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The 10-Point: My Guide to the Day's Top News

The Wall Street Journal
Good morning,
Zuckerberg’s World
Facebook is cementing its claim to be the world’s most dynamic tech company. Yesterday, it reinforced its standing as a mobile-advertising powerhouse, nearly tripling its quarterly profit at a time when its Silicon Valley rivals are underperforming. The social network said that advertising revenue jumped 57% in the first quarter to $5.2 billion from $3.3 billion. Mobile ads, which command a higher price than those shown on desktops, accounted for roughly four-fifths of that revenue. Facebook also said its board has proposed creating a new class of nonvoting shares, designed to further cement founder and Chief Executive Mark Zuckerberg’s control over the company. The new Class C shares would have the same economic rights as other shares but wouldn’t have voting rights. The stronger-than-expected results drove Facebook shares up 8.8% in after-hours trading, lifting the company’s market valuation above $330 billion.
The Odd Couple
Republican presidential front-runner Donald Trump delivered his first major foreign-policy address yesterday, calling for the U.S. to pull back from its global engagements, a decisive break from recent Republican orthodoxy, and outlining a series of blunt principles, some of them apparently somewhat contradictory. Meanwhile, his leading rival, Sen. Ted Cruz, took the improbable step of naming his potential running mate three months before the Republican convention, choosing former Hewlett-Packard Chief Executive Carly Fiorina. After his sweeping victories in five northeastern states on Tuesday, Mr. Trump’s path has become clearer than ever, while the delegate math looks bleak for Mr. Cruz and Ohio Gov. John Kasich. In the Democratic race, the Bernie Sanders campaign is laying off hundreds of field staffers as it now has virtually no chance of mounting a comeback to wrest the party’s nomination from Hillary Clinton.
Starman
Billionaire entrepreneur Elon Musk, 44 years old, has built a business empire like no other in the world, fueled by his voracious appetite for risk and unyielding confidence. The three companies he leads—SolarCity, SpaceX and car maker Tesla Motors—are worth nearly $50 billion combined. He has transformed every industry he has touched, speaking without irony about retiring to Mars after SpaceX successfully launches rockets there. We report that along the way, Mr. Musk has helped financially support his companies in ways that are as unconventional as he is, including taking out $475 million in personal credit lines and buying shares and bonds to supply capital. Meanwhile, SpaceX disclosed plans yesterday to send an unmanned capsule to Mars, perhaps as soon as 2018, revealing the first details of Mr. Musk’s long-term vision for a private enterprise to colonize the red planet.
Back to the Future
There’s something the high-tech world doesn’t readily admit, writes Personal Technology columnist Geoffrey A. Fowler: It’s OK not to use a smartphone. Nine years after the dawn of the iPhone, roughly one in seven Americans isn’t buying into the new dogma that a smartphone is the answer to everything. Among them are people on a budget, retirees seeking security, families preparing for emergencies and professionals looking to unplug. “Dumbphones” cost significantly less, keep their charge much longer and will merely bounce where an iPhone screen would shatter. Of course, there are trade-offs: buttons that will give your thumbs a workout, low-quality cameras and limited Web browsers. But one basic phone offers advanced services: Press 0, and you’re connected with an actual operator—an on-demand helper, who shows you how to use your phone.
TODAY'S VIDEO
Nothing Compares
That Was Painless
Prince’s estate-tax attorneys must attempt to put a precise financial value on his name, image and likeness.
TOP STORIES
U.S.

Fed Signals No Rush to Raise Rates

Addiction Treatment Centers Struggle to Attract Workers
WORLD

As Syria Talks Stall, a Hunt for Alternatives

Bombing Injures 10 in Turkish City
BUSINESS

Yahoo Reaches Deal With Starboard to Add Board Members

Sanofi Makes $9.3 Billion Bid for Medivation
MARKETS

Laid-Off Oil Workers Struggle to Pay Loans, Credit Cards

Portfolio Woes Sting Private-Equity Firms
NUMBER OF THE DAY
16%
United Technologies’ drop in quarterly profit. The aviation and building-equipment conglomerate was weighed down by lower sales in three units as well as higher costs in its jet-engine business.
QUOTE OF THE DAY
People protest because they don’t have anything to eat…This is what I want to tell President Maduro.
Ana Vargas, a resident of Maracaibo, Venezuela, on the drive to trigger a recall referendum against socialist President Nicolás Maduro. Increasingly desperate citizens, living for days with prolonged power and water cuts as well as food shortages, have taken to the streets in raucous protests in at least eight cities.
TODAY'S QUESTION
Going back to our story above, what are your thoughts on smartphones versus their basic counterparts? Send your comments, which we may edit before publication, to 10point@wsj.com. Please include your name and location.
—Compiled by Margaret Rawson
READER RESPONSE
Responding to yesterday’s question on Tuesday’s primary results, Russ Hagberg of Illinois wrote: “The time has come for Ohio Gov. John Kasich to withdraw from the race. He has been a consistent loser in state after state and hence has no basis to contend that he is a legitimate candidate for the Republican nomination. Sen. Ted Cruz has done slightly better…and if nothing else it would be interesting to see him go head-to-head with Donald Trump in the remaining primary contests.” William E. Dove of Alabama commented: “By making such a ruckus about Trump, the establishment GOP has given him the media exposure he needed to gain popularity. The vast majority of all voters are fed up with the current state of politics. They hope Trump can make much-needed changes.” And Charlie Kendall of California opined: “While Trump was expected to do well in Tuesday’s primaries, the large margins he won by send a clear message that voters want it their way regardless of the rules of the Republican National Committee or the Cruz/Kasich charade.”
This daily briefing is named "The 10-Point" after the nickname conferred by the editors of The Wall Street Journal on the lead column of the legendary "What's News" digest of top stories. Technically, "10-point" referred to the size of the typeface. The type is smaller now but the name lives on.
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