The Wall Street Journal - 14 12 2020

2020·18.54 MB·English

ADVERTISEMENT
Meet our new, easy-to-use
trading platform: thinkorswim® Web.
LearnmoreonpageR18.
****** MONDAY, DECEMBER 14, 2020 ~ VOL. CCLXXVI NO. 140 WSJ.com HHHH $4.00
Lastweek: DJIA 30046.37 g171.89 0.6% NASDAQ 12377.87 g0.7% STOXX600 390.12 g1.0% 10-YR.TREASURY À 23/32, yield0.892% OIL $46.57 À$0.31 EURO $1.2112 YEN 104.02
Pfizer Begins
What’s
News
Mass Shipping
Business&Finance Of Vaccines
Valuationsofrecent
IPOsareattheirhigh-
estlevelssincethedot-com TrucksfilledwithCovid-19 thecountry.
bubble,relativetothecom- vaccine vials pulled out of To work, every one of the
panies’revenue,sparking PfizerInc.’sKalamazoo,Mich., manyandcomplicatedlinksof
concernsamonginvestors production plant on Sunday thechainhastohold.
abouttheleveloffroth.A1 morning, part of one of the Inthetrucksthatheadedto
largest mass mobilizations airportsanddistributionhubs,
(cid:2)AstraZenecaagreedto
since the country’s factories specially designed containers
buyBoston-basedAlexion
wererepurposedtohelpfight equipped with sensors moni-
for$39billion,amove
WorldWarII. tored location, temperature,
thatwouldbolsterthe
light exposure and unusual
Britishdruggiant’sfoot-
BySarahKrouse, jolting. Inside, dry ice sand-
printinrarediseases.B1
JaredS.Hopkinsand wichedthousandsofdosesof
(cid:2)Asmallbutprominentros- AnnaWildeMathews BNT162b2,thescientificname
teroftechfirmsandinves- oftheCovid-19vaccine.
torsisleavingtheSanFran- Theefforttovaccinatethe “ThebiggestconcernthatI
ciscoBayareaasthehubhas nationreliesonchemists,fac- have is not that we don’t
strainedtoabsorbthetorrid toryworkers,truckdrivers,pi- know what to do. We have
growthofthetechsector.B1 lots, data scientists, bureau- contingencyplansinplacefor
crats,pharmacistsandhealth- just about everything,” said
(cid:2)Elliotthasbuiltasignifi-
care workers. It requires Shawn Seamans, a senior ex-
cantstakeinPublicStorage
ultracold freezers, dry ice, ecutiveinchargeoftheCovid
andprivatelynominated
needles,masksandswabscon- vaccine distribution program
sixdirectorstotheself-
verging simultaneously at at McKesson Corp., which is
storagegiant’sboard.B3
thousandsoflocationsacross PleaseturntopageA10
(cid:2)Indianworkersbroke
windowsandoverturned
carsattheofficeofafac- One Hurdle on Shot:
torythatmakesiPhones.
Laborleaderssaidthe
workerswereupsetabout Convincing Skeptics
wagesandhours.A20
(cid:2)TVnetworksfeelingthe
strainsofdisappointing BYJAREDS.HOPKINS ulators.
NFLratingsarebeing ANDARIANCAMPO-FLORES “They sure pushed it hard
forcedtorestructuredeals
andfast,”saidMs.Wood,who
withadvertiserstomakeup OOL NowthatthefirstCovid-19 wouldn’t rule out eventually
forsmalleraudiences.B2 P
SS vaccine in the U.S. has been getting the shot. “I’m hoping
World-Wide SH/PRE chleeaalrtehd bayutfheodreitriaelsreagnudlatorres-, fito.r”thebestforthosewhotake
A
G searchers face the daunting TheFoodandDrugAdminis-
Y
RR taskofpersuadingmillionsof tration granted an emergency
(cid:2)Pfizerbeganshipping MO peoplesuchasKathyWoodto authorizationonFriday,allow-
vialsofCovid-19vaccine, GES; taketheshots. ingthecompaniestobegindis-
partofoneofthelargest MA Ms.Wood,a72-year-oldres- tributing the vaccine. Initial
mAmasesrimcaonbiflaizcatotiroiensswsienrcee GETTYI iedaesnytaobfouOtggaelltatlian,gNthebe.,vaisccuinne- dtioosne’sshweiallltmh-ocsatrlyegwootroketrhseannad-
repurposedtohelpfight RIO/ produced by Pfizer Inc. and residentsoflong-term-carefa-
WorldWarII.A1,A10-A11 DEL Germany’sBioNTechSE,inpart cilities—roughly24millionpeo-
r(cid:2)esHeeaarclthherasuftahcoertithieesdaaunndt- P:REY breeacdauosnelionfectlhaaimtvsaschcienseasicdosuhlde PleaseturntopageA11
ingtaskofpersuadingmil- MTO alteraperson’sDNA—aconten- (cid:2)Bipartisangroupmakesnew
lionsofpeopleskepticalof RO tionscientistssayisn’ttrue.Al- pushforaidpackage............A3
vaccinestotaketheshots.A1 FShipmentsofPfizer’sCovid-19vaccinewereloadedontoaUPSplaneSunday,top,inLan- thoughherhusbandiswilling (cid:2)Statesfacevaccinedemands
(cid:2)MultipleU.S.government sing,Mich.Bottom,boxesofthevaccinewerepreparedfortransportatthePfizermanu- totaketheshot,sheisanxious onlimitedresources..............A8
agencieshavehadsomeof facturingplantinPortage,Mich.Thevaccineispackedinspeciallydesignedcontainers about its rapid development (cid:2)CautionchillsEurope’s
theircomputersystems equippedwithsensorstomonitorlocation,temperature,lightexposureandunusualjolting. andswiftauthorizationbyreg- Christmasspirit......................A12
breachedaspartofacyber
espionagecampaignbe-
U.S. Agencies Hacked, Russia Blamed U.K., EU
lievedtobetheworkofthe
Russiangovernment.A1
(cid:2)TheU.K.’sJohnsonand
Indicate
topEUofficialsdecidednotto BYDUSTINVOLZ service is suspected of being corporate networks to poten- the most potentially worri-
pulltheplugonBrexitnegoti-
behind the hacks of the U.S. tialriskandalarmednational- somecyberattacksinyears,as
ations,withofficialssignaling
WASHINGTON—Multiple government networks—in securityofficialsintheTrump itmayhaveallowedRussiato Progress
progressonsomeissuesthat
federal government agencies, whichsomeinternalcommuni- administrationaswellasexec- access sensitive information
havebedeviledthetalks.A1
including the Treasury and cations are believed to have utives at FireEye, some of fromgovernmentagencies,de-
(cid:2)Agroupoflawmakers Commercedepartments,have beenstolen—andtheoperation whomviewitasfarmoresig- fensecontractorsandotherin-
On Talks
madealast-minutepushto had some of their computer isrelatedtoabreachdisclosed nificantthanaroutinecaseof dustries. One person familiar
craftabipartisancoronavi- systemsbreachedaspartofa lastweekofU.S.-basedcyber- foreigncyberespionage,peo- withthemattersaidthecam-
rusaidproposal,asleader- global cyber espionage cam- security firm FireEye, one of ple familiar with the matter paignwasa“10”onascaleof
shipinbothpartiesindi- paignbelievedtobethework the people familiar with the said. oneto10,intermsofitslikely BYLAURENCENORMAN
catedtheymightdropthe oftheRussiangovernment,ac- mattersaid. While those familiar with severityandnational-security ANDSTEPHENFIDLER
mostcontentiousissues cordingtoofficialsandpeople The hacking operation ex- the hack couldn’t specify its implications.
andpassanarrowerbill.A3 familiarwiththematter. posedasmanyashundredsof scopeortheresultingdamage, TheCommerceDepartment BRUSSELS—U.K.PrimeMin-
Russia’sforeignintelligence thousandsofgovernmentand severaldescribeditasamong PleaseturntopageA6 isterBorisJohnsonandtopEu-
(cid:2)Iran’sexecutionofadissi-
ropeanUnionofficialsdecided
dentjournalisthasstrained
not to pull the plug on Brexit
Tehran’srelationshipwith Tight Christmas Tree Supply Stunning IPO Boom negotiations,withofficialssig-
Europejustwhenexpecta-
nalinglast-minuteprogresson
tionswerebeingraisedofa Means 8-Footer Can Fetch $2,000
some of the issues that have
diplomaticopeningbetween Spurs Some to Pause bedeviledthetalks.
IranandtheWest.A12 i i i Officials on both sides on
(cid:2)Died:JohnleCarré,89, Sundaysaidtheywerenarrow-
Global shortage drives up prices from
masterspywriter.A14 ingdifferencesovertheques-
U.S. to Hong Kong; ‘Charlie Brown tree’ BMYA EURLIEOETN B ARRORWELNL AND AitfsfilrimstinHgoltdoinJgasnuInacry. matovtehde ttihoenirthdaistpluietes:aHtotwhemcuenchterwoilfl
JOURNALREPORT
earliest,TheWallStreetJour- theU.K.betiedinthefutureto
C-SuiteStrategies: BY LUCY CRAY unabletotravelovertheholi- Afrenzyinthemarketfor nalreported. EU norms as the price for a
2020’sBest-Managed dayseason,andarecelebrat- newlylistedtechstockshitan What seems to be vexing tariff-free trade deal with its
Thisyear,peoplearegoing ing at home instead. That’s unexpectedspeedbumpover IPOmarketparticipantsisthe largest trading partner? On
Companies.R1-18
alloutforChristmas.There’s produced a spike in demand theweekend. eye-popping recent first-day that question hangs trade
just one problem: finding a fortrees. AfterDoorDashInc.’sstock trading gains of DoorDash, worth close to $900 billion a
CONTENTS Outlook.......................A2 Christmastree. Carla St. Germain, a 55- shotup86%initstradingde- Airbnbandothers.Whilesuch year.TheEUisseekingtomake
ArtsinReview...A15 PersonalJournalA13-14
On the streets of Hong year-old business owner in but Wednesday and Airbnb movesaregreatnewsforex- sure it doesn’t have a major
BusinessNews.......B3 Sports........................A16
Crossword..............A16 Technology...............B4 Kong, 8-foot Noble Firs are Fargo, N.D., doesn’t normally Inc.’s shares more than dou- isting investors and those competitoronitsdoorstepthat
HeardonStreet...B10 U.S.News...........A2-11 sellingforasmuchas$2,167 buyhertreeuntilmid-Decem- bled a day later, two compa- luckyenoughtogetIPOallo- canslashregulationandhave
Markets...............B9-10 Weather...................A16 apiece,whileinCalifornia ber,butthisyearunseason- nies that were set to join cations, they also mean the specialaccesstoitsmarket.
Opinion..............A17-19 WorldNews...A12,20
and New York shoppers ably warm weather made them in the public markets companies in question have Withtimerunningshort—a
are paying more for her go a week earlier. It this month pressed pause on leftbigmoneyonthetable. dealhastobeinplacebyJan.1
> whattheysayareinfe- wasagoodthingshedid. theirofferings. Roblox and Affirm are to prevent huge disruption to
rior trees. And in the “WhenIpulledinon Videogame company Rob- studyingpotentialmovesthat trade and security coopera-
U.K., retailers are the side street on the loxCorp.postponeditsinitial wouldlessenanyinitialpopin tion—officialssaidnegotiators
scrambling for more side where I normally public offering until early theirshares,includingselling appeared to be finding some
trees. get my tree, it was next year as it tries to make morestockandchangingthe common ground, though they
s2020DowJones&Company,Inc.
AllRightsReserved The pandemic Greengold completely empty,” senseofthemarket,whilefi- mix of shares to be sold by cautioned much work needed
means millions are PleaseturntopageA6 nancial-technology company PleaseturntopageA4 PleaseturntopageA12
A2|Monday,December14,2020 THEWALLSTREETJOURNAL.
U.S. NEWS
THE OUTLOOK | ByNickTimiraos ECONOMIC
Fed Has New Reason for Optimism
CALENDAR
TUESDAY:China’sgrowthmo-
mentumlikelyremainedstrongin
FederalRe- Employmentreboundedstronglythissummer,butgainshaveslowedrecently.Thewidespread tonearzeroinMarchandin November,witheconomistsex-
serveofficials deliveryofaneffectivecoronavirusvaccinebythethirdquarterof2021couldreturnU.S.gross Septemberofficialsprovided pectinggaugesofdomesticcon-
havesome- domesticproducttoitspre-pandemiclevelbytheendofnextyear,accordingtooneforecast. moreassurancetheywillbe sumptionandinvestmenttogain
thingnewto innohurrytoraiserates. steam.Retailsales,fixed-asset
talkaboutat Totalnonfarmpayrolls* U.S.grossdomesticproduct† SinceJune,theFedalsohas investmentandindustrialoutput
theirpolicy 155million RECESSION $21trillion 2009-19 beenbuying$120billiona figureswillallshedmorelighton
growth
meetingthisweek:good monthinTreasuryandmort- thepaceofthecountry’srebound.
trend
news. gagedebttoholddownlong- U.S.industrialproductionis
150
Thismightsoundalittle 20 Base-case termyields. expectedtoincreaseinNovember
absurd.Covid-19infections, scenario‡ S onthebackofstrongdemandfor
hospitalizationsanddeaths 145 Delayed omeanalyststhinkFed autos.Overalloutput,however,
arehittingrecords.States 19 vaccination officialswilltakeastep willlikelyremainbelowpre-pan-
andlocalitiesareimposing 140 Pre-pandemiclevel scenario** thisweektoprovide demiclevels,underscoringthe
newrestrictionsondining morestimulusbyincreasing economy’sincompleterebound
andotheractivities.Claims 18 theshareoflong-termTrea- fromthisspring’sdownturn.
135
forunemploymentbenefits surysecuritiestheypurchase. WEDNESDAY:Surveysofpur-
arerising,andthejobless NoFedofficialshavepub- chasingmanagersareexpected
ActualGDP
ratefellinNovemberforthe 130 17 liclyadvocateddoingsoat toindicatetheeurozone’secon-
wrongreasons—morework- 2018 ’19 ’20 2020 ’21 ’22 ’23 thismeeting.Instead,inre- omycontractedintheearlyweeks
ersstoppedseekingjobs. centremarks,theyhavefo- ofDecemberashighratesofcor-
*Seasonallyadjusted †GDPfiguresareseasonallyadjustedannualratesadjustedforinflation.
Butlastweek’semergency cusedontheissueofclarify- onavirusinfectioncurtailedactiv-
‡BasecaseassumesherdimmunityachievedinQ32021. **DelayedscenarioassumesimmunityachievedinQ42021.
authorizationbytheU.S. Source:LaborDepartmentviaSt.LouisFed(payrolls);DianeSwonk,GrantThorntonLLP(GDP) inghowlongtheirbond ityintheservicessectors,while
FoodandDrugAdministra- purchasescouldcontinue, pointingtoacontinuedexpansion
tionofacoronavirusvaccine howofficialsweighthebal- cials’Novembermeeting. public-healthconditions. justastheyprovidedguid- intheU.S.,albeitataslowerpace
developedbyPfizerInc.and anceofrisks:Whatarethe “Theeconomyshould Elevatedpersonalsaving anceontheirrateplansin thaninrecentmonths.
BioNTechSE,plusasecond worse-than-expectedout- comebouncingbackpretty rates,anaggressiveresponse September.“Weneedtohave U.S.retailsalescouldrisefor
candidatefromModernaInc. comes?Whatarethebetter- powerfullyinthesecondhalf fromfiscalandmonetarypol- anapproachthatcanadapt theseventhconsecutivemonthin
alsounderreview,isapoten- than-expectedones?Which ofnextyear.TheFedshould icy,andthenoneconomic orchangetotheeconomic November.Demandforgoodshas
tialeconomicgame-changer aremorelikelytomaterial- befairlyconfidentaboutthat. forcesthatdrovethecurrent environment,”saidNewYork beenstrongthroughthepandemic
becauseitcouldreduceun- ize?Andhoweasyordifficult That’sdifferent,”saidWilliam downturnsuggestthereisa FedPresidentJohnWilliams butnewCovid-19restrictions
certaintyforhouseholds, woulditbeforpolicymakers Dudley,formerpresidentof “tightlycoiledspringofpent- inaNov.24interview. mightholdbackrestaurantsales,
businessesandpolicymakers. torespondtoeither? theNewYorkFed. updemand”thatcouldyield Severalofficialshavesaid thelonemeasureofservice-sector
“Thereisabridgetosome- Sincethepandemichit, “Theriskcharacterization “asharpreboundasbroad theydon’tthinktheyneed activityinthemonthlyreport.
wherenow.You’renolonger thedangersofworse-than- hasimproved,”saidChicago vaccinedistributionis tochangetheasset-buying TheFederalReservereleases
justputtingfingersinadike expectedoutcomeshave achieved,”saidKristina programnowtodeliver apolicystatementandeconomic
that’sabouttoburst,”said loomedverylarge—forexam- Hooper,chiefglobalmarket moreeconomicstimulus. projections,andChairmanJerome
DianeSwonk,chiefeconomist ple,arerunofthefinancial Vaccinesincrease strategistatInvesco. Vaccinescouldbeanimpor- Powellholdsapressconference.
ataccountingfirmGrant crisisthatgrippedWall “Iwouldexpectthisrecov- tantreasonwhy. Economistsaren’tlookingforma-
thelikelihoodthat
Thornton.“Westillhavealot StreetinMarch.Alternately, erytobefarmorerobustand Serioushardshipstilllooms jorpolicymoves,butFedofficials
ofwoundstodress.Butnow theviruscouldsobadlycrip- worst-casescenarios lessanemicthanwhatwe formillionsofhouseholds, arelikelytounveilnewguidance
youcanseeanenddate,and pletheoperationofmanylei- sawintheglobalfinancial andvaccinedeliveryisfraught abouthowlongtheyexpectto
maybeavoided.
it’slikelytohappenin2021.” sure,hospitalityandenter- crisis,”saidMs.Hooper. withlogisticalburdens.Fed continuetheircurrentasset-pur-
F tainmentbusinessesthatit TheFed’seconomistsal- officialsstillhavetheireyes chaseprogram.
edofficialsfaceaneco- deliversaone-twopunchto readymadeimportant firmlyondangersoflong- THURSDAY:Joblessclaims,a
nomicoutlookwithlit- thebankingsystemfrom changestotheiroutlookat termscarringtotheeconomy proxyforlayoffs,areexpectedto
tleprecedent.Economic businessbankruptciesand FedPresidentCharlesEvans lastmonth’smeeting.They fromextendedjoblessspells easeslightlyintheweekended
growthisatriskofslowing defaultsoncommercial-prop- onDec.4.“Itispossiblethat judgedthesavingscushion andbusinessfailures. Dec.12.
furtherinthenextfew ertydebt.Vaccinesincrease thingsaregoingtochangein manyhouseholdshad Butincreasedconfidence
monthsandthenrevvingup. thelikelihoodthatworst-case ameaningfulwayearliernext amassedwouldbeenoughto thatthereislightattheend
THEWALLSTREETJOURNAL
Howtonavigatethesedevel- scenariosmaybeavoided. yearthanIwaspreviously maintainoverallspending ofthetunnel—andthatit
(USPS664-880)
opmentswillbethefocusof PfizersaidonNov.9that expecting.” eventhoughpoliticalgrid- isn’tanoncomingtrain—
(EasternEditionISSN0099-9660)
thecentralbankers’two-day itsvaccinehadprovenmore Thecurrentdownturnhas lockpromptedthemtoerase couldimprovehowhiringand (CentralEditionISSN1092-0935)
meetingthatconcludes than90%effectiveinprotect- beenlikenoother.Forecast- previouslyanticipatedfed- purchasingmanagersand (WesternEditionISSN0193-2241)
Wednesday. ingpeoplefromCovid-19,a ersattheFedandonWall eral-aidspendingfromtheir bankcreditofficerslook Editorialandpublicationheadquarters:
Central-bankpolicydeci- much-better-than-anticipated Streethavebeensurprisedby forecast. aheadto2021. 1211AvenueoftheAmericas,
NewYork,N.Y.10036
sionsareguidednotjustbya result.Theannouncement thestrengthoftherebound TheFedslasheditsshort- FortheFed,thatcountsas
PublisheddailyexceptSundaysandgeneral
baselineforecastbutalsoby wasmadedaysafterFedoffi- inthefaceofdeteriorating termbenchmarkinterestrate goodnews.
legalholidays.Periodicalspostagepaidat
NewYork,N.Y.,andothermailingoffices.
U.S.WATCH CORRECTIONS (cid:2) Postmaster:Sendaddresschangesto
TheWallStreetJournal,200BurnettRd.,
AMPLIFICATIONS Chicopee,MA01020.
AllAdvertisingpublishedinTheWall
StreetJournalissubjecttotheapplicable
NAVY boatwerelaunchedinresponse, candidatesinNovember,but MASSACHUSETTS ratecard,copiesofwhichareavailable
andonesailorwasunaccounted withlessthan50%,forcingSat- fromtheAdvertisingServicesDepartment,
Search Ends for Sailor Dedicated Bus Lane
forduringacommand-wide urday’srunoff. ThefirstnameofJonHall, DowJones&Co.Inc.,1211Avenueofthe
Americas,NewYork,N.Y.10036.The
Who Fell Overboard muster,thestatementsaid. Mr.LeeserpledgedSaturday Set for Tobin Bridge a principal at design firm Journalreservestherightnottoacceptan
—AssociatedPress nighttobringtogetherthecity GGLO,wasincorrectlygivenas advertiser’sorder.Onlypublicationofan
TheNavycalledoffsearch thathasbeenbatteredinrecent TheTobinBridgeisgettinga JohninaFutureofEverything advertisementshallconstitutefinal
acceptanceoftheadvertiser’sorder.
andrescueeffortsfora20-year- TEXAS yearsbyovercrowdedmigrants dedicatedbuslanetoseeifit articleonFridayaboutfuture
LetterstotheEditor:
oldsailorwhoreportedlyfell attheborder,amassshooting helpseasecrowdingandspeed homedesigns.
Former El Paso Mayor Fax:[phone];email:[email protected]
overboardlastweekfromthe ataWalmartandtheeconomic upcommutes,statetransporta-
Needassistancewithyoursubscription?
USSTheodoreRoosevelt. Wins the Office Again andhealthcrisesbroughtonby tionofficialssay. Byweb:customercenter.wsj.com;
TheNavysaiditendedthe thecoronavirus. The1.1-milesouthboundbus Notice to readers Byemail:[email protected]
effortatsunsetSaturdayafter ElPasoresidentshaveelected MayoralracesinElPasoare laneonthebridgeisexpectedto Wall Street Journal staff Byphone:1-800-JOURNAL
(1-800-568-7625)
itsearchedmorethan607 anewmayor,handingadefeatto nonpartisan,butMr.Margo,a openforuseonMonday,accord- members are working re-
Reprints&licensing:
squarenauticalmilesformore incumbentMayorDeeMargoin businessmanandformerstate ingtoastatementfromthe motely during the pandemic.
Byemail:[email protected];
than55hoursoffthecoastof favorofhispredecessor,Oscar legislator,identifiesasaRepubli- MassachusettsBayTransporta- For the foreseeable future, Byphone:1-800-843-0008
SouthernCalifornia.TheNavy Leeser,inarunoffrace. can.Mr.Leeser,presidentofa tionAuthorityandthestate pleasesendreadercomments WSJbackissuesandframedpages:
hasdeclaredthemandeceased. Mr.Leeser,whowasmayor cardealership,isaDemocrat. TransportationDepartment. onlybyemailorphone,using wsjshop.com
ThesearchstartedThursday oftheWestTexascityonthe Mr.Margosaidinaconces- Thepilotprojectwilllasta the contacts below, not via Ournewspapersare100%sourcedfrom
morningafteralookoutspotted Mexicanborderfrom2013 sionspeechthathebelievesno year,withthebuslane’sperfor- U.S.Mail. sustainablycertifiedmills.
whatappearedtobeapersonin through2017,wonwith82%of mayorhashadtodealwiththe manceanalyzedfortraveltime,
thewater,astatementfromthe thevote,accordingtoElPaso arrayofcalamityhehasfacedin operations,crowding,ridership ReaderscanalertTheWallStreet
Journaltoanyerrorsinnewsarticles GOTATIPFORUS?
SanDiego-basedThirdFleet County’sunofficialtally.Hefin- thepasttwoyears. andoveralltrafficsafety. [email protected] SUBMITITATWSJ.COM/TIPS
said.Threehelicoptersanda ishedfirstamongsixmayoral —AssociatedPress —AssociatedPress bycalling888-410-2667.
COLLECTION
Women
NEW YORK · 697 FIFTH AVENUE BETWEEN 54TH & 55TH STREET · 212 396 1735
LAS VEGAS · THE FORUM SHOPS AT CAESARS PALACE · 702 369 1735
THEWALLSTREETJOURNAL. Monday,December14,2020|A3
****
U.S. NEWS
Bipartisan Group Makes New Push on Aid
Lawmakersreachfor planwouldlimitloanstobusi- interviewwithFoxNewsthat
nessesthathave300orfewer airedSunday.
adealthatsplitsoff
employees and can demon- Sen. Joe Manchin (D.,
contentiousissues strate that they sustained a W.Va.),amemberoftheinfor-
30%revenuelossinanyquar- malgroupofRepublicansand
intoaseparatebill
terof2020. Democrats working on the
Thebipartisangroup’spro- jointaidproposal,saidSunday
BYANDREWDUEHREN posal on liability protections on Fox News that he expects
ANDHARRIETTORRY willcallforrequiringplaintiffs “we’llhaveabillproducedfor
incoronavirus-relatedlawsuits the American people tomor-
WASHINGTON—Agroupof toproveadefendantactedwith row—$908billion.”
rank-and-filelawmakersmade grossnegligencetoexposepeo- Mr. McConnell indicated
alast-minutepushtoassemble pletothevirus,accordingtoa earlierthispastweekthatthe
a bipartisan coronavirus aid personfamiliarwiththeplan. liabilitymeasuresatthecenter
proposal,asleadershipinboth Mr. McConnell’s original pro- of the bipartisan talks were
parties indicated they might posal on liability protections likelytobeinsufficienttoearn
dropthemostcontentiousis- would have created a gross GOPsupport.
S
snuaerrsoiwnerthbeillt.alks and pass a REUTER nDeegmliogcernactsehasdtabnedeanrdh,esiatansttetpo saiSdenS.uBndilalyCatshsaitdyhe(R.d,idLna.’)t
The bipartisan set of law- S/ acceptearlierinthetalks. knowifMr.McConnellwould
makers has in recent days BERT Congress faces a series of allowthefullbipartisanmea-
struggledtofinishputtingto- RO deadlines to pass a new aid sure to come up for a vote.
A
gethera$908billionaidpack- U package. Current government “We’ve got to do something
H
age,trippingupoverdisagree- OS fundinglaststhroughDec.18, for the American people,” he
J
ments on creating liability SenateMajorityLeaderMitchMcConnellhastiedliabilityprotectionstostateandlocalaid. andlawmakershaveaimedto said on CNN. “What Leader
protectionsforbusinessesand approvemorecoronavirusaid McConnell decides to do, I
other entities to help them Republicans. ternoon,aspokesmanforMrs. aid and liability protections in conjunctionwithabroader don’thavecontrolover.Ionly
guardagainstcoronavirus-re- “Weneedtoact,”Mr.Hoyer Pelosisaid.Mrs.Pelosibelieves intotheirownlegislation.The spendingpackage.Anumberof candowhatIcando.”
lated suits. Senate Majority saidonCNN.“Ifactingmeans inthenecessityofstateandlo- other$748billioninaid—cov- coronavirus relief provisions Mr.Cassidysaidhewished
Leader Mitch McConnell (R., we’re not going to get every- cal aid and told Mr. Mnuchin ering$300aweektostateun- approvedinthespringwillex- theSenatecouldapproveboth
Ky.)lastweekproposeddrop- thingwewant,wethinkstate during the call that the two employmentbenefitsforfour pireattheendoftheyear,fur- stateandlocalaidandliability
pingtheprotectionsifDemo- and local is important, and if partiesshouldfindacompro- months,$300billioninaidto ther prodding lawmakers to protections. But he said talks
cratsagreedtoforgostateand we can get that, we want to mise on liability protections, smallbusinesses,and$35bil- agreesoontomoreaid. betweencongressionalleaders
local aid that has drawn Re- getit.Butwewanttogetaid the spokesman said. The pair lionforhealth-careproviders, PresidentTrumphascalled over such an agreement had
publicanobjections. outtothepeoplewhoarere- willspeakagainMonday. amongothermeasures—would for the next coronavirus aid stalled. “It would be great if
House Majority Leader ally, really struggling and are The bipartisan group of bethesecondbill. package to include a new wecouldpassthat.Itdoesn’t
StenyHoyer(D.,Md.)indicated atgreatrisk.” lawmakersispreparingtosplit The proposed $300 billion round of direct payments to seemthatwecan,”hesaid.
SundaythatDemocratsmaybe HouseSpeakerNancyPelosi theirproposalintotwoparts, insmall-businessaidwouldbe Americans. “I want to see —AmaraOmeokwe,
open to a bill without state (D.,Calif.)andTreasurySecre- according to people familiar part of a restart of the Pay- checksgoingformoremoney NickTimiraos
andlocalaid,whichtheyhave taryStevenMnuchinhelda30- with the talks, segmenting check Protection Program, thanthey’retalkingaboutgo- andKristinaPeterson
long insisted on in talks with minute phone call Sunday af- $160billioninstateandlocal which closed in August. The ing to people,” he said in an contributedtothisarticle.
Many Will Face
Eviction Unless
Ban Extended
BYWILLPARKER in court. Since the CDC evic-
tionmoratoriumwentintoef-
MillionsofU.S.rentersface fect in September, building
the prospect of eviction in owners in places like Plano,
January, unless federal offi- Texas, and Milwaukee have
cialsextendprotectionsputin takentenantstocourtthrough
placeduringtheCovid-19pan- videoconferencing.
demic. Landlords have already
That month is when the filedmorethan150,000evic-
Centers for Disease Control tionpetitionsduringthepan-
andPrevention’sbanonevic- demicinthe27citiestracked
tionsissettoexpire.Themor- byPrincetonUniversity’sEvic-
atoriumprotectstenantswho tion Lab. Many of those ten-
havemissedmonthlyrentpay- antshavelosttheircases,and SS
mentsfrombeingthrownout are now on the hook for all RE
P
ofifntahneciiralhohmaredssihfitph.eTyhdeecClaDrCe theSirombaeckfarileendt.to qualify for OCIATED
ordered the halt on evictions themoratoriumbecausethey SS
A
under the Public Health Ser- didn’t sign a declaration of K/
viceAct,whichallowsthefed- their inability to pay, or be- RNI
A
eralgovernmenttoenactreg- cause their landlord chal- H
W
ulations that help stop the lengedtheirclaimtofinancial RE
D
spreadofinfectiousdiseases. hardship. Some renters have AN
Between 2.4 million and 5 thenhadtoleavetheirhomes Housing-industryexecutivessaidtheyexpecttheCentersforDiseaseControlandPrevention’sevictionmoratorium,nowsettoexpire
million American households despitethebanbeinginplace. inJanuary,tobeextended.U.S.tenantswilloweasmuchas$70billioninbackrentbytheendof2020,Moody’sAnalyticsestimated.
areatriskofevictioninJanu- Evictedrentersarestilllia-
ary alone, and millions more bleformonthsofunpaidrent. Tenantswithhighconfidence Percentageofrentersbehind
will be vulnerable in the Moody’sAnalyticssaiditesti- intheabilitytopaynext onrentpayments CourtCasesReflect InSt.Louis,alegal-aidin-
monthsafter,accordingtoes- mates U.S. tenants owing as month’srentbyrace TumultuousTimes ternsaidhehadobservedsev-
timates from the investment much as $70 billion in back eralhearingswherejudges
Black(notHispanic) Hispanic Asian White(notHispanic)
bank and financial-advisory rentbyyear-end. grantedlandlordsevictionsbe-
firmStoutRisiusRoss. JohnPollock,staffattorney 60% 35% causetheybelievedtheten-
While several states and atthePublicJusticeCenter,a Thedollaramountsofun- antshadfailedtologintothe
citieshavetheirowneviction legaladvocacynonprofit,said 30 paidrentinevictioncasesas- videoconference.Infact,they
50
bans with varying rules and thatifthemoratoriumisn’tre- tonishevensomeveteran hadbeenplacedonsilent
expiration dates, the CDC or- newed,Januaryisexpectedto 25 judges. mode,accordingtohissworn
deristheonlyonethatcovers be the worst month for evic- 40 JusticeofthePeaceMichael affidavitinOctober.Those
theentirecountry. tions in American history. “I 20 MissildineofCollinCounty, judgmentswereoverturned,
Housing-industry execu- don’tseehowit’spossiblethat 30 Texas,saidhewasissuingjudg- theaffidavitsaid.
tivessaidtheyexpecttheCDC we’re not going to see more 15 mentsagainsttenantsowing JulieWatts,aDallaswhole-
eviction ban to be extended. evictionsonJan.1thanwe’ve morethan$10,000inrentpay- saleworkerwhohasbeenout
20
Many landlords said they be- everseeninamonth,”hesaid. ments.Inthepast,atypicalrul- ofajobsincethespring,has
10
lieve they are more likely to Evictions stress cities ingwouldbeafractionofthat missedher$1,003rentbill
recoversomerentbyworking where the pandemic has al- 10 sum. manytimesbutkeptherapart-
5
with tenants, rather than by ready weakened social-safety “It’snotnormal,”JudgeMis- mentbecauseoftheeviction
evictingthem. nets, housing advocates say. sildinesaidduringavideohear- ban.Sheisduetoenterthe
0 0
Whilemanystateshaveen- Studiesshowtheyalsoworsen ing. hospitalthismonthforanailing
acted eviction moratoriums, thehealthcrisis. June July Aug.Sept.Oct. Nov. Sept. Oct. Nov. Sometenantsarestruggling kidney.
theCDCorderistheonlypro- Newresearchledbyanepi- Sources:StoutRisiusRossLLC;U.S.CensusBureausurveys withvideoconferencingapplica- “I’mafraidtoleavemy
tectionforrentersinsomecit- demiologist at the University tions,attorneyssay.Missinga apartmentbecauseIdon’twant
ies.Attorneysandjudgessaid of California, Los Angeles modatestrugglingtenants,but salary. That is a deficit of courthearingoftenmeansan tocomehomefromthehospi-
theyexpectcourtstobeover- foundthattheexpirationoflo- now have gone months with- about$30,000.Mr.Lisaidhe automaticvictoryfortheland- talandfindoutmystuffisin
whelmed once moratoriums calevictionmoratoriawasas- out collecting rent. They are has continued his mortgage lord. theparkinglot,”shesaid.
end, creating a monthslong sociatedwithmorethan10,000 blockedfromtakingcontrolof payments and is suing the
backlogofcases. excess deaths from Covid-19, their property by what they state and city over eviction
In many cities and towns, potentially due to increased consideroverlyrestrictivelo- protections that exceed the real-estatething.” NearlyathirdofBlackrenters
thelegalprocessisunderway. diseasetransmissionfromdis- calandfederallaws. federalmoratorium. Thosebehindontheirrent and 18% of Hispanic renters
While the CDC order helps locationorhomelessness. KorvallLiinSeattlesaidhe “IalreadydecidedthatI’m during the pandemic are dis- saidtheywerebehindonrent
keeprentersintheirhomes,it Some landlords say they hasn’tseenarentchecksince not going to be a landlord in proportionatelyminorities,ac- last month. About 12% of
doesn’tpreventlandlordsfrom haveofferedinstallmentplans January from a townhouse the future,” Mr. Li said. “It’s cordingtorecentsurveydata white renters said they
beginningtheevictionprocess ortakenotherstepstoaccom- tenantwhomakesasix-figure reallyturnedmeoffthewhole from the Census Bureau. weren’tcaughtuponrent.
Cleveland’s Baseball Team Will Drop Its Indians Nickname
BYJAREDDIAMOND justice in the U.S. that was uniforms,capsandsignsatits didn’timmediatelyrespondto ourcommunityandourcoun- Clevelandhasplayednearly
sparked by the killing of park,ProgressiveField. arequestforacomment.The try has only underscored the 17,000 games as the Indians
The Cleveland Indians will George Floyd, an unarmed Cleveland’s American decision to make the change needforustokeepimproving over more than 100 years.
droptheteam’slongtimenick- Blackman,whileinMinneapo- Leaguebaseballfranchisehas was earlier reported by the asanorganizationonissuesof Theirlastchampionshipcame
name, abandoning a moniker lispolicecustody. been known as the Indians NewYorkTimes. socialjustice,”theIndianssaid in1948,givingthemthelong-
that has been the subject of It is unclear at this point since1915,whenlocaljournal- In July, hours after the inJuly. estactivedroughtofanyteam
protest by fans and Native whattheClevelandteamwill ists proposed the name as a WashingtonFootballTeaman- The Washington Football inthemajorleagues.
American groups who criti- callitselforwhenitwillfully replacementfortheprevious nouncedthatitwouldconduct Teamhasshownthisyearthat NativeAmericannicknames
cizeditasracist,apersonfa- retiretheIndiansname.Anof- one: the Naps, after Hall of a“thoroughreview”ofitspre- fully replacing a nickname insportshavebeenthesubject
miliar with the matter said ficialannouncementwilllikely FamestarNapLajoie.TheIn- viousname,Cleveland’sbase- takestimeandrequiresmany of controversy for decades.
Sunday. comethisweek,buttheteam diansnamewassupposedlya ball team revealed that it logistical considerations. Dan Other franchises, including
Thedecisioncomesmonths isn’texpectedtounveilanew waytohonorLouisSockalexis, wouldre-examineitsnameas Snyder, Washington’s owner, baseball’s Atlanta Braves, the
aftertheWashingtonFootball nameatthattime.Duringthe a member of the Penobscot well. Though the club played told The Wall Street Journal National Football League’s
Team of the NFL dropped a 2019season,Clevelandelimi- tribewhoplayedoutfieldfor the 2020 season as the Indi- earlierthisfallthattheprocess KansasCityChiefsandtheNa-
namethathadbeenseenasa nated Chief Wahoo—a grin- anotherprofessionalbaseball ans,itseemedonlyamatterof is “truly a massive undertak- tional Hockey League’s Chi-
racialslur.Thechangescome ning,red-facedcaricatureofa club in the city in the late timebeforeitwouldmoveon ing,”involvingthemanufactur- cagoBlackhawks,havesaidre-
inthewakeofabroadreckon- Native American that served 19thcentury. fromthename. ingofuniforms,merchandise, centlythattheyhavenoplans
ing over racial and social in- as the team’s logo—from its TheClevelandbaseballclub “Therecentsocialunrestin stadiumsignsandmore. tochangetheirnames.
A4|Monday,December14,2020 P W L C 10 11 12 H T G K R F A M 1 2 3 4 5 6 7 8 9 O I X X **** THEWALLSTREETJOURNAL.
U.S. NEWS
It’s a Big Job,
Low Profile
For Electors
PresidentTrump’s personwhowontheirstate,a
requirement the Supreme
refusaltoconcede
Courtsaidthisyearispermis-
shinesaspotlighton sible. In others, so-called
faithless electors can break
staterepresentatives
ranks,thoughthatisrare.
The 59th Electoral College
BYJOHNMCCORMICK thatwillassembleonMonday
willbedifferentbecauseofthe
A few famous names are pandemic.Insomestates,lim-
amongthe538Americansabout its are being placed on the
to cast the votes that matter numberofguestselectorscan
mostwhenelectingU.S.presi- bring. Others are moving the
dents.Butmanyarepeoplelike meetings to larger spaces to
Mary Arnold, a retired social accommodatesocialdistancing.
workerandafirst-timemember In Vermont, electors will
oftheElectoralCollege. convene at 10 a.m., while
Ms.Arnold,aDemocratfrom thoseinHawaiiwon’tassem-
Columbus,Wis.,willcastoneof bleuntilninehourslater.
herstate’s10electoralvotesfor In each state, electors will
President-elect Joe Biden on reviewtheelectionresultsand
Monday,whenelectorsnation- sign six certificates. The cer- RachelPaule,above,presidentoftheYoungDemocratsorganizationinGeorgia,saidtheprocesscouldbeimproved,whileTexascollege
widemeetintheirstates. tificatescontaintwolists,one studentTamonHamlett,aRepublican,wantstobeamodeltofellowstudents.AlaskanJudyEledge,bottom,saysthesystemworks.
“I was blown away to be that includes the electoral
asked,”shesaid.“Itneveroc- votesforthepresidentandthe year’s participants said the
curred to me that I might be other the electoral votes for systemcoulduseupdating.
anelector.” thevicepresident. “I’m not sure it should be
Ms.Arnold,whois72years They will then pair those abolished, but the way it is
oldandleadshercounty’sparty certificates with paperwork nowitdoesn’tupholdthespirit
organization,saidshereceived from their state’s governor ofdemocracyinAmerica,”said
aphonecallinSeptemberfrom andsendthematerialthrough electorRachelPaule,asubur-
thestateDemocraticchairman registeredmailtoavarietyof ban Atlanta resident who is
asking if she would like to be places, according to the Con- presidentoftheYoungDemo-
an elector. She was told she gressional Research Service. crats organization in Georgia.
was selected because she had Singlecertificateswillbesent “It’sanhonortobepartofthis
beenagoodlocalleader. to Vice President Mike Pence process,butIdon’tthinkit’sa AL
N
She said the occasion will and to the U.S. district court perfectprocess,”shesaid. UR
O
bdreestsheedufpirsstincteimtheecsohreongaevtis- fmorett.hTewaroeacewrhtiefriecattheesewleiclltobres oldM, ws.aPsaauslkee,dwihnoFiesb2ru7aryyeabrys REETJ
ruspandemichit,andshefig- sent to both the secretary of herstateparty’schairwomanto ST
uresshewillstopfortakeout state,oranequivalentofficial, be an elector. She said she WALL
food to celebrate during her andthearchivistoftheU.S. would prefer to see a system HE
T
30-minute drive home from Theelectoralvotewon’tbe thatavoidsthewinner-take-all R
O
Madison.“Iamgoingtoputon official until Jan. 6, when Mr. rulesusedbyallbuttwostates. SF
M
makeupforprobablythefirst Penceisexpectedtoopencor- “We are the United States of A
D
timeinninemonths,”shesaid. America,”shesaid.“Oneperson, A
H
The nation’s founders cre- one vote not applying to the AS
atedtheElectoralCollegeasa Ineachstate, presidentissortofsillytome.” NAL;
compromise between those AlaskaelectorJudyEledge,a UR
wvohtoefaanvdorethdoasediwrehcot pwoapnutleadr ethleecrteosruslwtsilalnrdevsiiegwn 7sc3h-yoeoalrp-orlidncrieptairlewdheolelmeaednstatrhye- REETJO
lawMmra.kBeidrsentowpoinckthperensaidtieonntasl. sixcertificates. AClnucbh,osraaigdesRheepduobeliscna’nttWhionmketnh’es WALLST
popular vote by more than systemshouldbechanged.“If HE
T
seven million ballots, the As- you don’t have the Electoral R
O
sthoecinatuemdbPerretshsatrecpoournttesdi.sBhuist respondence from each state Cciotilelesgee,leycotu jeuvsetryhtahviengt,h”esbhige HILLF
G
electoral-vote total, 306, to during a joint session of Con- said.“Ourfounderswerevery AR
PreMsird.eTnrtuTmrpumhpa’ss2re3f2u.sed to galroeusds.aOnndcehaavceanthdeidatotetarlesarcehaeds smMarst.iEnleddesgieg,nwinhgoiwttahsispwicakye.d” HAELST
accept the election outcome 270 electoral votes, he or she asanelectorinearlyAprilat MIC
and pushed dozens of legal willbedeclaredthewinner. her party’s state convention, AL;
N
challenges, with losses at all Some well-known people will take a nearly two-hour UR
O
levels including the U.S. Su- are electors. Hillary Clinton flighttocastherballotforMr. J
preme Court. His unwilling- willbeamongNewYorkDem- Trump. REET
ness to concede has put a ocrats, as will her husband, More than 3,000 miles to ST
spotlightonthemechanicsof formerPresidentBillClinton. thesoutheast,TamonHamlett, WALL
choosingthepresident. Stacey Abrams, the former 19, hopes his 2006 Nissan HE
The Constitution doesn’t GeorgiaHouseminorityleader holds up for the three-hour RT
O
specifyhowelectorsaretobe whonarrowlylosta2018bid drivefromHoustontoAustin. F
N
picked,andeachstatehasits forgovernor,isalsoanelector. Mr.Hamlett,apolitical-sci- OO
P
ownprocess.Manyareelected South Dakota Gov. Kristi encestudentattheUniversity RS
atstatepartyconventions.In NoemisaRepublicanelector, of Houston, said he was ATHE
some cases, they are essen- along with Ken Blackwell, a elected during a July virtual WE
tially handpicked by party formerOhiosecretaryofstate stateGOPconvention. SEY
leadersandthenconfirmedat andtreasurer. “I’veheardaboutitmyen- LYN
aspecialstatemeeting. Some Democrats have tire life, but now I’m part of P:
O
Electors are legally bound pushedtoabolishtheElectoral it,” he said. “I want to be a MT
O
insomestatestovoteforthe College, and some of this modelformyfellowstudents.” R
F
Stunning Medianprice-to-salesratio Valuationbyround* listings.
forIPOsbygivenyear PrivateValuations ketswereconsideredtobesig- Meeting the high expecta-
nificantlyhigherthanthosein tions of stock-market inves-
IPO Boom 50p/s RECESSION $125billion CedeAdvantage thepublicmarkets. tors could prove difficult.
DECEMBER11 UberTechnologiesInc., While a few standouts like
40 100 oncethecountry’smostvalu- Amazon.comInc.andAlphabet
Spurs Pause $99Abirilblinobn ThetechIPObonanza ablestartup,hadadisappoint- Inc.’s Google have shown an
30 75 marksachangeinfortunesbe- ingpublicdebutin2019.We- ability to keep expanding
tweentheprivateandpublic WorkCos.endeduppullingits quickly at large scale, most
DoorDash
markets. plannedIPOafterpotentialin- companiesareunabletomain-
20 50 $66billion
ContinuedfromPageOne Formuchofthe2010s,the vestorswererepelledbyde- tainthesoaringgrowthrates
the companies themselves, stockmarketwasacheckon tailsaboutthecompany’sfi- of their early years as they
their employees and share- 10 25 thefrothyvaluationsofstart- nancesandcorporate matureandgetbigger.
holders, people familiar with upsheavyonlossesthatwere governancethatwerere- Airbnb’s annual revenue
themattersaid. 0 0 fundedbyventurecapitalists. vealedinthelead-uptoits growthslowedfrom80%dur-
Whatevertheoutcome,it’s Astherosterofmultibillion- expectedlisting.Itsprivate ing 2016 to 31% during 2019.
1995 2000 ’05 ’10 ’15 '20 2010 ’15 '20
cleartheIPOmarketisinun- dollarstartupsgrewandgrew, valuationfellby$39billion,to Bookings of shared homes
chartedterritory. *2020valuationsarebasedonfullydilutedmarketcapitalizations. valuationsintheprivatemar- $8billion. tankedearlyinthepandemic
Thisyearhasbeenthebusi- Sources:JayRitter,UniversityofFlorida(price-to-salesratio);PitchBook(valuation) astravelgroundtoahalt,and
est ever as measured by dol- revenue in the first nine
larsraisedintheU.S.,witha over $83 billion, more than cultyunderstandingthevalua- ofManagement. WeWork,UberandDoorDash months of 2020 was down
waveoftraditionallistingsas FedEx Corp. Cloud-software tionsofsomeofthesecompa- But the ballooning valua- withcash. 32%fromtheyear-earlierpe-
wellasdealsbyshellcompa- company Snowflake Inc. is nies,” Mr. Ritter said. The tions are driven even more, The enthusiasm extends riod.
niesknownasspecial-purpose worthover$100billion,more difference in enthusiasm for experts say, by surging de- furtherthanbuzzycompanies Still,businesshasbeenro-
acquisitioncompanies. than Goldman Sachs Group theunprofitableyoungcompa- mand from investors for known well to consumers. bust since the lows of the
Valuations of recent IPOs Inc. nies and older corporate gi- stocks that show growth and Business-software companies spring, and the company ex-
are at their highest levels Investors this year have antswithconsistentprofitsis havebuzz.Retailstocktrading havebeeninparticularlyhigh pectstoreturntogrowthafter
sincethedot-combubblerela- valuednewlypublictechcom- “nightandday,”hesaid. hassurgedinpopularitydur- demand. thepandemic.
tive to the companies’ reve- panies at a median of 23.9 Thevaluationsimplyinves- ingthepandemic,techgiants’ Software company Snow- Whateverthechallenges,if
nue,sparkingconcernsamong times the revenue they re- torsarecountingonyearsof growing profits have cast a flake, which went public in themarket’sappetiteforsuch
investors about the level of portedinthe12monthsbefore continued rapid growth by halo on upstarts, and falling September,isworthmorethan tech companies continues,
froth. goingpublic,accordingtoUni- thesecompanies,hopingsome interest rates have led more 200timesthe$489millionin venture capitalists see a
Multipleinvestorssaidthey versity of Florida business willdominatetheirindustries investors to chase returns in revenuethatitbroughtindur- surgeofadditionalIPOs,even
werepuzzledbytheextraordi- professor Jay Ritter, who and churn out large profits, stocks. ingthe12monthsthatended if some pause briefly to re-
nary enthusiasm in the mar- tracksinitialpublicofferings. Mr.Rittersaid. “The valuations are better inOctober.Data-analysisfirm tool.
ket. Airbnb Chief Executive That measure is by far the Techenthusiastsandsome inthepublicmarketsthanpri- Palantir Technologies Inc., “Alotofentrepreneursnow
BrianCheskywasatalossfor highest of the past two de- observers say there are con- vate markets, which was not whichwentpublicinSeptem- realize it’s a very receptive
wordsinaBloombergTVap- cades. cretereasonsfortheenthusi- thecasein’19or’18,”Rajeev ber at a roughly $21 billion andattractivepublicmarket,”
pearancewhenhewastoldof Formostofthe2010s,the asm,asbusinessesacrossthe Misra, who runs SoftBank valuation, is now worth said Rich Wong, a partner at
the company’s opening share median multiple for a tech countryspendmoreonsoft- GroupCorp.’s$100billionVi- $50billion, or 50 times its venture-capital firm Accel,
price. companyafteritsfirstdayof ware and cloud-computing sionFund,saidinaconversa- revenue. whichwasanearlyinvestorin
Themarketcapitalizations trading hovered around six services,whilemoreconsum- tion with an analyst at New Atleastthreeelectric-vehi- Slack Technologies Inc. and
ofmanymoney-losingupstarts timesitsrevenueintheprior ers are comfortable with or- Street Research LLP last clecompaniesvaluedatmore FacebookInc.
havebecomelargerthangiant, 12months. dering food or rooms on month. “The public markets than$2billionhavegonepub- If the rally stays apace,
highly profitable stalwarts of Thesamemeasurementfor apps. areverybuoyant.” licthisyearwithnorevenue, 2021 “will definitely be the
corporateAmerica. stocksontheNasdaqCompos- “Without doubt, there’s a SoftBank was by far the while numerous other tiny mostactiveIPOmarketinthe
DoorDash is valued at ite Index is 4.3, according to major transformation,” said largest investor in startups companies with large private last20years,”hesaid.
$56billion,justshyofGeneral FactSet. Jeffrey Sonnenfeld, a profes- during the past few years, valuationsintheelectric-vehi- —CaraLombardo
Motors Co. Airbnb is worth “Ihaveagreatdealofdiffi- soratYaleUniversity’sSchool floodingcompaniesincluding clesectorareplanningpublic contributedtothisarticle.
THEWALLSTREETJOURNAL. Monday,December14,2020|A5
SpecialAdvertisingFeature
Collective
Innovation
for a
Brighter
Tomorrow
Discovera youngergeneration’s approach to human-centered
solutions fortomorrow’s society
“It was mind-blowing, incredible, thinkingaboutAIfromacomprehensiveandsocially Anewgenerationofstudentsarenowfollowingin
responsibleperspective.” Mr.Spiegel’sfootsteps.Thisyear’sSamsungSolvefor
world-opening. I felt like I Tomorrowwinnersarealessoninforward-thinking
It’sanapproachthatgoesbacktohisexperience design.Forinstance,inFlorida,agroupofmiddle
could do anything.” intheSamsungSolveforTomorrowcontest. schoolstudentsfromDowntownDoralCharterUpper
T ThecompetitionispartofSamsung’slarger Schoolcreatedadevicethatwarnsagainstflash
CSRvision,TogetherforTomorrow!Enabling floodingbymonitoringsedimentbuild-upinnearby
hat’showBenjaminSpiegelfelt People,whichaimstoprovidethetechnologyto waterways.AttheNorthCarolinaSchoolofScience
whenheandhisteammatesfrom studentsandotheryoungtalentstotacklereal- andMathinDurham,studentstackledtheproblem
BrooklynTechnicalHighSchool worldproblems.Alongwiththecontest,someof ofcross-contaminationbetweenrecyclingandwaste
wonthe2016SamsungSolvefor Samsung’sotherprojectsincludetwo-yearweb bydesigninganappthatusesimageprocessingand
Tomorrowcontest,whichaskspublic developmenttrainingformarginalizedyouthin machinelearningalgorithmstosortrecyclables
schoolstudentsfromgrades6to12to France,smartschoolprogramsthathelpconnect fromtrash.AndhighschoolstudentsfromOmro,
solveurgentproblemsintheircommunityusing isolatedschoolswiththerestoftheworld, Wisconsinbuiltasensorthathelpsgauge
STEM—science,technology,engineeringandmath. andeducational icethicknesswithreal-timedatasentto
anapp—aprojectthatseekstoaddress
Mr.Spiegelwasinvitedtojoin nearly8,000needlessdeathsthatoccur
hisschool’seffortbyhisEnglish nationwideeachyearfrompeoplefalling
teacher,whowascoordinating throughthinice.
theteam.Heandhisclassmates
hadrecentlyexperienceda IfMr.Spiegelisanyindication,those
devastatinglossofafriend studentsaresettomakeameaningful
duetoavehiclecollision,and contributiontotheworld.Andheis
thestudentsweredetermined doinghisbesttohelpstudentsfollow
touseSTEMapplicationto inhisfootsteps.In2019hementored
createasaferenvironmentfor ateamofstudentsfromDeepCreek
themselvesandotherstoensure MiddleSchoolinChesapeake,Virginia,
thistypeofaccidentwouldnever helpingthemrefinetheirpresentation
reoccur. “Iwasbroughtinasthe attheSamsungSolveforTomorrow
technicallead,”hesays.Together pitcheventinNewYork.“Ithinkit’s
withhisclassmates,theydeveloped absolutelycriticaltogettheminto
apedestriansafetyapptohelp STEMassoonaspossible,”hesays.
hearing-andvision-impairedpeople “AfteranintroductiontoSTEM,you
navigatethebusystreetsofNewYork starttothinkdifferentand
City.Itwonhisteamthecontest’s seetheworlddifferently.
GrandPrizeWinnertitle. Oursocietyisbecoming
increasinglytechnical
Today,Mr.Spiegelisgoingintohis innature,soit’sreally
fourthyear,studyingartificialintelligence importantthatyounger
atBrownUniversity,wherehe’screatedhis studentsgetintoit.”
owncustommajor:aBachelorofSciencein
ComputersandMinds.“I’vebeeninterested Tohissurprise,themiddle
inAIsinceIwasakid.Igrewupreading schoolersdidn’tneedmuch
lotsofsciencefiction,andIthinkwe’re helpwiththetechnical
nowalmostatthepointwherealotofit aspectsoftheirpresentation.
becomesreality,”hesays.“Idon’tthink “Whattheyreallyneededwas
mostpeoplerealizehowimpactfulAIwill preparationforpresenting
beonhumankind,butit’sgoingtobecome theirideas,”saysMr.Spiegel.
abundantlyclearinthecomingdecadesthat “This,Ithink,isjustascrucial
wehavetostartpayingseriousattentionto astheactualtechnology.”The
whatAIiscapableof.” DeepCreekMiddleSchool
studentswentontobecome
Heisparticularlypassionateaboutthe oneoftheGrandPrizeWinners.
opportunitiesAIpresentsforeducation,given supportforchildrenbattlingseriousmedical
thateveryonelearnsdifferently,whichmakesa conditionsinhospitals. Withoneyearofstudyleftinhisdegree,Mr.
one-size-fits-allapproachtoeducationhardto Spiegelisnowbeginningtoconsiderhisnext
successfullyachieve.“AIcouldmakeitpossible It’savisionbasedonthehumansideoftechnology. move.“I’mstilldecidingbetweenamasters,aPhD
foreverystudenttohaveabettereducational That’ssomethingMr.Spiegellearnedwhenhe orgoingrightintoindustry,”hesays.Whatever
experiencebytailoringtheeducationtothe tookpartinSolveforTomorrow.“Thetechnical hedecides,hisstorywillserveasinspirationfor
individual,”hesays. componentofbringingtheprojectideatoreality anewgenerationofyoungandidealisticsocial
wasdifficult,butthatwasn’treallywherethe entrepreneurs,whothroughSamsung’sSolvefor
That’soneofthereasonshedesignedhisown competitionended,”herecalls.“Evenafterwehad Tomorrowprogramarediscoveringhuman-centred
programofstudy,whichhedescribesasbeing theproof-of-conceptworking,westillhadtofigure techsolutionstoglobalissues.
focusedasmuchonthesocialimplicationsofAIasits outhowtopresentitandexplainwhyourproject
technicalside.“Soalongsidestudyingthemathand wasimportanttotheworld.Ithelpedmetorealize
computersciencethatunderpinsmodernartificial thatintherealworld,havingthetechnicalability
TheWallStreetJournalnewsorganizationwasnot
intelligence,I’malsostudyingitsimplicationson isequallyascriticalashavingtheabilitytoexplain involvedinthecreationofthiscontent.Thiscontent
society,”saysMr.Spiegel.“Weneedmorepeople yourideasandjustifytheirimportancetoothers.” wascommissionedbySamsung.
A6|Monday,December14,2020 THEWALLSTREETJOURNAL.
*****
U.S. NEWS
Feuds Tear at Arizona GOP
Federal supplychainattackbyanation
state,”thespokesmansaid.
In a blog post late Sunday,
Agencies FireEyesaidithadidentifieda
“global campaign” using the
Partyleaderstrade
SolarWindsattackvectorthat
personalinsults, Hacked appearedtohavecompromised
multiple customers dating to
fuelingworriesover
thespring.
thenextelections FireEyedidn’tidentifyRus-
ContinuedfromPageOne siaasthesuspect,butsaidthe
BYELIZACOLLINS confirmed that one of its bu- hackerswerehighlysophisti-
reaus had been breached and cated,patientlyconductedre-
PHOENIX—TheArizonaRe- thatitwasworkingwithfed- connaissanceontheirvictims
publicanPartyhasbeenracked eral partners, including the anduseddifficult-to-attribute
by infighting as elected offi- Federal Bureau of Investiga- tools. The company said that
cials argue over President tion,toprobethematter.The each attempted intrusion re-
S
Trump’seffortstooverturnthe GE hackofCommercesystemsin- quired “meticulous planning
A
electionresultsandastheGOP IM cludes the National Telecom- andmanualinteraction.”
Y
genovinegrnCoorvgirda-p19plepsanwditehmaicw.oTrhse- P/GETT mAdumniicnaistitornatsioann,daInfuonrimtatthioant tomFierresEyceomhapsrosomfiasredseaernocuunsd-
public spats have some wor- AF worksontechnologypolicyis- the globe, a person familiar
riedabouttheparty’schances SKI/ sues,thepersonfamiliarwith with the company investiga-
W
going into the next round of O themattersaid. tionsaid.
AL
elections. MI TreasuryandtheFBIdidn’t Sophisticated hackers in-
S
The chief disputes are be- N respond to requests for com- creasinglyhavesoughttorely
A
tween the party’s establish- ND ment.TheRussianEmbassyin onsupplychainattackswhere
ment and its right wing over BRE Washingtondeniedresponsibil- theycanharnessavulnerabil-
whether to keep contesting StateGOPChairwomanKelliWard,Reps.DebbieLesko,AndyBiggsandPaulGosar,andthen-Sen. ity and said the allegations ity in a common product or
President-electJoeBiden’swin MarthaMcSallygreetedPresidentTrumpashearrivedinArizonaonAug.18.Below,Gov.Doug were “unfounded attempts of serviceusedwidelyacrossthe
in the state, despite no evi- DuceyonNov.30handedoverdocumentstocertifyelectionresults. theU.S.mediatoblameRussia.” internettorapidlyhackscores
denceofwidespreadfraud,and The hackers were able to ofvictimsbeforethecompro-
how far to go on restrictions “enjoy your time as a perma- infiltrate the systems of gov- misesaredetected.
relatedtothepandemic. nentresidentofCrazytown.” ernment agencies as well as
AfterRepublicanGov.Doug Unlike some other gover- FireEye through a malicious
DuceydefendedArizona’selec- nors,Mr.Duceyhasn’tissueda softwareupdateintroducedin Someinternal
tion system in November, the stay-at-homeorder,curfewor a product from SolarWinds
communicationsare
state GOP chairwoman, Kelli face-maskmandate,butcities Inc., a U.S. network manage-
Ward,tweetedthatheshould andcountiescanimposetheir ment company, according to believedtohave
#thSeThHeUll,usph.o”r(tShhaendlatfeorrsa“isdhuint ohwasnpmuatsiknmpalancdeatseosm.Merl.iDmuitceedy PRESS tmhieliacormwpitahnitehseamndatpteero.plefa- beenstolen.
D
a radio interview she meant restrictionsonbusinesses. ATE Theapparentuseofaflaw
“shuttheheckup.”)Mr.Ducey Some Republicans say the OCI in SolarWinds technology
told reporters: “The feeling’s party division is here to stay SS could be problematic, as the
A
mutualtoher.” andwillplayoutinprimaries N/ company says it has over Reuters reported earlier
OnWednesday,theArizona forcompetitiveracesin2022. NKLI 300,000 customers world- SundaythattheTreasuryand
A
GOP Twitter account accused Thatconcernscenter-rightRe- FR wide,includingover400ofthe Commerceagencieshadbeen
Mr.Duceyoftryingtoreplace publicans who believe estab- D. U.S.Fortune500companies. hackedbyagroupsupported
Ms.Wardasstatepartychair- lishment candidates will have OSS BasedinAustin,Texas,So- byaforeigngovernment.
R
woman.Ms.Wardsaidinanin- the best shot at winning in a larWindsWorldwideLLCem- “TheUnitedStatesgovern-
terviewshehasn’tdecidedwhat competitive state. Arizona, cansideanyway,thestatewide vative candidates can win ploysmorethan3,200people mentisawareofthesereports
she will do next, adding that once seen as a Republican offices, the Senate seat that statewideandthatpeoplewho andcountstheNationalSecu- and we are taking all neces-
Mr. Trump told her he would stronghold,narrowlyvotedfor will be up in two years, there believeddifferentlywere“full rity Agency, Secret Service, sarystepstoidentifyandrem-
supportherremainingthestate Mr. Biden for president this willbeprimaryfights,”saidAr- ofcrap.” DefenseDepartment,theFed- edyanypossibleissuesrelated
GOPparty’sleaderorrunning year.Italsoelecteditssecond izonastateRep.T.J.ShopeJr. Mr. Gosar, who has been eralReserve,BoozAllenHam- tothissituation,”NationalSe-
for another position. “The consecutive Democrat to the Mr.Shopesaidhesupported calling for a forensic audit of ilton, Lockheed Martin Corp. curity Council spokesman
worldismyoyster,”shesaid. U.S.Senate. the president, but added that thestate’selectionresults,said and PricewaterhouseCoopers JohnUllyotsaid.
Both the White House and In 2022, Mr. Ducey will be Republicansshouldstartlook- Republicanswhowanttomove LLPamongitscustomers,ac- FireEyesaidlastweekthat
thegovernor’sofficedeclined term-limited out of his posi- ingaheadandtrytocapitalize on from this year’s election cording to the SolarWinds it was hacked in what it said
tocommentforthisarticle. tion, opening up what is ex- on a midterm election with a andaccepttheresultswillhurt website. wasahighlysophisticatedfor-
Separately, U.S. Rep. Andy pectedtobeacompetitiverace Democratic president, which themselves with the party A SolarWinds spokesman eign-government attack that
Biggs, an Arizona Republican forhisseat.Sen.MarkKelly,a generallyfavorsthepartynot faithful. said that the company was compromised its software
whohaspushedforlessinter- Democratwhowassworninon inpower.Heisconcernedfar- “You let something lie like aware of a potential vulnera- toolsusedtotestthedefenses
vention on the virus, tweeted Dec.2tofilltheremainderof right candidates will pull es- this,yourbaseisnotgoingto bilityrelatedtoupdatesofits ofitsthousandsofcustomers.
onDec.4thatheworriedthe the late Sen. John McCain’s tablishmentcandidatestothe follow you. They have ques- Oriontechnologymanagement Russia’sforeignintelligence
governorwouldforcevaccina- term,willbeupforre-election right during a midterm elec- tionsandtheywantanswers,” software released between service wasseenasthelead-
tionsandtheRepublicanlegis- thatyear. tionandthenturnoffmoder- Mr. Gosar said. He said he MarchandJune. “Webelieve ing suspect in the FireEye
laturewouldallowit,towhich “I’m not naive enough to atevotesinageneralelection. plans to sign a recall petition that this vulnerability is the breach.
Mr. Ducey’s chief of staff re- thinkit’sjustgoingtogoaway. U.S. Rep. Paul Gosar, a Re- to attempt to remove Mr. result of a highly sophisti- —RobertMcMillan
spondedthatMr.Biggsshould IdothinkthatontheRepubli- publican,saidthatultraconser- Duceyfromoffice. cated, targeted and manual contributedtothisarticle.
Yule Tree situation. Using the contacts
of his father, who works in
the logistics business, Mr.
Supply Is Melwanisaidhearrangedfor
more than 25 trees to be
trucked into the city from
Pinched NorthernChina.
After mentioning his up-
comingsaleoftreesfor$175
each on Facebook, he was
ContinuedfromPageOne contactedbydozensofinter-
shesaid.Therewerestillsome estedbuyers.
8-footandtallertreesleftand “The demand has been
“some super tiny short ones crazy—I’ve been getting a
thatyou’dputinthecornerof messageeveryfiveminutes,”
An 18kt gold essential theapartment.” Mrs.St.Ger- Mr.Melwanisaid.
main said she ended up per- MarieBernalandherfam-
suadingthesellertoshortena ily have been in Hong Kong
Our18ktgoldwheat-linkbracelet
largertreeforher. fiveyears.Afterayearwith-
“My husband said it’s the out travel and a move to a
isajewelrycollectionmust-have.
most unusual Christmas tree newresidence,shedecidedit
TheclassicV-patternsitsflush I’ve ever bought,” Mrs. St. HLERT wastimetotradeinherplas-
Germain said. There is no E tictreeforonelikeshehadin
S
tothewrist,allowingagleamingshine central trunk to place a tree RI theChristmasesofherchild-
K
topper and the branches are CarlaSt.Germainpersuaded hoodinMexicoCity.
toemanatefromeveryangle.
all reaching for the ceiling hertreesellertoshortena “I promised the children
like they’re performing the largertreetomakeitfit. wearegoingtogetabeauti-
VillagePeoplesong“YMCA,” fultreethisyear,andwe’llgo
shesaid. big room and it’s a small and we’ll pick it out to-
The tree shortage has its tree.” gether,” she said. “It’s going
roots in the global recession In Europe retailers, cau- tosmellwonderfulandamaz-
of more than a decade ago. tious about what lockdowns ing.”
During those years, a glut of wouldmeantosales,reduced Itdidn’tturnoutquitelike
Christmastreescausedprices their Christmas tree orders, that.Ms.Bernalvisitedsome
totumble,andsomefarmers andnowharvestersarerush- gardencenterstwoweeksbe-
plantedfewerorswitchedto ingtocutmoretreestomeet fore Thanksgiving, only to
other kinds of crops. Other demand, said Claus Jerum find that most of the trees
farms just closed. Wildfires Christensen,managingdirec- werealreadysold.Inapanic,
ontheWestCoastalsowiped tor of the Danish Christmas shepurchasedthelasttreeat
out a number of Christmas TreeAssociation.TheU.K.is one venue, a roughly 6-foot
treefarms. having to rely on trees from tree imported from the U.S.,
Casey Grogan, owner of Europeaftermanyofitsown witha$320pricetag.
SilverBellsTreeFarm,a700- farmsranlowontreeswhen “DoIthinkI’lldoitagain?
acre Christmas tree farm in salesjumpedearly. Probably not,” she said. Her
Silverton,Ore.,saidhistrees Thisyear,fewertreeshave 11-year-old daughter didn’t
typically take between eight been shipped abroad from noticethetreeintheirliving
and12yearstogrow.Heesti- growers in the U.S. because room until days after it ar-
matesthesmallersupplyhas thepandemichasboosteddo- rived,andher5-year-oldson
pushed up prices by about mesticsales. wasnonchalantaboutit,she
30%overthelastfouryears. Swedish furniture giant said. “The joy was in my
The National Christmas IKEA, a popular destination head.”
Tree Association says that forbuyingChristmastreesin Sean Man, whose family
thereisnotsomuchashort- Hong Kong and Singapore, ownsWahKingGardenArts,
$599
age—if people want a tree hasrunoutoftheminthose inSaiKung,HongKong, im-
they can find one—but that cities. ports around 700 Noble Firs
supplyhastightened. That has shoppers lining each year from Oregon that
PlusFreeShipping
Mikaela O’Brien and her up for hours to buy trees normallyselloutaroundmid-
18kt Gold Wheat-Link Bracelet family spent half a day fromnurseries,orturningto December. This year, they
scouring their favorite onlinesellersorderinglooka- were all sold before the end
7"length.1⁄ "wide.Lobsterclasp. ChristmasTreefarmlooking likes from China. In the ofNovember.
4
for an 11- or 12-foot Fir this flower market in Wanchai, Mr.Mansaidthatrecently
Alsoavailablein8"$679
year near their home in Ma- Hong Kong, 6-foot trees are around40customersarrived
pleValley,Wash.Theyended goingforabout$1,500,about asearlyas6a.m.atthegar-
Shownlargerfordetail.
up buying something a few seven or eight times what den center in the hopes of
feet shorter. they sold for a year ago. gettingholdofthelasttrees
“The taller trees—there Knee-high bundles of whenitopenedat8:30a.m.
justaren’tany,”shesaid.“We branchesshapedliketreesare “Iwasexpectingabrawl,”
Ross-SimonsItem#879364
ended up finding one in the goingfor$100. he said, but the buyers were
Toreceivethisspecialoffer,useoffercode:WHEAT6 very back corner. It’s still a Mihir Melwani, a 22-year- well-behavedandlinedupin
beautiful tree, it’s just skin- old college student in Hong single file. Not wanting to
1.800.556.7376orvisitross-simons.com/wheat nier and smaller and shorter Kong,saidhisfriends’strug- leave anyone empty handed,
than normal,” she said.“It’s glestofindtreesspurredhim Mr. Man is offering to fly in
ourCharlieBrowntree.It’sa to do something about the NordmannFirsfromHolland.
THEWALLSTREETJOURNAL. Monday,December14,2020|A7
U.S. NEWS
DNC Faulted for Issues in Iowa Caucus
Pressure
Grows for
Ouster of BYJOHNMCCORMICK there were problems with a bial eleventh hour is likely lowing the election so that cuses has allowed it to keep
backup-telephonesystem. always going to be problem- DNCstaffcanremainfocused peace with New Hampshire,
TheIowaDemocraticParty The drama prompted some atic,anditwasultimatelythe on winning the general elec- which fiercely protects its
VA Chief releasedareportthatsaidlate Democratstocallforanendto cause of a major problem on tion,” said David Bergstein, a first-in-the-nationprimary.
technologydemandsfromthe Iowa’sfirst-in-the-nationstatus, caucusnight,”thereportsaid. DNC spokesman. “Every four The in-person caucuses
DemocraticNationalCommit- which the state has protected Thereportalsoblamedthe years, the DNC looks back at tendtorewardcandidateswho
teecontributedtoacaucusre- even as others have moved IowaDemocraticPartyfornot whatworkedandwhatdidn’t have organizing muscle and
BYBENKESLING sults-reporting debacle that theirnominatingcontestsear- being better prepared. “The workandtheDNC’sRulesand passionate followings, but
marredthestartofthepresi- lier.Thecaucusesgeneratemil- IDP—not the DNC—is ulti- Bylaws Committee will con- they are much more compli-
HouseSpeakerNancyPelosi dential-nominationprocess. lionsofdollarsofrevenueand mately responsible to ensure tinue to evaluate all areas of catedtoadminister.
andallofthenation’stopvet- Technicalglitchesandtabu- massivepoliticalattention. thatitscaucustoolsandinfra- our nominating process and President-elect Joe Biden
erans advocacy groups called lation problems from Iowa’s The document released on structureareinplacepriorto make recommendations for finished fourth in the first
for the dismissal of Veterans Feb. 3 Democratic caucuses Saturday said the DNC de- thecaucuses,”itsaid. anychanges.” nominating contest of 2020.
AffairsSecretaryRobertWilkie meantresultsweredelayedfor mandedlatechangestothere- TheDNCsaiditdidn’tpar- Iowa and Nevada, two of Former South Bend, Ind.,
afterthedepartment’sinspec- daysandconfusiondominated porting system Iowa Demo- ticipate in interviews for the the first four states on the MayorPeteButtigiegnarrowly
tor general found he mishan- the formal start of the nomi- cratsplannedtouseandthat Iowa report, whose lead au- 2020 nominating calendar, wonthecaucuses,butthere-
dledaninvestigationintosex- nation race. An app the state those alterations resulted in thorsareaformerIowaattor- haveclungtotheircaucustra- porting delay drew some at-
ual-assault allegations by a partydevelopedtoallowvol- failure. “Attempting to graft neygeneralandaformerU.S. ditions as other states have tentionawayfromhisvictory.
femaleveteran. unteers from roughly 1,700 anentirelynewsoftwareele- attorneyinIowa. shifted to primaries, which In recent years, the DNC
OnSaturday,Mrs.Pelosi(D., neighborhood caucus sites to ment onto the back-end re- “Evaluatingthenominating tendtohavehighervoterpar- has sought to bring more
Calif.), the American Legion reportvotetotalscrashed,and portingsystemattheprover- process always happens fol- ticipation. Iowa’s use of cau- transparencytocaucuses.
andVietnamVeteransofAmer-
ica joined a number of those
callingonMr.Wilkietoresign.
Aninspectorgeneralreport
releasedThursdaysaidthesec-
retary disparaged a veteran
who said she had been as-
saulted at a VA hospital last
year.Mr.Wilkieandtopaides
refusedtofullycooperatewith
theprobeandatopaideunsuc-
cessfullytriedtoplantastory
with a major newspaper dis-
creditingthewoman,investiga-
torssaidinthereport.
Investigators said they
didn’tfindthatMr.Wilkieac-
tively tried to seek negative
informationaboutthewoman.
Buttheysaidtheycouldn’tre-
solve a number of discrepan-
cies because of his and other
VA officials’ lack of coopera-
tion.
A spokeswoman for Mr.
WilkiesaidSaturdayhewould
continue to lead the depart-
ment.HesaidThursdaythathe
deniedwrongdoingandthein-
vestigationwasunfounded.
“Afternearlyayearofinves-
tigation, interviews with 65
Aspokeswomanfor
RobertWilkiesaid
hewouldcontinueto
leadthedepartment.
people and analysis of nearly
1.5milliondocuments,VA’sin-
spector general cannot sub-
stantiatethatIsoughttoinves-
tigate or asked others to
investigate the veteran,” Mr.
Wilkie said. “That’s because
theseallegationsarefalse.”
On Friday four of the na-
tion’smost-establishedveter-
ansadvocacygroupsandthe
Democratic chairman of the
House Committee on Veter-
ans’Affairssaidtheyhadlost
confidence in Mr. Wilkie as
secretaryandcalledonhimto
resignorberemovedfromhis
post.
“Theaccountability,profes-
sionalismandrespectthatour
veteranshaveearned,andquite
frankly deserve, is completely
lostinthiscurrentVAleader-
shipteam,”saidB.J.Lawrence,
executivedirectoroftheVeter-
ansofForeignWars.“Secretary
Wilkiemustresignnow.”
TheAmericanLegion,Veter-
ansofForeignWars,Paralyzed
VeteransofAmerica,Disabled
American Veterans, AMVETS
andVietnamVeteransofAmer-
icaareknownastheBigSix—
thehalf-dozenadvocacygroups
traditionallyconsideredthekey
voicesthatspeakonbehalfof
veterans.
John Rowan, president of
theVietnamVeteransofAmer-
ica, said Saturday that his
groupwouldjoininthecallfor
dismissal, completing the Big
Six’ssolidarity.
Other influential veterans
groups,includingIraqandAf-
ghanistanVeteransofAmerica
and Modern Military Associa-
tion of America, which repre-
sentsLGBTQtroopsandveter-
ans, also called for the
secretary’sdismissal.
TheWhiteHousedidn’tre-
spondtorequestsforcomment.
Veteransorganizationsand
Mr.Wilkiehavehaddisagree-
ments throughout his tenure
assecretary,accordingtofor-
mer officials in the depart-
ment and current officials at
veterans organizations. And
manyveteransgroups,which
thedepartmenttypicallycon-
sultsonpolicy,havebeenleft
out of decisions and discus-
sionsthroughoutMr.Wilkie’s
tenure,thosepeoplesaid.
President-elect Joe Biden
onThursdaynamedDenisMc-
Donough, a former White
Housechiefofstaff,tobehis
VAsecretary.Mr.McDonough
has contacted top stakehold- www.prattindustries.com
ers,includingveteransgroups,
tobuildrelationships,accord-
ing to a person familiar with
thematter.
A8|Monday,December14,2020 THEWALLSTREETJOURNAL.
U.S. NEWS
U.S. Nears 300,000 Covid-19 Fatalities
Itmightnotbeuntil Hopkins University, 298,465 homeordersandotherfactors vaccines—as early as Mon- takethisseriouslyanddoev- finalindicatorofasurgeinin-
peoplehaddiedfromthevirus have at times temporarily day—public-health experts erything we can to minimize fections,followingrisingcases
lateMarchbeforethe
as of Sunday afternoon and bluntedincreasesincasesand warned the death toll would infectionsanddobetter.Ithas andhospitalizations.
shotstartstoflatten morefatalitieswereexpectedto deaths counts, fatalities have continue to climb exponen- beendisappointing.” He said he feared deaths
berecordedbyday’send. actuallyacceleratedinrecent tially over the next several Dr.Russosaidtheubiquity would continue to increase,
thecurve,expertsays
Lastspring,PresidentTrump months,datashow. monthsuntilthebulkofAmer- of the virus right now—in notingthatatthispoint,peo-
predicted the coronavirus According to a Wall Street icanscouldbeimmunized. comparisonwithearlierinthe ple aren’t likely to dramati-
BYDANFROSCH wouldtakethelivesofbetween JournalanalysisofJohnsHop- “I thought we could get pandemicwhendifferentparts callychangetheirbehaviorif
about55,000and100,000peo- kins data, it took the U.S. here,butIdidn’tbelieveinmy of the U.S. experienced theyhaven’tdonesoalready.
TheU.S.neared300,000to- pleintheU.S.Public-healthex- roughlyfourmonthstoreach heart of hearts we would,” surges—contributed to a Dr. Russo estimated it
taldeathsonSundaysincethe pertslongfearedthedeathtoll 200,000 deaths on Sept. 21 ThomasRusso,headofinfec- fasterriseindeathsinrecent mightnotbeuntiltheendof
start of the pandemic, as the wouldbemuchhigher,particu- from100,000fatalities,butit tiousdiseaseatJacobsSchool months.Morepeoplearesim- March before the vaccine re-
death rate has accelerated in larly if Americans refused to tookjusttwoandhalfmonths of Medicine and Biomedical plyinfectedwithit,hepointed allystartstoflattenthecurve
recent months despite shut- wear masks and businesses toreach300,000deaths. Sciences at the University of out. He also noted that it is of new cases and deaths.
downs,stay-at-homemeasures werepermittedtoremainopen Even as hospitals made fi- Buffalo,saidofthe300,000fa- tooearlytoassessthefullim- “We’re going to be hitting
andotherrestrictions. evenascasessoared. nalpreparationstoadminister tality figure. “I thought we pactoftheThanksgivingholi- more milestones,” he said.
AccordingtodatafromJohns While shutdowns, stay-at- thefirstshipmentofCovid-19 would circle the wagons and day. Deaths typically are the “It’sanumbersgame.”
States Face New Demands
On Limited Resources
BYSTEPHANIEARMOUR tential$908billioncoronavi- mentinthespring.“Itwould
ANDSCOTTCALVERT rusreliefpackage,andaidto be helpful if the federal gov-
state and local governments ernmentcoordinatedthatand
State leaders say they are hasbeenastickingpoint. wedidn’thavetobidagainst
short billions of dollars in The Centers for Disease oursisterstates,”shesaid.
fundingneededtosuccessfully Control and Prevention has The financial demands are
provideCovid-19vaccinations sent more than $300 million strikingatatimestatetaxrev-
toallAmericanswhowantto to states to support flu and enues have dwindled because
be inoculated by health offi- Covid-19vaccineplanning,ac- ofthepandemic,leavingsome
cials’Junegoal. cordingtoaspokeswomanfor withloomingbudgetdeficits.
The federal government is theDepartmentofHealthand The Trump administration OL
O
providing the vaccine, along HumanServices. hasbeenworkingonOperation P
SS
with syringes, needles, face “Everydoseisalreadypaid Warp Speed to produce and RE
P
masks and shields. But state for,”aWhiteHouseseniorad- deliver 300 million doses of H/
S
leaders say they must hire ministrationofficialsaiddur- vaccines,withtheinitialdoses GA
medicalworkers,providecom- ing a Dec. 7 press call. “The availablebyJanuary.Thevac- RY
R
munity outreach and educa- syringes and needles and cinesaredistributedtostates, MO
tion,setupvaccinationclinics swabs necessary to vaccinate whichdecidewheretheygo. BoxescontainingthePfizer-BioNTechCovid-19vaccinearepreparedSundayinPortage,Mich.
and ensure storage capacity will be merged with the vac- About one-third of states
for vaccines. Some states are cinesgoingout,andthoseare said they were “greatly” or 75%oftheprojectedcostsare costasmuchas$120million. the expense of other areas
also concerned about having alreadypaidfor.We’reprovid- “completely”concernedabout personnel-related, including “Ithinkitshouldbepartof that rely on the $22.5 billion
enough supplies, such as ing the dry ice with the vac- having sufficient supplies to thehiringandtrainingofvac- the federal government’s re- generalfund,Mr.Laynesaid.
gloves and gowns, to protect cinesforthecoldstorage.” administerCovid-19vaccines, cinators,doctorsandsupport sponsibility,butmakenomis- Statebudgetofficialsfacea
health-careworkersaswellas Dr.RachelLevine,Pennsylva- according to a November re- staff,hesaid. take, we’re going to do it,” difficult challenge crafting
peoplegettingvaccinated. nia’shealthsecretaryandpresi- port by the Government Ac- Otherexpenseswillinvolve saidAubreyLayne,thestate’s spendingplansforthecoming
Officials in several states dentoftheAssociationofState countabilityOffice. logisticslikerefrigerationfor financesecretary.“Wehaveto fiscal year even without hav-
said they would spend what- andTerritorialHealthOfficers, The shortfalls and funding the vaccines that must main- putthewelfareandhealthof ingtopayforvaccinedistribu-
everisneededtogetresidents toldaSenatehearingThursday woescouldslowtherapidpace tain a certain temperature, ourcitizensfirst.” tion,saidBrianSigritz,direc-
vaccinated. Some said that thatstatesneed$8.4billionfor ofinoculationsthathealthof- warehouse storage and secu- Virginiahasfaredbetterec- tor of state fiscal studies at
might force spending cuts in thevaccinationprogram. ficials have said would be rity, as well as public cam- onomically during the pan- the National Association of
areas like education, unless “This will not be a short- needed to reopen businesses paignstoencouragepeopleto demicthanmanystates,partly StateBudgetOfficers.
Congress provides additional termoperation,”shesaid,add- andjump-starttheeconomy. gettheshots. because of its large defense- With revenues running
fundingorthefederalgovern- ingthatstatesalsowouldface New York state estimates Findingthemoneywon’tbe industrysector,hesaid.Even sharply lower because of the
mentreimbursesalargechunk achallenge“inalmostcompet- itsvaccinationdistributionef- easy. “It’s a big concern,” he so,statetaxrevenuesaresig- pandemic,stateswillhaveless
oftheirrolloutcosts. ing with each other for re- fortcouldcostasmuchas$1 said. nificantlybelowpre-pandemic moneyforareassuchasedu-
Congressional lawmakers sources,” as they did in the billion,saidRobertMujica,the Virginia officials said they levels, and covering vaccine cation,healthcare,transporta-
havebeenwrestlingwithapo- search for protective equip- state’sbudgetdirector.About expectvaccinedistributionto distributioncostswillcomeat tionandcorrections,hesaid.
JacobSanchez
Diagnosedwithautism
Lackofspeechisasignofautism.Learn the others at autismspeaks.org/signs.
THEWALLSTREETJOURNAL. Monday,December14,2020|A9
One Thing
Webelievethespiritofindependenceispartof
whatmakesAmericagreat.Maybethat’swhymore
AmericanspickSTIHLovereveryotherbrand
we can all
ofgasoline-poweredhandheldoutdoorpower
equipmentinAmerica*.Oursuccessisbuiltonour
commitmenttoAmericanmanufacturinginVirginia
Agree on
Beach,Virginia†andoursupportofmorethan9,000
servicingSTIHLDealersacrossournation.
ƒ
real stihl. find yours.
STIHL is Committed to America stihlUSA.com
*“Numberonesellingbrand”isbasedonsyndicatedIrwinBrohResearchaswellasindependentconsumerresearchof2009-2019U.S.salesandmarketsharedataforthe
gasoline-poweredhandheldoutdoorpowerequipmentcategorycombinedsalestoconsumersandcommerciallandscapers.†AmajorityofSTIHLgasoline-poweredunitssold
intheUnitedStatesarebuiltintheUnitedStatesfromdomesticandforeignpartsandcomponents.©2020STIHL20STWF10-12-145111-1
A10|Monday,December14,2020 THEWALLSTREETJOURNAL. THEWALLSTREETJOURNAL. Monday,December14,2020|A11
****** ******
U.S. NEWS
How Pfizer’s Covid-19 Vaccine Will Be Delivered to Millions, From Factory to Front Line
ByJaredS.Hopkins,PeterLoftus,ToniaCowan,JuanjeGomezandTaylorUmlauf
VACCINESHELFLIFE USE
Aftersome200companiesworld-wideset Pfizerhassaiditwoulddistribute25million
outearlierthisyeartoproduceaCovid-19 dosestohigh-prioritygroupsbeforeyear’send, OnceavialwithPfizer’s
vaccineisopened,itisstable
vaccine,theU.S.FoodandDrugAdministration withthetwo-shotvaccineservingabout
forsixhours.Thecompany
30days 5days* 6hours
authorizedPfizerInc.todistributeitsdoseson 12.5millionpeople.Thechallengeishowtoget recommendsnotopeningit
Incontainerswithdryice Inregularfreezers Oncevial morethantwiceaday,and
anemergencybasisintheU.S.—thefirst thedoses,whichmuststayattheultracold
(–94°F) *Notallwillneedthisstep isopened closingwithin1minute.
vaccinetoberolledoutinthecountry. temperatureofminus94degreesFahrenheit,
Patientswhoget
aroundthecountrybeforetheygobad.
thefirstdosewill
thenneeda
secondshotin
PRODUCTION SHIPPING aboutthree
weeks.
Pfizersendsrawmaterials Eachvialcontains5doses. Thevialsgointrays Thecontainersarethen Thecontainersare
fromSt.Louis,andmRNA Theymuststayatminus aboutthesizeofpizza packedwithdryice,which thenshippedaroundthe
fromAndover, Mass.,tobe 94degreesFahrenheit. boxesthatholdup keepsthevaccineultracold. country.However,cargo
formulatedintothefinal Oncetheybeginthawing,
to195vials,orabout Atthistemperature,they islimitedasplanescan
vaccineproductataPfizer theycanbekeptrefriger-
plantinKalamazoo,Mich. atedforonlyfivedays. 1,000doses. canremaineffective carryonlysomuchdry
upto30days. iceatonce.
...tobestoredtemporarily
atso-calledfreezerfarms
—hundredsofmobile
freezersthatcanholdup
to48,000dosesatatime,
thatthecompanieshave
builtspecificallyforCovid.
Payloadsleeve
Withaminimum
GPStracked of5,000dosesineach
shipment,smaller
DISTRIBUTION
facilitiesworry
ATED Withinthreedaysofleavingthe dmeamtcahntdhmeisguhptpnlyo.t
RREFURCIKGSEURSED ltlaoobcaa,rtlrhpievheasharmtiphamocseiepnsitt.saalsr,eaenxdpseocmteed Sfamcialiltlieers,omraruyrbael,unable
T
Sitesthatdon’thaveultracold tobuyspecialfreezers.
storageequipmentmay Inthosecases,
STORAGE
2” havetobuyspecial vaccinescanbe
2 Real-timeGPStrackers Manywillbedelivered freezers. H refrigeratedforonly
upto5daysinregular
andtemperaturesensors todistributionhubs
freezers.
inthecontainerstrackany operatedbyFedEx,
Sources:Pfizer;
temperaturedeviations UPSandDHL... staffreports
15.7” alongtheway.
15.7”
Vaccines manypartsthateachneedto holdingabout1,000vials. querque will get the rest of dosesdon’tgobad.Hospitals Convincing groups and religious leaders nursesintheU.S.wouldn’tvol-
work. Inside each box, a device thedoses,breakthemupinto muststaggerappointmentsto haveworkedformonthstoed- untarily take a Covid-19 vac-
about the size of a cellphone truck shipments and send avoid crowding, and keep ucatepeopleaboutthebenefits cine,34%saidtheywouldand
Start measures temperatures, re- themto32othersites,where those waiting socially dis- Skeptics Is ofvaccinestocountermisinfor- 31%saidtheywereunsure.
The vaccine
cordsGPSandcandetectifa they must be administered tanced.Amissedappointment mation. Many believe the ini- Thegovernmenthassaidthe
Thejourneystartsinafac- boxisopened.Pfizercantrack withinfivedays. couldleavehospitalswithun- tiallyvaccinatedgroup,which shotswillbefree,butithasn’t
Shipping tory just outside St. Louis, theboxesuntiltheyarriveat Kentuckyhassaiditwould used doses that must be A Hurdle includes doctors and nurses, begun a national messaging
where Pfizer scientists make theirdestinations. distribute most of its 38,000 thrown out, said Dr. Bid- willbekeytotheoverallvac- campaignaboutvaccinebene-
therawmaterialsthatarethe “We actually know every initialdosestolong-termcare dinger.“Wereallydon’twant cinerolloutgivenhowinfluen- fits,havingscrappedplansfor
backbone of the vaccine. moment in the journey, and facilitiesthroughCVSHealth towasteanysingledose,”he tial they are in their patients’ onethatwouldpaircelebrities
ContinuedfromPageOne Those materials move on to the temperature, and there Corp. and Walgreens Boots said. ContinuedfromPageOne healthdecisions. and physicians. A spokes-
dispatchingsyringesandother Andover, Mass., where re- werenodeviations,”saidMike AllianceInc.,whichhavefed- Long-term care facilities plecombined.Muchofthegen- “If you’re not part of the womanfortheU.S.Department
supplies for administering searchers turn them into McDermott,thePfizerglobal- eralcontractsforthatjob.The are expected to get most of eralpublicwon’treceiveshots health-caresystemandyousee ofHealthandHumanServices
Pfizer’s vaccine. “You don’t mRNA—molecular couriers supply president overseeing other12,000doseswill goto their vaccines through CVS untilspringorsummer2021. health-care workers taking it, saidanewoneisplannedbut
knowifit’sgoingtoworkuntil that deliver genetic instruc- themanufacturinganddistri- health-careworkers. and Walgreens, though some For months, surveys have you think, ‘Well, maybe they declinedtosaywhenitwould
yougetthere.” tionstothebody. bution. alsowillusesmallerpharma- shown large percentages of knowsomething,’”saidBruce start.
Pfizerisleadingthedistri- ThemRNAisdispatchedto Pfizerhasbeentestingthe cies.Eachchainsaiditexpects peopleintheU.S.arereluctant, Gellin,presidentofglobalim- TheAdCouncil,apublic-ser-
Final destination
bution of the vaccine, devel- Michigan,wheremachinesthe boxes for months, shipping to receive supplies via FedEx skeptical or even opposed to munizationatSabinVaccineIn- viceorganizationthathaspro-
oped with BioNTech SE of sizeofsingle-cargaragesen- them empty to places like Once hospitals get their orUPSinaround1,000hubs, takingaCovid-19vaccine,with stitute,whichpromotesvaccine ducedmessagesonsuchissues
Germany. That differs from velop them with lipid nano- Dubai and Africa, then con- doses,theyneedtomakesure nearlyallatpharmacies. concernsrangingfromsafetyto adoptionandtrainsimmuniza- as fighting AIDS, plans to
vaccines developed by other particles,microscopicvessels ductingrunswithairlines,lo- thevaccinesdon’tspoilbefore Fromthosehubs,teamsof mistrustofdrugmakersandthe tionprofessionals.“Health-care launcha$50millioncommuni-
drugcompanies,whichwillbe usedtodelivergeneticmate- gisticscompaniesandcertain they go into people’s arms, pharmacistsandotherstaffers government.Somepreferwait- workers are often sought, cations campaign before the
distributed by McKesson as rial into the body. Making states. andthatnonegotowaste. willfanouttolong-termcare ing to see if there are major
the federal government-ap- dosestakesaboutaweek,and Supply chain experts said Before the U.S. Food and facilities, with some taking problemsorsideeffects. WorthaShot?
pointed partner. Among the batches sit for about two problemscoulddevelopgiven Drug Administration autho- doses in small refrigerated Winning over these people
Surveyrespondentswhosaidtheywouldn'tgetaCovid-19
most difficult aspects of de- weeksbeforebeingshipped. thenewnessofPfizer’sopera- rized the vaccine on Friday, totes.Walgreenssaiditissup- willbecrucialtostoppingthe
vaccinecitedseveraldifferentreasons.
livering the first vaccine to Thevaccineistransported tion.Rawmaterialsorbatches hospitalsperformedvaccina- plyingabout30,000facilities, spreadofthevirus.Avaccine’s
gainemergencyapproval:the in glass vials strong enough might need to be discarded, OL tiondryruns,checkedbackup andCVSisworkingwithmore effectivenessdependsnotonly
O IfavaccineforCovid-19wereavailable,Iwouldgetit
need to keep it at minus 94 to withstand transit and the filledvialscouldbreakintran- P power and temperature set- than40,000,sofar. onhowwellitworksinanindi-
SS
degreesFahrenheitasittrav- subarctic temperatures in sitandthecontainerscouldbe RE tingsforfreezersandrushed “We just press ‘go’ and vidualbutalsoonhowwidely Strongly Somewhat Somewhat Strongly
elsandawaitsuseatvaccina- which the liquid must be mishandled by recipients. H/P todecidewhowouldgetshots startrunning,”saidRinaShah, itisadopted. agree agree disagree disagree
S
tionsites. stored.Trayscarrying195vi- Pfizer has even instituted GA first. Walgreens vice president for WilliamArch,a41-year-old
Despite dry runs and con- alsarepackedwithdryicein safety measures to prevent RY To choreograph the vac- pharmacyoperationsandser- cook at a nursing home in
R
tingencyplanning,alotcango suitcase-like boxes weighing thetheftofdoses. MO cine’s arrival, hospitals have vices. Pittsburgh,saidheiswaryand
wrong.Refrigerationproblems 80 pounds. Those vaccines Vaccinatingthenationalso BoxescontainingCovid-19vaccineswerepreparedtobeshippedacrossthenationSundayinsidePfizer’smanufacturingplantinMichigan. putemployeesonnoticeabout Pharmaciesalsoareprepar- wants to wait for long-term 0% 25 50 75 100%
couldruindoses,andlogisti- eventually are diluted with requires the simultaneous the deliveries. Some staffers ing for Covid-19 vaccines be- safety data. He even started
Ofthosewhodisagreewithgettinganavailablevaccine,what
cal snafus could delay ship- enough saline solution to mass distribution of face pitalsandpharmacyhubsna- in Memphis, Louisville and oncologydrugs,”saidAndrew gistics at technology-market have hunted down photos of sides Pfizer’s, including one lookingforanotherjoboutof
bestdescribeswhyyouwouldnottakeavaccineforCovid-19?
ments. If hospitals botch the make975doses. masks, needles, syringes and tionwide. elsewhere. Boyle, co-president of Boyle advisory firm ABI Research. packagingtominimizetherisk fromModernaInc.thatisun- concernhisemployerwillmake
challengeofschedulingacon- Because Pfizer needs dry alcohol wipes needed to ad- Ensuring the packages ar- FedExaffixesatrackingde- Transportation, a Billerica, “In a remote area, where are thatboxescouldbeleftunat- der consideration for emer- theshotmandatory.
Worried Worriedthe Don't Therisk Against Other
tinuous stream of people to icetokeepitsvaccinecold,it ministershots,alongwithsa- riveattherightlocationsisa vicetoeverypackageittrans- Mass.-basedtruckingcompany yougoingtofindthosedrivers tendedonloadingdocks,said gencyauthorizationandcould “Idon’twanttobethefirst about vaccineismoving thinkit tomeof vaccines
gettheshots,defrostingdoses bought its own dry-ice-mak- line solution to dilute vials challenge. During mock vac- ports, allowing the carrier to that specializes in secure, thatareavailableandusedto Jessica Daley, a pharmacist be cleared by the FDA this one to take it,” he said. “I’m side throughtechnical willbe getting ingeneral
might go bad. And the pan- ingequipment.Nowitismak- andcreatedoses. cine distribution exercises, monitoreachshipment’sloca- temperature-controlledtrans- handling [temperature-sensi- and executive with Premier month. scaredofit.” effects trialstoofast effective COVID-
demic itself could sideline ing dry ice at both the Kala- For weeks, workers in somesupplykitsarrivedtwo tion. UPS has a similar scan- port and is involved in tive] pharmaceutical prod- Inc., which contracts with Brad Phillips, director of Overall, 63% of Americans 19islow
someofthearmiesofworkers mazoo plant, where 650 McKessonfacilitiesacrossthe days after vaccine doses, Dr. ningtechnology.Vaccinesar- Covid-19 vaccine distribution ucts?”sheasked. pharmaceutical and other operationsforlong-termcare wouldbewillingtoreceivean
involvedintheeffort. employees worked on distri- U.S. have been filling boxes RachelLevine,aPennsylvania riving in Memphis and other efforts. States, big cities and U.S. medical-supplymanufacturers at Thrifty White Pharmacy, a FDA-approvedCovid-19vaccine,
“Everything has to come bution efforts, and a storage with those supplies, and on statehealthofficial,toldCon- hubs get the fast-lane treat- U.S. airports have been territories are among the 64 onbehalfofhospitals. regionalchainbasedinPlym- according to a Gallup poll re-
together—thepackaging,the facility in Pleasant Prairie, Wednesday,thecompanybe- gress earlier this week. A mentmeantforprioritypack- gearingupformonths,includ- federally designated places “Everyone is very focused outh,Minn.,thatissupplying leased this month that sur-
dryice,thevials,thematerial Wis., where it has freezer gan shipping the containers, McKessonspokeswomansaid ages, with an early delivery ingupgradingfreezerstorage thatwillreceivethevaccines on ensuring that receipt of thevaccineto240facilitiesin veyedabout3,000peopleafter 0% 25 50 75 100%
itself. It all has to come to- farmstostorethevaccines. each weighing up to 50 thatduringitsinitialtestwith commitmentthenextday. facilities and training staff. and decide when and where theseproductsgoesperfectly NorthDakotaandMinnesota, Pfizerannounceditsvaccine-ef-
Note:Numbersareroundedandmaynotequalexactly100%
gethertothesameplaceand Pfizerboughtthreetanksto pounds and holding enough emptyboxes,adatatransmis- Delivery networks have Theyareoperatingonacom- they will be administered. accordingtoplan,”shesaid. said he expects to arrive at ficacy results in November. Source:Ipsospollof2,000individualsintheU.S.conductedOct.8-13;marginoferror+/–3.5pct.pts
haveenoughofitandexactly hold the carbon dioxide used suppliesfor1,000doses. sion issue was identified and beenstretchedthinbyapan- pressedtimetable. GovernmentofficialssaidSat- AtMassGeneralBrigham,a the company’s headquarters Thatisupfrom50%inSeptem-
the right people there ready tomakedryice,eachthesize Afterstoppingatastorage resolved before actual kits demic-fueled surge in online Deutsche Lufthansa AG, urday they expect the initial pharmacistlikelywillbenoti- pharmacy around 6 a.m. on ber,butslightlybelowfindings whether they’re doctors, end of the year. Aimed at in-
to take it,” said Yossi Sheffi, ofathree-storygrainsilo.As- anddistributionhubinLouis- wereshipped. shopping,leavinglittlemargin oneoftheworld’sbiggestair dosestoarriveat145siteson fiedbycourierofthevaccine’s Dec. 28, the designated start inapollfromJuly. nurses,pharmacists,peoplein formingpeopleaboutCovid-19
directoroftheMITCenterfor sembly lines end with ma- ville,Ky.,theboxes werefer- “Having syringes without forerror.Executivessayholi- transporters of vaccines, in- Monday. It will be up to the arrival, said Paul Biddinger, of the long-term-care rollout “The idea that everyone is the system, for their advice vaccines and overcoming any
Transportation & Logistics. chinesthatshootoutthedry- riedbyUnitedParcelService vaccines isn’t very helpful,” daygiftswilltakeabackseat cluding measles treatments, states not to mismanage the theBoston-basedhospitalsys- inMinnesota. just going to take it is naive, abouthealth.” hesitancy, it will include TV
“Right now, there’s no con- icepelletsusedtoblanketthe Inc.planesandtruckstohun- saidBruceGellin,presidentof tovaccines,andtheyhavere- usually is notified months complex task of making sure tem’s medical director for If it is authorized, he and andsoistheideathatwecan Vineet Arora, a 47-year-old ads,socialmediaandoutreach
ductortothesymphony,”just vials inside containers, each dredsofnursinghomes,hos- globalimmunizationatSabin served enough space in their aheadoftimeaboutpalletsof therightnumberofdosesget emergency preparedness. aboutahalf-dozencolleagues come up with a messaging hospitalistatUniversityofChi- throughcommunitygroups.
VaccineInstitute,anonprofit networks to handle the ex- vaccinescomingitsway.Itex- totherightplacesattheright Mass General Brigham will willheadtoanursinghomein campaignandeveryonewillgo cagoMedicinewhohastreated “It is the most significant
that promotes vaccine adop- pectedshipments. pects five-day notice or less times. storeitsallotmentinacentral the Minneapolis area in a along with it,” said Emily Covid-19 patients, said she is public education effort that
TrumpSaysStaff haveaskedthatthisadjust- thosewhoreceivedthevaccine. tionandtrainsimmunization “We’veplannedfortheca- for imports or exports of the When Minnesota gets the locationbeforedistributingit company van with coolers of Brunson,amedicalanthropolo- looking forward to taking the we’ve ever undertaken,” said
mentbemade.” “TheAmericanpeople professionals.“Itallhastogo pacity,” said Richard Smith, Covid-19 vaccines, said Bern- 46,800initialdosesitexpects to a dozen sites, using bar the Moderna vaccine. There, gist at Texas State University vaccine.“I’lldoitforthesafety ChiefExecutiveLisaSherman.
ToWaitforShots
Mr.Trump,whoannounced shouldhaveconfidencethat right.” presidentoftheAmericasfor hard Kindelbacher, the air- inthecomingweek,theywill codestotrackdeliveries. he said, he will don a gown, whostudiesvaccinehesitancy. of my family and colleagues Researchers say prominent
inOctoberthathehadtested theyarereceivingthesame FedExExpress.“Thisissome- line’s vice president of cargo be split between health-care There are exacting proce- maskandglovesandenterthe “It’sreallygoingtobealotof andpatients,”shesaid. people receiving the vaccine,
positiveforCovid-19,saidhe safeandeffectivevaccineas thing we are confident will for the U.S. and Canada. “It’s workers and residents and dures for retrieving the vials rooms of residents to inject workandalotofeffortforthe Dr. Arora initially was con- and urging others to get it,
On the move
PresidentTrumpwalked wasn’tyetscheduledtoreceive seniorofficialsoftheUnited notoverwhelmthesystem.” the uncertainty,” he said. employees of long-term care forvaccinations.Pfizer’scon- them. next 12 months to be able to cerned because she has an 8- could help overcome skepti-
backplansforseniorWhite thevaccinebutaddedthathe Statesgovernmentonthead- Pfizerisshippingvaccines Shipments of anything by “What routes, what volumes, facilities.Atfirst,theywillgo tainers can be opened only After weeks of planning, getpeoplevaccinated.” month-old baby, whom she is cism.FormerPresidentsBarack
Houseofficialstoreceive looksforwardtodoingso“at viceofpublichealthprofession- from many locations, and roadoraircanbedelayedby whattemperatures?” to25hospitalsorlargephar- twice a day, and can’t stay Mr.Phillipssaid,heisexcited Thoseskepticalaboutreceiv- stillbreast-feeding.Withpreg- Obama, George W. Bush and
Covid-19vaccines,declaring theappropriatetime.” alsandnationalsecurityleader- somedosesaremadeabroad. such vagaries as winter Afterdoseslandatairports maciescapableofhandlingul- openformorethanthreemin- to start. “As we look at the ingashotincludesmallbutvo- nant women excluded from BillClintonhavepledgedtobe
thatmoststaffshouldreceive EarlierSunday,theWhite ship,”WhiteHouseNational During Thanksgiving week, weather or mechanical prob- closetovaccinationsites,they tracold storage. Those places utesatatime,Dr.Daleysaid. impact on people and the calnumbersofpeoplewhoop- Pfizer’s trial, there is little vaccinated.
theshotlaterinthevaccination HousesaidthatseniorU.S.offi- SecurityCouncilspokesman about750,000dosesmadein lems. againareloadedontotrucks. will use some and distribute Smallerboxeswithtraysofvi- health-care system,” he said, poseallvaccines,whichtheysay knownaboutthevaccine’sim- But some say hesitancy
effort. cialswillbeginreceiving JohnUllyotsaidearlierSunday. Europe arrived at Chicago Truckfleetsthatworkwith The process will become therestto118otherlocations. alscanbeopenedfornomore “itisthebiggestandmostim- areunsafedespiteresearchprov- pactonnursing. couldpersistifthepublicper-
“Peopleworkinginthe Covid-19vaccinationsassoon Inadditiontotheexecutive O’Hare International Airport pharmaceuticalcompaniesun- morecomplexasdistribution NewMexicowillsendsome than three minutes, and they portant thing I’ve been in- ingotherwise.Anotherobstacle But even health-care work- ceivesthatshotsaren’tdistrib-
WhiteHouseshouldreceivethe asthisweek,aspartofanef- branch,seniorofficialsinCon- on chartered cargo flights dergoqualityauditsandcerti- moves from large urban and of its initial 17,550 doses to can’tbeoutsideultracoldtem- volvedwith.” isadeep-rootedmistrustamong ers,whoareoftenrequiredby utedequallyacrosscommuni-
vaccinesomewhatlaterinthe forttoensurecontinuityof gressandthejudicialbranch from Brussels International fications to ensure they ad- suburban areas to more re- five major hospitals that can peraturesmorethanonceev- —MelanieEvans,Paul minority groups of health-care employers to get flu shots, ties.DuringtheH1N1pandemic,
program,unlessspecificallynec- governmentamidthepandemic. willalsobeofferedthevaccine, Airport.Moreflightsfollowed. here to global standards for mote locations with smaller handle ultracold storage, for erytwohours. Ziobro,JoeBarrett,Doug authorities after a tainted his- aren’tfullyonboard.AnOcto- for example, the vaccine was
essary,”Mr.Trumpwroteon SeniorWhiteHouseofficials Mr.Ullyotsaidatthetime. After landing in the U.S., thetransportofmedicine. populations,saidSusanBeard- distribution to health-care People getting vaccinated Cameron,JenniferSmithand toryofunethicalmedicalexperi- bersurveyofabout13,000peo- given early on to Wall Street
TwitteronSundaynight.“I wereexpectedtobeamong —AndrewRestuccia the vaccine is trucked to “You can’t haul chicken slee, principal analyst for workers. A state health-de- must be moved through the AlisonSlidercontributedto mentationonminorities. ple by the American Nurses firms,creatingtheimpression
FedExCorp.andUPSairhubs nuggets and then transport freighttransportationandlo- partmentwarehouseinAlbu- line at a steady clip so the thisarticle. Researchers, community Foundationfoundthat36%of ofinequity.