Apple falls on lower shipment forecasts, muted China debut






(Reuters) – Apple Inc shares fell 3.9 percent on Friday after the iPhone 5 debuted in China to a cool reception and two analysts cut shipment forecasts.


Jefferies analyst Peter Misek trimmed his iPhone shipment estimates for the Jan-March quarter, saying that the technology company had started cutting orders to suppliers to balance excess inventory.






Shares of Apple suppliers Jabil Circuit Inc, Qualcomm Inc, Skyworks Solutions Inc, TriQuint Semiconductor Inc, Avago Technologies Ltd, and Cirrus Logic Inc also fell in early trading.


Apple shares have lost a quarter of their value since they hit a life high of $ 705.07 on September 21, as it faces increasing competition from phones using Google Inc’s Android operating system.


Misek cut his first-quarter iPhone sales estimate to 48 million from 52 million and gross margin expectations for the company by 2 percentage points to 40 percent.


UBS Investment Research cut its price target on Apple stock to $ 700 from $ 780 on lower expected iPhone and iPad shipments for the March quarter.


The brokerage said it was modeling more conservative growth for the world’s biggest technology company after making supply chain checks that revealed that fewer iPhones were being built.


“Some of our Chinese sources do not expect the iPhone 5 to do as well as the iPhone 4S,” UBS analyst Steven Milunovich wrote in a note to clients.


Apple launched the iPhone 5 in China on Friday, a move widely expected to bring the Cupertino-based company some respite from a recent slide in market share in China, but early reports indicated that demand may not be as great as expected.


“The iPhone 5 China launch has been surprisingly muted but (we) are unsure how much weather (snow) or the required pre-ordering (to prevent riots) are factors,” Misek said.


Apple shares fell as low as $ 508.50 in morning trading on the Nasdaq on Friday.


(Editing by Supriya Kurane)


Tech News Headlines – Yahoo! News


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Peterson: Ex-attorney had 'smorgasbord of ethical violations'









Drew Peterson continued efforts to overturn his murder conviction Thursday as his lawyers filed a biting post-trial document that accuses his former lead attorney of botching the case and threatening to reveal harmful information about the retired Bolingbrook police officer.

Peterson, 58, was convicted in September of the 2004 drowning of his third wife, Kathleen Savio. He remains the only suspect in the disappearance of his fourth wife, Stacy, who vanished in October 2007.

A post-trial memorandum filed in Will County placed responsibility for the conviction squarely on the shoulders of Joel Brodsky, Peterson’s former lead attorney and colorful confidant.

“Attorney Brodsky expected that Drew Peterson would be his ticket to the legal elite,” the document states. “Regrettably, he was poorly equipped to try a case of this magnitude, resulting in hornbook errors and a smorgasbord of ethical violations. Individually and cumulatively Brodsky singlehandedly deprived Drew of his right to effective assistance of and conflict-free counsel.”

Brodsky did not respond to questions about the allegations in the memorandum. A hearing on the issue is scheduled for Jan. 10.

The document suggests Brodsky “misrepresented his qualifications” to Peterson by insisting he had successfully handled other homicide cases. In reality, Brodsky had never tried a murder case before Peterson hired him – a fact reporters pointed out long before Peterson’s trial.

The memorandum also alleges Brodsky repeatedly threatened to reveal potentially damaging information about Peterson if he were removed or had his role diminished in any way. The document does not state what details Brodsky -– who withdrew from the case in October -– purportedly vowed to expose, but it suggests he made the threat as recently as last month.

“... this is of course the last thing you or I would want, but this could happen as an unintended consequence of unfounded ineffective assistance accusation, which is not fully thought through,” the memorandum quotes Brodsky saying in a Nov. 24 letter to Peterson.
 
The document alleges Brodsky had a financial interest in drawing as much publicity as possible to Peterson’s case. Brodsky’s desire to earn appearance fees prompted him to parade Peterson around the country and have him participate in “carnival-like” pranks such as a much-maligned “Win a Date with Drew” contest, the court filing alleges.

He also was paid for Peterson’s participation in an ill-received book about the case and courted constant media attention that harmed his client’s reputation, according to the memorandum.

“In the process, Brodsky accumulated large bills for hotel stays, meals, and spa treatments for he and his wife, all paid for by the respective media outlets,” the memorandum states.

To win an ineffective counsel claim, Peterson must show that Brodsky’s representation fell below acceptable standards and that the outcome might have been different because of it. It will be an uphill battle, however, given that he had five other attorneys on the trial team, and that courts rarely overturn motions based on legal strategies.

sstclair@tribune.com

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‘Homeland’ leads old favorites in Golden Globes TV race






LOS ANGELES (Reuters) – Cable shows got more Golden Globe nominations for television than traditional network programs on Thursday as HBO‘s political movie “Game Change” and Showtime‘s psychological thriller series “Homeland,” – one of last year’s big winners – led the race.


“Homeland” led the TV drama category with four nominations including best drama, best actor for Damian Lewis and best actress for Claire Danes in her role as a bi-polar CIA agent tracking down a home-grown Muslim extremist.






The show faces stiff competition from British aristocratic drama “Downton Abbey, which also won an acting nod for Michelle Dockery, along with “Breaking Bad,” “Boardwalk Empire,” and newcomer “The Newsroom.”


“‘Homeland’ fans seemed to be a little more split on whether creatively the second season was as successful as the first season so it’ll be curious if that ends up impacting the show’s chances in terms of taking home the awards,” James Hibberd, senior staff writer at Entertainment Weekly, told Reuters.


Downtown Abbey” creator Julian Fellowes told Reuters: “We’re up against the big boys now, but the whole thing is very flattering and exciting.”


He added: “The themes of the show are pretty international, they’re about adjusting to change and being caught out by what life does to you…all of that is common to every country.”


HBO movie “Game Change,” about the surprise selection of Sarah Palin as John McCain’s running mate in the 2008 presidential campaign, landed five nods in the miniseries/movie category, including for actors Julianne Moore and Woody Harrelson.


“‘Game Change’ is pure awards bait. It’s a well-done, smart political drama based on a book, with a certain amount of left-wing political slant and it’s very much the type of movie you’d expect awards voters to like,” Hibberd said.


New HBO drama “The Newsroom” bumped long-time awards favorite “Mad Men” from the best drama category, surprising many who believed the stylish advertising series was a shoo-in.


“The Globes tend to like the glamorous and sophisticated dramas with big city settings and they tend to shy away from gritty, rural Americana dramas…about sweaty guys with guns instead of charming men in suits, like ‘The Newsroom’ and ‘Boardwalk Empire,’” Hibberd said.


He noted that the only exception was “Breaking Bad,” which finally made the best drama category this year after four seasons on air.


Other notable snubs included HBO‘s epic fantasy drama “Game of Thrones,” which failed to pick up any nominations, and Ryan Murphy’s miniseries “American Horror Story: Asylum” which landed one best actress nod for Jessica Lange, who took home the award for 2012.


‘MODERN FAMILY’ LEADS COMEDY RACE


While last year’s Golden Globes picked newcomers over staple awards favorites for leading nominees, this year’s comedy categories saw the return of many old faces, including “Modern Family,” which led the comedy race with three nods.


Comedians Tina Fey and Amy Poehler, who will be hosting the awards ceremony on January 13, each landed a best comedy actress nod in the television race for their long-popular NBC comedies – Fey for “30 Rock” and Poehler for “Parks and Recreation.”


“You can be sure that the hosts are going to have fun with this during the telecast, they’re going to find ways to play off this during their presentation,” Hibberd said.


Fey and Poehler will replace Ricky Gervais at the awards gala dinner, after the British comedian helmed the Globes with his risqué dry humor for three years.


HBO‘s raunchy new comedy “Girls” earned two key nominations in the best TV comedy category and best comedy actress for Lena Dunham, while Showtime‘s new satire “House of Lies” landed the show’s lead Don Cheadle a best actor nod.


With the exception of NBC’s musical comedy “Smash” in the best comedy series category, no new network comedies managed to break into key races, which Hibberd attributed to a “disappointing” fall season.


Cable channel HBO picked up 17 nominations and Showtime garnered 7 across all major television categories. Networks ABC had 5, CBS and NBC got 4, and Fox got 2.


(Reporting By Piya Sinha-Roy, editing by Jill Serjeant)


TV News Headlines – Yahoo! News


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My Story: Taking on Cancer Again, This Time With the Wisdom of Age





After I finished eight months of treatment for testicular cancer in my mid-20s, my psychologist said, “Well, that was like having five years of therapy all at once.” What he meant was that you learn a lot about yourself in weekly talk sessions, but during a life-threatening illness, the “issues” come at you nonstop. I relished the slow unfolding of myself in the first, but I resented — no, hated — every step of the second. Nearly two decades later, when confronted with the same diagnosis, I finally understood the benefits of that earlier trial by fire, much as I did the wisdom of Ralph Waldo Emerson when he wrote, “The years teach much which the days never knew.”




To be sure, there were benefits to being young — I was 26 — when I was first diagnosed, not the least of which was my competitive swimmer’s body. After almost dying in the I.C.U. and becoming a “patient-in-residence,” I plunged back into the pool (and my day job) just a fortnight after my release.


Ah, the determination — and denial — of youth.


But facing cancer at that young age had more drawbacks than benefits, not the least of which was losing my sense of invulnerability when confronted with the prospect of disfigurement and disability, even death.


Less obvious, but still unsettling, was the loss of my laissez-faire attitude toward life itself. I had always been the kind of guy who focused on the journey (the experience) more than the destination (winning). During backstroke events prior to falling ill I was more interested in watching the clouds race overhead than the swimmer racing in the next lane. This mindset didn’t do much for my success in the pool, but it helped define who I was.


To make matters worse, conventional wisdom says only one thing matters when it comes to cancer: Beating the hell out of it. Suddenly I had to find an emotional depth I hadn’t sought before, a passion for a fight that I didn’t want.


Am I the kind of person who can win this battle? I asked myself early on.


To ensure that I was, I did a complete about-face, saying “No way” to the journey and “Hell, yes” to the destination. Every decision began to turn on life and longevity, and for that I tolerated side effects like hair loss, neuropathy and “dry ejaculation” — because I simply had to win.


I re-read Dylan Thomas, who told me to “rage, rage against the dying of the light,” and I did. I became a rager. And it almost ruined my life.


Not in terms of my health, because in fact my treatment was effective. I was “clinically cured” and chalked up that achievement to my new “Top Gun” mentality. Then I jumped back into daily life — and managed to mess everything up. I applied my new approach to relationships (“My way or the highway”), and got dumped by my boyfriend. In graduate school, I aced my studies but lost friends.


Fortunately, my best friends didn’t hold back on telling me I had become a jerk, and that got my attention. I had upshifted at the start of my treatment, but now I needed to downshift. I struggled to find my pace, but eventually found a middle gear, more vulnerable than I cared to be but also more human.


The second time I was diagnosed, the oncologist sat me down to give me the new installment of the old bad news. I surprised myself and my friends with a very different approach.


I did not rage, which isn’t to say I was happy about this predicament. And I had moved on from my original question to a new one: How can I go through this and still be the kind of person I want to be?


In the intervening years, I had come to realize that cancer victories are not won by personality types, but by a combination of doggedness (choosing the best physician, getting the right diagnosis and treatment), responsibility (doing your own research and taking care of your overall health), and plain old luck.


From that very first day of my second time around, I challenged myself not to shift into that “win at any cost” mentality. That’s where the gift of age and experience came to my aid, even if my older body did not. Over the years I had learned that life was not a series of choices between winners and losers — I knew that way of seeing things to be oversimplified, if not dead wrong. You can be stronger than an ox, never miss a day of work, or swim your lungs out and, damn it, still die.


I could become a jerk again and focus on the end point, or I could accept that the journey is the destination – which I did.


Two months after I had been diagnosed and two days before the surgeon was scheduled to excise my remaining testicle, I had a dream so vivid — “I am cancer-free!” — that I demanded to go on a “surveillance” protocol. Reluctantly my doctor agreed, but by year’s end I had “won” the debate when my so-called tumor was reclassified as a benign nodule.


The years had taught me much — both to listen to my body and to trust in its wisdom. And, most importantly, to find the courage to speak its truth — whether in the doctor’s office or out in the world.


Steven Petrow writes the Civil Behavior column for Booming, addressing questions about gay and straight etiquette for a boomer-age audience. You can find him on Facebook and Twitter.


You can follow Booming via RSS here or visit nytimes.com/booming.


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Illinois foreclosures up for 11th month









Foreclosure activity in Illinois posted the 11th straight year-over-year increase in November, but compared with a month earlier, filings are trending in the right direction, according to new data released Thursday.

RealtyTrac said the 13,520 properties within the state that received a foreclosure notice last month was a decrease of 9 percent from October but up 9 percent from November 2011. last month's activity, which equated to one out of every 392 homes in the state receiving a notice, gave Illinois the nation's third-highest state foreclosure rate, surpassed by only Florida and Nevada.

In the Chicago-area counties of Cook, DuPage, Kane, Kendall, Lake and Will, almost 11,000 homes received a foreclosure notice in November, a decrease of 10.5 percent from October's level of activity but up 1.6 percent from November 2011

Most of that activity was in Cook County, where about 2,299 homes received initial notices of default, another 2,651 homes were scheduled for court-ordered sales and 2,086 homes were repossessed by lenders.

Among the nation's metropolitan areas, Rockford and Chicago ranked 11th and 13th, respectively, in terms of their foreclosure rates.

Nationally, the number of homes that were repossessed by lenders and became bank-owned rose on a year-over-year basis for the first time  since October 2010, the company said. In November, more than 59,000 homes across the country were repossessed, an increase of 11 percent from October and 5 percent from November 2011.

"The drop in overall foreclosure activity in November was caused largely by a 71-month low in foreclosure starts for the month, more evidence that we are past the worst of the foreclosure problem brought about by the housing bubble bursting six years ago," said Daren Blomquist, a company vice president. "But foreclosures are continuing to hobble the U.S. housing market as lenders finally seize properties that started the process a year or two ago, and much longer in some cases."

mepodmolik@tribune.com | Twitter @mepodmolik

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Don't let city out of police 'code-of-silence' verdict, judge told









Two top civil rights attorneys argued strongly against efforts by the city to vacate the recent landmark jury verdict that a "code of silence" within the Chicago Police Department in part led to an off-duty officer's infamous video-recorded beating of a female bartender.


"The city should not be permitted to escape a finding that it covered up the misconduct of its officers by allowing it to simply erase that adjudication as if it never occurred, and then go on denying a code of silence," attorneys Locke Bowman and Craig Futterman wrote in a friend-of-the-court brief filed late Tuesday in federal court.


The video of off-duty Officer Anthony Abbate pummeling bartender Karolina Obrycka inside a Northwest Side bar in 2007 marked one of the most embarrassing chapters in recent department history. The jury decision holding Chicago police responsible because of its unofficial code of silence was a rare rebuke for the city, as such policy claims typically don't make it to trial.





The city has sought to vacate the judgment, calling the verdict "ambiguous" and likely to lead to numerous frivolous lawsuits. City attorneys also have argued that the beating happened five years ago, and reforms have been put in place since then.


In their filing, Bowman and Futterman seized on the city's pledge in court last week that the $850,000 in damages awarded to Obrycka would be paid to her regardless of whether U.S. District Judge Amy St. Eve agreed to set aside the verdict.


With justice ensured for Obrycka, they wrote, there is no reason to set aside a hard-fought and important jury verdict that could prompt reform within the department given its struggles with police misconduct since the 1980s.


"If the city is allowed to sweep verdicts such as this one under the rug, it will have no incentive to change," the lawyers wrote.


asweeney@tribune.com



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Taylor Swift reclaims top spot on Billboard 200






LOS ANGELES (Reuters) – Country-pop star Taylor Swift reclaimed the top spot on the Billboard 200 album chart on Wednesday with her hit album “Red,” keeping three new entries from the No.1 position.


“Red” landed back at No. 1 for the fourth time after selling 167,000 copies last week according to Nielsen SoundScan, ousting Alicia Keys‘ “Girl on Fire,” which fell to No. 7 this week.






New entries this week include rapper Wiz Khalifa‘s sophomore record “O.N.I.F.C.,” which debuted at No. 2 after selling 141,00 copies. Pop star Ke$ ha’s new album “Warrior” landed at No. 6 with sales of 85,000 while country band Florida Georgia Line‘s debut album “Here’s To the Good Times” came in at No. 10.


Ahead of the holidays, festive albums featured heavily in the top 10, with Rod Stewart‘s “Merry Christmas, Baby” at No. 3, Michael Buble‘s “Christmas” at No. 5 and Blake Shelton‘s “Cheers, It’s Christmas” at No. 8.


Bruno Mars’ latest single “Locked Out of Heaven” topped the Billboard Digital Songs chart for the first time with 197,000 copies sold, coming in ahead of Rihanna’s “Diamonds” at No. 2 and will.i.am and Britney Spears‘ “Scream & Shout” at No. 3.


(Reporting By Piya Sinha-Roy, editing by Jill Serjeant)


Music News Headlines – Yahoo! News


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Eli Lilly to Conduct Additional Study of Alzheimer’s Drug





The drug maker Eli Lilly & Company said on Wednesday that it planned an additional study of an experimental Alzheimer’s drug that failed to improve the condition of people with the disease, saying that it remained hopeful about the drug’s prospects.




The newest study is expected to get under way in the third quarter of 2013 and will focus on patients with mild Alzheimer’s disease. Lilly released results of two clinical trials in August that showed the drug, called solanezumab, did not significantly improve either the cognition or the daily functioning of people with mild and moderate forms of the disease. But despite that failure, the results also gave some reason for hope: when patients with mild Alzheimer’s were separated out, the drug was shown to significantly slow their decline in cognition.


In a statement on Wednesday, the company said it decided not to pursue approval of the drug based on existing study results after it met with officials from the Food and Drug Administration. A Lilly executive said, however, that the company was still optimistic.


“We remain encouraged and excited by the solanezumab data,” David Ricks, a senior vice president at Lilly and president of Lilly Bio-Medicines, said in the statement. “We are committed to working with the F.D.A. and other regulatory authorities to bring solanezumab to the millions of patients and caregivers suffering from this devastating disease who urgently need this potential treatment.”


The Lilly drug is the second Alzheimer’s treatment to fail in clinical trials this year. Pfizer and Johnson & Johnson stopped development of a similar treatment, bapineuzumab, after it, too, was not shown to work. Both drugs target beta amyloid, a protein in the brain that is found in people with Alzheimer’s disease.


Lilly shares closed at $49, down 3.2 percent.


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Fed adds another $45B per month in stimulus









The Federal Reserve ramped up its stimulus to the economy on Wednesday, expressing disappointment with the pace of recovery in employment as contentious U.S. budget talks heighten uncertainty about the outlook.

The central bank replaced a more modest stimulus program due to expire at year-end with a fresh round of Treasury purchases that will increase its balance sheet. It committed to monthly purchases of $45 billion in Treasuries on top of the $40 billion per month in mortgage-backed bonds it started buying in September.

In a surprise move, the Fed also adopted numerical thresholds for policy, a step that had not been expected until early next year. In particular, the Fed said it will likely keep official rates near zero for as long as unemployment remains above 6.5 percent, inflation between one and two years ahead is projected to be no more than 2.5 percent, and long-term inflation expectations remain contained.

The Fed noted unemployment remains elevated and that inflation is running somewhat below policymakers' 2 percent objective.

"The Committee remains concerned that, without sufficient policy accommodation, economic growth might not be strong enough to generate sustained improvement in labor market conditions," the Fed said in a statement.

Policymakers also repeated a pledge to keep buying bonds until the labor market outlook improves substantially. A drop in the jobless rate to 7.7 percent in November from 7.9 percent in October was driven by workers exiting the labor force, and therefore did not come close to satisfying that condition.

Under the "Operation Twist" program that will expire at the end of the month, the Fed was buying $45 billion in longer-term Treasuries with proceeds from the sale of short-term debt. The new round of government bond-buying it announced on Wednesday will be funded by essentially creating new money, further expanding the Fed's $2.8 trillion balance sheet.

Fed Chairman Ben Bernanke will discuss the central bank's latest decision at a news conference at 2:15 p.m. (1915 GMT).

SWEATING A WEAK RECOVERY

The Fed cut overnight interest rates to near zero in December 2008 and has bought about $2.4 trillion in bonds in a further effort to push borrowing costs lower and spur a stronger recovery.

Despite the unconventional and aggressive efforts, U.S. economic growth remains tepid. GDP grew at a 2.7 percent annual rate in the third quarter, but it now appears to be slowing sharply. According to a Reuters poll published on Wednesday, economists expect the economy to expand at just a 1.2 percent pace in the current quarter.

Businesses have hunkered down, fearful of a tightening of fiscal policy as politicians in Washington wrangle over ways to avoid a $600 billion mix of spending reductions and expiring tax cuts set to take hold at the start of 2013.

Bernanke has warned that running over this "fiscal cliff" would lead the economy into a new recession.

Fed officials will release a new set of quarterly economic and interest rate projections at 2 p.m. (1900 GMT) that could show yet another round of downward revisions to future growth prospects.

Back in September, the Fed predicted the U.S. economy would expand 2.5 percent to 3 percent in 2013, but even that modest rate is looking potentially rosy. The Reuters poll showed a median U.S. growth estimate of 2.1 percent for next year on the same fourth quarter over fourth quarter basis.

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Facebook revises privacy controls in effort to make them more accessible, comprehensible






SAN FRANCISCO – Facebook is trying to make its privacy controls easier to find and understand in an effort to turn the world’s largest social network into a more discreet place.


The fine-tuning announced Wednesday will include several revisions that will start rolling out to Facebook Inc.‘s more than 1 billion users in the next few weeks.






The biggest change will be a new “privacy shortcuts” section that will appear as a tiny lock on the right-hand side at the top of people’s news feeds. This feature offers a drop-down box where users will be able to get answers to common questions such as “Who can see my stuff?”


Other updates will include a tool that will enable individuals to review all the publicly available pictures identifying them on Facebook.


Social Media News Headlines – Yahoo! News


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