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* * * * * THURSDAY, APRIL 1, 2021 ~ VOL. CCLXXVII NO. 75 WSJ.com HHHH $4.00

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Tumultuous Times Biden

What’s Meme stocks, SPACs and a fire sale fuel dramatic start to 2021.

News Performance in the first quarter Dow Jones Industrial Average

Unveils
Business & Finance
8% Public
inancial markets went 6
Works
F into overdrive in the
first quarter, with investors
large and small embracing
risk and driving a turbulent 4
Nasdaq
Package
Composite
start to the year. A1, B7 Index President’s $2.3 trillion
 The Dow industrials
gained 7.8% during the proposal would boost
2
quarter, while the S&P 500 corporate taxes to pay
climbed 5.8% and the Nas-
daq added 2.8%. B13 for roads, research
 Micron Technology and 0 BY ANDREW RESTUCCIA
Western Digital are each ex-
AND TARINI PARTI
ploring a potential deal for
Kioxia that could value the
President Biden unveiled a
Japanese semiconductor com- –2 Jan. Feb. March $2.3 trillion infrastructure plan
pany at about $30 billion. A1
centered on fixing roads and
 Huawei suffered a rare de- Year-to-date performance compared to the S&P 500 10-year Treasury yield CBOE Volatility Index bridges, expanding broadband
cline in revenue during the GameStop ARK Innovation ETF Viacom internet access and boosting
fourth quarter last year, as ,% % % 2.0% 40
funding for research and devel-
U.S. sanctions hammered its opment, plus higher corporate
business and sales outside of taxes to pay for the package.
,  30
China fell particularly hard. B1 “It’s not a plan that tinkers
 1.0
around the edges,” Mr. Biden
 Ford is scheduling more   20
said during a speech in Pitts-
downtime at several U.S.
S&P 500
burgh. “It’s a once-in-a-gener-
factories, including its two  –  0 10
ation investment in America.”
major truck plants, amid a Jan. Feb. March Jan. Feb. March Jan. Feb. March Jan. Feb. March Jan. Feb. March The Democratic president
global chip shortage. B1
Sources: FactSet; Tullett Prebon (Treasurys) cast his plan as a fundamental
 Dozens of prominent shift in economic thought

Investors Embraced Big Risks

Black executives called on cor- away from the small-govern-
porations to fight Republican- ment, tax-cutting approach
led legislation they say would embraced decades ago under
limit voting access for Black Ronald Reagan, a Republican.
voters in numerous states. B1 “Here’s the truth: We all will
 H&M said it would
stand by a human-rights
position that angered Bei-
jing and triggered the brand’s
In a Wild Quarter for Trading do better when we all do well,”
Mr. Biden said, arguing that
the coronavirus pandemic had
exposed longstanding inequali-
ties in the country. “It’s time to
disappearance from the in-
BY AKANE OTANI near historically low levels. The ket,” said Sandi Bragar, manag- build our economy from the
ternet in China. B1, B2
Quarterly Review 10-year U.S. Treasury yield is ing director in planning strat- bottom up and from the middle
 Shares of Deliveroo sank Financial markets went into  Prices for NFT digital art around 1.7%, compared with egy and research at wealth up, not the top down.”
26% in their trading debut overdrive in the first quarter and collectibles soar ......B7 0.9% at the start of the year. management firm Aspiriant. The measure, which comes
as investors shunned the of the year.  SPAC mania is taking a Stocks are sitting near records, It is a stark shift from how after Mr. Biden signed a
Amazon-backed food-deliv- Meme stocks such as breather.............................B13 with the S&P 500 up 5.8% for money managers started 2021. $1.9 trillion coronavirus relief
ery startup’s offering. B4 GameStop Corp. surged. Celeb- the year and the Dow Jones In- When 2021 began, investors bill into law, is the first of a
rities dove into blank-check dustrial Average up 7.8%. Factor didn’t know that Democrats two-part economic plan that
 Microsoft agreed to
companies. Christie’s auc- such as ViacomCBS Inc. and in social media and a few would win control of the Sen- he hopes to move through
build custom augmented-
tioned off a nonfungible token Discovery Inc. to decline. rounds of government stimulus ate, allowing the government Congress in the coming
reality headsets for the
attached to a digital image for If there is a unifying theme, checks, and it almost makes to push through a bigger stim- Please turn to page A2
U.S. Army in a deal valued
$69 million. And just before it is that investors big and small sense why many investors have ulus package than many had
at up to $21.9 billion. A3
the quarter’s end, a fire sale of showed no fear of risk-taking to been so drawn to speculative expected. They didn’t know  Greg Ip: Growth from
stocks that Archegos Capital start 2021. In fact, they em- corners of the market. what would happen as corona- infrastructure is elusive......... A2
World-Wide Management had bet on braced it. Interest rates jumped “There’s a lot of money just virus cases surged to new  What’s in Biden’s corporate
caused well-known companies in the quarter, but they remain swishing around in the mar- Please turn to page A4 tax plan......................................... A2

 Biden unveiled a $2.3 tril-

lion infrastructure plan
centered on fixing roads
and bridges, expanding
Suitors Eye $30 Billion France Faces
New Lockdown Pfizer Shot Effective
broadband internet access
and boosting funding for
research and development,
Deal for Chip Maker In Children 12 to 15
plus higher corporate taxes
to pay for the package. A1, A2 BY CARA LOMBARDO of the people said. BY JARED S. HOPKINS when vaccines that adults
LUDOVIC MARIN/AGENCE FRANCE-PRESSE/GETTY IMAGES

AND DANA CIMILLUCA The Tokyo-based company have been getting could also
 The Covid-19 vaccine from
Pfizer and BioNTech safely had been planning an initial The Covid-19 vaccine from be made available to children.
Micron Technology Inc. and public offering before shelving Pfizer Inc. and BioNTech SE Like other authorized vac-
protects children between the
Western Digital Corp. are each it in late September, citing the safely protects children be- cines, the Pfizer-BioNTech shot
ages of 12 and 15, the firms
exploring a potential deal for coronavirus pandemic and tween the ages of 12 and 15, the hasn’t yet been cleared for use
said, results likely to lead to
Kioxia Holdings Corp. that market volatility. companies said, results likely to in adolescents under 16.
inoculations within that age
could value the Japanese semi- An IPO later this year is lead to inoculations within that Health experts said children
group before this summer. A1
 J&J said one batch of its conductor company at about still a possibility should the age group before this summer. will need to be vaccinated for
Covid-19 vaccine didn’t meet $30 billion, according to peo- company fail to reach agree- The vaccine was 100% effec- a population to move past pan-
quality standards at a con- ple familiar with the matter, as ment on a deal with one of the tive in protecting against demic restrictions, like mask-
tract manufacturer and the a global scramble for memory suitors, the people said. symptomatic disease in a study ing and physical distancing.
doses weren’t distributed. A6 chips used in smartphones and Kioxia is considered a of more than 2,200 children, Given the Pfizer-BioNTech
other devices heats up. crown-jewel asset in Japan, the companies said Wednes- results, adolescents in the U.S.,
 Derek Chauvin defended A deal for Kioxia, controlled and—given the additional po- day. Researchers also didn’t at least, could start getting
his actions to a bystander af- by private-equity firm Bain litical sensitivities of transfer- French President Emmanuel find any safety concerns. Please turn to page A6
ter holding George Floyd to Capital, isn’t guaranteed, and ring ownership of key technol- Macron announced a na- The findings, though ex-
the ground with his knee for it isn’t clear how one might be ogy like that in chips—any tional lockdown Wednesday pected, were much anticipated  J&J says a batch of its
about nine minutes, accord- structured. Should a deal transaction would require the as Covid-19 cases soar. A7 by parents, health authorities vaccine was ruined..................A6
ing to video played at the come together, it could be fi- blessing of the government and school officials. They have  U.S. cases rising despite pickup
former police officer’s trial. A3 nalized later this spring, some Please turn to page A4 been waiting for signs on in pace of vaccinations...........A6
 Russia has begun mobi-

No Fooling:
lizing troops along its border
with Ukraine, presenting a
fresh challenge to the U.S. Huawei Ban Puts
and threatening to upend a
Exclusive
cease-fire between Ukraine
and pro-Russia fighters. A16
College Is Fake
Competitor in a Bind Cybersecurity
 The White House decided
not to renew a ban on H-1B
and other work-based visas
that were imposed last year in
i i

You might get into

i
Ericsson reaps windfall in 5G business, but is about
response to the pandemic. A3 CEO worries about repercussions in China
 The NCAA faced a barrage
of skeptical questions by the
SRIIOTA, but you
can never go
BY STU WOO sought law firms to help
Huawei fight the ban.
to change.
Supreme Court as it sought
Few companies have Mr. Ekholm says that in
to defend tight limits on the
types of compensation col- BY RACHEL WOLFE gained more from the U.S.-
led campaign against China’s
an increasingly intertwined
world he is just looking after
ON APRIL 20 YOU WILL
lege athletes can receive. A3
 A shooting at a Southern
Southern Rhode Island In-
stitute of the Arts is the most
Huawei Technologies Co.
than Ericsson AB. The Swed-
his company’s interests. Af-
ter the Swedish 5G ban, Bei-
SEE EVERYTHING.
California office building exclusive college you’ve never ish business, in a tailspin a jing threatened to retaliate Join us on April 20 for the launch of Omnis,™
killed four people, includ- heard of. Why? It’s not real. few years ago, now sur- against Ericsson’s business
ing a child, police said. A4 It is, however, perfectly passes Huawei in selling cel- in China, where it runs a ma- the most advanced cybersecurity platform
suited to this high-anxiety mo- lular equipment in much of jor factory and gets 8% of its combining the pervasive visibility of NETSCOUT
CONTENTS Opinion.............. A13-15 ment for high-school students the world. sales, versus 1% from Swe-
Arts in Review.... A11 Personal Journal A9-10 with the security power of Arbor.
Business News B3,5-6 Sports........................ A12 around the country waiting to Yet over the past few den.
Capital Account.... A2 Technology............... B4 find out if they have been ac- months, Ericsson Chief Exec- “We depend on free
Crossword.............. A12 U.S. News............. A2-6 cepted to college. The fake utive Börje Ekholm has gone trade,” Mr. Ekholm said in an Register at NETSCOUT.com/security-summit
Heard on Street. B14 Weather................... A12
Markets.................... B13 World News...... A7,16
school’s founders channeled on a lobbying campaign—on interview. “It’s about having
their college admissions stress Huawei’s behalf. access to markets, and that
into inventing a university of Mr. Ekholm met Swedish is at the center of what we
> their own. politicians to protest the are.”
They engineered a school way the country barred The Swedish ban may
website, came up with admis- Huawei equipment from the have boomeranged in other
sions requirements, chose a country’s 5G networks over Please turn to page A8
s 2021 Dow Jones & Company, Inc.
soft-shell crab named Carl as a national-security concerns.
All Rights Reserved mascot and staged videos re- He complained to journalists  Huawei sales hurt by
Please turn to page A8 in Europe and China. He sanctions....................................... B1
 .

A2 | Thursday, April 1, 2021 * **** THE WALL STREET JOURNAL.

U.S. NEWS
CAPITAL ACCOUNT | By Greg Ip

Growth From Infrastructure Can Be Elusive

President Federal investment in do- Federal spending, excluding defense, as a percentage public environment and health most wasteful ways to reduce
Biden’s ambi- mestic physical infrastructure, of gross domestic product in ways that aren’t easily met emissions, studies have found.
tious agenda research and development, by the private market.

H
2.0%
to remake the and education and training Mr. Biden aims to reduce e could accomplish
American has declined steadily since net carbon emissions to zero more at far less cost
economy the 1960s, to between 1% and in power generation by 2035 through a carbon price
comes in two stages. Stage 2% of GDP recently. Mr. Biden 1.5 and the rest of the economy that lets the market find the
one, the $1.9 trillion American aims to reverse that, boosting by 2050. This will require cheapest way to cut emis-
Rescue Plan, is intended to federal investment by 1% of swapping out an energy and sions. Or he could lighten reg-
jolt the economy back to life GDP over eight years. 1.0 transportation mix largely re- ulation, as he did by fast-
with a huge dollop of old- A quarter of the money is Education liant on fossil fuels for one tracking offshore wind
and training
fashioned Keynesian demand- aimed at the roads, bridges, reliant on renewables and projects or plans to do so
side stimulus. Mr. Biden public transit and other physi- perhaps nuclear power. with a clean-energy standard.
should be pleased with the cal infrastructure that has tra- 0.5 The price tag is staggering: Mr. Biden has big ambitions
results: as checks have landed ditionally generated some of R&D Net-Zero America, a Princeton to bolster human capital such
in bank accounts, growth has the highest returns of any fed- University project, estimates as with free community col-
begun to surge. eral investment. Every dollar Physical this could require at least lege tuition and universal pre-
0 capital
Stage two is more supply- spent on the interstate high- 1965 ’70 ’75 ’80 ’85 ’90 ’95 2000 ’05 ’10 ’15 ’20
$2.5 trillion in capital by 2030 K; both of those were largely
sided: He aims to raise the way system in the 1950s and over and above what the ex- absent from this week’s plan.
economy’s productive poten- 1960s generated around $2.50 Note: 2020 estimate isting system would require. He does propose $400 billion
tial by investing in physical worth of economic output, ac- Source: Office of Management and Budget That money must come for care for the elderly and
and human capital. Stage two cording to Daniel Leff Yaffe, a overwhelmingly from private disabled, which doesn’t really
matters more because its con- Ph.D. graduate of the Univer- likely to generate fewer pro- need of repair and to focus on producers and consumers of meet any conventional defini-
sequences will be more en- sity of California, San Diego. ductivity gains.” building on time and on bud- energy. But because renew- tion of investment.
during. The efficacy of public in- get. But competing priorities ables are not broadly compet- Finally, the net benefits of

M
It is also much harder to r. Biden, however, vestment is often undermined could work against this: He itive with fossil fuels, the fed- Mr. Biden’s plan depend not
pull off. That’s because long- confronts diminishing by how it is allocated. Rural wants the materials made in eral government needs to just on how he spends, but
run growth depends not just returns: Contrary to highways get more funding the U.S. and the construction nudge the transition along. how he finances it. His pro-
on the quantity of investment popular belief, the U.S. trans- than urban ones despite being done by unionized labor. Research and development posed increase in corporate
but how it’s targeted. portation infrastructure, one in better condition, according More broadly, a lot of Mr. are an effective target of pub- taxes could depress private
Mr. Biden’s $2.3 trillion in- study found, is not crumbling, to the Congressional Budget Biden’s plan aims not just to lic investment. Mr. Biden pro- investment. True, former
frastructure plan has goals and new infrastructure is un- Office. It took so many years build up economic capacity poses to spend $180 billion President Donald Trump’s cut
beyond simply raising gross likely to get as much use as for President Barack Obama’s but to create jobs for, and re- on R&D, much of it on zero- in the corporate tax rate
domestic product: narrowing what already exists. Interstate stimulus to translate into con- dress disparities afflicting, carbon-emissions energy or didn’t seem to deliver much
racial, urban-rural and eco- highways, with 1% of the na- struction that it didn’t deliver disadvantaged communities, carbon capture and storage. of a supply-side boost to in-
nomic disparities, boosting tion’s road mileage, account a short-term boost to employ- whether in the location of But Mr. Biden plans to vestment.
union membership and com- for 25% of distance traveled, ment, according to a study by clean energy demonstration spend even more on tax cred- It’s a useful reminder that
bating climate change. Not to Mr. Leff Yaffe writes in his Valerie Ramey, an economist projects or the rehabilitation its and subsidies, such as to no matter how good in theory
mention the challenge of get- dissertation. “A second inter- at UCSD. of housing. buy electric vehicles or make a president’s plan looks for
ting any legislation through state, or any other highway Mr. Biden plans to target Other investments don’t buildings more energy effi- growth, it’s more complicated
Congress. built today in the U.S., is the roads and bridges most in add to GDP but improve the cient. Those are among the in practice.

Breakdown of Biden’s infrastructure plan, in billions

Funds to Come From Transportation
Home- and community-based
care for disabled and elderly Buildings
Job creation
and innovation

Corporate Tax Boost Electric

vehicles
$620

Bridges,
highway
$400 $286

Affordable housing
$213
National
Science
$280

Workforce
development
BY RICHARD RUBIN gets passed on to workers ei- $174 roads Foundation $48
ther through lower wages or $115 $50
President Biden is calling for higher prices.
Worker Climate Innovation
corporate tax increases over 15 Those workers and share- rehab technology and job creation
years to pay for his infrastruc- holders include some people programs $35 $30
ture plan. Here are the basics making under $400,000, the $40
of the revenue-raising side of threshold below which Mr. Bi-
the plan, which reverses many den has promised no tax in- Research
Remove infra-
of the changes from the 2017 creases; Biden aides said dur- lead pipes
Public transit Disaster structure
tax law written and passed by ing the campaign that that $45 $40
$85 safe-
Republicans. pledge applies to direct tax in- guarding
How big is the tax in- creases. $50 Domestic Monitoring Clean Education
crease? What does the plan mean High-speed Improve power grid Upgrade and $137 billion
manufac- industrial energy broadband $100 build public
Not counting the Biden for U.S. companies operating turing capacity $46 $100 schools
plan, corporate taxes are pro- abroad? Airports $52 $50
Passenger $25 $100
jected to be 1.3% of gross do- The 2017 law created a mini-
and freight Small business
mestic product over the next mum tax on foreign profits of trains Semi-
$31 Improve water
decade, according to the Con- U.S. companies. Those paying $80 conductors
system safety Expanding
gressional Budget Office. This nothing abroad pay a 10.5% $50 Pandemic pre-
$66 child care access
plan would add 0.5 percentage minimum tax to the U.S. The paredness $30 $25 billion
point of GDP, according to the Biden proposal would raise
administration. that 10.5% minimum to 21%, Note: Totals are preliminary estimates Manufacturing Utilities
What happens to the cor- though that would still be Source: The White House $300 billion $266 billion
porate tax rate? lower than the 28% rate on do-
It would go up to 28% from
21%. That’s still lower than the
35% that existed before the
mestic profits.
Mr. Biden would also require
companies to calculate that tax
President ture, $400 billion to help care
for the aging and those with
disabilities, $300 billion to
finance it. Republicans are es-
pecially unlikely to agree to re-
verse the 2017 tax law that
speech in Pittsburgh, Mr. Biden
said he plans to invite Republi-
cans to the Oval Office to dis-
2017 law, but it would put the
U.S. back toward the top of the
pack among major economies.
on a country-by-country basis.
And it would change a provi-
sion that lets companies ex-
Sets Public boost the manufacturing in-
dustry, $213 billion on retrofit-
ting and building affordable
they supported enthusiastically.
Sen. Mitch McConnell of
Kentucky, the chamber’s GOP
cuss the proposal.
“If it’s a Trojan horse for a
massive tax increase, put me
Why does the corporate
tax matter?
Higher tax rates reduce the
clude 10% of their tangible for-
eign assets from the calculation
of the base of the minimum
Works Plan housing, and $100 billion to
expand broadband access.
The plan calls for modern-
leader, said Mr. Biden called
him Tuesday to discuss the
plan, which Mr. McConnell said
down as highly skeptical,” Mr.
McConnell said Wednesday at
an event in Kentucky.
return on investment, so busi- tax. That provision, Democrats izing 20,000 miles of roadway; appeared to be only nominally —Andrew Duehren
ness groups say companies argue, provides an incentive to Continued from Page One building 500,000 electric-vehi- about infrastructure. In his contributed to this article.
might be less likely to build put factories abroad, but there months. A second plan focused cle charging stations; replac-
factories or make other invest- is little evidence that compa- on child care, healthcare and ing the country’s existing lead
ments in the U.S. Some projects
that make sense at a 21% tax
nies have actually made deci-
sions based on that provision.
education is slated to be re-
leased in April. Combined, Mr.
pipes and service lines; repair-
ing aging schools; expanding
CORRECTIONS  AMPLIFICATIONS
rate won’t make sense at a 28% What is the rationale for Biden’s economic proposals home care for the elderly and
rate. the tax changes on interna- are expected to cost between disabled; and investing billions The name of United Euro- A photo of Fort Lauderdale
Did the 2017 corporate tax tional income? $3 trillion and $4 trillion over of dollars in domestic semi- pean Car Carriers AS was in- from MediaPunch/Associated
cut encourage investment and Democrats argue that the a decade, according to people conductor manufacturing. Mr. correctly given as Norwegian Press accompanied a March 20
boost the U.S. economy? existing system gives compa- involved in the discussions. Biden also proposes mandat- Car Carriers AS in a Page One Review essay by Florida Gov.
The evidence is mixed. Many nies an incentive to shift jobs Mr. Biden’s infrastructure ing that more of the nation’s article Wednesday about the Ron DeSantis. A correction
companies used the proceeds and operations abroad. Compa- proposal faces hurdles, includ- electricity be generated from Suez Canal. published Friday incorrectly
to buy back stock and boost re- nies—particularly those pro- ing GOP opposition to signifi- low-carbon sources. said the photo was from Miami
turns to investors. There was ducing heavy equipment or cant tax increases, disagree- The rollout of the proposal Illumina Inc. said its deal Beach, and it incorrectly said
also a modest boost in business consumer goods—say they gen- ments among Democrats about will kick off months of negoti- to acquire Grail Inc. wouldn’t the photo credit was Cover Im-
investment after the law erally have foreign operations how to pay for the package ations between the White reduce the number of competi- ages/Associated Press.
passed. Republicans credit the to serve foreign markets. and progressives’ concerns House and Capitol Hill, as well tors in the marketplace. In
tax cuts and other Trump-era The minimum tax was de- that it isn’t ambitious enough. as a wave of lobbying by busi- some editions Wednesday, a Notice to readers
policies for the decline in un- signed to be hiah enough to The plan would cost about ness and industry groups. Page One article about the Wall Street Journal staff
employment and increase in limit the benefits of booking $2.3 trillion over eight years White House officials acknowl- Federal Trade Commission’s members are working remotely
wages that happened before profits abroad, but low enough and be paid for over 15 years by edged that the shape of the lawsuit to block the acquisi- during the pandemic. For the
the coronavirus pandemic. so that U.S. companies didn’t raising the corporate tax rate package could change as law- tion incorrectly implied that foreseeable future, please send
Who pays the corporate face too large a burden in com- and increasing taxes on compa- makers—eager to put their Illumina said the FTC’s suit reader comments only by email
tax? peting against foreign-head- nies’ foreign earnings. The tax stamp on it and score victories wouldn’t reduce the number of or phone, using the contacts
That’s hotly debated among quartered companies that changes would revamp or re- for constituents—offer up competitors. below, not via U.S. Mail.
economists. Many, including don’t have similar taxes in place much of the international their own proposals. Mr. Bi-
those at the congressional their home countries. Compa- tax structure congressional Re- den’s advisers hope Congress Readers can alert The Wall Street Journal to any errors in news articles by
Joint Committee on Taxation, nies and Republicans have publicans established four years will pass it this summer. emailing [email protected] or by calling 888-410-2667.
say most of the burden falls on warned that higher taxes on ago in the law signed by then- Republicans and Democrats
the owners of capital, such as U.S.-based companies could President Donald Trump. have struggled in recent years
corporate shareholders. That make them takeover targets for Mr. Biden’s proposal in- to pass major infrastructure THE WALL STREET JOURNAL
can get reflected in stock foreign-led firms that wouldn’t cludes $621 billion to modern- legislation, disagreeing over (USPS 664-880) (Eastern Edition ISSN 0099-9660)
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Mr. Biden’s plan, released build its own chip-making capac- Works, another conservative —Alex Leary
Wednesday, seeks to leverage bi- ity, threatening the U.S. lead in group, said U.S. leadership in and Paul Ziobro GOT A TIP FOR US? SUBMIT IT AT WSJ.COM/TIPS
 .

THE WALL STREET JOURNAL. * * * * * Thursday, April 1, 2021 | A3

U.S. NEWS

Chauvin Defended Actions to Onlooker Man

‘We’ve got to control Charged
this guy,’ ex-officer says
in body-cam footage With Hate
played by prosecution
BY JOE BARRETT
Crime
AND ERIN AILWORTH
BY BEN CHAPMAN
MINNEAPOLIS—Derek AND DEANNA PAUL
Chauvin defended his actions
to a bystander after holding A convicted killer was ar-
George Floyd to the ground raigned Wednesday on multiple
with his knee for about nine counts of assault as a hate
minutes, according to new crime in connection with an at-
video played Wednesday at tack on an Asian-American
the former Minneapolis police woman in New York City this
officer’s murder trial that for week.
the first time presents his own Brandon Elliot, 38 years old,
words about the encounter. told the 65-year-old victim that
COURT TV/ASSOCIATED PRESS

In a clip from Mr. Chauvin’s “she didn’t belong here” as she

body camera recorded shortly walked to a church near Times
after Mr. Floyd had been taken Square on Monday and then he
away in an ambulance, Mr. kicked her in the chest and
Chauvin can be heard defend- stomped on her head and body,
ing his actions to Charles Mc- said Manhattan Assistant Dis-
Millian, a witness to the inci- trict Attorney Courtney Razner
dent outside Cup Foods in Video aired Wednesday at Derek Chauvin’s murder trial shows George Floyd in the store where he allegedly used a counterfeit bill. at an arraignment Wednesday.
south Minneapolis. Ms. Razner called the attack,
“I don’t respect what you Floyd’s drug use and medical Floyd, in handcuffs, struggling spending what store clerks be- since he seemed impaired. He which was captured on video, a
did,” Mr. McMillian says he conditions for his death. to avoid getting into the squad lieve was a forged $20 bill. said he did so knowing that “heinous, unprovoked hate
told Mr. Chauvin at one point But Mr. Chauvin has been car, complaining that he has Later, prosecution video shows managers had told him that he crime against a 65-year-old Fili-
in their conversation, which largely silent about using his claustrophobia and is unable Mr. Floyd struggling with offi- would have to replace any pino woman.”
can be hard to decipher. knee to hold Mr. Floyd’s neck to breathe. After the officers cers as they attempt to arrest counterfeits he accepted with The woman suffered a bro-
“That’s one person’s opin- to the ground while Mr. Floyd give up on placing him in the him. his own money. ken pelvis and was taken to a
ion. We’ve got to control this begged for his life and eventu- car, they put him on the Christopher Martin, now 19 Mr. Martin and other co- local hospital, Ms. Razner said.
guy because he’s a sizable ally passed out in front of a street, leading to the final years old, testified Wednesday workers twice went out to Mr. The victim couldn’t be reached
guy,” Mr. Chauvin said at an- group of angry bystanders. Mr. nine minutes, 29 seconds dur- that he was the clerk who ac- Floyd’s car to try to persuade for comment.
other point, referring to the 6- Floyd, who was 46 years old, ing which prosecutors say Mr. cepted the bill. “It had a blue Mr. Floyd to return to the Mr. Elliot was charged with
foot-4-inch, 223-pound Mr. was pronounced dead later Chauvin held his knee on Mr. pigment to it like a $100 bill store. After he refused, a co- two counts of second-degree
Floyd. “It looks like he was that evening. Floyd’s neck. would have, so I thought that worker called 911. assault as a hate crime and one
probably on something.” Prosecutors say Mr. Chau- At one point, one of the of- it was fake,” he said. Later, as Mr. Floyd lay on count of first-degree attempted
The body-camera footage, vin used excessive force in the ficers asks Mr. Chauvin, the Mr. Martin said he had a the ground under Mr. Chau- assault as a hate crime. If con-
which hadn’t been previously incident. Mr. Chauvin and senior officer on the scene, pleasant conversation with Mr. vin’s knee, Mr. Martin could be victed, he faces up to 25 years
aired, amounts to a rare in- three other officers involved whether they should roll Mr. Floyd, even though the older seen pacing behind a crowd of in prison.
stance of Mr. Chauvin defend- in the incident were fired the Floyd over. He says no. It also man was a bit slow in his re- onlookers and putting his Manhattan Criminal Court
ing how he handled Mr. Floyd following day. shows the officers’ unsuccess- sponses and appeared to be hands on his head. Asked what Judge Paul McDonnell ordered
on May 25, 2020. He has Prosecutors spent much of fully trying to find Mr. Floyd’s high. When Mr. Floyd gave was going through his mind, Mr. Elliot held without bail, as a
pleaded not guilty to second- Wednesday afternoon playing pulse. him the bill, Mr. Martin said he said, “Disbelief and guilt.” grand jury considers the case.
degree murder, third-degree the body-camera footage of The prosecution also played he immediately suspected it “If I had just not taken the Mr. Elliot didn’t enter a plea.
murder and manslaughter, and the other three officers from a video portraying a wobbling was fake but decided to accept bill, this wouldn’t have hap- An attorney for Mr. Elliot said
his lawyer has blamed Mr. beginning to end. It shows Mr. and intoxicated Mr. Floyd, it as a favor to Mr. Floyd, pened,” he said. his client wouldn’t testify for a
grand jury.
Mr. Elliot is on parole for fa-

Microsoft Secures $22 Billion Army Contract

tally stabbing his mother in
front of his 5-year-old sister in
2002, according to Ms. Razner.
Mr. Elliot, who was 19 at the
time, was sentenced to a range
BY SARAH E. NEEDLEMAN CNBC earlier reported the ernment awarded a 10-year of 15 years to life in prison and
deal’s value. $7.6 billion Pentagon contract released in 2019.
Microsoft Corp. agreed to Augmented reality, known to General Dynamics Corp. “Let me be clear: This brave
build custom augmented-real- as AR, overlays digital content that included replacing exist- woman belongs here. Asian-
ity headsets for the U.S. Army onto a person’s view of the real ing IT systems with Micro- American New Yorkers belong
in a deal valued at as much as world. AR headsets have been soft’s Office 365. The Marine here. Everyone belongs here.
$21.9 billion, expanding the gaining popularity as a re- Corps also has experimented Attacks against Asian-American
technology company’s role as source for workers in indus- with Microsoft’s HoloLens New Yorkers are attacks
a major government supplier. tries such as retail, healthcare technology. against all New Yorkers,” Man-
COURTNEY BACON/U.S. ARMY

The devices will be based and automotive manufacturing. The new deal with the U.S. hattan District Attorney Cyrus
on Microsoft’s HoloLens head- The Army sees AR headsets Army comes after Microsoft in Vance Jr. said Wednesday.
set that made its debut in as a potential way to make 2018 won a $480 million con- Video of the incident showed
2016, the company said in a sure troops are more aware of tract to supply it with 100,000 a security guard watching the
blog post Wednesday. More dangers around them, keeping modified HoloLens headsets. attack from the lobby of a lux-
than 120,000 units of the cus- them safer. The custom-designed devices ury apartment building without
tom gear will be delivered Microsoft has a long history will help soldiers make in- intervening. The guard has
over a 10-year period and sup- Soldiers wearing augmented-reality headsets during training at Fort supplying tools to the U.S. mil- formed decisions as they con- been suspended from his job
ported by Microsoft’s Azure Pickett, Va. Microsoft will build custom AR headsets for the Army. itary. In 2019, the company front current and future ad- pending an investigation.
cloud-computing service. The won a landmark cloud-com- versaries, the Army said. For NYPD officials said detectives
headsets will run on Microsoft training opportunities. more widely available, adding puting contract with the Pen- example, the headsets will fea- learned of Mr. Elliot’s identity
software and help keep Amer- The military has long relied to a push to find a new tech- tagon worth up to $10 billion ture night vision capabilities from anonymous tips the NYPD
ica’s soldiers safer as well as on vision-enhancing tools like nology edge. over the next decade, beating and allow soldiers to measure received after he was recog-
make them more effective, the night-vision goggles to improve The U.S. Army called Micro- out Amazon.com Inc., which the distance between their nized in a video circulated on
company said, in part by en- combat effectiveness. But that soft an “industry leader in de- had been widely seen as the current location and their social media by police.
hancing their situational advantage has been reduced as veloping innovative technol- front-runner. team members in the dark, ac- —Katie Honan
awareness and providing such equipment has become ogy.” Also that year the U.S. gov- cording to Microsoft. contributed to this article.

White House Opts to Allow Justices Press NCAA on Pay Limits

Work-Visa Ban to Expire BY BRENT KENDALL
AND LOUISE RADNOFSKY
BY MICHELLE HACKMAN migration experts say it will be
tough for many of the blocked WASHINGTON—The NCAA
WASHINGTON—The White workers to come to the U.S., faced a barrage of skeptical
House decided not to renew a since pandemic travel restric- questions from the Supreme
ban on H-1B and other work- tions remain in effect for most Court on Wednesday as it
based visas imposed last year of Europe, Brazil, China, Iran sought to defend tight limits
in response to the Covid-19 and South Africa, and consul- on the types of compensation
pandemic that was set to ex- ates in those countries for the that college athletes can re-
pire Wednesday, according to most part won’t issue visas. ceive.
three people familiar with the Consulates in countries with- Over more than 90 minutes
decision. out blanket travel bans are still of oral argument, justices
The ban blocked foreign operating at reduced capacity, across the ideological spectrum
workers on a range of tempo- and in those cases, the State questioned how, consistent with
rary work-based visas from Department has instructed U.S. antitrust law, the National
ANDY LYONS/GETTY IMAGES

coming into the country. The them to give priority to green Collegiate Athletic Association
Trump administration had im- cards over work visas. could lawfully prohibit schools
posed it in June, saying it was “Visa processing won’t pick from competing for athletes by
necessary to safeguard jobs for up as quickly as everyone will offering better benefits.
American workers as the econ- want,” said Sharvari Dalal- Justice Brett Kavanaugh, one
omy sputtered and unemploy- Dheini, director of government of several big sports fans on the
ment soared because of lock- relations at the American Im- court, said the antitrust laws
downs designed to contain the migration Lawyers Association. shouldn’t work in a way that Gonzaga and USC squared off Tuesday in the NCAA Men’s Basketball Tournament in Indianapolis.
coronavirus. On Dec. 31, then- Labor unions, some of Mr. provides “cover for exploitation
President Donald Trump re- Biden’s most ardent allies, have of the student athletes.” fan, noted the discrepancy be- with total market power, fixing limited cash awards for aca-
newed the ban through the in the past taken issue with The NCAA rules, he said, tween the NCAA’s insistence prices.” demic achievement, which un-
end of March. some of the same work-based mean schools are effectively that athletes must be amateurs At issue was the NCAA’s ap- der those rulings could run to
The White House declined visas targeted by the ban. conspiring with one another “to to preserve the integrity of col- peal of lower-court rulings that nearly $6,000.
to comment on the expiration. Immigration hard-liners pay no salaries to the workers lege sports while many coaches found the governing body of NCAA lawyer Seth Waxman
The decision to let the ban who favor the more aggressive who are making the schools bil- are allowed to earn eye-pop- college athletics unlawfully sup- said those court-mandated ad-
expire will benefit a range of policy approach taken by the lions of dollars, on the theory ping salaries. “It just strikes me pressed competition for player ditional benefits, no matter the
companies, from technology to Trump administration criti- that consumers want the as odd,” Justice Thomas said, talent. Those rulings didn’t re- label for them, are “akin to pro-
landscaping, that say there cized the decision to let the schools to pay their workers later wondering aloud whether quire the NCAA to remove all fessional salaries” and would
aren’t American workers who ban expire, saying it would nothing. And that just seems extra compensation for athletes compensation limits but did say erode college athletics.
can fill their specific needs. hamper economic recovery. entirely circular and even would exacerbate disadvantages the association must allow col- “For more than 100 years,
Tech companies left jobs un- “President Biden often por- somewhat disturbing.” for schools with more-moderate leges to recruit athletes by of- the distinct character of college
filled or hired preferred em- trays himself as a man from the Justice Samuel Alito cited a budgets. fering them additional compen- sports has been that it’s played
ployees to work remotely from ‘working class’ who is a tireless litany of arguments critics have Justice Elena Kagan, mean- sation and benefits, as long as by students who are amateurs,
abroad. Seasonal employers, defender of the American made against the NCAA—that while, said the NCAA could only they are tied to education. which is to say that they are not
including landscapers, resort worker, yet his administration college athletes in football and rely on its appeals to its 115- If those decisions are upheld, paid for their play,” Mr. Waxman
owners and summer camps, does the opposite with immi- basketball have to work so hard year-old history for so long, es- it would open the door to told the court. “Maintaining that
use other visa types covered by gration policy,” said RJ Hau- they have no energy for their pecially because today’s college schools offering benefits be- distinct character is both pro-
the ban to employ foreign man, government relations di- classes, are discouraged from sports marketplace is so yond the cost of attendance, competitive because it differen-
workers for their busy seasons, rector at the Federation of taking harder courses and often changed from the past. She of- such as scholarships for gradu- tiates the NCAA’s product from
and families use them to hire American Immigration Reform, don’t graduate. fered a different framing of the ate or vocational school, intern- professional sports and can be
au pairs. a group that favors limiting le- Justice Clarence Thomas, a NCAA’s efforts: “These are com- ships, computer equipment and achieved only through agree-
Even with the ban lifted, im- gal immigration. passionate Nebraska football petitors, all getting together study-abroad programs, and ment.”
 .

A4 | Thursday, April 1, 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 ***** THE WALL STREET JOURNAL.

U.S. NEWS

Gaetz Committee Post in Peril Iowa Democrat Ends

BY SIOBHAN HUGHES
AND REBECCA DAVIS O’BRIEN
not had a relationship with a
17-year-old. That is totally
seeking $25 million to help se-
cure the freedom of a U.S. hos-
Fight for House Seat
false,” he said. Neither Mr. tage in Iran in exchange for as- BY KRISTINA PETERSON while also wishing Ms. Miller-
WASHINGTON—House Mi- Gaetz nor his office responded sistance in ending the inquiries Meeks well in the post.
nority Leader Kevin McCarthy to queries on Wednesday. into his son’s activities, the WA S H I N G T O N — D e m o - The House Administration
(R., Calif.) said Republicans The congressman, a close person said. cratic House candidate Rita Committee opted on party
would remove Rep. Matt Gaetz ally of former President Donald The FBI declined to com- Hart said she was dropping lines earlier in March to re-
from the House Judiciary Com- Trump, told Fox that he and his ment. David McGee, the former the challenge to her narrow view the contest. It isn’t un-
mittee if “it turns out to be family have been targets of a prosecutor named by the youn- election loss in Iowa, after her usual for candidates to appeal
true” that the Florida Republi- $25 million blackmail attempt ger Mr. Gaetz as being part of effort drew increasing concern to the House to review a race’s

JOHN RAOUX/ASSOCIATED PRESS

can had a sexual relationship on the part of a former federal the alleged extortion scheme, is among Democrats on Capitol results under the Federal Con-
with a 17-year-old girl and paid prosecutor. He said he had re- now in private practice in Pen- Hill. tested Elections Act, but such
her to travel with him. ported the alleged extortion at- sacola, Fla. Mr. McGee didn’t GOP Rep. Mariannette efforts rarely succeed. If the
The House Judiciary Com- tempt to the Federal Bureau of respond to requests for com- Miller-Meeks took office in process had continued, it could
mittee oversees the Justice De- Investigation and that his fa- ment but told The Daily Beast January after the Iowa State have resulted in a vote by the
partment, which since last year ther, Don Gaetz, a former presi- that reports of extortion were Board of Canvassers certified full House on the matter.
has been investigating whether dent of the Florida Senate, “completely, totally false.” her victory over Ms. Hart. She Ms. Hart’s challenge had
Mr. Gaetz violated federal sex- wore a concealed microphone Some supporters of Mr. won by just six votes out of turned into a high-octane po-
trafficking laws. Those laws Rep. Matt Gaetz (R., Fla.) has in a meeting with that lawyer Gaetz came to his defense on the nearly 400,000 total votes litical fight with which Demo-
make it illegal to transport denied any wrongdoing. on March 16 at the agency’s re- Wednesday. “I believe Matt cast, following a recount of the crats, particularly those in
someone younger than 18 across quest to secure evidence. Gaetz. He should not be re- entire district. Ms. Hart filed competitive districts, were be-
state lines to engage in sex. Mr. McCarthy said. “Let’s get Don Gaetz had been working moved from the Judiciary Com- in late December to challenge coming increasingly uncom-
“Those are serious implica- all the information.” with the FBI’s office in Pensa- mittee,” Rep. Jim Jordan (R., the results under the Federal fortable.
tions,” Mr. McCarthy said on Speaking later in Iowa, Mr. cola, Fla., and prosecutors in Ohio), the panel’s top Republi- Contested Elections Act. Some Democrats were both
Fox News. “If it turns out to be McCarthy said he still hadn’t the Northern District of Florida can, said in a statement. “I am saddened that some privately and publicly express-
true, yes, we would remove spoken to Mr. Gaetz. “I will in that operation, a person fa- Before accounts of the Jus- Iowans’ votes won’t count ing concern over having to
him if that was the case.” deal with it if any of it comes miliar with the matter said. tice Department investigations through no fault of their own,” vote on the result of the state-
Mr. McCarthy said he hoped to be true,” he said. The investigation, which is sep- surfaced late Tuesday, Axios re- Ms. Hart said in a statement certified election in Iowa, af-
to speak to Mr. Gaetz later Mr. Gaetz denied any wrong- arate from the probe into the ported that Mr. Gaetz was con- announcing she was dropping ter having objected to earlier
Wednesday. “Right now Matt doing during an interview congressman, began after a sidering leaving Congress early the effort. She blamed a “toxic efforts by GOP lawmakers to
Gaetz says it is not true and we Tuesday evening with Tucker Florida businessman ap- to take a job at conservative campaign of political disinfor- overturn President Donald
don’t have any information,” Carlson on Fox News. “I have proached the elder Mr. Gaetz news outlet Newsmax. mation” around her challenge, Trump’s election defeat.

U.S. WATCH
CALIFORNIA TREASURY
Four People Killed Yellen Says Panel
In Office Shooting To Address Risks
A shooting at a Southern Cali- Treasury Secretary Janet Yel-
fornia office building on Wednes- len convened a council of regula-
day killed four people, including a tors tasked with monitoring the
child, and injured a fifth person stability of the financial system,
before police shot and wounded homing in on risks that emerged
the suspect, police said. during the market turmoil of a
Shots were being fired as offi- year ago when the coronavirus
cers arrived at a two-story office pandemic hit the U.S. economy.
building on Lincoln Avenue in Or- Ms. Yellen led her first meet-
ange, south of Los Angeles, at ing Wednesday as head of the Fi-

KRISTOPHER RADDER/THE BRATTLEBORO REFORMER/ASSOCIATED PRESS

about 5:30 p.m., Lt. Jennifer Amat nancial Stability Oversight Council,
said. “An officer-involved shooting focusing on a variety of issues, in-
occurred” and the suspect was cluding activities of open-end mu-
taken to a hospital, Lt. Amat said tual funds and hedge funds and
She didn’t know his condition. their roles in the market turbu-
The shooting was on the sec- lence last year.
ond floor of the building, Lt. Amat “We are digging out of a
said. She had no details about the deep hole now, but we should
confrontation, what may have be mindful that the hole could
sparked the attack or why a child easily have been even deeper,”
may have been at the building. Ms. Yellen said in prepared re-
The building at 202 W. Lincoln marks. “The fact that extreme
Ave. appeared to be a two-story policy interventions were still re-
office building with an open, sec- quired to support market func-
ond-story balcony. Signs outside tioning should serve as a clear
indicated a handful of businesses reminder: We have to do more
were located there, including an to address vulnerabilities in the
insurance agent and a counseling financial system.”
service. —Andrew Ackerman EASTER SERVICE: Tosha Tillman, of Guilford, Vt., helped Bodhi Dove, 6 years old, as he assembled an Easter basket Wednesday that
—Associated Press and Kate Davidson will be handed out to a family in the Guilford area for Sunday’s holiday.

Investors Covid-19 vaccine rollout began

to gather pace. Economists
raised their expectations for a
In one of the most powerful
market rotations in years, in-
vestors shifted money out of
Just in the past week,
though, money managers were
reminded ultra-risky behavior
in earnest. The problem is that
bubble-like markets have often
gone on for far longer than ex-
according to data from Univer-
sity of Florida finance profes-
sor Jay Ritter.

Hungered powerful recovery, as opposed

to the more sluggish rebound
many had been anticipating.
technology shares and into
long beaten-down sectors such
as financials and energy. Their
isn’t just the domain of indi-
viduals trading tips on Red-
dit’s WallStreetBets.
perts have predicted, said Jer-
emy Grantham, co-founder of
Boston money manager Gran-
“People have long lost in-
terest in value. It’s about what
is going up and how fast it’s

For Risk And through it all, investors

had the reassurance that the
Federal Reserve would con-
bet: that improving economic
activity would lift up shares of
these cyclical companies.
Bill Hwang’s Archegos Capi-
tal Management took massive
positions in companies
tham, Mayo, Van Otterloo & Co.
Mr. Grantham, who success-
fully predicted the market
going up,” Mr. Grantham said.
When trends work, they re-
ally work. At its peak,
tinue to hold interest rates The Dow outperformed the through a controversial prod- crashes of 2000 and 2008, said GameStop was up 1,744% for the
Continued from Page One near zero and that the federal Nasdaq Composite Index by uct called a total return swap. he considers the markets now year to date. Star fund manager
highs, or pro-Trump rioters government would deploy tril- around 5 percentage points in When Mr. Hwang’s bets to be incredibly bubble-like. Cathie Wood’s ARK Innovation
stormed the U.S. Capitol. lions more dollars in aid for the quarter—the largest differ- soured, Archegos scrambled to Bitcoin was trading above ETF, which heavily weights
But soon, investors saw the economy. ence since the fourth quarter post collateral. The investment $58,000 Wednesday morning, technology companies including
reasons to be hopeful. The Markets responded in force. of 2018. Big technology stocks banks that Archegos used for up more than double from Tesla Inc., Roku Inc. and Square
are no longer trouncing every- its trades wound up having to Inc., outpaced the S&P 500 by
thing else in the market. sell the losing stocks in huge 21 percentage points at one

-3.6%
Exxon Mobil Corp. is up 35% blocks, causing a swift decline point in mid-February.
for the year, while Ama- in the share prices of compa- But markets are fickle. And
zon.com Inc. is down 5% and nies such as Viacom and sad- what works one month won’t
Apple Inc. is down 7.9%. dling the late sellers with necessarily be in favor the
So what lessons have inves- painful losses. The return for the ARK next. GameStop has never re-
tors taken away from the past “It’s not just being driven Innovation ETF this year. claimed the high it hit late
three months? Money manag- by the Robinhood traders,” January. And after long-term
ers point to the following: said Liz Ann Sonders, chief in- bond yields jumped in Febru-
When Reddit traders dove vestment strategist at Charles ary and March on bets of a
into shares of companies such Schwab. “There’s a tremen- where it closed out last year. powerful economic recovery,
as GameStop and AMC Enter- dous amount of speculation Blank-check companies—also the fervor for growth stocks
tainment Holdings Inc. in Jan- everywhere, and we don’t known as SPACs, or special- faded, too.
uary and February, many pro- know if there are other whales purpose acquisition compa- The ARK Innovation ETF is
fessional money managers out there [like Archegos] that nies—have cooled lately, but now down around 3.6% for the
wrung their hands. They could cause broader turmoil in only after a stunning stretch year.
warned that individual inves- the financial system.” of gains. Between November “I think clients really
tors were getting ahead of Investors with a skeptical and February, 231 consecutive learned a big lesson about pa-
themselves. Maybe picking view have been trying in vain SPACs went public without tience there,” Ms. Bragar said.
and choosing stocks was best to predict when frothy parts of dropping below their IPO price —Amrith Ramkumar
left to the professionals. the market would start falling on their opening trading day, contributed to this article.

every Deal for growing popularity of 5G

smartphones.
That has helped Kioxia’s
Kingston Technology Co. and
Seagate Technology PLC, in a
deal worth about $18 billion.
Micron, one of the world’s
largest memory-chip makers,
is a big player in DRAM, an-

one Chip Maker valuation soar since it backed Toshiba Corp. retained a 40% other major type of memory
away from the IPO. It was ex- stake in the business, which used in devices. A combination
pecting a valuation then of was renamed Kioxia the fol- with Kioxia would expand its

Explored about $16 billion. Its business

had been hit by U.S. export re-
strictions on China’s Huawei
lowing year.
Consolidation has swept
through the broader semicon-
NAND capabilities.
Western Digital, which
makes hard disk drives, solid-
Technologies Co. that threat- ductor sector as industry play- state drives and NAND chips,
deserves a decent Continued from Page One
there. Washington would also
ened to lead to excess supply
and price drops for flash-
ers seek scale and expand
their product portfolios to
has a joint venture with Kioxia
for manufacturing and research
place to live. likely play a role, but a deal
could fit with a push by the
memory products.
Micron shares have also
support the increasing number
of everyday items that are
and development that was set
to expire starting in 2027.
U.S. to boost its chip-making shot up since then, almost connected to the internet. The Micron reported second-
capabilities to increase com- doubling to give the company industry has accounted for quarter results Wednesday
petitiveness with China. a market value of about $100 several of the biggest deals that included a roughly 30%
Kioxia makes NAND flash- billion. Western Digital’s world-wide in recent months, increase in revenue to $6.24
memory chips used in smart- shares have surged too, giving including Advanced Micro De- billion. Chief Executive Sanjay
phones, computer servers and the company a valuation of vices Inc.’s roughly $35 billion Mehrotra said the results re-
Learn more at other devices. It’s become a about $20 billion. purchase of Xilinx Inc., Nvidia flect “rapidly improving mar-
hot area in part because of in- Kioxia, formerly part of Corp.’s roughly $40 billion ket conditions and continued
habitat.org. creased demand during the Toshiba Corp. and known as buyout of SoftBank Group solid execution” and pointed
coronavirus pandemic for per- Toshiba Memory, was pur- Corp.-backed Arm Holdings to increasing demand from ar-
sonal computers, with people chased in 2018 by a group led and Analog Devices Inc.’s $20 tificial intelligence and 5G. Mi-
working remotely and distance by Bain that included Apple billion acquisition of Maxim cron shares rose 2.6% in after-
learning and gaming, and the Inc., Dell Technologies Inc., Integrated Products Inc. hours trading on the results.
 .

THE WALL STREET JOURNAL. Thursday, April 1, 2021 | A5

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 .

A6 | Thursday, April 1, 2021 * *** THE WALL STREET JOURNAL.

U.S. NEWS

Vaccinations Rise, but So Do Cases J&J Says

Vaccine
Expanded reopenings,
new variants are cited
President Biden said this
week that by April 19, 90% of
adults age 18 and over will be
Batch Was
as reasons for the
uptick in infections
eligible for vaccination, and
90% of all Americans will be
living within 5 miles of a loca-
Ruined
tion where they can get a shot. BY PETER LOFTUS
BY TALAL ANSARI Americans can’t have it both AND THOMAS M. BURTON
AND MELANIE GRAYCE WEST ways if they want to get out of
the pandemic and reduce the Johnson & Johnson said one
The supply of Covid-19 vac- number of infections, said Dr. batch of its new Covid-19 vac-
cines in the U.S. is increasing Clendenin, of Texas A&M. “Ei- cine didn’t meet quality stan-
with each week, and the pace ther we’re going to have to dards at a contract manufac-
of vaccinations is picking up. crack back down and lose some turer, and the doses weren’t
States are opening up eligibility of the freedoms that we had distributed.
for the vaccines sooner, too, al- with reductions in capacity and The quality lapse affected

MARY ALTAFFER/ASSOCIATED PRESS

lowing more Americans an op- mask wearing, or we’re going about 15 million doses of the
portunity to get the shot. to have to step out and get vac- main ingredient, according to a
And yet with so many peo- cinated,” she said. person familiar with the matter.
ple getting vaccinated—nearly Over time, most viruses J&J said Wednesday it de-
30% of Americans have had at change through mutation, but tected the problem while mak-
least one shot, according to the variants that are more conta- ing quality checks at a plant
Centers for Disease Control and gious or more deadly—or belonging to contract manu-
Prevention—the number of new both—are of particular con- facturer Emergent BioSolu-
Covid-19 cases is on the rise. cern. Since the pandemic be- tions Inc., which was in the
Nationally, the seven-day av- Eva Wright held her husband Troy Wright’s hand as he was vaccinated Wednesday in Uniondale, N.Y. gan, three new variants—traced process of starting up but
erage in cases has risen in re- to the U.K., Brazil and South hadn’t finished making doses.
cent weeks from over 53,000 Africa—have worried health of- J&J has been making the
cases a day to 65,000 cases. Wisconsin Mask Wisconsin governor to exercise powers. ficials, and may be behind some main ingredient in vaccine
That’s down from the peak in emergency powers during a di- Mr. Evers used those powers of the rise in cases in the U.S. doses for the U.S. at one of the
early January, when the num- Rule Overturned saster by declaring a state of to issue executive orders, includ- Andrew Brouwer, an assis- company’s own plants. The
ber of cases being recorded was emergency. The statute bars the ing requiring residents to wear tant research scientist in epide- quality lapse didn’t affect those
more than 250,000, according governor from extending his de- facial coverings in indoor spaces miology at the University of doses, which have been given
to a Wall Street Journal analy- A divided Wisconsin Su- clared powers beyond 60 days outside of their homes, with lim- Michigan, said variants most to people in the U.S.
sis of Johns Hopkins University preme Court struck down the during a single public-health ited exceptions. The ruling nulli- likely have been a factor in the Although it scrapped the
data. statewide mask mandate, ruling emergency without legislative fies his most recent mask order, recent rise in cases. problematic batch, J&J said it
But an average of 65,000 Democratic Gov. Tony Evers un- approval. which was set to expire April 5, He said that most Covid-19
cases is still considered high by lawfully exercised his emergency For more than a year, Mr. and prevents him from issuing a tests aren’t sequenced in the

15M
epidemiologists, and is close to powers during the pandemic. Evers has declared a half-dozen new one. U.S., so it is hard to know pre-
the height of the country’s sec- The 4-3 decision marked a new states of emergency, re- The governor argued that cisely how much spread is due
ond surge in July 2020. defeat for the governor in his peatedly resetting the 60-day the changing conditions of the to variants. In Michigan, how-
Federal officials have for long feud with the Republican- clock. His most recent declara- Covid-19 crisis gave him the ever, variant surveillance is
weeks cautioned about a fourth led legislature and conservative tion in early February came the right to declare new emergen- much better. “We’re seeing the Doses of main ingredient in
surge of infections, saying that activists. same day the legislature passed cies to control the spread of in- B.1.1.7 variant [U.K.] in particu- vaccine affected by lapse
the U.S. is on a path to follow State law authorizes the a joint resolution revoking his fection. —Jacob Gershman lar contribute to the surge in
some other European countries cases in the state,” he said.
that have seen recent spikes. Michael G. Ison, professor of
In interviews with epidemi- has to date largely centered on ers, those in blue-collar jobs, School of Public Health. “Peo- infectious diseases at North- would be able to make enough
ologists and public-health offi- people 65 and older. and people who may be more ple are looking for any reason western University’s Feinberg doses to meet production tar-
cials, common themes emerged. But a review of CDC data socially active. to celebrate,” she said. School of Medicine, said the gets for the U.S. in the coming
Many cited a mixture of in- shows that since last summer The current bump in cases “The folks who are driving three variants are either months.
crease in infections among the weekly incidence of cases could partly be attributed to transmission are not a big spreading in states with in- J&J didn’t disclose the na-
younger people, pandemic fa- has largely been highest among gatherings among younger peo- overlapping Venn diagram with creasing infection rates, such as ture of the quality lapse or how
tigue, the rollback of restric- people aged 18 to 24, followed ple, such as spring break, said the folks who have gotten vac- Minnesota and Michigan, or in many doses were affected.
tions, and the spread of more by people 25 to 34. Those age Angela Clendenin, an assistant cinated to date,” said Sten H. states that are drawing increas- Two people said the batch
contagious variants. groups represent a large pro- professor of epidemiology and Vermund, dean of the Yale ing visitors, including Florida, was contaminated. One of the
The vaccination campaign portion of public-facing work- biostatistics at Texas A&M School of Public Health. Texas and Colorado. people, who said the quality
problem affected approximately
15 million doses of the vaccine’s

Pregnant Women’s Shots Seen Protecting Newborn main ingredient, said it isn’t ex-
pected to affect that many po-
tential finished doses.
J&J has enough main-ingre-
dient supplies elsewhere in its
BY SARAH TOY at the University of Washing- manufacturing pipeline to meet
ton in Seattle, who wasn’t in- the U.S. government’s supply
Pregnant women who get volved in the research. targets, the person said.
the coronavirus vaccine pass As Covid-19 shots have The New Brunswick, N.J.,
their antibodies on to their rolled out, many pregnant company said it shared infor-
newborns, recent studies sug- women have struggled over mation about the issue with the
gest, a promising sign that ba- whether to get immunized U.S. Food and Drug Administra-
bies can acquire from their Pfizer and BioNTech have tion. The FDA is investigating,
mothers some protection begun administering their according to a separate person
against Covid-19. Covid-19 vaccine to pregnant familiar with the matter.
At least three studies have women as part of a clinical Emergent declined to com-
found that women who re- trial studying the vaccine’s ment.
ceived either the Pfizer Inc.- safety and efficacy in expectant J&J’s vaccine was the third
BioNTech SE vaccine or the mothers. The companies are to be authorized for use against
Moderna Inc. shots during now enrolling around 4,000 Covid-19, after shots from
pregnancy had coronavirus pregnant women into the trial, Pfizer Inc. and its partner BioN-
antibodies in their umbilical- which will also look at the vac- Tech SE and from Moderna Inc.
cord blood. That indicates the cine’s safety in infants and Health authorities especially
women’s babies got the anti- whether antibodies can get welcomed the addition of the
bodies, too. transferred over to them. J&J vaccine because it requires
One of the studies also Earlier studies reported just one dose and is easier to
found antibodies in the breast that antibodies triggered by store.
milk of mothers who had re- real-world infections crossed Supplies in the U.S. were ex-
ceived the vaccine during the placenta. There wasn’t ev- pected to increase as J&J’s
pregnancy. idence until the recent stud- manufacturing network ramped
The studies didn’t look spe- ies, however, indicating that up production, accelerating a
cifically at the safety of vacci- expectant mothers could pass mass vaccination campaign that
nations, though in one of to fetuses the antibodies gen- has been gaining steam.
them, pregnant women who erated by vaccines. The New York Times earlier
were vaccinated didn’t report Nor was there evidence un- reported that J&J doses were
more side effects than those til recently indicating that new ruined due to an accidental
who weren’t pregnant. mothers who were vaccinated mix-up of ingredients at Emer-
KAYANA SZYMCZAK FOR THE WALL STREET JOURNAL

Pregnant women are at could pass along antibodies gent.

higher risk of a severe case of through breast-feeding. J&J said it detected the
Covid-19 and of preterm deliv- “I know now that some- quality problem in a batch of
ery if they are infected. The thing I’m doing is potentially its vaccine’s main ingredient
studies’ findings, though pre- helping to protect my child that Emergent was making.
liminary, suggest women from getting sick,” said Emergent, a contract manu-
could safely protect them- Christa Carrig, a Massachu- facturer based in Gaithersburg,
selves and their newborns by setts General Hospital nurse Md., has been making the main
getting vaccinated. and nursing mother who took ingredient for J&J’s vaccine at
“Since infants can’t be im- part in the hospital’s recent an Emergent plant in Baltimore.
munized themselves, it’s one study that found antibodies in The plant hadn’t been
way for a pregnant individual breast milk. Ms. Carrig re- cleared by the FDA to make and
to protect their newborn,” ceived her second dose of the ship finished vaccines, one of
said Linda Eckert, a professor Moderna vaccine in early Feb- Christa Carrig with her 1-year-old son, Bennett. Ms. Carrig, a nurse at Massachusetts General the people said.
of obstetrics and gynecology ruary. Hospital who has been vaccinated, was part a study that found antibodies in breast milk. The problem batch of the
vaccine’s main ingredient never
advanced to the final, filling

Pfizer Doses “The kids have been a big miss-

ing piece of the puzzle.”
He acknowledges having
testing the vaccine in children
ages 6 months to 11 years.
“We share the urgency to ex-
tect them from the virus but
also to help reach the commu-
nitywide immunity needed to
cebo. The volunteers who got
the vaccine received the same
dose that older people get.
and finish stages of its manu-
facturing process, J&J said.
J&J said it is providing addi-

Effective in some reservations about the

limited clinical data, but is
comfortable given the risk of
pand the authorization of our
vaccine to use in younger popu-
lations and are encouraged by
move past the pandemic.
Children make up about 13%
of Covid-19 cases in the U.S.,
Researchers found the shot
to be 100% effective after ob-
serving 18 cases of Covid-19 in
tional experts in manufactur-
ing, technical operations and
quality to be on-site at Emer-

Ages 12-15 Covid-19. “I trust the science,”

he said.
Pfizer said it would ask U.S.
the clinical trial data from ado-
lescents between the ages of 12
and 15,” Pfizer Chief Executive
according to the American
Academy of Pediatrics.
The Pfizer-BioNTech vac-
children who had received a
placebo, compared with no
cases in the group that got vac-
gent to oversee all manufactur-
ing of the J&J vaccine there.
At the same Baltimore plant,
health regulators in the coming Albert Bourla said. cine is given in two doses cinated, Pfizer said. Research- Emergent also makes the main
Continued from Page One weeks to expand use of the Covid-19 vaccination efforts three weeks apart. It is among ers didn’t see any severe cases, ingredient for AstraZeneca’s
vaccinated as early as May, ac- shots to 12- to 15-year-olds. in the U.S. and overseas have three Covid-19 shots autho- deaths or hospitalizations, the PLC Covid-19 vaccine, which
cording to a person familiar The U.S. Food and Drug Ad- focused on protecting older rized for use in the U.S., along company also said. hasn’t yet been authorized for
with the matter. This would ministration could grant Pfizer adults who are at higher risk with ones from Moderna Inc. Researchers also said an use in the U.S.
mean many would have the and BioNTech the additional of severe disease caused by and Johnson & Johnson. unspecified number of vacci- J&J’s own plant in the Neth-
protection in time for attend- authorization two to four the coronavirus. The vaccines from Moderna nated children had more neu- erlands has been making the
ing camps and engaging in weeks after receiving the appli- Children are at lower risk of and Johnson & Johnson are tralizing antibodies a month main ingredient for the initial
other summer activities. cation. Pfizer and BioNTech contracting the coronavirus authorized in the U.S. for use after receiving their second U.S. supply of its vaccine, in-
Andrew Schwartz, 45, an said they would seek clearance than adults. When they are in- in adults 18 and older. Mod- dose than subjects 16 to 25 cluding the nearly four million
ophthalmologist who lives in in other countries, too, but fected, they tend to experience erna also is testing its vaccine years of age had in the vac- doses that were distributed im-
Port Washington, N.Y., said he didn’t give a timetable. milder symptoms. Some can in 12- to 15-year-olds and said cine’s pivotal trial. Neutraliz- mediately after it was autho-
planned to get his kids—ages The vaccine was authorized get seriously ill, however, and its trial is fully enrolled. ing antibodies prevent the vi- rized in late February.
10, 12, and 15—vaccinated when for use in those 16 and older in some can also spread the virus. In the Pfizer-BioNTech study rus from entering cells and J&J said it was able to meet
he can. “I’m excited,” said Dr. the U.S. in December, after a Health authorities said it of younger adolescents, 1,131 of replicating. a target of delivering a total of
Schwartz, who along with his pivotal trial involving 44,000 would be important to vacci- the subjects received the vac- —Thomas M. Burton 20 million vaccine doses for use
wife, was already vaccinated. people. Pfizer started last week nate children, not only to pro- cine, while the rest got a pla- contributed to this article. in the U.S. by the end of March.
 .

THE WALL STREET JOURNAL. * * * * Thursday, April 1, 2021 | A7

WORLD NEWS
Macron Orders New Nationwide Lockdown
The president has been paign has left the nation vul- week later, Mr. Macron said. nity to bring the pandemic un- tion has received at least one presidency in 2017 with 66%
nerable to more contagious Unlike a year ago at the der control. “Show me how a vaccine dose, compared with of the vote against Ms. Le Pen.
criticized for failing to coronavirus variants, which start of the pandemic, the two-month lockdown in De- 12% in France. On Sunday, On Wednesday evening, Mr.
control Covid-19 surges have sent cases soaring and public won’t be required to fill cember-January is worse than London recorded zero deaths Macron defended his decision
filled the country’s intensive- out a form to leave the house what we’ve been living the for the second time since the not to impose a national lock-
in France this winter care units with patients. during France’s third nation- past six months,” said Gilbert pandemic began. down or close schools earlier
“It would be false to say wide lockdown. Deray, a doctor at the Pitié- Mr. Macron’s management this year. “We won precious
BY MATTHEW DALTON that things will get better on In an attempt to cushion Salpêtrière Hospital in Paris. of the pandemic is shaking days of liberty, weeks of learn-
their own,” Mr. Macron said. France’s economy, Mr. Macron Now, the French are staring confidence in his leadership 13 ing for our children. We al-
PARIS—French President Restrictions that currently left the country relatively open into an abyss of uncertainty months ahead of the next pres- lowed hundreds of thousands
Emmanuel Macron announced apply only to Paris and other during the depths of winter and that risks extending into the idential election. His approval of workers to keep their heads
a national lockdown Wednes- hard-hit areas will be extended then hewed to softer restric- summer, when the country’s rating has slipped below 40% above water without ever los-
day, shuttering schools and across the country for four tions in mid-March as infec- tourism industry usually shifts in recent weeks, according to ing control of the epidemic,”
nonessential businesses, amid weeks, starting Saturday eve- tions surged and intensive-care into high gear. an Ifop poll published Wednes- he said. “I think we did well.”
mounting public frustration ning, the president said. Schools units in Paris overflowed. France’s vaccine rollout, day. Nearly 60% say Mr. Ma- France’s intensive-care units
over his government’s han- will close for three weeks begin- French authorities were loath meanwhile, has been ham- cron was wrong not to impose nationwide are at 100% capac-
dling of the pandemic. ning Monday, Mr. Macron said, to shut schools, taking pride in strung by a lack of supplies a lockdown in January. ity. Hospitals in hard-hit areas
Speaking from the Élysée with spring break shifted to co- avoiding that step even as Ger- and mixed messages from Mr. A poll published by Harris have canceled surgeries and
Palace on national television, incide with the last two weeks many and other European coun- Macron and health authorities Interactive in March suggested are preparing to open make-
Mr. Macron said new measures of the shutdown. Elementary tries closed them months ago. across the continent about the he faces a close race against shift intensive-care units under
are needed after his strategy school students will return to Some French doctors say safety and effectiveness of the his main rival, far-right leader outdoor tents. Mr. Macron an-
of relying on targeted restric- in-person classes after the vaca- the president’s refusal to im- AstraZeneca PLC vaccine. Marine Le Pen, with Mr. Ma- nounced plans to raise the
tions failed to tame Covid-19. tion, while middle and high- pose strict measures during Across the English Channel, cron projected to win 53% of country’s intensive-care capac-
France’s sluggish vaccine cam- school students will return a the winter missed an opportu- about 45% of the U.K. popula- the vote. Mr. Macron won the ity from 7,000 beds to 10,000.

China Says Virus-Origin

Probe Should Turn to U.S.
BY JEREMY PAGE cialists to study that possibility. tries and putting the WHO in
AND DREW HINSHAW Asked about Dr. Tedros’s the middle of a frankly childish
comments at a briefing geopolitical spat.”
BEIJING—China called for Wednesday, Chinese Foreign Fort Detrick is home to im-
the World Health Organization Ministry spokeswoman Hua portant parts of the U.S. bio-

MARK SCHIEFELBEIN/ASSOCIATED PRESS

to probe whether Covid-19 first Chunying repeatedly referred logical-defense program and
emerged in other countries— to the team’s “important con- other medical-research efforts
possibly including from a U.S. clusion” that a lab leak in Wu- conducted by the military. Sci-
military laboratory—in its first han was extremely unlikely. entists at research institutes
public response to a call from She urged the WHO to in- there have developed and
the head of the agency for a vestigate evidence of early tested vaccines, antitoxins and
more robust investigation into outbreaks in other countries, other medicines against an-
whether the virus escaped and suggested that any future thrax, smallpox and other dis-
from a Chinese lab. laboratory probes should in- eases that could be used as bi-
A WHO-led team that vis- clude a U.S. military lab at ological weapons. They also
ited China this year to explore Fort Detrick, Md. conduct research on diseases Liang Wannian, an official in the China-WHO probe, speaking to journalists in Beijing on Wednesday.
the pandemic’s origins con- Chinese officials repeatedly of broader national security or
cluded in a report published have suggested that the pan- public-health interest such as House’s National Security challenge the U.S. and other told a news conference
Tuesday that the coronavirus demic could have originated at malaria and Ebola, and are Council. “If a future pandemic countries face in pushing for a Wednesday that he was unsure
was “extremely unlikely” to Fort Detrick, but haven't pre- working on vaccines and medi- were to originate here or any- more transparent and inde- how Dr. Tedros concluded that
have leaked from a Chinese lab sented any evidence. Most sci- cines for Covid-19. where else, we would similarly pendent probe into the origins the team’s assessment of a po-
and recommended no further entists say they have seen noth- The U.S. State Department insist on a swift and transpar- of a pandemic that has killed tential lab leak wasn’t extensive
study of that possibility. ing to corroborate that idea. didn’t respond to a request for ent, science-based evaluation.” more than 2.8 million people. enough. He also suggested that
However, WHO Director- “In my three decades of comment, and U.S. Army offi- Ms. Hua repeatedly declined The U.S. and more than a the search for Covid-19’s ori-
General Tedros Adhanom Ghe- working with the World Health cials declined to comment. The to respond directly when dozen countries on Tuesday ex- gins should shift its focus to
breyesus said shortly before the Organization, I have never seen WHO also didn’t comment. asked whether Beijing would pressed concern over the per- other countries, adding that
report’s release that the team’s something quite like this,” said “If there were sound, tech- permit additional missions to ceived delay and lack of access more missions to China could
assessment of a potential lab Lawrence Gostin, a professor nically credible reasons for investigate labs in Wuhan, and in the Wuhan mission. The Eu- be planned if necessary.
leak hadn’t been extensive of global-health law at George- such a step, we would of when it would begin the sec- ropean Union issued a state- The WHO team’s report
enough and that further inves- town University. “Countries are course support it—but there ond phase of studies outlined ment along the same lines. said it was possible the pan-
tigation was needed, adding he just throwing out evidence-free are none,” said a spokes- in the WHO-led team’s report. Liang Wannian, the head of demic began outside Wuhan—
was ready to deploy more spe- charges against other coun- woman from the White Her remarks highlight the the Chinese team in Wuhan, or even outside China.

Officials
Work to
Ease Ship
Gridlock
BY BENOIT FAUCON

Suez Canal authorities are

struggling to clear a backlog
SAYED HASSAN/DPA/ZUMA PRESS

of vessels following the free-

ing of the Ever Given, as some
shippers refuse new bookings
and warn that the ripple effect
of the blockage could linger
for some time.
After the 1,300-foot con-
tainer ship was towed out of
the canal’s channel on Mon-
A ship sails through the Suez Canal as traffic resumes after the Ever Given ship was freed Monday. The vessel got stuck and blocked the waterway for nearly a week. day, Egyptian authorities
promised to work quickly to

Suez Canal Pilots Come Under Scrutiny After Accident resolve a buildup of hundreds
of ships lying at anchor wait-
ing for it to reopen. They esti-
mated it would take two to
ISMAILIA, Egypt—With his remarks as an attempt to be- insurance is in place for liabil- Many of those who do have captain began to scream and three days to clear, and that
ships moving again in the Suez smirch Egypt’s reputation. ity claims against the owner of the requisite skills don’t nec- cry, he said. They then turned they could move 100 vessels
Canal after the Ever Given was One current pilot said de- the ship, officials with its in- essarily work as long hours or off the engines and a tugboat through the canal each day.
refloated, the Egyptian sailors mands for cigarettes and free surance program have said. as many days as they used to. pulled the ship back to the Canal authorities said 81
tasked with piloting huge ves- food were once commonplace. Shipping accidents in the Wassim Hafez, 77 years old, middle of the canal. ships passed through Wednes-
sels through one of the world’s By tradition, canal workers di- Suez Canal are rare, according is one of them. When the Ever This calm under fire doesn’t day—42 southbound and 39
busiest waterways are back at vide up their haul among to insurer Allianz Global Corpo- Given got stuck last week, he come overnight. To qualify for heading north. But even as they
themselves, a former pilot said. rate & Specialty, with 75 re- was aboard another vessel the job, pilots must first obtain waved dozens of vessels
By Summer Said, Questions also are being ported incidents between 2010 heading in the opposite direc- a license, called a certificate of through over the past two days,
Stephen Kalin raised in the industry about and the end of 2019. Ground- tion. The 45-year veteran competency as master of a for- more are arriving almost as
and Rory Jones the role canal pilots might ings, like that of the Ever Given, dropped anchor in the Great eign-going ship, which requires quickly. On Wednesday morn-
have played when the 1,300- though less serious, are the Bitter Lake, a halfway point, eight years of training, accord- ing, there were 292 vessels
work—and facing growing foot Ever Given veered right and asked to go home until the ing to the canal authority’s waiting on both sides of the ca-
scrutiny. during a sandstorm on March blockage was cleared. regulations. Before applying, nal, according to Leth Agencies,
Authorities plan to more 23, lodging its bow in the side “I estimated this would take they need three years of expe- a ship-services provider in the
than double the number of ves- of the canal and backing up
Egyptian authorities a long time because it was a big rience at sea; then after six canal. That is a net reduction of
sels passing through the 120- traffic for days. examine sailors’ role ship,” he said. “Staying on board months of training, they can 33 ships from Monday, before
mile canal each day to clear a Two pilots were aboard the the ship isn’t comfortable.” start working on small ships. the Ever Given was refloated.
backlog of more than 400 container ship at the time, but
in the grounding of Mr. Hafez said he still works To operate larger ships, pilots An additional 46 ships were
ships that were left waiting for authorities have released few the Ever Given. the pilots’ customary eight-hour have to pass certain exams. At- expected to reach one of the en-
days after the Ever Given ran details about them, except shifts, but in shorter stretches taining the highest level, chief trances of the canal within the
aground a week ago. Local reg- that they each have more than than he did before, one of his pilot, can take about 15 years. day, Leth said. A canal official
ulations require that one or 30 years of experience, ac- few concessions to his advanc- Fewer people are register- said the new arrivals were slow-
two pilots, in some cases three, cording to people familiar most common cause accounting ing years. He says he works for ing to train as pilots these ing efforts to end the logjam.
must be on board to help cap- with the matter. The current for a third of all incidents, it eight days before taking a cou- days, however, and the ranks A.P. Moller-Maersk A/S, a
tains navigate the narrow chief of the Suez Canal Au- said in a note. Water levels in ple of days off before working of the most senior specialists major shipping company, has
channel. To meet the increased thority, Osama Rabie, said the channel rise and fall with another three, followed by five are quickly aging, despite the estimated it will take at least a
demand, some former pilots they weren’t to blame. the tide, which can catch ships days off. Most pilots are as- prestige the job confers and week to clear the backlog. It
since assigned to desk jobs are “The two Egyptian pilots out in some sections. signed to work for 10 days in a the growing sense of profes- said it is refusing short-term
being sent back to the canal. aboard the vessel were senior The clamor for canal pilots’ row before getting days off. sionalism it now requires. bookings for goods going
The pilots, many of whom level and highly competent,” services, meanwhile, is rising Mr. Hafez said ships run Canal authorities have through the canal.
are retired sailors from the said Mr. Rabie, who was previ- as authorities race to clear the into problems on the Suez Ca- backed campaigns to root out About $400 million of cargo
Egyptian navy, haven’t always ously the head of Egypt’s navy. logjam of ships waiting to tra- nal from time to time, but that corruption. The Maritime normally flows through the ca-
been entirely welcome. The pair could, however, verse the channel. More than last week’s drama was unprec- Anti-Corruption Network, a nal every hour, said U.S. data
In 2017, a local shipping agent become a focus of the investi- 300 pilots work on the Suez, edented. He remembers a close global group of shipping com- analytics company Dun & Brad-
complained about pilots de- gation into how the accident but there is a shortage of those call 25 years ago when the panies, reported a significant street in a report Wednesday.
manding 17 cartons of cigarettes occurred, along with other with sufficient experience of steering broke on an 80,000- decrease in reports of de- It said the food, construction
and other goods to let his ship factors, including mechanical handling extra-large vessels ton Turkish bulk carrier he was mands for cigarettes and and automotive industries in
pass. The head of the Suez Canal faults and the impact of high such as the Ever Given, one of piloting. As the vessel swung fewer threats to the safety of Western Europe would be the
Authority at the time dismissed winds. More than $3 billion of the world’s biggest ships. toward the bank, the foreign crew and vessels. worst affected by the delays.
 .

A8 | Thursday, April 1, 2021 THE WALL STREET JOURNAL.

FROM PAGE ONE

schools. His response: South- tion requirements for different Wan, 18, said. The aspiring
The School ern Rhode Island Institute of
the Arts. Within a few hours,
types of musicians. Pianists are
instructed to upload a video
computer science major was
initially concerned about mis-
the joke took off. SRIIOTA, as playing “one major complete leading people so effectively
You Can’t it became known, was a hit in
the Reddit group.
work of the Romantic period,”
suggesting actual pieces, such
they would drive to Southern
Rhode Island to try to visit.

Attend Before long, a moderator of

the Reddit group says he won-
dered whether the school was
as composer Mily Balakirev’s
“Islamey,” as well as a contem-
porary work.
“It’s kind of a fine line be-
tween poking fun and legit
misinformation,” he said. To
real. The gag grew. The prank- When Aidan Yilmaz, a mod- prevent the prank from get-
Continued from Page One sters moved their discussion erator for Reddit’s Applying to ting out of hand, he used his
acting to acceptances. to a group chat hosted on a College page, first saw the post skills to “Rickroll” page visi-
“I thought it would be separate platform. They about SRIIOTA, he pinged his tors: After 30 seconds or so,
funny to make up a school,” started pitching in ideas, hop- fellow moderators to ask if the site’s graphics morph into
said high-school senior Taha ing the parody school would they had ever heard of the the music video for the 1987

KILEY GILBRIDE
Demirkan, an 18-year-old Los look convincing to some in the school. “I wanted to know: ‘Is Rick Astley song “Never Gonna
Angeles resident. Mr. Demir- Reddit group—or at least pro- this a school I’ve never heard Give You Up,” a popular old
kan spent many nights over vide them with a laugh. of, or am I just falling for a internet joke.
the past year scrolling through Once a week, the Applying joke?’ ” the George Washington Ms. GilBride’s acceptance
a discussion forum on Reddit to College group allows jokes Kiley GilBride reacts to the news of her ‘acceptance’ to SRIIOTA. University sophomore, 19, said. video racked up thousands of
called “Applying to College.” and memes to add some levity A Reddit spokeswoman said views. “I got a FaceTime call
The page, where people trade to the waiting process. This our way of releasing some of gos for the school. Dozens of she wasn’t aware of the parody from a friend who goes to my
tips and advice, has around spoof was more elaborate than that tension,” she said. others contributed class ideas. school, but said the Applying high school being like, ‘this is
340,000 members. most. Students eventually cre- The students chose “Carl the As part of the made-up admis- to College group is a popular really weird but I opened up
Mr. Demirkan said he was ated a website for the school, Soft Shell Crab, SRIIOTA’s one sions process, there were in- one; the group has seen a 55% Reddit and saw you got into
intending to poke fun at the came up with courses and intri- and only,” for a mascot, said structions to answer supple- increase in comments and posts this place, why didn’t you tell
intensity of the admissions cate application requirements. Sarang Patki, 17, a high-school mental essay questions and a for the year ended in October. me you were applying?’” the
process and let off steam dur- “Everyone is waiting anx- senior from Somerset, N.J. For directive to “Create your own Alex Wan, a high-school se- aspiring theater major
ing the stressful decision sea- iously at their laptops for that a motto, they used the Latin box and paint the outside of it nior was bored at home in said. “She was ready to throw
son, which spans from Febru- ding from their email,” said phrase “et surrexit” (or “got with murals representing your Detroit when the SRIIOTA me an acceptance party and I
ary to May. He said he got the Kiley GilBride, 18, a high- them”)–“though our Latin is personality and how you’ll fit prank began unfolding. Imme- was like, ‘no, no, no, this is a
idea for a fake school after school senior in Phoenix, who probably inaccurate,” said se- in on campus.” The website ex- diately, he wanted to pitch in. prank, this is a joke,’ ” Ms. Gil-
seeing another member’s post filmed a video of her elated nior Jenny Stinehour, 17, of plains SRIIOTA values “outside “I saw they didn’t have a web- Bride said. “That’s when I re-
asking students to respond reaction to supposedly getting Killeen, Texas, who designed the box thinking.” site and I was like, ‘I know alized we did something that
with their top-choice into the fake school. “This was five different graphics and lo- A PDF breaks down applica- how to make websites,’ ” Mr. would be remembered.”

Sweden didn’t reverse the

Huawei Huawei ban.
Jacob Wallenberg, the
chairman of Investor AB, told
Ban Cuts a Swedish newspaper that
“stopping Huawei is definitely

Both Ways not good.” An Investor spokes-

woman declined to comment
on the Chinese media’s re-
ports. She said China is the
Continued from Page One second- or third-largest mar-
ways as well. Several Chinese ket for many of Investor’s
state-controlled media outlets holdings, and that the com-
suggested there could be con- pany supported Mr. Ekholm’s
sequences for the Wallen- leadership at Ericsson.
bergs, a family known as the Mr. Ekholm said he re-

SASHA MASLOV FOR THE WALL STREET JOURNAL

Rockefellers of Sweden. Their sponded to the Sweden Hua-
investment company is a ma- wei ban and Beijing’s threats
jor shareholder in Ericsson on behalf of only Ericsson, not
and several other European gi- the Wallenbergs. In interviews
ants, and the largest single with journalists in both Eu-
owner of stocks traded on rope and China, he called the
Sweden’s exchange. Swedish ban of Huawei and
Europe has emerged as a ZTE unfair. Visiting Sweden at
battleground in the new tech- the time, Mr. Ekholm also
nological Cold War between scheduled a meeting with law-
the U.S. and China. European makers to criticize what he
capitals increasingly side with considered a ham-fisted han-
Washington. Some of the con- dling of the Huawei decision.
tinent’s biggest companies are ‘We depend on free trade. It’s about having access to markets,
defending Beijing. The new Bi-
den administration is signaling and that is at the center of what we are.’ Text messages
its own China hawkishness, From late October to early
providing executives little December, Mr. Ekholm sent
hope of a sudden detente. Ericsson CEO Börje Ekholm at his house in Greenwich, Conn. Sweden’s foreign-trade minis-
European business leaders ter, Anna Hallberg, a series of
hold up Australia as Exhibit A messages. He texted her a link
on the drawbacks of bad rela- sales and manufacturing in equipment. He sold businesses hackers spying on or sabotag- in January reported one of its to a news article with the
tions with Beijing. After the China. and cut employees, but added ing 5G-connected devices. best financial years in the past headline: “China’s ambassador:
Australian government banned The company has deep thousands of R&D jobs to help The White House began decade, saying it increased We might punish Ericsson.” He
Huawei 5G equipment and roots there. Started as a Ericsson better compete in mulling banning 5G equipment share in all its markets, in- noted how Sweden handled
then called for an investiga- Stockholm telegraph-repair sectors where he felt Huawei manufactured in China from cluding those without any re- the situation differently than
tion of Beijing’s handling of shop in 1876, it was selling was ahead. being used in the U.S., even if strictions against Huawei. other countries: “The decision
the pandemic last year, the wooden phones in China in the Geopolitics started playing the equipment came from a Huawei was still the world’s the government has supported
Chinese government restricted 1890s. an outsize role in corporate Western company. top cellular-equipment maker singles out our Chinese com-
imports of Australian wine, When Ericsson hit financial strategy around 2018, Mr. Ek- Ericsson has 13,000 em- by market share in 2020, ac- petitors in a way no other EU
beef and other goods. turbulence in the 1930s, the holm says. The Trump admin- ployees and a major manufac- cording to research-firm country has done,” he wrote.
Last week, Chinese map- company became the target of istration accused Huawei of turing plant in China, which Dell’Oro Group. The firm said “I really am trying to do
ping and e-commerce apps re- the Wallenbergs, a Swedish being a national security Ericsson was No. 1 when the what I can, Börje,” Ms. Hall-
moved all mention of Swedish banking and industrial family threat, capable of allowing Chinese market was excluded, berg wrote back.
fashion giant H&M Hennes and known for scooping up assets Beijing to use its networks and with about a 35% share of rev- Huawei asked Mr. Ekholm
Mauritz AB, essentially eras- in hard times. The family employees to spy around the
‘The millisecond I enue, and is gaining ground on to help find legal counsel in
ing it from some of China’s name became associated with world. Huawei says it is a pri- got the press Huawei. Sweden, according to a person
most popular online services. heroism when one member, vate company and isn’t be- In Sweden early last year, familiar with the matter, but
That coincided with a social- Swedish diplomat Raoul Wal- holden to Beijing.
release, I realized citizens were hardening their Mr. Ekholm said in a text to
media frenzy over H&M’s deci- lenberg, safeguarded 20,000 Washington began serious this was not good.’ views on China, after book- Ms. Hallberg that he couldn’t
sion to stop sourcing cotton Jews in Hungary during World efforts to persuade allied seller Gui Minhai, who was find a lawyer to take up the
from a region in China accused War II. countries to ban Huawei and born in China and held Swed- cause. “There are plenty of
of using forced labor. By 2000, Ericsson was the to cripple the Chinese com- ish citizenship, was sentenced cowards unfortunately,” he
world’s leading supplier of 3G pany’s supply chain. U.S. offi- makes cellular equipment for to 10 years in prison on espio- wrote.
equipment and a cellphone cials viewed 5G as a transfor- China and markets in Asia and nage charges. The text messages became
‘Less than ideal’ leader. mational technology that Africa. Mr. Ekholm said he re- Mr. Ekholm had expected public after a records request
In the U.K., a ban against Its next two decades were could enable commercial and sponded by making Ericsson’s Sweden to adopt European by Swedish newspaper Dagens
Huawei gear triggered pro- rockier. Alongside Western ri- military innovations such as supply chain more flexible. Union cybersecurity recom- Nyheter. “The SMSes were
tests from executives. Voda- vals Motorola and Nortel, Eric- driverless vehicles, robot-run The company opened its first mendations that would effec- merely a way to document
fone Group PLC said removing sson started losing telecom- factories and internet-con- U.S.-based 5G-equipment fac- tively ban Huawei equipment what had happened,” Mr. Ek-
Huawei gear already in its net- equipment sales to Huawei nected everyday objects, such tory, outside Dallas, last year. from Swedish 5G networks, holm now says. “I didn’t want
works would cost billions. and China’s ZTE Corp. Both as heart monitors and sneak- Meanwhile, U.S. pressure on but without naming Huawei or [Swedish politicians] to come
Sherard Cowper-Coles, chair- Chinese companies were sell- ers. They worried about the Huawei was starting to boost China. back to me and tell me, ‘You
man of the China-Britain Busi- ing competitive products at prospect of Chinese-backed Ericsson’s business. Ericsson In October, Sweden’s tele- never said anything.’ ”
ness Council, which represents lower prices, sparking a con- com regulator went a step fur- Some Ericsson employees,
about 500 British organiza- solidation that reduced the in- ther and singled out Huawei meanwhile, felt their CEO
tions that have commercial re- dustry to four big players by and ZTE. “The millisecond I crossed a line by actively help-
lations with China, including 2016: Huawei, ZTE, Nokia and got the press release, I real- ing a rival, according to a per-
BP PLC, Jaguar Land Rover Ericsson. ized this was not good,” Mr. son familiar with the matter,
and several universities, said In 2016, Ericsson asked one Ekholm says. especially considering China’s
his group is pressing the Brit- of its board members, Mr. Ek- own restrictions on foreign
ish government to maintain holm, an electrical engineer by businesses. All but about 10%
commercial engagement. training, to overhaul the com- ‘Negative impact’ of the Chinese telecom-equip-
“If we’re going to export to pany. He said no. The next day, a spokesman ment market is controlled by
countries other than the Neth- After a decade running In- for China’s foreign ministry Chinese players, largely Hua-
erlands and Sweden and Den- vestor AB, the Wallenbergs’ said Sweden should “correct wei.
mark, and possibly New Zea- investment vehicle and Erics- its mistake and avoid negative Mr. Ekholm said he expects
land and Australia and son’s biggest shareholder, Mr. impact on China-Sweden eco- and respects different opin-
Canada, we are going to be op- Ekholm felt settled in early re- nomic cooperation and the ions from a company with
erating in countries where the tirement with his family near Swedish businesses operating 100,000 employees.
human rights- or other situa- Vail, Colo. The Swedish-born in China.” China’s ambassador Mr. Ekholm says that while
tion is less than ideal,” Mr. naturalized American was ski- to Sweden said Ericsson could Chinese sales are important to
Cowper-Coles said in a confer- ing, fishing and serving on the face consequences, while at Ericsson, he was primarily
ence call. board of Alibaba Group Hold- least three Chinese state-con- concerned about the less-visi-
Few European businesses ing Ltd., which he joined at trolled media outlets sug- ble effects of being shut out of
are more ensnared in the U.S.- the request of Joe Tsai, a for- gested, without evidence, that the country, where 5G rollout
China standoff than Ericsson. mer Investor executive who the Wallenbergs pushed the has outpaced the U.S. and Eu-
U.S. leaders are trying to bol- co-founded the Chinese e-com- Swedish government to ban rope. By being on the ground,
ster both it and Finnish coun- merce giant with Jack Ma. Huawei. learning how 5G works in the
terpart Nokia Corp. They are Mr. Ekholm, now 58 years Their articles pointed out field, “we get to be at the
offering loans to developing old, said he relented when Er- that the Wallenbergs had ma- forefront,” Mr. Ekholm says.
STEFAN WERMUTH/BLOOMBERG NEWS

countries to buy their equip- icsson said he could stay in jor shares in several busi- He says he has been sur-
ment, while a former official the U.S. He wakes at 4 a.m. to nesses that do big business in prised that politics has be-
in the Trump administration accommodate the time zone China, including Swiss indus- come part of his daily life. “I
even floated the idea of the difference and shuttles among trial giant ABB, Swedish didn’t think about this at all
U.S. government buying stakes homes in Colorado, Connecti- home-appliance maker Elec- when I took this job,” he says.
in them. cut and Sweden. trolux AB and British-Swedish “We find ourselves in an epi-
Ericsson is now walking a Months into his new job, pharmaceuticals maker Astra- center of activity, geopoliti-
tightrope—trying to position Mr. Ekholm concluded Erics- Zeneca PLC. Some writers sug- cally, which I think was cer-
itself to benefit from the son had spread itself too thin gested that some of the Wal- tainly not the main reason I
Western backlash against Hua- and should focus on its core lenbergs’ major holdings signed up and have no real
wei while also protecting its business of making cellular Engineers install Ericsson 5G equipment in Switzerland. should face consequences if background in.”
 .

THE WALL STREET JOURNAL. * * NY Thursday, April 1, 2021 | A8A

GREATER NEW YORK

Momofuku Kawi Closes
At Hudson Yards
BY CHARLES PASSY irreparable damage to our
business.”
Another high-profile busi- Officials with Related said
ness in Manhattan’s Hudson they plan “to create a unique
Yards has closed. commercial office opportunity”
Momofuku Kāwi, the contem- within the building where
porary Korean restaurant from Kāwi, TAK Room and Neiman
Michelin-starred chef David Marcus were located. They
Chang’s Momofuku group, has didn’t specify whether they
shut its doors, according to Mr. had prompted Kāwi to give up
Chang’s company. The dining the space or if the restaurant
spot didn’t reopen during the made the call on its own.
pandemic, but made its perma- Area businesses, investors
KENA BETANCUR/AGENCE FRANCE-PRESSE/GETTY IMAGES

nent closure official this week. and leaders have wondered

In a statement, the company about the effect the pandemic
said the shutdown occurred could have on demand for New
“to accommodate commercial York City office space. But
office space” at Hudson Yards, Hudson Yards officials said
but it didn’t elaborate. The their office space is 93%
company said Eunjo Park, the leased, and that many compa-
chef in charge of Kāwi, would nies are planning to bring
move to Momofuku Ssäm Bar back employees.
when it opens at the South Officials noted that a new
Street Seaport. The Kāwi clo- restaurant, Miznon, opened in
sure was first reported by the Hudson Yards in late 2020 and
Eater website. that the complex is planning to
Kāwi’s shutdown follows tailor its culinary offerings to
the departure of a number of “meet the demands of a growing
A customer makes a purchase at Weed World in Manhattan. It likely will take until 2022 for New York to complete retail-sales rules. tenants at the $25 billion Hud- workforce in the neighborhood.”

N.Y. Legalizes Recreational Pot

son Yards complex, which was That suggests that the com-
developed by Related Cos. and plex might be putting less em-
Oxford Properties Group. The phasis on destination restau-
complex opened in 2019. rants with higher price tags,
On a much larger scale, Nei- such as Kāwi and TAK Room.
man Marcus, the high-end de- Arlene Spiegel, a New York-
Gov. Cuomo signs bill his third term, signed the bill Murphy, a Democrat, signed a falo Democrat who sponsored partment-store chain, said last based hospitality consultant,
after it was approved by the bill in February legalizing and the bill, said there would al- summer it was closing the store. said the complex must rethink
making possession of state Assembly and Senate on regulating cannabis use and ways be young people who use Thomas Keller, another Mi- its upscale model on the retail
up to 3 ounces legal Tuesday evening. possession in that state. drugs. She said 20% of the tax chelin-starred chef, announced side and appeal to a broader
The governor announced Democrats who control the revenue generated from mari- last August he was closing his demographic, at least in the
for people 21 and older his support for legalizing rec- state Assembly and Senate in juana sales—which is eventu- TAK Room restaurant at Hud- short and middle term. “It’s
reational marijuana in 2018, New York announced an agree- ally projected to be $350 mil- son Yards, saying at the time really going to need to be a
BY JIMMY VIELKIND
but disputes about how to ment on the legislation last lion a year—would be devoted that the pandemic has “caused middle-class mall,” she said.
structure the legal market and week and printed the final bill to drug education.
ALBANY—New York Gov. spend related tax revenue held this weekend. It was approved State Sen. Liz Krueger, a
Andrew Cuomo signed a bill up earlier legislation. after more than six hours of Democrat from Manhattan
on Wednesday to legalize rec- “This is a historic day in debate over objections by Re- who also sponsored the mea-
reational marijuana for adults, New York—one that rights the publican lawmakers. sure, said the law would end
paving the way for retail sales wrongs of the past by putting Assemblyman Keith Brown, disparate enforcement prac-
in the state to begin in 2022. an end to harsh prison sen- a Republican from Long Is- tices that have disproportion-
The possession of up to 3 tences, embraces an industry land, said he is worried that ately hurt communities of
ounces of marijuana was im- that will grow the Empire legalizing marijuana would color. She said during a floor
mediately legalized for people State’s economy, and gives pri- make it easier for teenagers to debate that the bill would re-
21 and over, but proponents of ority to marginalized commu- acquire the drug. duce the illicit drug market.

SETH WENIG/ASSOCIATED PRESS

the legislation said it would nities so those that have suf- “I am deeply concerned “Right now, we have an
likely take until next year for fered the most will be the first about the potential impacts le- enormous system of drug dis-
the state to complete regula- to reap the benefits,” Mr. galizing marijuana will have tribution in this state that is
tions for retail sales. Cuomo said on Wednesday. on young adults and our qual- controlled by cartels,” she
New Yorkers also eventually New York becomes the 15th ity of life in New York state,” said. “To have a legalized sys-
will be able to legally grow state to legalize recreational Mr. Brown said during a floor tem—which is the proposal of
their own marijuana for per- marijuana, according to the Na- debate. this legislation—ensures that
sonal use. tional Conference of State Leg- Assembly Majority Leader the drug is safe from seed to
Mr. Cuomo, a Democrat in islatures. New Jersey Gov. Phil Crystal Peoples-Stokes, a Buf- sale.” Michelin-starred chef David Chang’s eatery closed amid the pandemic.

 
   
   
       
    
                

                      

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"  # $%$&     ''" (  

 .

A8B | Thursday, April 1, 2021 NY * * THE WALL STREET JOURNAL.

GREATER NEW YORK

Nursing-Home Rules Likely to Tighten Covid-19

Cases Rise
BY JIMMY VIELKIND
AND CORINNE RAMEY As Shots
ALBANY—New York Gov. An-
drew Cuomo and state lawmak-
ers are close to agreement on a
Ramp Up
law that would require nursing BY TALAL ANSARI
homes to spend a set portion of
their revenue on patient care, New Covid-19 cases are on
officials said, at a time when the the rise in New York, a day af-
governor’s office is under fire ter the state expanded vaccine
over how it handled Covid-19 in eligibility to include residents
long-term-care facilities. 30 years old and above.
The law is being discussed “Even as we roll out the
as part of talks around the vaccines to more eligible New
roughly $200 billion state bud- Yorkers, COVID still poses a
get coming together this week threat,” New York Gov. An-
at the state Capitol. Democrats drew Cuomo wrote in a tweet
who dominate the state As- on Tuesday. “We must stop
sembly and Senate have ap- the spread.”
proved bills with the nursing- Mr. Cuomo said Wednesday
home spending mandate, and that 30.4% of New Yorkers
aides to the governor and Leg- have received at least one vac-
islature said Wednesday they cine dose and 17.9% have been
ANDREW LICHTENSTEIN/CORBIS/GETTY IMAGES

were close to a deal. fully vaccinated.

The discussions are a stark The seven-day average in
shift from last year, when law- New York state fell to less
makers waived regulations and than 5,000 cases on March 23,
granted broad civil and criminal a level not seen since Nov. 17.
immunity to healthcare provid- But in the past week, new
ers as the state faced a deadly cases have risen dramatically.
surge in coronavirus cases. The latest average shows
More than 50,000 New Yorkers 10,925 cases, according to a
have died from Covid-19, and Wall Street Journal analysis of
roughly a third were residents data from Johns Hopkins Uni-
of long-term-care facilities. versity.
The new law also would be Family members of people who died in nursing homes of Covid-19 held a rally against Gov. Cuomo in Manhattan last week. In New York City, the per-
another response to criticism centage of people testing posi-
about how the state handled larly at for-profit facilities. the Greater New York Health people familiar with the matter. spond to a question about tive for Covid-19 over an aver-
Covid-19 in nursing homes. State “Certainly, the Covid-19 sit- Care Facilities Association, a Mr. Cuomo has said the state is whether the governor would age of seven days has
Attorney General Letitia James uation has shined a bright nursing-home advocacy group. complying with the probe. sign Mr. Kim’s bill repealing plateaued for weeks now and
issued a report in January say- light on nursing home issues,” More than 15,000 residents Assemblyman Ron Kim, a the immunity. In February, remained in the 6% to 7%
ing the Cuomo administration Mr. Gottfried said in an inter- of nursing homes, assisted liv- Queens Democrat, as well as state Health Commissioner range, worrying some epide-
understated the coronavirus view. “These issues were all ing and other long-term-care people whose loved ones died Howard Zucker said the ad- miologists.
death toll attributed to some very pressing for the last sev- facilities are confirmed or sus- in nursing homes, have said ministration was looking at New York City Mayor Bill
nursing homes by about 50%. eral decades, but sometimes it pected to have died from the immunity protection for whether the immunity provi- de Blasio said Wednesday the
Legislators have approved a takes a calamity to energize Covid-19, state officials say. nursing homes led to lower- sions were still necessary. city has administered more
bill to repeal the immunity people to action.” For months, the state Health quality patient care. The Democratic attorney than 4 million vaccine doses.
provisions, which were ad- Local 1199 of the Service Department refused to release Rich Azzopardi, a senior ad- general also recommended a “The good news is we con-
opted as part of last year’s Employees International data on the number of corona- viser to Mr. Cuomo, said New law to ensure greater transpar- tinue to expand our capacity,”
state budget, as well as passed Union, which represents virus patients who died out- York was among several states ency in how for-profit nursing he said, but added that supply
a measure that requires nurs- 65,000 workers in about half side those facilities, citing con- that enacted immunity protec- homes operate, including finan- needs to continue to keep up
ing-home operators to disclose of the state’s nursing homes, is cerns about their accuracy. The tions and said they helped re- cial transactions and financial the city’s vaccination levels.
more information about their campaigning hard for the dis- department only did so after cruit healthcare workers at a relationships between nursing- New variants of the virus
business relationships. closure and spending mea- Ms. James’s report on Jan. 28. time when Covid-19 hospital- home operators and related continue to be of concern.
Assemblyman Richard Got- sures. Nursing homes and their Her report recommended izations were peaking. parties, such as companies that According to the latest data
tfried, a Manhattan Democrat representatives said the spend- that lawmakers repeal the im- “This was passed by 111 are owned by the operator, from the city’s health depart-
who chairs the chamber’s ing mandate would impose munity provisions, which also members of the Legislature, and their family or associates. ment, genomic sequencing of
health committee, sponsored more financial restrictions on applied to hospitals. Federal if we had not done this, these New York officials have a a subset of virus specimens
bills calling for disclosure and an industry that has been dev- prosecutors based in Brooklyn volunteers wouldn’t have been strong interest in ensuring from NYC residents earlier
mandating that 70% of a nurs- astated by the pandemic. are investigating the push by accepted, and we never would nursing-home revenue is prop- this month found an esti-
ing home’s revenue is spent on “This is exactly the wrong Mr. Cuomo’s administration to have had enough front-line erly spent because much of mated 9.5% were B.1.1.7, com-
patient care. He said it would time to do this,” said Michael enact the immunity in last healthcare workers,” he said. the facilities’ funding comes monly known as the U.K. vari-
lead to better care, particu- Balboni, executive director of year’s budget, according to Mr. Azzopardi didn’t re- from government programs. ant.

Physical distance can keep you safe and healthy. But if an emotional
distance forms between you and those closest to you, it may be due
to drug or alcohol use. Partnership to End Addiction works with you to
establish the connections that can help save lives and end addiction.

Get support to help your child at DrugFree.org

 .

TRAVEL & ENTERTAINMENT

PERSONAL JOURNAL.
© 2021 Dow Jones & Company. All Rights Reserved. THE WALL STREET JOURNAL. Thursday, April 1, 2021 | A9

THE MIDDLE
SEAT
SCOTT
McCARTNEY

S
ee a great flight for a
summertime trip? You
can buy it, but it may
not be real.
As airlines rebuild
schedules amid vaccine-
fueled demand, they’ve abandoned
historical travel data and are now
scheduling in a different way. They
are loading “placeholder’’ sched-
ules chock-full of flights into res-
ervation systems six to nine

FROM TOP: LARRY MARANO/SHUTTERSTOCK; ANGUS MORDANT/BLOOMBERG NEWS

months before departure dates.
Then a month or two before
flights would actually take off, car-
riers will load the real schedules.
Flights with lots of reservations
will actually happen, and more
trips or larger planes may even be
added for close-to-departure book-
ings. Flights with few advance pur-
chases will get canceled, shifting a
few customers to other flights.
“In my 20-year career, there’s
only one other time I’ve used in-
coming bookings to plan an airline
and that was after the Sept. 11 at-
tacks,’’ says Brian Znotins, Ameri-
can’s vice president of network and Airlines are changing flight schedules
schedule planning. “All the airlines much closer to departure dates because
have had placeholder schedules out they can’t accurately predict demand.
there and then they publish refined
schedules as they get closer to it.’’

Summer Flights Are in Flux

American, United and Delta all
say they will publish their real
summer schedules in a few weeks.
Airlines say history is usually a
much better predictor of the future
than advance bookings, which
don’t forecast business travel re- Carriers, guessing at demand, post ‘placeholder’ schedules that will change according to bookings
served at the last minute. But with
little business travel going on, and
an unusual vacation surge under this summer as in pre- Znotins says.
way, “our normal way of looking at pandemic years. Delta, which has the unique op-
demand has really been thrown out “It’s not like a rocket portunity to increase capacity for
ship. It’s more like a 737,’’ sale by 30% by ending its block on
Ankit Gupta, United’s vice middle seats on April 30, says its
president of domestic Salt Lake City hub is already larger
network planning and than it was in 2019 because of the
Airlines have abandoned scheduling, says of soar- surge in travel to mountain desti-
historical travel data ing demand for travel. nations. Overall, Mr. Esposito says,
“Every day the numbers Delta’s available seat miles—middle
and are now scheduling are better and better.’’ In seats included—will be 15%-20%
in a different way. May, United will be about fewer this summer than in 2019.
55% of the size it was in None of the gotta-go surge fol-
May 2019 in terms of ca- lows historical travel patterns, so
pacity, he says. June and airlines are scrambling to add new
the window,” says Joe Esposito, July will be much bigger, flights to meet demand for domes-
Delta’s senior vice president of net- but still below 2019 lev- tic vacation spots, from Alaska to
work planning. els. Those schedules will Montana to Maine, as well as
Advice to travelers: Don’t book be loaded “in a few nearby Mexican, Central American
tight itineraries, because changes weeks,” he says. and Caribbean beach destinations.
to flights could well be coming. American says in May Several big carriers are experi-
But if you want to travel this sum- it will be about 75% as menting with new flights that may
mer on low fares, you better book big as it was in May well reshape their network strate-
now. Airlines may not be able to 2019, measured in sys- gies after the pandemic. The lack of
rebuild schedules with enough While much business travel remains grounded, some vacationers are heading to temwide available seat business travel has prompted re-
seats to meet the seemingly surg- beach and outdoor-oriented places. Above, New York’s Kennedy Airport in March. miles. (A seat mile, the ductions in the number of flights a
ing demand for summer trips to standard of airline ca- day from a city to an airline’s big
popular destinations without too pacity, is one seat flown hub. That means airlines have
many Covid restrictions. fly. And carriers are finding it chal- citement, it’s far from a full recov- one mile.) Both its Charlotte and much fewer connections to sell.
Airlines say the federal bailout lenging to hire workers in cities ery for airlines. Business travel— Dallas-Fort Worth hubs will be al- United is trying point-to-point
money they received is helping like Fort Walton Beach, Fla., where where airlines make most of their most as big as 2019, Mr. Znotins flights from smaller cities directly
them quickly rebuild networks. expansion has been swift, and get profit—is still deeply depressed. says, but other hubs remain re- to suddenly popular leisure desti-
Payroll protection funds allowed them trained, cleared through Vacation travel is still closed off to duced by the pandemic. nations—Columbus, Ohio, to Port-
them to retain pilots and flight at- background checks and badged. much of Europe, Asia, South Amer- The carrier will have triple the land, Maine, for example, and St.
tendants, avoiding layoffs and then “Cutting flights is far easier logis- ica and Canada. number of seats this summer to Louis to Myrtle Beach, S.C. It’s the
retraining when crew members re- tically than adding flights,’’ Mr. For summer, airlines will still Billings, Mont., compared with same kind of strategy carriers like
turned. Znotins says. be smaller systemwide than in 2019. St. Thomas in the U.S. Vir- Frontier, Spirit, Allegiant and
But there are still challenges. It Expanding vaccine availability 2019. Demand has been steadily in- gin Islands will be up 150%. Can- Southwest employ, but largely un-
can take a month or three to get has unleashed massive pent-up creasing, but there still likely cún—already a big destination— heard of for a big hub-and-spoke
planes out of storage and ready to travel demand, but despite the ex- won’t be as many people traveling will be 36% bigger than 2019, Mr. carrier like United.

with works such as “The Flag is

Faith Ringgold’s Bleeding,” a 1967 line of Black and
white people standing with inter-
locked arms, a group she superim-

Works Get a Survey poses with a U.S. flag that appears

to be dripping blood.
By the 1980s, Ms. Ringgold found
her signature style when she began
BY KELLY CROW with this once-overlooked artist, working with textiles, enlisting her
“Faith Ringgold” offers a poignant mother’s sewing skills to frame her
FOR 15 YEARS, Glenstone, a private reminder of how difficult it was for paintings with quilted borders over
contemporary art museum in Mary- a Black woman to join the New which she painted and scrawled
land, has showed solely the collec- York art scene in the early 1960s. narratives. Some were fantasies of a
tion of its founders, Mitchell Rales Born in Harlem in 1930, Ms. life free of inequality. Others offered
and Emily Wei Rales. Now, the mu- Ringgold grew up in a rich cultural glimpses into her personal view of
seum is ready to make an exception. stew, with Duke Ellington as her the world, like “Tar Beach,” a sweet
On April 8, Glenstone will open neighbor and jazz musician Sonny story of a young girl who finds city
“Faith Ringgold,” a survey of more Rollins as a childhood pal. The life less stifling atop her apartment
than 70 works by the artist known daughter of a car company execu- building’s roof. (She later illustrated
for her story quilts—patchwork tive and a fashion designer, she em- the same story in a children’s book
tableaus like 1988’s “Tar Beach,” braced art early on, using an easel and a short animated film.)
which chronicle scenes of Black and paints from her parents. Yet in Over the years, Ms. Ringgold
history, hope and protest. The ex- 1948 when she applied to study art created more than 130 quilts, docu-
hibit marks the only U.S. stop for a at City College, she was told only menting everything from her
show that drew raves when it men could earn the degree and that weight-loss woes to an invented
launched two years ago at London’s her only workaround option was to back story for Aunt Jemima, the
Serpentine Gallery and later trav- major in art education. She did so, longtime pancake and breakfast
eled to Bildmuseet in Sweden. and spent years teaching art in brand that was retired last year
Ms. Rales said she and her hus- New York public high schools while and renamed Pearl Milling Co. in
FAITH RINGGOLD/ARS, NY/ACA GALLERIES, NY/GLENSTONE MUSEUM

band, who have begun collecting rearing two daughters and develop- February. Glenstone owns the quilt
Ms. Ringgold’s works, were ing her own artistic practice. “I Faith Ringgold’s 1983 quilt, titled, ‘Who’s Afraid of Aunt Jemima?’ is “Who’s Afraid of Aunt Jemima?”
“blown away” by the scope of the couldn’t imagine my life without among the artist’s works in an exhibition opening April 8 at Glenstone. and Ms. Rales said she is curious to
Serpentine exhibit and felt com- art, so it was persistence all the see how visitors react to it.
pelled to bring it to the Washing- way,” said Ms. Ringgold, who lives its expanded galleries and hung it flecting that some founders of the The show’s final gallery features
ton area. “Nobody used to pay and works in New Jersey. near Pablo Picasso’s 1907 “Les Dem- NAACP were white, Ms. Ringgold the “Dahs,” a group of rainbow-hued
much attention to her work, and Her first break came in 1967 oiselles d’Avignon.” pierced accepted narratives to re- abstracts that Ms. Ringgold painted
now she’s finally getting her due,” when Spectrum Gallery in New York Ms. Rales said given the mural’s veal more complicated truths, Ms. following the death of her mother in
Ms. Rales said of the artist, who is gave her a solo show. Many works popularity, she didn’t ask MoMA’s Rales said. “Faith likes to problem- 1981. The artist said that after years
90 years old. in her “American People” series in curators to lend it. Instead, the atize everything,” she said. of having so much to protest and
The Glenstone version is bigger that debut have become iconic, such Glenstone show brims with other, Nothing from her Spectrum champion in her art, she was
than earlier iterations, with galler- as “American People Series #20: early works in which Ms. Ringgold show sold immediately. Ms. Ring- shocked to find that her grief was
ies devoted to Ms. Ringgold’s soft, Die,” a Guernica-like mural depict- critiques the power dynamics that gold said she didn’t care at the best expressed in wordless, colorful
sculptural works and installa- ing splayed and spattered bodies informed the country’s race rela- time, noting that she just wanted abstraction. “I tried to imagine what
tions—as well as a series of color- swept up in a race riot. The same tions, midcentury. From board- someone “to put me on a wall and the next world looked like,” she
ful, abstract paintings never before work caused a stir in 2019 when the rooms filled with imperious-looking let me speak.” The scale and polit- said, “and I didn’t see sadness, so I
exhibited. For those unfamiliar Museum of Modern Art reopened white men to a group portrait re- ical bite of her canvases grew, painted a joyful, safe space.”
 .

A10 | Thursday, April 1, 2021 NY THE WALL STREET JOURNAL.

PERSONAL JOURNAL. | TRAVEL & ENTERTAINMENT

WHAT TO STREAM says. “It might give you a night-
mare or two, but you’re not trauma-

Godzilla Takes on King Kong tized for life by it.”

Oscar-Nominated Shorts
(ShortsTV)
There are 15 nominees in the Os-
cars’s three shorts categories—ani-
mated shorts, live action shorts and
documentary shorts—that feature
submissions from around the world.
ShortsTV packages these films by
category and distributes them in
theaters every year. This year, the
titles hit both physical and virtual
theaters on Friday. Find a partici-
pating theater at Shorts.tv.
FROM TOP: WARNER BROS. PICTURES AND LEGENDARY PICTURES; NETFLIX

The animated short films cate-

gory includes “Burrow,” a six-min-
ute film about a rabbit building her
home. Live action short film nomi-
nees include “The Present,” a 25-
minute portrait of the everyday life
of a Palestinian family and “Do
Not Split,” a documentary short
film nominee, looks at the 2019
Hong Kong protests in 35 minutes.

‘Prank Encounters’
(Netflix)
“Prank Encounters,” an elabo-
rate hidden-camera show that puts
unwitting participants into choreo-
graphed scenarios in which things
like teddy bears, scarecrows and
corpses have a tendency to come
Above: ‘Godzilla vs. Kong’ comes to theaters and HBO Max; Inset: Gaten Matarazzo hosts ‘Prank Encounters,’ a hidden camera series on Netflix. to life, returns for its second sea-
son today.
In each episode, two people who
BY CHRIS KORNELIS

W
much different. mentary. “And rather than try to ex- don’t know each other are pranked.
“As I researched it, I realized plain to him that he’s wrong, The scenarios are loosely scripted
hether you’re look- there are definitely financially inter- they’re just going to change the and executed by many of the same
ing for one of the esting questions about the rapid meaning of that word.” actors in each episode, who know
year’s biggest rise and fall of WeWork, but it how to improvise if one of their
spectacles or one wasn’t really a fraud story, per se,” ‘Godzilla vs. Kong’ marks takes an unforeseen turn.
of the year’s short- says the director of the documen- (HBO Max) As in the first season, each epi-
est, celebrated tary, out Friday. “It was more of a The premise of Adam Wingard’s sode culminates with host Gaten
films, all of it and more is stream- story of collective delusion and hu- new movie is one that’s played out Matarazzo—better known as Dustin
ing this week. bris and a lot of very smart people in bathtubs and sandboxes for gen- in “Stranger Things”—entering the
wanting something to be, maybe erations: If Godzilla fought King scene to calm everyone down, point
‘WeWork: Or the Making and greater and more than it was.” Kong, who would win? at the cameras and convince them
Breaking of a $47 Billion One example of that hubris, ac- “I remember my best friend had Monsters,” (2019) also streaming the bear isn’t what they think it is.
Unicorn’ cording to the documentary, comes a definitive idea of who we on HBO Max. So far, Mr. Matarazzo says, epi-
(Hulu) over a cup of coffee. A Forbes edi- thought would win and I had mine The giants go head-to-head and sodes have gone down without inci-
Jed Rothstein said that when he tor, Alex Konrad, recounts the time and I could not believe who he fist to face numerous times in vari- dent, and the participants have
started working on the documen- he met with the company’s charis- thought would win in this fight,” ous locations—including once on an been happy to be on the show. But
tary “WeWork: Or the Making and matic co-founder, Adam Neumann. says the director of “Godzilla Vs. aircraft carrier. But unlike 1962’s that doesn’t mean he wants to push
Breaking of a $47 Billion Uni- Mr. Neumann ordered a latte at We- Kong,” now in theaters and “King Kong vs. Godzilla,” which Mr. the envelope further. That, he said,
corn,” he thought it was going to Work’s headquarters but was given streaming on HBO Max. “From that Wingard felt didn’t have a decisive would make prank day just too
be a pure follow-the-money story a cappuccino instead because, as day going forward, I never changed winner, he wanted there to be no nerve-racking.
along the lines of the tale he told in Mr. Konrad is informed, that’s what my opinion.” His answer, naturally, mistaking who came out on top in “The whole day it’s just nervous,
his documentary “The China Hus- Mr. Neumann called them. is revealed at the end of the film. his film. The result, he concedes, nervous, nervous: What’s going to
tle.” But as he explored the story of “It stood out to me as a strange, The big-budget spectacle is the might be too violent for fans in the happen—for a moment that’s liter-
the share-space company whose gratuitous reality distortion mo- collision course created by the pre- early single digits, but perhaps ap- ally three minutes and then you go
$47 billion valuation plummeted ment around Adam because he was ceding films in the “MonsterVerse” propriately frightening for their home,” he says. All this, he says, ““I
ahead of a planned IPO that ulti- ordering lattes but wants cappucci- franchise: “Kong: Skull Island” older siblings. don’t really want to push the
mately failed, he found something nos,” Mr. Konrad says in the docu- (2017) and “Godzilla: King of the “10, that’s the sweet spot,” he boundaries too much.”

MASTERPIECE/PBS

Sofia Helin as Crown Princess Martha and Kyle MacLachlan as President Franklin Roosevelt

TELEVISION REVIEW | DOROTHY RABINOWITZ been moved to put in a call

to FDR the Sunday Pearl
Harbor was bombed. A call,
Harboring Royals for understandable reasons,
the president did not return
And Passions that day. But neither did he
call any other day, though
the caller nurtured hopes
THE OPENING SCENES of creation of some of the that he might.
“Atlantic Crossing” could uniquely distorted characters There’s a power in this
scarcely be merrier, circum- we encounter here defy work that has nothing to do
stances notwithstanding. It imagination. Meet, for in- with its characters, a kind
is the period of Nazi con- stance, the Eleanor Roosevelt that makes itself felt word-
quest throughout Europe. (Harriet Sansom Harris) who lessly—namely, the unyield-
Crown Princess Martha of emerges in this tale. Eleanor ing grip of fear. “Atlantic
Norway (Sofia Helin) and Roosevelt—who had been, in Crossing” is packed with the
husband Crown Prince Olav her lifetime, among the most terrorized fleeing from the
(Tobias Santelmann) are en- devoted internationalists menace of the Germans,
joying a sexual liaison on a known to the world— though there is no German in
passenger train in the U.S.— emerges here as a crank, the sight but the one who shows
the country to which they kind set against anything up in a cabin inhabited only
fled in fear of an expected well worth doing, but espe- by a quiet dog that he
German invasion. Their fears cially things like plans to quickly shoots. It requires no
were well grounded—the provide economic and other visible Nazis to sustain the
Germans invaded Norway in needed aid to Britain. fear. One young woman has
1940. Martha had expected a True, most of the life in fled to her uncle in Sweden—
new and peaceful life in this tale, which is consider- a country famously neutral—
America, and found one, of able, comes from its princi- -only to discover that he’s fu-
sorts, for a time. What she pals—people rooted in a rious at being asked to
never expected was the world where jealousy is sum- harbor anyone, including a
heady experience of a circle moned to life in an instant young relative guilty of noth-
of political and social rela- and knows no end. Franklin ing and pursued by no one.
tionships that would bring Roosevelt—a superb portrayal Everyone has grasped that
her into close contact with by Kyle MacLachlan —would assertions of neutrality mean
President Franklin Roosevelt. have recognized the dynamic. nothing if the Germans de-
So close that he invited the In “Atlantic Crossing” his cide to ignore them.
crown princess to make her longtime (two decades) assis- The central drama of this
home at the White House tant, Missy LeHand—pained immensely moving saga
with her three children—a by FDR’s warm friendship takes place, of course, in
gesture that led to an ever- with Crown Princess Mar- America. That its eyes re-
deepening strain of suspicion tha—tells Martha that if Hit- main sharply focused on the
and gossip about the nature ler wins the war, “You will be world left behind is one of
of their relationship. queen of nothing.” the sources of its great
The eight-part “Master- The adoring assistants strength, second only to its
piece” series (created and who had spent decades portrayal of who and what
co-directed by Alexander Eik) working for the real Franklin Franklin Roosevelt meant to
is presented as fiction in- Roosevelt were as vulnerable the American nation.
spired by true events, though as those in the series, if for
what events, true or other- different reasons. One of Atlantic Crossing
wise, could have inspired the them, already retired, had Begins Sunday, 9 p.m., PBS
 .

THE WALL STREET JOURNAL. * * Thursday, April 1, 2021 | A11

ARTS IN REVIEW
The new exterior, left, and interior,
below, of Smith College’s Neilson
ARCHITECTURE REVIEW Library

Like an Open Book chest at the center, a box within a

box. The north one, by contrast, re-
calls Gunnar Asplund’s Stockholm
Maya Lin’s project is Public Library, which places people
at the center and wraps them in a
defined by transparency, mantle of books.
In these spaces, and throughout
accessibility and the library, is an extraordinary sensi-
tivity to the tactile presence of
luminosity books. In the great monastic librar-
ies of the past, printed books were
rare and valuable, and were stored
in plain sight (often chained to the
carrels where they were read). When
books become cheap and plentiful in
the 19th century (because of wood
pulp paper, steam presses and me-
chanical binders), library design be-
came a problem of storage and or-
ganization, turning the library into a
warehouse with a quiet room for
reading. But now we house bulk in-
formation electronically, and the
book has regained its status as a
precious object. Ms. Lin may be the
first important architect to rethink
the relationship of book to library in
our internet age.
NIC LEHOUX (2)

With its jarring juxtapositions

and oversized shapes, the Neilson
could be read as a colossal work of
Minimalist sculpture. But it is per-
vaded by a strongly personal sensi-
BY MICHAEL J. LEWIS nal building survives, only the the Nielson is resonant with the history. The north pavilion is extro- bility, even in its smallest details,
charmingly named “Standard Au- great buildings of the past, and Ms. verted, and is organized around a that is antithetical to the spirit of
Northampton, Mass. thors’ Room” (so it was originally Lin’s own past. This is particularly bright atrium that rises the full Minimalism. In an age where insti-
IN ARCHITECTURE, as in drama, it called), the stately reading room to true of the two projecting pavilions, height of the building, bringing tutional buildings increasingly have
is unwise to upstage the star. Addi- the right of the entrance. Otherwise, which she likes to call “jewel light down even into the bookstacks the airbrushed glossiness of corpo-
tions to a building, if it has any his- the interior has been scraped clear boxes.” below ground level. rate headquarters, it is a bracing re-
torical or aesthetic significance, to make as open and sunny a space Similar in form, they are oppo- Ms. Lin tells me that these minder of how thoughtful architec-
should defer to the original. At as possible, which has turned out to site in character. The south pavilion spaces were inspired by two librar- ture can be.
Smith College’s renovated Neilson be uncannily prescient in view of to- is introverted and vault-like, safe- ies that moved her as a student.
Library, which opened on March 29, day’s need for social distancing. The guarding the college’s special collec- The south pavilion is her response Mr. Lewis teaches architectural
this rule is gleefully turned on its 16 rooms for teaching and student tions with, among other things, its to the Beinecke Library at Yale, a history at Williams and reviews
head. The original brick library of collaboration are typically glazed on important materials on women’s room of people with a treasure architecture for the Journal.
1909 has been extended with a pair one or two sides. There is even an
of limestone and glass pavilions, “Ocular Sunscoop,” a reflective wall
boldly abstract in form, that shift all that curves along the central stair to
the visual excitement to the periph- direct daylight into the lowest level.
ery. But even as they extend the The most daring expression of
original building to the north and this openness is with the entrances,
south, they also appear to clasp it which in a conventional library
like a pair of bookends, a first hint would be limited to a single control
that there is a great deal more than point, so as to prevent theft. But
abstraction at play here. when plopped in the middle of the
This layering is characteristic of campus, where colleges like to put
its designer, Maya Lin, who has their libraries, such single-entrance
practiced in the interstitial space buildings often form roadblocks,
between art and architecture since blocking all paths of circulation.
her spectacular 1982 debut with her The Neilson Library, however, is the
Vietnam Veterans Memorial. For the rare library does not sit athwart the
$120 million Smith College project campus like the Rock of Gibraltar;
she collaborated with Shepley Bul- deciding that permeability counts
finch, experts in library design. for more than theft prevention, it
Their charge was to clear a cen- audaciously places public entrances
tury’s worth of alterations and addi- on all four sides, opening it to pas-
tions that had left the library a sage in every direction.
patchwork of poorly lighted spaces. A woman’s college in the center
The rationalized plan permits a of a town must always be concerned
building that is smaller in square with safety and security, and Smith
footage (reduced from 200,000 could easily have created a clois-
square feet to about 131,000) but, tered citadel of a library. But Smith
because of more humane ceiling students would have none of this,
heights, is actually larger in volume. voting overwhelmingly in favor of
“Let there be light” seems to have opening their library to the town.
been the mandate, and in turn Ms. And paradoxically, the more trans-
Lin has given Smith a building that parent and open a building is, the
is as bright as a greenhouse. fewer secluded corners it has, and
Behind its classical revival fa- the safer it is.
cades, virtually nothing of the origi- Though novel in form and plan,

MUSIC REVIEW | MARK RICHARDSON her descent to rock bot- midtempo number “Melon Cake,”
tom. “Anyone,” which which describes the visual center-

Recovering a Powerful Voice she performed at the

Grammys in 2020, is a
showcase for the force
of her voice that also
piece of her childhood birthday par-
ties, a watermelon with candles in
it, a substitution for baked goods to
keep her “Barbie-sized.”
THOUGH THERE’S a makes plain that music “Finally get to do things my
long history of records can’t save her. “I tried to way” is how she sings her way out
about substance abuse talk to my piano,” goes of “Melon Cake,” and the rest of
and newfound sobriety, Demi Lovato one line, and then later the album finds Ms. Lovato trying
the past few years have performing in she admits “I feel stupid new things to see how they fit into
seen an acceleration of March. when I sing,” contrast- her life, including dating women—
the trend. We’re getting ing her internal misery see the folk-pop “The Kind of Lover
used to hearing artists with her crowd-pleasing I Am” and the grinding “My Girl-
tell their stories about role as an entertainer. In friends Are My Boyfriends,” which
drugs and alcohol and lis- its honesty and expres- features a guest spot from rapper
tening to music about sive energy, it brings to Saweetie—dismissing a lover who
searching for peace. mind Lady Gaga’s epic isn’t good for her (“15 Minutes”)
“Dancing With the Devil... “Dope.” The following and, disconcertingly given the con-
the Art of Starting Over” “Dancing With the text of the album, experimenting
(Island), the new album Devil,” an R&B number with moderate marijuana use on
out Friday from pop built around a jazzy key- “California Sober.”
singer Demi Lovato, is board pattern, is about “It ain’t black or white,” she of-
certainly a recovery nar- the slippery slope of al- fers on the last of these, adding
rative, but the details of cohol and cocaine use, that “history was always repeating,
her story, many of which while “ICU (Madison’s not anymore.” One hopes so, for
make it into these songs, Lullabye)” describes Ms. Ms. Lovato’s sake. The second half
are almost unbearably Lovato’s encounter with of the record has too many songs,
harrowing. And since it her younger sister in the like the piano ballad “Easy” and
arrives with a companion hospital after the over- the midtempo “Butterfly,” that fit
documentary series and dose. the general theme but are unim-
an all-out media blitz, it A spoken snippet, “In- pressive musically. It would have
also leads to uncomfort- tro,” takes the story from been a better album had it been a
able questions about there, introducing what third shorter, but considering
when “raising awareness” Ms. Lovato hopes is a what’s at stake for Ms. Lovato, that
can tip over into voyeur- new approach to life. The seems beside the point.
ism and the dehumaniza- songs that follow are still Given her dark past and her life
tion of celebrity culture. filled with hard realities as a celebrity, it’s fair to ask who
Ms. Lovato, now 28, from Ms. Lovato’s past, most benefits when she presents
has lived the kind of life but now they’re pre- the trauma of her life as pop-cul-
that’s difficult for those sented as something she ture entertainment. She’s trying to
not raised in the spot- can learn to live with. heal by working through her strug-
light to understand. She “The Art of Starting gles in public, and perhaps for
was performing in beauty pageants tour supporting the Jonas Brothers Ms. Lovato’s previous album, Over” begins this part of the record someone who has lived her life in
in elementary school and was act- and entered rehab. In 2018, Ms. Lo- 2017’s “Tell Me You Love Me,” on a high note with a breezy and front of cameras that’s the only
ing in television by her early teens. vato overdosed on opioids laced found her embracing R&B and club- confident groove that brings to way. But there are times on “Danc-
She became a star on the Disney with fentanyl and nearly died, and ready electronic pop, but “Dancing mind Fleetwood Mac. “Lonely Peo- ing With the Devil” where it feels
Channel series “Camp Rock” and the subsequent damage to her With the Devil” is much more sub- ple” is a pop-rock singalong with a as if we shouldn’t be listening, and
RICH FURY/GETTY IMAGES

her debut album, the bubble-gum health was profound. And all of dued. It’s a ballad-heavy set with killer chorus, and “The Way You that by doing so we’re joining the
rock outing “Don’t Forget,” ap- this horror occurred while Ms. Lo- many songs that feature vocals and Don’t Look at Me” is a whispered image-obsessed forces that led her
peared when she was 16. From the vato was a famous pop star already pared-back arrangements, some- ballad with a finger-picked acoustic to a place where she almost died.
outset, the sheer force of her voice in the tabloids, so fans and papa- times just a piano or acoustic gui- guitar in which Ms. Lovato con- For some, that unease will hover
was remarkable, and it grew richer. razzi alike scrutinized every detail tar. The first three songs serve as a fronts issues with body image. She over this project, even when the
By the time she was 18, she left a of her trauma and recovery. triptych as Ms. Lovato chronicles explores that theme further with the music is powerful.
 .

A12 | Thursday, April 1, 2021 THE WALL STREET JOURNAL.

SPORTS
The Final Four’s Surprise Underdog NFL Teams
Moving Fast
UCLA joins No. 1 seeds Gonzaga and Baylor and No. 2 Houston in the national semifinals
On QBs
BY LAINE HIGGINS BY ANDREW BEATON

T
he 2021 men’s NCAA JUST 14 MONTHS AGO, there was
tournament featured a moment when every quarterback
more upsets than ever wanted to be Jimmy Garoppolo. He
before. After 64 games, had a bright future. He had a rich
however, it has produced contract. He was minutes away
a Final Four that features a pair of from being able to call himself a
top-seeded teams, a No. 2 and a Super Bowl champion.
very unusual Cinderella that hap- But things change quickly in the
pens to own more title banners NFL. Patrick Mahomes and the
than anyone else. Kansas City Chiefs spent the wan-
The Final Four field was filled out ing minutes of that Super Bowl
Tuesday when overall No.1 seed mounting a dramatic comeback
Gonzaga advanced its quest to be- against Garoppolo’s 49ers. Now
come the first undefeated champion San Francisco looks like it’s ready
since 1976 by dispatching Southern to completely move on from Ga-
California. The Zags will enter the roppolo.
weekend as the largest favorites in a It has been a jarringly fast
semifinal game in Final Four his- pivot. It’s also telling. That’s be-
tory. cause NFL franchises are moving
Gonzaga on Saturday will play on from their so-called franchise
11th-seeded UCLA—the most deco- quarterbacks faster than ever.
rated team in tournament history— This NFL offseason has been de-
which completed its transformation fined by a dizzying flurry of quar-
to the underdog role by edging No. 1 terback movement. The Rams’
seed Michigan on Tuesday behind Jared Goff is now a member of the
28 points from sophomore Johnny Detroit Lions. The Lions’ Matthew
Juzang. UCLA became just the sec- Stafford plays for the Los Angeles
ond team to advance from the First Rams. Carson Wentz was shipped
Four to the Final Four, fol- from Philadelphia to Indianapolis.
lowing in the footsteps of UCLA, above, and Baylor, left, players Mitchell Trubisky was replaced by
Virginia Commonwealth celebrate making the Final Four. Andy Dalton in Chicago, and
in 2011. plenty of other teams are still
They join No. 1 seed UCLA. The Zags bear the burden of sorting out their situations.
Baylor and No. 2 Houston, the present, the Bruins the past. Almost all of the rapid upheaval
winners of the other re- The Zags are no strangers to the can be traced back to one idea
gional semifinals on Mon- late rounds of the tournament, hav- that has rapidly proliferated in a
day, completing the first ing lost to North Carolina in the manner of weeks: there’s no longer
Final Four grouping in 2017 final, but they’ve never come a belief in being patient when it
which all the teams hail home with the hardware. For comes to the most important posi-
from west of the Missis- months, this 2021 team has been ex- tion in football.
sippi River. pected to change that. They’ve won The pace at which teams have
When Baylor and Hous- 30 straight this season and are two been making these moves means
ton square off on Satur- wins away from becoming the first that the NFL in 2021 will barely
day, they will represent undefeated NCAA champions since resemble the NFL in 2020. And
two redemption arcs that Bobby Knight’s Indiana team in there’s a reason why teams are
originate from different 1975-76. pulling the trigger so quickly on
parts of Texas. South re- Meanwhile, UCLA is battling the these decisions that would have
gional champion Baylor long shadow of legendary coach once been considered shocking.
reached its first Final Four John Wooden, who won 10 titles They’re highly incentivized to do

FROM TOP: DARRON CUMMINGS/ASSOCIATED PRESS; ROBERT DEUTSCH/REUTERS; MARK J. TERRILL/ASSOCIATED PRESS
since 1950, a milestone with the Bruins in a 12-year span just that.
many expected the Bears during 1960s and ’70s. The only There’s nothing more important
to achieve last year before banners that hang from the rafters for NFL teams than finding the
the emerging coronavirus in Westwood, Calif., are from na- right quarterback. Top-shelf quar-
pandemic canceled the tional championships. Anything less terbacks—or others who may be
tournament in March is a disappointment—or so second- on that trajectory—are paid huge
2020. tional semifinal since its “Phi college basketball with their explo- year coach Mick Cronin told his sums of money.
“We were on the verge of having Slamma Jamma” heyday, when the sive dunks and above-the-rim style, team before they beat Michigan. When they actually play at an
the first No. 1 seed in school’s his- program made three consecutive Fi- this one is more of a menace on the UCLA’s NCAA tournament run elite level, they’re a fantastic
tory,” said Baylor coach Scott Drew. nal Four appearances from 1982 to boards and on defense. nearly ended before the round of 64, value. When they don’t, they be-
“It’s nice that these guys were able 1984 but never managed to win the Houston’s defense-minded style is as the Bruins needed overtime to come albatrosses. Replacing an ex-
to celebrate, especially after last championship. a hallmark of Sampson, who last dispatch No. 11 Michigan State in pensive, underperforming quarter-
year.” “Thirty-seven years ago is irrele- coached in a Final Four in 2002 with their play-in game. Next, UCLA back with an unknown quantity
The heartbreak of last season’s vant to our team. Our team is now,” Oklahoma and spent the better part cruised past No. 6 BYU and No. 14 from the draft has one guaranteed
abrupt ending has turned into a said coach Kelvin Sampson. “Most of the last decade scrubbing his rep- Abilene Christian. The Bruins stayed upside: the quarterback will be far
strength for this veteran 2021 team: of our guys were born in the utation after he resigned from the hot through the Sweet 16, upsetting cheaper.
four of the 2020 starters came back, 2000s.” head coaching position at Indiana in No. 2 Alabama in overtime before
including first-team All American Though the Cougars earned a 2008 amid allegations of NCAA vio- warding off the top-seeded Wolver-
Jared Butler. The oddities of the high seed for the tournament just lations. It isn’t lost on Sampson that ines.
pandemic season included a 21-day like the high-flying teams of the his return to college basketball’s It’s incongruous to see UCLA
pause in February when the major- 1980s, the 2021 squad had a most biggest stage is happening in India- playing the part that teams like
ity of the Bears’ roster contracted unusual path to the Final Four. napolis, not far from where his ca- George Mason and Loyola-Chicago
Covid-19, which Drew said rein- Houston defeated a double-digit reer bottomed out with the Hoo- have filled in the past. But Cronin
forced the value of sacrifice. seed in every round—beating No. 15 siers. “You have to remind people, says his players have come to em-
“When we are at our best, every- Cleveland State, No. 10 Rutgers, No. young men in these situations, don’t brace it after knocking off a two-
one sacrifices for each other. And 11 Syracuse and then held off a late be afraid to fail,” said Sampson on seed and a one-seed in the regional
this year that’s why we won.” surge from No. 12 Oregon State on Monday. round.
Houston also snapped a decades- Monday night. There’s more experience—and “Their resilience is unbelievable,”
long Final Four drought on Monday If the “Phi Slamma Jamma” weightier expectations—on the said Cronin. “Nobody picked us. No-
by winning the Midwest regional, teams, headlined by a young other side of the Final Four, where body believed in us. That’s just how
earning its first trip back to the na- Hakeem Olujawon, revolutionized No. 1 Gonzaga will meet No. 11 we like it.” 49ers quarterback Jimmy Garoppolo

Weather The WSJ Daily Crossword | Edited by Mike Shenk

Shown are today’s noon positions of weather systems and precipitation. Temperature bands are highs for the day.
40s d t
Edmonton <0 1 2 3 4 5 6 7 8 9 10 11 12 60 Some travel 23 Computer voiced
30s 10s
0s
guides by Douglas Rain
Van
Vancouver Calgary 13 14 15
50s 10s 61 “___ Eyes” 25 Moo goo ___ pan
Winnipeg
ip 16 17
Seattle 20s (Guess Who
50s 20s hit) 27 Mall sight
60s Montreal 30s 18 19 20 21
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llings
Billings 22 23 24 25
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p / . Paul
pls
Mpls./St. T
Toronto A Boston 50s 1 Accept, as a 31 Abbey address
70s 40s Albany
bany 26 27 28 29
ff
Buffalo 60s lesser charge
Pierre Siouxx FFalls
ll
Milwaukee k t
Detroit t d
Hartford 32 Thunder, on
50s Cleve d New Y
Cleveland Yorkk 70s 30 31 32 2 Changed, as
Reno Salt Lake
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h y
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Chic
Chicago g scoreboards
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h P
Pitts b gh 40s Phi
Pittsburgh h d lph
Philadelphia 80s 33 34 district lines
Sacramento d p
Indianapolis 34 Octagon octet
Denver h g on D.C.
Washington DC 90s
an Francisco 60s
San Topeka
k Kansas Springfield
Spring
p g d 30s 35 36 37 38 39 40 41 42 3 Direct
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50 51 52 53 6 Seating at mystery novels
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k 54 55 56 57 38 Centers
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an Antonio
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Miami
A h g
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30s Ice
CUT! | By Sam Koperwas & Jeff Chen 9 Names, 41 Snappy retorts
initially
U.S. Forecasts City
Today
Hi Lo W
Tomorrow
Hi Lo W City
Today Tomorrow
Hi Lo W Hi Lo W
Across 26 Refine 44 Spanish national 42 Ratify
s...sunny; pc... partly cloudy; c...cloudy; sh...showers; 1 Galileo, for hero 10 Network that
t...t’storms; r...rain; sf...snow flurries; sn...snow; i...ice
Omaha 54 37 s 72 44 s Frankfurt 74 42 pc 59 38 s 28 Essen article aired “The Joe 43 Slip spot
Orlando 74 47 sh 65 47 s Geneva 72 47 pc 71 42 sh Jupiter, e.g. 45 Enclose
Today Tomorrow Philadelphia 50 29 c 43 30 pc Havana 87 66 s 75 64 sh 29 Memorable Schmo Show” 44 Repeats
City Hi Lo W Hi Lo W Phoenix 94 68 s 92 65 s Hong Kong 84 76 c 83 75 sh 6 Divisions movie motel 46 Joining tool oneself?
Anchorage 28 9 c 26 17 pc Pittsburgh 33 22 sf 41 25 s Istanbul 52 41 pc 56 49 pc 11 Broadway
13 Pries name that’s... choice
Atlanta 53 32 s 55 36 s Portland, Maine 50 26 r 42 26 c Jakarta 84 77 t 89 76 t 47 Uplift
Austin 68 39 s 71 48 pc Portland, Ore. 66 41 s 60 40 pc Jerusalem 55 44 pc 52 44 pc 30 Classic daytime 47 ...held in the
Baltimore 50 28 pc 46 28 pc Sacramento 85 49 s 81 47 pc Johannesburg 76 58 pc 77 59 s 15 Held firm 12 Places 48 Sch. drillers
series full of... palm
Boise 71 44 s 75 48 pc St. Louis 48 28 s 59 43 s London 62 39 pc 54 40 pc
Boston 56 31 r 46 30 pc Salt Lake City 66 46 s 73 51 s Madrid 72 50 pc 64 45 t 16 Unspoiled 14 Hustle 51 Lesage’s “Gil ___”
32 ...knotty 49 No foe?
Burlington 37 22 r 35 24 c San Francisco 78 50 s 65 49 pc Manila 95 78 s 96 78 s
Charlotte 52 30 s 52 28 s Santa Fe 66 35 s 72 40 pc Melbourne 80 57 pc 81 62 s 17 It’s a lot situations 15 Patronize 52 Jazz’s Jackson
50 Bush bounder
Chicago 40 25 s 52 40 s Seattle 57 42 pc 54 40 r Mexico City 62 49 t 73 49 s 20 Brother of
Milan 77 47 pc 77 46 pc 18 Timetable 33 Where some 55 Santa ___
Cleveland 32 27 sf 42 30 s Sioux Falls 53 37 s 68 39 s 51 Bee attractor Zeus and
Dallas 66 44 s 69 50 s Wash., D.C. 49 32 pc 47 32 s Moscow 44 35 r 44 34 sn abbr. gowns are worn:
Denver 68 40 s 73 42 s Mumbai 91 79 pc 91 79 pc Abbr. 53 Psych subject Poseidon 57 “Big whoop”
Detroit
Honolulu
35 23 c
82 69 pc 80 69 r
49 32 s
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Rio de Janeiro
79 45 pc 61 40 s
83 73 pc 82 73 t
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informally 34 Make tracks, in a 54 Asthma aid Previous Puzzle’s Solution
Houston 69 43 s 68 46 pc Today Tomorrow Riyadh 99 72 s 101 70 s way J O S E S E C T S I T E S
Indianapolis 37 21 pc 49 31 s City Hi Lo W Hi Lo W Rome 67 48 s 66 46 pc 21 Soul seller 56 Lumberjack’s A T T A A L O E AW O K E
Kansas City 53 36 s 67 51 s Amsterdam 55 38 pc 49 39 pc San Juan 85 74 s 85 74 sh 35 Tangy coating for cry, and a hint to B O A R D G AM E L A R G E
Las Vegas 78 58 pc 87 62 pc Athens 58 44 pc 66 54 s Seoul 73 50 c 70 55 c B O Y I A N S A N E
22 T, at times those who... 24-, 32-, 35- and E L A T E S S A T A N I S T
Little Rock 59 31 s 60 36 s Baghdad 86 60 pc 83 56 pc Shanghai 67 61 t 73 61 r
Los Angeles 88 59 pc 80 60 s Bangkok 98 82 pc 97 81 pc Singapore 90 79 c 91 78 t 47-Across R E T R O C A G E MA T C H
24 Cartography list 38 ...pine for flavor A U R A L E E U A E
Miami 84 62 t 75 63 pc Beijing 70 53 c 62 50 c Sydney 75 60 pc 76 61 s that often... S Y M P T OM I P A D P R O
Milwaukee 38 26 s 50 41 s Berlin 64 35 c 53 37 pc Taipei City 85 70 pc 84 69 pc
58 Recent C U T O D Y S S E Y
43 Rami of deliveries T R A C K M E E T R E A P S
Minneapolis 44 30 s 60 41 s Brussels 67 38 pc 53 38 pc Tokyo 65 56 c 67 55 pc 25 ...contains a tiny “Bohemian V I R U L E N T B A D R E P
Nashville 49 28 s 53 32 s Buenos Aires 72 64 pc 73 65 pc Toronto 33 22 sf 41 27 s A B E D O A T M A E
New Orleans 63 46 pc 62 48 s Dubai 91 71 s 92 75 s Vancouver 52 40 c 50 40 c tree Rhapsody” 59 Approves S T R I P H O R S E R A C E
New York City 48 30 r 43 31 pc Dublin 50 41 pc 49 36 s Warsaw 66 35 c 50 37 pc T O A S T A B E T A D H D
Solve this puzzle online and discuss it at WSJ.com/Puzzles.
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Oklahoma City 63 40 s 68 47 pc Edinburgh 48 31 pc 53 34 pc Zurich 73 44 pc 63 36 sh L O T T O W I S E P A Y S

 .

THE WALL STREET JOURNAL. Thursday, April 1, 2021 | A13

OPINION
Joe Biden, Which Side Are You On? BOOKSHELF | By John Tierney

With about 15
minutes left
in the hour
Let us pause, though, to
notice a real-world contradic-
tion in Mr. Biden’s meander-
have grown deeply frustrated
and increasingly concerned
about the lack of practical de-
biggest labor story was the
teachers strikes of 2019 in
West Virginia, California, Ari-
Harder, Greener,
Joe Biden al-
lotted last
week for his
once-only
ings down memory lane. The
bitter strife occurring today
isn’t between unions and
managers in high hats. It’s be-
tails in how to return to
work,” the petition says.
Unlike teachers drawing
paychecks for less work,
zona, Virginia, Georgia and
elsewhere. Those walkouts
were a precursor to today’s
refusal to return to school
Faster, Smarter
WONDER
LAND press confer-
ence, the
tween unions and regular
middle-class people.
unionized performers haven’t
been getting paid. From
during the pandemic. Some
unions, as in Los Angeles,
Rescuing the Planet
By Daniel
president sort In the same week Mr. Bi- Broadway to Dallas, theater is have negotiated smaller work By Tony Hiss
Henninger
of ran out of den was saying the unions a union-ordered dead zone for loads. (Knopf, 306 pages, $28)

T
steam for built the middle class, Ameri- middle-class incomes. Actors’ Joe Biden and his adminis-
questions and filibustered the can Federation of Teachers Equity won’t budge. tration’s new generation of wo decades ago, Peter Huber surprised his fellow
time remaining by delivering President Randi Weingarten left-wing economists may libertarians and conservatives with a book urging them
his campaign speech. After told middle-class parents their think bringing back the soak- to become environmentalists. By that he didn’t mean
Mr. Biden revived the line, “I kids would have to stay home In ProgressiveWorld, the-rich 1930s will help the joining Greenpeace. He divided environmentalists into two
am running for three reasons,” from school as long as she middle class, but the more apt categories: Hard Green (the title of his book) and Soft Green.
he invoked the middle class. says so. The Centers for Dis- everyone becomes a analogy is the geographical The mainstream environmental movement was dominated by
The middle class, he said, ease Control and Prevention de facto member of migrations these policies will Soft Greens hostile to capitalism and new technologies who
“built America, and unions had just issued new guidelines cause again. wanted to limit energy consumption and economic growth.
built them.” reducing classroom social dis- the teachers union. In the 1980s, when auto In reality, Huber wrote, there was only one scarce resource
With this assertion that tancing from 6 feet to 3 feet. companies in the North could worth worrying about: wilderness. Free-market forces would
unions created the American Ms. Weingarten replied that no longer bear collective bar- keep supplying everything else, but wild areas and wildlife
middle class, the political and her members still aren’t going Historically, the core of the gaining’s burdens, they moved needed special protection. The good news was that capi-
social goals of the Biden ad- back to the classrooms unless labor-union model has been to lower-cost Southern states. talism had made us rich enough to save them. Huber, who
ministration come into focus. they see something called negotiations leading to com- Today, frustrated parents who died in January, urged conservatives to become Hard Greens
Recall how the Democratic “baseline mitigation strate- promise, which is what many can afford to move are aban- and offered a manifesto: “We are committed to maintaining
Party’s other old gent, Sen. gies.” thought Mr. Biden was prom- doning locked-out public and extending uneconomic forests, uneconomic lakes,
Bernie Sanders, said in July In New Jersey, frustrated ising in his campaign. Next schools from New York to Los uneconomic shores, uneconomic wetlands, uneconomic
that Mr. Biden could be the parents in politically liberal time—in the 2022 midterm Angeles. As to those left be- wilderness.”
most progressive president communities—Montclair, elections—voters should for- hind, a recent poll of New Hard Greens will take heart from Tony Hiss’s “Rescuing the
since Franklin D. Roosevelt. Scotch Plains-Fanwood and get the candidates and take a York City residents by the Re- Planet: Protecting Half the Land to Heal the Earth.” Mr. Hiss,
It’s noteworthy that Mr. Sand- South Orange-Maplewood— harder look at the beliefs of gional Plan Association found a former staff writer for the New Yorker whose previous
ers was heralding the 1930s, a have filed lawsuits to force the parties. “80% of African Americans say books include “The Experience of Place,” is no conservative,
time of economic depression their school districts to open. Hiding in plain sight is the they would move out of their and he occasionally lapses into
marked by significant strife In turn, the South Orange-Ma- reality that the Democratic community if they could.” Soft Green doomsaying about
between industrial labor plewood district has sued the Party has passed from Carter- New York state is consider- endangered humanity and
unions and big companies. teachers unions to get their Clinton liberalism to an Amer- ing an array of wealth taxes planetary catastrophe. But the
Recall as well how Mr. Bi- members back to work. ican left whose political base- (atop the coming Biden fed- book is mostly an upbeat and
den said constantly in the Where’s Pete Seeger when line is clear: They don’t eral tax increases). engaging account of the
campaign that he would make you need him to sing the compromise. One result is certain: More remarkable progress being
a point of elevating the teach- 1930s union anthem, “Which The old private-sector companies with middle-class made to preserve vast wild
ers unions: “You’ll have an Side Are You On?” unions did deals with owners employees will move out, as spaces for animals to roam.
NEA member”—Jill Biden—“in That is the question many out of mutual self-interest. will board members who prop Mr. Hiss wants to see half of
the White House.” of the nation’s unemployed ac- They’ve been displaced in the up New York’s now-struggling all the land in the world
On Wednesday, the White tors are putting to their union. Democratic coalition by public cultural institutions. protected, and he aims to
House announced a vast infra- Some 2,500 stage actors have unions that “negotiate” with Once inside Joe Biden’s accomplish it in North America
structure program and indus- signed a petition demanding complicit politicians. The ProgressiveWorld, everyone by 2050—“50 by ’50,” as he
trial policy benefiting unions that the Actors’ Equity Associ- managers of major cultural will be a de facto member of calls the goal. “This may sound
and paid for by squeezing ation modify its pandemic-in- nonprofits, such as New York’s the teachers union: You do unimaginable, preposterous,
money out of corporations duced nearly total ban on ac- Metropolitan Opera, have been whatever you want, and the impossible—in a word, outlandish
and “the wealthy.” So, yes, in tors participating in live equally helpless negotiating public pays forever. It won’t (literally),” he writes. “It took 150 years after setting up
one sense it’s the 1930s all performances. “Many Equity with no-compromise unions. work. Yellowstone, the world’s first national park, to protect almost
over again. members, and many theaters Before the pandemic, the Write [email protected]. 15 percent of the continent, and the challenge now is to work
at a pace at least twelve times faster.”
By the end of the book, it doesn’t sound so outlandish.

Biden’s Election-Reform Deception Thanks to advances in agriculture, farmers can grow so

much food per acre that farmland in North America has
been shrinking over the past century, leaving more room
By Karl Rove its law prohibiting electioneer- istered voter can vote by mail about requiring voter ID at the for wildlife as people move to cities. Today, Mr. Hiss notes,

I
ing within 150 feet of a polling rather than waiting for Elec- polls? All three states require human activities—cities, suburbs, farms, mines and all the
n last week’s press confer- place or 25 feet of anyone tion Day. Neither state’s new it and accept many of the same rest—take up less than 40% of the continent, and there’s a
ence, President Biden la- waiting in line by saying politi- reforms restrict the practice. forms (driver’s license, pass- growing army of conservationists working at “large land-
beled Republican efforts to cally involved groups wooing Unlike Iowa and Georgia, port, etc.), though Iowa and scape scale” who are determined to protect the rest of it.
reform state election laws in voters with free food and Delaware forbids no-excuse Georgia provide free identifi- These conservationists operate on such large scales that
Georgia and Iowa as “un-Amer- drinks couldn’t operate that mail-in absentee voting. Only cation cards upon request. If Mr. Hiss invents new units of measurement to describe their
ican” and “sick.” That charge is close to the polls and lines. If voters who meet a specific cri- Delaware voters don’t have projects. One measure he calls the Y, equal to two million
malarkey, to use one of the you’re more than 150 feet from teria can vote by mail, such as such ID, they can “sign an affi- acres, the size of Yellowstone National Park. Another is the
president’s favorite words. the building and 25 feet from government employees; stu- davit of affirmation that the CAL, 100 million acres, the size of California. He explains the
Mr. Biden made three spe- voters waiting in line, knock dents; those with work or reli- voter is the person listed on need for these enormous projects by telling the story of a wolf
cific claims. First, that Republi- yourself out. Inside those lines, gious prohibitions, an illness the election district record,” named Pluie, one of the first wolves to wear a tracking collar.
cans would “end voting at 5 the law allows only for elec- or a disability; or those vaca- opening them to fines and pos- When researchers started following the radio signals from
o’clock when working people are tion officials providing “self- tioning or living outside the sibly jail time if they aren’t. her collar in 1991, they assumed that Pluie would travel no
just getting off work.” That isn’t service water from an unat- U.S. Some have critiqued Geor- So what’s the effect of these more than about 60 miles from Canada’s Banff National Park.
true. No state closes its polls at tended receptacle to an elector gia for capping the number of differences among the three But they were astonished to see her travel hundreds of miles
5 p.m. Iowa’s new law moved up waiting in line to vote.” additional dropboxes for ab- states? While 59% of Iowa’s and to open prairie in Montana, then hundreds of more miles as
closing time by an hour, but sentee ballots beyond the one 80% of Georgia’s votes last fall she crossed Idaho and the Rockies, passing near Spokane,
polls are still open from 7 a.m. required for each county at were cast early by mail or in- Wash., before heading back to Banff.
to 8 p.m. Georgia’s election re- He has his facts wrong one per 100,000 active voters person, in Delaware only 29% “What animals like Pluie have shown us,” Mr. Hiss writes,
forms left the state’s 7 a.m. to 7 (of which the state has nearly were. Bottom line: Iowa and is “that as stand-alones and set-asides, even gargantuan
p.m. polling hours unchanged. on Iowa and Georgia 7.4 million) or one for every Georgia make it easier to vote national parks are too small to serve as containers for wide-
The president also charged and applies standards early voting site, whichever is than Delaware did last fall. ranging wildlife.” That lesson inspired a 3-CAL project that
“there will be no absentee bal- fewer. But Delaware has about Mr. Biden said last week started in the 1990s and now involves hundreds of groups
lots.” That’s also false. Iowa’s inconsistently. half as many dropbox locations he’d “spend my time . . . edu- and a diverse coalition of Native Americans, foresters,
only absentee voting change per capita—only four across cating the American public” biologists, mining executives, highway engineers, local offi-
was to say ballots must arrive the entire state. about election reform. If he re- cials and conservationists. Their goal is to create a network
by 8 p.m. on Election Day. Mr. Biden closed his re- Moreover, both Iowa (since ally wants to keep voters in- of hundreds of parks and protected areas connected by green
Georgia made all of one signif- marks on the subject by calling 1990) and Georgia (since formed about election reform, corridors stretching 2,000 miles from Yellowstone to the
icant change to absentee vot- Iowa and Georgia’s actions 2004) have long had no-excuse the president should get his Yukon—Y2Y, as the project is called. “Since 1993,” Mr. Hiss
ing: replacing the requirement “despicable . . . the most perni- in-person early voting. It’s facts straight and apply his writes, “the amount of land within Y2Y that protects animals
that counties verify the signa- cious thing” and declaring, available in Iowa during an standards equally. Mr. Biden on the move has jumped from 11 percent to 21 percent, with
tures of mail-in voters. In- “This makes Jim Crow look election’s last 29 days. This can either stop slandering improved conservation on another 30 percent. In Y2Y’s office
stead, voters will provide the like Jim Eagle.” This is some year’s Georgia reforms require Iowa and Georgia with accusa- just south of Banff, Pluie’s collar occupies an honored place.”
number from their driver’s li- weird phrasing: A crow and an 17 mandatory days and two tions of racism or apply the
cense or free state-provided ID eagle are both birds, the eagle optional Sundays of early vot- same obnoxious label to the
or a photocopy of the IDs more fearsome than the crow. ing, up four days from last fall. election practices of his home Could a ‘Hard Green’ commitment to the
given to government employ- Get it? But Mr. Biden is using By contrast, Delaware has state, which has voted for him environment allow half the globe’s lands to be
ees, military members or tribal unnecessarily incendiary lan- never allowed no-excuse early for nearly half a century. And
members—making it easier guage. voting. To date, only voters eli- oh, Delaware’s polls are open 7 protected from development?
and quicker to verify and pro- Using the Biden Standard, gible to cast mail-in absentee a.m. to 8 p.m., just like Iowa’s.
cess mail-in ballots. let’s compare the supposedly votes were allowed to vote
Finally, the president also un-American and racist prac- early in-person. That is set to Mr. Rove helped organize Mr. Hiss is an indefatigable reporter and graceful writer,
criticized “some states” for tices of Iowa and Georgia change in 2022, but even then the political-action committee traversing the continent to observe the animals being saved
saying “you cannot bring wa- with—to pick one state—Dela- Delaware will allow no-excuse, American Crossroads and is and profile their saviors. Much of the preservation is done
ter to people standing in line ware. Iowa and Georgia both in-person early voting for only author of “The Triumph of Wil- by the Nature Conservancy and other private groups through
waiting to vote.” Here’s the allow unlimited, no-excuse ab- 10 days. liam McKinley” (Simon & land purchases and “conservation easements” that pay
fuller picture: Georgia clarified sentee voting by mail. Any reg- How about the bugaboo Schuster, 2015). landowners to preserve forests and open spaces. Some
conservationists do it all by themselves, like M.C. Davis, a
multimillionaire commodities trader who bought 51,000 acres

Rogers Hornsby’s Unbreakable Record of degraded farms and forests in northwest Florida and
proceeded to plant millions of trees to restore part of the
Piney Woods, a longleaf pine forest that once stretched from
By Fay Vincent who gave him the best advice age of .402. Those numbers was a Hall of Famer, called Virginia to Texas. It will take many years for his trees to

B
on hitting. He was, after all, confound the new breed of the Rajah “a hitting machine” mature, but already black bears are returning to the area.
aseball is rooted in the the last man to hit over .400 experts, whose reliance on who “would stand deep in the Mr. Hiss tells a good story, whether he’s describing his
records established by in the big leagues. His answer statistics often leads them to batter’s box and step into the traipses through the wild or chronicling the history of the
great players. Many was Hornsby, who was coach- absurdities. pitch, so many of his hits were conservation movement through figures like Benton MacKaye,
claim that Joe DiMaggio’s 56- ing in Minneapolis when Wil- A few years ago I read a to the right side over the sec- a forester and avid hiker. In 1921, inspired by the sweeping
games hitting streak is the re- liams briefly played in the mi- column by a writer who ond baseman’s head. He was vistas from peaks in New England, MacKaye published an
cord most likely never to be nors. “He told me never to let claimed Jeff Kent was the best all business.” Hornsby, whose essay promoting the radical idea of a hiking trail from Maine
broken. But for many years right-handed-hitting second .358 career average puts him to Georgia. Sixteen years later, the 2,000-mile Appalachian
fans believed Babe Ruth’s 60 baseman of all time. As evi- second only to Ty Cobb, was Trail was complete, running through public and private lands,
home-run season was a mark For a five-year period dence he cited the statistic so intense about the art of built mainly by unpaid volunteers, who have maintained it
that would stand forever. known as “total bases per at hitting he refused to go to the ever since and inspired similar trails in America and around
Then Roger Maris hit 61 in in the 1920s, he hit bat,” which is sometimes movies. He worried the flick- the world.
1961. That record, too, has better than .400. That called “slugging percentage.” ering light on the screen By the standards of today’s conservationists, the Appala-
since been broken—multiple Mr. Kent did hit more homers might hurt his eyesight. Ge- chian Trail is quite cramped, because its corridor is only
times, though not without won’t happen again. than Hornsby but never came nius often comes wrapped in 1,000 feet wide. To accommodate migrating animals, Mr. Hiss
controversy. close to the batting averages eccentricities. explains, a green corridor should be at least a mile and a
Obviously records are made the older player rang up. Mr. I missed baseball during its quarter wide, ideally much wider, and he sketches possibili-
to be broken and the DiMag- anyone try to get me to Kent, who topped .300 only pandemic-induced absence ties for these wild stretches all over the continent, even in
gio hit streak may one day go. change my swing, and that I three times in a 17-year ca- last spring. Now I begin to the crowded Northeast. The job of assembling and linking
But I submit humbly that should swing at my pitch and reer, was a solid player but think of the likes of Hornsby, such disparate plots of land is daunting, and his “50 by ’50”
there is another record that not at the pitcher’s pitch.” hardly a Hall of Famer. I often Feller and Williams and I find goal may be hard to meet. But however long it takes, this
will never be broken: From Williams was correct to wonder whether these experts hope in a game that has no inspiring book shows that there are plenty of Hard Greens
1921-25 Rogers Hornsby, the seek advice from “the Rajah,” believe baseball was invented pretense of being important. hard at work to make it happen.
St. Louis Cardinals second as Hornsby was called. In in the 1970s. It knows its place.
baseman, hit for an average of those five remarkable sea- Bob Feller was the only Mr. Tierney, a contributing editor at City Journal, is co-
over .400. sons, Hornsby hit .397, .401, pitcher I knew who played Mr. Vincent was commis- author of “The Power of Bad: How the Negativity Effect Rules
I once asked Ted Williams .384, .424 and .403—an aver- against Hornsby. Feller, who sioner of baseball, 1989-92. Us and How We Can Rule It.”
 .

A14 | Thursday, April 1, 2021 THE WALL STREET JOURNAL.

OPINION
REVIEW & OUTLOOK LETTERS TO THE EDITOR

Here Come the Biden Taxes Matt Pottinger on China and U.S. Business

S
o much for the illusion of cost-free French and Germans, working through the In “Beijing Targets American Busi- I was struck by the thought that
spending blowouts. The bill for Presi- Organization for Economic Cooperation and ness” (op-ed, March 27), Matt Pot- the Democratic Party is attempting to
tinger quotes Chinese President Xi do with social media what Mr. Pot-
dent Biden’s agenda is coming due, Development. But even the OECD has been
Jinping in 2013 describing the ulti- tinger says Mr. Xi is attempting to do
starting with Wednesday’s discussing a global mini- mate triumph of socialism over all with critical technology and industry.
proposal for the largest cor- The middle class will mum tax of about 12%, while other economic systems. The reli- Weaponizing social media and other
porate tax increase in de- pay for the largest tax Mr. Biden wants 21%. Only gious fervor of the socialist faithful is U.S. businesses to do what the Consti-
cades. Can we finally drop the in Washington would the widespread throughout the world in- tution would not allow government to
pretense that any of this is increase since 1968. left punish American em- cluding the U.S. President Xi doesn’t do is Big Brotherism.
moderate or unifying or bi- ployers in the hope that the seem able to admit that China under JAY CAMPBELL
partisan? rest of the world will be as Mao and up until Paramount Leader Camden, S.C.
Mr. Biden’s corporate tax increase alone is self-destructive. Deng Xiaoping had a crippled econ-
more than $1.5 trillion over 10 years, with an- All of this is in addition to the looming Biden omy. Deng famously said: “Let some Mr. Pottinger’s analysis of Chinese
other $1.5 trillion coming soon on individual tax increases on dividends, capital gains and people get rich first” to move the strategy to undermine American busi-
country forward. The pro-business ness and reduce the West to eco-
income and investment. That’s about $300 bil- other investment income. The lower 2017 cor-
policies rocketed many Chinese into nomic dependency makes for dispirit-
lion a year, or 1.36% of GDP each year, assuming porate rate was intended to reduce the double billionaire status. The booming econ- ing reading. In particular, the
U.S. GDP of $22 trillion. Dan Clifton of Strate- taxation of corporate income that is built into omy has allowed Mr. Xi to militarize shortsightedness of firms that fool-
gas Research Partners compares that to Bill the U.S. code. Mr. Clifton calculates that if the capitalism and make China the second ishly rushed in to make quick bucks
Clinton’s 1993 tax increase of 0.4% of GDP, mak- Biden plan becomes law the U.S. would have largest economy in the world. selling high-technology enterprises to
ing the Biden increase the largest since 1968. the highest overall tax burden on corporate in- What changed China was an em- China, only for China to promptly
i i i come—62.7%—in the OECD. brace of capitalism. Yet the Chinese copy those technologies and start
Mr. Biden’s corporate increase amounts to The great political fakery here is that corpo- Communist Party sees its world domi- making them itself, makes one believe
the restoration of the Obama-era corporate tax rate taxes merely fall on CEOs and rich share- nance disconnected from the eco- Lenin was right about capitalists aid-
burden, only much more so. The GOP tax re- holders. But as everyone knows, corporations nomic system that saved it. Similarly ing in their own destruction.
form of 2017 was designed to fix a corporate don’t really pay taxes. They are vehicles for col- in the U.S. our voters are swallowing ROBERT FRAZER
a myth system built around a socialist Salford, Lancashire, U.K
tax system that was uncompetitive and convo- lecting taxes that are ultimately paid by some fantasy. Look at the CCP and the num-
luted. Companies paid taxes in countries where combination of customers in higher prices, ber of billionaires in China. China’s Considering Mr. Pottinger’s piece,
they earned the income, but then again if they workers in lower wages, and shareholders in leaders believe they are running a so- perhaps the “G” in ESG (environmen-
returned the money to the U.S. Trillions of dol- lower returns on investment. cialist country, but that some social- tal, social and governance) investing
lars piled up overseas. Remember the string of The economic literature is clear on this ists can be billionaires. As George Or- should include assessment and scor-
corporate “inversions” when CEOs moved their point. Kevin Hassett, Aparna Mathur, Laurence well put it in “Animal Farm”: “All ing of a company’s fiduciary perfor-
headquarters overseas? Kotlikoff and other economists have done ex- animals are equal, but some animals mance not only to their shareholders
Those inversions all but ended after 2017 as tensive work showing how lower corporate tax are more equal than others.” but to their country.
reform lowered the top corporate rate to 21% rates result in higher wages. Higher after-tax JOE BOCCUZZI JEFF FULMER
from 35% and moved the U.S. closer to a terri- profits mean more corporate investment, Stamford, Conn. St. Augustine, Fla.
torial tax system in which income is taxed which means more productive workers, whom
where it is earned. Mr. Clifton calculates that companies can afford to pay more.
companies repatriated $1.6 trillion from over- In other words, Mr. Biden’s corporate tax in-
seas to the U.S. from 2018-2020, which they de- creases will hit the middle class hard—in the U.S. Should Follow EU’s Lead on ESG Policy
ployed for a variety of useful economic pur- value of their 401(k)s, the size of their pay The European Union is setting a welcomed on both sides of the Atlantic.
poses. The repatriation total three years before packets, and what they pay for goods and ser- standard for environmental, social and As the leader of the Robert F. Ken-
reform: only $495 billion. vices. This damage won’t show up immediately, governance (ESG) disclosures that the nedy Compass Investor Program, a
Mr. Biden wants to raise the corporate rate especially as the economy booms as Covid U.S. needs to work quickly to catch up network of over 300 institutional in-
back up to 28%, but that’s the least of his pro- eases this year, but the corrosive impact will to (“EU Rules Challenge U.S. Funds,” vestors, asset managers and invest-
posals. He also wants to add penalties that compound in the coming years. Banking & Finance, March 23). ment consultants controlling close to
would make inversions punitive, and he’d im- i i i At a time when the Black Lives Mat- $7 trillion in assets under manage-
ter movement and Covid-19 pandemic ment, I have routinely heard how im-
pose a global minimum corporate tax of 21%. How much of this will pass Congress? The
are prompting organizations to re-eval- portant ESG factors have become to
This would shoot the tax burden on U.S. compa- tax increases are so extreme that they seem in- uate their responsibilities to society, major pensions and endowments.
nies back toward the top of the developed tended to give Democrats like Joe Manchin and the U.S. still hasn’t required companies More important, I continue to hear
world list. At least nine major countries have Kyrsten Sinema room to demand changes and to report ESG data, even though it how well ESG funds perform against
cut their corporate tax rate since 2017, includ- then claim victory before voting for increases could help ensure better racial and traditional funds in terms of the re-
ing France, Sweden and the Netherlands. that would still be enormous. Note that the gender equity, among other benefits. turn on investments.
The larger Biden goal is to end global tax White House increased the magnitude of the Americans regularly consider whether Transparency and accountability are
competition, much as its ban on state tax cutting increases at the insistence of the Congressional food is fairly traded, organic and lo- cornerstones of any strong democratic
seeks to end income-tax competition among the left, and with no input from Republicans. cally sourced as they hunt for low society. As the U.S. seeks to reclaim its
50 states. “The United States can lead the world Once again the plan is to use budget recon- prices. In buying clothing, sustainabil- position as a moral authority during
ity and ethical labor practices are often the Biden administration, it’s impera-
to end the race to the bottom on corporate tax ciliation to jam $4 trillion more in spending
major factors. It can and should be no tive that the country not lag behind in
rates,” says the White House fact sheet. Mr. Bi- and $3 trillion in tax increases through Con- different in the investment of retire- important financial decisions.
den says he wants “other countries to adopt gress on a partisan vote. And to do so with the ment funds. What’s more, the man- SANCIA DALLEY
strong minimum taxes on corporations” so na- narrowest majorities in decades. dated disclosure of them should be Austin, Texas
tions like Ireland can no longer compete for cap- Joe Biden wants to pass an FDR agenda on
ital with lower tax rates. a Donald Trump mandate. We hope he gets the
This has long been the dream of the furious resistance he’s inviting. Science’s Real-World Issue Is Not Marketing
I think that the problem Neil de- metallurgy has advanced by leaps and
Building Government Back Bigger Grasse Tyson assigns to bad market-
ing is more attributable to prominent
bounds. There were electric cars over
100 years ago but my 2020 Tesla is a

S
scientists overstepping the bounds of completely different beast than the
ens. Elizabeth Warren and Bernie Sand- union—jobs. Will non-unionized auto makers
their fields (“What I’ve Learned From 1903 Columbia Electric Runabout.
ers lost the Democratic presidential not qualify for subsidies? the Pandemic Year: Science Needs This advancement comes from scien-
nomination, but you wouldn’t know Mr. Biden also wants to force-feed green en- Better Marketing,” Review, March tific research and discovery. We call
from President Biden’s first ergy onto the U.S. electric 20). Science should inform, not dic- this progress.
two months in office. First ‘Infrastructure’ now grid—especially after the em- tate, politics. Science is never settled, Those of us on the right are quite
came $1.9 trillion in social means climate subsidies barrassment of the last year’s so it’s OK to challenge scientists on tired of being cast as rubes and
spending under the cover of power outages in California the facts as well as their predictions. know-nothings by the self-proclaimed
Covid-19, and now comes $2.3 and social welfare. and Texas due to their over- Many of the inventions Dr. Tyson illuminati of the left. We are thinking,
trillion more for climate and reliance on solar and wind. He attributes to science (smartphones, feeling and responsible Americans
political spending dressed as wants $100 billion to “decar- jet flight and the internet) are in fact who happen to be keenly aware of
“infrastructure.” bonize” the grid by 2035—e.g., banish coal and the work of engineers. Of course, the recent weaponization of science.
these inventions are based on sci- We like clean water, clean air, a
Most Americans think of infrastructure as natural gas.
ence. But unlike raw science, they healthy body and a healthy environ-
roads, highways, bridges and other traditional This will require 20 gigawatts of “high-volt- have to work in the real world, sub- ment. We just don’t agree on whose
public works. That’s why it polls well, and every age capacity power lines” to transport solar ject to economics, politics and cul- science will allow us to reach and
President has supported more of it. power from California to Texas and wind power ture. Scientists sometimes forget that sustain these goals.
Yet this accounts for a mere $115 billion of in reverse. Good luck getting the permits to political and societal decisions are RANDALL SPANGLER
Mr. Biden’s proposal. There’s another $25 bil- build those lines, as environmental groups have much more complicated than scien- Norfolk, Va.
lion for airports and $17 billion for ports and blocked transmission lines to transport hydro- tific facts.
waterways that also fill a public purpose. The power from Canada to the Northeast. PRAYSON PATE
rest of the $620 billion earmarked for “trans- On that point, missing from the Biden plan Durham, N.C. Colleges, Sexual Assaults
portation” are subsidies for green energy and is any mention of easing National Environmen-
One need look no further than the
And the Laws of the Land
payouts to unions for the jobs his climate regu- tal Policy Act reviews. These have delayed and
1955 set of encyclopedias in your par- In his discussion of how universi-
lation will kill. This is really a plan to build gov- raised costs for countless public works over the ent’s library to understand that sci- ties handle sexual assault cases, Ken-
ernment back bigger than it has ever been. years, and Donald Trump wanted Congress to ence is not an irrefutable truth. While neth Margolis (Letters, March 11)
i i i streamline permitting. Democrats refused, and the elements of the 1955 periodic ta- makes an implicit distinction by only
The magnitude of spending is something to Mr. Biden doesn’t seem to care how long these ble remain on the 2021 list, many including private universities. I agree
behold. There’s $85 billion for mass transit plus projects will take. more have been added. The naming with him, provided applicants are
$80 billion for Amtrak, which is on top of the Mr. Biden is also redefining infrastructure of clouds is the same today as it was given full information about the poli-
$70 billion that Congress appropriated for as social-justice policy and income redistribu- in 1955, but how we study and pre- cies as well as historical data about
mass transit in three Covid spending bills. The tion. He promises to target 40% of “climate and dict weather has changed dramati- the distribution of outcomes. But
money is essentially a bailout for unions, whose clean” investments “to disadvantaged commu- cally. Base metals are the same, but what about public institutions? It
generous pay and benefits have captured funds nities”—defined in part by race—and tie fed- seems to me that, as extensions of
government, they should be expected
meant for subway and rail repairs. eral spending to union prevailing wages.
Mr. Biden also proposes to build “broadband His plan also includes $213 billion for afford-
When the Economic Cure to follow government rules. Those
are more commonly referred to as
infrastructure in unserved and underserved ar- able housing, $100 billion for retrofitting public Is Worse Than the Disease “laws.”
eas” by subsidizing government-owned and schools, $25 billion for child-care facilities and Daniel Henninger’s “Biden Aban- EM. PROF. TONY LIMA
nonprofit networks. But the Trump Federal $400 billion for increasing home-health care. dons Normalcy” (Wonder Land, CSU East Bay
Communications Commission unleashed pri- “We think that caregiving is an essential Amer- March 18) accurately describes the Hayward, Calif.
vate broadband investment by liberating pro- ican infrastructure,” says Service Employees Democrats’ strategy as pointing to
viders from Obama net neutrality rules, International Union president Mary Kay Henry. alleged impending disasters that re-
streamlining regulations and limiting how i i i quire immediate action in Washing- Pepper ...
much cities could extort them to install 5G Note the political irony of all this. Mr. Biden ton, such as Covid-19 recovery and
climate change. The irony is that
And Salt
sites. In 2019 providers built over 46,000 cell says “public investment” has fallen as a share
the real catastrophe the country is THE WALL STREET JOURNAL
sites, up from a mere 708 in 2016. of the economy since the 1960s, and he has a
facing isn’t the alleged disasters
Then there’s $174 billion for electric vehi- point. But the main reason is that government cited by Democrats, but rather the
cles, including money to build 500,000 charg- spending on social welfare, entitlements and Democrats’ policy “solutions” and
ing stations and for consumer “incentives” on public unions have squeezed out public works. the staggering debt, high taxes, rav-
top of the current $7,500 federal tax credit to Now he’s redefining social welfare as public aged energy sector and reduced eco-
buy an EV. Electric cars are fine with us if they works to drive more social-welfare spending, nomic growth that they create. In
can compete on their own merits. But they are which will further crowd out money for public area after area, I believe that the
still too expensive for most Americans, and works and government R&D to compete Democrats’ cure is a much greater
their limited battery range makes them imprac- against China. threat than the disease.
tical outside metropolitan areas. As usual, Mr. Biden professes to want to DANA R . HERMANSON
Marietta, Ga.
No matter. Democrats believe that if govern- make this bill “bipartisan,” but also as usual he
ment subsidizes EVs enough, Americans will let Democrats on Capitol Hill write his plan.
Letters intended for publication should
buy them. If not, they will eventually be forced That explains its money-for-everybody-and-ev- be emailed to [email protected]. Please
to, as California has signaled it will do. The erything character. Along with his gigantic tax include your city, state and telephone
United Auto Workers has warned EVs will de- increases (see nearby), Mr. Biden has proven number. All letters are subject to
stroy jobs, but Mr. Biden promises that cars to be the perfect political front for the Warren- editing, and unpublished letters cannot
be acknowledged.
will be made by workers with “good”—i.e., Sanders agenda. “I believe it was called ‘cursive’.”
 .

THE WALL STREET JOURNAL. Thursday, April 1, 2021 | A15

OPINION

For Freedom’s Corporate Covid ‘Windfalls’ Are a Myth

Sake, Rate By Donald L. Luskin porations is be called for to encour-

N
age recovery.
Hong Kong ow that its debt-funded
relief program has be-
Stock prices—as distinct from
earnings—have risen about 81% from
come law, the Biden ad- the pandemic bottom on March 23,
By Fred McMahon ministration is looking to 2020. Is that a windfall? It is surely
And Michael Walker bankroll even bigger a win for the brave few who dared to

T
spending programs—the American put their capital at risk to buy that
he people of Hong Kong de- Jobs Act, announced Wednesday, day. But to get that gain investors
serve to have their descent into calls for higher taxes on corpora- with a buy-and-hold strategy had to
tyranny recorded. History also tions, and another bill is reportedly endure a 33.8% decline from prepan-
deserves a record of the Chinese coming soon calling for higher taxes demic highs. Taking both the initial
Communist Party’s suppression of on wealthy individuals. The usual loss and the subsequent gain into ac-
what was once the freest place on the narrative pushing tax hikes is that count, stocks are up a more modest
planet. One international index has the rich should pay their “fair 19.6%, not extravagantly better than
already expunged Hong Kong, but the share.” But President Biden has in- the 11.5% historical average for com-
Economic Freedom of the World In- troduced a new one: that the rich got parable periods.
dex, published by Canada’s Fraser In- windfalls during the pandemic while Those stock-market gains do ben-

CHAD CROWE
stitute, and the Human Freedom In- ordinary people suffered. efit the wealthy, but they benefit ev-
dex, co-published by Fraser and the There can be a debate about eryone else, too. According to the
Cato Institute, won’t abandon Hong what constitutes a “fair share” of Fed, 53% of American families own
Kong. the overall tax burden. But the pur- stocks, either directly or through
International indexes create infor- ported economic disparities in the jobs saw little or no change in their $445 billion, cumulatively, through mutual funds and retirement pro-
mation on the human condition by pandemic among the middle class, earnings. The only evidence that year-end. The stimulus payments grams. Among the bottom 50% of in-
comparing like to like. They are most the wealthy and corporations are higher earners did well in the pan- were means-tested, available fully come-earners, 31% of families own
valuable when tracking fast-moving, illusory. demic is BLS data suggesting that in- only to persons earning under stocks.
fundamental changes, like those in According to income data from comes in the top 10% of earners $75,000 a year and quickly phasing It’s time to set aside social-justice
Hong Kong. But the Heritage Founda- the Commerce Department’s Bureau grew, at most by 1.7%. out for those who earn more. No arguments that have no economic re-
tion’s 2021 Index of Economic Free- of Economic Analysis, wages, bene- That’s hardly a windfall for the windfall for the rich there. ality. Those who were hurt in the
dom created a new rule to eliminate fits and small-business proprietors’ higher earners, but at least they kept Large corporations also haven’t pandemic received relief, a great
Hong Kong. “The Index this year mea- income was running at $1.08 trillion their jobs while middle-class Ameri- received a pandemic windfall. To be deal of it, and there is more on the
sures economic freedom only in inde- a month in February 2020, the last cans who became unemployed lost. sure, there were some winners, but way—more unemployment benefits,
pendent countries,” Heritage wrote. complete month before the pan- there were losers too. Companies more stimulus checks.
“Hong Kong and Macau are thus no demic started to shut down the that could be expected to benefit Where’s the justice in decrying
longer included.” economy. That was the peak after Some big companies rose from the need for people to shop and people and corporations who prof-
which things began to go downhill. be entertained from home should ited by stepping up during the pan-
By the end of the year, cumulative to the occasion during the have all been winners. According to demic? Calling their well-earned
The Fraser Institute, monthly losses of income compared pandemic and did well. Bloomberg, Amazon’s earnings per profits mere windfalls demeans their
with February’s added up to $417 share doubled in 2020. But where’s service to us all. It is like resenting a
unlike Heritage, will billion. But there were losers too. the windfall? It wasn’t luck that Am- nurse in a Covid ward for earning
measure its descent into At first glance, those losses ap- azon rose to the occasion, risking its overtime by working two shifts.
pear to have been borne by the mil- capital and using its managerial ex- Should we think they suffer from
tyranny and domination. lions who lost their jobs or busi- But this disparity has already been pertise to hire half a million new em- survivors’ guilt that needs expiation
nesses in the pandemic. According to addressed by relief policy. The $522 ployees in the pandemic. with higher taxes?
the Labor Department’s Bureau of billion in state unemployment bene- There were no winners among the If the idea is to unite Americans,
This contradicts past practice. In- Labor Statistics, as many as 25.3 mil- fits and federal government top-ups corporations in industries that suf- then it doesn’t help to identify win-
ternational indexes, including Heri- lion became newly unemployed in more than offset the $417 billion in- fered from the cessation of travel— ners and losers falsely. We should be
tage’s, measured Hong Kong when a April, and 8.9 million were still un- come loss. In the aggregate, the un- such as airlines, hotels and energy thankful that those who lost their
London-appointed, monarchical gov- employed at year-end. The job losses employed were quite literally paid producers. They saw their earnings jobs and businesses have compensa-
ernor set policy. They also rated Leba- were concentrated among lower in- 25% more not to work than to swing to outright losses. According tion already. And we should thank,
non under Syrian control and scores come earners. On net, they fell en- work—while the employed were paid to Bloomberg data, S&P 500 esti- not punish with higher taxes, those
of indebted nations when the Interna- tirely in the income brackets below no more to keep working. mated earnings stood at $172 a share who kept on working and investing—
tional Monetary Fund and World Bank $1,000 a week, with half the losses in Add to this the stimulus pay- before the pandemic. By year-end and profiting—for seeing America
set policy. The index is about eco- brackets below $600. ments, which are separate and apart 2020 they had fallen 19%, to $139. through a historic crisis.
nomic freedom, not who rules whom. At the same time, according to a from unemployment benefits. These Raising the corporate tax rate pun-
In its annual report, Heritage ad- study by the Federal Reserve Bank of and other relief payments (other ishes them all, winners and losers Mr. Luskin is chief investment of-
mits that Hong Kong enjoys “policies San Francisco, those who kept their than unemployment benefits) were alike. If anything, a tax break for cor- ficer of TrendMacro.
that in many respects offer their citi-
zens more economic freedom than is
available to the average citizen of
China.” So why not measure it?
Perhaps to avoid public-relations
An Auschwitz Survivor Dies in a New York Nursing Home
problems. Fraser got pushback for By Faith Bottum she wouldn’t lie down and die. vivors in Poland that her intended, Jewish organizations late in life, but

F
ranking Hong Kong first in 2020, When the Nazis emptied Kraków’s Elias, had been transferred to Czech- she generally refused to talk about the
based on 2018 data, the most recent elicia Friedman survived the ghetto in the spring of 1943, she was oslovakia. With no family left, she Holocaust and the concentration-camp
comprehensive data available. Hong Nazis. She survived the Red separated from her family and sent to walked and hitchhiked her way to the number tattooed on her arm. “She
Kong will be at or near the top of Army, dodging her way across the Płaszów camp, where she worked Theresienstadt transit camp, where didn’t want to share her war experi-
global economic freedom in 2021 Eastern Europe after World War II. on Bakelite radios and munitions for she posed as a nurse to help him re- ences,” her grandson Aaron Friedman
(with 2019 data), too. To maintain She survived immigration and a new the German military. The notorious cover from typhus. They were mar- told me. “She didn’t want the family to
Hong Kong’s economic success, the life in America. The only thing she commandant, Amon Göth, “would ried in October 1945, surrounded by experience pain from her own pain.”
Communist Party will likely avoid un- didn’t survive was a Long Island beat people mercilessly,” she would American military police at an Allied Felicia Friedman left behind two
dermining economic freedom unless nursing home infected with Covid-19. remember. One guard “had this huge displaced-persons camp in Germany. children, nine grandchildren, and 25
it threatens the regime. She died on May 19, 2020, at 94. German dog, and the dog really didn’t great-grandchildren. In a filmed 1998
Hong Kong will decline more in Born Felicia Deutscher, a Jewish like noise,” so he would set the dog interview she spent a good portion of
our broader Human Freedom Index, girl in Poland, she was 13 when the on any who bothered him. “I sur- At 94, Felicia Friedman her time showing pictures of her de-
but not all at once. Many officials will Germans invaded in 1939. From the vived,” she liked to say. “He didn’t.” succumbed to Covid-19 scendants. “She was very sweet,” her
slow-march tyranny and millions of ghetto in Kraków to the Płaszów labor In the fall of 1944, she and others grandson remembers. “Any family
Hong Kongers will preserve their re- camp, from Auschwitz to a death from Płaszów were shipped by cattle and bureaucratic bungling. gathering turned into how apprecia-
maining freedom as best they can. march west to Neustadt-Glewe, she car to Auschwitz. Lined up for the tive she and my grandfather were for
Yet Heritage accepts Beijing’s new would spend the next 5½ years gas chambers twice, she survived the everything they had. It was tinged by
one-state, one-system principle, ex- caught up in the Holocaust. She saw first time when the gas ran out, and After returning to Poland to testify everything they lost.”
plaining that “developments in Hong her 6-year-old cousin shot for picking the second time when a group of gyp- against Göth, they were turned away In the end, she died as a result of
Kong or Macau that are relevant to a flower. She was beaten repeatedly sies were herded in ahead of her. at the Italian border in an attempt to bureaucratic bungling when Gov. An-
economic freedom will be considered for the offense of being a Jew with a In January 1945, with the Red get to Israel. In 1947, they won visas to drew Cuomo’s administration allowed
in the context of China’s evaluation.” German-sounding surname. She was Army approaching, a group of the U.S., where the husband found a Covid-19 patients to be moved to
Fraser teamed with Milton and chased by military dogs and hounded Auschwitz prisoners were forced on job cleaning toilets at Barton’s Candy nursing homes—stealing from us a
Rose Friedman and 60 of the world’s by SS guards. She watched a friend a death march. Felicia observed her Co. in New York. He eventually rose to treasure of historical memory.
top scholars beginning in 1984 to de- executed for humming a Russian tune. 19th birthday trudging through the become Barton’s vice president. Feli-
fine and measure economic freedom. Along the way, she saw thousands snow toward the German border. cia took night classes to improve her Ms. Bottum is a civil-engineering
The resulting books, starting in 1986, put to death or succumb to frostbite After the Soviets liberated her at English and worked as a bookkeeper. student at the South Dakota School of
have informed all subsequent eco- and starvation. Somehow, through it Neustadt-Glewe, she heard from sur- Felicia gave some interviews to Mines.
nomic freedom research. Fraser’s in- all, she kept her faith intact. After
dex first appeared in the mid-1990s, hearing a fellow teenager claim that
covering years from 1970. Hong Kong
was No. 1 from the start.
Let’s remember that miracle.
their horrific situation proved God
did not exist, she answered that the
oppression of the Jews proved God’s
Build Infrastructure With Private Cash
“Hong Kong, left devastated at the reality, for all that was happening to By Robert Poole brand-new facilities, like the express ment agencies. And it has loosened

P
end of World War II, by granting its them came from evil people. A young toll lanes added to freeways outside what used to be a ban on using tolls
people the highest level of economic man named Elias Friedman over- resident Biden unveiled his Washington and in Dallas. But there on the 95% of the interstate system
freedom in the world, rose to become heard her and vowed to marry her—if $2.3 trillion infrastructure are a few examples of public-private originally developed with 90% fed-
one of the most prosperous places on they survived. proposal on Wednesday, plan- partnerships improving existing fa- eral funding.
the planet. . . . Civil and personal Felicia was a tiny woman, only 5 ning to fund it mostly via huge cor- cilities via long-term leases, includ- But those provisions aren’t
freedom blossomed.” foot 2 as an adult, but she was always porate tax increases, with the rest ing the Indiana Toll Road and the enough if the goal is to overhaul the
That’s from a 2020 petition sup- quick on her feet. Ambitious, too. De- apparently from more federal bor- San Juan International Airport. interstates at a cost of $1 trillion.
porting the people of Hong Kong, ini- cades later she would boast of having rowing. But if the White House and The administration’s Build Back The current federal cap of $15 billion
tiated by Fraser and signed by insti- been valedictorian of her grade Transportation Secretary Pete Butt- Better program could encourage worth of private-activity bonds has
tutes in 39 nations. We won’t school. Perhaps her overarching char- igieg truly want a bipartisan bill, state and local governments to mod- recently been reached, and a biparti-
abandon Hong Kong. We will keep acteristic, though, was her ferocity. they should invite private capital to ernize aging and outdated highways, san bill has been introduced to dou-
measuring freedoms to hold the Chi- As a teenager, she was the family play a major role in paying for por- bridges and utilities via equity in- ble that. But the law authorizing
nese Communist Party to account. breadwinner, allowed out of the tions of the plan. That would reduce vestments from infrastructure in- such bonds also referred exclusively
ghetto (with an armband) to sell her the extent of federal tax increases vestment funds. Take the Interstate to new public projects, when today’s
Mr. McMahon is a resident fellow knitting and sewing. Told a beating and borrowing. Highway System. A 2018 study by need is mostly to rebuild existing in-
at the Fraser Institute. Mr. Walker is would stop if she begged, she re- Few people understand how the Transportation Research Board frastructure. That needs to be fixed.
the institute’s founder. fused. Marched through the snow, much private capital is available found that most of the original pave- Also, states still aren’t generally per-
and in use across the world to fi- ment is wearing out. Some major mitted to finance interstate modern-
nance infrastructure. Last year bridges and interchanges need re- ization with tolls. This option should
alone, infrastructure investment placing, and truck-intensive corri- be available to all states, with pro-
PUBLISHED SINCE 1889 BY DOW JONES & COMPANY funds raised a near-record $102 bil- dors need more lanes. The estimated tections to ensure it is done in a cus-
Rupert Murdoch Robert Thomson
Executive Chairman, News Corp Chief Executive Officer, News Corp
lion in equity. Despite the pandemic, cost: $1 trillion over 20 years. tomer-friendly way.
Matt Murray Almar Latour
they invested $54 billion in projects These would be ideal projects for Several weeks ago the nonprofit
Editor in Chief Chief Executive Officer and Publisher world-wide last year. Those who in- public-pension fund investment. U.S. Bipartisan Policy Center hosted a
Neal Lipschutz Karen Miller Pensiero DOW JONES MANAGEMENT: vest in these funds are institutional and Canadian pension funds are al- webinar on paying for the new infra-
Deputy Editor in Chief Managing Editor Ramin Beheshti, Chief Technology Officer; investors, such as insurance compa- ready investors in the public-private structure program. Much of the
Jason Anders, Chief News Editor; Louise Story, Chief Kamilah Mitchell-Thomas, Chief People Officer; nies and public pension funds. They partnership companies of the Indi- event dealt with the case for long-
News Strategist, Product & Technology Officer Edward Roussel, Chief Innovation Officer; seek to invest equity in long-lived ana Toll Road, Chicago Skyway and term public-private partnerships to
Thorold Barker, Europe; Elena Cherney, Coverage; Christina Van Tassell, Chief Financial Officer
projects that generate revenue and the Virginia express lanes, diversify- finance such an effort. This is the
Andrew Dowell, Asia; Anthony Galloway, Video &
Audio; Brent Jones, Culture, Training & Outreach;
are a good match for their long- ing their portfolios in hopes of a path to a bipartisan bill: Don’t fund
OPERATING EXECUTIVES:
Alex Martin, Print & Writing; Michael W. Miller, Jason P. Conti, General Counsel; term liabilities. higher return. Were Congress to per- it exclusively via borrowing. Don’t
Features & Weekend; Emma Moody, Standards; Frank Filippo, Print Products & Services; The large majority of this private mit tolling to finance reconstruction risk economic recovery by enacting
Shazna Nessa, Visuals; Matthew Rose,
Kristin Heitmann, Chief Commercial Officer; investment goes to projects outside of individual corridors, provided large federal tax increases. Open the
Enterprise; Michael Siconolfi, Investigations;
Stephen Wisnefski, Professional News
Nancy McNeill, Corporate Sales; the U.S. Other countries have privat- states were willing, pension funds door to hundreds of billions in pri-
Thomas San Filippo, Customer Service; ized airports, seaports and toll and other equity investors would vate capital from investors like pub-
Gerard Baker, Editor at Large Josh Stinchcomb, Advertising Sales;
Paul A. Gigot, Editor of the Editorial Page;
roads, so the funds can invest equity jump at the chance to finance such lic pension funds. That will help
Suzi Watford, Chief Marketing Officer;
Daniel Henninger, Deputy Editor, Editorial Page Jonathan Wright, International
in either acquiring or modernizing megaprojects. build infrastructure back better.
them. But in this country, those as- In recent years, Congress has
WALL STREET JOURNAL MANAGEMENT:
Joseph B. Vincent, Operations; Professional Information Business: sets are owned by government. The taken a few steps in this direction. It Mr. Poole is director of transpor-
Larry L. Hoffman, Production Ingrid Verschuren, Deputy Head only way funds can invest equity is if authorized the issuance of tax-ex- tation policy at the Reason Founda-
EDITORIAL AND CORPORATE HEADQUARTERS: the facilities are leased long-term as empt private-activity bonds, to put tion and author of “Rethinking
1211 Avenue of the Americas, New York, N.Y., 10036 public-private partnerships. Most public-private partnerships on a America’s Highways” (University of
Telephone 1-800-DOWJONES
current public-private projects are level cost-of-debt basis with govern- Chicago Press, 2018).
 .

A16 | Thursday, April 1, 2021 * * THE WALL STREET JOURNAL.

WORLD NEWS

Russia Mobilizes Near Ukraine Italy

Accuses
After fresh fighting,
Moscow moves forces
along border and Kyiv
Moscow
puts troops on alert Of Spying
Russia has begun mobiliz- BY GIOVANNI LEGORANO
ing troops along its border AND GEORGI KANTCHEV
with Ukraine, presenting a
fresh challenge to the Biden ROME—Italy expelled two
administration and threaten- Russian diplomats suspected
ing to upend a cease-fire be- of spying Wednesday, the lat-
tween Ukraine and pro-Rus- est in a spate of incidents in-
volving suspected espionage
By Thomas Grove in by Moscow in Europe.
Moscow and Alan Authorities said a diplomat
Cullison in Kyiv who works in the office of the
military attaché at the Russian
sian fighters. embassy was caught receiving
The move follows escalated classified documents from an
fighting along the demarcation Italian navy officer in ex-
SERGEI MALGAVKO/TASS/ZUMA PRESS

line inside Ukraine, where an change for a sum of money.

attack last week killed four The naval officer was ar-
Ukrainian soldiers and rested and accused of “serious
wounded two. In response, crimes relative to spying and
Ukraine said Tuesday it had put national security,” the Italian
its forces on alert and was rein- police said. The Russian diplo-
forcing units in eastern Ukraine mat was detained while Italian
and on the border with the authorities assessed his diplo-
Russian-occupied peninsula of matic status. The second Rus-
Crimea. sian expelled was the diplo-
While Mr. Biden has wres- A division of the Russian Airborne Troops conducted an exercise in March less than 70 miles from the Ukrainian border. mat’s superior of the official
tled with Kremlin machinations who allegedly received the
such as a massive suspected monitoring the situation and around Russia to Ukraine’s bor- line of support for pro-Russian Moscow wants to test U.S. documents.
Russian hack of U.S. govern- that Chairman of the Joint ders, and that troops have re- separatists in the Ukrainian commitment to Ukraine, but it The incident is the latest in
ment computer systems and Chiefs of Staff Army Gen. Mark mained. breakaway territories in Do- is also frustrated with its own a series of spying accusations
the assessment by U.S. intelli- Milley spoke with his Russian The troop deployments re- netsk and Luhansk provinces, failure to achieve its goals involving Russian nationals or
gence that Moscow attempted and Ukrainian counterparts. call moves after Russia’s annex- Mr. Barabanov said. there, said James Sherr, a se- those allegedly working for
to interfere in the 2020 elec- While analysts say Russia ation of Crimea in 2014, when Current troop movements, nior fellow at the Estonian For- them in Europe.
tion, the situation in Ukraine is hasn’t summoned enough President Vladimir Putin ro- he said, may be aimed at boost- eign Policy Institute at the In- Italian Foreign Minister Lu-
the first involving movements troops for an invasion of east- tated units to the Ukraine bor- ing the numbers and capabili- ternational Centre for Defense igi Di Maio ordered the imme-
of Russian troops. Russia has ern Ukraine, they say Moscow der, said Mikhail Barabanov, a ties of those units. and Security in Tallinn, Estonia, diate expulsion of the diplo-
denied meddling in the election could be looking to provoke a military expert at the indepen- A mission from the Organi- that supports the country’s in- mats after summoning the
and denied responsibility for flare-up in fighting and test the dent Moscow-based Center for zation for Security and Cooper- tegration in the West. Russian ambassador for a
the hack. depth of Mr. Biden’s support Analysis of Strategies and ation in Europe, tasked with In February, President Vo- meeting Wednesday morning.
In Washington, a spokesman for Ukraine. Technologies. monitoring the front line, said lodymyr Zelensky’s government The Kremlin said it hoped
for the State Department said In the recent troop mobiliza- “At the moment there are in recent days that observers cracked down on a pro-Russian bilateral ties wouldn’t be hurt.
the department was discussing tion, Russia’s defense ministry several battalions of tactical had seen infantry fighting vehi- politician in Ukraine, Viktor In March, Bulgaria, a NATO
the situation with NATO allies. announced a series of exercises groups from other military dis- cles and antitank missiles on Medvedchuk, who is a close member, expelled two Russian
“We are concerned by recent less than 70 miles from the tricts, similar to how [rein- separatist territory. Footage on friend of Mr. Putin, closing diplomats on suspicion of spy-
escalations of Russian aggres- Ukrainian border in recent forcements of the border] were a Russian channel on the social- three television stations under ing after exposing a ring alleg-
sion in eastern Ukraine, includ- weeks, though details of the made in 2014 and 2015,” he media site Telegram showed a his control and then freezing edly gathering information for
ing violations of the July 2020 buildup are unclear. said. long column of Russian mecha- his assets and preventing him Moscow on the North Atlantic
cease-fire that led to the deaths In a speech before Ukraine’s Following the 2014 conflict, nized howitzers being carried from doing business in the Treaty Organization, the CIA,
of four Ukrainian soldiers on parliament this week, Ukraine’s a handful of regiments were on trucks toward Crimea, country. In ordering the closure Ukraine and the conflict in the
March 26 and the wounding of military commander-in-chief, transferred from deep inside across a 12-mile bridge that of television stations, Mr. Zel- disputed South Caucasus terri-
two others,” a State Depart- Lt. Gen. Ruslan Khomchak, said the country to the border, Moscow built connecting the ensky said they were financed tory of Nagorno-Karabakh, ac-
ment spokesman said. the exercises were a guise to where they were established on peninsula to the Russian main- by “the aggressor country”—a cording to Bulgarian prosecu-
The Pentagon said it was draw tactical groups from a permanent basis as a first land after the annexation. reference to Russia. tors.

Australia, Seeing Supply Risk, to Build Guided Missiles

BY RHIANNON HOYLE to counterbalance China’s out of vaccines to bring the American missile systems
growing influence and mili- virus under control, new bot- that it then purchases. It also
SYDNEY—Australia is ac- tary power in the region. Last tlenecks are appearing. designed and builds the Nulka
celerating efforts to join the year, the government said it Early in March, Italy decoy missile, its most suc-
ranks of guided-missile man- would spend roughly A$270 blocked the export to Austra- cessful defense export.
ufacturers and become less billion over 10 years on high- lia of the vaccine developed Minister of Defense Peter
reliant on imports from the tech defense programs in- by AstraZeneca PLC and the Dutton said Australia will
U.S. and Europe after the cluding new long-range mis- University of Oxford, in a work with the U.S. on plans
pandemic exposed weak- siles, offensive cyber move coordinated with Euro- to build the missiles at home.
nesses in global supply capabilities and radar surveil- pean Union authorities that Mr. Morrison and President
MORGAN SETTE/EPA/SHUTTERSTOCK

chains. lance. have been dealing with a Biden have talked of the need
Prime Minister Scott Mor- Mr. Morrison said at the shortage of vaccines locally. for greater collaboration by
rison said 1 billion Australian time that Australia needed to More recently, global sup- allies on security issues.
dollars, equivalent to US$761 prepare for a world after the ply chains have been dis- While Australia appears to
million, would be invested in pandemic that was poorer, rupted by the extreme be doubling down on its com-
a new enterprise that will more dangerous and more weather that triggered mass mitment to its U.S. alliance,
provide weapons to Austra- disorderly. blackouts in Texas and the the Trump era shook Can-
lia’s military. Defense officials Australia currently gets its blockage of the Suez Canal by berra’s confidence, said Sam
will select a company to run missiles from manufacturers a grounded container ship. Roggeveen, director of the in-
the operation; they didn’t say in the U.S., Europe and Israel, Prime Minister Morrison announced the missile plan Wednesday. Guided weapons can rely ternational security program
when the first missile will according to defense experts. on thousands of components at Australia’s Lowy Institute,
likely be produced. Many manufacturers of mis- included in last year’s de- stockpiles. so take several years to de- a think tank. China’s military
“As the Covid-19 pandemic siles, including Raytheon fense-strategy paper as a Global supply chains for a liver when ordered from rise has also been so dra-
has shown, having the ability Technologies Corp. and Lock- possibility, but the govern- variety of products including overseas, said Marcus Hellyer, matic that Australian officials
for self-reliance, be it vaccine heed Martin Corp., have Aus- ment said it was motivated cars and clothing have been a senior analyst at the Aus- have needed to rethink their
development or the defense tralian units. BAE Systems by supply-chain shocks to act disrupted by the pandemic tralian Strategic Policy Insti- defense strategy, he said.
of Australia, is vital to meet- PLC, a U.K. arms supplier, now. Guided weapons play a over the past year. As the tute, or ASPI, a government- “Increasingly, when it
ing our own requirements in said on Tuesday that it will key role in modern warfare coronavirus spread around backed security think tank. comes to the defense of Aus-
a changing global environ- step up investment in Austra- by enabling military chiefs to the world, hospitals and pub- “So, in essence, guided tralia, we are going to be on
ment,” Mr. Morrison said. lia to support the develop- attack targets with precision, lic-health officials in coun- weapons are a supply-chain our own and we need to be
Australia is overhauling its ment of locally made high- minimizing the risk of killing tries including the U.S. ra- crisis just waiting to happen,” able to do these things on our
military to create a larger, speed weapons. innocent civilians. Australia tioned medical masks due to Dr. Hellyer said. own,” or at minimum have
more powerful force focused Manufacturing guided hasn’t said how many guided hoarding elsewhere. Now, as Australia currently pro- bigger stores of guided weap-
on the Indo-Pacific as it seeks weapons within Australia was missiles are in its existing countries accelerate the roll- duces some components of ons, Mr. Roggeveen said.

WORLD WATCH
RUSSIA CHINA NIGER
Imprisoned Navalny Consumers Boost Attempted Coup
Begins Hunger Strike Economic Recovery By Military Thwarted
Kremlin critic Alexei Navalny China’s economic recovery Niger’s security forces
has begun a hunger strike to pro- picked up a surprising amount of thwarted an attempted military
test a lack of treatment for what steam in March, boosted by coup at the West African coun-
he describes as a debilitating strong domestic consumption try’s presidential palace overnight
health issue he has suffered since and unquenchable foreign de- just two days before the newly
being imprisoned in February, the mand for Chinese-made goods. elected president is to be sworn
latest standoff between Russian The country’s official manu- in to office in a peaceful transfer
authorities and the protest leader. facturing purchasing managers of power, the government said.
The opposition politician’s an- index, a gauge of factory activ- The coup attempt raises fear
nouncement comes as his follow- ity, hit a three-month high of of more violence coinciding with
ers are working to rally support 51.9 in March, topping February’s newly elected President Mo-
for new protests after street reading of 50.6 with the 50 hamed Bazoum’s inauguration on
DONAL HUSNI/ZUMA PRESS

demonstrations earlier this year mark separating expansion from Friday. Already his administra-
were called off in the face of po- contraction, according to the Na- tion faces unprecedented threats
lice violence and the detention of tional Bureau of Statistics. from Islamic extremists near its
thousands countrywide. More encouraging for China’s troubled border with Mali.
Mr. Navalny, who is over 6 feet leaders—who have been eager Several people have been ar-
tall, said he suffered a pinched to rebalance the economy to- rested in connection with the
nerve because of cramped condi- ward consumer spending after a coup attempt while others linked
tions in police wagons, jail cells year in which manufacturing Indonesia’s National Transportation Safety Committee will examine the cockpit recorder for clues to to the events are being sought,
and the cages reserved for defen- drove the recovery—a parallel why a Sriwijaya Air jet crashed into the Java Sea, killing all 62 people aboard, on Jan. 9. a government spokesman said.
dants in criminal cases in Russia. gauge of services and the con- The overnight crackle of gun-
The country’s main prison facili- struction industry jumped even INDONESIA crashed into the Java Sea in three days after the accident. fire in the neighborhood near
ties authority said his health is more in March, suggesting a January, killing all 62 people on The device could help investi- the palace immediately
stable and satisfactory and that broadening of consumer activity. Recorder Is Found in board, officials said Wednesday. gators determine what caused prompted concerns of a coup at-
he has received all necessary The official nonmanufacturing Sriwijaya Air Crash Transportation Minister Budi the Boeing 737-500 to nosedive tempt given that Niger has a
medical assistance. Mr. Navalny PMI surged to 56.3 from Febru- Karya Sumadi said divers re- into the ocean in heavy rain long history of the military seiz-
says he has been offered ibupro- ary’s 51.4 reading, the statistics bu- Indonesian navy divers recov- trieved the cockpit recorder Tues- shortly after it took off from Ja- ing power by force since its in-
fen to relieve the pain. reau said Wednesday. ered the cockpit voice recorder day night, near where the flight karta on Jan. 9. dependence from France in 1960.
—Thomas Grove —Jonathan Cheng of a Sriwijaya Air jet that data recorder was recovered —Associated Press —Associated Press
 .

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Huawei Sales Hurt by Sanctions Ford Hit

Chinese telecom firm’s
smartphones couldn’t
The Chinese telecom giant
said sales of its once hugely
figures by Huawei. For the full
year, the company said reve-
uty chairmen, during a news
conference Wednesday at the
effectively stalled. Smartphone
sales plunged, though the drop
By Chip
popular smartphones were nue still grew 3.8% to a record
get the chips needed;
domestic revenue rose
suffering the most of all its
business segments, with the
company showing signs of dif-
891.4 billion yuan, thanks to
stronger performance earlier
in the year. It still marked one
company’s headquarters in
Shenzhen. “We think this is a
very unfair situation to Hua-
wei and it has caused a lot of
was offset by rising sales of
laptops, smart watches and
other consumer electronics.
Starting in September, the
Shortage
BY DAN STRUMPF
ficulty sourcing the advanced
chips needed to run its hand-
sets due to U.S. export restric-
of Huawei’s slowest years for
revenue growth on record, the
closely held company said.
damage to us.”
The results indicate that a
yearslong U.S.-led campaign to
U.S. effectively blocked all chip
suppliers from selling compo-
nents to Huawei without a li-
In U.S.
HONG KONG—Huawei tions imposed last year. “The supply restrictions for strangle Huawei’s business is cense, choking it off from crit-
Technologies Co. suffered a
rare decline in revenue during
the fourth quarter last year, as
Revenue in the fourth quar-
ter fell 11.2% to 220.1 billion
yuan, equivalent to about
our smartphone business has
caused us a great impact, and
we haven’t been able to see a
showing signs of success. The
company said revenue de-
clined in every major region
ical supplies. The action forced
Huawei to turn to stockpiled
parts to continue building
Factories
U.S. sanctions hammered its $33.6 billion, from a year ear- clear picture in the supply for outside of China last year. products, the company said. BY CHRISTINA ROGERS
business and sales outside of lier, according to calculations our smartphones,” said Ken Sales growth in its core busi- It isn’t clear how long that
China fell particularly hard. based on previously released Hu, one of Huawei’s three dep- ness of telecom infrastructure Please turn to page B4 Ford Motor Co. is schedul-
ing more downtime at several
U.S. factories, including its

Treasury Selloff Foreign investors have been taking a smaller share of the U.S. Treasury market over the past few two major truck plants, as a
years as issuance has grown. This year there was heavy selling during Asian trading hours driven global shortage of semicon-
mostly by Japanese investors locking in returns ahead of their financial year-end on March 31. ductors upends vehicle manu-
facturing for car makers in
Market share of major holders of U.S. Treasurys Foreign investors' holdings of

Accelerated by
North America.
U.S. Treasurys, monthly The company said Wednes-
45%
$7.5 trillion
day that it would halt produc-
tion for two weeks in April at
40

Investors in Asia
its truck plant in Dearborn,
7.0 Mich., and take a week of
downtime on the truck side of
35
its Kansas City, Mo., assembly
In 2013, foreign investors 6.5 plant, starting Monday. It also
The sharp rise in Treasury ing on investment plans for 30 owned more than 43% of all plans to suspend work tempo-
Foreign
yields in recent weeks looked the new fiscal year. Treasurys. By 2020, their share investors rarily and cancel planned
like a test of whether the Fed- Large Japanese investors dropped to less than 30% 6.0 overtime at several other fac-
25
eral Reserve can keep interest have collectively made net tories in North America, at-
rates low after the economy sales of ¥2.815 trillion, equiva- tributing the work stoppages
Federal
regains its footing. lent to $25.43 billion, of for- 20 Reserve 5.5 to tight chip supplies.
eign bonds since the start of Like other car companies,
By Paul J. Davies, February, according to Ministry
Domestic
Ford has been struggling to
Megumi Fujikawa of Finance data up to March 15 secure enough semiconductor
mutual funds 5.0
and Frances Yoon 20, the most recent available. chips as makers of those com-
It wasn’t only Japanese 10 ponents have been slammed
Under the surface, other fac- firms. Seoul’s Kyobo Life In- 4.5 with surging demand from
tors drove the selloff in U.S. surance Co. was also a seller other industries.
government bonds, pushing of longer-dated U.S. Treasurys, 5 Ford in February said it
prices down and yields up, ac- according to Matt Lee, head of 4.0 plans to cut production of its
cording to investors and ana- overseas investments at the 0 F-150 pickup truck-the nation’s
lysts. One factor was heavy company. “There’s a high top-selling vehicle and the
2000 ’02 ’04 ’06 ’08 ’10 ’12 ’14 ’16 ’18 ’20 3.5
selling by investors in Japan chance that U.S. interest rates company’s biggest money
who were locking in investment will continue to rise,” he said. Please turn to page B5
Buying during Asian hours has led Treasury
returns for their year-end. One sign that Asian inves-
yields back down from their recent peaks. 3.0
The yield on the 10-year tors led the selloff in Trea-
Treasury rose from close to 1%
at the end of January to an in-
traday peak of over 1.77% on
surys was the timing of the
market moves, according to
several investors. Some Trea-
Trading hours during which 10-year
Treasury yields moved in recent weeks
2.5
Companies
0.6 percentage points
Tuesday to end at 1.749%
Wednesday.
Banks and insurers in Japan
sury auctions struggled in late
February. Analysts at that
time spoke of a buyers’ strike
Tokyo
day

London
2.0
Push Up
put extra impetus into a wave
of global selling in February,
according to investors and an-
among Asian investors causing
a shortfall in demand.
Guneet Dhingra, head of
0.4 day

New York 1.5 Prices

alysts. It was prompted by ef- U.S. rates strategy at Morgan morning BY DAVE SEBASTIAN
forts to complete their invest- Stanley in New York, tracked 0.2 AND ANNIE GASPARRO
New York 1.0
ment returns for their financial the differences in the timing afternoon
year ending Wednesday. of market moves. He found Makers of everything from
Dai-ichi Life Insurance Co., that during February, when 0 diapers to cereal are starting
0.5
one of Japan’s major insurance the Treasury selloff acceler- to feel the strain of higher
firms, said it had been selling ated, most of the upward commodity prices, and some
some U.S. Treasurys and rein- move in yields came during are passing the added cost
–0.2 0
vesting in sovereign and cor- Japanese trading hours. along to consumers.
porate bonds in other curren- In March, up until the re- Jan. 4 – Feb. 24 Feb. 1 – March 19 March 22 – 26 2020 ’21 Kimberly-Clark Corp. said
cies. It wouldn’t give further cent Fed rate-setting meeting, Sources: Securities Industry and Financial Markets Association (market share); Wednesday it plans to raise list
details, but said it was work- Please turn to page B7 Morgan Stanley (yield moves); U.S. Department of the Treasury (holdings) prices across much of its North
America consumer-products
business to help counter rising

Archegos Losses Show Risks of Family Offices

raw-material costs. The maker
of Huggies diapers and Scott
paper products said the per-
centage increases would be in
BY GREGORY ZUCKERMAN These firms, which manage by UBS Securities. Sixty-nine funds. This is a departure from and might have contributed to the mid- to high-single digits
huge piles of wealth for indi- percent of these offices were more traditional family-office last week’s liquidation of more and take effect in late June.
Enormous losses at viduals or families, are proving established since 2000, the re- investments in stocks and than $30 billion of positions They will apply to the com-
Archegos Capital Manage- to be increasingly important to port found. bonds—as well as private eq- held by Archegos and its pany’s baby- and child-care,
ment have cast a rare spot- the financial system. Just 121 As they have grown, some uity and venture capital, which banks. The family office adult-care and Scott bathroom-
light on the growing influence of the largest single-family of- family offices have embraced in recent years have become Please turn to page B12 tissue businesses.
of below-the-radar institutions fices represent an estimated the riskier investment strate- much more competitive. Consumer-products compa-
around the globe called family net worth of $142.4 billion, ac- gies used in previous decades The shift in behavior has  Heard on the Street: Fund’s nies are already firming up
offices. cording to a report last year by the most aggressive hedge raised concerns on Wall Street fall is wake-up call .............. B14 Please turn to page B6

Black Executives Fight INSIDE H&M Sticks to Ethics Stance

Restrictive Voter Rules That Sparked Anger in China
BY TE-PING CHEN and other corporations with
AND CAMERON MCWHIRTER headquarters in Atlanta had BY STU WOO
said they had worked behind
Dozens of prominent Black the scenes to lobby Georgia The chief executive of H&M
executives called on corpora- lawmakers to make changes to Hennes & Mauritz AB said
tions to fight Republican-led the legislation, they had the fashion giant wants to be a
legislation they say would limit largely refrained from publicly AIRLINES “responsible buyer,” standing
voting access for Black voters criticizing it—prompting boy- Delta to start filling by a human-rights position
in numerous states, and Delta cott calls from some voting- that angered Beijing and trig-
Air Lines Inc.’s chief executive rights activists.
planes’ middle seats gered the brand’s disappear-
ROMAN PILIPEY/EPA/SHUTTERSTOCK

publicly clashed with Georgia’s In a Wednesday appearance again as fliers ance from the internet in
governor over a similar law on CNBC, Coca-Cola Chief Ex- return. B3 China.
passed there last week. ecutive James Quincey said the “We want to be a responsi-
The efforts by Black busi- company had always opposed ble buyer, in China and else-
ness leaders, as well as new the legislation, which he called where, and are now building
statements from Delta, Coca- unacceptable. Private efforts to forward-looking strategies and
Cola Co. and other companies lobby hadn’t worked, he said, actively working on next steps
on Wednesday, come after “and so we’re being more with regards to material
civil-rights advocates had for forceful in our public position.” sourcing,” said Chief Executive
days said Georgia-based corpo- The 72 Black executives, Helena Helmersson during a H&M said about 500 of its stores in China had been closed.
rations hadn’t done enough to who include Merck & Co. CEO conference call coinciding with
push back against that new Kenneth Frazier, former Amer- the company’s earnings. viral. That triggered govern- leagues and business partners
state voting law. ican Express Co. CEO Kenneth Last week, China’s leading ment criticism and attacks in China.” She said 20 of
Opponents say the new vot- Chenault and Mellody Hobson, e-commerce, ride-hailing, from pro-Beijing social-media H&M’s roughly 500 stores in
ing rules will make it harder Starbucks Corp. chairwoman TECHNOLOGY daily-deals and map applica- influencers in the country. the country had been closed,
for voters in underrepresented and co-CEO of Ariel Invest- Smartphone app tions removed any reference Ms. Helmersson said the answering a question about
communities to cast ballots, ments LLC, signed an open let- to H&M after a statement it is- Swedish company remained whether landlords were forc-
while backers say the rules are ter published in a full-page
pitches 99-cent views sued last year about not committed to the Chinese Please turn to page B2
needed to preserve election in- New York Times ad on for young sports fans sourcing material from Xinji- market and was “dedicated to
tegrity. Wednesday. In it, they pushed without cable. B5 ang, a major cotton-producing regaining the trust and confi-  China’s attacks on H&M and
Though Delta, Coca-Cola Please turn to page B2 region in China, suddenly went dence of our customers, col- other brands follow script.. B2
 .

B2 | Thursday, April 1, 2021 * *** THE WALL STREET JOURNAL.

INDEX TO BUSINESSES BUSINESS & FINANCE

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

A General Mills...............B1 Nomura......................B14

Adidas ......................... B2 Generate Biomedicines P
Alphabet ................ B4,B5 .....................................B5
Pantheon Ventures...B12
Apple....................B4,B14 Goldman Sachs..B12,B14 Paxos Trust Company
Archegos Capital Grab...........................B13 ...................................B14
Management.....B1,B14 Grail.............................A2 PayPal........................B14
B Green Forest Cabinetry Pfizer.....................A1,A6
.....................................B6
Baidu ......................... B14 R
BioNTech ............... A1,A6 H
Robinhood Markets..B13
BlackRock..................B12 Hennes & Mauritz.B1,B2
S
C Hormel Foods..............B1
Huawei Technologies..B1 Singapore Technologies
Credit Suisse.............B14 Engineering...............B4
Hyundai Motor..........B14
Crypto.com................B14 Sony Music
Cubic............................B4 I Entertainment..........B4
D Illumina.......................A2 Spotify Technology.....B4

Deliveroo.....................B4
Intel.............................A4 T
Delta Air Lines......B1,B3 J TaxBit........................B14
Deutsche Bank..........B14 Jasper Ridge Partners Tesla..........................B14
...................................B12 Twitter ........................ B5
E
J.M. Smucker..............B6 U

CHINATOPIX/ASSOCIATED PRESS
Elliott Investment
Management.............B4 K United European Car
Endeavor ..................... B5 Kimberly-Clark............B1 Carriers.....................A2
UnitedMasters............B4
F M
V
Facebook ..................... A3 Merck.....................B1,B5
Flagship Pioneering....B5 Microsoft .................... A3 Visa............................B14
Ford Motor..................B1 Moderna.................A6,B5 W
G Morgan Stanley........B14 Waste Management...B6
GameStop....................B7 N WestRock....................B6 The campaign was directed at companies that expressed concern over forced labor. A cotton harvester in China’s Xinjiang region.
Geely ......................... B14 Nike.............................B2 X

H&M Social-Media Attacks

General Dynamics.......A3 NIO ............................ B14 Xiaomi.......................B14

INDEX TO PEOPLE
B
Bastian, Ed..................B2
Bessel, Rich .............. B13
Bissoon, Neranjan.......B7
H
Harmening, Jeff..........B1
Hart, Nate...................B7
Hauenstein, Glen........B3
M
Madrigale, Angelo ...... B7
Musk, Elon.............B5,B7
Celebrated by Chinese Officials
N
C Helmersson, Helena...B1
Nally, Michael.............B5
BY EVA XIAO other hot-button issue, Hong suggested China should respond tions, instead describing the in-
Chenault, Kenneth......B1
Hobson, Melody..........B1 Kong. At a meeting late last reasonably and with legal evi- ternment camps as vocational-
Horrowitz, Andreessen Q Propaganda officials quietly month officials from China’s dence if foreign companies pub- training centers aimed at
Clepp, Chris.................B7
.....................................B4 Quincey, James...........B1 celebrated in Beijing two days Foreign Ministry and the Com- lished “improper statements” countering terrorism and reli-
Cue, Eddy .................... B4
Hu, Ken........................B1 R after a Chinese social-media munist Party’s Propaganda De- on Xinjiang, but that pressure gious extremism.
D
J Reilly, Joseph..............A4 post helped ignite a frenzy of partment raised the example of should come from the public Despite the Chinese govern-
Dhingra, Guneet..........B1 outrage against Western cloth- Hong Kong, and talked about and industry, not the govern- ment’s efforts, Western nations
Dorsey, Jack................B7
Josephson, Adam ....... B6 S
Jun, Lei......................B14 ing brands, according to people the need to push back on Xinji- ment. have grown more aggressive in
F-G Stoute, Steve..............B4
K
familiar with the matter, in ang as international attention Allegations that Beijing is attempting to punish China
Struckhoff, Chris ........ B7
Fish, Jim......................B5 what they saw as a victory in a has shifted to the Uyghurs, ac- committing crimes against hu- over Xinjiang. In March, the Eu-
Fohlin, Caroline...........B7
Kehoe, James..............B3 T-W new effort to inoculate China cording to people briefed on the manity or genocide in the re- ropean Union imposed sanc-
Frazier, Kenneth ......... B1 L Thompson, Al ............. A4 against criticisms from the proceedings. gion, which it denies, have be- tions on Chinese officials for
Gelsinger, Pat.............A4 Lee, Matt .................... B1 Wuttke, Joerg.............B2 West. After pro-democracy pro- come a flashpoint in relations the first time in four decades
The furor that scorched tests broke out in Hong Kong in with Western nations. China’s for human-rights abuses against
Hennes & Mauritz AB’s H&M, 2019, Beijing authorities ini- ruling Communist Party has be- Uyghurs. The U.S., U.K. and

Black speak to Black community

leaders and employees, he
said, it became evident the law
Nike Inc., Adidas AG and other
boldface names of global retail,
threatening them with lost rev-
tially censored the news on the
Chinese internet before revers-
ing course and promoting pro-
come more aggressive about Canada quickly did the same.
Beijing is pressing on. After
lambasting Western broadcast-

Executives would make it harder for many

voters, particularly Black vot-
ers, to exercise their right to
enues in one of the world’s
most lucrative consumer mar-
kets, began with a message
test images as evidence of an
alleged plot by Western powers
to destabilize China. The Com-
In March, the
European Union
ers for their reports on Xinji-
ang, Chinese state broadcaster
China Central Television is

Sign Letter vote. “That is wrong,” he

wrote.
“I need to make it crystal
from a blogger on China’s Twit-
ter-like Weibo service on March
23, according to an analysis by
munist Party has since ce-
mented its grip on the former
British colony, winning support
imposed sanctions
on Chinese officials.
scheduled on Friday to air “The
War in the Shadows,” a 60-min-
ute documentary it says will
clear that the final bill is unac- Doublethink Lab, a Taipei-based at home despite opposition “reveal the reasons behind the
Continued from page B1 ceptable and does not match nonprofit that has researched from Western governments. Xinjiang’s terrorism.”
companies and business lead- Delta’s values,” he added in the online Chinese state disinforma- As officials discussed re- A group of United Nations
ers across the country to sway memo. tion. China fanned the flames sponding in a similar manner countering those claims and experts issued a statement this
legislative debate. Mr. Bastian also criticized through state-media outlets and on Xinjiang, the topic of cotton took to Twitter and Facebook week that suggests business in-
“This is a nonpartisan issue, lawmakers who had pushed for Communist Party-affiliated so- came up, two of the people fa- more frequently than ever be- volvement in Xinjiang will con-
this is a moral issue,” Mr. Georgia’s law. “The entire ra- cial-media accounts. miliar with the matter said. The fore last year to portray its pol- tinue to be a source of conflict
Chenault said in an interview. tionale for the bill was based The campaign, directed at possibility of pressuring foreign icies as beneficial to the region. between Beijing and the West.
Mr. Frazier said that as dozens on a lie,” he said, calling alle- H&M and other companies over companies with business inter- In Xinjiang, Chinese authori- In the statement, members
of other states consider similar gations of widespread voter their expressions of concern ests in China to advance Bei- ties have targeted the region’s of the Human Rights Council’s
legislation, companies must fraud “simply not true.” about forced labor and discrim- jing’s interests was discussed. mostly Muslim ethnic minori- Working Group on Business and
act. “This is not a Georgia is- Mr. Kemp, who signed the ination against the mostly Mus- Some scholars present at the ties with mass-detention intern- Human Rights said they had re-
sue,” he said. bill into law last week, took is- lim Uyghur minority in China’s meeting argued that Beijing ment camps and omnipresent ceived information linking more
Ursula Burns, former CEO of sue with Mr. Bastian’s memo, remote Xinjiang region, came as needed to loudly refute every surveillance as part of a cam- than 150 Chinese and foreign
Xerox Holdings Corp. and an- saying that his office had con- Beijing draws lessons from false story or statement about paign of forced assimilation. companies to allegations of hu-
other signatory to the letter, sulted regularly with Delta and what it considers a successful Xinjiang, the people said. Other Beijing has denied all allega- man-rights abuses against Uy-
said she had reached out to that the company had made no fight with the West over an- scholars and political advisers tions of human-rights viola- ghur workers.
board colleagues at Exxon Mo- objections. “At no point did
bil Corp. and Uber Technolo- Delta share any opposition to
gies Inc., where she is a board
member, to ask what action
they plan to take. She said she
expanding early
strengthening voter ID mea-
voting,

sures, increasing the use of se-

H&M China despite the ban, largely
because basketball fans lack a
serious alternative. By late last
that it stirred,” he said. He
added that “China has no in-
terest to look ugly in the
down on their attacks against
H&M. Xu Guixiang, a spokes-
man for the Xinjiang region’s
expected directors at other
companies to do the same.
“People are going to have to
cure drop boxes statewide and
making it easier for local elec-
tion officials to administer
Stands Fast year, it was back.
Others haven’t fared as
well. South Korean conglomer-
world’s eyes” with companies
such as Nike and Adidas in-
vested in the Winter Olympics
government, said in a news
conference Monday that the
“time when China suffered
respond,” she said. “Compa-
nies are going to have to say
something.”
elections—which is exactly
what this bill does,” he said.
The Georgia law, which was
In China ate Lotte Group became a tar-
get of Beijing after Seoul iden-
tified a Lotte-owned golf
in Beijing next year.
For now, though, Chinese
officials appear to be doubling
bullying and humiliation from
Western nations is never com-
ing back.”
Republican legislators in passed by both chambers course in South Korea as a site
Georgia have said new rules along party lines, is far less ex- Continued from page B1 for a missile-defense system,
are needed, in part to assure tensive than numerous bills ing them to shut. She declined which Beijing opposed. Lotte

SAVE
the public that voting is fair that were initially proposed by to elaborate on why or when. suffered losses as officials be-
and to ease concerns there the state’s GOP legislators. The She also declined to answer a gan suspending operations at

$
100
might have been fraud this law requires absentee voters to question about whether H&M’s some stores, citing code viola-
past election season. No court request ballots by providing supply chain in China has been tions. It retreated from the
or legislative body has found their driver’s license number, impacted. market in 2017.
evidence of widespread voter the last four digits of their So- The standoff has turned H&M has more room to ma-
fraud. cial Security number or a copy H&M, one of the world’s largest neuver than other companies.
Despite pressure from then- of some other accepted form of clothing retailers, into the lat- While publicly listed, it is fam-
President Donald Trump to identification. They also have est test case for how a big ily controlled, giving it some
overturn the results, Republi- to provide this information Western brand navigates a Chi- freedom from investor pres-
can Gov. Brian Kemp, Georgia’s when they mail in their ballots. nese government increasingly sure. China was H&M’s third
secretary of state and other Currently, people sign an ab- willing to assert itself over the biggest market by sales in the Reg. $29999 | SALE $19999
Republican officials also af- sentee-ballot application and actions of foreign companies. quarter ended February, ac-
firmed the integrity of the sign an inside envelope con- For many consumer-focused counting for 6% of overall rev-
state’s 2020 presidential elec- taining the ballot when they companies, the country is their enue. The company didn’t dis-
tion after conducting two mail it in. fastest-growing market. But close any financial impact
statewide recounts and a par- The law also places new Beijing’s willingness to inter- from the ban.
tial audit of mail-in votes in limits on how parties and vot- vene with Western companies, H&M said last September
one county. ing groups mail out absentee- or call out foreign businesses it that it wasn’t sourcing mate-
On Wednesday, Delta CEO ballot request forms, and lim- sees as not toeing the govern- rial from China’s Xinjiang re-
Ed Bastian issued a memo to its the number of ballot drop ment’s line, can become a ma- gion, where human-rights or-
employees more sharply criti- boxes to one per county except jor pitfall. ganizations say authorities use
cizing the new Georgia law
than the company had in pre-
for large counties, which can
set up one box for every
Alexander Shapiro, head of
strategy at Beijing branding
forced labor. Beijing denies the
accusation.
Can’t Hear
vious statements. After he had
time to fully understand the
100,000 registered voters.
—Alison Sider
agency PBB Creative, said
H&M essentially has two
That statement began circu-
lating widely only last week in Voices On TV?
legislation’s provisions and contributed to this article. choices: It can keep its head Chinese media, sparking a New AccuVoice® AV157 Speaker uses
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In the case of the National ject to such an across-the-

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ing worked. It disappeared Joerg Wuttke, president of
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 .

THE WALL STREET JOURNAL. Thursday, April 1, 2021 | B3

BUSINESS NEWS

Walgreens Profit
Gets Boost From
Covid-19 Vaccines
BY SHARON TERLEP workers and customers safe
AND MICAH MAIDENBERG and stores stocked.
The U.S. Centers for Medi-
Walgreens Boots Alliance care and Medicaid Services an-
Inc. says money made from nounced in March that it would
administering Covid-19 vac- increase the payment rate for
cines should begin to offset vaccines to $40 for each dose,
pandemic-related losses as up from $28 for a single dose

SHANNON STAPLETON/REUTERS
more people get shots and the and $45 for two doses.
U.S. government pays a higher It isn’t clear if all insurers
reimbursement rate. will match the government’s
The company said Wednes- $40 rate, Walgreens finance
day it has administered more chief James Kehoe said, though
than eight million vaccines to the company’s increased profit
date, including four million in forecast is based on that reim-
March. Executives now expect bursement rate.
the company to administer 26 The company reported a The airline says it will change its policy starting May 1 as nearly 65% of its customers anticipate having a vaccine by that date.
million to 34 million shots stronger profit for its latest

Delta to Resume Filling All

during its fiscal year, which quarter, a performance that
ends Aug. 31. The higher num- comes as it looks to make it-
ber in part led the company to self a cornerstone in the dis-
lift its profit forecast. tribution of Covid-19 vaccines
Covid so far has hurt Wal- under new Chief Executive Ro-
greens more than it has
helped, the company said.
Store sales are down amid
pandemic-related lockdowns,
prescription volumes dropped
salind Brewer.
Rivals including CVS Health
Corp., as well as supermarket
chain Kroger Co. and Walmart
Inc., are also pushing to get
Middle Seats as Fliers Return
as people put off medical care, consumers to visit their loca- BY ALISON SIDER seat on our aircraft.” Rival carriers have been Reopening middle seats will
and sales of cold-and-flu prod- tions to receive vaccines. Airlines including Delta filling planes to capacity for be “an incredibly powerful
ucts tanked as Covid precau- “Our team will move swiftly Delta Air Lines Inc. said it have argued that the chances months. Southwest Airlines tool” to quickly boost revenue,
tions prevented many people and decisively to best serve plans to resume filling middle of catching Covid-19 during a Co. estimated that capping the President Glen Hauenstein said
from getting sick from other the needs of our patients, cus- seats starting May 1 after flight are low due to air filtra- number of passengers onboard at a March investor conference.
bugs. Meantime, the company tomers and communities blocking them for over a year, tion and ventilation systems, to keep middle seats empty The airline is already close to
is spending more to keep around the world, at this criti- the latest sign that airline exec- even if all seats are full. Exec- cost it $40 million over the breaking even after losing mil-
cal time and beyond,” said Ms. utives believe U.S. air travel is utives at United Airlines Hold- months of October and No- lions of dollars a day through
Walgreens comparable sales, Brewer, who took the helm at starting to get back to normal. ings Inc. had argued last sum- vember. That airline said it got much of the pandemic.
change from previous year Walgreens earlier in March. Delta was the last U.S. car- mer that social distancing an $80 million revenue boost “As demand continues to re-
Walgreens on Wednesday rier blocking middle seats in during flights is impossible in December as a result of lift- turn and as we release those
Pharmacy sales Retail sales reported $32.8 billion in sales coach sections, arguing that and that holding some seats ing the restriction at the be- seats into the future, that’s go-
6% from continuing operations for emptier planes were a selling open was more of a marketing ginning of that month. ing to be an incredibly strong
its quarter that ended Feb. 28, point with customers that bur- ploy than a safety measure. Delta extended its seat lever for us with very minimal
up almost 5% from the year- nished Delta’s reputation as a People have started travel- blocking policy several times cost to open those seats up,” he
4 earlier period. premium airline. ing again to visit friends and but had long said it eventually said at the March conference.
Comparable sales in the But empty seat buffers may relatives or head to vacation planned to fill the middle seats Delta also said it would ex-
U.S. were up 2%, including a no longer be needed to give destinations after a year of be- again. In February, Delta said it pand food service in the com-
2
4.5% gain in pharmacy items. passengers peace of mind now ing cooped up at home. U.S. would keep blocking middle ing months, with plans to
Demand for other retail prod- that vaccination rates are ris- airports are busier than they seats at least through the end bring back in-flight snacks in
0 ucts was lower, amid a weaker ing, and the policy is becom- have been in a year, with close of April and would continue to mid-April, instead of the snack
cough, cold and flu season, the ing more costly to keep up as to 1.6 million people passing reassess the policy. bags and water bottles it has
company said. demand returns. through security checkpoints Delta has held that keeping been handing out to reduce in-
–2 Profit rose to $1.03 billion, Chief Executive Ed Bastian Sunday, according to the seats empty has given it an teractions during the pan-
or $1.19 a share, from $946 said Wednesday that nearly Transportation Security Ad- edge over competitors—cus- demic.
million, or $1.07 a share, for 65% of Delta’s pre-pandemic ministration. Airlines are add- tomers have been willing to Still, Delta is extending cer-
–4 the year-earlier period. After customers anticipate having at ing flights to match the rising pay higher fares in exchange tain policies to provide more
FY2020 ’21 adjustments, Walgreens re- least one dose of a Covid-19 demand. That makes blocking for the extra space and peace flexibility to customers as the
ported earnings of $1.40 a vaccine by May 1, “giving us seats a costlier decision than of mind. But Delta has also pandemic’s uncertain trajec-
Note: Second quarter of fiscal 2021 ended
Feb. 28. share, ahead of what analysts the assurance to offer custom- it was when airlines were posted wider losses than other tory continues to weigh on
Source: the company expected for that metric. ers the ability to choose any struggling to fill planes. big carriers. travel.

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B4 | Thursday, April 1, 2021 THE WALL STREET JOURNAL.

TECHNOLOGY WSJ.com/Tech

Deliveroo
Plunges 26%
In Debut
Selloff highlights angst and other cyclical stocks that
struggled during the spread of
about the food-delivery Covid-19 appear more attrac-
startup’s ability to tive.
Deliveroo, the U.K.’s equiva-
sustain growth
CHRIS J. RATCLIFFE/BLOOMBERG NEWS

lent of DoorDash Inc., closed

Wednesday at £2.87 a share on
BY BEN DUMMETT the London Stock Exchange,
AND PARMY OLSON below its initial public offering
price of £3.90, valuing the
LONDON—Shares of De- company at £5.6 billion, equiv-
liveroo Holdings PLC dropped alent to around $7.7 billion.
26% on their first day of trad- A surge in demand for on-
ing, as investors shunned a line deliveries fueled by pan-
landmark offering from the demic-induced lockdowns
Amazon.com Inc.-backed food- made Deliveroo’s IPO one of Demand for online deliveries fueled by pandemic-induced lockdowns made the IPO one of the most anticipated in Europe in 2021.
delivery startup amid concerns the most anticipated in Europe
over whether it can maintain in 2021. However, investors’ Those concerns and recent about the viability of London neighborhood of Chelsea in Shares of Deliveroo Holdings
its pandemic momentum. interest has cooled in recent market volatility prompted De- as a listing venue for tech 2013, Deliveroo, like other as traded in London
The downbeat debut casts a days—with large institutions liveroo to price the offering at companies. “There are more food delivery companies in Eu-
£4.0
shadow over an otherwise in the U.K. including Aviva In- the bottom end of an initial funds in the U.S. that want to rope and the U.S., has thrived IPO price: £3.90
buoyant global market for ini- vestors and Standard Life Ab- £3.90 to £4.60 range. buy tech and growth stocks during the pandemic as home-
tial public offerings. The total erdeen PLC, saying they Other listed delivery com- versus the U.K.,” they said. bound consumers ordered in.
value of IPOs is up more than wouldn’t buy shares—amid panies have also fallen out of Deliveroo issued about £1 Last year, Deliveroo’s net
500% at $195.5 billion in 2021 growing concerns about the favor of late. Shares of Door- billion worth of new shares in revenue surged about 54%
versus the comparable period company’s profit outlook. Dash have fallen by around the offering, while existing from 2019 to £1.2 billion, while 3.5
last year, according to data Some investors think the 40% since its February high of shareholders, including Ama- its loss narrowed to £226.4
from Dealogic. That gain rollout of Covid-19 vaccines $250. Shares in Just Eat zon, sold a portion of their million. Meanwhile, the total
comes as investors have em- could speed a return to physi- Takeaway.com NV, which stakes worth a total of about value of transactions pro- Wednesday
braced offerings from compa- cal restaurants, undercutting bought U.S. rival Grubhub last £500 million. cessed in January and Febru- £2.87
nies that have thrived in the demand for Deliveroo’s deliv- year for $7.3 billion, have de- Amazon, which acquired a ary 2021 grew 121% on the 3.0
-26%
pandemic, including Europe’s ery services. Meanwhile, ana- clined by a third since their 16% stake in Deliveroo in 2019 year.
InPost SA, a parcel-locker pro- lysts say a recent U.K. court record high in October. in a funding round that valued Deliveroo’s challenge is to
vider, and South Korea e-com- ruling that a group of Uber The opening day fall for De- the company at $3.5 billion, is maintain that momentum in a
merce giant Coupang Inc. Technologies Inc. drivers were liveroo prompted consterna- expected to see its holding de- post-pandemic environment.
However, Wednesday’s sell- entitled to a minimum wage tion among some investors, cline to around 11% following To boost revenue, it has been
2.5
off in Deliveroo shares shows and other benefits, could set a particularly since the offering the IPO. The e-commerce giant expanding its network of de-
this appetite could be waning, precedent for other gig-econ- had been oversubscribed. will remain Deliveroo’s biggest livery-only kitchens, and deliv- 8 a.m. 10 noon 2 p.m. 4
as the reopening of some omy workers, potentially rais- One investor said the per- shareholder. ering groceries for a group of Note: £1 = $1.378
economies makes bank, energy ing Deliveroo’s costs. formance raised questions Founded in the London U.K. supermarket chains. Source: FactSet

Cubic Accepts Veritas, Apple Backs Firm That Helps Artists

Elliott Affiliate Deal Release Music Without Major Labels
BY ALLISON PRANG Veritas was in shareholders’
best interest “based on the su-
Cubic Corp. said it ac- perior certainty and antici- BY ANNE STEELE
cepted a proposal to sell itself pated timing of closing the ex-
for $75 a share in cash to Ver- isting transaction with” the Apple Inc. is investing in in-
itas Capital and an Elliott In- two private-equity firms. dependent music artists.
vestment Management LP af- The $75-a-share offer is The tech giant led a $50
filiate, the latest development higher than the offer of $72 a million fundraising round for
in the bidding war for the de- share that Veritas and the El- UnitedMasters, a three-year-
fense- and transit-technology liott Management affiliate old artist-services company
company. made earlier. That offer had that helps musicians distribute
Including debt, the deal will been raised from $70 a share. and market their music while
be valued at about $3 billion, Singapore Technologies En- allowing them to keep their
Cubic said Wednesday. gineering also increased its of- copyrights.
The $75-a-share buyout of- fer from $76 to $78, The Wall Launched in 2017 with $70
fer is less than the unsolicited Street Journal earlier re- million in Silicon Valley back-
offer of $78-a-share that Cubic ported. ing, UnitedMasters is an alter-
received from Singapore Cubic, based in San Diego, native to the traditional major
Technologies Engineering provides technology products label system, which typically
JOHN SCIULLI/GETTY IMAGES FOR NBA

Ltd. to the military in addition to requires artists to give up the

Cubic said its board consid- transit systems such as the rights to their music in ex-
ered Singapore Technologies London Underground and the change for an advance, distri-
Engineering’s revised proposal New York Metropolitan Trans- bution, marketing and promo-
to buy Cubic for $78 a share, portation Authority. The U.S. tion. Artists choose to pay a $5
but said the revised proposal and allied forces are among its monthly subscription fee or
from Evergreen Coast Capital defense customers. give a 10% take to UnitedMas-
Corp.—the Elliott Investment Cubic shares fell 2.3% to ters, and retain ownership of
Management affiliate—and $74.57 on Wednesday. their music. The company has
released music from more than
one million artists, including UnitedMasters has released music from more than one million artists, including Tobe Nwigwe.
ADVERTISEMENT NLE Choppa, Lil Tecca, Lil
XXEL, and recent breakouts artists to be focused on creat- UnitedMasters at $350 million. dio and promoted. The rise of
The Marketplace
To advertise: 800-366-3975 or WSJ.com/classifieds
Tobe Nwigwe and Curtis
Roach, whose “Bored in the
ing the best music on the
planet. That’s their art and
The money will be used for in-
ternational expansion, hiring
streaming on services like Spo-
tify Technology SA and Apple
House” went viral on TikTok skill and it’s hard to have to be and building out technology. Music has made it easier for
during the pandemic lock- the marketing person and the Independent artists repre- artists to release their music
BUSINESS OPPORTUNITIES downs. finance person and the sales- sent the fastest-growing part when and how they want, with
The investment ties into person and do all these things of the recorded-music busi- or without the help of a label.
how Apple, which operates the when you’re starting out.” ness. Revenue from indie la- “We’re at the beginning of a
  
  world’s second-largest stream- UnitedMasters founder bels and artists grew 27% in new way these models around

   
ing service by subscriptions,
has positioned itself as cre-
Steve Stoute was previously an
executive at Sony Music En-
2020, increasing their com-
bined streaming market share
artists are going to work going
forward—everyone’s moving
     
ator-friendly. The investment tertainment and Interscope to 31.5%, according to industry from employee to ownership,”
    is also a sign that new types of Geffen A&M Records. He had data provider Midia Research. said Mr. Stoute.

    !" deals independent artists make
to get their music out into the
also started ad agency Transla-
tion, which is now part of
Artists who distributed music
without any label grew by a
Yet major labels continue to
benefit the most from stream-
#$ %  world are multiplying and tak- UnitedMasters and helps high- staggering 34.1% last year to ing services, which pay out
  & '(  ing hold in the industry. profile clients including the become a billion-dollar market from a pool of subscription
and advertising revenue based
$$$') *( “We’ve always been about
trying to help artists and the
NBA, ESPN and State Farm
connect with artists.
for the first time.
When music was sold via on market share. While virtu-
+ ,(( best way to empower them is Google parent Alphabet Inc. CDs and digital downloads, ally anyone can release music
-./ 0" 1234 312 to make it easy for them to and Andreessen Horowitz, al- signing to a label was essen- on a streaming service, it’s
create and get their music out ready investors in the com- tially the only way for an artist hard to stand out; Spotify has
there,” said Eddy Cue, Apple’s pany, also joined in the Series to have their music broadly said over 60,000 new tracks
PRODUCTS head of services. “We want B funding round, which values distributed, played on the ra- are uploaded each day.

Sanctions to spy or disrupt networks,

and under the Trump adminis-
tration embarked on a global
showed a decline for the year.
Its carrier business, which
builds telecom networks, grew
Huawei's quarterly revenue
300 billion yuan
220.1B yuan

Hurt campaign to block the com-

pany from selling its 5G tech-
nology to allied nations. Hua-
just 0.2%. Even its consumer
business, its largest segment,
rose 3.3% in spite of the drop 240
t11.2%

Huawei wei has repeatedly denied the

allegations.
One bright spot was its reve-
in smartphone sales.
Huawei executives attri-
buted that gain to booming 180
nue in China, which grew 15.4% sales of other gadgets, such as
Continued from page B1 to 584.9 billion yuan last year, laptops, smart watches, tablets
stockpile can last, and com- helped by the rapid build-out of and headphones. Such devices
pany executives didn’t give a 5G networks, of which Huawei have enjoyed robust sales 120
firm timeline. Most analysts is a major supplier. Revenue in globally because of the rise in
BUSINESS OPPORTUNITIES have said they expect Huawei Europe, the Middle East and remote working during the
to run out of supplies some Africa as a region fell by 12%. coronavirus pandemic. Huawei 60
THEMARKETPLACE time this year, though its tele- In the Americas, revenue fell by was briefly the most popular
  
    ADVERTISE TODAY com infrastructure business a quarter. The results were dis- handset brand in the world
likely can last longer than its closed in its once-yearly au- last year.

     (800) 366-3975
smartphone business because dited annual report. The com- Huawei again boosted its
0
For more information visit: 1Q 2019 1Q ’20
        it isn’t as heavily dependent pany releases more-limited, R&D spending, to 142 billion
wsj.com/classifieds on large volumes of cutting- unaudited financial figures yuan. Cash flow from opera- Notes: Figures derived from WSJ calculations
   
  edge chips. throughout the year. tions fell 62% to 35.2 billion based on prior Huawei disclosures.
© 2021 Dow Jones & Company, Inc. 1 billion yuan = $152 million.
All Rights Reserved. U.S. officials have said Hua- None of Huawei’s three yuan, which Mr. Hu attributed
wei equipment could be used main business segments in part to higher R&D spending. Source: the company
 .

THE WALL STREET JOURNAL. * * Thursday, April 1, 2021 | B5

TECHNOLOGY

Former Merck Startup Pitches 99-Cent Views

Executive Hired by
Life-Sciences Firm
For Young Fans Without Cable
BY BENJAMIN MULLIN Average viewership of NHL
BY JARED S. HOPKINS cording to Flagship. Last year it games by age*
secured $1.1 billion for a new Sports leagues and TV net-
400 thousand viewers
Former Merck & Co. execu- fund aimed at starting new works are finding it increas-
tive Michael Nally, who was a companies. ingly challenging to reach
candidate to be its next chief Generate Biomedicines in- young fans, many of whom
executive, will join life-sciences vented a machine-learning- don’t have cable subscriptions
platforms firm Flagship Pio- based system to generate anti- and are content to devour 300
neering and take the helm of bodies, enzymes, proteins and game highlights on social me- Ages
one of its startup companies. other biotech drugs that could dia. 55-99
Flagship Pioneering said Mr. treat cancer, autoimmune disor- Buzzer, a new startup, says
Nally would become a partner ders and other illnesses. it has a way to draw in those 200 35-54
at its Cambridge, Mass.-based Mr. Nally said he was drawn fans and make them pay up.
firm and chief executive of Gen- to Flagship and Generate be- Its forthcoming smartphone
erate Biomedicines Inc., which cause of the biotech company’s app will show users “live look-

ADRIAN KRAUS/ASSOCIATED PRESS

Flagship launched last year to cutting-edge technology and ins”—short snippets of live 100 18–34
leverage machine-learning to potential to accelerate drug dis- game action—for 99 cents
develop biotechnology drugs. covery and development. He apiece. Viewers who want to
Mr. Nally spent 18 years at said the company has already see more can tap a link that
Merck, heading its vaccines been able to develop some lets them subscribe to stream- 0
business and most recently as workable proteins in a matter ing services that show those 2016 ’17 ’18 ’19 ’20
its chief marketing officer of of months, which would nor- games, with Buzzer collecting
human health. He was among mally take two years through a referral fee. *For seasons ending the year shown
Note: Includes NBC, NBCSN, CNBC, USA
the finalists to succeed Ken Fra- traditional pharma R&D. The company says it has se- Network, Golf Channel
zier as chief executive but “What you’re really trying to cured live rights to National Buzzer says it has secured rights to NHL games and the PGA Tour. Source: Nielsen
Merck’s board ultimately se- do is leverage computational Hockey League games and the
lected Robert Davis, its chief fi- power and approaches,” he PGA Tour, and is scouting off exciting but ephemeral mo- Abilene Christian was on track ter, YouTube and Instagram.
nancial officer. said. “We will be able to create deals with other major leagues ments in sports before they be- to upset third-seeded Texas in Leagues include highlight
Flagship forms and backs novel proteins in a way that we ahead of a launch in May or came free highlights online. March, Mr. Han imagined send- rights in their deals with ma-
healthcare and sustainability haven’t seen historically.” June. “Once the game is over, it’s ing an alert to smartphone us- jor media companies.
startups, including Covid-19 Flagship has created and Buzzer was founded by Bo just a clip on Twitter,” Mr. Han ers, advising them they could Viewership of live sports
vaccine maker Moderna Inc., funded several startups that Han, the former director of live said. “And that’s a commod- watch the final minutes of the decreased sharply in the 2020
while also performing its own have gone public in recent content at Twitter Inc., who itized product.” game for just 99 cents. fourth quarter, according to a
drug R&D and partnerships years, including Moderna, oversaw many of the com- Mr. Han cited a recent Sports highlights are ubiq- report from media analyst Mi-
with companies. It employs whose Covid-19 vaccine was pany’s partnerships with sports “March Madness” college bas- uitous on social media, with chael Nathanson, and this
hundreds of scientists and files cleared by regulators in De- leagues. He said he saw an op- ketball game as a potential use clips of dunks and touchdown year’s Super Bowl drew the
dozens of patents each year, ac- cember. portunity to build a business of Buzzer. When 14th-seeded receptions going viral on Twit- lowest audience since 2007.

Endeavor Files With SEC for Listing Ford to added that it would provide an
update on the financial impact
of the semiconductor shortage
when it reports quarterly re-
BY KIMBERLY CHIN
AND MAUREEN FARRELL
public in the coming weeks.
As part of the deal in a sep-
what it plans to raise.
In its filing, Endeavor also
pose acquisition companies.
Endeavor publicly filed for
Halt Some sults on April 28.
Factory workers at the af-
arate private placement that revealed that Elon Musk, CEO an IPO in May 2019 but tabled
Endeavor Group Holdings
Inc. is set to go public, disclos-
will take place at the time of
the IPO, Endeavor will raise
of Tesla Inc. and Space Explora-
tion Technologies Corp., known
those plans later in the year.
The company, known for
Factories fected plants will be put on
layoff status during the down-
time, a Ford spokeswoman
ing plans to take full owner- nearly $1.8 billion from a mix as SpaceX, had been nominated representing Hollywood talent said. In addition to unemploy-
ship of UFC and highlighting of investors. They include Fi- to the company’s board. like Dwayne Johnson and Continued from page B1 ment benefits, Ford also pro-
its transformation from a tal- delity Management & Re- The move to jump on the Charlize Theron, also owns maker--because of the short- vides unionized workers with
ent agency to a media con- search Co., Dragoneer Invest- public-market bandwagon sports and modeling agency age. It also said at the time supplemental pay per the la-
glomerate with a collection of ment Group LLC and Elliott comes as investors are clamor- IMG Worldwide Inc. and the that the production losses bor contract, she added.
high-profile sports and enter- Management Corp. That fund- ing for shares of fast-growing Miss Universe pageant. In globally from the chip short- The actions Ford is taking
tainment brands. ing will go toward buying out companies from videogame 2016, Endeavor bought part of fall in the first and second now illustrate how global car
On Wednesday, Endeavor the 49.9% it doesn’t own of Ul- platforms such as Roblox Zuffa LLC, owner and operator quarters could cut $1 billion to companies confront a bumpy
unveiled paperwork it filed timate Fighting Championship. Corp. to food-delivery compa- of Ultimate Fighting Champi- $2.5 billion from its pretax recovery from the pandemic,
with the Securities and Ex- Endeavor will raise addi- nies such as DoorDash Inc. onship. Endeavor applied to bottom line this year. which last spring led to wide-
change Commission, which sets tional funds from public mar- The IPO market has also been list on the New York Stock Ex- On Wednesday, Ford reaf- spread factory shutdowns in
the stage for the company to go ket investors but didn’t reveal fueled by a rise in special-pur- change under the symbol EDR. firmed its early guidance and the auto industry.

Ray Dalio
Founder,
Co-Chairman
and Co-Chief
Investment Gabrielle Union
Officer,
Bridgewater Actress and
Associates Entrepreneur

May 11–13, 2021 / Online

Ann Mukherjee Jacob Collier

Chairman Singer-
and CEO, Songwriter, Multi-
Pernod Ricard Instrumentalist
North America and Producer

Bill Ackman
José Andrés

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Management, LP ThinkFoodGroup

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B6 | Thursday, April 1, 2021 * * THE WALL STREET JOURNAL.

BUSINESS NEWS

Demand Sends Price of Boxes Higher

BY RYAN DEZEMBER U.S. corrugated product Corrugated-box shipment
shipments growth in the U.S., annually
Stay-at-home orders and RECESSION
425 billion square feet 7.5%
stimulus checks fueled a ban-
ner year for e-commerce and a
run on shipping boxes. 5.0
U.S. producers in 2020 400
churned out nearly 407 billion
square feet of corrugated 2.5
product, from dot.com deliv- 375
ery boxes to watermelon
crates, according to the Fibre 0
Box Association. The year-
over-year rise was 3.4%, equiv- 350

PETER FOLEY/EPA/SHUTTERSTOCK
alent to about 477 square -2.5
miles of additional corrugated
board—enough to cover New 325
York City and then some. -5.0
The demand prompted pro-
ducers to raise prices to new
300 -7.5
highs in autumn and again re-
cently, adding to the supply- 1990 ’95 2000 ’05 ’10 ’15 ’20 1990 ’95 2000 ’05 ’10 ’15 ’20
chain woes piling up on busi- The Amazon retail model calls for more cardboard than a store model, said Waste Management’s CEO. Sources: Fibre Box Association (shipments); KeyBanc Capital Markets (growth)
nesses as the economy reopens.
Already contending with re- board. “I might build wooden than half as a precaution. Chief Executive Jim Fish said such as pulp, chemicals, fuel the proximity to the fall price
cord wood prices, scarce ship- boxes, but cardboard is a sig- “Box demand fell off a cliff more e-commerce could boost and even recycled material increase as well as ransom-
ping containers and fast-rising nificant expense,” he said. for two months, but starting the waste hauler’s recycling like junk mail and boxes. Pro- ware attacks that fouled up
freight, cabinetmaker John K. Box pricing is usually based in June it came roaring back business, which collects card- ducers initiated a $50-a-ton billing systems at big produc-
Morgan now faces more costly on the price of container- as you had the economy re- board curbside and sells it to increase for containerboard in ers forced the latest increase
corrugated board. His Green board, specifically 42-pound open and economic stimulus,” be pulped anew for more the fall, raising the benchmark to be phased in. “There will
Forest Cabinetry is paying unbleached kraft linerboard. said Adam Josephson, a paper boxes. When a store like Best grade to an average of about probably be additional price
22% more for boxes than a That is an often-used variety and packaging analyst at Key- Buy orders 25 Bluetooth speak- $765 a ton. gain in April,” he said.
year ago. Bales of corrugated of the thick paper that sand- Banc Capital Markets. ers, they arrive in one box. Producers announced addi- WestRock executives say
board, which are folded into wiches the fluted layer inside The pandemic housing Sold through Amazon.com, tional increases earlier this the Atlanta company’s mills
custom packaging at the com- box walls and serves as the boom and a surge in remodel- each is shipped in its own box. year. Some said they wanted are back to normal operating
pany’s Chesapeake, Va., fac- basis of many box contracts. ing necessitated a lot of corru- “There is more cardboard and $60 more, others $70. Fast- levels following disruptions
tory, cost nearly 10% more and Producers battened down gated board to wrap big items demand for that cardboard markets RISI’s PPI Pulp & Pa- from a Jan. 23 ransomware at-
he was warned by his supplier for recession at the start of like appliances and cabinets. through an Amazon model than per Week, a trade publication tack that forced it to shut
that prices are headed higher. the pandemic, unsuspecting of Spending shifted from services, there is through a Best Buy that surveys buyers and sell- down information systems, de-
Mr. Morgan ships cabinets the box boom to come. In May, like dining out, traveling and store model,” Mr. Fish said. ers, pegged the March price at layed shipments to customers
across the eastern U.S. and is WestRock Co., the second- live entertainment, to goods. Containerboard supplies an average of $785 a ton. and cost it about 125,000 tons
tinkering with box designs and largest containerboard pro- At a recent investor confer- tightened and prices rose for Greg Rudder, the publica- of output in February and late
using more straps to save card- ducer, cut its dividend by more ence, Waste Management Inc. box makers’ raw materials, tion’s managing editor, said January.

Companies costs, in addition to rising

commodity prices. “Our com-
petitors and retailers are facing
peanut butter and said that it
might do the same with pet
snacks because of higher ship-
Chief Executive Michael Hsu
said the company wasn’t plan-
ning for broad-based increases
ity environment hadn’t wors-
ened,” a spokesman said
Wednesday.
Inflation is poised to leap
higher in the next few months
following on a sharp dip in

Push Up the same thing we are,” Gen-

eral Mills Chief Executive Jeff
Harmening said.
ping costs and other inflation-
ary pressure. Smucker Chief
Executive Mark Smucker said
to list prices. The company
said pulp and polymer resin
are experiencing shortages.
Since then, global supply
chains, which were already ex-
periencing a crunch due to the
prices a year ago, Federal Re-
serve Chairman Jerome Powell
said in March.

Pricing Hormel Foods Corp. said in

February it raised prices of its
turkey products, such as Jen-
retailers are passing increases
along to consumers.
“We only raise prices when
The last time that Kimberly-
Clark raised prices significantly
enough to warrant a public
Covid-19 pandemic, have seen
additional disruptions. The
February freeze that triggered
“We could also see upward
pressure on prices if spending
rebounds quickly as the econ-
nie-O ground turkey, to counter costs are meaningfully higher, statement was 2018, when mass blackouts in Texas led to omy continues to reopen, par-
Continued from page B1 sharply higher grain costs. If and we partner with the retail- surging pulp prices drove up chemical plant shutdowns and ticularly if supply bottlenecks
prices for many staples as high the rally in the commodity ers to make sure it’s justified the cost of diapers, toilet paper caused a shortage of the raw limit how quickly production
demand for such items as pa- markets were to continue, the and that we move together,” he and other products. materials needed for every- can respond in the near term,”
per towels, cleaning products company would likely pass said. “The pricing plans we out- thing from medical face shields Mr. Powell said. “However,
and packaged food has meant along further increases, Chief Kimberly-Clark in January lined in January were based on to smartphones. As a result, these one-time increases in
fewer discounts. Executive Jim Snee said. warned of commodity inflation the commodity inflation out- prices for polyethylene, poly- prices are likely to have only
Cheerios maker General Hormel also raised prices of its of $450 million to $600 million look we provided at that time, propylene and other chemical transient effects on inflation.”
Mills Inc. said it will raise Skippy peanut butter. in 2021, expecting costs to rise so it’s fair to say that we compounds reached their high- —Sharon Terlep
prices to partly offset higher J.M. Smucker Co. said it re- for materials like pulp, recycled wouldn’t be announcing these est levels in years in the U.S. as and Colin Kellaher
freight and manufacturing cently raised prices for its Jif fiber and resin. At that time, price increases if the commod- supplies tighten. contributed to this article.
© 2021 Dow Jones & Co., Inc. All rights reserved. 6DJ8354

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 .

THE WALL STREET JOURNAL. * * Thursday, April 1, 2021 | B7

MARKETS REVIEW & OUTLOOK | FIRST QUARTER

Track the Markets: Winners and Losers
A look at how selected global stock indexes, bond ETFs, currencies
and commmodities performed around the world for the quarter
Stock index Currency, Commodity, Exchange-
NFTs Have Their Moment
vs. U.S. dollar traded in U.S.* traded fund Prices for digital art, Average cost
$45 million
Lean hogs 43.79% collectibles soar but increase of digital
38.69 collectibles between
Nymex Rbob gasoline some worry rally will
S&P 500 Energy 29.27 the first and last 40
Nymex crude 21.93
fade with reopenings quarter of 2020
Nymex ULSD 19.98 NBA
BY CAITLIN OSTROFF Top Shot 35
S&P SmallCap 600 17.91 AND SEBASTIAN PELLEJERO trading
Dow Jones Transportation Average 16.99 volume*
IPSA (Chile) 16.74 Prices for digital art and Decentraland 30
Corn 16.58 collectibles soared in the first Clothing
S&P 500 Financials 15.35 quarter, lifted by traders’ exu-
berance for volatile wagers s847%
Comex copper 13.92 25
from bitcoin to GameStop
S&P MidCap 400 13.12 Corp. Now many are wonder-
Russell 2000 12.44 ing whether those gains can
20
Amsterdam AEX 12.05 hold as people prepare to
Taiwan Weighted 11.53 leave home more in the com- MyCryptoHeroes
FTSE Straits Times 11.31
ing months. Heroes
15
Christie’s auction house, the (available characters)
11.00
s801
S&P 500 Industrials
NBA, Elon Musk and Jack
FTSE MIB 10.87 Dorsey were among the wave
Platinum 10.52 of big names piling into non- 10
DAX 9.40 fungible tokens, or NFTs, in the
CAC-40 9.29 quarter. Those allow people to
buy and sell tweets, art and SuperRare 5
Soybeans 9.24
virtual cats as unique digital Art
DJ Select REIT 9.15
Euro Stoxx 8.69
assets through the blockchain,
a digital ledger that is also s691 0
S&P 500 Materials 8.56 used to track transactions. Jan. ’21 Feb. March
S&P 500 Real Estate 8.38 About $1.3 billion of NFTs
S&P 500 Communications Services 7.82 traded in the first 2½ months Nonfungible token market capitalization, 2020
of the year through the
Dow Jones Industrial Average 7.76 Axie Infinity: Character
ethereum network—the main MyCryptoHeroes
Bel-20 7.68 blockchain underpinning the Game extensions $40.9 million
7.66
s422
Stoxx Europe 600 new assets. When adding in
S&P/TSX Comp 7.27 NFTs on other networks, such
Decentraland: Digital real estate
IPC All-Share 7.21 as NBA Top Shot, that figure
rises to $1.8 billion, according 38.5
Tel Aviv 35 7.04
to NonFungible.com, dwarfing
Bloomberg Commodity 6.91 the entirety of trading activity Cryptopunks: Character
Kospi Composite 6.54 in 2020. CryptoKitties
Nikkei 225 6.32 The cost of clothing for av- Cats 32.3
atars on the virtual games
IBEX 35
S&P 500
6.27
5.77 website Decentraland rose s383 The Sandbox: Digital real estate
847% from March 31, 2020, to
Pakistani rupee 5.08
the end of the year. The cost 19.0
Hang Seng 4.21 of digital cats through the
FTSE 100 3.92 blockchain game CryptoKitties Cryptovoxels: Digital real estate
S&P BSE Sensex 3.68 rallied 383% in that time, with
Cattle 3.54 all the kitties together valued 18.2
Cotton 3.53
at $14.5 million, according to
NonFungible.com. *As of Tuesday
Swiss Market Index 3.21
Behind the surge, many see Sources: NonFungible.com (cost increase, market capitalization); DappRadar.com (NBA Top Shot trading volume)
WSJ Dollar Index 3.10 signs of excess liquidity.
S&P/ASX 200 3.09 Stimulus payments have swol- humans have to deal with this enough space.” some called a speculative
S&P 500 Consumer Discr 2.94 len U.S. wallets while the Fed- dilemma of boredom, and The art world has been an frenzy. Chris Clepp, a financial
Nasdaq Composite 2.78 eral Reserve has promised boredom is a very difficult early adopter. A painting by adviser with Strategic Finan-
easy money for the immediate thing to deal with.” the artist known as Beeple re- cial Group, is telling those in-
S&P 500 Health Care 2.74
future. NFT owners say that the to- cently sold for $69.3 million. terested to allocate only a
Nymex natural gas 2.72 Several likened the rally to kens help modernize trading in One crypto fund minted tokens small percentage of their port-
S&P 500 Utilities 1.94 recent surges in other highly collectibles. Unlike their physi- based on NFT digital paintings folio—5% at maximum—and
Dow Jones Utility Average 1.82 speculative assets, like crypto- cal counterparts, NFTs give a now valued at hundreds of only after a long-term invest-
Ukrainian hryvnia 1.80 currencies or meme stocks, person the ability to buy a millions of dollars. Yet collec- ment plan is in place.
S&P 500 Information Tech 1.74 warning that inexperienced work of art or piece of memo- tors say the jury’s still out on “Collectibles rallies often
buyers could suffer rapid rabilia without having to worry whether the NFT craze will end up being short-term
Nasdaq-100 1.58
reversals. about where to store it and help artworks retain their cur- crazes and bubbles,” he said.
Canada dollar 1.37 Individual investors began keeping it in good condition, rent value. Even if investors say they
UK pound 0.86 piling into markets last year said Neranjan Bissoon, a 35- “Just being virtual doesn’t will enjoy the collectible
Icelandic krona 0.80 through popular trading apps year-old living in the Bay Area make a work of art good or should they lose value, or are
Kuwaiti dinar 0.61 like Robinhood Markets Inc. who has bought more than a bad or investment quality,” explicitly looking to gain mon-
Day traders have organized dozen NFTs since 2018, includ- said Angelo Madrigale, direc- etarily from owning it, they
S&P 500 Consumer Staples 0.45
and shared trades on social ing several CryptoKitties. tor of contemporary art and should still be hesitant toward
Norwegian krone 0.34 media forums Reddit and Dis- “We don’t have enough paintings at auction house adjusting their portfolio alloca-
Vietnamese dong 0.02 cord, helping boost shares of room in our world for so much Doyle. “Anytime people pur- tions in any significant way,
-0.14 iShiBoxx$HYCp beloved stocks like GameStop physical content,” said Mr. Bis- chase art and have an expecta- said Chris Struckhoff, founder
-0.15 iSh 1-3 Treasury well above traditional mea- soon, a fan of cats and creator tion beyond what that art can of investment adviser Lion-
-0.22 Indian rupee sures of corporate value. of the blog “Cats and VR,” provide to them, they may be heart Capital Management LLC.
“Say you’re 22 and you’re where he discusses the inter- disappointed.” “If you want to have this
-0.28 Macanese pataca
single and you kept your job section of cats and technology. Financial advisers remain cowboy account on the side and
-0.31 Chinese yuan and now you’ve got $3,200 “I had action figures that dis- hesitant to recommend clients go out into the Wild Wild West
-0.55 South African rand over the last year. That’s a lot appeared or my mom threw buy digital collectibles, espe- of finance, that’s fine,” he said.
-0.90 Shanghai Composite of money to play with. You out. We just don’t have cially in the midst of what “Let’s just figure out the bare
-0.98 iShNatlMuniBd can’t go to bars, so you’re on- minimum to where you can
-1.02 Kazakhstani tenge
line. You’re on Reddit and Dis- scratch that itch but not ad-
cord,” said Caroline Fohlin, a versely impact your portfolio.”
-1.03 Philippine peso
professor of financial market New buyers have to navi-
-1.26 Australian dollar history at Emory University. gate through new collectibles
-1.30 New Taiwan dollar Many expect vaccinations whose value may be inflated,
-1.37 Chilean peso and business reopenings could said Nate Hart, who has owned
-1.68 iSh TIPS Bond sap demand for NFTs once NFTs for more than three
JASON SZENES/EPA/SHUTTERSTOCK

people are spending less time years. But he still expects the
-1.78 Singapore dollar
at home and can shop and market to continue growing,
-2.00 Sao Paulo Bovespa travel normally. That could even if prices of some assets
-2.15 Russian ruble send prices sharply lower. come under pressure.
-2.44 VangdTotIntlBd “We have an abundance of “You could buy something
-2.76 Mexico peso money and very little cost at- entirely driven by hype that’s
-2.77 New Zealand dollar
tached to it,” said David Kotok, worthless in a year,” he said.
chief investment officer at “It’s impossible to time the
-2.99 Malaysian ringgit
Sarasota, Fla.-based Cumber- top. I wouldn’t say today is
-3.27 Indonesian rupiah land Advisors. “On top of that, A gallery in New York displayed NFT artwork last week. the top.”
-3.51 Wheat
-3.58 Czech koruna
-3.70
-3.75
-3.77
Coffee
South Korean won
Hungarian forint
Selloff in into London hours and then
early New York trading.
Some of the biggest Japa-
globally for Deutsche Bank AG
from Singapore. Deutsche
Bank estimates that Treasurys
bonds are important sources of
income for Japanese investors,”
Mr. Ueno said. “They have no

-3.79
-3.81
Israeli shekel
Thai baht
Treasurys nese investors, such as the
Government Pension Invest-
ment Fund, Japan Post Bank
outstanding could grow by
$1.7 trillion this year.
International investors
choice but to buy.”
Japanese investors can earn
a 1.3% yield on 10-year Trea-
-3.92
-3.93
-3.96
Danish krone
VangdTotalBd
Euro area euro
Accelerated and the Norinchukin Bank, a
large lender for Japanese
farmers, haven’t disclosed re-
aren’t likely to be put off by
the flood of planned issuance,
said Gareth Colesmith, head of
surys including currency-
hedging costs, according to
Mayank Mishra, macro strate-
cent Treasury holdings and global rates at Insight Invest- gist at Standard Chartered
-3.97 Bulgarian lev Continued from page B1 declined to comment. ment in the U.K. “I don’t think PLC in Singapore. That is dou-
-4.27 Croatian kuna the selling was more split be- Foreign buyers are an impor- it’s about perception of the U.S. ble the yield on a 30-year Jap-
-4.55 Uruguayan peso tween Tokyo and London trad- tant source of funding for the as a credit risk yet, although if anese government bond.
-4.65 Sugar ing hours. In recent days, buy- U.S., while Treasurys are a safe this level of spending and debt Asian investors, particularly
ing during Asian hours has led home for dollars for banks in growth persists, you will even- those in Japan, would be drawn
-5.06 Romanian new leu
yields back down from their Asia and countries elsewhere tually see a ratings down- back to Treasurys because
-5.45 Polish zloty peaks, Mr. Dhingra said. that have large export indus- grade,” Mr. Colesmith said. yields on other safe debt are so
-5.75 Swedish krona The Japanese selling wasn’t tries. The dollar is the main The good news for Treasury low, according to Gary Smith,
-5.85 iShiBoxx$InvGrdCp driven by any fundamental con- currency used in global trade. markets is that Japanese inves- managing director at Sovereign
-5.85 iSh 7-10 Treasury cern or changes in investors’ Foreign investors’ share of tors’ sales have slowed. They Focus, which provides research
-6.07 iShJPMUSEmgBd views of Treasurys, Mr. Dhingra the Treasury market has fallen could also start buying again and advice to central banks and
said. Instead, banks in particu- in recent years as issuance has when the new financial year sovereign-wealth funds.
-6.20 Swiss franc
lar were looking to offset bond grown. At the end of 2013, for- begins in April. It might not “Japanese insurers or Asian
-6.69 Japanese yen losses against equity gains. eign investors owned more happen straight away, though central banks won’t look at re-
-6.89 Comex silver “The selling was driven by than 43% of all Treasurys, ac- the extra yield that U.S. Trea- cent performance and think:
-7.83 Brazilian real Japanese banks looking to cording to data from the Secu- surys offer over Japanese gov- ‘We’ll buy German bunds in-
-8.57 Argentine peso smooth the volatility of their rities Industry and Financial ernment debt has grown. stead,’” he said. “Negative
-9.47 Comex Gold
portfolio returns for the year- Markets Association, a trade Japanese investors are likely yields are a big problem for
end,” he said. body. Their share was less to be cautious while the market central banks as owners.”
-9.80 Cocoa
The rise in yields caused by than 30% by the end of 2020. is volatile but would have to
-9.84 Turkish lira this selling affected the psy- Asian investors broadly are return eventually, according to COMING NEXT WEEK
-10.26 Orange juice chology and market views of concerned by the extraordi- Tsuyoshi Ueno, an economist at The quarterly Investing in
-14.13 iSh 20+ Treasury other investors, who reacted nary supply of Treasurys to be NLI Research Institute, a unit Funds & ETFs report
*Continuous front-month contracts and began selling more them- sold this year, according to of Nippon Life Insurance Co. will appear on
Sources: FactSet (stock indexes, bond ETFs, commodities), Tullett Prebon (currencies). selves. The pressure moved David Beale, who covers “Additional returns from U.S. Monday, April 5.
through the market in March, emerging-market institutions Treasurys and other foreign
 .

B8 | Thursday, April 1, 2021 * *** THE WALL STREET JOURNAL.

MARKETS REVIEW & OUTLOOK | FIRST QUARTER MARKETS DIGEST

Top 10 Rankings How the 30 Dow Jones Industrials Performed Country-by-Country Derby
Percentage change in the first quarter First-quarter stock-market performance, based on the S&P Global BMI
Global Mergers & Acquisitions Global Equity Capital Markets (Broad Market Index) in U.S.-dollar and local-currency terms ranked by
Close ($) 1st-qtr 1st-qtr Percent Chg
Deals announced in the 1st quarter Deals priced in the 1st quarter
Company 3/31/21 12/31/20 % chg Company close 1st-qtr YTD U.S.-dollar performance
Value No. of Market Value No. of Market
39.88 37.66 Local Local
Adviser $billions Deals Share% Bookrunner $billions Deals Share% Walgreens 54.90 Microsoft 235.77 222.42 6.0
Country U.S. dollar currency Country U.S. dollar currency
Intel 64.00 49.82 28.5 IBM 133.26 125.88 5.9
Goldman Sachs 402.5 158 28.1 Goldman Sachs 48.4 239 10.6
Caterpillar 231.87 182.02 27.4 McDonald's 224.14 214.58 4.5 Lebanon 41.0% 41.3% Finland 1.8% 6.0%
JPMorgan 297.9 161 20.8 Morgan Stanley 41.0 212 9.0
Chevron 104.79 84.45 24.1 Johnson & Johnson 164.35 157.38 4.4 Ukraine 23.9 21.8 Croatia 1.8 6.3
Citi 241.1 107 16.9 Citi 33.7 201 7.4
Goldman Sachs 327.00 263.71 24.0 Honeywell International 217.07 212.70 2.1 Kazakhstan 23.6 25.0 Australia 1.7 3.0
Morgan Stanley 240.0 90 16.8 BofA Securities 28.9 191 6.3
JPMorgan Chase 152.23 127.07 19.8 Walt Disney 184.52 181.18 1.8 Cyprus 18.5 23.3 Oman 1.7 1.7
BofA Securities 198.3 81 13.9 JPMorgan 28.0 200 6.1
Boeing 254.72 214.06 19.0 Verizon 58.15 58.75 –1.0 Chile 15.6 16.9 Spain 1.4 5.6
Barclays 148.4 72 10.4 Credit Suisse 20.8 147 4.6
American Express 141.44 120.91 17.0 Procter & Gamble 135.43 139.14 –2.7 UAE 12.5 12.5 Jordan 1.2 1.2
Evercore Inc 125.0 56 8.7 Barclays 16.2 116 3.6
Cisco Systems 51.71 44.75 15.6 Visa 211.73 218.73 –3.2 South Africa 11.7 12.3 Japan 1.1 8.2
Credit Suisse 123.9 71 8.7 Jefferies LLC 15.5 125 3.4
Dow 63.94 55.50 15.2 Coca-Cola 52.71 54.84 –3.9 Taiwan 10.9 12.6 Israel 1.0 3.3
Jefferies LLC 72.1 88 5.0 UBS 13.4 87 2.9
Home Depot 305.25 265.62 14.9 Salesforce.com 211.87 222.53 –4.8 Netherlands 10.8 15.4 South Korea 0.9 5.1
Deutsche Bank 70.7 40 4.9 Deutsche Bank 9.9 64 2.2
3M 192.68 174.79 10.2 Merck 77.09 81.80 –5.8 Estonia 9.9 14.4 Hungary 0.3 4.3
Global Debt Capital Markets Global Syndicated Loans Amgen 248.81 229.92 8.2 Walmart 135.83 144.15 –5.8 Vietnam 9.4 9.4 Qatar 0.0 0.0
Deals priced in the 1st quarter Deals credited in the 1st quarter Travelers 150.40 140.37 7.1 Nike 132.89 141.47 –6.1 Hong Kong 9.3 9.6 Tunisia –0.1 3.9
Value No. of Market Value No. of Market UnitedHealth Group 372.07 350.68 6.1 Apple 122.15 132.69 –7.9 Canada 9.0 7.5 Bangladesh –0.2 –0.2
Bookrunner $billions Deals Share% Bookrunner $billions Deals Share% Singapore 8.8 10.1 Morocco –0.3 1.4
Source: Dow Jones Market Data Norway 8.7 8.4 China –0.4 –0.1
JPMorgan 191.5 793 8.1 JPMorgan 120.9 342 12.1
Citi 160.3 597 6.8 BofA Securities 100.3 344 10.0 Bulgaria 7.4 11.8 Belgium –1.5 2.6
144.4 569 6.1 58.7 160 5.9 7.3 –2.3
BofA Securities Citi Biggest Percentage Gainers… Austria
7.0
11.8 Egypt
–2.4
–2.4
Morgan Stanley 109.9 508 4.6 Goldman Sachs 47.3 157 4.7 India 7.1 Switzerland 3.8
Goldman Sachs 104.5 364 4.4 Mizuho 47.1 182 4.7 1st Quarter 52-Week Italy 6.6 10.9 Sri Lanka –2.7 4.8
Company Symbol Close Net chg % chg Low Close(l) High % chg
Barclays 101.6 431 4.3 Credit Suisse 44.0 166 4.4 Russia 6.4 8.0 Bahrain –2.8 –2.8
Deutsche Bank 98.1 378 4.1 Wells Fargo Sec 43.3 173 4.3 GameStop Cl A GME 189.82 170.98 907.5 2.57 l 483.00 5740.6 Ireland 6.2 10.5 Denmark –3.2 0.6
BNP Paribas 90.1 360 3.8 Barclays 36.1 171 3.6 Aemetis AMTX 24.52 22.03 884.7 0.49 l 27.44 4440.7 U.S. 6.1 6.1 Mauritius –4.0 –1.3
Credit Suisse 79.4 317 3.3 Morgan Stanley 35.1 104 3.5 AMC Entertnmnt Hldgs AMC 10.21 8.09 381.6 1.91 l 20.36 289.7 Sweden 6.0 12.2 Poland –4.3 1.2
Wells Fargo Sec 75.6 391 3.2 MUFG 34.4 352 3.4 Pandion Therapeutics PAND 60.05 45.20 304.4 10.28 l 62.90 ... Kuwait 5.7 5.1 Malaysia –4.9 –2.0
Discovery Series B DISCB 128.00 95.60 295.1 25.46 l 150.72 365.5 U.K. 5.3 4.4 Portugal –5.0 –1.1
U.S. Mergers & Acquisitions U.S. Initial Public Offerings Romania 5.3 10.8 Nigeria –5.8 –2.3
Deals announced in the 1st quarter Deals priced in the 1st quarter Aclaris Therapeutics ACRS 25.20 18.73 289.5 0.96 l 27.94 2323.1
Navios Maritime Hldgs NM 8.76 6.51 289.3 1.45 l 15.42 296.4 Greece 5.2 9.5 Indonesia –7.2 –4.1
Value No. of Market Value No. of Market
Evolus EOLS 12.99 9.63 286.6 2.85 l 17.38 234.8 Thailand 4.9 9.3 Latvia –7.2 –3.4
Adviser $billions Deals Share% Bookrunner $millions Deals Share%
Annovis Bio ANVS 27.90 20.36 270.0 2.50 l 47.99 774.6 Luxembourg 4.8 9.1 Peru –7.6 –7.2
Goldman Sachs 330.2 117 37.1 Citi 15,003 80 12.9 l Pakistan 4.7 0.0 New Zealand –9.7 –7.2
Rubius Therapeutics RUBY 26.50 18.91 249.1 3.83 38.71 560.8
Morgan Stanley 199.1 59 22.4 Goldman Sachs 13,857 68 11.9 Czech Republic 4.6 8.3 Philippines –10.2 –9.3
Citi 189.5 74 21.3 Credit Suisse 8,647 49 7.4 Canaan ADR CAN 20.67 14.74 248.6 1.76 l 39.10 620.2
France 4.3 8.5 Brazil –11.1 –4.0
JPMorgan 178.7 106 20.1 Morgan Stanley 8,414 49 7.2 Futu Holdings ADR FUTU 158.82 113.07 247.1 9.30 l
204.25 1504.2
Mexico 4.2 7.0 Argentina –11.5 –3.2
BofA Securities 152.4 60 17.1 Cantor Fitzgerald Co 7,170 31 6.2 MicroVision MVIS 18.55 13.17 244.8 0.17 l 24.18 9235.7
Kenya 4.1 4.2 Turkey –15.4 –5.8
Evercore Inc 111.2 48 12.5 Jefferies LLC 6,757 41 5.8 ExOne Co. XONE 31.36 21.87 230.5 5.80 l 66.48 431.5
Germany 3.8 8.1 Colombia –16.0 –9.7
Credit Suisse 89.8 45 10.1 JPMorgan 6,627 46 5.7 Hovnanian Enterprises A HOV 105.74 72.88 221.8 6.16 l 114.25 1417.1
Slovenia 3.8 8.0 Slovakia –20.3 –17.1
Barclays 87.6 52 9.8 BofA Securities 6,606 47 5.7 Lithuania 2.4 6.6
Deutsche Bank 62.2 31 7.0 Barclays 5,825 46 5.0 Biggest Percentage Losers Source: S&P Dow Jones Indices
Jefferies LLC 61.0 73 6.9 Deutsche Bank 5,332 31 4.6
1st Quarter 52-Week
U.S. Investment-Grade Bonds U.S. High-Yield Bonds Company Symbol Close Net chg % chg Low Close(l) High % chg
Deals priced in the 1st quarter Deals priced in the 1st quarter Odonate Therapeutics ODT 3.42 –15.78 –82.2 3.02 l 46.50 –86.9 Top 20 Global M&A Deals in the 1st Quarter
Value No. of Market Value No. of Market Graybug Vision GRAY 5.55 –23.47 –80.9 5.12 l 37.88 ... Ranked by deal value excluding net debt of the target company.
Bookrunner $billions Deals Share% Bookrunner $billions Deals Share% Frequency Therapeutics FREQ 9.50 –25.76 –73.1 7.34 l 58.37 –36.5 Date Value
Acquirer Target Announced $ billions
JPMorgan 57.1 193 11.9 JPMorgan 16.2 120 11.4 MicSec US Big Oil 3X InLv NRGD 19.22 –41.88 –68.5 15.00 l 1313.18 –98.5
BofA Securities 52.5 188 10.9 BofA Securities 13.0 111 9.2 Lumos Pharma LUMO 11.70 –24.01 –67.2 7.20 l 36.72 48.7 Mobile Telephone Licence (3,511
Citi 41.0 137 8.5 Barclays 9.4 76 6.7 AeroCentury ACY 3.55 –7.20 –67.0 0.71 l 38.04 294.4 Verizon Communications C-band spectrum Mobile 24-Feb 45.5
Goldman Sachs 38.9 97 8.1 Goldman Sachs 9.1 75 6.4 Licenses, 100%)
Washington Prime Grp WPG 2.23 –4.28 –65.7 1.69 l 17.55 –60.1
Morgan Stanley 35.3 98 7.4 Wells Fargo Sec 8.8 78 6.2 AerCap Holdings GE Capital Aviation Services 10-Mar 31.2
Immunovant IMVT 16.04 –30.15 –65.3 11.80 l 53.75 11.5
Wells Fargo Sec 26.1 106 5.4 Citi 8.7 72 6.2 Canadian Pacific Railway Kansas City Southern 21-Mar 25.3
Romeo Power RMO 8.33 –14.16 –63.0 8.30 l 38.90 –15.6 Chubb Hartford Financial Services Group 18-Mar 23.7
Barclays 18.5 60 3.8 RBC Capital Markets 8.0 65 5.6 XL Fleet XL 8.98 –14.75 –62.2 8.24 l 35.00 –9.3 Mobile Telephone Licence (1,621
Mizuho 18.0 59 3.7 Credit Suisse 7.3 64 5.2
HighPeak Energy HPK 6.05 –9.92 –62.1 4.20 l 21.82 ... AT&T C-band spectrum Mobile 24-Feb 23.4
Credit Suisse 17.7 40 3.7 Morgan Stanley 6.7 48 4.7 Licenses, 100%)
Imara IMRA 8.44 –13.61 –61.7 7.92 l 62.71 –46.4
Deutsche Bank 15.8 44 3.3 Deutsche Bank 5.7 51 4.0 Churchill Capital IV Lucid Motors 22-Feb 17.6
Athenex ATNX 4.30 –6.76 –61.1 3.93 l 15.24 –44.5
Rogers Communications Shaw Communications 15-Mar 16.9
U.S. Core Leveraged Finance1 Global Investment Banking1 Otonomy OTIC 2.55 –3.92 –60.6 1.81 l 6.98 36.4
Ardian Global Infrastructure Suez (Water and recycling,
Fees paid in the 1st quarter Fees paid for M&A, ECM, DCM and Concert Pharmaceuticals CNCE 4.99 –7.65 –60.5 4.59 l 13.50 –36.2 21-Mar 14.2
Management recovery activities., 100%)
loans in the 1st quarter ICON PRA Health Sciences 24-Feb 11.2
Revenue 2021 2020 Revenue 2021 2020 Most Active Stocks National Grid Western Power Distribution 18-Mar 10.9
Bank $millions Mkt Shr %Mkt Shr % Bank $millions Mkt Shr %Mkt Shr % 10.0
Most heavily traded issues in First quarter of 2021; composite volume, in Thoma Bravo Advantage ironSource Israel (2011) 21-Mar
JPMorgan 534.7 14.3 11.3 Goldman Sachs 3,098.9 9.5 7.9 millions Existing Shareholders XP Inc (41.01%) 1-Feb 9.9
Credit Suisse 319.2 8.6 7.7 JPMorgan 2,939.3 9.0 8.9 FinTech Acquisition V eToro Group 16-Mar 9.8
1st Quarter 52-Week Hapvida Participacoes e Notre Dame Intermedica
BofA Securities 266.9 7.2 6.7 Morgan Stanley 2,246.2 6.9 5.3 Company Symbol Volume Close Net chg % chg High Low % chg 27-Feb 9.6
Investimentos Participacoes
Barclays 257.5 6.9 7.6 Citi 2,187.5 6.7 6.1
AMC Entertnmnt Hldgs AMC 10,760 10.21 8.09 381.6 20.36 1.91 289.7 Telxius Telecom (European and
Goldman Sachs 252.9 6.8 7.8 BofA Securities 1,956.9 6.0 6.4 American Tower Latin American tower division, 13-Jan 9.4
NIO ADR NIO 6,731 38.98 –9.76 –20.0 66.99 2.22 1370.9
Morgan Stanley 183.6 4.9 5.1 Credit Suisse 1,592.6 4.9 3.9 100%)
Apple AAPL 6,725 122.15 –10.54 –7.9 145.09 59.23 102.8
RBC Capital Markets 177.2 4.8 4.5 Barclays 1,222.3 3.8 3.9 Mobile Telephone Licence (142 C-
Nokia ADR NOK 5,967 3.96 0.05 1.3 9.79 2.94 33.3 T-Mobile US band spectrum Mobile Licenses, 24-Feb 9.3
Jefferies LLC 163.6 4.4 3.2 Jefferies LLC 1,009.4 3.1 2.2
ProSh UltraPro Shrt QQQ SQQQ 5,910 13.12 –2.06 –13.6 112.40 11.76 –88.0 100%)
Citi 152.5 4.1 7.9 Deutsche Bank 905.2 2.8 2.5
General Electric GE 5,276 13.13 2.33 21.6 14.42 5.48 86.5 Gores Holdings V Ardagh Metal Packaging 23-Feb 8.9
Deutsche Bank 143.9 3.9 4.0 UBS 692.6 2.1 1.8
Palantir Technologies PLTR 5,231 23.29 –0.26 –1.1 45.00 8.90 UnitedHealth Group
Change Healthcare 6-Jan 8.8
1Dealogic Revenue analytics are employed where fees aren't disclosed. Source: Dealogic SPDR S&P 500 SPY 5,112 396.33 22.45 6.0 398.12 243.90 61.0 OptumInsight
Ford Motor F 5,063 12.25 3.46 39.4 13.62 4.17 178.4 Hitachi Globallogic 31-Mar 8.5
Finl Select Sector SPDR XLF 3,946 34.05 4.57 15.5 35.29 19.36 74.2 Mobile Telephone Licence (800,
Reliance Industries Reliance Jio
1800 and 2300 MHz spectrums, 2-Mar 7.8
Who's No. 1? American Airlines Grp AAL 3,415 23.90 8.13 51.6 26.09 8.25 123.6 Infocomm
100%)
Top banks in Dealogic rankings across M&A, equity capital markets Bank of America BAC 3,415 38.69 8.38 27.6 39.97 19.51 95.7
(ECM), debt capital markets (DCM) and loans, in the first quarter BlackBerry BB 3,082 8.43 1.80 27.1 28.77 3.18 150.9 Top 20 Global IPOs Priced in the 1st Quarter
Invesco QQQ Trust I QQQ 3,072 319.13 5.39 1.7 338.19 180.86 75.0
Ranked by proceeds raised, including over-allottment
1st-qtr Chg in share iShares MSCI Emg Mkts EEM 2,837 53.34 1.67 3.2 58.29 32.62 63.3
Offer Pricing Value
market 1st-qtr 2020 GameStop Cl A GME 2,770 189.82 170.98 907.5 483.00 2.57 5740.6 Issuer Exchange Currency Price Date $ millions
Product and Deal Type No.1 - Ranked Bank share (%) (pct. points)
Advanced Micro Devices AMD 2,742 78.50 –13.21 –14.4 99.23 41.70 79.8
Kuaishou Technology Hong Kong HKD 115.00 29-Jan 6,230
Investment Banking AT&T T 2,735 30.27 1.51 5.3 33.24 26.35 7.9 Coupang NYSE USD 35.00 10-Mar 4,550
Itau Unibanco Hldg ADR ITUB 2,701 4.96 –1.13 –18.6 6.37 3.48 21.6 InPost Amsterdam EUR 16.00 27-Jan 3,905
Global IB Revenue1 Goldman Sachs 9.5 1.6
Carnival CCL 2,638 26.54 4.88 22.5 30.12 7.80 201.6 Bumble Nasdaq USD 43.00 10-Feb 2,473
Global M&A Revenue1 Goldman Sachs 13.3 2.3 Vantage Towers Frankfurt EUR 24.00 17-Mar 2,384
Gainers and losers include common issues of $2 or more listed on NYSE, Nasdaq, NYSE American or
Global ECM Revenue1 Goldman Sachs 11.3 1.1 NYSE Arca at the beginning of the quarter. AUTO1 Group Frankfurt EUR 38.00 2-Feb 2,209
Global DCM Revenue1 JPMorgan 9.0 0.2 Playtika Holdings Nasdaq USD 27.00 14-Jan 2,158
Global Loans Revenue1 JPMorgan 13.6 3.1
Shoals Technologies Nasdaq USD 25.00 26-Jan 2,150
Global M&A Goldman Sachs 28.1 -5.2 IPO Scorecard Deliveroo
Dr Martens
London
London
GBP
GBP
3.90
3.70
31-Mar
29-Jan
2,062
2,042
U.S. M&A Goldman Sachs 37.1 -8.6 Best-performing U.S.-listed IPOs in the first quarter ranked by % change Qualtrics International Nasdaq USD 30.00 28-Jan 1,783
Global M&A Boutique Evercore Inc 8.7 -2.5 in price from offer to last trade in the quarter Fix Price Group London; Moscow USD 9.75 5-Mar 1,739
$ Offer % Chg Pricing IPO Value Soaring Eagle Acquisition Nasdaq USD 10.00 23-Feb 1,725
Equity Capital Markets Issuer Exchange price from offer Date $ millions
PTT Oil & Retail Business Thailand THB 18.00 2-Feb 1,566
Tian Ruixiang Nasdaq 4.00 2073.8 Jan. 26 12 Ortho Clinical Diagnostics Nasdaq USD 17.00 27-Jan 1,486
Global ECM Goldman Sachs 10.6 1.9 Oscar Health NYSE USD 39.00 2-Mar 1,445
Vor Biopharma Nasdaq 18.00 139.4 Feb. 5 203
Global IPOs Citi 10.5 6.9 RLX Technology NYSE USD 12.00 21-Jan 1,398
Viant Technology Nasdaq 25.00 111.6 Feb. 9 288
Global All Follow-Ons Goldman Sachs 11.3 2.5 Affirm Holdings Nasdaq USD 49.00 12-Jan 1,386
Edgewise Therapeutics Nasdaq 16.00 103.1 Mar. 25 202 Churchill Capital VII NYSE USD 10.00 12-Feb 1,380
Global Convertible Bonds Goldman Sachs 12.9 0.8 Cullinan Management Nasdaq 21.00 98.4 Jan. 7 287 Austerlitz Acquisition II NYSE USD 10.00 25-Feb 1,380
U.S. ECM Goldman Sachs 13.2 -1.8
Dream Finders Homes Nasdaq 13.00 85.2 Jan. 20 144
U.S. IPOs Citi 12.9 2.0
Olink Nasdaq 20.00 80.0 Mar. 24 406 Top 20 Global Bonds Priced in the 1st Quarter
U.S. Block Trades Morgan Stanley 36.0 1.7 Ranked by face value, in U.S. dollars
Ikena Oncology Nasdaq 16.00 76.6 Mar. 25 144
U.S. Non-Block Follow-Ons JPMorgan 11.5 2.2 Issuer Pricing Value
thredUP Nasdaq 14.00 66.6 Mar. 25 193
U.S. Convertible Bonds Goldman Sachs 15.3 -6.5 Issuer Deal Type Nation Currency Date $ millions
Bolt Biotherapeutics Nasdaq 20.00 64.6 Feb. 4 265
Fixed Income Verizon Communications Corp IG United States USD 11-Mar 25,000
Immunocore Nasdaq 26.00 63.7 Feb. 4 297 European Union Supranational Luxembourg EUR 26-Jan 17,016
Global DCM JPMorgan 8.1 -0.3 Zim Integrated Shipping Services NYSE 15.00 62.3 Jan. 27 225 Italy Sovereign Italy EUR 16-Feb 16,985
Global Investment-Grade Bonds JPMorgan 7.0 -0.6 EZGO Technologies Nasdaq 4.00 50.0 Jan. 25 11 European Union Supranational Luxembourg EUR 23-Mar 15,488
Design Therapeutics Nasdaq 20.00 49.5 Mar. 25 276 Oracle Corp IG United States USD 22-Mar 15,000
Global High-Yield Bonds JPMorgan 10.6 2.0
Bumble Nasdaq 43.00 45.1 Feb. 10 2,473 Apple Corp IG United States USD 1-Feb 14,000
U.S. DCM JPMorgan 11.5 -1.5 Italy Sovereign Italy EUR 5-Jan 12,265
U.S. Investment-Grade Bonds JPMorgan 11.9 -1.6 Affirm Nasdaq 49.00 44.3 Jan. 12 1,386 Spain Sovereign Spain EUR 13-Jan 12,166
U.S. High-Yield Bonds JPMorgan 11.4 1.3 Sun Country Airlines Nasdaq 24.00 42.8 Mar. 16 251 7-Eleven Corp IG Japan USD 27-Jan 10,950
loanDepot NYSE 14.00 42.4 Feb. 10 62 European Union Supranational Luxembourg EUR 9-Mar 10,691
U.S. FIG Bonds Goldman Sachs 12.7 2.8
Italy Sovereign Italy EUR 3-Mar 10,238
Global Loans JPMorgan 12.1 2.0 Montauk Renewables Nasdaq 8.50 42.1 Jan. 21 29
Broadcom Corp IG United States USD 4-Jan 10,000
Global Investment-Grade Loans JPMorgan 14.3 2.7 Coupang NYSE 35.00 41.0 Mar. 10 4,550 Siemens Financieringsmaatschappij Corp IG Germany USD 2-Mar 10,000
Global Leveraged Loans JPMorgan 10.7 1.6 Worst-performing U.S.-listed IPOs in the first quarter ranked by % Boeing Corp IG United States USD 2-Feb 9,825
Shanghai Pudong Development Bank Corp IG China CNY 18-Mar 9,227
U.S. Loans JPMorgan 15.8 1.3 change in price from offer to last trade in the quarter
United Kingdom Sovereign United Kingdom GBP 19-Jan 8,819
U.S. Investment-Grade Loans JPMorgan 21.4 1.5 $ Offer % Chg Pricing IPO Value
Republic of France Sovereign France EUR 19-Jan 8,452
Issuer Exchange price from offer Date $ millions
U.S. Leveraged Loans JPMorgan 12.0 1.0 Republic of France Sovereign France EUR 16-Mar 8,353
U.S. Total Leveraged Finance JPMorgan 11.9 1.0 Virpax Pharmaceuticals NYSE 10.00 -52.9 Feb. 16 18 NTT Finance Corp IG Japan USD 24-Feb 8,000
U.S. Core Leveraged Finance JPMorgan 10.7 1.7 Vallon Pharmaceuticals Nasdaq 8.00 -42.0 Feb. 9 18 Morgan Stanley Corp IG United States USD 20-Jan 7,500
Evaxion Biotech Nasdaq 10.00 -41.0 Feb. 4 30 Source: Dealogic
U.S. Core Leveraged Finance Revenue1 JPMorgan 14.3 3.0
Landos Biopharma Nasdaq 16.00 -39.8 Feb. 3 100
1 Dealogic Revenue analytics are employed where fees are not disclosed Source: Dealogic
Decibel Therapeutics Nasdaq 18.00 -36.3 Feb. 11 138
Longeveron Nasdaq 10.00 -34.1 Feb. 11 29 Industry Groups
Market Boxscores Kuke Music NYSE 10.00 -31.5 Jan. 12 50 Best and worst-performing U.S. industry groups in the past quarter
How the major indexes performed Oscar Health NYSE 39.00 -31.1 Mar. 2 1,445 based on the DJ U.S. Total Stock Market Index family
Huadi International Group Nasdaq 8.00 -30.0 Jan. 22 25 Best Performers Worst Performers
Close % chg from
First-quarter performance 3/31/21 3/31/20
First High-School Education Group NYSE 10.00 -30.0 Mar. 11 75 % chg from % chg from
Industry group prev qtr Industry group prev qtr
32981.55 50.5
Lucira Health Nasdaq 17.00 -28.8 Feb. 4 176
Dow Jones Industrial Average 7.8%
Home Point Capital Nasdaq 13.00 -28.5 Jan. 28 94 Consumer Electronics 54.4 Platinum & Precious Metals –13.1
DJ U.S. Total Stock Market 6.1 41602.65 60.1
Vinci Partners Investments Nasdaq 18.00 -26.9 Jan. 27 275 Tires 50.9 Alternative Electricity –11.5
DJ World (excl. U.S.) 2.9 296.46 48.3 Iron & Steel 41.0 General Mining –7.5
Clip Interactive Nasdaq 4.13 -24.2 Feb. 16 16
NYSE American Composite 15.0 2715.27 76.7 Sensei Biotherapeutics NYSE 19.00 -23.5 Feb. 3 153 Exploration & Production 35.2 Toys –6.8
Russell 2000 12.4 2220.52 92.6 Electronic Office Equipment 33.8 Computer Hardware –5.8
Universe Pharmaceuticals Nasdaq 5.00 -19.8 Mar. 23 25 Airlines 31.8 Broadline Retailers –3.9
Value Line (Geometric) 12.1 637.67 79.9
Talis Biomedical Nasdaq 16.00 -19.7 Feb. 11 254 Integrated Oil & Gas 31.0 Soft Drinks –3.5
NYSE Composite 7.4 15601.74 51.4
Gracell Biotechnologies Nasdaq 19.00 -18.9 Jan. 8 240 Oil & Gas 28.9 Footwear –3.3
S&P 500 5.8 3972.89 53.7 JOANN Nasdaq 12.00 -15.4 Mar. 11 131 Drug Retailers 26.9 Water –2.5
Nasdaq Composite 2.8 13246.87 72.0 SEMrush NYSE 14.00 -14.9 Mar. 24 140 Full Line Insurance 26.3 Nondurable Household Products –2.3
Sources: Dow Jones Market Data; S&P Dow Jones Indices Source: Dealogic Source: S&PDow Jones Indices
 .

THE WALL STREET JOURNAL. Thursday, April 1, 2021 | B9

MARKETS DIGEST
EQUITIES

Dow Jones Industrial Average S&P 500 Index Nasdaq Composite Index
Last Year ago Last Year ago Last Year ago
32981.55 t 85.41, or 0.26% Trailing P/E ratio 33.48 16.29 3972.89 s 14.34, or 0.36% Trailing P/E ratio * 44.66 20.11 13246.87 s 201.48, or 1.54% Trailing P/E ratio *† 37.55 23.25
High, low, open and close for each P/E estimate * 21.24 15.12 High, low, open and close for each P/E estimate * 22.62 15.82 High, low, open and close for each P/E estimate *† 28.12 19.75
trading day of the past three months. Dividend yield 1.81 3.12 trading day of the past three months. Dividend yield * 1.48 2.41 trading day of the past three months. Dividend yield *† 0.78 1.15
All-time high 33171.37, 03/29/21 All-time high 3974.54, 03/26/21 All-time high: 14095.47, 02/12/21

Current divisor 0.15198707565833

34400 4050 14400
Session high
DOWN UP
13800
t

Session open Close 33200 3925

Close Open
t

32000 3800 13200

Session low

30800 3675 12600

65-day moving average

29600 3550 65-day moving average 12000
65-day moving average

28400 3425 11400

Bars measure the point change from session's open

27200 3300 10800
Dec. Jan. Feb. Mar. Dec. Jan. Feb. Mar. Dec. Jan. Feb. Mar.
*Weekly P/E data based on as-reported earnings from Birinyi Associates Inc.; † Based on Nasdaq-100 Index

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

Latest 52-Week % chg Most-active and biggest movers among NYSE, NYSE Arca, NYSE Amer. Volume, Advancers, Decliners
High Low Close Net chg % chg High Low % chg YTD 3-yr. ann. and Nasdaq issues from 4 p.m. to 6 p.m. ET as reported by electronic NYSE NYSE Amer.
Dow Jones trading services, securities dealers and regional exchanges. Minimum Total volume*1,240,740,169 27,856,596
Industrial Average 33173.77 32980.57 32981.55 -85.41 -0.26 33171.37 20943.51 57.5 7.8 11.0 share price of $2 and minimum after-hours volume of 50,000 shares. Adv. volume* 545,100,252 12,107,034
Transportation Avg 14765.56 14572.41 14631.39 -95.18 -0.65 14726.57 7305.31 99.0 17.0 12.1 Most-active issues in late trading Decl. volume* 686,187,861 14,895,248
Utility Average 882.77 872.79 880.34 5.85 0.67 917.38 706.01 24.3 1.8 8.3 Volume After Hours Issues traded 3,417 282
Company Symbol (000) Last Net chg % chg High Low
Total Stock Market 41830.39 41499.71 41602.65 216.00 0.52 41966.28 24774.57 67.9 6.1 15.0 Advances 1,814 164
SPDR S&P 500 SPY 21,474.2 396.15 -0.19 -0.05 397.50 395.88
Barron's 400 969.53 959.93 962.96 3.03 0.32 978.36 500.47 91.1 13.0 10.6 Declines 1,505 109
Asensus Surgical ASXC 9,016.7 3.28 0.03 0.92 3.32 3.24
Unchanged 98 9
Nasdaq Stock Market Tencent Music Ent ADR TME 8,262.1 20.38 -0.11 -0.54 20.55 20.30 New highs 188 5
Nasdaq Composite 13325.54 13118.38 13246.87 201.48 1.54 14095.47 7360.58 80.0 2.8 23.3 Farfetch Cl A FTCH 7,716.4 53.45 0.43 0.81 53.87 53.02 New lows 15 2
Nasdaq-100 13167.06 12966.65 13091.44 194.91 1.51 13807.70 7486.29 74.9 1.6 25.8 Apple AAPL 7,303.5 122.07 -0.08 -0.07 122.88 116.38 Closing Arms† 1.39 1.22
Discovery Series C DISCK 5,723.3 36.81 -0.08 -0.22 37.00 36.49 Block trades* 5,621 197
S&P
0.36
iQIYI ADR IQ 4,562.4 16.60 -0.02 -0.12 16.73 16.50
500 Index 3994.41 3966.98 3972.89 14.34 3974.54 2470.50 60.8 5.8 14.6 Nasdaq NYSE Arca
VanEck Vectors Jr Gold GDXJ 4,513.8 45.01 ... unch. 45.30 44.90
MidCap 400 2632.91 2607.37 2609.24 0.55 0.02 2682.61 1337.95 91.7 13.1 11.6 Total volume*5,041,087,556 263,091,802
SmallCap 600 1332.26 1315.46 1319.35 3.14 0.24 1397.66 622.35 107.6 17.9 12.0 Percentage gainers… Adv. volume*3,290,363,646 173,361,208
AgEagle Aerial Systems UAVS 2,948.1 7.66 1.40 22.36 8.08 6.25 Decl. volume*1,708,825,687 89,456,106
Other Indexes
QuantumScape QS 1,630.6 49.00 4.25 9.50 50.00 44.75 Issues traded 4,298 1,473
Russell 2000 2237.68 2200.03 2220.52 24.72 1.13 2360.17 1052.05 107.1 12.4 13.2
Advances 2,672 969
NYSE Composite 15681.91 15601.74 15601.74 -24.37 -0.16 15775.50 9844.85 58.5 7.4 7.8 Guess GES 139.1 24.90 1.40 5.96 25.85 21.60
Declines 1,483 484
Value Line 643.76 637.67 639.51 1.84 0.29 662.15 328.00 92.3 12.4 5.4 Granite Point Mtg Trust GPMT 93.5 12.55 0.58 4.85 12.55 11.97
Unchanged 143 20
NYSE Arca Biotech 5517.55 5368.21 5479.34 111.13 2.07 6319.77 4332.20 26.5 -4.5 6.8
ODP ODP 85.7 44.99 1.70 3.93 46.99 42.55
New highs 99 79
NYSE Arca Pharma 697.66 692.17 693.38 -0.55 -0.08 725.03 565.87 22.5 0.6 9.4 ...And losers New lows 44 17
KBW Bank 121.71 119.95 120.14 -1.22 -1.01 123.35 60.19 97.2 22.7 4.1 XL Fleet XL 3,482.1 7.89 -1.09 -12.14 9.15 7.77 Closing Arms† 0.94 1.04
PHLX§ Gold/Silver 135.58 131.88 134.39 2.66 2.02 161.14 80.94 66.0 -6.8 18.3 HighPoint Resources HPR 61.2 5.12 -0.35 -6.40 5.47 5.00 Block trades* 24,586 1,053
PHLX§ Oil Service 54.12 52.77 53.70 0.41 0.76 63.89 23.33 130.2 21.1 -26.6 Performant Financial PFMT 100.1 2.06 -0.09 -4.19 2.15 2.00 * Primary market NYSE, NYSE American NYSE Arca only.
PHLX§ Semiconductor 3147.05 3072.54 3124.94 80.39 2.64 3238.92 1427.73 118.9 11.8 33.0 MannKind MNKD 915.5 3.78 -0.15 -3.70 3.92 3.73 †(TRIN) A comparison of the number of advancing and declining
issues with the volume of shares rising and falling. An
Cboe Volatility 20.11 18.85 19.40 -0.21 -1.07 57.06 18.86 -66.0 -14.7 -1.0 New Concept Energy GBR 94.1 4.15 -0.14 -3.26 4.70 4.02 Arms of less than 1 indicates buying demand; above 1

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

International Stock Indexes Percentage Gainers... Percentage Losers

Latest YTD
Region/Country Index Close Net chg % chg % chg Latest Session 52-Week Latest Session 52-Week
Company Symbol Close Net chg % chg High Low % chg Company Symbol Close Net chg % chg High Low % chg
World MSCI ACWI 673.29 1.17 0.17 4.2 Discovery Series B DISCB 128.00 57.99 82.83 150.72 25.46 365.5 The9 ADR NCTY 31.20 -10.20 -24.64 89.20 2.04 610.7
MSCI ACWI ex-USA 336.07 –0.89 –0.26 2.9 Wah Fu Education Group WAFU 12.50 4.23 51.15 21.00 1.39 733.3 Delcath Systems DCTH 12.42 -3.86 -23.71 25.18 6.06 24.2
MSCI World 2811.70 6.60 0.24 4.5 MicroVision MVIS 18.55 6.24 50.69 24.18 0.17 9235.7 VirTra VTSI 6.15 -1.82 -22.84 10.17 2.00 182.1
MSCI Emerging Markets 1316.43 –3.07 –0.23 1.9 Liberty TripAdvisor B LTRPB 38.02 12.52 49.10 134.00 3.67 756.3 Romeo Power RMO 8.33 -2.04 -19.67 38.90 8.30 -15.6
Americas MSCI AC Americas 1542.37 7.69 0.50 5.1 Coursera COUR 45.00 12.00 36.36 45.98 33.00 ... Creatd CRTD 4.30 -0.89 -17.15 19.41 2.10 -47.9
Canada S&P/TSX Comp 18700.67 –4.89 –0.03 7.3 FreightCar America RAIL 6.60 1.74 35.70 6.96 0.88 606.2 Greenland Technologies GTEC 12.37 -2.12 -14.63 26.42 1.64 325.1
Latin Amer. MSCI EM Latin America 2302.17 26.10 1.15 –6.1 Intevac IVAC 7.15 1.72 31.68 8.46 3.85 78.8 Ubiquiti UI 298.30 -50.70 -14.53 401.81 132.01 122.0
Brazil Sao Paulo Bovespa 116633.72 –215.95 –0.18 –2.0 Greenlane Holdings GNLN 5.31 1.22 29.71 8.73 1.43 243.4 Gaucho Group Holdings VINO 3.51 -0.58 -14.18 21.45 3.00 -38.4
Chile Santiago IPSA 3335.91 –20.47 –0.61 16.7 AbCellera Biologics ABCL 33.96 7.28 27.29 71.91 23.20 ... Direxion S&P Biotech Bear LABD 21.74 -3.21 -12.87 338.40 12.30 -93.3
Mexico S&P/BMV IPC 47246.26 –658.74 –1.38 7.2 Conn's CONN 19.45 3.80 24.28 19.89 3.13 473.7 EDAP TMS ADR EDAP 8.40 -1.23 -12.77 10.68 1.93 291.6
EMEA Stoxx Europe 600 429.60 –1.05 –0.24 7.7 Liquid Media Group YVR 4.19 0.76 22.16 7.50 1.27 54.0 Clever Leaves Holdings CLVR 10.29 -1.48 -12.57 19.46 8.02 ...
Eurozone Euro Stoxx 432.10 –0.83 –0.19 8.7 Up Fintech Holding ADR TIGR 17.79 3.08 20.94 38.50 2.50 571.3 First Western Financial MYFW 25.01 -3.58 -12.52 31.72 10.89 78.1
Belgium Bel-20 3899.48 –27.67 –0.70 7.7 Sunlink Health Systems SSY 2.72 0.47 20.89 7.62 0.62 288.7 INVO BioScience INVO 4.33 -0.61 -12.35 12.30 2.80 -37.0
Denmark OMX Copenhagen 20 1471.77 16.74 1.15 0.5 Benitec Biopharma ADR BNTC 5.17 0.87 20.23 17.39 2.30 -0.7 Humanigen HGEN 19.10 -2.58 -11.88 33.95 3.40 218.3
6067.23 –0.34 9.3 Sigilon Therapeutics SGTX 22.35 3.59 19.14 54.32 18.50 ... Amdocs DOX 70.15 -9.19 -11.58 82.38 51.62 31.4
France CAC 40 –20.81
Germany DAX 15008.34 –0.27 –0.002 9.4
Israel Tel Aviv 1604.62 4.59 0.29 7.0
Most Active Stocks Volume Movers Ranked by change from 65-day average*
Italy FTSE MIB 24648.56 12.17 0.05 10.9 Volume % chg from Latest Session 52-Week Volume % chg from Latest Session 52-Week
Company Symbol (000) 65-day avg Close % chg High Low Company Symbol (000) 65-day avg Close % chg High Low
Netherlands AEX 699.85 –1.27 –0.18 12.0
Russia RTS Index 1477.11 16.79 1.15 6.5 Sundial Growers SNDL 196,400 -62.7 1.13 -0.88 3.96 0.14 Delcath Systems DCTH 8,251 7111 12.42 -23.71 25.18 6.06
South Africa FTSE/JSE All-Share 66485.29 –806.37 –1.20 11.9 Apple AAPL 116,318 6.4 122.15 1.88 145.09 59.23 Intevac IVAC 4,732 4987 7.15 31.68 8.46 3.85
Spain IBEX 35 8579.98 –15.23 –0.18 6.3 Liquid Media Group YVR 113,342 1481.1 4.19 22.16 7.50 1.27 Day Hagan/Ned Davis Res SSUS 1,039 4051 30.88 0.70 32.93 20.17
873.39 –0.20 13.7 SPDR S&P 500 SPY 111,799 38.5 396.33 0.41 398.12 243.90 KFA LC Quality Div Index KLCD 437 4009 30.75 -0.33 31.09 20.13
Sweden OMX Stockholm –1.77
3.2
NIO ADR NIO 97,915 -11.2 38.98 3.81 66.99 2.22 Wah Fu Education Group WAFU 75,041 3865 12.50 51.15 21.00 1.39
Switzerland Swiss Market 11047.37 –74.05 –0.67
Turkey BIST 100 1391.73 –4.06 –0.29 –5.8 Tencent Music Ent ADR TME 94,838 243.3 20.49 -3.98 32.25 9.74 ProPhase Labs PRPH 7,472 3358 7.40 17.94 16.04 1.20
U.K. FTSE 100 6713.63 –58.49 –0.86 3.9 ViacomCBS Cl B VIAC 91,534 225.4 45.10 -3.24 101.97 11.92 John Hancock Multi Indls JHMI 164 2905 49.54 0.02 49.88 27.01
U.K. FTSE 250 21518.71 –55.73 –0.26 5.0 ProSh UltraPro Shrt QQQ SQQQ 79,450 -13.9 13.12 -4.58 112.40 11.76 Union Acqn II LATN 5,041 2200 10.05 0.10 10.74 9.70
Arcadia Biosciences RKDA 76,254 4274.3 2.76 18.24 6.40 2.26 XOMA XOMA 810 1733 40.81 2.03 46.32 15.48
Asia-Pacific MSCI AC Asia Pacific 203.57 –1.45 –0.71 1.8
Wah Fu Education Group WAFU 75,015 3863.5 12.50 51.15 21.00 1.39 Qurate Retail Series B QRTEB 122 1405 13.60 12.23 28.46 3.18
Australia S&P/ASX 200 6790.70 52.25 0.78 3.1
* Volumes of 100,000 shares or more are rounded to the nearest thousand * Common stocks priced at $2 a share or more with an average volume over 65 trading days of at least
China Shanghai Composite 3441.91 –14.77 –0.43 –0.9 5,000 shares =Has traded fewer than 65 days
Hong Kong Hang Seng 28378.35 –199.15 –0.70 4.2
49509.15 3.7
Track the Markets
India S&P BSE Sensex –627.43 –1.25
Japan Nikkei Stock Avg 29178.80 –253.90 –0.86 6.3
Compare the performance of selected
global stock indexes, bond ETFs,
CURRENCIES & COMMODITIES
Singapore Straits Times 3165.34 –25.55 –0.80 11.3 currencies and commodities at
South Korea Kospi 3061.42 –8.58 –0.28 6.5 wsj.com/graphics/track-the-markets Currencies
Taiwan TAIEX 16431.13 –123.77 –0.75 11.5 U.S.-dollar foreign-exchange rates in late New York trading
Thailand SET 1587.21 –2.32 –0.15 9.5 Get real-time U.S. stock quotes and track most-active stocks, new US$vs, US$vs,
Sources: FactSet; Dow Jones Market Data highs/lows and mutual funds. Available free at WSJMarkets.com Wed YTDchg Wed YTDchg
Country/currency in US$ per US$ (%) Country/currency in US$ per US$ (%)
Americas Vietnam dong .00004334 23075 –0.02
CREDIT MARKETS Argentina peso .0109 91.9850 9.4 Europe
Brazil real .1775 5.6348 8.5 Czech Rep. koruna .04491 22.269 3.7
Canada dollar .7960 1.2564 –1.4 Denmark krone .1577 6.3407 4.1
Consumer Rates and Returns to Investor Benchmark
Treasury yield Yields
curve Forex Race Chile peso .001388 720.40 1.4 Euro area euro 1.1732 .8524 4.1
U.S. consumer rates Selected rates andtoRates
Yield maturity of current bills, Yen, euro vs. dollar; dollar vs. Colombiapeso .000273 3661.70 7.0 Hungary forint .003239 308.76 4.0
notes and bonds major U.S. trading partners Ecuador US dollar 1 1 unch Iceland krona .007888 126.78 –0.8
A consumer rate against its 5-year CDs Mexico peso .0489 20.4451 2.8 Norway krone .1170 8.5496 –0.3
benchmark over the past year 2.50% Uruguay peso .02254 44.3750 4.8 Poland zloty .2533 3.9481 5.8
Bankrate.com avg†: 0.47% 16% Asia-Pacific Russia ruble .01322 75.653 2.2
2.00 .1145 8.7299 6.1
Lone Star Bank 0.71% Euros Australian dollar .7595 1.3167 1.3
Sweden krona
0.80% Houston, TX 713-358-9400 1.50 8 Switzerland franc 1.0598 .9436 6.6
China yuan .1526 6.5527 0.3
Five-year CD yields Tradeweb ICE Turkey lira .1212 8.2489 10.9
t

Colorado Federal Savings Bank 0.75% 1.00 Hong Kong dollar .1286 7.7739 0.3
t 0.60 Wednesday Close s Ukraine hryvnia .0359 27.8500 –1.8
0 India rupee .01366 73.202 0.2
Greenwood Village, CO 877-484-2372 Yen UK pound 1.3783 .7255 –0.9
0.50 Indonesia rupiah .0000688 14525 3.4
0.40 TAB Bank 0.75% t –8 Japan yen .009032 110.72 7.2 Middle East/Africa
0.00 s
Ogden, UT 800-355-3063 Kazakhstan tenge .002349 425.71 1.0 Bahrain dinar 2.6522 .3771 ...
Federal-funds One year ago WSJ Dollar Index
0.20 CFG Community Bank 0.82% –0.50 –16 Macau pataca .1248 8.0131 0.3 Egypt pound .0636 15.7143 –0.2
target rate Malaysia ringgit .2412 4.1465 3.1 Israel shekel .2994 3.3397 3.9
t Baltimore, MD 888-205-8388 1 3 6 1 2 3 5 7 10 20 30 2020 2021
0.00 New Zealand dollar .6985 1.4316 2.8 Kuwait dinar 3.3084 .3023 –0.6
First Internet Bank of Indiana 0.96% month(s) years
AM J J A S O N D J F M Pakistan rupee .00655 152.620 –4.8 Oman sul rial 2.5973 .3850 0.01
Indianapolis, IN 888-873-3424 maturity Philippines peso .0206 48.515 1.0 Qatar rial .2747 3.640 –0.02
2020 2021
Sources: Tradeweb ICE U.S. Treasury Close; Tullett Prebon; Dow Jones Market Data Singapore dollar .7433 1.3453 1.8 Saudi Arabia riyal .2667 3.7502 –0.04
Yield/Rate (%) 52-Week Range (%) 3-yr chg South Korea won .0008865 1127.97 3.9 South Africa rand .0677 14.7760 0.6
Interest rate Last (l)Week ago Low 0 2 4 6 8 High (pct pts)
Corporate Borrowing Rates and Yields Sri Lanka rupee .0050135 199.46 7.7
Close Net Chg % Chg YTD%Chg
Federal-funds rate target 0.00-0.25 0.00-0.25 0.00 l 0.25 -1.50 Taiwan dollar .03514 28.459 1.3
Yield (%) 52-Week Total Return (%) Thailand baht .03202 31.230 4.0 WSJ Dollar Index 87.63 –0.12–0.13 3.10
Prime rate* 3.25 3.25 3.25 l 3.25 -1.50 Bond total return index Close Last Week ago High Low 52-wk 3-yr
Libor, 3-month 0.19 0.20 0.18 l 1.44 -2.12 Sources: Tullett Prebon, Dow Jones Market Data
U.S. Treasury, Barclays 2350.550 1.000 0.930 1.000 0.400 –4.429 4.089
Money market, annual yield 0.10 0.10 0.08 l 0.34 -0.25
Five-year CD, annual yield 0.47 0.48 0.44 l 0.91 -1.19 U.S. Treasury Long, Barclays 4072.710 2.340 2.240 2.400 1.090 –15.803 5.865 Commodities
30-year mortgage, fixed† 3.26 3.36 2.83 l 3.89 -1.13 Aggregate, Barclays 2211.350 1.610 1.550 1.620 1.020 0.710 4.654 Wednesday 52-Week YTD
Pricing trends on someClose
raw materials, or commodities
Net chg % Chg High Low % Chg % chg
15-year mortgage, fixed† 2.53 2.58 2.32 l 3.39 -1.32 Fixed-Rate MBS, Barclays 2205.870 1.830 1.750 1.850 0.980 –0.088 3.747
Jumbo mortgages, $548,250-plus† 3.27 3.40 2.85 l 4.00 -1.40 DJ Commodity 800.48 6.47 0.81 836.48 433.70 75.77 9.42
High Yield 100, ICE BofA n.a. n.a. 3.806 n.a. n.a. n.a. n.a. Refinitiv/CC CRB Index 184.96 0.09 0.05 195.13 106.29 56.09 10.23
Five-year adj mortgage (ARM)† 3.12 3.15 2.85 l 3.51 -1.02
Muni Master, ICE BofA n.a. n.a. 0.982 n.a. n.a. n.a. n.a. Crude oil, $ per barrel 59.16 -1.39 -2.30 66.09 -37.63 191.29 21.93
New-car loan, 48-month 4.05 4.05 4.02 l 4.44 0.38
Bankrate.com rates based on survey of over 4,800 online banks. *Base rate posted by 70% of the nation's largest EMBI Global, J.P. Morgan n.a. n.a. 4.936 n.a. n.a. n.a. n.a. Natural gas, $/MMBtu 2.608 -0.015 -0.57 3.354 1.482 64.34 2.72
banks.† Excludes closing costs.
Sources: FactSet; Dow Jones Market Data; Bankrate.com Sources: J.P. Morgan; S&P Dow Jones Indices; Bloomberg Barclays; ICE Data Services
Gold, $ per troy oz. 1713.80 29.90 1.78 2051.50 1578.20 8.59 -9.47
 .

B10 | Thursday, April 1, 2021 THE WALL STREET JOURNAL.

COMMODITIES wsj.com/market-data/commodities

Futures Contracts Open

Contract
High hilo Low Settle Chg
Open
interest
Cash Prices Wednesday, March 31, 2021
Metal & Petroleum Futures Sept 127.50 128.50 124.50 127.30 .70 53,726 These prices reflect buying and selling of a variety of actual or “physical” commodities in the marketplace—
Contract Open
Sugar-World (ICE-US)-112,000 lbs.; cents per lb. separate from the futures price on an exchange, which reflects what the commodity might be worth in future
May 14.94 15.03 14.67 14.77 –.15 335,948 months.
Open High hi lo Low Settle Chg interest
July 14.88 14.98 14.68 14.77 –.08 249,391
Copper-High (CMX)-25,000 lbs.; $ per lb. Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb. Wednesday Wednesday Wednesday
April 4.0030 0.0200 2,673 Aluminum, LME, $ per metric ton *2220.5 Wheat,No.1soft white,Portld,OR-u 7.5750
May 31.00 31.00 s 31.00 30.95 –.10 1,978 Energy
May 3.9785 4.0175 3.9545 3.9955 0.0170 131,126 Copper,Comex spot 4.0030
July 30.85 30.85 30.85 30.85 .05 3,173
Gold (CMX)-100 troy oz.; $ per troy oz. Cotton (ICE-US)-50,000 lbs.; cents per lb. Coal,C.Aplc.,12500Btu,1.2SO2-r,w 60.900 Iron Ore, 62% Fe CFR China-s 164.8 Food
April 1713.80 29.90 25,063 Coal,PwdrRvrBsn,8800Btu,0.8SO2-r,w 11.900 Shredded Scrap, US Midwest-s,m 451
May 80.70 81.40 78.60 80.88 .24 88,779
May 1684.10 1714.90 t 1676.80 1714.40 29.30 1,770 Beef,carcass equiv. index
Dec 78.95 80.35 77.27 80.10 1.18 67,414 Steel, HRC USA, FOB Midwest Mill-s 1345
June 1685.90 1716.30 1677.30 1715.60 29.60 368,572
Orange Juice (ICE-US)-15,000 lbs.; cents per lb.
Metals choice 1-3,600-900 lbs.-u 203.19
Aug 1687.30 1718.10 1679.40 1717.50 29.60 36,949
May 111.10 111.80 110.05 110.60 –.40 9,217
Fibers and Textiles select 1-3,600-900 lbs.-u 192.50
Oct 1719.00 29.50 12,752 Gold, per troy oz Broilers, National comp wtd. avg.-u,w 0.8695
July 114.50 114.50 113.25 113.70 –.55 1,816 Engelhard industrial 1689.00 Burlap,10-oz,40-inch NY yd-n,w 0.7200
Dec 1689.30 1721.20 t 1683.00 1720.60 29.30 16,294 Butter,AA Chicago 1.8175
Palladium (NYM) - 50 troy oz.; $ per troy oz. Handy & Harman base 1691.05 Cotton,1 1/16 std lw-mdMphs-u 0.7863
Interest Rate Futures Cheddar cheese,bbl,Chicago 148.25
April … … … 2617.50 50.90 Handy & Harman fabricated 1877.07 Cotlook 'A' Index-t *87.20 Cheddar cheese,blk,Chicago 173.75
June 2570.50 2624.50 2567.50 2619.90 50.90 9,998 Ultra Treasury Bonds (CBT) - $100,000; pts 32nds of 100% LBMA Gold Price AM *1696.70 Hides,hvy native steers piece fob-u n.a. Milk,Nonfat dry,Chicago lb. 118.50
Platinum (NYM)-50 troy oz.; $ per troy oz. June 183-050 183-080 181-020 181-070 –1-05.0 1,124,389 LBMA Gold Price PM *1683.95 Wool,64s,staple,Terr del-u,w n.a.
Coffee,Brazilian,Comp 1.1523
April 1158.90 1193.80 1158.80 1188.50 30.80 3,172 Treasury Bonds (CBT)-$100,000; pts 32nds of 100% Krugerrand,wholesale-e 1784.48 Grains and Feeds Coffee,Colombian, NY 1.7163
July 1159.50 1198.30 1159.10 1191.50 30.90 62,147 June 155-100 155-140 154-160 154-190 –14.0 1,178,134 Maple Leaf-e 1801.64 Eggs,large white,Chicago-u 1.2350
Silver (CMX)-5,000 troy oz.; $ per troy oz. Treasury Notes (CBT)-$100,000; pts 32nds of 100% American Eagle-e 1801.64 Barley,top-quality Mnpls-u n.a.
Flour,hard winter KC 15.60
April 24.517 0.396 2,913 June 131-095 131-095 130-290 130-300 –8.0 3,932,097 Mexican peso-e 2076.80 Bran,wheat middlings, KC-u 186
Hams,17-20 lbs,Mid-US fob-u n.a.
May 24.045 24.565 t 23.740 24.532 0.395 119,708 Sept 130-055 130-115 129-295 130-010 –8.0 510 Corn,No. 2 yellow,Cent IL-bp,u 5.5850
Austria crown-e 1684.88 Hogs,Iowa-So. Minnesota-u 96.07
Crude Oil, Light Sweet (NYM)-1,000 bbls.; $ per bbl. 5 Yr. Treasury Notes (CBT)-$100,000; pts 32nds of 100% Austria phil-e 1801.64 Corn gluten feed,Midwest-u,w 179.8
60.45 61.17 58.85 59.16 –1.39 380,516 March 124-027 124-075 124-027 124-035 –1.0 5,621 Pork bellies,12-14 lb MidUS-u n.a.
May Corn gluten meal,Midwest-u,w 614.2
June 60.40 61.17 58.88 59.18 –1.38 318,491 June 123-192 123-195 123-120 123-127 –5.2 3,671,302 Silver, troy oz. Pork loins,13-19 lb MidUS-u 1.0521
Cottonseed meal-u,w 455
July 60.31 60.98 58.75 59.03 –1.32 188,749 2 Yr. Treasury Notes (CBT)-$200,000; pts 32nds of 100% Engelhard industrial 24.1500 Steers,Tex.-Okla. Choice-u 116.11
Hominy feed,Cent IL-u,w 175
Sept 59.35 60.06 57.98 58.24 –1.18 119,642 March 110-145 24,558 Handy & Harman base 24.3450 Steers,feeder,Okla. City-u,w 162.38
Meat-bonemeal,50% pro Mnpls-u,w 340
Dec 57.77 58.50 56.61 56.85 –1.00 304,240 June 110-125 110-125 110-115 110-116 –.7 2,302,073 Handy & Harman fabricated 30.4310
Oats,No.2 milling,Mnpls-u 3.9425 Fats and Oils
Dec'22 53.69 54.37 52.94 53.12 –0.72 134,479 30 Day Federal Funds (CBT)-$5,000,000; 100 - daily avg. LBMA spot price *£17.7000
Rice, Long Grain Milled, No. 2 AR-u,w 26.88
NY Harbor ULSD (NYM)-42,000 gal.; $ per gal. March 99.9300 99.9325 99.9300 99.9300 132,684 (U.S.$ equivalent) *24.3400 Corn oil,crude wet/dry mill wtd. avg.-u,w 62.5000
Sorghum,(Milo) No.2 Gulf-u 8.1175
April 1.7905 1.8020 1.7627 1.7713 –.0179 1,986 April 99.9375 99.9400 s 99.9350 99.9375 171,314 Coins,wholesale $1,000 face-a 19714 SoybeanMeal,Cent IL,rail,ton48%-u,w 398.70 Grease,choice white,Chicago-h 0.5350
May 1.7927 1.8086 1.7623 1.7698 –.0216 120,134 10 Yr. Del. Int. Rate Swaps (CBT)-$100,000; pts 32nds of 100% Other metals Lard,Chicago-u n.a.
89-210 –6.5 138,779
Soybeans,No.1 yllw IL-bp,u 14.2850
Gasoline-NY RBOB (NYM)-42,000 gal.; $ per gal. June LBMA Platinum Price PM *1166.0 Soybean oil,crude;Centl IL-u,w 0.5496
Eurodollar (CME)-$1,000,000; pts of 100% Wheat,Spring14%-pro Mnpls-u 7.3075
April 2.0100 2.0100 1.9371 1.9533 –.0357 4,732 Platinum,Engelhard industrial 1185.0 Wheat,No.2 soft red,St.Louis-u 6.4550 Tallow,bleach;Chicago-h 0.5600
May 1.9980 2.0178 1.9511 1.9597 –.0367 139,831 April 99.8125 99.8200 t 99.8125 99.8175 .0050 158,213
Palladium,Engelhard industrial 2645.0 Wheat - Hard - KC (USDA) $ per bu-u 6.0575 Tallow,edible,Chicago-u 0.5700
Natural Gas (NYM)-10,000 MMBtu.; $ per MMBtu. June 99.8200 99.8300 99.8200 99.8250 .0050 1,176,037
May 2.621 2.656 2.575 2.608 –.015 284,665 Dec 99.7400 99.7400 99.7300 99.7350 … 931,687
June 2.676 2.712 2.637 2.667 –.014 105,663 March'23 99.4200 99.4200 t 99.3800 99.3950 –.0200 1,149,806 KEY TO CODES: A=ask; B=bid; BP=country elevator bids to producers; C=corrected; E=Manfra,Tordella & Brookes; H=American Commodities Brokerage Co;
July 2.741 2.770 2.700 2.732 –.009 102,298 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 3/30
Sept 2.742 2.770 2.706 2.740 –.002 105,502 Currency Futures
Source: Dow Jones Market Data
Oct 2.756 2.785 2.721 2.755 –.001 129,746
Japanese Yen (CME)-¥12,500,000; $ per 100¥
Nov 2.823 2.852 2.796 2.830 .005 68,666
April .9051 t .9069
.9014 .9032 –.0032 223
June .9068 t .9075
.9018 .9036 –.0033 164,793
Agriculture Futures Canadian Dollar (CME)-CAD 100,000; $ per CAD
Corn (CBT)-5,000 bu.; cents per bu. April .7932 .7974 .7917 .7957 .0040 224 Bonds | wsj.com/market-data/bonds/benchmarks
May 538.25 564.25 536.25 564.25 25.00 628,760 June .7922 .7975 .7918 .7957 .0040 159,584
July 520.50 547.50
Oats (CBT)-5,000 bu.; cents per bu.
518.50 547.50 25.00 421,513 British Pound (CME)-£62,500; $ per £
April 1.3740 1.3812 1.3719 1.3779 .0056 537
Tracking Bond Benchmarks
May 367.00 382.25 366.75 378.75 10.25 2,786 June 1.3739 1.3815 1.3719 1.3781 .0056 137,005 Return on investment and spreads over Treasurys and/or yields paid to investors compared with 52-week
July 366.25 379.75 364.75 377.75 11.50 847 Swiss Franc (CME)-CHF 125,000; $ per CHF highs and lows for different types of bonds
Soybeans (CBT)-5,000 bu.; cents per bu. June 1.0633 1.0654 t 1.0592 1.0595 –.0040 42,617
Total Total
May 1368.75 1436.75 1364.75 1436.75 70.00 301,827 Sept 1.0675 1.0679 t 1.0622 1.0622 –.0040 149
return YTD total Yield (%) return YTD total Yield (%)
Nov 1186.00 1256.25 1184.00 1256.25 70.00 212,711 Australian Dollar (CME)-AUD 100,000; $ per AUD close return (%) Index Latest Low High close return (%) Index Latest Low High
Soybean Meal (CBT)-100 tons; $ per ton. April .7599 .7637 .7590 .7600 .0009 149
May 398.20 423.20 397.70 423.20 25.00 143,350 June .7599 .7639 .7591 .7602 .0009 136,238 Mortgage-Backed Bloomberg Barclays
Broad Market Bloomberg Barclays
July 400.10 425.10 399.50 424.80 24.70 111,985 Mexican Peso (CME)-MXN 500,000; $ per MXN
Soybean Oil (CBT)-60,000 lbs.; cents per lb. April .04866 .04891 .04842 .04884 .00032 400 2211.35 -3.4 U.S. Aggregate 1.610 1.020 1.620 2205.87 -1.1 Mortgage-Backed 1.830 0.980 1.850
May 50.49 52.96 50.22 52.92 2.46 151,710 June .04819 .04863 .04808 .04854 .00032 135,914
July 48.35 50.81 48.10 50.76 2.45 122,645 U.S. Corporate Indexes Bloomberg Barclays 2156.08 -1.0 Ginnie Mae (GNMA) 1.800 0.290 1.840
Euro (CME)-€125,000; $ per €
Rough Rice (CBT)-2,000 cwt.; $ per cwt. 1.1726 1.1764 t 1.1709 1.1729 .0007 1,166 1302.60 -1.1 Fannie mae (FNMA) 1.840 1.160 1.850
May 13.20 13.27 13.16 13.18 –.04 8,247
April 3295.20 -4.6 U.S. Corporate 2.280 1.740 3.480
June 1.1736 1.1779 t 1.1722 1.1742 .0006 635,112
Sept 12.88 13.00 s 12.88 13.00 .01 658 3043.70 -2.2 Intermediate 1.580 1.080 3.230 1997.17 -1.2 Freddie Mac (FHLMC) 1.840 1.140 1.860
Wheat (CBT)-5,000 bu.; cents per bu. Index Futures
May 603.25 631.75 t 593.25 618.00 16.25 165,091 4743.17 -8.5 Long term 3.450 2.730 3.910 n.a. n.a. Muni Master n.a. n.a. n.a.
July 601.50 628.75 t 592.25 615.75 16.00 124,981 Mini DJ Industrial Average (CBT)-$5 x index
Wheat (KC)-5,000 bu.; cents per bu. June 32938 33045 32866 32898 –27 89,165 660.40 -5.4 Double-A-rated 1.930 1.300 2.360 n.a. n.a. 7-12 year n.a. n.a. n.a.
May 559.25 587.00 t 553.00 575.75 17.25 95,560 Sept 32840 32922 32762 32785 –26 279 n.a.
t 559.50 880.51 -4.2 Triple-B-rated 2.510 2.010 4.300 n.a. 12-22 year n.a. n.a. n.a.
July 565.25 591.75 581.75 17.00 72,699 S&P 500 Index (CME)-$250 x index
Cattle-Feeder (CME)-50,000 lbs.; cents per lb. June 3947.30 3965.40 3942.60 3967.40 19.70 16,016 High Yield Bonds ICE BofA n.a. n.a. 22-plus year n.a. n.a. n.a.
April 146.200 146.500 141.875 143.875 –2.950 6,834 Mini S&P 500 (CME)-$50 x index
May 151.700 151.875 147.350 149.400 –2.800 20,129 June 3949.50 3983.75 s 3941.50 3967.50 19.75 2,558,591 n.a. n.a. High Yield Constrained n.a. n.a. n.a. Global Government J.P. Morgan†
Cattle-Live (CME)-40,000 lbs.; cents per lb. Sept 3935.75 3973.50 s 3932.00 3957.25 19.75 3,723
-3.4
n.a. n.a. Triple-C-rated n.a. n.a. n.a. 594.24 Global Government 0.960 0.460 0.960
April 120.800 121.400 120.550 120.975 … 32,258 Mini S&P Midcap 400 (CME)-$100 x index
June 122.075 123.150 121.375 122.900 .675 148,923 June 2604.30 2628.80 2600.60 2605.30 1.70 45,432 n.a. 828.00 -4.1 Canada 1.470 0.610 1.520
n.a. High Yield 100 n.a. n.a. n.a.
Hogs-Lean (CME)-40,000 lbs.; cents per lb. Sept 2603.10 1.70 1
April 100.650 101.250 100.300 101.050 .125 26,793 Mini Nasdaq 100 (CME)-$20 x index n.a. n.a. Global High Yield Constrained n.a. n.a. n.a. n.a. n.a. EMU§ n.a. n.a. n.a.
June 105.500 105.750 103.875 105.300 –.725 103,425 June 12894.75 13158.00 12858.25 13089.75 211.50 221,462
Lumber (CME)-110,000 bd. ft., $ per 1,000 bd. ft. Sept 12857.00 13142.75 12848.25 13077.75 211.25 754 n.a. n.a.
Europe High Yield Constrained n.a. n.a. n.a. 769.08 -3.1 France 0.220 -0.160 0.390
May 989.00 1014.10 s 985.00 1009.10 19.50 2,040 Mini Russell 2000 (CME)-$50 x index
July 867.00 890.70 s 867.00 888.90 21.50 891
U.S Agency Bloomberg Barclays 538.26 -2.5 Germany -0.190 -0.530 -0.120
June 2195.80 2237.50 2188.90 2222.50 30.10 471,797
Milk (CME)-200,000 lbs., cents per lb. Sept 2194.60 2232.50 2185.60 2218.50 30.40 181 1836.52 -1.6 U.S Agency 0.800 0.460 0.930 293.74 -0.5 Japan 0.350 0.190 0.420
April 17.17 17.92 17.17 17.60 .43 3,561 Mini Russell 1000 (CME)-$50 x index
May 17.57 18.31 17.54 18.23 .67 3,694 June 2237.40 2245.20 2221.70 2234.20 14.40 9,569 1609.69 -1.0 10-20 years 0.670 0.340 0.790 599.33 -3.1 Netherlands -0.070 -0.450 -0.010
Cocoa (ICE-US)-10 metric tons; $ per ton. U.S. Dollar Index (ICE-US)-$1,000 x index
May 2,354 2,373 2,340 2,348 1 65,034 June 93.28 93.47 s 93.01 93.24 –.08 39,632 3972.95 -7.0 20-plus years 2.420 1.290 2.460 1014.87 -7.4 U.K. 1.150 0.410 1.170
July 2,389 2,406 2,377 2,385 1 65,295 Sept 93.28 93.43 s 93.00 93.22 –.08 569
Coffee (ICE-US)-37,500 lbs.; cents per lb. 2830.14 -3.5 Yankee 1.830 1.370 2.880 n.a. n.a. Emerging Markets ** n.a. n.a. n.a.
May 123.00 124.75 t 120.50 123.50 .90 96,139 Source: FactSet *Constrained indexes limit individual issuer concentrations to 2%; the High Yield 100 are the 100 largest bonds † In local currency § Euro-zone bonds
** EMBI Global Index Sources: ICE Data Services; Bloomberg Barclays; J.P.Morgan

Macro & Market Economics Global Government Bonds: Mapping Yields

Watching the Gauges: U.S. Supply and Demand Yields and spreads over or under U.S. Treasurys on benchmark two-year and 10-year government bonds in
Inventories, imports and demand for the week ended March 26. Current figures are in thousands of barrels or selected other countries; arrows indicate whether the yield rose(s) or fell (t) in the latest session
thousands of gallons per day, except natural-gas figures, which are in billions of cubic feet. Natural-gas import Country/ Spread Under/Over U.S. Treasurys, in basis points
Yield (%)
and demand data are available monthly only. Coupon (%) Maturity, in years Latest(l)-2 -1 0 1 2 3 4 Previous Month ago Year ago Latest Prev Year ago
Inventories, 000s barrels Imports, 000s barrels per day 0.125 U.S. 2 0.158 s l 0.148 0.145 0.222
1.125 10 1.749 s l 1.724 1.459 0.691
Expected Previous Year 4-week 5-year Expected Previous Year 4-week 5-year
Current change week ago avg avg Current change week ago avg avg 5.500 Australia 2 0.094 s l 0.089 0.129 0.230 -6.7 -6.0 -1.5
Crude oil and 1.500 10 1.799 s l 1.795 1.894 0.768 5.9 7.2 9.1
petroleum prod 1,290,325 ... 1,292 1,287 1,288 1,291 8,505 ... 8,448 8,255 8,160 9,658 0.000 France 2 -0.642 t l -0.628 -0.589 -0.591 -80.2 -77.7 -83.6
Crude oil 0.000 10 -0.050 t l -0.032 -0.004 -0.005 -179.0 -175.4 -68.3
excluding SPR 501,835 -600 503 469 501 489 6,145 ... 5,622 6,047 5,686 7,403
0.000 Germany 2 -0.684 s l -0.688 -0.654 -0.688 -84.4 -83.6 -93.3
Gasoline 230,544 ... 232 247 232 242 619 ... 939 736 761 797
Finished gasoline 19,995 1,000 20 21 20 23 125 ... 310 50 188 114 0.000 10 -0.290 t l -0.282 -0.259 -0.468 -202.9 -200.5 -114.5
Reformulated 33 ... 0 0 0 0 0 ... 0 0 0 0 0.050 Italy 2 -0.371 t l -0.369 -0.256 0.349 -53.1 -51.8 10.4
Conventional 19,962 ... 20 21 20 23 125 ... 310 50 188 114 0.900 10 0.664 t l 0.693 0.769 1.530 -107.6 -103.0 85.3
Blend. components 210,549 ... 213 226 211 219 493 ... 629 686 573 683 0.005 Japan 2 -0.122 s l -0.139 -0.125 -0.162 -28.8 -40.7
-28.3
Natural gas (bcf) 1,746 ... 2 2 2 2 ... ... ... ... ... ... 0.100 10 0.098 s l 0.093 0.158 0.018 -164.2 -163.0 -66.0
Kerosene-type 0.000 Spain 2 -0.494 t l -0.484 -0.406 -0.245 -63.3 -49.0
-65.4
jet fuel 39,029 ... 39 38 39 42 248 ... 107 224 113 132
0.100 10 0.329 t l 0.352 0.405 0.666 -141.1 -137.1 -1.1
Distillates 144,095 400 142 122 140 139 441 ... 664 127 525 147
Heating oil 8,743 ... 9 9 9 11 0 ... 0 0 0 2 0.125 U.K. 2 0.108 s l 0.076 0.130 0.132 -5.2 -7.2 -11.4
Diesel 135,352 ... 133 113 131 129 441 ... 664 127 525 145 4.750 10 0.847 s l 0.829 0.822 0.357 -89.3 -89.4 -32.1
Residual fuel oil 32,253 ... 31 34 32 36 194 ... 143 25 169 232 Source: Tullett Prebon, Tradeweb ICE U.S. Treasury Close
Other oils 282,210 ... 282 286 282 269 710 ... 745 991 724 825
Corporate Debt
Net crude, petroleum
Prices of firms' bonds reflect factors including investors' economic, sectoral and company-specific
products, incl. SPR 1,928,098 ... 1,929 1,922 1,926 1,958 1,077 ... 745 -196 948 2,745
expectations
Investment-grade spreads that tightened the most…
Weekly Demand, 000s barrels per day Natural gas storage Spread*, in basis points
Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week
Expected Previous Year 4-week 5-year Billions of cubic feet; weekly totals
Current change week ago avg avg UnitedHealth UNH 4.750 3.20 July 15, ’45 77 –32 91
MassMutual Global Funding II MASSMU 3.400 1.28 March 8, ’26 37 –15 n.a.
Total petroleum Natural gas,
lower 48 states 4250 Apple AAPL 3.850 2.96 May 4, ’43 55 –13 67
product 20,313 ... 18,702 17,847 19,155 18,497 t –13
General Electric Capital … 6.875 3.70 Jan. 10, ’39 130 145
Finished 3250 American Honda Finance HNDA 3.550 0.61 Jan. 12, ’24 27 –13 38
motor gasoline 8,891 ... 8,616 6,659 8,669 8,465 t Credit Suisse CS 2.950 1.39 April 9, ’25 45 –12 38
Kerosene-type Five-year average 2250 Raytheon Technologies RTX 4.500 3.23 June 1, ’42 82 –11 94
jet fuel 1,361 ... 1,037 1,335 1,064 1,401 for each week Comcast CMCSA 3.600 0.50 March 1, ’24 16 –10 n.a.
Distillates 4,113 ... 3,592 3,907 4,055 3,692 1250
Residual fuel oil 196 ... 331 147 232 254
…And spreads that widened the most
Propane/propylene 1,676 ... 1,185 1,352 1,356 ... 250 Societe Generale SOCGEN 5.000 1.61 Jan. 17, ’24 128 7 n.a.
Other oils 4,076 ... 3,941 4,447 3,778 ... A M J J A S O N D J F M Canadian Natural Resources CNQCN 6.250 4.08 March 15, ’38 167 4 178
2020 2021 ING Groep INTNED 4.100 0.72 Oct. 2, ’23 56 4 55
Note: Expected changes are provided by Dow Jones Newswires' survey of analysts. Previous and average inventory data are in millions. 4
AT&T T 5.350 4.28 Dec. 15, ’43 189 n.a.
Sources: FactSet; Dow Jones Market Data; U.S. Energy Information Administration; Dow Jones Newswires
Bank of America BAC 4.100 0.56 July 24, ’23 40 3 49
5.700 1.01 Oct. 22, ’23 85 3 n.a.
Exchange-Traded Portfolios | WSJ.com/ETFresearch BPCE
Oracle
BPCEGP
ORCL 6.125 3.63 July 8, ’39 124 3 129
Closing Chg YTD United Airlines Holdings UAL 3.650 3.94 Jan. 7, ’26 303 3 313
Largest 100 exchange-traded funds, latest session ETF Symbol Price (%) (%)

Wednesday, March 31, 2021 Closing Chg YTD Schwab US TIPs SCHP 61.16 0.07 –1.5 High-yield issues with the biggest price increases…
ETF Symbol Price (%) (%) SPDR DJIA Tr DIA 330.18 –0.19 8.0 Bond Price as % of face value
Closing Chg YTD SPDR S&PMdCpTr MDY 476.05 0.10 13.4 Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week
ETF Symbol Price (%) (%) iShMSCIEmgMarkets EEM 53.34 0.51 3.2 SPDR S&P 500 SPY 396.33 0.41 6.0
ARKInnovationETF ARKK 119.95 4.83 –3.6 iShMSCIJapan EWJ 68.52 –0.95 1.4 SPDR S&P Div SDY 118.03 –0.62 11.4 Ball BLL 4.000 1.45 Nov. 15, ’23 106.500 2.50 106.250
iShNatlMuniBd MUB 116.05 –0.02 –1.0 TechSelectSector XLK 132.81 1.59 2.1
CommSvsSPDR XLC 73.32 0.40 8.7
iSh1-5YIGCorpBd IGSB 54.68 0.04 –0.9 VanEckGoldMiner GDX 32.50 2.10 –9.8 Occidental Petroleum OXY 6.450 5.45 Sept. 15, ’36 110.376 1.13 109.500
CnsmrDiscSelSector XLY 168.07 0.78 4.5
EnSelectSectorSPDR XLE 49.06 –0.69 29.4 iShPfd&Incm PFF 38.40 0.47 –0.3 VangdInfoTech VGT 358.49 1.66 1.3 Howmet Aerospace HWM 5.950 4.13 Feb. 1, ’37 121.030 1.03 119.420
iShRussell1000Gwth IWF 243.04 1.30 0.8 VangdSC Val VBR 165.61 –0.10 16.5
FinSelSectorSPDR XLF 34.05 –0.76 15.5
iShRussell1000 IWB 223.83 0.40 5.7 VangdSC Grwth VBK 274.65 1.85 2.6 Ford Motor F 4.750 4.68 Jan. 15, ’43 100.990 0.99 100.000
HealthCareSelSect XLV 116.74 0.20 2.9
iShRussell1000Val IWD 151.55 –0.37 10.8 VangdExtMkt VXF 176.91 1.32 7.4
IndSelSectorSPDR XLI 98.45 –0.32 11.2
iShRussell2000Gwth IWO 300.74 2.37 4.9 VangdDivApp VIG 147.08 –0.13 4.2 Dish DBS … 5.000 2.63 March 15, ’23 104.470 0.78 103.615
InvscQQQI QQQ 319.13 1.53 1.7
InvscS&P500EW RSP 141.66 –0.03 11.1
iShRussell2000 IWM 220.94 1.34 12.7 VangdFTSEDevMk VEA 49.11 –0.28 4.0 CF Industries CF 5.150 3.73 March 15, ’34 114.529 0.78 114.000
iShRussell2000Val IWN 159.47 0.44 21.0 VangdFTSE EM VWO 52.05 0.44 3.9
iShCoreDivGrowth DGRO 48.27 –0.17 7.7
iShRussellMid-Cap IWR 73.93 0.24 7.8 VangdFTSE Europe VGK 63.00 –0.16 4.6 Continental Resources CLR 5.750 4.08 Jan. 15, ’31 112.750 0.75 111.281
iShCoreMSCIEAFE IEFA 72.05 –0.48 4.3
iShCoreMSCIEM IEMG 64.36 0.45 3.7
iShRussellMCValue IWS 109.30 –0.35 12.7 VangdFTSEAWxUS VEU 60.68 –0.05 4.0 L Brands LB 6.875 4.98 Nov. 1, ’35 119.479 0.75 118.620
iShS&P500Growth IVW 65.11 1.21 2.0 VangdGrowth VUG 257.04 1.39 1.5
iShCoreMSCITotInt IXUS 70.28 –0.01 4.6 iShS&P500Value IVE 141.24 –0.49 10.3 VangdHlthCr VHT 228.75 0.88 2.2
iShCoreS&P500 IVV 397.82 0.39 6.0 iShShortTreaBd SHV 110.51 ... –0.0 VangdHiDiv VYM 101.09 –0.34 10.5 …And with the biggest price decreases
iShCoreS&P MC IJH 260.28 0.05 13.2 iShSilver SLV 22.70 1.98 –7.6 VangdIntermBd BIV 88.73 0.01 –4.4
iShCoreS&P SC IJR 108.53 0.37 18.1 iShTIPSBondETF TIP 125.50 0.02 –1.7 VangdIntrCorpBd VCIT 93.03 0.13 –4.2 Netflix NFLX 4.375 2.15 Nov. 15, ’26 111.725 –1.65 111.115
iShS&PTotlUSStkMkt ITOT 91.60 0.55 6.2 iSh1-3YTreasuryBd SHY 86.25 –0.03 –0.2 VangdLC VV 185.30 0.52 5.4 Ball BLL 5.250 2.03 July 1, ’25 113.000 –0.50 113.000
iShCoreUSAggBd AGG 113.83 0.02 –3.7 iSh7-10YTreasuryBd IEF 112.93 –0.14 –5.9 VangdMC VO 221.34 0.40 7.0
iShSelectDividend DVY 114.10 –0.28 18.6 iSh20+YTreasuryBd TLT 135.45 –0.56 –14.1 VangdMC Val VOE 134.87 –0.58 13.4 Lumen Technologies LUMN 7.600 6.26 Sept. 15, ’39 114.500 –0.38 115.406
iShESGAwareUSA ESGU 90.87 0.46 5.6 iShRussellMCGrowth IWP 102.06 1.82 –0.6 VangdMBS VMBS 53.37 ... –1.3 Howmet Aerospace HWM 5.870 1.97 Feb. 23, ’22 103.376 –0.36 104.375
iShEdgeMSCIMinUSA USMV 69.19 –0.12 1.9 iShUSTreasuryBdETF GOVT 26.19 –0.02 –3.9 VangdRealEst VNQ 91.86 –0.61 8.2
iShEdgeMSCIUSAMom MTUM 160.86 2.09 –0.3 JPM UltShtIncm JPST 50.76 –0.01 –0.1 VangdS&P500ETF VOO 364.30 0.40 6.0 Ford Motor Credit … 5.875 1.70 Aug. 2, ’21 101.345 –0.31 101.375
iShEdgeMSCIUSAQual QUAL 121.78 0.26 4.8 PIMCOEnhShMaturity MINT 101.91 –0.02 –0.1 VangdST Bond BSV 82.19 –0.01 –0.9
iShGoldTr IAU 16.26 1.50 –10.3 SPDRBloomBar1-3MTB BIL 91.50 –0.01 –0.0 VangdSTCpBd VCSH 82.50 0.08 –0.9 American Airlines AAL 5.000 6.59 June 1, ’22 98.250 –0.25 98.250
iShiBoxx$InvGrCpBd LQD 130.05 0.26 –5.8 159.96 1.52 –10.3 214.08 0.71 10.0 –0.25 96.000
SPDR Gold GLD VangdSC VB Teva Pharmaceutical Finance Netherlands … 3.150 4.05 Oct. 1, ’26 95.625
iShiBoxx$HYCpBd HYG 87.18 0.48 –0.1 SchwabIntEquity SCHF 37.62 –0.32 4.5 VangdTotalBd BND 84.72 –0.05 –3.9
iShJPMUSDEmgBd EMB 108.88 0.13 –6.1 SchwabUS BrdMkt SCHB 96.71 0.61 6.3 VangdTotIntlBd BNDX 57.12 0.02 –2.4 Occidental Petroleum OXY 2.700 2.56 Aug. 15, ’22 100.188 –0.23 99.900
iShMBSETF MBB 108.42 0.09 –1.6 SchwabUS Div SCHD 72.92 –0.38 13.7 VangdTotIntlStk VXUS 62.70 –0.03 4.2
iShMSCI ACWI ACWI 95.15 0.20 4.9 SchwabUS LC SCHX 96.03 0.46 5.6 VangdTotalStk VTI 206.69 0.61 6.2 *Estimated spread over 2-year, 3-year, 5-year, 10-year or 30-year hot-run Treasury; 100 basis points=one percentage pt.; change in spread shown is for Z-spread.
iShMSCI EAFE EFA 75.87 –0.43 4.0 SchwabUS LC Grw SCHG 129.78 1.45 1.1 VangdTotlWrld VT 97.29 0.20 5.1 Note: Data are for the most active issue of bonds with maturities of two years or more
iShMSCI EAFE SC SCZ 71.84 –0.25 5.1 SchwabUS SC SCHA 99.67 0.89 12.0 VangdValue VTV 131.46 –0.45 10.5 Source: MarketAxess
 .

THE WALL STREET JOURNAL. Thursday, April 1, 2021 | B11

BIGGEST 1,000 STOCKS

Net Net Net Net Net Net
How to Read the Stock Tables Footnotes: Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg
The following explanations apply to NYSE, NYSE s-New 52-week high. GeneralDynamics GD 181.56 -0.54 LiAuto LI 25.00 1.92 ON Semi ON 41.61 1.74 SlackTech WORK 40.63 0.13 s TexasInstruments TXN 188.99 3.05 Vipshop VIPS 29.86 -1.07
Arca, NYSE American and Nasdaq Stock Market t-New 52-week low. GeneralElec GE 13.13 -0.17 LibertyBroadbandC LBRDK 150.15 -2.07 OpenText OTEX 47.71 0.32 SmithAO AOS 67.61 -1.58 TexasPacLand TPL 1589.43 45.43 Visa V 211.73 -0.17
listed securities. Prices are composite quotations dd-Indicates loss in the most recent four
that include primary market trades as well as quarters. GeneralMills GIS 61.32 -0.47 LibertyBroadbandA LBRDA 145.15 -1.99 OpendoorTech OPEN 21.19 0.67 Smith&Nephew SNN 37.90 0.03 s Textron TXT 56.08 0.79 Vistra VST 17.68 -0.13
trades reported by Nasdaq BX (formerly Boston), FD-First day of trading. GeneralMotors GM 57.46 -1.05 LibertyGlobal A LBTYA 25.66 0.28 Oracle ORCL 70.17 -0.38 Smucker SJM 126.53 -2.02 ThermoFisherSci TMO 456.38 4.91 VMware VMW 150.45 0.26
Chicago Stock Exchange, Cboe, NYSE National and h-Does not meet continued listing Genmab GMAB 32.83 1.10 LibertyGlobal B LBTYB 28.70 3.21 Orange ORAN 12.33 -0.13 Snap SNAP 52.29 2.68 ThomsonReuters TRI 87.57 -0.06 Vodafone VOD 18.43 -0.15
Nasdaq ISE. standards Genpact G 42.82 -1.21 LibertyGlobal C LBTYK 25.54 0.28 Orix IX 84.79 -3.51 SnapOn SNA 230.74 -1.30 3M MMM 192.68 -1.96 VornadoRealty VNO 45.39 -1.18
The list comprises the 1,000 largest companies lf-Late filing Gentex GNTX 35.67 -0.22 LibertyFormOne A FWONA 38.22 0.10 Oshkosh OSK 118.66 -1.19 Snowflake SNOW 229.28 7.21 Toro TTC 103.14 -0.90 s VulcanMatls VMC 168.75 -3.48
based on market capitalization. q-Temporary exemption from Nasdaq GenuineParts GPC 115.59 -1.98 LibertyFormOne C FWONK 43.29 -0.19 OtisWorldwide OTIS 68.45 -1.29 SOQUIMICH SQM 53.07 65.21 -0.23
-0.31 TorontoDomBk TD
Underlined quotations are those stocks with
large changes in volume compared with the
requirements.
t-NYSE bankruptcy Gerdau GGB 5.34 0.24 LibertyBraves A BATRA 28.51 0.09 OwensCorning OC 92.09 0.05 SolarEdgeTech SEDG 287.44 16.27 Total TOT 46.54 -0.54 W X Y Z
issue’s average trading volume. v-Trading halted on primary market. GileadSciences GILD 64.63 -0.87 LibertyBraves C BATRK 27.82 0.16 OzonHoldings OZON 56.07 3.17 Sony SNE 106.01 1.50 ToyotaMotor TM 156.06 2.19 WEC Energy WEC 93.59 0.20
Boldfaced quotations highlight those issues vj-In bankruptcy or receivership or being GSK GSK 35.69 -0.68 LibertySirius A LSXMA 44.08 -0.21 PG&E PCG 11.71 0.22 Southern SO 62.16 0.62 TractorSupply TSCO 177.08 0.03 WEX WEX 209.22 -3.71
whose price changed by 5% or more if their reorganized under the Bankruptcy Code, GlobalPayments GPN 201.58 -2.81 LibertySirius C LSXMK 44.11 -0.23 PNC Fin PNC 175.41 -2.21 SoCopper SCCO 67.87 -0.22 TradeDesk TTD 651.66 25.78 W.P.Carey WPC 70.76 0.07
previous closing price was $2 or higher. or securities assumed by such companies. GlobeLife GL 96.63 -1.69 EliLilly LLY 186.82 1.32 POSCO PKX 72.20 0.83 SouthwestAir LUV 61.06 -0.85 Tradeweb TW 74.00 0.74 WPP WPP 63.90 -1.06
GoDaddy GDDY 77.62 1.67 LincolnNational LNC 62.27 -0.44 s PPD PPD 37.84 0.13 Splunk SPLK 135.48 3.53 TraneTech TT 165.56 -1.39 Wabtec WAB 79.16 -0.56
Wall Street Journal stock tables reflect composite regular trading as of 4 p.m. and GoldFields GFI 9.49 0.19 Linde LIN 280.14 0.88 PPG Ind PPG 150.26 -2.53 Spotify SPOT 267.95 10.26 TransDigm TDG 587.92 3.29 s WalgreensBoots WBA 54.90 1.92
changes in the closing prices from 4 p.m. the previous day. GoldmanSachs GS 327.00 -5.01 LithiaMotors LAD 390.09 -9.62 PPL PPL 28.84 -0.23 Square SQ 227.05 14.22 TransUnion TRU 90.00 0.33 Walmart WMT 135.83 0.09
GoodRx GDRX 39.02 1.08 LiveNationEnt LYV 84.65 1.16 PRA HealthSci PRAH 153.33 -0.43 StanleyBlackDck SWK 199.67 -0.74 Travelers TRV 150.40 -3.63 WarnerMusic WMG 34.33 1.57
Wednesday, March 31, 2021 Net Net Graco GGG 71.62 -0.56 LloydsBanking LYG 2.32 -0.01 PTC PTC 137.65 5.65 Starbucks Trex TREX 91.54 1.58
SBUX 109.27 -1.00 WasteConnections WCN 107.98 0.24
Stock Sym Close Chg Stock Sym Close Chg
Net Grainger GWW 400.93 2.26 LockheedMartin LMT 369.50 -1.04 Paccar PCAR 92.92 -0.40 StateStreet STT 84.01 -1.78 s Trimble TRMB 77.79 1.75 WasteMgt WM 129.02 -0.26
Stock Sym Close Chg Grifols GRFS 17.29 0.45 Loews L 51.28 -1.39 PackagingCpAm PKG 134.48 -0.97 s SteelDynamics STLD 50.76 -0.52 Trip.com TCOM 39.63 0.07 Waters WAT 284.17 1.66
Bilibili BILI 107.06 2.01 Cummins CMI 259.11 -4.41
GuardantHealth GH 152.65 5.86 LogitechIntl LOGI 104.50 1.27 PagSeguroDig PAGS 46.30 0.68 Stellantis STLA 17.79 -0.09 TruistFinl TFC 58.32 -0.46 Watsco WSO 260.75 0.53
A B C Bill.com BILL 145.50 7.88 CureVac CVAC 91.46 2.70
Guidewire GWRE 101.63 1.06 Lowe's LOW 190.18 0.16 PalantirTech PLTR 23.29 1.25 Steris STE 190.48 0.45 Tuya TUYA 21.14 0.76 Wayfair W 314.75 -2.27
Bio-Techne TECH 381.93 8.46 CyrusOne CONE 67.72 -0.47
HCA Healthcare HCA 188.34 -0.20 LufaxHolding LU 14.52 0.42 PaloAltoNtwks PANW 322.06 4.05 STMicroelec STM 38.33 0.89 Twilio TWLO 340.76 19.56 Weibo WB 50.46 -0.31
ABB ABB 30.47 0.25 Bio-RadLab A BIO 571.17 7.02
D E F HDFC Bank HDB 77.69 -3.21 lululemon LULU 306.71 -10.38 ParkerHannifin PH 315.43 -1.90 StoneCo STNE 61.22 -0.06 Twitter TWTR 63.63 0.64 WellsFargo WFC 39.07 -0.32
s AECOM ACM 64.11 -1.18 Biogen BIIB 279.75 3.74 s HP HPQ 31.75 0.19 LumenTech LUMN 13.35 0.12 Paychex TYL 424.53 10.32 Welltower
AES AES 26.81 -0.07 BioMarinPharm BMRN 75.51 0.55 PAYX 98.02 -1.21 Stryker SYK 243.58 0.48 TylerTech WELL 71.63 -1.30
DISH Network DISH 36.20 0.33 HSBC HSBC 29.14 -0.30 Lyft
Aflac AFL 51.18 -0.65 BioNTech BNTX 109.19 4.75
LYFT 63.18 0.13 PaycomSoftware PAYC 370.06 9.87 SumitomoMits SMFG 7.25 -0.20 TysonFoods TSN 74.30 -1.65 WestFraserTimber WFG 72.04 5.84
DTE Energy DTE 133.14 -0.39 Halliburton HAL 21.46 -0.04 LyondellBasell LYB 104.05 -0.98 Paylocity
AGCO AGCO 143.65 0.11 BlackKnight BKI 73.99 1.15 PCTY 179.83 9.05 SunComms SUI 150.04 0.22 UBS Group UBS 15.53 -0.07 WestPharmSvcs WST 281.78 3.44
Danaher DHR 225.08 2.08 HartfordFinl HIG 66.79 -0.92 UDR 43.86 -0.54 WestAllianceBcp WAL 94.44
AGNC Invt AGNC 16.76 -0.13 BlackRock BLK 753.96 4.70 PayPal PYPL 242.84 6.30 SunLifeFinancial SLF 50.55 -0.15 UDR -2.33
Ansys ANSS 339.56 7.67 Blackstone BX 74.53 0.28
Darden DRI 142.00 -3.07 Hasbro HAS 96.12 -0.76 M N Pearson PSO 10.69 ... SuncorEnergy SU 20.90 -0.18 UGI UGI 41.01 -0.54 WesternDigital WDC 66.75 1.29
DarlingIngred DAR 73.58 0.58 HealthpeakProp PEAK 31.74 -0.24 US Foods USFD 38.12 0.28 WesternUnion WU
ASETech ASX 7.70 -0.08 Boeing BA 254.72 2.71 M&T Bank MTB 151.61 -2.26 Pegasystems PEGA 114.34 1.82 SunRun RUN 60.48 2.56 24.66 -0.18
Datadog DDOG 83.34 5.97 Heico HEI 125.80 2.00 UWMC 7.93 0.07 WestlakeChem WLK 88.79
ASML ASML 617.36 16.07 BookingHldgs BKNG 2329.84 -5.05 MGMGrowthProp MGP 32.62 0.16 Peloton PTON 112.44 5.27 Suzano SUZ 12.22 -0.08 UWM -1.59
DaVita DVA 107.77 -1.71 Heico A HEI.A 113.60 -1.13 UBER 54.51 1.05 WestpacBanking WBK 18.56
AT&T T 30.27 -0.46 BoozAllen BAH 80.53 -0.24 MGM Resorts MGM 37.99 -0.22 PembinaPipeline PBA 28.84 0.30 SynchronyFin SYF 40.66 -0.40 Uber -0.05
DeckersOutdoor DECK 330.42 4.74 HenrySchein HSIC 69.24 0.27 298.30 -50.70 WestRock
AbbottLabs ABT 119.84 0.09 BorgWarner BWA 46.36 -0.17 MKS Instrum MKSI 185.42 3.78 PennNational PENN 104.84 2.00 SyneosHealth SYNH 75.85 -0.86 Ubiquiti UI WRK 52.05 -1.17
Deere DE 374.14 0.22 Hershey HSY 158.16 -0.70 UltaBeauty 309.17 1.17 Weyerhaeuser WY
MPLX 25.63 0.31 s Pentair
s PNR 62.32 0.24 Synopsys SNPS 247.78 8.18 ULTA 35.60 0.15
AbbVie ABBV 108.22 1.43 BostonBeer SAM 1206.28 10.61 MPLX
DellTechC DELL 88.15 -0.44 Hess HES 70.76 -0.28 18.46 0.56 WheatonPrecMet WPM 38.21
Abiomed ABMD 318.73 8.85 BostonProps BXP 101.26 -1.75 MSCI MSCI 419.28 1.77 Penumbra PEN 270.58 11.21 Sysco SYY 78.74 -0.70 UnderArmour C UA 0.49
DeltaAir DAL 48.28 -0.62 HewlettPackard HPE 15.74 -0.04 PEP 141.45 -1.09 UnderArmour A UAA 22.16 0.45 Whirlpool WHR 220.35 0.11
AcceleronPharma XLRN 135.61 2.60 BostonSci BSX 38.65 -0.31 s MagellanMid MMP 43.36 0.57 PepsiCo
DentsplySirona XRAY 63.81 0.27 HighwoodsProp HIW 42.94 -0.90 T U V Unilever UL 55.83 -0.09 Williams WMB 23.69 0.01
Accenture ACN 276.25 -2.30 BridgeBioPharma BBIO 61.60 2.48 MagnaIntl MGA 88.04 -0.71 PerkinElmer PKI 128.29 0.56
DeutscheBank DB 12.00 -0.11 Hilton HLT 120.92 -1.14 UnionPacific UNP 220.41 -0.72 s Williams-Sonoma WSM 179.20 -4.80
ActivisionBliz ATVI 93.00 0.34 BrightHorizons BFAM 171.45 2.36 ManulifeFin MFC 21.50 -0.08 PetroChina PTR 36.15 -0.67
DevonEnergy DVN 21.85 -0.15 Hologic HOLX 74.38 0.51 TAL Education TAL 53.85 0.43 UnitedAirlines UAL 57.54 -0.67
Adobe ADBE 475.37 9.91 BristolMyers BMY 63.13 0.31 MarathonOil MRO 10.68 -0.30 PetroleoBrasil PBR 8.48 0.33 WillisTowers WLTW 228.88 -3.43
DexCom DXCM 359.39 12.19 s HomeDepot HD 305.25 0.43 TC Energy TRP 45.75 -0.48 UnitedMicro UMC 9.11 0.22 Wipro 6.34 -0.05
AdvanceAuto AAP 183.49 -2.58 BritishAmTob BTI 38.74 0.28
HondaMotor HMC 30.20 -0.13
MarathonPetrol MPC 53.49 -0.11 PetroleoBrasilA PBR.A 8.54 0.29
TE Connectivity TEL 129.11 1.63 UPS B
WIT
Diageo DEO 164.21 -1.84 PFE 36.23 0.12 UPS 169.99 1.35 Wix.com WIX 279.22 12.23
AdvMicroDevices AMD 78.50 2.50 Broadcom AVGO 463.66 7.50
HON 217.07 -1.02
MaravaiLifeSci MRVI 35.64 1.65 Pfizer Telus 19.93 -0.10 s UnitedRentals URI 329.31 -3.90
DiamondbkEner FANG 73.49 -0.99 Honeywell
88.74 -0.61
TU Workday WDAY 248.43 5.20
Aegon AEG 4.73 -0.09 BroadridgeFinl BR 153.10 0.12
DigitalRealty DLR 140.84 -0.40 Markel MKL 1139.62 -16.55 PhilipMorris PM TJX TJX 66.15 -0.37 US Bancorp USB 55.31 -0.56 WynnResorts WYNN 125.37
HorizonTherap HZNP 92.04 4.91 PSX 81.54 -0.77 -0.08
t AffirmHldgs AFRM 70.72 4.33 BrookfieldMgt BAM 44.50 -0.85
DiscoverFinSvcs DFS 94.99 -0.27 MarketAxess MKTX 497.92 2.17 Phillips66 T-MobileUS TMUS 125.29 0.65 UnitedHealth UNH 372.07 -1.49 XP
HormelFoods HRL 47.78 -0.38
PDD 133.88 -1.56 XP 37.67 0.96
AgilentTechs A 127.14 2.30 BrookfieldInfr BIP 53.25 0.30
s DiscoveryB DISCB 128.00 57.99 Marriott MAR 148.11 -0.12 Pinduoduo TRowePrice TROW 171.60 -0.62 UnitySoftware U
DR Horton DHI 89.12 -0.12 100.31 3.41 XPO Logistics XPO 123.30 -0.76
AgnicoEagle AEM 57.81 1.10 BrookfieldPropREIT BPYU 17.95 -0.30 s Marsh&McLen MMC 121.80 0.28 PinnacleWest PNW 81.35 0.63
DiscoveryA DISCA 43.46 0.02 HostHotels HST 16.85 -0.45 TaiwanSemi TSM 118.28 3.21 UnivDisplay OLED 236.77 7.90 XcelEnergy XEL 66.51 0.50
AirProducts APD 281.34 0.23 BrookfieldRenew BEPC 46.80 0.65 MartinMarietta MLM 335.82 -7.81 Pinterest PINS 74.03 4.72
DiscoveryC DISCK 36.89 -0.12 HowmetAerospace HWM 32.13 0.37 TakeTwoSoftware TTWO 176.70 -0.39 UniversalHealthB UHS 133.39 -2.80 Xilinx XLNX 123.90 3.60
Airbnb ABNB 187.94 4.84 Brown&Brown BRO 45.71 -0.30 MarvellTech MRVL 48.98 1.65 PioneerNatRscs PXD 158.82 -1.80
TakedaPharm TAK 18.26 -0.09 Upstart
Disney DIS 184.52 -1.01 HuanengPower HNP 14.30 0.07 UPST 128.86 -0.42 XPeng XPEV 36.51 2.69
AkamaiTech AKAM 101.90 0.72 Brown-Forman B BF.B 68.97 -1.03 Masco MAS 59.90 -0.11 PlainsAllAmPipe PAA 9.10 0.22
DocuSign DOCU 202.45 5.51 Huazhu HTHT 54.90 -0.12 Tapestry TPR 41.21 0.26 VEREIT VER 38.62 -0.11 Xylem XYL 105.18 0.30
AlaskaAir ALK 69.21 -0.73 Brown-Forman A BF.A 63.67 -1.34 Masimo MASI 229.66 3.53 Playtika PLTK 27.21 0.39
DolbyLab DLB 98.72 0.22 Hubbell HUBB 186.89 -0.69 Target TGT 198.07 -1.58 VF VFC 79.92 -0.21 Yandex YNDX 64.06 0.92
Albemarle ALB 146.11 0.72 Bruker BRKR 64.28 1.04
HUBS 454.21 18.58
Mastercard MA 356.05 -2.15 PlugPower PLUG 35.84 1.80
DollarGeneral DG 202.62 0.87 HubSpot TataMotors TTM 20.79 0.27 VICI Prop VICI 28.24 0.03 YumBrands YUM 108.18 -1.59
Albertsons ACI 19.07 -0.68 BuildersFirstSrc BLDR 46.37 0.46 MatchGroup MTCH 137.38 5.90 Polaris PII 133.50 -2.05
s DollarTree DLTR 114.46 -1.77 Humana HUM 419.25 -6.46 TeckRscsB TECK 19.18 -0.14 VailResorts MTN 291.66 1.50 YumChina YUMC 59.21 0.58
Alcon ALC 70.18 -0.56 Bunge BG 79.27 -0.54 MaximIntProducts MXIM 91.37 1.45 Pool POOL 345.24 2.87
DominionEner D 75.96 0.43 JBHunt JBHT 168.07 -1.27 TeladocHealth TDOC 181.75 7.01 Vale VALE 17.38 0.36 ZTO Express ZTO 29.15 0.77
AlexandriaRlEst ARE 164.30 -1.97 BurlingtonStrs BURL 298.80 -5.91
HuntingtonBcshs HBAN 15.72 -0.29
McAfee MCFE 22.74 0.70 PrincipalFin PFG 59.96 -0.68
s TeledyneTech TDY 413.65
Domino's DPZ 367.79 -0.34 9.24 ValeroEnergy VLO 71.60 -0.18 ZaiLab ZLAB 133.43 4.03
AlexionPharm ALXN 152.91 -0.54 CBRE Group CBRE 79.11 -0.01
HuntingIngalls HII 205.85 0.18
McCormick MKC 89.16 -0.74 Procter&Gamble PG 135.43 -0.02
DoorDash DASH 131.13 0.53 Teleflex TFX 415.46 0.67 s VarianMed VAR 176.53 -0.40 ZebraTech ZBRA 485.18 10.35
CDW CDW 165.75 0.93 Progressive PGR 95.61 0.06
Alibaba BABA 226.73 -2.52 Dover DOV 137.13 -1.25 HyattHotels H 82.70 -0.58 McCormickVtg MKC.V 89.12 -0.77 Ericsson ERIC 13.19 -0.01 Vedanta VEDL 12.57 0.13 Zendesk ZEN 132.62 4.98
AlignTech ALGN 541.53 17.20 CF Industries CF 45.38 -0.05 McDonalds MCD 224.14 -0.84 Prologis PLD 106.00 -0.76
Dow DOW 63.94 -0.67 IAC/InterActive IAC 216.31 10.31 TelefonicaBras VIV 7.87 -0.05 VeevaSystems VEEV 261.24 11.81 Zillow C Z 129.64 5.88
Alleghany Y 626.29 -16.57 s CGI GIB 83.22 0.82 McKesson MCK 195.04 -1.49 PrudentialFin PRU 91.10 -0.98
DrReddy'sLab RDY 61.39 0.27 ICICI Bank IBN 16.03 -0.16 Telefonica TEF 4.53 -0.02 Ventas VTR 53.34 -0.93 Zillow A ZG 131.38 4.82
Allegion ALLE 125.62 0.33 CH Robinson CHRW 95.43 -2.38 MedicalProp MPW 21.28 0.05 Prudential PUK 42.69 -0.62
DraftKings DKNG 61.33 0.33 IdexxLab IDXX 489.31 13.36 TelekmIndonesia TLK 23.64 -0.11 VeriSign VRSN 198.76 3.89 ZimmerBiomet ZBH 160.08 -1.14
AlliantEnergy LNT 54.16 ... CME Group CME 204.23 -0.71 Medtronic MDT 118.13 -0.70 PublicServiceEnt PEG 60.21 0.40
Dropbox DBX 26.66 0.41 IHS Markit INFO 96.78 -0.13 10xGenomics TXG 181.00 12.78 VeriskAnalytics VRSK 176.69 0.74 ZionsBancorp ZION 54.96 -0.95
Allstate ALL 114.90 -2.21 CMS Energy CMS 61.22 0.20 MelcoResorts MLCO 19.91 -0.13 PublicStorage PSA 246.76 -0.27
DukeEnergy DUK 96.53 0.29 ING Groep ING 12.23 -0.08 Tenaris TS 22.69 0.21 Verizon VZ 58.15 -0.44 Zoetis ZTS 157.48 0.44
AllyFinancial ALLY 45.21 -0.79 CNA Fin CNA 44.63 -1.31 MercadoLibre MELI 1472.14 44.11 PulteGroup PHM 52.44 -0.31
DukeRealty DRE 41.93 -0.55 Invesco IVZ 25.22 0.33 TencentMusic TME 20.49 -0.85 VertxPharm VRTX 214.89 1.90 ZoomVideo ZM 321.29 8.10
AlnylamPharm ALNY 141.19 6.06 CNH Indl CNHI 15.64 -0.15 Merck MRK 77.09 0.13 Qiagen QGEN 48.69 0.78
Dun&Bradstreet DNB 23.81 -0.10 IPG Photonics IPGP 210.94 6.34 Teradyne TER 121.68 5.72 ViacomCBS B VIAC 45.10 -1.51 ZoomInfoTech ZI 48.90 -0.10
Alphabet C GOOG 2068.63 13.09 CRH CRH 46.98 0.18 MetLife MET 60.79 -0.65 Qorvo QRVO 182.70 5.07
DuPont DD 77.28 -1.04 IQVIA IQV 193.14 2.35 TSLA 667.93 32.31 ViacomCBS A VIACA 47.17 -2.16 Zscaler ZS 171.67 5.88
Alphabet A GOOGL 2062.52 16.05 CRISPR Therap CRSP 121.85 6.65 MettlerToledo MTD 1155.69 6.42 Qualcomm QCOM 132.59 2.48 Tesla
Dynatrace DT 48.24 1.52 IcahnEnterprises IEP 53.72 -0.26 TevaPharm TEVA 11.54 0.21 Viatris VTRS 13.97 -0.18 Zynga ZNGA 10.21 0.15
ATUS 32.53 -0.47 CSX CSX 96.42 0.05 QualtricsIntl XM 32.91 -0.99
-0.55 MicrochipTech MCHP 155.22 5.11
AlticeUSA ICLR 196.37
ENI E 24.71 0.30 Icon
Altria MO 51.16 -0.10 CVS Health CVS 75.23 -0.85 88.21 1.67 QuantaServices PWR 87.98 0.41
EOG Rscs EOG 72.53 -0.73 s IDEX IEX 209.32 -1.14 MicronTech MU
AlumofChina ACH 10.46 -0.37 CableOne CABO 1828.36 57.89 Microsoft MSFT 235.77 3.92 QuantumScape QS 44.75 0.68
Amazon.com AMZN 3094.08 38.79 CadenceDesign CDNS 136.99 6.12
s EPAM Systems EPAM 396.69 13.18
EastWestBncp EWBC 73.80 -1.19
IllinoisToolWks ITW 221.52
Illumina ILMN 384.06
-3.24
15.10 MidAmApt MAA 144.36 -2.98 QuestDiag DGX 128.34 -0.15 IPO Scorecard
Ambev ABEV 2.74 ... CAE CAE 28.49 0.10 MIDD 165.75 -1.45 Performance of IPOs, most-recent listed first
EastmanChem EMN 110.12 -1.39 ImmunityBio IBRX 23.74 -0.01 Middleby
Amcor AMCR 11.68 -0.06 CaesarsEnt CZR 87.45 0.32
Eaton ETN 138.28 -1.38 ImperialOil IMO 24.18 -0.48 MiratiTherap MRTX 171.30 5.33
R S % Chg From % Chg From
Amdocs DOX 70.15 -9.19 CamdenProperty CPT 109.91 -1.17 MitsubishiUFJ MUFG 5.38 -0.17 RELX
eBay EBAY 61.24 0.92 Incyte INCY 81.27 1.04 RELX 25.16 0.06 Company SYMBOL Wed3s Offer 1st-day Company SYMBOL Wed3s Offer 1st-day
Amedisys AMED 264.79 4.63 CampbellSoup CPB 50.27 -1.11 MFG 2.91 -0.14 s RH
Ecolab ECL 214.07 -0.93 Infosys INFY 18.72 -0.08 MizuhoFin RH 596.60 -3.40 IPO date/Offer price close ($) price close IPO date/Offer price close ($) price close
Amerco UHAL 612.60 0.60 CIBC CM 97.87 -0.36 8.34 0.12 RLX Tech
Ecopetrol EC 12.82 0.11 IngersollRand IR 49.21 -0.83 MobileTeleSys MBT RLX 10.36 0.15 Coursera 45.00 36.4 ... Edgewise Thera 32.50 103.1 8.3
Ameren AEE 81.36 0.03 CanNtlRlwy CNI 115.98 ... MRNA 130.95 12.46 RPM
EdisonInt EIX 58.60 -0.84 Inphi IPHI 178.41 3.77 Moderna RPM 91.85 -1.82 COUR March 31/$33.00 EWTX March 26/$16.00
CanNaturalRes CNQ 30.87 0.22
AmericaMovil AMX 13.58 -0.21 EdwardsLife EW 83.64 0.79 Insulet PODD 260.92 -0.46 s MohawkInds MHK 192.31 -2.72 RalphLauren RL 123.16 2.92
AmericaMovil A AMOV 13.76 -0.18 CanPacRlwy CP 379.29 9.64
ElancoAnimal ELAN 29.45 0.65 Intel INTC 64.00 0.23 MolinaHealthcare MOH 233.76 -1.44 s RaymondJames RJF 122.56 0.17 Nocturne Acquisition 10.00 ... ... Ikena Oncology 28.25 76.6 –11.7
AmerAirlines AAL 23.90 -0.22 Canon CAJ 22.77 -0.22 MBTCU March 31/$10.00 IKNA March 26/$16.00
Elastic ESTC 111.20 5.06 InteractiveBrkrs IBKR 73.04 0.72 MolsonCoorsB TAP 51.15 -1.19 RaytheonTech RTX 77.27 -0.55
AEP AEP 84.70 -0.03 CanopyGrowth CGC 32.03 0.27 MDLZ 58.53 -0.25 RealPage
ElectronicArts EA 135.37 0.94 ICE ICE 111.68 0.45 Mondelez RP 87.20 -0.05 two 9.95 –0.5 1.0 thredUP 23.33 66.6 16.7
AmerExpress AXP 141.44 -1.62 CapitalOne COF 127.23 -1.33 MDB 267.43 7.74 RealtyIncome O
EmersonElec EMR 90.22 -0.92 InterContinentl IHG 68.90 -0.10 MongoDB 63.50 -0.38 TWOA March 30/$10.00 TDUP March 26/$14.00
AmericanFin AFG 114.10 -2.29 CardinalHealth CAH 60.75 -1.04 MonolithicPower MPWR 353.21 10.62
Enbridge ENB 36.40 -0.24 IBM IBM 133.26 -1.46 RegencyCtrs REG 56.71 -0.36
AmHomes4Rent AMH 33.34 -0.32 Carlisle CSL 164.58 -2.29
IFF 139.61 -0.14 MonsterBev MNST 91.09 0.40 RegenPharm REGN 473.14
Alignment Healthcare 21.93 21.8 26.7 Cricut 19.79 –1.1 11.2
EncompassHealth EHC 81.90 -0.62 IntlFlavors 2.47
AIG AIG 46.21 -1.13 Carlyle CG 36.76 -0.35
54.07 -0.93 Moody's MCO 298.61 1.08 RegionsFin RF ALHC March 26/$18.00 CRCT March 25/$20.00
EnelAmericas ENIA 8.48 0.22 IntlPaper IP 20.66 -0.25
AmerTowerREIT AMT 239.06 1.91 CarMax KMX 132.66 -3.17 77.66 -1.43 ReinsGrp
EnergyTransfer ET 7.68 -0.08 Interpublic IPG 29.20 -0.11 MorganStanley MS RGA 126.05 -2.33
AmerWaterWorks AWK 149.92 3.07 Carnival CCL 26.54 -0.11 Morningstar MORN 225.04 -2.26
Design Thera 29.90 49.5 –27.9 Diversey Hldgs 14.71 –1.9 –1.8
EnphaseEnergy ENPH 162.16 11.56 Intuit INTU 383.06 9.40 RelianceSteel RS 152.29 1.04
AmericoldRealty COLD 38.47 -0.12 Carnival CUK 22.41 -0.15 MOS 31.61 0.27 RenaissanceRe RNR 160.25 DSGN March 26/$20.00 DSEY March 25/$15.00
Entegris ENTG 111.80 3.00 IntuitiveSurgical ISRG 738.94 12.45 Mosaic -4.40
Ameriprise AMP 232.45 -0.35 s CarrierGlobal CARR 42.22 -0.14
Entergy ETR 99.47 0.81 s InvitatHomes INVH 31.99 -0.26 MotorolaSol MSI 188.05 1.44 Repligen RGEN 194.41 5.20
AmerisourceBrgn ABC 118.07 -0.99 Carvana CVNA 262.40 7.90 NICE 217.97 1.29 RepublicSvcs RSG 99.35 Sources: Dow Jones Market Data; FactSet
EnterpriseProd EPD 22.02 -0.34 iQIYI IQ 16.62 -0.59 NICE -0.66
Ametek AME 127.73 0.29 CaseysGenStores CASY 216.19 -1.04 NIO 38.98 1.43 ResMed
Equifax EFX 181.13 -2.15 IronMountain IRM 37.01 -0.15 NIO RMD 194.02 4.71
Amgen AMGN 248.81 -0.94 Catalent CTLT 105.31 1.74
Equinix EQIX 679.59 4.75 ItauUnibanco ITUB 4.96 0.04 NRG Energy NRG 37.73 0.64 RestaurantBrands QSR 65.00 -0.61
Amphenol APH 65.97 0.38
AnalogDevices ADI 155.08 2.47
Caterpillar
Celanese
CAT 231.87 -1.21
CE 149.81 -1.68
Equinor EQNR 19.46 -0.13
J K L
NVR
NXP Semi
NVR 4710.93 4.82 RingCentral RNG 297.88
NXPI 201.34 3.57 RioTinto
11.13 Borrowing Benchmarks
Equitable EQH 32.62 0.21 RIO 77.65 -0.23
AngloGoldAsh AU 21.97 0.33 Cemex CX 6.97 -0.22
EquityLife ELS 63.64 -1.08 Nasdaq NDAQ 147.46 0.01 RobertHalf RHI 78.07 0.51
wsj.com/market-data/bonds/benchmarks
AB InBev BUD 62.85 -1.13 CenovusEnergy CVE 7.52 -0.06 JD.com JD 84.33 1.33
EquityResdntl EQR 71.63 -1.20 Natera NTRA 101.54 4.39 Roblox RBLX 64.83 -0.34
AnnalyCap NLY 8.60 -0.12 Centene CNC 63.91 -1.47 JPMorganChase JPM 152.23 -2.25
Anthem ANTM 358.95 -5.14 CenterPointEner CNP 22.65 -0.15
ErieIndemnity A ERIE 220.91 -1.71
EssentialUtil WTRG 44.75 0.60 s
JackHenry
JacobsEngg J
JKHY 151.72
129.27
-1.68
1.14
NationalGrid NGG 59.24 0.23 RocketCos. RKT 23.09
Natura&Co NTCO 16.99 0.06 Rockwell ROK 265.44
-0.11
-2.20
Money Rates March 31, 2021
Aon AON 230.11 -1.98 CentraisElBras EBR 6.10 0.25 s NatWest NWG 5.37 -0.03 RogersComm B RCI
EssexProp ESS 271.84 -6.28 JamesHardie JHX 30.58 0.30 46.10 -1.07
ApolloGlbMgmt APO 47.01 -0.14 CeridianHCM CDAY 84.27 2.36
EsteeLauder EL 290.85 -4.28 NetApp NTAP 72.67 0.45 Roku ROKU 325.77 13.81
Key annual interest rates paid to borrow or lend money in U.S. and
Appian APPN 132.95 5.60 Cerner CERN 71.88 0.24 JazzPharma JAZZ 164.37 -2.12
Apple AAPL 122.15 2.25 CharlesRiverLabs CRL 289.83 1.87
Etsy ETSY 201.67 2.80 J&J JNJ 164.35 -0.66
NetEase NTES 103.26 0.36 Rollins ROL 34.42 0.50 international markets. Rates below are a guide to general levels but
RE 247.81 -6.48 Netflix NFLX 521.66 8.27 RoperTech ROP 403.34 0.33
s ApplMaterials AMAT 133.60 6.84 CharterComms CHTR 617.02 -15.67
EverestRe JohnsonControls JCI 59.67 -1.06
Neurocrine NBIX 97.25 2.99 RossStores ROST 119.91 don’t always represent actual transactions.
Evergy EVRG 59.53 0.16 JonesLang JLL 179.04 -0.09 -0.47
Aptargroup ATR 141.67 -1.41 CheckPoint CHKP 111.97 -2.46 NewOrientalEduc EDU 14.00 -0.16 RoyalBkCanada RY
EversourceEner ES 86.59 0.30 JuniperNetworks JNPR 25.33 -0.14 92.21 -0.50 Week —52-WEEK—
Aptiv APTV 137.90 0.61 Chegg CHGG 85.66 2.22 NYTimes A NYT 50.62 0.87 RoyalCaribbean RCL 85.61 Inflation
ExactSciences EXAS 131.78 8.13 s KB Fin KB 49.43 1.25 0.26 Latest ago High Low
Aramark ARMK 37.78 -0.53 CheniereEnergy LNG 72.01 -0.19 s NewellBrands NWL 26.78 0.08 RoyalDutchA RDS.A 39.21
Exelon EXC 43.74 0.24 KE Holdings BEKE 56.98 -0.01 -0.89 Feb. index Chg From (%)
s ArcelorMittal MT 29.17 0.17 CheniereEnerPtrs CQP 41.55 -0.09 NEM 60.27 0.39 RoyalDutchB RDS.B 36.83
eXpWorld EXPI 45.55 1.62 KKR KKR 48.85 -0.34
Newmont -0.86 level Jan. '21 Feb. '20 60 days 2.616 2.539 2.674 1.804
s ArchCapital ACGL 38.37 -0.79 Chevron CVX 104.79 -1.14 NewsCorp B NWS 23.46 -0.37 RoyaltyPharma RPRX 43.62
Expedia EXPE 172.12 -3.75 KLA KLAC 330.40 13.33 -0.01
ArcherDaniels ADM 57.00 -0.90 Chewy CHWY 84.71 4.33
s AresMgmt ChinaEastrnAir CEA 23.40 -0.43 ExpeditorsIntl EXPD 107.69 0.45 s KSCitySouthern KSU 263.92 4.29
NewsCorp A NWSA 25.43 -0.26 Ryanair RYAAY 115.00 0.98 U.S. consumer price index Other short-term rates
ARES 56.03 2.90 NextEraEnergy NEE 75.61 1.39 SAP
s ExtraSpaceSt EXR 132.55 -0.45 Kellogg K 63.30 -0.46 SAP 122.79 1.25
arGEN-X ARGX 275.39 3.13 ChinaLifeIns LFC 10.41 -0.04 NielsenHoldings NLSN 25.15 -0.12 S&P Global SPGI 352.87 All items 263.014 0.55 1.7
ExxonMobil XOM 55.83 -0.86 KeurigDrPepper KDP 34.37 -0.39 0.09 Week 52-Week
AristaNetworks ANET 301.89 3.03 ChinaPetrol SNP 52.73 -0.76
F5Networks FFIV 208.62 0.99 KeyCorp KEY 19.98 -0.11
Nike NKE 132.89 -0.06 SBA Comm SBAC 277.55 1.31 Core 270.696 0.35 1.3 Latest ago high low
Arrival ARVL 16.06 -2.06 ChinaSoAirlines ZNH 36.70 0.17 NiSource NI 24.11 0.12 SEI Investments SEIC 60.93
FMC FMC 110.61 -0.41 KeysightTechs KEYS 143.40 1.86 -0.41
s ArrowElec ARW 110.82 1.38 Chipotle CMG 1420.82 14.49 Nokia NOK 3.96 -0.03 s SK Telecom SKM 27.23
Chubb CB 157.97 -3.54 Facebook FB 294.53 6.53 KimberlyClark KMB 139.05 0.74 0.88 International rates Call money
AspenTech AZPN 144.33 0.78 NomuraHoldings NMR 5.36 -0.19 SS&C Tech SSNC 69.87
ChunghwaTel CHT 39.14 0.02 FactSet FDS 308.59 -2.75 KimcoRealty KIM 18.75 -0.45 1.30 2.00 2.00 2.00 2.00
Assurant AIZ 141.77 -2.94 Nordson NDSN 198.68 -5.35 StoreCapital STOR 33.50
Church&Dwight CHD 87.35 -0.57 FairIsaac FICO 486.05 2.05 KinderMorgan KMI 16.65 0.03 0.16 Week 52-Week
AstraZeneca AZN 49.72 -0.25 NorfolkSouthern NSC 268.52 -1.77 SVB Fin
Athene ATH 50.40 0.11 ChurchillDowns CHDN 227.42 -3.22 Farfetch FTCH 53.02 1.09 KingsoftCloud KC 39.32 0.16 SIVB 493.66 3.00 Latest ago High Low Commercial paper (AA financial)
Fastenal FAST 50.28 -0.34 NorthernTrust NTRS 105.11 -1.91 Salesforce.com CRM 211.87 1.87
Atlassian TEAM 210.76 6.33 Ciena CIEN 54.72 0.01 KinrossGold KGC 6.67 0.23 90 days 0.07 0.08 0.26 0.04
FedEx FDX 284.04 -1.88 NorthropGrum NOC 323.64 0.96 Sanofi SNY 49.46 0.35
AtmosEnergy ATO 98.85 -0.04 Cigna CI 241.74 -4.06 KirklandLakeGold KL 33.80 1.92
NortonLifeLock NLOK 21.26 0.16 SantanderCons SC Prime rates
CincinnatiFin CINF 103.09 -1.99 Ferguson FERG 120.13 -1.30 Knight-Swift KNX 48.09 -0.98 27.06 0.03 Libor
Autodesk ADSK 277.15 8.72
Ferrari RACE 209.28 0.51 NorwegCruise NCLH 27.59 0.39 Sasol SSL 14.49 0.08
U.S. 3.25 3.25 3.25 3.25
Cintas CTAS 341.31 4.00 Kohl's KSS 59.61 0.13
Autohome ATHM 93.27 -3.10
FidNatlFin FNF 40.66 -0.20 Novartis NVS 85.48 -1.54 Schlumberger SLB 27.19 -0.03 Canada 2.45 2.45 2.45 2.45 One month 0.11113 0.11025 1.01625 0.10300
ALV 92.80 -0.52 CiscoSystems CSCO 51.71 -0.06 KoninklijkePhil PHG 57.03 0.29
Autoliv
FidNatlInfo FIS 140.61 -1.90 Novavax NVAX 181.31 7.99 SchwabC SCHW 65.18 0.42 Japan 1.475 1.475 1.475 1.475 Three month 0.19425 0.19513 1.43650 0.17525
ADP ADP 188.47 0.58 Citigroup C 72.75 -0.21 KoreaElcPwr KEP 10.26 0.07
FifthThirdBncp FITB 37.45 -0.67 KraftHeinz KHC 40.00 -0.28
NovoNordisk NVO 67.42 -0.50 ScottsMiracleGro SMG 244.97 -0.02 Six month 0.20525 0.20950 1.23825 0.18950
AutoZone AZO 1404.30 -21.06 CitizensFin CFG 44.15 -0.63 Policy Rates
CitrixSystems CTXS 140.36 1.97 FirstCitizBcshA FCNCA 835.77 -17.11 Kroger KR 35.99 -2.09
Novocure NVCR 132.18 6.93 Sea SE 223.23 8.88 One year 0.28313 0.28000 1.06013 0.27588
Avalara AVLR 133.43 8.22 NuanceComms NUAN 43.64 1.56 Seagate
Avalonbay AVB 184.51 -2.86 Clarivate CLVT 26.39 1.27 FirstHorizon FHN 16.91 -0.27 L Brands LB 61.86 -1.01 STX 76.75 1.05 Euro zone 0.00 0.00 0.00 0.00
FirstRepBank FRC 166.75 -1.32 Nucor NUE 80.27 -0.12 Seagen SGEN 138.86 1.35 Euro Libor
Avangrid AGR 49.81 0.16 s Cleveland-Cliffs CLF 20.11 2.87 LKQ LKQ 42.33 -0.53
Nutrien NTR 53.89 -0.59 SempraEnergy SRE 132.58
Switzerland 0.00 0.00 0.50 0.00
FirstSolar FSLR 87.30 0.77 LPL Financial LPLA 142.16 0.58 1.01
0.10 0.10 0.10
One month -0.579 -0.579 -0.360 -0.607
Avantor AVTR 28.93 0.48 Clorox CLX 192.88 -0.96 NVIDIA NVDA 533.93 19.06 SensataTechs ST Britain 0.10
AveryDennison AVY 183.65 -1.53 Cloudflare NET 70.26 4.46 FirstEnergy FE 34.69 0.20 L3HarrisTech LHX 202.68 -0.40 57.95 0.03 Three month -0.550 -0.549 -0.142 -0.574
FISV 119.04 -1.72 s 51.05 -0.40 Australia 0.10 0.10 0.25 0.10
AxonEnterprise AXON 142.42 3.14 Coca-Cola KO 52.71 -0.44
Fiserv LabCpAm LH 255.03 1.49 O P Q ServiceCorp SCI Six month -0.524 -0.524 -0.052 -0.543
Coca-Cola Euro CCEP 52.16 0.59 FiveBelow FIVE 190.79 0.29 LamResearch LRCX 595.24 22.68 ServiceNow NOW 500.11 12.54 One year -0.497 -0.492 0.008 -0.511
BCE BCE 45.14 -0.44 Overnight repurchase
Cognex CGNX 82.99 1.22 Five9 FIVN 156.33 4.89 LamarAdv LAMR 93.92 0.24 ONEOK OKE 50.66 0.40 ShawComm B SJR 26.22 -0.11
BHP Group BHP 69.39 -0.31
BHP Group BBL 57.86 -0.21 CognizantTech CTSH 78.12 -0.45 FleetCorTech FLT 268.63 -8.02 LambWeston LW 77.48 -1.44 OReillyAuto ORLY 507.25 -1.88 SherwinWilliams SHW 738.01 -8.21 U.S. 0.00 0.02 0.14 -0.04 Secured Overnight Financing Rate
Flex FLEX 18.31 0.49 LasVegasSands LVS 60.76 -0.46 OakStreetHealth OSH 54.27 1.55 s ShinhanFin SHG 33.54 0.81
0.01 0.13 0.01
BP BP 24.35 -0.53 ColgatePalm CL 78.83 -0.50 0.01
Comcast A CMCSA 54.11 -0.87 Floor&Decor FND 95.48 -0.46 Lear LEA 181.25 3.60 OccidentalPetrol OXY 26.62 -0.71 Shopify SHOP 1106.50 57.82 U.S. government rates
Baidu BIDU 217.55 -0.68
Comerica CMA 71.74 -0.41 FomentoEconMex FMX 75.33 -1.00 Leidos LDOS 96.28 -0.39 Okta OKTA 220.43 6.88 Sibanye-Stillwater SBSW 17.86 0.45 Value 52-Week
BakerHughes BKR 21.61 -0.12
Ball BLL 84.74 0.21 CommerceBcshrs CBSH 76.61 -1.09 FordMotor F 12.25 -0.21 Lennar B LEN.B 82.34 -0.59 s OldDomFreight ODFL 240.41 -0.20 SignatureBank SBNY 226.10 2.58 Discount Latest Traded High Low
BancoBilbaoViz BBVA 5.22 -0.06 CiaSiderurgica SID 6.70 0.28
Fortinet FTNT 184.42 3.09 Lennar A LEN 101.23 -0.55 s OlinkHolding OLK 36.00 3.66 SimonProperty SPG 113.77 -1.62
0.25 0.25 0.25 0.25
BancoBradesco BBDO 4.09 -0.04 ConagraBrands CAG 37.60 -0.72 Fortis FTS 43.37 0.18 LennoxIntl LII 311.59 -4.67 OmegaHealthcare OHI 36.63 -0.51 SiriusXM SIRI 6.09 -0.03 DTCC GCF Repo Index
ConocoPhillips COP 52.97 -0.46 Fortive FTV 70.64 -0.77 LeviStrauss LEVI 23.91 0.09 Omnicom OMC 74.15 -1.30 Skyworks SWKS 183.48 4.97 Federal funds Treasury 0.010 46.050 0.151 -0.008
BancodeChile BCH 23.62 0.41
s FortBrandsHome FBHS 95.82 -0.18 MBS 0.006 28.770 0.169 0.002
BancSanBrasil BSBR 7.05 0.01 ConEd ED 74.80 0.42
FoxA FOXA 36.11 -1.00 Effective rate 0.0700 0.0700 0.1100 0.0600
BcoSantChile BSAC 24.83 0.22 ConstBrands B STZ.B 229.54 1.72
ConstBrands A STZ 228.00 -5.95 FoxB FOX 34.93 -0.91 High 0.1200 0.0800 0.2000 0.0800
BancoSantander SAN 3.43 -0.04
Franco-Nevada FNV 125.29 1.40 Low 0.0500 0.0500 0.0600 0.0000
BankofAmerica BAC 38.69 -0.30
BankofMontreal BMO 89.12 -0.54
ContextLogic WISH 15.80 0.70
ContinentalRscs CLR 25.87 -0.11 FranklinRscs BEN 29.60 0.27 Dividend Changes Bid 0.0500 0.0600 0.1000 0.0100
Notes on data:
U.S. prime rate is the base rate on corporate
Cooper COO 384.09 -0.80 FreeportMcM FCX 32.93 0.25
BankNY Mellon BK 47.29 -0.57 Offer 0.0900 0.0800 0.1200 0.0500 loans posted by at least 70% of the 10 largest
BkNovaScotia BNS 62.55 -0.45 Copart CPRT 108.61 2.36 FreseniusMed FMS 36.88 -0.05 Dividend announcements from March 31. U.S. banks, and is effective March 16, 2020.
s Barclays BCS 10.23 -0.13 Corning GLW 43.51 -0.09 Futu FUTU 158.82 20.96 Other prime rates aren’t directly comparable;
Amount Payable / Treasury bill auction
BarrickGold GOLD 19.80 0.29 Corteva CTVA 46.62 -0.32 lending practices vary widely by location;
BauschHealth BHC 31.74 0.70 CoStar CSGP 821.89 22.34
G H I Company Symbol Yld % New/Old Frq Record 4 weeks 0.015 0.005 0.190 0.000 Discount rate is effective March 16, 2020.
BaxterIntl BAX 84.34 -1.24 Costco COST 352.48 2.73 GDS Holdings GDS 81.09 1.31 Increased 13 weeks 0.020 0.015 0.280 0.015 Secured Overnight Financing Rate is as of
March 30, 2021. DTCC GCF Repo Index is
BectonDicknsn BDX 243.15 -2.04 CoupaSoftware COUP 254.48 15.83 s GFLEnvironmental GFL 34.95 0.75 Pathfinder Bancorp PBHC 1.6 .07 /.06 Q May07 /Apr15 26 weeks 0.040 0.040 0.290 0.040 Depository Trust & Clearing Corp.'s weighted
BeiGene BGNE 348.08 15.09 Coupang CPNG 49.35 0.60 Gallagher AJG 124.77 -0.86 TEGNA TGNA 1.5 .095 /.07 Q Jul01 /Jun04 average for overnight trades in applicable
BentleySystems BSY 46.93 1.61 Credicorp BAP 136.57 -2.20 GameStop GME 189.82 -4.64 Secondary market CUSIPs. Value traded is in billions of U.S. dollars.
Berkley WRB 75.35 -0.97 CreditSuisse CS 10.60 -0.39 Gaming&Leisure GLPI 42.43 0.24 Foreign Federal-funds rates are Tullett Prebon rates as
BerkHathwy A BRK.A 385702-4657.99 Cree CREE 108.13 5.44 Gap GPS 29.78 -0.33 Telefonica Brasil ADR VIV 9.2 .02481 Mar31 / Fannie Mae of 5:30 p.m. ET.
BerkHathwy B BRK.B 255.47 -2.72 CrowdStrike CRWD 182.51 7.23 Garmin GRMN 131.85 1.12 30-year mortgage yields Sources: Federal Reserve; Bureau of Labor
BerryGlobal BERY 61.40 -0.58 CrownCastle CCI 172.13 1.14 Gartner IT 182.55 0.82 KEY: A: annual; M: monthly; Q: quarterly; r: revised; SA: semiannual; S2:1: stock split and ratio; SO: Statistics; DTCC; FactSet;
BestBuy BBY 114.81 -0.91 CrownHoldings CCK 97.04 -0.01 Generac GNRC 327.45 9.70 spin-off. 30 days 2.575 2.497 2.622 1.751 Tullett Prebon Information, Ltd.

New Highs and Lows | WSJ.com/newhighs Stock

52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg
EagleMaterials EXP 139.59 0.2 inTEST INTT 12.25 0.9 NewResidInvt NRZ 11.48 -0.4 SK Telecom SKM 27.40 3.3 US Steel X 27.40 2.1 FrazierLifesWt FLACW 0.74 12.5
The following explanations apply to the New York Stock Exchange, NYSE Arca, NYSE American EaglePointNts31 ECCW 24.98 0.3 Intevac IVAC 8.46 31.7 NewResidentPfdA NRZpA 25.39 0.6 SLM SLM 18.28 -0.8 Urstadt Pfd H UBPpH 25.44 -0.2 Gaming&HospA GHAC 9.71 -1.4
and Nasdaq Stock Market stocks that hit a new 52-week intraday high or low in the latest ExtraSpaceSt EXR 134.76 -0.3 InvitatHomes INVH 32.59 -0.8 SMTX 6.03 ...
NewellBrands NWL 27.05 0.3 SMTC Vizio VZIO 25.90 -1.9 GenieEnergy GNE 6.34 -3.2
session. % CHG-Daily percentage change from the previous trading session.
FederatedHermes FHI 31.85 -0.6 iStarPfdI STARpI 25.88 1.0 NocturneAcqn MBTCU 10.07 ... SafeBulkersPfdC SBpC 24.39 1.4 VarianMed VAR 176.95 -0.2 GlblSynergyWt GSAQW 0.41 8.1
FirstLongIsland FLIC 21.47 1.4 JMPGroup6.875%SrNt JMPNZ 24.99 -0.3 NorthAtlAcqnA NAAC 9.95 1.5 Saia SAIA 234.56 -0.7 VirtuFinancial VIRT 31.60 1.5 HlthcrSvcsWt HCARW 0.60 -3.1
Wednesday, March 31, 2021
FirstRepBkPfdL FRCpL 25.82 1.3 JoffFintechA JOFF 9.78 1.9 NorthernGenesisIII NGC.U 10.06 -0.2 SandySpringBncp SASR 44.81 -1.0 VulcanMatls VMC 176.35 -2.0 HudsonExecII Wt HCIIW 0.69 ...
52-Wk % 52-Wk % 52-Wk % FlirSystems FLIR 56.84 0.8 Jabil JBL 52.87 1.3 NorthfieldBanc NFBK 16.39 -1.1 SaratogaInvt SAR 25.75 0.1 WalgreensBoots WBA 56.78 3.6 HycroftMining HYMC 3.36 -0.6
Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg FortressTransPfC FTAIpC 25.36 0.8 JacobsEngg J 129.70 0.9 NovaMeasuring NVMI 91.39 4.5 ShinhanFin SHG 33.78 2.5 Wiley B JW.B 55.44 -3.1 InsuAcqnIII Wt IIIIW 0.88 -7.8
AtlasPfdE ATCOpE 25.98 0.2 CentralGardenA CENTA 55.07 -1.3 FortressTransPfdA FTAIpA 26.49 2.4 JawsMustangA JWSM 9.99 -0.1 NuSTAR PfdB NSpB 21.00 0.7 ShoeCarnival SCVL 63.04 0.2 Williams-Sonoma WSM 185.35 -2.6 InvestindustrialWt IIAC.WS 0.80 -8.9
Highs AxonicsModul AXNX 61.16 3.9 ChipMOSTechs IMOS 31.67 1.3 FortBrandsHome FBHS 97.13 -0.2 JerashHldgs JRSH 6.35 5.1 NuSTARLogNts NSS 24.76 2.4 SkechersUSA SKX 43.36 -3.0 JoffFintechWt JOFFW 0.83 -7.8
AECOM ACM 66.40 -1.8
BGC Partners BGCP 5.14 7.3 Cleveland-Cliffs CLF 20.34 16.6 FreightCarAmer RAIL
FullerHB FUL
6.96
64.73
35.7
-1.4
JPMChasePfdJJ JPMpK
KB Fin KB
25.70
49.71
0.6
2.6
OasisMidstream OMP 22.61 8.5 SpecialOppFdPfB
SpectrumBrands
SPEpB
SPB
28.03
87.79
0.4
-0.3
Lows KludeInIAcqn INKAU 9.90 -0.4
BRP DOOO 88.06 2.2 ColonyCapPfdI CLNYpI 25.37 0.4 OldDomFreight ODFL 243.51 -0.1 KludeInI Wt INKAW 0.55 -6.8
AchillesTherap ACHL 18.95 -8.1 AchillesTherap ACHL 16.06 -8.1
B.RileyNts2025 RILYM 26.24 ... CLNYpJ 25.37 1.1 GFLEnvironmental GFL 35.43 2.2 KBR KBR 38.79 1.7 StarGroup SGU 10.80 -0.1
AcuityBrands AYI 169.41 13.3 ColonyCapPfdJ OlinkHolding OLK 39.69 11.3 AckrellSpacI Wt ACKIW 0.45 ... LMFAcqnOppsWt LMAOW 0.33 -5.0
BWX Tech BWXT 66.81 -0.1 GFL Env Un GFLU 82.56 2.0 KT KT 12.54 2.0 SteelDynamics STLD 52.23 -1.0
AFBI 12.22 1.0 ComfortSystems FIX 76.40 -0.6 OlympicSteel ZEUS 32.60 -3.7 Metacrine MTCR 6.10 -3.1
AffinityBncshs GainTherap GANX 15.45 1.8 Kadant KAI 187.84 2.4 Surmodics SRDX 56.88 3.2 AequiAcqnWt ARBGW 0.82 -1.0
ByteAcqn BYTSU 10.06 ... CommunityBkrs ESXB 8.99 0.2 OneEquityPtrsIA OEPW 9.84 -0.4 MudrickCapII Wt MUDSW 0.51 -4.5
Alcoa AA 34.29 -1.5 GasLogPtrsPfdA GLOPpA 23.40 1.4 KSCitySouthern KSU 264.72 1.7 SustDevtI Wt SDACW 0.72 0.2 AffirmHldgs AFRM 65.65 6.5
Babcock&WilcxNt26 BWSN 26.50 2.5 CompX Intl CIX 22.76 -4.3 PPD 38.93 0.3
AlignmentHlthcr ALHC 22.15 10.0 PPD AmericasTechWt ATA.WS 0.51 -10.4 Nanobiotix NBTX 12.85 -0.9
Babcock&Wilcox BW 9.61 3.5 GasLogPtrsPfdB GLOPpB 22.40 1.3 KhoslaVenturesIII KVSC 10.04 -0.1 Ternium TX 40.55 -1.2
AltimarAcqnIIWt ATMR.WS 1.78 60.1 Concentrix CNXC 153.43 2.9 PampaEnergia PAM 15.25 0.4 AtlCoastalAcqn ACAHU 9.80 -0.5 NatlSecurity NSEC 10.12 -12.8
BankofAmPfd4 BMLpJ 25.83 1.8 GasLogPtrsPfdC GLOPpC 22.49 2.0 LavaTherap LVTX 17.20 8.5 TTEC TTEC 103.52 1.8
Amrep AXR 11.80 5.2 ConcretePumping BBCP 7.45 3.1 PartnerRePfdJ PREpJ 26.74 0.6 AvalonGloboCare AVCO 1.03 ... NorthAtlAcqnWt NAACW 0.52 -4.8
Barclays BCS 10.41 -1.3 GlassHouses GLHAU 10.03 0.1 LSB Inds LXU 5.20 7.1 TeledyneTech TDY 418.67 2.3
AngioDynamics ANGO 23.75 4.1 Conmed CNMD 133.34 0.4 PeapackGladFinl PGC 31.76 -0.8 BigCypressWt BCYPW 0.55 ... Olo OLO 25.50 -11.0
BlockHR HRB 21.95 ... GlbNetLeasePfdA GNLpA 26.90 ... LabCpAm LH 259.29 0.6 Tele&DataPfdUU TDSpU 26.80 -0.5
APi Group APG 20.96 3.5 Conn's CONN 19.89 24.3 PebblebrookPfdC PEBpC 25.11 0.1 BrightLightsWt BLTSW 0.59 -3.1 PontemWt PNTM.WS 0.71 0.5
BluegreenVac BXG 11.30 -3.1 GolarLNG PfdA GMLPP 25.85 0.1 LiveOakBcshs LOB 71.33 -0.1 Tennant TNC 83.16 -1.6
ApplMaterials AMAT 135.50 5.4 Coursera COUR 45.98 36.4 PennyMacMtg PMT 20.02 -1.3 CCNeubergerIII A PRPC 9.70 -0.4 PrimeImpactIWt PIAI.WS 0.80 -3.0
BostonBeer SAM 1256.04 0.9 GraniteConstr GVA 41.14 2.5 MGIC Investment MTG 14.12 1.6 TexasInstruments TXN 190.45 1.6
Apria APR 28.49 9.0 CrestwoodEquity CEQP 28.53 3.3 PennyMacMtgPfA PMTpA 26.07 1.3 ClarimAcqnWt CLRMW 0.62 -6.1 ProvidentAcqnWt PAQCW 0.77 -6.4
Braskem BAK 14.48 0.9 GreatAjaxNts24 AJXA 25.56 -0.8 MainStreetCap MAIN 39.77 -1.0 Textron TXT 57.23 1.4
ArcelorMittal MT 29.62 0.6 Cricut CRCT 20.79 5.5 PennyMacPfdB PMTpB 26.21 0.6 TimkenSteel ClassAccel CLAS.U 9.81 0.1 Puyi PUYI 4.71 -5.2
BrookfieldInfr BIPC 77.79 1.3 GreatElmNts24 GECCN 24.97 0.5 ManhattanBridge LOAN 6.10 2.9 TMST 12.24 4.1
ArcelorMittalNts MTCN 69.48 1.1 CrossAmerPtrs CAPL 19.56 -3.7 Pentair PNR 63.35 0.4 Trimble CollectiveGrowth CGRO 8.76 7.6 ReinventTechZ A RTPZ 9.96 -1.0
BrookfieldPropPfd BPYPP 26.00 2.8 H&E Equipment HEES 38.90 4.9 Mannatech MTEX 20.87 7.3 TRMB 78.67 2.3
ArchCapital ACGL 39.34 -2.0 D&ZMediaA DNZ 9.82 -0.1 HH&L Acqn Wt HHLA.WS 0.79 12.0 MarathonDigital MARA 50.21 8.8 PriorityIncmPfdG PRIFpG 24.89 0.3 TsakosEnergyPfdE TNPpE 23.80 0.4 ComputeHlthWt CPUH.WS 1.20 -16.7 RibbitLeapUn LEAP.U 11.00 -6.4
BPP 5.75%Pfd3A BPYPN 24.83 3.8
AresMgmt ARES 57.34 5.5 DXC Tech DXC 31.94 0.4 HP HPQ 32.12 0.6 Marsh&McLen MMC 122.09 0.2 PublicStoragePfdO PSApO 26.14 2.0 TsakosEnergyPfdF TNPpF 24.33 0.4 ConcordAcqnWt CND.WS 0.79 5.9 RomeoPower RMO 8.30 -19.7
BrookfieldPropPf2A BPYPO 25.93 1.7
Argan AGX 55.48 2.7 BurgundyTechWt BTAQW 1.20 -3.6 Denbury DEN 48.42 3.8 HeritageCommerce HTBK 12.32 0.7 MeritMedical MMSI 61.74 0.5 RH RH 619.52 -0.6 twoA TWOA 9.95 1.0 ConsonanceWt CHFW.WS 0.60 34.8 RomeoPowerWt RMO.WS 0.13 -49.7
ArrowElec ARW 112.52 1.3 CBD Pao CBD 6.06 -0.2 DentsplySirona XRAY 64.40 0.4 HighlandGlbAlloc HGLB 7.81 -0.3 MesabiTrust MSB 31.00 6.6 RadiusGlbInfr RADI 14.99 1.6 TwoHarborsPfdA TWOpA 26.44 1.2 CrownPropWt CPTK.WS 0.75 -25.0 RothCH III Wt ROCRW 0.72 -20.0
AshfordHospPfdG AHTpG 24.16 0.1 CGI GIB 83.98 1.0 DiamondrockPfd DRHpA 28.48 1.8 HillIntl HIL 3.38 4.2 MohawkInds MHK 197.36 -1.4 RaymondJames RJF 124.52 0.1 TwoHarborsPfdB TWOpB 25.80 0.4 D&ZMediaA DNZ 9.67 -0.1 SocTelemed TLMD 5.77 0.3
AshfordHospPfdH AHTpH 24.13 0.3 CRA Intl CRAI 75.47 5.7 DiscoveryB DISCB 150.72 82.8 HomeDepot HD 308.02 0.1 MusicAcqnA TMAC 9.79 0.9 ReadyCapNts081523 RCA 26.69 1.2 UFP Inds UFPI 76.33 2.0 DiamondHeadWt DHHCW 0.56 1.7 SciStratA SSAA 9.60 -1.3
AshfordHospPfdI AHTpI 24.31 -0.3 CVR Partners UAN 40.88 4.3 DollarTree DLTR 117.26 -1.5 HoughtonMifflin HMHC 8.01 2.4 NatWest NWG 5.47 -0.6 ReadyCapNts2026 RCB 26.29 0.1 USA Truck USAK 20.05 3.0 DigitalTransform DTOCU 9.74 ... SeniorConnectI Wt SNRHW 0.61 4.3
AshfordHospPfdD AHTpD 24.33 0.8 CapitalaFinNts22 CPTAL 25.05 0.9 DuluthHoldings DLTH 17.73 1.8 icad ICAD 21.44 8.6 Navient NAVI 14.54 -0.2 ResoluteForest RFP 11.59 1.7 US Concrete USCR 78.99 1.9 EucratesBioWt EUCRW 0.84 25.0 TWC Tech II Wt TWCTW 0.96 -3.7
AshfordHospPfdF AHTpF 24.23 0.5 CapitalaFinNts22 CPTAG 24.87 0.5 DynexCapPfdC DXpC 25.55 3.1 Ichor ICHR 54.76 5.7 Neogen NEOG 89.62 2.3 RetailValue RVI 18.84 0.4 US Xpress USX 12.33 -1.1 FedNat FNHC 4.42 2.7 Vaxcyte PCVX 17.72 5.8
AthenePfdC ATHpC 28.34 -0.1 CarrierGlobal CARR 43.48 -0.3 EPAM Systems EPAM 407.06 3.4 IDEX IEX 212.35 -0.5 Nesco NSCO 9.63 3.3 RockyBrands RCKY 55.24 0.7 UnionBankshares UNB 31.38 0.7 Forian FORA 10.03 -3.2 VickersVantIWt VCKAW 0.35 -4.3
AtlasPfdD ATCOpD 25.97 0.3 CentralGarden CENT 62.91 -1.2 EPR PropPfdE EPRpE 36.90 4.0 Inovalon INOV 28.88 3.9 NescoWt NSCO.WS 2.01 4.7 RushEnt A RUSHA 51.92 -2.5 UnitedRentals URI 339.72 -1.2 FortistarSustWt FSSIW 0.52 16.7 ViveonHealthRt VHAQr 0.15 -5.3
 .

B12 | Thursday, April 1, 2021 * *** THE WALL STREET JOURNAL.

BANKING & FINANCE

German Regulator Tipped on Greensill

Authorities were declined to comment. 2020, noting that the firm had
In letters to the manage- a high concentration of assets
scrutinizing the bank ment of Greensill Bank over related to transactions with
for more than a year the past year, the regulator re- Mr. Gupta’s GFG Alliance, ac-
peatedly raised concerns in- cording to the report reviewed
before it unraveled cluding the level of profes- by the Journal.
sional qualifications of the The regulator then held a
BY DUNCAN MAVIN managing directors of the series of meetings with the se-
AND JULIE STEINBERG bank, as well as potential gov- nior management team at
ernance violations, the report Greensill Capital and Greensill
Germany’s banking regula- says. Bank. BaFin met with members
tor received a series of whis- A BaFin spokesperson de- of the bank’s board over the
tleblower tips over the past clined to comment. next several months, according

DOMINIK REIPKA/BLOOMBERG NEWS

year that made “various alle- Greensill Capital said in to the report and a witness
gations of fraud” at Greensill early March that it sought ex- statement from Mr. Greensill
Bank, prompting it to demand ternal legal and audit advice in Greensill’s U.K. insolvency
improvements at the bank, ac- regarding the treatment of case.
cording to an internal German assets at Greensill Bank. The In September 2020, BaFin
government report reviewed firm said it “has at all times hired KPMG LLP’s German firm
by The Wall Street Journal. been transparent with its to undertake a forensic audit
The regulator, known as regulators and auditors about of the bank. The regulator had
BaFin, received the first set of its approach to classifying become uncomfortable once it
warnings in the second quarter assets and the methodologies BaFin took over Greensill. The bank’s offices in Bremen, Germany. realized that Greensill was ex-
of 2020. The information al- for determining such classifi- posed to Mr. Gupta’s compa-
leged that some Greensill as- cations.” used for borrowing. BaFin filed tleblowing tips was earlier Bank declined to comment. nies directly, not to his net-
sets were backed by fake in- The timeline provided by a criminal complaint against reported by Weser-Kurier, a Greensill Capital packaged work of suppliers, according to
voices, according to the report, the report shows that the bank to German prosecu- Bremen, Germany-based news- the supply-chain finance loans the report and a person famil-
which outlined the regulator’s authorities were scrutinizing tors, who will decide whether paper. it made into bondlike securi- iar with Greensill’s operations.
efforts over the past year to Greensill behind the scenes for to launch an investigation. Greensill was founded in ties and sold them to inves- A spokesperson for KPMG
supervise the bank. more than a year before it un- Greensill is the latest chal- 2011 by Lex Greensill, a former tors. It also kept the loans on said it was commissioned by
BaFin received another raveled. lenge to face the German regu- Citigroup Inc. and Morgan the balance sheet of the bank, BaFin to conduct the investiga-
warning in the third quarter of Greensill, a financial startup lator. BaFin attracted criticism Stanley financier. It specialized sometimes to be sold to inves- tion but declined to comment
2020 and three more submis- that specialized in business in the German parliament over in supply-chain finance, a form tors later. further.
sions this year. The German- lending, filed for insolvency in its failure to police payments of short-term cash advance Mr. Greensill said in a 2019 By Jan. 25, BaFin was aware
language report, which didn’t early March. The collapse jeop- processing company Wirecard that lets companies stretch out interview that the bank served that the special audit had un-
specify the origin of the sub- ardized $10 billion in Greensill- AG, which went bankrupt in the time they have to pay their as a “warehouse that provides covered evidence that called
missions, said the information related investment funds at June 2020. bills. us with the ability to manage into question the future of the
expressed “concern about the Credit Suisse Group AG, and Small towns that poured de- Greensill acquired the tiny the liquidity requirements of bank and revealed “serious vi-
financial situation of the triggered losses for dozens of posits into Greensill Bank have Bremen-based bank formerly our business.” olations by the management,”
Greensill Group as well as vari- small German towns that kept complained they weren’t told known as NordFinanz Bank AG BaFin monitored Greensill the report said.
ous allegations of fraud.” money at the company’s bank. even as the bank was under in- in 2014. It has around 20 em- Bank from at least January At the time, Mr. Greensill
In particular there were BaFin took over Greensill vestigation. ployees. 2019, according to the report, was working with investment
worries about loans Greensill Bank in early March after an BaFin last month said it In 2019, Greensill used the and was particularly con- bankers at Credit Suisse and
Bank made to the GFG Alli- audit it commissioned, based couldn’t tell the public about a bulk of an investment from cerned with the bank’s owner- Citigroup to raise fresh capital
ance, the metals companies partly on the complaints it re- special audit or supervisory SoftBank Group Corp.’s Vision ship structure and its exposure from investors.
owned by British-Indian steel ceived, was unable to find evi- measures due to a confidenti- Fund to recapitalize the Ger- to a single Greensill client. —Nina Trentmann
magnate Sanjeev Gupta. dence of certain collateral that ality statute. man bank. The regulator sent a letter and William Boston
A spokesman for Mr. Gupta a large Greensill customer The existence of the whis- A spokesperson for Soft- to Greensill Bank on March 3, contributed to this article.

BlackRock Commits
To Secondary Deals
BY CHRIS CUMMING ondaries and liquidity solu- lion under management as of
tions group, which they helped the end of last year, is best
BlackRock Inc. has raised launch in 2018 after holding known for low-cost funds that
$3 billion to invest in the pri- senior positions at Goldman track exchanges.
vate-equity secondary market, Sachs Group Inc. BlackRock’s $259 billion al-
BLACKROCK INC. (3)

as the world’s largest asset Veena Isaac, a former exec- ternatives platform also is one
manager seeks to expand its utive at investment firms Jas- of the world’s largest, but it is
presence in illiquid alternative per Ridge Partners and Pan- tilted toward real estate, credit,
investments. theon Ventures, joined the infrastructure and hedge-fund
BlackRock Secondaries & group as a managing director investments, with a smaller
Liquidity Solutions LP is in 2019. presence in private equity. Veena Isaac Steve Lessar Konnin Tam
among the largest debut funds BlackRock’s secondary BlackRock Private Equity
ever raised to buy secondhand group aims to invest in mid- Partners managed about $26 fundraising by limiting travel to raise. or reinvesting in them through
private-equity stakes. size transactions, generally be- billion as of the end of last and in-person meetings. The BlackRock has so far made a new vehicle, hit some $32
Secondary funds have been tween $100 million and $200 year, the firm said. The Wall firm added that the fund 15 deals from the new fund, billion last year, up from $26
one of the fastest-growing million, across a range of deal Street Journal reported the closed on its first portion of said Mr. Tam. The group’s in- billion in 2019, according to
parts of the private-equity in- structures and strategies, said firm had lowered its fundrais- investor money last March and vestments so far have been di- secondary intermediary Ever-
dustry over the past year, with Mr. Tam. “We’re not limiting ing goal for a private-equity was able to invest through the vided fairly evenly between core Inc.
investor demand surging even ourselves to a particular part fund that would buy long-term market dislocations caused by traditional secondaries—in BlackRock’s secondary group
after the pandemic hit. Such of the secondary market. We stakes in companies. Initially the pandemic. which a private-equity inves- says that being part of a mas-
funds raised $16.72 billion can pivot to wherever the at- targeting $12 billion, the firm The $3 billion pool consists tor sells stakes in its hold- sive firm brings advantages.
globally this year through late tractive opportunities may hopes to raise $4 billion to $6 of a $2.4 billion fund and ings—and the fast-growing BlackRock’s large number of re-
March, nearly keeping up the be,” he said. billion for the vehicle, the about $600 million in addi- field of general partner-led lationships, direct investments
record pace of last year, when BlackRock Chief Executive Journal reported in January. tional capital from some of the deals, according to Mr. Lessar. and in-house expertise gives
they collected $80.86 billion in Laurence Fink has in recent BlackRock raised its first fund’s large backers to be in- GP-led deals, which allow the secondary group an advan-
total, according to data-track- years pushed to expand his stand-alone secondary fund vested in deals alongside the private-equity firms them- tage when sourcing or analyz-
ing firm Preqin Ltd. firm’s scale in illiquid alterna- despite the disruptions caused fund, said Mr. Tam. The final selves to offer their investors ing deals, said Mr. Lessar. “We
Steve Lessar and Konnin tive assets such as private eq- by the coronavirus pandemic, tally nearly doubled the $1.5 the option of cashing out of can tap into that very seam-
Tam co-head BlackRock’s sec- uity. The firm, with $8.68 tril- which upended private-equity billion the firm initially sought one or more assets in a fund lessly,” he said.

Family “I’m surprised something

like this hasn’t happened be-
fore,” he said, referring to the
owners who built their for-
tunes with big bets can also
embrace those kinds of wagers
fered losses and paid fines to
settle an insider-trading case,
Mr. Hwang turned Tiger Asia
to family offices, much as they
do to hedge funds, including ad-
vice on private-equity and other
long-term investments and
sometimes invested in partner-
ship with each other, to main-

Offices losses at Archegos.

More family offices are
comfortable with risk, accord-
into his family office and re-
named it Archegos.
“First-generation beneficial
investments. They also sell
them complicated derivatives,
including the swap agreements
tain the wealth accumulated
by the individuals and families,
rather than to multiply it. Back

Pose Risks ing to professionals in the

Some family offices owners are, by definition, risk that led to Archegos’s sudden then, it was hedge funds that
business. More hedge-fund embraced the riskier takers,” Josef Stadler, the head losses as shares of ViacomCBS often embraced riskier tactics,
founders and traders have of the global family-office Inc. and Discovery Inc. declined. such as borrowing huge
shifted to the family-office
strategies of business at UBS, wrote in the Family offices don’t have a fi- amounts of money to amplify
Continued from page B1 world, both to start such firms aggressive funds. firm’s 2020 report. duciary duty to keep their trad- their returns, strategies that
Archegos manages the wealth or to work at them, and they The appetite for risk has ing limited and don’t have ner- resulted in the collapse of
of investor Bill Hwang. have sometimes brought ag- been stoked by global invest- vous investors to deal with. This hedge fund Long-Term Capital
“Hedge funds used to take gressive tactics with them. ment banks, which in recent can add to firms’ comfort with Management LLC in 1998.
on lots of risk and swing for the Billionaire traders including when investing their cash. years have come to see boom- risk, said some who work with After the financial crisis,
fences, but now it’s often family George Soros, John Paulson The former manager of Ti- ing family offices as poten- family offices. hedge funds adopted more
offices,” said Joseph W. Reilly and John Arnold have closed ger Asia Management LLC, Mr. tially lucrative clients as hedge For many years, family of- conservative investing ap-
Jr., chief executive of Circulus hedge funds to start family of- Hwang comes from the hedge- funds have encountered strug- fices were a fairly staid part of proaches, as more of their cli-
Group, a Greenwich, Conn., con- fices. At the same time, entre- fund world. His firm ran $5 gles. Wall Street. They often ents became risk-averse insti-
sultant to family offices. preneurs and other business billion at its peak. After it suf- Banks sell various products searched for conservative, tutions.

Mutual Funds Data provided by

Fund
Net YTD
NAV Chg %Ret Fund
Net YTD
NAV Chg %Ret Fund
Net YTD
NAV Chg %Ret Fund
Net YTD
NAV Chg %Ret Fund
Net YTD
NAV Chg %Ret Fund
Net YTD
NAV Chg %Ret Fund
Net YTD
NAV Chg %Ret
TotRetBdI 10.46 -0.04 -1.5 GroCo 33.67 +0.59 2.4 IntlEq 28.66 -0.04 NA TotRt 10.22 ... -3.1 ExplrAdml 127.65 +1.38 6.6 WndsrAdml 80.46 -0.37 12.7 ExtndIstPl 330.65 +4.12 7.8
Top 250 mutual-funds listings for Nasdaq-published share classes by net assets. Edgewood Growth Instituti GrowCoK 33.76 +0.59 2.4 Invesco Funds Y PIMCO Funds A ExtndAdml 133.99 +1.67 7.8 VANGUARD FDS IdxIntl 20.12 -0.03 3.9
e-Ex-distribution. f-Previous day’s quotation. g-Footnotes x and s apply. j-Footnotes e EdgewoodGrInst 52.54 +0.89 1.5 InvGrBd 11.53 ... -2.8 DevMktY 53.90 +0.01 0.8 IncomeFd 11.97 +0.02 NA GNMAAdml 10.65 ... -0.7 DivdGro 34.44 -0.11 4.3 MdCpGrAdml 92.32 +1.33 1.2
and s apply. k-Recalculated by Lipper, using updated data. p-Distribution costs apply, Fidelity LowP r 55.35 -0.22 13.8 John Hancock Instl PIMCO Funds I2 GrwthAdml 132.22 +1.78 1.5 INSTTRF2020 26.59 +0.02 1.3 SmValAdml 71.05 -0.12 16.8
12b-1. r-Redemption charge may apply. s-Stock split or dividend. t-Footnotes p and r 500IdxInstPrem138.21 +0.51 6.2 Magin 13.11 +0.15 0.5 DispValMCI 26.49 -0.12 13.6 Income 11.97 +0.02 NA HlthCareAdml r 89.30 +0.22 -0.3 INSTTRF2025 27.97 +0.04 1.9 TotBd2 10.99 -0.01 -3.7
apply. v-Footnotes x and e apply. x-Ex-dividend. z-Footnote x, e and s apply. NA-Not Contrafund K6 19.26 +0.19 2.0 NASDAQ r 166.50 +2.53 2.9 JPMorgan I Class PIMCO Funds Instl HYCorAdml r 5.91 +0.01 -0.1 INSTTRF2030 28.84 +0.05 2.5 TotIntlInstIdx r134.59 -0.17 4.0
available due to incomplete price, performance or cost data. NE-Not released by Lipper; ExtMktIdxInstPre 89.95 +1.12 7.8 OTC 18.12 +0.23 3.4 CoreBond 11.87 -0.01 NA IncomeFd 11.97 +0.02 NA InfProAd 27.87 -0.06 -1.6 INSTTRF2035 29.64 +0.05 3.2 TotItlInstPlId r134.63 -0.16 4.0
data under review. NN-Fund not tracked. NS-Fund didn’t exist at start of period. FidSerToMarket 13.74 +0.07 6.4 Puritn 27.18 +0.10 4.5 EqInc 21.51 -0.09 NA Price Funds IntlGrAdml 158.64 +1.99 -1.0 INSTTRF2040 30.48 +0.06 3.9 TotSt 100.47 +0.53 6.4
IntlIdxInstPrem 47.19 -0.18 3.5 SrsEmrgMkt 25.66 +0.04 2.8 JPMorgan R Class BlChip 166.27 +1.93 0.5 ITBondAdml 11.96 -0.05 -4.5 INSTTRF2045 31.23 +0.07 4.5 VANGUARD INSTL FDS
MidCpInxInstPrem 29.21 +0.09 8.1 SrsGlobal 14.86 -0.02 3.6 CoreBond 11.89 ... NA DivGro 62.84 ... 4.9 ITIGradeAdml 9.98 -0.06 -4.1 INSTTRF2050 31.34 +0.08 4.6 BalInst 45.04 +0.14 2.3
Wednesday, March 31, 2021 Lord Abbett A DevMktsIndInst 15.79 -0.04 4.0
SAIUSLgCpIndxFd 20.84 +0.07 6.2 SrsGroCoRetail 23.41 +0.41 2.8 EqInc 35.30 -0.17 13.4 LTGradeAdml 10.54 -0.03 -9.5 INSTTRF2055 31.42 +0.07 4.6
Net YTD Net YTD Net YTD ShtDurIncmA p 4.20 ... 0.4 Growth DevMktsInxInst 24.67 -0.07 4.0
Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret SeriesBondFd 10.36 -0.01 -3.5 SrsIntlGrw 17.94 +0.02 0.9 99.41 +1.12 2.5 MidCpAdml 274.03 +1.13 7.2 IntlGr 49.86 +0.62 -1.1
SeriesOverseas 12.61 ... 1.7 SrsIntlVal 10.85 -0.06 7.5 Lord Abbett F HelSci 98.57 +1.76 -0.3 MuHYAdml 11.92 ... 0.4 IntlVal 42.56 -0.18 5.7 ExtndInst 133.98 +1.66 7.8
American Century Inv Artisan Funds 5GlbFxdInc 10.89 ... ... SmCpIdxInstPrem 28.16 +0.32 12.7 TotalBond 10.96 ... -2.7 ShtDurIncm 4.20 ... 0.4 LgCapGow I 63.45 +0.71 3.7 MuIntAdml 14.73 ... -0.3 LifeCon 22.65 +0.02 0.2
GrwthInst 132.22 +1.77 1.5
Ultra 75.98 +0.95 0.1 IntlVal Inst 43.21 -0.31 NA EmgMktVa 30.98 +0.04 8.4 TMktIdxInstPrem114.66 +0.61 6.4 Fidelity SAI Metropolitan West MidCap 116.51 +0.80 3.0 MuLTAdml 12.11 InPrSeIn 11.35 -0.03 -1.6
... -0.3 LifeGro 41.73 +0.08 3.7
American Funds Cl A Baird Funds EmMktCorEq 25.54 +0.05 5.3 USBdIdxInstPrem 11.96 ... -3.5 TotalBd 10.42 ... -2.6 TotRetBdI 10.82 ... NA NHoriz 80.75 +1.60 -1.9 MuLtdAdml 11.22 InstIdx 347.00 +1.28 6.2
... ... LifeMod 32.26 +0.05 1.9
AmcpA p 40.96 +0.18 4.7 AggBdInst 11.32 -0.01 -3.4 IntlCoreEq 15.43 -0.05 6.1 Fidelity Advisor I Fidelity Selects TRBdPlan 10.15 ... NA R2020 23.42 +0.02 2.9 MuShtAdml 15.93
InstPlus 347.02 +1.29 6.2
... 0.1 PrmcpCor 32.56 +0.10 12.4
AMutlA p 47.90 -0.13 7.8 CorBdInst 11.70 ... -3.1 IntSmCo 21.46 -0.04 5.9 MFS Funds Class I InstTStPlus 78.47 +0.42 6.4
NwInsghtI 37.79 +0.39 2.6 Softwr r 27.30 +0.33 0.7 R2025 20.05 +0.02 3.5 PrmcpAdml r169.34 +0.83 10.1 STAR 31.82 +0.11 2.4
BalA p 31.23 +0.02 3.7 BlackRock Funds IntSmVa 20.67 -0.11 8.1 Growth I 162.39 +2.12 0.4 R2030 MidCpInst 60.53 +0.24 7.2
Fidelity Freedom Tech r 27.48 +0.45 2.3 29.65 +0.04 4.2 RealEstatAdml130.09 -0.79 8.7 TgtRe2015 15.78 ... 0.3
BondA p 13.34 -0.01 -3.0 HiYBlk 7.78 +0.02 0.7 TAUSCoreEq2 25.18 +0.04 9.8 ValueI 48.83 -0.26 8.6 R2035 MidCpIstPl 298.54 +1.23 7.2
FF2020 17.53 +0.01 2.2 First Eagle Funds 22.28 +0.04 4.9 SmCapAdml 102.47 +0.61 10.2 TgtRe2020 34.73 +0.03 1.3
CapIBA p 65.73 -0.12 5.0 HiYldBd Inst 7.77 +0.02 0.7 US CoreEq1 32.29 +0.08 9.1 MFS Funds Instl SmCapInst 102.47 +0.61 10.2
FF2025 15.86 +0.01 2.7 GlbA 63.74 -0.17 4.0 R2040 32.10 +0.05 5.5 SmGthAdml 96.35 +1.55 2.6 TgtRe2025 21.94 +0.03 1.9
CapWGrA 61.79 +0.03 4.4 BlackRock Funds A US CoreEq2 29.72 +0.05 10.5 IntlEq 30.98 -0.13 1.1 PRIMECAP Odyssey Fds SmCapIstPl 295.76 +1.76 10.2
FF2030 19.92 +0.02 3.3 Franklin A1 STBondAdml 10.77 ... -0.6 TgtRe2030 41.56 +0.06 2.5 STIGradeInst 10.93 ... -0.5
EupacA p 68.98 +0.09 -0.5 GlblAlloc p 21.89 +0.03 1.6 US Small 45.38 +0.11 18.4 FF2035 17.36 +0.03 4.8 CA TF A1 p 7.70 ... -0.9 Northern Funds AggGrowth r 57.01 +1.00 6.2 STIGradeAdml 10.93 ... -0.5 TgtRe2035 26.02 +0.05 3.2
BlackRock Funds Inst StkIdx 44.44 +0.16 NA Schwab Funds STIPSIxins 25.85 ... 1.1
FdInvA p 73.34 +0.29 6.3 US SmCpVal 43.47 -0.11 26.5 FF2040 12.43 +0.02 5.8 IncomeA1 p 2.44 -0.01 7.4 TotBdAdml 11.14 -0.01 -3.7 TgtRe2040 45.96 +0.09 3.8
StratIncOpptyIns 10.34 +0.01 0.2 Old Westbury Fds TotBdInst 11.14 -0.01 -3.7
GwthA p 69.21 +0.73 2.5 US TgdVal 29.41 -0.04 25.1 Freedom2025 K 15.84 +0.02 2.7 FrankTemp/Frank Adv 1000 Inv r 88.29 +0.45 5.7 TotIntBdIdxAdm 22.80 -0.04 -2.3 TgtRe2045 29.45 +0.06 4.5
LrgCpStr 17.75 +0.07 3.6 S&P Sel TotBdInst2 10.99 -0.01 -3.7
HI TrA p 10.27 +0.03 2.5 Bridge Builder Trust USLgVa 42.89 -0.29 14.7 Freedom2030 K 19.90 +0.02 3.3 IncomeAdv 2.42 ... 7.5 60.96 +0.22 6.2 TotIntlAdmIdx r 33.66 -0.04 3.9 TgtRe2050 47.51 +0.10 4.5
Parnassus Fds TotBdInstPl 11.14 -0.01 -3.7
ICAA p 47.36 +0.03 7.0 CoreBond 10.39 ... NA Dodge & Cox Freedom2035 K 17.33 +0.02 4.7 FrankTemp/Franklin A TSM Sel r 70.74 +0.37 6.4 TotStAdml 100.50 +0.53 6.4 TgtRet2055 51.58 +0.11 4.5
ParnEqFd 57.43 +0.29 7.1 VANGUARD ADMIRAL
TotIntBdIdxInst 34.21 -0.07 -2.3
IncoA p 24.80 -0.05 6.0 CorePlusBond 10.27 +0.01 NA Balanced 109.88 -0.47 9.9 Freedom2040 K 12.42 +0.01 5.7 Growth A p 138.05 +1.51 1.9 TxMCapAdml208.88 +0.96 6.0 TgtRetInc 14.90 ... 0.1
PGIM Funds Cl Z
TotStInst 100.51 +0.53 6.4
N PerA p 61.81 +0.48 2.2 Intl Eq 13.94 -0.03 4.3 GblStock 14.84 -0.11 11.6 Fidelity Invest RisDv A p 83.47 +0.05 4.1 500Adml 366.69 +1.35 6.2 TxMIn r 15.76 -0.05 4.0 TotIntBdIxInv 11.40 -0.02 -2.4 ValueInst 51.23 -0.27 11.0
NEcoA p 59.90 +0.53 0.7 LargeCapGrowth 21.12 +0.16 2.7 Income 14.12 ... -2.5 Balanc 29.55 +0.10 4.5 Guggenheim Funds Tru HighYield 5.53 +0.01 1.6 BalAdml 45.04 +0.15 2.4 USGroAdml 167.76 +3.31 -1.3 USGro 64.76 +1.28 -1.3 WCM Focus Funds
NwWrldA 88.58 +0.35 0.7 LargeCapValue 16.31 -0.14 10.8 Intl Stk 46.83 -0.42 7.2 BluCh 168.14 +2.78 3.1 TotRtnBdFdClInst 28.40 ... -3.7 TotalReturnBond 14.32 -0.01 NA CAITAdml 12.22 ... -0.6 ValAdml 51.23 -0.27 11.0 WellsI 28.44 -0.05 1.0 WCMFocIntlGrwIns 24.74 +0.11 ...
SmCpA p 82.11 +0.95 3.2 Columbia Class I Contra 16.80 +0.16 2.5 Harbor Funds PIMCO Fds Instl CapOpAdml r193.01 +1.68 8.7 WdsrllAdml 76.46 -0.08
Stock 220.76 -1.29 15.9 11.3 Welltn 45.64 +0.05 3.5 Western Asset
TxExA p 13.54 ... -0.1 DivIncom I 27.99 -0.03 8.9 DoubleLine Funds ContraK 16.84 +0.16 2.5 CapApInst 100.69 +2.03 -3.4 AllAsset 12.77 -0.04 NA EMAdmr 43.11 +0.13 3.6 WellsIAdml 68.88 -0.12 1.0 WndsrII 43.09 -0.05 11.3 CoreBondI 13.05 +0.01 NA
WshA p 54.24 -0.09 8.5 Dimensional Fds CpInc r 11.06 +0.04 3.9 Harding Loevner ShortT 9.84 ... 0.3 EqIncAdml 86.74 -0.36 10.1 WelltnAdml 78.80 +0.07
CoreFxdIncmI 11.01 -0.04 -2.1 3.6 VANGUARD INDEX FDS CorePlusBdI 11.92 +0.02 NA
 .

THE WALL STREET JOURNAL. * * * * * Thursday, April 1, 2021 | B13

MARKETS
Robinhood S&P 500 sectors performance, Q1

Energy
To Remove Financials

Digital Industrials

Materials

Confetti Real Estate

Communication

From App Services

CHRIS J. RATCLIFFE/BLOOMBERG NEWS

S&P 500
BY CAITLIN MCCABE Consumer
Discretionary
Robinhood Markets Inc. is Healthcare
eliminating digital confetti from
Utilities
its trading app, the latest sign
that the popular brokerage is Technology
working to correct concerns
from critics, as it moves forward Consumer Staples
with plans to go public. 0% 10 20 30
Robinhood’s digital confetti, Shares of Deliveroo Holldings, a food-delivery service backed by Amazon,com, fell 26% Wednesday. Source: FactSet
which has rained down on users’

Late Selling Puts Dow in the Red

screens to celebrate occasions
such as making a first trade, has
become a point of contention
for the brokerage in recent
months. Critics have pointed to
the animation as a sign that the BY WILL HORNER ing fiscal aid from the federal green energy, manufacturing cans get a coronavirus vaccine. public offerings. The total
company “gamifies” investing. AND PAUL VIGNA government and Federal Re- and housing. The fresh spend- In bond markets, the yield value of IPOs rose more than
Robinhood repeatedly defended serve. But there was also fren- ing could give the economy an- on the benchmark 10-year 500% in the first quarter from
the design. Stocks lost some momentum zied trading in parts of the eq- other boost, coming on top of Treasury note rose to 1.749% a year ago, but there were also
Starting next week, however, ahead of the closing bell as in- uity market. the recent $1.9 trillion stimulus from 1.724% Tuesday. It rose signs of waning demand.
the company plans to roll out vestors closed the books on a Early in the year, it came program. 0.836 percentage point in the On Wednesday, shares of
new digital designs. Instead of quarter marked by optimism from individual investors on The program “is needed be- first quarter, its largest one- Amazon.com-backed food-de-
confetti, users will see anima- about an economic recovery Reddit and Robinhood, and in cause we have been through a quarter gain since December livery startup Deliveroo Hold-
tions that the company hopes and drama in an equities mar- late March it was Archegos huge economic shock,” said 2016. ings fell 26% in London. Mean-
will acknowledge “investing ket that has been red hot. Capital Management’s highly Jane Shoemake, a portfolio Investors have been selling while, shares of SPACs, or
milestones” while also providing A late bout of selling pushed leveraged bets that put its manager at Janus Henderson government bonds in anticipa- special-purpose acquisition
customers with more informa- the Dow Jones Industrial Aver- banking counterparties under Investors. “We have got to re- tion that a sharp economic re- companies, have been wob-
tion about the actions they are age into the red for the day, pressure. juvenate these economies and bound will be accompanied by bling after surging earlier this
taking. down 85.41 points, or 0.3%, to That combustible mix led to we have got to get them mov- higher inflation, possibly for a year.
“The confetti is getting re- 32981.55. The S&P 500 rose a quarter where the major in- ing again.” protracted period. The yield, Still, fresh stimulus spend-
ally misconstrued, and I think 14.34 points, or 0.4%, to dexes showed a rotation from But money managers are which moves inversely to ing from the government, com-
it’s actually doing the opposite 3972.89 but pared earlier gains 2020s winning bets—tech and also nervous because the presi- prices, climbed as high as bined with the Federal Re-
of what we want,” said Madhu and just missed out on setting other momentum plays—to cy- dent has signaled that he plans 1.77% Tuesday. serve’s pledge to keep easy
Muthukumar, senior director of a record. The clical stocks that shine when to fund the program in part by “People have anticipated the monetary policies in place for
product management at Robin- WEDNESDAY’S Nasdaq Com- economic prospects brighten. charging the highest-earning growth story and anticipated the foreseeable future, helped
hood. It “seems to have dis- MARKETS posite jumped “Sector rotation is the key Americans the biggest tax what they think will be the in- the S&P 500 notch its second
tracted from the goal of the 201.48 points, theme,” said Naeem Aslam, the rates they have faced in years. flationary consequence of the consecutive month of gains. In-
app, which is to make regular or 1.5%, to 13246.87. chief market analyst at Ava He also aims to raise corporate recovery and the fiscal stimu- vestors are girding for a more
people, everyday folks who For the quarter, the Dow Trade. Optimism about the re- taxes and levies on foreign lus,” said Willem Sels, global challenging year ahead.
have been kept out of the mar- finished up 7.8%, while the S&P covery will continue to be a earnings. chief investment officer at In overseas markets, the
ket, feel like they can partici- 500 gained 5.8% and Nasdaq tailwind for stocks, bolstered “There is a recognition that HSBC Private Bank. “Now un- Stoxx Europe 600 fell 0.2%.
pate and feel like they are be- added 2.8%. The Nasdaq, up by continued government sup- this is going to have to be paid fortunately, we just need to Credit Suisse dropped 4.9%
ing positively reinforced for only 1.2% for the quarter head- port, but Mr. Aslam said he is for at some point: tax rises are wait to see how high that infla- amid continuing concern about
taking steps in their financial ing into Wednesday’s session, already hearing from investors likely at some point,” Ms. tion will peak, and we might be the fallout from the Swiss
life.” gained more on the last day of concerned about the inevitable Shoemake said. stuck in a volatile holding pat- bank’s dealings with Archegos.
“If the focus of a conversa- the period than it had for the removal of that support. The latest economic data tern until we get that data.” Most major Asian stock in-
tion is around confetti and not previous three months, as the “Overall, we would expect brought good news. ADP esti- The recent sharp move dexes declined. Early Thursday,
around these people taking tech sector continued its re- another volatile quarter” in the mated that 517,000 private-sec- higher on bond yields has led Japan’s Nikkei 225 was up
these first steps…then we’ve cent bout of volatility. next three months, he said. tor jobs were created in March, to nervousness among money 1.2%, Hong Kong’s Hang Seng
done something that’s just off The new year has seen in- The main focus Wednesday the most in six months, with managers and choppy trading Index was up 0.9% and South
base,” Mr. Muthukumar added. vestor confidence bolstered by was President Biden’s $2.3 tril- most coming in the battered sessions in recent weeks. Korea’s Kospi up 0.9%. U.S.
Robinhood introduced digi- the rollout of nationwide vac- lion spending program., The services sector as businesses That nervousness has shown stock futures were down
tal-confetti animation on its cine programs and the continu- program targets infrastructure, open back up and more Ameri- up in the market for initial slightly.
app in the early fall of 2016 and
has featured it in advertising.

SPAC Excitement Fades as Quarter Ends

But as the trading app has
grown more popular since the
start of the Covid-19 pandemic,
the digital animation became a
lightning rod. In a December BY AMRITH RAMKUMAR wagers less attractive by in- Average monthly companies that raise money deals they might do signaled
complaint, Massachusetts secu- creasing the returns investors performance of SPACs on and list on an exchange with excessive optimism to many
rities regulators alleged that SPAC mania is taking a earn from ultrasafe govern- their first day of trading the intention of merging with on Wall Street.
confetti was one of several breather. ment bonds. Yields rise as 6% a private firm to take it public. Losses for SPACs can also
strategies Robinhood used to Shares of new special-pur- bond prices fall. The private company then gets open up opportunities for
incentivize customers to re- pose acquisition companies In a sign of how the frenzy the SPAC’s place on the stock sharp-eyed traders who buy
peatedly engage with the app. are wobbling around their ini- has calmed, SPACs rose an av- market. them at a discount to their
The topic of confetti was tial public offering price in erage of 0.1% on their first day Combining with a SPAC has cash holdings, then either
raised again this year by Gary March after surging earlier in of trading in March. That is 4 become a popular way for withdraw their money before a
Gensler, President Biden’s pick 2021. down from average gains companies like sports-betting deal goes through or sell if
to head the Securities and Ex- The reversal highlights the north of 5% in January and firm DraftKings Inc. to quickly shares rise.
change Commission, during tes- broader challenge hurting February, according to data raise money and access every- Waning investor demand
timony before the Senate Bank- popular speculative trades as through Monday from Univer- day investors. now means that some of the
ing Committee. Mr. Gensler government-bond yields climb sity of Florida finance profes- 2 SPACs have raked in more roughly 430 SPACs in the mar-
didn’t mention Robinhood spe- and investors favor assets that sor Jay Ritter. than $95 billion in 2021, top- ket seeking private companies
cifically but questioned what it stand to benefit from a From November to Febru- ping last year’s record haul of to take public could struggle
means when you have confetti brighter economic outlook. ary, 231 consecutive SPACs more than $80 billion, accord- to find attractive deals before
“dropping, and you have behav- Early in the year, inves- went public without dropping ing to data provider SPAC Re- their deadlines. SPACs typi-
ioral prompts to get investors tors piled into SPACs to get below their IPO price on their 0 0 search. cally have two years to do a
to do more transactions.” in early with hot companies opening trading day, a historic But the recent spate of deal; otherwise they return
2020 '21
Robinhood has increasingly in sectors like electric vehi- stretch that saw investors pile share-price declines mark a money to investors.
found itself in the spotlight af- cles and space travel. into the vehicles. Now, it is Note: Latest data through Monday return to reality for SPAC in- While the largest SPACs
ter the “meme stock” frenzy March’s muted moves show common for SPACs to dip be- Source: Jay Ritter/University of Florida vestors, analysts say. The and their most well-known
this year, when it came under that the excitement is wan- low their debut price—typi- widespread gains early in the creators are still unveiling
scrutiny for restricting cus- ing as the first quarter draws cally set at $10—and gyrate taking public. year for shell companies with deals, the quarter that started
tomer purchases of stocks such to a close. around that level until a SPAC SPACs, also called blank- no underlying business and lit- with such a bang is closing
as GameStop Corp. Higher yields make risky announces what company it is check companies, are shell tle information about what with a whimper for many.

Singapore Explores Allowing

Blank-Check Public Listings
BY JING YANG from potential sponsors and Singapore would be required
market professionals on to have a minimum market
Singapore is trying to get a whether SGX would consider capitalization of 300 million
piece of the red-hot market allowing SPACs,” said Tan Singapore dollars, or the
for blank-check companies. Boon Gin, chief executive of equivalent of about US$223
Singapore Exchange Ltd. Singapore Exchange Regula- million, and would have three
started on Wednesday a four- tion, the exchange’s regulatory years to complete a merger,
week public consultation on body. according to the proposed
LAURYN ISHAK/BLOOMBERG NEWS

special-purpose acquisition In a SPAC, a sponsor refers framework. The exchange is

companies. These are publicly to the management team of seeking public comment until
listed shell companies with the shell company that is April 28.
ready pools of cash that seek given the task of finding an- The market-cap threshold is
to invest in—and merge with— considerably higher than in
private companies. the U.S., where the floor for
The vehicles have taken listing on boards run by the
Wall Street by storm since last
This year, 297 Nasdaq Stock Market and the
year, and with SPACs not per- SPACs have listed in New York Stock Exchange var-
mitted on most Asian stock ies from $50 million to $100 The exchange aims to introduce the framework for special-purpose acquisition companies by midyear.
exchanges, investors and com-
the U.S., raising a million.
panies in the region have in- total of $97.2 billion. Mr. Tan said the higher surpassing the whole of 2020, aims to introduce the SPAC IPO prospectus, and the result-
stead tapped into the U.S. market-cap requirement is in- when 248 SPACs listed with framework by midyear and ex- ing company would have to
boom. Magnates including tended to attract quality in- $83.4 billion in total proceeds, pects to have its first listing follow standard listing rules.
Hong Kong billionaire Li Ka- vestors. “What we’re looking according to data from SPAC around then, Mr. Tan said. In In addition, only independent
shing and Chinese rainmakers other company, also known as for really is a sponsor with a Research. 2010, it also consulted about shareholders could vote on
Fred Hu and Fang Fenglei have a target, to merge with. proven, established track re- Other markets are also re- allowing SPACs but didn’t pro- mergers, to limit the influence
raised their own SPACs this “The feedback is that an cord in acquiring, managing acting to the U.S. boom. The ceed because market condi- of sponsors.
year. Asian SPAC would be of inter- and operating growth compa- Hong Kong government has tions weren’t ripe he said, Elsewhere in Asia, South
Grab Holdings Inc., a est to investors and sponsors nies,” he said. asked the city’s securities reg- without elaborating. Korea and Malaysia allow
Southeast Asian ride-hailing because it would be in the Promoted as a fast and rel- ulator and exchange operator The exchange made several SPAC listings. But the market
giant, is in talks to go public same time zone as the Asian atively hassle-free route to to explore listing programs, proposals that are meant to response has been tepid. No
via a U.S.-listed SPAC in a deal targets, which themselves may public markets, SPACs have and the U.K. government is protect investors during the SPAC was issued in South Ko-
that could value that company also be more familiar to the stolen the thunder of initial proposing changes to make its merger process. For example, rea last year, while in Malaysia
at $40 billion, The Wall Street investors here,” Mr. Tan said public offerings. This year, 297 SPAC program more attractive shareholders would get as the last SPAC listing was in
Journal reported. in a media briefing. SPACs have listed in the U.S., to investors and companies. much information ahead of the 2014, according to Dealogic
“We have received inquiries SPACs seeking listings in raising a total of $97.2 billion, The Singapore Exchange deal as they would get in an data.
 .

B14 | Thursday, April 1, 2021 THE WALL STREET JOURNAL.

HEARD STREET ON
THE
FINANCIAL ANALYSIS & COMMENTARY

Micron Gets
A Boon,
But Not
Chip Buyers
Great results come amid
‘severe undersupply’

If Micron’s numbers are any

guide, the chip industry should have
a strong year. Chip buyers: less so.
Micron reported strong results
Wednesday for its fiscal second
quarter ended March 4. Revenue
jumped 30% year over year to $6.2
billion, in line with a pre-announce-
ment earlier in March. But it pro-
jected a 31% jump to $7.1 billion for
the current quarter ending in May.
Analysts were expecting a little un-
der $6.8 billion for the quarter, ac-
CARLO ALLEGRI/REUTERS

cording to FactSet. Micron’s shares

rose about 2% after hours.
Nearly three-quarters of Micron’s
revenue comes from DRAM memory.
Revenue in that segment surged 44%
year over year to about $4.4 billion.
The fund was extremely leveraged: Initial reports suggest it had $30 billion of exposure backed by its $10 billion. But Chief Executive Sanjay Mehrotra

Archegos’s Fall Is a Wake-Up Call

noted in the company’s call Wednes-
day that the DRAM segment is “fac-
ing a severe undersupply,” as de-
mand has boomed. Memory is
affected by production shortages
elsewhere in the semiconductor
space, as DRAM is a key component
Capital requirements pushed risk into darker corners of the financial system for products like central and graph-
ics processors. Mr. Mehrotra said
memory demand “would have been
The big damage from dorsement of tighter banking regu- Low interest rates are another early 2000s peak. even greater” without those short-
Archegos’s collapse seems to have lation since the 2008 banking protagonist in this saga. They have Still, history shows that one ages. Micron expects the DRAM
been limited to Credit Suisse and crisis, which has probably saved pushed investors and lenders to messy unwind can easily spread. market to remain tight all year.
Nomura. But that doesn’t mean all Credit Suisse and Nomura from take more risk in search of re- The U.S. Office of Financial Re- Production shortages are plaguing
is well in the financial system. deeper harm. turns. Archegos was extremely lev- search finds that the 10 largest the chip market and were worsened
As the dust settles on the fund’s But there is a wrinkle: Some of eraged: Initial reports suggest it hedge funds were leveraged far by disasters such as freezing
implosion, the impact is becoming the roots of the Archegos blowup had $30 billion of exposure backed more heavily than the next 40 weather in Texas and a fire at an
clearer. Credit Suisse and Nomura can be traced back to postcrisis by its $10 billion. largest funds, as of June. And auto chip plant in Japan. Micron
were slow to sell shares, costing regulation. Most measures suggest hedge- many family offices may not be hasn’t been free of those worries.
them dearly relative to early movers Tougher rules have pushed risk- counted in these statistics at all, Mr. Mehrotra noted that a drought
Goldman Sachs, Morgan Stanley ier activities into parts of the which mostly rely on disclosure in Taiwan limited the water supply
and Deutsche Bank. The anticipated banking world where there is less forms they are able to avoid. at one of its chip-fabrication facili-
losses are enough to cause Credit oversight and far less disclosure.
Archegos’s family office There are some obvious re- ties there, though it hasn’t yet af-
Suisse and Nomura serious pain, but Archegos’s family office structure, structure allowed it to sponses for regulators, such as fected production.
not to threaten their solvency. whereby it undertook to invest its mandating disclosure of the total That is still a bad sign for bat-
The Swiss bank had a core capi- own money rather than acting for
keep its hedge-fund-like return swaps that allowed tered chip customers waiting for the
tal buffer of 12.9% at year-end. If clients, allowed it to keep its activities private. Archegos to build big positions out shortages to ease. Ford said Wednes-
the Archegos hit is $4 billion, that hedge-fund-like activities rela- of the public eye. But there are no day that it is slowing production at
ratio could fall by roughly 1 per- tively private. easy answers to the wider chal- several U.S. factories for want of
centage point to well below the Tighter rules have forced lend- lenge of overseeing leverage needed chips. Other car makers are
12.5% minimum targeted by the ers to hold more capital, a heavy fund leverage overall is fairly high within the broadest financial com- feeling similar strains. President Bi-
lender, according to brokerage Be- weight on profitability even as it right now, albeit not at historical plex when debt is almost free. den’s infrastructure plan includes a
renberg. Shareholders can expect a protects them from collapse. Pro- peaks. Leverage dropped sharply The system has held up under proposed $50 billion to boost do-
suspension of its share buyback viding lucrative services to hedge as the pandemic spread, though it the latest strain, but this isn’t a mestic chip production—more good
program at the least. A more cau- funds is one way to boost their re- has likely rebounded, according to victory. Archegos means one who news for U.S. chip makers such as
tious approach to risk manage- turns. Only a few lenders with big the Federal Reserve’s financial sta- leads the way. Regulators must do Micron. But funding is uncertain and
ment could trim growth prospects balance sheets can now afford to bility report. A proxy tracked by what they can to ensure as few as won’t ease the near-term situation
for revenue and profit. offer it, concentrating the risk in a analysts at JPMorgan Chase shows possible follow. anyway. Meanwhile, Micron will
On first reading, the story ap- few systemically important institu- levels now nearing their pre-2008 —Rochelle Toplensky have to be content selling every chip
pears to offer a fairly clear en- tions. crisis high, but well below the and Telis Demos it can make. —Dan Gallagher

Xiaomi Joins the Drive

To Build Electric Cars
A well-loved smartphone maker Full self-driving cars are the
is going into electric vehicles. Ap- holy grail of such an evolution,
ple? Not yet. China’s Xiaomi—the though that is likely still
PHILIPPE WOJAZER/REUTERS

world’s third-largest smartphone years away.

maker—is barreling ahead into And the gamble looks afford-
car making. able for Xiaomi. The $1 billion av-
The Chinese electronics com- erage annual investment is similar
pany said Tuesday that it will to the early stage of other EV
spend $10 billion over the next de- startups, according to Morgan
cade to enter the EV business, Stanley.
Visa said it has started piloting settlement of transactions on its own network with digital currency. with an initial investment at The spending is only around a
around $1.5 billion. There are few third of its annual operating cash
details, but being new to car mak- flow while Xiaomi is also sitting
Payments Companies Play Hide the Crypto ing, Xiaomi will likely find an out-
side partner to handle the manu-
on $11.9 billion of net cash and
short-term investments. Xiaomi is
facturing, while it focuses on also coming from a position of
Bitcoin and other digital curren- the funding method the payer picks. bitcoin for stablecoin, but the wal- design and engineering. strength in its core business: It
cies’ best bet to become major ac- Similarly, Visa on Monday said it let provider is freed from having to China’s search-engine giant was the world’s third-largest
tors in the world of payments might started piloting settlement of trans- deal in fiat currencies. Baidu is doing something similar: smartphone maker in late 2020 af-
be to stay behind the scenes. actions on its network with digital Of course, the burden remains on It has joined with Zhejiang Geely ter taking market share from trou-
To the extent there is demand to currency. Already some digital-wallet the consumer to decide whether it is Holding Group, the parent of bled rival Huawei.
use cryptocurrency holdings to make providers, such as Crypto.com, offer worth cashing out of something such Volvo Cars, to make EVs. Apple If Xiaomi outsources manufac-
everyday payments, so far only a debit cards linked to users’ crypto as bitcoin to make a payment. There was also looking for car-making turing, then it could focus invest-
niche of merchants are willing to holdings. Again, the merchant re- are tax liabilities in the U.S., since partners, although its earlier talks ment on research and development
take crypto as payment. Accepting ceives fiat currency and doesn’t bitcoin is treated as an asset by the with Hyundai Motors broke down. instead of building factories.
bitcoin or other tokens could intro- know that the debit card swiped is Internal Revenue Service. This Such an outsourcing model is also Tesla, which owns its own plants,
duce a level of risk and complexity funded by crypto. This previously means that when bitcoin is used to used by some Chinese EV startups spent $3.2 billion on capital expen-
that all but a handful of retailers meant the wallet provider has to make a purchase, any gains on it such as Nio. diture last year.
might consider a big headache. swap cryptocurrency for fiat to set- since it was acquired are subject to But the project is clearly at the But Xiaomi is also going into a
But now the payments industry is tle up with the card network. Now, capital-gains tax. PayPal will help top of Xiaomi’s agenda. Its chief crowded field with no prior experi-
showing a path forward. Visa and Visa will let Crypto.com settle its out by generating 1099 forms for us- executive officer and founder, Lei ence. The company has become a
PayPal Holdings this week made Visa debit-card obligations through ers and making receipts and transac- Jun, will personally oversee what well-known brand with affordable-
moves that can subtly make block- the ethereum blockchain with U.S.- tion histories downloadable. PayPal he said is the final major entre- yet-decent products from air puri-
chain and crypto a part of what oth- dollar-denominated stablecoin. even invested in a tax-services preneurial project of his life. And fiers to rice cookers, but making a
erwise seem to be everyday transac- Collectively, these moves don’t startup called Taxbit. it is clearly aimed at taking ad- car—a more expensive and less-
tions—without putting any onus on eliminate translation risk—but they So even hiding bitcoin or the like vantage of the recent frenzy in EV frequent purchase than household
merchants to have to think about ac- channel it into places where it is from merchants won’t overcome all stocks: Baidu’s shares, for exam- items—is a different nut to crack.
cepting newfangled moneys. wanted, or is more manageable. of the hurdles of turning them into a ple, surged this year before re- The company has strong experi-
PayPal said Tuesday it would be- PayPal teams up with Paxos, a digi- day-to-day payments tool. But these cently being sold down in the ence in managing the supply chain
gin allowing users who bought cryp- tal-asset exchange and custody pro- moves do lay the groundwork for Archegos debacle. in smartphones and other gadgets,
tocurrency to use it when they pay vider, to handle the swap of fiat and something—whether it is a central- It is also a bet that cars will be- but it might not be applicable to
with their PayPal wallets. In the crypto. Visa works with the digital- bank-issued digital coin, a private come more like giant smartphones. making cars. Sales and after-sale
same way users can select their Pay- asset platform provider Anchorage stablecoin, digital-rewards points or If autos become a combination of service are also very different
Pal balances or credit or debit cards to manage the resulting stablecoin beyond—to start to replace fiat as software and hardware, then tech- from selling smartphones.
to fund a payment, they will be able Visa gets that can then fund a fiat the grease of commerce. It means nology companies will have an Xiaomi is driving into the EV
to choose crypto. Crucially, the mer- payment to the merchant. A debit- that today’s major payments compa- edge designing cars that appeal to field with some real advantages,
chant receives the same payment in card crypto wallet provider such as nies are increasingly set up to be to- consumers, compared with tradi- but it will still be a perilous voyage.
regular, fiat currency regardless of Crypto.com might still have to swap morrow’s, too. —Telis Demos tional auto makers. —Jacky Wong