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

The Wall Street Journal
Good morning,
The Fight Continues
Activist investor Nelson Peltz narrowly lost his bid to win a board seat at Procter & Gamble, but his campaign isn’t going away. After the largest and most expensive proxy fight in U.S. history, P&G said Tuesday a preliminary vote tally showed all 11 current directors had been re-elected, without disclosing the count. But Mr. Peltz wasn’t admitting defeat and said he disagreed with P&G’s counting of the ballots. His Trian Fund Management said it would wait for the tally to be certified—which with as many as 2.5 billion shares to count and paper ballots to check, could take days or weeks. The two sides had spent at least $60 million and crisscrossed the country to win shareholder support. Far from settling the challenge, the close vote promises to keep P&G on the spot to show its big brands can grow.

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Under Fire
Fire officials on Tuesday issued grim tallies as more than a dozen wildfires ripped through Northern California: at least 17 people dead, more than 100 missing, 20,000 evacuated, 115,000 acres charred, and at least 2,000 homes and businesses destroyed. The largest fire spread more than a mile into the city of Santa Rosa, destroying entire neighborhoods and signaling a new reality in the state: Even urban communities considered safe for decades are now vulnerable to wildfires. State and local officials said higher temperatures, longer fire seasons and development pushing into wilderness areas are leading to more destructive wildfires closer to population centers. The fires have put $65 billion of California housing at risk.
The Spinoff Bump
Among corporate executives, spinoffs of divisions have come in and out of favor over the years, but with one group they have been a steady crowd-pleaser: investors. Pfizer and Honeywell International on Tuesday announced plans to hive off major business units in an effort to sharpen the focus on their core operations. The moves serve as a reminder that even though such activity has slowed, handing businesses to shareholders remains a popular tool as company executives, often besieged by activist investors, pivot toward leaner and more-focused operations. Companies use spinoffs to simplify their operations and shed unrelated businesses while avoiding tax bills that sales of divisions often entail. For investors, the appeal of spinoffs lies in their long history of outperforming the broader market.
Women in the Workplace
For all the effort employers are pouring into advancing women in the workplace, why are they making so little headway? One big obstacle: Men and women are at odds over whether there even is a problem to begin with. In the same offices and on the same teams, women largely view gender equality as a work still in early progress, while many male colleagues see a mission accomplished. This is a key finding of the 2017 Women in the Workplace report, a joint study by LeanIn.Org and McKinsey & Co. Our report looks at how companies can guard against fatigue about gender equality, how to get women out of the middle-management trap, why there is a catch as more women start asking for raises, and more.
TODAY'S VIDEO
Confronting Bias
That Was Painless
Sheryl Sandberg, Facebook chief operating officer and LeanIn.Org founder, talked about challenges women face at work and suggested steps companies can take to get on the right track on gender inequality.
TOP STORIES
U.S.

NFL Owners to Discuss Policy on Standing for Anthem

New Timeline on Las Vegas Shooting Marks Shift
WORLD

Catalan President Stops Short of Declaring Immediate Independence

Family Ties, Leaks and a Wedding: Inside the Political Scandal Rocking South Africa
BUSINESS

Wal-Mart Plans Further Cost Cuts as Competition With Amazon Intensifies

More Women Accuse Harvey Weinstein of Sexual Misconduct
MARKETS

Equifax Hack Disclosed Driver’s License Data for More Than 10 Million Americans

Japan’s Nikkei Closes at Two-Decade High
NUMBER OF THE DAY
$4.7 trillion
Vanguard’s assets, after investors plowed nearly $300 billion into its funds in the first nine months of this year, nearly matching flows into the firm for all of 2016 in the latest affirmation of the primacy of low-cost “passive” investing.
QUOTE OF THE DAY
This ruling against a professional and respected journalist is an affront to all who are committed to furthering a free and robust press.
William Lewis, Dow Jones’s chief executive officer and publisher of The Wall Street Journal, on a Turkish court sentencing WSJ reporter Ayla Albayrak to two years and one month in prison Tuesday, declaring her guilty of engaging in terrorist propaganda in support of a banned Kurdish separatist organization through one of her Journal articles. See more about the case, including Mr. Lewis’s statement, here.
TODAY'S QUESTION
What are your thoughts on our Women in the Workplace report? 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 companies’ strategies for courting millennial customers, Mary Herfurth of Minnesota wrote: “Millennials will continue to find someone else to do it for them and, as a result, I don’t see the companies’ strategies working. I happen to enjoy learning how things work and fixing them. It gives me quality time with my fantastic neighbor, who often weighs in on my tasks and supports me through the process. I think millennials are missing out on feeling that sense of accomplishment—and don’t even know it.” Bethany Kacich of New York said: “I am a 30-year-old so-called millennial who lives in Brooklyn and I would be offended if a department store advertised a demo on ‘how to use a hammer’ to me. I may sprinkle emojis into my work emails occasionally and prefer to shop online, but that doesn’t change that my parents raised me to be a functional and contributing member of society. This stereotype of the helpless hipster generation has become absurd.” And Devin Martin of California shared: “No doubt many of your readers will seize on the quote about millennials being less ‘DIY’ to reinforce their hackneyed stereotypes about millennial fragility. If true, I’d find such a perspective refreshing. I’m a few years older than a millennial, and only recently have I really seized on the economic rationality of specialization by paying people to perform tasks for which they’re better equipped, and freeing up my time to focus on things for which I am well-compensated. I’m generally pretty rationally minded, but it’s hard to get past the macho pride of DIY that’s deeply ingrained in our culture. Kudos to young people who figure out early on the value of putting economically rational behavior before pride.”

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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