The 10-Point: Wal-Mart Earnings, China’s Stock Market, Graduate-School Debt and More

CLICK HERE to sign up for this briefing by email.

Everyday Low Profits

As it revealed quarterly earnings yesterday, Wal-Mart acknowledged that it needs to spend heavily to make its stores convenient places to shop. The retailer is to add staffing to speed checkout lines and ensure that shelves are better stocked, and is making plans to raise the minimum hourly wage to $10 for many employees by February. The investment in higher wages and better training could push profit below last year’s result, particularly if the dollar remains strong, the company warned. Inventory management, however, was a bright spot in the quarter amid disappointing profits, higher costs and other challenges. (Pictured above: Wal-Mart has moved to improve store operations by offering better customer service and fresher produce.) 

Shanghai Roller-Coaster

A steep drop in China shares flipped to gains earlier today, the latest signal that Beijing won’t let the market fall too sharply before engineering a rescue. We look at how the sudden devaluation of the yuan has proved cataclysmic for investors who watched the currency climb for a decade and made bets that depended on it holding steady. “I never expected the yuan to fall off the cliff like this in such a short period of time,” said one investor. Now, as growth slows sharply and markets fear more bad news, the stewards of the world’s second-largest economy appear to be losing some of their golden touch.

Debt Sentence

Debts of $100,000 or more are rare among bachelor’s degree holders. Not so among those who went to graduate or professional school. Graduate students represent just 14% of those in higher education but account for about 40% of the $1.19 trillion in student debt. Propelling this surge in grad-school debt is a welter of federal programs that make it easy for students to borrow large amounts, then have substantial chunks of that debt eventually forgiven. Critics, however, say offering unlimited loans to students, with the prospect of forgiveness, creates a moral hazard. Here are five things to know about grad-school debt.

Don’t Do the Raccoon!

Many people fantasize about making a dramatic exit from a job they dislike, but in reality it is better to leave the drama to the movies. Our Work & Family columnist Sue Shellenbarger suggests you preserve your reputation and future references by smiling, shaking hands and offering thoughtful feedback when you leave a job or are let go. Some people, however, don’t follow this advice. One account executive quit his job by donning a raccoon costume, walking into a staff meeting and dropping his company cellphone in front of his boss with the words “I quit” on the screen. Read Sue’s column for examples of colorful quitters and advice on how to exit gracefully.

TOP STORIES

U.S.

Clinton Is Defiant as Email Cases Loom

U.S. Army Missed Soldier’s Signs of Trouble

WORLD

More Toxic Goods Stored Near Tianjin Homes

German Parliament Ratifies Greek Bailout

BUSINESS

FDA Approves Drug to Boost Women’s Libido

Glencore Reports Loss, Warns on Trading Profit

MARKETS

Deal Volume Heats Up Among Midsize Banks

Are Wall Street Interns the Latest Regulatory Target?

NUMBER OF THE DAY

$200 million

The amount that NBCUniversal said it will invest in BuzzFeed in a deal that people familiar with the situation said values the new-media company at $1.5 billion.

QUOTE OF THE DAY

‘The airlines are probably doing the best jobs running their businesses in the history of the industry. At the same time, they’re being attacked from many sides.’

—Jim Corridore, equity analyst for S&P Capital IQ, on how carriers are encountering problems made worse, in some cases, by their recent prosperity.

TODAY’S QUESTION

Going back to our story above, what are your thoughts on the best—or worst—way to leave a job? Send your comments, which we may edit before publication, to 10point@wsj.com. Please include your name and location.

—Compiled by Khadeeja Safdar

READER RESPONSE

On yesterday’s question about the IRS cyberbreach, Dave Cunningham of Illinois wrote, “When combined with the data breach at the Office of Personnel Management, this latest disclosure by the IRS should leave no one in America with any confidence in our government’s ability to protect sensitive personal and financial information. Given that the very functions of the IRS and OPM include investigation into and screening of sensitive data, more timely accountability and responsibility would be appropriate here.” And Krishnamurthy Venkateshiah of Wyoming wrote: “The regularity with which cyber breaches of all kinds are occurring is a cause for concern. Unfortunately, this is now a truly global phenomenon and the IRS alone cannot be blamed. Possible solutions include a) simplifying the tax laws so that anyone with a rudimentary knowledge of arithmetic can fill up the forms; b) ensuring that no one can have access to information stored on IRS’s servers under any pretext; and c) people realizing their responsibility in safeguarding the integrity of the system.”

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.

Photo: Getty Images