* * * * * * TUESDAY, APRIL 20, 2021 ~ VOL. CCLXXVII NO. 91 WSJ.com HHHH $4 .00

DJIA 34077.63 g 123.04 0.4% NASDAQ 13914.77 g 1.0% STOXX600 442.18 g 0.1% 10-YR. TREAS. g 8/32 , yield 1.599% OIL $63.38 À $0.25 GOLD $1,769.40 g $9.60 EURO $1.2038 YEN 108.14

BY STU WOOAND ERIC SYLVERS

Nvidia’sArm DealGets U.K.SecurityReviewOfficials begin probing$40 billion takeover,showing the strategicrole of semiconductors

Super FansConfront

Super Leaguei i i

Protests in U.K.erupt over newsoccer circuit

BY JOSHUA ROBINSON

The world’s leading suppli-ers of semiconductors arepushing to overcome the pro-longed chip shortage that hashampered production of ev-

erything from home appli-ances to PCs to autos.

Chip makers are trying toeke out more supply throughchanges to manufacturing pro-cesses and by opening upspare capacity to rivals, audit-ing customer orders to pre-vent hoarding and swapping

By Eun-Young Jeong inSeoul and Dan Strumpf

in Hong Kong

Tim Payton isn’t sure whenthe pandemic will allow him toattend his next soccer matchat Arsenal’s stadium in Lon-don. He can tell you for surethat he won’t be wearing theteam’s red-and-white jersey.

“I imagine going dressed infuneral clothes,” said Mr. Pay-ton, a season ticket-holder formore than 35 years and aboard member of the club’ssupporters’ trust. “I imaginegoing to lay a wreath outside.”

To be clear, no one is dead.Yet fans of 12 of Europe’s most

PleaseturntopageA10

Super League moves to headoff bans...................................... A14

A cryptocurrency that wascreated as a joke explodedinto plain view on Wall Streeton Monday, with a surge indogecoin sending its 2021 re-turn above 8,100%—more thandouble the gains on the S&P500, including dividends,since 1988.

Dogecoin’s rise from aquirky meme into a widelytraded asset worth about $50billion—more than MarriottInternational Inc. or Ford Mo-tor Co.—is the latest act of fi-nancial alchemy by rapidlymoving individual investorswho have used access to no-fee trading platforms and awave of government stimulusmoney to transform markets

PleaseturntopageA8

Capitol Police Officer BrianSicknick suffered a stroke anddied of natural causes, themedical examiner’s office inWashington, D.C., said Mon-day, weighing in on a questionthat has lingered since the of-ficer died a day after he wasassaulted during the Jan. 6riot at the U.S. Capitol.

The office concluded thatMr. Sicknick’s manner of deathwas natural, adding in an expla-nation: “If death is hastened byan injury, the manner of deathis not considered natural.”

Two men were arrested lastmonth on charges of assaultingMr. Sicknick with a chemicalspray, but prosecutors and themedical examiner didn’t linkthe spray to the officer’s subse-quent death.

After being sprayed with thesubstance around 2 p.m. onJan. 6, Mr. Sicknick collapsed atthe Capitol around 10 p.m. and

over production lines. The badnews is, there are no quickfixes, and shortages will likelycontinue into next year, ac-cording to the industry’s exec-utives.

On top of a spike in de-mand, producers have beenhamstrung by a series of freakevents that have knocked outsupply, while ongoing U.S.-China political frictions andconcerns of a prolonged short-age have prompted some man-ufacturers to stockpile chips.

The current shortfall in-cludes the less-advanced chipsthat the industry’s biggest

PleaseturntopageA10

was taken to a hospital, wherehe died at about 9:30 p.m. thefollowing night, according tothe examiner’s office. He was42 years old.

The Capitol Police had saidhe was injured while protect-ing Congress from a mob ofTrump supporters whostormed the building, sayingthat Mr. Sicknick had “suc-cumbed to his injuries” afterbeing taken to the hospital.But the force hadn’t explainedhow he died, sparking persis-tent questions from lawmak-ers and others about whathappened.

The Capitol Police saidMonday that it accepted themedical examiner’s new find-ings. “This does not changethe fact Officer Sicknick diedin the Line of Duty, coura-geously defending Congressand the Capitol,” the agencysaid in a statement.

Mr. Sicknick’s remains layin honor on Feb. 2 in the Capi-

PleaseturntopageA6

BY ARUNA VISWANATHAAND SADIE GURMAN

Capitol Officer’s DeathRuled to Be Natural

LONDON—The U.K. govern-ment is starting a national se-curity review of Nvidia Corp.’s$40 billion deal to buy Britishchip designer Arm from Soft-Bank Group Corp., raising anew hurdle for an industry-re-shaping proposal facing signif-icant regulatory scrutinyaround the world.

U.K. Digital Secretary OliverDowden invoked on Monday alittle-used power to order thecountry’s antitrust agency toinvestigate the merger’s na-tional security implicationsand deliver a report by July30. The secretary can eventu-ally clear the Santa Clara, Ca-lif., company’s deal, with orwithout conditions, or nix it.

The national security re-view comes on top of theagency’s previously announcedplans to investigate the dealon antitrust grounds.

The U.K. probe is the latestexample of how governmentsaround the world are increas-ingly tightening control oversemiconductor technology, af-ter the past year demon-strated how access to ad-vanced microprocessors canmake or break some of theirbiggest companies.

U.S. export controls on chipPleaseturntopageA2

Efforts to vaccinate thepoorest countries againstCovid-19 have slowed to atrickle, leaving many withweakened defenses against thecoronavirus just as the weightof the pandemic shifts from de-veloped to developing nations.

An initiative backed by theWorld Health Organization andrich countries to supply freevaccines to 92 low- and mid-dle-income countries recentlyslashed the number of shots itplans to ship by the end ofMay. That initiative, called Co-vax, will deliver 145 million

than 200 million doses havebeen administered in the U.S.,Covax has supplied fewer than41 million of the two billiondoses planned by year-end.

Slow uptake of Covid-19vaccines in developing coun-tries could create problems forthe rest of the world. Epidemi-ologists believe that failure tovaccinate much of the develop-ing world could leave a largereservoir of the coronaviruscirculating, giving it the chanceto mutate and possibly spillover to developed countries.

Most of the Covax shots

planned for the first half of theyear were to be manufacturedby the world’s biggest vaccinemaker, the Serum Institute ofIndia, which has partneredwith AstraZeneca PLC to makethe vaccine the company de-veloped with the University ofOxford. The SII said its outputhas also been constrained bylimits imposed by the U.S. on

PleaseturntopageA7

doses instead of about 240million because India, its mainsupplier, has largely stoppedexporting shots as it fights asurge in cases at home.

That is widening a huge vac-cination gap between rich andpoor countries. While more

By GabrieleSteinhauser

in Johannesburg,Nicholas Bariyo

in Kampala, Uganda,and Jon Emontin Singapore

Poorest Nations Fall BehindAs Vaccine Efforts Stagnate

ChipMakers FightTo Beat Shortage

Efforts produce only small gains, hamperingproduction of cars, home appliances, PCs

Virus cases trend higher amidvaccination push...................... A3

India locks down capital,boosts shots............................... A7

BY CAITLIN OSTROFFAND CAITLIN MCCABE

Dogecoin TradingRides Online Frenzy

Source: CoinDesk

$0.40

0

0.05

0.10

0.15

0.20

0.25

0.30

0.35

Jan. ’21 Feb. March April

Dogecoin'sdollar value,

Monday

$0.39as of 5 p.m. close

Walter MondaleDies at 93

The former vice presidentwas a staunch supporter ofcivil-rights legislation while asenator. He lost a 1984White House bid to RonaldReagan in a landslide. A4

ASS

OCIAT

EDPR

ESS

Learn more atDellTechnologies.com/PowerStore

Plans change.PowerStoreadapts.Storage that’s always insync with the needs ofyour business.

CONTENTSArts in Review... A13Business News.. B3,5Capital Journal...... A4Crossword.............. A13Heard on Street. B12Markets..................... B11

Opinion.............. A15-17Personal Journal A11-12Sports....................... A14Technology............... B4U.S. News............. A2-6Weather................... A13World News........ A7-9

s 2021 Dow Jones & Company, Inc.All Rights Reserved

>

What’sNews

Efforts to vaccinate thepoorest countries againstCovid-19 have slowed to atrickle, leaving many withweakened defenses just asthe weight of the pandemicshifts from developed todeveloping nations. A1 India imposed a lockdownon its capital and said itwouldexpand its vaccination pro-gram to all adults, amid theworld’s fastest-growing surgeof Covid-19 infections. A7Capitol PoliceOfficerBrianSicknick suffered a stroke anddied of natural causes, theWashington, D.C., medical ex-aminer’s office said. He dieda day after the Jan. 6 riot.A1The Biden administrationis considering requiring to-bacco firms to lower the nico-tine in all cigarettes sold intheU.S. to levels atwhich theyare no longer addictive. A2Walter Mondale died atthe age of 93. Vice presidentunder JimmyCarter, hewas acivil-rights championwho ranas the Democratic candidatefor the White House in 1984,losing to Ronald Reagan. A4 Biden and a bipartisangroup of lawmakers discussedalternative ways to pay forinfrastructure spending, in-cluding a smaller increasein the corporate tax rate. A4Navalnywas hospitalizedweeks after starting a hun-ger strike, as Russia brushedoff U.S. warnings of repercus-sions should the jailed oppo-sition leader die in prison.A8 NASA’s Mars Ingenuityhelicopter made history asthe small drone becamethe first powered craft tofly on another world. A5

The U.K. government isstarting a national-secu-

rity review of Nvidia’s $40billion deal to buy Arm fromSoftBank, raising a new hur-dle for the proposal. A1 A cryptocurrency thatwas created as a joke ex-ploded into plain view onWall Street, with a surge indogecoin sending its 2021return above 8,100%. A1 Credit Suisse said twoexecutives in charge of itsprime brokerage unit willleave in the wake of thebank’s $4.7 billion loss fromthe collapse of Archegos. B1Musk’s internet satelliteventure has spawned an un-likely alliance of rivals, regu-lators and experts who citerisks from the project. B1 U.S. safety officials areinvestigating a fatal crashinvolving a Tesla vehicle. B4 Apple said in a letter tolawmakers that it plans tomake Parler available throughits App Store again. A6 U.S. stocks fell, with theNasdaq, S&P 500 and Dowretreating 1%, 0.5% and0.4%, respectively. B11 IBM posted higher reve-nue for the first quarter,ahead of a landmark split ofthe business this year. B4 The union that unsuc-cessfully sought to orga-nize an Amazon locationin Alabama has filed chal-lenges over the vote. A3 GameStop said CEOGeorge Sherman will stepdown by July 31. B3 Coca-Cola said its salesvolume in March returnedto pre-pandemic levels. B3

Business&Finance

World-Wide

Chauvin Case Goes to Jury After Day of Closing Arguments

DELIBERATION: The murder trial of Derek Chauvin went to the jury Monday in Minneapolis after Steve Schleicher, left, aspecial assistant attorney general for the prosecution, and defense attorney Eric Nelson made their closing arguments. A3

COURT

TV/PRE

SSPO

OL(2)

P2JW110000-6-A00100-17FFFF5178F

A2 | Tuesday, April 20, 2021 * * * * * * THEWALL STREET JOURNAL.

THE WALL STREET JOURNAL(USPS 664-880) (Eastern Edition ISSN 0099-9660)(Central Edition ISSN 1092-0935) (Western Edition ISSN 0193-2241)

Editorial and publication headquarters: 1211 Avenue of the Americas, New York, N.Y. 10036

Published daily except Sundays and general legal holidays.Periodicals postage paid at New York, N.Y., and other mailing offices.

Postmaster: Send address changes to The Wall Street Journal,200 Burnett Rd., Chicopee, MA 01020.

All Advertising published in The Wall Street Journal is subject to the applicable rate card,copies of which are available from the Advertising Services Department, Dow Jones & Co. Inc.,1211 Avenue of the Americas, New York, N.Y. 10036. The Journal reserves the right not toaccept an advertiser’s order. Only publication of an advertisement shall constitute finalacceptance of the advertiser’s order.

Letters to the Editor: Fax: 212-416-2891; email: wsj.ltrs@wsj.com

Need assistance with your subscription?By web: customercenter.wsj.com; By email: wsjsupport@wsj.comBy phone: 1-800-JOURNAL (1-800-568-7625)

Reprints & licensing:By email: customreprints@dowjones.comBy phone: 1-800-843-0008

WSJ back issues and framed pages: wsjshop.com

Our newspapers are 100% sourced from sustainably certified mills.

GOT A TIP FOR US? SUBMIT IT AT WSJ.COM/TIPS

Jasvinder Kaur, 50 yearsold, was among the victimskilled Thursday in a massshooting at an IndianapolisFedEx Corp. facility. In someeditions Saturday in a U.S. Newsarticle about the shooting, Ms.Kaur’s first name was incor-rectly given as Jaswinder, andher age was incorrectly given as64, based on inaccurate infor-mation provided by authorities.

Serbia has distributedCovid-19 vaccines from Chinesecompany Sinopharm. A World

News article on Monday aboutChile’s vaccination efforts incor-rectly said Serbia is among thenations using the vaccine madeby Sinovac Biotech Ltd.

PenskeMedia Corp. last yearformed a joint venture called P-MRC Holdings LLC with enter-tainment companyMRC. P-MRC,which is majority-owned andoperated by Penske Media, hasagreed to acquire a 50% stake inthe tech, music and movie festi-val South by Southwest. A Busi-ness & Finance article and its

headline in some editions Mon-day incorrectly said that PenskeMedia agreed to acquire a 50%stake in South by Southwest.The article also incorrectly saidthat Penske Media last yearmerged with MRC.

Notice to readersWall Street Journal staff

members are working remotelyduring the pandemic. For theforeseeable future, please sendreader comments only by emailor phone, using the contacts be-low, not via U.S. Mail.

Readers can alert The Wall Street Journal to any errors in news articles by emailing wsjcontact@wsj.com or by calling888-410-2667.

CORRECTIONS AMPLIFICATIONS

Monday trading.The government didn’t or-

der a national security reviewwhen Japan’s SoftBank boughtArm for $32 billion in 2016.What changed in the five yearssince has been concerns aboutgeopolitical risk, said ChristinePhillips, a lawyer at Londonfirm Fieldfisher who special-izes in cross-border mergers.

“There’s just a general sen-sitivity of trying to protectcore technology and assetsthat could be critical in theU.K.,” Ms. Phillips said. Shesaid that in previous “publicinterest” probes, the Britishgovernment has sought assur-ances about headquarters andjobs remaining in the U.K.

Ms. Phillips said worriesover foreign takeovers of tech

companies have prompted theU.K. and European countriesto prepare new legislation tocreate their own versions ofWashington’s Committee onForeign Investment in the U.S.In 2018, Cfius scuttled Broad-com Inc.’s attempted $117 bil-lion takeover of another chipgiant, Qualcomm Inc.

Similar concerns about digi-tal sovereignty prompted Pres-ident Biden to propose spend-ing $50 billion on the U.S. chipindustry. China is turbocharg-ing efforts to boost its semi-conductor sector, and the EUis spending part of a $150 bil-lion package with the goal ofdoubling its share of the globalchip market by 2030.

In Italy last month, PrimeMinister Mario Draghi used

U.S. NEWS

A lawyer for several largeCalifornia communities accusedfour drugmakers of causing adeadly wave of opioid addictionwith their aggressive marketingof pain pills, while defense at-torneys said the firms followedthe law on the opening day of atrial closely watched by thepharmaceutical industry.

“Without an avalanche ofprescription opioids, therewouldn’t be an opioid epi-demic,” said Fidelma Fitzpat-rick, a plaintiffs’ lawyer hired torepresent the counties of LosAngeles, Orange and SantaClara, and the city of Oakland.

The monthslong trial, beingheld fully by videoconferenceand decided solely by a judge,began Monday with opening re-marks fromMs. Fitzpatrick andattorneys for the drugmakersbeing accused of misconduct—Johnson & Johnson, TevaPharmaceutical Ltd., Endo In-ternational PLC and AbbVieInc.’s Allergan.

The drugmakers arguedMonday that they properly mar-keted their drugs under regula-tory oversight and that theplaintiffs won’t be able to showexamples of local deaths thatstemmed from their prescrip-tions. “The evidence will notsupport this grand conspiracytheory,” Collie James, an attor-ney for Teva, said in his openingstatement.

The California trial, alongwith others expected to start inWest Virginia federal court inMay and New York state courtin June, could spur drugmakersand distributors to finalize set-tlements to end opioid lawsuitsnationwide. Three large distrib-utors and J&J have proposedpaying a collective $26 billion tosettle the cases, and others arein talks. Consulting giantMcKinsey & Co. recently agreedto pay $641 million to resolveclaims by states over advice itgave to OxyContin maker Pur-due Pharma LP.

Ms. Fitzpatrick said the com-panies should be held responsi-ble under California’s public nui-sance and misleading marketinglaws for their role in causingopioid addiction in the state. Be-tween 1997 and 2017, Californiareceived more than 20 billiondoses of prescription opioids,Ms. Fitzpatrick said, in the formof pills, patches or lozenges.

The communities say thedrugmakers pushed their pre-scription opioids on doctors de-spite knowing there was amounting public-health crisis.Ms. Fitzpatrick showed Orange

County Superior Court JudgePeter Wilson internal companydocuments acknowledging whatEndo, for instance, called a“public-health conundrum” dur-ing a strategy meeting in 2011.An attorney for Endo, JohnHueston, later said they wereproviding context “so Endocould find the solutions.”

“This was about money,”Ms.Fitzpatrick said, showing imagesof drug advertisements depict-ing lives improved by opioidsand documents from the compa-nies using the word “aggres-sive” to describe their own mar-keting. One Teva internal emailurged employees: “Keep oncranking out the coupons anddriving Rx growth!”

The proceeding, arising fromclaims first filed in 2014, is onlythe second trial frommore than3,000 lawsuits filed nationwideby state and local governmentsseeking to hold drugmakers, dis-tributors and pharmacies ac-countable for the opioid epi-demic. Nearly 500,000 peoplehave died in the U.S. from legaland illicit opioids since 1999, ac-cording to federal data.

Mr. James said Teva’s medi-cines continue to be prescribedas legal and necessary pain-management options. For thosewith cancer, Mr. James said,opioids such as theirs are oftenthe only way to prevent a miser-able life in pain. “Pain is a seri-ous problem in this country,”J&J lawyer Michael Yoderechoed in his opening remarks.

BY SARA RANDAZZO

Plaintiffs,DrugFirmsSparinOpioidTrial

This trial and otherscoming up couldspur settlements oflawsuits nationwide

miliar with the matter said.The White House and the

FDA didn’t immediately com-ment Monday.

The nicotine-reduction pol-icy under consideration wouldlower the chemical in cigarettesto nonaddictive or minimallyaddictive levels, aiming to pushmillions of smokers to eitherquit or switch to less harmfulalternatives such as nicotinegums, lozenges or e-cigarettes.A menthol ban, meanwhile,would aim to curb smoking ini-tiation among young people,many of whom start with men-thols. Both policies would takeyears to implement and wouldlikely face legal challenges.

Scott Gottlieb, an FDA com-missioner under the Trumpadministration, pursued both amenthol ban and a reductionof nicotine in cigarettes aspart of a broader tobacco pol-icy he proposed in 2017. Butafter he left the agency in

2019, both plans were shelved.New Zealand last week pro-

posed sharply reducing nico-tine levels in cigarettes andraising the legal smoking ageas part of a broader policyaimed at ending smoking.

Nicotine itself doesn’t causecancer, heart disease or lungdisease, according to the FDA.But it hooks people on ciga-rettes, which are linked to480,000 deaths in the U.S.each year.

Marlboro maker AltriaGroup Inc.’s shares fell morethan 6% Monday on the newsof the Biden administration’sdeliberations.

“Any action that the FDAtakes must be based on sci-ence and evidence and mustconsider the real-world conse-quences of such actions, in-cluding the growth of an illicitmarket and the impact onhundreds of thousands of jobsfrom the farm to local stores

across the country,” an Altriaspokesman said.

A spokeswoman for Reyn-olds American Inc., whichmakes Camel and Newport cig-arettes, said that the scientificcase for nicotine reduction isinconclusive and that “thereare better tools for improvingpublic health.”

Research funded by theFDA and the National Insti-tutes of Health has shown thatwhen nicotine was nearlyeliminated from cigarettes,smokers were more likely toquit or seek a nicotine fix fromless harmful alternatives suchas e-cigarettes or gum com-pared with smokers who con-tinued using cigarettes withnormal nicotine levels.

Lowering nicotine in ciga-rettes has been a subject of dis-cussion inside the FDA sincethe 1990s. In 2009, the TobaccoControl Act authorized the FDAto mandate such a change, stip-

ulating that the policy be basedon scientific evidence.

A ban on menthols has sim-ilarly been in the FDA’s sightsfor years.

The Tobacco Control Actbanned candy, fruit and spiceflavorings in cigarettes be-cause of their potential appealto children, but it left unset-tled the issue of menthol. The2009 law said the FDA couldprohibit menthols only if itcould demonstrate that a banwas a net benefit to publichealth, taking into account po-tential unintended conse-quences such as an illicit mar-ket. The agency has beenworking on overcoming thathurdle since then.

The FDA concluded in 2013that menthols are harder to quitand likely pose a greater healthrisk than regular cigarettes.

—Stephanie Armourand Andrew Restuccia

contributed to this article.

The Biden administration isconsidering requiring tobaccocompanies to lower the nico-tine in all cigarettes sold inthe U.S. to levels at which theyare no longer addictive, ac-cording to people familiarwith the matter.

Administration officials areconsidering the policy as theyapproach a deadline for de-claring the administration’s in-tentions on another tobaccoquestion: whether or not toban menthol cigarettes.

The Food and Drug Admin-istration must respond in courtby April 29 to a citizens’ peti-tion to ban menthols by dis-closing whether the agency in-tends to pursue such a policy.The Biden administration isnow weighing whether to moveforward on a menthol ban or anicotine reduction in all ciga-rettes—or both, the people fa-

BY JENNIFER MALONEY

Rule Could Cut Nicotine in Cigarettes

technology have jeopardizedthe ability of China’s HuaweiTechnologies Co., which wasbriefly the world’s top smart-phone maker, to buy suppliesit needs to keep making de-vices. A global semiconductorshortage, meanwhile, has idledassembly lines at General Mo-tors Co. and other auto mak-ers because today’s vehiclesrequire so many chips.

“This has become the newcolonialism,” said HermannHauser, co-founder of Arm’spredecessor company andvice chairman of a EuropeanUnion advisory council ontechnology. “If you have sov-ereignty, you can indepen-dently run your economywithout running to anothercountry for semiconductors.”

Nvidia’s proposed acquisi-tion of Arm also is expected toface regulatory scrutiny inChina, the EU and the U.S., inpart because of its potential toreshape the chip industry.Nvidia is one of the world’sbiggest designers of graphics

ContinuedfromPageOne

chips, while Arm designs thebasic blueprints for the chipsin more than 95% of theworld’s smartphones.

At the heart of antitrustconcerns is the future ofArm’s business model, whichhas long been based on forg-ing partnerships with asmany companies as possibleto sell high volumes of chipdesigns at low prices. NvidiaChief Executive Jensen Huanghas said he supports keepingthis open business model, butcompetitors have been skepti-cal.

In ordering a review of thenational security implicationsof Nvidia’s proposed acquisi-tion of Arm, the U.K. invoked aseldom-used power that givesit wide latitude to determinewhether the merger would bein the “public interest” of thecountry, based on national se-curity grounds.

A spokesman for Nvidiasaid it didn’t “believe that thistransaction poses any materialnational security issues.” Hesaid the company would workwith British authorities on theprobe. Nvidia executives ex-pected a possible U.K. nationalsecurity review when the com-pany agreed to buy Arm andfactored that risk into what ithas said is an 18-month time-line for completing the deal, aperson close to Nvidia said.

Nvidia shares fell 3.5% in

an obscure power known as agolden share to block China’sShenzhen Invenland frombuying 70% of a little-knowncompany near Milan calledLPE, a semiconductor busi-ness that supplies bigger Eu-ropean chip companies.

“It seems to me to be com-mon sense to use the goldenshare in a situation like this,”Mr. Draghi said earlier thismonth. “The scarcity of semi-conductors forced many carproducers to slow down pro-duction last year. It has be-come a strategic sector.”

Invenland and LPE didn’trespond to requests to com-ment.

Today’s cars use a dozenor more sophisticated com-puter chips. These chips arelargely produced in the U.S.or Asia, giving European gov-ernments little control oversupply chains their auto mak-ers rely on. Volkswagen AGsaid last month that thesemiconductor scarcitycaused it to produce 100,000fewer cars.

“That’s made people, inBrussels in particular, realizethat we have an issue here,”said Neil Campling, a London-based analyst at MirabaudSecurities. “We realized thereare plenty of areas in thesupply chain where we endup with risk, and we end upnot in control.”

Nvidia’sDeal FacesU.K. Probe

2020 /ARM/Nvidia

2015 / Broadcom/AvagoTechnologies

2020 / Xilinx / AMD

2016 /ARM/SoftBank Group

2020 /Maxim Integrated Products / Analog Devices

$40 billion*

36

35*

32

21*

Top global semiconductorM&Adeals on record

Sources: Dealogic; the companies*Deal is pending

YEAR / TARGET / BUYER

WASHINGTON—Gary Gen-sler, the new chief of the Secu-rities and Exchange Commis-sion, on Monday tapped alabor-union investment offi-cial as his policy director, rais-ing expectations that theagency will embrace progres-sive policy goals.

Mr. Gensler, who was swornin on Saturday, pickedHeather Slavkin Corzo for thetop policy role in his office.The hire suggests Mr. Genslerwill tackle issues such asstricter corporate disclosuresrelated to climate-change risksand companies’ spending toinfluence politics.

Ms. Corzo has worked as di-rector of capital markets pol-icy at the AFL-CIO and as headof U.S. policy at the Principlesfor Responsible Investment, agroup of asset owners that in-corporates environmental, so-cial and governance consider-ations into their holdings.

“She has very significant re-lationships with investors,union leaders and public inter-est advocates—many of whichwere very supportive of Gen-sler’s appointment,” said TylerGellasch, a former regulator

and now executive director ofinvestor group Healthy Mar-kets. “She knows very wellwhat those groups are hopingto see out of the SEC, and theyardsticks against which Gen-

sler’s tenure will be measured.”While working at the AFL-

CIO, Ms. Corzo also wrote ortestified to Congress in favorof tighter regulation of privateequity and stock buybacks, as

well as requiring companies toput worker representatives ontheir boards of directors.

Some progressive policygoals, such as requiring com-panies to disclose their politi-

cal spending, are controversialeven within the SEC. Duringthe Obama administration, theSEC thought the issue wasn’tmaterial to shareholders. Se-curities laws require publiccompanies and others sellinginvestments to disclose factsand risks that are material—orinformation that may influ-ence an investor’s decision tobuy, sell or hold an asset.

Ms. Corzo’s role at the SEC,policy director, hasn’t existedunder prior chairmen. Advis-ers to the SEC’s chairman typ-ically play roles in organizingand negotiating new regula-tions, but policy is mostlycrafted by division directorshired by the chairman andthose directors’ staffs.

Mr. Gensler hasn’t an-nounced any division directorsyet. The most prominent di-rector is usually the agency’senforcement chief.

Mr. Gensler on Monday alsoannounced a chief of staff, ahead of legislative affairs anda top communications official.Prashant Yerramalli, who hasworked as an SEC enforce-ment attorney among otherroles, will serve as Mr. Gen-sler’s chief of staff, the SECsaid.

BY DAVE MICHAELS

Union Official Is Tapped for SEC Policy Role

Heather Slavkin Corzo, seen at a hearing in 2019, will be new SEC Chief Gary Gensler’s policy director. SENAT

ECO

MMITTE

EONBA

NKING,H

OUSING,A

NDURB

ANAFFAIRS

P2JW110000-6-A00200-1--------XA

THEWALL STREET JOURNAL. * * * * Tuesday, April 20, 2021 | A3

cases is at more than 67,443,up 1% from the prior seven-day average of 66,702. Fourweeks ago, the seven-day aver-age was 53,000 cases a day,said Rochelle Walensky, direc-tor of the CDC, during a press

briefing Monday.The U.S. is in a “compli-

cated stage” of the pandemic,Dr. Walensky said.

“The more people get vacci-nated, the fewer infectionsthere will be, which means

U.S. NEWS

asked jurors to consider what areasonable officer would havedone to deal with a subjectwho wasn’t complying with or-ders, had thwarted their effortsto get him into a squad car andappeared to be under the influ-ence of drugs or alcohol.

Mr. Nelson showed videosfrom different officer bodycameras trying to put a resist-ing Mr. Floyd into the car. Healso showed street camerafootage that showed the squadcar rocking as officers strug-gled with Mr. Floyd inside.

“A reasonable police officerwould rely on his training andexperience,” Mr. Nelson said. “Isubmit to you that the state

has failed in its burden toprove Mr. Chauvin’s guilt be-yond a reasonable doubt.”

He also played video aroundcertain still shots used by theprosecution—including Mr.Floyd’s knuckles pressingagainst a tire and Mr. Chauvin’sfoot coming off the ground ashe kneels on Mr. Floyd’s neck—to argue that they had beentaken out of context.

“The prosecution made acompelling argument, that thisis common sense and that thedefense’s argument was non-sense,” said Jack Rice, a Min-nesota criminal defense attor-ney. “The defense’s argumentwas that regardless of what the

government was trying to ar-gue, they were never able toestablish causation and that’s afundamental element in allthree counts.”

For the first time during thetrial, Mr. Chauvin removed hismask so the jury could see hisface as Mr. Nelson began hisremarks. Mr. Chauvin haspleaded not guilty to chargesof second- and third-degreemurder and manslaughter. Thejurors will remain sequestereduntil they reach a verdict orbecome deadlocked and can’t.

In closing arguments, prose-cutors used five clips of videoshowing Mr. Floyd beggingwith officers not to put him in

the police car, of Mr. Chauvinignoring requests from thecrowd to provide aid to Mr.Floyd and a fellow officer whoasked whether they shouldturn him over. They also pre-sented autopsy photos previ-ously presented only to thejury showing scrapes andbruises to Mr. Floyd’s face,shoulder and knuckles as hewas pressed against the street.

Viral video of Mr. Floyd’sdeath triggered a summer ofunrest last year across thecountry. State and city leadershave been working for monthson a plan to prevent anotherwave of unrest, calling on Na-tional Guard troops and thou-

sands of officers from acrossMinnesota. Concerns over vio-lence grew last week after a po-lice officer in the Minneapolissuburb of Brooklyn Centerkilled 20-year-old DaunteWright when she appeared tomistake her gun for a Taser, set-ting off some looting of storesand several nights of protests.

Many businesses throughoutthe city have boarded up theirwindows. Minneapolis schoolsare closed for in-person learn-ing Wednesday through Fridayin anticipation of the verdict.

After the jury had left to be-gin their deliberations, Mr. Nel-son brought up the issue ofwhether the jury can make anindependent decision, givenmedia coverage of the trial, aswell as comments from U.S.Rep. Maxine Waters (D., Calif.)over the weekend, calling forpeople to take to the streets ifMr. Chauvin isn’t convicted.

Judge Peter Cahill said hewished politicians would stoptalking about the case and saidthat Mr. Nelson may havegrounds for an appeal.

Judge Cahill explained tothe jurors all of the elements ofeach charge that need to beproven to sustain a conviction.In no case does the state haveto prove that Mr. Chauvin hadan intent to kill Mr. Floyd, butall the charges require proofthat he caused his death.

Judge Cahill also includedspecial instructions that applyto the conduct of a police offi-cer defendant. “No crime iscommitted,” he told jurors, “ifa police officer’s actions werejustified by the police officer’suse of reasonable force in theline of duty in effecting a law-ful arrest or preventing an es-cape from custody.”

—Deena Winterand Deanna Paul

contributed to this article.

The murder trial of DerekChauvin went to the jury Mon-day after a final day in whichboth sides leaned heavily onvideo footage of the formerMinneapolis police officer’s fa-tal confrontation with GeorgeFloyd last year.

Prosecutors implored jurorsto believe their eyes, buildingtheir case around video of Mr.Floyd pressed under Mr. Chau-vin’s knee for more than nineminutes. Mr. Chauvin’s defenseattorney repeatedly showed clipsof Mr. Floyd struggling with offi-cers to build his case that theuse of force was reasonable.

Including closing arguments,attorneys at the trial showedabout 166 clips of video takenfrom bystanders, police bodycameras, street cameras andconvenience-store surveillancefootage over the course of thetrial, according to a Wall StreetJournal analysis.

“This case is exactly whatyou thought when you saw itfirst, when you saw that video.You can believe your eyes,”said Steve Schleicher, a specialassistant attorney general forthe prosecution, focusing itscase on the nine minutes and29 seconds Mr. Floyd was heldon the ground. “It’s what youfelt in your gut. What you nowknow in your heart. This wasn’tpolicing. It was murder.”

Defense attorney Eric Nel-son, who has argued that Mr.Floyd died of a heart conditionand the fentanyl and metham-phetamine found in his system,

BY JOE BARRETTAND JACOB GERSHMAN

Chauvin Case Goes to Jury in MinneapolisProsecution, defenseemphasize differentvideo footage in theirclosing arguments

Students in Minneapolis participated in a walkout Monday to protest racial injustice and honor the lives of Black men killed by police.

BRANDONBE

LL/G

ETTY

IMAGES

MyPillow Inc. sued voting-machine maker DominionVoting Systems on Monday, acounter move after Dominionsued the bedding companyand its Donald Trump-sup-porting chief executive fordefamation over his unprovenclaims that its voting ma-chines had rigged the presi-dential election for Joe Biden.

In a suit seeking more than$1.6 billion in damages, the pri-vately held company said it issuing to protect freedom ofspeech and to rectify the injurythe company said it sufferedfrom Dominion’s own legalcampaign, which the complaintsaid included losing businessand harassment and deaththreats against employees.

“Dominion is using the legalprocess as a weapon to sup-press free speech,” the suit infederal district court in Min-nesota stated. “This lawsuit isbrought in support of the mar-ketplace of ideas and to rem-edy the grave harm that hasbeen suffered by MyPillow asa result of Dominion’s sup-pression of speech and attackson the Company.”

The company also notedthat it was its founder andCEO, Mike Lindell, rather thanthe company, who spokeagainst Dominion.

In February, Denver-basedDominion sued MyPillow andMr. Lindell in federal court inthe District of Columbia. Thesuit alleged that Mr. Lindellhad defamed the company withaccusations that it had riggedthe 2020 election for PresidentBiden, and asked for more than$1.3 billion in damages.

Dominion said the allega-tions by Mr. Lindell and othershad irreparably damaged itsreputation, jeopardized its con-tracts with state and local gov-ernments and prompted deaththreats and harassment againstemployees. The company said itsupplies election equipmentused by more than 40% of U.S.voters. “This is a meritless re-taliatory lawsuit, filed byMyPillow to try to distractfrom the harm it caused to Do-minion,” said Stephen Shackel-ford, a lawyer for Dominion.

No court or election author-ity has found evidence ofwidespread fraud in the 2020presidential election.

BY ALEXA CORSE

MyPillowFiles SuitAgainstDominion

Bessemer, Ala., warehousewhere the election was takingplace. The union alleged thatthe mailbox could have co-erced workers into incorrectlybelieving Amazon was con-ducting the election andthereby feeling compelled tovote against unionizing. Thefiling also accuses Amazon ofelectioneering by displaying acompany campaign messagenear the mailbox.

“Amazon knew full wellthat unless they did every-thing they possibly could, evenillegal activity, their workers

would have continued sup-porting the union,” RWDSUPresident Stuart Appelbaumhas said. “We demand a com-prehensive investigation overAmazon’s behavior in corrupt-ing this election.”

An Amazon spokeswomansaid the union is misrepre-senting the facts rather thanaccepting the choice of theemployees. “We look forwardto the next steps in the legalprocess,” she said.

Amazon has said it followedthe law in its communicationwith employees during the

mail-in election, which con-cluded April 9, and didn’t in-timidate workers. “It’s easy topredict the union will say thatAmazon won this election be-cause we intimidated employ-ees, but that’s not true. Ouremployees heard far moreanti-Amazon messages fromthe union, policy makers, andmedia outlets than they heardfrom us,” Amazon said follow-ing the election.

Chief Executive Jeff Bezossaid Thursday in a shareholderletter that the company needs a“better vision” for dealing with

its employees. Mr. Bezos, whois leaving the CEO role laterthis year to become executivechairman, said that while Ama-zon works hard to serve itsworkforce, it needs to inventsolutions to reduce the amountof injuries at warehouses.

The union’s charges seek toset aside election results andhave it be held again. The Na-tional Labor Relations Board,which conducted the election,is expected to review the com-plaint before it decideswhether to certify the results.The labor board could hold ahearing to go over the objec-tions and hear testimony. Theprocess could take weeks ormonths.

Amazon’s triumph in Besse-mer is a major setback for la-bor unions in the U.S. andcame after a year in which thecompany has experienced tre-mendous growth and success.Union supporters had hoped avictory in Bessemer couldelectrify union pushes at Ama-zon throughout the countryand force the company to altersome workplace policiesaround matters such as payand breaks.

Many workers said they re-jected the union over broadconcerns about job securityand because they didn’t be-lieve their salary and benefitswould substantially improvewith union representation.

The union that unsuccess-fully sought to organize anAmazon.com Inc. location inAlabama filed challenges overthe vote, saying the companyviolated legal restrictionsthroughout the election.

In objections filed with theNational Labor RelationsBoard, attorneys representingRetail, Wholesale and Depart-ment Store Union allege thatAmazon intimidated andthreatened employees intovoting against unionizing. Theunion cited meetings that thecompany held with workersand a mailbox installed out-side the warehouse. More than70% of workers who cast bal-lots in the election votedagainst joining the RWDSU.

The union alleges that Ama-zon, through company repre-sentatives, threatened employ-ees with the loss of jobs orclosing of the warehouse aswell as possible loss of com-pensation and benefits, if theunion were approved. Theunion also accused the com-pany of targeting workers whoasked questions at meetingsby removing them from thegatherings, potentially scaringother employees.

The union’s complaint alsofocused on a mailbox, installedby the U.S. Postal Service atAmazon’s request outside the

BY SEBASTIAN HERRERA

UnionSeeks ProbeAfter LosingAmazonVote

Employees at Amazon’s warehouse in Bessemer, Ala., rejected forming a union by a wide margin.

LYNSE

YWEA

THER

SPOONFO

RTH

EWALL

STRE

ETJO

URN

AL

fewer variants will emerge andfewer breakthrough infectionswill occur and the quicker wecan get back to doing thethings we love,” said Dr.Walensky.

More than a quarter of theU.S. population has now beenfully vaccinated againstCovid-19, according to CDCdata. The country adminis-tered an average of 3.2 milliondoses a day over the pastweek, according to a WallStreet Journal analysis of CDCdata.

As of Monday, all Americanadults are eligible to receive aCovid-19 vaccine, with everystate meeting the April 19deadline set by President Bi-den.

Hospitalizations, which hadbeen rising in recent weeks,declined 2.8% from a weekearlier, according to the latestCDC data. Hospitalizations aredown nearly 68% from a post-holidays peak.

Public-health officials andepidemiologists say the in-

creases in Covid-19 cases inmany parts of the country canbe attributed to several fac-tors.

They say relaxed preventionefforts and loosened restric-tions on indoor dining andmasking measures have helpeddrive cases higher, as has pan-demic fatigue. Older popula-tions, who may not have beenmixing widely, were priori-tized to receive a Covid-19shot, and nearly 64% of Ameri-cans aged 65 and older arenow fully vaccinated, accord-ing to CDC data. But feweryounger people, who may bemore social or have public-fac-ing jobs, are vaccinated.

The spread of highly trans-missible variants is also play-ing a role.

Cases should be going downas vaccines are being rolledout, and yet cases are going upat a worrisome level, saidBarry Bloom, professor of pub-lic health and an immunologistat the Harvard T.H. ChanSchool of Public Health.

Though half of all U.S.adults have had at least oneCovid-19 vaccine dose, an ar-ray of factors are complicatingthe fight against the virus.

States are scrambling to re-organize vaccination effortsafter pausing use of the John-son & Johnson vaccine whilehealth officials investigate rarebut severe cases of blood clots.

The seven-day averagenumber of new Covid-19 infec-tions eclipses the 14-day aver-age in about half the country,with 40 states hitting thatbenchmark last Wednesday.

And the age distribution ofCovid-19 cases showing up inhospitals has shifted to ayounger population, as youn-ger people, who haven’t beenvaccinated, are helping drive arise in cases, according tohealth officials.

The Centers for DiseaseControl and Prevention re-ported Monday that the seven-day average of new Covid-19

BY MELANIE GRAYCE WEST

Infections Trend Higher Amid Vaccination PushDaily reported Covid-19 cases in theU.S.

Source: Johns Hopkins Center for Systems Science and EngineeringNote: For all 50 states and D.C., U.S. territories and cruises. As of April 18

Two-week trend+6.2%

Seven-dayrolling average

↓

April 1842,018

300,000 cases

0

100,000

200,000

Aug. Jan. ’21 AprilMarch 2020

P2JW110000-4-A00300-1--------XA

A4 | Tuesday, April 20, 2021 P W L C 10 11 12 H T G K R F A M 1 2 3 4 5 6 7 8 9 O I X X * * * * * THEWALL STREET JOURNAL.

CAPITAL JOURNALBy Gerald F. Seib

nance Committee, the Laborand Public Welfare Committee,the Budget Committee, andthe Banking, Housing and Ur-ban Affairs Committee. Mr.Mondale also served as thechairman of the Select Com-mittee on Equal Education Op-portunity and as the chairmanof the Intelligence Commit-tee’s Domestic Task Force.

He was one of the authorsof the Fair Housing Act of1968, which sought to end seg-regation and discrimination inmortgage and housing policyand to level the economicplaying field. Mr. Mondalelater said the law failed to re-duce discriminatory practicesas much as he had hoped.

As vice president, Mr. Mon-dale played a major role in thenegotiations between EgyptianPresident Anwar Sadat and Is-raeli Prime Minister Men-achem Begin that resulted inthe 1978 Camp David Accords.

In 1980, Ronald Reagan eas-ily defeated Mr. Carter in thewake of the Iran hostage cri-sis, gasoline shortages, infla-tion and a general sense thenation was on the wrongtrack. Mr. Mondale returned toprivate practice in 1981, set-ting up shop in Winston &Strawn’s Washington office.

Just two years later, he was

formally announcing his presi-dential bid from his homestate’s capitol in St. Paul.

The month after clinchingthe nomination, Mr. Mondalemade history by picking U.S.Rep. Geraldine Ferraro (D.,N.Y.), as his running mate. Shebecame the first woman nomi-nated for vice president by amajor U.S. political party.

At the Democratic NationalConvention, Mr. Mondale didsomething most politiciansdon’t do while running for of-fice: He promised to raisetaxes, arguing that he was justbeing more honest than Mr.Reagan. “He won’t tell you,”he proclaimed during his ac-ceptance speech. “I just did.”

Mr. Reagan won in a land-slide, carrying every state ex-cept Mr. Mondale’s nativeMinnesota.

Assessing the results, Mr.Mondale said, “Reagan waspromising them ‘Morning inAmerica,’ and I was promisinga root canal.”

The 1984 loss wouldn’t beMr. Mondale’s last high-profiledefeat. In 2002, Sen. PaulWellstone of Minnesota diedin an airplane crash a littlemore than a week before theelection. Mr. Mondale was re-cruited as the DemocraticParty’s best chance of holding

panding access to broadband,rebuilding schools and fundingelder care, among other priori-ties.

The White House has indi-cated Mr. Biden is open tobreaking his proposal intosmaller parts and is consider-ing different ways to pay for it,amid a swirl of proposals fromlawmakers of both parties.

“I am prepared to compro-mise, prepared to see what wecan do and what we can gettogether on,” Mr. Biden said asthe meeting with 10 lawmakersand Transportation SecretaryPete Buttigieg got under way.

Some Senate Republicans,critical of the corporate tax in-creases and the broad scope ofMr. Biden’s infrastructure plan,have started discussing makinga counteroffer in the realm of$600 billion to $800 billion.

A group of Republicans metMonday to discuss that possi-bility, with lawmakers aimingto release their own plan soon.

Republicans have indicatedthat they would want to focuson spending money on buildingroads and bridges, along withexpanding access to broad-band, while excluding otherparts of Mr. Biden’s plan, suchas providing $400 billion forcaring for elderly and disabledAmericans.

the comptroller and attorneygeneral declined to comment.

“We have officially jumpedthe shark—the idea there wascriminality involved here ispatently absurd on its face andis just the furthering of a po-litical pile-on,” he said.

Speaking to reporters onMonday, Mr. Cuomo repeatedthat some of his aides volun-tarily reviewed his memoir tomake sure their actions wereaccurately described. The gov-ernor said information abouthow he was compensated forthe book would be released

this year as part of his tax re-turn and required financial-disclosure form.

The new review is in additionto an investigation overseen byMs. James’s office of sexual-ha-rassment accusations againstthe governor. Mr. Cuomo hassaid he never touched anybodyinappropriately and apologizedif his behavior made anyone un-comfortable.

Democrats who dominatethe state Assembly previouslysaid they would examine theproduction of the book as partof an impeachment inquiry.

U.S. NEWS

Why Business Leaders Take Political Standslines increasingly is beingovertaken by corporate ac-tivism in the political arena.

The question is: Whynow?

The signs of this new cli-mate are pretty obvious, andwidely noted. Some businessleaders and their companiesopenly objected to Republi-can attempts to stop certifi-cation of the 2020 presiden-tial election and cut offcontributions to lawmakerswho supported the effort.Coca-Cola Co. and Delta AirLines Inc. publicly objectedto a new law on voting pro-cedures in their home stateof Georgia.

Hundreds of businessleaders and companies, in-cluding JPMorgan Chase &Co. and Netflix Inc., lastweek signed onto a two-pagead in The Wall Street Jour-nal and other publicationsdeclaring that they “defendthe right to vote and opposeany discriminatory legisla-tion,” an implicit rebuke ofvoting bills Republicans arepushing in dozens of states.

Meantime, the U.S. Cham-ber of Commerce spoke out

against a federal voting-rights bill Democrats haveproposed in Congress, ob-jecting to provisions it saidwould put unreasonable re-strictions on corporate advo-cacy and arguing that any ef-fort to change voting lawsshould be bipartisan.

But if what business lead-ers are doing in the politicalarena is pretty obvious, whythey’re stepping into thatarena is less clear.

I n part, this business ac-tivism is simply a sign ofthe times, and of the na-

tional environment. In a hy-per-politicized climate, citi-zens increasingly expect oreven demand political posi-tions from everybody—celeb-rities, sports figures and,yes, business leaders. Thecacophony from social mediamakes it harder to duck thetough political questions.

That expectation of corpo-rate stand-taking is particu-larly high among youngerAmericans, so businesses arefeeling the pressure fromboth younger customers andtheir own employees to take

stands. Companies hoping torecruit young, tech-savvy tal-ent know that corporate cul-ture and reputation now arepart of the equation poten-tial employees consider whendeciding where to land.

And because youngerAmericans tend to be on theleft side of the politicalequation on political and ra-cial-justice issues, they arepushing U.S. corporations inthat direction. The HarvardBusiness Review last yearpublished the results of asurvey of 168 managers andM.B.A. students, 80% ofwhom were under age 40,and found that 42% of themidentified as liberal and just27% as conservative—andthat their views of a hypo-thetical company droppedsignificantly when they weretold it held conservative val-ues.

Yet there’s another factorthat is less obvious: The veryfailures of the political sys-tem itself are forcing corpo-rate leaders off the sidelines.

“In some ways, the break-down in the political systemand the polarization has cre-

ated this vacuum,” says NeilBradley, executive vice presi-dent of the U.S. Chamber ofCommerce and a former topGOP aide in the House. “Is-sues arise that are passion-ate, that can inflame bothsides, and the political sys-tem used to have a way ofdealing with those. You hadsenior statesmen who couldbridge the divide and cooltemperatures. You don’t havethat today.”

So Americans have begunto seek out other players insociety to step into that vac-uum. When political leaderscan’t resolve political de-bates, the arguments seepout into other corners ofAmerican life.

W hen a corporateleader does anearnings call with

analysts, or appears in a TVinterview to discuss eco-nomic conditions, or holdsan all-hands employee meet-ing, that leader now can beexpected to be asked aboutthe Black Lives Matter move-ment or voting rights, notjust about business condi-

tions. Dodging such ques-tions may be an option, butalso not a good look.

Some of this isn’t entirelynew. Several decades back,companies were expected totake positions on environ-mental concerns and apart-heid in South Africa, whilemore recently Chick-fil-A Inc.has prospered while boastingconservative values, andWalmart Inc. has decided totighten its standards for gunand ammunition sales in re-sponse to gun violence.

On a broader scale,though, the political land-scape is different. Neitherparty today provides a com-fortable home for corporateAmerica. The RepublicanParty, once the safe place forbusiness leaders to land, hasturned more populist ontrade and immigration, andskeptical of big business. TheDemocratic Party has turnedleftward.

Business leaders increas-ingly find themselves ontheir own, in a political sys-tem that is failing, and at atime when silence is not anoption.

Once upon a time, it waspretty simple to compose apolitical strategy for a bigAmerican corporation: Givesome contributions to main-stream Republican politi-

cians whocould becounted on topush agree-able tax andregulatorypolicies, find

a few dollars for some mod-erate Democrats to provide abit of bipartisan insurance,and then keep your mouthshut when political debatesflared up.

Well, those were the goodold days. Today, the strategyof writing the check andthen crouching on the side-

ALBANY, N.Y.—New YorkState Attorney General LetitiaJames will examine the possi-ble use of state resources inthe production of Gov. AndrewCuomo’s memoir about how hemanaged the early days of thepandemic, officials said.

Delaney Kempner, a spokes-woman for Ms. James, con-firmed her office was lookinginto the matter after receivingan April 13 referral fromComptroller Tom DiNapoli. Mr.Cuomo’s book, “American Cri-sis,” was published in October.

The referral letter, reviewedby The Wall Street Journal,gives Ms. James jurisdiction tolook at “any indictable of-fense” arising from an investi-gation into whether state re-sources were used “in thedrafting, editing, sale and pro-motion of the governor’sbook.”

The governor’s advisers re-viewed and edited drafts of thebook during weekend sessionsat the Executive Mansion, anda secretary printed the manu-script on a state printer, peoplefamiliar with the matter said.Rich Azzopardi, a senior ad-viser to the governor, said theuse of state resources was inci-dental and people who workedon the book volunteered theirtime.

He accused Mr. DiNapoliand Ms. James of ponderingtheir own gubernatorial cam-paigns. Spokespeople for both

BY JIMMY VIELKIND

Cuomo’s PandemicBook Sparks Inquiry

on to Mr. Wellstone’s seat in acompetitive election againstNorm Coleman, the Republicanmayor of St. Paul.

After Mr. Wellstone’s sonsasked the former vice presi-dent to fill their father’s spotin the race, Mr. Mondale trav-eled by bus instead of airplaneand covered less territory thanhe might have otherwise. Mr.Coleman won by just morethan 2 percentage points.

Mr. Mondale had returnedto Minnesota in 1987, where hepracticed law with the firm ofDorsey & Whitney until formerPresident Bill Clinton nomi-nated him to be the U.S. am-bassador to Japan.

Mr. Mondale served as am-bassador from August 1993 toDecember 1996. During that pe-riod, he helped to negotiateseveral U.S.-Japan securityagreements, including a resolu-tion to the controversy overthe U.S. military presence inOkinawa. He also helped toforge numerous trade agree-ments between the U.S. andJapan and promoted the expan-sion of educational exchangesbetween the two nations.

The former vice president issurvived by two sons, Williamand Theodore. His wife, Joan,died in 2014, and his daughter,Eleanor, died in 2011.

Former Vice President Wal-ter Mondale, a civil-rightschampion who lost a 1984White House bid in one of thelargest Electoral College land-slides in U.S. history, diedMonday evening at his homein Minneapolis. He was 93.

Mr. Mondale died peace-fully of natural causes, said

Kathy Tun-heim, a familyspokeswoman.

Mr. Mon-dale, the 42ndvice president,

was credited with boosting thestatus of the office with hisdeep involvement in shapingpolicy, influencing administra-tion appointments and conduct-ing foreign-policy negotiations.

“I was the first vice presi-dent to be in the White Houseworking daily with the presi-dent,” he said in a 2008 docu-mentary about his life.

Before agreeing to beJimmy Carter’s 1976 Demo-cratic running mate, Mr. Mon-dale—known as “Fritz” tofamily, friends and many vot-ers—wrote a memo outlininghis expectations should theywin. Among Mr. Mondale’s de-mands was that he be invitedto all cabinet meetings andthat the two men would conferat least weekly.

Mr. Carter, a little-knownformer governor of Georgia,needed a Washington veteranto boost public confidence inhis ability to run the nation.

“Today I mourn the passingof my dear friend Walter Mon-dale, who I consider the bestvice president in our country’shistory,” Mr. Carter said in astatement Monday evening.“During our administration,Fritz used his political skilland personal integrity totransform the vice presidencyinto a dynamic, policy-drivingforce that had never been seenbefore and still exists today.”

Before serving in Washing-ton, Mr. Mondale was Minne-sota’s attorney general in theearly 1960s after being se-lected for the post at the ageof 32. In 1964, he was ap-pointed to the Senate afterHubert H. Humphrey waselected vice president and va-cated one of Minnesota’s seatsin the chamber.

Mr. Mondale first met Mr.Humphrey—who would go onto become one of his politicalmentors—while he was a col-lege student. After graduation,Mr. Mondale didn’t haveenough money to attend lawschool, so he joined the Armyfor two years before attendingthe University of Minnesota’slaw school.

During his 12 years as asenator, he served on the Fi-

BY JOHN MCCORMICK

Vice President Transformed Role

Walter Mondale with Jimmy Carter at the 1976 Democratic National Convention, top. Thepresidential ticket would go on to victory. Then-Sen. Mondale, above left, viewed damage from the1970 Jackson State shooting in Mississippi. Police opened fire on a group of students, killing twoBlack young men. Mr. Mondale championed civil-rights legislation during his 12 years in the Senate.

ASS

OCIAT

EDPR

ESS(2)

OBITUARYWALTERMONDALE1928-2021

WASHINGTON—PresidentBiden and a bipartisan groupof lawmakers discussed alter-native ways to pay for infra-structure spending, includinga smaller increase in the cor-porate tax rate, as Republicansand Democrats aired possiblechanges to the size and scopeof the package.

The White House has pro-posed raising the corporatetax rate to 28% from 21%,along with increasing taxes onU.S. companies’ foreign earn-ings, to cover the cost of Mr.Biden’s $2.3 trillion infrastruc-ture proposal.

At the meeting Monday,lawmakers and Mr. Biden dis-cussed a more modest tax in-crease, according to multipleattendees.

Rep. Charlie Crist (D., Fla.)said lawmakers discussed thepotential for some “compro-mise wiggle room” on raisingthe corporate rate to help payfor the plan. “You could see a2 or 3% increase—maybe notall the way to 28 but 25,” hesaid of the percentage rate.

Mr. Biden has held a seriesof meetings with lawmakers ofboth parties about his pro-posal, which offers funding forimproving transportation, ex-

BY ANDREW DUEHREN

Smaller IncreaseIn Corporate TaxRate Is Discussed

The governor’sadvisersreviewed andedited draftsof the book atweekendsessions.

JOHN-CHRISTIAN.COM 888.646.6466

Your Children’s Names hand-crafted insterling silver with brilliant Swarovski crystals

set in solid gold

Order byMay5th forMother’sDay!

P2JW110000-5-A00400-17FFFF5178F

THEWALL STREET JOURNAL. Tuesday, April 20, 2021 | A5

U.S. NEWS

NASA’s Mars Ingenuity heli-copter made history earlyMonday when the small butintrepid drone became thefirst powered craft to fly onanother world, space agencyofficials announced.

Overcoming extreme cold,dangerously thin air and flawedflight software, the $85 millionautonomous copter spun itstwin carbon-fiber rotor bladesto rise about 10 feet into thethin Martian air. It hoveredbriefly in the breeze beforesafely landing at about 3:34 a.m.ET Monday back on the ground,NASA officials said. They planup to four more flights duringthe next two weeks.

As flight data streamedfrom Ingenuity to Earth onMonday, mission engineers atNASA’s Jet Propulsion Labora-tory in Southern Californiacheered and clapped.

“It’s real. It’s real,” said In-genuity project manager MiMiAung, slapping the table infront of her with glee andshowing a thumbs-up. “We cannow say human beings haveflown a drone on anotherplanet.”

Ingenuity arrived at Mars’sJezero Crater in Februaryalong with NASA’s Persever-ance rover, which was on handto capture the historic flighton camera.

The drone—stiff-legged andsmaller than a picnic basket—was designed as an engineer-ing experiment to prove thatpowered flight is possible onthe Red Planet and to helpNASA plan for a future in

was the latest milestone inMars exploration this year. InFebruary, the United ArabEmirates successfully put its$200 million Hope spacecraftin orbit around Mars to begin atwo-year weather mission. Dayslater, a Chinese probe namedTianwen-1 entered Mars orbit.China plans to land its firstrover on the surface theresometime in May or June.

The Hope and Tianwen-1missions are the first forays tothe Red Planet for both coun-tries. They joined spacecraft al-ready in orbit there from theEuropean Space Agency, theU.S. and India. NASA also hastwo other active missions un-der way on the surface, in addi-tion to Perseverance.

Ingenuity combines high-speed rotors and featherweightcarbon-fiber materials with in-expensive electronics hardwareused in smartphones—off theshelf but 150 times as powerfulas the computer microproces-sors NASA has used previouslyin space.

The thin carbon-dioxide at-mosphere of Mars posed a spe-cial challenge, Ingenuity engi-neers said. The air at theMartian surface has the samedensity as air at an altitude

above Earth of about 22 miles—far beyond the operating rangeof any conventional helicopter.The thin Martian air made ithard for Ingenuity to generatesufficient lift and to control itsrotor blades—and hard to dissi-pate the heat generated by thetiny motors that power the ro-tors, the engineers said.

“What we didn’t fully ap-preciate initially is how muchthat density changed the waythe vehicle handled,” Dr. Gripsaid. “It would be like riding abicycle with grocery bagshanging from the handle bars,swinging back and forth. Inother words, when you try tocontrol it, you don’t get acrisp clean response. You get asluggish, oscillatory response,what we call flapping.”

Ingenuity’s designersdamped the effect by makingIngenuity’s rotor blades un-usually rigid.

Once Ingenuity completesits scheduled flights, Persever-ance is expected to begin atwo-year search for signs ofpast life on Mars. The roverwill cache soil samples foreventual return to Earth by aseries of retrieval missions car-ried out jointly by NASA andthe European Space Agency.

BY ROBERT LEE HOTZ

which drones play a key rolein planetary exploration. Suchdrones could one day provideaccess to terrain that is too re-mote or rugged for rovers toreach—like Mars’s Valles Mari-neris, the largest canyon in thesolar system, or its OlympusMons shield volcano, which isabout 2.5 times the height ofMount Everest.

Ingenuity was on autopilotfor its entire flight, out ofsight, direct control or contactwith the men and women onEarth who had ordered italoft. Radio signals take toolong to travel between theplanets for any human opera-tor to intervene.

On Sunday, Ingenuity’s chiefpilot, Håvard Grip, and his col-leagues at the Jet PropulsionLaboratory had transmittedcommands across 173 millionmiles of space to set Ingenu-ity’s flight in motion. Given thetime lag in radio transmissionsresulting from the relative po-sitions of Earth and Mars andthe satellites sending back thedata, the controllers had noway of knowing that the flightwas a success until almost 16hours later when the flightdata trickled back to Earth.

Preflight weather forecastsfor Mars had NASA worried.Sensors aboard Perseveranceshowed winds within Ingenu-ity’s flight zone of 13 to 45miles an hour—almost twicethe maximum wind speed usedin flight tests of Ingenuity onEarth. Computer simulations,though, suggested Ingenuity’sautonomous flight-control sys-tems could handle even stron-ger winds safely, the engineerssaid.

They timed the flight foraround midday Mars timewhen the winds in Jezero Cra-ter were expected to be attheir lightest.

“We upload the commands

NASA CopterMakes HistoricFlight onMarsThe autonomousIngenuity becomes thefirst powered craft tofly on another world

NASA’s Mars Ingenuity helicopter took this image while hovering over the Martian surface on Monday.

NASA

/JPL-CALTEC

H/G

ETTY

IMAGES

we want to run, and then wedie inside for hours waiting tolearn what happened,” said In-genuity lead operations man-ager Tim Canham. “Then,when all the data comes back,we frantically get online andlook at it to make sure thateverything went the way we

wanted it to go.”On Monday, Dr. Grip and his

colleagues analyzed the alti-tude and position measure-ments from the helicopter’s la-ser altimeter and sensors toconfirm that Ingenuity had ac-tually flown as intended.

The history-making flight

Sources: NASA Jet Propulsion Laboratory/Caltech;The Center for Planetary Science

For Ingenuity to fly onMars, NASA engineers gave it ultra-light,compact parts and rotors capable of generating enough liftto carry it aloft. Ingenuity’s rotor blades spin five times fasterthan those of a conventional helicopter.

Mars’s air densityThe air onMars is less than1% as dense as air on Earth, withthe density at the surface roughlyequivalent to the density at analtitude of about 22miles abovethe Earth’s surface.

Stratosphere

Troposphere

31miles

56miles

8miles

TrTropopopop phpherphphererosososopoopopTropTrTrTrTrTr phphpherphph

St tosphehehehe

ere

re

Mesosphere

Earth’s surface

Achieving Liftoff

Helicopters on Earth generallydon’t fly above 10,000 ft. Noconventional aircraft could flyonMars because theMartianatmosphere is too thin.

INGENUITY SIZE COMPARISON

1-800-776-6767 | ChildFund.org

It makes things better.Let’s walk together.

You connect with her, and she connects with what she needs to grow up healthy, educated and safe.

When we all connect, we make things better for millions of children around the world. And their families.And their communities. And their countries. And you.

Come walk with us. Together we can all get to a better place.

P2JW110000-0-A00500-1--------XA

A6 | Tuesday, April 20, 2021 * * * * THEWALL STREET JOURNAL.

U.S. NEWS

WASHINGTON

Proud Boys LeadersOrdered Detained

A judge ordered two leadersof the far-right Proud Boys de-tained pending trial for their al-leged involvement in the Jan. 6Capitol riot.

Ethan Nordean of Washingtonstate and Joseph Randall Biggs ofFlorida face federal charges tiedto their alleged involvement in thepro-Trump Jan. 6 riot at the U.S.Capitol, including conspiring to ob-struct the certification of Presi-dent Biden’s victory in the 2020election. Messrs. Nordean andBiggs, who have pleaded notguilty, were charged earlier thisyear and have been confined tohome detention.

Timothy J. Kelly, a federaljudge in Washington, D.C., said theseverity of the charges facing thetwo men swayed his decision todetain them. For close to an hour,

Judge Kelly read from the men’ssocial-media posts and other evi-dence filed by prosecutors, whichrecounted how both men had al-legedly organized members of theProud Boys to come to Washing-ton on Jan. 6 and eventually toriot inside the Capitol.

An earlier Wall Street Journalinvestigation found that theProud Boys, who describe them-selves as a men’s organization for“Western chauvinists,” were keyinstigators of the riot.

Mr. Biggs’s attorney declinedto comment on any appeal ofthe ruling, and Mr. Nordean’s at-torneys had no immediate com-ment.

—Rachael Levy

TEXAS, WISCONSIN

Suspects ArrestedIn 2 Fatal Shootings

Police in Texas and Wisconsinsaid they arrested suspects in

two shootings over the weekendthat left a total of six peopledead in incidents where theshooters appeared to know thevictims.

In Kenosha County, Wis., thesheriff’s department said an indi-vidual would be charged withfirst-degree intentional homicide,with other charges to follow asthe investigation continues.

At about 12:42 a.m. Sunday,three men died after being shotat a tavern in the village of Som-ers, Wis., according to the depart-ment. Three other men were hos-pitalized with gunshot wounds.

“We don’t believe this was arandom act,” Kenosha CountySheriff David Beth said.

In Austin, Texas, police ar-rested Stephen Broderick, 41years old, following another Sun-day morning shooting in whichtwo women and one man werekilled, according to the TravisCounty Sheriff’s Department.

Mr. Broderick, who is a former

deputy in the department, wastaken into custody at about 7a.m. Monday, following a manhuntovernight, after a resident called911 and said they had seen him.

An attorney who previouslyrepresented Mr. Broderick couldn’tbe reached to comment.

—Kris Maher

INDIANAPOLIS

Prosecutor Couldn’tUse Red Flag Law

The Marion County prosecutorsaid Monday he had lacked suffi-cient evidence to use Indiana’sred flag law to pursue a court or-der that would have preventedBrandon Hole from obtaining thefirearms he used to kill eightpeople.

Mr. Hole, a 19-year-old formeremployee of FedEx Corp., wenton a shooting spree before tak-ing his own life at the company’sground facility Thursday night.

the attack.But as investigators

scoured hundreds of thou-sands of pieces of digital me-dia in the early weeks of theinvestigation, they didn’t im-mediately locate clear footageindicating what happened toMr. Sicknick, leaving them un-sure of what might have con-tributed to his death, officialshave said.

After reviewing body-worncamera footage from a Wash-ington police officer who wasstanding next to Mr. Sicknick,investigators accused two menof working together on Jan. 6to spray officers directly intheir faces and eyes to coin-cide with other rioters’ effortsto forcibly remove bike-rackbarriers to get closer to theCapitol, according to the affi-davit for their arrest.

The two men, 32-year-oldJulian Khater of Pennsylvaniaand 39-year-old George Taniosof West Virginia, face charges

for the alleged assault that in-clude conspiring to injure anofficer; assaulting a federal of-ficer with a dangerousweapon; civil disorder; ob-structing an official proceed-ing; and engaging in physicalviolence on restricted groundswhile carrying a dangerousweapon that resulted in signif-icant bodily injury, amongother counts. Some of thosecarry the potential for lengthyprison sentences, with maxi-mum terms of 20 years. Theexaminer’s report appears torule out the possibility ofprosecutors charging the menwith an assault leading to theofficer’s death.

Both have pleaded notguilty to the charges and re-main detained pending theirtrial. A federal magistratejudge in West Virginia orderedMr. Tanios held, saying he“poses a danger to others andthe community” based on hisadvance purchase of the

sprays and his questioning afirearms-store employee “as towhether he could take a fire-arm or a pepper ball gun intoWashington, D.C.,” amongother factors.

Footage from after 2 p.m.on the day of the riot showsthe two men walking togethertoward the lower west terraceof the Capitol building. Videoshowed Mr. Khater telling Mr.Tanios, “Give me that bearshit,” and reaching into abackpack, the document said.Mr. Tanios responded, “Holdon, hold on, not yet, notyet…it’s still early,” the affida-vit said.

Soon afterward, footagefrom the body camera showedMr. Khater with his right armheld high in the air, aiming acanister at several officers in-cluding Mr. Sicknick. The offi-cers “all react, one by one, tosomething striking them in theface,” the document said, add-ing that the officers were tem-

tol Rotunda, where PresidentBiden and first lady Jill Bidenwere among those who paidtheir respects. House SpeakerNancy Pelosi (D., Calif.) andSenate Majority Leader ChuckSchumer (D., N.Y.) held a cere-monial arrival for Mr. Sick-nick’s remains before a view-ing period for Capitol Policeofficers.

The investigation into thestorming of the U.S. Capitolhas already led to federalcriminal charges against morethan 400 people, many ofwhom were identified by videoand social-media posts from

ContinuedfromPageOne

Officer’sDeath CitedAs Natural

Apple Inc. plans to makethe social-media app Parleravailable through its AppStore again, the computer andsmartphone company said in aletter to lawmakers on Mon-day.

After the attack on the Cap-itol on Jan. 6 by a pro-Trumpmob, as lawmakers were gath-ered to certify President Bi-den’s victory, Apple and otherbig tech companies movedquickly to sever ties with Par-ler, which had given some peo-ple involved in the attack a fo-rum for discussing their plans.Amazon.com Inc. suspendedParler from its web-hostingservices. Google parent Alpha-bet Inc., like Apple, also re-moved Parler from its appstore.

In a letter to Sen. Mike Leeof Utah and Rep. Ken Buck ofColorado, both Republicans,Apple said Monday that a re-vised version of the Parler appwith improved content moder-ation would be approved forrelease to Apple users.

The letter from Apple wasposted on Twitter by Mr. Buck,and it was confirmed by Mr.Lee’s office. Apple declined tocomment. Parler didn’t re-spond to requests for com-ment.

In the letter, Apple stood byits initial decision to removeParler from the app store, cit-ing posts that denigratedraces and religions, promotedNazi ideology and called forviolence. Since January, Applehas had “substantial conversa-tions” with Parler, and the appmaker proposed updates to itsplatform and its content-mod-eration policies, Apple said.

“The App Review Team hasinformed Parler as of April 14,2021 that its proposed up-dated app will be approved forreinstatement to the AppStore,” the letter said.

The letter, which didn’t ex-plain what changes Parler un-dertook, came in response toan inquiry that Messrs. Leeand Buck sent to Apple lastmonth.

Mr. Buck said on Twitterthat the decision was a “hugewin for free speech.”

Parler LLC, which launchedin 2018, landed in the middleof a debate about internetcompanies and free speech asit grew in popularity amongsupporters of then-PresidentDonald Trump.

Parler is similar in formatto Twitter Inc.’s platform. Itsrise coincided with more ag-gressive efforts on Twitter’spart to flag or remove contentTwitter deemed objectionableor misleading.

As of February, Parler saidit had more than 20 millionusers, according to MarkMeckler, its interim chief exec-utive.

Parler held itself out as aTwitter competitor that wouldtake a hands-off approachmoderating content.

That policy made the plat-form an attractive onlinemeeting place for supportersof the president’, who grewaggrieved at Twitter’s ap-proach to content moderationas Mr. Trump worked to over-turn the results of the 2020presidential election and asTwitter eventually suspendedhis account.

In response to criticismthat it served as a stagingground for the Capitol attack,Parler has said that it referreddozens of examples of violentcontent to the FBI in theweeks before the mob attack.

Apple had previously de-nied an earlier attempt by Par-ler to seek reinstatement.

BY MATT GROSSMAN

Apple toReinstateApp ItPulledAfterRiot

U.S.WATCH

The Bureau of Alcohol, To-bacco, Firearms and Explosivesconducted a trace on the twoweapons used in the attack andfound Mr. Hole purchased the ri-fles legally in July and Septem-ber 2020, the Indianapolis Metro-politan Police Department said.

Indiana has a red flag lawthat allows police to seize a fire-arm from a suspect who is con-sidered to be a danger to himselfor others.

Any seizure requires a courthearing within 14 days to deter-mine the suspect’s threat level. Afinding of dangerousness mightlead not only to the seizure ofthe firearm, but to a ban on ob-taining others.

While Mr. Hole was on the ra-dar of law enforcement as some-one with mental-health issuesand potentially violent tenden-cies, he never had such a hear-ing, said Marion County Prosecu-tor Ryan Mears.

—Laura KusistoThe app Parler held itself outas a rival to Twitter.

OLIVIERDOULIER

Y/AFP

/GET

TYIM

AGES

porarily blinded and soughtmedical attention. One of theofficers “reported lasting inju-ries underneath her eyes, in-cluding scabbing that re-mained on her face for weeks,”the document said.

On April 7, the medical ex-aminer’s office said it had de-termined that four others hadalso died as a result of the at-tack, including Ashli Babbitt,who was fatally shot by a Cap-itol Police officer as she at-tempted to jump through shat-tered glass at the door to theSpeaker’s Lobby. Two other ri-oters died of heart conditionsduring the events of Jan. 6,and another died of an am-phetamine intoxication, themedical examiner’s office said.

Investigators have deter-mined that the police officerwho shot Ms. Babbittshouldn’t be charged with anycrimes.

—Tawnell D. Hobbscontributed to this article.

A memorial in Washington for Capitol Police Officer Brian Sicknick, who died Jan. 7 at age 42. He had been attacked a day earlier during the Capitol riot.

RODLA

MKE

Y/CN

P/ZU

MAPR

ESS

WASHINGTON—The Su-preme Court appeared unre-ceptive Monday to argumentsthat federal law allows noncit-izens to seek lawful perma-nent residency when they en-tered the U.S. illegally butwere later authorized to re-main because of disasters intheir homelands.

Some 400,000 people fromabout a dozen countries havetemporary protected statuspermitting them to remain inthe U.S. Despite the program’sname, all arrived at least fiveyears ago. And the majorityhave been in the U.S. for de-cades, as successive adminis-trations extended the re-prieves originally grantedbecause of natural or humani-tarian disasters, such as the2010 earthquake in Haiti.

In general, federal law re-quires that noncitizens be “in-spected and admitted or pa-roled” to the U.S. and maintainlawful status as nonimmi-grants to later seek permanent

residency. While temporaryprotected status means non-citizens can legally stay in theU.S., the issue was whether italso confers lawful admissionto the country.

Justice Samuel Alito ex-pressed his doubts. Why, heasked, would Congress “leaveit to the courts to infer that‘lawful status as a nonimmi-grant’ necessarily means in-spection and admission?”

“Some of those forms oflawful status, such as asylum,do not require admission,”said Amy Saharia, the lawyerrepresenting the plaintiffs.“But Congress chose a form oflawful status, nonimmigrantstatus, in which admission isinherent,” she said.

Ms. Saharia’s clients, JoseSanchez and Sonia Gonzalez, amarried couple from El Salva-dor, entered the U.S. illegallyin the 1990s but obtained tem-porary protected status afterearthquakes struck theirhomeland in 2001. They ap-plied for permanent residencyin 2014 but were turned downby U.S. Citizenship and Immi-

gration Services because theyhadn’t formally been admitted.

The couple sued, arguingthat by conferring temporarystatus the government effec-tively had granted them lawfuladmission. A federal appealscourt in Philadelphia dis-

agreed, holding that while thecouple currently had legal sta-tus, they never had been law-fully admitted.

“Congress created an ex-ception to the admission re-quirement for some aliens butdid not do so for TPS recipi-ents,” Judge Thomas Hardi-man wrote for that court.

Justice Brett Kavanaugh ac-knowledged that the precari-ous nature of temporary pro-tected status “puts the people

in a very awkward positionyear after year,” depending onthe administration’s decisionto extend the designation.

But, he told Ms. Saharia,“the questions my colleagueshave pointed out and JudgeHardiman’s opinion in theThird Circuit point out thatyou have an uphill climb, tex-tually speaking.”

The House, Justice Ka-vanaugh noted, recentlypassed an immigration bill.“We need to be careful abouttinkering with the immigrationstatutes as written, particu-larly when Congress has such aprimary role here,” he said.

The Trump administrationsought to terminate protectedstatus designations forsome countries, including ElSalvador, Haiti and Honduras,after concluding conditionsthere had stabilized. Those ac-tions were tied up in courtand remained unresolvedwhen President Biden, promis-ing a more generous immigra-tion policy, took office. Lastmonth, Homeland SecuritySecretary Alejandro Mayorkas

designated Myanmar for 18months of temporary pro-tected status because of thegovernment’s violence againstcivilians following a militarycoup.

At the Supreme Court, theadministration argued that thejustices should defer to thegovernment’s reading of therelevant law in determiningthat the couple was ineligiblefor green cards.

Chief Justice John Robertspicked up on that distinction,which signaled that the ad-ministration wants flexibilityto loosen the standards forpermanent residency.

“I was struck by the extentto which your brief undersoldyour position,” he told JusticeDepartment attorney MichaelHuston. “Throughout it, yousaid things like, ‘The textdoesn’t foreclose your posi-tion’ and ‘Congress did not un-ambiguously mandate the op-ponent’s position,’” he said.

Mr. Huston said that Home-land Security could take a dif-ferent position after further re-view.

BY JESS BRAVINAND BRENT KENDALL

Justices Weigh Migrant Statuses

At issue is protectivestatus for those fromnations wheredisasters struck.

P2JW110000-4-A00600-1--------XA

THEWALL STREET JOURNAL. Tuesday, April 20, 2021 | A7

compared with 9.6 in 2014. Partof the problem is that the de-cades of the one-child policymean there are now simplyfewer people of marriage age.

Alarmed also by a rise indivorces, Chinese authoritiesthis year instituted a 30-daycooling-off period for coupleswho seek to split up. The wait,during which either party canopt out, can be especially dis-advantageous for women try-ing to get out of abusive mar-riages, says Feng Yuan, co-founder of Equality, a Beijinggroup focused on preventingviolence against women.

Of divorce cases that go tocourt, more than 70% are initi-ated by women, China’s high-est-ranking judge has said. Law-yers and activists say judgesroutinely turn down divorce fil-ings the first time around. Only38% of cases adjudicated incourt were granted a divorce in2018, said the Civil Affairs Min-istry, the lowest ever.

values, including conservativeviews of women’s role in thefamily, into his China Dream ofnationalist revival, says DerekHird of Lancaster University.

“If you’ve got these highlyeducated women who don’twant to get married, that thenbecomes part of the demo-graphic worries and concernsthat play into this larger dis-course on family values.”

The state-sponsored All-China Women’s Federation, themain organ through which theCommunist Party spreads itsmessaging for women, didn’t re-spond to a request to comment.

While saying there shouldbe equality between womenand men, Mr. Xi stresses thatsociety must “give full play tothe unique role of women inpromoting the family virtuesof the Chinese nation.”

Despite such rhetoric, fewerChinese marry every year. In2019, China’s marriage registra-tions were 6.6 per 1,000 people,

Beijing, women her age wouldhave married long ago and hadchildren. She is content beingsingle and indulging interestssuch as shooting videos andgoing out with her friends. “Ifsomebody brought up mar-riage, I’d run away,” she says.

Most of the women who areresisting marriage and chil-dren wouldn’t call themselvesfeminists, said Leta HongFincher, who has written twobooks about Chinese women.

“The biggest challenge forthe government is ordinarywomen just pushing backagainst pressure to get marriedand have children,” she says.

In 1990, almost all Chinesewomen married before the ageof 30, according to Wang Feng,a sociology professor at theUniversity of California, Irvine.By 2015, in cities like Shanghai,around one-fifth of women werestill unmarried by their 30thbirthday, Prof. Wang estimates.

Mr. Xi has built Confucian

Caroline Chen, 32, a per-sonal trainer in Beijing, saysback in her hometown ofZhangjiakou, about an hour’shigh-speed train ride north of

In China, fewer peoplemarrywhile the divorce rate is up.

Marriage and divorce per1,000 people

Source: China’s Ministry of Civil Affairs

10

0

2

4

6

8

2014 ’15 ’16 ’17 ’18 ’19

Marriage

Divorce

decade census, which had beenexpected by early April buthave yet to be released. De-mographers expect the data toshow a sharp drop in births in2020, the fourth straight de-cline following a brief rise in2016, the first year after theone-child policy was lifted.

“What are they afraid of?”asks one user in reference tothe deleted accounts. “Arethey afraid of more womenwaking up? Are they panickingwhen seeing the fertility ratesand marriage rates?”

Neither Douban nor Weiboresponded to requests to com-ment. Weibo said in a post onits verified official account thatsome accounts were taken downbecause they were “related toillegal or hurtful information.”It didn’t elaborate. A spokes-woman for China’s National Sta-tistics Bureau said in a Fridaybriefing that the agency neededadditional time on the censusbecause there was more data toprocess than in previous ones.

Many women, especially incities, say they are in no hurryto get married and have afamily.

Liang Wei, 28 years old,says she has gone on at mostone date a year since her lastserious relationship ended fouryears ago. With a job at aShanghai education consultingfirm, she is financially indepen-dent. She has told her anxiousparents in Jiangxi province notto pressure her. “Maybe I’llnever marry,” she says.

the export of key raw materi-als for vaccines, an attempt byWashington to speed up manu-facturing at home.

The lack of clarity has madeplanning difficult.

Officials at the Africa Cen-ters for Disease Control andPrevention and the WHO sug-gested recently that govern-ments might consider givingpriority to a first shot for asmany people as possible, evenif it means delaying seconddoses and despite a lack ofclear data on how efficacycould drop without a booster.

ContinuedfromPageOne

peak.As of 10 p.m. local time,

shops and businesses wereforced to shut and people’smovements were restricted toaccessing and providing essen-tial services. Some states, in-cluding Maharashtra, home tothe financial capital of Mum-bai, have already imposed cur-fews and limited gatherings tono more than four people.Malls, restaurants, bars andplaces of worship have beenshut in some places, but NewDelhi is the first to reimpose

sweeping measures like theones employed last spring.

The rapidly rising numbershave also added urgency toone of the world’s largest vac-cination campaigns. India hasadministered 120 million dosesto its population of nearly 1.4billion.

On Monday, the govern-ment said it would expandvaccinations to everyone 18and older starting May 1. Thedoses had previously been re-stricted to those 45 and older.

Public-health experts

pointed to a combination offactors fueling the surge, in-cluding the circulation of newvariants that appear to bemore infectious than the origi-nal virus and the relaxation ofprecautions like wearingmasks and social distancing asthe number of cases droppedin recent months.

“We just let our guarddown,” said Amir Ullah Khan,research director at the Centrefor Development Policy andPractice, a think tank based inHyderabad.

Dr. Khan pointed to poten-tial superspreader events suchas the recent political ralliesheld ahead of state electionsin West Bengal, which havedrawn tens of thousands ofmostly unmasked people. Hun-dreds of thousands of devoutHindus crowded along theGanges this month for theKumbh Mela festival, duringwhich people bathe in theriver to wash away their sins.

“No political leader wasever seen wearing a mask, oreven talking about it,” Dr.

WORLD NEWS

Khan said. “The signal thatwent out was that, ‘Everythingis over. We have recovered.’ ”

A number of highly conta-gious variants of the originalcoronavirus have also beencirculating across the country.In March, India’s Health Minis-try said the U.K., South Africaand Brazil variants had allbeen found in collected sam-ples, along with a new “dou-ble-mutant variant” that mayhave originated in India.

By mid-April, the U.K vari-ant had become the dominantvariant in the northern stateof Punjab, public-health ex-perts said. The double-mutantvariant had taken over as themost common one in the stateof Maharashtra.

Little is known so far aboutthe double-mutant variant,which gets its name because ithas two mutations seen sepa-rately in other variants butnot in the same variant.

The variant has been de-tected in 21 countries, accord-ing to researchers at four uni-versities who track virallineages. Genetic sequencinghas turned up cases in theU.S., Germany, Turkey and Ni-geria, among others.

Doctors in India say theyare seeing differences both inthe pace at which the infec-tions are spreading through-out the population and theages of people turning up athospitals, with more youngpeople being affected this timearound.

“This wave is enormous,”said Parv Mittal, a doctor at aprivate hospital in Delhi. “Ear-lier, the elderly were gettinginfected. This time, it is theyounger population at risk.”

NEW DELHI—India imposeda lockdown on its capital cityand said it would expand itsvaccination program to alladults, as the country strug-gled to keep the world’s fast-est-growing surge of Covid-19infections from overwhelmingits healthcare system.

India has sought to avoidthe strict lockdowns that pun-ished its economy last spring,but the New Delhi Chief Minis-ter Arvind Kejriwal on Mondaysaid the step was necessary toavoid an even bigger disaster:a complete breakdown of itshospitals. Already, some wereturning away patients andrunning low on oxygen andother supplies.

“I don’t say that the systemhas collapsed, but it hasreached its limits,” he said.

The latest wave of caseshas risen much faster than thecountry’s monthslong surgelast year, moving the countryto the center of a pandemicthat has killed at least threemillion people world-wide. In-dia has reported more than200,000 new daily infectionsfor five days straight, with thenumber surpassing 270,000 onMonday.

On Monday, Delhi reported25,463 infections in the past24 hours, nearly three timesits biggest daily tally of 8,500cases during a November

BY VIBHUTI AGARWALAND SHAN LI

India Locks Down Capital, Boosts ShotsSurge in Covid-19 casesspurs New Delhi curbs,opening of vaccinationsto all adults in nation

People crowded a bus station in New Delhi on Monday to get home before a weeklong government-ordered lockdown took effect.

JALE

ESANDRA

BI/A

GEN

CEFR

ANCE

-PRE

SSE/GET

TYIM

AGES

“We are in a bind as a conti-nent,” John Nkengasong, thehead of the Africa CDC, said lastweek. “We cannot predict whenthe second doses will come andthat is not good for our vacci-nation program.” Dr. Nkengas-ong added that even without abooster, one dose of the Astra-Zeneca vaccine should protectagainst serious Covid-19.

Other countries, meanwhile,are struggling to administer thefew vaccines they have received.

One reason for low demandfor vaccines in some countries,health officials said, is the de-cision by some European coun-tries to restrict the use of theAstraZeneca vaccine for youn-ger people amid reports of arare but severe blood-clottingdisorder. Health authorities inthe U.S. last week also pausedthe rollout of a vaccine madeby Johnson & Johnson as theyinvestigate similar reports. Co-vax and the African Union have

lodged big orders for the J&Jshot for the second half of theyear.

“There is a lot of misinfor-mation out there and this neg-ative messaging especially inEurope and America is themain reason our vaccinationstook off to a slow start,” saidDiana Atwine, the permanentsecretary at Uganda’s healthministry. “Enthusiasm has beenlow because people are beingtold bad things about the vac-cine.” Uganda, a country of 45million, has administered justover 200,000 of the 964,000doses it received in March.

A lack of investment in vac-cination logistics, includingmessaging to the public, is alsoslowing the rollout. U.S.-basedhealth charity CARE estimatesthat for every $1 spent on vac-cine doses, governments needto invest an extra $5 in gettingthem into people’s arms.

But the Covax division

meant to help countries pre-pare for vaccine rollouts hasreceived only around $600 mil-lion in contributions, leaving agap of $7.3 billion for this year,and the World Bank has com-mitted just $2 billion of a $12billion financing package meant

to help countries buy and dis-tribute vaccines and strengthentheir health systems.

Some $9 billion has beendonated to Covax to buy vac-cines, even though large pur-chases by rich countries meanthat most doses won’t becomeavailable until later in the year.

In Uganda, authorities arerunning advertisements urgingvaccinations, but the postersand billboards that were main-stays of earlier vaccination cam-paigns, including for measlesand polio, are absent. Outsidethe capital, Kampala, the elderlyoften lack the transport neededto reach vaccination sites. Ahigh illiteracy rate also meanssome people struggle to readthe consent form they need tosign, health officials said.

“If we got access to moremoney, we could be able tospeed up the process,” said VeraDaves, the finance minister ofAngola, which has used lessthan half of its Covax doses.

The WHO and other agen-cies are adapting their guid-ance in light of the supplyshortages. In a notice postedon a network for internationalimmunization professionals inMarch, the WHO suggestedthat countries dependent on

Covax could focus on getting asmany people as possible a firstdose, even at the risk of delay-ing a second by more than therecommended 12 weeks.

That “would substantiallyincrease the number of deathsprevented,” the notice says.But the WHO also says the lev-els of antibodies triggered bythe vaccine drop by around athird 90 days after the firstdose. There is only limiteddata on what happens to vac-cine efficacy thereafter, it says.

Tulio de Oliveira, a geneticistat the Nelson Mandela School ofMedicine in South Africa, saidthe risk that the shot becomesless efficacious without a timelybooster was especially high forcountries battling variants.

But, he added, “If it’s thechoice between no vaccine andone vaccine…then one doesn’thave a lot to lose on an indi-vidual level. What one can loseis vaccine trust.”

InoculationStagnatesFor Poorest

Cuts in vaccineexports are wideninga gap between richand poor nations.

Under Xi Jinping, the Com-munist Party has brought backtalk of family values andwomen’s importance as care-takers, messages that manywomen say are out of stepwith their thinking on when—or even whether—to marry.

The party has long prided it-self on promoting gender equal-ity, but demands that house-holds follow its priorities of themoment. The emphasis onwomen’s role in educating chil-dren and caring for the elderlycomes as birth and marriagerates drop, trends that may havedire economic consequences.

In the early years of Com-munist rule, Mao Zedongurged women to join the work-force to help build the nationand to hold off on marryingand having children. Latercame edicts that couples couldhave only one child to avoidrunaway population growth.

During Mr. Xi’s time inpower, new party slogans em-phasizing “family, family educa-tion and family virtues” or “passon the red gene” have been cou-pled with efforts to censorvoices on women’s rights.

In recent days, more than adozen accounts used bywomen’s-rights groups weredeleted from the Weibo social-media platform and cultural-discussion site Douban.com.

The deletions came as Chinaawaits the results of a once-a-

BY CHAO DENGAND LIYAN QI

China StressesFamily Values asMarriages Decline

In 1990, almost all Chinese women married before the age of 30. Now many say they are in no hurry to wed and have a family.

KEVIN

FRAY

ER/G

ETTY

IMAGES

P2JW110000-0-A00700-1--------XA

A8 | Tuesday, April 20, 2021 * * * * THEWALL STREET JOURNAL.

WORLD NEWS

closing price of nearly 39cents on Monday and less thana penny in January.

Both episodes underscorethe scale and potency of thecurrent retail-trading environ-ment in which organized ef-forts in online communitiescan make a surprisingly largeimpact on market prices. Theyalso reflect expectations thatprices will continue rising, andas such they embody risksthat these sudden fortuneswill be wiped out when thewinds of the markets shift.

“A lot of people coming inhaven’t been around that long,and haven’t seen bitcoincrash,” said Robert Drach, anasset manager at Drach Advi-sors in Tallahassee, Fla.

For now, the rise and fall offavored assets in online fo-rums has largely been con-tained. GameStop’s surgepeaked in January and fizzledwithout hitting major indexes.That said, many investors arekeeping an eye on these mar-ket oddities, reasoning that aprecipitous fall in the price ofdogecoin or bitcoin couldprompt hedge funds and other

large investors to reduce riskyholdings and contribute to abroader retreat from risk.

Though there is no reasonright now to worry that stocksare on the verge of a sharppullback, dogecoin’s rise “feelsto me like a bubble,” Mr. Drachsaid. “That’s always concern-ing to me, not just for doge-

coin investors, but regular eq-uities investors.”

For now, dogecoin’s sharprise is vindicating one of thestrange but true facts of 2021:The most unconventionaltrades can sometimes yieldoutsize gains. Someone whoinvested $10,000 in dogecoinon Dec. 31 would haveamassed more than $821,000as of Monday, according todata from Kraken. The samemoney invested in shares ofGameStop would have yieldedjust under $87,250, and in anindex fund tracking the S&P500 nearly $11,150, includingdividends.

Should dogecoin go on tohit $1, its value would exceedblue-chip companies includingAdvanced Micro Devices Inc.,CVS Health Corp. and GeneralMotors Co.

“This is absurd,” said BillyMarkus, the co-creator ofdogecoin. “I haven’t seen any-thing like it. It’s one of thosethings that once it starts goingup, it might keep going up.”

Dogecoin serves no pur-pose, and unlike bitcoin, facesno limit on the number of

coins that can exist. Each day,computers solve mathematicalpuzzles to unlock new coins.About 129.2 billion dogecoinwere in circulation Monday,according to CoinDesk.

Cryptocurrencies tend to beespecially volatile, prone todouble-digit percentageswings in a single day. Thelisting of exchange operatorCoinbase Global Inc. sentprices of bitcoin and ether torecords last week. On Sunday,bitcoin fell more than 10% onspeculation that the TreasuryDepartment was weighing tak-ing action against some insti-tutions over money launderingusing cryptocurrencies.

Traders said they startedpromoting “Doge Day” afterseeing a new advertising cam-paign on Twitter from Con-agra Brands Inc.’s Slim Jim ac-count. The snack-food brand,which frequently uses memesto draw attention online, saidit planned to launch some-thing called DogeSlimJim onTuesday and exhorted the“DogeArmy” to spread theword. Its account was plas-tered with memes of the Shiba

Inu dog that inspired the cre-ation of dogecoin.

Lanie Friedman, a spokes-woman for Conagra, said thebrand planned to launch adoge-inspired digital product.She declined to provide fur-ther details and said SlimJim’s campaign was unrelatedto the value of dogecoin.

Shaun Becker, who lives inPhoenix, began promoting“Doge Day” on his Twitter ac-count after seeing tweets fromSlim Jim. The 36-year-old risk-and-compliance analyst saidhe first bought dogecoin onFeb. 8, as celebrities includingTesla Chief Executive ElonMusk and rapper Snoop Doggpromoted it. Mr. Becker’s$1,179.42 investment in doge-coin was worth $4,477 Mon-day, when dogecoin tradednear 39 cents.

“I’m very confident that onTuesday, it’s probably going tohit at least $1,” Mr. Beckersaid in an interview. “Even ifyou throw in $100, you candouble your money. I don’twant anyone to make a riskyinvestment. I just want every-one to get a piece of the pie.”

Firefighters in Cape Town,South Africa, finally brought awildfire under control Mondayafter it swept across the slopesof the city’s famed Table Moun-tain, burning the university’s his-toric library and forcing theevacuation of some neighbor-hoods.

The fire, which started earlySunday, was “largely contained”more than 24 hours later, cityofficials said. The smolderingblaze is being watched for flare-ups amid high winds and hot,dry conditions.

The fire badly damaged thelibrary and other buildings on

the campus of the University ofCape Town on Sunday, as wellas other nearby historic build-ings. Fueled by the high winds,the fire spread through the wildbush on the mountain slopes to-ward the city’s center and thesurrounding residential areas.

Devil’s Peak, one of the iconicpoints of the mountain thatoverlooks downtown Cape Town,was lit up by flames as the fireraged through the night. Resi-dents of suburbs on the moun-tain slopes were evacuated earlyMonday as the blaze came dan-gerously close to their homes.

Fire-fighting helicopters with

water containers suspended onropes had been scooping up wa-ter from swimming pools andthe nearby ocean and dumpingit on the fire. But they weregrounded on Monday because ofthe strong winds.

Four firefighters were injuredbattling the blaze on the slopes,officials said.

A man in his 30s was ar-rested on suspicion of arson forsetting additional fires, anothercity official said, but it isn’t clearif he was responsible for start-ing the blaze. The man was ar-rested after witnesses reportedseeing three people moving

through flames setting morefires, said Cape Town safety andsecurity official JP Smith.

The city commissioned a fo-rensic fire investigator to look intothe cause of the fires, he said.

One fire damaged four build-ings at the University of CapeTown. The Jagger Library’s mainreading room, where rare andunique African books and manu-scripts were kept, was guttedand some of the “priceless”works were lost, the universitysaid. Others were saved afterfire-proof doors activated andsealed off parts of the library.

—Associated Press

been “assessed as satisfactory”and a doctor has been examin-ing him every day, they said.He had also consented to beingprescribed “vitamin therapy,”they added, without detailingthe nature of such treatment.

Mr. Navalny has been on ahunger strike for about threeweeks over what he has calledpoor treatment since he wasincarcerated in February. Hehas accused authorities of lackof medical attention for whathe described as debilitatingback pain and numbness in hislegs and one hand.

“I have a 100% hard-coreprison hunger strike, withoutany tricks like sweet tea,salted water, juice, vitamins,etc. Only water,” he said incomments posted on his Insta-gram page on April 7.

In other social-media com-ments, Mr. Navalny said prisonofficials were threatening toforce feed him, including byputting him in a straitjacket.The opposition politician alsosaid prison guards were tryingto tempt him to eat by slip-ping candies into his pocketand frying chicken in theprison kitchen.

Prison authorities didn’t re-

spond to a request to commenton whether they had tried toforce feed Mr. Navalny or in-tended to do so.

Doctors have indicated thatthe numbness he has com-plained of could be the resultof the poison attack that Mr.Navalny suffered in August.

The U.S. warned Sundaythat there would be conse-quences if Mr. Navalny diedwhile incarcerated.

“We in no way acknowledgesuch statements, which arevoiced by representatives ofother states,” Kremlin presiden-tial spokesman Dmitry Peskovsaid. “The state of the health ofconvicts and prisoners on theterritory of the Russian Federa-tion cannot and should not be atopic for their interest.”

Mr. Peskov said he was un-aware of Mr. Navalny’s healthstatus and couldn’t trust me-dia reports regarding his con-dition.

On Monday, White Housepress secretary Jen Psaki toldreporters that U.S. officialswould “continue to reiterateour view that what happens toMr. Navalny in the custody ofthe Russian government is theresponsibility of the Russian

MOSCOW—Jailed opposi-tion politician Alexei Navalnywas hospitalized on Monday,weeks after beginning a hun-ger strike, as the Kremlinbrushed off warnings from theU.S. of repercussions if hewere to die while in prison.

His hospitalization came aday after his supporters calledfor large-scale demonstrationsto demand his release afterdoctors with ties to the opposi-tion leader cited medical testresults they said showed he wasat risk of imminent renal failureand a possible heart attack.

Mr. Navalny, a prominentPutin critic who is serving a2½-year prison sentence afterbeing convicted of violating pa-role conditions, was trans-ferred to a hospital for convictswithin the prison system inRussia’s Vladimir region, prisonauthorities said Monday.

His health condition had

BY ANN M. SIMMONS

Lengthy Hunger StrikePuts Navalny in HospitalKremlin dismisses U.S.warnings, as backersof opposition leaderpress calls for release

government and that they willbe held accountable by the in-ternational community.”

In the meantime, the U.Swould “continue to call for,push for, [Mr. Navalny’s] re-lease and reiterate our viewthat he must be treated hu-manely,” she said.

Prison authorities have re-fused to let a doctor of Mr.Navalny’s choice assess himand said he is receiving allnecessary medical care andbeing treated like all other in-mates in accordance with thelaw.

Allies of Mr. Navalny, in-

cluding doctors who have beentrying to gain access to exam-ine him, expressed dissatisfac-tion over the facility wherethe politician was moved to.On its website, it describes it-self as a tuberculosis hospital.

“This is not a hospital atall, where they can diagnoseand prescribe treatment forhis problems,” the team of An-astasia Vasilieva, director ofthe Alliance of Doctors medi-cal workers’ union, said onTwitter. “We urgently demandto hold a consultation and ad-mit us, his attending physi-cians, to [attend] it.”

Prison hospital officialsdidn’t respond to a request tocomment on whether Mr. Na-valny would be housed withtuberculosis patients.

Supporters of Mr. Navalnyhave called for nationwide pro-tests on Wednesday to demandhis release. The same day, Pres-ident Vladimir Putin is expectedto give his annual address tothe national legislature.

Mr. Peskov said he didn’tknow of any organizations inRussia that had applied forpermission to hold a rally, butwas aware of calls for protestsin Russia from abroad.

Alexei Navalny was transferred to a prison hospital at a penal colony in the town of Vladimir, Russia.

DIM

ITARDILKO

FF/A

GEN

CEFR

ANCE

-PRE

SSE/GET

TYIM

AGES

Cape Town Fires Under Control After Burning Historic Buildings

MIKEHUTC

HINGS/

REUTE

RS

over the past year.The cryptocurrency’s rise is

reminiscent of GameStopCorp.’s stunning advance ear-lier this year, an episode inwhich traders congregating onReddit and other social-mediaplatforms made a past-primemall retailer into a stock-mar-ket superpower.

This time, dogecoin’s buy-ers have gone a step further,turning what was meant as aparody into a real asset, pro-viding some traders who piledin early with unimaginablegains. The latest stage of thefrenzy centers on Tuesdayhaving been deemed “DogeDay” in online forums, aloosely organized bid to pushthe price of the cryptocur-rency to $1, from a 5 p.m. EDT

ContinuedfromPageOne

FROM PAGE ONE

DogecoinSoars inNew Frenzy

BRUSSELS—As the Kremlinthreatens Ukraine and Russia’smain opposition leader’shealth deteriorates, some Eu-ropean countries want to fol-low the Biden administration’slead and take a tougher linetoward Moscow.

But the European Union’smajor powers, France and Ger-many, want to stake out theirown, more diplomatic rela-tionship with Russia, indepen-dent of the U.S.

The Czech Republic and Po-land have expelled Russiandiplomats in recent days, ac-cusing the Kremlin of malignactivities. Some EU memberssuch as the three Baltic coun-tries want to send a clearermessage to Russia warning ofsanctions if the Kremlin usesthe tens of thousands oftroops it has deployed nearUkraine’s borders and in Cri-mea against its neighbor.

The U.K., which recentlyleft the EU, and some rich butsmaller EU members, includ-ing Denmark and the Nether-lands, have for several yearstaken tougher lines againstMoscow, but failed to sway theEU’s biggest members.

The Czech and Polish expul-sions of diplomats last weekfollowed the Biden administra-tion’s new sanctions on Russiaover election interference, a cy-berattack and other malign ac-tivity. President Biden has set aclear tone on Russia, saying heconsidered Russian PresidentVladimir Putin a killer.

The previous administra-tion also took retaliatory mea-sures against Russia, but allieswere left unnerved by then-President Donald Trump’spraising of Mr. Putin.

Russia denies wrongdoingand says the U.S. is trying to setallies in Europe against Moscow.The Russian Foreign Ministrysaid it saw “an American finger-print” on the Czech decision.

EU foreign ministers metvia video Monday to discussRussia’s military moves, whichthe bloc’s foreign policy chief,Josep Borrell, said was “veryconcerning.” He said Russiahad some 150,000 troops nearUkraine and in Crimea, andcalled on Russia “to de-esca-late and defuse tensions.” Hisoffice later said the correctfigure was more than 100,000.

Mr. Borrell also expressedconcern for the health of lead-ing Kremlin critic Alexei Na-valny, who has been on a hun-ger strike for almost threeweeks. Mr. Borrell said the EUwasn’t preparing new sanc-tions on Russia.

France and Germany havepreferred to try to persuadeMr. Putin to change course.French President EmmanuelMacron has prioritized diplo-macy, saying Europe needs toengage with Russia on armscontrol as well as global con-flicts and other crises.

Germany would support adecision by the EU to intensifythe existing restrictions againstRussia if the Kremlin escalatesin Ukraine, a senior Germangovernment official said.

But the government isn’tlikely to abandon its support forcompleting the Nord Stream 2gas pipeline that is set to dou-ble direct Russian gas exportsto Germany, several officialssaid. Mr. Biden opposes thepipeline, which would circum-vent Ukraine and strengthenRussia’s sway over the Europeanenergy market, and his adminis-tration is weighing whether toimpose sanctions on it.

BY JAMES MARSONAND DREW HINSHAW

Biden’s Hard Line onRussia Splits Europe

Dogecoin

Bitcoin

Ethereum

100

0

20

40

60

80

April ’21

Relative peakin searchesover the past30 days

Online search trafficfor cryptocurrencies

Notes: Reflect U.S. searches only; As of FridaySource: Google Trends

P2JW110000-4-A00800-1--------XA

THEWALL STREET JOURNAL. Tuesday, April 20, 2021 | A9

WORLD NEWS WORLD WATCH

RWANDA

Report Says FranceEnabled ’94 Genocide

The French government bears“significant” responsibility for“enabling a foreseeable geno-cide,” a report commissioned bythe Rwandan government con-cludes about France’s role beforeand during the horror in whichan estimated 800,000 peoplewere slaughtered in 1994.

The report comes amid ef-forts by Rwanda to documentthe role of French authorities be-fore, during, and after the geno-cide, part of the steps taken byFrance’s President EmmanuelMacron to improve relations withthe central African country.

The 600-page report saysthat France “did nothing to stop”the massacres, in April and May1994, and in the years after thegenocide tried to cover up itsrole and even offered protectionto some perpetrators.

It concludes that in yearsleading up to the genocide, for-mer French President FrançoisMitterrand and his administra-tion had knowledge of prepara-tions for the massacres—yet

kept supporting the governmentof then-Rwandan President Ju-vénal Habyarimana despite the“warning signs.”

The Rwandan report comesless than a month after a Frenchreport, commissioned by Mr. Ma-cron, concluded that French au-thorities had been “blind” to thepreparations for genocide andthen reacted too slowly to ap-preciate the extent of the kill-ings and to respond to them. Itconcluded that France had“heavy and overwhelming re-sponsibilities” by not respondingto the drift that led to theslaughter that killed mainly eth-nic Tutsis and the moderate Hu-tus who tried to protect them.Groups of extremist Hutus car-ried out the killings.

—Associated Press

GERMANY

Greens Party MakesBid for Chancellery

Germany’s environmentalistGreens announced Monday thatco-leader Annalena Baerbockwould make the party’s first bidfor the chancellery in the Septem-ber election, while Chancellor An-

gela Merkel’s center-right bloc wasmired in a power struggle.

The nomination was unveiledby the party’s other co-leader, Rob-ert Habeck, at a smoothly stagedevent that contrasted with thestandoff in Ms. Merkel’s ChristianDemocratic Union.

The Sept. 26 parliamentaryelection is unpredictable, partlybecause the popular incumbentisn’t seeking re-election. Ms.Merkel vowed in 2018 not toseek a fifth four-year term. Re-cent polls have shown theGreens running second behindthe CDU and ahead of Ger-many’s traditional big center-leftparty, the Social Democrats.

Ms. Baerbock, 40 years old,has been a lawmaker in the na-tional parliament since 2013 butlacks government experience.She said she wants “a Germanyat the heart of Europe, a countryin which climate protection cre-ates the future foundation forprosperity, freedom and security.”

Ms. Baerbock and Mr. Habeckhave led the Greens since early2018. Recent polls show supportfor the Greens of 20% to 22%,more than twice the 8.9% it wonin the 2017 election.

—Associated Press

MYANMAR

Ex-U.N. Leader FaultsResponse to Coup

Former U.N. Secretary-GeneralBan Ki-moon urged the worldbody and Southeast Asian coun-tries Monday to take swift andstrong action to stop the deadlycrackdown that has followed themilitary coup in Myanmar, sayinghe had tried unsuccessfully tomake a diplomatic visit himself.

Mr. Ban exhorted the U.N. Se-curity Council to act immediatelyto halt the violence and protect ci-vilians, “using a range of tools atthe council’s disposal.” His remarkscame weeks after the group toneddown a statement on Myanmarby changing a draft that sug-gested sanctions might be consid-ered. He said that internationalgroups’ commitments to avoidinginterference in domestic affairs isno excuse for “inaction in the faceof serious human-rights abuses.”

Since the Feb. 1 coup, securityforces have killed more than 700protesters and bystanders, ac-cording to the Assistance Associ-ation for Political Prisoners, whichmonitors casualties and arrests.

—Associated Press

ARMS: A Lebanese soldier scuffles with a protester who had grabbed his weapon after being hit with it Monday in Beirut.

BILA

LHUSS

EIN/A

SSOCIAT

EDPR

ESS

fled the decadelong civil warthat devastated their country.

More than 6.5 million peo-ple sought refuge outsideSyria, largely in neighboringLebanon, Turkey and Jordan.While the refugees were wel-comed early on, their hugenumbers have strained thehost countries and led togrowing pressure on the Syri-ans to return home.

More than one million mi-grants arrived in Europe in2015, many of them Syrian ref-ugees who initially were re-ceived warmly and expected tosettle permanently. But thewave of refugees and migrantseventually led to a hardeningof immigration policies acrossthe region.

Denmark, which has pur-sued some of the toughestanti-immigration policies inthe region in recent years,took a cautious view of theSyrian refugees from the start.

While Germany took hun-dreds of thousands of Syri-ans, Denmark took in about13,000 refugees in 2015. As ofearly 2020, there were slightlymore than 32,000 Syrian refu-gees in Denmark.

Danish authorities say theynever intended for the Syriansto settle permanently.

“Denmark has been openand honest from day one,” Im-migration Minister MattiasTesfaye said in response toquestions. “We have made itclear to the Syrian refugeesthat their residence permit istemporary and that the permitcan be revoked if the need forprotection ceases to exist.”

In principle, refugee protec-tion lasts only as long as thethreat or danger that drovethe person to flee still exists,and host governments maketheir own assessment, said EvaSinger, the director of asylumat the Danish Refugee Council.

“In Danish law the criteriato withdraw refugee status isvery low,” Ms. Singer said.“Even small improvements inthe general security situationeven for a short period of timeis sufficient for authorities towithdraw protection status.”

When Rawan Bertawi, a 22-year-old Syrian refugee livingin Denmark, reported for hershift at a cosmetic company’swarehouse one day in mid-De-cember, she found her keycarddidn’t work. She sensed some-thing was wrong.

Her flustered manager sum-moned her into his office andshowed her an email he hadjust received from the Danishimmigration service: Her refu-gee status—along with herright to work—had been re-voked and she would have toleave the country.

Ms. Bertawi and her familyare among dozens of Syrianrefugees stripped of their resi-dency visas by Denmark andtold to return to their war-torncountry because the Danishgovernment deems Damas-cus—where they had been liv-ing—safe. Human-rights groups

contest the claim that any partof Syria is safe for returnees.

But since Denmark cut offformal diplomatic relationswith Syria near the start ofthe civil war a decade ago, itis unable to deport Syrians.Instead it is placing those whono longer have legal status inremoval camps, a policy thataid groups say is aimed atpressuring Syrians to volun-tarily return to Syria.

“This is ruining humanlives,” said Ms. Bertawi, whowent to Denmark in 2015,when she was 15. “Why wouldyou wait until now that wehave integrated and we nowconsider this our country andreached this stage and nowyou are telling us to go?”

The Danish decision reflectsbroader questions about thefate of millions of Syrians who

BY RAJA ABDULRAHIM

Denmark Strips SyriansOf Their Refugee Status

‘This is ruininghuman lives,’ saidone woman whorelocated in 2015.

©20

21Do

wJo

nes

&Co

.,In

c.Al

lrig

hts

rese

rved

.6DJ

8319

Join ExclusiveOnline GlobalTours WithIndagare and WSJ+

WSJ+ and Indagare present a new series of uniqueGlobal Classroomeventsthat are curated to give you deeper looks at art, history and architecture. Escapevirtually to some of theworld’smost sought-after destinationswith renownedguides and experts..

EXPERIENCES OFFERS EVENTS INSIGHTS

WSJ MEMBER EXCLUSIVE

BOOKNOWATWSJPLUS.COM/INDAGARE-GLOBAL

P2JW110000-0-A00900-1--------XA

A10 | Tuesday, April 20, 2021 * * THEWALL STREET JOURNAL.

FROM PAGE ONE

A worker at GlobalFoundries, one of the largest chip makers. It is trying to find ways to squeeze out more production.

GABB

YJO

NES

FORTH

EWALL

STRE

ETJO

URN

AL

political identities, the sport’straditional order isn’t some-thing they take lightly.

“Every fan I’ve spoken tofelt it was a betrayal of thehistory of the club,” said Dun-can Drasdo, the head of theManchester United Support-ers’ Trust.

On Monday, the sidewalkoutside United’s Old Traffordhome became the site of animpromptu protest. Fans heldup a sheet bemoaning theGlazer family, owners of ManUnited and the Tampa BayBuccaneers. Their club, it said,had been “created by the poor,stolen by the rich.”

One United fan went viralwith a video of herself takinga pair of scissors to her seasonticket. Although a close in-spection revealed meager sac-rifice: The pass was for the2019-20 season.

Less than 40 miles away inLiverpool, supporters weremounting their own demon-stration outside LiverpoolFootball Club’s historic Anfieldstadium. Their signs read “LFCFans Against European SuperLeague” and “Shame On YouRIP LFC 1892-2021.”

That the club once trade-marked the phrase “ThisMeans More”— a profession of

faith between the team andthe city of Liverpool—makesthe situation more awkwardthan most. Particularly whenit found itself having to ex-plain the Super League moveto a group of supporters whofelt uniquely insulted: Liver-pool’s own employees.

“We believe this decision isin the best long-term interestsof Liverpool Football Club,”Liverpool chief executive BillyHogan wrote in all-staff note.

Soccer’s governing bodiesnow face an existential deci-sion about how to handle therebel teams. UEFA on Mondayannounced that any players

An Arsenal fan with his anti-Super League banner Monday at Emirates Stadium in north London.

TOLG

AAKM

EN/A

GEN

CEFR

ANCE

-PRE

SSE/GET

TYIM

AGES

ShortageOf Chips IsA Challenge

ancient, storied and successfulsoccer teams, including Arse-nal, are in a state of bewil-dered mourning this week, fol-lowing the unveiling of alavishly funded Super Leaguethat would irrevocably alterthe landscape of the sport.

These supporters have un-leashed a tsunami of anger attheir own teams—even thoughthose clubs would be the di-rect beneficiaries of the pro-posed league.

Under the new plan, a smallgroup of elite teams from Eng-land, Spain, and Italy—alreadysome of the wealthiest sportsenterprises in the world—would compete in a new cir-cuit that would only enrichthem further. Opponents saythat would undermine the in-tegrity of wildly popular na-tional competitions, like theEnglish Premier League andthe main pan-European com-petition, the UEFA ChampionsLeague.

“I don’t want to call themthe Dirty Dozen,” said Alek-sander Ceferin, the president

ContinuedfromPageOne

of European soccer’s govern-ing body, known as UEFA. “ButUEFA is about developingfootball…and some peopledon’t understand it.”

The most controversialpoint is that 15 of the 20teams in the Super League(three teams will be addedlater to the initial 12) wouldbe installed there forever, rak-ing in huge payouts instead ofqualifying on merit, season af-ter season. In other words, thegroup of 12, which brings to-gether the likes of Real Ma-drid, Manchester United, Liv-erpool and Juventus, iseffectively hoping to set upwhat is effectively a leagueclosed to outsiders, akin to theNational Football League orMajor League Baseball.

“Football is the only globalsport in the world with morethan four billion fans,” RealMadrid president and SuperLeague chairman FlorentinoPerez said. “And our responsi-bility as big clubs is to re-spond to their desires.”

Divining the desires of anyfour billion people is hard, ex-cept perhaps in this case. Thebacklash from die-hard fanswas so sudden and so searingthat it instantly became oneissue even the most belliger-ent soccer supporters couldagree on. With teams en-trenched in communities formore than a century, oftenwrapping together social and

participating in the SuperLeague, which hopes to openin 2022, would be barred fromsuch major tournaments asthe European Championshipand the World Cup. The organ-ization also was studying thelegalities of suspending theclubs themselves “as soon aspossible,” Mr. Ceferin said.

In east London, West Hamfans are calling for widespreadbans not only to preserve thetraditions of English soccer,but because they have spottedan upside. The Hammers arehaving their best season inyears and sit fourth in thestandings. After Sundaynight’s news, they began circu-lating tables of what thestandings would look like ifthe six super-clubs wereejected and their games va-cated. It turns out West Hamwould be nine points ahead infirst place with just fourgames to play.

More surprising still forfans of the blue-collar club isthat they have an unlikely allyin the president of the EnglishFootball Association.

“I share the concerns offans about the proposed SuperLeague,” Prince Williamtweeted, “and the damage itrisks causing to the game welove.”

It is worth noting that theprince is a supporter of AstonVilla, which wasn’t invited tothe Super League, either.

players have been pulling awayfrom to pursue higher-margin,cutting-edge chips. Building newproduction capacity usuallytakes years.

That could slow down thepost-pandemic recovery for cer-tain industries that use thechips that are looking to takeadvantage of rising consumerspending. It also feeds into in-flation concerns as higher chipcosts can stoke prices through-out the economy.

Racing to fill orders, Global-Foundries Inc., based in SantaClara, Calif., one of the world’slargest contract chip manufac-turers, is dispatching its engi-neers to find ways to squeezeout even the smallest amount ofextra production from its facto-ries in the U.S., Singapore andGermany. Among the solutions:delaying certain maintenancetasks and speeding up—by afraction—the rate at which wa-fers move along the line.

“We’re working immenselyhard to figure out how to domore, build more,” said chief ex-ecutive Thomas Caulfield.

U.S. investmentLast Tuesday, President Bi-

den called for a bipartisan pushto strengthen the U.S. semicon-ductor industry during a meet-ing with automotive and techexecutives. He has earmarked$50 billion to boost America’ssemiconductor production aspart of a $2.3 trillion infrastruc-ture plan. The spending isn’t ex-pected to push the needle far:making the U.S. self-sufficientfor its chips would require morethan $1.4 trillion in investmentsand government incentives overa decade, according to the Semi-conductor Industry Association,an industry group.

Chip makers can add only in-cremental boosts to capacityfrom existing plants, executivessay. Building a new fabricationplant can take years because ofthe scale and complexity ofequipment and space needed tomake semiconductors.

Major chip makers made bigstrategic bets on the more-prof-itable advanced chips neededfor things such as 5G and serv-ers. The approach hit a glitchwhen the coronavirus plungedthe global economy into one ofits worst recessions, rattlingsupply chains and consumerspending patterns. That left chipmakers ill-equipped to deal withthe high demand for older, less-sophisticated semiconductorsused widely in products such ascars, computer monitors, speak-ers and appliances—productsthat have been hoovered upduring the pandemic.

The supply crunch was exac-erbated by U.S.-China trade ten-sions, especially during the pastyear, including Washington poli-cies that gradually restricted thesale of American-designed or-made chips to some Chinesebuyers. Fears of sanctionsprompted tech companies inChina to stockpile chips and

ContinuedfromPageOne

prepare for the worst, HuaweiTechnologies Co. deputy chair-man Eric Xu said last week. TheChinese company uses a rangeof chips in its telecommunica-tion products and consumergadgets, and aggressively stock-piled components to protectagainst U.S. export restrictions.

“Now [the Chinese compa-nies] are stockpiling for onemonth, three months, or evensix months, and they have dis-rupted the whole system,” Mr.Xu said. China’s chip importssoared 15% last year and hit arecord $35.9 billion in March,Chinese customs figures show.

Chip production was dis-rupted by events including aplant fire in Japan and freezingweather in the southern U.S.that shuttered production lines.A drought in Taiwan, a majorchip-making hub, threatens tofurther reduce the industry’soutput, since large amounts ofwater are used in the process.

Manufacturers of productsthat use chips are stepping upproduction in expectation of a

post-pandemic economic recov-ery. The surge in chip demand ispushing up prices and extendingalready historically long waittimes. Auto makers includingToyota Motor Corp. and GeneralMotors Co. have been forced toidle or reduce production atsome plants.

Some buyers say they facedelays of half a year or longer.“You ask on Monday, it’s a 12-week lead time. Then you ask onWednesday and it’s a 27-weeklead time,” said Liam Bates,chief executive officer of Kait-erra, a Swiss-based maker ofair-quality tracking devices.

Kaiterra, which manufacturesin southern China, is beefing upcontingency plans to make itssupply chain “future-proof.” En-

gineers who focus on buildingnew products now allocate achunk of time to redesigning ex-isting ones to operate on differ-ent chips, in case the onesneeded don’t arrive. Recently,the company decided to stockup a year’s worth of inventoryfor some parts.

Semiconductors are the life-blood of many industries—rank-ing as the world’s fourth-mosttraded product counting im-ports and exports, after crudeoil, refined oil and cars.

For years, the world’s biggestchip makers plowed investmentinto capacity to feed demand forthe next generation of semicon-ductors, and shifted their focusaway from the production ofmore-basic chips.

But autos and home electron-ics are packed with lots of themore rudimentary components.These include power-manage-ment chips, a basic chip thatregulates the flow of electricityin a device, and microcon-trollers, the workhorses thatrun a host of functions.

“There isn’t an electronic de-vice that doesn’t have a micro-controller in it,” GlobalFound-ries’ Mr. Caulfield said. “This ispervasively in short supply.”

Even advanced electronicgadgets need some basic chipsto operate, and in fact increas-ingly use more of them to runmore sophisticated technology.A typical 5G smartphone canhold as many as eight power-management chips, comparedwith two to three in a 4G phone,according to Hui He, an analystat research firm Omdia.

Last year, 27% of all spendingon chip-making equipment wentto tools for building the indus-try’s most-advanced chips, ac-cording to research firm GartnerInc., which are often used insmartphones, high-end PCs anddata centers. Less than half thatportion, about 11%, went toequipment for cranking outmore commoditized chips

The world’s largest contractchip maker, Taiwan Semicon-ductor Manufacturing Co., toldinvestors in January that it isworking with customers to up-grade some of the chips they

are using so that they can bebuilt on its more-advanced man-ufacturing lines, where there ismore capacity. On Thursday, ex-ecutives told investors that cus-tomers have been stockpilingdue to the pandemic and geopo-litical tensions.

Switching existing produc-tion lines frommaking one typeof chip to another isn’t easy be-cause different types of chipsrequire different equipment tomake, though there can be someoverlap.

Wide shortagesThere hasn’t been a time

when the shortage has affectedso many types and brands ofchips all at once, said MarcusChen, vice president of sales forthe Asia-Pacific at FusionWorldwide, one of the manyglobal distributors who act asmiddlemen to supply electroniccomponents to buyers.

It usually takes at least twoyears to build and equip a semi-conductor fabrication plant,known as a “fab,” which cancost billions of dollars. The mostadvanced machines that can beinstalled in the plants can top$100 million and are so largethey require as many as three747s to deliver.

Once fabs are built, a chiptypically takes three months to

make—or longer for the most-advanced ones.

Semiconductor makers mustdecide whether to make multi-billion-dollar bets on whetherthis surge will last or taper offby the time new plants are upand running. Many are reluctantto alter long-term spendingplans based on demand surgesthat could be short-lived.

Still, the biggest semiconduc-tor companies are setting asidehuge sums to boost overall ca-pacity. TSMC earlier this monthunveiled the industry’s largest-ever investment, allocating $100billion over the next three yearsto boost capacity. Most of thecompany’s near-term spending,however, will go toward build-ing the most-advanced chips. Inthe U.S., Intel Corp. last monthpledged $20 billion for two sitesin Arizona and signaled furtherinvestment commitments are tocome this year. South Korea’sSamsung Electronics Co. hasearmarked $116 billion in invest-ment by 2030 to diversify chipproduction.

In China, President Xi Jin-ping has made the country’s in-dependence in advanced tech-nologies such as chips anational priority. Yet the goalremains elusive. One key playerin the self-reliance push de-faulted on billions of dollars indebt. Others have been hobbledby U.S. export controls restrict-ing access to advanced chip-making technology.

China’s biggest chip maker,Semiconductor ManufacturingInternational Corp., last monthcommitted $2.35 billion with agovernment partner to build anew factory focused on olderchip-making processes. Thecompany anticipates the new fa-cility to start production nextyear. But delays in getting newchip-making equipment is anobstacle, the Shanghai-basedcompany’s co-CEO, Haijun Zhao,told investors in February.

Chip makers are seeing adoubling, if not quadrupling, ofdelivery times for the machin-ery required to make semicon-ductors, said Bruce Kim, chiefexecutive officer at Surplus-Global Inc., which sells used

chip-making equipment.At GlobalFoundries, Mr. Caul-

field said the firm plans to in-vest $1.4 billion to expand ca-pacity at existing facilities thisyear, and will likely double thatnext year. Some of his custom-ers have pledged investmentcapital to secure future capacity,accounting for 30% of the com-pany’s capital expenditure thisyear, he said. Before the pan-demic, the number was zero.

New strategiesAt Intel, Chief Executive Pat

Gelsinger said the companywould make some of its produc-tion capacity available to pro-duce chips in particular shortsupply and needed by auto-com-ponent makers. Supply couldstart improving in six to ninemonths, Mr. Gelsinger said in aninterview.

Guy Eristoff, chief strategyofficer at Israel-headquarteredfoundry Tower SemiconductorLtd., said chip production can besped up to 3.5 times the usualtime in rare cases by sortingproduction lines so that high-priority chips pass throughquickly. Some equipment can beoperated for longer before goinginto preventive maintenance,though this can come at thecost of lower yields.

Altogether, these measuresmean some chips can bechurned out in 30 to 40 daysfrom the usual 120 days, Mr. Er-istoff said. But doing so in-creases overall production timesfor other chips. The tweaks canat best increase a fab’s produc-tion capacity by 5% and be sus-tained for only up to six months.

“There are all sorts of littlethings you can play with,” saidMr. Eristoff. “But without buy-ing more equipment, you can-not, in a sustained manner, runthat much more than you arerunning right now.”

Suppliers are wary that thesurge in demand may not last,with panicked buyers increasingorder volumes or placing orderswith multiple companies. SanJose, Calif.-based Broadcom Inc.,one of the world’s leading chipcompanies, is trying to ensureorders coming in reflect actualdemand. It recently remindedinvestors that it doesn’t allowcustomers to cancel chip ordersto deter some buyers frommak-ing purchase commitments outof fear of shortages.

“We see customers accelerat-ing their bookings for early de-liveries and attempting to buildbuffers and creating the de-mand-supply imbalance,” CEOHock Tan told investors. Thecompany is nearly 90% bookedfor the year.

Auto makers are among thebuyers that have felt the short-age most acutely, as cars needmore semiconductors than everbefore. Electronics made upmore than 40% of a car’s totalcost in 2017, doubling from thatin 2007, according to consultingfirm Deloitte.

Their use is expected togrow, along with costs. Germanauto-chip maker Infineon Tech-nologies AG said it expects thecost of chips in autonomous ve-hicles to jump to about $1,200by 2030 from about $170 cur-rently required for “Level 2” ve-hicles, or partly automated cars.

—Robert Wall in SanFrancisco contributed

to this article.

Global semiconductor salesby year

Source: World Semiconductor Trade Statistics

$500

0

100

200

300

400

billion

2000 ’10 ’20

New SoccerLeagueGets Booed

Chipmakers havebeen hamstrung by aseries of freak eventsthat hurt output.

P2JW110000-2-A01000-1--------XA

THEWALL STREET JOURNAL. * * Tuesday, April 20, 2021 | A10A

ing formula. The city formuladistributes aid to each schoolon a per-pupil basis, with ex-tra funding going to schoolswith more low-income or spe-

cial needs students.This year, instead of cutting

funding, the state plans to in-crease school aid across theentire state by $1.4 billion and

and voters over 55 years old,the poll showed.

A Siena poll released onMarch 15 showed that 35% ofvoters thought the governorshould resign and 50% didn’t.But 57% of voters surveyed

said they would prefer to votefor someone else in next year’sgubernatorial race, comparedwith 33% who said they wouldvote to re-elect Mr. Cuomo.

The governor previously

has said he was planning torun for a fourth term.

Five current and formeraides to Mr. Cuomo have ac-cused him of sexual harassmentor inappropriate behavior in theworkplace. The governor hasdenied allegations. He has askedNew Yorkers to withhold judg-ment before an independent re-view overseen by Attorney Gen-eral Letitia James is completed.

In a separate matter, federalprosecutors are examining thestate’s policies regardingCovid-19 in nursing homes. Thegovernor and state officials saidthe nursing-home policies werein line with federal guidance.

Mr. Cuomo has said he iscooperating with both probes,as well as an impeachment in-quiry by the Democrat-domi-nated state Assembly.

Members of the chamber’sJudiciary Committee, which isleading the inquiry, will meetwith investigators Wednesday.

Even with this backdrop,poll spokesman Steven Green-berg said the survey containedgood news and bad news forthe governor, whose favorabil-ity is now 40%—the lowest ithas ever been measured by Si-ena. At this time last year,during the height of the coro-navirus pandemic, Mr.Cuomo’s favorability was 77%.

“On the other hand, a ma-jority of voters—includingDemocrats by two-to-one anda plurality of independents—continue to say that Cuomoshould not resign. And a simi-lar majority say he can still ef-fectively do his job as gover-nor,” Mr. Greenberg said.

the MTA is discouraging rider-ship just as many people areconsidering returning to tran-sit with the easing ofCovid-19-related restrictions.

Ms. Feinberg countered,saying, “It cannot be the an-swer that I am told, ‘Just don’ttalk about what your custom-ers are worried about.’ ”

Representatives for sometransit systems in Washingtonand Chicago said they haven’tsurveyed riders about atti-tudes to crime during the pan-demic or noticed an increasein crime. A spokeswoman forMetropolitan Atlanta RapidTransit Authority in Atlantasaid its riders’ primary con-cern is an increase in home-less men and women seekingshelter on buses and trains.

Scott Kreher, Marta chief ofpolice, said crowds tend tolead to lower crime rates. “I re-ally feel like once the ridershippicks back up again, I think thefeeling and sense of securitywill come back,” he said.

New York City officials havean enormous task securing thesubway, which covers 665

miles of track and 472 stations.The MTA has diverted some ofits own force of more than 700police officers, who usually pa-trol two commuter-rail sys-tems, to focus on the subway.

The authority also pays forabout 100 private securityguards to watch stations andreport incidents to police.

Kathleen O’Reilly, the NewYork Police Department’schief of transit, said the MTA’scomplaints about crime aremisleading and unhelpful.

A recent series of high-pro-file instances of riders beingshoved onto tracks and the fa-tal stabbing of two homelesspeople in the system havegiven New Yorkers a falsesense that crime is common-place, Chief O’Reilly said.

“These are jarring crimes,”she said. “A relative handful ofserious incidents doesn’t trans-late into a crime increase.”

The subway has never beensafer, Chief O’Reilly said, add-ing that the department cur-rently records, on average, 3.5major crime reports a day on asystem carrying millions of

people. Such crimes, which in-clude grand larceny, rape andmurder, fell 31% in 2020 fromthe previous year, she said.

Grand larceny, defined inNew York as theft of propertywith a value greater than$1,000, often is caused by peo-ple leaving valuables unat-tended, officials said. If thosecrimes are removed from lastyear’s data, the remaining ma-

jor crimes increased, on aver-age, by 2.7%, as ridership de-clined 62%.

An NYPD spokesman didn’trespond to a request for com-ment about the rise in somecrimes.

E.J. Lee said that while rid-ing the Times Square-GrandCentral shuttle on April 7, she

GREATER NEW YORK

was stared at and followed bya man who struck the violinshe carried on her back.

Ms. Lee, a Korean-Americanviolinist, said she had aheightened fear for her safetybecause of a rise in anti-Asianhate crimes in the city. Shesaid she rushed to a connect-ing train where the man fol-lowed her into an empty carand sat down next to her,prompting her to rush out be-fore the doors closed.

She said she hasn’t riddenthe subway since.

Many New Yorkers say theymust continue taking the sub-way, whether they feel unsafeor not.

Beatriz Lopez waited forthe 7 train at the 61st Street-Woodside station in Queens onFriday morning en route toher job at the Warren TricomiSalon at the Plaza Hotel inManhattan. Ms. Lopez, who is51, said she is concerned aboutCovid-19 and assaults.

“I try to travel with myhusband when I can,” she said.

—Katie Honancontributed to this article.

Phyllis Leibowitz swaps hervintage furs and gold-sequinedbag for a down jacket and afanny pack if she takes theNew York City subway thesedays. “I am a tough chick,” saidthe fashion stylist and photog-rapher. “But I don’t want tocall attention to myself.”

A recent survey by NewYork’s Metropolitan Transpor-tation Authority found thatmore riders are reluctant totake trains because of fears ofcrime and harassment. Officialsat some other transit systemsaround the U.S. said they havenoticed an increase in quality-of-life concerns, including ha-rassment, following a rise inthose who are homeless seek-ing shelter on buses and trains.

Ms. Leibowitz, who is 48years old, used to think noth-ing of taking the subway, dayor night. She last dashed for anighttime train at PrinceStreet in Manhattan in Decem-ber, only to find herself alonein an empty car at 8 p.m.

She said she wonderedwhat she would do if someoneentered from an adjoining carand demanded money or herphone while she was trappedin a moving subway car. Whenshe disembarked two stopslater at Union Square, herheart was racing. “I havenever felt that unsafe in myentire life,” she said.

MTA officials said riders’fears are well founded. In-stances of some seriouscrimes, such as robbery andfelony assault, didn’t decreaselast year even as ridershipplummeted, they said. Accord-ing to MTA data, felonies andmisdemeanors per million rid-ers were higher during thefirst quarter of 2021 than in2017, 2018 and 2019.

Sarah Feinberg, the interimhead of the agency’s subwaydivision, has called on NewYork City to add 1,000 policeofficers to the 3,000 alreadycommitted to subway patrols.

Mayor Bill de Blasio re-sponded last week by accusingthe MTA, a state agency, offanning rider fears. He said

BY PAUL BERGER

More Riders Fear Subway CrimeMTA says concernsare well-founded,police officials contendthe system is safe

A recent MTA survey found more subway riders are reluctant to take trains because of concerns about crime and harassment.

ALA

NCH

INFO

RTH

EWALL

STRE

ETJO

URN

AL

The New York Police Depart-ment is creating a civilian panelto help address a rise in hatecrimes in New York City, de-partment officials said Monday.

The NYPD Hate Crime Re-view Panel will help officersidentify potential hate crimesoccurring in New York City,said New York Police Depart-ment Commissioner DermotShea.

The panel will assess cir-cumstances that present chal-lenges in establishing whetherrace, national origin, ethnicity,religion, disability or sexualorientation were motivatingfactors in possible hatecrimes, he said.

The NYPD will send cases itconsiders challenging to thepanel for its recommendationto help determine whether ev-idence the department hasgathered might indicate a hatecrime.

The panel will work oncrimes targeting all races. Itsfive volunteer members in-clude Devorah Halberstam, co-founder and director of exter-nal affairs of the JewishChildren’s Museum, and FredTeng, president of the AmericaChina Public Affairs Institute,Mr. Shea said.

“Unfortunately, today weare facing nearly daily reportsof hate crimes. We need tohelp stop this,” Ms. Halber-stam said.

Mr. Teng, in an interviewMonday, said he is honored toparticipate in the panel’swork.

The NYPD recorded 135 hatecrimes from Jan. 1 throughApril 18, up 45% from 93 in thesame period in 2020, accord-ing to department figures.

An increase in hate crimesagainst Asian-Americans haspropelled the overall rise, thefigures show. Asians were tar-geted in 66 hate crimes fromJan. 1 through April 18, upfrom 12 such crimes in thesame period in 2020.

NYPD officials have saidsome of the attacks on Asian-Americans have been moti-vated by the false belief thatAsians are responsible for theCovid-19 pandemic. Reports ofhate crimes against Asianshave increased in cities acrossthe U.S. during the pandemic.

New York City had the big-gest increase in reports of hatecrimes against Asians of anyU.S. city last year, according toa study published by the Cen-ter for the Study of Hate andExtremism at California StateUniversity, San Bernardino.

Efforts by local, state andfederal agencies to address theissue have intensified sincethe March shootings at At-lanta-area spas in which eightpeople, including six women ofAsian descent, were killed.

Among its efforts, the NYPDlast year created an Asianhate-crime task force, staffedby detectives of Asian descent,to investigate such crimes. Asmore incidents were reportedin 2021, the department beganto deploy undercover officersin an effort to discourage anti-Asian violence.

BY BEN CHAPMAN

NYPDCreates aHate-CrimeBoard

Indeed, 42% of voters sur-veyed said Mr. Cuomo is doingan excellent or good job asgovernor, and 60% said theyapprove of his handling of thepandemic.

“Public opinion goes up, itgoes down, but if you’re doingthe job and people respect thejob you’re doing, to me, there’sno more important barometerthan that,” the governor saidat a Monday news conference.

Rep. Lee Zeldin, a Long Is-land Republican who is run-ning for governor, said thepoll showed “Cuomo’s GottaGo, and it’s going to take anew generation of leadershipto get the job done.”

The poll was conducted be-tween April 11 and 15. It has amargin of error of plus or mi-nus 4.3 percentage points.

A slight majority of NewYorkers said Gov. AndrewCuomo shouldn’t resign amidsexual-harassment allegations,but a growing number of votersview him unfavorably and don’twant him to seek re-election, apoll released Monday found.

Fifty-one percent of the 801voters surveyed last week by theSiena College Research Institutesaid the Democratic governorshouldn’t resign, while 37% ofthe voters said he should.

Even so, dozens of federaland state officials, includingSenate Majority Leader An-drea Stewart-Cousins, havecalled for him to step down.

The level of support for Mr.Cuomo to stay in office washighest among Black voters

BY JIMMY VIELKIND

Poll Narrowly Backs Cuomo Staying in Office

‘I am a tough chick,’onewoman says, ‘butI don’t want to callattention to myself.’

in more than a decade.“That will now be the stan-

dard for every single school,starting with the school yearthat begins in September,” hesaid. But going forward, law-makers will need “to createsomething that is sustainableafter the next few years.”

The boost is meant to fulfillpromises of funding equity forschools that serve studentswho cost more to educate.

In 2007, after a legal chal-lenge from the advocacy groupCampaign for Equity, the NewYork Legislature passed acomplex funding formula thatallocates aid to districts on aper-pupil basis, taking into ac-count their numbers of stu-dents requiring added ser-vices, such as English-language learners and childrenwith disabilities, among oth-ers.

But state budget shortfallshave kept many of the city’spublic schools from getting100% of the money budgetedunder the Fair Student Fund-

said it would spend another$2.8 billion during the nexttwo budget cycles. This, legis-lators say, should fulfill thefunding that was promised in2007.

The additional state aid willallow the city to provide eachschool with their entire bud-get.

“The Campaign for FiscalEquity case was decided in fa-vor of the students and fami-lies in New York City, and yetthose students and familiesnever got their fair share ofthe funding,” Mr. de Blasiosaid, adding that the New YorkState Legislature has now“locked in the commitment.”

Candace Hugee, principal atUrban Assembly for Collabora-tive Healthcare in Brooklyn,called the announcement a“game changer,” since herschool received about 91% ofits funding last year.

“It’s been a long time com-ing. I don’t think it’s any se-cret that for years that schoolshave been funded inequitably,”

she said. “You may have aschool with a population of300 kids, but you may only befunded for 275, while a schoolin the same building might befunded for all their kids.”

She said she is still calcu-lating the total impact on herschool, but expects it toamount to “tens of thousandsof dollars,” which will make adifference next fall. She ex-pects to apply funds to ad-dress learning loss at theschool, which will include tu-toring services and payingteachers extra to work withstudents after school hours.

New York City CouncilmanMark Treyger, a BrooklynDemocrat and former teacher,recalled his feeling as ateacher that “decisions weremade based upon the realitiesof a budget rather than theneeds of our kids.”

One school in his district,Abraham Lincoln High Schoolin Coney Island, will see an in-crease in funding by 10%, hesaid.

New York City schools willsee their budgets boosted thisfall, as all schools will for thefirst time receive all of themoney they are owed underthe city’s Fair Student FundingFormula, city officials saidMonday.

About $600 million will goto 1,164 of the city’s 1,800schools that had for years re-ceived less than 100% of theirbudget. Principals can use thefunds at their discretion forbudgetary items such as hiringmore teachers and guidancecounselors or bolstering spe-cial education and bilingualservices.

The new funding will comeprimarily from a pending in-crease in state aid for the2021-22 year. Mayor Bill deBlasio said he expects the aidto continue at the $600 mil-lion level “for the next fewyears,” supplying schools withthe budgets they were prom-ised but many hadn’t received

BY LEE HAWKINS

City Schools to Get $600 Million Increase Next Year

For the first time, all schools will get all the money they are owed.

ANGEL

AWEISS

/AGEN

CEFR

ANCE

-PRE

SSE/GET

TYIM

AGES

51Percentage of voters surveyedwho say he shouldn’t quit.

NY

P2JW110000-2-A010A0-1--------NS

A10B | Tuesday, April 20, 2021 * * THEWALL STREET JOURNAL.

BROOKLYN

Man Is Ordered HeldIn Attack on Police

A man who threw bleach anda Molotov cocktail at police inBrooklyn admitted that hebought the materials to makeexplosives with the intent to in-jure police officers, federal prose-cutors said Monday.

Lionel Virgile, 44 years old,was arraigned by videoconfer-ence in Brooklyn federal court onan attempted arson charge andordered held without bail.

Prosecutors said Mr. Virgilesplashed bleach at an officerwhen police pulled him over forrunning a red light Saturdaymorning, then later threw alighted Molotov cocktail at a po-lice car. The officer who was hitwith bleach was treated at ahospital. The Molotov cocktaildidn’t explode, authorities said.

An FBI agent said officersfound five more Molotov cock-tails in Mr. Virgile’s car.

Defense attorney MichelleGelernt of the federal defender’soffice said she wasn’t seekingbail for Mr. Virgile so there wasno need for the prosecutor todetail his alleged offenses.

—Associated Press

HARTFORD

Suspect Arraigned inTot’s Shooting Death

A 19-year-old man wascharged with murder Monday inthe shooting of a 3-year-oldConnecticut boy whose deathdismayed and angered the com-munity and prompted state law-makers to call for more fundingfor urban anti-violence programs.

Hartford police said they ar-rested city resident Jaziah Smithfor the killing of Randell Jones ina drive-by shooting on April 10.A message seeking commentwas left with the public de-fender’s office. A judge orderedMr. Smith detained on $2.5 mil-lion bail during an arraignment.

The arrest came on the sameday of Randell’s memorial ser-vice and burial. Police said Ran-dell was in a parked car with hismother, other relatives and amale passenger when anothervehicle pulled next to them andsomeone opened fire. Authoritiessaid the man in the car withRandell was the intended target.

Hartford police said the fatalshooting of a 16-year-old boytwo hours later was related tothe killing of Randell.

—Associated Press

NEW JERSEY

Drug SentencingGuidelines Changed

New Jersey prosecutors mustwaive mandatory minimum prisonterms for nonviolent drug of-fenses, the state attorney generalsaid Monday in a new directive.

Attorney General Gurbir Gre-wal said the mandatory termswere “outdated policy,” whichwas hurting residents and dis-proportionately affecting youngmen of color. “We can wait nolonger. It’s time to act,” he said.

The decision comes after astate Criminal Sentencing andDisposition Commission calledfor the elimination of the mini-mum sentences for nonviolentdrug offenses in 2019. All 21 ofthe state’s county prosecutorshave also signed a letter sup-porting the change. DemocraticGov. Phil Murphy applauded thenew directive in a statement.

The change means that theimposition of mandatory mini-mum sentences will be “off thetable” for current and future non-violent drug offenders, and it al-lows those currently serving suchsentences a chance for early re-lease.

—Associated Press

- )"3(1(6/ !"6) 5' 4287 1(2)"6%00F ?@F ECA? ?# 9%#) ?@F 86?FA? 3=A>%FAA %F)A. 8>;F (6C9F? =!"6?FA. 6%" CF68,?>(F>%A>B@?A 6%" 6%68&AFA )>?@ ?@F -F8#>??F '%A>B@?A 6!!. !#)FCF" 3& -#) 4#%FA+

:F? 688 ?@6? 6%" (#CF >% ?@F !68( #D &#=C @6%". 6%" &#= <=A? (>B@? 3F 638F ?#!CF">$? )@6? ?@F D=?=CF @#8"A+

*+26 /$( ., +5)( /5)5&6852) /$( 244 /5)2#0

/#!&C>B@? G 5*57 -F8#>??F -F;F8#!(F%? 22/+ 188 C>B@?A CFAFC;F"+

GREATER NEW YORK GREATER NEW YORK WATCH

CONNECTICUT

State to Lift MostCovid-19 Restrictions

Connecticut plans to phaseout many Covid-19 restrictionsaffecting businesses next monthwhile keeping the mandatory in-door mask-wearing rules inplace, Democratic Gov. Ned La-mont announced on Monday.

Beginning May 1, outdoor re-strictions will be lifted on busi-nesses, such as mask-wearingwhen social distancing can’t beobserved. Also, the rule that al-cohol can’t be served withoutfood will be lifted, essentially al-lowing outdoor bar service.

Table seating outdoors will nolonger be limited to eight peopleand business curfews will bemoved back to 12 a.m.

“I think these are all ways wehave earned the right to getback to our new normal,” saidMr. Lamont.

Beginning May 19, all remain-ing business restrictions will end,including capacity limits onmovie theaters. The state De-partment of Public Health will is-sue recommendations for thesafe operation of indoor andlarge outdoor events.

—Associated Press

CLEARING THE DECKS: A worker cleaned the Red Steps above the TKTS booth in Manhattan’s Times Square on Monday.

TIMOTH

YA.C

LARY

/AGEN

CEFR

ANCE

-PRE

SSE/GET

TYIM

AGES

lanthropies board member.Princeton and other highly

selective universities havelong faced criticism for theirrelatively homogeneous popu-lations, made up largely ofwhite, wealthy students.

The schools have pursued arange of efforts to improve boththeir realities and reputations,including increasing outreachto low-income high schools. Butadvocates for increased collegeaccess say more-meaningfulprogress is stymied by prac-tices including binding early-decision admissions deadlines,which don’t allow students tocompare financial aid offers.Many institutions also give aboost in admissions to athletesand children of alums.

Princeton has had somesuccess in boosting enrollmentnumbers for students from arange of racial and socioeco-nomic backgrounds. Twentypercent of students who beganin fall 2019 came from familiesearning $50,000 or less annu-ally, more than double theproportion in 2010. Those whoare first-generation collegestudents nearly doubled, to17.8%, in that time.

First-generation collegestudents represent 22% of theclass admitted to begin atPrinceton next fall, a recordhigh. But Princeton’s under-graduate enrollment, under5,300 and expected to grow toabout 5,800 in the next fewyears, is among the smallest inthe Ivy League. The school re-cently reinstituted a transfer-admissions program, expect-ing to enroll 12 students fromother schools next fall.

Princeton’s current effortsalone aren’t expected to movethe needle on improving en-rollment and outcomes forlow-income, first-generationor underrepresented minoritystudents.

Princeton University isramping up its effort to in-crease enrollment of first-gen-eration and low-income stu-dents and ease their path tograduation, backed by a $20million gift from BloombergPhilanthropies.

On Monday, the school an-nounced a new center, focusedon improving access and op-portunities for such students.It will house a range of exist-ing programs such as targetedsummer orientation, mentor-ing, social activities and work-shops on topics like choosinga major and translating pro-fessors’ jargon.

The center also will serveas a base for research to de-termine the most effectivesupport mechanisms for first-generation and low-incomestudents and how they can beused by colleges nationwide.

The goal is to share findingswith other universities to scaleup a range of efforts that canhelp get underrepresented stu-dents “to, through and beyondthe university,” said KhristinaGonzalez, an associate deanand the director of programsfor access and inclusion atPrinceton. She will head thenew Emma Bloomberg Centerfor Access and Opportunity.

Ms. Bloomberg, daughter ofthe billionaire businessmanand philanthropist MichaelBloomberg, is a 2001 Princetongraduate and Bloomberg Phi-

BY MELISSA KORN

Princeton GiftAims to BoostDiversity

BloombergPhilanthropies isgiving the IvyLeagueschool $20million.

NY

P2JW110000-2-A010B0-1--------NS

© 2021 Dow Jones & Company. All Rights Reserved. THEWALL STREET JOURNAL. Tuesday, April 20, 2021 | A11

PERSONAL JOURNAL.HEALTH &WELLNESS

It’s important to know that ourpreferences for being morning orevening people are geneticallydriven. It’s not a choice. And ourbodies do not adjust well to majorshifts in our natural biologicalrhythm. And yet within a couple, ifthere are differences in sleep-wakepreferences one partner tends togo along with another partner’sschedule in a way that is not con-ducive to that partner’s sleep.What often happens is that a nightowl feels obligated to try andsleep at the time that works forthe partner who happens to be amorning lark. And that night owlends up having trouble fallingasleep and gets frustrated and re-sentful.

Is there hope for these couples?Yes. The same research showedthat mismatched pairs who havegood problem-solving skills didnot suffer in their relationship. Inother words, if you’re a mis-matched pair with good problem-solving skills, you’re able to findworkarounds. For many couples,it’s the time before falling asleepthat’s most critical for a healthyrelationship. Even if you have dif-ferent bedtimes, you can preservethat time together in bed. Ideally,it’s the one place where it’s justthe two of you, where you can re-lax, be intimate or cuddle. Spendquality time in bed when you areboth awake. And then when thelark is ready to go to sleep, theowl gets out of bed, goes on withtheir evening, and returns to bedwhen sleepy.FR

OM

LEFT

:DIANEBA

LDWIN;G

ETTY

IMAGES

Abbe Smerling and JudyRoeder, close friendsfor 30 years, raisedtheir children, vaca-tioned and celebratedholidays together. Abbe

hosted the wedding rehearsal din-ner for Judy’s daughter. “It wasone of the best parties we everhad at our house,” Abbe says.

Now, after sharing many mile-stones in their lives, the two,who both live in the Boston area,have entered a new chapter intheir friendship. Judy, 75 yearsold and a former psychothera-pist, was diagnosed with mildcognitive impairment about eightyears ago. As her Alzheimer’s hasprogressed, Abbe, 70, has re-mained at her side, taking her onroad trips, on weekend retreats,and to events at their temple.

“I just want to make herhappy,” Abbe says.

Many longtime friends are atsimilar crossroads as more peopleare diagnosed with Alzheimer’s, adegenerative brain disease and themost common form of dementia. Anestimated 6.2 million Americans age65 and older have Alzheimer’s andthe number is expected to doubleby 2050 to 12.7 million, accordingto the Alzheimer’s Association.

The disease has no known cure,but loneliness was associated witha 40% increased risk of dementia,

according to a 2018 study pub-lished in Innovations in Aging. A2019 study found that amongthose with Alzheimer’s disease,having a close circle of friends islinked to better cognition. Main-taining those friendships, however,requires resolve and commitment.

“It’s difficult for people to seethe changes in their friends. Theydon’t know what to say and do,”says Darla Fortune, an associateprofessor in the department of Ap-plied Human Sciences at ConcordiaUniversity in Montreal, who alongwith two colleagues conducted ex-tensive interviews on friendshipand dementia, publishing the find-ings in December 2020.

Those who maintained long-term

friendships often mentioned stick-ing to familiar and comfortableplaces, Dr. Fortune found. “Sheknows the waitresses and they allmake a fuss over her, and she al-ways gets a hug when she goes in,”explained one woman who alwaystook her friend with dementia tothe same restaurant. Those inter-viewed also said they made thefriendship a priority. “I want tomake sure there are certain thingswe do together now,” said one.

It’s helpful for people in theearly stages of Alzheimer’s to letclose friends know, says BethKallmyer, who oversees care and

support programs for the Alzhei-mer’s Association. “Tell your friendswhat is going on, talk about whatyou are experiencing, what you arecomfortable doing,” she says.

The conversation can be diffi-cult. Shortly after Arthena Caston,56, was diagnosed with mild cog-nitive impairment, which laterprogressed to early-onset Alzhei-mer’s, she called her long-time col-lege friend, Shaun Graham, to giveher the news. The two womenhave been friends for more than30 years, having met in 1982 asfreshmen at Francis Marion Uni-versity in Florence, S.C.

“She didn’t say anything,” recallsArthena, who had been working incustomer support for a large insur-ance company. “She was just quietand then said, ‘Baby girl, I’ll callyou back.’ I knew she was crying.”

Shaun didn’t return the call fortwo weeks. “I couldn’t talk to her,and I was hoping she wouldn’t callme,” she says. “I didn’t want to cryand make her feel bad. I needed tobe strong and supportive. It tookme two weeks to get myself to-gether.” When she finally did call,she apologized. Arthena said sheunderstood. A few months later,Arthena was matron of honor atShaun’s wedding.

That was five years ago. Theynow talk on the phone at least fivedays a week—sometimes severaltimes a day—keeping their tiesclose in spite of living six hoursaway from each other, one in NorthCarolina and the other in Georgia.Shaun accompanied Arthena to anAlzheimer’s Association conferencein Chicago, sticking close to her inthe disorienting airport and makingsure Arthena’s hotel door waslocked at night. Last year, beforethe pandemic, Shaun and her hus-band drove from her home in Fay-etteville, N.C., to Orlando, Fla., tolisten to Arthena address an Alzhei-mer’s summit.

“I love the fact she was therefor me,” Arthena says. “We havegone on this journey together.”

PleaseturntopageA12

Judy Roeder, left, andAbbe Smerling visit inJudy’s home.

Friendship Unshaken by Alzheimer’s‘We have gone on this journey together’; friends who have been close for years find ways to continue the bond

BY CLARE ANSBERRY

FROM

TOP:

DAVID

DEG

NER

FORTH

EWALL

STRE

ETJO

URN

AL;

ABB

ESM

ERLING

Don’t be afraid of silence, saysAbbe Smerling, whose long-timefriend has Alzheimer’s. Tell sto-ries and share news and updates,even if you get no response.

Adjust, says Beth Kallmyer ofthe Alzheimer’s Association. Ifyou and your friend liked to playcards, keep playing them. Maybenot bridge, but something lesscomplex, like 21.

Be frank with your friend, saysArthena Caston, who has early-on-set Alzheimer’s. “It’s a terminal di-

agnosis, and a lot of people don’twant to hear that. But it is.”

Focus on your friend, says DarlaFortune, who conducted a studyon maintaining long-term friend-ships. Notice what intereststhem, makes them smile andlaugh, and what makes them un-comfortable.

Call and visit, says Gil Roeder,whose wife, Judy, has Alzheimer’s.The sound of a friend’s voice andtheir presence can make his wifehappy in the moment.

HOWTO BE THERE IN A DIFFICULT CHAPTER

Judy and Abbe, here in1998, have been friendsfor three decades.

IT’S THE LAST THING we needduring an already exhausting pan-demic: A partner who is interfer-ing with our sleep.

Yet many of us are losing shut-eye because our partner snoreslike a bear or hogs thecovers. Stays up untilthe wee hours scrollingon a phone. Tosses andturns with insomnia. Orhas a different sleepschedule that we’reconstantly trying to ad-just to.

Wendy Troxel is asenior behavioral andsocial scientist at RandCorp. and clinical psychologistwho specializes in sleep medicine.In her book to be published today,“Sharing the Covers: Every Cou-ple’s Guide to Better Sleep,” sheexplores how sleeping together im-pacts both our slumber and our re-lationship. Here are edited ex-cerpts of my interview with Dr.Troxel.

How important is sleep for arelationship?

Science shows when you arepoorly slept, your communicationskills suffer, your problem-solvingskills are compromised, and you’remore irritable and prone to men-tal-health problems, including de-pression. Your frustration toler-ance is lowered. You’re moreprone to conflict. And you’re lessable to read your partner’s emo-tions, which is called empathic ac-

curacy. All of these fac-tors together can be areally toxic combinationfor a relationship.

But it’s not just thatsleeping poorly can com-promise your relation-ship functioning. Havingconflict and strife in yourrelationship can compro-mise your sleep. Sothere’s this vicious cycle.

Why is it so tough to sleeptogether?The challenge that gets talked aboutmost frequently is snoring. Butthere are other sleep disorders aswell, including insomnia, restlessleg syndrome or chronic night-mares. And there are run-of-the-mill behaviors that can intervenewith a partner’s sleep: tossing andturning; sheet stealing; differencesin sleep schedules or temperature

Don’t Let Lack of SleepRuin Your Relationship

Wendy Troxel

BONDSELIZABETHBERNSTEIN

preferences; one partner likes tobinge-watch Netflix or be on aphone while the other one does not.

Yet most people prefer to sleepwith their partner?Yes. There are psychological bene-fits. We derive a sense of safetyand security from sleeping withour partner. Sleep is a vulnerablestate. You are lying down, semi-conscious, eyes closed. It’s hard-wired for us to seek connectionwhen we are feeling vulnerable.

Do men and women sleepdifferently?Yes. Women are twice as likely tohave insomnia, compared to men.And men are at least three timesas likely to have obstructive sleepapnea compared to women.

Due to hormonal changes,

women are more likely to havesleep disruptions at particularstages in life, including duringpregnancy and the menopausaltransition.

And there are differences insleep-wake schedules. Generally,women are more likely to bemorning people and men are morelikely to be night people.

How problematic is it when part-ners have different sleep-wakepatterns?There’s a limited amount of re-search looking at how sleep-wakepreferences relate to relationshipquality. It shows that couples whoare mismatched show lower ratesof relationship satisfaction, moreconflict and less sexual activitythan couples who are in sync intheir sleep-wake schedules.

P2JW110000-0-A01100-1--------XA

A12 | Tuesday, April 20, 2021 THEWALL STREET JOURNAL.

and sing “Take Me out tothe Ball Game.”

“We’re creating an envi-ronment where people canstay connected,” says BethSoltzberg, who runs the pro-gram at the Jewish Family &Children’s Service. It’s oneof about 1,000 such venuesworld-wide, listed in theMemory Cafe Directory.

Abbe keeps Judy updatedabout friends. “I tell hergossipy things. I know Iwon’t get a response, but Istill want her involved,” shesays. “I still want her to besomeone I can talk to.”

If she sees a movie orconcert on TV that she thinksJudy will enjoy, she calls

Judy’s husband, Gil, and tellshim to turn it on for her.

Gil is grateful for Abbeand a few other friends whohave remained close to Judy.She no longer seems to no-tice that people don’t comearound or call, although hedoes: “People have disap-pointed me. I don’t think theycan deal with people so smartand vibrant going away andbecoming someone different.”

When the weather getswarm, Abbe and Judy willresume their walks. Theylook forward to going outwith their husbands and eat-ing outside.

“That will be great,” saysJudy. “I like that.”

This winter, there weredays the temperature ofthe Salish Sea off Wash-ington state hovered justabove 40 degrees, butthat didn’t deter Jim

Falconer from going for a swim. “Imade myself one pandemic prom-ise,” he says. “Weather wouldnever interfere with my workouts.”

At 76, he is in the best shape ofhis life after embracing an Ironman-worthy workout routine last year.When the pandemic hit in March2020, he and his wife, Birte Fal-coner, decamped from their homein Seattle to their vacation home onLopez Island, Wash. “It was coldand drizzly most days, but therewasn’t much to do except explorethe outdoors,” he says.

Mr. Falconer, who works parttime in private investment, beganto run the trails and bike the backroads but he missed his pre-pan-demic pool routine. He had dabbledin open-water swimming in his 40swhen he did triathlons but never inwater so cold. After a bit of re-

GRA

NTHINDSL

EYFO

RTH

EWALL

STRE

ETJO

URN

AL

Arthena Caston, left, and Shaun Graham at a birthdaycelebration in 2018. Arthena gave Shaun a blanket this pastChristmas with photos ranging from college days to 2020.

FROM

TOP:

SHAUNGRA

HAM,J

OHNGRA

HAM

Both know that the diseasewill progress. “I want to bethere for as long as I canbe,” says Shaun, who servedin the Air Force and nowworks in transportationplanning for her local county.

In Boston, Abbe and Judy,now both vaccinated, canvisit, sitting on Judy’s couch.Conversations are shorterthan they used to be. Judytends to repeat things and iseasily distracted.

They reminisce, Abbeprompting Judy, remindingher about outings with theirkids to the Happy Chickenrestaurant, their road trip toJudy’s hometown, TomsRiver, N.J., and how theydanced together when theirhusbands, who were in arock band called the Titanic,performed classics like “MyGirl” at charity events. Judyhums the song.

They have been eachother’s confidante, compan-ion and support for much ofthe last three decades. “Nowwe are going through thistogether,” Abbe says.

A year ago, they went ona women’s retreat androomed together. Judy losther keys several times andlocked Abbe out of theirroom at night. In a largegroup discussion, Judy, whowas always expressive andopinionated, said little or toldthe same childhood stories.

“I lost my close friendthat she was. I lost thatJudy,” says Abbe. “I haveanother Judy, and I justwant to do my best to keepher happy.”

Abbe, searching out newways for the two to have funtogether, heard about theMemory Café, started in2014 in Boston to give peo-ple with dementia and theirfamily and friends a place tolisten to musicians, story-tellers and artists. “It’sgood,” says Judy. Before thepandemic, they would go, sitside-by-side, hold hands,

ContinuedfrompageA11

FriendshipUnbowed byAlzheimer’s

search, he invested in a full wetsuit,persuaded his wife to be his life-guard and dove in. “I immediatelythought, ‘Well, I just wasted $700,’ ”he says. “It was so unbearable Icould barely last 10 strokes.”

He stuck with it and after onemonth of twice-a-week swims heacclimated to the chilly tempera-ture. “I now feel exuberant when Iget out of the water,” he says. “It’slike a runner’s high.” His mix ofbike, run and swim workoutshelped him lose 15 pounds lastyear. He now weighs 135 pounds, aweight his scale hasn’t seen since

his 40s. He has also rediscovered achildlike joy in his workouts. “Ifloat on my back at the end of aswim and when no one is looking,I pretend I’m galloping on a horseon my runs as if I were an eight-year-old kid,” he says. “And on mybike I imagine that I am Greg LeM-ond in the Alps.”

The WorkoutMr. Falconer exercises five days aweek and slots in two recoverydays. He alternates between cy-cling 15 to 20 miles on a hybridbike, running for 50 to 75 minutes

Blueseventy Thermal Reactionwetsuit ($665)

C5 Gore-Tex Thermo Gloves($95): “I was wearing doublegloves cycling all winter until Iinvested in these,” he says.

ESSENTIAL GEAR Aqua Sphere goggles and lenses($58): “I’m nearsighted so I buyinterchangeable lenses,” he says.

Hoka One One Speedgoatsneakers ($145): “I credit theirextra cushioning for getting meback running,” he says. “I practi-cally live in them now that Idon’t go into the office.”

and swimming one mile. Admit-tedly competitive, he has alsolearned to accept his limits toavoid injury. “I now start my runsvery slow, otherwise I am shortof breath early on,” he says. “IfI can run an hour without stop-ping, I am a happy guy, regardlessof speed.” He sprinkles his cyclingworkouts with “some good out ofthe saddle hill climbs” and tackson casual bike rides with his wife.“It’s good for our relationship,”he says.

Depending on the tides andwind direction, it typically takeshim around 30 minutes to swimone mile. From the beach, his wifeacts as his lookout. “The other daya couple of seals were getting tooclose and she warned me.”

Mr. Falconer supplements hisworkouts with an hour of exercisesthat might include calf raises andusing stretch cords to strengthenhis muscles for swimming.

He says yard work, includingbuilding fences and choppingwood, double as workouts.

WHAT’S YOUR WORKOUT?JEN MURPHY

SwimmerKeepsFitWithOutdoorRoutine

The transition fromswimming in a pool

lane to navigating openwater takes time andnew skills, says KarenBurton Reeder, a former

member of theUSA SwimmingOpen Water Na-tional Team. Shelikens it to thetransition from

running on a track toembracing mountaintrails. “Both are goodworkouts, but one pro-vides more adventure ina less-controlled envi-ronment,” she says.

Without lane lines, nav-igation is more chal-lenging, says Ms. Bur-ton Reeder. “Learning tosight by lifting yourhead and looking for-ward helps swimmersstay on course in openwater,” she says.“Swimmers can alsotake note of the sun’sposition or the shore-line and use thosemarkers to helpkeep track whenside-breathing.”

Swimmers whoare new to open wa-

ter should have a per-son accompany them orswim in an area wherelifeguards are present,she says. Tying a floatbuoy around your waistis a safety measure tohelp boaters see swim-mers in the water,she adds.

Ms. Burton Reeder saysit is essential to askabout water conditions:“Riptides can be a con-cern and lifeguards areusually aware of poten-tial problem locations.”

HOWTO SWIMOUTDOORS

Jim Falconer swims in theSalish Sea near his home onLopez Island, Wash.

PERSONAL JOURNAL. | HEALTH & WELLNESSNY

P2JW110000-0-A01200-1--------NS

THEWALL STREET JOURNAL. Tuesday, April 20, 2021 | A13

IN HIS 2001 BOOK, “Our BandCould Be Your Life,” journalistMichael Azerrad tells the story ofthe American rock-music under-ground in the 1980s by focusingon the stories of 13 importantgroups from the decade. This wasthe era after the initial wave ofpunk rock but before the explo-sion of what came to be called al-ternative rock in the 1990s. Scan-ning the list of chapters now, onerealizes that most of the featuredoutfits either split up years ago—noise-rockers Big Black, Minneap-olis’s Hüsker Dü—or, like the Re-placements, stopped makingrecords, forming periodically tomake some money playing festi-vals or on reunion tours. It’s dif-ficult for any band to keep ittogether for 30-plus years, butit’s even harder for those at themargins, living from one gig tothe next.

One act from Mr. Azerrad’sbook, however, is not only activebut making some of the best re-cords of its career: Dinosaur Jr.,the Amherst, Mass., trio frontedby singer and guitarist J Mascis,returns Friday with its 12th stu-dio LP, “Sweep It Into Space”(Jagjaguwar). The strong newcollection continues the group’s

like the Cure and Gang of Four.(Mr. Mascis fired him in 1989, andMr. Barlow found indie rock suc-cess with projects including Seba-doh and the Folk Implosion untilhis return to Dinosaur Jr. prior tothe 2007 comeback album “Be-yond.”) Drummer Patrick Murphy,always identified simply asMurph, has an economical andhard-hitting style that serves asthe engine when Dinosaur Jr.cranks up the intensity.

Mr. Mascis’s melodies areclipped and simple but uncannilymemorable—Kurt Cobain bor-rowed heavily from his style dur-ing Nirvana’s run—and the catchyopener “I Ain’t” is a fine exampleof how he arranges a few notesinto a fleshed-out song thatsticks with you. “I ain’t goodalone” is its repeating refrain,and it’s an exemplary mantra forthis band—both Mr. Mascis andMr. Barlow sing of feeling alien-ated and cast aside, of searchingfor meaning and connection.

Recording for “Sweep It IntoSpace” started in the fall of 2019and in early sessions, before theonset of the Covid-19 pandemic,singer-songwriter Kurt Vileserved as co-producer alongsideMr. Mascis. Mr. Vile’s own music

WeatherShown are today’s noon positions of weather systems and precipitation. Temperature bands are highs for the day.

City Hi Lo W Hi Lo W City Hi Lo W Hi Lo WToday Tomorrow Today Tomorrow

City Hi Lo W Hi Lo W

Anchorage 44 34 pc 45 32 sAtlanta 74 53 pc 62 41 sAustin 80 42 pc 67 45 pcBaltimore 74 54 s 67 37 tBoise 63 39 s 66 39 sBoston 70 49 pc 65 36 shBurlington 56 37 r 46 32 rCharlotte 75 54 c 71 37 pcChicago 38 30 sn 45 32 shCleveland 45 34 c 42 31 snDallas 65 39 s 63 47 pcDenver 39 23 pc 36 25 sfDetroit 44 29 sh 44 27 sfHonolulu 84 71 sh 85 71 sHouston 80 47 s 72 47 sIndianapolis 51 27 sh 47 30 pcKansas City 42 29 sn 49 28 pcLas Vegas 87 63 s 81 61 sLittle Rock 72 34 pc 62 38 pcLos Angeles 76 59 pc 67 58 cMiami 89 76 c 86 69 tMilwaukee 40 31 c 43 33 cMinneapolis 45 28 pc 45 31 pcNashville 74 36 pc 56 37 cNew Orleans 76 57 pc 71 54 sNew York City 74 52 s 64 36 tOklahoma City 49 31 c 57 38 pc

Omaha 43 26 c 48 28 pcOrlando 75 67 t 83 59 pcPhiladelphia 73 54 s 66 37 tPhoenix 92 64 s 89 62 sPittsburgh 60 38 pc 42 29 cPortland, Maine 63 41 pc 55 34 shPortland, Ore. 75 47 pc 78 47 pcSacramento 77 50 pc 85 48 sSt. Louis 43 33 c 54 33 pcSalt Lake City 57 40 s 57 39 pcSan Francisco 62 50 c 64 50 cSanta Fe 63 32 s 64 35 pcSeattle 72 48 s 73 49 pcSioux Falls 46 25 c 47 27 pcWash., D.C. 74 57 s 65 38 t

Amsterdam 61 41 pc 52 39 shAthens 68 52 pc 69 53 pcBaghdad 106 76 pc 104 76 pcBangkok 94 80 t 96 81 pcBeijing 79 52 pc 62 50 cBerlin 62 41 sh 61 36 shBrussels 61 43 pc 56 35 shBuenos Aires 75 66 s 76 67 pcDubai 91 74 s 96 78 sDublin 53 38 r 52 37 pcEdinburgh 55 32 c 54 29 pc

Frankfurt 63 43 sh 63 36 shGeneva 62 42 s 59 46 shHavana 89 72 s 89 69 pcHong Kong 79 72 s 80 73 sIstanbul 59 48 s 62 49 sJakarta 90 76 sh 91 75 sJerusalem 83 53 pc 73 52 cJohannesburg 70 50 s 71 54 pcLondon 63 45 pc 55 36 pcMadrid 68 47 pc 64 51 shManila 92 83 pc 92 83 cMelbourne 64 49 sh 58 51 pcMexico City 81 54 s 79 56 sMilan 67 46 pc 63 46 shMoscow 52 40 r 47 40 rMumbai 92 83 pc 93 82 pcParis 63 44 pc 65 40 cRio de Janeiro 79 72 pc 78 71 shRiyadh 98 75 s 100 75 pcRome 62 42 pc 63 48 pcSan Juan 88 75 s 87 75 pcSeoul 69 46 c 77 56 pcShanghai 70 60 c 73 64 pcSingapore 90 78 t 89 78 pcSydney 75 57 pc 70 53 sTaipei City 83 70 s 84 73 sTokyo 70 58 s 71 57 sToronto 47 31 c 39 30 snVancouver 62 44 s 61 45 pcWarsaw 59 43 c 59 42 cZurich 60 36 sh 63 43 sh

Today Tomorrow

U.S. Forecasts

International

City Hi Lo W Hi Lo W

s...sunny; pc... partly cloudy; c...cloudy; sh...showers;t...t’storms; r...rain; sf...snow flurries; sn...snow; i...ice

Today Tomorrow

Warm

Cold

Stationary

Showers

Rain

T-storms

Snow

Flurries

Ice

<0

0s

10s

20s

30s

40s

50s

60s

70s

80s

90s

100+

gAA h

Jacksonvillek

eL k

CCh l tt

Louisville

gPit hbew Y k

yke CitSalt Lake CCL yL

pTaT

h illph

t

CityCity

DP

illingsP dtl

n

dl d

AA

ewt

PhSan Diego

Los AngeA lLLLVe

i . Paul.Mpls./St. Pau

. LoL

gChih

ington D.C.gton D Chihh

t

Charleston

k rtford

hit

pdd

CCC d

l

AA

lk

q qA b

h

yoma Choma CitCklahoma City

an AAA

es Moines

oux F ll

Jack

Birminghami h

pPhhil d l hih lyCh

Faa

C dCp

Pierre

dhhhl i

Tucson

yAlbanyA

Topeka

C bb

gA tAA

Ft. hh

g

pp dd

bil

TT

pi

VV aryC ryC l

d t

HonoluluAnchorage

Jacksonville

Little Rock

Charlotte

Louisville

PittsburghNew York

Salt Lake City

Tampa

NashvilleMemphis

Detroit

KansasCity

DallasEl Paso

BillingsPortland

Miami

San FranciscoSacramento

Orlando

Atlanta

New OrleansHouston

PhoenixSan Diego

Los AngelesLasVegas

Seattle

Boise

Denver

Mpls./St. Paul

St. Louis

Chicago

Washington D.C.

Boston

Charleston

Milwaukee Hartford

Wichita

Indianapolis

Cleveland

Buffalo

Austin

HelenaBismarck

Albuquerque

Omaha

Oklahoma City

San Antonio

Des Moines

Sioux Falls

Jackson

Birmingham

PhiladelphiaCheyenneReno

Santa Fe

ColoradoSprings

Pierre

RichmondRaleigh

Tucson

Albany

Topeka

Columbia

Augusta

Ft. Worth

Eugene

Springfield

Mobile

Toronto

OttawaMontreal

Winnipeg

Vancouver Calgary

Edmonton

70s

80s

50s

40s30s

20s 10s

90s

80s 80s

80s

80s

80s70s

70s

60s

60s

60s

60s

50s

50s

50s

40s

40s

30s

30s

20s

40s

40s

PIECEMEAL | By Carl LarsonAcross1 Ty with a .366career battingaverage

5 Lawn sign verb10 Bear whose

porridge wastoo cold

14 Distinctiveatmosphere

15 Grinding tooth16 Autumn

birthstone17 Civil uprising18 Double20 Xbox 360

competitor22 Really small23 Unproven

theoriespresented asfact

27 Germanequivalent ofthe French “le”

28 Had supper29 Small batteries30 Like flags and

quilts32 Broker’s

recommendation33 Supporter35 “I’ll treat!”39 Morning

display, and ahint to the circledletters

44 “No ifs, ___ orbuts”

45 Cray-cray46 Twitter feed

annoyances47 Strong cotton

variety

51 Deface52 Course need53 Admit (to)56 Lakeside dock

offering59 Short-term lease

length61 Knight’s address62 1997 Tommy

Lee Jones/WillSmith movie

65 Teases68 Declares

off-limits69 Eagle’s nest70 Single-serving

coffee pod71 Soccer game

cheers72 Three-time

All-Star fielderSizemore

TheWSJ Daily Crossword | Edited by Mike Shenk

1 2 3 4 5 6 7 8 9 10 11 12 13

14 15 16

17 18 19

20 21 22

23 24 25 26 27

28 29 30 31

32 33 34 35 36 37 38

39 40 41 42 43

44 45 46

47 48 49 50 51 52

53 54 55 56 57 58

59 60 61

62 63 64 65 66 67

68 69 70

71 72 73

Previous Puzzle’s Solution

s

Solve this puzzle online and discuss it atWSJ.com/Puzzles.

E B B T H U G E S C O R TT E M P L A T E L E A V E SC H I T C H A T A R M A D AH E N S H I P P I EE S O T E N N I S E L B O WS T R E E T G E S A M I

S E T U P S A L A NL A S T M A N S T A N D I N GO G L E S T Y L E DN R A T O E L A S S O SG I V E I T A R E S T A R E

L E T T E R E L I EA L G O R E B A C K R O O MD E E P E R E S C A R O L ES T E E D S L E S T N E D

73 Its productsoften come withAllen wrenches

Down1 Elevatorcompartment

2 Frenchaffirmative

3 Like the girl in aVan Morrisonsong

4 Dyeing art5 CPR specialist6 Underhanded7 Skip the fancyceremony

8 Berth places9 Electronic musicgenre

10 Tavernfrequented byHomer Simpson

11 Rose garden pest12 Inca crop13 Change19 Hearty dinner21 Chris with the

1989 song“Wicked Game”

23 “Star Wars”crime lord

24 Reversal on theroad

25 Shin’s neighbor26 Cuba, por

ejemplo

31 Neither follower34 Fashion

monogram36 Bit of cleverness37 Title role for

Tyler Perry38 Auto introduced

in 195740 Egyptian reptile41 Weighty work42 Distinctive Harry

Potter feature43 Facials open

them48 Pic to click49 Item also called

a murse50 Stag feature53 Burger, fries and

drink option54 NBA great

Shaquille55 Bias-cut pasta57 Catherine of

“Schitt’s Creek”58 Former U.N.

ambassadorHaley

60 Whiff63 Spanish hero

El ___64 Tab, for one66 Expected67 Place to be

pampered

owes a greatdeal to DinosaurJr. and whileit’s difficult tosay preciselywhat his finalcontributionswere, the mix ofacoustic andelectric guitarson some ofthese songsbrings to mindhis work. “I RanAway” and “AndMe” both have a delightful blendof chiming acoustic guitar on thestrummed rhythm with a fuzzed-out lead darting between thechords. At times the record veersfrom its guitar-based template, ason “Take It Back,” which is builtaround an earworm of a pianoline. “Garden,” one of two finesongs written and sung by Mr.Barlow, has a more sophisticatedmelodic sensibility than anythingelse here, with winding verselines that build tension.

Mr. Mascis has always had sideprojects—solo records, film scor-ing, production for others. Hemade four Dinosaur Jr. recordsafter Mr. Barlow’s departure thatwere essentially solo outings, as

he playednearly all theinstruments.Following thereturn of theoriginal lineup,it’s as if Mr.Mascis has fullyinternalizedwhat this groupdoes best andsees no reasonto stray from it.These guysmake loud,

warm and tuneful rock about try-ing to get by when the outsideworld—or your interior voice—istelling you to stop. If there’s acomplaint to be made, it’s thatDinosaur Jr. albums tend tosound the same. But there’ssomething to be said for execut-ing perfectly within establishedparameters. They’re also the kindof project where longevity lendsthe music extra poignancy. Wellafter its peers packed it in, Dino-saur Jr. is still making excellentrecords for new listeners andolder ones who made the bandpart of their lives.

Mr. Richardson is the Journal’srock and pop music critic. PE

TEDOHER

TY/ZUMAPR

ESS

unlikely second act and holds itsown among late-’80s classics.

By 1987, the year Dinosaur Jr.released its second album,“You’re Living All Over Me,” itssound was fully established, andit has varied little since. Somesongs have the energy and angerof punk, some add rootsy touches,some veer toward punchy classicrock and, occasionally, heavymetal. Mr. Mascis sings with a ca-

sual drawl, sometimes comingacross as if he has just wokenfrom a deep slumber. He’s an ad-ept rhythm guitarist with a greatear for riffs, but he’s best knownfor his exploratory solos, whichreimagine a song’s melody whilenever going on for too long. Bass-ist and vocalist Lou Barlow hasan active and melodic approachon his instrument that owes muchto post-punkers and new wavers

There’s something tobe said for executingperfectly withinestablished parameters.

MUSIC REVIEW | MARK RICHARDSON

An ’80s GroupKeeps RoaringDinosaur Jr.’s new release does more than stave off extinction, maintaining its signature sound with extra poignancy

Dinosaur Jr. performing in Englandin 2016; the band’s new album,‘Sweep It Into Space,’ is out Friday.

ARTS IN REVIEW

P2JW110000-0-A01300-1--------XA

A14 | Tuesday, April 20, 2021 THEWALL STREET JOURNAL.

amusing. The Knicks have been ahard-to-love operation, coasting onthe distant past, presuming geogra-phy alone makes them relevant.

But I also feel bad. I am friendswith many, many longtime Knicksfans, good people with vivid recol-lections of those wonderfully com-bative teams in the 1990s—a few ofthem can remember the champion-

ship glory of the early 1970s—andall of them talk about the franchiselike it is a family member who stoletheir car and dog and never cameback.

Take a Mets baseball fan, andstrip away the handful of positiverecent memories. That’s a Knicksfan.

Until now.

Knicks forward Julius Randle has blossomed into an All-Star this season.

Super LeagueMoves to Head Off BansThe shocking announcement from 12 European clubs has left soccer’s authorities scrambling

Manchester United, above, along with Real Madrid and Barcelona,pictured right, are part of a group seeking to form a Super League.

SPORTS

fumed at the Super League an-nouncement and weighed punitivesanctions against the 12 clubs,which could include immediate sus-pension from domestic leagues andmajor tournaments. Ceferin addedthat he was hoping UEFA’s legalteam could green-light a ban “assoon as possible.”

Under the Super League pro-posal, those clubs would continueto play in their domestic leaguesbut leave behind the prestigious,pan-European Champions League infavor of a new lavishly paid compe-tition that would begin play in2022. It would give the richestclubs more guaranteed matchesagainst each other to drive broad-casting revenue.

The ultimate vision is for a 20-team competitionwith 15 permanentmembers and fivemore qualifyingthrough merit—asopposed to thecurrent ChampionsLeague model of32 teams all quali-fying based on theprevious season’s

results. (UEFA also unveiled an ex-panded 36-team format on Mondaywith more guaranteed games forclubs starting in 2024.)

The 12 Super League clubs saidthey had secured over $4 billion infunding to share between them as away to bounce back from the finan-cial damage of the global pandemic.They have also promised to expand“solidarity payments” to smallerclubs in order to keep developingthe game.

But so far, they have found fewsupporters outside their alliance.Opposition came swiftly from U.K.Prime Minister Boris Johnson,French President Emmanuel Ma-

cron, domestic rivalsaround Europe, and soccerfans around the world.

“The newly proposedtop European competitionis nothing more than aselfish, egotistical proposaldesigned to further enrichthe already super rich,”Spain’s La Liga said onMonday.

Spanish club Real Betispublished a new version ofLa Liga standings on itswebsite, excluding thethree Super League teams,Real Madrid, Barcelonaand Atletico Madrid. Betisis now in third place. Notthat threats of punishmenthave slowed down Real.

“We are going to helpfootball at all levels to takeits rightful place in the world,” RealMadrid president Florentino Perezsaid of what is already the world’smost popular sport. “Football is theonly global sport in the world withmore than 4 billion fans and ourresponsibility as big clubs is to re-spond to the desire of the fans.”

At the moment, they can’t evenrespond to the wishes of all of Eu-rope’s super-clubs. French power-house Paris Saint-Germain is a no-table absentee from the group of12, while Germany’s Bayern Munichand Borussia Dortmund also re-jected the proposal. Dortmund CEOHans-Joachim Watzke added onMonday that the two Bundesligaclubs had taken “a clear stance inrejecting plans for the establish-ment of a Super League.”

Should UEFA or FIFA bans forthe Super League teams come now,they could effectively stop the cur-rent season in its tracks, just asleagues prepare to crown champi-ons across Europe.

But soccer’s governing bodiesare already concerned that any banor injunction wouldn’t find much tobuild from in recent European law.In 2017, European Commission reg-ulators sided with a pair of Dutchspeedskaters when they sought tocompete in highly paid events thatweren’t sanctioned by the sport’sgoverning body, the InternationalSkating Union.

That decision was upheld latelast year by the Luxembourg-basedEU General Court, which called theISU’s rules “contrary to EU compe-tition law.”

“The ISU is required to en-sure…that third-party organisers ofspeedskating competitions are notunduly deprived of access to therelevant market,” the court added.

The other example authoritieswill look at is EuroLeague basket-ball, an organization that formedthrough a similar breakaway in2000 to bring together the mostsuccessful teams on the continent.

A majority of them hold long-termcontracts with organizers, meaningthey can never be relegated fromthe league and are guaranteed ahefty share of the television rightspayments.

The EuroLeague ultimately cameto an agreement with basketball’sworld governing body, FIBA, butonly because FIBA was left with lit-tle choice against a bloc of thesport’s most popular clubs. In 2015,the body renewed its threats tosuspend clubs and the nationalteams of countries associated withthe EuroLeague. FIBA ultimatelybacked down.

Ceferin, the UEFA president anda former criminal lawyer, was moreoptimistic about his chances ofblocking the breakaway.

“If anything goes against all thecompetition laws in the world, it’sthe Super League,” he said. “Maybewe were naïve. We did not knowthat we had some snakes close tous.”

We need to talk aboutthe Knicks.

You: Oof. Do we re-ally? Isn’t there any-thing else to talk about?What about a muddy

bike race in Belgium? There mustbe one of those you could prattle onabout.

No, I really think we need to dothis. The New York Knicks.

You: Aw, come on! What aboutthat Super-Duper Soccer League,the breakaway club of fancy teamsthat’s got everyone riled up?

Yeah, that’s a big deal, the SuperLeague, and soccer fans are flippingout. But I still think we should talkabout the Knicks.

You: Fine. Why?Because they’re pretty good.You: “Pretty good?” That’s all it

takes to get into the newspaperthese days? “Pretty good?”

You have to understand: for theKnicks, a mournful experimentaltheater outfit based in MadisonSquare Garden, achieving “prettygood” is seismic news. It’s worthyof a parade. This story deserves tobe splashed atop the Journal’s frontpage, and I’m personally insultedthat it’s not.

After all, the Knicks are a once-great franchise which acquired,around the century’s turn, a haltingallergy to success. They have notfinished with a winning record ineight seasons. They have had onlytwo winning seasons since going48-34 in 2000-01. Two! The Knicksfinish in the bottom murk of thestandings so often, it’s effectively aresidency. In fact, if another clubslides beneath New York to finishlast in the NBA’s Atlantic Division, Ibelieve they have to pay the Knicksa substantial royalty.

As someone who lives in NewYork, I don’t find any of this amus-ing. OK, that’s a lie. It’s a little

As I said, they’re pretty good.Nothing more, but it’s something.At the moment, New York is 31-27,entering Monday’s play, sittingsixth in the Eastern Conferencestandings, a game and a half infront of 2020 finalist Miami, andright in the mix for playoff qualifi-cation. On Sunday, the Knicks de-feated New Orleans, giving themsix wins in a row for the first timesince 1023. (OK, it’s the first timesince 2014, but it feels like 1023.)

How’s it happening? Not withsuperstars. Forever, the Knicks for-mula has been to desperately covetthe best players in the game, getignored by them in their freeagency prime, and then acquirethem—late in their careers, oftenafter injury.

These 2020-21 Knicks, by con-trast, are a team short on basket-ball celebrities. They are led by Ju-lius Randle, a 26-year-old powerforward on his third team who’sblossomed into a bona fide All-Star(23.5 points and 10.5 rebounds pergame). The rest of the roster is amix of peripatetic veterans (Ner-lens Noel, Alec Burks. Reggie Bull-ock, long-ago league MVP DerrickRose) and young talent (RJ Barrett,Immanuel Quickley) who habituallyoutwork starrier clubs, like theZion Williamson-led Pelicans onSunday.

Behind the revival is a methodi-cal team president Leon Rose, andanother undervalued asset, headcoach Tom Thibodeau. Thibodeauarrived in the offseason with a rep-utation for getting quirky rosters toplay defense and over-perform, andthat’s more or less what’s happenedhere. The Knicks rank third in theleague in defensive efficiency—that’s the number of points allowedper 100 possessions—and are atopthe league in opposing field goalpercentage, which means opposing

teams shoot worse against theKnicks than any other NBA club.

Do such things, and wins follow.In an off-balance, pandemic-dis-jointed season, the Knicks haveplayed hard and changed the mood.When Williamson gushed about theGarden after losing Sunday—“I loveplaying here,” he said—the newswas met with curiosity but also re-straint.

Throw all future hope behind anelectric player who might comehere one day? That’s what theKnicks used to do.

What’s jarring is the contrast tothe team over the bridge, theBrooklyn Nets, who have assembleda team of superstars (Kevin Durant,Kyrie Irving, James Harden)straight out of an old Knicks feverdream, and, on the rare occasionthey are healthy enough to playwith each other, look like one ofthe greatest basketball teams evercreated. Even if they don’t get ev-eryone healthy, Brooklyn is thevastly better team in town, and alegitimate contender for the NBAchampionship.

And yet, the Nets, for all theirtalent, still aren’t soulfully wired tothe city like the Knicks. Maybe thedynamic will shift if Brooklyn winsa title. But this remains a Knickstown, evidenced by rowdy thrall foran overachieving club.

New York is a proud city tryingto recover after a difficult year.There are headwinds everywhere,and it will be a long road back tofull strength. But when you steponto the concrete on a spring day,you can see the blossoming trees,the crowded outdoor cafes, andparks full of runners, strollers anddogs, and it’s possible to feel likemuch better days are around thecorner.

The Knicks are pretty good. It allfeels possible.

European soccer had beenhearing the words “superleague” as a veiled threatfor over 20 years beforethe battle broke out in

earnest on Monday.The idea of a closed league made

up exclusively of the game’s elite,playing marquee matches everyweek, had been around since atleast the 1990s. Powerful Italianclubs cooked it up first, and Man-chester United once made a failedpush. Real Madrid took over as agi-tator in chief in the 2000s.

Yet until Sunday night, no organ-ization had made a formal breakwith UEFA, European soccer’s gov-erning body. Then on Monday thebreakaway Super League led by 12of the most powerful clubs in thegame doubled down on its an-nouncement by taking legal stepsto protect its teams from beingbanned by the game’s established,but shell-shocked, authorities.

UEFA had already threatened tosuspend teams participating in theSuper League, which hopes to beginplay in 2022, from its competitionssuch as the Champions League. OnMonday, it amplified the threat bysaying that any player participatingin the Super League would be ex-cluded from the World Cup and theEuropean Championships.

The battle, which will define theshape of soccer’s biggest stage fordecades, is the result of years oftension between the organizers ofthe most lucrative tournaments andsome of the richest teams in sportsaiming to increase their share ofthe earnings.

“This idea is a spit in the face ofall football lovers,” UEFA presidentAleksander Ceferin said of the Su-per League proposal, which hecalled “a closed shop run by agreedy, select few.”

The wealthy clubs—including sixin the English Premier League andtop teams in Spain and Italy— an-nounced late Sunday that they in-tend to form a new pan-Europeancompetition for themselves and afew other teams. The move wouldfurther enrich those clubs andbadly undercut thelucrative ChampionsLeague competitionthat is controlled byUEFA.

In a letter re-ceived by UEFA andFIFA, soccer’s worldgoverning body, anunnamed represen-tative of the SuperLeague said that it had taken legal“protective steps” in response tothreats that its clubs would soon bebanned from domestic and interna-tional competition such as the Pre-mier League and ChampionsLeague. The group did not specifywhere it had taken those steps.

“For this reason, SLCo has fileda motion before the relevant Courtin order to ensure the seamless es-tablishment and operation of thecompetition in accordance with ap-plicable laws,” the European SuperLeague Company wrote in the let-ter, which was obtained by TheWall Street Journal.

Soccer authorities on Monday

BY JOSHUA ROBINSON

JASON GAY

The Knicks Aren’t Bad.This Is Huge News.

Under the proposal,the Super Leaguewould begin play in

2022.FR

OM

TOP:

STUFO

RSTE

R/RE

UTE

RS;Á

NGEL

RIVER

O/U

E/ZU

MAPR

ESS;

ELSA

/PRE

SSPO

OL

P2JW110000-0-A01400-1--------XA

THEWALL STREET JOURNAL. Tuesday, April 20, 2021 | A15

The BigRed GambleNuclear FollyBy Serhii Plokhy(Norton, 444 pages, $35)

BOOKSHELF | By James Rosen

ExxonMobil’s Plan to Capture Carbon

A s President Biden con-venes the virtual Lead-ers Summit on Climate

later this month, America hasa unique opportunity tospearhead a breakthrough ap-proach to reducing carbonemissions.

About 80% of the world’senergy-related carbon emis-sions come from three criticalsectors of the economy:power generation, commercialtransportation and industrialmanufacturing. Meaningfulprogress toward achieving theworld’s climate goals requiresemission reductions fromthese sectors.

One of the proven technol-ogies available that could playa major role is carbon captureand storage, or CCS, the pro-cess of sequestering industrialemissions and safely storingthem permanently under-ground. CCS also promises thepotential to reduce carbonemissions significantly at acost competitive to other so-lutions, especially for themanufacturing sector.

For the past three years atExxonMobil we have beenstudying the concept of creat-ing multiuser CCS “hubs” inindustrial areas. They wouldbe located near safe geologicstorage sites. A CCS Innova-tion Zone would bring to-gether government incentivesand private-sector invest-ment.

The heavy-industry area ofthe Houston Ship Channel onthe Gulf Coast of Texas is anideal location to apply thisconcept. This area houses oneof the country’s largestsources of industrial emis-sions and is close to the Gulfof Mexico’s vast subsurfacestorage potential, where theCO2 would be permanentlystored in the pore space ofthe rocks, thousands of feetbelow the seafloor.

Based on Energy Depart-ment numbers, we estimatethere is adequate capacityalong the Gulf Coast to storearound 500 billion metrictons of CO2. We further esti-mate that the Houston con-cept has the potential to storeup to 100 million metric tonsof carbon a year by 2040. Theproject could help the city ofHouston achieve its goal ofbecoming carbon-neutral by2050.

The Houston CCS Innova-tion Zone concept would re-quire the “whole of govern-ment” approach to theclimate challenge that Presi-dent Biden has championed.Based on our experience withprojects of this scale, we esti-mate the approach could gen-erate tens of thousands ofnew jobs needed to make andinstall the equipment to cap-ture the CO2 and transport itvia a pipeline for storage.Such a project would alsoprotect thousands of existingjobs in industries seeking toreduce emissions. In short,large-scale CCS would reduceemissions while protectingthe economy.

Government’s role wouldbe to put in place a stableregulatory and legal environ-ment and enable CCS to re-ceive private investment andgovernment incentives di-rectly. Establishing a price oncarbon would also provide themarket certainty required toenable businesses to generatereturns on carbon-reducinginvestments.

The lessons and knowledgegained in Houston could beapplied to other parts of thecountry with similar indus-trial concentrations, includingthe Midwest and elsewherealong the Gulf Coast.

As the world’s leader inCCS, with about 40% of thetotal anthropogenic CO2 cap-tured to date and multipleCCS projects under wayaround the world, ExxonMobilis eager to play our part toadvance this promising con-cept. CCS would bring uscloser to the lower-carbon fu-ture we all seek.

Mr. Woods is ExxonMobil’schairman and CEO. Mr. Blom-maert is president of Exxon-Mobil Low Carbon Solutions.

By Darren W. WoodsAnd Joe Blommaert

How to create newjobs by the thousandswhile amelioratingclimate change.

OPINION

“I’m a unionguy,” says JoeBiden. He’sbeen sayingthis since hekicked off hispresidentialcampaign at aTe am s t e r shall in Pitts-burgh twoyears ago, and

he said it again at the WhiteHouse recently when helaunched his American JobsPlan.

So when a union sought toorganize the 5,876 workers atan Amazon warehouse inBessemer, Ala., it came as nosurprise that Mr. Biden lent hisimprimatur to the effort. Whatdid come as a surprise was theoutcome. The employeesended up voting against theunion by a margin of morethan 2 to 1—a blow to Big La-bor, a shock to the press, and apersonal embarrassment forthe president, who plainlythought it would go the otherway.

Though Labor SecretaryMarty Walsh shrugged off thedefeat, it isn’t a hopeful signfor the Biden administration’sefforts to reverse the slide inprivate-sector union member-ship from a peak of 34.8% in1954 to 6.3% today. This Amer-ican Jobs Plan is the latest in aWhite House agenda whosescope and spending has themedia chattering about a“transformative presidency”on the order of FDR. The presi-

Joe Biden, ‘Union Guy’dent loves to talk about agleaming new economy full ofgreen, unionized and well-paidjobs, but if Mr. Biden reallydoes succeed in transformingthe American economy, it willbe with an industrial policythat takes us back to the 1970s.

For Mr. Biden shares the oldprevailing assumption that la-bor and capital are enemies. Inthis dynamic, a union is theonly hope for better pay andjob security. To be fair, itmight have looked that way formuch of American history,with big strikes that oftenturned ugly on both sides aregular feature of Americanlife.

Much of the press implicitlyaccepts this template too.Maybe that’s why so many sto-ries from Alabama presentedAmazon’s warehouse as if itwere a sweatshop out of“Norma Rae,” the 1979 uniondrama that won Sally Field anOscar. Except that in the real-life sequel, rather than lookingto a union as the key to theirjob security and well being,the Amazon workers weighedthe risks and benefits and saidno thanks.

At least they had the op-tion. Though the presidenttalks about ensuring workershave a “free and fair choice,”his plan includes the Protect-ing the Right to Organize Act.Among other things this wouldoverride the right-to-worklaws of 27 states, which pro-tect workers who aren’t in aunion from having to pay dues

as a condition of their jobs.Worse, Mr. Biden’s plan wouldenshrine “card check,” inwhich unions that successfullychallenge an election can by-pass a secret ballot by collect-ing signed cards instead—leav-ing workers far morevulnerable to pressure.

Meanwhile, workers aremaking their own calculations.At least in the private sector,employees understand thattheir paychecks and benefitsare linked to the success of the

business. Workers at Amazon’sBessemer warehouse no doubtappreciated that if the union’spay demands and work rulesended up making them uncom-petitive, the company couldeasily move its operation else-where.

As for Mr. Biden, it is as ifnothing has changed since1973, when he first arrived inWashington. Though there areabusive employers, surely thelarger message of these pastfew decades is that businessare more aware of the value oftheir workforces. Rare is thebusiness leader who won’t tellyou his greatest challenge isattracting and retaining goodemployees. As those Amazon

workers appreciated, the inter-ests of workers have changedalong with changes in theeconomy.

For example, when yourstruly worked in Hong Kong inthe 1990s, a booming economyhad driven unemployment inthe then-British colony downto nearly 2%. Because HongKong workers in those daysweren’t tied to their jobs forhealthcare and retirement,they were much freer to leaveone job for another. An em-ployer told me it wasn’t un-common for workers to leavefor as little as an extra 10Hong Kong dollars a week—roughly US$1.25.

The point is, no labor lawcan offer a better incentive foremployers to treat employeeswell than a worker’s ability toleave for greener pastures.Even better, it doesn’t dependon the benevolence of busi-ness, the intervention of gov-ernment or the agitation of aunion.

In today’s world, workershave only one real guaranteeof job security and decenttreatment: a growing, dynamiceconomy that forces employ-ers to compete for labor. Call itthe security of opportunity.For it’s the security that comesfrom workers’ knowing theycan tell the boss, “Take yourjob and shove it”—somethingpossible only when a workerknows there’s another jobwaiting out there with equal orgreater pay.

Write to mcgurn@wsj.com.

The president’s laboragenda is the sameone he brought toWashington in 1973.

MAINSTREETBy WilliamMcGurn

J a p a n e s ePrime Minis-ter YoshihideSuga’s visit tothe WhiteHouse is be-ing hailed inboth coun-tries as a ma-jor success.On the Ameri-can side, offi-

cials rejoiced that Mr. Sugaaligned Japan with U.S. talk-ing points in Asia. As theprime minister said at a jointpress conference, America andJapan both “oppose any at-tempt to change the statusquo by force or coercion inthe East and South China seasand intimidation of others inthe region.” References to theTaiwan Straits and the situa-tion in Xinjiang added to theimpression that Tokyo is be-coming more forthright insupporting a tougher U.S. line.

On the Japanese side, therewas also much to be happyabout. President Biden choseMr. Suga for his first Oval Of-fice meeting with a foreignleader, an unmistakable signof the priority the Biden ad-ministration attaches to therelationship. Better still,American officials didn’t pressthe prime minister for a listof specific commitments thatmight have been difficult tosell at home—or that wouldignite a firestorm in the vola-tile relationship between Bei-jing and Tokyo.

Mr. Suga hedged commentson Taiwan and Xinjiang care-fully. On Taiwan, he said atthe joint press conference

Tokyo Flexes Its Talonsthat the summit “reaffirmed”the U.S.-Japan consensus. OnXinjiang he said that he had“explained Japan’s positionand initiatives” to the presi-dent. Neither the press con-ference nor the joint state-ment Messrs. Biden and Sugaissued after their discussionused the word “genocide.”

While Washington and To-kyo broadly agree about therisks of China’s behavior,Japan still prefers to stay afew steps behind America. Ge-ography, economics and his-tory all connect Japan toChina. While officials in Tokyofully understand that China’sgrowing military might andterritorial assertiveness re-quire a robust Japanese re-sponse, neither the country’sbusiness community nor thepublic wants to be too con-frontational with a neighbor-ing superpower. On militaryand human rights issues alike,the Japanese consensus isshifting, but Tokyo’s postwartradition of cautious diplo-macy won’t change overnight.

And then there is theAmerican question. The oscil-lations in U.S. policy underboth President Obama andPresident Trump left Japanwith a severe case of whip-lash. Mr. Obama’s flaccid re-sponse to China’s construc-tion of artificial islands in theSouth China Sea horrifiedPrime Minister Shinzo Abe’sgovernment. Mr. Obama madethe Trans-Pacific Partnershipthe centerpiece of his Asiapolicy, but Mr. Trump cam-paigned against it before re-jecting the deal in office.

Tokyo cannot be 100% surewhere the Biden administra-tion’s China policy is going.While Mr. Suga was in Wash-ington, John Kerry was inChina pushing for a grandbargain on climate. The Bidenadministration’s rhetoric onissues ranging from Taiwan toXinjiang is hawkish, but Mr.Biden has proposed a smallcut to the defense budget, ad-justed for inflation. Under the

circumstances, Mr. Suga’smost prudent course was toavoid offending anyone inWashington without undulyshocking China—and this iswhat he seems to have accom-plished.

The alliance with Japan isthe single most important in-ternational relationship Amer-ica has. Without Japan’s eco-nomic weight, technologicalcapabilities and geographicalposition, the U.S. cannot buildan effective coalition to bal-ance China. But withoutstrong and stable Americansupport, Japan can’t last asan independent great powerin China’s front yard.

These facts drive the U.S.and Japan together, but alli-ances between democraciescannot live by realpolitikalone. Mr. Suga spoke inWashington about the univer-

sal values of freedom, democ-racy, human rights and therule of law that the two coun-tries share. So far, so good.But the soft power of the alli-ance—the human contacts,the mutual understanding be-tween societies, the sense ofcommon destiny—is signifi-cantly weaker than the bondsthat tie America to other al-lies like the U.K. and Israel.

In the 2018-19 school year,fewer than 9,000 U.S. stu-dents were studying in Japan.In 2019 only about 7,000 U.S.students registered to takethe Japanese-Language Profi-ciency Test—of hundreds ofthousands of registrantsworld-wide. Compared withJapan, China sent about twiceas many students per capitato study in the U.S. pre-Covid.Among students from 29Asian countries tested forEnglish-language proficiency,Japanese students ranked27th, ahead of only Laos andTajikistan.

Few American academics,think tankers and journalistshave a deep knowledge ofJapan. There are only a rarefew U.S. citizens like JapanSociety President JoshuaWalker—who grew up inJapan the child of missionar-ies, and has both private sec-tor and government experi-ence in America.

For the foreseeable future,the U.S.-Japan alliance islikely to remain the corner-stone of American foreignpolicy. Building the social andcultural ties that can supportthat relationship is an urgenttask for both countries.

Suga was hawkish onChina, but the soft-power U.S.-Japanalliance needs work.

GLOBALVIEWBy WalterRussell Mead

O n Oct. 23, 1962, a delegation of prominent Romaniansarrived at the Kremlin to meet Soviet Premier NikitaKhrushchev. Their host was foul of mood. Boorish and

suspicious by nature, the strongman had spent a sleeplessnight deliberating with the Presidium over what to do in theescalating crisis for which Khrushchev himself was respon-sible: his secret installation, across that summer, of nuclear-weapons systems and some 40,000 Soviet troops in Cuba.

Aerial reconnaissance revealed the installations to theAmericans on Oct. 14, and President Kennedy, in a televisedaddress eight days later, announced a naval quarantine toblock delivery of additional weapons to the island. Allsides—with the exception, perhaps, of Fidel Castro, whorelished Havana’s role at the center of world events—feared that any display of aggressiveness, or miscalculation,

could trigger an apocalypticnuclear exchange.

At the reception in theirhonor, the Romanianswatched Soviet DefenseMinister Marshal Malinovskyapproach his boss with badnews: The U.S. Navy was onhigh alert, readying theblockade. “Khrushchev flewinto a rage,” GheorgheGheorghiu-Dej, a Romaniancommunist leader, reportedlater to Romanian intelligence.The premier was “yelling,cursing and issuing anavalanche of contradictoryorders.” He “threatened to

‘nuke’ the White House, and cursed loudly every timeanyone pronounced the words America or American.”

The vast literature on the Cuban Missile Crisis has made ita case study across scholarly disciplines: intelligence analysis,nuclear brinkmanship, game theory, organizational psychology.To this literature, the Oct. 23 Kremlin outburst—which ap-pears midway through Serhii Plokhy’s superb “Nuclear Folly:A History of the Cuban Missile Crisis”—would appear tomark a significant contribution: an eyewitness account ofone of the saga’s two key decision makers exhibiting notonly uncontrolled anger but delirium. Khrushchev’s threatto “nuke” the White House, his “avalanche of contradictoryorders,” constitute the most troubling behavior we couldimagine in a leader “managing” such a crisis.

And indeed, a review of some acclaimed previous studies,such as Michael Beschloss’s “The Crisis Years” (1991),Michael Dobbs’s “One Minute to Midnight” (2008) and therevised edition of Graham T. Allison’s 1971 political-scienceclassic “Essence of Decision” (1999, co-authored by PhilipZelikow), finds none of them mentioning this shockingscene—nor the one Gheorghiu-Dej witnessed at breakfastthe next day. This time the bad news came from the KGB’sVladimir Semichastny: a cable reporting that Kennedy hadcanceled a trip to Brazil to oversee the quarantine. Mr.Plokhy, a professor of history at Harvard, provides thisaccount, drawing on Gheorghiu-Dej’s report: “Khrushchev’sface grew red as he read the cable. He started ‘cursing likea bargeman,’ threw the paper on the floor, and stamped onit with his heel. ‘That’s how I’m going to crush that viper,’he shouted, also calling Kennedy a ‘millionaire’s whore.’”

Another arresting passage unmentioned in the earlierbooks relates the confession of Vasilii Kuznetsov, the Sovietdeputy foreign minister: “From the very beginning of thecrisis, fear of the possible course of further developmentsarose within the Soviet leadership and increased withevery passing hour.”

Mr. Plokhy’s endnotes frequently cite Russian andUkrainian sources: declassified KGB documents, memoirsof retired Soviet apparatchiks, studies by Russian scholars,much of it new to English readers. The range of suchreferences conveys the scope of the author’s research andexplains how he could add so much to the documentaryrecord of a subject covered so voluminously. “NuclearFolly” is an immense scholarly achievement, engrossingand terrifying, surely one of the most important booksever written about the Cuban Missile Crisis and 20th-century international relations.

The central conclusion here—that the U.S. and U.S.S.R.,hobbled by poor information, made decisions in the dark—is amply illustrated, if not new. Other arguments appearless persuasive. Mr. Plokhy posits a re-examination ofOctober 1962 as useful in redressing today’s nuclear prolif-eration—an attempt at latter-day relevance that this book,a landmark in its field of study, didn’t need. Relatedly, helaments the Trump administration’s withdrawal from theIntermediate-Range Nuclear Forces Treaty, signed byPresident Reagan and Soviet leader Mikhail Gorbachev in1987. But aside from a few broad policy prescriptions, Mr.Plokhy provides no insight into how the U.S. policy makersof 2019 should have handled an arms-control agreementnegotiated with an entity that no longer exists, an accordthat was no longer being honored by the Russian Federation.

Though never stated explicitly, the great lesson of“Nuclear Folly” is that authoritarianism corrupts decisionmaking. Mr. Plokhy recounts how Soviet Air Forces com-mander Sergei Biriuzov, dispatched to Havana in advance,falsely assured Khrushchev that the Cuban terrain wouldconceal the missiles from U-2 overflights. Biriuzov knewbetter but “probably felt that he had no choice,” Mr. Plokhywrites. This absence of candor compounded the Sovietleader’s innate deficiencies. His interaction with the Presid-ium “was nothing like the meetings of ExCom,” the authornotes, referring to the unit of the National Security Councilthat Kennedy convened for crisis deliberations. With fewexceptions, Soviet officials were expected “to approve andendorse Khrushchev’s decisions or to remain silent.”

The most forceful argument in “Nuclear Folly,” then, isn’tfor a particular approach to non-proliferation but rather forthe tactical advantage enjoyed, in times of crisis and beyond,by liberal democracies. Only such governments allow thefreedom of thought necessary for its leaders to fashionsound assessments when they discover a strategic adversary,armed with a hostile ideology and weapons of massdestruction, is on the move.

Mr. Rosen is a Washington correspondent for the SinclairBroadcast Group and the author of “Cheney One on One.”

In a rage, Khrushchev started yelling andcursing and threatened to ‘nuke’ the WhiteHouse, calling JFK a ‘millionaire’s whore.’

P2JW110000-0-A01500-1--------XA

A16 | Tuesday, April 20, 2021 * * THEWALL STREET JOURNAL.

What’s Behind the Attack on the U.S. Senate?Regarding your editorial “Target-

ing the U.S. Senate” (April 12): Themost storied deliberative body onearth is now under siege from myopicpoliticians who want to use polariza-tion as a pretext to steamroll the op-position. Those in favor of nuking thefilibuster seem to misidentify it asthe main culprit of legislative paraly-sis rather than looking at political di-vision itself. They appear convincedthey have garnered a strong mandatefrom voters to enact transformativepolicies. This will not end well.

In this political climate, a House-like majoritarian Senate guarantees atectonic change of policy directiononce power shifts. And a policy pen-dulum swinging too hard is sure todent both parties and the country.

CHENEY WENTaipei

The editorial laments that “theSenate’s traditional 60-vote require-ment to pass legislation hangs by athread.” But this “tradition” datesonly to 1975, when the Senate ad-opted the so-called two-track rule.Under a two-track fillibuster, no de-bate on the floor need occur andother Senate business is not dis-rupted. Senators do not even need tobe present to prevent a vote.

That is not how a democracyshould work. The 60-vote require-ment has not produced the “world’smost deliberative body” but theworld’s most cowardly body. Ratherthan answer to their constituents forvotes on controversial legislation,senators can avoid voting altogether.

There is nothing sacrosanct aboutthis rule. If the minority party wantsto block legislation, its senatorsshould be forced to hold the floor tocontinue debate.

DAVID SCHNEYERNew York

Your editorial seems puzzled as towhy Democrats are unconcernedabout a filibuster-free RepublicanSenate. The answer is simple: Theydon’t anticipate a Republican major-ity in the Senate for decades.

In addition to creating new statesthat will reliably vote Democratic,they can expand the franchise to left-leaning groups such as felons andteenagers, scrap the Electoral Collegeand pack the courts. If nothing elseworks, they can outlaw The WallStreet Journal editorial page and ul-timately the Republican Party as“hate groups.”

GEORGE NEWMANMontclair, N.J.

LETTERS TO THE EDITOR

“I swear to tell my own truth . . .”

THEWALL STREET JOURNAL

Letters intended for publication shouldbe emailed to wsj.ltrs@wsj.com. Pleaseinclude your city, state and telephonenumber. All letters are subject toediting, and unpublished letters cannotbe acknowledged.

Home Price Rises Aren’t Explained by DutiesWhile U.S. softwood-lumber du-

ties clearly have made it more ex-pensive for Canadian lumber pro-ducers to ship across the border(“Why Are Home Prices Soaring?”Review & Outlook, April 8), Cana-dian imports have declined for a dif-ferent reason. More than two billionboard feet of sawmilling capacity inBritish Columbia have been shut-tered since 2019 due to timberlosses caused by insect infestationand wildfire. The region has lost 15%of its total output capacity.

This decline occurred while annualU.S. demand for lumber has in-creased by more than 2.5 billionboard feet. Builders in the U.S. can’tbuy enough lumber to meet demand,irrespective of the prevailing tariffs.As demand has outpaced supply,lumber prices have broken $1,000per thousand board feet. Most Cana-dian mills can produce lumber profit-ably at $400 per thousand board feetor less. The addition of 9% tariffswouldn’t prevent them from match-ing or beating any price a U.S. pro-ducer would seek.

CHUNG-HONG FUTimberland Investment Resources

Brookline, Mass.

Your editorial points to “a tariffon Canadian lumber that Biden cankill,” but legal proceeding to addressCanadian lumber subsidies are notan import tariff that can be removedwith a White House edict. You alsocite lumber costs from the NationalAssociation of Home Builders, butthese include nonlumber products.Since April 2020, average new homeprices have increased by $56,000,per the Census Bureau. Lumber pricehas increased by $673 per thousandboard feet, so the lumber in a newhome costs about $10,000 more intotal than a year ago—less than afifth of the home-price increase, ifbuilders pass along the entire in-crease to the buyer.

Canada’s share of the U.S. lumbermarket is around 25%. The importduty is 9%, so only 2.25% of a home’slumber cost is in the duty, or 0.08%of the whole cost of the home—roughly $1.41 a month in a 30-yearmortgage at current interest rates.

Like U.S. mills, which have ex-panded production by more than 11billion board feet since 2016, Canadianlumber mills are running flat out, ex-porting as much as they can produce.One must look elsewhere to explainhigh home-building costs: land, laborand soaring demand have boostedprices of all inputs, not only lumber.

ZOLTAN VAN HEYNINGENU.S. Lumber Coalition

Washington

Pepper ...And Salt

Prince Philip, Trump andBritish Etiquette at Dinner

In “Prince Philip Is Gone, JustWhen America Needs Him Most”(Free Expression, April 13), GerardBaker writes, “The Prince PhilipAmerica needs is the man who com-pletely unafraid to say the unsay-able.” Has Mr. Baker ever heard ofDonald Trump? He says the unsay-able all the time. That’s why he waselected president.

ED ARZOUIANLanesboro, Pa.

Mr. Baker cites the prince’s com-ment on the U.S. Ambassador’s July 4dinner toast. It reminded me of an in-cident I witnessed at a far less presti-gious dinner at London’s Cavalry andGuards Club after a British-Americanseminar. The traditional loyal toast,offered by a British speaker, wasmade with the respectful participa-tion of the Americans. An Americanthen offered a toast to our president.Before he could finish, however, hewas interrupted by sarcastic com-ments. Subsequent meals saw similarinterruptions. Philip will be missed,but not because of his British ten-dency to interrupt with sarcasm dur-ing dinner toasts.

MICHAEL T. CALLAHANLeawood, Kan.

Online College Worked Pre-Pandemic and Pre-Zvi Galil

Tunku Varadarajan credits Zvi Galilas a pioneer in online teaching, hav-ing launched an online degree pro-gram in 2014 at the Georgia Instituteof Technology (“The Weekend Inter-view with Zvi Galil: The Man WhoMade Online College Work,” April 3).Mr. Galil is later described as “an ac-complished salesman” who “rattlesoff arresting figures.”

As the current president of the Uni-versity of Phoenix, which launchedonline degree programs in 1989 andwas accredited in 1978, I welcome Mr.Galil to the actual pioneer’s club. Hiseight-year “experiment” stands on theshoulders of innovators who havechampioned distance learning for over40 years. We have been making onlinecollege work way before the pan-demic, serving working adult learnersby allowing them to earn the degreesthey need while balancing work andfamily obligations. That spans morethan one million alumni who havefound value in earning their diplomasonline. They know better than anyonethat quality online college works.

PETER COHENPresident, University of Phoenix

Peale Did a Fine PortraitBut Muffed Sitter’s Name

“Icons: A City Reimagines Its His-tory” (Review, April 3) about thenew, early American galleries at thePhiladelphia Museum of Art men-tions one of the “most talked-aboutworks” of artist Charles WillsonPeale, that of Yarrow Mamout. It de-scribes him as “being deported fromGuinea.” The bland euphemism “de-ported” obscures the horror of hiscoming to Annapolis, Md., as cargoin a slave ship and a sale into slaverythat was assisted by the son of thecolony’s governor. Yarrow Mamoutwas a literate Fulani Muslim. Hisgiven, Muslim name was Mamout,and Yarrow was his last name. Theconfusion was Peale’s.

JAMES H. JOHNSTONBethesda, Md.

The Battle Over an Alzheimer’s Treatment

T he Food and Drug Administration is un-der scrutiny for giving toomuchweightto risks over benefits in recommending

to pause Johnson& Johnson’sCovid-19 vaccine. This trade-off is also at the heart of an-other heated debate overwhether the FDA should ap-prove the first drug shown toslow the progression inAlzhei-mer’s disease.

The FDA has long been plagued by a cultureof bureaucratic over-caution. But during the lateObama andTrumppresidencies it showedmoreflexibility and accelerated newmedicines. Doc-torswho favormore government control as un-der Europe’s health systems, however, say theagency is approving toomanyhigh-priced drugs.Biogen’s Alzheimer’s drug aducanumab is nowensnared in this fight.

i i iMore than sixmillion Americans suffer from

Alzheimer’s, and the number is expected to soaras the U.S. population ages. The disease’s tragicsymptoms arewell-known—progressivemem-ory loss, abnormal behavior, and inability to per-form everyday tasks.

Brain scans show the buildup of amyloidplaque and tangles of tau proteins, which typi-cally begins decades before patients showcogni-tive problems. Hypertension, obesity, diabetes,smoking, poor sleep and theAPOE4gene variantput people at higher risk. But scientists have yetto identify Alzheimer’s cause.

This has frustrated the search for treatments,especially sinceAlzheimer’s usually is diagnosedafter irreversible brain loss. Somemedicines cantemporarily improve memory, attention ormood, but none slow the neurological and cogni-tive degeneration.

Some 10 to 20 clinical trials on Alzheimer’sdrugs have initiated each year since 2008. Adu-canumab, a monoclonal antibody drug, is thefirst disease-modifying medicine to show effi-cacy. It works by targeting specificmolecules onthe amyloid to clear plaque.Whilemore than 25trials onmedicines employing this strategy haveended in failure, Biogen has learned from theirmistakes.

The company used PET scans to screen trialparticipants to ensure they had Alzheimer’s—rather than other forms of dementia—andwerenot in advanced stages of the disease. This fil-tered out patients who wouldn’t benefit fromthe drug.

A late-stage trial showed a high-dose treat-ment removed 71% of the plaque build-up after18 months and also had a significant impact ondiseaseprogression.After 78weeksof treatment,patients receiving a high dose were 84% less ofa burden to care givers than were the controls.They showed a 91% smaller decline in the abilityto prepare a meal and 39% smaller reduction incapacity to discuss current events.

In short, patients treatedwith high doses ofBiogen’s drugweremuchmore independent andcapable. Yet because of the long history of failedAlzheimer’s medicines, skeptics say Biogen’spromising result is a false positive. They cite asecond concurrent late-stage trial byBiogen thatindicated aducanumabdidn’t have a statisticallysignificant benefits on symptoms.

But in a post-hoc review, Biogen found the

likely reason for the discordant results. The twotrials had nearly identical designs, but patientsin one received the high dose longer, and the

benefits increased with time.A quirk of randomization alsoresulted in twice as many“rapid progressers”—peoplewho go downhill quickly—be-ing assigned to the high dosearm than to the control arm in

the trial that showed no benefit. The positiveeffects for many patients receiving the drugwere partly offset in the data by these rapidprogressers.

Biogenworkedwith FDA scientists to analyzethe discrepancies between the two trials. TheFDA noted in June 2019 that the evidence fromthe positive trial could be “considered excep-tionally persuasive.” Biogen applied in July fordrug approval. Physicians and groups thatworkwithAlzheimer’s patients have urged the agencyto approve the drug.

Yet an outside panel of scientists that the FDAconvened in November to advise it—none ofwhom specialize in treating Alzheimer’s pa-tients—lambasted Biogen for massaging thedata. They said the positive results from the onetrial could be a fluke and urged the FDA to re-quire Biogen to conduct another—which couldtake five or more years to complete.

Three panelists wrote in the Journal of theAmericanMedical Association suggesting thatthe FDA’s “unusual degree of collaboration”withBiogen could have “potentially compromised”its objectivity. Yet this kind of “collaboration”between drugmakers and the FDA is one reasonfor the rapid development of Covid vaccines.

i i iThe FDA doesn’t have to heed its advisory

panels, though it rarely rejects its recommen-dations. FDA Acting Commissioner JanetWoodcock has been criticized for doing so, es-pecially for correct decisions in the cases ofSarepta’s Duchenne muscular dystrophy drugand an extended-release opioid by Zogenix.Now a contender to be FDA Commissioner, Ms.Woodcock is under political pressure from theleft to reject Biogen’s drug.

Doing so could set back Alzheimer’s drug de-velopment by years and discourage investmentagainst an affliction that causes terrible hard-ship. It would send the signal that the FDAwillturn a blind eye to complexity—and that it caresmore about its own reputation among certainmedical elites than for patients.

Studies are rarely conclusive, so FDA scien-tists need to interpret and analyze evidence ho-listically. The risk of approval is that someAlz-heimer’s patients won’t benefit from themedicine, and U.S. taxpayers via Medicare willpick up the cost.

But Biogen’s drug could extend the indepen-dence ofAmericans still in the early stages of thedisease, which would save the health systemhundreds of billions of dollars. The elderlywould be able to recognize grandchildren longer.Andwith the advent of blood tests that can iden-tify people at risk for Alzheimer’s years beforesymptomsoccur,millionsmoreAmericans couldeventually benefit.

TheU.S.may be on the cusp of anAlzheimer’sbreakthrough, and the FDA’s first duty is to pa-tients.

Biogen’s promising drugis caught in the FDA’sbureaucratic limbo.

John Kerry’s Climate Kowtow

T hese columns noted last year that put-ting John Kerry in charge of climate ne-gotiations with China was a recipe for

coming home “dressed in abarrel.” After Mr. Kerry’s so-journ to Shanghai last week,the question is: What hap-pened to the barrel?

President Biden’s climateenvoy emerged from twodays of meetings with counterpart Xie Zhen-hua with a joint statement that says little new.The two sides say they “are committed to co-operating with each other and with othercountries to tackle the climate crisis.” Bothcountries will work “to strengthen implemen-tation of the Paris Agreement” limiting carbonemissions. Mr. Kerry didn’t make any big con-cessions to Beijing, and Beijing didn’t makeany new promises about emissions limits itwould break anyway.

In one sense that’s a relief. But all this emptyhot air isn’t cost free in U.S. prestige and themissed opportunity to engage in more impor-tant talks. Making climate the sole focus of anearly visit tells the Chinese that the U.S. putsthat single issue above everything else in thebilateral relationship. China is happy to jibber-jabber about climate with the Americans if itmeans not having to engage on Taiwan, HongKong, Beijing’s repression of Uighurs in Xinji-ang, the South China Sea, North Korea, or intel-lectual property theft.

But Beijing is clear that it will ignore any car-bon-emissions commitments that might im-pinge on China’s economic growth. “Somecountries are asking China to do more on cli-mate change,” deputy foreign minister LeYucheng said last week. “I am afraid this is notvery realistic.”

Instead of triggering a rethink in Beijing, Mr.Kerry’s Shanghai jaunt gave China’s leaders anew opportunity to go on the public-relationsoffensive. “China welcomes the U.S. return tothe Paris agreement and expects the U.S. sideto uphold the agreement,” vice-premier HanZheng told Mr. Kerry in a jab at Washington’swithdrawal from the pact under PresidentTrump. Mr. Kerry also flattered Beijing by all

but begging President Xi Jinping to join anotherglobal climate confab later this week.

Meanwhile, Mr. Kerry sounds like he’s bless-ing China’s green industrial-policy ambitions by includingin the joint statement a pledgeto pursue “policies, measures,and technologies to decarbon-ize industry and power.” ForChina, thatmeansmore indus-

trial than green policy. Chinese officials willkeep the words handy to read back to U.S. offi-cials in future discussions about trade distor-tions or subsidies. Mr. Kerry is telling China theU.S. is fine with both as long as they’re forgreen energy.

Beijing’s rhetorical flourishes concerning theParis agreement are especially rich. In the yearssince the TrumpAdministration withdrew fromthat pact in 2017, American carbon emissionshave kept falling and in 2019 hit their lowestlevel since 1992, and their lowest per capitasince 1950, thanks in large part to the revolu-tion in shale drilling for natural gas.

China saw its emissions rise in the same pe-riod, and its commitment under Paris to reduceemissions doesn’t even begin until 2030. As aReuters dispatch in February put it: “China ap-proved the construction of a further 36.9 GWof coal-fired capacity last year, three timesmore than a year earlier, bringing the total un-der construction to 88.1 GW. It now has 247 GWof coal power under development, enough tosupply the whole of Germany.”

i i iChinese leaders don’t mind Paris because

they know it binds them to nothing whileWest-ern nationswill harm their economies with newregulation andmisallocated resources. The Chi-nesemust be dumbfounded that a U.S. Adminis-tration wants to kill the shale natural gas boomthat has kept energy prices low and made theU.S. less reliant on foreign oil.

The lack of any new agreement is a blessingsince it would limit the U.S. without doing sofor China. ButMr. Kerry has shown, in Iran andelsewhere, that he will leave no concession un-made in his pursuit of a bad deal. No wonderBeijing thinks America is in decline.

How much will Bidentrade away in exchangefor empty promises?

REVIEW & OUTLOOK

OPINION

P2JW110000-2-A01600-1--------XA

THEWALL STREET JOURNAL. Tuesday, April 20, 2021 | A17

An American Epidemic of ‘Covid Mania’Americans groaned when leaders

first called for “two weeks to slowthe spread” in March 2020. Monthslater, many of these same Americanshardly blinked when leaders de-clared that lockdowns should con-tinue indefinitely. For months Covidhad been elevated above all otherproblems in society. Over time newrules were written and new normsaccepted.

Liberty has played a special rolein U.S. history, fueling advances fromindependence to emancipation to thefight for equal rights for women andracial minorities. Unfortunately,Covid mania led many policy makersto treat liberty as a nuisance ratherthan a core American principle.

Covid mania has also wreakedhavoc on science and its influence onpolicy. While scientists’ passion fordiscovery and improving health hasfueled research on the novel corona-virus, Covid mania has interpretedscientific advancements through anincreasingly narrow frame. Therehas only been one question: How canscientific findings be deployed to re-duce Covid-19 spread? It hasn’t mat-tered how impractical these mea-sures may be. Discoveries that mighthave helped save lives, such as bet-ter outpatient therapies, were ig-nored because they didn’t fit the de-sired policy outcome.

A prime example is mask re-search. However one feels aboutwearing masks, look at the evidencefrom California. Despite a mask

mandate imposed last April andsteady, high rates of compliance,California experienced a surge inCovid-19 cases over the winter.

Mandating masks may help insome settings, but masks are not thepanacea officials have presentedthem as. In September, then-Centersfor Disease Control and Preventiondirector Robert Redfield declaredthat “this face mask is more guaran-teed to protect me against Covidthan when I take a Covid vaccine.”

The statement was remarkablebecause he made it before seeingvaccine trial data. Those data anddata from people who have recov-ered from Covid clearly demonstrate

that this statement is false. Immu-nity is far more effective than what-ever efficacy masks may offer.

Covid mania is also creating newconflicts over vaccine mandates. Thesame people who assured the publicthat a few weeks of lockdown wouldcontrol the pandemic now argue thatvaccinating children, for whom novaccine has yet been approved, is es-sential to end the pandemic. Chil-dren account for less than 0.1% ofCovid deaths in the U.S. Is enoughknown about vaccines to concludethat their benefits outweigh poten-tial risks to children?

“Yes” is the answer of a sales-man, not a scientist. Mandating a

vaccine for children without know-ing whether the benefits outweighthe risks is unethical. People who in-sist we should press on anyway, be-cause variants will prolong the pan-demic, should be reminded that alarge reservoir of unvaccinated peo-ple in the U.S.—and in the world—will always exist. We cannot outrunthe variants.

The good news is that recentstate legislative efforts in Utah, Ten-nessee and Ohio to ban vaccine pass-ports may burst the Covid maniabubble. If passports are banned,then risks from Covid must be as-sessed in the same way other risks—such as playing a sport or starting anew medication—are considered. Inmany places throughout the country,zero has become the only tolerablerisk level. Why else are people whohave been vaccinated or recoveredfrom Covid still asked to wearmasks? Reasonable policies cannotsprout from unreasonable levels ofrisk tolerance.

The pandemic has been devastat-ing for many Americans, but policiesgrounded in Covid mania have com-pounded the harm and delayed a re-turn to normal life. The challengesahead require rational decision mak-ing that considers costs and benefitsand keeps sight of the countlessthings in life that matter.

Dr. Ladapo is an associate profes-sor at UCLA’s David Geffen School ofMedicine.

By Joseph A. Ladapo

CHADCR

OWE

W hat are the lessons ofCovid-19? It dependswho you ask. Somebelieve politicizationof the pandemic re-

sponse cost lives. Others believe astronger U.S. public-health systemwould have reduced Covid-19 deathssignificantly. Still others say lock-downs should have been longer andmore stringent, or that they were in-effective. But one lesson that shouldtranscend ideological differences:Don’t put one illness above all otherproblems in society, a conditionknown as “Covid mania.”

The novel coronavirus has causedsuffering and heartbreak, particu-larly for older adults and their lovedones. But it also has a low mortalityrate among most people and espe-cially the young—estimated at 0.01%for people under 40—and thereforenever posed a serious threat to so-cial and economic institutions. Com-passion and realism need not be ene-mies. But Covid mania crowded outreasoned and wise policy making.

The problem isn’t only theoverreaction to the virusbut the diminution ofevery other problem.

OPINION

The Chauvin Trial and the Chelsea Handler Standard of Justice

W hile an apprehensive nationawaits the outcome of aMinneapolis police officer’s

murder trial, it’s possible that theadministration of American justicecould soon be characterized by whatfuture historians may come to callthe Chelsea Handler standard.

As the trial of Derek Chauvin gotunderway a month ago, Ms. Handler,who has a day-job as a comedian buthas branched out recently into thefield of jurisprudence, issued a pro-found observation on Twitter: “Sopathetic that there’s a trial to provethat Derek Chauvin killed GeorgeFloyd when there is video of him do-ing so.”

You might think that more than800 years after the Magna Cartaand 230 years after the Bill ofRights, some notions of due pro-cess, presumption of innocence andprotection against arbitrary justicemight have embedded themselves

in the minds of even our densestcelebrities.

But while it’s easy to mock, weshould be careful not to assume thatthis taste for summary conviction onthe basis of popular sentiment isconfined to unfunny comedians. Itseems to be widely shared amongthe ideologues who now control theDemocratic Party, the media and cul-tural elites.

Rep. Maxine Waters of California,chairman of the House FinancialServices Committee, joined demon-strations this weekend in Minne-sota. She told supporters that if theChauvin trial verdict goes the wrongway, “we’ve got to not only stay inthe street but we’ve got to fight forjustice.”

You may recall a president got pil-loried a while ago for urging his sup-porters to “fight” for their desiredoutcome. It was noted then that theterm is a well-worn rhetorical phrasethat doesn’t necessarily amount to aliteral incitement to violence. Butthere can’t be much doubt about theimport of what Ms. Waters said. Shemade her remarks in Brooklyn Cen-ter, a few miles from the barricadedMinneapolis courthouse where the

Chauvin trial is taking place and thesite of the killing last weekend of ablack man by a police officer. Theplace has been aflame for the pastweek in an orgy of rioting.

The Handler standard, or theMaxine maxim—the idea that wedon’t really need a trial to knowwhether someone is guilty of a hei-nous crime—has always had its ad-herents. There have surely been mis-carriages of justice—acquittals of

guilty people and convictions of in-nocent ones—throughout history.The jury system is never perfect.

But what’s frighteningly newabout our current climate is that therejection of apparently unwelcometrial outcomes is now part of thedominant progressive critique of ourlongstanding political and civic or-der. If U.S. institutions are the prod-

uct of white-supremacist exploita-tion—as is essentially the consensusof the people who run the govern-ment, most corporations, and lead-ing cultural institutions—then thejudicial system itself is inherentlyand systemically unjust. If the prin-ciple of equality before the law is tobe supplanted by the objective of“equity” in outcome, then only out-comes that serve the higher objec-tive of collective racial justice canbe considered legitimate.

So trials that produce the“wrong” verdict are not just miscar-riages of justice. They are an indict-ment of the entire system.

The ascendancy of this new pro-gressive radicalism adds a frighten-ing element to the unease the nationfeels this week as the jury deliber-ates in Minneapolis. By all accountsthe trial of Mr. Chauvin has been rig-orous, methodical and fair. The pros-ecution seemed to make a strongcase that Mr. Floyd died at least inpart as a result of the officer’s ac-tions. The defense may have sowedsome doubts about whether Mr.Chavin’s intent rose to the level ofculpability required of the most seri-ous charges.

But under our new rules, thejury’s verdict will be tolerated only ifit goes the “right” way.

This rejection of the legitimacy ofthe judicial process is rooted in thesame neo-Marxist ideology—a race-and identity-based interpretation ofstructuralism—that holds sway overthe minds of much of our rulingclass.

To the old Marxists, the capital-ists were the exploiters. In “The ABCof Communism,” published in 1920,Bolshevik leaders Nikolai Bukharinand Yevgeni Preobrazhensky usedlanguage that sounds strikingly fa-miliar today. They denounced thecourts as instruments of “bourgeoisjustice,” which was “carried on un-der the guidance of laws passed inthe interests of the exploiting class,”and recommended instead the estab-lishment of “proletarian courts.”

In one of the more savage ironiesof history, some two decades laterthe authors themselves were tried bysuch courts under Josef Stalin andsentenced to death.

Yet even Stalin thought some kindof judicial proceeding was necessary.Our modern revolutionaries woulddispense even with show trials.

Today’s progressivesprefer summary trialconvictions based onpopular sentiment.

FREEEXPRESSIONBy Gerard Baker

God Is in the Punch Line

G .K. Chesterton closed out “Or-thodoxy,” his 1908 master-piece of Christian apologetics,

with a radical thought. He proposedthat the one thing too great for Godto have shown us when he walked onthe earth was his mirth. This sug-gests that the idea of a blissfulnesswe can’t even imagine was impor-tant to Chesterton. The mere possi-bility it’s true, that one thing ourmortal minds can’t begin to fathomabout God’s nature is his joyousness,offers me consolation beyond mea-sure.

It comforts me because it meansthat laughter—one manifestation ofearthly joy I love to experience—isfar from mundane. It can be sancti-

fying. In its edifying echo can beheard something important aboutthe Divine, unreachable by reasonalone, if only we listen. Rollickingmysticism that effortlessly makesyour sides hurt: What’s not to likeabout that?

This hopeful insight makes methink differently about cheery laugh-ter. Does humor reflect somethingabout God’s loving creativity, con-ceiving of something good out ofnothing? Or his perfect patience inplaying the long game with us, hisimperfect creations, which surely re-quires a sense of humor?

Chesterton loved paradoxes, so itshouldn’t surprise us that the bestand wisest jokes often come fromchildren. I experienced such a mo-ment the other day. My 10-year-old

son, Jack, and I simultaneously no-ticed that my wife, Devin, had con-spicuously removed her engagementring and placed it atop a paper towelon the kitchen counter.

Surely she was going to put itback on, but there it sat, for a mo-ment as foreboding to me as a DearJohn letter. And not only to me.Picking up on the disquiet, Jacklooked up and deadpanned: “Well, Iguess she played us both for fools.”

What was God telling me? I don’tknow. But that’s the great thingabout the search for deeper meaningthat mirth invites. Maybe you find it;maybe you don’t, but both pathslead to joy.

Mr. Kerrigan is an attorney inCharlotte, N.C.

By Mike Kerrigan

PUBLISHED SINCE 1889 BY DOW JONES & COMPANYRupert Murdoch

Executive Chairman, News CorpMatt MurrayEditor in Chief

Robert ThomsonChief Executive Officer, News Corp

Almar LatourChief Executive Officer and Publisher

EDITORIAL AND CORPORATE HEADQUARTERS:1211 Avenue of the Americas, New York, N.Y., 10036Telephone 1-800-DOWJONES

DOW JONES MANAGEMENT:Ramin Beheshti, Chief Technology Officer;Kamilah Mitchell-Thomas, Chief People Officer;Edward Roussel, Chief Innovation Officer;Christina Van Tassell, Chief Financial Officer

OPERATING EXECUTIVES:Jason P. Conti, General Counsel;Frank Filippo, Print Products & Services;Kristin Heitmann, Chief Commercial Officer;NancyMcNeill, Corporate Sales;Thomas San Filippo, Customer Service;Josh Stinchcomb, Advertising Sales;Suzi Watford, Chief Marketing Officer;JonathanWright, International

Professional Information Business:Ingrid Verschuren, Deputy Head

Neal Lipschutz Karen Miller PensieroDeputy Editor in Chief Managing EditorJasonAnders,Chief News Editor; Louise Story,ChiefNews Strategist, Product & Technology OfficerThorold Barker, Europe; Elena Cherney, Coverage;Andrew Dowell, Asia; Anthony Galloway, Video &Audio; Brent Jones, Culture, Training & Outreach;Alex Martin, Print & Writing; Michael W. Miller,Features & Weekend; Emma Moody, Standards;Shazna Nessa, Visuals; Matthew Rose,Enterprise; Michael Siconolfi, Investigations;Stephen Wisnefski, Professional NewsGerard Baker, Editor at LargePaul A. Gigot, Editor of the Editorial Page;Daniel Henninger, Deputy Editor, Editorial Page

WALL STREET JOURNAL MANAGEMENT:Joseph B. Vincent, Operations;Larry L. Hoffman, Production

The Agenda Behind Buttigieg’s Claim That Highways Are ‘Racist’

T he Biden administration claimsthat its proposed $2 trillion in-frastructure program would ac-

complish everything from expandingmass transit to launching an era ofgreen energy. Transportation Secre-tary Pete Buttigieg has articulatedanother ambitious goal recently: re-versing the “racist” history of Amer-ica’s highway system.

“Black and brown neighborhoodshave been disproportionately dividedby highway projects or left isolated bythe lack of adequate transit and trans-portation resources,” Mr. Buttigiegtweeted in December. In an interviewearlier this month, he reiterated that“there is racism physically built intosome of our highways” and said theinfrastructure program includesmoney “specifically committed to re-connect some of the communitiesthat were divided by these dollars.”

The average American might notthink of highways as relics of JimCrow. But some urban planners claimthat building the Interstate HighwaySystem in the 1950s evolved into aplot to segregate black neighbor-hoods. The point of running new

highways, the theory goes, was pro-viding middle-class whites with apath into suburbia. Academic litera-ture is filled with studies with titleslike “Segregation Along HighwayLines” and “White Men’s RoadsThrough Black Men’s Homes: Advanc-ing Racial Equity Through HighwayReconstruction.”

Activists now argue it’s time toright those wrongs, including by dis-mantling roadways in the same wayvandals have been pulling down CivilWar monuments. “Want to tear downinsidious monuments to racism andsegregation? Bulldoze L.A. freeways,”a Los Angeles Times opinion pieceargued last summer. In New Orleans,activists want to tear down a sectionof the Claiborne Highway thatcrosses the traditionally black Treméneighborhood of New Orleans.

The Congress for the New Urban-ism, a nonprofit, has a list of theirtop 10 “teardowns” in places fromDallas to Tampa, Fla., to Denver. Sup-porters point to several dismantledroads as models, including a Milwau-kee project that eliminated a mile-long freeway spur 20 years ago. InMr. Buttigieg, activists have a trans-portation secretary who seems will-

ing to commit federal money to theeffort.

There’s little doubt that somepost-World War II federal road proj-ects were misguided and poorlyplanned. Some local officials sawgleaming new roads as a way to re-place deteriorating neighborhoods.Planners arrogantly imposed their vi-sions on unwilling residents, under-mining communities around thecountry—but not only Mr. Buttigieg’s“black and brown ones.”

In his acclaimed book “The PowerBroker,” biographer Robert Caro tellshow New York’s 20th-century masterbuilder, Robert Moses, constructedthe Cross Bronx Expressway throughthe largely Jewish neighborhood ofEast Tremont, tearing down 54apartment buildings and displacingthousands of residents. The Indianap-olis portion of Interstate 70 that runsthrough working-class Southside cutinto a neighborhood of Jews, Italians,Germans and blacks. Boston’s CentralArtery, built in the 1940s and 1950s,displaced residents and businesses inthat city’s largely Italian-AmericanNorth End.

But reversing the damage decadeslater under the banner of racial jus-

tice carries enormous risks. Boston’sso-called Big Dig project is an exam-ple of what can go wrong. City plan-ners quickly recognized that the ele-vated Central Artery was a mistake;it increased traffic in surroundingneighborhoods as cars exited theroadway, and it blocked an access tothe city’s waterfront.

The ambitious solution—tear itdown and build a tunnel—began inthe early 1980s but wasn’t finisheduntil 2005. It cost five times its origi-nal estimates and disrupted the cityfor decades. Even with federal aid, lo-cal governments piled up billions ofdollars in debt.

Here is the point of claiming thehighway system is racist: turning anenvironmentalist agenda into a moralcrusade. It is a way to sell the infra-structure plan the Biden team has

been pitching. For cities, much ofthat plan, now reflected in a bill theadministration says would doublespending for mass transit, revolvesaround getting people off roads andinto public transportation.

Many Americans are uninterestedin this agenda. Mass-transit ridershiphas been declining since 2014, fallingby double digits before the pandemicin more than two dozen major metroareas, despite billions of dollars ingovernment subsidies. Since the pan-demic, ridership has further col-lapsed, down by more than two-thirds. Merely returning to pre-pandemic levels will be a challenge,as employees continue to work fromhome. Data also show a significantnumber of people leaving dense cit-ies, where mass transit is most used.

Even in normal times, designingand financing a transportation planfor the next 50 years would be chal-lenging. Doing so amid a pandemicthat is reshaping cities—and basedon vague 70-year-old accusations ofracial injustice—risks creating a newgeneration of boondoggles.

Mr. Malanga is senior editor ofCity Journal.

By Steven Malanga

Midcentury road projectsdisplaced blacks andwhites alike. Tearing themdown now won’t help.

P2JW110000-0-A01700-1--------XA

A18 | Tuesday, April 20, 2021 THEWALL STREET JOURNAL.

Puzzle Answer: Use the strategies in this free** guide*Terms and Conditions at fisherinvestments.com/en-us/text-terms-and-conditions.Message and data rates may apply. Please see our Privacy Policy atfisherinvestments.com/en-us/privacy.**No cost and no obligation beyond completing a short request form and briefsurvey.©2021 Fisher Investments. 5525 NW Fisher Creek Drive, Camas, WA 98607.Investments in securities involve the risk of loss.Past performance is no guarantee of future returns.

Retirement PlanningDoesn’t Need toBe PuzzlingTake the guesswork out of retirement planning and get clarity on importanttopics like generating income from your portfolio. Get The Definitive Guideto Retirement Income to help solve your retirement planning needs.

For investors with $500,000 or more:

Call Toll-Free888-473-4911Or text* “Guide” to 68658 orVisit FisherRetire.com

thethebb ee- +-

rara this

host uide+

arar++ egiesegies+

ogog ++ coffcoff

----

-

A

P2JW110000-0-A0180A-1--------XA

© 2021 Dow Jones & Company. All Rights Reserved. * * * * * * THEWALL STREET JOURNAL. Tuesday, April 20, 2021 | B1

China’s Meituan is raisingnearly $10 billion from inves-tors, hoping that it will be ableto gain an edge on its e-com-merce rivals by spending heav-ily on technology allowing it todeliver goods using drones andself-driving cars.

Meituan is one of China’smost valuable tech companies.Its app lets users order variousreal-world services includingmeals and groceries, as well asorganizing bookings for hotels,flights, taxis and restaurants.

The Hong Kong-listed com-pany is raising net proceeds ofabout $7 billion by issuing stockand a further $2.97 billion byselling convertible bonds, it saidTuesday.

The huge capital-raising isconsiderably bigger than the$4.2 billion Meituan raised inits 2018 initial public offeringand suggests there is still ahealthy appetite among inves-tors for stock in Chinese tech-nology companies, even thoughshares in Meituan and manypeers have pulled back recently.

Earlier this month, ProsusNV raised $14.6 billion by sell-ing down a small part of itsstake in Tencent Holdings Ltd.,the internet and videogaminggiant.

Meituan said it plans to usesome of the net proceeds onprojects such as researchingand developing autonomous de-livery vehicles, drone deliveriesand other cutting-edge technol-ogy.

In a separate statementMonday, the company unveileda new generation of self-drivingdelivery cars that it said weresmarter and safer than previousversions, with a longer batterylife and capable of carryingheavier loads.

Meituan said it has beenworking on this technology forfive years and began makingdeliveries in a district of Beijinglast year. It plans to roll out theservice to other Chinese citieswithin three years.

The company raised about$6.6 billion by selling shares toinstitutional investors. Tencent,a major shareholder in Meituan,has pledged to buy $400 millionof stock subject to approvalfrom independent shareholders.After the share sales, Tencentand its associates will ownabout 17.2% of Meituan.

Meituan will also issue twosets of zero-coupon convertiblebonds with a combined facevalue of $2.98 billion, due in2027 and 2028.

Meituan set the offer price at273.80 Hong Kong dollars ashare, the equivalent of $35.27and representing a discount of5.3% compared with Monday’sclosing price. That was close tothe upper end of an indicativeprice range of HK$265 toHK$274, as shown by a termsheet on Monday.

Meituan’s shares rose 1.2% to292.60 Hong Kong dollars inearly trading on Tuesday.

Meituan had an operatingloss of 2.9 billion yuan, equiva-lent to $445 million, in thefourth quarter, compared withan operating profit of 1.4 billionyuan a year ago.

Treasury notes and otherglobal government debt havebeen falling, pushing yieldshigher. That has shrunk the ex-tra yield that China’s sovereign

TECHNOLOGY: IBM POSTS HIGHER REVENUE B4

S&P 4163.26 g 0.53% S&PFIN g 0.28% S&P IT g 0.88% DJTRANS g 0.81% WSJ$ IDX g 0.46% LIBOR3M 0.186 NIKKEI (Midday) 29150.71 g1.80% Seemore atWSJ.com/Markets

BUSINESS&FINANCE

BUSINESS NEWSCoca-Cola’s sales

rebounded in March asdemand steadily riseswith vaccines. B3

ENERGYExxon Mobil and Shellare pushing carbon

capture and storage tocut emissions. B6

GEO

RGEFR

EY/B

LOOMBE

RGNEW

S

The company also had posi-tive news to offer Mondaywith a sales update. It said a30% increase in motorcyclevolumes in North Americahelped sales exceed expecta-tions for the first quarter. Italso raised its 2021 forecastfor motorcycle revenue togrowth of 30% to 35%, from apreviously projected 20% to25%.

Harley-Davidson sharesPleaseturntopageB2

that allowed the business tosupply Europe with certainmotorcycles produced at itsinternational manufacturingfacilities at tariff rates of 6%.

Harley-Davidson said theEU ruling would apply to itsentire lineup and subject allproducts—regardless of ori-gin—to a 56% import tariffwithin the trade bloc.

The European Commission,the EU’s executive arm, de-clined to comment.

recent trade disputes, afterthe EU added a 25% duty onits bikes and other U.S. goodsin 2018. Those levies were aresponse to tariffs the Trumpadministration imposed onsteel and aluminum from pro-ducers in Europe and else-where.

On Monday, Harley-David-son said Belgium’s EconomicMinistry, on behalf of the EU,had notified the company thatit was revoking an agreement

Harley-Davidson Inc. hasbeen hit with a EuropeanUnion import ruling that themotorcycle maker says wouldimpose a massive tariff in-crease on its products andkeep it from functioning com-petitively in Europe.

The Milwaukee-based com-pany has been one of the high-est-profile U.S. casualties of

debt offers over internationalrivals.

This spread has narrowed toabout 1.6 percentage points, af-ter topping 2.2 percentagepoints throughout the secondhalf of last year, data fromFactSet and brokerage TullettPrebon shows.

Jason Pang, a Hong Kong-based portfolio manager at J.P.Morgan Asset Management,said he had recently taken someprofits on Chinese governmentbonds, or CGBs, and redeployedfunds into local-currency gov-ernment bonds in SoutheastAsian countries such as Malay-sia and Indonesia.

“We now expect a rotationout of CGBs into other assets tocapture more value,” said Mr.Pang. Still, he added that Chi-nese bonds had been more sta-ble than bonds elsewhere thisyear, offering investors shelterfrom market volatility as prices

fell and yields rose in othermarkets.

The dollar is likely to keepstrengthening in the comingmonths, and U.S. Treasuryyields are likely to rise further,with benchmark 10-year yieldshitting 2% by mid-2021, saidAidan Yao, senior emergingAsia economist at AXA Invest-ment Managers. As of Monday,the yield on the 10-year Trea-sury note was slightly less than1.6%.

Mr. Yao said that meantChina could see reduced in-flows, or even further mild out-flows, of foreign money fromits sovereign-bond market inthe near future. He said discus-sions with clients such asglobal pension funds and insur-ers suggested many investorswere still learning aboutChina’s onshore bond market,and said hedging was an issue.

PleaseturntopageB11

A huge run-up in foreignholdings of Chinese govern-ment bonds has stalled, withinternational investors hittingpause on their purchases asChina’s interest-rate advantageover the U.S. has shrunk.

International ownership ofChinese government debt de-clined slightly in March to theequivalent of $313 billion, ac-cording to the China CentralDepository & Clearing Co. Hold-ings fell about 1% to 2.04 tril-lion yuan, from 2.06 trillionyuan a month earlier.

That was the first drop inforeign investors’ positionssince February 2019. It came ina month when the yuan weak-ened more than 1% against thedollar, after strengtheningmore than 9% from Junethrough February.

Meanwhile, prices for U.S.

BY FRANCES YOON

Foreign Buyers Cool on Beijing’s DebtINSIDE

BY ALISTAIR MACDONALDAND COLIN KELLAHER

EU Imposes 56% Tariff on Harley

Credit Suisse Group AGsaid two executives in chargeof its prime brokerage unitwill leave in the wake of its$4.7 billion loss from the col-lapse of hedge fund ArchegosCapital Management.

In an internal memo Mon-

BY JULIET CHUNGAND MARGOT PATRICK

day, it said John Dabbs andRyan Nelson will immediatelystep down as co-heads ofprime services, and assist thebank through mid-May for anorderly transition.

Their departures come afterCredit Suisse pushed out itstop risk officer and the headof its investment bank thismonth. Several other employ-ees working in equities andrisk management also left.

Credit Suisse and otherbanks racked up heavy losseswhen Archegos, a U.S. familyinvestment firm, couldn’t meetmargin calls on large, concen-

trated stock positions at theend of March.

Credit Suisse was slow tounwind its positions comparedwith other banks and was leftwith the heftiest loss. It lentmore to Archegos relative toits size than other lendingbanks, The Wall Street Journalpreviously reported.

In addition to the staff de-partures, the bank haslaunched an internal investiga-tion into what went wrong.

A focus of the investigationhas been on the bank’s primebrokerage unit, which man-aged the relationship with

Archegos and allowed the in-vestor to accumulate substan-tial leveraged positions in in-dividual stocks.

Credit Suisse and otherbanks sold Archegos what areknown as total return swaps, atype of contract that allowsinvestors to have economic ex-posure to a stock withoutholding the underlying sharesor disclosing their positionspublicly to markets.

Mr. Dabbs worked for CreditSuisse since 2009. Mr. Nelsonjoined in 2018 from crosstownrival UBS Group AG. Together,they led a turnaround of the

prime brokerage business thatinvolved focusing on fewer cli-ents to improve profits.

Credit Suisse says that it isone of the top four prime bro-kerages in the U.S., based onindustry rankings. Prime bro-kerage units of banks servicehedge funds, helping themmake trades, offering themcredit, and introducing themto outside investors.

After disclosing the $4.7billion loss from Archegos onApril 6, Credit Suisse slashedits dividend to conserve capi-tal, and Chief ExecutiveThomas Gottstein said “seri-

ous lessons will be learned.”The problems from

Archegos came only weeks af-ter the collapse of anotherCredit Suisse client, GreensillCapital, with which the bankran a $10 billion set of invest-ment funds. Credit Suisse sayscosts related to those fundsand a loan to Greensill couldbe material but hasn’t given afigure.

Credit Suisse reports first-quarter earnings on Thursday.In its April 6 statement, CreditSuisse said it expects to post apretax loss of around $1 billionto reflect the Archegos losses.

Credit Suisse Brokerage Chiefs to LeaveDepartures followouster of top riskofficer, investmentbanker after Archegos

BY JOANNE CHIU

China’sMeituanIs RaisingBillions

Elon Musk’s internet satelliteventure has spawned an unlikelyalliance of competitors, regula-tors and experts who say thebillionaire is building a near-mo-nopoly that threatens spacesafety and the environment.

The Starlink project, ownedby Mr. Musk’s Space Explora-tion Technologies Corp. orSpaceX, is authorized to sendsome 12,000 satellites into or-bit to beam superfast internetto every corner of the Earth. Ithas sought permission for anadditional 30,000.

Now, rival companies suchas Viasat Inc., OneWeb GlobalLtd., Hughes Network Systemsand Boeing Co. are challengingStarlink’s space race in front ofregulators in the U.S. and Eu-rope. Some complain that Mr.Musk’s satellites are blockingtheir own devices’ signals andhave physically endangeredtheir fleets.

Mr. Musk’s endeavor is stillin beta testing but it has al-ready disrupted the industry,and even spurred the Euro-pean Union to develop a rivalspace-based internet projectto be unveiled by the end ofthe year.

The critics’ main argumentis that Mr. Musk’s launch-first,upgrade-later principle, whichmade his Tesla Inc. electric carcompany a pioneer, gives prior-ity to speed over quality, fillingEarth’s already crowded orbitwith satellites that may needfixing after they launch.

“SpaceX has a gung-ho ap-proach to space,” said ChrisMcLaughlin, government af-

PleaseturntopageB2

BY BOJAN PANCEVSKI

Rivals ofSpaceX’sSatellitesCite Risk

Quarterly retailmotorcycle sales, by region

U.S. andCanada

Europe,Middle East,Africa

Asia Pacific

LatinAmerica

Sources: S&P Capital IQ (revenue); the company (sales); FactSet (performance)

80,000

0

20,000

40,000

60,000

’20 ’212019

Revenue, change fromprevious year

10

–50

–40

–30

–20

–10

0

%

’20 ’212019

Share and index performance

60

–60

–40

–20

0

20

40

%

’20 ’212019

Harley-Davidson

S&P 500

Harley said a 30% increase in motorcycle volumes in North America helped sales exceed expectations for the first quarter.

ONDRE

JDEM

L/CT

K/ZU

MAPR

ESS

Yield premiumonChinagovernment bonds

Source: FactSet, Tullett Prebon

Note: For 10-year bonds, over equivalent U.S.Treasury notes

2.50

1.25

1.50

1.75

2.00

2.25

pct. pts.

’21May 2020

Crash ProbedU.S. highway-safety officialsare investigating a fatalaccident in Texas lastweekend involving a Teslaelectric vehicle.......................... B4

P2JW110000-6-B00100-1--------XA

B2 | Tuesday, April 20, 2021 * * * * THEWALL STREET JOURNAL.

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

AAbbVie.........................A2ABN AMRO Bank......B10Advanced Micro Devices.....................................A8Alexion Pharmaceuticals...................................B12Alphabet......................A6Altria...........................A2Amazon.com..........A3,A6Apple...........................A6Archegos CapitalManagement.............B1

Areteans TechnologySolutions Private......B6

AstraZeneca..............B12B

BP................................B6C

Chevron.......................B6China Huarong AssetManagement...........B11

Coca-Cola .............B3,B12Coinbase Global..........A8Conagra Brands ..........A8Credit Suisse...............B1CVS Health .................A8

DDanske Bank.............B10Dominion VotingSystems....................A4

EEndo International .....A2Equinor........................B6Expedia........................B5Exxon Mobil ................B6

FFord Motor..................A1

GGalaxy Resources .......B4GameStop.......A1,B3,B11General Motors.....A2,A8Greensill Capital.........B1

HHarley-Davidson..B1,B11Huawei Technologies .A2

IInternational BusinessMachines...................B4

Interpublic...................B5J

Johnson & Johnson...............................A2,A3

LLennar .......................B12Live NationEntertainment..........B5

Lockheed Martin.......B11M

Macquarie....................B6Marriott International............................... A1,B5Meituan.......................B1Morgan Stanley........B12MyPillow.....................A4

NNetflix .......................B11Ninety One................B11Nvidia..........................A1

OOatly............................B6Orocobre......................B4

PParler...........................A6Payward ......................A8

Pegasystems...............B6Peloton Interactive............................. B2,B11Penske Media.............A2Pfizer.........................B12Pinduoduo ...................B1PPD............................B12Procter & Gamble.....B11Prosus..........................B1Purdue Pharma...........A2

QQBE Insurance ............B6

RRoyal Dutch Shell.......B6

SShenzhen Invenland...A2Sinovac Biotech..........A2SkySilk ........................A6SoftBank.....................A1Space ExplorationTechnologies.............B1

TTencent........................B1Tesla..........A8,B1,B4,B11Teva Pharmaceutical..A2Thermo Fisher Scientific...................................B12Total ............................B6

UUnilever.......................B6UnitedHealth.............B12

VViaSat..........................B1Volkswagen.................A2

WWhitehorse LiquidityPartners..................B10

INDEX TO PEOPLE

BUSINESS & FINANCE

cause, unlike competitors, heowns his own rockets.

In the coming days, the Fed-eral Communications Commis-sion in the U.S. is set to ap-prove a request by SpaceX tomodify its license and allow agreater number of satellites toorbit at a lower altitude ofaround 550 kilometers, orabout 342 miles. If approved,competitor satellites wouldhave to navigate aroundSpaceX’s fleet to place theirown spacecraft.

Other companies operatingin space have asked the FCC toimpose conditions on SpaceX,including lowering its fleet’sfailure rate to 1 in 1,000, andimproving collision-avoidancecapabilities while ensuring theydon’t block the transmissionsof other craft orbiting abovethem.

“You should have fewer sat-ellites and make them more ca-pable,” Mark Dankberg, Viasatfounder and executive chair-man, said.

On Twitter, Mr. Musk com-mented on Mr. Dankberg’s ear-lier warnings that his companyposed a hazard to orbital trafficby tweeting: “Starlink ‘poses ahazard’ to Viasat’s profits, morelike it.”

A spokesman for Boeing,which is also challenging Star-link at the FCC, said it is “criti-cally important to the future ofa safe and sustainable orbitalenvironment that standards beglobally consistent and enable acompetitive playing field.”

In the region of space whereStarlink operates, satellites orbitthe earth at 18,000miles an hour.Any collision could spread high-velocity debris that could makethe orbit unusable for years.

Competitors say Starlinksatellites have low maneuver-ability, meaning that otherfirms’ craft have to act whencollisions threaten.

Starlink satellites camealarmingly close to other space-craft twice in the last two years,including on April 2, when aStarlink satellite prompted an-other operated by OneWeb, con-trolled by Indian conglomerateBharti Global and the U.K. gov-ernment, to make evasive ma-neuvers, according to OneWeband the U.S. Space Command.

Mr. Musk’s satellites areequipped with an AI-powered,automated collision avoidance

system. Yet that system had tobe switched off when a Starlinksatellite came within 190 feet ofthe rival’s satellite this month,according to OneWeb’s Mr.McLaughlin.

When contacted by OneWeb,Starlink’s engineers said theycouldn’t do anything to avoid acollision and switched off thecollision avoidance system soOneWeb could maneuveraround the Starlink satellitewithout interference, accordingto Mr. McLaughlin.

Starlink hasn’t revealed de-tails about their AI collisionavoidance system. Mr. McDowell,the astrophysicist, said it was

hard to take any such system se-riously when it remains unclearwhat data it uses to operate.

A similar incident took placein 2019, when a Starlink satel-lite was on a near-collisioncourse with an EU weather sat-ellite, according to the Euro-pean Space Agency, which runsEU satellites.

The agency said it was onlyable to contact Starlink viaemail and the company told itthey would take no action, soEU engineers had to initiate acollision avoidance maneuver.

SpaceX didn’t reply to re-quests for comment about thetwo incidents.

Harley raised its 2021 forecast for motorcycle revenue to growthof 30% to 35%, from 20% to 25%. A dealership in Oakland, Calif.

DAVID

PAULMORR

IS/B

LOOMBE

RGNEW

S

rose 9.7% in Monday tradingon the New York Stock Ex-change.

Harley-Davidson had low-ered its EU tariff bill by send-ing motorcycles to Europe thatwere made in Thailand. Withthe end of that arrangement,the company now finds itselfbattling EU trade authoritiesover a tariff imposed on mo-torcycles that are no longerproduced in the U.S.

The motorcycle maker saidit plans to lodge an immediatelegal challenge to what itcalled an unprecedented deci-sion that “underscores thevery real harm of an escalat-ing trade war to our stake-

holders on both sides of theAtlantic.”

The Office of the U.S. TradeRepresentative declined tocomment.

Harley-Davidson receivedword of the EU’s tariff in-crease late Friday, a person fa-miliar with the matter said.

While the EU’s originalround of tariffs hit other high-profile U.S. goods, such asjeans made by Levi Strauss &Co. and Kentucky bourbon, vo-cal support from then-Presi-dent Donald Trump pushedHarley-Davidson into the spot-light as a U.S. victim of thetrade barbs exchanged in re-cent years between the U.S.and Europe and China.

Harley-Davidson said in

ContinuedfrompageB1

BBourla, Albert...........B12Burnett, Casey............B5

CChorzempa, Martin...B12Cohen, Ryan................B3

DDabbs, John................B1

F - HFoley, John..................B2Hauser, Hermann .......A2Huang, Jensen............A2

KKamal, Fahad............B11

Kopelman, Kevin.........B5Krishna, Arvind...........B4Kruger, Joel...............B11

LLindell, Mike...............A4

MMcLaughlin, Chris.......B1Meckler, Mark.............A6Musk, Elon.............A8,B1

N - PNelson, Ryan...............B1Pang, Jason.................B1Pérez de Solay, Martin.....................................B4

Povinelli, Brian ...........B5Q

Quincey, James ...B3,B12R

Rowley, Martin...........B4S

Sandor, Richard.........B10Sherman, George........B3Simmons, Caroline....B11Singh, Shiv..................B5

V - YVermeulen, Jacques ...B3Vogelzang, Chris.......B10Yao, Aidan...................B1

2018 that EU tariffs wouldraise the cost of each bikeshipped to the trade bloc fromthe U.S. by about $2,200.Rather than raise prices, thecompany said it would shiftproduction of motorcycles forthe EU market to outside theU.S., prompting Mr. Trump toaccuse the company of raisingthe white flag.

More recently, the U.S. andEU have suspended some im-port tariffs. In March, the twosides agreed to suspend tariffson wine, luggage, produce andother goods related to a long-standing dispute over govern-ment subsidies to Boeing Co.and Airbus SE. Washingtonalso suspended tariffs on U.K.luxury goods, including Scotch.

Europe, the Middle Eastand Africa had been amongHarley-Davidson’s largest mar-kets outside of the U.S., but itsfirst-quarter results showedalmost 3,000 fewer motorcy-cles sold in the sales region,marking a 36% decline from ayear earlier.

The company attributed thedecline to shipping delays re-lated to the pandemic and itsdecision to stop selling somepopular motorcycle models inthe region. Harley-Davidsonwill soon offer a new motorcy-cle known as the Pan Americaand designed for on-road andoff-road use. Company execu-tives anticipate the model willbe popular in Europe.

The EU tariff decisioncomes at a time when thecompany has curtailed salesactivities in lesser foreignmarkets to focus on NorthAmerica, Europe and Japan.Harley-Davidson is in themidst of overhauling its salesand production strategies un-der Chief Executive JochenZeitz, a longtime directorpicked for the top post earlylast year. The company in2020 slashed production ofmotorcycles as part of a planto reduce inventories of bikesat dealers and boost prices forused models.

—Bob Tita andYuka Hayashi

contributed to this article.

Harley toFight 56%EU Tariff

Thecompany is in themidstofoverhaulingsalesandproductionstrategies.

BY SHARON TERLEP

fairs chief for rival OneWeb.“Every one of our satellites islike a Ford Focus—it does thesame thing, it gets tested, itworks—while Starlink satel-lites are like Teslas: Theylaunch them and then theyhave to upgrade and fix them,or even replace them alto-gether,” Mr. McLaughlin said.

SpaceX didn’t respond to re-quests for comment.

Around 5% of the first batchof Starlink satellites failed,SpaceX said in 2019. They wereleft to gradually fall back to earthand vaporize in the process.

In November 2020, astro-physicist Jonathan McDowell ofthe Harvard-Smithsonian Cen-ter for Astrophysics calculatedthat the Starlink failure ratewas nearly 3%. Mr. McDowellsaid Starlink has vastly im-proved the design of their sat-ellites since then, and that thefailure rate is currently below1%, and on track to improvefurther.

Even with the constant im-provement, Mr. McDowell said,Starlink will operate so manysatellites that even a low failurerate would mean a relativelyhigh threat to orbital safety be-cause of the potential for colli-sions. “They clearly have beenmaking continuous improve-ments…but it’s a challengingthing they are doing and it’s notclear that they will be able tomanage the final constellation,”he said.

Starlink operates more than1,300 spacecraft in Earth’slower orbit and is adding some120 more every month. Its fleetis now on track to top the totalnumber of satellites that havebeen launched since the1950s—around 9,000.

Orbital space is finite, andthe current lack of universalregulation means companiescan place satellites on a first-come, first-served basis. AndMr. Musk is on track to stake aclaim for most of the free or-bital real estate, largely be-

ContinuedfrompageB1

The launch of a SpaceX Falcon 9 rocket in 2018. The company is on track to stake a claim for most of the free orbital real estate.

TIM

SHORT

T/FLORIDA

TODA

Y/ASS

OCIAT

EDPR

ESS

SpaceXSatellitesCriticized

Pressure mounted on Pelo-ton Interactive Inc. on Mondaywhen the chairwoman of aHouse consumer-protectionpanel called on the company torecall its treadmills.

The move comes days after afederal safety agency told peo-ple with young children or petsto stop using the treadmills andurged a recall of the product,which it says is responsible fordozens of injuries and at leastone death.

Peloton has called the advi-sory by the Consumer ProductSafety Commission “inaccurateand misleading.” On Sunday,Peloton Chief Executive JohnFoley said in a letter to custom-ers that it has “no intention” ofstopping sales or recalling themachines.

The company had no re-sponse to Monday’s statementby Rep. Jan Schakowsky (D.,Ill.), who chairs the Consumer

Protection and Commerce Sub-committee.

“The videos and reports ofchildren being sucked underPeloton treadmills are harrow-ing, and they graphically illus-trate the grave and immediaterisks these products pose to us-ers and their families,” Ms.Schakowsky said.

Public clashes with theCPSC, the federal agencycharged with protecting U.S.consumers from dangerousproducts, are rare. Typically thecommission works with compa-nies to voluntarily issue safetyguidance or recalls on products.The CPSC can’t force a recallbut has sued companies tocompel them to comply.

The commission’s investiga-tion in part looks at whetherthe Peloton treadmill’s tallerheight and unusual belt designpose a greater risk to children,a CPSC spokeswoman said.

Peloton says the treadmillsare safe when users followsafety recommendations, whichinclude keeping children andpets away from the machineand removing the machine’ssafety key when it isn’t in useto prevent its belt from moving.

Influential product-review

publication Consumer Reports,which previously tested and re-viewed the treadmill, on Mon-day called Peloton’s handling ofthe issue “outrageous,” andurged the company to take fur-ther action. “What Pelotonshould do is make sure that itscustomers know the companyis putting safety first and thatit’s going to make them whole,”said William Wallace, Con-sumer Reports manager ofsafety policy.

The publication said Pelo-ton’s treadmills are designeddifferently than most, with “anunusual belt design that usesindividual rigid rubberizedslats or treads that are inter-locked and ride on a rail.”Mosttreadmills use a thin, continu-ous belt.

The CPSC’s advisory cameafter its investigation into thedeath of a child involving oneof the machines turned up doz-ens of instances of injuries.

Peloton initially refused toidentify to the commission thefamily of the child who waskilled until the company wascompelled to do so by a sub-poena. Mr. Foley, the PelotonCEO, has defended the com-pany’s decision to withhold

that information. “Governmentagencies shouldn’t have unfet-tered access to consumers’ pri-vate information, and I amproud that we took a stand toprotect these Members’ pri-vacy,” he said in Saturday’s let-ter.

The agency has said it is in-vestigating whether other typesof treadmills pose the samerisk as Peloton’s.

There were 22,500 emer-gency room visits from tread-mills in 2019, according to theCPSC. There were 17 deaths re-lated to treadmills between2018 and 2019.

Peloton said that it con-tacted the commission within aday of learning of the fatal acci-dent.

In addition to sending directmessages to owners to adhereto warnings and follow safetyinstructions, the company nowhas its instructors deliversafety messages during classes.

Best known for stationarybicycles, Peloton unveiled itstreadmill-style machine in2018. That machine, at firstcalled the Tread, is now calledthe Tread+ after Peloton intro-duced a pared-down, less-ex-pensive version.

Peloton Faces Mounting PressureChairwoman of Housepanel says treadmillspose ‘grave andimmediate risks’

P2JW110000-4-B00200-1--------XA

THEWALL STREET JOURNAL. * * * * Tuesday, April 20, 2021 | B3

same period a year earlier. Itsvolume fell by 6% in the U.S.and by 2% in Europe, the Mid-dle East and Africa but grewby 9% in Asia. Even as the U.S.reopens, fountain-drink salesthere are still weak, Mr. Quin-cey said, noting that “it’s notan on-off switch.”

The company said its profit

BUSINESS NEWS

But he noted that it wouldtake time to distribute thevaccine in countries such asIndia, which is battling a newsurge in coronavirus cases.

“Parts of the world will getvaccinated and will start tocome out and particularlysome of the developing mar-kets are going to take longer—

not just more months but, youknow, into next year and po-tentially beyond—to really getit under control,” Mr. Quinceysaid. He added that the possi-bility of new variants presentsa bit of the unknown.

This year, Coke expectshigh-single-digit percentagegrowth in organic revenue,

which excludes currencyswings and acquisitions or di-vestitures. On that basis,Coke’s revenue grew 6% in thequarter ended April 2.

The company’s unit-casevolume, or the number of 248-ounce servings of finishedbeverages sold, was flat forthe quarter compared with the

in the quarter fell 19% to $2.25billion.

Separately on Monday, thecompany said it plans to listCoca-Cola Beverages Africa asa separate, publicly tradedcompany. The Atlanta-basedcompany said it would sell aportion of its stake in the Af-rica bottling business throughthe initial public offering,which it expects within thenext 18 months. Shares will belisted in Amsterdam and Jo-hannesburg, with Amsterdambeing the primary exchange,the company said.

The stand-alone listingwould let the unit access capi-tal independently to meet in-vestment needs, said JacquesVermeulen, CEO of Coca-ColaBeverages Africa.

Layoffs and other cost-cut-ting measures have helpedCoke mitigate its revenue de-clines and improve operating-profit margins. The company,which employed 80,300 peopleas of the end of last year, inDecember said it would cut2,200 jobs.

Coca-Cola Co. said its salesvolume in March returned toprepandemic levels as the roll-out of Covid-19 vaccines allowsmore people to eat out again.

The beverage company’ssales plummeted a year ago asrestaurants, stadiums, cinemasand other venues closedaround the world. The com-pany said demand steadily im-proved in the first quarter ofthis year, and in March salesvolume reached the same levelit stood in March 2019.

Coke Chief Executive JamesQuincey said he expects thatpositive trajectory to continue,despite new pandemic-relatedlockdowns in some parts ofthe world.

“The rollout of the vaccinesis ultimately starting to work,”particularly in the U.S. and theU.K., he said in an interview.

BY JENNIFER MALONEYAND DAVE SEBASTIAN

Coca-Cola’s Sales Rebounded in MarchDemand steadily gainswith introduction ofvaccines, allowingpeople to eat out again

The company’s sales fell a year ago as restaurants, stadiums and cinemas closed around the world.

GEO

RGEFR

EY/B

LOOMBE

RGNEW

S

1Q 2021+6%

Coca-Cola’s organic revenue,change from a yearearlier*

Source: the company

*Excludes currency fluctuations, acquisitionsand divestitures

5

–30

–25

–20

–15

–10

–5

0

%

’18 ’19 ’20 ’212017

hold the role since late 2017,people familiar with the matterhave said. The company hasbeen working with a searchfirm to evaluate candidates,and has been targeting peoplewith a background in the tech-nology or videogame industries.

“GameStop appreciates thevaluable leadership thatGeorge has provided through-out his tenure,” Mr. Cohensaid. “He took many decisivesteps to stabilize the businessduring challenging times.”

GameStop shares, whichhave been on a roller coastersince the start of the year,rose more than 6% to $164.37each on Monday.

Mr. Cohen initially took astake in GameStop in Augustand has since been prodding thecompany to sharpen its focus on

e-commerce and other technol-ogy initiatives to help reduce itsreliance on bricks-and-mortarretail. He has also urged sweep-ing changes to GameStop’s man-agement and board of directorsas part of the overhaul.

Mr. Sherman, who hadworked at retailers Victra andAdvance Auto Parts Inc., joinedGameStop shortly after it failedto sell itself. Sales had beenstagnant for years as the com-pany was grappling withmounting challenges, most no-tably a trend of people movingaway from buying hard copiesof videogames in lieu of digitaldownloads. When the pandemichit, he led GameStop through aseries of store closures.

GameStop previously saidMr. Sherman didn’t qualify forsome performance-based in-centives before entering intothe separation agreement.Last week, the company saidthe CEO forfeited roughly587,000 restricted shares, forfailing to meet company per-formance goals as prescribed

in his employment contract.He is expected to exit from therole holding 1.12 million sharesof GameStop stock.

At least three of Mr. Sher-man’s lieutenants have left thecompany or announced plans todepart within the past fewmonths. Several hires for man-agement roles of late havehailed from Chewy and Ama-zon.com Inc., such as MattFrancis, who had served as headof engineering at Amazon WebServices and joined GameStopas its first technology chief inFebruary. Jenna Owens, thecompany’s new operating chief,held several senior roles at Am-azon before GameStop.

Mr. Cohen has been nomi-nated to serve as chairman ofGameStop’s board, a panelthat is undergoing a similar

refresh as a majority of itsmembers step down. At thecompany’s annual meeting inJune, Mr. Sherman could re-main a director if re-elected, asecurities filing shows.

The remade board and lead-ership team will face pressureto deliver a turnaround thatmeasures up to its recently in-flated share price, driven up bya Reddit-fueled trading frenzyand a so-called short-squeeze,when rising prices prompt in-vestors to buy back shares theysold short to reduce their losses.

Individual investor KeithGill, who gained fame for help-ing to drive the trading frenzyby disclosing bullish invest-ments in GameStop on Redditand YouTube, has continued tobuy shares in the company, ac-cording to recent posts.

GameStop Corp. said ChiefExecutive George Sherman willstep down by July 31, the latestin a series of changes to thevideogame retailer’s leadershipteam since Chewy Inc. co-founder Ryan Cohen became aboard member in January.

Mr. Sherman has been thechief executive officer of theGrapevine, Texas, companysince April 2019. GameStopagreed to allow Mr. Sherman toretain more than one millionshares of restricted stock, val-ued at roughly $184 million asof Monday’s close, as part of aseparation agreement.

GameStop has been seekingto replace Mr. Sherman, whohas been the fifth person to

BY SARAH E. NEEDLEMANAND DAVE SEBASTIAN

GameStop CEO to Step Down, in Latest Shuffle at the Helm

George Sherman will retainshares valued at $184 million.

STEP

HANIE

KLEIN-DAV

IS/THERO

ANOKE

TIMES

/AP

Heard on the Street: Cokecautions about pandemic.....B12

The

KISTM

Lamp

“...Rage Against the Dying of The Light”

16776 West Park Circle Dr. | Chagrin Falls, Ohio 44023©

US PATENTS10,378,69810,422,488

" Swing armextends 6”.

! Lamp’s heightadjusts from43” to 58”.

Soft linenlampshadediffusesambient lightfor less glare.

.

Light Source

The Lamplight lightsource focuses light

exactly where it’sneeded.

“I’d been reading under moonlight!

This Keep It Simple lamp spreadsunshine all across the room.”

– Jean Kauffman

KEEP ITSIMPLE!MyLight has combinedclassic lamp designwith a revolutionarylight source. Thecombination deliversexponentiallymore light forreading or anyother task.

Underlightingis overrated

In your lamps, the new“retrofit” CFL and LEDbulbs do not producethe same amount of tasklight as ordinary bulbs.Just as we’ve gottenolder and our eyesight has declined,OUR LIGHT HAS FAILED US.

YOU NEED:

• Up to 300 footcandles forreading but you’re gettingonly 30 to 50 footcandles.*

• A quality of light gearedto better contrast andclarity for older eyes.

• Less glare in your fieldof vision

Only 32 WATTS

Compare to any lamp at any price.

* Footcandles describe the amount oflight falling on your reading material.

The first light sourcedesigned for lamps

This revolutionary lightingsolution will deliver up to10 times more light thanthe single bulb you are nowusing – for only 32 watts!

Its patented LED bulb arraymay appear to be “upsidedown”– but the 4 bulbspread of light is actuallydown and out, perfect fortask light.

Seeing is Believing100% risk free trial and3 year guaranteeThe patented KIS lamp andLamplight projects a massiveamount of illumination onyour reading material. Readerbulbs and all components areunconditionally guaranteedfor 3 years.

Take advantage of our 30 dayrisk free trial and see whatyou’ve been missing.

Visit us online at morelamplight.comor call 1-888-211-6305Order now with Coupon code DJ49 for FREE SHIPPING.

List Price $395Now only $375 with FREE SHIPPINGand LED DIMMER

Also Includesfull range LED

Dimmer

– Dylan Thomas

! Available inSATIN BRASS(shown)VERMONTBRONZEBRUSHEDSILVER

On May 18, 1980, Mount St. Helens erupted, sending up a 80,000-footcolumn of ash and smoke. From that chaos, something beautiful emerged…

our spectacular Helenite Necklace.Make your emeralds jealous. Helenite is produced from the heated volcanicrock of Mount St. Helens and the brilliant green creation has captured the eye ofjewelry designers worldwide. Today you can wear this massive 6½-carat stunnerfor only $149! Your satisfaction is guaranteed with our 30-day money-backguarantee.

• 6½ ctw Helenite in gold-finished sterling silver setting • 18" gold-finished sterling silver chain

14101 Southcross DriveW., Ste 155, Dept. HNN107-02,Burnsville, Minnesota 55337www.stauer.comStauer®

Rating of A+

Helenite Necklace (6 ½ ctw) Only $149 +S&P

Helenite Stud Earrings (1 ctw) $129 +S&P

Helenite Set $278 Call-in price only $149 +S&P(Set includes necklace and earrings)

Call now to take advantage of this extremely limited offer.

1-800-333-2045Promotional Code HNN107-02

Limited to the first 2200 orders from this ad only “My wife received morecompliments on this stone onthe first day she wore it than

any other piece of jewelryI’ve ever given her.”

— J. from Orlando, FL

EXCLUSIVE

FREEHelenite Earrings-a $129 value-with purchase ofHelenite Necklace

MMeeteet teet he B Beautyin t the BeastDiscover this spectacular 6½-caratgreen treasure from Mount St. Helens!

Stauer… Afford the Extraordinary.®

Necklace enlarged toshow luxurious color.

PAID ADVERTISEMENT

P2JW110000-4-B00300-1--------XA

B4 | Tuesday, April 20, 2021 * * * * * * THEWALL STREET JOURNAL.

TECHNOLOGY WSJ.com/Tech

The NTSB said its probe would focus on the vehicle’s operation and the fire that local officials said engulfed the car for roughly four hours.

SCOTT

J.EN

GLE

VIA

REUTE

RS

information-technology ser-vices operations. Mr. Krishnasaid he would focus IBM onthe booming field of cloud-computing and artificial intel-ligence. In the latest quarter,total cloud revenue rose about21% to $6.5 billion.

IBM has undertaken a num-ber of acquisitions to bolsterboth areas, including the pur-chase of software company RedHat that closed in 2019, tostrengthen its efforts in the so-called hybrid-cloud where cus-tomers mix on-site and cloud-based data storage andprocessing tools. IBM last weeksaid it agreed to buy for an un-disclosed amount a small Ital-ian company, called myInvenio,

that it said would advance itsAI and hybrid cloud activities.

The company last week saidthe services business it plansto spin off by the end of thisyear would be called Kyndryland be based in New York City.It will be run by IBM veteranMartin Schroeter,

The IT services operationsthat IBM is partly sheddingwere central to former ChiefExecutive Lou Gerstner’s drivein the 1990s to transform itfrom a lumbering tech giant fo-cused on computing hardwareto a huge player in servicesthat were booming at the time.The spinoff announcementcomes a few months after theArmonk, N.Y., company said it

the company calls “full self-driving,” he added.

The National Highway Traf-fic Safety Administration andthe National TransportationSafety Board both said Mon-day they were investigatingthe crash. NHTSA has enforce-ment authority over auto mak-ers, while the NTSB issuessafety recommendations. “Weare actively engaged with locallaw enforcement and Tesla tolearn more about the details ofthe crash and will take appro-priate steps when we havemore information,” NHTSAsaid in a statement.

The NTSB said on Twitterthat it was sending two peopleto investigate, adding that itsprobe would focus on the vehi-cle’s operation and the firethat local officials said en-gulfed the car for roughly fourhours. Authorities on Monday-were still investigatingwhether the vehicle’s ad-vanced driver-assistance sys-

tem, known as Autopilot, wasengaged at the time of thecrash.

Mark Herman, the HarrisCounty constable over Pre-cinct 4, where the accidenthappened, said his officelooked forward to workingwith Mr. Musk.

“In this world, anything ispossible, and we’ll let the sci-ence and facts take us what-ever direction,” he said, add-ing that his office planned toseek additional informationand send at least one searchwarrant to Tesla on Tuesday.

Tesla collects informationon the use of its vehicles, in-cluding Autopilot, that canhelp to determine how theywere operated.

Tesla on Sunday and Mon-day didn’t respond to requestsfor comment on the crash.

Mr. Musk said for a driverto activate the basic version ofthe company’s driver-assis-tance feature a road must have

lane lines, which aren’t pres-ent where the accident tookplace.

The company has said thatAutopilot made Tesla vehiclessafer than others. Tesla tellsdrivers using the feature topay attention to the road andbe ready to take control of thevehicle.

Sen. Richard Blumenthal (D.,Conn.), who sits on the Com-merce, Science and Transporta-tion Committee, on Mondaycalled for “comprehensive over-sight” to prevent deaths tied toadvanced driver-assistance sys-tems.

“Using Tesla’s driverless sys-tem—or any other—shouldn’tbe a death risk,” he tweeted.“Advancements in driving tech-nology must first & foremostbe safe.” He has previously ex-pressed concern about thesafety of advanced driver-assis-tance technology.

Tesla’s shares fell 3.4% inMonday trading.

U.S. safety officials are in-vestigating a fatal weekendcrash involving a Tesla Inc.vehicle, adding to a series ofprobes into incidents involvingthe electric-vehicle maker.

The accident has raisedquestions both about how thecar was operated and the chal-lenges of dealing with a fierycrash.

Local authorities believethe Tesla Model S sedan wasoperating without anyone inthe driver’s seat when itcrashed into a tree Saturdaynight north of Houston, killingthe two men inside.

On Monday, Tesla Chief Ex-ecutive Elon Musk injected ad-ditional uncertainty into thesituation. Mr Musk tweetedthat “Data logs recovered sofar show Autopilot was not en-abled.” The car didn’t have theupgraded version of thedriver-assistance system that

BY REBECCA ELLIOTT

RegulatorsProbeTeslaCrashThatKilledTwoPeople inTexas

while Galaxy runs the Mt. Catt-lin mine in Australia and hasprojects under development inArgentina and Canada.

Based on the companies’closing share prices on Friday,a combined company wouldhave a market value of 3.96billion Australian dollars,equivalent to $3.06 billion. Ifthe deal consummates, thenew miner would be the fifth-largest global lithium miner,the companies said.

Orocobre will acquire all ofthe shares in Galaxy, whoseshareholders will receive 0.569Orocobre shares for each oftheir own stock. Orocobreshareholders will own 54.2% of

SHANGHAI—A single pro-tester with a disputed claimabout the safety of Tesla Inc.electric vehicles has hit a nervein China, sending complaintsabout the company ricochetingacross the Chinese internet andrefocusing attention on allegedquality issues in a critical mar-ket for Tesla.

The woman climbed atop aTesla Model 3 sedan at the AutoShanghai expo on Monday,shouting allegations aboutfaulty brakes on Tesla vehicleswhile wearing a T-shirt thatread “The Brakes Don’t Work”and “Invisible Killer.”

Videos uploaded by visitorsthen showed her being draggedaway by security guards, whohad previously attempted to useopen umbrellas to hide thewoman from onlookers. WhenThe Wall Street Journal visitedthe Tesla stand later Mondaymorning, the company hadbeefed up security.

The protest at the Teslabooth, a rare public display ofdefiance in China, was picked upby state media outlets andquickly went viral. Within a fewhours, more than 150 millionpeople had viewed a hashtag ofthe incident on China’s Twitter-like Weibo platform, remarkingon how Tesla’s booth had be-come “a platform for rights de-fenders.”

Many users sympathizedwith her plight, with one accus-ing Tesla of “hoodwinking Chi-nese consumers” and otherscalling on the public to turn toChinese competitors. Anotheruser with more than five millionfollowers who claims to havepurchased three Tesla vehiclessaid in another widely liked postthat he never had any problemswith the braking system but of-fered up his own litany of com-plaints about other allegedglitches.

A company media represen-tative at the booth said that theprotest was a matter for the po-lice and that she couldn’t com-ment on the allegations of qual-ity defects.

Tesla said on Weibo that theprotester was a Tesla customerfrom Henan province whose fa-ther was involved in a Februaryaccident in which his Model 3had crashed into another vehi-cle.

The woman had demanded afull refund, claiming that a tech-nical problem with the car hadcaused the crash, according toTesla. However, the companysaid that the woman’s fatherhad crashed due to excessivespeed.

Tesla said it had been in con-tact with the woman and waswilling to help her find a solu-tion.

In an earlier statement, thecompany identified the womanas a Ms. Zhang, who has stagedother protests against the com-pany.

The woman’s claims couldn’tbe independently verified, andshe couldn’t be reached to com-ment.

On Tuesday, Shanghai policesaid Ms. Zhang is under deten-tion for five days after damag-ing the car onto which she hadclimbed. There was one morewoman involved in protesting.She wasn’t detained but warnedby police for distorting publicorders.

In a Weibo post following theincident, a woman claiming tobe Ms. Zhang said that her fa-ther and mother were in the carand were injured and hospital-ized. She said that she wouldseek justice through the legalsystem and that the incident ex-posed the true face behindTesla’s vaunted brand.

Grace Tao, a Tesla vice presi-dent and one of the company’s

top executives in China, in an in-terview last month with Chineseonline automotive news channelDongchedi, said technical prob-lems were rare and were treatedseriously whenever they cameto light. “I can say confidentlythat most [of these customercomplaints] are based on a mis-understanding,” she said.

On Tuesday, China’s state-runXinhua news agency said in ancommentary that Tesla’s re-sponse has been “arrogant.” Itsaid car makers operating inChina must have respect for themarket and accept “supervisionfrom customers.”

Tesla sales have grown rap-idly in China since the companybegan building cars in Shanghaimore than a year ago. Marchwas Tesla’s best month in Chinato date, with 35,478 made-in-China Model 3 and Model Y carssold, according to the China Pas-senger Car Association.

As it has grown, though, thecompany has faced a growingchorus of complaints from dis-appointed customers, includingseveral allegations of brake fail-ures, prompting regulators inBeijing to summon Tesla for apublic dressing-down over qual-ity problems in February. Teslaresponded by vowing to makeimprovements.

—Raffaele Huangand Bingyan Wang

contributed to this article.

BY TREFOR MOSS

Musk Faces NewChina Test AfterWoman’s Protest

At a Shanghai autoshow, a womanshouted allegationsabout faulty brakes.

the combined group and Galaxyshareholders will own the re-maining 45.8%. Galaxy Chair-man Martin Rowley will becomenonexecutive chairman of thecombined group, with OrocobreChief Executive Martín Pérez deSolay becoming CEO.

Lithium prices are expectedto rise sharply in the comingyears because of ballooningdemand for electric vehicles.Lithium is the commoditymost expected to benefit froman electric-vehicle boom be-cause widely used lithium-ionbatteries contain around 7% to10% lithium regardless of theoverall battery chemistry,Macquarie said.

The Australian bank substan-tially upgraded its price fore-casts for the commodity lastweek, citing expectations of ashortfall of lithium from 2022that will widen as electric-vehi-cle demand rises.

Already this year lithiumprices have been rising, particu-larly in China, because of astrong recovery in battery de-mand and disruptions to sup-plies from Australian producers.

The Orocobre-Galaxy tie-upwould give the companies geo-graphical and product diversi-fication, including across brineand hard-rock types of lithiumproduction, they said in a jointstatement.

SYDNEY—Orocobre Ltd.agreed to buy rival Australianminer Galaxy Resources Ltd. inan all-stock deal that would cre-ate a $3 billion miner and oneof the world’s biggest producersof lithium, a commodity used inbatteries for electric vehiclesand other high-tech products.

The deal comes at a timewhen lithium prices are climb-ing because of concerns aboutshortages of the commodity anda bigger-than-anticipated elec-tric-vehicle boom. Orocobreruns the Olaroz lithium opera-tion in northern Argentina,

BY RHIANNON HOYLEAND DAVID WINNING

LithiumMiners Sign $3 Billion Deal

was eliminating an unspecifiednumber of jobs.

IBM also is exploring thepotential sales of WatsonHealth, The Wall Street Jour-nal previously reported.

The unit, which employs ar-tificial intelligence to helphospitals, insurers and drug-makers manage their data,was once a flagship initiativefor Mr. Krishna’s predecessor,Ginni Rometty, isn’t currentlyprofitable, people familiarwith the matter have said.

Mr. Krishna said its Watsonline, which goes beyond health“remains critically importantto us. To be absolutely clear,Watson is the brand productname for our AI capabilities.”

International BusinessMachines Corp. posted higherrevenue ahead of a landmarksplit of the business this yearthat is part of Chief ExecutiveArvind Krishna’s plan to revivegrowth at the tech company.

IBM on Monday said firstquarter sales rose about 1% to$17.73 billion, generating netincome of $955 million. WallStreet on average expectedsales of $17.32 billion and netincome of $1.28 billion, ac-cording to FactSet.

IBM still expects revenue togrow this year and anticipates$11 billion to $12 billion in ad-justed free cash flow for theyear. IBM shares rose morethan 3% in after-hours trading.The stock is up about 11% inthe past 12 months.

Mr. Krishna, in the top job ayear, has pledged to restoregrowth at IBM this year aftera prolonged period of stagna-tion. The company expectsrevenue to return to growthand projects about $11 billionto $12 billion in adjusted freecash flow for the year and $12billion to $13 billion in 2022.

“While it’s still early in theyear and a lot remains to bedone, we are confident enoughto say that we are on track,”Mr. Krishna said in a confer-ence call with analysts, addingthat customer spending pat-terns have strengthened.

The company is preparingto spin off a major part of its

BY MARIA ARMENTAL

IBM Says Sales on Track for 2021 Growth

The company is preparing to spin off a major part of its information-technology services operations.

LUKE

MACG

REGOR/

BLOOMBE

RGNEW

S

An ExtraordinaryFull-Body Massage Chair

Zengineered® for Maximum Relaxation

Unrivaled in precision. Unique in its ability tosense and instantly adjust massage pressurein realtime. Incomparable product quality.*')%/# $'+), .& -'')"',, -')&.)!+/('and exceptional massage quality.

Zengineered® for Maximum Relaxation

†FREE financing available with approved credit. *Offers above may not be combined with anyother offers. Chat with a Comfort Consultant for more details. All offers expire on 4/30/21.

ON SALE NOW at stores and galleriesnationwide and FurnitureForLife.com

LimitedTime Offer!

SAVE $1,000!*MSRP: $8,999NOW: $7,999

Or $134 a month with Interest FREE Financing†

+ FREE Nationwide Delivery ($450 Value)

MODEL:EP-MA73

CALL888-717-9193

OR SCAN

P2JW110000-6-B00400-1--------XA

THEWALL STREET JOURNAL. Tuesday, April 20, 2021 | B5

BUSINESS NEWS

The U.S. Supreme Courthas closed the door on an at-tempt by creditors of the for-mer Tribune Co. to claw backbillions of dollars in share-holder profits that flowedfrom its 2007 leveraged buy-out, about a year before thepublisher filed for bankruptcy.

The justices declined tohear an appeal brought bysome Tribune bondholdersand retirees, who for morethan a decade have been push-ing for the right to sue overthe buyout. Monday’s decisionleaves in place earlier rulingsby federal district and appealscourts that rights to pursue le-gal action over the Tribunebuyout under state law wereextinguished through the com-pany’s 2008 bankruptcy.

Efforts by Tribune creditorsto sue billionaire investor SamZell and others behind the buy-out have been closely followedby bankruptcy professionals.

Among those who asked theSupreme Court to take up theappeal was a group of law pro-fessors, as well as bankruptcytrustees who have clawed backbillions of dollars on behalf ofvictims of Bernie Madoff andcreditors of Toys “R” Us andSears Holdings Corp.

The law professors broadlyargued that lower-court rul-ings in favor of Tribune share-holders had effectively blessedrisky transactions that enrichcorporate insiders while load-ing companies with debt,threatening everyone else thebusiness owes, including retir-ees dependent on pensions.

Acting Solicitor GeneralElizabeth Prelogar said inMarch there isn’t a pressingneed for further review of theissue by the Supreme Court.

Lawyers representing for-mer Tribune creditors and for-mer shareholders didn’t returnmessages seeking comment.

BY JONATHAN RANDLES

High CourtStays OutOf TribuneLawsuit

the best deal, you go for thecheapest ticket,” said Mr. Singh.“That’s changed now. Peoplethink about value differently.”

Expedia’s campaign won’tbe alone: Airings of TV com-mercials promoting travelwebsites have more than dou-bled in the 50 days endedApril 12, compared with theprevious 50 days, according tomedia measurement firmiSpot.tv. Other travel and tour-ism marketers are also ramp-ing up their marketing as theindustry moves to reassert it-self after a year of lockdownsand limits on movement.

They are re-evaluating andrecalibrating their pitches inthe process. Some brands aredelivering messages aboutsafe gathering, while othersare focusing on promotionalads that feature deals.

“In the past 13 monthswe’ve seen a completely un-precedented slashing of adver-tising budgets in the travel in-dustry,” said Kevin Kopelman,an analyst at financial servicesfirm Cowen who covers onlinetravel companies and hotels.

But a recent increase in de-

mand has been driving travelorganizations to boost theirmarketing spending—althoughnot necessarily to pre-pan-demic levels—while thinkingstrategically about striking theright tone in their messaging,Mr. Kopelman said.

A campaign from ExpediaGroup’s Vrbo that began run-ning in December, for example,encourages families to gatheragain without mentioning thepandemic that has kept somany apart. For families stuckat home together during thepandemic, on the other hand,Universal Orlando Resort isrunning a commercial offering40% off to lure them back out.

Expedia described its newmarketing push as a shift fromits messaging in recentmonths, when it tried to strikea more inspirational tone. Onecheery TV ad that aired inMarch showed an animatedcouple whose furniture morphsinto travel experiences.

Marriott International Inc.spent the first quarter of thisyear posting content on socialmedia meant to keep consum-ers dreaming of travel, and

running automated digital adsto capitalize on any new de-mand.

Now the company will shiftits focus to brand marketingthat can drum up demand,said Brian Povinelli, seniorvice president of brand, loy-alty and portfolio marketing atMarriott International.

“More than ever, the last 12months has challenged us tobe much more flexible andnimble in our marketing ap-proach and execution,” Mr.Povinelli said in an email.

Travel and tourism brands,such as popular U.S. touristdestinations, are eager to gettravelers spending again, saidAlex Leikikh, global chief exec-utive of MullenLowe Group, anInterpublic Group of Cos. adagency network that workswith a number of travel mar-keters, including JetBlue Air-ways Corp., Royal CaribbeanInternational and WyndhamHotels & Resorts Inc.

“These industries andthese states’ destinations andhotels—they’ve been hurtingbadly for the last 12 to 14months and need revenue

now,” Mr. Leikikh said. Pro-motions that feature deals cangenerate revenue while alsobuilding brands over time, es-pecially with “stimulus flow-ing from the government andpeople going back to work,”he said.

Some tourism and enter-tainment organizations are re-viewing agencies that can sup-port their advertising ormedia needs. Las Vegas Con-vention and Visitors Authorityand Visit California are run-ning processes to hire newagencies, according to peoplefamiliar with the matter. Theconcert giant Live Nation En-tertainment Inc. is also run-ning a process to hire anagency that can service its$130 million media account,people familiar with the mat-ter said.

“Everybody is trying to fig-ure out how to get into themarket first with the rightmessage,” said Casey Burnett,managing partner and founderof marketer and agencysearch consulting firm Bur-nett Collective. “It’s all aboutmarket share.”

A new ad from Expediakicked off the online travelcompany’s most expensivebrand marketing effort in fiveyears. In the ad, actressRashida Jones embodies Expe-dia as a companion for awoman traveling alone to aforeign country. Ms. Jonestransforms the traveler’s sadhotel room into a larger, morepleasant space with a snap ofher fingers, and helps removeher from a precarious situationinvolving women taking selfies.

The marketing effort, whichalso includes the introductionof new trip insurance and itin-erary-planning products, wasinspired by research showingnot only rising demand fortravel as restrictions from thepandemic abate, but also con-sumers’ desire for travel com-panies to provide more thandeals, said Shiv Singh, seniorvice president and generalmanager at Expedia, a unit ofExpedia Group Inc.

“The travel space in someregards was more-transactionoriented. It was where you find

BY ALEXANDRA BRUELL

Travel Brands Rethink MarketingA scene from Expedia’s new ad campaign. The online travel company’s marketing effort also includes the introduction of trip insurance and itinerary-planning products.

EXPE

DIA

GRO

UP

P2JW110000-0-B00500-1--------XA

B6 | Tuesday, April 20, 2021 * * THEWALL STREET JOURNAL.

CORPORATEWATCH

UNITED AIRLINES

Rebound SoughtAs Carrier Posts Loss

United Airlines Holdings Inc.reported weaker results than an-alysts were expecting for thefirst quarter as it looks for abroader rebound in demand asCovid-19 vaccines are distributed.

The Chicago airline reported anet loss of $1.36 billion for thequarter, compared with a loss of$1.7 billion for a year earlier,when the spread of the corona-virus was first intensifying.

Revenue fell to $3.22 billionfrom $7.98 billion, year overyear, and was weaker than the$3.26 billion consensus estimate.

The number of passengersUnited flew in the first quarterfell 52% year over year.

—Micah Maidenberg

HERMAN MILLER

Knoll to Be AcquiredIn $1.8 Billion Deal

Herman Miller Inc. agreed toacquire Knoll Inc. in a $1.8 billioncash-and-stock deal that wouldmerge furniture makers.

Under the deal, Knoll share-holders would swap each sharefor $11 in cash and 0.32 shares ofHerman Miller stock. The compa-nies said the deal’s terms repre-sent a 45% premium to Knoll’sclosing share price on Friday.

Herman Miller shareholderswould own about 78% of the com-

WASHINGTON—Federal of-ficials aren’t adequately moni-toring the integrity of 8,600miles of active oil-and-gaspipelines on the Gulf of Mex-ico’s seafloor, and for decadeshave allowed the industry toabandon old pipelines with lit-tle oversight, a new report toCongress shows.

The Government Account-ability Office report faults theInterior Department’s offshoreoil-safety regulator’s relianceon surface observations andpressure sensors, rather thansubsea inspection, to monitorfor leaks.

The agency’s own staff ac-knowledges those techniquescould fail to detect a slow dis-charge from a pipeline over along period, particularly indeep water where most oilproduction occurs, the reportsays.

The report urges the regu-lator, the Bureau of Safety andEnvironmental Enforcement,to resume work on a long-stalled update to pipelinerules.

BSEE currently requiresmonthly inspections of pipe-line routes in the Gulf by heli-copter or marine vessel, tolook for oil sheens or gas bub-bles on the surface to deter-mine whether a pipeline isleaking.

By comparison, the bureau’sPacific office requires subseapipeline inspections, in partbecause of seismic concerns,on its much smaller network of200 miles of active pipelines.

In interviews with the GAO,BSEE officials acknowledgedthat “surface observations arenot generally reliable indicatorsof pipeline leakage,” becausediffused leaking oil and gas canmove far from the source, es-pecially in deep water.

While BSEE and industrygroups have discussed ways toimprove subsea leak-detectionsystems, the report said a fed-eral rule requiring such moni-toring is needed.

“BSEE officials told us thatindustry has been largely re-ceptive to improving leak de-

tection but noted that the bu-reau cannot compel industry totake any action to detect leaksthat is not described in its reg-ulations,” the report said.

An Interior Department of-ficial, responding in the GAOreport, said the department“generally agrees with the re-port findings” and that it isfollowing the GAO’s urging todraft new rules governing off-shore pipelines.

The GAO also found thatBSEE and its predecessors al-lowed the oil industry to leavethousands of miles of decom-missioned pipelines on theseafloor rather than incur thecost of raising them back tothe surface.

Federal regulations allowBSEE to permit operators todecommission pipelines inplace, cleaning and buryingthem in the seabed. The GAOfound that the agency doesn’tensure standards are followed,even as it allowed 97% of themiles of decommissioned pipe-lines taken out of active use inthe Gulf since the 1960s—nearly 18,000 miles—to re-main in place.

BSEE also has failed to fullyconsider whether decommis-sioned pipelines represent ahazard to navigation and com-mercial fishing, like trawlersthat can be damaged by snag-ging equipment on underseapipelines, the report said.Eighty-nine trawlers reporteddamage from snagging on oil-and-gas equipment between2015 and 2019, the report found.

BSEE’s failure to inspect de-commissioned pipelines alsomeans officials don’t have acomplete record of whichequipment has been properlycleaned and buried, orwhether hurricanes and under-water landslides have movedburied pipelines, potentiallycreating navigation hazardsand environmental damage.

BY TED MANN

U.S. StudyFaultsPipelineOversight

The report urges theregulator to resumework on updatingpipeline rules.

stake valued Oatly at about $2billion. In February, the oat-milk maker confidentially filedfor an IPO in the U.S.

The retail value of theplant-based dairy industry inthe Americas is expected to hit$7 billion by 2025, accordingto Euromonitor.

The growing appetite forplant-based alternatives hasput pressure on dairy-milkcompanies like Dean FoodsCo., which filed for bankruptcyin 2019. Meanwhile, companiesfocused on plant-based alter-natives have seen demandfrom consumers and investorsalike take off in recent years.For example, shares of plant-based food maker BeyondMeat Inc. have increased 441%since it went public in 2019.

As part of the filing onMonday, the company said ithad revenue of $421.4 millionin 2020, compared with $204

million in 2019. Its losses forthe year, however, widened to$60.4 million, compared with$35.6 million a year earlier.

Oatly plans to raise $100million from a sale of its Ameri-can depositary shares, a place-holder figure companies oftenuse to calculate filing fees andis often changed.

It didn’t disclose how manyADSs it intends to offer to thepublic, according to registrationdocuments filed with the Secu-rities and Exchange Commis-sion on Monday.

The company plans to listits ADS on the Nasdaq StockMarket under the symbol OTLY.

The company, which wasfounded in 1994, launched itsfirst oat-milk product under thebrand Oatly in 2001. Oatly saysthe process of making oat milk,which involves steeping oats inwater, consumes less waterthan making almond milk.

Oatly Group AB formallyfiled paperwork Monday for aninitial public offering in theU.S., nine months after pri-vate-equity giant BlackstoneGroup Inc. and a handful ofhigh-profile celebrities took astake in the oat milk producer.

The Swedish company en-tered the U.S. market in 2017with its alternative dairy prod-ucts that have grown in popu-larity among consumers seek-ing healthier options with lessimpact on the environment.

In July, The Wall StreetJournal reported the companyhad sold a $200 million staketo a group led by Blackstoneand included Oprah Winfrey,Natalie Portman, former Star-bucks Corp. chief HowardSchultz and the entertainmentcompany founded by Jay-Z.The sale of the roughly 10%

BY KIMBERLY CHIN

Celebrity-Backed Oatly FilesIts Paperwork for an IPO

BUSINESS & FINANCE

storage projects, while BP PLCis codeveloping storage proj-ects in the U.K. and Australia.

Oil executives’ sales pitch:We will provide your energy,then take back the carbon tominimize your footprint.

Carbon capture and storage“is becoming a business ratherthan just a solution,” MaartenWetselaar, director of inte-grated gas, renewables and en-ergy solutions at Shell, re-cently said, adding that thecompany plans to include car-bon storage as “part of an in-tegrated energy package” toenergy customers.

Shell already captures andstores its own carbon at sitesin Australia and Canada, andsays it wants to develop addi-

tional commercial facilities.The Norway project, set to

start in 2024, already haswaste company Fortum OsloVarme SA and HeidelbergCe-ment AG as customers. Shellsays it has further interestfrom 10 other companies, in-cluding Microsoft Corp. and Ar-celorMittal, although no bind-ing contracts have been signed.

Most carbon-storage proj-ects rely on governmentfunding. Norway is coveringabout 80% of the $1.6 billioncost of the Northern Lightsproject, with the rest splitequally between Shell, Equi-nor and Total.

Deployed since the 1970s,most of the 26 sites operatingcarbon capture today are fo-

cused on injecting carbon intowells to recover more oil, witha handful dedicated to storingcarbon, according to the GlobalCCS Institute, a think tank thatadvocates the technology.

Carbon capture typicallyworks through the use ofchemicals, to which the carbonsticks, to filter out emissionsfrom a source like fumes at apower plant.

In the early 2000s, govern-ments saw carbon capture asa way to clean up electricitygenerated by fossil fuels, butthe technology was held backby high costs. Recent movesby governments and compa-nies to reduce emissions arerekindling interest in carboncapture beyond the energy

industry.A record 17 new carbon-

capture projects were slatedfor development last year, ac-cording to the Global CCS In-stitute. Many are focused onhard-to-decarbonize sectorslike steel and cement making,where manufacturing pro-cesses release carbon dioxide.

Some researchers say thetechnology isn’t the most effi-cient way to reduce emissions.“Transitioning energy infra-structure away from fossil fu-els as well as planting treesand reducing deforestation isa much better way to addresscarbon emissions,” said MarkJacobson, professor of civiland environmental engineer-ing at Stanford University.

Oil companies have for de-cades made money by extract-ing carbon from the ground.Now they are trying to makemoney putting it back.

Energy giants such asExxon Mobil Corp. and RoyalDutch Shell PLC are pushingcarbon capture and storage—where carbon is gathered andburied underground—as partof a drive to reduce both theirown and their customers’emissions. Executives say theservice could become a newsource of income when the in-dustry is grappling with howto adapt to a lower-carboneconomy.

Oil companies have longcaptured carbon from theiroperations, albeit mostly toproduce more oil. Now theywant to retool that skill as aservice they can sell to heavy-polluting industries like ce-ment and steel, burying theircarbon in the ground indefi-nitely for a fee, rather than re-leasing it into the atmosphere.Yet critics question the envi-ronmental benefits and highcost of such projects.

Last month, Shell, Total SEand Equinor ASA launched ajoint venture to store carbonin a rock formation thousandsof feet beneath the seabed offthe coast of Norway. Thestate-backed Northern Lightsproject is set to be the firsttime companies outside the oilindustry will be able to pay tohave their carbon gatheredand stored.

Exxon has said it plans toform a new business unit tocommercialize carbon captureand storage, forecasting itcould become a $2 trillion mar-ket by 2040. Chevron Corp.has formed partnerships on

BY SARAH MCFARLANE

Oil Giants Turn to Carbon Storage

A Chevron liquefied-natural-gas project in Western Australia is part of its new carbon-capture and storage ambitions.

CHEV

RON/R

EUTE

RS

bined company, while Knoll share-holders would own about 22%.

Andi Owen, chief executive ofHerman Miller, will be CEO ofthe combined company, whileKnoll CEO Andrew Cogan willleave after working at Knoll for30 years. The combined com-pany is expected to have annualrevenue of $3.6 billion, 19 brandsand a presence in more than 100countries, the companies said.

—Matt Grossman

PROLOGIS

Warehouse OwnerSees Strong Demand

Prologis Inc. said demand forits properties was strong in the

first quarter, reflecting thebroader economic recovery fromthe Covid-19 pandemic.

The owner of warehousesand logistics properties saidrental revenue rose to $1.02 bil-lion from $879 million. Averageoccupancy in Prologis’s proper-ties stood at 95.4% in the firstquarter, down a bit from 95.8%in the fourth quarter.

Prologis said earnings fell to$367.3 million for the fourthquarter from $491.1 million ayear earlier. It increased its fi-nancial expectations for the year,saying it expects per-share earn-ings of $2.80 to $2.90, up fromits previous view of $2.36 to$2.52.

—Micah Maidenberg

Andi Owen, chief executive of Herman Miller.

SYLV

IAJA

RRUSFO

RTH

EWALL

STRE

ETJO

URN

AL

BUSINESS OPPORTUNITIES BUSINESS OPPORTUNITIES

* # ' 0 ) " ( , & 0 ( ! " % #* - = 8 8 @ ! : " ) 8 ( ' 2 D ! / $

' < % ! ! 7 / = $ * / ! - ) 1 % < 7 - /& " # : / - 3 - = 9 ! 7 ) 1 A +

* # !: )$ /$-)$% & 5 =$(-$ '8:)(')( 7 # 5 % <

, ! ';&4&+%(#6*! 8 . '26! % 0 7 " : % ) " 7 = $ $ !

%$$ .')"#- &+"( ,!*#-(5`)K?) =Kc) FE=!-) =#K= WEF)? VKF% VK2K``) @G)A!-K?N XF-L EA KF K'P`!K=) EA ?;I?!+!KAZ =#)A)E'N EF

I)#K`' E' 37< :_>1 213@1_[X_2 XX U731[@[_ <@5X1@V VV<N K :)`K^KA) `!G!=)+ `!KI!`!=Z -EGDKFZR%$& 82<#3:<! 7.:6&6Q E'')A? 'EA ?K`) K= D;I`!- K;-=!EF EF UKZ *N ,J,. K= ..aJJ @LUL (T)^ SEAc =!G)Q9!K A)GE=) 9!A=;K` K;-=!EF 'EA ^#!-# K ^)I K++A)?? KF+ DK??^EA+ ^!`` I) DAE9!+)+ =E K`` -EFPAG)+DKA=!-!DKF=? =#K= #K9) DAED)A`Z A)%!?=)A)+ D;A?;KF= =E =#) 1)AG? E' 2K`) (K?GEA) DKA=!-;`KA`Z +)?-A!I)+I)`E^QN !F -EFF)-=!EF ^!=# K 0F!'EAG <EGG)A-!K` <E+) ?K`)N .JJb E' =#) `!G!=)+ `!KI!`!=Z -EGDKFZG)GI)A?#!D !F=)A)?=? !F 1:< 57XT1_N VV<N K :)`K^KA) `!G!=)+ `!KI!`!=Z -EGDKFZ (=#) #*":69.9<)"::"(<:6QN ^#!-# !? =#) ?E`) E^F)A E' =#) DAED)A=Z -EGGEF`Z cFE^F K? 1#) 5E!F=) `E-K=)+ K= (JJTEA=#A!+%) 3EK+ KF+ &JJ TEA=#A!+%) 3EK+N 2KF+Z 2DA!F%?N [)EA%!K (=#) #/%6<:<8686QL 1#) XF=)A)?=? KA)E^F)+ IZ 1:< 57XT1_ U_U>_3N VV<N K :)`K^KA) `!G!=)+ `!KI!`!=Z -EGDKFZN #K9!F% !=? DA!F-!DK` D`K-)E' I;?!F)?? K= &*.J 2E;=# @`?=EF @9)F;)N 2;!=) ,.JN :;A#KGN TEA=# <KAE`!FK ,"".* (=#) #*<$$.%4%<)"::"(<:!'"1#) 2)-;A)+ 5KA=ZN K? `)F+)AN GK+) K `EKF (=#) #*<$$.%4%< -".%6Q =E =#) U)YYKF!F) >EAAE^)AL

XF -EFF)-=!EF ^!=# =#) U)YYKF!F) VEKFN =#) U)YYKF!F) >EAAE^)A #K? %AKF=)+ =E =#) 2)-;A)+ 5KA=Z KPA?= DA!EA!=Z `!)F EF =#) XF=)A)?=? D;A?;KF= =E =#K= -)A=K!F 5`)+%) KF+ 2)-;A!=Z @%A))G)F= +K=)+ K? E'UKZ ,(N ,J."N K? KG)F+)+ KF+ A)?=K=)+ IZ =#K= -)A=K!F @G)F+)+ KF+ 3)?=K=)+ 5`)+%) KF+ 2)-;A!=Z@%A))G)F= +K=)+ K? E' W;F) *JN ,J,JL 1#) 2)-;A)+ 5KA=Z !? E'')A!F% =#) XF=)A)?=? 'EA ?K`) !F -EFF)-=!EF^!=# =#) 'EA)-`E?;A) EF =#) D`)+%) E' ?;-# XF=)A)?=?L 1#) U)YYKF!F) VEKF !? ?;IEA+!FK=) =E K GEA=%K%)`EKF KF+ E=#)A EI`!%K=!EF? KF+ `!KI!`!=!)? E' =#) UEA=%K%) >EAAE^)A EA E=#)A^!?) K'')-=!F% =#) DAED)A=ZR%$& 82<%4": -".%!'"1#) ?K`) E' =#) XF=)A)?=? ^!`` I) ?;Ie)-= =E K`` KDD`!-KI`) =#!A+ DKA=Z -EF?)F=? KF+ A)%;`K=EAZ

KDDAE9K`?N !' KFZL /!=#E;= `!G!=K=!EF =E =#) 'EA)%E!F%N D`)K?) =Kc) FE=!-) =#K= =#)A) KA) ?D)-!P-A)C;!A)G)F=? 'EA KFZ DE=)F=!K` ?;--)??';` I!++)A !F -EFF)-=!EF ^!=# EI=K!F!F% !F'EAGK=!EF KF+ I!++!F%EF =#) XF=)A)?=?N !F-`;+!F% I;= FE= `!G!=)+ =EN (.Q =#K= )K-# I!++)A G;?= -EGD`Z ^!=# =#) A)?=A!-=!EF?KDD`!-KI`) =E =#) ?K`) E' =#) XF=)A)?=? ;F+)A =#) XF=)A-A)+!=EA @%A))G)F= +K=)+ K? E' UKZ ,(N ,J." IZKF+ KGEF% =#) 2)-;A)+ 5KA=ZN =#) #E`+)A E' =#) U)YYKF!F) VEKF KF+ =#) #E`+)A E' =#) 2)F!EA VEKFR%$& 8/%6<:#:<!46": +9:<<'<%66QN !F-`;+!F% =#K= ?;-# I!++)A !? K #53.04,<! 1:.%8;<:<<6 (K? +)PF)+!F =#) XF=)A-A)+!=EA @%A))G)F=QN #K? EI=K!F)+ =#) -EF?)F= E' =#) #E`+)A E' =#) 2)F!EA VEKF (!' A)C;!A)+;F+)A =#) XF=)A-A)+!=EA @%A))G)F=Q EA ^!`` A)DKZ =#) 2)F!EA VEKF DA!EA =E =#) ?K`) E' =#) XF=)A)?=? KF+ (,Q=#K= )K-# I!++)A G;?= +)`!9)A ?;-# +E-;G)F=? KF+ DKZ ?;-# KGE;F=? K? A)C;!A)+ IZ =#) XF=)A-A)+!=EA@%A))G)F= KF+ =#) KDD`!-KI`) %E9)AF!F% +E-;G)F=? A)`K=!F% =E =#) XF=)A)?=?L1#) XF=)A)?=? KA) I)!F% E'')A)+K? K ?!F%`) `E=N #K?M!?N ^#)A)M!?6N ^!=# FE )\DA)?? EA !GD`!)+^KAAKF=!)?N

A)DA)?)F=K=!EF?N ?=K=)G)F=? EA -EF+!=!EF? E' KFZ c!F+ GK+) IZ =#) 2)-;A)+ 5KA=Z EA KFZ D)A?EF K-=!F%'EA EA EF I)#K`' E' =#) 2)-;A)+ 5KA=ZN ^!=#E;= KFZ A)-E;A?) ^#K=?E)9)A =E =#) 2)-;A)+ 5KA=Z EA KFZE=#)A D)A?EF K-=!F% 'EA EA EF I)#K`' E' =#) 2)-;A)+ 5KA=Z KF+ )K-# I!++)A G;?= GKc) !=? E^F !FC;!AZA)%KA+!F% =#) XF=)A)?=?L 1#) ^!FF!F% I!++)A ?#K`` I) A)?DEF?!I`) 'EA =#) DKZG)F= E' K`` =AKF?')A =K\)?N?=KGD +;=!)? KF+ ?!G!`KA =K\)? !F-;AA)+ !F -EFF)-=!EF ^!=# =#) D;A-#K?) E' =#) XF=)A)?=?L1#) 2)-;A)+ 5KA=Z A)?)A9)? =#) A!%#=N EF I)#K`' E' !=?)`' EA KF K'P`!K=) E' 2)-;A)+ 5KA=ZN =E -A)+!= I!+N

?)= K G!F!G;G A)?)A9) DA!-)N A)e)-= K`` I!+? (!F-`;+!F% ^!=#E;= `!G!=K=!EF KFZ I!+ =#K= != +))G? =E #K9)I))F GK+) IZ K I!++)A =#K= !? ;FKI`) =E ?K=!?'Z =#) A)C;!A)G)F=? !GDE?)+ IZ =#) 2)-;A)+ 5KA=Z ;DEFDAE?D)-=!9) I!++)A? !F -EFF)-=!EF ^!=# =#) ?K`) EA =E ^#EG !F =#) 2)-;A)+ 5KA=Z4? ?E`) e;+%G)F= K ?K`)GKZ FE= `K^';``Z I) GK+)Q KF+ =)AG!FK=) EA K+eE;AF =#) ?K`) =E KFE=#)A =!G)N ^!=#E;= ';A=#)A FE=!-)L1#) 2)-;A)+ 5KA=Z ';A=#)A A)?)A9)? =#) A!%#= =E A)?=A!-= DAE?D)-=!9) I!++)A? =E =#E?) ^#E ^!`` A)DA)?)F==#K= =#)Z KA) D;A-#K?!F% =#) XF=)A)?=? 'EA =#)!A E^F K--E;F= 'EA !F9)?=G)F= FE= ^!=# K 9!)^ =E =#)+!?=A!I;=!EF EA A)?K`) E' ?;-# XF=)A)?=?N =E 9)A!'Z =#K= )K-# -)A=!P-K=) 'EA =#) XF=)A)?=? =E I) ?E`+ I)KA? K`)%)F+ ?;I?=KF=!K``Z =E =#) )'')-= =#K= ?;-# !F=)A)?=? #K9) FE= I))F A)%!?=)A)+ ;F+)A =#) 2)-;A!=!)? @-=E' .d**N K? KG)F+)+ (=#) #2<#3:464<8 +#66QN KF+ GKZ FE= I) +!?DE?)+ E' !F 9!E`K=!EF E' =#) DAE9!?!EF?E' =#) 2)-;A!=!)? @-= KF+ =E !GDE?) ?;-# E=#)A `!G!=K=!EF? EA -EF+!=!EF? !F -EFF)-=!EF ^!=# =#) ?K`) E'=#) XF=)A)?=? K? =#) 2)-;A)+ 5KA=Z +))G? F)-)??KAZ EA K+9!?KI`) !F EA+)A =E -EGD`Z ^!=# =#) 2)-;A!=!)?@-= EA KFZ E=#)A KDD`!-KI`) `K^L@`` I!+? (E=#)A =#KF -A)+!= I!+? E' =#) 2)-;A)+ 5KA=ZQ G;?= I) 'EA -K?#N KF+ =#) ?;--)??';` I!++)A

G;?= (KQ I) DA)DKA)+ =E +)`!9)A !GG)+!K=)`Z K9K!`KI`) %EE+ ';F+? EF =#) +KZ E' =#) ?K`) 'EA KFZ A)C;!A)++)DE?!=N (IQ ^!=#!F =#A)) (*Q T)^ SEAc I;?!F)?? +KZ? E' =#) ?K`) DKZ =E 2)-;A)+ 5KA=Z =#) IK`KF-) E' =#)I!+ KGE;F= KF+ (-Q E=#)A^!?) -EGD`Z ^!=# =#) I!++!F% A)C;!A)G)F=?L ];A=#)A !F'EAGK=!EF -EF-)AF!F%=#) XF=)A)?=?N =#) A)C;!A)G)F=? 'EA EI=K!F!F% !F'EAGK=!EF KF+ I!++!F% EF =#) !F=)A)?=? KF+ =#) 1)AG? E'2K`) -KF I) 'E;F+ K= (^^^L(JJKF+&JJFEA=#A!+%)AEK+;--?K`)L-EG'">A)== 3E?)FI)A% O. ,.,Mf.,M&d,$H IA)==LAE?)FI)A%BKGLe``L-EG

COMMERCIAL REAL ESTATE

PRODUCTS

The MarketplaceADVERTISEMENT

To advertise: 800-366-3975 orWSJ.com/classifieds

&('* )$$++/!-'#.-%!#" (.+#+!6')( 0#&<?- * ,-3/- 4". &#13A'#%3

>95$ !/#-- 23&-- /+3@51A .2 %=D "0D?>?06D A -B4-343; : '?/D/<A #0 !8,,<5 *CE//9/6> @67E=61/1 )4;22 !&A (/=8>?+8<<5 (8?<> !>06/ (8?<1?6C4 (//E4 $0>>04 &001

20+-'1 7(05 . 7) 8))/ . "-+,4-! 60#-* $)%*&91 $)**-3&,3%&.*2> 426)C,3?*.0C26$& "2,$-4

425!61 +0/B#(/;;;2,$-> @;B%(;#%';;(

ADVERTISE TODAYTHEMARKETPLACE

(800) 366-3975

©2021 Dow Jones & Company, Inc.All Rights Reserved.

Formore information visit:wsj.com/classifieds

&#'' $*!'%! $8>.5> %1/ ;"(,@)033,""66%46?14 246C%,C%4%3CA ,+.43+.(63C%A

.FG )1H.96?%A 61 6#% -40%461C0.4B09%0%' ?A . C3**%C A9%%0%'7%.46 61 #19&

;F9*A 1+ A.4&E ",,9?(.6?14A ?4(93&%>!.99.A6 +1C ,91I 6C3(<A' 314A6C3(6?14 A?6%A'

/?$#I.H , 1%4(?4$ A?$4 I%?$#6E-46%C%A6%& ,.C6?%A 149H

:15?89-4.>>-698?11/217 ,+,=<,)=8<3)

P2JW110000-2-B00600-1--------XA

THEWALL STREET JOURNAL. Tuesday, April 20, 2021 | B7

Get real-time U.S. stock quotes and track most-active stocks, newhighs/lows and mutual funds. Available free at WSJMarkets.com

ConsumerRates andReturns to InvestorU.S. consumer ratesA consumer rate against itsbenchmark over the past year

3.00

3.30

3.60

3.90

4.20%

2020M J J A S O N D J

2021F M A

tNew car loan

tPrime rate

Selected ratesNewcar loan

Bankrate.comavg†: 4.04%First CommandBank 2.75%FortWorth, TX 888-763-7600

First SavingsBankofHegewisch 2.75%Chicago, IL 773-646-4200

CambridgeSavingsBank 3.24%Cambridge,MA 888-418-5626

PNCBank 3.37%Washington, DC 888-PNC-BANK

FrostBank 3.74%Houston, TX 800-513-7678

Yield/Rate (%) 52-WeekRange (%) 3-yr chgInterest rate Last (l)Week ago Low 0 2 4 6 8 High (pct pts)

Federal-funds rate target 0.00-0.25 0.00-0.25 0.00 l 0.25 -1.50Prime rate* 3.25 3.25 3.25 l 3.25 -1.50Libor, 3-month 0.19 0.19 0.18 l 1.10 -2.18Moneymarket, annual yield 0.08 0.08 0.08 l 0.32 -0.28Five-year CD, annual yield 0.47 0.47 0.44 l 0.86 -1.2130-yearmortgage, fixed† 3.09 3.19 2.83 l 3.62 -1.3415-yearmortgage, fixed† 2.38 2.46 2.32 l 3.25 -1.54Jumbomortgages, $548,250-plus† 3.08 3.19 2.85 l 3.70 -1.61Five-year adjmortgage (ARM)† 3.14 3.14 2.85 l 3.32 -1.26New-car loan, 48-month 4.04 4.04 4.02 l 4.44 0.18Bankrate.com rates based on survey of over 4,800 online banks. *Base rate posted by 70% of the nation's largestbanks.† Excludes closing costs.

Sources: FactSet; Dow JonesMarket Data; Bankrate.com

BenchmarkYieldsandRatesTreasury yield curveYield to maturity of current bills,notes and bonds

0.00

0.50

1.00

1.50

2.00

2.50%

1

month(s)3 6 1

years2 3 5 7 10 20 30

maturity

t

Tradeweb ICEMonday Close

tOne year ago

Forex RaceYen, euro vs. dollar; dollar vs.major U.S. trading partners

–16

–8

0

8

16%

2020 2021

Euro

s

Yen

s

WSJ Dollar Indexs

Sources: Tradeweb ICEU.S. Treasury Close; Tullett Prebon; DowJonesMarketData

International Stock IndexesLatest YTD

Region/Country Index Close Net chg % chg % chg

World MSCIACWI 702.99 –1.95 –0.28 8.8MSCIACWI ex-USA 348.68 0.52 0.15 6.8MSCIWorld 2944.05 –9.30 –0.31 9.4MSCIEmergingMarkets 1348.55 –0.14 –0.01 4.4

Americas MSCIACAmericas 1616.53 –9.47 –0.58 10.1Canada S&P/TSXComp 19204.42 –146.90 –0.76 10.2LatinAmer. MSCIEMLatinAmerica 2410.70 5.60 0.23 –1.7Brazil SaoPauloBovespa 120933.78 –180.15 –0.15 1.6Chile Santiago IPSA 3382.82 –13.94 –0.41 18.4Mexico S&P/BMV IPC 48072.62 –654.36 –1.34 9.1

EMEA StoxxEurope600 442.18 –0.31 –0.07 10.8Eurozone EuroStoxx 443.61 –0.77 –0.17 11.6Belgium Bel-20 3996.90 18.47 0.46 10.4Denmark OMXCopenhagen20 1512.27 –6.94 –0.46 3.2France CAC40 6296.69 9.62 0.15 13.4Germany DAX 15368.39 –91.36 –0.59 12.0Israel TelAviv 1642.12 –5.25 –0.32 9.5Italy FTSEMIB 24691.46 –52.92 –0.21 11.1Netherlands AEX 711.94 –4.86 –0.68 14.0Russia RTS Index 1476.58 –20.47 –1.37 6.4SouthAfrica FTSE/JSEAll-Share 68094.28 –604.50 –0.88 14.6Spain IBEX35 8711.40 97.90 1.14 7.9Sweden OMXStockholm 913.60 –7.53 –0.82 18.9Switzerland SwissMarket 11209.84 –53.13 –0.47 4.7Turkey BIST 100 1377.23 –30.91 –2.20 –6.7U.K. FTSE 100 7000.08 –19.45 –0.28 8.4U.K. FTSE250 22490.86 –31.32 –0.14 9.8

Asia-Pacific MSCIACAsiaPacific 209.14 0.51 0.25 4.6Australia S&P/ASX200 7065.60 2.15 0.03 7.3China Shanghai Composite 3477.55 50.93 1.49 0.1HongKong HangSeng 29106.15 136.44 0.47 6.9India S&PBSESensex 47949.42 –882.61 –1.81 0.4Japan Nikkei StockAvg 29685.37 2.00 0.01 8.2Singapore Straits Times 3209.72 7.96 0.25 12.9SouthKorea Kospi 3198.84 0.22 0.01 11.3Taiwan TAIEX 17263.28 104.47 0.61 17.2Thailand SET 1574.91 25.95 1.68 8.7Sources: FactSet; DowJonesMarketData

MajorU.S. Stock-Market IndexesLatest 52-Week % chg

High Low Close Net chg % chg High Low %chg YTD 3-yr. ann.

DowJones

Industrial Average 34182.38 33980.56 34077.63 -123.04 -0.36 34200.67 23018.88 44.1 11.3 11.4TransportationAvg 14920.59 14748.85 14798.84 -120.71 -0.81 14969.58 7761.00 85.7 18.3 11.5UtilityAverage 926.34 918.13 920.83 -2.88 -0.31 923.71 744.49 15.8 6.5 9.7Total StockMarket 43678.49 43300.03 43446.60 -288.45 -0.66 43735.05 27478.69 53.3 10.8 15.8Barron's 400 1004.09 992.02 996.17 -7.92 -0.79 1004.09 557.81 73.5 16.9 11.2

NasdaqStockMarketNasdaqComposite 14041.79 13842.57 13914.77 -137.58 -0.98 14095.47 8263.23 62.5 8.0 24.3Nasdaq-100 14025.64 13835.75 13907.67 -134.24 -0.96 14041.91 8403.00 59.4 7.9 27.1

S&P500 Index 4191.31 4150.47 4163.26 -22.21 -0.53 4185.47 2736.56 47.5 10.8 15.6MidCap400 2727.46 2691.02 2704.18 -16.90 -0.62 2721.08 1490.58 76.5 17.2 12.2SmallCap600 1352.73 1324.45 1333.40 -14.55 -1.08 1397.66 692.66 88.3 19.2 11.3

Other IndexesRussell 2000 2261.11 2219.05 2232.00 -30.67 -1.36 2360.17 1185.09 84.0 13.0 12.4NYSEComposite 16186.29 16076.57 16107.56 -78.73 -0.49 16186.29 10706.44 46.4 10.9 8.3Value Line 662.21 654.74 657.01 -5.20 -0.79 662.21 368.54 73.7 15.5 5.5NYSEArcaBiotech 5566.08 5469.75 5505.41 -44.33 -0.80 6319.77 5021.50 4.1 -4.1 6.3NYSEArcaPharma 712.25 706.03 710.67 2.76 0.39 725.03 613.07 9.6 3.1 10.5KBWBank 123.78 122.05 122.55 -0.47 -0.38 124.01 62.74 77.2 25.2 4.6PHLX§Gold/Silver 149.33 146.56 147.57 -1.59 -1.06 161.14 105.29 38.7 2.3 19.9PHLX§Oil Service 52.61 51.35 51.83 -0.08 -0.15 63.89 25.80 96.2 16.9 -30.6PHLX§Semiconductor 3240.95 3141.20 3171.00 -82.08 -2.52 3305.43 1588.70 90.2 13.4 35.1CboeVolatility 18.61 16.78 17.29 1.04 6.40 45.41 16.25 -60.6 -24.0 2.7

§NasdaqPHLX Sources: FactSet; DowJonesMarketData

LateTradingMost-activeandbiggestmoversamongNYSE,NYSEArca,NYSEAmer.andNasdaq issues from4p.m. to6p.m.ETas reportedbyelectronictradingservices, securitiesdealers and regional exchanges.Minimumsharepriceof$2andminimumafter-hoursvolumeof50,000shares.

Most-active issues in late tradingVolume AfterHours

Company Symbol (000) Last Net chg % chg High Low

Apple AAPL 12,977.2 134.88 0.04 0.03 134.93 134.43PTC Inc. PTC 12,055.8 139.80 .. ... 140.83 138.40Lattice Semiconductor LSCC 7,574.0 55.60 -0.29 -0.52 56.19 55.50SPDRS&P500 SPY 7,160.7 415.17 -0.04 -0.01 415.42 415.07

ViacomCBSCl B VIAC 6,776.9 38.60 0.20 0.52 38.99 38.23Domtar UFS 5,543.2 39.07 ... ... 39.23 39.07AT&T T 5,283.7 29.97 -0.02 -0.07 30.00 29.95iSharesMSCI EmgMarkets EEM 4,938.0 54.15 ... ... 54.38 53.97

Percentage gainers…22ndCenturyGroup XXII 1,114.3 3.90 0.35 9.86 4.13 3.53SEMrushHoldings SEMR 95.8 16.90 1.15 7.30 17.35 15.62comScore SCOR 503.1 3.40 0.15 4.62 3.44 3.25IBM IBM 1,970.8 137.50 4.38 3.29 139.63 133.00BloomEnergy BE 99.6 22.95 0.66 2.96 23.47 22.29

...And losersFutuHoldingsADR FUTU 1,375.3 167.30 -10.62 -5.97 178.00 166.40UpFintechHoldingADR TIGR 163.2 19.62 -0.59 -2.92 20.21 19.52Ebang International EBON 209.0 4.21 -0.12 -2.77 4.35 4.20MicroVision MVIS 74.0 10.22 -0.28 -2.67 10.65 10.01UnitedAirlines UAL 1,009.0 53.82 -1.17 -2.13 55.49 53.53

TradingDiaryVolume,Advancers, Decliners

NYSE NYSEAmer.

Total volume* 855,963,326 28,864,156Adv. volume* 337,391,672 11,598,221Decl. volume* 506,650,404 16,697,221Issues traded 3,444 282Advances 1,099 95Declines 2,191 172Unchanged 154 15Newhighs 236 7New lows 32 2ClosingArms† 0.68 0.53Block trades* 4,684 228

Nasdaq NYSEArca

Total volume*4,412,126,262 208,383,161Adv. volume*1,834,886,590 47,688,718Decl. volume*2,496,982,255 159,145,921Issues traded 4,367 1,486Advances 1,164 362Declines 3,036 1,095Unchanged 167 29Newhighs 143 180New lows 104 6ClosingArms† 0.52 1.00Block trades* 28,145 1,040

* PrimarymarketNYSE, NYSEAmerican NYSEArca only.†(TRIN)A comparison of the number of advancing and decliningissueswith the volumeof shares rising and falling. AnArmsof less than 1 indicates buying demand; above 1indicates selling pressure.

PercentageGainers... Percentage Losers

Volume %chg from Latest Session 52-WeekCompany Symbol (000) 65-day avg Close % chg High Low

Sundial Growers SNDL 284,949 -42.2 0.94 11.06 3.96 0.14CloverHealth Investments CLOV 235,824 1081.0 9.67 9.64 17.45 6.31AmbowEducationADR AMBO 178,333 17160.0 2.45 33.15 6.43 1.41CastorMaritime CTRM 135,597 -24.8 0.49 8.24 1.95 0.11NakedBrandGroup NAKD 118,740 -31.9 0.56 16.37 3.40 0.07

Apple AAPL 93,867 -11.4 134.84 0.51 145.09 66.36NIOADR NIO 90,895 -5.3 36.78 1.91 66.99 2.91Zomedica ZOM 81,334 -33.3 0.85 -0.40 2.91 0.06ProShUltraProShrtQQQ SQQQ 79,441 -15.0 10.86 2.84 73.45 10.54SPDRS&P500 SPY 77,358 -5.6 415.21 -0.49 417.91 272.02* Volumes of 100,000 shares ormore are rounded to the nearest thousand

Volume %chg from Latest Session 52-WeekCompany Symbol (000) 65-day avg Close % chg High Low

Knoll KNL 27,974 10084 23.30 35.23 23.46 8.67VicShUSAAMSCIUSAValueULVM 571 5886 63.04 -0.87 63.59 39.12VicShUSAAMSCI Intl Val UIVM 469 4480 49.67 -0.47 50.00 34.14VicShUSAAMSCI EMValue UEVM 367 4278 50.33 0.07 50.59 34.00Marlin BusinessServices MRLN 1,571 3854 21.46 50.70 22.90 5.50

iSh CurrHdMSCI Eurozone HEZU 5,476 3160 35.21 -0.48 35.39 23.89PTC Inc. PTC 23,253 3004 139.80 -4.35 149.27 60.98WT IntRateUSAggBd AGZD 1,043 2905 47.08 -0.07 47.67 44.84RomanDBDRTechAcqnCl ADBDR 2,893 2809 10.11 0.20 10.75 9.45Principal Quality ETF PSET 481 2805 51.09 -0.60 51.40 34.68* Common stocks priced at $2 a share ormorewith an average volumeover 65 trading days of at least5,000 shares =Has traded fewer than 65 days

Nasdaq Composite Index13914.77 t 137.58, or 0.98%High, low, open and close for eachtrading day of the past three months.

Year agoLast

Trailing P/E ratio *†P/E estimate *†Dividend yield *†All-time high:

40.12 26.86

30.51 25.77

0.71 1.00

14095.47, 02/12/21

10800

11400

12000

12600

13200

13800

14400

Jan. Feb. Mar. Apr.

65-day moving average

EQUITIES

CREDIT MARKETS

CommoditiesPricing trends on some rawmaterials, or commodities

Monday 52-Week YTDClose Net chg %Chg High Low %Chg % chg

DJCommodity 835.03 3.34 0.40 836.48 433.70 76.91 14.14Refinitiv/CCCRB Index 193.98 0.77 0.40 195.13 106.29 63.33 15.60Crude oil,$per barrel 63.38 0.25 0.40 66.09 -37.63 n.a. 30.63Natural gas,$/MMBtu 2.749 0.069 2.57 3.354 1.482 42.88 8.27Gold,$per troy oz. 1769.40 -9.60 -0.54 2051.50 1676.20 3.98 -6.53

CorporateBorrowingRates andYieldsYield (%) 52-Week Total Return (%)

Bond total return index Close Last Week ago High Low 52-wk 3-yr

U.S. Treasury, Barclays 2369.500 0.950 0.980 1.030 0.400 –4.158 4.644

U.S. Treasury Long, Barclays4173.480 2.220 2.270 2.400 1.090 –15.223 7.485

Aggregate, Barclays 2228.900 1.520 1.560 1.630 1.020 –0.066 5.146

Fixed-RateMBS, Barclays 2217.810 1.670 1.750 1.850 0.980 0.188 4.078

HighYield 100, ICEBofA 3365.788 3.602 3.671 7.996 3.261 15.906 5.594

MuniMaster, ICEBofA 598.015 0.825 0.912 1.940 0.725 5.196 5.049

EMBIGlobal, J.P.Morgan 909.699 4.758 4.880 6.612 4.295 15.226 4.791

Sources: J.P.Morgan; S&PDowJones Indices; BloombergBarclays; ICEDataServices

Latest Session 52-WeekCompany Symbol Close Net chg % chg High Low %chg

Marlin BusinessServices MRLN 21.46 7.22 50.70 22.90 5.50 235.8Knoll KNL 23.30 6.07 35.23 23.46 8.67 147.3ChinaGreenAgriculture CGA 16.87 3.72 28.29 17.73 1.77 572.1TDHHoldings PETZ 2.71 0.59 27.83 14.52 0.80 201.1Galectin Therapeutics GALT 2.78 0.59 26.94 3.85 1.70 56.2

ChemomabTherapeuticsADR CMMB 34.49 7.23 26.52 168.80 12.00 169.5BBQHoldings BBQ 13.83 2.61 23.26 15.47 2.01 558.6Moxian MOXC 4.65 0.83 21.73 7.38 0.55 433.6AmericanRiver Bankshares AMRB 19.90 3.55 21.71 21.08 8.90 101.0ReconTechnology RCON 8.05 1.41 21.23 9.70 0.75 236.3

FreightCarAmerica RAIL 5.49 0.81 17.31 7.84 0.90 315.9Cricut Cl A CRCT 23.34 3.34 16.70 24.40 14.88 ...FutuHoldingsADR FUTU 177.92 24.91 16.28 204.25 10.00 1592.9Immunome IMNM 27.53 3.47 14.42 63.78 9.28 ...SiyataMobile SYTA 10.15 1.24 13.92 15.75 3.90 ...

MostActiveStocks

Latest Session 52-WeekCompany Symbol Close Net chg % chg High Low %chg

Haemonetics HAE 74.68 -42.29 -36.15 142.11 74.10 -30.4TianRuixiang TIRX 12.80 -3.40 -20.99 103.87 11.10 ...Esports Technologies EBET 20.09 -5.26 -20.75 54.00 18.65 ...UTime UTME 36.96 -8.23 -18.21 107.33 11.40 ...Danimer Scientific DNMR 25.99 -5.52 -17.52 66.30 9.60 ...

Oriental CultureHolding OCG 4.85 -1.02 -17.38 25.85 2.82 ...LifeMD LFMD 8.25 -1.72 -17.25 33.02 1.25 500.0180 Life Sciences ATNF 8.33 -1.65 -16.53 13.05 1.90 -22.6INmuneBio INMB 11.37 -2.25 -16.52 29.99 4.03 140.4MedleyManagement Cl A MDLY 5.79 -1.11 -16.09 27.90 2.80 17.2

Diginex EQOS 6.41 -1.20 -15.77 22.95 5.11 -37.7Creatd CRTD 3.43 -0.62 -15.31 19.41 2.10 -51.6111ADR YI 10.36 -1.87 -15.29 45.88 5.20 37.4Intrusion INTZ 15.72 -2.75 -14.89 29.90 2.83 391.3TakungArt TKAT 17.86 -3.00 -14.38 74.11 0.77 1253.0

VolumeMovers Ranked by change from65-day average*

Track the MarketsCompare the performance of selectedglobal stock indexes, bond ETFs,currencies and commodities atwsj.com/graphics/track-the-markets

CURRENCIES & COMMODITIES

CurrenciesU.S.-dollar foreign-exchange rates in lateNewYork trading

US$vs,Mon YTDchg

Country/currency inUS$ perUS$ (%)

AmericasArgentina peso .0108 92.9134 10.5Brazil real .1802 5.5494 6.8Canada dollar .7979 1.2534 –1.6Chile peso .001427 700.90 –1.4Colombiapeso .000276 3627.00 6.0EcuadorUSdollar 1 1 unchMexico peso .0505 19.8196 –0.3Uruguay peso .02258 44.2950 4.6Asia-PacificAustralian dollar .7759 1.2888 –0.9China yuan .1536 6.5102 –0.3HongKong dollar .1288 7.7661 0.2India rupee .01336 74.872 2.5Indonesia rupiah .0000687 14548 3.5Japan yen .009247 108.14 4.7Kazakhstan tenge .002322 430.65 2.2Macau pataca .1250 8.0030 0.2Malaysia ringgit .2425 4.1235 2.5NewZealand dollar .7181 1.3926 0.04Pakistan rupee .00654 152.850 –4.7Philippines peso .0207 48.368 0.7Singapore dollar .7518 1.3301 0.7SouthKoreawon .0008965 1115.51 2.7Sri Lanka rupee .0052367 190.96 3.1Taiwan dollar .03553 28.144 0.2Thailand baht .03204 31.210 3.9

US$vs,Mon YTDchg

Country/currency inUS$ perUS$ (%)

Vietnam dong .00004334 23074 –0.03EuropeCzechRep. koruna .04640 21.550 0.4Denmark krone .1619 6.1785 1.4Euro area euro 1.2038 .8307 1.5Hungary forint .003333 300.01 1.0Iceland krona .007935 126.02 –1.4Norway krone .1206 8.2940 –3.3Poland zloty .2644 3.7829 1.3Russia ruble .01309 76.388 3.2Sweden krona .1191 8.3995 2.1Switzerland franc 1.0927 .9152 3.4Turkey lira .1235 8.0960 8.9Ukraine hryvnia .0357 28.0500 –1.1UK pound 1.3985 .7151 –2.3Middle East/AfricaBahrain dinar 2.6532 .3769 –0.04Egypt pound .0637 15.6951 –0.3Israel shekel .3068 3.2597 1.5Kuwait dinar 3.3207 .3011 –1.0Oman sul rial 2.5974 .3850 ...Qatar rial .2747 3.641 –0.02SaudiArabia riyal .2666 3.7504 –0.03SouthAfrica rand .0703 14.2226 –3.2

Close Net Chg %Chg YTD%Chg

WSJDollar Index 85.97 –0.40–0.46 1.15

Sources: Tullett Prebon, DowJonesMarketData

Dow Jones Industrial Average34077.63 t123.04, or 0.36%High, low, open and close for eachtrading day of the past three months.

Year agoLast

Trailing P/E ratioP/E estimate *Dividend yieldAll-time high

30.38 18.57

21.02 20.61

1.75 2.79

34200.67, 04/16/21

27200

28400

29600

30800

32000

33200

34400

Jan. Feb. Mar. Apr.

Current divisor 0.15198707565833

Bars measure the point change from session's open

tt

Session high

Session low

Session open

Close Open

CloseDOWN UP

65-day moving average

S&P 500 Index4163.26 t22.21, or 0.53%High, low, open and close for eachtrading day of the past three months.

Year agoLast

Trailing P/E ratio *P/E estimate *Dividend yield *All-time high

45.51 22.10

23.82 20.75

1.39 2.13

4185.47, 04/16/21

3400

3525

3650

3775

3900

4025

4150

Jan. Feb. Mar. Apr.

65-day moving average

*Weekly P/E data based on as-reported earnings from Birinyi Associates Inc.; †Based on Nasdaq-100 Index

MARKETS DIGEST

P2JW110000-0-B00700-1--------XA

B8 | Tuesday, April 20, 2021 THEWALL STREET JOURNAL.

Metal &PetroleumFuturesContract Open

Open High hi lo Low Settle Chg interest

Copper-High (CMX)-25,000 lbs.; $ per lb.April 4.1800 4.2700 4.1800 4.2500 0.0700 1,482July 4.1710 4.2830 4.1590 4.2450 0.0720 100,167Gold (CMX)-100 troy oz.; $ per troy oz.April 1782.10 1788.50 1771.40 1769.40 –9.60 3,868May 1777.20 1789.40 s 1766.20 1769.70 –9.60 1,697June 1778.80 1790.40 1766.60 1770.60 –9.60 391,140Aug 1780.10 1791.70 1768.60 1772.70 –9.50 39,813Oct 1785.60 1792.20 1770.90 1774.60 –9.60 12,862Dec 1785.00 1796.30 1773.00 1776.80 –9.50 20,739Palladium (NYM) - 50 troy oz.; $ per troy oz.April … … … 2808.30 38.90June 2777.50 2851.00 s 2761.00 2813.60 38.90 10,745Platinum (NYM)-50 troy oz.; $ per troy oz.April 1218.40 1218.40 1218.40 1204.00 –2.20 183July 1207.40 1231.90 1202.30 1206.50 –2.20 61,497Silver (CMX)-5,000 troy oz.; $ per troy oz.April 26.205 26.205 25.900 25.831 –0.268 174May 26.055 26.280 25.670 25.837 –0.268 83,284CrudeOil, Light Sweet (NYM)-1,000bbls.; $ per bbl.May 62.98 63.63 62.63 63.38 0.25 54,874June 63.01 63.69 62.67 63.43 0.24 452,692July 62.93 63.60 62.60 63.31 0.22 260,846Aug 62.66 63.30 62.37 63.00 0.19 144,821Sept 62.34 62.83 61.95 62.53 0.15 161,108Dec 60.76 61.30 60.46 60.93 0.08 304,227NYHarborULSD (NYM)-42,000gal.; $ per gal.May 1.8913 1.9028 1.8815 1.8925 –.0032 64,979June 1.8927 1.9047 1.8835 1.8947 –.0028 98,269Gasoline-NYRBOB (NYM)-42,000gal.; $ per gal.May 2.0384 2.0547 2.0292 2.0445 .0046 64,019June 2.0393 2.0572 2.0322 2.0463 .0037 115,826Natural Gas (NYM)-10,000MMBtu.; $ perMMBtu.May 2.707 2.753 2.694 2.749 .069 110,149June 2.773 2.821 2.765 2.818 .064 164,666July 2.843 2.890 2.840 2.885 .056 184,730Aug 2.875 2.918 2.867 2.912 .054 69,777Sept 2.854 2.903 2.853 2.895 .052 102,058Oct 2.873 2.920 2.873 2.912 .050 128,413

Agriculture FuturesCorn (CBT)-5,000bu.; cents per bu.May 588.75 596.75 588.25 592.00 6.50 323,909July 576.50 584.50 576.50 580.50 6.75 705,249Oats (CBT)-5,000bu.; cents per bu.May 381.00 384.50 378.75 380.75 … 1,333July 381.75 384.50 380.75 382.50 1.50 2,270Soybeans (CBT)-5,000bu.; cents per bu.May 1439.75 1454.50 1434.75 1449.75 16.50 185,947July 1430.00 1441.75 1423.50 1436.50 14.00 316,745SoybeanMeal (CBT)-100 tons; $ per ton.May 404.40 408.90 401.70 407.50 5.30 67,331July 408.10 412.60 405.60 411.30 4.90 171,750SoybeanOil (CBT)-60,000 lbs.; cents per lb.May 56.65 56.73 55.86 56.27 –.06 71,386July 54.50 54.55 53.68 53.87 –.37 194,831RoughRice (CBT)-2,000 cwt.; $ per cwt.May 12.90 12.96 12.83 12.85 –.04 4,705July 13.16 13.21 13.12 13.14 –.02 3,124Wheat (CBT)-5,000bu.; cents per bu.May 653.00 660.75 651.00 652.25 –.25 65,728July 655.75 663.00 652.50 653.75 –1.25 216,120Wheat (KC)-5,000bu.; cents per bu.May 610.00 618.50 609.50 612.00 2.75 36,443

FuturesContracts Contract OpenOpen High hi lo Low Settle Chg interest

Contract OpenOpen High hi lo Low Settle Chg interest

Contract OpenOpen High hi lo Low Settle Chg interest

July 617.25 625.75 616.50 618.75 2.50 111,702Cattle-Feeder (CME)-50,000 lbs.; cents per lb.April 139.650 139.650 137.150 137.725 –1.900 1,635Aug 154.300 154.300 150.675 152.775 –1.775 19,981Cattle-Live (CME)-40,000 lbs.; cents per lb.April 121.025 121.225 119.450 120.350 –.500 7,410June 119.400 119.400 117.550 118.600 –.575 143,415Hogs-Lean (CME)-40,000 lbs.; cents per lb.May 102.675 105.975 102.675 105.650 3.175 3,058June 101.200 105.375 101.100 104.325 2.625 107,209Lumber (CME)-110,000bd. ft., $ per 1,000bd. ft.May 1291.70 1326.70 s 1287.50 1326.70 32.00 1,309July 1177.30 1199.90 s 1177.30 1199.90 32.00 1,196Milk (CME)-200,000 lbs., cents per lb.April 17.68 17.72 17.66 17.67 .03 3,356May 19.04 19.39 18.82 19.16 .12 4,739Cocoa (ICE-US)-10metric tons; $ per ton.May 2,447 2,489 2,415 2,437 29 1,683July 2,485 2,501 2,469 2,492 28 93,738Coffee (ICE-US)-37,500 lbs.; cents per lb.May 129.40 131.55 129.05 129.85 .70 16,177July 131.35 133.60 131.10 131.90 .70 100,739Sugar-World (ICE-US)-112,000 lbs.; cents per lb.May 16.67 16.72 16.26 16.29 –.43 106,749July 16.52 16.60 16.18 16.21 –.36 398,814Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb.July 31.60 31.60 31.60 31.60 … 3,381Cotton (ICE-US)-50,000 lbs.; cents per lb.May 83.81 85.04 83.12 83.26 –.45 14,207July 85.04 86.48 84.54 84.71 –.32 96,676Orange Juice (ICE-US)-15,000 lbs.; cents per lb.May 113.95 114.75 111.80 113.95 … 4,679July 116.00 117.20 114.60 116.65 .45 6,514

InterestRate FuturesUltraTreasuryBonds (CBT) - $100,000; pts 32nds of 100%June 187-130 188-130 186-030 186-130 –1-05.0 1,137,279TreasuryBonds (CBT)-$100,000; pts 32nds of 100%June 157-290 158-130 157-070 157-160 –16.0 1,182,316Sept 155-300 –16.0 38TreasuryNotes (CBT)-$100,000; pts 32nds of 100%June 132-110 132-180 132-015 132-075 –4.5 3,898,374Sept 131-130 –4.5 4,2845Yr. TreasuryNotes (CBT)-$100,000; pts 32nds of 100%June 123-292 124-012 123-255 123-305 –.2 3,346,1072Yr. TreasuryNotes (CBT)-$200,000; pts 32nds of 100%June 110-115 110-120 110-113 110-118 .2 2,270,63130DayFederal Funds (CBT)-$5,000,000; 100 - daily avg.April 99.9300 99.9325 99.9300 99.9325 .0025 153,392May 99.9150 99.9200 99.9150 99.9200 .0050 138,93010Yr. Del. Int. RateSwaps (CBT)-$100,000; pts 32nds of 100%June 91-190 –7.0 150,352Eurodollar (CME)-$1,000,000; pts of 100%April 99.8150 99.8150 99.8125 99.8140 .0015 187,409June 99.8100 99.8150 t 99.8100 99.8100 … 1,215,862Dec'22 99.5600 99.5800 99.5550 99.5750 .0150 879,809March'23 99.4750 99.5000 99.4650 99.4950 .0200 1,132,116

CurrencyFuturesJapaneseYen (CME)-¥12,500,000; $ per 100¥April .9189 .9258 .9189 .9244 .0052 352June .9195 .9263 .9193 .9255 .0058 163,146CanadianDollar (CME)-CAD 100,000; $ per CADApril .7990 .8018 .7973 .7981 –.0019 66June .7996 .8020 .7972 .7982 –.0019 166,093BritishPound (CME)-£62,500; $ per£April 1.3857 1.3968 1.3811 1.3950 .0115 356June 1.3836 1.3996 1.3812 1.3993 .0156 153,647Swiss Franc (CME)-CHF 125,000; $ per CHFJune 1.0891 1.0971 1.0868 1.0951 .0064 42,490Sept 1.0906 1.0997 1.0896 1.0978 .0064 158

AustralianDollar (CME)-AUD 100,000; $ perAUDApril .7717 .7784 .7707 .7761 .0028 100June .7730 .7787 .7708 .7762 .0027 135,057MexicanPeso (CME)-MXN500,000; $ perMXNApril .05002 .05044 .05020 .05038 .00018 21June .04991 .05022 .04984 .05015 .00024 140,985Euro (CME)-€125,000; $ per €April 1.1968 1.2048 1.1943 1.2018 .0039 1,183June 1.1992 1.2063 1.1956 1.2053 .0061 644,922

IndexFuturesMiniDJ Industrial Average (CBT)-$5 x indexJune 34015 34048 33860 33958 –123 95,212Sept 33917 33960 33758 33848 –123 313S&P500 Index (CME)-$250 x indexJune 4167.80 4173.90 s 4156.60 4155.50 –20.80 31,478Mini S&P500 (CME)-$50 x indexJune 4165.00 4174.75 4141.75 4155.50 –20.75 2,619,882

Dec 4150.00 4154.25 4124.00 4135.00 –22.50 44,717Mini S&PMidcap400 (CME)-$100 x indexJune 2710.00 2719.30 2686.30 2701.30 –15.30 45,705Sept 2702.30 2712.50 2686.30 2698.90 –15.40 46MiniNasdaq 100 (CME)-$20 x indexJune 13989.00 14052.25 13821.00 13897.25 –132.25 210,247Sept 13978.25 14037.50 13811.00 13885.00 –131.75 1,245Mini Russell 2000 (CME)-$50 x indexJune 2255.20 2256.00 2211.90 2229.30 –29.70 454,628Sept 2245.10 2254.00 2209.00 2225.40 –29.60 416Mini Russell 1000 (CME)-$50 x indexJune 2348.70 2354.30 2334.50 2340.90 –14.50 9,366U.S. Dollar Index (ICE-US)-$1,000 x indexJune 91.58 91.75 91.03 91.05 –.49 35,879Sept 91.57 91.70 91.02 91.04 –.49 809

Source: FactSet

Monday

Aluminum, LME, $ permetric ton *2308.5Copper,Comex spot 4.2500IronOre, 62%FeCFRChina-s 181.2ShreddedScrap, USMidwest-s,m 432Steel, HRCUSA, FOBMidwestMill-s 1420

Fibers andTextilesBurlap,10-oz,40-inchNYyd-n,w 0.7275Cotton,1 1/16 std lw-mdMphs-u 0.8246Cotlook 'A' Index-t *92.25Hides,hvy native steers piece fob-u n.a.Wool,64s,staple,Terr del-u,w n.a.

Grains andFeedsBarley,top-qualityMnpls-u n.a.Bran,wheatmiddlings, KC-u 155Corn,No. 2 yellow,Cent IL-bp,u 5.8800Corn gluten feed,Midwest-u,w 177.3Corn glutenmeal,Midwest-u,w 611.4Cottonseedmeal-u,w 455Hominy feed,Cent IL-u,w 168Meat-bonemeal,50%proMnpls-u,w 345Oats,No.2milling,Mnpls-u 3.8275Rice, LongGrainMilled, No. 2AR-u,w 26.88Sorghum,(Milo)No.2Gulf-u 7.5375SoybeanMeal,Cent IL,rail,ton48%-u,w 396.00Soybeans,No.1 yllw IL-bp,u 14.5600Wheat,Spring14%-proMnpls-u 7.8950Wheat,No.2 soft red,St.Louis-u 6.7975

Monday

Wheat -Hard - KC (USDA) $ per bu-u 6.4200Wheat,No.1softwhite,Portld,OR-u 6.7000

FoodBeef,carcass equiv. indexchoice 1-3,600-900 lbs.-u 222.31select 1-3,600-900 lbs.-u 213.37Broilers, National compwtd. avg.-u,w 0.9995Butter,AAChicago 1.8700Cheddar cheese,bbl,Chicago 174.25Cheddar cheese,blk,Chicago 180.00Milk,Nonfat dry,Chicago lb. 123.50Coffee,Brazilian,Comp 1.2181Coffee,Colombian, NY 1.7987Eggs,largewhite,Chicago-u 0.8650Flour,hardwinter KC 17.35Hams,17-20 lbs,Mid-US fob-u 0.88Hogs,Iowa-So.Minnesota-u 99.86Pork bellies,12-14 lbMidUS-u n.a.Pork loins,13-19 lbMidUS-u 1.1294Steers,Tex.-Okla. Choice-u 120.00Steers,feeder,Okla. City-u,w 163.13

Fats andOilsDegummed corn oil, crudewtd. avg.-u,w 60.2500Grease,choicewhite,Chicago-h 0.5000Lard,Chicago-u n.a.Soybean oil,crude;Centl IL-u,w 0.5843Tallow,bleach;Chicago-h 0.5300Tallow,edible,Chicago-u n.a.

KEY TO CODES: A=ask; B=bid; BP=country elevator bids to producers; C=corrected; E=Manfra,Tordella & Brookes; H=American Commodities Brokerage Co;M=monthly; N=nominal; n.a.=not quoted or not available; R=SNL Energy; S=Platts-TSI; T=Cotlook Limited; U=USDA;W=weekly; Z=not quoted. *Data as of 4/18

Source: Dow JonesMarket Data

CashPrices Monday, April 19, 2021These prices reflect buying and selling of a variety of actual or “physical” commodities in themarketplace—separate from the futures price on an exchange,which reflectswhat the commoditymight beworth in futuremonths.

Monday

EnergyCoal,C.Aplc.,12500Btu,1.2SO2-r,w 59.700Coal,PwdrRvrBsn,8800Btu,0.8SO2-r,w 12.100

Metals

Gold, per troy ozEngelhard industrial 1769.00Handy&Harmanbase 1774.50Handy&Harman fabricated 1969.70LBMAGold PriceAM *1766.45LBMAGold Price PM *1774.45Krugerrand,wholesale-e 1841.53Maple Leaf-e 1859.24AmericanEagle-e 1859.24Mexican peso-e 2142.93Austria crown-e 1738.64Austria phil-e 1859.24Silver, troy oz.Engelhard industrial 25.8000Handy&Harmanbase 25.8050Handy&Harman fabricated 32.2560LBMAspot price *£18.9600(U.S.$ equivalent) *26.1400Coins,wholesale $1,000 face-a 20970OthermetalsLBMAPlatinumPrice PM *1199.0Platinum,Engelhard industrial 1226.0Palladium,Engelhard industrial 2826.0

| wsj.com/market-data/commodities

Borrowing Benchmarks | wsj.com/market-data/bonds/benchmarks

MoneyRates April 19, 2021

Key annual interest rates paid to borrowor lendmoney inU.S. and internationalmarkets. Rates beloware aguide to general levels but don’t always represent actual transactions.

InflationMarch index ChgFrom (%)

level Feb. '21March

'20U.S. consumer price indexAll items 264.877 0.71 2.6Core 271.713 0.38 1.6

International rates

Week 52-WeekLatest ago High Low

Prime ratesU.S. 3.25 3.25 3.25 3.25Canada 2.45 2.45 2.45 2.45Japan 1.475 1.475 1.475 1.475PolicyRatesEuro zone 0.00 0.00 0.00 0.00

Week —52-WEEK—Latest ago High Low

Treasury bill auction4weeks 0.010 0.010 0.150 0.00513weeks 0.025 0.020 0.175 0.01526weeks 0.040 0.040 0.185 0.035

Secondarymarket

FannieMae30-yearmortgage yields

30days 2.401 2.468 2.622 1.75160days 2.430 2.498 2.674 1.804

Other short-term rates

Week 52-WeekLatest ago high low

Callmoney2.00 2.00 2.00 2.00

Commercial paper (AA financial)90days n.a. n.a. 0.26 0.04

LiborOnemonth 0.11375 0.11225 0.66738 0.10300Threemonth 0.18600 0.18575 1.09763 0.17525Sixmonth 0.22175 0.21463 1.07588 0.18950One year 0.28675 0.28438 0.98650 0.27588

Euro LiborOnemonth -0.576 -0.577 -0.366 -0.607Threemonth -0.545 -0.545 -0.142 -0.574Sixmonth -0.525 -0.528 -0.052 -0.543One year -0.497 -0.501 0.008 -0.511

SecuredOvernight FinancingRate0.01 0.01 0.13 0.01

Value 52-WeekLatest Traded High Low

DTCCGCFRepo IndexTreasury 0.008 57.600 0.151 -0.008MBS 0.010 24.820 0.169 0.002

Notes ondata:U.S. prime rate is the base rate on corporateloans posted by at least 70%of the 10 largestU.S. banks, and is effectiveMarch 16, 2020.Other prime rates aren’t directly comparable;lending practices varywidely by location;Discount rate is effectiveMarch 16, 2020.SecuredOvernight FinancingRate is as ofApril16, 2021. DTCCGCFRepo Index is DepositoryTrust&Clearing Corp.'sweighted average forovernight trades in applicable CUSIPs. Valuetraded is in billions ofU.S. dollars.Federal-fundsrates are Tullett Prebon rates as of 5:30 p.m. ET.

Sources: Federal Reserve; Bureau of LaborStatistics; DTCC; FactSet;Tullett Prebon Information, Ltd.

Switzerland 0.00 0.00 0.50 0.00Britain 0.10 0.10 0.10 0.10Australia 0.10 0.10 0.25 0.10

Overnight repurchaseU.S. 0.00 0.00 0.14 -0.04

U.S. government rates

Discount0.25 0.25 0.25 0.25

Federal fundsEffective rate 0.0700 0.0700 0.1000 0.0600High 0.1000 0.1000 0.1500 0.0800Low 0.0300 0.0300 0.0600 0.0000Bid 0.0600 0.0600 0.1000 0.0100Offer 0.0900 0.0800 0.1100 0.0500

Week —52-WEEK—Latest ago High Low

Global GovernmentBonds:MappingYieldsYields and spreads over or underU.S. Treasurys on benchmark two-year and 10-year government bonds inselected other countries; arrows indicatewhether the yield rose(s) or fell (t) in the latest session

Country/ Yield (%) Spread Under/Over U.S. Treasurys, in basis pointsCoupon (%) Maturity, in years Latest(l)-2 -1 0 1 2 3 4 Previous Month ago Year ago Latest Prev Year ago

0.125 U.S. 2 0.159 t l 0.163 0.149 0.2041.125 10 1.599 s l 1.571 1.729 0.655

5.500 Australia 2 0.084 t l 0.087 0.105 0.214 -8.1 -7.1 1.21.500 10 1.672 t l 1.692 1.817 0.855 7.6 10.7 21.2

0.000 France 2 -0.652 t l -0.650 -0.633 -0.495 -81.7 -80.7 -69.70.000 10 0.018 s l -0.007 -0.045 0.022 -157.8 -159.1 -62.2

0.000 Germany 2 -0.677 s l -0.685 -0.692 -0.701 -84.2 -84.2 -90.30.000 10 -0.234 s l -0.260 -0.290 -0.471 -182.9 -184.4 -111.4

0.050 Italy 2 -0.344 t l -0.341 -0.387 0.799 -50.9 -49.8 59.70.900 10 0.793 s l 0.754 0.672 1.783 -80.3 -83.1 114.0

0.005 Japan 2 -0.133 t l -0.130 -0.134 -0.140 -29.8 -28.7 -34.20.100 10 0.086 t l 0.090 0.116 0.016 -151.0 -149.4 -62.7

0.000 Spain 2 -0.493 t l -0.483 -0.494 0.042 -65.8 -64.1 -16.00.100 10 0.412 s l 0.391 0.347 0.802 -118.4 -119.3 15.8

0.125 U.K. 2 0.039 t l 0.052 0.098 0.088 -12.6 -10.5 -11.44.750 10 0.759 t l 0.767 0.840 0.303 -83.7 -81.8 -34.1

Source: Tullett Prebon, Tradeweb ICE U.S. Treasury Close

CorporateDebtPrices of firms' bonds reflect factors including investors' economic, sectoral and company-specificexpectations

Investment-grade spreads that tightened themost…Spread*, in basis points

Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Lastweek

XLIT … 4.450 1.07 March 31, ’25 23 –31 53

INGGroep INTNED 4.100 0.50 Oct. 2, ’23 34 –12 55

Georgia–Pacific … 7.250 2.25 June 1, ’28 66 –10 n.a.

NewYork LifeGlobal Funding NYLIFE 2.000 1.00 Jan. 22, ’25 16 –5 n.a.

Royal Bank of Canada RY 2.250 0.75 Nov. 1, ’24 41 –4 50

Principal LifeGlobal Funding II … 3.000 1.42 April 18, ’26 59 –3 60

UnitedHealth UNH 3.450 1.36 Jan. 15, ’27 53 –3 n.a.

VolkswagenGroupofAmerica Finance VW 0.875 0.68 Nov. 22, ’23 52 –3 53

…Andspreads thatwidened themost

WaltDisney DIS 2.650 2.31 Jan. 13, ’31 72 25 68

Apple AAPL 2.400 0.29 May3, ’23 13 13 7

Altria MO 5.375 4.20 Jan. 31, ’44 190 11 177

Citigroup C 5.300 3.59 May6, ’44 129 10 n.a.

SocieteGenerale SOCGEN 3.625 3.88 March 1, ’41 171 10 160

VerizonCommunications VZ 5.012 3.51 Aug. 21, ’54 122 8 n.a.

BankofAmerica BAC 4.200 1.20 Aug. 26, ’24 86 7 74

BankofMontreal BMO 1.850 1.07 May1, ’25 24 7 n.a.

High-yield issueswith thebiggest price increases…BondPrice as%of face value

Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Lastweek

Transocean RIG 7.500 17.86 April 15, ’31 52.500 1.00 50.250

RiteAid RAD 7.700 8.13 Feb. 15, ’27 98.000 0.70 n.a.

LigadoNetworks NEWLSQ 15.500 17.52 Nov. 1, ’23 96.000 0.63 101.000

LBrands LB 9.375 2.52 July 1, ’25 127.130 0.47 126.750

Occidental Petroleum OXY 6.450 5.23 Sept. 15, ’36 112.751 0.25 111.500

FordMotor Credit … 4.389 2.71 Jan. 8, ’26 107.375 0.25 106.750

Springleaf Finance … 6.875 2.96 March 15, ’25 114.300 0.17 114.125

AmericanAirlines AAL 11.750 4.85 July 15, ’25 126.125 0.13 125.375

…Andwith thebiggest price decreases

TevaPharmaceutical FinanceNetherlands … 3.150 4.29 Oct. 1, ’26 94.520 –0.98 97.000

Netflix NFLX 5.375 2.71 Nov. 15, ’29 120.250 –0.75 119.750

CIT CIT 6.125 2.67 March 9, ’28 121.587 –0.66 121.000

PrimeSecurity ServicesBorrower PRSESE 5.750 3.73 April 15, ’26 109.120 –0.66 108.625

Springleaf Finance … 7.125 3.39 March 15, ’26 116.750 –0.63 117.000

HughesSatellite Systems … 6.625 4.33 Aug. 1, ’26 110.720 –0.53 111.673

Bombardier BBDBCN 7.450 7.06 May1, ’34 103.250 –0.50 104.250

*Estimated spread over 2-year, 3-year, 5-year, 10-year or 30-year hot-runTreasury; 100basis points=one percentage pt.; change in spread shown is for Z-spread.Note: Data are for themost active issue of bondswithmaturities of two years ormore

Source:MarketAxess

BroadMarketBloombergBarclays

2228.90 -2.6 U.S. Aggregate 1.520 1.020 1.630

U.S. Corporate IndexesBloombergBarclays

3327.63 -3.7 U.S. Corporate 2.200 1.740 2.840

3062.04 -1.6 Intermediate 1.500 1.080 2.380

4819.89 -7.1 Long term 3.360 2.730 3.720

669.39 -4.2 Double-A-rated 1.840 1.300 1.990

889.87 -3.2 Triple-B-rated 2.430 2.010 3.460

HighYieldBonds ICEBofA

504.34 1.8 HighYield Constrained 4.051 3.955 8.476

483.97 5.9 Triple-C-rated 6.920 6.809 18.112

3365.79 1.1 HighYield 100 3.602 3.261 7.996

454.44 1.6 Global HighYield Constrained 4.107 4.037 8.456

345.17 2.2 EuropeHighYield Constrained 2.439 2.434 6.011

U.SAgencyBloombergBarclays

1845.30 -1.1 U.SAgency 0.750 0.460 0.840

1615.26 -0.7 10-20 years 0.620 0.340 0.710

4056.37 -5.1 20-plus years 2.280 1.290 2.460

2855.70 -2.7 Yankee 1.750 1.370 2.260

Bonds | wsj.com/market-data/bonds/benchmarks

TrackingBondBenchmarksReturn on investment and spreads over Treasurys and/or yields paid to investors comparedwith 52-weekhighs and lows for different types of bondsTotalreturn YTD total Yield (%)close return (%) Index Latest Low High

*Constrained indexes limit individual issuer concentrations to 2%; theHighYield 100 are the 100 largest bonds † In local currency §Euro-zone bonds

** EMBIGlobal Index Sources: ICEDataServices; BloombergBarclays; J.P.Morgan

Totalreturn YTD total Yield (%)close return (%) Index Latest Low High

Mortgage-BackedBloombergBarclays

2217.81 -0.6 Mortgage-Backed 1.670 0.980 1.850

2164.73 -0.6 GinnieMae (GNMA) 1.610 0.290 1.840

1310.19 -0.5 Fanniemae (FNMA) 1.690 1.160 1.860

2009.41 -0.6 FreddieMac (FHLMC) 1.700 1.140 1.870

598.02 0.4 MuniMaster 0.825 0.725 1.940

422.67 0.2 7-12 year 0.858 0.712 1.912

484.90 0.5 12-22 year 1.227 1.095 2.352

474.43 1.2 22-plus year 1.776 1.682 3.262

Global Government J.P.Morgan†

596.41 -3.1 Global Government 0.930 0.460 0.960

828.02 -4.1 Canada 1.470 0.610 1.520

408.15 -3.0 EMU§ 0.399 0.010 411.523

765.52 -3.6 France 0.270 -0.160 0.340

535.85 -3.0 Germany -0.130 -0.530 -0.120

294.49 -0.2 Japan 0.330 0.190 0.420

596.58 -3.5 Netherlands -0.020 -0.450 -0.010

1026.43 -6.3 U.K. 1.060 0.410 1.170

909.70 -2.6 EmergingMarkets ** 4.758 4.295 6.612

Key InterestRatesData are annualized on a 360-day basis. Treasury yields are per annum,on actively traded noninflation and inflation-indexed issues that areadjusted to constantmaturities. Data are fromweekly Federal ReservereleaseH.15.

WeekEnded 52-WeekApr 16 Apr 9 High Low

Federal funds (effective)0.07 0.07 0.10 0.04

Commercial paperNonfinancial1-month 0.05 0.05 0.38 0.052-month 0.05 0.06 0.58 0.053-month 0.06 0.05 0.91 0.05Financial1-month n.a. 0.09 0.17 0.082-month 0.10 0.10 0.23 0.083-month 0.11 0.11 0.21 0.09

Discountwindowprimary credit0.25 0.25 0.25 0.25

Treasury yields at constantmaturities1-month 0.02 0.02 0.15 0.013-month 0.02 0.02 0.17 0.02

WeekEnded 52-WeekApr 16 Apr 9 High Low

6-month 0.04 0.04 0.21 0.041-year 0.06 0.06 0.21 0.062-year 0.16 0.16 0.22 0.113-year 0.35 0.35 0.35 0.135-year 0.85 0.88 0.92 0.217-year 1.29 1.34 1.39 0.3910-year 1.62 1.68 1.72 0.5520-year 2.19 2.25 2.32 0.99

Treasury yields (secondarymarket)1-month 0.02 0.02 0.14 0.013-month 0.02 0.02 0.17 0.026-month 0.04 0.04 0.21 0.04

TIPS5-year -1.70 -1.65 -0.29 -1.847-year -1.16 -1.10 -0.40 -1.4410-year -0.71 -0.65 -0.41 -1.0520-year -0.19 -0.14 -0.08 -0.70Long-termavg -0.05 -0.01 0.03 -0.50

Notes on data:Federal-funds rate is an average for the seven days endedWednesday,weighted according to rateson broker trades;Commercial paper rates are discounted offer rates interpolated fromsales bydiscounted averages of dealer bid rates on nationally traded certificates of deposit;Discountwindowprimary credit rate is charged for discountsmade and advances extended under the FederalReserve's primary credit discountwindowprogram; rate is average for seven days endedWednesday;Inflation-indexed long-termTIPS average is indexed and is based on the unweighted average bidyields for all TIPSwith remaining terms tomaturity of 10 years ormore;

Sources: Federal Reserve; for additional information on these rate data and their derivation,please see,www.federalreserve.gov/releases/h15/data.htm

COMMODITIES wsj.com/market-data/commodities

P2JW110000-0-B00800-1--------XA

THEWALL STREET JOURNAL. Tuesday, April 20, 2021 | B9

DividendChangesDividend announcements fromApril 19.

Amount Payable /Company Symbol Yld% New/Old Frq Record

Amount Payable /Company Symbol Yld% New/Old Frq Record

IncreasedAmesNational ATLO 4.1 .26 /.25 Q May14 /Apr30Cal-Maine Foods CALM 0.3 .034 /.00 Q May13 /Apr28NuSTAR7.625%Nts 2043 NSS 7.1 .4372 /.43595 Q Jul15 /Jul01Value Line VALU 2.8 .22 /.21 Q May11 /Apr26

InitialJPMChasePfd. Series JJ JPMpK 3.6 .23382 Jun01 /May03

StocksMyMDPharmaceuticals MYMD 1:2 /Apr19

ForeignAon AON 0.8 .51 Q May14 /May03Ferrari RACE ... 1.03862 A May05 /Apr20QIWIADR QIWI 9.5 .34 Q May05 /Apr27ShawCommunicationsB SJR 3.2 .0788 M Aug30 /Aug13Turkcell IletisimADR TKC 3.5 .1212 A May10 /May03

KEY:A: annual;M:monthly; Q: quarterly; r: revised; SA: semiannual; S2:1: stock split and ratio; SO:spin-off.

NetStock SymClose Chg

A B CABB ABB 33.24 -0.14AECOM ACM 66.99 -0.06AES AES 28.34 -0.29

s Aflac AFL 53.56 0.11AGCO AGCO 151.72 -0.16

s AGNC Invt AGNC 17.34 -0.14Ansys ANSS 364.47 -9.46ASETech ASX 7.81 -0.14ASML ASML 630.11 -15.58AT&T T 29.99 0.04AbbottLabs ABT 124.53 0.18AbbVie ABBV 108.61 0.70Abiomed ABMD 329.42 -1.11Accenture ACN 286.54 -0.42ActivisionBliz ATVI 96.00 -0.48Adobe ADBE 516.17 -8.91

s AdvanceAuto AAP 192.54 -0.38AdvMicroDevicesAMD 81.11 -1.04Aegon AEG 4.63 0.01

t AffirmHldgs AFRM 66.02 -3.70AgilentTechs A 133.50 -1.08AgnicoEagle AEM 65.60 1.02AirProducts APD 284.40 -3.08Airbnb ABNB 174.58 -4.11AkamaiTech AKAM 105.74 -0.22AlaskaAir ALK 68.77 -0.56Albemarle ALB 157.50 5.47Albertsons ACI 20.39 0.39Alcon ALC 73.78 -0.40AlexandriaRlEstARE 176.58 0.93

s AlexionPharm ALXN 165.47 1.79Alibaba BABA 234.78 -3.91AlignTech ALGN 603.72 -2.61Alleghany Y 676.00 -2.21Allegion ALLE 132.34 -0.67AlliantEnergy LNT 56.19 0.03

s Allstate ALL 122.84 0.64AllyFinancial ALLY 48.09 0.38AlnylamPharmALNY 137.40 -1.48

s Alphabet C GOOG 2302.40 4.64s Alphabet A GOOGL 2289.76 7.01AlticeUSA ATUS 34.76 0.36Altria MO 49.08 -3.23AlumofChina ACH 12.26 0.06Amazon.com AMZN 3372.01 -27.43Ambev ABEV 2.86 -0.02Amcor AMCR 11.86 -0.09Amdocs DOX 76.87 0.76Amedisys AMED 281.03 -1.93Amerco UHAL 600.88 -11.62Ameren AEE 83.79 -0.45AmericaMovil AMX 14.41 -0.10AmericaMovil A AMOV 14.18 -0.28AmerAirlines AAL 21.55 -0.48AEP AEP 88.65 0.10AmerExpress AXP 148.54 -1.45AmericanFin AFG 119.38 -0.04

s AmHomes4RentAMH 35.30 0.67AIG AIG 46.73 -0.37AmerTowerREITAMT 248.54 -0.08AmerWaterWorksAWK 158.72 -1.40AmericoldRealty COLD 38.70 -0.54

s Ameriprise AMP 246.71 -2.06s AmerisourceBrgnABC 119.50 -0.19Ametek AME 132.12 -0.73Amgen AMGN 255.97 0.26Amphenol APH 67.51 -0.97AnalogDevicesADI 156.91 -2.60Anaplan PLAN 58.36 -2.15Angi ANGI 16.79 -0.01AngloGoldAshAU 22.04 -0.40AB InBev BUD 68.71 0.57AnnalyCap NLY 8.80 -0.06

s Anthem ANTM 379.66 4.04Aon AON 235.83 -3.29ApolloGlbMgmtAPO 51.49 -0.08Appian APPN 125.87 -9.36Apple AAPL 134.84 0.68ApplMaterials AMAT 130.89 -2.84

t Applovin APP 58.86 -2.14s Aptargroup ATR 149.71 1.63Aptiv APTV 140.32 -0.73Aramark ARMK 39.50 -0.14ArcelorMittal MT 29.87 -0.24ArchCapital ACGL 39.70 -0.38

s ArcherDaniels ADM 59.29 -0.16AresMgmt ARES 56.01 0.12arGEN-X ARGX 274.80 -6.92AristaNetworksANET 314.81 -1.86ArrowElec ARW 117.86 ...AspenTech AZPN 149.67 -3.01

s Assurant AIZ 153.24 0.74AstraZeneca AZN 51.63 0.89

s Athene ATH 55.53 0.08Atlassian TEAM 228.21 -6.55AtmosEnergy ATO 101.84 0.02Autodesk ADSK 290.20 -9.96Autohome ATHM 94.29 0.40Autoliv ALV 97.35 -0.22ADP ADP 192.75 -0.19

s AutoZone AZO 1504.30 8.46Avalara AVLR 143.86 -4.47Avalonbay AVB 190.36 0.55Avangrid AGR 52.74 0.04Avantor AVTR 31.88 -0.32

s AveryDennisonAVY 198.60 ...AxonEnterprise AXON 150.55 -2.19

s BCE BCE 46.40 -0.06

BHP Group BHP 74.12 0.37BHP Group BBL 62.27 0.34BP BP 25.31 0.13Baidu BIDU 209.90 -3.66BakerHughes BKR 20.03 -0.07Ball BLL 90.90 -0.11BancoBilbaoViz BBVA 5.42 0.15BancoBradesco BBDO 3.74 -0.01BancodeChile BCH 24.48 -0.16BancSanBrasil BSBR 6.95 -0.05BcoSantChile BSAC 25.71 0.07BancoSantander SAN 3.54 0.08BankofAmerica BAC 39.17 0.02BankofMontreal BMO 90.97 -0.81BankNY Mellon BK 46.81 0.74BkNovaScotia BNS 61.61 -0.47

s Barclays BCS 10.44 -0.06BarrickGold GOLD 22.11 -0.12BauschHealth BHC 29.12 -0.91BaxterIntl BAX 86.52 -0.04BectonDicknsn BDX 258.96 -1.98BeiGene BGNE 303.37 -2.17BentleySystems BSY 49.93 -0.72

s Berkley WRB 80.76 0.85s BerkHathwy A BRK.A 406505-2745.00BerkHathwy B BRK.B 270.28 -1.83BerryGlobal BERY 62.83 0.03BestBuy BBY 118.84 -1.03BeyondMeat BYND 135.25 -2.06Bilibili BILI 105.72 2.24Bill.com BILL 153.39 -7.34Bio-Techne TECH 414.51 -4.04Bio-RadLab A BIO 629.59 3.47Biogen BIIB 269.05 -1.26BioMarinPharm BMRN 79.59 0.19

s BioNTech BNTX 149.48 -2.06BlackKnight BKI 73.11 -0.77BlackRock BLK 811.09 -0.36Blackstone BX 79.30 0.02Boeing BA 244.15 -4.03BookingHldgs BKNG 2456.20 -20.70BoozAllen BAH 84.83 0.16BorgWarner BWA 49.32 0.36

s BostonBeer SAM 1287.69 -7.24BostonProps BXP 106.15 0.71BostonSci BSX 40.88 -0.03BrightHorizons BFAM 164.66 -2.43BristolMyers BMY 65.60 0.14BritishAmTob BTI 39.61 -0.90Broadcom AVGO 462.00 -16.79BroadridgeFinl BR 155.94 -1.06

s BrookfieldMgt BAM 45.79 -0.32s BrookfieldInfr BIP 54.74 -0.35BrookfieldPropREIT BPYU 18.00 -0.12BrookfieldRenew BEPC 44.29 -2.23Brown&Brown BRO 49.48 -0.07Brown-Forman B BF.B 74.84 0.58Brown-Forman A BF.A 70.45 1.18Bruker BRKR 66.97 -0.68

s BuildersFirstSrc BLDR 49.81 ...s Bunge BG 83.18 -0.44BurlingtonStrs BURL 320.88 -3.85

s CBRE Group CBRE 82.34 0.52CDW CDW 182.20 -1.81CF Industries CF 46.91 -0.40CGI GIB 86.16 -0.87CH Robinson CHRW 98.64 -2.12CME Group CME 205.59 -1.99CMS Energy CMS 64.12 0.04CNA Fin CNA 46.70 -0.06CNH Indl CNHI 15.38 -0.46CRH CRH 48.45 -0.18CRISPR Therap CRSP 115.04 -3.52CSX CSX 98.71 0.07CVS Health CVS 75.75 -0.13CableOne CABO 1813.57 2.58CadenceDesign CDNS 141.94 -5.32CAE CAE 29.30 -0.43CaesarsEnt CZR 88.75 -4.89

s CamdenProperty CPT 117.12 1.07CampbellSoup CPB 49.66 0.26CIBC CM 99.39 -0.38

s CanNtlRlwy CNI 118.13 -0.64CanNaturalRes CNQ 30.58 -0.26CanPacRlwy CP 365.37 -3.95Canon CAJ 23.91 -0.01CanopyGrowth CGC 27.46 -0.34CapitalOne COF 135.41 -1.27CardinalHealth CAH 61.23 -0.08

s Carlisle CSL 177.00 1.89s Carlyle CG 39.84 0.13CarMax KMX 130.10 0.13Carnival CCL 26.89 -0.14Carnival CUK 23.03 -0.13

s CarrierGlobal CARR 43.87 -0.01Carvana CVNA 276.50 1.41Catalent CTLT 108.63 -1.97Caterpillar CAT 232.39 -0.97Celanese CE 158.27 0.35Cemex CX 7.34 -0.18CenovusEnergy CVE 7.85 -0.12Centene CNC 65.38 0.42CenterPointEner CNP 23.78 -0.28CentraisElBras EBR 6.38 0.07CeridianHCM CDAY 92.14 -1.80Cerner CERN 74.68 -0.63

s CharlesRiverLabs CRL 324.59 1.21CharterComms CHTR 644.42 0.05CheckPoint CHKP 119.18 0.35Chegg CHGG 89.98 -2.22CheniereEnergy LNG 74.65 0.68

CheniereEnerPtrs CQP 41.36 -0.21Chevron CVX 103.26 0.30Chewy CHWY 78.98 -5.17ChinaEastrnAir CEA 23.13 -0.08ChinaLifeIns LFC 10.12 -0.12ChinaPetrol SNP 54.88 0.17ChinaSoAirlines ZNH 36.35 0.35Chipotle CMG 1550.01 14.97Chubb CB 161.71 -1.06

s ChunghwaTel CHT 40.63 0.16Church&Dwight CHD 87.34 -0.60ChurchillDowns CHDN 214.52 -6.14Ciena CIEN 54.88 -1.99Cigna CI 252.49 -0.08CincinnatiFin CINF 107.22 0.81Cintas CTAS 343.74 -6.78CiscoSystems CSCO 52.85 0.05Citigroup C 72.13 -0.32CitizensFin CFG 44.61 -0.22CitrixSystems CTXS 138.85 -1.65Clarivate CLVT 25.42 -0.73Cleveland-Cliffs CLF 17.39 -0.60Clorox CLX 189.96 -0.77Cloudflare NET 73.30 -0.94Coca-Cola KO 54.00 0.32

s Coca-Cola Euro CCEP 55.17 0.22Cognex CGNX 85.69 -0.07CognizantTech CTSH 80.40 -0.22CoinbaseGlbl COIN 333.00 -9.00ColgatePalm CL 80.37 -0.33Comcast A CMCSA 54.14 -0.97Comerica CMA 69.39 -0.77CommerceBcshrs CBSH 76.64 -0.50

s CiaSiderurgica SID 8.51 -0.03ConagraBrands CAG 37.85 0.30ConocoPhillips COP 50.89 -0.20ConEd ED 78.35 0.14ConstBrands B STZ.B 238.00 15.35ConstBrands A STZ 237.60 -1.26ContinentalRscs CLR 26.53 -0.38Cooper COO 399.33 -0.19Copart CPRT 121.76 -1.72

s Corning GLW 46.06 0.26Corteva CTVA 47.52 0.02CoStar CSGP 899.00 -5.93Costco COST 369.55 -1.17CoupaSoftware COUP 263.47 -6.99Coupang CPNG 45.72 -0.18Credicorp BAP 134.09 -6.95CreditSuisse CS 10.70 -0.15Cree CREE 109.69 -2.39CrowdStrike CRWD 213.37 -1.83

s CrownCastle CCI 180.72 1.10CrownHoldings CCK 108.77 -0.32

s CubeSmart CUBE 41.05 0.44Cummins CMI 262.81 -1.54CureVac CVAC113.00 3.71CyrusOne CONE 73.64 1.07

D E FDISH NetworkDISH 37.00 -1.01DTE Energy DTE 139.70 -0.98Danaher DHR 241.99 -1.07Darden DRI 145.96 -0.37DarlingIngred DAR 72.10 -0.91Datadog DDOG 87.89 -2.45DaVita DVA 110.78 -2.33DeckersOutdoorDECK 337.26 -3.80Deere DE 380.72 -2.35

s DellTechC DELL 103.42 2.00DeltaAir DAL 46.15 -0.49DentsplySirona XRAY 65.53 0.11DeutscheBankDB 12.52 -0.03DevonEnergy DVN 22.03 0.15DexCom DXCM 393.04 -7.00

s Diageo DEO 180.77 1.79DiamondbkEner FANG 77.67 0.13DigitalRealty DLR 147.76 1.80DiscoverFinSvcsDFS 100.61 -1.66DiscoveryB DISCB 83.85 0.20DiscoveryA DISCA 36.37 -0.97DiscoveryC DISCK 31.20 -1.05Disney DIS 187.43 0.17DocuSign DOCU 223.30 -8.63DolbyLab DLB 101.21 -0.89DollarGeneral DG 216.73 -0.01DollarTree DLTR 116.95 -0.41DominionEner D 78.74 -0.15Domino's DPZ 397.96 3.13DoorDash DASH 146.67 -2.82Dover DOV 140.43 -0.14Dow DOW 64.55 -0.13DrReddy'sLab RDY 66.00 0.99DraftKings DKNG 56.68 -1.30Dropbox DBX 26.12 -0.26DukeEnergy DUK 100.20 -0.47

s DukeRealty DRE 44.83 0.35Dun&BradstreetDNB 23.65 0.23DuPont DD 76.97 -0.05Dynatrace DT 52.29 -0.82ENI E 24.91 0.07EOG Rscs EOG 71.29 0.78EPAM Systems EPAM 446.94 0.90EastWestBncp EWBC 74.65 ...EastmanChem EMN 113.56 -1.38Eaton ETN 140.78 -0.37

s eBay EBAY 63.79 -1.14Ecolab ECL 220.31 -2.84Ecopetrol EC 12.88 0.03EdisonInt EIX 61.12 -0.24EdwardsLife EW 88.56 -0.46

NetStock SymClose Chg

NetStock SymClose Chg

ElancoAnimal ELAN 30.00 0.02Elastic ESTC 123.14 -5.31ElectronicArts EA 139.63 -1.42EmersonElec EMR 91.79 -0.41

s Enbridge ENB 37.38 0.06EnelAmericas ENIA 7.82 -0.34EnergyTransfer ET 8.04 0.17EnphaseEnergy ENPH 141.14 -8.87Entegris ENTG 113.15 -4.23Entergy ETR 106.58 -0.06EnterpriseProd EPD 22.97 0.04Equifax EFX 189.59 -1.39Equinix EQIX 717.29 9.15Equinor EQNR 19.85 0.04Equitable EQH 33.62 -0.08EquityLife ELS 67.83 0.43EquityResdntl EQR 73.03 0.41ErieIndemnity A ERIE 224.86 -2.45EssentialUtil WTRG 47.36 0.12EssexProp ESS 290.57 1.08EsteeLauder EL 309.18 -3.11Etsy ETSY 213.19 -6.80EverestRe RE 264.00 1.90Evergy EVRG 63.24 -0.05EversourceEner ES 89.34 -0.35ExactSciences EXAS 127.53 -2.51Exelon EXC 45.50 -0.66Expedia EXPE 175.62 1.71ExpeditorsIntl EXPD 110.22 -1.01

s ExtraSpaceSt EXR 143.93 1.32ExxonMobil XOM 56.48 -0.18F5Networks FFIV 208.49 -1.28FMC FMC 112.82 -0.82Facebook FB 302.24 -3.94FactSet FDS 317.34 -1.93FairIsaac FICO 529.99 -2.96Farfetch FTCH 47.62 -1.97Fastenal FAST 50.80 0.26FederalRealty FRT 107.05 0.09FedEx FDX 283.25 -4.34

s Ferguson FERG130.70 1.19Ferrari RACE 212.20 1.24FidNatlFin FNF 44.72 0.09FidNatlInfo FIS 152.22 -0.40FifthThirdBncp FITB 37.87 -0.33FirstHorizon FHN 17.60 0.01

s FirstRepBank FRC 175.64 -3.98FirstEnergy FE 35.80 0.11Fiserv FISV 125.13 0.04FiveBelow FIVE 194.29 -6.22Five9 FIVN 174.53 -2.90FleetCorTech FLT 290.90 -0.56Flex FLEX 18.38 -0.18

s Floor&Decor FND 112.63 0.04FomentoEconMex FMX 79.10 -0.95FordMotor F 12.11 -0.12Fortinet FTNT 206.14 0.13Fortis FTS 44.03 0.06Fortive FTV 72.35 -0.03FortBrandsHome FBHS 102.51 -0.71FoxB FOX 36.59 -0.13FoxA FOXA 37.68 -0.27Franco-Nevada FNV 136.79 -0.33FranklinRscs BEN 29.97 -0.08FreeportMcM FCX 37.33 -0.81FreseniusMed FMS 38.60 0.47Futu FUTU 177.92 24.91

G H IGDS Holdings GDS 78.65 1.57GFLEnvironmentalGFL 32.17 -0.72Gallagher AJG 136.26 -0.54GameStop GME 164.37 9.68Gaming&LeisureGLPI 44.81 -0.62Gap GPS 32.41 -0.28Garmin GRMN 140.55 -0.05Gartner IT 191.94 -0.04Generac GNRC 318.68 -13.55GeneralDynamicsGD 184.79 0.32GeneralElec GE 13.46 0.07GeneralMills GIS 61.30 ...GeneralMotorsGM 57.88 -0.83Genmab GMAB 35.59 0.36Genpact G 44.52 -0.21Gentex GNTX 35.85 -0.18GenuineParts GPC 119.40 -0.62

s Gerdau GGB 5.86 0.04GileadSciencesGILD 65.95 -0.92GSK GSK 37.98 0.23GlobalPaymentsGPN 215.90 -1.90Globant GLOB 223.61 -2.72

s GlobeLife GL 104.27 -0.14GoDaddy GDDY 85.66 -0.94GoldFields GFI 9.87 -0.20GoldmanSachsGS 343.09 0.78GoodRx GDRX 38.20 0.06Graco GGG 75.80 0.67Grainger GWW 408.98 2.10Grifols GRFS 18.40 0.42GuardantHealthGH 152.92 -5.58Guidewire GWRE 104.00 -1.27

s HCA HealthcareHCA 194.89 -2.04HDFC Bank HDB 68.25 -3.56HP HPQ 33.70 -0.28HSBC HSBC 29.77 0.18Halliburton HAL 20.67 -0.02HartfordFinl HIG 66.73 0.48Hasbro HAS 98.01 0.01

s HealthpeakProp PEAK 33.35 0.10Heico HEI 133.76 -1.70Heico A HEI.A 122.03 -1.24HenrySchein HSIC 70.64 -0.53Hershey HSY 160.98 -0.01Hess HES 69.40 0.06HewlettPackardHPE 15.96 0.01HighwoodsPropHIW 43.50 -0.19Hilton HLT 125.93 -2.12Hologic HOLX 76.68 0.02

s HomeDepot HD 326.85 -1.23HondaMotor HMC 30.68 0.01Honeywell HON 230.97 -1.14HorizonTherap HZNP 90.26 -3.01HormelFoods HRL 46.52 -0.32

s DR Horton DHI 95.72 -0.65HostHotels HST 17.40 -0.08HowmetAerospace HWM 32.57 -0.13HuanengPowerHNP 14.34 0.17Huazhu HTHT 57.49 0.18Hubbell HUBB 189.05 -0.23HubSpot HUBS 509.94 -11.24Humana HUM 439.92 4.64

NetStock SymClose Chg

JBHunt JBHT 166.93 -5.23HuntingtonBcshs HBAN 15.87 -0.31

s HuntingIngallsHII 210.00 1.94HyattHotels H 82.35 -1.82IAC/InterActive IAC 243.34 -5.05ICICI Bank IBN 14.95 -0.27IdexxLab IDXX 528.58 -6.42

s IHS Markit INFO 103.50 -0.44II-VI IIVI 77.03 -4.39ING Groep ING 12.56 -0.07Invesco IVZ 26.48 -0.09IPG Photonics IPGP 222.12 -1.78

s IQVIA IQV 216.22 0.66IcahnEnterprises IEP 57.13 0.08Icon ICLR 203.64 -0.83IDEX IEX 219.85 -0.72IllinoisToolWks ITW 223.83 -0.20Illumina ILMN 404.18 5.18ImperialOil IMO 25.37 -0.17Incyte INCY 82.67 -0.01Infosys INFY 18.26 0.08IngersollRand IR 50.91 0.67Inphi IPHI 174.15 -3.10Insulet PODD 281.51 -15.49Intel INTC 63.63 -1.12InteractiveBrkrs IBKR 77.36 0.81ICE ICE 119.74 -0.99InterContinentl IHG 71.78 -0.50IBM IBM 133.12 -0.47

s IntlFlavors IFF 142.92 0.06s IntlPaper IP 57.18 -0.19Interpublic IPG 30.44 -0.16Intuit INTU 402.29 -13.53IntuitiveSurgical ISRG 811.19 -1.38

s InvitatHomes INVH 33.63 0.29iQIYI IQ 15.00 -0.22IronMountain IRM 38.48 0.44ItauUnibanco ITUB 4.96 ...

J K LJD.com JD 76.95 -0.09JPMorganChase JPM 152.65 -0.65JackHenry JKHY 161.15 2.31JacobsEngg J 133.72 -0.06

s JamesHardie JHX 33.59 0.17JazzPharma JAZZ 167.16 -1.74J&J JNJ 162.69 0.45JohnsonControls JCI 62.32 -0.17JonesLang JLL 179.34 0.16JuniperNetworks JNPR 25.92 -0.09KB Fin KB 46.92 -0.45KE Holdings BEKE 50.42 -1.11KKR KKR 53.31 ...KLA KLAC 324.39 -8.61KSCitySouthernKSU 256.40 -1.11Kellogg K 63.70 0.35

s KeurigDrPepperKDP 36.13 0.12KeyCorp KEY 20.42 -0.26KeysightTechs KEYS 143.63 -1.77KimberlyClark KMB 138.93 -0.29KimcoRealty KIM 19.87 0.15KinderMorganKMI 16.62 0.08KingsoftCloud KC 45.29 0.97KinrossGold KGC 7.45 -0.05KirklandLakeGoldKL 37.79 0.04Knight-Swift KNX 49.82 -0.32Kohl's KSS 59.42 0.01

s KoninklijkePhil PHG 60.63 -0.20KoreaElcPwr KEP 10.82 0.12KraftHeinz KHC 40.95 -0.05Kroger KR 37.43 0.32L Brands LB 65.90 -0.94LKQ LKQ 44.81 0.13LPL Financial LPLA 146.30 -1.30L3HarrisTech LHX 209.73 -0.99

s LabCpAm LH 260.51 -1.69LamResearch LRCX 621.73 -21.98LamarAdv LAMR 95.84 -0.95LambWeston LW 79.73 -0.88LasVegasSands LVS 60.62 -0.38Lear LEA 180.36 -1.89Leidos LDOS 101.49 0.28Lennar B LEN.B 83.40 -1.91Lennar A LEN 104.00 -1.88

s LennoxIntl LII 335.80 1.81s LeviStrauss LEVI 28.27 -0.76LiAuto LI 19.25 -0.03LibertyBroadbandA LBRDA 150.79 0.42LibertyBroadbandC LBRDK 155.62 0.25LibertyGlobal A LBTYA 26.37 -0.10LibertyGlobal B LBTYB 26.02 -0.47LibertyGlobal C LBTYK 26.34 -0.01LibertyFormOne A FWONA 40.76 0.84LibertyFormOne C FWONK 45.92 0.93LibertyBraves A BATRA 28.66 -0.24LibertyBraves C BATRK 28.02 -0.23LibertySirius C LSXMK 45.04 -0.46LibertySirius A LSXMA 45.08 -0.31LightspeedPos LSPD 64.49 -2.40EliLilly LLY 189.64 0.39LincolnNational LNC 64.78 -0.23Linde LIN 288.45 -1.51LithiaMotors LAD 387.32 -0.71LiveNationEnt LYV 81.58 0.59

s LloydsBanking LYG 2.41 0.02LockheedMartin LMT 391.73 -0.08Loews L 54.26 -0.11LogitechIntl LOGI 114.06 0.61Lowe's LOW 204.01 -4.24LufaxHolding LU 13.80 ...lululemon LULU 322.27 -1.83LumenTech LUMN 12.64 -0.07Lyft LYFT 61.87 -1.53LyondellBasell LYB 107.20 -0.35

M NM&T Bank MTB 154.98 1.12MGMGrowthPropMGP 35.15 -0.12MGM ResortsMGM 39.75 -0.51MKS Instrum MKSI 181.04 -5.78MPLX MPLX 26.70 0.09MSCI MSCI 468.27 -5.25MagellanMid MMP 45.59 0.14MagnaIntl MGA 94.00 -1.55ManulifeFin MFC 21.59 0.02MarathonOil MRO 10.63 0.10MarathonPetrolMPC 53.43 -0.83MaravaiLifeSciMRVI 36.68 ...Markel MKL 1211.55 -3.08MarketAxess MKTX 533.62 -1.33Marriott MAR 147.90 -0.73

NetStock SymClose Chg

Marsh&McLenMMC 127.15 -0.29MartinMariettaMLM 350.62 -0.95MarvellTech MRVL 46.65 -1.26Masco MAS 64.55 -0.04Masimo MASI 242.98 -2.76Mastercard MA 382.16 -4.01MatchGroup MTCH 146.00 0.70MaximIntProductsMXIM 93.89 -1.24McAfee MCFE 24.64 0.27McCormick MKC 88.85 0.06McCormickVtgMKC.V 88.78 0.14McDonalds MCD 231.81 -1.27McKesson MCK 193.69 0.51MedicalProp MPW 22.24 0.10Medtronic MDT 126.13 0.22MelcoResorts MLCO 19.12 -0.24MercadoLibre MELI 1570.99 -20.89Merck MRK 77.66 0.19

s MetLife MET 63.10 0.03s MettlerToledo MTD 1277.29 -5.04MicrochipTechMCHP 154.03 -4.26MicronTech MU 88.41 -2.25

s Microsoft MSFT 258.74 -2.00s MidAmApt MAA 151.82 0.80Middleby MIDD 168.56 -0.82MiratiTherap MRTX 154.95 -3.24MitsubishiUFJ MUFG 5.42 -0.04MizuhoFin MFG 2.87 -0.04MobileTeleSysMBT 8.35 -0.05Moderna MRNA 161.91 -8.90MohawkInds MHK 199.91 -4.90

s MolinaHealthcareMOH 254.67 4.37MolsonCoorsB TAP 54.01 0.54Mondelez MDLZ 58.69 -0.08MongoDB MDB 300.92 -14.93MonolithicPowerMPWR 369.60 -9.02

s MonsterBev MNST 97.86 -0.31s Moody's MCO 320.72 -1.28MorganStanleyMS 80.03 1.44Morningstar MORN 237.66 0.42Mosaic MOS 32.73 -0.73MotorolaSol MSI 187.66 -0.94NICE NICE 234.89 -2.75NIO NIO 36.78 0.69NRG Energy NRG 38.37 -0.31NVR NVR 4984.42 -0.43NXP Semi NXPI 194.76 -4.62Nasdaq NDAQ 158.63 -1.54Natera NTRA 104.93 -2.03NationalGrid NGG 63.21 0.82Natura&Co NTCO 17.93 -0.02

s NatWest NWG 5.50 0.01NetApp NTAP 77.31 -0.40NetEase NTES 106.83 0.03Netflix NFLX 554.44 7.90Neurocrine NBIX 94.85 -1.73NewOrientalEduc EDU 15.18 0.17NewellBrands NWL 26.48 -0.28Newmont NEM 64.85 -0.56NewsCorp A NWSA 26.74 0.04NewsCorp B NWS 24.88 -0.02NextEraEnergyNEE 79.79 -1.15NielsenHoldingsNLSN 25.31 -0.38Nike NKE 132.57 -1.74NiSource NI 25.74 0.12Nokia NOK 4.17 -0.01NomuraHoldings NMR 5.33 -0.06Nordson NDSN 205.93 -0.29NorfolkSouthernNSC 270.46 -0.40NorthernTrustNTRS 106.23 -0.68NorthropGrumNOC 344.64 -1.79NortonLifeLockNLOK 21.80 0.18NorwegCruise NCLH 27.97 -0.35Novartis NVS 88.38 0.36Novavax NVAX 221.50 -5.85NovoNordisk NVO 72.70 0.53Novocure NVCR 190.90 -1.60NuanceComms NUAN 53.20 -0.14Nucor NUE 79.44 -0.06Nutrien NTR 53.95 -2.07NVIDIA NVDA 614.47 -22.03

O P QONEOK OKE 51.78 0.18

s OReillyAuto ORLY 533.77 3.25OakStreetHealthOSH 58.55 -0.18OccidentalPetrolOXY 24.54 0.16Okta OKTA 266.01 -3.97OldDomFreightODFL 247.91 -3.46OlinkHolding OLK 37.62 0.12OmegaHealthcareOHI 37.29 -0.02Omnicom OMC 79.31 -0.34ON Semi ON 41.07 -1.11OpenText OTEX 49.29 -0.54OpendoorTech OPEN 17.40 -0.99

s Oracle ORCL 78.75 -0.20Orange ORAN 12.64 0.17Orix IX 82.60 -1.66Oshkosh OSK 121.93 0.91OtisWorldwideOTIS 71.03 0.45

s OwensCorningOC 97.27 0.18OzonHoldings OZON 61.20 -1.55PG&E PCG 11.20 -0.38PNC Fin PNC 177.72 -1.14

s POSCO PKX 78.56 1.50s PPD PPD 46.20 -0.07PPG Ind PPG 168.78 1.37PPL PPL 28.88 -0.26PRA HealthSci PRAH 161.33 -0.43PTC PTC 139.80 -6.36Paccar PCAR 93.35 -1.57PackagingCpAm PKG 141.12 0.76PagSeguroDig PAGS 44.60 -1.71PalantirTech PLTR 21.94 -0.53PaloAltoNtwks PANW 366.96 0.31ParkerHannifin PH 317.52 -3.59Paychex PAYX 96.43 -1.07PaycomSoftware PAYC 393.18 -5.29Paylocity PCTY 190.85 -3.30PayPal PYPL 267.91 -1.96Paysafe PSFE 13.05 -0.44Pearson PSO 11.38 0.03Pegasystems PEGA 128.59 -1.30Peloton PTON 107.75 -8.46PembinaPipeline PBA 29.70 0.20PennNational PENN 93.00 -6.94

s Pentair PNR 64.00 0.16Penumbra PEN 279.59 -7.80PepsiCo PEP 144.75 0.59PerkinElmer PKI 134.59 1.43PetroChina PTR 36.70 0.17PetroleoBrasil PBR 8.54 0.42

NetStock SymClose Chg

PetroleoBrasilA PBR.A 8.68 0.51Pfizer PFE 38.93 0.36

s PhilipMorris PM 91.67 -1.24Phillips66 PSX 77.94 -0.75Pinduoduo PDD 132.80 -0.51PinnacleWest PNW 84.24 -0.66Pinterest PINS 73.91 -2.31PioneerNatRscs PXD 148.58 0.17PlainsAllAmPipe PAA 9.13 0.01Playtika PLTK 26.88 0.95PlugPower PLUG 25.24 -2.00Polaris PII 144.51 -0.51Pool POOL 382.95 0.74PrincipalFin PFG 63.26 0.04Procter&Gamble PG 136.61 -0.64Progressive PGR 99.29 0.53Prologis PLD 112.25 -0.31

s PrudentialFin PRU 98.54 -0.34Prudential PUK 43.41 0.23PublicServiceEnt PEG 63.48 0.13

s PublicStorage PSA 270.38 3.58PulteGroup PHM 53.71 -0.51Qiagen QGEN 52.44 -0.31Qorvo QRVO 188.44 -3.83Qualcomm QCOM 135.25 -2.96QualtricsIntl XM 33.56 -0.43QuantaServices PWR 95.83 0.13QuantumScape QS 31.62 -3.90QuestDiag DGX 131.09 0.98

R Ss RELX RELX 26.94 -0.06s RH RH 641.44 6.94RLX Tech RLX 9.28 0.18RPM RPM 93.08 -0.39RalphLauren RL 122.18 -2.38RaymondJamesRJF 129.41 -0.35RaytheonTechRTX 78.59 0.37RealPage RP 88.59 0.02

s RealtyIncome O 67.34 0.32RegencyCtrs REG 59.76 0.30RegenPharm REGN 499.69 -2.91RegionsFin RF 20.90 -0.30ReinsGrp RGA 131.47 -0.60RelianceSteel RS 155.30 -0.71RenaissanceReRNR 171.09 1.24Repligen RGEN 212.04 -1.26RepublicSvcs RSG 104.67 0.35ResMed RMD 205.66 -1.85RestaurantBrandsQSR 66.24 -0.14RingCentral RNG 319.07 -6.31RioTinto RIO 86.30 1.51RobertHalf RHI 81.48 -1.82Roblox RBLX 72.00 -3.85RocketCos. RKT 22.01 -0.11Rockwell ROK 267.10 1.25RogersComm BRCI 49.20 0.78Roku ROKU 361.15 -15.37Rollins ROL 34.81 -0.46RoperTech ROP 425.46 2.17RossStores ROST 127.49 -2.42

s RoyalBkCanadaRY 94.04 -0.67RoyalCaribbeanRCL 83.78 -1.61RoyalDutchA RDS.A 39.43 0.05RoyalDutchB RDS.B 37.36 0.04RoyaltyPharma RPRX 41.77 -0.10Ryanair RYAAY 106.67 -0.82SAP SAP 139.53 0.23S&P Global SPGI 376.44 -1.63SBA Comm SBAC 288.09 -0.24SEI Investments SEIC 62.51 -0.65SK Telecom SKM 29.78 -0.17SS&C Tech SSNC 72.70 -0.21StoreCapital STOR 35.10 0.35SVB Fin SIVB 519.26 0.32Salesforce.com CRM 230.50 -1.41Sanofi SNY 51.82 0.52

s SantanderCons SC 31.24 0.07s Sasol SSL 16.48 0.20Schlumberger SLB 26.53 0.24SchwabC SCHW 65.88 1.14ScottsMiracleGro SMG 233.27 -4.96Sea SE 250.00 -2.42

s Seagate STX 82.33 0.26Seagen SGEN 144.01 -1.49

s SempraEnergy SRE 138.24 0.10SensataTechs ST 58.18 -0.37ServiceCorp SCI 51.36 -0.93ServiceNow NOW 549.37 -7.54ShawComm B SJR 27.78 -0.20SherwinWilliams SHW 265.60 -1.32ShinhanFin SHG 33.04 -0.32Shopify SHOP 1145.78 -62.02Sibanye-Stillwater SBSW 20.00 -0.56SignatureBank SBNY 227.84 0.28SimonProperty SPG 116.56 -0.56SiriusXM SIRI 6.28 -0.03

NetStock SymClose Chg

Skyworks SWKS 185.87 -3.89SlackTech WORK 42.30 0.07SmithAO AOS 67.87 -0.36Smith&Nephew SNN 39.46 -0.94

s Smucker SJM 132.15 0.43Snap SNAP 60.44 -0.81

s SnapOn SNA 236.01 0.49Snowflake SNOW 229.07 -3.67SOQUIMICH SQM 55.66 0.56SolarEdgeTech SEDG 244.86 -13.85Sony SONY 109.98 -1.12Southern SO 64.92 -0.09SoCopper SCCO 74.51 -1.69SouthwestAir LUV 62.03 -0.36Splunk SPLK 132.90 -1.35Spotify SPOT 280.37 -11.65Square SQ 245.33 -10.77

s StanleyBlackDck SWK 205.89 0.51s Starbucks SBUX 117.60 -0.74StateStreet STT 80.89 0.46

s SteelDynamics STLD 51.19 -0.31Stellantis STLA 17.82 -0.15

s Steris STE 208.63 0.49STMicroelec STM 38.42 -0.56StoneCo STNE 66.20 -2.07Stryker SYK 256.75 -0.38SumitomoMits SMFG 7.14 -0.05

s SunComms SUI 159.02 0.91s SunLifeFinancial SLF 52.41 0.15SuncorEnergy SU 20.89 ...SunRun RUN 48.54 -3.62Suzano SUZ 12.98 0.20SynchronyFin SYF 40.73 -0.66SyneosHealth SYNH 85.23 -1.02Synopsys SNPS 250.64 -10.13Sysco SYY 81.08 0.52

T U VTAL Education TAL 60.76 1.40TC Energy TRP 47.60 -0.05TE Connectivity TEL 130.35 -3.05Telus TU 20.54 -0.30TJX TJX 69.00 -0.99T-MobileUS TMUS 131.99 -1.06TRowePrice TROW 177.04 -0.78TaiwanSemi TSM 115.40 -3.44TakeTwoSoftware TTWO 177.91 -0.89TakedaPharm TAK 16.96 -0.12Tapestry TPR 45.23 -1.33

s Target TGT 208.65 0.10TataMotors TTM 20.02 -0.49TeckRscsB TECK 22.45 0.22TeladocHealth TDOC 184.09 -6.01TeledyneTech TDY 429.20 -0.05Teleflex TFX 431.79 -0.77Ericsson ERIC 13.74 -0.31TelefonicaBrasVIV 7.86 -0.08Telefonica TEF 4.58 0.01TelekmIndonesia TLK 23.00 -0.3310xGenomics TXG 186.97 -7.13Tenaris TS 22.09 0.12TencentMusic TME 17.83 -0.21Teradyne TER 126.32 -3.16Tesla TSLA 714.63 -25.15TevaPharm TEVA 10.28 -0.47TexasInstruments TXN 187.06 -4.87TexasPacLand TPL 1546.00 -34.00

s Textron TXT 59.06 0.52ThermoFisherSci TMO 487.64 -5.28ThomsonReuters TRI 91.96 -0.633M MMM 198.59 0.01Toro TTC 112.96 0.16TorontoDomBk TD 65.68 -0.56Total TOT 45.92 0.56ToyotaMotor TM 156.41 -1.16

s TractorSupply TSCO 183.08 2.00TradeDesk TTD 695.48 -23.38Tradeweb TW 79.69 -0.02

s TraneTech TT 172.28 0.32TransDigm TDG 606.00 -11.49TransUnion TRU 96.86 0.51Travelers TRV 154.38 -1.57Trex TREX 104.35 -0.63Trimble TRMB 80.97 -1.00Trip.com TCOM 37.01 0.50TruistFinl TFC 57.40 -0.44Tuya TUYA 18.00 -2.28Twilio TWLO 367.46 -17.78Twitter TWTR 67.94 -2.18TylerTech TYL 445.96 -2.24

s TysonFoods TSN 78.55 -0.37UBS Group UBS 15.94 -0.17UDR UDR 45.13 0.11UGI UGI 43.86 -0.16US Foods USFD 38.70 -0.09UWM UWMC 7.50 0.01Uber UBER 57.85 -2.50

NetStock SymClose Chg

Ubiquiti UI 280.64 -6.73UltaBeauty ULTA 328.26 -2.45UnderArmour CUA 18.07 -0.35UnderArmour AUAA 21.69 -0.36Unilever UL 57.68 0.11UnionPacific UNP 223.47 0.76UnitedAirlines UAL 54.99 -0.88UnitedMicro UMC 9.47 -0.01UPS B UPS 178.06 -1.65UnitedRentalsURI 324.59 -3.55US Bancorp USB 57.72 -0.14UnitedTherap UTHR 203.84 0.11UnitedHealth UNH 389.84 -1.17UnitySoftwareU 97.93 -2.81UnivDisplay OLED 226.69 -2.56

s UniversalHealthBUHS 146.04 -0.10Upstart UPST 97.55 -7.10VEREIT VER 40.75 0.17VF VFC 83.98 -0.76

s VICI Prop VICI 29.87 -0.07VailResorts MTN 313.61 -6.18

s Vale VALE 19.43 -0.10ValeroEnergy VLO 70.85 -1.65Vedanta VEDL 12.10 -0.29VeevaSystems VEEV 270.38 -2.69Ventas VTR 54.80 -0.61VeriSign VRSN 207.26 -0.90VeriskAnalytics VRSK 184.53 -0.93Verizon VZ 58.39 0.11VertxPharm VRTX 219.18 -0.21ViacomCBS B VIAC 38.40 -0.95ViacomCBS A VIACA 43.20 -1.12Viatris VTRS 13.25 -0.15Vipshop VIPS 28.94 0.51Visa V 225.79 -0.62Vistra VST 17.86 0.06

s VMware VMW 170.03 5.93Vodafone VOD 19.04 0.09VornadoRealtyVNO 45.47 0.51

s VulcanMatls VMC 176.74 1.07

W X Y ZWEC Energy WEC 96.85 -0.11WEX WEX 226.34 -2.68W.P.Carey WPC 73.12 1.02

s WPP WPP 67.94 0.14Wabtec WAB 81.20 0.59WalgreensBootsWBA 53.79 0.49Walmart WMT 139.71 -0.90WarnerMusic WMG 36.57 -0.38

s WasteConnectionsWCN 116.40 -0.38WasteMgt WM 134.43 -0.62Waters WAT 298.81 -1.09

s Watsco WSO 283.11 -0.57Wayfair W 315.33 -6.31Weibo WB 49.16 -0.32

s WellsFargo WFC 43.88 0.04Welltower WELL 74.88 -0.81

s WestFraserTimber WFG 84.43 -0.61s WestPharmSvcsWST 316.79 2.96s WestAllianceBcpWAL 102.14 1.88WesternDigitalWDC 68.31 -0.58

s WesternUnionWU 26.15 0.26WestlakeChemWLK 95.52 -0.18WestpacBankingWBK 19.55 -0.13

s WestRock WRK 54.17 -0.46s WeyerhaeuserWY 38.88 -0.44WheatonPrecMetWPM 42.56 0.19Whirlpool WHR 235.27 0.46Williams WMB 23.69 0.07Williams-SonomaWSM 168.94 -5.37WillisTowers WLTW 238.01 -2.39Wipro WIT 6.96 ...Wix.com WIX 289.06 -6.19Workday WDAY 254.51 -1.84WynnResorts WYNN 126.28 -1.00XP XP 38.41 -0.46XPO Logistics XPO 135.41 -1.71XcelEnergy XEL 70.49 0.12Xilinx XLNX 126.90 -1.74XPeng XPEV 31.20 0.28Xylem XYL 108.21 -0.40Yandex YNDX 61.06 -0.87YumBrands YUM 117.71 -0.35YumChina YUMC 59.53 -0.57ZTO Express ZTO 29.99 0.42ZaiLab ZLAB 164.33 0.04

s ZebraTech ZBRA 509.63 -3.86Zendesk ZEN 147.96 -2.37Zillow C Z 133.00 -1.61Zillow A ZG 134.59 -1.55ZimmerBiomet ZBH 172.53 0.65ZionsBancorp ZION 56.00 -0.12Zoetis ZTS 168.10 0.47ZoomVideo ZM 324.33 -5.62ZoomInfoTech ZI 47.38 -0.53Zscaler ZS 190.94 -1.55Zynga ZNGA 10.59 0.03

NetStock SymClose Chg

Monday, April 19, 2021

How to Read the Stock TablesThe following explanations apply to NYSE, NYSEArca, NYSE American and Nasdaq Stock Marketlisted securities. Prices are composite quotationsthat include primary market trades as well astrades reported by Nasdaq BX (formerly Boston),Chicago Stock Exchange, Cboe, NYSE National andNasdaq ISE.The list comprises the 1,000 largest companiesbased on market capitalization.Underlined quotations are those stocks withlarge changes in volume compared with theissue’s average trading volume.Boldfaced quotations highlight those issueswhose price changed by 5% or more if theirprevious closing price was $2 or higher.

Footnotes:s-New 52-week high.t-New 52-week low.dd-Indicates loss in the most recent fourquarters.FD-First day of trading.h-Does not meet continued listingstandardslf-Late filingq-Temporary exemption from Nasdaqrequirements.t-NYSE bankruptcyv-Trading halted on primary market.vj-In bankruptcy or receivership or beingreorganized under the Bankruptcy Code,or securities assumed by such companies.

Wall Street Journal stock tables reflect composite regular trading as of 4 p.m. andchanges in the closing prices from 4 p.m. the previous day.

BIGGEST 1,000 STOCKS

HighsAflac AFL 53.71 0.2AG Mortgage PfdA MITTpA 25.07 0.7AGNC Invt AGNC 17.50 -0.8AGNC InvtPfdE AGNCO 25.04 0.5AXIS Capital AXS 54.12 0.7Azek AZEK 49.64 -1.1AcadiaHealthcare ACHC 62.71 -2.1AcuityBrands AYI 173.91 1.5AdvanceAuto AAP 196.17 -0.2AdvDrainageSys WMS 117.89 -2.6AdvantageSolnsWt ADVWW 3.51 -0.9AffinityBncshs AFBI 12.40 0.2AgileGrowth AGGRU 10.02 0.2Alcoa AA 36.54 1.1AldelFin ADF.U 10.10 0.3AlexionPharm ALXN 165.95 1.1Allstate ALL 122.96 0.5AlphaCapA ASPC 9.89 0.9Alphabet C GOOG 2318.45 0.2Alphabet A GOOGL 2304.09 0.3AmerEagle AEO 35.77 2.0AmHomes4Rent AMH 35.31 1.9AmRvrBksh AMRB 21.08 21.7Ameriprise AMP 249.67 -0.8AmerisourceBrgn ABC 120.80 -0.2Anthem ANTM 379.84 1.1Aptargroup ATR 149.79 1.1ArcherDaniels ADM 59.74 -0.3ArctosNorthA ANAC 10.15 -0.5AresCapital ARCC 19.76 -0.3ArlingtonAssetPfB AAICpB 24.45 0.9ArmadaHofflerPfA AHHpA 28.86 2.2ArmstrongWorld AWI 98.50 0.8AshfordHospPfdG AHTpG 24.35 0.7AshfordHospPfdH AHTpH 24.43 2.1AshfordHospPfdI AHTpI 24.37 0.9AshfordHospPfdF AHTpF 24.50 2.8Assurant AIZ 154.19 0.5AssuredGuaranty AGO 46.05 0.3AstroNova ALOT 16.60 7.8Athene ATH 56.00 0.1

52-Wk %Stock Sym Hi/Lo Chg

Atlanticus ATLC 35.74 8.0AtriCure ATRC 69.68 2.4AuthenticEquityA AEAC 9.87 -0.6AutoNation AN 98.37 0.4AutoZone AZO 1516.59 0.6AveryDennison AVY 200.94 ...Avnet AVT 44.92 -0.8AxaltaCoating AXTA 31.77 0.2BCE BCE 46.75 -0.1BGC Partners BGCP 5.98 ...B RileyFin RILY 73.00 1.0BallantyneStrong BTN 4.71 -0.7BcoSantMex BSMX 5.79 -0.4BankofCommerce BOCH 13.54 5.0Barclays BCS 10.57 -0.6Berkley WRB 80.77 1.1BerkHathwy A BRK.A 410748 -0.7BioNTech BNTX 156.81 -1.4BoiseCascade BCC 68.99 -0.1BostonBeer SAM 1308.03 -0.6Braskem BAK 19.00 6.7BrookfieldMgt BAM 46.69 -0.7BrookfieldInfr BIP 55.54 -0.6Brooks Auto BRKS 104.40 -4.3BuildersFirstSrc BLDR 50.48 ...Bunge BG 83.89 -0.5BurgundyTechWt BTAQW 1.02 -4.6CBRE Group CBRE 82.52 0.6CM Life II Wt CMIIW 2.91 29.9CSW Industrials CSWI 142.46 -1.2CamdenProperty CPT 117.15 0.9CanNtlRlwy CNI 119.61 -0.5Cantaloupe CTLP 12.99 1.6CapitalBancorp CBNK 21.97 6.0CapitalaFinNts22 CPTAG 24.75 0.2CarecloudPfdA MTBCP 29.39 0.7Carlisle CSL 177.98 1.1Carlyle CG 39.99 0.3CarrierGlobal CARR 44.65 ...CasellaWaste CWST 67.93 0.7CaseysGenStores CASY 224.68 0.4CedarRealtyPfC CDRpC 24.67 0.7CharlesRiverLabs CRL 324.96 0.4ChinaGreenAg CGA 17.73 28.3

52-Wk %Stock Sym Hi/Lo Chg

ChunghwaTel CHT 40.84 0.4CtznCmntyBcp CZWI 14.79 2.6CocaColaCon COKE 312.00 1.5Coca-Cola Euro CCEP 55.67 0.4ComfortSystems FIX 81.52 0.4CiaSiderurgica SID 8.59 -0.4Concentrix CNXC 157.79 1.1ConcretePumping BBCP 8.09 -3.1Core-Mark CORE 43.99 -2.2Corning GLW 46.63 0.6Cricut CRCT 24.40 16.7CrossAmerPtrs CAPL 19.95 0.7CrownCastle CCI 180.96 0.6CubeSmart CUBE 41.16 1.1DHC Acqn DHCAU 10.07 0.3DellTechC DELL 103.80 2.0Diageo DEO 181.00 1.0Dick's DKS 85.70 -0.1Domtar UFS 40.34 -1.2DonegalGroup B DGICB 16.36 0.3DonegalGroup A DGICA 16.48 -0.2DonnelleyFin DFIN 31.31 -1.2DukeRealty DRE 44.85 0.8DynagasLNG PfdB DLNGpB 23.75 1.1DynexCapital DX 19.99 -0.7EagleBulkShip EGLE 41.12 9.7EasternBankshares EBC 20.52 -0.9EastGroup EGP 153.60 1.0eBay EBAY 65.11 -1.8Enbridge ENB 37.58 0.2EnerTransferPfdD ETpD 25.50 2.1EnerTransferPfdE ETpE 25.67 1.7EnerTransferPfC ETpC 24.91 1.3EssentGroup ESNT 50.00 1.7ExtraSpaceSt EXR 144.12 0.9Ferguson FERG 131.14 0.9FifthThirdPfdB PNFPP 29.24 0.8FigureAcqnI A FACA 10.55 -2.2FirstBancshares FBMS 38.50 -0.5FirstEagleAltCap FCRD 4.31 0.5FirstIndRlty FR 48.97 0.9FirstRepBank FRC 180.98 -2.2FlexLNG FLNG 12.15 3.1FlirSystems FLIR 58.77 0.1

52-Wk %Stock Sym Hi/Lo Chg

Monday, April 19, 2021

Floor&Decor FND 114.41 ...FortressTechPfdB FTAIpB 26.22 -0.9FortressTransPfC FTAIpC 27.31 0.6FortressValueIV FVIV.U 10.10 0.1FullerHB FUL 67.84 0.7GencoShipping GNK 12.63 7.4GeneralFinNts25 GFNSZ 27.88 1.6GeneralFin GFN 19.30 0.1Gerdau GGB 5.94 0.7GladstoneCap GLAD 10.85 0.7GladstoneInvt GAIN 14.15 0.2GladstoneLand LAND 21.78 -0.3GlbNetLeasePfdB GNLpB 26.28 0.5GlobalPtrsPfdA GLPpA 28.28 1.2GlobalPtrsPfdB GLPpB 27.17 1.8GlobeLife GL 105.05 -0.1GoldenOcean GOGL 8.13 6.1GoldenbridgeAcqn GBRGU 10.57 0.9GoldenbridgeWt GBRGW 0.35 -16.7GoldenbridgeAcqn GBRG 9.90 1.0GoresVII Wt GSEVW 10.09 -13.4GrandCanyonEduc LOPE 115.96 -1.5GreatAjaxNts24 AJXA 25.41 -1.2Greenhill GHL 19.37 1.5GuarantyBcshrs GNTY 39.99 0.3H&E Equipment HEES 39.34 -1.3HCA Healthcare HCA 197.25 -1.0HarborOneBncp HONE 15.07 7.6HarleyDavidson HOG 46.44 9.7HealthpeakProp PEAK 33.39 0.3HighlandGlbAlloc HGLB 8.96 0.6HomeDepot HD 328.83 -0.4DR Horton DHI 96.91 -0.7HoughtonMifflin HMHC 8.43 -0.7HuntingIngalls HII 210.74 0.9ICL Group ICL 6.51 ...IHS Markit INFO 104.23 -0.4IQVIA IQV 218.33 0.3Identiv INVE 15.14 5.3IndepRealty IRT 16.47 0.2Ingredion INGR 94.37 -0.2InstalledBldg IBP 133.23 0.3IntegraLifeSci IART 73.58 0.8IntlFlavors IFF 143.18 ...IntlPaper IP 57.67 -0.3InvitatHomes INVH 33.70 0.9JELD-WEN JELD 31.33 -1.6JMP 6.875% Nts JMPNZ 25.08 0.2JackintheBox JACK 121.64 3.0JamesHardie JHX 33.84 0.5KB Home KBH 50.16 -1.0KKR Pfd C KKRpC 72.32 0.3KenonHoldings KEN 34.54 3.3KeurigDrPepper KDP 36.30 0.3

52-Wk %Stock Sym Hi/Lo Chg

Knoll KNL 23.46 35.2KnotOffshore KNOP 19.25 1.8KoninklijkePhil PHG 60.97 -0.3KontoorBrands KTB 64.43 -1.7KronosWorldwide KRO 17.30 2.4LGI Homes LGIH 170.47 0.8LSB Inds LXU 6.42 0.6LabCpAm LH 263.62 -0.6LargoResources LGO 17.37 6.7LennoxIntl LII 336.50 0.5LeviStrauss LEVI 29.28 -2.6LifeStorage LSI 93.31 1.8LiveOakBcshs LOB 72.64 -0.5LloydsBanking LYG 2.43 0.8LouisianaPacific LPX 69.02 1.2MDU Rscs MDU 33.04 0.5MainStreetCap MAIN 42.49 0.4MarlinBusSvcs MRLN 22.90 50.7MaverixMetals MMX 6.11 2.7Maximus MMS 95.73 0.9MercuryGeneral MCY 66.38 -0.3MetLife MET 63.60 ...MettlerToledo MTD 1288.09 -0.4Microsoft MSFT 261.48 -0.8MidAmApt MAA 152.31 0.5MolinaHealthcare MOH 255.49 1.7MonsterBev MNST 98.49 -0.3Moody's MCO 324.24 -0.4NatlStorage NSA 43.31 1.5NatWest NWG 5.56 0.2Navient NAVI 15.09 1.0Neogen NEOG 95.65 0.7NewHome NWHM 6.47 2.9NexPointResidentl NXRT 49.39 0.9NomadFoods NOMD 29.41 0.9OReillyAuto ORLY 539.82 0.6OasisPetrol OAS 72.75 0.6OneLiberty OLP 24.50 -0.4Oppenheimer A OPY 45.44 1.2Oracle ORCL 80.21 -0.3OwensCorning OC 97.90 0.2POSCO PKX 79.48 1.9PPD PPD 46.49 -0.2Pentair PNR 64.58 0.3PetIQ PETQ 41.15 5.8PhilipMorris PM 93.43 -1.3PortlandGenElec POR 50.77 0.3PostHoldings POST 111.53 0.6PotlatchDelt PCH 62.49 0.2PreferredBankLA PFBC 69.09 -0.1Primerica PRI 163.69 -0.2ProspectCapital PSEC 8.10 -0.6PrudentialFin PRU 99.87 -0.3PublicStorage PSA 270.52 1.3

52-Wk %Stock Sym Hi/Lo Chg

RELX RELX 27.06 -0.2RH RH 643.97 1.1RR Donnelley RRD 5.30 6.4Rayonier RYN 37.31 0.5RealtyIncome O 67.44 0.5ResoluteForest RFP 16.67 7.8RexfordIndlRealty REXR 55.25 0.8RichmondMutBncp RMBI 14.63 0.4Rogers ROG 202.39 -0.1RoyalBkCanada RY 95.14 -0.7SLM SLM 19.59 0.9SLR Sr Invt SUNS 16.41 0.7SVB Fin PfdA SIVBP 27.42 -0.7SafeBulkersPfdC SBpC 25.28 -0.3SantanderCons SC 31.49 0.2Sasol SSL 16.70 1.2Seagate STX 83.17 0.3SempraEnergy SRE 139.57 0.1SendasDistrib ASAI 14.68 1.9SilganHoldings SLGN 43.74 0.4SimonPropA SPGS 10.32 -0.2SlamA SLAM 9.99 -0.3Smucker SJM 132.68 0.3SnapOn SNA 237.54 0.2SpartanAcqnIII Wt SPAQ.WS 1.41 -4.5StanleyBlackDck SWK 207.45 0.2Stantec STN 47.56 0.3Starbucks SBUX 118.98 -0.6SteelDynamics STLD 52.72 -0.6SteelPtrsPfdA SPLPpA 21.90 1.9SteelPartners SPLP 20.90 9.6Steris STE 209.20 0.2SunComms SUI 159.02 0.6SunLifeFinancial SLF 52.61 0.3Sunoco SUN 34.00 -0.6Synnex SNX 126.55 1.6Tegna TGNA 21.52 -2.5Target TGT 210.86 ...Textron TXT 60.00 0.9TioTechA TIOAU 10.07 0.6TractorSupply TSCO 184.49 1.1TraneTech TT 172.80 0.2TritonIntlPfdB TRTNpB 27.99 -0.1TuataraCapA TCAC 10.12 3.0TysonFoods TSN 79.27 -0.5UFP Inds UFPI 81.90 -1.4UMH Prop UMH 20.18 0.6UMH PropPfdD UMHpD 25.48 ...UnionBankshares UNB 32.99 3.9UniversalHealthB UHS 147.28 -0.1VICI Prop VICI 30.14 -0.2Vale VALE 19.72 -0.5Valhi VHI 26.70 -6.0Valvoline VVV 28.71 4.2

52-Wk %Stock Sym Hi/Lo Chg

Vericel VCEL 63.54 -6.6VillageBank&Tr VBFC 44.00 -1.1VMware VMW 172.00 3.6VulcanMatls VMC 177.10 0.6WPP WPP 68.34 0.2WasteConnections WCN 117.13 -0.3Watsco WSO 286.94 -0.2WellsFargo WFC 44.40 0.1WestFraserTimber WFG 88.48 -0.7WestPharmSvcs WST 317.19 0.9WestAllianceBcp WAL 104.85 1.9WesternUnion WU 26.24 1.0WestRock WRK 54.99 -0.8Weyerhaeuser WY 39.78 -1.1Wiley A JW.A 57.60 -1.3Wiley B JW.B 57.43 -1.0Winmark WINA 199.65 1.6ZimIntShipping ZIM 33.42 -1.2ZebraTech ZBRA 518.66 -0.8Zhihu ZH 9.83 -0.7

LowsADMA Biologics ADMA 1.56 -0.6AST Space ASTS 7.12 -8.5AVROBIO AVRO 9.94 -0.9Adagene ADAG 12.67 -0.4AffirmHldgs AFRM 65.16 -5.3Akoya AKYA 22.60 -11.8AlkamiTech ALKT 40.03 -1.3AltimarAcqnIIWt ATMR.WS 0.92 -10.7AmericasTechWt ATA.WS 0.42 -10.6ApolloStratII Wt APGB.WS 0.91 -13.0Applovin APP 55.71 -3.5ArctosNorthWt ANAC.WS 1.01 -20.5ArctosNorthA ANAC 9.44 -0.5AscendisPharma ASND 119.11 -0.3AssemblyBiosci ASMB 4.07 -4.2AtlasCrestInvtWt ACIC.WS 1.08 -12.1AuburnNatlBncp AUBN 35.67 -3.7Auddia AUUDW 0.41 -22.9AuriniaPharm AUPH 11.92 -3.2BM Tech BMTX 9.42 -3.4BeyondSpring BYSI 9.31 -2.8BreezeHldgsWt BREZW 0.55 -10.3BridgetownWt BTWNW 2.17 -14.2BrooklineCapWt BCACW 1.25 -8.6CF Acqn VI Wt CFVIW 0.70 ...CovaAcqnWt COVAW 0.57 -9.2CYREN CYRN 0.60 -2.7CapitolInvV Wt CAP.WS 1.11 -4.0CheckmatePharm CMPI 6.12 -6.7ChemoCentryx CCXI 44.37 -3.7ChurchillVI Wt CCVI.WS 1.15 -8.4

52-Wk %Stock Sym Hi/Lo Chg

ChurchillVII Wt CVII.WS 1.02 -6.1CloopenGroup RAAS 10.06 -6.6CognyteSoftware CGNT 23.32 1.2ConcertPharm CNCE 4.17 -4.1ContextLogic WISH 11.82 -1.0ContraFect CFRX 3.84 -6.3Cuentas CUEN 2.75 -4.4DecarbonizaPlusA DCRB 9.93 -0.6DecibelTherap DBTX 9.28 -0.5EQ Health Wt EQHA.WS 0.43 -6.9EdgewiseTherap EWTX 23.56 -1.2EdocAcqnWt ADOCW 0.26 -1.3EnvlImpactWt ENVIW 0.70 -0.6EsportsTech EBET 18.65 -20.7FangddNetwork DUO 4.80 0.2FedNat FNHC 4.26 0.4FoghornTherap FHTX 10.50 -6.34D Molecular FDMT 32.05 -0.6FusionPharm FUSN 8.09 2.8GBS GBS 4.11 -10.3GenieEnergy GNE 5.72 -3.0GigCapital3Un GIK.U 9.63 -5.8GigCapital3 GIK 8.40 -7.0GlobalIntPpl SDH 2.96 -1.6GlbPtrII Wt GPACW 0.79 -0.1GoldenbridgeWt GBRGW 0.20 -16.7GoresVII Wt GSEVW 1.75 -13.4GrowthCapWt GCACW 0.43 -2.0Gyrodyne GYRO 13.70 -3.4Haemonetic HAE 74.10 -36.2HelixAcqn HLXA 10.08 -0.9HomologyMed FIXX 6.41 -5.0HorizonTechNts26 HTFB 25.50 -0.4HothTherap HOTH 1.41 -7.6Hyliion HYLN 8.37 -3.8Imara IMRA 6.61 0.4InhibikaseTherap IKT 5.11 -1.0InMedPharm INM 2.74 -8.4IonisPharma IONS 39.17 -2.1KinsTechWt KINZW 0.60 6.2KaryopharmTherap KPTI 9.22 -4.9KronosBio KRON 19.87 -6.7Lannett LCI 4.54 3.6LefterisAcqnWt LFTRW 0.91 -11.6LixteBiotech LIXT 2.38 -9.4LongboardPharm LBPH 10.01 -12.9LordstownMotors RIDE 8.90 -8.2LuciraHealth LHDX 7.25 -4.8MDH Acqn Wt MDH.WS 0.45 -1.9MediciNova MNOV 4.32 -0.2MedicusSciWt MSACW 0.67 -4.4Metacrine MTCR 4.06 -5.8MillendoTherap MLND 0.96 -2.0

52-Wk %Stock Sym Hi/Lo Chg

MontaukRenew MNTK 9.26 -4.5MotionAcqnWt MOTNW 0.70 -11.1NGL Energy NGL 1.92 -3.4NeuBaseTherap NBSE 5.78 -2.3NeuroBoPharm NRBO 3.06 -3.4NewVistaAcqnWt NVSAW 0.77 -9.4Nikola NKLA 10.20 -6.3NovusCapII Wt NXU.WS 0.92 -4.2NuvveHolding NVVE 8.24 -0.4NuZee NUZE 3.12 -8.7ON24 ONTF 41.34 -4.3OscarHealth OSCR 22.50 -3.9PainReform PRFX 2.85 13.9PatriaInvts PAX 15.30 0.3PluristemTherap PSTI 4.03 -5.5PrimeImpactIWt PIAI.WS 0.75 -8.0Progenity PROG 3.03 -5.6PropSolnsII Wt PSAGW 0.87 -8.3Quhuo QH 4.80 -4.1RaMedicalSys RMED 3.61 1.6ReproMedSys KRMD 2.70 -6.3RevolutionAccelWt RAACW 1.31 -13.6RomeoPower RMO 7.63 -8.2Root ROOT 10.05 -8.2RosecliffAcqnIWt RCLFW 0.62 -8.5SigilonTherap SGTX 15.54 -5.7SkillfulCrafts EDTK 2.31 -5.4SlamA SLAM 9.35 -0.3SportsTekAcqnWt SPTKW 0.53 -14.5SpringValleyWt SVSVW 0.76 1.0StealthBioTher MITO 1.07 -3.6SunlandsTech STG 0.85 2.0SupernovaPtrsA SPNV 9.86 -0.4SwitchbackII Wt SWBK.WS 1.50 -7.4SyrosPharm SYRS 5.75 -5.6TCV Acqn TCVA 10.05 0.6TD Holdings GLG 1.30 -3.7TSInnovA TSIA 9.95 0.4TailwindIntlWt TWNI.WS 0.65 -5.8TelecomArgentina TEO 4.85 -1.010XCapVentureA VCVC 9.80 -0.6TurmericAcqnWt TMPMW 0.60 -9.5VyneTherap VYNE 4.98 -4.2Vaxcyte PCVX 17.41 -3.5VectivBio VECT 15.25 -5.4VesperHlthcrA VSPR 9.75 -1.4VinciPartnersInvt VINP 11.96 -0.3VirpaxPharm VRPX 3.96 -1.4VirtuosoAcqnWt VOSOW 0.48 -5.3VisionMarineTech VMAR 6.05 -3.0VoyagerTherap VYGR 4.35 -2.0WindtreeTherap WINT 2.01 0.5XL Fleet XL 6.19 -0.2Zymeworks ZYME 27.25 -9.5

52-Wk %Stock Sym Hi/Lo Chg

New Highs and Lows | WSJ.com/newhighs

The following explanations apply to the New York Stock Exchange, NYSE Arca, NYSE Americanand Nasdaq Stock Market stocks that hit a new 52-week intraday high or low in the latestsession. % CHG-Daily percentage change from the previous trading session.

iShCoreS&PMC IJH 269.93 –0.53 17.4iShCoreS&PSC IJR 109.65 –1.01 19.3iShS&PTotlUSStkMkt ITOT 95.70 –0.56 11.0iShCoreUSAggBd AGG 114.45 –0.08 –3.2iShSelectDividend DVY 117.20 –0.47 21.9iShESGAwareUSA ESGU 95.23 –0.57 10.7iShEdgeMSCIMinUSA USMV 71.98 –0.30 6.0iShEdgeMSCIUSAMom MTUM 172.54 –1.39 7.0iShEdgeMSCIUSAQual QUAL 127.03 –0.44 9.3iShEdgeMSCIUSAVal VLUE 104.18 –0.67 19.9iShGoldTr IAU 16.87 –0.24 –6.9iShiBoxx$InvGrCpBd LQD 130.73 –0.26 –5.4iShiBoxx$HYCpBd HYG 87.16 –0.16 –0.2iShJPMUSDEmgBd EMB 111.14 –0.07 –4.1iShMBSETF MBB 108.61 0.02 –1.4

Closing Chg YTDETF Symbol Price (%) (%)

ARKInnovationETF ARKK 120.44 –3.17 –3.3CommSvsSPDR XLC 76.41 –0.56 13.2CnsmrDiscSelSector XLY 177.85 –1.12 10.6EnSelectSectorSPDR XLE 48.35 –0.10 27.6FinSelSectorSPDR XLF 35.30 –0.28 19.7HealthCareSelSect XLV 121.51 0.02 7.1IndSelSectorSPDR XLI 100.72 –0.42 13.7InvscQQQI QQQ 338.88 –0.92 8.0InvscS&P500EW RSP 146.46 –0.47 14.8iShCoreDivGrowth DGRO 49.95 –0.34 11.4iShCoreMSCIEAFE IEFA 75.36 –0.12 9.1iShCoreMSCIEM IEMG 65.51 –0.27 5.6iShCoreMSCITotInt IXUS 72.78 –0.32 8.3iShCoreS&P500 IVV 416.84 –0.49 11.0

Closing Chg YTDETF Symbol Price (%) (%)

Monday, April 19, 2021 iShMSCIACWI ACWI 99.27 –0.41 9.4iShMSCI EAFE EFA 79.15 –0.18 8.5iShMSCI EAFESC SCZ 75.60 –0.01 10.6iShMSCIEmgMarkets EEM 54.15 –0.37 4.8iShMSCIJapan EWJ 69.29 –0.96 2.6iShNatlMuniBd MUB 116.94 –0.02 –0.2iSh1-5YIGCorpBd IGSB 54.71 –0.04 –0.8iShPfd&Incm PFF 38.72 –0.39 0.5iShRussell1000Gwth IWF 259.31 –0.80 7.5iShRussell1000 IWB 234.67 –0.58 10.8iShRussell1000Val IWD 156.13 –0.34 14.2iShRussell2000 IWM 221.73 –1.30 13.1iShRussell2000Val IWN 160.95 –0.80 22.2iShRussellMid-Cap IWR 76.88 –0.77 12.2iShRussellMCValue IWS 112.92 –0.39 16.5iShS&P500Growth IVW 69.49 –0.66 8.9iShS&P500Value IVE 145.09 –0.35 13.3iShShortTreaBd SHV 110.51 ... –0.0

Closing Chg YTDETF Symbol Price (%) (%)

iShSilver SLV 23.98 –0.46 –2.4iShTIPSBondETF TIP 126.26 –0.17 –1.1iSh1-3YTreasuryBd SHY 86.25 –0.01 –0.2iSh7-10YTreasuryBd IEF 114.17 –0.10 –4.8iSh20+YTreasuryBd TLT 138.86 –0.29 –12.0iShRussellMCGrowth IWP 107.44 –1.23 4.7iShUSTreasuryBdETF GOVT 26.36 –0.04 –3.2JPMUltShtIncm JPST 50.73 0.01 –0.1PIMCOEnhShMaturity MINT 101.94 –0.02 –0.1SPDRBloomBar1-3MTB BIL 91.49 –0.01 –0.0SPDRGold GLD 165.89 –0.28 –7.0SchwabIntEquity SCHF 39.23 –0.25 8.9SchwabUSBrdMkt SCHB 101.03 –0.60 11.0SchwabUSDiv SCHD 74.85 –0.45 16.7SchwabUSLC SCHX 100.79 –0.57 10.8SchwabUSLCGrw SCHG 139.47 –0.76 8.6SchwabUSSC SCHA 101.06 –1.09 13.6SchwabUSTIPs SCHP 61.55 –0.16 –0.9

Closing Chg YTDETF Symbol Price (%) (%)

SPDRDJIATr DIA 340.75 –0.32 11.4SPDRS&PMdCpTr MDY 493.25 –0.54 17.5SPDRS&P500 SPY 415.21 –0.49 11.1SPDRS&PDiv SDY 121.42 –0.02 14.6TechSelectSector XLK 142.11 –0.83 9.3VanEckGoldMiner GDX 35.79 –0.67 –0.6VangdInfoTech VGT 382.84 –0.94 8.2VangdSCVal VBR 169.65 –0.56 19.3VangdExtMkt VXF 181.77 –1.08 10.4VangdSCGrwth VBK 281.09 –1.52 5.0VangdDivApp VIG 152.37 –0.46 7.9VangdFTSEDevMk VEA 51.22 –0.29 8.5VangdFTSEEM VWO 52.67 –0.21 5.1VangdFTSEEurope VGK 66.71 0.06 10.7VangdFTSEAWxUS VEU 62.78 –0.27 7.6VangdGrowth VUG 274.16 –0.84 8.2VangdHlthCr VHT 236.89 –0.38 5.9

Closing Chg YTDETF Symbol Price (%) (%)

VangdHiDiv VYM 103.16 –0.41 12.7VangdIntermBd BIV 89.03 –0.08 –4.1VangdIntrCorpBd VCIT 93.56 –0.07 –3.7VangdLC VV 194.36 –0.56 10.6VangdMC VO 229.30 –0.74 10.9VangdMCVal VOE 138.39 –0.46 16.3VangdMBS VMBS 53.57 –0.02 –0.9VangdRealEst VNQ 96.31 0.20 13.4VangdS&P500ETF VOO 381.74 –0.49 11.1VangdSTBond BSV 82.26 ... –0.8VangdSTCpBd VCSH 82.56 ... –0.8VangdSC VB 219.37 –1.01 12.7VangdTotalBd BND 85.17 –0.06 –3.4VangdTotIntlBd BNDX 57.07 –0.14 –2.5VangdTotIntlStk VXUS 64.95 –0.31 8.0VangdTotalStk VTI 215.73 –0.65 10.8VangdTotlWrld VT 101.37 –0.45 9.5VangdValue VTV 135.02 –0.24 13.5

Closing Chg YTDETF Symbol Price (%) (%)

Exchange-Traded Portfolios | WSJ.com/ETFresearch

Largest 100 exchange-traded funds, latest session

P2JW110000-0-B00900-1--------XA

B10 | Tuesday, April 20, 2021 * THEWALL STREET JOURNAL.

Net YTDFund NAV Chg %Ret

American Century InvUltra 81.32 -0.65 7.1American Funds Cl AAmcpA p 42.76 -0.37 9.3AMutlA p 49.32 -0.19 11.0BalA p 32.02 -0.16 6.4BondA p 13.43 -0.01 -2.2CapIBA p 67.45 -0.14 7.7CapWGrA 64.26 -0.20 8.5EupacA p 71.48 -0.19 3.1FdInvA p 76.18 -0.57 10.4GwthA p 72.63 -0.72 7.5ICAA p 49.12 -0.26 10.9IncoA p 25.43 -0.07 8.7N PerA p 64.82 -0.43 7.2NEcoA p 62.60 -0.49 5.2NwWrldA 91.69 -0.26 4.3SmCpA p 86.22 -0.68 8.4TxExA p 13.66 ... 0.9WshA p 55.98 -0.31 12.0Artisan Funds

Net YTDFund NAV Chg %Ret

IntlVal Inst 44.91 +0.01 NABaird FundsAggBdInst 11.42 ... -2.5CorBdInst 11.79 -0.02 -2.4BlackRock FundsHiYBlk 7.83 -0.01 1.8HiYldBd Inst 7.82 -0.01 1.8BlackRock Funds AGlblAlloc p 22.58 -0.06 5.3BlackRock Funds InstEqtyDivd 23.29 -0.04 15.1StratIncOpptyIns 10.35 -0.02 0.5Bridge Builder TrustCoreBond 10.47 -0.01 -2.4CorePlusBond 10.34 -0.01 -1.9Intl Eq 14.45 -0.05 8.2LargeCapGrowth 22.39 -0.16 8.8LargeCapValue 16.88 -0.06 15.1Calamos FundsMktNeutI 14.17 -0.02 2.0Columbia Class I

Net YTDFund NAV Chg %Ret

DivIncom I 28.76 -0.15 11.9Dimensional Fds5GlbFxdInc 10.91 ... 0.2EmgMktVa 31.92 +0.08 11.6EmMktCorEq 26.17 -0.06 7.9IntlCoreEq 16.12 -0.02 10.8IntSmCo 22.54 +0.02 11.3IntSmVa 21.57 +0.01 12.8LgCo 31.23 -0.17 11.3TAUSCoreEq2 26.14 -0.16 14.0US CoreEq1 33.58 -0.21 13.5US CoreEq2 30.83 -0.19 14.6US Small 46.30 -0.44 20.8US SmCpVal 44.38 -0.33 29.1US TgdVal 30.09 -0.20 28.0USLgVa 43.99 -0.17 17.7Dodge & CoxBalanced 112.77 -0.03 12.7GblStock 15.39 -0.01 15.7Income 14.24 -0.01 -1.7Intl Stk 48.37 +0.08 10.7

Mutual Funds Net YTDFund NAV Chg %Ret

Net YTDFund NAV Chg %Ret

Net YTDFund NAV Chg %Ret

Net YTDFund NAV Chg %Ret

Net YTDFund NAV Chg %Ret

Net YTDFund NAV Chg %Ret

Net YTDFund NAV Chg %Ret

Top 250 mutual-funds listings for Nasdaq-published share classes by net assets.

e-Ex-distribution. f-Previous day’s quotation. g-Footnotes x and s apply. j-Footnotes eand s apply. k-Recalculated by Lipper, using updated data. p-Distribution costs apply,12b-1. r-Redemption charge may apply. s-Stock split or dividend. t-Footnotes p and rapply. v-Footnotes x and e apply. x-Ex-dividend. z-Footnote x, e and s apply. NA-Notavailable due to incomplete price, performance or cost data. NE-Not released by Lipper;data under review. NN-Fund not tracked. NS-Fund didn’t exist at start of period.

Data provided by

Stock 228.80 -0.16 20.1DoubleLine FundsTotRetBdI 10.54 ... NAEdgewood Growth InstitutiEdgewoodGrInst 56.44 -0.39 9.0Fidelity500IdxInstPrem144.50 -0.77 11.3Contrafund K6 20.39 -0.15 8.0ExtMktIdxInstPre 87.12 -1.10 10.8FidSerToMarket 14.30 -0.10 11.2IntlIdxInstPrem 49.17 +0.01 8.0MidCpInxInstPrem 30.38 -0.22 12.5SAIUSLgCpIndxFd 21.85 -0.12 11.3SeriesBondFd 10.44 -0.01 -2.7SeriesOverseas 13.31 -0.02 7.3SmCpIdxInstPrem 28.31 -0.39 13.3TMktIdxInstPrem119.66 -0.80 11.2USBdIdxInstPrem 12.04 -0.01 -2.8Fidelity Advisor INwInsghtI 39.94 -0.35 8.4Fidelity FreedomFF2020 17.93 -0.05 4.5FF2025 16.26 -0.05 5.2FF2030 20.46 -0.08 6.1FF2035 17.91 -0.09 8.1FF2040 12.86 -0.07 9.4Freedom2025 K 16.23 -0.06 5.3Freedom2030 K 20.45 -0.08 6.2Freedom2035 K 17.89 -0.08 8.1Freedom2040 K 12.86 -0.07 9.4Fidelity InvestBalanc 30.44 -0.18 7.9BluCh 177.03 -2.22 8.6Contra 17.77 -0.14 8.4

ContraK 17.81 -0.14 8.4CpInc r 11.22 -0.04 5.6GroCo 35.52 -0.48 8.1GrowCoK 35.62 -0.48 8.1InvGrBd 11.61 -0.01 -2.0LowP r 57.24 -0.15 17.7Magin 13.92 -0.14 6.7NASDAQ r 174.97 -1.73 8.1OTC 19.15 -0.21 9.3Puritn 28.09 -0.17 8.2SrsEmrgMkt 25.97 -0.18 4.0SrsGlobal 15.38 -0.02 7.3SrsGroCoRetail 24.68 -0.33 8.4SrsIntlGrw 18.85 -0.10 6.0SrsIntlVal 11.27 -0.01 11.7TotalBond 11.04 -0.01 -1.9Fidelity SAITotalBd 10.50 -0.01 -1.7Fidelity SelectsSoftwr r 28.88 -0.28 8.1Tech r 27.10 -0.41 6.7First Eagle FundsGlbA 66.10 -0.28 7.9Franklin A1CA TF A1 p 7.80 ... 0.5IncomeA1 p 2.48 ... 9.6FrankTemp/Frank AdvIncomeAdv 2.46 ... 9.7FrankTemp/Franklin AGrowth A p 144.97 -1.43 7.0RisDv A p 86.79 -0.33 8.4Guggenheim Funds TruTotRtnBdFdClInst 28.68 -0.08 -2.6Harbor Funds

CapApInst 107.95 -1.53 3.6Harding LoevnerIntlEq 29.51 -0.17 3.8Invesco Funds YDevMktY 55.55 -0.41 3.9John Hancock InstlDispValMCI 27.39 -0.11 17.5JPMorgan I ClassCoreBond 11.96 -0.01 -2.1EqInc 22.11 -0.08 12.6JPMorgan R ClassCoreBond 11.98 -0.01 -2.1Lord Abbett AShtDurIncmA p 4.21 ... 0.7Lord Abbett FShtDurIncm 4.21 ... 0.8Metropolitan WestTotRetBdI 10.90 -0.01 -2.1TRBdPlan 10.22 -0.01 -2.2MFS Funds Class IGrowth I 173.55 -1.68 7.3ValueI 50.50 -0.15 12.4MFS Funds InstlIntlEq 32.51 +0.08 6.1Northern FundsStkIdx 46.59 -0.25 11.3Old Westbury FdsLrgCpStr 18.48 -0.11 7.8Parnassus FdsParnEqFd 59.83 -0.47 11.6PGIM Funds Cl ZHighYield 5.56 -0.01 2.5TotalReturnBond NA ... NAPIMCO Fds Instl

AllAsset 13.06 ... NATotRt 10.30 -0.01 -2.2PIMCO Funds AIncomeFd 12.05 -0.01 NAPIMCO Funds I2Income 12.05 -0.01 NAPIMCO Funds InstlIncomeFd 12.05 -0.01 NAPrice FundsBlChip 177.34 -1.41 7.1DivGro 65.46 -0.23 9.3EqInc 36.38 -0.11 16.8Growth 105.27 -0.73 8.6HelSci 101.18 -0.62 2.4LgCapGow I 67.39 -0.44 10.1MidCap 120.81 -1.02 6.8NHoriz 84.82 -0.89 3.1R2020 24.00 -0.07 5.5R2025 20.61 -0.07 6.4R2030 30.57 -0.12 7.5R2035 23.03 -0.10 8.4R2040 33.25 -0.16 9.3PRIMECAP Odyssey FdsAggGrowth r 57.75 -0.73 7.6Schwab Funds1000 Inv r 92.52 -0.59 NAS&P Sel 63.92 -0.34 NATSM Sel r 73.92 -0.49 NAVANGUARD ADMIRAL500Adml 384.49 -2.05 11.3BalAdml 46.41 -0.20 5.5CAITAdml 12.32 +0.01 0.3CapOpAdml r198.63 -1.59 11.9DivAppIdxAdm 41.33 -0.20 8.2

EMAdmr 43.65 -0.15 4.9EqIncAdml 89.02 -0.22 13.0ExplrAdml 132.00 -1.80 10.3ExtndAdml 137.77 -1.74 10.8GNMAAdml 10.69 +0.01 -0.3GrwthAdml 141.11 -1.20 8.3HlthCareAdml r 92.13 +0.05 2.9HYCorAdml r 5.95 ... 0.8InfProAd 28.09 -0.03 -0.6IntlGrAdml 166.79 -1.29 4.1ITBondAdml 12.07 -0.01 -3.2ITIGradeAdml 10.07 -0.01 -2.5LTGradeAdml 10.75 -0.04 -7.6MidCpAdml 283.70 -2.16 11.0MuHYAdml 12.05 ... 1.7MuIntAdml 14.84 ... 0.5MuLTAdml 12.23 ... 0.8MuLtdAdml 11.26 ... 0.4MuShtAdml 15.95 ... 0.2PrmcpAdml r174.78 -1.41 13.6RealEstatAdml136.49 +0.33 14.0SmCapAdml105.09 -1.02 13.0SmGthAdml 98.77 -1.54 5.1STBondAdml 10.78 ... -0.4STIGradeAdml 10.95 ... -0.2TotBdAdml 11.23 ... -2.7TotIntBdIdxAdm 22.83 -0.01 -2.2TotIntlAdmIdx r 34.85 -0.09 7.6TotStAdml 105.00 -0.70 11.2TxMCapAdml219.12 -1.29 11.2TxMIn r 16.45 -0.04 8.5USGroAdml 178.56 -2.64 5.1ValAdml 52.63 -0.16 14.0WdsrllAdml 79.47 -0.37 15.7WellsIAdml 69.98 -0.08 2.7

WelltnAdml 81.53 -0.18 7.1WndsrAdml 83.16 -0.19 16.5VANGUARD FDSDivdGro 35.77 -0.10 8.3INSTTRF2020 27.20 -0.07 3.6INSTTRF2025 28.71 -0.09 4.6INSTTRF2030 29.68 -0.11 5.5INSTTRF2035 30.59 -0.12 6.5INSTTRF2040 31.53 -0.14 7.4INSTTRF2045 32.39 -0.15 8.4INSTTRF2050 32.52 -0.15 8.5INSTTRF2055 32.60 -0.16 8.5IntlVal 43.86 -0.12 9.0LifeCon 23.11 -0.06 2.2LifeGro 43.15 -0.19 7.2LifeMod 33.13 -0.12 4.7PrmcpCor 33.54 -0.20 15.7STAR 32.78 -0.16 5.5TgtRe2015 16.06 -0.03 2.1TgtRe2020 35.52 -0.09 3.6TgtRe2025 22.52 -0.08 4.5TgtRe2030 42.79 -0.15 5.5TgtRe2035 26.85 -0.11 6.5TgtRe2040 47.55 -0.20 7.4TgtRe2045 30.55 -0.14 8.4TgtRe2050 49.30 -0.23 8.5TgtRet2055 53.52 -0.25 8.5TgtRetInc 15.14 -0.03 1.7TotIntBdIxInv 11.42 ... -2.2USGro 68.93 -1.01 5.0WellsI 28.89 -0.03 2.6Welltn 47.21 -0.11 7.1WndsrII 44.79 -0.20 15.7VANGUARD INDEX FDS

ExtndIstPl 339.97 -4.30 10.8IdxIntl 20.83 -0.06 7.6MdCpVlAdml 71.71 -0.27 16.9SmValAdml 72.89 -0.39 19.8TotBd2 11.07 -0.01 -2.9TotIntlInstIdx r139.36 -0.36 7.6TotItlInstPlId r139.40 -0.36 7.6TotSt 104.98 -0.69 11.2VANGUARD INSTL FDSBalInst 46.42 -0.20 5.5DevMktsIndInst 16.47 -0.04 8.5DevMktsInxInst 25.75 -0.06 8.6ExtndInst 137.76 -1.74 10.8GrwthInst 141.11 -1.21 8.3InPrSeIn 11.44 -0.01 -0.6InstIdx 363.84 -1.94 11.3InstPlus 363.85 -1.94 11.3InstTStPlus 81.99 -0.54 11.2MidCpInst 62.67 -0.48 11.0MidCpIstPl 309.08 -2.36 11.0SmCapInst 105.09 -1.02 13.0SmCapIstPl 303.32 -2.94 13.0STIGradeInst 10.95 ... -0.2STIPSIxins 25.96 ... 1.5TotBdInst 11.23 ... -2.7TotBdInst2 11.07 -0.01 -2.8TotBdInstPl 11.23 ... -2.7TotIntBdIdxInst 34.26 -0.02 -2.2TotStInst 105.02 -0.70 11.2ValueInst 52.63 -0.15 14.0WCM Focus FundsWCMFocIntlGrwIns 25.82 -0.19 4.3Western AssetCoreBondI 13.15 -0.01 NACorePlusBdI 12.05 -0.01 NA

Monday, April 19, 2021

Banks and companies want areference rate that reflects therisks from short-term lending,supported by a market thatbehaves in a predictable man-ner, to ensure that loans areaffordable for borrowers andprofitable for lenders.

The Alternative ReferenceRates Committee, a group oflarge banks and investmentfirms convened by the FederalReserve to find a substitute,selected SOFR in 2017. Butcorporations and banks havebeen slow to switch.

Loans tied to Libor havegrown over the past year in-stead of dwindling, sparkingwarnings from regulators.Around $223 trillion worth ofcontracts now reference Libor,compared with $199 trillion at

Failures to police moneylaundering procedures hit twomajor banks in Europe, deal-ing a further setback to a re-gion that has struggled to stopfinancial institutions fromserving as conduits for illicittransactions.

ABN Amro Group NV saidMonday that it had agreed topay around $575 million tosettle a criminal case accusingthe Dutch lender of violatingmoney-laundering and terror-ism-financing regulations re-peatedly for several years.

Also Monday, the head ofDenmark’s largest bank, Dan-ske Bank AS, resigned after hewas named as a suspect in theABN Amro case. Chris Vogel-zang was an ABN Amro boardmember before Danske hiredhim in 2019. He held variouspositions at ABN Amro from2000 to 2017, including ashead of global retail and pri-vate banking.

In stepping down from Dan-ske Bank, Mr. Vogelzang saidhe didn’t want speculationabout his role at ABN Amro toget in the way of the Danishbank’s cleanup. Danske hiredhim following a massivemoney-laundering scandal ofits own, disclosing in 2018that its tiny Estonian branchhad moved more than $230billion from Russia and otherformer Soviet states over sev-eral years, undetected.

“I left ABN Amro more thanfour years ago and am com-fortable with the fact that Imanaged my management re-sponsibilities with integrityand dedication,” Mr. Vogel-zang said.

In Monday’s settlement,Dutch prosecutors listed a se-ries of problems it found be-tween 2014 and 2020 at ABNAmro, which is more than 50%owned by the Dutch govern-ment. The prosecutors said

three former managers wereunder investigation in itsprobe, but didn’t disclose theirnames.

Prosecutors said the bankfailed to conduct proper dili-gence of clients and the originof their money and that docu-ments and data on customerswere missing and incomplete.It also said the bank paid littleattention to cash transactions,which tend to have higher riskof money laundering.

In one instance, ABN Amroallowed a person to open abank account in 2014—andgave the account a low-riskrating—even though it knewthe customer had been in-volved in fraud since 1995.Prosecutors said movementson the account didn’t fit theclients’ alleged business activ-ities, and there were cash de-posits using €500 notes,which were a risk factor formoney laundering. Police sus-pect the client worked for

criminal groups.“ABN Amro must have

missed many signs of moneylaundering and other forms offinancial and economic crimeover a number of years,” aprosecutor said.

In a statement, ABN Amrosaid it was taking measures toimprove its controls, includingby increasing the number ofemployees working to detectrisk. The bank said it “deeplyregrets the situation and rec-ognizes the seriousness of thematter.”

Europe’s overlapping juris-dictions have made it prone tomoney-laundering mishaps. Ithas often fallen to U.S. prose-cutors and regulators to en-force changes. The U.S. usedits purview over dollar trans-actions globally to effectivelyshut down Latvian bank ABLVin 2018 after it became a ha-ven for dirty money.

European authorities havetried to boost the continent’s

BANKING & FINANCE

power to fight money launder-ing, which is currently mostlydealt with on a domestic level.Discussions, however, havetaken a back seat because ofthe pandemic.

Dutch authorities have beenparticularly tough regardinganti-money-laundering en-forcement. In 2018, prosecu-tors fined ING Groep NV over$900 million for its money-laundering failings. That caseis still hanging over the newchief at UBS Group AG, RalphHamers, after a Dutch courtordered a probe into his rolein the scandal. Mr. Hamerswas ING’s CEO before movingto UBS in November.

Amsterdam-listed shares ofABN Amro closed up over 2%Monday on the settlement.Danske shares listed in Copen-hagen fell more than 2%. TheDanish bank said it had ap-pointed its chief risk officer,Carsten Egeriis, as chief exec-utive, replacing Mr. Vogelzang.

BY PATRICIA KOWSMANN

Launder Case Hits Banks

ABN Amro Group settled charges of legal violations for $575 million. Its headquarters in Amsterdam.

PETE

RBO

ER/B

LOOMBE

RGNEW

S

the end of 2016, according to areport from ARRC.

Chief financial officers andlenders said they need one-and three-month options, likethose offered by Libor, to mir-ror existing contracts andavoid complex calculations.Mr. Sandor said his newAmeribor Term-30 rate fitswithin existing bank models,giving it an edge over SOFR.

The new Ameribor rate isbased on short-term fundingdata collected by the Deposi-tory Trust and Clearing Cor-poration, which processestrades for Wall Street. Thatdata includes commercial pa-per—a market that reflects thecosts for companies to accessmoney for periods rangingfrom 30 to 270 days.

“Ameribor Term-30 is de-signed to be a ‘plug-in andplay’ replacement for one-month Libor, fostering an easytransition for operations andaccounting departments,” saidMr. Sandor.

Meanwhile, the committeeof banks and regulators behindSOFR said in March that itwouldn’t recommend longer-term SOFR rates for now be-cause the derivatives markethasn’t grown enough to sup-port a robust forward-lookingbenchmark.

SOFR is based on the costof transactions in the marketfor overnight repurchaseagreements, or repos, wherelarge banks and hedge fundsborrow or lend to one anotherusing U.S. Treasurys as collat-eral. Analysts and officialssaid SOFR proved resilient

during the pandemic-fueledmarket swings last year, whenswings in the bond marketforced Fed intervention. Butsome worry that without alarge secondary market for fu-tures and swaps, the newbenchmark could be prone tothe same manipulation thatupended Libor.

J. Christopher Giancarlo,former chairman of the Com-modity Futures Trading Com-mission, said in a webinarhosted by Mr. Sandor that hewas surprised regulators werepushing a single benchmark,especially one reflecting WallStreet’s borrowing costs in-stead of Main Street’s.

“The lack of choice is some-what striking—I find it oddthere is official sanction tomove to one benchmark, espe-cially for a market as diverseand complex as the U.S. bank-ing industry,” said Mr. Gian-carlo. “The problem with Liboris that we had one rate. Don’twe hazard the same risk?”

Pressure to make the switchis mounting. The Fed recentlywarned banks that they couldface regulatory consequencesif plans aren’t in place to moveaway from the benchmark be-fore it expires for someshorter-dated dollar rates onDec. 31. Smaller banks saidthey favor Ameribor becauseit reflects the cost of fundstrading in financial marketsfor banks that aren’t amongthe Fed’s exclusive tradingpartners—also known as pri-mary dealers. These smallerbanks typically don’t have ac-cess to repo markets.

Financial-industry pioneerRichard Sandor is ramping uphis efforts to compete in therace to replace the London in-terbank offered rate, whichhelps set borrowing costs oneverything from mortgages tobusiness loans.

Mr. Sandor—who helpedcreate interest-rate futures inthe 1970s and launched hisown replacement for the scan-dal-marred short-term inter-est-rate benchmark in 2019—isexpanding offerings to includeone-month and three-monthborrowing rates. Ameribor isset on the American FinancialExchange, which was foundedby Mr. Sandor and is wherebanks lend to each otherthrough mutual lines of credit.Some small and medium-sizelenders favor Ameribor be-cause it changes with theirfunding costs.

The benchmark poses achallenge to the Secured Over-night Financing Rate, the Li-bor alternative preferred bymany Wall Street banks andregulators and which currentlyonly offers an overnight rate.Major U.S. corporations andregional banks have beenclamoring for longer-termrates before they choose a newbenchmark.

Linked over decades to tril-lions of dollars of financialproducts such as mortgagesand corporate loans, Libor isslated for replacement by theend of 2021. Finding a substi-tute poses a major challengefor the financial industry.

BY JULIA-AMBRA VERLAINE

Libor Alternative Gains Strength

Richard Sandor

LYNDONFR

ENCH

FORTH

EWALL

STRE

ETJO

URN

AL

bard said.Whitehorse had a busy year

in 2020, deploying $3 billionin deals while more than dou-bling the size of the firm, interms of the number of peopleon board, to 85 professionals,Mr. Robard said.

Mr. Robard founded White-horse in 2015 and spent 13years at the Canada PensionPlan Investment Board, wherehe led secondaries and co-in-vestments when he left. Sinceits inception, Whitehorse hasraised more than $7.5 billionand deployed $6.3 billionacross 75 transactions, accord-ing to a news release.

The firm has raised succes-sively larger funds in quicksuccession. It collected $402million for Whitehorse Liquid-ity Partners I LP by the timeit closed in 2017, followed by$1 billion for Whitehorse Li-quidity Partners II LP, whichit wrapped up in 2018, andthen doubled that amountwith Whitehorse LiquidityPartners III.

As of Dec. 31, 2019, White-horse funds I, II and III pro-duced a blended net internalrate of return of 18.4%, accord-ing to the Pennsylvania pen-sion system document.

Whitehorse is targeting 10to 15 transactions for the newFund, ranging from $100 mil-lion to $500 million, mainly inNorth America or Europe, thePennsylvania pension docu-ment shows.

Other investors in previousWhitehorse funds include theMinnesota State Board of In-vestment and the Alaska Per-manent Fund Corp.

Secondary investor White-horse Liquidity Partners hascollected $4 billion for itsfourth fund, blowing past itstarget of $3 billion.

The fund, Whitehorse Li-quidity Partners IV LP, is dou-ble the size of its predeces-sor, which closed on $2billion in October 2019. Of thenew fund’s 112 investors, 66are new to Whitehorse, ac-cording to Yann Robard, thefirm’s founder and managingpartner.

Toronto-based Whitehorseinvests in preferred equitysecondary deals, purchasingpreferred securities in an un-derlying private-equity assetor portfolio, according to adocument from the Pennsyl-vania Public School Employ-ees’ Retirement System,which pledged $200 million tothe latest fund.

During disruptions from thecoronavirus pandemic, pre-ferred-equity transactions be-came “mainstream” and ac-counted for 14% of allsecondary transactions lastyear, up from 9% in 2019, ac-cording to a report from advi-sory firm Campbell Lutyens &Co. Buyers in these deals gotgreater downside protectionwhile borrowers took advan-tage of the speed and flexibil-ity provided by preferred eq-uity, the report said.

“The pandemic educatedthe market in terms of the dif-ferent solutions available inthe secondary markets, givingtailwinds to where this marketcan go in the future,” Mr. Ro-

BY PREETI SINGH

Whitehorse Raises$4 Billion for Fund

a two-month delay in the saledeadline, from May to July.

Unsecured creditors, includ-ing Ms. Ruckh, who accusedher former employer of over-billing Medicare and Medicaid,were unable to alter the direc-tion of the bankruptcy case.CMC II is planning to sell itselfand its litigation claims tied tothe whistleblower judgment toan affiliate of Consulate, whichis offering $3 million for theassets as well as providing a$5 million bankruptcy loan.

Judge John Dorsey of theU.S. Bankruptcy Court in Wil-mington, Del., on Friday ap-proved the company’s proce-dures for a competitive sale

process for CMC II, the litiga-tion claims and two nursinghomes that are part of thebankruptcy. Maitland, Fla.-basedConsulate, officially named La-Vie Care Centers, and its other138 healthcare facilities aren’tpart of the chapter 11.

The judge allowed CMC tokeep a May deadline for wrap-ping up the sale of the twobankrupt nursing-home opera-tors to the third-party bidder,Assisted 4 Living Inc.

Unsecured creditors arguedthat the goal of the sale ofCMC II and the litigationclaims is to shield Consulateaffiliates that aren’t in bank-ruptcy from having claims as-serted against them as well.

A bankrupt unit of nursing-home operator ConsulateHealth Care won court ap-proval to put itself up for sale,along with the rights to try tocollect on a $258 million whis-tleblower judgment against itsother nonbankrupt corporateaffiliates.

CMC II LLC, a back-officemanager for Consulate-runnursing homes, filed for bank-ruptcy in March along with twoaffiliated nursing homes, say-ing they couldn’t pay a $258million judgment they faced foroverbilling government healthprograms. CMC is now seekingto sell itself out of bankruptcy,and has named a Consulate af-filiate as the lead bidder afterit offered $3 million.

The assets up for sale in-clude CMC’s legal rights toseek compensation from itssolvent corporate affiliatesover the judgment that bank-rupted it. Litigation financiershave expressed interest in pur-chasing the legal claims, ac-cording to testimony by CMC’stop restructuring officer.

Lawyers for unsecuredcreditors, including the whis-tleblower who won the judg-ment, Angela Ruckh, are waryof the legal claims ending upin the hands of the lead bid-der. In court hearings onThursday and Friday, they saidthat putting CMC in the handsof a Consulate affiliate thathas not filed for bankruptcywould simply bury the judg-ment, which could otherwisebe asserted against other Con-sulate units.

By Friday, the only conces-sion won by Ms. Ruckh andother unsecured creditors was

BY SOMA BISWAS

Consulate Health UnitSeeks Buyer, Payout

Litigation financiershave expressedinterest in buyingthe legal claims.

P2JW110000-1-B01000-1--------XA

THEWALL STREET JOURNAL. * * * * * Tuesday, April 20, 2021 | B11

ing around 5.49%, comparedwith approximately 4.42% atthe end of December. Aspokesperson for the Russianfinance ministry couldn’t bereached for comment.

Russia has slid to the 18th-largest component of a widelyfollowed BlackRock Inc. ex-change-traded fund invested inemerging-market local-cur-rency bonds, from fifth in Oc-tober, according to marketingmaterials for the fund.

Demand for the ruble mightbe waning as a result of thesanctions. Heightened risk inRussia could have promptedinvestors to sell the currencylast week to buy the South Af-rican rand, according to re-search by Morgan Stanley. An-alysts at the bank changedtheir recommendation on Rus-sian interest-rate trades to“neutral” from “like” based onexpectations of a rate increaselater this month.

Investment banks werebullish on Russia coming into2021, in large part because ofactions its government hadtaken to defend against finan-cial pressure from the U.S. andEurope. Bank of Americaranked Russia as the best ofthe big emerging-marketcountries in a December re-port, citing its “large positivenet foreign assets, the lowestpublic debt, a small fiscal defi-cit and even a current accountsurplus—despite low oilprices.”

Oil is Russia’s biggest ex-port, and the price of Brentcrude has risen about 29% thisyear. Yet the country’s bondshave underperformed. That isprimarily because of potentialU.S. sanctions, said Tim Ash, abond strategist at London-based investment firm Blue-Bay Asset Management. Thenew restrictions set the stagefor a further ban on U.S. insti-

tutions’ trading Russian debtin secondary markets if ten-sion between Moscow andWashington intensifies, hesaid. “You have to expect moresanctions,” he said.

The U.S. has gradually re-stricted investors’ trading inRussian debt. The Trump ad-ministration imposed sanc-tions in 2018 barring U.S. enti-ties from buying debt of somecompanies and individualswith ties to the Kremlin in re-taliation for alleged electioninterference and hacking. Thefollowing year the ban was ex-panded to purchases of newRussian government bonds is-sued in foreign currencies,such as the dollar or euro.

The next step would be tostart limiting trading of exist-ing debt, Mr. Webster said. “Idon’t think chances of that arevery high right now, but it’stotally still on the table,” hesaid.

AUCTIONRESULTSHere are the results ofMonday's Treasury auctions.All bids are awarded at a single price at themarket-clearing yield. Rates are determined by the differencebetween that price and the face value.

13-Week 26-WeekApplications $157,473,442,400 $180,899,578,700Accepted bids $63,723,248,000 $60,369,110,200" noncomp $590,296,600 $443,758,300" foreign noncomp $244,000,000 $300,000,000Auction price (rate) 99.993681 99.979778

(0.025%) (0.040%)0.025% 0.041%

Bids at clearing yield accepted 3.48% 64.95%912796C49 912796G60

Both issues are datedApril 22, 2021. The 13-week billsmature on July 22, 2021; the 26-week billsmature onOct. 21, 2021.

may be trying to calm offshoremarket jitters in other ways.Last week, the Hong Kongbranch of a state-backed bankwas told by its head office inBeijing not to sell any more ofits holdings of Huarong’s off-shore bonds, a person familiarwith the matter said.

Chang Wei Liang, a macrostrategist at DBS Bank, said afull recovery in Huarong’sbond prices was unlikely. Hesaid market pricing suggested

10-year Russiangovernment bond yields

Source: FactSetNote: Data as of Friday

7.2

5.8

6.0

6.2

6.4

6.6

6.8

7.0

%

Jan. ’21 Feb. March April

sia’s bonds and its currencybucked the expectations ofsome Wall Street banks, whichhad predicted that Russia’sstrong balance sheet wouldhelp it outperform otheremerging-market countries in2021. Russia had low net debtrelative to its gross domesticproduct, according to datafrom S&P Global Ratings, andanalysts took comfort in thegovernment’s commitment toconservative fiscal policy.

“The only reason any of thebonds trade with a risk pre-mium is because of the risk ofsanctions and the possibilitythey’ll escalate from here,”said Grant Webster, a portfoliomanager who helps investabout $4.5 billion in emerging-market debt at Ninety OnePLC. One of the mutual fundsMr. Webster co-manages re-duced its allocation to Russiangovernment bonds to 3.65% inFebruary from 4.54% in Janu-ary, according to data fromMorningstar Inc.

The yield on Russia’s 10-year government debt was justabove 7% last week, relativelyunchanged from before thenew sanctions but about 1.1percentage points higher thanat the start of the year, ac-cording to data from FactSet.The rise in short-term rateshas been more pronounced,with the two-year yield hover-

Russia’s markets reactedmodestly to U.S. sanctions lastweek, but the country’s bondshave been weakening formonths, indicating that for in-vestors, geopolitical pressureis outweighing the country’seconomic strength.

The sanctions announcedApril 15 bars U.S. banks andinstitutional investors frombuying new Russian govern-ment ruble-denominatedbonds at auction. The re-sponse to Russia’s alleged cy-berattacks and election inter-ference is part of a broaderstrategy by the Biden adminis-tration to pressure Russia fi-nancially. The U.S. in Marchreleased an intelligence reporton the alleged election med-dling and has stepped up tradesanctions for Russia’s allegeduse of chemical weapons.

The new measures stoppedshort of prohibiting purchasesof Russian government bondsin the open market, a step in-vestors and analysts saidwould have had a muchgreater chilling effect. Still,the diplomatic campaign hascoincided with an increase inRussian bond yields and a rel-atively modest decline in theruble, boosting the Russiangovernment’s funding costs.

The deterioration of Rus-

BY MATT WIRZ

U.S. SanctionsSqueeze Russia’sGovernment Debt

The U.S. has gradually restricted investors’ trading in Russian debt.

SERG

EIKA

RPUKH

IN/TASS

/ZUMAPR

ESS

weekend that people withyoung children or petsshouldn’t use the connected-fitness company’s treadmills.

Tesla declined $25.15, or3.4%, to $714.63 after twomen died in a Tesla vehiclethat crashed into a tree Sat-urday. Authorities believe thevehicle was operating with-out anyone in the driver’sseat.

Meanwhile, GameStoprose $9.68, or 6.3%, to$164.37 after it said its chiefexecutive would step down.

Harley-Davidson sharesjumped $3.91, or 9.7%, to$44.29 after the motorcyclemaker reported better-than-expected sales results for the

first quarter and raised itsforecast for motorcycle reve-nue for the year.

On the earnings front,companies including Procter& Gamble, Netflix and Lock-heed Martin are scheduled topost results this week.

As of Friday, 81% of S&P500 companies that hadposted results exceeded ana-lysts’ expectations for earn-ings, according to FactSet.Meanwhile, 84% beat ana-lysts’ expectations for sales.

Investors hoping the stockmarket’s climb will continuesay they are counting onearnings results to continueimpressing to the upside.

“I expect the earnings pic-

ture is going to remain verybuoyant across the pictureand for the momentum tostay very positive,” said Fa-had Kamal, chief investmentofficer of Kleinwort Hambros.“As long as earnings meetwhat are very heightened ex-pectations, the rally can keepgoing.”

Late in the day, bitcoinstabilized at $56,175.38 afterplunging almost 12% over theweekend, according to data

from CoinDesk. Turkey’s cen-tral bank said Friday it wouldban the use of cryptocurren-cies for payments.

“The [cryptocurrency mar-ket] is really on edge rightnow,” said Joel Kruger, a cur-rency strategist at LMAX.“There were concerns overthe weekend after Turkeycame out with the news ofmajor regulatory restrictionscoming into force.”

Some traders were specu-

lating that the U.S. Treasurycould make a similar deci-sion, he said.

Overseas, the pan-conti-nental Stoxx Europe 600inched down 0.1%, snapping afour-session winning streak.

Early Tuesday in Asia,Japan’s Nikkei Stock Averagewas down 1.8%, Hong Kong’sHang Seng Index was down0.1% and South Korea’s Kospiwas up 0.2%. S&P stock fu-tures were up 0.2%.

MARKETS

Stocks were dragged downby losses across everythingfrom technology shares to re-tail stocks.

Investors started the weekon a somewhat cautious note.A string of blue-chip compa-nies are scheduled to reportearnings this week and offera view on businesses’ expec-tations for the pace of eco-nomic revival. Money manag-ers are looking to gaugewhether stocks’ high valua-tions are justified after theDow and S&P 500 hit closing

records lastweek.

“After a bigmove, you get a

pause of breath and a bit of areassessment,” said CarolineSimmons, U.K. chief invest-ment officer at UBS AssetManagement. “People are re-assessing, waiting for newsflow that might indicate thatgrowth and inflation remainon track.”

The Dow Jones IndustrialAverage fell 123.04 points, or0.4%, to 34077.63, backingaway from Friday’s recordclose.

The S&P 500 lost 22.21points, or 0.5%, to 4163.26and the Nasdaq Compositedeclined 137.57 points, or 1%,to 13914.77.

Peloton fell $8.46, or 7.3%,to $107.75 after a federalsafety agency said over the

BY ANNA HIRTENSTEINAND AKANE OTANI

Stocks Finish Lower Across the Board

Peloton fell 7.3% after a federal agency’s warning about the connected-fitness company’s treadmills.

MICHAEL

LOCC

ISANO/G

ETTY

IMAGES

MONDAY’SMARKETS

Share-price and index performance,Monday

Source: FactSet

Harley-Davidson

GameStop

S&P 500

Tesla

Peloton

15

–10

–5

0

5

10

%

10 a.m. 11 noon 1 p.m. 2 3 4

in a statement that investorssaid was positive because itshowed authorities were en-gaged with the issues, even ifit was brief and broad.

“From the current situation,the operation of several finan-cial asset-management compa-nies is stable, the main operat-ing indicators, regulatoryindicators are in a reasonablerange. Please rest assured,”said Xiao Yuanqi, vice chair-man of the China Banking andInsurance Regulatory Commis-sion.

In China, the term asset-management companies canrefer to a quartet of firms thatwere created in the late 1990sto help handle the problematicdebts of China’s biggest state-owned banks. Huarong is thelargest of these bad-debt man-agers.

Huarong’s dollar bonds re-bounded late Friday and ralliedfurther Monday. One 4.25%bond maturing in 2027climbed in price to about 81cents on the dollar, accordingto Tradeweb. The bonds hadhit an intraday low of 53.8cents on the dollar Thursday.

Chinese authorities also

investors might eventually beforced to accept repayments of10% to 20% less than they wereowed. “There remains signifi-cant uncertainty over Hua-rong’s long-term position. Re-structuring plans could be aprolonged exercise given thecomplexity of its books, andpossible need for recapitaliza-tion,” Mr. Chang said.

But Jefferies analysts led byShujin Chen wrote in a note toclients Sunday that marketworries were probably over-done, given this was a systemi-cally important state-ownedenterprise, or SOE, backed bythe central government. “Mar-ket is likely overly concernedon Huarong, as we expect nodefault for a normal operatingcentral SOE that is too big tofail,” they said.

Huarong has sufficient li-quidity, its operations are sta-ble and it has paid off matur-ing bonds this year asscheduled, the company saidFriday after a managementmeeting. It added that it wasworking with its auditor andwould publish its 2020 annualreport in due course. The com-pany has yet to publish full-

year results or an annual re-port.

Defaults by state-backedChinese companies have be-come more common in recentyears, as China has tried todispel the idea that it will al-ways make creditors whole.But Huarong’s size and its di-rect ownership by the centralgovernment set it apart fromcompanies that have failed torepay creditors.

Huarong had 1.73 trillionyuan of assets as of mid-2020,the equivalent of about $265billion, and has some $22 bil-lion of international bonds out-standing. The company is ma-jority owned by the Ministry ofFinance.

One concern for investors iswhether international bondscould be at a disadvantage,given most were issued by off-shore units and aren’t directlyguaranteed by the parent com-pany, but are instead coveredby weaker pledges known askeepwell agreements. Morethan three-quarters of Hua-rong’s global bonds are cov-ered by keepwells, said CharlesChang, Greater China countrylead at S&P Global Ratings.

A steep selloff affecting tensof billions of dollars of off-shore debt from a major Chi-nese financial institution haspartially reversed, after com-ments from the banking regu-lator helped reassure inves-tors.

However, China HuarongAsset Management Co.’s in-ternational bonds were stilltrading considerably belowface value on Monday. Somemarket participants said a fur-ther rally would require moreclarity on Huarong’s financialhealth and any potential re-structuring.

The bonds tumbled afterHuarong unexpectedly misseda March deadline to release its2020 financial results, pendingwhat it called a “relevanttransaction,” and with littlemore information from Hua-rong or Chinese authorities.Investment-grade offshorebonds from other Chinesecompanies had also come un-der pressure.

On Friday, Chinese regula-tors broke their earlier silence,

BY XIE YUAND CHONG KOH PING

Chinese Asset Manager’s Bonds Recover

Price of aHuarongFinance 4.25%bond due inNovember 2027

Source: Tradeweb

110 cents

50

60

70

80

90

100

Jan. ’21 Feb. March April

Longer term, however, Mr.Yao expects global fund manag-ers to increase their holdings,since they are very under-weight compared with bond in-dexes they track, such as theBloomberg Barclays Global Ag-gregate Index and benchmarkscalculated by JPMorgan Chase& Co.

A third index provider, FTSERussell, said recently it plans toadd China to its World Govern-ment Bond Index over threeyears, a longer time frame thanmany investors and analystsexpected. FTSE Russell is a unitof London Stock ExchangeGroup PLC.

Mr. Yao said further inflowsinto Chinese sovereign debtcould reach $160 billion overthe next three years. Similarly,Mr. Pang at J.P. Morgan AssetManagement expects foreignholdings could total 15% of theChinese government-bond mar-ket within three to five years.The current figure is about 10%.

So far, overseas investorshave largely stuck to buyingdebt issued by China’s centralgovernment and by a handful ofstate-owned lending institu-tions known as policy banks.They have been slower to buyyuan-denominated corporatedebt.

In total, their holdings of allsorts of onshore debt totaled3.56 trillion yuan at the end ofMarch, the equivalent of $546billion, according to figurescompiled by Bond Connect Co.

ContinuedfrompageB1

InvestorsCool onBonds

Foreign holdings of Chinesegovernment bonds

Source: China Central Depository & Clearing Co.Note: 1 trillion yuan = $153.4 billion

2.5

0

0.5

1.0

1.5

2.0

trillion yuan

’212020

P2JW110000-5-B01100-1--------XA

B12 | Tuesday, April 20, 2021 * * * * THEWALL STREET JOURNAL.

HEARD ONTHESTREET

FINANCIAL ANALYSIS & COMMENTARY

Investors Look Beyond PandemicStocks rise across the board, but sectors exceeding expectations themost aren’t doing particularly well

U.S. retail sales for March were the strongest in 10 months. Customers at a Gucci store in Houston last year.

ADRE

ESLA

TIF/RE

UTE

RS

desire to do so, and sanctionsaren’t a major factor in the limiteduse of the yuan abroad.

The yuan’s global usefulness asa unit of account or a medium ofexchange—two of the three tradi-tional functions of money—mightone day be improved with broaderinternational use. But its functionas a store of value, the third leg ofthe stool, is almost totally severedby China’s capital controls.

The range of options to foreign-ers who find themselves with apile of yuan is minimal, comparedwith a pile of dollars, euros or yen.China has far fewer high-qualityassets, and the government’ssqueamishness about outflows ofcapital make the risk of not beingable to retrieve funds far higher.

Digitization may speed uptransactions and remove some ofthe friction involved in interna-tional payments. But it won’ttransform currencies people don’twant to hold into currencies thatthey do. For most internationalbusiness, the yuan still sits in theformer camp and shows little signof moving out. —Mike Bird

Excitable commentators who sayChina’s digital yuan is a threat tothe dollar should take the word ofChinese central bank deputy gover-nor Li Bo, who said on Sunday thatthe country’s digital yuan isn’t aneffort to displace the greenback.

The yuan’s digitization is fasci-nating in terms of its political im-plications and regarding the neweconomic levers it might give thegovernment domestically. But itoffers relatively little as a tool toboost the yuan’s limp internationalpresence, let alone as a weapon tochallenge the dollar’s supremacy.

As the currency of the world’slargest trading economy, the yuanpunches below its weight. Accordingto an International Monetary Fundstudy published in 2019, data from2016 suggests that around 93% ofChina’s imports and 95% of its ex-ports were denominated in dollars.

Not much seems to havechanged. In February, the yuan’sshare of global payments was 2.2%,compared with February 2016’s2.45%, according to data from theSociety for Worldwide InterbankFinancial Telecommunication. Eventhat overstates its internationaluse: A consistent three-quarters ofits total global payments are con-ducted in Hong Kong.

Speaking to the U.S.-China Eco-nomic and Security Review Commis-sion last week, Martin Chorzempa,senior fellow at the Peterson Insti-tute for International Economics,said that he has yet to see a con-vincing argument of how digitiza-tion really promotes global use.

Transactions may be faster thantraditional bank transfers. But formajor global corporations, imme-diacy is far from the foremost con-cern. They would have to acquireyuan to make the transactions inthe first place. Digitization couldskirt U.S. sanctions, but most in-ternational businesses will have no

Percentage of imports invoicedin U.S. dollars, 2016

Source: International Monetary Fund

China

India

Brazil

Canada

Japan

Turkey

U.K.

Germany

France

93%

86

84

75

71

59

47

23

22

After Crisis, Don’t Forget Healthcare StocksThe business of healthcare looks

as strong as ever. But lately, healthstocks are a very different story.

Through Monday, health stockshave returned about 7% so far thisyear. That lags behind the S&P 500by about 4 percentage points. Abroad index of small biotechnologyshares is down so far this year, asother similarly speculative assetshave surged. That underperfor-mance belies the reality that thehealth economy, which accountsfor nearly 18% of gross domesticproduct, is largely back to normalafter a year of pandemic-drivendisruption.

The first-quarter earnings sea-son is off to a strong start. Unit-edHealth Group, the largest pub-licly traded U.S. insurer and anindustry bellwether, said Thursdaythat revenue grew 9% from a yearearlier in the first quarter and in-creased its 2021 earnings forecast.The company now expects to earnbetween $18.10 and $18.60 a shareon an adjusted basis this year,good for roughly 9% growth from2020. That forecast includes apandemic-related hit to earningsof about $1.80 a share, resultingfrom factors such as extraCovid-19 testing and treatment

costs, higher unemployment andthe impact to patients of havingdeferred routine care in 2020.

Deal activity is still fairly strong:Life-science supplier Thermo FisherScientific announced last week adeal to purchase the pharmaceuti-cal-testing company PPD for $17.4billion in cash and stock, a roughly24% premium. U.S. regulators gavethe green light to drugmaker Astra-Zeneca’s planned acquisition ofAlexion Pharmaceuticals, whichwas earlier than investors had ex-pected. Alexion shares shot higherin response.

Healthcare investors should al-ways be wary of changes to regu-lations governing insurance cover-age, drug pricing and other keybusiness factors. There is some un-certainty there—for instance, theBiden administration has yet tonominate a permanent commis-sioner of the Food and Drug Ad-ministration. Still, any wholesalechange to the status quo seemsunlikely in the near term, as theadministration has focused onother priorities. Meanwhile, long-run industry tailwinds, such as anaging population, remain intact.

The onset of the pandemiccaused significant financial losses

throughout the industry, as hospi-tals had to halt elective proceduresin some cases and some patientschose to defer nonemergency care.But the backlog created by thosedelays should shrink steadily asthe pandemic moderates. Mean-while, Covid-19 is likely to lingerwell after the pandemic is over:The public-health apparatus oftesting, treatments and vaccinesshould be an additional steadybusiness opportunity for the in-dustry in the years ahead. For ex-ample, Pfizer Chief Executive Al-bert Bourla has said it is likelythat people who receive Covid-19vaccines will need booster shots.

Meanwhile, valuations are fairlyreasonable, especially in a marketcharacterized by wild speculationin story stocks and cryptocurren-cies. UnitedHealth trades at about21 times this year’s forecast, whilePfizer shares can be had for about12 times. Both multiples are inline with historical valuations inrecent years.

Should the currently boundlessenthusiasm for speculation dimin-ish, these stocks will look morelike a portfolio tonic than anaffliction.

—Charley Grant

It is shaping up to be a stellarearnings season for stocks, particu-larly cyclical ones such as banks andretailers. The problem is that themarket may already be moving on.

Because the U.S. economy isemerging from the Covid-19 crisis,most analysts thought first-quar-ter numbers would be good. So far,they have been much better thangood: By the end of Friday, S&P500 companies that had reportedhad beaten profit expectations bya combined 30%, according toFactSet, compared with a five-yearaverage of 7%.

Were the earnings season tomaintain this trend, it would bethe highest number on record. Thelargest surprises have come fromWall Street’s big banks, which arethe first blue chips to report—Morgan Stanley shrugged off a$911 million loss from the Archegosimplosion—as well as consumer-goods firms such as Lennar.

Optimism is reinforced by the lat-est economic data. In the U.S., retailsales for March were the strongestin 10 months. Even in Europe, wherethere has been less fiscal supportfor the economy, figures are comingin strong. This bodes well for theearnings season there as well.

But something strange is hap-pening: While stocks are up acrossthe board, those sectors beatingexpectations the most aren’t doingparticularly well. The most glaringexample is the KBW Bank Index,which actually fell last week.

This may have to do with alending slump that is worryingsome analysts. Many also fearthat the bar for cyclical sectorswill still prove too high to clear:Profits in the consumer-discre-tionary sector are forecast to rise96% and 141% from a year earlierin the U.S. and Europe, respec-tively. Historically, though, evenoptimistic profit expectations tendto be comfortably surpassed in re-covery years.

There may be somethingbroader at play. Around the middleof March, undercurrents that haddriven markets since October sud-denly shifted: Discounted stocksstarted underperforming, as didsmaller ones, and “quality” firms—those with a lot of cash and lessdebt—staged a comeback. Mean-while, Treasury yields have headeddown a bit, and enthusiasm forpublic listings and special-purpose

acquisition vehicles has waned.Why is this happening? One

possibility ventured by profes-sional investors is that the marketis worried about cost increasesputting pressure on profit marginsfurther down the line.

The worry is likely premature.Yet it is a testament to the factthat, during the pandemic, investorshave anticipated the future earlierthan usual. Last year’s bear marketwas both the fastest and shortest-lived ever; investors—perhapsthinking of the 2009 recoveryrally—jumped back into equities af-ter barely a month. By the fall, theywere already starting to price in apost-lockdown consumer boom.

Now, they could be looking waypast the immediate reopening.When compared with 2022 earn-ings expectations, share prices ofconsumer-facing firms appear morestretched than those in other indus-tries. More generally, quality stockstend to do better in later stages ofan economic expansion, which themarket may already be anticipating.“Old economy” sectors are under-represented in this category.

While markets are always forwardlooking, the nature of the Covid-19crisis may have stretched their dis-counting mechanism to a new ex-treme. This doesn’t mean “reopen-ing” shares have run out of road, butinvestors need to think well beyonda vintage quarter for profits.

—Jon Sindreu

Coca-Cola threw a cold bottleof Dasani water on multinationals’hopes for a rapid global recovery.

The beverage company on Mon-day reported decent quarterlyearnings, saying organic revenuethat strips out currency movesand portfolio changes rose 6%from a year earlier in the quarterended April 2. However, this wasagainst a miserable quarter in2020 when the coronavirus pan-demic was spreading from Asiaand Europe to the U.S. The result-ing lockdowns have been punish-ing for Coca-Cola as they continueto curtail out-of-home sales inplaces such as restaurants andsporting venues.

Global unit case volume in Marchof this year finally caught up withthe same month in the pre-Covid-19era of 2019, the company said. Forall of 2021, the company left itsprior forecast unchanged for high-single-digit organic revenue growth.Yet Chief Executive James Quinceywarned analysts on a conference callMonday not to expect a straight-linerecovery from this point, noting thatconfirmed Covid-19 cases globally hita high last week.

While some countries such asthe U.S. and the U.K. are makingrapid progress on vaccinations andbeginning to reopen, Mr. Quinceysaid, “you’ve got countries that aregoing in the exact opposite direc-tion with cases shooting up andmore levels of lockdowns.”

Mr. Quincey didn’t name anyspecific countries, but cases aresurging in huge markets includingBrazil and India.

This is especially concerning formultinationals such as Coca-Cola,which last year derived only one-third of total revenue from NorthAmerica. The one saving grace forsuch companies is that the U.S. dol-lar remains weak relative to manyglobal currencies, making theiroverseas earnings worth more indollar terms. Coca-Cola said thiswould result in a considerable tail-wind of 5 to 6 percentage points toearnings-per-share growth in thesecond quarter. If the U.S. recoverycontinues to dramatically outpacethe rest of the world, though, theneven that may not last.

—Aaron Back

Coca-ColaIssues AlertOver GlobalVirus Cases

China’s Digital YuanIs No Threat to the Dollar

Source: FactSet*Data for the first quarter of 2021, surprises measured through April 16

S&P500, reported earnings by sector relative to analysts’ forecasts*

Consumer discretionary

Financials

Healthcare

Materials

Technology

Consumer staples

Industrials

114%

38

21

20

6.3

6.2

–188

S&P500 sectors, price gains for theweek throughApril 16

UtilitiesMaterialsHealthcareReal estateConsumer discretionaryTechnologyFinancialsEnergyTelecom

3.7%3.3

3.02.7

2.01.1

0.70.6

0.3

MSCIWorldQuality Index, cumulative changerelative to the broaderMSCIWorld Index

10

0

2

4

6

8

percentage points

2020 ’21

The apparatus of testing, treatments and vaccines for Covid-19 should be an opportunity for the industry in the years ahead.

MARK

KAUZ

LARICH

/BLO

OMBE

RGNEW

S

P2JW110000-4-B01200-1--------XA

THEWALL STREET JOURNAL. Tuesday, April 20, 2021 | S1

A special report by Barron’s magazine, a Dow Jones publication

The cryptocurrency has reached a tipping point that investors can no longer ignore.But plenty of vexing questions remain—including whether the price run-up reflects a bubble.

GUIDE TO WEALTHA P R I L 2 0 , 2 0 2 1

Reprinted from the April 12, 2021, issue of Barron’s

By Daren Fonda

M ost of us like the dollar. Ithas lasted for centuries,survived two world wars,the Great Depression,and a siege by inflation. Itworks pretty well as a defacto global currency. Do

we really need a purely digital alternative—onethat isn’t backed by the Federal Reserve, lives onlyon a computer network, consumes vast quantitiesof electricity, and has no intrinsic value?

That profile describes Bitcoin, ofcourse, and itis having a moment.

With Bitcoin’s market value topping $1trillion—following a 1,000% surge in the pastyear alone—it may bereaching an economic

tipping point. Brokerages such asMorgan Stanley(ticker: MS) say that investors should add it totheir portfolios. Companies like Tesla (TSLA)andMassMutual have bought large sums. A fewtaps on your phone can plop it in a digital walleton PayPal (PYPL), where it can be converted tocash to make a purchase. If you’d like to trade it,Square (SQ) and Robinhood will oblige. Bitcoindebit cards are coming fromVisa (V) and Coin-base Global (COIN).

Yet if you’re wondering what Bitcoin is—andwhether you should own it—you’re not alone.Bitcoin and other cryptocurrencies aren’t intu-itively grasped—they’re “mined” from a digitalstorage depot and pumped into circulationthrough a decentralized computer network calleda blockchain. Prices for Bitcoin, which sits atopan expanding crypto ecosystem, may be rising as

retail and institutional investors snap up relative-ly thin supplies. In a climate of fear over infla-tion andmonetary debasement, proponents saythat Bitcoin will hold its value more than “fiat”currencies like the dollar, yen, or euro. Eventual-ly, they argue, itwill live in harmony with papercurrencies in the global economy.

While the Bitcoin genie may be out of thebottle, it’s far from omnipresent. Obstaclesinclude technological hurdles, price instability,taxation policies, and governments that don’twant a freewheeling digital token usurping theirmonetary policies or financial regulations. Illicituses of Bitcoin, including money laundering andtax evasion, abound. Authoritarian governmentshave already cracked down. China, for instance,has become a leader in blockchain technology

What to Know Before TryingTo Catch the Bitcoin Wave

Illustration by Kyle Bean

DIVINGINTO

BITCOIN

TheSmartWay to AddCryptocurrenciesToYour Investment Portfolio P. 3

WhyMoreCompaniesAreBuyingBitcoin P. 4

Investors AreClamoring for Crypto.Here’s HowAdvisors AreResponding P. 7

Continued on the next page

P2JW110000-0-S00100-1--------XA

S2 | Tuesday, April 20, 2021 THEWALL STREET JOURNAL.

G U I D E T O W E A L T H

andmining, but Bitcoin itself posesa threat: Beijing has banned banksand other financial firms from trans-acting in it, and shut down domesticcrypto exchanges. Beijing is nowrolling out a digital yuan, controlledby its central bank, partly to try andoffset Bitcoin’s appeal.

Another hurdle for Bitcoin is find-ing ways to mine it without turningit into another global smokestack.The global Bitcoin network nowemits 60million tons of carbon di-oxide into the atmosphere annually,roughly equivalent to countries suchas Greece, estimates BofA Securities.Some analysts argue that most Bit-coin is mined with clean energy suchas wind and solar. But reporting onBitcoin energy consumption relieson questionable assumptions aboutelectricity generation and usage.And as the price rises and tradingvolume increases, so does the envi-ronmental toll; BofA estimates thatevery $1 billion of inflow into Bitcoinis like putting 1.2 million cars on theroad (and not the Tesla kind).

Perhaps the most vexing ques-tion iswhether it’s a trillion-dollarbubble. Bitcoin’s market value haspushed it past that of Mastercard(MA), Home Depot (HD), and ExxonMobil (XOM) combined. Cryptosoverall are worth the entire high-yield bondmarket, according toMorgan Stanley. Yet Bitcoin actsmore like a thinly traded stock thana liquid large-cap; most of the Bitcointhat has beenmined is owned bylong-termHODLers—or those who“hold on for dear life”—and doesn’tactually circulate, and the price maybe inflated by large purchases. In-deed, 95% of all Bitcoin is controlledby2.4% of the accounts, accordingto BofA, and 20% of the supply maybesitting in lost orstranded digitalwallets, according to Chainalysis.

“Howbubbly is thismarket? Ithink it’s very bubbly,” saysCarmenReinhart, chief economist of theWorldBank. “Itmaynot take anymelodra-ma in a thinmarket to reversemost orall of the price gains. It’s not like theTreasurymarket.Wehave to expecthuge price volatility in Bitcoin.”

Other economists argue thatwhile Bitcoin is an innovativetechnologywith compelling uses, itlacks any intrinsic value to supportits price. “Bitcoin is simply a word,”saysWillem Buiter, the former chiefeconomist for the European Bankfor Reconstruction and Develop-ment. “It’s not something you caneat or touch, use as a consumer orproducer for manufacturing.” Evengold, the closest analogy, has uses forjewelry andmanufacturing.Worriesabout inflation and paper currencieslosing value are legitimate, he says,and investors may want a hedge.“I’m just arguing that Bitcoin isn’t it.It’s purely a speculative bubble.”

What is Bitcoin? The story startswith Satoshi Nakamoto, a mysteri-ous figure—or group—who devel-oped a digital currency that anyonecould send and receive through adecentralized computer network.Transactions are validated andrecorded by independently oper-ated computers, known as miners,who compete to solve cryptographicpuzzles, known as “proof of work”(hence the term cryptocurrency).

The miner who solves the puzzlefirst shares the results across thenetwork. Other miners verify if thesolution is correct, and once a con-sensus is reached, transactions arebundled together in digital “blocks”and added to an electronic record, orledger, called a blockchain, which noone controls and anyone can see.

In return for running the network,miners earn newlyminted Bitcoinand a share of transaction fees. Thehigher the price, themore profitablemining can be, depending on electric-ity costs and computing power.

To transact in Bitcoin, you’ll need toopen an account through an exchangeor app, and store it in a digitalwallet.Companies like PayPal and Squarehavemade it a snap to buy throughtheir apps; Coinbase is another popu-lar platform for custody and trading.

The beauty of the system,launched in 2009, arises from a fewkey features. One is decentralization:No person or authority controls theblockchain. Transactions are re-corded only after allof the computernodes, operating independently,prove their validity—enhancingsecurity over ledgers overseen byhumans. Indeed, it would take amassive mining hack to alter theblockchain, which is improbable butnot impossible. As a peer-to-peernetwork, the system offers pseudo-anonymity, though transactions andaccounts are traceable.

Bitcoin’s scarcity is also a keyattraction. The global supply can

never exceed 21 million Bitcoins,according to the system’s design.About 18.6 million have been createdthroughmining. But the amount ofnew Bitcoin that’s issued is designedto halve every four years. New coinsare nowminted at a rate of 6.25every 10minutes, indicating that themint will run dry in the year 2140.

While Bitcoin has kicked aroundformore than a decade, it’s nowrapidly goingmainstream. TradinginBitcoin futures and related stocksis gainingmomentumasWall Streetandfinancial-technologycompaniesinvent newways for investors togain exposure. Banks, brokerages,exchanges, and advisory firms arebuilding the infrastructure to turnBit-coin into an asset like stocks or bonds,anticipating that itwillwork itswayinto 401(k)s and other retirement ac-counts. Fidelity Investments, VanEck,and other fund sponsors are trying topersuade regulators to approve aBit-coin exchange-traded fund, followingCanada’s approval of BitcoinETFs.

Coinbase has been one of the mostanticipated public offerings thisyear. Its market cap of $86 billion atthe end of its first day of trading onApril 14 values the crypto exchangeat more than the Nasdaq, CboeGlobal Markets, or IntercontinentalExchange, parent of the NewYorkStock Exchange.

Bitcoin is also getting votes oflegitimacy from some influentialinvestors. ElonMusk bought $1.5billion for Tesla’s treasury. Hedgefund icons Paul Tudor Jones andStanley Druckenmiller have invest-ed. HowardMarks, co-chairman ofOaktree Capital Management, wroterecently that his skepticism aboutBitcoin “has not borne out,” addingthat his son “thankfully owns ameaningful amount for our fam-ily.” A representative for Oaktreedeclined to comment.

Whether this will all crash isn’tknown, of course, which may ex-plain some reticence to discussing itpublicly. Indeed, a variety of factorscould take the wind out of Bitcoin.

For one, there’s competition.Bitcoin is one of thousands of cryp-tocurrencies, many of them “forked”off the Bitcoin blockchain. Ether, onthe Ethereum network, offers someadvantages. The currency can beprogrammedwith “smart con-tracts,” meaning that transactionsbetween parties can include con-ditions: A shipment of goods fromChina to the U.S. might cross theocean at a preset GPS coordinate, forinstance, at which point the goodsmay change ownership, along with achunk of ether.

Central banks are also eying dig-ital currencies built on blockchaintechnology. China’s move to createa digital yuanmay be the first ofseveral central-bank digital cur-rencies. CBDCs are pegged to papercurrencies and would fluctuatewith standard exchange rates; theywouldn’t be a substitute for Bitcoinand other cryptos that function inde-pendently of central authorities. Butthey could compete against cryptosas a medium of exchange, used forinternational money transfers, forinstance, potentially at lower costs.

The Bitcoin network itself is ratherslow, handling just 14,000 transac-

tions per hour, comparedwith 236million for Visa’s network, accordingto BofA. Efforts are underway toaccelerate Bitcoin processingwithsecond layers of processing, includ-ing new “lightning” protocols, but it’sstill far behind card networks andautomated clearing houses, or ACHs.

People transact in dollars, yen,and euros, which are stable, wide-ly accepted, and woven into thefinancial fabric. Bitcoin’s volatilitymakes it unsuitable for large-scalepurchases orcontracts, and risingtransaction fees create economicfriction. Selling your Bitcoin to buysomething may also be a taxableevent, since the Internal RevenueService classifies Bitcoin as proper-ty, not a currency.

Its quasi-legality might eventu-ally be its undoing, says Harvardeconomist Kenneth Rogoff, authorof The Curse of Cash.Governmentsthroughout history have consistentlyquashed challenges to their curren-cies andmonetary policies, he says.Bitcoin poses a threat because it canalso be used for criminal activity andmay be tough for law enforcementto monitor. “I view the financial in-novation as very promising,” Rogoffsays, “but governments aren’t goingto sit on their hands forever in theface ofmethodologies where transac-tions can’t easily be detected.”

Another obstacle, less widelydiscussed, may be Bitcoin’s rising

environmental toll. Bitcoin’s annual-ized energy consumption has surgedto 135 terawatt hours, doubling inthe past year, according to the Cam-bridge Bitcoin Electricity Consump-tion Index. That is more electricitythan countries such as Sweden orUkraine consume in a year.

Some, or perhaps most, of thatelectricity may be generated byrenewable resources such as wind,solar, hydro, and geothermal activi-ty. Much of the world’s mining takesplace in China (65%), along withIceland, Canada, andother countrieswith relatively inexpensive energy.Indeed, renewables account for 73%of the energymix in the miningnetwork, according to CoinShares, aBitcoin asset manager.

But the math looks fuzzy. In Chi-na, miners migrate seasonally: Theyset up shop in regions where hydrois cheap and plentiful in the summerand then decamp as the generatorsproduce less, packing up for placeslike InnerMongolia, where electric-ity comes largely from coal. But howmuchmining is actually generatedby renewables isn’t known. “Miningin China is predominately renew-able, but it’s very difficult to get exactnumbers,” says Christopher Bendik-sen, head of research at CoinShares.

Even if mining is relatively greenin China, it’s far less clean in otherhubs, including Kazakhstan andIran. The industrial opportunitycost of all of theenergy consumed byBitcoin isn’t known—though elec-tricity isn’t entirely fungible acrossregions. And as the price rises, theelectricity toll does, too. If the pricewere to reach $1 million, up from$58,000, Bitcoin would become theworld’s fifth-largest carbon emitter,passing Japan, according to BofA.

Bitcoin’s proponents don’t viewany of these issues as deal breakers.For one thing, crypto momentum isnow self-perpetuating. The higherthe price, the more capital getspumped into developing a financialecosystem that canhandle largertransactions and broaden the appealto institutions. Bitcoin has becomethe North Star of the crypto uni-verse, says Citigroup, which alsoviews it at a tipping point.

Custody services, security, andliquidity still aren’t close to main-stream finance, but they’re im-proving as firms like BNYMellonand Fidelity get involved. Bitcoinexchanges have becomemore secure,following several large-scale hacksand thefts. Over-the-counter tradingdesks can handle large order sizes,while prime brokerages—used byinstitutions—areproviding best-execution practices and obtaininginsurance against theft. Derivativestrading is also flourishing, creatingmore liquidity for exposure. Thesystem is becoming “increasinglyprofessionalized,” says Citi.

Bitcoinmaynever become legaltender—but itcould continueworkingitsway into the system, assuming thefinancial police can keep tabs on it.Bank regulators don’twant to stifleinnovative blockchain technology,saying in January that banks couldparticipate in blockchain networksanduse “stablecoins,” or digital tokensthat can smooth transfers betweencrypto and standard currencies.

Stablecoins such asUSDCoin arecollateralized at a 1-to-1 ratiowith astandard currency. Some $20billionin stablecoins are now in circulation.

Even if Bitcoin doesn’t take offas a transaction currency, it couldgain appeal as an alternative asset.As digital gold, it may already bepressuring prices for the real yellowmetal. One way to value Bitcoin isin relation to the total gold held bythe private sector, which amounts toabout $2.5 trillion. By that mea-sure, one Bitcoin should be worth$146,000, according to J.P. Morgan,nearly triple the current price.

Proponents argue that Bitcoincouldwork better than gold as ahedge against inflation.Morgan Stan-leywrote recently that a 2.5% posi-tion incrypto could improve portfolioreturns. But its benefits hinge oncorrelations to assets like stocks andbonds. And its correlation to cyclicalassets appears to be rising as it goesmainstream,wrote J.P.Morgan.

Rival cryptos could coexist.Investors could hold Bitcoin as aninvestment or inflation hedge, whileusing other, more-stable cryptos as atransaction currency. Ether may bebetter for transactions as a program-mable currency, but it’s less appeal-ing as a store of value, partly becauseit’s scarcity isn’t known. “No one cantell you howmany ether exist, andthe Ethereum network changes allthe time,” says Adam Pokornicky, aBitcoin entrepreneur and registeredinvestment advisor for digital assets.

Even those who say that Bitcoin isabubble think it’s likely to stay. TheWorld Bank’s Reinhart points outthat Bitcoin’s price is being fueled byseveral trends: the search for yield,government stimulus payments,demographic shifts, and technology.Some are long-term trends. Andwhile wemight not think of usingBitcoin as a substitute for the dollarin the U.S., it’s far more appealingin places like Lebanon, Nigeria, andVenezuela, which have unstable cur-rencies, hyperinflation, orpotentialfor savings to be confiscated. “If youlive in a country with capital con-trols, where you have uncertaintyabout the future of the currency, thatis the heart of the story,” she says.

Rogoff agrees: “There are alwaysgoing to be pockets of the worldwhere it can be used,” he says,though he adds that “current valua-tions go far beyond those end uses.”

Worried about inflation or thedollar losing value? Some advisorsstill say it’s best to avoid Bitcoin.Mike Klein, an advisor to high-net-worth clients with Baird, recom-mends commodities, real estate, andthe stock market itself—assets thatwould gain value in an inflationaryclimate. “If you want an asset thatisn’t correlated with anything butspeculation, this is it,” he says.

Indeed, while stocks followearnings and bonds track interestrates, Bitcoin’s prices may simplybe supported by the belief that itwill one day give the dollar a strongrun. In other words, there’s no goodreason to buy, unless you think theprice is going up.Source: Bitwise Asset Management

■ $0 - $9,999■ $10,000 - $24,999■ $25,000 - $49,999■ $50,000 - $99,999■ $100,000+

16%

15% 19%

17%

33%

To the MoonBitwise Asset Management askedfinancial advisors to predict whereBitcoin is headed in five years.

$1 MThe price that Bitcoin would have toreach to become the world’s fifth-largest carbon emitter

95%of all the Bitcoin that has beenproduced is controlled by 2.4% ofthe accounts. Bitcoin acts more likea thinly traded stock than a liquidlarge-cap.

Above: Bitcoin-mining machinesline the shelves at a server farm inGuizhou, China.

Photo by Gilles Sabrie/The New York Times/Redux

Continued from the previous page

P2JW110000-0-S00200-1--------XA

THEWALL STREET JOURNAL. Tuesday, April 20, 2021 | S3

up their Bitcoin purchases, you endup with a supply/demandmismatchthat’s potentially pretty sizable.”

A net inflow of $93 million intoBitcoin can cause a 1% increase in itsprice, according to a BofA Securitiesanalysis inMarch. That’s less than1/20th of the inflow required tomove gold by the same amount.

Institutional acceptance doesn’tmean there won’t be another crashinthe price of Bitcoin. It’s still a riskyasset with an uncertain future, dueto a bevy of potential pitfalls—notlimited to government regulation ortechnological obsolescence.

CONSIDER BITCOIN’S NON-CORRELATION.Without cashflows or other fundamentals to derivevalue, Bitcoin’s future price trajectorywill remain a topic of debate. But out-side of periods of intense cross-mar-ket stress like inMarch 2020, itsprice should remain uncorrelated towhatever stocks, bonds, or commodi-ties are doing. In otherwords, there’sapotential portfolio-risk-reducing,and Sharpe-ratio-increasing, diver-sification benefit to having a Bitcoinallocation, even if its future returnscan’t match its past trajectory.

Versus the stock market, Bitcoinhad a correlation of just 0.11 fromthe start of 2018 through Novem-ber 2020, according to data fromLeuthold Group’s chief investmentstrategist, Jim Paulsen. That com-pares with bonds’ and stocks’ -0.24correlation and gold’s and stocks’0.31. (1 is a perfectly positive correla-tion, -1 is a perfectly inverse rela-tionship, and 0means no correlationwhatsoever.) Bitcoin also had a cor-relation with bonds of under -0.01 inthat same period.

EMBRACEVOLATILITY. Bit-coin’s immense volatility has keptmany investors away from cryptoassets in general, but there’s anotherway to think about that volatility.

“Many people look at the volatilityof Bitcoin and think, ‘I don’t wantthat.’ I disagree,” says Paulsen. “Be-cause it’s so dramatically volatile, youcan exploit it [by rebalancing often].”

Paulsen and Edelman both advisehaving a hard-and-fast rule aboutkeeping a portfolio’s Bitcoin alloca-tion on target. Take a portfolio witha target 2% position as an example.When Bitcoin’s price drops and itsweight in the portfolio falls to 1.5%,an investor should buy back up to2%—and likewise sell back down to2%when Bitcoin rallies and its port-folio weight rises to 2.5%. As longas Bitcoin’s overall trend remainsup, it’s a decent strategy to win overthe long term. It takes advantage of

the volatility of Bitcoin, rather thantreating it solely as a risk. The down-side is that the strategymay requiretrading often, and commissionscould add up.

Investors can also take a dollar-cost-averaging approach: Ratherthan investing the full 2% of theirportfolios in Bitcoin in one trade,build up that allocation over three,six, or 12 months to smooth out thevolatility that’s likely to occur overthat span.

As the asset class matures, Edel-man says its volatility will decline.“As there’s greater institutionalownership of Bitcoin and the pricerises, it is reasonable to expect that

volatility will be reduced,” he says.“That is true of any asset class oremerging investment you care tolook at. Its neophyte elements willbegin to smooth out.”

CHOOSE YOUR PRODUCTS.In the meantime, there’s still alogistical hurdle for advisors lookingto get into crypto-asset investingon behalf of their clients. AddingBitcoin to client portfolios, chargingfees on it, and fulfilling back-officerecord-keeping and tax-reporting re-quirements isn’t as simple as buyinga given stock or bond. But things aremoving in that direction.

Fidelity was the first major insti-

tution to offer Bitcoin on its platformforadvisors andmoneymanagers—supporting custody, trade execution,and reporting functions—and itplans toadd ether, the coin based onEthereum blockchain technology,later this year. It also recently filedwith the Securities and ExchangeCommission to launch a Bitcoinexchange-traded fund.

“Our core focus is to provide insti-tutionswith the ability to safely storeand transact digital assets of all types,”saysTom Jessop, president of FidelityDigitalAssets. “It’s a very familiar ex-perience for a traditional institution....Most of the interest now is onBitcoin,and that’swherewe started, but ourlong-termview is thatwe’re agnosticas towhat the assets are.”

Morgan Stanley recently madeBitcoin funds available to certainwealth management clients, whileJPMorgan Chase (JPM) is report-edly planning new crypto-relatedservices. Bank of NewYorkMellon(BK) said in February that it wouldsoon offer custody of Bitcoin andother crypto assets for its clients,following a similar move by North-ern Trust (NTRS). The newly publiccryptocurrency exchange Coinbasehas also offered a regulated cryptocustodian service for institutionalinvestors since 2018. Many otherupstart crypto-only exchanges won’tmeet the compliance and custodyrequirements of most advisors.

And there are existing over-the-counter options for advisors whosemandates allow them to buy assetsnot listed on traditional exchanges.Grayscale offers a number of pub-licly traded trusts, the two largestbeing the Grayscale Bitcoin Trust(GBTC) and the Grayscale Ethere-um Trust (ETHE)—while Bitwiseoffers a fund that tracks a basketof the top 10 cryptocurrencies bycapitalization, theBitwise 10 CryptoIndex fund (BITW). Those should beavailable in most brokerage accountslike almost any other security, withdaily liquidity. But their structureresembles mutual funds more thanETFs, and it’s worth noting thatGrayscale’s 2%management fee onits cryptocurrency trusts is mean-ingfully higher thanmost passivevehicles on the market.

Some advisors can also take oncrypto exposure via separatelymanaged accounts or turnkey assetmanagement programs, while high-net-worth or accredited investor cli-ents have a variety of other optionsavailable to them, as well. “There’sreally no reason for an advisor tosay, ‘I have to wait for an ETF,’ ”says Edelman. “Because they don’tanymore.”

B A R R O N ’ S S P E C I A L S U P P L E M E N T

By Nicholas Jasinski

I t’s harder than ever to dismissBitcoin as a fad or a fraud,and even longtime skepticshave come around to at leasta grudging acknowledgmentthat cryptocurrency isn’tgoing away. Digital assets are

rapidly entering the mainstream,and financial advisors are fieldingmyriad questions from clients aboutthis rapidly growing asset class.

Big-name investors like PaulTudor Jones and Stanley Drucken-miller revealed Bitcoin allocations in2020, while institutions includingFidelity Investments andMorganStanley have made it possible foradvisors and wealth managementclients to purchase Bitcoin on theirplatforms.

But for all the hype, adoptionby professional investors remainsin the early stages. According to arecent Bitwise Asset Managementsurvey, about 9% of financial advi-sors currently have an allocationto crypto assets in client portfolios,while 24% said they owned themin their personal portfolios. Four infive financial advisors said their cli-ents asked them about crypto assetsin 2020, and 17% said they plannedto invest via client portfolios in 2021.

“We are approaching the tippingpoint,” saysRic Edelman, a longtimeadvisorwhonow runs theRIADigitalAssets Council, a resource for educat-ing advisors about blockchain tech-nologies and cryptocurrencies. “In thepast several years, the questionwas,‘Why are you investing inBitcoin?’The question is nowbecoming, ‘Whyaren’t you?’ ” Edelman says.

Snappy comebacks aside, therearemany reasons to invest in Bitcoin—and some reasons not to. The rationalefor investing is the beginning of theroadmap for how to approach incor-poratingBitcoin and other crypto-currencies into a portfolio.

Some buyers think of Bitcoin as aventure capital–like bet on an emerg-ing technology thatwill transform thewaypeople pay for goods and servicesand transfermoney internationally—like buying anupstartVisa (ticker:V) or PayPalHoldings (PYPL) in theearly days of the credit-card or digi-tal-payments boom.Others see it asmore similar to inflation-countering“digital gold,”while some are lookingto increase theirportfolio’s diversi-ficationwith anuncorrelated asset.Whatever the reason, a few things tokeep inmind are:

START SMALL.Nomatter therationale for buying cryptocurrency,starting with an allocation of 3% orless gets investors ready to stomachsome volatility. Swings of 10% or20% or more in the span of a weekare hardly uncommon for Bitcoin.For an asset that volatile, it doesn’ttake a large allocation to have asignificant impact on a portfolio’s re-turn. And in a worst-case scenario,should Bitcoin’s value fall to zero, anallocation of a few percentage pointswon’t ruin the investor or client.

The upside, meanwhile, could bemuch, much greater. The return ofmore than fivemillion percent sinceBitcoin’s inception in 2009won’t berepeated, but bulls’ long-term targetsare still exponentially higher thantoday’s price.Whereas forecasts oflong-term stock returns are givenin terms of single- or double-digitpercentage growth per year, Bitcoinforecasts tend to be quoted as a “5x”or “10x” return.

IEQ Capital is a California-basedasset manager and financial advisorwith $12 billion in assets undermanagement. The firm recentlystarted adding a 1% to 3% allocationto Bitcoin for clients who can affordthe risk and are comfortable withholding crypto assets. IEQ now has$80million in Bitcoin across all ofits portfolios, which its co-CEO EricHarrison anticipates will double ortriple in the not-too-distant future.

Harrison is bullish on Bitcoin’sprice continuing to rise as moreinstitutions and investors adopt thecryptocurrency. He notes that totalsupply is capped, and that a largeproportion ofBitcoins haven’t beenexchanged in over a year. “The totalnumber of Bitcoins that actuallytrade—what you can consider thefloat—is a fairly small number,”Harrison says. “As institutions, cor-porates, and [money managers] step Source: Bitwise Asset Management

Do you currently allocateto crypto in client accounts?

■ Yes■ No

If not, do you plan to allocate tocrypto in client accounts in 2021?

■ Definitely Yes■ Probably Yes■ Unsure■ Probably Not■ Definitely Not

What is the preferred vehiclefor investing in crypto?

■ Exchange-Traded Fund■ Direct Ownership of Individual Coins■ Traditional Mutual Fund■ Closed-End Fund■ Private Fund■ Hedge Fund

From where would you fund anallocation to crypto in clientportfolios?

■ Alternatives■ Equity■ Cash■ Commodities■ Fixed Income

91%

15%15%

28%

18%

16%

10%

17%

10%

51%

64%

5%4%

4% 1%

40%

2%

9%

How Advisors Are Approaching CryptoFor all the hype about cryptocurrencies, adoption by professionalinvestors remains in the early stages. That could soon change.

Crypto will play a bigger role in client portfolios as its popularity grows. But diving straight in can be risky.

The Smart Way toWade Into Bitcoin

Illustration by Kyle Bean

P2JW110000-0-S00300-1--------XA

S4 | Tuesday, April 20, 2021 THEWALL STREET JOURNAL.

G U I D E T O W E A L T H

By Avi Salzman

A year ago, Bitcoinwas just a curi-osity for manycompanies. That’sstarting to change.

More thantwodozen public

companies nowown some cryptocur-rencies on their balance sheets.Manymore are starting to offer servicestopeople interested in buyingBitcoinor to companies thatwant to holdit oraccept it for payments. PayPal(ticker: PYPL)made a particularlybig splash lastmonthwhen it startedallowing someusers topay at checkoutwith their crypto holdings, as smooth-ly as theywouldwith aMastercard.

Helping to push Bitcoin furtherinto the mainstream have beentraditionalWall Street institutionsthat are figuring out how to updatetheir current systems to offer thesame services for crypto that they dofor cash.

Bank of NewYorkMellon (BK),the nation’s oldest bank, announcedin February that it would soon givecustomers the same access to andprotection for cryptocurrencies thatthey get for stocks and other assets.

“Our view is that digital assetsare the future; they are here to stay,”saysMike Demissie, who is leadingthe bank’s efforts. The financial“rails” now being built for cryp-tocurrencies will one day be usedfor other assets, such as bonds andfunds, he predicts. “The larger trendwill continue to grow, and that’s whywe have this conviction and commit-ment behind it.”

Because owning Bitcoin directlycomes with security risks, financialinstitutions can charge for services,like custody, that they alreadyprovide for other assets. By devel-oping systems to help clients holdand trade cryptocurrencies, theycan earn the same kinds of fees thatthey do on other investments—andperhaps more.

Demissie expects that Bank ofNewYorkMellon may charge apremium to its traditional custodyservices when it launches later thisyear. “The actual service fees are yetto be determined, but I wouldn’t besurprised if they come in higher be-cause of the risk that this asset classrepresents, including the additionaltechnology requirements,” he says.

For these institutions, the rosterof potential corporate clients isgrowing. Among the companiesthat have embraced Bitcoin arepayments company Square (SQ) andelectric-vehicle maker Tesla (TSLA),whose chief financial officer recentlytook the title of Master of Coin. Bothcompanies have purchased Bitcoinfor their corporate treasuries.

Some financial companies arealso buying in directly. Insurancegiant MassMutual—knownmorefor annuities and other less-flashyfare—announced in December that ithad purchased $100million worthof Bitcoin. A spokeswoman called itpart of “our broader strategy to cap-italize on evolving opportunities,”while noting that the investmentmakes up just 0.04% of the compa-ny’s general investment account.

The companies with the largestinvestments in Bitcoin tend to berunby people with a personal affin-ity for cryptocurrencies. Square’sJack Dorsey, Tesla’s ElonMusk, andbusiness-software companyMicro-Strategy’s (MSTR)Michael Saylorfall into this category. All three com-panies own substantial amounts ofBitcoin, and are experimenting withusing it in novel ways.

Tesla now allows people to buyvehicles directly with Bitcoin.Square, meanwhile, has an in-houseteam contributing to an open-sourceproject designed “to help the entireindustry benefit from the promiseof a native internet currency likeBitcoin, not just Square,” a represen-tative tells Barron’s.

“The ones that have done it arecompanies where the founder orthe CEO is the largest shareholderand still in charge,” saysMichaelVenuto, chief investment officer for

Toroso Investments, which createdan exchange-traded fund calledAmplify Transformational DataSharing (BLOK) to track companiesinvolved in cryptocurrencies andblockchain technology.

The growing prominence offinancial firms in Bitcoin is reflectedin Toroso’s ETF. About a quarterof its investments are in financialplayers like PayPal; another quarteris in publicly traded Bitcoin miners;about 10% is invested in companiesthat make chips used in cryptomining, like Nvidia (NVDA) andTaiwan Semiconductor Manufac-turing (TSM); and a similar portionis in investment firms that bet onthe wider crypto ecosystem, such asGalaxy Digital (GLXY.Canada).

Corporate America’s embrace ofcryptocurrencies is a major shift.The original Bitcoin white paper,which explained how softwareknown as blockchains could allowfor peer-to-peer payments, wasspecifically designed to bypass bothcorporate and government gatekeep-ers. Some of the companies getting

involved today are exactly the kindsof middlemen that Bitcoin was sup-posed to eliminate.

Still, the purist view of Bitcoinhas been supplanted with a moreflexible ethos—and the beginningsof a regulatory structure—that hasmade the space more welcoming tocorporations.

Coming out of the crisis, corpora-tions that have embraced crypto arebanding together to lobby lawmak-ers on future regulations. Fidelity,Square, and Coinbase Global are partof a newCrypto Council for Innova-tion that launched in early April.

“You’re going to see a great con-vergence over the course of the nextfew years between the cryptocurren-cy financial system and the tradi-tional financial system,” says ZacPrince, CEO of BlockFi, which sits inthe middle of that convergence.

BlockFi operates like a cryptobank, paying interest on deposits fromBitcoin owners and lending it to hedgefunds and family offices. Prince saysthat Covid-19 accelerated the shift tocorporate adoption, because financial

institutions “want to see how some-thing does through an economic shockof sorts thatwe have roughly once adecade.”And crypto “not only did notdie, it’s performed verywell.”

There are limits to the corporateembrace of Bitcoin. Most publiccompanies that own it are crypto-focused, and aren’t householdnames. A Gartner survey of 77 fi-nancial executives taken in Februaryfound that only 5% plan to buy it fortheir treasuries this year. Another84% don’t expect to ever own it ontheir balance sheets.

Andmost companies that areincorporating it into their businessmodels are taking baby steps fornow. Square lets users of its CashApp buy and sell Bitcoin, but mer-chants who use Square can’t acceptit, and it isn’t clear when they will.The company experimented withallowing Bitcoin purchases backin 2014, but abandoned the projectwhen fewmerchants wanted to useit. A Square spokeswoman says thatBitcoin’s infrastructure wasn’t readyto beused at scale for purchases.

PayPal’s decision to bring cryptodirectly to the cash register wasmonumental. But the payments willbe converted into cash before theyhit the merchants’ accounts. Thesame goes for Mastercard (MA),which is similarly planning to allowpeople to buy things at stores withtheir crypto holdings. For peoplewho do so, there’s a catch: UnderInternal Revenue Service rules, eachpurchase would be considered ataxable capital gain if the Bitcoin hasappreciated in value.

Despite the obstacles, Visa (V)andMastercard are positioningthemselves as major players in thecrypto ecosystem. A true Bitcoinnetwork would supplant the credit-card networks entirely, becausepeople could transact directly overthe internet. Visa, however, seesmany other uses for cryptocurren-cies that will allow it to play a part.The company has begun allowingcrypto-focused companies to settlepayments with Visa using digitalassets rather than having to convertthem into traditional currenciesfirst. It has built widgets that allowbanks to give customers the optionof buying cryptocurrencies fromtheir websites. And it has teamed upwith crypto-focused financial firmsto help them issue Visa cards to cus-tomers, and has even backed a creditcard that gives customers rewardsin cryptocurrency. Crypto-backedcredit-card customers can thenspend their earnings at merchants,who don’t have to worry about thetricky part—handling and convert-ing the Bitcoin.

“The value of that is merchantsdon’t need to upgrade their terminalsand figure out how to integrate with ablockchain,” says Cuy Sheffield, wholeads crypto efforts at Visa.

Corporate adoption has sped up,and with it, the price of cryptocur-rencies. It has been a virtuous circle,where corporate adoption has helpedspur the price, and the rising valuethen persuades more corporationsto jump on board. The real test maycome in the next Bitcoin downturn.

Until then, the parlor gamecontinues:Whowill be next to buyBitcoin?

“It’s most likely that the ones thatdo it next are going to be other owner-operators,” says Toroso’s Venuto.“If you think about themost forward-thinking major corporations inthe tech space, the ones likely togo next are a Facebook [FB] or anOracle [ORCL], more than an Apple[AAPL], right? I mean, if Steve Jobswas still at Apple, it probably wouldbe done already. Tim Cook is adifferent guy; he’s a hired CEO, not afounder CEO.”

Left: a Bitcoin ATM in Poland

Illustration by Kyle Bean; Photo by NurPhoto via Getty Images

Companies are beginning to see value in owning crypto as an asset and using it as a currency. Expect more to jump on board soon.

Why CompaniesAre Buying Bitcoin

Bitcoin on the Balance SheetSeveral public companies have been buying Bitcoin for their corporate treasuries.

Market YTDPrice Bitcoins Total Bitcoin Current BitcoinCompany / Ticker Value (bil) Change Purchased Cost Basis (mil) Value (mil)

MicroStrategy / MSTR $6.3 69% 91,579 $2,226 $5,284

Tesla / TSLA 644.0 -5 48,000 1,500 2,580

Square / SQ 111.4 13 8,027 220 463

Marathon Digital Holdings / MARA 4.6 343 5,263 162 304

Riot Blockchain / RIOT 4.1 185 1,175 7 68

Sources: Bitcoin Treasuries; Bloomberg

P2JW110000-0-S00400-1--------XA

THEWALL STREET JOURNAL. Tuesday, April 20, 2021 | S5

Then you can exploreinvesting in Bitcoin.

Grayscale Investments, LLC is a digital currency asset manager and the sponsor of Grayscale BitcoinTrust (BTC) (“GBTC”). Investments in GBTC are speculative investments that involve high degrees of risk,including loss of invested funds. Grayscale products are not suitable for any investor that cannot affordloss of the entire investment. To date, GBTC has not met its investment objective and the Shares quotedon OTCQX have not reflected the value of Bitcoin held by GBTC, less GBTC’s expenses and other liabilities,but have instead traded at a premium over such value, which at times has been substantial. Recently, therehave also been limited instances where the Shares have traded at a discount. Go to OTCMarkets.com/stock/GBTC or our website Grayscale.co for the annual report, which includes investment objectives, risks,fees and expenses, or Grayscale.co for more information on Grayscale and our other investment vehicles.Read these materials carefully before investing. This content is not intended to be a solicitation for thecreation of new Shares. GBTC is distributed by Genesis Global Trading, Inc. (Member FINRA/SIPC, MSRBRegistered).

If you can…Have dinner with your in-lawsBoil waterRemember all those dang passwordsDelete your browser history

Visit grayscale.co/wj to learn more and for important disclosures.

Just type symbol: GBTC into your brokerage account to get startedwith Grayscale Bitcoin Trust. Symbol: GBTC offers exposure to Bitcoinin a secure, SEC-reporting investment product from Grayscale, theworld’s largest digital currency asset manager.

Symbol: GBTC

P2JW110000-0-S00500-1--------XA

S6 | Tuesday, April 20, 2021 THEWALL STREET JOURNAL.

Extraordinary times require Exceptional Advisors.In times of market turmoil, knowledge and expertisebecome invaluable. Count on a CIMA®, CPWA® or RMA®

advisor, reliable experts in investment, wealth andretirement management.

To become an exceptional advisor visit:www.investmentsandwealth.org$. &/% ,/ #"(#-)!./,1 ,%'!*.+ '!*!)0www.investmenthelp.org

CERTIFIED INVESTMENTMANAGEMENT ANALYST!

CERTIFIED PRIVATEWEALTH ADVISOR!

RMARETIREMENTMANAGEMENT

ADVISOR!

P2JW110000-0-S00600-1--------XA

THEWALL STREET JOURNAL. Tuesday, April 20, 2021 | S7

B A R R O N ’ S S P E C I A L S U P P L E M E N T

By Steve Garmhausen

T here are manyreasons advisorsmight dismissBitcoin and othercryptocurrencies.They’re largelyunregulated. To

say they’re volatile is an understate-ment. And the fintech infrastructurefor accessing, custodying, reporting,and billing on digital assets is still inits early stages.

But crypto is here, like it or not.Investors, having seen Bitcoin’s pricerocket past $61,000 after starting2020 at just $7,300, are askingtheir advisors about it—or buyingit without asking them. Financialinstitutions are increasingly accom-modating Bitcoin: PayPal will letcustomers make purchases with it,while Fidelity Investments now ac-cepts it as loan collateral for certaincustomers, lets wealthy customersaccess the asset, and is amongmanyfirms with plans to launch a Bitcoinexchange-traded fund.

Last month, Morgan Stanley andGoldman Sachs announced that theywill offer cryptocurrency exposurefor their wealthy clients—becomingthe first two big U.S. banks to do so.

In November, MarinerWealthAdvisors became the largest inde-pendent registered investment advi-sor to offer access to, and advise on,Bitcoin. “We know it’s not for everyclient,” saysMarty Bicknell, CEO ofOverland Park, Kan.–basedMari-ner, “but we feel it’s strategic for ouradvisors to be educated on the topicand to be able to help clients with aninvestment when it makes sense.”

The bottom line: Cryptocurrenciessuch as Litecoin and Ethereum, butparticularly Bitcoin, which domi-nates the digital currencymarket,can’t be ignored. Even if advisorsdon’t (or won’t) advise on them, theyneed to recognize that competitorsmay soon be doing so—or are already.

Only a small fraction of advisorsallocate to crypto assets,which in-cludeRipple, Stellar, andmany others.In a 2021 survey of 994 advisors byBitwiseAssetManagement andETFTrends, 9% said they did so.Of thoseallocating to crypto, 58%are indepen-dentRIAs. The survey respondents’top reasons for allocating to cryptowere its low correlationwith otherasset classes, cited by 54%, and “highpotential returns,” cited by 38%.

Some of the advisors who provideguidance on Bitcoin are enthusiasts,while others are pragmatists. Bick-nell is a little of both. He says he hasbeen intrigued by Bitcoin because itunites his passions for innovation,disruption, and investing. But healso says that each of the firm’s 350advisors had clients ask about it, andmany clients had already investedin it prior to November. Bicknellwanted to be sure that those clientshad the guidance of an advisor.

Mariner announced a partner-ship late last year withWashington,D.C.–based Eaglebrook Advisors,which offers Bitcoin and digital-as-set separately managed accounts. Sofar, Mariner has trained 30 of its ad-visors on crypto. Each advisor mustobtain company approval beforeputting a client in the asset.

It’s easy to understand why firmslikeMariner are the exceptionswhen it comes to advising on crypto.Bitcoin debuted in 2009with virtu-ally no market value; by December2017, it had surged past $19,000.Volatility has been a constant; byJanuary 2019, a coin’s value hadfallen to $3,400.

On at least two occasions, includ-ing once last year, Bitcoin’s price hasdropped by about half within a mat-ter of hours. InMarch, it dropped16%within 12 days before perkingback up. Volatility is one reasonmany advisors say Bitcoin meritsonly a low-single-digit allocation, ifany. (Fun fact: The first documentedpurchase using Bitcoin was in 2010,when a Florida software program-mer bought two pizzas for 10,000Bitcoin. Those coins would now beworth about $580million.)

Ric Edelman, founder of thefirm that is now Edelman Financial

Engines, the country’s biggest inde-pendent RIA, says an allocation of1% is appropriate. “It will not harmyou if it becomes worthless,” he says.“It will be annoying, but it won’t bedevastating, and it can have a mean-ingful impact.”

EdelmanFinancial Engines doesn’tallocate to crypto because it uses onlymutual funds andETFs, and a pure-play cryptocurrency fund in eitherformat doesn’t yet exist. Edelmanhimself started buyingBitcoin in2014, andnowhasmore than 1%ofhis networth in cryptocurrencies.

The consensus crypto alloca-tion ceiling is between 3% and 5%,depending on a client’s risk profile,says Adam Blumberg, a co-founderof Houston-based Interaxis, whichprovides crypto education foradvisors. Regulators tend to lookskeptically at alternative allocationsabove 15%, notes Blumberg, whoclosed his RIA practice this year tofocus on Interaxis.

Many advisors are treading care-fully because of regulatory uncer-tainty. Douglas Boneparth, presi-dent of $86million-asset Bone FideWealth in NewYork, says he startedproviding education on digital cur-rencies five years ago because clientsincreasingly requested it or indicatedthey wanted to invest, or joined thefirm already owning positions. OfBoneparth’s 110 client households,about 20% own some form of cryp-tocurrency, mostly Bitcoin.

Boneparth doesn’t recommendcrypto or allocate clients to it, butwhen they ask about it, he explainsthe different methods of accessingthe asset, its risks and potential ben-efits, and how it might fit into a moretraditional portfolio. Boneparth isamong the advisors who say cryptoshould be presented to clients as aspeculative asset requiring a lengthytime horizon.

Learning about crypto andscripting client conversations, asBoneparth has, is a key part of thegroundworkmany advisors arenow laying. One of those scriptedconversations should be set asidefor Bitcoin’s next big price plunge,Blumberg advises.

Advisors allocating to cryptoshould amend their FormADVswith the SEC, both to reflect cryptoas an offering and, if necessary, tostate that compensation optionsinclude fee-for-service. Incorporat-ing crypto into an investment policystatement can also be a prudent stepfor those advising on the asset.

IsaiahDouglass, a partner at $21millionVincereWealthManagementin Indianapolis, says he uses the

statement to formally lay out the risks.“It documents that you’ve had theconversation and they’ve signed off,”saysDouglass,who started advisingonBitcoin last summer.More than adozen ofVincere’s approximately 100households currently own crypto, andseveral others are interested, he says.

A central element of advising onBitcoin is deciding how to charge forthe service. If a crypto ETF existed,it would be a simple matter: Thecrypto allocation would be held inthe same account as other assets,at the same custodian. Asset-basedcharges would be extracted as usual.Advisors have been waiting yearsfor such an ETF. Edelman likes tojoke that he expects approval within18 months, and that he has used thisline for five years.

Several applications are pendingwith the Securities and ExchangeCommission; the Grayscale BitcoinTrust (ticker: GBTC) has filed toconvert to an ETF, and a handful ofasset managers, including Fidelityand VanEck, have filed for newBitcoin ETFs.

Much has beenmade in the cryptocommunity about the fact that SECchairman nominee Gary Gensler un-derstands cryptocurrencies and theirunderlying technologywell, havingtaught about them atMIT.Whetherthat will translate into his support fora Bitcoin ETF remains to be seen.

In the meantime, there are cryptoinvesting solutions that enable assetunder management, or AUM, fees.But they’re different from ETFs inthat they come with higher mini-mums andmanagement fees. TheEaglebrook SMA’s management andcustody fees total 1.3%, for example.Alternatively, advisors can set upcrypto accounts and subaccountsdirectly with Gemini, the cryptocur-rency exchange, and charge an AUMfee. “It just takes quite a bit of workand knowledge to do so and is an in-vitation for compliance headaches,”Blumberg cautions.

As the world waits for a trueretail crypto fund, the GrayscaleBitcoin Trust has become a popularsolution, with more than $36 billionof assets. The security consists solelyof Bitcoin and trades over the count-er. It carries a 2% expense ratio andhas recently swung from tradingat a large premium to a significantdiscount—amplifying its risk.

Amore diversified option isBitwise AssetManagement’s Bitwise10 Crypto Index fund (BITW), whichtracks the 10 largest digital coins, hasa 2.5% expense ratio, and is trading ata 55% premium to its net asset value.

There are also several crypto-focused hedge funds,with heftyinvestmentminimums, highman-agement fees, and other hedge funddrawbacks that can preclude themfromaccounts ofmass-affluent clients.

In some cases, a fee-for-serviceapproach is the only compensationoption. For example, crypto owners

who are concerned about a custodianbeing hackedmight opt for a “hardwallet,” the digital equivalent of acombination safe. The fee in such cas-es can be calculated based on the timespent advising on crypto and helpingclients buy and securely hold it.

For Douglass, crypto advisoryservices fit neatly into a monthlyplanning fee, facilitated by paymentssoftware AdvicePay. The firm’smonthly advice fee is tiered based oncomplexity, and clients with morethan $100,000 in crypto holdingsare placed in the highest tier. Thosefees are charged in addition to a feebased on assets under management.

While advisors have the meansto advise and allocate on crypto,the infrastructure certainly hasroom to evolve. Among the tech-nical problems is a lack of unifiedreporting and analysis, whichmakesportfolio management difficult,Blumberg says. “If you are allocated5% to Bitcoin, and Bitcoin runs upin value, giving you an 8% alloca-tion, rebalancing to get back to 5% isdifficult and costly,” he says. “Whencustodians like Fidelity or Schwabcan custody crypto, or there aregood data highways, some of theseproblems will be solved.”

One development to watch: BNYMellon, whose Pershing unit is theRIA industry’s third-largest custo-dian, announced in February thatit’s creating a digital-asset custodyand administrative platform—but ithasn’t made clear whether it will ac-commodate financial advisors’ clientaccounts. “The digital-asset custodyoffering will support BNYMellon’sdiverse client base when the offeringcomes to market later this year pend-ing necessary approvals,” a companyrepresentative says.

How big will the crypto advicemarket become? The potential isprobably limited by regulatory un-certainty and the extra steps neededby buy, hold, and integrate the assetsinto a portfolio—until the launch ofan SEC-approved, pure-play cryptoETF. “From a practicality standpointfor advisors, that’s the golden ticket,”Boneparth says.

In the Bitwise/ETFTrends sur-vey, nearly 50% of advisors said thelaunch of a Bitcoin ETFwouldmakethemmore comfortable allocating tocrypto assets. But some see themeritof becoming a crypto-advice earlymover. Douglass, for one, is bettingon it, and last summer began askingclients what they think about Bitcoin.

“If they don’t believe in it, that’swhere the conversation ends,” he says.“But Iwant to be sure I talked to themabout it, in case it’s huge in 2025.”

More and more financial advisors are interested in owning cryptocurrencies for themselves and their clients.But there are many complicating factors when trying to work them into your practice. What to know.

How Advisors Are Investing In—And Coping With—Crypto

Advisors TakeOn Bitcoin

Crypto education doesn’t stop withthe investment process. Incorporatingit into your practice requires care.

Marty Bicknell,Mariner Wealth Advisors

Ric Edelman,Edelman Financial Engines

Isaiah Douglass,Vincere Wealth Management

Douglas A. Boneparth,Bone Fide Wealth

Illustration by Kyle Bean; Photos, from top, by Mariner Wealth Advisors; courtesy of Edelman Financial Engines; Brian Powell; Douglas A. Boneparth

P2JW110000-0-S00700-1--------XA

S8 | Tuesday, April 20, 2021 THEWALL STREET JOURNAL.

ARIZONA

Mark SteinGalvin, Gaustad & SteinScottsdale

mark@ggsadvisors.com(480) 776-1440ggsadvisors.com

1.52m Typical Account Size$428m TeamAssets

Ruth TransueWells Fargo AdvisorsTucson

transuer@wellsfargo.com(520) 529-5932fa.wellsfargoadvisors.com/ruth-transue

$2m Typical Account Size$680m TeamAssets

TrevorWildeWildeWealthManagementGroupScottsdale

trevor@wildewealth.com(480) 361-6203wildewealth.com

$0.7m Typical Account Size$1,315m TeamAssets

CALIFORNIA

Seth HayeMorgan StanleyWestlake Village

seth.haye@morganstanley.com(805) 494-0215advisor.morganstanley.com/the-oaks-group

$3.5m Typical Account Size$1,345m TeamAssets

Elaine MeyersJ.P. Morgan SecuritiesSan Francisco

elaine.meyers@jpmorgan.com(415) 315-7801jpmorgansecurities.com/elainemeyers

$50m Typical Account Size$3,250m TeamAssets

Greg OnkenJ.P. Morgan SecuritiesSan Francisco

greg.onken@jpmorgan.com(415) 772-3123jpmorgansecurities.com/os-group

$15m Typical Account Size$3,500m TeamAssets

DebWetherbyWetherby AssetManagementSan Francisco

deb@wetherby.com(415) 399-9159wetherby.com

$33.3m Typical Account Size$5,779m TeamAssets

Dale YahnkeDowling & YahnkeWealthAdvisorsSan Diego

dale.yahnke@dywealth.com(858) 509-9500dywealth.com

$4.2m Typical Account Size$4,674m TeamAssets

Cheryl L. YoungMorgan StanleyLos Gatos

cheryl.young@morganstanley.com(408) 358-0976fa.morganstanley.com/youngandassociates

$6m Typical Account Size$2,482m TeamAssets

COLORADO

Melissa CorradoHarrisonUBS Financial ServicesDenver

melissa.harrison@ubs.com(303) 820-5770financialservicesinc.ubs.com/team/corrado-harrison

$25m Typical Account Size$954m Total Assets

ThomasMoranMoranWealthManagementNaples

thomas.moran@moranwm.com(239) 920-4440moranwm.com

$5m Typical Account Size$3,265m TeamAssets

GEORGIA

Michael HinesConsolidated PlanningCorporationAtlanta

mhines@cpcadvisors.com(404) 892-1995cpcadvisors.com

$2.5m Typical Account Size$843m TeamAssets

ILLINOIS

TomKilbornMerrill LynchNorthbrook

tom_kilborn@ml.com(847) 564-7201fa.ml.com/kilborngroup/

$4m Typical Account Size$1,092m TeamAssets

Kathleen RoeserMorgan StanleyChicago

kathy.roeser@morganstanley.com(312) 443-6500fa.morganstanley.com/theroesergroup

$8m Typical Account Size$1,645m Total Assets

INDIANA

Trent CowlesMerrill LynchIndianapolis

trent_cowles@ml.com(317) 624-8451fa.ml.com/cf

$3.2m Typical Account Size$865m TeamAssets

IOWA

Jerry AskJerry K. Ask InvestmentServicesCedar Rapids

jerry.ask@jkainvest.com(319) 395-9230jkainvest.com

$0.5m Typical Account Size$462m TeamAssets

Matt FryarWells Fargo AdvisorsDesMoines

matthew.r.fryar@wellsfargo.com(515) 245-3120fa.wellsfargoadvisors.com/matthew-fryar

$5m Typical Account Size$875m TeamAssets

KANSAS

Trey BarnesMarinerWealth AdvisorsOverland Park

trey.barnes@marinerwealthadvisors.com(913) 387-2734marinerwealthadvisors.com/why-us/people/trey-barnes

$1.8m Typical Account Size$2,176m TeamAssets

KENTUCKY

Barry BarlowMerrill LynchLouisville

barry_barlow@ml.com(502) 329-5097fa.ml.com/b_barlow

$4m Typical Account Size$1,032m TeamAssets

Travis MusgraveMerrill LynchLexington

travis_musgrave@ml.com(859) 231-5258fa.ml.com/musgrave

$5m Typical Account Size$828m TeamAssets

MASSACHUSETTS

Debra BredeD.K. Brede InvestmentManagement Co. Inc.Needham

brede@bredeinvestment.com(781) 444-9367bredeinvestment.com

$2m Typical Account Size$1,118m TeamAssets

Kevin GrimesGrimes & Company, Inc.Westborough

advisors@grimesco.com(508) 366-3883grimesco.com

$3m Typical Account Size$3,104m TeamAssets

Susan KaplanKaplan Financial Services,Inc.Newton

susan.kaplan@lpl.com(617) 527-1557kaplan-financial.com/

$3.5m Typical Account Size$2,252m TeamAssets

Victor T. LivingstoneMorgan Stanley PrivateWealthManagementBoston

victor.livingstone@morganstanleypwm.com(617) 478-6500

$35m Typical Account Size$4,496m TeamAssets

Ira RapaportNew England PrivateWealth Advisors, LLCWellesley

ira.rapaport@nepwealth.com(781) 416-1700nepwealth.com

$7m Typical Account Size$2,136m TeamAssets

Raj SharmaMerrill–PrivateWealthManagementBoston

raj_sharma@ml.com(617) 946-8030pwa.ml.com/sharma_group

$10m Typical Account Size$7,882m Total Assets

MICHIGAN

James KruzanKaydanWealthManagement, Inc.Fenton

jim.kruzan@kaydanwealth.com(810) 593-1624kaydanwealth.com

$1.5m Typical Account Size$511m Total Assets

David KudlaMainstay CapitalManagementGrand Blanc

mainstay@mainstaycapital.com(866) 444-6246mainstaycapital.com

$0.8m Typical Account Size$3,076m TeamAssets

Charles C. ZhangZhang FinancialPortage | Grand Rapids |Troy

charles.zhang@zhangfinancial.com(269) 385-5888zhangfinancial.com

$2m Typical Account Size$3,638m TeamAssets

NEBRASKA

Jim SiemonsmaMarinerWealth AdvisorsOmaha

jim.siemonsma@marinerwealthadvisors.com(402) 829-3650marinerwealthadvisors.com/why-us/people/jim-siemonsma

$1m Typical Account Size$1,351m TeamAssets

WASHINGTON, DC

Michael FreimanMorgan StanleyWealthManagementWashington

michael.j.freiman@morganstanley.com(202) 778-1382teamfreiman.com

$1.3m Typical Account Size$1,735m TeamAssets

GregMarcusUBS Financial ServicesWashington, D.C.

gregory.marcus@ubs.com(202) 942-2830financialservicesinc.ubs.com/team/marcushendlerstern/meetourteam

$30m Typical Account Size$779m Total Assets

Marvin McIntyreMorgan Stanley PrivateWealthManagementWashington, D.C.

marvin.mcintyre@morganstanleypwm.com(202) 778-1381advisor.morganstanley.com/cwmg

$8.5m Typical Account Size$4,156m Total Assets

FLORIDA

Richard AltieriMorgan StanleyBoca Raton

richard.altieri@morganstanley.com(561) 393-1836fa.morganstanley.com/thealtierigroup

$5m Typical Account Size$1,144m TeamAssets

Adam E. CarlinMorgan Stanley PrivateWealthManagementCoral Gables

adam.e.carlin@morganstanleypwm.com(305) 476-3302fa.morganstanley.com/adam.e.carlin

$20m Typical Account Size$3,128m TeamAssets

Aimee CoganMorgan StanleySarasota

aimee.cogan@morganstanley.com(941) 363-8513advisor.morganstanley.com/the-bellwether-group

$10m Typical Account Size$1,153m TeamAssets

Stephen CurleyWaterOak AdvisorsWinter Park

barrons@wateroak.com(407) 567-2956wateroak.com

$12.5m Typical Account Size$2,152m TeamAssets

Trevor FriedMorgan StanleyFort Lauderdale

trevor.fried@morganstanley.com(954) 713-8436advisor.morganstanley.com/the-las-olas-group

$2m Typical Account Size$881m TeamAssets

Trent LeydaMorgan StanleyVero Beach

trent.leyda@morganstanley.com(772) 234-1805advisor.morganstanley.com/the-leyda-group

$5m Typical Account Size$1,290m TeamAssets

Scott MacaioneWaterOak AdvisorsWinter Park

barrons@wateroak.com(407) 567-2956wateroak.com

$3m Typical Account Size$2,152m TeamAssets

ADVERTISEMENT

Below is a list of Barron’s-ranked advisors who are actively taking on new clients. For more information on themand other ranked advisors, visit barrons.com/guide.

The Top Advisor Guide is a custom reprint of all of our advisor rankings. It allows Barron’s-ranked advisors (andonly Barron’s-ranked advisors) to publish their contact information. Advisors pay a fee to be listed in this section,but their participation has no bearing on their place in our rankings, nor does it guarantee that they will beranked in future years. The Guide is meant as a starting point for clients looking for an advisor—a first-passvetting that can help narrow a search. Every advisor will have his or her own approach to investing, financialplanning, and other services. Clients are encouraged to approach the search for an advisor the way they would asearch for a doctor—interviewing multiple professionals and getting opinions frommultiple third parties.

TOP ADVISOR GUIDE

NEVADA

Randy GarciaThe Investment CounselCompanyLas Vegas

rgarcia@iccnv.com(702) 871-8510iccnv.com

$4.9m Typical Account Size$1,357m TeamAssets

NEW JERSEY

David BriegsMerrill LynchBridgewater

david_briegs@ml.com(908) 685-3203fa.ml.com/kugelbriegs

$2.5m Typical Account Size$1,729m TeamAssets

Reed FinneyThe Bleakley FinancialGroupFairfield

reed.finney@bleakley.com(973) 244-4210bleakley.com

$1.3m Typical Account Size$585m TeamAssets

Elliott KugelMerrill LynchBridgewater

elliott_m_kugel@ml.com(908) 685-3252fa.ml.com/kugelbriegs

$2.5m Typical Account Size$1,729m TeamAssets

Andy SchwartzBleakley Financial GroupFairfield

andy.schwartz@bleakley.com(973) 244-4202bleakley.com

$3m Typical Account Size$1,922m TeamAssets

NEW YORK

LeoMarzenBridgewater AdvisorsNewYork

lmarzen@bridgewateradv.com(212) 221-5300bridgewateradv.com/team/leo-marzen

$5m Typical Account Size$1,550m TeamAssets

Justin McCarthyMarinerWealth AdvisorsNewYork

justin.mccarthy@marinerwealthadvisors.com(212) 869-5900marinerwealthadvisors.com/why-us/people/justin-mccarthy

$2.9m Typical Account Size$1,492m TeamAssets

Robert StolarMorgan Stanley PrivateWealthManagementNewYork

robert.stolar@morganstanley.com(212) 761-8138advisor.morganstanley.com/family-wealth-group

$50m Typical Account Size$2,968m TeamAssets

Ron VinderMorgan Stanley PrivateWealthNewYork

ron.vinder@morganstanleypwm.com(212) 503-2365advisor.morganstanley.com/the-vinder-group

$50m Typical Account Size$9,760m TeamAssets

ElizabethWeikesJ.P. Morgan SecuritiesNewYork

elizabeth.weikes@jpmorgan.com(212) 272-9214jpmorgansecurities.com/lsswgroup

$25m Typical Account Size$3,757m TeamAssets

Participation in this section is only open to advisors who have been listed in our editorial rankings. Advisors pay a fee to be included in this reprint. Participation in this section has no bearing on the outcome of our rankings. Assetsare tied to the most recent ranking. For more information, visit barrons.com/guide.

P2JW110000-0-S00800-1--------XA

THEWALL STREET JOURNAL. Tuesday, April 20, 2021 | S9

NORTH CAROLINA

Mike AbsherAbsherWealthManagementChapel Hill

mike@absherwealth.com(919) 283-2340absherwealth.com

$1.5m Typical Account Size$474m TeamAssets

Mike BellEdward JonesHickory

mike.bell@edwardjones.com(828) 328-8111edwardjones.com/mike-bell

$0.8m Typical Account Size$447m TeamAssets

R. Neil StikeleatherBank of AmericaMerrill LynchCharlotte

neil.stikeleather@ml.com(704) 705-3233fa.ml.com/stikeleatherandassociates

$0.8m Typical Account Size$535m TeamAssets

OHIO

Valerie NewellMarinerWealth AdvisorsCincinnati

valerie.newell@marinerwealthadvisors.com(513) 618-3040marinerwealthadvisors.com/why-us/people/valerie-l-newell

$3m Typical Account Size$3,708m TeamAssets

David SingerThe Evelo/Singer/SullivanGroupMerrill PrivateWealthCincinnati

david_singer@ml.com(513) 579-3889pwa.ml.com/evelosingersullivan

$15m Typical Account Size$3,800m TeamAssets

Linnell SullivanThe Evelo/Singer/SullivanGroupMerrill PrivateWealthCincinnati

linnell_sullivan@ml.com(513) 579-3890pwa.ml.com/evelosingersullivan

$7m Typical Account Size$1,900m TeamAssets

OKLAHOMA

Jana ShouldersMarinerWealth AdvisorsTulsa

jana.shoulders@marinerwealthadvisors.com(918) 991-6910marinerwealthadvisors.com/why-us/people/jana-shoulders

$3m Typical Account Size$1,995m TeamAssets

OREGON

Judith McGeeRaymond James FinancialServicesPortland

judith.mcgee@raymondjames.com(503) 597-2222mcgeewm.com

$1m Typical Account Size$768m TeamAssets

PENNSYLVANIA

Patti BrennanKey Financial, Inc.West Chester

pbrennan@keyfinancialinc.com(610) 429-9050keyfinancialinc.com

$2m Typical Account Size$1,366m TeamAssets

Michael HirthlerJacobi Capital ManagementWilkes-Barre

mhirthler@jacobicapital.com(570) 826-1801jacobicapital.com

$3m Typical Account Size$1,403m TeamAssets

Barbara HudockHudock Capital GroupWilliamsport

bhudock@hudockcapital.com(570) 326-9500hudockcapital.com

$1m Typical Account Size$585m TeamAssets

Rob ThomasMarinerWealth AdvisorsState College

rob.thomas@marinerwealthadvisors.com(814) 867-2050marinerwealthadvisors.com/why-us/people/rob-thomas

$0.2m Typical Account Size$5,111m TeamAssets

RHODE ISLAND

MalcolmMakinRaymond JamesWesterly

mmakin@ppgadvisors.com(401) 596-2800ppgadvisors.com

$1.5m Typical Account Size$1,423m TeamAssets

Matthew YoungRichardC.Young&Co., Ltd.Newport

info@younginvestments.com(401) 849-2137younginvestments.com

$1.7m Typical Account Size$1,163m TeamAssets

David ReiserJ.P. Morgan SecuritiesProvidence

david.reiser@jpmorgan.com(203) 722-9900jpmorgansecurities.com/reiserwmgroup

$2m Typical Account Size$438m TeamAssets

TENNESSEE

Christi EdwardsMorgan StanleyNashville

christi.edwards@morganstanley.com(615) 298-6554advisor.morganstanley.com/the-edwards-pharris-group

$4m Typical Account Size$1,045m TeamAssets

ADVERTISEMENT

KovitzChicago, IL

wealth@kovitz.com(312) 334-7300kovitz.com

35 Advisors | 4 Offices

$5.15b Total Assets$1mAccountMinimum

MAI CapitalManagementCleveland, OH

info@mai.capital(216) 920-4800mai.capital

75 Advisors | 10 Offices

$9.1b Total Assets$1mAccountMinimum

MarinerWealthAdvisorsLeawood, KS

info@marinerwealthadvisors.com(913) 647-9700marinerwealthadvisors.com

350 Advisors | 41 Offices

$35b Total Assets$100kAccountMinimum

PagnatoKarp | CressetReston, VA

ppagnato@pagnatokarp.com(703) 468-2700pagnatokarp.com

46 Advisors | 9 Offices

$12b Total Assets$10mAccountMinimum

Private Advisor GroupMorristown, NJ

startthedialogue@privateadvisorgroup.com(973) 538-7010privateadvisorgroup.com

664 Advisors | 306 Offices

$21.22b Total Assets$100kAccountMinimum

RegentAtlanticMorristown, NJ

info@regentatlantic.com973-738-9353regentatlantic.com

24 Advisors | 2 Offices

$4.90b Total Assets$1mAccountMinimum

Signature Estate &Investment AdvisorsLos Angeles, CA

bholmes@seia.com(310) 712-2326seia.com

20Advisors | 8 Offices

$11.21b Total Assets$500kAccountMinimum

Snowden Lane PartnersNewYork, NY

info@snowdenlane.com(646) 218-9760snowdenlane.com

52 Advisors | 12 Offices

$2.49b Total Assets$0AccountMinimum

SBSB Financial AdvisorsMcLean, VA

info@sbsbllc.com(703) 734-9300sbsbllc.com

30Advisors | 2 Offices

$5b Total Assets$1mAccountMinimum

Wealth EnhancementAdvisory ServicesPlymouth, MN

info@wealthenhancement.com(763) 417-1700wealthenhancement.com

200Advisors | 46 Offices

$24b Total Assets$0AccountMinimum

EPWealth AdvisorsTorrance, CA

bparker@epwealth.com(310) 910-9477epwealth.com

47 Advisors | 15 Offices

$6.93b Total Assets$500kAccountMinimum

Gofen and Glossberg,LLCChicago, IL

info@gofen.com(312) 828-1100www.gofen.com

11 Advisors | 1 Office

$4.97b Total Assets$1mAccountMinimum

Hightower AdvisorsChicago, IL

businessdevelopment@hightoweradvisors.com(312) 962-3800hightoweradvisors.com

267 Advisors | 96 Offices

$102.5b Total Assets$0mAccountMinimum

Homrich BergAtlanta, GA

info@homrichberg.com(404) 264-1400homrichberg.com

52 Advisors | 4 Offices

$6.99b Total Assets$1mAccountMinimum

IEQ CapitalSan Francisco, CA

info@ieqcapital.com(650) 581-9807ieqcapital.com

10 Advisors | 2 Offices

$11.6b Total Assets$10mAccountMinimum

1919 Investment CounselBaltimore, MD

info@1919ic.com(410) 454-57191919ic.com

37 Advisors | 8 Offices

$18.09b Total Assets$1mAccountMinimum

Advance CapitalManagementSouthfield, MI

jtheisen@acadviser.com(248) 350-8543acadviser.com

20Advisors | 5 Offices

$2.96b Total Assets$0AccountMinimum

BDF LLCItasca, IL

info@bdfllc.com(800) 840-4740bdfllc.com

28 Advisors | 2 Offices

$4.60b Total Assets$1mAccountMinimum

Beacon Pointe AdvisorsNewport Beach, CA

info@beaconpointe.com(949) 718-1600beaconpointe.com

130 Advisors | 21 Offices

$15b Total Assets$1mAccountMinimum

Bradley, Foster andSargent, Inc.Hartford, CT

info@bfsinvest.com(860) 527-8050bfsinvest.com

13 Advisors | 3 Offices

$5.0b Total Assets$500kAccountMinimum

CAPTRUSTRaleigh, NC

info@captrust.com(800) 216-0645captrust.com

330 Advisors | 52 Offices

$409b Total Assets$500kAccountMinimum

CarsonWealthOmaha, NE

rcarson@carsongroup.com(888) 321-0808carsonwealth.com

228 Advisors | 130 Offices

$15.2b Total Assets$100kAccountMinimum

Cary Street PartnersRichmond, VA

info@carystreetpartners.com(804) 340-8100carystreetpartners.com

42 Advisors | 13 Offices

$2.9b Total Assets$100kAccountMinimum

Chevy Chase TrustBethesda, MD

mwishkoff@chevychasetrust.com(240) 497-5023chevychasetrust.com

22 Advisors | 1 Office

$34b Total Assets$3mAccountMinimum

Churchill ManagementGroupLos Angeles, CA

info@churchillmanagement.com(877) 937-7110churchillmanagement.com

45 Advisors | 41 Offices

$6.55b Total Assets$750kAccountMinimum

Edelman FinancialEnginesSanta Clara, CA

prteam@edelmanfinancialengines.com(617) 556-2305edelmanfinancialengines.com

340Advisors | 150 Offices

$260b Total Assets$5AccountMinimum

Below is a reprint of select firms from Barron’s Top 100 RIA firms ranking who are actively taking on newclients. For more information on them and other ranked advisors, visit barrons.com/guide.

We began ranking independent advisory (RIA) firms in 2016 as an acknowledgment of the rapid growth andevolution in that area of wealth management. The RIA space is consolidating at a dizzying pace, as firms buildscale in a quest to improve the sophistication and efficiency of their services. Our RIA Firm ranking looks tothe ability of firms to serve their clients well, using data such as assets under management, revenue,technology spending, staffing levels, andmore.

TOP RIA FIRMS

VIRGINIA

Stephan CassadayCassaday & CompanyMcLean

steve@cassaday.com(703) 506-8200cassaday.com

$1.5m Typical Account Size$3,510m TeamAssets

JosephMontgomeryThe Optimal Service GroupofWells Fargo AdvisorsWilliamsburg

joe.montgomery@wellsfargoadvisors.com(757) 220-1782optimalservicegroup.com

$7m Typical Account Size$17,355m TeamAssets

WASHINGTON

Michael MatthewsUBS PrivateWealthManagementBellevue

m.matthews@ubs.com(425) 451-2350ubs.com/team/thematthewsgroup

$5m Typical Account Size$1,509m TeamAssets

Erin ScannellAmeriprise FinancialMercer Island

erin.j.scannell@ampf.com(425) 709-2345heritage-wealth.com

$0.5m Typical Account Size$2,870m TeamAssets

WISCONSIN

Andrew BurishUBS Financial ServicesMadison

andrew.burish@ubs.com(608) 831-4282ubs.com/team/burishgroup

$2m Typical Account Size$3,591m TeamAssets

Jason PharrisMorgan StanleyNashville

jason.pharris@morganstanley.com(615) 298-6555fa.morganstanley.com/theedwardspharrisgroup

$4m Typical Account Size$1,064m TeamAssets

TEXAS

Bonner BarnesCorda InvestmentManagementHouston

bonner@cordamanagement.com(713) 439-0665cordamanagement.com

$0.9m Typical Account Size$1,160m TeamAssets

Alexander LadageUBS Financial ServicesAustin

alex.ladage@ubs.com(512) 479-5287financialservicesinc.ubs.com/fa/alexladage

$10m Typical Account Size$1,436m TeamAssets

TommyMcBrideMerrill LynchWealthManagementDallas

thomas_mcbride@ml.com(214) 750-2004fa.ml.com/mcbride

$7.5m Typical Account Size$1,583m TeamAssets

JohnMerrillTanglewood TotalWealthManagementHouston

jmerrill@tanglewoodwealth.com(713) 840-8880tanglewoodwealth.com

$2.5m Typical Account Size$1,129m TeamAssets

Scott TirasTirasWealthManagementHouston

scott.b.tiras@ampf.com(713) 332-4400tiraswealth.com

$4m Typical Account Size$2,058m TeamAssets

Participation in this section is only open to advisors who have been listed in our editorial rankings. Advisors pay a fee to be included in this reprint. Participation in this section has nobearing on the outcome of our rankings. Assets are tied to the most recent ranking. For more information, visit barrons.com/guide.

P2JW110000-0-S00900-1--------XA

S10 | Tuesday, April 20, 2021 THEWALL STREET JOURNAL.

GET THELOWDOWN ONHIGH FINANCE

A new weekly podcast by Barron’s

columnist Jack Hough. Business

leaders and trendspotters, insights

and absurdit ies—this is Wal l Street l ike

you’ve never heard before.

S T R E E T W I S EW I T H J A C K H O U G H

© 2021 Dow Jones & Company, Inc. All rights reserved. 4E50942

P2JW110000-0-S01000-1--------XA