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

The Wall Street Journal
Good morning,
Glitch Hunt
The world’s most famous stock exchange went offline for nearly four hours yesterday. An outage at the New York Stock Exchange unnerved Wall Street and revived concerns about the fragility of technology systems that underpin financial markets. But it also turned out to be a nonevent for many U.S. traders. “There was this moment of: Are we not going to be able to trade today?” said one. “Luckily, we have 11 other exchanges to deal with.” The precise cause is still under investigation. Meanwhile, the glitch at the Big Board came as technology issues created problems elsewhere. United Airlines said it canceled 61 flights and delayed another 1,162 as of Wednesday afternoon because of a computer problem, with disruptions cascading throughout the day.
Shanghai Surprise
Chinese shares made their biggest daily gain in six years this morning. The recovery comes after recent moves by Chinese authorities to try to stem stock market losses proved unsuccessful. Prices for a range of commodities sank to multiyear lows this week, as China’s inability to stem the slide in its equity markets intensified fears about economic growth in one of the world’s largest consumers of oil, metals and food, and heightened what is turning into an epidemic of anxiety among the country’s investors. The rout has become a litmus test for investors world-wide. Journal reporters spoke to a number of them to ascertain their views on what happened and what may be about to happen.
Little Horrors
Paramount Pictures is changing the game on how its movies are distributed. In a controversial move, the studio has struck a deal that allows films to be made available to viewers at home just two weeks after they leave most theaters. The arrangement will begin with two horror movies, but Paramount hopes to continue with the strategy. Cinema owners argue that people won’t go to the multiplex if they know that they can watch a film at home in less than three months, but a growing chorus has complained that the delay encourages piracy and fails to acknowledge shifting consumer behavior. Here’s a look at how movies go from theaters to home viewing, and how Paramount wants to change it up.
Walk of Shame
Booking hotels on travel sites such as Expedia should guarantee you a room. But guests sometimes experience surprise cancellations, our Middle Seat columnist Scott McCartney reports. When overbooked, hotels make the decision on which customers get “walked,” as they put it, based on how long they plan to stay, which rate they pay, whether they are important clients or part of a group, and what time they arrive to check in. And regardless of how your booking was made, the unpleasant reality is that airlines, resorts, cruises, car-rental firms and hotels can all bump you for a better offer. Read Scott’s column for more details on how hotels handle overbooking.

Global Tumult Gives Fed Some Pause on Rates

Baltimore Mayor Fires Police Commissioner Anthony Batts

New Tensions Emerge in Iran Nuclear Talks

Islamic State Offshoot Entrenches in Egypt’s Sinai Peninsula

Albertsons IPO Could Set Cerberus Up for Big Payoff

Chat Apps Take a Swipe at Facebook

How Antony Jenkins Was Fired by ‘Mack the Knife’

Citigroup to Host Monday Meeting with Puerto Rico Bondholders
Google Hits the Road
That Was Painless
Google’s self-driving cars were tested in Austin, Texas, on Tuesday. If initial tests go well, the tech giant said it hopes to map and drive more areas of the city.
The number of jobs that Microsoft will cut from its global payroll—mostly in its mobile-phone operation. The layoffs are a reminder of Microsoft’s inability to find a foothold in the smartphone industry after more than a decade of strategy zigzags and billions of dollars of investment.
I voted ‘no’ and now look at this…I can’t get my medications, and next week we may be using drachmas.
Greek resident Iosif Perdikaris, a 72-year-old pensioner suffering from diabetes, on how he regrets voting against creditors’ terms for a bailout in last Sunday’s referendum.
Going back to our story above, what are your thoughts on Paramount’s movie-distribution plans? Send your comments, which we may edit before publication, to Please include your name and location.
—Compiled by Khadeeja Safdar
In response to yesterday’s question about chronic latecomers, Jeanne M. Russick of California described how her firm dealt with the problem: “For every minute that you’re late, you are fined a dollar. For the most part, it solved the problem. For one person, (who’s no longer with the firm) their contribution to the fine jar was so great that we all went out to dinner with the proceeds!” John E. Sutton, also of California, commented: “I start the meeting at the pre-designated time. Period. And I refuse to reiterate during the meeting what issues were decided before the stragglers wandered in. It is up to latecomers to find out from participants after the meeting what was decided before they arrived.” But Erwin Schaub of New York City cautioned that “there can be a pile-on or mob mentality waiting to pounce on the latecomer.” He also noted that meetings “generally don’t start on time, so one knows that and plans on the late start and uses the time for other work.”
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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