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

The Wall Street Journal
Good morning,
Matthew’s Fury
Hurricane Matthew weakened Friday morning to a Category 3 storm but was on a path to cause devastating damage on the Atlantic coast from Florida to South Carolina. “We are going to have a catastrophic storm,” said Florida Gov. Rick Scott. “We have not had a storm like this on the East Coast in a long time.” The storm already has left death and destruction in the Caribbean. At least 283 people were killed in Haiti, with six deaths in other countries linked to the storm.
Snap To It
Snap is working on an initial public offering that could value the popular virtual-messaging company at $25 billion or more, in what would be one of the highest-profile debuts in years. The company, formerly known as Snapchat, is preparing the paperwork for an IPO with a view to selling the shares as early as late March. Best known for allowing users to send disappearing messages from their smartphones, if Snap moves forward as planned, it would be the biggest company to go public on a U.S. exchange since 2014, when Chinese e-commerce company Alibaba debuted at a $168 billion valuation. A level of $25 billion or more would also represent a significant premium to Snap’s most recent valuation, which was pegged at $17.8 billion in its last funding round in May.
Tech Support
Newly disclosed emails show top Obama administration officials were in close contact with Hillary Clinton’s nascent presidential campaign in early 2015 about the potential fallout from revelations that the former secretary of state used a private email server. Their discussion included a request from the White House communications director to her counterpart at the State Department to see if it was possible to arrange for Secretary of State John Kerry to avoid questions during media appearances about Mrs. Clinton’s email arrangement. In another instance, a top State Department official assured an attorney for Mrs. Clinton that, contrary to media reports, a department official hadn’t told Congress that Mrs. Clinton erred in using a private email account. The previously unreported emails were obtained by the Republican National Committee as part of a Freedom of Information Act lawsuit seeking records of Mrs. Clinton’s time in office.
Burger Blues
The problem facing the world’s largest hamburger maker: Its burgers aren’t good enough. Just one in five millennials, the fast-food industry’s core customer, has tried McDonald’s flagship “Big Mac.” New, “better burger” chains are pulling in customers with gourmet, made-to-order burgers and quick, casual service. But serving that kind of product is at odds with McDonald’s strategy of six decades, in which speed and low cost are paramount. We report that a “sensory” panel is helping McDonald’s refocus on flavor, and the company is testing using fresh instead of frozen beef, different cooking techniques and an ordering system for made-to-order, customized burgers. The challenges are clear: The company’s attempts in recent years to sell burgers with higher-quality ingredients haven’t been successful.
Quite the Spectacle
The October issue of WSJ. Magazine features jet-setting supermodel Gigi Hadid, who at 21 already has quite a résumé, including Instagram phenom and fashion designer. We also feature an exclusive interview with Snap CEO Evan Spiegel on the surprising release of Spectacles, sunglasses that record video from the wearer’s first-person vantage. Mr. Spiegel calls the sunglasses “a toy” but sees an upside to freeing his app from smartphone cameras. Elsewhere in the issue, Hollywood heavyweight Ron Meyer discusses the aftermath of his tumultuous departure from Creative Artists Agency and his wins and losses as vice chairman of NBCUniversal, while fashion designer Christian Louboutin gives a tour of his newest private retreat in Portugal. And we offer a day in the life of Ellevest co-founder and CEO Sallie Krawcheck along with a look at designer Stella McCartney’s new men’s fashion line.
TODAY'S VIDEO
The Designer Shoebox
That Was Painless
Some home buyers prefer to spend on luxury finishes, full-size spa bathrooms and plenty of storage space to create studio apartments that resemble sleek hotel suites.
TOP STORIES
U.S.

U.S. Charges Three With Exporting Banned Microelectronics to Russia

Donald Trump Urged Congress to Loosen Tax Rules in Early 1990s
WORLD

European Union Launches Beefed-Up Border Agency

In Syria Crisis, Russia Expands Alliance With Iran, Increases Missile Presence
BUSINESS

Wal-Mart Expects Profit Pressures, Fewer New Stores

Ratings Fumble for NFL Surprises Networks, Advertisers
MARKETS

Merrill Lynch to End Commission-Based Options for Retirement Savers

Hurricane Matthew to Test Catastrophe-Bond Market
NUMBER OF THE DAY
20%
The drop in Twitter shares on Thursday after it became apparent a sales process for the sputtering social-media company might not draw as many suitors as investors had hoped. Google and Walt Disney, which along with Salesforce were seen as the most likely to put in bids for Twitter, don't plan to put up offers.
QUOTE OF THE DAY
The medicine that is being often prescribed is protectionism, and that is exactly the kind of medicine that is going to hurt the patient, not help him.
Roberto Azevedo, director general of the World Trade Organization, on concerns that a global malaise could worsen if nations intentionally turn inward. International trade this year will grow at the slowest pace since 2007.
TODAY'S QUESTION
Going back to our story above, what are your thoughts on Snap working on an IPO? 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 FBI charging a government contractor with stealing classified secrets, Jack Trytten of Illinois wrote: “Why should the FBI care? They didn’t care about Mrs. Clinton’s casual approach to handling confidential emails.” David Zittin of California said: “I believe that the FBI should use all the zeal that they should have used in pursuing the illegal activities of Mrs. Clinton, but did not.” And Leonard Van Wingerden of Connecticut weighed in: “After an exhaustive investigation, drawing up informal agreements, granting immunity to key individuals and secret side deals with the DOJ, the Director of the FBI, James Comey, will have a news conference to announce that after a thorough and painstaking review no reasonable prosecutor would take this case further. Mr. Martin was exceedingly careless but not intentionally negligent and so he may continue to pursue his illustrious career with the NSA.”
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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