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HouseboundAdults CrashHouseparty

i i i

Teens aghast atelder takeover ofvideo-chat app

BY SARAH E. NEEDLEMAN

While housebound by thepandemic, Alexis “Lexi” Serinoinspired her mother and auntto download Houseparty, avideo-chat app that the collegesenior sometimes uses to so-cialize with friends.

Ms. Serino, 21 years old,has been waiting out the coro-navirus back home in Medford,Mass., with her family, and herHouseparty newbies havestruggled to fit in.

“They don’t know how tomute themselves or flip thecamera,” said Ms. Serino. Shesaw her mother put a phone toher ear to make a video call onthe app. Her aunt aimed the

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Source: DealogicNote: April 2020 is month-to-date.

Monthly announced globalbuyouts volume

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Buyout Firms’Picks GuttedDeal volume dries up asmany stocks held by private-equity firms take a hit. B1

politicians who made themdo it, are now focused on re-starting the economy andtheir own businesses. Thatrestart, according to inter-views with leaders across arange of industries, suggeststhat back to normal will beanything but.

The re-emergence overthe coming weeks andmonths will be fitful, fragileand partial—and a bit dysto-pian, with frequent tempera-ture checks, increased moni-toring of employees andcustomers, and, potentially,blood tests to determinewhether workers have likelyimmunity to the virus. Offi-cials and business leaderspredict that operations won’tfully return to normal untilan effective vaccine hits themarket, estimated at least ayear away.

Some firms may bring of-fice workers back in alter-

PleaseturntopageA9

Walt Disney Co. reached acoronavirus milestone ofsorts last month when it re-opened a portion of itsShanghai Disney Resort asChina’s pandemic began toebb.

But a trip to Tomorrow-land may never be the same.Guests at the Shanghai re-sort must wear masks at alltimes, removing them onlyfor eating. Hours and capac-ity are limited. And just togain entry, visitors must sub-mit to a temperature checkand present a government-controlled QR code on theirphone that indicates they arevirus-free.

Executives around theworld who rapidly over-hauled operations when thecoronavirus struck, and the

By Erich Schwartzel,Alison Sider

and Heather Haddon

Deadly Tornadoes Pummel the South

IN SAFE ARMS: Randy Shoemaker embraces his 6-year-old son, Conner, after the familysurvived a deadly tornado in Chatsworth, Ga., on Monday that destroyed their mobile homeas they took cover inside. At least 32 people died as storms swept through the South. A3

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Two groups of governors saidthey would coordinate efforts toreopen businesses gradually andease coronavirus social-distanc-ing guidelines, even as PresidentTrump said he had the ultimateauthority over when the nationshould effectively be restarted.

The announcements by the

governors on the East andWestCoasts come after a decline indaily U.S. infection rates in re-cent days, prompting some offi-cials to express cautious opti-mism that infections might behitting a plateau as mitigationefforts take hold.

Mr. Trump,who said hewouldwork with governors across thenation on reopenings, has ex-pressed eagerness to move to-ward relaxing distancing guide-lines because of concerns aboutthe toll the virus is taking on theeconomy. He asserted his author-ity Monday, saying the states“can’t do anything” without thepresident.

“When somebody’s the presi-dent of the United States, the

By Jennifer Calfas,Andrew Restucciaand Joseph De Avila

The NewNormalFor BusinessWillBe Anything ButFace masks and temperature checks atwork likely to become commonplace

THECORONAVIRUSPANDEMIC

Gerald F. Seib: GOP cheerson government fixes, A4

White House says Fauci’sjob is safe, A5

Warm weather’s effect is ahot topic, A8

authority is total. And that’s theway it’s got to be,” Mr. Trumpsaid at aWhite House news con-ference.

Governors holdwide authorityover state stay-at-home ordersandmandates to close schools. Itisn’t known how or whether Mr.Trump’s administration wouldseek to override the governors’orders—orwhether peoplewouldcontinue social distancing if theyfelt reopenings were too unsafe.

Looking to balance economicworries with fears that an eas-ing of lockdowns too quicklycould spur new outbreaks of the

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States PlanCoordinatedReopenings

downturn also helped push theJapanese company into an ex-pected operating loss of $12billion and net loss of $7 bil-lion for the year ended March31, SoftBank said Monday,adding that the results couldchange as figures are finalized.

The collapse of returns isone of the biggest blows yet forthe Vision Fund as well as itscharismatic creator, SoftBankChief Executive Masayoshi Son.

SoftBank shares are downnearly 30% over the past year.They traded recently as low asone-third the value of its as-sets, according to Sanford C.Bernstein analysts.

Mr. Son last month agreedto sell billions of dollars ofthose assets to buy back up to$18 billion in stock and $23billion of SoftBank’s debt, aim-ing to boost its share price

PleaseturntopageA8

TOKYO—SoftBank GroupCorp. is on track for its worstannual performance in its 39-year history as the tech con-glomerate said it expected tolose nearly $17 billion in itsVision Fund for the fiscal yearjust ended.

The investment loss meansthe $100 billion fund, theworld’s biggest tech invest-ment vehicle, is likely downsince its launch three yearsago. That would erase the bil-lions of dollars in gains thatthe fund touted after invest-ments like Uber TechnologiesInc. and WeWork soared.

SoftBank blamed the losson a “deteriorating market en-vironment” that undercut thevaluations of the Vision Fund’sportfolio companies. The

BY PHRED DVORAKAND ROLFE WINKLER

Battered SoftBankFund Falls $17 Billion

Oil Drillers Shut WellsAs Demand Dries Up

President Trump promisedthe U.S. would curtail oil out-put in a pact with major ex-porters over the weekend, butthere isn’t much for him to do:The dismal economics andstrained physics of the oilmarket are causing U.S. pro-ducers to act on their own.

Canceled orders weremounting amid the sharp dropin fuel demand when TexlandPetroleum LP decided to shutin each of its 1,211 oil wellsand cease production by May.

“We’ve never done this be-fore,” said JimWilkes, presidentof the 7,000-barrel-a-day FortWorth, Texas, firm, which hasweathered oil busts since 1973.“We’ve always been able to sellthe oil, even at a crappy price.”

Despite the agreement be-tween Mr. Trump, Saudi Ara-bia and Russia aimed at buoy-ing prices, West TexasIntermediate, the main U.S.

BY RYAN DEZEMBERAND VIPAL MONGA

price gauge, closed Monday1.5% lower at $22.41 a barrel.

The U.S. benchmark is down63% this year and prices havebeen even worse in Midland,Texas, where a lot of oil ex-tracted from the Permian Ba-sin is priced, and in westernCanada, from which most ofthe country’s output comes.Oil has traded below $10 abarrel in both markets.

For Texland, low prices andbalking buyers gave it nochoice but to shut in its wells.The company told state regula-tors its plans and applied for aloan through the Small Busi-ness Administration’s PaycheckProtection Program to keep its73 employees on payroll.

From the West Texas des-ert, where oil is blasted fromdeep shale formations, to the

PleaseturntopageA5

U.S. oil traders doubt supplycuts are enough...................... B11

Heard on the Street: The artof the oil deal.......................... B12

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What’sNews

Two groups of governorssaid they would coordinateefforts to reopen businessesgradually and ease coronavi-rus social-distancing guide-lines, even as Trump said hehad the ultimate authorityover when the nation shouldeffectively be restarted. A1Macron extended by amonth France’s nationwidelockdown, as Italy and Spainsignal that drastic restric-tions on their populationsalso would continue. A8 Congressional leadersand the White House stalledin efforts to break an impasseover the size and shape of thenext package of aid to re-spond to the pandemic. A4 Sanders endorsed Bidenfor president in a bid tounify the competing factionsof the Democratic Partyahead of the election. A3 Trump isn’t firing Fauci,the White House said, afterthe president’s retweet ofa call for the doctor’s dis-missal stirred speculation.A5 The Supreme Court saidit would hear oral argumentsby teleconference in May,breaking with tradition be-cause of the coronavirus. A4 Israel’s Netanyahu andrival Gantz are struggling toagree on terms for a unitygovernment, leaving the na-tion in political limbo. A16 At least 32 people diedwhen tornadoes and severethunderstorms tore acrossseveral Southern states. A3 A sailor from the air-craft carrier Theodore Roo-sevelt died from complica-tions of the coronavirus. A4

SoftBank is on track forits worst-ever annual

performance, as the techconglomerate said it ex-pected to lose nearly $17billion in its Vision Fund forthe fiscal year just ended. A1The dismal economics ofthe oil market are spurringproducers to resort to thedesperate measure of shut-ting productive wells. A1 The S&P 500 fell 1%, par-ing some of its gains afterits best weekly performancesince 1974. The Dow lost 1.4%and the Nasdaq rose 0.5%. B1 Publicis’s CEO said theadvertising industry faces afar more severe pullback inad spending than the one ig-nited by the financial crisis.B1Amazon will begin allow-ing third-party sellers toresume shipping so-callednonessential items thisweek, as orders pile up. B1 Buyout firms are scram-bling to triage investmentsin industries that are par-ticularly vulnerable be-cause of the pandemic. B1 Ford said it expects to re-port about a $600 millionloss for the first quarter andthat it is exploring moreways to conserve cash. B3 EBay namedWalmart ex-ecutive Iannone to be CEO,as the e-commerce pioneertries to reignite growth. B5 AutoNation CEO Millerhas taken a leave of ab-sence for health reasons. B3 Tesla has reached out toat least some of its land-lords to seek rent reduc-tions, as the auto makerlooks for cost savings. B3

Business & Finance

World-Wide

P2JW105000-6-A00100-17FFFF5178F

A2 | Tuesday, April 14, 2020 * * * * * THEWALL STREET JOURNAL.

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A photo with a U.S. Newsarticle Monday about floodingin towns along the MississippiRiver showed a submergedwalkway in Stillwater, Minn.The photo caption misidenti-fied the location as TaylorsFalls, Minn.

More than 40% of theworld’s imports of masks,gloves, face shields, gogglesand protective garments aremanufactured in China, ac-cording to estimates by the Pe-terson Institute for Interna-tional Economics. ACoronavirus Epidemic articleon Saturday about Chinesemedical products incorrectlyomitted the word “imports.”

CORRECTIONSAMPLIFICATIONS

Readers can alert The Wall StreetJournal to any errors in news articlesby emailing wsjcontact@wsj.com or

by calling 888-410-2667.

U.S.WATCH

TEXAS

Appeals Court EasesBan on Abortion

A federal appeals court lateMonday eased a Texas ban onabortion during the coronaviruscrisis, a move that may save theSupreme Court from having toweigh in now.

The Fifth U.S. Circuit Court ofAppeals issued an order sayingthat Texas for now can’t preventearly-term abortions that areperformed with oral medications.

The appeals court had issuedearlier orders in the state’s favorduring the fast-moving litigation,

but this time it said Texashadn’t made the required legalshowing to prohibit medicationabortions after a trial judge al-lowed the procedures.

Because the Fifth Circuit hasnow allowed them, the highcourt likely won’t have to act onthat request.

Abortion clinics have beenbattling the state since a March22 order by Gov. Greg Abbottbarred nonessential medical pro-cedures, citing a need to pre-serve protective medical equip-ment and other resources forthe treatment of coronavirus pa-tients.

—Brent Kendall

WASHINGTON

Census Bureau SeeksMore Time to Deliver

The U.S. Census Bureau saidit would further delay this year’sdecennial count and ask Con-gress for an extra 120 days todeliver final apportionment fig-ures as the coronavirus pan-demic impedes its field work.

The count that got underway in the middle of March wasoriginally scheduled to end July31. By law the bureau has tosend state population totals tothe president by Dec. 31.

Social-distancing restrictions

forced the bureau to delay fieldoperations, such as hand deliv-ery of millions of invitations andhiring of certain temporaryworkers, starting in late March.The bureau had alreadystretched its completion dateinto the middle of August.

On Monday, it took those de-lays a step further. The bureausaid it plans to extend the win-dow to respond until Oct. 31, andwill seek congressional approvalto deliver the population totals tothe president by April 30. Redis-tricting data would be deliveredto the states no later than July31, 2021.

—Janet Adamy

ALABAMA

Ex-NFL QuarterbackJackson Dies in Crash

Former NFL quarterback Tar-varis Jackson died after the carhe was driving went off theroad, struck a tree and over-turned, authorities said Monday.He was 36 years old.

The wreck occurred about 7miles south of Montgomery, Ala.,his hometown, on Sunday night,the Alabama Law EnforcementAgency said.

Mr. Jackson was pronounceddead at a hospital.

—Associated Press

Children notice their par-ents blabbing over theirscreens on Houseparty forhours—the same moms anddads who before the coronavi-rus crisis would nag the kidsabout spending too much timeon their smartphones.

Fady Elmairy of Cairo isn’tamused by his mother’s newsocial-media practice. NevineElias, 40, stuck home by thepandemic from her job at apetroleum company, talks afew times a day with friendsover Houseparty.

“She chats so much it wasgiving us a headache,” saidFady, 15. “She never used to dovideoconferencing. Now, shedoes it even more than I do.”

Ms. Elias doesn’t deny it.Houseparty, she said, “helpsus communicate while we areall sitting at home.”

Houseparty launched in2016 and shot to the top of thedownload charts. Young usersgathered via phone screens orcomputers as if huddled in adorm room. Growth started tostall last year, but pandemicshut-ins created a wave of newvideo-chat fans, includingolder people over Houseparty.

Unlike Zoom or Google

“Literally within minutes,someone is calling,” said thefather of three in Hamburg,Germany. “This guy was like,‘How is your day going,’ andI’m thinking, ‘Where do I knowhim from? Do I know him atall?’ ”

In March, Housepartygained 17 million downloadsworld-wide, according to Sen-sor Tower Inc. Housepartyalso was among the top 10downloaded apps in 17 coun-tries last month, includingCanada, France, Germany, Brit-ain, Italy and Spain, the firmsaid.

Andrew Gibbins, a 47-year-old architect in Ware, England,recently discovered he couldpop into his teenage sonLouis’s Houseparty conversa-tions without an invitation. “Ithink he was slightly embar-rassed because there were acouple of young ladies on thecall,” said Mr. Gibbins.

He asked who was his son’sgirlfriend. “It was quitefunny,” he said.

The younger Mr. Gibbins,19, could tell his friends wereconfused by the intrusion.“They were like, who’s thisman who just joined us?”

It is possible to ward offunwanted visitors with thelock button at the bottom ofthe screen. But using that andother features of Houseparty—such as the ability to “ghost”or hide from a connection—can perplex older newcomers.

Mr. Gibbins blames himselffor helping his father create aHouseparty account to virtu-ally celebrate a younger co-worker’s birthday. “My dad’strying to get in on the youth-ful trends,” the teen said.“He’s trying to look cool.”

Before the coronavirus pan-demic, Houseparty was beingabandoned by young users mi-grating to other social appssuch as TikTok. Now, it is lur-ing back early users as well asattracting first-timers.

Some new users are oldenough to compare how peo-ple’s faces stack in boxes on-screen to the classic TV sitcom“The Brady Bunch,” whichmade its debut a half-centuryago. They aren’t shy aboutcrashing the Houseparty.

Donna Serino, a 54-year-oldaccountant whose daughterLexi caught her early mis-takes, said, “I’m a little hipperthan I was in the beginning.”

camera at the ceiling during aHouseparty chat with rela-tives. “My cousin is like,‘There’s Lexi, Joe and Maria’sceiling,’ ” she said.

Long populated by teenag-ers and 20-somethings, House-party is being invaded by ag-ing newcomers stuck homewith a younger generation.The older users alternately en-tertain and annoy everybodywith their new chat habit.

Lily Jens’s parents startedhosting friends for a House-party Happy Hour from theirhome in Randolph, N.J. “It’sweird seeing them do it,” the13-year-old said. Worse, herparents ask her to make on-camera appearances.

“They’re nice people, but Idon’t know exactly what todo,” said Lily. “I say ‘Hi,’ andstand there awkwardly.”

ContinuedfromPageOne

ParentsCrashHouseparty

Andrew Gibbins, a 47-year-old architect in Ware, England, learned he could pop into his teenage son Louis’s conversations, shown in this Houseparty re-creation.

LOUIS

GIBBINS

U.S. NEWS

Mr. Sobel—who worked oninternational affairs at theTreasury Department duringthe Asian financial crisis of thelate 1990s; the Sept. 11, 2001,terrorist attacks; and the globalfinancial crisis of 2008—saysthe absence is glaring.

In the 2008 crisis, policymakers coordinated their inter-national response, but this timecountries have taken a patch-work approach—both in mea-sures to stem the spread of in-fection and in efforts to counterthe economic damage. Duringthe 2008 crisis, officials agreedto avoid protectionist measuresthat would further stunt tradeduring a downturn, but thistime many countries are slap-ping export bans on health-careproducts.

“It’s a very important timefor the world to be standing to-gether,” said Eswar Prasad, aCornell University economistand former IMF official. “It canbe done, I suppose, virtuallybut certainly it makes it a littlemore complicated to do thesethings when people are notmeeting in person.”

The IMF and World Bank areseeking to corral world leadersaround a four-point plan: tocontain the health crisis, toprotect people and firms fromthe economic fallout, to safe-guard the financial system fromdisintegrating into crisis, and

to begin planning for a globaleconomic recovery.

“Those with greater re-sources and policy space willneed to do more; others, withlimited resources will needmore support,” Kristalina Geor-gieva, the IMF’s managing di-rector, said in a recent webcastspeech.

Virtual though they may be,the meetings this week maystill offer a chance to forge aunified global response.

On Tuesday, the IMF will re-lease its World Economic Out-look, its primary look at global

growth. Ms. Georgieva said thereport would forecast a sharpshrinking of the world’s econ-omy. “In fact, we anticipate theworst economic fallout sincethe Great Depression,” sheadded.

New forecasts from the Pe-terson Institute for Interna-tional Economics, the Washing-ton think tank, publishedFriday, show how severe thattoll could be. The forecasts byeconomist Karen Dynan saidU.S. gross domestic productwill fall 8% this year comparedwith last year, while eurozone

GDP will drop 12%. Globally,GDP will decline by 3.4%, shesaid, a figure far more severethan the decrease in 2008-09.

The IMF is scheduled to re-lease other reports this weekthat bolster the case for action.Its Global Financial StabilityReport will evaluate the healthof the international financialsystem, and its Fiscal MonitorReport will tally the enormousfiscal-policy actions taken byindividual countries—worthmore than $8 trillion—that mayget countries through the crisisbut with a legacy of debt thatcould last a generation, similarto what happened after theworld wars.

The IMF and World Bankhave pushed the world’s leadersvia the Group of 20 major econ-omies to get behind a plan ofdebt relief for the world’s poor-est countries, proposing thatthey suspend debt paymentsfor these nations for 14 months.The G-20 so far has balked, butthe meetings will be anotherchance to push again.

Ken Rogoff, a former IMFchief economist, said he wasn’texpecting to see countriescome together quickly around acommon plan of action thisweek. “It doesn’t turn into aconsensus overnight,” he said.“It takes a long time, even dur-ing the financial crisis it wasdifficult.”

In times of crisis, the world’seconomic policy makers haveoften gathered at G-20 summitsand at the semiannual meetingsof the International MonetaryFund and World Bank to formu-late global rescues. But not thistime.

No officials will travel toWashington for meetings thathad been scheduled this week.Instead, finance ministers andcentral bankers will hold theirmeetings virtually, attemptingto combat the most severeglobal downturn since theGreat Depression through tele-conferences and video chats.

While the coronavirus pan-demic left them no otherchoice, it underscores a featureof the crisis that has alarmedmany observers: Internationalofficials haven’t been nearly asunified as in previous crises.

“While there are many good‘national’ responses, such asthe U.S. monetary and fiscal ac-tions, the sum of the nationalparts could be greater withmultilateral cooperation,” saidMark Sobel, a former U.S. Trea-sury Department official now atthe Official Monetary and Fi-nancial Institutions Forum, aLondon-based think tank. “Thistime, nations are acting, butthe common vision is wanting.”

BY JOSH ZUMBRUNAND DAVID HARRISON

IMF Aims for Unified Crisis ResponseReal GDP growth, year-over-year

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World

Hangouts, video-chat pro-grams popular with schoolsand businesses, Housepartynot only offers to connect tousers’ phone lists but also totheir social-media contacts sothey can become “friends”over the app. Once you open achat and are in “the house,”any of your Housepartyfriends can join—up to eightat once.

The app also automaticallylists the usernames of strang-ers when typing a letter orcharacter into the search bar,making it possible to send“friend” requests to anyone.Alex Ahom, 39, downloadedHouseparty and began accept-ing these requests from peoplehe assumed he knew. He wassurprised by how quickly hewent from making connectionsto joining live video chats.

Older users amuseand annoy their kidswith newly acquiredvideo­chat habits.

A top Federal Reserve offi-cial said the U.S. central bankis ramping up lending pro-grams to preserve as much ofthe economy as possible, whileswaths of commerce havebeen shut down because of thenovel coronavirus pandemic.

“It’s an ambitious and en-tirely appropriate and aggres-sive and forceful use of mone-tary policy in these times,” saidFed Vice Chairman RichardClarida in a Bloomberg Televi-sion interview on Monday.

The Fed last week announcedan expansion of nine differentprograms it has unveiled tosupport lending to states andbusinesses. It has said thoseprograms would enable $2.3trillion in new lending.

Mr. Clarida said he is confi-dent U.S. policy makers wouldavert deflation, in which thereare so many idle economic re-sources that workers and busi-nesses accept lower wages andprices to generate demand fortheir services. “We have thetools to keep the U.S. economyout of deflation,” he said.

Earlier this year, some eco-nomic commentators had sug-gested that the virus shock inChina would produce inflationby shutting down or disrupt-ing global supply chains.

“I never believed that. Inever bought into that,” saidMr. Clarida. “I always thoughtif we got hit with a virusspread that it would, in net, bea shock to aggregate demand,and that’s what I think it is.”

Mr. Clarida said he wasconfident that the Fed wouldbe able to unwind the pro-grams after the economy re-covered from the abrupt stopto economic activity. The Fedalso has cut its benchmarkrate to near zero.

In response to questionsabout how the Fed would exitits programs, Mr. Clarida said,“That’s a long way down theroad. We think where rates arenow is where they need to be.”

BY NICK TIMIRAOS

ProgramsWill Work,Says FedOfficial

N.Y. Fed to pare some supportfor financial markets........... B11

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THEWALL STREET JOURNAL. * * * * * Tuesday, April 14, 2020 | A3

The Mississippi EmergencyManagement Agency rushedmasks, gloves and other per-sonal protective equipment tocounties on Friday and Satur-day so first responders hadsufficient gear, said MalaryWhite, an agency spokes-woman.

Counties were able to dis-tribute items such as handsanitizer to shelters, whose di-rectors were reminded tospace cots at least 6 feetapart, Ms. White said. Theagency also urged people to

wear scarves or other facecoverings at shelters.

“We don’t want you to notseek shelter because you’reafraid of the virus,” she said.“Life safety overall is our toppriority.”

By midday Monday, severaltornadoes had been confirmedand others were being investi-gated in a band stretching fromeastern Texas to North Caro-lina, said National Weather Ser-vice meteorologist Andrew Or-rison.

The storm system pushed

into the Northeast, bringinghigh winds as far north as NewEngland. More than 700,000electricity customers werewithout power Monday eveningfrom Texas to Maine, accordingto the website poweroutage.us.

Search-and-rescue opera-tions were continuing Mondayin Oconee County, S.C., saidcounty Emergency Manage-ment Director Scott Krein.

“A lot of structures havebeen completely demolished,”Mr. Krein said. Aerial footageshows “a pretty nasty damage

path cut through some residen-tial areas and an industrialarea,” he said.

In White Hall, Ark., about 35miles southeast of Little Rock,a man died when a falling treelanded on the bedroom wherehe was sleeping, said KarenBlevins, emergency manage-ment director in JeffersonCounty.

“We had multiple powerlines, trees down all across ourcounty,” she said. “We knowthere’s a number of houseswith trees on them.”

At least 32 people diedwhen tornadoes and severethunderstorms tore acrossseveral Southern states Sun-day and early Monday, knock-ing down trees, destroyinghomes and leaving thousandsof households and businesseswithout power.

Eleven deaths were re-ported in Mississippi, nine inSouth Carolina, eight in Geor-gia, three in Tennessee andone in Arkansas, according tostate and local authorities.

Mississippi Gov. TateReeves declared a state ofemergency in response tostorms that claimed lives insix counties, injured othersand damaged or destroyedhomes in 18 counties, thestate’s emergency manage-ment agency said.

“The Easter storms werecatastrophic, but Mississippiwill not be defeated. We knowhow to take care of one an-other, and we will,” Mr. Reevessaid on Twitter.

In northwest Georgia, a tor-nado tore through a mobilehome park in Murray County.

“It is devastating. It lookedlike a bomb went off in twodifferent neighborhoods I vis-ited,” said Georgia Gov. BrianKemp, referring to the county.

“Many of those Georgiansalready suffering from beingout of work due to theCovid-19 virus, and now theyhave literally lost everythingthat they own,” he said.

The destruction came asstates are focused on the coro-navirus response. AlabamaGov. Kay Ivey on Sunday tem-porarily suspended social-dis-tancing restrictions to removeany obstacles for residentswho needed to go to sheltersbefore the storms hit.

BY SCOTT CALVERT

Tornadoes, Storms Kill at Least 32 Across South

Emma Pritchett’s home in Chatsworth, Ga., was among those damaged as tornadoes hit the South on Sunday and early Monday.

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controversial. PresidentTrump has said he opposesstatewide vote-by-mail pro-grams, and Republicans instates including Texas andGeorgia have criticized theidea.

The majority of states allowvoters to mail in a ballot with-out needing a specific reason,such as being overseas.Switching to an all-mail elec-tion, however, would be aheavy lift, as state and localgovernments may need differ-

ent vote-counting equipmentand supplies to handle a surgein such ballots. Public-aware-ness efforts also would beneeded to inform voters aboutthe new system.

Wisconsin’s April 7 electionhighlighted the logistical andpolitical challenges that couldlie ahead. The state allowsvoters to mail in ballots, but itisn’t the norm, and a partisanfight erupted over how to con-duct the primary amid thepandemic.

Republicans, who wanted tohold the vote on the originalday and maintain in-personvoting, won in court battleswith Democrats, who wantedto postpone it or extend ab-sentee balloting. Voters, manyin masks and gloves, faced farfewer polling places thanusual, as well as long lines,particularly in Milwaukee.Other voters reported delaysin mailing ballots.

Sixteen states require vot-ers provide a specific reason

States are scrambling tofind alternatives to traditionalprimaries and caucuses sothey can avoid asking voters togather in public places, wait inlines, touch shared equipmentand interact with poll workers,all of which risk spreading thenew coronavirus.

Some states are delayingprimaries in hopes that public-health experts will loosentheir recommendationsagainst public gatherings bylate spring or summer. Somestates are also making it eas-ier for voters to avoid ElectionDay entirely by expandingmail-in voting options.

If the pandemic persistsinto the fall, states would haveless flexibility to prevent pub-lic gatherings, which healthexperts say can facilitatetransmission of the virus. TheNovember presidential elec-tion date is set by law, and itwould be difficult to delay.

Many states are looking attheir processes for the generalelection, with an increasing in-terest in expanding voting bymail.

Five states already conductelections that rely almost en-tirely on mail-in ballots. Gen-erally, these states automati-cally send a ballot to everyregistered voter and offersome in-person voting options.

Congressional Democratsare pushing for expanding theoption beyond these fivestates, but such changes are

By Alexa Corse,JessicaWang

and Luis Melgar

to cast a ballot by mail, suchas being out of town on Elec-tion Day. Expanding mail bal-loting could pose challenges insome places because it couldrequire changing state law.Some states are looking forways to make it feasible.

In West Virginia, officialssaid coronavirus concerns willcount as an acceptable reasonto vote absentee by mail in thestate’s primary, and they areexpecting a surge in absenteevoters. In a typical election,less than 3% of West Virginiavoters cast absentee ballots,state officials said.

Similarly, Alabama Gov. KayIvey, a Republican, has saidfear of contracting or spread-ing coronavirus is a sufficientreason to receive an absenteeballot.

Last month, Ms. Ivey movedthe state’s runoff election—featuring the Senate Republi-can primary contest betweenformer U.S. Attorney GeneralJeff Sessions and former Au-burn University football coachTommy Tuberville—to July 14from March. But Ms. Ivey hassaid she doesn’t supportchanging Alabama law to al-low wider voting by mail.

In Texas, state Democratshave filed court challenges toexpand mail balloting becauseof the pandemic. The Republi-can Party of Texas opposessuch proposals, saying it couldincrease errors and fraud. Re-searchers have found rare in-stances of fraud involvingmail-in ballots, but studiesshow it isn’t widespread.

—Chad Daycontributed to this article.

More States Look to Expand Mail-In Voting

U.S. NEWS

defeat somebody who I be-lieve, and I’m speaking just formyself now, is the most dan-gerous president in the mod-ern history of this country,”Mr. Sanders said.

Mr. Biden’s next task is tounite the Democratic Party be-hind his candidacy. Mr. Sand-ers had attracted a passionatebase of young, liberal support-ers, many of whom believe Mr.Biden’s pragmatic approach togoverning doesn’t go farenough.

Mr. Sanders suspended hiscampaign for president lastweek, making Mr. Biden thepresumptive Democratic presi-dential nominee. Mr. Sandersdidn’t offer an endorsement atthe time but said he wouldwork with Mr. Biden to beat Mr.Trump in the general election.

On Monday, Mr. Sanderssaid that he and Mr. Biden dis-agreed on certain policy issuesbut that the coronavirus pan-demic had injected fresh ur-gency into the 2020 campaign.

“We’ve got to make Trumpa one-term president,” Mr.Sanders said. “I will do all thatI can to make that happen.”

Mr. Sanders endorsed hisformer opponent earlier thiscycle than he did in 2016, whenhe ended his first bid for presi-dent and backed former Secre-tary of State Hillary Clinton inJuly, more than a month aftershe became the party’s pre-sumptive nominee.

Tension between many of hissupporters and establishmentDemocrats remained high forthe rest of that election year.

Even as the contest be-

tween Messrs. Sanders and Bi-den at times grew heated, thetwo men have shared a cordialrapport over the years thataides have characterized asone of “mutual respect.”

The senator said that hisaides have been in conversa-tion with Mr. Biden’s staff forweeks and have come up withtask forces to “look at some ofthe most important issues fac-ing this country.” The groupswill focus on the economy, ed-ucation, criminal justice, im-migration, climate change andhealth care, according to aSanders aide.

“It’s no great secret outthere, Joe, that you and I haveour differences. We’re not goingto paper them over, that’s real,”Mr. Sanders said. “But I hopethat these task forces will come

together utilizing the bestminds, and people in your cam-paign and in my campaign towork out real solutions to thesevery, very important problems.”

Mr. Biden said that Mr.Sanders’s endorsement“means a great deal,” adding,“I think people are going to besurprised that we are apart onsome issues, but we’re awfullyclose on a whole bunch of oth-ers.” To illustrate areas ofoverlap, Mr. Biden told Mr.Sanders that he supports thepush to raise the minimumwage to $15 an hour.

Brad Parscale, Mr. Trump’scampaign manager, said the en-dorsement “is further proofthat even though Bernie Sand-ers won’t be on the ballot inNovember, his issues will be.”

Mr. Biden has made a series

of overtures to Mr. Sandersand his supporters throughpolicy proposals on healthcare and college tuition.

He embraced a plan de-signed to expand Medicare bylowering the eligibility age to60 from 65 and threw his sup-port behind a proposal to for-give student debt for borrowersfrom low-income and middle-class families who attendedpublic colleges and universities,historically black colleges anduniversities, and underfundedminority-serving institutions.

Mr. Sanders has proposedfree public education and theelimination of all student debt.

Mr. Biden has declined toendorse Medicare-for-All, thesingle-payer health-care planthat was the centerpiece ofMr. Sanders’s campaign.

Sen. Bernie Sanders of Ver-mont endorsed former VicePresident Joe Biden for presi-dent in a bid to unify the com-peting factions of the Demo-cratic Party.

Mr. Sanders joined his for-mer opponent in the Demo-cratic presidential race in alive-stream event Monday,where he emphasized the needto defeat President Trump inNovember.

“Today I am asking allAmericans. I’m asking everyDemocrat, I’m asking every in-dependent, I’m asking a lot ofRepublicans to come togetherin this campaign to supportyour candidacy, which I en-dorse, to make certain that we

BY SABRINA SIDDIQUIAND ELIZA COLLINS

Sanders Backs Biden, Seeks Party Unity

Liberal jurist Jill Karofskywon a 10-year term on Wis-consin’s Supreme Court, a vic-tory that Democrats say bodeswell for former Vice PresidentJoe Biden’s prospects in whatis viewed as a top presidentialbattleground state.

Ms. Karofsky defeated in-cumbent Daniel Kelly, who hadbeen endorsed by PresidentTrump. Results were releasedalmost a week after the April7 election, balloting that high-lighted the logistical chal-lenges of voting amid the cor-onavirus pandemic.

The court is technicallynonpartisan, but Ms. Karofskywas endorsed by Mr. Bidenand her victory will reduce thepanel’s current five-to-twoconservative advantage.

“In the face of unprecedentedvoter suppression efforts by Re-publicans, Judge Karofsky haswon the Supreme Court race—aresult that speaks to Democrats’incredible enthusiasm advan-tage and should terrify DonaldTrump and every otherWiscon-sin Republican,” said Tom Perez,chairman of the Democratic Na-tional Committee.

Ms. Karofsky is currently acircuit judge in Dane County,home to the University of Wis-consin-Madison. With 95% ofprecincts reporting, she had54.1% of the vote.

Mr. Biden easily beat Sen.Bernie Sanders in what ulti-mately became the final con-test between the two men. TheVermont senator, who droppedout of the race last week, en-dorsed Mr. Biden Monday, justhours before Wisconsin tabu-lations started to be released.

Mr. Biden had 63.4% of thevote. Four years earlier, Mr.Sanders had defeated HillaryClinton in the state’s primaryby a wide margin.

In the 2016 general elec-tion, Mr. Trump defeated Mrs.Clinton in Wisconsin by lessthan 1 percentage point.

Wisconsin was an outlier ata time when more than adozen states postponed orotherwise extended their con-tests because of the coronavi-rus crisis. Images from themessy balloting continue tofuel calls from Democrats toexpand early voting and vote-by-mail ahead of November’spresidential election.

“As grateful as I am for yoursupport, and as proud I am ofthe commitment and courageshown by so many in Wiscon-sin—it never should have cometo that,” Mr. Biden said lateMonday. “No one should everhave to choose between theirhealth and our democracy.”

Wisconsin’s election fuelednational partisan clashes overballot access. Thousands ofWisconsin voters, many wear-ing masks and gloves andsometimes waiting for an houror more, lined up to cast bal-lots after significant consoli-dation of polling places wastriggered by worker shortages.

Chaos surrounded the finaldays before the election, fol-lowing a dispute between Re-publicans, who wanted to holdthe vote, and Democrats, whowanted to postpone it or ex-tend absentee balloting. Courtchallenges went all the way tothe U.S. Supreme Court, whichruled in favor of the Republi-can-led state Legislature.

BY JOHN MCCORMICK

LiberalWinsWisconsinCourt Seat

Share of voterswho participated bymailin November 2018

ArizonaFloridaIllinoisOhio

GeorgiaAlaska

LouisianaWyoming

WisconsinConnecticutDelawareMaryland

NewYork

PennsylvaniaRhode Island

KansasIndiana

NebraskaWest Virginia

KentuckyOregonHawaiiD.C.

Montana

New Jersey

NewMexicoSouth Dakota

March April May June July

Previousdate

New date

Sources: State governments (primaries information); Democratic Party (primaries information); National Vote at Home Institute (vote-at-homepolicy); Election Assistance Commission (participation)

Note: Primary dates and mail-in access data as of April 10

Presidential primary dates and delays,fromMarch 17 onward

Expandingmail-in accessElections already primarilymail-in

Texas

N.Y.Ind. W.Va.

N.J.Conn.

Md.Del.

R.I.

N.J.Conn.

Md.Del.

R.I.

N.J.Conn.

Md.Del.

R.I.

Hawaii

Calif.

Mont.

Ariz.

Iowa

Fla.

Wis.Maine

Alaska

Stateswhereno reason isrequired tovote bymail

Stateswherea reason isrequired tovote bymail

Stateswhereelections areentirely bymail

Wash.Ore.

Utah Colo.

250 50 75 100%

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and House Speaker Nancy Pelosi(D., Calif.) said in a statement.

Across the country, citiestracking illnesses and deathsfrom Covid-19, the diseasecaused by the novel coronavi-rus, have found it is having adisproportionately large impacton racial minorities, particu-larly among those who are poor.Officials in Chicago last weeksaid that 71% of deaths from thevirus occurred among blackpeople, whomake up about 29%of the city’s population.

GOP leaders have said theywant to keep the next aidpackage narrowly focused onboosting small-business aid,but haven’t opposed efforts toobtain more demographic dataon the virus.

munity Development FinancialInstitutions, to help focus onunderserved communities,” hesaid in a video on Twitter.

Democratic leaders alsopushed more forcefully Mon-day to include in the next billa plan for increased testingand benchmarks for collectingdata from those tests on howthe virus is disparately affect-ing different racial groups.

“The collection and publica-tion of demographic data arealso desperately needed, so thatwe can accurately determinethe level of impact on under-served communities and com-munities of color and directneeded resources to them im-mediately,” Senate MinorityLeader Chuck Schumer (D., N.Y.)

teleconference meeting Mondaywith Vice President Mike Pence.

“I have spoken to the lead-ers of Congress in both partiesabout the need for this relief.We have asked the administra-tion to weigh in so that we canbreak this logjam in the Senateand get this done for theAmerican people,” said Mary-land’s Republican Gov. LarryHogan, the chairman of the Na-tional Governors Association.

Sen. Marco Rubio (R., Fla.),the chairman of the SenateSmall Business and Entrepre-neurship Committee, said hewanted to help firms initiallyshut out of the small-businessprogram, echoing some Demo-cratic concerns. “We’re reallygoing to focus on CDFIs, Com-

581,918U.S. cases

1,919,913World-wide cases

23,628U.S. deaths

119,666World-wide deaths

43,924U.S. recoveries

449,589World-wide recoveries

Coronavirus Daily UpdateAs of 11:00 p.m. EDT April 13

Source: Johns Hopkins University Center for Systems Science and Engineering

WASHINGTON—Congressio-nal leaders and the WhiteHouse stalled in efforts tobreak an impasse over the sizeand shape of the next packageof aid responding to the coro-navirus pandemic, accordingto aides, while the outbreakforced another delay in Con-gress’s return to Washington.

Both parties want to add$250 billion to a popular fundfor small-business loans, whichthe administration estimateswill run out of money on Fri-day. Democratic leaders andPresident Trump have soundedhopeful about reaching a dealthis week, but had little prog-ress to report on Monday.

Meanwhile, Majority LeaderSteny Hoyer (D., Md.) said theHouse wouldn’t reconvene un-til May 4, several weeks afterthe original planned date ofreturn, due to the coronavirus.Lawmakers could returnsooner, should they be neededto assemble a quorum to passlegislation related to the gov-ernment’s response to the pan-demic, Mr. Hoyer’s office said.

The House had originallybeen expected to return onApril 20.

In the current round of aidtalks, Democrats want to ex-pand access to the new small-business funds, as well as in-clude more money forhospitals, food stamps andstate and local governments.Republicans, meanwhile, saidthey want to keep the bill fo-cused on increasing small-business aid and defer otherfunding debates until the next,broader legislation is crafted.

The Small Business Admin-istration has approved $228billion in loans since the pro-gram launched earlier thismonth. Congress allocated$350 billion for the loans lastmonth, and administration of-ficials have warned the pro-gram could run out of moneyby the end of the week.

Governors continued tolobby Congress to immediatelyapprove $500 billion for stategovernments and spoke in a

BY KRISTINA PETERSONAND ANDREW DUEHREN

and even economic stimulus,than they are to bailouts.

In addition, most of thosewho lived through the politi-cal and legislative horrorshow of the 2008-09 crisisemerged thinking the govern-ment response actuallyshould have been bigger, notsmaller. That’s in part be-cause the rescue, giant as itseemed at the time, didn’tend up costing the govern-ment as much as originallythought. Those loans to thebanks that were so contro-versial ended up being repaidfor the most part.

F inally, and perhapsabove all, this is a dif-ferent Republican Party.

It’s the populist party of Don-ald Trump, not the party oftraditional conservative ideol-ogy. Mr. Trump isn’t opposedto activist government and,as noted, isn’t the least afraidof debt and deficit spending.To the contrary, in a time oflow interest rates, he is cham-pioning it.

Which is why today’s ac-tions may spur further changein Republican orthodoxy.

Overall, though, the Re-publican Party is moving in amarkedly different directionthis time. A variety of forcesare behind the shift.

This time, the problemsthat have hit the economy areeven bigger and have de-scended with more alarmingspeed. More important, un-like in 2008, nobody’s busi-ness decisions can be blamed.The financial crisis wasjudged at the grass roots tobe largely an act of greed bybanks. The coronavirus, bycontrast, is an act of God.

Second, this time, rescuelegislation has been crafted sothat it helps average Ameri-cans and small businesses atleast as much as big busi-nesses. That approach reflectsthe nature of this crisis,where the damage is as muchat the bottom of the economicfood chain as at the top, butit also changes the politics.

Third, Republicans—andDemocrats for that matter—learned some lessons fromthe last rescue. For one, don’tcall it a “bailout.” Americansof all stripes are more sympa-thetic to an economic rescue,

Mr. Trump and looked theother way as his administra-tion has overseen a rise inthe federal budget deficit to$1 trillion—and that was be-fore the new surge of corona-virus spending.

Now, though, some of thattea-party resistance may bere-emerging. Jenny BethMartin, co-founder of the TeaParty Patriots organization,says 96% of the group’s sup-porters “don’t want any morespending. They think $2.2trillion-plus in spendingshould be enough.” And ifthere is to be more rescuelegislation, she adds, 95% ofher supporters think “weneed fewer regulations so thefree markets can work ratherthan additional governmentspending.”

tional $2 trillion in stimulusspending after that.

Moreover, the Trump ad-ministration promises thegovernment will pay the cor-onavirus medical bills of anyuninsured American—and re-imburse health-care provid-ers at the Medicare system’srate. That carries at leastsome faint echoes of Sen.Bernie Sanders’s “Medicarefor all” proposal for thecountry’s health-care system.

Which raises big questions:What accounts for thechange? And could this epi-sode translate into a lastingchange in the way Republicansview the role of government?

Put differently, are Repub-licans now embracing big-government solutions?

T he last time Washing-ton moved down thispath, the reaction was

a grass-roots rebellion stirredby anger at a taxpayer rescueof big banks and the peoplewho took their loans. Soon,that anger took the form ofthe tea-party movement.

Since then, that movementhas largely fallen in behind

The last time Washingtonrode to the rescue of aneconomy in crisis, during thefinancial meltdown of 2008,many Republicans had to bedragged along kicking andscreaming.

When a $700 billion planto rescue banks came up for avote in late September 2008,

two-thirds ofHouse Repub-licans votedagainst it, de-spite the urg-ing of theirown leaders

and a president of their ownparty, George W. Bush. Thebill failed and the stock mar-ket tumbled before the planwas revived and passed,though a majority of HouseRepublicans still opposed it.

A few months later, whena new Democratic president,Barack Obama, proposed an$800 billion follow-up stimu-lus plan, not a single HouseRepublican supported it. Theparty opposed to big govern-ment, deficit spending andmeddling in the free marketshad stood its ground, for bet-ter or for worse.

Fast forward to the coro-navirus pandemic and the re-sulting economic meltdown,and the Republican reactionhas been dramatically differ-ent. Republicans have fallenin line behind three rescuepackages, including a giant$2 trillion bill that waschampioned by the Senate’stop Republican, MajorityLeader Mitch McConnell, andthat passed there unani-mously. Mr. McConnell thisweek is leading a charge toadd on $250 billion in fundsfor more small-businessloans, many of which will beforgiven in the end. Mean-while, a Republican presi-dent, Donald Trump, ischeerleading for an addi-

THE CORONAVIRUS PANDEMIC

GOP Embraces Government Fixes

Jenny Beth Martin, co-founder of the Tea Party Patriots, says nearly all members of her group ‘don’t want any more spending.’

JAYMALLIN/ZUMAPR

ESS

CAPITAL JOURNALBy Gerald F. Seib

A U.S. sailor from the air-craft carrier Theodore Roose-velt, which has been strickenwith the largest novel corona-virus outbreak in the U.S. mili-tary, died Monday from com-plications of the virus, theNavy said.

The name of the sailor, achief petty officer in his 40swho was the first from the air-craft carrier to die from the vi-rus, is being withheld until rela-tives are notified, the Navy said.

Four other Roosevelt crewmembers have been hospital-ized, among at least 585 fromthe aircraft carrier who havetested positive for Covid-19.Across the U.S. military, 2.567service members had testedpositive for Covid-19 as ofMonday.

The outbreak of coronavi-rus on the aircraft carrier anda written plea by the ship’scaptain for a more rapid re-sponse by the Navy led to hisremoval from duty and to theresignation of the acting Navysecretary.

Capt. Brett Crozier onMarch 30 wrote and distrib-uted a memo demanding moreattention to the outbreak, andwas removed by ThomasModly, then the acting Navysecretary, who said he had lostconfidence in the Roosevelt’scommander. Mr. Modly thenaddressed the ship’s crew,chastising the former captainand drawing an outpouring ofcriticism that led to his resig-nation last Tuesday.

In the memo, Capt. Crozierwrote: “We are not at war. Sail-ors do not need to die. If we donot act now, we are failing toproperly take care of our mosttrusted asset—our sailors.”

Capt. Crozier, who hasn’tcommented on his own healthsituation, currently is in quar-antine in Guam, Navy officialshave said.

Mr. Modly’s decision to re-lieve Capt. Crozier of dutytriggered a Navy investigation.

BY NANCY A. YOUSSEFAND BEN KESLING

RooseveltSailorDies ofCovid-19

Among other matters, therecords sought involve the al-leged hiding of hush-moneypayments to two women, anadult-film actress and a for-mer Playboy model, who claimthey had extramarital affairswith Mr. Trump. The presidenthas denied those assertions.

Also ahead are argumentsabout rules for electing U.S.presidents, in which voters, asa formal matter, vote not forthe candidates themselves butrather electors pledged to sup-port them when ballots arecast in the Electoral College.

At issue is whether statescan require electors to casttheir votes for the candidatewho won the state’s popularvote. The answer could matterin a razor-thin contest, andlawyers had urged the court tosettle the issue before ElectionDay.

Lawrence Lessig, a Harvardlaw professor who will argueon behalf of so-called faithlesselectors from the 2016 election,said the teleconference formatwould present challenges.

“It’s difficult to do an argu-ment like this without the op-portunity to have eye-to-eyecontact with justices,” he said.“The most important thing inan oral argument is to under-stand where they’re gettingwhat you’re saying, and wherethey’re not getting whatyou’re saying,” something ad-vocates pick up from facial ex-pressions and body language.

“We’re going to be thinkingthrough the strategy of whatthe right response to that is—do you package your pointsmore concisely, or more com-prehensively?” Mr. Lessig said.

Other advocates said the newformat might not be all bad. “It’sa little easier because you don’thave to maintain eye contactwith the judge the whole time,”said Carter Phillips, who, in ad-dition to arguing 88 cases at theSupreme Court, has appeared bytelephone before lower courts.“You can look at your notes, youcan spread out in a way yousimply can’t in an oral argumentat the Supreme Court,” he said.

WASHINGTON—The Su-preme Court, breaking withlongstanding tradition becauseof the coronavirus pandemic,said it would hear oral argu-ments by teleconference inMay, including in cases aboutthe potential disclosure of Pres-ident Trump’s financial records.

“In keeping with public-health guidance in response toCovid-19, the Justices andcounsel will all participate re-motely,” the court said in astatement. The court for thefirst time will transmit a liveaudio feed of its sessions, al-lowing the public to hear thearguments as they unfold.

Monday’s order is a sign ofjust how much the coronavirushas changed public life. Thehigh court is famously resis-tant to change, and has sum-marily rejected requests fromlawmakers, the news mediaand academics for live trans-mission of its arguments. Jus-tices have said the prospect ofcameras in the courtroom, oreven streaming audio, couldchange a cherished and inti-mate dynamic between thebench and counsel.

The announcement restored10 cases to the court’s argu-ment calendar after the jus-tices previously had post-poned arguments for Marchand April because of the pan-demic, representing nearlyone-third of its docket. Thecourt chose to get some of itsmost consequential and time-sensitive cases back on aschedule that likely would al-low it to issue rulings by thissummer.

Foremost are cases center-ing on Mr. Trump’s effort toblock his bankers and accoun-tants from complying withsubpoenas for his financial re-cords issued by Democratic-ledHouse committees and a NewYork state prosecutor. Lowercourts have held the subpoenasvalid, but Mr. Trump argues hecan prevent disclosure of hisrecords because of his office.

BY JESS BRAVINAND BRENT KENDALL

Supreme Court WillHear Cases Remotely

Negotiations Stall Over Virus Aid

Republicans—andDemocrats—learnedsome lessons fromthe last rescue.

House Speaker Nancy Pelosi, Minority Leader Kevin McCarthy and Majority Whip Jim Clyburn last month.

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said Russell Gordy, a Texas oil-man with wells in his homestate, Colorado, Wyoming andthe Gulf of Mexico. “We won’thave to shut in everything, butwe’ll have to shut in most ofour production.”

Larger companies are shut-ting in wells, too. ContinentalResources Inc., which drills inOklahoma and North Dakota,said it would reduce output inApril and May by about 30%.In West Texas, Parsley EnergyInc. has shut in about 150older wells that together pro-duced about 400 barrels a day,and were no longer worth theexpense of powering theequipment inside, daily main-tenance and paying out royal-ties, said Chief Executive MattGallagher.

Producers are shutting inwithout knowing what willhappen when they try to re-sume production.

In the U.S., the risks usuallyhave to do with water. It canflood reservoirs, alter pressureand, since deep groundwateris salty, corrode componentsdownhole.

That is what worries Tex-land’s Mr. Wilkes. The com-pany has no experience re-starting its wells and he canonly guess what problemsmight arise once the artificiallift systems in its wells arepowered down.

“Some wells may take timeto recover to their previousproduction rate,” he said.“Some may never recover.”

Corp. and Cenovus Energy Inc.of Calgary, Alberta, collectivelyhave announced spending cutsof some $50 billion.

The number of rigs drilling inthe U.S. has fallen to about 600,down from nearly 800 a monthago, according to Baker HughesCo. Drilling is always down inCanada this time of year, whenthe spring thaw hinders accessi-bility, but the 35 rigs operatingthere are the fewest BakerHughes has ever counted.

Baker Hughes said on Mon-day it would cut spending andapproved a restructuring planthat would cut earnings by$1.5 billion in the first quarter.The company also took a $15billion write-down because ofreduced business activity.

It can take months for theflow from new wells to taperoff, so production has only be-gun to reflect the austerity.U.S. production has declinedabout 5% from March’s recordlevels, according to the EnergyInformation Administration.

The drop in demand hasbeen steeper, with factoriesidled, flights grounded and bil-lions of people around theworld under stay-at-home or-ders to fight the spread of thedeadly virus. Analysts forecastoil consumption declining byat least 20 million barrels aday, representing about 20% ofglobal demand.

Daily consumption of petro-leum products in the U.S. fell19% during the week endedApril 3 to what is at least a

Anthony Fauci, the director of the National Institute of Allergy and Infectious Diseases, leaving after a White House briefing on Friday.

ALE

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IMAGES

THE CORONAVIRUS PANDEMIC

wilds of western Canada,where multibillion-dollarsteam plants bubble thickcrude from the earth’s crust,energy producers are resortingto the desperate measure ofshutting in productive wells.

Though Mr. Trump prom-ised the U.S. would curtail oiloutput in a pact with majorproducers, including SaudiArabia and Russia, there is re-ally no mechanism for the fed-eral government to do sowithout legislation or majorregulatory changes, such astougher environmental en-forcement.

The sharp drop in fuel con-sumption caused by the coro-navirus pandemic and exacer-bated by the feud between theworld’s largest producers haslimited options for NorthAmerican oil companies. Pipe-lines, refiners and storage fa-cilities are filling up. Evenwhen there is somewhere tosend oil, low prices meanmany barrels operate at a loss.

Since mid-March, producersincluding Exxon Mobil Corp.and Royal Dutch Shell PLC toOklahoma City’s Devon Energy

ContinuedfromPageOne

ProducersShut InOil Wells

nity spread of the virus. One ofthe show’s hosts asked whetherAmericans should be changingtheir habits, such as endingtrips to the gym or mall.

“No, right now at this mo-ment there is no need tochange anything that you’re do-ing on a day-by-day basis,” Dr.Fauci responded. “Right now,the risk is still low, but thiscould change. I’ve said thatmany times, even on this pro-gram…. When you start to seecommunity spread, this couldchange and force you to be-come much more attentive todoing things that would protectyou from spread.”

Dr. Fauci appeared at Mon-

day evening’s White Housepress briefing and noted hiscomments on CNN were in re-sponse to a hypothetical ques-tion. He stressed that the firsttime he approached the presi-dent with a recommendation for“strong mitigation,”Mr. Trumplistened. He said Mr. Trumpthen listened to his advice to ex-tend the social-distancing guide-lines through the end of April.

“Clearly, as happens all thetime, there were interpreta-tions of that response to a hy-pothetical question that I justthought it would be very nicefor me to clarify,” Dr. Fauci saidas Mr. Trump looked on a fewfeet away.

As he stepped away from thepodium, a reporter asked if hewas making his comments vol-untarily. “Everything I do isvoluntarily, please—don’t evenimply that,” Dr. Fauci said.

Speculation over Dr. Fauci’sstatus with the president hasrisen before, but Mr. Trump re-lied on the doctor and othermedical advisers in part whenhe backed off a push to see theeconomy restarted by Easter.

Yet Mr. Trump has at timesfelt frustrated with Dr. Fauci,aides say. The two have dif-fered on the effectiveness ofhydroxychloroquine, an antima-larial drug the president has re-peatedly promoted as a possi-

ble treatment for Covid-19, therespiratory disease caused bythe pathogen, defying the ad-vice of some public-health ex-perts.

Dr. Fauci has noted there arecases that show the drug mighthave an effect but others thatdemonstrate no impact. “I thinkin terms of science, I don’tthink we could definitively sayit works,” he said April 5 onCBS.

During a briefing last week,Mr. Trump moved to cut thedoctor off from answering a re-porter’s question about medicalevidence about the drug.

—Andrew Restucciacontributed to this article.

morning, Dr. Fauci said the gov-ernment “could have savedmore lives” if it had movedsooner to impose social-dis-tancing restrictions.

On Sunday evening, Mr.Trump retweeted a messagefrom a former Republican con-gressional candidate attackingthat comment. “Fauci is nowsaying that had Trump listenedto the medical experts earlierhe could’ve saved more lives,”wrote DeAnna Lorraine, whochallenged House SpeakerNancy Pelosi (D., Calif.) in herSan Francisco-area district.

Her message went on: “Fauciwas telling people on February29th that there was nothing toworry about and it posed nothreat to the US public at large.Time to #FireFauci…”

Mr. Trump didn’t use thewords “fire Fauci” but sharedMs. Lorraine’s message with hisnearly 77 million followers, onein a string of Easter Sundayposts in which he pushed backon criticism over his handlingof the coronavirus pandemic.

On Feb. 29, Dr. Fauci ap-peared on the “Today” showand was asked about Mr.Trump’s remarks the night be-fore at a political rally in SouthCarolina, where the presidentdismissed Democratic criticismof his handling of the crisis as anew “hoax.” Dr. Fauci declinedto comment on that but ex-pressed concern about commu-

WASHINGTON—PresidentTrump isn’t firing AnthonyFauci, the White House saidMonday, seeking to extinguishspeculation that flared over theweekend after Mr. Trumpretweeted a critic who calledfor the member of his adminis-tration’s coronavirus task forceto be dismissed after he saidlives could have been saved ifthe government had acted morequickly.

“Today I walk in and I hearI’m going to fire him. I’m notfiring—I think he’s a wonderfulguy,” Mr. Trump said of Dr.Fauci at a White House newsconference later Monday.

Asked why he retweeted acomment calling for Mr. Faucito be fired, Mr. Trump said, “Itdoesn’t matter.” He then saidthat the tweet represented anopinion, adding that “not every-body’s happy with Anthony. Noteverybody’s happy with every-body.” Mr. Trump also insistedthat he and Dr. Fauci have beenon the same page from the be-ginning.

Some on the right have de-nounced Dr. Fauci, the directorof the National Institute of Al-lergy and Infectious Diseases,and questioned his advice, in-cluding whether it helped con-tribute to the economy’s free fall.

Appearing on CNN Sunday

BY ALEX LEARYAND STEPHANIE ARMOUR

White HouseSays Fauci’sJob Is Safe

WASHINGTON—PresidentTrump’s threat to withholdmoney from the World HealthOrganization stems from anongoing discussion inside theadministration to link the $12billion the U.S. spends on in-ternational organizations tothe number of American citi-zens hired by the groups, offi-cials said.

The effort has been part of abroader push to curtail China’sgrowing global influence butwas delayed by turnover insidethe White House and the StateDepartment, according to cur-rent and former administrationofficials. Some of those discus-sions have been rekindled asMr. Trump seeks to punish theWHO for what the administra-tion views as the group’s“China-centric” tendencies andcriticism of his early actions toconfront the coronavirus.

President Trump said Mon-day that a decision on thefunding is expected by the endof the week.

About 3% of all jobs at theWHO are filled by Americans,according to a 2018 State De-partment report to Congress.Mr. Trump isn’t likely to pro-pose a direct link betweenstaffing and funding this weekas he aims to choke off fund-ing for the United Nations’spublic-health agency.

The White House budget of-fice has concluded the presi-dent has several options towithhold money from the WHOwithout congressional ap-proval, officials said. One op-tion is to order agencies to re-route the money to otherrelated purposes, similar toMr. Trump’s decision amid anillegal immigration dispute lastyear to shift hundreds of mil-lions of dollars away fromNorthern Triangle countries inCentral America, officials said.

Congressional Democratssay Mr. Trump can’t cut WHOfunding on his own. “Even ifhe did, refusing to fund theWHO would only weaken theinternational tools to fight thispandemic and future globalhealth emergencies,” said EvanHollander, a spokesman forHouse Appropriations Commit-tee Democrats.

Mr. Trump said he was in-clined to halt funding for thegroup last week, pointing toWHO’s statement in Januarythat travel restrictions, such asMr. Trump’s actions to limitChinese nationals from enter-ing the U.S., were unnecessary.“They actually criticized anddisagreed with my travel banat the time I did it,” he saidApril 7. “They were wrong.”

BY MICHAEL C. BENDER

WHO Funding ThreatTied to Hiring Practices

Mr. Trump has used thatdata point to accuse the groupof being “very biased towardChina.” On Friday, he told re-porters that “China alwaysseems to get the better of theargument” with the WHO.

A spokeswoman for theWorld Health Organization de-clined to comment. A spokes-person for the Chinese Em-bassy didn’t respond to arequest to comment.

Inside the administration,there is broad consensus thatChina’s influence has outpacedthe U.S.’s within internationalorganizations. The WhiteHouse has calculated thatChina has direct or proxy con-trol of at least five of the U.N.’s15 internal agencies, said PeterNavarro, the president’s tradeand manufacturing adviser.

Kevin Moley, who served inboth Bush administrations be-fore becoming the assistantsecretary of state for interna-tional organization affairs inthe Trump administration, saidhe was shocked to see howChina’s influence has grownsince he left as U.N. ambassa-dor in 2006.

“When I left in 2006, Chinawas nowhere to be seen insideU.N. organizations,” Mr. Moley,who left the administration inNovember, said in an inter-view. “When I came back un-der President Trump, the land-scape was unrecognizable. TheChinese were everywhere.”

To stem that influence, theTrump administration hastaken a more active interest ininfluencing both the politicalleadership and staffing ofthese international organiza-tions.

The current WHO director,Tedros Adhanom Ghebreyesusof Ethiopia, who warned coun-tries not to politicize the coro-navirus after Mr. Trumpthreatened the group’s fundinglast week, was elected in May2017 and received a congratu-latory note from the Trumpadministration.

Former administration offi-cials said one of the other can-didates, David Nabarro of Brit-ain, had more support fromTrump appointees, but poorcoordination within the fledg-ling administration helped sinkhis chances.

The U.S. also failed to getits choice elected director-gen-eral of the UN’s Food and Agri-culture Organization in June,when the position was won byQu Dongyu of China. But morerecently, the Trump adminis-tration notched a victory whenDaren Tang of Singapore beatout China’s nominee to leadthe World Intellectual PropertyOrganization.

16

0

4

8

12

million barrels a day

Feb.Jan. 2020 March April

22

14

15

16

17

18

19

20

21

million barrels a day

2010 ’11 ’12 ’13 ’14 ’15 ’16 ’17 ’18 ’19 ’20’12 ’13

13

9

10

11

12

million barrels a day

2018 ’19 ’20

1,000

0

200

400

600

800

Feb.Jan. 2020 March April

U.S. consumptionof select petroleumproducts*

Sources: U.S. Energy Information Administration (consumption, production); FactSet (WTI price); S&P Global Platts (WTI Midland and Western Canadian Select prices); Baker Hughes (rig count)*Weekly data as of April 3

U.S. petroleumproduct consumption*

Four-weekmoving average

West TexasIntermediate

WTIMidland

WesternCanadianSelect

Jet fuel

Distillates,including diesel

Gasoline

U.S. oil production*

TropicalStormBarry

Drilling rig count

CanadaCanada

U.S.U.S.

$70

0

10

20

30

40

50

60

a barrel

Jan. 2020 Feb. March April

Crude-oil pricesOil prices in the PermianBasin andWestern Canadahave dropped below themain U.S. benchmark.

30-year low, the EIA said. Do-mestic crude inventoriesswelled by the biggest weeklyincrease on record.

At that rate, the worldwould run out of places to putoil within about 60 days, ana-lysts with Houston’s SimmonsEnergy estimated. Some ana-lysts think the world’s storagecaverns, tank farms, pipelines,refineries and ships will filleven faster.

Alberta’s energy minister,Sonya Savage, said Sunday’spact by major producers couldslow the march to an eventualtopping out of storage tanks,

which are close to full in Can-ada. “It’s getting close,” shesaid, adding that the statusquo that existed before thesetalks was unsustainable.

Canada has room for fewerthan four days’ worth of pro-duction, energy-data providerGenscape Inc. estimates. In theU.S., there is much more stor-age capacity, but it isn’t evenlyavailable to producers.

“We’ve been told by two ofmy markets they won’t takemy production in May becausethere’s nowhere to put it,”

Pipelines, refinersand storagefacilities are fillingup as demand falls.

P2JW105000-2-A00500-1--------XA

A6 | Tuesday, April 14, 2020 THEWALL STREET JOURNAL.

THE CORONAVIRUS PANDEMIC

Crisis Lessons: Be Nimble, Quick

BY BOB TITA

Over six days in February,Lisa Roy watched from thou-sands of miles away as col-leagues in Wuhan, China, mo-bilized to outfit nearly 1,200beds in makeshift hospitalswith communications and se-curity systems. More re-cently, she has had a front-row seat as the leader of hercompany’s response to thecoronavirus crisis as it un-folds closer to home.

Ms. Roy is the top U.S.sales executive for JohnsonControls International PLC,a Milwaukee maker of controlsystems for buildings, such asheating and air-conditioninggear. The company sellsproducts to 85% of U.S. hos-pitals, and demand for itsequipment has grown as thenumber of confirmed corona-virus cases has increased.

“We learned a lot inChina,” said Ms. Roy, 48years old. That trained thecompany to respond to im-mediate needs in the medicalcommunity. “You have to beable to mobilize quickly. It isa new world for everybody.”

In March, she was tappedby Johnson Controls CEOGeorge Oliver to head up thecoronavirus response, andshe has used her home officein Baton Rouge, La., to directteams that help build fieldhospitals across the country.

As the pandemic spreadinitially, hospitals first con-tacted Johnson Controlsabout expanding door-locksystems to restrict visitors’access to floors and roomswhere coronavirus patientswere being treated. Soon af-ter, some hospitals started

converting space for moretreatment rooms and beds.

Ms. Roy’s tasks includekeeping thousands of em-ployees and multiple projectson track. She watches forbottlenecks that cause delaysand pushes employees to ad-just and innovate. “There’s noplaybook for this,” she said.

Ms. Roy’s experience is im-portant to her current job. Asthe company’s sales chief forNorth America, she was re-sponsible for a region thatpulled in $9 billion in annualrevenue and for thousands ofsalespeople and field techni-cians who installed productssuch as patient monitoringsystems and building securitysystems.

Her temporary role head-ing the response to Covid-19includes oversight of the de-sign, purchasing and technol-ogy operations committed tohealth-care projects. Her taskforce expedites the contractsfor work at hospitals in less

time than her colleaguesthought possible before thepandemic.

She said sales representa-tives, who are now holed upin their homes, are tracking40 makeshift hospital sitesunder consideration by gov-ernment agencies.

In three days of round-the-clock work in March, JohnsonControls completed a patientisolation unit at a hospital insuburban Baltimore. Theunit’s negative air pressurekeeps air inside the room,preventing the virus from es-caping when hospital staffersopen the door.

The task force is facing itsbiggest challenges yet as theArmy Corps of Engineers andother agencies develop tem-porary hospitals in tents andrepurposed buildings. Thecompany completed plans onApril 4 to supply a 1,000-bedhospital the Corps is buildingon Long Island with a videosurveillance system, a bed-

side nurse-call system, firealarms and wireless net-works.

From there, task-forcemembers adjusted the plansfor individual structures, as-sembling the designs, materi-als, components and fieldtechnicians needed to obtaincontracts.

Ms. Roy said the job is ex-pected to take her field tech-nicians 20 days to complete.It is a task that would takesix months under normalconditions.

The company is workingon two projects in Michiganto convert buildings into hos-pital space, including the TCFCenter exhibition hall indowntown Detroit. Ms. Royexpects the company’s per-formance in a moment of cri-sis to strengthen relation-ships with hospitalcustomers.

“People remember thatyou’re helping them in a cri-sis,” she said.

As the newcoronavirusforces bigchanges inhow we

work, The Wall Street Jour-nal is looking at how differ-ent people are coping withthe stresses and risks. Forearlier articles in the series,visit wsj.com/makingitwork.

Lisa Roy leads Johnson Controls’ coronavirus-related work from her home in Baton Rouge, La.

LISA

ROY

Mark Bonthrone was walkingwith his wife and 3-month-olddaughter as a trio of teenagersapproached. When his wifeasked the group to give themspace for social distancing, oneof the teens laughed and pre-tended to have a coughing fit.

When Mr. Bonthrone gothome, the 39-year-old poundedout what he described as an“angry, old man Facebook”post in the local parents groupof Ridgewood, N.J., about whathappened. He included a de-tailed description of what theoffending teenager looked likeand where he was last seen.

“If my kid was acting likethat, I’d certainly want toknow,” Mr. Bonthrone wrote.

Social media has helped con-nect people during the corona-virus crisis. But as health au-thorities tighten theirguidelines on public activities,platforms including FacebookInc. and neighborhood appNextdoor also are turning intoplaces for complaints—and insome cases shaming parents—for people who think theirneighbors aren’t following therules. The rift reflects a broaderdebate over whether publichealth overtakes civil libertiesin the time of a pandemic.

Innocuous common activi-ties have become neighbor-hood flashpoints, driving akind of community surveil-lance to manifest online. Therange of reported offensesruns from teens high-fiving ona basketball court and playingsoccer at the school field to amother entering a closed parkwith her sons. Some are post-ing photos of the children andhave called the police.

Stephen Lukasewycz was onhis routine 2-mile walk withhis wife and golden retrieverin Edina, Minn., when a groupof about six teenage boysslowly rode up to them onbikes and a skateboard. Thechildren were riding close toone another, so Dr. Lukasew-ycz called out, “You knowyou’re supposed to be social

distancing, right?”They scattered after Dr. Lu-

kasewycz, a 43-year-old physi-cian and father of three chil-dren, threatened to call thepolice. He wrote about the inci-dent on Nextdoor and includeda description of the teens.

Dr. Lukasewycz said hewould post about other inci-dents if he sees antisocial-dis-tancing behavior. “My hope isthat any adult in the commu-nity would be present andwilling enough to speak up forthe community,” he said.

The shaming isn’t limited toadolescents. Maria Shkolniktook her two young boys—2and 4 years old—out for a walktwo weeks ago in Toronto,which was under quarantine.She entered a park closed forrenovations by ducking undersome yellow caution tape. Asshe did so, she heard a womanyelling at her.

Later that day, Ms. Shkolnikreceived an alert from the Next-door app of a post that com-plained about a young mother

and her two children breakinginto the park. Ms. Shkolnik, a36-year-old finance profes-sional, decided to respond, andwrote that “lecturing a neigh-bor on where they should walkis not a brave fulfillment of civicduty or a public-health service.”

Caroline Kaiser, whopenned the original post, de-fended it in an interview. “Shesaid it’s none of my business,”the 56-year-old freelance edi-tor said. “But I think thatwhen someone is circumvent-ing the rules with this situa-tion, with Covid-19, I felt itwas everybody’s business.”

Ms. Kaiser later wrote thatshe is on edge because her im-mune system is compromised.

BY YOREE KOH

Neighbors ResortTo Online Shaming

Amid distancingrules, some arevoicing complaintson social platforms.

©2020Dow Jones & Co., Inc. All rights reserved. 6DJ7857

UncertainTimes Call forTrusted Facts.Wehave the facts you need toget your questions answered.

Visitwsj.com/coronavirus

If I’ve recently recovered fromCOVID-19, how can I help?

What help can telehealthprovide and what will it cost?

Are homemade masks effective?

Which states are in lockdown?

P2JW105000-0-A00600-1--------XA

THEWALL STREET JOURNAL. Tuesday, April 14, 2020 | A7

access at home.Even so, the adjustment can

be rocky. Throughout the pastweek, several students repeat-edly left and rejoined Ms.Lau's Zoom classroom, the re-sult of faulty connections or ofthe site—or their computers—getting overloaded.

The students had plenty ofquestions.

“Will I be marked ‘tardy’ ifI join late?” one studentasked. “Will I be counted ab-sent if I accidentally napthrough class?” asked another.And, “can we still get deten-tion?” (No, Ms. Lau replied;discipline is up to parentsnow.)

Within a day of teachingfrom the desk in her sparebedroom, Ms. Lau realized on-line lessons were simply goingto take longer. Each studentmust raise a digital hand tospeak; the students can’t read

each other’s facial expressionsor body language to knowwhen they can jump into aconversation. Ms. Lau foundshe couldn’t quickly scan thefaces of her students andgauge whether they were en-gaged or learning.

“The hardest thing is the

lack of feedback. If you’re ateacher teaching online, it’svery hard to know how thestudents are responding,” saidDan Schwartz, dean of theStanford University GraduateSchool of Education.

Especially with youngerstudents, such as the 11-

and-12-year-olds Ms. Lau isteaching, “they’re not inde-pendent learners,” he said.

After a couple of days,Ms. Lau changed her tack. Sheprovided students with dis-cussion prompts—like, “Whatprecautions have you andyour family taken, and how

On the first day of remotelearning after Piedmont Inter-mediate School closed becauseof the pandemic, Melissa Lau,a sixth-grade science teacher,knew the planned lesson—onthermal energy and particlemotion—wouldn’t resonatewith her young students.

So she threw it out andstarted over.

“This is our new normal.This is going to be school for alittle while. So let’s talk aboutwhat our new normal lookslike,” Ms. Lau told her class, acollection of faces stretchingtwo pages on Zoom.

The lesson for the week:the science of social distanc-ing. Just ahead of class, stu-dents received a lesson guidefeaturing simulations of germsspreading with varying levelsof social distancing. Writingprompts asked students to de-scribe their own experienceswith social distancing, andwhat they think of governmentleaders’ performance duringthe pandemic.

Ms. Lau plans to return toher regular curriculum eventu-ally—though the time crunchis off now that Oklahoma andmost other states have can-celed end-of-year tests. Mean-while, though, she hopes touse the coronavirus pandemicas a teaching opportunity.

“That’s what a lot of thebest teachers I know are do-ing,” said Robin Lake, directorof the Center on ReinventingPublic Education at the Uni-versity of Washington.

Ms. Lau’s district in Pied-mont, Okla., a wealthy Okla-homa City suburb, is one ofthe more fortunate in thecountry. Each student is givena Chromebook, and the dis-trict has set up communal in-ternet hot spots in the parkinglots of many of its schools forfamilies who might not have

BY MICHELLE HACKMAN

THE CORONAVIRUS PANDEMIC

do they make you feel?”—tokeep them on track. She elim-inated the class chat function,allowing students to onlysend her messages. And shestarted using slides to givestudents visual cues for whatthey were supposed to be dis-cussing.

Teaching in this format, shefound, takes a lot of toggling—between slides, the chat boxand through her students’faces to watch their expres-sions. All of it felt overwhelm-ing. But, then again, so isteaching in person.

“It’s all the same stuff I’ddo in class, just virtually,” shesaid. “I just needed time tofigure out how to translatethose skills to this virtual set-ting.”

Focusing on the new coro-navirus as a teaching subjecthas been one way Ms. Lau hasfound herself able to copewith the uncertainty and up-heaval caused by the pan-demic. Outside teaching hours,she has been monitoring theclimbing number of reportedinfections. On Wednesday, afriend nearby was admitted tothe hospital with symptomsconsistent with the virus. Herown father, Ms. Lau said,spent a month in the hospitalfighting the flu late last year,and she is worried about him.“He’s not fully bounced back,”she said.

For the most part, her stu-dents have proved more resil-ient. They aren’t as thrown bythe digital meeting format—they spend so much of theirlives on devices anyway—andthey seem delighted by the ex-tra free time to practice hob-bies or play videogames.

Still, Ms. Lau hears theirconcerns, voiced on Zoom orwritten to her in private mes-sages.

“How long will this last?”“Will things ever be the

same?”“Are you scared?”These questions, Ms. Lau

said, are why she wanted tochange her curriculum.

“This moment is their 9/11,”she said. “They need to talkabout it.”

Science Teacher Is Forced to Switch GearsMelissa Lau gives herOklahoma students acrash course in socialdistancing, via Zoom

Melissa Lau is a sixth-grade science teacher in Piedmont, Okla., an Oklahoma City suburb. ‘This is our new normal,’ she told her class.

Instructors TryVaried Approaches

As schools moved to onlineinstruction for more than 50million children in grades K-12as part of statewide shut-downs to curb the pandemic,teachers have been thrust intoa new landscape.

Instructors are retooling les-sons to be taught through acomputer, interacting with a

class they can’t see all at onceand trusting students to sud-denly become a lot more inde-pendent. As of last week, morethan 8 in 10 parents reportedin a Gallup survey that theirschools had transitioned to re-mote instruction.

Teachers and schools aretaking different approaches.Many large school districts arerelying heavily upon existingonline academic resources, likeKhan Academy, that provideshort online lessons and prac-

tice exercises. Others are doingtheir best to adapt existing les-sons in ways that make moresense on a screen.

And some teachers are at-tempting to design lessons thatmeet the moment. One teacherin Rhode Island is teaching hisstudents to make cloth facemasks to donate to local hospi-tals. In New York, a teacherwhose class field trip to a localmuseum was canceled tookstudents on a virtual tour ofthe museum using its website.

KAYA SURVIVED!She was born 4 monthsearly and spent more than5 months in the hospital.

© 2017 March of Dimes Foundation

Sign up at marchforbabies.org

Lack of speech is a sign of autism.Learn the others at autismspeaks.org/signs.

Jacob SanchezDiagnosed with autism

P2JW105000-0-A00700-1--------XA

A8 | Tuesday, April 14, 2020 THEWALL STREET JOURNAL.

THE CORONAVIRUS PANDEMIC

French President EmmanuelMacron announced a month-long extension of the country’snationwide lockdown, prolong-ing measures to fight the newcoronavirus into mid-May, asItaly and Spain—two of thenations hit hardest by thepandemic—signal that drasticrestrictions on their popula-tions also would continue asthe spread of the virus slows.

Mr. Macron extendedFrance’s lockdown, which be-gan nearly a month ago, untilat least May 11. After thatdate, he said in a national ad-dress Monday, “as many work-ers as possible” could begin toresume activity, allowing thecountry to reopen factories,schools and day-care centers.Restaurants, cinemas andother public spaces would re-main closed initially as au-thorities evaluate the changesand make adjustments alongthe way, Mr. Macron said.

“We will prevail, but firstwe will have to live with thisvirus for several months,” hesaid. “Today we must makedecisions with humility, takinginto account the uncertainty.”

Europe has enacted some ofthe West’s tightest and lon-gest-running restrictions onbusinesses and civil society tocombat the pandemic, mea-sures that have helped slowthe growth of confirmed newinfections and deaths.

France’s decision Mondayto extend its lockdown echoeda similar move last week bythe Italian government, whichextended nationwide restric-tions until at least May 3,dashing the hopes of manythat this week would bring thestart of a return to normality.

Italian and French authori-ties have said that a prema-ture reopening could sparknew outbreaks and even lon-ger quarantines. Some coun-tries in Asia that appeared tohave contained the virus re-cently have experienced a sec-ond wave of infections.

Mr. Macron said France isfar from developing herd im-munity against the virus, be-cause only a minority of thepopulation has been infected.

The decision in Europe tokeep businesses closed and mil-lions confined to their homesfor weeks more contrasts withcautious optimism among someU.S. officials that the countryhas turned a corner in its fightagainst the pandemic and canbegin planning how and whento reopen the economy.

Since March 10, Italy—thecountry with the second-high-est death toll from Covid-19after the U.S.—has been undera lockdown, and its govern-ment has since tightened therules by closing all nonessen-tial businesses.

Authorities cracked downon Italians attempting to leavetheir homes during the Easterweekend, with police dronespatrolling parks and beaches.

Such sacrifices have helpedslow the spread, howeverpainstakingly. Italy hit a peakof 919 in single-day deaths onMarch 27. It took more thantwo weeks to cut that figure to566 on Monday. Confirmednew infections rose about 2%on Monday to 159,516. Morethan 20,000 people have died.

In France, the epidemic hasreached what health officialsdescribe as a high plateau. Asof Monday evening, the num-ber of people on life supportfell for the fifth consecutiveday to 6,821, according tohealth officials. France’s over-all number of confirmed infec-tions reached 98,076 cases,and nearly 15,000 have died inhospitals and old-age homes.

As France, Italy and Spainhave made progress in slowingthe virus, their leaders havefaced intense pressure to easerestrictions and reopen theeconomy.

Italian businesses worrythey risk losing internationalcustomers to rivals in coun-tries such as Germany thathave allowed most of their fac-tories to continue operating.

Spain, where 17,489 peoplehave died, began to ease somemeasures Monday, allowingsome nonessential businessesto restart. But the governmentextended the remaining lock-down measures until April 25.

BY GIOVANNI LEGORANOAND SAM SCHECHNER

LockdownsExtendedAcrossEurope

A woman and her son sit in the sun along railroad tracks in Jakarta, which has imposed lockdown measures in an attempt to slow the spread of the coronavirus.

WILLY

KURN

IAWAN/R

EUTE

RS

and clean up its balance sheet.Analysts said the asset salescould generate as much as $41billion, including from sellingpart of a stake in AlibabaGroup Holding Ltd. that isworth more than $100 billion.

Mr. Son started the VisionFund in 2017 with dreams ofmaking it the first in a seriesof big-ticket investment vehi-cles that would pump moneyinto the world’s most-promis-ing startups and revolutionizethe tech industry. He got bil-lions of dollars from the sov-ereign-wealth funds of SaudiArabia and Abu Dhabi, toutinginvestment successes like itsearly stake in Chinese e-com-merce giant Alibaba.

For two years, the VisionFund poured money at a blis-

ContinuedfromPageOne

Degrees of DifferenceHigher temperaturesmay have an impact on the coronavirus's spread, but it is unclear howmuch.

Tests per 1,000 people*

Mean temperature‡

Cumulative confirmed cases†

Sources: Covid Tracking Project (U.S. tests); United Nations (Indonesia population); governments (other countries’ population and tests); JohnsHopkins CSSE (cases); Qasim Bukhari, MIT (temperature)

*Indonesia and Malaysia data as of April 13; other countries as of April 11 †Logarithmic scale ‡Weather station city in parentheses

Warmer countries Cooler countries

23.72Norway

15.84Germany

14.22Australia

12.74Singapore

10.05S. Korea

8.56U.S.

3.32Malaysia

0.95Japan

0.21Mexico

0.10Indonesia

Malaysia

S. KoreaJapan

Indonesia

Norway

Germany

Mexico

U.S.

Australia

Singapore

1,000,000

0

10

100

1,000

10,000

100,000

AprilMarch

Malaysia (Kuala Lumpur)

South Korea (Seoul)

Indonesia (Jakarta)

Norway (Oslo)

Germany (Cologne)

Mexico (Mexico City)

U.S. (NewYork)Japan (Tokyo)

Australia (Sydney)

Singapore90° Fahrenheit

20

30

40

50

60

70

80

AprilMarch

Among the many unknownsabout the new coronavirus, re-searchers are hunting for ananswer to a particularlyknotty question: Do warmertemperatures slow the spread?

If they do, hard-hit coun-tries like the U.S., Spain andGermany could get a reprievecome summer. Countries thatare generally hotter, such asIndonesia and India, mightavoid outbreaks on the scaleof northern Italy and NewYork.

But it isn’t a yes-or-noquestion.

The good news is that thenovel coronavirus comes froma family that can’t take theheat. Coronaviruses in generalare enveloped in a coat of fatand protein that tends to loseits shape at high tempera-tures, a process likened tomelting that effectively dis-ables the virus. They also tendto survive longest in condi-tions of low humidity.

The coronavirus that causesCovid-19, while novel in someways, appears to behave likeits siblings in this regard.

A team of researchers atthe University of Hong Kongwho studied the virus in a lab-oratory found it was stable incool temperatures of around40 degrees Fahrenheit. But itdeteriorated over time whenstored at 72 degrees Fahren-heit. That implies the viruswould perish quicker on sur-faces like door handles whenit is hot out.

The virus spreads in otherways, too, such as sneezing,when it moves through the airquickly enough that it is lesslikely to be affected by airtemperature. It isn’t knownwhat percentage of cases comefrom people touching infectedsurfaces compared withcoughs and sneezes.

Many scientists predict re-

duced spread in warmer tem-peratures, but can’t say byhow much.

Leo Poon, head of public-health laboratory sciences atthe University of Hong Kong,who helped conduct the study,said he doesn’t expect the vi-rus to disappear in the sum-mer. Social distancing wouldneed to continue to preventthe disease’s spread, he said.

Influenza viruses, whicharen’t coronaviruses, also havefatty outer layers vulnerableto high temperatures. They ap-pear susceptible to humidity,too, with research showinghigh humidity levels reducetheir infectivity. In temperateregions, infections caused bythem generally peak in thewinter and decline in spring.Still, it isn’t fully understood

why these outbreaks are sea-sonal.

In warm, tropical countries,influenza spreads year-round,signaling high temperaturesand humidity aren’t necessar-ily a death sentence for the vi-rus. Researchers posit varioustheories for influenza’s sea-sonal behavior in some partsof the world, including thatpeople spend more time to-gether indoors when it is coldoutside, making it easier forthe virus to spread.

Covid-19 data over the pastthree months provides anotherclue about how the novel coro-navirus reacts to heat, but italso paints a complex picture.Official case counts show mostinfections are occurring out-side tropical climate zones,suggesting the disease spreads

more slowly in hot and humidenvironments.

But a number of warm-weather countries have doneonly limited coronavirus test-ing. That makes it difficult todraw definitive conclusions.While ascertaining the truescale of the spread is a prob-lem in all countries, it is muchworse for many of these coun-tries.

Indonesia, a country of 270million people—roughly thepopulation of the U.K., Ger-many, France and Spain com-bined—has conducted around27,000 tests. Experts believethe number of infections ishigher than the 4,600 re-ported so far. Mexico and Ec-uador’s limited testing hasraised questions aboutwhether the confirmed case-

load captures the full extent ofthe problem. In coastal Ecua-dor, patients are dying athome after being turned awayfrom overwhelmed hospitals,and the country’s presidenthas said official statistics un-dercount the actual caseload.

As the pandemic spreads,infections are trending upwardeven in some low-testingcountries with generallywarmer temperatures, likeMexico and the Philippines.

Still, not all warm placeshave a testing problem. Placeslike Singapore and the UnitedArab Emirates, where temper-atures are high, as well asAustralia, which saw its firstcases during the summer, havetested widely for the coronavi-rus. They have fewer con-firmed cases per capita thanmany other high-testing coun-tries in Europe and Asia, sug-gesting warm weather couldbe playing a role.

In the U.S., more than halfof reported cases are in thefrigid Northeast, thoughwarmer states like Louisiana,Georgia and Florida have seena sharp rise in infections.

In a pandemic, testing andtemperature aren’t the onlyfactors to consider.

Experts say any impact hightemperatures have may becountered by a transmission-aiding feature in play: low im-munity levels in the popula-tion. The novel coronavirushas just begun to spreadamong humans in recentmonths, and experts believe itis likely that only a small por-tion of people have immunityat this point.

Even if warming weatherslows its spread by reducingthe amount of time the virussurvives on surfaces, the dis-ease could still transmitquickly to large numbers ofpeople through coughs andsneezes without encounteringthe barrier of immunity.

BY JON EMONT

WarmWeather’s Effect Is a Hot Topic

tering pace into high-profiletech companies like ride-hail-ing company Uber and theparent of office-share firmWeWork—sometimes cuttingmultibillion-dollar checks formoney-losing businesses. As ofJune 30, the fund had earned$6.4 billion in realized gainssince its inception.

The fund’s struggles pre-date the coronavirus pan-demic. Last year, SoftBankwrote down the value of itsholdings by billions of dollarsafter failures at some of its in-vestments, including WeWork,where IPO plans implodedspectacularly when potentialinvestors saw the extent of thecompany’s losses and apparentlapses in corporate gover-nance. And now, the virus hasbattered many of its big in-vestments, including ride-sharing and travel companieslike Uber and Indian budgethotel chain Oyo.

The Vision Fund hadbooked nearly $7 billion inlosses in the nine monthsthrough December, and hadaround $9 billion in gainsfrom asset sales as well as in-

creases in the value of portfo-lio companies.

Another nearly $10 billionin investment losses wouldwipe out those gains, andbring the value of the VisionFund’s assets down to lessthan what the fund paid to ac-quire them, estimates DavidGibson, an analyst at AstrisAdvisory Japan.

With the coronavirus pan-

demic threatening the alreadyfragile operations of many Vi-sion Fund portfolio companies,“we all knew this was going tohappen,” Mr. Gibson said.

The Vision Fund’s strategypiled risk on top of risk, leav-ing itself little margin ofsafety to weather a downturn.

Of the $100 billion commit-ted to the fund, 40% came via

preferred stock sold to theSaudis and Abu Dhabi, consti-tuting a debtlike security thatpays an annual interest rate of7% and allows the holders toget their money back beforeother Vision Fund investorsincluding SoftBank. Thatstructure can juice positive re-turns, but also magnify losses.

Meantime, the fund mightnot be able to backstop itscash-burning companies withfollow-up investments becausecash intended for that purposemight have to go toward pay-ing interest to the preferredinvestors.

Vision Fund has spent morethan $80 billion on 91 compa-nies, ranging from a robotpizza maker that is no longermaking pizzas to messaging-software maker Slack Technol-ogies Inc. But it is vulnerablebecause a handful of huge in-vestments have an outsize rolein determining the fund’s re-turns; the top-seven portfoliocompanies account for abouthalf of its invested capital.

These include Uber and Chi-nese ride-hailing company DidiChuxing, which saw their busi-

ness evaporate as govern-ments locked down cities tohalt the spread of the disease.Shares of Uber, in which theVision Fund has a nearly $8billion stake, are currentlytrading at around 20% lessthan the price the fund paidfor them.

Of the Vision Fund’s top-seven investments, three areride-hailing companies.

Revenue fell by half at Oyo,another big investment, ascountries closed their bordersand travelers disappeared. Thehotel company has laid offthousands of workers and isfurloughing potentially thou-sands more.

WeWork, also in the topseven, is seeing business dryup as office workers are askedto work from home when pos-sible.

Mr. Son had big plans toraise a second, $108 billion Vi-sion Fund after blowingthrough the first one’s capitalin two years. Investors disillu-sioned by poor returns fromthe initial fund balked at pro-viding additional capital forthe second fund.

SoftBank’sTech FundLosses Soar

The fund cutmultibillion­dollarchecks for money­losing startups.

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tations of our local health-caresystem and infrastructure.”

Asked at a news briefinglast week about the health im-pact of the influx of New York-ers, Suffolk County ExecutiveSteve Bellone said: “By andlarge everybody is complyingwith the guidelines.”

Since Covid-19 cases beganrising in New York City inearly March, county health of-ficials realized that the epi-

demic already had spreadthroughout the suburbs, hesaid. They concluded that thevirus likely had been lurking inSuffolk County but had beenundetected because of limitedtesting, long before the firstconfirmed case of the viruswas reported in the county onMarch 8.

Now, Long Island is itself acenter of the virus. As of April11, there were nearly 43,000

As NewYorkersmoved to summer homes in the Hamptons,Long Island was becoming a virus hot spot.

Confirmed coronavirus cases

Source: Johns Hopkins UniversityNote: Through April 11

NewYork

NewJersey

Michigan

Massachusetts

Pennsylvania

California

Louisiana

Illinois

Rest ofNewYork138,121

NassauCounty22,584

SuffolkCounty20,321

58,151

23,605

22,860

21,719

21,706

20,014

19,180

virus cases reported in Nassauand Suffolk counties, morethan in any entire state, exceptfor New York and New Jersey,according to data gathered byJohns Hopkins University.

The Hamptons may be thesafest place for both NewYorkers and local residents.The towns of East Hamptonand Southampton have amongthe lowest rates of confirmedcases of Covid-19 in SuffolkCounty, with 4 to 5 cases foreach 1,000 residents, com-pared with more than 15 casesper 1,000 in the town of Islipin western Suffolk, accordingto county health data.

There always has beensome tension between resi-dents and wealthy city dwell-ers since the rich began build-ing homes on or near potatofields in the late 19th century,and provided employment tomany local laborers and crafts-men.

Gavin Menu, the co-pub-lisher of a network of weeklynewspapers, websites, and aquarterly magazine on theEast End of Long Island, saidthis tension is nothing new.“It’s always been the same dy-namic, and it’s the same today.It’s just that the health crisisbrings an element of fear tothe equation.”

Jay Schneiderman, South-ampton town supervisor, saidplenty of supplies are cominginto the Hamptons now, butthe out-of-season influx caughteveryone by surprise, includ-ing the town government,which wasn’t prepared for ex-ample, for the growing amountof trash.

He said the Hamptons al-ways have been divided, butthat many locals “depend onour second homeowners tosupport our local economy,” aswell as millions in donationsto local charities each year. Hesaid he is counting on thesesecond-home owners to partic-ipate in an emergency fund-raising drive for food pantriesacross the Hamptons, whichhave seen demand soar in thepast month because of joblosses.

ized statewide, representing anincrease of 118 admissions fromSunday, state officials said.

New York’s death toll rose to10,056 on Sunday from 9,385on Saturday. Statewide, a total

of 195,031 people have testedpositive for the virus, datashow.

Despite the increase indeaths, the state’s figures re-veal that efforts to slow the

spread of the disease throughsocial distancing and othermeasures are working, the gov-ernor said.

“The worst is over if wecontinue to be smart going for-

GREATER NEW YORK

ward,” he said.On Monday, Mr. Cuomo and

governors from six other statesannounced a multistate taskforce to examine how to reopenthe economy. The task forcewill have representatives fromNew York, New Jersey, Penn-sylvania, Delaware, Rhode Is-land, Massachusetts and Con-necticut. The partnership isnecessary because efforts tostop the spread of the viruswill be more effective if imple-mented on a regional basis, Mr.Cuomo said.

The task force will includeone health expert, one eco-nomic-development expert andone chief of staff from eachstate. Within weeks, the groupis expected to develop plans forreopening the area economy,according to officials from thestates. Those plans will be con-tingent on continued progressin the states’ efforts to controlthe coronavirus, the officialssaid.

“An economic recovery onlyoccurs on the back of a health-care recovery,” New JerseyGov. Phil Murphy said.

Connecticut Gov. Ned La-

mont said the states would en-sure efforts to fight the viruswere successful before relaxingrestrictions.

“There’s nothing worse thana false start,” he said.

Meanwhile, Mr. Cuomo saidMonday that the state woulddecide when New York Citypublic schools would reopenand in coordination with otherdistricts in the region.

New York City Mayor Bill deBlasio on Saturday said thecity’s public schools would re-main closed through the end ofthe school year in June. Mr.Cuomo had dismissed themayor’s announcement as an“opinion.”

Mr. de Blasio said Mondaythat the city would maintainmeasures to control the virusfor weeks to come, with someloosening of restrictions possi-ble only in June or well intoMay.

Continued reductions in therate at which patients are be-ing admitted to local hospitalssuggest that the steps areworking, the mayor said.

“We know we will getthrough this,” he said.

New York state is emergingfrom the worst of the coronavi-rus pandemic, and officialshave begun planning a reopen-ing of the region’s economy incoordination with other EastCoast states, Gov. AndrewCuomo said Monday.

New data for New Yorkshows a decrease in hospital-izations, patients in intensivecare units and the number ofpeople placed on ventilators,suggesting a plateau of theCovid-19 pandemic has beenreached, Mr. Cuomo said.

The three-day average in-crease in total hospitalizationsfell to 85 patients Sunday, thelowest rise in newly admittedpatients in New York since thestate began tracking the metricon March 16. As of Monday,18,825 people were hospital-

BY BEN CHAPMANAND JIMMY VIELKIND

Governors Team Up to Plan ReopeningA seven-state taskforce will examinehow to kick-start theregional economy

A mural in New York City. Gov. Cuomo says the ‘worst is over if we continue to be smart’ about the virus.

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Adam Miller, a lawyer atthe Adam Miller Group inBridgehampton who has livedfull time in the Hamptons for18 years, said he has seen littlesigns of conflict. He said thepart-time residents are sup-porting restaurants by order-ing meals for curbside pickups,local farms that are offeringboxed vegetables and havebeen very generous with localcharities.

“I have been using this asan opportunity to message myclients, 80% of whom are NewYork City residents, to helpprovide funding for the localhospital,” he said. “Withinminutes of sending out thisblast, I had over a dozen con-tributions to the hospital.”

Many of the New Yorkerswho moved east say theyspend most of their time athome with their families, wait-ing for deliveries or dashingout occasionally to buy grocer-ies. Some say they have hiredlocal people to do some re-pairs around the house, whilemaintaining social distancing.

Bryan Fedner, a co-founderof vacation-rental companyStayMarquis, said demand forspring rentals has eased, butmany people who rented lastmonth are looking to extendtheir Hamptons stay for theentire summer season. Manyrenters have opted for a “con-cierge service,” where Mr. Fed-ner’s staff shops for them anddelivers to the door, he said.

Mauro Porcini, a corporatedesign officer, fled his apart-ment in Manhattan’s financialdistrict for his summer housein East Hampton. He has beenspending his work time onZoom meetings. In the eve-nings he has been ensconcedwith his fiancée in the livingroom. He is worried, he said,about his family in the Milanarea.

Asked about some of theanger in the Hamptons, he saidthat at a time like this, somepeople want to be connected,while others want to protecttheir territory. “What we needright now is love and unitymore than ever,” he said.

Weeks after thousands ofaffluent New Yorkers fled thecity and descended on theHamptons to shelter in placein comfort, disrupting the lifeof local year-round residents,both sides are hunkering downin an uneasy truce.

In mid-March, as New YorkCity asked residents to stayhome because of the novel cor-onavirus, wealthy New Yorkersmoved en masse to their sum-mer homes, while othersrented houses during what isusually the sleepy off-season.

The population in theHamptons soared to peak sum-mer levels, and local stores,unprepared for the influx,were quickly stripped of sup-plies. There were worries thatthe New Yorkers would bringthe virus with them and over-whelm local hospitals.

Since that early alarm,things seem to have calmeddown. Grocery stores haveadded staff to restock shelves.The local hospital, Stony BrookSouthampton Hospital, has ex-panded its staff and increasedthe number of beds, and said itis keeping ahead of the de-mands for medical services.

A sign of the easing of thefear was a joint letter onMarch 27 by town and villageofficials, as well as representa-tives of the Shinnecock IndianNation, urging Gov. AndrewCuomo to restrict short-termtravel to the Hamptons, be-cause of limited medical re-sources.

But the joint letter specifi-cally excluded restrictions onseasonal residents, and fo-cused instead on limits on daytourists and short-term visi-tors. By then, the spring visi-tors had been sheltering inplace for about two weeks.

“As a group, we are notlooking to restrict seasonalresidents from using theirproperties for residential pur-poses,” the letter said, “but wehope that they will adhere tothe federal recommendation ofself-quarantine, and we hopethey will understand the limi-

BY JOSH BARBANEL

Hamptons Locals, Part-Timers Reach a TrucePeople walking along the beach in East Hampton. The towns of East Hampton and Southampton have among the lowest rates of confirmed cases of Covid-19 in Suffolk County.

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New York City officials haveasked local organizations forrain ponchos to be used asmedical gowns as Mayor Billde Blasio said some protectiveequipment would be in shortsupply this week.

While the city had enoughN95 masks, surgical masks andgloves for the coming week, itdidn’t have sufficient surgicalgowns and face shields, Mr. deBlasio, a Democrat, said dur-ing a press conference Sunday.

The shortage has forced thecity to be creative to protectits health-care workers duringthe coronavirus pandemic, of-ficials said.

Staffers with the mayor’soffice reached out to the NewYork Mets over the weekendto help source ponchos usuallysold in shops at their stadi-ums, according to people fa-miliar with the matter and anemail reviewed by The WallStreet Journal. Another per-son familiar with the mattersaid other sports teams andsome cultural sites have beenasked for the rain coverings.

A spokesman for the Metssaid the organization’s focushas been on helping feedfront-line workers at the city’shospitals.

The New York Yankees havegiven thousands of ponchos tohospitals in the city after re-quests from administrators, aspokeswoman for the teamsaid. Some doctors pointed tothe use of ponchos as an ex-ample of the dire situation in-side hospitals, many of whichhave faced shortages of per-sonal protective equipment.

Freddi Goldstein, a spokes-woman for the mayor, said thecity has had to seek out alter-natives more than a monthinto the coronavirus crisis.

“We are facing unprece-dented supply chain issues ona global level and doing every-thing we can to ensure theprotection of our workers onthe frontlines,” she said in astatement.

Walt Disney Corp. donated150,000 rain ponchos to bedistributed to hospitals inneed across the U.S., sayingnurses found them to be suit-able replacements for medicalgowns.

New York City hospitalshave struggled with a dwin-dling supply of protectiveequipment as cases of the cor-onavirus rise. As of Mondaymorning, there were morethan 106,000 positive casesand 7,349 reported deaths inthe city. There are 29,335 peo-ple hospitalized with the virus,according to the city’s data.

BY KATIE HONAN

PonchosSought forMedicalGowns

Mauro Porcini fled Manhattan for his East Hampton home.

Sports teams andsome cultural siteshave been asked forthe rain gear.

NY

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blocks in other countries.Major airlines are discuss-

ing the feasibility of havingpassengers submit to tempera-ture checks before boardingflights. It isn’t yet clearwhether airlines or airport se-curity would shoulder thattask. Two weeks ago, Ameri-can Airlines Group Inc. beganasking frequent fliers and topcorporate customers what itmight take to get them com-fortable with flying again.Their answer? Clean planes.

The airline has been disin-fecting cabins more often,among other measures; now,part of its task is making surecustomers know what Ameri-can is doing, said Kurt Stache,American’s senior vice presi-dent of customer experience.It is also looking at how tolimit contact between travel-ers during boarding and inflight.

Passengers might grab theirown beverages and snacks asthey board through the jetbridge on short flights. Thetradition of flight attendants’serving hot nuts on a tray infirst class may become a relicof a bygone age.

Customers contacted byAmerican say they think thecrisis will abate within threeto six months, with half ofcustomers surveyed sayingthey’d consider flying againabout six weeks after the virusdissipates.

Manufacturers have re-drawn factory floor plans andimplemented processes, suchas staggering shift workers orasking employees to taketurns eating lunch in theircars to avoid cafeteria crowd-ing, practices that may be-come standard as more plantscome back online.

Tyson, the biggest U.S.meat company by sales, is in-stalling walk-through tempera-ture scanners at its plantsacross the country and send-ing home workers showing po-tential Covid-19 symptoms,said Hector Gonzalez, Tyson’s

head of U.S. human resources.Scanners could remain inplace beyond the pandemic, hesaid, helping reduce colds andinfluenza among employees.

“They may present an ad-vantage in the future that wedidn’t have before,” Mr. Gon-zalez said.

When Toyota Motor Corp.’sAmerican auto assembly linesrestart, the lines will likely runat slower speeds than normaldue to steep drops in con-sumer demand. The slowed-down lines will also helpmaintain social distancing inplants, said Chris Reynolds,chief administrator for manu-facturing at the company’sU.S. division.

The Japanese auto maker,which has begun making faceshields while its assemblylines are down, will integratethose emergency personal-protective-equipment effortsinto the business, said Mr.Reynolds.

Toyota is also testing pro-tocols like on-site healthscreenings for workers in-volved in medical-supply pro-duction that can be widenedas the company restarts autoproduction.

“We never let a pilot pro-gram go to waste,” he said.

The company would con-sider antibody testing forworkers if required, but viewsit as tough to implement, Mr.Reynolds said.

THE CORONAVIRUS PANDEMIC

“That essentially meanstaking blood samples from ourteam members,” he said.“That’s a little more intrusivethan putting a thermometer toyour forehead and asking acouple questions.”

General Motors Co. is con-sidering a number of optionsfor testing workers for the vi-rus and is prioritizing testswith quicker turnaround forresults, said Jim Glynn, theauto maker’s global chief ofworkplace safety. That could

include antibody testing, hesaid. “If it’s scalable, easy,noninvasive and people arewilling to do it, of course wewould figure out how to im-plement it,” he said.

Some plans sound like sci-ence fiction. Major LeagueBaseball is exploring the ideaof staging some form of a sea-son by setting up a biodome,or closed ecological system, inthe Phoenix area and seques-tering players and other es-sential personnel there, ac-cording to several peoplefamiliar with the matter.

‘People will have tofeel comfortablethat they’re safe,’said Disney’s Iger.

A Covid-19 drive-through testing center near Hard Rock Stadium in Miami Gardens, Fla., on Monday.

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have made it challenging totrack the extent of the virus.

In South Korea, health au-thorities cautioned on Mondaythat any attempt to returnquickly to normal life couldspark new infections that couldspin out of control. The warn-ing came a day after the coun-try reported just 25 new casesin a 24-hour period, promptingoptimism that efforts, includingwidespread testing and socialdistancing, had been successfulin bringing to heel an outbreakthat surged to more than 900cases a day in February.

sured against the experience ofgovernments elsewhere thathave appeared to bring out-breaks under control, only toface second and third rounds ofinfections as they and theirneighbors began reopening theireconomies, global health andeconomic experts said.

The U.S. has the highestdeath toll in the world fromCovid-19, with reported fatali-ties exceeding 23,000. Thosenumbers are likely higher, ex-perts said. Lack of widespreadtesting, false negatives and dif-ferences in reporting standards

Democrat, said. “But thenchange the model and explainit. What does that mean, thefederal government is in chargeof opening?”

In New York City, whichmakes up the bulk of knowncases in the state, Mayor Bill deBlasio, a Democrat, said robusttesting capabilities would beneeded to better track transmis-sion rates and to make more in-formed decisions on when andhow to reopen businesses,schools and places of work.

Hopes that U.S. infections arenearing their peak must be mea-

shipping clerk.”“Seeing as we had the re-

sponsibility for closing the statedown, I think we probably havethe primary responsibility foropening it up,” said Pennsylva-nia Gov. TomWolf, a Democrat.

Mr. Cuomo said Mr. Trumpwas free to step in and establishhis own protocols for reopeningthe states’ economies, but hewould have to clearly communi-cate who is responsible for what.

“If they want to change themodel, they can change themodel. He’s the president of theUnited States,” Mr. Cuomo, a

Newsom said his staff would re-lease on Tuesday a more de-tailed, state-specific approach toreopening the economy.

Mr. Trump, meanwhile, wasset to announce on Tuesday hisown working group to study re-opening parts of the country.

The president on Mondayvented about the criticism hehas gotten from some over hishandling of the coronavirusoutbreak, defending himselfand screening a video producedby his staff that aimed to posi-tively portray the administra-tion’s efforts.

During a news conference atthe White House, Mr. Trumpmade the case that he actedquickly and listened to the adviceof experts. At one point, lightswere dimmed in the briefingroom and journalists were showna video that featured governorspraising the administration’s re-sponse.Mr. Trump said the videowas produced in part by his so-cial media director, Dan Scavino.

Wendy Parmet, a public-health law professor at North-eastern University in Boston,said the president’s statementsor orders could influence somegovernors to defer to WhiteHouse guidelines. “The federalgovernment has enormous influ-ence, persuasion and the powerof the purse,”Ms. Parmet said.

However, she added of stateguidelines: “The president can’tmagically make them go away.They’re not his orders.”

Mr. Trump at the same timehas rebuffed calls to pressurestates that haven’t imposedstay-at-home orders to do so,saying that states are betterequipped to make such deci-sions. And he has also playeddownWashington’s role in help-ing the states obtain crucialmedical supplies, saying the fed-eral government was “not a

A Hyundai Car cafeteria in Seoul, above, and a temperature check for guests at Disney Shanghai.

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Games would be held at theArizona Diamondbacks’ ChaseField in downtown Phoenix,nearby spring training facili-ties and on fields at local uni-versities. The league said in astatement that while it hasdiscussed the idea of staginggames in one location, “wehave not settled on that op-tion or developed a detailedplan.”

Many multinational opera-tions are looking to theirChina units for a playbook.

Starbucks Corp. executivesin the U.S. held talks withbosses in the company’s Chinadivision beginning in late Jan-uary to understand the virus’sspread there. In February, thecoffee chain imported proce-dures it had been using inChina to the U.S., includingstepped-up cleaning, payingworkers to quarantine andpushing to-go offerings, beforeclosing dine-in service at mostof its 8,870 company-ownedstores last month.

Limited hoursMore than 95% of the com-

pany’s China stores are nowopen with limited hours andreduced seating, restrictionsStarbucks could also imple-ment in the U.S. as it returnsto more normal service. Star-bucks China “basically createda model that we are now usingaround the world,” Chief Exec-utive Kevin Johnson said.

Disney’s Shanghai attrac-tion may offer some lessonsfor the rest of the company’stheme parks. Disneyland andWalt Disney World have nowbeen closed for more daysthan every closure in their his-tory combined. Disney isweighing several changes toits global parks operations be-fore reopening to the public,including temperature checksfor guests, according to peoplefamiliar with the situation.

“To return to some sem-blance of normal, people willhave to feel comfortable thatthey’re safe,” said Robert Iger,Disney’s executive chairmanand former chief executive, inan interview with Barron’s,discussing tentative plans toreopen elsewhere. “We’veasked ourselves the question,let’s prepare for a world whereour customers demand thatwe scrutinize everybody. Evenif it creates a little bit of hard-ship, like it takes a little bitlonger for people to get in.”

Employers with large of-fice-bound workforces arethinking about ways to bringemployees back withoutspreading contagion.

“We’re already getting a lotof questions from clientsabout, ‘how do we create thatphysical distancing with ouremployees,’ especially in openplans where they may be sit-ting tightly together,” saidJanet Pogue McLaurin, a prin-cipal at Gensler, a global de-sign and architecture firm.

Some firms may bring of-fice workers back in waves tokeep numbers low, or encour-age employees to work fromhome a few days a week in ro-tation to allow for “de-densifi-cation,” she said.

Brokerage and real estateservices firm Cushman &Wakefield, which manages 800million square feet of real es-tate in China, created a 300-page manual on safely reopen-ing offices, including advicefor every part of the workdayfrom the moment an employeeleaves home, said chief execu-tive Brett White.

Cushman’s Amsterdam of-fice is testing a workplacesetup designed for social dis-tancing. In the “Six-Feet Of-fice,” transparent shields dividedesks, markers direct foot traf-fic and disposable desk padscatch germs and can be dis-carded when a worker leavesfor the day. “In the next four tosix to eight weeks as people be-gin going back to work, compa-nies aren’t going to have thetime or the ability to remodeloffices,” Mr. White said.

Amol Sarva, chief executiveof the flexible-office companyKnotel, said he plans to addfeatures to the company’s appfor office tenants that wouldgive employers the option totrack some employee move-ments and trace their contactsto prevent the spread of ill-ness.

“Security changed foreverafter 9/11, and it’s going tohappen to the workplace now,”Mr. Sarva said.

Staggered seatingAs companies that cut

swaths of their workforcethink about hiring for a recov-ery, BCG’s Mr. Lesser saidthey’re likely to start by rehir-ing people they let go. “Therewon’t be so many job openingsthat workers will have muchchance to jump to new em-ployers,” he said.

Outside work, rituals likedinner and a movie or shop-ping trips will resume, al-though in vastly changed form.

Steakhouse chain TexasRoadhouse Inc. will likely re-open at reduced capacitythrough staggered seating, ac-cording to Travis Doster, aspokesman for the Louisville-based chain. The companymay install plexiglass or wooddividers between booths andrequire customers waiting fortables to stand outside or re-main in their cars, he said.

“You just don’t know howpeople are going to return,”said Mr. Doster.

Mark O’Meara said hehopes to open his two inde-pendent movie theaters inFairfax, Va., by June or July. Inaddition to stepped-up clean-ing, he’s considering limitingcapacity to 50% at reopening.

“We’re thinking aboutthings to do we’ve neverthought of,” Mr. O’Meara said.

nating groups to allow for so-cial distancing in open-planoffices. Restaurant chains mayoperate at half capacity, in-stalling plexiglass shields be-tween booths, while storesmay do away with tester cos-metics and sanitize items af-ter customers try them on.Major League Baseball hasdiscussed a season with nospectators, held in a part ofthe country where it can es-sentially sequester players forweeks at a time.

“When, where, and in whatstages to do it,” said RichLesser, the chief executive ofBoston Consulting Group, whohas spoken with several CEOson this topic. “It’s very top-of-mind.”

In many ways, companiesare at the mercy of local andnational governments to en-sure that the reopeningdoesn’t reinvigorate the virus,which has so far infectedmore than 1.9 million peopleworld-wide and caused atleast 119,000 deaths. Large-scale testing and tracing pro-grams will become the norm,placing the average personunder much greater scrutinyby the state.

GPS trackingThe U.S. federal govern-

ment has yet to launch a na-tional test-and-trace strategyto find and isolate virus carri-ers and their contacts, al-though some state govern-ments are discussing it.

Many other developedcountries are putting suchprograms at the heart of theirefforts to keep the virus undercontrol, using technology toidentify those at risk of infec-tion. One-third of Iceland’spopulation has already down-loaded a new government-ap-proved app that uses GPS totrack users, who can give con-tact-tracing officials access totheir data if they test positivefor the virus. China was ableto come out of lockdownthanks to its aggressive effortsto find and quarantine the in-fected, although it used draco-nian isolation policies that de-mocracies would find hard toimplement.

Companies themselves havea role to play, and many arelaying plans to do their part.Dozens of companies have no-tified the U.S. Food and DrugAdministration that they aredeveloping tests that indicatewhether someone has had—and is likely immune to—thecoronavirus, though someearly efforts have hit road-

ContinuedfromPageOne

The NewNormalWon’t Be

disease, governors warned thereturn to normalcy wouldn’t ar-rive all at once.

“There is going to be noepiphany,” New York Gov. An-drew Cuomo said Monday.“There will be no headline thatsays: ‘Hallelujah, It’s Over.’ ”

Confirmed cases of Covid-19,the disease caused by the corona-virus, rose above 581,000 in theU.S. Monday, according to datafrom Johns Hopkins University.In the 24 hours that ended at 8p.m. Monday, 1,584 people diedfrom coronavirus and there were26,366 new cases, down fromhighs of over 2,100 and 35,000,respectively, last week, accordingto aWall Street Journal analysisof Johns Hopkins data.

The governors of New York,New Jersey, Connecticut, Massa-chusetts, Pennsylvania, Delawareand Rhode Island said they werecreating a working group of pub-lic-health, economic and govern-ment officials from each state todevelop a regional plan. Thegroup’smembers will soon get towork, but they haven’t set atimeline for when they plan toreopen their economies.

Across the country, the gover-nors of California, Oregon andWashington agreed that theywould jointly reopen their econo-mies based on certain health out-comes. They laid out goals theywould focus on, including the de-velopment of a system for test-ing, tracking and isolating the vi-rus. California Gov. Gavin

ContinuedfromPageOne

GovernorsCoordinateOn Restart

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THEWALL STREET JOURNAL. * * * * * Tuesday, April 14, 2020 | A9B

employee, or any other indi-viduals were compromised orhave been taken from our net-work.”

The computer-network hackhadn’t been previously re-ported, and was confirmed bythe state after The Wall StreetJournal inquired about it.

Mr. Azzopardi said the stateis working with the FederalBureau of Investigation to de-termine the hackers’ identi-ties. Two people familiar withthe matter said they believedthe perpetrator is a foreign ac-tor.

Mr. Azzopardi declined tocomment further. A spokes-woman for the FBI in Albanydeclined to comment. ACrowdStrike representativesaid it is company policy notto discuss who its clients are.

The state manages a largeamount of sensitive data, frommotor-vehicle records to tax

returns to payroll informationfor more than 250,000 em-ployees of state agencies andpublic universities. Starting in2012, Mr. Cuomo centralizedthe IT professionals from vari-ous agencies into a single of-fice and consolidated 53 data

centers into two facilities lo-cated on a university campusin Albany.

The website for ITS saysthe agency processes 50 mil-lion transactions a day andmanages 14 million citizen ac-counts, which people create to

file their taxes or renew vehi-cle registrations.

All that data is now part ofthe state-managed cloud envi-ronment called the ExcelsiorCloud, officials say. JustinHerring, who leads the cyber-security division of the state’sDepartment of Financial Ser-vices, said there are more than10,000 virtual servers support-ing the operations of stateagencies that allow users toaccess certain segments ofthat data.

The CrowdStrike reviewidentified more than 25 serv-ers and encrypted networkingappliances that were compro-mised in the January hack.They were used by the NewYork State Police, as well asthe state’s departments ofCivil Service and Environmen-tal Conservation. There is noevidence any encrypted datawas taken, Mr. Herring said.

Dreary Day Turns Bright, With Rainbow Stretching Over Manhattan

AFTER THE STORM: A rainbow formed in the sky between the One World Trade Center and the Empire State Building on Monday.

GARY

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Texas, Florida and Georgia.Mr. Vincent said he under-

stood the need for states to becareful with allowing busi-nesses to open during the pan-demic. However, drive-ins arewell-positioned to operatewithin the social-distancingguidelines and put additionalrestrictions in place, such aslimiting contact at snack bars,he added.

“We do have a lot of flexibil-ity to change our operations,”said Mr. Vincent, who owns adrive-in in Wellfleet, Mass.

New York state officials sayeven if customers stay in theircars to watch a movie, thereare still many areas of a drive-in operation where close con-tact could occur in addition tosnack bars such as restroomsand ticket stands.

Nevertheless, when askedduring his Sunday briefingabout the drive-in situation, Gov.Andrew Cuomo didn’t immedi-ately rule out the possibility ofthe theaters opening. “That is agood question,” he said.

At least two New York the-aters, the Four Brothers inAmenia and the WarwickDrive-In in Warwick, N.Y., haverequested waivers from thenonessential restrictions.

Beth Wilson, one of theowners of the Warwick theater,said she has outlined for thestate some additional precau-tions she could take, includingreducing her standard capacityby 50%.

“We want to bring enjoy-ment to everybody,” she said.

The drive-in movie theaterseems like an entertainmentvenue tailor-made for a globalpandemic because it doesn’t re-quire patrons to be in closecontact with one another out-side the cocoon of their cars.

But New York state hasn’tincluded drive-ins—or any the-aters—as part of the list of es-sential businesses allowed tooperate, forcing the venues toclose when they could offermuch-needed respite, theaterowners say.

“It’s the safest possible solu-tion to provide some mentalsanity,” said John Stefanopou-los, whose family owns theFour Brothers Drive-In in Ame-nia, N.Y.

Although the drive-in’s hey-day was decades ago, about300 theaters operate nation-wide, including several in NewYork, according to John Vin-cent, president of the UnitedDrive-In Theatre Owners Asso-ciation.

As is the case with so manyindustries, the new coronavirushas upended the business be-cause of state-mandated shut-downs. Perhaps even worse,said theater owners, the clo-sures were ordered just asmany of the venues were get-ting ready to open for the year.Most venues operate seasonallyfrom early spring to mid-fall.

Mr. Vincent said he is awareof about 10 drive-ins that werein business this past weekendacross the U.S., including in

BY CHARLES PASSY

Drive-Ins AreOut Amid Crisis

Hackers compromised thecomputer network servingNew York’s state governmentin late January, officials saidMonday, prompting the stateto hire an outside firm andchange thousands of employeepasswords.

The state’s Office of Infor-mation Technology Servicesdiscovered the breach on Jan.28. Hackers built tunnels intoseveral servers that are usedto transmit encrypted infor-mation, officials said. In mid-February, the state brought inCrowdStrike, a cybersecurityfirm, to assess the scope ofthe intrusion, the officialssaid.

Richard Azzopardi, a senioradviser to Gov. AndrewCuomo, said Monday there is“no evidence that personaldata of any New York resident,

BY JIMMY VIELKIND

Hack of State Computer Network Probed

The Four Brothers Drive-In has requested a waiver from restrictions.

FOURBR

OTH

ERSDRIVEIN

THEA

TRE

The stateinformation agencyprocesses 50milliontransactions a day.

All thePowerWithout thePinchHealthcare 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.

Donate, volunteer, or just learnmore at glwd.org

godslovewedeliver @godslovenyc

GREATER NEW YORKNY

P2JW105000-5-A009B0-1--------NS

A10 | Tuesday, April 14, 2020 THEWALL STREET JOURNAL.

PeacockDescription: NBCUniversal’s streamingservice promises more than 600 mov-ies and 400 TV series, leaning heavily onthe NBC and Universal archives. It isavailable this week to Comcast’s XfinityX1 and Flex customers; widely on July 15Titles: When it’s fully launched the TVlineup will include “Saturday NightLive,” “30 Rock,” “Frasier,” and originalsmade for the service. Also: “The To-night Show Starring Jimmy Fallon” and“Late Night with Seth Meyers” will bestreaming before they air on TV, at 8and 9 p.m. ET, respectively.Price: Various ad-supported and freetiers rolling out this spring and sum-mer, beginning Wednesday. Pea-cocktv.com

Apple TV+Description: A big-budget service withbig name talent vying to be a domi-nant player in streamingTitles: Apple TV+ came out of thegate last year with a roster of seriesthat included splashy drama “TheMorning Show,” starring Jennifer Anis-ton, Reese Witherspoon and SteveCarell, followed by M. Night Shya-malan’s “Servant.” Recent movies in-clude Samuel L. Jackson in “TheBanker.” Next month: “Central Park,” anew animated series from “Bob’sBurgers” creator Loren Bouchard.Price: $5 a month or free for a year ifyou buy an Apple device. Apple.com

BET+Description: A joint venture betweenthe BET Networks and Tyler Perry Stu-dios, BET+ includes TV shows andmovies, including originals, focused onblack cultureTitles: In addition to shows from theBET network, the services includesmovies, TV shows and stage plays cre-ated by Tyler Perry, including the film“Diary of a Mad Black Woman.” Hisfirst original series for the service is“Tyler Perry’s Ruthless,” starring Me-lissa L. Williams, a spin-off of “TylerPerry’s The Oval.”Price: $10 a month. BET.plus

Pluto TVDescription: A free, ad-supported gen-

eral-interest service with familiar mov-ies and TV shows, which also runs itsshows in live channels for those notwanting to make choicesTitles: In addition to a dozen 007films, there is a variety of movies like“August: Osage County,” “The Ring,”and every film in the “Twilight” saga aswell as TV shows like “American Pick-ers,” “Roseanne” and “3rd Rock fromthe Sun.”Price: Free. Pluto.tv

VuduDescription: Gobs of free, ad-sup-ported TV shows and movies, as wellas thousands of others to rent and buyTitles: Classic cable TV fare availablefree includes Billy Crystal’s “City Slick-ers,” Jean-Claude Van Damme in“Bloodsport” and Patrick Swayze in“Road House”Price: Many movies are free with ads;others are available for purchase.Vudu.com

IMDb TVDescription: A free, ad-supported ser-vice from the website that brings youevery actor’s birthday features a mix offamiliar TV shows and movies.Titles: For TV, it’s “Schitt’s Creek” to“Desperate Housewives.” For movies,there are classics like “Bull Durham.”Price: Free with ads as long as youwatch online or on Amazon Fire TV de-vices. Imdb.com/tv

CrackleDescription: This free, ad-supportedservice includes a handful of originalsas well as myriad catalog movies andshowsTitles: Hits you can’t find on Netflix in-clude classics like “Easy Rider” and“Five Easy Pieces.” There are also DVD-era staples such as “Big Fish” and “TheLadies Man.”Price: Free. Crackle.com

TubiDescription: A free, ad-supported col-lection of movies and TV shows that isbeing acquired by Fox Corp. Fox Corp.and Wall Street Journal parent NewsCorp share common ownership.Titles: The service has a section called

2,000 titles, both foreign and domestic,from all eras of cinemaTitles: Classics include Marlon Brando in“On the Waterfront” and Jimmy Stewartin “Mr. Smith Goes to Washington.” Thismonth, the service added 2005’s “Ki-netta,” the solo directorial debut of Yor-gos Lanthimos, who directed the Acad-emy Award-winning “The Favourite.”Price: $11 monthly or $100 annually.Criterionchannel.com

Acorn TVDescription: A curated collection ofBritish movies and TV shows, and oth-ers from around the globe with BritishTV sensibilities.Titles: “Doc Martin” fans can find starMartin Clunes in the true-crime series“Manhunt.” The service’s popular “MissFisher’s Murder Mysteries” recentlyspawned a feature film, “Miss Fisherand the Crypt of Tears.”Price:$6 monthly or $60 annually.Acorn.tv

BritBoxDescription: A British-focused serviceheavy on TV shows and movies thatoriginated on the BBC and ITV in theU.K., including comedies, dramas andmurder mysteries.Titles: From comedies like “Inside No.9,” to the hit crime series, “Death inParadise,” about a police department inthe Caribbean that can’t hold onto achief investigator.Price: $7 a month or $70 a year. Brit-box.com

ShudderDescription: A service dedicated tomovies and TV shows in the horror,thriller and suspense genresTitles: The mix of familiar and originalmovies and TV shows includes “Hal-loween” and “Escape From New York.”There’s also “Cursed Films,” an originaldocumentary series about seeminglycursed horror films like “The Exorcist,”“Poltergeist” and “The Omen.” Thisweek’s final episodes explore the mak-ing of “Twilight Zone: The Movie,” and“The Crow,” which resulted in thedeath of star Brandon Lee.Price: $6 a month or $57 a year. Shud-der.com

CrunchyrollDescription: Dedicated to anime mov-ies and TV shows, Crunchyroll offersboth original and syndicated fare, avail-able in eight languages in more than200 countriesTitles: The service offers movies aswell as more than 30,000 episodes ofmore than 1,000 TV shows. This year,it launched Crunchyroll Originals, witha lineup of eight series, including“Tower of God,” based on the popularSouth Korean online comic of thesame title, created by the artistknown as SIU.Price: Free with ads, or $8 monthly or$80 annually. Crunchyroll.com

DC UniverseDescription: In addition to original andvintage movies and TV shows fromthe world of DC Comics—such as Bat-man, Superman, Green Lantern—theservice offers more than 20,000 digitalcomic booksTitles: Movies include both of MichaelKeaton’s contributions to the “Batman”franchise as well as 1978’s “Superman,”starring Christopher Reeve, Gene Hack-man and Margot Kidder. Among itspopular fare is “Titans,” a series builtout from D.C.’s Teen Titans characters.Price: $8 monthly or $75 annually.DCuniverse.com

CBS All AccessDescription: The home of many cur-rent and vintage CBS TV series, live of-ferings from several CBS properties, aswell as original shows developed forthe platformTitles: “Survivor,” “Blue Bloods” and“NCIS.” One of its original series, “StarTrek: Discovery,” was launched in 2017and was joined by “Star Trek: ShortTreks” in 2018. In this year’s “Star Trek:Picard,” Sir Patrick Stewart returns tothe role of Jean-Luc Picard.Price: $6 a month with commercials,$10 without; less if you pay annually.CBS.com/all-access

Spectrum OriginalsDescription: This on-demand, ad-freeservice offers original series solely tosubscribers of Spectrum TV, the Xfinitycompetitor available only in parts ofthe countryTitles: The shiny object here is the re-boot of the beloved series “Mad AboutYou,” with Paul Reiser and Helen Hunt.Other originals include gothic mystery“Paradise Lost,” starring Josh Hartnett.Price: Free to Spectrum TV subscrib-ers. Spectrumoriginals.com

HBO MaxDescription: Expected in May, HBOMax promises a raft of content fromHome Box Office, as well as moviesand TV from Warner Bros., DC, NewLine Cinema and othersTitles: Hits like “Curb Your Enthusiasm”and “Sex and the City” will be offeredup alongside New Line movies like“The Lord of the Rings.” As for originalfare, HBO has a “Game of Thrones”spinoff, “House of the Dragon” in devel-opment.Price: $15 a month, with promotionsplanned for HBO and AT&T customersat launch. HBOmax.com

“Not on Netflix,” which currently includes“Shrek Forever After,” “The Curious Caseof Benjamin Button,” “Alf” and CharlieSheen’s “Anger Management.”Price: Free. Tubitv.com

KanopyDescription: Public libraries and univer-sities support this free service to pro-vide ad-free feature films and docu-mentariesTitles: New and vintage Oscar fare,such as “Moonlight,” “Lady Bird” and“Chinatown,” as well as documentariesincluding “The Central Park Five”Price: Free with an account at a partic-ipating library or university. Kanopy.com

PBSDescription: PBS offers thousands ofmovies, documentaries and TV showsfor free streaming at PBS.org and onthe PBS Video app, with more contentavailable to those who donate to theirlocal PBS stationTitles: Programs available free to ev-eryone include episodes of “AustinCity Limits,” “Frontline” and “This OldHouse,” as well as Ken Burns’s “TheRoosevelts: An Intimate History.” Con-tributors eligible for PBS Passport canalso view more Ken Burns docs, suchas “Jazz” and “Country Music,” plusevery season of “Downton Abbey.”Price: Many titles are available free.PBS Passport titles are available tocontributors who donate at a level de-termined by their local station, typicallyaround $60 annually. PBS.org

Sundance NowDescription: The brand closely associ-ated with independent films backs thisservice featuring a collection of originaland curated documentaries, movies andTV seriesTitles: Movies include “Best In Show,”“Whale Rider” and “World’s GreatestDad.” “Sundance Now Original Series” of-ferings include the Swedish series “TheRestaurant,” now three seasons deep.Price: $7 monthly or $60 annually.Sundancenow.com

Criterion ChannelDescription: The service, created byCriterion Collection, boasts more than

BY CHRIS KORNELIS

The explosion of streamingservices has created moremovies and series thanmany of us imaginedpossible.

It also has created con-fusion, as new services debut and favor-ite shows skip around among providers.For example, “Seinfeld” is on Hulu today,will move to Netflix next year, and hasdone time on Crackle.

To keep things straight amongstreaming options for viewers at home,we put together a guide to 26 on-de-mand services. A number are big buf-fets, with something for everyone. Oth-ers specialize in niche content such ashorror or British programming.

There are also a number of free, ad-supported options—such as Tubi andVudu and IMDb TV—that offer wide-ranging fare. Adding them to yourRoku or Amazon Fire TV menu can behelpful, even if you never think you willuse them. These and other streamingdevices let you search all your channelsso you can find what you are lookingfor even if it’s on a channel you forgotyou had.

NetflixDescription: One of the first subscrip-tion streaming services features originalTV shows and movies as well as anever-ending supply of oldiesTitles: Original series such as the para-normal mystery “Stranger Things,” thecrime drama “Ozark” and Jane Fondaand Lily Tomlin in “Grace and Frankie.”It also is home to original Adam Sand-ler movies such as “The Ridiculous 6,”“Murder Mystery” and “The Do-Over.”Price: $9 to $16 a month. Netflix.com

Amazon Prime VideoDescription: Part of the Amazon Primesuite of offerings, which includes loadsof original shows and movies, as wellas catalog classicsTitles: Original series include the Emmy-winning “Marvelous Mrs. Maisel,” Al Pa-cino in “Hunters” and Julia Roberts inthe first season of psychological mystery“Homecoming,” with Janelle Monáe star-ring in season 2, out May 22. Originalmovies include last year’s big-budget“The Aeronauts,” starring Felicity Jonesand Eddie Redmayne.Price: Comes with Prime: $119 a yearor $13 a month; $59 annual/$6.49monthly for students. Amazon.com

HuluDescription: An early streaming up-start, Hulu features originals and quickadditions of some network and cableshowsTitles: Originals include Elisabeth Mossin the buzzy adaptation of Mar-garet Atwood’s “The Hand-maid’s Tale,” and recent addi-tions like “Little FiresEverywhere,” starring ReeseWitherspoon. New program-ming includes “FX on Hulu”—original FX shows availableonly on Hulu, such as “Devs” andJeff Bridges in “The Old Man,” ex-pected this fall. Hulu also is home to“Parasite,” the South Korean film thatwon best picture, best director andbest original screenplay at the Acad-emy Awards in February.Price: $6 with ads, $12 without, morewith live TV option. Bundled with Dis-ney+ and ESPN+ for $13 a month.Hulu.com

Disney+Description: Disney’s answer to Netflixincludes large portions of its vast cata-log, originals you can find only on theservice and delayed access to new re-leases after they have been in theatersand made available for sale or rentalTitles: Major offerings from the “StarWars,” Pixar and Disney franchises, in-cluding “The Empire Strikes Back,” “On-ward,” and “Frozen 2,” respectively. “TheMandalorian,” a Star Wars-world seriesstarring Baby Yoda was an instant hitwhen the service went live last year.Price: $7 a month, $70 a year. Bundledwith Hulu and ESPN+ for $13 a month.Disneyplus.com

ESPN+Description: A massive helping of bothscripted shows and live sports, (whenthey are happening) including manyhours of live events that don’t run onthe cable channelTitles: The huge batch of content in-cludes every installment of ESPN’s “30for 30” documentary film series, liveand recorded events from MajorLeague Baseball, the National HockeyLeague and others, as well as originalseries such as “The Fantasy Show.”Price: $5 monthly/$50 annually, or bun-dled with Disney+ and Hulu for $13 amonth. Plus.espn.com

QuibiDescription: Jeffrey Katzenberg andMeg Whitman’s new subscription ser-vice features highly produced contentin episodes that run for less than 10minutesTitles: Re-boots such as “Punk’d,” aswell as at least two shows inspired bythe home-renovation TV craze:“Flipped,” a comedy starring Kaitlin Ol-son and Will Forte, and “Murder HouseFlip,” about people who buy homesthat were once crime scenes.Price: $5 a month after a 90-day trial.Quibi.comFR

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STREAMINGSERVICE

Dennis Rodman, above, inan ESPN+ documentary,and Essie Davis, left, inthe movie ‘Miss Fisherand the Crypt of Tears.’

ChristopherReeve, top, inthe 1978 movie,‘Superman,’ andJulia Roberts,above, in season1 of the series‘Homecoming.’

LIFE&ARTS

P2JW105000-0-A01000-1--------XA

THEWALL STREET JOURNAL. Tuesday, April 14, 2020 | A11

PLUG IT IN | By Ross TrudeauAcross1 Start of sometrips

4 Handle poorly10 Singer Benatar13 Grp. known for

its crude output15 Log-in info16 A solo HR gets

one17 Business with

scales andslicers

18 Unsavoryquality

20 Teri of “Tootsie”21 Small fragment22 Partner of sin

and tan, in trigclass

23 Discoverer ofVinland

25 Prison ofwestern NewYork

28 Viscous

29 Zodiac animal

31 Scent

32 Short while, forshort

33 They’re for thebirds

35 Common PChookup, and afeature of thefour longestDown answers

38 Yet to besampled

39 Grp. that sentHope to GIs

40 Docking spot

41 Many aChristmas gift

42 Creator of Whosand Sneetches

45 Businessinterests

47 Shamefaced

49 “Bonjour, ___amis!”

50 High-endcamera type,initially

51 Commanded,quaintly

52 Sequel subtitled“TheWrath ofKhan”

56 Tolstoy’s “TheDeath of ___Ilyich”

57 Container witha tap

58 Supply withoxygen

TheWSJ Daily Crossword | Edited by Mike Shenk

1 2 3 4 5 6 7 8 9 10 11 12

13 14 15 16

17 18 19

20 21 22

23 24 25 26 27

28 29 30 31

32 33 34

35 36 37

38 39

40 41 42 43 44

45 46 47 48

49 50 51

52 53 54 55 56

57 58 59

60 61 62

Previous Puzzle’s Solution

s

Solve this puzzle online and discuss it atWSJ.com/Puzzles.

D A B S E R B R A S T AI C U K N E E L U M P E DN U T I D A H O M O A N AA R T S T U D I O P R I S MH A H A S S N C R A N E

E T R E D R O O LS L A Y E R T O G A B A GH Y D R A P H D S L U M PY E S R A C E S T A M P S

S W I S S U S P SA P H I D C A M U T E S

A L L I N S E X A P P E A LF L U I D K N I T S E T AA I M T O Y E A R S R A TR E S E W S L A T S T Y

59 Appreciates, asa joke

60 Log chopper61 Somewhat62 Ruby of “Do

the Right Thing”Down1 Après-ski spot2 Javelins,essentially

3 Dolores of“MadameDu Barry”

4 Civil rights eraprotestcampaigns

5 Country singerK.T.

6 Borschtvegetable

7 Undergarmentwith straps

8 Tina Fey’s“30 Rock” role

9 Official decree10 San Francisco

park that wasa fort

11 Planking targetsthem

12 “Aye, true!”14 “Step right up!”

caller19 “Juicy” rapper24 Architect’s

figures, forshort

25 Legal documentfiled by onewho’s not directlypart of a case

26 Joel or Ethan ofHollywood

27 “___ Poetica”29 Lustful30 Greeting in old

Rome34 Puzzled35 Peck, pound or

pint36 Industrial

revolution thatbegan in the late1700s

37 Prefix withclassical orconservative

38 FedExcompetitor

43 Lost one’sshadow, say

44 Calm46 “Cómo ___?”

(“How are you?”)47 Colleague of

Ginsburg48 Thick, in more

ways than one50 Card game for

three players52 Kin of reggae53 N. Mex. neighbor54 Old auto55 Make blunders

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

City Hi Lo W Hi Lo W City Hi Lo W Hi Lo WToday Tomorrow Today Tomorrow

City Hi Lo W Hi Lo W

Anchorage 41 37 sh 42 36 rAtlanta 73 44 pc 64 44 sAustin 64 42 pc 67 45 pcBaltimore 58 39 pc 54 37 rBoise 60 43 s 62 38 pcBoston 56 39 pc 48 35 pcBurlington 50 31 c 48 30 pcCharlotte 70 45 pc 60 37 rChicago 44 29 pc 45 27 pcCleveland 47 31 c 46 29 snDallas 54 38 c 63 46 sDenver 44 23 pc 49 22 cDetroit 46 29 pc 45 26 snHonolulu 83 71 sh 84 71 pcHouston 71 49 s 70 49 pcIndianapolis 47 31 c 47 29 shKansas City 50 33 pc 56 36 sLas Vegas 69 53 s 79 58 sLittle Rock 52 33 c 62 37 sLos Angeles 77 56 pc 79 55 sMiami 90 79 s 92 76 pcMilwaukee 41 25 pc 43 27 cMinneapolis 35 19 c 40 20 cNashville 52 32 pc 61 35 sNew Orleans 79 57 c 73 59 cNew York City 58 40 pc 52 38 rOklahoma City 47 30 c 60 38 s

Omaha 45 25 pc 50 27 sOrlando 93 74 c 91 69 pcPhiladelphia 58 40 pc 53 39 rPhoenix 81 56 s 83 58 sPittsburgh 45 29 pc 47 28 cPortland, Maine 55 36 pc 50 32 cPortland, Ore. 69 49 s 67 47 pcSacramento 78 47 s 80 53 pcSt. Louis 51 36 c 56 35 pcSalt Lake City 53 40 s 53 36 rSan Francisco 72 50 s 69 52 sSanta Fe 47 19 s 56 32 sSeattle 64 48 s 65 45 sSioux Falls 37 16 c 44 21 sWash., D.C. 60 41 pc 56 41 r

Amsterdam 50 35 s 58 42 pcAthens 70 57 pc 63 47 pcBaghdad 84 56 c 86 59 pcBangkok 92 79 t 95 81 tBeijing 81 55 c 79 49 cBerlin 52 38 pc 60 40 pcBrussels 52 34 s 61 42 pcBuenos Aires 66 52 c 67 53 sDubai 90 78 s 86 75 shDublin 55 36 s 56 40 sEdinburgh 55 39 s 59 39 pc

Frankfurt 54 34 s 65 42 pcGeneva 60 35 pc 69 44 sHavana 94 71 s 94 71 sHong Kong 74 67 c 76 69 cIstanbul 67 47 pc 52 43 rJakarta 90 77 t 89 77 shJerusalem 69 50 s 69 56 pcJohannesburg 74 50 t 70 48 pcLondon 56 37 pc 64 42 pcMadrid 65 51 pc 59 47 rManila 91 79 c 93 79 sMelbourne 71 61 pc 77 65 pcMexico City 86 56 s 85 56 pcMilan 76 46 pc 66 43 pcMoscow 53 35 c 44 30 cMumbai 96 81 pc 96 83 pcParis 56 40 s 66 50 sRio de Janeiro 83 74 c 83 74 rRiyadh 84 61 r 79 65 tRome 62 44 pc 63 42 sSan Juan 86 76 sh 85 74 pcSeoul 65 39 pc 66 41 pcShanghai 71 56 c 77 59 pcSingapore 90 78 t 91 78 pcSydney 77 58 s 80 64 pcTaipei City 75 59 pc 79 60 pcTokyo 62 49 s 67 54 cToronto 45 26 pc 42 27 sfVancouver 56 40 pc 59 44 sWarsaw 50 33 pc 51 41 pcZurich 53 30 pc 66 38 s

Today Tomorrow

U.S. Forecasts

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with his wife as a witness. Neigh-bors bake us banana bread andwrite “hero” in chalk on our drive-way next to Dave’s name. Every-one’s talking about essential jobs,and I think of those Richard Scarrychildren’s books, which detail theoccupations of mice, dogs and owlsaround town. (A baker, pharmacistand optometrist, respectively.)

“What does your daddy do?What does your mommy do?” Mr.Scarry’s “What Do People Do AllDay?” reads. “And what do YOUdo? Are you a good helper?”

On one page there’s a newspapereditor, clacking away on a type-writer. Our editors at The WallStreet Journal remind us that we’reconsidered essential workers, too. Iwant to write. But day care isclosed, and Dave and I can’t alter-nate shifts like other working par-ents both logged on from home. Iweigh taking a leave, or trying tokeep work to nights and weekends,before remembering that Dave of-ten must work then, too.

We call a beloved day-careteacher and run through therisks—from us to her, and viceversa. Is she sure she’s comfort-able coming to our house? She is.The kids are delighted. She helpsthem fashion butterflies from con-struction paper and pipe cleanersand teaches Theodore to write thefirst letter of his name. I sneakinto their rooms at nap time totuck them in.

Some days, I doubt all ourchoices. I worry about our health,our future, letting down the kidsor co-workers.

But some nights, Dave comeshome at 5, and I can break awayfrom edits long enough for a walkaround the block. Theodore steershis tricycle down the driveway.Dave emerges from the house withwet hair and fresh clothes.

He picks up Louisa. Shesquawks with happiness.

Rachel Feintzeig and DaveBennett, right, and withtheir children, Theodoreand Louisa, below.

MY HUSBAND is home, but wecan’t see him yet.

Seventeen-month-old Louisa isrunning for him like a T-Rex, armsoutstretched with glee. Theodore,almost 3, pedals over on his tricy-cle. But Dave jogs straight pastthem, slipping into the garage.Louisa starts wailing.

This is the protocol we’ve set-tled on: medical scrubs peeled offin the garage and collected in atrash bag in the basement, Daveshowering before any of the threeof us touch him. As millions ofpeople hunker down at home, myfamily suddenly feels painfully ex-posed to the world. Like nurses,bus drivers and grocery store ca-shiers, Dave’s job as a doctormeans he can’t shield himselffrom places where coronavirus lin-gers. By extension, neither can we.

Just last month, Dave droppedthe kids off at day care each morn-ing and picked them up each eve-ning, holding hands and kissingforeheads. We were a typical dual-career couple, attempting to bal-ance parenting and jobs in medi-cine and journalism in the NewYork City suburbs. There was a lotto juggle, but physical risk never

really entered the equation.Now it’s everywhere, and I am

having trouble doing the math.Three of the main tenets of mylife seem to be at odds: I love myfamily, I love my work and I hateuncertainty.

I have always been the anxiety-prone Type-A to Dave’s enviablechill. He sailed through medicalschool and residency, unfazed bythe grueling exams and 24-hourshifts. I have cried not infre-quently in the office bathroomand always brace for the worst.

In late February, after writingmy first story about the novel cor-onavirus, I urgently dispatchedDave to the grocery store to stockup on paper towels, Goldfishcrackers and Nutella. (The basics.)

He complied, with an eye roll.“It’s mobbed here,” he texted

me, attaching a photo of an emptyparking lot.

Now, of course, there are no pa-per towels to be found, and I amstress-eating Nutella by thespoonful. Dave is chastened anduncharacteristically nervous. Ourtext thread features selfies of himin various protective gear.

“Upgraded to face shield,” onemessage reads.

Some days I see flashes of his

Life at HomeWith a DoctorGets Tricky

A reporter weighs risk, family and career asher physician husband heads to work

BY RACHEL FEINTZEIG

LIFE & ARTS

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old optimism: He points to datashowing the number of Covid-19cases in our town might be level-ing off and touts a study indicat-ing an experimental drug couldhelp treat the disease. Othertimes, he sounds defeated.

“We’re like sitting ducks,” hesays when personal protectiveequipment is running low.

We run through other scenarios.Should I sleep on the couch? Shouldwe live apart? What might actuallyhelp keep us safe and what’s too biga burden to bear? My father, also adoctor, and mother live acrosstown. We could make their place a“dirty house” where Dave and mydad hole up after long hours at thehospital to keep from potentiallyspreading germs.

Then again, indefinitely shack-ing up with my mother—a lovingbut exacting former litigator—is

its own kind of risk. Ideally, wemake it through this pandemicwith everyone alive and stillspeaking to each other.

My mom and I decide we’ll eachstay with our partners. Both kid-ney specialists, they’re treatingCovid-19 patients with failing or-gans and interacting with dozensof others who need their care. Butthey’re not performing more inva-sive procedures like intubations.Nor are they triaging people inthe E.R. before diagnosis. No onein our family is immunocompro-mised, and we have so many luxu-ries in this strange new world:space, steady work. I think of anote I received from a reader afterwriting about my difficult preg-nancy with my daughter. All of lifeis high-risk, she wrote.

Dave and I make a slapdash will,signing it on a lawyer friend’s deck

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A12 | Tuesday, April 14, 2020 THEWALL STREET JOURNAL.

SPORTS

MarburyWarned NBAAbout the VirusThe former NBA star-turned-Chinese sports hero saw what happened in China and urged Adam Silver to stop games

tionary bike in the basement,which is starting to be as excitingas…well, riding a stationary bike inthe basement. We’re going forwalks as a family, which is great,just to be reminded of what freshair smells like. A good walk almostmakes you forget what’s happening,until you remember you’re wearinga mask, and someone walking fromthe other direction swerves out ofthe way, like you’re running downthe street with a chain saw.

Otherwise, I’ve done a squat ortwo. I’ve mulled doing a lunge. I’velooked at the jump rope on a hookoutside the kitchen and given it se-rious thought. I’m up to 10 push-ups a week; I don’t mean to brag.I’ve reunited with a pair of dumb-bells I’d forgotten I’d owned. These

the living-room wall.Zoom? I’m Zoom’ed out.And here’s the most important

thing: Who the heck am I to com-plain? I’m a lucky duck. You’rereading the same headlines I amreading—you know how rough it isout there. I’m profoundly fortunatethat these are my pandemic “prob-lems,” because my problems arenot problems at all. The braveamong us are still going to work soschlubs like me can stay home,pecking away at their laptops.

I don’t know if we’ll ever be ableto repay all of the human couragewe’re seeing all around us, but Ihope we try. There are inspiringpeople all around.

Back to my fitness, or lackthereof. I’ve been riding the sta-

Hunkering down with his familyin Westchester, Marbury embracedthe role of prophet, though he ini-tially found no believers. “I saw atsunami coming,” he said. “Then Ileft and went to America. So nowI’m telling everybody, ‘It’s coming.I’m telling you, it’s coming. It’s justa matter of time.’ And it’s like,‘Yeah, yeah, yeah.’ ”

While Marbury’s assistant coachmanaged the remaining players inChina, Marbury became a model ofself-isolation, leaving his New Yorkhome only a few times over the nextseven weeks and wearing a facemask each time he ventured outside.He fired off his advice to Silver.

An NBA spokesman said Sundaythat “Marbury’s email reaffirmedwhat we were hearing from our of-fices in China.” He said on March 9,the day after Marbury’s email, theleague had scheduled a board meet-ing for March 11 to discuss suspend-ing the season.

It was on March 11, with the situ-ation improving in China and theCBA preparing to resume play, thatMarbury returned to Beijing. Thatsame day, the coronavirus threat

suddenly became very real to manyAmericans, when an NBA game wascalled off just moments before tip-off after the Utah Jazz’s Rudy Gob-ert tested positive for the virus.

Back in Beijing, per governmentregulation, Marbury self-quarantined at home for14 days, ordering indelivery meals. Hewatched in dismayas the U.S. Centersfor Disease Controland Prevention saidAmericans didn’tneed to wear masks,before later reversingitself. “That’s one of thethings I’m really madabout,” he said.

Marbury spent his spare timepromoting a new documentaryabout his life, “A Kid from Coney Is-land.” He connected the presidentof the borough of Brooklyn to a Chi-nese supplier to ship 10 million facemasks to his hard-hit hometown.Now out of quarantine, he’s prepar-ing to resume the third act of hislife as a professional head coach.

When he left the NBA a decade

ago, Marbury had a reputation as aless-than-ideal teammate. He pub-licly bickered with then-New YorkKnicks coach Larry Brown; his rela-tionship with Brown’s successor,Isiah Thomas, wasn’t much better.

“I’ve said things tocoaches that I probablyshouldn’t have said, butit was a build-up,” hesays now.

Marbury quitplaying in 2018. Heput on weight, gorg-ing on Chinese hotpot dinners, and then

shed the pounds. Ayear later, the franchise

he last played for ap-proached him with a job opportu-

nity.“I didn’t think I wanted to be a

coach,” said Marbury, now 43 yearsold. “It pretty much just kind ofhappened.”

He was just starting his new gigwhen his new country got into aspat with his old league. In October,China banished NBA games from TVafter Houston Rockets general man-ager Daryl Morey infuriated Beijing

by tweeting support for HongKong’s pro-democracy protesters.

Marbury didn’t write to the NBAcommissioner that time. “I couldn’tdo nothing for him, not for that,” hesaid. “You can’t be GM of the Rock-ets and not know what’s going tohappen.”

China hasn’t broadcast NBAgames on television since, and re-duced how many were streamed on-line. It’s unclear when the leaguewill return to Chinese airwaves—maybe never, Marbury reckons, ifthe NBA doesn’t make amends.“What I’ve learned in China, it’svery rare that it’s going to go back-ward,” he said.

Marbury considers himself luckyto have missed the worst parts ofthe lockdowns in both China andthe U.S. He is relieved to be back inChina’s capital, where he believesthe benefits of the mask-wearingrequirements and ubiquitous tem-perature checks outweigh the has-sle.

“Beijing is the safest place in theworld right now by far,” he said.

—Bingyan Wangcontributed to this article.

Beijing

Stephon Marbury saw whatthe coronavirus had doneto China. So on March 8,the National BasketballAssociation star-turned-

Chinese sports hero decided tosound the alarm bell. He sent anemail to NBA commissioner AdamSilver.

“The games have to stop now,”Marbury wrote from Westchester,N.Y., where he was visiting. “Thegame won’t be fun if people die.”

Marbury, who now coaches theChinese Basketball Association’s Bei-jing Royal Fighters, worried thatpacked arenas would spread the vi-rus. He begged Silver: “Please be theone to make the hard, easy decision.”

Silver thanked Marbury for hisperspective, replied that the leaguewas developing contingency plansand consulting with public-healthexperts, but remained noncommit-tal. Three days later, he didn’t havea choice. The first NBA player hadtested positive, and Silver abruptlysuspended the season.

By then Marbury was back inChina, having landed earlier in theday to resume coaching duties asthe CBA prepared to restart play.

After 13 turbulent NBA seasons,Marbury moved to China in 2010,where he won three domesticleague titles and earned the acclaimthat eluded him back home: twostatues, a museum, a Chinese per-manent residency card and starringroles in a play and two movies—allabout his life.

His time in China also gave him apreview of what was about to hap-pen in the rest of the world. Thefirst omen came on Jan. 21, a dayafter China’s most famous doctordeclared on state television that themysterious virus spreading in theChinese city of Wuhan was capableof people-to-people transmission.

That evening, as Marbury walkedinto the arena ahead of a gameagainst his old team, the BeijingDucks (now starring former NBAstar Jeremy Lin), he was presentedwith a sight he hadn’t seen before.

“I’ve never seen it where youwalk into the arena and everybody’sgot a mask on,” Marbury recalledlast week. “I was like, ‘Yo, what’sgoing on? Like, what happened?’This is serious.”

The next day, Jan. 22, Marburyflew to New York for the Lunar NewYear holiday. On Jan. 23, China’sgovernment locked down Wuhan, acity of 11 million people. On Jan. 24,the Chinese Basketball Associationpaused its season.

BY STU WOO AND JONATHAN CHENG

I have neglected towrite “King Lear.”

I should be upfrontabout that. Like otherfolks, I had big, cre-ative plans for my

quarantine, and when I heard thatShakespeare had knocked off aclassic tragedy during an early17th-century plague, I figured, well,why not me, too—I’m basicallyShakespeare, if Shakespeare hadbeen a stooge with a sports columnin the Journal.

Not only have I failed to write“King Lear,” I have failed to domuch of anything. I have failed tofix the broken door in the hallwaycloset. I have yet to tidy the junk inthe basement. I have failed to cleanout the fridge: we have 15 mus-tards, nine of which expired duringthe Clinton administration. I’m sobad at overseeing virtual school,my kids are going to wind up invirtual detention, smoking virtualcigarettes.

Meanwhile, I’m trying to stay fit,and that’s mostly a disaster, too.Pre-lockdown, I had big plans for asummertime abdominal six-pack.Now all I want is to not look likeI’m stealing a toaster under myshirt. It’s hard to stay motivated,when, after checking the headlines,all I want to do is to eat an entirefrozen pizza by myself. I knowthere are crafty quarantined ath-letes out there running marathonsin their driveways and holding aplank through “The Godfather PartII,” but I can’t. Sorry.

It was fascinating to see howmany of the early quarantine point-ers were unmasked as privilegednonsense—how quickly those elab-orate bread-baking posts on Insta-gram went from cozy to insuffer-able. Three weeks ago, I, too,wanted to make the perfect sour-dough. Now I’m happy to eat RiceChex for dinner. The goal postshave moved from write the nextGreat American Novel to put onpants by 3 p.m. Last month, Iwanted my children to use this giftof time at home to learn a secondlanguage. Now I am happy if theydon’t spray paint curse words on

down for a push-up, lift yourself upagain, and repeat. It’s an ideal wayto A) get your heart rate up and B)truly hate life. Nobody really enjoysdoing lots and lots of burpees; ifyou ever want to see an entire gymclass groan, say “and now give me20 burpees.” But if you’ve got lim-ited time and space, sheltering inplace, they’re pretty close to a per-fect exercise.

The burpee was created by aNew York physiologist named RoyalH. Burpee, which sounds like some-thing I am making up, but it’s true.Turns out that Royal’s granddaugh-ter, Sheryl Burpee Dluginski, is afitness trainer herself; when wespoke in March, she was preppingvirtual training sessions for her cli-ents.

“As a functional exercise, it can’tbe beat, that’s for sure,” Dluginskisays. At the same time, she warnsabout going crazy with volume.“My grandfather never intended forthis to be done in high numbers.”

If there’s a silver lining to allthis at-home exercise, it’s thatwe’re all being reminded of thebody-mind connection. It’s becom-ing clear that a hard part of shel-tering-in-place is the mental side,especially the tedium—if you’re notspending at least a few hours a daycounting all of your ice cubes, orwondering if you should sharpenall the pencils in your house, andfire them one by one into the ceil-ing, you are quarantining too well.

Nothing, it seems, activates abored brain—or relaxes anxiety—better than moving the body. Any-thing works: burpees, yoga, dumb-bells, or, if, you’re ArnoldSchwarzenegger, chasing your min-iature horse and donkey around thebackyard on a fat-tire mountainbike. Keep moving, and don’t setabsurd standards. We are going toget through this, and by the end, Ipromise you, I’m not going to writea masterpiece, but I’m going to beas fit as Schwarzenegger. Or leastLulu the Donkey. JA

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A lockdown is making us considerour human limitations. This is OK,writes sports columnist Jason Gay.

dumbbells must be baffled. Why isthis guy lifting us? He walked pastus every day for six years. Speakingof dumbbells, I’ve burned at least100 calories laughing while watch-ing a video of Arnold Schwarzeneg-ger chasing his miniature horseand donkey, Whiskey and Lulu,around his yard on a mountainbike.

I have even been doing someburpees. You know what a burpeeis, don’t you? It’s a brilliantly com-pact, full-body exercise that wasdeveloped as a fitness test and isnow deployed in CrossFit and allsorts of high-intensity interval(HIIT) training. Basically: from astanding position, drop your handsto the floor, kick your legs out likeLulu the Donkey, bring your chest

Please Stay Home. Please StayActive. And Please Stay Yourself.

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After 13 turbulent NBA seasons, Stephon Marbury moved to China in 2010. He is now coaching the Chinese Basketball Association’s Beijing Royal Fighters.

JASON GAY

3Number of titles

Stephon Marbury wonas a player in China,before he retired in

2018.

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THEWALL STREET JOURNAL. Tuesday, April 14, 2020 | A13

Safe—But NotFor DemocracyHow to Make Love to a DespotBy Stephen D. Krasner(Liveright, 320 pages, $28.95)

BOOKSHELF | By Josef Joffe

America is an idea and a promise—a “city upon a hill,”a beacon unto the nations. This “novus ordo seclo-rum”would spread liberty and justice across the

globe. But America is also a great power. And so it pursuesself-serving interests that keep overwhelming the ideals ofthe “last best hope on earth.”

The U.S. has regularly supped with the devil. Start withdespotic Russia in the First World War and continue withStalin, a mass murderer, in the Second. It has cozied up todictators in Latin America, Asia and Europe. Add a hordeof potentates in the Middle East.

Making the world “safe for democracy,” as WoodrowWilson had it, was the dream; sidling up to bad guys thereality. “He may be a son of a bitch, but he’s our son of abitch,” runs a quip ascribed to FDR and LBJ. Sometimes theU.S was lucky—as in World War II, when the liberal idealdovetailed with the strategic imperative to crush Japan and

Nazi Germany. But some-times it wasn’t so lucky.In the name of “regimechange,” George W. Bushwent after Saddam Husseinin 2003. Slaying the wrongdragon, the U.S. eliminatedIraq as a bulwark againstIranian expansion. To meanwell is not to do well.

The American catechismcomes in three parts. One: Aworld of democracies is bestfor the U.S. because onlydespots make war. Two:Democracy is destiny becauseit fulfills mankind’s deepest

aspirations—equality and liberty,prosperity and peace. Wealth, propounded

Tocqueville, favors the “lovers of peace” and “quenches themilitary spirit.” Three: Where destiny stumbles, the U.S.will prop it up with force, as in Afghanistan or Iraq.

In “How to Make Love to a Despot,” Stephen Krasner, anoted Stanford scholar who served in the George W. Bushadministration, makes short thrift of this rosy faith. Richesalso happen to breed ambition instead of restraint, as XiJinping’s China shows. Nor does affluence guaranteedemocracy, whether in Riyadh or Beijing. Nor are republicsso peaceful. Stellar democracies Britain, America and Israelhave fought aggressive wars. Finally, where forcible regimechange did work, as in Germany and Japan after 1945, theprice was all-out war, with 416,000 American dead.

So what is the oldest democracy to do? In this outstandingcontribution to the literature and the policy debate, Mr.Krasner counsels: Don’t bet on inevitable progress. It is a“delusion” to think that “the world can be like us.” As tobeneficial regime change, the odds are stacked against you.So learn to deal with dictators and to mitigate oppression.Cutting through reams of conventional wisdom, Mr. Krasnerexplains why democracy is not an export hit.

“The leverage that could be exercised by external actorswill be limited.” In “most of human society . . . elites couldbetter protect themselves and stay in power by supportingdespotic institutions.” Almost never will despots “be forcedto accept changes that would undermine . . . their ownpower.” So outside intervention is fruitless and costly, thebill running to hundreds of billions of dollars, plus U.S.casualties by the thousands.

The author might have added: Even if we topple atyrant, his heirs will trade places. They will grab the toolsof power—army, security services, state enterprises—toconsolidate their position and to enrich themselves as wellas their cronies. Guns get you gold, and gold buys moreguns and loyalists, Machiavelli taught in so many words.At worst, intervention will unleash the war of all againstall, as most recently in Libya. Since democracy is deadly forautocrats, they will resist at all costs, as Bashar al-Assadhas done in Syria, where half a million people haveperished so far.

Since Woodrow Wilson, “democracy promotion” hasbeen a fixture of the American creed. Enter Mr. Krasner,the heretic, with piles of data. Drawing on a richesse ofresearch and hands-on experience, he argues: The U.S.cannot heal the world. The alternative to utopia, though,is not the dystopia of doing nothing and letting the worldgo to hell. Hence his prescription of “good enoughgovernance,” the leitmotif of this pathbreaking book.

How to achieve it? If we can’t transform villains intoangels (and shouldn’t even try), we can at least incentivizethem to evolve into benevolent absolutists who do right bytheir own people while serving Western interests to boot.The key term is “interest alignment” between the localpotentates and the United States.

Don’t threaten their tenure but help them to increasenational security. Thus these regimes “can limit trans-national terrorism”—good for them and good for the West.Domestic safety and a measure of consent will inhibitinternecine war that unleashes torrents of refugees.Stability will make it easier to provide government servicesthat improve daily life. Help autocrats to build healthsystems. These will enable them to control disease andprevent the spread of pandemics.

What about economic aid? State-to-state largess hasn’tspurred development but steered billions into the pocketsof rent-seeking elites. Better, writes Mr. Krasner, to let“despotic polities . . . participate in the global market byreducing tariffs or guaranteeing [foreign private] invest-ments.” But don’t count on the full panoply of democracy:free elections, rule of law, inviolable human and propertyrights, for all of these blessings are “antithetical to theinterests of rent-seeking elites.”

Mr. Krasner doesn’t offer a heartening agenda, one thatwould reflect America’s can-do spirit and its faith intranscendence. But he is right about this: Freedomimposed from the outside has been a loss-leader of tragicproportions. So statecraft must be modest and cold-eyed,for “democracy is not the natural order of things.”Uplifting this message is not. Alas, the evidenceassembled in this book is too solid to be ignored.

Mr. Joffe, a fellow of Stanford’s Hoover Institution,serves on the editorial council of Die Zeit, a Germanweekly.

If the U.S. can’t transform villains into angels,it can at least encourage smaller potentates toalign their interests with the West.

The Cure for News Burnout

H ave you watched net-work news lately? Ihad stopped more than

20 years ago. I was drawnaway by the speed and heat ofcable news. So were millionsmore, judging by the sharp au-dience declines at ABC, CBSand NBC.

Then earlier this month, Icaught part of a networknewscast after hearing my sis-ter was about to appear in asegment. I found myself oddlysoothed, for reasons I didn’tquite understand.

Watching network news-casts the next evening was arevelation. They reported allthe important stories, no mat-ter how gloomy. Politics playeda minor role. President Trumpdidn’t even appear on one pro-gram. He made a cameo on an-other and got a little more air-time on the third. Hiseagerness to get people work-ing again was tempered byhealth-care professionals wor-ried about another coronavirus

surge if lockdowns end toosoon.

Most of the newscasts tookplace at ground level. Childrentalking about a dead parent. Ahusband and wife dying in thesame hospital two floorsapart. Interviews with farmersleaving tomatoes to rot in thefield because demand haddropped so much with theclosing of restaurants, hotelsand schools.

Sprinkled amid the hardshipwere uplifting stories from thefrontlines—doctors and nursescaring for the ill, truckers driv-ing extra hours to bring vitalsupplies, an actor picking upthe grocery-store tabs for se-niors in Georgia and Louisiana.

What was most striking washow little time reporters andeven anchors spent on screen.

They put ordinary Americanson the air. Washington andManhattan weren’t at centerstage. The whole country was—Kentucky to Massachusetts,Michigan to Florida, Texas toPennsylvania. It created asense of unity, showing a seriesof communities struggling tosurvive these strange times.

Mind you, I have nothingagainst the journalists on cablenews. I’m friends with cableanchors and panelists. Theyare fine professionals, and onbreaking news and some regu-lar newscasts hew to tradi-tional standards of fairness.But as the U.S. has become po-larized, so too have cablechannels. Inevitably, the jour-nalists chosen to appear onthem reflect their constituen-cies’ views.

What they lack are the sto-ries like the one CBS aired onGood Friday about a newspa-per deliveryman in New Jer-sey. He had an epiphany whenan elderly customer asked himto hurl the newspaper closerto her garage so she could

more easily reach it. If shecouldn’t pick up her paper, hewondered, how does she getthe other things she needs?The next day, he slipped a noteinto each paper he delivered:“I would like to offer my ser-vices, free of charge, to anyonewho needs groceries.”

He now takes orders frommore than a hundred seniors,does the shopping and deliverspackages. He’ll continue afterCovid-19 subsides: “There’s alevel of appreciation . . . thatgoes above and beyond any-thing I’ve ever seen. So, no, I’mnot going to stop.”

That’s what you get in amere 22 minutes. The net-works, as they’ve always done,offer a snapshot of the Amer-ica—dare I say, the real Amer-ica. The one in which an anchoropened a broadcast by saying:“We have made it through an-other week together.”

Mr. Smith is a former editorof National Journal and U.S.News and World Report andexecutive editor of Newsweek.

By Stephen G. Smith

Hate polarization?Watch the networknewscasts, not cable.

OPINION

In its obituaryfor AlfredSherman, oneof MargaretTh a t c h e r ’seconomic ad-visers, theTimes of Lon-don relayed astory thatspoke to oneof his pet

themes: the utter fecklessnessof the British workingman.

The tale begins with Sher-man at a Tory conference,where he was offered a lift byPeregrine Worsthorne, aprominent newsman at theSunday Telegraph. As the twowalked to the car, Shermanfulminated about how theworking classes were shiftlessto a man, corrupted by wel-fare and socialism.

When the men arrived atthe car, they found it had aflat tire. Neither Sherman norMr. Worsthorne knew how tofix it. Then a member of theworking classes chanced by—and kindly changed the tirefor them. No sooner had thisGood Samaritan departed thenSherman picked up rightwhere he’d left off: “As I wassaying, absolutely no good,the whole lot of them.”

Bernie Sanders is today’sAlfred Sherman. On econom-ics, the two couldn't be lessalike. On one thing, however,they are practically twins:Their perfect blindness to anyevidence that might tempertheir most passionate (andquestionable) judgments.

Thus could Sherman con-tinue a tirade against the Brit-ish working classes only mo-

Bernie Sanders and Covid Capitalismments after a worker hadbailed him out. Ditto for Mr.Sanders, as we saw in his re-marks announcing he wasdropping out of the Demo-cratic presidential primary. Atthis Covid-19 moment inAmerican life, even as busi-ness is literally working allhours to come up with innova-tive ways to meet needs cre-ated by the pandemic, Mr.Sanders said that the greatmission—the fight against“the greed of the entire cor-porate elite”—continues.

That same night he ap-peared on “The Late Showwith Stephen Colbert,” wherehe asked why “we have to livein a society that has so muchgreed at the top.” Earlier, inthe final Democratic debate,he complained that “in themidst of this epidemic, you’vegot people in the pharmaceu-tical industry saying, ‘Oh,wow, what an opportunity tomake a fortune.’ ” If Mr. Sand-ers has ever said a single kindword about the private sector,it doesn’t appear to have beenrecorded.

As the Democratic debatesconfirmed, a Sanders publicappearance is like an improvact: Give him any ill afflictingsociety, and he will quickly at-tribute it to a market systemdriven by the greed of Ameri-can business. This has alwaysbeen a cartoon version of cap-italism. But at a moment whenAmerican business has mobi-lized against Covid-19, it sug-gests something worse: a star-tling obtuseness to reality.

For what are Americanbusinesses doing today? Well,General Motors and Ford have

come together with compa-nies such as Ventec Life Sys-tems and GE Healthcare to le-verage the technology ofventilator manufacturers withthe mass-production exper-tise of auto makers. AbbottLabs came up with tests thatcan detect Covid-19 in min-utes. Anheuser-Busch is usingits breweries to make handsanitizer.

Bill Gates is using some ofhis billions to accelerate thedevelopment of a coronavirusvaccine. Lyft is donating tensof thousands of rides to thosewith essential transportationneeds during the pandemic,especially families and chil-dren, low-income seniors, doc-tors and nurses. Restaurantsare donating meals, and gro-cery stores are arranging de-liveries for customers who areunable or afraid to come out.Others are fighting to keepemployees on their payrolls.

And the only thing BernieSanders takes away from allthis is greed?

Many rightly fret abouthow successful Mr. Sandershas been in pushing the Dem-ocratic Party (and its pre-sumptive nominee, Joe Biden)toward a progressive agendathat until recently would havebeen regarded as fringe. Yeteven more corrosive is the

moral vision he’s selling alongwith that agenda. For make nomistake, the claim Mr. Sand-ers advances is primarily amoral one.

He ought to be answered inmoral terms. Too often whenit comes to business and mo-rality, we limit ourselves tolooking at how much of itsprofits a business donates.And in this crisis, there havebeen a great many donations,from the small cafes sendingover fresh coffee to nurses atthe local hospital to giantssuch as JPMorgan Chase,which has pledged to spend$50 million to help communi-ties and people hit hardest byCovid-19 recover.

These gestures are all to becommended. But business mo-rality isn’t limited to charity.What’s missing from theSanders vision of commerceand free exchange is theslightest recognition thatbusinesses serve a moral pur-pose simply by doing whatthey do: anticipating andmeeting the needs of theircustomers, providing employ-ees with livelihoods and themeans to realize their dreams,and getting resources towhere they are needed in thecheapest and most efficientways.

Right now what Americanssuffering from Covid-19 mostneed is our private sector ap-plying its full genius and ener-gies to coming up with a vac-cine as quickly as possible.Not Bernie’s perverse progres-sive fear that someone, some-where might make a profit bygetting it to us.

Write to mcgurn@wsj.com.

His perverse moralitysees only greed asbusiness takes onthe coronavirus.

MAINSTREETBy WilliamMcGurn

As the worldstruggles tocontain thecoronaviruso u t b r e a kwithout trig-gering a newGreat Depres-sion, China iswithholdingvital informa-tion that

would save lives and signifi-cantly alleviate the economiccatastrophe that now threat-ens to immiserate hundreds ofmillions of people around theworld.

This isn’t the old coverup,when Communist Party bum-bling and deceit allowed a lo-cal outbreak to turn into theworst global disaster in de-cades. The new coverup iseven more brazen. China con-tinues to falsify vital informa-tion about the epidemic on amassive scale.

The evidence comes frommany sources. In a classifiedreport to the White House, theU.S. intelligence communityhas concluded that China un-derreports both deaths andthe total number of cases. TheEconomist magazine com-pared China’s reported statis-tics with those from othercountries and found that num-bers changed dramatically inresponse to political events,such as the firing and replace-ment of local officials. Usingconservative figures and as-sumptions, a report by DerekScissors of the American En-terprise Institute estimates 2.9million total cases in China,

China Still Misleads the Worldrather than the total of about82,000 Beijing reports. If Mr.Scissors is right, the numberof cases that China has con-cealed is greater than the totalnumber of cases reported inthe rest of the world.

These data matter. Withoutaccurate information aboutthe number and location ofcases, including asymptomaticcases from China, it is muchharder for the rest of theworld to understand basicfacts about the disease and itsspread. And the absence of ac-curate information from Chinamakes it much more difficultto know when it is safe to liftlockdowns.

The near-total shutdownand gradual restarting of acomplex modern economy issomething that has never beendone before. No one could rea-sonably expect Beijing or anyother government to get ev-erything or even most thingsright on a first effort, but ac-cess to real information aboutwhat is happening in Chinacould save many other coun-tries from making costly mis-takes. Just as in December andJanuary China’s official cultureof secrecy unleashed a terroron the world, so now thatsame culture weighs down theworld’s efforts to cope.

Encouragingly, cooperationbetween U.S. and Chinese sci-entists studying the coronavi-rus is in better shape. Doctorseverywhere are working to un-derstand and treat this myste-rious illness as part of an un-precedented global efforttoward a singular goal. Earlier

this month, leading Chinesescholars called for the U.S. andChina to work together tofight the disease. A group ofleading American scholars andformer policy makers calledfor the same.

But even as some scientistsand scholars work together,Beijing continues to withholdvital information from its ownpeople and the rest of the

world. China’s doctors, scien-tists and independent journal-ists are earning a global repu-tation for competence, honestyand courage; the government’sactions will damage China’sglobal standing for years tocome.

What worries Beijing mostis public opinion at home. Thetwo sources of the ChineseCommunist Party’s legiti-macy—its technocratic skilland its ability to increaseChina’s prestige abroad—arechallenged both by the epi-demic and the government’sflailing response to it.

After seven decades inpower, the party still dependson a governance system thatcombines arbitrary rule, brutalrepression, eye-popping cor-ruption and massive levels ofdeception, fraud and abuse.The coronavirus outbreak,

concealed as long as possiblefrom the higher-ups by theusual self-dealing cliques of lo-cal officials, cruelly exposedthe gap between the imposingimage Beijing seeks to projectand the gritty, unsavory reali-ties of one-party rule.

To divert public attention,China’s rulers reverted totheir standard playbook: con-cealing information, squelch-ing discussion of the disaster,and whipping up nationalistsentiment. The trouble is thatthe steps Beijing saw as nec-essary to shore up its powerat home have dramaticallyworsened China’s economicprospects and its internationalreputation.

China, which became a ma-jor world power by using andsometimes abusing free-traderules and global supplychains, has now taken an axto the roots of its own busi-ness model. If the cost of do-ing business in China in-cludes increased exposure toruinous shocks like the pan-demic, “Made in China”doesn’t pay. And if Beijingcan lie so vociferously andimplausibly about the pan-demic, can private investorsor foreign governments everrely on its promises?

The world doesn’t needpropaganda shipments of of-ten unusable Chinese medicalequipment; the world needsBeijing to tell the truth. Unfor-tunately, China can’t level withthe world without levelingwith its own people. That isthe one thing the party cannever do.

A truthful accountof the virus’s progressthere would help usknow what to expect.

GLOBALVIEWBy WalterRussell Mead

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A14 | Tuesday, April 14, 2020 THEWALL STREET JOURNAL.

Church Has Survived Worse Than SimulcastsThose pushing for public Masses

and other sacraments during the epi-demic lack theological understand-ing, historical perspective and socialconsciousness (“Conservative Catho-lics Decry Halt on Masses,” The Cor-onavirus Pandemic, April 6).

Catholic theology is eminently rea-sonable. Provision has always beenmade for “spiritual communion”when not able to receive the Eucha-rist. When a priest is not availablean act of contrition suffices, until theopportunity for confession avails it-self. Frequent reception of commu-nion is a relatively new phenomenonof the last century. In the past, manyCatholics rarely went to communion;therefore, the Easter duty, to receiveonce a year, was mandated.

Catholicism’s teaching on the com-mon good requires working with civilauthorities for the public welfare.This means not risking lives, includ-ing the priest’s, when not necessary.May I propose that those “pushingback” are fundamentalists, not con-servative Catholics, who believe theycan handle poisonous snakes and notdie?

REV. MICHAEL P. ORSINaples, Fla.

We American Catholics today facea situation common in Amazonia,Uganda and many other places, inthat we cannot attend Mass in pub-lic. This wonderful luxury and bless-ing, an open church where we canworship and partake of the Eucha-rist, is temporarily unavailable. Whynot celebrate instead the universal

access to daily and Sunday Mass thatour sophisticated video technologiesallow us. Now even shut-ins who cannever get to church can be presentvirtually at Mass.

Social distancing is the norm evenas it inconveniences all, worshipersincluded. However, please rememberour priests who interact with somany, even the asymptomatic. Wedon’t need to lose our clergy, fre-quently seniors, to this pandemic.Otherwise, there will be fewerpriests in fewer churches when werecover.

PETE C. ESCHMANNBarnegat, N.J.

Why aren’t all citizens objectingto the government prohibition ofworship services? Under our Consti-tution, it is nowhere near the gov-ernment’s area of authority to de-clare religious worship anonessential activity. Are we reallywilling to acquiesce to a governmentofficial’s decision that buying liquoris more important than receiving thesacraments? On the practical side,social distancing can be more easilymaintained in a church than in theaisles of a Walmart. It is distressingto see frightened people so easilygive up their civil liberties.

KEITH JOHNSONSt. Charles, Ill.

Our Lord is with us through thiscrisis and will give us the grace andstrength we need—at home.

KERRY HASLAMSchertz, Texas

LETTERS TO THE EDITOR

Letters intended for publication shouldbe addressed to: The Editor, 1211 Avenueof the Americas, New York, NY 10036,or emailed to wsj.ltrs@wsj.com. Pleaseinclude your city and state. All lettersare subject to editing, and unpublishedletters can be neither acknowledged norreturned. “Stay that far away.”

THEWALL STREET JOURNAL

Pepper ...And Salt

The Wisconsin Election Was Handled PoorlyRegarding your editorial “Wiscon-

sin’s Election Confusion” (April 8):You are right to point out Gov. TonyEvers’s ham-handedness in waitinguntil the last moment before seekinga delay in Wisconsin’s election. Hedeserves no plaudits. Yet, and I saythis as a Republican myself, the Re-publican-controlled state legislaturefailed the ultimate test by resistingto the end any postponement,thereby leaving potential in-personvoters to choose between protectingtheir health or casting a ballot.

Shame on the governor, yes, butspecial scorn is warranted for thelegislature.

JAY W. MILLERWhitefish Bay, Wis.

You neglect to point out that Mil-waukee, a city with almost 600,000people and 180 polling places, onlyopened five of those polling sites.People had to wait for up to twohours in long lines—part of thattime in the rain—to cast their votes.

That doesn’t sound like a smartmove on the part of the legislatureunless, of course, it wanted to makeit very difficult for working-class cit-izens to get to the polls.

BERNARD WIDEMANMelrose, Mass.

I am one of the 12,000 who madethe online request for an absenteeballot before the deadline to do soand didn’t receive it in time. Mystate allows people who request ab-sentee ballots to vote in person ifthey bring the envelope with them—which I didn’t have as of ElectionDay. Yes, it is possible the govern-ment may have been able to makesome arrangement despite this stat-ute (unlikely, given the fact that weweren’t able to postpone the elec-tion), but I decided not to violate mystate’s “safer at home” order and putmyself at risk on the off chance thatan exception would be made. As aphysician with asthma in his late50s, I am at increased risk of compli-cations of coronavirus infection andneed to stay healthy to help others.

I understand the Journal’s edito-rials and agree that a governorcan’t rewrite election law, butthat’s a separate issue than simplyallowing all absentee ballots re-quested in time be counted, even ifdelivered late due to unprecedentedconditions.

GARY C. STEVEN, M.D., PH.D.Greenfield, Wis.

Is It Good, Rahm, if Mayors Rule the Nation?I laughed out loud when I read Ed-

ward Glaeser’s review of RahmEmanuel’s “The Nation City” (Book-shelf, April 1) on the power of may-ors. The statistics stated in the arti-cle underscore the dismal failure ofMr. Emanuel in Chicago, along withhis Democratic brethren from Balti-more to Los Angeles. The murderrate increased during his years asmayor and only declined when theeconomy improved under PresidentTrump—it wasn’t the policies of theself-aggrandizing Mr. Emanuel. Hisonly success was pushing the city ofChicago deeper in debt.

CATHERINE ALEXANDERMerritt Island, Fla.

I find it very interesting that eventhe most progressive in politics arecoming to recognize that decision-making is best left to local govern-ment, something libertarians haveembraced as a fundamental principle.What works in one locality doesn’t

necessarily work in another, and mu-nicipalities and counties can be moreresponsive to their residents andthus better equipped to allocatescarce resources based on the collec-tive will of only those they represent.

ROBERT GREENPoughkeepsie, N.Y.

I hesitate to quibble with a Har-vard professor, but I do with the as-sertion by Edward Glaeser that:“There is no Republican or Demo-cratic way to plow snow.” Sure thereis. The Republican way is that youprivatize it. Take bids and hire themost cost-effective private provider.Same for garbage collection or otherservices.

Here in Milwaukee, the state, some20 years ago, enacted a school-voucher program that successfullypromotes private school alternativesto the public schools.

KEN LAMKEMilwaukee

In Praise of Central Park’sChristian Medical Services

Regarding Nicole Ault’s “Chris-tian Relief Comes to Central Park”(op-ed, April 6): That LGBTQ advo-cates Mayor Bill de Blasio, journal-ist Jonathan Merritt and State Sen.Brad Hoylman would opportunisti-cally challenge Christian doctrineon sexuality is hardly a surprise.But to in any way denigrate sacrifi-cial acts of mercy during a Lentenand Holy Week pandemic crisis be-speaks irony and ignorance. Onemay also note, with no fear of his-tory’s verdict, that it has long beenChristians who have actuallynursed the sick, aided the poor andfed the hungry—not social-justicewarriors.

RAYMOND J. BROWNLondonderry, N.H.

Reopening the Economy, at Last

A t long last our political leaders are con-sidering how they can reopen theAmerican economy they put into a de-

structive coma. Let’s hopethis overdue process doesn’tdevolve into another fight be-tween governors and Presi-dent Trump that will confuseAmericans and slow the re-turn to normal economic life.

New York Governor Andrew Cuomo took theleadMonday by announcing a committee of sixNortheast states aimed at reopening the econ-omy without sacrificing the gains made so far,and at such a great cost, against the coronavi-rus. New York, New Jersey, Connecticut, Penn-sylvania, Rhode Island and Delaware will eachname a public-health official, an economic pol-icy maven and the chief of staff for each Gover-nor to the committee.

The governors, all Democrats, stressed ina video conference that any economic openingwon’t be rushed. At least they’re thinkingabout it. The focus for weeks has been on thecourse of virus infections, the danger of over-run hospitals, and death toll. As Mr. Cuomosaid Monday, infection, hospitalization anddeath rates appear to be peaking in his state.He’s been able to return ventilators to an up-state donor as the demand has undershot pre-dictions by public-health models.

The governors are right to think carefullyabout how to present a reopening to the publicand which benchmarks to use as confidencebuilders. The governors andMr. Trump can de-clare all theywant that America is open for busi-ness, but the countrywon’t return to normal lifewithout guidelines for safe behavior.

Will everyone have to wear a mask, or onlypeople who interact with the public? WillAmericans of a certain age be advised to stayat home longer?Whowill have to be tested andwhere? How will restaurants, take-out shops

and bars protect workers and customers? Willthere be new rules for public transportation—especially crucial in high-density areas like the

Northeast corridor?The committee will also

provide a measure of politicalcover. The liberal mediaclearly favor a long lockdownand their focus on infectionsand deaths means there is po-

litical safety in numbers for policy makers. Thegovernors of California, Washington and Ore-gon said Monday they too will cooperate on astrategy to reopen their economies.

The governors are acting as PresidentTrump also increasingly talks about his desireto declare America open for business again. Hehas said he’ll unveil a second virus task forcefocused on the economy, in addition to the oneled by Vice President Mike Pence focused onfighting Covid-19.

Mr. Trump tweeted Monday that the deci-sion whether and when to reopen is his tomake. He may be right on the legal questionif he chooses to override the states. But thisis really a political and policy issue, and get-ting into such a fight would be counterproduc-tive. The President will help the country more,and gain more politically, by clearly explaininghis own strategy for reopening.

This will have to answer the questions wepose above, as well as explaining precautionsagainst Covid-19 flare ups in new hot spots oranother burst of infections in the autumn. Itshould also include in some detail the harm tothe country, in lost jobs and damaged publichealth, of the lockdowns.

Even in an election year, this shouldn’t beabout who gets the credit for reopening. Thepublic wants to go back to work, but it wantsto know how to do so safely. Mr. Trump andthe governors can both get credit if they do itthe right way.

Governors and Trumpcan share credit if theydo this the right way.

The Art of an Oil Deal

P resident Trump has been chasing a dip-lomatic victory, and he got one thisweekend when he brokered a deal be-

tween the Organization of thePetroleum Exporting Coun-tries (OPEC) and Russia tolimit their production thatmay also limit the bloodbathin the U.S. shale patch.

OPEC and Russia haveagreed to curtail their production by 9.7millionbarrels a day—about 10% of global output—inMay and June amid a steep falloff in demanddue to the coronavirus that is expected to ex-ceed 20% of last year’s consumption. After Rus-sia last month refused Riyadh’s calls to cut sup-ply, Saudi Arabia opened up its tap and slashedits crude price.

The dual supply-demand shock drove Brentcrude as low as $24 a barrel and the U.S. bench-mark to $20. This game of chicken wasn’t goodfor the Saudis, its OPEC allies or Russia, whosebudgets need higher prices. Russia needs an oilprice of about $40 a barrel to balance its bud-get, and the Saudis about $80.

Low prices are also hammering U.S. produc-ers. Drill counts have fallen by a quarter in amonth as storage facilities have filled, and theEnergy Information Administration is forecast-ing that U.S. production will decline by twomil-lion or so barrels a day to 11 million. After rais-ing $8.5 billion in cash, Exxon Mobil last weekannounced that it will cut capital spending by30%. Chevron slashed spending by 20%. Smallshale producers with large debt loads havehired restructuring advisers, and Whiting Pe-troleum became the first major fracker to filefor bankruptcy last month.

Some of our friends have cheered the rout to

prune undisciplined producers. But much ofglobal oil supply is still controlled largely by for-eign governments rather than market forces,

and widespread shale bank-ruptcies could cause signifi-cant economic damage down-stream once the coronavirusrecedes.

Some banks have been pre-paring to take over assets of

troubled producers, but a rush of bankruptciescould take months if not years to work out andisn’t the best use of bank balance sheets. Per-haps bigger producers might sweep up leasesand rigs, but this isn’t guaranteed given theirspending cuts.

So credit to Mr. Trump for using U.S. globalinfluence to mitigate the mayhem. Russia andSaudi Arabia have agreed to take on the bulkof the cuts. After Mexico balked at an order tocut its production by 400,000 barrels a day,President Trump volunteered the U.S. to cover300,000 barrels of its share.

These cuts won’t be enforced by theU.S. gov-ernment and will come out of the two millionor so that domestic production is forecast tofall. OPEC says sanctions on Venezuela and Iran,in addition to expected reductions by producerssuch as Canada, could lop off 20million barrelsa day from global supply this year, which, voila,would match demand estimates.

This mathmay be as illusory as a desert mi-rage, but it allows the Saudis to save face. Andwhile some over-leveraged shale producersmaystill fail, the deal should also put the kibosh oncalls for tariffs or quotas. Mr. Trump’s biggestdiplomatic cudgel isn’t tariffs, but America’smilitary support for Saudi Arabia and the sta-bility it lends to the region.

Trump uses diplomacyto limit the harm toU.S. shale producers.

Targeting Tony Fauci

TheU.S.may be fighting through a publichealth and economic emergency, but forthemedia resistance themost important

story is alwaysDonaldTrump.Mondaywasagaindominated by breathless reports about Mr.Trump’s relationship with Anthony Fauci afterthePresident retweeted something that includeda#FireFauci hashtag.WhileMr.Trump’s antago-nists feignprotectiveness ofDr. Fauci andhorrorthatMr.Trumpmightquestionexpert judgment,the truth is they are eager for a public brawl thatwill hurt the President politically.

Monday’s dust-upwas prompted by an inter-viewDr. Fauci, head of theNational Institute ofAllergy and InfectiousDiseases, gave Sunday onCNN. Host Jake Tapper, fishing for criticism ofthe Trump Administration, compared the U.S.to SouthKorea andpressedDr. Fauci onwhether“lives could have been saved” if the U.S. startedshutting down in February.

Dr. Fauciwas reluctant to take thebait, sayingit was “little bit unfair” to compare the U.S. toSouthKorea but said that of course earlier shut-downs could have made a difference. CNN ranwith the headline “Fauci admits earlier Covid-19mitigation effortswould have savedmoreAmer-ican lives.”

The media have been seeking for weeks tocreate a narrative thatMr. Trump andDr. Fauciare at odds. In a March 22 interview, Sciencemagazine askedDr. Fauci “Howare youmanag-ing tonot get fired?”Heanswered that thePresi-dent listens to his counsel. The reporter pressedwith questions like, “You’ve been in press con-ferences where things are happening that youdisagree with, is that fair to say?” Dr. Fauci re-

plied that “I don’t disagree in the substance” andeventually ended the interview early.

Dr. Fauci said later thatweek that hewishedefforts to pit him against the President wouldstop and added that “there are not differences.The President has listened towhat I have said.”Themedia bait continuedwith aMarch26Wash-ingtonPost story titled, “AsTrump signals read-iness to break with experts, his online base as-sails Fauci.”The Post also tweeted that “Trumptrails Fauci by 26 percent in public approval ofcoronavirus response,” as if the two are runninga campaign against each other.

Mr. Trump can overrule his public health ex-perts on the extent ofmitigation the country cansustain, and no doubt the two disagree fromtime to time.With food lines forming across theU.S., the virus is not the only public health threatto the American people.

Yet Dr. Fauci doesn’t strike us as the sort tobail out easily even if his advice isn’t taken, aslong as he thinks he can air his views honestly.AtMonday’s virus task force briefing, Dr. Faucipushedback at the press for its insinuations, andwhen a reporter asked if hewas doing it “volun-tarily,” he snapped “don’t even imply that.”

Dr. Fauci is a valuable communicator and hasimproved public confidence in the Administra-tion’s coronavirus response. Many in the presscan’t stomach that. Their favorite frame aboutMr. Trump is that he is rejecting advice fromhisexpert and bureaucratic betters. The WhiteHouse saidMonday thatMr. Trumphasno inten-tion of firing Dr. Fauci, which is wise. No onewould bemoredelighted if Dr. Fauci got the bootthan the media resistance.

REVIEW & OUTLOOK

OPINION

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THEWALL STREET JOURNAL. Tuesday, April 14, 2020 | A15

America’s coronavirus catas-trophe is a function of twoseparate failures—only oneof which, national govern-ment incompetence, is get-

ting sufficient attention. The publichas been forced to choose betweentheir lives and their livelihoods, andvoters will judge President Trump’shandling of the crisis in November.But the second question centers onoverall accountability. No single fed-eral official below the president ischarged with preparing, mobilizingand deploying the national responseto a pandemic.

As we’re seeing in Ohio, where Gov.Mike DeWine was quick to take ac-tion, and in Washington state, whereGov. Jay Inslee was similarly aggres-sive, speed in response correspondsto speed in recovery. No one seemsquite sure who is running the WhiteHouse’s national effort. Is it MikePence, or the president’s son-in-law,Jared Kushner? By contrast, BostonMayor Marty Walsh hired retired Gen.Stanley McChrystal to run his city’sresponse. Yet hiring better people isonly a first step. Congress needs toinstitute wide-ranging reforms. Thisis a classic case of diffuse authorityundermining a national priority.

The Education Department over-sees school funding and policy. Farmpolicy sits at the U.S. Department ofAgriculture. But responsibility forpublic health is spread across discon-nected agencies. The Centers for Dis-ease Control and Prevention, the Na-tional Institutes of Health, theintelligence agencies. Even the Penta-gon plays a role in planning. Americahas faced the threat of four pandem-ics over two decades (H1N1, SARS,MERS and Ebola), and it’s sure toface many more. The country needsto make a single official broadly re-sponsible for protecting the healthand well-being of the American peo-ple in a public-health emergency.

Typically, when the federal gov-ernment has been outmatched by acrisis, Washington has responded bymaking structural changes that bringa laserlike focus on the threat. As theCold War ramped up in 1947, Presi-dent Truman created what becamethe National Security Council. Whenthe energy crisis flattened the U.S.economy in the 1970s, PresidentCarter established the Energy De-partment. After President George

Med School Needs an Overhaul

A s the number of Covid-19 in-fections rises and the deathtoll mounts, the media is doing

a good job of focusing on the safetyof the health-care workforce and thecapacity of hospitals to deal with asurge of desperately ill patients.What has received less attention isthat many doctors haven’t been ade-quately trained in medical school todeal with a situation like this.

Most medical schools don’t re-quire students to do coursework onpandemic response or practicalpreparation for a widespread andsustained emergency. American med-ical training as a whole doesn’t in-clude a strong grounding in public-health issues or disasterpreparedness. Instead, two of thenine specific curricular requirementsdecreed by the body that accreditsmedical schools are focused on so-cial issues in medicine, including“the diagnosis of common societalproblems and the impacts of dispari-ties in health care on medically un-derserved populations,” particularly“in a multidimensional and diversesociety.” None mention public healthor epidemics.

Physicians are highly educated,but that doesn’t mean they know ev-erything—even things broadly re-lated to the practice of medicine.When doctors speak on topics they

don’t understand, they can confusethe public and other physicians.While medical schools require stu-dents to study statistics, thesecourses are generally superficial.They wouldn’t equip most physi-cians to grapple with epidemic mod-els like the ones on which DeborahBirx has been briefing the WhiteHouse press.

It has been discouraging to seedoctors on news programs struggleto explain the principles of drugtesting, the nature of the scientificmethod, and the meaning (both pos-itive and negative) of uncontrolleddrug trials. Television audienceslove a good story, but clinical anec-dotes can’t prove a drug is useful.That job belongs to randomized con-trolled trials or other complex ex-perimental approaches, the design ofwhich is a complicated topic thatmany, if not most, doctors wouldstruggle to explain.

A critical examination of under-graduate medical education will beamong the many reassessments thiscountry has to make in the wake ofthis crisis. Many schools don’t re-quire students to do formal trainingin emergency medicine. While physi-cians receive valuable practical expe-rience during their residencies in in-ternal medicine and surgery, theyshould all have the benefit of rigor-ous classroom study in ventilatormanagement and other aspects of

critical-care medicine, preferably inthe fourth year of medical school.

Above all, the medical professionshould abandon the fantasy thatphysicians can be trained to solvethe problems of poverty, food inse-curity and racism. They have no clin-ical tools with which to addressthese issues. The public may not re-alize that well-funded organizationslike the Beyond Flexner Alliance ad-vocate for devoting a substantialpart of medical-school teaching tosocial and organizational topics.

If curricular reform is to come, itshould take into account the essen-tial role physicians must play in apublic-health crisis. It should aim toproduce physicians who are pre-pared to help battle deadly pan-demic diseases like Covid-19.

Students should enter the field ofmedicine with a clear understandingthat they will one day face a public-health catastrophe like the one NewYork’s doctors and nurses are cur-rently staring down with great cour-age. Health-care workers are the tipof the spear during an outbreak ofdisease. We need to be sure theyhave the tools and training to suc-ceed in fighting the next pandemicwhen it comes. And it will.

Dr. Goldfarb is a former associatedean of curriculum at the Universityof Pennsylvania’s Perelman School ofMedicine.

By Stanley Goldfarb

How to Prepare for the Next Pandemic

H.W. Bush’s administration botchedthe response to Hurricane Andrew,President Clinton drove enormousnew resources into the Federal Emer-gency Management Agency and ele-vated it into a cabinet-level depart-ment. After 9/11, President George W.Bush established the Department ofHomeland Security and a new agencyto coordinate the nation’s vast intelli-gence network.

It’s time to apply that playbook tothe recurring challenge of pandemics.Reformers should focus on four ini-tiatives:

• Early-warning system. The newagency—call it the Department ofPublic Health and Emergency Care—would set up a global early-warningsystem. The government has some-thing similar for tornadoes, hurri-canes, tsunamis, missiles and terror-ist attacks. On assuming office, theTrump administration “stream-lined”—a fancy word for disbanded—a White House office designed to co-ordinate pandemic response. Maybemore egregious, he abandoned anObama-era program that had de-ployed public-health experts to keepwatch over developments across theglobe—including in Wuhan. The U.S.needs to reconstitute and expandthat network.

• Strategic stockpile. As the cur-rent shortage of ventilators, glovesand masks makes clear, Washingtonneeds to augment the stock of medi-cal supplies. Mr. Clinton established aprogram along these lines in 1999,and George W. Bush expanded it dra-matically in 2005. The reserve wasnever fully replenished after Wash-ington went to war with previouspandemics. Today, the story of Massa-chusetts Gov. Charlie Baker asking theKraft family to transport medicalequipment from China simply to guar-antee that the Trump administrationwouldn’t commandeer it is indictmentenough of the existing system.

I’m accustomed to seething aboutthis president’s mistakes, but as aformer mayor I found his notion thatstates and cities should bid againstone another for supplies especiallyoutrageous. In a moment like this,the federal government should be re-sponsible for ensuring the countryhas what it needs. The strategic oilreserve, for example, is designed toprovide the U.S. with six months ofenergy independence—enough timefor the private sector to adjust. Thesame should be true of the “mate-riel” needed during a public-healthcrisis.

• Rapid-deployment force. To dis-tribute those reserves, the new de-partment would establish a corps ofhealth-care professionals—somethingmodeled on a cross between FEMA,the National Guard and the militaryreserves—that would deploy strategi-cally the moment a pandemic hits.Never again should we witnessscenes of exhausted and over-whelmed hospital workers like we’re

seeing today. Thank God they an-swered the call, but never againshould mayors and governors have toissues pleas for retirees to volunteertheir services.

• State and Local Planning. Even ifthe federal government proves betterequipped to lead, state and local gov-ernments will have an irreplaceablerole. In the wake of 9/11, the Depart-ment of Homeland Security beganproviding funding and expertise tomayors and governors, requiringthem to formulate complex contin-gency plans. Cities began runningjoint tabletop exercises with theirstate and federal counterparts. WhenI was mayor of Chicago, the Rockefel-ler Foundation helped my administra-tion develop detailed resiliency plansfocused on climate events. Washing-ton needs to apply that model to pub-lic health.

History will hold Mr. Trump re-sponsible for the federal govern-ment’s lack of urgency in the earlyweeks, and the cavalier response thatfollowed. He cannot claim he was in-sufficiently warned. During the2016-17 transition, President Obamainsisted on running a single live ta-bletop drill with the incoming admin-istration, based on what he believedto be a major continuing national vul-nerability. “Crimson Contagion,” as itwas labeled, simulated a pandemicmuch like the one we’re facing today.Three years later Washington wascaught unprepared in part becausethe executive branch wasn’t set upcorrectly.

One crucial lesson of the currentcatastrophe is that response speedplays an outsize role in determiningthe extent of devastation. But the dif-fusion of power slows us down. Weshould model our response to public-health emergencies on the way we re-organized government to fight theCold War and various terroristgroups. Even if the buck ultimatelystops in the Oval Office, Americansshould be able to hold a single officialaccountable for the nation’s anticipa-tion, preparation and response to fu-ture pandemics.

Mr. Emanuel was a senior adviserto President Clinton and chief of staffto President Obama. He representedIllinois’s Fifth Congressional District,2003-09, and served as mayor of Chi-cago, 2011-19. He is author of “TheNation City: Why Mayors Are NowRunning the World.”

By Rahm Emanuel

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Many federal agencies areresponsible for containingCovid-19—which meansnone are accountable.

Covid-19 patients in New York, April 6.

OPINION

The YoungWill ReopenAmerica

By Bill Cassidy

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Give Relief to Small Businesses, Not Big Banks

S enate Majority Leader MitchMcConnell is working to allo-cate another $250 billion to the

Paycheck Protection Program, whichreceived $350 billion under the CaresAct to aid small business. The addi-tional money is necessary but notsufficient. The program also needschanges to ensure that its biggestbeneficiaries won’t be the big banks.That’s what’s happening because de-mand far exceeds supply.

The PPP, intended to preservejobs at companies with fewer than500 employees, can be accessed onlythrough a bank or similar institu-tion. The Cares Act leaves banks freeto decide which applicants to favor.The neediest businesses Congresssought to help may be frozen out be-cause of the interplay of two key ele-ments of the program.

First, $350 billion is hundreds ofbillions less than our firm’s esti-mates of actual small-business pay-roll costs over the eight-week periodcovered by the PPP. That’s beforeany successful lobbying by privateequity and venture investors en-larges the pool of beneficiaries, ashotel and fast-food chains alreadysucceeded in doing.

Second, the money is to be doledout on a first-come, first-served basis,but with no rules on how banks prior-itize applicants. Left to their own de-vices, the banks will act in their self-interest, favoring their mostprofitable clients: borrowers.

Bank of America is a case inpoint. The first large bank out of thegate at the program’s April 3 start,

BofA earned a presidential tweet-pat(“Great job being done by @Bank-ofAmerica . . .”). It soon emergedthat BofA was servicing only accountholders who also borrow from thebank and use one of its credit cards.“First, we have to focus on the bor-rowing clients to make sure we cantake care of them,” CEO Brian Moy-nihan told CNBC.

Under political pressure, the bankwithdrew that requirement for ac-count holders also to be borrowers,but politicians’ jawboning won’t fixthe PPP’s fundamental flaw. The ad-ministrators it designated to conductthe necessary financial triage areself-interested, and there are norules to ensure the money reachesthe intended small businesses.

My firm’s experience is instruc-tive. Owned by two individuals, ithelps small and midsize businessesobtain long-term capital. It is eligi-ble for the PPP. But our bank, Citi-bank, has barely started its program.Worse, we were told Citi intends to

exclude clients of its private bankingunit like us.

This limit may force us to lay offemployees, the opposite of the law’sintent. Employees of the local res-taurant, flower shop, bakery or land-scaping business, with fewer rela-tionships and resources, will be evenworse off.

Congress or even the Treasurycan fix this. First, the money shouldbe prorated across all qualified ben-eficiaries. Rationing could be doneby setting a reasonable deadline—say, 30 days—for applications, andby disbursing the money over a cus-tomary two-week payroll cycle. The

PPP could then be enlarged, as Mr.McConnell is attempting.

Further, all banks should be re-quired to participate and to accom-modate any eligible business with anaccount. Banks presumably werechosen to administer the programbecause they are pervasive and arealready required by regulation toknow their depositors.

Time is of the essence. The billexplicitly limits banks’ liability, andTreasury should be able to indem-nify them against government slop-piness in managing conflicting regu-lations. The banks are taking nocredit risk, and the PPP is not in-tended to advantage their business.Where will the banks—and for thatmatter, Congress—be if this programbenefits banks while small busi-nesses fail?

Mr. Wambold is managing direc-tor of Corporate Partners & Co. andformer CEO of Lazard Alternative In-vestments LLC.

By Ali Wambold

More money is crucial, butso are new rules to ensurethat it helps the mostvulnerable employees.

T he novel coronavirus hascaused a medical crisis that inturn created an economic cri-

sis. The situation involves severetrade-offs. Currently, public healthpredominates; the economy is largelyshut down, schools closed, 401(k)sbattered. Can a fair equilibrium beestablished between health and eco-nomic well-being? Antibody testingmay hold the key.

It is likely, but not yet proven, thatantibodies in the blood of those whohave recovered from Covid-19 conferimmunity to the disease. This is thecase for many other viruses and alsothe principle behind therapies thattreat severely ill Covid-19 patientsusing plasma donated by patientswho have recovered. In the absenceof countervailing evidence, the U.S.government should assume that anti-bodies confer immunity to the coro-navirus and plan accordingly. Thatway, if in the coming weeks evidenceemerges to support this assumption,appropriate procedures and pro-grams would already be in place.

The Centers for Disease Controland Prevention, for instance, couldintegrate coronavirus immunity sta-tus into an immunization registrycurrently in use and compliant withthe Health Insurance Portability andAccountability Act. This would besimilar to the registries states use totrack childhood vaccine records. Brit-ish, German and Italian leaders arelikewise considering issuing certifi-cates of immunity. The principle isthe same: Those with antibodies canreturn to the workplace.

Some are suggesting that youngerpeople, who have a lower risk of de-veloping severe Covid-19 symptoms,could soon be allowed to return towork and school. This would help theeconomy. But because the virus is al-ready widespread, it will likely con-tinue to circulate, and more freedomfor young people would make themlikelier to infect older people at riskof severe complications and death.Widespread, frequent antibody test-ing would help them make wise deci-sions. Until grandchildren know thatthey have Covid-19 antibodies, for ex-ample, they should refrain from hug-ging their grandparents.

We know from experience withother diseases that immunity inyoung people contributes greatly tocommunitywide immunity, or “herdimmunity.” Administering hepatitis Avaccines to young children, whowhen infected rarely show symptoms,dramatically decreases symptomaticinfections in older siblings andadults. Childhood pneumonia vacci-nations dramatically decrease relateddiseases in the elderly.

If younger people are allowed toreturn to the benefits of a freer soci-ety, they will inevitably acquire im-munity over time. A collateral benefitof letting the young return to workand school is that their immunity willhelp protect the more vulnerable.

Nothing in medicine is 100%. Butsociety could reopen through thecombination of personal responsibil-ity to reduce coronavirus transmis-sion and documenting who acquiresnaturally occurring immunity in theregistry system currently used forimmunizations. Meanwhile, entrepre-neurs, scientists and civil servantswill work toward effective vaccines,therapies and nonpharmaceuticalmeasures. All this will help us tostrike the fair and proper balance be-tween physical health and financialhealth.

Dr. Cassidy, a gastroenterologist,is a Republican U.S. senator fromLouisiana.

Widespread, frequentantibody testing will helpthem know when they canhug grandma again.

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TEL AVIV—Israel’s PrimeMinister Benjamin Netanyahuand his rival Benny Gantz arestruggling to agree on termsfor a unity government, leav-ing the country in politicallimbo and raising the specterof another do-over generalelection, as the nation grappleswith a coronavirus lockdown.

Messrs. Netanyahu andGantz agreed in principle toform a unity government ledinitially by the incumbent afterthe March vote—the third injust under a year—left no clearwinner. But the parties’ talks tocomplete the deal before the Is-raeli president’s Monday dead-line have broken down in recentdays, primarily over appoint-ments of high-ranking officialsin Israel’s justice system.

Early Tuesday, President Re-uven Rivlin said he would giveMessrs. Gantz and Netanyahutwo more days to form a gov-ernment after they informedhim they are very close to anagreement. They now have untilmidnight Wednesday to reach adeal before Mr. Rivlin passesthe mandate to parliament.

“We’re putting a lot of effortinto forming a unity govern-

ment,”Mr. Netanyahu said ear-lier Monday, after announcingadditional restrictions to pre-vent the spread of coronavirusduring the Passover holiday,which endsWednesday evening.

“Even if it doesn’t happen bymidnight…we will continue todo everything in order toachieve unity, the unity that Is-rael so much needs these days,”he said.

Separately, Mr. Gantz said hehad made great political sacri-fice to form an emergency gov-ernment and urged Mr. Netan-yahu to compromise.

He said his party wouldn’tbudge from promises to protectdemocratic institutions but al-ready had made tough choiceselsewhere. “Netanyahu, this isour moment of truth. Historywill not forgive whoever runsaway,” Mr. Gantz said.

Mr. Netanyahu’s Likud partyand its right-wing partnerswant to curb what they describeas abuse of power in the courts.Mr. Gantz’s Blue and Whiteparty says it wants to protectthe independence of the judicialbranch and of the investigationsinto Mr. Netanyahu, Israel’s firstsitting premier to be indictedon corruption charges. Mr. Ne-tanyahu denies wrongdoing.

BY FELICIA SCHWARTZ

Israel Struggles to FormAUnity Government

WORLDWATCH

RUSSIA

Moscow Slams U.S.Over Space Slight

Russia’s Foreign Ministry ac-cused the U.S. State Departmentof spreading disinformation bynot mentioning Soviet cosmo-naut Yuri Gagarin in a Facebookpost about the International Dayof Human Space Flight.

The U.N. General Assembly in2011 proclaimed the annual ob-servance held on the anniversaryof the solo one-orbit missionthat made Mr. Gagarin the firstman in space on April 12, 1961.

A post on the State Depart-ment’s Russian-language pagenoted the first manned space-flight took place 59 years agobut didn’t name the person whoperformed it. “Not noting this isdisinformation and a base trickof the post-truth epoch,” theRussian ministry said.

—Associated Press

MYANMAR

Suu Kyi CriticizedFor Repressive Laws

Amnesty International saidMyanmar’s government hasfailed to safeguard freedom ofexpression and the rights of hu-man-rights defenders and activ-ists in the country.

The rights organization ex-pressed disappointment that af-ter four years in power, NobelPeace Prize laureate Aung San

Suu Kyi has done little tochange the country’s legalframework.

“Myanmar remains a countrywhere the slightest criticism ofthe authorities can land you injail,” said the group’s senior di-rector for research, advocacyand policy, Clare Algar. “Environ-mental activists, poets and stu-dents are among those whohave been arrested and prose-cuted simply for expressingtheir opinions.”

—Associated Press

JAPAN

Pacifist FilmmakerObayashi Dead at 82

Nobuhiko Obayashi, one ofJapan’s most prolific filmmakerswhose works depicted war’s hor-rors, has died. He was 82.

The official site for his latestfilm, “Labyrinth of Cinema,” saidthat Mr. Obayashi died Friday.

Mr. Obayashi was diagnosedwith terminal cancer in 2016, andwas told he had a few months.

But he continued working.“Labyrinth of Cinema” was to

have been released in Japan onthe day of his death. The datewas pushed back because of thepandemic. The film was show-cased at the Tokyo InternationalFilm Festival last year, whichhonored him as a “cinematic ma-gician.”

Mr. Obayashi stayed true tohis core pacifist messagethrough more than 40 moviesand thousands of TV shows.

—Associated Press

REST AND REPAIR: The sarcophagus of Tutankhamen, a pharaoh who ruled ancient Egyptian duringthe 14th century B.C., lay in a new laboratory in Giza outside Cairo awaiting restoration.

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THE CORONAVIRUS PANDEMIC

they had been evicted by land-lords and rejected by hotels.

Anger over the incidentsprompted African ambassadorsin Beijing to issue a rare jointcomplaint to China’s foreignminister on Friday. Roughly adozen countries around thecontinent—including Ghana,Kenya and Nigeria—summonedChinese ambassadors to protestthe treatment of their citizens.

When Ugandan officialssummoned Chinese envoyZheng Zhuqiang to the coun-try’s foreign ministry in down-town Kampala on Saturday,they showed him footage ofsome evicted Ugandans inChina. Officials say Mr. Zhengappeared disturbed by thefootage and said he would re-lay their concerns to Beijing.Mr. Zheng didn’t respond to arequest to comment.

“The singling out of Afri-cans for compulsory testingand quarantine, in our view,has no scientific or logical ba-sis and amounts to racism to-wards Africans in China,” theAfrican ambassadors in Beijing

said in their joint note, a copyof which was viewed by TheWall Street Journal.

Chinese Foreign Ministryspokesman Zhao Lijian saidthat the country’s epidemiccontrols are applied equally toChinese citizens and foreign-ers and that local officialswere working to address theconcerns of Africans in Guang-dong province, of whichGuangzhou is the capital.

“China and Africa are goodfriends, partners and broth-ers,” Mr. Zhao said on Monday.

It wasn’t clear whatprompted the alleged targetingof Africans in Guangzhou,though reports of such discrim-ination emerged after munici-pal authorities disclosed anumber of imported coronavi-rus cases among African na-tionals in recent weeks. Guang-zhou police also reported anincident earlier in April inwhich a Nigerian man whotested positive for the corona-virus allegedly bit the face of aChinese nurse while resistingtreatment at a local hospital.

Police said they were investi-gating the man, whose behav-ior drew fiery criticism on Chi-nese social media.

Analysts say the contro-versy threatens to overshadowweeks of glowing news cover-age of Chinese medical and fi-nancial aid to the continentand undermine a decadeslong

policy that has transformedChina into the continent’s toptrading and diplomatic part-ner. African capitals have beenterrified by the rise of a virusthat could overwhelm some ofthe world’s most poorlyequipped health-care systems.

The number of confirmedcoronavirus cases across Af-rica’s 54 nations remains sig-

nificantly lower than in mostparts of the world. On Mon-day, the World Health Organi-zation said the continent had14,400 infections and 788deaths. China, where the pan-demic first emerged, has re-ported more than 82,000cases and about 3,300 deaths.

Last month, footage ofmasks and test kits donated byChinese billionaire Jack Ma be-ing flown in on an EthiopianAirlines jet was broadcastacross Africa. Now the narra-tive has turned negative justas many African families arestuck at home under lockdown,glued to their televisions.

“This is very damaging tothe Chinese narrative,” saidCobus Van Staden of Wits Uni-versity in Johannesburg. “Thepower of this story is that it’sconfirming preconceptionsacross Africa that China is avery racist place.”

Beijing committed vastsums of financing and aid insupporting Africa’s develop-ment over recent decades, aneffort that President Xi Jin-

ping has accelerated as hepushed China to outdo theWest in spurring growth andwinning friends across devel-oping economies.

Chinese lenders have pro-vided some $143 billion inloans to African governmentsand their state-owned enter-prises from 2000 to 2017, ac-cording to the China-AfricaResearch Initiative at JohnsHopkins University. China hasalso offered training programsfor African journalists as partof what Chinese state mediahave called public-diplomacyefforts to boost “soft power.”

The Guangzhou controversycomes as China’s governmenttries to stem the inflow of cor-onavirus infections fromabroad. In cities like Beijingand Shanghai, some hotels, res-taurants and bars have citedthat effort in denying service tonon-Chinese nationals. Thosemeasures appear to contradictofficial data that show return-ing Chinese nationals accountfor most of the country’s im-ported coronavirus infections.

Allegations that a southernChinese city’s pandemic con-trols are discriminating againstAfricans have stirred anger intheir home countries, setting offa diplomatic row that threatens

to undermine goodwill Beijinghas built on the continentthrough large infusions of in-vestment and propaganda.

African nationals living inGuangzhou say they are beingsubjected to forced coronavirustesting, have been barred fromhotels and restaurants, andmust observe arbitrary self-quarantines, regardless of symp-toms or travel history, accordingto witnesses and diplomats.

Footage aired over theweekend by Kenya’s nationalbroadcaster showed crowds ofAfricans sleeping on thestreets, some of whom said

By Chun HanWongin Hong Kong,Joe Parkinsonin Johannesburg

and Nicholas Bariyoin Kampala, Uganda

Africans Allege Chinese City Targets Them

African nationals inGuangzhou say theyare being singled outfor forced testing.

years of vaccination drives.Outbreaks of those two dis-

eases in particular could spiralinto epidemics while vaccina-tion efforts pause, experts warn.

Health workers often godoor to door, or call largenumbers to hospitals and clin-ics to receive vaccines, both ofwhich risk spreading the coro-navirus. School closures havedisrupted school-based vacci-nations, such as the HPV inoc-ulation given to girls to pro-tect against cervical cancer.Between two million and threemillion lives are saved annu-

ally from vaccinations, theWHO says, which has urgedcountries to continue routineimmunizations where possible.

In countries across Africa,health officials are soundingthe alarm as social and eco-nomic investments deployedto fight Covid-19 divert re-sources from nationwide vac-cination campaigns.

Health professionals areparticularly worried aboutcountries fighting a measlesepidemic, such as the Demo-cratic Republic of Congo,where the world’s largest out-

break has killed an estimated6,500 children—far more thana continuing Ebola outbreak—and sickened 340,000. Ed-ouard Beigbeder, Unicef repre-sentative in the country, saidthe response to coronavirusmust be carefully calibrated toprevent it having a punishingeffect on children.

“The knock-on effects arevery worrying. Because Covidappears to be targeting the el-derly, we may have more chil-dren dying of preventable dis-ease than of Covid,” Mr.Beigbeder said.

WORLD NEWS

Among the top causes ofdeath in Africa are many ill-nesses that can be preventedby vaccines, such as tuberculo-sis, pneumonia and rotavi-ruses—the most commoncause of severe diarrheal dis-ease in young children.

The predicted surge of coro-navirus cases across Africa,where the number of confirmedinfections and deaths signifi-cantly lags behind Asia and Eu-rope, reveals the agonizingchoice for the region’s policymakers. Lockdowns across thecontinent are sharply reducing

the number of children attend-ing clinics for vaccines.

Already, postponementsand interruptions in vaccina-tion shipments mean at least13.5 million people in 14 of theworld’s least-developed coun-tries won’t be protectedagainst diseases like measles,polio and human papillomavi-rus (HPV), with millions morelikely to follow, according toGavi, the Vaccine Alliance,which unites developing coun-tries and donors.

“These diseases were majorkillers in the past,” said SethBerkley, chief executive of theVaccine Alliance. “If we had aprolonged period of not givingvaccines, you might see thesediseases coming roaring back.”

Even when the coronaviruscrisis relents, systems fortracking and catching up withmissed children are much lessrobust in developing countries.And many health workerscould die battling coronavirus.

The polio campaign hascome tantalizingly close toachieving its aim, with poliocases down 99.9% since thedrive started in 1988, when thedisease was paralyzing 1,000children a day in 125 countries.

A quarter of a millionhealth workers in Pakistan hadbeen going door to door tovaccinate children against thiscrippling disease.

Continuing the campaignnow would place vaccinatorsand communities at risk fromcoronavirus, said Rana Safdar,who heads Pakistan’s polioprogram. The polio infrastruc-ture has been redirected tobattling coronavirus.

“Our polio battle is very im-portant to us as a nation andfor the entire globe,” Dr. Safdarsaid. “We have suffered a blow.”

The coronavirus threat hasforced a suspension of vacci-nation campaigns againstmany other diseases in the de-veloping world, raising fearsthat other epidemics couldsurge in the poorest nations.

With developing nations en-gaged in commercial shut-downs and enforced social-dis-tancing measures, healthservices are pausing mass vac-cination drives for polio, mea-sles and other deadly diseases.Such campaigns risk spreadingthe new coronavirus, the WorldHealth Organization warns.

All polio vaccination drives—part of a decadeslong effort towipe out the disease—havebeen suspended by the GlobalPolio Eradication Initiative.Even routine immunization pro-grams have been disrupted orhalted. Experts worry the lock-downs, while saving lives fromCovid-19, the disease the viruscauses, could multiply deathand suffering from other dis-eases in developing countries.

“When people are unpro-tected through vaccines, dis-eases like measles, cholera,meningitis, yellow fever and po-lio can cause devastating epi-demics,” said Katherine O’Brien,the WHO’s director of immuni-zation, vaccines and biologicals.

The highest-profile vaccina-tion effort to suffer could bepolio, where a 40-year effortto wipe the disease from theface of the earth had comeclose to success. Pakistan andAfghanistan were the last ma-jor hurdles. Measles has alsobeen dramatically reduced by

By Saeed Shahin Islamabad

and Joe Parkinsonin Johannesburg

Crisis Raises New Health Threats in Poorer Nations

A polio worker vaccinated a 2-year-old girl in Peshawar, Pakistan, in December, in a campaign that has been halted by the pandemic.

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Hotels, restaurants

Other consumer discretionaryTotal

Retailing*

Nowith-drawals

MARCH16First U.S.shelter-in-placeorder given inthe Bay Area

March 1 10 April 130 10

Almost 300 companieswithdrew their 2020guidance in thewake ofmore Americanssocial distancing. The consumerdiscretionary sector has the highest numberof withdrawals—108—as of April 10.

Frequency of guidancewithdrawals

Representsone company

20

10

Furloughedmost ofits 80,000 employees

Withdrew guidance

Drew down $1.25billion from credit line

Issued financial guidance Closed allstores

MARCH18FEB. 27 MARCH20

MARCH20 MARCH31

First U.S. shelter-in-placeorder given in the Bay Area

U.S. declares state of emergency

March 1 10Feb. 27 30

J.C. Penneywithdrew itsoutlook onMarch 20, thesame day it drew down itscredit line.

Timeline of financial events

*Includes distributors; household durables; internet and direct marketing retail; leisure products; multiline retail; specialty retail; textiles, apparel and luxury goodsSource and methodology: The Journal analyzed public filings of the S&P 1500 with the help of a text extraction tool provided by MyLogIQ, a research firm. The Journal searched SEC filingsfor words and phrases such as ‘furloughs’ and ‘withdrawing guidance,’ among others. MyLogIQ used artificial intelligence to provide a separate data set for the same search patterns.The Journal reviewed each result to avoid false positives. These data reflect dates on which companies disclosed the moves rather than the date they made them, unless otherwise stated.

PERSONAL TECHNOLOGY: TO QUIBI OR NOT TO QUIBI B4

S&P 2761.63 g 1.01% S&PFIN g 3.58% S&P IT À 0.20% DJTRANS g 2.43% WSJ$ IDX g 0.05% LIBOR3M 1.219 NIKKEI (Midday) 19399.18 À1.87% Seemore atWSJ.com/Markets

BUSINESS&FINANCE

spokeswoman for the Seattle-based company said. “Prod-ucts will be limited by quan-tity to enable us to continueprioritizing products and pro-tecting employees, while alsoensuring most selling partnerscan ship goods into our facili-ties.”

The tech giant has been in-undated by orders as Ameri-cans follow shelter-in-placeguidance to stop the spread ofthe coronavirus. As a result,its network of warehouses hasstruggled to keep up, and de-

livery of orders in its Primeprogram that previously hap-pened in one day or less hasslipped to as long as a monthin some cities.

On Monday, Amazon an-nounced that it was hiring anadditional 75,000 employeesto help fill the mounting de-mand. Over the past month,the online retailer has hiredmore than 100,000 people infull- and part-time jobs in dis-tribution centers and acrossits delivery network in the U.S.

The hiring spree represents

almost two-fifths of Amazon’stypical U.S. workforce of500,000.

A spokeswoman said the re-cent hiring is akin to whathappens during the holidayperiod when Amazon addsthousands of temporary work-ers.

Companies such as Wal-mart Inc. and CVS HealthCorp. have also announcedplans to hire hundreds of thou-sands of additional workers tokeep up with consumer-buying

PleaseturntopageB5

Amazon.com Inc. will beginallowing third-party sellers onits platform to resume ship-ping so-called nonessentialitems this week, a signal thatthe company is ramping up tomeet broader consumer needs,according to people familiarwith the matter.

Last month, Amazon madea decision to prioritize at itswarehouses those itemsdeemed essential during thecoronavirus outbreak, such ascleaning products, health-careitems and shelf-stable food.Amazon stopped acceptingshipments of items from sell-ers that didn’t correspond tothe shopping needs of con-sumers hunkering down dur-ing the pandemic. The man-date caused unrest for itsarmy of third-party sellers,which account for 58% of Am-azon’s sales.

Sellers of items unrelatedto health, wellness and clean-ing will be able to send inven-tory to Amazon later thisweek, but there are limits onhow much they can ship to en-sure there is warehouse spacefor essential goods, people fa-miliar with the matter said.

Amazon confirmed theplans. “Later this week, wewill allow more products intoour fulfillment centers,” a

BY DANA MATTIOLI

Amazon Eases Restrictions on SellingNonessential Goods as Orders Pile Up

The company has stepped up hiring to meet demand, but many warehouse workers are staying home.

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raise cash. B3

FINANCEAnthony Scaramucci’sSkyBridge hit by lossesfrom a big bet on

debt investments. B10

profits.The S&P 500 shed 28.19

points, or 1%, to 2761.63 tostart the week, its biggest fallsince April 3. The Dow JonesIndustrial Average fell morethan 600 points before paringsome of those losses to endthe day down 328.60 points,or 1.4%, to 23390.77. The Nas-daq Composite fell beforebouncing into positive terri-tory in the final hour of thesession, lifted by shares ofAmazon.com. The tech-heavyindex rose 38.85 points, or0.5%, to 8192.42.

Stock benchmarks in Tokyo,Shanghai and Seoul closedlower, while markets in Eu-rope, Australia and Hong Kongremained shut for the Easterholiday.

Last week, the S&P 500climbed 12% to record its bestweekly performance in morethan 40 years. Although theindex is down 15% for the year,it has rallied 23% from itsMarch 23 low.

It’s “fear of earnings,” saidNancy Davis, founder of Qua-dratic Capital Management, ofMonday’s move. “We had aspectacular risk-on rally lastweek.”

PleaseturntopageB11

The S&P 500 fell Monday,paring some of its gains afterits best weekly performancesince 1974, as investors lookedahead to the start of corporateearnings season.

U.S. stocks have risen in re-cent days on optimism thatcoronavirus-containment mea-sures were working and theeconomic downturn stemmingfrom the pandemic would berelatively short lived.

But some investors grewwary that hard data and quar-terly earnings will reveal theextent to which the coronavi-rus is crimping profits.

This week investors will getinsights into how the Ameri-can financial sector is with-standing the turmoil in theeconomy when major U.S.banks including JPMorganChase, Bank of America andGoldman Sachs Group report.Some blue-chip Americancompanies, including Johnson& Johnson, are also scheduledto report, offering a first lookat the impact of social-dis-tancing measures on corporate

By Gunjan Banerji,Chong Koh Ping

and Chitra Somayaji

credit markets and economicuncertainty have brought buy-out volume, already sluggishbefore the virus, to a virtualstandstill.

With the IPO and mergermarkets all but shut down andvaluations depressed, any hopeof selling investments profit-ably is also out the window fornow.

During calls from their beachhouses in New York’s Hamptonsand their Florida vacation rent-als, private-equity managershave worked frantically togroup their investments, withsome using color-coded buck-ets. Green companies have es-caped largely unscathed. Yellowmeans “Keep an eye on thisone.” Red equals serious trou-ble.

Junior analysts have beentasked with modeling 30, 60and 90 days of little to no reve-nue at companies in the firms’portfolios. They have had tomake unknowable assumptions

PleaseturntopageB2

Private-equity executiveshave spent the past five yearsbemoaning the difficulty of in-vesting profitably with stocksat elevated levels. Now, they aregetting a taste of what theywished for—and a whole newset of headaches.

As the coronavirus spreadsand stay-at-home orders cutdeeply into the economy, buy-out firms are scrambling to tri-age investments in industriesthat are particularly vulnerable.

Entertainment powerhouseEndeavor Group Holdings Inc.,backed by Silver Lake, andLegoland owner Merlin Enter-tainments Ltd., a recent Black-stone Group Inc. bet, areamong those that have beenwalloped. Revenue at both com-panies has declined dramati-cally as Hollywood productions,concerts and sporting eventswere canceled and amusementparks were forced to close.

Meanwhile, upheaval in the

BY MIRIAM GOTTFRIED

Buyout Firms StruggleTo Shore Up Holdings

INSIDE

lion, ($2.70 billion) up 17%from the year-ago period. Theimprovement was because thequarter included extra revenuefrom its purchase last year ofdata company Epsilon. Sales inthe period fell 2.9% on an or-ganic basis—a key industrymeasure that strips out cur-rency effects, acquisitions anddisposals. Publicis, like manyEuropean companies, doesn’treport full earnings in the firstquarter—just for the half andfull year.

Sales in the quarter werePleaseturntopageB2

hardest hit by the pandemic,are worrisome since those sec-tors are among the top ad-spending categories in the U.S.

Publicis, the world’s third-largest advertising holdingcompany behind WPP PLC andOmnicom Group Inc., is thefirst of the big three to reportfirst-quarter revenue.

“In March, the rate of de-cline has been more dramaticthan anything we have seen inthe past,” Mr. Sadoun said ofad spending broadly.

Paris-based Publicis re-ported revenue of €2.48 bil-

cash in times of crisis. It is of-ten seen as discretionaryspending within many corpo-rations.

“Most of my clients are incash management preserva-tion right now,” said one adexecutive. “Almost every oneof them is saying, ‘I do notneed to advertise that much atthis time.’”

Sectors that have pulledback on spending includetravel, fast food, retailers andautomotive, ad buyerssaid. Cuts in spending bythose industries, some of the

“There is no comparison. It’sgoing to be steeper.”

The warning is severe forthe ad and media businesses.But it also offers an early,stark look at the extent of re-trenchments under way atcompanies from a much widerrange of industries—from re-tailers to auto makers—asswaths of the global economyare sidelined by governmentmeasures to restrict thespread of the coronavirus.

Advertising is often one ofthe first expenses cut by com-panies looking to preserve

of the financial crisis.“This crisis is going to be

unprecedented by its magni-tude, complexity and length,”said Arthur Sadoun, chief ex-ecutive officer of PublicisGroupe SA, which owns agen-cies including Leo Burnett andSaatchi & Saatchi. He said heexpects a far steeper ad pull-back this year than the 10%plunge in 2009, at the heightof the financial crisis.

“Everyone was comparingthis crisis to 2009 but this isnot the right reference,” hetold The Wall Street Journal.

The head of one of theworld’s largest ad-agency con-glomerates warned the indus-try is facing a far more severepullback in advertising spend-ing than the one that buffetedMadison Avenue in the wake

BY NICK KOSTOVAND SUZANNE VRANICA

Publicis ChiefWarns of Ad-Spending DiveExecutive predictspullback will be worsethan 10% drop during2009 financial crisis

S&P, Dow SlumpAs Traders PrepareFor Earnings News

Corporate America Wrestles With Toll of Coronavirus PandemicU.S. firms have withdrawn guidance, cut dividends, scrapped buybacks and furloughed workers to preserve cash reserves and dealwith the shutdown of the economy. With record unemployment data, the virus hit almost every sector in the first quarter. B6

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B2 | Tuesday, April 14, 2020 * * * * 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.

AAlnylamPharmaceuticals.....B10

Alphabet......................B3Amazon.com..........B1,B5American Express.......B3AutoNation .................B3

BBaker Hughes .............B6Bank of America .B1,B10Bank of Montreal .....B10Barkbox.......................B2Blackstone GroupB1,B10

CCaterpillar .................B10Cerberus CapitalManagement...........B10

Coca-Cola.....................B2CVS Health..................B1

DDelta Air Lines ...........B3DoorDash.....................B2

EeBay.............................B5Elliott Management...B5Empire ValuationConsultants...............B6

Endeavor GroupHoldings....................B1

F - GFiat ChryslerAutomobiles ...........B10

Flexe............................B6Ford Motor..................B3FTS International .....B10

General Electric ........B10General Motors.........B10Get Fabric....................B6Goldman Sachs......B1,B3GrubHub......................B2

HHarley-Davidson .......B10Hildene CapitalManagement...........B10

IIAC/InterActiveCorp. B12Interpublic Group........B2

JJD Capital Management...................................B10Johnson Controls........A6Johnson & Johnson....B1JPMorgan Chase....B1,B3

KKirkland & Ellis.........B10KKR..............................B2Knight-SwiftTransportation..........B2

LLazard........................B10Live NationEntertainment..........B2

LSC CommunicationsB10

MMatch Group.............B12Merlin Entertainments.....................................B1MetacapitalManagement...........B10

Microsoft...................B12O

Oracle ..........................B6P

Pace Industries.........B10Penn Davis McFarlandB5Petco Holdings............B2PetSmart Charities.....B2Procter & Gamble.......B2Publicis Groupe...........B1

RRegions Bank............B10

SSaatchi & Saatchi.......B1SkyBridge Capital.....B10Slack Technologies ...B12SoftBank Group..........A1Starboard Value..........B5

TTesla............................B3Toyota Motor............B10True Religion Apparel.B5

UUber Technologies......A1Unilever.......................B2United Airlines Holdings.....................................B3

WWalkMe.......................B6Walmart.................B1,B5Whirlpool...................B10

ZZoom VideoCommunications.....B12

INDEX TO PEOPLE

ing their ad dollars far in ad-vance of the new TV season.Those ad commitments arecontractually bound. However,they do offer advertisers somewiggle room.

Ad buyers said that whilesome companies have begun

Price of EnvisionHealthcarebonds due in 2026

Source: MarketAxess

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Grubhub will put some of its profit into measures to keep workers safe. A deliveryman in Washington, D.C.

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about how quickly consumerswill take vacations again, goback to the gym or visit movietheaters.

Firms have told their most-affected portfolio companies todraw down their revolving linesof credit and instructed them tofind ways to free up cash, likewaiting longer to pay suppliers,negotiating with landlords, fur-loughing or laying off employ-ees and putting capital invest-ments on hold.

So far, private equity isn’tgetting much help from thegovernment. Federal regula-tions consider all the compa-nies controlled by a single in-vestor to be one entity,preventing most buyout-fundholdings from falling under the500-employee threshold forsmall-business loans in the $2trillion stimulus bill.

Even if that rule were re-laxed, as private-equity indus-try groups have urged, itwouldn’t help the biggest firms,whose companies are almost alltoo large to qualify.

Private-equity-backed com-panies may be eligible for theFederal Reserve’s Main StreetLending program, but restric-tions on borrowers’ leverage,executive compensation andpayments to shareholders could

ContinuedfrompageB1

C

Cappelleri, Frank.......B11Coxhead, Andrew......B10Culp, Larry.................B12

D

Davis, Nancy...............B1DeNardi, Joseph..........B3

G

Galakatos, Nicholas..B10Gordon, Angelo.........B10

I

Iannone, Jamie ...........B5Inch, John..................B12

J

Jackson, Mike.............B3

K

King, Roger .................B3Kirby, Scott.................B3

M

Maraganore, John.....B10Marshall, Brad..........B10McGowan, Kevin.........B6Miller, Cheryl ..............B3Moya, Edward...........B11

O

Oliver, George.............A6

R

Roy, Lisa .....................A6

S

Sadoun, Arthur...........B1

Samana, Sameer ......B11Scaramucci, AnthonyB10Schenkel, Scott...........B5Siebrecht, Karl............B6Son, Masayoshi..........A1Stamos, Alex ............B12Stone, Tim..................B3

T

Tierney, Thomas.........B5

W

Walaszek, Matthew...B6Wenig, Devin ..............B5

Y

Yuan, Eric..................B12

Z

Zelnick, Brad.............B12

to pull back on TV ads, theyexpect to see a more aggres-sive pullback at the end of themonth, which is when adver-tisers that have upfront com-mitments are able to cancel abig portion of their third-quarter buys.

While many advertisers arepulling back because they areseeking to save cash or havebeen forced to close or limittheir businesses, some havecut back on ad spending be-cause they are struggling tofind the right approach anddon’t want to appear tonedeaf, ad executives said.

Many of the brands thathave continued to spend haveshifted to public service-likead messages. Companies suchas Procter & Gamble Co. andCoca-Cola Co. have pushedout messages that promotedsocial distancing. Meanwhile,Unilever PLC’s Dove soapbrand recently began airingnew ads in the U.S. that showhealth-care workers markedby the protective gear thatthey must wear during thecoronavirus crisis.

Publicis' resultsmay provide an early indication of how low adspending is likely to drop because of the coronavirus pandemic.

First-quarter organic revenueby selected countries, changefromprevious year*

–15% 5–10 –5 0

Canada

U.S.

Italy

Germany

U.K.

France

China

Share price overthe past year

*Excludes currency effects, acquisitions and divestments.Sources: FactSet (share price); the company (revenue)

€55

20

26

32

38

43

49

’202019

The big ad firms are compet-ing with large technologycompanies, data-analysis firmsand consultancies—all ofwhich have shown they candeploy data analysis to targetads. Many companies havealso been bringing some oftheir marketing in-house, andrelying less on agencies, whileothers have continued to pullback on how much they payagencies for ad services.

Ad companies have spentthe past few years streamlin-ing their unwieldy operationsand buying up consumer-datacompanies to make them bet-ter equipped to deal with fast-paced digital marketing, whichrelies heavily on the ability tomicro-target consumers.

Many ad companies wereanticipating a stronger 2020,thanks in part to an influx ofad dollars tied to the TokyoOlympics. Then the new coro-navirus hit, spreading quicklyfrom Asia to Europe and NorthAmerica. The Olympics havebeen postponed to 2021.

Like much of the rest of thecorporate world, ad agencies

played defense. Many have ini-tiated hiring freezes and aresharply cutting expenses. Pub-licis withdrew its financialguidance and said it would re-duce costs by €500 millionthis year. Rival InterpublicGroup of Cos. withdrew itsfull-year financial performancetargets last month.

Mr. Sadoun said it is impos-sible to predict how deeply adspending will plunge. “Thequarters to come are going tobe very tough,” he said.

The ad pullback is alreadyhurting media companies. InMarch, the New York Timescut its first-quarter advertis-ing-revenue forecast, citing aslowdown in international anddomestic ad bookings becauseof uncertainty and anxietyabout the virus.

Ad juggernaut FacebookInc. also warned that its busi-ness would be “adversely af-fected” by the ad slowdown,and Twitter Inc. said its finan-cial performance would fallshort this quarter as a resultof the pandemic. News Corp,owner of The Wall Street

Journal, has commercialagreements to supply contentthrough Facebook and Twitter.

A big portion of annual TVad sales in the U.S.—roughly$20 billion—is bought in anupfront marketplace wherecompanies commit to spend-

marked by big regional differ-ences, based on how early thenew coronavirus hit. Publicissaid organic revenue fell 15%in China, dropped 9.2% in Eu-rope and rose 0.5% in NorthAmerica.

“The U.S. is still only at thebeginning.” Mr. Sadoun said.

There were some sectorsshowing new life, he said, likeluxury and retail in China,where authorities began loos-ening restrictions to stem thespread of the virus.

Madison Avenue has al-ready weathered years of tur-moil, under pressure to keeppace with changes in technol-ogy that have reinvented thebusiness of advertising andpresented new challengers.

ContinuedfrompageB1

Ad OutlaysExpectedTo Plunge

prevent them from taking ad-vantage of it.

Defensive measures havebought a runway that will lastuntil fall at Endeavor, whichowns Hollywood’s largest talentagency, the Ultimate FightingChampionship and the MissUniverse pageant. The com-pany, led by agent Ari Emanuel,had already pulled a plannedinitial public offering after pub-lic-market debuts by otherssoured.

Silver Lake is prepared tostep in with more cash, ifneeded, to protect its roughly$2 billion investment in thecompany, the person said.

Merlin, which went privatelast year in a $6 billion buyout,will likely need more capital ifits theme parks remain closedthrough peak season this sum-mer, according to a person fa-miliar with the matter. Black-

stone, which bought thecompany through its fund thatholds assets for longer than istypical in private equity, stillhas around 20% of the cash forthat vehicle left over to supportexisting investments, the per-son said.

Among the buyout firms thatare notably exposed is TPG,whose portfolio includes circusproducer Cirque du Soleil En-tertainment Group and fitness-center owner Life Time Inc. aswell as talent-agency CreativeArtists Agency LLC.

The virus has also taken atoll on health care companiesincluding hospital-staffing firmEnvision Healthcare Corp.,which KKR & Co. acquired in a$5.5 billion buyout in 2018.

Envision has said it had asteep drop in revenue as non-coronavirus patients forgo elec-tive procedures. Prices on itsbonds due in 2026 tumbled bynearly 65% to below 20 centson the dollar from the begin-ning of March to the beginningof April, according to Market-Axess. That is a level normallyseen in companies in danger ofbankruptcy.

Envision is now asking bond-holders to take a haircut ofabout 50% to help ease its debtload, according to a person fa-miliar with the matter. That haspushed up prices on its bondsto around 31 cents on the dollar.

Working to the industry’sadvantage is a record-highmountain of unspent cash—around $2 trillion across globalprivate markets, with most ofthat dedicated to private equity,according to investment-advi-sory firm Hamilton Lane Inc.

Blackstone could be among thebest positioned to capitalize onmarket disruption: It has yet tospend a dollar of the record $26billion private-equity fund itraised last year.

While that money has beencommitted, it hasn’t beendrawn, leaving open the possi-bility that financially stressedinstitutional investors won’tpony up when a private-equityfund calls.

Buyout investors are hopingthe next year or two will bringa better environment for dealmaking than they have seen insome time. Firms such asApollo Global Management Inc.that were able to quickly investlarge sums of money in the af-termath of the financial crisisposted high returns and leaptahead of rivals consumed withtending to battered portfolios.

In the past few weeks, bank-ers and lawyers have been inun-dated with questions from pri-vate-equity firms eager to snapup distressed debt and providelifelines for cash-strapped com-panies.

On an April 2 call with inves-tors, Apollo said it had put $10billion to work across credit andprivate equity over the previousmonth and is raising an addi-tional pool of capital for itsstrategy that capitalizes on mar-ket dislocation, according to aperson familiar with the matter.

Airbnb Inc. recently said thatSilver Lake and Sixth StreetPartners would together invest$1 billion in a combination ofdebt and equity to help supportthe home-sharing platform,which is reeling from a wave ofvirus-related cancellations.

BuyoutFirms MullHoldings

GRUBHUB

Revenue Gain to BeSpent on Promotions

Grubhub Inc. said it is spend-ing on discounts and marketingat the expense of profit to boostthe restaurant business duringthe coronavirus pandemic.

The Chicago-based companysaid it expects to spend most ofthe profit it projected to reapduring its current quarter on de-livery promotions and measuresto keep drivers and restaurantworkers safe from the virus.Grubhub said it expects a mea-sure of its profits excluding cer-tain items to total $5 million inthe second quarter after makingthose investments.

Grubhub said its businessdropped sharply in the last twoweeks of March, particularly inNew York City. Orders are upthis month, the company said,with much of the growth com-ing from smaller cities and sub-urbs that the company ex-panded into to compete withDoorDash Inc. and others.

—Heather Haddon

FREIGHT INDUSTRY

Shipments Fall atWorst Clip Since ’09

U.S. freight volumes dived9.2% year-over-year in March ascoronavirus-driven shutdownstanked transport demand.

While shipments picked upslightly from February as grocersrushed to restock empty shelves,“April will undoubtedly be worseand likely the worst month in along time,” said Cass InformationSystems, which handles freightpayments for companies.

Truckload rates declined 6.6%last month, the worst declinesince June 2009. When theeconomy reopens, “we’ll see howmany truckers are left and howmuch freight needs to bemoved,” Cass said.

—Jennifer Smith

ROKU

Streaming AccountsAnd Growth Increase

Roku Inc. added nearly threemillion accounts in the firstthree months of the year andreported revenue growth aheadof Wall Street projections.

The maker of streaming-me-dia devices said Monday thatcollective streaming hours forthe period were up 49% fromlast year.

Shares rose 10% in after-hours trading after the com-pany reported preliminary re-sults for the quarter.

Roku said that beginninglate in the quarter, it startedto see the effects of largenumbers of people “shelteringat home” due to the coronavi-rus pandemic. But the com-pany withdrew financial guid-ance for the year, citinguncertainties about the ulti-mate business impact from thepandemic.

—Maria Armental

PET CARE

Companies Learn NewTricks Amid Closures

Businesses trying to survivewhile customers and employeesfollow stay-at-home orders arelearning which physical experi-ences translate to the digitalworld and which don’t. But goingvirtual turns out to present par-ticular intricacies when pets area constituency.

Barkbox Inc., a maker of dogtreats and toys, used to hostmonthly stand-up comedyevents in its offices in New York,Ohio and Tennessee. Since thenovel coronavirus arrived, it hasinstead held virtual “Squeak-easy” events with themes likecomedy, magic and party tricksfor dogs.

Petco stores remain openacross the country but have can-celed services such as dog train-ing. Petco held a remote dogtraining information sessionThursday and plans to roll outtelehealth, virtual dog training

and more services online. And atPetSmart, the company’s annualEaster photo shoot for pets wasmoved online instead of in-store.

—Ann-Marie Alcántara

LIVE NATION

Executives Take PayCuts as Events Cease

Live Nation EntertainmentInc. will reduce top executives’salaries by up to 50%, with CEOMichael Rapino forgoing his fullsalary, as the world’s largestconcert promoter cuts costsamid a prolonged period whereit can’t stage any live events.The company said other cost-cutting measures will include hir-ing freezes, furloughs and a re-duction in its use of contractors,as well as cuts in discretionaryspending.

The company, which broadlysuspended shows last month,said it has been able to resched-ule 90% of its affected shows.

—Anne Steele

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THEWALL STREET JOURNAL. * * Tuesday, April 14, 2020 | B3

gan. It immediately drewdown $2.3 billion.

American Airlines GroupInc. arranged a $1 billion loanfrom Citigroup Inc. and otherbanks that included a secondmortgage on its New York toLondon Heathrow route.

In early March, Unitedraised $2 billion from a groupof banks, backed by older air-craft. It went back a fewweeks later for $500 millionfrom Goldman Sachs GroupInc., secured by its inventoryof engines and spare parts.

Further down the collaterallist are things such as ground-handling equipment and otherheavy machinery.

“They’re scraping the bot-tom of the barrel,” said RogerKing, an analyst at Credit-Sights.

At this point, airlines arerunning out of assets againstwhich they can borrow. That iswhere their credit-card part-nerships could come into play.

Airlines have come to relyheavily on these deals. Theymake money selling miles tothe banks that issue their co-branded cards and from thefees banks earn when card-

holders use them. What’smore, they benefit when themiles they sold aren’t re-deemed.

The reverse also is true.Banks have poured billions ofdollars into securing credit-card partnerships with thelargest airlines in a bid tostrengthen ties with frequentfliers and other big spenders.

JPMorgan and United ex-tended their partnership ear-lier this year, after negotia-tions that pushed the bank topay the airline a greater shareof the revenue.

When it renewed its co-brand partnership with AmExlast year, Delta said it ex-pected its benefit from the re-lationship to double to nearly$7 billion annually by 2023, upfrom $3.4 billion in 2018. Deltaaccounts for about 20% ofAmEx balances world-wide.

On March 10, Scott Kirby,United’s president and soon-to-be chief executive, told ana-lysts that the carrier didn’thave to resort to selling miles.At the time, it had $20 billionin assets it could monetize, in-cluding its rewards and milesprogram.

month set aside as much as$50 billion in grants and loansfor U.S. airlines, though thatlikely would require surren-dering equity stakes to theU.S. Treasury. Airline execu-tives would rather avoid bor-rowing money from the gov-ernment, and they mustdemonstrate that other alter-natives aren’t “reasonablyavailable” if they choose that

option, so they are looking forother ways to raise money.

Delta, which is burningthrough about $60 million incash a day, has been encourag-ing employees to take unpaidleave to help avoid furloughs.Some 35,000 have volun-teered. On March 20, the car-rier pledged some of its air-planes for a $2.6 billion creditline from banks led by JPMor-

Carriers are runningout of assets againstwhich they canborrow.

BUSINESS NEWS

AutoNation Inc.’s chief exec-utive Cheryl Miller has taken aleave of absence for health rea-sons, adding to the challengesconfronting the nation’s largestcar-dealership chain as the coro-navirus outbreak has pummeledsales and dented business.

The company said Mondayin a filing with the Securitiesand Exchange Commission thatChairman Mike Jackson willserve as president and chief ex-ecutive officer until Ms. Millerreturns. An AutoNation spokes-man declined to disclose fur-ther information on Ms.Miller’s health.

Ms. Miller, 47 years old, tookthe helm at AutoNation thispast July following the ousterof Carl Liebert after justmonths on the job.

The first female CEO of apublicly traded auto retailer,Ms. Miller has led several stra-tegic initiatives including build-ing AutoNation’s partnershipwith Waymo, the driverless-carunit of Google parent AlphabetInc. She most recently served asAutoNation’s chief financial of-ficer before taking the top job.

Mr. Jackson, 71, led AutoNa-tion as chief executive for

nearly two decades before step-ping down at the start of 2019.He is credited with expandingthe Fort Lauderdale, Fla.-baseddealership chain into an auto-retailing giant, with more than300 stores in 18 states.

Mr. Jackson also is knownfor his candor and willingnessto criticize car companies forpractices that hurt their dealers,such as over-producing vehicles.

Mr. Liebert was an industryoutsider when he became CEOlast March, succeeding Mr.Jackson. However, the longtimeleader said he quickly con-cluded that Mr. Liebert “wasnot a good fit” and promotedMs. Miller, then its chief finan-cial officer, to the top post.

Mr. Jackson said the deci-sion to replace Mr. Liebert wasmutual. Mr. Liebert at the timecouldn’t be reached to com-ment.

Like other parts of the autoindustry, U.S. dealerships havebeen hit hard by the new coro-navirus, with sales plummetingat the end of March as millionsof Americans were ordered tostay home.

Car executives and expertsexpect sales declines to worsenthis month with many statescontinuing on lockdown.

Some analysts are predictingU.S. new car sales could fall aslow as 13.5 million in 2020—alevel not seen since 2010 whenthe industry was only starting toemerge from the financial crisis.

AutoNation took cost-cuttingmeasures earlier this month,laying off 7,000 workers, cut-ting executive pay and post-poning more than $50 millionin capital expenditures, accord-ing to a regulatory filing. Thecompany said in the filing thatsales of new and used vehiclesdeclined by about 50% duringthe last two weeks of March,compared with the same perioda year ago.

—Colin Kellahercontributed to this article.

BY NORA NAUGHTON

AutoNation’s CEO TakesLeave of Absence for Health

quarter even without a re-sumption of factory output oradditional financing moves.

The company expects first-quarter revenue to slide about16%, to $34 billion. It saidshipments to dealers slid 21%during the quarter, as demandfor new cars cooled andproduction was halted in thesecond half of March, normallya busy time at U.S. cardealerships.

Ford shares fell 3.9% to$5.16 on Monday, a steeperdrop than the broader market.

The auto maker also said itis considering further movesto conserve cash, including areduction in capital expendi-

tures and reducing executivesalaries. Ford last month sus-pended its dividend to saveroughly $2.4 billion annuallyand drew more than $15 billionfrom credit lines.

“We continue to opportu-nistically assess all fundingoptions to further strengthenour balance sheet and increaseliquidity to optimize ourfinancial flexibility,” Chief Fi-nancial Officer Tim Stone saidon Monday.

Ford last month withdrewits 2020 financial guidance asthe outbreak worsened. Thecompany is scheduled to re-port full first-quarter resultson April 28.

Ford Motor Co. expects toreport about a $600 millionloss for the first quarter whenit releases results later thismonth and is exploring moreways to conserve cash, theauto maker said.

Ford said it expects a“phased restart” during thesecond quarter for its U.S.manufacturing operations,which have been shut downsince mid-March because ofthe new coronavirus pandemic.

Ford said its roughly $30billion cash cushion is enoughto last the auto maker throughat least the end of the third

BY MIKE COLIAS

Ford Expects a $600 Million Loss,Spurring a Desire to Conserve Cash

U.S. airlines have mort-gaged gates, flight paths andjust about any asset theycould find in the back of ahangar to weather the corona-virus crisis. Now, they are con-sidering selling miles in bulkto their credit-card partners toraise cash.

United Airlines HoldingsInc. and Delta Air Lines Inc.and their respective credit-card partners, JPMorganChase & Co. and AmericanExpress Co., have discussedunloading miles ahead ofschedule and for less thanwhat the lenders ordinarilywould pay, according to peoplefamiliar with the matter.

The conversations mightnot result in any deals, butthey show just how desperateairlines have become in theweeks since the pandemic sentthe U.S. economy into hiberna-tion and gutted air travel.They have pledged many as-sets to secure billions of dol-lars of loans, but it won’t beenough to get them throughwhat is expected to be amonthslong slump.

Banks routinely buy milesfrom airlines to reward con-sumers for spending on theircredit cards. What they re-cently discussed is different:The banks would—all at once,and at a discount—buy milesthey otherwise would havepurchased in the future ascardholders accrued points.The cash infusion could helpkeep the airlines alive, pro-tecting card partnerships thatgenerate billions of dollars ofannual spending volume.

The airlines leaned on theircard partners during the 2008downturn, after the Sept. 11,2001, terrorist attacks, andwhen trying to stave off bank-ruptcy. But it isn’t an appeal-ing option. Airlines that do itsacrifice future revenue and,potentially, the upper hand innegotiations with partners.

“If airlines start seriouslytalking about mileage pre-

sales, we’ll know things areparticularly dire,” Stifel air-line analyst Joseph DeNardiwrote on April 1. He estimatedthat Delta could get “a lotmore” than the $4 billionAmEx paid it last year formiles. United, he said, getsroughly $3.2 billion to $3.4billion from JPMorgan formiles.

These days, people acrossthe country aren’t so much asgoing down the street, muchless flying cross-country. U.S.carriers have cut about 70% offlying this month and havesaid deeper reductions mightbe ahead, following rollinggovernment bans on interna-tional travel and rising cus-tomer fears at home.

After 9/11, U.S. planes weregrounded for several days, butpassengers returned within afew months. In 2008, travelspending fell sharply after thefinancial crisis ripped throughthe economy. In both cases,airlines struggled to affordpayroll, maintenance andother fixed costs that run intothe billions of dollars a day.

The $2 trillion stimuluspackage Congress passed last

By David Benoit,AnnaMaria Andriotis

and Alison Sider

Airlines Eye Taking Miles to Bank

A steep cutback in travel has brought a need to raise funds. A United Airlines flight to Los Angeles boarding in San Francisco Sunday.

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Tesla Inc. has reached out toat least some of its landlordsseeking rent reductions, ac-cording to firms contacted bythe car company, as the automaker looks for cost savings inresponse to the novel coronavi-rus outbreak that has shutmuch of its business.

“The rapid world pandemicthat is now affecting our coun-try has led Tesla to make stra-tegic decisions to ensure thecompany’s long term successand growth,” according to anemail the company sent tolandlords and reviewed by TheWall Street Journal. “As a re-sult of the increasing restric-tions on our ability to conductbusiness, we would like to in-form you that we will be reduc-ing our monthly rent obliga-tions effective immediately.”

The move follows last week’sannouncement to employeesthat the electric-car makerwould slash salaried workers’pay and furlough employeesunable to work from home.

Tesla didn’t respond to a re-quest for comment.

The company, which oper-ates its own stores and servicecenters, told its landlords thatit would like to discuss in com-ing days and weeks options “sowe can continue to partner andwork together to ensure a con-tinued and mutually beneficialrelationship.”

The auto maker is one ofmany businesses looking tofind rent relief to preserve cashfor an economic slowdown. Of-fice-space rental firm WeWorkhas stopped paying rent atsome U.S. locations in its cost-cutting drive. Tesla was forcedto stop production at its loneU.S. car assembly factory out-side of San Francisco lastmonth as local governments or-dered nonessential businessesto close.

BY TIM HIGGINSAND ESTHER FUNG

Tesla AsksLandlordsFor CutsIn Rent

AutoNation CEO Cheryl Miller

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TECHNOLOGY WSJ.com/Tech

Personal-computer ship-ments fell in the first quarteras production and logisticalchallenges offset higher de-mand, driven by remote workand school orders in responseto the coronavirus pandemic,according to preliminary datafrom two industry researchfirms.

Gartner Inc. said global PCshipments fell 12.3% to 51.6million units, the steepest de-cline since 2013. In the U.S.,however, it saw a slight in-crease from a year earlier, buta 30.2% drop from the previ-ous quarter.

Meanwhile, InternationalData Corp. said global ship-ments fell 9.8% to 53.2 million,with the U.S. marking its low-est quarterly shipment volumein more than a decade.

IDC said the bump in de-mand will likely be short-livedas consumers and businessestighten spending. Still, IDC ex-pects a long-range tailwind forPCs, monitors and other itemsonce the dust settles.

“Businesses that once pri-marily kept their users oncampus will have to invest inremote infrastructure, at thevery least, for continuity pur-poses,” said Linn Huang, IDCresearch vice president of de-vices and displays. Similarly,Mr. Huang said, “Consumersstuck at home have had tocome to terms with how im-portant it is to keep tech up-to-date.”

Much of the difference in thedata from the two firms comesfrom how each company de-fines PCs. Hardware makers inrecent years have increasinglyblurred the lines between PCsand devices like tablets.

The top vendor rankings re-mained stable, with LenovoGroup Ltd. retaining the No. 1spot, followed by HP Inc. andDell Technologies Inc.

BY MARIA ARMENTAL

Orders forPCs TakeWorst FallIn Years

10-minute chunks. Notifica-tions keep you coming backfor new micro-episodes thatarrive every weekday. Whencontent is playing, you canlong-press anywhere onscreen to quickly turn oncaptions.

But will a nice app —andit is nice—be enough to rivalthe myriad streaming op-tions already out there?There’s Netflix, AmazonPrime, Hulu, HBO Now, Dis-ney+, Apple TV, Pea-cock…and only so much timeto watch TV. Still, now thatI’m stuck at home with noth-ing but time, I figured, whynot try Quibi?

The service is free for T-Mobile users and there is athree-month free trial for ev-eryone else. Tip: Immedi-ately unsubscribe, so youaren’t auto-charged if youforget. You can still accessthe trial. In iOS, search Sub-scriptions in the Settingsapp. For Android, go to thePlay Store app and tap Sub-scriptions in the menu.

The app feels slick. As youscroll through the differentshows, you feel a nice haptic

the app to make memes forsocial media. During thepandemic, a lot of us arereaching for activities, say,enjoying a movie, that wecan share with our quaran-team (our partners, familiesand/or roommates). Quibi isclearly tailor-made for solocommutes and other on-the-go moments of downtime be-tween places and events. Sono, Quibi doesn’t make senseamid the pandemic.

That’s not to say I didn’tfind opportune moments toQuibi. (Can I use that as averb?) While waiting forpasta water to boil, I got intwo chapters of “Survive,” adrama featuring Sansa from“Game of Thrones.” It’s like“Lost,” if “Lost” were set inthe Alps. Before a Zoomhappy hour, I binged “Prod-igy,” which is a series of ath-lete micro-documentaries,like the emotional clips thatplay before an Olympicevent, except without theevent. Then I finished theday with whatever the heck“Murder House Flip” is.

Quibi raised about $1.75billion before it launched and

PERSONAL TECHNOLOGY | By Nicole Nguyen

ToQuibi or Not Quibi? If a Big Screen Isn’t Near“The peo-

ple are real.The cases arereal. Thejudgments arelegally bind-

ing,” roared a movie-trailervoice in my earbuds. I waswatching a show called“Chrissy’s Court,” on thenew video app Quibi. (I’msorry to report that, yes,there is yet another stream-ing service.)

Chrissy Teigen, the model-turned-cookbook author-turned-TV-personality who iscertainly not a judge, wasthe judge. A restaurant’slounge singer was suing atakeout customer after ascuffle involving a requestedrap song ended in aknocked-over speaker. Musi-cian John Legend, who isalso Ms. Teigen’s husband,came on as an expert toweigh in on whether some-one—especially someonegetting takeout—should re-quest rap from a Sinatra-singing entertainer in thefirst place.

In the end, the “judge”ruled in favor of the singerfor the cost of the speaker.“But I’m going to cover it,because I love you both,” Ms.Teigen said, laughing. Theepisode abruptly ended witha countdown to autoplay thenext installment of“Chrissy’s Court.”

I wondered: “What was thepoint of that?” which is agood way to sum up how Ifelt after a week of watchingQuibi, which launched April 6.

Q uibi, short for “quickbites,” is a new appfor streaming. The bigidea is that it is a sub-

scription-based video plat-form like Netflix, but builtentirely for smartphones. Itcosts $5 a month with ads,and $8 a month without.Videos can be watched hori-zontally or vertically. All ofthe content can be down-loaded offline. TV shows andmovies are broken into 8- to

it shows. In one series, called“Thanks a Million,” famouspeople give away $100,000 tonot-famous people in eachepisode. (Okay, fine, I cried.)The platform has attractedthe likes of Jennifer Lopez,LeBron James, Reese Wither-spoon, Sophie Turner andCarmelo Anthony—and still,the content left something tobe desired.

The best way to describeQuibi is that it is like a pre-mium YouTube with celebri-ties. Yet for such an innova-tive wrapper, all of theshows feel vaguely familiarand not particularly fresh.Someone on Twitter charac-terized the service as “pre-miocre,” which is the perfectway to put it.

But maybe that’s thepoint? You’re supposed to bewatching on your train com-mute, passing the time untilyou get home, where youwatch “real” TV and movies.So all Quibi needs to do is tomildly amuse you whenyou’re at your most bored.

To Quibi’s credit, I gen-uinely enjoyed the re-boot of MTV’s prank

series “Punk’d,” hosted byChance the Rapper, and themockumentary “Nikki Fresh,”which chronicles NicoleRichie’s journey to becominga trap music star. The plat-form also has daily newsshows from outlets like theBBC, NBC News and ESPN.Netflix and other on-demandrivals don’t offer newsy con-tent at that cadence.

But a few good showsdon’t make a platform, andcertainly don’t justify $5 amonth (with ads!), just to beable to hold your phone inwhatever orientation youwant to. Thankfully, for thenext 90 days, Quibi doesn’tcost anything. And now thatI’m looking for somethingmindless to watch while I’mat home cooking three mealsa day, it is kind of the per-fect fill-in. Just don’t forgetto unsubscribe.

Chrissy Teigen, the model-turned-cookbook author-turned-TV-personality, is one of the app’s celebrities.

QUIBI

feedback under your thumb,a gentle signal to stop andconsider each show. TheTurnstyle feature, where youcan flip between landscapeand portrait orientation, isfun but gimmicky. All of thecontent is edited to bewatched both ways, but thatdoesn’t seem useful.

It is clear the companypaid careful attention tomake the experience cleanand modern, as it should be.After all, the phone app isthe only place where you canwatch Quibi shows. That isQuibi’s most glaring flaw,unless watching videoshunched over your phone byyourself is your thing. Notablets, no laptops, no giantflat-screen TVs. You can’teven make screenshots of

The service is tailor­made for commutesand other on­the­go,downtimemoments.

Save the Dates: Explore Napa Valleyand Bordeaux withWSJ.Magazine

AtWSJ. Magazine and luxury travel-planning company Indagare we are remaining vigilant and cautious,but are still optimistic that there will be a time when we can all gather and explore once again. We invite youto join us on two extraordinary travel offerings this fall: exclusive Insider Journeys to Bordeaux and NapaValley. Guests will enjoy tastings at rarely visited private cellars and meals at Michelin-starred restaurants—all in the company of internationally acclaimed vintners, celebrated chefs and esteemed tastemakers.

Please visit Indagare.com/WSJMagazine or call us at 646.780.8383 for more information. When the timeis right, we hope you’ll decide to join us on these special journeys.

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THEWALL STREET JOURNAL. Tuesday, April 14, 2020 | B5

of the holiday shopping sea-son. Demand for essentialitems on the website hassurged with the onset of thepandemic. Sales of toilet pa-per, for example, were up 186%from Feb. 20 to March 23compared with the same pe-riod in 2019, according to ana-lytics firm CommerceIQ.

The company now expects tospend more than $500 millionto increase wages. Last month,Amazon said it would spend$350 million to temporarilyraise wages for employees inthe U.S., Canada and Europe.

The retailer has also drawnworkers to its warehouses byoffering new temporary induce-ments, including $2 hourly in-creases and double the amountof pay for overtime.

In addition to surging or-ders, Amazon has dealt with ahigh volume of worker ab-sences in some warehouses.Many warehouse employeesare staying home out of fear ofcontracting the virus, andsome workers have reportedrecently seeing about half thetypical staff at warehouses.

Amazon workers through-

out the country have called onthe company to close its facili-ties as dozens of coronaviruscases have popped up in ware-houses.

Employees have describedunsafe conditions, includingworking closely alongside eachother and not having enoughcleaning supplies. Workers inNew York, Chicago and the De-troit area have held recentwalkouts to protest Amazon’svirus response.

Amazon said it is providingmasks to all its facilities andhas started daily temperaturechecks. It also said employeeswith fevers will be sent homeand be paid up to five hours oftheir scheduled shift that day.Last week, the company said ithad started building a labaimed at testing workers forCovid-19, the disease causedby the virus.

Chief Executive Jeff Bezosposted a video last week of hisvisit to a warehouse, showinga staffer taking his tempera-ture after he entered.

—Sebastian Herreraand Micah Maidenberg

contributed to this article.

practices in the pandemic,even as a broad economicshutdown has brought layoffsfor millions of Americans.

Walmart, which is hiringabout 5,000 workers a day, hasadded about 100,000 positionsof a previously announcedplan to hire 150,000, accordingto the company.

Having additional hires inthe warehouses has helpedAmazon ease back into han-dling nonessential merchan-dise, said one of the people fa-miliar with the matter. Thecompany’s hiring frenzy hasmade it one of the most activeemployers during a time whenmany other companies are lay-ing off their staff.

Amazon’s order volume andstaffing needs resemble those

ContinuedfrompageB1

AmazonLifts CurbsOn Sellers

The company is still hiring after bringing on 100,000 people in the last month to keep up with demand.

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BUSINESS & FINANCE

“In the past few weeks itbecame clear that I was not onthe same page as my newboard,” Mr. Wenig wrote onTwitter at the time of his de-parture. “Whenever that hap-pens, its best for everyone toturn that page over.”

Activist investors ElliottManagement Corp. and Star-board Value LP have pres-sured eBay to re-evaluate itsbusiness, including suggestingthat it be broken up. Starboardsaid in February it owns morethan 1% of eBay shares, whileElliott has reported ownershipof more than 4%.

Last year, eBay agreed toadd three new board membersafter reaching agreementswith Starboard and Elliott.

Recently, Starboard has

pushed for additional boardrepresentation and urged eBayto search for an external CEO.

EBay has considered sellingits classified-advertising busi-ness, which could be valued at$10 billion, The Wall StreetJournal reported. In February,eBay closed the sale of itsStubHub ticket-sales unit in a$4.05 billion deal with ViagogoEntertainment Inc. The samemonth, a takeover bid by theowner of the New York StockExchange fell through after theexchange operator’s investorsbalked at a potential deal.

Mr. Wenig, who had helmedthe company for more thanfour years, stepped down amid

disagreements with the boardabout the sale of assets. Hisdeparture was one among anexodus of eBay leaders duringthe past year.

EBay, which recently lost itsplace to Walmart as the na-tion’s second-largest online re-tailer by share of online sales,according to eMarketer, hasseen its revenue growth shrinkand has sought to shed its im-age as an auction site whilenot having the capacity tocompete adequately with Ama-zon. EBay spent years growingthrough acquisitions that mostnotably included its 13-yearownership of PayPal HoldingsInc. The value of the paymentsplatform, which spun off in2015, is now more than fourtimes eBay’s.

In January, eBay reported adecline in profit and gave aweaker first-quarter revenueoutlook, anticipating $2.55billion to $2.60 billion, belowanalysts’ estimates of $2.64billion.

Last year, eBay bought back$5 billion of its shares afterpressure from investors. InJanuary, board members ap-proved an additional $5 billiontoward stock repurchases. Yetdespite the buybacks, eBay’sstock price had stayed rela-tively flat, even before the re-cent stock market crashcaused by pandemic.

While some investors ex-pected Mr. Schenkel, a long-time eBay executive, to remainas CEO, some said Mr. Ian-none’s appointment shows thecompany’s desire to focus onits marketplace, even as execu-tives have said a potential saleof the company is possible.

“He has a lot of credibility,”said Charles Norton of PennDavis McFarland Inc., an eBayinvestor that owns more than

$9 million in shares. “Wal-mart’s e-commerce business,especially during this [pan-demic] period, we’ve seenthem do very well. Hopefullyhe can bring innovation andideas to the table at eBay.”

EBay has been trying toboost revenue through newadvertising and paymentsinitiatives. The company triedto lure more sellers by elimi-nating some fees. Last year,eBay started a shipping ser-vice for its largest sellers.

Mr. Iannone, who spent theearly part of his career start-ing the first product-market-ing team at eBay and oversee-ing shopping experiences,spent four years as presidentof digital products at Barnes &Noble, Inc.’s Nook before join-ing Sam’s Club.

EBay Inc. named Jamie Ian-none its new chief executive,in a move that will provide thee-commerce pioneer an indus-try veteran as it tries to reig-nite growth during a tumultu-ous period.

Mr. Iannone, who will joineBay on April 27, was most re-cently the chief operating offi-cer of Walmart Inc.’s e-com-merce division. He has servedas the CEO of SamsClub.com,the e-commerce arm of thecompany that runs Sam’s Clubwarehouse stores. Mr. Iannoneworked for eBay from 2001 to2009, including as a vice pres-ident.

“Jamie has consistently de-livered high growth duringrapid periods of industrydisruption, consumer changeand technological advance-ment,” said eBay’s chairman,Thomas Tierney.

Mr. Iannone is tasked withturning around a legacy Sili-con Valley company that, evenbefore the pandemic, hasstruggled for years to competewith Amazon.com Inc. as itsonline marketplace hastrudged along in a fast-grow-ing e-commerce industry.

Chief Financial Officer ScottSchenkel has led the companysince the September resigna-tion of Devin Wenig, who leftlast year amid a disagreementwith the company’s board. Mr.Schenkel will continue in thatrole until Mr. Iannone takesover later this month.

BY SEBASTIAN HERRERAAND COLIN KELLAHER

EBay Names Walmart Executive as CEOJamie Iannone will joinin late April, returningto a company he hasworked at before

Jamie Iannone previously worked for the e-commerce site from2001 to 2009, including as a vice president.

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Bankruptcy Court in Wilming-ton, Del., on Monday, blamingliquidity constraints and theCovid-19 pandemic.

True Religion, based inManhattan Beach, Calif., hasfurloughed the bulk of its em-ployees, according to court pa-pers.

The company said it “wouldhave preferred to wait-out thecurrent instabilities of the fi-nancial markets and retail in-

dustry generally,” but itcouldn’t afford to.

Founded in 2002, the makerof premium denim restruc-tured its finances under bank-ruptcy protection in 2017, put-ting funds managed byGoldman Sachs Group Inc.,Waddell & Reed Financial Inc.and Farmstead Capital Man-agement LLC in control whilecutting nearly $390 million indebt.

Jeans maker True ReligionApparel Inc. filed for bank-ruptcy for the second time inless than three years, saying itwas the only option to pre-serve value as governmentstay-at-home edicts shut downnonessential stores nation-wide.

The company filed for chap-ter 11 protection in the U.S.

BY ANDREW SCURRIA

True Religion Back in Chapter 11

It lost its place toWalmart as theU.S.’s second­largestonline retailer.

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BANKRUPTCIES

P2JW105000-0-B00500-1--------XA

B6 | Tuesday, April 14, 2020 * * THEWALL STREET JOURNAL.

BUSINESS & FINANCE

specializes in industrial realestate.

Flexe Inc., which connectsbusinesses to warehouses withspace to share, is seeing arush of demand from retailersand direct-to-consumer brandsswamped by online orders forproducts like cleaning sup-plies, said Karl Siebrecht, thecompany’s chief executive.

Merchants that have shutdown bricks-and-mortar oper-ations are also looking foroverflow storage, Mr. Sie-brecht said, as consumer de-mand for other goods dries up.“There’s a lot of inventory thatmade its way across the oceanand needs a place to go…asteady flow of shoes and ap-parel and purses and otto-mans.”

The changes come as sup-ply chains across the retailsector have strained undershortages of basic consumergoods during the pandemic.

A rush by consumers tostockpile essentials like toiletpaper and hand sanitizer has

come as coronavirus restric-tions have disrupted the flowof goods.

Restrictions aimed at slow-ing the spread of the virus bypreventing people gather inpublic spaces are wreakinghavoc on the economy andcould dent the once-hot mar-ket for industrial space.

But industry executives sayconsumer habits formed dur-ing this period will likely stickand lead to growing demandas companies reset their dis-tribution strategies.

Demand could be particu-larly strong for temperature-controlled warehouse space tostore food if consumers keepordering groceries online, amarket that has been boomingas more people stay at homeunder social-distancing guide-lines and have food delivered.

Over the next five years anadditional 75 million to 100million square feet of indus-trial freezer and cooler spacewill be needed to meet de-mand generated by online gro-

cery sales, according to real-estate firm CBRE Group Inc.

While e-commerce now ac-counts for about 3% of totalU.S. grocery sales, “there arehuge growth prospects” ashousebound shoppers get usedto ordering produce, meat andother perishables online, saidMatthew Walaszek, CBRE’s as-sociate director of industrialand logistics research.

More than half of 1,000 U.S.consumers surveyed in Marchsaid they bought groceries on-line because of Covid-19, ac-cording to a poll by U.S.-Israeliwarehouse automation pro-vider Get Fabric Ltd., whichdoes business as Fabric. Onein five respondents said theydid so for the first time.

Walmart Inc. generatednearly $900 million in onlinegrocery sales last month, up21% compared with Februaryand nearly double the level ofMarch 2019, according to dataprovider 1010data, whichtracks credit- and debit-cardsales.

Industrial real-estate opera-tors expect the disruption ofconsumer supply chainscaused by the coronaviruspandemic to drive a new surgein warehousing demand.

Warehouse developers nowhelping some retail and logis-tics customers secure addi-tional storage space as lock-downs trigger an upheaval inconsumer buying patterns be-lieve the rapid adjustmentswill give way to longer-termchanges in how companiesmanage their supply chains.That will likely include morerobust e-commerce operationsand more “safety stock” posi-tioned around the country asbusinesses soften their lean-inventory strategies.

“There’s this move awayfrom just-in-time [inventory],so the tenants are getting fat-ter,” said Kevin McGowan,president of Allentown, Pa.-based McGowan CorporateReal Estate Advisors, which

BY JENNIFER SMITH

Crisis Triggers Demand for Warehouses

WalkMe CFO Andrew Casey

WALK

ME

Workers at an Associated Foods Stores distribution facility in Farr West, Utah. Even merchants that closed stores have a need for storage.

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BOWMER

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management nerve center—supporting the CEO andboard—and communicationhub for investors, customersand suppliers,” said CathyLogue, leader of the CFO prac-tice at executive recruiterStanton Chase.

“Starting a role virtually isnot ideal, especially in an es-sential area such as finance,”Ms. Logue said.

Mr. Casey is hosting ex-tended virtual staff meetingsduring which he is talking tohis employees about his plansfor the company, why hejoined WalkMe and what hisfamily means to him.

“That helps to appeal topeople,” he said. “But buildingtrust takes time and effort.”

WalkMe operates a digitalservice that teaches workersat other companies how to useenterprise software programs,products that are in high de-mand as millions of people areforced to work remotely.

“People are struggling toset up their homes as work-places,” said Daniel Newman,principal analyst at FuturumResearch, a boutique researchfirm. Companies such asWalkMe are part of the solu-tion, he said.

The company has morethan 2,000 corporate custom-ers and more than $130 mil-lion in annual recurring reve-nue, according to Dan Adika,the chief executive and co-founder. The company hasraised more than $307 millionin venture-capital fundingsince its inception in 2011.

WalkMe was valued at $2billion in early December, ac-cording to a report by inde-pendent firm Empire Valua-tion Consultants, but themarket correction is sappingvalue from startups and othercompanies.

Mr. Casey and his teamcould postpone a decisionwhether to list WalkMe on thepublic markets because of therecent market fallout from thepandemic.

Mr. Casey—who has 29years of finance leadership ex-perience at various technologycompanies, including OracleCorp. and Symantec—said hehas the confidence to navigatethis crisis.

He expects the company tohave enough dry powder toget through the remainder ofthis year, but is holding off ondiscretionary spending as heseeks clarity on the durationof the downturn.

Meanwhile, he is investigat-ing additional funding tools,including revolving credit fa-cilities and debt.

Like many finance chiefs,Andrew Casey of WalkMe Inc.puts in long hours wrestlingwith the company’s books, try-ing to get a handle on the en-terprise software business’s fi-nancial position as its firstCFO.

Unlike many, however, hebegan his new job during a pe-riod of heightened uncer-tainty, absent the benefit ofthe kind of in-person commu-nication that fosters trust.

Mr. Casey started in his roleas CFO of San Francisco-basedWalkMe on March 2, shortlybefore the company decidedall of its employees wouldwork from home because ofthe coronavirus pandemic andin the midst of market turbu-lence that has disrupted cus-tomers and threatened aplanned timetable for a poten-tial initial public offering.

Interactions with WalkMe’sbanking partners, its auditorsor other key contacts havebeen virtual. He completedmost of his onboarding virtu-ally. And he has sought to in-troduce himself through videoto the 85 people working in fi-nance, information technology,legal and operations who re-port to him.

“It’s important for peopleto understand that you are areal person, not just a figure-head,” Mr. Casey said. “Andthat’s harder to do throughweb-conferencing.”

Chief financial officers areplaying a crucial role as com-panies try to navigate the eco-nomic fallout from the pan-demic, which has upendedtheir supply chains, revenueforecasts and liquidity plansand already is forcing somebusinesses, including startups,into bankruptcy.

The job is particularlydaunting for finance chiefsjoining their companies amidthe crisis, and doubly so forthose who are their company’sfirst finance chiefs.

“CFOs are often the crisis-

BY NINA TRENTMANN

New CFO Gears UpVia Video, ArrivingWith the Pandemic

With the first quarter in thebooks, big companies are pre-paring to disclose to investorsearly indications of the eco-nomic toll of the pandemic.The spread of the virus shutdown many parts of the U.S.economy, spurring a wave oflayoffs and furloughs that re-sulted in a record 17 millionunemployment claims in aspan of three weeks. It also setoff a scramble by companies toconserve cash.

The Wall Street Journal,with help from data trackerMyLogIQ, analyzed public fil-ings for companies in the S&PComposite 1500 Index—whichcovers about 90% of U.S. mar-ket capitalization—to assessthe impact thus far. Among thefindings: Almost 300 compa-nies withdrew their financialguidance. About 175 companiessuspended stock buybacks orcut their dividend. One hun-dred firms that together em-ploy some three million peoplesaid they would furloughworkers.

Companies with significantsupply chains in China wereamong the first to withdraw fi-nancial forecasts for the year.Airlines and hotel owners didso after countries introducedtravel restrictions. On March16, when San Francisco im-posed a shelter-in-place order,retailers started to suffer asthey began announcing storeclosures.

Here’s a look at the out-break’s toll in terms of divi-dend cuts, furloughed workersand other things.

—Inti Pachecoand Stephanie Stamm

As Virus Spread, So Did Its Financial Impact

Source and methodology: The Journal analyzed public filings of the S&P 1500 with the help of a text extraction tool provided by MyLogIQ, a research firm. The Journal searched SEC filings forwords and phrases such as ‘furloughs’ and ‘withdrawing guidance,’ among others. MyLogIQ used artificial intelligence to provide a separate data set for the same search patterns. The Journalreviewed each result to avoid false positives. These data reflect dates on which companies disclosed the moves rather than the date they made them, unless otherwise stated.

The Cheesecake Factory Inc.was oneofmany that furloughedworkers.

FURLOUGHSANDLAYOFFSOne hundred companiesannounced plans to furloughemployees. Together, thesecompanies employed somethreemillionworkers in 2019,according to filings.

0

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20

March9

March23

April6

Issued guidanceMARCH12

Withdrew guidance and drew down theremaining $90million from a credit line

MARCH23

MARCH27Furloughedmost of its41,000 hourly workers

20March 1 10 30

Withdrew guidance andsuspended stock buybacks

10,000 employeeswenton voluntary leave

MARCH 18:Cut CEO’s salary

Entered loan agreement for $2.6 billionand drew down almost 90%

MARCH20MARCH 10March 1 30 April 1

April 1

STOCKBUYBACKANDDIVIDENDCUTSAbout 70 companies havesuspended dividend payments,and 103firmshave eliminatedstock buybacks to preservecash. Consumer-servicescompanies, including airlines,hotels and retailers,make upmost of that group.

Delta Air Lines Inc.was the first company in the industrials sector to suspend share repurchases.

0

5

10

15

20

March9

March23

April6

Executives at 145 companieshave given up their base salaryor part of it, according to theanalysis.

EXECUTIVEPAYCUTS Royal Caribbean Cruises Ltd. said its chief executivewould forgo his base salarybetweenApril 1 and Sept. 30.

March 1 10 20 30 April 1

Drew down $2.2 billionand suspended dividend

MARCH23

Withdrew guidanceMARCH10 Shut down

operations

MARCH13

0

5

10

15

20

March9

March23

April6

CEO relinquishedsalary

APRIL 1

MARCH26Deferred portion of executives’ salaries

March 1 10 20 April 130

CREDITDRAWDOWNS

As companies closed storesor reduced services, theyrushed to draw down existingcredit lines or take out newones. Nearly 260 companiesdid one of those things in thepastmonth, adding almost$221 billion in new debt.

FordMotorCo. announcedmultiple financialchanges, including drawing down credit,on the sameday.

Timeline of financial events

March9

March23

April6

0

5

10

15

20

25

30 companies

MARCH 19:Withdrew guidance; suspended dividend;and drew down $15.4 billion from two credit lines

Frequency

First U.S. shelter-in-placeorder given in the Bay Area

U.S. declares stateof emergency

book $1.5 billion of thosecharges for the first quarter.Future cash expenditures re-lated to those charges areprojected to be about $500million with an expected pay-back within a year, it said.

Baker Hughes said it con-ducted an interim quantita-tive-impairment test as ofMarch 31 due to uncertaintyin oil demand and its effecton investment and operatingplans of the company’s cus-tomers.

The test concluded thatthe oil-field-services and oil-field-equipment reportingunits’ carrying value exceededtheir estimated fair value, re-sulting in a noncash goodwillimpairment charge.

The company also said itplans to cut 2020 capital ex-penditures by more than20%.

It had $3 billion in cashand cash equivalents for theyear ended Dec. 31, 2019.

A standoff between Saudi

Arabia and Russia over pro-duction cuts and a sharpdrop in demand caused bythe pandemic have led to abig decline in oil prices.

The number of rigs drillingin the U.S. has fallen to about600, down from nearly 800 amonth ago, according toBaker Hughes.

After reducing its stake in2019, General Electric Co. nolonger controls Baker Hughesor counts its financial resultsor staff as its own.

Baker Hughes Co. said itis pursuing a restructuringplan that will result in about$1.8 billion in charges andexpects to book a roughly$15 billion goodwill impair-ment charge for the firstquarter as the company facesthe coronavirus pandemicand declines in oil and gasprices.

The oil-field-services com-pany said Monday it will

BY DAVE SEBASTIAN

Baker Hughes Plans Restructuring

P2JW105000-2-B00600-1--------XA

THEWALL STREET JOURNAL. Tuesday, April 14, 2020 | B7

ConsumerRates andReturns to Investor

Get real-time U.S. stock quotes and track most-active stocks, new highs/lows and mutual funds. Plus, deeper money-flows data and email delivery of key stock-market data. Available free at WSJMarkets.com

U.S. consumer ratesA consumer rate against itsbenchmark over the past year

0.00

1.00

2.00

3.00

4.00%

2019M J J A S O N D J

2020F M A

t

5-year adjustable-rate mortgage

(ARM)

t

5-year Treasurynote yield

Selected ratesFive-yearARM,Rate

Bankrate.comavg†: 3.47%CreditUnion ofNewJersey 2.50%Ewing, NJ 609-538-4061

HanscomFederal CreditUnion 2.50%HanscomAFB,MA 800-656-4328

AmericanAirlines Federal CreditUnion 2.75%FtWorth, TX 800-533-0035

StarOneCreditUnion 2.88%Sunnyvale, CA 408-742-2801

AssociatedBank,NA 3.13%Rockford, IL 800-682-4989

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 1.00 l 2.25 -0.75Prime rate* 3.25 3.25 3.25 l 5.50 -0.75Libor, 3-month 1.22 1.35 0.74 l 2.60 0.06Moneymarket, annual yield 0.32 0.32 0.32 l 0.78 0.02Five-year CD, annual yield 0.88 0.90 0.88 l 2.01 -0.4230-yearmortgage, fixed† 3.69 3.81 3.52 l 4.34 -0.3915-yearmortgage, fixed† 3.25 3.25 2.95 l 3.73 -0.05Jumbomortgages, $510,400-plus† 3.76 3.92 3.54 l 4.71 -0.88Five-year adjmortgage (ARM)† 3.47 3.51 3.29 l 4.78 0.09New-car loan, 48-month 4.26 4.36 4.26 l 4.81 1.04Bankrate.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

1.00

2.00

3.00

4.00%

1

month(s)3 6 1

years2 3 5 710 30

maturity

t

Tradeweb ICE Monday Close

tOne year ago

Forex RaceYen, euro vs. dollar; dollar vs.major U.S. trading partners

–8

–4

0

4

8%

2019 2020

Euros

Yens

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 TheGlobalDow 2561.59 –21.55 –0.83 –21.2DJGlobal Index 354.87 –2.89 –0.81 –18.2DJGlobal exU.S. 207.08 –0.89 –0.43 –21.4

Americas DJAmericas 635.23 –7.03 –1.10 –16.5Brazil SaoPauloBovespa 78835.82 1153.88 1.49 –31.8Canada S&P/TSXComp 14075.94 –90.69 –0.64 –17.5Mexico S&P/BMV IPC 34613.67 45.89 0.13 –20.5Chile Santiago IPSA 2722.10 26.08 0.97 –18.4

EMEA StoxxEurope600 331.80 … Closed –20.2Eurozone EuroStoxx 315.99 … Closed –21.8Belgium Bel-20 3092.39 … Closed –21.8Denmark OMXCopenhagen20 1088.72 … Closed –4.1France CAC40 4506.85 … Closed –24.6Germany DAX 10564.74 … Closed –20.3Israel TelAviv 1347.19 –9.92 –0.73 –20.0Italy FTSEMIB 17621.62 … Closed –25.0Netherlands AEX 508.04 … Closed –16.0Russia RTS Index 1124.97 –30.52 –2.64 –27.4SouthAfrica FTSE/JSEAll-Share 48011.56 … Closed –15.9Spain IBEX35 7070.60 … Closed –26.0Sweden OMXStockholm 574.44 … Closed –15.6Switzerland SwissMarket 9452.83 … Closed –11.0Turkey BIST 100 96398.64 –72.33 –0.07 –15.8U.K. FTSE 100 5842.66 … Closed –22.5U.K. FTSE250 16407.92 … Closed –25.0

Asia-PacificAustralia S&P/ASX200 5387.30 … Closed –19.4China Shanghai Composite 2783.05 –13.58 –0.49 –8.8HongKong HangSeng 24300.33 … Closed –13.8India S&PBSESensex 30690.02 –469.60 –1.51 –25.6Japan Nikkei StockAvg 19043.40 –455.10 –2.33 –19.5Singapore Straits Times 2567.25 –4.07 –0.16 –20.3SouthKorea Kospi 1825.76 –34.94 –1.88 –16.9Taiwan TAIEX 10099.22 –58.39 –0.57 –15.8Thailand SET 1236.78 8.75 0.71 –21.7Sources: FactSet; DowJonesMarketData

MajorU.S. Stock-Market IndexesLatest 52-Week % chg

High Low Close Net chg % chg High Low %chg YTD 3-yr. ann.

DowJones

Industrial Average 23698.93 23095.35 23390.77 -328.60 -1.39 29551.42 18591.93 -11.3 -18.0 4.6TransportationAvg 8259.69 7994.69 8036.98 -199.94 -2.43 11304.97 6703.63 -25.7 -26.3 -3.3UtilityAverage 821.71 794.66 801.39 -26.44 -3.19 960.89 610.89 2.5 -8.8 4.5Total StockMarket 27969.45 27338.26 27747.18 -328.69 -1.17 34631.28 22462.76 -7.3 -16.0 4.8Barron's 400 579.54 560.82 568.06 -13.72 -2.36 746.64 455.11 -20.3 -22.4 -2.4

NasdaqStockMarketNasdaqComposite 8200.44 8035.95 8192.42 38.85 0.48 9817.18 6860.67 2.7 -8.7 12.2Nasdaq 100 8338.15 8158.58 8332.74 94.21 1.14 9718.73 6978.02 9.2 -4.6 15.9

S&P500 Index 2782.46 2721.17 2761.63 -28.19 -1.01 3386.15 2237.40 -5.0 -14.5 5.8MidCap400 1580.35 1521.17 1537.47 -48.90 -3.08 2106.12 1218.55 -21.6 -25.5 -2.9SmallCap600 740.66 711.24 718.35 -24.88 -3.35 1041.03 595.67 -25.6 -29.7 -4.1

Other IndexesRussell 2000 1240.94 1200.92 1212.04 -34.68 -2.78 1705.22 991.16 -23.2 -27.4 -3.4NYSEComposite 11136.61 10817.15 10949.53 -187.08 -1.68 14183.20 8777.38 -15.5 -21.3 -1.1Value Line 389.80 375.69 380.95 -8.85 -2.27 562.05 305.71 -30.7 -31.0 -9.2NYSEArcaBiotech 4751.54 4667.97 4743.18 9.00 0.19 5313.05 3855.67 -5.0 -6.4 10.4NYSEArcaPharma 615.13 603.36 608.30 -3.48 -0.57 670.32 494.36 3.8 -6.9 6.4KBWBank 75.10 71.51 72.29 -2.97 -3.94 114.12 56.19 -26.6 -36.2 -6.4PHLX§Gold/Silver 105.84 95.06 105.17 6.95 7.08 111.51 66.14 38.5 -1.6 5.6PHLX§Oil Service 29.57 27.54 27.70 -0.63 -2.23 102.39 21.47 -71.9 -64.6 -44.8PHLX§Semiconductor 1626.29 1585.70 1623.68 21.95 1.37 1979.50 1286.84 9.3 -12.2 19.1CboeVolatility 45.04 41.17 41.17 -0.50 -1.20 82.69 11.54 234.2 198.8 37.1

§NasdaqPHLX Sources: FactSet; DowJonesMarketData

LateTradingMost-activeandbiggestmoversamongNYSE,NYSEArca,NYSEAmer.andNasdaq issues from4p.m. to6:30p.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

PSUlt BloombergCrude UCO 11,636.6 2.04 0.01 0.49 2.05 1.99SPDRS&P500 SPY 6,543.9 276.37 0.71 0.26 276.97 274.01AmbevADR ABEV 6,503.4 2.36 ... unch. 2.46 2.35Chimera Investment CIM 5,219.7 7.60 0.08 1.06 7.62 7.50

SouthwesternEnergy SWN 4,902.7 2.42 -0.01 -0.41 2.45 2.40ICICI BankADR IBN 4,697.8 8.90 ... unch. 8.90 8.44BankofAmerica BAC 4,431.9 24.00 0.08 0.33 24.06 23.01iSharesMSCI EAFEETF EFA 3,377.0 55.04 ... unch. 55.09 54.91

Percentage gainers…RokuClA ROKU 1,190.5 106.00 9.44 9.78 109.20 96.35IndependenceContract ICD 388.7 13.85 0.92 7.12 13.85 11.72CemexADR CX 100.5 2.34 0.15 6.85 2.36 2.21AmarinADR AMRN 2,496.6 6.81 0.42 6.57 7.20 6.27BOKFinancial BOKF 78.8 53.35 3.02 6.00 53.35 50.33

...And losersRegions Financial RF 555.5 8.73 -1.94 -18.18 10.99 8.73IQVIAHoldings IQV 485.3 102.36 -22.43 -17.97 124.79 102.36PPLCorp PPL 165.5 22.23 -3.67 -14.17 26.44 22.23HuntingtonBancshares HBAN 546.2 7.64 -1.08 -12.39 8.87 7.64AmerisourceBergen ABC 321.2 80.50 -4.95 -5.79 85.45 80.50

TradingDiaryVolume,Advancers, Decliners

NYSE NYSEAmer.

Total volume*1,162,360,782 20,294,846Adv. volume* 318,684,785 14,608,790Decl. volume* 829,428,552 5,344,760Issues traded 3,006 270Advances 750 145Declines 2,214 120Unchanged 42 5Newhighs 11 2New lows 9 1ClosingArms† 0.82 0.34Block trades* 6,295 159

Nasdaq NYSEArca

Total volume*3,154,944,172 404,999,550Adv. volume*1,661,151,777 163,376,449Decl. volume*1,463,445,096 240,681,441Issues traded 3,318 1,429Advances 1,230 414Declines 2,000 1,006Unchanged 88 9Newhighs 19 16New lows 19 11ClosingArms† 0.54 0.65Block trades* 16,064 2,246

* 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

Biocept BIOC 144,289 936.8 0.60 69.02 2.11 0.21ChesapeakeEnergy CHK 118,326 17.0 0.16 -5.88 3.20 0.12SPDRS&P500 SPY 113,890 -29.1 275.66 -0.91 339.08 218.26FordMotor F 99,095 7.7 5.16 -3.91 10.56 3.96PSUlt BloombergCrude UCO 97,342 246.1 2.03 0.50 26.20 1.43

SCWorx WORX 95,382 98949.2 12.02 434.22 14.88 1.55General Electric GE 93,260 8.7 7.02 -1.68 13.26 5.90Bank ofAmerica BAC 82,613 0.3 23.92 -3.78 35.72 17.95Carnival CCL 76,325 85.9 11.50 -7.41 56.04 7.80DeltaAir DAL 75,738 201.0 23.25 -4.67 63.44 19.10* 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

IndependenceContract ICD 29,407 6493 12.93 106.88 64.40 1.08iShMSCIUSAEqWeighted EUSA 2,218 4042 50.12 -2.13 66.41 39.38iSharesMSCIQatar ETF QAT 794 2468 16.13 -0.05 19.18 13.44iSh iBondsMar 2023Corp IBDD 183 2370 27.02 0.11 28.15 23.77Fidelity Intl Value FIVA 153 2295 16.95 -0.71 23.33 14.10

Inspire Sml/MC Impact ISMD 711 2012 19.98 -3.87 28.86 16.08TimothyPlan Intl ETF TPIF 220 1452 20.33 -0.88 26.13 17.10TimothyPlanUSLCCore TPLC 735 1424 22.02 -2.52 28.30 17.27Invsc InvGradeDefensive IIGD 244 1385 26.77 0.61 27.05 21.60iSh EuropeDevReal Est IFEU 63 1130 31.32 -0.40 42.75 24.38* 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 Index8192.42 s 38.85, or 0.48%

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:

23.15 24.01

21.15 21.25

1.15 1.04

9817.18, 02/19/20

6000

6750

7500

8250

9000

9750

10500

Jan. Feb. Mar. Apr.

65-day moving average

EQUITIES

CREDIT MARKETS

CorporateBorrowingRates andYieldsYield (%) 52-Week Total Return (%)

Bond total return index Close Last Week ago High Low 52-wk 3-yr

U.S. Treasury, Barclays 2461.900 0.600 0.590 2.530 0.530 14.01 5.47

U.S. Treasury Long, Barclays4850.540 1.320 1.230 2.940 0.980 35.85 12.44

Aggregate, Barclays 2217.880 1.440 1.600 3.060 1.320 10.47 4.85

Fixed-RateMBS, Barclays 2213.730 1.150 1.230 3.250 0.930 7.59 3.86

HighYield 100, ICEBofA 2900.172 7.286 8.911 10.740 4.516 –4.265 1.647

MuniMaster, ICEBofA 568.231 1.647 1.921 3.441 0.959 4.885 3.666

EMBIGlobal, J.P.Morgan n.a. n.a. 6.692 n.a. n.a. n.a. n.a.

Sources: J.P.Morgan; S&PDowJones Indices; BloombergBarclays; ICEDataServices

Latest Session 52-WeekCompany Symbol Close Net chg % chg High Low %chg

SCWorx WORX 12.02 9.77 434.22 14.88 1.55 60.3IndependenceContract ICD 12.93 6.68 106.88 64.40 1.08 -77.2SundanceEnergy SNDE 3.82 1.48 63.25 36.70 1.00 -87.7Kandi TechnologiesGroup KNDI 3.78 1.07 39.48 5.80 2.17 -32.9BKTechnologies BKTI 2.78 0.78 39.00 4.41 1.17 -32.2

Nautilus NLS 4.84 1.08 28.72 5.76 1.20 -14.0ChembioDiagnostics CEMI 10.23 2.15 26.61 10.49 2.25 53.4PennVirginia PVAC 3.96 0.82 26.11 46.40 0.99 -90.5CanaanADR CAN 4.03 0.83 25.94 13.00 2.53 ...SenesTech SNES 3.37 0.69 25.67 39.00 1.62 -87.6

Oil States Intl OIS 2.98 0.57 23.65 21.27 1.52 -83.2Summit TherapeuticsADR SMMT 3.28 0.61 22.85 3.31 1.13 61.6SierraOncology SRRA 11.48 2.13 22.78 65.66 8.55 -79.5CarvanaCl A CVNA 75.28 13.93 22.71 115.23 22.16 16.9ContraFect CFRX 7.27 1.33 22.39 13.40 2.69 13.4

MostActiveStocks

Latest Session 52-WeekCompany Symbol Close Net chg % chg High Low %chg

Express EXPR 2.04 -0.54 -20.93 6.24 1.27 -45.9AMCEntertainmentHolding AMC 2.08 -0.52 -20.00 17.07 1.95 -87.4Qualstar QBAK 1.99 -0.47 -19.11 6.50 1.80 -65.5DirexionHomebldr Bull 3X NAIL 11.89 -2.52 -17.49 98.55 4.76 -73.6MovadoGroup MOV 10.91 -2.29 -17.35 37.01 8.12 -66.9

DirexionRgBanksBull 3X DPST 6.42 -1.32 -17.05 54.56 3.50 -86.0Royal CaribbeanCruises RCL 33.37 -6.85 -17.03 135.32 19.25 -72.8ArmadaHoffler Properties AHH 9.65 -1.86 -16.16 19.43 7.52 -38.4SouthPlains Financial SPFI 13.21 -2.49 -15.86 22.00 12.00 ...CommunityHealth Systems CYH 3.25 -0.61 -15.80 7.47 1.79 -4.1

Century Communities CCS 16.01 -2.95 -15.56 39.31 9.04 -37.5LGIHomes LGIH 46.25 -8.49 -15.51 95.72 33.00 -30.8Sabre Corp. SABR 5.95 -1.06 -15.07 25.44 3.30 -72.8FoxFactoryHolding FOXF 42.96 -7.50 -14.86 86.91 34.58 -44.8EWScripps Co SSP 6.75 -1.13 -14.29 23.27 5.36 -70.8

VolumeMovers Ranked by change from65-day average*

Track the MarketsCompare the performance of selectedglobal stock indexes, bond ETFs,currencies and commodities atWSJ.com/TrackTheMarkets

CommoditiesPricing trends on some rawmaterials, or commodities

Monday 52-Week YTDClose Net chg %Chg High Low %Chg % chg

DJCommodity 496.42 4.17 0.85 647.86 451.81 -21.78 -22.71TR/CCCRB Index 127.94 0.12 0.09 187.92 118.50 -31.74 -31.14Crude oil,$per barrel 22.41 -0.35 -1.54 66.30 20.09 -64.65 -63.30Natural gas,$/MMBtu 1.724 -0.009 -0.52 2.862 1.552 -33.44 -21.24Gold,$per troy oz. 1744.80 8.60 0.50 1744.80 1269.30 35.59 14.83

CURRENCIES & COMMODITIES

CurrenciesU.S.-dollar foreign-exchange rates in lateNewYork trading

US$vs,Mon YTDchg

Country/currency inUS$ perUS$ (%)

AmericasArgentina peso .0153 65.3020 9.0Brazil real .1924 5.1987 29.3Canada dollar .7192 1.3905 7.0Chile peso .001177 849.90 15.0Colombiapeso .000258 3869.58 17.9EcuadorUSdollar 1 1 unchMexico peso .0423 23.6327 24.8Uruguay peso .02343 42.6800 14.9Asia-PacificAustralian dollar .6383 1.5667 9.9China yuan .1418 7.0526 1.3HongKong dollar .1290 7.7522 –0.5India rupee .01311 76.275 6.9Indonesia rupiah .0000640 15630 12.6Japan yen .009280 107.76 –0.8Kazakhstan tenge .002344 426.66 11.7Macau pataca .1263 7.9173 –1.3Malaysia ringgit .2310 4.3286 5.8NewZealand dollar .6091 1.6418 10.5Pakistan rupee .00601 166.415 7.4Philippines peso .0198 50.610 –0.2Singapore dollar .7067 1.4151 5.1SouthKoreawon .0008224 1215.96 5.3Sri Lanka rupee .0052809 189.36 4.4Taiwan dollar .03324 30.084 0.6Thailand baht .03057 32.710 9.9

US$vs,Mon YTDchg

Country/currency inUS$ perUS$ (%)

Vietnam dong .00004267 23433 1.1EuropeCzechRep. koruna .04058 24.644 8.7Denmark krone .1461 6.8428 2.7Euro area euro 1.0911 .9165 2.8Hungary forint .003090 323.59 9.6Iceland krona .006999 142.88 18.0Norway krone .0969 10.3174 17.5Poland zloty .2393 4.1787 10.2Russia ruble .01358 73.612 18.6Sweden krona .0999 10.0117 6.9Switzerland franc 1.0339 .9672 –0.03Turkey lira .1477 6.7710 13.8Ukraine hryvnia .0369 27.0714 14.3UK pound 1.2505 .7997 6.0Middle East/AfricaBahrain dinar 2.6490 .3775 0.1Egypt pound .0632 15.8137 –1.5Israel shekel .2798 3.5738 3.5Kuwait dinar 3.2090 .3116 2.8Oman sul rial 2.6028 .3842 –0.2Qatar rial .2747 3.641 –0.1SaudiArabia riyal .2660 3.7601 0.2SouthAfrica rand .0552 18.1219 29.5

Close Net Chg %Chg YTD%Chg

WSJDollar Index 93.47 –0.04–0.05 4.36

Sources: Tullett Prebon, DowJonesMarketData

Dow Jones Industrial Average23390.77 t328.60, or 1.39%

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

18.21 18.40

15.40 16.42

3.82 2.17

29551.42, 02/12/20

15000

17500

20000

22500

25000

27500

30000

Jan. Feb. Mar. Apr.

Current divisor 0.14579812049809

Bars measure the point change from session's open

tt

Session high

Session low

Session open

Close Open

CloseDOWN UP

65-day moving average

S&P 500 Index2761.63 t28.19, or 1.01%

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

19.49 21.74

16.10 17.35

2.42 1.92

3386.15, 02/19/20

2000

2250

2500

2750

3000

3250

3500

Jan. Feb. Mar. Apr.

65-day moving average

*Weekly P/E data based on as-reported earnings from Birinyi Associates Inc.; †Based on Nasdaq-100 Index

MARKETS DIGEST

P2JW105000-0-B00700-1--------XA

B8 | Tuesday, April 14, 2020 THEWALL STREET JOURNAL.

Metal &PetroleumFuturesContract Open

Open High hi lo Low Settle Chg interest

Copper-High (CMX)-25,000 lbs.; $ per lb.April 2.3365 2.3570 2.3340 2.3205 0.0430 1,633May 2.3005 2.3525 2.2635 2.3025 0.0430 68,874Gold (CMX)-100 troy oz.; $ per troy oz.April 1722.00 1742.20 1710.70 1744.80 8.60 1,237June 1742.30 1769.50 1724.20 1761.40 8.60 351,632Aug 1739.30 1768.90 1724.40 1760.90 8.80 61,040Oct 1739.70 1768.50 1731.70 1762.10 9.20 12,062Dec 1741.60 1770.80 1725.00 1762.70 9.10 45,072Feb'21 1759.50 1765.50 s 1759.50 1762.50 9.10 7,516Palladium (NYM) - 50 troy oz.; $ per troy oz.April ... ... ... 2199.20 60.70 4June 2074.70 2220.00 2045.70 2170.70 60.70 6,734Sept 2130.00 2192.00 2098.50 2161.00 61.00 617Platinum (NYM)-50 troy oz.; $ per troy oz.April ... ... ... 745.80 1.20 3July 751.40 756.30 741.60 749.80 1.20 48,237Silver (CMX)-5,000 troy oz.; $ per troy oz.April ... ... ... 15.479 –0.516 36July 16.025 16.100 15.540 15.737 –0.505 58,799CrudeOil, Light Sweet (NYM)-1,000bbls.; $ per bbl.May 24.60 24.74 22.03 22.41 –0.35 374,727June 30.30 30.58 28.26 29.26 0.44 384,581July 33.15 33.62 31.44 32.96 0.96 228,741Aug 34.10 34.85 32.78 34.42 1.30 134,071Sept 34.61 35.55 33.39 35.06 1.48 134,593Dec 36.01 36.85 34.68 36.29 1.57 290,612NYHarborULSD (NYM)-42,000gal.; $ per gal.May 1.0176 1.0281 .9400 .9946 .0220 74,153June 1.0576 1.0651 .9832 1.0357 .0225 57,540Gasoline-NYRBOB (NYM)-42,000gal.; $ per gal.May .7329 .7329 .6565 .7033 .0260 96,414June .7919 .7924 .7150 .7620 .0214 74,317Natural Gas (NYM)-10,000MMBtu.; $ perMMBtu.May 1.752 1.813 1.698 1.724 –.009 222,616June 1.882 1.937 1.842 1.879 .016 163,130July 2.061 2.126 2.048 2.078 .018 140,168Sept 2.163 2.220 2.150 2.174 .018 101,572Oct 2.224 2.284 2.213 2.229 .012 99,296Jan'21 2.893 2.961 s 2.893 2.945 .044 72,661

Agriculture FuturesCorn (CBT)-5,000bu.; cents per bu.May 332.25 334.00 326.50 331.50 –.25 331,556July 337.00 338.75 t 331.25 336.25 –.50 473,552Oats (CBT)-5,000bu.; cents per bu.May 274.75 276.50 270.50 274.75 .50 1,547July 268.00 269.75 264.75 268.00 .25 1,171Soybeans (CBT)-5,000bu.; cents per bu.May 864.00 870.00 850.50 854.25 –9.25 204,230

FuturesContracts Contract OpenOpen High hi lo Low Settle Chg interest

Contract OpenOpen High hi lo Low Settle Chg interest

Contract OpenOpen High hi lo Low Settle Chg interest

July 871.00 877.50 858.00 862.25 –8.75 242,054SoybeanMeal (CBT)-100 tons; $ per ton.May 292.70 294.00 t 288.00 288.60 –3.90 84,951July 298.00 299.40 t 293.90 294.50 –3.30 127,529SoybeanOil (CBT)-60,000 lbs.; cents per lb.May 27.57 27.80 26.76 26.90 –.51 107,871July 28.01 28.14 27.12 27.27 –.49 131,537RoughRice (CBT)-2,000 cwt.; $ per cwt.May 1446.00 1461.00 1431.50 1432.50 –19.50 5,424July 1420.00 1436.00 t 1408.50 1409.00 ... 3,159Wheat (CBT)-5,000bu.; cents per bu.May 560.75 564.50 552.50 555.00 –1.50 85,415July 560.00 564.50 552.75 555.50 –2.00 138,206Wheat (KC)-5,000bu.; cents per bu.May 495.50 502.00 490.50 494.00 2.00 64,120July 502.00 508.50 497.00 500.75 1.75 93,259Cattle-Feeder (CME)-50,000 lbs.; cents per lb.April 115.150 116.125 115.025 115.025 –4.500 2,101May 115.900 115.925 114.450 114.450 –4.500 11,651Cattle-Live (CME)-40,000 lbs.; cents per lb.April 91.100 91.525 91.000 91.000 –3.000 8,618June 81.375 81.875 81.375 81.375 –3.000 119,604Hogs-Lean (CME)-40,000 lbs.; cents per lb.April 41.900 45.000 41.900 44.900 2.100 14,464June 45.200 45.600 44.925 44.925 –3.750 81,767Lumber (CME)-110,000bd. ft., $ per 1,000bd. ft.May 326.10 334.70 322.00 333.70 11.60 1,210July 341.20 349.50 338.20 347.00 8.50 921Milk (CME)-200,000 lbs., cents per lb.April 13.56 13.66 13.56 13.63 .07 3,111June 12.86 12.93 t 12.07 12.13 –.69 4,394Cocoa (ICE-US)-10metric tons; $ per ton.May 2,308 2,322 2,244 2,253 –52 11,734July 2,311 2,327 2,259 2,272 –39 74,854Coffee (ICE-US)-37,500 lbs.; cents per lb.May 118.95 120.60 116.60 119.75 1.15 31,823July 120.75 121.55 117.45 120.60 .85 62,190Sugar-World (ICE-US)-112,000 lbs.; cents per lb.May 10.55 10.57 10.12 10.17 –.26 239,396July 10.61 10.61 10.20 10.29 –.20 295,781Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb.July 26.02 26.02 26.02 26.02 .01 2,406Sept 26.03 26.03 26.03 26.03 .01 2,938Cotton (ICE-US)-50,000 lbs.; cents per lb.May 54.33 54.55 52.35 52.76 –1.61 34,615July 54.40 54.50 52.31 53.07 –1.33 81,278Orange Juice (ICE-US)-15,000 lbs.; cents per lb.May 109.40 110.40 104.10 104.55 –5.20 3,964July 110.65 111.00 106.00 106.55 –4.40 5,499

InterestRate FuturesUltraTreasuryBonds (CBT) - $100,000; pts 32nds of 100%June 221-290 223-080 219-270 220-290 –1-23.0 1,045,755TreasuryBonds (CBT)-$100,000; pts 32nds of 100%June 178-110 179-020 177-140 178-040 –23.0 998,378

Sept 176-250 177-100 176-040 176-200 –23.0 137TreasuryNotes (CBT)-$100,000; pts 32nds of 100%June 138-025 138-110 137-285 138-025 –5.5 3,175,318Sept 137-270 137-300 137-225 137-275 –6.5 735Yr. TreasuryNotes (CBT)-$100,000; pts 32nds of 100%June 125-045 125-080 124-310 125-025 –3.7 3,755,473Sept 124-310 125-000 124-252 124-282 –3.5 262Yr. TreasuryNotes (CBT)-$200,000; pts 32nds of 100%June 110-054 110-060 110-041 110-046 –1.1 2,677,022Sept 110-086 110-099 110-082 110-085 –1.3 2,25930DayFederal Funds (CBT)-$5,000,000; 100 - daily avg.April 99.9450 99.9450 99.9400 99.9425 –.0025 239,028May 99.9200 99.9200 99.9100 99.9100 –.0050 258,04310Yr. Del. Int. RateSwaps (CBT)-$100,000; pts 32nds of 100%June 104-060 104-160 104-010 104-080 –8.5 68,693Eurodollar (CME)-$1,000,000; pts of 100%May 99.2650 99.3150 99.2650 99.3050 .0400 384,851June 99.4500 99.4900 99.4400 99.4800 .0300 1,512,483Sept 99.6050 99.6250 99.6000 99.6200 .0150 1,538,758Dec 99.6250 99.6400 99.6150 99.6300 –.0050 1,069,455

CurrencyFuturesJapaneseYen (CME)-¥12,500,000; $ per 100¥April .9237 .9280 .9221 .9280 .0053 1,180June .9242 .9321 .9232 .9320 .0075 117,183CanadianDollar (CME)-CAD 100,000; $ per CADApril .7160 .7217 .7145 .7208 .0050 1,205June .7179 .7225 .7148 .7215 .0050 108,013BritishPound (CME)-£62,500; $ per£April 1.2482 1.2536 1.2453 1.2504 .0056 478June 1.2462 1.2545 1.2461 1.2537 .0082 146,975Swiss Franc (CME)-CHF 125,000; $ per CHFJune 1.0392 1.0407 1.0344 1.0372 … 30,730Sept 1.0394 1.0435 1.0387 1.0406 … 67AustralianDollar (CME)-AUD 100,000; $ perAUDApril .6237 .6375 .6328 .6369 .0061 711

June .6358 .6412 .6326 .6403 .0094 127,928MexicanPeso (CME)-MXN500,000; $ perMXNApril .04154 .04293 .04206 .04200 –.00040 11June .04254 .04254 .04143 .04184 –.00014 105,236Euro (CME)-€125,000; $ per €April 1.0930 1.0967 1.0905 1.0915 –.0021 3,804June 1.0957 1.0987 1.0912 1.0943 –.0013 538,554

IndexFuturesMiniDJ Industrial Average (CBT)-$5 x indexJune 23839 23911 22968 23309 –309 58,265Sept 23718 23796 22905 23233 –306 683S&P500 Index (CME)-$250 x indexJune 2787.00 2788.10 2724.30 2759.20 –20.60 87,943Sept … … … 2751.40 –21.20 11Mini S&P500 (CME)-$50 x indexJune 2811.00 2819.50 2711.00 2759.25 –20.50 3,409,009Sept 2799.25 2811.50 2704.00 2751.50 –21.00 26,468Mini S&PMidcap400 (CME)-$100 x indexJune 1594.70 1594.70 1515.80 1533.30 –48.40 75,790Sept 1434.70 1589.20 1526.50 1540.30 –44.40 1MiniNasdaq 100 (CME)-$20 x indexJune 8296.00 8338.75 8071.00 8327.25 99.75 179,093Sept 8259.75 8326.75 8068.50 8318.50 96.75 1,578Mini Russell 2000 (CME)-$50 x indexJune 1265.00 1265.60 1195.10 1211.60 –32.00 533,984Sept 1249.10 1262.20 1195.00 1210.40 –32.20 1,898Mini Russell 1000 (CME)-$50 x indexJune 1495.40 1524.10 1486.70 1510.00 –14.90 7,850U.S. Dollar Index (ICE-US)-$1,000 x indexJune 99.50 99.64 99.11 99.34 –.17 28,705Sept 99.38 99.51 99.11 99.31 –.17 608

Source: FactSet

CashPrices Monday, April 13, 2020These prices reflect buying and selling of a variety of actual or “physical” commodities in themarketplace—separate from the futures price on an exchange,which reflectswhat the commoditymight beworth in futuremonths.

Monday

Energy

Coal,C.Aplc.,12500Btu,1.2SO2-r,w 55.200Coal,PwdrRvrBsn,8800Btu,0.8SO2-r,w 11.550

Metals

Gold, per troy ozEngelhard industrial 1689.00Handy&Harmanbase 1688.00Handy&Harman fabricated 1873.68LBMAGold PriceAM *ClosedLBMAGold Price PM *ClosedKrugerrand,wholesale-e 1785.06Maple Leaf-e 1802.22AmericanEagle-e 1802.22Mexican peso-e 2077.46Austria crown-e 1685.42Austria phil-e 1802.22

Silver, troy oz.Engelhard industrial 15.2500Handy&Harmanbase 15.4150Handy&Harman fabricated 19.2690LBMAspot price *Closed(U.S.$ equivalent) *ClosedCoins,wholesale $1,000 face-a 14412

OthermetalsLBMAPlatinumPrice PM *ClosedPlatinum,Engelhard industrial 748.0Palladium,Engelhard industrial 2275.0

Monday

Aluminum, LME, $ permetric ton *n.a.Copper,Comex spot 2.3205IronOre, 62%FeCFRChina-s 85.2ShreddedScrap, USMidwest-s,m 236Steel, HRCUSA, FOBMidwestMill-s 495

Fibers andTextiles

Burlap,10-oz,40-inchNYyd-n,w 0.5700Cotton,1 1/16 std lw-mdMphs-u 0.4901Cotlook 'A' Index-t *ClosedHides,hvy native steers piece fob-u n.a.Wool,64s,staple,Terr del-u,w n.a.

Grains andFeeds

Barley,top-qualityMnpls-u n.a.Bran,wheatmiddlings, KC-u 110Corn,No. 2 yellow,Cent IL-bp,u 3.1700Corn gluten feed,Midwest-u,w 119.5Corn glutenmeal,Midwest-u,w 492.7Cottonseedmeal-u,w 295Hominy feed,Cent IL-u,w 108Meat-bonemeal,50%proMnpls-u,w 228Oats,No.2milling,Mnpls-u 3.0975Rice, LongGrainMilled, No. 2AR-u,w 28.50Sorghum,(Milo)No.2Gulf-u 7.7063SoybeanMeal,Cent IL,rail,ton48%-u 290.10Soybeans,No.1 yllw IL-bp,u 8.4300Wheat,Spring14%-proMnpls-u 6.3500Wheat,No.2 soft red,St.Louis-bp,u 5.7100Wheat -Hard - KC (USDA) $ per bu-u 5.0400

Monday

Wheat,No.1softwhite,Portld,OR-u 6.1000

Food

Beef,carcass equiv. indexchoice 1-3,600-900 lbs.-u 187.74select 1-3,600-900 lbs.-u 173.35Broilers, National compwtd. avg.-u,w 0.5051Butter,AAChicago 1.1500Cheddar cheese,bbl,Chicago 101.00Cheddar cheese,blk,Chicago 101.00Milk,Nonfat dry,Chicago lb. 87.75Coffee,Brazilian,Comp n.a.Coffee,Colombian, NY n.a.Eggs,largewhite,Chicago-u 2.1050Flour,hardwinter KC 15.15Hams,17-20 lbs,Mid-US fob-u 0.44Hogs,Iowa-So.Minnesota-u 52.38Pork bellies,12-14 lbMidUS-u 0.4639Pork loins,13-19 lbMidUS-u 1.0838Steers,Tex.-Okla. Choice-u 105.00Steers,feeder,Okla. City-u,w 136.69

Fats andOils

Corn oil,crudewet/drymill wtd. avg.-u,w 46.2500Grease,choicewhite,Chicago-h 0.2300Lard,Chicago-u n.a.Soybean oil,crude;Centl IL-u 0.2638Tallow,bleach;Chicago-h 0.2900Tallow,edible,Chicago-u 0.3450

KEY TO CODES: A=ask; B=bid; BP=country elevator bids to producers; C=corrected; E=Manfra,Tordella & Brooks; G=ICE; H=American Commodities Brokerage Co;M=monthly; N=nominal; n.a.=not quoted or not available; R=SNL Energy; S=Platts-TSI; T=Cotlook Limited; U=USDA;W=weekly, Z=not quoted. *Data as of 4/12

Source: Dow JonesMarket Data

|WSJ.com/commodities

Borrowing Benchmarks | WSJ.com/bonds

MoneyRates April 13, 2020

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. '20March '19

U.S. consumer price indexAll items 258.115 –0.22 1.5Core 267.312 0.02 2.1

International rates

Week 52-WeekLatest ago High Low

Prime ratesU.S. 3.25 3.25 5.50 3.25

Week —52-WEEK—Latest ago High Low

U.S. government rates

Discount0.25 0.25 3.00 0.25

Federal fundsEffective rate 0.0800 0.0900 2.4800 0.0800High 0.1500 0.1500 3.0000 0.1500Low 0.0300 0.0300 2.4400 0.0200Bid 0.0500 0.0300 2.4400 0.0100Offer 0.0600 0.1000 2.5000 0.0500

Treasury bill auction4weeks 0.190 0.090 2.400 0.00013weeks 0.280 0.125 2.400 0.00026weeks 0.290 0.160 2.400 0.080

Secondarymarket

FannieMae30-yearmortgage yields

30days 2.337 2.452 3.857 2.28160days 2.424 2.505 3.884 2.341

Other short-term rates

Week 52-WeekLatest ago high low

Callmoney2.00 2.00 4.25 2.00

Commercial paper (AA financial)90days n.a. n.a. 2.58 0.58

LiborOnemonth 0.81400 0.92125 2.48738 0.61163Threemonth 1.21888 1.35238 2.60100 0.74050Sixmonth 1.22588 1.23825 2.63850 0.73538One year 1.05088 1.04263 2.76188 0.74350

Euro LiborOnemonth -0.379 -0.386 -0.379 -0.621Threemonth -0.212 -0.232 -0.212 -0.539Sixmonth -0.139 -0.158 -0.139 -0.491One year -0.126 -0.145 -0.126 -0.441

Value 52-WeekLatest Traded High Low

DTCCGCFRepo IndexTreasury 0.112 24.940 6.007 0.002MBS 0.122 75.650 6.699 0.011

Notes ondata:

U.S. prime rate is the base rate on corporateloans posted by at least 70%of the 10 largestU.S. banks, and is effectiveMarch 16, 2020.Other prime rates aren’t directly comparable;lending practices varywidely by location;Discount rate is effectiveMarch 16, 2020.DTCCGCFRepo Index is Depository Trust&ClearingCorp.'sweighted average for overnight trades inapplicable CUSIPs. Value traded is in billions ofU.S. dollars.Federal-funds rates are TullettPrebon rates as of 5:30 p.m. ET.

Sources: Federal Reserve; Bureau of LaborStatistics; DTCC; FactSet;Tullett Prebon Information, Ltd.

Canada 2.45 2.45 3.95 2.45Japan 1.475 1.475 1.475 1.475

PolicyRatesEuro zone 0.00 0.00 0.00 0.00Switzerland 0.50 0.50 0.50 0.50Britain 0.10 0.10 0.75 0.10Australia 0.25 0.25 1.50 0.25

Overnight repurchaseU.S. 0.08 0.02 3.40 -0.07

Week —52-WEEK—Latest ago High Low

Global GovernmentBonds:MappingYieldsYields and spreads over or underU.S. Treasurys on benchmark two-year and 10-year government bonds inselected other countries; arrows indicatewhether the yield rose(s) or fell (t) in the latest session

Country/ Yield (%) Spread Under/Over U.S. Treasurys, in basis pointsCoupon (%) Maturity, in years Latest(l)-2 -1 0 1 2 3 4 Previous Month ago Year ago Latest Prev Year ago

0.375 U.S. 2 0.231 s l 0.220 0.506 2.3981.500 10 0.743 s l 0.729 0.981 2.569

2.000 Australia 2 0.225 l 0.225 0.570 1.501 -0.7 0.4 -89.72.500 10 0.910 l 0.910 0.975 1.893 16.7 18.1 -67.6

0.000 France 2 -0.525 l -0.525 -0.655 -0.490 -75.7 -74.5 -288.70.000 10 0.105 l 0.105 0.013 0.402 -63.8 -62.4 -216.7

0.000 Germany 2 -0.650 l -0.650 -0.889 -0.554 -88.1 -87.0 -295.20.000 10 -0.347 l -0.347 -0.544 0.059 -108.9 -107.6 -251.0

1.200 Italy 2 0.657 l 0.657 0.799 0.398 42.6 43.7 -200.01.350 10 1.597 l 1.597 1.803 2.395 85.4 86.7 -17.4

0.100 Japan 2 -0.174 s l -0.177 -0.207 -0.159 -40.5 -39.7 -255.70.100 10 0.009 s l -0.002 -0.013 -0.048 -73.4 -73.1 -261.7

0.400 Spain 2 -0.044 l -0.044 -0.315 -0.273 -27.5 -26.4 -267.00.500 10 0.777 l 0.777 0.594 1.053 3.4 4.8 -151.6

0.500 U.K. 2 0.037 l 0.037 0.284 0.801 -19.4 -18.3 -159.64.750 10 0.305 l 0.305 0.404 1.214 -43.7 -42.4 -135.5

Source: Tullett Prebon

CorporateDebtPricemoves by a company's debt in the creditmarkets sometimesmirror and sometimes anticipate,moves inthat same company’s share price.Investment-grade spreads that tightened themost…

Spread*, in basis points Stock PerformanceIssuer Symbol Coupon (%) Maturity Current One-day change Lastweek Close ($) % chg

AerCap IrelandCapital DAC … 4.625 July 1, ’22 671 –253 1224 … …Mosaic MOS 4.250 Nov. 15, ’23 335 –150 539 12.20 –5.94MarathonOil MRO 6.600 Oct. 1, ’37 775 –141 994 4.39 6.55AmericanHondaFinance HNDA 3.450 July 14, ’23 225 –125 255 ... ...

Nordstrom JWN 4.000 March 15, ’27 726 –117 857 20.44 –4.13British Telecommunications BRITEL 4.500 Dec. 4, ’23 149 –104 300 ... ...StateStreet STT 3.300 Dec. 16, ’24 61 –98 n.a. 59.44 –2.48PenskeTruck Leasing PENSKE 4.000 July 15, ’25 255 –94 374 ... ...

…Andspreads thatwidened themostAmericanHondaFinance HNDA 1.950 May10, ’23 254 45 280 ... ...Boeing BA 2.800 March 1, ’24 335 36 410 147.33 –2.97ExxonMobil XOM 4.327 March 19, ’50 198 36 207 42.76 –0.86SunTrust Bank … 2.800 May17, ’22 148 34 n.a. … …

UnionPacific UNP 3.150 March 1, ’24 120 31 161 146.90 –1.23GECapital International Funding … 4.418 Nov. 15, ’35 285 21 365 … …Intel INTC 2.700 Dec. 15, ’22 50 20 110 58.70 2.73Panasonic MATSEL 2.536 July 19, ’22 246 20 273 ... ...

High-yield issueswith thebiggest price increases…BondPrice as%of face value Stock Performance

Issuer Symbol Coupon (%) Maturity Current One-day change Lastweek Close ($) % chg

TupperwareBrands TUP 4.750 June 1, ’21 53.500 10.25 45.000 2.39 3.91Cheniere EnergyPartners … 5.625 Oct. 1, ’26 102.990 7.99 92.938 … …CalumetSpecialty Products Partners CLMT 7.750 April 15, ’23 79.970 7.72 68.005 2.06 13.19WesternMidstreamOperating … 5.300 March 1, ’48 72.000 7.50 51.500 … …

Olin OLN 5.000 Feb. 1, ’30 96.940 6.94 84.000 14.64 –3.05Goodyear Tire&Rubber GT 5.125 Nov. 15, ’23 97.750 6.75 85.083 7.38 –4.03Realogy RLGY 9.375 April 1, ’27 81.500 6.25 73.500 3.79 6.16AmkorTechnology AMKR 6.625 Sept. 15, ’27 104.470 5.25 93.000 8.99 –2.02

…Andwith thebiggest price decreasesContinental Resources CLR 4.900 June 1, ’44 65.000 –8.38 42.500 12.36 1.39ESHHospitality … 5.250 May1, ’25 94.182 –7.88 85.750 … …Navient NAVI 6.125 March 25, ’24 96.125 –6.91 87.500 8.05 –2.84Occidental Petroleum OXY 2.900 Aug. 15, ’24 77.000 –5.63 59.000 15.33 –0.20

Freeport–McMoRan FCX 5.000 Sept. 1, ’27 97.000 –5.03 90.750 8.30 1.34SabreGLBL SABHLD 5.250 Nov. 15, ’23 93.625 –4.87 88.000 ... ...Intelsat JacksonHoldings INTEL 9.750 July 15, ’25 63.250 –4.75 53.938 ... ...AnteroResources Finance … 5.375 Nov. 1, ’21 84.000 –4.00 71.750 … …

*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

Sources:MarketAxess CorporateBondTicker; DowJonesMarketData

BroadMarketBloombergBarclays

2217.88 4.2 U.S. Aggregate 1.440 1.320 3.060

U.S. Corporate IndexesBloombergBarclays

3145.13 0.1 U.S. Corporate 2.880 2.220 4.580

2876.89 -0.5 Intermediate 2.520 1.760 4.400

4599.70 1.2 Long term 3.480 2.950 4.930

660.38 3.2 Double-A-rated 1.980 1.670 3.360

805.37 -2.8 Triple-B-rated 3.570 2.570 5.350

HighYieldBonds ICEBofA

422.35 -9.6 HighYield Constrained 8.228 5.151 11.400

352.09 -19.6 Triple-C-rated 16.754 10.558 19.071

2900.17 -9.2 HighYield 100 7.286 4.516 10.740

377.21 -10.5 Global HighYield Constrained 8.515 4.893 11.310

291.39 -11.3 EuropeHighYield Constrained 6.151 2.464 8.183

U.SAgencyBloombergBarclays

1839.53 4.0 U.SAgency 0.870 0.730 2.630

1606.62 2.9 10-20 years 0.700 0.640 2.520

4170.70 9.4 20-plus years 1.730 1.170 3.120

2710.61 -0.6 Yankee 2.560 1.920 3.500

Bonds | WSJ.com/bonds

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

2213.73 3.1 Mortgage-Backed 1.150 0.930 3.250

2167.43 3.2 GinnieMae (GNMA) 0.790 0.490 3.200

1305.16 3.0 Fanniemae (FNMA) 1.290 1.110 3.270

2005.50 3.1 FreddieMac (FHLMC) 1.260 1.080 3.270

568.23 0.4 MuniMaster 1.647 0.959 3.441

401.11 0.5 7-12 year 1.570 0.924 3.447

454.74 0.4 12-22 year 2.029 1.224 3.690

434.09 -1.5 22-plus year 2.825 1.765 4.123

Global Government J.P.Morgan†

607.35 4.2 Global Government 0.650 0.390 1.470

850.92 5.9 Canada 0.970 0.590 1.910

398.47 -0.4 EMU§ 0.607 0.109 1.023

760.06 0.2 France 0.330 -0.160 0.660

542.92 1.3 Germany -0.250 -0.740 0.200

296.69 -0.5 Japan 0.230 -0.070 0.270

600.43 0.7 Netherlands -0.060 -0.540 0.310

1096.39 9.1 U.K. 0.520 0.390 1.540

n.a. n.a. EmergingMarkets ** n.a. n.a. n.a.

Key InterestRatesData are annualized on a 360-day basis. Treasury yields are per annum,on actively traded noninflation and inflation-indexed issues that areadjusted to constantmaturities. Data are fromweekly Federal ReservereleaseH.15.

WeekEnded 52-WeekApr 10 Apr 3 High Low

Federal funds (effective)0.05 0.09 2.44 0.05

Commercial paperNonfinancial1-month 0.37 1.42 2.45 0.372-month 0.65 1.24 2.46 0.653-month 0.97 1.84 2.47 0.97Financial1-month n.a. n.a. 2.43 1.092-month n.a. n.a. 2.46 1.163-month n.a. n.a. 2.48 0.98

Discountwindowprimary credit0.25 0.25 3.00 0.25

Treasury yields at constantmaturities1-month 0.13 0.06 2.43 0.013-month 0.19 0.10 2.44 0.01

WeekEnded 52-WeekApr 10 Apr 3 High Low

6-month 0.21 0.14 2.47 0.061-year 0.22 0.15 2.44 0.152-year 0.26 0.23 2.40 0.233-year 0.34 0.29 2.37 0.295-year 0.45 0.38 2.39 0.387-year 0.62 0.54 2.48 0.5410-year 0.73 0.65 2.58 0.6520-year 1.14 1.08 2.79 1.08

Treasury yields (secondarymarket)1-month 0.13 0.06 2.39 0.003-month 0.19 0.10 2.39 -0.016-month 0.21 0.14 2.40 0.06

TIPS5-year -0.42 -0.24 0.54 -0.557-year -0.45 -0.30 0.57 -0.5210-year -0.45 -0.31 0.63 -0.4520-year -0.27 -0.13 0.82 -0.27Long-termavg -0.09 0.03 0.96 -0.09

Notes on data:Federal-funds rate is an average for the seven days endedWednesday,weighted according to rateson broker trades;Commercial paper rates are discounted offer rates interpolated fromsales bydiscounted averages of dealer bid rates on nationally traded certificates of deposit;Discountwindowprimary credit rate is charged for discountsmade and advances extended under the FederalReserve's primary credit discountwindowprogram; rate is average for seven days endedWednesday;Inflation-indexed long-termTIPS average is indexed and is based on the unweighted average bidyields for all TIPSwith remaining terms tomaturity of 10 years ormore;

Sources: Federal Reserve; for additional information on these rate data and their derivation,please see,www.federalreserve.gov/releases/h15/data.htm

DividendChangesDividend announcements fromApril 13.

Amount Payable /Company Symbol Yld% New/Old Frq Record

Amount Payable /Company Symbol Yld% New/Old Frq Record

ReducedAGNC Investment AGNC 11.8 .12 /.16 M May11 /Apr30

KEY:A: annual;M:monthly; Q: quarterly; r: revised; SA: semiannual; S2:1: stock split and ratio; SO:spin-off.

COMMODITIES WSJ.com/commodities

P2JW105000-0-B00800-1--------XA

THEWALL STREET JOURNAL. Tuesday, April 14, 2020 | B9

Net YTDFund NAV Chg %Ret

American Century InvUltra 48.28 +0.09 -7.4American Funds Cl AAmcpA p 29.32 -0.23-12.7AMutlA p 37.29 -0.43-13.8BalA p 26.17 -0.13 -7.8BondA p 13.70 +0.02 5.4CapIBA p 54.75 -0.43-12.7CapWGrA 43.34 -0.34-16.7EupacA p 44.70 -0.36-19.7FdInvA p 51.79 -0.41-16.2GwthA p 46.01 +0.07-10.0HI TrA p 8.90 +0.05-10.1ICAA p 33.77 -0.21-14.2IncoA p 20.10 -0.20-12.7N PerA p 40.58 -0.14-14.1NEcoA p 39.93 -0.09-12.7

Net YTDFund NAV Chg %Ret

NwWrldA 57.32 -0.48-18.8SmCpA p 47.75 -0.48-18.8TxExA p 13.11 +0.06 -1.0WshA p 40.08 -0.50-16.3Baird FundsAggBdInst 11.49 +0.03 3.1CorBdInst 11.71 +0.05 2.0BlackRock FundsHiYldBd Inst 6.94 +0.05 -9.2BlackRock Funds AGlblAlloc p 17.52 -0.05 -8.8BlackRock Funds InstMultiAstIncome 9.91 +0.01 -8.6StratIncOpptyIns 9.44 +0.02 -4.6StratMuniOppI 10.83 +0.04 -7.4Bridge Builder TrustCoreBond 10.63 +0.02 2.8

Net YTDFund NAV Chg %Ret

CorePlusBond 10.23 +0.02 1.4Intl Eq 9.68 -0.03-19.3Del Invest InstlValue 17.47 -0.34-21.4Dimensional Fds5GlbFxdInc 10.77 ... 0.4DFARlEst 33.85 -1.53-16.9EmgMktVa 20.93 +0.08-27.0EmMktCorEq 16.46 -0.01-24.2IntlCoreEq 10.46 -0.04-24.1IntSmCo 14.00 -0.03-25.9IntSmVa 13.68 +0.01-29.3TAUSCoreEq2 15.98 -0.27-20.4US CoreEq1 20.84 -0.31-19.2US CoreEq2 18.74 -0.32-20.5US Small 24.75 -0.80-29.1US SmCpVal 22.38 -0.81-34.8

Monday, April 13, 2020

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.

Mutual Funds Net YTDFund NAV Chg %Ret

Net YTDFund NAV Chg %Ret

Net YTDFund NAV Chg %Ret

Net YTDFund NAV Chg %Ret

Net YTDFund NAV Chg %Ret

Net YTDFund NAV Chg %Ret

Net YTDFund NAV Chg %Ret

US TgdVal 15.01 -0.53-34.9USLgVa 28.37 -0.56-26.1Dodge & CoxBalanced 83.64 -1.00-16.1Income 14.16 +0.05 1.9Intl Stk 31.11 -0.35-28.6Stock 145.13 -2.68-23.6DoubleLine FundsCoreFxdIncmI NA ... NATotRetBdI NA ... NAEdgewood Growth InstitutiEdgewoodGrInst NA ... NAFidelity500IdxInstPrem 95.76 -0.98-14.0Contrafund K6 13.22 +0.02 -8.6ExtMktIdxInstPre 48.87 -1.05-23.4IntlIdxInstPrem 34.21 -0.11-20.4MidCpInxInstPrem 18.54 -0.44-21.5SAIUSLgCpIndxFd 14.85 -0.15-14.1SeriesOverseas 8.93 -0.07-17.2SmCpIdxInstPrem 15.35 -0.43-27.0TMktIdxInstPrem 76.26 -0.91-15.6USBdIdxInstPrem 12.38 +0.02 4.7Fidelity Advisor INwInsghtI 28.58 -0.03-12.6Fidelity FreedomFF2020 14.69 -0.03 -9.4FF2025 12.79 -0.04-10.7FF2030 15.59 -0.06-12.6Freedom2020 K 14.68 -0.03 -9.4Freedom2025 K 12.77 -0.04-10.7Freedom2030 K 15.57 -0.06-12.5Freedom2035 K 12.74 -0.07-15.5Freedom2040 K 8.79 -0.06-16.9Fidelity InvestAMgr50% 16.99 -0.07 -8.6

Balanc 22.16 -0.10 -9.4BluCh 99.14 +1.00 -8.0Contra 12.49 +0.04 -8.3ContraK 12.50 +0.03 -8.3CpInc r 8.75 +0.02-13.6GroCo 20.08 +0.19 -6.0GrowCoK 20.12 +0.19 -5.9InvGrBd 11.76 +0.04 2.5LowP r 38.38 -0.32-23.3Magin 9.31 -0.07 -8.7OTC 11.73 +0.07 -8.3Puritn 21.05 ... -7.1SrsEmrgMkt 16.34 -0.02-20.8SrsGlobal 10.47 -0.03-20.5SrsGroCoRetail 16.75 +0.16 -5.6SrsIntlGrw 15.10 -0.12-13.8SrsIntlVal 7.40 -0.02-25.3TotalBond 11.00 +0.03 1.6Fidelity SAITotalBd 10.51 +0.03 0.9U.S.TreBdIdx 10.86 -0.02 8.2First Eagle FundsGlbA 49.83 -0.16-14.0FPA FundsFPACres 27.87 -0.33-17.6Franklin A1CA TF A1 p 7.47 +0.04 -1.6IncomeA1 p 2.02 -0.01-12.5FrankTemp/Frank AdvIncomeAdv 2.00 -0.01-12.5FrankTemp/Franklin ARisDv A p 58.70 -0.95-15.4FrankTemp/Franklin CIncome C t 2.05 -0.01-12.5FrankTemp/Temp AdvGlBondAdv p 9.98 +0.01 -5.2

Guggenheim Funds TruTotRtnBdFdClInst 28.00 -0.05 3.9Harbor FundsCapApInst 70.56 +0.79 -6.9Harding LoevnerIntlEq 19.68 -0.14-17.3Invesco Funds AEqIncA 8.64 -0.12-15.6Invesco Funds YDevMktY 36.49 -0.30-20.0JPMorgan I ClassCoreBond 12.10 +0.01 3.0EqInc 15.62 -0.33-19.2JPMorgan R ClassCoreBond 12.12 +0.01 3.0CorePlusBd 8.52 +0.02 1.6Lord Abbett AShtDurIncmA p 4.02 +0.01 -3.6Lord Abbett FShtDurIncm 4.02 +0.02 -3.6Lord Abbett IShtDurInc p 4.01 +0.01 -3.8Metropolitan WestTotRetBd NA ... NATotRetBdI NA ... NATRBdPlan NA ... NAMFS Funds Class IValueI 36.25 -0.85-18.4MFS Funds InstlIntlEq 22.63 -0.29-18.8Nuveen Cl IHYMunBd 16.05 +0.15 -9.5Oakmark Funds InvestOakmrkInt 16.47 -0.18-34.0Old Westbury FdsLrgCpStr 12.56 -0.08-16.7PGIM Funds Cl Z

TotalReturnBond NA ... NAPIMCO Fds InstlAllAsset NA ... NATotRt 10.58 ... 3.2PIMCO Funds AIncomeFd 11.15 ... -6.0PIMCO Funds I2Income 11.15 ... -5.9PIMCO Funds InstlIncomeFd 11.15 ... -5.9Price FundsBlChip 114.28 +0.32 -8.1DivGro 45.85 -0.84-13.7EqInc 24.41 -0.45-23.4EqIndex 73.39 -0.75-14.1Growth 66.10 -0.01 -9.9HelSci 74.69 -0.34 -8.3InstlCapG 40.18 +0.09 -8.8IntlStk 15.13 -0.07-18.8MidCap 78.25 -1.48-17.9N Inc 9.49 +0.02 -1.5NHoriz 54.52 -0.85 -8.2OverS SF r 8.73 -0.05-22.0R2020 19.75 -0.09-10.6R2025 15.64 -0.09-12.0R2030 22.44 -0.15-13.4R2035 16.28 -0.12-14.5R2040 22.91 -0.19-15.3Value 30.10 -0.56-20.6PRIMECAP Odyssey FdsAggGrowth r 36.31 -0.36-19.1Growth r 32.75 -0.34-20.0Putnam Funds Class AStDurInc 9.95 +0.02 -0.5Schwab FundsS&P Sel 42.46 -0.43-14.0

TSM Sel r 47.25 -0.56-15.6TIAA/CREF FundsBdIdxInst 11.50 +0.02 4.2VANGUARD ADMIRAL500Adml 255.09 -2.59-14.0BalAdml 35.94 -0.23 -7.6CAITAdml 12.02 +0.05 0.1CapOpAdml r130.11 -1.03-17.5EMAdmr 29.22 -0.01-20.8EqIncAdml 64.87 -1.19-17.7ExplrAdml 75.82 -1.62-22.0ExtndAdml 73.14 -1.56-23.4GNMAAdml 10.81 -0.03 3.2GrwthAdml 86.21 -0.13 -7.9HlthCareAdml r 80.32 -0.32 -5.9HYCorAdml r 5.46 +0.06 -7.0InfProAd 27.04 +0.04 4.5IntlGrAdml 91.32 +0.77-11.2ITBondAdml 12.23 +0.04 4.3ITIGradeAdml 10.08 +0.08 1.7LTGradeAdml 11.46 +0.12 6.3MidCpAdml 175.84 -4.02-19.9MuHYAdml 11.25 +0.05 -3.3MuIntAdml 14.37 +0.06 ...MuLTAdml 11.76 +0.06 -0.3MuLtdAdml 11.02 +0.02 ...MuShtAdml 15.80 +0.02 0.1PrmcpAdml r120.04 -0.94-16.7RealEstatAdml107.10 -4.90-18.0SmCapAdml 58.66 -1.63-25.8SmGthAdml 55.89 -1.16-19.9STBondAdml 10.79 +0.01 2.7STIGradeAdml 10.65 +0.06 ...TotBdAdml 11.44 +0.02 4.3TotIntBdIdxAdm 22.65 +0.03 0.4TotIntlAdmIdx r 23.50 -0.08-21.1TotStAdml 67.04 -0.79-15.5

TxMCapAdml141.10 -1.57-14.5TxMIn r 11.12 -0.05-21.0USGroAdml 104.41 +0.52 -6.3ValAdml 37.28 -0.70-19.6WdsrllAdml 51.94 -0.83-19.6WellsIAdml 63.12 -0.22 -3.8WelltnAdml 66.93 -0.39 -9.9WndsrAdml 55.56 -1.38-23.2VANGUARD FDSDivdGro 26.70 -0.48-12.5INSTTRF2020 22.23 -0.08 -7.8INSTTRF2025 22.34 -0.10 -9.7INSTTRF2030 22.30 -0.12-11.2INSTTRF2035 22.25 -0.14-12.7INSTTRF2040 22.20 -0.15-14.2INSTTRF2045 22.08 -0.17-15.7INSTTRF2050 22.12 -0.16-15.6IntlVal 28.65 -0.17-23.7LifeCon 19.79 -0.05 -5.5LifeGro 31.20 -0.20-13.7LifeMod 26.09 -0.11 -9.6PrmcpCor 22.48 -0.28-19.5STAR 24.82 -0.07 -9.2TgtRe2015 14.42 -0.03 -5.0TgtRe2020 29.99 -0.10 -7.8TgtRe2025 17.92 -0.08 -9.7TgtRe2030 32.37 -0.16-11.2TgtRe2035 19.65 -0.12-12.7TgtRe2040 33.57 -0.22-14.2TgtRe2045 20.84 -0.16-15.6TgtRe2050 33.57 -0.25-15.6TgtRet2055 36.45 -0.27-15.6TgtRetInc 13.47 -0.02 -3.8TotIntBdIxInv 11.33 +0.02 0.4WellsI 26.06 -0.09 -3.8Welltn 38.76 -0.23 -9.9

WndsrII 29.27 -0.47-19.6VANGUARD INDEX FDSMdCpVlAdml 45.65 -1.30-25.5SmValAdml 40.65 -1.40-30.7TotBd2 11.36 +0.02 3.9TotIntl 14.05 -0.05-21.1TotSt 67.02 -0.79-15.5VANGUARD INSTL FDSBalInst 35.95 -0.23 -7.6DevMktsIndInst 11.13 -0.05-21.0DevMktsInxInst 17.40 -0.08-21.0ExtndInst 73.13 -1.57-23.4GrwthInst 86.21 -0.14 -7.9InPrSeIn 11.02 +0.02 4.6InstIdx 246.50 -2.51-14.0InstPlus 246.51 -2.51-14.0InstTStPlus 57.35 -0.68-15.5MidCpInst 38.84 -0.89-19.9MidCpIstPl 191.57 -4.38-19.9RealEstaInstl 16.58 -0.75-18.0SmCapInst 58.65 -1.63-25.8STIGradeInst 10.65 +0.06 ...STIPSIxins 24.84 +0.02 0.6TotBdInst 11.44 +0.02 4.3TotBdInst2 11.36 +0.02 3.9TotBdInstPl 11.44 +0.02 4.3TotIntBdIdxInst 33.99 +0.05 0.4TotIntlInstIdx r 93.99 -0.32-21.1TotItlInstPlId r 94.01 -0.32-21.1TotStInst 67.05 -0.79-15.5ValueInst 37.28 -0.70-19.6WCM Focus FundsWCMFocIntlGrwIns 16.48 -0.09-12.9Western AssetCoreBondI NA ... NACorePlusBdI 11.93 +0.03 0.6CorePlusBdIS 11.92 +0.02 0.6

Data provided by

NOTICE TO READERSDue to extreme market activity and delayed reporting of closing pricesfrom the sources, some NAVs may reflect previous day’s trading.

Up-to-date mutual-fund data can be found online atWSJMarkets.com.

HighsAstaFunding ASFI 11.17 0.7BarrickGold GOLD 24.76 8.3Bristol-MyersRt BMYr 4.15 3.2Catasys CATS 24.12 18.3ChembioDiagn CEMI 10.49 26.6Cytosorbents CTSO 9.40 21.4DRDGOLD DRD 9.69 19.4DollarGeneral DG 172.96 1.4DrReddy'sLab RDY 49.27 4.8ForumMergerII FMCI 10.95 0.1Franco-Nevada FNV 122.97 7.2Inseego INSG 10.47 9.8JuniperIndlA JIH 10.50 0.2KalaPharm KALA 9.80 7.0KerosTherap KROS 25.85 7.7KinrossGold KGC 6.35 11.2Manning&Napier MN 2.75 81.7

52-Wk %Stock Sym Hi/Lo Chg

Netflix NFLX 400.51 7.0NeuBaseTherap NBSE 8.59 4.2Newmont NEM 60.46 4.3NovaGoldRscs NG 10.83 7.4PluristemTherap PSTI 9.55 13.5Qualys QLYS 104.95 3.9RegenPharm REGN 519.00 0.8RetractableTechs RVP 2.33 12.7SCWorx WORX 14.88 434.2SummitTherap SMMT 3.31 22.8

LowsATIF ATIF 1.45 -1.9AmVirtualCloud AVCT 1.64 -7.9CementosPacasm CPAC 6.55 -2.1DoverMotorsports DVD 1.16 -6.6EraGroup ERA 4.00 -4.1Flexsteel FLXS 9.27 -4.3GolubCapRt GBDCR 0.82 -19.0

52-Wk %Stock Sym Hi/Lo Chg

GrupoSimec SIM 6.16 -13.1HeliosTechnologies HLIO 29.03 -6.3HuizeHolding HUIZ 4.83 -5.1InspiredEnt INSE 2.31 -10.1IntlGeneralIns IGIC 5.48 3.5JMU MFH 0.50 1.7Lizhi LIZI 5.60 -1.5MSG Ent Wi MSGEw 80.25 -9.3MSG Sports Wi MSGSw 146.00 -3.2OneConnectFinTech OCFT 9.08 -0.2OneSmartIntl ONE 4.40 -1.8OpesAcqnWt OPESW 0.02 -40.0Qualstar QBAK 1.80 -19.1RMG Acqn Wt RMG.WS 0.50 -10.8SpartanEnerWt SPAQ.WS 0.27 -10.036Kr KRKR 3.43 -1.9TridentAcqnsWt TDACW 0.04 39.6WD-40 WDFC 151.16 -12.1WISeKey WKEY 4.30 -5.9

52-Wk %Stock Sym Hi/Lo Chg

Monday, April 13, 2020

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.

NetStock SymClose Chg

A B CABB ABB 17.81 -0.29ACADIA Pharm ACAD 42.85 -0.95AECOM ACM 32.79 -0.29AES AES 14.19 -0.53Aflac AFL 37.28 -0.80AGNC Invt AGNC 12.18 -0.03Ansys ANSS 242.93 5.01ASETech ASX 4.07 0.10ASML ASML 274.10 -2.71AT&T T 30.19 -0.54AbbottLabs ABT 85.85 -0.19AbbVie ABBV 80.30 0.55Abiomed ABMD 156.39 -3.69AcceleronPharma XLRN 92.86 3.99Accenture ACN 172.57 -5.35ActivisionBliz ATVI 62.75 2.29Adobe ADBE 320.65 1.95AdvanceAuto AAP 110.00 3.14AdvMicroDevices AMD 50.94 2.56Aegon AEG 2.68 -0.09AgilentTechs A 76.21 -2.12AgnicoEagle AEM 51.70 2.71AirProducts APD 216.19 -3.13AkamaiTech AKAM 95.19 -0.20Albemarle ALB 63.31 -3.71Alcon ALC 51.68 -1.65AlexandriaRlEst ARE 147.35 -10.45AlexionPharm ALXN 96.54 0.31Alibaba BABA 199.44 3.07AlignTech ALGN 185.72 -7.47Alleghany Y 564.03 -20.79Allegion ALLE 95.77 0.41Allergan AGN 183.83 1.63AlliantEnergy LNT 51.28 -1.86Allstate ALL 98.00 -2.34AllyFinancial ALLY 15.75 -1.08AlnylamPharmALNY 119.01 2.63Alphabet A GOOGL 1210.41 3.84Alphabet C GOOG 1217.56 6.11Alteryx AYX 109.30 1.38AlticeUSA ATUS 24.91 0.31Altria MO 40.44 -0.47Amazon.com AMZN 2168.87126.11Ambev ABEV 2.36 -0.04Amcor AMCR 8.90 -0.26Amdocs DOX 58.72 0.28Amedisys AMED 196.36 4.47Amerco UHAL 267.33 -10.51Ameren AEE 75.82 -3.18AmericaMovil AMX 11.30 -0.19AmerAirlines AAL 11.56 -0.95AmCampus ACC 34.17 0.12AEP AEP 83.50 -2.81AmerExpress AXP 90.33 -4.49AmericanFin AFG 77.65 -2.84AmHomes4RentAMH 24.07 -0.62AIG AIG 25.63 -0.91AmerTowerREITAMT 249.76 -8.76AmerWaterWorksAWK 127.24 -4.51AmericoldRealty COLD 34.12 -1.83Ameriprise AMP 114.92 -5.55AmerisourceBrgnABC 85.45 -2.36Ametek AME 76.97 -1.26Amgen AMGN 218.27 0.06Amphenol APH 80.66 -1.25AnalogDevicesADI 99.67 0.88Anaplan PLAN 35.86 0.09AngloGoldAsh AU 22.71 1.23AB InBev BUD 49.40 0.50AnnalyCap NLY 6.08 0.01Anthem ANTM 240.53 -1.93Aon AON 186.38 -5.67ApartmtInv AIV 38.35 -1.62ApolloGlbMgmt APO 36.13 -3.03Apple AAPL 273.25 5.26ApplMaterials AMAT 49.88 0.29Aptargroup ATR 102.35 -4.92Aptiv APTV 60.74 -1.49Aramark ARMK 22.34 -0.95ArcelorMittal MT 10.28 -0.19ArchCapital ACGL 29.22 -1.78ArcherDaniels ADM 36.07 -1.51arGEN-X ARGX 139.21 -4.37AristaNetworksANET 202.08 -7.83ArrowElec ARW 57.40 -1.80AscendisPharma ASND 122.31 0.95AspenTech AZPN 96.73 -0.51Assurant AIZ 108.57 -3.82AstraZeneca AZN 47.36 2.70Athene ATH 28.27 -2.08Atlassian TEAM 135.30 -2.65AtmosEnergy ATO 103.27 -1.93Autodesk ADSK 160.92 -3.98Autohome ATHM 70.93 -1.30Autoliv ALV 56.07 -1.59ADP ADP 139.53 -2.99AutoZone AZO 942.19 1.36Avalara AVLR 75.54 1.82Avalonbay AVB 161.41 -5.95Avangrid AGR 44.78 -1.14Avantor AVTR 13.89 -0.03AveryDennison AVY 108.78 -6.25AxonEnterprise AAXN 73.49 -1.21BCE BCE 41.79 0.74BHP Group BHP 39.61 0.10BHP Group BBL 32.73 0.28BP BP 24.91 0.01BWX Tech BWXT 50.36 -0.94

Baidu BIDU 98.37 -0.63BakerHughes BKR 13.29 0.43Ball BLL 67.32 -2.62BancoBilbaoViz BBVA 3.20 -0.03BancoBradesco BBDO 4.04 -0.03BancodeChile BCH 17.45 -0.10BancSanBrasil BSBR 5.29 -0.15BcoSantChile BSAC 16.50 -0.30BancoSantander SAN 2.34 0.01BankofAmerica BAC 23.92 -0.94BankofMontreal BMO 53.05 -0.72BankNY Mellon BK 36.00 -1.14BkNovaScotia BNS 40.18 -0.88Barclays BCS 4.72 -0.16

s BarrickGold GOLD 24.37 1.86BauschHealth BHC 17.84 -0.17BaxterIntl BAX 86.00 -0.89BectonDicknsn BDX 248.06 0.61BeiGene BGNE 148.51 -1.89Berkley WRB 56.70 -1.62BerkHathwy B BRK.B 188.77 -5.07BerkHathwy A BRK.A 282800-7700.00BerryGlobal BERY 36.49 -1.01BestBuy BBY 68.34 2.35BeyondMeat BYND 76.67 4.37Bilibili BILI 26.21 -0.62Bio-Techne TECH 190.88 -1.81Bio-RadLab A BIO 405.38 12.24Biogen BIIB 322.94 1.89BioMarinPharm BMRN 82.99 3.44BioNTech BNTX 41.71 -3.70BlackHills BKH 67.69 -2.97BlackKnight BKI 63.32 -0.16BlackRock BLK 452.39 -19.03Blackstone BX 47.58 -1.59Boeing BA 147.33 -4.51BookingHldgs BKNG 1421.01 0.37BoozAllen BAH 72.08 -2.17BorgWarner BWA 26.16 0.42BostonBeer SAM 386.34 -10.30BostonProps BXP 100.56 -5.44BostonSci BSX 35.21 -1.62BrightHorizons BFAM 116.59 -0.45Bristol-Myers BMY 58.92 0.01BritishAmTob BTI 37.38 -0.22Broadcom AVGO 259.92 5.62BroadridgeFinl BR 102.59 -3.32BrookfieldMgt BAM 33.78 -1.29BrookfieldInfr BIP 39.97 -0.88Brown&Brown BRO 38.17 -0.86Brown-Forman B BF.B 59.51 -3.38Brown-Forman A BF.A 55.14 -4.35Bruker BRKR 36.11 -0.69Bunge BG 38.95 -1.88BurlingtonStrs BURL 166.17 -10.72CACI Intl CACI 221.69 -8.35CBRE Group CBRE 43.46 -2.15CDW CDW 103.88 -2.38CF Industries CF 29.91 -1.10CGI GIB 59.65 -0.48CH Robinson CHRW 71.27 -1.95CME Group CME 182.68 -7.48CMS Energy CMS 61.16 -1.17CNA Fin CNA 32.47 -1.27CNH Indl CNHI 6.32 -0.22CNOOC CEO 111.56 ...CRH CRH 29.04 -0.93CSX CSX 61.57 -2.43CVS Health CVS 58.96 -1.51CableOne CABO 1653.95 -50.29CabotOil COG 18.98 0.10CadenceDesign CDNS 71.55 -0.10CaesarsEnt CZR 7.88 -0.05CamdenProperty CPT 85.18 -3.91CampbellSoup CPB 48.50 0.75CIBC CM 60.83 -0.79CanNtlRlwy CNI 79.14 -0.37CanNaturalRes CNQ 13.47 0.03CanPacRlwy CP 222.24 -3.17Canon CAJ 21.20 ...CanopyGrowth CGC 14.46 -0.11CapitalOne COF 56.50 -3.61CardinalHealth CAH 49.03 -1.40Carlisle CSL 122.13 -4.55Carlyle CG 22.81 -1.25CarMax KMX 62.60 -3.90Carnival CCL 11.50 -0.92CarrierGlobal CARR 13.99 -0.79CaseysGenStores CASY 145.54 2.20Catalent CTLT 54.67 -1.79Caterpillar CAT 114.14 -10.89Celanese CE 82.10 -1.81Centene CNC 65.15 -1.27CenterPointEner CNP 16.89 -0.92CentraisElBras EBR 4.99 -0.04CenturyLink CTL 10.10 -0.55CeridianHCM CDAY 53.00 -0.90Cerner CERN 65.72 -2.66CharlesRiverLabs CRL 139.61 0.65CharterComms CHTR 469.70 3.06CheckPoint CHKP 105.00 -0.36Chegg CHGG 38.10 0.45Chemed CHE 453.58 -17.37CheniereEnergy LNG 38.26 -0.32CheniereEnerPtrs CQP 28.25 0.33Chevron CVX 84.91 0.60Chewy CHWY 40.24 -2.37ChinaEastrnAir CEA 18.45 0.24ChinaLifeIns LFC 9.97 -0.02ChinaMobile CHL 39.62 0.34ChinaPetrol SNP 51.79 0.79

ChinaSoAirlines ZNH 21.74 -0.14ChinaTelecom CHA 33.64 0.09ChinaUnicom CHU 6.69 0.02Chipotle CMG 744.08 -26.92Chubb CB 119.61 -2.66ChunghwaTel CHT 36.12 0.22Church&Dwight CHD 68.10 -0.29Ciena CIEN 44.43 -1.22Cigna CI 177.48 -4.35CincinnatiFin CINF 82.64 -0.94Cintas CTAS 195.08 -3.66CiscoSystems CSCO 41.22 0.02Citigroup C 46.68 -0.73CitizensFin CFG 21.19 -0.92CitrixSystems CTXS 139.99 0.59ClarivateAnaly CCC 19.97 -1.52Clorox CLX 185.47 1.26Cloudflare NET 23.62 2.44Coca-Cola KO 46.93 -2.07Coca-Cola Euro CCEP 42.17 -1.47Cognex CGNX 45.41 -0.78CognizantTech CTSH 52.70 -1.58ColgatePalm CL 69.49 -0.42ColumbiaSportswr COLM 72.15 -3.06Comcast A CMCSA 37.19 -0.81Comerica CMA 32.78 -1.97CommerceBcshrs CBSH 55.22 -4.15SABESP SBS 8.01 -0.23ConagraBrands CAG 31.96 -0.50ConchoRscs CXO 52.05 -0.69ConocoPhillips COP 34.30 -0.43ConEd ED 84.84 -3.10ConstBrands A STZ 157.63 -8.61ContinentalRscs CLR 12.36 0.17Cooper COO 299.03 2.46Copart CPRT 70.67 -4.32Coresite COR 115.96 -4.82Corning GLW 20.41 -0.77Corteva CTVA 26.56 -1.37CoStar CSGP 625.14 -6.14Costco COST 299.62 -0.39Coty COTY 5.79 -0.23CoupaSoftware COUP 137.50 1.95CousinsProperties CUZ 31.69 -1.22Credicorp BAP 134.29 -1.33CreditAcceptance CACC 291.73 -25.44CreditSuisse CS 8.65 -0.22CrowdStrike CRWD 58.77 0.62CrownCastle CCI 157.05 -7.09CrownHoldings CCK 61.06 -1.14CubeSmart CUBE 26.68 -1.02Cullen/Frost CFR 66.23 -4.70Cummins CMI 146.45 -4.25CypressSemi CY 23.82 ...CyrusOne CONE 63.25 -4.09

D E FDISH NetworkDISH 22.00 -1.07DTE Energy DTE 108.64 -2.61Danaher DHR 146.13 0.40Darden DRI 60.89 -3.45Datadog DDOG 37.87 0.92DaVita DVA 73.59 -1.23Deere DE 139.80 -5.95DellTechC DELL 40.46 -1.10DeltaAir DAL 23.25 -1.14DentsplySirona XRAY 40.24 -1.63DeutscheBankDB 6.52 -0.17DexCom DXCM 273.26 -2.01Diageo DEO 130.62 -2.93DiamondbkEner FANG 33.08 -1.78DigitalRealty DLR 140.71 -7.58DiscoverFinSvcs DFS 36.18 -3.03DiscoveryA DISCA 21.99 -0.33DiscoveryC DISCK 19.85 -0.29Disney DIS 103.50 -1.00DocuSign DOCU 93.97 3.34DolbyLab DLB 56.00 -1.26

s DollarGeneral DG 171.57 2.33DollarTree DLTR 76.17 -1.39DominionEner D 79.53 -2.06Domino's DPZ 355.14 11.50Donaldson DCI 40.68 -1.99DouglasEmmettDEI 31.88 -1.34Dover DOV 86.37 -3.04Dow DOW 35.23 -1.33

s DrReddy'sLab RDY 49.10 2.23Dropbox DBX 18.53 0.47DukeEnergy DUK 87.36 -2.95DukeRealty DRE 33.90 -1.66Dunkin' DNKN 56.26 -1.66DuPont DD 38.32 -2.46Dynatrace DT 24.22 -0.54ENI E 20.26 0.06EOG Rscs EOG 43.29 -1.53EPAM Systems EPAM 197.14 4.85E*TRADE ETFC 40.16 -1.60EastWestBncp EWBC 29.18 -1.93EastGroup EGP 108.43 -6.30EastmanChem EMN 57.93 -1.78Eaton ETN 78.39 -3.05eBay EBAY 34.76 0.93Ecolab ECL 174.66 -5.20Ecopetrol EC 11.57 -0.35EdisonInt EIX 59.39 -0.88EdwardsLife EW 207.19 -8.25ElancoAnimal ELAN 23.15 -1.35Elastic ESTC 53.93 -0.07ElbitSystems ESLT 120.83 -1.83ElectronicArts EA 109.30 3.50EmersonElec EMR 51.19 -0.59

NetStock SymClose Chg

NetStock SymClose Chg

Enbridge ENB 28.70 ...EncompassHealth EHC 69.89 -1.49EnelAmericas ENIA 7.94 -0.09EnelChile ENIC 3.87 0.01EnergyTransfer ET 5.96 0.15EnphaseEnergy ENPH 37.78 -0.28Entegris ENTG 49.75 0.02Entergy ETR 97.89 -5.02EnterpriseProd EPD 16.73 0.35Equifax EFX 121.42 -2.80Equinix EQIX 657.19 -29.75Equinor EQNR 13.17 -0.08Equitable EQH 16.08 -0.53EquityLife ELS 61.59 -1.58EquityResdntl EQR 66.50 -2.92ErieIndemnity A ERIE 168.06 1.97EssentialUtil WTRG 42.80 -1.81EssexProp ESS 239.80 -7.16EsteeLauder EL 162.22 -2.61Etsy ETSY 55.44 1.76EuronetWorldwide EEFT 84.52 -3.77EverestRe RE 202.14 -10.16Evergy EVRG 60.75 -2.35EversourceEner ES 86.72 -3.38ExactSciences EXAS 65.07 -1.99Exelixis EXEL 17.78 -0.24Exelon EXC 37.75 -1.40Expedia EXPE 58.79 -3.63ExpeditorsIntl EXPD 70.55 -0.93ExtraSpaceSt EXR 96.45 -6.46ExxonMobil XOM 42.76 -0.37F5Networks FFIV 120.70 -4.69FMC FMC 86.63 -3.37FTI Consulting FCN 137.11 -1.06Facebook FB 174.79 -0.40FactSet FDS 271.66 -7.50FairIsaac FICO 298.00 -3.11Fastenal FAST 32.27 -1.35FederalRealty FRT 83.58 -2.42FedEx FDX 123.53 1.24Ferrari RACE 153.42 -3.62FiatChrysler FCAU 8.05 -0.16FidNatlFin FNF 27.15 -1.71FidNatlInfo FIS 123.60 -1.52FifthThirdBncp FITB 17.37 -0.4558.com WUBA 51.91 0.1551job JOBS 66.22 0.24FirstAmerFin FAF 45.38 -1.79FirstIndRlty FR 35.25 -1.50FirstRepBank FRC 93.41 -6.09FirstEnergy FE 43.93 -0.82Fiserv FISV 96.97 -2.25FiveBelow FIVE 79.77 -3.21Five9 FIVN 79.96 1.61FleetCorTech FLT 218.23 -6.76Flex FLEX 8.64 -0.17FlirSystems FLIR 34.71 0.21FlowersFoods FLO 22.04 -0.13FomentoEconMex FMX 59.76 -0.31FordMotor F 5.16 -0.21Fortinet FTNT 104.64 2.71Fortis FTS 39.48 -0.15Fortive FTV 59.42 -1.62FortBrandsHome FBHS 46.86 -3.97FoxA FOXA 25.99 ...FoxB FOX 25.40 -0.24

s Franco-Nevada FNV 121.83 8.14FranklinRscs BEN 16.09 -0.72FreeportMcM FCX 8.30 0.11FreseniusMed FMS 34.75 0.03

G H IGCI LibertyA GLIBA 57.63 -1.48GDS Holdings GDS 50.82 -0.06GFLEnvironmentalGFL 15.13 -0.24GSXTechedu GSX 31.40 -1.76Galapagos GLPG 207.61 1.09Gallagher AJG 83.57 -3.27Gaming&LeisureGLPI 27.68 -0.76Garmin GRMN 77.82 -0.83Gartner IT 105.78 -1.11Generac GNRC 99.04 -2.30GeneralDynamicsGD 136.95 -4.06GeneralElec GE 7.02 -0.12GeneralMills GIS 57.67 0.27GeneralMotorsGM 23.01 -1.05Genmab GMAB 22.00 -0.36Genpact G 29.55 -0.67Gentex GNTX 23.08 -0.82GenuineParts GPC 71.29 -0.38GileadSciencesGILD 75.28 1.77GSK GSK 38.94 0.06GlobalPaymentsGPN 143.66 -7.37GlobeLife GL 79.71 -0.69GlobusMedical GMED 47.18 -1.14GoDaddy GDDY 62.31 -0.23GoldFields GFI 6.51 0.32GoldmanSachsGS 179.18 -5.08Graco GGG 45.99 -1.98Grainger GWW 274.36 -5.51Grifols GRFS 19.83 0.06GuardantHealthGH 66.44 -2.43Guidewire GWRE 84.64 1.23HCA HealthcareHCA 103.61 -4.45HDFC Bank HDB 39.65 -1.11HD Supply HDS 30.31 -1.76HP HPQ 15.54 -0.43HSBC HSBC 26.44 -0.32Haemonetic HAE 98.04 -2.42Halliburton HAL 7.85 -0.36HartfordFinl HIG 40.93 -0.95Hasbro HAS 74.22 -1.45HawaiianElec HE 43.43 -2.17HealthcareRealtyHR 31.83 -1.49HealthcareAmerHTA 25.99 -1.36HealthpeakProp PEAK 26.85 -1.50Heico A HEI.A 69.37 -3.39Heico HEI 77.83 -4.17HenrySchein HSIC 51.70 -0.55Herbalife HLF 31.92 1.71Hershey HSY 142.65 -1.26Hess HES 39.91 -0.47HewlettPackardHPE 10.36 -0.17Hill-Rom HRC 110.74 -0.39Hilton HLT 66.64 -1.81Hologic HOLX 40.96 -0.15HomeDepot HD 198.79 -2.74HondaMotor HMC 21.91 -0.42Honeywell HON 137.94 -5.49HorizonTherap HZNP 30.54 -0.49HormelFoods HRL 47.10 -0.44

NetStock SymClose Chg

DR Horton DHI 38.63 -2.41HostHotels HST 11.41 -0.50HowmetAerospace HWM 12.60 -0.65Huazhu HTHT 28.47 -0.05Hubbell HUBB 119.15 -5.29HubSpot HUBS 142.59 0.69Humana HUM 348.26 6.36JBHunt JBHT 94.93 -4.26HuntingtonBcshs HBAN 8.72 -0.31HuntingIngallsHII 194.59 2.20HyattHotels H 51.76 -1.40IAC/InterActive IAC 195.30 0.29ICICI Bank IBN 8.90 -0.14IDACORP IDA 94.30 -3.50IdexxLab IDXX 254.39 -4.19IHS Markit INFO 64.39 -1.08ING Groep ING 5.77 -0.16Invesco IVZ 9.57 -0.29IPG Photonics IPGP 116.99 -2.06IQVIA IQV 124.79 -3.74ITT ITT 49.00 -2.22IcahnEnterprises IEP 49.07 -0.85Icon ICLR 150.88 -2.53IDEX IEX 146.63 -4.89IllinoisToolWks ITW 151.93 -7.35Illumina ILMN 289.45 1.83ImperialOil IMO 12.66 -0.26Incyte INCY 88.01 1.20Infosys INFY 8.50 -0.02IngersollRand IR 26.22 -0.28Ingredion INGR 81.63 -0.47Insulet PODD 180.00 -2.94Intel INTC 58.70 1.56ICE ICE 85.18 -2.20InterContinentl IHG 43.61 -2.17IBM IBM 121.15 -0.35IntlFlavors IFF 120.07 -7.30IntlPaper IP 34.41 0.24Interpublic IPG 16.04 -0.24Intuit INTU 250.09 -2.01IntuitiveSurgical ISRG 494.53 -9.26InvitatHomes INVH 23.66 -0.65IonisPharma IONS 51.25 -1.75iQIYI IQ 17.43 0.06IronMountain IRM 26.24 -0.87ItauUnibanco ITUB 4.62 -0.02

J K LJBG SMITH Prop JBGS 31.82 -1.20JD.com JD 42.78 0.62JPMorganChase JPM 98.19 -4.57JackHenry JKHY 163.12 -7.04JacobsEngg J 79.83 -1.48JamesHardie JHX 12.64 -0.26JazzPharma JAZZ 108.91 -0.78J&J JNJ 139.77 -1.46JohnsonControls JCI 29.36 -1.24JonesLang JLL 107.97 -7.40JuniperNetworks JNPR 21.84 0.17KB Fin KB 26.80 0.20KKR KKR 23.95 -1.35KLA KLAC 152.09 1.97KSCitySouthernKSU 136.58 -0.02Kellogg K 62.80 0.06Kemper KMPR 71.64 -1.35KeurigDrPepperKDP 26.33 -0.53KeyCorp KEY 11.56 -0.45KeysightTechs KEYS 92.55 0.45KilroyRealty KRC 63.87 -2.18KimberlyClark KMB 132.71 1.22KimcoRealty KIM 10.55 -0.27KinderMorganKMI 14.95 -0.41

s KinrossGold KGC 6.25 0.63KirklandLakeGold KL 38.35 2.49Knight-Swift KNX 33.90 -1.13KoninklijkePhil PHG 40.90 -0.67KoreaElcPwr KEP 8.39 0.51KraftHeinz KHC 27.93 -0.18Kroger KR 31.33 0.27LHC Group LHCG 139.58 0.27Line LN 48.81 0.13LKQ LKQ 21.34 -1.19LPL Financial LPLA 55.19 -2.39L3HarrisTech LHX 188.32 -2.47LabCpAm LH 140.45 -6.35LamResearch LRCX 258.78 0.50LamarAdv LAMR 47.30 -3.35LambWeston LW 58.26 -0.14LasVegasSands LVS 46.49 -1.37Lear LEA 85.58 -5.57Leidos LDOS 92.08 -3.38Lennar B LEN.B 31.40 -2.38Lennar A LEN 41.35 -3.45LennoxIntl LII 196.74 -7.55LeviStrauss LEVI 13.83 0.05LibertyBroadbandC LBRDK 115.99 0.51LibertyBroadbandA LBRDA 112.31 0.68LibertyGlobal A LBTYA 18.08 -0.51LibertyGlobal B LBTYB 18.49 0.06LibertyGlobal C LBTYK 16.98 -0.41LibertyFormOne A FWONA 23.20 -0.58LibertyFormOne C FWONK 24.20 -0.72LibertySirius A LSXMA 31.04 -1.01LibertySirius C LSXMK 31.17 -1.17LifeStorage LSI 96.53 -4.72EliLilly LLY 144.42 -1.31LincolnElectric LECO 74.76 -3.34LincolnNational LNC 32.37 -1.92Linde LIN 186.11 -3.37LiveNationEnt LYV 39.41 1.14LloydsBanking LYG 1.57 -0.03LockheedMartin LMT 369.94 -1.06Loews L 37.42 -2.00LogitechIntl LOGI 44.35 -0.18Lowe's LOW 95.20 -0.11lululemon LULU 199.27 -4.24Lumentum LITE 78.48 -0.72Lyft LYFT 30.66 0.33LyondellBasell LYB 58.04 -0.89

M NM&T Bank MTB 110.76 -3.99MDU Rscs MDU 23.86 -0.82MGM ResortsMGM 13.91 -0.64MKS Instrum MKSI 86.75 0.23MPLX MPLX 12.33 -0.05MSA Safety MSA 109.90 -3.65MSCI MSCI 309.52 -1.17MadisonSquGardenMSG 232.87 -9.28MagellanMid MMP 38.66 -0.58

NetStock SymClose Chg

MagnaIntl MGA 36.34 -0.36ManulifeFin MFC 12.70 -0.10MarathonPetrolMPC 25.33 -0.30Markel MKL 943.99 -61.41MarketAxess MKTX 385.79 -17.56Marriott MAR 78.09 -3.22Marsh&McLenMMC 95.02 -1.59MartinMariettaMLM 197.57 -10.62MarvellTech MRVL 24.51 0.23Masco MAS 39.41 -0.96Masimo MASI 182.86 -2.56Mastercard MA 263.34 -6.06MatchGroup MTCH 68.48 0.37MaximIntProductsMXIM 52.24 0.45McCormickVtgMKC.V 147.90 -4.23McCormick MKC 148.69 -5.61McDonalds MCD 180.12 -3.58McKesson MCK 131.02 -2.30MedicalProp MPW 17.47 -0.82Medtronic MDT 99.52 -1.51MelcoResorts MLCO 13.17 -0.43MellanoxTech MLNX 120.45 0.70MercadoLibre MELI 543.00 9.72Merck MRK 80.54 -1.95MetLife MET 34.32 -1.14MettlerToledoMTD 690.78 -36.64MicrochipTechMCHP 79.56 1.11MicronTech MU 46.17 0.04Microsoft MSFT 165.51 0.37MidAmApt MAA 111.37 -5.28MitsubishiUFJ MUFG 3.86 0.10MizuhoFin MFG 2.32 ...MobileTeleSysMBT 8.29 0.18Moderna MRNA 32.90 1.04MohawkInds MHK 83.41 -4.60MolinaHealthcareMOH 156.71 3.43MolsonCoorsA TAP.A 55.60 -7.39MolsonCoorsB TAP 45.02 -2.38Mondelez MDLZ 52.02 -0.32MongoDB MDB 141.90 1.56MonolithicPowerMPWR 171.90 3.97MonsterBev MNST 59.53 -0.98Moody's MCO 231.09 -10.59MorganStanleyMS 39.58 -1.50Morningstar MORN 123.60 -0.55Mosaic MOS 12.20 -0.77MotorolaSol MSI 146.24 -6.65Mylan MYL 16.06 -0.02NICE NICE 157.01 -0.31NRG Energy NRG 29.98 -0.78NVR NVR 2764.80-163.21NXP Semi NXPI 89.11 -0.86Nasdaq NDAQ 103.29 -4.63NationalGrid NGG 55.76 -0.74NatlInstrumentsNATI 35.13 -0.53NatlOilwell NOV 12.03 0.43NatlRetailProp NNN 33.13 -2.25Natura&Co NTCO 10.98 -0.60NetApp NTAP 41.63 -1.10Netease NTES 338.54 11.19

s Netflix NFLX 396.72 26.00Neurocrine NBIX 95.95 -0.73NewOrientalEduc EDU 117.09 1.35NY CmntyBcpNYCB 10.27 -0.30NYTimes A NYT 32.43 1.70NewellBrands NWL 13.34 -0.81NewMarket NEU 405.19 1.31

s Newmont NEM 59.77 2.46NewsCorp A NWSA 9.39 -0.10NewsCorp B NWS 9.58 -0.11NextEraEnergyNEE 236.21 -9.07NielsenHoldingsNLSN 13.79 -0.35Nike NKE 84.46 -2.33NiSource NI 25.71 -0.87Nokia NOK 3.25 -0.02NomuraHoldingsNMR 3.99 -0.09Nordson NDSN 141.41 -11.19NorfolkSouthernNSC 154.29 -5.01NorthernTrustNTRS 83.55 -1.34NorthropGrumNOC 338.85 2.20NortonLifeLockNLOK 18.86 -0.51Novartis NVS 84.20 -0.65NovoNordisk NVO 58.84 -1.16Novocure NVCR 68.90 -1.10NuanceComms NUAN 17.13 0.14Nucor NUE 38.79 -0.64Nutrien NTR 35.76 -1.00NVIDIA NVDA 269.85 6.90

O P QOGE Energy OGE 31.97 -0.55ONE Gas OGS 87.01 -4.05ONEOK OKE 29.22 0.82OReillyAuto ORLY 347.92 5.48OccidentalPetrolOXY 15.33 -0.03Okta OKTA 134.26 3.30OldDomFreightODFL 129.89 -5.26OldRepublic ORI 16.70 -0.36OmegaHealthcareOHI 33.77 -0.82Omnicom OMC 55.75 -1.05ON Semi ON 14.21 0.48OpenText OTEX 35.99 -0.84Oracle ORCL 52.97 -0.21Orange ORAN 12.51 0.03Orix IX 58.67 0.45Oshkosh OSK 63.50 -2.24OtisWorldwide OTIS 46.00 -3.14OwensCorning OC 41.50 -2.60PG&E PCG 11.60 -0.39PLDT PHI 22.24 0.76PNC Fin PNC 100.96 -4.46POSCO PKX 37.38 3.62PPD PPD 23.14 -0.06PPG Ind PPG 93.68 -3.49PPL PPL 25.90 -0.80PRA HealthSci PRAH 83.89 -5.24PTC PTC 62.35 -1.59Paccar PCAR 65.93 -1.34PackagingCpAm PKG 88.86 -1.60PagSeguroDig PAGS 20.44 -1.37PaloAltoNtwks PANW 182.96 5.08ParkerHannifin PH 138.91 -6.26Paychex PAYX 64.15 -2.39PaycomSoftware PAYC 216.35 -5.64Paylocity PCTY 95.09 -5.92PayPal PYPL 105.98 0.14Pearson PSO 6.60 -0.05Pegasystems PEGA 73.37 -2.51Peloton PTON 31.99 3.54PembinaPipeline PBA 19.94 -0.52

NetStock SymClose Chg

Pentair PNR 31.46 -1.38Penumbra PEN 159.56 -3.24People'sUtdFin PBCT 11.58 -0.72PepsiCo PEP 130.89 -2.74PerkinElmer PKI 76.43 -1.91Perrigo PRGO 50.37 -0.08PetroChina PTR 37.32 -0.69PetroleoBrasil PBR 6.71 -0.01PetroleoBrasilA PBR.A 6.53 -0.03Pfizer PFE 35.14 -0.25PhilipMorris PM 73.95 -1.39Phillips66 PSX 61.56 0.04PilgrimPride PPC 19.59 0.38Pinduoduo PDD 41.42 0.38PinnacleWest PNW 79.61 -2.62Pinterest PINS 16.47 -0.28PioneerNatRscs PXD 78.55 3.07PlainsAllAmPipe PAA 6.33 0.63PlanetFitness PLNT 54.18 -1.41Pool POOL 190.51 -8.96PortlandGenElec POR 50.84 -1.68PostHoldings POST 90.15 -2.26PrincipalFin PFG 31.50 -1.10Procter&Gamble PG 115.95 1.29Progressive PGR 77.10 -3.29Prologis PLD 86.41 -5.32Proofpoint PFPT 114.86 -1.83ProsperityBcshs PB 51.48 -2.52PrudentialFin PRU 58.00 -0.70Prudential PUK 25.57 -0.64PublicServiceEnt PEG 51.66 -1.29PublicStorage PSA 201.43 -7.16PulteGroup PHM 24.80 -1.54Qiagen QGEN 39.69 -0.12Qorvo QRVO 84.73 1.62Qualcomm QCOM 73.30 1.72QuantaServices PWR 32.32 -1.23QuestDiag DGX 86.43 -3.34

R SRELX RELX 22.51 -0.16RPM RPM 64.74 -1.07RalphLauren RL 75.97 -4.44RaymondJamesRJF 67.43 -2.01RaytheonTechRTX 61.83 -2.88RealPage RP 55.65 -0.50RealtyIncomeO 53.54 -3.14ReataPharm RETA 137.73 -3.46RegencyCtrs REG 43.13 -0.99

s RegenPharm REGN 517.02 4.06RegionsFin RF 10.67 -0.34ReinsGrp RGA 108.92 -3.08RelianceSteel RS 87.20 -2.64RenaissanceReRNR 161.26 -3.48Repligen RGEN 99.34 0.39RepublicSvcs RSG 78.89 -2.93ResMed RMD 157.19 -2.63RestaurantBrandsQSR 41.92 -1.98RexfordIndlRealty REXR 41.14 -3.34ReynoldsCnsmr REYN 29.78 -0.12RingCentral RNG 210.98 5.84RioTinto RIO 47.87 0.21RobertHalf RHI 40.93 -2.35Rockwell ROK 160.54 -7.10RogersComm BRCI 43.53 0.53Roku ROKU 96.56 4.11Rollins ROL 35.87 -0.15RoperTech ROP 314.72 -0.73RossStores ROST 87.00 -1.74RoyalBkCanadaRY 62.14 -0.97RoyalBkScotlandRBS 3.00 -0.08RoyalCaribbean RCL 33.37 -6.85RoyalDutchA RDS.A 37.37 -0.54RoyalDutchB RDS.B 36.29 -0.26RoyalGold RGLD 105.02 -0.02Ryanair RYAAY 57.31 -1.17SAP SAP 122.38 0.97S&P Global SPGI 268.44 -15.11SBA Comm SBAC 289.00 -16.81SEI Investments SEIC 48.79 -2.14SK Telecom SKM 17.48 -0.24SS&C Tech SSNC 48.17 -1.34StoreCapital STOR 17.74 -0.69SVB Fin SIVB 170.41 -15.28Salesforce.com CRM 152.50 -2.05Sanofi SNY 44.38 -1.08SantanderCons SC 15.18 -1.34SareptaTherap SRPT 111.61 2.86Schlumberger SLB 15.95 -0.52SchwabC SCHW 34.77 -1.77ScienceApplicat SAIC 77.01 -1.29ScottsMiracleGro SMG 110.84 -0.47Sea SE 46.99 1.92Seagate STX 50.91 -0.34SealedAir SEE 29.47 -1.33SeattleGenetics SGEN 120.13 -0.19SempraEnergy SRE 126.98 -3.55SensataTechs ST 32.99 -1.29

NetStock SymClose Chg

ServiceCorp SCI 38.79 -1.72ServiceNow NOW 283.56 5.50ShawComm B SJR 16.66 0.29SherwinWilliams SHW 489.20 -2.95ShinhanFin SHG 23.65 0.23Shopify SHOP 447.45 29.71SignatureBank SBNY 85.17 -5.06SimonProperty SPG 65.30 -2.87SiriusXM SIRI 5.12 -0.13Skyworks SWKS 90.47 0.52SlackTech WORK 24.96 0.26Smartsheet SMAR 43.61 -1.02SmithAO AOS 39.63 -0.58Smith&Nephew SNN 39.24 -1.18Smucker SJM 110.26 -2.49Snap SNAP 13.54 -0.07SnapOn SNA 114.16 -7.96SolarEdgeTech SEDG 92.21 -4.43SolarWinds SWI 16.76 -0.31SonocoProducts SON 49.37 -1.16Sony SNE 60.09 -1.49Southern SO 57.72 -2.61SoCopper SCCO 30.88 -0.24SouthwestAir LUV 34.26 -2.21Splunk SPLK 125.88 2.75Spotify SPOT 129.83 -2.03Square SQ 59.42 0.21StanleyBlackDck SWK 114.05 -5.32Starbucks SBUX 71.76 -2.12StarsGroup TSG 20.85 -0.80StateStreet STT 59.44 -1.51SteelDynamics STLD 23.67 -0.29Stericycle SRCL 49.91 -0.81Steris STE 149.51 -3.18STMicroelec STM 23.27 0.29StoneCo STNE 23.01 -2.13Stryker SYK 172.08 -10.64SumitomoMits SMFG 5.15 0.09SunComms SUI 127.35 -5.88SunLifeFinancial SLF 33.97 -0.87SuncorEnergy SU 16.36 0.07Suzano SUZ 7.01 0.18SynchronyFin SYF 16.22 -1.40SyneosHealth SYNH 47.57 -2.04Synnex SNX 81.91 -3.49Synopsys SNPS 140.13 3.55Sysco SYY 47.05 -2.54

T U VTAL Education TAL 51.80 0.98TC Energy TRP 47.90 0.50TCF Financial TCF 26.64 -2.24TD Ameritrade AMTD 36.07 -1.90TE Connectivity TEL 69.12 -2.05Telus TU 16.22 0.27TIM Part TSU 12.72 -0.32TJX TJX 47.85 -0.96T-MobileUS TMUS 86.17 0.27TRowePrice TROW 102.24 -2.92TaiwanSemi TSM 48.75 0.42TakeTwoSoftware TTWO 120.00 0.60TakedaPharm TAK 16.71 0.66Target TGT 104.68 0.48TechData TECD 137.69 -0.01TeladocHealth TDOC 154.13 7.47TeledyneTech TDY 319.08 -8.84Teleflex TFX 321.04 -4.52Ericsson ERIC 8.04 -0.08TelefonicaBrasVIV 9.94 -0.09Telefonica TEF 4.72 0.02TelekmIndonesia TLK 20.10 0.2010xGenomics TXG 64.89 -1.03Tenaris TS 12.77 -0.23TencentMusic TME 10.90 -0.07Teradyne TER 60.96 -0.19Tesla TSLA 650.95 77.95TevaPharm TEVA 10.33 0.17TexasInstruments TXN 107.67 -0.02Textron TXT 27.44 -2.00ThermoFisherSci TMO 315.32 -2.06ThomsonReuters TRI 70.85 -0.183M MMM 146.40 -1.38Tiffany TIF 128.21 0.26Toro TTC 63.29 -1.76TorontoDomBk TD 42.17 -0.90Total TOT 36.19 -0.55ToyotaMotor TM 121.26 -2.15TractorSupply TSCO 89.67 1.44TradeDesk TTD 218.62 4.86Tradeweb TW 47.14 -0.30TraneTech TT 89.81 -1.79TransDigm TDG 313.60 -30.94TransUnion TRU 67.82 -3.67Travelers TRV 106.42 -3.32Trex TREX 79.43 -6.34Trimble TRMB 32.19 -2.27Trip.com TCOM 24.05 -0.77TruistFinl TFC 33.94 -2.17

NetStock SymClose Chg

Twilio TWLO 95.89 0.55Twitter TWTR 27.21 -0.56TylerTech TYL 306.03 -5.96TysonFoods TSN 62.18 1.24UBS Group UBS 9.71 -0.34UDR UDR 38.56 -2.56UGI UGI 28.69 -1.35Uber UBER 27.99 0.88Ubiquiti UI 153.56 -3.15UltaBeauty ULTA 202.60 0.12UnderArmour A UAA 9.81 -0.62Unilever UN 49.80 -0.17Unilever UL 51.65 -0.08UnionPacific UNP 146.90 -1.83UnitedAirlines UAL 28.91 -2.59UnitedMicro UMC 2.38 0.08UPS B UPS 98.42 -0.27UnitedRentalsURI 103.76 -3.95US Bancorp USB 36.79 -1.26UnitedHealth UNH 263.51 -0.62UnivDisplay OLED 137.19 -1.17UniversalHealthBUHS 100.72 -3.79VEREIT VER 5.20 -0.08VF VFC 57.50 -1.71VICI Prop VICI 16.58 -0.58VailResorts MTN 154.90 -9.79Vale VALE 8.57 0.07ValeroEnergy VLO 49.70 -0.40VarianMed VAR 110.23 -2.92VeevaSystems VEEV 162.85 0.74Ventas VTR 32.56 -1.24VeriSign VRSN 199.00 2.93VeriskAnalytics VRSK 144.16 -4.10Verizon VZ 56.67 -0.77VertxPharm VRTX 252.28 5.67ViacomCBS A VIACA 18.95 -0.61ViacomCBS B VIAC 16.06 -0.50Vipshop VIPS 15.66 0.17Visa V 168.99 -4.70VistraEnergy VST 17.14 -0.65VMware VMW 129.93 -1.50Vodafone VOD 14.17 -0.05VornadoRealtyVNO 42.09 -1.39VoyaFinancial VOYA 44.68 -0.97VulcanMatls VMC 109.43 -3.67

W X Y ZWABCO WBC 134.55 -0.16WEC Energy WEC 95.02 -3.20WEX WEX 115.41 -7.57W.P.Carey WPC 64.63 -5.37WPP WPP 35.47 -0.66Wabtec WAB 51.82 -3.44WalgreensBootsWBA 44.11 0.13Walmart WMT 125.30 3.50WasteConnectionsWCN 83.44 -4.02WasteMgt WM 96.75 -3.10Waters WAT 187.65 -8.28Watsco WSO 154.00 -7.48Wayfair W 81.51 4.66Weibo WB 34.39 -1.23WellsFargo WFC 31.43 -1.77Welltower WELL 52.48 -4.12WestPharmSvcsWST 159.88 -3.05WesternDigitalWDC 43.76 -1.29WesternUnionWU 19.94 -0.25WestlakeChemWLK 43.16 -2.45WestpacBankingWBK 10.13 -0.18WestRock WRK 32.44 0.28WeyerhaeuserWY 20.10 -0.91WheatonPrecMetWPM 33.92 1.94Whirlpool WHR 100.65 -4.10Williams WMB 17.10 0.51WillisTowers WLTW 189.70 -6.32Wipro WIT 3.04 -0.06Wix.com WIX 120.71 6.25WooriFin WF 19.43 0.30Workday WDAY 141.18 -4.23WynnResorts WYNN 69.30 -1.35XP XP 21.18 -1.39XPO Logistics XPO 57.80 -4.10XcelEnergy XEL 63.66 -2.61Xilinx XLNX 83.30 0.19Xylem XYL 68.19 -1.15Yandex YNDX 36.70 0.56YumBrands YUM 77.06 -3.31YumChina YUMC 45.75 0.27ZTO Express ZTO 27.20 0.07ZaiLab ZLAB 58.06 -1.86ZebraTech ZBRA 197.91 -3.31Zendesk ZEN 67.98 -0.73Zillow C Z 38.44 -2.19Zillow A ZG 37.95 -2.12ZimmerBiomet ZBH 108.02 -2.34ZionsBancorp ZION 30.08 -0.92Zoetis ZTS 122.95 -5.80ZoomVideo ZM 135.92 11.41Zscaler ZS 62.17 -0.42Zynga ZNGA 7.05 0.14

NetStock SymClose Chg

Monday, April 13, 2020

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

iShCoreS&PMC IJH 153.43 –2.92 –25.5iShCoreS&PSC IJR 58.92 –3.44 –29.7iShS&PTotlUSStkMkt ITOT 61.06 –1.13 –16.0iShCoreUSAggBd AGG 116.70 –0.47 3.9iShSelectDividend DVY 79.16 –2.46 –25.1iShEdgeMSCIMinEAFE EFAV 63.11 –0.81 –15.3iShEdgeMSCIMinUSA USMV 57.93 –2.08 –11.7iShEdgeMSCIUSAMom MTUM 111.86 0.41 –10.9iShEdgeMSCIUSAQual QUAL 86.04 –1.60 –14.8iShFloatingRateBd FLOT 49.69 0.30 –2.4iShGoldTr IAU 16.38 1.80 13.0iShiBoxx$InvGrCpBd LQD 130.55 –0.97 2.0iShiBoxx$HYCpBd HYG 81.18 –1.43 –7.7iShIntermCorpBd IGIB 57.36 0.19 –1.1iShJPMUSDEmgBd EMB 101.15 –0.20 –11.7

Closing Chg YTDETF Symbol Price (%) (%)

CnsmrDiscSelSector XLY 106.65 –0.03 –15.0CnsStapleSelSector XLP 57.70 –0.74 –8.4FinSelSectorSPDR XLF 22.53 –3.64 –26.8FTValDivFd FVD 29.37 –2.65 –18.5HealthCareSelSect XLV 94.00 –0.88 –7.7InvscQQQI QQQ 203.03 1.08 –4.5InvscS&P500EW RSP 90.23 –2.16 –22.0InvscS&P500LowVol SPLV 50.11 –2.91 –14.1iSh3-7YTreasuryBd IEI 132.83 –0.11 5.6iShCoreDivGrowth DGRO 34.93 –1.69 –17.0iShCoreMSCIEAFE IEFA 51.38 –0.87 –21.2iShCoreMSCIEM IEMG 42.06 –0.02 –21.8iShCoreMSCITotInt IXUS 48.73 –0.55 –21.3iShCoreS&P500 IVV 276.44 –0.96 –14.5

Closing Chg YTDETF Symbol Price (%) (%)

Monday, April 13, 2020 iShMBSETF MBB 109.99 –0.43 1.8iShMSCIACWI ACWI 65.72 –0.80 –17.1iShMSCI EAFE EFA 55.04 –0.95 –20.7iShMSCI EAFESC SCZ 46.79 –0.95 –24.9iShMSCIEmgMarkets EEM 35.40 0.14 –21.1iShMSCIJapan EWJ 50.17 –0.42 –15.3iShNatlMuniBd MUB 113.00 –0.11 –0.8iShPfd&Incm PFF 33.61 –1.06 –10.6iShRussell1000Gwth IWF 160.54 –0.27 –8.7iShRussell1000 IWB 151.35 –1.05 –15.2iShRussell1000Val IWD 106.60 –2.10 –21.9iShRussell2000 IWM 120.37 –2.71 –27.3iShRussell3000 IWV 158.41 –1.22 –16.0iShRussellMid-Cap IWR 46.43 –2.31 –22.1iShRussellMCValue IWS 69.44 –2.88 –26.7iShS&P500Growth IVW 176.30 –0.23 –9.0iShS&P500Value IVE 103.16 –1.97 –20.7iShShortCpBd IGSB 53.70 –0.20 0.1

Closing Chg YTDETF Symbol Price (%) (%)

iShShortTreaBd SHV 110.89 –0.01 0.4iShTIPSBondETF TIP 121.75 0.18 4.4iSh1-3YTreasuryBd SHY 86.63 0.01 2.4iSh7-10YTreasuryBd IEF 120.70 –0.21 9.5iSh20+YTreasuryBd TLT 163.88 –0.91 21.0iShRussellMCGrowth IWP 129.64 –1.44 –15.0iShUSTreasuryBdETF GOVT 27.89 –0.20 7.5JPMUltShtIncm JPST 49.98 0.08 –0.9PIMCOEnhShMaturity MINT 99.97 0.17 –1.6SPDRBlmBarcHYBd JNK 100.41 –1.21 –8.3SPDRBloomBar1-3MTB BIL 91.55 0.02 0.1SPDRGold GLD 161.41 1.71 13.0SchwabIntEquity SCHF 26.66 –0.74 –20.7SchwabUSAggrBd SCHZ 55.50 –0.13 3.9SchwabUSBrdMkt SCHB 64.60 –1.22 –16.0SchwabUSDiv SCHD 48.23 –1.01 –16.7SchwabUSLC SCHX 65.45 –1.10 –14.8SchwabUSLCGrw SCHG 84.79 –0.25 –8.7

Closing Chg YTDETF Symbol Price (%) (%)

SchwabUSTIPs SCHP 59.24 0.24 4.6SPDRDJIATr DIA 233.96 –1.34 –17.9SPDRS&PMdCpTr MDY 279.97 –3.11 –25.4SPDRS&P500 SPY 275.66 –0.91 –14.4SPDRS&PDiv SDY 84.81 –2.66 –21.2TechSelectSector XLK 85.39 0.22 –6.9UtilitiesSelSector XLU 58.90 –3.17 –8.9VanEckGoldMiner GDX 30.78 6.32 5.1VangdInfoTech VGT 225.39 0.23 –7.9VangdSCVal VBR 94.64 –3.22 –31.0VangdSCGrwth VBK 158.95 –1.97 –20.0VangdDivApp VIG 109.58 –1.57 –12.1VangdFTSEDevMk VEA 34.50 –0.81 –21.7VangdFTSEEM VWO 34.95 0.37 –21.4VangdFTSEEurope VGK 44.74 –1.37 –23.7VangdFTSEAWxUS VEU 42.44 –0.59 –21.0VangdGrowth VUG 167.65 –0.05 –8.0

Closing Chg YTDETF Symbol Price (%) (%)

VangdHlthCr VHT 176.28 –0.82 –8.1VangdHiDiv VYM 75.82 –1.65 –19.1VangdIntermBd BIV 90.69 0.10 4.0VangdIntrCorpBd VCIT 90.96 0.24 –0.4VangdLC VV 126.80 –0.93 –14.2VangdMC VO 141.87 –2.24 –20.4VangdMBS VMBS 54.19 –0.28 1.9VangdRealEst VNQ 75.59 –4.21 –18.5VangdS&P500ETF VOO 253.19 –0.97 –14.4VangdSTBond BSV 82.51 –0.07 2.4VangdSTCpBd VCSH 80.97 –0.14 –0.1VangdSC VB 122.40 –2.68 –26.1VangdTotalBd BND 87.20 –0.32 4.0VangdTotIntlBd BNDX 56.49 –0.14 –0.2VangdTotIntlStk VXUS 43.74 –0.36 –21.5VangdTotalStk VTI 137.70 –1.19 –15.8VangdTotlWrld VT 66.28 –0.90 –18.2VangdValue VTV 95.53 –1.89 –20.3

Closing Chg YTDETF Symbol Price (%) (%)

Exchange-Traded Portfolios | WSJ.com/ETFresearch

Largest 100 exchange-traded funds, latest session

P2JW105000-0-B00900-1--------XA

B10 | Tuesday, April 14, 2020 * * * * THEWALL STREET JOURNAL.

BANKING & FINANCE

Those bondholders, alongwith bank lenders, have agreedto provide up to $175 million inbankruptcy financing to helpthe company get through chap-ter 11 proceedings. The creditorgroup includes Bank of Mon-treal, Regions Bank and bond-holders TCW Group Inc. andCerberus Capital Manage-ment LP.

Pace aims to have its reorga-nization plan approved in bank-ruptcy court by late May.

The company, which had$560 million in revenue lastyear, supplies aluminum, zincand magnesium die-cast andfinished products to customersthat also include Toyota MotorCorp., Fiat Chrysler Automo-biles NV, Caterpillar Inc. and

General Electric Co.’s lightingdivision.

Founded in 1970 in Harrison,Ark., Pace had been strugglingeven before the coronavirushammered the U.S. economy. Incourt papers, the company saidsales were disappointing lastyear due to softer demand fromlighting, barbecue-grill and ap-pliance customers. Automotiverevenue fell after a labor strikeat General Motors and prob-lems with the rollout of newproducts for automotive clutchesalso hurt financial results, thecompany said.

Last month, as Pace and itslenders negotiated terms of aproposed restructuring, thecompany’s cash situation turned“dire” due to the pandemic and

the issuance of stay-at-home or-ders in certain states, Chief Fi-nancial Officer Craig Potter saidin a court filing.

Pace has had to temporarilyshut down five of its seven U.S.die-casting facilities in re-sponse to supply-chain prob-lems caused by Covid-19 andmandatory stay-at-home or-ders, he said.

After laying off about 70% ofits employees, the companynow has about 730 workers.

Shareholders including Mac-quarie Group Ltd. and AntaresCapital LP would be wiped outin the proposed restructuring,while bondholders would re-coup 60 cents to 70 cents onthe dollar of what they areowed.

Pace Industries LLC, whichmakes die-cast parts for Har-ley-Davidson Inc. and Whirl-pool Corp., has filed for bank-ruptcy, saying the novelcoronavirus has disrupted itssupply chain and forced it toclose plants and lay off mostemployees.

Pace’s prepackaged bank-ruptcy proposal, filed Sunday inU.S. Bankruptcy Court in Wil-mington, Del., would swap se-cured bondholders’ claims of$232 million for nearly all ofthe equity in the reorganizedbusiness. Pace’s debt also in-cludes roughly $92 millionowed under an asset-basedlending facility.

BY BECKY YERAK

Parts Maker Pace Seeks Bankruptcy

Like other printing busi-nesses, LSC has faced marketheadwinds, including decliningsales as more of its customerstransition from printed books,textbooks and materials to digi-tal alternatives. The company’sproblems were made even moreacute by the coronavirus pan-demic, LSC Chief Financial Offi-cer Andrew B. Coxhead said ina declaration filed in bank-ruptcy court.

“The pandemic has stifleddemand for the debtors’ prod-ucts and services and de-creased the ability of the debt-ors’ customers to makepayments when due,” Mr. Cox-

head said.Despite the challenges it

faces, Mr. Coxhead said LSC’slogistics services and its abilityto distribute printed materialsacross the U.S. remain valuableto customers. The companysaid it has about 15,800 full andpart-time employees.

The U.S. Centers for DiseaseControl and Prevention recentlyinstructed vendors to use LSC’slogistics services to deliver 100million postcards as part of theagency’s efforts to inform peo-ple about Covid-19, Mr. Cox-head said.

The Chicago company said ithas received commitments for

$100 million in debtor-in-pos-session financing from some ofits revolving lenders, which willbe used to fund the its opera-tions while in chapter 11. Bankof America Corp. is serving asagent and lead arranger on thefinancing, court papers say.

Quad/Graphics in late 2018agreed to buy LSC in a deal val-ued at about $1.4 billion, butthe Justice Department lastyear sued to block the transac-tion, saying the combination ofthe two large magazine-and-catalog printers would hindercompetition and enable themerged company to dominatethe printing market.

LSC Communications Inc.filed for chapter 11 bankruptcyon Monday as the printing andmailing distribution companycontinues to struggle followingits failed union last year withQuad/Graphics Inc.

LSC said the filing, in theU.S. Bankruptcy Court in NewYork, follows a comprehensiveevaluation of opportunities toreduce its debt, adding that itis in talks with its lenders onstrategic alternatives and theterms of a potential financialrestructuring plan.

BY JONATHAN RANDLESAND COLIN KELLAHER

Printing Firm LSC Files for Chapter 11

has hired Lazard Ltd. andKirkland & Ellis LLP as finan-cial adviser and legal counsel,respectively, the people said.

A group of FTS bondholdershas hired the law firm DavisPolk & Wardwell LLP, the peo-ple said.

Representatives of FTS, La-zard, Kirkland, and Davis Polkdidn’t respond to requests forcomment.

FTS said last month thatmany of its customers were

canceling projects due to the“unprecedented conditions inthe oil market.” The companysaid it was furloughing crews,cutting executive salaries by25% on top of a 15% reductionalready set for this year, andsuspending bonuses for cer-tain employees.

Fuel consumption hasdropped sharply because ofthe pandemic and the industrytook another body blow whena price war erupted between

Saudi Arabia and Russia.Energy prices ticked up

slightly Monday after 23 oil-producing nations, includingthe U.S., struck a deal over theweekend to limit production.But crude prices are still de-pressed, with West Texas In-termediate crude still tradingin the low $20s per barrel,largely due to the pandemic’simpact on global demand.

The harsh environment forenergy companies has led

many drillers to shut downeven producing wells becausethere are few or no buyers fortheir output.

FTS, which operates in thefive most well-known shalebasins in the U.S., counts ma-jor producers such as Ana-darko Petroleum Corp, a sub-sidiary of OccidentalPetroleum Corp., and Dia-mondback Energy Inc. amongits customers.

Occidental said in March

that it would reduce 2020 cap-ital spending by about 47% toa range of $2.7 billion to $2.9billion due to low commodityprices.

FTS is carrying about $460million in funded debt, whichincludes $375 million owed tobondholders. The bonds,which mature in 2022, weretrading at 28 cents on the dol-lar Monday, down from 68 inearly March, according toMarketAxess.

Hydraulic fracturing com-pany FTS International Inc.has engaged restructuring ad-visers to help navigate thethreat to its balance sheetcaused by the slump in com-modity prices amid the coro-navirus pandemic, said peoplefamiliar with the matter.

FTS, which provides shaledrilling and well completionservices for energy companies,

BY ALEXANDER GLADSTONE

Fracking Company FTS International Hires Restructuring Advisers

aging director at GSO.The combination of rela-

tively low risk and relativelyhigh need for capital puts Al-nylam in the sweet spot forBlackstone Life Sciences, abusiness line the private-eq-uity firm launched in the fallof 2018 when it purchased Mr.Galakatos’s investment firmClarus.

In February 2019, Black-stone Life Sciences invested$250 million in a joint venturewith Novartis AG to developdrugs to treat blood clots.

In November, the unit con-tributed $400 million to ajoint venture with FerringPharmaceuticals Inc. to de-velop and market a gene ther-apy to treat bladder cancer.

A regulatory filing in Janu-ary showed that the life-sci-ences unit had raised $3.4 bil-lion so far of the $4.6 billion itis targeting for a new fund.

Blackstone Group, whichhad $571 billion in assets un-der management at the end of2019, is counting on such ini-tiatives, along with growth in-vesting, insurance and infra-structure, to help it achieve itsgoal of reaching $1 trillion inassets by 2026.

Blackstone, under Chief Ex-ecutive Stephen Schwarzman,had about $150 billion in un-spent cash to do deals as ofthe end of last year.

Based in Cambridge, Mass.,Alnylam was founded in 2002and went public in 2004.

It designs its drugs using atechnology called RNA inter-ference, which intercepts dis-ease-causing proteins.

“With this capital infusion,we can now get to profitabilitywithout the drip, drip, drip ofequity dilution,” Alnylam ChiefExecutive John Maraganoresaid.

Blackstone Group Inc. isinvesting $2 billion in Al-nylam Pharmaceuticals Inc.through a combination of eq-uity and debt, giving the bio-tech company the cash itneeds to bring more of itsproducts to market.

The biggest piece of thedeal, announced Monday, con-sists of a $1 billion investmentled by Blackstone Life Sciencesto purchase up to 10% of thefuture total royalties of incli-siran, a drug to treat high cho-lesterol.

The life-sciences unit willalso invest up to $150 millionin the development of twoother Alnylam drugs.

On top of that, Blackstonecredit arm GSO Capital Part-ners is providing Alnylam witha term loan of up to $750 mil-lion, and Blackstone is buying$100 million of the company’snewly issued stock.

The deal gives Alnylam, apublicly traded company witha market capitalization ofaround $13 billion, the fire-power to move through thecostly phase of bringing late-stage drugs to market.

With Blackstone receiving arelatively small amount ofstock, Alnylam avoids signifi-cantly diluting its existingshareholders.

“We’re using our domainexpertise, together with ourscale, to solve a unique prob-lem for Alnylam, while ad-vancing potentially game-changing treatments forpatients,” said NicholasGalakatos, head of BlackstoneLife Sciences.

Inclisiran is designed to beadministered as a semiannualinjection for patients withhigh cholesterol for whom tra-ditional cholesterol drugs ha-ven’t been effective.

The companies expect toreceive approval from theFood and Drug Administrationin the fourth quarter and fromEuropean regulators in the fol-lowing quarter.

The loan component of thedeal is noteworthy both for itssize and because biotech com-panies with unproven drugsand uncertain cash flow areoften considered too risky formany lenders.

Alnylam was unique be-cause it has two drugs alreadyon the market and a manufac-turing facility, in addition tothe new cholesterol drug, saidBrad Marshall, a senior man-

BY MIRIAM GOTTFRIED

Blackstone BetsOn Biotechnology

Anthony Scaramucci’s Sky-Bridge Capital LLC was hit byheavy losses in March from abig bet on debt investmentsand now is considering possiblesteps after some of its hedge-fund managers prevented Sky-Bridge and other clients fromwithdrawing their money.

New York-based SkyBridgeinvests billions of dollars inhedge funds for wealthy clients.The firm lost 22.5% in March inits flagship fund, according toan investor document reviewedby The Wall Street Journal. Forthe year, the fund is down 21.9%through March. Some of thosehedge funds have blocked Sky-Bridge and other investors fromwithdrawing money as theygrapple with redemption pres-sures or less liquid markets.

SkyBridge has been helpedas some debt markets have re-

BY JULIET CHUNGAND GREGORY ZUCKERMAN

bounded in recent days. Manyof the firm’s clients rely onguidance from financial advis-ers, who tend to be more pa-tient than big institutions, saidanother fund-of-funds manager.That suggests SkyBridge couldbe granted time to stage a re-bound.

Still, the pressure is amongthe most imposing Mr. Scara-mucci and SkyBridge havefaced.

A former Goldman SachsGroup Inc. broker, “The Mooch”has long been a prominentvoice in the hedge-fund indus-try. In 2017, he gained a na-tional platform as the WhiteHouse’s director of communica-tions. That ended after only 10days on the job, after the NewYorker magazine published anexpletive-filled interview withhim in which he attacked othertop staffers in the White House.

Mr. Scaramucci subsequentlyreturned to SkyBridge, whichmanaged $5.9 billion at the endof January.

A managing partner at Sky-Bridge, he regularly makes me-dia appearances to discussmarkets, the economy and hiscritique of the Trump adminis-

tration.SkyBridge representatives

have raised the possibility oflawsuits against some of thehedge funds they have investedin, said people familiar with thefirm. A representative for Sky-Bridge said the firm hasn’tmade any legal threats.

SkyBridge doesn’t yet knowhow much money, if any, its cli-ents will withdraw because ofits March losses. Clients whowant to redeem must notifySkyBridge by later this month ifthey want to redeem at the

next possible redemption pe-riod at the end of June. Clientscould also instead invest in thefund, hoping for a rebound.

In 2016, SkyBridge’s mainproduct, called Series G, made abig wager on hedge funds thatinvest in so-called structuredcredit, or securities with claimson streams of cash flows, suchas mortgages, credit cards andcorporate loans. The moveproved profitable, helping Sky-Bridge grow in size over thepast few years.

At the end of February of

this year, Series G had investedmore than $4.8 billion in hedgefunds on behalf of wealthy cli-ents.

The fund was in positive ter-ritory for the year at that time,according to a client communi-cation.

But in March, the value ofcredit-related investments col-lapsed as investors fled low-rated debt amid worries thecoronavirus pandemic wouldcrush consumers and otherborrowers.

Some of those markets suf-fered from limited trading. Thetroubles caused steep losses fora wide swath of funds in Sky-Bridge’s portfolio, partly be-cause a number of them usedleverage, or borrowed money,to juice their returns. Thatforced many of the funds toscramble to meet margin callsfrom lenders.

Angelo Gordon’s AG Mort-gage Value Partners fund, oneof Series G’s biggest invest-ments, was down 31% for themonth.

Another SkyBridge invest-ment, Metacapital Manage-ment LP, lost more than 50% inMarch in one fund SkyBridge is

invested in and was selling as-sets in recent weeks to meetmargin calls, according to peo-ple familiar with the firm.

Some funds SkyBridge in-vested in, including the EJFDebt Opportunities fund, Med-alist Partners Harvest Fund andMetacapital Mortgage Opportu-nities Fund, recently told Sky-Bridge and other clients theywouldn’t be able to withdrawtheir money.

Another firm with SkyBridgemoney, Hildene Capital Man-agement, is restructuring twofunds into different shareclasses, letting clients choosehow quickly to get their cashback.

Suspending redemptions isunpopular with clients but fundmanagers argue it can lead tobetter returns over the longrun by avoiding forced selling.

SkyBridge also was hit bythe returns of some funds thatdon’t invest in credit. JD Capi-tal Management’s Tempo Vola-tility Fund, a relative-value vol-atility fund, lost 75% or morefor the month.

“It’s a battle for all of us,”said a hedge-fund manager whoinvests in structured credit.

SkyBridge Capital Hurt by Credit CollapseScaramucci’s fundcompany was blockedfrom withdrawingcash amid margin calls

The company has shut five of its seven U.S. die-casting facilities because of coronavirus fallout. Parts of Whirlpool KitchenAid mixers.

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Anthony Scaramucci has long been a prominent voice in the industry.

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The company’s chief executive,Stephen Schwarzman.

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P2JW105000-4-B01000-1--------XA

THEWALL STREET JOURNAL. * * * * * Tuesday, April 14, 2020 | B11

AUCTIONRESULTSHere are the results ofMonday's Treasury auctions.All bids are awarded at a single price at themarket-clearing yield. Rates are determined by the differencebetween that price and the face value.

13-Week 26-WeekApplications $181,489,944,900 $152,001,294,700Accepted bids $62,014,661,900 $52,223,075,200" noncomp $613,322,400 $395,096,000" foreign noncomp $367,000,000 $589,000,000Auction price (rate) 99.929222 99.853389

(0.280%) (0.290%)0.284% 0.294%

Bids at clearing yield accepted 74.34% 40.13%912796SZ3 9127962R9

Both issues are datedApril 16, 2020. The 13-week billsmature on July 16, 2020; the 26-week billsmature onOct. 15, 2020.

probably not prepared for theweakness in the data and,probably, the duration of theweakness in the data,” saidSameer Samana, senior globalmarket strategist for WellsFargo Investment Institute.

Investors have also beenconcerned that a too-speedyend to lockdown measures inthe U.S. and elsewhere maylead to a second wave of infec-tions as calls for easing restric-tions gain momentum. Someofficials in President Trump’sadministration have suggestedreopening the U.S. economy byMay 1 by allowing some busi-ness activity to resume.

The U.S. leads the world innumber of confirmed cases,with more than 550,000 infec-tions and more than 21,700 fa-talities. Globally, the number ofconfirmed coronavirus casestopped 1.8 million on Sunday.

The yield on the 10-yearU.S. Treasury note ticked up to0.749% from 0.722% Friday.Meanwhile, gold prices settled

draft press release.Specific details have yet to

be disclosed, includingwhether the U.S. would makeadditional cuts beyond itscommitment to compensatefor shortfalls in Mexico’s out-put reduction and how the U.S.cuts would be implemented.

While the accord is aimedat curbing the glut in oil sup-plies and preventing a furthercrash in crude prices, tradersremain concerned that a pro-tracted recession in manyparts of the world will weighheavily on demand for oil.Amid travel restrictions and ahalt in business activity, oil

consumption is expected tofall as much as 30 million bar-rels a day this month.

The agreement “unfortu-nately will fall well short ofstabilizing oil markets,” Ed-ward Moya, a senior marketanalyst for foreign-exchangebroker Oanda, wrote in a note.“The number of holes in thisproduction-cut deal will makeit hard for anyone to feel con-fident that a firm bottom is inplace.”

At midday Tuesday in To-kyo, the Nikkei and South Ko-rea’s Kospi were each up 1.9%.Dow Jones and S&P 500 fu-tures were up about 1%.

The S&P 500’s financial sec-tor underperformed the broadermarket, falling 3.6%. The groupis among the worst performersin the index this year.

Almost 300 companies havewithdrawn their financialguidance and about 175 com-panies have suspended stockbuybacks or cut their divi-dend, according to a WallStreet Journal analysis of thebiggest 1,500 public compa-nies in the U.S. A record 17million people have claimedunemployment benefits as thelockdown spurred a wave oflayoffs and furloughs.

“We think markets are

ContinuedfrompageB1

S&P FallsAhead ofEarnings

at the highest value since No-vember 2012. Oil prices wa-vered. Brent crude, the globalgauge for crude prices, tickedup 0.8% to $31.74 a barrel af-ter falling earlier in the ses-sion. It remains down 52% thisyear. Saudi Arabia, Russia andthe U.S. agreed to lead a dealto collectively withhold fromthe market more than 13% ofworld production.

Combined with existingsanctions on Iran and Venezu-ela and outages in hot spotssuch as Libya, the measurescould help withhold 20 millionbarrels a day of supplies fromthe market, OPEC said in the

day Sunday but said in a draftpress release that the deal andother production outages couldend up withholding 20 millionbarrels a day of supplies fromthe market.

While the deal puts an endto a weekslong conflict be-tween Saudi Arabia and Russiathat was increasing supply asdemand tumbled, analysts saidit still doesn’t come close tomatching the drop in fuel con-sumption. Estimates for theloss in global oil demand con-

tinue rising into the tens ofmillions of barrels a day, withsome approximations now be-tween 25 million and 35 mil-lion barrels a day.

“While these cuts are sig-nificant, there is still a sizablesurplus expected over the sec-ond quarter,” ING analystssaid in a note.

Many investors are also un-sure when the U.S. and othercountries will lift lockdownmeasures put in place to stopthe pandemic, potentially lim-

iting any oil rebound movingforward. Still, analysts saidsupply cuts should help oilprices and the energy sectorrecover once the world econ-omy restarts and demandpicks back up. Many producersaround the world have alreadybeen forced to curb spendingor shut in existing wells, alsocontributing to a drop in sup-ply that could help balance themarket in the future.

“Alongside the oil indus-try’s steepest-ever capital

spending cuts, 2021 is shapingup to be very bullish for oilprices,” Raymond James ana-lysts said in a note.

Elsewhere in commoditiesMonday, most-active copper fu-tures rose 1.9% to $2.3025 apound, paring some of their2020 losses. Demand for the in-dustrial metal crucial to manu-facturing has also fallen withthe pandemic battering the Chi-nese economy early in the year.China is the world’s largestconsumer of raw materials.

is looking at how many com-panies are trading above orbelow their own 200-day mov-ing averages. That is an indi-cator favored by J.C. Parets,chief market strategist of re-

MARKETS

Koos, who runs LibertasWealth Management Group, aninvestment firm in Columbus,Ohio, with about $68 millionin assets under management.

Mr. Koos says he plugs 13different technical indicatorsinto four trading models. Nineof the indicators measurebreadth—or how many stocksand sectors are moving up ordown—and the others focuson price. Optuma, the programhe uses, alerts him when theyhit specific levels that indicatethe time to buy or sell.

Based on those technicals,he says he hasn’t been swayedby the market’s recent gains.

One key price indicator thatMr. Koos and other traderswatch to gauge whether themarket is a longer-term up-swing or downturn is the S&P500’s relation to its 200-daymoving average. At about2762, the index is still well be-low the current 200-day mov-ing average of 3015.

A variation on that measure

search-firm All Star Charts.Currently, only 12% of the

companies listed on the NewYork Stock Exchange are trad-ing above those levels—a signthat the market is still in adowntrend, despite its recentgains. A number that wouldsuggest the market has bot-tomed and is entering a newupswing would be around 15%,Mr. Parets said.

Although the major stockindexes have retraced abouthalf of their February-to-March losses, Frank Cappel-leri, executive director of bro-kerage Instinet, agrees themarket still doesn’t lookhealthy from a technicalstandpoint.

Mr. Cappelleri, who writesdaily trading reports that areheavy on technical analysis,says the most important mar-ket indicator right now isfairly obvious: The first signthat the stock market isthrough the worst of its selloffwill be when its massive daily

swings moderate.As encouraging as the re-

cent gains have been for inves-tors, big daily moves are ahallmark of stressed and bearmarkets, he said.

The market’s moves lastweek illustrate his point. LastMonday’s 7.7% gain for the DowJones Industrial Average wasits 28th consecutive swing—higher or lower—of at least0.5%. That was the longestsuch run since October 1931.

Although the streak wasbroken Tuesday when the Dowslipped 0.1%, it was hardly aquiet day. The index had risenas much as 4.1% earlier in thesession, before giving up itsgains. The Dow staged big re-bounds Wednesday and Thurs-day to end the holiday-short-ened week, then fell 1.4%Monday.

“Until you see less of thoseswings on both sides, you haveto be suspect of the overallprice action,” Mr. Cappellerisaid.

Stock investors are begin-ning to act like the worst isover in the coronavirus-fueledmarket rout. Those who relyon technical analysis say thereis likely more pain ahead.

These investors buy andsell stocks based on markettrends, chart patterns and of-ten obscure indicators. Anddespite the market’s recentbounce off its late March lows,many of them remain skepticalabout the outlook for stocks.

That is because some of theindicators they watch, from200-day moving averages tothe more complex BollingerBands and Fibonacci retrace-ments, suggest the market isstill under stress. The S&P 500is down about 18% from itsFeb. 19 record, after rallying23% from its March 23 low.

“Nothing in my toolbox,price indicators or breadth in-dicators, shows a single posi-tive indicator,” said Adam

BY PAUL VIGNA

Stock Models Point to More StressThe S&P 500 remains below its200-daymoving averagedespite a recent rally from its2020 low.

Source: FactSet

3500

2000

2500

3000

J F M A

200-daymoving average

U.S. crude-oil pared an ear-lier advance and closed lowerMonday, a sign of skepticismthat global supply cuts will beenough to offset plunging fueldemand.

Crude futures ended theday down 1.5% at $22.41 a bar-

rel on theNew YorkMercantile

Exchange in volatile trading.While they have reboundedfrom a recent 18-year low,prices have still crashed 63%this year, with the coronaviruspandemic stalling global traveland crunching fuel consump-tion around the world. Brentcrude, the global gauge of oilprices, ended the day up 0.8%at $31.74 a barrel on the Inter-continental Exchange.

Monday’s swings came after23 countries led by Saudi Ara-bia, Russia and the U.S. agreedover the weekend to withhold9.7 million barrels a day of oilfrom global markets. The dealcame after President Trumpintervened to help resolve aclash between Saudi Arabiaand Mexico that threatened tojeopardize the historic agree-ment. The U.S. has never beenso critical to such a globalsupply accord.

Mr. Trump said on TwitterMonday that OPEC and alliesare actually working to remove20 million barrels a day of sup-ply from global markets, ratherthan the 10 million barrels-a-day figure “that is generally be-ing reported.” OPEC officiallyannounced the supply cutswould be 9.7 million barrels a

BY AMRITH RAMKUMAR

U.S. Oil Traders Doubt Supply Cuts Enough

COMMODITIES

Countries led by Saudi Arabia, Russia and the U.S. agreed over the weekend to withhold 9.7 million barrels a day of oil from global markets.

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Citigroup

Wells Fargo

KBWNasdaqBank Index

Bank of America

JPMorgan Chase

Morgan Stanley

GoldmanSachs

-40% -30 -20 -10 0

Share-price and index performance, year to date

Source: FactSet

The U.S. leads the world in the number of confirmed cases of the coronavirus.

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Citing improved money-market conditions, the FederalReserve Bank of New York saidMonday it will soon ease backon operations designed to addshort-term liquidity to finan-cial markets.

The bank made its an-nouncement in a statementthat laid out a modified sched-ule of its repurchase agreementoperations, or repos. These in-terventions take in Treasurys,mortgages and agency securi-ties from eligible banks andbroker-dealers in exchange forde facto loans of cash.

The Fed had relied heavilyon repo interventions as thecoronavirus crisis worsenedand markets came unglued,and it announced operationsthat would have lent trillionsto banks, although the finan-cial firms never took the Fedup on it.

The Fed said it is paringback its longer-term opera-tions over the next month “inlight of more stable repo mar-ket conditions.” Starting onMay 4, it will do an overnightrepo each morning, but nolonger offer one in the after-noon. It will also now offer athree-month repo once everytwo weeks, rather than once aweek. It will continue to offera one-month repo once aweek. All operations will havea $500 billion cap.

The Fed also said it remainsflexible with its repo opera-tions.

BY MICHAEL S. DERBY

U.S. Treasury yields edgedhigher on Monday, supportedby a global agreement to cutoil production and signs thatthe coronavirus outbreak maybe nearing a peak in the U.S.

The yield on the benchmark10-year Treasury closed at

0.749%, accordingto Tradeweb,compared with0.722% at Thurs-

day’s close. The 30-year yieldsettled at 1.392% Monday—itshighest level since March 26—up from 1.348% on Thursday.

Yields rose early in the ses-sion after 34 countries led bySaudi Arabia, Russia, and theU.S. agreed over the weekendto withhold 9.7 million barrelsa day from global markets,ending a production feud thathad weighed on oil prices andshares of energy companies.

Crude prices fell on Mon-day, a sign many investors re-main skeptical the cuts willoffset plunging fuel demand.

Yields then fell along withstocks for much of the session,before climbing anew afterNew York Gov. Andrew Cuomosaid hospitalizations related tothe coronavirus appeared tobe flattening and the worstmay be over for the state.

On Monday, Mr. Cuomo,along with the governors ofNew Jersey, Connecticut,Pennsylvania, Rhode Islandand Delaware, announced a co-ordinated effort to reopen theregional economy.

“The [Treasury] market willkeep a close eye on the pro-gression of the virus for direc-tion,” said TD Securities ana-lysts in a note.

The WSJ Dollar Index,which measures the U.S. cur-rency against 16 others, fellless than 0.1% to 93.47. The in-dex is up 3.90 points, or 4.4%,this year.

BY SEBASTIAN PELLEJERO

TreasuryYieldsRiseOnHeelsofCrudePact

CREDITMARKETS

Fed to PareSupport forFinancialMarkets

P2JW105000-5-B01100-1--------XA

B12 | Tuesday, April 14, 2020 THEWALL STREET JOURNAL.

Investors Shouldn’t Dump MatchThe online-dating giant will likely see a boost from pent-up demand as social-distancing rules abate

In Michael Lewis’s “The BigShort,” fund manager Steve Eismannotes the irony while rating-agencyanalysts would love to work at abig investment bank like GoldmanSachs, a belated rating-agencydowngrade has far more impact ona blue-chip stock like General Elec-tric than that of a stock analyst.

That observation is worth re-membering this week following adowngrade of GE by Fitch Ratings.

About 12 years after the finan-cial crisis, some astute equity ana-lysts have been warning about howuniquely exposed GE is to the cur-rent crisis. Through Friday, theshares had risen about 18% fromtheir recent low but fell by 1.7%Monday. Also, GE announced onMonday that it is tendering forvarious debt instruments maturingthrough 2024 and issuing new, lon-ger-term debt. Chief Executive Of-ficer Larry Culp noted that the net$20 billion received for the sale ofGE’s biopharma unit aids the com-pany’s liquidity position.

It does, but much else has gonewrong this year. For one, the col-lapse in air travel threatens theone remaining cash cow at thecompany: aviation. Another, pointsout analyst John Inch of GordonHaskett, is that the collapse in in-terest rates will add to the com-pany’s pension shortfall and anyfunding gap at GE’s troubled long-term-care-insurance portfolio.company pulled its earnings guid-ance for the full year.

While the company has retaineda low investment-grade rating andMr. Inch doesn’t see liquidity prob-lems given the large credit facili-ties at its disposal, he still thinksGE could be forced to raise equityat these depressed share prices.

GE appeared to be turning thecorner last year, but it was clearthat its recovery depended on theglobal economic expansion lasting.Not only has that recovery shud-dered to a halt, but the specificconditions—a crisis impactingtravel, energy and interest rates—are about as bad as they couldhave been for GE.

—Spencer Jakab

GE’sDowngradeIs Overdue,Too Mild

Company is exposed inmany ways to virus

There is a philosophical debateabout whether U.S. banks shouldstop paying dividends. It may bemath that settles the question.

Some observers view dividendcuts as a bearish signal that thepostcrisis regulatory regime is in-adequate; others see them as a pru-dent measure to preserve capital.

But whether the cuts are strictlyeconomically necessary may be in-formed by the quarterly numbersthat begin rolling in this week. Al-ready, big U.S. banks have cut thebulk of their shareholder distribu-tions by suspending buybacks.While some large European bankshave suspended dividends as well,their U.S. counterparts’ move tohalt only buybacks was also quitesubstantial: Large U.S. banks’ me-dian payout ratio went from 135%of expected 2020 earnings to about45%, according to Autonomous Re-search. Meanwhile, large Europeanbanks’ median ratio started atabout 45%, which was almost en-tirely in the form of dividends.

How much banks will have to setaside for credit losses and newloans already made will go a longway to determine whether more is

needed. For perspective, adding2019 buybacks to capital for thebiggest U.S. banks would haveraised their core equity capital ra-tios by more than 1 percentagepoint based on last year’s results,according to S&P Global Market In-telligence data. Adding dividendswould have increased them by an-other roughly half a point.

Meanwhile, analysts at Goldman

Sachs Group estimate that banks ina severe recession could build re-serves in commercial and consumerlending that would reduce theircore equity capital ratios by morethan 2 percentage points in 2020.And that is before considering howbanks’ capital ratios would also belowered due to balance-sheetgrowth, as consumers and busi-nesses draw on credit lines.

Bigger balance sheets also gener-ate more revenue. Also, the biggestbanks already carry a point or twomore of capital than is needed un-der minimum ratios, known as amanagement buffer. The FederalReserve has urged banks to usetheir buffers if necessary.

Investors should be keepingtrack of the balance of all thesecapital-ratio debits and credits. Un-der Fed guidelines, when banks fallbelow their capital minimums, theirpayouts become increasingly lim-ited as a percentage of past in-come. It may be unlikely that bankshave already breached those levelsin the first quarter, but after theresults, it will at least be clearer toinvestors how much cushion therereally is. —Telis Demos

U.S. banks’ profits and dividends

Source: Federal Deposit Insurance Corp.

$250

0

50

100

150

200

billion

2000 ’05 ’10 ’15 ’19

Net income Cash dividends

Many consumers are at home with more time to interact with dating apps.

ANDRE

WHARR

ER/B

LOOMBE

RGNEW

S

GeneralElectric

Baker Hughes

S&P 500

Index and share-price performance,year to date

Source: FactSet

20

–60

–40

–20

0

%

Jan. Feb. March April

As if Zoom Video Communica-tions didn’t have enough troubles,now it has the world’s most valu-able company breathing down itsneck.

Twice last week, Microsoft is-sued statements touting the popu-larity of its Teams collaborationplatform for meetings and videocalls. The company said Thursdayit hit a daily record of 2.7 billionmeeting minutes on March 31, up200% from two weeks prior. Thecompany also said total video callsover the platform grew more than1,000% during the month ofMarch. That came three days afterMicrosoft boasted of the securityof videoconferencing in Teams.

Microsoft never mentions Zoomin its statements. But the corona-virus pandemic has made the pop-ular videoconferencing service ahousehold name—and the one forall competitors to beat. Microsoftalso picked a time in which Zoomlooked particularly vulnerable. Thestatement on Team’s security fea-tures came just days after ZoomChief Executive Eric Yuan publiclyadmitted to having “really messedup” in his handling of securityconcerns. Brad Zelnick of CreditSuisse downgraded Zoom to anequivalent of a sell rating, citing in

part security concerns along withthe stock’s high valuation. Henoted that Microsoft Teams “re-mains the most significant com-petitive threat” over the longerterm.

Zoom, for its part, considersMicrosoft both an important dis-tribution channel as well as a com-petitor, based on the company’s10k filing last month. That is be-cause many users of Teams alsouse Zoom for videoconferencing.Mr. Yuan is also aggressively try-

ing to repair Zoom’s image. Amongother changes announced lastweek, Zoom hired former Face-book security head Alex Stamos asan outside adviser. Mr. Stamos hasbeen a frequent critic of his for-mer employer and other big technames—including Zoom—over is-sues of privacy and security.

Politely trolling the competitionis nothing new for Microsoft. Thecompany’s frequent boasts ofTeams’ user count often come atthe expense of Slack Technolo-gies, another key competitor. Anupdate from Microsoft in Novem-ber about Teams passing 20 mil-lion daily active users took Slackshares down 8% in one day.

But Microsoft isn’t above takinga page from its competitors either.In its post Thursday, the companyannounced the ability to add cus-tom backgrounds to Teams meet-ings. And a Microsoft executivetold the Verge that the company isworking on allowing more thanfour people at once on the screenof a Teams call. Both moves mimictwo of Zoom’s most well-knownfeatures; the company has offereda “Brady Bunch” gallery view in itsmeetings since 2013. Imitation, notintimidation, is the sincerest formof flattery. —Dan Gallagher

Earnings May Give Clues on Bank DividendsOVERHEARDAlleviating the boredom

caused by the coronavirus cri-sis is a major challenge. Onlinesports books deserve an Afor effort.

Those businesses are tryingto make do without the abilityto bet on popular sports: U.S.leagues such as the NBA andNHL have closed indefinitely.Online betting site Bovada hasshifted into videogames, allow-ing punters to wager on elec-tronic simulations of the realthing. “Looking for somethingto do during lunch? Check outthe @nyjets vs @Giants atnoon!” read one message fromthe company’s Twitter accounton Monday (The Giants are fa-vored by 3.5 points, and thegame will be simulated in rainyweather.)

For fans who crave the realthing, there is still Russianhockey to bet on. Per the Bo-vada website, Rakety was setto face Boeyve Lisy on Monday.

Donald Trump’s legendary deal-making ability during his years asa real-estate mogul is more fan-tasy than reality, but the presidentoutdid himself in this weekend’shigh-stakes oil diplomacy. Afterseveral near-collapses 23 coun-tries, including the U.S., collec-tively pledged to curtail oil outputby perhaps 15 million barrelsa day.

The most impressive aspect ofthe deal, from the U.S. perspective,is that Mr. Trump got somethingfor hardly anything. Much of thevoluntary cutting will be done bymembers of the Organization ofthe Petroleum Exporting Countriesand their nonmember allies—some9.7 million barrels a day. The re-mainder mostly seems to be out-put that would have been lost any-way from high-cost sources suchas U.S. shale, Canada’s oil sandsand offshore Brazilian fields. Bypledging to make up some 250,000barrels a day of cuts demanded ofOPEC+ member Mexico with U.S.reductions, a face-saving agree-ment was sealed.

In the short-term, the cutswon’t be quite enough to soak upan unprecedented collapse in de-mand as a result of the coronavi-rus pandemic. What they can do isprevent an even worse collapse inspot prices and surge in invento-ries. Without an agreement, bar-rels in parts of North Americawere headed for the low singledigits within weeks.

But Mr. Trump also overprom-ised to his domestic audience byclaiming on Twitter that the dealwould “save hundreds of thou-sands of energy jobs in the U.S.” Iflockdowns remain in place, then itwon’t, as prices remain too low forfresh investment in shale produc-tion or infrastructure. And if theworld starts to get back to normallater this year, then jobs still prob-ably won’t be saved either, asSaudi Arabia, Russia and otherscan restore output to fill the vac-uum left by shale.

Yes, prices certainly will behigher than they might have been,helping the bottom lines of U.S.energy companies and alleviating achaotic physical crude glut. So thedeal is no panacea, but by gettingothers to agree to absorb theshort-term cost, it is artful.

—Spencer Jakab

People enjoying a virtual happy hour.

OLIVIERDOULIER

Y/AGEN

CEFR

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SSE/GET

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AGES

The past few months, it seems asif investors have been dumped fromall angles.

The list of consumer-internetcompanies that have recently pulledguidance for the year is lengthy andgrowing as businesses have closed,ad budgets have evaporated andconsumers hold on for dear life todiscretionary funds they have left.

Like many of its internet peers,shares of online-dating giant MatchGroup Inc. fell precipitously throughmid-March as investors feared userswould abandon subscriptions in theface of lockdowns. But despite ahighly dynamic economic backdrop,the quest for love endures. Matchcould be a relatively stable suitorfor jaded investors looking to getback in the game.

In an investor update on March31, Match didn’t pull first-quarterguidance like many of its peers did,though it did note results wouldlikely be around the low end ofranges it previously shared. Andwhile the company also said it couldbe challenging to boost revenue se-quentially in the second quarter, itstill expects to show year-over-yeargrowth.

Social distancing certainly hasput a damper on dating “IRL,” butmany consumers are now at homewith more time to interact with on-line-dating apps. So while Matchcited weakness in users over the ageof 30 coming to its platforms lately,it also said the coronavirus out-breaks have brought an increase inconversations to Tinder, which ca-ters to a younger crowd. Match saidthe length of conversations on Tin-der is up anywhere from 10% to 30%in many countries. Tinder accountedfor 56% of Match’s revenue in 2019.

Match also said earlier thismonth that relationship-focused appHinge has seen a 30% increase inmessages in March compared withJanuary and February. Bullish inves-tors have been banking on Hinge,which Match acquired last year, toadd a new leg of growth to theMatch story in 2020.

A recent survey from Jefferieshighlighted growth opportunitiesacross Match’s portfolio. The surveyshowed that while just 13% of dat-ing-app users say they already payfor services that increase theirchances of finding a match, 47%said they were likely to pay forthose services in the future.

Citi Research analyst NicholasJones said Match should grow, evenin a recessionary environment, asevidenced by online dating’s in-creasing popularity in the U.K. dur-ing the 2008 financial crisis. Themajority of Match’s revenue is gen-erated through recurring subscrip-tion fees, which its parent companyIAC/InterActiveCorp has said canendure longer relative to ad-basedmodels in a recessionary environ-ment. Mr. Jones said “pent-up de-mand” should lead to a V-shaped re-covery for Match as social-distancing regulations abate.

Shares of Match are currentlytrading below 8 times forward reve-

nue—a significant discount to highsof around 11 times over the pastyear. Match does face some near-term risk in its planned spinoff fromIAC, expected to be completed inthe second quarter. Although thiscould result in some immediate sell-ing, Match said it has seen in-creased buying activity this yearfrom many of its long-term-orientedinvestors.

Post-spin, it seems likely thatMatch could emerge from the pan-demic even stronger, with now-quarantined singles desperate tomingle. As Jefferies analyst BrentThill concludes, there is “no reces-sion in love.” —Laura Forman

Microsoft Isn’t Cutting Zoom Any SlackTheArt ofTheOilDealCan’tEnsureEnergy Jobs

HEARD ONTHESTREET

FINANCIAL ANALYSIS & COMMENTARY

Sources: the companies

Tinder’s quarterlyaverage subscribers

Match’s quarterly averagerevenue per user

5

0

1

2

3

4

million

’18 ’192017

$0.50

0

0.25

’18 ’192017

P2JW105000-0-B01200-2--------XA