* * * * * * THURSDAY, FEBRUARY 27, 2020 ~ VOL. CCLXXV NO. 47
00
DJIA 26957.59 g 123.77 0.5%
What’s
News
Business & Finance
T he chief of SoftBank’s
Vision Fund used a
campaign of sabotage to
undermine two internal ri-
vals, according to people
familiar with the matter
and documents reviewed by
The Wall Street Journal. A1
 The Dow and S&P 500
erased early gains to end
lower for the fifth consec-
utive session, losing 0.5%
and 0.4%, respectively. The
Nasdaq gained 0.2%. B1
 Disney’s Bob Chapek,
who has succeed Robert
Iger as chief executive, is
known as a skilled tacti-
cian who is all business. B1
 Bayer’s chairman, Werner
Wenning, will step down ear-
lier than planned and be suc-
ceeded by Norbert Winkeljo-
hann, the company said. B1
 Barbara Novick, who led
BlackRock’s lobbying efforts,
is leaving that role and will
become a senior adviser to the
money-management firm. B1
 Some U.S. firms say they
could lose as much as half
their annual revenue from
China if the viral epidemic ex-
tends through the summer. A7
 Amazon sellers who
built their businesses using
China’s manufacturers are
on the spot as the coronavi-
rus shuts factories there. B10
 The FTC rejected a plan
from Peabody and Arch to
combine operations in a ma-
jor coal-production region. B2
 L Brands took a nearly
$700 million charge to
write down the value of its
Victoria’s Secret chain. B3
 The head of Uber’s
food-delivery business is
leaving the company. B4
World-Wide
 Trump said the risk to
Americans from coronavirus
remains very low, and he
put Pence in charge of fed-
eral response efforts as con-
cerns about the outbreak
grew among lawmakers. A1
 China’s leadership is
facing pressure to decide
when to ease quarantine re-
strictions amid deepening
economic damage from the
country’s epidemic. A1, A7
 The viral outbreak in
Italy is being linked to a
growing number of infec-
tions around Europe. A6
 Biden and allies are try-
ing to consolidate centrist
voters behind his candidacy
for the Democratic presi-
dential nomination ahead of
South Carolina’s primary. A1
 An employee killed five
people in a shooting at a
Molson Coors facility in Mil-
waukee, then apparently took
his own life, officials said. A3
 A House panel canceled
a vote on an extension of key
intelligence powers after a
call for broader restrictions on
government surveillance. A4
 The House passed a bill to
make lynching a federal hate
crime, in a 410-4 vote. A4
 An appeals court said the
Trump administration can
withhold funds from New
York City and seven states
that have declared themselves
immigration sanctuaries. A4
 Modi’s government and
ruling party drew sharp crit-
icism from Indian courts and
political rivals over sectarian
violence in New Delhi. A18
 U.S. pedestrian deaths
rose in 2019 to their high-
est level in 30 years. A3
CONTENTS
Business News...... B3
Crossword.............. A14
Equities....................... B7
Heard on Street. B12
Intelligent Investor B1
Life & Arts....... A11-13
s 2020 Dow Jones & Company, Inc.
All Rights Reserved
WSJ.com
NASDAQ 8980.77 À 0.2% STOXX 600 404.62 À 0.004%
CHUNG SUNG-JUN/GETTY IMAGES
Antiseptic solution was sprayed at a market in Seoul on Wednesday as South Korea stepped up efforts to fight the virus.
Trump Defends U.S. Response,
Names Pence to Lead Efforts
CARLOS BARRIA/REUTERS
President Trump said on Wednesday that he had put Vice
President Mike Pence in charge of the coronavirus response.
SoftBank Vision Fund Chief Biden’s Allies Push
Worked to Sabotage Rivals To Win Over Centrists
Misra aided program of planted stories, shareholder complaints
BY BRADLEY HOPE AND JENNY STRASBURG
It was a career coup for Rajeev Misra. In
2017, the former banker, who had held a series
of Wall Street jobs, was put in charge of one
of the most formidable investing machines
ever assembled.
His rise to the top of SoftBank Group
Corp.’s $100 billion Vision Fund isn’t a tradi-
tional tale of corporate ladder-climbing. He
succeeded, in part, by striking at two of his
main rivals inside SoftBank with a dark-arts
campaign of personal sabotage.
The tactics included planting negative news
stories about them, concocting a shareholder
campaign to pressure SoftBank to fire them
and even attempting to lure one of them into
a “honey trap” of sexual blackmail, according
to people familiar with the matter and docu-
ments reviewed by The Wall Street Journal.
At stake for Mr. Misra was the opportunity
to be the right hand of Japanese billionaire
Masayoshi Son, SoftBank’s founder. He would
Classrooms Closed, an Entire City Home Schools
i i
Hong Kong students learn online as parents work alongside
BY LUCY CRAYMER
In Hong Kong, the home of
schools that are the envy of
high-achieving and aspirational
parents everywhere, education
is making a huge shift.
Markets............. B10-11 To the dining room.
Opinion.............. A15-17
Sports....................... A14 Concerns about coronavirus Teacher’s helper
Technology............... B4 have led to a two-month school
U.S. News............. A2-4 closure for the city’s 800,000 tions with nursery-school
Weather................... A14
World News. A6-8,18
students, prompting a crash teachers.
course in digital learning. The academic experiment
Instead of calling off lessons, has children and their parents,
> many schools expect students many of whom also have to
to keep up their work online, work at home because their of-
sending them assignments to fices are closed, crammed into
complete and submit for grad- the same space. It’s a potential
ing. Six-year-olds are writing harbinger of what might face
nonfiction books and toddlers the U.S. if the virus continues
are having live video interac- to spread.
HHHH $4.
10-YR. TREAS. À 6/32 , yield 1.310% OIL $48.73 g $1.17
BY STEPHANIE ARMOUR
AND ANDREW RESTUCCIA
WASHINGTON—President
Trump said the risk to Ameri-
cans of coronavirus remains
very low and put Vice President
Mike Pence in charge of federal
response efforts. Concern about
the outbreak grew among law-
makers as a U.S. case was diag-
nosed that may have no con-
nection to travel abroad.
On Capitol Hill, party leaders
said they would seek billions of
dollars in emergency spending
beyond the $2.5 billion plan Mr.
Trump has proposed.
“We’re very, very ready for
this, for anything, whether it is
going to be a breakout of larger
proportions or whether or not
we’re at that very low level,”
Mr. Trump said Wednesday at
help Mr. Son spread billions across the tech
world, funding highflying startups such as
Uber Technologies Inc.—and, recently, stum-
bling with a big stake in WeWork. The fund
would expand SoftBank’s already huge foot-
print, which included a telecom empire, a mi-
crochip designer and robot makers.
Mr. Misra’s targets were Nikesh Arora, who
was once heir apparent to Mr. Son as chief ex-
ecutive, and Alok Sama, a deputy to Mr. Arora
who grew to work closely with Mr. Son on big
deals. Mr. Arora left SoftBank in 2016; Mr.
Sama left last April.
“These are old allegations which contain a
series of falsehoods that have been consis-
tently denied,” a spokesman for Mr. Misra
said. “Mr. Misra did not orchestrate a cam-
paign against his former colleagues.”
A SoftBank spokeswoman said, “For several
years, we have investigated a campaign of
falsehoods against SoftBank Group and certain
former employees in an attempt to identify
Please turn to page A10
i
Karen Taylor, whose three
children attend an English-lan-
guage international school,
used to send them off in the
morning and return to their
1,100-square-foot apartment to
work remotely as a manager at
a software company. Since
early February, her 5-year-old
and her 10-year-old twins have
been mostly cooped up at
home, attending virtual lessons
that include video meetings
with classmates and teachers.
“I can’t watch every single
one of them all of the time,”
said Ms. Taylor, who has put up
the children’s schedules on the
dining-room wall.
Her husband, Paul Crowe,
Please turn to page A10
GOLD $1,640.00 g $6.90
an hourlong White House brief-
ing, surrounded by administra-
tion health officials and the vice
president. “Because of all we’ve
done, the risk to the American
people remains very low.”
Officials have also discussed
having the Food and Drug Ad-
ministration grant authoriza-
tion to state and local health
labs to design their own coro-
navirus tests without going
through the current regulatory
process, a source of frustration
for public-health officials, peo-
ple familiar with the conversa-
tions said.
In the U.S., 15 locally diag-
nosed cases have been con-
firmed, including a new one
Wednesday in California that
involved a person who didn’t
have a travel history to an area
Please turn to page A6
BY KEN THOMAS
CHARLESTON, S.C.—Joe Bi-
den and his allies are trying to
consolidate centrist voters be-
hind his candidacy in the final
days before Saturday’s South
Carolina primary, with a key
leader in the state endorsing
him and a super PAC that
backs his bid making a major
push for large donations.
Mr. Biden is running out of
time to turn the presidential
race into a one-on-one battle
with Vermont Sen. Bernie
Sanders, the Democratic front-
runner who ranks a close sec-
ond—to Mr. Biden—in South
Per IDC’s
latest annual market share results,
Oracle is the #1
Enterprise Applications vendor in
North America
based on market share and revenue.
O S
R
A
L
E
A S
C F
O
L R
C M
E E
IDC Worldwide Semiannual SoftwareTracker, April 2019, results for CY2018.
North America is the USA and Canada. Enterprise Applications refer to
the IDC markets CRM, Engineering, Enterprise Resource Management
(including HCM, Financial, Enterprise Performance Management, Payroll,
Procurement, Order Management, PPM, EAM), SCM, and Production and
Operations Applications.
oracle.com/applications
EURO $1.0882 YEN 110.42
Beijing
Pressed
On Virus
Controls
BY LINGLING WEI
BEIJING—Deepening eco-
nomic damage from China’s
coronavirus epidemic is forc-
ing its leadership to confront
an agonizing decision: when to
ease quarantine restrictions
that are strangling growth,
even as they help contain the
virus’s spread.
Business executives and
some local leaders are becom-
ing more vocal about the need
to streamline rules to reopen
factories and get workers and
supplies moving again in many
parts of the country where ac-
tivity remains at a standstill.
But many local officials fear
doing so could risk a resur-
gence of infections, prolonging
the epidemic and putting their
jobs on the line. Many pri-
vately complain that President
Xi Jinping has put them in an
impossible position, demand-
ing they keep growth on track
while ensuring the virus
doesn’t spread.
Tensions have sharpened in
recent days amid signs that in-
fections may be peaking in Wu-
han, the epidemic’s epicenter,
where confirmed infections
have reached more than 47,000
cases, or about 60% of the na-
tional total. While that has
brought hope the epidemic may
be coming under control in
China, it has heaped pressure
on officials to declare victory
and loosen quarantines before
the economic pain worsens.
Wuhan briefly announced
Please turn to page A7
Concerns Grow
 Europe girds against
outbreak from Italy........ A6
 The Middle Seat: An
unsure time to travel... A11
 Dow, S&P 500 extend
slide to fifth day.............. B1
Carolina in recent polls.
The former vice president
notched the biggest pre-pri-
mary prize in South Carolina
on Wednesday, winning the
endorsement of Rep. James
Clyburn, the top-ranking black
lawmaker in Congress and the
most influential Democrat in
the state.
Mr. Clyburn invoked his late
wife, Emily Clyburn, who died
in September, and his constit-
uents during his announce-
ment. “I know Joe. We know
Joe. But most importantly, Joe
knows us,” Mr. Clyburn said.
The endorsement comes as
Please turn to page A4
I
N
T
U
S
A
I P
T S
A2 | Thursday, February 27, 2020 * * THE WALL STREET JOURNAL.

U.S. NEWS
Warnings on Oil-Drilling Rule Deleted Technology
Helps IRS
BY TED MANN on the oil industry. But the in- erra Club and the Natural Re- gin—the amount of pressure subsequent well-control rule

WASHINGTON—As the off-

shore oil industry’s federal
ternal correspondence could
prove a liability, as environ-
mental groups challenge the
sources Defense Council, sued
in federal court last year over
the changes. They argued that
drillers are required to main-
tain while drilling a well to
prevent blowouts. A surge of
mandated that the devices be
tested every 14 days.
The oil industry fought such
Zero In on
regulator completed its over-
haul of a major well-drilling
safety rule in 2018, the
agency’s rationale for its deci-
sion, legal experts say.
“What these communications
BSEE “failed to provide any
good reason or rational basis
for retreating” from the origi-
high pressure led to the Deep-
water Horizon blowout and ex-
plosion in April 2010, killing 11
frequent testing, which costs
drillers money and interrupts
drilling activity. The industry
Tax Cheats
agency’s director picked up show is that the agency was not nal well-control rule, which workers and spewing more wanted the mandate changed to BY RICHARD RUBIN
the phone to a staff engineer relying on expertise,” said Rich- was passed in 2016. than 130 million gallons of oil require testing every 21 days, a
to order up some changes. ard Revesz, dean emeritus of The correspondence re- into the Gulf of Mexico. shift the agency said would save IRVINE, Calif.—Tax cheats,
Scott Angelle, director of New York University School of viewed by the Journal, along Staff wanted to “keep pro- drillers $525 million a year. beware: The machines are
the Bureau of Safety and Envi- Law and an expert on environ- with interviews with current posed language as is,” the Language—noting the staff watching.
ronmental Enforcement, told mental and regulatory legal and former officials in the memo said. Industry pressured opposition and labeling the 21- Governments are increas-
the engineer to delete language matters. “It was making a polit- Mr. Angelle to eliminate the day proposal an “industry rec- ingly relying on machine
from memos showing that the ical decision that went against standard to give drillers ommendation”—was deleted learning and data analytics to
changes would contradict guid- the advice of the experts.” greater flexibility. from the memos after Mr. An- analyze troves of data as they
ance from the agency’s own A spokesman for Mr. An-
The regulator’s head The memo noted that “BSEE gelle’s intervention, the re- seek to detect tax evasion, re-
engineers, according to emails gelle, a former Louisiana state ordered that staff does not agree with industry” cords show. spond to taxpayers’ questions
and memos reviewed by The official and ally of the Gulf that a proposed alternative “Over the past day the Direc- and make themselves more ef-
Wall Street Journal. Coast oil industry, said the rule
objections to changes safety standard, drafted by the tor has asked the [well-control ficient.
The memos were subse- changes were handled properly. be cut from memos. American Petroleum Institute, rule] team to revise” the memos In Brazil, the customs
quently revised but with no in- “The 2019 Well Control Rule “provides adequate methods about blowout preventer testing agency’s system for detecting
dication that Mr. Angelle had was created after an internal for all possible situations.” and drilling margin “to revise/ anomalies now prompts more
personally ordered the deliberative process that is Those lines were deleted af- remove the WCR team recom- than 30% of inspections. Can-
changes, the records show. well reflected in the Bureau’s safety bureau, reveals internal ter Mr. Angelle weighed in, ac- mendations,” BSEE petroleum ada next month will launch
Among the details stripped: internal deliberative docu- deliberations on the well-con- cording to email correspon- engineer Kirk Malstrom wrote Charlie the Chatbot, an auto-
a note that agency staffers ments,” the spokesman said. trol rule that aren’t reflected dence and revised versions of in an Oct. 16 email. Mr. Angelle mated system that will respond
wanted “no change to the test- “It is unfortunate that anyone in the final decision memos. the memos dated Oct. 16. “verbally instructed” the team to inquiries about tax filing.
ing frequency” of critical safety would try to argue otherwise The decision memos are in- The original memos also to endorse an option to relax The Internal Revenue Ser-
equipment and that the staff using leaked documents that tended to show how rules de- note that engineering staffers the drilling-margin minimum, vice is designing machine-built
“does not agree with industry” failed to reflect the entirety of velop through a reasoned deci- had argued for “no change to as oil-industry trade groups graphs to plot the relation-
that an industry-crafted proto- the process. The final rule ad- sion-making process, forming the testing frequency” of were urging, he wrote. ships among participants in
col for managing well pressure vances America’s energy inde- the basis of the agency’s de- blowout preventers—mechani- On Oct. 22, Mr. Malstrom business deals, giving auditors
was sufficient in all situations, pendence while maintaining fense against a challenge, legal cal devices that seal off a well wrote to colleagues that Mr. a new tool to analyze transac-
the records show. the highest safety standards of experts said. in the case of a blowout. The Angelle had called him to tell tions and detect tax avoidance.
The Trump administration environmental protections.” One decision memo, dated blowout preventer failed on him to move ahead with lan- The agency is using artificial
has made no secret of its goal A coalition of environmen- Sept. 15, focused on what the the Deepwater Horizon, and guage adopting the 21-day intelligence to study notes
to reduce regulatory burdens tal groups, including the Si- industry calls drilling mar- the Obama administration’s testing requirement. that agency employees take
when fielding questions from
taxpayers and testing which
U.S. WATCH combinations of formal no-
tices and contacts are most
likely to get a taxpayer who
PHILADELPHIA owes money to send a check.
The IRS scours data from
Nonprofit Poised to inside and outside the agency
Open Drug-Use Site for its compliance initiatives,
such as a recent effort to
A Philadelphia nonprofit plans identify thousands of high-in-
to open the nation’s first sanc- come individuals who didn’t
tioned, supervised site for drug file returns. The government
users next week, despite contin- is now sending tax collectors
ued objections from the U.S. Jus- to knock on their doors.
tice Department. “How do you think we
The group, Safehouse, said found these people?” said IRS
Wednesday that it would open
its first site in South Philadelphia.
A federal judge on Tuesday is-
sued a favorable judgment for
One effort identified
the nonprofit in a lawsuit brought thousands of wealthy
by the local U.S. attorney’s office,
which has sought to block super-
individuals who
vised drug-use sites. didn’t file returns.
The U.S. attorney’s office said
it is mounting an appeal.
“We believe we can open
there, we can begin to provide Commissioner Charles Rettig
services,” said Ronda Goldfein, a at a conference on artificial in-
co-founder and vice president of telligence and taxes this week
Safehouse, of the South Philadel- at the University of California,
phia area. Irvine law school. “It wasn’t
BRENDAN MCDERMID/REUTERS

Advocates believe these places on filed returns. These are

help save lives. The sites would non-filers. There is a heat map
allow drug use under supervision that says where there are con-
of people who can treat over- centrations of these people.
doses and potentially help steer We have sufficient data on
drug users toward treatment. these people.”
—Jon Kamp The IRS criminal investiga-
tions unit uses Palantir Tech-
MASSACHUSETTS HOLY DAY: Worshipers pray after receiving cross of ashes on their foreheads at St. Patrick’s Cathedral in New York as Lent begins. nologies, the data-mining firm,
to identify potential fraud
Utility to Plead Guilty is the largest criminal fine im- content they don’t like. nothing offensive about the re- day that District Judge Jessie cases for further inquiry.
In 2018 Gas Blasts posed under the act, U.S. Attor- Though not unexpected, the stricted clips and that it was a LeBlanc “has compromised her “If I get a first name and a
ney for Massachusetts Andrew unanimous decision by the Ninth victim of viewpoint discrimina- ability to preside as a judge, and cellphone number, you’d be
Columbia Gas of Massachu- Lelling said. He said NiSource U.S. Circuit Court of Appeals in tion in violation of the First she has damaged the judiciary. shocked how much informa-
setts has agreed to plead guilty also agreed to implement safety San Francisco marks the most Amendment. She should resign.” tion Palantir can provide,” Mr.
to a federal criminal charge and procedures at pipelines it owns emphatic rejection of the argu- Google argued that allowing Ms. LeBlanc, who is white, Rettig said.
pay a $53 million fine after in Indiana, Pennsylvania, Mary- ment advanced in some conser- PragerU to pursue a constitu- now admits sending the text Some of the IRS’s most so-
deadly gas explosions and fires land, Kentucky and other states. vative circles that YouTube, tional claim would have “disas- messages after denying them phisticated efforts are still in
rocked three communities north A Columbia Gas spokesman Twitter, Facebook and other gi- trous consequences” for the for months. She acknowledged their early stages, and the
of Boston in 2018, federal offi- said the company took full re- ant tech platforms are bound by First Amendment and online dis- in an interview Sunday on budget-starved tax agency has
cials said Wednesday. sponsibility for the events of the First Amendment. course. WAFB-TV that she used the long struggled to update some
NiSource, the parent com- September 2018. “Today’s reso- The case concerned a You- —Jacob Gershman slur to describe a black sheriff’s of its decades-old technology.
pany, has also agreed to sell its lution with the U.S. Attorney’s Tube channel operated by Prager deputy and a black law clerk in It is too soon to tell how much
operations in Massachusetts as Office is an important part of University, a nonprofit founded LOUISIANA text messages she sent to As- impact these initiatives will
a result of the disaster in which addressing the impact,” he said. by talk-radio host Dennis Prager sumption Parish Chief Deputy have and how they will com-
an 18-year-old man died and —Jennifer Levitz that produces short explainer Governor Urges Judge Bruce Prejean as their extramar- pete against companies and
nearly 25 others were injured. videos promoting conservative To Resign After Slurs ital affair ended. accounting firms employing
Combustible fuel leaked into CALIFORNIA ideas. In 2017, PragerU sued “I profusely apologize for similar technology in the con-
homes in Lawrence, Andover YouTube and its parent, Alpha- Louisiana Gov. John Bel Ed- that. I should have never said stant cat-and-mouse game be-
and North Andover, damaging Tech Platforms Can bet Inc.’s Google, after YouTube wards called on a judge to step it,” she said. She said she has tween taxpayers and enforce-
130 structures. Censor, Court Says flagged dozens of its videos as down after she admitted to us- no plans to resign and instead ment officials.
The company agreed to plead “inappropriate,” stripping the ing racial slurs in angry text is gearing up to seek re-election U.S. states are already using
guilty to a federal charge that it A federal appeals court in clips of advertising and making messages. The Democratic gov- when her current term in Louisi- artificial intelligence to target
was reckless, in violation of the California on Wednesday ruled them less accessible to students, ernor said the “state deserves ana’s 23rd Judicial District ex- resources and increasing the
federal Natural Gas Pipeline that privately operated internet library users and children. better.” pires in December. return per hour they get from
Safety Act. The $53 million fine platforms are free to censor PragerU contended there was Gov. Edwards said Wednes- —Associated Press each auditor, said Debbie Pi-
anko of the data firm SAS In-

CORRECTIONS  AMPLIFICATIONS
stitute Inc., which contracts

Asylum seekers made up Migration Policy Institute. A

Colorado Legislature Votes with governments.
Real risks exist if algo-
rithms for audit selection inad-
vertently discriminate against
the majority of migrants
crossing the U.S. southern bor-
der last year, according to the
Jan. 14 U.S. News article about
immigration policy said the
past half-decade.
To Abolish the Death Penalty taxpayers by race or location.
And relying on technology can
make an already impersonal
BY JACOB GERSHMAN In the Senate, the repeal at a Chuck E. Cheese restau- agency even more so, perhaps
Readers can alert The Wall Street Journal to any errors in news articles by bill won support from 15 Dem- rant in Aurora in 1993. The confusing taxpayers who may
emailing wsjcontact@wsj.com or by calling 888-410-2667. Colorado is poised to be- ocrats and four Republicans, other two inmates were sen- struggle to understand why
come the latest state to abol- while two Democrats and 11 tenced to death for the mur- the government is coming af-
ish capital punishment after Republicans opposed the mea- der of a couple who were ter them and want to deal di-
THE WALL STREET JOURNAL the state’s Democratic-con- sure. Previous efforts to end prosecution witnesses in a rectly with people at the IRS.
(USPS 664-880) (Eastern Edition ISSN 0099-9660) trolled Legislature approved a the death penalty in Colorado murder case. Meanwhile, tax preparers
(Central Edition ISSN 1092-0935) (Western Edition ISSN 0193-2241)
Editorial and publication headquarters: 1211 Avenue of the Americas, New York, N.Y. 10036
repeal of the state’s death failed to pick up enough Re- Half of U.S. states have now and accounting firms are turn-
Published daily except Sundays and general legal holidays.
penalty on Wednesday. publican support. either abolished the death ing to the same tools to keep
Periodicals postage paid at New York, N.Y., and other mailing offices. After rounds of long, emo- Since the 1970s, Colorado penalty or halted executions, tax bills as small as possible.
Postmaster: Send address changes to The Wall Street Journal, 200 Burnett Rd., Chicopee, MA 01020. tional debate, the Colorado has put to death one inmate— according to the Death Pen- The big four accounting firms
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York, N.Y. 10036. The Journal reserves the right not to accept an advertiser’s order. Only publication of an
voted 38-27 in favor of repeal a man convicted of kidnap- search group critical of capital artificial intelligence to guide
advertisement shall constitute final acceptance of the advertiser’s order. almost entirely along partisan ping, raping and murdering a punishment. Colorado is the advice they give clients.
Letters to the Editor: Fax: 212-416-2891; email: wsj.ltrs@wsj.com lines, sending the legislation woman. among 10 states that have Machine intelligence can
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Jared Polis, who is expected to death penalty in Colorado for since 2004. find the optimal tax strategies.
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By email: customreprints@dowjones.com | By phone: 1-800-843-0008 sign it. offenses charged on or after The number of executions But tax law is often full of gray
WSJ back issues and framed pages: wsjshop.com Democrats in the House July 1. It doesn’t apply to Col- has also sharply declined areas, legal interpretations and
Our newspapers are 100% sourced from sustainably certified mills. voted in favor of the bill by a orado’s three current death- since the 1990s. In 2019, seven changing rules. That means the
margin of 38 to 3, while all 24 row inmates, including con- states put to death 22 prison- human role in tax administra-
GOT A TIP FOR US? SUBMIT IT AT WSJ.COM/TIPS Republicans in the chamber victed killer Nathan Dunlap, ers, down from a modern-era tion and tax planning may
voted no. who shot to death four people peak of 98 executions in 1999. change, but it won’t vanish.
THE WALL STREET JOURNAL. * * * * Thursday, February 27, 2020 | A3

U.S. NEWS

Pedestrian Deaths
Keep Increasing,
Hit 30-Year High
BY SCOTT CALVERT U.S. dropped by about 3.4% in
the first half of 2019 from the
U.S. pedestrian deaths rose first half of 2018, according to
in 2019 to their highest level projections by the National
in 30 years, even as the na- Highway Traffic Safety Admin-
tion’s roadway crash fatalities istration. Crash deaths fell

ELIJAH NOUVELAGE FOR THE WALL STREET JOURNAL

overall have been falling, a
new report says.
An estimated 6,590 pedes-
trians were killed in motor-ve-
hicle crashes last year, a
nearly 5% increase from the
6,283 deaths in 2018, accord-
ing to the report released
Thursday by the Governors
Highway Safety Association, a
nonprofit that represents state
highway-safety offices.
“It’s a continuation of a
very bad pattern. It’s news
2.4% for all of 2018 from the
year before, to 36,560, NHTSA
reported in October.
The overall decline in re-
cent years has come as auto
makers roll out more crash-
avoidance technologies such
as automatic emergency brak-
ing and sensors to help drivers
avoid collisions. “Cars are
much safer today,” Mr. Retting
said. “That doesn’t help pedes-
trians a whole lot.”
Nearly half of all pedestrian Jan Stevens is among hundreds of people living in recreational vehicles in Mountain View, Calif., a growing phenomenon on the West Coast.

More Call Vehicles Their Home

that we don’t want to hear,
but it keeps coming at us,”
said safety researcher Richard
Retting, of Sam Schwartz En-
gineering, who wrote the
analysis.
Possible factors for the in-
crease include smartphone-re-
lated distractions by drivers
and pedestrians; inadequate
roadway lighting and crossing
mechanisms; the large number
of SUVs; and alcohol or other
drug impairment by both driv-
ers and pedestrians. But pin-
pointing exact reasons why is
difficult, Mr. Retting said.
The worsening pedestrian-
safety record has tracked the
proliferation of smartphones,
with the number of devices in
active use nationwide balloon-
ing by more than 400% be-
tween 2009 and 2018, the re-
port said.
Last year’s increase, pro-
jected using hard data for the
first half of the year, marks a
continuation of a decadelong
trend. The number of pedes-
trian fatalities rose by more
than 50%, from 4,109 in 2009,
through 2018.
The total number of all
other types of crash deaths
has edged up 2% in that pe-
riod, the report says.
Overall crash deaths in the
Pedestrian traffic fatalities
7,000
6,000
5,000
4,000
3,000
2,000
1,000
0 Six states—Arizona, Geor-
2010 ’12 ’14 ’16 ’18
Note: 2019 figure is a full-year projection based
on data from the first half of 2019.
Sources: Governors Highway Safety
Association
deaths in the first six months
of occurred in just five
states—California, Texas, Flor-
ida, Georgia and Arizona—and
the report cited the warmer
climate in those states as a
possible factor.
The bulk of the increase in
U.S. pedestrian fatalities dur-
ing the past decade has in-
volved nighttime incidents,
Mr. Retting said. From 2009 to
2018, the number of pedestri-
ans killed in crashes after dark
jumped 67%, compared with a
16% rise in daytime pedestrian
fatalities.
About 60% of pedestrians
died in 2018 on busier multi-
lane roads called non-freeway
arterials, the report said, and
most of those killed on foot
died midblock rather than at
intersections.
In addition to better light-
ing, Mr. Retting suggested mu-
nicipalities install more tools
such as beacons that let pe-
destrians or cyclists activate a
red light to stop vehicle traf-
fic.
Safety experts say SUVs are
more likely than cars to kill
pedestrians because they
weigh more and have a higher
profile. The number of deadly
incidents involving SUVs in-
creased by 81% from 2009 to
2018, compared with a 53%
rise for passenger cars.
Inebriation continues to be
a major factor, the report said.
In about a third of all pedes-
trian crash deaths, the pedes-
trian’s blood-alcohol concen-
tration exceeded the legal
limit for driving, the report
said, while roughly 16% of
drivers in such crashes were
above the limit.
The report has some posi-
tive news. Pedestrian deaths
fell in the first half of 2019,
compared with the same pe-
riod in 2018, in 20 states and
Washington, D.C.
gia, Louisiana, Pennsylvania,
Illinois and Mississippi—saw
double-digit drops in the num-
ber and percent change from
the first half of 2018.
BY JIM CARLTON
AND WILL PARKER
MOUNTAIN VIEW, Calif.—
The RVs started arriving on
Continental Circle about four
years ago. Now they line one
side of the half-mile-long
street in this Silicon Valley
suburb.
Across the Western U.S.,
rising home prices have
pushed more people who
can’t afford houses or apart-
ments to live in vehicles, in-
cluding RVs. In Los Angeles,
16,500 people called a vehicle
their home last year, accord-
ing to local counts. In San
Francisco that figure was
1,800, up 45% from 2017, and
in Santa Clara County, which
includes Mountain View, the
number nearly tripled over
that same time frame to 1,747.
There are no reliable national
figures on the trend.
“We are seeing that it is
cheaper to live in your car or
RV than to rent,” said Candice
Elder, executive director of
East Oakland Collective, a lo-
cal nonprofit in that city
where about 1,400 people lived
in recreational or other vehi-
cles last year.
An estimated half a million
people are homeless in the
U.S., with the problem most
acute along the Northeastern
seaboard and West Coast
where housing costs are high-
est, White House officials said
in a 2019 report. If the prob-
lem has an epicenter, it is the
San Francisco Bay Area, the
nation’s most expensive hous-
ing market, where median
housing prices have nearly
doubled to about $1 million
over the past eight years, ac-
cording to real-estate listing
service Zillow.
As with homeless encamp-
ments that block sidewalks, RV
living is creating its own ten-
Living arrangements for homeless population
Santa Clara County
Shelters†
Outdoors*
Buildings
Other
Vehicles
2017 2019
*Includes tents †Includes hotels and motels
Source: the counties
sions. Residents on the streets
where people park the large
vehicles complain that sewage-
tank dumping and drug use
are common and that there are
no parking spots left for them.
“I don’t think there’s any-
thing compassionate in en-
abling people to live on the
streets,” said Shari Emling, a
Mountain View resident who
has advocated for restrictions
on RV living. The city, which is
home to the headquarters of
Alphabet Inc.’s Google, had
about 300 people living in ve-
hicles last year, triple the
number from 2016.
Homeless advocates say liv-
ing in an RV is a step up from
living on the street, even
though most of the vehicles
are old and in poor condition.
In Seattle, where an esti-
mated 2,147 people live in ve-
hicles, the city is weighing a
plan to tow and destroy unsafe
RVs. The Bend, Ore., city coun-
cil last year passed an ordi-
nance to shorten the time ve-
hicles can be parked in any
one location to three days
Alameda County
100
80
Outdoors*
60
Shelters† 40
20
Vehicles
Buildings
0%
2017 2019
from five. Los Angeles in July
reinstated a ban on people
sleeping in vehicles overnight.
Celerina Navarro earns
$1,400 a month as a house-
keeper in Mountain View,
where her two younger chil-
dren attend school. She moved
her family into a recreational
vehicle four years ago after
her landlord increased the
The growing RV
population has led to
a rethink of what it
means to be homeless.
rent of the room they lived in
to $1,200 a month from $800.
The average rent for a studio
apartment in Mountain View is
$2,247, according to Apart-
ments.com.
Along with some other
families living in their vehi-
cles, Ms. Navarro parks her
RV next to a city park so her
children can play and use the
restrooms.
“I let my daughter draw a
little at night with the light
from my phone, but we have
to go to bed early,” said the
single mother, who like many
of her neighbors doesn’t have
a generator for power.
Mountain View City Council
in September passed an ordi-
nance that would ban RVs on
most city streets. About 70 ve-
hicles would be allowed to
move into designated lots on a
temporary basis. After a peti-
tion drive by activists, the ban
has been put on hold.
The RV population explod-
ing across the West is forcing
communities to reconsider
what it means to be homeless.
The U.S. Department of Hous-
ing and Urban Development
still counts those living in RVs
as unsheltered, the same cate-
gory as those living in tents or
subway tunnels.
Decades-old RVs and camp-
ers, which make up the major-
ity of those seen on city
streets, can often be acquired
for a few thousand dollars.
While RV parks often provide
electric and water hookups, RV
owners say parks tend to dis-
criminate against older vehi-
cles, leaving the streets as the
only option.
“It gets really, really cold
here at night,” said Mountain
View RV owner Jan Stevens,
before cutting off her gener-
ator on a recent chilly eve-
ning to save the remaining
natural gas.
Mountain View Mayor Mar-
garet Abe-Koga said some RV
dwellers weren’t living in
them by necessity but to save
on rent. “We want to help
those who don’t have other
options, but the folks who
choose to live in RVs, I don’t
think there’s sympathy for
that,” she said.

Gunman Kills Five

At Molson Coors Plant
BY ERIN AILWORTH
AND DAN FROSCH
An employee opened fire
Wednesday at the Molson
Coors Beverage Co. facility in
Milwaukee, killing five people
before dying of an apparent
self-inflicted gunshot wound,
according to law-enforcement
and company officials.
Milwaukee Police Chief Al-
fonso Morales said five Mol-
son Coors employees were
killed by the shooter, a 51-
year-old Milwaukee man. No
other people were injured, the
police chief said. Law-enforce-
ment officials initially said
there were seven dead.
Some employees remained
in the facility as law enforce-
ment checked the building and
slowly released the more than
1,000 employees Wednesday
evening, Chief Morales said.
In a message to workers
Wednesday, Molson Coors
Chief Executive Gavin Hatters-
ley identified the gunman as
an “active employee” of the
company and confirmed the
deaths of five others.
Mr. Hattersley was in Hous-
ton on Wednesday for the
company’s distributor conven-
tion. He left the gathering
early to fly to Milwaukee, a
spokesman said.
“There are no words to ex-
press the deep sadness many
of us are feeling right now,”
Mr. Hattersley wrote. “I am on
my way to Milwaukee now be-
cause in the hours and days
ahead, the most important
thing is that we support and
care for each other.”
He said the company would
close its Milwaukee office for
the rest of the week and that
the Milwaukee brewery would
remain shut down “for the
time being.”
Milwaukee Mayor Tom Bar-
rett called the shooting an
“unspeakable tragedy.”
“Five families, six families
actually, are grieving and will
be grieving because of this
horrific act,” he said at a news
conference Wednesday.
At the start of a press brief-
ing about the spread of the
coronavirus Wednesday eve-
ning, President Trump ex-
tended his condolences. “Our
hearts break for them and
their loved ones,” Mr. Trump
said of the victims.
The beer giant’s Milwaukee
campus houses administrative
offices, a modern brewing fa-
cility and the historic brewery
of Miller beer, where the com-
pany hosts tours for the public.
The maker of Coors Light
and Miller Lite in October said
it planned to cut between 400
and 500 jobs as part of a
broader restructuring as it
looked to expand beyond beer
into other beverages. At the
end of 2019, Molson Coors had
17,700 employees globally, in-
cluding about 7,300 in the U.S.
A4 | Thursday, February 27, 2020
Committee Pulls Surveillance Measure House
BY SIOBHAN HUGHES
AND DUSTIN VOLZ
WASHINGTON—The House
Judiciary Committee canceled
a vote on an extension of key
intelligence powers after a bi-
partisan coalition called for
broader restrictions on gov-
ernment surveillance than
what the bill contained.
The sudden decision,
spurred in part by intraparty
disagreements among Demo-
crats, cast immediate doubt on
how lawmakers intend to re-
new a set of surveillance au-
thorities that are due to expire
in less than three weeks.
House Judiciary Committee
Chairman Jerrold Nadler’s bill
seeks to end a much-criticized,
phone-metadata program
housed at the National Secu-
rity Agency that targets sus-
Court Says Sanctuary States Can Lose Funds
BY DEANNA PAUL
A federal appeals court
said the Trump administra-
tion can withhold funds from
New York City and seven
states that have declared
themselves sanctuaries from
federal immigration policies,
setting the stage for possible
U.S. Supreme Court action.
Wednesday’s decision by
the Second U.S. Circuit Court
of Appeals in New York said
President Trump acted within
his authority when he signed
an executive order in January
2017 to withhold federal
funds from states that re-
sisted helping federal efforts
to enforce immigration laws.
The Second Circuit over-
turned a lower court’s 2018
order requiring Mr. Trump to
release federal funds to New
York City and seven states—
New York, Connecticut, New
Jersey, Washington, Massa-
chusetts, Virginia and Rhode
Island.
The city and states had
sued the Trump administra-
tion, arguing the funds were
withheld for political pur-
poses. Local law-enforcement
officials have said cooperat-
ing with federal immigration
agencies would discourage
immigrants from reporting
Biden Eyes
Centrist
Voters
Continued from Page One
a pro-Biden super PAC called
Unite the Country has been
pressing donors to help defend
Mr. Biden here and in the
coming 14-state delegate
sweepstakes known as Super
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Passes Bill
pected terrorists, but that
sweeps in data of Americans
with whom they are in contact.
Mr. Nadler’s measure also
aims to make some targeted
changes to the operations of
the Foreign Intelligence Sur-
veillance Court, the secret ju-
dicial panel that approves
warrants such as those that
ensnared a former Trump
campaign adviser.
The Justice Department in-
spector general found last
year that the Federal Bureau
of Investigation withheld im-
portant information about the
aide, Carter Page, from the
court that approved the sur-
veillance, fueling Republican
outrage.
But critics of the measure,
both Democrats and Republi-
cans, contended that Mr. Na-
dler’s efforts didn’t go far
Citizenship Papers
Searched for Fraud
WASHINGTON—The Justice
Department is creating a new
office of attorneys tasked with
stripping citizenship from immi-
grants who obtained it illegally
by lying or omitting information
on their applications.
The new denaturalization
section, to be housed within
the Office of Immigration Liti-
gation, will sue to strip U.S. citi-
zenship from “terrorists, war
criminals, sex offenders and
other swindlers,” the depart-
ment said. It will target individ-
crimes and cooperating with
investigations.
The Obama administration
also took steps to divert un-
documented immigrants from
sanctuary cities and drafted
new policies that gave federal
immigration authorities the
first opportunity to take into
custody a person released
from federal prison who was
flagged for deportation.
Since Mr. Trump’s execu-
tive order, other localities
have also sued the Justice De-
partment to block the immi-
Tuesday. The super PAC’s or-
ganizers said in a memo to do-
nors on Sunday that “the chal-
lenge we face is obvious:
Senator Sanders has a solid,
though not nearly majority
base among Democratic pri-
mary voters, and the rest of
the Democratic vote is split
4-5-6 ways.”
Mr. Biden is competing in a
crowded lane of center-left ri-
vals—alongside former South
Bend, Ind., Mayor Pete Butt-
igieg and Minnesota Sen. Amy
Klobuchar—that is splintering
votes among multiple candi-
NEW YORK
CONNECTICUT FLORIDA
PENNSYLVANIA WASHINGTON, DC
P W L C 10 11 12
U.S. NEWS
Chairman Jerrold Nadler
enough, and he faced pressure
from a top-ranking colleague,
Rep. Zoe Lofgren (D., Calif.), to
curb government-surveillance
powers more broadly.
uals who have obtained citizen-
ship “by concealment of a
material fact or by willful mis-
representation.”
The Trump administration
has also ramped up efforts tar-
geting “sanctuary” cities and
states that decline to cooperate
with federal immigration offi-
cials looking to deport immi-
grants who have been arrested.
And it has begun imple-
menting rules that make it eas-
ier for the government to deny
residency to immigrants with
limited incomes or admission to
the U.S. because they use pub-
lic-assistance programs or
might in the future.
The administration has for
gration-related conditions
placed on federal funding.
The department has previ-
ously said it can impose con-
ditions on local jurisdictions
that receive federal grants,
including receiving access to
illegal immigrants housed in
prisons and jails and notice
of their release date.
The Second Circuit’s opin-
ion largely focused on how
best to interpret conflicting
statutory language on the
broad “form- and rule-making
authority” given to the U.S.
dates as Mr. Sanders rises. The
Vermont lawmaker won the
Nevada primary on Saturday,
secured a narrow win in New
Hampshire and essentially tied
for first in Iowa earlier this
month.
Massachusetts Sen. Eliza-
beth Warren, who has chal-
lenged Mr. Sanders for the
hearts of liberals, has used
two strong debate perfor-
mances to present herself as
the candidate who can unite
the party, but she is lagging
behind in delegates.
And in South Carolina, bil-
lionaire activist Tom Steyer
has spent more than $21 mil-
lion in advertising, threatening
to siphon votes from Mr. Biden
among African-Americans.
As Mr. Sanders aims for
victories in coming delegate-
rich states such as California
and Texas, the dynamics in
the race among the group of
moderates create little incen-
tive for any candidate to leave
the race unless they run out
of money.
Mr. Buttigieg, who narrowly
won Iowa and finished second
in New Hampshire, is trailing
Mr. Sanders in the hunt for
delegates. And both Ms.
Klobuchar and Ms. Warren
have home-state contests on
March 3, giving them a poten-
tial opportunity to capture
delegates.
Mr. Biden, who once led na-
tional polls, hopes to use
South Carolina as a launchpad
for the March states, includ-
ing many in the South with
large African-American com-
munities.
No one wants to cede
ground to billionaire Michael
Bloomberg, who is pouring
hundreds of millions of dollars
into states holding primaries
in March and will be on the
ballot for the first time on Su-
per Tuesday.
That means Mr. Sanders, as
the leading liberal in the race,
could pile up delegates on Su-
per Tuesday and build a po-
tentially insurmountable lead
against a fractured field.
“That’s the dilemma,” said
Matt Bennett, a co-founder of
the centrist think tank Third
Way. “I don’t think anyone has
a solution to that problem.”
Mr. Bennett added: “Every-
H T G K R F A M 1 2 3 4 5 6
Mr. Nadler’s plan to end the
metadata program, in which
the NSA can obtain numbers
and time stamps of calls or
text messages from phone
companies after getting judi-
cial approval, was seen by his
critics as low-hanging fruit at
a time when the pendulum of
JIM LO SCALZO/EPA/SHUTTERSTOCK
public opinion has swung in
favor of more privacy safe-
guards for government sur-
veillance tools that for years
expanded in the wake of the
Sept. 11, 2001, attacks.
The NSA turned off the pro-
gram last year after it de-
tected repeated legal compli-
ance issues, and a declassified
government report from the
Privacy and Civil Oversight
Board released Wednesday
showed it had cost $100 mil-
lion dollars over a four-year
period but only resulted in one
several years mounted an ag-
gressive effort to prosecute
naturalized citizens who have
omitted information from their
citizenship applications.
Creation of the new denatu-
ralization section was reported
earlier by BuzzFeed News.
Critics said the Justice De-
partment’s announcement was
designed to frighten immi-
grants and link them to in-
stances of crime.
“[President Trump’s] effort
to create an environment of fear
and insecurity is chilling,” said
Manar Waheed, senior legislative
and advocacy counsel for the
American Civil Liberties Union.
—Michelle Hackman
attorney general.
“While the Attorney Gen-
eral certainly cannot exercise
that authority arbitrarily or
capriciously,” the court’s 77-
page decision written by
Judge Reena Raggi said, “the
authority itself cannot fairly
be characterized as ‘excep-
tionally limited,’” as other
courts have ruled.
The decision conflicts with
rulings on the same issue
rendered by three other fed-
eral appeals courts, poten-
tially leaving it to the Su-
Democratic Rep. James Clyburn of South Carolina endorsed Joe Biden for president on Wednesday.
one stipulates it would be bet-
ter if we could get down to
one sooner and no one has the
faintest idea how that could
possibly happen…No one is go-
ing to push any of them out of
the race at this point.”
Publicly, at least, no one is
calling for any of the candi-
dates to drop out.
“I’m not in the life-coach-
ing business, and I’m only giv-
ing advice to one candidate
and that is Joe Biden,” said
Rep. Cedric Richmond (D.,
La.), a co-chairman of Mr. Bi-
den’s campaign, when asked if
others should step aside.
7 8 9 O I X X ****** THE WALL STREET JOURNAL.
significant FBI investigation.
Rep. Doug Collins (R., Ga.)
took a shot at the legislation,
saying that “we cannot reau-
thorize these counterterrorism
provisions without instituting
critical safeguards that protect
the civil liberties of all Ameri-
cans.”
Congress is in a heated de-
bate over government snoop-
ing because key intelligence
authorities expire on March 15,
and many lawmakers see an
opportunity to impose new
safeguards as a condition of
renewing some surveillance
authorities.
The surveillance tools at is-
sue are based in part on the
Foreign Intelligence Surveil-
lance Act, which for decades
has provided the legal under-
pinning for obtaining permis-
sion to surveil.
preme Court to ultimately
decide.
Wednesday’s ruling in-
volves funds allocated by
Congress to cities and states
through the Edward Byrne
Memorial Justice Assistance
Grant Program, which was
founded in 2006 and dis-
perses more than $25 million
annually in grants for crimi-
nal justice efforts.
“These conditions help the
federal government enforce
national immigration laws
and policies supported by
successive Democratic and
Republican administrations,”
Judge Raggi wrote.
The ruling is the latest
move in a yearslong battle
between the Trump adminis-
tration and the sanctuary ju-
risdictions.
The New York Attorney
General’s Office declined to
comment.
A spokesman for the Jus-
tice Department called the
ruling a “major victory for
Americans.”
“All Americans will benefit
from increased public safety
as this administration is able
to implement its lawful immi-
gration and public safety pol-
icies,” the spokesperson said
Wednesday.
“Other campaigns will have to
make their own decisions af-
ter we win South Carolina on
Saturday.”
Jeff Weaver, a senior ad-
viser to Mr. Sanders, recalled
his role as Mr. Sanders’s
driver during the senator’s
long-shot—and losing—bid for
governor in Vermont as a
third-party candidate in 1986.
“If people want to run, they
should run,” Mr. Weaver said.
But he added: “It’s no se-
cret that there are a few can-
didates on stage for whom the
next week may be decisive in
their future prospects.”
To Make
Lynching
U.S. Crime
BY LINDSAY WISE
WASHINGTON—The House
overwhelmingly passed a bill
to make lynching a federal
hate crime, bringing a legisla-
tive effort that has repeatedly
failed in the past one step
closer to becoming law.
The Emmett Till Antilynch-
ing Act, which passed Wednes-
day on a 410-4 vote, is named
for the 14-year-old black teen-
ager from Chicago whose 1955
murder in Mississippi helped
spark the civil-rights move-
ment. Two white men were
tried for his murder but an all-
white jury acquitted them.
Rep. Bobby L. Rush (D., Ill.),
the bill’s sponsor, said after
the vote that the House had fi-
nally positioned itself “on the
right side of history,” noting
that it had taken 120 years
and 200 failed attempts to
pass an antilynching bill.
“With the passage of this
bill we correct a historical in-
justice, based on a lie, that
took the life of this young
man,” Mr. Rush said. “We also
bring justice to the over 4,000
victims of lynching, most of
them African-Americans, who
have had their lives tragically,
and horrifically cut short at
the hands of racist mobs and
hate-filled hordes.”
Murder is typically prose-
cuted locally but Mr. Rush’s
legislation would for the first
time establish a new criminal
civil-rights violation for the
act of lynching in the U.S.
Criminal Code.
Rep. Ted Yoho (R., Fla.),
one of four members who
voted against the measure,
called lynching horrific but
said the bill was an overreach.
“Hate crimes fall under the ju-
risdiction of states,” he said.
An identical bill passed the
Senate unanimously last year,
but it will have to pass again
before it can be signed into
law. A White House official
said President Trump is ex-
pected to sign the legislation.
DREW ANGERER/GETTY IMAGES
The pro-Biden super PAC
has noted in its pitch to do-
nors that several states hold-
ing primaries on March 3 have
large African-American popu-
lations that could help the for-
mer vice president, including
Alabama, Arkansas, North Car-
olina, Tennessee and Virginia.
“It boils down to this: The
month of March will decide
whether Democrats will nomi-
nate Senator Sanders or some-
one else,” organizers said in
their memo. “The only other
viable option at this point is
Joe Biden. But the time to act
is now.”
THE WALL STREET JOURNAL. Thursday, February 27, 2020 | A5

2020 HORATIO ALGER AWARD RECIPIENTS

CHRISTIANE GERMAIN
JAMES R. ANDREWS, M.D. ARTHUR J. FALCONE MARIO J. GABELLI STEDMAN GRAHAM ROBERT A. MCDONALD STEVEN S REINEMUND
(Canada)

WALTER SCHROEDER
HORACIO D. ROZANSKI G. BRINT RYAN JANE SEYMOUR DAVID A. THOMPSON RONALD G. WANEK GEORGE A. WEISS
(Canada)

HONORING PERSEVERANCE, INTEGRITY AND EXCELLENCE

Founded in 1947, the Horatio Alger Association of Distinguished Americans, Inc., fulfills its mission of honoring the achievements of
outstanding individuals who have succeeded in spite of adversity and of encouraging young people to pursue their dreams through
higher education. Each year the Association welcomes new lifelong Members to its ranks through the presentation of the Horatio
Alger Award. In April, the Association looks forward to honoring and inducting the 2020 class of new Members:

JAMES R. ANDREWS, M.D. CHRISTIANE GERMAIN STEVEN S REINEMUND JANE SEYMOUR

Orthopaedic Surgeon Co-Founder & Co-President Retired Dean of Business Actress, Artist, Author, Designer
Andrews Institute Germain Hotels Wake Forest University & Philanthropist
Chairman Member, Order of Canada Retired Chairman & CEO Jane Seymour Designs
Andrews Research & Education Member, Order of Quebec PepsiCo Open Hearts Foundation
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A6 | Thursday, February 27, 2020
Europe Girds Against Italian Outbreak
New travel restrictions
and quarantines are
imposed, but borders
remain open for now
Italy’s coronavirus outbreak
is being linked to a growing
number of infections around Eu-
rope, prompting countries and
companies to enact precaution-
ary measures to reduce travel to
and from Italy as the number of
fatalities clicked higher.
By Eric Sylvers in
Milan and Giovanni
Legorano in Rome
None of the European
Union’s member states are
proposing closing off borders,
a step that would break with
the EU’s ideals of open bor-
ders and seamless movement.
But checks and other pre-
cautions have proliferated in
recent days, as has pressure to
cancel events, both in coun-
tries bordering Italy and some
hundreds of miles away.
Concern was heightened on
Wednesday when Germany’s
health minister, Jens Spahn,
warned that the nation might
no longer be able to curb the
virus’s spread. He said infec-
tions that can’t be traced to
China were now being detected.
The number of confirmed
cases in Germany surpassed
20. Among them is a kinder-
garten teacher, raising fears
that the infection could have
spread in her school.
Meanwhile, Bulgaria’s flag-
ship carrier, Bulgaria Air, can-
celed all flights to Milan until
March 27, while sporting
events are coming under
closer scrutiny.
The Irish Rugby Football
Union on Wednesday post-
poned a match between Ire-
land and Italy in Dublin on
March 7 after Ireland’s gov-
ernment said there was a risk
that fans traveling from Italy
might carry the virus.
Ireland hasn’t imposed any
bans on travelers coming from
countries suffering coronavi-
rus outbreaks—including It-
aly—and the decision on
whether the game should go
ahead rested with the sporting
body, which initially had been
reluctant to cancel.
The IRFU scratched the
match, along with women’s
and junior’s games scheduled
German Economy Looks to Ward Off More Contagion
BY TOM FAIRLESS
AND WILLIAM BOSTON
FRANKFURT—Companies in
Europe’s largest economy are
rushing to limit the impact of
the spreading coronavirus epi-
demic, which is hitting an al-
ready weakened German econ-
omy in a particularly painful
spot: the supply chains of its
export-oriented manufactur-
ers.
With this week’s outbreak
in Italy, the infection has
struck some of Germany’s top
trade and economic partners
just as the economy, long Eu-
rope’s main engine of growth,
is reeling from a 7% drop in in-
dustrial production last year
amid trade conflicts, a long-
term slowdown in China, and
global political uncertainties.
In recent weeks, the na-
tion’s trade-reliant businesses
have been trying to unclog
Trump Says
Virus Risk
Stays Low
Continued from Page One
with infections or known expo-
sure to another patient. If con-
firmed, it would be the first
case of spread in a community
without a clear explanation.
So far, the confirmed infec-
tions in the U.S. were in people
who had either traveled to
China—where the virus is be-
lieved to have originated—or
were exposed to someone who
had. How the latest person was
infected is currently unclear,
according to the Centers for
Disease Control and Prevention.
The person is a resident of
Solano County and getting med-
ical care in Sacramento County,
according to the California De-
partment of Public Health.
“We have been anticipating
Spreading Out
Infections tied to an outbreak in Italy have appeared in Greece,
Croatia, Austria, Switzerland and Spain.
Coronavirus cases so far in Europe, as of 1:33 a.m. CET, Feb. 26
U.K.: 13 CASES BELGIUM: 1
GERMANY: 27
FRANCE: 18
SPAIN: 13
SWITZERLAND: 1
Source: Johns Hopkins Center for Systems Science and Engineering
for the same period, after its
chief executive met with Min-
ister for Health Simon Harris,
who had called for the games
to be called off.
Hungary is imposing more
vehicle checks on its land bor-
ders, the government said on
Wednesday, and travelers re-
bottlenecks in complex global
supply chains built up over de-
cades. They frequently thread
through China and Italy, two of
the countries most affected by
the virus.
As the number of confirmed
infections in the country rose
on Wednesday, Germany faces
a direct threat at home as
well. “We are at the beginning
of a coronavirus epidemic in
Germany,”’ the country’s
health-care minister warned.
Those reports heightened
concern that second-stage ef-
fects from the infection could
hit the parts of the German
economy that have so far re-
sisted the downturn, from
household consumption to
tourism and services.
In a blow to local hotels and
restaurants, the cities of
Frankfurt and Cologne on
Tuesday called off two large
trade fairs, citing the out-
the potential for such a case in
the U.S., and given our close fa-
milial, social and business rela-
tionships with China, it is not
unexpected that the first case
in the U.S. would be in Califor-
nia,” said Sonia Angell, director
of the department. “We are al-
ready responding.”
The fast-moving develop-
ments came a day after a top
CDC official, Nancy Messonnier,
warned businesses, schools and
communities to plan for poten-
tial outbreaks. Mr. Trump, who
has sought to project confi-
dence that the number of cases
in the U.S. will be contained,
was angered by the tone of the
remarks, two people familiar
with the discussions said.
U.S. stocks fell for the fifth
consecutive session on Wednes-
day as investors continued to
assess the economic impact of
the epidemic. Health and Hu-
man Services Secretary Alex
Azar said the U.S. should expect
more coronavirus cases and Mr.
Trump said schools should pre-
pare “just in case.” He said he
didn’t think it inevitable that
WORLD NEWS
AUSTRIA: 2
CROATIA: 3
GREECE: 1
ITALY: 453
turning from an infected area
will be placed under quaran-
tine or under observation,
based on an assessment of
whether that person has “a
significant chance of having
been exposed to the virus,”
Hungary’s minister of human
capacities, Miklós Kásler, said
break. And Deutsche Luf-
thansa AG said it was initiat-
ing cost-cutting and freezing
some new hiring in response
to the epidemic.
Germany’s DAX 30 stock-
market index, which fell more
than 4% on Monday, was off
another 1.9% on Tuesday and
slightly down on Wednesday,
bringing it back to its level of
late October. In a note, Dirk
Schumacher, head of European
economics at Natixis, wrote
that growth in Germany’s
gross domestic product, flat in
the last quarter of 2019, would
likely rebound only once the
epidemic is under control.
More than 5,000 German
companies in China are cur-
rently facing severe restric-
tions on procurement, produc-
tion and sales, according to
the Federation of German In-
dustries, the business lobby.
One concern is that manu-
the virus will spread across the
U.S.: “This will end.”
More than 2,700 people have
died globally as a result of the
virus. While the U.S. has im-
posed travel restrictions on
China, Mr. Trump said “it’s not
the right time” to limit travel
to and from other countries
with major outbreaks.
The Centers for Disease Con-
trol and Prevention has been
working to roll its coronavirus
test kits out to other public-
health labs, but the process was
stalled when some labs got in-
conclusive results. About 445
people have been tested.
U.S. cities have begun pre-
paring for possible outbreaks.
In San Francisco, officials are
working with hospitals and
clinics to identify rooms for
isolating coronavirus patients.
City officials also told schools
to start planning to manage po-
tential closures.
In Texas, Umair A. Shah, di-
rector of Harris County Public
Health, said a team of doctors,
scientists and outreach person-
nel have been meeting daily to
Carabinieri police at a checkpoint in northern Italy, top, and
guests at H10 Costa Adeje Palace in Adeje, on the Spanish island
of Tenerife, wore face masks in a bid to thwart the coronavirus.
on Wednesday.
“It is a little stricter and
tougher than what is typical
for Europe,” he said.
By Wednesday, more than
400 people in Italy had con-
tracted the virus, of whom 12
had died, all of them elderly
people with existing health
Exports of goods and services
as percentage of GDP
5 %
Germany
4
France
3
U.K.

U.S.

 tions because the economies of
197 ’8 ’ 20  ’8
Source: World Bank
facturers that have so far used
parts in stock or already in
transit when China put itself
on lockdown will suffer short-
ages of key components in the
coming weeks, even as China’s
coordinate readiness in the
Houston area.
New York City Mayor Bill de
Blasio said there are 1,200 public
hospital beds that can be made
available to patients who need
isolation. New York Gov. Andrew
Cuomo said he is seeking an
emergency appropriation of $40
million for equipment and per-
sonnel.
A California case
may be the first not
linked to travel
abroad.
The virus’s spread is worry-
ing some in the Trump adminis-
tration, who fear the conse-
quences of a large-scale
outbreak in the U.S., both in
terms of public health and the
president’s prospects for re-elec-
tion if the response falters. Plan-
ning for the coronavirus has
been hampered by haphazard
* *** THE WALL STREET JOURNAL.
country’s borders. On Wednes-
day, the Greek Ministry of
Health said a 38-year-old
woman from Thessaloniki who
had traveled to northern Italy
recently has the virus.
Meanwhile, officials quaran-
tined 12 people in Austria’s Ty-
rol province after a hotel recep-
tionist and her partner, both of
them Italians from Lombardy,
tested positive for the virus.
Sixty-two people who had con-
tact with them were tested at
the Grand Hotel Europa in
Innsbruck, a popular winter
sports resort, and nine were
put in isolation for two weeks.
On Tuesday, Switzerland,
where about 80,000 people a
day cross over from northern
Italy to work, reported its first
case, a person who had trav-
eled to Milan 10 days ago. The
man is quarantined in the hos-
pital and people close to him
have been placed in quaran-
tine as well, authorities said.
The biggest known cluster
of infections carried abroad by
Italians is in Spain’s Canary Is-
lands, where four Italian tour-
ists tested positive. About
1,000 people at the hotel
where they were staying were
put under quarantine on Tues-
day. Some have since been al-
lowed to leave.
Meantime in Brazil, a man
returning from Italy tested
positive, while in Algeria, an
employee of Italian oil-and-gas
company Eni SpA was con-
firmed to have contracted
FROM TOP: YARA NARDI/REUTERS; BORJA SUAREZ/REUTERS
Covid-19.
Italy’s European neighbors
said at a meeting of health
ministers in Rome on Tuesday
that they would keep borders
open and continue to allow
Italians to travel. But the Euro-
pean Commission Wednesday
called for member states to re-
view their pandemic plans, in-
cluding procedures for tracing
the movements of patients.
Stella Kyriakides, the EU’s
commissioner for health care,
said at a joint press confer-
ence with World Health Or-
ganization officials and Italian
authorities said that while Eu-
rope is still focused on con-
conditions. Nine of the dead taining the spread of the virus,
were in Lombardy, the region “this outbreak is a test case
around Milan where three- for existing global emergency
quarters of the infections have response mechanisms as well
occurred. In Lombardy, six mi- as for our cooperation within
nors also tested positive, ac- the EU.”
cording to a regional official.
The Italian outbreak contin-  Companies are canceling
ued to expand beyond the business travel........................ B10
manufacturers are slowly com- gauge the impact of the clo-
ing back online. sure on its business, partly be-
“When the last ships reach cause its customers, not just
our harbors in a week or 10 its production, were also feel-
days, that will be it from ing the impact.
China,” said Joerg Wuttke, February has been “very
president of the European bad,” said a senior executive at
Union Chamber of Commerce a family-owned mechanical-en-
in China and chief local repre- gineering company based in
sentative for German chemi- northern Germany with more
cals company BASF SE. “Then than €500 million ($542 mil-
you will see shortages on the lion) in annual sales. “We’ve
shelves of Europe.” had a significant reduction in
The spread of the virus to production for two months,
Italy, meanwhile, could create and we had to organize new
new supply-chain interrup- suppliers.”
German businesses in China
Germany and northern Italy are seeking out alternative fac-
are highly integrated, Clemens tories or suppliers to replace
Fuest, president of the Ifo eco- those shut down by the virus,
nomic think tank in Munich, said Oliver Wack, a trade ex-
said on Tuesday. pert at the Mechanical Engi-
Industrial group Thyssenk- neering Industry Association.
rupp AG said it had only been “People have now woken up
able to gradually restart pro- to the fact that you must have
duction in its Chinese plants a backup plan,” Mr. Wuttke
since Feb. 10 but couldn’t yet said.
communications between states
and the federal government,
people familiar with the plan-
Azar, a former drug company ex-
ecutive, worked on disease out-
breaks as an HHS official in the
ning and some Democratic state
leaders said.
Some state leaders also say
George W. Bush administration.
Mr. Trump said Mr. Azar was
doing a “fantastic job.”
the lack of a coronavirus czar to
head operations has Trump ad-
ministration agency heads and
On Capitol Hill, negotiations
on funding a response to the dis-
ease began, with staff from both
advisers clashing over who is in chambers and parties meeting
charge. Wednesday. The Trump adminis-
A federal coronavirus task tration’s proposal to spend at
force, led by Mr. Azar, has been least $2.5 billion on combating
meeting daily. The FDA is moni- the coronavirus—with $1.25 bil-
toring drug supplies for any po- lion in new funds and at least
tential shortages and the CDC $1.25 billion in repurposed
has been operating its pandemic funds—has disappointed mem-
preparedness and response, bers of both parties.
working with states and provid- Senate Minority Leader
ing daily monitoring of people Chuck Schumer (D., N.Y.) pro-
under quarantine. posed an $8.5 billion emergency
Some Republicans, including spending package Wednesday.
Sens. Rick Scott of Florida and House Minority Leader Kevin
Mitt Romney of Utah, have McCarthy (R., Calif.) said he ex-
joined Democrats in calling for a pected the package to come in
czar to supervise operations. around $4 billion. Mr. Trump
Mr. Azar has faced criticism said he would leave it to Con-
for his handling of the U.S. re- gress to set the amount and
sponse to the virus and has “we’ll take it.”
butted heads with some admin- —Jonathan Rockoff, Andrew
istration officials, people famil- Duehren and Jim Carlton
iar with the matter said. Mr. contributed to this article.
THE WALL STREET JOURNAL.
American
Companies
Fear Hit
To Sales
BY JULIE WERNAU
Some American companies
say they could lose as much as
half their annual revenue from
China if the coronavirus epi-
demic extends through the
summer, as businesses strug-
gle to get boots back on the
ground amid travel restric-
tions and shortages of basic
protective gear.
Nearly half of U.S. compa-
nies in China said they expect
revenue to decrease this year if
business can’t return to normal
by the end of April, according
to a survey conducted Feb. 17
to 20 by the American Chamber
of Commerce in China, or Am-
Cham, to which 169 member
companies responded. One fifth
of respondents said 2020 reve-
nue from China would decline
more than 50% if the epidemic
continues through Aug. 30.
Microsoft Corp. warned
Wednesday that supply-chain
disruptions would dent this
quarter’s sales, the second ma-
jor tech company after Apple
Inc. to lower earnings expecta-
tions because of the public-
health crisis in China.
Work-from-home policies
had been implemented by 94%
of the responding companies,
but businesses that require
workers on-site said travel re-
strictions had created burden-
some delays.
American companies cited
global travel disruption as their
biggest obstacle to business
and said reduced productivity
and employees’ inability to get
to work are among their great-
est challenges.
“The crisis is real, and peo-
ple are prioritizing the virus
first and resumption of the
economy second. Getting pro-
tective gear and getting it in
the quantities necessary to
keep the workforce safe is a
challenge for a lot of compa-
nies,” AmCham Chairman Greg
Gilligan said in an interview.
While many white-collar em-
ployees in China have been able
to work from home, the coun-
try’s 291 million migrant work-
ers who live in rural areas but
work in cities—typically in jobs
that require their physical pres-
ence—have struggled to return
to work. Fewer than one-third
have done so, China’s transport
minister said recently, estimat-
ing that the last migrant work-
ers could return in March.
 Coronavirus squeezes
Amazon sellers....................... B10
U.S., Seoul
Put Off Joint
Military
Exercises
BY TIMOTHY W. MARTIN
SEOUL—The U.S. and South
Korea on Wednesday post-
poned planned joint military
exercises “until further no-
tice,” as South Korea struggles
to contain the coronavirus.
The Seoul government
raised the virus-alert status to
its maximum level over the
weekend and on Wednesday
reported 1,595 coronavirus
cases—nearly 20 times the
number just a week before. On
Tuesday, a 23-year-old Ameri-
can soldier stationed in South
Korea became the first U.S.
service member to contract
the coronavirus.
The main clusters of coro-
navirus are around Daegu, the
country’s fourth-largest city,
where both the U.S. and South
Korea have military bases.
Seoul has put its facility on
virtual lockdown, as around 20
soldiers have contracted the
virus and nearly 10,000 are
quarantined. The American
military has told soldiers to
avoid traveling off base.
The U.S. has around 28,500
military personnel in the
country and placed its largest
overseas military base about
40 miles south of Seoul.
In recent years, the joint
military exercises have been
scaled back at President
Trump’s request, following a
pledge made after his 2018
Singapore summit meeting
with North Korean leader Kim
Jong Un. The exercises simu-
late a violent confrontation
with North Korea.
* * * *
China Steps Up Health Screening
BY CHUN HAN WONG
HONG KONG—China is try-
ing to stop the coronavirus
from being repatriated by trav-
elers arriving from abroad, as
the epidemic takes hold in more
countries around the world.
A number of Chinese munic-
ipal governments are imposing
stricter health screenings on
people entering the country
and, in some cases, even quar-
antine measures on those arriv-
ing from coronavirus-afflicted
countries. These controls come
after Beijing waged a concerted
campaign urging other govern-
ments not to impose restric-
tions on travel to and from
China, saying such measures
were out of line with World
Health Organization guidance.
China has reported a slow-
down in the domestic spread
of the Covid-19 disease, which
has killed more than 2,700
people, amid rising numbers
of new cases abroad. The
trend has prompted local au-
thorities in Beijing and a num-
ber of cities across eastern
and northeastern China to
take steps this week to
“strictly prevent the import of
overseas epidemics,” in the
words of several of the cities.
Municipal leaders in Beijing
urged a new level of vigilance
against risks from overseas
outbreaks, demanding stricter
health screenings at immigra-
tion checkpoints and targeting
preventive measures for for-
eigners.
Among these steps, the cap-
ital on Wednesday said it
would impose 14-day quaran-
tines on foreigners arriving
from or with recent travel his-
tory in countries and areas se-
verely afflicted with the coro-
navirus, without specifying
which places.
“The coronavirus epidemic
is spreading overseas, and
there’s a high degree of con-
cern in society,” said Gao Xi-
aojun, a spokesman for Bei-
Beijing
Is Pressed
On Controls
Continued from Page One
on Monday it would begin to
ease its quarantines that day,
only to retract the notice a few
hours later. Wuhan’s govern-
ment said its earlier notice was
issued without the approval of
the city’s “key leaders.”
Other cities, including Bei-
jing, tightened restrictions on
movement in recent weeks af-
ter having taken tentative
steps to loosen their rules only
to see new infections appear.
Mr. Xi has sent mixed mes-
sages, calling on leaders to
stop at nothing to contain the
virus while urging them to en-
sure growth remains robust.
The leader needs both tasks to
succeed to quell public anger
toward the government’s han-
dling of the epidemic and rein-
force his popular appeal.
In an address to the 25-
member ruling Politburo this
month, Mr. Xi instructed party
members to wage a “people’s
war” against the epidemic.
Then, he said China must ad-
here to development targets,
which call for doubling the size
of China’s economy in the de-
cade through 2020—a goal offi-
cials say requires annual growth
of at least 5.5% this year.
Three days later, Mr. Xi told
French President Emmanuel
Macron in a call that the epi-
demic’s impact on China’s
economy would be temporary,
adding “China will still be able
to achieve” its growth targets,
the official Xinhua News
Agency reported.
On Tuesday, Mr. Xi called
on authorities to help farmers
cross road barricades to return
to rice paddies for “an all-out
effort to secure a bumper sum-
mer grain harvest.” Analysts
say if the spring farming sea-
son is missed, China’s food se-
curity would be at risk.
Despite Mr. Xi’s displays of
confidence, the economy is
fast weakening. Factories re-
main idle and consumption
and investment have plunged.
While China has delayed the
release of official economic
data until mid-March, other
indicators point to a signifi-
cant downturn.
Average coal consumption
at major power companies was
about 40% lower from a year
earlier in the week through
Feb. 25, Goldman Sachs said.
WORLD NEWS
A quarantine officer at Daxing International Airport in Beijing holds a health document to be filled out by arriving passengers.
jing’s municipal health
commission. “Beijing munici-
pality is comprehensively
strengthening immigration
health controls to strictly
guard against risks of the epi-
demic being imported.”
Major cities in eastern
Shandong province, as well as
the northeastern provinces of
Liaoning and Jilin, have also
imposed stricter health
screenings in recent days for
travelers entering China, in-
cluding some that explicitly
target people arriving from
South Korea and Japan, where
large clusters of Covid-19
cases have emerged.
The Chinese government
hasn’t signaled any plans to
limit or block international
travel to and from other epi-
demic-hit countries, such as
suspending flights or barring
entry—measures Beijing has
urged other governments not
to impose against China, citing
President Xi Jinping inspected efforts to prevent and control the coronavirus in Beijing this month.
Home sales were one-quarter
of the seasonal norm, it said,
and demand for steel was
around 50% its normal rate in
the past three years.
Using migration data from
map-and-search company Baidu
Inc., Nomura estimates that a
little more than a third of the
people who left cities such as
Beijing, Shanghai and Shenzhen
for the Chinese Lunar New Year
in late January and early Feb-
ruary have returned. By this
time last year, nearly all had.
Migrant laborers make up
about 40% of China’s workforce
and are needed for manufactur-
ers to resume production.
In some places, authorities
have shut public transporta-
tion and locked down resi-
dents. Even some cities far
from the epicenter have been
allowing residents outside
only every few days. Currently,
hundreds of millions of people
in China are on lockdowns of
varying degrees.
Some sectors are calling for
urgent help. “We almost
closed all our property sales
offices overnight, and all sales
have stopped,” reads a recent
letter to the government in Ji-
angxi province, in southeast-
ern China, from the Ji-
angxi Property Association. Its
members, many of them pri-
vate developers, “face huge fi-
nancing pressure and are find-
ing it hard to resume
business,” the group said.
China Baowu Steel Group,
the country’s largest steel pro-
ducer, has warned that first-
quarter profit would drop as
much as 3 billion yuan, or
roughly $428 million, because
of disruptions from the epi-
demic. That would mark a 14%
the WHO’s advice on epidemic
controls.
Yet dozens of countries
have taken steps to dissuade
or restrict travel to and from
China, including travel adviso-
ries, suspensions of direct
flights, as well as mandatory
quarantines or even outright
bans on visitors with Chinese
nationality or recent travel
histories in China.
Some officials and medical
experts from these countries
have justified their measures
by citing the travel curbs that
China has imposed domesti-
cally, such as the complete or
partial lockdowns of entire cit-
ies and restrictions on the
day-to-day movements of hun-
dreds of millions of people.
Over the past month or so,
Chinese diplomats have por-
trayed the epidemic as a test
of friendship, calling on for-
eign governments not to sus-
pend travel links with China or
Economic Fallout
Quarantine restrictions have forced slowdowns at factories and
closures at many movie theaters.
Cinema box-office daily sales
150 billion yuan
2017
2018
100
50
0 300
3 weeks Lunar New 3 weeks
before Year day after
Note: 1 billion yuan = $0.14 billion
Source: Capital Economics
decline from its profit in the
same period of last year.
“Market demand has
dropped,” said Zhang Jing-
gang, vice general manager of
the group, at a forum on Feb.
22. “Inventories are piling up
faster than expected.”
Foreign companies such as
Apple Inc., Deere & Co. and
auto-parts maker American
Axle & Manufacturing have
also warned about softening
sales in China. A mid-February
survey conducted by the
American Chamber of Com-
merce in South China shows
that more than 76% of its 399
respondents believe their
2020 revenue would be hurt
by the viral epidemic.
Some analysts are predict-
ing zero or even negative Chi-
nese growth in the first quar-
ter, a direr forecast than a
Thursday, February 27, 2020 | A7
to evacuate their citizens—
measures Beijing decries as
unnecessary, fear-inducing and
unfriendly.
Outbreaks in other coun-
tries—including nearby South
Korea—appear to have
prompted a shift in tone from
China. On Wednesday, China’s
Foreign Ministry said Beijing
is “studying the use of preven-
tive control measures that are
scientific, appropriate and tar-
geted.”
“Recently some countries
have taken some necessary
measures targeting immigra-
tion to strengthen epidemic
prevention and control,” min-
istry spokesman Zhao Lijian
told reporters when asked
about Chinese measures
against travelers from South
Korea and Japan. “As long as
these measures are scientific,
professional and appropriate,
everyone can understand.”
Local Chinese measures an-
XINHUA/REUTERS
Coal consumption at
power plants
900 tons
2018 800
2019
700
600
500
400
3 weeks Lunar New 3 weeks
before Year day after
month ago, when the epidemic
started to spread quickly. The
slowdown is calling into ques-
tion the leadership’s insistence
that China can meet its eco-
nomic targets this year.
“Propaganda can’t move
mountains,” wrote Zhang
Anyuan, an economist at CFC
Financial, a Chinese securities
firm, in a Feb. 24 report. Mr.
Zhang is among the experts
who think first-quarter growth
could come in at zero or
worse. “Based on the serious-
ness of the economic losses in
the first quarter, adjusting and
downplaying growth targets
would be understandable and
acceptable to the people.”
An official in the Jiangxi
provincial government said lo-
cal state banks are trying to
help some companies through
the cash crunch.
NICOLAS ASFOURI/AGENCE FRANCE-PRESSE/GETTY IMAGES
nounced in recent days gener-
ally prescribe health screen-
ings and temperature checks
at airports and other immigra-
tion checkpoints for people ar-
riving from outside China.
Already, China quarantined
some 257 people who arrived
Tuesday on two flights from
South Korea’s Incheon airport
after some passengers were
found to have abnormal body
temperatures, state broad-
caster China Central Televi-
sion reported. Among them,
163 passengers were quaran-
tined in Weihai, while the rest
were in the central city of
Nanjing, CCTV said.
South Korean Foreign Min-
ister Kang Kyung-wha criti-
cized the quarantines as ex-
cessive, saying Seoul has
exercised restraint in imposing
immigration controls on trav-
elers from China while the
coronavirus was spreading
there.
“But we have to be ex-
tremely cautious about relax-
ing travel and other restric-
tions,” the official said. “There
is still a lot of uncertainty
over the virus and we don’t
want to see all our efforts go
to waste.”
Other officials are trying to
pass along the pressures to lo-
cal businesses.
In the coastal city of Li-
anyungang, in eastern China,
the local finance bureau is de-
manding companies in a 50-
square-mile industrial zone
put up 100,000 yuan deposits
to restart production.
Companies that keep infec-
tions at bay will be rewarded
with 50,000 yuan each, ac-
cording to a notice from the
finance bureau. But if any em-
ployees fail to wear masks to
ensure safety, their employers
would be fined as much as
10,000 yuan.
Elsewhere, steps to remove
barricades or otherwise en-
courage production to resume
aren’t having as much impact
as hoped, because companies
are still encountering prob-
lems caused by restrictions in
other areas.
In Wuhan, speculation
about when to lift the local
quarantine started almost as
soon as it was put in place, un-
der Mr. Xi’s personal orders, in
late January. The city’s abrupt
flip-flop on quarantine rules
on Monday came a day after
Mr. Xi held a rare teleconfer-
ence with some 170,000 cadres
throughout the country, calling
on them “to advance the work
on coordinating the prevention
and control of the Covid-19”
virus, along with economic
and social development.
Mr. Xi has said authorities
should decide how and
whether to ease quarantines
based on local health risks,
though some say the uncer-
tainty over the virus makes it
hard to gauge the risks.
Some state-controlled
newspapers blamed Wuhan’s
confusion on a deputy mayor
who failed to seek higher-level
approval. For some Wuhan of-
ficials, it was evidence of the
stress on local governments as
they struggle with the top
leadership’s twin objectives.
“How would the epidemic
evolve going forward? Can
factories return to production
in time? How to balance epi-
demic control against eco-
nomic development?” said Wu
Ge, a former central-bank offi-
cial who is now chief econo-
mist at Changjiang Securities.
“Those have all become the
key contradictions” faced by
China’s policy makers.
A8 | Thursday, February 27, 2020
U.S. Forces Back in Saudi Arabia to Deter Iran
BY JARED MALSIN
PRINCE SULTAN AIR BASE,
Saudi Arabia—Nearly 17 years
after U.S. troops largely pulled
up stakes from the kingdom,
the U.S. is now back in force.
Here in a base of tents in
the desert southeast of Ri-
yadh, some 2,500 U.S. military
personnel are launching F-15
jet fighters in soaring arcs
overhead and manning Patriot
missile batteries in shifts. Or
they play chess and video
games to pass the hours, with
an NFL-themed game splashed
on a flat-screen TV inside a
recreation tent.
The return of the U.S.
troops—after maintaining a
much smaller footprint for
nearly two decades—reflects
the alarm of Saudi and Ameri-
can leaders at the current
threat posed by another re-
gional power: Iran.
“We face a thinking enemy
that is playing a real regional
conflict for keeps, and they’re
very good,” said Gen. John
Walker, the commander of the
378th Air Expeditionary Wing
at the base. He was last based
here in 1997.
The U.S. deployment at
Prince Sultan highlights the
changing shape of the U.S.
military presence in the region
amid President Trump’s policy
of confrontation with Iran and
his decision to withdraw some
forces from Syria. Though Mr.
Trump has vowed to disen-
gage from the Middle East, he
has sent thousands of addi-
tional soldiers to the region.
U.S. forces were last sta-
tioned at the base in 2003,
more than a decade after the
U.S. sent more than a half mil-
lion American troops to pro-
tect the kingdom following
Saddam Hussein’s invasion of
Kuwait in 1990. Osama bin
Laden, who opposed the de-
ployment of U.S. soldiers in
the country that hosts Islam’s
two holiest sites, launched a
EGYPT
Reviled and Loved,
Mubarak Is Buried
Egypt held a full-honors mili-
tary funeral for the autocratic
former President Hosni Mubarak,
who ruled for nearly three de-
cades before he was ousted in
the 2011 Arab Spring uprising
that swept much of the region.
The funeral, replete with can-
non fire and a horse-drawn car-
riage carrying his coffin, high-
lighted the wartime
achievements of Mr. Mubarak. It
comes as part of a government
effort to make his military career
his legacy, rather than his time in
office.
Egypt’s current President Ab-
del Fattah Al Sisi attended
briefly, offering condolences and
shaking hands with Mr. Muba-
rak’s two sons, Alaa and Gamal,
and his wife, Suzanne.
Mr. Mubarak’s body was later
placed in a tomb a few miles
away at his family’s cemetery in
Heliopolis, an upscale Cairo dis-
trict that was his home for most
of his rule and where he lived
quietly until his death.
Mr. Mubarak, who held on to
the presidency for nearly 30
years, carried out a brutal cam-
paign against Islamist militants,
but also allowed for minimal po-
litical dissent from his opponents.
Under his rule, Egypt’s secu-
rity branches grew into formida-
Canada Warns Freight-Rail Delays Could Last Many Weeks
BY PAUL VIEIRA
OTTAWA—Canada’s Trans-
port Minister said Wednesday
the country was “many, many
weeks” away from a return to
normal for freight-rail traffic,
after police this week disman-
tled a blockade that had
choked off shipments from
east to west.
Marc Garneau told report-
ers in Ottawa the blockade, set
up in an indigenous commu-
nity roughly 120 miles east of
Toronto, has “definitely
slowed things down” and
warned consequences may not
be realized for months. The
blockade affected the main
east-west corridor operated by
Canadian National Railway
Co., the country’s largest rail-
road.
The effects of the blockades
“are going to be felt for weeks
to come,” Mr. Garneau said.
“There is an inertia in the sys-
Americans have returned to the Prince Sultan Air Base in Saudi Arabia for the first time in nearly 17 years. They left in 2003 after leading Saddam Hussein’s ouster in Iraq.
campaign of attacks on gov-
ernment and Western targets
in the kingdom. In 1996, a
bombing at a housing complex
killed 19 members of the U.S.
Air Force. Although American
authorities later blamed the
attack on Iran, bin Laden
praised it at the time.
The U.S. withdrew most of
its forces from Saudi Arabia
after the U.S.-led invasion of
Iraq ousted Saddam Hussein,
closing a fraught chapter in
American-Saudi relations. The
U.S. moved its regional center
of gravity to neighboring Qa-
tar, much to the relief of Saudi
leaders who were freed from
the burden of hosting an un-
popular foreign military force.
“Their presence there over
the last 12 years has been a
source of enormous difficulty
for a friendly govern-
ment,” Deputy Secretary of
Defense Paul Wolfowitz said
at the time of the withdrawal,
according to an interview with
Vanity Fair magazine. “It’s
been a huge recruiting device
for al Qaeda.”
Supporters of former President Hosni Mubarak gathered near the cemetery where he was buried.
ble forces with little civilian over-
sight, known for their human-
rights violations. And although he
oversaw an opening of the coun-
try’s economy, much of the popu-
lation slid further into poverty
during his time in office.
Holding the funeral with full
military honors for the deposed
leader stirred up controversy
with many Egyptians on social
media, who pointed to his convic-
tion on corruption charges after
his overthrow.
Nonetheless, the former presi-
tem. There have been compa-
nies that have virtually
stopped their operations.
There are 50 ships on the Pa-
cific Coast waiting to pick up
grain.”
The Ontario Provincial Po-
lice moved Monday to disman-
tle a blockade led by indige-
nous anti-pipeline protesters
that lasted for more than two
weeks, and threatens to weigh
markedly on growth in the
first quarter.
The blockade was estab-
lished in solidarity with some
indigenous leaders opposed to
the construction of a natural-
gas pipeline in British Colum-
bia, Canada’s most-western
province. Another blockade re-
mains in place near Montreal
on indigenous territory, on
track owned by Canadian Pa-
cific Railway.
Canadian Pacific said
Wednesday it has obtained a
court order in Quebec to have
WORLD NEWS
That relief recently turned
to concern about being with-
out the Americans.
Central to the American
forces’ mission now in Saudi
Arabia is to prevent a repeat
of attacks from Iran, such as
the missile and drone strike in
September 2019 on Saudi oil
facilities that temporarily
crippled the kingdom’s petro-
leum production, threatening
global supplies. U.S. and Saudi
officials blamed Iran for the
attack. The Iranian govern-
ment has denied involvement.
The attack, which involved
both drones and cruise mis-
siles, simultaneously struck
the Abqaiq and Khurais facili-
ties in eastern Saudi Arabia.
U.S. defense officials now
say they have shored up Saudi
air defenses to the extent that
they could prevent an air-
strike like the one in Septem-
ber, thanks in part to the de-
ployment of four American
Patriot missile batteries, in-
cluding two stationed at
Prince Sultan. Defense offi-
cials acknowledge Patriot mis-
WORLD WATCH
dent still enjoys a degree of pop-
ularity among many Egyptians,
who have painted him as a pa-
ternal figure.
At the height of the 2011 up-
rising, his supporters would
sometimes violently clash with
pro-democracy protesters.
On Wednesday, a few dozen
supporters gathered at a mosque
in Cairo where his body was
brought for the funeral, and
chanted, “Gamal, tell your father,
100 million say goodbye!”
—Associated Press
A Canadian National Railway train Wednesday plowed through
wooden pallets laid down by opponents of a natural-gas pipeline.
the blockade removed. The
blockade “has severed vital
rail connections and severely
impacted CP’s operations, cus-
tomers and the broader econ-
omy,” a spokesman said.
THE WALL STREET JOURNAL.
siles, which cost millions of ing United Arab Emirates.
dollars, are an expensive tool Other personnel at the base
to parry cheaper cruise mis- have been sent here after
siles or drones. moving out of Syria.
Patriots are designed to The U.S. return suggests
counter highflying ballistic the Saudi leadership is confi-
missiles, rather than the dent it can avoid a repeat of
lower-flying cruise missiles the extremism that flared last
and drones used in the Sep- time it hosted American
tember strike on Saudi oil in- forces.
A government campaign
against al Qaeda networks in-
cluded placing thousands of
About 2,500 troops people in a deradicalization
staff a base near program.
Crown Prince Mohammed
Riyadh despite a bin Salman has also sought to
history of opposition. introduce social change, like
granting women the right to
drive, even as his government
has arrested activists who
stallations. In the 1991 Gulf campaigned for that right.
war, the U.S. sent the air-de- He has allowed the intro-
fense batteries to the king- duction of movie theaters and
dom, where they struggled to brought in Western entertain-
shoot down Iraq’s Scud mis- ment ranging from Mariah
siles. Carey to professional wres-
An F-15 squadron stationed tling matches—all in an at-
at the base—and now flying tempt to change cultural
missions against Islamic State norms and project a more
over Iraq and Syria—has been modern image of his country.
moved in from the neighbor- The crown prince’s govern-
with his police partner when he
was stabbed 11 times and left
bleeding on a street near the
Americans’ hotel on July 26,
2019.
Prosecutors have alleged
that Finnegan Lee Elder, now
20 years old, thrust a 7-inch
attack-style knife repeatedly
into the police officer, while Ga-
briel Natale-Hjorth, now 19,
scuffled nearby with the part-
ner, Andrea Varriale, who was
slightly injured.
Under Italian law, accom-
NARIMAN EL-MOFTY/ASSOCIATED PRESS
plices to an alleged murderer
can also be charged with the
murder itself. In addition to the
murder charge, both defen-
dants are also charged with at-
tempted extortion related to a
drug deal gone bad, and resist-
ing public officials.
On Wednesday, both were in
court, where the first hearing
dealt largely with procedural
matters. Both have said they
ITALY thought they were being at-
tacked and acted in self-de-
Americans Stand Trial fense.
In Officer’s Killing Mr. Elder’s lawyers and fam-
ily members have quoted the
After months in a Rome jail, man as saying that he had mis-
a pair of boyhood friends from taken the officers for a pair of
California went on trial, ac- common criminals and that he
cused of murdering an Italian was fighting for his life.
policeman during a summer va- Conviction for murder in It-
cation in Italy. aly can bring a sentence as
The Carabinieri paramilitary high as a life sentence. The
officer, Deputy Brig. Mario Cer- country doesn’t have the death
ciello Rega, was unarmed and penalty.
on plainclothes assignment —Associated Press
ronto. The blockades later dis-
sipated.
Economists on Wednesday
said the blockades’ effects
would subtract from growth in
the first quarter of 2020, cit-
ing data that indicated a sharp
7.4% decline in Canadian
freight-rail traffic in February
compared with the previous
month. One economist, Derek
Holt of Bank of Nova Scotia,
predicted the Bank of Canada
would cut its main interest
ALEX FILIPE/REUTERS
rate next week because of the
damage from the rail block-
ades and the coronavirus epi-
demic.
On Wednesday, a video
posted on Facebook by a me-
dia outlet affiliated with pro-
testers showed demonstrators
Anti-pipeline protesters on on the tracks, one carrying a
Tuesday launched additional gas can, and refusing to move
temporary rail blockades as a Canadian National Rail-
across the country affecting, way train approached. The
among others, commuter-rail protesters left the track with
traffic serving suburban To- seconds to spare before the
IMAN AL-DABBAGH FOR THE WALL STREET JOURNAL
ment has also arrested numer-
ous people identified with the
conservative religious estab-
lishment. It has used the fight
against extremism to arrest
mainstream critics of the gov-
ernment, including religious
leaders who advocated for re-
form and opposed radicalism.
Still, anti-American senti-
ments are far from extinct in
Saudi Arabia.
The government has said
little about the American de-
ployment beyond short official
statements announcing the
soldiers’ arrival last year.
How long they stay will de-
pend on factors ranging from
political decisions in Washing-
ton to the military’s estima-
tions of its need to project
force around the region.
“The Kingdom of Saudi Ara-
bia of today is very different
than it was 20 years ago,” said
Gen. Walker. “The policies and
the society have changed for
the better.”
—Donna Abdulaziz in
Jeddah, Saudi Arabia,
contributed to this article.
SPAIN
Madrid Opens Talks
With Catalonia
Spain’s prime minister and
the leader of Catalonia are open-
ing formal talks in hopes of re-
solving the festering political cri-
sis provoked by the region’s
separatist movement.
Prime Minister Pedro Sánchez
and members of his government
are hosting Catalan regional
chief Quim Torra and his delega-
tion in Madrid’s Moncloa Palace,
the seat of Spain’s government.
Mr. Sánchez greeted Mr. Torra
in the gardens outside the pal-
ace where the two leaders ap-
peared to chat amiably.
No major breakthrough is ex-
pected given the political abyss
separating the two sides.
Mr. Torra has said he would
repeat his demands for Catalo-
nia to be allowed to hold a ref-
erendum on independence and
for the release of nine separatist
leaders who are serving prison
sentences for their role in an il-
legal 2017 secession attempt.
Mr. Sánchez has said his gov-
ernment won’t consider an inde-
pendence vote and instead will
focus on improving relations be-
tween Spain and the region.
Polls and a recent election in-
dicate roughly 50% of the 7.5
million residents of northeastern
Catalonia favor secession.
—Associated Press
train would have struck the in-
dividuals, with at least one
throwing debris. Police offi-
cers stood on the other side of
the tracks and watched.
Another video, broadcast by
Canada’s CTV News, showed a
wooden pallet burning next to
the tracks as the train passed,
with one protester pouring gas
on the tracks.
Mr. Garneau described what
the protesters did Wednesday
as “an extremely reckless act.”
He added what transpired
could have become a danger-
ous situation had the train
been carrying dangerous
goods.
Representatives for Cana-
dian National—which owns
the track subject to the block-
ade east of Toronto—didn’t re-
spond to questions about the
dangers posed by protesters,
or to comments from Mr. Gar-
neau about when rail-freight
traffic returned to normal.
THE WALL STREET JOURNAL. Thursday, February 27, 2020 | A9

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A10 | Thursday, February 27, 2020
City Shifts
To Home
Schooling
Continued from Page One
who still goes to the office,
helps with homework after he
gets home and sometimes
works on the apartment’s bal-
cony. Ms. Taylor has struggled
to help her kids with fractions
and long-division problems—“I
only vaguely remember doing
that at school”—and has caught
them watching videos on You-
Tube during lesson time. Re-
cently, the twins’ teachers
stopped classroom-wide Google
Hangouts and moved to smaller
online class groups.
Teresa Liu’s 3-year-old son
Zachary started online classes
this month. In video meetings,
his preschool teachers told sto-
ries in English, Mandarin and
Cantonese and talked about the
importance of wearing masks
and washing their hands.
Zachary paid attention for
the first few minutes, but when
teachers asked questions to
other children, he lost interest
and left his seat to climb on
chairs and the table.
“He’s pretty active,” said Ms.
Liu, adding that her family’s
domestic helper had to chase
him around to try to sit him in
front of the teacher on the
computer screen. Ms. Liu said
they intend to stick with the
online lessons so he stays con-
nected with his school and
teachers.
SoftBank
Sabotage
Campaign
Continued from Page One
those behind it. SoftBank will be
reviewing the inferences made
by The Wall Street Journal.”
Mr. Misra teamed with an
Italian businessman who had
worked with private intelli-
gence operatives and computer
hackers, according to people
with knowledge of his past. At
the outset in 2015, Mr. Misra
paid the businessman, Ales-
sandro Benedetti, $500,000, ac-
cording to an email sent by Mr.
Misra and to people familiar
with the payment instructions.
Several people said Mr. Misra
or Mr. Benedetti told associates
millions more followed.
A spokesman for Mr. Misra
said he denied paying for any
campaign and said that the
$500,000 transfer was for an
oil investment.
Mr. Benedetti is upset he
hasn’t received compensation
he believes he was promised,
according to the people familiar
with the matter. They said Mr.
Benedetti expected Mr. Misra to
name him a senior executive at
the Vision Fund in London. No
job ever materialized.
What lay behind the criti-
cisms of Messrs. Arora and
Sama has long been murky.
Open shareholder letters called
on SoftBank to investigate the
men’s business dealings. Jour-
nalists received screenshots of
their private banking records.
Complaints about the two were
filed to U.S. and Indian finan-
cial regulators. Both men have
denied any wrongdoing.
The Journal reported on the
campaign against the men in
May 2017. About a year later, a
second Journal article revealed
Mr. Benedetti’s involvement. It
said SoftBank had instructed
law firm Shearman & Sterling
LLP to lead an investigation of
the campaign and any possible
connections between Mr. Bene-
detti and a SoftBank insider.
SoftBank ended the investiga-
tion in 2019 without getting to
the bottom of the matter.
Meanwhile, in early 2018 a
law firm working for Mr.
Misra’s group at SoftBank, Paul,
Weiss, Rifkind, Wharton & Gar-
rison LLP, hired a private inves-
tigator, who told a Journal re-
porter the campaign was
probably the work of a com-
pany SoftBank invested in. The
Journal couldn’t verify that and
didn’t publish it.
This account is based on in-
terviews with people familiar
with the campaign, including
some close to Messrs. Misra or
Benedetti, as well as on docu-
ments that show Mr. Misra pro-
vided information and funding.
Mr. Benedetti declined to
comment. Two years ago, his
lawyer said that Mr. Benedetti
denied having “mandated or
been party to any campaign”
against SoftBank executives.
THE WALL STREET JOURNAL.
FROM PAGE ONE
form live demonstrations of
science experiments shown on
camera, while kindergartners
have to make recordings of
themselves reading words. “It’s
as compulsory as a given regu-
lar school day is,” said Chris-
tine Greenberg, its prep and
primary school principal.
Tarana Shah, who works full
time at a French investment
bank, said she has been spend-
ing a large part of her non-
working hours helping her 6-
year-old daughter Isha finish
assigned school work. One
weekend, they assembled a 12-
page book titled “How To Take
Care Of A Cocker Spaniel.”
“It’s so exhausting because
that is all we were doing
ANTHONY KWAN FOR THE WALL STREET JOURNAL
through the day,” said Ms.
Shah, who spends part of her
lunch breaks printing out work-
sheets for her daughter.
She uses a spreadsheet to
keep track of assignments and
submissions to teachers, but
she’s trying not to worry if a
few things fall through the
cracks. “I realized that she’s six,
it’s OK if she learns five things
less than the other kids in her
class,” she said.
Twins Isabella and Max Crowe, 10, worked on school assignments as their father worked on a balcony at home in Hong Kong. Ms. Taylor, who has been
trying to juggle working at
Hong Kong, a densely popu- press briefing, they demon- parents group has posts from closed some schools. home and online schooling, de-
lated city with 7.5 million peo- strated virtual learning plat- people worrying about children International schools in cided to send her 10-year-old
ple, has so far reported 91 con- forms to help convince the pub- falling behind on important Hong Kong, where fees gener- twins to Chicago to stay with
firmed coronavirus cases. lic that they could be effective exam prep, complaining about ally range between $10,000 and her in-laws, to break the bore-
Following a week-long Lunar alternatives to school. balancing full-time jobs with $22,000 a year, have been espe- dom of being stuck at home.
New Year holiday, the govern- Principals and teachers are supervising schoolwork or just cially active online. She worries the children could
ment closed all schools starting using different modes, including missing having their kids out of At the Harbour School, an have fallen behind when school
Feb. 3 and said they won’t re- online learning, to help students the house for most of the day. American international school, eventually reopens. “There will
open until it is safe for stu- continue studies at home and In mainland China, schools students are required to keep be all these other kids who
dents to congregate again. The have achieved the goal of “sus- were on holiday until mid-Feb- up with virtual lessons that fol- have that two or three months
earliest date schools could re- pending classes without sus- ruary but now those closures low regular class timetables. of incredibly intensive home
open is April 20. City education pending learning,” said Secre- have been extended and some Second-graders have to write schooling,” she said.
officials have advised schools tary for Education Kevin Yeung. are experimenting with online multipage lab reports after —Jing Yang contributed to
to embrace online learning. In a On Facebook, a Hong Kong learning. South Korea has also watching their teachers per- this article.
“Mr. West.”
In September 2015, Mr. Gian-
nakopoulos, who goes by Nico,
They said he was frustrated
when Mr. Misra identified Mr.
Sama as another obstacle in his
contacted a freelance reporter
to pitch a story about a trou-
bled telecom deal Mr. Arora
path. Mr. Sama’s profile rose
higher in July 2016 when he
helped Mr. Son negotiate to buy
played a part in. Reporter Mark
Hollingsworth took the story to
The Independent, a British
Arm Holdings for £24.3 billion.
Mr. Misra had all but given
up, and was planning to leave
newspaper. An email about this SoftBank himself, in mid-2016
arrangement suggested the re- shortly before Mr. Arora re-
porter would be paid if the signed. Then, discussions about
story was published. the planned Vision Fund invest-
“The Independent is not a ment initiative heated up. After
high quality newspaper so I’ve SoftBank unveiled the fund in
DAVID PAUL MORRIS/BLOOMBERG NEWS
asked Nico only to offer a suc- October 2016, Mr. Misra was
cess fee,” David Robertson, named as the person oversee-
then a K2 employee working on ing the project.
the campaign, wrote in an Mr. Sama was proving a hin-
email to several people. drance, questioning Mr. Misra’s
The Independent published strategies to add debt to the Vi-
the article October 2015. Mr. sion Fund. Mr. Giannakopoulos
Hollingsworth said the notion swung back into action with
he received a success fee was more letters, some directly to
“completely and utterly false.” Vision Fund investors.
A spokeswoman for The In- In addition, Mr. Misra asked
dependent said it expects jour- two businessmen in India to
nalists to adhere to “all appli- submit a complaint about Mr.
cable bribery and corruption Sama to a government regula-
laws.” tor, according to people famil-
A spokeswoman for K2 said iar with the conversations.
CHRIS RATCLIFFE/BLOOMBERG NEWS
the firm doesn’t discuss clients Investors discussing putting
or client matters. Powerscourt’s money into the Vision Fund
CEO said the same. raised questions about Mr.
At SoftBank, the article and Sama with SoftBank in spring
others that resulted were 2017, the Journal previously re-
mostly seen as noise, people fa- ported, for a time preventing
miliar with the internal reac- Mr. Sama from further work on
tion said. By November 2015, the Vision Fund.
Mr. Benedetti was trying a new At Mr. Misra’s direction, the
tack: a shareholder campaign. Vision Fund soon was splashing
KAZUHIRO NOGI/AGENCE FRANCE-PRESSE/GETTY IMAGES
He asked law firm Susman God- out—investing $500 million to
frey LLP to represent him as an $3 billion at a time on dozens
investor making claims about of startups in artificial intelli-
SoftBank, Mr. Arora and others, gence, transportation, real es-
emails show. tate and health care.
The law firm declined to Mr. Misra tried to open a
OLEKSANDR SYNYTSYA/UNIAN
take the work, and Mr. Bene- door that could lead Mr. Bene-
detti went to Boies Schiller detti to deals or employment.
Flexner LLP. Mr. Benedetti ar- In a June 2017 email, Mr. Misra
ranged for Mr. Giannakopoulos introduced Mr. Benedetti to Mi-
to be the shareholder nominally chael Klein, a former Citigroup
behind the claims, but stayed banker with a thick Rolodex
closely involved, according to across Europe and the Middle
people familiar with the events. East. Mr. Klein was a banker
Clockwise from top: SoftBank’s Rajeev Misra; former executive Nikesh Arora, left, with founder In January 2016, a Boies Mr. Misra would soon bring on
Masayoshi Son; businessman Alessandro Benedetti; and Alok Sama, also an ex-SoftBank executive. Schiller lawyer sent a public to advise SoftBank on its pur-
letter questioning Mr. Arora’s chase of Uber shares and other
Messrs. Arora and Sama de- said. According to these people, the so-called honey trap, in investments in Indian startups potential deals, eventually pay-
clined to comment. Messrs. Misra and Benedetti which one or more women and asking for an investigation ing him $6 million in fees.
The campaign took shape in got together in London in early would lure Mr. Arora to a hotel of alleged conflicts of interest. “Michael look forward to
January 2015, when Mr. Misra, 2015, and Mr. Benedetti quickly room rigged with cameras in an Mr. Arora’s “past conduct also seeing you tomorrow. I want to
once a top banker at Deutsche agreed to participate in an ef- attempt to obtain compromis- demonstrates his willingness to introduce you to mr. benedetti
Bank AG and UBS Group AG, fort to weaken Mr. Arora’s posi- ing images, people familiar put his personal interests—and as a partner,” Mr. Misra wrote.
had been at SoftBank for only a tion at SoftBank. with the effort said. those of his partners—above Mr. Misra later urged Mr.
few months. Mr. Son hired him The people said that Mr. The mission failed: Mr. those of the companies that Klein to hire Mr. Benedetti to
to play a role ironing out Soft- Benedetti gave Mr. Misra a spe- Arora didn’t fall for the ploy. have employed him as a senior represent his firm M. Klein &
Bank’s finances. Mr. Son had cial cellphone to use for calls Around that time, Mr. Bene- executive,” the letter said. Co. in Europe, said people fa-
also poached Mr. Arora from a about the plan, and that the detti hired K2 Intelligence LLC, More letters followed miliar with their discussions. In
plum perch at Google and had two sometimes met at London’s a private intelligence firm, to throughout 2016 from Boies November 2017, the three of
given him a big job. Bulgari Hotel. investigate Messrs. Arora and Schiller and a law firm that them met at the Hotel Baur au
Mr. Misra and Mr. Arora of- How Mr. Benedetti would be Sama and disseminate findings succeeded it, prompting Soft- Lac in Zurich. The following
ten rubbed each other the compensated was left vague, to the media, according to Bank’s board to launch an in- fall, Mr. Benedetti pitched Mr.
wrong way. Mr. Arora, based in but he developed the impres- emails and people familiar with vestigation into Mr. Arora, Klein on a series of telecom ac-
San Francisco and commuting sion he would receive a cut of the hiring. He also recruited a which found the allegations to quisitions. He also asked Mr.
to Tokyo, could be direct and Mr. Misra’s earnings at Soft- Swiss private intelligence oper- be false. Over time, critical Klein to provide his son with
sometimes abrasive, and he Bank and could be made an ex- ative, Nicolas Giannakopoulos, shareholder letters began to fo- business contacts and advice.
consolidated power fast, upset- ecutive at the firm if Mr. Arora to work on the campaign. cus on Mr. Sama as well. “M. Klein & Co. has never
ting Japanese executives who was neutralized, said people Mr. Giannakopoulos distrib- In June 2016, Mr. Arora re- had any business relationship
had long held the reins. familiar with discussions Mr. uted to journalists screenshots signed from SoftBank. He said or financial dealings with Ales-
Mr. Misra, in London, worked Benedetti had with associates. of Mr. Arora’s and Mr. Sama’s he made the decision after Mr. sandro Benedetti,” a spokes-
from offices of SoftBank-con- In April 2015, Mr. Misra sent private banking records and Son chose not to give up his woman for Mr. Klein said.
trolled Sprint, far from the core $500,000 from his account at emails, according to messages CEO post. Messrs. Son and Mr. Benedetti felt short-
decision makers. Mr. Arora op- Standard Chartered Bank to reviewed by the Journal. Mr. Arora had begun to disagree on changed. In recent months, his
posed a proposed investment in Barkmere Group Ltd., a British Giannakopoulos didn’t respond investments, said people famil- relationship with Mr. Misra has
an Indian entertainment firm Virgin Islands company con- to requests for comment. iar with the internal dynamics. deteriorated. Associates of the
that was one of the first deals trolled by Mr. Benedetti, ac- K2 hired a London public-re- Mr. Benedetti saw the resig- Italian businessman said he has
Mr. Misra championed. cording to documents reviewed lations firm, Powerscourt nation as vindication of his told them he recorded conver-
A French banker named Ber- by the Journal. People familiar Group, to try to get K2’s find- strategy and expected Mr. sations in which Mr. Misra de-
trand des Pallieres, who knew with the transaction said it was ings and information provided Misra to pay him with a cut of tailed his plans to weaken his
both Mr. Misra and Mr. Bene- for initial campaign expenses. by Mr. Benedetti into the press. deals and a job, according to SoftBank rivals.
detti, suggested the two meet, That month, Mr. Benedetti The operatives often referred people aware of his discussions —Alex Frangos contributed to
people familiar with the events sent a team to Tokyo to set up to Mr. Arora by a code name, with associates at the time. this article.
THE WALL STREET JOURNAL.
New York
Gears Up
To Fight
Virus
BY KATIE HONAN
AND JIMMY VIELKIND
New York City Mayor Bill
de Blasio called on the federal
government Wednesday to ex-
pand the testing for coronavi-
rus to travelers beyond China,
saying an increased vigilance
is needed to stop the spread of
the disease.
There haven’t been any
confirmed cases of coronavi-
rus in New York, but health of-
ficials have been on “high
alert” since January.
The federal Centers for Dis-
ease Control and Prevention
said Tuesday that it expects a
wider spread of the virus
throughout the U.S. and is pre-
paring for a potential pandemic.
During a news conference
on the city’s preparedness, Mr.
de Blasio said the federal gov-
ernment should expand the
protocol to test travelers from
any country that has seen a
surge in cases, including Hong
Kong, Iran, Italy, Japan, Singa-
pore, South Korea, Taiwan and
Thailand.
Roughly 19,000 passengers
who have traveled in China
within 14 days have been
screened at John F. Kennedy
International Airport since
Jan. 17, according to John
Bilich, chief security officer
for the Port Authority of New
York and New Jersey, which
runs the airport.
Both New York City and
state officials asked the fed-
eral government to allow their
labs to join with the CDC in
testing for the virus.
‘We have the greatest
public-health
capacity anywhere
in this country.’
“We don’t have the authori-
zation to do the test here, we
have to rely on the CDC,” said
Oxiris Barbot, the city’s health
commissioner.
The city initially received
permission to run the test, but
there are issues concerning the
final step of the process, Dr. Bar-
bot said. The testing process has
been in a “silo,” the mayor said.
At a separate news confer-
ence, Gov. Andrew Cuomo said
he is seeking an emergency ap-
propriation of an additional
$40 million for the state’s De-
partment of Health to use for
equipment and personnel. He
deferred to the federal govern-
ment as to whether more trav-
elers should be tested.
Across New York, 27 people
have been tested for coronavi-
rus, state officials said
Wednesday. Almost all of those
patients were deemed not to be
infected, with one test pending.
Still, Messrs. Cuomo and de
Blasio have said that a patient
with coronavirus likely could ap-
pear in New York given the large
number of international arrivals.
“We’re preparing, but this
situation is not a situation that
should cause undue fear among
people,” Mr. Cuomo said. “Yes,
it is a serious illness, has a
higher mortality rate than the
flu, etcetera, but not like Ebola.”
The city has distributed 1.5
million protective face masks,
mostly to health-care profes-
sions. Officials have requested
300,000 additional masks, and
have asked the federal govern-
ment to step in to expedite the
production of masks.
“We have the greatest pub-
lic-health capacity anywhere
in this country, and we’re us-
ing it,” Mr. de Blasio said.
* *
GREATER NEW YORK
Rent-Regulated Sales Plummet
The value of buildings
with at least one such
apartment dropped by
more than $4.1 billion
BY JOSH BARBANEL
A new rent law that gives
New York City tenants greater
protection has triggered a
multibillion-dollar plunge in
the sale of regulated-rental
apartment buildings, accord-
ing to data collected by a
group representing landlords.
In its latest report on invest-
ment sales released Wednes-
day, the Real Estate Board of
New York for the first time
provided a breakout of data on
rent-regulated buildings. It
found that the number of
transactions for such buildings
fell by more than half since the
law took effect in June.
The value of sales for build-
ings with at least one rent-reg-
ulated apartment dropped by
more than $4.1 billion in the
second half of 2019 compared
with the same period the year
before, the report said.
The new law blocked land-
lords from removing apart-
ments from rent regulation in
most cases or rapidly raising
Victims of 1993 World Trade Center Bombing Remembered
SAD ANNIVERSARY: Roses were placed over the names of the victims of the World Trade Center bombing during a ceremony Wednesday at the 9/11 Memorial in
lower Manhattan. Six people were killed and more than 1,000 injured when a truck bomb exploded in an underground parking garage on Feb. 26, 1993.
MTA Board Member Questions Fare Increases
BY PAUL BERGER
New York’s subway, bus and
commuter rail fares shouldn’t
automatically increase every
two years, according to an in-
fluential member of the Met-
ropolitan Transportation Au-
thority’s board.
Lawrence Schwartz, an ally
of Gov. Andrew Cuomo, said at
a board meeting Wednesday
that he plans to form a work-
ing group to explore alterna-
tive ways of raising revenue.
The MTA, which runs New
York City’s subway and buses,
Long Island Rail Road and
Metro-North Railroad and nine
NY
rents. As a result, investors
looking for short-term turn-
arounds, after legally raising
rents, fled the market and
building values fell, landlords
and brokers said.
Until the new law passed,
landlords could make improve-
ments to rent-regulated apart-
ments to raise rents. When the
rent exceeded a certain thresh-
old on vacant apartments,
rents on those units were no
longer regulated. As soon as
the law took effect, permit ap-
plications from landlords for
renovations fell sharply.
A number of investment re-
ports have noted an overall de-
cline in residential investment
sales within months after the
law was passed and took effect
in June. The REBNY report is
an early effort to systemati-
cally track what is happening
to building values in rent-regu-
lated apartments since the law
took effect. It found that for
larger regulated build-
ings, those with 11 or more
apartments, the value of all
sales fell by 78% in the second
half of last year across the city
compared with the same period
in 2018. The number of trans-
actions declined from 231 to 88.
The total value of transac-
tions in these larger rent-regu-
bridges and tunnels, began a
program of biennial fare and
toll increases a decade ago.
The authority designs the
hikes to raise fare and toll rev-
enue by about 4% every two
years. The next increase is
scheduled for 2021.
During the last fare in-
crease, in 2019, the authority
kept the base subway and bus
fare at $2.75, but eliminated
the 5% bonus on MetroCard
purchases of at least $5.50
and raised monthly Metro-
Cards to $127 from $121.
Monthly fares on the com-
muter railroads, which cost
hundreds of dollars, went up by
Total paid for rent-regulated
buildings with more than
10 apartments
Second half 2018
Second half 2019
$2.66 billion
Manhattan
0.52
0.44
Bronx
0.22
0.62
Brooklyn
0.25
0.98
Queens
0.04
Source: Real Estate Board of New York
lated buildings fell by 81% in
Manhattan. In Queens, they
plunged 96%, from $979 mil-
lion in sales in 18 transactions
in the second half of 2018 to
$39 million in sales in seven
transactions in the same pe-
riod last year, the report said.
Behind the scenes, building
owners tell of dramatic cuts in
property prices, which are
down about 30% to 50% from
the peak a year or two ago,
with few buyers stepping up to
3.85%, up to a maximum of $15.
Mr. Schwartz, speaking at
Wednesday’s meeting, said the
agency owes it to riders to
demonstrate that it has ex-
plored other means of raising
revenue without automatically
increasing fares. At an MTA
meeting earlier this week, he
cited the millions of tourists
who visit New York City and
wondered whether the state
could implement a surcharge
on Airbnb Inc. rentals that
could be used to freeze fares.
A spokeswoman for the
home-sharing company said
Airbnb would welcome the
ability to collect and remit
Thursday, February 27, 2020 | A10A
bid. A provision of the new law
allows tenants to look back a
decade or more to challenge old
rent errors. It is driving away
some potential buyers worried
about assuming unknown fu-
ture liabilities, landlords say.
James Whelan, the presi-
dent of REBNY, said that the
decline in rent-regulated sales
since the new law passed re-
sulted in a $136 million drop
in city revenue from real-es-
tate transfer taxes.
“This new analysis is a
clear indication that new rent
laws will result in less tax rev-
enue for New York City and
state,” he said. “This report is
a sign that it will be increas-
ingly more difficult to pay for
vital government services.”
State Sen. Brad Hoylman, a
Manhattan Democrat who
sponsored the new law, said
policy makers should be moni-
toring the trends in the sales
of rental buildings. But he is
focused on what he said was
an 18% drop in evictions since
the law passed. “The human
cost of evictions is stagger-
ing,” he said, “contributing to
the homeless crisis we are
witnessing across the city.”
At the request of The Wall
Street Journal, Ariel Property
Advisors, a brokerage, consult-
taxes to the state.
Danny Pearlstein, a spokes-
man for advocacy group Riders
Alliance, said in an interview
that mass transit must be afford-
able. “I think it’s important that
the governor looks for money for
the MTA everywhere,” he said.
MTA Chairman Patrick Foye
said after Wednesday’s meet-
ing it was premature to dis-
cuss what, if any, changes the
MTA could make to its fare
structures. He said the forma-
tion of a group to reconsider
fares is a good idea.
Neal Zuckerman, an MTA
board member who represents
Putnam County, has told Mr.
ing and real-estate-services
company, provided data con-
firming the extreme findings
of the REBNY report. It looked
at buildings with more than 10
units, with at least half the
units in rent regulation. The
data showed that the value of
sales had plummeted 83% dur-
ing the second half of 2019
across the city compared with
the same period of 2018, while
transactions fell 65%.
Shimon Shkury, president of
Ariel Property Advisors, said
the law forces a change in buy-
ers’ business plans from “value
add,” in which they increase the
value of the building over three
to five years and then consider
selling, to looking for “cash re-
turn over a long-term horizon.”
Although there have been
several large deals in which
sale prices were significantly
below the asking prices, the
slowdown in sales mostly has
masked the effect of falling
values because so few proper-
ties sold, Mr. Shkury said.
Many long-term owners are
continuing to hold onto resi-
dential rental buildings, but
landlords say they have re-
duced their investments in
apartment improvements be-
cause there is no longer an in-
centive for them.
JOHN MINCHILLO/ASSOCIATED PRESS
Schwartz that he would like to
join a fares-focused working
group. In an interview, Mr.
Zuckerman said he would like to
see the commuter railroads con-
sider implementing a flat fare
like the one used on the subway
and bus systems. Because of the
MTA’s current distance-based
fares on commuter rail, some
riders who live farther out pay
several hundred dollars more
for a monthly ticket.
The MTA chief financial offi-
cer told board members the au-
thority can balance its budget
this year if it cuts its 70,000-
plus workforce by 1,900 posi-
tions by the end of December.
 A10B | Thursday, February 27, 2020
AGATON STROM FOR THE WALL STREET JOURNAL (2)
NYU Langone Hospital-Brooklyn overhauled its labor-and-delivery unit. Below, Dr. George Fernaine, chief of cardiology, at work.
A Hospital Grows in Brooklyn:
Inside NYU Langone’s Expansion
BY MELANIE GRAYCE WEST
It has taken three years and
more than $350 million for
NYU Langone Health to break
even with its satellite hospital
in Sunset Park, Brooklyn. Now,
the health system is ready to
expand there, with a new, $650
million patient-room tower.
During the past decade and
more, New York’s larger, elite
health systems moved into
Brooklyn, Westchester County
and elsewhere to expand their
footprints and attract new pa-
tients. Many took on debt, the
aging buildings and boilers of
the safety-net hospitals some
of them absorbed and patients
who rely heavily on Medicare
and Medicaid.
How and when these sys-
tems achieve a return on their
investment has been an open
question.
“When you have something
that’s been neglected, and you
start either making a little
money or at least breaking
even so that you can take on
some debt, we tend to do
that,” said Andrew Brotman,
NYU Langone’s senior vice
president and vice dean for
clinical affairs and strategy.
NYU Langone Hospital-
Brooklyn faces some of the
same headwinds of other hos-
pitals in the area.
Some 95% of its patients
are on Medicare and Medicaid,
and the hospital receives reim-
bursements that don’t fully
cover the cost of care.
Gov. Andrew Cuomo warned
earlier this week that health-
care systems in New York will
face some $8 billion in federal
cuts to Medicaid.
Experts have cautioned that
the safety-net hospitals in
Brooklyn and elsewhere that
merged with larger health sys-
tems might face the most se-
vere reductions, while academic
medical centers are spared.
For NYU Langone Brooklyn,
the cuts would be around $8
million, according to Mr.
Cuomo’s office.
“Clearly, these cuts will de-
crease the bottom line at NYU
Langone-Brooklyn,” said Dr.
Brotman. “We will do our best
to manage expenses without
damaging programs.”
NYU Langone and the then-
Brooklyn Lutheran Medical
Center began conversations
about working together more
than a dozen years ago, set-
tling on an affiliation in 2015.
NYU Langone was shopping for
a partner in Brooklyn because
so many of the patients for its
main hospital came from the
borough. At the time, Brooklyn
Lutheran was losing between
$10 million and $30 million a
year, according to Dr. Brotman.
Many other institutions in
NY
GREATER NEW YORK
the region were looking to ac-
ademic medical centers at that
time to be their bank and pay
for the creation of programs
for complicated medical proce-
dures that make up about 5%
of patient care, Dr. Brotman
said. NYU Langone, however,
wanted a partner that had a
large ambulatory footprint.
“Our philosophy is that’s
where the action is in terms of
developing a patient base,” Dr.
Brotman said.
To achieve the quality NYU
Langone desired, it has cost
about $70 million to $76 mil-
lion more in expenses annu-
ally, hospital officials esti-
mated. Even with that added
expense, the hospital breaks
even, Dr. Brotman said.
The added expenses went
to overhaul several compo-
nents of the hospital, includ-
ing a new electronic health-re-
cords system, and efforts to
improve billing.
The hospital eliminated
Brioni
most of the outsourced pro-
grams and itinerant doctors
and hired about 150 new staff
doctors. The hires included
neurologists and spine doc-
tors, which increased the num-
ber of those cases from 25 to
250 in two years.
A focus was put on emer-
gency department care, the
entry point for about half of
patients, said Bret Rudy, exec-
utive hospital director and se-
nior vice president of NYU
Langone Hospital-Brooklyn.
Before the partnership, about
25% of patients coming to the
Sunset Park emergency room
were admitted to the hospital.
Now it is 15% of patients, Dr.
Rudy said.
Overall there has been a 5%
to 7% increase in the number
of people using the hospital’s
emergency department, said
Dr. Rudy, and wait times to see
a provider have dropped to
about 13 minutes.
At the hospital, which is li-
censed for 444 beds, there has
been an overall 7% increase in
volume, said Dr. Rudy.
A new cancer facility was
opened, doubling the capacity
for cancer care. The system
hired more surgeons. An inte-
grated team for breast-cancer
care is now in place.
The hospital also over-
hauled its labor-and-delivery
unit, adding a 24/7 doctor fo-
cused solely on patient safety
and quality of care. The num-
ber of babies delivered has
gone from roughly 3,320 a
year to 4,300.
Still, said Dr. Brotman, some
patients have to be persuaded
that the care in Brooklyn is
comparable to Manhattan. “It’s
OK, you don’t have to go to
Manhattan. As a matter of fact,
sometimes it’s a zoo,” he said.
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* * THE WALL STREET JOURNAL.
Detective Says He
Misled Barnard Suspect
BY LESLIE BRODY
AND BEN CHAPMAN
A New York Police Depart-
ment detective who interro-
gated a 13-year-old charged in
the slaying of a Barnard Col-
lege student testified Wednes-
day that he misled the teen to
get information from him.
The comments came at a
pretrial hearing for the boy,
who is accused of a role in the
fatal stabbing of 18-year-old
Tessa Majors in Manhattan’s
Morningside Park on Dec. 11.
In state family court, de-
fense lawyer Hannah Kaplan
showed video clips from the
teen’s interrogation at Man-
hattan’s 26th Precinct by New
York Police Department Detec-
tive Wilfredo Acevedo the day
after the stabbing. The teen’s
uncle, who is his legal guard-
ian, was present, but the boy
had no lawyer.
Ms. Kaplan, a Legal Aid So-
ciety lawyer, sought to show
that, to get the teen to talk,
the detective misled him by
saying police already knew
more about the incident than
they actually did.
During the interrogation,
the detective told the teen that
he knew of surveillance video
from the park at the time of
the incident and knew what
clothing the teen was wearing.
On Wednesday, Detective
Acevedo testified he had no such
information at the time and ac-
knowledged misleading the boy.
The 13-year-old, one of
GREATER NEW YORK WATCH
NEW JERSEY
Driver Gets 10 Years
In Fatal Bus Crash
The driver of a school bus
that veered across Interstate 80
in New Jersey after missing an
exit and crashed into a dump
truck, killing a teacher and a stu-
dent and injuring dozens more,
was sentenced Wednesday to
10 years in prison.
Hudy Muldrow, 79 years old,
had pleaded guilty in December
to reckless vehicular homicide,
assault by auto and child endan-
germent in connection with the
May 2018 crash in Mount Olive.
The bus carrying students
and teachers from a Paramus
middle school merged onto the
highway and then headed across
three lanes toward a median
turnaround limited to official ve-
hicles. The impact of the crash
sheared the bus’s frame from its
wheelbase. Social studies
teacher Jennifer Williamson-Ken-
nedy, 51, and fifth-grade student
Miranda Vargas, 10, were killed.
Wednesday’s sentencing took
place in a courtroom packed
with the two victims’ friends
and relatives.
Mr. Muldrow apologized in a
brief statement to the court.
—Associated Press
THE
TO
EVENT
First and Second Floor
three boys arrested in the inci-
dent, was charged as a minor
with murder in the second de-
gree and robbery in the first
degree. He has denied the
charges through his attorneys.
The two other boys, both
14, have been charged with
murder as adults. They have
pleaded not guilty.
Police have said the teens
killed Ms. Majors as she strug-
gled with them during an at-
tempted robbery of her cell-
phone. In one video clip from
the interrogation of the 13-
year-old, the boy tells the de-
tective he was standing behind
his two friends.
“She was probably refusing
to give it to them, and then
they got mad,” the boy said.
“And then they probably took
it from her.”
“If you lie, that’s when you
get in serious trouble, OK?”
the detective told him.
At another point, the detec-
tive encouraged the teen to be
honest: “It’s for your own
good, buddy, trust me.”
In response to questions
from Ms. Kaplan, Detective
Acevedo said he didn’t give
the teen a written form of the
Miranda warning or ask if he
wanted one, and that he didn’t
check to make sure the boy
understood the meaning of the
verbal version by having him
explain it in his own words.
Miranda warnings state
that a suspect has the right to
remain silent and have a law-
yer present.
NEW YORK CITY
Reckless Motorists
Could Lose Vehicles
New York City drivers who get
five camera-issued red light tick-
ets or 15 camera-issued speeding
tickets in a 12-month period will
have to take a traffic safety
course or risk losing their vehicles
under a bill signed by Mayor Bill
de Blasio on Wednesday.
“We are putting all drivers on
notice that if you behave reck-
lessly behind the wheel, there
will be real consequences,” said
Mr. de Blasio, who joined other
city officials and traffic-safety
advocates at a ceremony.
The law will take effect on
Feb. 26, 2021, and will apply to
tickets incurred after Oct. 26 of
this year. The vehicles of drivers
who exceed the ticket limit may
be impounded unless the motor-
ists take a safe-driving course
overseen by the city Transporta-
tion Department.
City officials estimate that
the new law will affect about
3,000 to 6,000 vehicles, a frac-
tion of the nearly two million ve-
hicles registered in the city. The
mayor and City Council will de-
cide after three years whether
to renew the law.
—Associated Press
 THE WALL STREET JOURNAL.
ROMEO GACAD/AGENCE FRANCE-PRESSE/GETTY IMAGES
An Unsure Time to Travel
What you need to know to assess the pros and cons of a trip in the age of coronavirus
S
hould you postpone or
cancel travel because of
coronavirus?
Yes, no and maybe.
For some destina-
tions, the answer is a
clear yes; others, a clear no. An in-
creasing number are becoming a
maybe, where it’s really a question
of how much worry and hassle you
want to pack into your trip.
One threat: If you get the flu
while traveling, you could end up
quarantined somewhere because
the symptoms in early stages are
very similar to those of Covid-19.
“I think it’s a good time to as-
sess personal risk tolerance,” says
Henry Wu, director of Emory Uni-
versity’s TravelWell Center and as-
sistant professor of infectious dis-
eases at Emory University School
of Medicine. “There’s a lot of po-
tential for complications for trav-
elers that may happen even if
they’re not high-risk for getting
the disease.”
With the virus spreading be-
yond China to new countries,
events and conferences are being
canceled, airlines are expanding
waivers to change reservations
without penalty and more travel-
ers are looking to postpone or can-
cel trips. The spread of the virus
to Italy and South Korea changes
travel considerations for many.
Travel does present greater risk
A Peter Pan Tale That’s
All About ‘Wendy’
BY ELLEN GAMERMAN
IN MOST VERSIONS of Peter Pan,
Wendy is a mother to the gang of
Lost Boys in Neverland. She waits
for them to return from their ad-
ventures and tucks them into bed
at night. In the new movie
“Wendy,” however, she is as wild
as they are.
With his take on the girl who
wouldn’t grow up arriving in the-
aters Friday, director Benh Zeitlin
presents an island of children that
is full of joy, creativity, freedom—
and menace.
The film has been Mr. Zeitlin’s
obsession over the eight years
since his breakout feature debut
“Beasts of the Southern Wild,” an
indie film about a girl from the
Louisiana bayou on a quest to find
her mother. The movie, whose
champions included then President
Obama and Oprah Winfrey, was
nominated for four Oscars includ-
ing best picture and best director.
Mr. Zeitlin cast children for
“Wendy” who lacked any acting
experience, as he did with
“Beasts.” He found the children in
similar ways to that film, too, once
again hiring former Obama cam-
paign aides who were skilled at
getting out the vote in areas of
lower turnout, in this case can-
vassing schools, churches and
other gathering spots in southern
Louisiana.
To make sure the children in the
LIFE&ARTS
THE MIDDLE SEAT | SCOTT McCARTNEY
because you typically encounter
more people when traveling, pub-
lic health experts say. They add
that proper precautions—fre-
quently washing hands, avoiding
touching unwashed hands to the
face and liberal use of hand sani-
tizer—reduce risk.
Here’s a guide to help you make
informed decisions on travel:
Some Absolutes
First, if you’re sick, don’t travel.
This rule applies all the time, but
people routinely ignore it. Don’t
do that in this climate unless you
want to end up quarantined.
Some countries are or will be
scanning passengers for increased
body temperature. If you have a
fever, you may be detained. Fur-
ther, airline crews are on height-
ened alert for anyone sneezing or
coughing. In the U.S., the Centers
for Disease Control and Prevention
has recommended flight crews iso-
late ill passengers. And it’s not ne-
gotiable: On an airplane, failure to
comply with crew orders is a fed-
eral crime.
Second, no matter where you
travel internationally, there is in-
creased risk that travel may be
disrupted. An outbreak can mean a
city is sealed off, flights are can-
celed and travelers are quaran-
tined. So best to plan ahead for se-
rious disruption, just in case.
roles of Wendy (Devin France) and
Peter Pan (Yashua Mack) would be
the right age when he started film-
ing, Mr. Zeitlin cast them two years
early, at ages seven and five, respec-
tively. He took his band of child ac-
tors on challenging location shoots,
including on the mountainous Carib-
bean island of Montserrat and in
underwater caves in Mexico.
Mr. Zeitlin, a 37-year-old from
Queens, N.Y. who has lived in New
Orleans for the last 15 years, wrote
“Wendy” with his sister Eliza Zeit-
lin. The film grew partly from
their experience watching nine-
year-old “Beasts” star Quvenzhané
Wallis go from unselfconscious girl
to international celebrity.
“Wendy,” a meditation on the
power of motherhood, is dedicated
to Kassie Leah France, who died
last year and was the mother of
the actress playing Wendy. In the
film, Wendy searches for a way to
safety. Her love for her mother is
her guide.
Here, an edited transcript:
Why did the story of Peter Pan ap-
peal to you?
It’s a story that was with me
and my sister from when we were
really tiny children, just Peter Pan
as a figure. We were very much
children that didn’t want to grow
up and he was the god of eternal
youth. In some ways it is a story
of escaping from your problems
for a while and denying it in order
Take extra supplies of your
medications with you. Take a sup-
ply of cold medicine and a ther-
mometer. You might want to take
work materials with you that you
need after your return in case you
end up stuck somewhere. Make
sure you have health insurance
documentation in case you end up
sick. And have someone back home
at the ready to help with emer-
gency travel plans if you need to
find a way home quickly. A travel
agent may be a very good idea.
What should you
consider before
postponing or canceling
travel plans?
“As we learn more about the vi-
rus, governments can change over-
night how they are responding,”
says epidemiologist Jennifer
Nuzzo of the Johns Hopkins Center
for Health Security.
Third, consider whether you
have a higher risk of getting sick
while traveling. Older people or
those with underlying medical
conditions may want to ground
themselves, experts say.
Dr. Wu advises getting a flu shot
Director Benh Zeitlin, center, with Devin France who plays Wendy in the film.
to have a good time. It is this un-
resolvable tension between caring
and freedom. We were asking our-
selves this question of how do we
stay free and also grow and care
about the people around us. It felt
like Wendy was the character that
could guide us.
Does working with your sister
make it easier to tap into your
childhood feelings?
Absolutely. Eliza is wilder than
me. She has nine to 15 dogs at any
given moment and a pig and tur-
keys. She lives in a wonderland—
she lives in a barn. Her defiance of
conforming to the expectations of
the world is exponential. I more
interface with the production and
problems with the money and lo-
gistics, and when I hit those walls
Thursday, February 27, 2020 | A11
before traveling if you haven’t al-
ready. It can take a week to become
effective, but it’s not too late in the
flu season to protect yourself.
Fourth, if you want to consider
travel insurance, consider only
“cancel for any reason” plans.
These policies typically cost about
40% more than standard policies
and typically reimburse about 75%
of nonrefundable trip costs if you
do cancel, says Megan Moncrief,
chief marketing officer for Square-
mouth, a travel insurance compari-
son service. That’s a lower payout
than other plans, but it’s the only
type of travel insurance that will
help at this point.
If you have insurance you
bought before the outbreak began,
it likely will only cover you if you
contract the virus. It might cover
you if you get sick and your doctor
certifies you shouldn’t travel dur-
ing your planned itinerary. But
travel insurance doesn’t cover fear.
“People are just nervous. They
aren’t sure what’s going to happen.
They simply don’t want to go any-
more, don’t feel comfortable going,
don’t feel safe going. But those
aren’t covered reasons under a
standard policy,” Ms. Moncrief says.
Now that the coronavirus out-
break is well known, policies you
buy won’t cover it. It’s the same
reason you can’t buy fire insurance
as wildfires approach your house.
MARY CYBULSK
where I’m deciding that I have to
compromise if something is just
impossible, she’ll force me to fight
harder to stay true to the vision. It
comes from a relationship that can
never be formed professionally.
How did you encourage the children
to be so wild on screen?
That was the easy part. They
are wild. The hard thing was to
get them to stop playing for long
enough to shoot the film. It wasn’t
just that we were looking for non-
professional kids with acting tal-
ent. We were looking for people
that would run away with Peter
Pan actually if he showed up. Ev-
ery one of those kids comes from
hardship. Nobody was coming
from what you would think about
as a conventional home life. They
Travelers wear protective face masks
at the airport in Bangkok.
Some Options
There are some logical ways to
make an informed choice about
where to go. Use the CDC’s three-
level warning system, which is fre-
quently updated and considered
reliable.
Level 3 is a high-level warning
of serious outbreak and it’s a no-
go. The CDC recommends avoiding
all nonessential travel. If your des-
tination is Level 3—mainland
China and South Korea, which was
added to Level 3 on Tuesday—the
decision is simple.
Level 2 calls for practicing en-
hanced precautions. You can still
go, but a good rule for any travel-
ers nervous about the virus would
be to postpone or cancel trips to
Level 2 counties—Italy, Iran and
Japan as of Tuesday. Wait for
things to resolve.
Level 1 is when a place has been
put on watch. Right now, only Hong
Kong is listed as Level 1 for corona-
virus. But other countries are listed
with “apparent community spread”:
Singapore, Thailand, Taiwan and
Vietnam. The CDC says virus spread
isn’t sustained or widespread
enough to warrant a travel health
notice. But that may be notice
enough for you.
Even without notice, you may
find public events canceled and
venues closed. And closings to pre-
vent congregating crowds may
happen anywhere.
Public health experts say the
biggest health risk for domestic
travel now is the flu. No part of the
U.S. is considered higher risk for
coronavirus than any other. But Dr.
Nuzzo of Johns Hopkins says she
doesn’t believe authorities have a
good handle on where the virus is
and where it isn’t, including in the
U.S., because many countries aren’t
testing aggressively.
“I think this virus will turn up
everywhere,” she says, because
that’s how respiratory viruses tend
to spread. She also notes that try-
ing to stop the spread by restrict-
ing travel hasn’t worked so far.
Still, Dr. Nuzzo booked a family
summer vacation recently to Mex-
ico and plans to go, even though
she expects the virus to show up
in Mexico.
“My risk tolerance is that life
needs to go on,” she says.
Flights by themselves aren’t
considered higher risk, except that
they are crowded situations. Dr.
Wu notes there have been no doc-
umented or confirmed cases of
coronavirus transmission aboard
an airplane. The World Health Or-
ganization says an airplane cabin
by itself isn’t more conducive to
spreading infection. But the prox-
imity of passengers does matter.
The WHO says the virus is
transmitted by droplets, and only
lives on surfaces for short periods,
perhaps 30 minutes. Other health
groups have questioned that, sug-
gesting it can live much longer on
surfaces.
If you are concerned, wipe down
surfaces you are going to touch on
airplanes or other public spaces,
such as hotel rooms.
all had this incredible spirit that
had not been broken by whatever
they were dealing with. The way
that joy and imagination can con-
quer tragedy, that clearly con-
nected us to these kids.
Can you describe your casting
process?
A lot of the people who came
down to do our casting work and
designed the way to do it came
out of the Obama campaign. It’s
like when you’re trying to get out
the vote and get people to come
out and vote who normally don’t.
It’s a very similar thing. We’re try-
ing to get people to come out for
auditions who normally would
never necessarily consider being
an actor. We were in small towns
in south Louisiana, we were going
to schools that don’t have theater
programs. We go to community
centers and churches, just any-
where where we can get someone
to organize the audition.
One of the boys in the film ages
unexpectedly and becomes a villain.
Were you thinking about the ways
boys in particular can turn to vio-
lence as they reach adulthood?
One big question the film is ask-
ing is how we deal with trauma
and tragedy and how it has such
an ability to break us, to turn into
anger or turn into pain that needs
to be suppressed. It can cause a
real loss of faith and loss of belief
that anything is possible. Wendy’s
ability to care and not have to be
separated from her freedom and
not have that be separate from her
strength is her salvation. In some
ways that’s something that the
boys can’t understand and need to
look to her to learn.
 A12 | Thursday, February 27, 2020
What Reality Fans See In ‘Love Is Blind’
The season finale of Netflix’s reality dating series arrives, after interest fueled by episodes' release in batches
BY AMELIA HARNISH
IN THE ROUGHLY two weeks that
the new reality dating series “Love
Is Blind” has been streaming on
Netflix, critics have called it every-
thing from “offensive to human
dignity” to utterly “bonkers.”
Fans, in the meantime, can’t
look away, especially as the season
finale streams tonight. Netflix
even announced yesterday that
there would be a reunion episode
March 5.
One reason for the mania is the
premise: A group of 30 singles are
isolated from their phones and
families, then admitted to a posh
TV prison with separate sleeping
quarters for men and women. The
early episodes of the series center
around their dates with individu-
als on the other side of the
“pods,” where they can’t see one
another but sit and talk through a
glowing blue wall that would oth-
erwise look something like a con-
fession booth. Within days, cou-
ples pair off; six of them get
engaged. It’s only after they’ve ac-
cepted a proposal that they get to
see one another.
From there, they are whisked to
Mexico for a romantic vacation.
After a week, it’s back to Atlanta
(producers did all the casting
there), where they move in to-
gether, meet families and prepare
for their nuptials.
The finale is focused on the
wedding ceremonies. The question
is, which of the couples will actu-
ally go through with it? (The
trailer shows one bride running
away from the ceremony in her
wedding dress, leaving fans to ob-
sessively post their guesses online
about who it was.)
“‘Love Is Blind’ is
pretty much ‘The
Bachelor’ on steroids.”
–Anastasia Przyzyla
The idea behind the series is to
test a hypothesis that seems apt
for the age of Tinder: What would
happen if young singles didn’t
have devices, distractions or physi-
cal attraction to draw them to-
gether? Can the participants cre-
ate a lasting bond—or at least, one
strong enough to get them to the
altar for filmed ceremonies just
four weeks later?
“When you talk to people about
the experience of dating and the
swipe culture, they feel so dispos-
able,” said series creator and exec-
utive producer Chris Coelen. “All
of the studies say if you’re genu-
inely interested in a lifetime com-
mitment, the most important thing
is emotional connection. So we
thought, if you had people who
truly fell in love for what’s on the
inside, could that love overcome
the obstacles?”
The show is Netflix’s latest
foray into reality series about dat-
ing, following “Dating Around,”
last year’s twist on the genre.
“Dating Around” had no hosts,
elimination ceremonies or reality-
‘Part of Me’: Readers Share Secrets to Friendship
BY ANDREA PETERSEN
AFTER The Wall Street Journal
published an interview with Lydia
Denworth, author of a new book on
the science of friendship, readers
shared stories of the relationships
that bring meaning to their lives.
Here are edited excerpts of
some of their comments.
I’ve believed for some time that
the primary components of a happy
life are: work or activity that pro-
vides a sense of purpose; enough
money to cover one’s needs, plus a
little extra; and quality relation-
ships with friends and family.
Blessed to have good friends
and family, means a lot!
—Phil Rapp, Denver
I lost my best friend to cancer
eight years ago and still dream
about her three or four times a
month. I fear I will never find an-
FROM LEFT: PHIL RAPP; JANINE PELLERIN; BOB BRICKLEY
other like her even though I am
married to a great guy. I feel be-
reft often when I remember her.
—Donna Swan, Maryville, Tenn.
As you age, friends start to die
off, leaving you with fewer each
year. Those over-55 housing devel-
opments can sometimes lead to
new friendships. It can be difficult
to make new friends if you are still
living in the same place. It’s up to
you. Make friends!
—Bob Cavagna, Southold, N.Y.
In the ‘Love Is Blind,’
finale, who will marry
is the big reveal.
TV gimmicks. “Love
is Blind,” on the
other hand, takes
some of the wildest
aspects of the
genre—isolation
that leads people to
make rash deci-
sions, high stakes, a
big reveal and awk-
ward moments ga-
lore—and ratchets
it up.
“ ‘Love Is Blind’
is pretty much ‘The
Bachelor’ on ste-
roids. What got me
hooked was these
couples saying ‘I
love you’ in the first
episode after, like,
five days,” said An-
astasia Przyzyla, a
26-year-old psychol-
ogy grad student
and self-described
reality-TV junkie.
That, and the fact Cameron Hamilton and Lauren Speed are among the
that they get en- couples who fell in love before seeing each other. The
gaged sight unseen. show isolated single people in ‘pods’ (upper right) to
Ms. Przyzyla cre- foster an emotional connection and potential marriage.
ated a “Love Is
Blind” discussion group on Face-
book that racked up 6,000 mem-
bers, including castmembers Lauren
Chamblin and Matt Barnett (though
Mr. Barnett only lasted a day before
leaving the group after members
began screenshotting his profile).
“I saw the preview and I knew
I would be hooked,” said Stepha-
nie Wurz, 33, a teacher in Spring-
field, Va.
“Dating is challenging. I have a
TBI [traumatic brain injury], and
that can be difficult for a lot of
people to adjust to on dates,” said
Dina Riccobono, 36, who founded
another “Love Is Blind” Facebook
fan group, and started a podcast
called The LovePod, which grew
out of instant friendships formed
there. “I wish that more people
Phil Rapp, left, a reader from Denver, with friends he’s known for about 30 years.
Be a little introspective and no-
tice how you feel after seeing a
friend. I know I feel great for sev-
eral hours AFTER I’ve spent some
time with a friend. It’s clear to me
that that’s causal. After my book
club meeting—all of whom have
become good friends—the high
lasts for at least a day!
—Marnie Mueller, Hartford, Conn.
I was friends with my friend
from grade school. We met when I
was four and he was three. We had
been friends throughout our lives,
until he died of cancer about 10
years ago. I have some friends
from a 12-step program I partici-
pate in. But after 30 years, I
wouldn’t classify any of them as
LIFE & ARTS
would judge personality first. Dat-
ing apps are awful and we’ve got
to find better ways to connect. So
that’s what drew me to it.”
Part of the excitement has been
generated by timing. Netflix re-
leased the series in three
batches—the first five episodes de-
buted Feb. 13, four episodes on
Feb. 20, and the finale will post to-
night. That schedule allowed fan
interest to build.
Within the first week, there
were more than 56,000 unique
mentions of the show on social
media, generating more than
350,000 likes, retweets and com-
ments, according to data from
Talkwalker, a social-media analyt-
ics firm. “That rate of engagement
would be considered extremely
close friends. We are friends be-
cause we battle the same prob-
lems. But culturally we are quite
different. I do have about three or
four good friends from work.
We’ve been friends for over 15
years. We’ve changed jobs, but
stay in contact. One of these is a
very close friend. I’m very grateful
that he’s my friend.
—Eric King, Rocklin, Calif.
Interestingly, I find my best
friendships…of which there may be
three or four, require little mainte-
nance at all. Maintaining them?
They become part of me. We are in
so many ways the same. There is a
“oneness” about us. Conversation
flows, laughter abounds. I always
high,” said Rafael Sternbach-Le
Noury, marketing operations man-
ager for Talkwalker. The overall
data suggest it’s almost twice as
buzzy as Netflix’s other reality hit,
“The Circle.”
Moments have become memes,
such as when cast member Jessica
Batten let her dog sip from her
wine glass during a fight with
partner Mark Cuevas, or when an-
other cast member, Giannina Gi-
belli, said, “I’m the luckiest girl in
the whole world.” Because the
show was filmed in 2018, cast
members have a long trail of Insta-
grams and other social-media foot-
prints that viewers have sifted fu-
riously for hints about the finale.
“We have members of the group
zooming in on pics of the cast
feel so blessed and nourished
whether I’m actually with them or
on the phone. The relationships
are “reciprocal.” We try to be
more interested in one another
versus trying to be just interesting
talking all about ourselves. Aver-
age duration of my best friend-
ships? 20+ years.
—Bob Brickley, Atlanta, Ga.
My friendships have lasted al-
most 65 years. I’ll be 84 in May.
Millie, Diana, Judy C., Judy B. and
another Judy C. have brought me
love, laughter, joy and sorrow. We
waded through it all and survived
what life handed us, together. Never
any false faces, we knew each other
too well and being our old selves
was a treat and a joy. We almost
never judged each other.
Now only Millie and Diana are
left. Millie can no longer drive,
Maine reader Janine Pellerin, bottom,
far left, writes that she has had
friendships lasting nearly 65 years.
THE WALL STREET JOURNAL.
NETFLIX (4)
members’ fingers in their Insta-
gram photos, like ‘Is that a ring?’
When no, that’s not a ring, that’s
his finger!” Ms. Przyzyla said.
In the end, eight couples chose
to become engaged, Mr. Coelen
said. Producers had bandwidth to
follow only six couples, so two
were sent home after the first
round. Now all that is left to find
out is who will get married.
Already, some fans are yearning
for more. “I’m sad that it’s almost
over,” Ms. Wurz said.
Mr. Coelen declined to share
spoilers, but dropped one tidbit.
“Without giving anything away, the
people who decided to get married,
anybody that does that is still to-
gether today,” he said. “That’s going
on almost a year and half.”
Bob Brickley, right, with a close friend.
Diana is living the life in Florida.
Both their husbands have died.
Getting together is difficult. I live
in Maine and Millie in Massachu-
setts. Although we are separated
in miles, we have the internet.
In my later years, my closest
friend was Judy C. Judy died of
pancreatic cancer in January. Judy
and her husband Louis, my hus-
band Bob and I traveled together
everywhere. We had such fun. I
still mourn Judy’s death. Some-
times I forget she’s not here and
talk to her anyway. Nothing can
ever take the place of a friend who
knows you perhaps better than
your family.
Enjoy your friends, live for the
moment. It all passes so quickly.
—Janine Pellerin, Saco, Maine
Josh Rivera contributed to this
article
 THE WALL STREET JOURNAL.
ART REVIEW
More Than
Melting
Watches
Revealing the breadth of Surrealism
before it exploded onto the global scene
BY LANCE ESPLUND
St. Petersburg, Fla.
SURREALISM, the literary
and artistic movement
started by the French poet
Guillaume Apollinaire in
1917 and officially launched,
with manifestos, in Paris in
1924, remains among the
most ubiquitous, popular
and influential modern art
movements. By 1936, when
Salvador Dalí graced the
cover of Time, Surrealism
was an international sensa-
tion. Yet its founders and
followers, a stylistically and
philosophically diverse
group of artists, writers and
filmmakers, were notori-
ously cantankerous. The
French writer André Breton,
Surrealism’s self-appointed
The show is well-
paced, various and
visually striking, if
overly theatrical.
leader, was dogmatic and
ruthless. He regularly or-
dained and then excommu-
nicated artists from the fold,
at times through physical
confrontations. Even Giorgio
de Chirico, whose Metaphys-
ical dreamscapes are argu-
ably the first modern Surre-
alist artworks, was held in
contempt for embracing—as
in his painting of highly pol-
ished, animalistic nudes,
“Ancient Wrestling”
(1931-32)—nonsanctioned
classical subject matter.
Like Dada, another of its
progenitors, Surrealism ad-
vocated for irrationality,
chance, randomness and re-
volt. Breton promoted psy-
chic automatism (art and
writing made automati-
Jean Arp’s ‘Pagoda Fruit’ (1934), above, and Salvador Dali’s ‘The
Spectral Cow’ (1928), below
CENTRE POMPIDOU,MNAM-CCI/ARS, NY/ADAGP, PARIS (4); FUNDACIÓ GALA-SALVADOR DALI (2); CALDER FOUNDATION, NY
cally), a form of free-flow-
ing, uncensored expression
without reason and control.
A disciple of Freud, Breton
believed that the most di-
rect path to artistic libera-
tion and revelation was
through the mining of
dreams, alternate realities
and the subconscious.
Among Surrealism’s favorite
parlor games was “exquisite
corpse”—during which a col-
lective picture or story was
successively, “blindly” exe-
cuted bit by bit on a folded
piece of paper as it was
passed from person to per-
son, with the whole finished
work revealed only at the
end. It was so named be-
cause one such game pro-
duced “The exquisite corpse
will drink the young wine.”
In 1920s Paris, Surrealist
revolution and transgression
were in the air, but not ev-
eryone agreed on how to
make Surrealist works or
what they should look like.
“Midnight in Paris: Surreal-
ism at the Crossroads,
1929,” an exhibition of 80
paintings, prints, sculptures,
drawings, collages, photo-
graphs, films and documents
at St. Petersburg’s Dalí Mu-
seum, proposes to examine
Surrealism’s rich visual fab-
ric, conflicts and rivalries
during the movement’s hey-
day in the City of Light. Or-
ganized by Didier Ottinger,
deputy director of the Mu-
sée national d’art moderne
at the Centre Pompidou, and
William Jeffett, chief curator
of special exhibitions at the
Dalí, it focuses on the mo-
ment just before Surrealism
burst onto and began to
dominate the world stage.
Besides its massive Dalí
collection, St. Petersburg’s
Dalí Museum includes a
biomorphic geodesic glass
bubble, a central helical
staircase fashioned after
Thursday, February 27, 2020 | A13
LIFE & ARTS
Salvador Dalí’s ‘Invisible Sleeping Woman, Horse, Lion’ (1930), above, and Alexander Calder’s ‘Mask’ (1929), below
the DNA spiral, an immer- as inspiration for his ab- the night side of things.”
sive virtual-reality experi- stract landscape “Painting” However, “towards 1930,”
ence with a Dalí painting (1930). Jean Arp, embracing Masson wrote, “a formidable
and, in the lobby gift shop, the poetry of chance, pro- disaster appeared in its
“The Rainy Rolls” (2010). duced biomorphic abstract midst: the demagogy of the
It’s a working reinterpreta- sculptures such as “Meta- irrational.” “Midnight in
tion, utilizing a 1933 Rolls- morphosis” (1935), which Paris” touches on Surreal-
Royce limousine, of the conflate animal, cloud, fruit, ism’s highs and lows, its
Spanish Surrealist’s “Rainy mineral and tear, as well as darkness, poetry, beauty and
Taxi” (1938)—a Cadillac sculptures whose multiple banalities, reminding view-
limousine inside of which elements could be reposi- ers—at the heart of the Dalí
Dalí placed live snails, man- tioned by viewers. Museum, no less—that the
nequin occupants and a In a 1920s series of auto- movement is much, much
downpour. So perhaps it’s matic figure drawings of more than melting watches.
unsurprising that “Midnight massacres, André Masson—
in Paris” doesn’t skimp on inspired by Nietzsche, the Midnight in Paris: Surreal-
dramatics. Marquis de Sade and visits ism at the Crossroads, 1929
Inside the exhibition gal- to Parisian slaughter- automatic writing, collage, The Dalí Museum, through
leries’ dimly-lighted, laby- houses—equated the body jump-cutting and non sequi- April 9
rinthine corridors, painted with landscape, sex with turs, creating, Dalí said, “a
dark gray and piped with battlefield, in neoclassical dagger in the heart of the Mr. Esplund, the author of
period music, are three-di- works of orgiastic violence. spiritual and elegant Paris.” “The Art of Looking: How to
mensional reproductions of Dalí, collaborating with fel- Masson, a founding Sur- Read Modern and
Hector Guimard’s Art Nou- low Spaniard Luis Buñuel on realist, saw the movement Contemporary Art” (Basic
veau Paris Métro entrance the illogical film “Un Chien as an immersion “into what Books), writes about art for
signs, a small movie theater Andalou” (1929), embraced the German romantics call the Journal.
and life-size silhouettes of
the show’s featured artists.
Rather than a fully devel-
oped thesis on its subject,
“Midnight in Paris” is more
like a slice of 1920s Paris art
and nightlife—a Surreal fun-
house, an introductory mise-
en-scène.
Though overly theatrical,
somewhat cramped and oc-
casionally piecemeal (Dalí,
understandably, is overrep-
resented, whereas Alberto
Giacometti’s Surrealist
phase consists of “Disagree-
able Object,” the totemic ab-
stract plaster phallus, horn
or club from 1931), the show
is well-paced, various and
visually striking. It includes
Classic Italian style in 18kt gold
gorgeous nocturnal photo-
graphs of Paris by Brassaï Direct from Italy, 18kt yellow gold links
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What this exhibition lacks
in depth it makes up for in
melancholic timbre and mis-
cellany, making a strong
point for Surrealism’s revo-
lutionary diversity. Max
Ernst, in his dreamlike
novel “La Femme 100 Têtes”
(1929), saw collage as the
official challenge to tradi-
tional painting. Joan Miró,
who wanted to smash the
Cubists’ structures and gui-
tars, “to assassinate paint-
ing,” looked to children’s art
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 A14 | Thursday, February 27, 2020 THE WALL STREET JOURNAL.

SPORTS
Virus Alters Olympic Prep The NFL
Is Close to
Chinese officials have attempted to keep their athletes’ training on track amid the epidemic
Labor Deal
BY ERIN MENDELL
BY ANDREW BEATON

T
Hong Kong
he Chinese women’s Indianapolis
national soccer team THE NFL AND ITS PLAYERS
is training for the To- are on the verge of agreeing to
kyo Olympics in Aus- a new, decade-long collective
tralia. But its star bargaining agreement after a
player, Wang Shuang, tense sequence of events over
is practicing alone on a rooftop in the past week that left the bil-
the central Chinese city of Wuhan, lionaires who run the league
the epicenter of the coronavirus, anxious and the millionaires
where she is under quarantine. who play inside it preparing for
The women’s team was sched- the possibility of a labor war.
uled to play in an Olympics quali- But those fears were allayed
fier in Wuhan earlier this month, after a four-hour meeting here
but after the coronavirus fears when NFL owners met with
erupted, the competition was player leadership in a room
moved to another Chinese city be- that included the likes of super-
fore eventually winding up in Syd- stars Aaron Rodgers and Rich-
ney. When the team departed Wu- ard Sherman along with influ-
han on Jan. 22, Wang, who is from ential owners including Robert
there, and three other players— Kraft and Jerry Jones. After the
two based in Wuhan and one in owners left, many of them fur-
the hard-hit province of Zhejiang— tively through a side exit, the
weren’t among them. The city was players had another four-hour
locked down Jan. 23. meeting and took a critical step
The Chinese Football Associa- forward by voting to send the
tion says Wang and the others had new agreement to their full
to stay home so as not to poten- membership for a vote.
tially spread the epidemic further. The union’s full membership
Wang’s rooftop practice ses- will vote on the agreement in
sions, which she has posted to her In this screenshot of a video posted the coming weeks.
social media, are among the ways to Weibo, Chinese soccer star Wang The deal, which was already
Chinese athletes have had their Shuang, above, practices on a rooftop approved by ownership last
Olympic preparations thrown into in Wuhan. Swimmer Fu Yuanhui, left, week, could have dramatic ram-
turmoil by the coronavirus, which says she is training solo in Hangzhou. ifications for a league that al-
has infected more than 80,000 ready raked in around $16 bil-
people and killed more than 2,700 this month. The swimmer’s future lion in revenue last year. It
since it emerged in Wuhan late in the sport is in jeopardy as he paves the way for the NFL to
last year. awaits a decision on doping from add a 17th regular-season game
In recent weeks, Chinese sports the Court of Arbitration for Sport. as soon as 2021—one more
officials have attempted to keep Fellow swimmer and Hangzhou than is currently played—in a
their best athletes’ training on native Fu Yuanhui, known for her bet that fans and media part-
track amid the virus epidemic. Its lively personality as well as her ners want even more of the
efforts come as an International backstroke, is also practicing in uber-popular product.
Olympic Committee official this that city, according to her official The agreement also ad-
week for the first time raised the social media. She posts about her dresses issues such as the pen-
possibility that the Tokyo Games solo training, missing her team sions retired players receive,
could be canceled or postponed and being proud of her homemade minimum salaries and the share
because of coronavirus. bread. “Do you guys cook at home? of the league’s revenue that
For China, training has been a I couldn’t, but now I think I’m tal- players will receive, which
challenge. In central Hubei prov- ented in cooking! LOL,” she wrote. would rise from roughly 47% to
ince, of which Wuhan is the capi- versity of Birmingham. China’s gymnastics team hasn’t A third part of China’s plan is at least 48%. That figure could
tal, nearly 60 million people are Chinese sports authorities also been so lucky. Gymnasts had to working with international sports grow even higher if and when
under quarantine, and travel for got lucky on timing. The virus’s withdraw from a World Cup event federations to ensure their ath- the 17th game is added.
the hundreds of millions of others spread accelerated when many in Melbourne because of coronavi- letes can compete, according to The deal also removes some
across the country has been heav- athletes were already in place for a rus-related travel restrictions. the General Administration of personal conduct disciplinary
ily restricted. Elsewhere, several final pre-Olympics winter training After training in isolation in Sport, though there might not be power from commissioner
governments have banned travel- session, often held in special iso- Beijing, the gymnasts relocated to much they can do about the travel Roger Goodell, a process that
ers who have been in China, forc- lated locations, Chen said, making Qatar to prepare for more events restrictions. has chafed players who see it
ing China to figure out how to it fairly easy to turn those into that could allow individuals to “They will almost certainly have as draconian.
keep its athletes healthy and able closed camps and to avoid any un- qualify for the Tokyo Games, Peo- to accept that some athletes who
FROM TOP: WANG SHUANG; PATRICK B. KRAEMER/EPA/SHUTTERSTOCK

to train, as well as to travel for necessary contact with the outside ple’s Daily reported. might otherwise have been com-
competition. world. Among the other Chinese Olym- peting in Tokyo will have to miss
China’s government agency The women’s soccer team, pic teams training outside of the out,” said Brian Bridges, an affili-
overseeing sports, the General Ad- though missing their star and oth- country are the table tennis and ate fellow at the Centre for Asian
ministration of Sports, says that it ers, was able to make it to Austra- badminton squads. Pacific Studies at Lingnan Univer-
has focused on having Chinese lia before the country banned trav- China has plenty of experience sity in Hong Kong.
Olympic athletes train either over- elers who had been in China in the training its athletes abroad. For In some cases, China has aban-
seas or in isolation, and kept in past 14 days. They were quaran- example, the swim team does doned its Tokyo Olympic hopes al-
quarantine -- including coaches, tined in a Brisbane hotel for a some of its training in Australia, together. The women’s handball
EZRA SHAW/GETTY IMAGES

athletes and cooking and cleaning week before being able to compete and Sun Yang’s gold medals at the team, for instance, withdrew from
staff. in Sydney, where the team placed 2012 Olympics in London, the first a qualifying competition in Hun-
The highly centralized nature of second to advance to the final for a Chinese male swimmer, gary because of the virus. But a
China’s elite sports programs, sup- round. Like other Chinese teams should be credited to that training lack of medal potential may have
ported heavily by government abroad, the team has extended its and foreign coaches, said Chen, the played into it, Chen said: “Let’s
funding, have allowed China to training program outside of China, Olympic expert. Now, Sun is train- face it, we haven’t had any gold
move quickly on both options, says and the team is set to play its ing in his hometown of Hangzhou, medals in handball, like ever.”
Shushu Chen, an expert on China “home game” against South Korea state broadcaster China Global —Zhao Yueling in Shanghai Richard Sherman and Aaron
and the Olympics at the U.K.’s Uni- in Australia in March. Television Network said earlier contributed to this article. Rodgers met with NFL owners.

Weather The WSJ Daily Crossword | Edited by Mike Shenk

Shown are today’s noon positions of weather systems and precipitation. Temperature bands are highs for the day.
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BACK TO THE GRIND | By Sam Buchbinder 9 Friend of Buzz transmitter
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Oklahoma City 59 34 pc 64 37 pc Edinburgh 43 34 pc 44 37 r Zurich 42 31 sn 45 37 r G I S N E T S T H A N X

THE WALL STREET JOURNAL. Thursday, February 27, 2020 | A15

OPINION
Trump Versus the Coronavirus BOOKSHELF | By Tunku Varadarajan

After a high
official of the
U.S. Centers
Schumer”: “He didn’t
like my early travel clos-
ings. I was right. He is
antiviral therapies.
Imagine if for the past
40 years, the U.S. health
Bodhisattva
for Disease
Control and
Prevention
said Tuesday
incompetent!”
Virtually within mo-
ments of the CDC an-
nouncement, Health and
care system were run
like Mr. Sanders’s two fa-
vorite alternatives—the
U.K.’s National Health
Of Compassion
WONDER
about the cor- Human Services Secre- Service or Healthcare in
LAND
onavirus that tary Alex Azar found Canada. It is only a slight
The Dalai Lama: An Extraordinary Life
By Daniel

MATTEO NARDONE/ZUMA PRESS

“we expect we himself under assault at exaggeration to say . . . By Alexander Norman
Henninger
will see com- a hearing on virus prepa- we’d be dead. (Houghton Mifflin Harcourt, 410 pages, $30)

munity spread
in this country,” the Dow Jones
Industrial Average closed
nearly 900 points down for the
day.
By now, everyone knows that
coronavirus community spread
equates with quarantines. “Pan-
demic” is suddenly a household
word. We aren’t there yet, and
may never be. The CDC went
public because the Covid-19 vi-
rus spreads more easily than
previous viruses such as SARS
or MERS.
The virus exposes the
political weakness of
both the president
and Bernie Sanders.
This is a moment when the
public of any affected coun-
try—China, Italy, South Korea
or the U.S.—expects the people
atop its government to provide
political leadership. This being
the U.S. in our politically de-
graded times, we are getting
no such thing from Democrats
or Republicans.
One has to wonder: If an-
other 9/11 happened, would
Chuck Schumer within an hour
accuse Donald Trump of “tow-
ering and dangerous incompe-
tence,” as he did Tuesday? Of
course he would. Just as Mr.
Trump amid the crisis would
find time, as he did Tuesday,
to tweet-smack “Cryin’ Chuck
O
ration by grandstanding Every day, the Demo-
senators from both par- crats’ socialist front-run- n July 6, 1935, was born a boy to a family of peasants
ties—the GOP’s Richard ner condemns “the in the village of Taktser in the far northeast of Tibet.
Shelby and John Ken- crooks who run the phar- Its inhabitants spoke a coarse dialect that was
nedy and Democrat Patty maceutical industry in incomprehensible in Lhasa, Tibet’s storied capital. The boy,
Murray. America today.” Crooks? Lhamo Dondhup, was one of only seven siblings, out of 16,
By day’s end, the Rome’s St. Peter’s Square Wednesday Does even Bernie’s base who survived into adulthood.
seven cage fighters in the believe this? Although the village was remote, it was not godforsaken.
South Carolina Democratic de- meandering. Maybe it was jet A Medicare for All system in At barely 2 years of age, Lhamo Dondhup was identified as
bate were piling on. Sen. Ber- lag. The administration officials the U.S., with minimal private the reincarnation of the 13th Dalai Lama, who had died in
nie Sanders ridiculed the who spoke, including coronavi- hospitals or physicians, would 1933. Solemn portents and divinations had led a party of
“great genius” in the White rus team leader Vice President collapse beneath a real virus monks to Taktser, where the lively little mite convinced his
House and naturally called for Mike Pence, sounded solid. But crisis. Medicare for All would visitors that he was next in a line of Tibetan Buddhist god-
expanding the World Health if there is a public breaking smother the public-private in- popes stretching back 600 years.
Organization. point to the familiar Trump mo- frastructure in the U.S. that de- In “The Dalai Lama,” a biography written with generous
Let us simplify: If anything dus operandi, a coronavirus cri- velops, manufactures and dis- access to its subject, Alexander Norman describes the scene.
close to “community spread” sis could surface it. tributes lifesaving therapies for With the monks looking on, the boy picked out, unprompted,
occurs in the U.S., two political A public faced with any viruses—or anything else. a series of objects that had belonged to the Great Thirteenth.
careers will be at risk—Donald chance of restrictions on its The Wall Street Journal this Locals spoke of a rainbow appearing over the boy’s house at
Trump’s and Bernie Sanders’s, personal movement—whether week wrote about Moderna the time of his birth. “This was a theogony,” writes Mr.
in the middle of a presidential in New York City or Podunk— Inc., an 800-employee drug Norman, “the coming of a god.”
campaign. won’t want happy talk from company in Cambridge, Mass., A rival candidate was in contention, a well-born child in
If the virus expands in the the president’s aides or tweets that is working around the Lhasa; but there could be no doubt that the boy from Taktser
U.S., both the content and the from him filled with faux ex- clock to create a coronavirus was the next Dalai Lama, the paramount monk who is Tibet’s
quality of the response will be clamation points. To simplify vaccine within months. If spiritual and temporal leader. It is an office like no other on
on President Trump. As such, further, will Mr. Trump man- BernieCare happens, they’re earth: “The profundity of the emotional connection Tibetans
the coronavirus could be the age the coronavirus in a way gone. No, you won’t be able to have with the Dalai Lama,”
issue on which Mr. Trump fi- that doesn’t sound like a guy import the coronavirus vaccine Mr. Norman writes, “is
nally blows himself up with on a bar stool? from Canada. beyond anything that others
Twitter. But consider Mr. Sanders, Everything but the kitchen can easily imagine.” The one
It will be a situation in who in these debates is sound- sink will be thrown into this in whom “the bodhi—the
which the public is looking to ing more and more like the year’s presidential election. awakened mind of the
him for leadership. But on the loudmouth at the other end of We’d do worse, though, than to Buddha—resides is not merely
evidence of the past three the bar. If the coronavirus be- settle it over one issue—which a monarch. He is someone who
years, it will be child’s play for comes a live issue in the U.S., man’s politics is most likely to connects, in himself, the seen
Mr. Schumer, Nancy Pelosi, Mr. Mr. Sanders will have a bigger protect us from a genuine world with that unseen.”
Sanders or the media to goad problem than Mr. Trump. It’s health crisis, now or in the in- The subtitle of Mr. Norman’s
Mr. Trump into a low-grade called Medicare for All. evitable, viral future. book, “An Extraordinary Life,”
Twitter spat, which will look A grim reality for medical This is an argument a presi- is an understatement. The 14th
as if he thinks the coronavirus science is that deadly mutating dential Mr. Trump should be Dalai Lama, regarded as divine
is about him, not the American viruses are inevitable, as are able to win. But if the corona- when he could barely speak, was
people. antibiotic-resistant infections. virus debate comes down to enthroned at the age of 4. After a
Mr. Trump’s presentation at We are in a race between a vi- Trump of Twitter versus Crazy childhood in which he had no friends and
Wednesday evening’s press con- rus calamity and the ability to Bernie, all bets are off. was forbidden to play soccer, he took on full
ference on the virus was fairly create effective vaccines and Write henninger@wsj.com. political duties at 15, outgrowing his oppressive regents. At
23, he fled to exile in India, crossing the border, Mr. Norman
tells us, on the back of a dzo, a cross between a yak and a

Last Stand Against Bernie Sanders cow: “And it was on this humble form of transport that the
Precious Protector, the Victor, Lion Among Men, Wish-
Fulfilling Jewel, Ocean of Wisdom . . . quit his homeland.”
By Karl Rove vote earlier this month, in 2016 tionately among those candi- over electability. Primary vot- That journey occurred in 1959, when it became clear that

S
ince winning the popular
vote in the Democratic
presidential race’s first
three contests, Bernie Sanders
has received generous acco-
lades. He’s been crowned a
strong front-runner, with
many already declaring him
the presumptive nominee. It’s
said he has an insurmountable
lead and a powerful hold on
the party faithful.
The senator from Vermont
may well become the Demo-
cratic nominee in July but let’s
put things in perspective.
There will be 3,979 “pledged”
delegates at the Democratic
National Convention in July.
That doesn’t include the
superdelegates (now camou-
flaged as “automatic delegate
votes”), who can vote only if
there’s a second ballot.
A candidate therefore needs
1,990 pledged delegates to win
on the first ballot. So far only
101 have been allocated. South
Carolina’s primary Saturday
will award 54 more, but that
will be a small part of the
crowd in Milwaukee’s Fiserv
Forum for the convention.
Mr. Sanders has won 45
delegates thus far, Pete Butt-
igieg 25, Joe Biden 15, Eliza-
beth Warren 8 and Amy
Klobuchar 7. While Mr. Sand-
ers leads, he’s nowhere near
what’s needed to win. This
race still could have a long
way to go.
It’s also worth noting that
Mr. Sanders won the first three
contests with very low shares
of the vote. While he took Iowa
with 26.5% of the final caucus
Hillary Clinton edged him out
with 49.8% to 49.6% among
pledged delegates. (Vote-share
figures weren’t released.) With
a split field, Mr. Sanders’s
share of the vote this time was
the lowest among winners in
the history of the Iowa caucus.
At 26.2%, his delegate share
was five points below the next
lowest among Iowa winners,
Rep. Dick Gephardt’s 31.3% in
1988.
Can traditional
Democrats unite and
rally in time to stop
the slide to socialism?
Similarly, Mr. Sanders took
New Hampshire with 25.7% of
the vote this year, the lowest
in that state’s history and 34
points less than his 60.1% in
2016. Only in Nevada did Mr.
Sanders’s 46.8% share of
county convention delegates
last week approximate his
share from 2016—when he fin-
ished second in the Silver
State.
The large number of more-
traditional Democratic candi-
dates to his right is helping
the self-proclaimed democratic
socialist win contests with low
vote shares. In New Hampshire
the moderate (comparatively
speaking) trio of Mr. Buttigieg,
Ms. Klobuchar and Mr. Biden
received a combined 52.6% of
votes to Mr. Sanders’s 25.7%.
Yet because Democratic Party
rules award delegates propor-
dates who receive more than
15% of votes in a state or con-
gressional district, the Ver-
monter took 37.5% of the Gran-
ite State’s pledged delegates.
This distortion will become
more pronounced on Super
Tuesday, March 3, when Mike
Bloomberg appears on ballots,
boosted by a massive ad blitz
and an army of organizers. Mr.
Bloomberg will dilute the non-
Bernie vote further, causing
more-moderate candidates to
fall below the 15% threshold in
more states and districts. This
in turn could boost Mr. Sand-
ers’s delegate strength even
higher above his share of each
state’s vote.
The overly crowded lane of
Democratic candidates who
appeal to moderates and tradi-
tional liberals is fueling the
sense that Mr. Sanders will in-
evitably win the party’s nomi-
nation. Poor Super Tuesday
numbers and the lack of funds
that will follow, however, may
thin the field, perhaps allow-
ing one traditional Democrat
to emerge as Mr. Sanders’s
lone bête noire.
The contest could still sur-
prise us, especially if Mr. Bi-
den wins South Carolina
soundly and picks up momen-
tum for Super Tuesday. Alter-
natively, if he craters, tradi-
tional Democrats could move
toward someone who looks
like he can stop the Bern.
To win, ordinary Democrats
must realize they risk losing
2020 to Donald Trump and
their party to the loony left.
Yet they won’t peel away
Sanders voters by arguing
ers tend to identify their fa-
vored candidate as the most
electable. So it is with Sand-
ernistas, who dream of raising
a revolutionary army of here-
tofore politically inactive stu-
dents, people of color and
blue-collar unionists.
Nor will traditional Demo-
crats convert Sanders support-
ers by charging him with the
biggest proposed expansion of
government and spending in
history. His backers love him
for his promises to spend tril-
lions, raise taxes and make
radical changes to American
capitalism and society. Still,
these attacks could rally the
other Democratic voters,
though at the risk of exposing
weaknesses that President
Trump will surely exploit if Mr.
Sanders is his opponent.
If Democrats throw in their
cards and reconcile themselves
to a Sanders nomination, it’s a
sign they’re resigned to fol-
lowing the British Labour
Party to a crackup and a sting-
ing defeat. Uniting the party’s
less radical wings to prevail
against the hard left, on the
other hand, will require grit,
courage and alacrity. Time is
short, and it may be that Mr.
Sanders is unbeatable. But
make no mistake: With a so-
cialist on a trajectory to be the
Democratic nominee, Republi-
cans couldn’t be happier.
Mr. Rove helped organize
the political-action committee
American Crossroads and is
author of “The Triumph of
William McKinley” (Simon &
Schuster, 2015).
Communist China intended not merely to obliterate Tibet’s
culture but to imprison the Dalai Lama himself. Exile from
Tibet—which continues to this day—was not just personally
devastating to the Dalai Lama; 80,000 Tibetans fled to India
in that year alone—to the consternation, Mr. Norman notes,
of Jawaharlal Nehru, India’s prime minister, who was
petrified of upsetting Mao Zedong.
The Tibetan diaspora numbers 150,000, most of them
(including the Dalai Lama) residing in India. The population
of the Chinese-occupied Tibet Autonomous Region is put at
three million, of which 90% is ethnic Tibetan, according to
Beijing’s own reckoning, which certainly undercounts the
Han Chinese interlopers. Given that China’s “ascent as a
world superpower looks set to continue into the foreseeable
future,” laments Mr. Norman, fewer countries “will dare risk
their trading relations with China for the sake of a few
million Tibetans.”
Mr. Norman knows the Dalai Lama better than most,
having helped him to write his autobiography. His new book
is rich, sometimes heaving, with detail; his supple prose,
often beautiful, is as adept at explaining Tibet’s theology as
it is at describing its spiritual world. “Every feature of the
landscape and every creature dwelling within it,” he writes,
“falls under the aegis of some sprite or spirit or deity. Even
the bolts of lightning in a storm were said to issue from the
mouths of celestial dragons.”
A Westerner with rare access to his subject
writes an authorized biography of one of the
world’s most feted, and charismatic, figures.
Yet the most potent forces against which the Dalai Lama
has grappled have been infernal. His two regents were, Mr.
Norman says, martinets who coveted the power they enjoyed
when he was a minor. The first was jailed by his successor
and, as one account has it, killed by having his testicles
crushed. Remarkably, the man who emerged from these dark
beginnings has proved to be a serene statesman, known for
his beatific smile and ecumenical diplomacy.
The Dalai Lama is among the world’s most feted figures.
Mr. Norman explains how he has done more to promote
Buddhism in the Western world than any person in history
and stresses that it is his charismatic wisdom, even more
than his campaign for freedom, that makes him a darling in
the West. His appeal transcends ideology, and he has had
admirers as diverse as Allen Ginsberg, the Beat poet, and
George W. Bush, along with Hollywood stars galore. Mr.

Where’s That 3% Growth? Norman’s book, while respectful, is not adoring: He doesn’t
flinch from offering examples of his subject’s behavior that
are awkward. These include an instance in Norway when the
By James K. Glassman of Economic Analysis esti- fixed investment fell. There’s another likely de- Dalai Lama giggled and told a teenager she was “too fat.”

P
resident Trump is re-
portedly planning an-
other tax cut. If so, he
should figure out why the first
one was a dud.
As a card-carrying supply-
sider, I was certain tax reform
would at last lift the U.S.
economy out of its rut of 2%
growth. On Dec. 16, 2017, a
few days before he signed the
Tax Cuts and Jobs Act, Mr.
Trump told reporters: “The
economy now has hit 3%. No-
body thought we’d be any-
where close. I think we can go
to 4%, 5% and maybe even 6%
ultimately.”
But the increase in gross
domestic product hasn’t hit
3%. It was only 2.3% in 2017
and 2.9% in 2018, when the
cuts kicked in. The U.S. Bureau
mates only 2.3% for 2019.
Overall, annual GDP growth
under Mr. Trump has averaged
only a few tenths of a point
better than that of President
Obama’s second term.
The Trump tax cut
hasn’t lived up to its
promise. The reason
may be Trump.
I supported the 2017 corpo-
rate and personal tax cuts, ex-
pecting them to add incentives
to work and invest. Businesses
were supposed to plow tons of
money into new factories and
machines. Instead, in 2019,
real private nonresidential
Economic growth lifts all
boats, and it is disappoint-
ing—but probably inevitable—
that the Democratic presiden-
tial candidates have focused
on redistribution rather than
increasing GDP.
Still, why didn’t the tax
cuts have the desired effect?
Perhaps they did but were
overwhelmed by losses from
other policies. Tariffs on for-
eign goods harmed growth by
raising prices for consumers
and producers and disrupting
supply chains. Restrictive im-
migration policies helped cut
U.S. population growth to less
than 0.5% last year, the small-
est increase since the 1918
Spanish flu epidemic. A grow-
ing population, especially of
working-age immigrants, is
crucial to economic growth.
terrent as well. Mr. Trump’s
erratic behavior and penchant
for economic and diplomatic
isolation have almost cer-
tainly dampened the enthusi-
asm of both foreigners and
Americans to devote capital
here. Foreign direct invest-
ment has dropped for five
straight quarters.
The Obama years were
hardly brilliant for the econ-
omy. After a bad recession, we
didn’t get our usual roaring
recovery. Instead, we puttered
along at little better than 2%.
Unfortunately, we’re still put-
tering along.
Mr. Glassman, a consultant
to businesses and nonprofits,
served as undersecretary of
state for public diplomacy un-
der President George W. Bush.
His views on homosexuality are not in lockstep with those
of Western progressives, and no one can deny that his judg-
ment faltered when he granted audiences to the leader of a
cult that went on to murder people with sarin gas in Tokyo.
If he has shown himself to be fallible, on occasion, his
understanding of China cannot be faulted. The horrors heaped
on Tibet during the Great Leap Forward and the Cultural
Revolution abated with Mao’s death, but it is still a land that
lives under brutal subjugation. A realist, the Dalai Lama has
stated for decades that he would accept China’s sovereignty
over Tibet in exchange for autonomy. But China dismisses
him as a separatist under the sway of “hostile foreign forces.”
In 2011, the Dalai Lama announced his retirement as
leader of Tibet’s government in exile, giving the role to a
democratically elected minister. The next Dalai Lama may
well choose to undo this political reform, and yet, in thus
“handing over political power,” writes Mr. Norman, “the
Precious Protector brought to an end . . . centuries of
theocratic rule.” It was the act of a thoroughly modern
monk—the first democrat to lead Tibet’s people. It breaks
the heart that he has, in China, a foe so all-consuming.
Mr. Varadarajan is executive editor at Stanford
University’s Hoover Institution.
A16 | Thursday, February 27, 2020 THE WALL STREET JOURNAL.

OPINION
REVIEW & OUTLOOK LETTERS TO THE EDITOR

Bernie’s Foreign Sympathies The SASB Doesn’t Work for Mike Bloomberg

B
ernie Sanders wants Americans to be- dependence and security of Israel,” but it’s clear Regarding your editorial “Bloom- parable and reliable information
lieve he’s a garden variety “democratic from these public statements that he sees Israel berg’s Business Nanny” (Feb. 18) on about drivers of risk and return, they
the Sustainability Accounting Stan- can more efficiently price risks and
socialist,” with the emphasis on demo- as the main obstacle to a stable peace with the
dards Board: The SASB is not pursu- opportunities, and investors can
cratic. But as media scrutiny Palestinians. This ignores de- ing Michael Bloomberg’s—or any- more effectively allocate capital.
of the Democratic presidential He assails Americans cades of Palestinian rejection one’s—policy agenda. Furthermore, Standardization is important be-
front-runner increases, we’re who support Israel and of extraordinary Israel peace the SASB has always believed that cause, while companies already re-
learning more about where his offers, notably midwifed by “materiality judgments can properly port a large and rapidly growing vol-
political sympathies lie, and calls Bibi a ‘racist.’ American Presidents, includ- be made only by those that under- ume of sustainability information, it
they’re revealing about what ing Bill Clinton in 2000 and stand the reporting entity’s pertinent has not typically met the needs of
a Sanders foreign policy George W. Bush in 2008. facts and circumstances,” which is shareholders and other providers of
would look like. Mr. Sanders condemns Mr. Netanyahu, who why we encourage companies to con- financial capital. The SASB’s work is
The latest example came this week when Mr. was democratically elected, but he says nothing sider and assess for themselves each supported by a broad swath of main-
Sanders rejected an invitation to speak at the about Hamas’s dictatorial control of Gaza and topic in the SASB standard for their stream investors with nearly $40 tril-
industry or industries. When a com- lion under management. The SASB’s
annual American Israel Public Affairs Commit- missile assaults on Israeli civilians. A U.S. Presi-
pany determines that a sustainability aim is to help facilitate efficient and
tee summit in Washington next week. The con- dent who is this hostile to Israel would have no topic is financially material to its resilient capital markets that can
ference is a campaign staple for candidates of chance of persuading Mr. Netanyahu, or any Is- business, SASB’s voluntary standards support long-term economic growth.
both parties, though there is no obligation to raeli Prime Minister, to make sacrifices in re- offer a way to standardize disclosure JANINE GUILLOT
attend. turn for supporting a Palestinian state. on that topic for the benefit of both CEO, SASB Foundation
But Mr. Sanders didn’t merely reply with a These sympathies are part of Mr. Sanders’s companies and investors. San Francisco
polite “sorry I’m busy.” The Senator took to long-time worldview, and he has collected ad- Finally, contrary to the implica-
Twitter on Sunday to say that “I remain con- visers of similar mind. Rep. Ilhan Omar (D., tions of your editorial, the SASB sets Will we be counting the cage-free
cerned about the platform AIPAC provides for Minn.) is a Bernie backer known for her anti-Is- standards for company disclosure— eggs before or after the goose is
leaders who express bigotry and oppose basic rael broadsides that caused House Democrats not for performance. Our work is killed?
premised on the idea that when mar- JAMES RADKINS
Palestinian rights. For that reason I will not at- to rebuke her.
kets have access to consistent, com- Vancouver, Wash.
tend their conference.” Matt Duss, a Sanders adviser who could run
Bigotry? America’s pro-Israel lobby that in- the National Security Council, has written that
cludes more than 100,000 members nurtures “Like segregation in the American South, the
racial hatred? siege of Gaza (and the entire Israeli occupation, Solar Power Grows, but Market Share Is Low
Apparently Mr. Sanders meant what he said for that matter) is a moral abomination.” Mr. “Cheap Solar Power Challenges 21%. For natural-gas plants, the range
because in the Charleston debate Tuesday night Duss scrapped with the American Jewish Com- Coal’s Dominance in India” (Page One, is several times higher. Based on this
he was asked about the tweet and whether he mittee, the Simon Wiesenthal Center and the Feb. 18) may invite undue compla- and other differences, the IEA’s
would move the U.S. Embassy back to Tel Aviv Anti-Defamation League as a blogger for an af- cency about solar power’s capabili- “stated policies” scenario estimates
from Jerusalem. President Trump moved the filiate of the left-wing Center for American ties. According to the International that coal and natural gas will still be
Embassy to Jerusalem in 2018 after many years Progress. Energy Agency, solar’s total installed producing about 45% of the world’s
gigawatts may surpass other electric- electricity by 2040, while solar will
of bipartisan Congressional support for doing On Wednesday Bernie adviser David Sirota
power sources as early as 2035, but supply only about 11%.
so that included Joe Biden. tweeted that “I love that Politico’s newsletter photovoltaic technology still will lag For those who are looking for an
“Let me just—the answer is, it’s something for military-industrial complex lobbyists this far behind fossil fuels in the electric- exit strategy from fossil fuels, this
that we would take into consideration,” Mr. morning warns that out of all the candidates ity it actually produces. This is be- should be a call to action. To make a
Sanders replied about the Embassy. Then he running, @BernieSanders represents an ‘un- cause solar has a “capacity factor,” or real dent in global carbon emissions,
loaded up for the kicker: “I am very proud of precedented threat to the status quo.’” Mr. Duss average level of electricity generation we need an investment in solar and
being Jewish. I actually lived in Israel for some retweeted with a “Sounds good.” relative to maximum technical out- other renewable energy sources far
months. But what I happen to believe is that, Mr. Sirota, a likely aide in a Sanders White put, that is much lower than other beyond currently stated policies.
right now, sadly, tragically, in Israel, through House, praised Venezuela’s Hugo Chavez upon fuel sources. The IEA estimates that PHILIP WARBURG
Bibi Netanyahu, you have a reactionary racist his death in 2013 for having “racked up an eco- solar has a capacity factor of 10% to Newton, Mass.
who is now running that country.” nomic record that a legacy-obsessed American
Wow. The man who could be the next U.S. president could only dream of achieving.” This
President calls the 14-year Prime Minister of is a crowd that, like Mr. Sanders, looks for the
America’s closest Middle East ally a racist. It’s “bright side of the Castro regime” in Cuba, as We Are Volunteers in Mike Bloomberg’s Army
true that Mr. Sanders is a profligate user of the Pete Buttigieg put it Tuesday night. Regarding “Bloomberg Hires Social- ers of Bernie Sanders and Donald
“racist” label against people he dislikes, includ- Mr. Sanders is careful these days to say he Media Army” (U.S. News, Feb. 20): Trump. Heather Rosmarin, a Califor-
ing Mr. Trump. But this was still what our opposes “authoritarians” of all stripes, left and Mike Bloomberg has thousands of vol- nia-based clean-energy lawyer,
friends at the New York Sun called “a breathtak- right. And Michael Bloomberg was unfair to im- unteer grass-roots supporters who are founded and administers California for
ing moment.” All the more so because none of ply he supports Communism. But every now creating and participating in online Bloomberg on Facebook as a volunteer.
the other Democratic candidates on stage spoke and then the mask of soft democratic socialism communities on Facebook without pay- None of us was asked to start
up to disagree. slips from Mr. Sanders, and the face of hard left- ment. Volunteers stepped up to create these social-media groups for the
or manage Facebook groups in support campaign nor do we take direction or
Mr. Sanders also promised to protect “the in- ist international solidarity emerges.
of Mike’s candidacy before the cam- receive payment from the campaign.
paign had any state or local online Whether our groups have several

Religious Liberty Wins Another presence. Our goal is to foster positive

online communities that enable Bloom-
hundred or tens of thousands of
members, we are all proud to be part

T
he Eleventh Circuit Court of Appeals
broke no new legal ground last week
when it reversed its earlier decision rul-
ing that a cross erected on a public park in Pensa-
cola, Fla., had to go. But it carries the message
that the so-called Lemon legal test that has long
governed interpretations of the Constitution’s Es-
tablishment Clause may finally be dead.
The test comes from the Supreme Court’s
1971 ruling in Lemon v. Kurtzman. In that deci-
sion the Court required that government actions
implicating religion have a “secular purpose”
and “primary effect” that “neither advances nor
inhibits religion.” In 1984 the Court added that
a “reasonable observer” must conclude the gov-
ernment is not endorsing religion.
But the Lemon test took a big hit last year in
American Legion v. American Humanist Assn.
That case also involved a cross, which had been
commissioned by the American Legion to memo-
rialize U.S. servicemen who died overseas in
World War I. Later the land it was on became pub-
lic property. The Court ruled it “does not offend
the Constitution.”
Thus the 11th circuit reconsidered its deci-
sion, and in Kondrat’yev v. Pensacola the court
has concluded that the Bayview Cross in Pensa-
cola also is not a government establishment of
religion. It’s as much a victory for common sense
as it is for the First Amendment. The cross was
erected in 1941 as the nation prepared to enter
World War II. The people of Pensacola have held
events of all kinds on the site and it is an impor-
tant part of community life.
As Justice Samuel Alito wrote in the Ameri-
can Legion case, “A government that roams the
land, tearing down monuments with religious
symbolism and scrubbing away any reference to
the divine will strike many as aggressively hos-
tile to religion.”
berg supporters and the “Bloomberg-
curious” to connect with each other,
ask questions and share information.
For example, Sheikh Musa Dram-
meh, a New York-based African-Ameri-
can Muslim community leader, set up
the largest independent social-media-
campaign platform for Mike
Bloomberg: the national Facebook
group Bloomberg for President, which
now has more than 40,000 members.
Joshua Shemtov, a Miami-based real-
estate broker, administers Florida for
Mike Bloomberg and other Bloomberg
supporter groups on Facebook. He’s
been volunteering up to 14 hours a day
to support the groups and fend off
troll attacks, primarily from support-
Bernie Needs to Come Clean
On His Health Records Now
Regarding your editorial “Bernie’s
of a thriving, organically growing,
volunteer-led grass-roots network
that supports Mike Bloomberg for
president.
SHEIKH MUSA DRAMMEH
New York
HEATHER ROSMARIN
Oakland, Calif.
Coronavirus Infection: DHS
Should First Do No Harm
Regarding Holman Jenkins’s “Cor-
onavirus Needs a Free Press” (Busi-
ness World, Feb. 12): Landing at
Houston’s international airport re-
cently, I found 14 immigration isles,
but only one was open. In the one-
and-a-half hours I stood in line “all”
passengers processed from my Tai-
pei flight had to use the same fin-
gerprint touch screen. There was no
hand sanitizer and no staff even oc-

No Asylum for Sanctuary States Medical Stonewall” (Feb. 21): I am an

80-year-old, fee-based physician
casionally cleaning it.
Surely a simple way to minimize

D
working at the Military Entrance the spread of the coronavirus to
emocratic states are refusing to coop- which upheld Justice’s authority to withhold Processing Station in Phoenix. Inter- U.S. citizens would be to clean the
erate with federal immigration en- funds from New York City and seven states. views and physical examinations are one thing every person touches at
forcement, but then they complain “We conclude that the plain lan- done on all military applicants 17-40 these immigration points.
that the Justice Department years of age. If there have been any CARL CARTHY
guage of the relevant statutes
medical issues in an applicant’s life, Bangkok
is using its legal authority to The Second Circuit says authorizes the Attorney Gen- the Defense Department requires the
impose financial conse- the feds can withhold eral to impose the chal- release of all past medical records
quences for their resistance. lenged conditions,” Judge Re- for review before accepting the ap-
Sorry, they can’t have it both funds for defying the law. ena Raggi wrote for the court. plicant for enlistment in the military.
ways, the Second Circuit She explained that the Supreme A personal letter from his doctor
Court of Appeals ruled on Court has held, since Maryland alone is not acceptable.
Wednesday. tried to tax the Second Bank of the U.S. two cen- With that requirement for our mil-
The Justice Department under Jeff Sessions turies ago, that a “State may not pursue pol- itary applicants, how can anyone feel
comfortable voting for a 78-year-old
MIKE BLAKE/REUTERS

sought to condition Byrne Program grants for icies that undermine federal law.”
public safety to cooperation with federal immi- She added that Justice did not violate the presidential candidate who recently
had a heart attack, treated by doc-
gration law. Congress in 2006 required states APA because the Attorney General invoked
tors who “reopened [a blockage in
and cities to satisfy requirements “in such form rather than interpreted the plain text of federal his coronary artery] and placed two
as the Attorney General may require” and “shall immigration law. The APA applies only when a drug-eluting stents” in his heart?
issue.” States must also certify they will comply government agency is seeking to give new Not releasing all of Sen. Sanders’s Is this a plot to spread Coronavirus?
with all “applicable Federal laws.” meaning to federal law. medical records, along with his prog-
Mr. Sessions required grant applicants to As for the Tenth Amendment, sanctuary nosis for the next several years,
comply with a federal immigration law that states need a refresher course in federalism. amounts to a huge coverup by a Pepper ...
bars local governments from restricting com- The Supreme Court has long held that Congress presidential candidate applying for
munications about citizenship information can seek to influence state policy choices as the most demanding, strenuous job
And Salt
with federal immigration authorities. He also long as a state has a “legitimate choice whether in the world. THE WALL STREET JOURNAL

required states and cities to give immigration to accept the federal conditions in exchange for WILLIAM W. BOHNERT, M.D.
Phoenix
officials, upon request, the release dates of in- federal funds.”
carcerated undocumented immigrants and ac- The Supreme Court struck down the Afford-
cess to them. able Care Act’s Medicaid expansion because it CORRECTION
Sanctuary states refused and then sued to threatened states by withholding
force the Trump Administration to pay up. They 100% of their Medicaid funding, which com- Luther Henderson leads the orches-
claimed Justice’s conditions violate the Admin- prised between 10% and 16% of their bud- tra in some tracks on “Eileen Farrell:
istrative Procedure Act (APA) and Tenth Amend- gets. But Byrne grants are relatively minuscule, The Complete Columbia Album Col-
ment’s anti-commandeering principle, which making up less than 0.1% of Massachusetts and lection.” A Feb. 4 review of the collec-
prohibits the federal government from compel- New York budgets. tion gave an incorrect first name.
ling states to enact or administer a fed- The ruling is a major victory for the plain
eral regulatory program. reading of the law and proper understanding Letters intended for publication should
The Third, Seventh and Ninth Circuits issued of federalism. Liberals might even be grateful be addressed to: The Editor, 1211 Avenue
of the Americas, New York, NY 10036,
injunctions against Justice. So did federal judge since the “sanctuary” movement, and its delib- or emailed to wsj.ltrs@wsj.com. Please
Edgardo Ramos, who cited a sloppy Seventh erate lawlessness, have helped immigration re- include your city and state. All letters
Circuit decision that glazed over the plain lan- strictionists politically. The Supreme Court may are subject to editing, and unpublished
guage of the law. But he was reversed Wednes- now take up the question, and it has a formida- letters can be neither acknowledged nor “If you can’t bond with him,
returned.
day by the Second Circuit three-judge panel, ble guide in the Second Circuit ruling. at least ‘like’ him on social media.”
THE WALL STREET JOURNAL.
This Is No Time to Go Wobbly on Capitalism
By Nikki Haley
T
here’s an important de-
bate happening in Amer-
ica right now, a competi-
tion among three distinct
views of the world. The
first view is held by those who
think capitalism is the best and fair-
est economic system the world has
ever seen. The second is held by
those who think socialism is the an-
swer to a host of problems from cli-
mate change to inequality. Then
there are those who are pushing a
watered-down or hyphenated capi-
talism, which is the slow path to so-
cialism.
As Democrats embrace
outright socialism, some
CEOs and Republicans call
for unwise compromises.
Mark me down as a capitalist. I
grew up in South Carolina as the
daughter of Indian immigrants. My
mom started a small business sell-
ing clothes and gifts. She worked
hard and showed my brothers, my
sister and me what it meant to live
the American dream. The U.S. is a
country where people can find jobs
that match their talents and pas-
sions. America has lifted up more
people and unleashed more prosper-
ity than any other country in human
history.
In 1800, you were lucky if you
lived to be 40. A third of children
didn’t live past 5. Since then, the
U.S. has become an industrialized
nation. Average real income per
person has soared by 4,000% since
The Fed Can’t Wait to Respond to the Coronavirus
By Kevin Warsh
A
central bank’s primary job is
to offset major disturbances to
the economy. Today, the novel
coronavirus is a material risk to the
economy. It represents an unexpected
shock, and the Federal Reserve
should lead the world’s central banks
in taking immediate action.
In a coordinated move alongside
the People’s Bank of China, the Euro-
pean Central Bank, the Bank of Eng-
land, the Bank of Japan and others
so willing, the Fed should announce
a 0.25-percentage-point interest-rate
cut and make clear it’s open-minded
about further action. The Fed should
also encourage other central banks
to take appropriate simultaneous ac-
tion to loosen monetary policy in
their jurisdictions. Global action
would help make the most of scarce
policy ammunition.
Milton Friedman, in his presiden-
tial address to the American Eco-
nomic Association more than 50
years ago, stated that “monetary pol-
icy can contribute to offsetting ma-
jor disturbances in the economic sys-
tem arising from other sources.” He
emphasized that the economic shock
must be “major” for monetary policy
to be used forcefully and effectively.
Friedman was no fine-tuner, but he
didn’t believe in passivity during
times of trouble either.
More than a decade ago, then-Fed
OK Boomer? Bernie, Biden and Bloomberg Are Older Still
By Lance Morrow
F
or nine months after Steve
Jobs was diagnosed with pan-
creatic cancer, he reportedly
refused the surgery that might have
saved him. He is said to have given
himself over to magic thinking and
tried to treat his condition with
acupuncture, dietary supplements
and juices. He abandoned that
course only after it was too late. It
was Steve Jobs’s magic thinking
that created the iPhone, and magic
thinking may have ended up killing
him in 2011. He was 56.
My theory is that under the spell
of ubiquitous, miraculous electron-
PUBLISHED SINCE 1889 BY DOW JONES & COMPANY
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1800. Medical breakthroughs mean
Americans live much longer. In
1820, 94% of the world lived in ex-
treme poverty, earning less than
$1.90 a day, adjusted for purchasing
power. Today that figure is closer to
10%. Because of capitalism, the
world is cleaner, healthier and
wealthier than ever.
As governor of South Carolina, I
saw capitalism work. Pro-market
policies helped bring our state more
than $20 billion in capital invest-
ment and created jobs in every
county. But I saw something differ-
ent during my time as ambassador
to the U.N. I was reminded that not
every country enjoys the same free-
dom and prosperity. More than 1.5
billion people still suffer under so-
cialist regimes.
Socialism is the dangerous prop-
osition that government should con-
trol more of your life, including
your property, your money and even
your religion. From North Korea to
China to Venezuela, socialism re-
sults in hunger, poverty and misery.
It destroys communities, represses
religion and crushes freedom.
In 2018, I stood on the Simón
Bolívar International Bridge on the
border of Venezuela and Colombia.
I watched thousands of Venezuelans
cross into Colombia for the only
meal they might have that day. I
held a beautiful baby girl. Her
mother told me all she wanted for
her daughter was a future of free-
dom. They were one of millions of
Venezuelan families whose lives
have been destroyed by dictator Ni-
colás Maduro’s socialist policies.
So imagine my surprise to find
that socialism has become trendy
here at home. Only in a free and
prosperous country is it so easy to
take capitalism for granted. Ameri-
Chairman Ben Bernanke and his col-
leagues chose to act decisively.
When confronted with a major eco-
nomic shock, the Fed took extraordi-
nary monetary-policy actions, often
in coordination with other leading
central banks. Acting sooner would
have been better, but Mr. Bernanke’s
leadership at the Fed was exem-
plary. Less appreciated but no less
important, the Fed benefited from a
rich inheritance: a strong, highly
credible institution replete with a
large reservoir of interest rates to
cut and a modest balance sheet with
space to grow.
The novel coronavirus presents
Beijing with a real test. China’s
first-quarter growth is likely to be
negative. Aggregate demand is fall-
ing fast. Chinese consumers are par-
ing consumption markedly. The in-
ventories of key Chinese exports,
including consumer products and
intermediate industrial goods, are
declining rapidly. High levels of in-
debtedness, especially at smaller
firms, are leading to an increase in
insolvencies. Many employees have
stayed home in February, which is
constraining the production side of
China’s economy. It isn’t clear when
people will be returning to work or
how bad the contagion risks will be
when they do.
The window to contain the virus
inside China has long since closed.
The window to mitigate its effects
ics, the people of the early 21st cen-
tury have become somewhat prone
to magic thinking in their lives and
politics. Such thinking has become a
powerful tendency of an American
people that once had a reputation
for shrewdness and practicality. The
effect may be magnified among mil-
lennials. The young are less aware of
the limitations imposed, even on he-
roes, by age, disease, dementia.
As Jobs found, neither extreme
optimism nor stubborn denial will
prevail against mortality. Whatever
remarkable medical advances now
prolong human life, death, the old
way of doing things, will have its
dominion.
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Chief Executive Officer, News Corp
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OPINION
PHIL FOSTER
can socialists claim they seek a gen-
tler socialism, like the one found in
Scandinavian countries. But over
the years Sweden has cut taxes and
introduced a school-choice program.
Denmark has cut its business tax
rate by more than half since the
1990s. Other democracies, including
Israel, India and the U.K., experi-
mented with socialism, only to
abandon it. Socialism has failed ev-
erywhere it’s been tried.
An entire generation of American
adults are too young to remember
the suffering socialism caused dur-
ing the 20th century. Collective his-
torical ignorance is becoming a real
threat. Those of us who remember
have a responsibility to educate
young Americans about the poverty
and tyranny that inevitably follows
socialism.
Socialism represents the greatest
threat to American values, but an-
other movement is also cause for
on the global economy remains
open—but not for long. U.S. trade
and investment were poised to ac-
celerate this year after a series of
new trade accords. But a sudden
stop is a clear and present risk to
U.S. economic prospects.
Even if the virus is more con-
tained than people think, or dissi-
pates in the spring, economic activ-
ity in unlikely to spring back to life.
The pandemic is a threat
to the global economy. U.S.
central bankers should
lead a global response.
The disruption to global supply
chains will take several months to
reset. Business confidence in the
U.S., which has turned decidedly
more negative in recent weeks, will
also take to time to reassert itself,
especially in an election year. Epide-
miologists will ultimately decide
whether to categorize the novel cor-
onavirus as a pandemic. Real people,
however, won’t wait for the final
judgment of experts to make up
their own minds.
The signals from financial mar-
kets are disturbing. Since the start
of the year, commodity prices are off
10%. Oil prices are down nearly 20%.
Voters may begin to suspect
there is something risky and irre-
sponsible in the idea of nominating
a 78-year-old man who recently
suffered a heart attack for the job
of president of the United States.
It’s a question to consider sepa-
rately from the magic thinking of
Bernie Sanders’s democratic-social-
ist agenda, his future in which the
lemonade springs and the bluebird
sings.
The average life expectancy of an
American man in 2020 is 78. That
means that, statistically speaking,
Mr. Sanders is living on borrowed
time from here on out. That is also
true of 78-year-old Mike Bloomberg.
Joe Biden is 77 and will cross over
into the statistical twilight of 78
about two weeks after the Novem-
ber election. True, men who have
reached 78 can expect to live an-
other nine years on average—which
leaves Mr. Sanders and his peers a
roughly 50/50 chance of fading out
before completing a second term.
If Mr. Sanders became president,
he would be 79 when inaugurated
and 83 at the end of his term. He
would still be three years younger
than Justice Ruth Bader Ginsburg is
today—and 45 years older than Pete
Buttigieg is right now.
In the past, America has not ex-
actly been Confucian in its rever-
ence for age. Why then is the Demo-
cratic Party finding leaders at such
geriatric altitudes? Is there a com-
plex politics of the generations at
work? Or coincidence? At the least,
such politics will become manifest
in the party’s choice of a vice presi-
dential nominee. Someone much
Thursday, February 27, 2020 | A17
alarm. Advocates of so-called stake-
holder capitalism—a philosophy
that retains the word “capitalism”
but abandons its meaning—include
the Business Roundtable. Last year,
the chief executives of America’s
largest companies changed their
definition of business. They said
companies should focus on custom-
ers, workers and communities in-
stead of being the best business
possible. This has a nice sound to it
but makes no sense. In reality, a
company that cheats its customers,
mistreats its workers and abuses its
community won’t be around long.
The Business Roundtable knows
better, but corporate America is
buckling under the pressure of po-
litical correctness. This is an un-
healthy development that will make
business the servant of politics. Few
things are more dangerous than big
government in cahoots with big
business.
Yields on 10-year Treasury notes—
the most important risk-free asset in
the world—have tumbled in recent
weeks and are now at historic lows.
The U.S. economy is best posi-
tioned among the Group of 20 coun-
tries, the largest economies in the
world, to withstand the shock. U.S.
workers’ incomes are growing at the
fastest rate in a generation. The un-
employment rate is at a 50-year low.
Profits for U.S. businesses are near
cyclical highs. Productivity has im-
proved markedly in the past year.
And the U.S. health-care system is
better equipped than any to combat
a nationwide outbreak.
If the Fed had normalized policy
early in the decadelong recovery, it
would be far better situated—in
terms of ammunition, efficacy and
credibility—to take necessary action
now. Still, the Fed has a necessary
role to play, even if its tool kit isn’t
fully stocked.
The Fed’s choices in the past 18
months may be contributing to pol-
icy inertia. The Federal Open Market
Committee chose an awkward time
to raise rates in December 2018. The
economy was weakening. The FOMC
then reversed itself abruptly in 2019,
cutting rates cumulatively three-
quarters of a point to a current fed-
funds rate of about 1.6%. The Fed’s
stated rationale for its policy rever-
sal was to ensure inflation moves up
from 1.7% to its target rate of 2%.
younger may be deemed necessary
to provide generational balance and
serve as reassuring actuarial
backup.
Messrs. Sanders, Bloomberg and
Biden are pre-baby-boomers—mem-
bers, like me, of the Silent Genera-
tion, those born during World War
II or even a little before (1939 in my
case). My motto for some time has
been “Don’t Trust Anyone Under
70.” But I am kidding.
By Inauguration Day 2021,
all three of them would
have reached the average
U.S. male’s life expectancy.
Even the most alert and active
members of AARP—my friend John
Leo once had the idea of starting a
magazine for them called Geezer &
Crone—inhabit the past more than
they imagine the future. Their minds
tend to be retrospective. That may
be either a good or a bad thing.
Americans have appealed to in-
spired magic thinking from time to
time in their history: “All men are
created equal,” for example. The
nation started off under the influ-
ence of youth. Thomas Jefferson
wrote the Declaration of Indepen-
dence at 33, in 1776, when John
Hancock was 39. Alexander Hamil-
ton was 21, and Gouverneur Morris
was 24. Jefferson died a half-cen-
tury later at 83, long after he had
left the White House, and on the
same mystical day as 90-year-old
Then there are critics who call
for other kinds of hyphenated capi-
talism. Some are conservatives who
seem embarrassed by the free mar-
ket. They advocate for more tax
credits here, more subsidies there,
more mandates for this, more regu-
lations for that. But their new capi-
talism would merely give govern-
ment more power over businesses,
workers and families. It differs from
socialism only in degree.
It’s true that some businesses
are corrupt. That isn’t capitalism,
and it isn’t legal. It’s also true that
too many lobbying interests win
special treatment. That isn’t capi-
talism either. It’s cronyism and cor-
porate welfare, which should be
stopped. Finally, it’s true that in-
come inequality exists. But that’s
infinitely better than the alterna-
tive. Under socialism, everyone is
equal—equal in poverty and mis-
ery—except for those who control
the government.
The socialist and hyphenated
capitalist “solutions” will make
these problems worse and lead to
less freedom. The better answer is
to double down on capitalism. Presi-
dent Trump has done that. Unem-
ployment is at a 50-year low. Wages
are rising at the fastest rate in a de-
cade. Welfare is shrinking. Millions
of Americans have found good new
jobs. The stock market boom is
helping millions of retirees. It’s time
to embrace capitalism, not abandon
the values that make America the
envy of the world.
Ms. Haley served as governor of
South Carolina, 2011-17, and U.S.
ambassador to the United Nations,
2017-18. This op-ed is adapted from
a speech she delivered Wednesday
to the Hudson Institute.
Fed leaders call the current, os-
tensibly low level of inflation the
greatest challenge for this genera-
tion of monetary policy makers. I
disagree. An exogenous, uncertain,
global economic shock is a far big-
ger and more pressing challenge.
And a far more compelling rationale
for policy action.
A coronavirus pandemic would be
the biggest threat to the global
economy since the financial crisis.
We simply don’t know what will
happen. The Fed should be in the
business of responding to “tail
risks”—unlikely events that would
have highly damaging effects on
output and inflation—not fine-tun-
ing around the base economic out-
look.
In 2019, the global economy
looked to be trending away from
globalization and moving toward
regional self-reliance. But the hu-
man suffering of the novel corona-
virus might not be in vain: Large
benefits could result from a timely
response to turmoil. This is a time
for the world’s central banks to act
together in the common interest.
For that to happen, the Fed must
take the lead.
Mr. Warsh, a former member of
the Federal Reserve Board, is a dis-
tinguished visiting fellow in econom-
ics at Stanford University’s Hoover
Institution.
John Adams, July 4, 1826.
Presidents age in different ways,
at different speeds. Woodrow Wil-
son was only 63 in 1919 when he
suffered the stroke that left him a
ghost in the White House. Franklin
D. Roosevelt, the master illusionist
who told Americans in 1933, against
all evidence, that they had “nothing
to fear but fear itself,” was entirely
spent by the time he died in Warm
Springs, Ga., at 63.
Presidential history is filled with
ironies and counterfactuals. John F.
Kennedy’s Addison’s disease almost
killed him when he was in his 30s.
Republican Wendell Willkie—a vig-
orous, 48-year-old bear of a man—
ran against Franklin Roosevelt in
1940 and lost. Willkie died of a
heart attack at 52 in October 1944—
some six months before FDR suc-
cumbed. But amazingly, Willkie’s
1940 running mate, Charles McNary
of Oregon, died eight months earlier
than Willkie at 70.
If Willkie and McNary had won
the 1940 election, then, Willkie’s
secretary of state, whoever that
might have been, would have be-
come president. (Under current
law, the House speaker would ac-
cede to the presidency.) History
would have set off in who knows
what direction.
At what point should age become
disqualifying? Only a fool does not
think about it. At the very least, all
the candidates’ medical records
should be opened for inspection by
the public.
Mr. Morrow is a senior fellow at
the Ethics and Public Policy Center.
A18 | Thursday, February 27, 2020 THE WALL STREET JOURNAL.

WORLD NEWS

Deadly Clashes Spark an Outcry in India

Premier, ruling party
draw criticism after
protests escalate into
sectarian violence
NEW DELHI—Prime Minis-
ter Narendra Modi’s govern-
ment and ruling party came
under sharp criticism from In-
dian courts and political rivals
after four days of some of the
worst communal violence in
India’s capital city in decades
left at least 27 dead and more
than 200 injured.

By Krishna
Pokharel, Vibhuti
Agarwal
and Rajesh Roy

The violence, which

morphed from dueling demon-
strations into deadly clashes
between Hindus and Muslims,
began playing out Sunday even
as President Trump left Wash-
ington for a two-day visit to
India at Mr. Modi’s invitation.
For the next several days,
Indians switched between wall-
to-wall news coverage of Mr.

Trump’s travels and appear-
ances and intermittent scenes
of rioting, stone hurling, beat-
ings and fires raging in a dif-
ferent quarter of the city.
The Indian National Con-
gress party, the main rival to
the governing Hindu nationalist
Bharatiya Janata Party, stepped
up criticism of the government
as its leader, Sonia Gandhi, re-
leased a statement saying it is
“gravely concerned over the
unprecedented continuing vio-
lence and loss of lives in Delhi.”
The clashes are taking place
after months of growing com-
munal tensions as the Modi
government has pursued a
controversial social agenda
long sought by the BJP, which
Mr. Modi led to an overwhelm-
ing electoral victory almost a
year ago. Critics say the mea-
sures are designed to under-
mine India’s secular traditions
and advance the BJP’s goal of
promoting a society more re-
flective of its Hindu majority.
One of those measures, the
introduction of a law in De-
Indian security forces patrolled a street in New Delhi on Wednesday after clashes between Hindus and Muslims left at least 27 dead amid growing communal tensions.
cember that fast-tracks toward
Indian citizenship immigrants
from every major religious
group coming from countries
around India except Muslims,
has been a flashpoint for emo-
tional protests across India for
weeks, particularly in parts of
the capital with concentra-
tions of Muslim residents.
Those demonstrations were
also the backdrop for elections
held recently in the city, where
campaigning was marked by
often-inflammatory statements
by BJP candidates against
Muslims. The BJP, however,
failed to make inroads against
a regional rival political party
running the local government
that took a more moderate ap-
proach in trying to calm and
avoid sectarian tensions.
On Saturday evening, dem-
onstrators protesting the citi-
zenship law began blocking a
main street in a mixed but
largely Muslim neighborhood,
one of many protests that had
been going on for weeks, resi-
dents of the area said. A BJP
politician from the area with a
record of making provocative
sectarian statements began
warning police over the week-
end to clear the street or local
groups would take matters
into their own hands after Mr.
Trump departed.
On Sunday afternoon, the
BJP politician, Kapil Mishra,
led a counterdemonstration by
a group of supporters of the
new law. The two sides clashed
on Sunday, and the confronta-
tion escalated on Monday and
Tuesday. Few police were in
attendance as groups of men
chanting Hindu slogans faced
off against Muslim groups and
both sides rampaged through
several neighborhoods, area
residents said.
The violence escalated
Tuesday night to such an ex-
tent that police refused to pro-
vide security for ambulances
and medical personnel to
move dozens of the seriously
injured in the area from a lo-
cal clinic to a larger hospital.
Judges from the city’s high
court issued an emergency or-
der in the middle of the night
forcing police to provide pro-
tection so that ambulances
could reach the injured.
“There were roughly 40 to
50 rioters carrying sticks and
country-made pistols who were
shouting slogans saying they
won’t allow the ambulances to
enter,” said Shaleen Mitra, an
adviser to Delhi’s Minister of
Health. Several victims were
declared dead when they were
finally evacuated, he said.
In a separate order, the Delhi
High Court demanded authori-
ties head off further violence.
Some analysts also raised
concerns that supporters of
the ruling party are stoking
the violence.
“This violence in Delhi is
completely orchestrated,” said
Ajai Sahni, executive director of
the Institute for Conflict Man-
agement, a New Delhi-based
think tank. “The greatest con-
cern is not that you have riots;
the greatest concern is that…a
ADNAN ABIDI/REUTERS
visible hand of state agencies
and political powers is there.”
Government and BJP officials
rejected criticism that they have
been slow to react or that BJP
officials instigated the clashes.
“The prime minister is closely
monitoring the situation, along
with his key officials,” a govern-
ment official said.
Mr. Modi’s office didn’t re-
spond to requests for comment.
"Peace and harmony are
central to our ethos,” Mr. Modi
said in a tweet Wednesday,
one of the first times he has
mentioned the violence. “I ap-
peal to my sisters and broth-
ers of Delhi to maintain peace
and brotherhood at all times.
It is important that there is
calm and normalcy is restored
at the earliest.”
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Disney Boss Brings Blunt Attitude Dow, S&P 500

BY JOE FLINT
AND R.T. WATSON
During Bob Chapek’s tenure as head of parks,
the division’s revenue grew as did Disney’s
They may share the same box-office sales, despite the company’s
Extend Slide
To a Fifth Day
first name, but there are few releasing fewer films.
other similarities between Dis-
ney Chairman Bob Iger and his
successor as chief executive,
Bob Chapek.
While Mr. Iger is known for
being charismatic and cosmo- BY ANNA ISAAC ment officer at Brooks
politan and loves to hob- AND ALEXANDER OSIPOVICH Macdonald. “We don’t yet know
nob, Mr. Chapek is all the size of how much it’s spread
business with little The Dow Jones Industrial Av- or the mortality rate. That’s what
time or interest in erage and S&P 500 fell Wednes- markets are reacting to, peak un-
niceties, people day for the fifth consecutive ses- certainty, rather than facts.”
who have worked sion as investors continued to Brazil and Pakistan reported
closely with both say. assess the economic impact of their first cases of the virus on
“A meal with Bob the coronavirus epidemic. Wednesday, with Brazil’s being
Chapek is one minute and Both indexes opened sharply the first confirmed case in Latin
30 seconds of pleasantries higher, and the Dow climbed as America. Officials in Nassau
and 58 minutes and 30 much as 461 points before turn- County, outside of New York
seconds of business,” said a ing negative in afternoon trad- City, said they were monitoring
former high-ranking Disney ex- ing. The blue-chip index closed 83 people for possible exposure.
ecutive. with a drop of 123.77 points, or Switzerland-based Nestlé
Current and former Walt 0.5%, to 26957.59—down more suspended overseas business
Disney Co. executives agree than 8% from a week ago. travel for its employees, one of
that Mr. Chapek, 60 years old, The S&P 500 slid 11.82 the strictest such measures
has the experience and skill set points, or 0.4%, to 3116.39. The taken by a multinational in re-
to succeed Mr. Iger at the Nasdaq Composite added 15.16 sponse to the epidemic.
Magic Kingdom. points, or 0.2%, to 8980.77, Investors continued to seek
“Bob Chapek doesn’t fail. He pushing back into positive ter- safety in government bonds,
is incredibly disciplined about ritory for the year. pushing Treasury yields lower.
doing what it takes to deliver The Dow and S&P 500 are The yield on the benchmark 10-
the numbers,” the former exec- off 5.5% and 3.5%, respectively, year note fell to 1.310%, a re-
utive said. “He is relentless in in 2020. cord, from 1.328% Tuesday.
that regard.” Investors were hoping for Yields have been under pres-
As a skilled tactician, Mr. markets to stabilize after the sure in recent days in part be-
Revenue by segment and change from previous year
Chapek clearly identifies tar- Dow fell more than 1,900 points cause of a growing expectation
gets and looks for ways to 1st quarter 2020 Monday and Tuesday in its larg- Please turn to page B11
achieve his metrics. est two-day point decline on re-
During Mr. Chapek’s tenure Direct-to- Studio Media Networks Parks, Experiences cord. Markets were spooked this
Consumer & Entertainment and Products
as head of the parks and re- International week by a growing number of Broad Impact
sorts division, from 2015 until coronavirus cases outside China  Factory shutdown hits
earlier this week, he amassed $4.0B $3.8 $7.4 $7.4 and fears that the epidemic sellers on Amazon........ B10
five consecutive years of +334% +106% +24% +8% would dent corporate earnings  Flight to munis sends
growth, thanks to a combina- and global growth. yields to records............ B11
Includes Disney+ and other streaming platforms
tion of historic expansion and “This is a time of peak uncer-  Oil prices slide to January
strategic cost reductions. He tainty for coronavirus,” said Ed- 2019 levels....................... B11
prioritized double-digit annual Films distributed by Disney Box-office revenue Parks revenue as share of total ward Park, deputy chief invest-
growth, according to one for- (U.S. and Canada)
mer colleague, a goal he $70 billion
20 $4 billion
achieved in all but one year, INTELLIGENT INVESTOR By Jason Zweig
when the division’s operating 60

Pros Must Sell Stocks

income grew 9%. 15 3 50
Announcing Mr. Chapek’s el-
evation a little more than two 40

Now. You Don’t Have To

weeks before the company’s an- 10 2
30
nual meeting, scheduled for
March 11, means the company 20
5 1
won’t have to answer questions 10
from shareholders about suc- When mar- found in a 2002 study. They
cession planning. 0 0 0 kets crumple, also showed that the more
Many who have worked 2005 ’19 2005 ’19 2005 ’19 the culprits widely a stock is held by big
closely with Mr. Chapek during usually aren’t investors, the greater its
Note: Parks revenue includes consumer products from 2017. Quarterly revenue segment excludes intercompany transactions. Doesn’t include films
his 27 years at Disney appreci- distributed by companies that are no longer part of Disney. Revenue from each film is attributed to the year of its release. the smallest trading volume during sharp
Please turn to page B2 Sources: the company (parks revenue, 1Q 2020 revenue by segment); IMDb (films distributed, box-office revenue); Image Group LA/Disney/Getty Images investors, but market drops.
the biggest. And the stocks dumped by
So far, most individual in- the biggest investors on down

Bayer Head Quits Amid Roundup Woe vestors have remained stead-
fast as stocks have been pum-
meled by fears that the
coronavirus could turn into a
days tend to outperform the
market over the ensuing six
months. Selling by institu-
tions when the market falls at
BY RUTH BENDER senior managers assume the been a mentor of CEO Werner test over Roundup, which pandemic. If they continue to least 2% “drives prices below
role of chairman. Mr. Wenning Baumann. He also championed thousands of Americans allege keep their cool, small investors their true values,” the re-
BERLIN—Bayer AG, in the was widely respected at Bayer the 2018 acquisition of U.S. ag- causes cancer. might even get to buy bargains searchers concluded.
midst of a major legal battle for steering it through an ear- ricultural giant Monsanto that At the depth of the crisis as the big money bails out. Patience is a luxury that in-
over its Roundup herbicide, lier legal battle in the U.S. over tipped Bayer into one of its last June, Bayer had lost more Professional investors tend dividual investors can afford.
said Chairman Werner Wen- the cholesterol-lowering drug worst crises in its 156-year his- than a third of its market value to move the fastest when a Money managers must focus
ning would step down earlier Baycol. tory. in the wake of three California market suddenly turns. That’s not only on analyzing what as-
than planned and be replaced Mr. Wenning, 73 years old, With a board seat opening jury verdicts that went against largely out of self-preservation, sets are worth, but also on
by a former Pricewater- said he had intended to retire up, shareholders at the annual it and a resulting surge in the because the biggest risk they “anticipating what average
houseCoopers executive who last year but agreed to a re- meeting will be asked to vote number of plaintiffs. Bayer ar- face is being so out of step opinion expects the average
joined the German company’s quest by the group’s supervi- on a new nominee, Horst gues Roundup and its active with the market that their cli- opinion to be,” as John May-
board in 2018. sory board to stay on given Baier, a former finance chief at ingredient glyphosate are safe ents fire them. That can lead nard Keynes wrote in 1936.
Bayer said Norbert Winkel- “the company’s situation at travel company TUI AG. when used as directed and ap- the pros to chase the market That’s because the pros
johann will succeed Mr. Wen- the time.” He was named The replacement of Mr. pealed all three verdicts. trend too far and too long. are in a never-ending strug-
ning after the company’s an- chairman in 2012 with a man- Wenning, a company veteran Bayer inherited the litiga- “Institutions sell more gle to attract new funds. For
nual meeting on April 28. date originally set to run until of over 50 years, comes as the tion over the world’s most than individuals when there professionals seeking to max-
Mr. Winkeljohann’s appoint- 2022. chemicals and pharmaceutical popular weedkiller when it is a large stock-market drop,” imize their fees, it is ratio-
ment marks a break from a Mr. Wenning, who is a for- company is under pressure to bought Monsanto in a $63 bil- finance professors Patrick nal—at least in the short
company tradition of having mer Bayer chief executive, has resolve a high-stakes legal con- Please turn to page B2 Dennis and Deon Strickland Please turn to page B11

INSIDE BlackRock’s Warrior in Washington Steps Aside

LUKE SHARRETT/BLOOMBERG

BY DAWN LIM maintain trust with the public

Barbara Novick, who turned
BlackRock Inc. into a force in
Washington, is stepping down.
The face of BlackRock’s pub-
lic-policy efforts, Ms. Novick
built a lobbying machine that
BUSINESS NEWS let the money manager avoid
Papa John’s expects the regulatory burdens big
banks faced, fueling the firm’s
to rebound from transformation into a giant
controversies with with $7.4 trillion in assets un-
sales growth in ’20. B3 der management. She also su-
pervised the firm’s oversight
over public companies.
BlackRock announced in a
firmwide memo on Wednesday
that Ms. Novick, 59 years old,
will be scaling back her day-to-
and investors as it grows.
“I went to meetings in 2009
where the first question was,
‘Who’s BlackRock?’” Ms.
Novick said in an interview.
“Nobody asks that today.”
BlackRock, the world’s larg-
est money manager, ushered
in an investment revolution
with funds that trade on ex-
changes and mirror markets.
“Our public policy and stew-
ardship efforts are at an inflec-
tion point,” said Chief Execu-
tive Laurence Fink and
President Rob Kapito in their
memo. “Much of the post-finan-
cial-crisis policy work that Bar-
bara led is largely implemented,
MICHAEL NAGLE/BLOOMBERG NEWS

day duties. The co-founder and
vice chairman will help pick
her successors and become a
senior adviser at the firm.
REAL ESTATE Her departure signals the
end of a chapter in which
Blackstone buys a BlackRock successfully fought
major owner of U.K. to prevent regulators from
student housing. B6 seeing it as a big bank. The
firm’s challenge now is to
and she has greatly enhanced
our stewardship practices.”
Ms. Novick was a regular
visitor at Washington federal
agencies and on a first-name
basis with key officials. Under
her leadership, BlackRock dis-
seminated 138 memos on its
viewpoints and 507 comment
Please turn to page B6 Through Barbara Novick’s lobbying, the firm skirted a designation as a big bank in need of regulation.
B2 | Thursday, February 27, 2020
INDEX TO BUSINESSES
These indexes cite notable references to most parent companies and businesspeople
in today’s edition. Articles on regional page inserts aren’t cited in these indexes.
A
Alphabet......................A2
Amazon.com ............. B10
American Axle &
Manufacturing..........A7
Anglo American..........B2
Anthem ..................... B12
Apple....................A7,B10
Arch Coal.....................B2
Arm Holdings............A10
Aviva ........................... B2
B it would limit competition and
Bank of America Merrill
Lynch.........................B6
Barkmere Group ....... A10
BASF ........................... A6
Bayer...........................B1
BlackRock...............B1,B2
Blackstone Group ....... B6
BNP Paribas Asset
Management.............B2
C it would seek a temporary re-
Campari Group..........B10
Cathay Pacific Airways
...................................B10
Centene.....................B12
Chesapeake Energy .. B11
Chevron ..................... B11
Cigna..........................B12
Contemporary Amperex
Technology................B4
D Onyx Group...............B12
Deere...........................A7
Deutsche Bank....A10,B6
INDEX TO PEOPLE
A Fink, Larry...................B2
Arora, Nikesh..............A1
B Guthrie, Michael.........B4
Benedetti, Alessandro
...................................A10
C James, Erika ............... B4
Chapek, Bob................B1
D-F
Dennis, Patrick............B1
Droege, Jason.............B4
Bayer
Chairman
Leaves
Continued from page B1
lion acquisition that Mr. Wen-
ning helped negotiate together
with Mr. Baumann.
Mr. Wenning has also played
a crucial role in navigating the
legal standoff with more than
42,000 plaintiffs. He is a mem-
ber of the supervisory board’s
glyphosate litigation committee
and almost all other board
committees. People familiar
with Bayer have described him
as being very involved in all as-
pects of the business.
Mr. Wenning said he is retir-
ing at a time when the company
is making progress on all its
various front lines—from man-
aging the legal battle to inte-
grating Monsanto and restruc-
turing its other businesses.
“We have made and con-
tinue to make progress in han-
dling the legal issues in the
U.S. That’s why now is a good
time to hand over to my suc-
cessor,” Mr. Wenning said in a
statement.
A Bayer spokesman said
there were no other reasons be-
hind Mr. Wenning’s departure.
The company is currently in
settlement talks with U.S.
Disney
Brings On
Blunt Boss
Continued from page B1
ate what they describe as his di-
rect and blunt personality.
“There’s no drama,” another
former Disney executive said.
Like Mr. Iger, Mr. Chapek
shares a love for all things Dis-
ney. At a town hall welcoming
Fox employees after Disney ac-
quired most of 21st Century
Fox’s entertainment assets, Mr.
Chapek’s enthusiasm made a
strong impression on the new-
est “cast members,” as the
company calls employees. He
spoke passionately about the
theme parks and the Disney
brand with an energy that was
matched only by Mr. Iger’s, one
attendee said.
Mr. Chapek’s résumé
doesn’t include oversight of as
many creative parts of the
company as Mr. Iger’s did
when he landed the top job in
2005. But during the course of
his career, he has worked
closely with both the movie
and television teams at Disney
when he headed home enter-
tainment.
In an interview Tuesday, Mr.
Chapek acknowledged that film
and television production was
one area in which he would
have to immerse himself. His
theme-park and home-enter-
tainment stints provided an ed-
ucation, he said.
* *** THE WALL STREET JOURNAL.
BUSINESS & FINANCE
Deutsche Lufthansa
............................. A6,B10
F
Papa John's
International.............B3
Peabody Energy..........B2
FTC Seeks to Block Coal Venture
BY MICAH MAIDENBERG deal ahead of a pending ad- weakening as utilities tap nat- ing companies are smaller en-
Peugeot.....................B12
Facebook....................B10
Powerscourt Group...A10 ministrative trial. ural gas and renewable-energy terprises.
Fiat Chrysler
PSA Group.................B12 U.S. regulators rejected a Last June, Peabody and resources to generate electric- Shares of Peabody and Arch
Automobiles ........... B12 plan from mining companies Arch agreed to combine opera- ity. were off 14.7% and 7.7%, re-
Flywire Payments.....B10 R
Friday Night..............B12 Roblox..........................B4
Peabody Energy Corp. and tions in those states, where The proposed joint venture spectively Wednesday.
Arch Coal Inc. to combine both companies produce ther- would eliminate “current Executives from both com-
G-H S
their operations in a major mal coal that utilities use in head-to-head competition be- panies said in a written state-
Goldman Sachs....B6,B10 Saras Trading............B11
coal-production region, saying power plants. The plan called tween Peabody and Arch, re- ment that they intend to con-
Humana.....................B12 Shearman & SterlingA10
for integrating Peabody’s placing that competition with tinue pursuing the joint
I-K Singapore Airlines....B10
SoftBank Group..........A1 raise prices. North Antelope Rochelle and a single producer with a venture, fighting the FTC’s re-
Inspire Brands.............B3
Sprint........................A10 The Federal Trade Commis- Arch’s Black Thunder proper- greater incentive and ability to jection of the deal in the fed-
IQ Student
Accommodation........B6
Standard Chartered..A10 sion voted to block Peabody ties, two mines that abut each reduce output or increase eral courts.
Susman & Godfrey...A10
K2 Intelligence..........A10 and Arch’s plans to create a other in Wyoming, among prices,” the FTC said in an ad- Coal faces “intense compe-
Sycamore Partners venture to jointly run seven other changes. ministrative complaint that tition from natural gas and
L Management.............B3
L Brands......................B3
coal mines in Wyoming and Peabody and Arch say the seeks to block the combina- other alternate fuels. We be-
T Colorado. joint venture would generate tion. lieve that the commission has
LG Chem......................B4
Tesla............................B4 The agency said Wednesday $120 million in cost savings The agency said there were reached an incorrect decision
M Thyssenkrupp..............A6
each year over a decade. Pro- few other coal producers on that should be rapidly reme-
Marriott International Toyota Motor............B12
...................................B10 straining order and prelimi- ducers of coal are under pres- the Wyoming side of the re- died within the court system,”
U
M. Klein.....................A10 nary injunction in a federal sure to find savings, with de- gion, where both companies Peabody Chief Executive Glenn
Uber Technologies.A1,B4 court in Missouri to halt the mand for thermal coal operate, and those other min- Kellow said.
Molson Coors Beverage
UBS Group ................ A10
.....................................A3
UnitedHealth Group..B12
N-O
V-W
Nestlé...................B1,B10
Vanguard Group..........B2
Norges Bank ............... B2
Vision Fund.................A1
1933 Industries.........B12
Volkswagen...............B12
Walt Disney................B1
P Westleaf....................B12
Panasonic....................B4 WeWork......................A1
North, James..............B3
G-I Novick, Barbara .......... B1
S
Iger, Bob......................B2 Sama, Alok ................. A1
Schnatter, John .......... B3
J-K
Seppala, James...........B6
Strickland, Deon.........B1
Kellow, Glenn..............B2 Svec, Vic......................B2
M-N W
Misra, Rajeev..............A1 Winkeljohann, Norbert
Musk, Elon..................B4 .....................................B1
plaintiff attorneys, and inves-
tors expect the onerous legal
WHITEHAVEN COAL/REUTERS
issue will soon be put to rest.
Its shares, which rose slightly
Wednesday, have climbed from
the depths of last year.
Messrs. Wenning and Bau-
mann—internally often re-
ferred to as “big and small
Werner”—have both come un- Climate concern led BlackRock to say it would divest from coal miners. It owns 7.4% of Whitehaven Coal, which runs this Australia mine.
der fire for their decision to
purchase Monsanto and with it
the Roundup litigation.
Last year Mr. Baumann lost
Investment Funds Move to Exit From Sector
a shareholder confidence vote,
a first in German corporate BY ALISTAIR MACDONALD tracking funds can still hold Dimensional owns a further they prefer engaging with the
history. Mr. Wenning was also such stocks, and its smaller 5.3% of Peabody, while activist companies they own, rather
rebuked as some 34% of share- Two of the world’s largest active-management business investor Elliott Management than simply exiting them. Ab-
holders refused to ratify the investment funds have begun will only exit companies that Corp. owns 30%. erdeen Standard owns large
supervisory board’s actions. selling down stakes in coal generate more than 25% of For every fund selling stock stakes in miners Anglo, Glen-
Both men have defended the miners, citing environmental their revenue from thermal- citing environmental reasons, core and BHP Group Ltd., as
deal. concerns, leaving shares of coal production. there are many others willing well as Enel SpA and RWE AG,
Janne Werning, an expert some of the companies con- Diversified giants such as to invest, said Vic Svec, a two European utilities that
on environmental, social and centrated in the hands of a Anglo and Glencore PLC spokesman for Peabody. Be- generate some of their energy
governance issues at asset few large U.S. investors. should be exempt from the cause demand for coal re- through coal.
manager Bayer Investor Union As big fund managers firm’s limitations. Coal miners “We were vocal in pushing
Investment, said appointing a amend what they call their such as Arch Coal Inc. and both [utilities] to be as proac-
new chairman was the right ethical investment policies, Whitehaven Coal Ltd.—of tive as possible in phasing out
move, albeit surprising. analysts say more selling which BlackRock owns 7.4%
Shares of some of their coal-powered genera-
“Mr. Wenning was closely could follow. and 5%, respectively—are less the miners are now tion,” said a spokeswoman for
tied to the current difficult sit- In recent weeks, Norway’s secure. Aberdeen Standard. RWE re-
uation and what is decisive trillion-dollar sovereign- BlackRock also isn’t divest-
held by just a few cently bought several large re-
-c F
now is to put in place an inde- wealth fund, Norges Bank, ing shares of coal-powered large investors. newable-energy businesses.
pendent oversight of Bayer’s and French giant BNP Paribas utilities. It owns stakes of Shares in coal miners and
strategic development,” Mr. Asset Management have sold more than 5% in American utilities have been under pres-
Werning said in an email. shares in companies that mine Electric Power Co., Duke En- sure for years. Peabody has
He added, though, that he thermal coal, including Anglo ergy Corp. and Southern Co. mains, policy-driven divest- fallen 85% since June 2018 and
would have hoped for a chair- American PLC. A few large An ongoing danger for min- ment risks shifting its Arch Coal has dropped about
man, and likewise a new board funds, including Vanguard ers and utilities, analysts say, production and use from 40% over a similar period—
member, with more expertise Group and Dimensional Fund is that fund managers with no transparent public companies and they took another hit
in Bayer’s industry. Managers, now have outsize current restrictions on coal with ESG standards to unlisted Wednesday after U.S. regula-
Mr. Winkeljohann, 62, was holdings in many smaller coal- won’t want to risk owning ones without such concerns, tors rejected their plan to
Europe CEO of Pricewater- mining companies. such companies in case their he said. combine some of their opera-
houseCoopers until 2018. Other large investors are firm’s environmental, social Some fund managers say tions.
n
assessing their own policies and governance, or ESG poli-
for thermal coal or extending cies change.
“Given that our only product current ones. Thermal coal is U.K.-based Aviva PLC has
no
is a creative product, I’ve been considered one of the biggest already sold its shares in 17
completely immersed in editing contributors to climate change companies that drew more
and looking at product and giv-
ing notes on product my entire
Disney career,” he said. Story-
by many scientists.
“Even if funds don’t have
these restrictions today, do
than 30% of their revenue
from thermal-coal power gen-
eration or mining. But the
ROCK THE BOARD ROOM
telling, he added, is “actually
something I feel very comfort-
able with.”
they want to have these prob-
lems going forward?” said Ben
Davis, a mining analyst at Li-
fund is looking at going fur-
ther by focusing on how much
coal companies mine or use,
With over 10,000 5-star reviews (and counting),
Hubbards offer out-of-the-box comfort. The Founder
In his 18 years at Disney’s berum. rather than just portion of
has imported leather uppers, our propriatory insole
film studio, Mr. Chapek was Norges Bank won’t invest revenue, according to a
known among colleagues for a in companies that extract spokesman. system, and silky leather interiors to caress your feet.
focus on data and business exe- more than 20 million metric A handful of funds hold Just visit samuelhubbard.com or call our
cution, rather than worrying tons of thermal coal a year or outsize positions in certain
about relationships with the maintain coal-power capacity coal miners and utilities. Van- award-winning fit specialists at 844.482.4800.
creative community and busi- of more than 10,000 mega- guard, BlackRock and Dimen-
ness partners. When he ran watts. On Monday, it sold an- sional together own almost
home video from 2006 to 2009, other large slice of Anglo’s 24% of the share capital of
he championed a highly lucra- shares, reducing its stake to Arch Coal, for instance. A unit
1.38% from 2.42% at the end of Invesco, another fund that
of last year, according to cites its environmental creden-
Robert Iger, FactSet. tials, owns a further 21% of
who remains BNP Paribas Asset Manage- the St. Louis-based miner.
chairman, is ment, which has more than A spokeswoman for Invesco
known as more $490 billion under manage- said the company supports the
social than his ment, recently began selling move away from carbon-based
successor as shares in companies that de- fuels to more sustainable
CEO. rive more than 10% of their forms of energy but declined
revenue from mining thermal to comment further.
coal, a spokesman said. “Vanguard is deeply con-
tive “moratorium” strategy in BlackRock Inc., by virtue of cerned about the long-term
which Disney would make mov- being the world’s largest impacts of sustainability risks,
ies unavailable for a while and money manager, is a major in- such as thermal coal produc-
then rerelease them with much vestor in thermal-coal miners ers,” a spokeswoman for the
fanfare. and utility companies. Larry fund said.
In recent years, Mr. Iger Fink, its chief executive, said A spokesman for Dimen-
communicated to Mr. Chapek the company’s actively man- sional said that some of its
that he might be in line to be- aged debt-and-equity portfo- funds take into account envi-
come CEO, according to an- lios will move away from ther- ronmental factors such as cli-
other former senior executive. mal coal this year as the mate change.
Mr. Chapek beat out at least sector’s exposure to increased For Vanguard and Black-
one potential rival inside the regulation makes it less eco- Rock, it isn’t clear how much
company: Kevin Mayer, who nomically viable. of their holdings in coal com-
now oversees Disney’s direct- BlackRock also said it panies are in index trackers.
to-consumer operations, in- would closely scrutinize other Coal miner Peabody En-
cluding its Disney+ streaming businesses that are heavily re- ergy Corp. estimates that
service. liant on thermal coal. much of the nearly 12% stake
—Ben Fritz and Chip Cutter Still, the impact will be these funds own in the com-
contributed to this article. muted. BlackRock’s index- pany is in index trackers.
THE WALL STREET JOURNAL.
Victoria’s Secret
Write-Down Sends
L Brands to a Loss
BY KHADEEJA SAFDAR
L Brands Inc. took a nearly
$700 million charge to write
down the value of its Victoria’s
Secret chain, an accounting hit
that pushed the retailer into a
loss for the holiday quarter.
The company agreed last
week to sell a 55% stake in the
lingerie business, which in-
cludes the Pink chain, to pri-
vate-equity firm Sycamore
Partners for $525 million. The
deal valued the business at $1.1
billion and will create a sepa-
rate private company.
Victoria’s Secret, which long
dominated the U.S. lingerie
market, recently has struggled
with slumping sales and has
been losing customers to up-
starts with more inclusive siz-
ing and marketing. Revenue in
the U.S. and Canada dropped
E. coli Outbreak Tied
To Sandwich Chain
BY JESSE NEWMAN
U.S. officials warned of a
new E. coli outbreak linked to
Jimmy John’s Gourmet Sand-
wiches, the latest in a string of
food-safety problems at the
sandwich chain in recent years.
The Centers for Disease
Control and Prevention and the
U.S. Food and Drug Adminis-
tration said Wednesday that
they are investigating an out-
break of E. coli O103 that they
said was likely tied to clover
sprouts served at Jimmy
John’s restaurants. Fourteen
people from five states have
been reported to have fallen ill
in the outbreak, the agencies
said.
Jimmy John’s, which was
acquired last year by Arby’s
owner Inspire Brands Inc.,
said it had stopped serving
sprouts altogether and was co-
JODI, heart attack and stroke survivor.
* *
about 8% to $6.8 billion last
year and the business’s operat-
ing income plunged 78%.
L Brands, which also owns
Bath & Body Works, reported a
loss of $192.3 million for the
quarter ended Feb. 1, compared
with a profit of $540 million in
the year-ago period. Total
quarterly revenue slipped 3% to
$4.71 billion, as gains at Bath &
Body Works largely offset de-
clines at Victoria’s Secret.
The latest quarter’s results
included a $689.6 million good-
will charge and a $35.4 million
charge related to the impair-
ment of Victoria’s Secret
stores. L Brands took nearly
$250 million of charges related
to Victoria’s Secret in the third
quarter.
The company said it expects
to post another loss in the cur-
rent quarter.
operating with officials to
identify the supplier connected
to the outbreak.
“Food safety and the welfare
of our customers are our top
priorities,” said James North,
president of Jimmy John’s.
Health officials said con-
sumers should throw away any
leftover sandwiches from
Jimmy John’s made with clover
sprouts. Officials are still in-
vestigating to determine
whether tainted sprouts were
served at other restaurants or
retailers.
The investigation follows a
warning letter the FDA sent to
the chain last week saying that
Jimmy John’s had been impli-
cated in multiple food-safety
outbreaks in recent years and
repeatedly sold tainted fresh
produce.
—Heather Haddon
contributed to this article.
182
100
THIS IS WHAT HIGH BLOOD PRESSURE LOOKS LIKE.
You might not see or feel its symptoms, but the results – a heart attack or stroke – are far from invisible or silent.
If you’ve come off your treatment plan, get back on it, or talk with your doctor to create a new exercise,
BUSINESS NEWS
Guests at Shaquille O’Neal’s Papa John’s Block Party in Atlanta last August. Mr. O’Neal was named a board member last year.
Papa John’s Sees Growth
Pizza chain expects
sales gains this year,
tapping third-party
delivery services
BY HEATHER HADDON
Papa John’s International
Inc. expects to return to sales
growth this year.
The pizza chain Wednesday
said it expects comparable
sales, or those at restaurants
open at least a year, would rise
between 2.5% and 5% this year
in the U.S. and Canada. That
would mark a reversal from flat
sales in 2019 and a drop in
2018, after controversial state-
ments by founder and former
Chief Executive John Schnatter
alienated some customers.
Those challenges continued
to weigh on the company in its
fourth quarter. Papa John’s re-
ported a loss of $5.6 million
for the quarter. That was an
improvement from the loss of
$12.9 million it reported a
diet and medication plan that works better for you.
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year earlier. Papa John’s
shares fell 8.7% to $61.51.
The company noted in a fil-
ing that it has closed roughly
50 franchised stores in China
due to the coronavirus, and
that the virus’s spread could
affect international same-store
sales targets for this year.
Early signs of a turnaround
at Papa Johns add more com-
petition to the U.S. pizza mar-
ket. Top chains including
Domino’s Pizza Inc., Pizza Hut
and Little Caesars Pizza are
battling for customers, intro-
ducing new products, dis-
counts and services to try and
win their dollars.
Unlike its rivals, Papa John’s
has struck deals with multiple
third-party delivery services in
a bid to boost sales. The com-
pany said Wednesday it is us-
ing DoorDash Inc. to supple-
ment its own fleet of drivers at
peak times.
“We are working with them
to create a symbiotic relation-
ship,” Chief Executive Rob
Lynch said in an interview.
Thursday, February 27, 2020 | B3
Papa John’s lost customers
in 2017 after Mr. Schnatter at-
tributed the company’s slow-
ing sales to the way the Na-
tional Football League was
handling players’ protests dur-
ing the national anthem. In
December of that year, he
agreed to step down as CEO
amid a backlash.
Mr. Schnatter resigned as
chairman of the board in July
2018, after it emerged that he
had used a racial slur during a
conference call. Papa John’s
sales plummeted. Same-store
sales dropped 5% in 2018, and
were flat last year.
Papa John’s and its board,
led by activist investor Jeff
Smith of Starboard Value LP,
last year recruited Mr. Lynch
from Arby’s Restaurant Group,
to turn Papa John’s around.
Mr. Lynch has hired executives
from other big chains such as
Taco Bell to be part of new
company leadership.
Mr. Schnatter, meanwhile,
is steadily reducing his hold-
ings in the company he
TODD KIRKLAND/AP IMAGES FOR PAPA JOHN’S
founded and that still bears
his name. He reported a 6%
stake earlier this month, down
from 30% last year.
Mr. Lynch said he is trying
to improve the company’s
sluggish sales by introducing
new products., such as sand-
wiches made out of the chain’s
freshly-made dough and garlic
parmesan pizza crust.
Mr. Lynch said the naming
of former basketball star Sha-
quille O’Neal as a brand
spokesman and board member
last year has helped it com-
pete without having to turn to
discounts. “We are not focused
on delivering the cheapest
pizza that we can make,” Mr.
Lynch told investors.
Papa John’s reported that
comparable sales rose 3.5% in
the latest quarter in North
America and total revenue
rose to $417.5 million, beating
forecasts from analysts polled
by FactSet. After adjustments,
the company’s profit of 37
cents beat forecasts from ana-
lysts by five cents.
 B4 | Thursday, February 27, 2020
ANDREW HARRER/BLOOMBERG NEWS
The car maker vowed to continue production at the site.
Panasonic Breaks
Ties With Tesla on
Solar-Panel Plant
BY TIM HIGGINS
AND JIMMY VIELKIND
Panasonic Corp. will end its
partnership with Tesla Inc. that
produces solar panels at a fac-
tory in Buffalo, N.Y., the latest
fissure between the two com-
panies that have been close
partners in their push to sell
electric cars.
The Japanese company on
Wednesday said it would stop
production in May and exit the
factory by September. Tesla as-
sured New York officials—the
state spent $959 million to
build and equip the factory—
that it would continue produc-
$959
In millions, what New York
state spent to build the facility
tion of its solar roof in Buffalo
and had exceeded required job
counts, according to a memo
sent to these officials on Tues-
day that was reviewed by The
Wall Street Journal.
A Tesla spokesman didn’t re-
spond to an email seeking com-
ment.
Tesla and Panasonic have
been working together closely for
years, principally with the Japa-
nese company providing batter-
ies for the electric vehicles the
Silicon Valley automobile maker
has been producing. Tesla owns a
multibillion-dollar battery fac-
tory in the Nevada desert, known
as the Gigafactory, which pro-
duces lithium-ion batteries for
Tesla cars and represents a push
for the Japanese electronic giant
more broadly to power electric
vehicles.
But the relationship between
the two partners has become
strained. The companies have
sparred over battery costs and
the running of the Gigafactory,
amid production delays. More
recently, though, Tesla Chief
Executive Elon Musk praised
the Nevada facility for “massive
growth” in battery-cell produc-
tion.
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As Tesla has expanded pro-
duction of its cars, it has sought
ties with other battery makers.
It struck a deal with China’s
Contemporary Amperex Tech-
nology Co., or CATL. to furnish
batteries for Tesla’s new car
plant in Shanghai where it
builds Model 3 cars. Tesla also
has a battery-supplier agree-
ment with South Korea’s LG
Chem Ltd.
Panasonic last year down-
graded its car-parts business,
previously seen as a growth
driver, to the category of units
needing improvement. These
developments suggest that
both sides of the Tesla-Pana-
sonic relationship are dialing
back its strategic importance.
Both companies said the
Buffalo decision wouldn’t affect
their joint venture in Nevada.
Howard Zemsky, chairman
of Empire State Development,
the New York economic devel-
opment authority that oversees
the factory, said Tesla planned
to hire as many of the 380 Pa-
nasonic employees working
there as possible. Panasonic
said it would help find jobs for
any workers that Tesla didn’t
hire.
“We understand that Pana-
sonic has made a corporate de-
cision to move away from
global solar products, but this
action has no bearing on
Tesla’s current operations nor
its commitment to Buffalo and
New York state, according to
Tesla,” Mr. Zemsky said.
Tesla, in partnership with
Panasonic, began operations at
the Buffalo plant in April 2018.
The company leases the facility
from the state for $1 a year
over 10 years and has commit-
ted to spending $5 billion on
capital and operating expenses
in the state. Tesla faces a $41.2
million penalty if it doesn’t em-
ploy 1,460 people in western
New York by April.
The memo said Tesla had
1,500 full-time employees and
contractors working in the fac-
tory with a starting hourly
wage of $17. The figures don’t
include Panasonic’s workers,
the memo said.
—Sean McLain
contributed to this article.
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888-328-8701
TECHNOLOGY
Chief of Uber Eats Is Leaving
As It Exits Some Markets
BY SARAH E. NEEDLEMAN
The head of Uber Technolo-
gies Inc.’s food-delivery busi-
ness is leaving the company, a
departure that comes as the
unit works to exit markets
where it isn’t a dominant
player in a bid to boost profits.
Uber said the departing ex-
ecutive, Jason Droege, will be
succeeded at Uber Eats by the
head of its international rides
business, Pierre-Dimitri Gore-
Coty. Mr. Gore-Coty joined the
company in 2012.
Uber didn’t say why Mr.
Droege, who came on board the
San Francisco company in 2014
to spearhead new ventures,
was leaving. Mr. Droege will be
available until June to help
with the transition, Uber said.
Eats has helped Uber boost
revenue, but has weighed on
The company is now valued at about $4 billion. Above, the Roblox Developer Conference in Burlingame, Calif., last August.
Roblox Closes New Funding Round
BY SARAH E. NEEDLEMAN
Investors in Roblox Corp. say
it has the potential to become
one of the world’s most popular
online hangouts.
It is now valued at about $4
billion after closing a new fund-
ing round led by venture-capital
giant Andreessen Horowitz, ac-
cording to a person familiar
with the matter.
Roblox was last valued at
more than $2.5 billion in Sep-
tember 2018. On Wednesday it
said it raised $150 million and
launched a tender offer to buy
up to $350 million of common
and preferred shares. Existing
investors including Altos Ven-
tures, Meritech Capital and Ti-
ger Global Management also
participated in the funding
round.
Andreessen Horowitz, known
for investing early in technology
Tough Interview Process Is Linked Wharton
To a Higher Job-Acceptance Rate Chooses
BY KATHRYN DILL
Making job interviews more
challenging could be a cost-ef-
fective way for employers to
entice new hires, according to
new research from job-review
website Glassdoor.
Y o u n g
MANAGING workers were
YOUR CAREER more recep-
tive than
older workers to tough job in-
terviews, with accepted offers
among candidates ages 25 to
34 rising 3.1 percentage points
after more difficult screenings.
nearly 100,000 job candidates
who used its website between
January 2018 and November
2019, capturing their careers
moves and asking them to
rate their interview experi-
ences.
“Research clearly shows the
interview has a huge effect on
how candidates see you as a
company,” said Daniel Zhao,
Glassdoor’s senior economist
and a co-author of the re-
search.
“Skills and career develop-
ment are a priority for youn-
ger workers, and interviews
are an opportunity for them to
its bottom line. The unit
posted an adjusted loss before
interest, taxes, depreciation
and amortization of $461 mil-
lion for the three months
ended Dec. 31.
To stem such losses, Chief
Executive Dara Khosrowshahi
has been pulling Eats out of
markets where it isn’t among
the top two food-delivery ser-
vices. Last month Uber agreed
to sell its Indian food-delivery
unit to a local rival. Last year
the company pulled out of
South Korea.
Uber has also been seeking
to shore up its finances, possi-
bly by merging with a compet-
itor such as DoorDash Inc. or
Postmates Inc. So far, though,
discussions haven’t resulted in
any deals.
Mr. Khosrowshahi has said
the Uber Eats exits are helping
companies such as Facebook
Inc., hadn’t previously backed
Roblox. Its investment comes
from a $2.2 billion late-stage
fund that the firm created in
May.
“What gets us really excited
and where we see the most up-
side is in the long-term vision,”
said David George, general part-
ner at Andreessen Horowitz.
“We think there is a real chance
for Roblox to become the meta-
verse,” referring to a shared vir-
tual world as described in
works of fiction like “Ready
Player One.”
Roblox, released in 2006,
isn’t a single game: It is a free
online hub with tens of millions
of games, all of which were
made on the platform with tools
the company provides. Players
log in through mobile devices,
gaming consoles and comput-
ers, and can socialize with each
see if the company they’re ap-
plying for will equip them
with the experience they
want,” he said.
Among candidates for pro-
fessional and technical jobs,
raising the interview diffi-
culty by even one level, as
rated by job seekers on a
five-point scale, was enough
to lift acceptance rates by 2.6
percentage points, Glassdoor
data show.
Having candidates complete
skills tests as part of the vet-
ting process raised acceptance
rates by 2.5 percentage points.
In contrast, taking a personal-
ity quiz as part of an interview
lowered acceptance rates by
2.3 percentage points.
While many employers be-
lieve higher salaries and richer
benefits are the chief way to
entice more workers to join
their organization, Mr. Zhao
said tougher and more trans-
parent interviews now appear
to be a cost-effective route.
Job seekers, especially youn-
ger ones, want the chance to
perform and be assessed “for
the unique skills they bring to
the table,” he said.
Hiring in the current labor
market is particularly fraught,
* *** THE WALL STREET JOURNAL.
put the company on a faster
path to profitability. On an
earnings call earlier this
month, he said he now sees
the company being profitable
on an adjusted Ebitda basis by
the end of this year.
The company
didn’t say why
Jason Droege,
who came on
board in 2014,
was leaving
Uber.
Uber has said it expects
pricing in food delivery, its
second-biggest business after
ride-hailing, will become more
reasonable and the discounts
and promotions will begin to
fade. The company is already
other by typing messages into
the platform’s chat function. Us-
ers can also spend real money
on virtual currency called
Robux to purchase in-game
perks such as virtual weapons
or to customize their avatars.
Roblox has been continuing
to grow its user base, moving to
more than 115 million monthly
active users world-wide from
about 70 million in 2018, the
company said.
Last year Roblox ranked as
the third highest-grossing
“game” across iOS and Android
devices in the U.S. and Canada,
according to data from industry
trackers NPD Group Inc. and
Sensor Tower Inc. Also last
year, Roblox was the fifth most-
watched “game” on Google’s
YouTube, with nearly 30 billion
views, according to the Alpha-
bet Inc. unit.
Roblox has raised $335 mil-
because the U.S. unemploy-
ment rate is near a 50-year
low.
That means companies have
to lure most new employees
from jobs they already hold.
Around the U.S. and across all
industries, 17.3% of job offers
extended to potential candi-
dates were rejected, Glassdoor
data show; the average rejec-
tion rate was higher among
professional and technical
jobs, at 19.4%.
Certain jobs have particu-
larly high rejection rates. For
instance, 22.6% of insurance
job offers are turned down,
while Java developers pass on
31.7% of offers.
Entry-level roles in market-
ing have among the highest
rejection rates, with 41.1% of
offers for marketing assistant
jobs declined.
At the other end of the
spectrum, jobs in food ser-
vices, travel and tourism, arts
and entertainment, and retail,
had much lower rejection
rates, ranging from 10.6% to
13.1%.
Server and machine opera-
tor roles had the lowest rejec-
tion rates, at 4.1% and 4%, re-
spectively.
WSJ.com/Tech
starting to keep more money
from each meal-delivery trans-
action. Adjusted net revenue,
which excludes driver incen-
tives and referral bonuses for
Eats, was $1.38 billion in 2019,
up 82% from a year earlier.
Uber still faces challenges.
Its core ride-sharing business
is under regulatory scrutiny in
some of its most lucrative mar-
kets. In California, which ac-
counts for about 9% of Uber’s
gross bookings, a new law may
require the company to reclas-
sify its drivers as employees,
which would dramatically raise
costs. And in London, which
makes up about 5% of its ride
bookings, the company was
stripped of its license to oper-
ate in November, a ruling by
local authorities it is appealing.
—Preetika Rana contributed
to this article.
IAN TUTTLE/GETTY IMAGES FOR ROBLOX
lion in funding overall and
counts itself among gaming
companies that have raised
hundreds of millions of dollars
from venture-capital investors
in recent years, according to
PitchBook Data. Companies like
Fortnite developer Epic Games
and Pokémon Go developer
Niantic secured private valua-
tions well over $1 billion by de-
veloping innovative games that
have been attracted interna-
tional followings while compa-
nies like Unity Technologies and
online chat application Discord
created popular platforms used
to make games and communi-
cate during game play, respec-
tively.
Roblox will use the new
funding to expand its mostly
teenage and preteen user base
and investing in efforts to keep
them safe, said finance chief Mi-
chael Guthrie.
New Leader
BY PATRICK THOMAS
The University of Pennsyl-
vania’s Wharton School named
Erika James of Emory Univer-
sity as its next dean, the first
woman and African-American
to head the business school in
its 139-year history.
Ms. James, who has led Em-
ory’s Goizueta school since
2014, will take over the role
July 1. She succeeds Geoffrey
Garrett, who is leaving Whar-
ton to become dean of the Uni-
versity of Southern California’s
Marshall School of Business.
Ms. James takes over the
top-ranked Ivy League pro-
gram as applications to some
of America’s most elite busi-
ness schools have been declin-
ing. Applications to U.S.
M.B.A. programs have fallen
for five straight years as
young professionals have
questioned the wisdom of tak-
ing two years out of a hot job
market to go back to school.
During her time at Emory,
Ms. James led an effort to
build an innovation and entre-
preneurship lab and grew Goi-
zueta’s faculty, Wharton said.
THE WALL STREET JOURNAL. * * Thursday, February 27, 2020 | B5

DIFFERENT NATIONAL ORIGINS.

SAME FAIR HOUSING RIGHTS.

It is illegal for landlords and real estate agents to deny you housing
opportunities because of your ethnicity. The Fair Housing Act prohibits
housing discrimination based on national origin. If you believe you
have experienced a violation of your rights, file a complaint.

Go to hud.gov/fairhousing or call 1-800-669-9777

Federal Relay Service 1-800-877-8339

FAIR HOUSING: THE LAW IS ON YOUR SIDE.

A public service message from the U.S. Department of Housing and Urban Development in cooperation with the National Fair Housing Alliance.
The federal Fair Housing Act prohibits discrimination because of race, color, religion, national origin, sex, familial status or disability.
B6 | Thursday, February 27, 2020
Blackstone Sets
Deal for British
Student Landlord
BY BEN DUMMETT
Blackstone Group Inc.
agreed Wednesday to acquire
IQ Student Accommodation
from a group led by Goldman
Sachs Group Inc. for £4.66 bil-
lion ($6.06 billion) including
debt, the latest bet by the U.S.
buyout company on the growth
of student housing in the U.K.
The deal is also an endorse-
ment of Britain’s economy as
its government faces the chal-
lenge of reaching a new trade
deal with the European Union
by year-end following the U.K.’s
split from the bloc last month.
It is also an early but signifi-
cant sign of a rebound in Euro-
pean deal making this year de-
spite a global slowdown.
Following 2019’s steep de-
Traders Seek Evidence of Misconduct in Fraud Case
BY DAVE MICHAELS
AND ARUNA VISWANATHA
WASHINGTON—Four trad-
ers charged with crimes re-
lated to market manipulation
are trying to force the govern-
ment to turn over more infor-
mation about its overseas-evi-
dence requests, after a former
prosecutor alleged the Justice
Department improperly used
such queries.
The former precious-metals
traders at Bank of America
Merrill Lynch and Deutsche
Bank AG, who are scheduled
  
THE WALL STREET JOURNAL.
FINANCE NEWS
A Power at
BlackRock
Steps Aside
Continued from page B1
letters on everything from re-
tirement issues to liquidity in
JANE BARLOW/PA WIRE/ZUMA PRESS
cline in activity against a back- money-market funds. Through
drop of political uncertainty lobbying and behind-the-
and worries over economic scenes persuasion, the firm
growth, deal activity in Europe skirted designation as a “sys-
this year is up 16% to $94 bil- temically important financial
lion, compared with a 40% drop institution,” a label that would
globally to $359.3 billion, ac- have brought regulatory costs.
cording to Dealogic. BlackRock suggested that
IQ is one of the U.K.’s largest regulators look at how specific
owners of student housing, IQ oversees 28,000 beds in facilities in some of the U.K.’s major university cities, such as Edinburgh. practices—such as the use of
overseeing more than 28,000 borrowed money to try to
beds in facilities located in tinuing. U.K. revenue from in- “There is very significant de- business in London, subse- juice returns—might be the
some of the country’s major ternational students and other mand for British higher educa- quently selling it in 2012. In source of risk, rather than fo-
university cities, including Lon- education-related services to- tion, both from domestic and 2017, Blackstone sold its Lon- cusing on the size of a man-
don, where the portfolio is con- taled about £21.4 billion in 2017, international students, and that don-based Victoria Hall stu- ager or fund. The argument
centrated, Manchester, Leeds, the bulk of which was gener- is translating and should con- dent-housing business. Black- won over regulators.
Sheffield, Edinburgh and Bir- ated by higher education, ac- tinue to translate into increas- stone is acquiring IQ from A key rule she weighed in on
mingham. cording to a 2019 report from ing requirements for student Goldman Sachs’s merchant- over the years will reshape the
Britain’s education system is the U.K. Department for Educa- housing,” said James Seppala, bank division, which owns 72% fast-growing world of exchange-
already among the country’s tion. The total was up 7.2% Blackstone’s head of real estate of the operation, and its part- traded funds by making it eas-
most lucrative sources of reve- from the prior year and had for Europe. ner Wellcome Trust, a London- ier for more firms to launch
nue, and Blackstone’s deal for gained 35% since 2010, mea- In 2005, the New York-based based charitable foundation, funds. But Ms. Novick argued
IQ is a bet on that growth con- sured in current prices. firm launched the Nido student owner of the remaining stake. that inverse and leveraged
ETFs—funds that BlackRock
doesn’t offer—should be treated
differently. Dealing a blow to
some of BlackRock’s competi-
tors, the Securities and Ex-
change Commission’s 2019 rule
to face trial later this year, “If these allegations are known as spoofing that can limitations for up to three that simplified how ETFs should
filed the motions in federal true, it would mean that, in a move prices in a favorable di- years on a crime they are in- be brought to market left out
court in Chicago late Tuesday. troubling display of hubris, the rection for the person deploy- vestigating while they seek such leveraged products.
In the filings, they referred to government perpetrated a ing the strategy. foreign evidence for their Ms. Novick took on academ-
a memo from the ex-prosecu- fraud on this court while it The memo from the former case. ics when they raised questions
tor who alleged his former col- purported to investigate the prosecutor, Ankush Khardori, The Chicago trial for about whether index funds
leagues submitted misleading defendants for fraud,” attor- describes two cases in which Messrs. Bases and Pacilio is could distort markets. She
applications for foreign evi- neys for two of the ex-traders, prosecutors allegedly misused scheduled for October. An- pressed the firm to fund re-
dence to federal judges to sus- Edward Bases and John Pa- the foreign-evidence requests, other trial for the two former search to attack the idea.
pend the statute of limitations cilio, wrote in their motion. including the one involving the traders at Deutsche Bank, She is seen as one of the
and give themselves more Peter Carr, a spokesman for former Merrill Lynch traders. James Vorley and Cedric most influential women on
time to build a case, even the Justice Department, de- Because responses to mu- Chanu, is scheduled for May. Wall Street. “When I began my
though they had access to the clined to comment. tual legal-assistance treaty re- Both sets of defendants are ac- career, there were no senior
information through other The traders are accused of quests sometimes take months cused of conduct that manipu- women on Wall Street,” Ms.
channels. The Wall Street defrauding other traders by or years to arrive, prosecutors lated the price of precious- Novick said. “The industry is
Journal reported on the memo entering phony orders that can ask a federal judge, under metals futures traded on CME in a different and better place
earlier this month. they quickly canceled, a tactic seal, to suspend the statute of Group Inc. exchanges. than where it was.”
ADVERTISEMENT
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To advertise: 800-366-3975 or WSJ.com/classifieds
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THE WALL STREET JOURNAL. Thursday, February 27, 2020 | B7

MARKETS DIGEST
EQUITIES

Dow Jones Industrial Average S&P 500 Index Nasdaq Composite Index
Last Year ago Last Year ago Last Year ago
26957.59 t 123.77, or 0.46% Trailing P/E ratio 20.96 18.09 3116.39 t 11.82, or 0.38% Trailing P/E ratio * 25.82 20.23 8980.77 s 15.16, or 0.17% Trailing P/E ratio *† 29.10 22.15
High, low, open and close for each P/E estimate * 18.39 15.84 High, low, open and close for each P/E estimate * 19.27 16.55 High, low, open and close for each P/E estimate *† 24.15 19.35
trading day of the past three months. Dividend yield 2.38 2.22 trading day of the past three months. Dividend yield * 1.79 1.99 trading day of the past three months. Dividend yield *† 0.92 1.09
All-time high 29551.42, 02/12/20 All-time high 3386.15, 02/19/20 All-time high: 9817.18, 02/19/20

Current divisor 0.14744568353097

29500 3400 9800

29000 3325 9500

28500 3250 9200

65-day moving average

28000 3175 8900
Session high
DOWN UP
t

Session open Close 27500 3100 8600

Close Open 65-day moving average

t

65-day moving average 8300

27000 3025
Session low
Bars measure the point change from session's open
26500 2950 8000
Nov. Dec. Jan. Feb. Nov. Dec. Jan. Feb. Nov. Dec. Jan. Feb.
* Weekly P/E data based on as-reported earnings from Birinyi Associates Inc.; † Based on Nasdaq-100 Index

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

Latest 52-Week % chg Most-active and biggest movers among NYSE, NYSE Arca, NYSE Amer. Volume, Advancers, Decliners
High Low Close Net chg % chg High Low % chg YTD 3-yr. ann. and Nasdaq issues from 4 p.m. to 6:30 p.m. ET as reported by electronic NYSE NYSE Amer.
Dow Jones trading services, securities dealers and regional exchanges. Minimum Total volume*1,354,621,944 22,077,534
Industrial Average 27542.78 26890.97 26957.59 -123.77 -0.46 29551.42 24815.04 3.7 -5.5 9.0 share price of $2 and minimum after-hours volume of 50,000 shares. Adv. volume* 125,350,774 5,542,978
Transportation Avg 10141.68 9828.73 9840.89 -220.57 -2.19 11304.97 9734.68 -6.2 -9.7 1.5 Most-active issues in late trading Decl. volume*1,228,800,501 14,938,129
Utility Average 924.20 906.80 906.97 -8.80 -0.96 960.89 754.71 20.2 3.2 9.0 Volume After Hours Issues traded 3,041 280
Company Symbol (000) Last Net chg % chg High Low
Total Stock Market 32543.16 31783.89 31850.29 -171.86 -0.54 34631.28 28240.94 10.2 -3.6 9.0 Advances 285 55
SPDR S&P 500 SPY 15,460.9 310.80 -0.70 -0.22 311.72 309.60
Barron's 400 692.77 677.02 677.29 -6.00 -0.88 746.64 638.79 -4.2 -7.5 2.7 Declines 2,714 218
iShares iBoxx $ HY Cp Bd HYG 7,785.2 86.84 -0.02 -0.02 86.91 86.72
Unchanged 42 7
Nasdaq Stock Market JPMorgan Chase JPM 6,331.5 126.40 -0.24 -0.19 127.50 126.18 New highs 52 9
Nasdaq Composite 9148.32 8927.80 8980.77 15.16 0.17 9817.18 7333.02 18.9 0.1 15.4 Invesco QQQ Trust I QQQ 5,160.7 215.56 -0.92 -0.42 217.18 214.60 New lows 367 20
Nasdaq 100 9032.87 8813.92 8873.76 38.89 0.44 9718.73 6978.02 24.7 1.6 18.4 SPDR Bloomberg HY Bd JNK 4,565.9 108.02 -0.13 -0.12 108.29 108.02 Closing Arms† 0.87 0.67
AT&T T 3,597.6 37.09 -0.01 -0.03 37.20 36.99 Block trades* 7,256 185
S&P
-0.38
Caesars Entertainment CZR 3,501.3 12.66 -0.29 -2.24 12.97 12.66
500 Index 3182.51 3108.99 3116.39 -11.82 3386.15 2743.07 11.6 -3.5 9.6 Nasdaq NYSE Arca
iShares MSCI Emg Markets EEM 3,435.7 41.32 -0.35 -0.84 41.81 41.25
MidCap 400 1973.18 1921.51 1921.97 -29.97 -1.54 2106.12 1810.50 0.2 -6.8 3.4 Total volume*3,608,147,795 591,573,265
SmallCap 600 957.06 934.38 935.03 -11.89 -1.26 1041.03 888.72 -4.3 -8.4 3.1 Percentage gainers… Adv. volume* 661,318,977 82,524,625
Teladoc Health TDOC 289.5 138.00 21.14 18.09 138.99 116.85 Decl. volume*2,932,746,625 508,799,229
Other Indexes
Etsy ETSY 870.2 56.05 5.36 10.57 57.77 50.28 Issues traded 3,366 1,572
Russell 2000 1588.32 1551.39 1552.76 -19.14 -1.22 1705.22 1456.04 -1.8 -6.9 3.6
Advances 460 267
NYSE Composite 13323.34 13041.94 13046.62 -97.10 -0.74 14183.20 12264.49 2.8 -6.2 4.2 Alpha Pro Tech APT 349.8 13.65 1.26 10.17 13.86 12.06
Declines 2,821 1,292
Value Line 513.33 499.71 499.71 -8.37 -1.65 562.05 490.20 -8.0 -9.5 -1.5 CEL-SCI CVM 408.8 11.93 1.10 10.16 12.40 9.70
Unchanged 85 13
NYSE Arca Biotech 5086.56 4969.16 4996.04 0.50 0.01 5313.05 4098.37 -2.8 -1.4 13.9
Elastic ESTC 175.5 70.25 6.45 10.11 71.80 63.60
New highs 64 88
NYSE Arca Pharma 634.02 624.15 624.85 -0.06 -0.01 670.32 564.11 6.2 -4.4 6.8 ...And losers New lows 244 167
KBW Bank 101.03 98.03 98.04 -1.46 -1.47 114.12 89.30 -2.4 -13.5 0.8 TechnipFMC FTI 82.9 11.17 -4.06 -26.66 15.23 11.17 Closing Arms† 0.72 1.01
PHLX§ Gold/Silver 108.67 106.55 107.35 -0.13 -0.12 111.51 66.14 40.8 0.4 6.6 Nutanix Cl A NTNX 941.5 27.00 -5.63 -17.25 34.26 24.55 Block trades* 14,191 2,885
PHLX§ Oil Service 55.90 53.50 53.68 -1.60 -2.89 102.39 53.68 -43.4 -31.4 -32.5 Continental Resources CLR 332.4 17.20 -3.58 -17.23 20.78 16.81 * Primary market NYSE, NYSE American NYSE Arca only.
PHLX§ Semiconductor 1787.75 1739.04 1749.95 3.84 0.22 1979.50 1296.18 29.6 -5.4 21.6 Medifast MED 86.8 81.93 -12.55 -13.28 94.48 78.26 †(TRIN) A comparison of the number of advancing and declining
issues with the volume of shares rising and falling. An
Cboe Volatility 29.57 24.76 27.56 -0.29 -1.04 27.85 11.54 87.5 100.0 33.9 Carvana Cl A CVNA 399.0 90.70 -10.86 -10.69 101.56 83.03 Arms of less than 1 indicates buying demand; above 1

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

International Stock Indexes Percentage Gainers... Percentage Losers

Latest YTD
Region/Country Index Close Net chg % chg % chg Latest Session 52-Week Latest Session 52-Week
Company Symbol Close Net chg % chg High Low % chg Company Symbol Close Net chg % chg High Low % chg
World The Global Dow 3053.63 –15.17 –0.49 –6.1 Co-Diagnostics CODX 8.90 4.59 106.26 10.89 0.69 614.9 Aptorum Group APM 6.70 -7.70 -53.47 33.28 6.50 -54.5
DJ Global Index 413.57 –2.58 –0.62 –4.7 Vir Biotechnology VIR 34.98 13.25 60.95 36.50 11.65 ... Lydall LDL 12.82 -6.64 -34.12 30.37 12.27 -55.8
DJ Global ex U.S. 247.35 –1.89 –0.76 –6.2 Cleveland BioLabs CBLI 3.39 1.11 48.68 4.90 0.50 169.0 CEL-SCI CVM 10.83 -5.52 -33.76 17.80 2.37 296.7
Americas DJ Americas 732.99 –4.82 –0.65 –3.7 Tarena International ADR TEDU 3.82 1.00 35.46 6.96 0.69 -42.2 Menlo Therapeutics MNLO 2.98 -1.42 -32.27 9.03 2.69 -64.8
Brazil Sao Paulo Bovespa 105718.29 –7963.13 –7.00 –8.6 SELLAS Life Sciences SLS 2.64 0.57 27.54 72.00 2.01 -96.2 DIRTT Envtl Solutions DRTT 1.92 -0.91 -32.16 6.90 1.83 -67.3
Canada S&P/TSX Comp 17041.92 –135.45 –0.79 –0.1 Alpha Pro Tech APT 12.39 2.39 23.90 13.45 3.20 232.6 Spherix SPEX 1.70 -0.74 -30.33 3.80 0.95 -47.3
Mexico S&P/BMV IPC 42737.28 –308.40 –0.72 –1.8 B&G Foods BGS 15.75 2.97 23.24 26.13 12.70 -35.1 SmileDirectClub SDC 8.00 -3.33 -29.39 21.10 7.56 ...
Chile Santiago IPSA 3061.54 –45.38 –1.46 –8.2 ADDvantage Techs AEY 5.55 1.04 23.06 6.49 1.23 307.1 Dycom Industries DY 30.26 -12.46 -29.17 60.55 29.83 -30.2
0.004 Moderna MRNA 29.16 5.40 22.73 29.98 11.54 31.9 Qurate Retail Series B QRTEB 6.40 -2.31 -26.56 22.34 6.40 -71.4
EMEA Stoxx Europe 600 404.62 0.02 –2.7
0.18 Paratek Pharmaceuticals PRTK 4.32 0.72 20.00 7.34 2.66 -40.0 Pennsylvania REIT PEI 2.58 -0.93 -26.50 7.93 2.55 -60.1
Eurozone Euro Stoxx 391.57 0.72 –3.1
Belgium Bel-20 3830.34 1.94 0.05 –3.2 Nemaura Medical NMRD 6.94 1.14 19.66 14.80 2.50 -39.7 Qurate Retail Series A QRTEA 6.46 -2.09 -24.44 22.24 6.33 -70.5
Denmark OMX Copenhagen 20 1187.11 –1.05 –0.09 4.5 Super League Gaming SLGG 3.58 0.58 19.33 9.73 1.85 -56.7 Tellurian TELL 4.40 -1.35 -23.48 11.80 4.16 -58.1
France CAC 40 5684.55 4.87 0.09 –4.9 Bellerophon Therapeutics BLPH 8.85 1.30 17.22 11.98 3.26 -5.2 Genprex GNPX 4.78 -1.45 -23.27 7.03 0.23 236.6
Germany DAX 12774.88 –15.61 –0.12 –3.6 Huize Holding ADR HUIZ 12.35 1.76 16.62 12.97 9.60 ... Fossil Group FOSL 4.17 -1.14 -21.47 16.20 4.07 -73.7
1678.02 0.25 –0.3 China Online Educ ADR COE 34.84 4.84 16.13 36.17 3.68 427.1 Big 5 Sporting Goods BGFV 2.33 -0.61 -20.61 4.78 1.57 -39.8
Israel Tel Aviv 4.20
Italy FTSE MIB 23422.54 332.09 1.44 –0.4
Netherlands AEX 581.78 –0.93 –0.16 –3.8
Most Active Stocks Volume Movers Ranked by change from 65-day average*
Russia RTS Index 1461.22 15.11 1.04 –5.7 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 55047.20 237.69 0.43 –3.6
Spain IBEX 35 9316.77 65.99 0.71 –2.4 Chesapeake Energy CHK 234,461 229.2 0.31 -30.48 3.57 0.30 SPDR Ptf Interm Treasury SPTI 46,600 13680 31.86 ... 31.93 29.60
Sweden OMX Stockholm 687.01 3.74 0.55 0.9 SPDR S&P 500 SPY 192,394 192.2 311.50 -0.37 339.08 272.42 Aptorum Group APM 341 6026 6.70 -53.47 33.28 6.50
Switzerland Swiss Market 10512.15 33.64 0.32 –1.0 Tonix Pharmaceuticals TNXP 163,492 6926.9 0.90 122.55 42.00 0.39 WisTree EM Qlty Div Grwth DGRE 909 5961 24.38 1.07 27.03 22.19
115171.27 0.71 0.7 iShares MSCI Emg Markets EEM 109,390 66.8 41.67 0.80 46.32 38.72 Nemaura Medical NMRD 779 5381 6.94 19.66 14.80 2.50
Turkey BIST 100 806.74
0.35 –6.6
Finl Select Sector SPDR XLF 94,965 135.9 28.55 -0.73 31.38 25.08 Global X Video Games HERO 902 2568 17.23 1.32 18.18 15.03
U.K. FTSE 100 7042.47 24.59
U.K. FTSE 250 20622.95 –93.02 –0.45 –5.8 Nokia ADR NOK 93,252 242.2 4.15 6.14 6.42 3.33 FlexShares Emg Mkrs Fact TLTE 538 2303 48.43 0.87 55.32 46.49
General Electric GE 93,100 64.1 10.95 -3.27 13.26 7.65 FlexShares Dividend Dyn IQDY 154 1948 24.47 0.37 27.10 22.59
Asia-Pacific
Ford Motor F 92,418 78.4 7.21 -0.28 10.56 7.21 Sabre Corp. SABR 24,746 1752 16.15 -16.10 25.44 15.75
Australia S&P/ASX 200 6708.10 –158.50 –2.31 0.4
Advanced Micro Devices AMD 86,144 56.6 47.49 -0.17 59.27 21.04 Direxion Hi Beta Bear 3X HIBS 97 1656 25.72 -0.70 30.99 16.98
China Shanghai Composite 2987.93 –25.12 –0.83 –2.0
Co-Diagnostics CODX 81,489 1715.3 8.90 106.26 10.89 0.69 Moderna MRNA 75,437 1638 29.16 22.73 29.98 11.54
Hong Kong Hang Seng 26696.49 –196.74 –0.73 –5.3
* Volumes of 100,000 shares or more are rounded to the nearest thousand * Common stocks priced at $2 a share or more with an average volume over 65 trading days of at least
India S&P BSE Sensex 39888.96 –392.24 –0.97 –3.3 5,000 shares =Has traded fewer than 65 days
Japan Nikkei Stock Avg 22426.19 –179.22 –0.79 –5.2
Singapore Straits Times 3117.52 –40.72 –1.29 –3.3 Track the Markets
South Korea Kospi 2076.77 –26.84 –1.28 –5.5 Compare the performance of selected CURRENCIES & COMMODITIES
Taiwan TAIEX 11433.62 –106.61 –0.92 –4.7 global stock indexes, bond ETFs,
Thailand SET 1366.41 –72.69 –5.05 –13.5
currencies and commodities at Currencies
WSJ.com/TrackTheMarkets
Sources: FactSet; Dow Jones Market Data
U.S.-dollar foreign-exchange rates in late New York trading
US$vs, US$vs,
Wed YTDchg Wed YTDchg
CREDIT MARKETS Country/currency in US$ per US$ (%) Country/currency
Vietnam dong
in US$ per US$ (%)
.00004303 23242 0.3
Americas
Argentina peso .0161 62.0213 3.6 Europe
Consumer Rates and Returns to Investor Benchmark
Treasury Yields
yield curve Forex Race Brazil real .2247 4.4504 10.7 Czech Rep. koruna .04293 23.295 2.7

U.S. consumer rates Selected rates and

Yield toRates
maturity of current bills, Yen, euro vs. dollar; dollar vs. Canada dollar
Chile peso
.7499 1.3335 2.7
.001231 812.10 9.8
Denmark krone
Euro area euro
.1456 6.8671
1.0882 .9190
3.1
3.1
notes and bonds major U.S. trading partners .000289 3458.00 5.4 .003202 312.29
30-year mortgage, Rate Colombiapeso Hungary forint 5.7
A consumer rate against its
Ecuador US dollar 1 1 unch Iceland krona .007811 128.02 5.7
benchmark over the past year 4.00% Mexico peso .0519 19.2825 1.9 Norway krone .1064 9.3983 7.0
Bankrate.com avg†: 3.66% 6%
Uruguay peso .02606 38.3700 3.3 Poland zloty .2521 3.9663 4.6
First National Bank 3.13% WSJ Dollar index
Yen Russia ruble .01529 65.420 5.4
s

s
30-year fixed-rate One year ago 3.00 3
Asia-Pacific
5.00% Waverly, IA 319-266-2000 t Sweden krona .1027 9.7368 4.0
mortgage Australian dollar .6543 1.5284 7.3
Midwest Heritage Bank, FSB 3.13% Switzerland franc 1.0238 .9768 1.0
t 2.00 China yuan .1420 7.0409 1.1
4.00 0 Turkey lira .1624 6.1589 3.5
West Des Moines, IA 800-782-0521 Hong Kong dollar .1283 7.7930 0.02
Ukraine hryvnia .0407 24.5927 3.9
India rupee .01394 71.725 0.5
10-year Treasury 3.50%
t
3.00 Atlanta Postal Credit Union 1.00 –3 UK pound 1.2900 .7752 2.8
Indonesia rupiah .0000718 13933 0.4
note yield Atlanta, GA 800-849-8431 Middle East/Africa
t Tradeweb ICE Wednesday Close s Euro Japan yen .009056 110.42 1.6
2.00 Cambridge Savings Bank 3.50% 0.00 –6 Kazakhstan tenge .002642 378.47 –0.9 Bahrain dinar 2.6552 .3766 –0.1
Cambridge, MA 888-418-5626 1 3 6 1 2 3 5 710 30 Macau pataca .1247 8.0217 0.1 Egypt pound .0641 15.6018 –2.8
1.00 2019 2020 Malaysia ringgit .2367 4.2256 3.3 Israel shekel .2916 3.4299 –0.7
Florence Savings Bank 3.50% month(s) years
MA M J J A S O N D J F New Zealand dollar .6292 1.5893 7.0 Kuwait dinar 3.2638 .3064 1.1
Florence, MA 800-644-8261 maturity Pakistan rupee .00648 154.350 –0.4 Oman sul rial 2.5970 .3851 0.01
2019 2020
Sources: Tradeweb ICE U.S. Treasury Close; Tullett Prebon; Dow Jones Market Data Philippines peso .0196 51.057 0.7 Qatar rial .2745 3.643 –0.02
Yield/Rate (%) 52-Week Range (%) 3-yr chg Singapore dollar .7155 1.3977 3.8 Saudi Arabia riyal .2665 3.7523 0.03
Interest rate Last (l)Week ago Low 0 2 4 6 8 High (pct pts)
Corporate Borrowing Rates and Yields South Korea won .0008245 1212.81 5.0 South Africa rand .0653 15.3138 9.4
Federal-funds rate target 1.50-1.75 1.50-1.75 1.75 l 2.25 1.00 Sri Lanka rupee .0055075 181.57 0.1
Yield (%) 52-Week Total Return (%) Close Net Chg % Chg YTD%Chg
Taiwan dollar .03302 30.284 1.2
Prime rate* 4.75 4.75 4.75 l 5.50 1.00 Bond total return index Close Last Week ago High Low 52-wk 3-yr
Thailand baht .03140 31.850 7.0 WSJ Dollar Index 92.21 0.25 0.27 2.96
Libor, 3-month 1.61 1.70 1.61 l 2.63 0.56 U.S. Treasury, Barclays 2364.080 1.300 1.560 2.680 1.300 10.43 4.33 Sources: Tullett Prebon, Dow Jones Market Data
Money market, annual yield 0.50 0.50 0.50 l 0.78 0.18 U.S. Treasury Long, Barclays 4464.890 1.750 1.980 3.090 1.750 26.76 10.06
Five-year CD, annual yield 1.38 1.38 1.34 l 2.03 0.17
Aggregate, Barclays 2193.550 1.850 2.050 3.250 1.850 10.59 4.72 Commodities
30-year mortgage, fixed† 3.66 3.69 3.60 l 4.44 -0.39 Wednesday 52-Week YTD
Fixed-Rate MBS, Barclays 2173.140 2.090 2.270 3.400 2.090 6.70 3.45 Pricing trends on someClose
raw materials, or commodities
Net chg % Chg High Low % Chg % chg
15-year mortgage, fixed† 3.13 3.16 3.13 l 3.85 -0.13
High Yield 100, ICE BofA 3183.789 5.054 4.517 6.505 4.516 7.12 4.94 DJ Commodity 584.27 -5.54 -0.94 647.86 584.27 -5.96 -9.04
Jumbo mortgages, $510,400-plus† 3.69 3.71 3.63 l 4.71 -0.82
Five-year adj mortgage (ARM)† 3.63 3.63 3.32 l 4.78 0.28
Muni Master, ICE BofA 580.849 1.156 1.304 2.365 1.151 8.48 4.79 TR/CC CRB Index 166.28 -2.21 -1.31 189.66 166.28 -9.25 -10.50
New-car loan, 48-month 4.50 4.49 4.41 l 4.81 1.20 EMBI Global, J.P. Morgan 902.494 4.606 4.566 6.468 4.523 11.42 5.66 Crude oil, $ per barrel 48.73 -1.17 -2.34 66.30 48.73 -14.42 -20.19
Bankrate.com rates based on survey of over 4,800 online banks. *Base rate posted by 70% of the nation's largest Sources: J.P. Morgan; S&P Dow Jones Indices; Bloomberg Barclays; ICE Data Services Natural gas, $/MMBtu 1.821 -0.026 -1.41 2.884 1.766 -34.94 -16.81
banks.† Excludes closing costs.
Sources: FactSet; Dow Jones Market Data; Bankrate.com Gold, $ per troy oz. 1640.00 -6.90 -0.42 1672.40 1269.30 24.46 7.93

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
B8 | Thursday, February 27, 2020 THE WALL STREET JOURNAL.

COMMODITIES WSJ.com/commodities

Futures Contracts Open

Contract
High hilo Low Settle Chg
Open
interest Cash Prices Wednesday, February 26, 2020
Metal & Petroleum Futures Sugar-World (ICE-US)-112,000 lbs.; cents per lb. These prices reflect buying and selling of a variety of actual or “physical” commodities in the marketplace—
March 15.12 15.12 14.69 14.79 –.36 42,871
Contract Open May 14.69 14.72 14.41 14.54 –.20 470,776 separate from the futures price on an exchange, which reflects what the commodity might be worth in future
Open High hi lo Low Settle Chg interest Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb. months.
Copper-High (CMX)-25,000 lbs.; $ per lb. May 26.95 26.95 26.95 26.95 … 1,712
Feb 2.5820 2.5825 2.5820 2.5765 –0.0200 248 July 27.30 27.30 27.30 27.30 … 2,238
May 2.5660 2.5830 2.5465 2.5735 –0.0085 142,246 Cotton (ICE-US)-50,000 lbs.; cents per lb. Wednesday Wednesday Wednesday
Gold (CMX)-100 troy oz.; $ per troy oz. March 65.68 t 65.73
65.66 65.55 –.78 137 Palladium,Engelhard industrial 2719.0 Wheat,No.2 soft red,St.Louis-bp,u 5.9500
Feb 1644.00 1648.10 1634.30 1640.00 –6.90 191 May 66.84 t 66.85
65.37 65.47 –.83 105,222 Energy
April 1637.30 1657.10 1626.60 1643.10 –6.90 519,809 Orange Juice (ICE-US)-15,000 lbs.; cents per lb. Palladium,Engelhard fabricated n.a. Wheat - Hard - KC (USDA) $ per bu-u 4.5475
June 1643.00 1662.70 1632.40 1648.90 –6.90 117,583 March 97.95 99.00 96.95 97.65 … 2,509 Coal,C.Aplc.,12500Btu,1.2SO2-r,w 59.150 Aluminum, LME, $ per metric ton *1685.0 Wheat,No.1soft white,Portld,OR-u 6.1500
Aug 1652.60 1667.20 1639.50 1654.00 –7.00 31,857 May 99.75 99.80 97.05 97.15 –2.20 12,968 Coal,PwdrRvrBsn,8800Btu,0.8SO2-r,w 11.650
1658.00 1664.10 1648.90 1658.50 –7.10 11,979
Copper,Comex spot 2.5765
Oct Food
Dec 1656.40 1676.70 1646.70 1662.90 –7.30 34,069 Interest Rate Futures Iron Ore, 62% Fe CFR China-s 87.4
Palladium (NYM) - 50 troy oz.; $ per troy oz. Metals
Shredded Scrap, US Midwest-s,m 281 Beef,carcass equiv. index
Feb … … … 2714.70 45.00 ... Ultra Treasury Bonds (CBT) - $100,000; pts 32nds of 100% 576
March 2638.80 2720.00 2616.00 2692.80 45.00 1,762 March 200-290 202-080 199-060 201-280 8.0 350,654 Gold, per troy oz Steel, HRC USA, FOB Midwest Mill-s choice 1-3,600-900 lbs.-u 186.46
April 2675.00 2675.00 s 2675.00 2691.20 45.00 1 June 201-260 203-040 200-020 202-250 8.0 957,746 Engelhard industrial 1634.00 select 1-3,600-900 lbs.-u 179.74
June 2603.50 2699.50 2582.60 2666.80 52.50 12,472 Treasury Bonds (CBT)-$100,000; pts 32nds of 100% Engelhard fabricated n.a.
Fibers and Textiles Broilers, National comp wtd. avg.-u,w 0.7839
Sept 2576.20 2665.00 2576.20 2650.70 49.70 1,349 March 167-070 168-090 166-170 168-030 13.0 491,125
Dec 2560.60 2467.20 2467.20 2637.80 48.80 432 June 166-080 167-090 165-180 167-030 13.0 1,002,832 Handy & Harman base 1634.90 Burlap,10-oz,40-inch NY yd-n,w 0.5650 Butter,AA Chicago 1.7200
Platinum (NYM)-50 troy oz.; $ per troy oz. Treasury Notes (CBT)-$100,000; pts 32nds of 100% Handy & Harman fabricated 1814.74 Cotton,1 1/16 std lw-mdMphs-u 0.6172 Cheddar cheese,bbl,Chicago 159.00
Feb 973.70 973.70 973.70 912.30 –17.50 2 March 132-290 133-130 132-225 133-105 6.5 1,317,207 LBMA Gold Price AM *1655.90 Cheddar cheese,blk,Chicago 176.00
April 928.70 937.70 t 908.90 914.80 –17.50 85,915 June 132-255 133-095 132-185 133-070 6.5 2,890,775 Cotlook 'A' Index-t *76.30
Silver (CMX)-5,000 troy oz.; $ per troy oz. 5 Yr. Treasury Notes (CBT)-$100,000; pts 32nds of 100% LBMA Gold Price PM *1650.30 Hides,hvy native steers piece fob-u n.a. Milk,Nonfat dry,Chicago lb. 110.00
Feb 18.690 18.690 18.690 17.826 –0.357 2 March 120-312 121-092 120-280 121-075 4.5 1,242,914 Krugerrand,wholesale-e 1706.95 Wool,64s,staple,Terr del-u,w n.a. Coffee,Brazilian,Comp 1.0641
May 18.040 18.245 17.825 17.914 –0.354 156,262 June 121-140 121-240 121-107 121-225 4.5 3,616,264 Maple Leaf-e 1723.37 Coffee,Colombian, NY 1.5114
Crude Oil, Light Sweet (NYM)-1,000 bbls.; $ per bbl. 2 Yr. Treasury Notes (CBT)-$200,000; pts 32nds of 100% Grains and Feeds
April 50.08 50.44 t 48.30 48.73 –1.17 415,400 March 108-109 108-159 108-104 108-153 2.6 865,869 American Eagle-e 1723.37 Eggs,large white,Chicago-u 0.8650
May 50.22 50.57 t 48.44 48.88 –1.18 232,594 June 108-179 108-230 108-172 108-223 2.3 2,732,563 Mexican peso-e 1986.92 Barley,top-quality Mnpls-u n.a. Flour,hard winter KC 14.40
June 50.30 50.63 t 48.51 48.96 –1.17 223,148 30 Day Federal Funds (CBT)-$5,000,000; 100 - daily avg. Austria crown-e 1611.80 Hams,17-20 lbs,Mid-US fob-u n.a.
July 50.32 50.62 t 48.55 48.99 –1.15 140,823 Feb 98.4175 98.4175 98.4150 98.4150 –.0025 367,481 Bran,wheat middlings, KC-u 94
Sept 50.15 50.51 t 48.59 48.99 –1.07 114,286 April 98.4700 98.5050 s 98.4650 98.4950 .0050 394,560 Austria phil-e 1723.37 Corn,No. 2 yellow,Cent IL-bp,u 3.6750 Hogs,Iowa-So. Minnesota-u 57.13
Dec 50.06 50.43 t 48.67 49.06 –0.90 260,144 10 Yr. Del. Int. Rate Swaps (CBT)-$100,000; pts 32nds of 100% Silver, troy oz. Corn gluten feed,Midwest-u,w 115.5 Pork bellies,12-14 lb MidUS-u 0.7722
NY Harbor ULSD (NYM)-42,000 gal.; $ per gal. March 106-175 107-015 106-105 106-310 2.5 100,624 Engelhard industrial 17.9100 Pork loins,13-19 lb MidUS-u 0.9009
March 1.5689 1.5798 t 1.4836 1.4994 –.0691 18,745 June 99-240 106-235 99-150 99-290 –6-31.5 n.a. Corn gluten meal,Midwest-u,w 465.4
April 1.5689 1.5773 t 1.4809 1.4974 –.0683 122,871 Eurodollar (CME)-$1,000,000; pts of 100% Engelhard fabricated n.a. Cottonseed meal-u,w 250 Steers,Tex.-Okla. Choice-u 115.00
Gasoline-NY RBOB (NYM)-42,000 gal.; $ per gal. March 98.4100 98.4500 s 98.4025 98.4450 .0225 1,566,322 Handy & Harman base 17.9320 Hominy feed,Cent IL-u,w 98 Steers,feeder,Okla. City-u,w 159.38
March 1.5286 1.5348 1.4388 1.4549 –.0775 17,722 June 98.6300 98.7200 s 98.6200 98.7150 .0550 1,533,866 Handy & Harman fabricated 22.4150
1.6261 1.6440 t 1.5504 1.5645 –.0774 145,570 98.7400 98.8300 s 98.7300 98.8200 .0500 1,285,947 Meat-bonemeal,50% pro Mnpls-u,w 185
April Sept
LBMA spot price *£14.1400
Fats and Oils
Natural Gas (NYM)-10,000 MMBtu.; $ per MMBtu. Dec 98.7850 98.8700 s 98.7700 98.8550 .0400 1,284,151 Oats,No.2 milling,Mnpls-u 3.3325
March 1.848 1.880 1.810 1.821 –.026 5,023 (U.S.$ equivalent) *18.3300 Rice, Long Grain Milled, No. 2 AR-u,w 25.88 Corn oil,crude wet/dry mill wtd. avg.-u,w 36.0000
April 1.852 1.886 1.820 1.837 –.014 469,202 Currency Futures Coins,wholesale $1,000 face-a 13136
May 1.901 1.924 1.863 1.880 –.016 218,143 Sorghum,(Milo) No.2 Gulf-u 7.3475 Grease,choice white,Chicago-h 0.3000
July 2.033 2.056 2.006 2.020 –.013 100,065 Japanese Yen (CME)-¥12,500,000; $ per 100¥ Other metals SoybeanMeal,Cent IL,rail,ton48%-u 299.80 Lard,Chicago-u n.a.
Sept 2.068 2.091 2.047 2.058 –.012 98,340 March .9084 .9090 .9042 .9083 –.0011 216,970 LBMA Platinum Price PM *960.0 0.2920
Soybeans,No.1 yllw IL-bp,u 8.7100 Soybean oil,crude;Centl IL-u
Oct 2.115 2.135 2.094 2.102 –.011 109,440 June .9125 .9133 .9086 .9126 –.0012 4,877
Canadian Dollar (CME)-CAD 100,000; $ per CAD Platinum,Engelhard industrial 922.0 Wheat,Spring14%-pro Mnpls-u 6.5775 Tallow,bleach;Chicago-h 0.3550
Agriculture Futures March .7527 .7535 t .7499 .7509 –.0025 157,064 Platinum,Engelhard fabricated n.a. Tallow,edible,Chicago-u n.a.
June .7527 .7535 t .7499 .7508 –.0026 7,712
Corn (CBT)-5,000 bu.; cents per bu. British Pound (CME)-£62,500; $ per £
March 372.00 374.00 t 368.25 370.50 –2.00 158,747 March 1.3009 1.3015 1.2903 1.2917 –.0090 202,605 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;
May 376.00 378.00 t 372.50 374.50 –2.00 603,602 June 1.3034 1.3044 1.2933 1.2947 –.0090 6,141 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 2/25
Oats (CBT)-5,000 bu.; cents per bu. Swiss Franc (CME)-CHF 125,000; $ per CHF Source: WSJ Market Data Group
March 284.50 286.50 t 276.50 278.75 –6.25 416 March 1.0263 1.0292 1.0239 1.0268 .0008 56,858
May 290.75 292.25 t 283.00 285.75 –6.00 3,385 June 1.0326 1.0354 1.0304 1.0331 .0008 290
Soybeans (CBT)-5,000 bu.; cents per bu. Australian Dollar (CME)-AUD 100,000; $ per AUD
879.50 888.25 875.50 881.00 2.00 53,038
Bonds | WSJ.com/bonds
March March .6601 .6609 t .6545 .6560 –.0042 202,206
May 889.00 899.00 885.00 892.00 3.75 340,626
June .6614 .6620 t .6557 .6572 –.0041 8,443
Soybean Meal (CBT)-100 tons; $ per ton. Mexican Peso (CME)-MXN 500,000; $ per MXN
March 287.50 293.60 t 284.80 291.30 4.80 35,343
May 294.10 300.40 292.50 298.30 5.30 229,745
March
June
.05224
.05147
.05230
.05164
t
t
.05167
.05102
.05187 –.00024 272,699
.05121 –.00025 3,549
Tracking Bond Benchmarks
Soybean Oil (CBT)-60,000 lbs.; cents per lb.
March 29.20 29.37 t 28.89 29.07 –.16 34,766 Euro (CME)-€125,000; $ per € Return on investment and spreads over Treasurys and/or yields paid to investors compared with 52-week
March 1.0895 1.0922 1.0868 1.0912 .0018 600,039
May 29.59 29.77 t 29.28 29.45 –.17 204,059
June 1.0951 1.0980 1.0926 1.0969 .0017 20,072
highs and lows for different types of bonds
Rough Rice (CBT)-2,000 cwt.; $ per cwt. Total Total
March 1340.00 1350.00 1335.50 1342.50 6.00 1,174
May 1358.50 1363.50 1350.00 1352.50 –5.50 10,333 Index Futures return YTD total Yield (%) return YTD total Yield (%)
Wheat (CBT)-5,000 bu.; cents per bu. close return (%) Index Latest Low High close return (%) Index Latest Low High
March 539.25 542.75 534.75 540.25 1.25 19,282 Mini DJ Industrial Average (CBT)-$5 x index
May 537.00 540.00 532.75 535.75 –1.25 209,648 March 27124 t 26692
27519 26914 –203 100,571 Broad Market Bloomberg Barclays Mortgage-Backed Bloomberg Barclays
Wheat (KC)-5,000 bu.; cents per bu. June 27135 t 26669
27480 26877 –205 855
S&P 500 Index (CME)-$250 x index 2193.55 3.1 U.S. Aggregate 1.850 1.850 3.250 2173.14 1.3 Mortgage-Backed 2.090 2.090 3.400
March 455.00 459.25 451.00 452.25 –2.75 14,916
May 462.00 466.50 458.00 459.25 –2.75 131,345 March 3139.30 3181.00 t 3091.70 3110.20 –22.40 48,817
2118.84 1.0 Ginnie Mae (GNMA) 2.110 2.090 3.340
3169.00 3169.00 t 3120.00 3108.60 –22.70 173
U.S. Corporate Indexes Bloomberg Barclays
Cattle-Feeder (CME)-50,000 lbs.; cents per lb. June
March 133.475 135.375 133.000 134.075 1.100 10,568 Mini S&P 500 (CME)-$50 x index 3254.25 3.5 U.S. Corporate 2.450 2.450 3.950 1282.70 1.4 Fannie mae (FNMA) 2.090 2.090 3.420
April 134.500 136.775 134.025 135.975 1.850 17,052 March 3138.00 3182.00 t 3091.00 3110.25 –22.25 2,749,002
Cattle-Live (CME)-40,000 lbs.; cents per lb. June 3136.75 3181.00 t 3089.50 3108.50 –22.75 91,558 2955.77 2.2 Intermediate 2.010 2.010 3.580 1971.09 1.4 Freddie Mac (FHLMC) 2.080 2.080 3.420
Feb 115.575 115.700 t 113.575 114.075 –.950 848 Mini S&P Midcap 400 (CME)-$100 x index
April 113.225 113.825 t 112.025 112.350 –.600 139,752 March 1955.30 1973.50 t 1914.30 1921.80 –28.70 75,621 4822.53 6.0 Long term 3.220 3.220 4.720 580.85 2.7 Muni Master 1.156 1.151 2.365
Hogs-Lean (CME)-40,000 lbs.; cents per lb. June 1965.80 1971.90 t 1919.60 1921.90 –35.70 60
April 64.675 65.950 64.225 65.150 .475 116,091 Mini Nasdaq 100 (CME)-$20 x index 662.62 3.5 Double-A-rated 1.990 1.990 3.300 410.78 3.0 7-12 year 1.095 1.090 2.306
June 79.600 81.375 79.600 80.400 .700 56,158 March 8868.25 9037.50 8709.50 8850.25 –4.00 210,821
Lumber (CME)-110,000 bd. ft., $ per 1,000 bd. ft. June 8892.00 9055.25 8728.00 8867.25 –3.75 3,757 862.57 3.4 Triple-B-rated 2.730 2.730 4.310 469.03 3.6 12-22 year 1.378 1.374 2.815
March 442.10 442.40 423.20 427.50 –7.80 904 Mini Russell 2000 (CME)-$50 x index
May 458.10 460.00 439.40 445.00 –6.80 2,480
High Yield Bonds ICE BofA 458.95 4.1 22-plus year 1.850 1.850 3.355
March 1574.60 1591.60 t 1545.60 1550.40 –21.50 477,754
Milk (CME)-200,000 lbs., cents per lb. June 1581.00 1592.10 t 1547.00 1550.80 –21.60 1,667 467.15 0.03 High Yield Constrained 5.674 5.151 6.790 Global Government J.P. Morgan†
Feb 17.03 17.03 17.01 17.01 –.02 2,739 Mini Russell 1000 (CME)-$50 x index
March 16.47 16.53 t 16.44 16.47 –.06 3,160 March 1739.80 1761.70 t 1720.60 1725.20 –8.90 7,620 436.12 -0.4 Triple-C-rated 11.384 10.558 12.699 601.09 3.1 Global Government 0.740 0.690 1.570
Cocoa (ICE-US)-10 metric tons; $ per ton. U.S. Dollar Index (ICE-US)-$1,000 x index
March 2,830 2,830 2,830 2,828 –60 689
March 98.99 99.20 98.85 98.94 .04 46,319 3183.79 -0.3 High Yield 100 5.054 4.516 6.505 831.39 3.5 Canada 1.280 1.260 2.030
May 2,792 2,799 2,727 2,739 –67 133,768
June 98.63 98.86 98.51 98.59 .06 1,392 2.7 EMU§
Coffee (ICE-US)-37,500 lbs.; cents per lb. 423.45 0.5 Global High Yield Constrained 5.316 4.893 6.407 410.97 0.251 0.109 1.158
March 105.35 109.35 105.35 109.10 2.00 1,004
May 108.00 111.50 106.00 110.65 2.15 113,633 Source: FactSet 328.80 0.1 Europe High Yield Constrained 2.941 2.464 3.865 781.31 3.0 France 0.030 -0.160 0.800
U.S Agency Bloomberg Barclays 548.26 2.3 Germany -0.360 -0.590 0.280
Macro & Market Economics 1810.91 2.4 U.S Agency 1.450 1.450 2.790 300.38 0.8 Japan 0.120 -0.070 0.320
1583.04 1.4 10-20 years 1.370 1.370 2.670 611.31 2.6 Netherlands -0.260 -0.490 0.410
Watching the Gauges: U.S. Supply and Demand 4087.87 7.2 20-plus years 1.880 1.880 3.340 1053.88 4.9 U.K. 0.800 0.730 1.620
2814.59 3.0 Yankee 2.220 2.220 3.640 902.49 2.3 Emerging Markets ** 4.606 4.523 6.468
Inventories, imports and demand for the week ended February 21. Current figures are in thousands of barrels
or *Constrained indexes limit individual issuer concentrations to 2%; the High Yield 100 are the 100 largest bonds † In local currency § Euro-zone bonds
** EMBI Global Index Sources: ICE Data Services; Bloomberg Barclays; J.P.Morgan
thousands of gallons per day, except natural-gas figures, which are in billions of cubic feet. Natural-gas import
Natural-gas import and demand data are available monthly only.
Global Government Bonds: Mapping Yields
Inventories, 000s barrels Imports, 000s barrels per day Yields and spreads over or under U.S. Treasurys on benchmark two-year and 10-year government bonds in
Expected Previous Year 4-week 5-year Expected Previous Year 4-week 5-year
Current change week ago avg avg Current change week ago avg avg selected other countries; arrows indicate whether the yield rose(s) or fell (t) in the latest session
Country/ Yield (%) Spread Under/Over U.S. Treasurys, in basis points
Crude oil and
Coupon (%) Maturity, in years Latest(l)-2 -1 0 1 2 3 4 Previous Month ago Year ago Latest Prev Year ago
petroleum prod 1,290,449 ... 1,293 1,245 1,293 1,262 7,903 ... 8,083 8,002 8,478 9,629 1.125 U.S. 2 1.157 t l 1.227 1.489 2.492
Crude oil 1.500 10 1.315 t l 1.354 1.688 2.640
excluding SPR 443,335 2,100 443 446 441 478 6,217 ... 6,547 5,917 6,589 7,545 2.000 Australia 2 0.657 t l 0.669 0.765 1.724 -55.8 -76.8
-50.0
Gasoline 256,387 ... 259 255 259 244 405 ... 421 473 477 639
2.750 10 0.912 t l 0.923 1.097 2.103 -40.2 -43.0 -53.8
Finished gasoline 26,711 -1,800 27 25 27 26 51 ... 119 21 63 20
0.000 France 2 -0.667 s l -0.668 -0.567 -0.440 -182.4 -189.5 -293.2
Reformulated 50 ... 0 0 0 0 0 ... 0 0 0 0
0.000 10 -0.226 s l -0.248 -0.075 0.525 -154.1 -160.2 -211.5
Conventional 26,661 ... 27 25 27 26 51 ... 119 21 63 20
Blend. components 229,676 ... 232 230 232 219 354 ... 302 453 414 619 0.000 Germany 2 -0.691 t l -0.686 -0.615 -0.552 -184.8 -191.3 -304.4
0.000 10 -0.503 s l -0.510 -0.333 0.120 -181.7 -186.4 -252.0
Natural gas (bcf) 2,343 ... 2 2 3 2 ... ... ... ... ... ...
1.200 Italy 2 -0.162 s l -0.165 -0.058 0.552 -131.9 -139.2 -194.0
Kerosene-type
1.350 10 0.994 s l 0.982 1.229 2.710 -32.1 -37.2 6.9
jet fuel 43,329 ... 44 43 43 41 43 ... 81 236 91 157
0.100 Japan 2 -0.201 s l -0.203 -0.131 -0.167 -135.8 -142.9 -265.9
Distillates 138,472 -1,700 141 138 141 143 177 ... 127 331 150 197
0.100 10 -0.093 s l -0.102 -0.020 -0.026 -140.8 -145.6 -266.6
Heating oil 9,598 ... 10 11 10 12 1 ... 2 1 1 65
Diesel 128,875 ... 131 127 131 131 176 ... 125 330 149 105 0.050 Spain 2 -0.445 s l -0.474 -0.371 -0.186 -160.2 -170.1 -267.8
Residual fuel oil 30,508 ... 30 28 31 37 202 ... 169 109 146 203 0.500 10 0.243 s l 0.215 0.350 1.140 -107.1 -113.9 -150.0
Other oils 280,128 ... 277 258 276 246 713 ... 609 754 847 752 3.750 U.K. 2 0.441 t l 0.461 0.430 0.788 -71.5 -76.6 -170.4
Net crude, petroleum 4.750 10 0.491 t l 0.503 0.585 1.086 -82.4 -85.1 -155.4
products, incl. SPR 1,925,416 ... 1,927 1,894 1,928 1,941 -1,294 ... -1,207 -162 -514 3,619 Source: Tullett Prebon
Corporate Debt
Price moves by a company's debt in the credit markets sometimes mirror and sometimes anticipate, moves in
Weekly Demand, 000s barrels per day Natural gas storage that same company’s share price.
Expected Previous Year 4-week 5-year Billions of cubic feet; weekly totals Investment-grade spreads that tightened the most…
Current change week ago avg avg Spread*, in basis points Stock Performance
Issuer Symbol Coupon (%) Maturity Current One-day change Last week Close ($) % chg
Total petroleum JPMorgan Chase 3.625 Dec. 1, ’27 123 –25 102 126.64 0.30
4250 JPM
product 19,884 ... 19,590 21,470 20,319 19,996 AerCap Ireland Capital DAC … 3.300 Jan. 23, ’23 82 –15 69 … …
Finished Five-year average 3250 General Motors Financial … 5.250 March 1, ’26 168 –11 153 … …
for each week Marathon Petroleum MPC 4.750 Dec. 15, ’23 75 –11 n.a. 52.27 –1.60
motor gasoline 9,035 ... 8,918 8,981 8,902 9,351
t t
Las Vegas Sands LVS 3.200 Aug. 8, ’24 111 –10 97 59.16 –1.66
Kerosene-type 2250
Natural gas, Anheuser–Busch Inbev Worldwide ABIBB 4.439 Oct. 6, ’48 155 –9 142 ... ...
jet fuel 1,450 ... 1,383 1,943 1,539 1,698 lower 48 states Capital One Financial COF 3.900 Jan. 29, ’24 69 –9 68 92.82 0.04
Distillates 4,119 ... 3,728 4,076 3,970 3,968 1250
Residual fuel oil 292 ... 190 424 237 277 …And spreads that widened the most
Propane/propylene 1,222 ... 1,627 1,629 1,545 ... 250 Citigroup C 5.875 March 27, ’49 405 28 n.a. 68.18 –1.80
Other oils 3,765 ... 3,745 4,418 4,128 ... M A M J J A S O N D J F Boardwalk Pipelines BWP 4.800 May 3, ’29 280 23 n.a. ... ...
2019 2020 Ally Financial ALLY 4.625 May 19, ’22 102 22 n.a. 25.97 –0.54
Note: Expected changes are provided by Dow Jones Newswires' survey of analysts. Previous and average inventory data are in millions. Occidental Petroleum OXY 4.200 March 15, ’48 245 21 n.a. 34.22 –5.44
Sources: FactSet; Dow Jones Market Data; U.S. Energy Information Administration; Dow Jones Newswires Apache APA 5.350 July 1, ’49 312 16 272 24.43 –4.20
Sabine Pass Liquefaction SPLLLC 5.000 March 15, ’27 184 16 150 ... ...
Bank of America BAC 4.250 Oct. 22, ’26 134 15 n.a. 30.63 –1.45

Exchange-Traded Portfolios | WSJ.com/ETFresearch High-yield issues with the biggest price increases…
Bond Price as % of face value Stock Performance
Issuer Symbol Coupon (%) Maturity Current One-day change Last week Close ($) % chg
Closing Chg YTD
Largest 100 exchange-traded funds, latest session ETF Symbol Price (%) (%) Netflix NFLX 4.375 Nov. 15, ’26 112.750 6.70 107.375 379.24 5.32
SchwabUS LC Grw SCHG 93.49 –0.12 0.6
Wednesday, February 26, 2020 Closing Chg YTD SPDR DJIA Tr DIA 269.74 –0.35 –5.4 Altice Luxembourg ATCNA 10.500 May 15, ’27 115.250 2.65 116.500 ... ...
ETF Symbol Price (%) (%) SPDR S&PMdCpTr MDY 350.49 –1.46 –6.6 Frontier Communications FTR 7.125 Jan. 15, ’23 50.000 1.99 51.000 0.53 –3.86
Closing Chg YTD SPDR S&P 500 SPY 311.50 –0.37 –3.2
ETF Symbol Price (%) (%) iShMSCIBrazil
iShMSCI EAFE
EWZ
EFA
39.20
64.53
–1.43 –17.4
0.12 –7.1
SPDR S&P Div SDY 101.25 –0.89 –5.9 B&G Foods BGS 5.250 April 1, ’25 99.350 1.82 99.938 15.75 23.24
CnsmrDiscSelSector XLY 121.49 –0.79 –3.1 TechSelectSector XLK 92.70 0.46 1.1
iShMSCI EAFE SC SCZ 56.89 –0.25 –8.7
CnsStapleSelSector XLP 61.67 –0.56 –2.1 iShMSCIEmgMarkets EEM 41.67 0.80 –7.1
UtilitiesSelSector XLU 67.36 –1.01 4.2 Crestwood Midstream Partners CMLP 5.625 May 1, ’27 97.750 1.75 101.470 ... ...
FinSelSectorSPDR XLF 28.55 –0.73 –7.2 VanEckGoldMiner GDX 29.87 –0.33 2.0
FT ValDivFd FVD 34.61 –0.86 –3.9
iShMSCIJapan
iShNatlMuniBd
EWJ
MUB
54.90
116.89
0.49 –7.3
–0.04 2.6
VangdInfoTech VGT 246.35 0.23 0.6 Boyd Gaming BYD 6.375 April 1, ’26 105.980 1.28 107.041 27.55 –6.61
VangdSC Val VBR 125.79 –1.65 –8.2
HealthCareSelSect
IndSelSectorSPDR
XLV
XLI
97.12
77.31
–0.01
–0.76
–4.7
–5.1
iShPfd&Incm PFF 37.14 0.08 –1.2 VangdSC Grwth VBK 192.73 –0.88 –3.0 Revlon Consumer Products … 5.750 Feb. 15, ’21 88.510 1.26 84.750 … …
iShRussell1000Gwth IWF 175.89 0.01 –0.0 VangdDivApp VIG 121.58 –0.66 –2.5
InvscQQQI QQQ 216.48 0.52 1.8 iShRussell1000 IWB 172.97 –0.48 –3.1 VangdFTSEDevMk VEA 40.94 0.07 –7.1
Community Health Systems CYH 8.000 March 15, ’26 105.750 1.26 107.250 5.59 –1.24
InvscS&P500EW RSP 109.13 –0.95 –5.7 iShRussell1000Val IWD 128.01 –1.07 –6.2
InvscS&P500LowVol SPLV 58.39 –0.80 0.1 205.99 VangdFTSE EM VWO 41.63 0.63 –6.4
iShRussell2000Gwth IWO –0.87 –3.8
iShCoreDivGrowth
iShCoreMSCIEAFE
DGRO
IEFA
39.86
60.62
–0.50
0.13
–5.3
–7.1
iShRussell2000
iShRussell3000
IWM
IWV
154.50
182.27
–1.16 –6.7
–0.50 –3.3
VangdFTSE Europe
VangdFTSEAWxUS
VGK
VEU
54.34
50.21
0.09
0.34
–7.3
–6.6
…And with the biggest price decreases
iShCoreMSCIEM IEMG 49.93 0.69 –7.1 iShRussellMid-Cap IWR 56.90 –1.10 –4.6 VangdGrowth VUG 184.50 –0.02 1.3
iShCoreMSCITotInt IXUS 57.77 0.30 –6.7 iShRussellMCValue IWS 88.90 –1.43 –6.2 VangdHlthCr VHT 183.32 –0.33 –4.4 Mallinckrodt International Finance … 5.625 Oct. 15, ’23 60.750 –8.25 46.375 … …
iShCoreS&P500 312.91 –0.39 –3.2 VangdHiDiv VYM 87.71 –0.68 –6.4
iShCoreS&P MC
IVV
IJH 192.20 –1.48 –6.6
iShS&P500Growth
iShS&P500Value
IVW
IVE
193.09
121.49
0.07 –0.3
–0.90 –6.6 VangdIntermBd BIV 90.02 –0.03 3.2 Peabody Energy BTU 6.375 March 31, ’25 76.500 –6.50 88.500 5.50 –14.73
iShCoreS&P SC IJR 76.86 –1.27 –8.3 iShShortCpBd IGSB 54.19 –0.04 1.0 VangdIntrCorpBd VCIT 93.64 –0.11 2.5 Chesapeake Energy CHK 11.500 Jan. 1, ’25 66.750 –5.50 78.750 0.31 –30.48
iShS&PTotlUSStkMkt ITOT 70.26 –0.62 –3.3 iShShortTreaBd SHV 110.59 ... 0.1 VangdLC VV 143.61 –0.44 –2.9
iShCoreUSAggBd AGG 115.35 –0.10 2.7 iShTIPSBondETF TIP 119.49 –0.05 2.5 VangdMC VO 171.10 –1.09 –4.0 Rayonier A.M. Products … 5.500 June 1, ’24 59.750 –5.50 70.250 … …
iShSelectDividend DVY 98.13 –1.14 –7.1 iSh1-3YTreasuryBd SHY 85.32 0.07 0.8 VangdMC Val VOE 111.58 –1.21 –6.4
iShEdgeMSCIMinEAFE EFAV 71.35 –0.06 –4.3 iSh7-10YTreasuryBd IEF 115.40 –0.05 4.7 VangdMBS
VangdRealEst
VMBS
VNQ
53.64
94.52
...
–1.08
0.9
1.9
Whiting Petroleum WLL 5.750 March 15, ’21 68.000 –5.50 78.250 2.26 –6.22
iShEdgeMSCIMinUSA USMV 65.92 –0.35 0.5 iSh20+YTreasuryBd TLT 150.25 –0.53 10.9
iShEdgeMSCIUSAMom MTUM 127.50 –0.58 1.5 iShRussellMCGrowth IWP 149.24 –0.72 –2.2 VangdS&P500ETF VOO 286.07 –0.44 –3.3 Diamond Sports DSPORT 6.625 Aug. 15, ’27 86.375 –4.38 91.250 ... ...
iShEdgeMSCIUSAQual QUAL 96.88 –0.22 –4.1 iShUSTreasuryBdETF GOVT 26.86 –0.13 3.5 VangdST Bond BSV 81.56 0.05 1.2
iShFloatingRateBd FLOT 51.05 –0.06 0.3 JPM UltShtIncm JPST 50.59 –0.01 0.3 VangdSTCpBd VCSH 81.85 0.06 1.0 Moss Creek Resources Holdings MSSCRK 10.500 May 15, ’27 72.000 –4.00 80.000 ... ...
iShGoldTr IAU 15.63 0.45 7.8 PIMCOEnhShMaturity 101.94 0.01 0.3 VangdSC VB 155.90 –1.31 –5.9 VERITS 10.500
iShiBoxx$InvGrCpBd LQD 131.41 –0.37 2.7 SPDR BlmBarcHYBd
MINT
JNK 108.15 0.11 –1.3 VangdTotalBd BND 86.09 –0.06 2.7 Veritas US Feb. 1, ’24 88.000 –4.00 n.a. ... ...
iShiBoxx$HYCpBd HYG 86.86 0.10 –1.2 SPDR Gold GLD 153.97 0.44 7.7 VangdTotIntlBd BNDX 57.91 –0.16 2.4
iShIntermCorpBd IGIB 59.45 –0.17 2.5 SchwabIntEquity SCHF 31.37 0.16 –6.7 VangdTotIntlStk VXUS 51.92 0.19 –6.8 *Estimated spread over 2-year, 3-year, 5-year, 10-year or 30-year hot-run Treasury; 100 basis points=one percentage pt.; change in spread shown is for Z-spread.
iShJPMUSDEmgBd EMB 115.72 –0.05 1.0 SchwabUS BrdMkt SCHB 74.38 –0.59 –3.3 VangdTotalStk VTI 158.40 –0.55 –3.2
iShMBSETF MBB 109.16 0.09 1.0 SchwabUS Div SCHD 54.53 –0.51 –5.9 VangdTotlWrld VT 77.06 –0.17 –4.9 Note: Data are for the most active issue of bonds with maturities of two years or more
iShMSCI ACWI ACWI 75.68 0.09 –4.5 SchwabUS LC SCHX 74.56 –0.45 –2.9 VangdValue VTV 111.73 –0.86 –6.8 Sources: MarketAxess Corporate BondTicker; Dow Jones Market Data
THE WALL STREET JOURNAL. Thursday, February 27, 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. HealthcareAmer HTA 33.23 -0.04 Line LN 48.31 -0.16 Nasdaq NDAQ 113.02 0.61 Procter&Gamble PG 120.16 -1.27 SoCopper SCCO 35.03 -0.02 t UnderArmour C UA 13.04 -0.42
Arca, NYSE American and Nasdaq Stock Market t-New 52-week low. HealthpeakProp PEAK 34.95 -0.71 LKQ LKQ 30.54 -0.78 NationalGrid NGG 66.75 0.49 Progressive PGR 79.65 -0.35 SouthwestAir LUV 48.90 -0.76 t UnderArmour A UAA 14.42 -0.40
listed securities. Prices are composite quotations dd-Indicates loss in the most recent four Heico HEI 103.33 -10.01 LPL Financial LPLA 83.29 -1.19 NatlOilwell NOV 19.47 -0.76 Prologis PLD 91.26 -0.44 SpiritAeroSys SPR 59.03 -0.19 Unilever UN 55.01 -0.48
that include primary market trades as well as quarters. Heico A HEI.A 82.43 -5.87 L3HarrisTech LHX 210.32 0.56 NatlRetailProp NNN 56.71 -0.44 Proofpoint PFPT 116.14 -0.34 Splunk SPLK 156.51 0.89 Unilever UL 56.11 -0.67
trades reported by Nasdaq BX (formerly Boston), FD-First day of trading. HenrySchein HSIC 63.18 0.05 LabCpAm LH 183.60 -0.91 Natura&Co NTCO 20.81 0.56 ProsperityBcshs PB 70.41 -0.17 Spotify SPOT 140.49 -1.31 UnionPacific UNP 165.75 -5.14
Chicago Stock Exchange, Cboe, NYSE National and h-Does not meet continued listing Hershey HSY 158.38 1.06 LamResearch LRCX 296.60 4.38 NetApp NTAP 48.48 -0.32 PrudentialFin PRU 81.92 -2.14 Sprint S 9.55 -0.09 t UnitedAirlines UAL 66.53 -4.04
Nasdaq ISE. standards Hess HES 55.88 -1.51 LamarAdv LAMR 86.96 -1.73 Netease NTES 345.85 7.94 Prudential PUK 36.27 -0.10 Square SQ 76.59 -0.46 UnitedMicro UMC 2.56 0.01
The list comprises the 1,000 largest companies lf-Late filing HewlettPackard HPE 13.04 -0.29 LambWeston LW 92.54 -1.23 Netflix NFLX 379.24 19.15 PublicServiceEnt PEG 55.57 -1.84 StanleyBlackDck SWK 142.21 -1.48 UPS B UPS 93.73 -0.17
based on market capitalization. q-Temporary exemption from Nasdaq Hexcel HXL 70.38 0.23 LasVegasSands LVS 59.16 -1.00 Neurocrine NBIX 93.95 -0.34 PublicStorage PSA 228.23 7.35 Starbucks SBUX 80.67 -1.52 UnitedRentals URI 131.72 -2.92
Underlined quotations are those stocks with requirements. Hill-Rom HRC 101.64 -0.61 Lear LEA 112.04 0.77 NewOrientalEduc EDU 133.75 -0.72 PulteGroup PHM 42.07 -1.28 StarsGroup TSG 24.16 0.01 US Bancorp USB 49.66 -1.06
large changes in volume compared with the t-NYSE bankruptcy Hilton HLT 97.90 -0.98 Leidos LDOS 110.82 1.67 NewResidInvt NRZ 16.76 0.07 Qiagen QGEN 35.09 0.11 StarwoodProp STWD 24.25 0.02 UnitedTech UTX 138.38 -0.43
issue’s average trading volume. v-Trading halted on primary market. t HollyFrontier HFC 35.98 -2.15 Lennar A LEN 64.82 -1.63 NYTimes A NYT 37.42 0.09 Qorvo QRVO 96.13 -0.47 StateStreet STT 70.14 -0.71 UnitedHealth UNH 263.00 -0.39
Hologic HOLX 48.54 -0.83 Lennar B LEN.B 51.18 -1.10 NewellBrands NWL 16.59 -0.44 Qualcomm QCOM 79.66 -0.56 SteelDynamics STLD 27.86 -0.19 UnivDisplay OLED 153.96 -0.76
Boldfaced quotations highlight those issues vj-In bankruptcy or receivership or being 243.64 -2.39 NEM 49.40 0.26 QuestDiag DGX 109.93 -0.47 UniversalHealthB UHS 135.21 -0.27
HomeDepot HD 235.28 -2.10 LennoxIntl LII Newmont Stericycle SRCL 61.73 -1.60
whose price changed by 5% or more if their reorganized under the Bankruptcy Code, HondaMotor HMC 26.34 0.48 LeviStrauss LEVI 17.78 -1.01 NewsCorp A NWSA 12.33 -0.53 Steris STE 165.44 0.57 VEREIT VER 9.61 -0.03
previous closing price was $2 or higher. or securities assumed by such companies. Honeywell HON 167.18 -0.62 LibertyBroadbandA LBRDA 131.47 -0.23 NewsCorp B NWS 12.73 -0.50 R S STMicroelec STM 28.54 0.53 t VF VFC 76.39 -0.85
HorizonTherap HZNP 35.13 1.25 LibertyBroadbandC LBRDK 133.36 0.01 NextEraEnergy NEE 269.47 -0.86 StoneCo STNE 41.57 0.57 VICI Prop VICI 25.64 -1.05
HormelFoods HRL 43.94 -0.78 LibertyGlobal A LBTYA 20.51 -0.04 NielsenHoldings NLSN 20.29 -0.13 RELX RELX 25.53 -0.01 Stryker SYK 201.66 -4.65 VailResorts MTN 220.37 -10.37
Wall Street Journal stock tables reflect composite regular trading as of 4 p.m. and RPM 69.46 -1.13
changes in the closing prices from 4 p.m. the previous day. DR Horton DHI 56.57 -1.52 LibertyGlobal C LBTYK 19.51 -0.03 Nike NKE 92.00 -0.90 RPM SumitomoMits SMFG 6.44 0.03 t Vale VALE 10.18 -0.13
t HostHotels HST 14.89 -0.50 LibertyFormOne C FWONK 39.79 -3.17 NiSource NI 27.75 -0.63 RalphLauren RL 101.58 -1.18 SunComms SUI 165.53 -4.97 ValeroEnergy VLO 71.72 -2.72
HuanengPower HNP 16.67 0.14 LibertyFormOne A FWONA 37.76 -2.74 t NobleEnergy NBL 15.30 -0.30 RaymondJames RJF 90.03 -0.91 SunLifeFinancial SLF 46.56 -0.14 VarianMed VAR 130.17 -1.81
Wednesday, February 26, 2020 Net Net Huazhu HTHT 33.86 0.75 LibertySirius A LSXMA 47.48 -1.40 Nokia NOK 4.15 0.24 Raytheon RTN 200.30 -3.11 SuncorEnergy SU 28.44 -0.68 VeevaSystems VEEV 147.49 -2.47
Stock Sym Close Chg Stock Sym Close Chg Hubbell HUBB 136.31 -0.26 LibertySirius C LSXMK 47.43 -1.59 NomuraHoldings NMR 4.76 0.07 RealtyIncome O 79.76 -1.16 Suzano SUZ 8.71 -0.04 Ventas VTR 59.49 -0.32
Net
Stock Sym Close Chg HubSpot HUBS 180.85 2.02 EliLilly LLY 133.53 -1.88 Nordson NDSN 155.41 -1.75 ReataPharm RETA 198.59 2.39 SynchronyFin SYF 30.59 -0.17 VeriSign VRSN 195.85 2.20
Blackstone BX 56.00 -0.47 DexCom DXCM 278.25 -5.71 Humana HUM 328.67 -3.35 LincolnNational LNC 51.18 -0.92 Nordstrom JWN 36.38 -0.42 RegencyCtrs REG 61.45 -0.41 SyneosHealth SYNH 64.57 -0.07 VeriskAnalytics VRSK 163.53 0.71
Boeing BA 305.59 1.45 t Diageo DEO 149.67 -2.93 JBHunt JBHT 100.67 -0.60 Linde LIN 203.41 1.76 NorfolkSouthern NSC 190.07 -4.78 s RegenPharm REGN 457.92 15.57 Synnex SNX 133.82 0.66 Verizon VZ 57.14 0.02
A B C BookingHldgs BKNG1678.20 -48.38 t DiamondbkEner FANG 63.14 -4.02 HuntingtonBcshs HBAN 12.70 -0.13 LiveNationEnt LYV 60.76 -2.03 NorthernTrust NTRS 89.37 -1.76 RegionsFin RF 14.58 -0.21 Synopsys SNPS 142.04 -0.12 VertxPharm VRTX 232.04 2.04
BoozAllen BAH 71.91 1.44 DigitalRealty DLR 130.38 -3.16 HuntingIngalls HII 219.76 -3.07 LloydsBanking LYG 2.62 -0.02 NorthropGrum NOC 334.32 -5.65 t ReinsGrp RGA 136.04 -4.35 Sysco SYY 72.87 -1.18 t ViacomCBS B VIAC 24.44 -0.92
ABB ABB 22.42 0.10 t BorgWarner BWA 30.21 -0.56 t DiscoverFinSvcs DFS 69.00 -0.49 HyattHotels H 79.45 -0.70 LockheedMartin LMT 400.90 0.54 NortonLifeLock NLOK 19.30 0.17 RelianceSteel RS 108.62 1.16 t ViacomCBS A VIACA 29.19 -0.69
ACADIA Pharm ACAD 40.22 -0.45
AECOM ACM 47.86 -1.15
BostonProps BXP 135.41 -1.34 DiscoveryB DISCB 34.75 0.38 IAA IAA 45.09 -1.05 Loews L 48.95 -1.41 t NorwegCruise NCLH 36.21 -3.10 RenaissanceRe RNR 188.40 0.20 T U V Vipshop VIPS 13.01 0.30
BostonSci BSX 39.39 -0.52 DiscoveryA DISCA 26.47 -0.95 IAC/InterActive IAC 209.20 -3.79 LogitechIntl LOGI 39.23 0.07 Novartis NVS 87.11 -0.84 RepublicSvcs RSG 96.90 -0.15 VirginGalactic SPCE 28.75 -5.29
AES AES 18.69 -0.69 RMD 165.92 0.11 TAL Education TAL 56.30 -0.28
t BrightHorizons BFAM 164.25 -3.00 DiscoveryC DISCK 25.42 -0.88 ICICI Bank IBN 14.44 0.02 Lowe's LOW 113.30 -5.22 NovoNordisk NVO 61.10 0.48 ResMed Visa V 187.21 -1.19
Aflac AFL 46.55 -1.15
Bristol-Myers BMY 62.04 -0.10 Disney DIS 123.36 -4.83 IdexxLab IDXX 259.45 2.74 lululemon LULU 238.56 -0.25 Novocure NVCR 79.45 -0.58 RestaurantBrands QSR 61.65 -1.29 TC Energy TRP 55.82 -0.02 VistraEnergy VST 21.68 -0.46
AGNC Invt AGNC 18.44 -0.07
BritishAmTob BTI 41.15 0.10 DocuSign DOCU 83.58 0.52 IHS Markit INFO 74.79 -0.12 Lumentum LITE 77.53 -0.27 NuanceComms NUAN 22.27 0.17 RexfordIndlRealty REXR 50.00 -0.37 TCF Financial TCF 39.16 -0.51 VMware VMW 144.27 -2.77
Ansys ANSS 270.19 3.75
BrixmorProp BRX 19.11 -0.53 DolbyLab DLB 68.95 0.04 ING Groep ING 9.88 ... Lyft LYFT 39.86 -1.96 t Nucor NUE 43.67 -1.30 ReynoldsCnsmr REYN 29.98 -0.11 TD Ameritrade AMTD 43.32 -0.30 Vodafone VOD 18.63 -0.19
ASETech ASX 4.71 0.04
ASML ASML 286.32 1.73 Broadcom AVGO 285.88 3.20 DollarGeneral DG 162.67 1.17 Invesco IVZ 15.46 -0.40 LyondellBasell LYB 74.39 -1.02 Nutanix NTNX 32.63 -2.07 RingCentral RNG 234.93 -0.38 TE Connectivity TEL 86.16 -0.19 t VornadoRealty VNO 57.50 -1.41
BroadridgeFinl BR 112.54 0.09 DollarTree DLTR 87.75 -0.92 IPG Photonics IPGP 126.73 -0.32 t Nutrien NTR 40.46 -0.12 RioTinto RIO 49.71 -0.72 Telus TU 37.86 -0.36 VoyaFinancial VOYA 57.28 -0.64
AT&T T 37.10 -0.25
AbbottLabs ABT 81.36 0.23 BrookfieldMgt BAM 63.56 -0.18 DominionEner D 86.77 -1.02 IQVIA IQV 149.39 -0.67 M N NVIDIA NVDA 267.65 5.60 RobertHalf
Rockwell
RHI 52.26
ROK 195.16
-1.20
-1.71
TFS Fin
TIM Part
TFSL 21.78 0.19
TSU 18.52 0.01
VulcanMatls VMC 121.02 -3.82
BrookfieldInfr BIP 53.66 0.48 Domino's DPZ 366.67 -1.99 IcahnEnterprises IEP 64.42 0.42
AbbVie ABBV 88.41 -0.77 48.30 0.11 s
t Abiomed ABMD 154.09 -4.71 Brown&Brown BRO 46.23 0.07 Donaldson DCI 47.16 -1.02 Icon ICLR 159.73 -0.73 M&T Bank MTB 153.46 -2.49
MDU 30.51 -0.09
O P Q RogersComm B RCI
ROKU 112.71 -5.96
TJX TJX 63.99 4.27
T-MobileUS TMUS 93.65 -0.93
W X Y Z
Accenture ACN 195.67 -1.43 Brown-Forman B BF.B 64.43 -1.80 DouglasEmmett DEI 41.53 -1.04 IDEX IEX 159.31 -3.53 MDU Rscs Roku
Brown-Forman A BF.A 61.14 -1.23 Dover DOV 108.30 -1.76 IllinoisToolWks ITW 175.99 -1.60 MGM Resorts MGM 26.71 -1.18 OGE Energy OGE 43.12 -0.73 Rollins ROL 38.87 0.21 TRowePrice TROW 126.61 0.07 WABCO WBC 135.20 -0.26
ActivisionBliz ATVI 59.37 -0.14 t MPLX MPLX 20.70 -0.52 ONEOK OKE 73.29 -0.32 RoperTech ROP 365.00 -0.91 TaiwanSemi TSM 55.03 1.17 WEC Energy WEC 100.29 -0.12
Bruker BRKR 46.22 0.09 Dow DOW 43.05 -0.90 Illumina ILMN 274.70 4.75
Adobe ADBE 351.34 3.54 MSCI 305.61 5.30 OReillyAuto ORLY 377.69 0.34 RossStores ROST 119.20 2.45 TakeTwoSoftware TTWO 109.47 -1.50 WEX 199.83 -7.51
AdvanceAuto AAP 134.54 -3.06 Bunge BG 50.53 -0.49 DrReddy'sLab RDY 43.08 0.41 t ImperialOil IMO 22.21 -0.93 MSCI WEX
BurlingtonStrs BURL 233.97 -1.27 Dropbox DBX 19.88 -0.76 Incyte INCY 77.97 0.65 MadisonSquGarden MSG 274.86 -13.54 t OccidentalPetrol OXY 34.22 -1.97 RoyalBkCanada RY 78.09 -1.70 TakedaPharm TAK 18.21 0.08 W.P.Carey WPC 86.67 -0.33
AdvMicroDevices AMD 47.49 -0.08
Aegon AEG 3.66 -0.03 CACI Intl CACI 258.30 4.71 DukeEnergy DUK 98.94 -0.33 Infosys INFY 11.00 -0.02 t MagellanMid MMP 57.00 -0.80 Okta OKTA 127.82 4.85 RoyalBkScotland RBS 4.91 -0.07 Tapestry TPR 23.52 -0.83 WPP WPP 57.70 -0.61
CBRE Group CBRE 56.93 -1.03 DukeRealty DRE 36.20 -0.33 Ingersoll-Rand IR 138.76 0.75 MagnaIntl MGA 46.84 -0.30 OldDomFreight ODFL 206.28 -2.65 t RoyalCaribbean RCL 82.34 -7.21 TargaResources TRGP 34.74 -0.93 Wabtec WAB 70.88 -1.66
AerCap AER 54.35 -0.19 -0.50 RoyalDutchA RDS.A 45.75 -0.15 TGT 110.66 -1.06
AgilentTechs A 78.11 0.16 CDK Global CDK 47.46 -0.85 Dunkin' DNKN 71.55 -2.15 Ingredion INGR 90.73 -1.00 ManulifeFin MFC 17.55 -0.09 OldRepublic ORI 21.26 Target WalgreensBoots WBA 47.67 0.16
AgnicoEagle AEM 51.16 -0.78 CDW CDW 124.84 -0.31 t DuPont DD 47.26 -0.21 Insulet PODD 180.01 -16.72 t MarathonOil MRO 8.41 -0.51 OmegaHealthcare OHI 43.94 -0.03 RoyalDutchB RDS.B 46.32 0.12 TataMotors TTM 10.06 ... Walmart WMT 113.78 -0.61
t CF Industries CF 37.06 -0.58 Dynatrace DT 32.58 -0.02 Intel INTC 59.65 -0.08 MarathonPetrol MPC 52.27 -0.85 Omnicom OMC 72.41 -1.61 RoyalGold RGLD 107.20 -0.14 TechnipFMC FTI 15.23 -0.04 WasteConnections WCN 99.87 -1.30
AirProducts APD 235.52 0.03 MKL 1278.61 -16.27 ON Semi 18.36 -0.26 Ryanair RYAAY 75.72 -2.12 TeladocHealth TDOC 116.86 -1.54 WM 120.93 -1.02
AkamaiTech AKAM 92.54 -1.19 CGI GIB 72.54 -0.02 ENI E 25.70 0.02 ICE ICE 93.86 1.89 Markel ON WasteMgt
CH Robinson CHRW 71.66 -0.19 t EOG Rscs EOG 63.20 -3.79 t InterContinentl IHG 57.01 -1.01 MarketAxess MKTX 338.28 7.08 OpenText OTEX 43.69 -0.02 SAP SAP 126.90 -0.88 TeledyneTech TDY 355.16 -2.68 Waters WAT 202.60 -0.77
AlaskaAir ALK 57.37 -1.44 MAR 120.19 -3.89 Oracle ORCL 52.05 1.09 S&P Global SPGI 282.77 0.14 Teleflex TFX 345.30 -2.81 WSO 162.50 1.71
Albemarle ALB 85.65 -0.18 CME Group CME 220.18 11.86 EPAM Systems EPAM 221.89 4.93 IBM IBM 139.75 -1.96 Marriott Watsco
CMS Energy CMS 66.44 -0.40 E*TRADE ETFC 47.77 -0.75 IntlFlavors IFF 123.44 -0.50 Marsh&McLen MMC 112.59 1.48 Orange ORAN 13.92 ... SBA Comm SBAC 288.28 -2.81 Ericsson ERIC 8.47 0.12 Wayfair W 71.15 -0.50
s Alcon ALC 63.19 4.39 83.04 0.94 SEI Investments SEIC 63.24 -0.24 TelefonicaBras VIV 12.20 -0.12
AlexandriaRlEst ARE 163.08 -0.57 CNA Fin CNA 44.34 -1.36 EastWestBncp EWBC 40.52 -0.32 IntlPaper IP 38.82 -0.41 MartinMarietta MLM 234.69 -4.44 Orix IX WellsFargo WFC 44.14 -0.98
CNH Indl CNHI 8.95 0.14 EastmanChem EMN 65.81 -0.76 Interpublic IPG 22.99 -0.16 MarvellTech MRVL 22.36 -0.29 OwensCorning OC 56.83 -1.82 SINOPEC SHI 25.57 0.22 Telefonica TEF 6.26 0.03 Welltower WELL 80.72 -2.25
t AlexionPharm ALXN 94.78 -1.36 MAS 44.33 0.03 PG&E PCG 16.72 -0.85 SK Telecom SKM 19.62 0.17 TelekmIndonesia TLK 25.32 -0.26 WestPharmSvcs WST 158.30 -4.27
Alibaba BABA 208.74 3.13 CNOOC CEO 143.83 -0.61 Eaton ETN 96.58 -1.63 InterXion INXN 91.14 -2.20 Masco
CRH CRH 35.43 0.11 eBay EBAY 36.69 0.23 Intuit INTU 280.09 -4.71 Masimo MASI 167.41 -1.44 PNC Fin PNC 138.71 -2.63 SLGreenRealty SLG 85.03 -0.87 10xGenomics TXG 75.18 1.61 WesternDigital WDC 59.62 0.09
AlignTech ALGN 227.54 -2.07 Mastercard MA 298.04 -4.85 POSCO PKX 41.12 0.70 SS&C Tech SSNC 58.77 -0.81 Tenaris TS 18.91 -0.11 t WesternMidstrm WES 13.41 -0.12
CSX CSX 75.31 -0.26 Ecolab ECL 194.43 -0.35 IntuitiveSurgical ISRG 559.53 1.01
Alleghany Y 743.24 -8.57 PPD PPD 28.81 0.37 StoreCapital STOR 36.41 -0.64 Teradyne TER 61.43 -0.20 WesternUnion WU 23.81 -0.25
Allegion ALLE 123.66 -0.34 CVS Health CVS 62.65 -1.68 Ecopetrol EC 18.87 -0.26 InvitatHomes INVH 29.61 -0.84 MatchGroup MTCH 66.04 -1.71
CableOne CABO1600.00 -65.00 EdisonInt EIX 74.31 -0.77 IonisPharma IONS 56.02 0.72 MaximIntProducts MXIM 57.55 0.70 PPG Ind PPG 109.09 -0.54 SVB Fin SIVB 224.30 -7.86 Tesla TSLA 778.80 -21.11 t WestlakeChem WLK 56.29 -0.98
Allergan AGN 193.19 -0.54 MKC 153.11 -5.26 PPL PPL 33.24 -1.33 Salesforce.com CRM 178.87 -2.40 TevaPharm TEVA 13.02 -0.22 t WestpacBanking WBK 16.08 -0.02
AlliantEnergy LNT 57.83 -0.18 CabotOil COG 14.66 0.06 EdwardsLife EW 221.58 -2.49 iQIYI IQ 24.26 0.28 McCormick
CadenceDesign CDNS 68.88 0.43 ElancoAnimal ELAN 28.77 -0.48 IronMountain IRM 33.05 0.09 McCormickVtg MKC.V 153.21 -5.79 PRA HealthSci PRAH 94.15 -0.79 Sanofi SNY 49.45 0.44 TexasInstruments TXN 118.79 0.41 WestRock WRK 34.86 -0.09
Allstate ALL 115.73 -1.58 McDonalds MCD 210.10 -2.00 PTC PTC 80.43 -0.89 SantanderCons SC 25.97 0.14 t Textron TXT 41.85 -1.29 Weyerhaeuser WY 27.40 -0.67
AllyFinancial ALLY 25.97 -0.14 CAE CAE 28.19 -0.58 ElbitSystems ESLT 154.38 3.98 t ItauUnibanco ITUB 6.99 -0.06
CaesarsEnt CZR 12.95 -0.36 ElectronicArts EA 106.54 1.16 McKesson MCK 158.98 -1.87 Paccar PCAR 69.42 -0.57 SareptaTherap SRPT 113.63 -0.16 ThermoFisherSci TMO 309.16 -0.47 WheatonPrecMet WPM 32.57 -0.58
AlnylamPharm ALNY 118.05 -1.24 -0.07 t Sasol
Alphabet C GOOG 1393.18 4.73 CamdenProperty CPT 116.42 -0.13 EmersonElec EMR 66.63 0.03 J K L MedicalProp MPW 23.21 -0.03
Medtronic MDT 106.15 -2.38
PackagingCpAm PKG 94.21
PagSeguroDig PAGS 34.57
SSL 12.71
0.54 t Schlumberger SLB 28.38
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-0.96
ThomsonReuters TRI 77.56 -3.09
3M MMM 148.96 2.11 t
Whirlpool
Williams
WHR 137.31
WMB 19.22
0.16
-0.03
Alphabet A GOOGL 1390.47 4.15 CampbellSoup CPB 46.64 -1.24 Enbridge ENB 39.22 -0.65
EncompassHealth EHC 77.38 0.51 JD.com JD 39.92 1.08 t MelcoResorts MLCO 18.30 -0.35 t PaloAltoNtwks PANW 189.58 -7.38 SchwabC SCHW 41.42 -0.18 Tiffany TIF 133.51 -0.24 WillisTowers WLTW 204.44 1.80
Alteryx AYX 136.78 4.09 CIBC CM 80.33 0.85
CanNtlRlwy CNI 88.46 -0.56 EnelAmericas ENIA 8.72 -0.20 JPMorganChase JPM 126.64 0.38 MellanoxTech MLNX 119.82 -0.37 ParkerHannifin PH 189.67 -4.81 ScottsMiracleGro SMG 115.23 1.53 Toll Bros TOL 37.82 -6.47 Wipro WIT 3.64 -0.02
AlticeUSA ATUS 27.44 0.06 JackHenry JKHY 160.55 -3.20 MercadoLibre MELI 632.05 2.05 Paychex PAYX 82.28 -1.33 Sea SE 46.42 -0.28 Toro TTC 77.21 -0.33 Wix.com WIX 132.50 -1.19
Altria MO 42.12 -0.37 CanNaturalRes CNQ 26.87 -0.73 EnelChile ENIC 4.47 -0.07
CanPacRlwy CP 256.93 -1.07 t EnergyTransfer ET 10.78 -0.44 JacobsEngg J 99.83 1.12 Merck MRK 79.94 -0.33 PaycomSoftware PAYC 291.92 3.01 Seagate STX 51.08 0.66 TorontoDomBk TD 54.96 -0.26 Woodward WWD 112.41 -0.58
Amarin AMRN 16.27 -1.23 JamesHardie JHX 19.07 0.04 MetLife MET 46.92 -0.66 Paylocity PCTY 135.27 1.61 SeattleGenetics SGEN 112.11 -0.27 t Total TOT 43.91 -0.25 Workday WDAY 175.36 -0.11
Canon CAJ 25.35 0.58 EnphaseEnergy ENPH 51.87 0.97
Amazon.com AMZN 1979.59 6.85 t JazzPharma JAZZ 116.59 -10.66 MettlerToledo MTD 700.38 -2.62 PayPal PYPL 109.11 -0.55 SempraEnergy SRE 146.87 -2.70 ToyotaMotor TM 135.13 1.10 WynnResorts WYNN 110.75 -3.14
t CanopyGrowth CGC 19.82 0.20 Entegris ENTG 52.96 -0.04
Ambev ABEV 3.57 -0.04 JefferiesFin JEF 20.99 -0.66 MicrochipTech MCHP 94.77 -2.41 Pearson PSO 7.37 -0.12 SensataTechs ST 43.09 -0.93 TractorSupply TSCO 91.49 -1.66 XP XP 36.20 -1.30
CapitalOne COF 92.82 0.04 Entergy ETR 125.65 -0.65
Amcor AMCR 9.76 0.09 t EnterpriseProd EPD 23.85 -0.14 J&J JNJ 143.68 -0.97 MicronTech MU 52.37 0.27 Pegasystems PEGA 93.44 -0.87 ServiceCorp SCI 50.37 -1.22 TradeDesk TTD 266.90 -6.61 XPO Logistics XPO 83.03 -2.61
Amdocs DOX 68.07 -0.78 CardinalHealth CAH 55.01 -0.43
Equifax EFX 153.39 1.20 JohnsonControls JCI 39.31 -0.14 Microsoft MSFT 170.17 2.10 Peloton PTON 29.19 2.08 ServiceNow NOW 334.27 4.55 Tradeweb TW 50.00 0.22 XcelEnergy XEL 68.35 -0.49
Amedisys AMED 188.87 3.63 Carlisle CSL 152.11 -0.94
Equinix EQIX 629.84 -2.14 JonesLang JLL 143.75 -2.70 MidAmApt MAA 142.32 -0.75 PembinaPipeline PBA 37.92 -0.60 t ShawComm B SJR 18.59 -0.10 TransDigm TDG 564.63 -7.58 Xerox XRX 35.73 -0.73
t Amerco UHAL 332.62 -5.81 Carlyle CG 29.82 0.54
t Equinor EQNR 15.82 -0.07 t JuniperNetworks JNPR 22.38 -0.27 Middleby MIDD 115.27 8.49 Pentair PNR 41.85 -0.56 SherwinWilliams SHW 550.61 -0.35 TransUnion TRU 94.15 -0.59 t Xilinx XLNX 82.60 -1.28
Ameren AEE 85.21 1.65 CarMax KMX 91.30 -1.99 SHG 27.91
KB Fin KB 32.08 0.30 MitsubishiUFJ MUFG 4.94 0.05 Penumbra PEN 171.69 -4.47 ShinhanFin 0.39 Travelers TRV 128.56 -2.23 Xylem XYL 83.93 -0.14

.
t Carnival CCL 33.14 -2.70 Equitable EQH 23.18 -0.85
AmericaMovil AMX 16.45 0.11 EquityLife ELS 73.89 -1.48 KKR KKR 30.16 -0.03 MizuhoFin MFG 2.73 0.01 People'sUtdFin PBCT 15.04 -0.35 Shopify SHOP 471.18 4.72 Trex TREX 98.47 -5.23 Yandex YNDX 41.50 1.44
t AmerAirlines AAL 22.31 -0.81 CaseysGenStores CASY 174.05 -3.17 PEP 141.98 0.88 Sibanye-Stillwater SBSW 9.75 -0.15
EquityResdntl EQR 83.36 -0.15 KLA KLAC 147.27 -0.14 MobileTeleSys MBT 10.30 0.13 PepsiCo Trimble TRMB 42.73 -0.11 YumBrands YUM 97.50 -0.45

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AmCampus ACC 47.86 -0.14 Catalent CTLT 55.02 0.30
ErieIndemnity A ERIE 159.15 2.22 KSCitySouthern KSU 160.81 -0.63 s Moderna MRNA 29.16 5.40 PerformanceFood PFGC 47.46 -2.80 SignatureBank SBNY 136.37 -1.65 Trip.com TCOM 30.25 0.10 YumChina YUMC 43.51 -0.30
AEP AEP 97.43 -0.74 Caterpillar CAT 128.25 -0.75
EssentialUtil WTRG 50.31 -0.12 Kellogg K 62.77 -0.62 MohawkInds MHK 125.83 0.47 PerkinElmer PKI 86.00 0.25 SimonProperty SPG 132.23 -3.05 TruistFinl TFC 50.70 -0.61 ZTO Express ZTO 23.76 -0.03
AmerExpress AXP 118.50 -2.40 Celanese CE 96.87 -0.94 6.79 -0.19
EssexProp ESS 316.94 -0.97 KeurigDrPepper KDP 28.73 -0.19 MolinaHealthcare MOH 128.73 -0.31 Perrigo PRGO 60.67 -0.13 SiriusXM SIRI Twilio TWLO 112.96 0.65 ZayoGroup ZAYO 34.88 -0.03
AmericanFin AFG 100.28 -1.53 CenovusEnergy CVE 7.91 -0.33 SWKS 103.81 -2.36
EsteeLauder EL 189.29 -2.14 KeyCorp KEY 17.67 -0.37 MolsonCoorsB TAP 51.74 0.32 PetroChina PTR 40.34 0.08 Skyworks Twitter TWTR 34.63 -0.58 ZebraTech ZBRA 217.81 -2.19
AmHomes4Rent AMH 27.14 -0.49 Centene CNC 54.39 -1.56 t WORK 26.61 -0.14 ZEN 83.04 1.73
t Etsy ETSY 50.69 0.80 KeysightTechs KEYS 94.07 0.41 Mondelez MDLZ 56.86 -0.16 PetroleoBrasil PBR 12.55 -0.27 SlackTech TylerTech TYL 324.32 2.29 Zendesk
AIG AIG 45.00 -0.24 CenterPointEner CNP 24.08 -0.41
EuronetWorldwide EEFT 131.47 1.60 KilroyRealty KRC 79.39 -2.82 MongoDB MDB 151.26 1.88 PetroleoBrasilA PBR.A 11.75
on -0.27 t SmithAO AOS 39.60 -1.35 TysonFoods TSN 71.09 -0.62 Zillow C Z 57.08 -0.70
AmerTowerREIT AMT 242.67 -3.47 CentraisElBras EBR 7.71 -0.41 KimberlyClark KMB 138.26 -0.72 MonolithicPower MPWR 164.22 -0.32 Pfizer PFE 34.72 0.79 Smith&Nephew SNN 47.54 -0.04 UBS Group UBS 11.78 -0.04 Zillow A ZG 57.54 -0.60
CenturyLink CTL 12.75 0.19 EverestRe RE 273.23 -5.32
AmerWaterWorks AWK 133.04 -0.05 Evergy EVRG 69.58 -0.52 KimcoRealty KIM 18.28 -0.30 MonsterBev MNST 65.88 -0.74 PhilipMorris PM 86.25 1.25 Smucker SJM 109.18 1.43 UDR UDR 49.28 -0.21 ZimmerBiomet ZBH 146.56 -3.17
AmericoldRealty COLD 32.34 -0.89 CeridianHCM CDAY 73.84 0.75 KinderMorgan KMI 20.52 -0.53 Moody's PSX 80.33 -2.48 Snap SNAP 15.67 -0.22 t UGI UGI 38.41 -1.29 ZionsBancorp ZION 41.82 -0.57
EversourceEner ES 93.46 0.08 MCO 261.01 0.98 Phillips66
Ameriprise AMP 156.00 -0.23 Cerner CERN 72.41 ... 5.76 0.06 MorganStanley MS 47.24 -0.79 SNA 149.45 -4.18 US Foods USFD 36.43 -1.69 Zoetis ZTS 136.15 1.33
ExactSciences EXAS 80.76 -5.77 KinrossGold KGC Pinduoduo PDD 34.53 1.73 SnapOn
AmerisourceBrgn ABC 93.71 0.78 CharlesRiverLabs CRL 161.05 -1.41 UBER 34.45 -1.44 ZM 106.88 -0.20
Exelixis EXEL 18.69 -0.71 KirklandLakeGold KL 36.40 -0.44 Morningstar MORN 155.13 -0.05 PinnacleWest PNW 97.20 -1.20 SolarEdgeTech SEDG 132.41 -0.59 Uber ZoomVideo
Ametek AME 91.11 -0.64 CharterComms CHTR 518.09 0.10 SNE 63.94 0.36 135.02 0.89 51.33 0.92
Exelon EXC 47.05 -0.58 Knight-Swift KNX 33.98 -2.00 Mosaic MOS 17.45 -0.65 Pinterest PINS 20.31 -0.65 Sony Ubiquiti UI Zscaler ZS
Amgen AMGN 214.54 4.16 t CheckPoint CHKP 103.66 -2.72 t 66.19 -0.67 UltaBeauty ULTA 272.76 -5.23 ZNGA 6.88 -0.11
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Expedia EXPE 101.19 -7.72 Kohl's KSS 40.02 -1.08 MotorolaSol MSI 177.75 -0.36 PioneerNatRscs PXD 125.49 -4.60 Southern SO Zynga
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t ExpeditorsIntl EXPD 72.74 0.40 MYL 19.54 -0.36
AnalogDevices ADI 114.84 0.18 CheniereEnergy LNG 48.27 -1.59 KoreaElcPwr KEP 9.90 -0.15 NICE NICE 167.94 0.65 PlanetFitness PLNT 75.77 -5.40
CheniereEnerPtrs CQP 34.31 0.10 ExtraSpaceSt EXR 107.66 0.66
Anaplan PLAN 58.09 1.08 t ExxonMobil XOM 53.01 KraftHeinz KHC 25.64 -0.43 NRG Energy NRG 35.05 -1.08 Pool POOL 220.01 2.50
-1.19
Borrowing Benchmarks | WSJ.com/bonds
AngloGoldAsh AU 21.08 0.23 t Chevron CVX 98.04 -2.67
F5Networks FFIV 126.45 -0.34 Kroger KR 28.75 -0.92 NVR NVR 3849.50 -10.78 PostHoldings POST 101.50 -0.31
t BUD 66.29 -0.63 Chewy CHWY 30.74 1.25
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AB InBev L Brands LB 22.78 -0.72 NXP Semi NXPI 119.47 -1.35 PrincipalFin PFG 48.95 -0.53
ChinaEastrnAir CEA 22.25 0.09 FMC FMC 96.89 -0.85
AnnalyCap NLY 9.79 -0.01
ChinaLifeIns LFC 11.78 0.18 Facebook FB 197.20 0.43
Anthem ANTM 268.15 0.75
ChinaMobile CHL 40.84 -0.17 FactSet FDS 289.92 1.86
AON 222.49 0.05
Aon
Apache APA 24.43 -1.07 ChinaPetrol SNP 51.75 0.33 FairIsaac
Fastenal
FICO 390.36
FAST 35.96
-0.02
-0.20
Money Rates February 26, 2020
ApartmtInv AIV 52.86 -0.73
ApolloGlbMgmt APO 43.20 0.03 t
ChinaSoAirlines ZNH 27.14 -0.04
ChinaUnicom CHU 8.17 0.01
FederalRealty FRT 122.91
FedEx FDX 144.53
-1.34
-1.07
Dividend Changes Key annual interest rates paid to borrow or lend money in U.S. and
Apple AAPL 292.65 4.57 Chipotle CMG 847.29 -8.72
Ferrari RACE 159.90 -1.61
ApplMaterials AMAT 59.81 0.95 Chubb CB 158.03 0.82
FiatChrysler FCAU 12.50 0.54 Dividend announcements from February 26. international markets. Rates below are a guide to general levels but
Aptargroup ATR 104.68 -2.26 ChunghwaTel CHT 35.57 0.17
FidNatlFin FNF 41.24 -1.00
don’t always represent actual transactions.
Aptiv APTV 81.10 -0.01 Church&Dwight CHD 74.43 -0.33
FidNatlInfo FIS 143.90 -0.76
Aramark ARMK 39.00 -0.75 ChurchillDowns CHDN 145.44 -4.80 Amount Payable /
FifthThirdBncp FITB 26.65 -0.42 Week —52-WEEK—
ArcelorMittal MT 14.71 0.07
ArchCapital ACGL 43.83 -0.56
Ciena
Cigna
CIEN 40.39 -0.54
CI 188.92 -2.84
58.com WUBA 56.06 -0.02 Company Symbol Yld % New/Old Frq Record Inflation Latest ago High Low
FirstAmerFin FAF 60.99 -0.86 Jan. Index Chg From (%)
ArcherDaniels ADM 39.87 -0.56 CincinnatiFin CINF 103.13 -1.59
Arconic ARNC 31.85 0.14 Cintas CTAS 283.91 4.03
FirstRepBank FRC 107.82 -2.15 Increased 60 days 2.861 2.965 4.112 2.857
FirstEnergy FE 48.30 -0.59 level Dec. '19 Jan. '19
arGEN-X ARGX 150.51 -2.98 t CiscoSystems CSCO 42.16 -0.58 BWX Technologies BWXT 1.1 .19 /.17 Q Mar26 /Mar09
Fiserv FISV 112.87 -0.38
AristaNetworks ANET 203.14 -2.85 Citigroup C 68.18 -1.25 CenterState Bank 2.0 .14 /.11 Q Mar31 /Mar16
ArrowElec ARW 71.18 -1.39 CitizensFin CFG 33.69 -0.75
FiveBelow FIVE 105.60
FleetCorTech FLT 284.20
-1.58 CSFL
U.S. consumer price index Other short-term rates
-4.18 Douglas Dynamics PLOW 2.5 .28 /.2725 Q Mar31 /Mar20
AscendisPharma ASND 129.76 -0.49 CitrixSystems CTXS 106.80 -1.85 Flex FLEX 11.97 -0.37 All items 257.971 0.39 2.5
AspenTech AZPN 113.59 -1.41 ClarivateAnaly CCC 20.62 -0.23 EPR Properties EPR 7.1 .3825 /.375 M Apr15 /Mar31 Week 52-Week
FlirSystems FLIR 54.09 ... Core 266.004 0.40 2.3
Assurant AIZ 132.51 -1.35 Clorox CLX 168.03 0.18 Floor&Decor FND 55.44 -1.36 Fifth Third Bancorp FITB 3.6 .27 /.24 Q Apr14 /Mar31 Latest ago high low
AstraZeneca AZN 47.57 0.49 s Cloudflare NET 22.11 1.82 FomentoEconMex FMX 86.91 0.20
Athene ATH 45.67 -0.42 Coca-Cola KO 57.60 -0.22 Greif B GEF.B 6.2 .66 /.65 Q Apr01 /Mar18 International rates
t FordMotor F 7.21 -0.02 Call money
Atlassian TEAM 146.50 2.02 Coca-Cola Euro CCEP 54.07 -0.04 Fortinet FTNT 106.26 1.21
Home Depot HD 2.3 1.50 /1.36 Q Mar26 /Mar12
AtmosEnergy ATO 112.09 -1.65 Cognex CGNX 46.73 -0.21 Fortis FTS 43.23 -0.31 Ryman Hospitality Prop RHP 4.9 .95 /.90 Q Apr15 /Mar31 3.50 3.50 4.25 3.50
Autodesk ADSK 190.67 3.94 CognizantTech CTSH 63.28 -1.20 Week 52-Week
Fortive FTV 70.75 0.47 Latest ago High Low
Autohome ATHM 80.72 0.40 ColgatePalm CL 72.92 -0.88 Foreign
Autoliv ALV 69.63 0.88 ColumbiaSportswr COLM 84.39 -0.29
FortBrandsHome FBHS 64.83 -2.28 Commercial paper (AA financial)
FoxA FOXA 32.79 -0.42
ADP ADP 166.33 -0.85 Comcast A CMCSA 42.22 -0.95 FoxB FOX 32.40 -0.43
Bank of Montreal BMO 4.4 .7976 Q May26 /May01 Prime rates 90 days 1.55 1.63 2.60 1.55
AutoZone AZO 1014.06 -18.63 t Comerica CMA 55.74 -1.05 Franco-Nevada FNV 118.08 0.17 Bank Of Nova Scotia BNS 5.1 .6772 Q Apr28 /Apr07
Avalara AVLR 86.61 2.61 CommerceBcshrs CBSH 64.56 -1.07 t FranklinRscs BEN 23.01 -0.57
U.S. 4.75 4.75 5.50 4.75 Libor
Avalonbay AVB 221.22 -0.19 SBS 13.57 -0.40
Eaton Corp. PLC ETN 2.9 .73 Q Mar27 /Mar13
SABESP FreeportMcM FCX 10.46 -0.27 Manchester United Cl A 1.0 .09 Jun03 /Apr24
Canada 3.95 3.95 3.95 3.95
Avangrid AGR 51.85 -4.45 ConagraBrands CAG 26.94 -1.44 FreseniusMed FMS 38.84 -0.33
MANU SA One month 1.60338 1.63938 2.50150 1.60338
Avantor AVTR 16.32 -0.05 ConchoRscs CXO 68.56 -2.58 nVent Electric 2.7 .175 May08 /Apr24
Japan 1.475 1.475 1.475 1.475
NVT Q Three month 1.61325 1.69600 2.63263 1.61325
AveryDennison AVY 119.84 -1.68 ConocoPhillips COP 51.17 -2.66 G H I
AxaltaCoating AXTA 26.57 -0.19 Pentair PLC PNR 1.8 .19 Q May01 /Apr17 Policy Rates Six month 1.59025 1.69875 2.68813 1.59025
ConEd ED 87.69 -0.56
BCE BCE 46.88 -0.42 ConstBrands B STZ.B 196.60 -10.30
GCI LibertyA GLIBA 74.72 0.46 SAP ADR SAP 0.9 1.7119 Jun02 /May22 One year 1.61013 1.76888 2.88638 1.61013
t BHP Group BHP 46.44 -0.34 Euro zone 0.00 0.00 0.00 0.00
ConstBrands A STZ 190.97 -4.32 GDS Holdings GDS 59.07 0.18 Thomson Reuters TRI 1.9 .38 Q Mar18 /Mar06
-c F

BHP Group BBL 39.58 ... t ContinentalRscs CLR 20.78 -1.12 GSXTechedu GSX 43.50 -0.59 Switzerland 0.50 0.50 0.50 0.50 Euro Libor
t BP BP 32.68 -0.25 Cooper Galapagos
COO 335.32 -1.13 GLPG 233.91 -4.17 Special Britain 0.75 0.75 0.75 0.75
BWX Tech BWXT 61.21 0.45 Copart Gallagher
CPRT 88.36 -0.58 AJG 103.84 -0.03 One month -0.523 -0.520 -0.408 -0.524
Baidu BIDU 123.54 -0.89 t Gaming&Leisure GLPI 46.34 -1.53 National Presto Inds NPK 1.2 5.00 Mar13 /Mar02 Australia 0.75 0.75 1.50 0.75
Corning GLW 25.25 -0.47 Three month -0.456 -0.433 -0.330 -0.482
t BakerHughes BKR 17.76 -0.86 Corteva t Gap
CTVA 28.50 0.12 GPS 14.70 -0.67
Ball BLL 75.67 1.14 CoStar GardnerDenver GDI 35.75
CSGP 682.34 -15.91 0.02 KEY: A: annual; M: monthly; Q: quarterly; r: revised; SA: semiannual; S2:1: stock split and ratio; SO: Overnight repurchase Six month -0.420 -0.395 -0.294 -0.474
BancoBilbaoViz BBVA 5.05 -0.02 Costco Garmin
COST 305.69 0.82 GRMN 90.38 -1.62 U.S. 1.60 1.62 3.40 1.50 One year -0.341 -0.316 -0.161 -0.428
t BancoBradesco BBDO 6.12 -0.14 Gartner IT 138.64 -2.46
spin-off.
Coty COTY 10.03 -0.42
BancodeChile BCH 18.87 0.25 CoupaSoftware COUP 160.16 0.26 Generac GNRC 110.87 3.56 Value 52-Week
t BancSanBrasil BSBR 8.57 -0.05 GeneralDynamics GD 171.55
CousinsProperties CUZ 39.36 -0.51 -2.37 U.S. government rates Latest Traded High Low
BcoSantChile BSAC 18.35 0.24 Credicorp GeneralElec GE
BAP 189.38 1.53 10.95 -0.37
BancoSantander SAN 3.76 0.03 GeneralMills GIS
CreditAcceptance CACC 410.00 2.39 52.14 -0.39 IPO Scorecard Discount
DTCC GCF Repo Index
BanColombia CIB 48.93 -0.05 CreditSuisse CS GeneralMotors GM
12.19 -0.18 32.00 0.25 2.25 2.25 3.00 2.25
BankofAmerica BAC 30.63 -0.45 CrowdStrike CRWD 58.46 0.72 Genmab GMAB 24.00 -0.31 Performance of IPOs, most-recent listed first Treasury 1.626 49.770 6.007 1.549
BankofMontreal BMO 71.65 -1.36 CrownCastle CCI 162.69 -0.33 Genpact G 41.75 0.10 MBS 1.647 72.700 6.699 1.568
BankNY Mellon BK 41.37 -0.22 CrownHoldings CCK 74.52 -0.62 Gentex GNTX 27.98 -0.14 % Chg From % Chg From
Federal funds
BkNovaScotia BNS 54.42 0.01 CubeSmart CUBE 32.25 0.68 GenuineParts GPC 90.18 -1.86 Company SYMBOL Friday3s Offer 1st-day Company SYMBOL Friday3s Offer 1st-day Effective rate 1.5900 1.6000 2.4800 1.4700
Barclays BCS 8.42 -0.04 Cummins s GileadSciences GILD 74.70
CMI 157.97 -3.04 4.60
BarrickGold GOLD 21.09 -0.16 GSK GSK 41.90 0.42 IPO date/Offer price close ($) price close IPO date/Offer price close ($) price close High 1.6500 1.6500 3.0000 1.5200
CurtissWright CW 130.60 -2.91
BauschHealth BHC 24.44 -0.33 CypressSemi CY GlobalPayments GPN 189.65
23.16 0.03 -1.55 Zhongchao 4.13 3.3 3.3 CITIC Capital Acquisition 10.20 2.0 ... Low 1.5000 1.5000 2.4400 0.5000 Notes on data:
BaxterIntl BAX 87.03 0.04 GlobeLife GL 100.74 -2.34 1.5500 1.5500 2.4400 1.4000
n

CyrusOne CONE 66.28 -0.06 ZCMD Feb. 24/$4.00 CCAC.UT Feb. 11/$10.00 Bid U.S. prime rate is the base rate on corporate
BectonDicknsn BDX 246.15 0.72 GoDaddy GDDY 71.57 -0.94
BGNE 158.04 -0.54 D E F 7.09 0.01 Offer 1.6000 1.6000 2.5000 1.4700 loans posted by at least 70% of the 10 largest
BeiGene GoldFields GFI dMY Technology Grp 10.30 3.0 –0.4 Greenrose Acquisition 10.05 0.5 –0.2 U.S. banks, and is effective October 31, 2019.
Berkley WRB 74.04 -1.13 GoldmanSachs GS 215.78 -1.83
DMYT.UT Feb. 21/$10.00 GNRSU Feb. 11/$10.00
BerkHathwy B BRK.B 216.06 -1.99 DISH Network DISH 36.32 -1.30 Graco GGG 53.69 0.16 Treasury bill auction Other prime rates aren’t directly comparable;
no

BerkHathwy A BRK.A 324301-3699.00 DTE Energy DTE 124.73 -3.39 Grainger GWW 284.85 0.06 East Stone Acquisition 10.02 0.2 0.1 NexPoint Real Estate Finance 19.04 0.2 1.3 lending practices vary widely by location;
BestBuy BBY 82.18 0.29 t DXC Tech DXC 25.30 -0.88 Grifols GRFS 24.41 -0.09
4 weeks 1.575 1.560 2.470 1.490 Discount rate is effective October 31, 2019.
BeyondMeat BYND 112.51 2.59 Danaher DHR 152.19 0.54 GuardantHealth GH 81.50 5.71
ESSCU Feb. 20/$10.00 NREF Feb. 7/$19.00 13 weeks 1.505 1.545 2.410 1.505 DTCC GCF Repo Index is Depository Trust &
s Bilibili BILI 27.57 0.85 Darden DRI 107.07 -4.68 Guidewire GWRE 111.33 0.46 Churchill Capital III 10.48 4.8 –0.3 OneWater Marine 16.09 34.1 6.3 26 weeks 1.440 1.510 2.460 1.440 Clearing Corp.'s weighted average for overnight
Bio-Techne TECH 197.83 0.19 Datadog DDOG 43.91 -0.40 HCA Healthcare HCA 128.37 -4.63
DaVita DVA 81.04 -0.01 HDFC Bank HDB 55.43 CCXX.UT Feb. 14/$10.00 ONEW Feb. 7/$12.00 trades in applicable CUSIPs. Value traded is in
Bio-RadLab B BIO.B 369.43 -16.88 -0.29
Bio-RadLab A BIO 369.00 0.62 Deere DE 166.92 0.27 HD Supply HDS 40.68 -0.58 Newborn Acquisition 10.05 0.5 ... Beam Thera 24.45 43.8 30.4 Secondary market billions of U.S. dollars. Federal-funds rates are
Biogen BIIB 327.45 3.34 DellTechC DELL 45.93 -0.29 HP HPQ 22.71 -0.64 Tullett Prebon rates as of 5:30 p.m. ET.
BioMarinPharm BMRN 91.22 0.22 DeltaAir DAL 49.59 -1.30 HSBC HSBC 35.67 0.85
NBACU Feb. 14/$10.00 BEAM Feb. 6/$17.00 Fannie Mae Sources: Federal Reserve; Bureau of Labor
BioNTech BNTX 33.75 0.31 DentsplySirona XRAY 50.88 -0.62 Halliburton HAL 18.40 -0.61 30-year mortgage yields Statistics; DTCC; FactSet;
BlackKnight BKI 70.50 -0.47 DeutscheBank DB 9.45 0.12 HartfordFinl HIG 54.45 -0.82 Tullett Prebon Information, Ltd.
BlackRock BLK 508.47 2.47 t DevonEnergy DVN 16.72 -1.06 t Hasbro HAS 82.50 -0.51 Sources: Dow Jones Market Data; FactSet 30 days 2.823 2.954 4.093 2.823

New Highs and Lows | WSJ.com/newhighs Stock

52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg
CimarexEnergy XEC 33.87 -6.6 EnergyTransfer ET 10.78 -3.9 Hillenbrand HI 24.34 -2.9 MayvilleEngg MEC 7.06 -6.7 PacificDrilling PACD 1.17 -6.3 SafeguardSci SFE 9.32 -0.5 TriMas TRS 27.82 ...
The following explanations apply to the New York Stock Exchange, NYSE Arca, NYSE Cinemark CNK 25.03 -5.6 Enerplus ERF 4.36 -3.1 HollyFrontier HFC 35.94 -5.6 Medigus MDGS 1.45 -6.3 PalatinTech PTN 0.51 -7.3 SangamoTherap SGMO 6.68 1.3 Trinseo TSE 23.08 -4.9
American and Nasdaq Stock Market stocks that hit a new 52-week intraday high or low CiscoSystems CSCO 41.94 -1.4 EnLinkMid ENLC 3.80 -3.0 HostHotels HST 14.89 -3.2 MediWound MDWD 2.30 -11.1 PaloAltoNtwks PANW 187.52 -3.7 Sasol SSL 12.67 -2.4 TripAdvisor TRIP 23.53 -7.8
in the latest session. % CHG-Daily percentage change from the previous trading session. Cleanspark CLSK 2.50 1.4 EnochianBio ENOB 2.57 -1.0 HoustonWire HWCC 2.72 -9.5 Mednax MD 17.25 -7.0 ParkAerospace PKE 14.75 -0.7 Schlumberger SLB 28.38 -3.3 TritonIntlPfdD TRTNpD 24.25 -0.4
ClearChannelOutdr CCO 2.00 -13.2 EnterpriseProd EPD 23.72 -0.6 HudbayMinerals HBM 2.41 -8.0 MelcoResorts MLCO 18.17 -1.9 ParkHotels PK 19.57 -5.7 ScorpioBulkers SALT 2.75 -4.1 trivago TRVG 1.92 -8.6
CocaColaCon COKE 203.48 -18.0 Entravision EVC 1.95 1.0 HuntingtonBcPfC HBANN 25.50 -1.2 MercerIntl MERC 9.25 -2.2 ParsleyEnergy PE 13.60 -6.5 Seaboard SEB 3410.00 -4.5 TrueBlue TBI 14.73 -1.9
Wednesday, February 26, 2020 CoffeeHolding JVA 3.63 -0.3 Equinor EQNR 15.82 -0.4 Ideanomics IDEX 0.39 -9.8 Meredith MDP 27.02 -1.0 PattersonUTIEn PTEN 6.03 -4.1 SensientTech SXT 52.01 -1.8 Trustmark TRMK 29.39 -1.9
52-Wk % 52-Wk % 52-Wk % Comerica CMA 55.54 -1.8 Escalade ESCA 8.39 6.0 Imax IMAX 15.22 -3.2 MeridianBiosci VIVO 7.25 0.3 PeabodyEnergy BTU 5.47 -14.7 SeritageGrowth SRG 35.55 -0.6 TsakosEnergy TNP 2.40 -2.0
Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg CiaSiderurgica SID 2.56 -4.1 EvercoreA EVR 70.77 -4.2 ImperialOil IMO 22.16 -4.0 MerrimackPharm MACK 2.96 -0.3 PebblebrookPfdF PEBpF 23.42 0.6 ServiceProperties SVC 19.25 -3.3 Tuniu TOUR 1.56 -1.8
CerveceriasUnid CCU 16.09 -0.9 EverspinTech MRAM 3.59 -5.8 IndependenceContr ICD 0.42 -8.3 MesaRoyalty MTR 6.28 -1.3 PebblebrookHotel PEB 21.59 -4.1 ServiceMaster SERV 33.05 -7.2 TurtleBeach HEAR 6.36 -4.6
AcordaTherap ACOR 1.30 -3.6 BaytexEnergy BTE 0.95 -2.5 Conduent CNDT 3.21 -5.1 ExOne XONE 6.41 -1.1 IndiaGlblCap IGC 0.48 -8.4 MesabiTrust MSB 18.75 -0.6 PennVirginia PVAC 13.03 -6.2 ShawComm B SJR 18.59 -0.5 TwinDisc TWIN 8.32 -3.5
Highs AcornIntl
AcuityBrands AYI
ATV 13.37 -3.2
104.86 -1.8
Belden
Benefitfocus
BDC
BNFT
41.29 -2.0
13.74 -6.9
Conformis CFMS 0.78 -15.1
8.02 -5.4
ExtendedStayAmer STAY 11.02 -4.0 Ingevity NGVT 48.37 -4.1
37.25 14.1
Methanex MEOH 29.41 -4.0 PA Reit Pfd D PEIpD 17.20 -11.4
2.55 -26.5
ShellMidstream SHLX 16.88 -3.3 UGI UGI 38.34 -3.2
25.56 ...
Conn's CONN ExtractionOil XOG 0.66 -4.7 Inogen INGN Michaels MIK 4.18 -3.2 PA Reit PEI ShiftPixy PIXY 6.92 -5.3 UMH PropPfdB UMHpB
AdaptHealth AHCO 17.69 1.8 AdvanSix ASIX 14.11 0.5 Berry(bry) BRY 6.10 -4.4 ContinentalRscs CLR 20.66 -5.1 ExxonMobil XOM 52.93 -2.2 InterParfums IPAR 58.28 -3.5 MicroVision MVIS 0.26 -53.0 PA Reit Pfd B PEIpB 15.51 -15.3 Sientra SIEN 4.60 -7.0 USA Compression USAC 14.42 0.2
Alcon ALC 64.45 7.5 AirTransportSvcs ATSG 17.82 -6.2 BlackStoneMin BSM 8.60 -3.4 Cooper-Standard CPS 17.42 -0.4 FBL Financial FFG 50.52 -0.6 InterContinentl IHG 56.97 -1.7 Misonix MSON 14.14 -1.3 PennREITPfdC PEIpC 12.44 -19.5 SilverBowRscs SBOW 2.88 1.0 US Concrete USCR 28.75 -4.1
AlphaProTech APT 13.45 23.9 AlbanyIntl AIN 68.52 -0.1 BlockHR HRB 21.49 -2.1 CoreLabs CLB 27.92 -2.4 FirstBanCorp FBP 8.25 -1.1 IntlMoneyExpress IMXI 9.76 -3.6 MistrasGroup MG 8.19 -5.0 PerformShipping DCIX 0.56 -4.3 SinclairBroadcast SBGI 22.91 -15.0 UnderArmour C UA 13.04 -3.1
Bilibili BILI 29.28 3.2 AldeyraTherap ALDX 4.05 -8.2 BlueprintMed BPMC 57.17 -2.9 Corning GLW 25.25 -1.8 FstCmntyBcsh FCBC 28.78 -0.6 Intricon IIN 15.20 -0.6 MobileIron MOBL 4.15 0.6 PetroleoBrasil PBR 12.45 -2.1 SinoGlobalShip SINO 0.37 -5.1 UnderArmour A UAA 14.36 -2.7
CellectarBioWtA CLRBZ 0.19 200.0 AlexionPharm ALXN 94.43 -1.4 BogotaFinl BSBK 10.31 -1.4 CPI Aero CVU 3.12 -6.5 FirstSolar FSLR 46.04 -5.1 ItauCorpBanca ITCB 6.05 -3.7 MohawkGroup MWK 3.66 -1.9 PioneerPwrSols PPSI 1.85 -11.0 SixFlags SIX 25.09 -7.8 UnitedAirlines UAL 65.89 -5.7
ChinaOnlineEduc COE 36.17 16.1 Allete ALE 76.24 -1.4 BonanzaCreekEner BCEI 15.92 -3.7 7.80 -2.6 6.93 -0.9 14.04 -3.7 31.28 ...
Crawford A CRD.A FlexLNG FLNG 6.66 ... ItauUnibanco ITUB Monro MNRO 56.19 -4.4 PlainsAllAmPipe PAA SkyWest SKYW 46.52 -7.1 UnitedBkshrsWV UBSI
Cloudflare NET 22.69 9.0 AllianceData ADS 90.86 -3.0 BorgWarner BWA 30.17 -1.8 Crawford B CRD.B 7.35 -2.6 JazzPharma JAZZ 111.00 -8.4 PlainsGP PAGP 14.30 -4.3 UnitedNatFoods UNFI 6.48 -5.5
Co-Diagnostics CODX 10.89 106.3 Fluor FLR 10.91 -10.8 MyersIndustries MYE 14.14 -0.9 SmithAO AOS 39.49 -3.3
AllianceResource ARLP 6.84 -2.0 BorrDrilling BORR 2.70 -3.7 CrescentPoint CPG 2.70 -5.9 JianpuTech JT 1.02 -7.2 PlanetGreen PLAG 1.62 -7.3 USComdtyIndxFd USCI 32.31 -1.0
Electromed ELMD 13.60 -9.8 FordMotor6%Nts FpC 25.36 ... MyriadGenetics MYGN 17.75 -0.3 SonocoProducts SON 51.42 -0.9
AltaEquipment ALTG 9.10 1.0 BraemarHtls BHR 7.21 -6.8 CrestwoodEquity CEQP 22.00 -8.1 JPMorganPfdBB JPMpH 25.42 -0.1 PlayaHotels PLYA 6.09 -4.5 UnitedStatesOilFd USO 10.11 -2.0
EnvisionSolarWt EVSIW 5.30 -6.8 FordMotor F 7.21 -0.3 NCS Multistage NCSM 1.03 ... SotherlyHotels SOHO 5.24 -6.4
AltusMidstream ALTM 1.52 -4.1 BridgelineDigital BLIN 1.30 -5.1 Cronos CRON 5.94 1.0 JuniperNetworks JNPR 22.01 -1.2 PolarityTE PTE 1.34 -4.2 US Steel X 8.24 -2.8
Everbridge EVBG 108.63 2.2 ForumEnergyTech FET 0.81 -4.5 NGL Energy NGL 8.59 -2.2 SouthwestGas SWX 71.42 -2.8
AlumofChina ACH 6.81 ... BridgfordFoods BRID 18.49 -3.4 Culp CULP 9.88 -1.2 JustEnergyPfdA JEpA 5.65 0.4 PopularCapPfd BPOPM 24.62 0.8 UnivLogistics ULH 16.31 -2.2
FGL Wt FG.WS 2.97 -2.4 Fossil FOSL 4.07 -21.5 NI NODK 14.37 -0.1 SpiritAirlines SAVE 32.80 -5.2
Ambev ABEV 3.54 -1.1 BrighamMin MNRL 14.61 -2.3 CumberlandPharm CPIX 4.11 -1.9 KLX Energy KLXE 2.67 -8.1 PortolaPharm PTLA 12.24 -1.0 Upwork UPWK 8.06 -2.1
FateTherap FATE 32.26 5.0 FosterLB FSTR 15.40 -3.3 NTN Buzztime NTN 1.89 0.2 SpiritofTexas STXB 19.06 -1.4
Amerco UHAL 332.50 -1.7 BrinkerIntl EAT 35.89 -6.4 Curis CRIS 0.96 -14.2 KandiTech KNDI 3.77 -3.1 PrefApartment APTS 9.85 -4.6 VF VFC 76.37 -1.1
FortySeven FTSV 52.01 -3.0 FranklinRscs BEN 23.00 -2.4 NamTaiProperty NTP 7.00 -3.3 SpragueRscs SRLP 13.57 -3.2
AmerAirlines AAL 22.11 -3.5 BrookfieldProp BPY 17.53 -0.6 DCP Midstream DCP 16.51 -5.1 KellyServices A KELYA 16.85 -3.8 ProSightGlobal PROS 13.33 -1.0 VOC Energy VOC 3.90 -2.0
GDL Fd PfdC GDLpC 51.47 ... FreightCarAmer RAIL 1.45 -5.8 NationalFuelGas NFG 38.35 -3.4 StanleyB&D Un SWT 95.60 -0.2
AmerEagle AEO 12.89 -3.5 BrookfieldPropREIT BPR 17.49 -0.9 DHX Media DHXM 0.87 -6.7 KenonHoldings KEN 16.71 -1.9 ProvidentFinSvcs PFS 21.54 -1.5 VOXX Intl VOXX 3.37 -4.2
GigCapital2 GIX 10.06 ... FrontierComm FTR 0.51 -3.9 NaturalGrocers NGVC 7.27 -3.0 StealthBioTher MITO 1.91 -1.0
AmFinDeb2055 AFGH 25.45 0.1 Buenaventura BVN 11.65 5.2 DIRTT Envl DRTT 1.83 -32.2 Kforce KFRC 30.75 -1.8 QEP Resources QEP 2.12 -4.4 Valaris VAL 3.21 -7.0
GileadSciences GILD 75.47 6.6 Funko FNKO 8.20 -5.6 NaturalResPtrs NRP 15.63 -5.6 StealthGas GASS 2.83 -1.7
AmericanNatlIns ANAT 103.72 -3.0 C&F Fin CFFI 45.60 -4.3 DXC Tech DXC 25.25 -3.4 KimbellRoyalty KRP 11.53 -1.5 QVC Nts 2068 QVCC 24.60 -0.4 Vale VALE 10.10 -1.3
GrafIndustrial GRAF.U 10.85 0.9 2.64 0.9 0.46 2.2 GalectinTherap GALT 2.02 -9.2 NaviosMaritime NMCI 1.10 -1.7 SteelPartners SPLP 10.26 -2.2
Ampco-Pitt AP CBL Assoc CBL Daktronics DAKT 4.91 -6.3 Kirby KEX 67.86 -2.1 Quotient QTNT 6.16 0.8 VandaPharm VNDA 10.10 -1.3
Headhunter HHR 27.62 -5.2 AnchianoTherap ANCN 1.00 -17.5 CF Industries CF 36.96 -1.5 Gannett GCI 4.80 -3.9 Netgear NTGR 19.97 -1.9 StemlineTherap STML 5.97 -2.7
DelTaco TACO 6.68 -6.1 KnotOffshore KNOP 17.22 -1.2 QurateRetailB QRTEB 6.40 -26.6 Veoneer VNE 11.84 -1.8
HennessyCapIV HCACU 11.05 2.3 AngioDynamics ANGO 11.74 -3.5 CIM CommPfdL CMCTP 24.03 -3.4 Gap GPS 14.69 -4.4 Neuronetics STIM 2.91 -2.0 Stratasys SSYS 16.90 -4.5
DelekLogistics DKL 23.00 -13.2 Kohl's KSS 39.91 -2.6 QurateRetailA QRTEA 6.33 -24.4 VermilionEnergy VET 11.54 -8.6
HuizeHolding HUIZ 12.97 16.6 AB InBev BUD 66.25 -0.9 CITICCapAcqn CCAC 10.18 ... GencoShipping GNK 6.83 -1.7 NewJerseyRscs NJR 38.94 -3.7 SuburbanPropane SPH 20.00 0.4
DelekUS DK 22.00 -11.4 KosmosEnergy KOS 3.36 -8.8 RLJ Lodging RLJ 14.12 -3.6 ViacomCBS A VIACA 28.86 -2.3
InspireMedical INSP 95.00 8.0 AnnovisBio ANVS 4.73 -11.6 CNX Midstream CNXM 12.09 -3.3 GenesisEnergy GEL 10.80 -9.8 NewparkResources NR 3.30 5.4 SummitHotelProp INN 9.84 -2.4
Deluxe DLX 35.94 -4.5 Koss KOSS 1.22 -8.4 RMR Group RMR 37.84 -0.6 ViacomCBS B VIAC 24.41 -3.6
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PacGE pfB PCGpB 27.49 3.7 ArmstrongFlooring AFI 2.70 -2.5 CannTrust CTST 0.74 -1.7 Digimarc DMRC 25.72 -2.6 Goodyear GT 10.01 -0.9 LiveRamp RAMP 34.42 -1.4 NorwegCruise NCLH 36.16 -7.9 Reebonz RBZ 0.85 -4.3 TalosEnergy TALO 15.06 -5.6 W&T Offshore WTI 2.82 -7.3
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 B10 | Thursday, February 27, 2020 * *** THE WALL STREET JOURNAL.

MARKETS

Coronavirus Squeezes Amazon Sellers

BY JON EMONT Mr. Maioho said a supplier Percentage of physical gross tive of Sourcify, which helps
in southern China warned him merchandise sales on Amazon businesses find manufacturers
Thousands of Amazon.com that even if the local govern- by third-party sellers in Asia. He has helped connect
Inc. sellers who built their ment allows its factory to re- 60%
Amazon sellers with alterna-
businesses using China’s cheap open, it will be short-staffed tive suppliers in India and
and efficient manufacturers for weeks while workers from Vietnam, he said, but manu-
are on the spot as the corona- other provinces self-quaran- 50 facturing costs outside China
virus shuts factories there. tine. He recently ran out of can be much higher, and facto-
Sellers say Amazon’s rank- two products that account for 40 ries in Vietnam often won’t ac-
ing algorithm demotes prod- 30% of his monthly revenue, cept small orders from Ama-

LUKE SHARRETT/BLOOMBERG NEWS

ucts that are out of stock. To and said his product rankings 30 zon sellers.
avoid that painful fate, many are dropping on Amazon. Garland Sullivan, whose
are raising prices to slow sales “There’s not much you can 20 Jacksonville, Fla.-based Ama-
and attempting to shift pro- do,” he said, adding that it zon business sells an average
duction to other countries. would be difficult to move 10
of $350,000 a month in multi-
Larger corporations such as production elsewhere. ple categories, with many
Apple Inc. also face difficulties There is some good news, products made in China, said
in getting goods made on time though: One supplier had ex- 0 he could be out of some goods
in China. But merchants say cess inventory from his last or- 2000 ’05 ’10 ’15 as soon as early March. In a
that as small buyers they will der, which Mr. Maioho said will Source: the company Out-of-stock products can hurt rankings in Amazon’s algorithm. last-ditch bid to prevent that,
be low on the list for merchan- keep him in stock for that he began making one product
dise when production eventu- product for a few weeks longer. considers when displaying shop- where are our orders,” he said. raising prices. in India this month and is in
ally revives. And once stock is The third-party market- ping results for customers. Some Amazon merchants “The worst thing that can talks to have others made
replenished, they say they will place accounts for more than Chris Davey, a British seller are approaching smaller com- happen in a product business there as well. In the future, he
need to spend big on advertis- half of Amazon’s retail sales, of audio products based in petitors to see if they will part is you run out of stock,” said says he will try to be less de-
ing to regain their Amazon and a growing share of sellers Shenzhen, generates more than with extra inventory. Others Michael Michelini, a partner at pendent on China.
rankings, which make products are based in China, according $1 million in annual revenue via are seeking out U.S. wholesal- Alpha Rock Capital, which “It’s a big wake-up call
appear higher in site searches. to Marketplace Pulse, a data Amazon. He said he is checking ers with excess stock. That is manages around 10 brands on right now,” he said.
“I don’t think the Amazon research firm. in with his suppliers regu- costlier than buying directly Amazon. “You’re never really Some sellers are already
platform has seen such a mas- Amazon said it has worked larly—mainly to see how they from factories, but may be sure your ranking will come starting to worry about inven-
sive amount of inventory with suppliers to secure addi- are coping with the public- cheaper than selling out and back the way it was.” tory for the holiday season—
problems as we are about to tional inventory and provided health emergency. The hope is having to effectively relaunch It can be difficult for small the most-important few
see,” said Patrick Maioho, a sellers with guidance on pro- that when production restarts, products later. companies with specialized months of the year—which re-
Michigan seller of kitchen tecting the health of their ac- “they remember who we are To preserve stock, many products to quickly move man- quires a long lead time.
products who also advises oth- counts. It said product availabil- and that we’re the people that sellers are pulling online ad- ufacturing out of China, said —Dana Mattioli
ers on manufacturing in China. ity is just one of many factors it asked how is your family, not vertising campaigns as well as Nathan Resnick, chief execu- contributed to this article.

Companies Call Halt

To Overseas Travel
As fears rise over Covid-19’s flights, the World Health Organ-
spread, companies are cancel- ization has said planes cabins
ing business travel and corpo- aren’t by themselves more con-
rate off-site events around the ducive to spreading infection.
But the proximity of passengers
By Te-Ping Chen, does matter. The virus is trans-
Saabira Chaudhuri mitted by droplets and can live
and Rachel Feintzeig on surfaces like tray tables or
seatback screens for a period of
globe and making contingency time.
plans for more employees to Reluctant travelers like Ms.
STEPHANE MAHE/REUTERS

work remotely. Lan are starting to take a toll

Nestlé SA told more than on the $1.5 trillion global busi-
290,000 employees to suspend ness events industry. While the
all international business travel potential financial implications
until March 15, and requested aren’t yet clear, Amy Calvert,
that all domestic trips be CEO of the Events Industry
skipped whenever possible for Council, said the Asia-Pacific
European airlines are dealing with a falloff in tourism and the prospect of canceled sports, commercial and cultural events. now. region accounts for the sector’s
“We take our responsibility second-highest amount of di-

Airline Industry Prepares Cost Cuts

for our employees and to the rect spending.
communities in which we oper- Her group is urging people to
ate seriously,” a spokeswoman “remain calm through the
for the Swiss maker of Nescafé
BY ALISTAIR MACDONALD staff to take three weeks of un- pean airlines are also now deal- the reservations systems of coffee and Purina pet food said.
AND WILLIAM BOSTON paid leave. Singapore Airlines ing with a falloff in tourism and many airlines and hotels, said Nestlé’s announcement is among
Ltd. joined other Asian carriers the prospect of canceled sports, global travel-booking levels so the first by a major multina-
Even when trips
As coronavirus continues its on Wednesday in unveiling its commercial and cultural events far in the first quarter are down tional to restrict all its employ- haven’t been curbed,
spread outside of China, the own plan to begin trimming amid a growing outbreak in It- in the “midteens” from a year ees from flying anywhere.
global airline industry is recali- costs amid the downturn. aly. A major rugby match be- ago, with cancellations focused Other companies trying to
more business is
brating its response to a threat Lufthansa’s cost-cutting tween Italy and Ireland in Dub- in Asia-Pacific but spreading navigate the epidemic are add- being done by phone.
that could be its worst since punctuates how grounded lin and a high-profile through the Middle East, Eu- ing new travel restrictions.
the financial crisis a decade flights, canceled bookings and a international furniture fair in rope and North America. Goldman Sachs Group Inc.
ago. new reticence to fly—even Milan were both rescheduled in “We’ve seen increased cancella- banned all business travel to
Deutsche Lufthansa AG, among typically hardy business recent days because of the epi- tions in the European market,” South Korea and certain parts of storm,” said Ms. Calvert.
Germany’s flagship airline, said travelers—are affecting the demic. said Sean Menke, Sabre’s CEO. Italy, after previously putting Event planners already see a
Wednesday it would start slash- global industry outside Asia, “What we are now seeing is Shares of European airlines travel to China off limits. The chill beyond China. Nearly
ing costs in anticipation of a too. On Wednesday, Nestlé SA a state of panic over coronavi- continued to lose ground. Bud- bank is also asking employees to three-quarters of large busi-
coming hit to revenues and said it had asked hundreds of rus,” said Phil Seymour, chief get carrier Ryanair Holdings postpone nonessential travel to ness-event-planning companies
profits from canceled flights to thousands of its employees executive of the International PLC, Europe’s biggest airline, Italy and all of Asia. Siemens AG responding to a mid-February
China, where the virus first world-wide to postpone all Bureau of Aviation, an industry fell 1.8%. Lufthansa also fell has told employees not to travel survey by trade publication
emerged. Among other mea- overseas business travel for the consultant. Mr. Seymour esti- 1.8%. Shares in the five airline to Italy, a spokeswoman said. MeetingsNet said that clients
sures, it is offering its staff vol- next three weeks. It is urging mates the hit to revenues at companies in the Stoxx Europe A spokesman for Campari had canceled or postponed
untary, unpaid leave. workers to forgo domestic airlines, airports and other re- 600 Travel and Leisure Index Group SpA said the Milan-area events in the Asia-Pacific region
Several Asian carriers have travel, too, if a phone call or lated industries could be as have fallen more than 10% this spirits company has asked em- beyond China. An additional
done the same in recent days, videoconference would do the high as $100 billion to a sector week. Shares in U.K.-based ployees to limit trips to and 14% and 10% had seen the same
in some cases resorting to more trick. that was estimated to earn easyJet PLC are down 20% this from Italy to “strictly necessary in the U.S./Canada and in Eu-
extreme measures. Cathay Pa- While much of the pain for around $30 billion in profits be- week. ones.” rope, respectively.
cific Airways Ltd., Hong Kong’s airlines comes from canceled fore the virus struck. —Alison Sidel Even when travel hasn’t In the U.S., for example, Xe-
flag carrier, has asked all its flights to and from China, Euro- Sabre Corp., which provides contributed to this article. been formally restricted, more rox Holdings Corp. postponed
employees and executives are its Global Partner Summit,
opting to conduct key business which had been scheduled to

Marriott Sees Hit as Occupancy Rates Drop by phone and videochat when-
ever possible.
Xuezhao Lan, founder of San
Francisco-based venture capital
convene in Orlando, Fla., next
month.
Earlier this month, Facebook
Inc. canceled its annual market-
BY DAVE SEBASTIAN year, compared with its out- to $4.04 billion, compared with 2% world-wide, with its rise in fund Basis Set Ventures, was ing conference slated to take
look, assuming current low oc- last year. North America to be in the supposed to fly to New York place in San Francisco in March.
Marriott International Inc. cupancy rates in the Asia-Pa- The Bethesda, Md., company, middle of the range. City earlier this month to meet At Boston-based global pay-
expects the coronavirus epi- cific region continue. which has roughly 7,300 prop- For the first quarter, when with potential investors, but in- ments platform Flywire Corp.,
demic to weigh on its fee reve- Excluding the epidemic’s ef- erties, expects earnings of $6.30 the epidemic began to trigger stead hopped on remote video- many employees have held off on
nue in 2020, as the pathogen’s fect, Marriott expects 2020 to $6.53 a share for the year. travel restrictions, the company conference calls to avoid possi- booking travel, including Chief
spread outside of China stokes global room growth of 5% to The company predicted expects earnings of $1.47 to ble exposure. “If you’re trapped Executive Mike Massaro. He gen-
fears and disrupts travel. 5.25%, and gross fee revenue— 2020 comparable systemwide $1.50 a share on gross fee reve- on a plane for six hours, who erally goes on eight international
The world’s largest hotel or revenue that it collected for revenue per available room, an nue of $940 million to $950 knows what’s going to happen?” trips a year but now says he will
company said Wednesday that maintaining its properties and industry metric that measures million. Marriott said its overall she said. do half that in 2020.
it could have about $25 million from franchise agreements—to performance, on a constant- quarterly forecast excludes the While airplane cabins typi- —Patrick Thomas contributed
less in fee revenue a month this rise 4% to 6%, to $3.96 billion currency basis to be flat to up epidemic’s impact. cally aren’t disinfected between to this article.

Mutual Funds Data provided by

Fund
Net YTD
NAV Chg %Ret Fund
Net YTD
NAV Chg %Ret Fund
Net YTD
NAV Chg %Ret Fund
Net YTD
NAV Chg %Ret Fund
Net YTD
NAV Chg %Ret Fund
Net YTD
NAV Chg %Ret Fund
Net YTD
NAV Chg %Ret
Edgewood Growth Instituti Puritn 22.68 -0.04 -0.3 JPMorgan I Class PIMCO Funds Instl BalAdml 39.10 ... -0.3 USGroAdml 114.65 -0.03 2.9 WndsrII 34.40 -0.24 -5.5
Top 250 mutual-funds listings for Nasdaq-published share classes by net assets. EdgewoodGrInst 38.63 +0.13 0.3 SrsEmrgMkt 19.46 +0.11 -5.7 EqInc 18.36 -0.16 -5.5 IncomeFd NA ... NA CAITAdml 12.33 -0.01 2.4 ValAdml 43.59 -0.38 -6.8 VANGUARD INDEX FDS
Fidelity SrsGlobal 12.33 +0.03 -6.4 JPMorgan R Class Price Funds CapOpAdml r150.89 -0.87 -4.4 WdsrllAdml 61.04 -0.42 -5.5 MdCpVlAdml 57.79 -0.75 -6.5
e-Ex-distribution. f-Previous day’s quotation. g-Footnotes x and s apply. j-Footnotes e
500IdxInstPrem108.36 -0.41 -3.3 SrsGroCoRetail 18.21 +0.02 2.6 CoreBond 12.17 -0.05 3.0 BlChip NA ... NA DivAppIdxAdm 33.00 -0.19 -2.5 WellsIAdml 66.78 ... 0.9 SmValAdml 54.03 -0.95 -8.3
and s apply. k-Recalculated by Lipper, using updated data. p-Distribution costs apply, CorePlusBd 8.66 -0.04 2.7
Contrafund K6 14.47 ... ... SrsIntlGrw 16.86 +0.03 -3.8 DivGro NA ... NA EMAdmr 35.12 +0.55 -5.0 WelltnAdml 73.85 ... -1.4 TotBd2 11.32 ... 3.2
12b-1. r-Redemption charge may apply. s-Stock split or dividend. t-Footnotes p and r ExtMktIdxInstPre 62.68 -0.86 -3.7 SrsIntlVal EqInc TotIntl
9.11 +0.02 -8.0 Lord Abbett A NA ... NA EqIncAdml 75.10 -0.58 -5.6 WndsrAdml 66.85 -0.77 -7.5 16.81 +0.15 -5.9
apply. v-Footnotes x and e apply. x-Ex-dividend. z-Footnote x, e and s apply. NA-Not IntlIdxInstPrem 40.09 +0.07 -6.7 TotalBond 11.15 -0.01 2.6 ShtDurIncmA p NA ... NA EqIndex NA ... NA ExplrAdml 92.02 -1.24 -5.3 VANGUARD FDS TotSt 77.04 -0.43 -3.3
available due to incomplete price, performance or cost data. NE-Not released by Lipper; MidCpInxInstPrem 22.54 -0.28 -4.6 Fidelity SAI Lord Abbett F Growth NA ... NA ExtndAdml 92.08 -1.26 -3.7 DivdGro VANGUARD INSTL FDS
data under review. NN-Fund not tracked. NS-Fund didn’t exist at start of period. 29.76 -0.06 -2.6
SAIUSLgCpIndxFd 16.72 -0.06 -3.3 TotalBd 10.73 -0.01 2.7 ShtDurIncm NA ... NA HelSci NA ... NA GNMAAdml 10.61 ... 1.0 INSTTRF2020 23.90 ... -0.9 BalInst 39.11 ... -0.3
SmCpIdxInstPrem 19.60 -0.24 -6.8 First Eagle Funds Lord Abbett I InstlCapG NA ... NA GrwthAdml 94.92 -0.02 1.2 INSTTRF2025 24.38 ... -1.4 DevMktsIndInst 13.30 +0.09 -6.1
Wednesday, February 26, 2020 TMktIdxInstPrem 87.56 -0.47 -3.3 GlbA 54.85 -0.24 -5.3 ShtDurInc p NA ... NA IntlStk NA ... NA HlthCareAdml r 85.25 -0.14 -2.9 INSTTRF2030 24.63 ... -2.0 DevMktsInxInst 20.78 +0.14 -6.1
Net YTD Net YTD Net YTD USBdIdxInstPrem 12.22 -0.01 3.0 FPA Funds Metropolitan West MidCap NA ... NA HYCorAdml r 5.95 ... 0.6 INSTTRF2035 24.86 ... -2.5 ExtndInst 92.07 -1.26 -3.7
Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret Fidelity Advisor I FPACres 33.05 -0.03 -2.3 TotRetBdI 11.22 ... 3.0 N Inc NA ... NA InfProAd 26.57 ... 2.7 INSTTRF2040 25.09 ... -3.1 GrwthInst 94.93 -0.01 1.2
NwInsghtI 32.20 -0.08 -1.5 Franklin A1 TRBdPlan 10.56 +0.01 3.0 NHoriz NA ... NA IntlGrAdml 100.30 +0.31 -2.4 INSTTRF2045 25.24 ... -3.6 InPrSeIn 10.82 ... 2.7
American Century Inv Baird Funds EmgMktVa 25.52 -0.01-11.0 Fidelity Freedom CA TF A1 p 7.91 ... 3.9 MFS Funds Class I OverS SF r NA ... NA ITBondAdml 12.20 ... 3.7 INSTTRF2050 25.28 InstIdx 280.73 -1.07 -3.3
Ultra 52.93 +0.07 1.5 AggBdInst 11.52 +0.01 3.2 EmMktCorEq 19.98 +0.02 -8.2 ... -3.6
FF2020 15.90 -0.03 -1.9 IncomeA1 p 2.27 -0.01 -2.6 ValueI 42.31 -0.30 -5.3 R2020 NA ... NA ITIGradeAdml 10.31 ... 3.0 InstPlus 280.76 -1.06 -3.3
American Funds Cl A CorBdInst 11.86 +0.01 3.0 IntlCoreEq 12.70 +0.01 -8.0 IntlVal 34.73 -0.01 -7.5
FF2025 13.98 -0.03 -2.4 FrankTemp/Frank Adv MFS Funds Instl R2025 NA ... NA LTGradeAdml 11.70 ... 7.4 InstTStPlus 66.41 -0.37 -3.3
AmcpA p 32.63 -0.06 -2.8 BlackRock Funds IntSmCo 17.21 -0.03 -8.9 IntlEq LifeCon 21.05 ... 0.1
FF2030 17.28 -0.05 -3.1 IncomeAdv 2.25 -0.01 -2.6 26.34 +0.03 -5.5 R2030 NA ... NA MidCpAdml 211.79 -2.46 -4.0 MidCpInst 46.79 -0.54 -4.0
AMutlA p 41.82 -0.15 -3.9 HiYldBd Inst 7.72 ... 0.2 IntSmVa 17.30 -0.01-10.6 R2035 LifeGro 35.10 ... -2.9
Freedom2020 K 15.88 -0.03 -2.0 FrankTemp/Franklin A Nuveen Cl I NA ... NA MuHYAdml 12.08 +0.01 3.3 MidCpIstPl 230.74 -2.69 -4.0
BalA p NA ... NA BlackRock Funds A LgCo 23.97 -0.09 -3.3 Freedom2025 K 13.96 -0.03 -2.4 Growth A p 110.33 -0.22 -1.7 HYMunBd 18.75 ... 5.0 R2040 NA ... NA MuIntAdml 14.78 ... 2.5
LifeMod 28.46 ... -1.4
RealEstaInstl 20.96 ... 2.9
BondA p NA ... NA GlblAlloc p 18.93 ... -1.5 TAUSCoreEq2 18.97 -0.17 -5.9 Freedom2030 K 17.27 -0.04 -3.0 RisDv A p 67.17 -0.40 -3.5 Oakmark Funds Invest Value NA ... NA MuLTAdml 12.25 ... 3.4 PrmcpCor 26.15 -0.15 -6.3 SmCapInst 74.68 -1.04 -5.9
CapIBA p 61.40 -0.04 -3.0 BlackRock Funds Inst US CoreEq1 24.51 -0.20 -5.5 Freedom2035 K 14.45 -0.03 -4.1 FrankTemp/Franklin C OakmrkInt 22.17 -0.02-11.1 PRIMECAP Odyssey Fds MuLtdAdml 11.18 ... 1.2 STAR 27.06 ... -1.0 STIGradeInst 10.84 ... 1.4
CapWGrA 49.67 +0.07 -5.0 EqtyDivd 19.43 -0.14 -6.9 US CoreEq2 22.24 -0.20 -6.1 Freedom2040 K 10.09 -0.02 -4.6 Income C t 2.31 -0.01 -2.2 Old Westbury Fds AggGrowth r 42.82 -0.48 -4.6 MuShtAdml 15.90 ... 0.5 TgtRe2015 15.19 ... 0.1 STIPSIxins 24.88 ... 0.7
EupacA p 52.23 +0.04 -6.2 MultiAstIncome 10.91 ... -0.1 US Small 31.86 -0.48 -9.0 Fidelity Invest FrankTemp/Temp Adv LrgCpStr 14.48 -0.05 -3.9 Growth r 38.24 -0.43 -6.6 PrmcpAdml r137.26 -0.38 -4.8 TgtRe2020 32.25 ... -0.9 TotBdInst 11.36 ... 3.2
FdInvA p 59.69 -0.07 -3.8 StratIncOpptyIns 10.06 ... 1.3 US SmCpVal 29.95 -0.58-13.0 Balanc 24.36 -0.09 -1.0 GlBondAdv p 10.46 ... -1.1 Parnassus Fds Stock r 31.79 -0.22 -7.8 RealEstatAdml135.40 ... 2.9 TgtRe2025 19.56 ... -1.4 TotBdInst2 11.32 ... 3.2
GwthA p 50.84 +0.01 -0.6 Bridge Builder Trust US TgdVal 20.30 -0.43-12.4 BluCh 108.98 -0.30 1.2 Guggenheim Funds Tru ParnEqFd 45.97 -0.06 -2.3 Putnam Funds Class A SmCapAdml 74.68 -1.05 -5.9 TgtRe2030 35.74 ... -1.9 TotBdInstPl 11.36 ... 3.2
HI TrA p NA ... NA CoreBond NA ... NA USLgVa 35.00 -0.48 -9.5 Contra 13.63 ... 0.1 TotRtnBdFdClInst 27.88 -0.01 3.1 PGIM Funds Cl Z StDurInc 10.06 ... 0.4 SmGthAdml 67.75 -0.65 -3.0 TgtRe2035 21.96 ... -2.5 TotIntBdIdxInst 34.80 ... 2.6
ICAA p 37.76 -0.09 -4.6 CorePlusBond NA ... NA Dodge & Cox ContraK 13.65 ... 0.1 Harbor Funds TotalReturnBond NA ... NA Schwab Funds STBondAdml 10.68 ... 1.4 TgtRe2040 37.93 ... -3.1 TotIntlInstIdx r112.45 +1.01 -5.9
IncoA p NA ... NA Intl Eq 11.27 +0.03 -6.0 Balanced 97.37 -0.75 -4.2 CpInc r 10.03 -0.06 -1.6 CapApInst 77.79 +0.09 2.7 PIMCO Fds Instl 1000 Inv r 68.94 -0.34 -3.1 STIGradeAdml 10.84 ... 1.4 TgtRe2045 23.82 ... -3.6 TotItlInstPlId r112.48 +1.02 -5.9
N PerA p 46.22 +0.02 -2.2 LargeCapValue 12.82 -0.12 -6.4 Income 14.34 -0.01 2.2 GroCo 21.86 +0.04 2.3 Harding Loevner AllAsset NA ... NA S&P Sel 47.78 -0.18 -3.3 TotBdAdml 11.36 ... 3.2 TgtRe2050 38.34 ... -3.6 TotStInst 77.09 -0.43 -3.3
NEcoA p 45.12 +0.07 -1.3 Del Invest Instl Intl Stk 39.68 -0.04 -9.0 GrowCoK 21.89 +0.03 2.3 IntlEq NA ... NA TotRt NA ... NA TSM Sel r 54.08 -0.30 -3.4 TotIntBdIdxAdm 23.19 ... 2.6 TgtRet2055 41.63 ... -3.6 ValueInst 43.59 -0.38 -6.8
NwWrldA 66.93 -0.03 -5.1 Value 20.50 -0.24 -8.6 Stock 179.58 -2.01 -7.3 InvGrBd 11.85 -0.02 2.9 Invesco Funds A PIMCO Funds A TIAA/CREF Funds TotIntlAdmIdx r 28.12 +0.25 -5.9 TgtRetInc 14.11 ... 0.4 WCM Focus Funds
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THE WALL STREET JOURNAL.
Treasurys
Climb to a
High Amid
New Jitters
BY MATT WIRZ
U.S. government-bond
yields, reversing Wednesday’s
early rise, were dragged down
to fresh all-time lows amid new
signs that the coronavirus is
spreading.
Investors initially paused in
buying Treasurys mostly be-
cause yields, which fall as bond
prices rise, dropped to record
lows Tuesday, traders and ana-
lysts said. Demand rose again
following reports of new coro-
navirus cases in places includ-
ing South America.
The yield on the benchmark
10-year Treasury
CREDIT closed Wednesday
MARKETS at 1.310%, down
from Tuesday’s
then-record-low close of
1.328%. The 30-year bond’s
yield fell to 1.796% from 1.803%
Tuesday.
The record-low yields in
Treasurys suggest investors see
a relatively high chance that
the Federal Reserve could cut
interest rates soon, but so far
economic indicators don’t bear
that up, said Thomas Simmons,
an economist at Jefferies LLC.
Economic fallout from the
virus isn’t likely to have a ma-
terial impact on the U.S. econ-
omy until the second quarter of
the year, and it will take more
time for that data to be dis-
seminated, Mr. Simmons said.
Fed officials next meet to con-
sider changing interest rates in
mid-March.
“The 10-year broke through
a record-low yield yesterday,
and it’s hard to see the market
going much further absent
more bad news,” he said.
Bonds of energy companies
weakened Wednesday as inves-
tors braced for more bad news
from oil and gas producers.
Chesapeake Energy Corp.’s
bond due 2025 fell to 66.75
cents Wednesday after the
company reported a decline in
revenue, down from 72.25
Tuesday, according to data
from BondTicker.
AUCTION RESULTS
Here are the results of Wednesday's Treasury
auctions. All bids are awarded at a single price at the
market-clearing yield. Rates are determined by the
difference between that price and the face value.
FIVE-YEAR NOTES
Applications
Accepted bids
" noncompetitively
" foreign noncompetitively
Auction price (rate)
Interest rate
Bids at clearing yield accepted
Cusip number
The notes, dated March 2, 2020, mature on Feb. 28,
2025.
ONE-YEAR, 11-MONTH FRNs
Applications
Accepted bids
" noncompetitively
Spread
Bids at clearing yield accepted
Cusip number
The floating-rate notes, dated Feb. 28, 2020, mature
on Jan. 31, 2022.
Index performance, weekly
4%
S&P 500
2
–2
–4
–6 –6.6%
Dec. Jan. Feb.
Note: Current week is through Wednesday.
Source: Dow Jones Market Data
Dow, S&P
Extend
Declines
Continued from page B1
among investors that the Fed-
eral Reserve may cut interest
rates at least two times later
this year.
Volatility in U.S. equity mar-
kets remained high. The Cboe
Volatility Index, a closely
watched measure of market
turbulence known as VIX, fell
1% to 27.56, a day after hitting
its highest levels in more than
a year.
In Europe, the pan-continen-
tal Stoxx Europe 600 was flat
for the day after wavering be-
* * * *
Oil Slides to January 2019 Level
BY DAVID HODARI
AND BENOIT FAUCON
U.S. crude hit its lowest
price in more than a year on
Wednesday as concerns about
the spread of the coronavirus
outside China once again
dragged oil markets down and
began to affect operations of
some key oil players in Eu-
rope.
The main U.S. oil-price
gauge, West Texas Intermedi-
ate, fell 2.3% to $48.73 a bar-
rel, its lowest closing price
since Janu-
COMMODITIES ary 2019.
Brent crude,
the global benchmark, fell
2.8% to $53.43 a barrel.
Some Western companies
began asking staff to work from
home, and investors traded on
worries that the virus will con-
tinue to spread beyond China,
stymieing global demand for oil
and oil products.
“Demand’s being hit left,
right and center and the trad-
ing volumes are getting lower
as well,” said Robert Monte-
fusco, a broker at London
commodities trader Sucden Fi-
nancial.
Employees at Chevron
Corp.’s Canary Wharf, London
office were working from
home on Wednesday, as the
company awaited results from
coronavirus tests. A worker at
the U.S. oil giant’s trading op-
erations had flulike symptoms
earlier in the week, prompting
a decision to ask staff at that
office to telecommute, accord-
ing to a person familiar with
the matter. Some 300 employ-
ees work at the office.
Chevron is “taking precau-
tionary measures to reduce [its
employees’] risk of exposure,”
Flight to Muni-Bond Debt
Sends Yields to Record Lows
BY HEATHER GILLERS
Municipal-bond yields are
hitting 38-year lows due to in-
vestors’ coronavirus concerns
driving up demand in the $4
trillion muni market.
Fears of the coronavirus’s
impact on global markets led
to a stock selloff on Monday
and Tuesday. Investors flocked
$106,892,490,800 to munis and other fixed-in-
$47,196,559,300
$32,744,700
come investments for stability.
$0 The S&P Municipal Bond Index
99.878957
(1.150%)
continued to climb Tuesday af-
1.125% ter logging its biggest one-day
54.82%
912828ZC7
gain in 20 months Monday.
A daily gain that big—
about one-third of a percent-
age point—has occurred only
$44,793,674,500 five times in the past three
$18,000,022,500
$10,424,500 years.
0.154% “Fear is present and inves-
40.54%
912828Z45 tors are taking some risk off
the table,” said Sylvia Yeh, co-
head of municipal fixed in-
DAX NIKKEI STOCK
AVERAGE
–4.1%
–5.8%
Dec. Jan. Feb. Dec. Jan. Feb.
tween gains and losses.
Asian markets closed
lower. Japan’s Nikkei 225 in-
dex shed 0.8% to reach its
lowest level since October.
Australia’s S&P/ASX 200
dropped 2.3% and South Ko-
rea’s Kospi fell 1.3%. Early
Thursday, the Nikkei was
down 1.8%, the S&P/ASX was
down 1.1% and the Kospi was
off 0.9%.
Crude-oil prices fell for the
fourth consecutive session. U.S.
oil futures dropped 2.3% to set-
tle at $48.73 a barrel. Oil fu-
tures had picked up earlier
Wednesday, after data showed
U.S. crude inventories rising
less than expected, but then
gave up their gains.
Many European and Asian
benchmarks, including those in
Germany, Japan, and South Ko-
rea, are solidly in negative ter-
ritory for the year.
MARKETS
Analysts expect a sharper drop in prices if OPEC members fail to agree on deeper production cuts. A Chevron refinery in British Columbia.
a spokeswoman said. The com-
pany wouldn’t confirm it asked
staff to telecommute.
With U.S. health authori-
ties saying Tuesday they now
expect a wider spread of the
coronavirus in the country
and are preparing for a po-
tential pandemic, oil-market
watchers were bracing for
further impact. “It’s spread-
ing in Europe and it’ll spread
in the U.S. with a wider nega-
tive demand shock from the
U.S. side,” said Bjarne Schiel-
drop, chief commodities ana-
lyst at SEB Markets.
Analysts have already
slashed their demand fore-
casts for oil products exposed
come at Goldman Sachs Asset
Management. “That de-risking
could mean [they buy into]
cash, Treasurys or munis.”
The new wave of demand
Monday pushed bond yields to
once-unheard-of levels. Yields
on high-grade tax-exempt 30-
year municipal bonds fell to
1.594% Tuesday, 47% lower
than in February 2019, accord-
ing to financial analytics com-
pany ICE Data Services’ Muni
Yield Curve. Bond yields fall
as prices rise.
Daniel Berger, senior market
strategist at Refinitiv, said
“there’s no end in sight” to low
muni yields. The firm, which
tracks state government-bond
yields going back to June 1981,
showed its lowest yields on re-
cord Wednesday for the second
day in a row.
Lower yields mean less in-
come for investors and some
You Don’t
Have to
Sell Stocks
Continued from page B1
run—to buy even more of the
most-overvalued stocks when
their prices are rising.
O
nce performance fal-
ters, portfolio manag-
ers who owned—and
then sold—the most popular
stocks won’t be punished as
badly as those who made un-
orthodox picks. “Worldly wis-
dom,” wrote Keynes, “teaches
that it is better for reputation
to fail conventionally than to
succeed unconventionally.”
When institutions sell,
they often get rid of their
most liquid holdings first, be-
cause those are the easiest to
sell at the best price.
A survey of more than
16,000 individual investors by
Vanguard Group shows how
drastically their attitudes dif-
fer from those of big institu-
tions.
Vanguard has been repeat-
ing this survey every two
months since early 2017. The
results suggest that individ-
ual investors have become a
major force for moderation in
the financial markets.
Individuals consistently ex-
pect U.S. stocks to return
about 5% over the coming
year, the Vanguard survey
shows. That’s only half the
historical average of 10% an-
to the travel sector.
“The jet [fuel]/kerosene
market has arguably suffered
the most from the coronavi-
rus outbreak,” analysts at JBC
Energy said in a note. “We
have shaved off more than
half of our global demand
growth forecast for 2020
since January.”
Wednesday’s drop took
WTI’s losses to 20% so far in
2020. Brent crude oil is down
19% this year.
This week’s sharp oil-price
drops have come amid the In-
ternational Petroleum Week
event in London, where nu-
merous global oil companies
have canceled customary re-
of them are seeking out less
creditworthy borrowers in an
effort to find higher returns.
At the same time, the falling
yields reduce borrowing costs
for municipal-bond issuers and
make borrowing easier for less
creditworthy governments and
nonprofits.
Muni-bond prices were
climbing steadily even before
coronavirus headlines spooked
investors.
Changes in the 2017 tax law
drove up demand in high-tax
states by capping the federal
deduction for state and local
taxes, making tax-exempt mu-
nis more attractive. At the
same time, the tax law re-
duced supply by placing new
limits on when governments
can issue tax-exempt debt.
Quick moves into or out of
municipal-bond investments
have become easier to execute
nually, counting dividends.
Among those individuals,
nearly 60% forecast one-year
returns between 0% and 6%,
and just under 70% predict
10-year average annual re-
turns in that same range.
Professional investors often
project returns in excess of
7.5% annually.
After stocks stumble, the
survey shows, individual in-
vestors do predict lower fu-
ture returns—but not by
much. And when stocks are
doing well, these investors
make rosier forecasts—by a
small margin.
From September through
December 2018, as stocks fell
almost 20%, the Vanguard in-
vestors’ forecasts of returns
over the coming year fell to
2.7% from 4.8%.
By February 2019, how-
ever, as the market bounced
Once and Future Returns
After months when stocks perform poorly, investors’
expectations for future gains go down. When stocks have
strong returns, expectations rise with them.
S&P 500 returns
10%
5 one-year
0 monthly
–5
–10
2017 ’18
Note: Survey data on expected returns collected every other month.
Source: Vanguard Group
Thursday, February 27, 2020 | B11
ceptions or banned represen-
tatives from attending alto-
gether.
“Unfortunately, due to the
Coronavirus situation world-
wide, we regret to inform you
that we have decided to can-
cel our event, giving priority
to the health and safety of
our business partners and
employees,” said Geneva-
based oil trading company
Saras Trading SA in an email
to guests.
A planned summit between
the Organization of the Petro-
leum Exporting Countries and
its allies, due to take place
next week in Vienna, will
likely provide further direc-
Municipal bond prices jumped Monday as investors
flocked to less-volatile investments amid coronavirus fears.
Daily change in S&P Municipal Bond Index
0.4%
0.2
0
–0.2
–0.4
March 2019
Source: S&P Municipal Bond Index
in the past decade with the
proliferation of muni mutual
funds and exchange-traded
funds, which now hold $852
billion worth of munis, accord-
ing to the Federal Reserve.
Municipal-bond funds re-
ported net inflows of $96.5
billion last year, a 28-year re-
back, investors projected that
stocks would earn 4.9% over
the next 12 months.
But, the Vanguard survey
finds, these investors don’t
tend to buy more stocks
when they become a little
more optimistic or to sell
when they turn a bit pessi-
mistic. Unlike professionals,
they often change their opin-
ions without feeling obligated
to act on them.
Of course, Vanguard’s cli-
ents might be less interested
than the general investing
public in chasing hot returns,
trading frequently or trying
to time the market.
According to Vanguard re-
searchers Stephen Utkus and
Jean Young, the typical inves-
tor in the survey is 61 years
old and has been a client for
17 years. The median account
value is about $221,000, with
Expected
returns
Actual
returns
’19
BEN NELMS/BLOOMBERG NEWS
tion for prices.
While Saudi Arabia unsuc-
cessfully pushed for an earlier
meeting and has continued to
advocate for deeper cuts, Rus-
sia hasn’t fallen in line. The
cartel’s failure to deepen pro-
duction cuts would prompt an
even sharper drop in oil prices
and particularly damage the
U.S. market, analysts said.
“The sensible thing for Rus-
sia to do would be let the
[U.S.] shale price erode even
more,” said SEB Markets’s Mr.
Schieldrop. “When demand
kicks back in, instead of higher
prices that will stimulate
shale, shale will decline, mak-
ing room for Russian oil.”
’20
cord, according to Refinitiv,
and $1.8 billion in inflows for
the week ended Feb. 19, the
most recent data available.
Fund managers working
overtime to field calls from
concerned investors expect
that number to go up this
week.
about 72% in stocks. The typ-
ical annual turnover—a mea-
sure of how often an investor
moves money around—is only
10%. (Mutual-fund managers
trade at more than six times
that rate, according to Morn-
ingstar.)
S
O the people in Van-
guard’s survey might be
unusually placid. And
individual investors, overall,
have been rewarded for their
patience so long that there is
some risk they have turned
complacent.
This is the longest bull
market on record, according
to S&P Dow Jones Indices—
running more than 131
months without a 20% de-
cline from its latest high clos-
ing price.
Over that period, stocks
have returned more than
490%, including dividends.
Last year alone, the S&P 500
rose 32%.
A big tumble would shake
that confidence.
Let’s remember, though,
that panic is rare—in markets
and in life. During the Nazi
bombardment of Britain in
World War II, most people
remained so levelheaded that
the “neurosis centres”
opened by the government to
counteract the expected ef-
fects of mass panic were sel-
dom used.
No one knows how far the
fear over coronavirus will ex-
tend or how much stocks will
fall in response. What we can
be fairly sure of is that indi-
vidual investors are likely to
be among the last—not the
first—to sell.
 B12 | Thursday, February 27, 2020
QILAI SHEN/BLOOMBERG NEWS
An employee wears a protective face mask as he lifts a component from a rack at a Shanghai factory.
Supply Chains Are at Risk
If China’s shutdown lengthens, the damage to overseas customers will grow
This is the second column in a
five part Heard on the Street series
about the market and economic im-
pact of the coronavirus epidemic.
Investors are used to the cliché
about butterfly wings in Brazil and
tornadoes in Texas. It turns out that
the butterfly—or bat, to be strictly
accurate—was actually in China.
Where the tornado will end is the
big unknown.
The spread of new pneumonia-
causing coronavirus probably origi-
nating in bats has shut down much
of China. Companies as diverse as
Apple, Hyundai Motor and Indian
drugmakers are suddenly finding
that parts from the world’s facto-
ries are unavailable, and the epi-
demic continues to spread rapidly
in South Korea, Japan and even It-
aly. The first crisis test of the com-
plex global supply chains favored by
multinationals since the 1990s could
be here.
Disasters have disrupted Asian
supply chains before, but there is
no real analog for the virus now
spreading world-wide. When severe
acute respiratory syndrome, or
SARS, emerged from China in 2003,
it infected just 10% as many people,
Car Industry’s Big Merger
Is Better Than You Think
Investors have been disappointed
too often to give car manufacturers
much advance credit for cost-cut-
ting plans. In the case of the indus-
try’s big merger, that may create an
opportunity for those that dare to
break ranks.
The 2019 financial results of PSA
Group, the French company due to
merge with Fiat Chrysler Automo-
biles, again showcased the profit-
ability for which it has become
known. Its operating margin last
year was 8.5%, up from 7.7% in 2018
and well ahead of peers in Detroit
and Germany. Its shares were up
4.8% Wednesday.
The margin improvement was
largely driven by vehicle mix: The
cars the company has launched
over the past year are more profit-
able than the ones they replace. In
some cases, PSA has used the same
production platforms to make
slightly larger compact crossovers—
small sport-utility vehicles—feeding
consumers’ hunger for bigger cars
without having to invest in much
new infrastructure.
PSA, which historically owned
the French brands Peugeot, Citroën
and DS, has also extracted outsize
returns in remarkably little time
from its 2017 takeover of Opel
Vauxhall, the former European busi-
ness of General Motors. These Ger-
man and British marques made a
6.5% operating margin last year, up
from 4.7% in 2018 and losses in the
acquisition year.
But there is only so much mileage
the company can get from refresh-
ing its own product range and bring-
ing Opel under its umbrella. The
onus is on the FCA merger, expected
to be completed by early 2021.
This is a much broader affair
than the previous deal: It will create
a global manufacturer—third in ve-
hicle sales after Toyota and Volks-
wagen—with scale in Europe, the
U.S. and Latin America. Yet the
companies’ game plan in Europe,
where the greatest opportunity for
synergies lies, is clearly modeled on
the Opel deal. At the time of the
merger, the companies said they
HEARD STREET FINANCIAL ANALYSIS & COMMENTARY
and China’s weight in global exports
is twice what it was then. Today’s
intricate global supply chains are
also a relatively recent development
and certainly didn’t exist in 1918,
when the “Spanish flu” pandemic
devastated many countries around
the world.
Amid all the unknowns for manu-
facturing, one certainty is that tim-
ing will matter a lot. If China can’t
contain the epidemic within the next
few weeks and get back to work, the
risk of serious damage to local sup-
pliers—and worse, shortages of Chi-
nese parts abroad—will rise sharply.
A recent survey found that about
two-thirds of Chinese small and me-
dium-size businesses had less than
three months’ cash on hand.
The ripple effect in industries
like autos has so far been worst in
nearby countries including South
Korea and Japan, where manufac-
turers are used to short delivery
times and lower inventories rather
than a monthlong trip across the
Pacific for parts. But if China’s shut-
down stretches from one month
into two, the damage to overseas
customers will be more widespread.
Under any scenario, the worst-hit
would achieve €3.7 billion ($4.03
billion) in cost savings, essentially
by shifting two-thirds of their com-
bined production onto two plat-
forms. Taxed and capitalized, these
could be worth, on a multiple of
five times, at roughly €13 billion.
Investors haven’t factored this
benefit into the shares. On a com-
bined basis, they have performed
just as badly as the wider automo-
tive sector since The Wall Street
Journal first reported the talks in
late October. Both stocks change
hands for less than five times pro-
spective earnings, cheap even for
auto makers.
The caution is understandable.
Car makers too often announce
gross cost-savings targets that get
netted away by other cost in-
creases. On this occasion, though,
investors may want to suspend
their disbelief. The savings that
should boost profits for PSA in the
coming years are based on a pro-
cess of consolidation that has been
successfully tested with Opel by the
same management team under
Chief Executive Carlos Tavares.
The industry will likely struggle
for a few years, and manufacturers
will only keep pace by shedding
load. PSA and FCA’s consolidation is
easily the surest way forward.
—Stephen Wilmot
Investors aren’t attributing
value to the PSA-FCA merger
€15 billion
Potential value of deal synergies
10
5 Change in the companies'
combined market value
since news of the merger
0
–5
–10
Nov. 2019 Dec. Jan. ’20 Feb.
Notes: The WSJ first reported talks on Oct. 29; €1=$1.09
Source: FactSet
ON
THE
industries will be those like auto-
mobiles and electronics with spe-
cialized components whose supply
chain is clustered in one country or
a small group of countries. China is
the world’s largest exporter but in
2014 still only accounted for about
8% of such “risky” hard-to-replace
products, according to researchers
at the International Monetary Fund.
The U.S. and Germany both clocked
in at 13%. What happens in those
countries may end up being the real
acid test for global supply chains.
Worryingly, some pharmaceutical
products and medical devices are in
the risky category, raising the possi-
bility that drug production gums up
just as global demand for pharma-
ceuticals to combat the virus leaps.
Multinationals in China are tak-
ing a wait-and-see approach. An
early February survey by the Amer-
ican Chamber of Commerce in
Shanghai found that half of respon-
dents weren’t considering a change
to their China strategy, while 40%
said it was too early to tell. Inves-
tors who only weeks ago were sali-
vating over the prospect of a global
rebound now find themselves in the
same boat. —Nathaniel Taplin
After a dismal 2019, North
American pot companies under-
standably want to clear the air.
Choosing a new name is becom-
ing a favorite way to move on.
Last week, Canadian grower
Westleaf said it would be called
Decibel Cannabis Co., from March
as part of a corporate retune.
On the same day, California-
based Terra Tech changed its
name to Onyx Group Holdings.
Two days later, Canbiola, which
makes hemp-based oils, renamed
itself Can B Corp.
There may be valid reasons
for the rash of new names.
Pot companies often rebrand
after a merger—as was the case
at Terra Tech—or to signal they
are branching out into new cate-
gories such as medical cannabis
or CBD products.
Pandemic Bonds Come With Drawbacks
As the coronavirus that began
in the Chinese city of Wuhan
spreads around the world, pan-
demic bonds designed to assist
poor countries in financing their
response are on the verge of being
triggered for the first time.
But they’re also demonstrating
drawbacks that will prevent their
becoming more than a sideshow as
an asset class, or a tool for public
finances.
If natural disasters were en-
tirely predictable, insurance and
catastrophe bonds would be un-
necessary. But they are models of
reliability beside infectious dis-
ease. A wildfire cannot begin in
Australia and travel by plane to
the other side of the world.
The idea behind pandemic bonds,
issued by the World Bank in 2017, is
simple: They pay investors a solid
return, but if a pandemic breaks
out, the principal is redirected to
help low-income countries pay for
their emergency response.
The advantage of vanilla debt fi-
Health Insurers Lose
Their Immunity
A great investment for a decade, the industry
faces virus-related and political risks
Health insurance offered some of
the best investment opportunities
of the past decade. The prognosis,
however, now looks shaky.
Health insurers have dramati-
cally outperformed the stock mar-
ket since the Affordable Care Act
became law in 2010. Over the past
decade, Centene beat the S&P 500
by more than 600 percentage
points while UnitedHealth Group
topped the broad index by about
500 percentage points. Others such
as Cigna, Humana and Anthem
have done nearly as well. Aetna
and WellCare shareholders were
bought out at large premiums.
There were good reasons to ex-
plain this performance, with one of
the biggest being expanded access
to insurance. The Affordable Care
Act allowed states to offer Medicaid
to more individuals and enabled in-
dividuals to buy insurance plans on
state exchanges. That meant large,
predictable increases in revenue
and profit for underwriters. Adding
to their attractiveness, most health
insurers do nearly all of their busi-
ness within the U.S.
While insurance stocks have sold
off from time to time over the ex-
tended bull run, a quick recovery
always followed. Insurer share
prices, however, have been hit hard
Share-price performance
0%
–2
–4
–6
–8
–10
–12
–14
Mon. Tues.
Source: FactSet
OVERHEARD
Others want to be taken more
seriously by the investment com-
munity—perhaps why Vancouver-
based grower Friday Night Inc.
changed its name to the more but-
toned-up 1933 Industries.
nance is that investors don’t need
to be experts about the debtor’s
specific business. They just need
enough confidence that the debtor
can repay at regular intervals. Ca-
tastrophe bonds are more com-
plex, requiring greater knowledge
of the actual threat, be it fire,
flood or disease.
The additional work is a cost for
the investor, which limits the upside
to holding the bonds. An investor
who doesn’t do the legwork is liable
to get burned when the bonds don’t
behave as expected. At 386 pages,
the prospectus for the World Bank’s
class-B securities isn’t a light read.
The bonds are governed by
“parametric triggers.” A partial pay-
out requires 250 deaths in one
country, 20 in another, and for the
outbreak to be spreading at a cer-
tain rate. The figuring requires the
expertise of epidemiologists and re-
liable reporting of cases—not tradi-
tional territory for asset managers.
The bonds are thinly traded, so lit-
tle daily data is available, but at the
THE WALL STREET JOURNAL.
during this week’s market selloff.
For the first time in recent memory,
the industry faces both short-term
and long-term risks to its profits.
The coronavirus hasn’t been di-
agnosed in many Americans, but
that could soon change. A top offi-
cial at the Centers for Disease Con-
trol and Prevention warned Tues-
day that disruptions in the U.S.
could be severe. UnitedHealth cites
“large scale medical emergencies”
as an example of what could cause
actual costs to exceed projections.
While the virus may threaten
this year’s profits, a significant
threat looms if Sen. Bernie Sanders
secures the Democratic presidential
nomination: He has proposed re-
placing the ACA with Medicare for
All. The effects of that overhaul on
the insurance industry, while un-
clear, aren’t likely positive.
And while earnings multiples
have shrunk, investors aren’t ex-
actly getting a bargain for assuming
the risk. Humana and UnitedHealth
trade at about 17 and 16 times for-
ward earnings estimates, according
to FactSet. That is roughly in line
with the average over the past year.
Investors betting on health in-
surers as a haven in these turbulent
times are risking a surprise bill.
—Charley Grant
Anthem
Humana
UnitedHealth
Group
Cigna
Wed.
But there is only so much a
rebrand can do. Over the past
year, Canbiola’s shares are down
77%, Terra Tech has plummeted
79% and Westleaf has fallen
97%.
BLAIR GABLE/REUTERS
end of January they were priced at
around 63.75 cents to the dollar.
The second and larger problem
with pandemic bonds is one they
don’t share with other catastro-
phe-related securities. During ex-
treme events, they don’t offer a
source of returns uncorrelated
with major capital markets—one
of the things buyers like most
about the asset class.
Pandemic bonds are most likely
to be triggered just as equities tum-
ble and concerns about companies’
ability to finance themselves come
to the fore, as now. In short, the as-
set class is uncorrelated with wider
markets—except at the exact mo-
ment when that matters most. Then
it is suddenly very correlated.
This drastic limitation con-
strains the use of pandemic bonds.
The world needs better ways to fi-
nance the fight against sudden and
global outbreaks of disease, and
investors need other sources of
uncorrelated returns.
—Mike Bird