**** FRIDAY, FEBRUARY 28, 2020 ~ VOL. CCLXXV NO. 48 WSJ.com HHHH$4.
DJIA25766.64g1190.95 4.4% NASDAQ8566.48g4.6% STOXX 600389.45g3.7% 10-YR. TREAS.À4/32, yield 1.296% OIL$47.09g$1.64 GOLD$1,640.00g$0.40 EURO$1.1002 YEN109.
and its underwriters at Gold-
man Sachs Group Inc. hope
that the volatility will have
passed by the time they are
ready to push the button on
the listing.
In addition to market con-
ditions, however, they will
have to contend with fickle
IPO investors, who have
grown warier of money-losing
companies.
Seven-year-old DoorDash
has expanded quickly and its
private valuation ballooned. A
funding round last year valued
DoorDash at nearly $12.6 bil-
lion, up from just $1.4 billion
in 2018.
But food delivery, an ex-
pensive undertaking, has got-
ten more challenging as com-
petition grows fiercer.
Industry players that began
with largely separate geo-
graphic strongholds now over-
lap in many markets. Cus-
tomer loyalty has dropped as
rivals offer deep discounts to
win business. Despite rapid
growth, profits have remained
largely elusive.
At Grubhub Inc., the big-
gest public U.S. company fo-
cused on food delivery, profit
PleaseturntopageAFood-delivery provider
DoorDash Inc. has filed for an
initial public offering, firing
the starting gun on what
could be one of the year’s
marquee listings.
The money-losing San
Francisco startup said Thurs-
day that it has confidentially
filed paperwork for an IPO
with the Securities and Ex-
change Commission. SEC rules
allow companies to keep their
listing documents private for
a period of time leading up to
a new offering.
The move sets up DoorDash
to go public as soon as late
spring, in what would be one
of the most-watched IPOs of
the year. It would provide a
signal of the health of the
new-issue market after a year
when a number of closely
watched debuts stumbled.
Though plunging stocks
right now make markets in-
hospitable for IPOs—with ma-
jor stock indexes in the U.S.
down roughly 10% from recent
highs on fears of the eco-
nomic impact from the coro-
navirus epidemic—DoorDashBYCORRIEDRIEBUSCH
ANDPREETIKARANAYou Can’t
Parallel Park?
No Worries
iiiStatesdroptestfor
driving skill that
confounds many
BYSCOTTCALVERTAspiring driver Justus Kelly
has tried parallel parking a
few times in his Uncle Bob’s
old Cadillac. “All very nerve-
racking,” the 18-year-old Las
Vegas resident said. “I get a
little bit too anxious and feel
like I’m going to hit the car in
front of me. Like, oops.”
The high-school student can
relax.
Nevada recently cut parallel
parking from its driving exam.
Last month, the state joined
more than a dozen others that
have dropped the classic test
of hand-eye-foot coordination
and a rite of passage for wan-
nabe teenage drivers every-
where. Now, if you can back
out of a space in a parking lot,
that’s good enough.
Steven King, a 37-year-old
cook in Las Vegas, said people
can’t drive well as it is. “So
why do we need to make it eas-
ier?” he said. Tracy Turner, of
Reno, is sorry to see the skill
being lost. She said she consid-
ers parallel parking “one of my
PleaseturntopageAINSIDE
FRANK MATTIA/ZUMA PRESSMANSION
Disturbances loom
in Hawaii’s pricey
paradise, the Kona-
Kohala coast.MEx-Baltimore Mayor Sentenced
Former Baltimore Mayor Catherine Pugh was sentenced to
three years in prison for illegally profiting from a scheme
to sell her self-published children’s books. ADoorDash Files
Confidentially
For a Public Listing
Nasdaq Composite lost 4.6%.
The S&P 500 and Nasdaq
notched their largest one-day
percentage declines since Au-
gust 2011 and the S&P, now
down 12% from its Feb. 19,
peak, entered a correction
from an all-time high at a re-
cord speed, only six trading
days.
Selling was broad based,
with some energy and tech-
nology companies showing es-
pecially large declines. Shares
that until last week were mar-
ket highfliers posted double-
digit percent losses, with
Tesla Inc. sliding 13% and Vir-
gin Galactic Holdings shed-
ding 24%. Traders described
an atmosphere of apprehen-
sion, with many fixating on
PleaseturntopageAThe February market rout
deepened Thursday, as major
stock indexes around the
globe posted another round of
significant declines and un-
certainty over the impact of
the coronavirus began shad-
ing into fear.
All three major U.S. in-
dexes slipped into correction
territory—a drop of at least
10% from a recent peak—and
posted their biggest one-day
point drops ever.
The Dow industrials tum-
bled 1,190.95 points, or 4.4%,
to 25766.64, bringing its slide
this week to more than 3,
points. The S&P also declined
4.4%, while the tech-heavyBYKARENLANGLEY,CAITLIN
OSTROFF ANDCHONGKOHPINGVirus Sinks Stocks Into Correction
FCC Finds Cell Carriers Failed to Guard Data
The Federal Communica-
tions Commission is seeking
hundreds of millions of dollars
in fines from the country’s top
cellphone carriers after offi-
cials found the companies
failed to safeguard information
about customers’ real-time lo-
cations, according to people
familiar with the matter.
The telecommunications
regulator in recent weeks in-formed AT&T Inc., Sprint
Corp., T-Mobile US Inc. and
Verizon Communications Inc.
of pending notices of apparent
liability, the people said. Such
notices aren’t final, and the
companies can still argue they
aren’t liable or should pay
less. It would ultimately fall
on the U.S. Justice Department
to collect any penalties.
The proposed fines, which
could total more than $
million, are expected to be an-
nounced on Friday, one of thepeople said. Last month, FCC
Chairman Ajit Pai notified
members of Congress that an
agency investigation had con-
cluded that “one or more” car-
riers had apparently violated
federal law by disclosing real-
time location data.
The FCC moved after some
of the carriers had continued
sharing their subscribers’ co-
ordinates even after they told
members of Congress they
were cutting off the middle-
men companies from usingtheir data feeds. Verizon has
said it stopped sharing cellular
location data in 2018. AT&T
and T-Mobile said in early
2019 that they were cutting
off some location data sharing.
The top U.S. wireless pro-
viders agreed to curb their
data sharing after independent
reporting found data aggrega-
tors were misusing feeds that
provided subscribers’ real-
time locations. Upon request,
the carriers would pinpoint
specific subscribers and sharethe result with middlemen
companies, which then shared
the information with hundreds
of other businesses.
Some privacy advocates
criticized the FCC action as
overdue.
“Consumers have no choice
but to share highly private in-
formation with a provider
about everywhere they go” to
obtain cellular service, said
Laura Moy, associate director
at the Center on Privacy &
PleaseturntopageABYDREWFITZGERALD
ANDSARAHKROUSEMild Symptoms
Fuel Fast Epidemic
The novel coronavirus has
quickly hopscotched from a
food market in China around
the world, to small towns in
northern Italy and a major pil-
grimage site in Iran. It spread
through a megachurch in
South Korea and sickened
hundreds on a cruise ship
docked in Japan.
Countries that never ex-
pected to have to combat the
new infectious disease are re-
alizing they likely can’t keep it
out in today’s connected
world. Popping up in disparate
places, sometimes with no
clear epidemiological links to
the original outbreak in China,
the virus is now all but impos-
sible to stop, public-health of-
ficials and infectious-disease
experts say.
Italy’s outbreak startedwith a delayed diagnosis of a
man who wasn’t suspected of
having the virus because he
hadn’t been to China or in
contact with anyone with
symptoms. New cases reported
in one day outside China ex-
ceeded the number of new
daily cases in China for the
first time, the World Health
Organization said Wednesday.
The same day, the U.S.
identified a patient in Califor-
nia who could be the first to
be diagnosed in the country
without a clear explanation
PleaseturntopageABYBETSYMCKAY
ANDMARGHERITASTANCATISTEVE RUARK/ASSOCIATED PRESSGlobal Risks
Whistleblower alleges
quarantine lapses........... A
Mask supplies drop amid
global hoarding................ A
South Korea overtakes
China in new infections... AJASON GAY
Joe Burrow, NFL’s
likely No. 1 pick, and
his ‘tiny’ hands
measure up.
AThursday
FebThursday
FebTuesday
FebFeb. 12
Dow Jones
Industrial Average
Record close:
29551.Feb. 19
S&P 500
3386.
Nasdaq
Composite
9817.Mon Tue Wed ThuCumulative percentage change from record closes– ––––
– –%CORRECTIONTHRESHOLDDJIA
25766.
t12.8%S&P 500
2978.
t12.0%
from recordNasdaq
8566.
t12.7%S&P 500 fastest declines of 10% or more
from a record high since 1980Feb. 19 through Thursday
Jan.26-Feb.8,
Oct.7-27,
March24-April14,
July17-Aug.14,
July16-Aug.17,
Oct.9-Nov.26,
Aug.25-Oct.15,
Sept.20-Nov.23,
July16-Sept.29,6 trading days
9
14
15
20332436
45
52Share of Dow components trading
above their 50-day moving averageSources: FactSet (cumulative change, fastest declines); Dow Jones Market Data (Dow components)
% ’Jan. 3, 2019:None Thursday:NoneTHIS WEEKCONTENTS
Business News.. B3,
Crossword............... A
Equities....................... B
Heard on Street. B
Life & Arts....... A10-
Mansion............. M1-Markets..................... B
Opinion.............. A13-
Sports........................ A
Technology............... B
U.S. News............. A2-
Weather................... A
World News. A6-9,s2020 Dow Jones & Company, Inc.
All Rights Reserved>What’s
News
Countries thatnever ex-
pected to have to combat
the coronavirus are realiz-
ing they likely can’t keep it
out in today’s connected
world. The disease caused by
the virus has claimed more
than 2,800 lives.A1, A6-A
Some federal employees
were sent to work at Califor-
nia coronavirus-quarantine
locations without adequate
safety protocols and returned
home on commercial flights,
a whistleblower alleges.A
At least 29 Turkishsol-
diers were killed in north-
western Syria, officials
said, plunging Turkey deeper
into the war there.A
Trump signaledhis sup-
port for a measure that would
prohibit the U.S. government
from turning to a secretive
surveillance court to obtain
wiretaps on Americans.A
Bloomberg’s presidential
campaign sought Yang’s
backing and floated the
possibility of his becoming
Bloomberg’s running mate.A
A Sanders proposalwould
sharply curb the tax benefits
of executives’ retirement
plans and require earlier
taxation of stock options.A
The Justice Departmentis
proposing to dramatically in-
crease the cost ofappeal-
ing deportation orders.A
The U.K. and the EUlaid
out clashing approaches to
their post-Brexit relationship,
setting the stage for months
of tense negotiations.A
The U.S. andSwitzer-
land formally launched a
humanitarian trade
channel for Iran.AT
he stock-market rout
deepened, with major
indexes world-wide again
posting sharp declines. The
Dow and S&P 500 both slid
4.4%, while the Nasdaq lost
4.6%, all slipping into cor-
rection territory. The yield
on the 10-year U.S. Treasury
hit a record low.A1, B1, B
The coronavirusout-
break is disrupting supply
chains and affecting pro-
duction and sales across a
range of industries.B
The FCC is seekingbig
fines from top U.S. cellphone
carriers after officials found
the firms failed to safeguard
information about custom-
ers’ real-time locations.A
DoorDash saidit filed
confidential paperwork for
an IPO, setting up the food-
delivery firm to go public
as soon as late spring.A
Bayer saidit would
strengthen external oversight
of its due diligence in deal
making and agreed to a new
review of its risk evaluation in
the Monsanto acquisition.B
Thyssenkrupp is selling
its elevator business to a
consortium led by global
buyout firms Advent and
Cinven for $18.91 billion.B
Many miners’ deathsin
developing countries
aren’t counted as industry
fatalities, distorting the
sector’s safety record.B
WPP’s shares plunged
after the ad giant said sales
would be flat for 2020, adding
to pressure on CEO Read.B
Cisco has startedanew
round of job cuts as the
company faces the prospect
of slowing sales growth.BBusiness&Finance
World-Wide