Wall Street Journal Monday April 19, 2021

30 Pages·2021·12.61 MB·English

by  News Corp

For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at [phone] or www.djreprints.com.
****** MONDAY, APRIL 19, 2021 ~ VOL. CCLXXVII NO. 90 WSJ.com HHHH $4.00
Lastweek: DJIA 34200.67 À400.07 1.2% NASDAQ 14052.34 À1.1% STOXX600 442.49 À1.2% 10-YR.TREASURY À 27/32, yield1.571% OIL $63.13 À$3.81 EURO $1.1982 YEN 108.81
Bull Run
What’s
In Stocks
News
Widens,
Business&Finance
Signaling
(cid:2)Morestockshavebeen
propellingtheU.S.market Strength
higherlately,asignalthatfur-
thergainscouldbeahead,but
howsmooththeclimbmight
Technicalindicators
beremainsupfordebate.A1
suggestmoregains,
(cid:2)WeWork’splantolist
stockbymergingwitha butsomequestionhow
blank-checkcompanyhas
smooththeywillbe
echoesofitsapproachin
2019,whentheshared-office
provider’sIPOimploded.A1 BYCAITLINMCCABE
(cid:2)Citigroupplanstoscale
S
upitsservicestowealthy GE Agreaternumberofstocks
A
entrepreneursandtheir IM have been propelling the U.S.
Y
bbtiuaonsniksnreinesfstoehcseuisnreeAsgisiotisan.oaBps1etrhae- SSE/GETT mttohraa—rtk—meitofrhheiiggshtaoeinrrsylcaiostuelaldyn,byaeinashidgeincaaad-l.
RE
(cid:2)AMarylandhotelmag- NCE-P batWe,hhaotwreevmera,inisshuopwsfomroodteh-
natebehindan11th-hourbid A
tinogaicsqwuiorerkTinrigbutonefinPdubnleiswh- GENCEFR tshtreIonncdlgiiemcrabtoawrnsidlltbhmea.otrpeoirnetsiltioenat
fowipnittahinodcnrisenwagfatfernordmhpisathrpteandreternasehl.riBp1 FALLON/A sratorec·kmmiKlaersktoentehsavreecbeenetnlyhaistttinhge
T. continuing bull run has once
K
(cid:2)BPplanstospendabout RIC again widened. In the past
$1.3billiontocollectand AT ªweek,stocksrangingfromUnit-
P
capturebyproductnatural TheCentersforDiseaseControlandPreventionsaidtheU.S.hitamilestoneasalmost130millionpeople18orolder,or50.4%¬ edHealthGroupInc.toLBrands
gasfromPermianBasinoil ofthetotaladultpopulation,havereceivedatleastonevaccinedose,whileJohnson&Johnson’sshotremainsunderreview.A2 Inc.toVulcanMaterialsCo.hit
wells,withanannounce- 52-weekhighs,joining184oth-
mentexpectedonending ­ ersintheS&P500thatdidthe
Worry Over Mistreating Clots
routineflaringthere.B1 same.Thosegainshavehelped
I extend the benchmark index’s
(cid:2)PenskeMediaagreedto ª = rallyfortheyearto11%—notch-
acquirea50%stakein
~ £ ing23recordsalongtheway.
SouthbySouthwest,the
Drove Push to Pause J&J Shot Investorsandanalystsoften
tech,musicandmoviefesti-
looktotechnicalindicatorsthat
valinTexasthathasbeen ¬ ±
measure the breadth of the
hurtbythepandemic.B1
market’s rally for clues about
(cid:2)Twomendiedaftera ³ whereitisheadednext.Amar-
­
Teslavehiclethatauthorities ket is generally considered
believewasoperatingwith- BYTHOMASM.BURTON people said. The officials dug meetingtotakethestrongest looking at limiting the J&J healthierwhenmorestocksare
outanyoneinthedriver’s ANDBETSYMCKAY intoaU.S.vaccinesafetydata- ±step: publicly recom=mend vaccine to older people and rising together, and signs of
seatcrashedinTexas.B2 baseandidentifiedthecasesof pausing the vacciªne’s use could make public a decision strong participation are typi-
U.S.healthauthoritiescame great concern, but they de- while probing th~e adverse- asearlyasthisweek.Another callyviewedasasignalthata
(cid:2)TheConsumerProduct °
closetosimplywarningabout batedwhatactiontotake. eventcases,thepeoplesaid. optionisallowingareturnto rally has legs. In contrast, a
SafetyCommissiontold
peoplewithyoungchil- a blood-clotting risk from BythenightofApr£il12,the Since th§e announcement, widespread use but with an market with poor breadth—
Johnson&Johnson’sCovid-19 officials resolved that urgent the Food and Drug Adminis- addedwarningabouttheben- suchastheoneinthelate1990s
drenorpetstostopusing ¡
vaccine, but they decided to actionwasneeded,thepeople tration has been studying efits and risks. FDA officials near the peak of the dot-com
Pelotontreadmillsafteran ®
recommendpausinguseoutof said.Fourofsixwomeninthe other reports of additional arewaitingtoseewhatavac- bubble—indicatesfewerstocks
inquiryfounddozensof
concern doctors would im- U.S. who developed the clots blo°odclottingamongJ&Jvac- cineadvisorypaneltotheCDC with larger market capitaliza-
instancesofinjuries.B3
properly treat the condition, daysaftervaccinationhadini- cine recipients, but it hasn’t recommends,thepeoplesaid. tionsarecarryingtheload.
=
World-Wide peoplefamiliarwiththemat- tiallybeengivenbloodthinner£confirmedwhetheranyreflect The CDC panel, called the Lately, signs of strong
°
tersaid. heparin,accordingtothe fed- the same phenomenon, the AdvisoryCommitteeonImmu- breadthhaveabounded,are-
Over the previous four er­alCentersforDiseaseC«ontrol people said. Yet officials are PleaseturntopageA6 PleaseturntopageA2
(cid:2)Growingconcernsover weeks,U.S.healthofficialshad and Prevention. Its use could growingmorepersuaded,the
AlexeiNavalny’shealthhave becomealarmedaboutsimilar have worsened the patients’ people added, that the six (cid:2)Americansabroadreturnfor (cid:2)Outlook:GDPsettosoar,
sparkedcallsformasspro- blood-clottingconditionsinEcu- condition,thepeoplesaid. cases reported so far are re- ashot.............................................A6 jobsnotasmuch....................A2
teststhisweekacrossRussia ropeinvolvingaCovid-19vac- That night,«top U.S. health latedtotheshot. (cid:2)ChileseesCovid-19cases, (cid:2)GOPdanglesinfrastructure
todemandtheopposition cinefromAstraZenecaPLC,the officialsagreedduringaZoom Health officials are now deathssurge..............................A8 consensus....................................A4
leader’srelease,withthe
U.S.warningtherewillbe Oil-and-Gas Landmen
consequencesifhedies.A1 ­ Fatal Tesla Crash Investigated
(cid:2)U.S.healthauthorities
cameclosetosimplywarning Now Hun¡t for Wind and Sun
aboutablood-clottingrisk
fromJ&J’sCovid-19vaccine,
butdecidedtorecommend J
pausinguseoutofconcern ¬
doctorswouldimproperly
treatthecondition.A1
Jobtose­curedrillingrightsshiftstodealstoplaceturbines,solarpanels
(cid:2)ScientistsintheU.K.
plantoreinfectdozensof
adultvolunteerswhohave BYREB¬ECCAELLIOTT Hestartedaround2006,acoupleofyears
recoveredfromthevirusto beforetheshaleboomtookoffandpushed
betterunderstandprotection CarterCollumusedtospendmornings pricesfordrillingrightsinEastTexasto
frompreviousillness.A6 =shouldertoshoulderwithcompetitorsinthe morethan$15,000anacrefromaround
recordroomsofEastTexascourthouses, $250.Successfullandmen,racingtoknock
(cid:2)Thepresident’sdecisionto
huntingfortheownersofundergroundnatu- ondoorsaheadofrivals,earnedsix-figure
pisutlalnU.oSv.etrroroopdsefrreocmomAfmgheann-- ral-gasdeposits.Atnight,hemadehouse incomes. NGLE
calls,offeringpaymentsandroyaltiesfor “ItwaskindofliketheWild,WildWest,” E
dationsoftopmilitarycom- J.
manders,whofeareditcould permissiontodrill. saidMr.Collum,39yearsold.Hispredeces- OTT
underminesecuritythere.A7 Mr.Collumworkedasalandman,tracking sorsinthefieldincludedformerPresident SC
theownersofoilandgastrappedinrock GeorgeW.BushandAubreyMcClendon,the TwomendiedafteraTeslavehiclethatauthoritiesbelieve
(cid:2)Sen.JohnCornynofTexas layersthousandsoffeetbeneaththeearth’s latefrackingpioneerwhoco-foundedChesa- wasoperatingwithoutanyoneinthedriver’sseatcrashed
saidheandhisRepublicancol- surfaceandgettingtheirsignatures,ajob PleaseturntopageA10 intoatreeSaturdaynightnearHouston.B2
leaguescouldsupportaninfra- aboutasoldastheAmericanpetroleumin-
structurebillofaround$800 dustry. (cid:2)BPslots$1.3billionforPermianflaring............B1
billion,asumwellshortofBi-
den’s$2.3trillionproposal.A4 U.S. Warns Russia The New York
WeWork Listing Plan
(cid:2)Thegunmanintheshoot-
ingataFedExfacilityinIn- Power Lunch
dianapolislegallypurchased Over Navalny’s Care Echoes Its Failed IPO
twosemiautomaticrifles
afterbeingdetainedbyau- Is Back
thoritiesandhavingone
othergunconfiscated.A3 BYANNM.SIMMONS tion, his team said, adding, i i i BYJEANEAGLESHAM BowX’schairmandescribed
(cid:2)TheU.S.andChinasaid “Hislifehangsinthebalance.” New days, no ANDELIOTBROWN WeWorkinacallwithinvestors
theywouldworktogether MOSCOW—Growing con- OnSaturday,amedicaltrade as a $5 billion revenue com-
tosetmoreambitiousgoals cernsoverthehealthofjailed unionwithtiestoMr.Navalny jacket; cocktails WeWork, which had one of pany, though that figure is a
totackleclimatechange.A7 opposition politician Alexei cited the results of medical the most spectacular IPO im- projectionratherthanacurrent
(cid:2)Mexicoincreasedde- Navalnyhavesparkedcallsfor tests they said they obtained now on the menu plosionsinrecentyears,istry- number.WhendescribingWe-
massproteststhisweekincit- from the activist’s lawyer as ing to go public again—and Work’s size, the company
tentionsanddeportations
ies across Russia to demand showinghewasatriskofim- some of the factors that wor- counted units that WeWork
ofmigrantsinMarch,and hisreleaseaswellasawarn- minent kidney failure, which BYCHARLESPASSY riedregulatorsonthefirstdeal doesn’towndirectly.
saideffortsagainstirregu-
ing on Sunday from the U.S. couldleadtocardiacarrest. arebackagain. WeWork is predicting a
larmigrationcontinue.A8
that there will be conse- U.S.officialswarnedRussia TheNewYorkpowerlunch WeWorkisn’tdoinganini- rapid recovery from the pan-
quencesifhedies. onSundaythattherewouldbe isback,withnewritualsforthe tial public offering this time, demicdownturn,whichhitits
CONTENTS Outlook.......................A2 Supporters of Mr. Navalny consequences if Mr. Navalny see-and-be-seenset:Makesure but merging with a special- business particularly hard be-
ArtsinReview...A13 PersonalJournalA11-12
called for large-scale demon- dies.“Wehavecommunicated you’re there on the right day, purposeacquisitioncompany, causefewpeoplewereusingof-
BusinessNews.......B3 Sports.......................A14
Crossword..............A14 Technology...............B4 strations to demand his re- to the Russian government try out a new wardrobe and orSPAC.RulesaroundSPACs fices,muchlesssharedspace,
HeardonStreet...B10 U.S.News.............A2-6 leaseamidfearsabouthisde- thatwhathappenstoMr.Na- Midtownisnolongeramust. are looser than for IPOs, giv- andbecauseitwasstillonthe
Markets......................B9 Weather...................A14 terioratingmedicalcondition, valnyintheircustodyistheir Businesspeoplesaytheyare ing WeWork more leeway to hookforlong-termleases.The
Opinion..............A15-17 WorldNews........A7-9
settingthestageforanescala- responsibilityandtheywillbe embracing the opportunity to toutitsfuture. company is also using a new
tion in the standoff between heldaccountablebytheinter- meet with clients and col- Theshared-officeprovideris profit measure that shows
> President Vladimir Putin of nationalcommunity,’’national leaguesoveramealonceagain. expectedtomergewithaSPAC highermarginsthanitclaimed
Russia and an opposition securityadviserJakeSullivan “I’m sick of my own tuna calledBowXAcquisitionCorp. inlate2019.
movementthathasstruggled saidonCNN. sandwich,” said Adam laterthisyear.Asthetwoenti- Intherun-uptotheIPO,the
tobreakhisholdonpower. The U.S. warning comes Schwartz,co-chiefexecutiveof- tiespromotedthedealtoinves- SecuritiesandExchangeCom-
The activist has been on a amidescalatingtensionswith ficerofAngeloGordon,aNew tors,theypaintedanoptimistic missiontoldWeWorktochange
s2021DowJones&Company,Inc.
AllRightsReserved hungerstrikeforalmostthree Moscow.PresidentBidenmade York-based investment firm. scenario for the company’s certainprofitandgrowthmea-
weeksandisincriticalcondi- PleaseturntopageA7 PleaseturntopageA10 growthandprofitability. PleaseturntopageA8
For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at [phone] or www.djreprints.com.
A2|Monday,April19,2021 THEWALLSTREETJOURNAL.
**
U.S. NEWS
THE OUTLOOK | BySarahChaneyCambo
ECONOMIC
GDP Set to Soar, Hiring Not as Much
CALENDAR
U Thursday:TheEuropean
.S.employersmight periodofthisyear.That itspreviouslevels.Along- RealGDPandemployment, inMarchfacingjobless CentralBank’spolicymeetingis
havetroublehiring wouldliftoutputtonearly lastingshifttoremotework changefromfourthquarter spellsofatleast27weeks, expectedtobefairlyuneventful,
workersfastenough 4%aboveitspre-pandemic coulddampbusinessatcafes 2019 upfrom1.1millioninFebru- withofficialslikelyleavinginter-
incomingmonthstokeepup levelmeasuredinthefourth andshopsnearoffices. ary2020. estratesandthepaceofbond
withtheprojectedburstof quarterof2019. “They’reveryhappyto 5% “Thelongerpeopleremain purchasesunchanged.“Thetone
economicgrowth. Meanwhile,theecono- seethissurgeaseverything unemployed,themorethose shouldbesimilartothatof
Consumerspendingat mistsexpectemployersto reopens,buttheystillhave skillsdostarttoatrophyand March,withtheECBwaitingto
restaurants,hotelsandsa- add7.1millionjobsinthe12 tremendousuncertaintyover 0 thenit’sharderforthemto seehowfinancingconditionsde-
lonsisalreadystartingto monthsendinginDecember whattheirrevenuestreamis getbackintothelabor velopandwhentherecoverybe-
takeoffasthegripofthe 2021,againof5%.That goingtolooklike,”saidSte- RealGDP FORECAST force,”saidJayBryson,chief ginsinearnest,”economistsat
Covid-19pandemiceasesand wouldleaveemployment venBlitz,chiefU.S.econo- economistatWellsFargo’s TDSecuritiessaidinanote.
morepeoplegetvaccinated 1.6%lowerthaninthefourth mistatTSLombard. –5 CorporateandInvestment U.S.applicationsforunem-
anddrawontheirstimulus quarterof2019. Evenafteranemployer Bank. ploymentbenefitsinthefirstfull
checksandsavings. JobgrowthwilltrailGDP postsajobopening,thehir- T weekofAprilfelltothelowest
Employment
Butmanyeconomistsex- fortwokeyreasons,econo- ingprocesscantakeweeks heresultcouldbebot- levelsincethepandemicstruck.
–10
pecteconomicactivityto mistssay.First,manycom- ormonths.Meanwhile,the tlenecksthatdiscom- Economistsareforecastingan
pickupfasterthanpayrolls, panieswillbereluctantto laborpoolchangedand fortconsumers,at uptickinjoblessclaimsforthe
atleastinitially,forseveral hireworkersuntiltheyare shrankduringthepandemic. leasttemporarily,untillabor weekendedApril17,thoughthe
reasons,causingbottlenecks convincedthepickupincon- TheshareofAmericans –15 demandandsupplyare overalllevelisexpectedtore-
andwagepressures. sumerdemandwillendure. ages25to54whoarehold- 1Q2020 1Q’21 broughtintobalance.Forin- mainnearapandemiclow.
Thishappenedlastyear Second,millionsofworkers ingorseekingjobs—called stance,linesatairportsecu- TheU.S.housingmarkethas
formanymanufacturersthat droppedoutofthelabor theprime-agelabor-force Source:LaborDepartment;BureauofEconomic ritycheckpointsthissummer beenconstrainedbytightsup-
Analysis;WallStreetJournalEconomic
experiencedlaborshortages forceduringthepandemic participationrate—was ForecastingSurvey couldgrowlongasworkers pliesandrisingprices,andecon-
asAmericansworkingfrom andmighttaketimetore- 81.3%inMarch,downfrom attempttoserveaninfluxof omistsareestimatingadecline
homeorderedmorefurni- turn. 82.9%inFebruary2020,a happenovernight,”Federal travelers.Salonsmightre- inexisting-homesalesfor
ture,exerciseequipmentand E lossof1.9millionworkers. ReserveChairmanJerome quirehairdresserstologlon- Marchaslimitedinventories
othergoodsthanbeforethe conomistspointto Manyofthosepeople Powellsaidatapresscon- gerhourssotheycanserve continuetoholdbackpotential
pandemic.Thisyear,itis severalforcesbehind droppedoutofthelabor ferencelastmonth. themanycustomerswho buyers.Themarkettookoffdur-
likelytobethecaseparticu- employers’hesitancy forcetocareforchildren Thesharpfallinwork- wentayearwithoutahair- ingthesummerof2020asbuy-
larlyforprovidersofser- tohire.Forone,it’sunclear whileschoolsareclosed. forceparticipationshowsno cut.Restaurantscouldraise erstookadvantageoflowinter-
vicesrequiringproximityto whenthepandemicwillend. Othershavestoppedlooking signsofquicklyreversing. wagestoattractworkers,and estratesandthepandemic
people,sincetheysawthe Thoughvaccinationratesare forworkoutoffearofcon- Eventhoughjobopenings asaresult,passonthecosts prompteddemandforhomes
biggestdropsinbusiness rising,sotooarethedaily tractingorspreadingthe exceedpre-pandemiclevels, throughhighermenuprices. withspacetoworkremotely.
andemploymentduringthe totalsofCovid-19casesin coronavirus.The$1.9trillion GoogleTrendsdatashow “Overthenextfew Friday:Surveysofpurchas-
pandemicandarepoisedto manypartsofthecountryas Covid-19reliefbillenactedin workersearchesforjobson- monthsyoucouldseereally ingmanagersareexpectedto
K
seethebiggestreboundin variantsofthevirusspread Marchalsosentnewstimu- linedeclining.DanielZhao, strongdemand,andyou showthattheU.S.economy
·
demandthisyear. andbusinessrestrictions luscheckstomanyAmeri- senioreconomistatGlass- couldgetsomeofthese continuedtooutpaceitsEuro-
Economistssurveyedby ease. cansandextendeda$300-a- door,saidthisrecentdrop pressures…intermsof peancounterparts.Whilearapid
TheWallStreetJournalproj- Further,manycompanies weekjobless-aidsupplement, “raisesconcernsthatlabor- wages,etc.,”saidMr.Bryson.ªvaccinationprogramandmore
ectU.S.grossdomesticprod- faceuncertaintiesover whichcouldalsobedeter- forceparticipationmaynot Butheadded,“oursenseis¬ fiscalstimulushasboostedthe
uct—thevalueofallgoods whethertheywillseeperma- ringsomepeoplefromseek- recoverquicklyevenafter it’snotlikethisisanupward servicessectorintheU.S.,Eu-
andservicesproduced—will nentlyweakerdemanddue ingwork. thepandemicisover.” spiralthat’sgoingtolastfor rope’sserviceproviderscontinue
grow6.4%thisyear,mea- tothepandemic’seffects. “It’sjustalotofpeople Long-termunemployment years.” ­ tofalterundertightrestrictions
suredfromthefourthquar- Forinstance,businesstravel whoneedtogetbackto posesanotherhurdle.There —GwynnGuilford andalargershareofunvacci-
teroflastyeartothesame mightneverfullyreturnto work,andit’snotgoingto were4.2millionAmericaIns contributedtothisarticle. natedconsumers.
ª =
Bull Run ~ £ U.S.WATCH
Indexperformance,yeartodate fromtheAmericanAssociation
of Individual Investors
¬ ±
In Stocks 15% showed.Thatmarksthehigh-
S&P500Equal estlevelsinceJanuary2018.
WeightIndex Extreme bullish sentiment³
­
Widens S&P500 tendstoappearneartheend
10
stages of bull markets, noted
=
±Jason Goepfert, president of
Sundial Capital Rªesearch,
5 which is why, he~said, it has
°
ContinuedfromPageOne been unusual to see that oc-
versal from much of the past £ curringatt§hesametimethat
year when a small group of technicalindicatorsarepoint-
largetechnologystocksdrove 0 ingtofu¡rthergains.
much of the market’s gains. 2002221 April ® “It’shardtofindanyinstance NEWS
Last week, the percentage of th°at’sremotelysimilartothis. G
R
stocksintheS&P500trading PercentageofS&P500 NYSEad=vance-declineline† We’ve seen extremes like this MBE
above their 200-day moving stockstradingabove £beforeinbreadthreadings,but OO
atovetrhaegheisghcersotssleevdel9s5in%c,erOiscitnog- m100o%vinga2v0e0r-adgayesm*ovingaverage 20­0000° « nhaostcboeuepnlesdowstirtohnag,m”harekseatidth.at OYLE/BL
ber 2009, according to data Inadditiontomovingaver- YD
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throughThursday.Onlyduring ages,investorsandanalystssaid O
R
three other periods since the 80 c they are also watching other ASSEMBLED:LivemusicdrewacrowdovertheweekendattheJuke
startof2000hasthatmeasure 150000 « bullishindicators.TheNewYork JointFestivalinClarksdale,Miss.Thefestivalwasvirtuallastyear.
surpassed and then hovered StockExchangeadvance-decline
above 95% for several days, 60 line—apopularcumulativeindi- HEALTH NORTHCAROLINA
according to a Dow Jones catorthattracksthenumberof
Half of All Adults Got Oldest American,
MarketDataanalysisbasedon 10000­0 all securities rising minus the
currentindexconstituents. numberfallingontheexchange A Covid-19 Vaccine At Least 115, Dies
40
“It’ssoraretoseethat,”said each day—has risen, hitting a
FrankCappelleri,adeskstrate- 50-daymovingaverage¡ recordlastweek,accordingto HalfofalladultsintheU.S. Awomanwhogrewuppicking
gist and executive director at datathroughThursdaystarting havereceivedatleastone cotton,gotmarriedat14andwent
20 50000
Instinet.“Itshowshowstrong J attheendofMarch2016. Covid-19shot,thegovernment ontobecometheoldestliving
participation must have been Nov.2020 '21 2019 '20 '21 At the same time, the S&P saidSunday. Americanwithmorethan120
overthelastnumberofmonths ¬ 500 Equal Weight Index— Almost130millionpeople18 great-great-grandchildrenhasdied
*AnalysisbasedoncurrentS&P500constituents †Anindicatorofmarketbreadth,
for that to occur. It’s a small isthecumulativenumberofnetdailyadvances.DatathroughApril15. whichweightseverycompany orolderhavereceivedatleast peacefullyinherhome,according
sample size but typically has Sources:FactSet(ind­experformance,movingaverages);DowJonesMarketData(advance-decline) equally,nomatteritssize—has onedoseofavaccine,or50.4% toherfamily.
only happened at a beginning on a year-to-date basis out- ofthetotaladultpopulation,the HesterFordwaseither115or
stageofalonger-termmove.” tionstodayarefardifferent— Still,investorsandanalysts paced its traditional market- CentersforDiseaseControland 116yearsolddependingonwhich
Indeed, during the past leading¬someanalyststoques- see many areas for concern. cap-weightedcounterpart,an- Preventionreported.Almost84 censusreportwasaccurate.Either
threetimesthattheindicator tionhowmuchfurtherthebull Some 32% of fund managers other signal that it isn’t only millionadults,orabout32.5%of way,shewastheoldestliving
first crossed the 95% thresh- marketcanruninthemonths surveyed by Bank of America heavily weighted stocks that thepopulation,havebeenfully AmericanwhenshediedSaturday
old—in May 2013, September =ahead. The S&P 500 has al- Global Research in April said aredrivingmarketshigher. vaccinated. inCharlotte,accordingtotheGer-
2009andDecember2003—the ready surged 87% from its thattheyviewabondmarket Fornow,thewiderallywill TheU.S.clearedthe50%mark ontologyResearchGroup,which
S&P500wentontopostgains March2020trough. “taper tantrum”—meaning a likelyhelpoffsetfrothysenti- justadayafterthereported trackssupercentenarians.Itlisted
bothsixmonthsandayearaf- Driving the powerful rally possibleriseinTreasuryyields ment, said Liz Ann Sonders, globaldeathtollfromthecorona- herageas115yearsand245days.
terthethresholdwasbreached. have been massive levels of once the Fed indicates it will chiefinvestmentstrategistat virustoppedthreemillion,accord- “Shewasapillarandstalwart
Similarly,marketwatchers stimulusfromtheFederalRe- tightenmonetarypolicy—asthe CharlesSchwab&Co.But,she ingtototalscompiledbyJohns toourfamilyandprovidedmuch
tendtokeeptabsontheper- serveandCongress,aswellas biggesttailriskformarkets. noted, if participation begins HopkinsUniversity,thoughthe neededlove,supportandunder-
surprisingly strong economic Investors are also closely todeterioratewhilesentiment actualnumberisbelievedtobe standing,”saidhergreat-grand-
data.Despiteearlyexpectations monitoring sentiment levels, remainselevated,“thatiswhat significantlyhigher. daughter,TanishaPatterson-Powe
TheS&P500has thattheU.S.reboundwouldbe which many view as overly youwanttokeepaneyeon.” Thecountry’svaccinationrate, Ms.Fordwasbornonafarmin
lethargic,everythingfromem- stretched. In the past five “Atthisstage,whatI’dex- at61.6dosesadministeredper LancasterCounty,S.C.,in1905,if
alreadysurged
ploymentreportstoconsumer- months,investorshaveplowed pecttocontinuetoseeisaro- 100people,currentlyfallsbehind youacceptthemoreconservative
87%fromitsMarch spendingindicatorshaveoften moremoneyintoglobalstock tational series of pullbacks— Israel,whichleadsamongcoun- estimateofherage.Shemarried
comeinbetterthanexpected.A fundsonanetbasisthanthey especially in places where trieswithatleastfivemillion JohnFordatage14,andgavebirth
2020trough.
faster-than-anticipatedCovid-19 did during the prior 12 years therehasbeentoomuchspec- peoplewitharateof119.2.The tothefirstofher12childrenatage
vaccine rollout and an eager combined,aBankofAmerica ulative excess or where the U.S.alsotrailstheUnitedArab 15.ThecouplemovedtoCharlotte,
crop of individual investors analysis of EPFR data show. fundamentals don’t support Emirates,ChileandtheU.K., wheresheremainedfortherestof
havealsojuicedmarkets. Meanwhile,earlierthismonth, richvaluations,”shesaid.“For whichisvaccinatingatarateof herlife.Herhusbanddiedin1963.
centageofS&P500companies “Theonethingweknowis nearly 57% of investors re- now I don’t think there’s a 62dosesper100people,accord- “Ijustliveright,allIknow,Ms.
trading above their shorter- that the stock market leads ported having a bullish out- highriskofsomethingwhere ingtoOurWorldinData,anon- Fordsaidwhenaskedaboutthe
term50-daymovingaverages [theeconomy]inrecovery…and lookforthestockmarketover the bottom falls out for the lineresearchsite. secrettoherlongevity.
andwatchforwhenthenum- thebig,initialriphaslikelyal- thenextsixmonths,asurvey broadermarketoverall.” —AssociatedPress —AssociatedPress
bercrosses90%—anotherrare ready happened,” Mr. Lerner
bullishsign.StocksintheS&P said.“Thetechnicalsstillsug- CORRECTIONS (cid:2) AMPLIFICATIONS
500 also surpassed that gestupside…butI’dexpectpe- THEWALLSTREETJOURNAL
thresholdlastweek. riodicpullbacksalongtheway.” (USPS664-880)(EasternEditionISSN0099-9660)
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THEWALLSTREETJOURNAL. ** Monday,April19,2021|A3
U.S. NEWS
Indiana
Gunman Had
Legal Rifles
Authoritiesdetained The Bureau of Alcohol, To-
bacco,FirearmsandExplosives
suspect,confiscated
conducted a trace on the two
shotgunathishome weaponsusedintheattackand
beforeFedExkillings found Mr. Hole purchased the RNAL
rifles legally in July and Sep- OU
J
BAYNDNLOARUARNAAKUUGSHITSOTON tMseameidtrbooepnroT2liw0ta2int0t,Peort.hlieceIDndepiaanratmpoelnist ALLSTREET
Mr.Holewasontheradarof W
INDIANAPOLIS—Thegunman localauthoritiesashavingmen- HE
T
inThursday’sshootingherele- tal-healthissuesandriskfactors OR
F
gallypurchasedtwosemiauto- for violent behavior. In March ACE
maticriflesafterbeingdetained 2020,hismothercontactedlaw ALL
by authorities and having one enforcementtoreporthemight W
other gun confiscated, police trytocommit“suicidebycop,” NE
XI
said, as they try to determine according to Paul Keenan, the MA
theshooter’smotives. special agent in charge of the WomengatheredataSikhplaceofworshipinIndianapolistomournvictimsofThursday’smassshootingataFedExfacility.
BrandonHole,a19-year-old Federal Bureau of Investiga-
former employee of FedEx tion’s Indianapolis field office. law-enforcementofficialsaid. didn’tfollowthroughandobtain munity. The Sikh Coalition, a fullinvestigation—includingthe
Corp., killed eight people and Mr.Holewastemporarilycom- Indiana has a red-flag law thefinalcourtorderthatwould nationaladvocacygroup,saidit possibilityofbiasasafactor,”
injured several others, before mitted at a local hospital for that allows police to seize a have ensured he couldn’t buy wasintouchwithlaw-enforce- thecoalitionsaid.
takinghisownlifeatthecom- evaluationofhismental-health firearmfromasuspectwhois another weapon, said Allison mentandgovernmentofficials, “We are not ruling out any
pany’s ground facility here needsthatmonthbytheIndia- considered to be a danger to Anderman,seniorcounselatthe pushingforathoroughinvesti- motiveatthistime,”Mr.Keenan
Thursdaynight,policesaid.He napolisMetropolitanPoliceDe- himself or others. Any seizure GiffordsLawCentertoPrevent gationintotheshooter’smotive said.TheIndianapolisMetropol-
had worked at the facility for partment, and police seized a requiresacourthearingwithin GunViolence. andchangesthatwouldprotect itanPoliceDepartmentislead-
twomonths,fromAugusttoOc- shotgun at his residence, Mr. 14 days to determine the sus- A spokesman for the police minoritycommunities. ingtheinvestigation.
tober2020,accordingtoFedEx. Keenansaid. pect’sthreatlevel.Afindingof department said officers can As with the Atlanta shoot- “TheFBIcontinuestowork
Police have identified those Basedonitemsobservedin dangerousness might lead not initiallyconfiscatetheweapon ingsinMarch—inwhichsixof with IMPD and other law en-
K
who died in the shooting as Mr.Hole’sbedroomduringthe onlytotheseizureofthefire- butthefilingwiththecourthas theeightvictimswerewomen forcement partners to find a
·
Matthew Alexander, 32 years seizure,hewasinterviewedby arm,buttoabanonobtaining tobedonebytheprosecutor’s of Asian descent—Thursday’s motiveforthissenselessactof
old;SamariaBlackwell,19;Ama- theFBIinApril2020butwasn’t others. office. A spokesman for the shootinghassparkedquestions violence,andwillbemeticulous
rjeetKaurJohal,66;Jasvinder found to be a risk of racially It is unclear how Mr. Hole MarionCountyProsecutor’sOf- about whether the attack wasªandthoroughinourinvestiga-
Kaur, 50; Sardar Jaswinder motivated violence or to have wasabletopurchasenewguns ficesaiditisgatheringinforma- motivatedbyethnicorreligio¬us tionanddevoteasmuchtimeas
Singh,68;AmarjitSekhon,48; committedacrime.Theshotgun just months after his original tiononthematter. animus. neededtofindanswersforthe
KarliSmith,19;andJohnWei- wasn’treturnedtoMr.Holebe- firearmwasconfiscated. Amongthosewhodiedwere “Wefullyexpectthatauthor- victims’ families,” Mr. Keenan
sert,74. causehedidn’twantitback,a It is possible local officials fourmembersoftheSikhcom- itiesshouldandwill­conducta said.
I
Shootings in Texas, Wisconsin Leªave Six=People Dead
~ £
BYELIZABETHFINDELL Wisconsin’¬sgovernor,Tony pene±d in an apartment com- seph Chacon identified the
Evers,tweetedonSundaythat plexonthenorthwesternside suspect as Stephen Nicholas
Gunmen remained at large his“heartbreaks”forthepeo-³ofthecity,policesaidonsocial Broderick, 41 years old, and
­
inAustin,Texas,andKenosha pleofKenosha,thesamearea media. said preliminary information
AP County,Wis.,aftereachkilled whereapoliceofficershotJa- Policesaidthatthekillings indicated he is a former law-
NEL/ threepeopleinwhatpolicede- ±cobBlakeseventimeson=Aug. wereanisolateddomestic-vio- enforcementofficer.Mr.Brod-
NTI scribedastargetedincidents. 23,paralyzinghimanªdspark- lencesituationandthatthere erick’snameandagematched
AL-SE In Kenosha County, a c°on- ingweeksofprot~estandvio- wasnorisktothegeneralpub- aformerTravisCountySher-
RN frontationatabarearlySun- lentunrest. lic.Policeshutdownaportion iff’sOfficedetectivewhowas
U
JO day left three dead a£nd two Mr.Ever§stweetedthathe of Highway 360 and advised arrestedlastyearandaccused
AUKEE pCeooupnlteySheinrijfufrDedav.idBKeetnhossahida tahnedfhaimsiwl¡ieifseawnedrleov“tehdinokniensgaof-f trheseiydesenatsrcthoedshneeltaerrbyinaprelaacsefoasr oCfhiseefxuCahllaycaosnsauurltgiendgaAcuhsitlidn.
MILW that authoritie®s were still fectedandtheentireKenosha thesuspect. residents to check on friends
STI/ searchingforasuspect. co°mmunityastheygrieveand Paramedicsrespondedjust wholiveinthearea.
SI “Wedonotbelievethiswas grapple with yet another before noon to the shooting, “We are concerned that he
DE arandom=act,”Mr.Bethsaid.£tragic incident of gun vio- which left two women and a maytakeahostageandbehim-
KE °
MI “Webelieveoursuspectknew lence.” man dead, authorities said. selfshelteringsomewherewait-
OfficialsonSundayinvestigatedadeadlyshootinginKenosha,Wis. w­hohewastargeting.”« TheshootinginAustinhap- AustininterimPoliceChiefJo- ingforustoleave,”he said.
Union Blocks Califocrnia Plans
«
For More Affordable Housing
­
BYCHRISTINEMAI-DUC and Community Development¡In a state dominated by
foundCaliforniahasashortage Democrats,deferencetoorga-
California legislators pro- of1.5millionaffordableJrental nizedlaborisn’tnovel.TheCal-
posedmorethanahalfdozen homesforlow-incomefamilies. ifornia Teachers Association,
majorbillslastyeartoaddress Attheheartofthe¬disputeis the state’s largest teachers
the state’s affordable-housing theTrades’insistencethatpro- union,wieldedimmensepower SS
crisis,whichresearcherssayis posals to incentivize home inthedebateoverwhentore- RE
­ P
oneoftheworstinthenation. building require certain num- open schools during the D
NoMneosotfdtiheedmorpwaesrseedw.ithdrawn, gberarsduoaf¬tceosnstorfuctaiponprwenotrikceersshbipe Cunoivoinds-19holdpasnwdaeymoicv.erNhuearsltehs-’ SSOCIATE
peopleinvolvedintheprocesses programs that are mostly carelegislation.Inaddition,lo- N/A
said, in large part because of union-run.Easingrestrictions, calgovernmentsandneighbor- HA
campaignswagedagainstthem =theyargue,makesadeveloper’s hood groups have opposed NNI
LE
bythestate’spowerfulconstruc- land more valuable and that manyhousingbills. K
R
tion-workersunion. wealth should be shared TheTradesareamongSac- MA
California’s State Building throughlaborprotectionsand ramento’smostprolificdonors. PS179inNewYorkCity,whereofficialsareinvesting$120milliontoexpandK-12summerschool.
andConstructionTradesCoun- higher wages. They also say Since 2015, the State Building
cil, which represents 450,000 that the standards, known as Trades and its affiliated local Districts Gird for Summer School
ironworkers, pipe fitters and “skilledandtrained,”helpcom- unions have given more than
other skilled laborers, has bat minimum-wage abuses in $90milliontostatecandidates
blocked numerous bills it says theconstructionindustry. andcampaigns,accordingtoan BYJENNIFERCALFAS March approved more than marketingandpublicrelations.
don’t guarantee enough work “Youcannotbuildaffordable analysis by California Target $122billioninaidforschools, In New York City, officials
foritsmembers.Itcontributes Book,anonpartisanstateelec- Educators nationwide are earmarking1%forstatestouse are investing $120 million to
tensofmillionsofdollarstopo- tionguide.About$16.6million planning to make summer to fund summer programs. expand summer school, offer-
litical candidates and cam- ‘TheTrades’isone camefromthemainstatewide schoollookmorelikesummer Somedistrictsareallowingany ingafive-days-a-weeksummer-
paigns, engages in aggressive umbrella organization led by campthisyear. ofitsstudentstoenrollinsum- camp-style program for K-12
ofthemainreasons
lobbying,andpaysforadvertise- Mr.Hunter,whosaidaffiliated School districts are aiming mer school atno cost. It isn’t students.Theprogramcouldbe
mentsthatportrayopponentsas lawmakersstruggle locals make their own cam- toenrollmoresummerschool just for those who need to used by about 200,000 stu-
lackeysofgreedydevelopers. paigndecisions. studentsthanusualastheytry makeupfailedclasses. dents,officialssaid.
topassbills.
Legislative insiders say the Gov. Gavin Newsom, who tocreatenewlearningopportu- Broward County Public Researchers at the Rand
success of the union known clashedwiththeTradesin2019 nitiesandbetterpreparethem Schools in Florida is offering Corp. who have studied how
widelyas“theTrades”isoneof overbillstoexpandthenumber for the year ahead. Educators academicsinthemorningand summerschoolstudentsfareac-
the main reasons Sacramento of housing projects requiring alsohopethatgettingchildren activities through community ademicallyhavefoundthemost
politicians have struggled to housingandaddresspovertyby union wages, has attempted to in grades K-12 back into the successful summer programs
pass bills streamlining con- driving construction workers brokerdealsbetweenunionsand classroom will help with the 200K were voluntary, lasted the full
struction approval and easing andtheirfamiliesintopoverty,” industryinthepast.Thisyearhe emotionalandmentaltollfrom day and spanned at least five
zoning restrictions. Research- said Robbie Hunter, president is seeking support from orga- monthsofremoteordisrupted weeksforfivedaysaweek.They
erssaythosestepsareurgently oftheStateBuildingandCon- nized labor as he fends off a schoolingduetothepandemic. includedatleastthreehoursof
neededtoaddressskyrocketing structionTradesCouncil. likelyrecallelection.TheDemo- Drawing on billions of dol- language arts or math classes,
real-estatepricesandrents,as Builders say apprenticeship crat’sofficedeclinedtocomment. larsinfederalaid,districtsare Numberofstudentswhocould offered enrichment activities,
wellashomelessness. requirements drive up the ex- Last May, days before a key expandingprograms,lengthen- useNewYorkCity’sprogram hadnomorethan15studentsin
“They’re a gatekeeper for penseofaffordable-housingcon- legislative deadline, the Trades inghalf-daystofulldays,work- aclass,andweretuition-free.
anysignificantlegislationmov- structioninastatewhereitcan objected to about a half dozen inginpartnershipwithcommu- AtWestContraCostaUnified
ing through Sacramento” on costasmuchas$700,000aunit housingbills,someofwhichthey nityorganizationsandadding SchoolDistrict,intheRichmond,
housing,saidBenMetcalf,man- to build in dense, urban areas. hadpreviouslysaidtheywouldn’t activitieslikesports,fieldtrips organizationsliketheYMCAin Calif.,area,summerschoolwill
aging director at the Terner Theyalsoarguethattheunion- oppose,accordingtolegislators, anddebateclasses. theafternoon,saidDanielGohl, bebasedinschoolbuildingsso
CenterforHousingInnovation backedprovisionscouldslowor staffmembersandadvocates. In new guidance, Louisiana chiefacademicofficer.Further schoolscantailorprogramsto
attheUniversityofCalifornia, halt construction of affordable Housingadvocatessaythey recommends schools create north in Jacksonville, Duval their students’ needs. In the
Berkeley, and former head of homesinlower-incomeruraland haveunsuccessfullypushedfor programs similar to summer CountyPublicSchoolswilloffer past,studentsweregroupedat
the state’s Housing and Com- inland areas where there isn’t acompromisewiththeTrades camps for students in kinder- risingfirst-throughninth-grad- central locations. The district
munityDevelopmentagency. enoughavailableunionlabor. thatwouldallowlegislationto garten through eighth grade. ers a six-week, five-days-a- planstobringbackstudentsto
Despite the state’s robust Housingadvocateswantthe speedconstructiontopassthis “In this pandemic, kids have weekprogramwithmoreout- theirclassroomsonApril19af-
economy, about 7.1 million of abilitytoforgounionlaboron yearifitincludesmoreunion lostoutonmorethanjustread- dooractivitiesandfieldtrips. termorethanayearofremote
California’s40millionresidents projects where a developer jobs. ing and math,” said Louisiana “Rather than computers, learning, and leaders see the
liveinpovertywhenfactoring doesn’tgetanybidsthatfulfill “Untilwecometoaresolu- State Superintendent Cade studentswillexperiencemore summerasachancetohelpstu-
inhousingcosts,accordingto theskilledandtrainedrequire- tion,it’sgoingtomakehousing Brumley. “They’ve lost out in hands-onexploratorylearning dentsgetreacclimated.
theCaliforniaBudget&Policy ments,orifthosebidsaresig- policyveryhardinCalifornia,” artandmusicandP.E.andso- in a program that feels like “I’m more excited for sum-
Center. A 2018 report by the nificantlyhigherthanthelow- saidStateSenateHousingCom- cialexperiencesandfieldtrips.” summer camp,” said Tracy merthanthespring,”saidchief
state’sDepartmentofHousing estalternative. mitteeChairmanScottWiener. The federal government in Pierce, the district’s chief of academicofficerRubénAurelio.
For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at [phone] or www.djreprints.com.
A4|Monday,April19,2021 P W L C 10 11 12 H T G K R F A M 1 2 3 4 5 6 7 8 9 O I X X ***** THEWALLSTREETJOURNAL.
U.S. NEWS
GOP Dangles Infrastructure Consensus
Sen.Cornynsayscore dent Biden’s meeting with plan before pivoting to a sec- A major Republican criti- ation, they have said they Democratswanttoconsiderit
lawmakersonMondaytopush ond,broaderpackagethatDem- cismoftheBidenadministra- wanttotrytoreachabiparti- asanoptionforraisingreve-
ofspendingbillcould
hisown$2.3trillionplan. ocratspassalongpartylines. tion’sframeworkisthatitin- sanagreementfirst.Reconcili- nue.OtherDemocratslikeSen.
pass,asBidensetto Republicansgenerallyhave “Thenweshowourpeople cludessomefunding,suchas ationalsolimitslawmakersto Joe Manchin (D., W.Va.) have
raised concerns that Mr. Bi- thatwecansolvetheirprob- $400billionforcaringforse- passing provisions related to indicated they don’t support
push$2.3billionplan
den’spackageistoocostlyand lems” on a bipartisan basis, nior and disabled Americans, the budget, likely preventing elementsofthetaxplan,call-
hastoomanywhattheyseeas Mr.Coonssaid.“Ithinkinthe thattheydon’tbelieveshould themfromapprovingsomeel- ing for a more modest in-
BYJOHND.MCKINNON non-infrastructureelements. nextfewweeksweshouldroll be considered infrastructure. ements of Mr. Biden’s plan, crease in the corporate rate,
AskedonFoxNewsSunday up our sleeves and sit down Administrationofficialsargue suchasitsworkerprotections. forexample.
WASHINGTON—A senior whether he could support an and find ways that we can thatsuchmeasuresareimpor- Finding a way to pay for Senate Majority Leader
Republican senator said he infrastructure package of support to make these criti- tanttotheeconomy’sefficient the package will be a central ChuckSchumer(D.,N.Y.),how-
andhiscolleaguescouldsup- around $800 billion, Mr. callyneededinvestments.” functioning,justasroadsand issue in the discussions be- ever,pledgedtotrytoadvance
port an infrastructure bill of Cornynsaid:“Thereisacore In Monday’s meeting with bridgesare. tweenRepublicansandDemo- Mr.Biden’spackage.
around $800 billion, under- infrastructure bill that we lawmakers, Mr. Biden is ex- Republicansalsoaregener- crats. Republicans have “Our roads, bridges, high-
scoring GOP interest in a bi- could pass…So let’s do it and pectedtodiscusshisownplan, ally concerned about Mr. Bi- blasted the proposed corpo- ways,publictransit,airports,
partisan fix for the nation’s leavetherestforanotherday including“highways,drinking den’splantooffsetthecostof rate tax increases, which in- housing,andelectricgridare
agingroadsandpatchybroad- andanotherfight.” watersystems,broadbandand hispackagewithcorporatetax clude raising the corporate allinneedofanoverhaul,’’he
bandservice. Sen. Chris Coons (D., Del.), the care economy,” White increases, saying they could rate to 28% from 21%, as a wroteinatweetlastweek.“I
ThecommentsbySen.John alsoonFoxNewsSunday,said House press secretary Jen hurtjobcreation. nonstarter,withsomeinstead willwork…topassthe#Ameri-
Cornyn(R.,Texas)onSunday thatDemocratsshouldworkto Psakisaidlastweek. While Democrats have the advocating for raising user canJobsPlan—a big, bold bill
signalthatSenateRepublicans find a bipartisan agreement A bipartisan group of law- optionofapprovingapackage fees,likethegastax. thatwillcreatejobs,investin
areseekingacompromiseon withRepublicansonelementsof makersheldacallontheissue alongpartylinesusingabud- WhileMr.Bidenisopposed infrastructure,andhelpcom-
infrastructure,aheadofPresi- theWhiteHouseinfrastructure lastweek. getmaneuvercalledreconcili- to raising the gas tax, some batclimatechange.”
Ohio’s Election
Results Mask
Broad Shifts
BYDANTECHINNI “We’vealwayshadalotofin-
K
dependent voters in Delaware
·
On the surface, Ohio looks County,traditionallytheywould
likeanislandofcalmafterthe have leaned more Republican.
turbulent2020election:Donald Butthevotersaroundherehave ª
Trump won the state by 8.07 changed,becomemoremoder- ¬
pointsin2016andwonitagain ate,andI’veseenthosechanges
by8.02pointsin2020. eveninmyself,”saidKarlGeb-
Butunderneaththosestable hardt,formerchairoftheDela- ­
results,thestatesawsignificant ware County Republican Party
swingsatthecountylevelthat who acknowledges he didn’t I
suggestforcesareatworkre- voteforMr.Trump. ª =
makingtheelectorate. Thechangingattitudescould ~ £
DelawareCounty,justnorth becampaignchallengesinthe
ofColumbus,thestatecapital, nextelectioncycle,asbothpar-
¬ ±
moved away from Mr. Trump ties plan their messaging and
by 9 percentage points. Pike campaign spending, said Ohio
County, 90 minutes to the Republican strategist Jai ³
­
south,movedtowardhimby12 Chabria.“DonaldTrump’sgoing
points. toloomlargeforthenextelec- RickieGrooms,aboveright,ofPikeCounty,Ohio,votedforBarackObamain2008,andRepublicancandidateseversince.InDelaware
=
BothhavevotedfortheRe- tion, everyone understands County,BrindiHellinger,seenbelow±withhergranddaughter,votedforDonaldTrumpin2016butforJoeBidenin2020.
publican candidate for presi- that,”Mr.Chabriasaid.“Butthe ª
dent in every election since nextcandidatesthataregoing ~
°
2000,including2020.Butstark to be successful are the ones
demographic differences be- that understand where the £ §
tweenthemillustratelargerpo- Trumpvotersareandareable
¡
liticalshiftsinOhioandbeyond. tospeaktoitauthentically.”
®
DelawareCountyisgrowing, Recent shifts in Ohio have
and Pike is shrinking. More extendedfarbeyondDelaware °
thanhalftheadultpopulation and Pike. Nearly half of the
=
in Delaware has a college de- countiesinOhioshifted4per- £
°
gree.InPike,thefigureisabout centagepointsormoretoward
13%.Delaware’smedianhouse- orawayfromDonaldTrumpin ­ «
holdincomeiswelloverdouble 2020comparedwith2016,and
thatofPike.Thepopulationin therearesomeclearpatternsin
bothcountiesismostlywhite, thedata. c
thoughPike’sismoreso.Andin The seven counties in the «
thepastfewelectionsthetwo statethatshiftedmorethan4
havechangedplaces.Delaware, percentage points away from
oncesolidlyGOP,votedforMr. Mr. Trump were above the
Trumpbylessthan7percent- state’s average for college de- ­ (2)
age points, and Pike—once a grees,andmostwerefarabove NAL
R
hotly contested battleground it.The34countiesthatshifted OU
twhoantbRyepausbilnicgalenvMotiettinR2o0m1n2e—y ttohwanar4dpMoirn.tsTrwuemrepbbeylowmothree¡ STREETJ
gave Mr. Trump a 49-point state’s average for bachJelor’s ALL
marginofvictoryin2020. degrees,mostfarbelow. W
Thetwocountiesillustratea ButinPikeandDel¬aware,the HE
T
broad trend in American poli- twobiggestmoversinthestate, OR
F
tics, particularly in the indus- areaofficialssensethesizeof G
trialMidwest,whereMr.Trump thechangesm­ightmakethem JIAN
changedthepoliticaldynamics moredurable. UN
Y
inabigway.Sincetheturnof “Th¬e day will come, and I HAI
thecentury,polldatashowsub- think it will be fairly soon,
urbanandcollege-educatedvot- whenyouwillseeaDemocrat overseeingthecounty. group of strength for Demo- Democratic,alsolikelyplaysa theGOP’sfavor.Hesaidhehas
ers have trended Democratic, =representingDelawareCounty,” Behindthechangesareamix crats,hasclimbed5percentage role. Eric Howard, a Pike felt the shift in his own cam-
whileruralvoterswithoutde- Mr.Gebhardtsaid,addingthat ofeconomicandpoliticalshifts pointstomorethan54%. Countynative,saidhevotedfor paigning.
grees have drifted toward the thoughtwasinconceivableade- inthenation’stwomainpoliti- BrindiHellinger,aregistered Mr.Obamain2008butbecame “This last election, I would
GOP.Mr.Trumpseemstohave cadeago. calparties,andtheinfluenceof RepublicaninDelawareCounty, turnedoffbypoliticsandhasn’t knock on doors and introduce
speeded that shift. What hap- DowninPike,thestoryisre- Mr.Trump. voted for Mr. Trump in 2016, votedsince. myself, and the first question,
penswiththevoteinPikeand versed.“IfIhadtoldyouwe’d Delaware County’s popula- buthisbehaviorpushedherto JerryMiller,oneofthethree beforeIcouldfinish,wouldbe,
DelawareinOhio’s2022guber- have three Republican county tion has grown by more than voteforJoeBidenin2020.“As Republican commissioners in ‘Are you a Democrat or a Re-
natorialandSenateracesmight commissionersinPike15years 20% since 2010, and in that time went by it just got more Pike, said a partisan atmo- publican?’” he recalled. “I
shedlightonMr.Trump’slong- ago,you’dhavelaughedmeout timethepercentageofthepop- andmoreridiculous,”shesaid. sphere that has deepened as wouldtellthemIwasaRepub-
termimpactonAmericanpoli- of here,” saidTony Montgom- ulation with at least a bache- Voter apathy, particularly people rely on national news lican,andthey’djustsay‘Well,
tics. ery, one of three Republicans lor’s degree, increasingly a among those who might lean mediahasreshapedpoliticsin you’vegotmyvote.’”
Funds Flow to Republicans Who Voted to Impeach Trump
BYJOHNMCCORMICK First-quartercampaignfundraising ofthedistrictsrepresentedby PACofSen.MittRomney(R.,
ANDCHADDAY Republicanswhovotedforim- Utah)andtheRepublicanJew-
LizCheney(Wyo.)
peachment were won by Mr. ishCoalitionPAC.
Astheypreparetofacepri- Trumpby5percentagepoints Three Republican candi-
AdamKinzinger(Ill.)
mary challengers, the 10 ormoreinNovember andare datesfiledfundraisingreports
HouseRepublicanswhovoted JaimeHerreraBeutler(Wash.) unlikely Democratic takeover aspartofrunningagainstMs.
to impeach then-President targets. Cheney,thedaughterofformer
AnthonyGonzalez(Ohio) Raised
Donald Trump after his sup- TheraceforWyoming’ssin- VicePresidentDickCheney.
Topfundraisingchallenger
portersstormedtheCapitolon PeterMeijer(Mich.) gleHouseseatisagoodexam- SomeofMr.Trump’sstron-
Jan. 6 raised significantly ple of the dynamics at play. gest supporters in Congress
more money during the first JohnKatko(N.Y.) The$1.5millionraisedbythe alsorecordedrobustfundrais-
quarterof2021thantheydid maincampaigncommitteefor ing. Rep. Marjorie Taylor
TomRice(S.C.)
twoyearsearlier. Rep.LizCheneyofWyoming, Greene(R.,Ga.),anallyofMr.
The group, leveraging the FredUpton(Mich.) thehighest-rankingHouseRe- Trumpwhowasremovedfrom
power of incumbency, also publican who is contending her committee assignments
swamped their GOP primary DavidValadao(Calif.) withimpeachment-voteconse- this year over her past em-
opponentsinalmosteveryin- quences, represented almost brace of conspiracy theories,
DanNewhouse(Wash.)
stance during the first round five times what she raised in raised $3.2 million. Rep. Jim
$0million 0.5 1.0 1.5
of fundraising since angering thefirstquarterof2019. Jordan (R., Ohio), who has
Mr. Trump with their votes, Source:FederalElectionCommission Note:NoonehasfiledtochallengeMr.Katko,andsomechallengershavenotyetreportedfundraising. Ms. Cheney, who survived strong ties to Mr. Trump,
newFederalElectionCommis- an effort by pro-Trump col- raised$2.1millionduringthe
sionfilingsshow. committees could also weigh with $31 million in the bank year’selections. leagues to remove her from quarter.
While all the incumbents in financially on some of the and has continued to raise Nine of the 10 incumbents herparty-leadershippost,had About80%ofMs.Greene’s
outraised challengers who contests, and his endorse- moneysincethen. alreadyhaveprimarychalleng- morethan$1.4millioninher quarterly fundraising dollars
filed campaign finance re- mentscouldcarrysignificant Inaspeechearlierthisyear ers, in some cases multiple campaign account at the end came from contributions of
ports, it is early in the two- weight with the party’s base. at the Conservative Political ones. Some GOP strategists ofMarchafterthebestfund- $200orless,thesortofdona-
yearelectioncycle,andmoney The PACs aren’t required to Action Conference, where he worry such party infighting raisingquarterofherpolitical tionsMr.Trumpiseffectiveat
is just one factor in typically reporttheirlatesttotalsuntil calledoutall10byname,Mr. could undermine their pros- career.Someofhertopdona- driving. Mr. Jordan’s small-
low-turnoutprimaries. July, but one of them, Save Trumptoldhissupportersto pectsoftakingbackcontrolof tionsincluded$10,000apiece dollar proportion was nearly
Mr.Trump’spolitical-action AmericaPAC,startedtheyear “get rid of them all” in next Congressin2022,thoughhalf from the Believe in America ashigh.
For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at [phone] or www.djreprints.com.
THEWALLSTREETJOURNAL. Monday,April19,2021|A5
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A6|Monday,April19,2021 THEWALLSTREETJOURNAL.
U.S. NEWS
Americans Abroad Return for a Shot
U.K. Set
To Begin
BYSTUWOO
New Test
LONDON—Frustrated by
slowanduncertainvaccination
drivesaroundtheworld,some With Virus
oftheninemillionAmericans
livingabroadarecominghome
togettheirCovid-19shots.
For many, the risks of a BYJENNYSTRASBURG
longjourneyhomeareworth
the reward of a vaccine that University of Oxford scien-
offersprotectionandpeaceof tistsplantoreinfectdozensof
mind.Butthetripalsocomes adultvolunteerswiththecoro-
with the anguish and moral navirusinthesecondU.K.clini-
ambiguity of leaving behind cal trial to study deliberate
friends, colleagues and even Covid-19 infection in quaran-
spouseswhomightnotgetac- tine—this time among people
cesstoashotformonthsbe- who have already recovered
causetheydon’tholdapass- fromthevirus.
port from the world’s Such“humanchallenge”tri-
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wealthiestcountry. MLE als are controversial because
“I’vedefinitelyseenpeople HU they involve intentionally in-
talk about vaccine tourism,” KEC fecting healthy humans, and
said Chloe Zeitounian, a 32- OO theU.K.istheonlycountryso
R
year-old American actor in B far conducting them with
London who visited the U.S.NAL; Covid-19,researcherssaid.
R
earlierthismonth.“That’sba- OU Thenewtrialisfocusedon
J
sicTalhlyewUh.aSt.Idaindd.” U.K. are REET tmhuenbitoyunanddaritehseoefffhecutmsaonfitmhe-
ST
rraotuegsh,lybuotnrpeacrenint vsuacpcpilnyatdioisn- WALL vmireunstoonfrtehienbfeocdtyiofnr.omBetttheermuno--
ruptionshaveslowedBritain’s HE derstandingofprotectionfrom
T
rollout for younger people.OR previousillnesswillhelpfast-
F
The country is also relying A tracknewtreatmentsandvac-
heavilyonashotdevelopedby PAT cines,Oxfordresearcherssay.
A
the University of Oxford and AZ ThefirstCovid-19challenge
R
AstraZeneca PLC. Regulators U study,ledbyImperialCollege
A
here have restricted people YL London infectious-disease re-
under30fromreceivingitbe- BETT searcheKrs, started in March
causeofapossiblelinktorare P: with a handful of volunteers
but potentially serious bloodMTO isola·tedinsideLondon’sRoyal
clots.Ms.Zeitounianpreferred RO Free Hospital. That study re-
F
toavoidthatone,whichisn’t ªceived a pledge of more than
distributedintheU.S. ChloeZeitounian,above,showinghervaccinationcardinLondon. ¬ $45millionfromtheU.K.gov-
As she stood in line at a Atright,CherylWalling,withherhusbandandgrandchildrenin ernment.
New Orleans convention cen- Rota,Spain,planstoflytoArizonatogetvaccinated. Oxford’s trial is funded by
terandlearneditwasoffering ­ the London-based Wellcome
adoseofthetwo-shotvaccine As of last month, her area workoutsidetheU.S.,forex- Trust, a healthcare-focused
fromModernaInc.,shecalled was inoculating only people ample, and some regions re- I charitablefoundation.Asmany
herBritishhusbandinLondon. over 70, so Ms. Walling de- quire a local identification ª = as64peopleaged18to30will
“Is what I’m doing right?” cided it was time to risk a card.Othersrequirenothing. ~ £ be quarantined in staggered
askedMs.Zeitounian,whowas three-leggedflighttogetvac- InsuburbanTokyo,KatCal- phasesstartingassoonasnext
intheU.S.toapplyforavisa. cinated in Tucson. They plan lahanwasfedupwiththegla- month,accordingtoHelenMc-
¬ ±
She plans to get her second to depart on May 15 unless cialvaccinationpaceinJapan, Shane,anOxfordvaccinologist
dose on a U.S. business trip Spainoffersshotsbeforethen. whereabout1%ofthepopula- whoisleadingthetrial.
laterthisyearunlessshegets “We’re in that vulnerable tionhasgottenadose.The37- ­ ³ Inthelate1700s,Britishdoc-
itinBritainfirst. agegroup,”shesaid.“Were- year-old civics teacher and torEdwardJennerappliedma-
In the vaccine rollout’s allyneedtogetvaccinated.” unionorganizerhasunderlying terial from cowpox and small-
=
early days in the U.S., there Rulesonwhocangetshots health conditions and felt in- ± pox lesions to children and
were short supplies, booking varybystate,makingitdiffi- creasingly uncomfortable ª adults and recorded the reac-
difficultiesandconfusionover culttosayforsurewhetheran about taking progressively ~ tions. The experiments paved
°
whocouldgetashot.Butthe American traveling back can crowdedtrainsintothecityfor the way for modern vaccines.
U.S. drive has accelerated, getoneeasilyjustbylanding. meetingsthathadtob£eheldin § But in the Covid-19 pandemic,
with38%ofadultshavingre- Many countries, meanwhile, person. “I don’t feel comfort- the U.S. and other countries
¡
ceived at least one shot and restrict foreign travel. Eng- ablegoingout,”shesaid. havesteeredclearofpurposely
®
24%fullyvaccinated. land, for example, forbids in- Then she saw that New infecting healthy people with
A tipping point for many ternational vacations but al- Mexico, where she maintains ° the coronavirus. Critics argue
expats came when they saw lowsresidentstotravelabroad legalresidency,wasavaccina- therisksaren’tjustified,given
=
PresidentBidensetApril19as withareasonableexcuse,such tion leader. She checked that£ thebroadpresenceofnaturally
°
thedatealladultsintheU.S. asbusinesstripsandfunerals. appointments were plentiful, circulatingvirusandthesuccess
would be eligible for a shot. Some Americans are also a­ndbookedafive-weekt«ripto of vaccines already available.
Reinforcingtheimageofwide- hesitant to return to the U.S. Albuquerque that starts later Somesaynewervariantsmake
spreadaccesswasaparadeof togetvaccinatedbecausethat thismonth. theolderstrainusedintheU.K.
friendsbackhomesharingju- mightcomplicatetheirrececiv- “NewMexicogottheirstuff challengetrialslessrelevant.
bilantvaccineselfiesonFace- ing “vaccine passports” in together, an«d I knew I Proponentsarguethereisno
bookandInstagram. theirresidencecountriesthat wouldn’tbeburdeninganyfel- substitutefortheprecisionof
“They’regettingvaccinated could be required for entry low Americans,” she said. controlled studies. They have
right and left,” said Cheryl intorestaurantsorfortravel. “Thereisashotwithmyname beenusedtostudydiseasesin-
Walling, a 61-year-old retiree On Facebook groups for onit­.” year-old chief operating offi- theU.S.laterthismonth,hap- cluding typhoid, malaria and
inSpain,speakingofhercom- Americanexpats,peopletrade On a Facebook group for cerofaninterior-designcom- penedtolineupwithbusiness tuberculosis and to develop
patriotsbackinArizona.“I’m adviceonnavigatingthelocal Americans in London, Matt pany.“Somepeoplemightsay trips. He said getting inocu- vaccines. With Covid-19, Prof.
jealous.I’msojealous.” and American requirements¡Heligman shared his experi- it’sjumpingthequeue.” latedhelpsprotectthepeople McShanesaid,“Wedon’tknow
Ms. Walling and her hus- for traveling to the U.S., as ence of getting his first dose Mr.Heligmandisagrees.His heencounterswhiletraveling, whethersomeonehasnotbeen
bandretiredtothebeachtown wellastipsforbookingJvacci- intheU.S.earlierthismonth. job requires frequent travel whilealsohelpingBritons. infected because they haven’t
of Rota a year ago to spend nations. The appointment “Idon’tgetalotofthanksfor betweentheU.K.andU.S.,and “That’s two doses I’m tak- beenexposedor[because]they
timewiththeirdaughter,their websiteforCVSHea¬lthCorp., that because a lot of people appointments for both the ing that [England’s National have protective immunity.”
U.S. Navy-serving son-in-law the big pharmaceutical chain justcriticizemefortraveling,” first and second dose, which Health Service] doesn’t have Controllingexposurewillhelp
andtwograndchildren. offering vaccines, doesn’t said Mr. Heligman, the 39- hewillgetwhenhereturnsto toadminister,”hesaid. withthosequestions,shesaid.
­
U.S. Feared cinesl¬esseffective.Thecam- publicannouncement,thepeo- people familiar with the dis- their probe to J&J’s Covid-19 giventoclottingpatients.
paign had been picking up ple said. The officials, along cussions. vaccine. Inonecase,doctorsadmin-
steampartlyduetothelaunch with Peter Marks, the FDA’s Helping the decision mak- TheJ&JreportsintheU.S. isteredthemedicationtoa48-
Clots Being =ofJ&J’svaccine,whichiseas- vaccines chief, decided that ing,thepeoplesaid,weretwo camefromtheothersourceof year-oldwomanafterfinding
iertostoreandrequiresonly cautionandsafetyshouldtake sourcesforreportsaboutthe blood-clot cases: the Vaccine extensivebloodclotsinveins
onedose. precedence,thepeoplesaid. rareadverseevents. AdverseEventReportingSys- in her brain and abdominal
Mistreated The FDA and CDC drew “Itisimperativeforhealth- Onesource,thepeoplesaid, tem. Doctors and the public cavity, along with an alarm-
criticismfromsomehealthex- careworkerstoknowthatthe was health regulators in Eu- report safety issues to the inglylowcountofplateletsin
pertsthatthejointrecommen- treatmentoftheseclotsisdif- rope. They had been looking three-decade-old database. herblood.
dationwouldexacerbatefears ferent than our current stan- into reports of unusual clot- Thepeoplefilingreportsdon’t Despite the heparin, blood
ContinuedfromPageOne amongthosealreadyhesitant dard of care,” Dr. Walensky ting cases involving another know whether the events are clots continued to form, ac-
nization Practices, is sched- togetvaccinatedandsetback said during a White House vaccine,fromAstraZenecaand truly vaccine-related, but the cordingtoanaccountJ&Jpre-
uledtomeetFridaytoreview apushtodevelopthecommu- briefinglastweek. the University of Oxford, FDA and CDC investigate sented to the ACIP and a de-
the pause, after putting off a nitywideimmunityneededto The private deliberations basedonasimilartechnology these. scription of the case in the
voteonhowtoproceedduring stopthevirusfromspreading. amongtopfederalhealthoffi- asJ&J’s.InMarch,healthau- Thefirstreportofablood- NewEnglandJournalofMedi-
ameetinglastweek. HealthandHumanServices cials resulting in the recom- thorities in several countries clotcaseinapersonwhogot cine.
Anthony Fauci, President SecretaryXavierBecerra,CDC mendedpausehaven’tbeenre- onthecontinentrestricteduse the J&J vaccine was filed Thewomanwasswitchedto
Biden’schiefmedicaladviser, Director Rochelle Walensky, portedbefore.Thisaccountof of the AstraZeneca-Oxford March19,thepeoplesaid. another blood thinner called
saidheexpectsJ&J’svaccine FDA Acting Commissioner therapidturnofeventsculmi- shot to investigate clotting BylastMonday,VAERShad argatroban, along with intra-
toreturntouseintheU.S.by JanetWoodcockandDr.Fauci natingintherecommendation cases. This month, European six reports, all involving venous immune globulin, ac-
Friday.“Ibelievewe’llbeback weighedtheimplicationsofa is based on interviews with medicineregulatorsextended women. One had died, while cordingtotheJ&JandNEJM
withsomesortofindicationa otherswereorhadbeeninin- accounts. Her platelet count
littlebitdifferentfrombefore tensivecare. improved substantially over
thepause,”Dr.FaucisaidSun- Thefederalhealthofficials thenextfivedays,butshere-
dayonABC. worriedtheriskofclotsmight mainedcriticallyillearlylast
Amongthemorethanseven be significantly greater than week.Shehadbeenvaccinated
million people in the U.S. initiallysuspected,iftheprob- two weeks before developing
given J&J’s Covid-19 vaccine lemwasreallyfocusedjuston symptoms.
beforethepause,thetotalof younger women, one person Discussion shifted to rec-
sixwerereportedtohavede- said.About1.5millionwomen ommending a pause, one of
veloped cerebral-vein blood between ages 18 and 50 had thepeoplesaid,afterpartici-
clots and also registered low gotten J&J’s vaccine by that pantsdiscussedwhetheradd-
countsofthecolorlesscellsin time,accordingtotheCDC. ing a warning might trigger
the blood known as platelets Given the blood-clot cases callsforstrongeraction.
thathelpthebloodtoclot. involving people who got the One concern: the ACIP
J&Jhassaiditisawareof AstraZeneca-Oxford vaccine, might convene and counsel
theblood-clotcasesandwork- the U.S. health officials also such action while the cases
ing with health authorities. worried about these similar wereprobedfurther.
Companyresearchersrecently vaccines,thepeoplesaid. The group quickly agreed
sentalettertoamedicaljour- At8p.m.lastMonday,Mr. thatiftherewasgoingtobea
nal saying there wasn’t evi- Becerra joined other senior pushforapauseinafewdays,
dence to establish a connec- healthofficialstodiscusswhat itwouldbesafertodosoim-
tionbetweenthevaccineand OL todo,thepeoplesaid. mediately to avoid possible
theadverseeventssofar. PO After a clinical review of newclottingcases,oneofthe
The recommended pause SS the cases, participants in the peoplesaid.
RE
disrupted a vaccination cam- Y/P meeting discussed potential Such drastic action would
plaatiegnasthmatanisyraascipnogstsoibilneobcue-- ALFIK rweasrpnondsoesc.toOrnseaogpatiinosntwuassintgo aaltstoenattitornactthtahteckoinudldofprpoumblpict
R
fore coronavirus variants AM heparin, one of the people reportingofanyotherblood-
emergethatcouldrendervac- AnthonyFaucisaidheexpectstheJ&JvaccinetoreturntouseintheU.S.byFriday. said, since heparin was often clotcases.
For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at [phone] or www.djreprints.com.
THEWALLSTREETJOURNAL. Monday,April19,2021|A7
******
WORLD NEWS
U.S., China Vow to Cooperate on Climate
Envoysaystalks,which
bilityofChina“enhancing”the andEnvironmentsaidinasepa- sions.Themeetingisintended Beijingonclimatechange,nu-
comeamidtensions commitments that leader Xi ratepostonitsofficialWeChat tobuildmomentumaheadofa clear proliferation and the
JinpingmadelastSeptember, account that “China and the UnitedNationsclimateconfer- globalpandemicresponse.
betweenthecountries,
to reach peak carbon emis- United States will strengthen ence in Glasgow, Scotland, in Theendofoverseascoalfi-
wereproductive sions before 2030 and to cooperationandworktogether November.Climatenegotiators nancingisalmostcertainlyde-
achieve carbon neutrality— with other parties to address areseekingtosetmoreambi- cided,accordingtoapersonfa-
net-zerocarbon-dioxideemis- theclimatecrisis.” tiousclimategoalsthanthose miliarwiththediscussions.In
The U.S. and China, the sions—by2060. During his time in Shang- S agreed to in the Paris climate recentmonths,Beijinghassig-
world’stwobiggestemittersof “ThisisthefirsttimeChina hai,Mr.Kerry,thefirstsenior AGE pact,whichaimstocapaverage naledanincreasedwillingness
M
greenhouse gases, said they hasjoinedinsayingit’sacri- Biden administration official I globalannualtemperaturerises to tackle climate issues, with
Y
would work together to set sis,” Mr. Kerry told reporters tovisitChina,metface-to-face GETT to2degreesCelsius. China’s main economic plan-
moreambitiousgoalstotackle inSeoul,adayafterwrapping withcounterpartXieZhenhua UL/ If China makes a more ro- ning agency, the National De-
climate change, a rare state- up a four-day China tour to and talked to Vice Premier SEO bustpledgeonclimate,itmay velopment and Reform Com-
mentofagreementatatimeof meetwithclimateofficials.Mr. HanZhengbyvideolink,state Y choosetodosobeforeMr.Bi- mission,nowdraftingaclimate
heightenedbilateraltensions. Kerry said that the Chinese newsagencyXinhuareported. ASS den’ssummit.Chineseleaders roadmap,accordingtopeople
B
delegation underscored that “We talked a lot about coal,” EM onSundayopentheirownin- familiarwiththeprocess.
ByShaHuainHong theclimateissuemust“bead- Mr.Kerrysaid. U.S. ternationalmeeting,theBo’ao “It is an encouraging step
KongandAndrew dressed with urgency. And Mr.Kerry’sAsiatripcomes JohnKerry,theU.S.special ForumforAsia,onthesouth- towardscooperationamidgreat
JeonginSeoul theytalkedabout‘enhancing.’ beforePresidentBidenhostsa envoyonclimatechange ernislandofHainan. geopoliticalchallenges,”ZouJi,
Sothelanguageisstrong.” virtual climate summit to Mr.Kerry’svisittookplace a Paris Agreement negotiator
John Kerry, the Biden ad- Thejointstatementalsosaid markEarthDay,havinginvited day’sjointU.S.-Chinastatement amidheightenedtensionsbe- forChinaandthecurrentpresi-
ministration’sspecialenvoyon theU.S.andChinawouldcoop- theleadersof40countriesto said only that both countries tween the two countries and dentofBeijing-basednonprofit
climate change, said Sunday erate to provide investment jointheApril22-23event. “lookforward”tothesummit. bilateral frictions over trade, EnergyFoundationChina,said
that his meetings with his and financing for developing Mr. Xi hasn’t formally con- AttheendoftheEarthDay technologyandhumanrights. of the U.S.-China negotiations
counterpartsinShanghaiwere countriestoshifttheirecono- firmedhisattendance,butpeo- summit,theBidenadministra- But the Biden administration andjointstatement.
productive, adding that the miestowardloweremissions. ple familiar with the matter tionisexpectedtoannouncea hasalsosaiditwantstocarve —KeithZhaiinSingapore
twosidesdiscussedthepossi- China’s Ministry of Ecology saidhewouldparticipate.Sun- newgoalforreducingU.S.emis- outspaceforcooperationwith contributedtothisarticle.
Biden Overrode
Generals’ Advice
On Afghanistan K
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President Biden’s decision manderinchief,reflectedthe
toremoveallU.S.troopsfrom calculation that the potential
Afghanistanrancountertothe forterroristthreatsinAfghan- ­
recommendations of his top istanhaddiminishedandthat
military commanders, who nothing less than a date cer- I
feareditcouldunderminese- tain for removing U.S. forces ª =
curityinthecountry. could avoid renewed fighting ~ £
withtheTalibanandanopen-
ByMichaelR.Gordon, endedmilitarycommitment. ¬ ±
GordonLubold Senioradministrationoffi-
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andVivianSalama cialssaidSundaythatshifting OC
Gen. Frank McKenzie, the Udi.sSp.esresceudritteyrrporriiosrtitthierseaatnjdusa- ­ ³ UTTERST
commander of U.S. forces in tifyMr.Biden’sdecision. SH
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forcesinAfghanistan,andGen. have other very important ° ~ HA
Mark Milley, chairman of the itemsonouragenda,including AH
JointChiefsofStaff,allrecom- the relationship with China,” £ § MULL
mendedretainingthecurrent Secretary of State Antony ¡ ULA
force of 2,500 troops while Blinken said on ABC’s “This GH
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stepping up diplomacy to try Week.” AfghansoldierssecureabasepreviouslyusedbyU.S.forces.PresidentBidenplanstopulloutofAfghanistanbySept.11.
tocementapeaceagreement, The White House says it °
U.S.officialssay. willguardagainsttheriskofa officialssay,however,thatthe call upon them to lead their andIraqinegotiatorstosettle won’tbenegativelyaffected,”
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DefenseSecretaryLloydAus- new terrorist danger in Af- lack of a small but capable£forces, to lead their forces on an accord for a continued saidretiredGen.JosephVotel,
°
tin, himself a retired military ghanistanbymaintainingwar- military presence in Afghani- throughthiseffort.” U.S.militarypresenceandMr. who succeeded Mr. Austin as
commander for the region, planes and counterterrorism st­an, including survei«llance With the president’s order Obama’sdesireforacleanend theheadoftheCentralCom-
sharedtheconcernsofthese- capabilitiesatbasesoutsideof drones,wouldgreatlycompli- in effect, people involved in tothewarledtotheremoval mandandwhosethinkingre-
nior officers, cautioning that thelandlockedcountry. cateanyU.S.efforttoproject theplanningsaidthemilitary ofallU.S.troops. flectstheviewsofmanyserv-
withdrawing all U.S. troops “It’snotjustaboutAfghacni- force from air bases in the washopingtopulltroopsout That was followed by the ingdefenseofficials.
wouldsuspendwhatamounted stan anymore. Al Qaeda is in Persian Gulf, a«ircraft carriers ofAfghanistanbyearlyJuly. fall of Mosul, Iraq’s second- Mr. Biden challenged as-
toaninsurancepolicyformain- Yemen. ISIS is in Syria and or possible bases in central Much of the military’s largest city, to Islamic State sumptions that had endured
tainingamodicumofstability Iraq. Al Qaeda is in Somalia Asia.EvenprotectingtheU.S. thinking has been shaped by militants and the return of over many years about the
inthecountry,theofficialssaid. and Syria and many other Embassy in Kabul, they say, theObamaadministration’sef- thousandsofU.S.advisersand U.S. role in Afghanistan. One
Mr.Bidencarefullyweighed places,” national security ad- may­provetobeachallenge. forts in 2011 to bring what it specialoperationsforcesthree was that maintaining forces
the military’s input, officials viser Jake Sullivan said on “WhatIcantellyouisthat called a “responsible end” to yearslater. theregavetheU.S.anditsal-
say, but was determined to CNN’s“StateoftheUnion.”He this was an inclusive process the Iraq conflict by pulling “Our experience in Iraq in liesleveragewiththeTaliban.
bringinvolvementinAmerica’s addedthat,“weneedtoallo-¡and their voices were heard troopsoutfromthecountry. 2011 would suggest that we AstheWhiteHousesawit,
longest-runningwartoanend cate our resources in a way andtheirconcernstakeninto Top military officials, in- may be taking on a high-risk however, extending the de-
bySept.11,the20thanniver- that allows us to proteJct the consideration,”Mr.Austintold cluding Mr. Austin, who was strategybyassumingthatter- ploymentofU.S.troopsrisked
sary of the 2001 terrorist at- homelandagainstavarietyof reporters in Brussels on then the U.S. commander in rorist organizations won’t reigniting the U.S. fighting
tacksthatledtoU.S.military threatsfromavariet¬yofcoun- Wednesday,whiledecliningto Iraq, had drawn up plans to growandexpand,theAfghan with the Taliban. If that con-
interventioninAfghanistan. tries and continents, not just explainhisownviewsorthose keep thousands of troops in governmentforcescandefend flict grew, an administration
Thepresident’sdecision,his fromAfghanistan.” ofthegenerals.“Butnowthat the country to train Iraq’s theircountry,andourreputa- official said, even more U.S.
­
most important yet as com- Currentandformermilitary thedecisionhasbeenmade,I troops.ButthefailureofU.S. tionintheregionandglobally troopsmightneedtobesent.
Navalny ¬
policyattheCarnegieMoscow movement and threaten to ingtheirwillingnesstotaketo
Center.“Itmeanstheycanar- trigger a confrontation with the streets in support of Mr.
Concerns =ticulate a counter opinion in securityforces. Navalnyhadpassed460,700.
thisway.” OnFriday,Russia’sgeneral “It would mean they can’t
TheKremlindidn’trespond prosecutor’sofficesaidithad organizeanythingandpeople “Everythingwasalwaysverytidy.
Escalate toarequestforcommentabout filedarequestseekingtoout- who are cooperating with Thenmyfamilynoticedhow
theplannedprotests,Washing- law Mr. Navalny’s Anti-Cor- themalsoareextremists,”the
disorganizedIhadbecome.”
ton’swarningofconsequences ruption Fund and regional analystsaid.“Thatisaprob-
forRussiaifMr.Navalnydies, branches of his campaign, by lem.” —Theresa,livingwithAlzheimer’s
oronthefailinghealthofthe branding them as “extremist Mr.Navalnyhascomplained
ContinuedfromPageOne oppositionpolitician. groups”underlegislationtypi- ofpoortreatmentsincehisin-
publiconThursdayretaliatory Last year, Mr. Putin used callyreservedforterroristor- carceration in a Russian
measures against Russia over hisnationallegislaturespeech ganizations and violent reli- prison, where he is serving a
election interference, the So- tomakepublicsweepingcon- gioussects. 2½-yearprisonsentenceafter
larWindscyberattackandother stitutional amendments that TheinitialdetentionofMr. being convicted of violating
malign activity. In response, included a provision to allow NavalnyinJanuaryforparole theparoleconditions,includ-
Russia said it would expel 10 him potentially to remain in violationssparkedthebiggest ingwhenhewasrecuperating
U.S.diplomatsandbaranum- poweruntil2036. popular protests in Russia in inGermanyafteranear-fatal
berofseniorU.S.officialsfrom Mr.Navalnyledacampaign poisoningattemptlastyear.
enteringthecountry. to boycott the July referen- He said there has been a
The protests, called for dumontheamendments,say- Theopposition lack of medical attention for
April21inthecentralsquares ingthevotewouldbefalsified whathedescribedasdebilitat-
leaderhas
ofRussiancities,wouldfallon regardlessoftherealoutcome. ingbackpainandnumbnessin
the same day Mr. Putin is Mr. Putin claimed 78% of complainedofpoor hislegsandonehand.
scheduled to deliver his an- Russians supported the mea- Prisonauthoritieshavere-
treatmentinprison.
nual address to the Federal sures,avictorymembersofthe fusedtoallowMr.Navalnyto
Assembly, Russia’s national opposition said have embold- beassessedbyadoctorofhis
legislature. enedtheRussianleaderandhis choice. They told The Wall
Although the demonstra- alliestoexertpressureonpo- StreetJournalinwrittencor-
tions are called for the eve- tentialchallengestohisrule. nearlyadecade.Butthedem- respondencethattheactivist
ning, following Mr. Putin’s The European Union ex- onstrationsledtobrutalpolice was receiving all necessary
daytime speech, and the presseddeepconcernaboutre- violence. medical assistance and being Whensomethingfeelsdifferent,
Kremlinhasn’tannouncedthe portsofMr.Navalny’sdeclining More than 6,000 people treatedlikeallotherinmates itcouldbeAlzheimer’s.
topics the Russian leader health and called on the Rus- were detained, many were inaccordancewiththelaw.
Nowisthetimetotalk.
planstocover,theprospectof sianauthorities“togranthim fined and some of Mr. Na- KremlinspokesmanDmitry
violent clashes could under- immediate access to medical valny’sclosestallieswereput PeskovsaidinMarchthatal-
mine Mr. Putin’s efforts to professionalshetrusts.” underhousearrest.Theysub- though “atypical in terms of
present a domestic agenda “The Russian authorities sequently decided to tempo- his worldview,” Mr. Navalny
Visit
thathighlightsunityandsta- are responsible for Mr. Na- rarilyhaltdemonstrations. was“responsibleforhisdeeds
alz.org/ourstories
bility,someanalystssaid.The valny’s safety and health in Mr.Kolesnikovsaidopposi- underthelaw,”likeanyother
demonstrationsofferadirect thepenalcolony,towhichwe tion leaders likely decided to Russiancitizen.
rebuff to the Kremlin leader, hold them to account,” it move ahead with demonstra- Mr.Navalny’steamsaidon
tolearnmore
theysaid. added,notingthatEUforeign tionsearlierthanplannedbe- Sunday the opposition politi-
“It’s like an answer to Pu- ministers would discuss the cause of the prospect of Mr. cian was “being killed, in a
tin.Yousaysomethingtothe matter via videoconference Navalny’sorganizationandaf- scary way, in front of all of
nationandthenwealsosend duringameetingonMonday. filiations being declared “ex- us,” and it was time to act.
a message to the nation as The rallies called for next tremistgroups.” “Wedonotknowhowlonghe
well,”saidAndreiKolesnikov, week pose a major test for BylateSunday,thenumber willbeabletowithstand,”his
anexpertonRussiandomestic Russia’s besieged opposition ofsignaturesofthosedeclar- teamsaid.
For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at [phone] or www.djreprints.com.
A8|Monday,April19,2021 THEWALLSTREETJOURNAL.
****
WORLD NEWS
Chile Gets Dose of Reality
Mexico Moves Against
Illegal Immigration
Peopleletguarddown
BYJUANMONTES morethan150immigrationof-
aftergettingfirstshot
ficers,Mexicanofficialssaid.
ofChinesevaccine; MEXICO CITY—Mexico in- “Theyareeverywherenow,”
creaseddetentionsanddepor- Israel Flores, a 26-year-old
casesanddeathssurge
tations of migrants in March Honduran,saidofMexicanim-
asthegovernmentofPresident migration officers. Mr. Flores
BYRYANDUBE AndrésManuelLópezObrador hadplannedtotakeabusfrom
steps up law enforcement ComitáninsouthernMexicoto
Severaldaysafterreceiving againstawaveofillegalimmi- theU.S.border,butdecidedto
his first dose of a Chinese- grationthathascreatedhavoc waitinsouthernMexicountil
madecoronavirusvaccine,Ro- fortheBidenadministration. thingscalmdown.“Thewayis
drigoJordánfellillandtested DetentionsofCentralAmeri- notclearanymore.Youhaveto
positiveforCovid-19.The61- can migrants jumped 32% to beverycarefulnow,”hesaid.
year-oldwashospitalizednear 15,800inMarchfromFebruary, Authorities have installed
hishomeintheChileancapi- RESS and more than doubled com- dozens of checkpoints in the
tal, Santiago, for nine days P paredwithMarchoflastyear, southernstatesofChiapasand
D
andneededsupplementaloxy- ATE accordingtodatafromMexico’s Tabasco,Mexico’simmigration
gentopullthrough. OCI immigrationagencysharedwith agencysaid.
Across Chile—which has ASS TheWallStreetJournal.Depor- “We are reinforcing our
mmoosutntreadpidonveacocfintahteiownocraldm’s- FELIX/ ttaoti9o,4n0s0rolsaest61m%ofnrtohm,aFnedbrwuaerrye pGrueasteenmcaelaa]t,tinheorbdoerrdetor a[wvoitidh
N
paignsusingthevaccinemade BA up65%fromayearearlier. children and teenagers being
byChinesedrugmakerSinovac STE Mexican officials said ef- usedaspassportstogettothe
E
Biotech Ltd.—health authori- PeoplewaitedtoleaveafterreceivingthePfizerCovid-19vaccine inSantiago,Chile,thismonth. fortsagainstirregularmigra- U.S.,”saidFranciscoGarduño,
ties are scrambling to deal tionarecontinuinginAprilaf- thecommissionerofMexico’s
withasurgeinnewinfections bia to Indonesia elsewhere— theresultsofFriday’sstudy. Jordán, a businessman and ter more than 170,000 NationalImmigrationInstitute,
anddeaths. that have started to roll out The lower protection from prominent mountaineer who migrantswereapprehendedat atarecenteventinChiapas.
More than 7.6 million peo- theSinovacvaccine. Sinovac’s single shot means has scaled Mt. Everest and the U.S.-Mexico border in Mexico’s actions mirror
ple,halfofChile’sadultpopu- On Friday, Chilean authori- thebenefitsofthevaccination maintained precautions after March,thehighestnumberin those taken in recent years:
lation, have received at least ties released the results of a campaign could take longer hisfirstvaccinedose. 15years.Thenumberofunac- When a crisis at the U.S.
onevaccinedose,mostmade study of 10.5 million people, buthealthofficialsthinksome Independent public-health companiedminorsattheU.S. southern border erupts, the
by the Chinese drugmaker, showingthevaccinewas16%ef- levelofherdimmunitywillbe expertssaytheChileangovern- border, most of them from U.S.asksMexicotodomoreto
making the country a testing fective against infection after reachedbyJuneorJuly. mentsentconfusingmessages Guatemala, Honduras and El stemtheflowofmigrants.
groundforavaccineBeijingis onedoseand67%effectiveafter However,healthprofession- as it celebrated the vaccine Salvador,hitarecord. Inmid-2014,asurgeinun-
supplyingtocountriesacross a second dose. The study also alssaytheviruswillprobably rollout,byfarLatinAmerica’s Theinfluxofmigrants,most accompanied children led
thedevelopingworld. foundittobe80%effectivein be around indefinitely, given fastest, and eased social re- ofthemfleeingpoverty,unem- PresidentBarackObamatoask
Theproblem,public-health preventingdeathfromCovid-19 thepotentialfornewvariants, strictionstohelptheeconomy. ploymentandviolenceintheir Mexicototightenlawenforce-
K
officials say, was that people twoweeksafteraseconddose. many of which are already Millions of Chileans worn home countries, has led to ment.Thatyear,detentionsof
·
in general overestimated the Thatislowerthanthevac- prevalentinneighboringcoun- outbythepandemicsawthat overcrowding at shelters and migrantswhowereinMexico
effectivenessofthevaccineaf- cine made by Pfizer Inc. and tries like Brazil. They warn as a green light to travel overwhelmedU.S.immigration illegallyhitaneight-yearhigh.
teronlyoneofthetworecom- BioNTechSE,forexample.Re- that further restriction and withinthecountryduringthe authorities, posing an earlyªThe current response also
mended doses and moved to search published in February lockdownscouldberequired. Southern Hemisphere’s sum- challengeforPresident Bide¬n. hasechoesof2019,whenPresi-
ease up on pandemic-control intheLancetmedicaljournal Despite the surge, Chilean merholidays.Peopleflockedto VicePresidentKamalaHar- dentDonaldTrumpthreatened
restrictionstoosoon. found that one dose of the officials defend the vaccine, bars,restaurantsandcrowded risisexpectedtovisitMexico toimposetariffsonallMexican
“With one dose, we know Pfizer and BioNTech vaccine sayingitiseffectiveafterthe beaches, many not wearing and Guatemala in­coming exports if Mexico didn’t do
the protection is very weak,” was85%effectiveinprevent- fullregimenoftwodosesand masks.Theaterresumed,with weeks to discuss ways to ad- moretostopCentralAmerican
saidClaudiaCortés,aninfec- ingsymptomaticdisease15to is already helping to protect the virus sweeping throIugh dressthecausesofthemigrant migrants. Detentions soared
tious-disease expert at the 28daysafterbeinggiven,ac- theelderly,makingthissurge oneplay,infectingvirtuªallyall surge.Ms.Har=risisservingas 40%thatyearfrom2018.
SantaMariaClinicinSantiago, cordingtoapeer-reviewedob- lessdeadly. oftheactorsandki~llingtwo. Mr. Biden’£s point person on “What we are seeing is a
where about 10% of the servational study of about Whileseverecasesandinfec- Jaime Mañalich, who was talkswithMexico,Guatemala, continuity, an inertia of
Covid-19patientsatherhospi- 9,000peopleinIsrael. tionsamongolderpeoplehave healthministeratthestartof HondurasandElSalvador. Trump’sstrategytouseMex-
¬ ±
talhavereceivedoneshot.“It Research also found the beendropping,manyChileans the pandemic, said the full The Mexican government icoasakeytooltocontainthe
wasnotclearlyexplainedthat vaccine’s efficacy to be 91.3% lettheirguarddowntoosoon, two-dose regimen must be hasdeployedalongitssouth- influxofmigrants,”saidTona-
youneedtwodoses—thatyou uptosixmonthsaftergetting public-healthexpertssay. completed.“Thefundamental³ern border around 9,000 sol- tiuh Guillén, an immigration
­
needtowait.” theseconddose,PfizerandBi- “As a country, we trusted messageisthatthestartofa diersandmembersoftheNa- expert at Mexico’s National
It is a lesson for other oNTechsaid. that, because of the vaccine, vaccinationcampaignisavery tionalGuard,amilitarypolice Autonomous University and
=
countries—fromBraziltoCo- Inresponsetoarequestfor weweresortofoutofit.But ±goodthing,butyoucan’trelax createdin2019mainlytofight former head of the country’s
lombiainLatinAmerica;Ser- comment, Sinovac pointed to ofcoursewearen’t.”saidMr. thehealthmeasures,ª”hesaid. organized crime, as well as immigrationagency.
~
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WORLDWATCH
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Russians Expelled Train Crash Kills 11,
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TheCzechRepublicsaidit ­ « ApassengertrainderailedSun-
wasexpelling18Russiandiplo- daynorthofCairo,killingatleast
matsithasidentifiedasspiesin 11people,Egyptianauthorities
acaserelatedtoahugeammu- c said.Itwasthelatestofseveral
nitiondepotexplosionin2014. « railaccidentsinrecentyears.
PrimeMinisterAndrejBabis Fourtrainwagonsranoffthe
saidSaturdaythemoveisbased tracksatthecityofBanha,just
on“unequivocalevidence”pro- outsideCairo,therailwayau-
videdbytheintelligenceandse- ­ thoritysaid.Thetrainwastrav-
curityservicesthatpointstothe elingtotheNileDeltacityof
involvementofRussianmilitary Mansourafromthecapital,the
agentsintheblastinaneastern ¡ authoritysaid.
townthatkilledtwopeople. TheHealthMinistrysaidbe-
InteriorMinisterJan J sidethedead,atleast98peo-
Hamacek,whoisalsoservingas plewereinjured.Mostsuffered
foreignminister,saidthe18 ¬ brokenbones,cutsandbruises.
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RcthlueeassrRliyaunsidseeiamnntbiifaniestsdeyllaigssetasnfpcfeieersssefwrrvoeimcrees NY/REUTER ­ craoimlwTmraayionnswyinsrteEecmgkysphatan,sdwahmehirsisehtaothpryesoafre
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knownasGRUandSVRand H badlymaintainedequipmentand
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wereorderedtoleavethecoun- EL ¬ mismanagement.Thegovern-
trywithin48hours. BD mentsaysithaslauncheda
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placTeheonexOpclot.si1o6n,,2w0h14ichintoaodkepot AMED= bizraotaiodnreinniotivaattivioen.ParnedsidmeondteArnb-del
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inthetownofVrbeticewhere MO FattahAlSisisaidinMarch
50metrictonsofammunition CrowdsgatheraroundatrainthatderailednorthofCairoonSunday,killingatleast11peopleandinjuringdozensmore. 2018thatthegovernment
wasstored,claimedtwolives. needsabout250billionEgyp-
JenniferBachus,chargéd’af- andcompanies,holdingthe SPACETRAVEL ASoyuzspacecapsulecarry- arrivedonApril9;AmericansMi- tianpounds,equivalentto
fairesattheU.S.Embassyin Kremlinaccountableforinterfer- ingNASA’sKateRubinsandRus- chaelHopkins,VictorGloverand $15.95billion,tooverhaulthe
American, 2 Russians
Prague,saidtheU.S.supported enceinlastyear’spresidential siansSergeyRyzhikovandSergey ShannonWalker,andJapan’s run-downrailsystem.
theCzechaction. electionandthehackingoffed- Return to Earth Kud-SverchkovlandedSaturdayin SoichiNoguchi,cameaboardin Sunday’saccidentcamethree
TheCzechannouncement eralagencies. thesteppesofKazakhstan. NovemberontheSpaceXCrew weeksaftertwopassenger
cametwodaysaftertheU.S. ARussianForeignMinistry AnAmericanastronautand Therenowaresevenpeople DragonResilience,thefirstISS trainscollidedintheprovinceof
saiditwasexpelling10Russian spokeswomansaidMoscow twoRussianshavereturnedto aboardtheISS:NASAastronaut dockingunderNASA’sCommercial Sohag,killingatleast18people
diplomatsandimposingsanc- wouldrespondtothemove. Earthaftersixmonthsaboard MarkVandeHeiandRussians CrewProgram. andinjuring200others.
tionsagainstdozenofpeople —AssociatedPress theInternationalSpaceStation. OlegNovitskiyandPyotrDubrov —AssociatedPress —AssociatedPress
FROM PAGE ONE
WeWork
spokesman declined to com- reachmultibillion-dollarannual WeWork a $5 billion revenue person close to WeWork said peared to be profitable. The
ment.BowXdidn’trespondto revenuesinjustafewyears. company “just with their ex- including the India and China company seems to be doing
Plan Echoes requestsforcomment. SEC rules limit companies istingcapacity.”Revenueisn’t franchisesgaveasenseofthe somethingsimilartoday.
SPACsraisemoneyasashell doingIPOsfrommakingprojec- projectedtogoover$5billion reachoftheportfolio. Asmanycompaniesdo,We-
company in an IPO and then tions or talking publicly. Both ayearuntil2023,accordingto The growth forecast as- Workusedameasurethatex-
Past Effort look for a private business to arepermissibleinSPACdeals. thecompany’sslides. sumes that occupancy of We- cludedbasiccostssuchasad-
combine with, a deal that Backers of the SPAC process Thepitchdescribesthecom- Work buildings doubles from ministrative and marketing
transforms the target into a havesaidtherulesgivestart- panyasa“massivegrowthop- 47%attheendoflastyearto expenses, and focused on the
publiccompany.Manyofthese upsachancetocharttheirvi- portunity,” with “850+ loca- 95%in2024.Mr.Mathranisaid expected performance of sites
targetsarestartups,oftenwith sionstoinvestors,whichcritics occupancy could rise further whentheywereupandrunning.
ContinuedfromPageOne little revenue and no profits, havesaidisunnecessarilydiffi- because the company’s mem- Today,thecompanycallsthe
suresthatitwasusing.There- thathaveusedoptimisticpro- cultinIPOs. Sharedoffice-space bershipmodelmeansthesame measure“maturebuildingmar-
cent investor presentation by jectionstopromotetheirdeals. WeWork’s proposed deal, space can be sold more than gin,”whichitputsat27%based
companyplanstogo
BowXhas“echoesofthecom- SPACshavedisplacedtradi- valuingitat$9billioninclud- once.“Youcanactuallygoover on2019figures.Underprevious
pany’sapproachin2019,”said tionalIPOsasthemainroute ingdebt,isduetobevotedon publicbymerging 100%,”hesaid. leadership, WeWork reported
Minor Myers, a law professor for private companies to list byBowXshareholderslaterthis In2019,theSECquestioned significantlylowermarginsfor
withaSPAC.
at the University of Connecti- onstockexchanges.SPACsac- year. Trading in BowX on thatview.“Tellushowyouras- asimilarmetric.Inafall2019
cut who specializes in corpo- counted for 75% of all IPOs March26,thedaythedealwas sumed workstation utilization investor slideshow, after the
rate finance. “The SEC could fromJanuarythroughMarch, made public, was more than rate of 100% is realistic,” the failed IPO and ouster of We-
pushbackhardagain,”hesaid, more than double their 35% 100timesthevolumetheday agencyaskedthecompanyina Work’s co-founder and CEO,
unless WeWork tones down share for the same quarter before,andthesharesclosedat tions,” more than a million letter reviewed by The Wall AdamNeumann,thecompany
these claims in its official fil- last year, according to data $11.71,up13%fromtheir$10.33 workstationsandover450,000 StreetJournal.Theprediction said its mature “location con-
ingswithregulators,expected providerDealogic. opening. On Friday, they fin- memberships.Thosetalliesin- wasdroppedbyWeWork. tributionmargin”was21%for
laterthismonth. TheSECearlierthismonth ishedat$12.07. cludeWeWork’sChinaandIndia WeWorkhaslongbeencrit- buildingsopenmorethantwo
A WeWork spokeswoman warnedcompaniesgoingpublic The WeWork call with in- operations,whicharen’tpartof icized, including by the SEC yearsinthefirsthalfof2019.
saidthecompany“willalways throughSPACsagainstmaking vestorsincludeditschiefexec- theentitythatisbeingmerged beforetheIPO,forpresenting A person close to the com-
work with the SEC to ensure unrealisticprojections.Thecon- utive officer, Sandeep Math- andaren’tincludedinitsfinan- itsnumbersinawaythatcon- panysaidWeWorkhaschanged
our disclosures comply with cerncomesafterseveralyoung rani, and BowX’s chairman, cial statements, according to verted its loss-making busi- since2019,andthetwometrics
their requirements.” An SEC companies touted plans to Vivek Ranadivé, who called thesmallprintontheslides.A ness into something that ap- aren’tdirectlycomparable.
For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at [phone] or www.djreprints.com.
THEWALLSTREETJOURNAL. Monday,April19,2021|A9
WORLD NEWS
Mourning Queen to Remain in Public Eye
BYMAXCOLCHESTER for a royal courtier who had Idrop.’” the ability to perform public Butheisadifferentcharacter Thattoilhaspaidoff.Polling
beeninstrumentalinplanning For years, royal courtiers ceremonies, often of a fairy- from his mother. While the byYouGovshowsthat79%of
OnWednesday,QueenEliz- her husband’s funeral. She havebracedforthepsycholog- talecharacter,whilemaintain- queenpridesherselfonacting Britons think the queen has
abeth,newlywidowedandstill later took a phone call from icalreckoningthatthemonar- ing her dignity, without any as a symbol, to the point of donea“fairlygood”or“very
officially in mourning, will CanadianPrimeMinisterJus- chy—aswellasthecountry— sense of pomposity or arro- being banal, Prince Charles good”jobasmonarch.
turn95yearsold. tinTrudeau. willfacewhenthequeendies. gance,”saidRobertBlackburn, hasstyledhimselfanactivist DespitethedemiseofBrit-
Little fanfare is expected. Themonarchwillcontinue ItwillbetheseveringofBrit- professorofconstitutionallaw onissuesrangingfromarchi- ain’sempire,sheremainshead
Since her husband, Prince herlongrecordofpublicser- ain’s last high-profile living tecturetobadgerculling. ofstateof16countries,includ-
Philip, died on April 9, the vice,palaceofficialssay. linktoitsageofempireandof “Under a future King ingCanada,PapuaNewGuinea
queenhasundertakenaperiod The queen will continue to victoryinWorldWarII. MostBritonsthink Charles III, therefore, the andAustralia.Thegovernment
ofsilence.Britainhasn’theard undertake ceremonial events Britonsundertheageof70 monarchyismorelikelytobe- ofoneofthem,Barbados,says
thequeenhasdone
fromitslongest-servingmon- andleanonotherseniormem- have grown up knowing only come involved in public con- itintendstobecomearepublic
archbuthasmerelyobserved bersofthefamilytorepresent one monarch. The House of a‘fairlygood’or troversy, which in turn could by November. How many of
her, most recently sitting herwhenshecan’t.Perhapsthe WindsoristhelastEuropean leadtoquestionsbeingraised this group will remain after
‘verygood’job.
maskedandaloneasherhus- onlynoticeablechangefollow- monarchy to continue the aboutthefutureofthemonar- sheisdeadisunclear.
band’scoffinwasloweredinto ingPrincePhilip’sdeathisthat practiceofcoronation.Mark- chyitself,”Mr.Blackburnsaid. Thequeenisunlikelytore-
theroyalvaultinSt.George’s shewillbeincreasinglybasedat ing her departure and the InQueenElizabeth’slifetime, tire.Shemadeavowatage21
ChapelatWindsorCastle. WindsorCastlewhileBucking- anointment of her successor the British monarchy com- to serve her country for her
Yet during that period she ham Place undergoes repairs, willbecriticaltothattransi- atKing’sCollegeLondon. pleteditsevolutionfromanin- wholelife.AbdicationinEuro-
hascontinuedtodowhatshe saidIngridSeward,amonarchy tion and to maintaining the Thequeensoughttogradu- stitutionthattookfromitssub- peanmonarchiesisrare.There
hasdonefornearlysevende- expertandauthorofthebook mysticismsovitaltosustain- allyinvolvehereldestsonand jectstoonethatcontinuallyhas have only been four in the
cadesasmonarch:work. “PrincePhilipRevealed.” inginheritedpower. heir, Prince Charles, in run- togivebacktoearnitsplace. pastcentury,accordingtothe
Four days after Prince “Sheneedstokeepgoing,” Pavingthewaytothatmo- ning royal matters after her Today, the queen volun- Constitution Unit, a research
Philip’s death, the queen at- saidMs.Seward.“Becauseas mentisdelicate.QueenEliza- diamondjubileein2012,which tarily pays income tax and group at University College
tendedaretirementceremony sheherselfhassaid,‘IfIstop, beth“hasalmostuniquelyhad marked60yearsofherreign. representsnumerouscharities. London.
Britain’s Prince Philip Remembered in Ceremony Marking His Life and an Enduring Monarchy
LONDON—TheBritishroyal DenmarkontheislandofCorfu
familybadefarewelltoPrince in1921,heservedwithdistinc-
Philip,thecountry’slongest-serv- tionintheRoyalNavyduring
ingroyalconsort,duringacere- WorldWarIIandthenmarried
monyadaptedtoconformto thequeen—thenstillPrincess
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butthatremainedrichinsymbol- sidesinceshebecamequeenin
ismthatspoketotheprince’sde- 1952.HediedonApril9,aged99.
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For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at [phone] or www.djreprints.com.
A10|Monday,April19,2021 THEWALLSTREETJOURNAL.
****
FROM PAGE ONE
Power time and are still likely to Group,therestaurantcompany
work Mondays and Fridays behind Casa Lever, said office
fromhome. occupancy numbers may be
Lunches Diners are lingering over misleading.Evenifthefigures
theirfood,almostasifthepe- arefarbelowpre-pandemiclev-
riod coming out of the pan- els,thepeoplewhoarereturn-
Are Back demic has prompted them to ingtotheworkplaceareexecu-
appreciatethebusinesslunch tivesforwhombusinessmeals
as a social occasion as much arealmostanecessity.“We’re
asanopportunitytotalkshop. seeing all the top brass,” he
ContinuedfromPageOne “It’slikethey’remorehav- saidofhisdiningcrowd.
Mr.Schwartzhasdinedlately ing brunch than lunch,” said Other restaurateurs point
at some of Midtown Manhat- MichaelColl,generalmanager to the large number of New
tan’s most noted power-lunch of Nerai, an East Midtown NIC Yorkerswhohavebeenvacci-
spots,includingCasaLever. Greekrestaurant. HA nated recently and are more
Mr.Schwartz’srecentlunch- Thereisalsothesheernov- MEC comfortable dining out as a
timecompanionattheupscale elty of meeting clients and AN result, and say warmer
H
Italianrestaurantwasanother colleaguesafterayearofiso- AT weather has made outdoor
N
top executive: Jonathan Me- lation.“You’resohappytobe O diningmorepopular.
J
chanic,whochairsthereal-es- with people who don’t live JonathanMechanic,left,andAdamSchwartzateatCasaLever,apowerlunchspotinManhattan. “They miss the food. They
tatedepartmentatFriedFrank, withyou,”saidMarleneWal- miss dining out,” said Mario
aninternationallawfirmhead- lach,founderofGleemBeauty, Greek restaurant Estiatorio business dress code has 45%bySeptember. Zeniou,directorofoperations
quarteredinthecity.Asfaras a skin-care company head- Milos in Midtown with busi- shiftedinamorecasualdirec- Some key New York spots atEstiatorioMilos,whichalso
Mr.Mechanicisconcerned,the quarteredinthecity. nessassociates. tiontosuittheneighborhood. for business dining remain has a location at Hudson
daysofvirtualmeetingscould Another shift: enjoying a With business people still “There’s no need to put on a closed.TheGrandCentralOys- Yards.
soon be numbered as the cocktail or a glass of wine as often working from home in jacket,”hesaid. terBarattemptedareopening On a recent weekday, Mr.
powerlunchresumesitsplace part of the meal. That was different parts of the city, New York’s office occu- atonepointlastyear,onlyto Zeniou was overseeing his
intheurbanfabric. once standard in New York there isn’t as compelling a pancyisstilllow.Inasurvey reclose almost immediately Midtown spot, which was
“In-person is way better power-dining circles but had reason to dine at the usual ofmajoremployersreleasedin because of the limited re- filledindoorsandoutside,al-
than anything,” said Mr. Me- changed in recent years with Midtownspots.AndrewSaba, March, the Partnership for sponse. beitatthestate-mandatedca-
chanic. “It’s like the major anemphasisonmealsasseri- anassistantvicepresidentat NewYorkCity,anonprofitor- Executive chef Sandy Ing- pacityof50%indoors.
leaguesversussandlotball.” ousandsober-mindedaffairs, the financial firm Alliance- ganization that represents ber remains doubtful about As servers brought out
Therulesofthegamehave saybusinesspeople. Bernstein,hasbeentakingcli- business leaders, found that giving it another go until at plateafterplateofgrilledfish
changed.Gatheringsaremore “I’m looking forward to entstobusinessmealsatres- just 10% of office workers in least a few more months. “I orGreeksalad,Mr.Zeniouex-
likely to occur on Tuesdays, having a martini” at lunch, taurants in the West Village Manhattan have returned. just don’t see it,” he said of pressed optimism. “I think
Wednesdays and Thursdays, saidMiltonPappas,asemire- becauseithasprovedamore Evenlookingahead,surveyre- thefoottrafficinthearea. New York will come back
sincemanyemployeeshaven’t tired venture capitalist who convenientlocation. spondentssaidtheyexpected Still, Gherardo Guarducci, much faster” than people ex-
gone back to the office full has been dining at high-end There, the once-standard occupancy would reach only co-founder of SA Hospitality pect,hesaid.
Job to Book
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ContinuedfromPageOne
peakeEnergyCorp. ­
Thesedays,thejobsarego-
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ploymentislikelytooutnumber H
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Sky'stheLimit
roughly another decade, ac- Often, dozens of landmen Stoutsaid.
cordingtothefirm’sanalysis. were in the room doing the ­ Thismonth,hestartedasa
Renewableenergyjobsare
Tami Hughes, one of the samething.Ifyougotupfrom full-time contract landman,
forecasttooutpaceoilandgas
relativelyfewfemalelandmen, yourseat,youleftyouryellow helping identify and secure
contractsforaninternational legalpadfacedowntoprevent¡around2032. landforsolarfarms.Opportu-
oilcompanydivestingU.S.as- thenextguyfromrubberneck- Employmentprojections nities for higher pay in fossil
sets.In2019,thereweremore ing,Mr.Collumsaid. J 500thousand fuelsmakereturningoneday
than100landmenandsupport Then he chased leads. Ne- to the industry attractive, he
staffontheproject,shesaid. gotiationswereofte¬ndoneat said, but “it’s hard to see
400
Now,thereareeight. afamily’skitchentable.Own- whenthenextboomphasein
“Ifthisjobends,Iprobably ersofoilorgasmineralrights oilandgasmightbe.”
wouldn’t be able to get any- typically get­an upfront pay- 300 Renewable U.S. benchmark oil prices
thingelseuntilthepriceofoil mentplusapercentageofthe energy havereboundedtoaround$60
andgasrises,”Ms.Hughes,62, revenu¬e. Mr. Collum focused 200 Oilandgas abarrelfromapandemiclow
said. hispitchonthelikelihoodhis production of negative $37.63 last April,
Mr.Collumremembersthe companywoulddrillwellsthat 100 spurringcompaniestodeploy
good times, when shale com- =woulddeliverroyaltiesandfi- additionaldrillingrigsandre-
panies couldn’t find new de- nancialsecurity.“Itriedtosell sumesomehiring.
0
posits fast enough. They em- thefuture,”hesaid. YetemploymentinU.S.oil
ployed small armies of 2022 ’25 ’30 ’35 andgasproductionhaslikely
landmen who tracked down Dry spell Note:Forecastreflectsemploymentinoiland peaked, according to Wood
nieces, nephews and grand- gasextractionandassociatedservices, Mackenzie. The firm expects
comparedwiththemanufacture,installation
childrenwhoownedtherights Startingaround2015,land- industryjobstoincreasesome
andoperationofwindandsolarfacilities.
to underground minerals, man work began declining in Source:WoodMackenzie 18% from 2021 through 2027,
sometimes unbeknown to anoil-priceplungethatforced to around 424,000 positions,
ownersofthelandabove. many shale companies to cut drillingarea.LastJune,Chesa- whatalandmanis,youimmedi- morefamiliarwithoilandgas before slowly declining as
Mr. Collum had his own back. Work slowed further peake,oncethesecond-largest ately think oil and gas. And thanwindorsolarpower.Part technologyimproves.
epiphany around 2006 while when Covid-19 swept the U.S.naturalgasproducer,filed over time, that’s not what ofhisjobiseducational.Wind Renewable energy and re-
workingasanassistantproat world,weakeningoildemand forbankruptcyprotection.De- you’regoingtothink,”saidLes- andsolarleasesgenerallyof- latedfieldsareforecasttoat-
the Peach Tree Golf Club in and again forcing companies von agreed last fall to join ter Zitkus, president of the fer less money up front but tract roughly 60% of the
East Texas during a tourna- toretrench. forceswithWPXEnergyInc.,a landmanassociationandaGulf- steadier payments that could world’s energy investment
mentforagroupofhigh-spir- TheU.S.oil-and-gasindus- union engineered to weather portEnergyCorp.executive. stretchfordecades,hesaid. from 2020 through 2030, ac-
ited landmen. At his parents’ tryhasbeenoneofthehard- thepandemicpricerout. Lee Grubb, an Oklahoma- “You’retryingtogetevery- cording to the International
housethenextnight,Mr.Col- esthitinthepandemic,shed- He, too, thinks back to the based landman, said he had one’s minds wrapped around Energy Agency, up from
lumaskedhisdadwhatland- ding nearly 75,000 jobs last boomdays.“Youdidn’tletthe around10friendsworkingas that,”Mr.Grubbsaid. around 48% from 2015
mendid. year, or roughly 19% of posi- grassgrowunderyourfeettoo landmenin2014,whenfederal Rick DePriest didn’t need through2019.
“Anybody that could tions, according to Bureau of long,”Mr.Edwardssaid.Now, data showed U.S. oil and gas much convincing before he When shale driller Mara-
breathebasicallyatthatpoint Labor Statistics data on oil- hesaid,“Youcanstepintoany employment at its highest andhiswifesignedupabouta thonOilCorp.laidoffMr.Col-
couldbealandman,”Mr.Col- and-gasextractionandassoci- oftheselittleoldcourthouses, level in recent decades. Only decadeagoforwindturbines lumlastspring,hefiguredan-
lum said. Weeks later, he ated services. Jobs involving andyoumightbetheonlyone tworemain,includingMr.Ed- to be built on their roughly otheroil-and-gasjobwouldbe
joinedtheranks. evaluating and securing new that’sbeenthereallweek.” wards.Theotherworksfora 450-acre property southwest hard to come by. He began
Hespentsomeofhisearly drilling locations, such as For two years, he con- renewableenergycompany. of Oklahoma City. Together, taking online real estate
years working the Haynes- landmenandgeologists,were tractedforarenewable-energy “It’skindofashocker,”said the two turbines bring them classes, but he found a land-
ville, a natural gas field that amongthefirstcutwhencom- developer, signing up land- Mr.Grubb,39.“Itwasoneof about $20,000 a year, money manjobatasmallfirminhis
stretches from East Texas to paniesscaledback. ownerstohostwindturbines thehottestoilandgasareasin the DePriests plan to use to hometownofTyler,Texas.
northwestLouisiana.Asacon- “There’s not much hope in and solar panels. In 2018, he the world for a while, and supplement their retirement. The company, Vernon E.
tract landman for El Paso it,really,”saidGaretEdwards, switched sides to represent there’s nothing going on out “Low-impactincome,”Mr.De- FaulconerInc.,operatesexist-
Corp., Mr. Collum would get a 37-year-old landman based landownersinrenewableand herenow.” Priestsaid. ing wells rather than drilling
assignedaregiontoleaseand in Oklahoma. “Oil and gas fossil-fuel energy deals. Even Mr. Grubb travels the new ones, and Mr. Collum
aroughbudget. seems to be a never-ending thathasslowed.Heisconsid- Southwest persuading ranch- works mostly from his desk.
Energy exploration
battle.” ering part-time work selling erstosignoverlandforwind He was recently scouting for
Mr.Edwardsbelongedtoa insurancetoranchers. andsolarfarmsforEnelGreen JimStout,alandmanbased properties to dispose of
Dozens in the room
generationofOklahomaState Employmentdataforland- Power, a unit of the Italian in the Pittsburgh area, was wastewater that is produced
Typically, he started by University graduates who man jobs isn’t broken out by utility Enel SpA. He earns laidoffinlate2019fromEQT alongwithnaturalgas.
identifying either the largest jumped into the shale land the Labor Department. Mem- moreonaverageinrenewables Corp.,thelargestU.S.natural Heworriesaboutfinishing
tract of land in that area or rush. He recalled the day he bershipintheAmericanAsso- than he did in oil and gas, gas producer. Mr. Stout, 42, hiscareerasalandman.“Man,
theeasypickings,afamilyhe drovemorethansevenhours ciation of Professional Land- where he could go a year or spent more than a year piec- I’ve got three girls,” ages 8
alreadyknew,forinstance.He fromOklahomatoNewMexico mentumbledaround20%last twowithlittleornolandwork ingtogetherjobsthatincluded andunder,Mr.Collumsaid.“If
conductedtitlesearcheswith topersuadearetiredpreacher year. The organization re- whenpriceswerelow,hesaid. sellingrealestateandbuilding they came to me and said,
acourthousecomputerandre- tosign. centlyexpandeditsdefinition Healsotravelsmore,clock- storagefacilities.Hisincome, ‘Hey,Daddy,Iwanttodowhat
cord books, tracing who had ThedealallowedDevonEn- oflandmanworktocoverre- ing around 60,000 miles a hesaid,fellbyabouthalf. you do.’ Would I steer them
bought,soldorinheritedthose ergyCorp.toedgeoutChesa- newableenergy. yearmakinghousecalls.Many “Theideaisdon’teverrely awayfromit?Yeah,Iprobably
mineralrightsovertheyears. peake for control of a prized “For folks that even know of the people he visits are onbeinginonejobagain,”Mr. would.”