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

The Wall Street Journal
Good morning,
Unhealthy Monopoly
Nearly a third of U.S. counties look likely to have just a single insurer offering health plans on the Affordable Care Act’s exchanges next year, an industry retreat that adds to the manifold challenges facing the law. A new study, by the nonpartisan Kaiser Family Foundation, suggests there could be just one option for coverage in 31% of counties in 2017, and there might be only two in another 31%. Companies including UnitedHealth, Humana and Aetna have cited their losses in withdrawing from ACA marketplaces, as have smaller insurers. Those that remain are in some cases seeking sharp premium increases for next year, a demand made much easier when there is no competition. And at least one county is at risk of having no insurers offering marketplace plans next year, a problem especially for lower-income Americans who are generally required to buy ACA plans to qualify for federal subsidies.


Rush for Cash
A flood of share debuts is expected to invigorate the listless market for initial public offerings after the Labor Day holiday, but the revival might be short-lived. Companies in a wide variety of U.S. industries plan to go public after the long weekend, and the level of new issuance should resemble what would normally be expected given record stock prices and historically low volatility. But the window for offerings is expected to shut about six weeks later amid political uncertainty ahead of the presidential election. One of the largest expected IPOs is Valvoline, an engine and automotive-maintenance business that is being spun off from Ashland, and another closely watched deal is Nutanix, a Silicon Valley software company that would be one of the few billion-dollar startups to debut this year. Still, 2016 will likely go down as a brutal year for new issuance overall.
Power Surge
A startling energy bonanza has gone almost unnoticed in Texas: the rise of renewables. The Lone Star state has added more wind-based generating capacity than any other, with wind turbines accounting for 16% of electrical generating capacity as of April, and is anticipating a huge surge in solar power. We report that at a time when debate is raging between political parties over climate change, and critics charge that “green energy” is little more than a government creation, Texas has taken an approach that works within the state’s free-market-based electricity system. And state officials say wind and solar are almost certain to play a significant and growing role in the state’s energy future even when federal subsidies decline in coming years.
The Electric Age
Mass adoption of electric vehicles is coming, and much sooner than most people realize, writes our Personal Technology columnist Christopher Mims. Electric cars are gadgets, and technological change in gadgets is rapid. A typical electric vehicle today costs $30,000 and will go about 100 miles on a charge, if that. Within a year, you’ll be able to get double that range for just a little more money. Tesla, promising its $35,000 Model 3 vehicle, is the standard-bearer, but it is hardly alone. Competition among electric vehicles and plug-in hybrids will be intense, which will drive down prices. In the short run, many cars will be plug-in hybrids, with both electric motors and gasoline engines. Meanwhile, the proliferation of charging stations, especially at businesses and workplaces, will entice demand.
New Line of Attack
That Was Painless
Mohamed Amin Ahmed, an activist living among the Somali-American population in Minneapolis, creates online cartoon videos for young Muslims to warn them of Islamic State recruitment. The U.S. government’s new strategy to counteract Islamic State online messaging is to empower third parties to create their own messages.

White Retiree Influx Helps Keep Florida in Play for Donald Trump

Hillary Clinton’s Broadband Plan Draws Criticism From Experts

Fighting Escalates on Turkey-Syria Border, Endangering U.S. Forces

Iran Accuses Man Involved in Nuclear Deal Negotiations of Spying

Business-Drone Rules to Take Effect

Glaxo Bets It Can Shake Up HIV Treatment

Goldman Sachs, Morgan Stanley Take a Tough Assignment: Reinventing Themselves

The Frozen Concentrated Orange-Juice Market Has Virtually Disappeared
China’s total debt as a percentage of its gross domestic product, up from 274% a year ago. To sustain growth, China has postponed overhauls of its state-owned enterprises, many of which are plagued by overcapacity and bad debt.
I’m treating [negative rates] as an experiment that we have the luxury to watch from a distance.
Dennis Lockhart, president of the Federal Reserve Bank of Atlanta, in an interview at the Fed’s annual Jackson Hole conference in the Wyoming mountains. Fed officials are turning a cold shoulder to the negative interest rates being tried in Japan and much of Europe to boost anemic economies.
What are your thoughts on the Fed’s aversion to negative rates? Send your comments, which we may edit before publication, to Please include your name and location.
—Compiled by Margaret Rawson
Responding to Friday’s question on Donald Trump’s mixed signals about his stance on immigration, Jeff Templeton of Pennsylvania said: “It demonstrates his ability to take new information and make progressively forward-looking practical decisions as any top executive must be able to do. Such changes should certainly be expected by non-politicians when they enter the political arena where lifetime political stalwarts have spent their whole lives building a hard position on issues.” Ed Craig of Ohio wrote: “I’m a Trump supporter and I think he is doing the right thing. ‘Seriously considering others’ inputs before making a final decision.’ That’s what the best leaders do!” James J. Hyland of Wisconsin weighed in: “Mr. Trump passed the litmus test on immigration with his supporters long ago. What we are seeing now is a change in semantics that is part and parcel of the entry of a new campaign manager. They are testing the waters, trying to discover the optimal rhetoric on key issues prior to the debates.” And David Money from North Carolina commented: “It’s hard for me to believe anything that he says. He uses so much hyperbole and promises all these things, and then goes back on what he has said when that statement doesn’t seem to be working. Who knows what will happen if he is elected.”
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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