new coronavirus
from minus $40 a barrel to cases have hit new daily highs
$40 in a month and a half, but this week, according to data
the hottest commodity in the compiled by Johns Hopkins
U.S. these days is wood. University, and hospitaliza-
Prices for forest products tions are straining hospital
like lumber and plywood have systems in several states.

.
soared because of booming de- Companies with consumer
mand from home builders businesses have faced many

ly
making up for lost time, a DIY challenges in trying to figure
explosion sparked by stay-at- out how to safely operate
home orders and a race among stores during the Covid-19 pan-
restaurants and bars to install
outdoor seating areas.
Lumber futures are up more
than 85% since April 1. Lumber
on demic. As the virus spread ear-
lier this spring, some retailers
and restaurant chains that
stayed open had to race to buy
for July delivery settled Thurs- masks and other protective
us ,

day at $499 per thousand equipment for employees.

l

board feet while the more Costco Wholesale Corp. in

e
al a

heavily traded September fu- May faced criticism and a boy-

tures ended at $481.90. Both cott over its decision to re-
NOAM GALAI/GETTY IMAGES

are above the pre-pandemic quire that all customers wear

ci on

high of $463.00, set during the a mask. Employees and secu-

hottest home-building market rity guards have faced attacks
since 2006. Lumber futures by some patrons who refused
seldom trade above $450. to cover their faces.
The gains have lifted shares Starbucks is sending sign-
er s

of mill owners West Fraser Please turn to page B2

Timber Co. and Weyer- With indoor dining still banned, workers set up spaces outdoors for a New York City restaurant, a trend that adds to wood demand.
m er

haeuser Co., which have out-

bounced the broader market
from its bottom in late March.
At that time, the coronavirus
tion,” said Leiby Wieder, who
manages Tri-State Lumber in
the Greenpoint neighborhood
Lumber producers have outperformed the broader market since stocks bottomed in March.
Share-price and index performance Random Length lumber Elon Musk
Gloats at
futures price
shutdown slowed home con- of New York’s borough of West Fraser Timber Weyerhaeuser S&P 500
m rp

struction and sales, wood Brooklyn. “They stayed home 125% $500 per 1,000 board feet
prices sank and mills were and built decks, they built
curtailing production.
“A lot of saw mills closed
up shop and moved into doing
fences, they built pergolas.
Anything and everything.”
Harvard University’s closely
100 Skeptics as
Tesla Soars
co Fo

maintenance and repairs, fig- followed forecast of home-ren- 400

uring demand would drop with ovation spending predicted a 75
people losing their jobs and slowdown in a market that for
watching their spending,” said years has been a bright spot in
Leroy Ball, chief executive of the economy. But the model 50
Koppers Holdings Inc., a Pitts- couldn’t have predicted a pan-
burgh company that makes demic that kept Americans at
chemicals used to treat wood home for months. Mill orders 25
for decks, fences and utility backed up.
poles. “What happened was “Demand from our home-
just the opposite.” center customers at Home De-
Lumber and plywood pot, Lowe’s, and Menards has
started flying off shelves. been as strong as we’ve ever
n-
BY TIM HIGGINS
300
Tesla Inc.’s strong perfor-
mance during the pandemic
has sent its stock soaring,
dealing a blow to investors
0 200 betting against the Silicon Val-
ley auto maker. And Chief Ex-
April 2020 July Aug. 2019 '20
ecutive Elon Musk is having a

“People didn’t go on vaca- Please turn to page B11 Source: FactSet blast rubbing their noses in it.
The 17-year-old electric-car
company’s market value has

‘Blank Check’ IPO Brings Ackman Back on Stage risen almost 25%—or about
no

$50 billion—to more than

$250 billion in little over a
week, and now roughly equals
BY CORRIE DRIEBUSCH campaign since he lost a proxy where he remains an involved sidestep the stock market’s fund swelled to $20 billion un- the combined values of Toyota
fight with Automatic Data Pro- shareholder, like Starbucks plunge. Now he is taking a big der management in mid-2015. Motor Corp., General Motors
Hedge-fund billionaire Wil- cessing Inc. in 2017. Corp. Earlier this year, he swing in the IPO market. Then, his fortune turned. A Co., Ford Motor Co. and Fiat
liam Ackman has come roaring Instead, he has made long- made a prescient bearish wa- In the first half of 2020, Mr. big bet on drugmaker Valeant Chrysler Automobiles NV.
back after years of dwindling term bets on large companies ger that enabled his fund to Ackman’s public fund, Persh- began to unravel, ultimately Tesla shares hit a record high
assets and a self-imposed exile ing Square Holdings Ltd., re- costing the fund billions of $1,429.50 during Tuesday
from the spotlight. turned 29%—handily beating a dollars and driving losses for trading.
But the activist investor’s 4% decline in the S&P 500— three consecutive years. A bet With Tesla shares more
recent wins haven’t been boosted in part by complex against Herbalife Nutrition than tripling this year, short
fueled by publicly agitating for hedges he began to put in Ltd. also floundered, and de- sellers—investors who have
companies to change. They place in February. Those spite Mr. Ackman’s many pub- bet against the stock—have
have instead come from out- hedges generated $2.6 billion lic appearances deriding the lost $17.89 billion on paper
side-the-box moves like the in proceeds and offset other company’s accounting and during the period, according
one that will be on display losses in his portfolio. business practices, the stock to Ihor Dusaniwsky, head of
PATRICK T. FALLON/BLOOMBERG NEWS

next week, when Mr. Ackman His strong start to 2020 kept rising. Between 2015 and predictive analytics at S3 Part-
is expected to launch an initial follows a big win in 2019, 2019, his private fund shrunk ners. In July, the bearish in-
public offering of the biggest when Pershing Square re- by roughly $9 billion. vestors are down more than
“blank check” company ever, turned more than 50%. Mr. Ackman stopped raising $4 billion, with shares up
raising money to take a future Mr. Ackman declined to money for that private fund 2.08% on Thursday.
acquisition public. Blank-check comment for this article. and focused on the public A gleeful Mr. Musk has cel-
companies don’t have any as- Hailed as an investing sa- fund, retreated from the lime- ebrated in recent days by
sets or operating histories vant after strongly outper- light and told investors he was taunting the short sellers, an-
when they go public. forming the broader market returning to the type of in- nouncing over the weekend
Mr. Ackman hasn’t initiated during the financial crisis, Mr. vestment analysis that first the launch of a line of Tesla
a public shareholder-activism William Ackman hopes to raise $3 billion in the IPO for acquisitions. Ackman’s Pershing Square Please turn to page B10 Please turn to page B2

Walgreens Halts Buybacks, Cuts 4,000 Jobs INSIDE

BY SHARON TERLEP 31, with most of the impact
AND MICAH MAIDENBERG tied to its retail-pharmacy busi-
ness overseas.
Walgreens Boots Alliance A “dramatic reduction” in
Inc. said it plans to cut about customer traffic, including an
4,000 jobs in the U.K. and sus- 85% decline in April, weighed
pend stock buybacks as de- on demand for its Boots U.K.
mand fell off in its interna- stores, Walgreens said.
tional business during the The company said it re-
drugstore chain’s latest quarter. corded noncash impairment
The pharmacy chain on charges of $2 billion tied to the
Thursday said the coronavirus Boots U.K. unit.
pandemic sliced out around Shares of the pharmacy
$700 million to $750 million in chain fell 7.8% in trading on
sales for its quarter ended May Thursday.
The job cuts in the U.K. will
impact about 7% of its work-
force there and less than 1% of
its global staff, and will in-
clude closing 48 Boots opti-
cians and a 20% head-count re-
duction in the company’s U.K.
support offices.
Boots, a big seller of upscale
health and beauty products as
well as a pharmacy and eye-
care chain, has been a lucrative
business for Walgreens, which
has struggled in the U.S. amid
smaller revenue for prescrip-
tion drugs and competition
from online retailers.
Walgreens acquired Boots
Alliance in 2014, two years af-
ter taking a 45% stake in the
company, which also is Eu-
rope’s largest pharmaceutical
wholesaler.
Boots comprises most of SOCIAL MEDIA BUSINESS NEWS
Walgreens’ international retail Facebook and civil- Live streaming revives
and pharmacy business and is
Please turn to page B2
rights advocates sales at China’s
remain at odds over clothing and other
 Heard on the Street: Belt- company’s content. B6 types of stores. B3
tightening is in order.......... B12
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

B2 | Friday, July 10, 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
Albertsons.................B10
Alphabet .............. B2,B11
Amazon.............B11,M12
American Airlines
............................. B3,B11
Anheuser-Busch InBev
...................................B11
Apple.........................B11
AT&T..........................B11
Azul...........................B11
B German prosecutors are
Bed Bath & Beyond
........................... B11,B12
Beike Zhaofang.........B10
BP..............................B10
BR Malls Participações
...................................B11
ByteDance...................B1
C Morgan Stanley........B10
Cargill..........................A9
China Renaissance....B10
Comcast.......................B4
Costco Wholesale.......B1
CVS Health............A6,B2
D 2010.
DocuSign ...................B12
DoorDash...................B10
DTE Energy.................A2
E Ping An Insurance
Exxon Mobil..............B10
F Q
Facebook................B4,B6
Fannie Mae.................A4
FedEx........................M12
Fiat Chrysler...............B1
Ford Motor..................B1
INDEX TO PEOPLE
A F
Ackman, William.B1,B10
Allan, Richard ............. B4
Freddie Mac................A4
G
General Motors...........B1
Goldman Sachs.........B10
H Salesforce.com..........B12
Hainan Meilan
International Airport
...................................B12
Harley-Davidson ......... B3
Hillhouse Capital Group
...................................B10
J Taulia.........................B10
JBS..............................A9
L Wirecard AG, adding to probes
Laboratory of America
.....................................A6
M payments firm.
Microsoft...................B11
N-O
Netflix.......................B11
Novavax.....................B11
Oracle ........................ B12
P
Palantir Technologies
...................................B10
Pershing Square ......... B1
Pilgrim's Pride............A9
(Group) of China .... B10
QuantumCTek ............. A1
Quest Diagnostics......A6
R ...................................B10
RA Capital Management
...................................B11
Foreman, Doug ........... A9
H M
Rolls-Royce..........B3,B12
Royal Caribbean Cruises
...................................B11
S
Saudi Arabian Oil ..... B10
Sequoia Capital.........B10
Shopify......................B12
SoftBank Group........B10
Starbucks....................B1
T rested amid the continuing
Tencent......................B10
Tesla............................B1
Toyota Motor..............B1
Tyson Foods................A1
U-V
United Airlines....B3,B11
UPS...........................M12
Verizon Communications
...................................B11
W cases related to possible money
Walgreens Boots
Alliance.......B1,B11,B12
Walmart......................A6
Walt Disney................A2
Warner Music Group B10
West Fraser Timber ... B1
Weyerhaeuser.............B1
Wirecard......................B2
Y vestors that the company used
Yduqs Participaçoes..B11
Z ate fake revenue or claimed to
ZoomInfo Technologies
Zoom Video
Communications.....B12
Li, Feifei....................B11
Linn, Marty.................A9
Wirecard Executives Investigated
For Possible Money Laundering
BY PATRICIA KOWSMANN
AND TOM FAIRLESS
looking into possible money
laundering by executives at
related to potential fraud and
fake accounting at the insolvent
A spokeswoman for the Mu-
nich public prosecutor said it
was conducting several legal
laundering at Wirecard, the
oldest dating as far back as
A Wirecard spokeswoman
declined to comment.
Wirecard has long been
dogged by allegations from in-
third-party partners to gener-
hold cash that wasn’t there.
The company filed for the
German equivalent of bank-
ruptcy in June, days after it
disclosed that $2 billion it had
claimed to have on its balance
sheet was missing and might
not even exist.
Two people, including Wire-
card’s longtime chief executive
officer and largest shareholder,
Markus Braun, have been ar-
probes.
Mr. Braun resigned in June
and was released on bail after
being detained over accusa-
tions he inflated Wirecard’s
numbers. Mr. Braun has denied
wrongdoing.
This week, Munich prosecu-
tors arrested and questioned
the director of a Dubai based-
Wirecard unit that managed
the group’s relationships with
third-party acquirers—compa-
nies Wirecard said processed
payments on its behalf in coun-
tries where it didn’t have li-
censes.
Prosecutors said the execu-
tive was arrested over suspi-
cion of conspiracy to commit
fraud. The missing money re-
lated to business with these
third-party partners.
U.S. authorities are also ex-
amining whether Wirecard
played a critical role in an al-
leged $100 million bank-fraud
conspiracy connected to an on-
line marijuana marketplace, ac-
cording to people familiar with
the investigation.
At the heart of the case are
two businessmen accused of
conspiring with third-party
payment processors and others
to trick U.S. banks into approv-
ing credit-card payments for
marijuana products.
Wirecard played a role in the
alleged conspiracy by serving
as both a payment processor
and an offshore merchant bank,
The company filed
for the German
equivalent of
bankruptcy in June.
the people said.
The authorities are consider-
ing the possible role of several
former or current top Wirecard
executives, two of the people
said.
While the prosecutors’
spokeswoman didn’t mention
any specific cases of possible
money laundering by Wirecard
officials, there are at least two
in the U.S. involving the com-
pany that have popped up over
the years.
In 2010, an investigation by
the Federal Bureau of Investi-
gation into a German national
living in Florida found he ap-
peared to be operating an unli-
censed money-transmitting
business for payouts of illegal
profits from gambling in online
casinos.
Documents seen by The Wall
Street Journal showed Wire-
card’s banking business was in-
volved in the transference of
some of the money.
BaFin, the German markets
regulator that also oversees
Wirecard’s banking business,
carried out a special money-
laundering probe in June 2010 in
response to a criminal complaint
it and the Munich prosecutor’s
office received, a BaFin spokes-
woman said. She added a 2011
review “found that identified
shortcomings were resolved.”
In late 2015, German prose-
cutors also raided Wirecard at
the request of U.S. authorities
who were investigating money
laundering, according to the
Munich prosecutor’s spokes-
woman.

TikTok
Alvik, Sverre...............B4 McDonald, James ..... B11
Henry, Sarah.............B11
B Musk, Elon..................B1
J

.
Booth, Jerome .......... B11 N

Weighs
Braun, Markus............B2 Jackson, Rob...............B4

ly
Nogueira, Andre ......... A9
Janasiewicz, Jack ..... B11
C R-S
Johnson, Brian............B2
Chirico, John ............. B10 Reid, Joy ..................... B4

Overhaul
Cooney, Jim...............B10
K
Sun, Laichun ............... B3
D-E
Dusaniwsky, Ihor........B1
East, Warren...............B3
Erck, Stanley.............B11
Kassam, Altaf...........B11
Kolchinsky, Peter......B11
L
Lacerda, Reinaldo ..... B11
W-Z
Whiston, David...........B2
on
White, Noel ................ A9
Zipser, Daniel..............B3 Continued from page B1
spond if asked.
us ,

The U.S. State and Defense

Elon Musk
l

day tied to the company’s per- departments already prohibit

e
al a

formance, including holding an employees from downloading

average market value of $150 TikTok on government de-

Taunts His billion over six months and 30 vices. On Tuesday, Secretary
ci on

days. At Wednesday’s closing of State Mike Pompeo hinted

price, the past six-month aver- at a possible ban for TikTok

Doubters age market value was $139 bil-

lion. He qualified in May for
the first of a 12-part compen-
and other Chinese apps during
an interview with Fox News.
In Australia, the chair of a
er s

sation package that, in aggre- legislative committee looking

RICHARD B. LEVINE/ZUMA PRESS

Continued from page B1 gate, could potentially be into foreign interference
m er

“short shorts,” skimpy red- worth more than $50 billion through social media named
satin garments that the com- through 2028. TikTok among the platforms
pany said sold out quickly. The initial payday had a that might be called to appear.
Tesla’s website said the shorts nominal net value of more “What’s needed is a really
included the company’s model than $700 million at the time. clear understanding from the
m rp

names spelling out S-3-X-Y, This second tranche would be platforms about their ap-
and Mr. Musk noted they were worth $1.76 billion at Thurs- proach to privacy and their
selling for “only $69.420!!”— day’s closing price of approach to content modera- The app faces scrutiny from several Western governments. An ad in New York’s Times Square.
numerical references to both a $1,394.28 a share. tion. That’s one of the objec-
sexual position and mari- Longtime automotive indus- tives of this inquiry,” Jenny “ByteDance is the first of with the firm’s thinking said. them in China. The company
co Fo

juana—themes Mr. Musk has try analyst David Whiston said McAllister, the chairwoman of China’s tech giants to make it This person wasn’t aware of says it doesn’t allow Chinese
hit on before on Twitter. Tesla’s share-price rise reminds the committee, told an Austra- big outside China, but the any discussions around a cor- moderators to handle TikTok
Tesla didn’t respond to a him of the 1990s tech bubble, lian radio station on Monday. company that is the envy of porate spinoff. content.
request for comment. except that the auto maker is The government in India, China’s tech world is finding TikTok had also been con- ByteDance nevertheless has
The episode is the latest in making a product that some one of TikTok’s largest mar- that success has a higher price sidering opening a new global a long way to go to convince
Mr. Musk’s long-running and people want. “I just can’t jus- kets, banned the app over cy- perhaps than failure,” said Pe- headquarters as early as De- its critics. Any change to the
vitriolic Twitter battle with tify the valuation even if you bersecurity concerns following ter Fuhrman, the chairman of cember, The Wall Street Jour- corporate structure has to be
short sellers who, attracted by want to be very optimistic on violent clashes along the two investment advisory firm nal reported at the time. Sing- significant enough to separate
Tesla’s struggles and Mr. their deliveries rising,” said Mr. countries’ disputed border. China First Capital. apore, London and Dublin TikTok from any entangle-
Musk’s showmanship, have Whiston, an analyst for Morn- Most recently, TikTok sur- ByteDance managed to out- were considered as possible ments with mainland China,
questioned the fundamentals ingstar Research Services. prised observers by reacting perform its more established locations. Recent events accel- and has to cut off mainland
of the business and demand Analysts now have revised more strongly than Western Chinese peers such as Alibaba erated such plans, the person Chinese staff from accessing
for electric vehicles. their financial forecasts for tech companies to Beijing’s Group Holding and Tencent said. user data, said Fergus Ryan,
n-

The recent stock surge has the second quarter, due July imposition of mainland-style Holdings in their quests to go TikTok currently doesn’t an analyst at the Australian
reduced the short sellers’ 22. Those surveyed by FactSet, internet controls in Hong global despite spending less have a global headquarters. Strategic Policy Institute. Tik-
ranks to the hardest core, said on average, estimated on Kong. Where Twitter Inc., on investments, he added. Recently installed Chief Execu- Tok’s privacy policy says that
Mr. Dusaniwsky. “These losses Tuesday that Tesla would lose Facebook Inc., and Alphabet ByteDance’s discussions tive Officer Kevin Mayer is user data can be accessed by
no

have squeezed out most of the
less rabid short sellers, leaving
only those most dogmatic
short sellers in the trade,” he
said Wednesday. Short-seller
interest in Tesla has fallen to
less than 10% of its stock,
compared with more than 20%
about a year ago.
Mr. Musk also has mocked
the Securities and Exchange
Commission, a longtime target
of his. “Will send some to the
Shortseller Enrichment Com-
mission to comfort them
through these difficult times,”
he tweeted last week about
the shorts, reviving a term he
used in 2018 after settling
with the SEC over claims that
he had misled investors with
tweets.
The latest surge in Tesla’s
stock puts Mr. Musk closer to
unlocking a second giant pay-
Tesla's stock performance
Thursday’s close
1394.28
s2%
$1,400 a share
1,300
1,200
1,100
1,000
900
June 26 July 1
Source: FactSet
$294 million in the period, an Inc.’s Google said they would about changing how TikTok is based in Los Angeles. ByteDance and other affiliate
improvement from late May, pause responses to data re- run are still in their early The hiring in May of Mr. companies.
when they predicted a $387 quests from Hong Kong police, stages, but setting up an inde- Mayer, a longtime Walt Disney “Will the new structure be
million loss. TikTok pulled out of the city pendent TikTok management Co. executive, put an American designed so as to remove any
Some analysts, including entirely—a move some de- board would allow a degree of face on the Chinese company, leverage Beijing can have over
Brian Johnson at Barclays, scribe as part of the effort to autonomy from the parent whose website lists offices in it? I find that hard to imag-
think Tesla might eke out an- distance the app from China. company, the person familiar 11 cities world-wide—none of ine,” Mr. Ryan said.
other surprise profit. Mr.
Johnson estimates a possible
$42 million profit helped by
the sale of $300 million in
regulatory tax credits. Doing
Walgreens cents a share and was short of
expectations.
The company generated
Starbucks coffee company.
“I fully expected one
woman to throw her drink at
so would make Tesla eligible
for consideration to be in-
cluded in the S&P 500 index.
Cuts 4,000 $34.6 billion in sales, roughly
flat year over year. Analysts
polled by FactSet had predicted
To Require me. I didn’t sign on for this. I
don’t like not feeling safe at
work,” the barista told the
By the end of December, an-
alysts predict Tesla will turn a
$258 million full-year profit—
U.K. Jobs $34.3 billion in sales for the lat-
est period.
In the U.S. retail unit, sales
Face Masks Journal.
A Starbucks spokesman de-
clined to comment about any
its first—on delivery of rose about 3% from a year ear- individual workers but said
435,000 vehicles, short of the Continued from page B1 lier to $27.4 billion. Pharmacy Continued from page B1 the company is making sure
more than 500,000 deliveries concentrated in the U.K., where sales were up 4.6%, while pre- age about the new mask re- employees have the support
that Mr. Musk targeted before it has nearly 2,500 retail out- scriptions filled in the third quirement to store managers they need.
the pandemic. lets and 600 opticians. Wal- quarter decreased 1.3%. and offering them resources At locations where local
Mr. Johnson, who sees greens has another 2,100 stores Walgreens has been cutting on how to de-escalate situa- government mandates for
Tesla as overvalued, cautioned outside the U.S. in countries in- costs in its home market and tions where customers won’t masks aren’t in place, custom-
bearish investors that he cluding Mexico, Chile and Thai- last year it announced plans to wear masks, the Seattle-based ers who don’t wear masks will
doesn’t see a trigger to cause land. close 200 U.S. stores. company said in a message to be able to order items via
shares to fall until near year- Overall, the international unit The Covid-19 pandemic has employees viewed by The Wall drive-through windows, deliv-
end, when it becomes clear generated 8% of the company’s been challenging for drugstores, Street Journal. ery or by using the company’s
what demand for the new revenue and 15% of its gross as patients put off visiting doc- In some cases, workers may curbside pickup option, Star-
Model Y compact sport-utility profit last fiscal year. tors and other health providers. have to “respectfully refuse bucks said.
vehicle might be. “We see Foot traffic “ground to a vir- Walgreens is part of a coalition service with kindness,” ac- In addition to running its
nothing to prevent the shares tual halt” in Walgreens’ U.K.’s of health-focused companies cording to the memo. own stores, there are about
moving higher in the coming Boots business, Walgreens’ fi- that is paying for advertise- “We want the focus on 6,350 Starbucks locations op-
weeks and urge our bearish nance chief, James Kehoe, said ments that encourage people to partner and customer safety erated by outside companies
friends…to remain in the shel- Thursday in a call with inves- return to their medical provid- to guide us, and do so in a way under license agreements. The
ter of their caves,” he wrote. tors. ers. “Globally, pharmacy volume that ensures you are feeling company shares policies with
The momentum around Sales fell 70% for the com- was impacted by a drop in doc- supported,” Starbucks said in licensees, but it is their choice
Tesla shares has swung drasti- pany’s 600 U.K. optician loca- tor visits and hospital patient the message. whether they implement them,
cally in the past. The stock fell tions, which typically generate admissions,” the company said. Some Starbucks workers the spokesman said.
to close at a low of $178.97 a around $500 million in sales but Walgreens is working with who already must require cus- Starbucks said in June that
share on June 3, 2019. were largely closed amid the and investing in primary-care tomers wear masks because of it would close, renovate or
Tesla shares began to surge pandemic. provider VillageMD to open 500 local rules say some patrons move 400 traditional cafes in
when deliveries improved in Overall, Walgreens swung to to 700 doctors’ offices in its have resisted the mandates. the U.S. and Canada over an
the second half, took a step a loss of $1.71 billion, or $1.95 a drugstores. One Michigan barista said en- 18-month period and would
back as the pandemic hit and share, for its latest quarter, com- Rival CVS Health Corp. is forcing the policy has been un- aim to open 40 to 50 pickup-
reignited in April when the pared with a year-earlier profit developing so-called health- comfortable, and she is look- only locations.
9 company posted a surprise of $1.03 billion, or $1.13 a share. care hubs in its stores, offering ing for new employment after —Micah Maidenberg
first-quarter profit. Its adjusted profit fell to 83 a range of medical services. more than a decade with the contributed to this article.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
THE WALL STREET JOURNAL.
Airlines
Cancel
Hong Kong
Flights
BY LUCY CRAYMER
HONG KONG—Two U.S. air-
lines have canceled flights to
and from Hong Kong after the
city said all crew members ar-
riving there would have to un-
dergo Covid-19 tests.
Following a new outbreak of
local infections, Hong Kong’s
Centre for Health Protection
on Wednesday started making
all crew, including pilots, on
flights arriving at Hong Kong
International Airport provide
“deep throat saliva speci-
mens.”
A United Airlines Holdings
Inc.’s spokesman said due to
the recent changes in testing
protocols, flights to Hong Kong
had been suspended through
July 10 as have their corre-
sponding return flights. He
added the company was as-
sessing how this would affect
future operations.
American Airlines Group
Inc. was scheduled to resume
flights to Hong Kong Thursday
but said in a statement it now
wouldn’t restart the flights un-
til Aug. 5.
“We’ve been making regular
adjustments to our schedule to
match demand, and we con-
sider a range of factors includ-
ing travel restrictions or entry
requirements in making net-
work decisions,” the company
said.
The association, which is
the union for American Air-
lines pilots, said it had been
speaking with the airline’s
management since the intro-
duction of the rules. American
Airlines didn’t return a request
for comment, but a flight
scheduled to leave Dallas-Fort
Worth Thursday has been can-
celed, according to the Ameri-
can Airlines website.
Airlines world-wide are
grappling with the impact of
the coronavirus, which has cra-
tered travel demand and sad-
dled them with huge losses.
The news comes as airlines
prepare to cut thousands of
workers and tap government
loans as a surge of coronavirus
cases and fresh government
travel restrictions elsewhere
upended a nascent recovery in
travel.
United on Wednesday said it
is exploring the possibility of
shedding almost half its U.S.
workforce a week after Ameri-
can said it may have as many
as 20,000 more staff than it
needs to handle reduced de-
mand.
In many countries, including
the U.S. and the U.K., pilots and
crew are exempted from test-
ing, quarantine or self-isolation
rules required of other arrivals.
In Hong Kong, almost all ar-
rivals in the city are subjected
to mandatory testing and re-
quired to quarantine for two
weeks. The policy has been
no
credited with keeping infec-
tions low in the city, which has
recorded 1,366 cases so far
with seven deaths.
Airline crew were exempted
from tests and quarantine re-
quirements, but testing rules
were tightened after a 54-year-
old cargo pilot on July 4 tested
positive for the virus after re-
turning from Turkey and Ka-
zakhstan.
Hong Kong health officials
announced the change earlier
in the week, saying they
wanted to identify new cases
of the virus and prevent it
spreading locally.
Coronavirus Crisis Puts Further Pressure on Big Jets
BY BENJAMIN KATZ
LONDON—The aviation-in-
dustry crisis triggered by the
coronavirus pandemic is exac-
erbating a yearslong move by
airlines away from big jets.
Rolls-Royce Holdings PLC, a
bellwether for the market for
wide-body aircraft, said it
raised a further £2 billion
($2.53 billion) to help shore up
its liquidity as demand for its
engines wanes among airline
customers. The U.K. supplier
specializes in making and ser-
vicing engines for the indus-
try’s biggest aircraft.
It said Thursday that its rev-
enue will be lower than fore-
cast until at least 2027 as it
cuts back production and has
fewer engines flying as a result,
cutting back revenue related to
engine servicing and mainte-
* * Friday, July 10, 2020 | B3
BUSINESS NEWS
Live Streams Revive China Stores
Shop owners use
show-and-tell to
connect with virus-
wary customers
BY TREFOR MOSS
SHANGHAI—Chinese shop-
pers have long used their
phones to buy almost every-
thing they need. The coronavi-
rus crisis has supercharged
that trend, turning online retail
into a show which has hooked
millions of stay-at-home con-
sumers.
Fu Chenyuan thought she
might have to close her 14-
year-old Shanghai clothing
shop, DF Boutique, in the
spring as she watched other
stores in the city’s bustling
Jing’an district shut their
doors. Having never sold any-
thing online before, the 35-
TREFOR MOSS/THE WALL STREET JOURNAL
year-old reluctantly took up
her iPhone and started model-
ing her inventory of niche Eu-
ropean shoes and blouses for
customers.
“We had to go online—oth-
erwise we couldn’t have sur-
vived,” she said.
Hawking her wares live was
uncomfortable for the camera-
shy Ms. Fu at first, but her cus-
tomers loved it: Real-time sales Fu Chenyuan and an assistant show footwear to online customers via WeChat’s live-streaming channel.
pitches she broadcasts through
her phone now account for 70% already created a generation of fee-colored Italian blouse, then ries much as they would deal debut on Taobao in April was
of her total sales, she said, and “stream queens” and other positioned herself between two with in-store visitors. fronted by Viya, one of China’s
.
revenue has bounced back to video celebrities whose fans bright lighting panels and Until last year, 80% of the best-known social-media influ-
where it was before Covid-19. send them money as they per- started speaking to more than company’s sales happened in- encers.
ly
Live streaming has been a form. Retail is its latest incar- 200 clients through an iPhone store. That has now flipped, E-commerce was highly de-
lifesaver for other store owners nation. mounted on a stand. With the and 80% of sales are online, veloped in China before the
looking to reach shoppers still Most retailers stream via help of an assistant, she cycled said Chief Executive Sun Laic- pandemic, driven by the near-
wary of confined spaces. Even
global brands like Gap Inc. and
Louis Vuitton have joined in
the scramble to engage millions
on the handful of megaplatforms
that dominate China’s e-com-
merce and social media, such
as Alibaba’s Taobao and Tmall
through a fashion show’s worth
of outfits and footwear, talking
viewers through the features of
each item and encouraging
hun. “The Covid-19 epidemic
changed how we operate,” he
said. Even as the epidemic
raged, first-quarter sales, pro-
universal use of mobile pay-
ments. It accounted for roughly
a quarter of all retail sales last
year but jumped to a record
of homebound Chinese con- sites, JD.com and WeChat. them to buy. 29% in the first quarter. In the
us ,
sumers. Their interactive features allow “Lynn, good evening,” she U.S., by comparison, around
l
$5.8T
The world’s biggest retail viewers to chat with hosts, call said, welcoming one regular 12% of retail sales were online
e
al a
market, with $5.8 trillion in up product information and client. “Today we have all kinds last year.
sales last year, has yet to re- make single-click purchases of shoes, a lot of them are your Some analysts say China’s
bound to precrisis levels. But midshow. size—37.” Training her smart- embrace of live-stream retail
ci on
online sales, and live-stream Ms. Fu started selling di- phone’s camera on a pair of Total retail sales in China last offers a glimpse of the future
sales in particular, have been a rectly to her socially distanced blue leather heels being mod- year of shopping everywhere. Oth-
bright spot. customers using video streams eled by her assistant, Ms. Fu ers think Chinese consumers
Live streaming has taken broadcast twice a week on singled out another customer. are more open to watching
Chinese retail into a new phase, WeChat, Tencent’s do-every- “These are so comfortable, shopping broadcasts on their
er s
said Daniel Zipser, who leads thing app. The technology of- many sisters have bought pelled by live streaming, actu- phones than, say, their Ameri-
McKinsey & Co.’s consumer and fers a way of replicating the them; Xiaoluo, you could buy ally increased 20% from a year can counterparts.
m er
retail practice in China. “For personal attention customers one more pair!” earlier, he added. It is unclear how much live
retailers now it’s about digital get in a store, she said. Some big companies, such Louis Vuitton tapped movie streaming contributes to
engagement, generating de- After closing her physical as local cosmetics brand Forest star Zhong Chuxi to host its China’s overall e-commerce
mand by exciting people and shop one June evening, Ms. Fu Cabin, have trained sales staff first live stream on social-com- business.
creating an experience.” opened its virtual space. She to run regular live streams, an- merce platform Xiaohongshu in —Yin Yijun
m rp
Live-stream technology has put on the first sale item, a cof- swering customers’ virtual que- March, while Gap’s live-stream contributed to this article.
Harley-Davidson to Cut 13% of Global Workforce
co Fo
Harley-Davidson Inc. said it
would cut about 700 jobs as part
of a global overhaul, the latest
company to reduce its workforce,
as the pandemic continues to de-
press economic activity.
The Milwaukee-based motor-
cycle maker said Thursday that
the restructuring plan, including
the job cuts that amount to
about 13% of its global workforce,
would result in costs of about
$42 million in the second quarter.
n-
Harley-Davidson’s sales in its
core U.S. market have been falling
for years, and the company re-
placed CEO Matt Levatich earlier
this year with Jochen Zeitz, who
formerly ran Puma SE.
Mr. Zeitz has slowed the intro-
duction of some new motorcycles
that Harley-Davidson has de-
signed to appeal to younger rid-
ers. The company reopened its
factories after closures related to
ELI IMADALI/THE REPUBLIC/REUTERS
the pandemic some weeks ago at
lower production levels, reflecting
pressures including lower demand
for motorcycles. Harley-Davidson
said the layoffs are part of the
larger strategic rethinking and not
a response to the coronavirus im-
pact on the economy.
—Austen Hufford
nance. Shares fell 11% in Lon- shorter intracontinental or do- lined plans to cut some 9,000 is critical to making long-haul AG, for example, has said it
don. mestic routes—threatens to ex- jobs from its 52,000 global flying financially feasible, could would retire four-engined Air-
Airbus SE, meanwhile, the acerbate a yearslong shift by workforce. Chief Executive Offi- be the last travel segment to bus A380s, A340s and Boeing
world’s biggest jet maker by airlines to smaller, nimbler jets. cer Warren East has indicated recover. Companies have been 747s.
deliveries, said late Wednesday Airbus said it received 344 that the company could close reluctant to send employees Qantas Airways Ltd. is per-
it had booked 21 orders for new orders for narrow-bodies, or consolidate some of its man- traveling during the pandemic manently parking its 747 jumbo
wide-bodies but received can- or single-aisle jets, with 45 ufacturing sites. and wary of the expense during jets and hibernating its own
cellations for 22 in the first six cancellations in the first six Rolls-Royce said its engines an economic crisis. Many have A380s for the next three years.
months of the year. months of the year. flew 50% fewer hours in the also gotten used to going with- Air France and Emirates are
As demand for flying has Airbus and rival Boeing Co. first half compared with 2019, out travel. also cutting back their opera-
cratered amid the pandemic, have been pivoting in recent with the trough in April when “We’ve seen this in China, tion of the double-decker.
carriers have laid out plans to years to adjust to airline cus- usage was down 80%. The com- that domestic recovers much Boeing had twice cut its pro-
lay off or furlough tens of thou- tomers’ new reluctance to buy pany has previously said it faster and to a much greater duction rates for its 787
sands of workers. They have their biggest jets. Instead, car- would manufacture 250 en- degree than international Dreamliner before the pan-
sought investor and govern- riers have flocked to smaller, gines this year, compared with does,” said Nick Cunningham, a demic, while development de-
ment rescue cash and have re- single-aisle planes that are previous guidance for 450 de- London-based analyst at lays have hampered its newest
duced routes. They have also more fuel efficient, more flexi- liveries. Agency Partners. “If your expo- and bigger 777X, which has
scaled back plans to purchase ble on range and can be filled “We play in wide-body, we sure is wide-bodies, then yes, struggled to drum up a signifi-
new planes. up with passengers more easily. do not play in single-aisle,” Mr. you have a problem.” cant order backlog. The com-
Now that many economies Unlike its main rival, General East said. “As much as it might Airlines across the globe pany has also indicated that it
are starting to open up again, Electric Co., Rolls-Royce bowed be nice to be in a larger-scale have been downsizing their plans to cease production of
airlines have more recently out of the market for the more market, it’s a slightly academic fleets amid the crisis. They the 747.
started to add back some ca- popular and better selling nar- question.” have typically started with
pacity. But the type of demand row-body market in 2012. Analysts and industry offi- their bigger, less fuel-efficient,  Heard on the Street: Rolls
that is returning—typically for Rolls-Royce has already out- cials say business travel, which older jets. Deutsche Lufthansa has a big headache.............. B12
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
B4 | Friday, July 10, 2020
Emissions Picked Up Again
After Lockdowns Were Eased
BY SARAH MCFARLANE
For climate scientists, the
pandemic has made one thing
clearer: the difficulty of reduc-
ing carbon emissions.
Emissions sank when facto-
ries were shut down, planes
grounded and cars parked, as
people stayed home to slow
the spread of the coronavirus,
but they are rebounding fast as
economies reopen.
When two-thirds of the
world’s population was under
lockdown in early April, carbon
emissions were down 17%,
compared with average daily
emissions last year, according
to a study by a group of cli-
mate scientists published in
the journal Nature Climate
Change. By June 11, the drop
was 5%.
“We’re getting to this by
stopping all activities, not
structural changes, so when
people go back to work there’s
no reason these emissions
wouldn’t go shooting back up,”
said Corinne Le Quéré, a pro-
fessor of climate change sci-
ence and policy at the U.K.’s
University of East Anglia, who
led the study. For a lasting im-
pact, governments need to en-
courage low-emissions technol-
ogies such as electric vehicles,
she added.
Governments have put more
effort into reducing emissions
since the 2015 Paris climate ac-
cord, under which they agreed
to limit global temperature in-
creases to less than 2 degrees
Celsius, with an ambition to
cap them at 1.5 degrees. Since
then, emissions have continued
to rise, and the U.S. has said it
is withdrawing from the deal.
Emissions are typically
monitored monthly and annu-
ally, but scientists say the pan-
demic has accelerated efforts
to move toward a system of
daily reporting. To do that,
they are tapping proxy data,
such as measuring road traffic
via daily requests for driving
directions on Apple Inc.’s maps
no
CO₂ emissions and projected temperature
increases under various scenarios
150 gigaton of CO₂
100
50
Historical
0 transport, where activity fell
-25
1990 2010 2030
Source: Climate Action Tracker
app and TomTom NV statistics,
and using data transmitted by
smart meters to gauge residen-
tial electricity demand.
Scientists wanted to mea-
sure the impact lockdowns
were having on global emis-
sions and how long it would
take to return to prelockdown
levels.
“The virus will fundamen-
tally change carbon cycle sci-
ence, it already has in that
we’re focusing on real-time
carbon emissions,” said Rob
Jackson, chairman of the
Global Carbon Project, which
produces annual data focused
on emissions from fossil fuels
and land use.
“We were struck by how ill-
prepared we were to make
real-time estimates,” Mr. Jack-
son said. “What we weren’t as
er s
creative about was using
[proxy] data sources like cell-
m er
phone data.”
m rp
co Fo
n-
TECHNOLOGY & MEDIA
No policies
to reduce
emissions
4.1 - 4.8°C
rise in temp.
Current
policies
2.8 - 3.2°C
Pledged
reductions
2.8°C
Paris
agreement
2.0°C
2050 2070 2090
Sawyer Click/THE WALL STREET JOURNAL
Scientists say that greater
use of that data—while not as
accurate as more direct
sources—has allowed them to
track the pace of the fall in
emissions and the subsequent
rebound.
“I think that is useful and
sobering for the realization of
on
the challenge,” said Sverre Al-
vik, program director for en-
ergy transition at Norway-
based consulting firm DNV GL.
The United Nations Environ-
us ,
ment Program says global
l
emissions need to fall 7.6% a
e
al a
year until 2030 to be on track
to meet the Paris goals.
The world is set to exceed
ci on
that target this year, with the
International Energy Agency
forecasting carbon emissions
to fall 8% to 30.6 gigatons—the
lowest level in a decade. How-
ever, many scientists expect
the fall to be short-lived given
it has been induced by a health
crisis rather than a planned,
permanent change to emis-
sions-emitting activities.
For instance, emissions fell
1% during the 2009 economic
downturn but rebounded 6%
the following year, according to
IEA data, as governments
pumped trillions of dollars into
their economies to stimulate
growth.
This year, governments have
committed $12 trillion to rein-
vigorating economies, with
around 5% earmarked for cli-
mate-friendly initiatives, ac-
cording to a report by
BloombergNEF in June.
Scientists say their new-
found ability to rapidly assess
changes to emissions could be
helpful for future policy.
Most of the recent drop in
emissions came from surface
50%, and industry, where it
dropped 35%, according to the
report by climate scientists.
Aviation saw the largest drop
in activity at 75%, but it only
generates 2.8% of global emis-
sions. Ordinarily, the largest
contributor to carbon emis-
sions is industrial production
at 44%, followed by electricity
generation at 22% and road
and rail transport at 21%.
“It’s shown us a few of the
sectors that are more elastic in
the sense that they can be rap-
idly targeted like transport,”
said Richard Allan, professor of
climate science at the Univer-
sity of Reading in England.
Scientists also say behav-
ioral shifts during the pan-
demic have shown that govern-
ments, companies and
individuals can make changes
quickly that curb emissions,
and that recent momentum
could be used to bring about
lasting reductions.
However, the extent to
which people work from home
more frequently, reduce inter-
national travel and opt to walk
or cycle after the pandemic—
and the impact of those actions
on emissions—isn’t yet clear.
* *** THE WALL STREET JOURNAL.
WSJ.com/Tech
MSNBC Taps Reid
For Evening Show
BY MICAH MAIDENBERG
THEO WARGO/GETTY IMAGES FOR GLOBAL CITIZEN
Longtime political analyst
Joy Reid will anchor an eve-
ning news and opinion show on
MSNBC, taking over a slot that
once featured Chris Matthews.
Ms. Reid’s new show, called
“The ReidOut,” will air week-
nights at 7 p.m. and premiere
July 20. Based in Washington,
it will feature politicians and
newsmakers, MSNBC said
Thursday. The Wall Street Jour-
nal reported last month that Joy Reid’s show starts July 20.
the network was expected to
tap her for the 7 p.m. position. the table on topics that are
Since 2016, Ms. Reid has important to our viewers.”
hosted MSNBC’s “AM Joy” Ms. Reid is the most promi-
program and regularly filled in nent Black anchor on MSNBC,
as anchor on other programs a unit of Comcast Corp. She
on the network. In her new began contributing to the net-
role, she will serve as the lead- work in 2011 and previously
in for the network’s left-lean- served as managing editor of
ing prime-time hosts, includ- TheGrio.com, a columnist for
ing Rachel Maddow. the Miami Herald and a press
Ms. Reid said in a state- aide during the final stretch of
ment she was eager to build President Obama’s Florida
on her experience at “AM Joy” campaign in 2008, among
and bring “in diverse, smart, other positions, the network
and accomplished voices to said.
WhatsApp Sees Rise
Of Business Users
.
BY DAVE SEBASTIAN WhatsApp as links. Before the
feature was introduced, users
ly
The messaging platform had to add a business’s phone
WhatsApp said it has more number manually to message
than 50 million users of its them. The move is the latest
business app world-wide each
month, a milestone showing
steep growth since the app’s
2018 launch and progress in
effort by Facebook, which ac-
quired WhatsApp in 2014, to
offer more e-commerce tools
to companies. Facebook earlier
Facebook Inc.’s efforts to gen- this year backed away from ef-
erate revenue from the service. forts to sell ads on Whatsapp,
Its current pool of Whats- in its bid to monetize the plat-
App Business users, primarily form.
small to medium-size busi- WhatsApp said more than
nesses, reflects 10-fold growth two billion people use its app,
from early 2019, the last time and more than 40 million peo-
similar data were released. ple view a business catalog on
WhatsApp on Thursday also the platform each month.
said it has added a feature Facebook doesn’t break out
that allows users to scan a QR financial figures for Whats-
code and chat directly with a App. The company is due to
business and for businesses to release its second-quarter re-
share product catalogs on sults July 29.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. Friday, July 10, 2020 | B5

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B6 | Friday, July 10, 2020 THE WALL STREET JOURNAL.

BUSINESS NEWS

Facebook, Rights Groups Remain at Odds

Company says new Facebook left the same com- a live Facebook employee.
ments untouched. The Facebook spokeswoman
policies address Facebook has said it doesn’t said users can moderate com-
concerns, but activists fact-check political speech from ments on their posts, block
politicians because it doesn’t be- other users and control their
seek greater efforts lieve private companies should posts’ visibility by creating a
be arbiters of what is true and restricted list. She also said the
BY SARAH E. NEEDLEMAN what isn’t. The boycott coalition company made changes allow-
AND JEFF HORWITZ says Facebook should eliminate ing groups to be removed if an
its exemption for politicians. administrator encourages posts
Civil-rights advocates are in- Last month CEO Mark Zuck- that violate platform rules.
creasing pressure on Facebook erberg said Facebook would To help address where lines
Inc. advertisers to halt spend- start labeling posts by any user should be drawn on hate
ing on the company’s plat- that violate rules but are speech, Facebook has created
forms, saying it has done too deemed newsworthy. For exam- an independent content gover-
little to police hateful and other ple, the company determined nance board that includes hu-
problematic content. that posts showing a 1972 war
Groups including the Anti- photo of a naked Vietnamese

THILO SCHMUELGEN/REUTERS
Defamation League and the girl fleeing napalm bombs was
NAACP have enlisted hundreds newsworthy and could remain,
The platform says it
of companies in the boycott after Facebook initially took doesn’t fact-check
campaign. Facebook has ac- down that content under re-
knowledged its shortcomings strictions on child nudity.
speech from
and pointed to new policies, ad- Mr. Zuckerberg also said politicians.
ditional spending and other ef- Facebook would add safeguards
forts to address concerns. The social-media giant was lampooned as a movie alien in a German parade in February. to prevent content that pro-
Here is a look at what Face- motes voter suppression and
book is doing in response. cient. The coalition wants Face- lowing ads alleging that a par- that accused the media of pro- ads that depict immigrants or man-rights lawyers and free-
book to change its policies to re- ticular race, religion or identity moting cannibalism by attempt- asylum seekers as inferior. speech advocates.
What specific demands duce hate on the platform and group posed a threat to others. ing to draw a connection be-
are the groups making? remove content that could in- Such content is still allowed in tween a sculpture owned by What tools does the site What is Facebook’s
Stop Hate for Profit, the spire people to commit violence; unpaid posts. former lobbyist Tony Podesta use to moderate content? transparency report?
name of the coalition behind the stop amplifying all groups asso- Advocates say the rules re- and deceased serial killer Jeffrey Facebook says it has more The report created by Face-
boycott effort, has on its web- ciated with hate, misinformation main too narrow, allowing Dahmer. than 35,000 people working on book shows how the company
site 10 recommendations for or conspiracies; and remove white supremacists to dodge The Facebook spokeswoman safety and security, including enforces its community stan-
Facebook, ranging from the spe- groups focused on “white su- crackdowns by avoiding certain said it takes aggressive action more than 350 employees with dards and content restrictions,
cific to the sweeping. premacy, militia, anti-Semitism, keywords that would surface in against groups and people who expertise in law enforcement, responds to data requests and
The group says Facebook violent conspiracies, Holocaust searches for hate speech. The promote hate. The company last national security, counterter- protects intellectual property.
should hire an executive with denialism, vaccine misinforma- Anti-Defamation League last month said it banned hundreds rorism intelligence and aca- The company’s most recent
civil-rights expertise for a post tion and climate denialism.” month listed several examples of accounts deemed to have demic studies in radicalization. transparency report, released
in its C-suite, refund advertisers of hateful or extremist posts on links to white supremacist or- Facebook also uses artificial in- in May, says Facebook removed
whose ads were shown next to How does Facebook Facebook that still appear near ganizations or groups that pro- telligence to detect prohibited 9.6 million pieces of content

.
content later removed for vio- define hate speech? companies’ ads. mote violence. content, and says it removes with hate speech in the first
lating terms of service and sub- Facebook’s community stan- One example is of an ad from most of that content before quarter, up from 5.7 million in

mit to regular independent au-
dits of identity-based hate and
misinformation on its platform.
Facebook said it plans to hire
a vice president for civil rights,
a role that a spokeswoman de-
scribed as “very senior” and is
intended to lead a team built
dards define hate speech as at-
tacks on people based on about
a dozen “protected characteris-
tics” including race, religious af-
filiation, national origin and
gender identity. Attacks include
violent or dehumanizing speech,
on
statements of inferiority or calls
us ,
ly
home-sharing company Airbnb How does Facebook there is a user report. The com- the fourth quarter of 2019.
Inc. that the League said ap- handle speech by pany says it blocks millions of The civil-rights groups say
peared next to a post from an political figures? fake accounts from being cre- they don’t trust Facebook to
antigovernment militia move-
ment called the Three Percent-
ers, about the recent decision by
PepsiCo Inc.’s Quaker Oats
Some of the biggest recent
battles over content have in-
volved President Trump’s social-
media posts.
ated every day.
The amount of effort Face-
book puts into detecting viola-
tions is a point of contention.
check its own work. They say
its report doesn’t address hate
speech that isn’t reported or
whether it dismisses concerns
brand to retire its Aunt Jemima When he wrote “when the The civil-rights groups say the about content that is reported

out over time. She also said the for exclusion or segregation, it branding. In another, the League looting starts, the shooting company has enormous finan- as abusive but isn’t removed.
l

company issues refunds to ad- says. said an ad from human-re- starts” in response to protests cial resources but still routinely The Facebook spokeswoman
e
al a

vertisers in some instances. Facebook has broadened its sources company Randstad and unrest after the police kill- fails to catch toxic content. said the company has commit-
The boycott groups credit definition of hate speech and Holding NV appeared next to a ing of George Floyd, Twitter Inc. They say all individuals facing ted to providing more insight
Facebook with some progress on who is protected over time. Last video from a large Facebook labeled the post as violating its severe hate and harassment into how it enforces its hate-
ci on

those points but say it is insuffi- month, it said it would stop al- group called Q-Anon Patriots policies on glorifying violence; should be able to connect with speech policies.

ADVERTISEMENT

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Still Elude AI Tools
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THE WALL STREET JOURNAL. Friday, July 10, 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
25706.09 t 361.19, or 1.39% Trailing P/E ratio 21.85 18.63 3152.05 t 17.89, or 0.56% Trailing P/E ratio * 27.38 23.10 10547.75 s 55.25, or 0.53% 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 2.53 2.19 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: 10547.75, 07/09/20

Current divisor 0.14579812049809

30000 3500 10500

27500 3250 9750

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

Session high 22500 2750 65-day moving average 8250

DOWN UP
t

Session open Close

20000 2500 7500
Close Open
t

Session low 6750

17500 2250

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* 971,990,935 23,648,218
Industrial Average 26103.28 25523.51 25706.09 -361.19 -1.39 29551.42 18591.93 -5.1 -9.9 6.3 share price of $2 and minimum after-hours volume of 50,000 shares. Adv. volume* 221,309,038 11,014,870
Transportation Avg 9321.96 9094.85 9140.43 -182.00 -1.95 11304.97 6703.63 -12.0 -16.2 -1.9 Most-active issues in late trading Decl. volume* 748,011,059 12,404,106
Utility Average 779.35 763.11 774.23 -8.92 -1.14 960.89 610.89 -6.6 -11.9 3.3 Volume After Hours Issues traded 3,052 270
Company Symbol (000) Last Net chg % chg High Low
Total Stock Market 32361.53 31678.43 32058.03 -204.07 -0.63 34631.28 22462.76 4.1 -3.0 8.5 Advances 787 92
NIO ADR NIO 9,365.8 14.82 0.25 1.72 15.13 14.57
Barron's 400 671.07 653.90 660.66 -9.05 -1.35 746.64 455.11 -4.0 -9.8 0.6 Declines 2,195 166
SPDR S&P 500 SPY 7,086.3 314.55 0.17 0.05 314.84 314.10
Unchanged 70 12
Nasdaq Stock Market Matls Select Sector SPDR XLB 6,178.4 57.14 0.14 0.25 57.14 56.75 New highs 85 11
Nasdaq Composite 10578.10 10379.91 10547.75 55.25 0.53 10547.75 6860.67 28.7 17.6 19.7 Twitter TWTR 4,543.8 35.65 -0.07 -0.20 35.77 35.61 New lows 16 2
Nasdaq 100 10785.96 10574.97 10754.59 87.89 0.82 10754.59 6994.29 36.2 23.1 23.9 Bank of America BAC 3,661.2 22.77 ... unch. 22.79 22.70 Closing Arms† 1.01 0.47
VICI Properties VICI 3,232.1 19.79 ... unch. 19.79 19.79 Block trades* 5,780 203
S&P

.
-0.56
Spartan Energy Acqn SPAQ 2,888.1 17.10 2.11 14.08 17.20 14.70
500 Index 3179.78 3115.70 3152.05 -17.89 3386.15 2237.40 5.1 -2.4 9.1 Nasdaq NYSE Arca

ly
Petroleo Brasileiro ADR PBR 2,431.5 8.54 0.01 0.12 8.58 8.51
MidCap 400 1776.56 1727.80 1748.61 -26.25 -1.48 2106.12 1218.55 -9.9 -15.2 0.02 Total volume*3,985,975,998 315,463,122
SmallCap 600 817.74 792.12 799.86 -18.70 -2.28 1041.03 595.67 -15.3 -21.7 -2.2 Percentage gainers… Adv. volume*1,938,595,501 74,649,405
Spartan Energy Acqn SPAQ 2,888.1 17.10 2.11 14.08 17.20 14.70 Decl. volume*2,021,253,910 221,648,567
Other Indexes
Russell 2000
NYSE Composite
Value Line
1427.83 1384.10 1398.92 -28.48
12103.16 11831.04 11928.63 -157.76
440.09 427.28 431.15 -8.94
-2.00
-1.31
-2.03
on 1705.22
14183.20
562.05
991.16
8777.38
305.71
-10.2
-9.6
-19.2
-16.2
-14.3
-21.9
-0.4
0.5
-6.1
Adamas Pharmaceuticals ADMS
ZIOPHARM Oncology
Big 5 Sporting Goods
ZIOP
BGFV
78.1
196.7
448.0
2.75
3.52
2.85
0.22
0.27
0.17
8.70
8.31
6.34
2.75
3.71
2.98
2.75
3.25
2.61
Issues traded
Advances
Declines
Unchanged
3,413
1,048
2,301
64
1,418
416
986
16
NYSE Arca Biotech 5982.31 5858.92 5945.85 -8.38 -0.14 5954.23 3855.67 26.9 17.3 15.1
Grifols ADR GRFS 78.1 19.70 1.08 5.80 20.00 18.62
New highs 180 153
us ,

NYSE Arca Pharma 652.06 636.93 642.95 -5.80 -0.89 670.32 494.36 8.4 -1.6 6.5 ...And losers New lows 35 27
l

KBW Bank 72.04 69.15 69.65 -2.48 -3.44 114.12 56.19 -29.7 -38.6 -10.5 1,012.9 2.96 -0.14 -4.52 3.07 2.96 Closing Arms† 0.47 1.01
e
Charah Solutions CHRA
al a

PHLX§ Gold/Silver 138.75 133.12 136.55 -0.03 -0.02 136.58 70.12 60.7 27.7 20.8 NortonLifeLock NLOK 119.6 19.25 -0.83 -4.13 20.08 19.25 Block trades* 20,878 1,601
PHLX§ Oil Service 33.18 31.21 31.23 -1.73 -5.24 81.52 21.47 -61.7 -60.1 -37.3 Veritone VERI 53.7 14.90 -0.33 -2.13 15.38 14.72 * Primary market NYSE, NYSE American NYSE Arca only.
ci on

PHLX§ Semiconductor 2088.51 2028.00 2076.72 26.96 1.32 2076.72 1286.84 40.7 12.3 25.3 Hologic HOLX 224.9 56.25 -1.22 -2.12 57.47 56.25 †(TRIN) A comparison of the number of advancing and declining
issues with the volume of shares rising and falling. An
Cboe Volatility 31.48 26.11 29.26 1.18 4.20 82.69 11.54 126.3 112.3 37.8 Cheesecake Factory CAKE 57.4 20.50 -0.43 -2.05 21.00 20.50 Arms of less than 1 indicates buying demand; above 1

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

International Stock Indexes Percentage Gainers... Percentage Losers

er s

Latest YTD
Region/Country Index Close Net chg % chg % chg Latest Session 52-Week Latest Session 52-Week
Company Symbol Close Net chg % chg High Low % chg Company Symbol Close Net chg % chg High Low % chg
m er

World The Global Dow 2863.51 –23.86 –0.83 –11.9 NuZee NUZE 17.90 6.55 57.71 39.00 5.05 -54.1 Bed Bath Beyond BBBY 7.86 -2.55 -24.50 17.79 3.43 -29.6
DJ Global Index 410.05 –1.73 –0.42 –5.5 Spartan Energy Acqn SPAQ 14.99 4.18 38.67 15.05 9.75 50.1 China Finance Online ADR JRJC 7.97 -2.23 -21.86 12.10 3.65 -6.2
DJ Global ex U.S. 239.83 –0.52 –0.22 –9.0 Veritone VERI 15.23 3.08 25.31 19.67 1.22 91.8 Mohawk Industries MHK 73.12 -18.27 -19.99 156.60 56.62 -50.9
Document Security DSS 8.00 1.53 23.65 15.60 3.67 -43.8 Puxin ADR NEW 6.69 -1.46 -17.91 11.58 3.62 16.8
m rp

Americas DJ Americas 732.47 –4.41 –0.60 –3.7

Brazil Sao Paulo Bovespa 99160.33 –609.55 –0.61 –14.3 BiondVax Pharma ADR BVXV 38.99 6.79 21.09 41.75 5.20 572.2 MicSec US Big Oil 3X Lev NRGU 2.82 -0.59 -17.30 55.19 1.10 -93.8
Canada S&P/TSX Comp 15568.64 –60.55 –0.39 –8.8 Cleanspark CLSK 3.75 0.65 20.97 20.50 0.97 -81.7 Art's Way Mfg ARTW 2.18 -0.41 -15.83 4.37 1.75 2.8
Mexico S&P/BMV IPC 36795.95 –687.93 –1.84 –15.5 Vaccinex VCNX 4.32 0.72 20.00 12.23 3.22 ... Vericity VERY 8.49 -1.41 -14.24 33.12 7.20 ...
Chile Santiago IPSA 2781.07 –106.05 –3.67 –16.6 OneConnect Finl Tech ADR OCFT 23.96 3.96 19.80 24.06 9.02 ... Team TISI 4.21 -0.66 -13.55 19.00 3.75 -71.2
Kaleyra KLR 4.75 0.78 19.65 11.35 3.80 -54.4 AZZ AZZ 28.61 -4.47 -13.51 49.46 19.31 -36.9
EMEA Stoxx Europe 600 363.64 –2.84 –0.78 –12.6
co Fo

Aldeyra Therapeutics ALDX 5.20 0.84 19.27 8.05 1.48 -9.2 Annovis Bio ANVS 5.83 -0.90 -13.37 10.61 2.42 ...
Eurozone Euro Stoxx 356.39 –2.94 –0.82 –11.8
Belgium Bel-20 3393.61 –25.30 –0.74 –14.2 Ellomay Capital ELLO 23.75 3.75 18.75 23.75 10.57 95.3 Limestone Bancorp LMST 10.83 -1.67 -13.36 18.49 6.83 -28.6
Denmark OMX Copenhagen 20 1285.41 3.67 0.29 13.2 Altimmune ALT 20.22 3.19 18.73 24.65 1.51 742.5 Itau CorpBanca ADR ITCB 3.75 -0.57 -13.19 12.31 3.01 -68.8
France CAC 40 4921.01 –60.12 –1.21 –17.7 Equillium EQ 3.32 0.52 18.42 5.79 2.20 -39.7 Energous Corp. WATT 3.36 -0.50 -12.95 4.78 0.61 -21.1
Germany DAX 12489.46 –5.35 –0.04 –5.7 Graf Industrial GRAF 20.10 3.03 17.75 24.35 9.87 101.6 AgroFresh Solutions AGFS 2.22 -0.32 -12.60 4.20 1.00 34.5
1361.24 –0.55 –19.1 INmune Bio INMB 6.10 0.90 17.31 10.35 2.20 -37.8 Hall of Fame Resort Ent HOFV 7.35 -1.05 -12.45 12.31 5.85 ...
Israel Tel Aviv –7.58
Italy FTSE MIB 19505.95 –393.58 –1.98 –17.0
Netherlands AEX 567.38 –4.80 –0.84 –6.2
Most Active Stocks Volume Movers Ranked by change from 65-day average*
Russia RTS Index 1234.42 –11.12 –0.89 –20.3 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 55787.90 –82.79 –0.15 –2.3
Spain IBEX 35 7236.90 –89.53 –1.22 –24.2 NIO ADR NIO 309,054 299.8 14.57 13.12 15.28 1.19 Spartan Energy Acqn SPAQ 37,966 10548 14.99 38.67 15.05 9.75
ProSh UltraPro Shrt QQQ SQQQ 114,536 59.2 6.32 -2.47 39.29 6.26 Document Security DSS 20,484 5783 8.00 23.65 15.60 3.67
Sweden OMX Stockholm 663.30 –5.37 –0.80 –2.6
n-

Switzerland Swiss Market 10143.38 –35.03 –0.34 –4.5 Advanced Micro Devices AMD 86,707 41.0 57.26 7.16 59.27 27.43 Invsc S&P 500 EW Indls RGI 771 3312 117.10 -1.82 141.39 80.62
Turkey BIST 100 115793.59 –2918.92 –2.46 1.2 Ford Motor F 82,292 -9.9 5.84 -4.11 10.56 3.96 Revolution Medicines RVMD 3,655 2024 27.66 2.44 47.14 17.35
–19.8
SPDR S&P 500 SPY 80,964 -24.0 314.38 -0.57 339.08 218.26 Altimmune ALT 58,629 1784 20.22 18.73 24.65 1.51
U.K. FTSE 100 6049.62 –106.54 –1.73
U.K. FTSE 250 16985.13 –200.11 –1.16 –22.4 Bank of America BAC 79,110 3.9 22.77 -1.43 35.72 17.95 Piedmont Lithium ADR PLL 278 1249 6.61 6.10 10.80 4.00
no

TOP Ships TOPS 77,914 -19.8 0.11 -1.86 11.20 0.07 Turning Point Brands TPB 1,340 1246 25.82 -2.42 56.08 14.09
Asia-Pacific
American Airlines Group AAL 76,531 -23.1 11.18 -6.76 34.99 8.25 Mohawk Industries MHK 10,931 1128 73.12 -19.99 156.60 56.62
Australia S&P/ASX 200 5955.50 35.20 0.59 –10.9
General Electric GE 74,425 -34.9 6.58 -4.08 13.26 5.48 Gl X MSCI Portugal PGAL 76 1089 9.60 -0.93 11.38 6.90
China Shanghai Composite 3450.59 47.15 1.39 13.1
Finl Select Sector SPDR XLF 70,203 -8.8 22.68 -2.11 31.38 17.49 Landcadia Hldgs II Cl A LCA 11,963 1005 14.05 14.23 17.00 8.82
Hong Kong Hang Seng 26210.16 80.98 0.31 –7.0
* Volumes of 100,000 shares or more are rounded to the nearest thousand * Common stocks priced at $2 a share or more with an average volume over 65 trading days of at least
India S&P BSE Sensex 36737.69 408.68 1.12 –10.9 5,000 shares =Has traded fewer than 65 days
Japan Nikkei Stock Avg 22529.29 90.64 0.40 –4.8
Singapore Straits Times 2652.65 –16.85 –0.63 –17.7 Track the Markets
South Korea Kospi 2167.90 9.02 0.42 –1.4 Compare the performance of selected CURRENCIES & COMMODITIES
Taiwan TAIEX 12192.69 22.50 0.18 1.6 global stock indexes, bond ETFs,
Thailand SET 1365.81 3.35 0.25 –13.5
currencies and commodities at Currencies
WSJ.com/TrackTheMarkets
Sources: FactSet; Dow Jones Market Data
U.S.-dollar foreign-exchange rates in late New York trading
US$vs, US$vs,
Thurs YTDchg Thurs YTDchg
CREDIT MARKETS Country/currency in US$ per US$ (%) Country/currency
Vietnam dong
in US$ per US$ (%)
.00004313 23186 0.1
Americas
Argentina peso .0141 70.8728 18.3 Europe
Consumer Rates and Returns to Investor Benchmark
Treasury Yields
yield curve Forex Race Brazil real .1871 5.3444 33.0 Czech Rep. koruna .04235 23.614 4.2

U.S. consumer rates Selected rates and

Yield toRates
maturity of current bills, Yen, euro vs. dollar; dollar vs. Canada dollar
Chile peso
.7361 1.3586
.001268 788.50
4.6
6.7
Denmark krone
Euro area euro
.1515 6.5999
1.1286 .8861
–0.9
–0.6
notes and bonds major U.S. trading partners .000276 3623.00 .003193 313.23
Money market accounts Colombiapeso 10.4 Hungary forint 6.1
A consumer rate against its
Ecuador US dollar 1 1 unch Iceland krona .007110 140.64 16.1
benchmark over the past year 4.00% Mexico peso .0442 22.6458 19.6 Norway krone .1056 9.4673 7.8
Bankrate.com avg†: 0.27% 8%
Uruguay peso .02290 43.6650 17.6 Poland zloty .2525 3.9600 4.4
Vio Bank 1.20% Russia ruble .01412 70.846 14.2
Federal-funds One year ago 3.00 Yen Asia-Pacific
2.00% 4
s

target rate Oklahoma City, OK 888-999-9170 Sweden krona .1083 9.2343 –1.4
t Australian dollar .6963 1.4362 0.8
t CFG Community Bank 1.05% Switzerland franc 1.0636 .9402 –2.8
1.50 2.00 China yuan .1430 6.9941 0.4
0 Turkey lira .1457 6.8623 15.4
Baltimore, MD 888-205-8388 Hong Kong dollar .1290 7.7502 –0.5
Money market Ukraine hryvnia .0371 26.9500 13.8
Tradeweb ICE Thursday Close India rupee .01331 75.155 5.3
account yields 1.00 ableBanking,adivisionofNortheastBank 1.05% 1.00 –4 s UK pound 1.2604 .7934 5.2
t s Indonesia rupiah .0000695 14395 3.7
t Lewiston, ME 877-505-1933 WSJ Dollar index Euro Japan yen .009328 107.20 –1.3 Middle East/Africa
0.50 Marcus by Goldman Sachs 1.04% 0.00 –8 Kazakhstan tenge .002431 411.37 7.7 Bahrain dinar 2.6529 .3770 –0.02
New York, NY 855-730-7283 1 3 6 1 2 3 5 7 10 20 30 Macau pataca .1252 7.9870 –0.4 Egypt pound .0626 15.9865 –0.4
0.00 2019 2020 Malaysia ringgit .2345 4.2635 4.2 Israel shekel .2897 3.4519 –0.1
Synchrony Bank 1.04% month(s) years
A S ON D J FMAM JJ New Zealand dollar .6570 1.5221 2.5 Kuwait dinar 3.2486 .3078 1.6
Draper, UT 800-677-0718 maturity Pakistan rupee .00599 166.950 7.7 Oman sul rial 2.5975 .3850 –0.01
2019 2020
Sources: Tradeweb ICE U.S. Treasury Close; Tullett Prebon; Dow Jones Market Data Philippines peso .0202 49.442 –2.5 Qatar rial .2746 3.642 –0.05
Yield/Rate (%) 52-Week Range (%) 3-yr chg Singapore dollar .7184 1.3920 3.4 Saudi Arabia riyal .2666 3.7508 –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 .0008355 1196.89 3.6 South Africa rand .0594 16.8358 20.3
Federal-funds rate target 2.00-2.25 2.00-2.25 1.75 l 2.25 -1.00 Sri Lanka rupee .0053795 185.89 2.5
Yield (%) 52-Week Total Return (%) Taiwan dollar .03398 29.426 –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 .03199 31.260 5.0 WSJ Dollar Index 91.01 0.18 0.20 1.62
Libor, 3-month 0.27 0.30 0.27 l 2.32 -1.04
U.S. Treasury, Barclays 2488.800 0.470 0.510 2.040 0.470 11.34 5.91 Sources: Tullett Prebon, Dow Jones Market Data
Money market, annual yield 0.27 0.27 0.27 l 0.78 -0.06
1.210 27.96 13.37
Five-year CD, annual yield 0.72 0.73 0.71 l 1.97 -0.68 U.S. Treasury Long, Barclays 4965.920 1.330 2.570 0.980
Commodities
30-year mortgage, fixed† 3.22 3.27 3.22 l 4.22 -0.83 Aggregate, Barclays 2277.030 1.190 1.250 2.590 1.190 9.65 5.68 Thursday 52-Week YTD
Pricing trends on someClose
raw materials, or commodities
Net chg % Chg High Low % Chg % chg
15-year mortgage, fixed† 2.75 2.83 2.75 l 3.57 -0.52 Fixed-Rate MBS, Barclays 2226.530 1.270 1.340 2.790 0.930 5.83 4.11
Jumbo mortgages, $484,350-plus† 3.26 3.32 3.26 l 4.71 -1.19 DJ Commodity 575.43 -3.40 -0.59 647.86 433.70 -8.10 -10.41
High Yield 100, ICE BofA 3032.265 5.606 5.676 10.740 4.516 –1.500 2.649
Five-year adj mortgage (ARM)† 3.11 3.16 3.11 l 4.78 -0.34 TR/CC CRB Index 140.46 -1.50 -1.06 187.39 106.29 -23.53 -24.40
Muni Master, ICE BofA 582.962 1.157 1.199 3.441 0.959 4.849 4.247 Crude oil, $ per barrel 39.62 -1.28 -3.13 63.27 -37.63 -34.19 -35.11
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 874.898 5.021 5.049 7.480 4.523 2.495 3.987 Natural gas, $/MMBtu 1.779 -0.045 -2.47 2.862 1.482 -26.37 -18.73
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. 1799.20 -16.30 -0.90 1815.50 1404.30 28.12 18.41

Get real-time U.S. stock quotes and track most-active stocks, new highs/lows and mutual funds. Plus, deeper money-flows data and email delivery of key stock-market data. Available free at WSJMarkets.com
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

B8 | Friday, July 10, 2020 THE WALL STREET JOURNAL.

COMMODITIES wsj.com/market-data/commodities

Futures Contracts Open

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

Metal & Petroleum Futures April 2.482 2.508 2.467 2.472 –.025 76,631 Sept 2,122 2,150 2,097 2,149 49 94,127 Sept .9330 .9345 .9318 .9336 … 136,274
Coffee (ICE-US)-37,500 lbs.; cents per lb. Canadian Dollar (CME)-CAD 100,000; $ per CAD
Contract Open 97.70 97.70 97.70 97.70 –1.25 280 July .7384 .7412 .7357 .7364 –.0044 391
Open High hi lo Low Settle Chg interest Agriculture Futures July
Sept 99.95 100.80 98.35 98.75 –1.25 103,169 Sept .7399 .7413 .7357 .7365 –.0044 114,575
Copper-High (CMX)-25,000 lbs.; $ per lb. Corn (CBT)-5,000 bu.; cents per bu. Sugar-World (ICE-US)-112,000 lbs.; cents per lb. British Pound (CME)-£62,500; $ per £
July 2.8155 2.8600 2.8145 2.8280 0.0135 3,728 July 349.00 356.50 348.25 351.25 3.00 1,285 Oct 12.11 12.15 11.82 11.84 –.24 405,924 July 1.2611 1.2669 1.2601 1.2621 –.0002 292
Sept 2.8285 2.8755 2.8235 2.8385 0.0145 114,017 Sept 346.00 355.00 345.75 348.75 2.50 586,770 March'21 12.78 12.84 12.54 12.57 –.21 204,833 Sept 1.2616 1.2674 1.2604 1.2625 –.0002 178,479
Gold (CMX)-100 troy oz.; $ per troy oz. Oats (CBT)-5,000 bu.; cents per bu. Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb. Swiss Franc (CME)-CHF 125,000; $ per CHF
July 1816.10 1819.80 s 1809.30 1799.20 –16.30 671 July 345.00 345.00 345.00 341.00 –2.50 2 Sept 26.27 26.55 26.27 26.50 .25 2,213 Sept 1.0678 1.0701 1.0646 1.0655 –.0028 47,906
Aug 1818.80 1825.50 1799.60 1803.80 –16.80 366,307 Dec 283.00 283.00 278.75 280.25 –2.50 3,538 Nov 26.35 26.35 26.35 26.35 .05 2,620 Dec 1.0722 1.0729 1.0675 1.0684 –.0029 110
Oct 1831.80 1838.60 1814.80 1817.60 –16.40 39,309
Soybeans (CBT)-5,000 bu.; cents per bu. Cotton (ICE-US)-50,000 lbs.; cents per lb. Australian Dollar (CME)-AUD 100,000; $ per AUD
July 903.00 907.00 895.75 898.25 3.50 142 July 64.01 64.01 62.10 63.34 –1.32 95 July .6989 .7001 .6951 .6966 –.0017 355
Dec 1849.80 1854.60 1829.60 1833.50 –17.10 122,549
Nov 898.75 909.50 896.50 901.50 4.25 339,659 Dec 64.05 64.90 63.66 63.89 –.27 118,769 Sept .6982 .7002 .6951 .6967 –.0017 105,769
Feb'21 1860.40 1863.00 1840.80 1843.20 –17.10 23,672
Soybean Meal (CBT)-100 tons; $ per ton. Orange Juice (ICE-US)-15,000 lbs.; cents per lb. Mexican Peso (CME)-MXN 500,000; $ per MXN
April 1868.30 1868.30 1847.00 1848.60 –17.10 6,286
July 293.80 296.10 293.80 295.10 3.50 877 July 128.60 128.60 128.60 128.60 .70 1 July .04434 .04434 .04396 .04422 .00024 67
Palladium (NYM) - 50 troy oz.; $ per troy oz. Dec 302.00 307.10 301.60 305.40 3.60 160,021 Sept .04372 .04396 .04353 .04387 .00025 123,991
July … ... s ... 1941.70 24.90 ... Sept 128.40 129.25 127.50 128.85 .70 7,888
Soybean Oil (CBT)-60,000 lbs.; cents per lb. Euro (CME)-€125,000; $ per €
Sept 1936.40 2019.40 1935.90 1963.20 24.90 7,005 July 28.78 28.57 28.24 28.19 –.27 193 July 1.1334 1.1371 1.1282 1.1297 –.0040 10,735
Dec 1948.00 1998.50 1948.00 1959.60 25.60 407 Dec 29.24 29.44 28.86 28.92 –.29 170,006
Interest Rate Futures Sept 1.1350 1.1387 1.1296 1.1313 –.0040 583,409
Platinum (NYM)-50 troy oz.; $ per troy oz. Rough Rice (CBT)-2,000 cwt.; $ per cwt. Ultra Treasury Bonds (CBT) - $100,000; pts 32nds of 100%
July 874.90 881.20 834.00 836.60 –37.40 776 July 17.80 17.90 16.50 16.32 … 278 Sept 218-260 223-010 218-230 222-210 3-13.0 1,056,704 Index Futures
Oct 882.70 892.90 842.30 846.90 –37.10 46,564 Sept 12.17 12.23 11.91 12.10 … 8,396 Treasury Bonds (CBT)-$100,000; pts 32nds of 100%
Silver (CMX)-5,000 troy oz.; $ per troy oz. Wheat (CBT)-5,000 bu.; cents per bu. Sept 178-200 180-180 178-190 180-120 1-14.0 1,030,550 Mini DJ Industrial Average (CBT)-$5 x index
178-180 177-060 178-220 1-09.0 5 Sept 25995 26029 25397 25571 –398 70,620
July 19.095 19.365 s 18.835 18.882 –0.199 2,882 July 530.00 537.75 517.75 526.25 8.75 107 Dec
Treasury Notes (CBT)-$100,000; pts 32nds of 100% Dec 25825 25900 25285 25454 –398 243
Sept 19.150 19.445 s 18.830 18.962 –0.199 139,314 Sept 516.50 531.25 515.75 525.00 8.50 215,940
Wheat (KC)-5,000 bu.; cents per bu. Sept 139-025 139-170 139-020 139-160 10.0 3,407,293 S&P 500 Index (CME)-$250 x index
Crude Oil, Light Sweet (NYM)-1,000 bbls.; $ per bbl. Sept 3146.30 3170.20 3140.80 3141.10 –22.30 10,372
Aug 40.87 40.99 39.27 39.62 –1.28 216,161 July 455.00 458.50 455.00 452.00 … 36 Dec 139-035 139-130 139-025 139-125 10.0 167
5 Yr. Treasury Notes (CBT)-$100,000; pts 32nds of 100% Dec … … … 3130.40 –22.40 2
Sept 41.03 41.12 39.45 39.83 –1.21 335,595 Sept 456.00 464.25 454.75 456.75 … 157,045
Cattle-Feeder (CME)-50,000 lbs.; cents per lb. Sept 125-217 125-267 125-215 125-260 2.7 3,470,162 Mini S&P 500 (CME)-$50 x index
Oct 41.16 41.25 39.64 40.02 –1.16 171,326 Sept 3166.25 3170.75 3105.25 3141.10 –22.30 2,561,441
Aug 134.175 135.425 133.800 134.525 .475 15,579 Dec 125-230 125-305 125-230 125-305 4.7 170
Dec 41.36 41.46 40.02 40.39 –1.02 266,582 Dec 3158.50 3160.00 3095.00 3130.40 –22.40 47,547
Sept 135.675 136.900 135.275 136.175 .500 7,484 2 Yr. Treasury Notes (CBT)-$200,000; pts 32nds of 100%
June'21 42.12 42.25 41.01 41.41 –0.77 135,894 Sept 110-125 110-139 110-125 110-132 .2 2,107,001 Mini S&P Midcap 400 (CME)-$100 x index
Cattle-Live (CME)-40,000 lbs.; cents per lb. Sept 1775.30 1776.40 1721.90 1744.10 –26.50 62,961
Dec 42.75 42.85 41.71 42.17 –0.58 146,743 30 Day Federal Funds (CBT)-$5,000,000; 100 - daily avg.
Aug 99.225 100.425 99.000 99.250 .100 96,333
NY Harbor ULSD (NYM)-42,000 gal.; $ per gal. July 99.9150 99.9175 99.9150 99.9150 .0000 199,912 Dec 1806.50 1769.50 1724.60 1743.60 –26.50 3
Oct 103.525 104.725 103.250 103.925 .425 78,980
Aug 1.2357 1.2426 1.2107 1.2239 –.0105 71,754 Oct 99.9500 99.9550 99.9450 99.9500 .0000 234,152 Mini Nasdaq 100 (CME)-$20 x index
Hogs-Lean (CME)-40,000 lbs.; cents per lb. Sept 10674.25 10774.25 s 10560.00 10727.50 65.25 208,545
Sept 1.2506 1.2563 1.2240 1.2362 –.0128 51,685 July 44.600 46.200 44.600 45.850 1.800 14,383 10 Yr. Del. Int. Rate Swaps (CBT)-$100,000; pts 32nds of 100%
Gasoline-NY RBOB (NYM)-42,000 gal.; $ per gal. Sept 101-030 101-155 101-020 101-150 10.5 66,548 Dec 10665.25 10761.00 s 10550.25 10716.00 63.75 1,065
Aug 48.950 51.175 48.750 50.225 2.275 75,458 Mini Russell 2000 (CME)-$50 x index
Aug 1.2888 1.2954 1.2456 1.2505 –.0404 88,279 Lumber (CME)-110,000 bd. ft., $ per 1,000 bd. ft. Eurodollar (CME)-$1,000,000; pts of 100%
July 99.7225 99.7325 99.7225 99.7300 .0050 326,752 Sept 1427.10 1428.10 1376.10 1394.00 –29.00 519,146
Sept 1.2634 1.2705 1.2250 1.2314 –.0377 73,887 July 486.30 499.00 s 482.30 499.00 14.00 158
Sept 99.7350 99.7450 99.7350 99.7400 … 1,672,070 Dec 1412.80 1423.90 1374.50 1391.10 –29.00 459
Natural Gas (NYM)-10,000 MMBtu.; $ per MMBtu. Sept 474.30 482.90 s 471.10 481.90 12.50 1,851 Mini Russell 1000 (CME)-$50 x index
Aug 1.820 1.891 1.772 1.779 –.045 239,758 Milk (CME)-200,000 lbs., cents per lb. Dec 99.7100 99.7150 99.7050 99.7100 –.0050 1,079,454
March'21 99.8000 99.8100 99.7950 99.8000 –.0050 935,911 Sept 1728.20 1759.10 1724.20 1744.30 –9.60 7,954
Sept 1.872 1.934 1.816 1.821 –.055 220,082 July 23.86 24.18 s 23.75 24.17 .50 6,538 U.S. Dollar Index (ICE-US)-$1,000 x index
Oct 1.963 2.022 1.918 1.922 –.048 116,437 Aug 21.59 22.28 s 21.43 22.28 .75 5,316 Sept 96.42 96.78 96.18 96.67 .31 24,459
Jan'21 2.886 2.920 2.858 2.865 –.030 112,532 Cocoa (ICE-US)-10 metric tons; $ per ton. Currency Futures Dec 96.38 96.76 96.19 96.65 .29 663
March 2.753 2.776 2.725 2.731 –.029 79,590 July 2,267 2,267 2,267 2,267 46 3 Japanese Yen (CME)-¥12,500,000; $ per 100¥
July .9329 .9337 .9312 .9329 … 1,056 Source: FactSet

Cash Prices | wsj.com/market-data/commodities Thursday, July 9, 2020

Bonds | wsj.com/market-data/bonds/benchmarks
These prices reflect buying and selling of a variety of actual or “physical” commodities in the marketplace—
separate from the futures price on an exchange, which reflects what the commodity might be worth in future Tracking Bond Benchmarks
months. Return on investment and spreads over Treasurys and/or yields paid to investors compared with 52-week
Thursday Thursday Thursday
highs and lows for different types of bonds
Energy Aluminum, LME, $ per metric ton *1619.0 Wheat,No.1soft white,Portld,OR-u 5.8150
Total Total
Copper,Comex spot 2.8280 return YTD total Yield (%) return YTD total Yield (%)
Coal,C.Aplc.,12500Btu,1.2SO2-r,w 55.000 Iron Ore, 62% Fe CFR China-s 107.1 Food close return (%) Index Latest Low High close return (%) Index Latest Low High
Coal,PwdrRvrBsn,8800Btu,0.8SO2-r,w 11.950 Shredded Scrap, US Midwest-s,m 254
Beef,carcass equiv. index Broad Market Bloomberg Barclays Mortgage-Backed Bloomberg Barclays
Metals Steel, HRC USA, FOB Midwest Mill-s 469
choice 1-3,600-900 lbs.-u 169.27

.
2277.03 6.8 U.S. Aggregate 1.190 1.190 2.590 2226.53 3.6 Mortgage-Backed 1.270 0.930 2.790
Fibers and Textiles select 1-3,600-900 lbs.-u 159.64
Gold, per troy oz

ly
Broilers, National comp wtd. avg.-u,w 0.7424 U.S. Corporate Indexes Bloomberg Barclays 2178.97 3.7 Ginnie Mae (GNMA) 0.620 0.490 2.740
Engelhard industrial 1812.00 Burlap,10-oz,40-inch NY yd-n,w 0.5850
Butter,AA Chicago 1.6875 3353.51 6.6 U.S. Corporate 2.040 2.040 4.580 1313.47 3.7 Fannie mae (FNMA) 1.510 1.110 2.810
Handy & Harman base 1812.10 Cotton,1 1/16 std lw-mdMphs-u 0.6184
Cheddar cheese,bbl,Chicago 240.00
Handy & Harman fabricated 2011.43 Cotlook 'A' Index-t *69.45 3034.21 4.8 Intermediate 1.470 1.470 4.400 2016.77 3.6 Freddie Mac (FHLMC) 1.480 1.080 2.810
Cheddar cheese,blk,Chicago 283.00
LBMA Gold Price AM *1799.35 Hides,hvy native steers piece fob-u n.a.
LBMA Gold Price PM
Krugerrand,wholesale-e
Maple Leaf-e
American Eagle-e
*1811.10
1866.07
1884.02
1884.02
Wool,64s,staple,Terr del-u,w
Grains and Feeds
Barley,top-quality Mnpls-u
on 2.55

n.a.
Milk,Nonfat dry,Chicago lb.
Coffee,Brazilian,Comp
Coffee,Colombian, NY
Eggs,large white,Chicago-u
103.25
0.9410
1.4954
0.8050
4991.55
695.05
878.55
9.6
7.9
5.1
Long term
Double-A-rated
Triple-B-rated
2.970 2.950 4.930
1.430 1.430 3.360
2.470 2.470 5.350
582.96
411.86
467.97
3.0
3.2
3.3
Muni Master
7-12 year
12-22 year
1.157 0.959 3.441
1.126 0.924 3.447
1.608 1.224 3.690
Bran,wheat middlings, KC-u 75
Flour,hard winter KC 14.35 High Yield Bonds ICE BofA 450.42 2.2 22-plus year 2.372 1.765 4.123
2171.39
us ,

Mexican peso-e Hams,17-20 lbs,Mid-US fob-u 0.38

Corn,No. 2 yellow,Cent IL-bp,u 3.3600 -3.7 Global Government J.P. Morgan†
Austria crown-e 1761.77 Hogs,Iowa-So. Minnesota-u 45.21 449.62 High Yield Constrained 6.533 5.151 11.400
l

Corn gluten feed,Midwest-u,w 105.1

Austria phil-e 1884.02 Pork bellies,12-14 lb MidUS-u n.a. 614.45 5.4 Global Government 0.540 0.390 1.130
382.82 -12.6 14.140 10.735 19.071
e
Corn gluten meal,Midwest-u,w 398.7 Triple-C-rated
al a

Silver, troy oz. Pork loins,13-19 lb MidUS-u 0.7993

Cottonseed meal-u,w 245 3032.27 -5.1 High Yield 100 5.606 4.516 10.740 866.41 7.8 Canada 0.730 0.590 1.740
Engelhard industrial 18.9500 Steers,Tex.-Okla. Choice-u 94.89
Hominy feed,Cent IL-u,w 98
Handy & Harman base 18.6410 Steers,feeder,Okla. City-u,w 149.25 408.12 -3.2 Global High Yield Constrained 6.393 4.893 11.310 409.39 2.3 EMU§ 0.319 0.109 0.794
ci on

Meat-bonemeal,50% pro Mnpls-u,w 170

Handy & Harman fabricated 23.3010 780.46 2.8
Oats,No.2 milling,Mnpls-u 3.4150
Fats and Oils 314.08 -4.4 Europe High Yield Constrained 4.521 2.464 8.183 France 0.050 -0.160 0.430
LBMA spot price *£14.7500 Rice, Long Grain Milled, No. 2 AR-u,w 30.00
(U.S.$ equivalent) *18.4850 U.S Agency Bloomberg Barclays 547.80 2.2 Germany -0.350 -0.740 -0.050
Sorghum,(Milo) No.2 Gulf-u 8.4738 Corn oil,crude wet/dry mill wtd. avg.-u,w 48.9800
Coins,wholesale $1,000 face-a 16847 SoybeanMeal,Cent IL,rail,ton48%-u 297.80 Grease,choice white,Chicago-h 0.2100 1863.22 5.2 U.S Agency 0.540 0.530 2.160 295.52 -0.9 Japan 0.270 -0.070 0.320
Other metals Soybeans,No.1 yllw IL-bp,u 8.7750 Lard,Chicago-u n.a. 1621.66 3.8 10-20 years 0.410 0.390 2.050 610.12 2.4 Netherlands -0.240 -0.540 0.080
*844.0
er s

LBMA Platinum Price PM Wheat,Spring14%-pro Mnpls-u 6.3600 Soybean oil,crude;Centl IL-u 0.2742
Platinum,Engelhard industrial 859.0 Wheat,No.2 soft red,St.Louis-bp,u 5.3500 Tallow,bleach;Chicago-h 0.2200 4309.27 12.9 20-plus years 1.430 1.170 2.690 1104.80 9.9 U.K. 0.470 0.390 1.250
Palladium,Engelhard industrial 1980.0 Wheat - Hard - KC (USDA) $ per bu-u 4.7675 Tallow,edible,Chicago-u 0.3800 2856.51 4.5 Yankee 1.630 1.630 3.500 874.90 -0.8 Emerging Markets ** 5.021 4.523 7.480
m er

*Constrained indexes limit individual issuer concentrations to 2%; the High Yield 100 are the 100 largest bonds † In local currency § Euro-zone bonds
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; ** EMBI Global Index Sources: ICE Data Services; Bloomberg Barclays; J.P.Morgan
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 7/8
Source: Dow Jones Market Data
Global Government Bonds: Mapping Yields
m rp

Yields and spreads over or under U.S. Treasurys on benchmark two-year and 10-year government bonds in
Exchange-Traded Portfolios | WSJ.com/ETFresearch selected other countries; arrows indicate whether the yield rose(s) or fell (t) in the latest session
Closing Chg YTD Country/ Yield (%) Spread Under/Over U.S. Treasurys, in basis points
Largest 100 exchange-traded funds, latest session ETF Symbol Price (%) (%) Coupon (%) Maturity, in years Latest(l)-2 -1 0 1 2 3 4 Previous Month ago Year ago Latest Prev Year ago
Thursday, July 9, 2020 Closing Chg YTD Schwab US TIPs SCHP 60.39 0.27 6.6 0.125 U.S. 2 0.153 t l 0.177 0.212 1.917
co Fo

ETF Symbol Price (%) (%) SPDR DJIA Tr DIA 257.24 –1.33 –9.8
Closing Chg YTD
SPDR S&PMdCpTr MDY 318.46 –1.49 –15.2
0.625 10 0.600 t l 0.666 0.829 2.068
ETF Symbol Price (%) (%) iShMSCIEmgMarkets EEM 43.52 ... –3.0
iShMSCIJapan EWJ 55.07 –0.49 –7.0
SPDR S&P 500 SPY 314.38 –0.57 –2.3 2.000 Australia 2 0.254 t l 0.256 0.292 0.969 10.2 7.9 -94.8
CommSvsSPDR XLC 56.72 0.12 5.8
SPDR S&P Div SDY 88.24 –2.22 –18.0
CnsmrDiscSelSector XLY 131.74 –0.11 5.0 iShNasdaqBiotech IBB 140.57 –0.17 16.6
TechSelectSector XLK 108.11 0.36 17.9
2.500 10 0.905 s l 0.882 1.059 1.330 30.5 21.6 -73.8
CnsStapleSelSector XLP 59.20 –0.79 –6.0 iShNatlMuniBd MUB 115.53 0.09 1.4
EnSelectSectorSPDR XLE 34.44 –4.94 –42.6 iShPfd&Incm PFF 34.79 –0.03 –7.4
UtilitiesSelSector XLU 56.70 –1.34 –12.3 0.000 France 2 -0.598 t l -0.589 -0.501 -0.657 -75.1 -76.5 -257.4
VanEckGoldMiner GDX 38.79 –0.44 32.5
FinSelSectorSPDR XLF 22.68 –2.11 –26.3 iShRussell1000Gwth IWF 201.82 0.42 14.7
VangdInfoTech VGT 288.79 0.40 17.9
0.000 10 -0.142 t l -0.127 0.004 -0.053 -74.1 -79.3 -212.1
FT DJ Internet FDN 183.69 0.96 32.0 iShRussell1000 IWB 175.22 –0.46 –1.8
HealthCareSelSect XLV 100.95 –0.79 –0.9 iShRussell1000Val IWD 111.27 –1.50 –18.5
VangdSC Val VBR 102.46 –2.42 –25.2 0.000 Germany 2 -0.678 t l -0.667 -0.613 -0.728 -83.0 -84.4 -264.5
VangdSC Grwth VBK 203.44 –0.25 2.4
InvscQQQI QQQ 262.18 0.84 23.3 iShRussell2000 IWM 139.07 –2.02 –16.1
VangdDivApp VIG 118.13 –0.64 –5.2 0.000 10 -0.460 t l -0.436 -0.310 -0.352 -106.0 -110.2 -242.0
InvscS&P500EW RSP 100.38 –1.59 –13.3 iShRussell3000 IWV 183.18 –0.61 –2.8
iSh3-7YTreasuryBd IEI 133.66 0.10 6.3 iShRussellMid-Cap IWR 53.54 –1.13 –10.2
VangdFTSEDevMk VEA 39.28 –1.16 –10.8 1.000 Italy 2 -0.061 s l -0.090 0.106 0.093 -21.4 -26.7 -182.3
iShRussellMCValue IWS 74.79 –1.73 –21.1 VangdFTSE EM VWO 43.38 0.07 –2.5
iShCoreDivGrowth DGRO 37.36 –1.27 –11.2 0.950 10 1.213 s 1.209 1.460 1.741 54.3 -32.7
VangdFTSE Europe VGK 51.21 –1.44 –12.6
l 61.4
iShCoreMSCIEAFE IEFA 57.92 –1.24 –11.2 iShS&P500Growth IVW 215.77 0.13 11.4
VangdFTSEAWxUS VEU 49.20 –0.73 –8.5 0.100 Japan 2 -0.134 t l -0.133 -0.163 -0.190 -30.9 -210.7
iShCoreMSCIEM IEMG 51.74 –0.08 –3.8 iShS&P500Value IVE 106.77 –1.57 –17.9 -28.7
iShShortCpBd IGSB 54.73 0.02 2.1 VangdGrowth VUG 211.63 0.44 16.2
iShCoreMSCITotInt IXUS 56.30 –0.83 –9.0
VangdHlthCr VHT 195.17 –0.77 1.8 0.100 10 0.020 s l 0.019 0.020 -0.139 -58.0 -64.7 -220.7
iShCoreS&P500 IVV 315.72 –0.51 –2.3 iShShortTreaBd SHV 110.73 0.01 0.2
n-

VangdHiDiv VYM 77.57 –1.71 –17.2

iShCoreS&P MC IJH 174.43 –1.46 –15.3 iShTIPSBondETF TIP 123.79 0.26 6.2 0.400 Spain 2 -0.435 t l -0.401 -0.324 -0.439 -58.8 -57.7 -235.6
iShCoreS&P SC IJR 65.69 –2.29 –21.7 iSh1-3YTreasuryBd SHY 86.57 0.02 2.3 VangdIntermBd BIV 93.41 0.18 7.1
iShS&PTotlUSStkMkt ITOT 70.68 –0.59 –2.8 iSh7-10YTreasuryBd IEF 122.15 0.34 10.8 VangdIntrCorpBd VCIT 95.51 0.19 4.6 1.250 10 0.395 t l 0.412 0.616 0.370 -20.4 -25.4 -169.7
VangdLC VV 146.19 –0.51 –1.1
iShCoreUSAggBd AGG 118.63 0.26 5.6 iSh20+YTreasuryBd TLT 167.17 1.59 23.4 0.500 U.K. 2 -0.085 t l -0.071 0.014 0.625 -23.8 -24.8 -129.2
iShSelectDividend DVY 77.43 –2.69 –26.7 iShRussellMCGrowth IWP 164.36 0.38 7.7 VangdMC VO 164.95 –0.80 –7.4
iShEdgeMSCIMinEAFE EFAV 66.41 –0.87 –10.9 iShUSTreasuryBdETF GOVT 28.09 0.36 8.3 VangdMBS VMBS 54.45 0.04 2.4 4.750 10 0.162 t l 0.185 0.337 0.722 -43.8 -48.2 -134.6
no

iShEdgeMSCIMinUSA USMV 60.74 –0.59 –7.4 JPM UltShtIncm JPST 50.74 –0.01 0.6 VangdRealEst VNQ 77.88 –0.63 –16.1
Source: Tullett Prebon
iShEdgeMSCIUSAMom MTUM 138.63 0.68 10.4 PIMCOEnhShMaturity MINT 101.57 –0.02 –0.0 VangdS&P500ETF VOO 288.90 –0.51 –2.3
iShEdgeMSCIUSAQual QUAL 97.09 –0.69 –3.9 SPDR BlmBarcHYBd JNK 101.81 –0.31 –7.1 VangdST Bond
VangdSTCpBd
BSV
VCSH
83.04
82.60
...
0.04
3.0
1.9
Corporate Debt
iShGoldTr IAU 17.24 –0.17 18.9 SPDRBloomBar1-3MTB BIL 91.53 ... 0.1
iShiBoxx$InvGrCpBd LQD 136.12 0.56 6.4 SPDR Gold GLD 169.63 –0.27 18.7 VangdSC VB 144.04 –1.32 –13.0
Price moves by a company's debt in the credit markets sometimes mirror and sometimes anticipate, moves in
iShiBoxx$HYCpBd HYG 82.21 –0.22 –6.5 SchwabIntEquity SCHF 30.11 –1.08 –10.5 VangdTotalBd BND 88.64 0.27 5.7 that same company’s share price.
60.53 0.16 4.4 74.72 –0.55 –2.8 VangdTotIntlBd BNDX 57.86 0.24 2.3
iShIntermCorpBd
iShJPMUSDEmgBd
IGIB
EMB 109.77 –0.44 –4.2
SchwabUS BrdMkt
SchwabUS Div
SCHB
SCHD 50.37 –2.14 –13.0 VangdTotIntlStk VXUS 50.76 –0.88 –8.9
Investment-grade spreads that tightened the most…
iShMBSETF MBB 110.71 0.01 2.5 SchwabUS LC SCHX 75.59 –0.45 –1.6 VangdTotalStk VTI 159.24 –0.62 –2.7 Spread*, in basis points Stock Performance
iShMSCI ACWI ACWI 75.82 –0.62 –4.3 SchwabUS LC Grw SCHG 106.08 0.24 14.2 VangdTotlWrld VT 76.74 –0.63 –5.2 Issuer Symbol Coupon (%) Maturity Current One-day change Last week Close ($) % chg
iShMSCI EAFE EFA 61.67 –1.14 –11.2 SchwabUS SC SCHA 64.26 –1.44 –15.0 VangdValue VTV 98.37 –1.71 –17.9
Main Street Capital MAIN 5.200 May 1, ’24 390 –46 417 28.66 –4.47
Camden Property Trust CPT 2.950 Dec. 15, ’22 50 –33 92 88.64 –0.94
Borrowing Benchmarks | wsj.com/market-data/bonds/benchmarks General Electric GE 3.375 March 11, ’24 80 –20 122 6.58 –4.08
Bank Montreal BMO 4.800 Aug. 25, ’49 355 –17 n.a. 52.13 –2.21

Money Rates July 9, 2020 Arrow Electronics ARW 3.250 Sept. 8, ’24 125 –14 135 66.24 –0.62
JPMorgan Chase JPM 5.150 May 1, ’49 391 –14 n.a. 91.28 –2.17
Key annual interest rates paid to borrow or lend money in U.S. and international markets. Rates below are a Energy Transfer Operating ... 4.750 Jan. 15, ’26 280 –13 252 ... ...
guide to general levels but don’t always represent actual transactions. Healthpeak Properties PEAK 3.875 Aug. 15, ’24 68 –13 90 26.86 0.04
Week —52-WEEK— Week —52-WEEK—
Inflation Latest ago High Low Latest ago High Low …And spreads that widened the most
May index Chg From (%)
level April '20 May '19 Federal funds Libor HSBC Holdings HSBC 6.250 March 23, ’49 536 72 n.a. 23.52 –2.37
Effective rate 0.0900 0.0900 2.4100 0.0600 One month 0.17825 0.16375 2.33200 0.16225 Air Lease AL 3.875 July 3, ’23 332 18 n.a. 26.56 –5.82
U.S. consumer price index Midwest Connector Capital … 3.900 April 1, ’24 347 17 215 ... ...
High 0.1000 0.1000 3.0000 0.1000 Three month 0.26625 0.30375 2.32225 0.26625
All items 256.394 0.002 0.1 Low 0.0300 0.0300 2.3300 0.0100 Six month 0.34850 0.36613 2.22925 0.34850 Burlington Northern Santa Fe … 3.400 Sept. 1, ’24 44 16 45 ... ...
Core 265.799 –0.11 1.2 Bid 0.0700 0.0700 2.4000 0.0100 One year 0.48413 0.53863 2.23850 0.48413 Ares Capital … 4.200 June 10, ’24 303 15 n.a. … …
International rates Offer 0.1000 0.1000 2.5000 0.0500
Euro Libor Pacific Gas And Electric … 3.450 July 1, ’25 205 15 n.a. … …
Week 52-Week
Treasury bill auction One month -0.495 -0.497 -0.360 -0.621 Truist Financial … 3.750 Dec. 6, ’23 64 15 69 … …
Latest ago High Low 4 weeks 0.100 0.115 2.135 0.000 Three month -0.439 -0.399 -0.142 -0.539
13 weeks 0.150 0.150 2.210 0.000 Six month -0.363 -0.334 -0.052 -0.491 High-yield issues with the biggest price increases…
Prime rates 26 weeks 0.165 0.165 2.075 0.080 One year -0.272 -0.236 0.008 -0.441 Bond Price as % of face value Stock Performance
U.S. 3.25 3.25 5.50 3.25 Issuer Symbol Coupon (%) Maturity Current One-day change Last week Close ($) % chg
Canada 2.45 2.45 3.95 2.45 Secondary market Secured Overnight Financing Rate
Japan 1.475 1.475 1.475 1.475 0.10 0.11 5.25 0.01 Icahn Enterprises IEP 4.750 Sept. 15, ’24 98.540 2.04 95.000 47.90 –0.25
Fannie Mae
Value 52-Week
New Gold NGDCN 7.500 July 15, ’27 105.660 1.49 103.625 ... ...
Policy Rates 30-year mortgage yields
Latest Traded High Low Qvc … 5.950 March 15, ’43 87.730 1.48 n.a. ... ...
Euro zone 0.00 0.00 0.00 0.00 30 days 2.045 2.152 3.424 2.045
60 days 2.129 2.225 3.434 2.129 DTCC GCF Repo Index Telecom Italia Capital … 7.200 July 18, ’36 123.233 1.41 119.776 ... ...
Switzerland 0.00 0.00 0.50 0.00
Britain 0.10 0.10 0.75 0.10 Other short-term rates Treasury 0.138 56.600 6.007 0.002 Cheniere Eng CQP 4.500 Oct. 1, ’29 101.500 1.38 n.a. 34.83 0.75
Australia 0.25 0.25 1.00 0.25 MBS 0.140 59.800 6.699 0.011
Week 52-Week
Weekly survey
…And with the biggest price decreases
Overnight repurchase Latest ago high low
Latest Week ago Year ago Carnival CCL 6.650 Jan. 15, ’28 72.500 –3.05 76.721 14.58 –4.83
U.S. 0.13 0.14 3.40 -0.07
Call money Oasis Petroleum OAS 6.500 Nov. 1, ’21 15.125 –2.75 n.a. 0.65 –8.86
U.S. government rates 2.00 2.00 4.25 2.00 Freddie Mac Crownrock CRROCK 5.625 Oct. 15, ’25 90.970 –2.66 89.500 ... ...
30-year fixed 3.03 3.07 3.75
Discount Commercial paper (AA financial) 15-year fixed 2.51 2.56 3.22
Continental Resources CLR 4.900 June 1, ’44 75.530 –2.22 79.625 15.08 –6.51
0.25 0.25 3.00 0.25 90 days 0.17 0.21 2.53 0.04 Five-year ARM 3.02 3.00 3.46 L Brands LB 6.950 March 1, ’33 70.125 –2.13 70.510 15.52 –0.96
Spirit Aerosystems … 7.500 April 15, ’25 98.250 –2.00 99.625 … …
Notes on data:
Commscope Technologies … 5.000 March 15, ’27 89.263 –1.71 91.000 … …
U.S. prime rate is the base rate on corporate loans posted by at least 70% of the 10 largest U.S. banks, and is effective March 16, 2020. Other prime rates
aren’t directly comparable; lending practices vary widely by location; Discount rate is effective March 16, 2020. Secured Overnight Financing Rate is as of Service Properties Trust SVC 4.950 Feb. 15, ’27 87.000 –1.69 88.259 6.17 –1.91
July 8, 2020. DTCC GCF Repo Index is Depository Trust & Clearing Corp.'s weighted average for overnight trades in applicable CUSIPs. Value traded is in
billions of U.S. dollars. Federal-funds rates are Tullett Prebon rates as of 5:30 p.m. ET. *Estimated spread over 2-year, 3-year, 5-year, 10-year or 30-year hot-run Treasury; 100 basis points=one percentage pt.; change in spread shown is for Z-spread.
Sources: Federal Reserve; Bureau of Labor Statistics; DTCC; FactSet; Note: Data are for the most active issue of bonds with maturities of two years or more
Tullett Prebon Information, Ltd. Sources: MarketAxess Corporate BondTicker; Dow Jones Market Data
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. Friday, July 10, 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. DukeEnergy DUK 79.74 -1.70 HSBC HSBC 23.52 -0.57 Linde LIN 221.95 0.43 PPG Ind PPG 105.08 -1.39 Seagate STX 46.78 0.22 s Twilio TWLO 245.30 1.69
Arca, NYSE American and Nasdaq Stock Market t-New 52-week low. DukeRealty DRE 35.90 0.41 Halliburton HAL 11.78 -0.69 LiveNationEnt LYV 45.05 -1.01 PPL PPL 24.40 -1.32 s SeattleGenetics SGEN 181.17 5.64 Twitter TWTR 35.72 0.31
listed securities. Prices are composite quotations dd-Indicates loss in the most recent four Dun&Bradstreet DNB 25.88 -0.61 s LivongoHealth LVGO 107.56 10.74 PRA HealthSci PRAH 94.64 SempraEnergy SRE 116.29 -0.96 TylerTech TYL 361.29 6.25
HartfordFinl HIG 35.81 -1.84 -0.77
that include primary market trades as well as quarters.
trades reported by Nasdaq BX (formerly Boston), FD-First day of trading. Dunkin' DNKN 65.42 -0.57 Hasbro HAS 71.50 -1.76 LloydsBanking LYG 1.45 -0.08 PTC PTC 85.00 6.50 SensataTechs ST 36.10 0.09 TysonFoods TSN 55.58 -2.35
Chicago Stock Exchange, Cboe, NYSE National and h-Does not meet continued listing DuPont DD 50.91 -1.34 HealthcareAmer HTA 25.79 -0.36 LockheedMartin LMT 339.96 -10.27 Paccar PCAR 74.43 -1.03 ServiceCorp SCI 36.51 -1.27 UBS Group UBS 11.67 -0.20
Nasdaq ISE. standards s Dynatrace DT 44.06 1.70 HealthpeakProp PEAK 26.86 0.01 Loews L 32.82 -1.10 PackagingCpAm PKG 95.37 -0.94 s ServiceNow NOW 426.37 1.17 UDR UDR 35.98 -0.19
The list comprises the 1,000 largest companies lf-Late filing ENI E 18.94 -0.77 Heico HEI 94.87 -4.23 s LogitechIntl LOGI 67.48 1.33 PagSeguroDig PAGS 37.50 -1.19 ShawComm B SJR 16.19 -0.08 UGI UGI 29.87 -0.84
based on market capitalization. q-Temporary exemption from Nasdaq EOG Rscs EOG 44.34 -3.10 Heico A HEI.A 76.27 -4.27 Lowe's LOW 135.61 -0.14 PaloAltoNtwks PANW 248.58 5.76 SherwinWilliams SHW 579.69 -6.43 Uber UBER 33.15 -0.78
Underlined quotations are those stocks with requirements. s EPAM Systems EPAM 262.10 6.44 HenrySchein HSIC 56.08 -1.11 lululemon LULU 315.20 5.32 s PanAmerSilver PAAS 32.48 -0.01 ShinhanFin SHG 24.72 -0.70 Ubiquiti UI 184.54 5.49
large changes in volume compared with the t-NYSE bankruptcy E*TRADE ETFC 49.14 -1.37 Herbalife HLF 45.54 0.07 Lumentum LITE 83.84 1.63 ParkerHannifin PH 176.32 -2.81 Shopify SHOP 1040.02 22.72 UltaBeauty ULTA 192.30 -9.72
issue’s average trading volume. v-Trading halted on primary market. EastmanChem EMN 68.31 -1.48 Hershey HSY 126.75 -1.77 Lyft LYFT 29.84 -2.34 Paychex PAYX 72.88 -1.67 Sibanye-Stillwater SBSW 9.88 0.21 UltragenyxPharm RARE 87.95 -2.05
Boldfaced quotations highlight those issues vj-In bankruptcy or receivership or being Eaton ETN 85.64 -1.70 LyondellBasell LYB 63.11 -2.74 PaycomSoftware PAYC 314.01 -5.13 SignatureBank SBNY 100.52 -4.17 Unilever UN 51.96 -1.08
Hess HES 44.68 -4.64
whose price changed by 5% or more if their reorganized under the Bankruptcy Code, s eBay EBAY 59.22 0.95 HewlettPackard HPE 8.98 -0.23 Paylocity PCTY 145.63 -2.27 SimonProperty SPG 61.02 -3.39 Unilever UL 53.71 -0.88
previous closing price was $2 or higher. or securities assumed by such companies. M N s PayPal
Ecolab ECL 197.50 0.73 Hill-Rom HRC 111.09 -0.88 PYPL 183.23 1.66 SiriusXM SIRI 5.63 -0.15 UnionPacific UNP 165.99 -3.05
Ecopetrol EC 11.17 -0.25 Hilton HLT 74.13 -0.96 Pearson PSO 7.02 -0.18 Skyworks SWKS 132.73 0.58 UnitedAirlines UAL 30.17 -2.36
Wall Street Journal stock tables reflect composite regular trading as of 4 p.m. and M&T Bank MTB 95.21 -3.77
EdisonInt EIX 53.93 -0.53 Hologic HOLX 57.47 -0.15 Pegasystems PEGA 101.28 -0.06 SlackTech WORK 34.02 -0.22 UnitedMicro UMC 2.75 -0.02
changes in the closing prices from 4 p.m. the previous day. MGM Resorts MGM 16.00 -0.30
EdwardsLife EW 68.26 -0.50 HomeDepot HD 247.96 -1.21 s Peloton PTON 64.49 1.97 Smartsheet SMAR 52.88 0.02 UPS B UPS 114.45 -0.02
MKS Instrum MKSI 114.40 0.28
ElancoAnimal ELAN 21.36 -0.29 HondaMotor HMC 25.02 -0.35 PembinaPipeline PBA 23.46 -0.42 SmithAO AOS 47.57 -0.27 UnitedRentals URI 143.66 -4.99
Thursday, July 9, 2020 MPLX MPLX 17.42 -0.58
Net Net Elastic ESTC 98.32 1.73 Honeywell HON 141.37 -4.22 Pentair PNR 38.30 1.68 Smith&Nephew SNN 38.44 -0.61 US Bancorp USB 34.22 -1.29
s MSCI MSCI 375.14 4.43
Net Stock Sym Close Chg Stock Sym Close Chg ElbitSystems ESLT 130.25 -1.65 s HorizonTherap HZNP 58.00 -0.76 s Penumbra PEN 193.56 -0.42 Smucker SJM 103.39 -1.32 UnitedHealth UNH 291.16 -7.20
MagellanMid MMP 40.39 -2.12
Stock Sym Close Chg s s ElectronicArts EA 138.80 3.19 HormelFoods HRL 47.01 -0.90 PepsiCo PEP 132.71 -1.51 s Snap SNAP 25.94 -0.47 UnivDisplay OLED 161.10 2.88
Avalara AVLR 140.37 -0.90 Celanese CE 84.07 -1.68 MagnaIntl MGA 44.52 -0.51
EmersonElec EMR 59.47 -1.62 DR Horton DHI 58.04 -0.81 PerkinElmer PKI 103.08 0.67 SnapOn SNA 128.89 -3.95 UniversalHealthB UHS 88.61 -2.09
Avalonbay AVB 151.64 -1.66 CenovusEnergy CVE 4.32 -0.12 ManhattanAssoc MANH 92.54 1.10
A B C Avangrid AGR 42.54 -0.43 Centene CNC 63.31 -2.28
Enbridge ENB 29.59 -0.51 HostHotels HST 10.51 -0.22 ManulifeFin MFC 13.20 -0.30
Perrigo PRGO 54.26 -0.67 SOQUIMICH SQM 27.23 -0.97 VEREIT VER 6.14 -0.09
EncompassHealth EHC 60.29 -1.15 HowmetAerospace HWM 14.77 -0.56 PetroChina PTR 36.57 -0.78 s SolarEdgeTech SEDG 157.18 -0.74 VF VFC 58.27 -2.41
ABB ABB 24.24 -0.37 Avantor AVTR 18.69 -0.03 CenterPointEner CNP 18.95 -0.38 MarathonPetrol MPC 33.35 -0.80
EnelAmericas ENIA 7.78 -0.26 HuanengPower HNP 16.58 -0.12 PetroleoBrasil PBR 8.53 -0.23 SolarWinds SWI 18.14 -0.17 VICI Prop VICI 19.79 -0.41
AcadiaPharm ACAD 56.07 -0.33 AveryDennison AVY 110.61 -2.34 CentraisElBras EBR 6.75 0.38 Markel MKL 892.91 -5.18
EnelChile ENIC 3.96 -0.25 Huazhu HTHT 37.38 -0.52 PetroleoBrasilA PBR.A 8.32 -0.19 Sony SNE 71.53 1.74 VailResorts MTN 176.93 -3.68
AxaltaCoating AXTA 21.82 -0.41 CenturyLink CTL 9.63 -0.17 s MarketAxess MKTX 548.61 4.19
ADT ADT 7.40 -0.26 EnergyTransfer ET 6.34 -0.20 Hubbell HUBB 124.72 -0.73 Pfizer PFE 33.46 -0.29 Southern SO 51.94 -1.12 Vale VALE 10.63 -0.13
AECOM ACM 35.14 -0.82 AxonEnterprise AAXN 96.42 -0.51 CeridianHCM CDAY 85.34 0.35 Marriott MAR 86.25 -3.74
EnphaseEnergy ENPH 55.80 0.87 s HubSpot HUBS 238.11 -1.55 PhilipMorris PM 70.14 -2.16 SoCopper SCCO 40.33 -0.32 ValeroEnergy VLO 50.22 -2.76
AES AES 13.92 -0.52 BCE BCE 40.35 -0.54 Cerner CERN 69.63 -0.34 Marsh&McLen MMC 108.23 -0.85
Entegris ENTG 61.14 1.38 Humana HUM 382.92 -3.08 Phillips66 PSX 58.98 -5.00 SouthwestAir LUV 31.57 -1.32 VarianMed VAR 118.49 -1.13
Aflac AFL 33.97 -1.43 BHP Group BHP 50.50 -0.61 CharlesRiverLabs CRL 185.13 0.04 MartinMarietta MLM 206.71 -2.18
Entergy ETR 96.45 -0.45 JBHunt JBHT 125.00 -0.91 Pinduoduo PDD 90.25 -2.06 s Splunk SPLK 204.85 -0.31 Vedanta VEDL 5.97 0.01
BHP Group BBL 41.88 -0.60 CharterComms CHTR 530.19 1.88 s MarvellTech MRVL 38.12 0.54
AGNC Invt AGNC 12.67 -0.32 EnterpriseProd EPD 17.25 -0.29 HuntingtonBcshs HBAN 8.06 -0.38 PinnacleWest PNW 76.25 -0.47 s Spotify SPOT 274.79 s
5.53 VeevaSystems VEEV 256.69 4.29
s ANGI Homesvcs ANGI 15.92 0.16 s BJ'sWholesale BJ 38.73 1.04 CheckPoint CHKP 118.73 2.79 Masco MAS 49.69 -0.37
Equifax EFX 161.79 -7.31 HuntingIngalls HII 161.77 -5.72 Pinterest PINS 27.42 0.42 s Square SQ 129.39 -3.96 Ventas VTR 34.33 -1.06
s Ansys ANSS 304.69 2.79 BP BP 22.05 -1.11 s Chegg CHGG 72.81 0.02 Masimo MASI 236.47 1.98
Equinix EQIX 728.69 8.34 ICICI Bank IBN 9.74 -0.15 PioneerNatRscs PXD 91.48 -5.11 StanleyBlackDck SWK 137.04 -2.24 VeriSign VRSN 212.50 1.70
ASETech ASX 4.74 0.07 s B2Gold BTG 5.98 -0.01 Chemed CHE 474.97 -1.17 Mastercard MA 294.59 -5.56
Equinor EQNR 14.38 -0.55 IdexxLab IDXX 341.17 5.05 PlainsAllAmPipe PAA 8.40 -0.44 Starbucks SBUX 73.57 -0.57 VeriskAnalytics VRSK 173.20 0.37
s ASML ASML 394.53 2.60 Baidu BIDU 132.53 1.89 CheniereEnergy LNG 49.81 -0.70 MaximIntProducts MXIM 64.47 2.39
Equitable EQH 18.14 -1.06 IHS Markit INFO 75.74 -0.71 PlainsGP PAGP 8.53 -0.35 StateStreet STT 61.66 -3.29 Verizon VZ 53.94 -0.83
BakerHughes BKR 14.65 -0.87 CheniereEnerPtrs CQP 34.83 0.26 s McCormickVtg MKC.V 182.72 -0.34
AT&T T 29.54 -0.40
Chevron CVX 82.74 -3.61
EquityLife ELS 64.13 0.09 ING Groep ING 6.81 -0.30 s McCormick MKC 183.85 0.21
Polaris PII 92.08 -1.97 SteelDynamics STLD 24.51 -0.39 VertxPharm VRTX 295.40 -0.52
AbbottLabs ABT 93.67 1.09 Ball BLL 71.75 -0.39 s Pool POOL 279.13 8.33 ViacomCBS B VIAC 22.10 -0.82
EquityResdntl EQR 56.71 -0.77 IPG Photonics IPGP 164.08 2.38 McDonalds MCD 184.33 -1.52 Steris STE 150.44 -0.38
AbbVie ABBV 97.94 -1.34 BancoBilbaoViz BBVA 3.42 -0.11 Chewy CHWY 51.92 1.93
ChinaEastrnAir CEA 18.71 -0.64 ErieIndemnity A ERIE 188.63 -3.26 IQVIA IQV 144.99 0.82 McKesson MCK 140.89 -3.68
PostHoldings POST 86.32 -2.83 STMicroelec STM 28.01 0.63 ViacomCBS A VIACA 24.34 -0.71
Abiomed ABMD 265.68 0.04 BancoBradesco BBDO 3.77 -0.04 s
ChinaLifeIns LFC 13.24 -0.19 EssentialUtil WTRG 42.53 -0.57 IcahnEnterprises IEP 47.90 -0.12 MedicalProp MPW 18.01 -0.37
PrincipalFin PFG 39.86 -2.01 StoneCo STNE 41.48 -0.05 Vipshop VIPS 22.60 0.40
AcceleronPharma XLRN 100.68 -1.60 BancodeChile BCH 18.76 -0.65 Procter&Gamble PG 122.48 -0.41 VirBiotech VIR 47.20 1.13
ChinaMobile CHL 36.17 -0.15 EssexProp ESS 223.92 -3.00 Icon ICLR 174.28 2.88 Medtronic MDT 90.13 -1.48 Stryker SYK 177.77 -4.00
s Accenture ACN 219.31 0.42 BancSanBrasil BSBR 5.40 -0.11 Progressive PGR 77.79 0.42 Visa V 192.21 -2.86
ChinaPetrol SNP 44.59 -0.61 EsteeLauder EL 187.81 -0.80 IDEX IEX 157.19 -0.62 MelcoResorts MLCO 15.22 -0.53 SumitomoMits SMFG 5.54 -0.07
s ActivisionBliz ATVI 80.64 1.36 BcoSantChile BSAC 17.14 -0.63 Prologis PLD 96.57 0.81 Vistra VST 19.00 -0.56
ChinaSoAirlines ZNH 23.93 -0.68 Etsy ETSY 114.51 2.61 IllinoisToolWks ITW 173.29 -1.03 MercadoLibre MELI 1018.41 3.41 SunComms SUI 138.16 -0.13
AdaptiveBiotech ADPT 48.54 -0.27 BancoSantander SAN 2.42 -0.07 Proofpoint PFPT 122.52 4.48 VMware VMW 147.99 0.99
ChinaTelecom CHA 30.35 -0.54 EverestRe RE 198.06 -6.35 Illumina ILMN 372.60 2.73 Merck MRK 76.69 -1.23 SunLifeFinancial SLF 36.00 -0.59
s Adobe ADBE 460.84 3.16 BanColombia CIB 27.65 -0.73
s PrudentialFin PRU 58.03 -2.74 Vodafone VOD 15.49 -0.34
ChinaUnicom CHU 6.10 -0.08
Evergy EVRG 60.87 -0.51 Immunomedics IMMU 42.30 0.75 MetLife MET 35.39 -1.38 SuncorEnergy SU 15.73 -0.51
AdvanceAuto AAP 133.75 -2.70 BankofAmerica BAC 22.77 -0.33 Prudential PUK 31.19 -0.57 VornadoRealty VNO 34.92 -0.94
Chipotle CMG 1115.58 1.15 EversourceEner ES 84.57 -0.57 ImperialOil IMO 14.96 -0.49 MettlerToledo MTD 830.53 12.34 Suzano SUZ 6.87 0.07
AdvMicroDevices AMD 57.26 3.83 BankofMontreal BMO 52.13 -1.18 PublicServiceEnt PEG 49.79 -1.08 VoyaFinancial VOYA 45.32 -1.75
Chubb CB 124.34 -3.52 ExactSciences EXAS 92.75 1.09 Incyte INCY 107.87 -0.40 MicrochipTech MCHP 107.55 3.57 SynchronyFin SYF 21.34 -0.98
Aegon AEG 2.99 -0.11 BankNY Mellon BK 37.15 -1.67 PublicStorage PSA 195.37 2.01 Vroom VRM 48.95 -1.29
ChunghwaTel CHT 37.92 -0.22 Exelixis EXEL 24.18 0.27 Infosys INFY 10.23 -0.11 MicronTech MU 49.98 0.27 SyneosHealth SYNH 56.24 -0.32
AgilentTechs A 89.92 0.38 BkNovaScotia BNS 39.85 -0.67 PulteGroup PHM 33.88 -1.39 VulcanMatls VMC 117.10 -2.02
s Church&Dwight CHD 81.73 1.47 Exelon EXC 36.62 -0.53 IngersollRand IR 27.86 -0.26 s Microsoft MSFT 214.32 1.49 s Synnex SNX 118.96 1.18
AgnicoEagle AEM 66.16 0.29 Barclays BCS 5.60 -0.17 Qiagen QGEN 44.55 0.98
Expedia EXPE 81.56 -2.64 Ingredion INGR 78.42 -2.99 s Synopsys
Agora API 50.82 -3.11 BarrickGold GOLD 27.59 -0.13 Ciena CIEN 56.16 0.65
ExpeditorsIntl EXPD 77.01 0.55 s Inphi IPHI 130.04 4.54
MidAmApt MAA 112.56 -1.26
MitsubishiUFJ MUFG 3.84 -0.03
Qorvo QRVO 113.11 0.08
Sysco
SNPS 204.55
SYY 50.98
3.07
-2.13
W X Y Z
AirProducts APD 271.60 1.81 BauschHealth BHC 17.15 -0.40 Cigna CI 173.90 -6.18 Qualcomm QCOM 93.25 -0.28
CincinnatiFin CINF 67.30 -1.84 ExtraSpaceSt EXR 95.21 -0.46 Insulet PODD 211.29 3.60 MizuhoFin MFG 2.46 0.02 WEC Energy WEC 87.47 -1.27
BaxterIntl BAX 85.69 1.51
AkamaiTech AKAM 114.22 1.55
Albemarle ALB 75.75 -2.20 BectonDicknsn BDX 258.61 5.88 Cintas CTAS 266.14 -5.17 ExxonMobil XOM 41.36 -1.78 Intel INTC 58.42 -0.19 MobileTeleSys MBT 8.82 -0.08 s
QuestDiag
Quidel
DGX 115.85
QDEL 244.96
-2.07
7.48
T U V WEX WEX 154.60 -3.46
CiscoSystems CSCO 46.70 0.89 F5Networks FFIV 144.81 10.65 InteractiveBrkrs IBKR 48.85 0.15 Moderna MRNA 64.97 3.39 W.P.Carey WPC 66.08 -0.44
t Albertsons ACI 14.75 -0.41 BeiGene BGNE 199.81 -4.29 TAL Education TAL 76.39 3.30
FMC FMC 97.89 ICE ICE 92.14 -1.70
Alcon ALC 56.88 -0.28 Berkley WRB 55.80 -0.98 Citigroup C 49.45 -1.43
Facebook FB 244.50
-1.16
0.92 InterContinentl IHG 47.12 -1.18
MohawkInds MHK 73.12 -18.27 R S TC Energy TRP 41.16 -0.80
WPP
Wabtec
WPP 36.32
WAB 56.60
-1.07
-0.90
BerkHathwy B BRK.B 178.80 -2.40 CitizensFin CFG 22.73 -0.93 MolinaHealthcare MOH 178.62 -3.73 TD Ameritrade AMTD 36.61 -0.58
AlexandriaRlEst ARE 162.25 1.40
CitrixSystems CTXS 152.68 2.99 FactSet FDS 347.37 -2.06 IBM IBM 115.71 -2.00 t MolsonCoorsB TAP 33.25 -1.49 RELX RELX 23.01 -0.37 WalgreensBoots WBA 39.01 -3.28
AlexionPharm ALXN 108.47 0.47 BerkHathwy A BRK.A 268780-2990.00 TE Connectivity TEL 79.06 -1.03
Clarivate CCC 22.54 -0.11 FairIsaac FICO 421.76 -0.24 IntlFlavors IFF 122.30 -1.07 Mondelez MDLZ 50.26 -0.98 RPM RPM 74.53 -0.43 Walmart WMT 127.75 3.31
s Alibaba BABA 261.58 3.90 BerryGlobal BERY 43.16 -0.84
s Telus TU 16.44 -0.18
s Clorox CLX 229.50 3.93 Farfetch FTCH 22.33 2.73 IntlPaper IP 33.11 -1.03 MongoDB MDB 236.60 2.55 RaymondJames RJF 65.60 -2.38 WarnerMusic WMG 30.00 0.02
AlignTech ALGN 274.08 -4.31 BestBuy BBY 84.95 -2.23 TIM Part TSU 13.82 -0.46
s Cloudflare NET 39.73 1.33 Fastenal FAST 43.10 0.08 Interpublic IPG 16.39 -0.61 s MonolithicPower MPWR 249.48 1.95 RaytheonTech RTX 58.11 -2.90 WasteConnections WCN 95.97 3.87
Alleghany Y 471.19 -16.57 BeyondMeat BYND 141.22 -3.76 TJX TJX 49.99 -0.88
Coca-Cola KO 43.91 -1.16 s Fastly FSLY 102.72 6.56 Intuit INTU 307.91 -1.94 MonsterBev MNST 71.05 -0.71 RealPage RP 66.53 0.97 WasteMgt WM 102.08 -1.04
Allegion ALLE 100.53 -1.96 Bilibili BILI 48.23 1.56 T-MobileUS TMUS 106.17 -0.44
Bill.com BILL 91.67 1.21 Coca-Cola Euro CCEP 37.26 -1.55 FederalRealty FRT 78.87 -1.39 IntuitiveSurgical ISRG 574.47 -6.49 s Moody's MCO 294.29 0.05 RealtyIncome O 57.12 -1.41 Waters WAT 188.63 3.58
AlliantEnergy LNT 48.25 -0.26 TRowePrice TROW 122.83 -1.39
Bio-Techne TECH 277.37 3.36 Cognex CGNX 62.27 0.95 FedEx FDX 155.74 -2.82 InvitatHomes INVH 27.37 -0.20 MorganStanley MS 47.51 -1.40 ReataPharm RETA 156.12 -1.88
s
Watsco WSO 185.29 1.21
AllogeneTherap ALLO 44.03 -0.19 TaiwanSemi TSM 64.78 2.19
Bio-RadLab A BIO 478.04 10.55 CognizantTech CTSH 55.28 -0.42 Ferrari RACE 177.56 1.65 IonisPharma IONS 60.44 -0.47 Morningstar MORN 148.75 -1.69 RegencyCtrs REG 42.12 -1.28
s
Wayfair W 228.93 7.45
Allstate ALL 85.82 -2.40 TakeTwoSoftware TTWO 150.76 2.94 Weibo
Biogen BIIB 278.70 -1.49 ColgatePalm CL 73.32 -1.17 FiatChrysler FCAU 9.78 -0.20 iQIYI IQ 23.14 0.25 MotorolaSol MSI 130.93 -1.20 s RegenPharm REGN 640.63 0.29 WB 38.14 -0.02
AllyFinancial ALLY 19.05 -0.62 TakedaPharm TAK 17.28 -0.20 WellsFargo WFC 24.04
BioMarinPharm BMRN 126.81 -1.92 Comcast A CMCSA 39.29 -0.45 FidNatlFin FNF 29.64 -0.82 IronMountain IRM 26.18 0.02 Mylan MYL 15.88 -0.31 RegionsFin RF 9.83 -0.51 -0.51
AlnylamPharm ALNY 159.03 -1.39 TandemDiabetes TNDM 104.11 0.30 Welltower
BioNTech BNTX 65.61 -1.95 CommerceBcshrs CBSH 54.09 -1.81 FidNatlInfo FIS 135.79 -1.01 ItauUnibanco ITUB 5.05 0.03 NICE NICE 192.71 4.80 RelianceSteel RS 89.88 -2.22 WELL 49.20 -0.83
Alphabet C GOOG 1510.99 14.99 Target TGT 117.90 0.20 s WestPharmSvcs WST 235.93

.
SABESP SBS 10.83 -0.07 FifthThirdBncp FITB 17.39 -0.75 NIO NIO 14.57 1.69 RenaissanceRe RNR 166.93 -2.70 3.63
s
Alphabet A GOOGL 1518.66 15.06 BlackKnight BKI 72.06 0.66
ConagraBrands CAG 35.60 -0.10 58.com WUBA 54.24 0.06 J K L NRG Energy NRG 32.31 -0.88 Repligen RGEN 128.67 3.39 TeckRscsB TECK 10.76 0.03 WesternDigital WDC 42.32 -0.48
Alteryx AYX 181.98 2.29 BlackRock BLK 549.44 -8.17 s TeladocHealth TDOC 228.43 3.90 WesternUnion WU 20.73

ly
Blackstone BX 53.37 -1.10 ConchoRscs CXO 47.56 -2.96 FirstAmerFin FAF 46.34 -1.40 s JD.com JD 67.36 1.98 NVR NVR 3244.48 -86.94 RepublicSvcs RSG 80.50 0.50 -0.33
AlticeUSA ATUS 23.22 -0.15 TelecomArgentina TEO 9.32 0.12 WestlakeChem WLK 51.08
Boeing BA 173.28 -6.80 ConocoPhillips COP 38.35 -2.69 FirstRepBank FRC 102.31 -1.49
Joyy YY 84.70 1.37 NXP Semi NXPI 117.90 1.47 ResMed RMD 193.69 0.97 -1.74
Altria MO 38.60 -1.27 TeledyneTech TDY 290.86 -11.33 WestpacBanking WBK 12.33
BookingHldgs BKNG 1670.28 8.98 ConEd ED 71.71 -0.72 FirstSolar FSLR 57.20 -0.86
JPMorganChase JPM 91.28 -2.02 Nasdaq NDAQ 120.80 -0.90 RestaurantBrands QSR 54.42 -0.51 -0.23
AlumofChina ACH 6.33 0.28 Teleflex TFX 356.96 -3.30 WestRock
s BoozAllen BAH 75.26 -0.21 ConstBrands A STZ 182.39 -1.09 FirstEnergy FE 40.19 -0.44
JackHenry JKHY 182.30 0.34 NationalGrid NGG 53.63 -3.75 ReynoldsCnsmr REYN 34.04 -0.52 WRK 26.22 -1.25
Amazon.com AMZN 3182.63101.52 Ericsson ERIC 9.38 -0.16 Weyerhaeuser WY 22.61
BorgWarner BWA 34.40 -0.53 ContinentalRscs CLR 15.08 -1.05 Fiserv FISV 94.82 -2.28
JacobsEngg J 78.85 -2.75 NatlRetailProp NNN 33.08 -1.29 s RingCentral RNG 295.64 1.32 -0.06
Ambev ABEV 2.78 -0.03 TelefonicaBras VIV 9.26 0.14 s WheatonPrecMet WPM 46.72
Natura&Co NTCO 15.60 -0.05 RioTinto RIO 57.96 -0.34 -0.20
Amcor
Amdocs
Amedisys
Amerco
Ameren
AMCR 10.37 -0.08
DOX 57.76 -0.91
AMED 204.84 3.89
UHAL 291.54 -7.48
AEE 73.65 -0.29
AmericaMovil AMX 12.30 -0.46
s BostonBeer SAM 593.63 5.47
BostonProps BXP 85.06 -2.52
BostonSci BSX 34.50 -0.05
BrightHorizons BFAM 107.20 -4.13
Bristol-Myers BMY 58.11 -1.45
BritishAmTob BTI 37.05 -1.08
Cooper
Copart
CoreLogic
Corning
Corteva
CoStar
on
COO 289.73 9.65
CPRT 83.38 -1.82
CLGX 67.54 -0.34
GLW 26.51 0.03
CTVA 25.75 -0.11
CSGP 726.25 -3.75
s
FiveBelow
Five9
FIVE 100.52
FIVN 120.94
FleetCorTech FLT 253.33
Floor&Decor FND 58.43
FomentoEconMex FMX 59.02
FordMotor F 5.84
-2.78
2.74
-0.31
-0.56
-1.48
-0.25
JamesHardie JHX 18.56
JazzPharma JAZZ 105.46
J&J JNJ 142.49
JohnsonControls JCI
JonesLang
33.38
JLL 102.77
JuniperNetworks JNPR 22.74
-0.36
-2.08
-0.78
-0.77
-1.35
0.44
NetApp
s NetEase
s Netflix
s Neurocrine
NTAP 42.30 -0.98 RobertHalf RHI 49.27
NTES 483.26 28.70 Rockwell
NFLX 507.76 4.98 RogersComm B RCI
NBIX 131.56 1.45
s NewOrientalEduc EDU 148.14 6.56 Rollins
Roku
ROK 211.37
38.96
ROKU 149.69
ROL 45.79
-1.26
-0.91
-0.53
15.93
0.83 s
Telefonica

Tenaris
TEF

TS
4.50 -0.11 Whirlpool
TelekmIndonesia TLK 21.29 0.05 Williams
10xGenomics TXG 92.29 1.10 Williams-Sonoma WSM 84.63
WHR 133.17
WMB 18.27

12.29 -0.66 WillisTowers WLTW 199.02

TencentMusic TME 17.50 0.66 Wipro WIT 3.31
-2.83
-0.67
-1.35
-0.22
0.02
Teradyne TER 88.46 0.71 s Wix.com
s Costco COST 325.54 9.22 s Fortinet FTNT 149.60 3.25
KB Fin KB 28.74 -0.72 NYTimes A NYT 42.62 -0.34 RoperTech ROP 394.93 -2.48 WIX 296.71 4.59
us ,

AmericaMovil A AMOV 12.11 -0.45 Broadcom AVGO 321.50 1.93 RossStores ROST 84.72 -1.30 Tesla TSLA 1394.28 28.40 WooriFin WF 21.78 -0.58
s CoupaSoftware COUP 312.22 7.35 Fortis FTS 37.72 -0.71 s KKR NewellBrands NWL 15.01 -0.80
AmerAirlines AAL 11.18 -0.81 BroadridgeFinl BR 127.57 -1.02 KKR 34.73 0.85 TevaPharm TEVA 11.61 0.21 Workday
Credicorp BAP 125.10 -4.48 Fortive FTV 67.28 -1.00 Newmont NEM 62.73 -0.70 RoyalBkCanada RY 67.16 -0.90 WDAY 197.56 -0.74
l

AEP AEP 82.02 -0.40 BrookfieldMgt BAM 32.45 -0.51 KLA KLAC 203.59 -0.92 RoyalBkScotland RBS 2.99 -0.10 TexasInstruments TXN 130.43 1.17 WynnResorts WYNN 71.13
CreditAcceptance CACC 417.28 -18.51 FortBrandsHome FBHS 64.15 -0.97 NewsCorp A NWSA 11.73 -0.12 -3.05
AmerExpress AXP 90.57 -2.33 BrookfieldInfr BIP 39.58 -0.63 KSCitySouthern KSU 142.84 -4.09
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FoxA FOXA 24.37 -0.93 RoyalCaribbean RCL 47.12 -2.95 Textron TXT 30.13 -1.58 XP XP 47.16 -0.54
al a

BrookfieldPropREIT BPYU 10.96 -0.39 CreditSuisse CS 10.24 -0.27 Kellogg K 65.90 -0.71 NewsCorp B NWS 11.73 -0.15
AmericanFin AFG 56.83 -3.31 ThermoFisherSci TMO 387.67 1.04 XPO Logistics XPO 75.38
Brown&Brown BRO 40.90 -0.17 Cree CREE 62.37 1.59 FoxB FOX 24.46 -0.93
KeurigDrPepper KDP 29.00 0.39 NextEraEnergy NEE 251.99 -1.28 RoyalDutchA RDS.A 31.28 -1.47 -3.77
AmHomes4Rent AMH 26.74 -0.11 ThomsonReuters TRI 67.88 0.06 XcelEnergy
Brown-Forman A BF.A 58.65 -0.15 s CrowdStrike CRWD 117.46 2.91 Franco-Nevada FNV 144.17 -0.43
KeyCorp KEY 11.03 -0.57 NielsenHoldings NLSN 14.40 -0.36 RoyalDutchB RDS.B 29.51 -1.39 XEL 63.24 -0.53
AIG AIG 28.00 -1.85 ThorIndustries THO 97.35 -4.14 Xilinx
Brown-Forman B BF.B 63.25 -0.79 CrownCastle CCI 171.65 0.24 FranklinRscs BEN 20.27 -0.86
KeysightTechs KEYS 99.83 0.69 Nike NKE 96.99 -1.85 RoyalGold RGLD 126.30 -0.45 XLNX 100.23 0.95
ci on

AmerTowerREIT AMT 265.60 0.90 3M MMM 151.45 -3.13 Xylem

Bruker BRKR 40.94 -0.32 CrownHoldings CCK 65.29 -1.41 FreeportMcM FCX 12.89 0.07
KilroyRealty KRC 57.04 -0.74 Nikola NKLA 56.75 2.72 Ryanair RYAAY 64.06 -2.15 XYL 66.52 0.78
AmerWaterWorks AWK 130.69 -1.07
CubeSmart CUBE 27.42 -0.30 FreseniusMed FMS 42.36 -0.72 NiSource NI 22.95 -0.43
s SAP SAP 152.67 5.72 Tiffany TIF 120.99 -0.59 YamanaGold AUY 5.59 0.03
AmericoldRealty COLD 37.02 0.46 Bunge BG 38.23 -0.96 KimberlyClark KMB 142.22 -1.13 s Toro TTC 64.50 -0.96 s Yandex
Cummins CMI 172.17 -1.87 KimcoRealty KIM 11.84 Nokia NOK 4.17 0.02 S&P Global SPGI 352.72 -1.60 YNDX 51.38 1.15
Ameriprise AMP 143.29 -5.12 BurlingtonStrs BURL 178.90 -4.64
CBRE Group CBRE 43.87 -0.62 CyrusOne CONE 76.84 0.59 G H I KinderMorgan KMI 13.91
-0.31
-0.61 NomuraHoldings NMR 4.59 ... SBA Comm SBAC 307.78 4.60 TorontoDomBk TD 43.23 -0.82 YumBrands YUM 86.38 -0.17
AmerisourceBrgn ABC 96.39 -0.82 Total TOT 37.18 -1.69 YumChina
CDW CDW 112.51 -0.87 GCI LibertyA GLIBA 72.62 -0.44 s KingsoftCloud KC 40.56 0.49 Nordson NDSN 186.93 -0.60 SEI Investments SEIC 53.90 -1.35 YUMC 51.48 0.37
Ametek AME 86.26 -1.73
CF Industries CF 26.90 -0.84
D E F s GDS Holdings GDS 88.58 -0.38 s KinrossGold KGC 7.67 0.08 NorfolkSouthern NSC 170.91 -4.35 SK Telecom SKM 19.78 -0.32
s
ToyotaMotor TM 123.83 -1.58 ZTO Express ZTO 37.88 1.01
Amgen AMGN 251.66 0.07
NorthernTrust NTRS 76.41 -3.75 SS&C Tech SSNC 56.35 -0.22 TractorSupply TSCO 137.70 2.09 s ZaiLab ZLAB 89.48 2.61
Amphenol APH 94.49 -0.56 CGI GIB 63.95 0.09 DISH Network DISH 30.83 -1.14 GFLEnvironmental GFL 18.67 -0.13 KirklandLakeGold KL 46.76 -0.77 s TradeDesk TTD 463.00 0.51 ZebraTech
CH Robinson CHRW 80.87 0.37 s GSXTechedu GSX 87.86 9.65 Knight-Swift KNX 43.98 0.01 NorthropGrum NOC 285.95 -15.15 StoreCapital STOR 21.44 -0.86 ZBRA 262.01 4.80
er s

AnalogDevices ADI 124.25 1.39 DTE Energy DTE 106.67 -1.23 Tradeweb TW 55.43 -2.11 Zendesk
CME Group CME 165.53 -2.55 s Galapagos GLPG 201.07 0.60 KoninklijkePhil PHG 47.37 -0.74 NortonLifeLock NLOK 20.08 -0.04 SVB Fin SIVB 201.65 -8.27 ZEN 94.27 1.95
Anaplan PLAN 51.18 -0.15 DadaNexus DADA 32.42 2.64 s TraneTech
NVS 87.34 -0.78 Salesforce.com CRM 200.74 0.46 TT 90.29 -1.84 Zillow C Z 62.99 -0.62
KoreaElcPwr KEP Novartis
s AngloGoldAsh AU 31.45 0.06 CMS Energy CMS 58.99 -0.41 s Danaher DHR 185.47 1.05 Gallagher AJG 97.59 -0.78 7.81 -0.16 Sanofi SNY 50.55 -0.97 TransDigm TDG 410.98 -15.92 Zillow A ZG 62.42 -0.78
CNA Fin CNA 29.71 -0.94 Gaming&Leisure GLPI 32.79 -0.53 KraftHeinz KHC 31.37 -0.49 Novavax NVAX 96.30 -2.00
AB InBev BUD 51.01 -1.40 Darden DRI 71.34 -1.78 17.31 -1.03 TransUnion TRU 83.54 -3.49 ZimmerBiomet ZBH 117.64
NovoNordisk NVO 65.61 -0.27 SantanderCons SC -1.28
m er

AnnalyCap NLY 6.46 -0.13 CNH Indl CNHI 6.70 -0.22 s Datadog DDOG 96.10 -0.03 Garmin GRMN 96.92 -1.26 Kroger KR 32.76 0.34 SareptaTherap SRPT 169.96 -0.19 Travelers TRV 110.04 -3.14 Zoetis ZTS 137.68 -1.13
CNOOC CEO 111.83 -3.59 Gartner IT 118.16 -3.68 LHC Group LHCG 180.61 1.49 Novocure NVCR 60.07 -0.90
Anthem ANTM 255.00 -7.54 DaVita DVA 79.74 -2.17 s Trex
CRH CRH 35.40 -0.43 Generac GNRC 126.61 0.03 Line LN 51.25 0.53 NuanceComms NUAN 25.72 0.23 Schlumberger SLB 17.13 -0.94 TREX 129.28 1.00 ZoomVideo ZM 269.52 3.20
Aon AON 194.46 -1.08 DeckersOutdoor DECK 190.02 -3.34 Trimble TRMB 42.38 -0.02 ZoomInfoTech ZI 44.69 0.43
CRISPR Therap CRSP 94.02 -0.15 GeneralDynamics GD 138.02 -5.88 LKQ LKQ 25.45 -0.25 Nucor NUE 38.80 -0.86 SchwabC SCHW 33.88 -0.55
ApartmtInv AIV 36.76 -0.66 Deere DE 157.65 -0.73 Trip.com TCOM 26.90 -0.29 s Zscaler 127.41 6.56
CSX CSX 67.86 -1.24 GeneralElec GE 6.58 -0.28 LPL Financial LPLA 74.14 -2.51 Nutrien NTR 31.26 -0.52 ScottsMiracleGro SMG 137.72 -0.50 ZS
DellTechC DELL 53.69
NVDA 420.36 11.72 s Sea TFC 33.61 -1.71 s Zynga
ApolloGlbMgmt APO 49.90 -0.45 -0.46 SE 123.05 -1.41 TruistFinl ZNGA 10.44 0.19
L3HarrisTech LHX 159.80 -4.85 s NVIDIA
AppFolio APPF 161.12 -1.59 CVS Health CVS 61.28 -1.86 DeltaAir DAL 25.65 -1.36 GeneralMills GIS 62.55 0.10
m rp

s CableOne CABO 1773.01 -14.98 GeneralMotors GM 23.42 -1.52 LabCpAm LH 173.12 -1.34
Apple AAPL 382.73 1.36
ApplMaterials AMAT 63.49 0.72 CabotOil COG 17.03 -0.52
DentsplySirona XRAY 41.27
DeutscheBank DB 9.72
-0.73
-0.28 s Genmab GMAB 35.59 0.35 LamResearch LRCX 335.76 1.96
O P Q
Aptargroup ATR 113.76 0.83 s CadenceDesign CDNS 101.53 1.93 s DexCom DXCM 440.50 5.39 Genpact G 35.07 -0.56 LamarAdv LAMR 61.98 -1.71 OGE Energy OGE 29.97 -0.43
Aptiv APTV 75.39 -1.37 CaesarsEnt CZR 12.27 0.15
CamdenProperty CPT 88.64 -0.84
Diageo DEO 137.33 -2.25 Gentex GNTX 24.91 -0.35 LambWeston LW
LasVegasSands LVS 44.68
59.96 -1.89 ONEOK OKE 26.15
-0.93 OReillyAuto ORLY 419.41
-1.21 Dividend Changes
Aramark ARMK 20.77 -0.88 DiamondbkEner FANG 37.50 -2.73 GenuineParts GPC 84.45 -1.69 -1.08
ArcelorMittal MT 10.93 -0.35 CampbellSoup CPB 49.41 -0.12 DigitalRealty DLR 147.03 -0.08 GileadSciences GILD 74.71 -0.90 Lear LEA 102.30 -3.37 OccidentalPetrol OXY 16.28 -1.00 Dividend announcements from July 9.
ArchCapital ACGL 27.04 -0.61 CIBC CM 66.33 -1.33 DiscoverFinSvcs DFS 46.45 -2.23 GSK GSK 40.37 -0.36 LegendBiotech LEGN 38.88 -0.66 s Okta OKTA 222.95 3.17
ArcherDaniels ADM 37.81 -0.87 CanNtlRlwy CNI 88.88 -0.91 DiscoveryB DISCB 37.88 0.31 GlobalPayments GPN 164.16 -4.26 Leidos LDOS 86.41 -1.65 OldDomFreight ODFL 176.42 -0.45 Amount Payable /
s
co Fo

AresMgmt ARES 38.77 -0.01 CanNaturalRes CNQ 16.21 -0.53 DiscoveryA DISCA 19.25 -0.97 Globant GLOB 166.09 5.35 Lennar A LEN 63.25 -2.17 Ollie'sBargain OLLI 100.30 -0.58 Company Symbol Yld % New/Old Frq Record
s arGEN-X ARGX 253.13 1.75 CanPacRlwy CP 255.83 -3.40 DiscoveryC DISCK 17.25 -0.94 GlobeLife GL 70.19 -2.01 Lennar B LEN.B 47.40 -1.86 OmegaHealthcare OHI 30.30 0.62
AristaNetworks ANET 218.79 4.69 t Canon CAJ 18.79 -0.56 Disney DIS 116.81 0.15 GoDaddy GDDY 70.65 -0.23 LennoxIntl LII 242.43 -2.17 Omnicom OMC 51.66 -1.94 Increased
ArrowElec ARW 66.24 -0.41 CanopyGrowth CGC 16.02 -0.31 s DocuSign DOCU 212.42 6.07 s GoldFields GFI 10.52 0.32 LibertyBroadbandC LBRDK 127.42 -0.62 ON Semi ON 20.76 0.79 HBFuller FUL 1.6 .165 /.1625 Q Aug06 /Jul22
AscendisPharma ASND 140.00 -5.27 CapitalOne COF 58.35 -3.04 DolbyLab DLB 65.48 -0.23 GoldmanSachs GS 196.83 -5.42 LibertyBroadbandA LBRDA 124.65 -0.67 s OneConnectFinTech OCFT 23.96 3.96 STRATS Sers 2006-1 P&G GJR 2.1 .01772 /.01770 M Jul15 /Jul14
AspenTech AZPN 104.31 0.51 CardinalHealth CAH 48.88 -1.41 DollarGeneral DG 189.74 3.21 Graco GGG 47.94 0.31 LibertyGlobal C LBTYK 22.39 -0.20 OpenText OTEX 43.13 -0.14
Assurant AIZ 97.56 -3.18 Carlisle CSL 112.99 -1.38 DollarTree DLTR 91.34 1.04 Grainger GWW 308.99 0.22 LibertyGlobal A LBTYA 22.72 -0.20 Oracle ORCL 57.53 0.87 Reduced
AstraZeneca AZN 53.97 -0.22 Carlyle CG 28.17 -0.33 DominionEner D 73.77 -1.45 Grifols GRFS 18.62 0.03 LibertyFormOne A FWONA 31.31 0.39 Orange ORAN 11.71 -0.23
CarMax KMX 86.23 -2.47 LibertyFormOne C FWONK 33.71 0.28 Orix
FR STRATSs 2006-2 GS Grp GJS 2.8 .0225 /.02467 M Jul15 /Jul14
Athene ATH 29.51 -1.51 Domino's DPZ 385.50 1.36 GrubHub GRUB 71.47 0.57 IX 59.97 -0.93
s Atlassian TEAM 195.63 -0.25 Carnival CCL 14.58 -0.74 Donaldson DCI 45.12 -0.39 GpoAvalAcc AVAL 4.63 -0.06 LibertyBraves A BATRA 17.84 -0.17 OtisWorldwide OTIS 56.11 -0.81 Foreign
AtmosEnergy ATO 97.69 -1.69 Carnival CUK 11.87 -0.85 DouglasEmmett DEI 29.58 0.10 GuardantHealth GH 87.52 0.39 LibertyBraves C BATRK 17.43 -0.16 OwensCorning OC 55.11 -1.60
s Autodesk ADSK 248.20 4.30 CarrierGlobal CARR 23.91 -0.08 Dover DOV 94.86 -2.05 Guidewire GWRE 117.44 1.82 LibertySirius C LSXMK 33.65 -1.06 PG&E PCG 8.59 -0.19
Dr Reddy's Labs ADR RDY 0.5 .3304 A Jul10 /
Autohome ATHM 87.98 3.18 s Carvana CVNA 138.64 -0.28 Dow DOW 39.44 -0.91 HCA Healthcare HCA 94.34 -1.29 LibertySirius A LSXMA 33.92 -1.10 s PLDT PHI 28.06 0.57 Toronto-Dominion Bank TD 5.3 .58359 Q Jul31 /Jul10
Autoliv ALV 63.30 -0.86 CaseysGenStores CASY 151.46 1.88 DrReddy'sLab RDY 51.89 -0.37 HDFC Bank HDB 48.55 -0.08 LibertySirius B LSXMB 34.22 -2.30 PNC Fin PNC 98.85 -1.29
ADP ADP 145.73 -2.37 Catalent CTLT 79.15 2.93 DraftKings DKNG 32.81 -0.30 HD Supply HDS 32.97 -0.55 s EliLilly LLY 166.45 -2.68 POSCO PKX 38.99 -0.80 KEY: A: annual; M: monthly; Q: quarterly; r: revised; SA: semiannual; S2:1: stock split and ratio; SO:
AutoZone AZO 1107.76 -10.22 Caterpillar CAT 125.73 -2.40 Dropbox DBX 22.40 -0.34 HP HPQ 16.41 -0.34 LincolnNational LNC 32.71 -2.11 PPD PPD 29.24 1.14 spin-off.

New Highs and Lows | WSJ.com/newhighs

n-

52-Wk % 52-Wk % 52-Wk % 52-Wk % 52-Wk % 52-Wk %

Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg
EllomayCapital ELLO 23.75 18.8 JD.com JD 69.18 3.0 OneSpan OSPN 29.09 1.2 SimulationsPlus SLP 64.93 2.8 Vapotherm VAPO 47.72 4.4 FedNat FNHC 9.91 -3.5
The following explanations apply to the New York Stock Exchange, NYSE Arca, NYSE American EmergentBiosol EBS 96.52 0.1 KKR KKR 35.03 2.5 Oragenics OGEN 1.12 22.8 Snap SNAP 26.76 -1.8 VaronisSystems VRNS 104.63 -0.3 FirstComSC FCCO 12.51 -7.9
and Nasdaq Stock Market stocks that hit a new 52-week intraday high or low in the latest EquinoxGold EQX 11.80 0.6 K12 LRN 35.37 -5.6 PLDT PHI 28.55 2.1 SolarEdgeTech SEDG 159.55 -0.5 VeevaSystems VEEV 260.61 1.7 FirstHorizonPfdC FHNpC 24.45 -0.8
session. % CHG-Daily percentage change from the previous trading session. EverQuote EVER 63.16 0.5 KingsoftCloud KC 42.80 1.2 PaciraBioSci PCRX 58.19 1.7 SouthMountainUn SMMCU 11.25 1.7 Vicor VICR 75.82 0.3 FirstHorizonPfdD FHNpD 22.00 0.3
no

Farfetch FTCH 22.49 13.9 KinrossGold KGC 7.79 1.1 PanAmerSilver PAAS 33.28 ... SpartanEnergy SPAQ.U 16.08 42.3 Vipshop VIPS 22.67 1.8 GigCapital3Wt GIK.WS 0.48 -8.0
Thursday, July 9, 2020 Fastly FSLY 102.95 6.8 LGI Homes LGIH 103.72 -4.1 PapaJohn's PZZA 90.00 0.5 SpartanEnergy SPAQ 15.05 38.7 Vuzix VUZI 4.32 -1.2 ImmaticsWt IMTXW 3.56 -12.2
FirstHorizonPfdB FHNpB 26.27 1.1 LatticeSemi LSCC 30.87 1.7 PayPal PYPL 183.99 0.9 SpartanEnerWt SPAQ.WS 4.50 107.0 WestPharmSvcs WST 236.61 1.6 Immatics IMTX 12.25 -0.7
52-Wk % 52-Wk % 52-Wk % EliLilly LLY 170.75 -1.6 Splunk SPLK 208.90 -0.2
Five9 FIVN 122.19 2.3 Peloton PTON 65.72 3.2 WheatonPrecMet WPM 47.61 -0.4 InterceptPharm ICPT 42.66 -0.4
Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg LivePerson LPSN 45.35 -1.0 Spotify SPOT 279.76 2.1 Wix.com WIX 299.80 1.6 j2Global
FiverrIntl FVRR 86.05 3.5 Penumbra PEN 195.00 -0.2 JCOM 57.74 -2.8
Avalara AVLR 144.20 -0.6 Costco COST 328.98 2.9 FoleyTrasimene WPF.U 11.04 1.7 LivongoHealth LVGO 108.95 11.1 Pool POOL 280.55 3.1 Square SQ 133.81 -3.0 Yandex YNDX 51.80 2.3 JawsAcqnA JWS 10.05 0.1
Highs AviatNetworks AVNW 21.11 3.8 CoupaSoftware COUP 312.93
CrowdStrike CRWD 118.38
2.4
2.5
Fortinet FTNT 151.95 2.2 LogitechIntl
MAG Silver
LOGI
MAG
67.56
15.24
2.0
1.1
PowerIntegrations POWI 125.47 2.2 Strattec
Synopsys
STRT
SNPS
27.60 13.9
204.90 1.5
ZaiLab ZLAB 89.48 3.0 MSB Fin MSBF 9.62 -4.1
AxonicsModul AXNX 41.50 2.1 FortunaSilver FSM 5.26 0.4 PropTechAcqnUn PTACU 11.05 4.8 Zscaler ZS 128.75 5.4 MolsonCoorsB TAP 33.18 -4.3
ACM Research ACMR 87.33 5.0 CryoPortWt CYRXW 30.12 1.9 MSCI MSCI 379.97 1.2 TFI Intl TFII 38.48 -0.3
BJ'sWholesale BJ 39.30 2.8 GDS Holdings GDS 91.97 -0.4 PropTechAcqnA PTAC 10.41 -0.1 Zynga ZNGA 10.55 1.9 9F JFU 2.71 -3.9
AGBAAcqnUn AGBAU 10.40 1.8 CyberOptics CYBE 38.80 0.8 MarketAxess MKTX 561.68 0.8 TG Therap TGTX 24.76 1.2
B2Gold BTG 6.09 -0.2 GSXTechedu GSX 88.30 12.3 Q2Holdings QTWO 93.98 2.3 NorthwestNat NWN 50.36 -3.0
A-MarkPrecMet
ANGI Homesvcs
AMRK
ANGI
20.40
16.39
-3.8
1.0
BallardPower BLDP 21.61 3.5 Cytokinetics
DRDGOLD
CYTK
DRD
27.47
17.04
-3.0
-0.3
Genmab GMAB 35.77 1.0
MarvellTech
McCormick
MRVL
MKC
38.25
184.62
1.4
0.1
Qiagen QGEN 44.67 2.2
TaiwanSemi TSM
TakeTwoSoftware TTWO
64.97 3.5
151.32 2.0
Lows OhioValleyBanc OVBC 19.70 -5.0
Bandwidth BAND 143.28 0.5 Globant GLOB 167.01 3.3 Quidel QDEL 248.00 3.1 OrchardTherap ORTX 5.10 9.4
Ansys ANSS 307.60 0.9 DadaNexus DADA 34.94 8.9 McCormickVtg MKC.V 184.28 -0.2 TechTarget TTGT 31.59 1.9 ANI Pham ANIP 26.38 -9.3
BectonDicknsnPfB BDXB 56.74 1.6 GluMobile GLUU 10.77 7.7 RegenPharm REGN 655.93 ... ORIC 23.59 -3.3
ASML ASML 395.68 0.7 DanaherPfdA DHRpA 1305.93 1.6 MeridianBiosci VIVO 25.25 1.9 TeladocHealth TDOC 229.42 1.7 AestheticMed AIH 5.03 0.4 OricPharm
220.61 0.2 BiondVaxPharm BVXV 41.75 21.1 GoldFields GFI 10.61 3.1 RingCentral RNG 299.26 0.4 PCSB Fin PCSB 11.31 -3.9
Accenture ACN Danaher DHR 187.19 0.6 MeritageHomes MTH 83.78 -5.2 TencentMusic TME 17.97 3.9 Albertsons ACI 14.73 -2.7
ActivisionBliz ATVI 80.75 1.7 Birks BGI 1.97 94.1 GreenroseAcqn GNRSU 10.25 2.0 RothCHAcquisitionI ROCHU 10.31 0.5 AlussaEnergyWt ALUS.WS 0.47 -7.8 PG&EUn PCGU 91.42 -2.3
Datadog DDOG 98.99 ... Microsoft MSFT 216.38 0.7 TherapAcquisition TXAC 14.00 14.4
Adobe ADBE 463.80 0.7 BlueCity BLCT 28.00 10.9 GreenVisionAcqnWt GRNVW 0.41 14.3 SAP SAP 155.60 3.9 AmerFirstMultifam ATAX 3.60 -2.9 PanhandleOil&Gas PHX 2.33 3.3
Daxor DXR 18.60 3.3 ModelN MODN 39.65 1.5 360Finance QFIN 16.40 5.6
Affimed AFMD 4.91 0.4 BostonBeer SAM 597.89 0.9 HarmonyGold HMY 5.87 -4.8 S&P Global SPGI 356.79 -0.5 BankofPrinceton BPRN 17.50 -1.2 ParkNational PRK 64.53 -3.1
DexCom DXCM 445.52 1.2 MonolithicPower MPWR 251.28 0.8 ThunderBridgeIIWt THBRW 1.69 2.0
Alarm.com ALRM 70.98 1.6 Broadwind BWEN 5.47 1.5 HeartlandPfdB HTLFP 25.91 1.1 SSR Mining SSRM 23.30 0.2 CC NeubergerI Wt PCPL.WS 1.22 -8.2 PilgrimPride PPC 15.55 -1.9
DocuSign DOCU 217.00 2.9 Moody's MCO 296.66 ... TractorSupply TSCO 138.06 1.5
Alibaba BABA 268.00 1.5 CFFinanceAcqn CFFAU 12.92 10.0 HeclaMining HL 3.96 5.3 NantKwest NK 15.34 -6.0 Saia SAIA 123.57 0.2 TradeDesk TTD 471.12 0.1 CONSOL Coal CCR 3.90 1.0 PolyPid PYPD 13.35 -0.1
Domo DOMO 38.48 -0.1
Alteryx AYX 185.75 1.3 CadenceDesign CDNS 101.63 1.9 HelenofTroy HELE 209.99 5.1 NatlGeneral NGHC 34.06 -0.3 SailPointTechs SAIL 29.33 ... Trex TREX 135.32 0.8 CTO Realty CTO 33.41 -3.4 ProfessionalHldg PFHD 12.00 -5.7
DouYuIntl DOYU 13.81 5.2
Altimmune ALT 24.65 18.7 Carvana CVNA 143.13 -0.2 Dynatrace DT 44.37 4.0 HennessyCapIV HCACU 12.60 5.2 NeoGenomics NEO 36.80 0.6 Salesforce.com CRM 202.82 0.2 TridentAcqns TDACU 15.09 19.1 Canon CAJ 18.69 -2.9 ProvidentBncp PVBC 7.21 -3.5
Amazon.com AMZN 3193.88 3.3 CelsiusHldg CELH 13.05 4.3 DynavaxTechs DVAX 9.76 -2.5 HorizonTherap HZNP 59.21 -1.3 NetEase NTES 503.27 6.3 SciPlay SCPL 15.86 1.7 Trupanion TRUP 46.48 -0.7 CapitolFedFin CFFN 9.98 -2.0 RGC Resources RGCO 22.70 -2.4
AngloGoldAsh AU 32.25 0.2 ChannelAdvisor ECOM 17.75 3.8 elfBeauty ELF 20.95 -4.5 Huami HMI 18.03 6.0 Netflix NFLX 510.00 1.0 Sea SE 129.72 -1.1 TurtleBeach HEAR 17.16 8.4 Cato CATO 7.53 -4.4 RandCapital RAND 10.40 -1.0
Apple AAPL 385.27 0.4 ChardanHlthcr2 CHAQ 11.37 -1.0 EMX Royalty EMX 2.90 4.1 HubSpot HUBS 243.58 -0.6 Neurocrine NBIX 136.26 1.1 SeabridgeGold SA 18.74 0.6 21 Vianet VNET 30.44 -1.0 CorEnergyInfr CORR 7.51 -4.2 RecroPharma REPH 4.13 -4.6
arGEN-X ARGX 258.84 0.7 Chegg CHGG 74.00 ... EPAM Systems EPAM 262.51 2.5 IamGold IAG 4.67 0.7 NewOrientalEduc EDU 148.19 4.6 SeattleGenetics SGEN 182.97 3.2 Twilio TWLO 247.50 0.7 DimeComBcshrs DCOM 11.36 -4.2 RepareTherap RPTX 25.01 -6.5
AssdBancPfdF ASBpF 25.44 -0.1 Church&Dwight CHD 81.87 1.8 EastStoneAcqn ESSCU 10.25 0.5 Immunomedics IMMU 42.69 1.8 NVIDIA NVDA 422.80 2.9 SenmiaoTech AIHS 2.35 26.4 TwistBiosci TWST 57.33 3.0 EchoStar SATS 24.45 -3.9 SeanergyMaritime SHIP 1.80 -7.0
Atlassian TEAM 198.41 -0.1 Clorox CLX 230.28 1.7 eBay EBAY 60.53 1.6 Inphi IPHI 131.30 3.6 OPKO Health OPK 4.27 -1.5 ServiceNow NOW 430.83 0.3 2U TWOU 43.00 -1.5 Evolus EOLS 3.00 -9.6 SiebertFin SIEB 4.00 -6.1
AudioEye AEYE 10.91 6.0 Cloudflare NET 40.16 3.5 ElectrameccanicaWt SOLOW 3.24 8.5 IntelliaTherap NTLA 25.56 -1.4 Okta OKTA 224.90 1.4 SilvercorpMetals SVM 6.18 1.4 USAutoPartsNtwk PRTS 11.47 11.8 FNCB Bancorp FNCB 5.08 -5.9 ToughBuiltInds TBLT 0.74 0.9
Autodesk ADSK 251.39 1.8 CollectorsUniv CLCT 36.60 2.9 ElectronicArts EA 139.11 2.4 ItamarMedical ITMR 23.57 9.7 OneConnectFinTech OCFT 24.06 19.8 SilverCrestMetals SILV 9.74 -0.3 UpFintech TIGR 7.60 1.0 FarmerBros FARM 5.81 -8.0 uCloudlink UCL 13.26 -2.0

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
USBdIdxInstPrem 12.61 +0.03 7.2 FPACres 30.30 -0.19 -7.6 Northern Funds Growth r 39.38 -0.28 -3.8 TotBdAdml 11.68 +0.03 7.0 TotIntBdIxInv 11.56 +0.01 2.7
Top 250 mutual-funds listings for Nasdaq-published share classes by net assets. Fidelity Advisor I Franklin A1 StkIdx 36.14 -0.20 -1.5 Schwab Funds TotIntBdIdxAdm 23.11 +0.01 2.7 USGro 54.72 +0.32 27.2
e-Ex-distribution. f-Previous day’s quotation. g-Footnotes x and s apply. j-Footnotes e and s NwInsghtI 35.10 +0.10 7.3 CA TF A1 p 7.69 +0.01 2.1 Oakmark Funds Invest 1000 Inv r 70.34 -0.38 -1.1 TotIntlAdmIdx r 27.28 -0.18 -8.0 WellsI 27.05 -0.09 0.5
apply. k-Recalculated by Lipper, using updated data. p-Distribution costs apply, 12b-1. r- Fidelity Freedom IncomeA1 p 2.04 -0.02 -10.3 OakmrkInt 19.35 -0.35 -22.4 S&P Sel 48.70 -0.26 -1.4 TotStAdml 77.50 -0.46 -1.8 Welltn 41.82 -0.14 -2.3
Redemption charge may apply. s-Stock split or dividend. t-Footnotes p and r apply. v-Footnotes FF2020 15.75 -0.04 0.2 FrankTemp/Frank Adv Old Westbury Fds TSM Sel r 54.83 -0.33 -2.0 TxMCapAdml 163.04 -0.87 -0.8 WndsrII 32.63 -0.36 -9.7
x and e apply. x-Ex-dividend. z-Footnote x, e and s apply. NA-Not available due to incomplete FF2025 13.92 -0.04 -0.3 IncomeAdv 2.02 -0.02 -10.3 LrgCpStr 14.62 -0.05 NA TIAA/CREF Funds TxMIn r 12.63 -0.13 -9.8 VANGUARD INDEX FDS
price, performance or cost data. NE-Not released by Lipper; data under review. NN-Fund not FF2030 17.12 -0.06 -1.2 FrankTemp/Franklin A Parnassus Fds BdIdxInst 11.73 +0.03 6.9 USGroAdml 141.81 +0.84 27.3 SmValAdml 44.05 -1.08 -24.6
tracked. NS-Fund didn’t exist at start of period. Freedom2020 K 15.74 -0.04 0.2 Growth A p 120.02 -0.16 6.9 ParnEqFd 47.50 +0.15 1.4 EqIdxInst 22.90 -0.13 -1.9 ValAdml 38.38 -0.65 -16.6 TotBd2 11.60 +0.03 6.7
Freedom2025 K 13.90 -0.04 -0.3 RisDv A p 66.71 -0.38 -3.7 PGIM Funds Cl Z VANGUARD ADMIRAL WdsrllAdml 57.90 -0.62 -9.6 TotIntl 16.31 -0.11 -8.0
Freedom2030 K 17.10 -0.06 -1.1 FrankTemp/Franklin C TotalReturnBond 14.82 +0.04 NA 500Adml 291.02 -1.57 -1.4 WellsIAdml 65.53 -0.22 0.6 TotSt 77.47 -0.47 -1.9
Thursday, July 9, 2020 Freedom2035 K 14.24 -0.07 -2.6 Income C t 2.07 -0.02 -10.4 PIMCO Fds Instl BalAdml 39.60 -0.11 2.2 WelltnAdml 72.21 -0.24 -2.3 VANGUARD INSTL FDS
Net YTD Net YTD Net YTD Freedom2040 K 9.91 -0.06 -3.4 FrankTemp/Temp Adv AllAsset 11.21 -0.01 NA CAITAdml 12.22 +0.01 2.3 WndsrAdml 59.00 -1.28 -17.5 BalInst 39.61 -0.11 2.2
Fund NAV Chg % Ret Fund NAV Chg % Ret Fund NAV Chg % Ret Fidelity Invest GlBondAdv p 10.00 +0.01 -4.0 HiYld 8.54 -0.02 -3.0 CapOpAdml r 156.84 -0.89 -0.6 VANGUARD FDS DevMktsIndInst 12.65 -0.13 -9.8
Balanc 25.39 -0.08 3.8
Guggenheim Funds Tru InvGrdCrBd NA ... NA DivAppIdxAdm 32.04 -0.23 -4.4 DivdGro 28.30 -0.32 -6.5 DevMktsInxInst 19.77 -0.20 -9.8
American Century Inv HiYBlk 7.26 ... -3.8 US CoreEq1 23.82 -0.24 -7.2 TotRtnBdFdClInst 29.48 +0.11 10.2 TotRt EMAdmr 36.15 +0.16 -1.6 HlthCare r ExtndInst 90.47 -0.91 -4.9
Ultra 63.51 +0.21 21.8 HiYldBd Inst 7.25 ... -3.9 US CoreEq2 21.35 -0.25 -9.0 BluCh 135.79 +0.67 26.0 10.89 +0.03 NA 211.53 -1.56 4.5
Contra 15.70 +0.06 15.3
Harbor Funds PIMCO Funds A EqIncAdml 66.76 -1.05 -14.6
INSTTRF2020 24.30 -0.05 0.8 GrwthInst 108.88 +0.44 16.6
American Funds Cl A BlackRock Funds A US Small 27.92 -0.61 -19.8 CapApInst 96.44 +0.63 27.3 ExplrAdml 95.44 -0.53 -1.8 InPrSeIn 11.25 +0.03 6.8
AmcpA p 34.50 -0.12 4.6 GlblAlloc p 19.67 -0.06 2.7 US SmCpVal 24.11 -0.79 -29.6 ContraK 15.73 +0.06 15.3 IncomeFd NA ... NA INSTTRF2025 24.74 -0.08 ...
Harding Loevner
PIMCO Funds I2 ExtndAdml 90.48 -0.91 -4.9 InstIdx 281.27 -1.52 -1.4
AMutlA p 39.67 -0.43 -7.8 BlackRock Funds Inst USLgVa 29.70 -0.62 -22.1 CpInc r 9.50 -0.02 -5.1 INSTTRF2030 24.93 -0.09 -0.8
IntlEq 23.61 -0.01 NA GNMAAdml 10.79 -0.02 3.5 InstPlus 281.28 -1.52 -1.4
BalA p 28.08 -0.11 -0.2 MultiAstIncome 10.46 ... -2.3 Dodge & Cox GroCo 28.11 +0.27 31.6 Income NA ... NA INSTTRF2035 25.11 -0.11 -1.5
Invesco Funds Y
PIMCO Funds Instl
GrwthAdml 108.87 +0.43 16.6 InstTStPlus 66.30 -0.40 -1.8
BondA p 14.09 +0.04 8.9 StratIncOpptyIns 9.92 ... 0.8 Balanced 89.53 -1.21 -9.7 GrowCoK 28.17 +0.27 31.7 DevMktY 44.32 +0.24 -2.8 HlthCareAdml r 89.21 -0.66 INSTTRF2040 25.28 -0.12 -2.3
4.5 MidCpInst 45.14 -0.38 -6.5
InvGrBd IncomeFd NA ... NA
CapIBA p 57.58 -0.60 -7.4 Bridge Builder Trust Income 14.65 +0.03 6.1 12.21 +0.02 7.1 JPMorgan I Class HYCorAdml r 5.67 -0.01 -2.3 INSTTRF2045 25.37 -0.14 -3.1
MidCpIstPl 222.64 -1.88 -6.5
LowP r Price Funds
CapWGrA 50.28 -0.30 -2.9 CoreBond 10.98 +0.03 6.9 Intl Stk 35.98 -0.51 -17.5 42.48 -0.74 -15.1 CoreBond 12.44 +0.03 6.6 InfProAd 27.60 +0.05 6.7 INSTTRF2050 25.41 -0.14 -3.1 SmCapInst 69.05 -0.93 -12.5
EupacA p 55.22 -0.19 -0.8 CorePlusBond NA ... NA Stock 158.05 -3.23 -16.4 Magin 11.35 +0.03 11.3 EqInc 16.37 -0.25 -14.8 BlChip 146.43 +0.60 17.8
IntlGrAdml 124.74 +0.63 21.4 INSTTRF2055 25.51 -0.14 -3.1 STIGradeInst 10.96 ... 3.5
FdInvA p 58.42 -0.36 -3.9 Intl Eq 11.18 -0.08 -6.8 DoubleLine Funds OTC 15.32 +0.09 19.8 JPMorgan R Class DivGro 50.43 -0.38 -4.8
ITBondAdml 12.65 +0.03 8.5 LifeCon 21.28 -0.03 2.1 STIPSIxins 25.21 -0.01 2.1
GwthA p 57.26 +0.08 12.0 LargeCapGrowth 17.74 +0.02 12.1 CoreFxdIncmI 11.18 +0.02 2.6 Puritn 24.15 -0.01 6.6 CoreBond 12.46 +0.04 6.6 EqInc 25.20 -0.52 -20.4 ITIGradeAdml 10.58 +0.01 7.5 LifeGro 35.15 -0.17 -2.0 TotBdInst 11.68 +0.03 7.1
HI TrA p 9.34 -0.01 -4.3 LargeCapValue 11.62 -0.20 -14.3 TotRetBdI 10.74 +0.01 2.8 SrsEmrgMkt 20.57 +0.07 -0.3 CorePlusBd 8.78 +0.02 5.4 EqIndex 83.75 -0.45 -1.5 LTGradeAdml 12.17 +0.11 13.8 LifeMod 28.66 -0.08 0.1 TotBdInst2 11.60 +0.03 6.7
ICAA p 38.34 -0.24 -1.9 ClearBridge Edgewood Growth Instituti SrsGlobal 12.16 -0.07 -7.7 Lord Abbett A Growth 84.11 +0.16 14.7 MidCpAdml 204.36 -1.72 -6.5 PrmcpCor 25.33 -0.23 -9.3 TotBdInstPl 11.68 +0.03 7.1
IncoA p 21.09 -0.18 -7.7 LargeCapGrowthI 60.99 +0.13 NA EdgewoodGrInst 46.23 +0.09 20.0 SrsGroCoRetail 23.59 +0.23 32.9 ShtDurIncmA p 4.15 ... 0.2 HelSci 89.07 -0.47 9.4 MuHYAdml 11.62 +0.02 0.7 STAR 28.16 -0.07 3.7 TotIntBdIdxInst 34.68 +0.02 2.7
N PerA p 49.99 -0.08 5.8 Columbia Class I Fidelity SrsIntlGrw 17.74 -0.04 1.3 Lord Abbett F LgCapGow I 51.43 +0.18 16.8 MuIntAdml 14.63 +0.01 2.4 TgtRe2015 15.46 -0.02 1.8 TotIntlInstIdx r 109.10 -0.72 -8.0
NEcoA p 49.71 +0.06 8.7 DivIncom I 21.99 -0.22 -9.0 500IdxInstPrem 109.82 -0.59 -1.4 SrsIntlVal 8.49 -0.11 -14.2 ShtDurIncm 4.15 ... 0.3 MidCap 94.65 -0.33 -0.7 MuLTAdml 12.03 +0.02 2.7 TgtRe2020 32.77 -0.07 0.7 TotItlInstPlId r 109.12 -0.72 -7.9
NwWrldA 71.54 -0.13 1.4 Dimensional Fds Contrafund K6 16.53 +0.07 14.3 TotalBond 11.43 +0.03 6.2 Metropolitan West NHoriz 74.37 +0.07 25.3 MuLtdAdml 11.18 +0.01 1.9 TgtRe2025 19.85 -0.06 0.1 TotStInst 77.51 -0.47 -1.8
SmCpA p 61.89 -0.18 5.2 5GlbFxdInc 10.85 ... 1.1 ExtMktIdxInstPre 60.69 -0.61 -4.9 Fidelity SAI TotRetBd 11.60 +0.02 7.0 R2020 21.99 -0.07 -0.5 MuShtAdml 15.92 ... 1.2 TgtRe2030 36.18 -0.13 -0.7 ValueInst 38.38 -0.65 -16.6
TxExA p 13.38 +0.02 1.7 EmgMktVa 24.46 -0.12 -14.3 IntlIdxInstPrem 38.76 -0.39 -9.8 TotalBd 10.92 +0.02 5.6 TotRetBdI 11.60 +0.03 7.3 R2025 17.65 -0.06 -0.7 PrmcpAdml r 138.59 -0.71 -3.9 TgtRe2035 22.18 -0.09 -1.5 WCM Focus Funds
WshA p 43.42 -0.52 -8.9 EmMktCorEq 19.93 -0.01 -7.6 MidCpInxInstPrem 21.32 -0.22 -9.3 Fidelity Selects TRBdPlan 10.91 +0.02 7.2 R2030 25.59 -0.11 -1.2 RealEstatAdml 110.33 -0.69 -14.7 TgtRe2040 38.22 -0.19 -2.3 WCMFocIntlGrwIns 20.39 +0.01 7.8
Baird Funds IntlCoreEq 11.82 -0.13 -13.5 SAIUSLgCpIndxFd 17.03 -0.09 -1.5 Softwr r 23.72 +0.09 23.4 MFS Funds Class I R2035 18.73 -0.09 -1.6 SmCapAdml 69.05 -0.93 -12.5 TgtRe2045 23.96 -0.13 -3.0 Western Asset
AggBdInst 11.86 +0.03 7.1 IntSmCo 16.04 -0.17 -14.9 SeriesOverseas 10.56 -0.08 -2.0 First Eagle Funds ValueI 38.12 -0.62 -13.8 R2040 26.55 -0.14 -1.9 SmGthAdml 71.49 -0.18 2.5 TgtRe2050 38.57 -0.21 -3.0 CoreBondI NA ... NA
CorBdInst 12.16 +0.03 6.6 IntSmVa 15.31 -0.18 -20.7 SmCpIdxInstPrem 17.74 -0.36 -15.5 GlbA 53.67 -0.50 -7.4 MFS Funds Instl PRIMECAP Odyssey Fds STBondAdml 10.89 ... 4.1 TgtRet2055 41.87 -0.23 -3.1 CorePlusBdI 12.41 +0.04 NA
BlackRock Funds LgCo 24.18 -0.13 -1.4 TMktIdxInstPrem 88.51 -0.54 -2.0 FPA Funds IntlEq 26.01 -0.27 -6.6 AggGrowth r 46.19 -0.22 2.9 STIGradeAdml 10.96 ... 3.5 TgtRetInc 14.29 -0.01 2.5 CorePlusBdIS 12.40 +0.03 NA
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

B10 | Friday, July 10, 2020 THE WALL STREET JOURNAL.

BANKING & FINANCE

Oil Investors Debate Odds of Boom Ahead

BY JOE WALLACE pandemic will permanently al-
ter transport and consumption
Oil markets began the 2020s patterns, or expedite the move
by nosediving below $0 a bar- toward cleaner energy sources.
rel for the first time. Investors Oil prices staged a quick re-
and analysts are now trying to covery after turning negative in
work out what the rest of the late April, boosted by a pickup
decade holds in store. in China’s economy as well as
Some think the bust will set output cuts by the Organization
in motion a boom, predicting of the Petroleum Exporting
that investment in oil-and-gas Countries, Russia and producers
production will dry up and pro- in North America. The rally has
pel crude prices back above stalled since new virus cases
$100 a barrel. threatened to hit fuel demand
“That funding pressure is in Southern and Western U.S.
going to be massive. It’s going states. West Texas Intermediate
to be really difficult for some of futures, the benchmark in U.S.
the producers to produce,” said markets, have traded at around
Trevor Woods, chief investment $40 a barrel since late June.
officer of Ohio-based hedge The case for soaring prices
fund Northern Trace Capital. rests on asset managers and
“We could hit $150 pretty eas- banks declining to bankroll nec-
ily by 2025.” essary investments in new and
Others say the pandemic will existing oil wells, leading to a
sap fuel demand after the shortfall of crude.
threat of contracting coronavi- Oil companies have already
rus has faded, cementing an era slashed spending plans, seeking
of cheap oil. to shore up their balance sheets
The debate over the long- in response to the drop in reve-
term direction of the world’s nue caused by the pandemic.
most important energy source Exxon Mobil Corp., which last
is thorny. Oil markets have doz- week warned of big losses in its
ens of moving parts, making second-quarter earnings, has
them hard to forecast. said it plans to reduce capital
In the long run, most ana- spending in 2020 by $10 bil-
lysts agree prices should gravi- lion, or 30%.
tate to a level at which energy European majors are also re-
producers profit from making sponding to pressure from in-
just enough crude to match de- vestors to reduce their carbon
mand. Covid-19 has made that footprint. BP PLC cut its invest-
calculation more complex. In- ment plans by 25% to $12 bil-
vestors are unsure whether the lion and is reviewing whether
Crude-oil futures prices Christyan Malek, an analyst at $148, to spur producers in the
JPMorgan. He estimates that U.S. shale patch and elsewhere
$125 a barrel
five million barrels a day—or to bring oil out of the ground
Brent roughly 5% of pre-Covid-19 lev- fast enough.
100 WTI els—will be lost, and that an ad- A transition to green energy
ditional $625 billion will need to sources such as wind and solar
be invested by 2030 for produc- is “fully bought into by busi-
75
tion to catch up with demand. ness leaders, but outside the
Prices will rise higher than [European Union] there is ex-
50 they did in the past to incentiv- tremely slow policy implemen-
ize new oil output, according to tation,” said Mr. Woods. “So
25 Mr. Malek. That is partly be- fossil-fuel use is going to con-
cause investors are telling en- tinue to grow.”
ergy companies to drill for For others, a return to $100
0 Monthly higher-quality crude and cut oil is fantastical.
2000 ’02 ’04 ’06 ’08 ’10 ’12 ’14 ’16 ’18 ’20 methane emissions, raising pro- Producers will be able to
duction costs. pump more than enough oil at
Prices on Brent-crude futures Investment in upstream “Could we see oil move to $50 a barrel, according to Citi-
contracts, now vs. start of 2020 oil-and-gas assets* $100 over the next two years?” group analyst Edward Morse.
Mr. Malek said. “Absolutely.” His rationale: Technological im-
$65 a barrel $800 billion
Richard Fullarton, chief in- provements have lowered pro-
Oil price crash vestment officer of London- duction costs, while the pan-
60 Jan. 1 based investment fund Matilda demic will encourage people to
600
Covid-19 crisis Capital Management, said he keep working from home and
55 expects the price of oil to vault take fewer flights, crimping oil
July 9 400 above $100 a barrel in the sec- demand.
50 ond half of the 2020s. “We’re OPEC could also keep a lid
200 never going to physically run on the market, according to
45 out of oil,” he said. “It’s Martijn Rats, an analyst at
whether we’re going to deploy Morgan Stanley. When peak oil
40 0 the capital to access that oil.” demand comes into sight, Saudi
2021 ’23 ’25 ’27 ’29 2010 ’12 ’14 ’16 ’18 ’20 Such predictions are at odds Arabia and other low-cost pro-
EXPIRATION DATE with the futures market, which ducers may turn on the spigots
*2020 figure is a forecast. Data are not inflation-adjusted. pegs Brent crude at less than to claim greater market share
Sources: FactSet (futures prices); International Energy Agency (investment) $60 a barrel for the rest of the rather than bolster prices, he
decade. The market is overesti- said.
to develop oil-and-gas fields it tional Energy Agency said in mating the speed at which the “We know from the experi-
hasn’t fully tapped. May, the biggest decline in at world will move away from fos- ence in March and April that
All told, investment in up- least 10 years. sil fuels, said Mr. Woods of when OPEC and Russia turn on
stream oil-and-gas assets is ex- This belt tightening will have Northern Trace. He agrees that the taps we’re not going to go
pected to slump 32% this year a lasting impact on the world’s prices will surge, possibly sur- back to 60 bucks,” Mr. Rats
to $328.4 billion, the Interna- ability to produce oil, said passing Brent’s 2008 peak of said. “They made their point.”

.
ly
Beijing Broker Plans $3 Billion IPO Firms Reap Record on
BY JING YANG Totals in Stock Sales
Beike Zhaofang, a Chinese BY CORRIE DRIEBUSCH kets at Bank of America Corp.
online property brokerage Wall Street has reaped bil-
us ,

backed by SoftBank Group Since the coronavirus pan- lions in bank fees from such
l

Corp., is planning to raise up demic began, companies look- deals, even as the financial
e
al a

to $3 billion in an initial pub- ing to bolster their balance world struggles to find its foot-
lic offering in the coming sheets have rushed to sell stock ing in an economy rattled by
months, according to people in record amounts. The result the pandemic. Equity-capital-
ci on

familiar with the matter, in has been a resurgence in fees markets transactions brought
what would be the largest list- to Wall Street banks in a high- in roughly $5.7 billion in fees in
ing of a Chinese company in margin area that had lan- the first half of the year, Dea-
the U.S. in more than two guished for years—a bounce- logic estimates, a bounceback
years. back bankers and investors say after several years of languish-
er s

Beike, which means seashell could last through the fall. ing fees as fewer large compa-
in Mandarin, was valued at Thanks to a flood of new- nies tapped the IPO market.
m er

slightly more than $14 billion stock issuance and a resilient IPO That was topped by the
after raising $1 billion in No- market, companies raised nearly debt-capital markets, a lower-
vember from SoftBank and an- $190 billion from the end of margin business that had so
other $500 million from pri- March through the end of June, much volume it brought in
vate-equity firm Hillhouse the most ever in a single quarter roughly $8.5 billion in fees, ac-
m rp

Capital Group, social-media for the U.S. equity-capital mar- cording to Dealogic, as the Fed
QILAI SHEN/BLOOMBERG NEWS

giant Tencent Holdings Ltd. kets, according to Dealogic, and other investors bought a
and venture-capital firm Se- whose data go back to 1995. staggering amount of new
quoia Capital, The Wall Street The wave started in the con- bonds from U.S. companies.
Journal previously reported. vertible-bond market as the In June, $17.2 billion was
co Fo

The two-year-old company Federal Reserve gobbled up raised in IPOs, which tend to
is seeking a valuation of more more bonds to help stimulate generate the highest-margin
than $20 billion at its IPO, ac- the economy. Then it spread to fees for banks in equity-capital
cording to one of the people. large stock sales by publicly markets. After a slow start to
Beijing-based Beike has China’s housing market is stirring again after the pandemic halted its long boom. Towers in Chongqing. traded companies looking to 2020, IPOs are poised to make
filed a confidential listing ap- bolster their coffers as the vi- up a bigger portion of banks’
plication with the U.S. Securi- Chinese coffee chain Luckin ven’t been inspected by the when Chinese video streaming rus threatened business. Those fees for the rest of the year,
ties and Exchange Commis- Coffee Inc. spotlighted the PCAOB for three consecutive site iQiyi raised $2.4 billion in successes emboldened other said John Chirico, co-head of
sion, and a public filing could perils of investing in overseas years. a Nasdaq offering, according companies looking to raise North American banking, capi-
come out as soon as this businesses whose financial ac- Beike has nevertheless de- to Dealogic data. A total of money opportunistically by tal markets and advisory at
month, according to a differ- counts are subject to less scru- cided to go ahead with a U.S. seven Chinese companies have selling stock. Then, in late May, Citigroup Inc.
ent person familiar with the tiny than American companies IPO. The company recently gone public in the U.S. since initial public offerings jolted “IPOs are only a recent phe-
matter. that are listed. raised its expectations for the Luckin’s accounting scandal back to life. nomenon. July this year to July
n-

A spokeswoman for Beike The Public Company Ac- size of its coming share sale emerged in April, raising a Last month, Warner Music next year should look like a
declined to comment. counting Oversight Board, after receiving positive feed- combined $2 billion, the data Group Corp. and ZoomInfo more normal year” in terms of
China’s housing market has which the SEC oversees, can- back from investors during a showed. Technologies Inc. raised nearly mix, Mr. Chirico said.
gone through a yearslong not routinely inspect the audit roadshow last month, accord- Beike is a real-estate bro- $2 billion and more than $900
no

boom, and while the coronavi- papers of Chinese companies, ing to a person familiar with kerage with an online tool to million, respectively, in their Money raised in equity
rus pandemic dented home due to a lack of cooperation the matter. match buyers and sellers, as IPOs, and Albertsons Cos. capital markets by U.S. listed
sales in the country early this between securities regulators The company is aiming to sites like Zillow and Redfin do raised $800 million for its sell- companies, quarterly
year, property sales and hous- in the U.S. and China. That has raise $2 billion to $3 billion, in the U.S., and is also used by ing stockholders by going pub-
$175 billion
ing prices in some major cities hampered U.S. authorities’ and has hired Goldman Sachs many renters and landlords. lic. Soon, the hedge-fund bil-
have picked up again in recent ability to enforce investor-pro- Group Inc., China Renais- It also offers real-estate fi- lionaire William Ackman is 2Q 2020
months. tection laws, and the SEC in sance Holdings Ltd. and Mor- nancing, home décor and hoping to raise $3 billion in a 150
$189.49
Still, Beike’s IPO plans come April issued a warning about gan Stanley as lead under- property management. Beike, blank-check company IPO. billion
at a tumultuous time for U.S.- the risks of investing in com- writers on the deal, the people which operates a website Secretive data company Pal- 125
listed Chinese companies and panies from emerging mar- said. The details are subject to called ke.com, was launched in antir Technologies Inc. is con-
other firms in China that are kets, including China. market conditions and could April 2018 by Beijing sidering a late summer or fall 100
contemplating going public in In May, the Senate passed a change, they added. Homelink Real Estate Broker- IPO, according to people famil-
New York. bill that would kick Chinese A sale of that size would be age, one of the largest bricks- iar with the matter. Food-deliv-
75
In April, a stunning disclo- companies off U.S. stock ex- the largest IPO of a Chinese and-mortar property brokers ery company DoorDash Inc. is
sure of fabricated sales by changes if their auditors ha- company since March 2018, in the country. expected to pursue an IPO in
the near future. 50
“We’re in the face of a very

Payments Firm Taulia Raises $60 Million resilient equity market which,
combined with economic un-
certainty, has led to a period of
unprecedented equity issu-
25

0
1995 2000 ’05 ’10 ’15 ’20
BY JULIE STEINBERG nies pay back the financial in- ance,” said Jim Cooney, head of
stitutions. The platform, which Americas equity-capital mar- Source: Dealogic
A clutch of global investors has two million suppliers
is throwing its weight behind a signed up, financed more than
financial-technology upstart
that facilitates payments be-
tween companies and their
$7.5 billion dollars worth of in-
voices last quarter. The com-
pany’s clients include Airbus
Ackman Holdings Inc.
Mr. Ackman has previous
experience with taking compa-
UGO PADOVANI/HANS LUCAS/REUTERS

suppliers, betting that it is

well positioned amid the dis-
ruption resulting from the cor-
SE and Nissan Motor Co.
Taulia works with JPMor-
gan, UniCredit SpA and Green-
Lays Down nies public, having helped flip
Burger King Holdings Inc. pub-
lic in 2012 through the special-
onavirus pandemic.
Taulia Inc. is raising $60
million from backers, accord-
sill Capital to provide funding.
It previously had an exclusive
relationship with Greensill but
Bold Bets purpose acquisition company,
or SPAC, he co-founded.
Next week, he will take an-
ing to Chief Executive Cedric has added other partners in other SPAC public with the
Bru. The round is being led by recent months. Continued from page B1 aim of raising $3 billion in its
the fintech investment arm of The proceeds from the catapulted him to success. IPO. Pershing Square could
Ping An Insurance (Group) fundraising round will be used His assets under manage- add another few billion dollars
Co. of China Ltd. and will in- CEO Cedric Bru says some of the money will be used to expand globally. to expand globally and intro- ment are now more than $10 to the pot, bringing the total
clude JPMorgan Chase & Co.’s duce new products, Mr. Bru billion, with the public fund amount for the SPAC to invest
strategic investment unit and payment as a source of liquid- with their suppliers. Suppliers said in an interview. Ping An contributing more than $8.5 in a company to nearly $6.5
a venture arm of Saudi Ara- ity. enter their invoices into the will help expand Taulia’s plat- billion and the rest in the pri- billion. The goal: to use the
bian Oil Co., commonly known People familiar with Taulia’s system to be paid by the buy- form in China, a country inte- vate fund. That money is con- money to bring a large private
as Aramco. fundraising say it could value ers. Suppliers can sign up for gral to many companies’ sup- centrated in mostly large com- company public, according to
Suppliers have come under the company, which is profit- early payment, to be paid out ply chains, and Aramco will do panies, such as Chipotle a regulatory filing—potentially
pressure in recent months as able, at around $400 million. by either the companies or by the same in the Middle East, Mexican Grill Inc.—a formerly a “mature unicorn” valued at
access to cash has tightened Based in San Francisco, the third-party financial institu- he added. activist position where the billions in the private mar-
during the pandemic. That has firm provides an online plat- tions including banks. —Duncan Mavin team is on the board—Star- ket—and continue Mr. Ack-
prompted demands for early form that links companies If it is the latter, the compa- contributed to this article. bucks and Hilton Worldwide man’s recent winning streak.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
THE WALL STREET JOURNAL.
Successful
Auction
Boosts
Treasurys
BY SAM GOLDFARB
U.S. government bond yields
fell to a nearly 11-week low af-
ter another well-received bond
auction helped ease investors’
concerns about growing sup-
ply.
Yields, which fall when bond
prices rise, held steady over-
night. But they dropped near
the start of the U.S. trading
session when U.S. stock indexes
started to fall. They then added
to declines in the afternoon
following a $19 billion auction
of 30-year Treasury bonds.
The yield on the benchmark
10-year U.S. Trea-
CREDIT sury note settled
MARKETS at 0.605%, its
lowest closing
level since April 24, compared
with 0.630% just before the
auction and 0.652% at Wednes-
day’s close.
Thursday’s auction was the
second straight day that inves-
tors showed strong demand for
new longer-term Treasury debt
following a $29 billion sale of
10-year notes on Wednesday.
Thursday’s auction pre-
sented another test for the
market. But the hurdle was
cleared just as easily, as the
new 30-year bonds were sold
with a lower-than-expected
1.330% yield.
“Judging by the auction re-
sults and the immediate post-
auction trading, it seems that
investors used this auction as a
liquidity opportunity” to bet on
a shrinking gap between short-
term and long-term Treasury
yields, analysts at Jefferies
wrote in a research note.
Despite recent stock-market
gains, analysts say that inves-
tors continue to buy Treasurys
partly out of fear that it could
take a long time for the U.S. to
recover from the fallout from
the coronavirus pandemic.
At the same time, investors
are confident that the Federal
Reserve will continue to sup-
port the economy—and fixed-
income assets—by buying
Treasurys and keeping short-
term interest rates near zero.
AUCTION RESULTS
Here are the results of Thursday's Treasury auctions.
All bids are awarded at a single price at the market-
clearing yield. Rates are determined by the difference
between that price and the face value.
FOUR-WEEK BILLS
Applications
Accepted bids
" noncompetitively
" foreign noncompetitively
Auction price (rate)
Coupon equivalent
Bids at clearing yield accepted
Cusip number
The bills, dated July 14, 2020, mature on Aug. 11, 2020.
EIGHT-WEEK BILLS
Applications
Accepted bids
" noncompetitively
" foreign noncompetitively
Auction price (rate)
Coupon equivalent
Bids at clearing yield accepted
Cusip number
The bills, dated July 14, 2020, mature on Sept. 8, 2020.
29-YEAR, 10-MONTH BONDS
Applications
Accepted bids
" noncompetitively
" foreign noncompetitively
Auction price (rate)
Interest rate
Bids at clearing yield accepted
Cusip number
The bonds, dated July 15, 2020, mature on May 15,
2050.
Brazil Stocks Lure Funds
From Outside the Country
BY PAULO TREVISANI
AND JEFFREY T. LEWIS
More people are dying from
Covid-19 in Brazil than any-
where else in the developing
world, and the local economy is
shrinking at the fastest pace in
at least a century. Yet foreign
investors are putting more
money into Brazilian stocks
than they are taking out for the
first time in months.
As the country’s currency
plummeted during the corona-
virus crisis, foreign investors
put a net 343 million Brazilian
reais ($65 million) in local
stocks in June, the first month
to see a net inflow since De-
cember, according to the local
stock-market operator B3. That
left foreign investors holding
47% of shares traded in Brazil,
B3 said.
The Bovespa index is down
14% since January, compared
with a decline of 6% in the
MSCI emerging markets in-
dex—a slide spurred by foreign
* * * * *
S&P Falls as Netflix Passes Verizon
BY KAREN LANGLEY
AND CAITLIN OSTROFF
The S&P 500 dropped as in-
vestors continued to back away
from bets on a smooth reopen-
ing from the shutdowns.
Fresh data showed that ini-
tial unemployment claims in
the U.S. remain elevated, and
the number of confirmed new
Covid-19 cases in the U.S. hit a
single-day high Wednesday.
The broad U.S. stock index
pulled back, dropping 17.89
points, or 0.6%,
THURSDAY’S to 3152.05. Only
MARKETS its consumer
discretionary
and technology sectors gained.
The index has surged more than
40% from its March low.
The Dow Jones Industrial
Average fell 361.19 points, or
1.4%, to 25706.09, dragged
down by broad losses among
the blue chips.
“I think the resurgence in the
Covid-19 positive cases certainly
makes the markets worried,”
said Feifei Li, head of equities at
Research Affiliates. “They are
concerned about the potential
second round of lockdown.”
Investors continued to favor
many of the megacap growth
Investment Firm Bets on Novavax
BY GREGORY ZUCKERMAN
Vaccine company Novavax
Inc. traded at just 36 cents a
share last May. Hoping to re-
vive its shares and remain on
the Nasdaq market, the Mary-
land company did a 1-for-20 re-
verse stock split but still fin-
on 750 stock split
ished 2019 down an additional
us ,
39%.
l
The three-decade-old com-
e
al a
pany had failed to develop a
single vaccine, cash was dwin-
dling and it had to fire more
ci on
than 100 employees, about a
quarter of its workforce. The
December holiday party was
held in a conference room and
featured pizza and Coke.
er s
The new coronavirus
changed Novavax’s financial fu-
m er
ture while delivering a windfall
for an investor who made a re-
cent big bet on the company.
On Tuesday, Novavax’s stock
price closed at $104.56, up 32%
m rp
on the day and 2,527% so far
this calendar year, after the
company said it would receive
$1.6 billion from the federal
government to develop and
co Fo
manufacture a potential coro-
navirus vaccine. On Thursday,
$130,346,983,400
$43,328,882,900 Novavax closed at $96.30, down
$937,254,600 2% on the day. It fell 6% on
$389,000,000
99.992222 Wednesday.
(0.100%) Novavax’s climb is a sign of
0.101%
71.65% how the coronavirus is upend-
9127963N7 ing the pharmaceutical world,
sparking newfound investor en-
thusiasm for companies that
$121,922,437,900
$43,329,090,400
spent years fruitlessly chasing
$252,875,000 vaccines.
$801,000,000 The stock surge generated
99.981333
n-
(0.120%) $255 million in paper profits in
0.122% less than four weeks for RA
18.27%
9127963X5 Capital Management LP, an 81-
person Boston-based biotech
no
investment firm. On June 12,
$49,165,646,600 RA Capital spent $200 million
$20,666,899,600
$941,300
to purchase convertible pre-
$2,000,000 ferred stock, giving the firm
98.034284
(1.330%)
the ability to own nearly 4.4
1.250% million shares, or about 7.5% of
63.47%
912810SN9
Novavax total shares. The value
of RA Capital’s holdings is up
about 120% in less than a
investors selling emerging-mar-
ket assets and seeking refuge in
the dollar. June’s net inflow is
relatively small and comes
amid a volatile time for global
stocks. But it ends a rare six-
month string of outflows and
demonstrates investors’ re-
newed appetite for potential
bargains.
“One thing we do know is
that [Covid-19] shall eventually
pass,” said James McDonald,
chief executive officer at Her-
cules Investments in Los Ange-
les. “If you buy a great asset
for 30 cents on the dollar be-
cause it’s temporarily experi-
encing a price shock, you even-
tually end up with a 300% plus
return when the shock fades
and the valuation returns to
normal.”
Mr. McDonald expects the
health crisis to weigh on most
Brazilian stocks through the
second quarter of 2022. His
fund has about $3 million in
Brazilian shares out of around
$200 million under manage-
MARKETS
stocks that have outperformed
throughout the market turmoil.
Gains by Microsoft, Apple,
Amazon and Alphabet helped
the Nasdaq Composite rise
55.25 points, or 0.5%, to close
at a record 10547.75. The tech-
heavy gauge has established a
wide lead over other major in-
dexes in 2020.
The market value of Netflix,
meanwhile, surpassed Veri-
zon’s for the first time Thurs-
day. The streaming platform’s
value is $223.3 billion, while
Verizon is valued at $223.2 bil-
lion and AT&T is at $210.4 bil-
lion.
Analysts have attributed the
stock market’s rally in part to
broad fiscal and monetary
stimulus efforts. But they con-
tinue to parse new data that
could reveal the strength of
economic recovery and the pro-
gression of the coronavirus
pandemic.
“It’s not surprising, depend-
ing on some of the headlines
that scroll through at this time,
you’re going to have what we
call basically a choppy market,”
said Jack Janasiewicz, portfolio
manager at Natixis Investment
Managers Solutions. “It’s going
to be uneven. You’re going to
Share-price and index performance
1,000%
May 10, 2019 June 12, 2020
Reverse RA Capital
invests
$200 million
500
250
0 Though the company had
–250
May 2019 2020
Source: FactSet
month, a lightning-fast move
even for biotech investing,
which is known for its home
runs and strikeouts.
RA Capital’s wager came af-
ter it became convinced the
novel coronavirus will remain a
threat for many years. Peter
Kolchinsky, a virologist and
managing partner at RA Capi-
tal, argues that any immunity
likely won’t last long, and that
any vaccine will be needed an-
nually.
RA Capital had been search-
ing for a company that could
develop a combination flu-and-
Covid-19 vaccine that might be
given seasonally. RA Capital de-
termined that Novavax’s flu
vaccine, currently in Phase 3
trials, looked promising, and it
was impressed with early, pri-
mate data from Novavax’s work
on a Covid-19 vaccine. The in-
vestment firm figured an anti-
gen for SARS-CoV-2 could be
added to four antigens in
Novavax’s flu vaccine to create
an all-in-one, pentavalent vac-
cine, or one that can deal with
four flu strains as well as
Covid-19.
“People have not been talk-
ment, and he plans to keep
adding shares of local blue-chip
companies. Those include beer
giant AmBev SA, a unit of Bel-
gium’s Anheuser-Busch InBev,
airline Azul SA, shopping-mall
developer BR Malls Participa-
ções SA and university opera-
tor YDUQS Participaçoes SA.
Another major factor in in-
vestors’ calculations: the Bra-
zilian real has lost more value
than any of its Latin American
peers. It trades at 5.26 per dol-
lar, much weaker than 4 to the
dollar in January.
As recently as 2016 a dollar
bought only 3.10 reals. At the
time, the Central Bank of Bra-
zil’s benchmark interest rate
was 14.25%, attracting droves
of yield-seeking investors. But
as inflation got under control,
the bank lowered rates to
2.25%.
The pandemic aggravated
the Brazilian currency’s trend,
making the country’s stocks
look a lot cheaper in dollar
terms. Some investors say Bra-
Share-price and index performance Thursday
0%
–2
–4
–6
–8
9:30 a.m.
Source: FactSet
have fits and starts. The market
seems to focus on any sort of
bad coronavirus news.”
Figures Thursday showed
initial unemployment claims
edged down last week to 1.3
million, extending a trend of
gradual declines from a peak in
March. But last week’s level re-
mained well above the highest
week on record before this
year.
Shares of companies whose
prospects are tied to the eco-
nomic reopening came under
pressure.
July 7 Novavax
U.S. announces
$1.6 billion
investment
S&P 500
ing about the bigger picture,”
Mr. Kolchinsky said, referring
to the potential need for an all-
encompassing vaccine.
It was no secret Novavax
needed help. In March, when
Chief Executive Officer Stanley
Erck participated in a roundta-
ble at the White House with
other pharmaceutical execu-
tives chasing vaccines and
treatments, he told President
Trump: “Frankly, we need
money. We’re a biotech com-
pany, and not one of the larger
pharma companies. And so we
need money to get scale,” ac-
cording to a transcript of the
conversation.
Rather than buy shares in
the open market or wait for
Novavax to do a share offering,
RA Capital approached the
company to offer financing to
help it develop a vaccine, run
trials and build manufacturing
capabilities.
“We wanted a large position,
so we offered to invest in the
company and the company
agreed,” Mr. Kolchinsky said.
RA Capital’s investment re-
mains a gamble, partly because
Novavax has disappointed in-
Foreign investors hold 47% of shares traded in Brazil. A busy street in Rio de Janeiro.
zilian shares are even less risky
than stocks in many developed
markets.
“One can be quite convinced
about Brazil,” said Jerome
Booth, chairman at New Sparta
investment firm in London. He
argues Brazilian assets are less
likely to be inflated than those
in developed countries, where
large amounts of money were
injected into the economy by
central banks and governments
to help ease the impact of the
pandemic. “In that environ-
S&P 500
Royal Caribbean Cruises
American Airlines
United Airlines
4 p.m.
United Airlines Holdings,
American Airlines Group and
Royal Caribbean Cruises all
lost more than 5%.
With a flurry of new infor-
mation related to the coronavi-
rus and the approach of the
presidential election, many in-
vestors expect market volatility
to continue.
“The cards are all still very
much up in the air for the U.S.
economy and the U.S. stock
market,” said Sarah Henry, a
portfolio manager at Logan
Capital Management who cov-
vestors throughout its history.
The stock hit $300 in 2001 and
ly
$282.80 five years ago, adjust-
ing for last year’s stock split,
before collapsing each time be-
cause of setbacks in various
vaccines. A plunge early last
year came after the company
stumbled in efforts to develop a
vaccine against respiratory syn-
cytial virus. Mr. Kolchinsky said
those vaccines used different
technologies and approaches
than those employed in
Novavax’s flu and Covid-19
work.
demonstrated only vaccine
progress, not success, it gained
government backing this year
for incipient Covid-19 work.
Late this month, Novavax is ex-
pected to release Phase 1 data
for its coronavirus vaccine. The
federal funding under Opera-
tion Warp Speed will help expe-
dite development of 100 million
doses of a vaccine by the end of
the year and support a pivotal,
Phase 3 study with up to
30,000 participants beginning
in the fall.
Others remain skeptical of
Novavax.
“The company has suffered a
string of failures, it has yet to
publish even Phase 1 results for
its trial of 130 patients and its
vaccine would need to prove
safe and effective in thousands
of patients,” said Michael Kren-
savage. His hedge fund, Kren-
savage Asset Management LLC,
is betting against Novavax
shares.
Mr. Kolchinsky said he is
aware Novavax’s quest could
fail. In the past, RA Capital has
had its share of losers. In 2009,
a chunk of the firm’s portfolio
was in Sequenom Inc., which
collapsed after the biotech
company raised questions
about the accuracy of its test
results.
“Nothing is ever certain, and
biotech investing is not for the
fainthearted,” he said.
ment, emerging markets are
reasonably well placed to be re-
silient sources of value.”
Despite those investors’ op-
timism, some analysts said they
could be in for a bumpy ride.
Like its peers in the devel-
oped world, Brazil’s central
bank has slashed its benchmark
rate and increased funds avail-
able for loans. But the scale in
Brazil is much smaller.
Brazil’s GDP will shrink 6.4%
this year according to the cen-
tral bank’s most recent fore-
Friday, July 10, 2020 | B11
ers consumer sectors.
Among individual stocks,
shares of Walgreens Boots Al-
liance dropped $3.28, or 7.8%,
to $39.01 after the drugstore
chain reported a quarterly loss
and noted reduced traffic in
U.K. stores. Bed Bath & Beyond
shares fell $2.55, or 24%, to
$7.86 after the home-goods
chain said it would perma-
nently close about 200 stores.
Overseas, China’s stock mar-
ket zoomed higher for the
eighth day in a row, leading
Asian indexes, while stocks in
the rest of the world wavered.
Early Friday, the Shanghai
Composite was down 1.3%, the
Shenzhen Composite was down
0.3% and Hong Kong’s Hang
Seng Index was down 1.1%.
Japan’s Nikkei was down 0.2%
at midday, while South Korea’s
Kospi was off 0.7%. U.S. stock
futures were down 0.2%.
“The day traders are actually
a sizable part of the market,”
said Altaf Kassam, head of in-
vestment strategy for State
Street Global Advisors in Eu-
rope. He said the traders were
looking at signals of the govern-
ment’s support for the economy:
“If anywhere has had a V-
shaped recovery, it’s China.”
Americans
Binge on
.
Lumber
Continued from page B1
seen, and we can barely keep
up,” PotlatchDeltic Corp. Chief
Executive Michael Covey told
investors in June. The Spo-
kane, Wash., company’s stud
mills in Minnesota and Michi-
gan were particularly stressed,
he said.
In most states, home con-
struction was deemed essen-
tial and allowed to continue
throughout the shutdown.
Work slowed due to social-dis-
tancing rules and delayed per-
mits and inspections. But by
May construction was boom-
ing again. Historically low
mortgage rates enticed buyers.
Lockdown-weary city dwellers
sought suburban living and
big landlord companies built
houses expressly to rent.
Mills ramped back up and
the logjam in the supply chain
moved from white wood,
which is fresh cut from timber,
to so-called green wood, which
is treated to last outdoors on
patios and along railroads.
Tri-State in Brooklyn has
placed orders for five ship-
ments of treated lumber and
hasn’t yet been given a deliv-
ery date or even prices.
Besides the neighborhood
construction boom resuming
and all the back decks and
pergolas being built, dozens of
nearby bars, restaurants and
cafes have been slapping to-
gether fenced-in decks for out-
door dining wherever they can
carve out space in bids for
survival, because indoor din-
ing is still banned.
In addition to decks, some
restaurants have created out-
door dining spaces by encircl-
ing parking areas with ply-
wood planters. Georgia-Pacific
stamps abound.
ELLAN LUSTOSA/ZUMA PRESS
cast, and will recover only par-
tially in 2021. Unemployment
and public debt, both already
high even before the pandemic,
are expected to show only lim-
ited improvement over the next
few years.
“This is not enough growth
for foreign investors,” said Re-
inaldo Lacerda, a partner at Hi-
eron Patrimônio Familiar e In-
vestimento, an asset-
management firm in São Paulo
that has clients in the U.S. and
other countries.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

B12 | Friday, July 10, 2020 THE WALL STREET JOURNAL.

HEARD STREET ON
THE
FINANCIAL ANALYSIS & COMMENTARY

Rolls-Royce Has a Big Headache Pandemic

Shaves
Shares in the British aircraft-engine maker fell about 10% after it laid bare the impact of the lockdown
In most industries, service reve-
Tech
nues are the kind of resilient income
stream companies want in a crisis.
Aviation is the exception—and
Budgets
Rolls-Royce the public face of it.
On Thursday, the engine maker’s
London-listed shares plunged about Investors continue
10% after it estimated that cash out- to plow into sector
flows will total £4 billion ($5 billion)
in 2020, compared with analyst ex-
pectations of £1.2 billion. A one-off As the pandemic rages on, cor-
change to invoicing practices is one porate technology budgets won’t
big reason. The more serious one is be spared. That could prove a
that engine flying hours are likely to problem for investors who have
fall 55% this year. About 90% of been banking on business being
Rolls-Royce’s flagship Trent engines even better than usual.
are under service agreements A quarterly survey by Morgan
whereby airlines make steady main- Stanley found chief information of-
KRISZTIAN BOCSI/BLOOMBERG NEWS

tenance payments based on how ficers expecting their tech budgets

much they are used. to decline by 4.4% this year. That
Unlike plane makers Boeing and is a sharp turn from the 3.5%
Airbus, which will make money from growth predicted in the last sur-
each plane that they manage to vey in March. A survey by Cowen
keep in their order backlogs, en- painted a more optimistic picture,
gines are often sold at a loss. Manu- with IT spending projected to rise
facturers make up the difference 3.7% for the year. But that was still
over time in the form of aftermarket slower than the 5.4% growth ex-
repair and maintenance revenues. About a third of the company’s installed base of engines is at major risk of retirement in the medium term. pected earlier in the year.
History shows that, during down- Both surveys reflect a realiza-
turns, this income is far more vola- this year. Liquidity buffers seem ad- Technologies is that it is exposed to three-quarters of aftermarket cash tion by corporate tech managers
tile than aircraft sales and airfare equate, thanks to a new £2 billion aviation’s worst trends. It exited the invoices in 2019 and, before that the pandemic won’t be a blip.

.
revenues, because carriers park a state-backed loan, and the defense narrow-body jet segment in 2011 to Covid-19, they were still expected to The Morgan Stanley survey high-
big chunk of their fleets and forgo and power-system divisions—half of focus on bigger planes, which were amount to half of them in 2023. lighted Oracle and Salesforce.com

shop visits. Rolls-Royce said Thurs- the firm’s revenues—appear to be
day that engine receipts will fall paring the blow of the pandemic.
short for the next seven years. From the initial February selloff
Yet the outlook wasn’t as bad as
it could have been. The company
said free cash flows should amount
to “at least” £750 million by 2022,
on
until mid-June, Rolls-Royce stock
traded in line with those of plane
makers and airlines, which is a sign
that investors weren’t properly dis-
not far off its much-touted prepan- criminating. The reckoning finally
us ,
ly
a slowing business even before the With no new wide-body develop- as examples of software companies
outbreak. Now, the long-haul routes ment projects on the horizon and that saw “large negative revisions
they serve are taking longer to come sales of 787 and A350 jets—its to CIO spending expectations.”
back and airlines are shrinking their
fleets by scrapping older jets that
need more maintenance.
Analysts at Bernstein Research
growth market—slowing, future
sources of aftermarket revenues are
rapidly shrinking.
If markets had properly digested
But investors have continued to
plow into tech stocks. The S&P 500
Software and Services Group is up
nearly 20% for the year compared
estimate that about a third of Rolls- the worst crisis in aviation history with the S&P 500’s 3% drop. The

demic target of £1 billion for 2020. came, and it has fallen 23% over the Royce’s installed base of engines is in recent months, Rolls-Royce’s BVP Nasdaq Emerging Cloud Index
l

Chief executive Warren East is past month. But the downside may at major risk of retirement in the guidance wouldn’t have seemed has surged 66% this year—and an
e
al a

taking restructuring seriously. He still not be fully priced in. medium term. Jets like the Boeing such bad news. When it comes to astounding 21% in the past month.
will slash 17% of the company’s Rolls-Royce’s big headache com- 747 and Airbus A340 could perma- the woes of engine makers, though, The cloud index has been led by
workforce and said that he remains pared with more diversified peers nently be taken out of service. investors may only now be waking popular names such as Zoom Video
ci on

on track to save £1 billion in costs like General Electric and Raytheon Planes of at-risk models made up up. —Jon Sindreu Communications, DocuSign and
Shopify—companies that have dis-
tinctly benefited from people work-
ing from home and shopping online.

Walgreens Gold Prices Head for Record Levels That sets up some obvious risk
er s

heading into the second-quarter

earnings season, if results begin to
m er

reflect tightening budgets. But Citi

Prescribes Gold prices have flirted with
$1,800 a troy ounce this week and
imagine the Fed raising interest
rates, given parlous economic con-
software analyst Walter Pritchard
noted Thursday that software
spending still outperformed

Some aren’t far from the records reached ditions generally. “broader benchmarks” such as capi-
m rp

in 2011, in the bleak aftermath of Another factor to consider: Who tal expenditures and total IT spend-
the financial crisis. New records is buying all this gold? Inflows into ing in past downturns associated

Austerity could be ahead.

Since the financial crisis, the
movement of gold prices has been
gold exchange-traded funds in the
first half were the largest ever,
and largely from North America.
with the dot-com bust and 2008-09
financial crisis. He said investors
may be comfortable paying a pre-
co Fo

a near-mirror image of movements Flows into gold from institutional mium to “hide” in one of the mar-
Walgreens Boots Alliance in the yield on 10-year Treasury in- investors in developed markets ket’s few remaining growth stories.
shareholders could use some tea flation-protected securities, which have predominated, with emerg- With many cloud stocks fetching
DAVID GRAY/BLOOMBERG NEWS

and sympathy. this week touched a seven-year
Fiscal third-quarter sales of low of minus 0.78%. The ratio be-
$33.6 billion actually grew slightly tween the two assets’ price moves
overall from a year earlier, but the has varied, but the relationship
effects of the coronavirus crushed hasn’t broken meaningfully during
profitability. The pharmacy giant the past decade.
reported a loss of $1.95 a share in That makes intuitive sense: An
the quarter ended May 31 com- asset with speculative qualities
pared with earnings of $1.13 a share and no yield is somewhat more at-
a year earlier. The stock fell sharply tractive when yield has all but van-
n-
ing-market demand comparatively
weak, Goldman Sachs researchers
noted. They expect a pickup in the
latter as consumer demand im-
proves in developing economies
later this year.
And while it is possible devel-
oped economies will recover faster
Front-month gold settled at $1,799.20. than expected, a recent surge in
U.S. coronavirus cases shows the
between 20 and 40 times forward
sales, it is getting to be an expen-
sive place to hide. —Dan Gallagher
Projected corporate IT spending
growth for 2020, by time of projection
4%

on Thursday and has now dropped ished from safe assets. So the main Even with the current substan- limits to reopening during a pan- 2
about 42% since joining the Dow question for investors is whether tial fiscal support, the recovery in demic. Some parts of the world
Jones Industrial Average in 2018. real yields will rise or fall—that is, economic data seems to be leveling that had kept cases down, like
0
Walgreens took a $2 billion non- whether they think the economy is off, some Fed policy makers have Australia, are experiencing second-
no

cash impairment charge due to lock- likely to outperform or underper- noted. And that is before even con- wave wobbles.
down-driven weakness in its United form expectations from here. sidering what might happen in fi- A negative case for the price of
–2
Kingdom stores. Comparable sales If fiscal measures to cushion the nancial markets if would-be vac- gold would require a much more
at Boots fell 27% from a year ago in coronavirus’s economic impact lose cine producers run into difficulties. optimistic economic outlook, or an
the quarter, and foot traffic fell by political backing, responsibility for So far, signs of inflation from unlikely shift in focus from major
–4
85% in the month of April. Sales of sustaining the economy would fall disrupted supply chains or aggres- central banks. Without either it is
higher-end beauty and eye care ser- to the Federal Reserve—just as in sive monetary support have been hard to see gold falling much, and 3Q 4Q 1Q 2Q
vices were slammed as a result. the years after the financial crisis. largely absent. But even if inflation it isn’t unreasonable to believe it 2019 2020
Foreign-currency translation That would likely mean lower were to tick higher, reducing real will reach new highs in the months Note: Based on quarterly surveys
dinged international sales results yields for even longer. yields further, it is difficult to ahead. —Mike Bird Source: Morgan Stanley
by an extra 5.3 percentage points.
As if that weren’t enough, Wal-
greens said it expects U.K. retail
conditions to remain “very de-
pressed” through the summer. New Bed Bath Executives Go Through Wringer
Walgreens remains on sound fi-
nancial footing despite those dis-
appointments. U.S. comparable
OVERHEARD An army of fresh-faced execu- Percentage change, year to date zon, while Bed Bath & Beyond has
sales grew at a healthy 3% clip. tives joined Bed Bath & Beyond struggled mightily.
That came despite lower prescrip- The Covid-19 pandemic may over the last several months to turn 20% Much of Bed Bath & Beyond’s ef-
tion volumes as routine visits to have grounded many flights, but the company around fully knowing forts have been focused on opera-
doctors declined. Overall, the com- this Chinese airport stock is they were in for a climb. Last quar- S&P 500 tional efficiency, including right-siz-
0
pany generated more than $600 soaring. ter showed them just how steep it ing inventory and plans to close
million in free cash flow in the Hong Kong-listed Hainan Mei- will be. 200 stores over the next two years,
third quarter and announced it lan International Airport Co. has On Wednesday evening the com- a fifth of the total. That may well
–20
would increase its dividend. The tripled this month, taking its pany reported a revenue decline of prove helpful to the bottom line,
stock yields nearly 5% and trades gains in 2020 to about 500%— 49% for the quarter ended May 30 but the company has yet to figure
at less than nine times this fiscal by far the best-performing air compared with the same period last Bed Bath & Beyond out a way to better engage custom-
–40
year’s adjusted profit guidance. travel-related stock globally. The year, which was worse than analysts ers. This could be its chance as on-
Nevertheless, the ongoing sales company operates an airport in had expected. The company has now line sales are bringing in new faces.
weakness means some belt tighten- southern China’s Hainan prov- made a loss for six consecutive
–60
Nearly 40% of digital orders were
ing is in order: The company an- ince. Even though airline stocks quarters. Its shares, already down placed by those who were new to
nounced plans to lay off 4,000 in the U.S. have gotten a lift almost 40% year to date, fell by an ordering online and 10% were com-
workers and close several dozen from bored-at-home Robinhood additional 8% after hours. On Thurs- –80
pletely new to the brand.
Boots Opticians stores. Sharehold- traders lately, many are still day the shares fell 24% to $7.86. The company’s next big challenge
ers also will feel the austerity: Man- worth less than half of what Executives were quick to point Jan. July will come this quarter, which en-
agement announced a halt to stock they were at the start of 2020. out that 90% of stores were closed Source: FactSet compasses the back-to-school
buybacks after spending $1.4 billion The higher stock price is cer- during the quarter, though the re- month of August, when sales are
in the first nine months of the fis- tainly good news for Meilan’s tailer was still able to sell online categories such as kitchenware and strong. The company said on
cal year. Any bet on an improve- cash-strapped parent, which de- and had the ability for customers to home-related products. Wednesday’s call that it has “over-
ment will require no shortage of faulted on its bonds just last buy online and pick up in store or Contrast that with Best Buy, hauled and elevated” its college se-
patience, even with that attractive year. HNA Group, which overex- curbside. E-commerce accounted for which closed all U.S. stores last lection to make it more affordable.
yield. The stock has regularly lan- panded itself by acquiring a two-thirds of total sales last quar- quarter but saw a far milder 10% It is unclear how much that matters
guished at 10 times adjusted earn- range of assets like stakes in ter, up from a fifth a year earlier. sales drop. It isn’t a perfect com- as many college students might stay
ings or less over the past several Deutsche Bank and Hilton Bed Bath & Beyond carries prod- parison—Best Buy’s last quarter at home this fall.
years despite a more placid busi- Worldwide in recent years, owns ucts that should have sold fairly ended in April and therefore bene- Investors who jumped in last Oc-
ness outlook than it faces today. 30% of Meilan’s parent company. well during a pandemic. Other re- fited from regular sales in February. tober after the change in executive
The cure for this ailing stock tailers have remarked that custom- But in better times Best Buy has ranks are taking a bath.
remains elusive. —Charley Grant ers are spending more on “nesting” been a relative winner against Ama- — Jinjoo Lee
 MANSION
For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

Hello, Newman $20 Million

Wayne Knight’s GoPro founder
love of film noir Nick Woodman
inspired his iconic lists California
character. M16 ranch. M14

HOMES | MARKETS | PEOPLE | REDOS | SALES THE WALL STREET JOURNAL. Friday, July 10, 2020 | M1

Black
Cost of project: $7,500

Designers
See a Surge
Interior designers of color say the
recent attention is great, but hope
their talent, not race, makes the sale KEIA MCSWAIN
FROM LEFT: BRAD BUNYEA (2, INTERIORS); WILL STERLING

.
ly
Keia McSwain designed these spaces, above and right, for furnishing company Alden Parkes
on
in High Point, N.C. The painting is ‘Dripping Black’ by Atlanta-based artist Charly Palmer.

I
BY NANCY KEATES
LINDA HAYSLETT
us ,

n late May, on a road trip from Cleveland

l
e
to St. Paul, Minn., Suzanne Rivera and
al a

Michael Householder spent time talking

about updating the new house they were
ci on

FROM TOP: STYLISH PRODUCTIONS (INTERIOR); N JONES PHOTOGRAPHY

moving into on the campus of Macalester
College, where Ms. Rivera was due to be-
gin her term as president on June 1.
Somewhere in Michigan, their conversation
turned to race, amid the news of George Floyd’s
er s

May 25 killing while in the custody of the Minne-

apolis police and subsequent wave of protests.
m er

By the time the couple reached their new city,

they decided they would hire a Black interior de-
signer.
Mr. Householder says they normally would
m rp

have found a designer by calling friends, but

since they were new to St. Paul, and they wanted
a designer of color, he searched online for “Afri-
can-American interior designers in Twin Cities”
Cost of Project: $30,000
and “Black interior decorators in Minnesota,” but
(product and labor only)
co Fo

found only a few blog posts and articles. After

reaching out to local design schools and business
groups, he finally found a designer whose ap-
proach he liked through the Black Interior De-
signers Network.
FROM TOP: CHRISTOPHER LEE; LAUREN PRESSEY (INTERIOR)
This living area, designed by Kiyonda Powell, mixes
vintage and modern furnishings and textiles. ‘Braiding
Hour,’ a portrait by Maryland-based artist Tawny

“The one thing we could control right away Chatmon, is the focal point.
was where we spent our money,” says Ms. Rivera,
who is Macalester’s first Latina and first female
KIYONDA POWELL
president. “We see this as a small contribution in
the effort toward social justice.”
Many Black architects and interior designers
have experienced a surge in visibility and demand
n-

since the end of May, part of a wider focus on di-

versity in a range of industries. The attention,
Black design professionals say, has led to an up-
tick in invitations to sit on design panels, speak-
no

ing gigs, features in magazines—and new clients

and referrals.
Cost of Project: $135,000
“This is a grand start to something that could
be amazing,” says Keia McSwain, owner of At-
Linda Hayslett, whose renovation of a home included the kitchen above, lanta-based Kimberly & Cameron Interiors and
saw her Instagram followers more than triple since the end of May. Please turn to page M10

Putting Greens Sprout BY BETH DECARBO

IT WAS LATE, around 11:15 p.m.,

and Dean Vagnozzi saw his
chance. His wife had gone to bed,
With golfers stuck at home, demand is high for the custom mini-courses making this a perfect time to qui-
etly slip out of the house for a
rendezvous with the other love of
his life. Golf.
Cost of his 5,000-square-foot From his fully lighted practice
practice green: $15 to $25 a sq. ft. green in the backyard of his home
in Collegeville, Pa., Mr. Vagnozzi
first focused on chipping
from all areas of his
practice facility,
which has three
grass heights to
simulate a real golf $30,000
Average cost of an at
course. Then he
practiced putting, home practice green
working with the as-
sorted undulations and
breaks surrounding the
nine holes of his 5,000-
square-foot practice green. Even
his three tee boxes, which mea-
sure 35-, 40- and 50-yards from
the green, are lighted.
GABRIELLE VAGNOZZI
cap] by the end of summer.” (The
average handicap is 14.3 for men
and 27.5 for women, according to
the U.S. Golf Association.)
And for this he can thank the
pandemic. “I had a gut feeling
that we were going to be locked
down in our homes for a while,”
says Mr. Vagnozzi, who is 51 and
works in the financial-services
sector. He wasn’t the only one.
“The cycle has been insanity.
We haven’t missed a day of
work,” says Paul John-
son, owner of Tour
Greens Mid-Atlantic,
the company that in-
stalled Mr. Vag-
nozzi’s practice
green. In the early
days of the outbreak,
Mr. Johnson says he
got upwards of 15 inqui-
ries a day, up from eight or
nine per week. “It was like a
switch flipped.”
Mr. Johnson says he has in-
stalled greens as large as 12,500

Dean Vagnozzi
in the backyard of his
home in Collegeville, Pa.
In just a few months, Mr. Vag-
nozzi, has lowered his handicap by
two strokes, to 12. “My short game
has definitely gotten better. I’ll be
surprised if I’m not a 10 [handi-
square feet, and one that’s a rep-
lica of Augusta National’s 12th
hole in the heart of Amen Corner,
so called because so many players
Please turn to page M6
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

M2 | Friday, July 10, 2020 NY / NE THE WALL STREET JOURNAL.

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FROM TOP: BOSTON VIRTUAL IMAGING; MIKE OBERLIES; CHRIS WHIRLOW; RICHARDSON LAGRANT GROUP
MILLION
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Historic homes need lots of TLC, but

devotees say the charm is well worth it

.
ly
BY ADRIENNE GAFFNEY Pennoyer saw in Paris, for 912 sq. ft., 2 bedrooms, built in 1703

W
example, “you had to walk
on hen it comes
to real estate,
shiny and
new isn’t al-
through the living room to
get to the dining room to get
to the bedroom, and there
was only a tiny bathroom for
PROVIDENCE, R.I. // $739,000
us ,

ways a plus. In cities like two bedrooms and no pow-

Boston and New Orleans, der room.”
l

Seaside
e
some of the most enviable Home buyers should also
al a

(and expensive) homes were consider furniture before

built in the early 1900s or purchasing a historic home,
ci on

before. Many buyers refuse he warns. If you’re dead set

THE CHIMNEYS: MANCHESTER BY-THE-SEA, MA to reckon with the realities on having a king-size bed, a
of living in an older home, Victorian-era townhouse
INCOMPARABLE 28 ACRES: 13,000sf, 8-BEDROOMS such as smaller rooms and might not be right for you.
6 FULL BATHS, 2 HALF BATHS: $21,000,000 less insulation. But others “You have to be realistic
er s

see historic properties as about your expectations,”

Sparkling Atlantic water, cooling ocean breezes being filled with the kind of he said, and be “OK buying
m er

Oceanside bluff 40' above a private white sand beach detailing and personality something that has flaws
Half-mile driveway for perfect privacy, nature’s sounds they would hate to live and quirks.”
Elegantly renovated 1904 residence with 12 fireplaces without. In renovating a historic 1,670 sq. ft., 2 bedrooms, built in 1869
Expertly restored Frederick Law Olmsted Jr. gardens “If you’re in a house that home, Mr. Pennoyer recom-
m rp

Carriage house with open ground floor, 2-bedroom apartment was built five years ago and mended trying to keep or re-
you’re surrounded by purpose the original ele-
TheChimneysOnDanaBeach.com houses that were all built in ments of the house. “It’s BALTIMORE // $499,000
the last 20 years, it can lack always going to be more in-
the kind of character you teresting and have more
co Fo

have if you are willing to character if you’re weaving

compromise and be in an the old materials in with the
older house,” said Peter new,” he said.
Pennoyer, principal of New To do that, “take all the
York City’s Peter Pennoyer doors and have the builder
Architects. label them and number them
Romance aside, prospec- and catalog all of the hard-
tive buyers of historic homes ware,” he said. “If you’re
need to accept that in centu- working with an architect,
ries past, homes weren’t try to get them to incorpo-
built with the layouts and rate those old parts in the
amenities that are common- new plan, even if that means
n-

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Refer to PlatinumLuxuryAuctions.com for the relevant disclaimers and brokerage information for each luxury auction® property. Go to wsjwine.com/now 2WSJW1907
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. Friday, July 10, 2020 | M3

PRIVATE PROPERTIES

A
n Aspen, Colo., man-
sion with high-tech
features is going on
the market for $49
million. If it sells for
that price, the property would be
among the most expensive ever to
trade in the area, according to the
listing agent.
The home features a system
that pumps additional oxygen into
the master bedroom, creating an
environment that helps occupants
feel like they are living closer to
sea level, ac-
FOR SALE cording to the

$49
seller Lawrence
F. De George, a
Jupiter, Fla.-
MILLION based venture
15,000 sq. ft., capitalist who
4 bedrooms, has invested in
2 elevators, domestic and
movie theater, overseas data
master and telecoms
bedroom with companies. The
extra oxygen house is also
pumped in LEED-certified,
with solar pan-

Air Supply: A Mountain

els on the roof and geo-thermal
heating throughout.
The house was completed

Home With Extra Oxygen

about four years ago by Mr. De
George, who said he bought the
site for $16 million in 2009 and
spent about 3½ years on design
and construction. He lived in an
older house on the property for
several years before tearing it
down and rebuilding.
The roughly 15,000-square-foot,
four-bedroom contemporary
house also has Art Deco elements
and numerous quirky design fea-

.
tures. A pair of glass elevators are

ly
positioned near a window to take

DAVID MARLOW PHOTOGRAPHY (3)

advantage of the surrounding
landscape. There is a movie the-
ater inspired by Hollywood’s
Golden Age as well as a large ce-
ramic mosaic in the dining room
depicting local wildlife.
on
us ,

The granite on the exterior of

the house bleeds into the interior
l
e
entryway. There is also elaborate
al a

Mr. De George bought the site

woodwork throughout, including nixed his immediate bucket-list sent the Aspen market into over-
for $16 million in 2009.
custom-designed wood-inlay plans, Mr. De George said he is ea- drive, as longtime vacationers
ci on

doors. The back of the home sits ger to start on them as soon as choose to make the area their pri-
on the edge of the White River more than 50 years. He is selling the house is large for one person, the situation improves. “If it mary home.
National Forest, while the front because he’s getting older and has but the fact that the master suite wasn’t for this year, I’d be work- “It’s a frenzy,” she said. “But
faces a large valley, looking across other items he wants to check off is on the same floor as the main ing on it already,” he said. this happened before, after 9/11.
the Roaring Fork River. his bucket list, like visiting friends living room and dining areas Listing agent Carrie Wells of It’s not the first time we’ve seen
er s

Mr. De George, 75, said he has in Australia, yachting and spend- means it can also feel intimate. Coldwell Banker Mason Morse this trend.”
been spending time in Aspen for ing a summer in Tuscany. He said Though the Covid-19 crisis has Real Estate said the pandemic has —Katherine Clarke
m er
m rp

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M4 | Friday, July 10, 2020 NY THE WALL STREET JOURNAL.

PRIVATE PROPERTIES

,6CD$A0 $
Hollywood Hills
 
     
Architectural Lists

SIMON BERLYN (4); ANNIE LESSER/IMAGESPACE/ZUMA PRESS (EATON)

AUCTION
NO RESERVE
Previously Offered for $26.5M.

SELLING TO THE HIGHEST BIDDER,

REGARDLESS OF PRICE.

The sellers are Darryl (above) and Teri Eaton, who bought the site in 2013 and commissioned XTEN to design the house.

In cooperation with:
The gridded glass ceiling alone
cost more than $1 million.

Listed by Shelly Tretter Lynch and Kimberly Johnson of Compass Connecticut LLC
ConciergeAuctions.com | +1 646.760.7823
  
  
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(($ )""*
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.
ly
The site cost $6 million.

The house spans about 12,000

on square feet with five bedrooms, a
home theater, a gym, a bar and a six-
car garage. The property has views of
the Getty Museum, Century City and
us ,

A newly built home with an un- band are architecture and art enthusi- the ocean. It is furnished with several
usual ceiling crafted from a multitude asts, and have built other L.A. homes quirky pieces, including a Brutalist
l

DIFFERENT NATIONAL ORIGINS.

e
of miniature skylights is coming to from scratch in the past. They had sculpted bronze desk in the office by
al a

market in the Hollywood Hills for $25 originally planned to move into the the designer Paul Evans. The furniture
million. house themselves, she said, and some of the art could be
ci on

Known as Skyhouse, the Los Ange- but as the project went on FOR SALE included in the sale, subject to

les property was designed by XTEN
SAME FAIR HOUSING RIGHTS. Architecture and was one of the final
projects worked on by the company’s
late founder, Austin Kelly. The sellers
er s
they decided to sell the house
and stay in their current
neighborhood by the beach.
Located in the affluent
$25
negotiation, Mr. Williams said.
Skyhouse recently won an
award for residential archi-
MILLION tecture from the Los Angeles

are Darryl Eaton, 56, the co-head of Bird Streets area, the house 12,000 sq. ft., chapter of the American In-
contemporary music at talent agency has an unusual gridded glass 5 bedrooms, stitute of Architects. Monika
m er

CAA North America, and his wife Teri
Eaton, 54, an entertainment attorney
It is illegal for landlords and real estate agents to deny at CAA. The couple bought the site in
you housing opportunities because of your ethnicity. The 2013 for $6 million, records show, and
m rp
ceiling with a series of minia- home theater, Haefelfinger, Mr. Kelly’s wife
ture skylights that cost more gym, bar, and the president of XTEN,
than $1 million, according to swimming pool said the design was partially
agent Branden Williams of inspired by a museum in her

Fair Housing Act prohibits housing discrimination based commissioned XTEN to design a Hilton & Hyland, who is listing the native Switzerland designed by Renzo
on national origin. If you believe you have experienced a house for the property. property with his wife Rayni Williams Piano. Mr. Kelly, who died in 2015,
violation of your rights, file a complaint. Ms. Eaton said she and her hus- and colleague Trevor Wright. At the helped devise the home’s initial con-
home’s entry- cept but didn’t see the final product.
way, a floating XTEN also designed the nearby Stan-
co Fo

Go to hud.gov/fairhousing pathway leads ley House, a contemporary mansion

over water to that sold for $33 million in 2018.
or call 1-800-669-9777 the door. Lou- Skyhouse sits directly across the
Federal Relay Service 1-800-877-8339 vered screens street from two new homes recently
with lattice acquired for a total of roughly $75
cutouts provide million by a company linked to the
privacy. Large family of Taiwanese electronics ty-
dark marble ex- coon Terry Gou, according to sources
terior walls on familiar with the deal.
the rear of the —Katherine Clarke
property sepa-
rate the living GoPro founder wants $20 million
n-

FAIR HOUSING: THE LAW IS ON YOUR SIDE. areas from the for 150-acre California ranch. M14
bedroom suites.
no

No Reserve Auction
Cape Neddick, Maine

Private Beach | Sleeps 12

JULY 28
HA.com/Maine
855-261-0573

10% BP. See HA.com 58878

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

THE WALL STREET JOURNAL. Friday, July 10, 2020 | M5

For those
seeking an exceptional life
PARADISE ISLAND, BAHAMAS AUCKLAND CITY, NEW ZEALAND SAN DIEGO, CALIFORNIA SAN DIEGO, CALIFORNIA SAN DIEGO, CALIFORNIA

605 One Ocean 10-12 Commerce Street 311 Sea Ridge Drive 4511 Rancho Del Mar Trail | Rancho Pacifica 6092 Avenida Chamnez
$1,075,000 Property ID | 5GLQLF Price Upon Request Property ID | EQWK2N $22,000,000 Property ID | JN9C5X $9,000,000-$10,000,000 Property ID | FQDX2W $6,999,000 Property ID 83ER27
SIRbahamas.com NZSothebysRealty.com PacificSIR.com 4511RanchoDelMarTrail.com PacificSIR.com
Damianos Sotheby's International Realty New Zealand Sotheby’s International Realty Pacific Sotheby's International Realty Pacific Sotheby's International Realty Pacific Sotheby's International Realty
Nick Damianos Jason Gaddes | Scarlett Wood Brett Dickinson Eric Iantorno Brett Dickinson
Nick.Damianos@SIRbahamas.com + .. Jason.Gaddes@NZSir.com + .

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TIBURON, CALIFORNIA WOODSIDE, CALIFORNIA WOODSIDE, CALIFORNIA DENVER, COLORADO WASHINGTON, DISTRICT OF COLUMBIA

5 Gilmartin Court 30 Trail Lane 408 Eleanor Drive 1070 Humboldt Street 1375 Maryland Avenue NE, Unit H
$4,250,000 Property ID | 9YKZ59 $23,000,000 Property ID | X2Z4L4 $23,000,000 Property ID | KH9HCW $3,995,000 Property ID | TNCNEJ $2,400,000 Property ID | CCB566
GlobalEstates.com WoodsideItalianVilla.com 408Eleanor.com 1070Humboldt.com TTRsir.com
Golden Gate Sotheby's International Realty Golden Gate Sotheby's International Realty Golden Gate Sotheby's International Realty LIV Sotheby's International Realty TTR Sotheby's International Realty
L. Sarkissian | M. Sarkissian | B. Michael Dreyfus Michael Dreyfus Steve Blank Troy Patterson | Eric Nicholson
Bullock M.Dreyfus@GGsir.com +  .. M.Dreyfus@GGsir.com +  .. SJBlank@LIVSothebysRealty.com +  . . TPatterson@TTRsir.com +  ..

L.Sarkissian@GGsir.com + ..

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ANNA MARIA, FLORIDA ANNA MARIA, FLORIDA SAVANNAH, GEORGIA KENNEBUNK, MAINE FALMOUTH, MASSACHUSETTS

on
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317 Iris Street 755 North Shore Drive 6 Sylvan Island Road 8 Lords Point Road 82 Meadow Neck Road
$3,999,999 Property ID | VS5WV9 $2,750,000 Property ID | BX3SK6 $2,790,000 Property ID | GX2GVH $3,850,000 Property ID | BZTMX9 $1,650,000 Property ID | 6MJKXQ
ci on

PremierSir.com PremierSir.com CeliaDunnSir.com 8LordsPoint.com 82MeadowNeck.com

Premier Sotheby's International Realty Premier Sotheby's International Realty Celia Dunn Sotheby's International Realty Legacy Properties Sotheby's International Realty Sotheby's International Realty Falmouth Brokerage
Shellie Young Shellie Young Betsy Kingston Myers | Monica McGoldrick Jim Nadeau | Jane Chase John Weyand
Shellie.Young@PremierSir.com +
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WOODS HOLE, MASSACHUSETTS NEW YORK, NEW YORK NEW YORK, NEW YORK NEW YORK, NEW YORK NEW YORK, NEW YORK
m er
m rp

39 Juniper Point Road 25 Columbus Circle, Apartment 75CE 10 East 73rd Street 3 East 95th Street 484 Greenwich Street
co Fo

$7,750,000 Property ID | 96N7YC $35,000,000 Property ID | ZTZPVB $29,000,000 Property ID | 3MVNMY $28,400,000 Property ID | 27HZ7C $23,500,000 Property ID | YWJG5X
39JuniperPoint.com SothebysRealty.com/id/ZTZPVB SothebysRealty.com/id/3MVNMY 3East95.com 484GreenwichStreet.com
Sotheby's International Realty Falmouth Brokerage Sotheby's International Realty East Side Manhattan Brokerage Sotheby's International Realty East Side Manhattan Brokerage Sotheby's International Realty East Side Manhattan Brokerage Sotheby's International Realty East Side Manhattan Brokerage
John Weyand Elizabeth L. Sample | Brenda S. Powers Serena Boardman | Juliette R. Janssens| Allison B. Koffman Stan Ponte | Randall Gianopulos Louise C. Beit
John.Weyand@Sir.com +  ..
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Louise.Beit@SothebysHomes.com +
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NEW YORK, NEW YORK RYE, NEW YORK TARRYTOWN, NEW YORK BRISTOL, RHODE ISLAND CHARLESTON, SOUTH CAROLINA
n-
no

170 East 77th Street, Apartment 2FG 7 Sunset Lane 11 Carriage Trail 10 Courageous Circle 90 Murray Boulevard
$6,300,000 Property ID | MQ7Z7S $2,640,000 Property ID | H3FNS7 $9,850,000 Property ID | V9GFQ2 $3,495,000 Property ID | G7SFK3 $3,495,000 Property ID | T4ZNQN
SothebysRealty.com/id/MQ7Z7S 7Sunset.com JuliaBFee.com MottAndChace.com DanielRavnelSir.com
Sotheby's International Realty Downtown Manhattan Brokerage Julia B. Fee Sotheby’s International Realty Julia B Fee Sotheby's International Realty Mott & Chace Sotheby's International Realty Daniel Ravenel Sotheby's International Realty
James Keenan Laura DeVita The HCH Team The Blackstone Team Ruthie Ravenel
James.Keenan@SothebysHomes.com +
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CHARLESTON, SOUTH CAROLINA HILTON HEAD ISLAND, SOUTH CAROLINA KIAWAH ISLAND, SOUTH CAROLINA SENECA, SOUTH CAROLINA AUSTIN, TEXAS

5 Palmetto Road 41 Ribaut Drive 221 Ocean Marsh Road 503A Round House Point Four Seasons Penthouse
$2,490,000 Property ID | D4N6PZ $2,920,000 Property ID | 95ND93 $5,299,000 Property ID | 589NL5 $2,600,676 Property ID | WTVKYY $21,500,000 Property ID | S6YGDT
FivePalmettoRoad.com SothebysRealty.com/id/95ND93 DanielRavenelSIR.com ThatLakeJocasseeHouse.com TheFourSeasonsPenthouse.com
Daniel Ravenel Sotheby's International Realty Celia Dunn Sotheby's International Realty Daniel Ravenel Sotheby’s International Realty Joan Herlong & Associates Sotheby's International Realty Kuper Sotheby's International Realty
Matthew B. Swain Mary Jeans Otto Middleton Rutledge Patrick Furman | Samantha Snyder Kumara Wilcoxon
Matthew@DanielRavenelSir.com + .
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AUSTIN, TEXAS HOUSTON, TEXAS HOUSTON, TEXAS HOUSTON, TEXAS PINEY POINT VILLAGE, TEXAS

The Milburn Estate 100 Carnarvon Drive 8823 Harness Creek Lane 717 East 24th Street 206 Kinkaid School Drive
$10,000,000 Property ID | M62775 $30,000,000 Property ID | FCCSW9 $9,950,000 Property ID | EEVVMP $1,650,000 Property ID | Y2Y84J Price Upon Request Property ID | 79WLK3
MilburnEstate.com CarnarvonHouston.com LaPerseHouston.com SothebysHomes.com/Houston SothebysRealty.com
Kuper Sotheby's International Realty Martha Turner Sotheby's International Realty Martha Turner Sotheby's International Realty Martha Turner Sotheby's International Realty Martha Turner Sotheby's International Realty
Kumara Wilcoxon Kellie Geitner Kellie Geitner Karen Stowers Mary Elizabeth Hahnfeld
Kumara@SothebysRealty.com + ..  Kellie.Geitner@SothebysHomes.com + ..  Kellie.Geitner@SothebysHomes.com + ..  Karen.Stowers@SothebysHomes.com + .
. MaryElizabeth.Hahnfeld@SothebysHomes.com + ..

© MMXX Sotheby’s International Realty Affiliates LLC. All Rights Reserved. Sotheby’s International Realty Affiliates LLC fully supports the principles of the Fair Housing Act and the Equal Opportunity Act. Each Office is
Independently Owned and Operated. Sotheby’s International Realty and the Sotheby’s International Realty logo are registered (or unregistered) service marks licensed to Sotheby’s International Realty Affiliates LLC. sothebysrealty.com
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

M6 | Friday, July 10, 2020 NY THE WALL STREET JOURNAL.

MANSION
Manalapan, Fla. Fringe Benefits
Listed: $26.7 million
Just over 10,000 homes with the words ‘putting green’ were on the market in the U.S. over
26,000 sq. ft. the past year. Here are the metro areas with the most listings and a look at listing prices and
days on market compared with home without putting greens.
Median Comparative Comparative days
METRO AREA No. of listings listing price list-price premium on the market
Phoenix 1,740 $1.23 million 8% higher 1 less day
Los Angeles 733 $2.15 million 3% higher 5 more days
Riverside, Calif. 698 $881,000 11% higher 10 more days
Las Vegas 456 $746,000 8% higher 7 fewer days
Houston 318 $800,000 14% higher 7 more days
Source: Realtor.com analysis from June 2019 to May 2020

wife’s primary residence is in Dal-

las. They bought the Manalapan
home as an investment property
and are now selling it.
To the south in Fort Lauder-
dale, Chris O’Gorman is listing his

Golf Greens termine whether a $120,000 put-

ting green makes economic sense
when it comes time to sell a
Synthetic turf
on the 1,000-
4,100-square-foot home with a
small putting green for $2.2 mil-
lion with ONE Sotheby’s Interna-

Sprouting
square-foot
home. A Realtor.com analysis of putting green tional Realty. Mr. O’Gorman, a 55-
U.S. home listings from June 2019 saves about year-old investment adviser, paid
through May 2020 found over $3,900 monthly roughly $9,500 to install the
Continued from page M1 10,000 properties that included in mowing and green, along with a turf area for

call upon a higher power for help.
To transform bare land into a
practice green, Mr. Johnson’s
team first puts down crushed ag-
gregate stone to build slopes and
contours. This is topped with
stone dust to smooth out the sur-
face and fine-tune the shapes.
Then, synthetic turf that imitates
bent grass and other grass blends
goes down. To help the fibers
stand up and remove any “grain”
in the turf, the synthetic surface
gets an infill of special silica sand.
To complete the look, a synthetic
the words “putting green” in the
description field. Overall, listings
with those key words were 5%
more expensive a square foot than
homes without putting greens.
However, these properties also
spent five more days on the mar-
ket than other homes, on average.
This is likely due to more special-
ized home features, which attract
a smaller pool of buyers willing to
pay the premium, the analytics
team found. (News Corp, parent
company of The Wall Street Jour-
nal, also operates Realtor.com un-
watering.
“It’s not something where
someone is going to buy a house
or not because of a putting
green,” says Steven Solomon, a
Boca Raton, Fla.-based agent with
Douglas Elliman. “For golfers, it’s
a benefit to have it. If you’re not
[a golfer], there’s a ‘Wow, I could
have this!’ reaction.”
Mr. Solomon is listing a home
owned by Stephen Hill and
Christy Thompson in Manalapan,
Fla., for $26.7 million. The
a newly updated practice/chipping
green that measures about 1,000
square feet, Mr. Hill says. Syn-
thetic turf today is so realistic
and low maintenance that he had
most of the real grass on the
property replaced with it. The
change saved $1,400 a month for
watering and $2,500 a month for
mowing, Mr. Hill, 57, says. “It paid
for itself in 10 months,” he notes.
The practice green has other
benefits. “My short game has im-
CLOCKWISE FROM TOP LEFT: GILES BRADFORD/CAPTURED TO SELL; JESSE EDWARDS; LESLIE O’GORMAN; ONE SOTHEBY’S INTERNATIONAL REALTY (2)
his dog, Chloe, to run around in.
Mr. O’Gorman and his wife are
selling so they can downsize in
Fort Lauderdale and buy a second
home in New York.
An avid golfer—and 3 handi-
cap—Mr. O’Gorman says the green
has “definitely taken on a greater
significance during the pandemic.
I’m out there every day, half-hour
to an hour. It’s gotten a lot of us-
age.”
When he returns to New York,
Mr. O’Gorman can show off his
sharpened skills at Winged Foot

.
“fringe” of slightly taller grass is der license from the National As- roughly 26,000-square-foot home proved about 40%,” estimates Mr. Golf Club, in Westchester County,

ly
installed around the green. sociation of Realtors.) sits on about 4 acres and includes Hill, a 16 handicap. He and his N.Y., host of the 2020 U.S. Open.
A typical practice
green averages about
$30,000, Mr. Johnson
says, up from
$15,000 in 2017.
That’s because his
on Fort Lauderdale
Listed: $2.2 million
4,100 sq. ft.
us ,

customers increas-
ingly want bigger
l
e
greens and more fea-
al a

tures, he notes. Mr.

Vagnozzi declined to
ci on

say how much he

paid, but said it falls
within Mr. Johnson’s
quoted price range of Chris O’Gorman, right, spent roughly $9,500
$15 to $25 a square installing a putting green plus a turf area for his
er s

foot, installed. dog Chloe, pictured. Mr. O’Gorman is now selling

It’s difficult to de- to downsize.
m er
m rp
ME1742

co Fo

LUXURY APARTMENT RESIDENCES

ME1725

North Haven Road Abenaki

17± Acres, Vinalhaven, ME | $4,500,000 26± Acres, Pretty Marsh, ME | $3,950,000
Terry Sortwell Story Litchfield
n-

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ME1749
no ME1754

Kings Highway Cubby Hole Farm

.34± Acres, Kennebunkport, ME | $2,995,000 29± Acres, North Haven, ME | $2,875,000
John H. Scribner Terry Sortwell
207-749-5148 • jscribner@landvest.com 207-236-3543 • tsortwell@landvest.com
ME1724

nt
me
ee
gr
rA
de
Un
MA2369

798 Strawberry Hill Road On Mere Point

1.84± Acres, Concord, MA | $2,875,000 1.45± Acres, Brunswick, ME | $2,795,000
Abby Gurall White Karen N. Reiche
617-851-0195 • awhite@landvest.com 207-776-8352 • kreiche@landvest.com
NH0554

THE WEST COAST IS CALLING

VT0917

Point Farm Briar Hill

19.05± Acres, Grand Isle, VT | $1,895,000
Wade Weathers, Jr.
802-238-6362 • wweathers@landvest.com
36.3± Acres, Hopkinton, NH | $985,000 RE S E RVE A TOUR | 8 33 -7 7 7 -16 6 0
Kristin Hayes Claire
603-494-9448 • kclaire@landvest.com
1221OCEAN.COM | SANTA MONICA, CA

Sound Advice, Exceptional Results

www.landvest.com IRVINE MANAGEMENT COMPANY, A LICENSED REAL ESTATE BROKER DRE LIC. #02041810
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. NY Friday, July 10, 2020 | M7

.
ly
on
us ,
l
e
al a
ci on
er s
m er
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 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

M8 | Friday, July 10, 2020 NY THE WALL STREET JOURNAL.

MANSION
LIVING HISTORY

A Slice of
1,231 square feet, 2 bed, 1 bath

London’s Past
A couple converts a 120-year-old butcher shop
near the British capital into a cozy family home

BY RUTH BLOOMFIELD

T
here is nothing un-
usual about convert-
ing a commercial
building into a home.
But rather than adapt
a space to suit his lifestyle, Rich-
ard Travers bought an extraordi-
narily well-preserved Victorian The former butcher shop retains many original details, including the marble counters, tiles and payment kiosk.
butcher shop and let the history
of the building take the lead.
Over the past 14 years, Mr.
Travers, 55, who was born in PAID The living room
Southern California but has lived
in the U.K. since 1999, has pains- move to the country and their $250,000 and back of kiosk

takingly renovated the shop, with 1,231-square-foot home in the north in 2006
its art nouveau tiles, mosaic London neighborhood of Hornsey —
floor, marble-topped counters, is on the market, listed with The
RENOVATIONS
and mahogany payment kiosk, Modern House for $873,000.
COST
and created a home. When Mr. Travers, an IT con-
Now, Mr. Travers and his part-
ner Andy Acres, 31, have decided to
sultant and architecture buff, first
saw the shop, in 2006, it had been
$37,400
—
empty for a decade—having oper-
ated as a shop from 1901 to 1996. LISTED
He was actually looking for a
$873,000
VANESSA BERBERIAN FOR THE WALL STREET JOURNAL (TRAVERS); THE MODERN HOUSE (3)

Richard Travers new apartment to rent, not buy,

.
but when an estate agent re-

ly
sponded to his request for an un-
usual property, he couldn’t resist.
“It was what I have always
wanted,” he said. The property

but had been crudely converted

on
was in sound structural condition

by its previous owner, with a ba-

salvage yards around the U.K. for
period-appropriate lighting and for
reclaimed tiles to replace missing
sections of mosaic on the floor of
butcher’s family was living there.
He also converted a section of un-
used staircase into a pantry.
Meanwhile, Mr. Acres, an art-
torian Charles Morrison, the
shop’s design is typical of the era.
The tiled walls were considered
both decorative and hygienic, and
us ,

sic kitchen and a rudimentary what is now his kitchen. ist who specializes in shadow the marble counters provided a
bathroom on the basement level. The original meat racks still boxes, says he devoted countless cool space to display cuts of meat.
l
e
Mr. Travers paid $250,000 for it hung from the ceiling but had hours to removing layers of Once the meat had been pack-
al a

and moved straight in. been painted white. He had them paint from the payment kiosk. aged, customers would go to the
The former shop is considered removed and dipped to reveal It now acts as an office “pod” booth where a cashier would take
ci on

a “finely fitted out” heritage
building and a “rare survival,” ac-
cording to Historic England, the
U.K.’s leading conservation body.
Although the shop’s ornate tiling
er s
their original steel. Mr. Travers
found space to squeeze a refriger-
ator into an original dumbwaiter
that he believes would have been
used to carry meals up to the
between the kitchen and a living
room, with original fitted shelves
and a desk stippled by hundreds
of old cigarette burns. “Presum-
ably left by a bored or absent-
their payment.
When Mr. Travers bought the
shop it had a 1950s sign reading,
“W Plumb Family Butchers” above
the door. But after the glass sign

was largely intact, there was still ground-floor dining room from minded cashier,” said Mr. Travers. was damaged by vandals, he dis-
plenty to do. Mr. Travers scoured the basement kitchen when the According to architectural his- covered beneath it the original
m er

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

THE WALL STREET JOURNAL. NY Friday, July 10, 2020 | M9

MANSION

Track for
meat hooks

Art nouveau
wall tiles


Mahogany
payment kiosk

Marble
Mosaic tile countertop
floors

.
ly
Mr. Travers and his partner, Andy Acres, did the restoration work in the ground floor of the shop, above, leaving the basement to a contractor, who put in two bedrooms and a bath.

hand-painted sign from 1901,

reading “A. Hancock.”
The basement level of the prop-
erty has two bedrooms and a
walls and gray resin flooring that
complements the original sections
of bare bricks. The work was car-
ried out over eight months last
on
us ,

bathroom. “We did all the work year and cost $37,400.
upstairs, but downstairs was very Now, Mr. Travers and Mr.
l
e
different, just brick walls and con- Acres, and their Bedlington ter-
al a

crete floors,” said Mr. Travers. rier Bluebell, are leaving London.
“Eventually Andy put his foot But Mr. Travers hopes to find an-
ci on

down and said we had to get other unconventional space to

THE MODERN HOUSE (3)

someone to do the work, so we cherish.
hired a contractor.” “I would love to find something
The contractor installed a new unusual to restore,” he said. “I
bathroom, upgraded the plumbing have always had a love of archi-
er s

A basement bedroom
and electrical system, and redeco- tecture, and to me the shop has
rated in a simple scheme of white been a perfect home.”
m er
m rp
co Fo
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M10 | Friday, July 10, 2020 NY THE WALL STREET JOURNAL.

MANSION

FROM LEFT: TYE STUDIOS; GLORIBELL LEBRON (2)

NICOLE WHITE

Black
Designers Nicole White, whose firm specializes in large-scale home renovations, created a ‘mom cave’ in
Continued from page M1 her Miami home, above. She likes to use white marble and compelling lighting in her work.
president of the Black Interior De-
signers Network. Since May, she
has gained three new clients who
hired her for residential projects, pushed some off the fence to de- ing a new house in Santa Monica,
KEISHA GILCHRIST
including Ms. Rivera and Mr. cide to hire us. Most would never told her they wanted to support a
Householder. “When I heard how know Black designers exist from Black designer and have now
important it was to them to work the design publications. The lack asked their contractor to try to
with a designer of color, I was of diversity there has been an of- hire Black subcontractors and
pleased they were taking that fensive pill to swallow over the workers for their project. Ms.
step,” she says. years,” she says. Hayslett describes her style as
Ms. McSwain says Ms. White’s style is both warm and modern. She says
a space she created ‘I am happy to be evident in a space most of the people calling her
in High Point, N.C., included and grow she designed for now about projects are Black peo-
is reflective of her herself that she ple who didn’t know Black design-
culture and lifestyle. a wider audience, calls a “mom cave.” ers existed. “They didn’t realize

.
It includes rich and but I admit it feels Filled with colorful we are there,” she says.

ly
colorful rooms with
paintings by Black
bittersweet in the art, dark walls, lots
of books and com-
Designers welcome the interest,
but still feel resentment at the
artists, pillows and current climate.’ fortable furnish- historic lack of representation of
lighting sourced
from the indigenous
African design-fo-
cused Ngala Trading Co., and juju
—Kiyonda Powell ings, it is intimate
and warm.
“It keeps grow-
ing,” says Linda Hayslett of Los
on Black designers and architects.
They also want to make sure peo-
ple are seeking them out for the
quality of their work.
us ,

hats from Cameroon. She says all
the new attention is bittersweet.
“We’ve been trying for 10 years to
Angeles-based LH.Designs, whose “I don’t want someone to hire
Instagram followers surged by me just because I’m Black,” says
l
e
3,000 in one day, more than tri- Eneia White of New York-based
al a

encourage the design industry and pling since the end of May. One The kitchen below was designed by Keisha Gilchrist, a former advertising Eneia White Interiors, who gained
clients to partner with Black de- new client who called, a Black executive, who started a design and real-estate firm outside Washington, 3,000 new Instagram followers in
ci on

signers,” she says. “We are now
noticing an influx in attention
from white counterparts who are
finally lending an ear to what we
have to say. There was a serious
couple with three children build- D.C. She is also a real-estate broker and general contractor. a week. “I don’t specifically mar-
ket myself as a Black–owned busi-
ness. The new business I have
Cost of Project: $26,000
comes from people liking the
quality of my work.”
er s

lack of representation. I often Kiyonda Powell, of Washington,

share with people it’s hard not to D.C.-based Kiyonda Powell Design
m er

look back.” Studio, agrees. “The events of the

For Nicole White, owner of Ni- last few weeks have indirectly am-
cole White Design Interiors near plified many Black designers,” she
Fort Lauderdale, Fla., the first sign says. “I am happy to be included
m rp

of change was on social media and grow a wider audience, but I

when she got 10,000 new Insta- admit it feels bittersweet in the
gram followers in one week in current climate of social injustice.”
early June. “That kind of flood is Johanna Howard’s Montclair,
what will bring new clients,” says N.J.-based home company Jo-
co Fo

Ms. White. She says she has hanna Howard Home has seen on-
FROM TOP: JPIX PHOTOGRAPHERS; AMANDA HEPTINSTALL

gained new business from around line orders for its décor products
the country in the last month. go from one or two a week to five
However, she says, she suspects to 10 a day, including one 48-hour
most of the people are now call- period in which they got 100 or-
ing her not only because they are ders. She attributes this to the
specifically looking for a Black de- doubling of her Instagram follow-
signer, but because they didn’t ers since early June. She has also
know her firm existed and just doubled her new clients in her
found out by seeing shares of her trade business. “What catches
posts. “I believe clients are just their eye is a desire for a Black–
happy to see there’s diversity owned business,” she says.
n-

among interior designers across When Keisha Gilchrist started

the country and that’s likely her design and real-estate firm

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 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
THE WALL STREET JOURNAL.
FROM TOP: NICK GLIMENAKIS (3, INTERIORS); TRAVIS HOUZE PHOTOGRAPHY
Eneia White, with samples of a recent project above, worked in residential
and commercial design in Washington, D.C., Los Angeles and New York
before she started her own firm.
outside Washington, D.C., she used
“K’ instead of “Keisha” on her busi-
ness cards because she worried cli-
ents wouldn’t hire her if they knew
she was Black. Since the protests,
she got two new projects where
the clients said they hired her be-
cause they liked her aesthetics—
and because she is Black.
She says she doesn’t feel the
new interest is necessarily an as-
sessment of her value, and ideally
she would like to be judged on the
merit of her work. At the same
time, she feels the playing field
hasn’t been equal for Black de-
signers. She understands that it
has never just been about the
quality of work and race has al-
ways played a role. She plans to
put her full name on her cards.
Janelle Harris picked Ms. Gil-
christ because she loves her
style—but also because of her
name. “I was thinking, if I choose
someone named Keisha, I think
that person might be Black,” says
Ms. Harris, a video media pro-
ducer who hired Ms. Gilchrist to
work on the interior design of a
new house she is building in Ta-
coma Park, Md. As a Black entre-
FROM LEFT: SOLWAZI AFI OLUSOLA; SAMANTHA JOSAPHAT (HOME RENDERING)
SAMANTHA JOSAPHAT
no
900 EAST ATLANTIC AVE, DELRAY BEACH, FL 33483. 561.278.5570 © 2020 DOUGLAS ELLIMAN REAL ESTATE. ALL MATERIAL PRESENTED HEREIN IS INTENDED FOR INFORMATION PURPOSES ONLY. WHILE, THIS INFORMATION IS BELIEVED TO BE CORRECT, IT IS REPRESENTED SUBJECT TO ERRORS, OMISSIONS,
CHANGES OR WITHDRAWAL WITHOUT NOTICE. ALL PROPERTY INFORMATION, INCLUDING, BUT NOT LIMITED TO SQUARE FOOTAGE, ROOM COUNT, NUMBER OF BEDROOMS AND THE SCHOOL DISTRICT IN PROPERTY LISTINGS SHOULD BE VERIFIED BY YOUR OWN ATTORNEY, ARCHITECT OR ZONING
preneur herself, she has long sup-
ported hiring Black businesses,
but the protests made her deci-
sions more intentional.
There is no question the fields
of architecture and interior design
lack diversity. According to the
American Institute of Architects,
only 2% of its members are Afri-
can-American. The American Soci-
ety of Interior Designers reports
that Black designers account for
less than 2% of its membership.
Both organizations have an-
nounced in recent weeks they areon
examining steps to advance racial
justice and equity in their indus-
tries. The AIA will be taking a
us ,
look at system changes in areas
such as governance, board ap-
l
e
pointments, workplace culture,
al a
committees, awards, juries, busi-
ci on
Owner’s budget: $1.5 million
er s
m er
m rp
co Fo
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A rendering of a 4,150-square-foot house in Dutchess County, N.Y., designed by Samantha Josaphat and her partner Luis Medina.
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NY Friday, July 10, 2020 | M11
MANSION
cluding Pratt Institute and the
interim CEO, Gary Wheeler.
Fashion Institute of Technology. “I
Design magazines also see a
worry that although well in-
need for more diversity. “We are
tended, it may not be enough.”
committed to supporting and am-
“People are reacting with per-
plifying underrepresented voices
.
formance, when it is more impor-
on every one of our platforms; to
ly
tant for everyone to take a pause
providing resources for our readers
and reflect on strategic changes
who wish to be better allies; and to
ENEIA WHITE
they can make,” says Samantha
leading efforts and conversations
ness practices, and staffing to en-
sure the profession has a diverse
group of leaders, according to a
Josaphat, a prominent Black archi-
to foster much-needed diversity in
tect and founder of Brooklyn-based
the design industry,” says an Ar-
firm Studio 397 Architecture. She
chitectural Digest statement.
is advocating for educational
These steps need to be big and
spokesman. “We realize we have a changes in architecture and design,
concrete, says Jack Travis, a well-
lot of work to do as a profession, such as widening the focus beyond
known Black architect who is also
and it is our responsibility to step Eurocentric design and increasing
an adjunct professor at four de-
up as an association,” says ASID’s financial opportunities to a
sign schools in New York City, in-
broader range of stu-
dents and profession-
als.
Elizabeth Margles,
vice president of mar-
keting for quartz man-
ufacturing company
Caesarstone, says the
racial justice protests
shocked her into an
awakening about ra-
cial inequalities in the
areas she oversees in
her company. While
her company has
joined with designers
from around the
world, none have been
Black. Ms. Margles,
who is white, says she
wants to showcase a
Black designer at one
of the major design
shows, and remove re-
quirements that might
block Black designers
from becoming more
closely tied to the
company. “I need to
broaden my personal
view,” she says.
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 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
M12 | Friday, July 10, 2020
Disorder on the Doorstep
The surge in online shopping during the pandemic highlights the need for simple, seamless package delivery
Like many Ameri-
cans these days,
the Brotmans of
Port Washington,
N.Y., buy a lot of
stuff online. In one
recent week, this
family of five received deliveries
of clothing, a fire pit, a phone
mount for a motorcycle, shop
tools, a drum synthesizer, a book
on sailing and more.
With five or more deliveries a
week—from FedEx, DHL, UPS,
Amazon and the post office—
things can get confusing. “Some
are delivered to my doorstep;
some are delivered to mystery lo-
cations around the back of my
house; and some are delivered to
faraway lands for reasons that es-
cape everyone involved,” says Dan
Brotman, founder of Media-Star, a
digital-content and marketing
company.
Long before the days of online
shopping carts, homeowners got
deliveries primarily in their mail-
box. Today, your junk mail arrives
reliably and securely in the mail-
box, while valuable (and perish-
able) packages are typically
heaped on the doorstep. Our
homes haven’t caught up with the
Amazon Age.
Still, delivery companies have
performed well despite the sud-
den surge of online orders amid
the coronavirus pandemic, says
Anne Goodchild, director of Sup-
ply Chain Transportation & Logis-
tics, a research institute at the
University of Washington’s Col-
lege of Engineering.
Dr. Goodchild’s organization
formed the Urban Freight Lab, a
working group of academics, cit-
ies and industry leaders, in part
to study “the final 50 feet,” a
term that describes the last leg of
a package’s journey from a deliv-
ery truck to the customer. Pack-
age theft and failed deliveries are
COUNTING HOUSE | BETH DECARBO
two major concerns, she says.
“Most delivery failures are caused
by communication problems. It’s a
pain for you, it’s a waste of the
time for the carrier. The more
people get deliveries, the higher
the losses will be. A lot of our
tests and trials are about reducing
that loss rate.” on
In urban multiunit dwellings,
centrally located package storage
rooms and delivery lockers have
us ,
long been a solution to the prob-
lem. A National Multifamily Hous-
l
e
ing Council survey released in
al a
2018 found that 77% of residential
buildings have a dedicated space
ci on
for package storage, with package
lockers being the preferred
method among respondents.
But deploying package lockers in
less-densely populated residential
er s
neighborhoods has had mixed re-
sults. The U.S. Postal Service,
m er
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MANSION
FedEx, UPS and Amazon.com offer
over 70,000 access points across
the U.S. for package
pickup, according to Par-
cel and Postal Technology
International, a trade pub-
lication. Access points
range from storefronts op-
erated by individual couri- compared with Delivery drivers use the
ers to third-party retail
stores like Walgreens to a
bank of brightly painted
Amazon lockers outside a
convenience store. But
these require recipients to
drive to pickup locations,
which are limited to one
retailer’s or one carrier’s
use. And independent
mailbox stores aren’t
widely available in many
areas.
To eliminate the need to leave
home to retrieve a package, a
ADVERTISEMENT
THE WALL STREET JOURNAL.
leave items in the box.
“If you’re a shipper or retailer,
clients will be more likely to buy
online if they know it’s going to
be delivered securely,” Mr.
Ruffkess says.
Locks can be purchased sepa-
rately for $129 or bundled with a
weatherproof storage box and
yard sign for $240. Sales have in-
creased significantly since the
outbreak of the pandemic, Mr.
Ruffkess says, but he declined to
give specifics. To encourage deliv-
ery drivers to use the lock instead
of dropping packages on the door-
stop, BoxLock offers training
through the courier companies
and provides instructional signage
that can be placed next to the
box, Mr. Ruffkess says.
In Las Vegas, home builder Toll
Brothers is integrating package
lockers into home designs. It an-
nounced last year that it would be
ROB WILSON
installing smart lockers at homes
at Mesa Ridge at Summerlin. The
company joined with Parcel Pend-
ing to provide the lockers, which
number of companies offer smart can be customized to fit the
locks and boxes for use at home. home’s aesthetics.
BoxLock, for example, In the short term, the chal-
49% sells a Wi-Fi connected lenges of home delivery may
.
lock that collects tracking abate once the Covid-19 crisis is
ly
Increase in information on coming de- under control. The Center for In-
e-commerce liveries and alerts home- frastructure, Transportation and
sales in April owners when they arrive. the Environment is surveying on-
early March lock to scan a package’s
bar code, which opens the
line shoppers, and so far, 95% of
7,000 respondents plan to return
to bricks-and-mortar stores for
70% lock on a secured storage basic goods.
box. The homeowner then But long term, the popularity of
Recent UPS receives an alert that a online shopping is unlikely to stop
deliveries that package has arrived.
growing.
have gone to Brad Ruffkess, the CEO “E-commerce has given us ac-
homes, who founded Atlanta- cess to goods that we never had
compared with based BoxLock in 2017, before,” says José Holguín-Veras,
54% in 2019 says the lock enables con- director of the center, based at
Sources: Adobe tactless deliveries of all Rensselaer Polytechnic Institute.
Analytics, United
Parcel Service sorts. Homeowners can “Now we’re moving to an on-de-
provide a QR code for one- mand economy. If I need soap, I
time use to a restaurant or grocery click a button and in an hour I get
store delivery driver, who would soap.”

   

      
  
    
   
   
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To Advertise email sales.realestate@wsj.com or visit classifieds.wsj.com

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

THE WALL STREET JOURNAL. NY Friday, July 10, 2020 | M13

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

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M14 | Friday, July 10, 2020 NY / NE THE WALL STREET JOURNAL.

PRIVATE PROPERTIES
GoPro Founder Lists Mr. Woodman bought
the property for
$13.7 million in 2014.

California Ranch
The founder of action
camera maker GoPro is

BERNARD ANDRE/GOLDEN GATE SOTHEBY’S INTERNATIONAL REALTY (2); DAVID PAUL MORRIS/BLOOMBERG NEWS (WOODMAN)
listing his 150-acre
ranch near Santa Cruz,
Calif., for $20 million.
Located in Bonny
Doon, a small Bay Area
community known for
its wineries, the prop-
erty is called “Boogie
Ranch.” It includes a
contemporary five-bed-
room house,
two guest- FOR SALE publicly traded

$20
houses and a company is valued
barn designed at nearly $800 mil-
to store the lion. Mr. Woodman
owner’s large MILLION bought the Bonny
collection of 150 acres, Doon property in
dirt bikes and hiking and 2014 for $13.7 million. International Realty. canyon beneath the property. He said the wealthy area of
outdoor gear. biking trails, He said the family calls the The property is located He said he’s selling the prop- Woodside, known for its large es-
The property bocce court property Boogie Ranch because of about a 15-minute drive from erty because his family has relo- tates, has been particularly active
also includes a “how it inspires you to get out and Santa Cruz. Mr. Woodman said he cated to Montana. “It’s taken us a over the past few months.
large swimming pool with a deck. be active, e.g., ‘get your boogie loves the property for its micro- couple of years to get semi-com- “Some people that already have
The owner, Nick Woodman, 45, on.’ ” climate, which he said means less fortable with the idea of selling places in these areas are also mak-
founded GoPro in 2002 after a surf Mr. Woodman and his family fog and warmer weather than the Boogie Ranch,” he said. ing their second homes their pri-
trip to Australia and Indonesia, made some significant improve- surrounding area and allows his Mr. Dreyfus said he’s busier mary homes,” he said.
where he found that amateur pho- ments to the property, adding hik- family to grow avocados and lem- than ever since the coronavirus —Katherine Clarke
tographers like him had trouble ing and biking trails and upgrad- ons. pandemic hit, with clients based in
getting close action shots while ing the pool and bocce court, Mr. Woodman said there is a San Francisco looking to buy  See more photos of notable
surfing. He designed a camera that according to listing agent Michael cave and an abandoned “Lion homes in less dense parts of the homes at WSJ.com/RealEstate.
would attach to the body. The now Dreyfus of Golden Gate Sotheby’s King-esque” rock quarry in the Bay Area. Email: privateproperties@wsj.com

ADVERTISEMENT

Distinctive Properties

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

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SELECT RESIDENTIAL LISTINGS FRIDAYS IN MANSION

LIST YOUR PROPERTY TODAY

(800) 366-3975 | sales.realestate@wsj.com
For more information visit: wsj.com/classifieds
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 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. N Y/N E Friday, July 10, 2020 | M15

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

DISTRICT OF COLUMBIA

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 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
M16 | Friday, July 10, 2020
HOUSE CALL | WAYNE KNIGHT
What the Mailman
Thinks of Newman
The ‘12 Mighty Orphans’ actor on his Georgia start
and the hard knock that led to Broadway
A
s a kid, I was fascinated
by film noir. My mother
was a movie buff and
we’d watch old films to-
gether on TV. She could identify
all the obscure character actors.
At some point, I noticed that
bit players in noirs were overly
dramatic. They’d rush into a
room, come to a dead stop and
say, “Well, hello” or light up a cig-
arette.
That little jog I did when enter-
ing a room as Newman on “Sein-
feld” or Officer Orville on “3rd
Rock from the Sun” was a tribute
to those actors.
I grew up an only child in Cart-
ersville, Ga., a rural town of
10,000 about an hour north of At-
lanta. Our one-story, red brick
Georgian Colonial was part of a
new subdivision.
When we moved into the
house in 1963, only four
homes had gone up. Neigh-
borhood kids played base-
ball on the vacant lots.
Cartersville was a quiet,
safe place—most of the
time. I could ride my bike to
the town’s only movie the-
ater and never lock it up.
One day, my dog, Prin-
cess, a miniature collie, fol-
lowed me to the theater. I
tied her to my bike, but
when I came out, someone
had stolen Princess but left my
bike. Two weeks later, she found
her way home.
We moved to Georgia from New
York because my mother’s textile
plant relocated near Cartersville.
She was the office manager.
After they relocated, my father
took a job there, too. He became
the factory supervisor. The com-
no
pany made panties.
My parents brought their ac-
cents with them. My mother,
Grace, sounded like Selma Dia-
mond and my father, Bill, sounded
like Buddy Hackett.
I wound up with a New York
accent and talked fast. Friends
were constantly asking me to slow
down.
Early on, I believed that being
intelligent was my ticket out of
Cartersville. In second grade, I
was given workbooks to complete
at my own pace. When I finished
all of them by December, they
called a psychologist. I took an
aptitude test, and in January they
had me skip to third grade.
Unfortunately, that wasn’t the
best idea. I was thrown in with
kids a year older. It was as if the
teachers had announced, “Hey
on
us ,
l
e
kids, we’re bringing in a smart fat
al a
kid.” I was clobbered.
To survive, I became class
ci on
clownish and didn’t respect the
power in the place.
In high school, I knew I liked
acting but I had to keep it quiet.
Drama was considered weird,
er s
since most of the other guys were
in metal shop.
m er
m rp
co Fo
n-
MANSION
Wayne Knight
in Santa
Monica, Calif.,
right, and with
his parents,
Grace and Bill,
left.
As a sopho-
more, I took
speech. It was
an easy class
where I knew
I’d get to ap-
pear on stage.
My teacher,
Barry Hester,
liked my sense
of humor. He
suggested I au-
dition for local community the-
ater. So I did and was cast as Vito,
the delivery boy, in “Send
Me No Flowers”
Two years later, as a
freshman theater major at
the University of Georgia, I
auditioned for “Jimmy
Shine” and landed the fish-
monger role. By my senior
year, theater was an obses-
sion. I left college early to
join the Barter Theatre Co.
in Abingdon, Va.
Everything changed after
I arrived in New York in
1977. In ’79, I went to see
“Gemini” on Broadway. After, I
knocked on the stage door and
asked for the stage manager. I
handed him a publicity photo and
my inflated resumé.
I said, “If you ever replace the
role of Herschel Weinberger, call
me.” Six months later they did, I
auditioned and landed the part.
The show continued for three
THE WALL STREET JOURNAL.
FROM LEFT: WAYNE KNIGHT ARCHIVE; DIANA RAGLAND; GREENBELT FILMS AND SANTA RITA FILM CO.
more years. When it ended, better WAYNE’S WORLD
acting opportunities followed. What is ‘12 Mighty Orphans’
Today, my wife, Clare, and I about? A 1930s Texas high-
live with our son in Toluca Lake school football coach leads a
in Los Angeles. Our two- team of orphans to the
story house was built in state championship.
1935 and looks like a
.
Connecticut farm- You play Frank Wynn?
ly
house.  He’s a nasty guy
I miss my par- who runs the orphan-
ents. My dad died age.
in 1992, and my
mom in 2010. When
I was cast in “Juras-
sic Park” in ’91, I called
In ‘Basic Instinct,’
what don’t most peo-
ple know? I wasn’t
looking at Sharon Stone. I
my father. “Dad, Dad, I’m was looking into a camera
in a Spielberg movie!” He said,
inches from my nose.
“Spielberg! Spielberg! Who’s Spiel-
berg? What are they paying you?” How does your mailman react
—As told to Marc Myers to you? The UPS guy likes me.
The mailman doesn’t.
Wayne Knight, 64, is an actor who Why? The advent of Amazon
has appeared in “Seinfeld” and has taken him aback.
“3rd Rock From the Sun” as well
as in “Jurassic Park” and “Basic Does it bother you when
Instinct.” He will star in the film strangers say, ‘Hello, New-
“12 Mighty Orphans” due this fall. man’? Not at all. Serenity now.