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* * * * * FRIDAY, MAY 7, 2021 ~ VOL. CCLXXVII NO. 106 WSJ.com HHHH $4 .00

DJIA 34548.53 À 318.19 0.9% NASDAQ 13632.84 À 0.4% STOXX600 441.02 g 0.1% 10-YR. TREAS. À 7/32 , yield 1.561% OIL $64.71 g $0.92 GOLD $1,815.50 À $31.40 EURO $1.2065 YEN 109.09

BY ERIC MORATH

WorkerShortageStrainsReturn toBusinessFear of Covid, lack ofchild care and joblessbenefits hold backpotential employees

WHAT CHANGEDFOREVER

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Of the many post-pandemictravel plans being hatchedaround the world, few are asextreme as what ham-radiooperator Dom Grzyb has inmind.

The semiretired Polish busi-nessman looks to spend tensof thousands of dollars thisyear to lead a group of eight toBouvet Island in the southernAtlantic, an uninhabited localelargely covered in glacial ice.The odds aren’t favorable.

One Post-Pandemic Travel Plan:Get as Far Away as Possible

i i i

Ham-radio operators look to raiseantennas in the world’s remotest corners

High winds and massivewaves batter ships enteringthe region. Among travelerswho manage to catch sight ofBouvet Island, which belongsto Norway, some never makeshore. Slivers of beach giveway to steep rock and ice for-mations that reach 100 feetand higher.

“It’s the most remote islandin the world,” said Mr. Grzyb,47 years old. “It’s also one ofthe most dangerous places inthe world.”

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BY JOHN MCCORMICK

MANSIONLuxury-home huntersflock to Kauai’s lush,

uncrowdedproperties.M1

OBITUARYDavid Swensen, Yaleendowment chief whoremade institutionalinvesting, 67. B1

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PARIS—For decades,France’s Valdunes SAS chargedpremium prices for the wheelsit made for high-speed trainsand other rail systems aroundthe world. That strategychanged after a Chinese state-owned industrial conglomeratebought the company in 2014.

The new owner, MaanshanIron & Steel Co., or MA Steel,slashed prices in a bid to dom-inate the market.

“We were told that weshouldn’t miss a single order.That was explicit,” recalledJérôme Duchange, Valdunes’sformer top executive in France.

In a red-hot economy com-ing out of a pandemic andlockdowns, with unemploy-ment still far higher than itwas pre-Covid, the country isin a striking predicament.Businesses can’t find enoughpeople to hire.

Rising vaccination rates,easing lockdowns and enor-mous amounts of federal stim-ulus aid are boosting con-sumer spending on goods andservices. Despite the laborshortage, hiring has been ro-bust recently. U.S. employersadded 916,000 jobs in March,according to the Labor Depart-ment, and economists projectthat the April jobs report, dueout Friday, will show employ-ers added 1 million more.

Weekly unemploymentclaims fell to 498,000 lastweek, a new low since thepandemic began, according toLabor Department data re-leased Thursday.

Still, employers in sectorslike manufacturing, restau-rants and construction arestruggling to find workers.

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INSIDE

The center of the globalCovid-19 pandemic has shifteddecisively to low- and middle-income countries, fueling sick-

ness and death on a scale thattrends suggest could quicklyexceed the world-wide toll in2020.

More than 1.4 millionCovid-19 deaths have been re-ported this year as the virus

By Jason Douglasin London, Saeed Shahin Islamabad and RyanDube in Lima, Peru

has torn through Latin Americaand swaths of Asia, accordingto official tallies compiled atthe University of Oxford.

With recorded deaths risingby about 13,000 daily, the vi-rus’s toll looks set withinweeks to surpass the 1.8 mil-lion deaths recorded for 2020.Patchy recording of cases anddeaths means those figures arealmost certainly underesti-mates, disease experts said.

India continues to set worldrecords in new cases, with thevirus overwhelming hospitalsin many areas. It reported

more than 400,000 new dailycases on Thursday for the sec-ond time in a week, accordingto government data, bringingthe total to more than 21 mil-lion.

From Nepal and Iran to Uru-guay and Argentina, healthsystems are buckling as pa-tients swamp hospitals, com-pounding the disease’s deadlytoll. In some countries, oxygenis running low and intensive-care units are brimming. Cre-matoriums are running full tilt.New variants of the virus areadvancing faster than over-

worked labs can track them.“This is like a war,” Uruguay

Health Minister Daniel Salinassaid.

At the turn of the year, Eu-rope and North America werein the eye of the Covid-19storm, recording 72% of dailyglobal cases and 73% of dailydeaths amid a winter surge.Now those regions account for

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Global Virus Deaths Set to Top 2020

BY CAITLIN OSTROFF

CryptoInvestorsChase NextHot Coin

China Sidesteps TariffsWith Overseas Factories

“They have an appetite foreconomic conquest.”

The French firm was now inthe service of the steel com-pany’s larger strategic goals—to give it the know-how tomake wheels for high-speedtrains in Chinese factories, andto gain access to Europe’shighly regulated rail sector andother markets world-wide. Forthat, Valdunes received low-cost credit from Chinese gov-ernment banks and 150 millioneuros, equivalent to $181 mil-lion, from MA Steel to stayafloat.

Over the past decade, Chinahas provided billions of dollarsof subsidies to state-owned

companies to acquire Westernmanufacturing rivals and tobuild factories beyond its ownborders. Now, these overseasfactories are roiling globalmarkets with low-price goodsin sectors ranging from auto-motive tires and rail equip-ment to fiberglass and steel.

“Chinese companies are ex-panding. They are investingeverywhere,” said Luisa San-tos, deputy director of Busi-nessEurope, the region’s mainbusiness association. “Thismeans that the flaws we see inthe Chinese market are nowbeing exported to other mar-kets.”

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BY MATTHEW DALTON

Fed warns of financial risktied to Covid-19........................ A2

Jobless claims decline to apandemic low............................ A9

Vaccine waiver benefit isn’timminent...................................... A7

Overseas Indians mobilize tohelp.................................................. A7

After bitcoin and dogecoin’sblistering rally this year, indi-vidual investors are venturingfurther out into the cryptocur-rency universe in search of thenext big thing.

A more than 12,000% rallythis year in dogecoin, a crypto-currency that was set up as ajoke and serves no purpose,sent its price to a record 69cents per token this week. Bit-coin climbed briefly to over$60,000 apiece last month,more than doubling its pricesince the end of 2020. That isprompting investors to turntheir attention to newer digitalassets such as DigiByte, Ve-Chain and SafeMoon in the huntfor cheaper alternatives thatcould be the next to skyrocket.

The jump from one specula-tive asset to another is indica-tive of the broader frenzy thathas driven up prices for a rangeof assets including stocks, com-modities such as silver andcryptocurrencies. It also showshow new investors with savingsbolstered by stimulus checksand who are spending moretime at home during the pan-demic have become a volatilenew force in financial markets.

Their bets, usually fueled byrumors and speculation in on-

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GameStop, Archegos spurtalk of new rules.................... B11

CONTENTSArts in Review A10-11Banking & Finance B10Business News...... B3Crossword............... A11Heard on Street. B12Mansion............. M1-16

Markets..................... B11Opinion.............. A13-15Sports........................ A12Technology............... B4U.S. News............. A2-6Weather................... A11World News....... A7-8

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

>

What’sNews

The center of the globalCovid-19 pandemic hasshifted decisively to low- andmiddle-income countries, fu-eling sickness and death ona scale that trends suggestcould quickly exceed theworld-wide toll in 2020. A1 Lawmakers in Texaswere set to vote on Republi-can-sponsored election leg-islation after Florida’s gov-ernor signed that state’selection bill into law. A3Rep. Stefanik embracedTrump and his supportersas critical to GOP electoralsuccess, seeking to quiet crit-ics who raised concerns overher voting record as she seeksa party leadership post. A4 A split FEC said it won’tpursue a complaint thatTrump violated campaignfinance rules when his law-yer tried to buy an adult-film actress’s silence be-fore the 2016 election. A3Nearly 18 million fakecomments were filed withthe FCC over its proposal toscale back internet regula-tion, the New York attorneygeneral’s office found. A5 Catholic clergy are pre-paring to bless gay couplesacross Germany in defi-ance of a recent Vaticanban on the practice. A8A Ugandan former rebelcommander was sentencedto 25 years in prison. A7

Businesses in some sec-tors of the economy are

struggling to find workers,even as millions of peopleremain unemployed. A1 The pandemic remainsone of the biggest near-termrisks to the stability of the fi-nancial system, the Fed saidin a semiannual report. A2 The SEC’s Gensler, intestimony to lawmakers,discussed issues stemmingfrom the GameStop frenzyand the Archegos blowup. B11 Comcast’s NBCUniversalhas explored putting its re-gional sports channels onthe streaming service Pea-cock or selling them. B1TheAthletic is no longer inmerger talks with Axios, butcontinues to pursue a dealthat could expand its subscrip-tion-oriented business. B4Moderna’s Covid-19vaccine lifted the biotechcompany to its first-everquarterly profit. B1 The Dow rose 0.9% to arecord, while the S&P 500and Nasdaq gained 0.8%and 0.4%, respectively. B11 Ant Group is talkingwith Chinese authoritiesabout turning its popular“mutual aid” service into aregulated business. B1 AB InBev named MichelDoukeris, the head of itsNorthAmerican business, to suc-ceed Carlos Brito as CEO. B3

Business&Finance

World-Wide

Clockwise from top, the body of a Covid-19 victim is brought for cremation in New Delhi on Thursday; elderly residents ar-rive for vaccinations in Brits, South Africa, last week; and people line up for the vaccine in São Paulo on Thursday.

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25,336Deaths in the past 7 days in India

16,566Deaths in the past 7 days in Brazil

272Deaths in the past 7 days in South Africa

©2021 Dow Jones & Co., Inc. All rights reserved. 6DJ8408

Trust your source.Trust your decisions.

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AstraZeneca PLC’s Ameri-can depositary receipts gained1.36% on Wednesday. In someeditions Thursday, a Page Onegraphic with an article aboutU.S. support for patent waiv-ers for Covid-19 vaccine pro-duction incorrectly said theshares fell 1.36%.

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U.S.WATCH

IDAHO

Girl Held in ShootingsOf 3 at Middle School

A sixth-grade girl brought agun to her Idaho middle school,shot and wounded two studentsand a custodian and then wasdisarmed by a teacher Thursday,authorities said.

The three victims were shotin their limbs and expected tosurvive, officials said. JeffersonCounty Sheriff Steve Andersonsaid the girl pulled a handgunfrom her backpack and firedmultiple rounds inside and out-side Rigby Middle School in thesmall city of Rigby, about 95miles southwest of YellowstoneNational Park.

A female teacher disarmedthe girl and held her until lawenforcement arrived and tookher into custody, authorities said,without giving other details. Au-thorities say they are investigat-ing the motive for the attackand where the girl got the gun.

“We don’t have a lot of de-tails at this time of ‘why’—thatis being investigated,” SheriffAnderson said. The girl is fromthe nearby city of Idaho Falls, hesaid. He didn’t release her name.

Jefferson County ProsecutorMark Taylor said decisions aboutcriminal charges wouldn’t bemade until the investigation iscomplete but that they might in-clude three counts of attemptedmurder.

—Associated Press

FEDERAL RESERVE

Dallas Chief TalksSlowing Bond Buying

Federal Reserve Bank of Dal-las President Robert Kaplansaid Thursday the U.S. economyis snapping back into actionfaster than he thought and thatcould be moving forward theday when the central bank canstart paring back the amount ofstimulus it is providing via bondbuying.

“I’d like to see us begin talk-ing and begin discussions to talkabout how to taper and taperingsooner rather than later,” Mr.Kaplan said in reference to thecentral bank’s $120 billion amonth in bond-buying stimulus.Tapering is a reference to slow-ing the pace of buying but notstopping the effort outright.

Mr. Kaplan, speaking virtuallyThursday at a conference held bythe Levy Economics Institute ofBard College, explained that hehas been supportive of the Fed’sbond-buying effort. But he saidthe outlook for the economy hasimproved faster than he expected.He reiterated that he expects theeconomy to meet his conditionsfor a first rate rise next year.

Mr. Kaplan said the prospectof meeting the Fed’s “substantialprogress” benchmark for pullingback on bond buying is “going tohappen sooner than—I’ll speak formyself—than I’d expected in De-cember, or even January.”

—Michael S. Derby

ATLANTA

Mayor Won’t RunFor Another Term

Atlanta Mayor Keisha LanceBottoms announced Thursdayshe won’t seek a second term,an election-year surprise thatmarks a sharp turnabout for thecity’s second Black woman exec-utive who months ago wasamong those President Bidenconsidered for his running mate.

Ms. Bottoms, 51 years old,disclosed her decision in alengthy open letter and accom-panying video. “It is with deepemotions that I hold my headhigh and choose not to seek an-other term as mayor,” Ms. Bot-toms wrote, saying she hadprayed over the decision withher husband.

Ms. Bottoms, who narrowlywon a runoff election four yearsago, pushed backed against anyquestions about whether shecould have secured a second vic-tory later this year. She noted are-election fundraiser she heldwith Mr. Biden and said pollsshowed her in a strong position.

“’Is she afraid of the competi-tion?’ NEVER,” she wrote.

Ms. Bottoms was among Mr.Biden’s earliest endorsers andwatched her profile rise earlyduring the pandemic and the re-newed attention on policing inthe U.S. after George Floyd’s kill-ing by a white Minneapolis offi-cer in May 2020.

—Associated Press

NORTH CAROLINA

Judges SkepticalOn Abortion Ban

Federal judges expressedskepticism on Thursday aboutreinstating North Carolina’s banon abortions after the 20thweek of pregnancy, especially af-ter state officials have acknowl-edged that the prohibition hasn’tbeen enforced.

A three-judge panel of theFourth Circuit Court of Appealsin Richmond, Va., heard remoteoral arguments from attorneysfor abortion providers who suc-cessfully sued years ago to blockthe ban—which provided someexceptions for medical emergen-cies—and local prosecutors andstate officials who are trying torestore it. The judges didn’t indi-cate when they would rule.

Republicans in the North Car-olina legislature have been pass-ing laws expanding abortion re-strictions since taking over theGeneral Assembly a decade ago.On Thursday, lawmakers in theHouse approved a measure ban-ning abortions if a woman’s de-cision centers on the fetus’s raceor a Down syndrome diagnosis.

The 20-week ban was firstpassed in 1973. That was theyear the U.S. Supreme Court is-sued its Roe v. Wade decisionprotecting abortion as a consti-tutional right until a fetus devel-ops enough to live outside thewomb.

—Associated Press

U.S. NEWS

The report said other partsof the financial system appearresilient. Banks remain wellcapitalized, it said, and lever-age is low among broker-deal-ers. Household debt is man-ageable, and businesses arebetter able to service their ob-ligations as interest rates re-main low and earnings im-prove, it said.

High asset valuations werealso flagged in the previous fi-nancial stability report, re-leased in November. Thurs-day’s report showed measuresof risk-taking have continuedto rise in equity and bondmarkets since then. It alsonoted pockets of opaque riskand high leverage, particularlyamong hedge funds and re-lated entities.

Fed Chairman Jerome Pow-ell has described parts of themarket, including equities, as“a bit frothy.”

“The overall financial-sta-bility picture is mixed,” Mr.Powell said last week. “But onbalance, you know, it’s man-ageable, I would say, and…it’sappropriate and important for

financial conditions to remainaccommodative, to supporteconomic activity.”

Wall Street strategists andsome investors argue that ele-vated stock valuations aren’t aproblem as long as interestrates remain low and compa-nies continue to report strongprofit growth.

But bullish investor senti-ment has also played a role inkeeping stocks moving higher,and a sudden change in theiroutlook would leave the mar-ket dangerously exposed to apullback, said Mike Bailey, di-rector of research at FBB Capi-tal Partners.

Economists and Fed offi-cials say the central bank’s ef-forts to boost the economicrecovery have contributed tothe run-up in asset prices.

The Fed has kept its key in-terest rate near zero sinceMarch 2020, making itcheaper for businesses andhouseholds to borrow andspend on things such as ma-chinery, cars and homes. Italso buys $120 billion worth ofTreasury and mortgage backed

securities each month, whichholds down long-term interestrates and encourages investorsto shift money into riskier as-sets such as stocks and corpo-rate debt.

“But the Fed perceives thenear-term gains to employ-ment exceed these costs andrisks,” Mr. Levy said in a noteto clients Wednesday.

Thursday’s report pointedto so-called “meme stocks”and the boom in initial publicofferings supported by special-purpose acquisition compa-nies, or SPACs, as evidencethat investors’ appetite forrisk “is elevated relative tohistory.”

It also noted that yields onlower-rated corporate bonds

have “declined significantly”over the past six months evenas Treasury yields rose, indi-cating investors are acceptinglower returns to take on risk.

Fed officials monitor assetprices to gauge risks that asudden, sharp decline mightpose to the broader financialsystem. In the 2008 crisis, thecollapse of residential prop-erty values caused overex-tended homeowners to defaulton their mortgages, inflictinglosses on banks and other fi-nancial firms, driving shareprices lower and leading tothe longest and deepest reces-sion since the 1930s.

Last year’s downturn earlyin the Covid-19 pandemic wasdifferent. The longest eco-nomic expansion on recordhad put the average Americanhousehold in relatively strongfinancial shape, and bankswere well-capitalized as a re-sult of regulations enacted af-ter the 2008 crisis.

As economic activity col-lapsed in March 2020, thegovernment used its borrow-ing capacity to step in with

trillions of dollars in aid tohouseholds and businesses.

“A decline in asset prices,home prices, cryptocurrency—would certainly hurt the peo-ple holding them,” said DonaldKohn, a former Fed governor.“But it’s not going to get am-plified through weakness inbanks and investment banksthe way it did in 2007-2008.”

That doesn’t mean othersectors of the financial sys-tem, such as hedge funds,money-market funds and mu-tual funds that hold illiquidcorporate bonds, are well po-sitioned to weather a declinein asset prices, Mr. Kohnnoted.

Thursday’s report also saidthe collapse of Archegos Capi-tal Management, which causedmore than $10 billion of unex-pected losses at major banks,highlights “the need forgreater transparency at hedgefunds and other leveraged fi-nancial entities that can trans-mit stress to the financial sys-tem.”

—Michael Wursthorncontributed to this article.

WA S H I N G T O N— T h eCovid-19 pandemic remainsone of the biggest near-termrisks to the stability of the fi-nancial system, the FederalReserve said, while noting thatasset prices are vulnerable tosignificant declines if investorsentiment shifts.

“Should risk appetite de-cline from elevated levels, abroad range of asset pricescould be vulnerable to largeand sudden declines, whichcan lead to broader stress tothe financial system,” the cen-tral bank said in its semian-nual Financial Stability Report.

Such scenarios could mate-rialize if progress on contain-ing the virus falls short of ex-pectations or the recoverystalls, straining some house-holds and firms, the Fed said.

BY PAUL KIERNAN

FedWarns of Financial Risk Tied to CovidAsset prices could dropif virus progress fallsshort or recovery stalls,the bank says in report

Bouvet Island also ranks asthe second most-wanted placein the world to contact amongham-radio enthusiasts. Thesedestinations lure the most ad-venturous of the estimatedthree million operators world-wide to set up temporarytransmitting stations.

Ham radios, which connectusers across great distancesusing updated 19th-centurytechnology, work anywhere anoperator can tote generators,fuel, amplifiers, antennas andthe tools needed to makethem work. So-called hamshave complied a list of 340places that span the toughestto the easiest places to con-tact, starting with North Ko-rea No. 1 and the U.S. No. 340.

Hams take pride in reach-ing the rarest outposts. On theother end of the transmissionare those who set up the tem-porary stations, such as Mr.Grzyb, who in 2015 transmit-ted from the hams’ holy grail,North Korea. Their job is sim-ple: Get there, power up, gethome alive.

“We are crazy,” saidTommy Horozakis, who livesnear Sydney, Australia. “To us,it’s the thrill, it’s the adrena-line rush, of being able towork people on the other sideof the world and bouncingyour signals across the iono-sphere without the internet.”

Mr. Horozakis, 53, is mak-ing plans to lead a Novemberexpedition of about 10 peopleto an uninhabited island inshark-populated waters of theCoral Sea south of Papua NewGuinea.

“I won’t be swimming toofar away from shore,” he said.

The destination is part ofthe Willis Islets, a group ofthree small islands that in-cludes two uninhabited sandycays, and one that is home toa weather station with an av-erage year-round populationof four. The islands rank 38th.

The trip will include aroughly 35-hour voyage toferry the team, along withham-radio equipment, tents,food and porta-potties. It willcost about $5,000 a person.

Mr. Horozakis, who ownsbusinesses in telecommunica-tions and pest-extermination,said a spike in Covid-19 casescould block him from travelingbetween his state of NewSouth Wales and Queensland,where he has booked the ves-

ContinuedfromPageOne

RadioOperatorsGo Remote

sel. “If it doesn’t go ahead,” hesaid, “at least we’ve tried.”

These excursions are calledDX-peditions, with DX refer-ring to—in ham-radio jargon—transmitting over long dis-tances. The missions, likemost international travel,were largely scuttled last yearin the pandemic.

Once activated at the re-mote locale, the temporarystations make tens of thou-sands of contacts with far-flung operators, each ex-change lasting a few seconds.The prize for those back homeis either a postcard or elec-tronic confirmation, plus brag-ging rights among peers.

Hams spend considerabletime and money improving thereach and performance oftheir radio stations to makerare and distant connections.In a digital world, where al-most everything can be re-played, there are no do-overs.Once a DX-pedition ends, theremay not be another activationfrom that spot for years or de-cades.

Mr. Grzyb spent three dayson Bouvet Island in 2001. Hetried again in March 2019. Theteam got within 63 nauticalmiles when the ship lost itscommunication antennas in a

storm and had to return toSouth Africa. “It’s for peoplewho are a little bit crazy,” hesaid.

In January 2018, a teamsailed 12 days from Chile toBouvet Island, but roughweather kept its two hired he-licopters from flying. Afterone of the ship’s enginesfailed in a storm, the captainhad enough and returned toport.

Adrian “Nobby” Styles ex-pects smoother sailing. The53-year-old, who lives south-east of London and works inthe food-supply business, hasset his sights on the Maldivesislands—ranked 138th on theham list because it is moretravel friendly. He has alreadycanceled twice because of thepandemic.

“Hopefully, it will happen atthe end of September,” saidMr. Styles, who will needthree flights to get to his In-dian Ocean destination withhis wife, Maxine.

“She loves to lay in the sunall day and I can’t do that,” hesaid, “but I like to play onthe radio.”

The world’s mostisolated locales lureadventurous hamradio operators.

Other parts of thefinancial systemappear resilient, theFed report says.

Adrian ‘Nobby’ Styles during a ham-radio expedition to the Wallisand Futuna islands in the South Pacific in 2019.

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Students were evacuated from Rigby Middle School in Idaho after the shootings there Thursday. The victims were expected to live.

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U.S. NEWS

Texas House to Vote on Election Bill

AUSTIN, Texas—Lawmakersin Texas were set to vote onRepublican-sponsored electionlegislation Thursday night afterFlorida’s governor signed thatstate’s election bill into law.

Republicans say the laws in-clude new measures that willincrease election security, whileDemocrats contend they willrestrict voting access, particu-larly for minority communities.

The Texas bill has receivedpushback from civil-rightsgroups and corporations. TheWhite House criticized theFlorida law after RepublicanGov. Ron DeSantis signed it,and several groups jointlysued in federal court, arguingthe law would impede voters’access to the ballot box.

The Texas bill and Floridalaw follow a Georgia law,passed in March, that includednew identification require-ments for mail-in voters andset limits on ballot drop boxes.

The Texas House was ex-pected to vote on a bill thatwould increase criminal penal-ties for some voting irregulari-ties. If passed, it could be har-monized alongside a bill alreadypassed by the state Senate thatlimits early voting hours, pro-hibits drive-through voting andallows partisan poll watchers tophotograph people voting.

Texas Gov. Greg Abbott, aRepublican, made the electionbills a priority of the biennialsession. In March, he said: “Inthe 2020 election, we wit-nessed actions throughout our

BY ELIZABETH FINDELLAND JON KAMP

state that could risk the integ-rity of our elections and en-able voter fraud, which is whyI made election integrity anemergency item.”

Opponents say the bill couldmake it harder for people to ex-ercise their voting rights.“Criminalizing things that couldbe a simple mistake could be adeterrent to finding poll work-ers,” said Rep. Jessica González,a Dallas-area Democrat who isthe House election committee

vice chair. “I think it’s a terriblepiece of legislation.”

On Tuesday, about 50 com-panies and business associa-tions issued a joint statementthat said they opposed “anychanges that would restrict el-igible voters’ access to the bal-lot” in Texas. Companies likeMicrosoft Corp., AmericanAirlines Group Inc. and Uni-lever PLC signed the state-ment. A second letter, sentTuesday to Texas Speaker of

the House Dade Phelan, wassigned by some members ofthe Greater Houston Partner-ship, a business organization,that included 175 business ex-ecutives, lawyers and otherprominent Houstonians.

Companies have struggledwith how and whether to weighin on changes to voting lawsacross the country, as someemployees and customers whovocally oppose the laws pres-sure them, but also as some ex-

ecutives remain leery of gettingdrawn into political battles.

In Texas, voting-rightsgroups and Democrats urgedcompanies to oppose the statebill after it passed the Senate inApril. American Airlines issueda statement on April 1 opposingit. On April 6, Lt. Gov. Dan Pat-rick publicly reprimanded thecompany and said it hadn’tread the bill. A representativefor American Airlines said ithad read the bill.

Spectators sat in the House Chamber in the Texas Capitol in Austin to hear debate Thursday on the Republican-sponsored legislation.

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to many types of personalproperty, including farmequipment and livestock.Farmers exchanged their oldtractors and upgraded tonewer and better ones withouthaving to pay tax on theirtrade-ins.

The 2017 tax law underPresident Donald Trump elimi-nated 1031 exchanges for ev-

erything but real estate.“That has been a very hard

change,” said Kalena Bruce, afifth-generation cattle ranchernear Stockton, Mo., where sheand her husband oversee a300-acre ranch. “We still haveto make improvements to ourherd, still have to make im-provements to our machines.”

Farmers and land brokers

said the latest proposal, cap-ping the profits from landsales that can be tax-deferredat $500,000, would add an-other burden on farming.

Mr. Biden’s proposal wouldalso raise the top capital-gainstax rate that land sellerswould have to pay to 43.4%from 23.8%. It would imposecapital-gains taxes at death on

appreciated asset gains, achange farmers worry willmake it difficult to keep landin the family. However, the Ag-riculture Department has saidthe plan would exempt farm-ers from those taxes at death,if the farm remains bothowned and operated by familymembers.

Kristine Tidgren, director ofthe Center for AgriculturalLaw and Taxation at IowaState University, said tax ex-ceptions such as 1031 have al-lowed farmers, who often en-dure long periods withoutincome between harvests, toretain as much cash on handas possible for their opera-tions. “Farming is very cash-poor,” she said. “Without a lotof these tools, you wouldn’treally be able to function inthat sort of environment.”

Some aren’t convinced thatland and real estate should en-joy primacy over other typesof assets in the tax code.

“It’s a very special treat-ment,” said Chuck Marr, seniordirector of federal tax policyat the Center on Budget andPolicy Priorities, a think tank.

President Biden has said histax proposals would make bigbusiness and wealthy inves-tors pay their fair share.

His package would alsolikely deliver a blow to Ameri-can farm owners by limiting alongstanding tax break. Theprovision allows landownersto defer paying capital-gainstax when they sell investmentproperty and put the proceedstoward the purchase of otherreal estate.

Farmers for generationshave used the tax break tocheaply and quickly relocatefarm operations to lands withbetter soil, diversify the cropsthey grow and consolidateland holdings. Some have usedit when exiting the business.Farm owners in 2012 held 915million acres, about 40% ofthe land in the continental U.S.

Farmers were hit four yearsago when the Trump adminis-tration narrowed the use ofthis tax deferment, known as a1031 like-kind exchange. Theprovision, named for a sectionof the tax code, used to apply

BY WILL PARKER

Biden PlanWould Limit Farmers’ Tax Break

Farmers took a hit when the Trump administration narrowed the use of a tax deferment.

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Department, which is leadingthe administration’s effort.

The report recommendsthat the National Park Serviceexpand efforts to create parksin communities with histori-cally limited access to nature.

The report says little elseabout expanding the federalsystem of wilderness, monu-ments and other parkland. Itpromotes more funding totribal governments’ conserva-tion programs, and expandeduse of existing federal incen-tives and grant programs forefforts led by local partners,like restoring wildlife migra-tion corridors for elk, prong-horn and other animals.

The report doesn’t recom-mend any specific new fundingmeasures, but calls for contin-ued funding of existing grantprograms to set aside land.Those recommendations high-light programs that includemarket-based initiatives runby the Fish and Wildlife Ser-vice that allow off-site mitiga-tion, credit trading and othermeasures to get private busi-nesses to lock in habitat pro-tection in some areas whilethey develop others.

It also recommends an in-teragency working group builda database for public usecalled the “American Conser-vation and Stewardship Atlas”that gathers information oneffective programs and mea-sures progress.

WASHINGTON—The Bidenadministration wants to pre-serve wildlife habitats by ex-panding collaboration withprivate landowners and stateand local governments, withless emphasis on putting moreland under federal protection,according to a report issuedThursday.

The report, “Conservingand Restoring America theBeautiful,” provides a prelimi-nary outline of how the ad-ministration can pursue a goal

President Biden has set toconserve 30% of the country’sland and water by 2030.

Mr. Biden adopted the 30%target from scientists and en-vironmentalists who say it canhelp stem animal and plant ex-tinctions, threats to water andfood supplies and other envi-ronmental crises.

About 12% of U.S. land androughly 23% of U.S. ocean ter-ritory is currently under per-manent, strong protection, ac-cording to the Interior

BY TIMOTHY PUKO

Wildlife PreservationProposal Is Outlined

30%President’s goal, by 2030, ofland andwater conservation

A split Federal Election Com-mission said it won’t pursue acomplaint that former Presi-dent Donald Trump violatedcampaign finance rules whenhis lawyer tried to buy an adultfilm actress’s silence before the2016 presidential election.

The commission’s decision,made public Thursday, was theresult of a deadlock betweenRepublican and Democraticmembers during a meeting inFebruary. Four of the six com-missioners must agree to pro-ceed with an action.

Mr. Trump’s then lawyer,Michael Cohen, pleaded guiltyin 2018 to making hush-moneypayments to the adult film ac-tress and coordinating anotherpayment to a former Playboymodel. Mr. Cohen said in courtthat Mr. Trump was aware ofthe payments to the women,which were not disclosed in thecampaign’s financial reports.

Mr. Cohen, at the time oneof Mr. Trump’s personal attor-neys, arranged for a $130,000payment to Stephanie Clifford,who used the stage nameStormy Daniels, a month be-fore the 2016 election in re-turn for signing a nondisclo-sure agreement that preventedher from publicly discussingan alleged sexual encounterwith Mr. Trump, The WallStreet Journal first reportedin January 2018, citing peoplefamiliar with the matter.

Within days of the report,Common Cause, a governmentwatchdog group, lodged theFEC complaint against Mr.Trump. The organization saidThursday that the failure topursue a case against the for-mer president is “the latest dis-play of dysfunction at the FEC.”

A representative for Mr.Trump did not respond to arequest for comment.

In the Trump matter, twoRepublican commissioners andtwo Democratic commission-ers voted. Another commis-sioner was absent and a sixthrecused himself. The FEC’snonpartisan office of the gen-eral counsel had recommendedthat the commission find rea-son to believe that Mr. Trumpviolated campaign finance law.

Commissioners TreyTrainor and Sean Cooksey,both Republicans, blocked thatmove, citing Mr. Cohen’s pros-ecution, the age of the allega-tions and the commission’sbacklog of enforcement cases.

FEC Chairwoman ShanaBroussard and CommissionerEllen Weintraub, both Demo-crats, disagreed, citing evi-dence that Mr. Trump and hiscampaign “knew of, and none-theless accepted, the illegalcontributions at issue here.”

BY JULIE BYKOWICZ

FEC TakesNo ActionOn Pay toPorn Star

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U.S. NEWS

YouTube SuspensionOf Trump Remains,But Policy Is Unclear

Stefanik Aims to Quell CriticsLawmaker embracesthe GOP’s pro-Trumpwing as she seeks aparty leadership role

Rep. Elise Stefanik, shown last November, was sometimes criticalof Donald Trump but then became an outspoken defender.

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Rep. Elise Stefanik (R., N.Y.)embraced former PresidentDonald Trump and his sup-porters as critical to Republi-cans’ success at the ballot box,seeking to quiet critics whoraised concerns about her vot-ing record as she seeks a topposition in party leadership.

Ms. Stefanik’s stance on Mr.Trump contrasts sharply withthat of Rep. Liz Cheney (R.,Wyo.), the embattled chairmanof the House Republican con-ference whom she is hoping tosucceed. This week, HouseGOP leaders aired their frus-tration with Ms. Cheney, whohas repeatedly criticized Mr.Trump over his baselessclaims that the election wasstolen from him. She hasurged the party to distance it-self from the former president.

In comments to Steve Ban-non’s “War Room” broadcast onThursday, Ms. Stefanik empha-sized party unity and said Mr.Trump’s populist coalition ofvoters was key to winning backcontrol of the House next year.

“This is also about beingone team,” she said, addingthat she was “proud to standup for President Trump.”

Ms. Stefanik, who wassometimes critical of Mr.Trump when he was a candi-date but then became an out-spoken defender during hisfirst impeachment, also joined

with Mr. Trump and other Re-publicans in questioning theNovember election result.Ms. Stefanik objected to someBiden electors during theJan. 6 session of Congress cer-tifying President Biden’s vic-tory that was interrupted bythe pro-Trump Capitol riot.

In the interview Thursday,she also said she supportedArizona Republicans’ audit ofballots, saying extra review isneeded to address constitu-ents’ concerns, despite prioraudits having confirmed Mr.Biden’s victory in the state.

Mr. Trump and House Mi-nority Whip Steve Scalise (R.,La.) endorsed Ms. Stefanik forthe post on Wednesday. Ms.Cheney hasn’t lobbied to keepthe job ahead of an expectedremoval vote next week. Noother lawmakers have throwntheir hat in the ring.

Some conservatives have

complained, privately andpublicly, that Ms. Stefanik’svoting record and positions ontopics from climate change togender orientation disqualifyher from the role, especially ifRepublicans win back theHouse majority in 2022. Whilecloser to Mr. Trump, she lacksMs. Cheney’s solid conserva-tive voting record.

“Rep. Elise Stefanik is not aconservative and is a poorchoice for a position in Repub-lican leadership,” said DavidMcIntosh, president of Clubfor Growth, in a statementThursday.

A vote scorecard kept byconservative group HeritageAction for America signals arightward shift by Ms. Ste-fanik in recent years. In the2017-2018 term, she had a 24%score with the group, com-pared with the average of 64%for House Republicans. In the

2019-2020 term, her scorerose to 56%, compared withthe average of 85%. So far inthe current Congress, she is at84%, compared with the aver-age of 95%.

Ms. Stefanik opposed Mr.Trump’s tax overhaul in 2017,citing its cap on deductionsfor state and local taxes. Tosome conservatives, her mostcontroversial votes include a2019 vote in favor of theHouse Equality Act, whichaims to ban discrimination onthe basis of sexual orientationor gender identity. This year,she voted against the bill. Ms.Stefanik also voted this yearfor a pathway to citizenshipfor farmworkers in the coun-try illegally and their familymembers, one of only 30 Re-publicans to do so.

Ms. Stefanik rose to promi-nence in the party when shedefended Mr. Trump in hear-ings related to his first im-peachment, often sparringwith House Intelligence Com-mittee Chairman Adam Schiff(D., Calif.). Her fundraisingsurged, and she has built a listof hundreds of thousands ofsmall-dollar donors.

Some Republicans haveurged colleagues not to rushthe process.

Rep. Mo Brooks (R., Ala.)said he preferred to hold sepa-rate votes on ousting Ms. Che-ney and on choosing her suc-cessor.

He said that the race shouldbe delayed, “with adequatetime for the candidates tocampaign and for the public togive congressmen insight andadvice on who is most consis-tent with our principled con-servative values.”

BY SIOBHAN HUGHESAND LINDSAY WISE

San Diego Recruit Depot Graduates Its First Female Marines

MILESTONE: Members of Lima Company’s 3rd Recruit Training Battalion in a ceremony marking a graduation that included the firstfemale U.S. Marines in the 100-year history of Marine Corps Recruit Depot San Diego on Thursday.

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tocurrency is designed to re-ward people who hold it: Any-one selling SafeMoon is chargeda 10% fee, and part of that fee isredistributed to existing holders.

Caleb Paul, a 35-year-oldwho works as a constructionsafety coordinator in Louisianainvested $1,000 in SafeMoonlast month, and plans to stayinvested for a while in the hopeof seeing the price hit 1 cent.

In the late 1990s, investors’frenzied bets led to a massiveboom-and-boost cycle in dot-com stocks. Illustrative of thebroad euphoria of that time, acraze developed for Beanie Ba-bies: sold in toy stores forabout $5, some of the stuffedanimals were valued at about$5,000 by collectors. When thefad faded and supply grew, thebubble imploded.

A previous generation of“altcoins”—or alternatives tobitcoin—saw the rise of lite-

coin and Bitcoin Cash in 2017,as well as thousands ofsmaller ones such as PinkDog,MagicCoin and BitSoar. Thatrally was fueled in part by aboom in a new fundraisingmethod called initial coin of-ferings, which later came un-der fire from regulators.

Many of the crypto alterna-tives have also failed to makemoney for their backers, orcollapsed entirely.

The potential for losses isn’tdeterring Stephen Roach, a 39-year-old cinematographer inLondon. After losing money onXRP, a digital asset from RippleLabs Inc., he began buying Ve-Chain last year. His roughly$950 investment in VeChain isnow valued at $71,000, as awave of new buyers have piledinto the crypto project fromChina in recent weeks.

VeChain’s price has risenmore than 900% this year, giv-

line forums and chat groups, areprompting more-seasonedmoney managers to warn mar-kets are overheating, and thatsmall investors could be hurtwhen prices reverse course. “Itreally does feel like a slot ma-chine,” said Susannah Streeter,senior investment and marketsanalyst at U.K. asset managerand stockbroker HargreavesLansdown. “They’re thinking,which one is going to make mea fast buck between now and sixmonths’ time? It’s based onspeculation, and not the under-lying value of that coin.”

Chatter on internet forumsand a fear of missing out isleading to the frenzied buying,she said. “You really risk get-ting your fingers burned,” Ms.Streeter cautioned.

Celebrities’ interest hasalso fueled the surge. RapperLil Yachty, who has five mil-lion Twitter followers, tweetedlast month to say “told y’all[SafeMoon] was goin up.” You-Tuber Jake Paul also promotedthe crypto to his nearly fourmillion followers.

SafeMoon has rallied morethan 20,000% since its launch inMarch, trading as high as morethan one hundred thousandth ofa U.S. dollar for a market valueof about $3.7 billion. The cryp-


when it determines the vio-lence risk has decreased.

“It’s hard for me to saywhen that’s going to be, butit’s pretty clear right nowwhere we stand,” Ms. Wojcickisaid during a virtual eventhosted by the Atlantic Council,a think tank.

A YouTube spokesman de-clined to say who would deter-mine when Mr. Trump’s ac-count would be restored,adding that internal trust andsafety teams would continueto evaluate social-media posts,government security alertsand law-enforcement activity.

Ms. Wojcicki, Google ChiefExecutive Sundar Pichai andChief Legal Officer KentWalker typically weigh in ondecisions about YouTube sus-pensions of high-profile fig-ures, people familiar with thereview process said.

The company has avoideddetailing employees who arepart of its content-review pro-cess for safety reasons, thesepeople said. In 2018, a womanarmed with a handgun openedfire at YouTube’s headquarterswounding three people andshooting herself months afterposting a video where she ac-cused the service of limitingviewer traffic to her content.

YouTube and Ms. Wojcicki,similar to other social-mediacompanies and executives,have fielded criticism from us-ers and lawmakers over con-tent-moderation rules. Free-speech advocates, includingthose critical of Mr. Trump,have called on YouTube to bemore transparent about its ra-tionale for the suspension ofthe former president and itsappeals process.

Kate Ruane, the AmericanCivil Liberties Union’s seniorlegislative counsel, said thatYouTube’s power to freeze thethen-president’s account whileproviding little insight intohow or when it might lift thesuspension affects the two bil-lion people who use the ser-vice each month.

“Any of the big platformsthat are operating as gatewaysto the online public squareshould be providing the samelevel of clarity, transparency,consistency and due process aswhoever is sitting next tothem in a Congressional hear-ing,” Ms. Ruane said.

—Georgia Wellscontributed to this article.

With Donald Trump’s returnto Facebook in limbo, YouTubehas emerged as the formerpresident’s best chance to re-turn to social media in thenear future.

Mr. Trump has been sus-pended from posting on thevideo-sharing service ownedby Alphabet Inc.’s Googlesince January. Company lead-ers have said they will revisittheir decision but have givenfew details on when, or whowill make the call.

Unlike Facebook Inc. andTwitter Inc., which has perma-nently banned Mr. Trump, You-Tube has provided limited in-formation on its call. Facebookfirst explained its ban in a per-sonal post by Chief ExecutiveMark Zuckerberg and then re-ferred the matter to its inde-pendent Oversight Board. Twit-ter posted an explanation of itsdecision and the rules it be-lieved that Mr. Trump violated.

YouTube said in a shortstatement in January that Mr.Trump’s channel, which has al-most three million subscribers,was suspended in the wake ofthe Jan. 6 Capitol riot for vio-lating the platform’s incite-ment-to-violence policy. Theriot, led by Mr. Trump’s sup-porters, aimed to prevent Con-gress from certifying PresidentBiden’s victory over Mr. Trumpin the November election andresulted in five deaths.

The video service has athree-strikes policy that gov-erns channel suspensions. Asingle strike, as it imposed onMr. Trump’s channel, typicallyresults in a one-week suspen-sion. There is no mention inYouTube’s community guide-lines of an indefinite suspen-sion as enacted in the formerpresident’s case.

A YouTube spokesman saidWednesday the service pro-longed the suspension becauseof the continuing risk of vio-lence. YouTube’s terms of ser-vice give it flexibility to sus-pend or terminate an accountif there is the potential forharm, the spokesman said.

Mr. Trump has deniedclaims that he incited peopleto engage in destructive be-havior at the Capitol. In astatement Wednesday, he said,“What Facebook, Twitter, andGoogle have done is a totaldisgrace and an embarrass-ment to our Country.”

YouTube Chief ExecutiveSusan Wojcicki spoke publiclyabout the suspension in earlyMarch, saying that a recentwarning from Capitol Policeabout a potential attackshowed that Mr. Trump’schannel still posed a risk of in-citing violence. She said You-Tube would lift the suspension

BY TRIPP MICKLE

ing it a market value of about$13.3 billion. The tokenstraded at about 21 centsapiece on Thursday.

Part of the appeal of thecryptocurrency was its relativecheapness, Mr. Roach said. “Itnever needs to get to $50,000 acoin to be life-changing for youbecause it’s under a dollar. All itneeds to do is get to $10.”

Others disagree. “Cheapdoesn’t mean a bargain, it’sonly a bargain if it rises. If itis cheap, it’s also potentiallybecause it is worthless,” Ms.Streeter said.

Investing in such altcoins isparticularly risky as cryptocur-rencies are relatively new prod-ucts that are harder to tradeand don’t have the same levelof oversight by U.S. regulatorsas stocks and bonds. That canmake these assets primeground for fraud and theft.

Many of these digital assetsalso have low liquidity, saidCharles Hepworth, an invest-ment director at GAM Invest-ments. When sentiment re-verses, many inexperiencedinvestors might discover thatthey can’t exit their bets orget their money back, he said.

Eventually, authorities arelikely to intervene with taxationor regulations that take the airout of these markets, Mr. Hep-worth said. “Once there is amass stampede out, you’re notgoing to be able to get out.”

Smaller cryptocurrenciesalso tend to be even more vol-atile than bitcoin, which fre-quently jumps up or downover 10% in a single tradingsession. This can lead to steepand fast losses for investors.

CryptoCraze LuresInvestors

Performance of altcoinsthis year*

Performance, year to date

*Through May 5

Sources: Coinmarketcap.com (altcoins); CoinDesk (bitcoin); FactSet (S&P 500)

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Company leadershave said they willrevisit their decisionbut gave few details.

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Jonathan J. Bush was theyounger brother of formerPresident George H.W. Bush.

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publican members of Congressalso were fakes, the report said.They included 14,000 messagessent to Sen. Rob Portman ofOhio, who as a committee chair-man investigated and issued hisown report in 2019 on lobbyists’manipulation of the govern-ment-comment process.

Mr. Portman said Thursdaythat he has called on the gov-ernment to fix problems incomment systems so officialswon’t be “drowned out by dis-information.”

Ms. James, who continued

Nearly 18 million fake com-ments were filed with the Fed-eral Communications Commis-sion over its proposal to scaleback internet regulation,fueled by both opponents andsupporters of the rule, an in-vestigation by the New Yorkattorney general’s office found.

A report by Attorney Gen-eral Letitia James’s officehighlighted companies thatspecialize in a little-known in-fluence industry that generatesmade-up comments and oftenattaches the names of realpeople caught up in marketingploys. The 18 million fake com-ments represented more than80% of all public commentsfiled to the FCC on its net-neu-trality proposal four years ago.

Investigators found thatcommenters were tricked intoproviding their personal infor-mation in exchange for luresthat included sweepstakes en-tries, discounted children’smovies, a chicken-recipe cook-book and free trials for maleenhancement pills. In other

BY JAMES V. GRIMALDI

U.S. NEWS

cases, names were reusedfrom old campaigns and databreaches or just made up.

About 8.5 million of thefake comments to the FCC de-rived from a $4.2 million cam-paign paid for by Broadbandfor America, an advocacygroup funded by the nation’stop internet providers, in aneffort to dump net neutrality,the Obama-era policy on equaltreatment of internet traffic.Broadband for America and alobbyist listed on the group’stax forms didn’t respond toemails or phone calls.

Investigators also found 9.3million comments supportingnet neutrality that used ficti-tious identities, most submit-ted by one California collegestudent majoring in computerscience. The then-19-year-oldstudent was responsible for 7.7million comments generatedusing websites that createnames, physical addresses andemail addresses, the reportsaid.

The attorney general’sprobe began in 2017 as TheWall Street Journal publishedarticles detailing that thou-sands of people said theirnames were used without theirpermission to post commentsabout FCC and other rules.

Moreover, half a millionother comments received by Re-

an investigation launched byher predecessor, Barbara Un-derwood, said “Americans’voices are being drowned outby masses of fake commentsand messages being submittedto the government to sway de-cision-making.”

At issue is a business oftencalled Astroturf lobbying—po-litical campaigns designed toappear as if they are real grass-roots movements with broadsupport. Ms. James proposednew rules requiring advocacygroups to ensure they have ob-

tained consent from individualsbefore submitting comments,and tougher technical stan-dards for submitting comments.

Six firms funded by thebroadband industry engaged infraud, the report alleged. Threesettled with the attorney gen-eral’s office and agreed to payfines: Fluent Inc., which agreedto pay $3.7 million,React2Media Inc., $550,000, andOpt-Intelligence Inc., $150,000.

The companies didn’t admitwrongdoing, but agreed to anumber of provisions ensuringthey have permission for anycomments they are involvedwith submitting in the future.The investigation is ongoing.

Separately, a three-yearGovernment Accountability Of-fice probe into fake commentson regulatory proposals acrossthe U.S. government is ex-pected to be shared with mem-bers of Congress later this year.

The attorney general foundthese three firms previouslyhad engaged in dozens of simi-lar advocacy campaigns.

Fluent had run 82 politicaladvocacy campaigns that gener-ated hundreds of thousands offabricated comments on issuesranging from criminal-justicereform, data privacy, energy,gambling, healthcare, taxes andtobacco, the report said.

React2Media Inc. had en-

gaged in at least 34 othercampaigns in the U.S. between2015 and 2018, submitting160,000 messages, almost allmanufactured, the report said.

Fluent said the companyhad years ago adopted most ofthe improvements proposedThursday by the attorney gen-eral to avoid future problemsin a “non-core part of ourbusiness.” Barry Kallander,president of React2Media, de-clined to comment. Opt-Intelli-gence didn’t respond to a re-quest to comment.

The investigation foundsome of the vendors lied toBroadband for America whenquestions were raised aboutthe volume and veracity of thecomments.

Officials in the attorneygeneral’s office said theydidn’t find evidence that thegroup or wireless companiesknew about the fraud. The re-port did conclude that the ex-ecutives ignored red flags offraud and false impersonation.

“The way that they con-ducted their campaign hidingthe broadband industry’s in-volvement, relying on leadgenerators that used commer-cial incentives to lure peopleto comment, and paying dubi-ous vendors for volume ratherthan quality—is troubling,” thereport said.

Millions of Fake Comments on FCC PlanThe net-neutralityproposal drew about18 million bogusremarks four years ago

New York State Attorney General Letitia James proposed newrules requiring tougher technical standards for submitting posts.

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failure at about 11:25 p.m., or 35minutes before he would haveturned 90. OnWednesdaymorn-ing, his 10th grandson, JonathanJames Bush III, was born.

Jonathan Bush never ranfor political office but helpedraise money for the Republi-can Party in New York state.Within the family, “he was thejoke teller in chief,” said one ofhis sons, the television person-ality William H. “Billy” Bush.

He spent most of his careeras a fund manager and kept alow profile. Unlike some presi-dential siblings, he eluded ridi-

cule. “You have to be a little bitcareful,” he told the Raleigh(N.C.) News & Observer in 1989.“You can’t judge belly-flop con-tests or that sort of thing.”

Jonathan James Bush, thefourth of five children, wasborn May 6, 1931, in Green-wich, Conn. His father, PrescottSheldon Bush, was an invest-ment banker and representedConnecticut in the U.S. Senateas a Republican in the 1950sand early 1960s. His motherwas Dorothy Walker Bush.

He attended the Hotchkissboarding school before enroll-

ing at Yale College, where hestudied English, was a kickeron the football team and sangwith the Whiffenpoofs. Aftergraduating from Yale in 1953,he served in the Army and wasbased in Germany and Texas.

He focused for several yearson singing and acting in an ef-fort to launch a Broadway ca-reer. He played the cowboy WillParker in touring productionsof the musical “Oklahoma!”

In the early 1960s, he gaveup show business and workedfor the Wall Street securitiesfirm G.H. Walker & Co., run by

one of his uncles.In 1965, he met Josephine

Bradley, a Vassar College grad-uate. They married in 1967.

Three years later, he foundedhis own fund management com-pany, J. Bush & Co. After sellingthat company, he was a seniorexecutive at Fairfield, Bush &Co., a fund-management firm inNew Haven, Conn., where he re-mained active until about threeyears ago. He was chairman ofthe United Negro College Fundin the early 1990s and ran atennis-training program at theBoys Club of Harlem.

Jonathan J. Bush, a memberof the political clan who pursuedstardom as a song-and-danceman before settling into a Wall

Street career,died Wednesdayat his home inHobe Sound, Fla.

Mr. Bush,who was 89,

was the younger brother offormer President George H.W.Bush and an uncle of formerPresident George W. Bush.

He died of congestive heart

BY JAMES R. HAGERTY

Kin of Presidents Pursued Acting, Finance

OBITUARYJONATHANJ. BUSH1931-2021

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Vaccines are in short supplyin low- and middle-incomecountries, partly because richnations have bought up manymore doses than they need andproduction hasn’t kept pacewith demand, squeezing thenumber of shots available forCovax, an initiative to vacci-nate poor countries.

Exacerbating the problem isthe scale of the epidemic in In-dia, the world’s largest vaccineproducer, which has halted ex-ports to pump shots into armsat home. The WHO said thisweek that 100 million doses ofvaccine exports expected fromIndia and destined for otherdeveloping nations haven’t yetbeen dispatched.

In the U.S., 45% of peoplehave received at least onedose. In the European Union, aquarter have. That compareswith 12% in South America and4% in Asia. Less than 1% of thepopulation of Africa has beengiven a shot.

The U.S. said Wednesday itwould support a temporarywaiver of intellectual-propertyprotection for Covid-19 vac-cines, a move that could boostproduction, though vaccinemakers said the chances of

quarter of the fatalities. Almost17,000 deaths were reported inBrazil. On a per capita basis,recorded Covid-19 deaths in thepast week have exceeded thosein India in countries includingUruguay, Paraguay, Brazil, Peruand Colombia, and in poorerpockets of Eastern Europe.

Thailand recorded morethan five times as manyCovid-19 cases in April as it didthrough all of 2020. Infectionsin the Philippines reachedhighs in April and remain wellabove last year’s peak. Cambo-dia, which avoided large out-breaks in the pandemic’s firstyear, has reported hundreds ofinfections a day in recentweeks, prompting strict re-strictions that are hitting com-munities hard.

Only Africa has for the mostpart avoided the latest wave,though the continent has re-ported 57,000 certifiedCovid-19 deaths this year, com-pared with 65,000 in 2020.

“The disease is out of con-trol in many parts of the world,and is potentially going out ofcontrol in other parts that havebeen relatively spared,” saidMartin McKee, professor of Eu-ropean public health at the

U.S. NEWS

Newly reported Covid-19cases in the U.S. rose from a dayearlier but are broadly edginglower, as the average number ofvaccine doses administered con-tinued to slide.

There were 44,510 new casesreported in the U.S. on Wednes-day, according to the latest datacompiled by Johns Hopkins Uni-versity. That figure was up from40,733 a day earlier but downfrom 55,125 a week earlier. Morethan 32.5 million cases havebeen reported in the U.S. over-all, the data show.

Not all states report newcases on a daily basis. Theseven-day moving average,which helps smooth out states’different reporting schedules,was 46,656 as of Wednesday, ac-cording to a Wall Street Journalanalysis of Johns Hopkins data.The 14-day average was 49,668.

When the seven-day averageis lower than the 14-day aver-age, as it has been since April 17,it indicates cases are declining.

Hospitalizations stood at39,554, according to the latestdata posted by the Departmentof Health and Human Services.There were 776 deaths reportedfor Wednesday, according toJohns Hopkins data, bringingthe U.S. death toll to more than579,000. Wednesday’s figurewas down from 934 a day ear-lier and 959 a week earlier.

The decline in Covid-19 casescomes as some 41.3% of U.S.adults have been fully vacci-nated, and 56.7% have receivedat least one dose, according toCenters for Disease Control andPrevention data. An average of2.1 million doses a day were ad-ministered over the past week,according to a Journal analysisof CDC data. That was downfrom 2.2 million a day earlierand 2.7 million a week earlier.

A man receives AstraZeneca’s vaccine in Brazil, which logged nearly 17,000 deaths over the past week.

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London School of Hygiene andTropical Medicine.

Behind the surging pan-demic are multiple variants ofthe virus that spread morereadily than older versions,and might be causing more-se-vere disease.

Religious festivals and othermass gatherings in India andelsewhere have seeded the vi-

rus and its evolutionary prog-eny far and wide.

Rickety health systemsmean not everyone can get thehelp they need. Social distanc-ing isn’t straightforward whenfamilies live cheek by jowl andgovernment support for work-ers to isolate is scant, if it ex-ists at all.

Keeping economies in thedeep freeze for long stretchesto suppress transmission iseasier for rich countries.

Mass vaccinationhas helped richercountries turn thetide on Covid19.

that happening quickly are slimgiven the complexities of man-ufacturing.

Doctors said they need vac-cines now to protect thosemost vulnerable from gettingsick. “What’s important is toreduce the number of casesthat end up in an ICU. This iswhat paralyzes the country,damages the economy and thehealth system,” said Daniel Go-leniuk, a director of a Uru-guayan hospital group in Ri-vera, on the border with Brazil.

Disease modelers expectthe pandemic to get worse be-fore cases and deaths start toebb. New daily cases in Indiacould more than double by themiddle of May to 800,000 toone million cases a day, saidBhramar Mukherjee, professorof biostatistics and epidemiol-ogy at the University of Michi-gan.

Deaths in India could peakat more than 12,000 deaths aday in the third week of May,according to modeling by theInstitute for Health Metricsand Evaluation at the Univer-sity of Washington, up from3,000 a day currently. By Au-gust, the cumulative death tollcould reach one million peoplein India, IHME’s model shows.

In Colombia, deaths haveskyrocketed to more than 500a day this week, a record. Ar-gentina’s government imposednew restrictions on businessesand closed schools again as in-fections hit a high in April. InPeru, April was the deadliestmonth since the pandemic be-gan.

Hellen Ñañez spends herdays outside a hospital in thePeruvian town of Pisco waitingfor news about her father, whowas recently admitted into thecritical-care unit after tryingto get a bed for two weeks.Thirteen members of her ex-tended family have died fromthe virus, she said. Another, anaunt, was just admitted to ahospital with severe symp-toms.

“I don’t know what to feelanymore,” she said. “We don’thave much hope. This is horri-ble.”

—Niharika Mandhanaand Luciana Magalhaes

contributed to this article.

BY ADAM MARTIN

U.S. CasesOf VirusTrendingLower

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Since the first Covid-19 vaccineswere approved in December, the U.S. hasadministered nearly 250million doses, getting shots in the arms ofmore thanfour in 10 Americans. About a third of the population is fully vaccinated.

Those numbers are far fromwhat experts say is probably necessary to achieveherd immunity, the point at which enough people become immune such thatthewhole community is protected. And the average daily rate of vaccinationshas fallen by almost a third from its peak inmid-April.

While those numbers are frustrating efforts to broaden the vaccinatedpopulation, the country does appear to have reached a tipping point in passingthe 40%mark—a figure thatmany public-health experts call an importantthresholdwhere vaccinations gain an upper hand over the coronavirus.

Covid-19 Vaccination Rates vs. InfectionsBy Elliot Bentley

Note: Some dates are excluded due to irregularities in reporting.Sources: John Hopkins University via Associated Press (cases); Centers for Disease Controland Prevention (state vaccinations)

Top 10 states

Bottom 10 statesThat contrasts with stateswhere vaccination ratesare lowest. This group,in aggregate, has lowercase rates overall but hasseen infections drop onlymodestly as vaccinationrates lag.

States that gavemorevaccines drove the decline.In the aggregate, the10 states with the highestvaccination rates—allabove 50%—recordeda steep drop in cases.

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U.S. populationreceiving at least onedose reaches 40%.

22% of daily cases and 28% ofdeaths, with Latin America,Asia and Africa together notch-ing 78% of daily cases and 72%of deaths.

The turnaround has beenpropelled largely by mass vac-cination. The U.S. and chunksof Europe are looking forwardto an economic revival and asummer more or less free ofonerous public-health restric-tions as high-tech shots protectincreasing numbers of peoplefrom infection and illness.

The shift might not be per-manent: The virus has ebbedand flowed unpredictably sinceit emerged.

Variants of the virus able toescape vaccines—incubated asthe pandemic rages else-where—could spread into theWest. Vaccine rollouts in poorcountries could accelerate, pos-sibly helped by vaccine dona-tions from richer countries anda world-wide increase in vac-cine production.

Epidemiologists and public-health experts said the Westmust move quicker to help thedeveloping world bring thepandemic under control withcash, expertise, medicines and,above all, vaccines. This isn’tjust to save lives, they said, butalso to reduce the risk that thevirus ricochets back.

“Since we are living in aninterconnected and interlinkedworld, pandemics like thisspare no one and no one issafe,” Nepal’s prime minister,K.P. Sharma Oli, said on Mon-day, appealing for internationalhelp as the virus races throughthe tiny Himalayan republic.

The World Health Organiza-tion said there have been 5.6million new cases of Covid-19reported world-wide and morethan 91,000 deaths over thepast seven days.

India alone accounted for al-most half those cases and a


PandemicDeaths SetTo Top ’20

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Games participants, the impactof which has been unclear.

The newest offer would haveto be rolled out to dozens ofcountries around the world,each with different regulatoryrequirements, within weeks inorder to take effect in time forthe Games. The Pfizer-BioN-Tech vaccine requires twodoses, typically taken severalweeks apart, before protectionis conferred two weeks afterthe second dose. The Olympics

are 11 weeks away.Pfizer and BioNTech have

delivered Covid-19 vaccinedoses to 91 countries or territo-ries around the world, accord-ing to a Pfizer spokeswoman.The company has supply agree-ments or is in talks with aboutthree dozen more countries andsupranational organizations forthe supply of its COVID-19 vac-cine, she said.

The announcement wasgreeted skeptically by Law-

rence Gostin, the director ofthe World Health Organiza-tion’s center on global healthlaw.

“It’s too little, too late,” saidGostin, pointing to the need tohave in place cold-chain storagefor the vaccine and emergencyuse authorizations, as well asthe time between doses and af-ter for efficacy. “It’s a PR ges-ture and very little more. Itspractical impact on the Gameswill be negligible.”

A large majority of the Japa-nese public has said in opinionpolls that it wants the Gamesto be postponed again, as theywere a year ago, or canceled al-together. Less than 2% of theJapanese population has beenvaccinated, in part due to thetime it has taken to approveCovid-19 vaccines for use in thecountry.

The Pfizer-BioNTech vaccinewas the first to be approved byJapan, on Feb. 14.

Participants in this sum-mer’s Tokyo Olympics and Par-alympics will have access to do-nated doses of Pfizer Inc. andBioNTech SE’s Covid-19 vac-cines, the International OlympicCommittee said Thursday, asthe Games’ organizers attemptto boost the prospects of a gi-ant global event whose statusremains uncertain.

The vaccines are approvedfor use in less than half the na-tions around the world, how-ever, and some public healthadvocates believe they are com-ing too late to make a signifi-cant difference.

National Olympic and Para-lympic Committees around theworld would work with theirlocal governments to coordi-nate local distribution of thevaccines to “athletes, officialsand Games stakeholders,” un-der a memorandum of under-standing with the drug compa-nies announced by the IOC.

Vaccinations are a key puz-zle piece in determining a safeapproach to staging an Olym-pics as the pandemic continues.So far, the IOC has said it is en-couraging–but not mandating–vaccinations for athletes,coaches and others involved inthe event.

About 11,000 Olympic and4,400 Paralympic athletes frommore than 200 countries areexpected to compete in Tokyo.The Olympics start July 23, theParalympics on Aug. 24.

Thursday’s surprise dona-tion echoes an earlier move bythe Chinese Olympic Commit-tee to offer its vaccines to

BY RACHEL BACHMANAND LOUISE RADNOFSKY

Amid Covid fears, a majority of Japanese people say the Tokyo Games should be postponed or canceled. A city view of the Olympic rings.

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WORLDWATCH

UNITED KINGDOM

Bank Leaves KeyInterest Rate at 0.1%

The Bank of England raisedits 2021 growth forecasts forthe U.K. economy on Thursday,but left its key interest rate un-changed and gave no indicationthat it was planning to changeits policy settings soon.

At its latest policy meeting,the central bank left its key in-terest rate at 0.1% and its pro-gram of government bond pur-chases at £875 billion, orroughly $1.217 trillion.

The BOE’s Monetary PolicyCommittee said the U.K.’sgrowth prospects had improvedsince it last released forecastsin February, citing the rapidpace of vaccinations and thefact that activity had provedmore resilient than expected un-der restrictions that the govern-ment hopes to lift by the end ofJune.

The BOE said it expects theU.K. economy to grow by 7.25%in 2021, having previously fore-cast growth of 5%. However, itlowered its 2022 growth fore-cast to 5.75% from 7.25%.

It also said that it expectsthe inflation rate to be just be-low its target of 2% in the sec-ond quarter of 2024 if it wereto raise its key interest rate bythe second quarter of 2023, anda second time by the secondquarter of 2024.

That is a way of signalingthat the central bank is in norush to tighten policy soon.

—Paul Hannon

NETHERLANDS

Ugandan Gets 25Years for War Crimes

The International CriminalCourt sentenced a Ugandan for-mer child soldier who turnedinto a brutal rebel commander to25 years’ imprisonment Thurs-day, with judges saying that hisown abduction as a schoolboyand military past prevented himfrom being sentenced to life.

Dominic Ongwen was con-victed in February of a total of61 war crimes and crimesagainst humanity including mur-

der, rape, forced marriage, forcedpregnancy and using child sol-diers as a commander in theshadowy Lord’s Resistance Army.His lawyers have said theywould appeal the conviction.

Presiding Judge BertramSchmitt said judges weighed Mr.Ongwen’s brutality and victims’wishes for justice against hisown tortured past when decid-ing on a sentence. Mr. Ongwen,showed no emotion as he heardthat the three-judge panel hadgiven him a sentence five yearslonger than the 20 years prose-cutors requested.

“As the government of

Uganda…we hope it will serve asa signal to others who thinkthey can commit a crime andrun away,” said spokesman Of-wono Opondo.

Mr. Ongwen’s defense law-yers have cast him as a victimof the LRA’s brutality who wastraumatized after being ab-ducted as a 9-year-old andturned into a child soldier in thegroup’s violent insurgency.

Judges in February ruled thathe committed the crimes “as afully responsible adult, as a com-mander of the LRA in his mid-to-late 20s.”

—Associated Press

HONG KONG

Activist SentencedFor Tiananmen Vigil

Prominent pro-democracy ac-tivist Joshua Wong was sen-tenced to more jail time Thurs-day for participating in anunauthorized vigil to commemo-rate the 1989 Tiananmen Squarecrackdown, as Hong Kong au-thorities exert more control overdissents in the city.

For years, Hong Kong was theonly place in China where peoplewere allowed to mark the anni-versary of Beijing’s crushing of theChinese democracy movement.

Despite the commemorationbeing banned for the first timelast year, thousands of protest-ers defied authorities and pro-ceeded to Victoria Park to lightcandles and sing songs. Policewho were present at the vigilwarned the protesters they maybe breaking the law but madeno arrests on the day itself.

Mr. Wong and three districtcouncilors had pleaded guilty toknowingly taking part in an un-authorized assembly, and couldhave faced a maximum of fiveyears in prison.

Mr. Wong, who rose to prom-inence as a student activist andwas the face of the 2014 pro-democracy protests, already is injail after being convicted of ille-gal assembly in other protests.He was sentenced to an addi-tional 10 months. Twenty otherpeople face charges over the Ti-ananmen vigil but haven’t en-tered pleas.

—Associated Press

RESTING PLACE: Coffins with the remains of Red Army soldiers killed in World War II are placed ina grave during a reburial ceremony ahead of Victory Day celebrations in Kaliningrad, Russia.

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The U.S. decision to back aneffort to open up the intellec-tual property underpinningCovid-19 vaccines is stirring

hope that more drug manufac-turers, particularly in poorcountries, can start churningout shots they sorely lack.

But trade officials, healthauthorities and pharmaceuti-cal executives say lengthy in-ternational negotiations re-quired to lift patentprotections and technologicalchallenges involved in makingnew vaccines mean the impact

By Saeed Shah,Drew Hinshawand GabrieleSteinhauser

WORLD NEWS

of such a move may not be feltfor months or years.

Instead, in the short term,additional supply could comefrom extra capacity drug com-panies are currently adding, aswell as new licenses theymight extend to more contractmanufacturers around theworld. Developing-world coun-tries have also been pressingrich countries to release un-needed vaccines to them.

On Wednesday, the U.S. saidit would support a temporarywaiver of provisions protect-ing the intellectual propertyassociated with Covid-19 vac-cines, a move developingcountries have pushed for ascoronavirus infections anddeaths surge in poor nations.

“On the current trajectory,if we don’t do more, if the en-tire world doesn’t do more,the world won’t be vaccinateduntil 2024,” Secretary of StateAntony Blinken said Thursdayduring an interview on

MSNBC. “We can speed this upand get that done, I think, in amuch shorter time.”

In early October, India, whichis currently at the epicenter ofthe pandemic, and South Africaintroduced a proposal to theWorld Trade Organization towaive patents linked toCovid-19 vaccines, treatmentsand diagnostics. They havesince gained the support ofmore than 100 countries.

South Africa and India willpresent a revised waiver pro-posal this month at the WTO,said Mustaqeem de Gama, anofficial at South Africa’s mis-sion to the trade body. Afterthat, talks on the scope andduration of the waiver couldtake months.

Lukewarm reactions in Eu-rope to the U.S. move suggestnegotiations could drag on.“We are ready to assess howthe U.S. proposal could help”increase global vaccinations,Ursula von der Leyen, the

president of the EuropeanCommission, said Thursday.

The government in Ger-many, home to BioNTech SEand CureVac NV, two of theleading developers of mRNAvaccines, came out against thewaiver on Thursday.

Even with U.S. support,governments might not agreeon the details of the waiverfor several more months, saidWTO Director-General NgoziOkonjo-Iweala. Even then,other challenges remain, shesaid, such as the terms underwhich drugmakers wouldtransfer technical know-how

variant—or another pandemicaltogether—could once againspark a global scramble forvaccines made almost exclu-sively in a small number ofmostly wealthier states.

“You can see the concentra-tion of manufacturing in theworld and you can see that thepolitics of that doesn’t work,”said Dr. Okonjo-Iweala. “Whencountries are caught, it’s verydifficult for them to tell theirpopulations, ‘We are going toexport.’ ”

“We don’t know whetherthis pandemic is going any-where. Nobody knows,” sheadded.

Drugmakers say waivingthe intellectual-propertyshields wouldn’t relieve short-ages quickly because contractmanufacturers aren’t familiarwith the know-how required tomake the vaccines.

to manufacturers who lack theexpertise to produce vaccines.

Despite momentum behinda waiver, “it will still taketime,” she said. “I think itwould be naive to think thatall of a sudden this thing isgoing to be resolved.” It couldtake six to nine months beforeplants produce their firstdoses, she added.

While negotiations continue,the WTO has hosted talks be-tween vaccine manufacturersand drugmakers in Bangladesh,Pakistan, India, Egypt, Indone-sia, South Africa and Senegalthat could generate new pro-duction agreements.

That, along with less demandin Europe and America, mayhelp ease acute shortages to-ward the latter half of this year.

By August, the WorldHealth Organization expectsdoses to be more widely avail-able in developing countries.Still, poor countries are con-cerned that a new coronavirus

Vaccine-Waiver Benefit Isn’t ImminentOpening intellectualproperty could takemonths or years toramp up availability

Pfizer, BioNTech to Donate Shots to Olympics

Europe is lukewarmon the U.S. decisionto back a bid to liftpatent protections.

As India struggles with thepandemic’s fastest-growingCovid-19 surge, one of theworld’s largest diasporas ismobilizing aid, including manyIndian-Americans.

On Thursday, India reportedmore than 412,000 new dailycases, a global single-day highfor the pandemic, and nearly4,000 deaths.

There are about four mil-lion Americans of Indian de-scent, and many are donatingto nonprofits that are shippingcritical medical supplies to In-dia and searching for vendorsto send equipment.

The chief executives ofGoogle parent company Alpha-bet Inc. and Microsoft Corp.,both born in India, havepledged millions of dollars inaid for oxygen and other medi-cal supplies. The Indian-bornco-founder of Sun Microsys-tems Inc. has also kicked atleast $1 million.

Urooj Ansari, a graduatestudent in Jersey City, N.J.,said she has spent hourscombing the internet trying tofind an oxygen cylinder for her64-year-old father in NewDelhi. He has struggled tobreathe after testing positivefor the virus that causesCovid-19.

“I was up all night becauseof the time difference betweenthe U.S. and India, trying tocontact people, contactinghundreds of people,” said Ms.Ansari, who moved to the U.S.in 2017.

Her brothers in Indiabought an empty cylinder for50,000 rupees, or about $680,which is more than the aver-age monthly salary in India.Despite lining up every singleday for a week, they couldn’tget it filled with oxygen. Thefamily finally got her father abed in a government hospital,where he has improvedslightly after receiving oxygen.

“It was so terrifying,” saidMs. Ansari, breaking down intears. “I couldn’t tell you whatit is like to see my fatherstruggling to breathe as hetried to say something to us.”

M.R. Rangaswami, a SanFrancisco-based angel investorand founder of the nonprofitIndiaspora, said no Indian-American has been untouchedby the outbreak. He lost hissister to Covid-19 in Novem-ber. Still, Mr. Rangaswami saidhe has been surprised by howquickly the virus has tornthrough the country.

He said the scale of the di-saster has forced organiza-tions like Indiaspora, whichnormally hosts forums andevents, to quickly learn how tofundraise and do crisis man-agement.

Indiaspora, a global organi-zation of people of Indian ori-gin, has raised $1 million fromits members, and helped withother efforts such as a virtualfundraiser held on Saturdaywith appearances by promi-nent people of Indian heritage,including wellness guruDeepak Chopra and talk-showhost Lilly Singh.

BY SHAN LIAND TALAL ANSARI

OverseasIndiansMobilizeTo Help

Heard on the Street: Patentwaivers risk side effects... B12

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The Rev. Armin Nagel, left, blessed the civil union of VolkerNagel, right, and Andreas Pfau in Mengen, Germany, in 2018.

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The European Union thisweek proposed legislation torein in companies in Europethat are subsidized by foreigngovernments, one of a series ofmeasures that aim to counterthe global expansion of Chi-nese firms.

Zhang Ming, the Chineseambassador to the 27-nationbloc, has said Europe’s stancehas worried Chinese investorsin the region and underminedthe EU’s historical openness toforeign investment. “We oftensee the EU as our professor forbuilding our market economy,”Mr. Zhang said. “So we don’twant to see our professor andour partner have any hesita-tion when it comes to theseprinciples.”

The U.S. and nations in Eu-rope and elsewhere also subsi-dize their own industries, of-ten through tax breaks, exportfinancing and research-and-de-velopment funding. Whatmakes China different is theoutsize role state-controlledcompanies play in its economy,and its willingness to supporttheir expansion abroad.

Daniel Gros, an economistat the Centre for EuropeanPolicy Studies, a think tank inBrussels, said those differencesshouldn’t lead the EU to penal-ize China for investing abroad.“Sorry, we cannot export ourown model,” he said. “And we


LONDON—The U.K. senttwo Royal Navy vessels to pa-trol the waters around the is-land of Jersey after Frenchtrawlers gathered there toprotest restrictions on theirfishing rights, a new sign oftensions created by Britain’ssplit with the European Union.

A flotilla of around 60French fishing boats waitedoutside the entrance to the portof St. Helier, 14 miles off thecoast of France, on Thursdaymorning. They fired flares andunfurled banners before latersailing off. The British govern-ment said the Royal Navy shipsalso subsequently departed.

The spat centers on Frenchfishermen’s rights to access wa-ters around the island. AfterBrexit, new terms were imposedby the government of Jersey—aself-governing British crownterritory that relies on the U.K.for defense and internationalaffairs—requiring fishermen toprove they had previouslyfished in island waters to get apermit to continue doing so.

While 41 boats were grantedpermits, 17 larger French boatswere denied licenses, a Jerseygovernment official said. InBrussels, the EU’s executivearm, the European Commis-sion, said this was a breach ofthe trade-and-cooperationagreement signed last year.

have lots of other subsidies.The footprint of our govern-ments in our economies isvery, very large.”

The U.S. and Europe havelong relied on the World TradeOrganization and tariffs to pe-nalize China for subsidizingexports with grants, tax breaksand credit from state-ownedbanks, measures that helpedthe country grow rapidly. Butthe WTO rules weren’t writtento constrain subsidies that agovernment gives to its manu-facturers overseas.

The result: Chinese-ownedfactories outside of China usu-ally face lower tariffs thanthose imposed on factories in-side the country—or escapethem altogether.

Western officials and execu-tives say financial support

from the Chinese governmentallows Chinese-owned manu-facturers overseas to operateon razor-thin margins or at aloss, while they grab marketshare or serve the strategicobjectives of the government.The problem, they say, is par-ticularly difficult to addresswhen the manufacturer inquestion is operating inside aWestern market.

“China may never careabout a profit because it’s anonmarket economy,” said Mi-chael Wessel, a member of theU.S.-China Economic and Secu-rity Review Commission,which advises Congress onChina policy. “We have to as-sess whether as a marketeconomy we view that as ac-ceptable.”

The commission is recom-

mending Congress give theFederal Trade Commission theauthority to block acquisitionsby foreign companies that re-ceive government subsidies,particularly if those funds areused to execute the transac-tion. It says U.S. authoritiesshould have the power toscreen plans by Chinese-ownedcompanies to build factories inthe U.S. for potential threats tonational and economic security.

The EU’s proposed legisla-tion would allow the EuropeanCommission, the bloc’s execu-tive arm, to stop acquisitionsby companies subsidized by aforeign government or imposerestrictions on them to stopdistortions of the Europeanmarket.

EU rules restrict how muchaid member states can give the

private sector. The bloc’s offi-cials say the subsidies legisla-tion aims to level the playingfield: Chinese companies in Eu-rope wouldn’t be allowed tobenefit from Chinese govern-ment subsidies when Europeancompanies are forbidden simi-lar support from their owngovernments.

To maintain access to theEuropean market, the Chinesegovernment is offering to re-move restrictions on invest-ment by European companiesin China’s domestic economy,part of a preliminary invest-ment deal struck with the EUin December. The EU says it ismoving forward with the for-eign-subsidies legislation re-gardless of the investmentagreement.

The U.S. in January imposedantidumping tariffs on tiresfrom Thailand, South Koreaand Vietnam after Chinesecompanies set up productionin those countries to escapeWestern tariffs on tires im-ported from China. The Chi-nese investments helped trans-form Thailand into the world’sbiggest exporter of tires. Chi-nese companies also are build-ing tire factories in Algeria,Serbia and elsewhere to exportto the West without antidump-ing tariffs.

China Railway Rolling StockCorp., or CRRC, a state-con-trolled rail giant, has built twofactories in the U.S. The in-vestments helped CRRC winover local politicians and sat-isfy rules that require a mini-mum percentage of goods pur-chased by public-transitagencies to be made in the U.S.CRRC underpriced the nearestcompetitors by as much as20%, securing contracts with

Boston, Chicago, Los Angelesand Philadelphia, according toU.S. government documents.

When MA Steel bought Val-dunes for just €13 million, theFrench company was in finan-cial trouble. MA Steel saw theacquisition as a way to expandits overseas sales channels—Valdunes’s brand is well-known in the industry—and toacquire know-how to makeprecision wheels for high-speed trains.

The company, renamed MG-Valdunes, got support fromstate-owned banks such as theBank of China and China Con-struction Bank, according tocorporate documents, receiv-ing credit at interest rates of1% to 2%.

After observing Valdunesfor a year, MA Steel told thecompany’s French executivesto ensure that its order bookwas filled, regardless of theprice and the cost of produc-tion, former executives said.

That strategy caused lossesto balloon, they said. Mr.Duchange, the former CEO,said MA Steel officials told himValdunes could raise pricesagain after taking marketshare. Mr. Duchange recalledthat one MA Steel executiveexplained the strategy with aChinese saying: “There is nosuch thing as barren land, onlyfarmers who don’t workenough.”

Toward the end of 2019, MASteel was absorbed into ChinaBaowu, the country’s largeststeel company, which is ownedby the central government. Un-der the new ownership, MASteel said its rail business iscontinuing the strategy ofglobal expansion using Val-dunes.

ChinaSidestepsTariffs

wouldn’t refuse a blessing ifrequested by gay couples.

Some progressive Catholicssay the Vatican document haschanged their image of PopeFrancis, who until recentlywas known for his conciliatorywords and gestures towardgay people, most famously hiscomment about gay priests:“Who am I to judge?”

“Maybe the pope doesn’thave the strength to go fur-ther,” said Volker Nagel, wholives in the German town ofWorndorf. “Everybody hopedthat something in the churchwould change with Pope Fran-cis, but nothing has happenedso far.” Mr. Nagel’s 2018 mar-riage to Andreas Pfau will beblessed for the second time on

Monday, by Mr. Nagel’sbrother, the Rev. Armin Nagel.

Conservatives see the May10 event as a dangerous showof disobedience to church au-thority. “It is an enormousscandal, a terrifying sign of her-esy, schism and the collapse ofthe church,” said German Cardi-nal Walter Brandmüller, who isretired and lives in the Vatican.

Leading German bishopshaven’t endorsed Monday’splanned protest. Bishop Bätz-ing said that blessings “arenot suitable as an instrumentof church-political manifesta-tions or protest actions.” Butthey haven’t threatened to dis-cipline clergy who take part.

The Vatican didn’t respondto requests to comment.

“It always has been a littlebit kind of a secret,” said theRev. Christian Olding, a Catho-lic priest in the northwesterntown of Geldern, who says hehas blessed about 10 same-sexcouples in the past eight years.“This is the first time that weare going this way in society,

to do it visibly for everyone.”Since his election in 2013,

Pope Francis has contendedwith deepening divisions inthe global Catholic Church be-tween conservatives, includingin the U.S. and Africa—who areuncomfortable with his moreliberal approach to matters in-cluding divorce and homosexu-ality—and progressives, withGermany in the vanguard, who

are impatient with what theysee as a reluctance to backsubstantive change.

The prohibition of gay bless-ings by the Vatican’s doctrinaloffice was seen in Germany asan example of that resistanceto change. Vatican officials areanxious about a national synodof German Catholics, underway since last year, that is de-bating a number of overhauls,including the ordination ofwomen, greater roles for lay-people in church governance,and the revision of churchteaching on homosexuality.

Conservative bishops inGermany, the U.S. and else-where have warned that suchchanges could lead to a schismin the universal church. PopeFrancis and Vatican officialshave more than once admon-ished German church leadersnot to go their own way.

The German synod “is an in-strument to adapt the teachingof the Catholic Church to the de-mands of the Western worldthat has largely fallen awayfrom God. It neither respects the

apostolic tradition nor seems tocare about the majority of faith-ful believers in the universalchurch,” said Gabriele Kuby, aGerman writer and sociologist.

Matthias Kopp, spokesmanfor the German Bishops Con-ference, said such criticism re-flects a lack of understandingof the synod’s aims and proce-dures. “Our bond with Romeand the Holy Father is veryclose,” he said. “The church inGermany is an integral part ofthe universal church.”

The Vatican document ongay blessings, meant to bringthe Germans into line, hasbrought the conflict furtherout into the open.

Several German bishops, in-cluding the president of thenational bishops’ conference,Bishop Georg Bätzing of Lim-burg, criticized the document,as did a group of more than200 prominent theologians.Catholic churches hung rain-bow pride flags from their fa-cades or bell towers. Morethan 700 priests and deaconssigned a petition stating they

Catholic clergy are prepar-ing to bless gay couples acrossGermany in defiance of a recentVatican ban on the practice, inthe latest sign of how far lib-eral German Catholics arepushing the boundaries of theVatican’s authority and teach-ings to forge a more progres-sive version of their church.

Priests and some lay minis-ters are planning coordinatedceremonies blessing gay rela-tionships in about 100 Catholicchurches and other venues inGermany over the next fewdays, most of them on Monday.

Such blessings have becomecommon in the past decade inGermany and in other parts ofNorthern Europe, but they usu-ally have taken place quietly, inplaces other than churches.Monday’s highly visible ceremo-nies will mark a protest againsta Vatican declaration in March,approved by Pope Francis, pro-hibiting the blessing of same-sex relationships on the groundsthat God “cannot bless sin.”

BY FRANCIS X. ROCCA

German Priests Defy PopeWith Gay-Couple Blessings

BY MAX COLCHESTER

U.K. Navy, French Boats Engage in Post-Brexit Spat

A standoff between U.K. authorities and French fishing trawlers near the island of Jersey on Thursday is the latest snarl to beset EU-U.K. relations since Brexit.

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‘It always has been alittle bit kind of asecret,’ says Rev.Christian Olding.

Steel coils at an MA Steel warehouse in China’s Anhui province.

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FROM PAGE ONE

Daniel Funkhouser of Two Men and a Truck, left, is eager for more help. The company wants to hire workers to meet demand.

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“The pandemic has changedpeople’s motivations,” saidZipRecruiter economist JuliaPollak. “Employers may need tobe patient, as vaccines are stillbeing rolled out, and may haveto become more flexible in or-der to find workers.”

The country had 8.4 millionfewer jobs in March 2021 thanbefore the pandemic began, butnot all those who lost jobs areseeking new ones. By March,nearly 4 million fewer peoplewere in the labor force—Ameri-cans who hold jobs or are seek-ing work. That means millionswho were displaced during thepandemic remain on the side-lines of the job market.

Hiring appears to be acceler-ating this spring, but the shareof adults in the labor force hasheld nearly steady since lastsummer.

Recent pay trends aren’tmuch different than before thepandemic, one sign that thejob market is tighter than thatjob shortfall would suggest.

Wages and salaries for pri-vate-sector workers rose 3% inthe first quarter from a yearearlier, matching the growthrate at the end of 2019, whenunemployment was near a 50-year low, according to the La-bor Department’s EmploymentCost Index, which adjusts foremployment shifts among occu-pations and industries.

Walmart Inc., the largest pri-vate-sector employer, an-nounced raises for 425,000 em-ployees in February, lifting itsaverage wage above $15 anhour. The second-largest pri-vate employer in the U.S., Ama-zon.com Inc., said in April thatmore than 500,000 of its em-ployees would see pay increasesof between 50 cents and $3 anhour. Costco Wholesale Corp.lifted its starting wage to $16an hour earlier this year.

Chicken company Pilgrim’sPride expects to pay out morethan $40 million this year toretain workers and compete fornew ones, Chief Executive Fa-bio Sandri said on the com-pany’s quarterly earnings calllast week.

Moving company Two Menand a Truck, based in Lansing,Mich., said it’s seeing some up-ward wage pressure. The com-pany wants to hire 2,000 work-ers to meet demand for its peaksummer moving season, a re-flection of the strong housingmarket. Sales of existing homeswere up 12% from a year earlierin March, according to the Na-

tional Association of Realtors,in what has been the hottesthousing market in 15 years.

Daniel Funkhouser, opera-tions manager at the company’sJeffersonville, Ind., branch iseager for more help. With a sin-gle co-worker, Mr. Funkhousersaid he has worked up to 75hours in a week and has movedas many as four families a day.Sometimes the company sendshim extra help from Blooming-ton, a two-hour drive away.

Mr. Funkhouser has ad-vanced quickly since gettinghired for an entry-level movingposition a year ago. He firsttrained to be a driver, then be-came a trainer himself. Now hemanages a company branch. Hesaid it has been difficult to findworkers who have the physicalability to move heavy items andthe customer-service skills towork with clients duringmoves, often a stressful time.

“It’s not for everyone,” hesaid. “Some people find out thejob is harder than they expect,and they just flee.”

Pay for movers typicallystarts at around $15 an hourand drivers at $17 an hour, saidSara Bennett, the company’schief talent officer. Drivers arehard to recruit because moststates have additional licensingrequirements and the companyis competing with Amazon andUPS for people with those qual-ifications. The company re-cently started offering perks,such as restaurant gift cards, tovendors and customers whosend workers to the company,she said.

Domino’s Pizza Chief Execu-

tive Richard Allison said lastweek that the labor marketright now in the U.S. is creatingthe most difficult staffing envi-ronment the company has seenin a long time. “The real pinchpoint in the business is driv-ers,” he said on the company’searnings conference call.

BenefitsFueling the labor-market im-

balance is the fact that manyworkers, particularly women,find it difficult to work outsidethe home. Only 60% of the 200largest U.S. school districtswere fully reopen the week ofApril 27, according to George-town University’s FutureEdthink tank, and many child-carecenters continue to operate atreduced capacity.

Some employers and econo-mists cite enhanced unemploy-ment benefits as another factor.More than 16.1 million peoplereceived unemployment bene-fits the week ended April 17, theLabor Department said Thurs-day. That includes gig workersand the self-employed who aretypically not eligible for suchpayments.

Under relief bills passed byCongress, those receiving job-

less benefits get an additional$300 a week on top of regularstate benefits, which average$318 a week, according to theLabor Department. That meansthe average unemployment re-cipient earns better than theequivalent of working full timeat $15 an hour. Those enhancedbenefits are available until Sep-tember, for a maximum ofnearly 18 months—about threetimes longer than most statestypically allow.

Lorne Zaman lost his jobs asa concert promoter in Los An-geles more than a year ago. Hehasn’t worked since, supportinghimself on savings, stimuluschecks and unemployment ben-efits, which have been about$750 a week in recent months.The benefits cover his rent andother bills, he said, but don’tleave any extra money at theend of the month.

Mr. Zaman, 45, said he’s hadno interest in taking availablejobs at warehouses or restau-rants, but he’s eager to returnto the entertainment industry.His former employer told himthe company is likely to startrecalling workers within thenext few months.

“I really enjoyed what Idid,” he said. “If the govern-ment is going to pay you tostay home, you’re going to dothat unless that job you reallywant comes along.”

A University of Chicagostudy found 42% of those onbenefits receive more than theydid are their prior jobs, and theshare is higher when factoringin temporary health insuranceoffered through relief bills.

Ready toWorkPayroll jobs have returned at a faster rate since last February than the number of Americansworking or seeking work.

Change in job openings fromFeb. 1, 2020

*Seasonally adjustedSources: Labor Department (working, payrolls); Indeed (openings)

Change fromFebruary 2020*

75

–75

–50

–25

0

25

50

%

Jan.’21

Feb.2020

Construction

Hospitalityand tourism

Manufacturingand production

Retail

0

–24

–20

–16

–12

–8

–4

million

Jan.’21

Feb.2020

Working or seekingwork

Nonfarm payrolls

‘Some people findout the job is harderthan they expect,and they just flee.’

There are more job openingsin the U.S. this spring than be-fore the pandemic hit inMarch 2020, and fewer peoplein the labor force, according tothe Labor Department and pri-vate recruiting sites.

Surveys suggest why somecan’t or won’t go back towork. Millions of adults saythey aren’t working for fear ofgetting or spreading Covid-19.Businesses are reopeningahead of schools, leaving someparents without child care.Many people are receivingmore in unemployment bene-fits than they would earn inthe available jobs. Some whoare out of work don’t have theskills needed for jobs that areavailable or are unwilling toswitch to a new career.

The shortage threatens torestrain what is otherwiseshaping up to be a robust post-pandemic economic recovery.Some businesses are forgoingwork, such as not bidding on aproject, delivering parts moreslowly or keeping a section ofthe restaurant closed. That re-duces the pace of the econ-omy’s expansion. Others areraising wages to attract em-ployees, which could inflateprices for customers or reduceprofit margins for owners.

Workers could stand to ben-efit from a temporary reducedsupply of labor. They couldcommand promotions and bet-ter wages, which they thencould spend in their communi-ties, boosting economic output.They might also be able to ne-gotiate more flexible schedulesor other perks.

Analysts say the labor short-ages should ease over time asmore potential workers arevaccinated, schools fully reopenand federal benefits expire,though the process could takemonths and the impacts are al-ready being felt.

“It’s a little shocking we’reat this point already,” saidSteve Lucas, chief executive ofiCIMS Inc., a cloud-based re-cruiting platform with 4,000large firms such as TargetCorp. and Ford Motor Co. ascustomers. “Businesses arechamping at the bit to growand are moving faster than ap-plicants are willing to move.”

More openingsMarch job openings rose 34%

compared with January 2020,before the pandemic took holdin the U.S., iCIMS said. Mean-while, the number of job appli-cations was down 13% in Marchfrom the pre-pandemic level.

A Federal Reserve report inApril described shortagesacross numerous occupations,including drivers and house-keepers. An April survey by jobsearch site ZipRecruiter foundfewer job seekers felt financialpressure to take the first job of-fer they received—35% com-pared with 51% when the samequestion was asked in 2018.More than half the people sur-veyed said they preferred a jobwhere they can work fromhome, and 45% said they wouldwant that option after the pan-demic abates.


Adam Ozimek, chief econo-mist at freelance platform Up-work, said he thought improvedunemployment benefits were awise policy earlier in the pan-demic, but now sees problems.He said some of the hardest hitparts of the economy have beenthe slowest to bounce back, in-cluding restaurants, hotels andin-person service providersthat face a shortage of workersand rising wage pressures.

“The benefits are a policymistake that is going to holdback the recovery in the com-ing months,” he said. Dr. Oz-imek, who described himself asa neoliberal economist, a phi-losophy that favors free mar-kets and deregulation, saidbusinesses that need to paymore to attract workers thissummer will find it difficult tolower wages in the fall, whenhe said the labor market couldloosen, once unemploymentbenefits expire.

Other economists, includingHeidi Shierholz, senior econo-mist at the Economic PolicyInstitute, a left-leaning thinktank, say unemployment bene-fits’ disincentive effect isoverstated. She said if therewas a significant shortage oflabor, employers wouldn’t beable to hire more than900,000 workers in a month,as they did in March, andwages would be escalating at amuch more rapid rate.

Dr. Shierholz, who worked inthe Obama administration, saidthe pandemic caused a hugedisruption in the labor marketand it will take time for thedust to settle. “And if the ex-tended benefits mean someworkers can take the time tofind a job that’s a better matchfor their skills, and pays them abetter wage, that’s a good thing,not a bad thing,” she said.

Employment shiftsFor job seekers, the sectors

with the most rapidly rising jobopenings in the past year, suchas construction, manufacturingand logistics, often requirephysical abilities, such as liftingheavy objects, and have specialrequirements, such as a com-mercial driver’s license.

The shift to remote workalso means more jobs are beingcreated at outlying warehousesand suburban restaurantsrather than downtowns, air-ports and shopping malls thattend to have better access topublic transportation.

“If you lost a near-minimum-wage job with a 15-minute com-mute, it may not be worth tak-ing a near-minimum-wage jobwith a 60-minute commute, es-pecially if schools are closedand you don’t have child care,”said University of Chicagoeconomist Steven Davis.

Bob Bellin, who had workedpreviously in sales, would goback to work if the right salesjob emerged. He said he wasclose to accepting a job in Aus-tin, Texas, where he’d recentlymoved, in March 2020, but theopportunity fell through. In theyear since, Mr. Bellin, 66, saidhe hasn’t aggressively pursuedother work, supporting himselfon savings.

“I haven’t looked that hard,given my age and the job mar-ket,” he said. “My plan is towait for the unemploymentnumbers to get down to wherethey were and then I’ll startlooking.”

—Jacob Bunge and MicahMaidenberg contributed to

this article.

CompaniesCan’t FindWorkers

Worker filings for unem-ployment benefits in the U.S.reached a new low since theCovid-19 pandemic beganmore than a year ago—the lat-est sign that the labor-marketrebound is gathering force.

Jobless claims, a proxy forlayoffs, fell 92,000 last weekto 498,000, the Labor Depart-ment said Thursday. Thatbrings the four-week averageof initial claims, whichsmooths out volatility inweekly data, to the lowestpoint since the pandemic tookhold, though still well abovepre-pandemic levels.

“Overall it looks like we’reseeing healing in the jobs mar-ket,” said Beth Ann Bovino,U.S. chief economist for S&PGlobal Ratings.

“That’s much better than justover a year ago, but that’s stilldouble what there was pre-cri-sis,” she said. “It would be [con-sidered] bad in a normal reces-sion, let’s just put it that way.”

While the number of newapplications has been declin-

ing, the level of Americans re-ceiving unemployment bene-fits remains elevated andbusinesses can’t find enoughpeople to hire.

With more than two-fifthsof U.S. adults now fully vacci-nated, Americans are spendingon restaurant meals, traveland other services that theyhad shunned over the pastyear due to fear of Covid-19and business restrictions. Atthe same time, governmentstimulus is boosting economicactivity more generally.

Economists are closelywatching unemployment-claims numbers for signs thatcompanies are holding on toworkers as businesses scram-ble to keep up with the up-swing in demand.

This improvement willlikely be captured in the LaborDepartment’s April employ-ment report, which the de-partment will release Friday.Economists forecast that theU.S. economy added one mil-lion jobs in April, comparedwith a gain of 916,000 inMarch, and project that the

jobless rate ticked down to5.8% from 6% a month earlier.

However, the pandemic’simpact was so severe thateconomists expect employmentto close out this year 1.6%lower than in the fourth quar-ter of 2019, despite the swiftpace of hiring they anticipatein coming months. The numberof new jobless claims peakedat more than six million in thespring of 2020. After fallingsharply, it then plateaued be-tween 700,000 and 900,000throughout the fall and winter.

Last week’s decline inclaims was broad-based, withnew applications dropping in41 states and the District ofColumbia. Both Texas andOhio saw unadjusted initialclaims fall by around half,compared with the averagelevel of the prior six weeks,while New York filings fell bymore than two-fifths.

The decline in claims overthe past few weeks is “defi-nitely a positive sign thatthere are not as many layoffshappening,” Citigroup econo-mist Veronica Clark said. “It’s

a good sign that a return ofactivity levels is creating amore normal labor market.”

Other signs also indicatethat demand for workers isgrowing. A number of big em-ployers, including Ama-zon.com Inc., have recently an-nounced increases in pay.

At the end of April, jobpostings on Indeed, a job-

search site, were 24% abovewhere they were in February2020, after adjusting for sea-sonal variation. Ads for jobs inretail, cleaning and sanitation,hospitality and tourism, andrestaurants have surged in thepast few weeks as businessesreopen and activity revs up.

About 16.2 million workerswere receiving benefits in the

week ended April 17 throughone of several programs, in-cluding regular state aid andfederal emergency programsput in place in response to thepandemic. After peaking at32.4 million in June 2020, thatfigure, which isn’t adjusted forseasonality, fell throughoutthe summer and early fall,flattening out at between 18million and 20 millionthroughout the winter. Thelatest number is down 3.6 mil-lion from the first week ofMarch, though it was stillnearly eight times the numberof people collecting benefitsbefore the pandemic’s onset.

A coronavirus relief pack-age passed in March expandedeligibility for extended unem-ployment benefits until earlySeptember and continued a$300-a-week supplement tothe amount authorized bystates. While unemploymentbenefits typically expire aftersix months or less, federal ex-tensions enacted during thepandemic will allow some peo-ple to receive payments forabout 18 months.

BY GWYNN GUILFORD

U.S. Jobless Claims Decline to Pandemic Low

July 2020 ’210

0.4

0.8

1.2

1.6million

2019weekly average: 218,000

Pre-pandemicweekly record: 695,000

Filings for jobless benefits

Source: U.S. Employment and Training Administration via St. Louis FedNote: Seasonally adjusted

Week endedMay 1498,000

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A9A | Friday, May 7, 2021 * * THEWALL STREET JOURNAL.

Broadway shows will be al-lowed to reopen in Septemberafter closing in March 2020.

On Wednesday, Mr. de Bla-sio said the city would start tooffer new perks for getting the

vaccine such as discounts atrestaurants and entertainmentvenues. The Museum of Natu-ral History, for example, is of-fering four free tickets tothose who get vaccinated at a

facility there.Mr. Cuomo has said the

state would offer free ticketsto baseball games to peoplewho get inoculated at CitiField and Yankee Stadium.

Medicine in the RawHealthcare Starts with Healthy Food.

God’s Love We Deliver is a member of the Food is Medicine Coalition (FIMC).To learn more about FIMC’s work around the country, visit fimcoalition.org

Since 1985, we’ve been cooking and home-delivering nutritious, individually tailored mealsto people living with serious illness in the NYC metropolitan area.

Being sick and hungry is a crisis. You can help.

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GREATER NEW YORK

proportional to New York’staxation.

As an example of the so-called convenience rule, a pro-fessor at a college in New YorkCity who spends two days aweek doing research and writ-ing from his home in Connect-icut must pay New York taxeson his entire salary.

The tax department postedguidance in October that saidnonresidents whose primaryoffice is in New York stateshould consider days spenttelecommuting as days workedin the state unless their em-ployer has established a bonafide employer office at thetelecommuting location.

Some nonresidents arechallenging that assertion,saying New York has no rightto tax income earned outsideits borders. Such a move couldsave a nonresident taxpayersome money.

Michael Goldsmith, a stateand local tax partner at the

accounting firm Ernst &Young LLP, said New Yorkstate auditors told him theyhave been reassigned to exam-ine refund claims from nonres-ident filers. Clients of his firmhave received automaticallygenerated requests for moreinformation, he said.

He expects to deal withhundreds of claims this yearfrom out-of-state residentswho commuted into New Yorkbefore the pandemic.

Darren Dopp, a Departmentof Taxation and Financespokesman, said returns werebeing reviewed according to

longstanding practice and law.“In this regard, taxpayers

who work for a New York em-ployer and allocate income toan out-of-state location shouldbe prepared to explain andsubstantiate how their em-ployer established a bona fideemployer office at the out-of-state location,” Mr. Dopp said.

Mark Klein, chairman of thelaw firm Hodgson Russ, saidhundreds of thousands of peo-ple could be affected by NewYork’s policy.

Out-of-state residents whonormally commute to NewYork would have a strong ar-gument that remotely workingfor part of last year wasn’t amatter of their own conve-nience, he said.

Mr. Klein said some clientshave taken the position thatthey worked in states withlower tax rates out of neces-sity, because their New Yorkoffice was closed. In some in-stances, they paid income

taxes to another state.“It’s really prime for litiga-

tion,” he said.The convenience rule has

been upheld twice by NewYork state’s highest court, in2003 and 2004.

Federal courts have heldthat states may tax the incomeof nonresidents as long as em-ployees have a substantial linkto the taxing state, the taxesare fairly related to servicesprovided by that state, and atax is apportioned fairly anddoesn’t discriminate againstinterstate commerce.

Last year, the state of NewHampshire sued Massachusettsover the commonwealth’s plansto tax New Hampshire residentswho were working remotely.New Hampshire filed its lawsuitin the U.S. Supreme Court,which can resolve disputes be-tween states, but the justiceshaven’t decided whether theywill grant a hearing.

More than a dozen states

have submitted briefs on theissue. They include New Jerseyand Connecticut, which arguedthat Massachusetts and NewYork were taking more thantheir fair share by taxing non-residents who weren’t usingpublic services in New York.

In 2018, about 434,000 NewJersey residents paid $3.7 bil-lion in New York income taxes,according to New York statefigures. Nearly 87,000 Con-necticut residents paid NewYork an additional $1.3 billionin 2018.

Those two states’ residentsaccount for about 10% of allthe income tax New York col-lected that year.

“There’s a lot of money atstake,” said James Wetzler, aformer New York state taxcommissioner. “New Yorkearns billions of dollars of in-come tax each year from non-residents, and some of that isin jeopardy if the department’sposition is not sustained.”

New York state tax officialsare reviewing refund claimsfiled by nonresident tax filerswho normally commute to jobsin New York but have beenworking remotely during theCovid-19 pandemic.

Tax lawyers said the NewYork State Department of Tax-ation and Finance has begunauditing 2020 returns for peo-ple whose work habits shiftedwhen their offices closed. Thedepartment gave auditors re-fresher training about out-of-state filers within the last sev-eral months, said a personfamiliar with the matter.

New York taxes the incomeof nonresidents if it is derivedfrom New York sources, in-cluding wages paid to a com-muter who worked from homeout of convenience rather thannecessity. Some nonresidentsreceive a credit on their homestate’s income taxes that is

BY JIMMY VIELKIND

RemoteWorkers’ Tax Claims Scrutinized

N.Y. is questioning2020 refund claimsfrom commuterswhoworked out of state.

state approval because currentrules only allow people livingor working in the state to getvaccinated, Mr. de Blasio said.

A spokesman for New YorkGov. Andrew Cuomo didn’t re-spond to a request for com-ment.

If approved, vaccination vansare expected to travel to TimesSquare, Brooklyn Bridge Parkand other locations this week-end, the mayor said.

The tourism industry, whichaccounts for hundreds of thou-sands of jobs in New York City,has nosedived during the pan-demic. NYC & Company, thecity’s official tourism organiza-tion, estimates that tourismnumbers won’t return to pre-pandemic levels until 2024.

In 2019, a record 66.6 mil-lion tourists visited. Only 36.4million are expected in 2021,according to NYC & Company.

In recent weeks, city offi-cials started a $30 millioncampaign to let visitors knowNew York City is open forbusiness. Before the pandemic,the city spent $3 million annu-ally on tourism advertising,the officials said.

Mr. de Blasio also recentlyallocated additional police of-ficers to Manhattan businessdistricts, including tourist-heavy Times Square, as part ofa push to get workers to re-turn to offices and to encour-age tourism.

Later this month, manyCovid-19 restrictions are ex-pected to be lifted in the city,allowing businesses, includingrestaurants, retail stores andmovie theaters, to operate atfull capacity. Businesses muststill abide by social-distancingmeasures, which require par-ties to be kept 6 feet apart.

New York City plans to of-fer tourists a shot of theCovid-19 vaccine as part of apush to draw more foot trafficto city attractions, Mayor Billde Blasio said Thursday.

Mobile vans would be setup to jab visitors at CentralPark, the Empire State Build-ing and other sightseeing loca-tions, the mayor said at anews conference. Touristswould be offered the one-shotJohnson & Johnson vaccine.

The inoculations, Mr. deBlasio said, would offer a posi-tive message to people lookingto travel to the city, which sawtourism plummet during thepandemic. “Come here, it’ssafe, it’s a great place to be,and we’re going to take care ofyou,” the mayor said.

The initiative still requires

BY KATIE HONAN

Vaccines to Lure Tourists

A woman asked for help last month in signing up for a Covid-19 shot at a mobile site in Brooklyn.

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The pandemic has posedcountless challenges for res-taurants in the New York met-ropolitan area, which have hadto adapt and pivot in myriadways to survive.

For a small number of thearea’s thousands of diningspots, the struggle has nowyielded a reward: A much-cov-eted star rating in the latestNew York City and WestchesterCounty Michelin Guide.

Michelin officials announcedthe rankings Thursday for the2021 edition of the guide. Fiverestaurants in the area wereawarded three stars, the high-est honor. Another 14 receivedtwo stars, and 49 were recog-nized with a single star.

The annual announcementof the recipients was madeseveral months later thanusual because of the pan-demic, Michelin officials said.

Most of the recognized res-taurants were visited just be-

and businesses in the statewithout power last August.

The state Public Utilities Reg-ulatory Authority, or PURA, is-sued violation notices to the twocompanies. Eversource andUnited Illuminating have 20 daysto request a hearing to contestthe proposed fines.

Officials at both companies,which have defended their re-sponses to the storm, said theywere reviewing the proposedsanctions and will be decidinghow to respond.

—Associated Press

NEW JERSEY

Hoboken Flood PlanIs Formally Launched

More than eight years aftersuperstorm Sandy pushed theHudson River over its banks andleft Hoboken residents withoutpower or water for days, theNew Jersey city officially kickedoff a large-scale flood-preventionproject Thursday.

The $230 million project re-ceived approval in 2017 for fund-ing by the federal Department ofHousing and Urban Developmentas part of its Rebuild By Designcompetition. The city spentthree years reviewing alterna-tives before submitting its bid,which features bulkheads andflood walls, green infrastructureto absorb storm water, catch ba-sins to hold it and improve-ments to the city’s sewer sys-tem to effectively discharge it.

Construction has been underway for a few weeks, MayorRavi Bhalla said, and is sched-uled to be completed in 2024.

—Associated Press

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fore or during the pandemic.In certain instances, restau-rants were honored based ontheir record before the currentguide’s evaluation cycle, offi-cials said.

The list of three-star honor-ees remained unchanged fromthe 2020 edition and includedthe long-established restau-rants Eleven Madison Park,Per Se, Masa, Le Bernardin andChef’s Table at Brooklyn Fare.

Eleven Madison Park madethe cut even though it has re-mained closed throughout thepandemic and is now sched-uled to open June 10 with anentirely new focus on plant-based cuisine.

Among the one-star recipi-ents, seven restaurants werefirst-timers on the list. Forthese establishments, some ofwhich opened during the pan-demic, the recognition heldparticular meaning, given thechallenges of the past year.

“It’s a shock,” said Chris Ci-pollone, executive chef of

Francie, a brasserie in Brook-lyn’s Williamsburg neighbor-hood that was among the newone-star honorees.

Mr. Cipollone said his res-taurant had been in the worksfor two years and initially wasslated to open last May, butthe pandemic made that im-possible. Francie finally madeits debut in December, but hadto close almost immediatelywhen New York state curbedindoor dining, Mr. Cipollonesaid. The restaurant was ableto return to business earlierthis year when the indoor banwas lifted.

Other new honorees hadtheir own stories of hardship.

For Tsukimi, a Japaneserestaurant that opened inManhattan’s East Village inJune 2019, the challenges ofthe pandemic have been mag-nified by the fact that the es-tablishment only has 14 seats,so capacity restrictions haveput its business model to thetest. Moreover, the restau-

GREATER NEW YORK

rant’s team decided against of-fering outdoor dining, believ-ing the eatery’s elaborate 12-course tasting menu didn’tlend itself to that setup.

Tsukimi managing partnerKaren Lin said the Michelinnews was doubly gratifyinggiven that it came as the cityis starting to recover from thepandemic. “It’s really goodtiming for us,” she said.

The Michelin-guide pro-gram, which includes editionsin cities throughout the world,has established a new GreenStar honor, recognizing res-taurants with what it called “astrong commitment to sustain-able gastronomy and environ-mental protection.”

In the New York City andWestchester County 2021 edi-tion, Blue Hill at Stone Barns,a restaurant in Pocantico Hills,N.Y., was the sole Green Starhonoree. The Michelin teampraised the restaurant for itswork with local farms andother suppliers.

BY CHARLES PASSY

N.Y. Restaurants AwardedMichelin Stars Amid Pandemic

Eleven Madison Park, with Daniel Humm as its chef and owner, kept its three Michelin stars even though it has been shut during the crisis.

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GREATER NEW YORK WATCH

BROOKLYN

Man Is Charged in1-Year-Old’s Slaying

A suspect has been arrestedin the killing of a toddler whowas fatally shot when gunmenfired into a cookout in Brooklynlast summer, police said Thursday.

Dashawn Austin, 25 yearsold, was arrested Wednesday oncharges including murder and at-tempted murder in the shootingthat killed 1-year-old DavellGardner and wounded threeother people on July 12, 2020.

It wasn’t clear whether Mr.Austin had an attorney whocould comment on the charges.

Police said two men steppedout of a sport-utility vehicle andopened fire into a barbecue at aplayground in the Bedford-Stuy-vesant neighborhood. Davell wassitting in his stroller when hewas shot in the stomach.

Mr. Austin is one of 18 sus-pected Hoolie street gang mem-bers charged in an indictmentannounced Thursday. They areaccused of various crimes, in-cluding three other killings.

—Associated Press

CONNECTICUT

Utilities Face FinesFor Storm Failures

Connecticut regulators onThursday proposed a $30 millionfine for Eversource and a $2.1million fine for United Illuminat-ing for what officials called theutilities’ failures in their prepara-tion and response to TropicalStorm Isaias, which left hun-dreds of thousands of homes

CHILLING: People enjoyed a sunny afternoon in Central Park onThursday, with temperatures continuing in the 60s on Friday.

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ARTS IN REVIEW

When Matthew Hei-neman’s “The BoyFrom Medellín,”begins, the subjectof this extraordi-nary documentary

is living the dream. The reggaetonartist J Balvin has already joinedthe top rank of global stardom.Now, at the end of an internationaltour, he’s preparing for a sold-outstadium show in his hometown ofMedellín, Colombia. Balvin is alsoliving the clichés. An eager pleaserwho preaches the gospel of peaceand love, he wears a painted hearton the crown of his close-croppedhead and sees his mission as giv-ing light to the world. By the endof the hometown concert the cli-chés have been stripped away andthe boy from Medellín—that’s howhis publicity has portrayed him—isa man in a tumultuous world.

On the face of it, this musicfilm, streaming on Amazon, repre-sents a surprising departure for afilmmaker more often concernedwith the grim realities of war. (Mr.Heineman’s superb documentaryfeature “City of Ghosts” celebratedgrass-roots journalists in Syriawho documented, in their turn, theatrocities visited on their city byfoot soldiers of Islamic State. Inhis flawed but fascinating fictionfilm “A Private War,” RosamundPike gave a stunning performanceas Marie Colvin, the American warcorrespondent who died in a bom-bardment while covering the Syr-ian government’s 2012 siege ofHoms.) Still, it’s easy to under-stand the director’s interest in anintensely likable entertainer sur-rounded by photogenic trappings,and a production deal sweetenedby a promise of free access to thestar, whose real name is José Ál-varo Osorio Balvin, in the weekleading up to the 2019 Medellínshow.

Free access is what the film-maker got, and then some. Bal-

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to transform his public self, anddo it in a matter of days if nothours.

One of the ambiguities of so-called cinema verité—of whichthis film purports to be an exam-ple—involves performance. Can adocumentary capture the truthwhen its subject may or may notbe performing for the camera?That’s less of an issue here be-cause so much is at stake. A com-mitment to political activismcould damage Balvin’s career andhe knows it, so there’s a sensethat we’re watching something au-thentic, and in its way momen-tous, as he thinks—and, more af-fectingly, feels—his way through

the decision. And as he listens, at-tentively—to a radicalized rapperwho has criticized him harshly,then to his manager, who explainsthe responsibilities that come withfame and wealth.

What we’re also watching is atextbook discussion of the artist’srole in the real world. It doesn’tplay that way, though, because thestar’s confusion is so real and ur-gent. Rather, it becomes an unbid-den drama in which the questionis whether José—the hitherto na-ïve and all-too-tender artist insidethe star machinery—will do theright thing when he’s on stage,and, of course, what the rightthing is. It’s hardly a spoiler to tellyou that he resolves his dilemmawith courage and grace. You cantake the boy out of the country,but you can’t always predict whohe’ll be when he comes back.

In the new documentary,a star faces pressure touse his voice to influenceColombian politics.

Thirteen months after I firstreviewed a webcast in thisspace, leading companies con-

tinue to break into the business ofstreaming theater. Chicago’s Writ-ers Theatre, America’s foremostregional drama company, whichwebcast a solo reading of “AChristmas Carol” in December, isnow presenting its first full-scalestreamed play, a far more ambi-tious undertaking whose excep-tional technical finish raises thebar of quality yet another notchfor theatrical webcasts by top-tiertroupes.

Anna Ziegler’s “The LastMatch,” a four-hander about twotennis pros, one American and theother Russian, who are competingin the U.S. Open semifinals, hasbeen taken up all over Americasince its premiere production bySan Diego’s Old Globe in 2016. It’snot hard to see why it’s been sosuccessful: Not only is Ms.Ziegler’s subject matter inherentlyaccessible, but the play calls foronly a small cast and the most ba-sic of sets (William Boles’s set forthis production consists of a near-abstract tennis court and score-board). More important, “The LastMatch,” staged by Keira Fromm, aChicago-based director whosework is new to me, is a highly en-gaging play that infuses its staplethemes, ambition and the coming

of middle age, with a deeply satis-fying freshness of approach. Forall the seeming predictability ofMs. Ziegler’s plot, you’ll be drawninto the action so fully that youmay not even notice how strikingthe production is.

Tim (Ryan Hallahan), the cen-tral character, is by common con-sent the best tennis player in theworld. He’s also 34, which meansthat his days on the tournamentcircuit are nearly over, a fact withwhich he is having trouble comingto terms, since the habit-formingimmediacy of the game (“Whenyou hit an ace yourself you are . . .well, you are intensely alive in thatmoment”) used to be the most im-portant thing in his life. But mar-riage to Mallory (Kayla Carter),the mother of his 2-year-old son,who loves Tim not for what hedoes but who he is, has made itpossible for him to contemplatethe unwelcome prospect of retire-ment with an elegiac acceptance ofits inevitability—though even thatcan’t stop him from wanting towin big one last time.

He is up against Sergei (Christo-pher Sheard), a younger player atthe peak of his prodigious powerswho longs no less ardently to beatthe champion, but who is only juststarting to understand the insatia-ble, soul-consuming nature ofhigh-level competition: “When I

THEATER REVIEW | TERRY TEACHOUT

An Ace Production

went pro, I thought it would besomething if one day I could cracktop 20. I thought: That is all I needto be happy in this life. . . . Butthat is the thing—I’m not happy. Ihave to crack top 10. And when Ido, I will need to be better thanthat. It will go on forever.”

While the main action of “TheLast Match” takes place during agame, it is at bottom a memoryplay, one in which the four on-stage characters (who also includeGalina, Sergei’s girlfriend, playedby Heather Chrisler) address theaudience directly about theirhopes and fears. Ms. Ziegler haswoven their wide-ranging memo-

ries together with the fluidity of avirtuoso—I don’t know the lasttime I saw so complex a new playthat was so seamlessly wrought—leaving it to the director of eachproduction to figure out anewhow to bring the game itself tobelievable visual life. To that end,Ms. Fromm has signed on a chore-ographer, Steph Paul, who dis-penses with rackets and balls andinstead suggests actual serveswith vigorous but stylized armmovements (plus sound effects) soelegantly integrated into the stag-ing that they cannot be un-threaded from it.

“The Last Match” was on the

Ryan Hallahan and Christopher Sheard in Anna Ziegler’s play

verge of opening when the pan-demic forced its cancellation lastyear. Unwilling to let so distin-guished a piece of theatrical workcrumble into the dust of its mak-ers’ memories, Michael Halber-stam, the company’s artistic direc-tor, decided instead to restage theshow from the ground up as afilmed production. While I have nodoubt that it would have been ajoy to see “The Last Match” in thetheater, memory plays also benefitfrom the intimacy of home view-ing, and this one upholds the com-pany’s impeccable track record.Ms. Fromm has put together an ac-complished cast of Chicago-basedactors—I was especially taken withMs. Carter, who has star quality—and the music and sound design,by Pornchanok Kanchanabanca, areas tightly woven into the fabric ofthe production as are the stagingand choreography. I’ve been cover-ing Writers Theatre’s productionsfor 13 years, and this is as memo-rable a show as any of the onesI’ve seen there in person.

I know nothing whatsoeverabout tennis, and I had no troublekeeping up with “The Last Match.”Neither will you.

The Last MatchWriters Theatre, Glencoe, Ill. (view-able online through May 30,$40-100). To watch, go to writer-stheatre.org

Mr. Teachout, the Journal’s dramacritic, is the author of “Satchmo atthe Waldorf.” Write to him [email protected]. W

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vin—or rather José, since thesinger is very much his open-spir-ited self when he’s offstage—hasspoken eloquently in the past ofhis struggles with depression andanxiety. Here the struggles are pal-pable, and affecting. “Your heartgoes hard,” he says, trying to de-scribe the indescribable state ofclinical depression. (The film is insubtitled Spanish and English,which José learned during hisyounger days as a house painterand part-time musician in Miami.)A panic attack threatens—“fear offear,” he calls it—as showtime ap-proaches in Medellín, a thrivingcity long beset by its own fear

born of drug wars.Some films make do with sto-

ries that present an interestingsurface and little more. In “TheBoy From Medellín” undercurrentsrun constantly. Depression andanxiety provide two of them, butthe most dramatic one—the sourceof the film’s genuine suspense—flows from politics. Balvin’s sta-dium show finds itself on a colli-sion course with protest marchesin the streets of Medellín and,then as now, all across the coun-try. Students and other activistsare demanding a national strike onbehalf of social justice. Cops inriot gear confront the demonstra-

tors, one of whom is killed. Otherconcerts are canceled.

Balvin wants his show to go onas scheduled, but he’s suddenlythe subject of an Instagram cam-paign that he considers unfair,and is ill equipped to understand.His fans love him; that’s a given.Some of them, though, want morefrom him than his usual expres-sions of abstract humanity. Theywant him to speak out against re-pression, to denounce police bru-tality. They accuse him of culturalappropriation—using his country’smusic to gain stardom while re-maining detached from Colombia’sturmoil. In effect, they want him

FILM REVIEW | JOE MORGENSTERN

‘Medellín’: ComingHome andGrowingUp

Reggaeton artist J Balvin, top, and in concert, above, is the subject of Matthew Heineman’s film

P2JW127000-0-A01000-1--------XA

THEWALL STREET JOURNAL. Friday, May 7, 2021 | A11

BITPARTS | By Matt Gaffney

TheWSJ Daily Crossword | Edited by Mike Shenk

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The answer tothis week’s contestcrossword is a two-word candy brand.

Across1 Quick punches

5 It shows stops

11 Spot for a mouse

14 “Got it”

15 Bird on basepaths

16 Genesis figure

17 (3)

19 Zippo

20 Take yourchances withlances

21 Thieves’ retreat

Previous Puzzle’s Solution

22 Furry purrer

23 “Help!” drummer

25 Shade

27 National dog ofJapan

29 Cook or Curry

30 (4)

33 Sopranoselection

35 Somebody

36 Sea, to Cousteau

37 Gift from aparent

38 ___ Park, NewJersey

40 Truck with abulldog hoodornament

44 Aquatic eggs

46 Plopped down

47 Skilled

48 (2)

53 Fled

54 Expensive

55 ComedianWong

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59 Sound during amassage

61 Win everyaward

63 Hoppy brew

64 (2)

68 Hoops hoop

69 Whiteboardaccessory

70 Game with alibrary

71 Dance genre72 Try again with, as

an Easter egg73 Banks of noteDown1 Peter Pan rival2 Tempe sch.3 Ten Hamiltons4 Guayaquil guy5 Conks on thehead

6 Paint component7 Gentleman8 Rapper in “TheHitchhiker’sGuide to theGalaxy”

9 Succulent insuntan lotions

10 Mark Twain orGeorge Orwell,e.g.

11 Crosswordsolver’s choice

12 Commandeer thecockpit

13 Mississippi andNile, for two

18 Round house23 Antlered animal24 Rubber roller

26 Salad fork orbutter knife

28 Cosmic destiny31 Great Lakes

mnemonic32 Ham it up34 Place for high

fliers39 Bestowed in

abundance, aspraise

41 Without warning42 Give somebody

a hand43 County

southeast ofLondon

45 Theoretically48 Concert souvenir49 More country50 Give a makeover51 Overly

enthusiastic52 Oboist’s purchase57 Laugh or cry, e.g.60 “Take this”62 “Where ___ we?”65 Vegas show66 Owned by us67 Princess’s

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Email your answer—in the subject line—to [email protected] 11:59 p.m. Eastern Time Sunday, May 9. A solver selected at randomwill win aWSJmug. Last week’s winner: Kena Alderson, Eastborough, KS.Complete contest rules atWSJ.com/Puzzles. (No purchase necessary.Void where prohibited. U.S. residents 18 and over only.)

H E A R T S A B E B E A MA M P E R E L O C K O N T OM U P P E T A L L O W S I N

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A B O V E B U R S B A S EN I N E C A P E S A T A YS T A R T E R S A C H AA M U S E D B Y C O A X E DR A T E C A R D H U M E R II P O D R A S E R A S E S

PUZZLECONTEST

WeatherShown are today’s noon positions of weather systems and precipitation. Temperature bands are highs for the day.

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Anchorage 51 40 pc 54 42 pcAtlanta 67 50 s 75 57 pcAustin 84 65 s 85 72 shBaltimore 66 43 r 60 42 pcBoise 64 36 pc 59 40 pcBoston 57 44 pc 54 46 cBurlington 62 43 pc 58 44 cCharlotte 69 46 s 72 52 pcChicago 58 40 pc 56 44 pcCleveland 53 40 t 53 38 pcDallas 84 67 s 86 72 cDenver 80 52 pc 70 41 tDetroit 55 38 t 57 38 sHonolulu 84 73 sh 85 73 shHouston 86 64 s 86 73 pcIndianapolis 62 39 pc 60 45 pcKansas City 70 54 pc 66 52 tLas Vegas 92 67 s 89 64 sLittle Rock 72 56 pc 82 67 pcLos Angeles 73 57 pc 73 57 pcMiami 89 74 t 84 74 sMilwaukee 54 39 pc 53 41 pcMinneapolis 57 38 s 58 40 cNashville 68 52 pc 65 57 shNew Orleans 81 65 s 83 70 sNew York City 63 47 pc 56 46 shOklahoma City 78 63 t 83 64 s

Omaha 70 48 c 59 44 tOrlando 85 60 s 84 65 sPhiladelphia 65 47 r 59 45 shPhoenix 97 69 s 93 68 sPittsburgh 53 38 t 52 36 pcPortland, Maine 57 40 pc 56 43 cPortland, Ore. 60 44 c 61 47 cSacramento 82 56 s 88 60 sSt. Louis 73 52 s 59 53 tSalt Lake City 80 46 pc 59 42 pcSan Francisco 66 51 pc 74 54 sSanta Fe 78 45 t 77 43 sSeattle 56 44 sh 58 47 cSioux Falls 63 41 pc 54 43 rWash., D.C. 65 45 r 61 46 pc

Amsterdam 51 38 sh 57 52 rAthens 78 65 pc 81 63 sBaghdad 98 73 pc 99 71 pcBangkok 90 77 t 93 80 tBeijing 81 58 s 80 50 sBerlin 48 37 sh 58 47 pcBrussels 55 37 sh 62 55 cBuenos Aires 62 56 s 65 58 pcDubai 98 83 pc 98 83 sDublin 51 39 pc 62 45 rEdinburgh 53 32 pc 49 43 r

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ARTS IN REVIEW

Pharma’s home state of Connecticut,is spotlighted); the former prosecu-tors hired as lobbyists (Mary JoWhite and, somehow inevitably, Ru-dolph Giuliani); and officials of theJustice Department and the Foodand Drug Administration—whereCurtis Wright, a physician and dep-uty director, collaborated with Pur-due Pharma executives in draftingthe review of OxyContin that helpedopen the way to its 1996 entry intothe marketplace.

The rest, as might be said, isdrug-epidemic history, although“Crime of the Century,” producedin association with the WashingtonPost, begins with a sprint througha much lengthier history, of boththe opium poppy and the drugtrade—from the ancient Egyptiansand Alexander the Great to theEast India Company, the OpiumWars, Bayer’s marketing of Heroin(originally a tradename), the As-tors, the Italian Mafia, and variouspharmaceutical companies that usenarcotics in their products. John-son & Johnson, Mr. Gibney tells us,led the way in mechanizing boththe harvesting of opium poppies

There’s always an under-current of righteous in-dignation in an Alex Gib-ney-directed film,whether the subject isScientology, torture, re-

form-minded Russian oligarchs orLance Armstrong. But the samecan be said of much nonfiction cin-ema. What separates Mr. Gibney’swork from the pack of likemindeddocumentary makers is the docu-mentation. The investigation. That,and the wisdom to know thatcrime, corruption, malfeasance andself-dealing aren’t necessarilyenough to make a film engaging,or entertaining. It’s still a motionpicture. It needs to have motion.

In Mr. Gibney’s two-part “Crimeof the Century,” which is on HBOin two-hour installments Mondayand Tuesday nights, the cinema isas exhilarating as the journalism isexhaustive. Still, the style remainsin service to the story: how bigpharma lied and bribed its wayinto billions of dollars while leav-ing death and devastation behind,through a seemingly conscience-free crusade to sell stronger andstronger opiates to more and morepeople.

It’s a success story, from the in-dustry’s point of view. It’s also astory of villainy, with a catalog ofvillains—not just the Sacklers familyof Purdue Pharma, but their salesrepresentatives; the U.S. congress-men to whom they made outsizedonations (Christopher Dodd, theformer senator from Purdue

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and the processing of their con-tents; provided incentives to Tas-manian farmers to switch from po-tatoes to poppies; and addedbonuses to those raising the mostpotent crops.

The point of the history lessonis that the profit to be made fromopiates and their synthetic deriva-tives has always been irresistibleand that now-disgraced PurduePharma’s addiction to drug moneyis part of a long and ignoble seriesof enterprises. “The business ofcriminal cartels and pharmaceuti-cal companies are connected,” Mr.Gibney says in voiceover—the veryobvious example beingthe drift to heroin byaddicts thwarted bythe increased expenseand reduced availabil-ity of opioids. The di-rector then goes aboutestablishing how andwhy that is so.

The default argu-ment of PurduePharma and its de-fenders is that drugusers, not drug mak-ers, are responsiblefor addiction. But asthe miniseries pointsout, the informationthat was fed to doc-tors and on which pa-tients based the useof prescriptions—in-cluding the claim thatdelayed-action Oxy-Contin wasn’t addic-

tive—was simply untrue. Purduedenies misleading anyone.

The opioid story in general isn’tnew, but a lot of what Mr. Gibneyoffers is: previously unseen foot-age from Purdue Pharma heir Rich-ard Sackler’s 2015 deposition in acase brought by Kentucky; inter-views with former pharma salesreps who discuss the company’spractices of bribing doctors andencouraging them to prescribehigh doses of opioids, which thecompany has denied; and inter-views with former DEA insidersand officials who led major inves-tigations into the complex pharma-

ceutical networks involved.For all the depressing behavior

and people, there are heroes, too.West Virginian Mark Ross, a for-mer sales rep with Purdue Pharma,details the unethical marketingpractices of the company and itsdisregard of his warnings aboutthe opioid explosion in Appalachia.(“I was kind of like the canary inthe coal mine,” he says. “But no-body was running. Nobody wasleaving.”) Art Van Zee, a small-town physician from western Vir-ginia, testified about the opioidaddiction rampant among his pa-tients before a Senate committee,where he was belittled by then-Sen. Dodd. Author-journalists Pat-rick Radden Keefe (“Empire ofPain”) and Barry Meier (“PainKiller”) are among the more en-lightening interviewees.

One of the more morbidly fasci-nating anecdotes recounted in part1 of the series involves Gary Blinn,an ex-heroin addict with a higher-than-normal resistance to opiateswho was enlisted by a PurduePharma operative to be a kind oflab rat. The company wanted toexplore how much OxyContin abody could tolerate. At one point,Mr. Blinn recounts, he was taking25 high-potency pills a day, “likesitting down to a bowl of Cheer-ios”—or, as someone else puts it,enough OxyContin “to kill a horse.”

Mr. Blinn’s Purdue connectionwas among those who testified be-fore a federal grand-jury investiga-tion in Virginia into PurduePharma’s practices, one that pro-duced a 120-page prosecution doc-ument that was never acted uponand was, of course, confidential.(As Mr. Gibney says, “We got acopy.”) What it led to was “the il-lusion of justice,” as an ex-prose-cutor puts it, a relatively paltry$600 million fine and a felony pleaby Purdue Pharma, which indemni-fied its executives. Some got bo-nuses for the “pain” they sufferedin having to testify. The ironiesaren’t belabored in “Crime of theCentury.” But they’re certainlypresent.

The Crime of the CenturyBegins Monday, 9.p.m., HBO

Scenes, left and below, from AlexGibney’s new film, ‘The Crime ofthe Century’

A documentary offersnew insights intoPurdue Pharma and thecountry’s opioid crisis.

TELEVISION REVIEW | JOHN ANDERSON

Manufacturing an Epidemic

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of other European leagues, meansthat more clubs can hoard moretalent.

That makes the league substan-tially deeper than any other. Notonly can elite English sides handlechampions from around the conti-nent, but more often than not, thegap is even more pronounced forthe sub-elite. Nowhere is thatclearer than in the second-tier Eu-ropa League.

Until Thursday night, there waseven a possibility that the tourna-ment would pit two PremierLeague teams against each otheras well, just as it did 2019. But Ar-senal couldn’t overcome Villarrealof Spain in its semifinal to set up ameeting with Manchester United,which put eight goals past Romaover two games.

English soccer’s unparalleledstrength is one reason why Man-chester City manager Pep Guardi-ola was unequivocal when askedhow winning the ChampionsLeague and Premier League mightcompare—especially now that heis just two games away fromclinching both.

“I’m sorry, it’s much more im-portant to win three PremierLeagues in four years,” he said,

highlighting City’s recent record.When it comes to the Champi-

ons League, he added, the mostsignificant thing is to keep qualify-ing consistently in order to reapthe financial rewards—a run to theknockout rounds can be worth up-ward of $40 million to a club. “It’smuch more important to be everyyear in the Champions Leaguethan to win it in one year,” Guardi-ola said.

Despite what Guardiola maythink, this one year is what hisbosses at Manchester City havebeen building up to for more thana decade.

When the group from Abu Dhabifirst took over in 2008, the clubhadn’t been near a major trophysince the early 1980s. Yet they felta soccer team in a global leaguewas the perfect vehicle for bur-nishing Abu Dhabi’s image in theworld. (Those reputational con-cerns would go a long way towardexplaining why City was the firstclub to withdraw officially fromthe Super League once publicopinion turned against it.)

They signed expensive talent,slapped the name of the emirate’sflagship airline on the jersey andthe stadium, and set about associ-

JASON GAY

LaMelo Ball Is a Highlight MachineThe rookie star returns from injury and immediately reminds the NBA what it was missing

ating the name of Abu Dhabi withsporting success. Winning the Pre-mier League more than once wenta long way. But the ultimate prize,for which they’d spent over $1 bil-lion on players, had always beenthe Champions League.

Except recent years had onlybrought frustration. City’s best re-sult in the Abu Dhabi era was asemifinal in 2016, before a run ofthree quarterfinal exits in the pastthree seasons.

Other super-clubs with wealthybackers had run similar plays andseen better results sooner. Chelseahad been one of the first whenAbramovich bought the club in2003 and reached a ChampionsLeague final in five years, thoughit took until 2012 to win it. AndPSG, acquired by an arm of Qatar’ssovereign-wealth fund in 2011,made its first final last season un-der manager Thomas Tuchel, nowin charge of Chelsea.

For City, the wait for a shot atthe title will have lasted 13 years.But Guardiola recognized thateven coming from modern soccer’sactual super league, building a be-hemoth in Europe takes time.

“Now,” he said, “we are ma-ture.”

LaMelo Ball changes the energy of a game the moment he steps on the court, because of his vision and passing, the way he sees the game unfolding.

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IMAGINE A SOCCER TOURNAMENT,played every year by the richestclubs in Europe, where star-stud-ded matches unfold for 10 monthsof the year with millions of dollarson the line every time. They meeton Tuesday and Wednesday nights.The games are broadcast in nearly200 countries. There are Englishclubs all over the place.

That was broadly the outline ofa proposed Super League lastmonth. The project, driven by 12clubs, collapsed in just 48 hoursafter the six superpowers fromEngland all pulled out. And nowthat the final is set in this year’sChampions League—the tourna-ment the Super League sought toreplace—it’s easy to see why: TheEnglish clubs needed the SuperLeague the least.

As it turned out, they alreadyhad one.

For the second time in threeyears, two Premier League clubshave powered their way into anall-English Champions League fi-nal. Manchester City dismissed

He’s a glee dispensary.This alone elevateshim. We’re so pro-grammed these daysto find things that aregrim, or conflict-

based, or make us angry—the cul-ture, especially the internet, feelsset up to promote conflict and re-ward anger—but he is decidedlynot that. The way LaMelo Ballplays basketball, it makes peoplehappy. Gleeful. Amid the dour, he isan antidote.

He is 19 years old, in his debutseason for the NBA’s CharlotteHornets, and if this is the first timein a long time you’re thinkingabout the Charlotte Hornets, youare far from alone. Ball was se-lected by the Hornets, who areowned by Michael Jordan, with thethird pick in the 2020 draft, but hewas hardly a sure thing. Ball didnot play college basketball. He lefthigh school as a junior and playedprofessionally in Lithuania andAustralia. Ball’s father is LaVarBall, the basketball father prone tosaying ludicrous things, like how,his son Lonzo, LaMelo’s bigbrother, was better than StephCurry, and how he, Lavar, couldbeat, um, Michael Jordan in agame of one-on-one. Like Lonzo,who plays for New Orleans, LaMeloseemed like a quiet, talented youngman, but no one seemed certainhow it’d all go.

It’s gone remarkably well, rightfrom launch. Ball is back with theHornets after missing 21 gameswith a wrist injury, and it’s as ifhe’s hardly skipped a beat. Enter-ing Thursday’s play, he’s averaginga nudge under 16 points, 6 assists,and 6 rebounds for the season,which makes him a contender forthe NBA Rookie of the Year, al-though because of his injury andmissed games, he may lose out toMinnesota’s Anthony Edwards, an-other impressive rookie whoscored 42 points in a loss to Mem-phis Wednesday.

But who cares, honestly? Thereason everyone who loves basket-ball can’t stop talking aboutLaMelo Ball is not his stats, or anarrow Rookie of the Year vote, oreven the improved performance ofthe Hornets. It’s the way LaMeloBall makes basketball fans feel. Ballchanges the energy of a game themoment he steps on the court, be-cause of his vision and passing, theway he sees the game unfolding—or, more accurately, how he seesthe game unfolding about one half-second before everyone else does.Ball sees not just the cut, or thescreen, but exactly where a team-mate will be, in space, a half-sec-ond later, often before his team-mate does, and frequently thisresults in loopy, dexterous passesthat make sense to absolutely noone but LaMelo Ball, right then.

This is his superpower. He canscore (he’s a better shooter thanpredicted), he can rebound (better

at this, too), but what makesLaMelo LaMelo is his passing:through traffic, with pace, or spin,quick passes to a cutter, or longbounce passes on the break. Thesepasses sometimes lookreckless, but by nowwe’ve seen enough toknow they are oftennot. They’re so goodthey make youlaugh. What Ball’sdoing is a reminderof a truth that seri-ous basketball fansknow, that jump shots,layups and dunks arefab, but nothing’s betterthan the perfect pass, becauseit’s in a pass that a fluid, offense-driven game finds its highest cre-ativity and expression.

Consider the pass Ball threw inhis comeback game versus Detroitlast Saturday. Here’s Ball, allegedly

easing his way back into it, noone’s expecting much, who knowshow the wrist will hold up, andthen, in the first quarter, he’s gotthe ball in transition, at the far

end of the court, and—whoooooooooop—hecocks his right wrist,the one that was in-jured, and flings it,one-handed, under-handed, the lengthof the court to ateammate under thebasket for an easy

layup. It was the typeof DO NOT TRY THIS AT

HOME pass that, if you or Iattempted it in high school, the

coach would have thrown his clip-board to the floor and called forour immediate substitution. WithBall, it’s magic, and it reminded theinternet of the great ones who didthings like this, like Magic Johnson

or Pete Maravich. (One Twitteruser, @owen_fasolas, cut a handyPistol-to-LaMelo comparison.)

Ball does stuff like this regularly,and he does it with such calm thatit can seem like he’s a 10-year vet-eran trapped in the body of a teen-ager. The strange, winding roadthat brought Ball to the NBA de-posited him here with preternatu-ral composure and unselfishness.The Hornets, an underrated teamwith deep talent (Terry Rozier,Gordon Hayward, Malik Monk,Miles Bridges, among others) ap-pear to adore playing with him.Those pre-draft anxieties feel a1,000 years ago. If anything, there’sregret among Golden State fans,since the Warriors passed on Ballat pick No. 2. LaMelo and Steph to-gether? Phew.

It should be said here that theNBA is currently in thrall to an-other great passer, Denver’s Nikola

Jokic, who, too, sees the game dif-ferently, and has eyes in the backof his head, and both hands, and isthe likely MVP of the 2020-21 sea-son. Jokic produces the same kindof glee LaMelo Ball does. He is alsoa 6-foot-11 big man, which is awhole other, staggering wrinkle.

Basketball is in good hands, insuch hands. Ball is suited to theway that the game is atomized inreal time now—those passes areideal, instant highlights for the en-gines of social media. He’s by nomeans fully formed: Ball can beprone to mistakes and sloppy play(he leads Charlotte in turnoversper game), and he’s still getting afeel for playing in late, critical mo-ments. But it’s hard to watch himwithout wanting to yell, joyfully, atleast once or twice. The Hornetsare playoff-bound, and LaMelo Ballis making basketball better. See foryourself. He’s glee.

Chelsea, above, is set to play Manchester City, below, in the Champions League final in Istanbul on May 29.

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Paris Saint-Germain to book itsspot on Tuesday before Chelseapushed past Real Madrid onWednesday. The matchup is so fa-miliar to Chelsea and Man Citythat it will be their fourth meetingof this season alone.

“We’ve played them lots oftimes,” Chelsea defender Cesar Az-pilicueta said. “But, you know, it’sa Champions League final.”

No matter what the competitionis called, the month of May in Eu-ropean soccer belongs to an ever-smaller circle of usual suspects.It’s no coincidence that the gameis between two of the most lav-ishly funded sports teams on theplanet. City is owned by a memberof the royal family of Abu Dhabi,while Chelsea has belonged to Rus-sian billionaire Roman Abramov-ich.

Nor is it a surprise that the Pre-mier League has now deliveredfive of the eight finalists from2018 to 2021. (Two years ago, itwas Liverpool and TottenhamHotspur.) English soccer’s financialpower, driven by television rightspayments that dwarf the earnings

The Champions League FinalIs Proof of England’s Power

15.9Points per game

average for LaMelo Ball,entering Thursday’s play.He is also averaging 6.1

assists and 5.9rebounds per

game.

BY JOSHUA ROBINSON

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ShadowsIn the GardenSeed to DustBy Marc Hamer(Greystone, 404 pages, $26.95)

BOOKSHELF | By Danny Heitman

In Praise of Maternal Guilt

A recent book, “PowerMoms,” asserts that“working-mother guilt

persists in American societytoday because gender-role ex-pectations haven’t evolvedenough.” Here’s another per-spective: If you feel guilty, it’sbecause you know your chil-dren need you.

Maternal guilt, within rea-son, isn’t a bad feeling to beditched. It’s a signal feeling—one that helps us to focus onwhat’s important. If you breakyour ankle running, nobodywould tell you to ignore theexcruciating pain and blamesocial conditioning when thatproves impossible. But whenit comes to an emotionalequivalent like guilt, we tellmothers to ignore it at the ex-pense of their children’s well-being—and their own.

When a mother leaves herinfant to go to work, she natu-rally experiences pangs oflonging, sadness, anger andconfusion. These are healthysigns of love and attach-ment—the bonds that createthe emotional security a childneeds. Encouraging women toreject their maternal instincts

and the sadness and guilt theyproduce alienates mothersfrom their children, who needthem.

It also creates its own pres-sures and guilty feelings. Tell-ing women (or men) to putwork and their own needsover relationships contributesto social isolation, lonelinessand depression. And it canmake stay-at-home mothersfeel as if they’re betrayingfeminism, when it’s feminism

that’s failing them. The femi-nist movement made greatstrides in freeing women tohave careers, but it didn’t val-idate mothering as valuablework or consider the conse-quences of having childrenwithout being prepared tocare for them.

Babies are born neurologi-cally fragile and unformed,and they need a mother’spresence for healthy develop-ment. Mothers function astheir children’s “central ner-

vous system” in the first year.A mother’s presence as muchas possible in the first threeyears is necessary to regulatechildren’s emotions, bufferthem against stress, and pro-vide them with a sense ofemotional security that lays afoundation for a lifetime ofmental health. Societies thatdevalue mothering rob chil-dren of their basic needs.

Trying to ignore or sup-press guilt doesn’t work any-how. It may seem to go away,but it usually returns in moresevere form. Trying to denyguilty feelings leads to self-punishing behavior later andmay have lasting effects.

Instead of stigmatizingguilt, society should encour-age mothers to confront ithead-on. Armed with self-re-flection, they can begin tonavigate and separate genuinefeelings of guilt from unrea-sonable social expectations.This type of understanding ofguilt and resolution of con-flicts is essential to a healthyemotional life and mother-hood—an important processthat leads to healthy balancebetween motherhood andwork outside the home.

By telling women they can

have everything at the sametime, we implore them to re-ject the instinct to care fortheir vulnerable young chil-dren. We bully them intothinking that full-time moth-ering is failure and antifemi-nist, that you have to go-go-gowith your career even whenyour children are babies, andthat feeling guilty about thisis merely social conditioning.

Having a baby changes ev-erything, including your moti-vation and work ambition.Empathy, conscience and in-stinct pull you toward yourbaby. That’s a healthy feelingthat must be confronted andunderstood, not pushed awayor exploited by an unfair sys-tem. If we attempt to fully un-derstand and confront guilt,we can harness it as a tool todirect us toward self-learningand a guide toward balanceand necessary change.

Ms. Komisar is a New Yorkpsychoanalyst and author of“Being There: Why PrioritizingMotherhood in the First ThreeYears Matter” and “ChickenLittle the Sky Isn’t Falling:Raising Resilient Adolescentsin the New Age of Anxiety,”forthcoming in October.

By Erica Komisar

It’s a ‘signal feeling,’which you shouldheed, not suppress.

OPINION

The WhiteHouse thisweek pro-posed to stripdrug compa-nies of theirvaccine pat-ents, an acthailed by ad-ulators as“moral lead-ership.” It’s

better seen as the encapsula-tion of the Biden presidency—a case study in fictional nar-ratives, executive overreach,recklessness, and kowtowingto the left.

The biopharmaceutical in-dustry in under a year accom-plished a modern miracle—designing a breakthroughvaccine to counter Covid-19;engineering a ground-up pro-duction process; and climbinga logistical Everest. It was atriumph of innovation, invest-ment and capitalism, a mo-ment that deserves to be cel-ebrated.

Instead, the Biden adminis-tration supports a proposal inthe World Trade Organizationthat would “waive” the intel-lectual-property rights of thecompanies that accomplishedthis feat, giving away theirtechnology to every drug-maker in the world. Put an-other way, Mr. Biden is freelyhanding American inventionto China—the country thatroutinely steals it, and whoseWuhan lab might have beenthe source of the virus.

The move is in keepingwith the administration’s re-fusal to acknowledge the his-tory of the vaccine achieve-ment. Team Biden continues

President Joe Sandersits willful disregard of Opera-tion Warp Speed, in part be-cause it is too petty to givecredit to any person, com-pany or initiative connectedto the Trump administration.

It has instead pushed theclaim that the Biden adminis-tration alone deserves creditfor the vaccine rollout. Thisrewriting of reality is becom-ing routine. The administra-tion declares there is no “cri-sis” at the border, as illegalcrossings surge. It says Geor-gia’s election-law update is“Jim Crow,” although the stateprovides more voting oppor-tunities than others. It rede-fines entitlement spending as“infrastructure.” The pressonly encourages these fic-tions, making it easier for theadministration to ignore bio-tech’s lead role in beating thepandemic and to hand over itswork to the world.

The move is also in keep-ing with the administration’sattitude that Congress existssolely to rubber-stamp itsspending proposals. Congresshas spent decades wranglingover the contours of patentprotections, producing bipar-tisan legislation from theBayh-Dole Act of 1980 andthe Hatch-Waxman Act of1984 to the Leahy-Smith Actof 2011. Mr. Biden proposes todisregard all these laws withthe wave of an executivememo to the WTO—much ashe has already been govern-ing by dubious executive or-ders on immigration, maskmandates, pipeline cancella-tions, and healthcare. Mr. Bi-den will use Congress whenreconciliation makes it conve-

nient. But what Congresswon’t give him, he will decreeunilaterally.

The patent decision is alsoin line with the Biden admin-istration’s willingness to takewild steps with little thoughtor care about the damagingconsequences. No doubt it isglorying in the praise fromthe World Health Organiza-tion. But the precedent ofwilly-nilly canceling patentswill prove cataclysmic fordrug innovation and health.

Moderna spent 10 years de-veloping its mRNA technol-ogy, and only this weekturned its first profit. Nextpandemic, Moderna and othercompanies won’t bother. Thesame is true of cancer drugs,Parkinson’s therapies, evennew antibiotics. Don’t believeit? “Let’s do insulin next,”tweeted an exultant Rep. Al-exandria Ocasio-Cortez in re-sponse to the patent news,along with a graph showingthe plunge in vaccine makers’stock prices.

Add this to an extraordi-nary list of unknowns and un-intended consequences im-posed in only three shortmonths. What will the Bidenadministration’s expansion ofObamaCare (part of its Covid“relief” law) do to healthcareprices? Do they know? What

is the fallout of shovelingsome $200 billion at schoolsthat aren’t educating kids?The February spending billextended enhanced federalunemployment benefits toSeptember, which means res-taurants can’t get employeesto come back to work. So thisweek the Biden administra-tion touted its new Restau-rant Revitalization Fund—agovernment fix to the govern-ment’s blunder.

Mostly, the patent decisionshowcases who is in charge.It isn’t Mr. Biden. Progres-sives have been calling forpatent waivers since last year,and Bernie Sanders, ElizabethWarren and AOC amped upthe pressure on Mr. Biden inthe past month. These voiceswon out—again—over thosein the administration whonoted that waiving patentprotections isn’t the answer.Even the administration’sCovid guru, Anthony Fauci,this week told the FinancialTimes that the patent releasewill likely get bogged down inlawsuits, and “there are otherways to ramp up vaccine pro-duction around the world.”

In a debate with Mr.Trump last year, Mr. Bidentestily asserted that he is “theDemocratic Party right now”;what he says goes. But nameone progressive demand hehasn’t rolled over for. This isa Sanders presidency by an-other name.

The patent decision is onlythe latest example, and surelynot the last. It’s going to be along, and destructive, fewyears.

Write to [email protected].

The vaccine patentdecision is the latestexample of Biden’sfar-left governance.

POTOMACWATCHBy KimberleyA. Strassel

The defenseof religiousliberty in theU.S. unitesAmericanswith funda-mental dif-

ferences—nonbelievers andbelievers of every sort con-cerned with constitutionalfreedoms. To defend thesefreedoms, Americans shouldespecially defend the country’ssmallest religious minorities.Consider the Apache tribes’continuing fight to protect sa-cred land.

Oak Flat, a 2,200-acre forestin Arizona owned by the fed-eral government, is known tothe Apache community asChich’il Bildagoteel, theirequivalent of the TempleMount or Vatican Hill. In the2015 defense authorizationbill, this area was set to betraded to a foreign miningcompany for private land else-where. Oak Flat is slated to bemined for copper in a mannerthat will reduce these sacredgrounds to a crater nearly twomiles in diameter.

The Apache challenged theproposed transfer under a lawdesigned to protect religiousfreedom. Yet a federal districtcourt held that precedent inthe Ninth Circuit Court of Ap-peals forced the bizarre con-clusion that such destructiondid not impose a “substantialburden” on the free exercise of

Religious Freedom and Sacred Landreligion that even needed to beweighed against any interestasserted by the government.

Tribes and organizationsdedicated to protecting reli-gious freedom are still tryingto stop the mine. Spirited legalchallenges—led by the BecketFund advocacy group, withfriend-of-the-court supportfrom our organization, amongothers—highlight how much isat stake for the First Amend-ment and the cause of freedomof religion.

When the Founders pro-tected free exercise of religion,virtually all other governmentsgave benefits to a preferred re-ligion and persecuted or dis-criminated against nonbeliev-ers. America’s approach is ahistorical anomaly that hasmanaged to persist and pro-mote greater peace and plural-ism for nearly 250 years, evenas an increasing number offaiths have been added to thefold.

But Americans have becomea little vague about what pre-cisely is protected by the FirstAmendment. Only 6 out of1,000 respondents could suc-cessfully name all five of therights and freedoms includedin that amendment, accordingto a 2019 Freedom Forum Insti-tute poll. Only 29% of respon-dents could recall the freedomof religion. The same percent-age believe that First Amend-ment protections go too far.

For liberals and progres-sives, freedom of religion iscritical to upholding decadesof progress in civil rights forthe most vulnerable Americansand religious minorities. Thisgroup includes Sikhs and Mus-lims who want to show theoutward signs of being true totheir faiths while serving ourcountry in the military. Forconservatives and libertarians,

freedom of religion ensuresthat the faithful can practicetheir ancient and deeply heldbeliefs without undue infringe-ment by a rapidly changingworld. The key idea is thatpeople should neither beforced to profess ideas or be-liefs they do not hold nor beforced to forsake religiouspractices absent a highly com-pelling reason. Such forced in-terference with religious beliefand practice is a hallmark oftotalitarianism and theocracy,not pluralistic democracy.

Freedom of religion sup-ports and complements theother First Amendment rights.It forms a cultural and legalbarrier against forced compli-

ance with top-down edictsthat would conflict withAmerica’s commitment to tol-erance and celebration of in-tellectual, ethnic, racial andreligious diversity.

Which brings us back to OakFlat. For the Apache, this is a“thin place” between thisworld and the next, where thetribes can approach the realmof the sacred. It’s irrelevantthat most Americans don’tshare the same beliefs aboutOak Flat. This time it is Apachesacred land; next time it maybe yours. Showing respect forwhat is religiously sacred tothe Apache serves the consti-tutionally “sacred” function ofdefending all our rights andfreedoms under the FirstAmendment.

Rep. Raúl M. Grijalva (D.,Ariz.), chairman of the HouseNatural Resources Committee,introduced the Save Oak FlatAct in March. This bill wouldpermanently protect the areaof the Tonto National Forestheld sacred by Apache tribes.Congress should take up thebill as soon as possible andsend a message about thiscountry’s bipartisan commit-ment to religious freedom.

Mr. Boucher, a former U.S.representative (1983-2011), is asenior policy advisor for Pro-tect the 1st. Mr. Jaffe, an ap-pellate attorney, is policy di-rector of Protect the 1st.

A copper-mining planthreatens an Apachesite—and the libertyof all Americans.

HOUSES OFWORSHIPBy RickBoucher andErik Jaffe

B orn in the North of England, Marc Hamer endured atroubled youth, getting kicked out of his house soonafter he turned 16. He wandered homeless for a time,

which nearly killed him. Sleeping under the stars deepenedhis sense of the natural world, an interest that stuck.Mr. Hamer has lived in Wales for more than 30 years,where he made his living as a professional gardener. Healso had a sideline as a catcher of moles, which manylandowners regarded as pests and were willing to payMr. Hamer to remove.

This we learned in Mr. Hamer’s “How to Catch a Mole,”a quirky and well-received 2019 memoir. The book wasn’treally a how-to manual, but an account of how Mr. Hamer,a pacifist, came to retire from catching moles, sincegetting them out of a garden usually meant killing them.

In lyrical prose, Mr. Hamer revealed a curious kinshipwith moles—creatures who, like him, often work alone.

Like Laurie Lee, anotherson of England who roamedfor a time, Mr. Hamer is anelegist, attracted to what’sbeautiful precisely becauseit’s poised to pass away.

His new book, “Seed toDust,” chronicles the finalyear he spent as the solehired gardener on a countryestate before trading hispruners for a laptop to focuson his writing.

The estate’s widowed andaging matriarch, known hereonly as Miss Cashmere,represents a way of life thatseems on the way out.

“Gardens like these cannot last,” Mr. Hamer tells readers.“They are messages from a bygone age and need skilledlabour that few are willing to do, and fewer are willingto pay for.”

Mr. Hamer wistfully contemplates the end of MissCashmere’s garden, the end of Miss Cashmere, and theprospect that he, too, will one day be regarded in the pasttense. A man in his 60s with creaking knees and a trickyheart, the author mulls his mortality. Even so, “it feelsgood to be alive and to be connected to the few things Ihave, and to the few people in my life,” Mr. Hamer writes.“In the distant future I can see the tunnel at the end of thelight, but the life we have to live now, before the tunnel,seems brighter than ever.”

What Mr. Hamer suggests, without quite spelling it out,is that while life is short, it can seem longer if we payattention. From Miss Cashmere, he learns that in ancientJapan, the four seasons were further divided into 72miniature seasons, each about five days long and withdescriptive names such as “pure and clear” and “insectsawaken.” The effect was to focus perception, giving anapparently ordinary week a sense of occasion.

Mr. Hamer is up to something similar in “Seed to Dust.”The story is primarily divided into 12 months, and eachmonth is made up of several chapters only a few pageslong. They shimmer like lantern slides, lit with luminousimagery that recalls Lee’s classic memoir of rural England,“Cider With Rosie.”

“The seagulls are laughing and screaming like a pub ofmixed drunks,” Mr. Hamer notes at the start of June.“I’m on my knees, weeding, and the plants and the soiland I seem to flow into and out of each other,” he latermuses. “The scent of soil fills my nose, vibrant withsmall life.”

Earlier in the year, watching an English plantain, Mr.Hamer notes how the blooms rise: “I know they open fromthe bottom to the top, because I visited one every day andwatched it for about two weeks.”

Referring to his wife, the suspense novelist Kate Hamer,he mentions that she “writes fat books of stories that shemakes up in her head. I just write down what I see.”

It sounds like a diminishing comparison, though in Mr.Hamer’s prose, seeing is itself an act of imagination. Asthe world emerges from lockdown and more of us resumeour distracted lives, his quality of perception is an idealworth remembering.

That’s a valuable if indirect lesson of “Seed to Dust,”which tends to flail a bit when Mr. Hamer attempts amore explicit parsing of his life philosophy. He is, by hisown admission, an inconsistent thinker. “My grandfather,”he recalls, “used to say that I changed like the wind, andI do.”

Mr. Hamer warns that words can’t be wholly trusted,yet he reveres poetry as “the only way to see what’s on theother side of the veil.” He dislikes killing things but earnedmoney for years putting away moles. A skeptic aboutaltering nature, he thrived in gardening, which “mainlyconsists of doing exactly that. In reality, I don’t think I’msuited to any job at all.”

Maybe Mr. Hamer has found his ideal calling in thisbook stitched together from small essays, a genre in whichsuch capricious mutability of opinion is not only toleratedbut encouraged. Through his words, we connect with theultimate text, the landscape itself.

“I came to understand,” he observes in what might bea coda for this work, “that the earth is a library: stones,trees, animals, scents, water and winds are some of itsbooks.”

“Seed to Dust” is an invitation to read this world asMr. Hamer does—with a close eye to what changes, andwhat does not. “In the end,” he decides, “all we are is ourattention, there is nothing else.”

Mr. Heitman is the editor of Phi Kappa Phi’s Forummagazine, a columnist for the Baton Rouge Advocate andthe author of “A Summer of Birds: John James Audubonat Oakley House.”

The author of ‘How to Catch a Mole’ returnswith autumnal meditations on aging, changeand a life lived with fingers in the soil.

Coming in BOOKS this weekendThe U.S. economy: A history • The secret life of forests •George Blake: From MI6 to Soviet spy • How to readan Elizabethan pastoral • Paul Theroux goes Hawaiian •‘Fragile Things’: Art & anti-Semitism in France • & more

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LETTERS TO THE EDITOR

“Finally, an App that eliminatesany need for human eye contact.”

THEWALL STREET JOURNAL

Letters intended for publication shouldbe emailed to [email protected]. Pleaseinclude your city, state and telephonenumber. All letters are subject toediting, and unpublished letters cannotbe acknowledged.

Use the China Lens to View Woke CompaniesI appreciate Prof. Crispin

Sartwell’s clever and correct com-parison of “woke” corporations emu-lating the Chinese Communist Party(“‘Woke’ Corporations Use the Chi-nese Model,” op-ed, April 27). How-ever, the most salient feature distin-guishing market capitalism fromcommunism is that market capital-ism depends on the predictable ruleof law, whereas all forms of authori-tarian socialism, including the Chi-nese hybrid model, are ultimatelybased on the fiat of the rulers, notthe rule of law. Therefore, the sup-pression of dissent, censorship andcentral control of a planned com-mand economy are all components ofthe absence of the rule of law whichwill ultimately cause the most cre-ative and talented people to leaveboth the “woke” corporations as wellas the Chinese economy.

ALEXANDER W. ROSS JR.Mt. Laurel, N.J.

New terminology isn’t necessary;fascism is the appropriate term.While private ownership and somedegree of market freedom is allowed,it is with the caveat that the state un-der the control of a single party hascomplete authority.

GERARD MICHELCambridge, Mass.

In denouncing Georgia’s new law,those speaking for Coca-Cola andDelta Air Lines have, evidently, doneso because they have concluded it isgood for business, not because it is“woke.” Coca-Cola and Delta’s majorshareholders have not voiced anycriticism of the positions their com-panies took on Georgia’s law. Toparaphrase President Eisenhower’sSecretary of Defense Charles Wilson:“What’s good for business is good forAmerica.” Perhaps he was right.

MITCHELL SEIDERScarsdale, N.Y.

Pepper ...And Salt

On Reviving Religion for Non-Orthodox JewsIn “Beyond ‘a Shul With a Pool’”

(Houses of Worship, April 30), RabbiAri Lamm argues that despite thegrowing concern about the state ofreligion in the U.S., religious leadersshould be optimistic and focus oncreative types of outreach that aren’ttied to bricks-and-mortar communi-ties. I agree, but most American Jewsoperate by personal choice and needto be given a reason to choose Juda-ism. The pandemic provided strongreasons for many people to choosereligion given the increased need forspiritual comfort in a world of isola-tion and fear. I heard this repeatedlyover the past year as I conversedwith people on Zoom presentationsat over 60 synagogues in NorthAmerica, most of which were Reformor Conservative.

For Judaism to survive and thrivebeyond Orthodoxy, clergy do need tostress a return to the basics—that is,a return to the importance of cele-

brating Jewish tradition. We needmore focus on Jewish observance—starting with Shabbat—and how toraise families with thicker religious-cultural practices. A key componentof this education is encouraging peo-ple to derive personal meaning fromour ancient practices even if the waysin which they observe differ fromthose of more traditionally religiousJews. Without this emphasis, I worrythat there may be little left of Jewishtradition to transmit to future gener-ations who are not Orthodox.

PROF. ROBERTA ROSENTHAL KWALLDePaul University

Chicago

CORRECTION

U.S. PIRG is an association of advo-cacy groups. It was mischaracterizedin the May 3 op-ed “‘Right to Repair’Is Bad for Your Health.”

Biden’s Vaccine IP Debacle

W e’ve already criticized President Bi-den’s bewildering decisionWednes-day to endorse a patent waiver for

Covid vaccines and therapies.But upon more reflection thismay be the single worst presi-dential economic decisionsince Nixon’s wage-and-pricecontrols.

In one fell swoop he hasdestroyed tens of billions of dollars in U.S. in-tellectual property, set a destructive precedentthat will reduce pharmaceutical investment,and surrendered America’s advantage in bio-tech, a key growth industry of the future.Handed an American triumph of innovationand a great soft-power opportunity, Mr. Bidenthrows it all away.

i i iIndia and South Africa have been pushing

to suspend patents at theWorld Trade Organi-zation for months. They claim that waiving IPprotections for Covid vaccines and therapiesis necessary to expand global access, but theirmotivation is patently self-interested.

Both are large producers of generic drugs,though they have less expertise and capacityto make complex biologics like mRNA vaccines.They want to force Western pharmaceuticalcompanies to hand over IP free of charge sothey can produce and export vaccines and ther-apies for profit. Their strategy has been toshameWestern leaders into surrendering withthe help of Democrats in the U.S.

But suspending IP isn’t necessary to expandsupply and will impede safe vaccine produc-tion. The global vaccine supply is already in-creasing rapidly thanks to licensing agree-ments the vaccine makers have made withmanufacturers around the world.

Pfizer and BioNTech this week said theyaimed to deliver three billion doses this year,up from last summer’s 1.2 billion estimate.Moderna increased its supply forecast for thisyear to between 800 million and a billion from600 million. AstraZeneca says it has built asupply network with 25 manufacturing organi-zations in 15 countries to produce three billiondoses this year.

AstraZeneca and Novavax have leaned heav-ily on manufacturers in India to produce bil-lions of doses reserved for lower-income coun-tries. But India has restricted vaccine exportsto supply its own population. IP simply isn’trestraining vaccine production.

Busting patents also won’t speed up produc-tion, since it would take months for thesecountries to set up new facilities. Competitionwill increase for scarce ingredients, and lessefficient manufacturers with little expertisewould make it harder for licensed partners toproduce vaccines.

There’s also the problem of safety. Johnson& Johnson has experienced quality problemsat an Emergent plant making its vaccines, and

that’s in Baltimore. Imagine the potential prob-lems with unlicensed producers in, say, Malay-sia or Brazil. If vaccines made there have com-

plications, confidence inlicensed vaccines could plum-met too. And who wouldPfizer andModerna sue to gettheir reputations back?

The economic self-damageis also hard to fathom. The

U.S. currently has a competitive advantage inbiotech and biologics manufacturing, whichcould be a growing export industry. WaivingIP protections for Covid vaccines and medi-cines will give away America’s crown pharma-ceutical jewels and make the U.S. and worldmore reliant on India and China for pharma-ceuticals.

Moderna has been working on mRNA vac-cines for a decade. Covid represents its firstsuccess. Ditto for Novavax, which has beenat it for three decades. Small biotech compa-nies in the U.S. have been studying how tocreate vaccines using nasal sprays, pills andpatches.

Thanks to Mr. Biden, all this could becomethe property of foreign governments. Licensingagreements allow developers to share their IPwhilemaintaining quality control. Breaking pat-ents and forcing tech transfers will enable Chinaand low-income countries to manufacture U.S.biotech products on their own.

China’s current crop of vaccines are far lesseffective than those in theWest, but soon Bei-jing might be able to purvey Pfizer knock-offs.The U.S. has spent years deploring China’s theftof American IP, and now the Biden Administra-tion may voluntarily let China could reap prof-its from decades of American innovation.

i i iInstead of handing over American IP to the

world, Mr. Biden could negotiate bilateral vac-cine agreements and export excess U.S. supply.If Mr. Biden wants to increase global supplysafely, the U.S. could spend more to help thecompanies produce more for export. Then thejobs would go to Americans. We thought thiswas the point of the production deal Mr. Bidennegotiated between J&J and Merck.

Alas, this President seems to be payingmoreattention these days to ElizabethWarren, BernieSanders, Alexandria Ocasio-Cortez and NancyPelosi. They think vaccines and new drugs canbe conjured by government as a public goodwith no incentive for risk-taking or profit. Thisreally is destructive socialism.

Mr. Biden ought to listen to Angela Merkel.Pfizer’s partner BioNTech is a German firm, andthe German Chancellor said Thursday that sheopposes the WTO heist: “The protection of in-tellectual property is a source of innovation andit must remain so in the future.”

At least IP is safe in Germany. Mr. Biden hassent a signal around the world that nobody’sintellectual property is safe in America.

His patent heist is ablow to the Covid fight

and U.S. biotech.

Another Judge Evicts the CDC

Y et another court loss for the federal gov-ernment’s Covid-19 evictionmoratoriumraises a question: Will the government

ever have to answer for actingunlawfully? Or do politicians,in this pen-and-phone era, notcare if they’vewandered so farout on a legal limb that they’restanding on air?

Usingpublic-health powers,the Centers for Disease Control and Prevention(CDC) last year issued anorder banning the evic-tion ofmillions of tenants. The latest extensionpushes that order through June 30, and thethreatened penalties for disobedient landlordsgo as high as $250,000 and a year in jail.Wheredoes theCDCget this power? It isn’t theCentersfor Rent Control.

A 1944 law, thePublicHealth ServiceAct, letsthe CDCwrite regulations that it judges “neces-sary” to stop disease from entering the U.S. orfromspreadingbetween states. To carry out thatmandate, theCDC “mayprovide for such inspec-tion, fumigation, disinfection, sanitation, pestextermination, destruction of animals or articlesfound to be so infected or contaminated as to besources of dangerous infection to humanbeings,and other measures.”

If interpreted as a broad grant of authority,with a catchall phrase for “othermeasures,” that

could mean practically anything. But to steal agame from “Sesame Street,” one of these threethings doesn’t belong: fumigation; pest extermi-

nation; and an eviction banthat applies to every residencein the nation.

In a ruling Wednesday, fed-eral Judge Dabney Friedrichplacedthestatutory language inits proper context, saying that

the CDC’s catchall rules must relate to “animalsor articles” that are infected or contaminated.“The national eviction moratorium,” she wrote,“satisfies none of these textual limitations.”

Accepting theCDC’s position, JudgeFriedrichsaid, “wouldmean that Congress delegated” tothe executive branch a sweeping power “to re-solve not only this important question, but end-less others.”The only real limitwould be a needto gesture toward a link to illness.

This obviously isn’twhat Congresswas dele-gating to theCDC, and other district courts havealso said the eviction ban exceeds the law. Bothparties are guilty, since the policy began underPresident Trumpandwas extendedunder Presi-dent Biden. But the legal problem for constitu-tionalists is if the order lapses on June 30, as itshould, then these casesmight bemoot. The riskof unconstitutional government rises if politi-cians get away with it.

Health bureaucrats can’tlawfully ban evictions,but do politicians care?

The Capital-Gains Revenue Illusion

E vidence that President Biden’s capital-gains tax increase is counterproductivekeeps rolling in, and the latest is from

the Penn Wharton BudgetModel, a nonpartisan outfitoften cited as an authority byDemocratic economists.

Penn Wharton estimatesthat raising the top capital-gains tax rate to 43.4% wouldshrink federal revenue by $33 billion over 10years. That’s a smaller hit than the Tax Founda-tion’s $124 billion loss, but it acknowledges thesame economic reality. Taxpayers in range ofthe higher top rate will find ways to shrinktheir bills.

To compensate, the Biden Administrationhas proposed a $1 million cap on the “step-upin basis,”which excludes unrealized gains fromtaxation at death. This is a backdoor death tax,and PennWharton estimates the change wouldraise up to $113 billion over a decade.

But that is also a static analysis that doesn’t

account for other taxpayer behavior. Thewealthy already employ legions of tax lawyersand accountants to avoid the current 40% es-

tate tax, and they can do thesame to duck the new capital-gains death tax. Charitabledonations and creating trustsand foundations are popularmethods.

Meanwhile, 13 HouseDemocrats have written to Speaker NancyPelosi asking for an exemption for familyfarms from the step-up in basis tax hit. “Therequirement to recognize capital gains atdeath runs the risk of forcing farms andranches to sell part, or all, of a farm that mayhave been passed down for several genera-tions in order to pay the tax burden,” wrotethe Members, who include some of the mostvulnerable incumbents.

Once the exceptions start, more will get inline, and the estimate of a revenue gain willlook even more fanciful.

House Democrats arealready asking for

death-tax exceptions.

REVIEW & OUTLOOK

OPINION

What ‘Right to Repair’ Limits Are Prudent?In “‘Right to Repair’ Is Bad for your

Health” (op-ed, May 3), Tom Giovanettisuggests, in effect, that only medical-device manufacturers could be theones to safely repair medical devices,but he omits any reference to the 2018FDA report on the “Quality, Safety, andEffectiveness of Servicing Medical De-vices, FDARA 710—3rd Party Servic-ing.” The FDA study concludes that the“currently available objective evidenceis not sufficient to conclude whether ornot there is a widespread public healthconcern related to servicing, includingby third party servicers, of medical de-vices that would justify imposing addi-tional/different, burdensome regula-tory requirements at this time.” We areproud of the safety record of indepen-dent servicers of medical equipmentand of the FDA’s recognition that thecontinued availability of third-partyentities to service and repair medicaldevices is critical to the functioning ofthe U.S. healthcare system.

Many of our members are ISO 13485qualified and are heavily relied uponby regional and rural hospitals whichcannot easily afford to pay some manu-facturer equipment repair rates rang-ing from $600-$800 per hour (with afour-hour minimum). Mr. Giovanetti’sclaims about cybersecurity issues thatallegedly arise because of giving inde-pendent servicers access to equipmentservice keys are also not supported(see Department of Health and HumanServices Office for Civil Rights, whichis bereft of references to servicerscausing data breaches). Independentservicers are very often used by themanufacturers who handle multimo-dality servicing programs for hospitals.If independent servicers were so un-skilled and unsafe to use—why then domanufacturers so heavily rely on inde-pendent servicers to service equip-ment?

ROBERT J. KERWINGeneral counsel, International

Association of Medical EquipmentRemarketers and Servicers, Inc.

Boston

Mr. Giovanetti’s piece is loadedagainst the consumer. His point abouthighly sophisticated medical devicesmay have some validity but his re-marks about automobiles are way offbase. Yes, automobiles are complicatedbut it is mainly in the electronicswhere the complications lie.

A good shade-tree mechanic is per-

fectly capable of repairing the greatmajority of the things that go wrongwith autos. The lack of mechanicalknowledge of the average citizen isdeep and wide, leaving them at themercy of any repair shop that wants totake them for a ride on pricing of re-pairs.

To let car producers hide the repairmanuals from the public would be agreat disservice to the driving public.Today, the independent shops can ap-ply a brake on runaway repair prices.Let’s not take away that much neededconstraint.

BART MCPHERSONHiawassee, Ga.

Tom Giovanetti fails to understandthat when a medical-device companyrefuses to service its older machines,declines to provide spare parts or diag-nostic tools, or imposes absurd waittimes for official fixes that a hospital’sown engineer could make, the result iswasted time and delayed treatment forpatients.

This isn’t a free market. It’s a mini-monoply that makes healthcare moreexpensive and worse for everyone.

JOSHUA MORRISLouisville, Ky.

Mr. Giovanetti proposes that smallrepair businesses not be allowed tocompete to make even the simplest re-pairs. Rather, the monopolists willmake you wait forever for their factorytechnicians or more likely buy new andthrow out perfectly repairable comput-ers, tractors (“It Shouldn’t Cost theFarm to Fix a Tractor,” by KevinO’Reilly, op-ed, March 24) and othergear, further clogging our landfills.

I own it. I should be allowed to re-pair it. I’m not stealing anyone’s intel-lectual property. The sky will not fall.

CHARLIE GARLOWRehoboth Beach, Del.

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T reasury Secretary JanetYellen has a grand idea: aglobal tax regime. She en-visions a minimum corpo-rate tax standardized

across the developed world and ex-panded authority for nations to taxmultinational corporations. Togetherwith the Biden administration’s planto raise the U.S. corporate tax rate to28% and eliminate preferences, itwould return the U.S. to its pre-2017status as a high-tax jurisdiction, dis-couraging domestic capital invest-ment and production. More insidious,it would cede authority over taxa-tion, one of the pillars of democraticgovernance, to some ill-defined inter-national technocratic body or groupof experts.

Such erosion of sovereign demo-cratic oversight should be recogniz-able. It has long characterized Eu-rope and is part and parcel of theEuropean Union’s ambition to be-come a global regulatory super-power.

Ms. Yellen’s proposal arises out ofthe longstanding efforts of major Eu-ropean nations to extend their taxingpower over U.S. technology firmsthrough so-called digital taxes. Initia-

European states havelong ceded authority to atransnational technocraticelite. The U.S. knew better.

The Corporate Tax and American Sovereigntytives from France, Austria,Italy and the U.K. threatenedto undermine efforts to har-monize corporate taxation inthe EU and open a new frontin a trade war with the U.S.Given the need for unani-mous approval for EU lawsand opposition from Irelandand some Northern Europeanmember states, Europeanleaders shifted the debate tothe Organization for Eco-nomic Cooperation and De-velopment, or OECD, a groupof 37 high-income countriesincluding the U.S.

The initiative expandedquickly to include a minimum corpo-rate tax, another long-term EU goalthat couldn’t be achieved internallyor be effective unless other devel-oped countries participated. In thisway, European leaders sought to re-duce tax competition among EUmember states as well as low-tax na-tions such as the U.S., Switzerland,Singapore and Bermuda. Since Eu-rope and most other developed coun-tries rely more heavily on value-added taxes than corporate taxes,raising the latter would give theirfirms a cost advantage over U.S.firms, especially since most of theVATs are refundable for exportedproducts. U.S. attempts over theyears to match such an export advan-tage have been stymied by rulings ofthe World Trade Organization.

The new Biden team is eager towork with Europe on larger ques-tions such as the China challenge, cli-mate change and reform of the WorldTrade Organization. Entering a nego-

tiation on corporate taxes, the think-ing goes, could help secure Europeancooperation while incidentally pro-viding domestic political cover forthe tax hikes the Biden administra-tion needs to fund new spending.

If an agreement is reachedthrough the OECD, the administra-tion is likely to enact it as a “multi-lateral instrument,” somewhat akinto the Paris Climate Accord, andavoid submitting it to the Senate asa tax treaty. A precedent can even befound for this in the OECD’s 2016Multilateral Convention to Imple-ment Tax Treaty Related Measures toPrevent Base Erosion and ProfitShifting.

This approach would transfer sig-nificant national sovereignty overcorporate taxation, key to overalleconomic policy, to some yet-to-be-defined international regime underthe guidance of the OECD, an un-elected multilateral institution. TheEU since its inception has embraced

such transfers of power toavoid the difficulties ofachieving consensus throughpopular political participa-tion. The WTO, too, hasevolved in the direction ofsettling disputes and inter-preting agreements throughelite consensus and rule bytechnical experts, which isone reason the U.S. has beenso critical of its operations.

We need to know how farthis transfer of authoritywould extend and what insti-tution or process would han-dle disputes and enforce-ment. Would the negotiated

rules be incorporated automaticallyinto the tax laws of signatories, muchlike EU rules have immediate force oflaw in member states? If Arizonawants to give tax abatements to adomestic or foreign semiconductorfirm to build a fabrication plant,would it have to get the approval ofOECD experts? Would other nationshave a way of challenging such taxincentives?

The institutions of European inte-gration offer a cautionary note. TheEU now has a Parliament that can’tinitiate legislation; a governing coun-cil of national leaders constrained bythe modern equivalent of liberumveto, the unanimity principle; a cen-tral bank that pays little attention tofoundational treaties in imposing fis-cal policy changes in nations such asGreece and Italy and in expanding EUdebt issuance; a Court of Justice thatoperates in secret and issues trans-formational rulings divining the “te-leological” spirit of founding docu-

ments; and an unelected bureaucracyin the European Commission thatproposes legislation, regulates anddistributes funding. These institu-tions all suffer from a democraticdeficit and a technocratic dominanceantithetical to the Madisonian con-cept of government.

The WTO has some of the sameproblems, though not to the same ex-tent. The U.S. critique of the tradegroup is based largely on that insti-tution’s tendency to reinterpret itsfoundational agreements and its fail-ure, due to the unanimity principle,to discipline rule-breakers like mer-cantilist China or address new areaslike digital commerce.

The Biden team should under-stand the road it is heading down. ItsCovid-relief law and infrastructurebill also ride roughshod over the fed-eralist system that has nurtureddemocratic traditions in this country.Both exploit central government pur-chasing, spending and regulatorypower to overturn decades of localdecisions and state control over ev-erything from housing and infra-structure permitting to labor laws.Ceding corporate-taxation authorityto an undefined international author-ity that will inevitably be controlledby an unelected technocratic elitewould erode Madisonian principleseven further. It would move Americacloser to the EU model of gover-nance.

Mr. Duesterberg is a senior fellowat the Hudson Institute. He served asassistant secretary of commerce forinternational economic policy,1989-93.

By Thomas J. Duesterberg

WHITEHOUSE

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Treasury Secretary Janet Yellen

OPINION

End Mask Mandates to Spur Vaccination

P resident Biden wants 70% ofAmerican adults vaccinatedagainst Covid-19 by July 4. It’s

an achievable goal but suddenlylooks more daunting, even thoughplenty of doses are available. De-mand is slackening now that thosemost eager for vaccinations have al-ready gotten them.

If Mr. Biden wants to encourageAmericans to get the shots, heshould change his attitude towardmasks. Last week he said wearingmasks in public is a “patriotic duty.”He continues to do so, even out-doors, even though he is vaccinatedand therefore at almost no risk of ei-ther contracting the coronavirus ortransmitting it to others. Federalmandates remain in place requiringmasks in airports, national parks andpublic transit, among other places.

Think about the messages thatsends: If you get vaccinated, you’llbe afforded virtually no relief fromthe pandemic’s most persistentburden—the social and legal pres-sure to cover your face in public—which has lingered for more than ayear. If you don’t get vaccinated,society will keep trying to protectyou from infection by imposingdiscomfort on everyone. And theauthorities, at least at the federallevel, seem to be in no hurry forthe pandemic to end.

Meanwhile, it is in the process ofending. Case rates, hospitalizationsand deaths are down all across thecountry. In California, the case rateis 4 per 100,000 with a 1% positivetest rate. New York’s numbers are al-most as good. A combination of nat-ural and vaccinated immunity—60%of the adult population will have re-ceived at least one shot by the end

of this week—is bringing this virusto its knees.

A more effective strategy wouldbe to relieve the public of ineffectivedraconian restrictions. The presidentshould announce that all federalmask mandates will end effectiveMay 28, in time for Memorial Dayweekend, and he should encouragestates, localities and private institu-tions to do the same.

This would send a clear messageto the vaccine-resistant: It’s your re-sponsibility to protect yourself bygetting your shots. The message toeveryone: Vaccines work, and it’stime to get back to normal.

Dr. Siegel is a clinical professor ofmedicine and medical director ofDoctor Radio at NYU Langone Health,a Fox News medical correspondent,and author of “COVID: The Politics ofFear and the Power of Science.”

By Marc Siegel

FTC Imperils a Cancer Breakthrough

T he Federal Trade Commissionis jeopardizing our chance tosave more lives from cancer. In

March the FTC filed a lawsuit toblock Illumina from reuniting withGrail, a company we spun off withour technology and staffed with ouremployees and in which we retainedan ownership share. If the commis-sion is successful, it will slow accessto a groundbreaking early-stage can-cer-screening test.

When cancer is detected early,treatment is more successful, andsurvival rates are higher. This is animportant step in President Biden’smoonshot initiative to end cancer.The origin of this innovation began afew years ago, when a team at Illu-mina was processing pregnantwomen’s blood samples for prenataltests. We noticed unexpected resultsthat mirrored genomic signatures ofcancer. Our hope and working thesiswas that this discovery could lead toan earlier detection test for cancer.

Illumina formed Grail to combineour passion to fight cancer with ourculture of innovation and our will topursue large challenges to better hu-man health. Grail built a large labora-tory, advanced the science, collecteddata and conducted clinical researchto move from this exciting idea andachieve proof of concept. In doing so,the new company developed a bloodtest that can screen for more than 50types of cancer, 45 of which have noother current screening test. We an-

nounced last year our intent to re-unite with Grail to make this cancer-screening test widely available,accessible and affordable, accelerat-ing the test’s broad adoption and sav-ing tens of thousands of lives.

Before we do, we have to win thelegal battle against the FTC, whosecase is based on speculation and falsepremises. Since Grail’s test is the only50-cancer test currently available andno other comparable test is even indevelopment, the FTC has had toguess and use hypothetical data tosupport its case. In the meantime,cancer kills 10 million people globallyand more than 600,000 in the U.S.each year. Most of us identify withthis tragic statistic not by numbers,but by a person. For me, it was afriend who died of ovarian cancerthat was diagnosed too late. For oth-ers, it is a mom lost to breast canceror a brother to pancreatic cancer. Weneed to accelerate the developmentnot only of new treatments to combatthis disease but also new ways to findit when its treatable and before weexperience tragic loss.

This is why we chose to addressthe FTC’s stated concerns proactively.We have offered and posted on ourwebsite a 12-year comprehensive

contract available to any U.S.-basedoncology customers. The contractguarantees equal access to new tech-nology, uninterrupted supply, and noprice increases. Specifically, we havecommitted to a reduction of sequenc-ing costs for our highest-throughputinstrument by more than 40% by2025.

The FTC’s action runs counter toAmerican taxpayers’ interests. Thesetypes of transactions help bring con-sumers and patients affordable inno-vations and the best care that sciencehas to offer as quickly as possible. It’sfor these reasons that we will fightfor science in the courtroom so thatwe can bring this innovation to pa-tients. If we can democratize the test,we can save more lives and save bil-lions of dollars in U.S. healthcarecosts.

In reuniting with Grail, we will es-

tablish a path for regulatory approvaland reimbursement. That path willallow all companies to move their in-novations in cancer screening for-ward, bringing them to patientssooner. We are confident we can dothis because we have done it before.We established this pattern in thenoninvasive prenatal testing market;after we entered the market in 2013,more companies entered the space,prices dropped, reimbursement ex-panded, more tests were ordered, andexpectant parents benefited.

If we are unsuccessful, the FTC’sactions will have a ripple effect acrossAmerican industry and challenge U.S.leadership around the world. Smallerentrepreneurial healthcare companieswould face more obstacles to scaletheir innovations. Large companieswould be deterred from spinning offinnovation labs, hampering America’sstanding as a global leader in health-care advancement.

Grail’s cancer test is available to-day. The acquisition will make it ac-cessible. And our track record showswe will make it more affordable. TheFTC should support our campaign tosave lives.

Mr. deSouza is CEO of Illumina.

By Francis deSouza

Illumina spun off Grail todevelop a test for 50 formsof the disease. Regulatorsseek to block our reunion.

Biden’s $6 Trillion Plan for Permanent Culture WarThere are a lot ofreasons not to likeJoe Biden’s $6 tril-lion spendingblowout: The fa-voritism for Demo-cratic special inter-ests such asteachers unions.The economy-suf-focating tax in-creases. The hubris

inherent in trying to redirect an en-tire economy toward green boondog-gles. The inflationary debt hisCovid-19 relief, infrastructure andfamilies bills will require.

Now it’s time to talk about the sin-gle worst thing Mr. Biden’s plans willdo to America. Spending on this scalewill make U.S. politics truly awful,forever.

That’s a bold claim for a countrythat has recently survived four yearsof Donald Trump’s Twitter feed, de-grading journalistic standards, bu-reaucratic subversion, and a ragtagassault on the Capitol. But it’s true.An expansion of government to thisdegree necessarily will insert Wash-ington into almost every aspect ofeconomic, social and even family life.Where government goes, politicsmust follow. The more intrusive thepublic sector, the more vicious thepolitics.

For a more obvious instance, con-template Democrats’ aspiration toendow America with 500,000 elec-tric-vehicle charging stations in the“infrastructure” bill. Whatever thisprovision will or won’t do for the en-vironment, it will elevate into a pol-icy and political matter basic ques-tions such as how far Americansshould drive, where and in whattime—all of which the country haspreviously left to individual judgmentand the market.

Similarly, Mr. Biden’s expansion ofchild-care benefits pokes a culture-war bear (to what extent should bothparents work outside the home, andwhat supports should be available forparents who choose one option orthe other?) that would best havebeen left to hibernate.

But the deeper political woundwill be inflicted as future generationsof politicians perpetually fight overthe great unanswered question in Mr.Biden’s enormous expansion of theU.S. welfare state: To whom go thespoils?

That’s the third leg of the redistri-bution stool, by which governmentsdecide which resources should betaken from which people, to be givento which recipients. “To whom?” isnever as straightforward as it ap-

pears. Superficially, Mr. Biden’s an-swer is that benefits will flow to “ourkids” and “our families.” But whocounts as “our”? Immigrants andtheir children? Members of an alleg-edly privileged racial or ethnicgroup? Setting those boundaries willbecome the country’s prime politicalpreoccupation for decades if policiesresembling Mr. Biden’s plans pass.

Americans are unaccustomed tothis sort of politics. The relativemodesty of our social spending al-lowed for narrower, and politicallyhealthier, answers to the “To whom?”question. To whom would welfarechecks go? Especially after the 1990s,only to those who had fallen on thehardest of times and only until theycould get back on their feet via work.To whom would Medicaid benefitsgo? Only to the poor. To whom wouldwe mail Social Security checks and towhom would we offer Medicare?

Only to the elderly, most of whomhad worked in their younger years.

This discussion goes very differ-ently the more expansive and expen-sive the benefits become, and thefurther they reach into the middleclass and beyond. Ask Europeans.

To whom should the scarce re-sources of Britain’s cradle-to-grave-for-everyone National Health Servicebe devoted? Only to Britons, saidmany of the voters who chose in2016 to leave the European Union. Ananimating issue in the Brexit debate

was the notion that U.K. tax moneywas being siphoned off to provide so-cial benefits, especially within thecherished NHS, to migrants fromlower-income EU countries.

To whom should Denmark’s famedwelfare state offer housing and otherfinancial assistance? Only to peoplewho are sufficiently Danish, politi-cians have determined in recentyears. To that end, mothers in somemajority-minority neighborhoods(primarily Muslims) must surrendertheir young children for compulsorypreschool, the better to learn Danishvalues, whatever those are.

It’s a discussion that has been re-peated time and again, in Germany,France, Spain, Italy and just abouteverywhere else on the Continent.It’s often driven by less-than-savorypoliticians, parties and movementssuch as the nativist Le Pen family inFrance or the Alternative for Ger-

many across the border.And Europe’s dirty secret is, you

can’t blame them. As soon as socialbenefits become conditional on andemblematic of citizenship rather thanneed, all politics becomes in oneform or another a question of defin-ing who is enough of a citizen—orwho is a good-enough citizen—tomerit society’s largess.

As complex and fierce as this ar-gument becomes in Europe’s rela-tively homogeneous societies, it willbe ruinous in America’s melting pot.A heterogeneous society can thriveso long as the dominant ethos is tostrive and contribute. It will crashand burn as soon as the ethos be-comes to take as if by one’s birth-right.

Pass the Biden plans and see whathappens as we descend into perpet-ual and bitter feuds about whose“birth” and whose “right.”

Perpetual public largesscorrupts politics, focusingit on who’s a good enoughcitizen to deserve the dole.

POLITICALECONOMICSBy Joseph C.Sternberg

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© 2021 Dow Jones & Company. All Rights Reserved. * * * * * THEWALL STREET JOURNAL. Friday, May 7, 2021 | B1

and professionalized business.Mr. Swensen and other rivals

injected a new competitivefront in the business of highereducation that went beyondvarsity sports and pursuinghigher rankings. As Yale com-peted with other endowmentsfor higher returns, it contrib-uted to the accumulation of big-

ger war chests to fund schoolbudgets and growth plans.

But the rivalry widened thechasm between haves andhave-nots in institutions ofhigher education. As the costsof higher education and stu-dent debt ballooned, massiveendowments sparked debate

PleaseturntopageB10

TECHNOLOGY: ROKU REVENUE SURGES 79% B4

S&P 4201.62 À 0.82% S&PFIN À 1.43% S&P IT À 1.01% DJTRANS À 0.54% WSJ$ IDX g 0.35% LIBOR3M 0.162 NIKKEI (Midday) 29414.00 À 0.28% Seemore atWSJ.com/Markets

BUSINESS&FINANCE

HEARD ON THESTREET

Temporary vaccinepatent waiver risksside effects. B12

BUSINESSTreadmill recall to dentPeloton’s sales and

profit for current fiscalyear. B3

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Moderna Inc.’s Covid-19vaccine lifted the biotech com-pany to its first-ever quarterlyprofit, a milestone in the riseof a company that burst intothe spotlight last year as itrapidly developed a shotagainst the coronavirus.

The vaccine brought Mod-erna revenue of $1.73 billion inthe first quarter, reflectingthree full months of its use inthe U.S. and initial interna-tional sales, the company said.

Moderna also boosted itsfull-year forecast of Covid-19vaccine sales to $19.2 billion,based on advance purchaseagreements, from $18.4 billionit previously predicted.

The forecast points to abooming market for Covid-19vaccines, as Pfizer Inc. thisweek said the Covid-19 vaccineit makes with BioNTech SEcould generate $26 billion insales this year.

Yet the prospect of a tem-porary loss of vaccine patents

PleaseturntopageB2

BY PETER LOFTUSAND MATT GROSSMAN

VaccinesCatapultModernaTo Profit

NBCUniversal has exploredputting its regional sportschannels on the streaming ser-vice Peacock or selling themoff, as the company tries to fig-ure out a future for a businessunder increasing stress, peoplefamiliar with the situation said.

Early this spring, NBCUni-versal planned to startstreaming NBC Sports Phila-delphia, which broadcasts thecity’s pro basketball, baseballand hockey games, the peoplesaid. The goal was to be upand running in time for the

BY LILLIAN RIZZO

Major League Baseball seasonthat began in April.

The plan was halted overconcerns that it would conflictwith the broader streamingstrategy of NBCUniversal, aunit of Comcast Corp., thepeople said.

NBCUniversal is still consid-ering options for streaming itssports channels on Peacock,the people familiar with thesituation said. The companyalso is exploring whether tosell off the networks and seesthe teams associated withthem as potential buyers, someof the people said. Teams oftenhold an equity stake in the net-works that air their games.

Regional sports channelswere once an engine of growthand profit for media compa-nies, because of the high feesowners were able to charge ca-

ble and satellite TV providersto distribute them. Now, thebusiness is eroding as consum-ers cancel pay-TV subscrip-tions or switch to traditionalor online packages that don’tinclude the sports networks.

In 2020, regional sportsnetworks collectively had 145.8million subscribers, down 23%from 190.2 million in 2014, ac-cording to S&P Global MarketIntelligence. The pandemicpummeled the industry. Morethan $1 billion in rebates weregiven to pay-TV subscriberswhen leagues paused theirseasons, according to S&P.

Meanwhile, some channelsare on the hook to pay billionsof dollars of media-rights feesannually, meaning they willface a financial squeeze incoming years.

Building streaming busi-

nesses has become a popularoption for traditional TV net-works. Sinclair BroadcastGroup Inc., owner of the FoxSports family of regionalsports channels—rebranded asBally Sports in a licensing dealwith casino operator Bally’sCorp.—plans to sell streamingsubscriptions for 19 of its net-works, with an aim to launchin 2022.

One major challenge for thenetworks is to build an audi-ence for their streaming appswithout jeopardizing their tra-ditional TV business. “In theshort term, does this cannibal-ize some of these other cable-TV subscriptions, which arevery profitable?” said RoseOberman, an analyst at S&PGlobal Ratings.

The economics of streamingwill be tough. In traditional

cable-TV, households pay formany channels in their bundlethat they don’t watch. In di-rect-to-consumer streaming,only the people who want towatch sign up and pay, so net-works will likely need to set amuch higher price to collectthe same revenue as they doon cable.

The sports world is movingtoward streaming, graduallybut inexorably. Amazon.comInc. will stream a package ofNational Football Leaguegames exclusively starting inthe 2022-2023 season, undera deal reached with theleague. Walt Disney Co.’sESPN has been investing in itsESPN+ service, which also will

PleaseturntopageB4

NBCUniversal Puts Sports in PlayCompany considersstreaming regionalchannels on Peacockor selling them off

David Swensen, the pio-neering Yale University en-dowment chief who changedthe course of institutional in-vesting, died Wednesday eve-ning. He was 67 years old.

His death was announcedby Peter Salovey, the presidentof Yale. Mr. Swensen had un-dergone years of treatment forcancer.

Mr. Swensen grew Yale’s en-dowment from $1 billion whenhe started in 1985 to $31.2 bil-

lion in 2020through an em-brace of a diversi-fied investmentportfolio.

He inspired ageneration of investors withhis approach and groomedprotégés who went on to runthe endowments of major uni-versities and foundations.

He helped transform thebusiness of endowment man-agement from a boring, back-water function to a prestigious

BY JULIET CHUNGAND DAWN LIM

Endowment Chief at YaleAdvocated Diverse Portfolios

INSIDE

performance,” BlackRock wrotein a bulletin about its Berkshiredecision.

The asset manager has saidit would wield votes it controlsfor investors more aggres-sively following criticism thatit defers too often to companyexecutives. In recent months, itsignaled it is more willing tosupport shareholder-led pro-posals on ESG issues.

Several large investorsbacked the demand for moredisclosures. Federated Hermes,California Public Employees’Retirement System and Caissede dépôt et placement du Qué-bec co-sponsored the proposalcalling for climate-risks re-porting. Neuberger Bermansupported that proposal andvoted against some directors,arguing Berkshire’s boardwasn’t sufficiently indepen-dent.

In addition to its votes onshareholder-led proposals,BlackRock voted against the re-election of two Berkshire direc-tors. It said Berkshire didn’t in-teract enough with institutional

PleaseturntopageB11

The world’s largest assetmanager is in disagreementwith the world’s most famousinvestor.

BlackRock Inc. voted fortwo shareholder proposalsthat would require WarrenBuffett’s Berkshire HathawayInc. to publish disclosures onhow it manages climate riskand diversity efforts across itsbusinesses. Berkshire’s twoshareholder-led proposalsdidn’t pass, but around a quar-ter of votes cast were in favorof them, Berkshire said duringits annual meeting Saturday.

BlackRock’s vote highlightsthe tension between asset man-agers calling for companies tofurther emphasize environmen-tal, social or governance issuesand executives who are push-ing back. Mr. Buffett defendedthe company’s policies.

“The company is not adapt-ing to a world where environ-mental, social, governance(ESG) considerations are be-coming much more material to

BY DAWN LIMAND GEOFFREY ROGOW

BlackRock, BuffettWrestle Over Climate

Chicken wings are flyingoff the shelves.

After a year promotingtakeout wings and crispychicken sandwiches, restau-rants including KFC, WingstopInc. and Buffalo Wild WingsInc. say they are paying steepprices for scarce poultry.Some are running out of orlimiting sales of tenders, fi-lets and wings, cutting intosome of their most reliablesales.

Independent eateries andbars have gone weeks withoutwings, owners say. Chickenbreast prices have more thandoubled since the beginningof the year, and wing priceshave hit records, according tomarket-research firm UrnerBarry.

“The overall supply is con-strained. That affects everypart of the bird,” WingstopChief Executive Charlie Morri-son said in an interview ear-lier this week. Wingstop saidit is paying 26% more forbone-in chicken wings thisyear.

Mr. Morrison said the com-pany is speaking daily tochicken suppliers that arestruggling to raise productionbecause they are having trou-ble getting enough workers.Similar constraints are weigh-ing on other companies acrossdifferent industries andaround the country.

At the start of 2021,chicken looked like a bargainfor U.S. restaurants. Closuresand dining room restrictionshad contributed to swollenstockpiles of chicken in cold-storage facilities. Bonelessskinless chicken breast, thepoultry industry’s flagshipproduct, last year averaged

around $1 a pound, accordingto Urner Barry. Now bonelesschicken breast is trading at$2.04 a pound, the firm said.Over the past decade, theprice averaged about $1.32 apound.

One reason for the higherprices is the chicken sandwichwars of recent years. Fast-food chains includingMcDonald’s Corp., PopeyesLouisiana Kitchen Inc. and

Wendy’s Co. have introducednew crispy and spicy offer-ings. More chains plan to in-troduce new chicken sand-wiches in the coming months,including a hand-breaded ver-sion that Burger King plans tosell nationally by this sum-mer.

Chris Testa, president ofUnited Natural Foods Inc.,said this week the supermar-ket distributor is seeing

chicken prices increase partlybecause of higher demandfrom restaurants. Consumerspaid about $3.29 a pound forboneless chicken breasts inMarch, up 3 cents since Janu-ary and 11% higher than ayear earlier, according to theU.S. Bureau of Labor Statis-tics.

KFC, owned by Yum BrandsInc., developed a sandwichearlier this year that is selling

more than twice as quickly inthe U.S. as an older version,the company said.

“Our main challenge hasbeen keeping up with that de-mand,” Yum CEO David Gibbssaid last week.

KFC late last month toldU.S. restaurant owners to re-move chicken tenders andNashville Hot chicken itemsfrom online menus because of

PleaseturntopageB2

BY HEATHER HADDONAND JACOB BUNGE

Chicken Shortage Raises Costs for Restaurants$3.0

0

0.5

1.0

1.5

2.0

2.5

a pound

Jan. 2020 Jan. ’21 May

Weekly prices for poultry productsChickenwing servings at U.S.fast-food restaurants*

Stock performance ofpoultry producers

Sanderson Farms

Pilgrim’s Pride

Tyson Foods

*Year ending in MarchSources: NPD Group (servings); Urner Barry (weekly poultry prices); FactSet (stock performance)

Jumbowings

Jumbobonelessskinlesschickenbreast

2021

2020

2019

750million

564

510Jan.2021

Jan. 2021

Jan. 2021

YTD vs.S&P 500s28%

YTD vs.S&P 500s22%

S&P 500

YTD vs.S&P 500s22%

OBITUARYDAVIDSWENSEN1954-2021

David F. Swensen at a forum in New York in 2012.

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Ant Group Co., which haspledged to get all its financialservices fully regulated, is ex-ploring ways to revamp a pop-ular and controversial productthat nearly 91 million Chinesecitizens count on.

Ant’s Xianghubao “mutualaid” service is a type ofcrowdfunded medical cover-age. Signing up is free, andmembers are entitled to re-ceive lump-sum cash payoutsof up to $45,000 in cases ofcertain critical illnesses orlife-threatening injuries. It wasbuilt on the premise that thereis safety in numbers: Membershave been contributing theequivalent of less than apenny toward each claim.

Ant is in talks with ChinesePleaseturntopageB2

By Keith Zhai,Jing Yangand Xie Yu

Ant TriesTo SaveHealthcareProduct

The Athletic halts mergertalks with Axios ..................... B4

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B2 | Friday, May 7, 2021 * * * * THEWALL STREET JOURNAL.

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

A

AbbVie.......................B12Ally Bridge..................B4Alphabet......................A4Alzeca Biosciences .....B4Alzheon.......................B4Amazon.com...............B1AMC Entertainment...B3American Airlines.......A3American InternationalGroup.......................B11

Anheuser-Busch InBev.....................................B3Ant...............................B1Applebee’s...................B2Archegos CapitalManagement...........B11

AstraZeneca................A2AT&T............................B4Axios ...........................B4

B

Bally's..........................B1Berkshire Hathaway...B1BioNTech.....................A7BlackRock....................B1Brinker International.....................................B2

C

Comcast.................B1,B4

D

Dolby Family Ventures.....................................B4

E

Etsy ...........................B11

F

FTI Consulting...........B10

G

GameStop..................B11Gilead Sciences.........B11Greenhill....................B10

J

Jackson-Stops............M7

K

Kellogg.......................B11KKR............................B10

L

Lazard........................B10

M

Maanshan Iron & Steel.....................................B2McDonald’s..................B1MetLife......................B11Microsoft ....................A3Moderna...............B1,B12

N

New York Times.........B4News Corp...................B4

P

Parks Associates........B4PayPal........................B12Peloton Interactive.....B3Pfizer ...................A7,B12

Pilgrim’s Pride.............B2Pinebridge Investments...................................B11PJT Partners .............B10Premiere EstateProperties ................M2

R

Roku ............................B4

S

Sanderson Farms........B2Sinclair Broadcast Group.....................................B1Sysco...........................B2

T

Teladoc Health............B3The Athletic MediaCompany...................B4

Tyson Foods................B2

U

UBS............................B11Unilever.......................A3

V

Visa............................B12

W

Walmart......................B3Walt Disney................B1Wayfair......................B12Wendy’s.......................B1

Y

Yum Brands.................B1

INDEX TO PEOPLE

BUSINESS & FINANCE

Fast-food chains including McDonald’s, Popeyes and Wendy’shave introduced new crispy and spicy chicken offerings.

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Ant has said it would apply to become a financial holding company overseen by the central bank. Ant headquarters in Hangzhou, China.

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Subscribers toAnt’smutual-aid program

Number of peoplewhoreceived payouts fromAnt’smutual-aid service, fortnightly

Source: the company

100

0

20

40

60

80

million people

’20 ’212019

5,000

0

1,000

2,000

3,000

4,000

people

’20 ’212019

tight supplies, according to acompany message. KFC’s sup-pliers aren’t always deliveringfull orders of chicken, andrestaurants are also limitingsales of the new KFC ChickenSandwich, according to peoplefamiliar with the matter. Thecompany asked owners to re-move in-store promotions forthe chain’s $30 fill-up bucket,a multipiece chicken deal thatgenerated a surge in salesduring the pandemic, the peo-ple said.

“We look forward to gettingback to business as usual, oncewe get past this period of in-dustry supply constraints,” aKFC spokeswoman said.

Chicken-wing prices havegotten a pandemic boost, too.Prices for jumbo wings haverisen to a record $2.92 apound, Urner Barry said.Chili’s owner Brinker Interna-tional Inc., Applebee’s andother sit-down chains intro-duced online-only wingbrands during the pandemic,in part because they are eas-ier to package and deliverthan other entrées. Fast-foodrestaurants’ servings of wingsgrew 33% in the 12 months

ContinuedfrompageB1

A

Aron, Adam.................B3

B

Bancel, Stéphane........B2Barrington, Marty.......B3Bolhous, Kathy .........B10Bok, Scott.................B10Bourla, Albert...........B12Brito, Carlos................B3Buffett, Warren..........B1

C

Crakes, Patrick............B4

D

Doukeris, Michel.........B3Duperreault, Brian....B11

FFoley, John..................B3

GGibbs, David................B1Gunby, Steve.............B10

JJacobs, Kenneth .......B10

KKhalaf, Michel...........B11

MMa, Jack......................B2MacLeod, Kristin.......B11Morrison, Charlie........B1

NNicola, Mary..............B11

OOberman, Rose...........B1

RRipley, Chris................B4Russo, Evan...............B10

SSabherwal, Ajay........B10Sandri, Fabio...............B2Schulman, Dan..........B12Stavros, Pete............B10

TThomson, Robert........B4Tolar, Martin...............B4

ZZaffino, Peter ...........B11

ended in March comparedwith the same year-earlier pe-riod, according to market-re-search firm NPD Group Inc.

For chicken producers, res-taurants’ growing poultry ap-petite is driving a windfalland helping offset surginggrain prices, which inflatescompanies’ cost to raisechickens. Pilgrim’s PrideCorp., the second-largest U.S.chicken company by sales,last week reported $100 mil-lion in quarterly profit, anearly 50% increase on yearand surpassing expectations.Analysts surveyed by FactSetalso anticipate strong profitsfor Tyson Foods Inc. andSanderson Farms Inc. whenthey report quarterly resultsover the next several weeks.

“Demand for wings is morethan we can currently fill,”said Mike Cockrell, chief fi-nancial officer for Sanderson,which supplies chicken tochains, including Buffalo WildWings and TGI Fridays, andfood service distributor SyscoCorp.

Chicken producers hadabout 4% more broilerchicken eggs in incubation fa-cilities on April 1 versus ayear earlier, according to U.S.Department of Agriculturedata, though total chickshatched over the first threemonths of the year trailed2020’s first-quarter total.Commercial chicken breedsare raised for about sevenweeks before they are slaugh-tered.

Pilgrim’s CEO Fabio Sandrisaid last week staffing short-ages have affected whichproducts Pilgrim’s plants canproduce. Pilgrim’s expectschicken’s strong run to con-tinue, he said. “Grilling sea-son is just around the corner,when chicken demand is sea-sonally the strongest histori-cally.”

EateriesNeed MoreChicken

33%The 12-month rise in fast-foodrestaurants’ servings of wings.

plex and there is no idle man-ufacturing capacity for mRNAvaccines or untapped pool ofskilled employees.

“We believe this will nothelp supply more mRNA vac-cines to the world any fasterin 2021 and 2022,” Mr. Bancelsaid. The best way to end thepandemic, he added, is whatModerna is currently doing,maximizing its supply thisyear and adding capacity toboost supplies next year.

Moderna, based in Cam-bridge, Mass., recognized 102million doses as revenue in thequarter and said it expects todeliver 200 million to 250 mil-lion doses in the April-to-Juneperiod.

Vaccine sales were by farthe largest contributor toModerna’s total revenue, whichrose to $1.94 billion, from $8million a year earlier. Totalrevenue also includes grantand collaboration revenue.

The company logged aprofit of $1.22 billion, or $2.84

a share, compared with a lossof $124 million, or 35 cents ashare, in 2020’s first quarter.

Moderna reported a rela-tively high profit margin forthe first quarter—net incomewas 63% of revenue—partly be-cause the company had builtup an inventory of vaccinedoses and previously expensedthem as research costs beforethe vaccine was authorized inDecember, it said. Workingthrough that inventory duringthe first quarter limited thecost of goods sold to about 10%of total sales for the quarter.

A more normal rate of costof goods sold going forwardwill be about 20%, whichwould cut margins from first-quarter levels, said SVBLeerink analyst Mani Foroohar.

Moderna’s work onCovid-19 vaccines has trans-formed the company in thespace of a year. As of the endof March, its workforce hadgrown to about 1,500 people,from about 830 people a year

earlier. Quarterly research-and-development expensesmore than tripled to $401 mil-lion, from $115 million a yearearlier, as clinical developmentand new hiring related to thevaccine raised costs.

Of the roughly 250 millionCovid-19 vaccine doses given inthe U.S. so far, more than 108million have been Modernashots, according to data fromthe Centers for Disease Controland Prevention. Most of therest were shots from Pfizer Inc.and its partner BioNTech.

Both those vaccines—thefirst two to receive emergency-use authorizations from theFood and Drug Administrationlast year—make use of geneticmaterial called messenger RNAto prime the body’s immunesystem to fight SARS-CoV-2,the virus that causes Covid-19.Moderna, which went public in2018, had been a champion ofthe technique’s potential, butthe technology hadn’t been ap-plied at a large scale before.

The company expects to deliver up to 250 million Covid-19 vaccine doses in the April-to-June period.

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clouded the bright perfor-mance and outlook.

The Biden administrationsaid Wednesday it would sup-port a temporary waiver ofCovid-19 vaccine intellectual-property protections, to allowdeveloping nations to producedrugmakers’ vaccines. If theWorld Trade Organizationwaives the protections, com-panies or organizations asidefrom Moderna and otherCovid-19 vaccine makerscould make shots using publicpatents without risk of legalchallenges.

Investors’ concerns that thepatent waiver could limit vac-cine sales for drugmakers havecontributed to share-price de-clines for Pfizer, Moderna andother Covid-19 vaccine devel-opers.

Moderna shares finisheddown 1.4% on Thursday after a6% drop on Wednesday.

Moderna Chief ExecutiveStéphane Bancel told analystsand investors a temporarywaiver wouldn’t affect thecompany. “It doesn’t changeanything for Moderna. We hadsaid last October we would notenforce our Covid-19-relatedpatents during the pandemic,”he said.

Mr. Bancel also said a pat-ent waiver wouldn’t addresssupply challenges quickly, par-ticularly for vaccines likeModerna’s that use a newertechnology, messenger RNA.He said the technology is com-

ContinuedfrompageB1

ModernaReports ItsFirst Profit

ghubao, originally called “mu-tual insurance,” was launchedwithin the app in the fall of2018 as an insurance product.Regulators quickly told Antand its insurance-companypartner that it didn’t complywith regulations.

Ant’s workaround was torelaunch the product as a mu-tual-aid service, slightly re-named—replacing the Chinesecharacter for “insurance” witha homophone that means“treasure.” Within months, ithad tens of millions of sub-scribers. Xianghubao fell intoa regulatory gray area, partlybecause Chinese regulatorsweren’t particularly eager tooversee it, people familiarwith the matter said.

The company saw the ser-vice as a way to deepen Ali-pay’s penetration among de-mographics dominated byrival WeChat Pay, such as peo-ple living in less affluent partsof China, the elderly and theless educated. Ant also be-lieved it would increase insur-ance awareness among thegeneral public, benefiting Ali-pay’s insurance business,

which mainly sells policiesfrom other insurance compa-nies, people familiar with thematter said.

After Beijing scuttled Ant’sIPO, the central bank orderedAnt to return to its origins asa payments company and stopits “regulatory arbitrage.” Antrecently said it would apply tobecome a financial-holdingcompany overseen by the cen-tral bank, with all its financialactivities fully regulated.

Over the past year, China’sbanking and insurance regula-tor has flagged the financialand social risks proliferatingmutual-aid services createdfor users and the providers ofthe service. Several internettechnology companies recentlyexited the mutual-aid busi-ness. A former executive whoran Ant’s insurance business,which included Xianghubao,left the company in January.

Millions of users have al-ready contributed substantialfunds to other users, and ex-pect similar compensation ifthey suffer a covered condi-tion. If Ant doesn’t live up tothat promise or forces Xian-

ghubao’s members to pay a lotof money to ensure future cov-erage, that could spark com-plaints and social instability.

According to Ant, 116,950members of its mutual-aid ser-vice have received a total of$2.6 billion in the past two-plus years.

If Ant were to collaboratewith a licensed insurer, thatcould be similar to a pathtaken by a company called Wa-terdrop, which recently endeda mutual-aid service after fiveyears. It arranged for formersubscribers to have a year offree critical-illness coveragefrom a commercial insurer. Toretain coverage after that, theywould have to pay premiums.

Some Chinese insurers havebeen rolling out more afford-able health-insurance prod-ucts, under the guidance of lo-cal governments, seeking toimprove and complementChina’s public health-insur-ance system. In April, theShanghai government intro-duced a policy jointly under-written by nine insurers. Foran annual premium of just 115yuan, the equivalent of $17.80,the one-year policy providesup to 2.3 million yuan, theequivalent of $355,000, for anumber of critical illnesses.The policy can be purchasedvia Alipay.

Ant, for its part, had to ex-pend resources verifying nu-merous claims before makingpayouts and billing Alipay us-ers for them. In the past twomonths, claims were beingfiled at a rate of more than4,000 every two weeks, ac-cording to Ant’s data.

Some Xianghubao userscomplained on Chinese socialmedia that they have waitedmonths for Ant to check theirclaims before making payoutsto them.

authorities about turning Xi-anghubao (“mutual treasure”)into a regulated business, ac-cording to people familiarwith the matter. Shutting itdown isn’t an option, the peo-ple said, because regulatorsworry that would spark socialunrest among the many ordi-nary citizens who rely on theservice—and have alreadyfunded others’ payouts.

Xianghubao is likely to beturned into a commercialproduct that falls under thepurview of the country’s bank-ing and insurance regulator,the people said. Ant is consid-ering working with a licensedinsurance company to convertthe service into a regulated in-surance plan, according to oneof the people familiar with thetalks.

The discussions continueand no decision has beenmade, the people added.

Ant used to aggressivelymarket Xianghubao, which hasyet to turn a profit. At its peaklast year users numbered closeto 106 million, but the figurehas declined steadily since thegovernment called off Ant’sinitial public offering in No-vember—raising concerns thata smaller number of peoplecould be left to fund payoutsto others.

Ant, controlled by billion-aire Jack Ma, operates Alipay,a mobile-payments and life-style app with more than onebillion users in China. Xian-

ContinuedfrompageB1

Ant GroupTo RevampHealth Plan

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covery is right around the cor-ner,” said Mr. Aron.

U.S. theater chains able tosurvive the pandemic recentlysaw signs of a recovery. Theperformance of “Godzilla vs.Kong”—distributed simultane-ously in theaters and online by

BY SHARON TERLEP

to return to public spaces.“Vaccination is our way out ofall of this,” he said.

The CEO expressed opti-mism for the future. “It’s beena wild ride and that wild rideis going to continue but weare very much hopeful that re-

ited capacity in early March,but their capacity is limited.By July 1, they can fully reopenin the city. California is aimingto fully reopen in mid-June.

Mr. Aron praised the U.S.’svaccine rollout and its role ingiving consumers confidence

a new business selling cloudcomputing to customers asAmazon Web Services, bothAmazon and Walmart are tak-ing what they learn paying forthe healthcare of their giantworkforces to offer expansiveservices to their customers,helping them move into thegrowing U.S. healthcare mar-ket.

Many of the world’s biggestcompanies continue to have aninterest in transforminghealthcare and reducing costs.

Amazon initially sought to doso through a venture calledHaven that it operated withBerkshire Hathaway Inc. andJPMorgan Chase & Co. It wasset up in 2018, and it endedoperations in February afterfailing to make progress onvarious pilot projects inhealthcare. The company hasalso expanded its pharmacyofferings.

The telehealth sector is be-coming increasingly competi-tive as giants like Walmartand Amazon jump in. Shares

of the long-time sector leaderTeladoc Health Inc. dropped3% in after-hours trading fol-lowing the deal’s announce-ment.

The heightened competitionhas led to a wave of consolida-tion among telehealth provid-ers in recent months. Othersthat have merged or been ac-quired include Doctor on De-mand, MDLive, and PlushCare

Other retailers are trying toexpand further into health-care. Walgreens Boots AllianceInc. and rival CVS Health Corp.are competing to becometreatment centers for patientswith costly conditions. Bothhave expanded their telehealthofferings during the pandemic,and last year Walgreens said itwould attach doctors’ officesto hundreds of drugstores.

Two years ago, Walmartstarted opening a handful ofclinics in stores, with doctorsand dentists offering flat-feeprimary care, such as $25 den-tal X-rays and $40 office visits.

Walmart can build itshealthcare businesses by ca-tering to consumers who cravelower prices and more trans-parency in healthcare costs,according to some of the peo-ple familiar with the situation,using its approximately 4,700stores as a base.

—Kimberly Chinand Sharon Terlep

contributed to this article.

Walmart Inc. said Thursdayit purchased telehealth pro-vider MeMD and plans to offernationwide virtual healthcareservices, another sign of theretail behemoth’s healthcareambitions.

The acquisition will allowWalmart to expand its Wal-mart Health service aroundthe country, the company said.The retail giant didn’t disclosethe financial details of thetransaction.

The strategy comes in re-sponse to Amazon.com Inc.’sbusiness model, according topeople familiar with the situa-tion. Amazon relies on profitsfrom its cloud computing andadvertising businesses to fendoff competitors online withfast, but often less profitable,home delivery of millions ofproducts.

The MeMD deal opens an-other front in which Walmartand Amazon will compete, asAmazon recently announcedplans to provide its telehealthservice, Amazon Care, to itsnearly 1 million U.S. employeesby summer. Amazon Care,which now serves companyworkers in Washington state,will also be offered to otheremployers.

Just as Amazon leveragedits own data centers to create

BY SARAH NASSAUERAND ROLFE WINKLER

Walmart Buys Health ProviderMeMD in Push Into Virtual Care

It is a response torival retailerAmazon’s own plansto offer telehealth.

AT&T Inc.’s WarnerMedia—was especially promising asthe film grossed more than$90 million domestically inabout a month.

The movie’s box-office reve-nues suggest pent-up con-sumer demand and peoplewilling to head to cinemas forthe big-screen experience.

The summer release sched-ule is full of potential block-busters which could lift theat-rical revenues further likeWalt Disney Co.’s Marvelspinoff “Black Widow” and theaction-movie “F9,” which willbe distributed by ComcastCorp.’s Universal Pictures.

AMC reported a loss attrib-utable to the company of$566.9 million, compared witha loss of $2.18 billion a yearearlier. It posted a per-shareloss of $1.42, compared with$20.88 a share a year earlier.Its revenue for the quarter fell84% to $148.3 million.

The first-quarter resultscome after a devastating 2020where the chain’s financialswere slammed by the pandemic.Last year, revenue fell 77% andthe company reported a $4.59billion loss. It nearly filed forchapter 11 bankruptcy protec-tion. AMC shares fell 17 cents,or 1.9%, to $9 on Thursday,

Moviegoers are returning toAMC Entertainment HoldingsInc.’s theaters, and its chief ex-ecutive says the country’s larg-est theater chain grew marketshare during the pandemic.

“Our market share in theUnited States has soared, in-creasing by about 25% com-pared to pre-pandemic levels,”AMC CEO Adam Aron saidThursday during a call withanalysts after the companyposted its first-quarter results.“We’ve taken share from thosewho stayed closed or thosewho have gone bankrupt.”

AMC says by the end ofApril, most of its nearly 600U.S. locations were in opera-tion. About 110 of its some 350international locations were inoperation. The company re-ported 6.8 million attendeesfor the quarter, 6.2 million ofwhom were in U.S. markets.

About 61% of North Ameri-can theaters reopened, accord-ing to media measurementcompany Comscore, suggest-ing many locations in the U.S.may have closed permanentlyas a result of the pandemic.

In New York City, theaterswere allowed to reopen at lim-

BY ALLISON PRANGAND R.T. WATSON

AMC Says Moviegoers Are Returning to Theaters

AMC says that as of the end of last month, it was operating most of its nearly 600 U.S. locations.

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SPeloton Interactive Inc.

said a recall of its treadmillswill dent revenue and profits,as the company grapples withreturns and halted sales whileit tries to fix the design of themachines.

The connected-fitness com-pany on Thursday predictedrecalling and halting sales ontwo lines of treadmills willcost $165 million in the cur-rent quarter and loweredsales and profit forecasts forthe fiscal year ending June30. Executives said it isn’tclear when the treadmills willreturn to the market.

In aftermarket tradingThursday, Peloton shares rose$4.72, or 5.6%, to $88.50.

Peloton’s lowered expecta-tions come after a year inwhich the company continu-ally raised its forecasts as thepandemic fueled astronomicalgrowth.

“We’re going to take someshort-term financial pain tobe able to invest in buildingsomething that will last fordecades,” Peloton Chief Exec-

BUSINESS NEWS

utive John Foley said on a callwith analysts on Thursday.

Federal safety regulatorslast month said Peloton’sTread+ is unsafe in homeswith children and pets andurged a recall of the machine.The company initially re-buffed the request from theU.S. Consumer Product SafetyCommission, arguing that themachine is no more dangerousthan other treadmills, beforeagreeing to the recall thisweek.

A smaller treadmill thathas yet to go on sale to theU.S. public is being recalleddue to issues with its console.

Peloton is primarily knownfor its stationary bikes andconnected-fitness classes,though treadmills are a signif-icant contributor to the com-pany’s profit. The Tread+costs $4,300.

The recall will cost Pelotonlost sales as well as lost reve-nue from subscription fees forclasses, which the companyoffered to waive for threemonths for Tread+ owners. Italso faces the expense of re-turns and, for owners who re-quest it, relocating machinesto kid-safe rooms.

The CPSC said the factsthat the Tread+ features abelt made of individual slatsrather than a continuousband, that it sits higher than

a typical treadmill and lacks arear guard appear to make themachines riskier than an aver-age treadmill.

Treadmills account forabout 12% of the company’sequipment revenue going backto 2018, when the machinesfirst went on sale, BMO ana-lyst Simeon Siegel said in aresearch note.

That figure doesn’t includesubscriptions to interactiveclasses, which represent about20% of Peloton’s overall sales.

On Thursday, Peloton saidsales more than doubled inthe most recent quarter aswait times for some of thecompany’s connected-exercisebikes returned to pre-pan-demic levels.

The company this yearstarted shipping exerciseequipment by air and delayedthe launch of a much-antici-pated new treadmill as itsought to remedy extreme de-livery delays.

Revenue for the quarterrose 141% from a year ago to$1.26 billion as demand forremote workout classes andat-home fitness gear contin-ues to surge during the pan-demic.

Peloton reported a loss of$8.6 million following threeconsecutive quarters of profit.A year earlier, it reported aloss of $55.6 million.

Peloton Recall to HurtRevenue, EarningsCompany lowersprofit, sales forecastsfor fiscal year endingon June 30

Budweiser brewer An-heuser-Busch InBev SA ap-pointed the head of its NorthAmerican business as its newchief executive, tapping a com-pany veteran to reinvigoratesales growth and lead it out ofthe pandemic.

The beer company saidMichel Doukeris would takethe helm July 1, replacinglongtime CEO Carlos Brito,who built the company intothe world’s largest brewerduring his more than 15 yearsin the job.

AB InBev sells more than aquarter of the world’s beer.

However, that businessmodel is now being challengedas consumers in the U.S. andelsewhere switch from main-stream lagers to craft beers,wine and spirits. AB InBev isalso contending with uncer-tainty from the pandemic anda huge debt pile from its $100billion-plus acquisition of rivalSABMiller in 2016.

AB InBev Chairman MartyBarrington said Mr. Doukeris’srecord in innovation, con-sumer insights and brandbuilding in various marketsmade him the right man forthe job.

Mr. Doukeris joined thecompany in 1996 and ran itssoft-drinks business in LatinAmerica before heading up itsAsia-Pacific operations. The48-year-old Brazilian was ABInBev’s chief sales officer be-fore taking over in 2018 as theCEO of its U.S. subsidiary, An-heuser-Busch.

In the U.S., Mr. Doukerishas shifted the brewer’s drinksportfolio toward premium of-ferings and expanded intohard seltzers, essentially fla-vored alcoholic sparkling wa-ter. Sales growth in seltzersand in Michelob Ultra, ahigher-priced, low-caloriebeer, have partly offset ayearslong slump in sales ofBudweiser and Bud Light andcontributed to global profits.

On Thursday, AB InBev re-ported first-quarter profit andsales that beat market expecta-tions, sending its shares up6.2%. First-quarter revenue rose17% to $12.29 billion, while netprofit was $595 million, com-pared with a loss of $2.25 bil-lion in the same period lastyear. A year on from the firstCovid-19-related lockdowns,revenue rose 5% in North Amer-ica, almost 62% in Asia-Pacificand 29% in South America.

U.S. sales to bars and restau-rants have recovered to around80% of pre-pandemic levels de-spite some restrictions still inplace, Mr. Brito said.

BY NICK KOSTOVAND JENNIFER MALONEY

AB InBevPromotesU.S. HeadTo CEO

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Sources: FactSet (share-price and index performance); S&P Capital IQ (net income); the company (revenue, subscriptions, workouts)Note: Fiscal year ends June 30

FINANCIALS

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Subscriptions Averagemonthly workouts Quarterly workouts

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Share-price andindex performancesince end of 2019

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Peloton

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$1.25

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$1.26B

149.5M2.1M

26.0

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One issue for executives atthe company was pricing, peo-ple familiar with the situationsaid. Peacock subscribers inPhiladelphia would have topay more for the service thanPeacock subscribers in mar-kets without a regional sportsnetwork, a situation the exec-utives feared would confusethe service’s marketing, thepeople said.

For NBCUniversal, sellingthe networks to teams hasproven challenging becauseteams haven’t emerged as se-rious bidders in recent auc-tions of sports networks.

Sinclair, the largest ownerof regional sports networks inthe U.S., is working on offer-ing two streaming tiers, onewithout games but with con-tent associated with the teamsand another at a higher pricethat would show live games,Chief Executive Chris Ripleysaid in an interview.

“Look at how much fandomis outside of the pay-TV bun-

TV providers in a given region,the channels would be added toPeacock, a streaming servicethat carries an array of the com-pany’s TV shows and movies.

Philadelphia was a naturalchoice for the test market be-cause Comcast is based there.NBC Sports Philadelphia isprofitable, but it may not beas early as next year and haslong-term media-rights dealsthat will require it to pay bil-lions of dollars in the comingyears, a person familiar withits finances said.

NBCUniversal, which oper-ates seven regional sports net-works, doesn’t break out fi-nancial results for them.

If the plan had moved for-ward, fans in the Philadelphiamarket would be able tostream the local teams’ games.To offer the games to fansoutside Philadelphia, NBCUni-versal would need permissionfrom leagues, which have theirown apps offering such “out ofmarket” viewing.

TECHNOLOGY WSJ.com/Tech

Roku’s shares rose 8.5% to$308.607.59 in after-hourstrading, helping reverse a 6.6%drop in regular market hours.The stock, which closed at$284.18 on Thursday, has risen123% in the past 12 months.

The streaming-media hubrecorded a first-quarter profitof $76.3 million, or 54 cents ashare, compared with a loss of$54.6 million, or 45 cents ashare, in the year-earlier pe-riod. Analysts were projectinga per-share loss of 13 cents.

Roku’s player unit had 53.6million active accounts at theend of the quarter. Those ac-counts streamed a total of 18.3billion hours in the quarter, anincrease of 49% over the previ-ous year. Average revenue peruser was $32.14, a 32% in-crease from last year.

After a year in which the

pandemic has boosted Roku’sviewership and sales but com-plicated its supply chain, thecompany predicted volatileyear-over-year comparisons,which its chief financial officerSteve Louden said would be ex-acerbated by decreased avail-ability of its players and antici-pated cost increases associatedwith global logistics issues.

Roku has capitalized on itsstreaming-device dominanceby becoming one of thestreaming era’s staunchestgatekeepers, and spats withstreaming services and live-TVinternet bundles echo the car-riage disputes between cablecarriers and their channels.Roku removed the YouTube TVapp from its channel store lastweek over the way search re-sults are displayed on the Rokuplatform.

add a few NFL games andstream some National HockeyLeague games.

Regional sports channelsare under more pressure toadapt, because they have beenhit harder by cord-cuttingthan bigger cable channels andface high costs. Collectively,regional sports channelsspend more than $4 billionyearly on sports rights fees,according to consulting firmOctagon Sports and Entertain-ment Network.

Under the plan NBCUniversalwas developing for its localsports channels, in addition tohaving them available on pay-

ContinuedfrompageB1

NetworkRevisitsSports TV

reduced during the pandemic,with many of the Athletic’s lo-cal beat reporters suspendingtravel.

The Wall Street Journal re-ported in March that the Ath-letic was in merger talks withAxios. The companies jointlyexplored a tie-up that couldinvolve a deal with a special-purpose acquisition com-pany—also known as a blank-check company—but thosediscussions haven’t moved for-ward, people familiar with thesituation said.

The Athletic doesn’t dis-close detailed financial results,including whether it is profit-able. The company generatedabout $80 million in revenuein 2020, according to a personfamiliar with the matter. Itraised $55 million in January2020 and has significant ex-penses, according to people fa-miliar with the matter, includ-ing more than 600 employees,many of them top-tier report-ers recruited from other newsorganizations.

Operational costs have been

let has recruited beat report-ers and columnists in localmarkets, often by offering bigpay increases to attract themfrom traditional news organi-zations.

The company competesagainst a host of sites thatmostly offer free sports con-tent, including the Ringer,Bleacher Report, Yahoo Sportsand ESPN.com. The Athleticwas valued at $475 million inits last funding round, an-nounced in January 2020, ac-cording to PitchBook.

scription-oriented business.The Athletic views the New

York Times Co. as a leadingcontender for a merger tie-up,the people said. Such a dealwould bring the Athletic’smore than one million payingsubscribers to the Times,which has seen digital-newssubscriptions slow since for-mer President Donald Trumpleft office.

The Athletic charges $7.99 amonth for sports content, in-cluding coverage of teams inall the major sports. The out-

Sports-media outlet theAthletic is no longer in mergertalks with news publisher Ax-ios, people familiar with thesituation said, but the com-pany is continuing to pursue adeal that could expand its sub-

BY BENJAMIN MULLIN

The Athletic Pivots on Tie-UpSports-media platformdone with Axios talks,sees New York Timesas possible partner

Philadelphia was a choice for a test market to stream sporting events, but the plan was halted. A game between the 76ers and the Atlanta Hawks in the city last week.

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works. The company’s debt-holders began to consider arestructuring of its hefty debtload, given the pressure, TheWall Street Journal previouslyreported.

The Sinclair channels re-main profitable, but analystssay it is only a matter of timebefore they start losingmoney. The company last yearwrote down $4.2 billion on thesports networks.

Sinclair’s goal is to makeregional channels’ existingBally Sports streaming apps—which can be accessed by peo-ple with a pay-TV subscrip-tion—available to cord-cutters,Mr. Ripley said.

Sinclair’s Mr. Ripley saidthe goal isn’t to upend thepay-TV model, but comple-ment it and reach cord-cut-ters. “I don’t see this systemwith the pay-TV distributorscollapsing, I see it evolvingand the structure changing,”said Patrick Crakes, a sportsmedia consultant.

dle—it’s quite significant andit’s been growing faster overthe last couple of years,” Mr.Ripley said. “We think there’smillions and millions ofsubscribers just for our ser-vice alone.” Sinclair’s sportsnetworks had 52 million sub-scribers in late 2020.

Pricing has yet to be de-cided for Sinclair’s regionalsports networks, but analystsand industry experts estimatean individual channel with livegames could cost $30 or morea month.

Sinclair placed a big bet onregional sports channels in2019 when it acquired a groupof Fox-branded networks fromWalt Disney in a deal valued at$10.6 billion including roughly$8 billion in debt.

At the time of the acquisi-tion, Sinclair didn’t signalplans to get into streaming,instead focusing on the poten-tial of the traditional TV busi-ness. But Covid-19 acceleratedthe deterioration of the net-

Roku Inc. reported first-quarter revenue surged nearly79% as the streaming-mediaservice continued to get aboost from homebound cus-tomers consuming more con-tent during the Covid-19 pan-demic.

Streaming-video entertain-ment has boomed in the pastyear as consumers have di-verted more time and moneyto platforms such as Roku. It isthe leading streaming-videoplayer, with about 38% of theU.S. market, according to re-search firm Parks Associates.

The company’s revenuerose to $574.2 million for theMarch quarter, up from $320.8million a year earlier andbeating analysts’ estimates of$491.6 million, according toFactSet. Revenue at Roku’splatform business, which in-cludes ad sales, doubled to$466.5 million.

For the current quarter,Roku targeted revenue of $610million to $620 million, aboveanalysts’ current $550 millionprojection. The companywarned that supply chain is-sues are pushing up prices forcomponent parts, meaningthat Roku will likely losemoney on units sold in itsplayer division for the secondquarter, it said. Player grossmargins are expected to growincreasingly negative as theyear progresses.

BY KIMBERLY CHINAND PATIENCE HAGGIN

Roku Rides At-Home StreamingBoomWith 79% Revenue Surge

The company leads in streaming with 38% of the U.S. market.

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News Corp reported 3% rev-enue growth for the quarterthat ended in March, driven bypositive foreign-exchange fluc-tuations plus solid growth atthe company’s digital real es-tate, book-publishing and DowJones units.

The New York-based mediacompany, whose holdings in-clude The Wall Street Journaland HarperCollins Publishers,swung to a profit of $79 mil-lion, or 13 cents a share, com-pared with a loss of $730 mil-lion, or $1.24 per share, in theyear-earlier quarter, when thecompany took a big noncashimpairment charge.

News Corp’s total revenuerose to $2.34 billion, up from$2.27 billion a year earlier.Growth was partially offset byweakness in print advertisingand the loss of contributionsfrom the coupon-publishingunit the company sold lastyear.

The company posted a 23%increase in earnings before in-terest, taxes, depreciation andamortization, reflecting im-proved profitability at severalunits.

“The results vindicate thestrategy of simplifying the as-set mix, vigorously pursuingdigitization, slimming the costbase and investing in threegrowth areas—digital real-es-tate services, Dow Jones andbook publishing,” News CorpChief Executive Robert Thom-son said on a call with analysts.

Dow Jones, the publisher ofthe Journal, Barron’s and Mar-ketWatch, reported a 61% risein segment earnings to $82million, thanks to growth in cir-culation and subscription reve-nues. Revenue rose 6% to $421million.

The Journal averaged 2.63million digital subscribers inthe quarter, up roughly 170,000from over 2.46 million in theDecember quarter.

Including the print edition,the Journal averaged 3.38 mil-lion subscribers for the period.Across the entire unit, DowJones reached an average 4.27million subscribers in the quar-ter when including readers ofBarron’s, MarketWatch and Fi-nancial News.

Dow Jones reported a 30%rise in digital-advertising reve-nue, which the company saidmarked the fastest year-over-year growth in a decade. Thatwas partially offset by a 25% de-cline in print-advertising revenue.

On Wednesday, News Corpannounced it had completed atransaction to acquire Inves-tor’s Business Daily.

BY LUKAS I. ALPERT

News CorpSwung toQuarterlyProfit

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B6 | Friday, May 7, 2021 THEWALL STREET JOURNAL.

Get real-time U.S. stock quotes and track most-active stocks, newhighs/lows and mutual funds. Available free at WSJMarkets.com

ConsumerRates andReturns to InvestorU.S. consumer ratesA consumer rate against itsbenchmark over the past year

3.00

3.30

3.60

3.90

4.20%

M2020

J J A S O N D J2021

F M A M

tNew car loan

tPrime rate

Selected ratesNewcar loan

Bankrate.comavg†: 4.05%First CommandBank 2.75%FortWorth, TX 888-763-7600

First SavingsBankofHegewisch 2.75%Chicago, IL 773-646-4200

CambridgeSavingsBank 3.24%Cambridge,MA 888-418-5626

PNCBank 3.37%Washington, DC 888-PNC-BANK

FrostBank 3.74%Houston, TX 800-513-7678

Yield/Rate (%) 52-WeekRange (%) 3-yr chgInterest rate Last (l)Week ago Low 0 2 4 6 8 High (pct pts)

Federal-funds rate target 0.00-0.25 0.00-0.25 0.00 l 0.25 -1.50Prime rate* 3.25 3.25 3.25 l 3.25 -1.50Libor, 3-month 0.16 0.18 0.16 l 0.43 -2.21Moneymarket, annual yield 0.08 0.08 0.08 l 0.31 -0.37Five-year CD, annual yield 0.47 0.47 0.44 l 0.84 -1.2130-yearmortgage, fixed† 3.10 3.14 2.83 l 3.60 -1.4415-yearmortgage, fixed† 2.38 2.43 2.32 l 3.09 -1.62Jumbomortgages, $548,250-plus† 3.12 3.16 2.85 l 3.70 -1.69Five-year adjmortgage (ARM)† 3.18 3.18 2.85 l 3.32 -1.38New-car loan, 48-month 4.05 4.05 4.02 l 4.44 -0.19Bankrate.com rates based on survey of over 4,800 online banks. *Base rate posted by 70% of the nation's largestbanks.† Excludes closing costs.

Sources: FactSet; Dow JonesMarket Data; Bankrate.com

BenchmarkYieldsandRatesTreasury yield curveYield to maturity of current bills,notes and bonds

0.00

0.50

1.00

1.50

2.00

2.50%

1

month(s)3 6 1

years2 3 5 7 10 20 30

maturity

tTradeweb ICEThursday Close

t

One year ago

Forex RaceYen, euro vs. dollar; dollar vs.major U.S. trading partners

–16

–8

0

8

16%

2020 2021

Euro

s

Yen

s

WSJ Dollar Indexs

Sources: Tradeweb ICEU.S. Treasury Close; Tullett Prebon; DowJonesMarketData

International Stock IndexesLatest YTD

Region/Country Index Close Net chg % chg % chg

World MSCIACWI 704.14 4.51 0.65 9.0MSCIACWI ex-USA 347.71 2.14 0.62 6.5MSCIWorld 2952.03 19.19 0.65 9.7MSCIEmergingMarkets 1340.80 7.75 0.58 3.8

Americas MSCIACAmericas 1626.57 10.95 0.68 10.8Canada S&P/TSXComp 19290.98 –19.76 –0.10 10.7LatinAmer. MSCIEMLatinAmerica 2458.75 53.68 2.23 0.3Brazil SaoPauloBovespa 119920.61 356.17 0.30 0.8Chile Santiago IPSA 3135.94 –49.79 –1.56 9.7Mexico S&P/BMV IPC 48934.91 535.11 1.11 11.0

EMEA StoxxEurope600 441.02 –0.53 –0.12 10.5Eurozone EuroStoxx 443.16 –0.23 –0.05 11.5Belgium Bel-20 4017.58 3.23 0.08 10.9Denmark OMXCopenhagen20 1531.70 –18.09 –1.17 4.5France CAC40 6357.09 17.62 0.28 14.5Germany DAX 15196.74 25.96 0.17 10.8Israel TelAviv 1648.70 –2.00 –0.12 10.0Italy FTSEMIB 24495.07 31.18 0.13 10.2Netherlands AEX 712.46 –1.68 –0.24 14.1Russia RTS Index 1550.64 14.97 0.97 11.8SouthAfrica FTSE/JSEAll-Share 67608.89 262.70 0.39 13.8Spain IBEX35 8982.20 14.40 0.16 11.3Sweden OMXStockholm 901.62 –5.85 –0.64 17.3Switzerland SwissMarket 11111.10 2.22 0.02 3.8Turkey BIST 100 1427.73 7.73 0.54 –3.3U.K. FTSE 100 7076.17 36.87 0.52 9.5U.K. FTSE250 22491.36 105.46 0.47 9.8

Asia-Pacific MSCIACAsiaPacific 206.47 1.59 0.77 3.3Australia S&P/ASX200 7061.70 –34.12 –0.48 7.2China Shanghai Composite 3441.28 –5.57 –0.16 –0.9HongKong HangSeng 28637.46 219.48 0.77 5.2India S&PBSESensex 48949.76 272.21 0.56 2.5Japan Nikkei StockAvg 29331.37 518.74 1.80 6.9Singapore Straits Times 3173.00 19.41 0.62 11.6SouthKorea Kospi 3178.74 31.37 1.00 10.6Taiwan TAIEX 16994.36 150.92 0.90 15.4Thailand SET 1571.91 22.69 1.46 8.5Sources: FactSet; DowJonesMarketData

MajorU.S. Stock-Market IndexesLatest 52-Week % chg

High Low Close Net chg % chg High Low %chg YTD 3-yr. ann.

DowJones

Industrial Average 34561.29 34185.06 34548.53 318.19 0.93 34548.53 23247.97 44.7 12.9 12.5TransportationAvg 15729.02 15526.48 15724.41 84.67 0.54 15724.41 7761.00 95.3 25.7 14.9UtilityAverage 909.85 899.24 908.82 6.52 0.72 933.37 744.49 20.9 5.1 8.9Total StockMarket 43670.48 43104.60 43663.41 245.85 0.57 44054.28 28441.92 49.9 11.3 16.5Barron's 400 1008.01 995.29 1007.95 3.13 0.31 1011.29 583.52 66.7 18.3 12.2

NasdaqStockMarketNasdaqComposite 13635.73 13439.39 13632.84 50.42 0.37 14138.78 8863.17 51.8 5.8 23.7Nasdaq-100 13617.34 13403.46 13613.73 110.36 0.82 14041.91 9000.08 49.6 5.6 26.2

S&P500 Index 4202.70 4147.33 4201.62 34.03 0.82 4211.47 2820.00 45.8 11.9 16.4MidCap400 2739.99 2700.20 2739.43 12.76 0.47 2762.36 1550.70 69.1 18.8 13.0SmallCap600 1361.98 1337.57 1361.61 7.80 0.58 1397.66 700.59 83.9 21.7 12.4

Other IndexesRussell 2000 2242.03 2205.59 2241.42 0.06 0.002 2360.17 1233.25 74.7 13.5 12.7NYSEComposite 16462.44 16275.16 16459.60 111.19 0.68 16459.60 10829.44 48.0 13.3 9.6Value Line 666.20 657.36 666.14 1.98 0.30 669.66 381.09 66.9 17.1 6.5NYSEArcaBiotech 5479.17 5389.37 5477.87 9.02 0.16 6319.77 5128.49 3.1 -4.6 6.9NYSEArcaPharma 717.11 709.10 716.93 0.01 0.001 725.03 613.07 12.7 4.0 11.4KBWBank 132.23 129.79 132.17 1.51 1.15 132.17 62.74 91.1 35.0 7.5PHLX§Gold/Silver 155.02 149.73 153.81 5.72 3.86 161.14 112.57 25.8 6.7 23.1PHLX§Oil Service 58.75 56.25 58.69 0.68 1.18 63.89 26.30 107.2 32.4 -27.8PHLX§Semiconductor 3068.53 3002.74 3066.22 23.34 0.77 3305.43 1691.57 77.8 9.7 33.2CboeVolatility 20.60 18.21 18.39 -0.76 -3.97 40.79 16.25 -41.5 -19.2 7.6

§NasdaqPHLX Sources: FactSet; DowJonesMarketData

LateTradingMost-activeandbiggestmoversamongNYSE,NYSEArca,NYSEAmer.andNasdaq issues from4p.m. to6p.m.ETas reportedbyelectronictradingservices, securitiesdealers and regional exchanges.Minimumsharepriceof$2andminimumafter-hoursvolumeof50,000shares.

Most-active issues in late tradingVolume AfterHours

Company Symbol (000) Last Net chg % chg High Low

R1RCM RCM 14,376.0 24.98 0.48 1.96 25.23 24.50ItauUnibancoHoldingADR ITUB 6,515.8 5.10 -0.03 -0.58 5.18 5.10TheBancorp TBBK 6,087.9 24.21 0.04 0.17 24.37 24.14iShares 20+YTreasuryBd TLT 6,022.9 139.91 -0.01 -0.01 140.03 139.74

SPDRS&P500 SPY 5,646.3 419.19 0.12 0.03 419.31 415.55PetroleoBrasileiroADR PBR 4,855.2 8.73 -0.03 -0.34 8.78 8.71Peloton Interactive PTON 4,842.7 87.90 4.12 4.92 89.29 78.12AmbevADR ABEV 4,415.6 3.05 -0.07 -2.24 3.12 3.05

Percentage gainers…Bill.comHoldings BILL 71.2 149.99 19.66 15.08 152.70 126.53ClearsideBiomedical CLSD 75.8 2.86 0.24 9.16 2.87 2.80RokuClA ROKU 1,372.6 308.02 23.84 8.39 308.77 278.41GoPro Inc. GPRO 305.2 11.32 0.88 8.38 11.34 10.14Datadog DDOG 331.2 77.19 5.83 8.17 77.40 70.25

...And losersAurinia Pharmaceuticals AUPH 1,350.7 10.01 -2.33 -18.88 12.49 9.62WaitrHoldings WTRH 184.2 2.15 -0.28 -11.52 2.44 2.13JFrog FROG 61.1 38.00 -4.05 -9.63 42.05 36.48ShakeShackClA SHAK 156.5 96.35 -9.27 -8.78 109.76 92.69AmerSharedHospital AMS 126.9 3.79 -0.35 -8.45 4.13 3.75

TradingDiaryVolume,Advancers, Decliners

NYSE NYSEAmer.

Total volume*1,003,949,053 21,039,527Adv. volume* 621,895,690 8,705,901Decl. volume* 358,027,980 12,166,110Issues traded 3,466 276Advances 1,822 120Declines 1,483 140Unchanged 161 16Newhighs 390 12New lows 37 3ClosingArms† 0.91 1.52Block trades* 5,656 178

Nasdaq NYSEArca

Total volume*4,961,793,166 243,448,360Adv. volume*2,056,938,854 189,410,110Decl. volume*2,849,642,140 53,162,674Issues traded 4,395 1,498Advances 1,768 1,094Declines 2,421 380Unchanged 206 24Newhighs 183 324New lows 146 21ClosingArms† 1.01 0.98Block trades* 26,552 1,039

* PrimarymarketNYSE, NYSEAmerican NYSEArca only.†(TRIN)A comparison of the number of advancing and decliningissueswith the volumeof shares rising and falling. AnArmsof less than 1 indicates buying demand; above 1indicates selling pressure.

PercentageGainers... Percentage Losers

Volume %chg from Latest Session 52-WeekCompany Symbol (000) 65-day avg Close % chg High Low

Sundial Growers SNDL 206,445 -49.6 0.71 -8.59 3.96 0.14StealthBioTherapADR MITO 203,646 56062.8 1.62 35.00 2.58 1.06SemiLEDS LEDS 157,633 17890.8 10.22 85.82 13.44 1.93Palantir Technologies PLTR 91,532 17.2 20.09 -5.01 45.00 8.90Ocugen OCGN 82,665 -1.9 9.58 -12.19 18.77 0.17

ProShUltraProShrtQQQ SQQQ 80,193 -14.9 11.52 -2.21 59.70 10.44Uber Technologies UBER 79,111 323.5 46.65 -8.85 64.05 28.39Apple AAPL 77,509 -23.3 129.74 1.28 145.09 75.05CastorMaritime CTRM 74,821 -42.8 0.42 -7.74 1.95 0.11SPDRS&P500 SPY 73,324 -10.2 419.07 0.80 420.72 272.99* Volumes of 100,000 shares ormore are rounded to the nearest thousand

Volume %chg from Latest Session 52-WeekCompany Symbol (000) 65-day avg Close % chg High Low

Lexaria Bioscience LEXX 48,427 26449 6.14 22.07 15.64 3.98SemiLEDS LEDS 157,633 17891 10.22 85.82 13.44 1.93JPMorganUSDEMSovBd JPMB 259 3413 49.46 0.40 51.79 44.67InterPrivate IV InfraA IPVI 247 3357 9.75 0.00 11.00 9.70Eltek ELTK 1,634 3336 6.93 15.50 8.12 3.54

InvescoS&PMC400EWETFEWMC 182 2986 93.42 0.57 95.22 46.78NemauraMedical NMRD 34,783 2978 8.78 -20.61 16.50 3.12BiofronteraADR BFRA 1,872 2976 6.44 22.90 55.00 4.67TheBancorp TBBK 16,533 2833 24.17 -0.82 25.14 5.29CFAcquisitionV CFV 252 2480 9.84 0.31 10.00 9.69* Common stocks priced at $2 a share ormorewith an average volumeover 65 trading days of at least5,000 shares =Has traded fewer than 65 days

Nasdaq Composite Index13632.84 s 50.42, or 0.37%High, low, open and close for eachtrading day of the past three months.

Year agoLast

Trailing P/E ratio *†P/E estimate *†Dividend yield *†All-time high:

37.48 26.75

29.01 25.65

0.71 1.01

14138.78, 04/26/21

11400

12000

12600

13200

13800

14400

15000

Feb. Mar. Apr.

65-day moving average

EQUITIES

CREDIT MARKETS

CommoditiesPricing trends on some rawmaterials, or commodities

Thursday 52-Week YTDClose Net chg %Chg High Low %Chg % chg

DJCommodity 889.67 5.35 0.61 889.67 486.63 82.82 21.61Refinitiv/CCCRB Index 205.25 1.12 0.55 205.25 120.63 67.44 22.32Crude oil,$per barrel 64.71 -0.92 -1.40 66.09 23.55 174.78 33.37Natural gas,$/MMBtu 2.928 -0.010 -0.34 3.354 1.482 54.59 15.32Gold,$per troy oz. 1815.50 31.40 1.76 2051.50 1676.20 5.44 -4.10

CorporateBorrowingRates andYieldsYield (%) 52-Week Total Return (%)

Bond total return index Close Last Week ago High Low 52-wk 3-yr

U.S. Treasury, Barclays 2377.100 0.930 0.960 1.030 0.400 –3.404 4.752

U.S. Treasury Long, Barclays4209.380 2.170 2.240 2.400 1.090 –12.602 7.793

Aggregate, Barclays 2236.070 1.500 1.530 1.630 1.020 0.556 5.316

Fixed-RateMBS, Barclays 2218.440 1.680 1.720 1.850 0.980 –0.211 4.095

HighYield 100, ICEBofA 3382.198 3.704 3.684 6.888 3.261 17.464 5.910

MuniMaster, ICEBofA 597.699 0.862 0.862 1.734 0.725 5.651 4.959

EMBIGlobal, J.P.Morgan 910.189 4.777 4.847 6.182 4.295 13.244 5.611

Sources: J.P.Morgan; S&PDowJones Indices; BloombergBarclays; ICEDataServices

Latest Session 52-WeekCompany Symbol Close Net chg % chg High Low %chg

SemiLEDS LEDS 10.22 4.72 85.82 13.44 1.93 366.7Liquidity Services LQDT 25.83 7.07 37.69 26.15 4.67 444.9Avid Technology AVID 27.59 5.88 27.08 27.66 4.67 339.3WWInternational WW 34.73 7.15 25.92 37.35 17.75 42.0ShiftPixy PIXY 3.01 0.60 24.90 15.56 2.02 -51.6

AppliedUV AUVI 10.47 1.97 23.18 35.78 4.52 ...BiofronteraADR BFRA 6.44 1.20 22.90 55.00 4.67 19.0Lexaria Bioscience LEXX 6.14 1.11 22.07 15.64 3.98 -27.2BioCryst Pharm BCRX 12.92 2.24 20.97 14.24 3.30 229.6AtHomeGroup HOME 37.70 6.41 20.49 37.75 2.25 1511.1

AcushnetHoldings GOLF 51.55 8.64 20.14 51.61 26.13 88.0Sally BeautyHldgs SBH 24.32 4.06 20.04 25.10 8.28 145.2LixiangEducationADR LXEH 10.60 1.60 17.78 11.00 5.60 ...HeclaMining HL 7.29 1.04 16.64 8.45 2.30 190.4AmerSharedHospital AMS 4.14 0.59 16.62 5.04 1.41 158.8

MostActiveStocks

Latest Session 52-WeekCompany Symbol Close Net chg % chg High Low %chg

PureCycle Technologies PCT 14.83 -9.76 -39.69 35.75 9.76 ...Yellow YELL 6.51 -3.05 -31.90 10.20 1.38 331.1Fastly Cl A FSLY 42.31 -15.75 -27.13 136.50 26.64 26.0JamesRiverGroupHldgs JRVR 34.23 -12.27 -26.39 57.41 28.03 7.9Quotient Technology QUOT 12.64 -4.23 -25.07 17.93 5.28 112.1

ENGlobal Corp ENG 2.40 -0.80 -25.00 9.40 0.69 140.0Ever-Glory Intl Group EVK 2.34 -0.77 -24.74 8.30 0.61 197.1Regional Hlth Properties RHE 14.98 -4.51 -23.14 27.72 1.12 1169.5Freeline TherapeuticsADR FRLN 8.85 -2.40 -21.33 21.69 8.31 ...VYNETherapeutics VYNE 3.56 -0.96 -21.24 13.20 3.50 -54.8

10xGenomics TXG 144.45 -38.45 -21.02 203.25 72.04 78.8NemauraMedical NMRD 8.78 -2.28 -20.61 16.50 3.12 69.7USConcrete USCR 54.61 -12.20 -18.26 78.99 14.77 210.8Intrepid Potash IPI 26.90 -5.91 -18.01 39.19 7.60 161.2HomePoint Capital HMPT 7.72 -1.66 -17.70 13.15 7.26 ...

VolumeMovers Ranked by change from65-day average*

Track the MarketsCompare the performance of selectedglobal stock indexes, bond ETFs,currencies and commodities atwsj.com/graphics/track-the-markets

CURRENCIES & COMMODITIES

CurrenciesU.S.-dollar foreign-exchange rates in lateNewYork trading

US$vs,Thurs YTDchg

Country/currency inUS$ perUS$ (%)

AmericasArgentina peso .0107 93.8054 11.5Brazil real .1895 5.2757 1.6Canada dollar .8231 1.2149 –4.6Chile peso .001428 700.10 –1.5Colombiapeso .000263 3804.01 11.2EcuadorUSdollar 1 1 unchMexico peso .0498 20.0870 1.0Uruguay peso .02274 43.9750 3.8Asia-PacificAustralian dollar .7785 1.2845 –1.2China yuan .1547 6.4642 –1.0HongKong dollar .1287 7.7682 0.2India rupee .01359 73.610 0.8Indonesia rupiah .0000698 14319 1.9Japan yen .009167 109.09 5.6Kazakhstan tenge .002344 426.61 1.2Macau pataca .1249 8.0070 0.2Malaysia ringgit .2426 4.1220 2.5NewZealand dollar .7234 1.3824 –0.7Pakistan rupee .00652 153.300 –4.4Philippines peso .0209 47.845 –0.4Singapore dollar .7501 1.3331 0.9SouthKoreawon .0008925 1120.39 3.2Sri Lanka rupee .0050761 197.00 6.3Taiwan dollar .03577 27.957 –0.5Thailand baht .03201 31.240 4.0

US$vs,Thurs YTDchg

Country/currency inUS$ perUS$ (%)

Vietnam dong .00004335 23069 –0.05EuropeCzechRep. koruna .04690 21.320 –0.7Denmark krone .1623 6.1633 1.2Euro area euro 1.2065 .8289 1.3Hungary forint .003365 297.14 0.04Iceland krona .008017 124.74 –2.4Norway krone .1205 8.3015 –3.2Poland zloty .2640 3.7884 1.5Russia ruble .01346 74.276 0.3Sweden krona .1187 8.4267 2.4Switzerland franc 1.1022 .9073 2.5Turkey lira .1208 8.2810 11.3Ukraine hryvnia .0359 27.8500 –1.8UK pound 1.3892 .7198 –1.6Middle East/AfricaBahrain dinar 2.6524 .3770 –0.01Egypt pound .0638 15.6705 –0.5Israel shekel .3069 3.2583 1.4Kuwait dinar 3.3172 .3015 –0.9Oman sul rial 2.5976 .3850 –0.01Qatar rial .2746 3.642 0.01SaudiArabia riyal .2666 3.7510 –0.02SouthAfrica rand .0704 14.2042 –3.3

Close Net Chg %Chg YTD%Chg

WSJDollar Index 85.81 –0.30–0.35 0.96

Sources: Tullett Prebon, DowJonesMarketData

Dow Jones Industrial Average34548.53 s318.19, or 0.93%High, low, open and close for eachtrading day of the past three months.

Year agoLast

Trailing P/E ratioP/E estimate *Dividend yieldAll-time high

29.81 19.95

20.41 21.53

1.73 2.77

34548.53, 05/06/21

27400

28600

29800

31000

32200

33400

34600

Feb. Mar. Apr.

Current divisor 0.15198707565833

Bars measure the point change from session's open

tt

Session high

Session low

Session open

Close Open

CloseDOWN UP


S&P 500 Index4201.62 s34.03, or 0.82%High, low, open and close for eachtrading day of the past three months.

Year agoLast

Trailing P/E ratio *P/E estimate *Dividend yield *All-time high

39.76 24.18

23.07 21.75

1.37 2.14

4211.47, 04/29/21

3525

3650

3775

3900

4025

4150

4275

Feb. Mar. Apr.


*Weekly P/E data based on as-reported earnings from Birinyi Associates Inc.; †Based on Nasdaq-100 Index

MARKETS DIGEST

P2JW127000-0-B00600-1--------XA

THEWALL STREET JOURNAL. * Friday, May 7, 2021 | B7

Metal &PetroleumFuturesContract Open

Open High hi lo Low Settle Chg interest

Copper-High (CMX)-25,000 lbs.; $ per lb.May 4.5360 4.6200 4.5150 4.6190 0.0800 3,842July 4.5190 4.6070 4.5005 4.6025 0.0785 169,291Gold (CMX)-100 troy oz.; $ per troy oz.May 1788.90 1815.50 s 1787.60 1815.50 31.40 569June 1787.00 1818.60 1781.80 1815.70 31.40 356,607July 1786.60 1817.60 s 1785.20 1816.70 31.40 99Aug 1789.00 1820.50 1784.10 1817.90 31.40 63,443Oct 1790.20 1821.00 1786.60 1819.60 31.30 13,367Dec 1791.40 1824.00 1788.20 1821.50 31.20 26,947Palladium (NYM) - 50 troy oz.; $ per troy oz.May … … … 2951.40 –25.40June 2974.50 2992.00 2899.50 2947.40 –25.40 9,717Platinum (NYM)-50 troy oz.; $ per troy oz.May 1255.50 28.90 1July 1228.20 1258.30 1219.00 1257.60 28.80 61,112Silver (CMX)-5,000 troy oz.; $ per troy oz.May 26.560 27.555 26.555 27.462 0.960 1,263July 26.590 27.585 26.245 27.477 0.955 137,695CrudeOil, Light Sweet (NYM)-1,000bbls.; $ per bbl.June 65.27 65.98 64.50 64.71 –0.92 358,138July 65.26 65.93 64.47 64.67 –0.92 312,646Aug 65.03 65.68 64.27 64.47 –0.88 243,927Sept 64.62 65.26 63.90 64.11 –0.80 174,644Oct 63.94 64.67 63.43 63.66 –0.71 157,427Dec 62.99 63.68 62.47 62.71 –0.60 323,662NYHarborULSD (NYM)-42,000gal.; $ per gal.June 1.9952 2.0116 1.9794 1.9895 –.0130 126,019Dec 2.0120 2.0151 1.9892 1.9991 –.0122 61,770Gasoline-NYRBOB (NYM)-42,000gal.; $ per gal.June 2.1351 2.1543 2.1090 2.1137 –.0376 128,536July 2.1262 2.1455 2.1051 2.1090 –.0326 76,389Natural Gas (NYM)-10,000MMBtu.; $ perMMBtu.June 2.948 2.971 2.908 2.928 –.010 202,186July 2.990 3.014 2.954 2.974 –.008 208,990Aug 2.999 3.022 2.965 2.984 –.008 73,621Sept 2.986 3.007 2.953 2.971 –.007 109,508Oct 3.004 3.024 2.972 2.990 –.005 131,157Jan'22 3.269 3.284 3.247 3.263 –.001 75,464

FuturesContracts Contract OpenOpen High hi lo Low Settle Chg interest

Contract OpenOpen High hi lo Low Settle Chg interest

Contract OpenOpen High hi lo Low Settle Chg interest

Agriculture FuturesCorn (CBT)-5,000bu.; cents per bu.May 761.00 768.00 s 746.25 759.50 6.25 2,715July 709.50 722.50 s 705.50 718.75 10.25 717,577Oats (CBT)-5,000bu.; cents per bu.May 406.25 406.25 406.25 409.25 2.50 2July 419.50 423.50 s 416.00 418.75 1.75 3,940Soybeans (CBT)-5,000bu.; cents per bu.May 1590.50 1609.00 s 1582.00 1605.50 23.50 1,649July 1547.00 1571.00 1543.00 1569.50 27.25 359,479SoybeanMeal (CBT)-100 tons; $ per ton.May 427.40 429.60 424.30 427.70 3.40 796July 425.30 430.10 424.30 427.30 2.90 197,301SoybeanOil (CBT)-60,000 lbs.; cents per lb.May 66.95 67.14 66.24 66.25 –.49 296July 63.75 64.85 63.58 64.35 .89 187,928RoughRice (CBT)-2,000 cwt.; $ per cwt.May 14.19 14.19 s 14.08 13.91 –.22 210July 14.29 14.49 14.13 14.20 –.22 8,036Wheat (CBT)-5,000bu.; cents per bu.May 761.00 763.50 745.00 764.25 8.50 400July 746.75 755.75 732.00 753.25 8.75 232,772Wheat (KC)-5,000bu.; cents per bu.May 709.50 714.25 709.50 717.75 8.00 228July 719.75 729.75 709.25 726.75 9.75 135,070Cattle-Feeder (CME)-50,000 lbs.; cents per lb.May 131.150 131.925 t 128.500 130.475 –1.000 5,553Aug 144.975 145.100 t 141.525 143.400 –1.825 26,536Cattle-Live (CME)-40,000 lbs.; cents per lb.June 114.500 115.625 113.400 115.475 1.050 107,346Aug 117.800 118.575 116.575 118.475 .750 97,527Hogs-Lean (CME)-40,000 lbs.; cents per lb.May 111.650 111.675 111.000 111.400 .025 2,158June 114.725 115.000 s 113.100 114.475 .050 94,130Lumber (CME)-110,000bd. ft., $ per 1,000bd. ft.May 1622.60 1700.00 s 1622.60 1645.00 10.10 304July 1579.00 1607.50 s 1553.90 1607.50 63.00 1,567Milk (CME)-200,000 lbs., cents per lb.May 19.15 19.17 18.87 18.90 –.25 4,675June 19.76 19.82 19.01 19.01 –.75 4,360Cocoa (ICE-US)-10metric tons; $ per ton.May 2,372 2,372 2,372 2,372 18 46July 2,398 2,434 2,382 2,413 18 86,538Coffee (ICE-US)-37,500 lbs.; cents per lb.May 149.00 149.50 s 149.00 153.50 5.00 57

July 150.05 155.40 s 148.80 154.30 4.45 117,779Sugar-World (ICE-US)-112,000 lbs.; cents per lb.July 17.57 17.89 s 17.34 17.55 .02 433,057Oct 17.48 17.81 s 17.31 17.58 .10 195,870Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb.July 31.37 –.08 2,765Sept 31.45 … 2,440Cotton (ICE-US)-50,000 lbs.; cents per lb.May 89.48 89.48 89.48 89.48 3.25 2July 87.82 90.89 87.46 90.58 3.25 101,696Orange Juice (ICE-US)-15,000 lbs.; cents per lb.May 114.00 114.00 114.00 108.40 2.80 52July 108.20 112.20 107.85 110.90 2.80 12,260

InterestRate FuturesUltraTreasuryBonds (CBT) - $100,000; pts 32nds of 100%June 188-000 188-170 187-070 188-120 23.0 1,131,096Sept 186-230 23.0 1,469TreasuryBonds (CBT)-$100,000; pts 32nds of 100%June 158-110 158-230 157-290 158-200 16.0 1,188,704Sept 157-010 15.0 1,828TreasuryNotes (CBT)-$100,000; pts 32nds of 100%June 132-200 132-240 132-165 132-215 4.0 4,227,078Sept 131-250 131-295 131-220 131-265 4.0 43,9655Yr. TreasuryNotes (CBT)-$100,000; pts 32nds of 100%June 124-075 124-097 124-062 124-077 1.2 3,384,251Sept 123-212 1.2 15,4522Yr. TreasuryNotes (CBT)-$200,000; pts 32nds of 100%June 110-128 110-130 110-123 110-127 .1 2,366,368Sept 110-100 .1 11230DayFederal Funds (CBT)-$5,000,000; 100 - daily avg.May 99.9350 99.9375 s 99.9350 99.9350 .0050 153,066July 99.9150 99.9200 99.9150 99.9150 .0050 142,53010Yr. Del. Int. RateSwaps (CBT)-$100,000; pts 32nds of 100%June 91-290 7.5 180,614Eurodollar (CME)-$1,000,000; pts of 100%May 99.8300 99.8350 99.8275 99.8350 .0100 113,260June 99.8250 99.8300 99.8200 99.8300 .0100 1,371,549March'23 99.5100 99.5200 99.5000 99.5150 .0050 1,163,456June 99.3850 99.4000 99.3750 99.3900 .0050 949,110

CurrencyFuturesJapaneseYen (CME)-¥12,500,000; $ per 100¥May .9150 .9174 .9140 .9172 .0018 655June .9160 .9176 .9141 .9174 .0018 151,128

CanadianDollar (CME)-CAD 100,000; $ per CADMay .8168 .8235 s .8139 .8209 .0065 651June .8152 .8237 s .8138 .8209 .0065 191,522BritishPound (CME)-£62,500; $ per£May 1.3906 1.3940 1.3859 1.3887 –.0023 607June 1.3909 1.3942 1.3858 1.3887 –.0023 151,706Swiss Franc (CME)-CHF 125,000; $ per CHFJune 1.0962 1.1036 1.0945 1.1014 .0056 39,945Sept 1.0977 1.1060 1.0973 1.1040 .0055 305AustralianDollar (CME)-AUD 100,000; $ perAUDMay .7745 .7788 .7702 .7774 .0029 193June .7749 .7790 .7703 .7775 .0029 136,781MexicanPeso (CME)-MXN500,000; $ perMXNMay .04988 .04970 .04926 .04968 .00040 12June .04914 .04960 .04905 .04952 .00039 145,537Euro (CME)-€125,000; $ per €May 1.2003 1.2073 1.1996 1.2057 .0055 2,251June 1.2015 1.2081 1.2002 1.2064 .0054 663,570

IndexFuturesMiniDJ Industrial Average (CBT)-$5 x indexJune 34125 34458 s 34074 34442 324 93,050Sept 34005 34334 s 33972 34333 325 1,297S&P500 Index (CME)-$250 x indexJune 4155.60 4195.90 4153.30 4194.20 34.30 38,409Mini S&P500 (CME)-$50 x indexJune 4158.75 4197.25 4140.50 4194.25 34.25 2,622,723Dec 4141.75 4177.50 4122.25 4176.00 35.00 44,713Mini S&PMidcap400 (CME)-$100 x indexJune 2725.80 2739.60 2695.50 2736.40 14.10 44,605Sept 2753.00 2730.30 2693.60 2732.10 14.10 28MiniNasdaq 100 (CME)-$20 x indexJune 13484.00 13611.50 13388.75 13597.75 106.75 235,791Sept 13476.75 13597.75 13379.75 13586.50 107.00 1,828Mini Russell 2000 (CME)-$50 x indexJune 2235.40 2249.60 2198.80 2239.90 3.30 445,732Sept 2234.50 2245.20 2196.30 2236.50 3.30 743Mini Russell 1000 (CME)-$50 x indexJune 2335.40 2354.70 2325.30 2354.50 14.30 8,957U.S. Dollar Index (ICE-US)-$1,000 x indexJune 91.26 91.38 90.87 90.94 –.36 32,887Sept 91.24 91.33 90.85 90.91 –.35 848

Source: FactSet

Thursday

Aluminum, LME, $ permetric ton *2446.0Copper,Comex spot 4.6190IronOre, 62%FeCFRChina-s 202.7ShreddedScrap, USMidwest-s,m 432Steel, HRCUSA, FOBMidwestMill-s 1504

Fibers andTextiles

Burlap,10-oz,40-inchNYyd-n,w 0.7400Cotton,1 1/16 std lw-mdMphs-u 0.8833Cotlook 'A' Index-t *92.30Hides,hvy native steers piece fob-u 54.000Wool,64s,staple,Terr del-u,w n.a.

Grains andFeeds

Barley,top-qualityMnpls-u n.a.Bran,wheatmiddlings, KC-u 122Corn,No. 2 yellow,Cent IL-bp,u 7.3200Corn gluten feed,Midwest-u,w 197.0Corn glutenmeal,Midwest-u,w 598.6Cottonseedmeal-u,w 353Hominy feed,Cent IL-u,w 150Meat-bonemeal,50%proMnpls-u,w 330Oats,No.2milling,Mnpls-u 4.0525Rice, LongGrainMilled, No. 2AR-u,w 27.25Sorghum,(Milo)No.2Gulf-u 9.0663SoybeanMeal,Cent IL,rail,ton48%-u,w 428.00Soybeans,No.1 yllw IL-bp,u 15.9650Wheat,Spring14%-proMnpls-u 9.1050Wheat,No.2 soft red,St.Louis-u 7.7325Wheat -Hard - KC (USDA) $ per bu-u 7.6675

Thursday

Wheat,No.1softwhite,Portld,OR-u 7.3000

Food

Beef,carcass equiv. indexchoice 1-3,600-900 lbs.-u 234.26select 1-3,600-900 lbs.-u 218.94Broilers, National compwtd. avg.-u,w 1.0503Butter,AAChicago 1.7475Cheddar cheese,bbl,Chicago 177.50Cheddar cheese,blk,Chicago 176.00Milk,Nonfat dry,Chicago lb. 134.50Coffee,Brazilian,Comp 1.3835Coffee,Colombian, NY 1.9743Eggs,largewhite,Chicago-u 0.7750Flour,hardwinter KC 20.20Hams,17-20 lbs,Mid-US fob-u n.a.Hogs,Iowa-So.Minnesota-u 103.81Pork bellies,12-14 lbMidUS-u n.a.Pork loins,13-19 lbMidUS-u 1.2042Steers,Tex.-Okla. Choice-u 118.78Steers,feeder,Okla. City-u,w 155.25

Fats andOils

Degummed corn oil, crudewtd. avg.-u,w 62.0000Grease,choicewhite,Chicago-h 0.5000Lard,Chicago-u n.a.Soybean oil,crude;Centl IL-u,w 0.7083Tallow,bleach;Chicago-h 0.5400Tallow,edible,Chicago-u 0.6200

KEY TO CODES: A=ask; B=bid; BP=country elevator bids to producers; C=corrected; E=Manfra,Tordella & Brookes; H=American Commodities Brokerage Co;M=monthly; N=nominal; n.a.=not quoted or not available; R=SNL Energy; S=Platts-TSI; T=Cotlook Limited; U=USDA;W=weekly; Z=not quoted. *Data as of 5/5

Source: Dow JonesMarket Data

CashPrices Thursday,May6, 2021These prices reflect buying and selling of a variety of actual or “physical” commodities in themarketplace—separate from the futures price on an exchange,which reflectswhat the commoditymight beworth in futuremonths.

Thursday

Energy

Coal,C.Aplc.,12500Btu,1.2SO2-r,w 59.700Coal,PwdrRvrBsn,8800Btu,0.8SO2-r,w 12.050

Metals

Gold, per troy ozEngelhard industrial 1794.00Handy&Harmanbase 1813.15Handy&Harman fabricated 2012.60LBMAGold PriceAM *1778.05LBMAGold Price PM *1782.25Krugerrand,wholesale-e 1890.93Maple Leaf-e 1909.11AmericanEagle-e 1909.11Mexican peso-e 2200.20Austria crown-e 1785.20Austria phil-e 1909.11Silver, troy oz.Engelhard industrial 26.8500Handy&Harmanbase 27.4050Handy&Harman fabricated 34.2560LBMAspot price *£18.9000(U.S.$ equivalent) *26.2950Coins,wholesale $1,000 face-a 22120OthermetalsLBMAPlatinumPrice PM *1221.0Platinum,Engelhard industrial 1235.0Palladium,Engelhard industrial 2933.0

| wsj.com/market-data/commodities

Global GovernmentBonds:MappingYieldsYields and spreads over or underU.S. Treasurys on benchmark two-year and 10-year government bonds inselected other countries; arrows indicatewhether the yield rose(s) or fell (t) in the latest session

Country/ Yield (%) Spread Under/Over U.S. Treasurys, in basis pointsCoupon (%) Maturity, in years Latest(l)-2 -1 0 1 2 3 4 Previous Month ago Year ago Latest Prev Year ago

0.125 U.S. 2 0.155 t l 0.157 0.159 0.1801.125 10 1.561t l 1.584 1.656 0.709

5.500 Australia 2 0.100 s l 0.096 0.087 0.236 -6.0 -6.1 5.21.500 10 1.651 t l 1.692 1.735 0.923 8.5 11.6 21.8

0.000 France 2 -0.643 s l -0.656 -0.676 -0.518 -80.4 -81.3 -70.21.500 10 0.142 s l 0.136 -0.060 0.008 -142.4 -144.0 -69.8

0.000 Germany 2 -0.686 s l -0.691 -0.694 -0.754 -84.7 -84.8 -93.80.000 10 -0.220 s l -0.225 -0.313 -0.502 -178.6 -180.0 -120.7

0.600 Italy 2 -0.287 t l -0.285 -0.367 0.639 -44.8 -44.1 45.40.600 10 0.920 s l 0.902 0.702 1.969 -64.5 -67.4 126.4

0.005 Japan 2 -0.127 t l -0.124 -0.119 -0.158 -28.8 -28.1 -34.30.100 10 0.090 t l 0.095 0.111 -0.023 -147.6 -148.1 -72.9

0.000 Spain 2 -0.507 s l -0.516 -0.499 -0.157 -66.8 -67.2 -34.10.100 10 0.453 s l 0.446 0.346 0.845 -111.2 -113.0 14.0

0.125 U.K. 2 0.046 t l 0.061 0.084 0.012 -11.4 -9.5 -17.24.750 10 0.795 t l 0.821 0.799 0.233 -77.0 -75.5 -47.2

Source: Tullett Prebon, Tradeweb ICE U.S. Treasury Close

CorporateDebtPrices of firms' bonds reflect factors including investors' economic, sectoral and company-specificexpectationsInvestment-grade spreads that tightened themost…

Spread*, in basis pointsIssuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Lastweek

BurlingtonNorthernSanta Fe BNSF 6.700 1.92 Aug. 1, ’28 35 –12 n.a.KeyBankNA … 3.300 0.82 June 1, ’25 3 –10 10Cincinnati Gas&Electric … 6.900 1.25 June 1, ’25 46 –8 n.a.Suncor Energy SUCN 6.850 3.57 June 1, ’39 143 –7 147

BarrickNorthAmerica Finance ABXCN 5.700 3.40 May30, ’41 126 –5 n.a.CanadianNational Railway CNRCN 6.900 2.02 July 15, ’28 45 –5 n.a.DeltaAirlines, Inc. RetirementPlan … 4.500 2.73 Oct. 20, ’25 242 –5 240MarathonOil MRO 6.600 4.20 Oct. 1, ’37 207 –5 196

…Andspreads thatwidened themostRoyal Bank of Canada RY 3.700 0.41 Oct. 5, ’23 25 11 27MassMutual Global Funding MASSMU 0.600 0.59 April 12, ’24 28 8 29NTTFinance … 0.583 0.59 March 1, ’24 28 7 25Boeing BA 1.950 0.88 Feb. 1, ’24 57 6 60

International BusinessMachines IBM 4.150 3.00 May15, ’39 87 6 68National Australia Bank NAB 2.332 2.87 Aug. 21, ’30 130 6 125Alexander FundingTrust … 1.841 1.35 Nov. 15, ’23 120 5 112BancoSantander SANTAN 5.179 1.87 Nov. 19, ’25 107 5 n.a.

High-yield issueswith thebiggest price increases…BondPrice as%of face value

Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Lastweek

TevaPharmaceutical FinanceNetherlands … 3.150 4.37 Oct. 1, ’26 94.189 0.69 94.000CF Industries CF 4.950 3.84 June 1, ’43 116.345 0.65 117.573TenetHealthcare THC 6.875 5.25 Nov. 15, ’31 113.015 0.63 111.772UnitedStatesSteel X 6.650 6.14 June 1, ’37 105.200 0.52 102.563

FordMotor Credit … 3.096 1.83 May4, ’23 102.450 0.45 102.324Royal Caribbean RCL 5.250 3.12 Nov. 15, ’22 103.125 0.43 102.625

…Andwith thebiggest price decreasesTelecom Italia Capital TITIM 6.375 4.60 Nov. 15, ’33 116.770 –1.03 117.722FordMotor Credit … 4.389 2.89 Jan. 8, ’26 106.500 –0.42 106.750LBrands LB 6.875 4.78 Nov. 1, ’35 121.739 –0.29 121.530AmericanAirlines AAL 5.500 4.40 April 20, ’26 104.875 –0.25 105.141

Springleaf Finance … 7.125 3.30 March 15, ’26 117.000 –0.25 117.226Sprint S 7.875 1.76 Sept. 15, ’23 114.000 –0.25 114.181Occidental Petroleum OXY 6.450 5.10 Sept. 15, ’36 114.250 –0.23 114.228Nabors Industries NBR 4.625 3.69 Sept. 15, ’21 100.313 –0.19 n.a.

*Estimated spread over 2-year, 3-year, 5-year, 10-year or 30-year hot-runTreasury; 100basis points=one percentage pt.; change in spread shown is for Z-spread.Note: Data are for themost active issue of bondswithmaturities of two years ormore

Source:MarketAxess

BroadMarketBloombergBarclays

2236.07 -2.3 U.S. Aggregate 1.500 1.020 1.630

U.S. Corporate IndexesBloombergBarclays

3350.29 -3.1 U.S. Corporate 2.140 1.740 2.840

3075.07 -1.2 Intermediate 1.440 1.080 2.330

4872.84 -6.1 Long term 3.290 2.730 3.720

674.08 -3.7 Double-A-rated 1.810 1.300 1.990

896.67 -2.6 Triple-B-rated 2.370 2.010 3.460

HighYieldBonds ICEBofA

506.27 2.2 HighYield Constrained 4.105 3.955 8.195

488.54 6.9 Triple-C-rated 6.893 6.809 17.896

3382.20 1.6 HighYield 100 3.704 3.261 6.888

455.90 1.9 Global HighYield Constrained 4.124 4.037 8.100

345.27 2.2 EuropeHighYield Constrained 2.538 2.434 6.011

U.SAgencyBloombergBarclays

1847.95 -1.0 U.SAgency 0.730 0.460 0.840

1617.30 -0.6 10-20 years 0.600 0.340 0.710

4070.86 -4.7 20-plus years 2.270 1.290 2.460

2862.09 -2.5 Yankee 1.730 1.370 2.180

Bonds | wsj.com/market-data/bonds/benchmarks

TrackingBondBenchmarksReturn on investment and spreads over Treasurys and/or yields paid to investors comparedwith 52-weekhighs and lows for different types of bondsTotalreturn YTD total Yield (%)close return (%) Index Latest Low High

*Constrained indexes limit individual issuer concentrations to 2%; theHighYield 100 are the 100 largest bonds † In local currency §Euro-zone bonds

** EMBIGlobal Index Sources: ICEDataServices; BloombergBarclays; J.P.Morgan

Totalreturn YTD total Yield (%)close return (%) Index Latest Low High

Mortgage-BackedBloombergBarclays

2218.44 -0.6 Mortgage-Backed 1.680 0.980 1.850

2162.35 -0.7 GinnieMae (GNMA) 1.620 0.290 1.840

1310.92 -0.5 Fanniemae (FNMA) 1.700 1.160 1.860

2011.27 -0.5 FreddieMac (FHLMC) 1.700 1.140 1.870

597.70 0.3 MuniMaster 0.862 0.725 1.734

422.33 0.1 7-12 year 0.895 0.712 1.695

485.10 0.6 12-22 year 1.233 1.095 2.140

475.25 1.4 22-plus year 1.768 1.682 3.073

Global Government J.P.Morgan†

596.70 -3.0 Global Government 0.930 0.460 0.960

828.40 -4.1 Canada 1.470 0.610 1.520

406.65 -3.4 EMU§ 0.444 0.010 411.523

761.99 -4.0 France 0.320 -0.160 0.340

535.58 -3.0 Germany -0.130 -0.530 -0.090

294.49 -0.2 Japan 0.330 0.210 0.420

595.83 -3.6 Netherlands 0.000 -0.450 0.030

1024.34 -6.5 U.K. 1.090 0.420 1.170

910.19 -2.5 EmergingMarkets ** 4.777 4.295 6.182

Borrowing Benchmarks | wsj.com/market-data/bonds/benchmarks

MoneyRates May6, 2021

Key annual interest rates paid to borrowor lendmoney inU.S. and internationalmarkets. Rates beloware aguide to general levels but don’t always represent actual transactions.

InflationMarch index ChgFrom (%)

level Feb. '21March

'20

U.S. consumer price indexAll items 264.877 0.71 2.6Core 271.713 0.38 1.6

International rates

Week 52-WeekLatest ago High Low

Prime ratesU.S. 3.25 3.25 3.25 3.25Canada 2.45 2.45 2.45 2.45Japan 1.475 1.475 1.475 1.475

PolicyRatesEuro zone 0.00 0.00 0.00 0.00Switzerland 0.00 0.00 0.50 0.00Britain 0.10 0.10 0.10 0.10Australia 0.10 0.10 0.25 0.10

Overnight repurchaseU.S. 0.00 -0.01 0.14 -0.04

U.S. government rates

Discount0.25 0.25 0.25 0.25

Notes ondata:U.S. prime rate is the base rate on corporate loans posted by at least 70%of the 10 largestU.S. banks, and is effectiveMarch 16, 2020. Other prime ratesaren’t directly comparable; lending practices varywidely by location; Discount rate is effectiveMarch 16, 2020.SecuredOvernight FinancingRate is as ofMay5, 2021. DTCCGCFRepo Index is Depository Trust&Clearing Corp.'sweighted average for overnight trades in applicable CUSIPs. Value traded is inbillions ofU.S. dollars.Federal-funds rates are Tullett Prebon rates as of 5:30 p.m. ET.Sources: Federal Reserve; Bureau of Labor Statistics; DTCC; FactSet;Tullett Prebon Information, Ltd.

Federal fundsEffective rate 0.0600 0.0700 0.1000 0.0600High 0.0700 0.1000 0.1500 0.0700Low 0.0300 0.0300 0.0600 0.0000Bid 0.0500 0.0700 0.1000 0.0100Offer 0.0800 0.0800 0.1100 0.0500

Treasury bill auction4weeks 0.010 0.000 0.130 0.00013weeks 0.015 0.020 0.175 0.01526weeks 0.035 0.035 0.185 0.035

Secondarymarket

FannieMae30-yearmortgage yields

30days 2.375 2.441 2.622 1.75160days 2.406 2.470 2.674 1.804

Other short-term rates

Week 52-WeekLatest ago high low

Callmoney2.00 2.00 2.00 2.00

Commercial paper (AA financial)90days 0.11 0.04 0.26 0.04

Week —52-WEEK—Latest ago High Low

LiborOnemonth 0.09513 0.11013 0.19800 0.09513Threemonth 0.16200 0.17563 0.43463 0.16200Sixmonth 0.20013 0.20638 0.68800 0.18950One year 0.27350 0.28138 0.78288 0.27350

Euro LiborOnemonth -0.573 -0.572 -0.430 -0.607Threemonth -0.542 -0.542 -0.225 -0.574Sixmonth -0.524 -0.526 -0.091 -0.543One year -0.490 -0.494 -0.040 -0.511

SecuredOvernight FinancingRate0.01 0.01 0.13 0.01

Value 52-WeekLatest Traded High Low

DTCCGCFRepo IndexTreasury 0.012 37.550 0.151 -0.008MBS 0.021 28.970 0.169 0.002

Weekly surveyLatest Week ago Year ago

FreddieMac30-year fixed 2.96 2.98 3.2615-year fixed 2.30 2.31 2.73Five-yearARM 2.70 2.64 3.17

Week —52-WEEK—Latest ago High Low

iShMSCI EAFESC SCZ 75.10 0.25 9.9iShMSCIEmgMarkets EEM 54.13 0.95 4.8iShMSCIEAFEValue EFV 53.30 1.18 12.9iShNatlMuniBd MUB 116.66 0.09 –0.5iSh1-5YIGCorpBd IGSB 54.80 0.04 –0.7iShPfd&Incm PFF 38.50 –0.03 –0.0iShRussell1000Gwth IWF 255.04 0.52 5.8iShRussell1000 IWB 235.90 0.65 11.4iShRussell1000Val IWD 160.56 0.82 17.4iShRussell2000 IWM 222.59 0.09 13.5iShRussell2000Val IWN 165.16 0.75 25.4iShRussellMid-Cap IWR 77.29 0.04 12.7iShRussellMCValue IWS 115.88 0.52 19.5iShS&P500Growth IVW 68.82 0.72 7.8iShS&P500Value IVE 149.45 0.89 16.7iShShortTreaBd SHV 110.52 –0.00 –0.0iShSilver SLV 25.37 3.26 3.3iShTIPSBondETF TIP 127.50 –0.12 –0.1iSh1-3YTreasuryBd SHY 86.28 ... –0.1iSh7-10YTreasuryBd IEF 114.45 0.04 –4.6iShRussellMCGrowth IWP 103.29 –1.03 0.6iShUSTreasuryBdETF GOVT 26.41 0.02 –3.0JPMUltShtIncm JPST 50.73 0.01 –0.1PIMCOEnhShMaturity MINT 101.94 ... –0.1SPDRGold GLD 170.06 1.67 –4.7SchwabIntEquity SCHF 39.44 0.74 9.5SchwabUSBrdMkt SCHB 101.50 0.56 11.6SchwabUSDiv SCHD 77.08 1.26 20.2SchwabUSLC SCHX 101.30 0.65 11.4SchwabUSLCGrw SCHG 136.36 0.42 6.2SchwabUSSC SCHA 101.45 –0.12 14.0SchwabUSTIPs SCHP 62.23 –0.13 0.2SPDRDJIATr DIA 345.51 0.94 13.0

Closing Chg YTDETF Symbol Price (%) (%)

ARKInnovationETF ARKK 108.34 –2.88 –13.0CommSvsSPDR XLC 77.69 1.17 15.1CnsmrDiscSelSector XLY 176.04 0.22 9.5EnSelectSectorSPDR XLE 52.69 0.52 39.0FinSelSectorSPDR XLF 37.58 1.49 27.5HealthCareSelSect XLV 123.22 0.13 8.6IndSelSectorSPDR XLI 104.25 0.70 17.7InvscQQQI QQQ 331.51 0.75 5.7InvscS&P500EW RSP 150.06 0.51 17.7iShCoreDivGrowth DGRO 50.88 0.93 13.5iShCoreMSCIEAFE IEFA 75.58 0.71 9.4iShCoreMSCIEM IEMG 65.65 0.95 5.8iShCoreMSCITotInt IXUS 73.12 0.80 8.8iShCoreS&P500 IVV 420.68 0.81 12.1iShCoreS&PMC IJH 273.44 0.54 19.0iShCoreS&PSC IJR 111.97 0.67 21.8iShS&PTotlUSStkMkt ITOT 96.17 0.63 11.5iShCoreTotalUSDBd IUSB 53.16 0.11 –2.6iShCoreUSAggBd AGG 114.64 0.02 –3.0iShSelectDividend DVY 121.95 1.20 26.8iShESGAwareUSA ESGU 95.77 0.73 11.3iShEdgeMSCIMinUSA USMV 72.60 0.78 7.0iShEdgeMSCIUSAMom MTUM 167.04 0.16 3.6iShEdgeMSCIUSAQual QUAL 128.54 0.75 10.6iShEdgeMSCIUSAVal VLUE 106.84 1.03 22.9iShGoldTr IAU 17.30 1.65 –4.6iShiBoxx$InvGrCpBd LQD 131.70 0.19 –4.7iShiBoxx$HYCpBd HYG 87.27 –0.03 –0.0iShJPMUSDEmgBd EMB 111.10 0.19 –4.1iShMBSETF MBB 108.70 ... –1.3iShMSCIACWI ACWI 99.71 0.72 9.9iShMSCI EAFE EFA 79.51 0.82 9.0


Thursday, May 6, 2021 SPDRS&PMdCpTr MDY 499.54 0.52 19.0SPDRS&P500 SPY 419.07 0.80 12.1SPDRS&PDiv SDY 126.40 0.81 19.3TechSelectSector XLK 137.85 1.00 6.0VanEckGoldMiner GDX 36.76 3.23 2.1VangdInfoTech VGT 368.96 0.61 4.3VangdSCVal VBR 175.45 0.68 23.4VangdExtMkt VXF 179.02 –0.59 8.7VangdSCGrwth VBK 273.36 –0.75 2.1VangdDivApp VIG 155.82 0.85 10.4VangdFTSEDevMk VEA 51.54 0.82 9.2VangdFTSEEM VWO 53.03 0.99 5.8VangdFTSEEurope VGK 67.19 0.75 11.5VangdFTSEAWxUS VEU 63.10 0.81 8.1VangdGrowth VUG 268.82 0.41 6.1VangdHlthCr VHT 238.12 –0.11 6.4VangdHiDiv VYM 106.83 1.04 16.7VangdIntermBd BIV 89.35 0.08 –3.8VangdIntrCorpBd VCIT 94.05 0.15 –3.2VangdLC VV 195.12 0.66 11.0VangdMC VO 229.86 –0.11 11.2VangdMCVal VOE 143.09 0.58 20.3VangdMBS VMBS 53.62 0.02 –0.8VangdRealEst VNQ 97.16 0.56 14.4VangdS&P500ETF VOO 385.28 0.81 12.1VangdSTBond BSV 82.30 –0.02 –0.7VangdSTCpBd VCSH 82.70 0.05 –0.7VangdShtTmInfltn VTIP 52.22 –0.10 2.2VangdSC VB 221.10 0.11 13.6VangdTotalBd BND 85.35 0.05 –3.2VangdTotIntlBd BNDX 56.99 –0.02 –2.7VangdTotIntlStk VXUS 65.31 0.77 8.6VangdTotalStk VTI 216.91 0.51 11.4VangdTotlWrld VT 101.91 0.66 10.1VangdValue VTV 139.60 0.87 17.4


Exchange-Traded Portfolios | WSJ.com/ETFresearch

Largest 100 exchange-traded funds, latest session

wsj.com/market-data/commoditiesCOMMODITIES

P2JW127000-1-B00700-1--------XA


DividendChangesDividend announcements fromMay6.

Amount Payable /Company Symbol Yld% New/Old Frq Record

Amount Payable /Company Symbol Yld% New/Old Frq Record

IncreasedAtlantic UnionBankshares AUB 2.7 .28 /.25 Q Jun04 /May21Big 5SportingGoods BGFV 2.5 .18 /.15 Q Jun15 /Jun01BroadstoneNet Lease BNL 5.0 .255 /.25 Q Jul15 /Jun30ChesapeakeUtilities CPK 1.6 .48 /.44 Q Jul06 /Jun15Chimera Investment CIM 9.8 .33 /.30 Q Jul30 /Jun30Expeditors Intl ofWash EXPD 0.9 .58 /.52 SA Jun15 /Jun01FactSetResearchSystems FDS 1.0 .82 /.77 Q Jun17 /May31Innospec IOSP 1.1 .57 /.52 SA May26 /May17National BankHoldings NBHC 2.0 .22 /.21 Q Jun15 /May28PepsiCo PEP 3.0 1.075 /1.0225 Q Jun30 /Jun04Pool POOL 0.7 .80 /.58 Q May28 /May17RadianGroup RDN 2.2 .14 /.125 Q Jun04 /May24RegionalManagement RM 1.9 .25 /.20 Q Jun15 /May26WestRock WRK 1.6 .24 /.20 Q May28 /May19

InitialFirst Guaranty 6.75%A FGBIP ... .1594 Jun01 /May15

ForeignAmcor AMCR 3.7 .1175 Q Jun15 /May26AssuredGuaranty AGO 1.7 .22 Q Jun02 /May19Banco Latinamer BLX 6.3 .25 Q Jun02 /May17BarrickGold GOLD 1.5 .09 Q Jun15 /May28BarrickGold GOLD 1.5 .14 Jun15 /May28Brasil DistrGrupoPaoADR CBD 5.2 .08736 Jun22 /May07Brookfield BusPartners BBU 0.5 .0625 Q Jun30 /May28DHTHoldings DHT 13.2 .04 Q May26 /May19Enbridge ENB 6.8 .6778 Q Jun01 /May14FreshDelMonte Produce FDP 1.0 .10 Q Jun11 /May19GerdauADR GGB 0.4 .07353 Q Jun03 /May18GildanActivewear GIL ... .154 Q Jun21 /May27Natural Health Trends NHTC 10.4 .20 Q May28 /May18NiagaraMhwkPwr 3.9%pfd NMKpC 3.8 .975 Q Jun30 /Jun16Pentair PLC PNR 1.2 .20 Q Aug06 /Jul23PrimoWater PRMW 1.4 .06 Q Jun16 /Jun04

SpecialBig 5SportingGoods BGFV 2.5 1.00 Jun01 /May17DevonEnergy DVN 1.7 .23 Jun30 /Jun14TCGBDC CGBD 9.5 .04 Jul15 /Jun30

KEY:A: annual;M:monthly; Q: quarterly; r: revised; SA: semiannual; S2:1: stock split and ratio; SO:spin-off.

NetStock SymClose Chg

A B Cs ABB ABB 33.77 0.26s AECOM ACM 68.97 0.79AES AES 25.45 -1.02

s Aflac AFL 56.18 0.80AGCO AGCO 156.52 4.40

s AGNC Invt AGNC 18.21 0.08Ansys ANSS 332.66 -22.83ASETech ASX 7.83 0.07ASML ASML 644.34 2.46AT&T T 32.41 0.38AbbottLabs ABT 118.79 0.28AbbVie ABBV 116.08 0.30Abiomed ABMD 295.72 -5.07Accenture ACN 291.16 1.64ActivisionBliz ATVI 93.03 2.95Adobe ADBE 483.61 -3.08AdvanceAuto AAP 204.16 1.35AdvMicroDevicesAMD 77.89 0.06Aegon AEG 4.69 0.02

t AffirmHldgs AFRM 54.44 -3.16AgilentTechs A 132.40 -0.97agilon health AGL 32.07 -0.75AgnicoEagle AEM 68.29 1.60AirProducts APD 293.65 1.06Airbnb ABNB 153.64 -8.69AkamaiTech AKAM 110.18 1.67Albemarle ALB 152.85 -14.30Albertsons ACI 19.29 0.68Alcon ALC 69.50 -0.54AlexandriaRlEstARE 176.50 1.00AlexionPharm ALXN 169.86 -0.05Alibaba BABA 226.42 -0.36AlignTech ALGN 584.72 15.47

s Alleghany Y 703.56 9.66s Allegion ALLE 140.16 3.92AlliantEnergy LNT 56.57 0.96

s Allstate ALL 132.62 5.17s AllyFinancial ALLY 52.93 0.32AlnylamPharmALNY 132.10 -0.57Alphabet C GOOG 2381.35 24.61Alphabet A GOOGL 2337.35 22.58AlticeUSA ATUS 36.25 0.12Altria MO 49.49 1.14

s AlumofChina ACH 15.33 0.73Amazon.com AMZN 3306.37 35.83Ambev ABEV 3.12 0.33

s Amcor AMCR 12.49 0.21Amdocs DOX 76.95 0.83Amerco UHAL 611.74 7.76Ameren AEE 85.15 0.80AmericaMovil AMX 14.35 0.42AmericaMovil A AMOV 14.23 0.36AmerAirlines AAL 21.49 -0.08AEP AEP 88.12 0.65

s AmerExpress AXP 156.88 0.49s AmericanFin AFG 128.22 3.06AmHomes4RentAMH 36.75 0.39

s AIG AIG 50.17 1.30AmerTowerREIT AMT 244.02 -4.58AmerWaterWorksAWK 153.20 0.14AmericoldRealty COLD 37.83 -0.77

s Ameriprise AMP 263.60 2.35AmerisourceBrgnABC 117.63 -1.19Ametek AME 135.84 -1.04Amgen AMGN 251.30 1.95Amphenol APH 66.95 0.05AnalogDevicesADI 155.42 1.49AngloGoldAshAU 22.40 0.87

s AB InBev BUD 75.00 4.38AnnalyCap NLY 9.15 0.04

s Anthem ANTM 388.72 -0.40s Aon AON 256.63 2.27s ApolloGlbMgmtAPO 57.19 0.55Apple AAPL 129.74 1.64ApplMaterials AMAT 131.73 1.44

t Applovin APP 56.93 -1.25s Aptargroup ATR 156.52 2.34Aptiv APTV 141.46 -1.46Aramark ARMK 37.85 -0.08

s ArcelorMittal MT 32.34 1.44ArchCapital ACGL 39.77 -0.42

s ArcherDaniels ADM 66.69 0.49AresMgmt ARES 53.71 1.20arGEN-X ARGX 258.28 -10.50

s AristaNetworksANET 327.26 10.52Arrival ARVL 17.95 -0.58ArrowElec ARW 114.30 1.29AspenTech AZPN 128.22 -0.30

s Assurant AIZ 161.88 2.48AstraZeneca AZN 53.48 -0.17

s Athene ATH 61.90 0.83Atlassian TEAM 218.77 -4.73AtmosEnergy ATO 103.35 0.82Autodesk ADSK 284.35 3.27Autohome ATHM 92.32 2.30Autoliv ALV 102.77 1.67ADP ADP 195.32 1.66

s AutoNation AN 106.89 2.51AutoZone AZO 1488.85 16.74Avalara AVLR 124.08 -6.21Avalonbay AVB 193.29 5.33Avangrid AGR 50.95 0.30Avantor AVTR 31.02 -0.36

s AveryDennisonAVY 220.35 4.43AxonEnterprise AXON 130.86 -10.38

s BCE BCE 48.45 0.45BHP Group BHP 78.37 1.17BHP Group BBL 65.04 0.72BP BP 26.50 0.04Baidu BIDU 192.33 -3.30BakerHughes BKR 23.07 0.47Ball BLL 90.56 -2.31BancoBilbaoViz BBVA 5.84 0.08BancoBradesco BBDO 3.95 0.06BancodeChile BCH 23.23 0.40BancSanBrasil BSBR 7.39 0.10BcoSantChile BSAC 23.60 0.22

s BancoSantander SAN 3.88 0.04s BankofAmerica BAC 42.01 0.62s BankofMontreal BMO 96.45 1.69s BankNY Mellon BK 51.89 0.44s BkNovaScotia BNS 65.16 0.92Barclays BCS 9.97 0.13BarrickGold GOLD 23.55 1.30BauschHealth BHC 27.76 -0.27BaxterIntl BAX 87.53 0.83BectonDicknsn BDX 240.81 -8.96BeiGene BGNE 314.00 8.60BentleySystems BSY 48.35 -1.94Berkley WRB 80.87 0.48

s BerkHathwy B BRK.B 289.71 6.95s BerkHathwy A BRK.A 435120 10280s BerryGlobal BERY 67.55 1.29BestBuy BBY 120.04 3.66Bilibili BILI 104.11 -0.96Bill.com BILL 130.33 -9.04Bio-Techne TECH 410.98 -5.82Bio-RadLab A BIO 602.17 0.80Biogen BIIB 272.11 0.54BioMarinPharm BMRN 78.61 0.93BioNTech BNTX168.00 -2.77BlackKnight BKI 74.10 2.81

s BlackRock BLK 867.10 16.09Blackstone BX 88.33 0.26Boeing BA 229.81 1.63BookingHldgs BKNG 2279.35 -58.57BoozAllen BAH 84.06 0.34

s BorgWarner BWA 52.23 1.11BostonBeer SAM 1109.74 10.54BostonProps BXP 107.51 1.32BostonSci BSX 43.04 -0.05BrightHorizons BFAM 137.50 -10.65BristolMyers BMY 64.46 -0.22BritishAmTob BTI 39.09 0.76Broadcom AVGO 448.58 4.75

s BroadridgeFinl BR 164.90 -0.14BrookfieldMgt BAM 45.74 0.30BrookfieldInfr BIP 52.98 -0.33BrookfieldPropREIT BPYU 18.08 0.17BrookfieldRenew BEPC 39.73 -0.52Brown&Brown BRO 53.55 0.39Brown-Forman B BF.B 76.82 0.87Brown-Forman A BF.A 71.79 1.03Bruker BRKR 68.20 -0.81

s Brunswick BC 115.19 2.67s BuildersFirstSrc BLDR 52.00 2.94Bumble BMBL 55.71 -0.44

s Bunge BG 88.97 -1.03BurlingtonStrs BURL 324.64 -2.05CBRE Group CBRE 85.32 0.36CDW CDW 172.60 1.20

s CF Industries CF 52.17 2.09s CGI GIB 90.22 0.52CH Robinson CHRW 98.02 -0.85CME Group CME 204.35 1.29CMS Energy CMS 64.43 0.67

s CNA Fin CNA 48.20 0.69s CNH Indl CNHI 16.30 0.65s CRH CRH 50.41 0.41CRISPR Therap CRSP 107.84 -6.06CSX CSX 102.56 1.36

s CVS Health CVS 83.70 0.66t CableOne CABO 1704.70 6.55CadenceDesign CDNS 126.90 0.01CAE CAE 30.92 -0.07CaesarsEnt CZR 102.22 -0.76CamdenProperty CPT 120.96 2.94CampbellSoup CPB 49.82 0.97

s CIBC CM 107.10 1.57CanNtlRlwy CNI 110.21 0.27

s CanNaturalRes CNQ 33.20 0.71CanPacRlwy CP 387.56 5.47Canon CAJ 23.55 -0.06CanopyGrowth CGC 24.35 -1.10

s CapitalOne COF 156.44 2.84Capri CPRI 57.53 -1.21CardinalHealth CAH 56.54 -4.29Carlisle CSL 192.51 -0.09

s Carlyle CG 44.81 0.67CarMax KMX 130.29 -7.61Carnival CCL 25.95 -0.57Carnival CUK 22.37 -0.40CarrierGlobal CARR 44.16 0.89Carvana CVNA 263.45 -17.17Catalent CTLT 106.18 -0.30

s Caterpillar CAT 237.07 -0.81s Celanese CE 168.39 0.90s Cemex CX 8.59 0.28CenovusEnergy CVE 7.97 0.16Centene CNC 65.19 -0.10CenterPointEner CNP 24.38 0.10CentraisElBras EBR 7.06 0.21CeridianHCM CDAY 88.81 -0.29Cerner CERN 75.17 0.57CharlesRiverLabs CRL 336.84 -8.37CharterComms CHTR 675.79 2.04CheckPoint CHKP 120.03 0.12Chegg CHGG 84.76 -1.26

s CheniereEnergy LNG 80.42 -0.58CheniereEnerPtrs CQP 41.58 0.06Chevron CVX 109.02 0.06Chewy CHWY 71.51 -2.92ChinaEastrnAir CEA 21.80 0.29ChinaLifeIns LFC 10.32 0.13ChinaPetrol SNP 52.72 -0.08ChinaSoAirlines ZNH 33.38 -0.26Chipotle CMG 1411.41 -15.09Chubb CB 173.24 1.90ChunghwaTel CHT 40.60 0.17Church&Dwight CHD 88.48 0.19Cigna CI 256.93 -1.49

s CincinnatiFin CINF 119.72 2.04Cintas CTAS 350.25 1.66CiscoSystems CSCO 52.44 1.31Citigroup C 74.78 1.07

s CitizensFin CFG 49.15 0.46CitrixSystems CTXS 121.69 2.51

Clarivate CLVT 27.77 -0.39Cleveland-Cliffs CLF 20.46 0.26Clorox CLX 184.61 0.50Cloudflare NET 69.07 -9.95Coca-Cola KO 54.54 0.54Coca-Cola Euro CCEP 56.65 0.91Cognex CGNX 78.89 -0.99CognizantTech CTSH 75.12 -6.34

t CoinbaseGlbl COIN 256.76 -16.24ColgatePalm CL 82.31 0.99Comcast A CMCSA 56.98 0.57Comerica CMA 78.06 0.43CommerceBcshrs CBSH 80.75 0.89CiaSiderurgica SID 9.65 0.30ConagraBrands CAG 38.15 0.38ConocoPhillips COP 55.70 0.26ConEd ED 77.86 0.97ConstBrands A STZ 241.62 1.92ContinentalRscs CLR 29.28 -0.02Cooper COO 405.50 4.62Copart CPRT 122.54 -0.07Corning GLW 45.67 0.26Corteva CTVA 48.41 0.73Cosan CSAN 16.39 -0.12CoStar CSGP 820.61 -13.38Costco COST 382.76 10.26CoupaSoftware COUP 234.90 -3.16

t Coupang CPNG 40.23 -1.03Credicorp BAP 116.72 0.70CreditSuisse CS 10.37 ...Cree CREE 94.15 0.06CrowdStrike CRWD 187.07 -6.17CrownCastle CCI 180.88 -2.30

s CrownHoldings CCK 112.71 1.95CubeSmart CUBE 42.02 0.45Cummins CMI 265.93 4.96CureVac CVAC 93.95 -7.25CyrusOne CONE 69.82 0.56

D E Fs DISH NetworkDISH 45.93 0.11DTE Energy DTE 141.30 2.42DXC Tech DXC 33.80 0.06Danaher DHR 256.99 2.49Darden DRI 141.75 -0.48DarlingIngred DAR 70.78 -0.09Datadog DDOG 71.36 -5.38DaVita DVA 124.30 1.78DeckersOutdoorDECK 340.42 -4.32Deere DE 389.91 11.05DellTechC DELL 99.77 1.37DeltaAir DAL 44.93 -0.27DentsplySirona XRAY 67.39 -0.20DeutscheBankDB 13.87 0.28DevonEnergy DVN 25.27 0.04DexCom DXCM 357.34 -8.60Diageo DEO 181.70 2.00DiamondbkEner FANG 82.25 -0.87DigitalRealty DLR 149.53 -0.63

s DiscoverFinSvcsDFS 117.73 1.46DiscoveryB DISCB 77.88 -1.09DiscoveryA DISCA 36.25 -0.41DiscoveryC DISCK 31.84 -0.39Disney DIS 181.79 0.28DocuSign DOCU 193.62 -2.85DolbyLab DLB 96.88 -0.10DollarGeneral DG 218.50 2.62DollarTree DLTR 115.70 1.02DominionEner D 78.48 0.53Domino's DPZ 430.03 -1.86

t DoorDash DASH 122.77 -5.62s Dover DOV 152.67 1.83s Dow DOW 69.04 0.97DrReddy'sLab RDY 70.69 0.44DraftKings DKNG 51.89 -4.29Dropbox DBX 24.53 -0.33DukeEnergy DUK 100.54 1.18DukeRealty DRE 45.63 0.38Dun&BradstreetDNB 22.60 -0.16DuPont DD 81.40 0.48Dynatrace DT 46.26 -1.80ENI E 25.05 0.21EOG Rscs EOG 76.98 0.27EPAM Systems EPAM 458.38 -2.90EastWestBncp EWBC 78.41 0.52

s EastmanChem EMN 124.04 1.00Eaton ETN 146.44 0.96eBay EBAY 58.82 0.58Ecolab ECL 228.50 0.56Ecopetrol EC 12.07 0.19EdisonInt EIX 58.91 0.67EdwardsLife EW 91.75 -0.02ElancoAnimal ELAN 31.05 -0.06Elastic ESTC 106.49 -4.16ElectronicArts EA 141.34 3.48

s EmersonElec EMR 93.72 2.83s Enbridge ENB 39.79 -0.15EncompassHealth EHC 85.41 0.73Endeavor EDR 28.69 0.74EnelAmericas ENIA 7.53 0.05EnergyTransfer ET 9.20 0.25EnphaseEnergy ENPH 121.94 -4.94Entegris ENTG 111.30 0.60Entergy ETR 107.63 0.69EnterpriseProd EPD 23.27 -0.03Equifax EFX 237.16 -2.69Equinix EQIX 699.08 6.08Equinor EQNR 21.10 0.12

s Equitable EQH 35.06 -0.05s EquityLife ELS 69.49 1.08EquityResdntl EQR 73.58 1.65ErieIndemnity A ERIE 209.57 -1.83EssentialUtil WTRG 46.29 0.53EssexProp ESS 285.29 4.39EsteeLauder EL 299.35 5.14Etsy ETSY 157.68 -26.89EverestRe RE 273.32 0.21Evergy EVRG 63.70 0.17EversourceEner ES 84.33 0.74



ExactSciences EXAS 108.01 -2.64Exelon EXC 44.48 0.95Expedia EXPE 164.82 -6.10ExpeditorsIntl EXPD115.64 2.16ExtraSpaceSt EXR 145.56 -0.29ExxonMobil XOM 61.55 0.58F5Networks FFIV 182.09 1.38FMC FMC 117.42 -4.41Facebook FB 320.02 5.00FactSet FDS 338.06 1.51FairIsaac FICO 494.21 -2.15Farfetch FTCH 44.77 -2.30Fastenal FAST 52.88 -1.30

s FederalRealty FRT 113.98 4.08s FedEx FDX 310.96 4.43Ferguson FERG 131.01 1.27Ferrari RACE 200.11 -3.14FidNatlFin FNF 46.22 0.42FidNatlInfo FIS 151.80 3.46

s FifthThirdBncp FITB 41.92 0.37FirstCitizBcshA FCNCA 842.94 6.86

s FirstHorizon FHN 19.01 0.30s FirstRepBank FRC 186.91 0.42FirstEnergy FE 37.42 -0.07Fiserv FISV 118.13 1.54FiveBelow FIVE 192.36 -5.19Five9 FIVN 167.25 -3.79FleetCorTech FLT 286.45 -2.59Flex FLEX 18.23 0.57Floor&Decor FND 113.20 0.63FomentoEconMex FMX 79.04 1.40FordMotor F 11.74 0.13Fortinet FTNT 206.51 -2.87

s Fortis FTS 45.17 0.73Fortive FTV 72.45 0.76FortBrandsHome FBHS 109.63 0.62FoxB FOX 36.70 1.16FoxA FOXA 37.57 1.23Franco-Nevada FNV 146.13 2.17

s FranklinRscs BEN 33.98 0.31s FreeportMcM FCX 42.07 0.53FreseniusMed FMS 38.80 -0.81Futu FUTU 134.33 -9.46

G H IGDS Holdings GDS 73.84 -2.56GFLEnvironmentalGFL 32.48 -0.51

s Gallagher AJG 148.84 1.38GameStop GME 161.01 1.53Gaming&LeisureGLPI 45.50 -0.71Gap GPS 34.73 0.36Garmin GRMN 141.34 1.74Gartner IT 231.43 0.49Generac GNRC 318.16 -1.17GeneralDynamicsGD 192.68 2.00GeneralElec GE 13.21 ...GeneralMills GIS 63.64 1.81GeneralMotorsGM 58.72 1.14Genmab GMAB 37.22 0.54Genpact G 47.08 -0.09Gentex GNTX 35.63 0.34

s GenuineParts GPC 132.38 0.73s Gerdau GGB 6.85 0.38GileadSciencesGILD 66.54 0.03GSK GSK 37.91 0.13GlobalPaymentsGPN 200.88 0.63Globant GLOB 212.64 -3.37

s GlobeLife GL 106.28 1.05GoDaddy GDDY 81.19 -1.05GoldFields GFI 9.96 0.25

s GoldmanSachsGS 365.97 8.35GoodRx GDRX 35.08 -1.62

s Graco GGG 78.60 1.04s Grainger GWW 459.00 -1.56Grifols GRFS 17.97 0.07GuardantHealthGH 134.62 -5.11

s HCA HealthcareHCA 209.33 1.49HDFC Bank HDB 70.55 0.71

s HP HPQ 34.98 0.53HSBC HSBC 31.62 0.11Halliburton HAL 22.17 0.17HartfordFinl HIG 66.89 0.19Hasbro HAS 99.43 0.05HealthpeakProp PEAK 33.55 0.46Heico HEI 138.08 1.09Heico A HEI.A 125.18 0.42HenrySchein HSIC 79.92 1.01

s Hershey HSY 168.63 0.27Hess HES 81.29 0.34HewlettPackardHPE 16.37 0.41HighwoodsPropHIW 44.47 0.79Hilton HLT 120.77 -1.85Hologic HOLX 65.16 -0.34

s HomeDepot HD 337.58 5.53HondaMotor HMC 30.66 0.38Honeywell HON 228.66 2.47HorizonTherap HZNP 89.88 0.58HormelFoods HRL 47.47 -0.07DR Horton DHI 101.50 -0.21HostHotels HST 17.12 -0.41HowmetAerospace HWM 32.21 -0.14HuanengPowerHNP 14.67 0.06Huazhu HTHT 56.30 -1.30

s Hubbell HUBB 199.78 1.65HubSpot HUBS491.12 -11.89Humana HUM 465.62 5.53JBHunt JBHT 174.90 1.55HuntingtonBcshs HBAN 15.72 0.17

s HuntingIngallsHII 218.31 5.44IAC/InterActive IAC 230.68 -2.13ICICI Bank IBN 16.66 0.35ICL Group ICL 6.96 0.08IdexxLab IDXX 533.18 3.26IHS Markit INFO 107.55 -0.47ING Groep ING 13.10 0.05

s Invesco IVZ 28.25 0.55IPG Photonics IPGP 197.33 7.68IQVIA IQV 231.22 -0.72IcahnEnterprises IEP 57.57 0.02

s Icon ICLR 223.12 1.14IDEX IEX 226.34 0.65

s IllinoisToolWks ITW 237.06 1.40Illumina ILMN 377.09 -1.26

s ImperialOil IMO 31.06 0.58Incyte INCY 82.31 1.03Infosys INFY 18.60 0.31IngersollRand IR 49.53 0.12Insulet PODD253.16 -11.29Intel INTC 57.19 0.69InteractiveBrkrs IBKR 69.62 -0.40ICE ICE 113.62 -1.10InterContinentl IHG 70.16 -0.35IBM IBM 148.42 3.20

s IntlFlavors IFF 146.51 1.84s IntlPaper IP 61.74 1.02s Interpublic IPG 32.93 0.29Intuit INTU 394.07 2.03IntuitiveSurgical ISRG 842.46 4.06InvitatHomes INVH 34.92 0.64

t iQIYI IQ 14.11 -0.10


s IronMountain IRM 41.65 2.92ItauUnibanco ITUB 5.13 0.05

J K LJD.com JD 76.39 0.85JPMorganChase JPM 160.69 3.17JackHenry JKHY 158.47 0.65

s JacobsEngg J 138.45 0.28JamesHardie JHX 33.94 -0.03JazzPharma JAZZ 172.84 2.02J&J JNJ 167.74 0.67

s JohnsonControls JCI 64.87 0.40s JonesLang JLL 193.20 5.23JuniperNetworks JNPR 27.01 0.70

s KB Fin KB 51.68 3.89KE Holdings BEKE 50.26 0.75

s KKR KKR 57.68 -0.43KLA KLAC 315.89 3.97KSCitySouthernKSU 296.31 1.76Kellogg K 67.53 4.46KeurigDrPepperKDP 36.33 0.34

s KeyCorp KEY 22.89 0.17KeysightTechs KEYS 142.81 2.09KimberlyClark KMB 136.13 0.56KimcoRealty KIM 20.94 0.37KinderMorganKMI 17.65 0.14KingsoftCloud KC 41.03 -1.06KinrossGold KGC 7.59 0.29KirklandLakeGoldKL 39.41 1.02Kohl's KSS 60.29 -0.22KoninklijkePhil PHG 57.81 0.25KoreaElcPwr KEP 10.66 0.27

s KraftHeinz KHC 43.12 0.65Kroger KR 37.69 1.22L Brands LB 65.94 0.25LKQ LKQ 49.07 0.43LPL Financial LPLA 156.54 0.16

s L3HarrisTech LHX 216.99 -0.69s LabCpAm LH 278.08 1.87LamResearch LRCX 617.44 6.44LamarAdv LAMR 103.20 2.54LambWeston LW 78.05 -0.36LasVegasSands LVS 57.27 -2.19Lear LEA 192.21 4.17Leidos LDOS 103.90 0.19Lennar B LEN.B 82.65 ...Lennar A LEN 105.70 0.14LennoxIntl LII 342.28 -1.72LeviStrauss LEVI 30.34 0.02LiAuto LI 17.99 -0.83LibertyBroadbandC LBRDK 162.33 0.14LibertyBroadbandA LBRDA 157.55 0.45

s LibertyGlobal A LBTYA 28.22 1.35LibertyGlobal B LBTYB 28.30 1.01

s LibertyGlobal C LBTYK 28.25 1.22LibertyFormOne A FWONA 40.26 -0.07LibertyFormOne C FWONK 45.63 -0.13LibertyBraves A BATRA 27.59 -0.77LibertyBraves C BATRK 27.29 -0.68LibertySirius A LSXMA 42.50 -0.74LibertySirius C LSXMK 42.77 -0.48EliLilly LLY 193.89 1.08

s LincolnNational LNC 68.60 2.27s Linde LIN 296.40 4.79LithiaMotors LAD 380.32 -0.53LiveNationEnt LYV 75.12 -3.65

s LloydsBanking LYG 2.57 0.02LockheedMartin LMT 387.34 0.97

s Loews L 58.18 0.90LogitechIntl LOGI 111.87 -0.94Lowe's LOW 205.94 5.94

t LufaxHolding LU 11.85 0.47lululemon LULU 321.28 -0.81LumenTech LUMN 13.43 0.66Lyft LYFT 49.80 -2.83

s LyondellBasell LYB 114.13 2.09

M NM&T Bank MTB 162.54 1.80MGMGrowthPropMGP 34.64 -0.28MGM ResortsMGM 38.91 -2.84MKS Instrum MKSI 179.55 3.08MPLX MPLX 28.29 0.34MSCI MSCI 475.91 -2.27MagellanMid MMP 47.77 0.74MagnaIntl MGA 96.06 2.15ManhattanAssocMANH 132.08 -1.82ManulifeFin MFC 21.59 -0.57MarathonOil MRO 11.50 -0.20

s MarathonPetrolMPC 59.46 0.09MaravaiLifeSciMRVI 35.58 -1.78Markel MKL 1198.42 13.40

t MarketAxess MKTX438.61 -18.01Marriott MAR 142.59 -1.92

s Marsh&McLenMMC 137.77 0.11MartinMariettaMLM 372.56 -1.87MarvellTech MRVL 45.54 0.75

s Masco MAS 66.05 0.53Masimo MASI 221.45 0.12Mastercard MA 375.48 6.34MatchGroup MTCH 139.96 -3.71MaximIntProductsMXIM 95.28 0.76McAfee MCFE 23.09 0.82McCormickVtgMKC.V 90.73 0.43McCormick MKC 90.23 -0.23McDonalds MCD 234.86 -0.18McKesson MCK 185.09 -3.99MedicalProp MPW 21.20 0.11Medtronic MDT 127.30 0.30MelcoResorts MLCO 18.39 -0.15MercadoLibreMELI 1446.34 -84.20Merck MRK 77.78 0.08

s MetLife MET 66.95 1.54MettlerToledo MTD 1298.57 5.56MicrochipTechMCHP 146.51 0.87MicronTech MU 84.80 -0.35Microsoft MSFT 249.73 3.26MidAmApt MAA 156.04 3.30Middleby MIDD 179.37 0.02MitsubishiUFJ MUFG 5.60 0.18MizuhoFin MFG 2.97 0.08MobileTeleSysMBT 8.67 0.06Moderna MRNA160.50 -2.34MohawkInds MHK 224.88 0.58

s MolinaHealthcareMOH 263.62 0.64s MolsonCoorsB TAP 59.45 2.50s Mondelez MDLZ 61.72 0.58MongoDB MDB 256.62 -15.37MonolithicPowerMPWR 333.38 -4.44MonsterBev MNST 95.02 0.57Moody's MCO 329.60 0.93

s MorganStanleyMS 86.83 2.32Morningstar MORN 261.28 -2.52Mosaic MOS 35.46 0.55MotorolaSol MSI 188.03 2.27NICE NICE 231.97 -3.87NIO NIO 36.68 -1.03NRG Energy NRG 34.76 -0.18NVR NVR 5134.44 -7.98


NXP Semi NXPI 192.52 2.11Nasdaq NDAQ 163.58 0.03Natera NTRA 96.31 -8.61

s NationalGrid NGG 64.90 1.46Natura&Co NTCO 18.09 0.09NatWest NWG 5.49 -0.04NetApp NTAP 77.87 1.31NetEase NTES 109.76 2.07Netflix NFLX 499.55 3.47Neurocrine NBIX 89.43 -2.17NewOrientalEduc EDU 14.80 0.30

s NewellBrands NWL 29.10 0.75Newmont NEM 66.89 2.05NewsCorp A NWSA 26.00 -0.12NewsCorp B NWS 23.94 -0.12NextEraEnergyNEE 74.01 0.23NielsenHoldingsNLSN 26.64 0.64Nike NKE 133.49 1.28NiSource NI 25.76 -0.02Nokia NOK 4.87 0.07NomuraHoldingsNMR 5.44 -0.03Nordson NDSN 208.58 0.08NorfolkSouthernNSC 286.97 0.95

s NorthernTrustNTRS 118.80 1.38s NorthropGrumNOC 370.05 -2.94NortonLifeLockNLOK 20.82 -0.42NorwegCruise NCLH 27.81 -2.04Novartis NVS 87.35 0.85Novavax NVAX 172.52 0.78NovoNordisk NVO 74.20 0.13Novocure NVCR 193.65 -8.10NuanceComms NUAN 53.08 -0.11

s Nucor NUE 95.69 2.86Nutrien NTR 59.57 0.52NVIDIA NVDA 580.92 2.58

O P QONEOK OKE 53.41 0.26

s OReillyAuto ORLY 561.22 1.13OakStreetHealthOSH 56.55 -2.08OccidentalPetrolOXY 26.65 -0.40Okta OKTA 234.39 -7.67OldDomFreightODFL 264.96 0.83OlinkHolding OLK 29.66 -3.07OmegaHealthcareOHI 36.32 0.53

s Omnicom OMC 84.30 1.13ON Semi ON 37.59 0.04OpenText OTEX 46.52 -0.14OpendoorTech OPEN 17.81 -1.11Oracle ORCL 79.74 0.55Orange ORAN 12.74 0.13Orix IX 81.22 -0.43

s Oshkosh OSK 132.25 2.12OtisWorldwideOTIS 78.36 0.30

s OwensCorningOC 104.36 2.56OzonHoldings OZON 59.00 0.26PG&E PCG 10.94 -0.04

s PNC Fin PNC 198.18 3.57s POSCO PKX 88.40 2.80PPD PPD 46.15 -0.01

s PPG Ind PPG 180.09 1.05PPL PPL 28.84 -0.08

s PRA HealthSci PRAH 170.31 0.93PSBusinessParks PSB 157.00 0.02PTC PTC 130.10 -0.80Paccar PCAR 93.73 2.50

s PackagingCpAm PKG 153.24 1.07PagSeguroDig PAGS 42.02 -1.05PalantirTech PLTR 20.09 -1.06PaloAltoNtwks PANW 337.44 -3.74ParkerHannifin PH 316.07 1.40

s Paychex PAYX 101.59 1.21PaycomSoftware PAYC 327.15 -13.94Paylocity PCTY 171.07 -1.42PayPal PYPL 252.02 4.62Paysafe PSFE 12.76 -0.53Pearson PSO 11.52 0.21Pegasystems PEGA 118.44 0.38Peloton PTON 83.78 1.16

s PembinaPipeline PBA 32.23 0.40PennNational PENN 83.93 -7.48

s Pentair PNR 67.30 ...Penumbra PEN 274.63 1.22PepsiCo PEP 145.56 1.67PerkinElmer PKI 137.50 0.93PetroChina PTR 38.92 0.24PetroleoBrasil PBR 8.76 0.08PetroleoBrasilA PBR.A 8.89 0.04Pfizer PFE 39.19 -0.39

s PhilipMorris PM 96.82 1.38Phillips66 PSX 85.61 0.62Pinduoduo PDD 134.65 3.54PinnacleWest PNW 85.61 1.11Pinterest PINS 59.22 -2.61PioneerNatRscs PXD 164.94 0.60PlainsAllAmPipe PAA 9.49 0.35Playtika PLTK 26.20 -0.16PlugPower PLUG 22.56 -1.73Polaris PII 143.57 2.57Pool POOL 434.85 -6.71

s PrincipalFin PFG 66.57 0.88Procter&Gamble PG 135.14 1.68

s Progressive PGR 104.20 0.40Prologis PLD 114.72 1.71Proofpoint PFPT171.80 -0.16

s PrudentialFin PRU 105.61 1.42Prudential PUK 43.70 0.95PublicServiceEnt PEG 62.57 1.26PublicStorage PSA 275.21 0.59

s PulteGroup PHM 60.61 -0.51Qiagen QGEN 47.71 -0.35Qorvo QRVO 184.69 2.13Qualcomm QCOM 136.00 1.35QualtricsIntl XM 35.74 0.30

s QuantaServices PWR 98.59 1.21QuantumScape QS 30.98 -1.90

s QuestDiag DGX 138.39 1.82

R SRELX RELX 26.45 0.13RH RH 684.97 3.81RLX Tech RLX 10.76 -0.07RPM RPM 97.66 0.34RalphLauren RL 134.00 -0.95

s RaymondJamesRJF 136.45 1.49s RaytheonTechRTX 84.68 0.55RealtyIncome O 67.55 0.41RegencyCtrs REG 63.82 1.28RegenPharm REGN 498.68 16.26RegionsFin RF 22.68 0.19ReinsGrp RGA 134.43 2.39

s RelianceSteel RS 174.99 3.69Repligen RGEN 185.22 -9.59

s RepublicSvcs RSG 110.77 1.41ResMed RMD 193.10 0.50RestaurantBrandsQSR 68.71 -0.30RingCentral RNG 261.29 -29.67RioTinto RIO 91.36 0.98RobertHalf RHI 89.70 0.56Roblox RBLX 65.06 -1.53


RocketCos. RKT 19.01 -3.79Rockwell ROK 268.50 1.97RogersComm BRCI 49.90 0.30Roku ROKU 284.18 -19.99Rollins ROL 36.97 -0.13RoperTech ROP 446.20 -3.95RossStores ROST 129.06 0.34

s RoyalBkCanadaRY 98.32 1.42RoyalCaribbeanRCL 80.70 -2.30RoyalDutchA RDS.A 40.13 0.35RoyalDutchB RDS.B 37.94 0.49RoyaltyPharma RPRX 41.05 -0.76

s Ryanair RYAAY 119.35 1.98SAP SAP 141.67 3.52S&P Global SPGI 389.57 -2.49SBA Comm SBAC 291.55 -2.66SEI Investments SEIC 63.33 0.15SK Telecom SKM 30.63 0.29SS&C Tech SSNC 73.24 0.42StoreCapital STOR 34.15 -0.47SVB Fin SIVB 578.96 -2.63Salesforce.com CRM 218.05 2.65Sanofi SNY 51.01 0.43SantanderCons SC 35.03 0.14Sasol SSL 17.10 0.20

s Schlumberger SLB 30.73 0.39SchwabC SCHW 71.52 0.54ScottsMiracleGro SMG 240.44 -1.91Sea SE 238.25 -6.65Seagate STX 89.99 1.56Seagen SGEN 136.07 0.99

s SealedAir SEE 56.80 -0.12SempraEnergy SRE 136.61 1.13SensataTechs ST 57.74 -0.26ServiceCorp SCI 55.58 -0.22ServiceNow NOW 485.84 5.87ShawComm B SJR 29.15 0.15

s SherwinWilliams SHW 285.39 2.11s ShinhanFin SHG 36.78 1.76Shopify SHOP 1090.93 -29.42Sibanye-Stillwater SBSW 19.07 0.40SignatureBank SBNY 253.54 -3.22SimonProperty SPG 122.92 2.00SiriusXM SIRI 5.98 -0.04

s SiteOneLandscape SITE 193.24 -0.26Skyworks SWKS 175.93 1.92SlackTech WORK 41.40 0.16SmithAO AOS 71.34 0.12Smith&Nephew SNN 43.59 0.59

s Smucker SJM 137.41 2.57Snap SNAP 52.59 -1.48

s SnapOn SNA 250.12 4.63t Snowflake SNOW 199.84 -13.95SOQUIMICH SQM 53.14 -1.43SolarEdgeTech SEDG 214.13 -5.10Sony SONY 97.75 0.12Southern SO 66.05 0.60SoCopper SCCO 72.82 0.28SouthwestAir LUV 60.69 -0.14

t Splunk SPLK 116.78 -0.06Spotify SPOT 237.04 -2.46Square SQ 223.96 -7.91StanleyBlackDck SWK 217.40 4.29Starbucks SBUX 114.74 1.26StateStreet STT 87.33 1.12

s SteelDynamics STLD 61.65 1.69Stellantis STLA 18.11 0.17Steris STE 210.31 0.88STMicroelec STM 36.56 0.05StoneCo STNE 61.28 -1.07Stryker SYK 254.13 1.06SumitomoMits SMFG 7.31 0.21SunComms SUI 164.34 1.86

s SunLifeFinancial SLF 54.34 -0.37SuncorEnergy SU 22.99 0.24SunRun RUN 46.73 4.89Suzano SUZ 12.81 0.18

s SynchronyFin SYF 44.90 0.11SyneosHealth SYNH 81.34 0.01Synopsys SNPS 237.46 ...

s Sysco SYY 85.38 2.34


T U VTAL Education TAL 55.44 1.25

s TC Energy TRP 50.78 0.57TE Connectivity TEL 135.74 1.03Telus TU 21.47 0.41TJX TJX 71.76 0.73

s T-MobileUS TMUS 138.88 4.75s TRowePrice TROW 188.44 3.11TaiwanSemi TSM 117.00 1.62TakeTwoSoftware TTWO 168.64 1.17TakedaPharm TAK 16.62 0.02Tapestry TPR 46.80 -1.61

s Target TGT 213.00 0.59TataMotors TTM 20.39 0.68

s TeckRscsB TECK 24.65 0.57TeladocHealth TDOC 151.90 -5.09TeledyneTech TDY 433.87 4.59Teleflex TFX 407.54 -2.80Ericsson ERIC 13.69 ...TelefonicaBrasVIV 8.30 0.25Telefonica TEF 4.86 0.08TelekmIndonesia TLK 22.55 0.2010xGenomics TXG 144.45 -38.45Tenaris TS 23.40 0.07TencentMusic TME 16.30 0.14Teradyne TER 125.94 1.42Tesla TSLA 663.54 -7.40TevaPharm TEVA 10.29 -0.07TexasInstruments TXN 184.27 2.62TexasPacLand TPL 1607.88 -93.98

s Textron TXT 67.31 1.61ThermoFisherSci TMO 470.14 2.37ThomsonReuters TRI 95.77 -0.073M MMM 202.41 0.97Toro TTC 115.71 -0.37

s TorontoDomBk TD 70.64 1.20Total TOT 47.61 0.66ToyotaMotor TM 152.96 1.54

s TractorSupply TSCO 194.89 0.28TradeDesk TTD 612.30 -26.84

s Tradeweb TW 82.22 0.08s TraneTech TT 181.92 3.20TransDigm TDG 599.04 3.54TransUnion TRU 105.07 -1.53Travelers TRV 160.50 1.21Trex TREX 106.28 -1.51Trimble TRMB 75.92 -5.19Trip.com TCOM 39.29 0.83TruistFinl TFC 61.05 0.45Tuya TUYA 18.00 -0.68Twilio TWLO 304.12 -31.60Twitter TWTR 53.81 0.25TylerTech TYL 403.02 2.04TysonFoods TSN 78.39 0.52UBS Group UBS 15.66 0.30UDR UDR 45.88 0.87

s UGI UGI 44.91 0.47US Foods USFD 40.13 1.06

t UWM UWMC 7.19 -0.61Uber UBER 46.65 -4.53Ubiquiti UI 266.36 -3.63UiPath PATH 69.29 -1.58UltaBeauty ULTA 316.96 -1.98UnderArmour AUAA 24.70 -0.83UnderArmour CUA 20.44 -0.69Unilever UL 59.69 0.75UnionPacific UNP 227.21 3.65UnitedAirlines UAL 53.05 -0.22UnitedMicro UMC 9.32 -0.07UPS B UPS 214.78 0.26

s UnitedRentalsURI 342.58 9.87s US Bancorp USB 61.44 1.05UnitedTherap UTHR 192.07 -6.07

s UnitedHealth UNH 414.97 2.47UnitySoftwareU 88.32 -3.68UnivDisplay OLED 218.24 -1.76

s UniversalHealthBUHS 154.49 0.96VEREIT VER 46.65 0.19VF VFC 89.27 0.75


VICI Prop VICI 30.87 -0.34VailResorts MTN 314.76 0.77

s Vale VALE 21.85 1.12ValeroEnergy VLO 80.46 0.40

s Vedanta VEDL 14.88 0.45VeevaSystems VEEV 258.25 -2.12Ventas VTR 54.01 0.70

s VeriSign VRSN 223.24 4.84VeriskAnalytics VRSK 175.02 2.39Verizon VZ 59.29 0.60VertxPharm VRTX 213.16 -0.71ViacomCBS B VIAC 38.15 -0.95ViacomCBS A VIACA 43.50 0.29Viatris VTRS 13.93 0.29Vipshop VIPS 28.94 -0.37Visa V 231.32 2.11VMware VMW 162.33 2.29

s Vodafone VOD 19.95 0.19VornadoRealtyVNO 46.83 0.62

s VoyaFinancial VOYA 69.72 -0.31VulcanMatls VMC 191.21 1.71

W X Y ZWEC Energy WEC 97.95 1.39WEX WEX 198.66 -1.83W.P.Carey WPC 74.00 -0.19WPP WPP 68.22 -1.13Wabtec WAB 81.64 0.61WalgreensBootsWBA 54.46 -0.01Walmart WMT 141.05 1.00WarnerMusic WMG 35.46 -0.22

s WasteConnectionsWCN 123.28 -0.03s WasteMgt WM 141.48 -0.16s Waters WAT 309.01 0.55Watsco WSO 294.32 -2.94Wayfair W 286.13 15.16Weibo WB 48.15 0.55

s WellsFargo WFC 46.63 0.79Welltower WELL 73.51 0.86WestFraserTimber WFG 86.30 1.78WestPharmSvcsWST 329.42 0.82WestAllianceBcpWAL 105.77 -2.06WesternDigitalWDC 69.61 1.03WesternMidstrmWES 20.84 0.46WesternUnionWU 25.28 0.29WestlakeChemWLK 102.28 0.27WestpacBankingWBK 20.48 0.24

s WestRock WRK 60.13 1.80WeyerhaeuserWY 39.22 0.66WheatonPrecMetWPM 43.52 1.16

s Whirlpool WHR 250.22 3.37Williams WMB 24.97 0.05Williams-SonomaWSM 183.15 7.63

s WillisTowers WLTW 266.51 3.33s Wipro WIT 7.52 0.28Wix.com WIX 278.00 -8.90Workday WDAY 234.93 -1.01WynnResorts WYNN 122.78 -5.03XP XP 42.46 -0.31XPO Logistics XPO 144.35 -0.15XcelEnergy XEL 71.55 0.80Xilinx XLNX 122.14 0.11XPeng XPEV 26.38 -1.61

s Xylem XYL 118.75 1.39Yandex YNDX 64.93 -0.02

s YumBrands YUM 121.29 0.20YumChina YUMC 61.96 -0.01ZTO Express ZTO 31.68 -0.54ZaiLab ZLAB 155.58 4.12ZebraTech ZBRA 471.41 -11.01Zendesk ZEN 137.56 -0.83Zillow C Z 113.75 -0.05Zillow A ZG 114.14 -1.12ZimmerBiomet ZBH 173.23 -0.32ZionsBancorp ZION 59.18 0.96Zoetis ZTS 167.52 -6.34ZoomVideo ZM 293.05 -4.54ZoomInfoTech ZI 45.57 -0.93Zscaler ZS 167.35 -4.95Zynga ZNGA 10.71 0.57


Thursday, May 6, 2021

How to Read the Stock TablesThe following explanations apply to NYSE, NYSEArca, NYSE American and Nasdaq Stock Marketlisted securities. Prices are composite quotationsthat include primary market trades as well astrades reported by Nasdaq BX (formerly Boston),Chicago Stock Exchange, Cboe, NYSE National andNasdaq ISE.The list comprises the 1,000 largest companiesbased on market capitalization.Underlined quotations are those stocks withlarge changes in volume compared with theissue’s average trading volume.Boldfaced quotations highlight those issueswhose price changed by 5% or more if theirprevious closing price was $2 or higher.

Footnotes:s-New 52-week high.t-New 52-week low.dd-Indicates loss in the most recent fourquarters.FD-First day of trading.h-Does not meet continued listingstandardslf-Late filingq-Temporary exemption from Nasdaqrequirements.t-NYSE bankruptcyv-Trading halted on primary market.vj-In bankruptcy or receivership or beingreorganized under the Bankruptcy Code,or securities assumed by such companies.

Wall Street Journal stock tables reflect composite regular trading as of 4 p.m. andchanges in the closing prices from 4 p.m. the previous day.

BIGGEST 1,000 STOCKS

HighsABB ABB 33.78 0.8AECOM ACM 68.99 1.2Aflac AFL 56.20 1.4AGNC Invt AGNC 18.21 0.4AMN Healthcare AMN 88.90 5.6A-MarkPrecMet AMRK 40.35 -4.9AXIS Capital AXS 58.20 -0.5AcademySports ASO 36.60 2.2AcadiaHealthcare ACHC 63.91 1.7Acushnet GOLF 51.61 20.1AffiliatedMgrs AMG 175.15 3.7Alcoa AA 41.44 -1.7Alfi ALF 5.60 0.8AlfiWt ALFIW 0.88 55.7Alleghany Y 703.56 1.4AlleghenyTechs ATI 24.77 3.5Allegion ALLE 140.30 2.9AllianceData ADS 125.67 -1.2AllianceBernstein AB 46.92 2.5Allstate ALL 132.88 4.1AllyFinancial ALLY 53.12 0.6AlumofChina ACH 15.33 5.0Amcor AMCR 12.51 1.7AmerantBancorpA AMTB 20.99 1.6AmericanAcqnA AMAO 10.00 -0.2AmCampus ACC 46.38 1.3AmerExpress AXP 157.51 0.3AmericanFin AFG 128.23 2.4AIG AIG 50.35 2.7AmericanNatl ANAT 121.32 4.2Ameriprise AMP 263.74 0.9AB InBev BUD 75.74 6.2Anthem ANTM 393.60 -0.1Aon AON 257.56 0.9ApolloGlbMgmt APO 57.34 1.0ApolloMedical AMEH 32.30 5.4AppliedIndlTechs AIT 103.35 1.3Aptargroup ATR 156.63 1.5ArborRealtyPfdA ABRpA 26.60 1.3ArcBest ARCB 86.81 1.8ArcelorMittal MT 32.40 4.7ArcelorMittalNts MTCN 75.56 5.1ArcherDaniels ADM 66.86 0.7Arconic ARNC 36.74 0.1ArcosDorados ARCO 6.16 2.5AresCommRealEst ACRE 15.06 0.3ArgoGroup ARGO 57.12 2.9AristaNetworks ANET 327.52 3.3ArrowFinancial AROW 37.46 4.3Assurant AIZ 163.24 1.6AssuredGuaranty AGO 52.28 -0.5AtHomeGroup HOME 37.75 20.5Athene ATH 61.96 1.4Atkore ATKR 87.22 0.4AuroraAcqn AURCU 11.56 5.7AutoNation AN 106.95 2.4AveryDennison AVY 220.38 2.1AvidTechnology AVID 27.66 27.1Avient AVNT 53.57 0.2BCE BCE 48.46 0.9BancoSantander SAN 3.89 1.0

52-Wk %Stock Sym Hi/Lo Chg

BankofAmerica BAC 42.06 1.5BankofMontreal BMO 96.48 1.8BankNY Mellon BK 51.93 0.9BkNovaScotia BNS 65.17 1.4BankwellFin BWFG 29.00 -0.4BaringsBDC BBDC 10.54 1.4BeaconRoof BECN 59.09 3.2BeautyHealthWt SKINW 4.00 5.9BerkHathwy A BRK.A 435744 2.4BerkHathwy B BRK.B 290.00 2.5BerkshireHills BHLB 24.91 1.6BerryGlobal BERY 67.69 1.9Betterware BWMX 49.25 -0.6Big5SportingGds BGFV 29.24 13.2BiteAcqnWt BITE.WS 0.63 0.4BlackRock BLK 867.39 1.9BlockHR HRB 23.34 2.0BlueLinx BXC 57.67 7.6BootBarn BOOT 74.98 0.1BorgWarner BWA 52.48 2.2BraemarHtlsPfd BHRpB 23.93 -0.6BrasilAgro LND 6.75 -1.5BrighthouseFin BHF 48.99 2.2BroadridgeFinl BR 166.32 -0.1BrooklineBcp BRKL 16.82 1.4Brunswick BC 115.35 2.4BuildersFirstSrc BLDR 52.91 6.0Bunge BG 90.38 -1.1BurgundyTechWt BTAQW 0.91 ...CF Acqn VIII A CFFE 9.95 2.3CF Industries CF 52.25 4.2CGI GIB 90.33 0.6CNA Fin CNA 48.29 1.5CNH Indl CNHI 16.36 4.2CNO Financial CNO 26.91 3.0CONSOL Energy CEIX 12.85 7.5CRH CRH 50.59 0.8CVS Health CVS 83.75 0.8Cabot CBT 63.00 3.3CIBC CM 107.13 1.5CanNaturalRes CNQ 33.25 2.2CapitalOne COF 156.51 1.8CapitalaFinNts22 CPTAG 25.40 0.2Carlyle CG 44.85 1.5Caterpillar CAT 240.98 -0.3Celanese CE 168.59 0.5Cemex CX 8.62 3.4CenterPointPfdB CNPpB 45.35 0.6CentralPacFin CPF 28.81 1.0Chemours CC 34.68 2.6CheniereEnergy LNG 81.38 -0.7ChickenSoupPfdA CSSEP 28.89 2.6ChimeraPfdC CIMpC 24.82 -0.2CincinnatiFin CINF 119.80 1.7CitizensFin CFG 49.17 0.9ComfortSystems FIX 86.74 1.9CommVehicle CVGI 12.56 2.5CommunityBkrs ESXB 9.10 2.1CompassDiversif CODI 26.84 -0.2Conduent CNDT 7.60 6.1Constellium CSTM 17.44 -1.1Volaris VLRS 17.25 1.7CovenantLogist CVLG 23.19 -2.8CrossCtyHlthcr CCRN 17.34 13.5


CrownHoldings CCK 112.84 1.8CryoLife CRY 32.17 7.6Cullen/Frost CFR 124.47 0.3Cushman&Wkfd CWK 18.09 3.2CustomTruckWt CTOS.WS 2.98 -2.1CustomTruck CTOS 10.88 -1.0CustomersBncpNt34 CUBB 26.88 1.8DISH Network DISH 46.48 0.2DelekLogistics DKL 44.02 -6.6Deluxe DLX 47.80 -0.7Denbury DEN 57.79 2.9DiamondrockPfd DRHpA 29.01 2.1Dick's DKS 88.62 1.1DiscoverFinSvcs DFS 117.82 1.3Donaldson DCI 64.28 1.5Dover DOV 152.82 1.2Dow DOW 69.09 1.4DuPont pfA CTApA 92.24 -2.0DynexCapPfdC DXpC 25.84 0.3EMCOR EME 124.53 1.4EasternBankshares EBC 22.24 0.9EastmanChem EMN 124.18 0.8EchoGlobalLog ECHO 37.65 -4.1EdgewellPersonal EPC 43.76 9.1Embraer ERJ 12.15 3.1EmersonElec EMR 93.86 3.1EnableMidstream ENBL 7.86 2.1Enbridge ENB 40.10 -0.4EncoreWire WIRE 80.17 2.4EnerpacTool EPAC 28.70 2.4Equitable EQH 35.46 -0.1EquityBcshs EQBK 31.00 1.4EquityLife ELS 69.77 1.6Everi EVRI 19.95 1.3Evertec EVTC 42.56 3.4ExlService EXLS 98.45 1.8ExtractionOil XOG 44.61 0.1FatBrandsPfdB FATBP 24.70 0.4FBL Financial FFG 60.90 ...FRP Holdings FRPH 55.49 1.8FS KKR Cap FSK 21.24 0.4FTS Intl FTSI 29.29 -0.4FalconMinerals FLMN 5.10 6.2FedAgriMtg C AGM 111.88 3.1FederalRealty FRT 116.08 3.7FederalSignal FSS 42.86 2.4FederatedHermes FHI 32.35 2.1FedEx FDX 311.96 1.4FifthThirdBncp FITB 41.94 0.9FirstBanCorp FBP 13.14 2.3FirstChoiceBncp FCBP 33.10 2.2FirstHorizon FHN 19.04 1.6FirstLongIsland FLIC 22.52 1.6FirstRepBank FRC 187.98 0.2Flowserve FLS 42.36 1.3FootLocker FL 62.81 2.6Fortis FTS 45.18 1.6FortressBioPfdA FBIOP 26.30 ...FortressTransPfC FTAIpC 27.59 0.4ForwardAir FWRD 98.74 -1.9FranklinRscs BEN 34.00 0.9FreeportMcM FCX 42.19 1.3GAMCO Investors GBL 22.48 3.2GATX GATX 101.51 1.2



GMS GMS 46.36 0.3GT Biopharma GTBP 17.48 7.8GabelliDivPfdH GDVpH 28.44 0.7GabelliEqPfdJ GABpJ 29.03 1.5Gallagher AJG 149.40 0.9Genesco GCO 54.84 0.5GenuineParts GPC 132.87 0.6Gerdau GGB 6.86 5.9Gildan GIL 38.14 1.0GlobeLife GL 106.42 1.0GoldmanSachs GS 366.30 2.3Goodyear GT 19.58 1.6GoresTechII A GTPB 10.03 1.9Graco GGG 78.72 1.3Grainger GWW 463.44 -0.3GraniteConstr GVA 42.42 0.2GraphicPkg GPK 19.42 1.0GreatAjaxNts24 AJXA 25.42 -0.2Greif A GEF 65.35 1.5Greif B GEF.B 64.00 -0.7GrupoSimec SIM 15.17 1.2GuarantyBcshrs GNTY 40.31 2.4Gulf Resources GURE 7.09 -5.1HCA Healthcare HCA 209.84 0.7HP HPQ 35.00 1.5HancockWhitney HWC 49.35 2.7Hanesbrands HBI 22.05 ...HarvardBioSci HBIO 7.45 8.2HealthStream HSTM 26.25 1.3Hershey HSY 170.79 0.2HomeDepot HD 337.81 1.7HoughtonMifflin HMHC 9.93 4.4HubGroup HUBG 73.96 -0.6Hubbell HUBB 199.97 0.8HudbayMinerals HBM 8.64 6.4HudsonTech HDSN 2.38 16.1HuntingIngalls HII 222.99 2.6Invesco IVZ 28.28 2.0ITT ITT 98.37 1.9Icon ICLR 223.81 0.5iHeartMedia IHRT 20.35 -0.8IllinoisToolWks ITW 237.51 0.6ImperialOil IMO 31.38 1.9InfoSvcsGrp III 4.85 0.8InglesMarkets IMKTA 66.67 2.4Inotiv NOTV 29.20 1.6InsteelInds IIIN 40.98 3.0IntlFlavors IFF 146.53 1.3IntlFlavorsUn IFFT 50.88 1.0IntlPaper IP 61.79 1.7Interpublic IPG 32.98 0.9iRadimed IRMD 29.98 1.7IronMountain IRM 41.75 7.5Joann JOAN 14.30 1.5JacobsEngg J 139.00 0.2JohnsonControls JCI 65.18 0.6JonesLang JLL 193.39 2.8KB Fin KB 51.73 8.1KKR KKR 58.64 -0.7KKR Pfd C KKRpC 77.24 -0.3KaiserAlum KALU 141.07 0.1KellyServices A KELYA 26.58 2.0KeyCorp KEY 22.90 0.7KimbellRoyalty KRP 11.69 1.2KontoorBrands KTB 69.16 5.1KraftHeinz KHC 43.20 1.5KronosWorldwide KRO 18.41 -4.0L3HarrisTech LHX 219.62 -0.3LabCpAm LH 278.09 0.7LakelandBcp LBAI 18.78 0.8Landec LNDC 12.41 3.8Lazard LAZ 47.21 2.6LeeEnterprises LEE 36.51 -13.9Leggett&Platt LEG 57.01 1.8


LibertyGlobal A LBTYA 28.30 5.0LibertyGlobal C LBTYK 28.40 4.5LibertyLatAmA LILA 14.70 1.8LincolnElectric LECO 133.62 1.2LincolnNational LNC 68.70 3.4Linde LIN 296.50 1.6LiquiditySvcs LQDT 26.15 37.7LloydsBanking LYG 2.57 0.8Loews L 58.22 1.6LyondellBasell LYB 114.33 1.9MDU Rscs MDU 34.47 -0.1MackinacFin MFNC 22.05 1.5MaidenHoldings MHLD 3.89 1.6MarathonPetrol MPC 60.05 0.2Marsh&McLen MMC 138.38 0.1Masco MAS 66.12 0.8MasTec MTZ 111.01 1.5MerchantsBancorp MBIN 45.01 0.9MercuryGeneral MCY 67.88 2.9MetLife MET 67.05 2.4MillicomIntl TIGO 42.30 0.5MineralsTechs MTX 82.49 2.4MolinaHealthcare MOH 267.18 0.2MolsonCoorsB TAP 60.06 4.4Mondelez MDLZ 61.88 0.9Moog A MOG.A 88.41 2.0MorganStanley MS 86.91 2.7MudrickCapII Wt MUDSW 7.50 -3.4MuellerIndustries MLI 47.27 2.6MuellerWater MWA 14.90 0.7NamTaiProperty NTP 16.74 3.2NationalGrid NGG 64.97 2.3Navient NAVI 17.13 0.7NewellBrands NWL 29.12 2.6Newmark NMRK 12.07 11.5NexGenEnergy NXE 4.69 -0.2NorthernTrust NTRS 118.88 1.2NorthfieldBanc NFBK 16.86 1.7NorthropGrum NOC 375.93 -0.8Nucor NUE 95.74 3.1nVentElectric NVT 31.69 1.4O-I Glass OI 18.13 3.3OReillyAuto ORLY 564.00 0.2OldRepublic ORI 25.95 1.5Omnicom OMC 84.61 1.4OrionEngCarbons OEC 22.45 0.2OrthoPediatrics KIDS 63.26 9.1Oshkosh OSK 132.37 1.6OwensCorning OC 104.45 2.5OxfordLane OXLC 7.15 2.3PNC Fin PNC 198.28 1.8POSCO PKX 88.49 3.3PPG Ind PPG 180.21 0.6PRA HealthSci PRAH 170.45 0.5PackagingCpAm PKG 153.38 0.7Paychex PAYX 101.65 1.2PeapackGladFinl PGC 33.00 1.9PembinaPipeline PBA 32.25 1.3PennantPark PNNT 6.81 3.1PennantParkNts PNNTG 25.98 0.3PenskeAuto PAG 92.46 2.0Pentair PNR 67.98 ...PetIQ PETQ 46.00 5.8PhilipMorris PM 96.98 1.4Popular BPOP 79.05 1.7PostHoldings POST 117.58 1.6PrincipalFin PFG 66.60 1.3Progressive PGR 104.79 0.4ProvidentFinSvcs PFS 25.13 1.4PrudentialFin PRU 105.68 1.4PulteGroup PHM 61.61 -0.8QuantaServices PWR 100.00 1.2QuestDiag DGX 138.49 1.3RBC Bearings ROLL 208.11 0.2


RangerEnergySvcs RNGR 6.47 2.2Ranpak PACK 23.00 4.3RaymondJames RJF 136.46 1.1RaytheonTech RTX 84.90 0.7RedwoodTrust RWT 11.46 -1.4RelianceSteel RS 175.00 2.2RepublicSvcs RSG 112.13 1.3ResourcesConnect RGP 14.93 ...Rexnord RXN 52.37 3.1RockyBrands RCKY 69.00 3.1RoyalBkCanada RY 98.35 1.5Ryanair RYAAY 119.50 1.7RyderSystem R 87.06 1.5SLM SLM 20.35 1.0SabineRoyalty SBR 36.46 -0.5SallyBeauty SBH 25.10 20.0SandySpringBncp SASR 47.68 1.5SaulCenters BFS 44.35 3.2Schlumberger SLB 30.77 1.3SchnitzerSteel SCHN 55.89 3.5ScullyRoyalty SRL 15.82 8.8SealedAir SEE 57.28 -0.2SelectMedical SEM 38.82 1.9SemiLEDS LEDS 13.44 85.8SendasDistrib ASAI 16.46 3.1SherwinWilliams SHW 286.35 0.7ShinhanFin SHG 36.83 5.0SilverBowRscs SBOW 10.50 1.4SiteOneLandscape SITE 195.92 -0.1Smucker SJM 138.87 1.9SnapOn SNA 250.13 1.9SonocoProducts SON 69.41 2.0SouthsideBcshs SBSI 42.17 1.7StanleyB&D Un SWT 127.53 1.4SteelDynamics STLD 61.66 2.8Stepan SCL 137.95 1.8SterlingBancorp STL 26.69 -0.1StevenMadden SHOO 43.19 0.9SunLifeFinancial SLF 55.00 -0.7SurgeryPartners SGRY 52.71 3.3SynchronyFin SYF 45.31 0.2Sysco SYY 85.53 2.8TC Energy TRP 50.81 1.1T-MobileUS TMUS 138.98 3.5TPG RE Fin TRTX 13.02 3.0TRowePrice TROW 188.45 1.7TargaResources TRGP 37.56 2.0Target TGT 213.92 0.3TaylorDevices TAYD 12.33 2.3TeckRscsB TECK 24.71 2.4Telephone&Data TDS 25.02 3.6TenetHealthcare THC 65.45 2.0Tennant TNC 85.82 3.4Terex TEX 53.99 3.9TetraTech TTI 3.43 3.4Textron TXT 67.35 2.5Timken TKR 90.47 1.1Toll Bros TOL 66.38 -0.5TorontoDomBk TD 70.66 1.7TractorSupply TSCO 196.10 0.1Tradeweb TW 82.75 0.1TraneTech TT 181.93 1.8TriPointe TPH 25.03 1.1Tronox TROX 23.69 1.0TwinDisc TWIN 12.77 1.3UGI UGI 45.37 1.1UMH PropPfdD UMHpD 25.94 0.2USCellular5.5%SrNt UZE 25.95 0.1UnitedRentals URI 342.96 3.0US Bancorp USB 61.48 1.7USComdtyIndxFd USCI 40.75 1.2USCopperIndex CPER 28.50 2.2UnitedHealth UNH 416.85 0.6


UniversalHealthB UHS 154.70 0.6UrstadtProp A UBA 18.94 3.1Urstadt Pfd H UBPpH 26.39 0.2VPC Impact II A VPCB 10.00 1.3Vale VALE 21.90 5.4Valhi VHI 34.60 -8.3ValmontInds VMI 260.08 1.2Valneva VALN 29.95 7.3Vedanta VEDL 14.91 3.1VeriSign VRSN 223.61 2.2Veritex VBTX 35.62 1.7Vodafone VOD 19.97 1.0VoyaFinancial VOYA 70.68 -0.4WarburgPincusI-B WPCB.U 11.19 10.8WasteConnections WCN 123.68 ...WasteMgt WM 142.40 -0.1Waters WAT 311.91 0.2WattsWater WTS 134.36 4.4WellsFargo WFC 46.69 1.7WesBanco WSBC 38.85 1.6WescoIntl WCC 105.85 9.6WescoPfdA WCCpA 31.99 1.1WestBancorp WTBA 27.41 2.3WestRock WRK 60.17 3.1Whirlpool WHR 251.62 1.4Wiley A JW.A 61.96 1.2WillisTowers WLTW 267.92 1.3Wipro WIT 7.53 3.9WolverineWwide WWW 44.68 -1.0WooriFin WF 30.00 7.2Xylem XYL 118.88 1.2YumBrands YUM 122.41 0.2

LowsARCAbiopharma ABIO 3.05 -4.9ARYASciencesAcqIII ARYA 10.02 -3.0AVROBIO AVRO 8.50 0.3AcutusMedical AFIB 11.21 1.3Adagene ADAG 12.51 -5.4AffirmHldgs AFRM 52.48 -5.5Agrify AGFY 7.58 -16.2Akouos AKUS 12.25 -1.4Akoya AKYA 18.55 -8.1AlphaProTech APT 7.67 -8.5AltitudeAcqnWt ALTUW 1.06 -8.2AmericanWell AMWL 12.98 -3.7AppliedOptoelec AAOI 6.75 2.4Applovin APP 54.72 -2.1ApreaTherap APRE 4.15 -1.8Aptinyx APTX 2.34 3.7AquestiveTherap AQST 3.46 -8.8ArchimedesWt ATSPW 0.70 -9.1ArcturusTherap ARCT 28.92 -6.1ArrayTech ARRY 23.60 1.9AssemblyBiosci ASMB 3.84 -3.2AteaPharm AVIR 19.70 4.4Athersys ATHX 1.51 -1.3Atreca BCEL 9.70 -6.1AutolusTherap AUTL 4.94 -1.9AveannaHealth AVAH 10.57 ...AxcellaHealth AXLA 3.53 -5.6AytuBioPharma AYTU 5.72 -0.7BM Tech BMTX 9.30 -3.3BaudaxBio BXRX 0.80 -8.4BellerophonTherap BLPH 4.02 -3.1BigCommerce BIGC 46.05 -4.4Biomerica BMRA 4.20 -4.0BioXcelTherap BTAI 29.83 -1.7BlueCity BLCT 7.24 -6.2Bottomline EPAY 37.20 -1.0BreezeHldgsRt BREZR 0.20 -5.1BridgetownA BTWN 10.10 -0.6Bridgetown2 BTNB 10.04 -0.8


CM Life II A CMII 11.31 -1.6C3.ai AI 55.11 -4.1CableOne CABO 1682.44 0.4Canoo GOEV 7.24 -8.0CaraTherap CARA 12.16 -0.5CelyadOncology CYAD 5.27 -9.3CoinbaseGlbl COIN 250.51 -5.9Compass COMP 16.14 -3.5ConcertPharm CNCE 3.82 1.8ContraFect CFRX 3.55 -4.7Coupang CPNG 39.33 -2.5Coursera COUR 37.56 -7.2CueBiopharma CUE 10.69 -3.2DecibelTherap DBTX 7.16 -6.8DecipheraPharm DCPH 33.55 -6.7DoorDash DASH 120.05 -4.4DyadicInt DYAI 3.96 -6.1EbangIntl EBON 3.22 -12.0EloxxPharm ELOX 1.99 -8.1Epizyme EPZM 6.70 -9.4ErosSTX ESGC 1.00 -4.3EvofemBiosci EVFM 1.21 -5.4ExperienceInvtA EXPC 8.51 -7.3FangddNetwork DUO 3.64 -6.8FedNat FNHC 3.93 -6.7FigureAcqnI A FACA 9.88 0.4FinchTherap FNCH 12.68 -1.0FinTechEvolWt FTEV.WS 0.76 ...FirstCapital FCAP 43.01 -2.3ForestRoadAcqnIIWt FRXB.WS 0.91 -9.84Dpharma LBPS 11.15 -7.2FreelineTherap FRLN 8.31 -21.3GTT Comm GTT 1.46 -2.6Galecto GLTO 5.37 0.2GaleraTherap GRTX 5.96 -6.0GalmedPharm GLMD 2.25 -14.9GenieEnergy GNE 5.51 0.2GlbBloodTherap GBT 36.01 -4.0GlobalIntPpl SDH 2.90 -3.1GlycoMimetics GLYC 2.22 -3.0GraybugVision GRAY 3.96 -1.6Haemonetic HAE 60.68 -1.1HancockJaffe HJLI 5.37 -6.9HealthAssurWt HAACW 1.68 -2.2HeritageInsurance HRTG 8.60 -2.3HomePtCap HMPT 7.26 -17.7HomologyMed FIXX 6.08 -2.5Honest HNST 19.75 -10.5InflaRx IFRX 3.30 -3.7Inhibrx INBX 14.43 14.5InovioPharma INO 6.24 -0.3InozymePharma INZY 15.64 -6.4Inseego INSG 7.60 -0.5InterceptPharm ICPT 16.81 -10.7IonisPharma IONS 36.03 -6.4iQIYI IQ 13.66 -0.7JFrog FROG 40.25 -3.2KalaPharm KALA 4.97 -11.4KaratPkg KRT 16.68 -0.8KaryopharmTherap KPTI 7.78 0.4KensingtonII A KCAC 9.96 -0.7KiniksaPharm KNSA 14.35 -2.8KinnateBio KNTE 22.81 -5.0KnowBe4 KNBE 18.40 -5.8KukeMusic KUKE 4.57 -3.2Lannett LCI 4.21 -1.5LendingTree TREE 184.77 -0.9LogicBioTherap LOGC 4.62 -7.2Longeveron LGVN 5.42 -7.6LordstownMotors RIDE 7.87 -6.7LuciraHealth LHDX 5.02 -10.7LufaxHolding LU 11.07 4.1LuxHlthTechAcqn LUXA 10.00 -0.3


MarketAxess MKTX 434.22 -3.9MediciNova MNOV 3.90 -5.9Mesoblast MESO 6.96 -2.6Metacrine MTCR 3.31 -5.3MetenEdtechX METX 1.43 -9.3nCino NCNO 55.32 -3.0NeuBaseTherap NBSE 5.01 -11.8NeuroBoPharm NRBO 2.82 0.7NorthernStarAcqn STIC 10.07 -0.4NuCana NCNA 3.38 -11.8Nuwellis NUWE 4.52 -7.4ON24 ONTF 37.78 0.1OdonateTherap ODT 3.00 -3.5OlemaPharm OLMA 19.41 -3.9Optinose OPTN 3.06 -3.1OraSureTechs OSUR 8.58 7.9OscarHealth OSCR 20.85 -7.4Otonomy OTIC 2.11 -4.1OysterPtPharma OYST 16.70 -3.7PainReform PRFX 2.62 -8.3PluristemTherap PSTI 3.73 -3.5PowerbridgeTech PBTS 1.38 -11.4Progenity PROG 2.75 -7.4ProtaraTherap TARA 9.55 -5.7ProvidentAcqnWt PAQCW 0.72 8.0Pulmatrix PULM 0.86 -6.4Puxin NEW 2.83 -5.1RaMedicalSys RMED 3.41 3.3RegionsFinPfdE RFpE 24.41 -0.4RelayTherap RLAY 27.70 -4.0RossAcqnIIA ROSS 9.65 -0.1SQZ Biotech SQZ 11.28 -2.9SanaBiotech SANA 16.28 -0.1SenseiBiotherap SNSE 11.49 -2.317Educ&Tech YQ 5.60 -4.7ShoalsTech SHLS 27.10 1.1SigilonTherap SGTX 12.58 -3.2SilverBoxI A SBEA 9.69 ...SkillfulCrafts EDTK 2.11 -8.2Snowflake SNOW 192.41 -6.5SoYoungIntl SY 7.32 7.2SocialCapHedIV A IPOD 10.21 -1.4SocialCapHedosIVWt IPOD.WS 1.91 -7.4SocialCapHedVI Wt IPOF.WS 1.58 -6.9SolenoTherap SLNO 1.03 -6.2SonnetBio SONN 1.66 -10.6SoteraHealth SHC 22.91 0.5Splunk SPLK 113.85 -0.1StrategicEd STRA 73.81 -0.5SumoLogic SUMO 15.91 -6.3SyrosPharm SYRS 5.07 0.9TCV Acqn TCVA 10.00 -0.6TomiEnvl TOMZ 3.15 2.5TPGPaceBenII YTPG 10.06 0.2TreviTherap TRVI 2.05 -4.7Trxade MEDS 3.73 -2.1UWM UWMC 7.02 -7.8UniversePharm UPC 3.09 -7.0VPC Impact III Wt VPCC.WS 0.67 -1.4VyneTherap VYNE 3.50 -21.2Vapotherm VAPO 18.65 -13.5Vaxcyte PCVX 16.73 -2.8VectivBio VECT 13.51 -5.0Vertex VERX 17.61 -2.8ViantTech DSP 30.18 -4.5Vistra VST 15.52 -1.2VorBiopharma VOR 23.01 -12.0WerewolfTherap HOWL 13.03 -14.3WindtreeTherap WINT 2.00 0.5XomaPfdB XOMAO 24.36 -0.7YatsenHolding YSG 9.44 -2.0Yext YEXT 12.43 0.5YumanityTherap YMTX 14.48 -8.7Zogenix ZGNX 16.73 0.3


New Highs and Lows | WSJ.com/newhighs

The following explanations apply to the New York Stock Exchange, NYSE Arca, NYSE Americanand Nasdaq Stock Market stocks that hit a new 52-week intraday high or low in the latestsession. % CHG-Daily percentage change from the previous trading session.

P2JW127000-0-B00800-1--------XA

THEWALL STREET JOURNAL. Friday, May 7, 2021 | B9

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P2JW127000-0-B00900-1--------XA

B10 | Friday, May 7, 2021 * * * * THEWALL STREET JOURNAL.

Net YTDFund NAV Chg %Ret

American Century InvUltra 80.07 +0.52 5.4American Funds Cl AAmcpA p 42.68 +0.14 9.1AMutlA p 50.52 +0.45 13.7BalA p 32.55 +0.21 8.1BondA p 13.46 ... -2.0CapIBA p 68.46 +0.54 9.3CapWGrA 64.36 +0.47 8.7EupacA p 71.45 +0.27 3.0FdInvA p 76.86 +0.52 11.4GwthA p 71.78 +0.19 6.3ICAA p 49.74 +0.45 12.3IncoA p 25.90 +0.20 10.7N PerA p 64.54 +0.31 6.7NEcoA p 61.49 ... 3.3NwWrldA 92.11 +0.35 4.7SmCpA p 84.93 -0.76 6.8TxExA p 13.65 ... 0.9WshA p 57.60 +0.47 15.2Artisan Funds


IntlVal Inst 45.36 +0.23 NABaird FundsAggBdInst 11.44 +0.01 -2.2CorBdInst 11.81 ... -2.0BlackRock FundsHiYBlk 7.84 ... 2.2HiYldBd Inst 7.84 ... 2.3BlackRock Funds AGlblAlloc p 22.72 +0.07 5.2BlackRock Funds InstEqtyDivd 23.95 +0.22 18.4StratIncOpptyIns 10.37 ... 0.8Bridge Builder TrustCoreBond 10.49 ... -2.0CorePlusBond 10.37 +0.01 -1.5Intl Eq 14.52 +0.07 8.7LargeCapGrowth 22.24 +0.08 8.1LargeCapValue 17.44 +0.13 19.0Calamos FundsMktNeutI 14.21 +0.02 2.3Columbia Class I


DivIncom I 29.43 +0.29 14.5Dimensional Fds5GlbFxdInc 10.92 ... 0.3EmgMktVa 32.38 +0.37 13.3EmMktCorEq 26.32 +0.24 8.5IntlCoreEq 16.25 +0.14 11.7IntSmCo 22.69 +0.15 12.0IntSmVa 21.92 +0.24 14.7LgCo 31.53 +0.26 12.4TAUSCoreEq2 26.56 +0.18 15.8US CoreEq1 34.09 +0.25 15.2US CoreEq2 31.38 +0.22 16.7US Small 47.32 +0.30 23.4US SmCpVal 46.10 +0.36 34.2US TgdVal 31.32 +0.28 33.2USLgVa 45.95 +0.41 22.9Dodge & CoxBalanced 116.27 +0.77 16.2GblStock 15.85 +0.14 19.2Income 14.29 +0.01 -1.3Intl Stk 48.77 +0.50 11.6


Mutual Funds Net YTDFund NAV Chg %Ret







Top 250 mutual-funds listings for Nasdaq-published share classes by net assets.

e-Ex-distribution. f-Previous day’s quotation. g-Footnotes x and s apply. j-Footnotes eand s apply. k-Recalculated by Lipper, using updated data. p-Distribution costs apply,12b-1. r-Redemption charge may apply. s-Stock split or dividend. t-Footnotes p and rapply. v-Footnotes x and e apply. x-Ex-dividend. z-Footnote x, e and s apply. NA-Notavailable due to incomplete price, performance or cost data. NE-Not released by Lipper;data under review. NN-Fund not tracked. NS-Fund didn’t exist at start of period.

Stock 239.06 +2.29 25.5DoubleLine FundsTotRetBdI 10.55 +0.01 -0.4Edgewood Growth InstitutiEdgewoodGrInst 54.97 +0.21 6.2Fidelity500IdxInstPrem145.90 +1.21 12.4Contrafund K6 20.45 +0.17 8.3ExtMktIdxInstPre 85.89 -0.52 9.2FidSerToMarket 14.38 +0.08 11.8IntlIdxInstPrem 49.27 +0.34 8.3MidCpInxInstPrem 30.54 +0.01 13.1SAIUSLgCpIndxFd 22.07 +0.19 12.4SeriesBondFd 10.47 +0.01 -2.3SeriesOverseas 13.28 +0.06 7.1SmCpIdxInstPrem 28.43 ... 13.8TMktIdxInstPrem120.31 +0.69 11.8USBdIdxInstPrem 12.07 +0.01 -2.4Fidelity Advisor INwInsghtI 40.01 +0.28 8.6Fidelity FreedomFF2020 18.07 +0.06 5.3FF2025 16.40 +0.07 6.1FF2030 20.65 +0.09 7.1FF2035 18.09 +0.09 9.2FF2040 13.00 +0.08 10.6Freedom2025 K 16.37 +0.06 6.2Freedom2030 K 20.63 +0.08 7.1Freedom2035 K 18.07 +0.10 9.2Freedom2040 K 13.00 +0.08 10.6Fidelity InvestBalanc 30.64 +0.17 8.6BluCh 172.23 -0.57 5.6Contra 17.82 +0.14 8.7

ContraK 17.86 +0.14 8.7CpInc r 11.27 +0.02 6.3GroCo 34.56 -0.04 5.1GrowCoK 34.66 -0.04 5.2InvGrBd 11.64 ... -1.6LowP r 58.52 +0.43 20.3Magin 13.75 +0.06 5.4NASDAQ r 171.44 +0.65 6.0OTC 18.72 +0.05 6.8Puritn 28.34 +0.11 9.2SrsEmrgMkt 26.07 +0.21 4.4SrsGlobal 15.44 +0.11 7.7SrsGroCoRetail 24.03 -0.02 5.5SrsIntlGrw 18.86 +0.14 6.1SrsIntlVal 11.33 +0.11 12.3TotalBond 11.07 ... -1.5Fidelity SAITotalBd 10.53 +0.01 -1.3Fidelity SelectsSoftwr r 28.02 +0.11 4.9Tech r 26.02 +0.16 2.5First Eagle FundsGlbA 67.64 +0.75 10.4Franklin A1CA TF A1 p 7.79 ... 0.6IncomeA1 p 2.52 +0.02 11.8FrankTemp/Frank AdvIncomeAdv 2.50 +0.02 11.9FrankTemp/Franklin AGrowth A p 143.07 +0.38 5.6RisDv A p 88.45 +0.30 10.5Guggenheim Funds TruTotRtnBdFdClInst 28.76 +0.03 -2.2

Harbor FundsCapApInst 103.68 -0.48 -0.5Harding LoevnerIntlEq 29.63 +0.20 NAInvesco Funds YDevMktY 55.66 +0.43 4.1John Hancock InstlDispValMCI 28.39 +0.20 21.7JPMorgan I ClassCoreBond 11.98 +0.01 -1.8EqInc 22.96 +0.22 16.9JPMorgan R ClassCoreBond 12.00 +0.01 -1.7Lord Abbett AShtDurIncmA p 4.21 ... 0.9Lord Abbett FShtDurIncm 4.21 ... 0.9Metropolitan WestTotRetBdI 10.93 ... -1.8TRBdPlan 10.25 ... -1.8Northern FundsStkIdx 47.04 +0.39 12.4Old Westbury FdsLrgCpStr 18.51 +0.10 8.0Parnassus FdsParnEqFd 60.26 +0.35 12.4PGIM Funds Cl ZHighYield 5.58 ... 3.1TotalReturnBond NA ... NAPIMCO Fds InstlAllAsset 13.29 +0.08 NATotRt 10.33 +0.01 -1.8PIMCO Funds AIncomeFd 12.08 +0.01 NA

PIMCO Funds I2Income 12.08 +0.01 NAPIMCO Funds InstlIncomeFd 12.08 +0.01 NAPrice FundsBlChip 173.92 +0.75 5.1DivGro 66.95 +0.39 11.8EqInc 37.57 +0.33 20.7Growth 103.50 +0.20 6.8HelSci 100.48 -0.48 NALgCapGow I 66.14 +0.12 NAMidCap 119.45 -0.44 5.6NHoriz 81.99 -1.04 -0.4R2020 24.13 +0.08 6.1R2025 20.72 +0.08 7.0R2030 30.74 +0.14 8.0R2035 23.16 +0.11 9.0R2040 33.46 +0.18 10.0PRIMECAP Odyssey FdsAggGrowth r 55.93 -0.33 4.2Schwab Funds1000 Inv r 92.97 +0.57 11.3S&P Sel 64.54 +0.54 12.4TSM Sel r 74.32 +0.43 11.8VANGUARD ADMIRAL500Adml 388.20 +3.20 12.4BalAdml 46.63 +0.17 6.0CAITAdml 12.29 ... 0.2CapOpAdml r198.14 +0.44 11.6DivAppIdxAdm 42.27 +0.36 10.6EMAdmr 43.90 +0.35 5.5EqIncAdml 92.17 +0.90 17.0ExplrAdml 131.19 -0.36 9.6

ExtndAdml 135.81 -0.82 9.3GNMAAdml 10.69 ... -0.2GrwthAdml 138.39 +0.63 6.2HlthCareAdml r 92.87 +0.31 3.7HYCorAdml r 5.96 ... 1.2InfProAd 28.48 -0.04 0.8IntlGrAdml 162.01 -0.73 1.1ITBondAdml 12.11 ... -2.8ITIGradeAdml 10.12 +0.01 -1.9LTGradeAdml 10.84 +0.02 -6.7MidCpAdml 284.66 -0.31 11.3MuHYAdml 12.06 +0.01 1.9MuIntAdml 14.81 ... 0.4MuLTAdml 12.22 ... 0.8MuLtdAdml 11.24 ... 0.3MuShtAdml 15.94 ... 0.2PrmcpAdml r174.73 +0.94 13.6RealEstatAdml137.67 +0.77 15.0SmCapAdml105.94 +0.04 14.0SmGthAdml 96.09 -0.86 2.3STBondAdml 10.80 ... -0.2STIGradeAdml 10.98 +0.01 0.2TotBdAdml 11.26 +0.01 -2.4TotIntBdIdxAdm 22.79 +0.01 -2.3TotIntlAdmIdx r 35.02 +0.28 NATotStAdml 105.56 +0.60 11.8TxMCapAdml220.43 +1.39 11.9TxMIn r 16.52 +0.13 9.0USGroAdml 170.68 -1.20 0.4ValAdml 54.46 +0.50 18.0WdsrllAdml 81.17 +0.63 18.2WellsIAdml 71.22 +0.32 4.5WelltnAdml 82.75 +0.54 8.7WndsrAdml 85.77 +0.56 20.1

VANGUARD FDSDivdGro 36.78 +0.26 11.3INSTTRF2020 27.32 +0.09 NAINSTTRF2025 28.83 +0.11 NAINSTTRF2030 29.82 +0.14 NAINSTTRF2035 30.73 +0.15 NAINSTTRF2040 31.68 +0.17 NAINSTTRF2045 32.55 +0.19 NAINSTTRF2050 32.68 +0.19 NAINSTTRF2055 32.76 +0.19 NAIntlVal 44.47 +0.46 10.5LifeCon 23.20 +0.08 NALifeGro 43.35 +0.23 NALifeMod 33.27 +0.14 NAPrmcpCor 33.89 +0.19 16.9STAR 32.80 +0.07 NATgtRe2015 16.13 +0.04 NATgtRe2020 35.68 +0.12 NATgtRe2025 22.62 +0.10 NATgtRe2030 42.97 +0.20 NATgtRe2035 26.97 +0.13 NATgtRe2040 47.77 +0.26 NATgtRe2045 30.70 +0.18 NATgtRe2050 49.54 +0.29 NATgtRet2055 53.79 +0.32 NATgtRetInc 15.21 +0.03 NATotIntBdIxInv 11.40 +0.01 -2.3USGro 65.88 -0.46 0.4WellsI 29.40 +0.13 4.5Welltn 47.92 +0.31 8.7WndsrII 45.74 +0.35 18.1VANGUARD INDEX FDSExtndIstPl 335.15 -2.00 9.3

IdxIntl 20.93 +0.16 NAMdCpVlAdml 74.11 +0.46 20.8SmValAdml 75.37 +0.52 23.9TotBd2 11.11 +0.01 -2.4TotIntlInstIdx r140.03 +1.12 NATotItlInstPlId r140.07 +1.12 NATotSt 105.53 +0.60 11.8VANGUARD INSTL FDSBalInst 46.64 +0.17 6.0DevMktsIndInst 16.55 +0.13 9.0DevMktsInxInst 25.86 +0.20 9.0ExtndInst 135.80 -0.82 9.3GrwthInst 138.40 +0.63 6.2InPrSeIn 11.60 -0.02 0.8InstIdx 367.35 +3.03 12.4InstPlus 367.37 +3.03 12.4InstTStPlus 82.42 +0.47 11.8MidCpInst 62.88 -0.07 11.3MidCpIstPl 310.13 -0.34 11.3SmCapInst 105.94 +0.04 14.0SmCapIstPl 305.77 +0.11 14.0STIGradeInst 10.98 +0.01 0.2STIPSIxins 26.20 -0.02 2.5TotBdInst 11.26 +0.01 -2.4TotBdInst2 11.11 +0.01 -2.4TotBdInstPl 11.26 +0.01 -2.4TotIntBdIdxInst 34.19 ... -2.3TotStInst 105.58 +0.60 11.8ValueInst 54.46 +0.50 18.0WCM Focus FundsWCMFocIntlGrwIns 26.08 +0.03 5.4Western AssetCoreBondI 13.19 ... NACorePlusBdI 12.11 +0.01 NA

Data provided by

BANKING & FINANCE

FTI President and Chief Executive Steven H. Gunby

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percent of my good ideas onhow to organize the office anddevelop a culture, I’ve stolenfrom Yale.”

Mr. Swensen battled activ-ists over their calls for Yale todivest itself from fossil-fuel in-vestments. He advocated for amore nuanced approach whereYale would work with its in-vestment managers to weighthe costs and risks of carbonemissions.

As early as the ’80s, Mr.Swensen and his longtime dep-uty, Dean Takahashi, espousedthe then-radical idea that in-stitutional investors should de-emphasize stocks and bonds.Investors should take advan-tage of their long time hori-zons to invest in hedge funds,real estate, timber and otheralternative investments, theYale model said.

That framework helped pop-ularize venture capital and pri-vate equity, contributing to theshrinking of the public marketsreshaping the investment world.One of Mr. Swensen’s books,“Pioneering Portfolio Manage-ment,” went on to become a bi-ble for investment management.

Mr. Swensen earned a grad-uate degree from Yale, studyingunder the economists JamesTobin and William Brainard. Hereturned to work at Yale in theendowment office at age 31,taking an 80% pay cut after astint on Wall Street at LehmanBrothers and Salomon Brothers.

Mr. Swensen often blastedthe excessive costs of the mu-tual-fund industry and theconflicts of interest on WallStreet. He bashed activist in-vestors as value-destroyingand asset-gathering managersas out for themselves.

Mr. Swensen survived hisfirst test in 1988, when Yale’sendowment was down 0.2%while Harvard was up 5.7%.

He deftly navigated the

technology bubble. He har-vested double-digit gains in thelate 1990s as the bubble grewand notched a 41% return in2000—more than triple whatendowments on average deliv-ered—the year it burst. Yale’soutperformance was due partlyto a large hedge Mr. Swensenmaintained for years to reduceYale’s tech exposure.

He looked beyond the num-bers to incorporate qualitativeassessments of investmentmanagers into his decisions.

“I’m an old-fashioned guythat wants to sit across the ta-ble from someone that’s donethe analysis,” Mr. Swensensaid in a 2017 interview onstage at the Council on ForeignRelations. His remarks ex-plained his skepticism of quan-

titative strategies but alsotranslated to his larger invest-ment philosophy. He said later,“I don’t understand any otherway to invest.”

He trained protégés whowent on to run the endow-ments at institutions includingthe Massachusetts Institute ofTechnology, Stanford Univer-sity and Bowdoin College.

His female protégés who ransuch endowments outnum-bered their male counterpartsnine to five as of last year. Butthe complexion of the Yale en-dowment’s investment staffand of the managers it investedin remained overwhelminglywhite, as at many other institu-tions. Mr. Swensen in 2020 an-nounced a new diversity push

for the investment staffs ofboth Yale’s money managersand the endowment itself.

Mr. Swensen generallyviewed his job as supportingYale’s mission.

“We require complete trans-parency,” he told the Journal in2009, adding he knew every po-sition of every hedge fund Yalehad money with. “If they won’ttrust us with that information,why should we trust them withour money?” he said.

As other institutions ad-opted the Yale model, Yalefound its choice of managersrather than its asset allocationframework drove gains. Mr.Swensen notched an averagereturn of 13.1% a year at Yalethrough June 30, 2020, outpac-ing the 8.8% average annual re-turn of a traditional portfoliowith 60% in stocks and 40% inbonds over the same 35-yearperiod, according to Yale. Theuniversity said Thursday theendowment’s performance un-der Mr. Swensen translated togains of $45.6 billion.

His biggest test came duringthe financial crisis, when Yaleand other schools that adoptedthe Yale model stumbled. Yalelost nearly 25% in the fiscalyear ended mid-2009. It wouldtake five years for the endow-ment to regain precrisis levels.For Mr. Swensen, the crisis un-derscored that even investorslargely focused on undervaluedsecurities couldn’t ignore sys-temic risk.

Yale lagged behind some ri-vals when low interest ratespowered a historic bull run inthe stock market after the cri-sis. Some noted that holdingindex funds would have beenmore profitable than a portfo-lio heavy on alternatives.

Mr. Swensen remained con-fident the value of a diversi-fied portfolio would win out inthe long run.

about whether enough of themoney was benefiting studentsand faculty or should be left tocompound over time.

The endowment’s growthunder Mr. Swensen made Yaleone of the wealthiest schoolsin the U.S. It went from pro-viding about a 10th of the uni-versity’s spending in 1985 toroughly a third of Yale’s oper-ating budget in 2019. It paidfor everything from facultysalaries to financial aid formore than half of Yale’s stu-dents, and effectively subsi-dized the cost of tuition.

“David served our univer-sity with distinction. He wasan exceptional colleague, adear friend, and a belovedmentor to many in our com-munity,” Mr. Salovey said.

Former Yale PresidentRichard Levin described Mr.Swensen as the biggest donorto Yale in its history given theendowment’s performance.His influence reached far be-yond the university’s New Ha-ven, Conn., campus.

“David was really about thefirst to recognize that aggres-sive diversification, really deepresearch into managers andpatience can pay off,” saidJack Meyer, the former chiefof Harvard University’s endow-ment, who was a close friendand rival.

Princeton endowment chiefAndrew Golden, who workedat the Yale Investments Officein the 1980s, told The WallStreet Journal in 2017, “Ninety

ContinuedfrompageB1

EndowmentChief WhoDiversified

KKR & Co. is investing inCharter Next Generation, join-ing fellow private-equity firmLeonard Green & Partners LPas an equal owner of the spe-cialty-films business andpledging to give all of its em-ployees stock too, officials atthe firms said.

The parties aren’t publiclydisclosing the terms of thetransaction, but people famil-iar with the matter said it val-ues closely held Charter NextGeneration at more than $4billion including debt.

A subsidiary of Abu DhabiInvestment Authority is alsotaking a minority stake in thecompany.

As part of the deal, KKRand Leonard Green haveagreed to make all of CharterNext Generation’s roughly1,700 employees owners of thebusiness. Granting stock tohourly wage earners at portfo-lio companies as a means ofcombating inequality is a pri-ority for Pete Stavros, KKR’sco-head of private equity forthe Americas. The deal marksthe first time a rival hasjoined KKR in the effort, sig-naling the possibility of wideradoption of the ownershipmodel in the buyout world.

Based in Milton, Wis., Char-ter Next Generation makesfilms used in the inner liningsof food packaging and in a va-riety of other industrial,healthcare and consumer ap-plications. Its products, whichare typically made from poly-ethylene, protect foods andother goods by providing heat

resistance and sterility, and bycreating barriers to oxygen,odor, ultraviolet rays andmoisture.

Chief Executive Kathy Bol-hous has led the companysince 2010, when its predeces-sor was carved out of an en-tity formerly known as Apple-ton Papers in a deal valuing itat $62 million.

“It’s been really a tremen-dous opportunity for me tolead this company, but whatI’m so excited about now isthis ability to reward myemployees who have beensuch a key part of our suc-cess,” she said in an interview.“It has been a dream of mineto offer this kind of broad-based ownership.”

Growing up as one of 10children of a disabled father,Ms. Bolhous said she watched

her mother come home tiredafter working in a factory andvowed she would one daywork in the front office. Shesaid her decision to join withKKR was driven in large partby the ability to implementemployee ownership.

Mr. Stavros, who has helpedinstitute such ownership pro-grams at KKR portfolio com-panies including pump-and-compressor maker Ingersoll-Rand, said Ms. Bolhous’sleadership was a major attrac-tion for KKR.

“Kathy made a big impres-sion on us,” Mr. Stavros said.“We both come from blue-col-lar backgrounds, and, unfortu-nately, to rise as a woman atan industrial company is reallyuncommon.”

The son of a constructionworker, Mr. Stavros is in the

process of launching a non-profit organization called theCenter for Shared Ownership,to which he and his wife aredonating $10 million.

The organization will de-vote more than $1 million tofund the production of adocumentary about imple-menting shared ownership atCharter Next Generation, fol-lowing Ms. Bolhous and ahandful of her employees overthe next five years.

The company has been amagnet for private equity.Leonard Green’s involvementdates back to 2017, when itagreed to buy Charter NEXFilms Inc.

It struck a deal two yearslater to merge the companywith Next Generation FilmsInc., backed by private-equityfirm Oak Hill Capital.

BY MIRIAM GOTTFRIED

KKRDeal Offers Stock to AllEmployees of Acquired Firm

Charter Next Generation’s Chief Executive Kathy Bolhous has led the company since 2010.

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Heespoused the ideabig investors shoulddeemphasize stocksandbonds.

cess to capital, allowing low-rated companies to refinancetheir debts and avoid defaults.

Business bankruptcy filingsacross all chapters droppednearly 14% to 19,911 for the 12-month period ended March 31,according to statistics releasedMonday by the AdministrativeOffice of the U.S. Courts.

Despite a muted restructur-ing environment, investmentbank PJT Partners Inc. reportedthat its total revenue for thefirst quarter increased 3% to$207 million. Its advisory seg-ment revenue fell 3% from ayear earlier to $153 million,driven by a reduction in re-structuring revenue that waslargely offset by an increase instrategic advisory revenue.

John S. Weinberg, co-CEO ofinvestment bank Evercore Inc.,said in a conference call lastweek that “classic restructuringactivity has slowed and is con-centrated among key sectors

and issuers that have not re-bounded as quickly as someothers have.”

Even so, Evercore posted arecord quarter with its revenueup 55% to $662.3 million,driven by a growth in M&A andcapital-raising activity.

For Greenhill, total revenuein the quarter was up 3% to$68.9 million due to an in-crease in fees from M&A trans-actions, restructuring and fi-nancing advisory activity,partially offset by a reductionin private capital advisory fees.

“M&A activity is strongerthan it has been in recent yearsin each of our main markets,”particularly in the U.S., Scott L.Bok, Greenhill’s chairman andCEO, said during a conferencecall last week, adding the firmhas been active in SPACs.

Lazard, which reported thatM&A transactions were signifi-cantly up, sees significant op-portunities in the SPAC market,finance chief Evan Russo saidon an earnings call. In Febru-ary, the company launched La-zard Growth Acquisition Corp.I, a SPAC that raised $575 mil-lion, he said.

“The proliferation of SPACsalongside strategic and privatecapital has added substantialdry powder to the M&A mar-ket,” said Kenneth M. Jacobs,Lazard’s chairman and CEO.

Investment banks and otherfinancial advisers are puttingthe business of fixing troubledcompanies on the back burneras financial distress stemmingfrom the pandemic diminishes.

Instead, advisory firms likeFTI Consulting Inc., Greenhill &Co. and Lazard Ltd., are turningmore focus to blank-check com-panies; mergers and acquisi-tions; capital raising; and envi-ronmental, social and corporategovernance issues.

When the Covid-19 pandemichit the U.S. last year, it was ex-pected to unleash a wave of fi-nancial distress and bankrupt-cies not seen since the lastfinancial crisis. While bank-ruptcy filings did rise in 2020,they slowed in recent monthsand haven’t been as high as in-vestors and analysts predicted.

“Restructuring as an indus-try is down substantially andour restructuring business iswell off the peak that we sawlast year,” FTI President andChief Executive Steven H.Gunby said during an earningsconference call last week.

Credit-rating firms are pro-jecting that debt defaults willdecline further this year as theeconomy bounces back andmarket conditions remain fa-vorable even for risky borrow-ers. But financial advisers havemade up for the decline in cor-porate distress with revenuegains in other areas, workingon mergers and acquisitionsand special-purpose acquisitioncompanies, which are publiclylisted companies that exist tobuy private businesses.

FTI had weaker demand forits restructuring services thanit anticipated, but its revenuefor the first quarter endedMarch 31 was helped by strongM&A activity, FTI Chief Finan-cial Officer Ajay Sabherwalsaid. FTI had record revenuefor the quarter of $686.3 mil-lion, an increase of 13.5% froma year earlier.

Deal-related business inFTI’s corporate finance and re-structuring segment typicallycontributes about 15% of reve-nue, but is approaching 25% or30%, Mr. Sabherwal said. In thesecond quarter of last year, re-structuring made up almost70% of revenue, but now is lessthan 50%, he said. “Just like wehad an epic tailwind in restruc-turing in the second quarter oflast year, this is an epic tail-wind within M&A,” he said.

Restructurings and bank-ruptcy filings slowed in thefourth quarter of last year asthe Federal Reserve’s moves tosupport the economy eased ac-

BY AISHA AL-MUSLIM

Advisers MoveFrom Revamps asBankruptcies Fall

14%Drop in business bankruptcyfilings in year endedMarch 31

P2JW127000-4-B01000-1--------XA

THEWALL STREET JOURNAL. * * * * * Friday, May 7, 2021 | B11

S&P 500

Kellogg

PayPalHoldingsFacebookApple

Share-price and index performance, Thursday

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shareholders, didn’t have anadequate plan for addressingclimate risks and lacked a leadindependent board director.

Mr. Buffett has been critical

ContinuedfrompageB1

of independent board mem-bers in the past.

Most recently, in his 2020annual letter, Mr. Buffett saidindependent board membersare paid hundreds of thousandsof dollars for only a few days ofwork a year. He said they aren’tvested in the future of the com-pany and too often side withwhatever management wants.

“I feel better when directorsof our portfolio companieshave had the experience ofpurchasing shares with theirsavings, rather than simply

having been the recipients ofgrants,” he wrote at the time.

Berkshire’s dual-share classstructure leaves many share-holders with little votingpower compared with com-pany insiders. Mr. Buffett con-trols about a third of votingpower at Berkshire.

So far, Berkshire executiveshave dismissed the votes byinstitutional investors.

“Overwhelmingly the peo-ple that bought Berkshire withtheir own money voted againstthose propositions,” Mr. Buf-

fett said Saturday. “Most ofthe votes for it came frompeople who’ve never put adime of their own money intoBerkshire.”

He said making all the com-panies across Berkshire’s em-pire fill out a questionnairebecause some outside organi-zations asked for it was “asi-nine.”

It went against the conceptof autonomy the company wasbuilt on. The company hasmade clear to shareholders itrecognizes that managing cli-

mate risks and a diverse work-force are important to the suc-cess of the firm.

Legions of individual inves-tors who are devotees of Mr.Buffett traditionally vote inline with Berkshire’s recom-mendations. For Berkshire,this army of individuals is apowerful ballast against pro-fessional investors. If this cru-cial base becomes less loyalonce the 90-year-old Mr. Buf-fett gives up leadership ofBerkshire, it could change thevoting dynamics.

BlackRockPushesBerkshire

American InternationalGroup Inc. posted strong gainsin first-quarter profit fromgrowth in premiums for itsproperty-casualty business andlower costs from the pandemic.

Net income surged to $3.87billion, more than doubling netof $1.74 billion a year earlier.

During the quarter, Peter Zaf-fino took over as chief executiveofficer from Brian Duperreault,who returned in 2017 in that

role to lead a turnaround of theproperty-casualty unit. Mr. Zaf-fino was a key lieutenant to Mr.Duperreault in the turnaround.

AIG’s first-quarter earningsrelease pointed to a 69% jumpin adjusted pretax income to$845 million, much of it fromthe international side. Net pre-miums written, a key measureof revenue volume, gained 29%in its North American com-mercial-lines business and20% internationally.

The insurer is beginning to

separate its life-and-retirementbusiness from the rest of thecompany, leaving it to focus onits property-casualty half,though no date has been set.

A significant part of AIG’sprofit improvement in the lat-est quarter came from net in-vestment income, driven bystrong returns on private-eq-uity and hedge-fund holdings.AIG’s total net investment in-come rose 46% to $3.66 billion.

Other insurers, includingMetLife Inc., reported large

gains from their private-equityholdings. CEO Michel Khalafsaid on the insurer’s first-quar-ter earnings call Thursday thatventure capital was its best-per-forming subsector of suchfunds, “largely due to the mar-ket’s appetite for tech compa-nies” amid a pandemic-drivenincrease in digital activity.

AIG’s first-quarter resultsshowed a mixed impact fromthe pandemic. AIG said thatCovid-19 fatalities during thefirst quarter led to higher-

than-normal payouts in itslife-insurance business.Also, premiums declined in itstravel-insurance business aspeople put off vacations andother trips in the midst ofCovid-19 restrictions.

While the life-and-retirementunit was hurt by the jump inCovid-19 fatalities, it reported a57% increase in first-quarter ad-justed pretax income to $941million. AIG attributed part ofthat improvement to the highnet investment income.

BY LESLIE SCISM

AIG Profit Rises on Premium, Investment Gains

PayPal shares rose 1.9% after the digital payments company increased its revenue guidance for the year.

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were written before tradingmoved to online platforms thathave grown more visually en-ticing. The hearing was sched-uled after a boom in individual

points, or 0.9%, to 34548.53,closing at its 23rd record of theyear, while the Nasdaq ad-vanced 50.42 points, or 0.4%, to13632.84.

Shares of Kellogg rose $4.46,or 7.1%, to $67.53 after the foodcompany topped analysts’quarterly projections andraised its guidance for the year.The S&P 500’s consumer sta-ples sector gained 1.3%.

PayPal shares rose $4.62, or1.9%, to $252.02 after the digi-tal payments company bumpedup its revenue guidance for theyear.

Tech and communicationstocks in the S&P 500 gained1% and 1.1%, respectively. Fi-nancial stocks added 1.4%.

Healthcare stocks notchedthe smallest gain of the S&P500’s 11 sectors, rising less than0.1%. The sector had been trad-ing in the red most of the dayafter U.S. Trade RepresentativeKatherine Tai said the U.S.would support waiving intellec-tual-property rights to poten-tially enable companies in de-

veloping countries tomanufacture their own ver-sions. That sent shares of sev-eral Covid-19 vaccine makerslower until reports that Ger-man Chancellor Angela Merkelpushed back against the planhelped them recoup some oftheir losses.

Moderna fell $2.34, or 1.4%,

to $160.50. Pfizer shed 39cents, or 1%, to $39.19, whileJohnson & Johnson closed up67 cents, or 0.4%, to $167.74.

And shares of Etsy dropped$26.89, or 15%, to $157.68 afterthe company predicted a slow-down despite posting strongresults for the first quarter.

About 85% of the companies

in the S&P 500 have reportedfirst-quarter results throughThursday morning, posting a50% growth in profits from thesame period a year earlier, ac-cording to FactSet. Analystssay the solid results highlightthe breadth of the economic re-covery, while also giving inves-tors a new reason to buy stocksdespite concerns of elevatedvaluations.

Still, some analysts say thereare signs the rally that beganlast March is beginning to flag.Despite the massive profitgrowth and high number ofsurprises to the upside, just57% of companies that reportedresults so far have seen sharessubsequently rise, according toFactSet.

Overseas, the Euro Stoxx600 fell 0.1%. Early Friday,Japan’s Nikkei was up 0.3%,Hong Kong’s Hang Seng Indexwas up 0.6%, the ShanghaiComposite was up 0.3% andSouth Korea’s Kospi was up0.5%. S&P stock futures wereup 0.1%.

MARKETS

Stocks mounted a late-ses-sion turnaround, closing at ses-sion highs, following upbeatcorporate earnings and signs ofcontinued improvement in thelabor market.

Stocks rallied in the lasthour of trading as investorssnapped up shares of every-

thing fromconsumer sta-ples to banksto technology

companies. The S&P 500 endedjust shy of a record afterbouncing around the flatlineearlier in the day, while theDow Jones Industrial Averagejumped more than 300 points,notching a fresh watermark.The Nasdaq Composite also gota boost, closing in the greenand snapping a four-day losingstreak.

Earnings factored into thestock market’s biggest gainersas shares of Kellogg led theS&P 500 higher after toppinganalysts’ forecasts.

The moves also followednew data from the Labor De-partment showing that joblessclaims had slipped below500,000 last week for the firsttime during the Covid-19 pan-demic, suggesting the economicrecovery continues. The econ-omy’s rejuvenation has been adriver of the S&P 500’s 11%gain this year, with most of thebenefits going into companiesthat are more closely tied tothe U.S. economy.

“We should see cash flowsand company cash flows reallyimprove, especially with the re-openings happening,” saidMary Nicola, a fund manager atPineBridge Investments. Al-though valuations are high,stocks remain attractive com-pared with low-yielding bonds,she added.

Investors will get a clearerpicture of the jobs front on Fri-day after the Labor Departmentreleases its April jobs report.Analysts predict U.S. employersadded 1 million jobs last month.

On Thursday, the S&P 500rose 34.03 points, or 0.8%, to4201.62, leaving it 0.2% awayfrom its April 29 record. TheDow industrials added 318.19

BY JOE WALLACEAND MICHAEL WURSTHORN

End-of-Day Rally Lifts Stocks

THURSDAY’SMARKETS

investors.Mr. Gensler also said the

SEC would study regulatorychanges in response to theMarch blowup of ArchegosCapital Management. Lever-age-fueled bets by the unregu-lated family-investment vehicleof hedge-fund veteran BillHwang led to more than $10billion in losses at top globalbanks.

House Republicans ques-tioned Mr. Gensler on effortsthe SEC may take to requiremore disclosure from publiccompanies about risks relatedto climate change. Some Re-publicans say climate changemay not be a significant issuefor every company. Mr. Genslersaid the SEC likely would pro-pose disclosure rules afterweighing public comment itsought this year.

In remarks on gamification,Mr. Gensler suggested thatmany investor-protection rules

trading, using apps like Robin-hood Markets Inc.’s, drove theprices of several stocks, includ-ing those of GameStop andAMC Entertainment Holdings

Inc., far above where theytraded in December.

“The SEC must remain at-tuned to rapidly changing tech-nologies with an eye to fresh-ening up our rules,”Mr. Genslersaid. “If we don’t address thisnow, the investing public, thosesaving for retirement, and edu-cation may shoulder the burdenlater.”

Robinhood has eliminated adigital confetti graphic from itsapp, following criticism that itserved to gamify investing.Robinhood says it doesn’t gam-ify trading but uses technologyto reduce barriers to investing.

Mr. Gensler said the SECwas examining whether somelarge broker-dealers known aswholesalers have too muchpower in handling retail orders.A former Goldman Sachs GroupInc. banker, he had led theCommodity Futures TradingCommission during the Obamaadministration.

WASHINGTON—The new Se-curities and Exchange Commis-sion chairman told lawmakersThursday that regulators werescrutinizing the marriage of so-cial media and online tradingthat caused gyrations in sharesof GameStop Corp. this year.

SEC Chairman Gary Genslersaid Wall Street’s top regulatorwas studying whether to im-pose new restrictions on bro-kerage apps that use technol-ogy to nudge people to trademore stocks and other securi-ties.

In an appearance via videobefore the House Financial Ser-vices Committee, Mr. Genslersaid applications that “gamify”trading—by using appealing vi-sual graphics to reward a user’sdecision to trade—might en-courage frequent trading thatresults in worse outcomes for

BY DAVE MICHAELSAND ALEXANDER OSIPOVICH

GameStop, Archegos Spur Talk of New Rules

Gary Gensler is concerned about apps that ‘gamify’ trading.

U.S.H

OUSE

COMMITTE

EONFINANCIALSE

RVICES

AUCTIONRESULTSHere are the results of Thursday's Treasury auctions.All bids are awarded at a single price at themarket-clearing yield. Rates are determined by the differencebetween that price and the face value.

FOUR-WEEKBILLSApplications $142,448,216,200Accepted bids $43,193,904,700" noncompetitively $668,446,000" foreign noncompetitively $0Auction price (rate) 99.999222

(0.010%)Coupon equivalent 0.010%Bids at clearing yield accepted 1.55%Cusip number 912796G86

The bills, datedMay 11, 2021,mature on June8, 2021.

EIGHT-WEEKBILLSApplications $146,732,488,600Accepted bids $43,191,959,100" noncompetitively $146,664,400" foreign noncompetitively $168,000,000Auction price (rate) 99.998444

(0.010%)Coupon equivalent 0.010%Bids at clearing yield accepted 56.65%Cusip number 912796H85

The bills, datedMay 11, 2021,mature on July 6, 2021.

Some investors are bettingon a slow, steady grind down-ward for the U.S. dollar.

Hedge funds and asset man-agers are scooping up deriva-tives that pay off when the dol-lar declines slowly or stayswithin a narrow range. In onestrategy, known as a strangle,traders sell both bullish andbearish options for short peri-ods. They can collect a pre-mium from selling the con-

tracts andprofit as longas the underly-

ing currency remains steadyand doesn’t trigger the options.

The bets on a calm retreatmark a shift after last year’spandemic-heightened swings.Many expected the dollar toslide in 2021, as global growthoutpaced the U.S. expansion.Instead the U.S.’s rapid vaccinerollout and economic resur-gence have supported the cur-rency, reducing volatility alongwith the opportunity for trad-ers to make money off swings.The WSJ Dollar Index hasgained roughly 1.4% this year.

Kristen Macleod, co-head ofglobal foreign exchange salesat Barclays, said trade strate-gies that involve selling vola-tility stand out as a cleartrend at a time when hedgefunds and asset managershave a higher bar for bettingin currency markets than ear-lier this year.

Hedge funds and otherspeculative investors have in-creased bets on a weaker dol-lar in recent weeks, thoughnet short positions remainmuch less extreme than theywere late last year, data fromScotiabank and the Commod-ity Futures Trading Commis-sion data show.

“Foreign exchange has notbeen the trending marketmost clients were hoping for,”said Ms. Macleod. “Nobody iscalling for the demise of thedollar as they were in the be-ginning of 2021, but we arestarting to enter a phasewhere you can see the dollardripping lower.”

When the pandemic hit inMarch last year, volatilityshook currency markets. Onemetric that traders use togauge currency swings—deriv-atives tied to Japanese yen—spiked to levels unseen evenduring the financial crisis in2008. It has since retreatedtoward all-time lows. The yen,often a haven for nervous in-vestors, has lost more than 5%against the dollar this year.

Mike Harvey, global head ofelectronic foreign exchangeoptions trading at UBS Group,said higher U.S. interest rates,stock declines or a shift in theFederal Reserve’s easy moneypolicies could boost swings incurrencies. He doesn’t expectsustained volatility, however,until central bank policiesaround the world divergemore.

BY JULIA-AMBRA VERLAINE

InvestorsBet DollarWill DriftDownward

CURRENCIES

P2JW127000-5-B01100-1--------XA


year’s first quarter, customersstarted splurging on furniture in itssecond quarter. The company saidin its earnings call that so far thisquarter, sales declined by a per-centage in the high single digits.With Americans suddenly home-bound and looking to upgrade theirsurroundings, the year-earlier pe-riod logged an 84% jump in sales.

Another unflattering comparisonwill inevitably come from slowinggrowth in new customers. Repeatcustomers placed three-quarters oftotal orders in the first quarter of2021. That share has grown sequen-tially since the second quarter of2020. The flip side is the number ofnew customers declined since thesecond quarter of last year.

Though Wayfair’s share price hascome down by nearly one-fifth fromits peak in March, it is three timeswhere it was pre-pandemic and thestock’s price exceeds 100 times esti-mated earnings for the next 12months. The poor optics of the com-ing quarterly reports could createsome wobbliness, but investorsshouldn’t discount how sturdy theunderlying business has become.

—Jinjoo Lee

Pandemic Payment Habits Look StickyPayPal is seeing little to suggest that consumers’ digital-spending ways will change once economies and stores reopen further

HEARD ONTHESTREET

FINANCIAL ANALYSIS & COMMENTARY

Online furniture seller Wayfairis continuing to prove its businesshas stable foundations. Don’t getdistracted by a coming slowdown.

So far, things look comfortable;total revenue rose 49% in Wayfair’sfirst quarter from a year earlier,exceeding the 44% rise analystspolled by Visible Alpha expected.

Wayfair reached two milestonesduring the period: It turned a fourthconsecutive quarter of both profitand positive free cash flow. WallStreet expected it to swing to aquarterly loss. The achievementproves Wayfair can be consistentlyprofitable. It said in a Thursdayearnings call that it expects to re-port net income for every quarterthis year. That is quite the feat for acompany that was expected to beunprofitable until at least 2024.

Consistently positive free cashflow shows Wayfair is investing ingrowth in a disciplined way. Amongits initiatives are dipping its toe intophysical retailing, which seems well-timed given the expected post-pan-demic reopening and new sources ofrevenue from sellers on its platform.

Unlike toilet paper and cannedgoods, sales of which surged in last

The U.S. economy is looking awhole lot more productive. Thattime you spent figuring out howto use Zoom doesn’t have much todo with it.

The Labor Department onThursday reported that U.S. pro-ductivity, as measured by howmuch the typical worker gets donein an hour, rose at a 5.4% annualrate in the first quarter, putting it4.1% above its year-earlier level.Considering that productivitygrowth averaged just 1% annuallyin the decade before the Covid-19crisis struck, that is something.

The pandemic forced manyAmerican workers and companies tolearn ways to be more efficient, andit is tempting to think that thosenew efficiencies are behind the pro-ductivity gains. That would count asvery good news: Because higherproductivity allows us to producemore in the same amount of time, itcan allow the economy to grow

more quickly without overheating,leading to higher wages for workersand higher profits for businesses.

But for now, at least, the an-swer to why productivity is grow-

ing strongly is more prosaic thanany new era of efficiency. Whenthe economy is coming out of adownturn productivity goes up forthe simple reason that in the early

stages of a recovery demand risesfaster than companies can hireworkers and add hours. In thefourth quarter of 2009, for exam-ple, productivity was up 6.1% fromits year-ago level, but that peteredout quickly.

Moreover, when the economy isgrowing rapidly, as it is now, pro-ductivity tends to be strong, too,and in many cases it is the growththat is prompting businesses andworkers to be more productiverather than they other way around.Cooks in a restaurant that has be-come suddenly popular come upwith ways to keep up when they aregetting slammed; a supplier thatlands a big manufacturing partnerfigures out how to speed up the line.

Considering that the economylooks as if it could grow strongly fora while, given how much pent-updemand there is and how muchmoney the government has pumpedinto it, the productivity figures

could keep looking good as well.All the adaptations that we made

during the pandemic still count forsomething, however. From doctorsdoing virtual patient visits to restau-rants moving to electronic menus tosalespeople working remotely, busi-nesses in many sectors have learnednew ways to be more efficient. Norare all the adaptations people fig-ured out widespread, and there maybe some incredibly effective onesthat hardly anyone has heard of yet.

What that could mean is thatwhen demand rises, people will havemore tools they can reach for to effi-ciently deal with it. You can imaginethe economy re-entering the virtu-ous circle it seemed to be in duringthe late 1990s, with productivity andgrowth feeding each other.

But while that is something wecan hope for, that isn’t where we arenow. It takes more than a spurt ofproductivity growth to make a pro-ductivity miracle. —Justin Lahart

RECESSION

'05 '10 '15 '201980 '85

Quarterly

'90 '95 2000

-2

0

2

4

6%

Nonfarmbusiness productivity, change froma year earlier

Source: Labor Department via St. Louis FedNote: Seasonally adjusted

Patent Waivers Risk Side EffectsA temporary threat to the intel-

lectual property of vaccine makerscould prove to be a lasting head-ache for shareholders.

The U.S. said Wednesday that itwould support a temporary waiverof intellectual-property rights toenable developing countries tomake their own Covid-19 vaccines.Shares of Pfizer, Moderna andseveral other vaccine developersfell sharply in response. The selloffcontinued Thursday morning.

There is no immediate reason tofear the waiver itself. Should WorldTrade Organization members ap-prove it, it won’t hit drugmakers’short-term sales and profits sincecontracts are already signed withgovernments. It also won’t do muchto change the global outlook for pro-duction: Pfizer and Moderna expectto produce more than three billiondoses this year, and it is unlikely anygeneric competitors could scale upquickly enough to meaningfullyboost that figure. Both companiesexpect significant increases in out-put next year.

But news of U.S. support for thewaiver comes as vaccine sales aresetting records. Moderna said it hassigned contracts for $19.2 billion inproduct sales this year. Earlier this

week, Pfizer boosted its 2021 salesforecast for its vaccine to $26 billionfrom $15 billion. These estimates arebased on signed contracts with gov-ernments, so there is still upside.

Such numbers exceed even theworld’s bestselling drugs. For in-stance, sales of AbbVie’s anti-in-flammatory drug Humira reachednearly $20 billion last year. Backin 2015, Gilead Sciences’ hepatitisC drugs also approached that fig-ure before eventually falling off.

But durability of cash flows mat-ters to Wall Street just as much asmagnitude. A drug that patientstake regularly is far more valuableto investors than a one-time treat-ment. Wednesday’s news raises thequestion about just how long theblowout vaccine sales will last.

The drugmakers are optimisticabout their prospects. Pfizer ChiefExecutive Officer Albert Bourla saidTuesday that lasting demand similarto the flu vaccine is a “likely out-come.” Beyond this year, the com-pany has signed contracts with Is-rael and Canada for more supplies.In the latter case, Pfizer could bookrevenue in 2024 from the contract.More contracts seem likely sincegovernments might want to stock-pile vaccines as insurance even after

the pandemic ends. Analysts at RBCCapital Markets project $11 billion inPfizer vaccine sales in 2023.

But it remains highly uncertainwhat kind of pricing power thesecompanies will have in a post-pan-demic environment, even beforeconsidering the possibility ofcheaper competition.

The stock market can be an un-forgiving place for drugmakers thatsell a blockbuster treatment withan uncertain future, even whilecash is still coming in the door.Gilead’s stock peaked back in thesummer of 2015. even though itshepatitis C sales didn’t start fallinguntil the next year. It remainsnearly 50% below its record high.

Pharmaceutical investors whodon’t own vaccine stocks should bepaying careful attention as well. TheBiden administration wasn’t viewedby Wall Street as especially un-friendly to the industry when ittook office. Wednesday’s news couldchange that perception. Discussionof reining in prices in Washington,D.C., has been the trigger for phar-maceutical-stock weakness in thepast, but intellectual property is thebackbone of the drug industry. In-vestors should take any challenge toit seriously. —Charley Grant

After a blockbuster 2020, the big-gest question surrounding PayPalHoldings and other digital paymentcompanies was whether thingswould return to normal in 2021. Sofar, there is little sign of that.

On Wednesday, PayPal said it isnow expecting total payment vol-ume to grow by about 30% thisyear, up from its prior guidance ofthe high-20% range. That means thecompany’s volume growth wouldkeep pace with what it experiencedduring an explosion of digital com-merce during the pandemic. Lastyear’s record volume growth ratewas 31%. PayPal is now predicting itwill add as many as 55 million netnew active users in 2021, up from aprevious forecast of 50 million.

Whatever happens to people’sdesire to spend in the monthsahead, it does seem like they will bedoing it more digitally. For one,debit cards’ surge within digitalwallets doesn’t seem to be slowing.Many consumers are doing more of

their spending digitally on everydaypurchases like groceries or sundries,for which they might have previ-ously used cash or an old-fashionedcard swipe to pay instead of a digi-tal wallet. People are also payingmore often with debit cards as theirbank accounts are flush. Accordingto Visa’s recent quarterly report, forthe month of April through the 21st,U.S. debit-card volume was up 67%from a year earlier and credit-cardvolume was up 61%.

“We believe the shift in con-sumer digital behavior will remainessentially unchanged in a post-Covid world,” Chief Executive DanSchulman told analysts. He ob-served that physical cash spendingis “moving predominantly to debit,which obviously is also great froma funding perspective.”

For PayPal, debit cards are acheaper funding source for custom-ers’ payments via their PayPal wal-lets than credit cards. PayPal’stransaction expenses were at a re-

cord-low 0.8% of total payment vol-ume, helped both by more volumeand that funding mix shift. This isone factor driving expanding prof-itability even as PayPal gets biggerand invests in many new features.

growing year-over-year spendingcategory for PayPal.

This all gets to the potentialstickiness of habits developed dur-ing the pandemic. Even when peopleare back in stores or restaurants,they now have far more opportunityto use a digital wallet like PayPal. Soeven if in the future PayPal doesn’twin as often at the physical check-out counter as it does in the virtualone, there has still been an expan-sion of its opportunities.

Investors have cooled slightlyon PayPal, as they have lately onmany high-growth pandemic techstocks. Its forward price-to-earn-ings multiple has drifted back toaround 50 times, down from itspeak of around 65 times earlierthis year, according to FactSet.

Certainly that doesn’t make it acheap stock. But from a businessstandpoint, there is no reason forinvestors to expect less today out ofPayPal’s future than they might haveat any point thus far. —Telis Demos

PayPal’s adjusted operating marginwas almost 28% in the first quarter,up from about 25% in the fourth.

Other digital payment forms of-fered by PayPal also are continuingto boom, like its buy now, pay laterproducts including “Pay in 4” in theU.S., used to split purchases intomultiple payments. PayPal handledmore than $1 billion of those pay-ments globally in the first quarter,up 36% from the fourth. Notably, thepercentage of those payments madevia debit cards also grew to 82%from 78%. That translated into a16% decline in PayPal’s cost-per-transaction for these payments.

PayPal’s key in-store effort is alsostill progressing. It grew from morethan 600,000 merchants offering itsQR codes in store to nearly one mil-lion over the course of the quarter.The company said that even in mar-kets with some reopening, food andgrocery—usually a place where old-fashioned card swipes and cash arepre-eminent—remained the fastest-

With Wayfair, Look PastThe Lockdown Boom

In Online Furniture Sales

It Isn’t a New Era for U.S. Productivity Yet

Wayfair globalweb traffic

Sources: SimilarWeb (traffic); the company (new customers)*Year to date

50

0

10

20

30

40

million

F

Weekly

J M A M J J A S O N D

2019

2020

2021*

Wayfair’s new customers

5,000

0

1,000

2,000

3,000

4,000

2Q2019

1Q’20

2Q 3Q 4Q3Q 4Q 1Q’21

PayPal Holdings forwardprice/earnings ratio

Source: FactSet

70

20

30

40

50

60

times

’20 ’21May2019

U.S. support for a patent waiver comes as Covid-19 vaccine sales hit records. An inoculation site in Anaheim, Calif., in March.

PAULBE

RSEB

ACH

/ZUMAPR

ESS

P2JW127000-0-B01200-1--------XA

CALVIN AND ELIZABETH Mooreweren’t worried when theylearned their coastal Pensacola,Fla., home was in the path of Hur-ricane Sally. They had upgradedits roof and windows after Hurri-cane Ivan damaged the propertyin 2004.

But the 2020 storm was stron-ger than expected, and they endedup with significant damage from aleaking roof, said Mr. Moore, 79, aretired real-estate broker. Theywere able to have their antiques,art and furniture safely removedand stored while workers repaintedand dealt with mold inside thehouse. They spent months sleepingin the sitting area off their kitchen.

To cover the roughly $300,000

BY ALINA DIZIK

Cynthia and John Cook moved to Hawaii’s Kauai island in 2020 with sonsJackson and Hudson after buying a furnished bungalow found online.

Brent and Gayle Naylor are selling the home they built on a North Shore lot that they bought in 2003. Mr. Naylor says the film ‘South Pacific’ led him to a lifelong love of the area.

Six months into theCovid pandemic, Cyn-thia Cook was makingdinner for her familyin Northern Californiawhile her husband,John Cook, planned a

getaway to Kauai, the northern-most of Hawaii’s major islands.While searching for short-termrentals online, her husband no-ticed a listing that also was forsale.

“He came to me and said,‘We’re going to buy this house,’ ”she recalls.

Ms. Cook, 46, a former commer-cial real-estate broker, and her hus-

BY J.S. MARCUS

Rainy KauaiHas a BrightHomeMarketSales above $3 million surge on Hawaii’sisland, as luxury-home hunters flockto the lush, uncrowded properties;

inventory is thinning

The Moores used a mix of funds to repair about $300,000 in damages to their Florida waterfront home.

in repair costs on their 4,000-square-foot home, which faces the

water on three sides, the cou-ple added their own

funds to payouts fromthe insurer they fi-nally switched to af-ter the previousstorm and after asecond insurer theypicked stopped cov-

ering their area. Their$1.5 million Pure Insur-

ance policy, including re-pairs and replacement from waterdamage, covered about $200,000in damages. Mr. Moore said hepaid a $37,000 wind deductible tothe builder and plans to spend$70,000 to repair his torn-up back-yard, which isn’t covered.

“It’s a work in progress,” he said.The Moores were diligent about

adequate coverage, which coststhem about $28,000 annually andincludes two additional govern-ment-backed flood policies. Thetypical home-insurance policy

PleaseturntopageM8

Bigger Storms Are Dumping Bigger InsuranceAnd Repair Costs onWaterfront Homes

Many owners use awidening patchworkof policies to getneeded coverage

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Offer made sight unseen$1.8 MILLION

NORTH SHORE, KAUAI3 bedrooms, 3 bathrooms,

2,200 sq. ft.

The 2,200-square-foot house, witha great room that opens to theoutdoors, is on a ¼-acre lot that is

a five-minute drivefrom the ocean. Thecouple and their twoboys, now 4 and 5years old, moved intime for Thanksgiv-ing.

These days, rainyKauai has a red-hotreal-estate market.With a rustic vibe,

balmy temperatures and dramaticscenery, Kauai has settled in as thestate’s prime destination for lux-ury-minded homeowners, attract-ing the likes of Facebook’s Mark

PleaseturntopageM10

band, 51, a lawyer, had consideredlooking for a new home in the sub-urbs north of San Francisco, butwere reluctant to testtheir luck in a seller’smarket, where all-cash deals and multi-ple bidders had be-come the rule.

“I looked at him,”says Ms. Cook, “And Isaid, ‘OK, great, whenare we leaving?’ ”

The Cooks madean offer of $1.8 million, sight un-seen, on a furnished three-bed-room, three-bathroom bungalowlocated on Kauai’s North Shore,which is known for its verdantmountains and beautiful beaches.

HAWAII

Kauai

MANSIONHillside ViewsA house amongthe trees on thecoast in Mexico

M11

Wonder WaterThe calmingbenefits of at-home waterfalls

M4

HOMES | MARKETS | PEOPLE | REDOS | SALES

WATERFRONT LIVING

ABOVE HANALEI BAY, KAUAI4 bedrooms, 4.5 bathrooms,

8,200 sq. ft.

Listed for$22.75 MILLION

THEWALL STREET JOURNAL. Friday, May 7, 2021 |M1

P2JW127000-0-M00100-1--------XA

M2 | Friday, May 7, 2021 THEWALL STREET JOURNAL.

CLIM

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Featured in 1992’s ‘A River Runs Through It’

ine attending a fundraiser there.You have a fabulous time and thenyou throw your check in a littlebucket as you go over the bridgeon your way out.”

Jim McCann of Premier EstateProperties is representing the sell-ers in the deal. Suzanne Frisbie, anagent at the same company, is rep-resenting Mr. Glaser’s company.She said she couldn’t think of an-other private island in the area.

Neither Mr. McCann nor the sell-ers could be reached for comment.

Mr. Glaser was also the recentbuyer of the late financier JeffreyEpstein’s Palm Beach home. Mr.Glaser recently demolished theproperty and plans to build a newhouse in its place, he said.

—Katherine Clarke

liam and Eileen Toll, to sell after hefell in love with the potential of theproperty. “Most people in PalmBeach don’t even know this islandexists,” he said.

The Tollshave ownedthe propertyfor decades,

records show. The deal is slatedto close in a few months, Mr. Gla-ser said.

“It’s classic old Palm Beachglamour,” Mr. Glaser said. “Imag-

A rare private island off PalmBeach, Fla., is in contract to sell forclose to $90 million, the latest in astream of big-ticket deals signed inthe pricey area over the past year.

Tarpon Island is accessible onlyby bridge, boat, helicopter or sea-plane. Its buyer, South Florida de-veloper Todd Michael Glaser, saidhe plans to completely renovateand expand the primary 1930s-erahome on the island, nearly dou-bling its footprint to about 22,000square feet. He plans to add in-door and outdoor pools, a gym, a

tennis pavilion and a padel ballcourt. (He said the racket sport,which is similar to squash, is be-coming incredibly popular withthe jet set. Steve Wynn recentlywon approval to add a court to hisPalm Beach home, records show.)

The roughly 2½-acre islandwasn’t publicly listed. Accessiblevia a small bridge that originates atthe end of a private residential cul-de-sac with only two other homes,it is also unusually private. Mr. Gla-ser said he spent more than a yeartrying to convince the owners, Wil-

A Rare Private IslandOff Palm Beach Sells

ties, the ranch includes irrigatedhay meadows along the MadisonRiver and limestone cliffs. It isknown for its bull-elk hunting andtrout fishing (the latter activitywas featured in the movie).

There is a herd of nearly 2,000commercial Black Angus cattle, alarge operation that is likely to bepassed to a new owner. EachJune, locals come tothe ranch to watch thecattle drive, as cow-boys and working dogsmove the cattle alongthe Madison River be-tween two parts of theproperty.

The property alsoincludes an abandonedrailroad, from the days that theMilwaukee Road ran through aportion of the property, from 1906to 1980. There is still a railwaytunnel and a railway trestle thatcrosses Sixteen Mile Creek, a trib-utary of the Missouri River. Na-tive American tipi rings, or circu-lar patterns of stones, and cavepetroglyphs point to the ranch’smore distant past and are evi-

dence of the tribes that hunted,camped and traveled throughoutthe area, Mr. Swan said.

There are seven modest ranchhomes on the property, includingstaff accommodations.

Climbing Arrow Ranch hasbeen in the same family for morethan six decades. It was pur-chased in 1959 by Buck Anderson,

grandson of Bank ofCalifornia founderFrank B. Anderson,and his wife MarciaAnderson, accordingto the agent. Over thedecades, they ex-panded the propertyto its current size.

Mr. Anderson diedin 2012, and Ms. Anderson diedlast year. The ranch is currentlycontrolled by three of their chil-dren; son Frank Anderson lives onsite.

“Our family has had the greatprivilege of being the stewards ofthis beautiful ranch for over 60years,” the Anderson family saidin a statement. “We will cherishthis for our lifetimes, and it can

never be replaced.”Mr. Swan said the family is

selling because they feel it is timeto move on while they are stillyoung and able. He said he seesnumerous sellers of the babyboomer generation selling off landholdings that belonged to theirparents. “It will be interesting tosee who comes in to fill thathole,” he said.

He noted that the buyer poolfor properties of this scale issmall. Other major Montana land-owners include the likes of Mr.Turner and billionaire StanKroenke, owner of the Los Ange-les Rams, who bought a roughly124,000-acre ranch in 2012 nearAugusta, which was listed for$132.5 million.

—Katherine Clarke

A ranch believed to be one ofthe largest private undevelopedproperties in the Rocky MountainWest is seeking $136.25 million,making it one of the most expen-sive properties ever listed for salein Montana.

Climbing Arrow Ranch is actu-ally a series of five separate, non-contiguous parcels that totalabout 80,000 acres. One of theparcels borders ranches owned bymedia mogul and prominent land-owner Ted Turner, according tolisting agent Mike Swan of SwanLand Co. The ranch was also fea-tured in “A River Runs ThroughIt,” the 1992 movie directed byRobert Redford.

Located roughly 30 miles fromBozeman and spanning four coun-

One of Montana’s Priciest Properties Ever

FOR SALE

$136.25MILLION

About 80,000 acres,spans four counties,

cattle herd

The cattle drive is a local event.

The sellers had owned for decades.

JAYBR

UNS

SOLD

$90MILLIONPrivate island,2½ acres,

accessible via asmall bridge

PRIVATE PROPERTIESNY

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Annual Taxes $12,000Gorgeous 4000+ SQ. FT. French Hunting LodgeDual spiral staircases lead to a second floor balcony, thatconnect two private guest wings with three bedrooms/two full marble floored baths - all modernized with acontemporary look and lifestyle.The Property: Comprising the breadth of 9 fields, theestate boasts an outdoor sand dressage ring and acompetition-quality “70 by 200” indoor arena, including 7turn out sheds, a 13 stall barn, a finished tack room withwasher/dryer, a heated wash stall, an attached in-law/groom’s apartment and much more. Price upon request.

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575 MADISON AVENUE, NY, NY 10022. 212.891.7000 © 2021 DOUGLAS ELLIMAN REAL ESTATE. ALL MATERIALPRESENTED HEREIN IS INTENDED FOR INFORMATION PURPOSES ONLY. WHILE, THIS INFORMATION IS BELIEVED TOBE CORRECT, IT IS REPRESENTED SUBJECT TO ERRORS, OMISSIONS, CHANGES OR WITHDRAWAL WITHOUT NOTICE.ALL PROPERTY INFORMATION, INCLUDING, BUT NOT LIMITED TO SQUARE FOOTAGE, ROOM COUNT, NUMBER OFBEDROOMS AND THE SCHOOL DISTRICT IN PROPERTY LISTINGS SHOULD BE VERIFIED BY YOUR OWN ATTORNEY,ARCHITECT OR ZONING EXPERT. EQUAL HOUSING OPPORTUNITY.

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Diane SutherlandLic. R. E. Salesperson

O 718.780.8100M [email protected]

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THEWALL STREET JOURNAL. Friday, May 7, 2021 |M2A

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ousingOpportunity.Compassisalicensedrealestatebrokerlocatedat90

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Y,NY10011.Allinformationfurnishedregardingpropertyforsaleorrentorregardingfinancingisfromsourcesdeemed

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30 West 63rd Street, 28D, New York, NY5 BD 5 BA 1 HB 4,952 SF • $13,995,000Perched on the 28th floor this mint condo offers breathtaking viewsof Central Park, Columbus Circle & Lincoln Center.

Stacey Froelich917.623.7616 • [email protected]

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178 East 94th Street, New York, NY7 BD 6 BA 4 HB 9,819 SF • $14,995,000One of the largest & widest mansion-sized townhomes on the UES,in turn-key condition, with a private parking garage & curb cut.

Josh Doyle + Joshua Wesoky917.279.4969 • [email protected]

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157 Easton Road, Westport, CT7 BD 9 BA 2 HB 9,360 SF • $9,000,000Renovated riverfront masterpiece. Main house, guest house, riverhouse and greenhouse combine to offer a sleek sanctuary.

Susan Vanech203.685.2348 • [email protected]

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545 West End Avenue, 7EF, New York, NY3 BD 2 BA • $1,649,000Thoughtfully renovated to create an elegant separation ofentertaining and private spaces. Full service pre-war co-op.

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320 Highland Avenue, Ridgewood, NJ7 BD 5 BA 1 HB • $3,890,000Sophisticated & modern 7,000 SF home is located on agorgeous lot. Gunite pool, manicured grounds. Close to NYC.

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1050 Park Avenue, 10A, New York, NY2 BD 2 BA 1 HB • $2,595,000Stunning Park Avenue classic 6 co-op with pre-war details. Highceilings, oak floors, wood burning fireplace in the living room.

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160 West 12th Street, 85, New York, NY1 BD 1 BA 1 HB 1,168 SF • $4,500,000Drop dead gorgeous Greenwich Lane pied-a-terre. Beautifullydesigned and furnished. Turn key. Aspirational views.

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15 Broad Street, PH3920, New York, NY3 BD 4 BA 3,216 SF • $5,250,000Premier corner & sunny PH duplex condo with 11’ high ceilings,newly finished maple floors, and 15 wraparound windows.

Gina Gee917 620.2690 • [email protected]

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823 Park Avenue, PH, New York, NY4/5 BD 5 BA 1 HB 7,200 SF • $33,200,000This exceptional 12 room penthouse residence is uniquelycomplemented by 3 magnificent landscaped terraces.

Maria Manuche917.328.2338 • [email protected]

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33 East 70th Street, 10D/11D, New York, NY8 BD 8 BA 2 HB • $13,500,000Steps from Central Park. Rarely available pre-war duplexwith modern loft design. 2 fireplaces.

Debra Peltz + Kimberly Zaga917.273.1092 • [email protected]

NY/NE

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M2B | Friday, May 7, 2021 THEWALL STREET JOURNAL.

All information is from sources deemed reliable but is subject to errors, omissions, changes in price, prior sale or withdrawal without notice. All rights to content, photographs and graphics reserved to Broker. Equal Housing Opportunity Broker.

1. Breathtaking DuplexEast 65th. 5BR. 5.5 Bath.$12M. Web# 20853590.Joshua D. Arcus 212-712-1180Peggy F. Dahan 212-712-1182Apple Luo 212-712-1125

2. Brownstone BeautifulPark Slope. 5BR. 3.5 Bath.$2.9M. Web# 20822331.JoannaMayfield Marks 718-613-2810

3. Bright and Airy, CompletelyRenovated CondoUpper East Side. 3BR. 3 Bath.$2.895M. Web# 20821451.Andrew Phillips 212-381-2227Amelia S. Gewirtz 212-381-2219

4. Newly Priced!Upper West Side. 3BR. 3 Bath.$5.5M. Web# 20861038.Ileen G. Schoenfeld 212-396-5878Aracely Moran 212-588-5649

5. The Dakota - Park Front CornerWest 72nd. 2BR. 1 Bath.$5M. Web# 20867132.John Burger 212-906-9274

6. Sophisticated and Glamorous PenthouseEast 76th. 2BR. 2. Bath.$2.8M. Web# 20794346.Jill Roosevelt 212-906-9340

7. Fifth Ave Duplex PenthouseFlatiron. 3BR. 3.5 Bath.$2.67M. Web# 20865091.Rudi Hanja 212-317-3675SiimM. Hanja 212-317-3670

8. Stunning & Renovated w/Wrap TerraceUpper East Side. 2BR. 2.5 Bath.$2.45M. Web# 19699635.Marilyn Fleming 212-381-3399

9. Expansive Condo JewelUpper West Side. 3BR. 3 Bath.$4.475M. Web# 20667079.Anna Kahn 212-381-2214

10. Stunning PHw/ Breathtaking ViewsUpper West Side. 3BR. 3 Bath.$5.5M. Web# 20856818.Christopher Kromer 212-381-2334Norhana “Nora” Ariffin 212-381-2249

11. Breathtaking TriBeCa LoftDowntown. 2BR. 2 Bath.$2.2M. Web# 20791505.Laura E. Moss 212-452-4507Leslie A. Mintzer 212-452-4473

12. Sophisticated & Flooded w/ Natural LightEast Village. 2BR. 2 Bath.$1.935M. Web# 20456331.Candice Milano 212-381-2639Malessa Rambarran 212-381-3211

13. Fully Renovated w/ ExtraordinaryDetails & FeaturesCarroll Gardens. 3BR. 1.5 Bath.$1.898M. Web# 20768884.Peter Grazioli 718-613-2015

14. Exquisite andModern w/ Deeded Parking!Park Slope. 3BR. 2 Bath.$1.55M. Web# 20854394.Jeffrey Zoldan 718-399-4140

15. Quintessential LoftDUMBO. Loft. 1 Bath.$1.045M. Web# 20625231.Julie Leedes Bienstock 212-521-5785

16. Directly on Prospect ParkPark Slope. 1BR. 1 Bath.$899K. Web# 20864608.Margaret A. Monsor 718-613-2715Angela Ferrante 718-858-1765

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PRIVATE PROPERTIES | WATERFRONT LIVING

Patriots’ Robert Kraft spends$43 million. M14

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Jonathan Oringer paid $40millionin 2014 for the property.

Upper floor rooms look out atsurrounding dunes andwaterfront.

Jonathan Oringer, the billion-aire founder and executivechairman of global photographyprovider Shutterstock, haslisted his modern Hamptonshome for $52 million.

Mr. Oringer bought theBridgehampton, N.Y., propertyin 2014 for $40 million, accord-ing to public records. The10,296-square-foot home wasdesigned by architecture firmBarnes Coy Architects, accord-ing to a digital brochure of thelisting.

The move to list comesroughly six months after Mr.Oringer and his wife TaliaOringer paid $42 million for ahome on Miami Beach’s tonyNorth Bay Road. Mr. Oringer re-cently relocated to Florida andhas said he is investing in techstartups in the Miami area.

The home sits on approxi-mately 2 oceanfront acres withjust over 160 feet of waterfrontage. The brochure high-

lights an ex-pansive out-door livingarea with1,800 squarefeet of patiosand terracesthat lead to aprivatelighted walk-way down tothe beach.

Inside, anelevator offers access to allthree floors of the home, withan open living, dining andkitchen area, a media room witha bar, a gym and a game roomwith a spa that leads to thepool deck. Walnut and lime-stone floors line the home,while floor-to-ceiling glass win-dows and doors maximize thelight and views of the ocean.

Upper floor bedrooms lookout over the property’s sur-rounding dunes and waterfront.The master suite occupies anentire floor and connects to anoffice, a bathroom with a soak-ing tub and a private terrace.There are six additional bed-room suites as well as a two-bedroom staff apartment. Thereare 12 bathrooms total, all fin-ished with custom stonework.

In addition to plentiful patiospace, there is a heated infinityedge pool with a sun shelf, anoutdoor kitchen and living roomwith its own grilling station,and a fireplace and a television.

Mr. Oringer didn’t respond toa request for comment. The list-ing is with Erica Grossman andMichaela Keszler of Douglas El-liman, who declined to com-ment.

—Emily Nonko

A Billionaire’s Hamptons Home

FOR SALE

$52MILLION10.296 sq. ft.,on 2 acres,160 ft. of

water frontage,elevator

T I BURON , CA SE L L ING MAY 2 1

14.5-Acre Site on San Francisco Bay

Previously $47 Million... Now Selling WITHOUT RESERVE!

Previews held Daily by Appt from 12-5pm.Call for Convenient Scheduling.

Sold only once within the past 100 years, this fully-entitled parceloffers 2,000 ft of shoreline on San Francisco Bay - and don’tforget the sandy beach! Conveys with plans and permits for amulti-structure estate that is luxurious yet carbon-neutral.

TiburonLuxuryAuction.com800.853.2101

Property listed by Golden Gate Sotheby’s International Realty (#02027353). Refer toPlatinumLuxuryAuctions.com for relevant disclaimers and brokerage information.

IN COOP. WITH

P2JW127000-0-M00300-1--------XA


COMPARISON SHOPPING

The Soundof

WaterfallsWater features bring a sense of calm

and serenity to the home

chitect Jeremy Smearmansuggests caution. Technicalissues like poor filtrationcan lead to a waterfall thatconstantly gets clogged,and leaks in the liner willresult in water loss. Aes-thetically, making sure thatthe waterfall’s mechanics(like the pump and liner)are out of sight is para-mount. “All of those thingsin a well-designed waterfeature or waterfall are hid-den, disguised and not partof the visual experience,”says Mr. Smearman.

A waterfall at home cansometimes serve a practicalpurpose. Mr. Smearman hasinstalled them on steep lotsin mountainous regions, al-lowing the waterfall to helpmanage the runoff in theevent of a heavy rain.

“I think it is just kind ofinnate to human nature tolike that sound,” says Mr.Smearman. “So if in theproper environment, if exe-cuted properly, I think it isa tremendous amenity.”

9,965 sq. ft., five bedrooms, two waterfalls 6,292 sq. ft., six bedrooms, waterfall and koi pond

Four bedrooms, 41/2 bathrooms, 100-foot natural waterfall

NAPERVILLE, ILL. // $3 MILLION

BANNER ELK, N.C. // $7.25 MILLION

ALTADENA, CALIF. // $4.518 MILLION

People travel theworld to seekout waterfalls,from IguazuFalls in SouthAmerica to Ice-land’s Gulfoss.

Some studies show that be-ing around waterfalls canboost one’s mood and re-duce stress thanks to therelease of negative ions. Itis no wonder that peopletry to re-create these fea-tures at home.

“When light hits a water-fall, because of the move-ment, the reflections areamplified and tossed aboutlike a crystal would toss areflection,” says Houston-based architect LaurenRottet. Coupled with theambient noise of watermovement, they make agreat at-home escape, shesays.

When it comes to install-ing a waterfall at home, At-lanta-based landscape ar-

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7,400 sq. ft., six bedrooms, waterfall and ponds

EVERGREEN, COLO. // $4.5 MILLION

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MANSION | WATERFRONT LIVING

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SLS Residences #1443-1447$4,325,000 | sirbahamas.com/id/h3yhrjDamianos Sotheby's International Realty

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518 Ocean RoadPrice Upon Request | sothebysrealty.com/id/170366522Mott & Chace Sotheby's International Realty

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bonnyhallplantation.com$4,650,000Daniel Ravenel Sotheby's International Realty

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3350 McCue Road, Unit 2003/2004$995,000 | sothebysrealty.com/id/R255NYMartha Turner Sotheby's International Realty

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94 Colony Point Drive$1,540,000 | sothebysrealty.com/id/gtj7wbPeace Sotheby's International Realty

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goldenstonedr.com$1,600,000Cascade Sotheby's International Realty

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P2JW127000-0-M00500-1--------XA


THE MARKET

trenches and pits they dugin search of fuel wereflooded by rising seawaters,creating a wetland paradisefor birds, wildlife, andthose who simply enjoymessing around on boats.

The Norfolk Broads, asthis 117-square-mile Na-tional Park is now known,has evolved from Victorian

holiday resort to the loca-tion of some of Britain’sprime waterfront real es-tate, threaded with riversand streams, dotted withwindmills and ancient vil-lages, and close to thecoast.

Sale prices here havecontinued to rise despitethe pandemic, with buyers

prepared to pay hefty pre-miums for a front-rowhome—one that directlyoverlooks the water. Overthe past five years, pricegrowth in the NorfolkBroads has outperformedthat of Prime Central Lon-don.

According to research byreal-estate agent Hamptons,average sales prices in theBroads, a primarily domes-tic market less influencedby international issues likeBrexit and the financial cri-sis, have jumped by 25%,compared with just 6% inPrime Central London.

During 2020, sales pricesin the Broads increased by4.9%, to an average$343,000, while the averagehome in PCL increased 2.2%in the same period, accord-ing to London property ana-lysts LonRes.

“The thing that is so spe-cial about the NorfolkBroads is not just that youhave got all this unrealbeauty on your doorstep,

thedral city of Norwich isjust to the west, with trainservices to London takingaround two hours.

In the past, this wasconsidered too long for adaily commute, said GarethThomas, a partner at Wil-liam H. Brown estateagents, which meant mostbuyers were seniors look-ing for a waterfront retire-ment property.

“They were people whohad made some money inthe city, and perhaps al-ready had a boat up here,and wanted to relocate toenjoy all of that,” said Mr.Thomas.

With most workplaceslocked down for the bestpart of the last year, how-ever, there has been aflood of younger familiesarriving in the Broads.

“Because so many peo-ple have been workingfrom home and have foundthat they enjoy it, theyhave been liberated tomove away and we have

VANES

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Medieval peas-ants scrapingout an exis-tence in the

rural east of Englandburned peat for warmthand left behind an indeliblemark on the landscape.Over the centuries, the

BY RUTH BLOOMFIELD but the feeling of theplace,” said Jamie Minors,managing director of Mi-nors & Brady estate agents.“People want to move toNorfolk because they feel itis a safer place for theirchildren.”

Agents agree that thepandemic has broadenedthe appeal of the NorfolkBroads, which are set 125miles northeast of the cen-ter of London, and around40 miles from the Queen’sSandringham Estate andthe country home of theDuke and Duchess of Cam-bridge, Anmer Hall. The ca-

By the Beautiful Norfolk BroadsThe seaside villages of this region, set 125 miles northeast of London, are attracting young families and artists

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The Rising Sun Pub inthe village of Coltishall

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NY/NE

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work on the walls.”When locals aren’t work-

ing, they are enjoying thegreat outdoors. Ms. Autonspends much of her timeout on the Broads, walkingher dog or doing conserva-tion work including volun-teering as a seal warden atHorsey Beach to protect thelarge Atlantic grey seal col-onies from sightseers.

The most sought-afterproperty type within theBroads is one overlooking astretch of its more than 125miles of navigable water-ways, and these come at areal premium.

In the village of Horning,for example, Waterside Es-tate Agents is listing aprime waterfront four-bed-room, two-bathroomthatched cottage with inte-gral boat house with wateraccess to the River Bure.The 1,952-square-foot houseis listed for $1.525 million.

Some 12 miles away, Mi-nors & Brady is listing athatched cottage with sixbedrooms, four bathrooms,and a 1.1-acre back yard.The 3,465-square-foothouse, in the village ofFilby, has a guide price of$867,000.

Mr. Minors suggests thatbuyers should prepare topay typical premiums of80% to 100% to buy a front-row property in a sought-after village, compared withthe cost of buying a similarproperty in the same loca-tion but away from the wa-terfront.

“Even in more rural loca-tions where the premium isless, you will still pay 25%to 30% more,” he said.

This estimate shows thepopularity of waterfronthomes in the Broads; a Sep-tember report by KnightFrank estate agents as-sessed the premium buyerspay for a waterfront homeanywhere in the U.K.,whether that water is alake, river, or the sea, at46% above the average saleprice for a similar propertynearby.

Jonathan Weeks, directorof Jackson Stops estateagents, said part of the rea-son for the elevated premi-ums in the Broads is ashortage of supply.

“It keeps the priceshigh,” he said. “Buyers haveto pay whatever it takes tosecure it.”

been incredibly busy,” saidMr. Thomas.

Mr. Minors agrees thatthe demographic of buyershas gotten younger.

“If you take the village ofWroxham, which is verymuch the capital of theBroads, 68% of the currentpopulation is retired,” hesaid. “But in the last yearwe have had far more peo-ple in their forties and fif-ties moving here because ofthe quality of life.”

A smaller, but also im-portant, group of Broads’buyers are artists, who havebeen attracted to the regionfor generations. LorraineAuton, 49, moved to theBroads market town of Aclefive years ago, with her hus-band, Tony Colledge, andher two children, James andAlice Warby, who are 19 and20.

The family had previ-

ously lived in west Norfolkbut wanted to live in theheartland of the county’screative community.

Ms. Auton is a painter,specializing in wildlife,while Mr. Colledge is a pho-tographic artist.

“This part of the world isa real hub for artists andwhen you come here youfind yourself part of a bigscene,” said Ms. Auton, whosaid she found it easy tomeet other creatives afteropening The Studio Above,a small workshop and gal-lery in Acle.

“I think that it is allabout the big skies, the col-ors, and the abundance ofwildlife,” she said. “Wehave got a lot of rare spe-cies and habitats. Whateverthe reason, as soon as weopened four years ago, wewere inundated with peoplewho wanted to put their

The living room in the home of Lorraine Auton and Tony Colledge, above, and the Thurne Mill on the River Thurne, below.

Boats on theRiver Bure,above.Lorraine Autonand TonyColledge, left,with her twochildren, movedto the markettown of Acle inthe NorfolkBroads fiveyears ago. Theirhome, far lefttop, and artiststudio, far leftbottom, havebecome a hubfor the localcreative scene.

LISTINGS

$1.04 millionA remote, rural four-bedroom, one-bathroom farmhousewith private dock space on the River Yare. The RoundHouse, at 1,741 square feet, comes with 15 acres of land,including an orchard, stables and paddocks. It is set inmarshland close to the village of Langley.Agent: Winkworth

$1.04 millionThe Shrubbery is a five-bedroom, two-bathroom house inthe village of Fleggburgh, 16 miles east of Norwich andclose to the coast. The mellow brick property was built inthe mid-18th century and has original features includingfireplaces and sash windows, plus a large backyard withviews over adjacent meadows.Agent: William H Brown

$1.32 millionThe oldest parts of this six-bedroom, four-bathroommanor house date from 1604, making it one of the mosthistoric homes in the village of Coltishall, on the RiverBure and 8 miles north east of Norwich. The property has2.2 acres of backyard, featuring a tennis court and wood-land. In total it measures around 4,939 square feet.Agent: Jackson-Stops FR

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ORALREPRESENTATIONS CANNOT BE RELIED UPON AS CORRECTLY STATING REPRESENTATIONS OFTHE DEVELOPER. FOR CORRECT REPRESENTATIONS, MAKE REFERENCE TO THIS BROCHURE ANDTHE DOCUMENTS REQUIRED BY SECTION 718.503, FLORIDA STATUTES, TO BE FURNISHED BYA DEVELOPER TO A BUYER OR LESSEE. This Condominium is developed by TAMPA BAYOAKS CONDO, LLC

("Developer") and this offering is made only by the Developer’s Prospectus for the Condominium. This offering is not directed to any resident of a jurisdiction in which this offering is prohibited by law. Developer,pursuant to license or marketing agreements with each, has a right to use the trade names, marks, and logos of: The Related Group and of Marriott International, Inc., both of which are Licensors only and neitherof which is the Developer. Consult the Prospectus for all terms, conditions, and unit specifications and to learn what is included with purchase. This condominium is not oceanfront; the sight line of the towerdepicted is conceptual and situated with frontage along Bayshore Boulevard in Tampa. This ad is summary in nature generally depicting The Ritz-Carlton Residences, Tampa and Developer’s contemplated featuresand amenities, all of which is subject to change or modification by Developer. The Ritz-Carlton® is the registered trademark of Marriott International, Inc. 2021© Tampa Bay Oaks, Condo, LLC with all rightsreserved. The Ritz-Carlton Residences, Tampa are not owned, developed or sold byThe Ritz-Carlton Hotel Company, L.L.C. or its affiliates (“Ritz-Carlton”). Tampa Bay Oaks Condo, LLC uses The Ritz-Carlton marksunder a license from Marriott International, Inc. which has not confirmed the accuracy of any of the statements or representations made herein.

Bayfront condos and villas available from $1.6MMSchedule your appointment today

Welcome to an oasis of sophistication

TheResidencesTampa.com(813) 261-6576

The Ritz-Carlton Residences, Tampa are not owned, developed or sold by The Ritz-Carlton Hotel Company, L.L.C.Tampa Bay Oaks Condo, LLC uses The Ritz-Carlton marks under license from The Ritz-Carlton Hotel Company, L.L.C.

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M7A | Friday, May 7, 2021 THEWALL STREET JOURNAL.

Special Advertising Section

Times, they have changed.In a competitive real estate market

fraught with frenzied buyers and hesi-tant sellers, landing a property, eventhose that aren’t considered turnkey,can feel like winning the lottery. Andthat prize probably entails paying overthe home’s asking price and makingquick decisions.

“The current market is absolutelyinsane,” says Louis DeLaura, a LosAngeles-based real estate agent withCompass. “It’s so bizarre how homesare flying off the shelves and nothingstands still.”

In the high-end luxury market,DeLaura has seen $12 million proper-ties receive multiple offers within justtwo days of being on the market.

“You rewind to 2018 and thesehomes would have been sitting for awhile,” he says. “Everything that’s puton the market is selling quickly. Theremay be gems out there, but they’regenerally being sold offmarket. If it’s ahidden gem, it’s probably selling evenfaster, because right now there’s nostone left unturned.”

HIDDEN POTENTIALAcross the country at 5 Jordan Hill

Road in Newtown, Connecticut, CarlSmey has what he considers a 5.17-acre gem on his hands. Situated justfive minutes from Lake Zoar, the landis in prime condition for someone tobuild their dream home on it. It’s al-ready permitted and engineered formultiple buildings, like a main homeand guest house or a detached office.

Smey purchased the propertyabout 25 years ago. He’s marketingand selling it himself at a time whenprospective buyers are looking for

more space to spread out and a betterquality of life.

“It’s a great opportunity for the rightperson,” he says. “It doesn’t need anyimprovements at all really, except forthe construction and what goes alongwith that. Photos really don’t do it jus-tice. It’s a piece of property that is go-ing to change someone’s life.”

Smey, a Connecticut native, has anenthusiasm for his home state that’srather infectious. He speaks of itsquaint New England qualities and co-lonial architecture with such affectionthat you almost wonder why anyonehas ever wanted to live any place else.This may explain why so many home-buyers are trading city life for some-thing suburban, or even rural.

Gigi Bazarian, a licensed real estatesalespersonwithWilliamPittSotheby’sInternational Realty in Ridgefield,Connecticut, is equally smitten withthe state, noting it’s tough being a buy-er’s agent these days because so manypeople want in on the quintessentialNew England experience.

“Now, more than ever, a buy-er’s agent’s network is worth gold,”Bazarian says. “You can’t just rely oncurrent inventory because it’s mov-ing too fast, or in some cases, thereis none. It’s being able to know whatother agents are working on, leverag-ing those relationships and gettinginto the property before it hits themarket. Or, alternatively, reachingout to clients who have toyed withthe idea of selling for some time andplaying matchmaker.”

FINDING GOLDNot far from Connecticut’s own

coveted neighborhoods lies an equally

hot market in Westchester, New York.Just north of Manhattan, the area isbuzzing with activity from buyers whomay be exiting the city, but want tostay within close proximity of all thatit offers.

Carolyn Joy and Rory Tishelmanof Houlihan Lawrence Real Estateserve the area and agree with theircolleagues that it’s really difficult tofind a hidden gem in what is stronglyconsidered a seller’s market. Beyondthat, if a seller hires a savvy agent orbroker, they will guide them in pre-paring their home in order to help itsell quickly.

“With the rise in popularity of stag-ing, buyer’s and seller’s agents and allof the ways real estate has developedover the last 15 years, you’re not goingto see as many hidden gems,” Joy says.“The first thing they do is refinish thefloors or update the bathroom. It usedto be that you couldn’t see through thedecor of the prior owners. But now weremove all of their fingerprints whenwe put the property on the market.You’re not going to get thosediamondsin the rough in the old-fashioned wayof thinking about it because a profes-sional will advise the seller how tomake their home see its full potentialprior to listing.”

Regardless of condition and a dif-ference in existing decor, how doesan eager buyer land a property in thiscompetitive market? Tishelman saysit’s all about being flexible.

“They need to present excellentterms and drop contingencies toqualify for the purchase,” she explains.“We tell our buyers that it’s importantto keep your mind open. Let us show

you a lot of different homes as buyer’sbrokers. Sometimes they don’t un-derstand the value of a home until weshow it to them.”

SEARCHING NORTHIn Maine, luxury real estate broker

Story Litchfield with LandVest admitsit can be tricky to find new property toofferbuyers in thismarket, consideringhowmany traded last year. Hermarketis traditionally quiet in the winter, butthis past season was remarkably busy.

“Hidden gems are often found byreaching out to prospective sellers,prior to an actual listing,” she says.“Waterfront properties are the mostsought after, with year-round capabil-ity, privacy and striking views appeal-ing draws for buyers, but these are verydifficult to find.”

Litchfield points to properties nearAcadia National Park in DownEastMaine as having a lot of appeal, be-cause the park provides year-roundhiking and other outdoor recreationfor people of all abilities.

“Spruce-clad islands, lush, mossywoodland trails and rugged pink gran-ite Atlantic Ocean coastlines are someof the inherent visuals, with limitlessviews that are constantly changingwith the weather,” she says.

If you’re already picturing yourselfimmersed in the scenery, Litchfieldstrongly recommends making thebest offer you can on a property, withas few contingencies as possible, butwith a studied respect for all necessarydue diligence.

And if it’s other newcomers you’relooking for, Mount Desert Island isexperiencing a flurry of activity frombuyers who are reinventing their per-sonal lifestyles from urban areas to amuchmore quiet life, she says.

“Thequality of life and family valueswithin these small, but active, commu-nities takes on new relevance and im-portance,” Litchfield says. “There’s alsoa prevailing high level of environmen-tal interest, which formany defines thevalues of responsible and sustainablelifestyles.”

Once upon a time, before the words COVID-19 and pandemic became part of our

vernacular, house hunters could peruse property listings at their leisure while enlist-

ing the help of a trusted real estate professional to find their ideal home. Perhaps this

search would even involve exploring properties considered “diamonds in the rough,” those in need

of a little work and imagination that could be scored at a great price.

TheWall Street Journal news organization was not involved in the creation of this content.

In a competitive market, are there any hidden gems left in real estate?by Kelly Bryant

TIM LEE PHOTOGRAPHY

In a hot market, buyers may want to rethink their definition of a hidden gem. (Left) The entryway and exterior of a historic Hudson River estate at 205 S. Broadway in Irvington, New York. The homeboasts a separate guest cottage. (Right) A stunning 5 bedroom, 5.5 bath Colonial at 164 Washington Ave. in Dobbs Ferry is ripe for the picking.

Special Advertising Feature

BRONX RIVER PRODUCTIONS

TIM LEE PHOTOGRAPHYDANIEL MILSTEIN PHOTOGRAPHY

Beyond NYC

NY

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THEWALL STREET JOURNAL. Friday, May 7, 2021 |M7B

#1Real EstateBrokerageWESTCHESTER , PUTNAM , GREENWICH & DAR IEN

GREENWICH, CT · $11,900,000Multi-generational compound; totally renovated mainhouse, plus guest house, tennis, squash, pool, gym. WEB#WS2830592 | Amanda Miller & Julie Church | M 203.912.9233

HARRISON, NY · $11,000,000This English Manor features timeless style in acontemporary setting surrounded in exquisite gardens.WEB# WS2828742 | Amy C Ensign | M 914.263.0162

GREENWICH, CT · $9,495,000Stately Georgian brick Manor on 1.5 private acreswith pool/spa. GreenwichGeorgianEstate.comEllen Mosher | M 203.705.9680

SCARSDALE, NY · $9,850,000Iconic Heathcote Estate completed in 2014 in the mostcoveted location of Scarsdale. WEB# WS2833762Mary R. Brennan | M 917.922.4841

SCARSDALE, NY · $8,765,000Set on over four private acres of manicured groundsincluding a tennis court and pool. WEB# WS2780402Laura Miller | M 914.629.1940

OLD CHATHAM, NY · $7,500,000Privately situated up a long winding drive through theapple orchard on 100 acres. WEB# WS2785032Katherine Jennings | M 914.391.2373

NEW CANAAN, CT · $7,450,000A Nantucket-like retreat, beautifully reinvented, aneasy walk to town and the feel of complete privacy.Kelly Kraus | M 203.979.7609

GREENWICH, CT · $7,495,000Magnificent 7 bedroom home. 2 gated acres with gorgeouspool. High ceilings, superb design. WEB# WS2835032BK Bates | M 203.536.4997

BRONXVILLE, NY · $5,295,000Exquisite, meticulously renovated William Bates Coloniallocated in covered location in Bronxville. WEB# WS2824142Mary Karen O’Shaughnessy | M 914.400.5808

GREENWICH, CT · $5,200,000Sunny six-bedroom Contemporary on 5.6 privateacres with pool, tennis court and apartment. WEB#WS2829242 | Kristy De La Sierra | M 203.526.6007

SCARSDALE, NY · $4,500,000This estate is situated on one of the largest privateparcels in Southern Westchester. WEB# WS2804892Kathleen Coleman | M 914.953.7562

GREENWICH, CT · $4,950,000Custom built 7-bedroom brick Georgian Colonial on4-acres with pool and pool house. WEB# WS2826252Julie Church | M 203.561.9373

DARIEN, CT · $4,295,000This stunning six bedroom Georgian Colonial is beau-tifully sited in a gated 2-acre oasis. WEB# WS2826572Patricia Redican | M 203.273.0410

SCARSDALE, NY · $3,698,000Stunning Center Hall Colonial located on a cul-de-sacand situated on park-like property. WEB# WS2815402Stephanie Kirwan | M 917.533.5519

ARMONK, NY · $3,399,000Gorgeous estate set on 7+ acres with a pool & spa, patiowith outdoor kitchen & 2-bedroom guest cottage. WEB#WS2834792 | Lesli Hammerschmidt | M 415.272.8788

NEW CANAAN, CT · $3,495,000Steeped in history with a guest house, gym with apart-ment and 17.5 picture-perfect acres. WEB# WS2826342Laura Edmonds | M 203.979.1831

GREENWICH, CT · $6,880,000Ultra-stylish modern new construction on 4 acreswith a pool. WEB# WS2833642 | Joanne MancusoM 203.667.3887 & Carolyn Petersen | M 917.821.3656

GREENWICH, CT · $5,995,000Exquisite 6 bedroom stone Georgian. 1.59 acres closeto town. Exceptional detailing. WEB# WS2833642BK Bates | M 203.536.4997

BRONXVILLE, NY · $5,495,000This extraordinary stone Manor is the perfect settingfor today’s family-style living. WEB# WS2801862Mary Karen O’Shaughnessy | M 914.400.5808

MAMARONECK, NY • $5,695,000The height of New England country splendor, privatelynestled on over five verdant acres. WEB# WS2805642Pollena Forsman | M 914.420.8665

IRVINGTON, NY · $3,250,000Beautifully designed & built by a renowned architect, thisGeorgian Colonial is set on 1.3 acres, yet close to the Village.WEB# WS2820752 | Andrea Martone | M 914.261.7458

SCARSDALE, NY · $2,999,999Curb appeal abounds at this much admired Colonialon an acre with a pool. WEB# WS2820202Laura Miller | M 914.629.1940

BREWSTER, NY · $2,500,000Welcome to Hummingbird Estates. An enclave thatfeatures five uniquely designed homes.WEB# WS2832782 | Maria Makaj | M 845.661.9288

RYE PO, NY · $2,995,000This stately white-washed brick Manor offers an enviablesetting on the grounds of Westchester Country Club.WEB# WS2829692 | Diana L. Plunkett | M 914.419.7998

LARCHMONT, NY · $2,490,000Custom new Modern by top area builder delights withdramatic, oversized windows. WEB# WS2824812Pollena Forsman | M 914.420.8665

HOLMES, NY · $1,400,000This magical Compound is surrounded in privacywith light woodlands, mesmerizing rock gardens.WEB# WS2829612 | Carol Aprile | M 914.318.6591

WHITE PLAINS PO, NY · $699,000Stately three-bedroom Colonial on a private .31 acre lotin Mayfair Acres. Valhalla Schools. WEB# WS2829562Renata Douglass | M 914.497.7937

PELHAM, NY · $799,000Sweet four-bedroom home offers space, a large level yard,three-car garage and loft. Close to elementary school.WEB# BN2827192 | April Monaco | M 914.548.8350

HOPEWELL JUNCTION, NY · $675,000There is no lack of space in this 4,000 square foothome with a finished lower level retreat.WEB# WS2834262 | Lisa A Mannion | M 914.582.2438

WAPPINGERS FALLS, NY · $479,900Charming 1734 Colonial Farmhouse with perioddetails and tons of upgrades. WEB# WS2828732Jennifer Amicucci | M 914.906.2423

MILLBROOK, NY · $449,000Tastefully re-done, preserving the historic charm. Fivebedroom. Detached 2 car garage. WEB# WS2820722Justin M Lafalce | M 845.224.5792

@HOULIHANLAWRENCE @HOULIHANRE @HOULIHANLAWRENCE

HOUL IHAN LAWRENCE . THE POWER OF LEADERSH IP.Source: Onekey, Greenwich, Darien MLS, 1.1.2020 to 12.31.2020, single family homes sold, Westchester, Putnam, Greater Greenwich, Darien.

BROWSE OUR PREM I ERPROPERT I E S NORTH OF NYC

Explore Extraordinary

Simply activate the camera on your phone ortablet, and hold it directly over the adjacent code.

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Sound Advice, Exceptional Results | www.landvest.com

Mendon, VT | $5,950,000Mendonhall | 202.86± AcresStory Jenks802-238-1332 • [email protected]

Lewis County, NY | $8,750,000Tug Hill Forest | 30,171± AcresDavid Speirs207-874-4982 • [email protected]

Brooksville, ME | $3,200,000Sawyer’s Point | 14± AcresStory Litchfield207-276-3840 • [email protected]

Concord, MA | $5,995,000Hill Top Retreat | 10.23± AcresAbby Gurall White617-851-0195 • [email protected]

Milton, MA | $1,595,0008 Wolcott Woods Lane | 2,508 sq. ft.Greta Gustafson617-686-6258 • [email protected]

HQ: Ten Post Office Square, Boston, MA | Phone: 617-723-1800

Visit our new office: 1940 Mountain Road, Stowe, VT | 802.318.6034 View of Mt. Mansfield from 110/120 Nosedive Drive

NewMarlborough, MA | $1,890,000Cassilis Farm Estate | 20± AcresCindy Welch413-329-3999 • [email protected]

Make Every Day a Stowe Day

Stowe, VT | $6,395,000110/120 Nosedive Drive | 5,986 Sq. Ft.Meg Kauffman802-318-6034 • [email protected]

Bristol, ME | $4,475,000Ranger Road | 29.94± AcresJoseph Sortwell207-706-6294 • [email protected]

Special Advertising SectionSpecial Advertising Feature

Beyond NYC

Perhaps that’s whymany are getting out of dodgebut embracing areas not too far fromNew York City,like Westchester and the Hudson Valley.

Take, for example, Hastings-on-Hudson, whichis the closest of the River Towns to Manhattan.Carolyn Joy of Houlihan Lawrence Real Estatepoints out that the village has been nicknamed“Borough 6.”

“It’s a small town, but they do like to adver-tise their main street business district with coffeeshops, farmer’s markets and local parks,” Joy says.“It’s a little village that has maintained a kind ofBrooklyn feeling.”

Further north, you’ll find a bustling Tarrytown,with a recently developed RiverWalk that Joyequates to a suburban High Line, referring to thebeloved urban walkway located on Manhattan’sWest Side.

“When you visit the River Towns, you can gofrom Irvington, with charming restaurants and wa-terfront parks, to Tarrytown, which is amagnet withantique shops, stores, restaurants and coffee shops.Tarrytown’s waterfront has Hudson Harbor, a newcommunity of condos, shops and restaurants onthe river,” Joy says.

TOUCH OF CLASSIf you’re experiencing withdrawals from New

York City’s uptown, Westchester has something toscratch that itch, too.

“Some buyers say that Bronxville feels like a sub-urban version of the upper East Side of Manhattan,”says Kathleen Collins, Julia B. Fee Sotheby’s agentfor Bronxville Village inWestchester County. “It hasgreat walkability, plus all of your shopping or din-ing needs are nearby. It just has amore relaxed pacethan you’ll find in Manhattan, which is only about15 miles south of us.”

Heading northwest of Bronxville you’ll findTuxedo Park, a historic gated village, and PiersonLakes, a private lake community, both boasting

amenities and homes with stunning water views.Elizabeth Broderick, an agent with Tuxedo HudsonRealty, says one isn’t likely to see the inside of thesecommunities without an invitation. Judging by herenthusiasm for the area, buyers longing for the sortof world-class dining typically found in the city maywant to do their due diligence and inquire.

“The area surrounding Tuxedo Park and PiersonLakes has so many good restaurants,” Brodericksays. “My personal favorite is Valley Rock Inn. Youfeel like you have gone to the south of France whendining in their gardens. We also have incredibleshopping at Woodbury Common. My firm is a sup-porting partner of TastemakersGuide.com, whichsupports small businesses in the arts, design andhospitality. The guide features the best small busi-nesses in the area and makes it easy for potentialnew neighbors to discover for themselves all theplaces that make the lifestyle here so special.”

FINDING COMMUNITYIf it isn’t so much the all-embracing grandi-

osity of New York that you’ll miss, but rather thepersonal, interconnectivity of your immediateneighborhood, it’s at the ready in many parts ofNew England.

Story Litchfield, a luxury real estate broker forLandVest in Northeast Harbor, Maine, championsthe restaurants, shops and charm of the neighbor-hoods she serves.

“While these places and businesses might notbe reminiscent of an urban city, the waiter or shop-keeper might remember your name, your favoritewine or even be your child’s little league coach,”Litchfield says. “Strangersmay nod a ‘hello’ in pass-ing on the sidewalk. For many who live here, that’sfundamentally priceless.”

If that sounds like a place you wish to call home,you’re likely to feel it when you’re there as well.After all, you can take the person out of New York,but you can never take New York out of the person.

by Kelly Bryant

A s the COVID-19 pandemic raged on throughout 2020 and into 2021, it forced even someof the most ardent NewYorkers to consider leaving the confines of the concrete jungle insearch of more space to call their own. But leaving a city as magical as NewYork, with

all of its uniquities, can leave some longing for a piece of the place they once called home.

The BigApple,ButMake It Suburban

STEVE BELNERLocated in the coveted Pierson Lakes community, this home at 6 OldCranberry Road in Sloatsburg, New York, sits on 8.3 acres.

LANDVEST, INCAn aerial view of the property at 134 West Oval in Winter Harbor, Maine,which features eight bedrooms, each with their own bath.

STEVE BELNEREmbrace the open space at this country lodge-style home with high ceilingsand a modern floor plan at 76 Summit Road in Tuxedo Park, New York.

As it turns out, you can find a small bite of the city almost anywhere

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With year-round southern exposure, this beautiful 5.17acre property is the ideal site for a green home for the

21st century run by solar power.The property has been approved and engineered for multiplebuildings, such as amain homewith a guest house or a detachedhome office for the work from home professional. With a lessthan 5 minute drive to the Lake Zoar waterfront, 10 minutestoWhitney Farms golf course, and Stony Lane equestrian centerjust down the road, imagine a home for the whole family to

unwind. A desirable commuter location to NYC.

$639,000www.5jordanhillroad.com

Carl Smey: [email protected]

Newtown, CT

Special Advertising SectionSpecial Advertising FeatureBeyond NYC

“Inventory levels are low in comparison to previ-ous years, but demand is high,” says Kathleen Collins,a Julia B. Fee Sotheby’s agent in Bronxville, New York.“Contributing to the low housing level is the fact thatmany sellers, especially downsizers, are uncertainthat they will find a home to move into, so they aren’tputting their current homes on the market.”

Collins recently worked on a deal for a townhome inwhich her buyer presented a full-price cash offer withno contingencies. It’s the type of offer sellers in a com-petitive market typically can’t pass up. In this case, theseller accepted the offer, then panicked because theykeptmissing out on bids for their nextmove. Ultimately,they decided not to sell, putting her buyer back on thehunt for a home.

This scenario is far from uncommon in neighbor-hoods like Bronxville Village, where the quality oflife is very appealing and demand outweighs supply.Although real estate activity is buzzing broadly, whatmakes areas like this one so inviting?

“Buyers are looking to places offering a nice bal-ance of a suburban lifestyle with an urban vibe,”Collins says. “People from the city want outdoorspace and appreciate a vibrant community. BronxvilleVillage offers that suburban-urbanmix, an area with awide variety of shopping options and wonderful res-taurants. The community is a square mile so you canwalk everywhere.”

HOW CHARMINGWith the normalization of remote work, buyers are

looking further away from big cities, because that longtrain ride or drive to the office is no longer an issue.

“Pre-pandemic, it was always about commut-ing,” says Gigi Bazarian with William Pitt Sotheby’sInternational Realty in Ridgefield, Connecticut.

“When discussing a buyer’s criteria for a new home,one of my top five questions was about their commuteand threshold. How long was too long? Now, manybuyers no longer need access to New York City on adaily basis, or at all.”

Bazarian says that the Connecticut towns that don’thave a direct train line to Manhattan or require morethan 70 minutes for a one-way commute are contend-ers for buyers, like Ridgefield. If they didn’t feel likethey could consider these areas before, they certainlydo now.

“It’s hard not to fall in love with this quintessentialNew England town at first sight, but it’s always beenjust at that uncomfortable threshold for a daily com-mute, although somany residents do it,” she says. “But,now, I can’t tell you how many families have chosen a‘Ridgefield’ and went a little further north over a tra-ditional commuter town.The trade-offs are priceless.”

For families, Bazarian touts the amount of spaceyou can have in Connecticut, as well as its excellentpublic school districts that are in session, even if it’s ahybrid learning model.

“I remember checking in with a client to see howthey were settling in not long after they closed on ahome andmoved to Ridgefield from Long Island City,”she says. “I asked if they missed the city, and he hon-estly said the city wasn’t what he remembered or whyhe moved there in the first place. It no longer offeredhis family the amenities they were paying for, so it waseasy to walk away.”

ESCAPE ARTISTSElsewhere the sentiment is similar. Elizabeth

Broderick, an agent with Tuxedo Hudson Realty, hasseen thewestern side of the lowerHudsonValley, fromWarick to Sloatsburg, become very popular, thanks in

part to the area’s robust amenities, reasonably pricedproperties and quaint, country feel.

“The area from Pierson Lakes to Tuxedo Park toWarwick has extensive forever wild park lands andpreserved farmland, but with easy access to New YorkCity and northern New Jersey,” she says. “There ismore preserved forest and countryside than any othercommunity within an hour of the city. Along with theopen space, there are historic villages as well as manyhouse museums and farms. Having both the HudsonValley available in one direction and the city in theother, you will never run out of fun things to explorewithin an hour of home.”

Nearly 3,000 miles away in Southern California,Compass real estate agent Louis DeLaura has seen there-energization of Malibu, which he says was a bit of adead zone prior to the pandemic because of the wild-fires that devastated its homes in 2018. However, withconsideration to both the pandemic and the civil un-rest occurring across the country in 2020, he says peo-ple began flocking to Malibu.

“I think what makes Malibu attractive is that it’svery remote, but still has that beach-town feel withinfrastructure,” he says. “While you have easy accessto Los Angeles, there are basically only four points ofentry into Malibu, giving it that secluded feeling. Youdon’t have to worry about city chaos, plus the weatheris beautiful year-round. It creates a comfortable cli-mate and atmosphere to live and work in.”

It’s also not a bad place to invest, as DeLauranotes the summer lease market in Malibu is off thecharts. For example, he recalls a house that leased for$150,000 a month last year, but is going for $300,000 amonth in 2021.

“This market is unlike anything we’ve seen before,”he says. “Fundamentally, everything is about price.So, if you want to compete for a property, you’re goingto have to come in with your highest offer. And if youcan make it all cash, even better.”

Kelly Bryant is a freelance writer in Los Angeles special-izing in real estate and lifestyle topics.

JOHN H. LEETheHarry J. Wolff House at 4000 Sunnyslope Ave. in Sherman Oaks, California, is on the market for the first time in 15 years.

by Kelly Bryant

When you ask just about any real estate professional across the country how

business is doing they’re likely to give you the same answer: Busy.

GIGI BAZARIAN/WILLIAM PITT SOTHEBY’S

KATHLEEN COLLINS/JULIA B. FEE SOTHEBY’S INTERNATIONAL REALTYWith long commutes less of an issue, more people are considering homesin Ridgefield, Connecticut (top), and Bronxville, New York (bottom), forbigger spaces and smaller town charm.

The Hot ListThese neighborhoods are seeing sales really heat up

If you want to spend your Summerin Malibu, I know the right homes.

Call me to learn more about Summer Leases.

Louis DeLaura III

[email protected] 02036803

Compass is a real estate broker licensed by the State of California and abides by Equal Housing Opportunity laws. License Number 01991628. All material presented herein is intended for informational purposes only. Information is compiled from sources deemedreliable but is subject to errors. This is not intended to solicit property already listed. Nothing herein shall be construed as legal, accounting or other professional advice outside the realm of real estate brokerage.

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THEWALL STREET JOURNAL. Friday, May 7, 2021 |M7F

1111 Sasco Hill Road, Fairfield, CTQUEEN ANNE ON 3 ACRES WITH WATER VIEWS

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Big Storms,Big Costsdoesn’t always cover costly stormdamage, such as flooding, forhigh-end coastal and waterfrontproperties. Many luxury home-owners, like the Moores, are turn-ing to a small but growing sectorof private insurers to combinevarious policies and fill the gaps.

“It’s a very bad experience forconsumers; a lot of houses [are]put into unfair situations,” saysNick Steffey, chief executive ofShoreOne Insurance Managers inDedham, Mass. The company,launched in 2019, offers coastalhomes flood insurance, typicallyas a supplement to their home-owners policy.

Currently, most homeowners inFEMA-designated flood zones getcoverage through the NationalFlood Insurance Program, man-aged by the Federal EmergencyManagement Agency. It covers upto $250,000 in damages. FEMAmakes additional funds availableif a disaster is declared.

The program cap, however,means high-end homeowners areoften left with significant out-of-pocket costs. Many also end upunderinsured because FEMA’s riskestimates can ignore damage fromnearby bodies of water or fromstrong storms, says Jeremy Por-ter, head of research and develop-ment at First Street Foundation, anonprofit that advocates for moretransparency in flood risk and cli-mate change.

“One of the biggest problems isassessing flood risk,” said Dr. Por-ter. In the next 30 years, eco-nomic damage due to changingenvironmental conditions is esti-mated to jump to 7.5 times thecurrent average insurance payout,up from 4.5 times, according todata from First Street Foundation.

Tom and Kim DiBacco spentmonths working with Tower Hill,their insurance company, on re-pairs to their 6,000-square-footPanama City Beach, Fla., home af-ter 160 mph winds from HurricaneMichael blew off their chimney,

ContinuedfrompageM1

letting water inside. The exteriordamage to the home, which is val-ued at $1.3 million, included hav-ing to replace parts of their pool,said Mr. DiBacco, 58, a wine andspirits distributor, who bought thehome in 1997 for $515,000.

“This was not welcome,” hesaid. “It was kind of a frenzy.”

The couple already had re-placed the roof and flooring aftera 2016 storm. Those repairs in-

cluded converting a study to awine cellar.

After negotiating over their in-surance, which had separate rid-ers for flood and windstorm cov-erage, the couple received nearly$245,000 for damages, includingliving expenses when they had tomove out of their house whilework was completed. They rebuiltthe fireplace and wall that hadshifted in their two-story living

room, installed new windows andrepaired the water damage in thehome’s main bathroom.

Since then, the couple’s insur-ance annual premium has in-creased 30% to about $9,000, headded.

High-end homes have additionalchallenges with policies, says BoWilliamson, a public adjuster inPanama City Beach, who worked

PleaseturntopageM9

Teri and JimWyly, left, useda combinationof federalgrants and awind provisionin their privateinsurancepolicy to doextensive workin theirMediterranean-style home inBay St. Louis,Miss., damagedby HurricaneKatrina in2005.

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Buyers are often in the darkabout their new property’sflood risk. But new tools areavailable to help understandrisk assessment for properties,and to find flood coverage. Butit can cost you.Last year, the First Street

Foundation, a nonprofit, launchedFlood Factor, a model that takesinto account the widespread na-ture of flood risk. It estimatesthere are roughly 70% moreproperties at risk for floodingthan those found by FEMA.Homeowners can search the siteby entering their address.Most buyers and mortgage

lenders rely on FEMA’s FloodInsurance Rate Map to assessflood risk. Lenders often re-quire buyers in those desig-nated zones to get flood insur-ance.Technology advancements,

including higher resolution top-ographic imagery, is making iteasier to understand risk, saysNick Steffey, chief executive ofShoreOne Insurance Managersin Dedham, Mass.This fall, FEMA will roll out

its Risk Rating 2.0, a flood-in-surance overhaul that will in-crease rates for many high-endhomeowners under the Na-tional Flood Insurance Program.Instead of relying on a prop-erty’s elevation within existingflood maps, the new methodol-ogy also incorporates variablessuch as flood frequency, floodtypes such as river overflowand distance to a water source,said a FEMA spokesperson.Tony Rodriguez-Tellaheche,

co-founder of Prestige RealtyGroup in Miami, advises hisbuyers to discuss flood insur-ance with independent agentsto better assess their risk. Herefers clients to an agent atthe start of the purchasing pro-cess, because the additionalpremium gives a more realisticview of how much it will costthe maintain the home.“Buyers need to be aware

and ask what these flood costsare up front,” he says.

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THEWALL STREET JOURNAL. Friday, May 7, 2021 |M8A

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M8B | Friday, May 7, 2021 THEWALL STREET JOURNAL.

575 MADISON AVENUE, NY, NY 10022. 212.891.7000 © 2021 DOUGLAS ELLIMAN REAL ESTATE. ALL MATERIAL PRESENTED HEREIN IS INTENDED FOR INFORMATION PURPOSES ONLY. WHILE, THIS INFORMATION IS BELIEVED TO BE CORRECT, IT IS REPRESENTED SUBJECT TO ERRORS, OMISSIONS, CHANGES OR WITHDRAWAL WITHOUT NOTICE. ALL PROPERTY INFORMATION,INCLUDING, BUT NOT LIMITED TO SQUARE FOOTAGE, ROOM COUNT, NUMBER OF BEDROOMS AND THE SCHOOL DISTRICT IN PROPERTY LISTINGS SHOULD BE VERIFIED BY YOUR OWN ATTORNEY, ARCHITECT OR ZONING EXPERT. EQUAL HOUSING OPPORTUNITY.

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60 Jane Street | West Village$10,950,000 | 3 BR, 4.5 BA |Web# 20750584

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151 East 58th Street, 48B | Midtown East$9,000,000 | 3 BR, 3.5 BA |Web# 4792202

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Nan MarElia: O 212.350.2202 | Dora Abril: O 212.891.7667

114 East 10th Street | East Village$8,600,000 | 6 BR, 4.5 BA |Web# 4830569

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window from the living room in theoriginal postwar home on the newhome’s second floor. She declinedto estimate her construction costs.

Her annual flood insurance un-der NFIP, which included homecontents, cost her $1,800 for herprevious house, but her annualcosts dropped to $600 for thesame coverage in her new homebecause of its elevation.

In response to high demands,many insurers are expanding theirservices and getting more special-ized, said Ross Buchmueller, chiefexecutive of Pure Insurance. Theyoffer to speed connections toroofers, mold mitigators, energygenerators and alternative hous-ing when the need for services inan area soars.

“The complexity is much greaterwhen every [claim] is happening atthe same time,” said Mr. Buchmuel-ler. Pure recently acquired an art-curation company to help clientsbetter protect expensive piecesduring a storm, he added.

One thing insurers can’t replaceis the history and feel of a hard-hitcommunity. Years of rebuildinggive an area a different feel, saidTeri Wyly, a retired attorney fromBay St. Louis, Miss., whose 1910waterfront home was severelydamaged during Hurricane Katrina.

Ms. Wyly spent $700,000 on re-pairs, paid for by a mix of federalgrants and a wind provision inher private insurance, to rebuildher Mediterranean-style, six-bed-room, 6,500-square-foot home in2005. While Ms. Wyly declined toshare the current value of herhome, similar homes in the areahave sold for about $2.3 million.

The 37-year resident updatedpaint colors, replaced windows andfixed the stucco, and was able topreserve the home’s original pinefloors. Many neighboring homesneeded to be rebuilt from scratch.

She loves her new home, shesaid, “but it’s not quite the sameas the quirky town that we grewup with.”

Laura Manchee’s 1950s single-story home in Bellaire, Texas, was destroyed by Hurricane Harvey in 2017. Shecombined NFIP insurance and a $60,000 policy on contents to rebuild, elevating her home above the floodplain.

space to three bedrooms across3,900 square feet, compared withtheir 1,400-square-foot original.

“We really liked a modern prai-rie-style aesthetic,” says Ms. Man-chee, who installed a stained-glass

to elevate thenew home 53inches abovethe floodplainallowed her toget additionalinsurance at alower rate, shesaid.

The interior designer spent twoyears rebuilding the home, whichis now more in line with thenewer million-dollar homes in theneighborhood, she added. Thefamily of four upgraded their

with the DiBac-cos. “There’s ahuge discon-nect in the costof repairinghigh-endhomes,” hesaid.

For one, hesaid, insurersoften fail to ac-count for truereplacementcosts for costlyfinishes. Theyalso may dis-pute coveragewhere there are multiple causes ofdamage, such as wind, flooding andfire. He suggests owners make vid-eos to document their home’s con-dition before any event occurs.

When Hurricane Harvey madelandfall in 2017, Laura Manchee’s1950s single-story home in Bel-laire, Texas, was entirely de-stroyed by flooding. She combinedNFIP insurance and a $60,000 pol-icy on contents to jump-start therecovery process and get a sort ofdown payment for her plans to re-build bigger and better. AgreeingCO

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Annual insurance costsBefore: $1,800

After elevation: $600

MANSION | WATERFRONT LIVINGNY/NE

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where just about everyonelives. At the shoreline, theisland has a steady climateof about 80 degrees, saysKauai geologist Chuck Blay.Though rainfall near thecenter at Mount Waialeale,more than 5,000 feet abovesea level, currently aver-ages about 360 inches ayear, it is closer to 80inches a year near Hanalei,says Kevin Kodama, of theNational Weather Service’sHonolulu Forecast Office.

On the drier south side ofthe island, a second majorenclave of luxury homes isbeing developed near PoipuBeach.

Despite the rain, Kauai’sNorth Shore has turnedinto Hawaii’s most expen-sive area, says the Big Is-land’s Rebecca Kelii-hoomalu, vice president ofCorcoran Pacific Properties.In 2020, says Ms. Kelii-hoomalu, there were sixresidential sales on Kauai

above $10 million, com-pared with two in theWailea-Makena area ofsouthwest Maui, and threeabove Honolulu, nearOahu’s Kailua Bay, whereBarack and Michelle Obamatook presidential vacations.

Waterline North Shoreproperties get top dollar,but oceanfront spots comewith risks, says Kauai land-scaper Brandon Miranda, athird-generation islander,whose home-care and land-scaping business looks afterhigh-end estates for sec-ond-home owners.

“Everyone wants to beon the beach,” he says. “Butthis is a tropical environ-ment and all that moisturecauses problems,” affectingeverything from electricaloutlets to AC units. Andthen there is the flooding.

“Every year we have twoor three floods,” he adds.

This spring, Kauai andother islands were hit bytorrential rains and isolatedflooding. A resulting mudslide has impeded access toHanalei. Mr. Miranda sayslocal Hanalei owners canexpect problems for monthsto come.

What Mr. Miranda callssuper-high-maintenancehomes sit on what Hawai’iLife’s Mr. Beall calls “one ofthe most incredibly beauti-ful places on the planet.”

Earlier in 2021, a Hanaleioceanfront five-bedroomhouse on a 1.11-acre water-front lot went into contractwith an asking price of$24.75 million.

Mr. Beall says recentfloods and lingering roaddamage haven’t dented de-mand. “We’re busier thanwe’ve ever been,” he says.

Mr. Miranda counselsnew arrivals on their plant-ings, convincing them that,for example, a yard filledwith coconut palms and aprivate mango grove willlead to maintenance night-mares. He advises his cli-ents—who may spend up to$500,000 on landscapingplans, followed by $5,000 amonth on maintenance—tostick to citrus, which pro-duce manageable amountsof fruit all year.

He believes the idealKauai lots are on ridges justabove—not on—HanaleiBay, affording residentsocean and mountain views.

In 2003, Canadian entre-preneur Brent Naylor, now75, and his wife, Gayle Nay-lor, 74, bought an empty4/5th-acre lot perchedabove Hanalei for $1.6 mil-lion. They then spent about$18 million to build an8,200-square-foot, four-bedroom house, with an ex-pansive veranda, known asa lanai in Hawaii, for livingand dining. Their lanai hasan outdoor kitchen with a

Gayle and Brent Naylor on Kauai, below, where they have ahome for sale that features an outdoor dining area, above.

The Cooks bought their home on Kauai’s North Shore already furnished. The three-bedroom house has asunken seating area and a kitchen done in blue.

Zuckerberg. Mr. Zuckerbergand his wife, Priscilla Chan,have a property on thenortheast of the island com-prising about 1,400 contigu-ous acres, including nearly600 acres added in March,according to a familyspokesman.

Luxury properties tendto start at $3 million onKauai, which has 72,000permanent residents. Withonly 3% of the island’s 550square miles open to devel-opment, housing stock inall price categories isscarce. The pandemic hasonly added to the demandfor primary and secondaryhomes, particularly byhouse hunters from Califor-nia.

Matthew G. Beall, theKauai-based CEO and prin-cipal broker for the Hawai’iLife real-estatecompany, saysthe island’s res-idential salesabove $3 mil-lion surged to38 last yearfrom 23 in2019. He saysthe top 2020sale on the is-land—and inall of Hawaii—was a 1.7-acrewaterfrontcompound on the NorthShore’s Hanalei Bay.

Cradled by mountains,and subject to frequentshowers, Hanalei Bay alsois known for scenicbeaches, lush taro fields,bursts of sunshine and ex-travagant rainbows. Thecompound has eight bed-

ContinuedfrompageM1

rooms and 10 bathroomsspread across three struc-tures. It sold for $36.7 mil-lion in April 2020 in an all-cash deal. The agencydeclined to identify thebuyer.

More home buyers aremaking pandemic-era offers

without aviewing, saysNeal Norman,director of Ha-wai’i Life’s lux-ury platform,who was theagent on theHanalei sale.

In 2020, Mr.Norman says,he handledsome 30 resi-dential sales,averaging

about $10 million, and sixwere sold sight unseen. Bycomparison, he says, in hisprevious 30 years as anagent, he sold only one list-ing without a viewing.

Dominated by an inactivevolcano, near one of thestate’s rainiest spots, Kauaihas a craggy perimeter

$36.7MILLION

Kauai’s North Shore,Hanalei Bay

ALL-CASH DEAL8 bedrooms,10 bathrooms,3 buildings

HAWAII’S TOP SALEIN 2020

gleaming onyx bar. Inside, a1,200-square-foot mastersuite has a fireplace and aprivate terrace.

The couple—who alsohave homes in Vancouver,British Columbia; Palm Des-ert, Calif.; and Gainesville,Fla.—have put the propertyon the market at $22.75million.

Mr. Naylor, who foundeda publishing conglomerate,has been traveling to Ha-waii for nearly 50 years. Hefirst fell in love withKauai’s North Shore with-out knowing it, he says,when, as a teenager, he sawthe 1958 film version of theRodgers and Hammersteinmusical “South Pacific,”which used Kauai as aWorld War II-era location.During a visit to Hawaii inhis 20s, he learned ofKauai’s connection to thefilm and promptly visitedthe island, buying his firstKauai property in 1979. Heand his wife relocated tothe island in the late 1980s.Now that they are selling,their plan is to travel morein their new private jet.

Like many North Shorehomeowners, Mr. Naylor re-gards the rain as a blessing.Rain showers are followedby dozens of waterfallsfrom jungle-covered moun-tains, followed by rainbows.

Back at the Cook home,not far from the Naylors, thefamily has adjusted theirlong-term plans. Initially,says Ms. Cook, they decidedto see out the pandemic onKauai, then use the newproperty for vacations.

Now, she says, they arethere to stay. Her husbandhas gotten a signoff to workremotely, and she has re-turned to an earlier careercomposing music.

The island, which hadmonthly Covid cases hover-ing in low single digits formuch of the pandemic, ismaking its way out and re-fostering a sense of com-munity in the process. “Mykids always remember theirmasks but never remembertheir shoes,” says Ms. Cook.

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Tunnels Beach on Kauai’s North Shore.

SunnyIn Kauai

$33 millionNorth Shore, Kalihiwai6 bedrooms, 5.5 bathrooms

This 10,320-square-foot podcompound offer views fromnearly every room overlook-ing Kalihiwai Bay. The 2003home has a wine cellar, spaand media room. The mastersuite is in its own pod.Agent: Neal Norman of Ha-wai‘i Life

$16.5 millionNorth Shore, HanaleiMain house: 3 bedrooms,3 bathrooms

The 2,992-square-footoceanfront compound datesto the 1920s. It has a two-bedroom guesthouse. Thereare views of mountains, wa-terfalls and beaches.Agent: Jacqueline Shockleyof Oceanfront Sotheby’s In-ternational Realty

HOMES FOR SALE

©2020DowJones & Company, Inc. All rights reserved. 4DJ7895

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P2JW127000-0-M01000-1--------XA


which seem to be in amiableconversation, sharing com-mon materials and fairlyminimal design. Nothingscreams for attention, ex-cept perhaps the cow head

in the living room, a souve-nir from India. There areseamless transitions be-tween indoor and outdoorspaces. The couple designedsome pieces, most notably

INSIDE STORY

ABrutalistHome inThe TreesAn architect and his interior-designer wifecreated an unexpectedly modern home inthe Mexican bush

The home’smany buildingsflow down the hillside.

The built-in concrete couch

the sofa in the living room—cushions set on a cementbase—the kitchen tables andall the beds, and sourcedothers from artisans andworkshops they admire.

“It talks a lot about whowe are, together and sepa-rately,” said Ms. Sánchez-Renero.

“For me professionally,”said Mr. Esqueda, “there isnow a ‘before doing this

house’ and ‘after.’ I’m veryproud of this project, andam willing to do it all overagain.”

In fact, he is doing itagain. The couple’s gueststudios were booked so of-ten during the past yearthat they are now construct-ing two more, which Mr.Esqueda has designed assmall, free-standing homesset farther down the hill. EM

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The family by their pool

Just before startingto build their vaca-tion home in Mex-ico, Ivan EsquedaMartínez and GalaSánchez-Renero La-belle visited Chan-

digarh, an Indian city fa-mously designed by theSwiss modern architect LeCorbusier. There, Mr.Esqueda, a 40-year-old ar-chitect, and his wife, a 45-year-old interior designer,marveled at the buildings.He recalls them as “brutal-ist structures in the middleof the jungle.” Upon theirreturn, construction startedon their version of brutaliststructures on a forestedhillside in Mazunte, on thePacific coast of the Mexicanstate of Oaxaca.

It took about a year anda half, at a cost of approxi-mately $634,200, to con-struct and furnish thestructures on the couple’sroughly half-acre plot on ahillside above MermejitaBeach. They purchased theplot in 2016 for about$180,000 and started con-struction in 2018. Mr.Esqueda harbored no illu-sions about the challengesthey would face building onthe uncleared sliver of landnestled between two hills,but he “saw the potential ofthe land, and that we wouldhave privacy, breezes andcould see the ocean fromevery space.”

Because they are based inMexico City, a 12-hour driveor one-hour flight from Ma-zunte, the couple rented asmall house in town for theduration of construction, adecision that proved invalu-able. It allowed Mr. Esquedato be on site several times amonth in his first-ever tri-ple role as client, designerand builder. Ms. Sánchez-Renero was able to experi-ence first hand how homesage in a climate of ex-tremes, which led her to re-think her original plans forthe interiors. The climate inthe area where their homeis located is called “dry jun-gle,” where there is a five-month-long rainy season re-sulting in a lush landscape.The rest of the year is arid,temperatures rarely dip be-low 80 degrees and humid-ity is a constant.

“If we hadn’t been herefor a year and a half, Iwould’ve chosen a lot ofmaterials that would’vebeen completelywasted becauseof the condi-tions,” she said.“It showed mewhat happenedwith the humid-ity, with theheat, the insects,everything.”

The struc-tures on the property—ahouse for custodians, themain home for the coupleand their 5-year-old daugh-ter, and a separate buildingwith two stacked studioapartments that are rentedwhen not occupied byfriends or family—were con-structed primarily fromconcrete, brick, stone, en-caustic tiles and localwoods. They were built byhand by workers from thearea. Because of the inhos-pitable terrain, Mr. Esquedasays they were forced to“invent systems.” Concrete,for example, was mixed onthe highest point of theproperty, then pouredthrough a pipeline to wher-ever it was needed. Many ofthe crew members had not

worked on a project of thisscale or level of detail.

“It was very, very chal-lenging, but rewarding,” hesaid of the process.

This isn’t the first timethe couple had worked to-gether. Their previous col-laborations had been for

clients withcommercialspaces such asrestaurants,clubs, and re-tail stores. Butthis was thefirst time theyhad createdsomething fromthe ground up

for themselves.“We have this rule that I

am in charge of the wallsand Gala is in charge of thesurfaces and the surround-ings,” said Mr. Esqueda.The final decision in termsof the architecture, thestructure, is mine, and thefinal decision of the sur-faces, the decoration andthe extras inside, is hers.”

“As Mexicans,” said Ms.Sánchez-Renero, “I wanteda house with Mexicanthings, but I also wanted todecorate with things wefound on our trips aroundthe world, and I didn’t wantto compete with the beauti-ful environment.”

There is a resulting syn-ergy between the architec-ture and the furnishings,

The structures on theproperty were constructedprimarily from concrete,brick, stone, encaustic tilesand local woods.

COST TO BUILD

$634,200–

COST OF LAND

$180,000

There are no glass windows in thehome, just various types of shutters.

The kitchen and dining area

BY RIMA SUQI

Enjoy a world ofbenefits anytime,anywhere.

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P2JW127000-0-M01100-1--------XA


gnashing of teeth and fam-ily rebuke.

Get down on thy kneesand pray like your life de-pendeth upon it, or use thephone, and summon forthThe Plumber.

O Plumber, first amongskilled tradespeople. Yewho rules supreme atop thepantheon of residential re-pairmen. Thou art great.Wicked great. Homeownerscan slog through a week,maybe 10 days, withoutpower or heat or electriclight, but just try lasting aweek without a workingtoilet. Thou alone posses-seth the power over lifegiv-ing elements. All bowdown.

Thy Plumber’s Van ap-pears as an old, possiblyuninspected panel van indesperate need of a newmuffler. Ye, verily it is achariot of miracles, whereindwells the mystical tools ofThy magic. O wielder ofwrenches, both monkey andpipe, possessor of drain-snakes, conjurer and con-troller of water both com-ing and going. O correctorof clogs and other drainageissues. O great solderer ofburst copper piping in in-convenient locations. Wepraise Thee.

HOMEOWNEROUS | KRIS FRIESWICK through thy ever-lovingnose, whatever amountsThey ask. Without Them,thou art stuck in a smellyPurgatory in which thy fam-ily shall mourn and grievewhile rending with great fe-rocity their unwashed gar-ments and socks and kickynew joggers.

The Plumber is fickle andwill smite thee with greatvengeance for wrongs bothgreat and small: a “great”wrong here being definedas something like standingover Their shoulder tellingThem how to fix the sinkdrain, or failing to payTheir bill net 30 days.

Woe betide unto theewho question ThePlumber’s usurious rates,for blasphemers shall bedenied Their great bless-ings. Piss off The Plumberat thine own great personalrisk. For while thy plumb-ing problems may abate to-day, tomorrow will bringmore and more, for a thou-sand lifetimes. Many aPlumber hath fired a faith-less subject who fails toprostrate himself or herselfsufficiently in Their eyes.Dost thou really want to bethat person who can’t find-eth a reliable Plumber whenthou need one? Be politeand grateful, and untoThem make offerings ofToll House cookies and Yan-kees tickets and domesticbeer in a can, lest theybring down upon theevengeful fury, which couldinclude a failure to properlyfix thy dishwasher, or an“accidental” removal ofwhatever it is that keepeththe sewage from flowingbackwards into the groundfloor toilet. Send ThePlumber a card on Theirbirthday. Maybe givethThem a tip when They’redone restoring order andpeace to thy home. Theywill maketh thee to liedown in green pasturesover thy leach field. And itshall be good. M

ITCH

O’CONNEL

L

Rejoice!Thou hastbusted thyhump foryears andpurchased awondrous

abode in which thou andthy family and worldly pos-sessions and cats and dogsand hamsters and otherpets of many shapes andsizes may dwell peacefullyand with great joy and lackof consternation. Indeed,the universe provides richblessings!

But there is a season forall things: a season whenthy toilet doth clog or runnonstop into the dark, darknight whilst thou art tryingto get some damn sleep. Aseason for thy dishwasherto go on the fritz the morn-ing after a really incredibledinner party at which themeats and sauces and vege-tables and desserts andwine doth flow like wine. Aseason when the clotheswasher throws what ap-peareth to be a gasket ofsome sort and thy newbornchild’s clothing art coveredin vomit and excrement ofvarious colors and odorsand remains unclean fordays and then more days.There is much wailing and


Be not deceived by ThePlumber’s unkempt appareland loose grasp of conceptslike “budget,” “start time,”and “schedule.” ThePlumber appears in manyguises and with many typesof butt, a trick They use toseparate Their doubtersfrom Their worshipers.

The Plumber be not amere human tradespersonwhose skills can be ac-

quired from a YouTube tu-torial, like an electrician,cable guy or drywaller. Theexalted Plumber, whetherThey goeth by the earthlyname of Dan or Fitzy orSandra or Spike or Pat,cares not for your mortalexpectations. Nay! Theywalketh to their own drum-mer. They are the keepersof the ancient knowledge ofthe waters upon the earth,

the pipes below sinks andinside walls, the Coriolis ef-fect and what torque to usewhen tightening a faucethandle so it doesn’t wobblebut still turns smoothly andshuts off completely. Suchmiracles abound in Theirpresence!

The Plumber’s mysteriesare vast and Their knowl-edge unknowable and thoushalt tithe unto Them

Hail, theAll‑MightyPlumberBow down to the only residentialtradespeople you can’t live without

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See more photos of notablehomes at WSJ.com/RealEstate.Email: [email protected]

square-foot home was built in2017 and replaced a historic cot-tage known as “A Wee Lyr Mor,”property records show. The mainhouse is modern, with a pitchedroof and large square windows ar-ranged in a grid-like pattern, ac-cording to Google Maps. There isalso a large oceanfront pool.

The seller—a limited-liabilitycompany tied to Nir Meir, a for-mer partner at Manhattan real-es-tate development company HFZCapital Group—bought the site for$10.5 million in 2013, recordsshow.

The property adds to Mr.

New England Patriots ownerRobert Kraft has bought a tonyHamptons property in an off-mar-ket deal for $43 million, accordingto two people familiar with thedeal. The transaction is one of the

largest to closein the wealthybeach destina-tion so far thisyear.

The propertyis on MeadowLane in South-ampton, N.Y.,among some ofthe most expen-sive propertieson Long Island.

Other Meadow Lane owners in-clude Henry Kravis, the billionaireco-founder of private-equity giantKKR, hedge-fund manager KenGriffin and financier Leon Black,records show.

Mr. Kraft’s new home was neverpublicly listed for sale so detailsare scant. The roughly 7,000-

Kraft’s portfolio of ultra-high-endhomes. He also has properties inthe Boston area and in PalmBeach, Fla., records show. TheBloomberg Billionaires Index pegshis net worth at around $6 billion.

Hedgerow Exclusive Properties,a Bridgehampton-based real-es-tate firm, worked on the deal.Spokespersons for both Mr. Meirand Mr. Kraft didn’t respond torequests for comment.

—Katherine Clarke

FROM

LEFT

:MARK

GOLD

MAN/ICO

NSP

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SWIRE/GET

TYIM

AGES

;EAGLE

VIEWPatriots’ Robert Kraft

Buys in the Hamptons

Replaced a historic cottage called ‘AWee LyrMor’

SOLD

$43MILLION

OnSouthampton’sMeadow Lane,7,000 sq. ft.

WISCONSIN

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I was happiest as a child. It’sthe one place I’d like to goback to if I could—to be withmy parents and older

brother, Andrew, and younger sis-ter, Linda.

The freedom of my familyhome in London was special. Itwas safe. You felt nothing couldhappen to you there. Home wasabout loyalty and something verystrict as well. I always felt that ifI could get home, I’d be all right. Iloved my parents very much.

I grew up in the Chelsea sec-tion of London, in a large at-tached, three-story Victorian brickhouse with a garden. It was ugly,as most Victorian homes are, buthandsome in its formality.

During World War II, my father,

David, was a lieutenant com-mander. He navigated a boat thatrescued downed British and Cana-dian pilots and French Resistancemembers.

His grandfather started Birkin& Co., a prominent lace company.His father was the director, so hissons were comfortable.

My mother, Judy Campbell, wasa beautiful, well-known stage andfilm actress.

After my sister was born in1950, my father stopped my motherfrom being the person she wantedto be. We moved to a farm thatwas too far from London for her tobe in Noël Coward’s plays. My fa-ther simply loved her so much thathe wanted her all to himself. Hefelt left out of her theater life.

My mother tried her best andthrew herself into the ruralchange with enthusiasm. Eventu-ally, my father needed operations,so we moved back to London,where he bought that Victorianbrick home.

Despite resuming her career, mymother was there for me. Sheloved to be one-to-one, but she wasglamorous and wasn’t super close.She was too beautiful for that.

She also was an intellectual.Any book or play that I read orbecame interested in readingcame from her. She was curious.By contrast, my father preferredreading only P.G. Wodehouse andProust. I’d read to him each night.We had such fun. He was a giftedartist who loved to draw me. Hisattention made me feel pretty.

My brother was sent off toboarding school when he was 6.Being away was painful for some-one so young. He told me he’dtake his photos of us and turnthem over so he wouldn’t cry.

My sister and I went to board-ing school when we were older. Iwas 12 and she was 8. We choseUpper Chine, a school for girls, onthe Isle of Wight, off the southerncoast of England.

Soon after I arrived, I realizedI’d made a terrible mistake. Thepressure to be with other girls atthat age was overbearing. Therewas no privacy. I didn’t have bo-soms yet like the others, so I wasteased relentlessly. Girls wouldpeer in and say things to me like,“Still nothing?” Too proud to giveup, I stuck it out.

Two years later, when I washome on holiday, my mother askedhow I was getting on. I confessed:“If you send me back, I’ll die.”

She took me out immediately.Back home at 14, I found my fa-ther relieved. He missed me. I re-turned to private school. Aftersecondary school, my fatherthought art school would be idealfor me, perhaps because that’swhere daughters went.

When I was 17, I traveled to It-aly with my father for a month. InRome, we stayed with directorCarol Reed and his wife. Carolwas filming “The Agony and theEcstasy” with Charlton Heston.Carol said I might have a chance

as an actress, if the camera likedme.

In London, I went on an audi-tion. I had never acted before andwas so nervous. I forgot my lines.Fortunately, Graham Greene, theauthor of the play, “Carving aStatue,” was there. I got the part.

Today, I live in Paris, in anapartment in the 6th Arrondisse-ment. I bought it four years ago. Ishould have purchased a largerone. For now, my place is cozy,like a nest egg. I have low chande-liers, Turkish rugs and lots ofphotos and artwork on the walls.

My father died in 1991, mymother in 2004. I keep my fa-ther’s naval uniform and hatdraped over a chair. I also havemy mother’s Victor Stiebel balldress on a chair, as if she’s sittingthere. I feel their presence.

—As told to Marc Myers

Jane Birkin, 74, is an English ac-tress, singer and songwriter whohas appeared in more than 70films and on albums with her ro-mantic partner, Serge Gainsbourg.Her latest album is “Oh! Pardon tudormais” (Verve).

FROM

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HOUSE CALL | JANE BIRKIN

PopMuse of Paris PoetsThe actress-singer, Serge Gainsbourg partner and inspirationfor the Birkin bag recalls childhood joys with her London family

Jane Birkin inNew York City in2020 and, below,with her sister,Linda, in 1952.

JANE’S FAMEThe Birkin bag is namedfor you? Yes. In 1983, mystraw bag spilled its contentson a flight.I wasseatednext tothe chair-man ofHermès. Ibecamethe inspi-ration.

Do you use one? No. I carrytoo much stuff and it’s tooheavy. I stuff coat pockets in-stead.

Serge Gainsbourg? We weretogether for 12 years. He wasshy, funny, sophisticated andfrightfully erotic.

Today, do you listen to your al-bums with him? Never. The funwas making them, not listening.My voice was too high, and myFrench accent was terrible.

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All information is from sources deemed reliable but is subject to errors, omissions, changes in price, prior sale or withdrawal without notice. No representation is made as to the accuracy of any description. All measurementsand square footages are approximate and all information should be confirmed by customer. All rights to content, photographs and graphics reserved to Broker. Broker supports Fair Housing and Equal Housing Opportunities.

Jill RooseveltLicensed Associate Real Estate Broker445 Park Avenue o. 212-906-9340 [email protected]

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Friday, May 7, 2021 | R1

DAVID

SALM

ERÓN

THEWALL STREET JOURNAL.A LOOK AHEAD FROM

Art ThatLights

TheWayR2

WHATCHANGEDFOREVERAfter more than ayear of upheaval, theexecutives, artists,athletes, scientistsand thinkers featuredat The Future ofEverything Festival,taking place onlineMay 11-13, discusswhat will last

PLUSScientists are developing a newgeneration of gene-editing tools to helpmillions R8

KickOffSoccer star AbbyWambachon how the sport will thrive

going forward R10

Child’s PlayMattel CEOYnonKreiz on

what’s headed to the toy aisle—and a screen near you R6

THE FESTIVAL ISSUE

TurningThe Tables

What willdining out look

like whenthe pandemic

is over?Restaurateurs,

chefs andindustry expertsweigh in. R4-5

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R2 | Friday, May 7, 2021 THEWALL STREET JOURNAL.

THE FUTURE OF EVERYTHING | THE FESTIVAL ISSUE

Everything you do and sayaffects your future.”That’s the guiding princi-ple behind architect andartist Suchi Reddy’s new

sculpture, which will debut in No-vember in Washington, D.C., as partof the Smithsonian Institution’s175th anniversary exhibit.Ms. Reddy, 53, is known for her

distinctive approach to architecture.Her New York-based firm, Reddy-made, veers from the traditionalprinciple of “form follows function,”which dictates that a building’s pur-pose should determine its design,and instead relies on a mantra of“form follows feeling,” which saysthe design of a building should con-sider how it makes people feel. Sheapplies what she calls a “neuroaes-thetic” ethos to her work, with thegoal of using space to create emo-tions and influence well-being, cre-ativity and productivity.Like her architectural practice,

Ms. Reddy’s approach to her sculp-ture stems from the idea thatpeople’s feelings should both influ-ence and reflect their environment.Her ethos feels particularly rele-vant today, as people take stock ofa year that forced them to spendmuch more time at home. As theworld slowly reopens, there is anopportunity to rethink the designof offices, schools, streets andother areas—and how humans in-

teract in public space.Titled “me + you,”Ms. Reddy’s

artwork will use artificial intelli-gence to reflect the relationshipbetween individual agency andcollective humanity.The sculpture is a 20-foot-

high white column made of thin,flexible sheets of LEDS and dif-fusers, or materials that softenlight by scattering light beams,ringed by dozens of arching, lit-up, acrylic tubes that jut outfrom the base in what she callsthe cloud. The result is whatlooks like a fountain, only in-stead of water flowing from thecenter, there are glowing plastictentacles.Visitors will be invited to say

a word about their future intomandala-shaped clusters ofLEDs embedded on the tubes.The sculpture’s machine-learn-ing tools will translate thewords, as well as their tone andpitch, into a unique visual pat-tern. These patterns are thenwoven together to form anever-changing composite image.Ms. Reddy also sees the

work as a metaphor for the giveand take between humans andtechnology.“It is a barometer for our

emotional history,” she says. “Itcan reflect what is the best ofus.”.

Architect and artist Suchi Reddy’s sculpturefor a changed world By Nancy Keates

CASTINGA NEWLIGHT

The Smithsonian reached out toMs. Reddy through curator IsoldeBrielmaier with the directive tolook at the relationship betweenhumans and machine learning.Ms. Reddy began the project in2019, coming up with the ideathat allowing people to speak intothe piece would give them a

voice in the future of technology.After the pandemic struck, theconversation grew more urgentbecause of the bigger role tech-nology took in people’s lives whenalmost everything went virtual.“The power of technology to de-fine our communal spirit becameeven more prominent,” she says.

Ms. Reddy is workingout of a fabricationcompany’s studio inBrooklyn. The speakingportals on the sculp-ture will be set to dif-ferent heights so theyare accessible to chil-dren and people inwheelchairs, furtheringMs. Reddy’s emphasison inclusiveness. Muchof the work on thesculpture was mechani-cal: In the containersare washers and nuts—hardware that bolts to-gether the inner frame-work of the piece.

Ms. Reddy calls the pillar at thecenter of the sculpture a to-tem—an emblem that symbol-izes a culture. The idea for thetotem comes from a childhoodtrip to an area of India calledKanchipuram, when her mothertook her to see weavers usingtraditional looms. The sculp-ture’s light mandalas, which willbe collected and woven to-gether, are modeled after themagical silk strings she sawthat day, she says. The loom isalso considered a precursor ofthe modern computer, inspiringits interchangeable punch cards,giving the metaphor even moresignificance, she says.

Ms. Reddy believes the rela-tionship between technologyand humans needs to be care-fully tended—that peopleshould have a self-aware andresponsible relationship withtechnology to ensure a posi-tive future. She believes thateveryone should have a voicein their surroundings. Ms.Reddy grew up in Chennai, In-dia, moved to the U.S. whenshe was 18 and earned a de-gree in architecture from theUniversity of Detroit. In 2002,she founded Reddymade,which designs residences, pub-lic institutions, and large-scalecommercial spaces. As an art-ist, she makes large-scale pub-lic sculpture.

The sculpture will appear in the Smithsonian’s Artand Industries Building, in the same place whereThomas Edison’s lightbulb prototype first made itsdebut. The impact of the lightbulb on the social andeconomic structure of society inspired Ms. Reddyfrom the start, prompting her to think about howher piece could encompass the relationship between

community and accessibility. After the pandemic,her thinking evolved when she saw the role technol-ogy played in keeping society connected. Ms. Reddysays she wants people to be more aware of howthey interact with technology. “I don’t think technol-ogy will be the end of us. What could be the end ofus is our own lack of awareness,” she says.

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THE FUTURE OFEVERYTHING FESTIVALMs. Reddy and artist AiWeiwei will discuss how thepandemic has triggeredchanges across art andarchitecture—from artificial-intelligence installations tothe restructuring of officesand hospitality spaces—andthe new roles physical anddigital spaces play in ourmental health and well-being.

Register atfoefestival.wsj.com(complimentary for WSJmembers).

The guts of the sculpture aremetal support rods thathouse the hardware whichruns the sculpture in the cen-ter of the cloud. Using draw-ings, Ms. Reddy depicted avertical slice or sectionthrough the cloud, studyingthe lines of the arcs of theacrylic tubes and their sup-port. The work will have adigital counterpart, a websitewhere people can inputwords describing their visionsof the future. Each image be-comes part of a matrix, rep-resenting “an emotional cal-endar that will act as abarometer for how the worldis feeling,” she says.

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THEWALL STREET JOURNAL. Friday, May 7, 2021 | R3

© 2021 ServiceNow Inc. All rights reserved.

If digital workflows from ServiceNow can transformWonka’s Chocolate Factory, imagine what they coulddo for your company. Whatever your business is facing,let’s workflow it.

servicenow.com/letsworkflowit

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R4 | Friday, May 7, 2021 THEWALL STREET JOURNAL. THEWALL STREET JOURNAL. Friday, May 7, 2021 | R5


THERENEWALOFRESTAURANTSThe pandemic experiments likely to endure when you dine out—or swipe an eatery’s app—in the years to come. ByMichelle Ma

7.TAKING CARE OFWORKERSBefore the pandemic, if restau-rant workers were sick, theywould often be expected tofind someone to cover theirshifts or risk losing their jobs,Mr. deBary says. Paid time offwas rare. But the pandemichas forced a reckoning. Morerestaurant owners are givingworkers time off for gettingvaccinated and other activities,as well as offering health in-surance to staff, which Mr. de-Bary has seen work with a 5%increase in total revenue allo-cated to labor.

10.TIPPING THE PAY SCALESCovid-spurred closures gave some restaurantowners an opportunity to address what someview as an unfair pay divide between frontand back of house staff. Mr. Jew eliminatedtipping at his restaurant during the pandemicin favor of a 15% service charge divided be-tween staff based on a point system trackingtenure and responsibility. Diana Dávila, chefand owner of Chicago’s Mi Tocaya Antojeríamade a similar move. It isn’t fair for a serverto make $80,000 a year while a cookmakes $40,000, she says, since guests tipnot just on service but also cleanliness,ambience, food and beverage. Althougheliminating tipping isn’t new, the pan-demic accelerated shifts that were al-ready happening, with more restaura-teurs thinking about worker well-beingand revising pay structures, says Mr. deBary.

6.DRINKS TO GORelaxed liquor laws allowed restaurants to sell cocktails mixed on-site for take-out or delivery, helping many of them stay open. Like others in the industry, Ms.Previte says that takeout wine and bottled cocktails were a game-changer,and she hopes to keep them on the menu at both of her D.C. restaurants,Maydan and Compass Rose. Since the pandemic, 36 states have started al-lowing cocktails to-go and seven have made that legislation permanent.

3.CLEAN AND CLEANAGAINIncreased hygiene practices won’t begoing away. For Rodney Scott of Rod-ney Scott’s Whole Hog BBQ in Charles-ton, S.C., and Birmingham, Ala., steriliz-ing high-touch areas like doorknobs andtables was a big adjustment, but apractice that his restaurants will con-tinue for the foreseeable future. “Sani-tation is forefront for consumers rightnow,” says Mike Whatley, the NationalRestaurant Association’s vice presidentof state affairs and grass roots advo-cacy. Restaurants that have invested inthings that provide ease-of-mind forconsumers, such as upgrading HVACsystems, will continue to have a com-petitive advantage, he says.

8.DIGITALCHECK, PLEASE

From mobile apps forfast-food chains to newly

implemented online orderingoptions for independent eater-

ies, an increased digital presencewill endure. That includes paying by

app or QR code instead of a paperbill, says Andrew Robbins, founder of

Paytronix Systems Inc., a digital cus-tomer-experience platform for restaurants.

Contactless mobile payments for restaurantson the Paytronix platform rose to $526,000 a

month during the pandemic, up from $96,000 amonth, while total payments fell by 60%. With the

contactless payments, tips are 4% higher and tableturnovers are five minutes faster on average, and

customers are happier, Mr. Robbins says. “The last fiveminutes when you’re waiting to pay are the least enjoy-

able part of the experience,” he says.

Perhaps no grouphas pivoted morequickly and morevisibly during thepandemic than the

restaurant industry. City land-scapes across the U.S. havechanged: tables, chairs and ply-wood structures sitting wherecars used to park, pedestri-ans sharing sidewalks withdiners and space heaters,thermometer-wieldinghosts working double-dutyas health monitors.The pandemic has taxed

restaurant workers, who areasked to provide service but ha-ven’t received enough of it them-selves, says Brandon Jew, chef andowner of Mister Jiu’s in San Fran-cisco. “We all want hospitality,” hesays. Nationally, chains and indepen-dent eateries alike have struggled tohire back staff who are opting in-stead to stay on unemployment orwork in other industries.For many restaurant owners, pan-

demic-related labor shortages laidbare what was no longer working inan industry defined by its unrelent-ing work culture, and provided a win-dow for experimentation. Many res-taurants reopened post-lockdownwith permanently revised pay struc-tures and operations, as well as newstandards to address burnout.“This is the very best time to re-

build a restaurant,” says Mark Canlis,co-owner of Canlis in Seattle, whocompares the pandemic to a hurri-cane. If one room of a house is al-ready in poor shape, “you’re not go-ing to build that room back the sameway if a hurricane has devastatedyour house,” he says.While some chefs eagerly await

the day when they can pack theirdining rooms again, many acknowl-edge that Covid-19 forced an indus-try used to doing things one wayinto adopting some new practices, tounexpected success. Here, the big-gest changes that are here to stay,according to restaurateurs, chefs andindustry experts.

1.DININGOUTDOORSOutdoor dining space will continue tobe in demand, even for fine diningrestaurants that used to balk at alfresco seating. For chef and restaura-teur Marcus Samuelsson, the 90-seat patio at his Red Rooster Over-town in Miami “saved our business.”Restaurateurs hoping to maintainthe outdoor dining spaces that keptthem afloat during the pandemic arein luck; many cities and states aremaking permanent their expansionsof outdoor dining, with legislation in-troduced or passed in states includ-ing Arkansas, Rhode Island and Con-necticut, as well as New York City.

5.FEWER OPTIONS ON MENUSFine dining customers will continue to see more lim-ited menus. During the pandemic, Maydan in Wash-ington, D.C., switched from an à la carte menu to aset, family-style menu, which helped the restaurantbetter predict and control its food orders, saysowner Rose Previte. She doesn’t know if the res-taurant will ever go back to a la carte. Dirt Candyin Manhattan used to have two extensive high-end tasting menus and has since pared back toone five-course tasting menu at dinner in additionto all-day a la carte options, decreasing food costs signifi-cantly, says owner and chef Amanda Cohen. She plans on stickingwith a smaller menu in the future.

9.MERCH, KITS AND PACKAGED FOODSWhen indoor dining was curtailed, another source of revenueemerged in selling merchandise, including meal kits, spicesand packaged foods. Mr. Jew is turning one entrance of hisrestaurant into a gift shop which will sell souvenirs and goodsfrom the Bay Area. He is also expanding into the frozen foodaisle, joining with local grocery stores to sell prepackaged MisterJiu’s food like chips and lap cheong. The revenue willhelp ease staff workloadduring peak hoursand lessen thepressure to turnmore tables andpack more seats,says Mr. Jew. Ac-cording to Mr.Samuelsson,beautifully pack-aged gift food,what he calls a“party in a boxexperience,” ishere to stay andwill become an-other extension ofa restaurant’s brand.

2.PHYSICAL SPACEFOR DIGITAL ORDERSMore online orders means more restaurant space needed to service those orders. Since lastMarch, Chipotle has ramped up its Chipotlanes, drive-through lanes for customers who have or-dered ahead, as well as a second “make line” in the kitchen for preparing those orders, and itexpects to see Chipotlanes in more than 70% of new Chipotle restaurants in the U.S. and Can-ada. It has also introduced shelves in some locations where customers can pick up their orderswithout talking to employees, as well as its first digital-only restaurant without a dining roomor front service line, which the company plans on expanding “where it makes sense,” says ChiefRestaurant Officer Scott Boatwright.

4.HIGHER PRICESExpect to see higher wagesand more staff benefits re-flected in your menu prices.“Canlis is more expensive nowthan it’s ever been, and you’reeating in a yurt outdoors in aparking lot,” says Mr. Canlis,who provided healthcare tostaff who worked through thepandemic. He sees more res-taurants adopting these prac-tices. The same way guestshave developed an under-standing and appreciation fora restaurant’s sustainabilityand sourcing practices, “you’regoing to see the exact samething from a human capitalstandpoint,” he says. John de-Bary, the co-founder and boardpresident of the RestaurantWorkers’ Community Founda-tion, a restaurant worker advo-cacy nonprofit, predicts a 20%increase in menu prices forrestaurants that change theirlabor practices.

20%The predicted increasein menu prices atrestaurants that changetheir labor practices, perJohn deBary, RestaurantWorkers’ CommunityFoundation IL

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across Mattel—from the paper usedto print Uno cards to the cellophanethat wraps each package—will bemade of recyclable material by theend of the decade.

Online Moves OfflineMr. Kreiz’s previous job was runningMaker Studios, a YouTube creatorfirm that drew kids into the onlineworld. Today, he foresees a future inwhich the online and offline worldscontinue to blend when it comes toplay, though he adds that physicaltoys and products are projected togrow over the next five years.“Screens in general are a comple-

ment,” he says.There are plans under way to

deepen Mattel’s investment in digi-tal and mobile gaming, as well asfinding audiences on the big screen,like in a coming Rock ‘Em Sock ‘EmRobots movie starring Vin Diesel,and on the smallest ones, such asdigital clips streamed on phones.Over the past year, Barbie func-

tioned as something of an online tu-tor for kids at home, with the brandoffering how-to lessons and featureson Instagram and other social-mediaplatforms.“We find you wherever you are,”

says Mr. Kreiz.

PLAYTIME INAPOST-PANDEMICWORLD

THE FUTURE OFEVERYTHING FESTIVALHow do you make a 76-year-old toy brand relevant in thedigital age? Mr. Kreiz takes usbehind the scenes of the trans-formation he is overseeing,from unveiling a diverse line ofBarbie dolls to the develop-ment of high-profile, big-screenprojects inspired by its fran-chises, all while bolstering thecompany’s e-commerce opera-tions and reach.


Mattel CEO Ynon Kreiz on bringing values to the toy aisle, howscreen time is changing, and what’s next for Barbie’s ever-changing identity By Erich Schwartzel

100%The share ofproducts thatMattel plans tomake from recy-cled, recyclable orbio-based plasticmaterials by 2030

Wheels set is about “igniting andnurturing the challenger spirit thatlives within every kid,” Mr. Kreizsays.And in some cases, Mattel has

tapped into parental concerns abouttheir child’s emotional health. Thecompany’s Barbie brand recentlyteamed up with neuroscientists atCardiff University—not to give thedoll a new job, but for studies onhow doll play can engender empa-thy among kids.

Values in the Toy AisleMattel toys have been in the con-versation about representation andinclusion for decades—and not al-ways for the best reasons, as de-bates about gender norms, bodyimage and anachronistic valueshave flared. Barbie in particularhas been the target of criticism, hersilhouette and lifestyle held up bysome parents—and childhood-edu-cation researchers—as an unattain-able ideal.More recently, Mattel has joined

the conversation actively. “We al-ways look to connect the product totoday’s culture,” says Mr. Kreiz,referencing the more inclusivelineup at American Girl, which re-cently introduced a new character

named Joss, a Southern Californiasurfer with hearing loss that re-quires a hearing aid. In more re-cent years, Barbie has undergonechanges that would have onceseemed far-fetched, including onemodel that has a vitiligo skin con-dition and another that uses awheelchair. The share of Barbiessold that fall under these more in-clusive categories has risen, ac-cording to company data.Mattel has also instituted a sus-

tainability program that aims to en-sure that all company products are100% made of recycled, recyclableor bio-based plastic materials by2030. Next year, it will start sellinga Tesla Roadster model made byMatchbox of 99% recycled materi-als. In Mr. Kreiz’s vision, everything

Ynon Kreiz has made playhis work. As the chief ex-ecutive of Mattel, the 76-year-old toy company,Mr. Kreiz oversees Barbiedolls, Hot Wheels cars

and other children’s products thathave filled toy shelves for decades—and this past year, servedas pandemic lifesaversfor parents entertainingbored kids stuck at home.These are some of the

most iconic brands in theworld. Making anychanges to such belovedbrands means balancingthe new with the nostal-gic. But now that the U.S.is reopening and quaran-tines are being lifted, Mr.Kreiz faces a fresh chal-lenge: Adjusting to the new expecta-tions and desires of consumersshaped by 14 months of seismicchanges to work-life balance and na-tionwide calls for better inclu-sivity and representation inthe broader culture. Add it tothe list of changes Mr. Kreizmust bring to a company thathad seen lower sales—and sig-nificant executive turnover—before he assumed the CEOjob in April 2018. Since hetook over, Mattel has seenthree consecutive quar-ters of growing marketshare, and its stock pricehas returned to levelsnot seen since the sum-mer of 2017.A veteran of the

tech world, Mr. Kreizsays he wants to le-verage the iconicbrands under theMattel banner, fromAmerican Girl toFisher-Price, inbroader ways that includemovies, digital assets andmore. He raised eyebrowsin Hollywood in 2019 after hir-ing Greta Gerwig and NoahBaumbach—two directors andromantic partners known foradult-oriented features like“Lady Bird” and “MarriageStory,” respectively—to make a“Barbie” movie. Beyond themove to the big screen, Mr.Kreiz foresees a decade aheadof continued focus on the val-ues and virtues underlying thetoy shelf or online retailer.After all, Barbie has kept

up with the times, graduating fromvacations in Malibu to the medicalprofession, astronomy and evenpresident of the United States. Whatwill Mattel’s future look like?

Play With a PurposeIt’s no longer enough to sell kids on

a new toy with a flashycommercial and count onthem to beg their parentsto buy it.Covid-19 has reiterated

“the importance of physi-cal play, and how muchpriority parents and chil-dren place on qualityproducts and known,trusted brands,” Mr.Kreiz says. That goes be-yond making toys thatdon’t fall apart. Parents

are increasingly drawn to toys thatinculcate real-world values in theirkids, he says. Barbie’s jobs must re-flect the aspirations of today’s

young women. Even a Hot

Mr. Kreiz, top left,says that parentsare drawn to toysthat inculcate real-world values in theirkids, whether in a HotWheels set, above, orin Barbie’s jobs, left.

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In the next decade, gene editing could help notjust people with rare disorders but millions withheart disease, chronic pain and other conditions.By Amy DockserMarcus

Katherine Wilemon,center, has a geneticdisorder that causeshigh cholesterollevels, putting herat an increased riskfor heart attack orstroke. A deeperunderstanding ofgene editing andCrispr could help her14-year-old daughter,right, who also hashigh cholesterollevels, she says.

eventually could be applied morebroadly.“This is the same path statins fol-

lowed,” Dr. Urnov says of the familiarcholesterol-lowering drugs. “Theywere developed for people with se-vere disease. Now, many people takethem for prevention.”At a meeting earlier this year of

the Familial HypercholesterolemiaFoundation, families living with thedisease heard a scientific presenta-tion about how Verve Therapeuticsplans to use a base-editing techniquefor cardiovascular disease.The technique involves infusing

minute balls containing the Crisprediting machinery into the blood-stream. These so-called lipid nano-particles make their way to the liver.There they break up and release theediting machinery, which homes inon and edits the PCSK9 gene—creat-ing the version that stops it frommaking a cholesterol-raising protein.In studies on monkeys, the animalsexhibited low levels of LDL choles-terol even six months after treat-

ment, raising hopes that the editscould last a lifetime.“We think the data in monkeys

will translate well into humans,”says Verve Therapeutics co-founderSekar Kathiresan. The companywants to launch a clinical trial of theexperimental treatment in 2022,first in familial hypercholesterolemiapatients who have suffered a heartattack. The company eventuallyhopes to test the treatment in heartattack sufferers who don’t have fa-milial hypercholesterolemia.If the therapy proves to be safe

and effective as a treatment, thenext stage will be to explore its usefor heart attack prevention. “Thiscould be a preventive therapy for allwho are at risk for heart attacks,”Dr. Kathiresan says.But financial and logistical as well

as scientific hurdles remain. Crisprtherapies will be costly at first andmay not be available at all hospitals.Scientists don’t know how to rou-tinely and safely deliver Crispr edit-ing for all diseases.

Before participating in a Crisprtrial, Victoria Gray, 35, a sickle cellpatient from Forest, Miss., sufferedsevere pain that put her in the hospi-tal more than six times a year. “Mylife was full of pain,” she says. Now,more than 18 months later, she saysshe hasn’t suffered a pain crisis orneeded a blood transfusion. “I callmyself cured,” she says.Ms. Gray’s doctor, Haydar Fr-

angoul, acknowledges the benefits ofCrispr but says it is too soon to usethe word cure. It is unclear whethergene edits will last a lifetime. Dr. Fr-angoul says problems caused by geneediting might take decades to showup—one reason the patients in thetrial will be followed for 15 years.“We showed Crispr gene editing

works in humans,” Dr. Frangoul says.“We made a crack in the door. Thecrack is getting wider.”Ms. Wilemon, who started the

foundation after learning that heroldest daughter had high LDL choles-terol levels, says she knows it is stillearly days for Crispr. But she’s opti-mistic about what deeper under-standing of genetics and a technol-ogy like Crispr might mean for herchild, who is now 14. In such a fu-ture, Ms. Wilemon says, “Maybe Iwon’t have to worry about the trajec-tory of her life.”

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At the age of 38, KatherineWilemon suffered a heartattack as she carried aceramic pot into herbackyard garden in LosAngeles. Now 53, the

mother of two eats right, exercisesand takes cholesterol-lowering medi-cation—but it may still not beenough.“I live with the anxiety of having

another heart attack,” says Ms. Wile-mon, whose genetic disorder causeshigh cholesterol levels and a risk forheart attack or stroke that is up to20 times that of people without it.In the next decade, Crispr-Cas9

and other new gene-editing tech-niques may protect the health notonly of Ms. Wilemon and others withfamilial hypercholesterolemia butmillions of people with a range ofconditions, including chronic painand diabetes. Rather than take drugsfor years or even decades, for exam-ple, at-risk people might be able toprotect themselves with a one-and-done Crispr therapy.It has been a year of profound

change that is still transforming all

aspects of society. Science hasbrought revolutionary technologiesfrom the lab into people’s daily lives.Covid-19 vaccines and Crispr geneeditors both built on decades of re-search into RNA, a crucial moleculein cells. During the pandemic, theflourishing of both seemed to signala new era in genetic medicine.“We need to think about what it

will mean for all of us to live in agene-edited world,” says FyodorUrnov, scientific director of technol-ogy and translation at the InnovativeGenomics Institute at the Universityof California, Berkeley.Last year, two scientists

won the Nobel Prize fortheir work on Crispr-Cas9,which can be used to alterdisease-causing genes. Theprize came eight years af-ter Drs. Jennifer Doudnaand Emmanuelle Charpen-tier published a landmarkpaper demonstrating howCrispr-Cas9—which bacte-ria use to defend them-selves against viruses—could be adapted to createa tool to edit DNA in ani-mals, plants and people.Scientists reported last

December that gene-editedcells curbed severe painand other symptoms in asmall number of patientswith sickle cell disease andbeta-thalassemia, two rare,inherited blood disorders.Verve Therapeutics, a

Cambridge, Mass.-basedstartup, presented animalresearch in 2020 showingthat a Crispr-based therapyfor cardiovascular diseasereduced levels of LDL, or“bad” cholesterol, by an av-erage of 61%. Crispr Thera-peutics, a Swiss company,and a partner plan to test aCrispr therapy for diabetes: An un-der-the-skin implant containingCrispr-edited cells that will deliverinsulin, with the goal of eliminatinginjections and regular testing of glu-cose levels.The original version of Crispr—

what Dr. Urnov calls “Crispr 1.0”—cuts both strands of the double-stranded DNA molecule. Breakingboth strands can lead to unintendededits and potentially deleterioushealth effects.New versions of Crispr may allow

more precise edits. A “Crispr 2.0”technique called base editing, for ex-ample, can change DNA without cut-ting its strands.In the case of heart disease, scien-

tists are using Crispr in an attemptto turn off the disease-causingPCSK9 gene in the liver. By turningoff the gene, people are able to main-tain very low LDL levels and are pro-tected against heart disease. A clini-cal trial of PCSK9 editing now in theworks will likely start with peoplewith severe cardiovascular risk but

“We need to thinkabout what it willmean for all of usto live in a gene-edited world.”—Fyodor Urnov, the University

of California, Berkeley

CRISPR’SNEW COLORS

THE FUTURE OFEVERYTHING FESTIVALA new generation of scientistsare developing Crispr technol-ogies that could transformmedicine. Trained in the labsof Crispr inventors and pio-neers, Janice Chen, NicoleGaudelli, Omar Abudayyehand Jonathan Gootenberg joinus to discuss the gene-editingtools and trials they are work-ing on, with the goal of drasti-cally changing our under-standing of disease and ourability to treat it.


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SHOULDCEOSTAKEASTAND?The head of Ben & Jerry’s sees business as a force forsocial change—and says the next generation of leaderswill too. By Barbara Chai

MatthewMcCarthy

joined the icecream maker in

2018 aftermore than 20years at its

parentcompany,Unilever.

What do ice creamand activism havein common? Ben& Jerry’s has long

been committed to both.The company, founded in

1978 by Ben Cohen and JerryGreenfield and acquired byUnilever in 2000, touts valuessuch as human rights andeconomic justice as promi-nently as it introduces newflavors. Sometimes, it accom-plishes both at the same time,such as when it rolled out its“Colin Kaepernick’s Changethe Whirled” nondairy des-sert, with a portion of pro-ceeds going to the athlete’sKnow Your Rights Camp or-ganization to empower andsupport Black and browncommunities. The company’scommunications regularly in-clude calls to action for ev-erything from fighting racismin the cannabis industry toscrutinizing U.S. prisons.In February, Chief Execu-

tive Matthew McCarthy wrotean op-ed in support of legisla-tion that would study thepossibility of paying repara-tions to descendants of en-slaved people in the U.S., call-ing on “other CEOs andbusiness leaders to use ourunique power and privilege tohelp our nation begin toheal.” (A House panel ap-proved the bill in April, but itstill faces an uphill climb tobecoming law.)

“One of the questions I getmost often is, aren’t youafraid of alienating consum-ers by the stands that youtake at Ben & Jerry’s? It’s theexact opposite,” says Mr.McCarthy.Mr. McCarthy used to be

an outlier, but in the pastyear, leaders at some of theworld’s biggest corporationshave taken a stand on issuesincluding immigration, votingrights and climate change,under pressure from employ-ees, customers and share-holders. Last month, for ex-ample, more than 100 CEOsand senior business leadersjoined a call to plan a re-sponse to new voting laws indozens of states, with Ken-neth Chenault, former CEO ofAmerican Express Co., andKenneth Frazier, CEO ofMerck & Co., urging action ongreater voting access. Formany CEOs, this is unchartedterritory that comes with arisk of alienating consumers,vendors, suppliers and em-ployees, who may represent awide spectrum of views.Increasingly, consumers

will demand that companiesprotect the health and well-being of society and the envi-ronment, global market-re-search firm Euromonitorpredicts in its annual trendsreport. According to the re-port, consumers will take so-cial and environmental issuesmore seriously, and will seekout businesses that make theworld cleaner, safer and moreequitable.“Everything is political to

somebody or some group ofpeople for some reason,” saysMr. McCarthy, 52, who joinedBen & Jerry’s in 2018 as CEOafter working mostly in thefood business at Unilever

since 1997. “So you just gotto get over this idea thatbusiness shouldn’t get in-volved. That is just simplynot reality.”The Future of Everything

caught up with Mr. McCar-thy to discuss what lastingchanges he sees for compa-nies, consumers and chiefexecutives.

You’ve long believed thatbusiness can be a force forsocial change. What is dif-ferent about the next gen-eration of business?I’ve got about 30 years ofbusiness experience, so Idon’t kid myself. Whereas Ifeel fortunate that I’ve hadthe opportunities to come tothe realization of things—such as, that business can bea force for good, and thatbusiness needs to be part ofmaking the world a betterplace, not just a less badplace—more junior leaderswho will replace me will al-ready arrive with that beliefin mind.

How do you envision therole of CEO changing in thefuture?I often see myself, right orwrong, in the business of rad-ically redistributing poweraway from myself, and awayfrom my leadership team, tothe people who actually havemost of the answers. That

doesn’t mean abdicating thepositional power and the re-sponsibility that I have as theCEO. It just means redefiningit. If all decisions have tocome to me, that slows theorganization down. Thatmakes us less competitive.What are the real mechanicsof redistributing power awayfrom a traditional, frankly,slow-moving and often out-of-touch group, and moving ittoward the people? That pro-cess is not just a movingaway. It’s a constant flow, re-distributing power and au-thority to the places that col-lectively help theorganization do its best work,have its greatest impact.

What will future genera-tions of consumers be look-ing for?A hell of a lot more co-cre-ation. A hell of a lot moreblurring of the lines betweenproducer and consumer. Wewill see a complete change inhow capitalism is actuallystructured to where thesources of value creation willactually sit with the con-sumer. It’ll make us wonder,whose company actually isthis? Businesses will pop outof the woodwork to actuallysolve specific issues. Com-merce will be engaged withthat, and then that businessor brand may cease to existwhen the problem that it wasdesigned to solve no longer isa problem. We’ll see muchmore of a blurring of the lineof, where is the value beingcreated? Particularly withmore junior people, it will becentered on fixing the prob-lems that we have left youn-ger generations.Interview has been edited

and condensed.

“I often see myself, right or wrong, in thebusiness of radically redistributing poweraway from myself, and away from myleadership team, to the people who actuallyhave most of the answers.”

BEN&JERR

Y’S

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As a forward on the U.S.women’s soccer team,Abby Wambach was aWorld Cup champion andtwo-time Olympic goldmedalist. She retired in

2015 as the all-time leading goalscorer in the sport, men’s orwomen’s. Since then, Ms. Wambachhas written three books and investedin Angel City FC, a Los Angeles-basedNational Women’s Soccer League ex-pansion team that starts play in2022.The U.S. women are two years into

their gender-discrimination lawsuitagainst the U.S. Soccer Federation,an action that prompted the sold-outcrowd at the 2019 Women’s WorldCup final in Lyon, France, to chant“Equal pay!” after the team’s victoryover the Netherlands. Their lawsuitand on-field success have spurredwomen on other teams and in othersports to seek greater compensationand more financial investment. U.S.Soccer has said it has offered thewomen’s players equal pay in thematches it controls, and hopes to re-solve the case outside the court sys-tem.Ms. Wambach spoke with The Fu-

ture of Everything about her predic-tions for women’s professional soccerin the U.S. and the future retirementshe envisions for current players.

You played in the NationalWomen’s Soccer League to-ward the end of your profes-sional career. It’s less than 10years old, and a few years agoit had quirky sponsors like theNational Mango Board and wasstruggling to survive. Now it’sexpanding and boasts sponsorslike Budweiser, Nationwide andAlly Bank. What do you thinkof the NWSL’s progress sincethe U.S. women’s national teamwon the 2019 Women’s WorldCup?The 2015 World Cup was kind of thebeginning of some of the world start-ing to see the corporate landscapeopen up to the women’s soccerworld.Individuals like myself have been

able to capitalize on speaking en-gagements, etc. [National-team stars]

“I think 15 to 20years down thisroad, we’re goingto see completelypacked stadiums.We’re going tosee a world thatnot onlyembraces butmight evenprefer women’ssoccer overmen’s.”

2022The year thatAngel City FC, aLos Angeles-based NationalWomen’s SoccerLeague expan-sion team thatcounts Ms.Wambach andactor NataliePortman as in-vestors, plans tostart play

like Alex [Morgan] and Megan [Rapi-noe] have been able to really capital-ize on their own personal-endorse-ment brands and sponsorships. Goingto the 2019 Women’s World Cup, alot of things were happening at thesame time. This specific team had somany different kinds of players onit—and these players, they’re notmaking the kind of money that theNFL guys are making or NBA guysare making, by any means. But theseplayers are starting to see realmoney trickle down into their bankaccounts, whether it’s becausethey’re signing lucrative sponsorshipdeals or because they’re going andplaying in certain [professional]leagues.So the real question is, why ‘19?

Why was that championship differ-ent? And the truth is, I personallyknow that when you invest in womenyou get a real return. And that ‘19World Cup was the first time the cor-porate world truly, truly invested injust the women’s team. It wasn’t be-cause they were attached to the U.S.Soccer Federation. They were reallyinvesting in these players. And then

group. I was lucky to be selected to bea team player on this ownershipgroup team. I guess the rest is history.So I’m super bullish, not just on

women’s sports but on women’s soc-cer, especially in this country. I think15 to 20 years down this road, we’regoing to see completely packed stadi-ums. We’re going to see a world thatnot only embraces but might evenprefer women’s soccer over men’s. Atleast at the [professional] club level,for sure.

Are you talking in the U.S. orglobally?In the U.S. And they’re not, like,fighting words that I’m trying to getinto a battle with [Major League Soc-cer] over. But I do believe thatwomen’s soccer has captured theheart of so many people in this coun-try. I know it because I’ve felt it. Iknow it because I’ve experienced it inmy own career. And then I’m watch-ing this shift happen.I do believe that there’s a part of

this country that thinks pro athletesare the most spoiled group of peopleon the planet. And I think that’s whysome folks are trending towards en-joying watching women’s sports ver-sus men’s sports [because womenappear less spoiled]. But they’re justkind of different games if you look atit. They’re different experiences, andto be treated differently in certainways—but definitely not pay.

You’re six years past your play-ing career, but you recentlystarred in a Gatorade ad withUsain Bolt. How sought-afterhave you been as an endorserrecently, compared with whenyou were still playing?I’ve made probably three or four

times as much as a retiredplayer than I did as a na-tional-team player. It proba-bly says more about the[support] team that I have.But we are in an interestingplace. For me, I think that Iwas able to figure out howto build my business andbrand. I’ve just been able tomake a very lucrative pub-lic-speaking career. I have alot of future dreams when itcomes to thinking about thatfor women athletes, gettingthem in the conversation sothey can become their own[limited partners].

What kind of future doyou envision for youngplayers now?When I retired, I struggledto know and figure outwhat I could be and do toearn a living. What I wantfor future retired athletes isfor them to not have toworry or stress about it likeI did because they have asafety net. I want them tobe able to know what the

money they have earned is doing. Iwant them to be able to invest andsit on public boards. I want them todo whatever they want—exactly whatevery man who retired, having hadthe career I had. That is what theydeserve.Responses have been condensed

and edited from an interview andemails.

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these players performed under ex-traordinary pressure.

In 2018, you spoke at an eventfor Time’s Up, the nonprofit or-ganization that seeks to endsexual harassment and work-place discrimination againstwomen. The actor NataliePortman was there, and, longstory short, both of you endedup as investors in Angel CityFC. How did that happen?Natalie Portman hears the story ofwomen’s soccer and how we are notpaid even nearly close to what themen are paid, and we are far moresuccessful, she heard this and justcouldn’t believe it.She was like, I can’t just hear this

and stand back and be shocked everysingle time I hear this story of an-other woman. Because this is thetruth of all women in every industry:that we are just not making thesame amount, and it’s completelyculturally accepted. And it’s wild. Soshe was like, I’ve got to put my skinin the game.So she created an investment

GETTINGTHEBALL

ROLLINGAbby Wambach onthe evolution ofwomen’s soccer.

By Rachel Bachman

THE FUTURE OFEVERYTHING FESTIVALMs. Wambach joins JulieUhrman, the founder andpresident of Angel City, to dis-cuss how they are reimaginingsports ownership and manage-ment models as a way to raisethe profile of female athletesand fight for pay equity.


Ms. Wambach saysthat the 2015Women’s World Cup,above, marked thebeginning of the cor-porate world startingto pay attention towomen’s soccer.

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