WSJ-2019-12-02.pdf

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1、* * * * *MONDAY, DECEMBER 2, 2019 VOL. CCLXXIV NO. 130WSJ.comHHHH $4.00At a Target store in Brook- lyn, stacks of televisions and toys awaited the rush of the weekend s holiday shoppers. Hours after the store opened, it was calm. More frantic were the Target workers pushing carts through aisles to c

2、ollect products or- dered online by shoppers for home delivery or pickup. Retailers are racing to adapt to a world where shopper be-Lastweek: DJIA 28051.41175.79 0.6%NASDAQ 8665.471.7%STOXX600 407.430.9%10-YR.TREASURYg2/32, yield 1.778%OIL $55.17g$2.60EURO $1.1019YEN 109.51 Huawei Produces Phones Wi

3、thout U.S.PartsChinese tech giant sidesteps Washington ban, but the company still lacks Google appsBYMIRIAMGOTTFRIEDU.S.-led global order,” said Erica Downs, a Columbia University fellow and former CIA energy analyst. Presidents Vladimir Putin and Xi Jinping will lead the opening ceremony of the pip

4、e- line via video links. Mr. Xi has described the Russian leader as his “closest and most intimate friend” among his foreign col- leagues. Russia,whichhasthe world s largest proven gas re- serves, needs cash as its econ- omy buckles under Western sanctions.China,withthe world s second largest econom

5、y after the U.S., needs fuel and wants to wean itself off coal. “Chinaneedsenergyre- sources, and Russia has such resources,” Mr. Putin said in October. “This is an absolutely natural partnership, and it will continue.” The collaboration took off af- ter the U.S. and European Union moved to punish M

6、oscow for PleaseturntopageA10Shortsellerstotalprofiton eachstock, y ear- to- dateSource: S3 PartnersNote: Data th roug hNov . 25MacysKohl sNor dstr omBigLotsOl l iesBar gainOutl et$597mi l l i on5561 035856Extreme Makeover: South Korean Sumo Wrestler Editioniii Drooping flesh, cellulite and sweat ar

7、e out; Hercules-like physiques are inin total holiday spending this year, according to National Re- tail Federation estimates. Some chains, including Tar- get, Walmart and Best Buy Co., have posted strong sales in re- cent years by adapting to the shift to online shopping. They use their stores to h

8、andle deliv- eries or persuade shoppers to pick up orders rather than wait for an A Inc. package. Target said it sources 80% of its online orders from stores, not PleaseturntopageA10stores fell 6.2% on Black Friday, as more people ordered online or went to stores on Thanksgiv- ing Day, when visits i

9、ncreased 2.3%, according to Shopper- Trak, which uses cameras to count traffic in U.S. stores. Online sales reached $7.4 bil- lion on Black Friday, up from $6.2 billion last year, according toAdobeAnalytics,which tracks hundreds of retail web- sites. E-commerce is expected to account for about $170

10、bil- lion of the roughly $730 billion China, Russia Cinch Ties Via Gas PipelineSVOBODNY,RussiaAn 1,800-mile pipeline is set to be- gin delivering Russian natural gas to China on Monday. The $55 billion channel is a feat of energy infrastructureand po- litical engineering. Russia s most significant e

11、n- ergy project since the collapse of the Soviet Union, the Power of Siberia pipeline is a physical bond strengthening a new era of cooperation between two world powers that have sepa- rately challenged the U.S. Beijing and Moscow, after years of rivalry and mutual sus- picion, are expanding an eco-

12、 nomic and strategic partnership influencingglobalpolitics, trade and energy markets. At the same time, Beijing is fight- ing a trade war with Washing- ton, and Russia s relations with the West grow colder. “China and Russia joining forces sends a message that there are alternatives to theBYGEORGIKA

13、NTCHEVINSIDELIFE email: Need assistance with your subscription? By web: ; By email: By phone: 1-800-JOURNAL (1-800-568-7625) Reprints many U.S. chip companies make their products abroad. Huawei long relied on sup- pliers like Qorvo Inc., a North Carolina maker of chips used to connect smartphones

14、with cell towers, and Skyworks Solutions Inc., a Woburn, Mass.-based company that makes similar chips. It also used Bluetooth and Wi-Fi chips from Broadcom Inc. of San Jose, Calif., and components from Cirrus Logic Inc., an Austin, Texas-based company that makes chips for producing sound. While Huaw

15、ei hasn t stopped using U.S. chips entirely, it hasContinuedfromPageOneHuawei Sidesteps U.S. BanCORRECTIONS ? AMPLIFICATIONSReaders can alert The Wall Street Journal to any errors in news articles by emailing or by calling 888-410-2667.?THE WALL STREET JOURNAL.* *Monday, December 2, 2019 |A3 U.S. N

16、EWSShawn Dunwoody, an organizer in Rochester, N.Y., is one of a number of people trying to ensure residents voices are heard on the redevelopment of a neighborhood after demolition. The Strong Museum of Play expanded in an area where part of the citys Inner Loop highway was torn down.WASHINGTONTheSu

17、- preme Court on Monday will hear its most significant Sec- ond Amendment case in nearly a decade, testing whether or how far its conservative major- ity, bolstered by two Trump appointees, is ready to move on gun rights. At issue is a unique rule is- sued by New York City s police commissioner that

18、 for years forbademostlicensedgun owners from taking their weap- ons to firing ranges and second homes outside city limits. New York repealed the rule this year. But the justices re- jected the city s request to dis- miss as moot a lawsuit filed by the National Rifle Association s New York affiliate

19、 and three lo-cal gun owners. That has given hope to gun advocates who stronglybackedPresident Trump s nominees, Justices Neil Gorsuch and Brett Kavanaugh, in the expectation they would expand access to firearms. A broad ruling in the New York case could do just that. The caseor something like ithas

20、 been anticipated since 2008, when the court for the first time found that the Sec- ond Amendment provides indi- viduals the right to a handgun, at least within the home for self-defense. In District of Co- lumbia v. Heller, the court s conservative majority, in a 5-4 ruling, struck down a Washing-

21、ton, D.C., ordinance that effec- tively banned handguns; the liberal minority held to the prior view that the SecondAmendment right to “keep and bear arms” referred to citizens enrolled in a state s “well regu- lated militia,” as the amend- ment s language says. Still, the court s conserva- tives ha

22、ve been divided over how far the individual right ex- tended, and apart from a fol- low-up ruling to the Heller case in 2010, the justices have shied from the legal fray over guns. Instead, they have let lower courts decide how Heller ap- plied to state and local weapons regulations.Overwhelmingly,

23、lower courts have found those measures consistent with Hel- ler, which itself acknowledged thatreasonableregulations were constitutional. According to a 2018 study in the Duke Law Journal Online, state and fed- eral courts rejected more than90% of some 1,000 challenges. Thatleftgun-rights groupsand

24、some of the more conservativejusticesfrus- trated. When the high court in 2015 refused to review a deci- sion upholding a Chicago sub- urb s ban on semiautomatic weaponsandhigh-capacity magazines, Justice Clarence Thomas issued a dissent com- plaining that his colleagues had reduced “the Second Amen

25、d- ment to a second-class right.” In New York City, one of two principal classes of gun li- censes, premises licenses, pro- vide for keeping weapons in a specific location. The travel rule at issue in Monday s case al- lowed residents with premises licenses to transport guns only to shooting ranges

26、in the city and to seasonal hunting areaselsewhere. The rule was widely seen as providing the justices an opportunity to consider the extent to which government can restrict guns in public. City and state authorities amended New York regulations in July to allow premises li- censees to take their ha

27、ndguns to any location where they can lawfully possess the weapons, including shooting ranges and homes outside the city. But gun advocates saw the case as a chance to put a broaderagendabeforethe court. “Unable to flatly ban the possession of handguns in the home, many local governments have respon

28、ded by erecting ob- stacles to acquiring them,” the plaintiffs said when urging the court to hear the New York case. Their petition listed othermeasures they consider uncon- stitutional, including a $25 tax on firearms sales imposed in Chicago and Seattle and a $5 fee California collects from gun pu

29、rchasers to fund police. In its brief, New York City observed that for centuries it has been “the nation s largest urban center and a primary lo- cus of trade and travel” that ne- cessitates special public safety measures. As early as 1763, the city says, it began enacting gun regulations and contin

30、ued to tailor them through the present. While the high court was unwilling to dismiss the case before argument, the fact that New York repealed the chal- lenged rule still gives the jus- tices a way, if they wish, to avoid a major decision by find- ing the case moot.BYJESSBRAVINGun Rights to Face Ne

31、w Supreme Court TestBYKEIKOMORRISStorm Delays Holiday Travelto treat seizures, pain and other conditions. But CBD has a murky legal status. While the farm bill made CBD legal under certain circumstances, it is subject to regulation and varying state laws. The Food and Drug Administration has approve

32、d just one drug con- tainingCBDandrecently raisedconcernsaboutthe safety of some CBD products. The projected growth of the CBD market has enticed farm- ers looking for more-profitablealternatives to crops such as soybeans. Growers in 36 states planted hemp this year, ac- cording to Brightfield Group

33、. Acres of cultivated hemp in theU.S.surgedtoover 285,000 this year from 78,000 in 2018. That is still a fraction of other crops: Soybeans, for instance, are planted on 75 million acres this year. The increased cultivation has contributed to a decline in prices, market analysts say. Wholesale prices

34、 for biomass,Freezingrainandsnow swept across the Northeast on Sunday, disrupting plans for millions returning home after the Thanksgiving holiday on what was expected to be the busiest day ever for U.S. air travel. More than three million pas- sengers had plans to fly with U.S. carriers on Sunday,

35、the largest number for a single day, according to Airlines for America, an industry trade group. By the afternoon, as the storm began passing through New York and Massachusetts, airlines were canceling hun- dreds of flights while delaying thousands of others. There were 5,336 flight de- lays into or

36、 out of the U.S. and 769 cancellations, according to FlightAware, a company that tracks flights. Some 55 million peoplethe second highest Thanksgiving countwere expected to travel Wednesday through Sunday, according to AAA. Over 49 mil- lion of those were expected to hit the roadways. “Given the num

37、ber of people traveling, it likely impacts a majority of Americans return- ing home,” said Jeanette Cas- selano, an AAA spokeswoman. Over the past several days, the storm brought winterlike conditions to much of the U.S. It blanketed Southern Califor- nia mountains with snow and dumped rain on Arizo

38、na, while a blizzard tore through north- ern Minnesota, according to the National Weather Service. On Sunday, the storm hit the northeast, bringing a mix of freezing rain and snow to up- state New York, other parts of the tri-state area and parts of New England. Meteorologists warned of ice storms i

39、n West Virginia, western Maryland and southern Pennsylvania. The wintry mix was ex- pected to turn to mostly snow on Monday for much of the Northeast.last year, is creating a glut, damping prices and leaving some farmers struggling to unload their product. It is among the growing pains in thenascent

40、industryfor hemp-derived productsa po- tentially lucrative market, but one beset by regulatory uncer- tainty, financing constraints and other challenges. “This is a crazy, rapidly growing industry where you have to figure things out as you go,” said Bethany Gomez, managing director of Bright- field

41、Group, a market-research firm focused on the CBD and cannabis markets. Hempwhich is the same plant species as marijuana, but with a minimal amount of the psychoactive compound in potwas farmed legally in the U.S. until a 1937 federal law began a period of hemp prohi- bition. It became legal again be

42、cause of a provision of the 2018 federal farm bill. The plant can be used to make a range of products, from body lotions to construc- tion materials. It is mostly grown for CBD, which is usedor harvested plant matter, used for CBD production fell between 42% and 53%, de- pending on the volume sold,

43、between April and October this year, according to New Leaf Data Services LLC, a mar- ket-data firm. Joel Haynes, a 56-year-old farmer near Jackson, Tenn., said he is still working on nail- ing down buyers for his first crop of hemp on 120 acres. He said some hemp farmers are facing buyers trying to

44、lowball them because of the large sup- ply. “They re saying, You bet- ter take this price because the market s fixing to crash,” Mr. Haynes said. He also hit snags because he was unfamiliar with the plant. The seeds he used from the Western U.S. didn t grow easily in the Tennessee soil, and the whol

45、e effort required significant manual labor. “Ihadahugelearning curve,” Mr. Haynes said. Hemp farmers and proces- sorscompanies that turn the plant material into CBD oil, textiles and other products face other challenges, includ-ingregulatoryuncertainty. They are adapting to interim rules released in

46、 October by the U.S. Department of Agri- culture that established licens- ing, record-keeping and test- ing requirements. And they are awaiting more FDA guid- ance on CBD products. Farmersandprocessors also have limited access to tra- ditional lending, said Ryan Quarles, Kentucky s agricul- ture com

47、missioner. That is in part because banking institu- tions hesitate to do business with a new industry associ- ated with cannabis until regu- lations clarify that they can do so safely, he said. Despite hitches, Alex Bar- nett, a 52-year-old farmer in Cynthiana, said he plans to keep growing hemp, li

48、kely in- creasing the acres dedicated to the plant to 300 next year from 200. He has a contract withanearbyprocessor, AgTech Scientific, and aspires to net $2,000 an acre of profit. “I think it will be viable,” Mr. Barnett said. “We ll have to weed out the people wanting to make a quick buck.”CYNTHI

49、ANA,Ky.Tony Ockerman, a fourth-generation farmer hoping to diversify his crops by adding hemp, said his first harvest this year turned out well after much trial and error. But he is struggling in a key respect: finding buyers. Hopingtocapitalizeon surging demand for cannabid- iol, or CBDa derivative of hemp or marijuana that pro- ponents say has medical bene- fitsMr. Ockerman invested about $100,000 to grow 30 acres of the plant. Unlike some farmers who se