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

The Wall Street Journal
Good morning,
Sessions Steps Aside
Attorney General Jeff Sessions said Thursday he will remove himself from involvement in any investigation related to the 2016 presidential race, following the disclosure that he had conversations with a Russian official while advising the Trump campaign. Lawmakers from both parties had called on Mr. Sessions to recuse himself after reports that he met with the Russian ambassador to the U.S. last year, even though he had testified in Senate confirmation hearings that he had no contact with Russian officials during the campaign. Mr. Sessions announced his recusal just hours after President Trump expressed full confidence in Mr. Sessions and that he didn’t think the attorney general should recuse himself. In a brief press conference, Mr. Sessions denied he had misled lawmakers during his confirmation hearing, saying he had been asked only if he engaged in a continuing exchange of information with Russian officials.


Snapped Up
Snap shares soared on the first day of trading Thursday in an initial public offering that will likely hand the disappearing-message app’s founders, investors and underwriters big profits and provide a boost for the sluggish new-issue market. The newly public shares surged 44% above their offering price to close at $24.48. That made for the biggest one-day pop for a U.S.-listed IPO raising at least $1 billion in more than two years. Trading on Thursday was brisk at 216 million shares. The five-year-old Snapchat’s parent is now worth more than $34 billion using a fully diluted share count, on par with seasoned companies such as Marriott and Target. The successful offering cements the billionaire status of the company’s founders, at least on paper, and benefits early investors and the banks that helped underwrite the offering.
Complex Legacy
A year after oil magnate Aubrey McClendon died in an auto crash, lawyers in Oklahoma City are sifting through the tangle of obligations and assets he left behind, trying to determine if he died a wealthy man—or swamped by debt. As one of the biggest probate cases in history enters its second year, at stake is the resolution of more than $600 million of claims against Mr. McClendon’s estate that remain outstanding, out of a total exceeding $1.1 billion that were filed. Banks and other creditors are preparing for a long fight. Because Mr. McClendon’s businesses are complex and many of his investments are illiquid, it could be years before the estate is fully unwound. The prospects for creditors have brightened recently thanks to a big rally in oil prices, which raised valuations of many of Mr. McClendon’s holdings.
The Mighty Fortress
High-end homeowners are increasingly taking James Bond-esque security measures to manage threats ranging from burglars and kidnappers to terror attacks and civil unrest. Such precautions can cost millions, but as prices for home technology decline, sophisticated security systems are showing up in middle-class homes and home-security companies are seeing an uptick in sales. In the high-end housing market, protection is increasingly a selling point. At a minimum, real-estate agents say, discerning buyers expect a so-called smart home, where security systems, lighting, climate control and energy consumption are all managed with a phone or computer app. Safe rooms are also evolving as homeowners opt to reinforce existing rooms with security features that blend in with the décor.
Cable Hack
That Was Painless
A single cable that works with Apple’s Lighting, micro USB and USB-C charging ports? Our Gear and Gadgets editor Michael Hsu has the fix.

Scores of College Athletes Who Faced Felony Charges Get Second Chance

Donald Trump Jr. Was Likely Paid at Least $50,000 for Event Held by Hosts Allied With Russia on Syria

Islamic State Hid Training Camp in Rail Tunnel Near Mosul

Syria Talks Face Hurdle—U.S. Disengagement

Stocks Slide After Record-Breaking Day

Self-Driving-Truck Startups Race to Take On Uber

Who’s Right: Warren Buffett or Larry Fink?

Goldman’s $3 Billion Drop in the ETF Bucket
The approximate drop in Caterpillar shares on Thursday after federal agents raided three of the company’s facilities in Illinois in search of any evidence that the machinery giant may have released false or misleading information about its financial documents and exports.
The negation of our own national interests is something that has become a political maxim in Germany since World War II.
Alternative for Germany leader Frauke Petryon on his party’s goal to change how the country views its Nazi past, upending decades of consensus. AfD politicians say an unhealthy obsession with the Nazi crimes of World War II skews Germans’ understanding of their country’s history, leaves no place for national pride and interferes with government policy.
Returning to our story above, what did you think of the Snap IPO? 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 U.S. investigators examining contacts Mr. Sessions had with Russian officials, Larry Thede of Colorado said: “Rather than respond fully at Senate confirmation hearings, Mr. Sessions chose to be elusive on the explosive Russian topic. How could he not know that his contacts with Russian officials would be discovered? He has lost respect and credibility and needs to resign.” Joel Dubow of Virginia weighed in: “This is typical of a vague partisan attack. To be credible, the accusations need to be specific about what law he broke. Did he really need to disclose every contact he had, or was it reasonable to assume that the inquiry was limited to political/campaign contacts?” And Charlie Van Pelt of Florida commented: “It’s always the coverup that gets you in the end. Bare minimum, Mr. Sessions’ recusal from these investigations after less than a month in office will impair his exercise of the responsibilities of the office.”

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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