The 10-Point: Terror in France, Saving Affordable Care, U.S. Bonds and More

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Terror Returns to France

Developing on WSJ.com: A chemical factory in southeastern France has been targeted in a suspected terrorist attack this morning. According to police officers, a severed head was found next to a flag with Arabic writing. So far, one man has been detained. France’s anti-terrorism prosecutors said they were opening an investigation in connection with the attack, which comes just six months after masked gunmen stormed the Paris offices of French satirical magazine Charlie Hebdo. (Pictured above: French police and firefighters gather at the entrance of a factory, the scene of a suspected terror attack.)

Saved by the Court

The U.S. Supreme Court on Thursday rescued Obamacare for the second time in three years. In buttressing the Affordable Care Act’s legal foundation, the court’s ruling raised the odds that it may become as entrenched in the U.S. economy and society as Social Security, Medicare and Medicaid. And in putting its fate back in the hands of politicians, the decision poses questions for Republican presidential candidates about how they would alter a law that most GOP voters still want overturned. Insurance and hospital businesses breathed a sigh of relief at the elimination of the immediate uncertainty and stocks in the companies rose. The ruling also made clear that Chief Justice John Roberts—once considered a conservative darling—is building another kind of legacy, one in which he is trying to keep the Supreme Court out of Congress’s way in important and potentially divisive policy areas. 

Breaking Bonds

U.S. Treasury prices are on track for their first quarterly decline since 2013, but money managers don’t seem fazed by it. “There will be a bear market for bonds, I just don’t believe that it begins now or under these conditions,’’ noted one investor. Many others see it as a sign that the bond market is adjusting to a modestly improving economic outlook in the U.S. and the eurozone following Europe’s deflation scare this past winter. But the bond market’s reaction hit utilities stocks hard. As a group, they have dropped by nearly 12% so far this year, and the carnage may not be over. Meanwhile, China’s stock markets plunged today, with some indexes entering bear territory, in a sharp turnaround after a year of strong gains.

Farming Pharma

A new move could presage a big deal in yet another corner of the health-care industry. Valeant Pharmaceuticals has made a preliminary approach to buy animal-health giant Zoetis, people familiar with the matter said. Zoetis is the largest seller of vaccines and medicines for livestock and household pets and had a market capitalization of nearly $25 billion on Thursday afternoon before the Journal reported news of the approach. Activist investor William Ackman took an 8% stake in the company last November and then gained a board seat, which raised the expectation that Zoetis could sell itself.

Docents Gone Wild

Arts-loving retired baby boomers are hustling to volunteer as museum tour guides. Yet while institutions say they welcome this new wave of graying volunteers, behind closed doors some museum staffers are growing impatient with docents flouting their supervisors, misstating facts, touching the art, and other infractions. “There’s been an uptick in ‘docents gone wild’ moments,” said Maggie Guzowski, who runs an arts-employee blog. Nevertheless, volunteer tour guides are revving up for museum shows featuring everything from impressionist paintings to Hawaiian feathered pieces. Check out five exhibitions to see this summer.

TOP STORIES

U.S.

New Jersey Gov. Chris Christie to Enter Presidential Race on Tuesday

Supreme Court Upholds Tool for Fighting Housing Bias

WORLD

Any Deal on New Greek Bailout Funds Put Off Until Weekend

Iran Leader’s Terms Complicate Talks as Deadine Nears

BUSINESS

Airbnb Still Has Stoops to Conquer

WeWork’s Valuation Soars to $10 Billion

MARKETS

Oil Tankers Are Filling Up and Raking It In

Greenberg Gets Ready for Round 2 in AIG Fight

NUMBER OF THE DAY

$1.7 billion

The debt load that Molycorp will restructure in light of its bankruptcy filing. The rare-earths miner filed for protection from creditors yesterday, becoming the biggest corporate failure in a bleak year for miners.

QUOTE OF THE DAY

‘ I think that European history is full of disagreements, negotiations and at the end, compromises...So, after the comprehensive Greek proposals, I am confident that we will reach a compromise that will help the eurozone and Greece to overcome the crisis.’

—Greek Prime Minister Alexis Tsipras on a prospective deal to keep Athens from defaulting on loan payments. European finance chiefs, who were handed two new proposals yesterday—one from Greece and one from the creditors’ experts—said they would reconvene Saturday, in the hope of sealing a final financing deal.

TODAY’S QUESTION

What are your thoughts on the continuing Greek crisis? Send your comments, which we may edit before publication, to [email protected]. Please include your name and location.

—Compiled by Khadeeja Safdar

READER RESPONSE

Responding to yesterday’s question about the impact of the Affordable Care Act, James Priceof Texas wrote: “Before the ACA, the working poor and the lower middle class couldn’t afford health care for their families. After the ACA, the working poor and the lower middle class still can’t afford health care for their families, but now they are being penalized for not being able to afford health care. The ACA is a Band-Aid on the gaping wound that is the American health care system.” Lawrence Bentley of Massachusetts commented: “What I will never understand regarding opponents of the Affordable Care Act is: a) Why is [it] not a good thing more people are insured? b) In most states if not all, car insurance is required yet I have never heard that people lose their freedom by being forced to buy car insurance. I do not care for the fact that private insurance companies are in control, but I am all about more people having access to health care.”

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: Agence France-Presse/Getty Images.