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

The Wall Street Journal
Good morning,
Immigration Fallout
Donald Trump continues to send mixed signals on his immigration proposals. In the past week, he has steadily backed away from his promise in the primary campaign that, as president, he would deport all illegal immigrants. But even as he has sought to appease critics, who have attacked his proposals as inhumane and impractical, his signals have been dividing his closest allies and prompting warnings he could lose core supporters if he abandons the signature issue of his campaign. Mr. Trump said in a Thursday CNN interview both that it would be difficult to deport 11 million illegal immigrants and that he might do it anyway, but in interviews this week with Fox News he suggested those without criminal records could stay if they pay “back taxes.” The potential shift coincides with a shake-up of his campaign leadership. Meanwhile, Mr. Trump and Hillary Clinton exchanged pointed barbs in back-to-back speeches yesterday, suggesting a bitter fight through November. Mr. Trump this week has called Mrs. Clinton a “bigot.” She responded by painting her GOP rival as a friend to racists.

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Actively Rethinking
Carl Icahn has recently discussed selling his stake in Herbalife to a group including the company’s arch-nemesis William Ackman, another surprising twist in a battle between billionaires that has riveted Wall Street for years. We report that investment bank Jefferies Group has been seeking over the past month to find buyers for Mr. Icahn’s 18% stake, which is worth roughly $1 billion. That Mr. Icahn may sell his shares, by far the biggest single stake in Herbalife—and that Mr. Ackman could be a buyer—adds more drama to a tug of war over a once-obscure nutritional-products company that Mr. Ackman says is a pyramid scheme, an allegation it denies. The latest development is especially surprising given that just a month ago Mr. Icahn expressed renewed confidence in Herbalife, which in settling a closely watched FTC probe announced he was allowed to boost his stake to just below 35%.
Missed Targets
In the past decade, Federal Reserve officials have been flummoxed by a housing bubble that cratered the financial system, a long stretch of slow growth they failed to foresee and inflation persistently undershooting their goal. In response they engineered unpopular financial rescues, launched start-and-stop bond buying and delayed planned interest-rate boosts. We explore how years of Fed missteps fueled disillusion with the economy and Washington, fostering the recent rise of populism demonstrated by Donald Trump and Bernie Sanders. Now the Fed confronts hardened public skepticism and growing self-doubt about its own understanding of how the U.S. economy works, as basic assumptions inside the central bank’s complex computer models have been upended. The Fed’s struggles will be on display from Friday to Sunday when it gathers for an annual retreat in Jackson Hole, Wyo.
Live Long and Prosper
When “Star Trek” premiered 50 years ago, it was groundbreaking and prescient, with a diverse crew that represented all regions of Earth on the Starship Enterprise and used “communicators” decades ahead of flip phones. But the show was no hit. Ratings were modest and critics were indifferent. The first pilot episode fell behind schedule and was over budget, costing $616,000—or about $4.7 million in today’s dollars—only to get rejected by NBC. After getting a second chance, the series survived just three seasons. It was a wobbly start to a commercial venture that is now more robust than ever. The show’s enormous following today is testimony to the growing power of reruns. We explore how the trappings of modern fan culture took shape around the show and William Shatner, George Takei and others recall its troubled beginnings and enduring success.
TODAY'S VIDEO
Canseconomics 101
That Was Painless
Former Major Leaguer Jose Canseco has developed a minor cult following on Twitter for his financial market predictions.
TOP STORIES
U.S.

Burden of Health-Care Costs Moves to the Middle Class

Zika Virus’s Spread Pushes Testing Labs to Expand Capacity
WORLD

Turkey Sends More Tanks Into Syria as Kurds Pull Out of Manbij

Syrian Rebels Reach Deal to Evacuate Besieged Damascus Suburb
BUSINESS

Volkswagen Reaches Pact With U.S. Franchise Dealers Hurt by Emissions Scandal

China’s Zika Fumigation Rules Raise Worries for U.S. Exporters
MARKETS

Land Buyers Stampede Into Texas Oil Patch

Crop Forecasters Take Matters Into Their Own Hands—Literally
NUMBER OF THE DAY
550%
The approximate amount EpiPen’s list price has climbed over eight years. EpiPen dominates the more than $1 billion market to treat serious allergic reactions because of Mylan’s effective marketing and lobbying, aggressive defense of its turf and the relatively high costs of manufacturing such sterile injections.
QUOTE OF THE DAY
There are pockets of air between the stones, so we hope that some people are still alive.
Luigi Dellegrazie, an official from Italy’s national police corps, on the search-and-rescue efforts in the aftermath of the earthquake that killed more than 250 people in central Italy.
TODAY'S QUESTION
Going back to our story above, what are your thoughts on Mr. Trump’s mixed signals about his stance on immigration? 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 the crackdown in Turkey following last month’s failed coup, Charles E. Damon of Michigan said: “I think the entire ‘coup’ and its aftermath were planned and executed by Turkey’s President Recep Tayyip Erdogan and his supporters as an excuse to justify the crackdown. I have an Iranian friend who says in 10 years—or sooner—Turkey will be another Iran.” Edward B. Crowell of Georgia wrote: “Whether the attempted coup was real or guided by Mr. Erdogan, he has certainly made sure not to let an opportunity go to waste. He is using it as pretext to systematically sweep freedom of thought and expression from all aspects of the Turkish elite (military, political, academe, etc.) in order to impose his neo-Islamist vision.” And Rich Irwin of Ohio shared: “Mr. Erdogan’s response to the failed coup gave him a golden opportunity to remake Turkey into a more Islamic state than secular. In doing so, he is catering to the conservative Turks in interior Turkey who want religion to play a much bigger role in state politics.”
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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