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

The Wall Street Journal
Good morning,
That’s Classified
Newly released documents show a State Department official urged the FBI not to mark as classified a Hillary Clinton email. The move, which came after questions were raised about Mrs. Clinton’s use of a private email server while she was secretary of state, focused on a single email about the probe into the 2012 attacks on U.S. outposts in Benghazi. The newly released summaries of FBI interviews also show that senior State officials exerted similar pressure within their own agency as it studied the Clinton emails. Meanwhile, voters are showing signs of tuning out this year’s presidential election, a new WSJ/NBC survey finds. As Mrs. Clinton and Donald Trump prepare for the final debate on Wednesday, each faces a big decision in how to close out an exceptionally ugly campaign. We also report that the Trump camp explored a possible TV venture in recent months.
Stream On
Netflix blew through its forecast for subscriber additions in the September quarter, reassuring investors and sending its shares soaring 20% in after-hours trading. The better-than-expected performance came mainly in international markets, where the company has completed a massive, near-global expansion this year. Wall Street’s reaction shows that the company’s global rollout across many territories at once is creating a foggy business outlook—for itself and investors—and leading to a volatile expectations game. Netflix’s report of 3.57 million new streaming subscribers globally comes a quarter after it reported its weakest subscriber expansion in three years. In other corporate news, a day after our examination of Caterpillar’s mistimed bet on production of machinery and equipment, CEO Doug Oberhelman announced Monday that would step down at the end of the year, leaving company veteran Jim Umpleby to battle a historic sales slump.
Rise of the ‘Passivist’
There is a simple, destructive idea taking over Wall Street: that stock pickers can’t pick stocks well—or at least well enough for the fees they charge. The idea of the “active manager” is rapidly losing its intellectual legitimacy to the primacy of the “passive investor” who merely buys an index of shares. That has certainly been true for the last 10 years, when between 71% and 93% of U.S. stock mutual funds either closed or failed to beat their closest index funds. Passive investing is transforming Wall Street, corporate boardrooms and the life of the neighborhood broker. Our series examines the motivations behind one of the largest migrations of money in history, as well as the resulting upheaval. The shift has deep effects on everything from the outcome of shareholder votes to how pension funds manage teachers’ retirement money to which investing firms have a future and which will struggle to hang on.
Use Your Head
A growing body of evidence is calling into question the long-held belief that extended rest is needed to treat a concussion in young people. We report that more concussion specialists are encouraging patients to gradually resume normal activities as long as symptoms don’t worsen, and studies show active rehabilitation can enhance recovery. For specific symptoms, such as blurry vision or balance problems, targeted therapies are increasingly being used. In other health news, research shows that one key to keeping desire strong in a long-term relationship is to be responsive to your partner, while health experts have found a new strategy for promoting the HPV vaccine. We also profile a patient who is raising funds to benefit the research of her oncologist after being diagnosed with a rare form of cancer.
Officially Out
That Was Painless
“Today” show host Billy Bush, the NBC personality at the center of the now infamous 2005 tape of Mr. Trump engaging in a lewd conversation with him about women, has been let go from the network.

Retired U.S. General Pleads Guilty to Lying About Leaks to Reporters

FBI’s Online Anti-Extremism Effort Meets Resistance

Mosul Offensive Highlights Risk of Fighters Fleeing to Europe

EU Push on Russia, Syria to End Aleppo Bombing

CEO Mark Fields Sets Ford on a Dual Track

IBM Revenue, Profit Edge Lower

Visa CEO Charles Scharf Is Stepping Down

Financial Engineers Take On New Rule With More Engineering
Bank of America’s rise in net income from a year earlier to $4.96 billion. The bank’s third-quarter earnings gave investors a glimpse of what they have long wanted: a path to higher profits without higher interest rates.
It’s day one. It’s early. But this kicked off, as I understand it, the way the Iraqis had hoped.
Pentagon press secretary Cook on the first day of the high-stakes fight for Mosul, during which Kurdish and Iraqi forces captured 17 villages around Iraq’s second-largest city.
Going back to our story above, what are your thoughts on the shift to passive investing? Send your comments, which we may edit before publication, to Please include your name and location.
—Compiled by Margaret Rawson
Responding to yesterday’s question on the slowdown in global trade growth, Bob Jones of New Jersey said: “Slowing global trade means slowing global growth by definition. Not good. Our leaders need to highlight the huge benefits of global trade in order to overcome misguided protectionist tendencies. We also need to develop policies to help the relatively few Americans who are hurt by global competition.” Roger Crain of Maryland wrote: “The reason for the worldwide, grass-roots backlash against free trade is simple: Ordinary citizens have been financing ‘free’ trade for decades and are finally fed up. Under free trade agreements like Nafta, governments slash import duties but importers don’t pass along those duty savings to consumers; they keep the money.” And Jack Houlgate of Florida commented: “The slowdown should be anticipated as global economies take stock in what they are getting out of trade. But there is no doubt that after adjustments and resets global trade will continue to grow. In the U.S., too much depends on global trade. Though populist tirades will stem it in the short-term, it will be but briefly.”
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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