Wall Street Journal Wall Street Journal Wednesday October 28, 2020 [CCLXXVI, US ed.] 7890863141

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WEDNESDAY, OCTOBER 28, 2020 ~ VOL. CCLXXVI NO. 101

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NASDAQ 11431.35 À 0.6%

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 South Korea’s GDP expanded quarter-to-quarter, as Asian economies shake off the pandemic’s worst effects and return to growth. A1  Microsoft posted another quarter of strong earnings fueled by demand for cloudcomputing services, videogaming and computers. B1  Caterpillar said quarterly revenue fell in each of its three global business segments. 3M said sales were down in about half of its business lines. B1  BP reported a fifth consecutive quarterly loss, providing the first glimpse of how major oil companies navigated the third quarter. B3  The Dow closed 0.8% lower on Tuesday, while the S&P 500 gave up 0.3%. The Nasdaq rose 0.6%. B12

Visa Inc.’s $5.3 billion deal to buy a major player in the financial-technology area is in jeopardy because of antitrust concerns, according to people familiar with the matter. By AnnaMaria Andriotis, Brent Kendall and Peter Rudegeair

FINAL STRETCH: Clockwise from left, Democratic presidential candidate Joe Biden greets supporters Tuesday in Atlanta; Democratic vice-presidential candidate Sen. Kamala Harris attends a campaign event in Las Vegas; President Trump arrives in Lansing, Mich., for a rally; and Vice President Mike Pence speaks at a rally in Greensboro, N.C. A4

Mounting Unpaid Rent Risks U.S. Tidal Wave of Evictions BY WILL PARKER

 The EPA will extend its approval of controversial weedkillers for another five years, a victory for agriculture companies Bayer and BASF. B3  Foreign direct investment in China largely held steady during the first half, even as investment inflows into the U.S. and EU plummeted. A8  Raytheon said it is cutting 20,000 jobs this year, up from a previously announced 15,000. B2

The Justice Department could decide soon whether it will sue to block Visa’s acquisition of Plaid Inc., a firm that provides the technological infrastructure underpinning an array of next-generation financial apps. After spending the better part of the year scrutinizing the deal, the department is concerned it could limit nascent competition in the payments sector, people familiar with the matter said. The Justice Department has been making preparations for potential litigation, including lining up potential witnesses for a trial, some of the people said. No final decision has been made. The department late Tuesday signaled its concerns in a rare legal action that asks a Massachusetts federal judge to order that Bain & Co., which has done consulting work for Visa, comply with a civil subpoena and hand over work material related to the Plaid deal. The department alleged Please turn to page A6

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 AMD plans to buy rival chip maker Xilinx in a $35 billion deal, adding momentum to the consolidation of the semiconductor industry. B1

renters into unemployment and draining their savings. Federal and local eviction moratoriums have protected many of them from losing their homes if they missed payments during the pandemic. But the national eviction ban and some state and city protections are set to expire by January or sooner. Renters then will be on the hook for months of missed payments, which even those who have jobs could struggle to pay.

Fallout from missed rent payments is threatening a large swath of the U.S. population, as the expiration of eviction bans draws near. A large number of renters have been unable to pay some or even all of their rent since March, when the coronavirus pandemic temporarily shut down most businesses. Many businesses remain closed or only partially open, pushing

Estimates of total outstanding rent debt vary widely. Yet by any measure, the effects of missed rent payments are bound to imperil millions of renters, pressure the landlord business, and wash over the broader economy. A study of unemployed workers released last week by the Federal Reserve Bank of Philadelphia calculated outstanding rent debt would reach $7.2 billion before the close of 2020. Moody’s Analyt-

ics estimates that it could reach nearly $70 billion by year-end if there is no additional stimulus spending. The economic-research firm calculated that 12.8 million people in the U.S. would then owe an average of $5,400 from missed payments. Even the larger figure would be far less than what was lost when the $1.3 trillion subprime-mortgage bubble burst, leading to a national Please turn to page A2

Dodgers Win World Series

 Democrats are making a late campaign foray into several traditionally GOP-leaning states, leaving Trump largely playing defense in battlegrounds he won in 2016. A4  Trump is considering issuing an order mandating an economic analysis of fracking, according to senior administration officials. A4

More than 40 years after imposing severe restrictions on property-tax increases, California voters are weighing whether to roll them back next week, sending shivers through the state’s commercial real-estate industry. A measure on the Nov. 3 ballot would make the most significant changes yet to 1978’s Proposition 13 by allowing local governments to begin assessing commercial property based on its current value, rather than capping increases from the last time it was sold. This year’s measure, known as Proposition 15, wouldn’t apply to residential property, allowing homeowners to con-

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 Philadelphia was hit with a second night of unrest sparked by a video showing police fatally shooting Walter Wallace Jr., a Black man who was holding a knife. A3

BY PETER GRANT AND CHRISTINE MAI-DUC

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 Fallout from missed rent payments is threatening a large swath of the U.S. population as the expiration of eviction moratoriums draws near. A1

 Two key Covid-19 metrics have been rising in the U.S. for days, and in some cases weeks, pointing to a fresh surge in infections in a majority of states. A7  The Justice Department, in a letter to lawmakers, cited restricted access to recent articles about Hunter Biden in calling for changing a law protecting online platforms. A10  Southern California Edison told state regulators that its gear may have ignited one of a pair of fast-moving wildfires in Orange County. A3  The Justice Department can’t represent the president in a defamation lawsuit against him, a judge ruled. A6  Tropical storm Zeta churned into the Gulf of Mexico, where it was expected to restrengthen into a hurricane as it takes aim at Louisiana. A3 Personal Journal A11-12 Property Report... B6 Sports....................... A14 Technology............... B4 U.S. News.... A2-3,6-7 Weather................... A14 World News....... A8-9

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tinue to enjoy the state’s longstanding limits on property-tax increases. “The proponents have adopted a divide-and-conquer strategy,” said Matt Regan, a senior vice president of the Bay Area Council, a business group that opposes the measure. “They’re saying we’re protecting residential tax rates, but we’re going to vote the commercial property-tax payers off the island.” If fully implemented, Proposition 15 would generate between $6.5 billion and $11.5 billion in additional annual tax revenue for local governments, according to California’s nonpartisan Legislative Analyst’s Office. Proponents said the money is needed for education, Please turn to page A4

Covid Closed Hong Kong’s Beaches, But It Couldn’t Stop Swimmers i

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Devoted oceangoers found ways in, risking jellyfish, barnacles and hefty fines BY ERIN MENDELL HONG KONG—For a city with more sea than land, Hong Kong has been making it very difficult to go to the beach. Weeks after a third wave of the coronavirus pandemic was contained, residents here have been baffled why beaches were still a no-go zone. To enjoy a dip in the ocean, lifelong swimmer Joy Zhu has Bay lately had two choices: Clamber over barricades to enter the designated public beach and risk a hefty fine for breaching rules designed to prevent the spread of Covid-19; or take her

chances in unofficial, open waters—which lack the safety nets used to protect swimmers from sharks and other dangerous marine life, as well as boats. Swimming pools, playgrounds, gyms and karaoke bars reopened, but not the official beaches, which also offer a gentle slope into the water, changing rooms and showers. On Tuesday, watch officials relented and announced beaches will open on Nov. 3. It’s a relief to swimmers like Ms. Zhu, who, after three jellyfish stings and many days Please turn to page A7

DAVID J. PHILLIP/ASSOCIATED PRESS

Californians Weigh Easing Longtime Property-Tax Cap

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YEN 104.42

Justice Department scrutinizes $5.3 billion planned purchase of Plaid, a fintech firm

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isa’s $5.3 billion deal to acquire Plaid, a major player in the financial-technology area, is in jeopardy because of Justice Department antitrust concerns. A1

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EURO $1.1797

Antitrust Concerns Threaten Visa Deal

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Candidates Pound Campaign Trail With One Week to Go

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CONTENTS Arts in Review... A13 Business News.. B3,5 Crossword.............. A14 Heard on Street.. B13 Markets.................... B12 Opinion.............. A15-17

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Los Angeles celebrates after defeating the Tampa Bay Rays 3-1 in Arlington, Texas, Tuesday night. Victory in the sixgame series gave the Dodgers their first championship in 32 years. In an ironic twist in a pandemicshortened season, Dodger star Justin Turner was pulled from the game after testing positive for Covid-19. A14

Twitter CEO’s Hands-Off Style Comes Under Pressure Jack Dorsey delegates big decisions while pursuing his own passions BY KIRSTEN GRIND AND GEORGIA WELLS Twitter Inc. CEO and co-founder Jack Dorsey found himself in the hot seat two weeks ago, when with little explanation the platform he leads began blocking its millions of users from sharing links to a pair of New York Post stories about Joe Biden’s son, Hunter Biden. Within hours, lawmakers said they would subpoena Mr. Dorsey to explain his decision. But Mr. Dorsey wasn’t involved in the initial discussions about the move, according to

people familiar with the matter. After a public outcry, he posted on Twitter that blocking link sharing with no context from the company as to why was “unacceptable.” Mr. Dorsey’s absence from such a key decision isn’t unusual. At both Twitter and Square Inc.—the financial-technology firm where he is also chief executive—current and former employees say he is hands-off to the extreme, delegating most major deciPlease turn to page A10  DOJ cites article access in bid to change law... A10

South Korea Extends Asian Upturn BY EUN-YOUNG JEONG SEOUL—South Korea’s economy expanded quarter-onquarter, as Asian economies shake off the pandemic’s worst effects and return to growth. South Korea, during the July-to-September period, reported its gross domestic product rose 1.9% from the previous quarter, aided by a strong recovery in exports of cars and memory chips. Asia’s fourth-largest economy had fallen into a recession this

year after two straight quarters of contraction. South Korea’s better-thanexpected performance comes after China reported this month that its third-quarter GDP had expanded 4.9% from the prior year. Vietnam, which has kept coronavirus cases low and never reported an economic dip, experienced 2.6% growth over last year’s third quarter. Taiwan, another Covid-19 success, is expected to post year-to-year GDP expansion of 2.2% this week, according to

Barclays, after a decline the previous quarter. The strong economic numbers underpin how swaths of Asia have allowed citizens to regain some normalcy during the pandemic, dining at restaurants, watching musicals and going to the office—albeit with a face mask. It contrasts with intensifying restrictions applied across Europe and rePlease turn to page A8  Heard on the Street: U.S. can’t copy Seoul’s recovery............ B13

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A2 | Wednesday, October 28, 2020

U.S. NEWS

THE WALL STREET JOURNAL.

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BY PAUL KIERNAN

The coming vacancies underscore the significance of the next president’s nominations to top financial regulatory bodies. Mr. Clayton, a political independent chosen at the beginning of President Trump’s term, has won praise for maintaining the commission’s tradition of nonpartisanship. “They should get credit for being really effective stewards of the capital markets and doing things that help to facilitate capital formation without sacrificing investor protection,” Keith Higgins, a securities lawyer who led the SEC’s division of corporation finance during President Obama’s second term, said of Messrs. Hinman and Clayton. Neither Mr. Trump nor Democratic presidential nominee Joe Biden has offered much insight into their plans

WASHINGTON—The Securities and Exchange Commission official who writes rules for initial public offerings and other corporate disclosures said he planned to step down later this year, part of the usual wave of departures from federal regulatory agencies at the end of a presidential term. William Hinman, director of the SEC’s Division of Corporation Finance, said he would leave after 3½ years in the job, making him the second division chief to announce plans to leave after the co-director of enforcement departed in August. Chairman Jay Clayton has said he would stay at the agency for one presidential term, though he hasn’t set a departure date. His predecessor, Mary Jo White, left at the end of the Obama administration.

RYAN DONNELL FOR THE WALL STREET JOURNAL

SEC Director Says He Will Step Down Durable Goods Stay

William Hinman

for financial regulation. Should Mr. Biden win, current and former regulators say a critical question would be how much influence the progressive wing of the Democratic

Party—led by Sens. Elizabeth Warren (D., Mass.) and Bernie Sanders (I., Vt.)—will exert over the nomination process. Top positions in the agency have typically been held by former corporate lawyers. Mr. Hinman, a longtime Silicon Valley deals lawyer, was recruited by Mr. Clayton in early 2017, when far more money was being raised on private capital markets than on public markets. A central part of his mission was to encourage more companies to go public so that more investors could share in their growth and all investors could benefit from the disclosure of information required of public companies. Mr. Hinman cut red tape around the process of registering with the SEC, streamlining disclosure requirements and easing some of the rules, espe-

cially for small firms. Morecontroversial policy changes involved increasing regulations on proxy-advisory firms, making it harder for shareholders to get proposals on company proxies and giving more investors access to private markets. In 2019, companies raised $1.2 trillion on public markets and $2.7 trillion on private markets, according to SEC estimates. That compares with $1.35 trillion and $2.1 trillion, respectively, in 2014. “While we’ve tried to make the public-company alternative as attractive as possible, that doesn’t mean we’re going to try to make people go public because somehow we have made the private markets unattractive,” Mr. Hinman said. “We want both public and private markets to function as efficiently as possible.”

U.S. WATCH HOUSING

Continued from Page One wave of defaults and foreclosures. But the tens of millions of people potentially caught in a web of home-rental debt and eviction would far exceed the 3.8 million homeowners who were foreclosed on in 2007-2010. Many people financially secure enough to own a home are better positioned to navigate the economic downturn. The high unemployment rate has spared most white-collar professionals. Houses are selling at record rates, and home prices have rarely been higher. Recently moribund suburbanhousing markets in the Northeast and other regions have sprung back to life as buyers seek more space while working at home. But about a quarter of U.S. renter households with children are now carrying debt from not paying rent, Census Bureau surveys show. Women and people of color are disproportionately more likely to owe rent, according to the census data. Black and Latino Californians were twice as likely as whites to face rent insecurity amid the pandemic, an analysis by the University of California, Los Angeles found.

Orders for long-lasting factory goods increased for the fifth consecutive month in September, the latest sign manufacturing companies are rebounding from supply-chain disruptions and shutdowns related to the pandemic. New orders for durable goods—products designed to last at least three years—rose 1.9% in September compared with August, the Commerce Department said Tuesday. A closely watched proxy for business investment—new orders for nondefense capital goods excluding aircraft—increased 1% last month. The measure had recovered all its pandemic-related losses by August, suggesting businesses have ramped up capacity in anticipation of growing demand. “The economic recovery isn’t entirely dependent on consumers, with business-equipment investment recording a swift bounce back to prepandemic levels,” said Paul Ashworth, chief U.S. economist at Capital Economics. A separate index of consumer confidence slipped slightly to 100.9 in October from 101.3 in the prior month, according to survey data released Tuesday. The Conference Board, a private research group, said consumers’ expectations for the labor market dimmed, with around one-fifth saying they expected jobs to be scarcer six months from now. U.S. factories were hit by health concerns, supply chain breakdowns and shutdowns early in the coronavirus crisis. But efforts to reopen the economy have helped manufacturers regain much lost ground. Orders for transportation equipment helped drive overall gains, while military orders were a big drag. Excluding transportation, orders were up 0.8%. Excluding defense, they were 3.4% higher.

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VIRUS’S TOLL: A visitor looks at the more than 200,000 flags placed to honor Covid-19 victims outside RFK Stadium in Washington, D.C. The public art project, ‘In America, How Could This Happen,’ was conceived by artist Suzanne Brennan Firstenberg. ILLINOIS

Police Version of Shooting Is Disputed

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A woman who was shot by police last week in suburban Chicago said officers did nothing more than cover her boyfriend with a blanket after he was shot and left him on the ground to die. Tafara Williams, 20 years old, spoke to reporters Tuesday in a Zoom call from her hospital bed as she described the Oct. 20 shooting in Waukegan that killed 19-year-old Marcellis Stinnette. “They allowed him to die,” Ms. Williams said. “They wanted us to bleed out on the ground.” Police have said the vehicle driven by Ms. Williams, with Mr. Stinnette in the passenger’s seat, fled a traffic stop conducted by a white officer. They said that a short time later, an-

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Rent Debt Piles Up, Poses Risk

MICHAEL REYNOLDS/EPA-EFE/SHUTTERSTOCK

The S&P CoreLogic CaseShiller National Home Price Index, which measures average home prices in major metropolitan areas across the nation, rose 5.7% in the year that ended in August, up from a 4.8% annual rate the prior month. Sales of previously owned homes, which make up the bulk of the housing market, rose 2% in August from a month earlier, according to the National Association of Realtors, as low mortgage-interest rates and a desire for more space lured buyers into the market. A shortage of homes for sale has led to competition among buyers and pushed home prices higher. “Current home price growth is exceptionally strong given that the U.S. is an economic recession,” said Selma Hepp, deputy chief economist at housing-data provider CoreLogic. “It is the historically low inventories and record-low mortgage rates that are outweighing economic and employment headwinds and fueling the price acceleration.” Also on Tuesday, the Commerce Department reported that the homeownership rate rose to 67.4% in the third quarter, up from 64.8% a year earlier but down from 67.9% in the second quarter. However, the department said that its data collection was affected by the coronavirus pandemic and its survey response rates declined from last year, which could affect the accuracy of its second- and third-quarter estimates. Phoenix had the fastest home-price growth in the country for the 15th straight month, at 9.9%, followed by Seattle at 8.5%. —Nicole Friedman

BY JEFFREY SPARSHOTT

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Home Price Index Rose 5.7% in Year

On Rising Streak

other officer, who is Hispanic, approached the vehicle, and he opened fire out of fear for his own safety when the vehicle moved in reverse toward him. On Friday, the police department fired the officer who shot them. Waukegan Mayor Sam Cunningham said last week that dashcam and bodycam videos of the shooting would be made public after relatives of the shooting victims have watched it. —Associated Press MICHIGAN

Judge Blocks Ban On Guns at Polls

A judge on Tuesday blocked a ban on the open display of guns near Michigan polling places on Election Day, agreeing with critics who said a Democratic secretary of state failed to follow

Paying Rent

Some are struggling to keep up with rent payments, and also turning to paying rent with credit cards. Percentage of tenant households behind on rent payments, by race Black

22%

Asian

20%

Hispanic White Other

18% 9% 16%

Credit-card payments to small businesses, annual change Payments to rental managers and agents Other payments 80% 60 40 20 0 –20 –40 –60 2019

2020

Source: Census Bureau (tenants behind on rent); Philadelphia Federal Reserve Consumer Finance Institute (credit-card payments)

Even some higher-income renters are falling behind. An analysis of rent payments in 11.5 million professionally managed rental apartments shows that unpaid rent was 7% higher in those buildings between April and August this year than it was during the same months in 2019. Mounting rental debt could impede the path to a U.S. economic recovery, when 30 million to 40 million people from New York City to San Francisco face potential eviction once moratoriums expire, according to estimates cited by federal government officials. “These households will have to make some pretty massive financial choices and pull back on other spending to pay their rent,” said Mark Zandi, Moody’s chief economist. “That’s a hit to the economy.” In the early weeks of the pandemic, many renters tried

to scrape together their rent by borrowing from friends or family. Some moved to credit cards, adding to the debt load. Credit payments to small and medium-size businesses connected to rental real estate increased by more than 70% in the spring, according to the Philadelphia Federal Reserve. The data showed that through the fall these payments have remained some 50% higher than during the same period in 2019. Other renters falling behind are now on payment plans arranged with their landlords, allowing them to pay small minimum amounts each month. Some landlords are charging punitive late fees on top of what is already owed, making the debt higher than just the face value of the rent. In Miami-Dade County, Fla., Isis Bouzy is struggling to make the $665 monthly pay-

state law with her sudden order. Gun-rights groups accused Secretary of State Jocelyn Benson of exceeding her authority in banning people from openly carrying guns within 100 feet of voting sites. She acted after authorities recently busted up an alleged plot to kidnap Gov. Gretchen Whitmer. But Ms. Benson failed to go through a formal rule-making process required under state law, Judge Christopher Murray said. Assistant Attorney General Heather Meingast told the judge “there are voters who are afraid. There are election workers who are afraid to go to work on Election Day.” The judge said voter intimidation already is illegal. Attorney General Dana Nessel, a Democrat, pledged to appeal the decision. —Associated Press

ment for the apartment where she raises her three children. She lost hours as a hair stylist during the pandemic and now owes $2,175 in back rent. She says her landlord wants to evict her. She has lived in the unit for five years. “I’m not sure where this will leave me,” she said. “I want to be a homeowner one day, and an eviction won’t look good.” The financial consequences of falling months behind on rent can linger for years, and most landlords are unlikely to forgive these debts, credit specialists said. “If you don’t pay it back, that can escalate to things like judgments, potential garnishments against your wages,” said Kate Bulger, a financial counselor specializing in housing debt at the Money Management International counseling firm. This kind of negative information on a credit report also makes it more difficult to secure new housing, and future landlords could require a higher security deposit or advance rent payments. While many landlords have let tenants stay without paying all of their rent by establishing payment plans, there are doubts about how many tenants will ever be able to pay all of what they owe. “Am I concerned that some tenants will leave me holding the bag? Yes,” said Robert Nelson, a New York City landlord who owns middle-income apartment buildings. “But what choice do we have?”

VIRGINIA

Lee Statue to Stay While Suit is Pending

Richmond’s massive statue of Gen. Robert E. Lee will stay in place in the former capital of the Confederacy at least a while longer as a lawsuit over the governor’s plans to remove it plays out. A judge on Tuesday issued a ruling that favors Virginia Gov. Ralph Northam, who announced plans to take down the behemoth in June after the killing of George Floyd in Minneapolis police custody. But the judge suspended his order pending the resolution of an appeal. The suit was brought by residents who live near the statue. The death of Mr. Floyd, a Black man, sparked a renewed wave of Confederate-monument removals across the U.S. —Associated Press

New orders for durable goods, change since January Nondefense capital goods excluding aircraft 0% –10 All durable goods

–20 –30 J

F M A M

J

J

A

S

Note: Seasonally adjusted Source: Census Bureau

 Heard on the Street: Factories hum on strong demand..... B13

CORRECTIONS  AMPLIFICATIONS Apartment Investment & Management Co. on Monday declared a dividend of 82 cents, which was an aggregate of regular quarterly dividends for 2020’s fourth quarter and 2021’s first quarter of 41 cents each. The Dividend Changes table in Tuesday’s Business & Finance section incorrectly placed the company among those with increased dividends, incorrectly showing a quarterly dividend increase to 82 cents from 41 cents.

The VanMoof S3 e-bike has a top speed of 20 miles an hour. An Off Duty article Saturday about technology during the pandemic incorrectly said 32 mph.

Notice to readers Wall Street Journal staff members are working remotely during the pandemic. For the foreseeable future, please send reader comments only by email or phone, using the contacts below, not via U.S. Mail.

Readers can alert The Wall Street Journal to any errors in news articles by emailing [email protected] or by calling 888-410-2667.

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THE WALL STREET JOURNAL.

Wednesday, October 28, 2020 | A3

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U.S. NEWS

Looters hit businesses in Philadelphia on Tuesday for a second straight night, as authorities struggled to contain civil unrest sparked by a video showing police fatally shooting Walter Wallace Jr., a Black man who was holding a knife. Police said late Tuesday about 1,000 people were looting businesses northeast of downtown, miles from the West Philadelphia neighborhood where the violence was concentrated a night earlier. Police urged residents in several parts of the city to stay indoors because those areas were experiencing widespread demonstrations that had turned violent with looting. Police had arrested 91 people late Monday and early Tuesday, most in connection with looting of pharmacies, shoe stores and other retail outlets, police said. Thirty officers were injured, mostly from hurled bricks and other projectiles, police said, and a sergeant’s leg was broken when she was hit by a pickup truck.

Marchers confronted officers Tuesday in West Philadelphia during a protest over the police killing of Walter Wallace Jr., a Black man. A police spokesman said officers ordered Mr. Wallace to drop the knife before they fired their guns. The two officers, whose names haven’t been released, each fired about seven rounds, police Chief Inspector Frank Vanore said. He said he didn’t know how many bullets struck Mr. Wallace. Mr. Vanore said police received a call about a man who was screaming and armed with a knife.

At a news conference Tuesday evening, Shaka Johnson, a lawyer for the Wallace family, said Mr. Wallace had mentalhealth problems and was taking lithium under a doctor’s care. “The man was suffering,” he said. “When you come to a scene where somebody is in a mental crisis, [and] the only tool you have to deal with it is a gun, that’s a problem.” Mr. Johnson said police had

been called to the Wallace home twice earlier Monday. Their third appearance, which ended with the deadly confrontation, came after Mr. Wallace’s brother had requested an ambulance, Mr. Johnson said, but the police officers got there first. Mr. Wallace’s father, Walter Wallace Sr., decried the looting and called for justice for his son. “I can’t even sleep at night,” he said. “Every time I

close my eyes, I get flashbacks about multiple shots.” District Attorney Larry Krasner said his office will investigate the incident along with the police department. Philadelphia Mayor Jim Kenney said that he had spoken with Mr. Wallace’s wife and parents. “I have watched the video of this tragic incident, and it presents difficult questions that must be answered,” he said.

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Philadelphia had already been preparing for potential violence around the Nov. 3 election, Police Commissioner Danielle Outlaw said at a news conference Tuesday. The city is the most populous in Pennsylvania, a state viewed as key to deciding the presidential election. Ms. Outlaw said unrest caused by Monday’s shooting of Mr. Wallace could spill into election-related disturbances. To help manage tensions, city officials have requested assistance from law-enforcement agencies in surrounding counties and from the state government. Bystander video that captured the episode in West Philadelphia was distributed on social media. The video shows Mr. Wallace standing on a sidewalk with two police officers pointing their guns at him. At one point a woman appeared to try to stop Mr. Wallace as he crossed the street. Officers fired several times when he reemerged onto the street from between two parked cars and walked toward them.

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BY SCOTT CALVERT

MATT SLOCUM/ASSOCIATED PRESS

Second Night Of Unrest Hits Philadelphia

co Fo m rp m er er s ci on al a l us , e on

Earlier Colon Cancer California Utility Cites Its Gear as Screening Backed Possible Cause of Massive Wildfire

The founder of a purported self-help group that prosecutors described as a sex cult was sentenced to 120 years in federal prison Tuesday, marking an end to a saga that ensnared celebrities and businesspeople. A Brooklyn jury convicted Keith Raniere, now 60 years old, on federal charges of racketeering, sex-trafficking, forced labor and wire fraud in June 2019 after a trial where prosecutors detailed wideranging abuse and sexual exploitation of women. The six-week trial featured witnesses, including former members, who recounted how women were controlled through severe diets and forced to turn over damaging information, like naked photos and confessions. Mr. Raniere founded Nxivm under the guise of teaching personal empowerment. Prosecutors said he “masqueraded as a self-help guru to gain the trust of his followers, and then exploited them for his own financial gain and sexual gratification.” Mr. Raniere maintained his innocence throughout the trial and is “not sorry for his conduct or his choices,” his lawyers said in recent court filings.

JANE ROSENBERG/REUTERS

BY DEANNA PAUL

Keith Raniere was convicted of sex-trafficking and forced labor.

“We are disappointed in the sentence and will appeal,” Mr. Raniere’s defense attorney Marc Agnifilo said Tuesday. The case received renewed attention this year after HBO documentary “The Vow” offered a glimpse into the group’s inner-workings. The network announced Friday that a second documentary focused on Mr. Raniere’s trial would air next year. Since the conviction, Mr. Raniere has launched a campaign to overturn the guilty verdict, alleging prosecutorial misconduct and witness intimidation by the government. U.S. District Judge Nicholas Garaufis denied Mr. Raniere’s

second request for a new trial last week. Prosecutors recommended Judge Garaufis sentence Mr. Raniere to life in prison, citing “the unprecedented magnitude, duration and scope of Raniere’s crimes” and his lack of remorse. On Tuesday, more than a dozen victims gave statements that detailed the impact of his crimes. “He hid his abuse behind ideas and concepts of nobility. I only now see that there was nothing noble about abusing children,” said a letter written by Camila who didn’t disclose her last name. She said she first met Mr. Raniere in 2003, when she was 13. “I still hear his voice in my head.” Several members of the group, including “Smallville” actress Allison Mack and Seagram Co. heiress Clare Bronfman, among others, were convicted of crimes for their involvement in Nxivm. Ms. Mack recruited women to join a “female mentorship group” led by Mr. Raniere. She pleaded guilty to charges of racketeering before his trial began. Ms. Bronfman, a onetimemember of Nxivm’s executive board, was sentenced to 81 months in prison earlier this month.

Irvine resident Alan Sung evacuated with this wife and 3year-old daughter to stay with family 10 miles away in Laguna Hills. The 46-year-old grew up in the city but said this was the first time he had to evacuate because of a wildfire threat. “Maybe going forward we need to have an emergency bag ready, because what if you don’t have the time,” he said. Thick clouds of billowing smoke have obscured visibility in Orange County and sent air-

quality readings into the unhealthy range. The noxious air and fires prompted closures for some schools. The causes of the two fires were still under investigation. But Edison officials said in a filing Monday with the California Public Utilities Commission that the Silverado Fire could have been sparked by contact between a wire and a conductor line in overhead electrical facilities where the blaze originated.

Storm Zeta Could Strike Louisiana As Hurricane BY ARIAN CAMPO-FLORES Tropical Storm Zeta churned into the Gulf of Mexico, where it was expected to restrengthen into a hurricane as it takes aim at Louisiana and other parts of the central Gulf Coast. The storm made landfall Monday night north of Tulum, Mexico, on the Yucatán Peninsula, as a Category 1 hurricane with 80 mile-an-hour winds, according to the National Hurricane Center. It weakened as it moved over the northern Yucatán and emerged off the coast, with winds slowing to 65 mph Tuesday afternoon. Zeta is forecast to strike the U.S. as a possible Category 1 hurricane late Wednesday along a stretch of the central Gulf Coast that has been hammered this season by storms. A hurricane warning was in effect from Morgan City, La., to the Mississippi-Alabama border, including New Orleans. Zeta is the 27th named storm of an especially active Atlantic hurricane season, nearing the record 28 tropical storms of the 2005 season. Those are the only two seasons in which forecasters exhausted all the names on the Atlantic list and began using the Greek alphabet.

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Federal Judge Sentences Cult Founder to 120 Years

A firefighter battled a blaze in Irvine, Calif., which has consumed more than 11,000 acres. Another large fire broke out to the north.

Edison officials weren’t available to comment. The utility, like its neighbor PG&E Corp. in Northern California, cut power in the past few days to lower the risk of electrified wires causing fires. Edison in November 2019 agreed to pay $360 million to compensate about two dozen local governmental entities for damages and other costs related to a series of fires and resulting mudslides that hit the region in 2017 and 2018. PG&E emerged from bankruptcy this year after grappling with billions of dollars in wildfire-related liability costs. The company’s equipment sparked a series of destructive wildfires in 2017 and 2018 that collectively killed more than 100 people and burned more than 15,000 homes in Northern California. More recently, PG&E told California regulators its equipment might have contributed to the 56,388-acre Zogg Fire that broke out Sept. 27 near Redding, Calif., killing four people and destroying 204 homes and other structures.

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Power company Southern California Edison told state regulators that its equipment might have ignited one of a pair of fast-moving wildfires in Orange County that have prompted evacuation orders for 80,000 people. The Silverado Fire, which broke out early Monday, has consumed more than 11,000 acres of tinder-dry brush in the foothills above Irvine and other cities south of Los Angeles. The inferno had caused minimal property damage as of Tuesday night, but two firefighters were in critical condition after suffering burns. A few miles to the north, the Blue Ridge Fire also broke out Monday and has blackened more than 10,000 acres and led to evacuation orders for the city of Yorba Linda. Both conflagrations were driven by Santa Ana winds gusting up to 80 miles an hour. In all, more than 16,000 homes valued at $14.1 billion were at risk from the twin fires, according to estimates by Realtor.com.

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People as young as 45 years old should get screened for colon and rectal cancer, down from age 50, according to an independent, governmentbacked panel whose recommendations usually lead to insurance coverage of such preventive services. The U.S. Preventive Services Task Force recommended lowering the starting age for the screenings as colorectal cancer rates rise among people in their 40s and younger. The disease recently took the life of 43-year-old “Black Panther” movie star Chadwick Boseman. Under the Affordable Care Act, most health insurers would be required to cover the additional colorectal-cancer screenings once the recommendation is finalized after a month of public comments. The move “will enable greater access to colorectal cancer screening for young people, and the sum of all of this is that lives will hopefully be saved,” said Kimmie Ng, director of the young-onset col-

BY JIM CARLTON AND DONALD MORRISON

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orectal cancer center at DanaFarber Cancer Institute in Boston who wasn’t on the task force. Colorectal cancer is the fourth-most-common cancer and second-leading cause of cancer-related deaths in the U.S. for men and women combined, with more than 147,000 new cases and 53,200 deaths estimated to occur this year, according to the National Cancer Institute. Surgery is a common treatment for earlier-stage cancers, and other potential treatments include chemotherapy, targeted drug therapy, radiation therapy and immunotherapy. The cancer is more common among older adults, with rates higher in Black adults, men and people with a family history of colorectal cancer. Thanks in part to screening, new cases and deaths overall from the cancer are declining. Yet rates are rising in younger adults. Among adults under 55, the incidence increased 51% from 1994 to 2014 in the U.S., and deaths increased 11% from 2005 to 2015, according to the National Cancer Institute.

JAE C. HONG/ASSOCIATED PRESS

BY BRIANNA ABBOTT

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Campaign Travel Reflects Shifting Focus

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Biden supporters watched former President Obama Tuesday in Orlando, Fla., while Trump backers heard the president in West Salem, Wis. polls now show Mr. Biden ahead by an average of 4.5 points, according to Real Clear Politics. On Tuesday, he was scheduled to hold rallies in Michigan, Wisconsin and Nebraska, where one electoral vote in an Omaha-area district could prove decisive in a very close contest. Mr. Trump won the district by 2.3 percentage points in 2016, and the Omaha media market includes a portion of neighboring Iowa. On Wednesday, the president will hold two rallies in Arizona, one of which is just outside Nevada, where a New York Times/Siena poll Tuesday showed Mr. Biden leading by 6

percentage points among likely voters. Ms. Harris was set to appear Tuesday in Reno and Las Vegas. With Election Day a week out, 62.7 million early ballots have been cast so far, according to the Associated Press. That surpasses the early-vote tally four years ago, when 58.8 million people cast early or mail-in ballots. Mr. Trump has projected confidence. “Biden is drawing almost no one. We are drawing tens of thousands of people,” he tweeted Tuesday morning. “If he wins where he won last time, he gets re-elected by a wide margin,” said Trump

campaign spokesman Tim Murtaugh, who noted the president’s recent travel to Minnesota, New Hampshire and Nevada—states Democrat Hillary Clinton won in 2016. Mr. Biden is also spending time this week on offense, traveling to Pennsylvania on Monday and to Florida, Wisconsin and Michigan later in the week. But the former vice president’s campaign is making a risky bet by spending time in the final stretch aiming to flip Republican strongholds like Texas and Georgia. If he wins, Mr. Biden will be hailed for his strategy; if he loses, he will likely be criticized by fellow Democrats—as

Mrs. Clinton later was over a visit to Arizona in the final days of the 2016 campaign—for not focusing on shoring up the battleground states that are crucial to his victory. On Monday, Mr. Biden said he would keep focus on the traditionally blue Midwestern states that Democrats lost in 2016. “The blue wall has to be re-established,” he said. In the final stretch, the Biden campaign has worked to keep the administration’s handling of the virus in the forefront for voters, who say the pandemic is a top concern along with the economy, according to Wall Street Jour-

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WA S H I N G T O N — D e m o crats are betting they can expand the electoral map in the final week of the 2020 campaign with a late foray into several traditionally GOP-leaning states, leaving President Trump largely playing defense in many battlegrounds he won four years ago. Democratic nominee Joe Biden on Tuesday traveled to Georgia, a state that has voted for the GOP nominee in every presidential election since 1992. Later in the week he will head to Iowa, which Mr. Trump won in 2016 by a sizable margin after former President Obama won it twice. His running mate, Sen. Kamala Harris, will travel to Texas and Arizona later this week, states that voted for Republicans for the past 10 and five campaign cycles, respectively. Mr. Trump, meanwhile, is traveling this week to at least five states he won in 2016 and that are key to a victory this time around. He held three campaign rallies on Monday in Pennsylvania, which he narrowly won in 2016 and where

SCOTT OLSON/GETTY IMAGES

BY REBECCA BALLHAUS AND JOSHUA JAMERSON

nal/NBC News polling. Mr. Biden’s Tuesday remarks in Warm Springs, Ga., were as much about where he was as what he said. The town is tiny—with about 400 residents, according to the last census—but it was home to Franklin D. Roosevelt’s getaway during his presidency. Roosevelt died in Warm Springs, and a museum there focuses heavily on the New Deal. “This place, Warm Springs, is a reminder that though broken, each of us can be healed,” Mr. Biden said, adding that as president he would unite a polarized nation. Mr. Trump won Georgia’s 16 electoral votes by 5 percentage points in 2016, but polls in recent months show the race tightening. The president now leads by less than 1 percentage point in the Real Clear Politics polling average. Mr. Obama, Mr. Biden’s most prominent surrogate, hit the campaign trail for him in Orlando, Fla., for a drive-in rally outside the Camping World Stadium, where he slammed Mr. Trump for playing down the severity of the virus. In a series of tweets Tuesday, Mr. Trump accused the news media of being overly fixated on a global pandemic that has killed more than 226,000 people in the U.S. alone. —Eliza Collins in Warm Springs, Ga., contributed to this article.

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Trump mostly visits states he won while Biden ventures into GOP-leaning places

Pro-Fracking Order

Four years ago, then-candidate Donald Trump rode to the Republican nomination and then the White House on a platform centered on curbing illegal immigration and building a wall along the U.S.-Mexico border.

BY TIMOTHY PUKO

JOSE LUIS GONZALEZ/REUTERS

By Sabrina Siddiqui, Michelle Hackman and Chad Day

An excavator preparing for the construction of a border-wall section in El Paso, Texas, in August. tion and it failed horribly.” “Immigration was a significant issue primarily for Republicans in 2016 and 2018 because of the president’s promotion of the issue,” said Whit Ayres, a GOP pollster. “Given how much the pandemic has overwhelmed our country and disrupted almost every aspect of our lives, it makes sense that immigration and other issues would fade into the background.” This time, immigration ads aired by the Trump campaign have a slightly different tone, attempting to reframe immigration as an economic issue. In August, the campaign began airing an ad claiming Democratic challenger and former Vice President Joe Biden would “[crush] our economy with higher taxes and amnesty to illegal aliens,” referring to the Democratic nominee’s pledge to create a path to citizenship for 11 million immigrants living in the country without permission. Immigration isn’t among

the top 25 most mentioned issues in Mr. Biden’s television ads. He has mostly focused on the coronavirus, health care, Social Security, public safety and the economy. Still, he routinely criticizes Mr. Trump’s record on immigration in his stump speech and has featured the issue in a handful of Spanish-language ads aired over the past month. In those ads, Mr. Biden highlights his work leading the Obama administration’s response to the first wave of children and families who arrived at the border in 2014, contrasting it with the family separation policy under the Trump administration. Mr. Trump and his allies also continue to play up the issue in social-media ads designed to fire up his base. More than 20% of Mr. Trump’s Facebook ads over the past month have centered on immigration, according to Immigration Hub, a progressive advocacy group.

owned their buildings the longest. Proposition 13 capped increases on assessed values to 2% a year for all property, but it allowed reassessments when real estate changed hands. Under Proposition 15, many commercial properties would be reassessed at market rates starting in 2022. Increased taxes would come on top of property owners’ reduced rents and occupancies during the coronavirus pandemic. San Francisco, which rode the tech boom to years of prosperity, suffered the biggest declines in office rents in the country in the third quarter, according to CoStar Group Inc. Large California property owners warn that the higher property taxes would hurt small businesses because, under most commercial leases, tenants are responsible for paying property-tax increases. Property owners said they also fear some businesses could leave the state as a result. In recent years, big

companies such as Bechtel Corp. and Charles Schwab Corp. have announced moves out of California. A poll released Monday by the Institute of Governmental Studies at the University of California, Berkeley, found that 49% of likely voters support Proposition 15 and 42% oppose it, with 9% undecided. Support is the same as in a poll conducted in September, while opposition has grown by 8 percentage points, and the percentage undecided has fallen by the same amount. The Proposition 15 vote is being followed by conservative activists nationally, as the passage of Proposition 13 launched an antitax revolt that swept through U.S. suburbs in the late 1970s and early 1980s. Supporters of Proposition 15 have raised more than $64 million as of Monday, much of it from labor unions and wealthy donors such as the Chan Zuckerberg Initiative, a foundation

established by Facebook Inc. CEO Mark Zuckerberg and his wife, Priscilla Chan. “Prop. 13 created a longterm, structural crisis to the fiscal health of essential services,” said Los Angeles County Supervisor Mark RidleyThomas, who supports Proposi-

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preferred style of border fencing, mostly replacing an existing set of barriers on the border installed by prior administrations. The president has set a goal to build 450 miles by year’s end. The change in both Mr. Trump’s own emphasis of the issue and TV ad content this cycle, compared with four years ago, is in part a reflection of how the issues that matter to Americans have changed as the nation continues to weather a pandemic that has killed more than 225,000 people in the U.S. Some political strategists say the campaign’s different emphasis also is a response to the 2018 midterms, when Democrats won control of the House. “I don’t think it’s a coincidence that we haven’t heard a whole lot about immigration since Election Day 2018,” said Alex Conant, a former senior adviser to Florida Sen. Marco Rubio. “He tried to make the midterms all about immigra-

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But in 2020, Mr. Trump has placed less emphasis on the issue that dominated both his rise in politics and much of his first term as president. A Wall Street Journal review found that immigration was the fourth most mentioned issue in Mr. Trump’s 2016 campaign TV ads but has barely cracked the top 10 this cycle, according to data from political ad tracker Kantar/ CMAG. The Trump campaign has instead focused on violence that has erupted at some protests around the country, jobs, government spending and China. Tim Murtaugh, a spokesman for Mr. Trump’s campaign, said immigration “is still an important issue and one that the president addresses frequently.” Yet, the contrast is also evident at Mr. Trump’s rallies, which now include only glancing references to immigration. While campaigning across four battleground states this past weekend, the president touted the continuing construction of his border wall but complained about the lack of media coverage around his immigration record. “The press doesn’t talk about the wall anymore, because it’s all built,” Mr. Trump said in Ohio on Saturday. “Very soon, it’s going to be completed.” The Trump administration has built about 370 miles of his

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Trump Alters Tone on Immigration President Considers

California To Weigh Tax Limits Continued from Page One health and social services, which they said have been underfunded because of Proposition 13’s limits. From the time Proposition 13 passed, through 2013, local government revenue per person in California grew 36%, compared with a nationwide average of 69%, according to the Legislative Analyst’s Office. Still, at nearly $3,500, per-person local-government revenue remained slightly higher in California than the national average of about $3,000. If Proposition 15 passes, the property owners hardest hit would be those who have

Property owners hardest hit would be those who’ve owned buildings the longest. tion 15. Mr. Ridley-Thomas, a Democrat, said the Covid-19 pandemic and accompanying economic slowdown have worsened the situation, as the county faces falling revenue and increasing spending needs. Opponents have raised more than $69 million, over half of that from a committee run by

WASHINGTON—President Trump is considering issuing an executive order mandating an economic analysis of fracking, according to senior administration officials, who say the initiative is aimed at highlighting his support for the energy industry in election battleground states such as Pennsylvania. The proposed order would ask government agencies to perform an analysis of fracking’s impact on the economy and trade and the consequences if the oil-and-gas extraction technique was banned, the officials said. It also would order those agencies to evaluate what more they can do to expand its use, possibly through land management or support of developing technology, they said. These people said details of the order were still under discussion, and a final decision on whether to even issue it hasn’t been made. White House spokesman Judd Deere declined to comment on any potential executive action but said Mr. Trump “has prioritized all forms of domestic energy production which has led to America becoming energy independent.” If an order is issued, it would be unlikely to have any short-term impact on an energy industry struggling with an oil glut tied to the coronavirus pandemic. But the goal is to draw a political contrast between Mr. Trump and former Vice President Joe Biden, his Democratic challenger in the election. Mr. Biden has said he would oppose fracking on federal lands—a small part of U.S. production— but more broadly has called for the U.S. to shift from oil depen-

dence to address the environmental harm of climate change. One aim of the proposed order would be to highlight the broader impact of fracking throughout a U.S.-based supply chain, especially in swing states, according to one of the senior officials and another person briefed on the plans. Industries like steel in Ohio and Pennsylvania make pipe to transport oil and gas, while mines in Wisconsin produce sand used in fracking to prop open cracks in the shale rock that oil and gas flow out of. This year’s downturn has resulted in bankruptcies and layoffs in those businesses, too, as monthly wells being drilled in the U.S. plummeted to less than 10% of the 2014 peak. Mr. Trump won Pennsylvania in 2016 in part because he outperformed past Republican nominees in the counties with the most gas drilling, said Kevin Book, managing director of analysis firm ClearView Energy Partners LLC. An order like this could boost enthusiasm with those same voters and extend the use of that same playbook into other battleground states. “This is a hug-your-fracker move, but it’s also hug-yourfracker’s-supplier move,” Mr. Book said. “In Pennsylvania fracking does make a difference at the margins. And in a close race, these are votes worth fighting for.” Asked about the potential executive order, the Biden campaign said Mr. Trump should be focused on the coronavirus pandemic, and not commissioning a study. “President Trump knows that Joe Biden won’t ban fracking, so he’s playing politics,” deputy national press secretary Matt Hill said.

the California Business Roundtable, which has received seven-figure donations from some of the biggest real-estate owners in California. Those opposed to the measure said commercial property owners already pay high business taxes. The Tax Foundation, a conservative-leaning think tank, ranks California 49th on its 2021 state business-tax-climate index, citing its corporate, sales and individual taxes. “I don’t think the middle of a pandemic is the right time to decide to raise taxes,” said Brandon Shorenstein, chief executive of a family-controlled company that owns about 4 million square feet of San Francisco office space. To address concerns that the law could damage small businesses, Proposition 15 exempts commercial and industrial landlords whose portfolios are valued at less than $3 million, as well as home-based businesses. It also delays the implementa-

tion of the reassessments until 2025 for properties in which small businesses occupy more than half of the space. As California’s real-estate market has exploded, the difference between actual and assessed value of many commercial properties has widened significantly. Since 2005, actual office-building values in San Francisco and West Los Angeles have risen 170% and 90%, respectively, while assessed values of buildings that didn’t change ownership rose 35%, according to Green Street, a commercial real-estate analytics firm. Supporters of Proposition 15 said any negative impact would be outweighed by benefits for local-government budgets. “Our businesses are thriving here in California,” said Tyler Law, a spokesman for the “Yes on 15” campaign. “What’s not thriving is our schools, our ability to invest in public health care, our ability to fund firefighters who are stretched to the limit.”

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U.S. NEWS

BY CORINNE RAMEY The Justice Department can’t represent President Trump in a defamation lawsuit because he wasn’t acting in his official capacity as president when he denied allegations that he raped an advice columnist, a federal judge ruled Tuesday. The ruling, by U.S. District Judge Lewis Kaplan, marks a legal victory for E. Jean Carroll, a journalist who accused Mr. Trump of raping her in a department-store dressing room in the 1990s. Ms. Carroll’s lawsuit, originally filed in November 2019 in New York state court, contended Mr. Trump defamed her when he denied the alleged rape after an excerpt from her book was published last year. If Judge Kaplan had ruled for the Justice Department, it would almost certainly have brought an end to Ms. Carroll’s case. Government employees can’t be sued for defamation for actions they take in their official capacity. The Justice Department moved in September to take over the defense of the case from Mr. Trump’s private attorneys, claiming Mr. Trump was acting within the scope of his employment when he said he had never met Ms. Carroll and that “she’s not my type.” “The president addressed matters relating to his fitness for office as part of an official White House response to press inquiries,” the Justice Department said in a legal brief. Judge Kaplan ruled Tuesday that Mr. Trump isn’t considered an employee of the U.S. under the Federal Tort Claims Act because its definition of employee doesn’t include presidents. Even if Mr. Trump were considered an employee, he wasn’t acting within the scope of his job, the judge wrote.

Amy Coney Barrett, with husband Jesse Barrett, was sworn in as a justice Tuesday by Chief Justice John Roberts at the Supreme Court.

McConnell’s Tactics Pay Off tion that would remake the way the Senate operates. Some in the party have pressured presidential nominee Joe Biden to endorse the addition of seats to the Supreme Court should he win the presidency and Democrats flip the Senate. Such a move to enlarge the court would first require an end to the Senate’s 60-vote threshold on advancing most legislation, a precedent that has guarded against a majority-rule system in the body. Mr. Biden has resisted committing to any changes to the court, but he has proposed creating a commission to study the matter. On the campaign trail, Mr. Trump has boasted of the number of judges he has gotten approved, while warning that Mr. Biden would put liberals on the bench and possibly expand the court. Senate Minority Leader Chuck Schumer (D., N.Y.) said Monday the Barrett confirmation “will go down as one of the darkest days in the 231-year history of the United States

Senate,” citing what he called the Republicans’ double standard on voting on high-court nominees in an election year. Mr. McConnell responded that both parties had “parallel oral histories” about who first escalated the fights over judicial nominees. But he said the Democrats’ complaints about the latest nominee were unfounded. “They don’t like the outcome. Well, the reason this outcome came about is because we had a series of successful elections.” Mr. McConnell has prioritized a conservative court for years. In 2016, the Senate leader declined to consider President Obama’s nominee to the high court, citing the election year. Mr. Trump then won the election, and Mr. McConnell shepherded his first nominee, Justice Neil Gorsuch, on to the court by changing the rules to allow Supreme Court nominees to advance with only a simple majority instead of a 60-vote supermajority after Democrats tried to block him.

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The confirmation of Justice Amy Coney Barrett marks the culmination of a yearslong campaign by Senate Majority Leader Mitch McConnell to expand the number of conservatives on the federal courts, an issue critical to many Republican voters and set to last regardless of the result of the election. With Justice Barrett’s confirmation expected to lock in a 6-3 conservative majority on the Supreme Court, the Kentucky Republican will have pushed through the confirmation of more than 200 judicial nominees during President Trump’s first term. That includes three on the Supreme Court and 53 on appeals courts, nearly matching the total number of appeals-court judges confirmed during President Obama’s two terms. “We’ve made an important contribution to the future of this country,” Mr. McConnell said on Sunday. “A lot of what

we’ve done over the last four years will be undone, sooner or later, by the next election. Won’t be able to do much about this, for a long time to come.” Helping approve Mr. Trump’s judicial nominees has been one of the key forces aligning Mr. McConnell with the president, who has emphasized his power in shaping the courts in appealing to conservative voters on issues including abortion, gun rights and religion. Republicans currently control the Senate 53-47, but the majority is seen as a tossup in next week’s election, with many more GOP seats at risk than Democratic ones. The pace of confirmations has been so rapid that there are no spots on the appeals courts left to fill. Mr. Trump has nominated Judge Barrett’s successor on the Seventh Circuit. Mr. McConnell’s success has sparked deep dismay among Democrats, who say his methods have deepened partisan divides in the Senate and could set off further retalia-

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“His comments concerned an alleged sexual assault that took place several decades before he took office, and the allegations have no relationship to the official business of the United States,” wrote Judge Kaplan, who was appointed by President Clinton in 1994. A Justice Department spokeswoman declined to comment. The department could appeal the ruling. Ms. Carroll’s lawyers opposed the Justice Department request, saying Mr. Trump was acting in a personal capacity when he denied the alleged rape. “There is not a single person in the United States—not the president and not anyone else—whose job description includes slandering women they sexually assaulted,” the lawyers wrote in court documents. Roberta Kaplan, a lawyer for Ms. Carroll, said she would press ahead with her lawsuit in federal court. “The simple truth is that President Trump defamed our client because she was brave enough to reveal that he had sexually assaulted her, and that brutal, personal attack cannot be attributed to the office of the president,” Ms. Kaplan said. The Justice Department’s attempt to get involved in Ms. Carroll’s suit was the latest in a series of cases in which the administration has moved against the president’s critics. Some of the cases have led to disagreements within the agency and questions about whether the White House is inappropriately using the Justice Department to protect Mr. Trump’s personal interests, said current and former officials. A Justice Department spokeswoman previously has said the federal government had a legitimate interest in those cases. She didn’t respond to requests to comment Tuesday.

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Judge Bars DOJ From Representing Trump in Lawsuit

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Some Senate Democrats are seeking to enable regulators to protect local news outlets, accusing tech giants such as Google and Facebook of “unfair business practices,” according to a new report by members of a key committee that will hear from the top industry executives this week. Released on the eve of the Senate Commerce Committee’s hearing Wednesday with the chief executives of Alphabet Inc.’s Google, Facebook Inc. and Twitter Inc., the report argues that local journalism is in a crisis—badly exacerbated by the coronavirus pandemic— partly because of alleged anticompetitive behavior on the part of the tech platforms that ought to be policed by the Federal Trade Commission. “They are facing unfair practices,” Sen. Maria Cantwell (D., Wash.), the ranking member on the committee, said in an interview. “We think Congress and the FTC should address those unfair practices.” A Google spokeswoman said the report “distorts the reality around Google’s role in the online news ecosystem and the

value that we provide to publishers who face challenges in transitioning to the digital world.” Facebook took issue with the report’s allegation that tech giants take local news content and data for their own sites, a practice known as scraping. “The accusation that we scrape news articles is simply not true,” a spokesman said. The report also proposed a range of other legislative changes, including a law that would force tech platforms to negotiate with local news outlets to ensure those organizations are paid for their content, in much the same way that local TV broadcasters are paid by cable and satellite companies for distributing their content. Painting a grim portrait of the state of the local U.S. news industry, the report noted that it had lost 70% of its revenue in the past two decades, while today Google and Facebook control 77% of local digital ad revenue. The report argued that the FTC needs new authority now so it can force Google and Facebook to change their practices, given that the Justice Department’s current antitrust

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BY KEACH HAGEY

Visa Faces Antitrust Scrutiny Continued from Page One Bain “has tried to stymie” the investigation and has claimed legal privilege over important documents, at Visa’s direction. The legal filing said the Justice Department is considering whether the Plaid acquisition will “allow Visa—the dominant provider of debit services in the United States— to create or maintain a monopoly.” Representatives of Visa and Plaid declined to comment on the investigation. A Bain spokesman said the firm was unable to comment.

TOM WILLIAMS/CONGRESSIONAL QUARTERLY/ZUMA PRESS

Lawmakers Want to Protect Local News From Big Tech

A Justice Department spokeswoman declined to comment on the state of the investigation. Makan Delrahim, the DOJ’s top antitrust official, issued a statement saying third parties like Bain “must comply fully and expeditiously with our civil investigative demands and provide the documents and data we need to discharge our duties.” Mr. Delrahim made public in August a shake-up of internal operations to improve how the department evaluates financial-sector competition, saying the government needed to “take a fresh look” at how new technologies are changing competitive dynamics in the financial-services industry. At the same time, the Justice Department and Washington broadly are taking a closer look at big tech companies that dominate the way people shop, work and communicate.

Washington Sen. Maria Cantwell says local news outlets ‘are facing unfair practices’ that Congress and the FTC should address. lawsuit against Google could take years to be resolved. Democrats don’t control committee business in the Republican-led Senate. Criticism of the tech platforms has been bipartisan lately, though Republicans tend to be more focused on fears that the platforms are silencing conservatives. Senate Republicans have

been critical of the tech platforms’ influence over the publishing landscape. During a Senate hearing last month, Republican senators including Mike Lee (R., Utah) and Josh Hawley (R., Mo.) asked tough questions of a Google executive about the search giant’s dominant market power in the ecosystem of tools that con-

The Justice Department filed last week an antitrust lawsuit against Google. Any cases filed this late in the Trump administration’s first term will fall to whoever wins next week’s election. Antitrust enforcement isn’t likely to subside if Democratic presidential nominee Joe Biden wins. He has said economic concentration “threatens our American values of competition, choice, and shared prosperity.” Plaid has been viewed by fintech companies and merchants as a platform that could one day enable consumers to make purchases without having to rely on debit and credit cards. The San Francisco-based startup has said it provides connections between more than 11,000 banks and financial-services companies and more than 200 million consumer accounts.

Visa, which made public the planned acquisition in January, is the largest U.S. card network, handling $2.2 trillion of credit, debit and prepaid-card transactions during the first half of 2020, according to the Nilson Report, a trade publication. Its closest competitor,

A DOJ official wants ‘a fresh look’ at how new tech is changing competition. Mastercard Inc., handled $942 billion in card transactions during the period. The Justice Department is also reviewing Mastercard’s nearly $1 billion deal for fintech firm Finicity, a startup similar to Plaid, as well as In-

nect web publishers and advertisers. “This looks like monopoly upon monopoly,” Mr. Hawley said at one point. The Senate Commerce Committee minority report cited practices such as Google’s requirement that publishers agree to put their content on Google-hosted Accelerated Mobile Pages, or AMP, to receive a decent search ranking on mobile. Publishers have complained the technology deprives them of customer data and hurts subscription rates. The report also argued that Google search, by using local publishers’ headlines and snippets without compensation and increasingly answering queries on Google without pushing users through to publisher websites, was abusing the original intent of copyright law’s notion of “fair use.” Publishers have complained about similar “take it or leave it” dynamics with other Google products, such as Google News and Google Discover, a feed of recommended content. In a report this summer, the News Media Alliance, the news publishers’ trade group, alleged that Google’s overwhelming market power has effectively

deprived publishers of the ability to enforce the copyrights to their own material, since in effect there is no substitutable competitor they would work with instead if they don’t like Google’s terms. The Google spokeswoman said Google sends traffic to news websites and its ad products help publishers make money. Google also has reached agreements with selected publishers around the world to license news content. The report notes that while Facebook has made deals to pay license fees to some publishers, they only cover about a quarter of the local news services whose content Facebook displays in its news tab. The Facebook spokesman said the company gives “news organizations the ability to post news on Facebook free of charge, and they have full control over how that content is accessed and monetized.” He said Facebook has spent hundreds of millions of dollars on programs to help local news. Wall Street Journal parent News Corp is among the companies calling for Google and Facebook to pay organizations that provide quality news.

tuit Inc.’s roughly $7 billion deal for personal-finance portal Credit Karma Inc. Visa initially said it expected the Plaid acquisition to close by the summer. In the summer, Visa said it was expecting to close by the end of the year. Plaid makes software that allows banks and fintechs to plug into consumers’ various financial accounts, enabling those companies, with users’ permission, to aggregate spending data, look up balances and verify other personal financial information. Its clients and partners include Venmo, the digital moneytransfer service owned by PayPal Holdings Inc.; stocktrading app Robinhood Markets Inc.; and mortgage-software startup Blend Labs Inc. Visa and Mastercard have been concerned about getting left behind if more people

change how they make payments and use apps that, for example, enable bank-accountto-bank-account payments that essentially bypass the card networks. Both companies have been buying firms in recent years that enable new types of payments. Merchants, meanwhile, have been hoping that fintech companies such as Plaid would eventually help facilitate these new types of payments. That could allow merchants to avoid the swipe fees that are set by networks such as Visa and Mastercard, which have long been a point of contention between merchants and the card industry. Plaid doesn’t currently operate a payments network like Visa’s, but Plaid’s software can see if a consumer is the owner of a given bank account and can look up how much money is in that account.

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THE WALL STREET JOURNAL.

Wednesday, October 28, 2020 | A7

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U.S. NEWS

Countries Try Shorter Quarantines

Rising Metrics Indicate New Surge

A growing number of countries are trimming the length of time people potentially exposed to the coronavirus need to self-quarantine to reduce the risk of spreading Covid-19. Their reasoning: Shorter spells might help manage the pandemic by encouraging greater compliance.

BY TALAL ANSARI Two key Covid-19 metrics have been rising in the U.S. for days, and in some cases weeks, pointing to a fresh surge in infections in a majority of states. The seven-day average of new cases reached a record high on Tuesday for the second day in a row, with 69,967 confirmed infections, according to a Wall Street Journal analysis of Johns Hopkins University data. On Monday, the sevenday average hit 68,767 cases. The U.S. has regularly been adding more than 50,000 new cases a day since Oct. 7—figures not seen since Aug. 14, when the country’s most populous states including California, Florida and Texas were experiencing surges. The country recorded 66,784 new infections on Monday, helping push

the total number of confirmed cases to more than 8.7 million. Hospitalizations are also on the rise, with more than 40,000 people admitted to hospitals with Covid-19 for the sixth day in a row. On Monday, 42,917 people were hospitalized, according to the Covid Tracking Project, up from 41,776 on Sunday. Nearly 9,000 individuals are in intensive-care units. The U.S. reported 481 fatalities for Monday, and the nation’s death toll had passed 226,000 on Tuesday, according to Johns Hopkins data. Monday’s total was higher than the 340 deaths reported Sunday and the 445 fatalities reported a week earlier.

Belgium and Germany impose the same length of quarantine on travelers as residents are required to self-isolate, while Spain doesn’t impose any restrictions on international arrivals. Some countries let arrivals forgo quarantine if they can produce a negative test. The shifting regulations run counter to advice issued by the WHO and, in European countries, by the European Center for Disease Prevention and Control. Some scientists and publichealth officials say the extra risk might be worth it. The thinking goes that by reducing quarantine stays, more people are likely to see them through. That might have a bigger effect on suppressing transmission of the virus if longer spells of quarantine are routinely flouted, even after accounting for the risk that some people released sooner might be or soon become infectious. Compliance is a worry for governments grappling with

fraying public approval of their handling of the pandemic. A September study by researchers at King’s College London found only a quarter of adults surveyed in the U.K. who lived in a household where someone had Covid-19 symptoms had obeyed instructions to stay home. Behind the guidance from the WHO and others are estimates of the incubation period of the virus, or the time from exposure to symptoms. That ranges from roughly two to 14 days. People tend to be infectious a few days before symptoms start, and some 40% don’t show symptoms but can still transmit the virus, making quarantine all the more critical for disease control, infectious disease experts say. Several studies suggest the median time to onset of symptoms after exposure is around five days. One study, by epidemiologist Justin Lessler and colleagues at Johns Hopkins Bloomberg School of Public

Health, found that 97.5% of those who develop symptoms do so within 11.5 days, according to a paper published in the Annals of Internal Medicine. “Our upper bound of that 14 days still holds based on the data that we have seen,” Maria Van Kerkhove, Covid-19 technical lead at the WHO, said last month. Some disease experts agree that it is better to stick with 14 days. “You want to minimize, as much as possible, the risk,” said Waafa El-Sadr, director of the Global Health Initiative at Columbia University’s Mailman School of Public Health. One middle way some public-health authorities are exploring is testing for the virus midway through quarantine. Modeling focused on air travelers by researchers at the London School of Hygiene and Tropical Medicine suggested that testing after seven days was almost as effective as a 14-day quarantine in controlling transmission.

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citing weak compliance, but raised it to 10 days on Oct. 19 after a surge in cases. Spain in September cut its period of self-isolation after contact with a coronavirus carrier to 10 days from 14. In Germany, public-health officials have said the quarantine period can be reduced to 10 days from 14 starting Nov. 8, though it is up to individual states to decide if they want to follow that recommendation. The U.K. government is weighing the case for a shorter quarantine but for now it remains at 14 days, Brandon Lewis, a member of Prime Minister Boris Johnson’s cabinet, said Sunday. In the U.S., the Centers for Disease Control and Prevention is exploring ways to shorten quarantine periods for schoolchildren who have been in contact with infected people in an effort to speed their return to classrooms, though the twoweek guidance hasn’t changed. Rules for incoming travelers are more varied. France,

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The number of confirmed Covid-19 cases in the U.S. has passed 8.7 million.

Passengers waited at the airport in Burgas, Bulgaria, this month. Covid-19 cases in Europe are accelerating fast following a summer lull.

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Some disease and publichealth experts offer cautious support for the idea, saying that although data is patchy, such a trade-off might make sense, especially where citizens’ weariness or inability to comply with more burdensome restrictions are complicating efforts to beat back a resurgence. Cases in Europe are accelerating fast following a summer lull, and in the U.S. recently topped a new daily record of more than 80,000. Others, though, including the World Health Organization, say it is a gamble that could backfire and will likely result in some additional cases slipping through. And gaps in knowledge about how exactly the virus behaves make it difficult to determine the best abbreviated cutoff date or strategy. “There’s a trade-off because you might miss some people, but you could get so many more people to adhere to the quarantine requirements that the gains would far outweigh the people you might miss,” said Mark Plescia, chief medical officer for the Association of State and Territorial Health Officials, which represents state health departments in the U.S. France in September cut to seven days from 14 the length of time those who have been in contact with a known case must quarantine at home. The country’s health authority concluded that citizens were reluctant to stay home for two weeks and said the risk of spreading the contagion lessens over time. Belgium similarly shortened its quarantine period to seven days from 14 on Oct. 1, also

ARTUR WIDAK/NURPHOTO/ZUMA PRESS

By Jason Douglas in London and Brianna Abbott in New York

Hong Kong closed beaches during the Covid outbreak, but devoted swimmers found ways to get in the water. Above, Edie Hu.

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Continued from Page One at an unofficial swimming spot full of sharp barnacles and rocks, has been taking her chances sneaking on to the beach. She had become adept at slipping past the law—she would swim around sunrise before official beach patrols arrived, and afterward, since the showers were closed, would get the seawater sprayed off with a hose by some beach cleaners. More and more, though, she resorted to swimming pools. “I still like the ocean, but I have other things to do,” said Ms. Zhu, a 27-year-old architecture Ph.D. student at the University of California, Los Angeles who is taking classes remotely. Hong Kong officials had maintained that with the spread of Covid-19 not fully contained in the city—local transmissions have persisted, mostly in the single digits each day—it was prudent to keep beaches closed. The fine for entering a closed beach is US$260. A spokesman for the government department that manages the stretches of sand said it is difficult to enforce the safety measures used at sports venues and swimming pools, such as restricting the number of people and checking body temperature. He said the department has issued thousands of warnings but only one official citation. The city’s bars and restaurants had their restrictions eased in September. But beaches, closed since mid-July, remained blocked. “You’ve got all this space, which is safe and open, but you cannot cross it,” said Olivier Courret, 46, a mental coach and clinical hypnotherapist who runs an open-water swimming group. With 636 square miles of sea to work with in a city with

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Swimmers Get Around Beach Rule

ANTHONY KWAN FOR THE WALL STREET JOURNAL

FROM PAGE ONE

427 square miles of land, determined swimmers found other ways in. On a September weekend, Mr. Courret said, he and some companions could get to their route legally only by navigating through wind surfers at a reopened city-run watersports center. Normally, the swim would begin in the protected waters off an adjacent public swimming beach. On the way back, the swimmers decided it was better to be on the wrong side of the law than the wrong side of a wind surfer, and rerouted to swim inside the net off the closed beach—the waters inside the net, in addition to the beach itself, have been off limits. On another day, Mr. Courret and other swimmers entered a tiny unofficial beach in the shadow of statues of goddesses. They stashed their bags in a pavilion and blew up the bright pink and orange buoys they attach to a belt to make them more visible to boats. It was hard to see anything in the water, and on the return Mr. Courret navigated to shore around rocks covered with sharp shells and spiky sea urchins. The trouble has been worth it to Mr. Courret. “The variety of the conditions, the connection with the environment, the space makes it so enjoyable,” he said, adding that he and other open-water swimmers have had encounters with a local dolphin that they call Dave.

Boat traffic can make the waters outside the safety nets a bit dicey. Still, Edie Hu, 45, an experienced open-water swimmer who has circumnavigated Hong Kong Island, hasn’t missed a day of swimming during the beach ban. On one early swim, she said, her group was nearing an offshore island when an approaching boat swerved to avoid hitting one person and almost hit another. Ms. Hu, who has an art appraisal and advisory company, called the marine police, who came and scolded the group, saying they shouldn’t be so far from shore. “But we’re like, ‘Hey, the beaches are closed,’ ” she said. Now that beaches are reopening, she said, she is grateful the government has “finally come to their senses.” Lee Williamson, 35, lives on Lamma Island, one of the many smaller islands that are part of Hong Kong. He said crowds have grown on an unofficial beach there overlooked by a power station. The local journalist opted to host his son’s fifth birthday party there recently. Children and adults swam, and some guests took Mr. Williamson’s paddle board out on the water, he said. He took care to take photos facing away from the giant concrete chimney stacks. “I didn’t think that the backdrop to my kid’s fifth birthday party would be this big power station,” he said. —Joyu Wang contributed to this article.

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A8 | Wednesday, October 28, 2020

THE WALL STREET JOURNAL.

WORLD NEWS

Second Wave Crashes Over France Foreign Investment Government weighs tighter restrictions as coronavirus infections surge across Europe

South Korea’s economic growth came as it dealt with a second wave of cases that began in early August. During that month, the country reported more cases in three weeks than it had in the prior three months combined. But the raw numbers were a fraction of larger outbreaks elsewhere: New daily cases peaked at 441 on Aug. 27. One positive surprise, economists said, is the relatively modest fall in private consumption, which dropped 0.1% from the previous quarter, or by 4.5% when compared with the previous year. Some economists had expected South Korea to be hit harder, as the country kept elevated social-distancing measures in place nationally for much of August and September. Those restrictions limited gatherings to 50 indoors and closed venues like museums. But restaurants, bars and other stores largely stayed open. South Korea’s fast response

dealing with its second wave helped small-business owners like Bae Jin-sung get back on their feet. His Cuisine La Clé restaurant in Seoul, which opened last year, had seen sales plunge as tourism all but disappeared and locals stayed indoors. But on a recent evening, days after South Korea relaxed social distancing, Mr. Bae had to turn away diners who had shown up without reservations. “I’m so thankful,” he said. Park Jeong-woo, a Seoulbased economist at Nomura, said South Korea’s export-led growth doesn’t have the same pull on the domestic economy as it used to have. The gains in exports aren’t leading to investments in South Korea because of automation and offshore production, Mr. Park said. “That’s going to lead to reduced jobs and ultimately, less consumption,” he said. —Kwanwoo Jun in Singapore and Peter Landers in Tokyo contributed to this article.

A man walks through Bayonne before the start of a nighttime curfew. France saw daily Covid-19 cases soar past 50,000 over the weekend. gist Martin Blachier. “People continue to have social interactions.” France’s neighbors are also fighting an alarming rise in infections. In Belgium, the average number of new daily cases in the small European Union country jumped by nearly 40% over the past week, local health authorities said on Tuesday. The country reported more deaths per 100,000 inhabitants than any other European country over the past two weeks. To be sure, greatly expanded testing has surfaced a larger number of infections than in the spring, when the confirmed cases were likely a fraction of overall infections. Italy, Spain, Germany and the U.K. have also seen a surge in new infections. The number of Covid-related deaths in France remains comparable or even lower than in other EU countries, though such figures typically lag behind infections by several weeks. But the death toll in France is increasing rapidly. Hospital beds are filling up, too. The seven-day average of new hospital admissions has risen by more than 60% over the past week, reaching 2,016 on Tuesday.

Daily confirmed Covid-19 cases per million people, seven-day rolling average 500

France

400 Spain U.K.

300

Italy 200

Germany

100

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the Continent, reversing the gains Europe had won by the summer, when draconian, nationwide lockdowns in many European countries pushed infections down to a trickle. Now, European governments are struggling to respond to the second wave, loath to impose new lockdowns that would compound the economic pain the coronavirus pandemic has already inflicted on their countries, but concerned about the steady rise in hospitalizations and deaths. Jean-François Delfraissy, a doctor and immunology specialist who leads a scientific board advising the French government on how to tackle the pandemic, said this week that the actual number of new daily cases of infection in France is probably closer to 100,000, and is likely to continue to increase. “The second wave could be worse than the first one,” Dr. Delfraissy said. France was slow to react to a steady increase in Covid-19 cases that began in the summer, epidemiologists say. The country had managed to reduce the number of new daily cases to fewer than 400 at the end of spring after a twomonth national lockdown that

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crippled its economy. But the government failed to protect its hard-fought gains as summer drew to a close and colder temperatures approached. As they reunited with friends and family, and flocked to restaurants and theaters, many people stopped following social-distancing recommendations so closely, epidemiologists and health officials say. Some people even resuscitated the country’s customary

double-cheek kiss, which had been sidelined in spring. The nighttime curfew French authorities ordered on the Paris region and nine other cities was extended last week to 38 French départements—or about two thirds of the French population—as the epidemic accelerated across the country. But epidemiologists say it may be too little, too late. “This is not nearly enough,” said Paris-based epidemiolo-

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Tony Chung, seen in August in Hong Kong, was among the first arrested under China’s security law.

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HONG KONG—A disbanded Hong Kong pro-democracy organization said national security police arrested a former organizer of the group near the U.S. diplomatic mission in the city. The organization, Studentlocalism, which formally disbanded on the day China passed a new national security law in June, said on a Twitter account that still bears the group’s name that police arrested Tony Chung, 19 years old, on Tuesday, and two other former members elsewhere in the city. All three had first been arrested in late July on suspicion of inciting secession through socialmedia posts that called for the city’s independence, which they denied having made after a new law banned such posts. A U.K.-based group called Friends of Hong Kong said Mr. Chung was arrested in a coffee shop across from the U.S. Consulate, where he was planning to seek asylum. The Wall Street Journal couldn’t independently verify the claim. Mr. Chung and his lawyer couldn’t be reached to com-

ISAAC LAWRENCE/AGENCE FRANCE-PRESSE/GETTY IMAGES

Hong Kong Arrests Man Said to Seek U.S. Asylum BY WENXIN FAN

ment. The U.S. Consulate declined to comment. Hong Kong police said they arrested three people but didn’t identify them, adding the trio were detained in relation to social-media posts published since September, without elaborating further. Police didn’t respond to a request to comment about the asylum claim. The arrest potentially could further increase tension between China and the U.S. The

nations repeatedly have clashed over Beijing’s handling of antigovernment protests in Hong Kong and the imposition of a national security law by Beijing designed to quash dissent. President Trump’s administration said earlier this year that people fleeing Hong Kong would be among those given priority for refugee status, although it has reduced the overall limit on refugees permitted to enter the U.S.

Friends of Hong Kong said it is assisting activists in the city who are trying to seek asylum, but didn’t specify how they are advising them to go about it. U.S. rules state that asylum seekers should claim refugee status after they are in the U.S., but there have been instances of activists looking to flee through U.S. diplomatic missions. Hong Kong activists are increasingly seeking to flee their

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native city. Some have obtained asylum in Germany, the U.K. and Canada, and several high-profile overseas dissidents are lobbying for more international punishment of China over its quashing of political dissent in the city. Hong Kong’s government said Tuesday that people charged with criminal offenses should face trial by the city’s courts. “There is no justification for any so-called ‘political-asylum’ for people in Hong Kong,” it said. Thousands of protesters, many of them young, have been arrested since social unrest erupted last year over a local government bill that would have allowed people to be sent for trial across the border into mainland China. Though the measure was scrapped, months of street protests rocked the city and culminated in China imposing its new security law under which more than 20 people have been arrested. The law provides for long jail sentences for anyone convicted of terrorism, secession, subversion or colluding with foreign forces to undermine China’s national security.

Foreign direct investment in China largely held steady during the first half of this year, even as inflows into the U.S. and European Union plummeted, in a fresh sign that the world’s second-largest economy has suffered less damage from the pandemic. Globally, the monthly average for new investments for the first half of 2020 was down almost half on the monthly average for the whole of 2019, the largest decline on record, the United Nations’s Conference on Trade and Development said Tuesday. But while foreign investment in the U.S. and European Union fell by 61% and 29%, respectively, inflows to China were down by just 4%. China attracted foreign investment totaling $76 billion in the period, while the U.S. brought in $51 billion. The U.S. has long been the top global destination for businesses investing overseas, with China ranking second. Unctad said the modest nature of the decline in foreign investment to China was surprising. Back in March, when China was the epicenter of the pandemic with significant parts of its economy in lockdown, Unctad forecast that it would be the big loser, and expected global flows of investment to fall by 15% across 2020. However, China’s economy reopened in April just as the U.S. and Europe were in lockdown, and the country has since contained the virus with only localized and short-lived restrictions. By contrast, the U.S. and Europe have seen resurgences in infections that have slowed their recoveries. In the three months through September, China’s economy already had exceeded the levels of output recorded in the last quarter of 2019, according to data out last week. The resilience of foreign investment in China appears to confound earlier expectations that businesses would seek to reduce their reliance on the country as a key part of their supply chains. But James Zhan, Unctad’s director of investment and enterprise, said it is too early to reach that conclusion. “One of the main reasons for reconfiguration of global supply chains is to increase resilience, which requires backup plans and redundant capacities,” he said. “A more practical approach companies can take would be building additional production bases outside of China.” Across all developed economies, inflows of foreign investment were down 75% in the first half of 2020 from the 2019 monthly average to total just $98 billion, a level last seen in 1994. In some cases—such as the Netherlands and the U.K.— that decline took the form of a reduction in loans from the parent company to its overseas subsidiaries, which are counted as foreign investment. Foreign investment in developing economies proved more resilient, falling by just 16% to $296 billion.

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PARIS—France has emerged as the epicenter of the second wave of coronavirus infections now sweeping much of Europe, causing hospitals to brace for a surge of new patients and pushing the government to consider tough new restrictions in some places. The country saw daily cases top 50,000 over the weekend, while the seven-day average of new daily cases has increased by more than 50% over the past week, reaching 38,278 on Tuesday. That compares with a seven-day average of 69,967 cases in the U.S., whose population is around five times as big. On Tuesday, health authorities reported 523 new deaths, including 235 in nursing homes and other government facilities, the highest toll since April. In response, President Emmanuel Macron could implement tough new restrictions, as previous measures appear to have been insufficient in containing the spread. This month, French authorities ordered a curfew from 9 p.m. to 6 a.m. in the Paris region and nine other cities. The government is considering earlier curfews in many parts of the country, as well as weekend lockdowns that would sharply curtail individuals’ movements in virus hot spots such as Paris, effectively confining them to home, a close presidential aide said. Mr. Macron is meeting with members of his government on Tuesday and Wednesday morning to decide which measures to adopt, the person added. Mr. Macron will address the nation on Wednesday evening. The surge in infections in France comes amid a sharp rise this autumn in much of

BY PAUL HANNON

GAIZKA IROZ/AGENCE FRANCE-PRESSE/GETTY IMAGES

BY NOEMIE BISSERBE

In China Holds Firm

FROM PAGE ONE

South Korea Economy Rebounds Continued from Page One cord-level daily cases in the U.S., where businesses wonder how lockdowns and pandemic concerns might dull commerce. South Korea, which dealt with a resurgence of Covid-19 cases during its third quarter, had slumped into its first recession on an annual basis in more than 10 years. On a quarterly basis, a more widely used measure in South Korea, it was the first recession in 17 years. The economy grew quarteron-quarter. But on a yearly basis, the country’s GDP contracted at 1.3%—though it handily topped a median forecast of a 2% decline, according

to seven economists polled by The Wall Street Journal. South Korea’s quarter-to-quarter results also beat consensus expectations by 0.2 point. Resilient global trade has backed the rebound. In the third quarter, South Korea’s net exports jumped 15.6% from the prior quarter and contributed 0.4 percentage point to its overall GDP. In September, South Korea posted a yearly growth in exports for the first time since February as shipments to the U.S. and Europe rose. Export demand has continued to improve this month, rising 5.9% for the first 20 days of October from the previous year after adjusting for the number of working days. Exports in the third quarter showed their biggest contribution to South Korea’s GDP growth in decades. At a Tuesday policy meeting, Finance Minister Hong Nam-ki said South Korea’s economy had “entered a recovery path for normaliza-

tion.” Mr. Hong said he expects the economy to expand in the fourth quarter, too. Remote working and schooling have also driven up demand for electronic gadgets and data servers that make up the internet’s plumbing, a win for South Korean chip makers including Samsung Electronics Co. and SK Hynix Inc. “Korea has benefited a lot from the global demand for electronics,” said Alex Holmes, a Singapore-based economist at Capital Economics, adding slumps in petrochemicals and oil refining have been drags on exports. South Korea’s economy is expected to decline by around 1% this year, the best-performing major country apart from China, according to the Organization for Economic Cooperation and Development’s latest forecasts. By contrast, the U.S., Germany and Japan are forecast to contract by 3.8%, 5.4% and 5.8%, respectively, the OECD forecasts.

China’s economy, which grew for the second straight quarter, has helped lift some neighboring countries and major trade partners. Japan, which has yet to report third-quarter figures, has seen its economy rebound more quickly than expected because

The country has benefited from its fast response to the coronavirus. of strong demand for cars and high-tech goods such as semiconductor-manufacturing machines, with exports to China rising 14% in September from the prior year. On a quarter-toquarter basis, Singapore’s economy grew by nearly 8% for the third quarter, though it declined 7% year-over-year.

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THE WALL STREET JOURNAL.

Wednesday, October 28, 2020 | A9

WORLD NEWS

Pompeo Touts Deal To Counter China

Bomb at Seminary Kills at Least 8

Increased U.S.-Indian military and strategic cooperation will help the two countries manage China’s growing influence in Asia, top U.S. diplomats said Tuesday. “Our leaders and our citizens see with increasing clarity that the [Chinese Communist Party] is no friend to democracy, the rule of law, transparency, nor to freedom of navigation—the foundation of a free and open and prosperous Indo-Pacific,” Secretary of State Mike Pompeo told reporters after the two countries signed a landmark defense agreement. “We stand shoulder to shoulder in support of a free and open Indo-Pacific for all, particularly in light of increasing aggression and destabilizing activities by China,” Defense Secretary Mark Esper said. The agreement will give India access to advanced American map and satellite imagery, enhancing the accuracy of automated weapons, drones and missiles. The pact is known as the Basic Exchange and Cooperation Agreement. —William Mauldin

A powerful bomb blast ripped through an Islamic seminary on the outskirts Peshawar, Pakistan, on Tuesday, killing at least eight students and wounding 136 others, police and a hospital spokesman said. The bombing happened as a prominent religious scholar during a special class was delivering a lecture about the teachings of Islam at the Jamia Zubairia madrassa, said police officer Waqar Azim. He said initial investigations suggest the bomb went off minutes after someone left a bag at the madrassa. Several of the wounded students were in critical condition, and hospital authorities feared the death toll could climb. Authorities said some seminary teachers and employees were also wounded in the bombing. The attack comes days after Pakistani intelligence warned that militants could target public places and important buildings. No one immediately claimed responsibility for the attack in Peshawar. —Associated Press

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ENGLISH CHANNEL

The shootings of peaceful protesters in Nigeria last week will be investigated by a judicial committee, an official announced Tuesday, as some seek accountability for the worst turmoil in decades in Africa’s most populous country. The committee is also investigating alleged atrocities committed by the now-disbanded police unit known as the Special Anti-Robbery Squad, or SARS, the Lagos state governor, Babajide Sanwo-Olu, tweeted. Protests against the squad continued last week even after authorities agreed to ban it. “The scope of the panel has been expanded to cover the Lekki toll incident,” he said. Amnesty International has asserted that soldiers killed several peaceful demonstrators at the toll plaza in Lagos, opening fire as protesters sang the national anthem. —Associated Press

Migrants’ Boat Capsizes; 4 Dead At least four people, including two young children, died Tuesday when a boat carrying at least 19 migrants capsized off France while trying to cross the English Channel to Britain, French authorities said. Fifteen migrants have been saved so far and rescue and search operations were still under way, according to the regional administration for the Nord region. It said that the dead were a 5-year-old and an 8-year-old, an adult woman and an adult man, and stressed that the toll so far is provisional pending further searches in the area. Despite joint police efforts on both sides of the Channel, migrants have long used northern France as a launching point to sneak into Britain, and the issue has long strained relations between the neighbors. —Associated Press

African Votes Test Democracy BY GABRIELE STEINHAUSER A series of elections across Africa threaten to roll back democracy on the continent and destabilize some of the few economies around the world still projected to grow this year. In the mineral-rich West African nation of Guinea, the army has been deployed against opposition supporters who accuse the government of having rigged an Oct. 18 election that handed President Alpha Condé a third term. Before year end, voters in six more countries in subSaharan Africa will head to the polls, testing institutions in regional powerhouses such as Tanzania, Ivory Coast and Ghana, along with Burkina Faso, Niger and the Central African Republic, where conflicts are likely to constrain voting. While most of these countries haven’t seen the ballooning coronavirus infections witnessed in the West, disruptions caused by uncertain election results could compound the severe economic

damage wrought by government-mandated lockdowns. The votes could reinforce a pattern of African incumbents’ working to cement their power by overhauling constitutions and passing laws aimed at silencing dissent. “Democratic trends have reversed and there are now fewer democracies in Africa than 20 years ago,” Christopher Fomunyoh, a Cameroonian academic with the Washington-based National Democratic Institute, said in a September submission to the U.S. Congress Foreign Affairs Committee. “Many countries in Africa are falling short in their efforts to consolidate constitutional rule, in respect of presidential term limits…laws on elections, civic space and political party activity.” The votes are happening as the pandemic is crimping the presence and activities of foreign observers, and Western governments are preoccupied with escalating virus outbreaks at home. “The coronavirus has allowed many governments to

be more focused on problems in their countries and not be concerned with foreign affairs,” said Thierno Diallo, a Guinean opposition politician. The European Union, usually one of the most active monitors of African elections, is dispatching just four experts to observe the election in

The pandemic is crimping foreign observers’ presence and activities.

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Police Shooting of Protesters Probed

Police in Zanzibar, Tanzania, arrest a man ahead of Wednesday’s election, when President John Magufuli is seeking another five-year term.

where President John Magufuli is almost certain to win another five years in office in Oct. 28 elections, never responded to an EU application to monitor the vote, a spokeswoman in Brussels said. During the 2015 election that brought Mr. Magufuli to power, EU observers called out shortcomings in the way the votes were tallied and bias on the part of state media’s coverage of the vote that favored the ruling party. The only sub-Saharan African country where the EU is deploying a full observer mission is Ghana, whose Dec. 7 general election is widely seen as the least problematic of the coming votes. Despite the alarming trends, the picture is far from uniform across the continent of 54 nations. Last year in Sudan, peaceful protests ended the 30year dictatorship of Gen. Omar al-Bashir. In Malawi, the opposition in June won a rerun of a 2019 election after the country’s supreme court nullified the vote for irregularities.

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Ivory Coast, rather than a full mission of around 100 observers. Meanwhile, observers from the Carter Center—the humanrights and pro-democracy group founded by former U.S. President Jimmy Carter—met with civil society and other actors via video calls rather than in person, before sending a 36person team to monitor voting. Authorities in Tanzania,

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A10 | Wednesday, October 28, 2020

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THE WALL STREET JOURNAL.

FROM PAGE ONE

DOJ Cites Article Access in Bid to Change Law BY BRENT KENDALL AND ARUNA VISWANATHA WASHINGTON—The Justice Department said it was concerned that Facebook Inc. and Twitter Inc. restricted access to recent New York Post articles about the son of Democratic presidential nominee Joe Biden, telling lawmakers the department supported bipartisan interest in changing a law providing legal protections to online platforms. The department made the comments Tuesday in a letter to Capitol Hill leaders ahead of a high-profile Senate hearing Wednesday in which Facebook Chief Executive Mark Zuckerberg and Twitter CEO Jack Dorsey will testify.

The letter, signed by Stephen E. Boyd, the assistant attorney general for legislative affairs, said online platforms “hold tremendous power over information” and must “be honest and transparent with users about how they use that power. And when they are not, it is critical that they can be held accountable.” “For example, the decision by two social media companies to restrict access to news content of significant public interest from the New York Post, a widely distributed journalism publication, is quite concerning,” the department wrote. The letter didn’t mention Facebook, Twitter or the Biden family by name, but suggested the department didn’t believe

such conduct is covered under the legal protections afforded online platforms and signaled a willingness to get involved in future litigation over the issue. The New York Post’s articles cited emails it said were written and received by Hunter Biden and had been provided by allies of President Trump, who trails the former vice president in polls. The Trump allies said they received the emails from a computer-repair person who found them on a laptop. One article included a copy of an email said to have been sent to Hunter Biden apparently describing a meeting between his father and an executive at Burisma Holdings, the Ukrainian gas company on

whose board Hunter Biden served. Efforts by Mr. Trump to have Ukraine investigate the Bidens and Burisma led to the president’s impeachment by the House last year. The Biden campaign has said that Joe Biden engaged in no wrongdoing and that no such meeting took place. News Corp, the corporate parent of Wall Street Journal publisher Dow Jones & Co., also owns the New York Post. Mr. Boyd’s letter comes a month after the Justice Department sent a legislative proposal that calls for Congress to curb longstanding legal protections for online platforms under Section 230 of the Communications Decency Act of 1996. Those pro-

visions give them broad latitude to police their sites and shield them from legal liability related to users’ actions, except in relatively narrow circumstances. The department has argued previously that platform companies must shoulder more responsibility for managing content on their sites in fair and consistent ways. In prepared testimony for Wednesday’s hearing before the Senate Commerce Committee, reviewed by the Journal, Messrs. Zuckerberg and Dorsey said removing Section 230 immunity could make it harder for them to engage in basic content moderation to address harmful content and protect people online, though

they appeared to signal openness to moderate changes. “Our Twitter Rules are not based on ideology or a particular set of beliefs,” Mr. Dorsey said in his prepared remarks. “We believe strongly in being impartial.” Mr. Zuckerberg said Facebook wanted “to be a platform for ideas of all kinds” and was ready to work with Congress on issues related to regulating “harmful content, privacy, elections, and data portability.” Earlier this month, both Twitter and Facebook took the unusual step of slowing the spread of the New York Post articles about Hunter Biden, saying the articles ran afoul of company policies.

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Double Duty

Since Square's initial public offering in November 2015, its stock price has skyrocketed— while that of Jack Dorsey's other company, Twitter, has grown much more slowly. Stock-price performance

son was protesting the death of Michael Brown, the Black teenager who was shot by a white police officer. Mr. Dorsey invited Mr. Mckesson to join his family’s Christmas Day tradition of meeting at a coffee shop in nearby St. Louis. Mr. Mckesson said he reaches out directly to Mr. Dorsey with issues related to Twitter or Square. “Jack approaches problems from a spirit of possibility, which is great,” Mr. Mckesson said. “He doesn’t run from ‘the big idea.’ ” Mr. Adams, the Dilbert creator, called Mr. Dorsey a “seeker” who is genuinely interested in the world views of others. A prolific user of Twitter and its video app, Periscope, Mr. Adams said he connects with Mr. Dorsey about site-specific issues, but also to talk about books. He said he believes that Mr. Dorsey struggles with coming to terms with his own success, as does Mr. Adams. “He will never be done trying to figure out this reality thing,” Mr. Adams said. In early 2019, as Twitter

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Narayan Goenka, a teacher of Vipassana meditation. In June, Mr. Dorsey responded to a series of Signal messages from Mr. Johnson to tell him that Twitter wasn’t censoring conservative voices. As for Mr. Johnson’s ban from Twitter, Mr. Dorsey said he was “working on [a] path forward,” according to the messages. After an introduction through Mr. Johnson, Mr. Dorsey invested an undisclosed amount in San Francisco-based ClearLabs, a startup that is trying to use genomics to identify Covid-19, according to Mr. Johnson and people close to the deal.

‘Deeply curious’ Mr. Dorsey, 43 years old, grew up in St. Louis. He has said that his father is a Republican, his mother is a Democrat, and that he is somewhere in between. Both his parents use Twitter, and his mother often tweets “Good Morning!” to start her day. A billionaire several times

over, Mr. Dorsey sports a large tattoo of the S-shaped integral symbol used in mathematics on his left arm and typically wears black T-shirts and hoodies. He was fired as Twitter CEO in 2008 in part for leaving work early to go to yoga classes. He often walks miles across San Francisco from his home in the mansion-studded Sea Cliff neighborhood to his office downtown. Fascinated by the minimalist style deployed by the late Apple Inc. founder Steve Jobs, he owns only a handful of pieces of furniture. The rapper Kanye West said in a 2018 interview that Mr. Dorsey is his “favorite founder,” and the executive spent time this summer with Jay-Z in the Hamptons. “There’s a part of him that people don’t see, which is his curiosity outside of tech,” said Mr. Mckesson. “He’s deeply curious about how to make an impact with regard to race and justice,” he added. In 2014, Mr. Mckesson met Mr. Dorsey on the street in Ferguson, Mo., where Mr. Mckes-

He has defended his absences by comparing himself to Elon Musk.

THE WASHINGTON POST VIA GETTY IMAGES

Dorsey’s laissez-faire approach to management and lack of attention to Twitter, placed one of its own investors on the company’s board of directors. The activist is treating this year as a probationary period for Mr. Dorsey, according to people familiar with the matter. Twitter’s chief financial officer, Ned Segal, has told investors and analysts over the past 18 months that the company is working on acting more quickly. In the past year, the company has rolled out more initiatives than in the past. Mr. Dorsey’s style is a sharp contrast to that of Facebook CEO Mark Zuckerberg, who has taken a hands-on role in preparing his rival platform for the coming election, including by signing off on high-profile enforcement decisions. Facebook has about 1.8 billion daily users across all of its products, compared with Twitter’s 186 million daily users. Both Messrs. Dorsey and Zuckerberg are scheduled to testify before a Senate committee on Wednesday, along with Alphabet Inc. CEO Sundar Pichai, about their policies for moderating content. Mr. Dorsey is separately scheduled to testify along with Mr. Zuckerberg before another committee in November about their handling of the New York Post articles and the election more broadly. Mr. Dorsey has said that as leader of two publicly traded companies, he sees his role as asking questions of as many different people as possible. His contacts include Mr. Johnson, a former writer for conservative media outlets including the Daily Caller. Mr. Johnson was permanently banned from Twitter in 2015 for posting a call for donations for “taking out” Mr. Mckesson, the civil-rights activist, according to a copy of the tweet. Mr. Mckesson saw the tweet as a threat, as did Twitter. Mr. Johnson said the tweet was taken out of context. He later unsuccessfully sued over the ban. He posted online in at least one instance doubts about the scope of the Holocaust, and was photographed making a symbol for white power. Now largely a tech investor, Mr. Johnson said that he isn’t a Holocaust denier or a white supremacist. Mr. Dorsey wasn’t CEO at the time of the ban but Mr. Johnson said they got in touch afterward, through mutual friends. Mr. Johnson said the two have discussed the teachings of Satya

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Investors and some employees say Mr. Dorsey should be more focused on solving the major problems facing Twitter, which is valued at $38 billion and has become a central cog in how Americans express themselves online. At Twitter’s annual shareholder meeting in May, investors questioned Mr. Dorsey about his split time. “When will Twitter obtain a full-time CEO?” one asked. Another added: “Why do you, Jack, think you are the right leader for our company?” “To me, this is not a function of time, it’s a function of prioritization,” Mr. Dorsey said. Twitter declined to make him available for comment. Mr. Dorsey has led both Twitter and Square to strong financial performance. Twitter’s stock is up more than 70% since Mr. Dorsey took over as CEO for the second time in the fall of 2015. Square, which Mr. Dorsey co-founded and has led as chief executive since 2009, has seen its stock grow around 14 times since its 2015 initial public offering. The problems Twitter is grappling with include the proliferation of hate speech, harassment, bullying, disinformation and accusations that it is censoring some users. Mr. Dorsey has acknowledged these issues and repeatedly pledged to address them. Current and former employees say he often acts at a glacial pace. Twitter took almost two years to increase the 140-character limit on tweets after Mr. Dorsey began asking about it in 2015. Employees developed dozens of variations internally for how to get rid of the limit, but were delayed as they waited for Mr. Dorsey to make a decision, according to people familiar with the efforts. Earlier this year, the activist hedge fund Elliott Management Corp., unhappy with Mr.

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Jack Dorsey, pictured in 2019, has an intense curiosity about people and social issues.

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Continued from Page One sions to subordinates in part so he can pursue his personal passions. That management style now faces one of its biggest tests ever, amid growing pressure to address the company’s problems. Starting Wednesday, Mr. Dorsey is scheduled to testify in Washington, along with other tech CEOs, about their handling of the Post articles and other issues related to content moderation. The enigmatic Mr. Dorsey has worn a nose ring, completed a 10-day silent retreat in Myanmar in 2018 and has said he takes multiple ice baths a day. He has an intense curiosity about people and social issues across the political spectrum. Among the many people he has developed relationships with are Scott Adams, the creator of the Dilbert cartoon and a prominent conservative voice on Twitter, and DeRay Mckesson, a civil-rights activist and leader of Black Lives Matter. Mr. Dorsey has maintained a cordial correspondence with Charles C. Johnson, who was once labeled by the left-leaning Mother Jones magazine as Twitter’s “most infamous rightwing troll” and is permanently banned from the platform. “Jack Dorsey is a beautiful man with the impossible job of making everyone happy,” Mr. Johnson said.

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Twitter’s CEO Stays Hands Off

Employees at both Twitter and Square have complained about Mr. Dorsey’s absences, current and former employees and executives say. As Square prepared to go public in 2015, Mr. Dorsey took on the additional job of leading Twitter. He defended his frequent absences by comparing himself to Elon Musk, who also runs two companies, Tesla Inc. and SpaceX. “You are no Elon Musk,” one Square executive told Mr. Dorsey. The issue of what some called “absentee management” appeared to come to a head after Mr. Dorsey announced in late 2019 his intention to work remotely from Africa. After a trip there to study how people in Africa used the internet, Mr. Dorsey decided he wanted to immerse himself in a country where the web was still new, said one person familiar with his thinking. Mr. Dorsey has long been a proponent of working from home, pushing for employees to be able to work remotely even before the pandemic, this person said. The Africa plan sparked the ire of Elliott, which had taken a roughly $1 billion stake in Twitter. In October 2019, Twitter’s stock price dropped 20% in a single day after a disappointing earnings report.

‘There’s a part of him that people don’t see, which is his curiosity outside of tech,’ said civil-rights activist DeRay Mckesson.

came under attack for its treatment of conservatives, Mr. Dorsey gave interviews to a series of media hosts, including Joe Rogan and Sean Hannity. Some Twitter employees and executives objected to the move, saying that some of the shows were more invested in stoking claims of anticonservative bias at Twitter than presenting facts, and didn’t make good-faith efforts to find common ground, those people said. Over the years, Twitter has faced growing calls from users to address harassment on its platform that targeted women and people of color, such as when the actress Leslie Jones was attacked with racist and sexist memes. Mr. Dorsey also faced internal opposition in 2016 when he suggested bringing Mr. Mckesson on to the company’s board, according to people familiar with the matter. That same year, he tried unsuccessfully to give a board seat to Malala Yousafzai, a Pakistani activist who was a co-recipient of the Nobel Peace Prize but had little business experience.

Leadership style Elliott undertook a quiet review of Twitter’s leadership, with current and former executives telling the investor about the challenges of Mr. Dorsey’s leadership style and his juggling of two companies, according to people familiar with the matter. Elliott threatened to oust Mr. Dorsey. Employees defended him on Twitter with a #webackjack campaign. Mr. Musk, a frequent user of the platform, also tweeted his support. The activist compromised by taking a board seat, along with another investor, Silver Lake. Egon Durban, co-chief executive of Silver Lake, said in a written statement he has developed “a deep appreciation for Jack’s leadership and strategic vision” and looks forward to continuing to work with him. When the New York Post issue erupted on the platform in mid-October, Twitter initially said it was blocking users from posting links to the articles due to a potential violation of its rules about hacked materials. The Post said its stories were based on email exchanges with Hunter Biden found on a laptop given to allies of President Trump by a computer-repair person. News Corp, the corporate parent of Wall Street Journal publisher Dow Jones & Co., also owns the New York Post. Mr. Biden’s campaign has denied allegations made in the articles. Twitter quickly reversed course by changing its antihacking policy from 2018. The company said it would no longer remove what it considers “hacked content,” unless it’s directly shared by hackers. It also said it would label such tweets. Mr. Dorsey did provide guidance on those policy changes, according to people familiar with the decision. He usually doesn’t weigh in on user-specific enforcement actions, instead trusting his team to make them. In an investor conference earlier this year, Mr. Dorsey defended his workload. “I have enough flexibility in my schedule to focus on the important things and I have a good sense of what is critical on both companies,” he said. —Jim Oberman contributed to this article.

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

THE WALL STREET JOURNAL.

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GREATER NEW YORK

Wednesday, October 28, 2020 | A10A

New Yorkers Urged to Avoid Holiday Travel NYC will enforce 14-day quarantine for people visiting states with high Covid-19 infections

‘If they violate quarantine, there will be consequences,’ Mayor de Blasio says for travelers returning from states with a high percentage of positive Covid-19 tests.

holidays, the statement said. New York also is grappling with outbreaks at several of its prisons, including the upstate Elmira and Greene correctional facilities. On Tuesday, protesters gathered outside the Elmira prison to protest a coronavirus outbreak that has led to 459 prisoners testing positive as of Friday. That is up from 10 people just two weeks ago, according to data from the state Department of Corrections and

Community Supervision. “Mass incarcerations are a public health crisis,” said Marvin Mayfield, a statewide organizer at the Center for Community Alternatives, during a Tuesday news conference. He said the positive test rate in Elmira was nearly 30 times the state average, and called on officials to improve testing and health care inside prisons. The Department of Corrections and Community Supervi-

sion didn’t respond to a request for comment. Last week, spokesman Thomas Mailey said the prison system was implementing the targeted testing of the entire inmate population, which should be completed by the end of November. He said visits would be suspended at both the Greene and Elmira prisons until further notice, and all transfers in and out of the two facilities would be suspended.

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campus students across its network of 64 colleges and universities, according to a Tuesday news release. Any students using on-campus facilities, including gyms, libraries and dining halls, will be required to test negative within 10 days before leaving campus. About 140,000 students will be tested during this period in an effort to control the spread of the virus as students return to their hometowns for the

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board a plane. At LaGuardia Airport in Queens, a test-and-tracing site has been set up so travelers can be checked for the coronavirus immediately upon landing in the city, he said. A similar testing site will be established at John F. Kennedy International Airport, also in Queens. Ahead of the Thanksgiving break, the State University of New York is implementing mandatory testing for all on-

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New York City is ramping up enforcement of quarantines for out-of-state travelers, part of an effort to contain the spread of the coronavirus during the holiday season. At a Tuesday news conference, Mayor Bill de Blasio urged New Yorkers to avoid traveling in the last few months of the year, especially as Covid-19 infection cases surge in many parts of the country and around the world. “This year we have to do things differently,” he said. “We have a real threat of a second wave here in New York City. We have been fighting it back but we can’t take it lightly.” The city will “aggressively” enforce a 14-day quarantine for people coming from states with a high percentage of positive tests for Covid-19, Mr. de Blasio said. The list now includes 38 states and the two U.S. territories of Guam and Puerto Rico. “People have gotten the message that quarantine matters, but they need to get the message that if they violate quarantine, there will be consequences,” he said. Moreover, the Democratic mayor said the federal government should mandate that all travelers show a negative test, taken within the last 72 hours, before they are allowed to

JOHN MINCHILLO/AP PHOTO

BY SHAN LI

Official Backs Sparing Regular Riders a Fare Boost BY PAUL BERGER

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Transit officials in New York should avoid raising prices on regular subway, bus or rail riders as they consider fare increases during the coming months, according to a key member of the board that will set new prices for early 2021. The state-controlled Metropolitan Transportation Authority began a process of biennially raising fares and tolls a decade ago. MTA Commissioner Lawrence Schwartz said this time, because of the pandemic, he has asked transit officials to present him and his colleagues with options that keep prices flat for commuters, while raising fares for infrequent riders. Mr. Schwartz, an ally of Gov. Andrew Cuomo and chair-

the region in March. It has returned slowly as many office workers continue to work remotely and as the city’s tourism and entertainment sectors continue to operate at a fraction of their capacity. Many of the most frequent riders during the pandemic have been people who work in essential industries and have no choice but to take mass transit. “We are considering all options while we undertake a thorough analysis of equity impacts of proposed policies so they do not disproportionately impact any one community,” an MTA spokeswoman said Tuesday. The previous fare and toll increase, in 2019, aimed to raise an additional $300 million annually, often by increasing prices for regular riders. It froze the single subway and

bus fare at $2.75, but eliminated the bonus on MetroCard purchases above $5.50 and increased the cost of a monthly pass by $6 to $127. Most monthly passes on the Long Island and Metro-North railroads rose by 3.9%.

‘I don’t need to put an additional burden on them,’ says the MTA commissioner.

MTA commissioners will face tough choices between competing aims to raise revenues and to coax anxious riders back onto the transit system during a pandemic.

Authority officials project a $12 billion operating deficit through the end of 2021, mostly driven by a steep drop in revenues from fares and dedicated taxes. The authority has called on the federal government to bail it out. Subway, bus and commuterrail use remains significantly lower than pre-pandemic levels. Average weekday ridership on the MTA’s biggest fare-revenue generator, the New York City subway, is about 1.8 million passengers, down roughly 70% compared with October 2019. Betsy Plum, executive director of Riders Alliance, which advocates for subway and bus riders, said a 4% fare increase wouldn’t come close to helping solve the MTA’s multibillion-dollar fiscal problems. But

NEW JERSEY

ward in terms of protecting TWU Local 100 members from a possible second wave,” Mr. Utano said. The testing will be done at field sites, including bus depots and subway and train yards, and at several medical-assessment and operational health centers. Results will be available within 24 to 48 hours. —Associated Press

Mail-In Ballots Boost Early Voter Turnout

CONNECTICUT

High-School Sports Decision Is Delayed The organization that oversees high-school sports in Connecticut says it may need to wait until mid-November before deciding whether or how to move forward with a winter sports season as the number of Covid-19 cases in the state continues to rise. Gov. Ned Lamont said Tuesday the rate of people found

MIKE SEGAR/REUTERS

The Metropolitan Transportation Authority announced Tuesday it is embarking on a first-inthe-nation program to test thousands of workers weekly to guard against a second wave of the coronavirus. MTA Chairman Patrick Foye said the goal will be to test 15% of front-line workers weekly. That would amount to roughly 6,000 bus and subway workers, Transport Workers Union Local 100 President Tony Utano said in an email. Overall, the nation’s largest public-transit system has more than 70,000 employees. More than 120 MTA employees have died from Covid-19 this year. “This is exactly the type of screening program we have been asking for and it’s a huge step for-

she said it would hurt those who rely on mass transit the most. She called on the MTA to forego fare increases in 2021 and to consider only raising tolls. The MTA’s nine toll bridges and tunnels have been one of the few bright spots for the MTA. This fall, weekday traffic has returned to about 90% of pre-pandemic levels. In 2019, the authority raised tolls by 6.3%. Mr. Schwartz said he has asked MTA staff to consider new toll rates that charge trucks more to enter the city during the day to reduce congestion. MTA staff are expected to present their proposals to the board in November. If board members accept the plans, the authority would hold public hearings.

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man of the MTA’s finance committee, said the authority shouldn’t impose across-theboard increases on commuters when people are losing jobs or being furloughed because of the pandemic. “People aren’t making any money or they’re making less money,” he said “I don’t need to put an additional burden on them at this stage of the game with an economy in flux because of Covid.” The MTA runs New York City’s subway and bus systems, two commuter-rail lines and nine tolled bridges and tunnels. The authority, which aims to raise fare and toll revenues by about 4% every two years, has budgeted for the next increase to take effect in the spring. Transit ridership plummeted after the pandemic hit

Mayor Bill de Blasio waited in a long line in Brooklyn to cast his ballot Tuesday during early voting.

with the coronavirus had increased to 4.1% of those getting tested, the highest level in the state since early June. Glenn Lungarini, the executive

director of the Connecticut Interscholastic Athletic Conference, said Tuesday that his organization had hoped to release a full plan for winter sports on Nov.

10, but may need to push that back to the following week given the uncertainty with the pandemic. —Associated Press

There is a week until Election Day and more than 2.6 million ballots have already been cast in New Jersey, Gov. Phil Murphy said Tuesday. That amounts to 67% of the voter turnout in 2016 and stems from the state holding its first mostly mail-in election. Mr. Murphy, a Democrat, cited Covid-19 when he signed an order in August calling for all active registered voters to get a ballot in the mail. Voters can cast their ballot by sending it back through the mail, dropping it in one of at least 10 official drop boxes in each county, handdelivering it to their county election office or taking it in person to their polling place on Election Day. Polls are open from 6 a.m. until 8 p.m. on Election Day. —Associated Press

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A10B | Wednesday, October 28, 2020

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GREATER NEW YORK METRO MONEY | By Anne Kadet

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hile sales of SnapDragon and RubyFrost are just gaining momentum, the story goes back more than a decade, when Cornell University’s apple-breeding program announced that the new varieties—then known as NY1 and NY2—were up for grabs. A band of 147 New York farmers bought exclusive rights to grow the apples, which allows them to control quality and avoid overproduction. Their organization, Crunch Time Apple Growers, operates like a coop. Members pay a licensing fee for

But the SnapDragon—yippee! A cross between the Honeycrisp and an unnamed Cornell apple-breeding selection known as NY752, it’s even crispier and juicier than a Honeycrisp, and has a sweet, tangy flavor that is super satisfying. It’s my new favorite apple. Susan Brown, the Cornell University apple breeder who co-created both the SnapDragon and the RubyFrost, says the two varieties were developed to accomplish different things. The RubyFrost is great for baking, resists browning and has the tart flavor profile appealing to about 30% of consumers. I asked which she prefers. “I will not answer that!” she said. “I learned with my children that you have no favorites.” So how are these varieties performing? During the past three years, nationwide sales of RubyFrost grew 192%, to $2.4 million, while SnapDragon sales grew 154%, to $4.3 million, according to Nielsen.

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f RubyFrost and SnapDragon sputter out, the Crists are in trouble. An orchard just down the road that failed to replace its older varieties with more popular options was abandoned last year after production costs exceeded sales. “The apples are still out there, hanging on the trees,” Mr. Crist says. But so far so good. He says his farmer cousin, who also has a road stand, reports that “Snaps” are outselling Honeycrisp two-toone among regular customers. “It just proves it’s going to work,” says Mr. Crist. “We just need to get it out there.”

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SnapDragon and RubyFrost avoid the production risks associated with Honeycrisp, while earning a decent profit. At least in theory. “We’re betting that five years from now, everyone wants SnapDragon and RubyFrost, not Red Delicious,” says Mr. Crist, who trucks around the orchard listening to NPR podcasts and samples up to 200 apples a day at harvest time.

Together, however, they still account for less than 1% of the $4 billion annual U.S. apple market, compared with 26% for Honeycrisp. The problem? RubyFrost and SnapDragon are just two of several dozen “club” varieties hitting supermarkets these days, each with their own marketing campaigns. It’s hard to get noticed. “I’m disappointed in the lack of grocery-store shelf space, without a doubt, and dismayed that they don’t give it to local apples that are this good,” says Joy Crist. Still, local farmers have high hopes. Scott Hill, owner of the Orchards of Concklin in Pomona, N.Y., which sells produce at its own stand and at New York City farmers markets, says that while he offers 20 apple varieties, he’s been blown away by the reaction to SnapDragon. “It’s the only apple I’ve seen that takes sales away from Honeycrisp,” he says. And like Honeycrisp, SnapDragon can fetch $2.99 a pound retail—a dollar more than all other varieties, he says.

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Joel Crist, below, says his family’s New York orchard is betting big on SnapDragon and RubyFrost upstarts to boost business.

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Jeff and Joy Crist and their grown children Joel Crist and Jenny Crist Kohn have bet the family farm on an apple. Make that two apples. They’re hoping one or both of the new, locally bred varieties they have planted in their orchard—the SnapDragon and the RubyFrost—will be the next Honeycrisp. A monster apple sensation. “It’s the greatest New York story and they are great apples,” says Joy Crist. “We’re firm believers.” I recently took the trip 90 minutes north of New York City to visit Crist Bros Orchards in Walden, N.Y. The 700-acre spread produces roughly 75 million apples a year, making it one of the state’s larger wholesale orchards. And the Crists have converted 20% of their acreage to the new varieties. It is an expensive, longterm bet on consumer preferences, says 32-year-old Joel Crist, who represents his family’s fifth generation on the farm. Orchards cost about $20,000 an acre to plant, and take about five years to produce a commercial crop. “It can be darn near catastrophic if you make the wrong bet,” he says. Why take the risk on two little-known varieties? It comes down to economics, Mr. Crist says. Core varieties such as Red Delicious that were bred mainly to look good and ship unscathed have fallen from favor in recent years. They often fetch less on the wholesale market than they cost to produce—roughly $18 for a 40-pound box. The newer, popular Honeycrisp, which the Crists also grow, can fetch $50 a box or more. But it’s fussy, delicate and expensive to produce.

SARA HYLTON FOR THE WALL STREET JOURNAL (2)

It’s Crunch Time for New Apple Varieties in N.Y.

each tree, plus a percentage of sales. Proceeds support both Cornell’s breeding program and Crunch Time’s marketing efforts. Like minor celebrities, SnapDragon and RubyFrost have their own websites, Facebook pages, Instagram feeds, hashtags (#seekthesnap, #getyourchompon) and YouTube hubs. It’s a nice story about lo-

cal empowerment. But if the apples are lousy, who cares? Last week, in the parking lot outside the Crist Bros packing plant, I tried both.

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he RubyFrost, a cross between a Braeburn and an Autumn Crisp, was disappointing. While it’s got a great crunch and a lovely, deep, red color, the flavor didn’t wow.

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Wednesday, October 28, 2020 | A11

BY ANNE MARIE CHAKER

The Covid Thanksgiving ing holiday tensions that exist even in ordinary times, as relatives disagree over precautions. “It’s like the Civil War, when families had half their sons on the side of the North and the other half on the side of the South,” says Michael Osterholm, director of the Center for Infectious Disease Research and Policy at the University of Minnesota. “It’s the same thing over Covid issues in families.”

Rachel Simoneau wants to fly out to visit her parents for Thanksgiving.

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about how it feels for your child, who normally wouldn’t be sitting next to you in class. Jenny Rooney, a fifth-grade teacher at Cornerstone School at Pedregal, a public elementary school in Rancho Palos Verdes, Calif., said about a quarter of her students have parents sitting next to them during virtual class. “A couple of times parents have said something during the actual Zoom meeting and I made it pretty clear that that wasn’t acceptable,” she said. Ms. Rooney teaches at a “parent participation school,” which requires parents to spend four hours a week in the classroom. The idea behind that is for parents to provide extra support for all students, not just their own. “With online school, the focus is on their own child, and the idea that we’re a village goes away,” said Ms. Rooney. “A lot of kids have headphones on and the parents don’t get to hear us and so they’re asking their child questions and the kid is re-

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Helicopter Parenting In the Online Classroom FAMILY & TECH JULIE JARGON

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emote school has created a whole new group of people for teachers to manage during class time: parents. Now that moms and dads have gotten a new window into the classroom, many are having a hard time staying out of it. Some are asking questions during live video classes or texting teachers while class is in session. Others are sitting next to their kids and asking them questions or prodding them to speak up. In one hybrid class, an at-home parent on Zoom interrupted a teacher to point out that a student in the physical classroom wasn’t wearing his mask over his nose. School districts have been sending memos to parents reminding them of Zoom etiquette, such as not swearing in the background, not interrupting kids or teachers during class and remaining fully clothed while their children are online. I get it, parents. It’s hard to resist getting involved in the kids’ education when it’s unfolding right in front of us. After all, research shows that parental involvement in school leads to better educational outcomes. But this is some next-level involvement. Think about how it feels for the teacher to work under your constant watch. More important, think

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Is it safe to gather for Thanksgiving this year? As coronavirus cases surge, families are buying outdoor heaters, contemplating virtual meals and worrying that grandma should stay home. Still, many people say they are craving connection. “Not being able to see each other on a regular basis has been hard enough,” says Rosie Mattio, a communications consultant in Closter, N.J., who says her family—including her two brothers, their wives and children—has been cautious about visits since the pandemic began. Her father is recovering from cancer treatments; she has visited with him only outdoors and wearing masks. She recently spent $500 on outdoor heaters and plans on hosting a meal on her patio, underneath tents she plans to purchase, with four tables set up 6 feet apart to accommodate each family branch. “These occasions seem more important than ever,” she says. Rachel Simoneau, a development director for the Jewish Community Center in St. Louis, wants to fly out to visit her parents in Boca Raton, Fla., for the holiday. But she is struggling with guilt. “What if I am being absurdly selfish?” she wonders. “I just want to see my family.” The CDC offers suggestions for lower-risk activities, such as a small dinner with members of your household; preparing traditional foods for neighbors or rela-

tives and delivering them in a contact-free way; or having a virtual dinner. Indoor gatherings where people are in close contact for extended periods are especially risky: The virus spreads through respiratory droplets produced when people do things like talk or breathe, and particles can linger in the air of enclosed spaces for hours, the CDC says. Dr. Osterholm notes that holiday gatherings present particular risks in part because of older relatives. “The consequences are so high,” he says. “These are multigenerational events.” Syra Madad, senior direc-

tor of NYC Health + Hospitals system’s Special Pathogens Program, says family members traveling to other states should quarantine for 14 days before gathering with other people. Many families are trying to come up with new ways to celebrate. In Kingston, Mass., Ken Cook is taking a cue from his days tailgating at Patriots football games and hosting a “Tailgating Thanksgiving” in his backyard. He will pull out his old gear from the basement, including three pop-up tents which he envisions will house “pods of cooking stations,” he says. Tabletop lanterns will sit on folding tables to provide light and heat. A turkey will be cooked in a deep fryer outside along with vegetables and other side dishes over propane camping stoves. Children can roast marshmallows over a recently constructed fire pit in the backyard. “We’re going crazy but it’s going to be fun,” says the 65-yearold lab technician, who has four sons and seven grandchildren. His daughter-in-law, 44-year-old Amanda Cook, plans to attend and says she will probably make her popular Brussels sprouts. “Maybe we will make a new tradition.”

been a couple of times where I’ve wondered,” she said. “I’m not going to accuse anyone of not doing the work, but I’m not going to use those particular assignments in final grades. I’ve talked to the parents as a whole, reminding them to make sure it’s their child’s work that’s being submitted.” I made several attempts to reach parents in Ms. Rooney’s class to get their input, but I didn’t get any takers. Educators say remote learning has changed the classroom dynamic. “Learning means you struggle. If students were in the classroom they’d struggle and figure it out, but at home they can run to mom and dad,” said Siri Fiske, founder of Mysa School, a private “micro school” in Washington, D.C., that emphasizes small classes and independence in children. “If parents could just get out of the room, parents could get their work done and kids could get their work done. Kids need to take that responsibility, and they can.” It’s a conundrum because, with remote school, teachers depend on parental involvement. “I can’t go to your house and get your child out of bed and onto the screen or make sure they’re listening to me,” said Ariel Martinez Brumbaugh, a teacher and administrator at Mysa School. Still, she says, it’s made for a sometimes challenging situation for teachers. “There’s an awkwardness that didn’t exist before. If you’re having it out with your teen about putting their phone away or turning their camera on,

I’m not supposed to be hearing that, but I do,” said Ms. Martinez Brumbaugh. “Occasionally a parent will text me about something I said in class. You forget sometimes that a parent is watching.” The hard part for parents is figuring out how to support their children without overdoing it. Marnie Lewis, the mom of a fifth-grader at Mysa School, said she grapples with this daily. One day she began helping her daughter with an assessment and then stopped herself. “I said to myself, ‘Marnie, you can’t help her with that or the teacher won’t know what she knows,’ ” she said. Another time when she logged into her daughter’s online classroom and saw a reading assessment that indicated her daughter was struggling, she had to remind herself to step back and let the teachers work with her. “I’ve written to the teachers to say, ‘I really want to stay out of this but I need your advice on how to help. Do I just need to let her fail and let it

go?’ ” she said. As an instructional technology coordinator for a public school in Virginia, Ms. Lewis has seen the issue from the other side, too. There have been times when she’s seen parents appear on camera to ask the teacher for tech help. “We’ve told parents they can’t ask the teacher for tech help while the teacher is teaching,” she said. “They’re supposed to reach out to me for help.” Even for parents like Ms. Lewis, who don’t want to overstep, it’s hard to know when not to. She said her daughter sometimes gets distracted during breaks and doesn’t return to class on time. “I’m logged into her account on my computer and I toggle between her schedule and my work. I don’t want to be a nag but I’m like, ‘Lunch is over, you should go back.’ It’s a really tenuous line,” she said. “Before the pandemic I wouldn’t think about any of her school stuff until she came home, but now it’s all day long.”

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FROM TOP: ILLUSTRATION BY MELINDA BECK; CATE TEUTEN BOHN; RACHEL SIMONEAU

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ed Teuten is facing an agonizing question for Thanksgiving this year: Is it safe for his 76-year-old mother to come? Mr. Teuten, an interior designer, normally hosts a feast with family and friends. This year, he’s debating the risks his mom will face if she travels to his home in Chicago from hers near Albany, N.Y. “My sister and I just finished texting about whether to put my mom on a plane,” he says. He’s worried too about the risks of a long, indoor dinner at close quarters. “The whole thing is deeply questionable at this point,” he says. His mother, Marguerite, says she will likely end up staying home. “I have a feeling I’ll be spending it completely alone,” she says. “And I am really not looking forward to that.” The pandemic is creating some gut-wrenching decision-making for families. After seven months of isolation, the pull of getting together is strong. But with cases surging across the country and hospitalizations rising too, the risks are high for traditional celebrations. The Centers for Disease Control and Prevention advises against big indoor gatherings and warns against travel. Only 27% of people say they are celebrating Thanksgiving as they normally would, according to a recent survey of 9,262 adults by CivicScience. Of those who are meeting in person but taking precautions, 20% plan to be with a smaller group, 14% plan to wear masks and 14% plan to social distance, according to the poll. Two-thirds of adults think traveling for the fall and winter holidays poses at least a moderate risk to their health and well-being, with 32% saying it poses a large risk, according to a recent Axios/ Ipsos poll of 1,079 people. In some families, partisan divides over the virus are exacerbat-

The hard part is figuring out how to support your children’s learning without overstepping. sponding and not focusing on class. That’s pretty disruptive during online learning,” Ms. Rooney adds. “It’s not the child doing the thinking, it’s the parents doing the thinking.” She suspects that some parents are doing their kids’ work for them. It’s the pandemic version of the science fair where the kid who shows up with the DIY DNA test isn’t fooling anyone. “If something is typed, I don’t honestly know if a child did the work or if a parent did. There have

Ted Teuten, his sister Cate and mother Marguerite in 2015.

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

A12 | Wednesday, October 28, 2020

THE WALL STREET JOURNAL.

NY

PERSONAL JOURNAL. | FAMILY & RELATIONSHIPS that bad times do end. And they gave me an intimate peek at how people have held on to hope in the darkest times. “If you look at how surprising events often come about in unpredictable ways, it can get you out of a fatalist way of thinking,” says Michael Milona, an assistant professor of philosophy at Ryerson University in Toronto and author of a just-published white paper on hope and optimism commissioned by the John Templeton Foundation, a philanthropic institution that funds scientific research.

Finding

HOPE

Future cast

ILLUSTRATION BY EDEL RODRIGUEZ

when everything feels hopeless

Take a small step

MY RIDE | A.J. BAIME

Hope

Measure it

To increase hope, it helps to know your baseline or starting point—and which areas you need to improve. In the early 1990s, a psychologist named C.R. Snyder created the Adult Trait Hope Scale, a list of 12 questions that test whether a person has both the agency and the pathway-thinking necessary for hope. And Dr. Scioli has a longer online quiz that explores the four areas he believes hopeful people draw on: attachment, mastery, survival and spirituality. It can measure both your current level of hope and your long-term capacity for it.

Read history

Since the pandemic began, I’ve read books on the Black Death, the Civil War, Winston Churchill’s inner circle during the London Blitz and Miami in 1980 (it was a very bad year). Each one cheered me up. They helped me put 2020 in perspective. They reminded me

This ’26 Ford Model T Has History Written All Over It

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eople talk about how the Model T changed the world. To me, this story is an example of how that happened. From 1934 to 1942, every summer a group of women in their 20s from Bradford, Ill., would take a trip in a Model T they called the Silver Streak. Growing up, I first learned about these trips because my mother, Regina Fennell Butte, went

on one in 1939 to the New York World’s Fair, and my aunt, Eleanor Butte, went on two. The trips were organized by Darlene Dorgan, who ran a beauty parlor in Bradford and who owned the Model T. There was no air conditioning, and she enjoyed going north for cooler weather every summer. Now it wasn’t common for young women to take off unescorted, but these girls had spirit. At one point, Darlene claimed they went 71,000 miles in this Model T, visiting 44 of the 48 states. I have doubted the veracity of that statement as the car had no odometer. How they kept track, I have no idea. In 1938, the girls decided to go from Bradford to Dearborn, Mich., the home of Ford Motor Company, to wish Henry Ford a happy birthday. They were uninvited, but they actually met him, and

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John Butte, 71, a retired Caterpillar executive from Dunlap, Ill., on the 1926 “Bradford Model T Girls” Ford, as told to A.J. Baime.

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ter word for the moment: Hope. Yes, it feels increasingly elusive—seven months into a pandemic, during an emotionally exhausting election cycle, as winter bears down. Yet hope is the very best reaction for the moment, psychologists say. It’s crucial to our physical and mental health. It guards against anxiety and despair. And it protects us from stress: Research shows that people with higher levels of hope have better coping skills and bounce back from setbacks faster. They’re better at problem-solving and have lower levels of burnout. They have stronger relationships, because they communicate better and are more trusting. And they’re less-stressed parents—more able to teach their children to set goals and solve problems. “You can think of hope as a PPE—a Personal Protective Emotion,” says Anthony Scioli, a professor of psychology at Keene State College in Keene, N.H., and co-author of “Hope in the Age of Anxiety” and “The Power of Hope.”

Similarly, if someone you know seems despondent or hopeless, please reach out to them. In case you need it, the National Suicide Prevention Lifeline number is 800-273-8255. Here’s some advice for everyone whose hope could use a boost right now.

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I’VE GOT THE PERFECT four-let-

Most psychologists define hope ability to hold on to positive as a yearning for something possithoughts and feelings even while ble but not certain—such as a betprocessing something negative. ter future—and a belief that you Spirituality is a belief in somehave some power to make it hapthing larger than yourself. pen. And they believe it has two The good news: Hope is malleacrucial components: Agency, or the ble. You can boost it. Scientists say motivation, to achieve the desired it’s important that the area of the goal. And a strategy, or brain that activates when pathway, to do that. we feel hopeful—the rosThis is how it differs tral anterior cingulate from optimism, which cortex—sits at the interis the belief the future section of the limbic sysis malleable. will work out no matter tem, which governs our You can boost what you do. emotions, and the preit. We have Think of it like this: frontal cortex, where some If you want to lose 10 thoughts and actions are influence over pounds, you need a initiated. This shows we feelings plan and the willpower have some influence over of hope (or to follow it. Without feelings of hope (or hopehopelessness). this, you’ve got no real lessness). “Hope is a hope for a fitter body. choice,” says Rick Miller, Just wishful thinking. clinical director of the Some people are more hopeful Center for the Advanced Study and than others, thanks to a combinaPractice of Hope at Arizona State tion of nature and nurture. Dr. University. Scioli believes these people draw Of course, it seems harder to on four main resources: Attachchoose hope at the moment, when ment is a sense of continued trust the world seems so bleak and our and connection to another person. brains are on high alert, constantly Mastery, or empowerment, is a scanning for threat. feeling of being strong and capaIf you’re grappling with a deep ble—and of having people you addespair and are having trouble mire and people who validate finding any hope, I strongly recyour strengths. Survival has two ommend you speak to someone—a features—a belief that you aren’t therapist, clergy member or countrapped in a bad situation, and an selor, family member or friend.

Often, when we’re stressed, we become overwhelmed. Setting one goal for the week—and identifying the steps we need to take—can give us a sense of control. “Once we begin to experience the success in those steps, we start to see more clearly that the future is possible and we have the power to pursue that goal,” says Chan Hellman, executive director of the Hope Research Center at the University of Oklahoma-Tulsa and coauthor of “Hope Rising: How the Science of Hope Can Change Your Life.”

Watch your words

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BONDS ELIZABETH BERNSTEIN

FROM LEFT: DANIEL ACKER FOR THE WALL STREET JOURNAL; DARLENE DORGAN BJORKMAN ESTATE

Imagine yourself happy when life returns to normal. Arizona State’s Mr. Miller recommends visualizing four areas of your life—home and family, career, community and recreation—and to ask yourself how you would like them to look in the future. Picture them in great detail. (Who are you with? What are you doing? How do you look?) Those are your goals. Next, think about what you need to do now to make that vision happen. Now you’ve got agency.

every year from then on, wherever they were on their travels, they would send him a happy birthday telegram (his birthday was on July 30). He began calling them the “Bradford Model T Girls.” The trips ended in 1942 because of World War II and the rationing of tires and gasoline. My mother always spoke so fondly of the trip she went on. She passed away in 2011, and when I was writing an obituary about her, I included a paragraph about her trip to the World’s Fair. I felt this urge to find out if the Silver Streak Model T

still existed. Using the internet, I was amazed at how much I began to uncover. I found the car in Portland, Ore.; it was owned by a daughter of Darlene Dorgan’s, and I was able to buy it from her in 2012. The car was still covered in original graffiti, what they called at the time Lizzie labeling, because people referred to the Model T as the Tin Lizzie. In 2013, my wife, Carmen, and I made a trip to the Benson Ford Research Center in Dearborn, Mich., which is basically the Ford archives. We found photographs of the Brad-

Many years ago I interviewed Elie Wiesel, the Nobel laureate, author and Holocaust survivor. Mr. Wiesel told me something I have never forgotten: “Every word we speak or write matters.” Heed Mr. Wiesel’s advice. Think carefully about your words. Use hopeful language: “I can.” “We will.” “It’s possible.” Spread hope. Emotions are contagious. And everyone is searching for hope right now. So model it for others. Explain what makes you hopeful. Share your goals. And describe how you plan to reach them. You may garner support. You’ll inspire others, showing what is possible. Remember: Hope begets hope. “When people around you are energized, that can energize you, as well,” says Dr. Milona.

The Bradford Model T Girls drove their car on road trips in the 1930s. It is owned now by John Butte, far left.

ford Model T Girls, and telegrams between Henry Ford and mostly Darlene, but also others. I have found newspaper articles and, by making contact with the children of other women who went on these trips, I found three diaries and many letters, all of which helped me to fill out the story. In 2015, I self-published a book called “Darlene’s Silver Streak and The Bradford Model T Girls.” Every year since I bought this car, except in 2020 because of the pandemic, I have driven it in Bradford’s Labor Day Parade. This is a big event in Bradford, and it goes down Main Street where Dorgan’s Café used to be—the popular café run by Bill and Daisy Dorgan, who bought the Model T for their daughter, Darlene. In the car with us was the last surviving Bradford Model T Girl, Winnie Swearingen Hays, now 102 years old. Those parades are some of the most memorable miles I have ever driven.

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

Wednesday, October 28, 2020 | A13

KINO LORBER (3)

Clockwise from left: images from ‘The Ape,’ ‘Curse of the Undead’ and ‘The Face at the Window’

FILM REVIEW

Tamer Tales of Terror These horror films’ gentle scares are a respite from the year’s calamity

IF EVER THERE WAS a year when Halloween didn’t require any extra frights, this is it. Medical calamity, chaos in the streets, mental anguish—who needs a day dedicated to exacerbating all that? Yet we can’t help ourselves. Concerns that “Halloween might be canceled” seemed to top the news, or at least social media, for a few days earlier this month. So if there must be additional scares, keeping them light seems the wisest course, with gore and its ilk eschewed for tamer thrills. And Kino Lorber has come to the rescue with a trio of pictures newly liberated from the crypt, all in luminous 4K or 2K transfers on Blu-ray and DVD. “The Face at the Window” (1939) preserves on film Brooke

Warren’s 1897 stage melodrama, which the movie’s title card proclaims “famous.” It contains a host of tropes we now associate with classic horror pictures, among them a damsel in distress, a mad scientist, an evil nobleman and a passel of murders. But a romance lies at the heart of this 65-minute potboiler, set in Belle Époque Paris and directed by George King with fine distinction drawn between the high and low life depicted. The love story, in which a poor but handsome bank clerk courts his employer’s comely daughter, is thwarted by the Chevalier del Gardo (Tod Slaughter, conveniently named), an unctuous, unscrupulous and supercilious character exuding malevolence from every pore. Is he, perchance, the dreaded Le Loup, a killer terrorizing the

tells the town preacher, “It’s amazing how little influence you have when you’re not around.”) In fact, the film’s blending of western and ghoulish modes— from a script co-written by Edward Dein, the movie’s director, and his wife, Mildred—is considerably better than Mr. Weaver suggests. With its eerie, electric-violin heavy score and noirish lighting, it casts a potent spell. And its story of a stereotypical western town turned upside down by the arrival of a bloodsucking gun-for-hire (a cadaverous Michael Pate) and his attempt to woo the county’s most eligible maiden (Kathleen Crowley) from the arms of an earnest clergyman (Eric Fleming) puts a welcome spin on a stock scenario. Films like these remind us that scares do not have to be scarring. They also assert that atmosphere is at least as important as plot in this genre, arguably more so. And disconcerting things—like women in peril, bubbling beakers, mist illuminated by moonlight, and Karloff himself—can offer a strange kind of comfort because of their familiarity. Now more than ever, that seems appealing.

co Fo m rp m er er s ci on al a l us , e on

BY DAVID MERMELSTEIN

reer before playing fiends on film, including Sweeney Todd three times, and with his plummy voice and dagger-sharp enunciation he is as much a joy to hear as to watch. Boris Karloff is the prime draw in “The Ape” (1940), even if this 62-minute effort, co-written by horrormeister Curt Siodmak, is largely unworthy of its star. Karloff plays the discredited and disliked Dr. Adrian, who just may cure polio if he can acquire enough of the right serum. He certainly has incentive in the form of the stricken Frances (Maris Wrixon), whom he loves as a daughter. Perhaps too much, for when he carelessly loses some of the precious elixir, he turns to murder to create more. That he does so in the skin of an escaped circus ape should lead potential viewers to conclude that plot is not among this picture’s strengths. But there are some fine characterizations by a capable, if not starry, cast. And there is always something compelling in any Karloff performance, here augmented by an avuncular pushbroom mustache. Not one but two irreverent commentary tracks accompany this picture (heaven knows why), but they will interest anyone curious about Hollywood’s Poverty Row studios, specifically Monogram Pictures. The track with Tom Weaver, a noted historian of genre movies, is alone worth the price of this disc, so delightful and, at times, laugh-out-loud funny is his dissection. (Or should I say vivisection in this case?)

Mr. Weaver is also on hand to kvetch about “Curse of the Undead” (1959), a 79-minute mashup melding horror and the western, both of which were in vogue when it was made, even as black-andwhite movies, like it, were not. He skewers the film mercilessly in his sardonic yet learned commentary. (He does allow that the picture contains one great line, when the vampire and principal malefactor

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A14 | Wednesday, October 28, 2020

THE WALL STREET JOURNAL.

* *****

SPORTS

The Dodgers Win the World Series The team claimed its first title since 1988, but Justin Turner exited early after receiving a positive Covid-19 test result

ly able strategic decision that changed the momentum of the contest. Rays ace Blake Snell looked untouchable, allowing just two hits through 5 1/3 innings. Then, with the Rays up a run and a man on first base, Tampa Bay manager Kevin Cash removed Snell, replacing him with reliever Nick Anderson, who had struggled in recent weeks. As Snell walked off the mound, the pandemic-restricted pro-Dodgers crowd of 11,437 cheered loudly. The move followed a familiar script for the Rays, who rarely let a starting pitcher face an opposing lineup a third time. Given Snell’s outing to that point, the Dodgers didn’t complain--and they immediately pounced. Mookie Betts doubled. A wild pitch plated the tying run. The go-ahead run scored on a grounder by Corey Seager, with Betts sliding across the plate ahead of first baseman Ji-Man Choi’s throw home. Betts, the superstar outfielder the Dodg-

Weather

ers acquired for this exact moment, sealed it in the bottom of the eighth with a home run. In many ways, the outcome came as no surprise. The Dodgers finished the curtailed 60-game schedule with a record of 43-17, continuing their streak of eight consecutive division crowns. The Dodgers combined star power with a seemingly limitless supply of depth to build a juggernaut. A similar sentiment also applied to the 2019 Dodgers. And the 2018 Dodgers. And the 2017 Dodgers. Since Andrew Friedman took over the front office before the 2015 campaign—following a long tenure as the Rays’ general manager—the Dodgers are the only organization with an overall winning percentage above .600. Despite perpetually stacked rosters, those other groups all faltered, increasing the pressure on Friedman and manager Dave Roberts to succeed. As heartbreaking losses piled up, the Dodgers stum-

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The company accounts for more than a third of online sales in the U.S.

Covid-19 restrictions pushed more people toward online shopping. After struggling to meet a surge in online ordering at the outset of the pandemic, Amazon postponed its annual Prime Day sales event

until earlier this month. The promotion propelled consumers to spend billions of dollars, but the event was also marked by activism around the country, including an online petition targeting Amazon’s productivity expectations for warehouse workers. Retailers including Walmart Inc. and Target Corp., as well as e-commerce companies such as Instacart Inc., have also seen immense growth online and hired hundreds of thousands of workers. Brickand-mortar retailers have booked some growth through their digital sales as their stores experienced Covid-19 disruptions. Some retailers plan to close stores on Thanksgiving and are offering Black Friday deals online during November and December to reduce crowds.

for customers to find what they are looking for—a relevant issue this spring when a search for “mask” was as likely to bring up costumes as protective face coverings. In the early days of the pandemic, the Centers for Disease Control and Prevention recommended against wearing face masks. When that position changed in April, many retailers weren’t ready, leading Americans to piece together face coverings out of old bedsheets and T-shirts. Amid the effort to source reusable face masks, Etsy appealed directly to its then-2.8 million sellers through blog posts, emails and even television appearances from CEO Josh Silverman. “We’ve got a lot of materials available on Etsy that’ll show you the pattern that you need to use and give you tips and guidelines on how to get your shop up and running very

quickly so that you can make some extra income,” he said during an April interview on Fox News. The marketplace was flooded with masks of a variety of sizes, colors and fabrics, and Etsy quickly established itself as a go-to destination for fabric masks. Stephen DeMent, 40 years old, who owns an Etsy shop called Funk and Chill, heeded that call. A Seattle native living in Thailand, Mr. DeMent said his shop usually has three times its current selection of apparel and accessories. He reduced listings and quadrupled his formerly five-person staff to keep up with demand for masks. Funk and Chill has sold about 100,000 masks, he said, pushing revenue up roughly 700%. “It’s basically been a six-month marathon,” he said. While many Etsy shops are run by individual sellers who were already working from

home, some newly furloughed workers with sewing skills gravitated to the platform, pushing the number of active sellers to 3.1 million, the company said. Etsy charges sellers a fee of 5% of the list price for items sold on the platform. The platform is currently adding between 45,000 to 50,000 new sellers a week, and already has outstripped the total number of sellers added last year, according to data from Marketplace Pulse, a research firm. Half of those new sellers are based in the U.S., a significant jump over the past two years, said Marketplace Pulse founder Juozas Kaziukenas. Etsy said it is continuing to make other improvements to the buying experience, including giving sellers the ability to display estimated delivery dates and rolling out Klarna, which allows customers to pay for purchases in installments, to U.S. shoppers last week.

The company will report third-quarter results on Thursday. Analysts polled by FactSet expect Amazon to post a profit of $3.84 billion on sales of $92.78 billion for the period. Amazon has experienced a wave of orders this year as

Games, Cloud Lift Microsoft

Showroom

   

               

North America this year. Amazon said it pays its workers at least $15 an hour. Last month, the company said it would hire 100,000 additional warehouse employees in the U.S. and Canada. Excluding seasonal workers, Amazon’s world-wide workforce will be roughly one million after accounting for the 100,000 additional positions and 33,000 corporate and technology jobs it is adding. Amazon will have more than 700,000 employees in the U.S. once those positions are filled. Amazon, which accounts for more than a third of online sales in the U.S., has recorded record profits during the pandemic. It posted a record $88.91 billion in sales during its second quarter, and profit doubled to $5.24 billion from the same period last year.

.

BY DAVE SEBASTIAN

              

Continued from page B1 Hood said. Chief Executive Satya Nadella is doubling down on the company’s gaming effort. Microsoft last month said it would spend $7.5 billion to acquire ZeniMax Media Inc., the owner of game developer Bethesda Softworks as well as the Doom videogame franchise. The deal came shortly after Mr. Nadella’s failed bid to buy parts of the popular short-form video app TikTok from Beijing-based ByteDance Ltd. Microsoft forecast recordbreaking sales for the current quarter. But its projection for $13.2 billion to $13.6 billion in revenue for the segment that included its gaming business fell short of Wall Street’s lofty expectations, sending the stock down more than 1.5% in aftermarket trading. Throughout the pandemic, Microsoft has enjoyed a boost to its cloud services, including its workplace-collaboration software package Teams that offers features that compete with Slack Technologies Inc. and video-teleconferencing service Zoom Video Communica-

BRENT LEWIN/BLOOMBERG NEWS

In Memoriam

An Amazon facility in Eastvale, Calif., in May. Excluding seasonal workers, Amazon’s world-wide workforce is headed to one million.

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A Facebook Inc. executive in India who was at the center of a political storm over the company’s policy on anti-Muslim hate speech on the platform is leaving her position, the social-media giant said. Ankhi Das, Facebook’s top public-policy executive in its biggest market by users, said in an internal post provided by the company that she had decided to step down to pursue her interest in public service. The Wall Street Journal reported in August that Ms. Das had opposed applying Facebook’s hate-speech rules to a politician from the ruling Hindu nationalist party, along with at least three other Hindu nationalist individuals and groups flagged internally for promoting or participating in violence, according to current and former employees. Following the article’s publication, Indian lawmakers questioned Facebook officials, while the company’s staff pushed internally for a review of how it handles problematic content. In a letter from members of Facebook’s internal group for Muslim employees, called Muslim@, staffers from India, the U.S. and Middle East said the company needed to make its policy-enforcement process for high-profile users more transparent and less susceptible to political influence. Facebook later banned a member of India’s ruling party, T. Raja Singh, whom the

Journal identified as posting material that violated hatespeech rules. Mr. Singh has said in Facebook posts and public appearances that Rohingya Muslim immigrants should be shot, called Muslims traitors and threatened to raze mosques. A subsequent Journal article revealed that Ms. Das made internal postings over several years describing her support for the ruling party and criticizing its main rival, behavior some staff saw as conflicting with Facebook’s pledge to remain neutral in elections world-wide. “Ankhi has decided to step down from her role in Facebook to pursue her interest in public service,” Ajit Mohan, the company’s managing director for India, said. Ms. Das was “one of our earliest employees in India and played an instrumental role in the growth of the company and its services over the last 9 years,” he said. Ms. Das said in her post that she had “decided to step down from Facebook after long service to its mission of connecting people and building communities.” India is a key market for Facebook, which isn’t allowed to operate in China, the only other nation with more than one billion people. Facebook’s policies for policing content on its platform have regularly drawn accusations of political bias in the U.S., from Republicans and Democrats alike.

co Fo m rp m er er s ci on al a l us , e on

BY NEWLEY PURNELL

TERRY PIERSON/ORANGE COUNTY REGISTER/ZUMA PRESS

Facebook’s Head Of Public Policy in India Steps Down

With many people at home, laptops and tablets are selling strongly.

tions Inc. “The next decade of economic performance for every business will be defined by the speed of their digital transformation,” Mr. Nadella said. Teams, Mr. Nadella said, has more than 115 million daily active users, up from 75 million daily active users disclosed in April, and signaled that many of the changes made during the pandemic to how people work are expected to be lasting. “It’s clear that people will need more flexibility in when, where and how they work,” he said. “The next decade of economic performance for every business will be defined by the speed of their digital transformation,” he said. The shift to the cloud is expected to be a continuing focus for companies. Research firm

International Data Corp. Tuesday said that by the end of next year it expects 80% of enterprises will put a mechanism in place to shift to cloud-centric infrastructure and applications—a rate twice as fast as before the pandemic. Strong demand for longterm Azure contracts swelled commercial bookings in the quarter, Microsoft said. They rose 23% year over year, far ahead of the 7% and 12% increases the Redmond, Wash., company saw in the previous two quarters during the start of the coronavirus pandemic. Azure is now a bigger source of Microsoft revenue than its Windows software package, said Brent Bracelin, an analyst at Piper Sandler. The company doesn’t break out Azure sales figures.

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

THE WALL STREET JOURNAL.

Wednesday, October 28, 2020 | B5

BUSINESS NEWS

Covid study enrollment close to done; CEO is cautious but says use possible by year-end BY JARED S. HOPKINS AND MATT GROSSMAN Pfizer Inc. said a global latestage trial evaluating its Covid-19 vaccine is almost fully enrolled with participants, as its chief executive called for patience as researchers advance in collecting trial results. The drugmaker hasn’t yet conducted the first review of whether its experimental vaccine works safely. Pfizer’s Phase 3 trial seeking 44,000 volunteers needs fewer than 2,000 people to be fully enrolled, the company said Tuesday while announcing third-quarter earnings. The New York-based company also said that nearly 36,000 people in the trial received their second injection of either the twodose vaccine or a placebo. Pfizer’s Covid-19 vaccine, which it is developing in partnership with Germany’s BioNTech SE, is among the most advanced shots from pharmaceutical companies working to help stem the global

pandemic. “We have reached the last mile,” Pfizer Chief Executive Albert Bourla said on a conference with analysts discussing earnings. “Let’s all have the patience required for something so important for public health and the global economy.” Mr. Bourla reiterated the time line he laid out earlier this month for the vaccine’s potential rollout. He said Pfizer could file for an emergency authorization to put the vaccine into initial public use in late November, assuming positive trial results—suggesting shots could be made available in the U.S. before the end of the year. He also sought to provide assurances that vaccine development won’t be politicized. Mr. Bourla called the upcoming presidential election “an artificial milestone” and asked for patience as trial data is collected, analyzed and potentially filed to regulators. “This is going to be not a Republican vaccine or a Democratic vaccine. It would be a vaccine for the citizens of the world,” he said. He added, “I know how much stress levels are growing. I know how much a vaccine is needed for the world.” An outside panel of experts hasn’t performed the first re-

view of whether the vaccine works safely, known as an interim analysis, which was planned once 32 study participants become infected with symptomatic Covid-19, Pfizer said. The review is performed by an outside group of experts known as the data safety monitoring committee. “We don’t have the 32 events right now,” Mr. Bourla said. In an interview, Mr. Bourla said it is “extremely unlikely” any efficacy data about the vaccine would be made public before Nov. 3, partly because once the company gets the data it would take about a week to thoroughly analyze it. In Pfizer’s study, half the participants get a two-dose regimen of the vaccine three weeks apart, with the rest getting placebo shots. A week after subjects receive their second shot, researchers begin checking whether the vaccinated group develops symptoms more or less frequently than those who weren’t vaccinated. The Food and Drug Administration is requiring two months of observational safety data of vaccinated study participants. President Trump has said a Covid-19 vaccine could be available before Election Day.

PFIZER/REUTERS

Pfizer Late-Stage Vaccine Trial Nearly Set

The vaccine is being developed in partnership with BioNTech. Pfizer’s development time line, as well as those of the other top Covid-19 vaccine developers, make a pre-election greenlight unlikely. Pfizer has already spent nearly $2 billion on its Covid vaccine program. AstraZeneca

PLC, Moderna Inc. and Johnson & Johnson also have vaccines in advanced development. Mr. Bourla said that Pfizer, which is ramping up manufacturing capabilities, will be able to meet its commitment to provide 100 million doses in the

U.S. by March, and to deliver about 40 million by the end of this year. He also said the company plans to provide the Covid-19 vaccine to developing and lowincome countries, such as some in Africa, on a not-for-profit basis. The company’s price in the U.S. has tracked to about $20 a dose, although the government purchased the initial doses and plans to provide them to people free of charge. Sales for the vaccine are estimated at $3.5 billion next year before steadying at $1.4 billion annually, according to analysts at SVB Leerink LLC. Pfizer recorded third-quarter sales of $12.13 billion, compared with $12.68 billion in the same three-month period last year. Analysts surveyed by FactSet had forecast $12.31 billion of sales. The company’s biopharma revenue grew by 3% to $10.22 billion as sales expanded for drugs such as blood thinner Eliquis and arthritis treatment Xeljanz. Revenue from the company’s Upjohn segment, which focuses on generic drugs, declined by 18% to $1.92 billion. Pfizer plans to spin off Upjohn in a combination with U.K.-based Mylan NV that will be called Viatris.

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Eli Lilly & Co. reported lower-than-expected quarterly earnings due to pricing pressure on top products, while the drugmaker said it would proceed with plans to introduce a new Covid-19 antibody treatment despite a setback in one of several clinical studies of its uses. The company Tuesday reported third-quarter profit declined to $1.21 billion, or $1.33 a share, from $1.25 billion, or $1.37 a share, a year earlier. On an adjusted basis excluding certain items, Eli Lilly’s profit was $1.54 a share. Analysts polled

by FactSet had forecast an adjusted profit of $1.71 a share. Revenue rose 5% to $5.74 billion from $5.48 billion, but was short of the analysts’ forecast of $5.88 billion. The revenue shortfall came primarily from lower-than-expected sales of Lilly’s top drug, the diabetes treatment Trulicity. Lilly said that although it made modest listprice increases in the U.S., it had lower realized prices due to changes in its estimates of rebates and discounts for the drug. As a result, sales growth was lower than prescription volume growth. The Indianapolis-based com-

pany said it would continue pursuing U.S. authorization for an antibody drug to treat Covid-19 patients in the early course of illness and with a mild to moderate version of the disease. That comes after the National Institute of Allergy and Infectious Diseases said late Monday that it would close a study of a different use of that drug, later in the course of the disease in hospitalized patients. The institute concluded the antibody drug didn’t provide a clinical benefit to hospitalized patients. Eli Lilly Chief Executive David Ricks said Tuesday that the halted study doesn’t signal sig-

nificant concerns for LYCoV555’s safety. “We’ve learned antibodies are more likely to work early in the disease and are less likely to be effective in later stages of the disease,” he said in an interview after the company reported its third-quarter results. A separate study had shown that the antibody drug reduced hospitalization rates in people with mild to moderate Covid-19, and this is the basis for Lilly’s request for U.S. regulators to authorize its use. Eli Lilly plans to continue testing the drug in other studies, in patients early in the course of their disease, and in people at risk of infec-

tion, including staff and residents at nursing homes. Lilly shares dropped 6.9% to $131.90 Tuesday, which analysts attributed to investor disappointment in the antibody study halt as well as third-quarter results that missed expectations. The company lowered its profit guidance for 2020, though it projected continued recovery in the health-care sector despite the continuing pandemic. The company expects new prescriptions for patients to continue to recover in the U.S. Company executives also expect general health-care activity to accelerate following a

co Fo m rp m er er s ci on al a l us , e on

BY PETER LOFTUS

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.

Eli Lilly Posts Lower Earnings, Has Setback on Drug slump earlier in the pandemic as providers shift to telehealth. Jared Holtz, a health-care equity strategist at financialservices firm Jefferies, called the quarterly results slightly disappointing and said the setback for the Covid-19 antibody drug makes Lilly a less formidable player in the hunt for treatments. Drugmakers and health officials say antibody-based drugs may fill a treatment gap for Covid-19 and provide temporary protection, even before any Covid-19 vaccine becomes available. —Matt Grossman contributed to this article.

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B6 | Wednesday, October 28, 2020

THE PROPERTY REPORT

THE WALL STREET JOURNAL.

Delinquent Mall Owners Face Foreclosure Lenders take action as landlords continue to miss payments amid Covid-19 struggles BY ESTHER FUNG More lenders are starting to deliver a stern new message to delinquent mall owners: time to pay up. During the early months of the pandemic, lenders were willing to allow rent deferrals and offer other concessions to retail property owners. Retail cash flow would return once the initial lockdown period passed, lenders figured. But the pandemic has accelerated store closures. In a big blow to dozens of malls, Lord & Taylor filed for bankruptcy in August and will close all 38 of its stores. Now, as many landlords continue to struggle and miss payments, some banks and other lenders think it is time to start cracking down.

In one recent example, lenders to the Saks Fifth Avenue store at Miami’s Dadeland Mall are foreclosing on the property owner after it defaulted on its mortgage payment in April, and hasn’t paid since, according to court documents filed at a court in Miami-Dade County. The $846 million mortgage is securitized with collateral from 10 Saks stores and 24 Lord & Taylor stores around the country, meaning the lender could seize these properties through the foreclosure process. An entity affiliated with Hudson’s Bay Co., owner of the stores, said it has been in talks with the lender that began before the foreclosure proceedings. The owner “is disappointed that in the context of a global health crisis the lenders would choose litigation over cooperation but understand the background and continue to diligently pursue an amicable solution,” a Hudson’s Bay spokeswoman said. An attorney for the lender,

who represents the various bondholders in the commercial mortgage-backed securities market that have the loan, didn’t respond to requests to comment. Some lenders are now worried about fast-falling retail property valuations, which around the country are plunging by as much as 75%. Lenders say they are compelled to conduct foreclosure sales to recoup what is owed them. Meanwhile, a number of mall owners are filing lawsuits against retailers that they say have the financial ability to meet their obligations but haven’t paid rent. Some tenants, in turn, have asked the courts to allow them to break their leases. “Every step of the way, everyone is fighting each other to see who will take the loss,” said Jim Costello, senior vice president of research firm Real Capital Analytics. In New York City, a Canadian bank has launched foreclosure proceedings against a retail

Delinquency rates for commercial mortgage-backed securities 20% Retail 15

10 All property types

5

0 2019

’20

Source: Trepp

property in Midtown Manhattan owned by Harbor Group International. The property, whose former tenants include fashion and accessories retailer Charming Charlie, had a $40 million mortgage. The bor-

rower has been in default of its debt payments since May, according to a court filing last month. Harbor Group didn’t respond to a request to comment. Some mall landlords have given up. The owners of Park Plaza Mall in Little Rock, Ark., ended loan modification talks in the spring and turned the keys over to their lender. The mall was valued at $33.1 million when the negotiations collapsed, down from $142 million in 2011, according to realestate data firm Trepp LLC. A number of owners are looking at converting malls to residential buildings or warehouses, which are more in demand. But that could result in valuations on the redeveloped properties falling by 60% to 90% compared with preCovid-19 levels, according to research analysts at Barclays PLC. Only 15% of mall conversions to other mixed-use developers offered better recovery rates, the analysts said. Some mall investors are also

ly LATCHABLE

The business of investing in tech-oriented, startup property firms took years to gain traction in the stodgy real-estate industry. But it is gaining fresh momentum during the coronavirus pandemic. As fear of exposure to the new virus is limiting the ability to visit properties and close on them, demand is booming for startup firms that provide virtual ways to do this. Revenue and investment is rising for many, especially for those in the hot residential-sales business. In the latest sign of that demand, Camber Creek, a venture-capital firm that focuses on what is known as proptech, this month closed its third fund with $155 million. That easily exceeded the $120 million target when the fund was opened last year. “Over the past 10 years, there’s been this consistent but slow transition to technology,” said Casey Berman, founder of Camber Creek,

which was launched in 2011 and raised a total of $37 million in its first two funds. “Then in March, there was a moment in time when the perception of technology went from a niceto-have to a need-to-have.” Camber Creek has invested in more than two dozen startups. They include Notarize Inc., a firm that enables home buyers and sellers to use the internet to remotely notarize documents. In July, when Notarize announced a new $35 million funding round, it said its business had increased 400% since March. Camber Creek’s other portfolio companies include Latchable Inc., a startup that allows apartment-building tenants to use their phones to unlock building doors and unit doors, limiting contact with possibly contaminated surfaces. Proptech already looked poised to break out when the pandemic struck. A record $31 billion was invested in real-estate-technology companies in 2019, up from about $10 bil-

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BY PETER GRANT

.

Pandemic Boosts Startups Behind Virtual Solutions

pressuring landlords to sell properties, opposing fundraising plans that they believe will only prolong the suffering. A group of investors of Unibail-Rodamco-Westfield SE, which owns properties in Europe and big malls in San Diego and suburban New Jersey, said the company’s recently proposed €3.5 billion rights issue, equivalent to $4.1 billion, would be severely dilutive to its share price. The investors said that the Paris-based company should sell its U.S. mall portfolio instead. URW’s acquisition of Westfield Corp. in 2018 had “disastrous consequences,” according to a presentation by the activist investors who jointly own 5% of URW. The Westfield acquisition “burdened the company with debt, distracted management and was a gross misallocation of resources,” said Léon Bressler, a former chief executive officer of Unibail, the predecessor to URW.

Residents of the One Blue Slip apartment rental in Brooklyn use a system developed by Latchable to unlock doors using a cellphone.

lion in 2018, according to CREtech, a research firm. More than $10.4 billion has been invested in proptech year to date, which analysts say is an impressive showing given the lockdowns that impeded business early in the pandemic. “It’s still a healthy number,” said Michael Beckerman, chief executive of CREtech. The pandemic and recession have hurt some of the startups, particularly those specializing in property types that were hit

hard, such as retail and lodging. With millions of office employees working from home, a number of firms in the coworking business, such as Industrious and Convene, were forced to lay off staffers during the pandemic’s early months. Startups typically aren’t profitable for years, relying instead on investor capital. If their business models are now challenged by Covid-19, they are likely to face a bumpy road until the pandemic is over, Mr.

Beckerman said. Those with rising sales are finding much friendlier capital markets. Opendoor, a startup that enables homeowners to lock in a sales price and close quickly, combined with a special-purpose acquisition company in a deal last month that gave the online real-estate platform a value of $4.8 billion. Other ventures are geared to emerging real-estate trends born in response to the pandemic. Spencer Rascoff, Zillow

Group Inc.’s former chief executive, recently co-founded a firm named Pacaso. It uses a variation of the timeshare ownership model to sell weekend homes within a few hours’ drive of customers’ main residences, a market segment in hot demand. Most of the hottest startups these days are in the homesales business, where activity is booming. Deals have become heavily reliant on remote meetings, tours and document signings that use recent software.

BUSINESS NEWS

Rent the Runway Considers Sales

BY DREW FITZGERALD

KELLY SULLIVAN/GETTY IMAGES FOR RENT THE RUNWAY

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Rent the Runway is raising a new round of financing and is focusing on selling clothes, not just renting them, after the startup suffered a near-fatal blow from a coronavirus pandemic that has kept women home for most of the year. The New York company raised roughly $100 million in new debt and equity financing this week, as it continues to work toward a public offering. This funding represented a continuation of a $25 million funding round this summer that valued Rent the Runway around $750 million, according to people familiar with the terms, lower than a prior valuation. Rent the Runway launched in 2009 as an online clothingrental service for special-occasion apparel and accessories. It shifted to monthly subscription plans and expanded its offerings to include workwear, children’s clothing, and more recently home goods. But coronavirus has changed America’s wardrobe habits. Fewer people need as many work outfits or dress up for events. The company has long offered customers the option to buy items they rent, and it is expanding that service. Starting next week, Rent the Runway will allow its members to purchase any item on its site, whether or not they have rented it. More significantly, the option will become available to shoppers without a Rent the Runway subscription in the first half of 2021. “The company was always moving in this direction, but there is no way we would have headed in this direction as

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BY JOHN D. STOLL AND CHARITY L. SCOTT

The clothing rental startup said customers have shifted to buying more items than before the pandemic. quickly had it not been for Covid,” said co-founder and CEO Jenn Hyman. She said the goal is to boost revenue at a time when subscriptions are still below pre-pandemic levels. Covid-19 hit the closely held Rent the Runway hard, at one point cutting its subscriber activity by as much as two-thirds compared with pre-pandemic levels, Ms. Hyman said. To respond, she furloughed or laid off half the company’s workforce, scrapped its unlimited subscription plan, shut all retail stores permanently and reworked pricing. Its rental subscription now costs between $89 and $199 a month, depending on how many items customers want to have at a time. Rent the Runway said rental activity has improved from the summer lows, but existing customers have shifted to buying

T-Mobile Makes Bid For Pay-TV Viewers

more items than they did before the pandemic. A substantial portion of the new funding, provided by Ares Management Corp., will be spent on new marketing initiatives. Ms. Hyman also plans to add more head count, including engineers and data scientists. Other companies that sought to upend traditional retail have also had to rethink their business models during the pandemic. Stitch Fix Inc., a service that sends customers curated boxes of clothes, saw higher demand this summer for direct purchases from its website versus its “fixes,” which are items the company preselected and shipped to customers. Stitch Fix CEO Katrina Lake said changes in consumer behavior during the pandemic prompted the company to

speed up some moves, such as giving customers the ability to review items before shipment to reduce returns. Like other retailers, Rent the Runway will use dynamic pricing. If, for instance, a customer looks to buy something that has been listed very recently, it may be brand new, so there will be no discount. As the items begin circulating to members, buyers looking at used clothing will see prices fluctuate based on popularity and how much it has been rented. Several other e-commerce sites that sell used clothing are preparing to raise additional funds from investors. In recent weeks, both Poshmark Inc. and thredUp Inc. have said they filed paperwork with the Securities and Exchange Commission for initial public offerings.

T-Mobile US Inc. is launching a new home television service aimed at the millions of U.S. households that have cut the cable cord in recent years, jumping into the already crowded streaming-video market. The country’s No. 2 cellphone carrier said Tuesday that its long-planned TV service will start next week with three tiers: TVision Vibe, a bundle with nonsports channels like BET and Comedy Central for a $10 monthly fee; TVision Live, a midrange package with local broadcast channels, sports channels like ESPN and news brands such as CNN; and TVision Channels, which adds on premium cable options like Showtime and Starz. The company plans to deploy its TV service in stages. T-Mobile customers can access the service starting Sunday, followed by its legacy Sprint customers later in November. The wireless operator plans to eventually provide the service to customers of other cellphone carriers. T-Mobile unveiled a $50 Hub device with remote controls to carry the service through a plug-in dongle. The app is also available on Amazon Fire TV, Apple TV and Google TV devices. TMobile offered a year of free Apple TV+, the iPhone maker’s own on-demand video service, to customers who sign up this year. The wireless company’s TV service is taking on a market plagued by customer losses and dwindling profitability. Many cable customers have dropped TV subscriptions

from their bills, opting instead to buy broadband internet service as a stand-alone item and sign up for a panoply of video services such as Netflix and Disney+. So-called virtual pay-TV services delivered entirely online haven’t fared much better. AT&T Inc.’s DirecTV Now service, which delivers channels over the internet without a satellite, has shrunk since peaking at nearly two million subscribers in 2018. PlayStation Vue, a TV service from Sony Corp., shut down last year. Wireless internet services are still a small sliver of the more than 100 million U.S. households that subscribe to broadband. T-Mobile offered few details Tuesday about its planned fifth-generation home broadband service. The company plans to roll out 5G broadband to some areas over the coming months, though the home-internet version won’t be as widely available as its mobile service. Executives have promised to use the trove of airwave licenses acquired earlier this year through T-Mobile’s takeover of rival Sprint Corp. to offer 5G internet service over the air, but the company’s network overhaul is still a work in progress. TVision is T-Mobile’s second attempt at navigating a struggling pay-TV industry after its 2018 purchase of Layer3 TV for $325 million. The company has spent the past two years piecing together the rights to carry enough traditional live TV channels to compete with its bigger cableTV rivals.

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THE WALL STREET JOURNAL.

Wednesday, October 28, 2020 | B7

BIGGEST 1,000 STOCKS How to Read the Stock Tables

The following explanations apply to NYSE, NYSE Arca, NYSE American and Nasdaq Stock Market listed securities. Prices are composite quotations that include primary market trades as well as trades reported by Nasdaq BX (formerly Boston), Chicago Stock Exchange, Cboe, NYSE National and Nasdaq ISE. The list comprises the 1,000 largest companies based on market capitalization. Underlined quotations are those stocks with large changes in volume compared with the issue’s average trading volume. Boldfaced quotations highlight those issues whose price changed by 5% or more if their previous closing price was $2 or higher.

Footnotes: s-New 52-week high. t-New 52-week low. dd-Indicates loss in the most recent four quarters. FD-First day of trading. h-Does not meet continued listing standards lf-Late filing q-Temporary exemption from Nasdaq requirements. t-NYSE bankruptcy v-Trading halted on primary market. vj-In bankruptcy or receivership or being reorganized under the Bankruptcy Code, or securities assumed by such companies.

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L 34.15 -0.98 OccidentalPetrol OXY 9.27 -0.19 SBA Comm SBAC 301.83 -1.50 EXPE 95.07 -3.94 Humana HUM 432.14 -2.99 Loews 0.68 Expedia OKTA 221.33 2.13 SEI Investments SEIC 49.83 -0.31 JBHT 126.33 -0.94 LogitechIntl LOGI 87.04 1.21 Okta 0.16 ExpeditorsIntl EXPD 94.28 0.01 JBHunt LOW 165.14 -2.99 OldDomFreight ODFL 189.59 -8.82 SK Telecom SKM 22.70 0.05 0.21 s ExtraSpaceSt EXR 117.09 -1.52 HuntingtonBcshs HBAN 9.94 -0.34 Lowe's LULU 333.81 2.21 OmegaHealthcare OHI 29.87 -0.74 SS&C Tech SSNC 62.98 -1.08 -0.33 ExxonMobil XOM 32.82 -0.53 HuntingIngalls HII 146.51 -3.20 lululemon OMC 48.82 -2.42 StoreCapital STOR 26.29 -0.72 IAA 56.69 0.72 LumenTech LUMN 8.96 -0.29 Omnicom -1.97 F5Networks FFIV 136.26 10.69 IAA SIVB 289.56 -0.38 -1.69 FMC ON 25.17 -0.38 SVB Fin FMC 104.44 -0.92 ICICI Bank IBN 11.16 0.08 Lumentum LITE 83.84 1.24 ON Semi IDXX 443.16 14.20 Lyft -0.59 Facebook LYFT 22.94 -1.90 OneConnectFinTech OCFT 21.65 0.25 Salesforce.com CRM 250.30 8.32 FB 283.29 6.18 s IdexxLab SNY 47.40 -1.73 -0.08 FactSet OTEX 39.62 ... Sanofi FDS 318.90 -3.37 IHS Markit INFO 81.29 -0.37 LyondellBasell LYB 73.37 -2.06 OpenText -0.06 FairIsaac FICO 405.84 -9.75 ING Groep ING 7.19 -0.42 Oracle ORCL 57.08 -0.41 SantanderCons SC 20.93 0.12 0.31 Farfetch FTCH 28.97 0.18 Invesco Orange ORAN 10.76 -0.28 SareptaTherap SRPT 139.62 1.00 IVZ 13.97 0.18 -2.81 Fastenal FAST 43.58 -0.72 s IPG Photonics IPGP 201.79 6.46 Orix IX 61.62 -0.91 Schlumberger SLB 15.09 -0.08 SCHW 38.47 -0.68 -1.82 Fastly FSLY 74.46 0.44 IQVIA IQV 159.14 -3.03 M&T Bank MTB 99.30 -3.97 OtisWorldwide OTIS 61.97 -1.24 SchwabC MGMGrowthProp MGP 26.80 -0.46 0.12 FedEx FDX 274.41 -3.21 IcahnEnterprises IEP 49.95 -0.08 OwensCorning OC 68.86 -0.36 ScottsMiracleGro SMG 155.19 -0.03 -1.40 Ferrari RACE 185.34 -0.08 Icon PCG 9.91 -0.12 Sea SE 172.29 9.93 ICLR 187.63 -4.36 MGM Resorts MGM 21.04 -1.09 PG&E -0.37 FiatChrysler FCAU 12.91 -0.35 IDEX PHI 27.82 0.36 Seagate STX 48.56 -0.41 IEX 186.00 -4.08 MKS Instrum MKSI 109.80 -0.33 PLDT MPLX 17.06 0.19 PNC Fin -1.87 FidNatlFin FNF 30.75 -1.25 IllinoisToolWks ITW 198.62 -1.29 MPLX SGEN 196.92 1.09 PNC 109.19 -2.44 Seagen MSCI 356.90 7.34 POSCO 2.01 FidNatlInfo FIS 137.86 -1.56 Illumina PKX 48.55 0.60 SealedAir SEE 40.60 -0.12 ILMN 321.74 2.68 MSCI MagellanMid MMP 35.81 -0.40 -0.71 FifthThirdBncp FITB 22.91 -0.54 ImperialOil IMO 12.97 -0.14 PPD PPD 34.01 -0.17 SempraEnergy SRE 130.27 -1.05 -0.26 FirstRepBank FRC 125.75 -2.92 Incyte PPG 127.39 -3.94 SensataTechs ST 44.35 -3.89 INCY 88.35 -2.09 MagnaIntl MGA 52.56 -0.79 PPG Ind Wall Street Journal stock tables reflect composite regular trading as of 4 p.m. and -0.35 FirstSolar FSLR 82.39 -1.36 Infosys PPL 28.54 -0.38 ServiceCorp SCI 43.60 -0.33 INFY 14.85 -0.07 ManulifeFin MFC 13.84 -0.33 PPL changes in the closing prices from 4 p.m. the previous day. -3.19 FirstEnergy FE 33.39 0.07 IngersollRand IR 36.10 -0.46 MarathonPetrol MPC 28.19 -0.41 PRA HealthSci PRAH 103.50 -3.26 ServiceNow NOW 499.81 -1.80 MKL 969.65-26.34 PTC 0.40 Fiserv PTC 84.26 0.59 ShawComm B SJR 17.14 -0.18 FISV 96.61 -1.77 Inphi IPHI 113.88 -2.71 Markel s MarketAxess MKTX 573.00 25.69 Net Net 0.69 FiveBelow FIVE 135.25 2.79 Insulet Paccar PCAR 88.45 -2.12 SherwinWilliams SHW 673.47 3.09 PODD 246.04 -7.49 Tuesday, October 27, 2020 MAR 93.46 -2.56 PackagingCpAm PKG 113.97 -1.81 ShinhanFin SHG 26.36 -0.51 Sym Close Chg Stock Sym Close Chg -0.34 Five9 FIVN 145.20 3.90 Intel INTC 45.64 -1.08 Marriott Net Stock Marsh&McLen MMC 110.41 -0.68 -0.51 FleetCorTech FLT 231.69 -9.52 InteractiveBrkrs IBKR 48.03 -0.24 PagSeguroDig PAGS 38.81 -0.03 Shopify SHOP 1082.89 44.84 Stock Sym Close Chg ArcelorMittal MT 13.93 -0.62 Brown&Brown BRO 45.22 -1.37 -0.90 Flex FLEX 13.85 -0.25 ICE ICE 97.56 -0.20 MartinMarietta MLM 255.53 1.28 PalantirTech PLTR 10.95 1.00 Sibanye-Stillwater SBSW 12.15 -0.13 ArchCapital ACGL 29.21 -1.27 Brown-Forman B BF.B 72.29 -0.47 1.23 Floor&Decor FND 78.63 0.47 InterContinentl IHG 51.13 -1.40 MarvellTech MRVL 41.47 0.58 PaloAltoNtwks PANW 231.54 -0.08 SimonProperty SPG 61.98 -2.70 Masco MAS 53.57 -0.38 ArcherDaniels ADM 50.36 -0.83 Brown-Forman A BF.A 65.76 0.09 -1.01 FomentoEconMex FMX 56.22 -1.23 IBM SIRI 5.91 0.12 IBM 110.56 -1.66 PanAmerSilver PAAS 33.38 0.65 SiriusXM MASI 251.18 5.14 ParkerHannifin PH 211.76 -6.97 Skyworks SWKS 145.12 -2.17 BRKR 42.69 0.63 AresMgmt ARES 42.95 -0.44 Bruker FordMotor F 7.92 -0.11 IntlFlavors IFF 105.62 -3.33 Masimo ABB ABB 25.58 -0.43 arGEN-X Mastercard MA 317.11 -0.95 Paychex BG 55.69 ... ARGX 258.83 9.41 Bunge Fortinet FTNT 124.23 1.05 IntlPaper PAYX 81.93 -0.55 SlackTech WORK 27.93 0.18 IP 44.37 -0.92 AcadiaPharm ACAD 46.36 1.49 AristaNetworks ANET 210.55 1.68 BurlingtonStrs BURL 200.35 0.09 FTS 41.35 0.19 Interpublic IPG 18.85 -0.15 MaximIntProducts MXIM 70.72 -0.52 PaycomSoftware PAYC 382.70 4.28 Smartsheet SMAR 56.73 1.95 AECOM ACM 44.33 -0.50 ArrowElec ARW 79.54 -0.82 CBRE Group CBRE 44.86 -0.72 DISH Network DISH 26.00 -0.25 Fortis McCormickVtg MKC.V 193.13 -1.37 Fortive FTV 63.65 -0.87 Intuit AOS 53.03 -0.90 Paylocity PCTY 190.04 1.40 SmithAO INTU 330.27 2.18 AES AES 20.34 -0.24 ArrowheadPharm ARWR 61.69 2.59 CDW CDW 123.28 -2.39 DTE Energy DTE 127.17 2.93 FortBrandsHome FBHS 81.81 -0.27 IntuitiveSurgical ISRG 720.90 9.13 McCormick MKC 192.21 -1.85 PayPal PYPL 200.43 3.21 Smith&Nephew SNN 37.23 -0.79 Aflac AFL 35.36 -1.41 s AscendisPharma ASND 164.23 5.62 CGI McDonalds MCD 222.97 -1.30 GIB 64.02 -0.60 DadaNexus DADA 32.68 -0.05 FoxA FOXA 26.19 -0.23 SJM 113.10 -2.00 Invitae NVTA 48.13 2.05 McKesson MCK 149.21 -3.06 Pegasystems PEGA 123.91 -5.47 Smucker AGCO AGCO 78.02 -3.44 AspenTech AZPN 120.25 -3.59 CH Robinson CHRW 100.03 0.44 s Danaher DHR 239.78 4.87 FoxB FOX 26.00 -0.18 InvitatHomes INVH 28.05 -0.59 SNAP 41.54 0.27 Peloton PTON 121.15 3.05 Snap AGNC Invt AGNC 14.25 0.16 Assurant AIZ 120.69 -2.47 CME Group CME 159.47 -0.69 Darden DRI 95.84 0.44 Franco-Nevada FNV 138.05 2.26 IonisPharma IONS 46.98 -0.03 MedicalProp MPW 17.90 -0.27 PembinaPipeline PBA 21.08 -0.33 SnapOn SNA 158.42 -5.83 Ansys ANSS 322.17 1.17 AstraZeneca AZN 52.48 -0.59 CMS Energy CMS 65.68 -0.47 DarlingIngred DAR 44.27 0.16 Medtronic MDT 105.21 -2.72 FranklinRscs BEN 19.73 -3.11 iQIYI PennNational PENN 57.75 -2.93 Snowflake SNOW 266.77 15.38 IQ 23.98 0.88 MelcoResorts MLCO ASETech ASX 4.42 -0.10 Athene 16.15 0.24 CNA 29.00 -0.78 Datadog ATH 31.97 -1.34 CNA Fin DDOG 101.33 1.57 FreeportMcM FCX 17.72 0.36 iRhythmTechs IRTC 225.09 6.65 Pentair PNR 49.94 -0.47 s SOQUIMICH SQM 37.32 0.89 ASML ASML 366.37 -1.12 Atlassian CNHI 8.06 -0.31 DaVita TEAM 213.01 5.81 CNH Indl DVA 89.15 -0.56 FreseniusMed FMS 41.00 0.38 IronMountain IRM 27.02 -0.28 MercadoLibre MELI 1282.47 1.03 Penumbra PEN 238.83 2.12 SolarEdgeTech SEDG 261.84-11.16 AT&T T 26.92 -0.46 AtmosEnergy ATO 97.07 -0.41 CNOOC Merck MRK 77.99 -0.85 CEO 95.17 -0.85 DeckersOutdoor DECK 262.03 0.23 PepsiCo PEP 139.12 1.06 SolarWinds SWI 21.60 0.16 ItauUnibanco ITUB 4.37 -0.15 MetLife AbbottLabs ABT 108.58 -0.42 Autodesk ADSK 250.60 1.47 CRH MET 37.77 -1.61 CRH 35.36 -0.74 Deere DE 228.51 -5.74 SNE 77.47 1.27 AbbVie ABBV 82.71 -1.21 Autohome ATHM 96.71 1.71 CRISPR Therap CRSP 98.12 3.99 DellTechC DELL 63.57 -1.17 MettlerToledo MTD 1052.58 7.29 PerkinElmer PKI 127.08 3.01 Sony Perrigo PRGO 44.03 -0.75 Southern SO 60.21 -0.40 Abiomed ABMD 290.51 2.19 Autoliv MicrochipTech MCHP 107.95 -1.78 CSX 78.09 -0.78 DeltaAir ALV 80.01 -2.82 CSX DAL 30.71 -1.22 GCI LibertyA GLIBA 79.20 -0.24 s PetroChina PTR 29.20 -0.07 SoCopper SCCO 51.95 0.82 AcceleronPharma XLRN 108.45 0.04 ADP ADP 146.03 0.26 CVS Health CVS 58.15 -1.41 DentsplySirona XRAY 47.54 -0.07 GFLEnvironmental GFL 20.33 -0.91 JD.com JD 83.01 1.60 MicronTech MU 51.96 -0.18 PetroleoBrasil PBR 6.98 -0.21 SouthwestAir LUV 39.93 -1.17 Accenture ACN 220.66 1.43 AutoZone AZO 1133.59-18.41 CableOne CABO 1753.49-29.40 DeutscheBank DB Microsoft MSFT 213.25 3.17 9.25 -0.29 GSXTechedu GSX 68.29 0.32 Joyy YY 90.00 0.92 PetroleoBrasilA PBR.A 7.01 -0.20 Splunk SPLK 208.77 -1.01 ActivisionBliz ATVI 80.96 0.47 Avalara COG 19.09 -0.25 DexCom AVLR 151.76 0.51 CabotOil DXCM 380.63-37.37 Galapagos GLPG 128.02 0.75 JPMorganChase JPM 99.33 -1.91 MidAmApt MAA 114.86 -2.27 Pfizer PFE 37.43 -0.49 Spotify SPOT 287.45 2.49 AdaptiveBiotech ADPT 51.22 1.27 Avalonbay AVB 139.88 -3.50 CadenceDesign CDNS 109.84 -0.04 Diageo DEO 136.60 0.05 Gallagher AJG 105.57 -0.59 JackHenry JKHY 151.22 -2.90 MiratiTherap MRTX 209.16 12.48 PhilipMorris PM 71.33 -2.32 Square SQ 171.02 1.13 Adobe ADBE 478.56 3.36 Avangrid MitsubishiUFJ MUFG 3.96 -0.05 AGR 50.43 0.29 CaesarsEnt CZR 48.47 -3.29 DigitalRealty DLR 150.66 -2.01 Gaming&Leisure GLPI 37.31 -0.79 JacobsEngg J 95.64 -0.90 Phillips66 PSX 47.07 -1.07 StanleyBlackDck SWK166.31 -6.55 AdvanceAuto AAP 150.41 -0.80 Avantor AVTR 24.44 -0.29 CamdenProperty CPT 89.30 -1.52 DiscoverFinSvcs DFS 65.26 -0.62 Gap GPS 20.35 -0.25 JamesHardie JHX 25.04 -0.07 MizuhoFin MFG 2.45 -0.04 Pinduoduo PDD 90.31 3.39 Starbucks SBUX 90.05 0.39 AdvMicroDevices AMD 78.88 -3.35 AveryDennison AVY 138.15 -1.10 CampbellSoup CPB 48.24 -0.05 DiscoveryA DISCA 20.10 -0.42 Garmin GRMN 98.61 -0.81 JazzPharma JAZZ 149.56 0.63 MobileTeleSys MBT 8.12 -0.15 PinnacleWest PNW 85.86 -0.65 StateStreet STT 61.65 -1.86 Aegon AEG 2.81 -0.12 AxaltaCoating AXTA 25.42 -0.77 CIBC MRNA 70.67 0.43 CM 75.63 -0.95 DiscoveryC DISCK 18.23 -0.33 Gartner IT 121.94 -2.09 JFrog FROG 81.56 -3.51 Moderna Pinterest PINS 52.52 2.06 SteelDynamics STLD 31.40 0.05 AgilentTechs A 106.04 1.41 AxonEnterprise AAXN 101.05 -0.88 CanNtlRlwy CNI 102.07 -0.02 Disney DIS 123.31 -0.75 Generac GNRC 207.71 -2.69 J&J JNJ 143.15 -0.82 MohawkInds MHK 97.32 -2.00 PioneerNatRscs PXD 83.78 0.98 Stericycle SRCL 65.33 -0.58 AgnicoEagle AEM 80.62 1.29 BCE BCE 41.96 0.03 CanNaturalRes CNQ 16.40 0.10 DocuSign DOCU 222.19 2.02 GeneralDynamics GD 134.87 -3.64 JohnsonControls JCI 42.18 -0.78 MolinaHealthcare MOH 203.87 -1.16 PlainsAllAmPipe PAA 6.43 -0.08 Steris STE 185.35 -1.07 AirProducts APD 283.50 -2.90 BHP Group BHP 49.74 -0.62 CanPacRlwy CP 308.00 0.08 DolbyLab DLB 71.51 0.23 GeneralElec GE 7.10 -0.28 JuniperNetworks JNPR 21.85 -0.04 MolsonCoorsB TAP 33.81 -1.07 Pool POOL 366.99 4.44 STMicroelec STM 31.81 -1.35 AkamaiTech AKAM 106.71 0.65 BHP Group BBL 40.53 -0.52 Canon CAJ 18.32 0.70 DollarGeneral DG 213.71 1.67 GeneralMills GIS 61.12 0.14 KB Fin KB 36.56 -0.58 Mondelez MDLZ 55.01 -0.22 PostHoldings POST 90.87 -0.47 StoneCo STNE 55.98 -0.17 Albemarle ALB 95.18 0.70 t BP BP 15.38 -0.42 CanopyGrowth CGC 18.66 0.13 DollarTree DLTR 92.82 0.29 GeneralMotors GM 34.89 -0.93 KE Holdings BEKE 70.60 0.76 MongoDB MDB 244.01 3.91 PrincipalFin PFG 39.35 -2.64 Stryker SYK 213.46 -1.28 Albertsons ACI 14.89 0.09 B2Gold BTG 6.79 0.25 CapitalOne COF 74.06 -0.89 DominionEner D 82.47 0.75 Genmab GMAB 34.97 ... KKR KKR 35.81 -0.69 MonolithicPower MPWR 319.88 2.93 Procter&Gamble PG 142.36 1.06 SumitomoMits SMFG 5.58 -0.08 Alcon ALC 60.50 -0.75 Baidu MonsterBev MNST 80.39 1.54 BIDU 134.89 1.94 DPZ 397.03 2.42 Genpact G 35.30 -0.25 KLA KLAC 198.59 -0.35 AlexandriaRlEst ARE 156.16 -0.67 BakerHughes BKR 14.17 0.27 CardinalHealth CAH 47.48 -0.55 Domino's MCO 266.19 -2.81 Progressive PGR 93.80 -0.04 SunComms SUI 140.36 -1.87 Carlisle CSL 123.06 -4.13 Donaldson DCI 49.85 -0.25 Gentex GNTX 28.30 -0.45 KSCitySouthern KSU 176.15 -3.64 Moody's Prologis PLD 99.14 -1.33 SunLifeFinancial SLF 40.55 -0.60 AlexionPharm ALXN 120.00 -0.76 Ball BLL 91.10 -0.46 Carlyle CG 25.77 -0.48 Dover DOV 111.55 -2.27 GenuineParts GPC 93.87 -1.56 Kellogg K 64.93 -0.77 MorganStanley MS 48.59 -1.73 Proofpoint PFPT 105.69 -0.88 SuncorEnergy SU 12.00 -0.28 s Alibaba BABA 317.14 10.27 BancoBilbaoViz BBVA 2.82 -0.06 CarMax KMX 87.44 -1.35 Dow DOW 46.57 -0.58 Gerdau GGB 4.20 0.10 KeurigDrPepper KDP 28.60 0.16 Morningstar MORN 183.19 0.50 PrudentialFin PRU 63.46 -2.96 SunRun RUN 54.66 -1.64 AlignTech ALGN 455.09 0.58 Mosaic MOS 18.35 0.20 BancoBradesco BBDO 3.49 -0.13 Carnival DrReddy'sLab RDY CCL 68.02 1.12 13.76 -0.27 GileadSciences GILD 60.01 0.05 KeyCorp KEY 12.63 -0.37 SUZ 8.74 -0.28 Prudential PUK 25.94 -1.53 Suzano Alleghany Y 561.51-21.55 ... Carnival CUK 11.81 -0.39 DraftKings DKNG 38.70 -0.99 GSK GSK 35.35 0.13 KeysightTechs KEYS 106.90 1.05 MotorolaSol MSI 172.36 0.06 PublicServiceEnt PEG 61.00 0.02 SynchronyFin SYF 26.23 -0.66 Allegion ALLE 99.26 -1.58 BancodeChile BCH 16.41 Mylan MYL 14.46 -0.59 Dropbox DBX CarrierGlobal CARR 19.03 -0.09 33.60 -0.11 BancSanBrasil BSBR GlobalPayments GPN 164.76 -4.04 5.79 -0.31 KimberlyClark KMB 134.76 -0.93 s PublicStorage PSA 234.61 -1.62 SyneosHealth SYNH 55.92 -2.03 AlliantEnergy LNT 57.16 0.33 MyoKardia MYOK 222.91 -0.09 CVNA 208.32 6.94 DukeEnergy DUK 93.06 -0.12 Globant GLOB 186.28 -0.76 KinderMorgan KMI 12.17 -0.21 SNX 137.40 -3.91 Allstate ALL 89.04 -1.78 BcoSantChile BSAC 15.33 -0.06 Carvana NICE 230.08 2.99 PulteGroup PHM 41.33 -1.08 Synnex GL 81.35 -2.48 KingsoftCloud KC 31.15 0.26 NICE QGEN 50.00 0.74 Synopsys SNPS 222.91 2.28 AllyFinancial ALLY 27.29 -1.18 BancoSantander SAN 2.00 -0.06 CaseysGenStores CASY 180.48 -0.95 DukeRealty DRE 37.74 -0.48 GlobeLife NIO 28.44 2.43 Qiagen CTLT 91.49 0.18 Dun&Bradstreet DNB 26.35 -0.41 GoDaddy GDDY 72.24 -0.67 KinrossGold KGC 8.75 0.24 NIO SYY 58.34 -2.46 Qorvo QRVO 131.28 -3.17 Sysco AlnylamPharm ALNY 126.82 -1.85 BanColombia CIB 26.34 -0.60 Catalent NRG Energy NRG 33.04 -0.74 DNKN103.40 0.30 GoldFields GFI 11.65 0.13 KirklandLakeGold KL 46.54 0.68 Alphabet A GOOGL 1598.88 14.59 BankofAmerica BAC 23.85 -0.69 Caterpillar CAT 157.91 -5.29 Dunkin' NVR 4000.66-36.86 Qualcomm QCOM 125.91 -0.29 CE 112.11 -3.39 DuPont DD 57.35 -1.15 GoldmanSachs GS 195.68 -5.46 Knight-Swift KNX 39.11 -0.30 NVR QuantaServices PWR 60.77 -0.37 Alphabet C GOOG 1604.26 13.81 BankofMontreal BMO 62.30 -1.06 Celanese NXP Semi NXPI 133.23 -1.66 CX 3.98 -0.11 Dynatrace DT 40.79 0.48 GoodRx GDRX 49.16 -0.44 KoninklijkePhil PHG 49.25 0.41 Alteryx AYX 142.84 5.25 BankNY Mellon BK 35.56 -0.86 Cemex NDAQ 125.10 -2.28 QuestDiag DGX 127.15 2.83 TAL Education TAL 66.56 -2.84 CNC 64.14 -2.25 ENI E 14.34 -0.37 Graco GGG 62.84 -1.11 KoreaElcPwr KEP 8.96 -0.19 Nasdaq Quidel QDEL 273.60 10.18 AlticeUSA ATUS 26.89 -0.21 BkNovaScotia BNS 42.31 -0.62 Centene TC Energy TRP 41.66 0.19 GWW 357.64 -3.64 KraftHeinz KHC 30.68 0.10 NationalGrid NGG 61.35 -0.26 BCS 5.49 -0.25 CenterPointEner CNP 22.33 0.20 EOG Rscs EOG 34.58 -0.35 Grainger Altria MO 37.17 -1.40 Barclays Natura&Co NTCO 17.22 -0.31 TE Connectivity TEL 101.67 -2.30 GRFS 17.90 -0.14 Kroger KR 32.34 -0.82 AlumofChina ACH 5.64 -0.05 BarrickGold GOLD 27.09 0.46 CentraisElBras EBR 5.80 -0.25 EPAM Systems EPAM 326.78 -1.66 Grifols NatWest NWG 3.06 -0.12 CeridianHCM CDAY 88.84 0.04 EastmanChem EMN Telus TU 17.79 -0.16 82.45 -2.37 Grubhub GRUB 77.38 0.21 BauschHealth BHC 17.74 -0.09 L Brands LB 33.60 -0.56 Amazon.com AMZN 3286.33 79.29 nCino NCNO 73.46 1.57 CERN 72.74 -0.13 Eaton TJX 54.13 -0.87 ETN 105.42 -2.00 s GuardantHealth GH 111.69 8.79 LHC Group LHCG 222.84 2.24 RELX RELX 20.90 -0.03 TJX Ambev ABEV 2.44 -0.12 BaxterIntl BAX 80.62 0.61 Cerner NetApp NTAP 44.05 -0.88 RH T-MobileUS TMUS 112.82 1.04 CharlesRiverLabs CRL EatonVance EV 229.26 -0.92 60.09 -1.02 RH 363.97 -1.23 BectonDicknsn BDX 244.24 2.24 Line LN 51.33 0.31 Guidewire GWRE 98.69 -0.87 Amcor AMCR 10.57 -0.06 NTES 88.42 1.71 RPM EBAY 53.55 0.21 HCA Healthcare HCA 130.56 -4.87 LKQ RPM 86.07 -1.72 TRowePrice TROW 142.30 -2.73 BGNE 301.53 0.25 CharterComms CHTR 583.65 1.52 eBay LKQ 30.90 -0.82 NetEase Amdocs DOX 56.32 -0.87 BeiGene Netflix NFLX 488.93 0.69 ECL 189.77 -8.40 HDFC Bank HDB 59.90 0.45 LPL Financial LPLA 79.63 -1.34 RaymondJames RJF 78.24 -1.57 TaiwanSemi TSM 86.71 -0.02 s Amedisys AMED 255.61 2.89 BentleySystems BSY 35.55 -0.87 CheckPoint CHKP 119.46 -0.54 Ecolab CHGG 77.11 -9.58 Ecopetrol EC 9.53 -0.04 HD Supply HDS 40.38 -0.82 L3HarrisTech LHX 166.26 -3.57 Neurocrine NBIX 100.14 -0.80 RaytheonTech RTX 56.53 -4.28 TakeTwoSoftware TTWO 167.36 2.31 WRB 61.44 -2.36 Chegg Amerco UHAL 357.22 -4.57 Berkley EIX 57.81 -0.38 HP CHE 484.26 -8.15 EdisonInt HPQ 17.98 -0.27 s LabCpAm LH 206.49 4.53 NewFortressEner NFE 49.16 -0.49 RealtyIncome O 58.73 -1.10 TakedaPharm TAK 16.55 -0.03 Ameren AEE 84.19 0.13 BerkHathwy B BRK.B 206.88 -1.61 Chemed EdwardsLife EW 76.50 -1.58 HSBC CheniereEnergy LNG 47.89 0.26 BerkHathwy A BRK.A 310540-2195.00 HSBC 21.52 0.79 LamResearch LRCX 343.83 -3.80 NewOrientalEduc EDU 168.81 -1.63 RegencyCtrs REG 36.22 -1.33 TandemDiabetes TNDM 115.04 -1.87 AmericaMovil AMX 12.39 -0.22 NYTimes A NYT 41.25 0.08 TGT 157.03 -0.94 AmericaMovil A AMOV 12.36 0.03 BerryGlobal BERY 47.17 -1.11 CheniereEnerPtrs CQP 36.05 -0.15 ElancoAnimal ELAN 31.55 0.72 Halliburton HAL 12.51 -0.28 LamarAdv LAMR 64.75 -2.92 NewellBrands NWL 17.19 -0.25 RegenPharm REGN 582.52 -3.22 Target ESTC 107.90 1.45 Hanesbrands HBI 17.50 0.03 LambWeston LW 66.23 -1.56 CVX 69.51 -1.43 Elastic TeckRscsB TECK 12.56 -0.79 BBY 113.58 -0.78 Chevron AmerAirlines AAL 11.23 -0.57 BestBuy Newmont NEM 61.65 1.33 RegionsFin RF 12.90 -0.45 RGA 99.88 -4.11 TeladocHealth TDOC 223.06 10.91 CHWY 67.72 4.23 ElectronicArts EA 126.62 -0.06 HartfordFinl HIG 37.56 -1.44 LasVegasSands LVS 48.29 -0.84 NewsCorp A NWSA 13.43 -0.22 ReinsGrp AEP AEP 92.53 -1.06 BeyondMeat BYND 161.95 -2.59 Chewy LEA 127.09 -3.93 BILI 45.82 0.82 ChinaEastrnAir CEA 21.20 -0.17 EmersonElec EMR 66.92 -0.81 Hasbro HAS 85.10 1.70 Lear AmerExpress AXP 94.93 -1.95 Bilibili NewsCorp B NWS 13.35 -0.24 RelianceSteel RS 108.89 0.99 TelecomArgentina TEO 6.76 -0.44 ENB 28.31 -0.19 HealthcareAmer HTA 24.69 -0.81 Leidos LDOS 82.70 -0.74 BILL 111.23 3.53 ChinaLifeIns LFC 11.82 -0.39 Enbridge AmericanFin AFG 74.00 0.84 Bill.com NextEraEnergy NEE 75.78 0.12 s RenaissanceRe RNR 172.13 -2.77 TeledyneTech TDY 315.67-11.02 LEN.B 58.75 -1.90 Nike RGEN 175.84 -1.70 Teleflex TFX 351.46 -5.90 AmHomes4Rent AMH 28.81 -0.80 Bio-Techne TECH 266.20 1.65 ChinaMobile CHL 32.51 -0.21 EncompassHealth EHC 65.01 -0.42 HealthpeakProp PEAK 27.35 -0.59 Lennar B NKE 127.99 -0.38 Repligen LEN 72.51 -2.51 Nikola HEI.A 95.50 -1.03 Lennar A ERIC 11.78 -0.30 AIG AIG 31.16 -0.10 s Bio-RadLab A BIO 589.54 5.72 ChinaPetrol SNP 40.58 -0.17 EnelAmericas ENIA 6.74 -0.05 Heico A NKLA 21.39 0.48 RepublicSvcs RSG 89.42 -1.44 Ericsson BIIB 255.30 -1.46 ChinaSoAirlines ZNH 27.57 -1.20 EnergyTransfer ET 5.65 -0.53 Heico RMD 184.85 4.32 TelefonicaBras VIV 7.59 -0.22 HEI 106.92 -2.24 LennoxIntl LII 283.64 1.83 NiSource AmerTowerREIT AMT 236.16 -0.96 t Biogen NI 24.26 0.01 ResMed RestaurantBrands QSR 53.41 -2.00 Telefonica TEF 3.57 -0.11 AmerWaterWorks AWK 154.62 0.61 BioMarinPharm BMRN 76.18 -0.70 ChinaTelecom CHA 33.49 0.98 EnphaseEnergy ENPH 98.63 -5.04 HenrySchein HSIC 65.61 -1.26 LeviStrauss LEVI 16.52 0.25 Nokia NOK 4.24 0.01 ENTG 76.71 -0.44 Herbalife LI 19.21 0.13 BNTX 83.95 1.02 ChinaUnicom CHU 6.98 -0.09 Entegris HLF 47.68 -1.24 LiAuto AmericanWell AMWL 30.70 0.66 BioNTech NomuraHoldings NMR 4.68 0.02 ReynoldsCnsmr REYN 29.68 -0.37 TelekmIndonesia TLK 17.86 -0.06 ETR 107.56 -1.45 Hershey HSY 142.50 -1.70 LibertyBroadbandC LBRDK 137.92 -0.65 Nordson CMG 1310.15 -1.83 Entergy AmericoldRealty COLD 36.92 -0.08 BlackKnight BKI 90.02 -0.31 Chipotle NDSN 197.75 -5.30 RingCentral RNG 286.02 2.72 10xGenomics TXG 142.93 1.69 HES 37.40 -0.03 LibertyBroadbandA LBRDA 136.47 -0.15 NorfolkSouthern NSC 203.64 -7.02 RioTinto RIO 57.95 -0.33 Tenaris CB 123.41 -2.58 EnterpriseProd EPD 17.26 -0.05 Hess TS 9.89 -0.24 Ameriprise AMP 162.39 -3.22 BlackRock BLK 614.53 -7.66 Chubb EFX 147.81 -3.10 HewlettPackard HPE 8.80 -0.26 LibertyGlobal C LBTYK 19.90 -0.27 NorthernTrust NTRS 80.70 -1.53 RitchieBros RBA 60.31 0.09 TencentMusic TME 15.00 -0.04 AmerisourceBrgn ABC 97.65 -0.72 Blackstone BX 51.87 -0.97 ChunghwaTel CHT 37.96 0.32 Equifax EQIX 773.31 2.83 HighwoodsProp HIW 31.17 -1.33 LibertyGlobal A LBTYA 20.20 -0.38 NorthropGrum NOC 302.12 -7.72 RocketCos. RKT 20.11 0.23 Teradyne BA 155.24 -5.59 Church&Dwight CHD 92.23 0.32 Equinix TER 87.46 -2.13 Ametek AME 102.59 -2.51 Boeing EQNR 13.43 -0.14 Hill-Rom HRC 94.36 2.85 LibertyFormOne A FWONA 33.12 0.02 NortonLifeLock NLOK 20.80 0.18 Rockwell ROK 236.88 -0.06 Terminix TMX 47.79 0.34 Amgen AMGN 223.46 -1.43 BookingHldgs BKNG 1697.71-51.58 ChurchillDowns CHDN 164.17 -5.32 Equinor HLT 87.67 -2.71 LibertyFormOne C FWONK 36.00 0.18 Novartis CIEN 39.54 -1.03 Equitable EQH 18.50 -1.15 Hilton TSLA 424.68 4.40 Amphenol APH 115.05 -1.40 BoozAllen BAH 77.66 -0.22 Ciena NVS 80.95 -3.23 RogersComm B RCI 42.71 -0.19 Tesla HOLX 70.92 2.26 LibertyBraves A BATRA 21.05 -0.12 NovoNordisk NVO 67.95 -1.70 Roku ROKU 225.07 6.65 TevaPharm TEVA 8.74 -0.38 CI 178.29 -3.59 EquityLife ELS 60.16 -1.76 Hologic AnalogDevices ADI 120.29 -0.84 BorgWarner BWA 37.54 -0.94 Cigna ROL 59.29 -0.21 TexasInstruments TXN 147.12 1.17 Anaplan PLAN 57.69 0.15 BostonBeer SAM 1076.57 29.00 CincinnatiFin CINF 73.85 -2.96 EquityResdntl EQR 49.69 -1.01 HomeDepot HD 276.84 0.80 LibertyBraves C BATRK 20.71 -0.09 Novocure NVCR 119.50 -2.00 Rollins CTAS 324.01 -4.92 s ErieIndemnity A ERIE 234.33 5.32 HondaMotor HMC 24.12 -0.34 LibertySirius C LSXMK 35.30 0.37 NuanceComms NUAN 33.37 0.33 RoperTech ROP 394.60-23.29 Textron TXT 32.95 -1.06 AngloGoldAsh AU 24.70 0.24 BostonProps BXP 73.74 -1.67 Cintas AB InBev BUD 55.25 -1.42 BostonSci BSX 36.05 -0.81 CiscoSystems CSCO 36.87 -0.80 EssentialUtil WTRG 43.46 -0.44 Honeywell HON 166.75 -3.42 LibertySirius A LSXMA 35.50 0.64 Nucor NUE 48.22 -0.06 RossStores ROST 91.45 -0.19 s ThermoFisherSci TMO 489.30 6.87 LLY 131.90 -9.80 Nutrien C 41.88 -1.38 EssexProp ESS 195.34 -3.68 HorizonTherap HZNP 78.15 0.88 EliLilly AnnalyCap NLY 7.11 -0.03 BrightHorizons BFAM 159.99 -1.77 Citigroup NTR 40.41 -0.32 RoyalBkCanada RY 70.50 -1.10 ThomsonReuters TRI 80.39 -0.60 MMM 161.03 -5.13 Anthem ANTM 298.88 -0.87 BristolMyers BMY 58.74 -0.93 CitizensFin CFG 26.66 -1.31 EsteeLauder EL 231.05 -1.12 HormelFoods HRL 50.03 0.58 LincolnElectric LECO 101.59 -1.13 NVIDIA NVDA 535.87 10.22 RoyalCaribbean RCL 57.38 -0.88 3M RoyalDutchA RDS.A 24.19 -0.64 Tiffany ETSY 145.78 6.05 DR Horton DHI 69.10 -1.74 LincolnNational LNC 33.78 -2.01 TIF 128.88 6.06 Aon AON 199.48 -2.69 BritishAmTob BTI 32.69 -1.00 CitrixSystems CTXS 119.47 -4.35 Etsy RoyalDutchB RDS.B 22.98 -0.75 Toro CCC 30.36 0.86 EverestRe RE 202.10 -7.01 HostHotels HST 10.86 -0.33 Linde LIN 225.47 -2.52 TTC 82.64 -0.48 ApolloGlbMgmt APO 40.19 0.03 Broadcom AVGO 359.60 -3.44 Clarivate RoyalGold RGLD 121.33 1.14 TorontoDomBk TD 44.59 -0.69 EVRG 56.39 0.70 HowmetAerospace HWM 17.53 -0.75 LithiaMotors LAD 236.75 -4.55 CLX 214.18 1.45 Evergy Apple AAPL 116.60 1.55 BroadridgeFinl BR 139.99 -2.19 Clorox TOT 30.70 -1.21 ApplMaterials AMAT 58.83 -0.68 BrookfieldMgt BAM 31.85 -0.76 Cloudflare NET 55.98 1.23 EversourceEner ES 91.88 0.15 HuanengPower HNP 15.55 0.37 LiveNationEnt LYV 51.85 -2.68 OGE Energy OGE 32.49 -0.43 t RoyaltyPharma RPRX 37.87 -0.90 Total RYAAY 83.05 -3.54 ToyotaMotor TM 132.46 -0.39 HTHT 41.47 -1.00 LivongoHealth LVGO 142.89 6.22 ONEOK OKE 29.32 -0.19 Ryanair Aptargroup ATR 115.65 -1.45 BrookfieldInfr BIP 44.58 -0.79 Coca-Cola KO 49.90 0.10 s ExactSciences EXAS 131.12 24.55 Huazhu SAP 114.50 -0.52 TractorSupply TSCO 134.16 -1.69 HUBB148.37 -0.63 LloydsBanking LYG 1.42 -0.06 OReillyAuto ORLY 450.22 -5.74 SAP EXEL 21.65 -0.25 Hubbell Aptiv APTV 96.29 -1.90 BrookfieldPropREIT BPYU 14.58 -0.32 Coca-Cola Euro CCEP 38.13 -0.16 Exelixis CGNX 66.70 -0.73 Exelon EXC 41.15 -0.55 HubSpot HUBS 304.56 -1.76 LockheedMartin LMT 362.43 -6.12 OakStreetHealth OSH 51.40 0.21 S&P Global SPGI 330.85 -2.70 TradeDesk TTD 613.36 5.04 Aramark ARMK 28.76 -0.19 BrookfieldRenew BEPC 65.84 2.09 Cognex

A B C

CognizantTech CTSH 73.39 ColgatePalm CL 78.85 ColumbiaSportswr COLM 96.02 Comcast A CMCSA 43.44 Comerica CMA 43.37 CommerceBcshrs CBSH 61.33 ConagraBrands CAG 36.96 ConchoRscs CXO 43.71 ConocoPhillips COP 30.26 ConEd ED 83.05 ConstBrands A STZ 172.16 Cooper COO 346.35 Copart CPRT 112.10 Corning GLW 32.85 Corteva CTVA 32.34 CoStar CSGP 828.88 Costco COST 372.72 CoupaSoftware COUP 292.03 Credicorp BAP 119.96 CreditSuisse CS 10.34 Cree CREE 68.00 CrowdStrike CRWD 133.48 CrownCastle CCI 160.61 CrownHoldings CCK 87.86 CubeSmart CUBE 34.04 s Cummins CMI 219.78 CureVac CVAC 49.89 CyrusOne CONE 74.33

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Tradeweb TW 59.75 0.78 TraneTech TT 123.68 -2.47 TransDigm TDG 464.02-19.18 TransUnion TRU 80.60 -3.77 Travelers TRV 119.09 -2.45 Trex TREX 73.10 -1.54 Trimble TRMB 50.66 1.43 Trip.com TCOM 29.49 -0.87 TruistFinl TFC 41.73 -1.30 Twilio TWLO286.29-14.33 s Twitter TWTR 51.27 2.27 TylerTech TYL 397.06 -1.88 TysonFoods TSN 57.67 0.21 UBS Group UBS 12.09 -0.30 UDR UDR 31.09 -0.86 UGI UGI 34.45 -0.77 Uber UBER 34.16 -1.33 Ubiquiti UI 189.64 1.34 UltaBeauty ULTA 213.38 -7.59 s UltragenyxPharm RARE 97.44 6.19 Unilever UN 60.48 0.59 Unilever UL 60.99 0.23 UnionPacific UNP 179.57 -5.13 UnitedAirlines UAL 34.17 -1.17 UnitedMicro UMC 5.74 0.22 UPS B UPS 170.84 2.84 UnitedRentals URI 174.81 -7.31 US Bancorp USB 38.41 -1.55 UnitedHealth UNH 320.51 -2.55 s UnitySoftware U 104.00 4.04 UnivDisplay OLED 195.66 4.70 UniversalHealthB UHS 111.39 -3.40 VEREIT VER 6.32 -0.17 VF VFC 72.38 -1.37 VICI Prop VICI 22.63 -0.76 VailResorts MTN 241.41 -3.36 Vale VALE 11.04 -0.10 ValeroEnergy VLO 38.26 -1.28 VarianMed VAR 172.96 0.50 VeevaSystems VEEV 302.35 5.48 Ventas VTR 39.95 -1.01 VeriSign VRSN 199.06 0.48 VeriskAnalytics VRSK 185.15 -0.34 Verizon VZ 57.38 -0.43 VertxPharm VRTX 212.19 5.04 ViacomCBS A VIACA 29.61 -0.69 ViacomCBS B VIAC 28.21 -0.54 Vipshop VIPS 20.66 1.40 Visa V 190.06 -3.01 Vistra VST 18.44 -0.65 VMware VMW 139.10 -3.52 Vodafone VOD 13.98 -0.54 VornadoRealty VNO 32.22 -0.93 VoyaFinancial VOYA 48.99 -1.60 VulcanMatls VMC 142.10 1.01

W X Y Z WEC Energy WEC 102.47 0.26 WEX WEX 138.25 -1.79 W.P.Carey WPC 62.26 -2.60 WPP WPP 40.72 -2.06 Wabtec WAB 58.61 -1.66 WalgreensBoots WBA 36.00 -1.21 Walmart WMT 142.87 0.71 WarnerMusic WMG 27.88 -0.48 WasteConnections WCN 101.51 -0.89 WasteMgt WM 110.63 -2.77 Waters WAT223.96 3.65 Watsco WSO 227.02 -0.80 Wayfair W 274.34 2.98 Weibo WB 41.67 1.87 t WellsFargo WFC 21.82 -0.88 Welltower WELL 54.03 -1.67 WestPharmSvcs WST 286.07 5.96 WesternDigital WDC 40.32 -0.17 WesternUnion WU 20.85 -0.54 WestlakeChem WLK 67.94 -2.10 WestpacBanking WBK 13.15 -0.11 WestRock WRK 38.30 -0.41 Weyerhaeuser WY 27.56 -0.89 WheatonPrecMet WPM 47.84 -0.06 Whirlpool WHR 195.82 1.76 Williams WMB 19.42 0.22 Williams-Sonoma WSM 96.17 -0.62 WillisTowers WLTW 200.44 -2.84 Wipro WIT 4.91 -0.02 Wix.com WIX 268.00 2.31 Workday WDAY 214.17 3.84 WynnResorts WYNN 71.83 -1.69 XP XP 43.11 0.33 XPO Logistics XPO 93.98 -0.27 XcelEnergy XEL 72.33 0.64 s Xilinx XLNX 124.35 9.80 XPeng XPEV 19.90 0.28 Xylem XYL 89.06 -1.01 Yandex YNDX 59.53 0.40 YumBrands YUM 97.99 -1.21 YumChina YUMC 53.98 -0.65 ZTO Express ZTO 29.87 -0.52 ZaiLab ZLAB 88.49 3.26 ZebraTech ZBRA 289.28 -5.82 Zendesk ZEN 108.10 0.05 Zillow C Z 92.52 0.47 Zillow A ZG 93.08 0.55 ZimmerBiomet ZBH 138.60 -0.91 Zoetis ZTS 162.47 1.99 ZoomVideo ZM 538.99 21.20 ZoomInfoTech ZI 43.06 1.77 Zscaler ZS 148.64 -0.36 Zynga ZNGA 9.45 0.12

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