Analysis: Apple’s swoon exposes risk lurking in mutual funds

NEW YORK (Reuters) – The nearly 28 percent decline in shares of Apple Inc since mid-September isn’t just painful to individual shareholders. It’s also being felt by investors who chased hot mutual funds that loaded up on Apple as the stock raced to a record $ 705 per share.

Apple makes up 10 percent or more of assets in 117 out of the 1,119 funds that own its shares, according to data from Lipper, a Thomson Reuters company. Those big stakes have contributed positively to each fund’s annual performance to date, with Apple still up about 32 percent for the year. It was trading at $ 527.73 soon after the opening on Friday.

But that year-to-date outcome may not accurately reflect the performance of the funds for individual investors. All told, approximately $ 4.5 billion has been added to funds with overweight stakes in Apple this year, according to Morningstar data. The majority of these dollars were invested after March and after Apple first exceeded $ 600 per share – meaning many investors have been riding down with the decline.

The $ 302 million Matthew 25 fund, for instance, holds 17.4 percent of its assets in Apple, according to Lipper. The fund’s 31.9 percent gain through Thursday makes it one of the top performing funds for the year.

Most of its Apple shares were bought years ago at a bargain basement price of about $ 125 per share. But $ 158.9 million of the fund’s assets – or 53 percent – were invested after the end of March, when Apple was trading near $ 615 per share, according to Morningstar data.

For those investors that bought after March, all that concentration in Apple hasn’t led to a stellar gain but rather a drag on the portfolio. Someone who invested in Matthew 25 in early April has seen the value of the fund’s Apple stake fall about 19 percent, while someone who invested at the beginning of September has watched that outsized Apple stake drop 27.2 percent.

In turn, the majority of the fund’s investors have reaped a much more modest performance than its year-end numbers suggest. Since the end of March, the fund has gained 6.7 percent, according to Morningstar data, far less than its 31 percent year-to-date gain and about two percentage points more than the benchmark Standard & Poor’s 500 index.

Since, September the fund is down nearly 3 percent through Thursday’s close, compared with a 1.1 percent decline in the S&P 500 in that period.

The impact of Apple’s falling stock price shows some of the drawbacks of portfolio concentration, experts say. These stakes can leave the funds overexposed to the ups and downs of one company – counter to what most mutual funds are supposed to do for investors.

“Any time you get over 10 percent of the portfolio in one company it’s a red flag,” said Michel Herbst, director of active fund research at Morningstar. Many fund managers do have risk management rules that prevent them from devoting more than 5 percent to 6 percent of their portfolio to any one stock, he said.

Then again, some funds purposely invest in just a few stocks. Mark Mulholland, the portfolio manager of the Matthew 25 fund, said that taking concentrated positions in companies is the only way to beat an index over longer periods of time.

‘RIGHT-SIZING’ PORTFOLIOS

Along with concerns about iPhone sales in China and tax-motivated selling among people who want to avoid potentially higher capital gains taxes in 2013, the wide fund ownership of Apple may be a factor in the size of the stock’s recent declines, fund managers said. In addition, with so many funds already heavily invested in the high-priced stock, there may be fewer marginal buyers available to push prices up again when shares begin to dip.

“The stock didn’t go from $ 700 to $ 520 because people didn’t like the new iPad. It’s become a favorite short of hedge funds because they know they can get in on this,” said Mark Spellman, a portfolio manager of the $ 300 million Value Line Income and Growth fund with a small position in Apple.

Short interest in the stock rose to 20.6 million shares at the end of November from 15.1 million shares at the end of September, according to Nasdaq.

“Some of my competitors have 12 percent of their assets in Apple, which I think is ludicrous”, said Spellman, who said the company is no longer trading on its fundamentals.

Sandy Villere, who has a 2.5 percent weighting of Apple in his $ 276 million Villere Balanced fund, said that some mutual fund managers are selling shares because of the over-weighting.

“Right now many people who did take huge overweight positions are right-sizing their portfolios to get it in line with their regular weightings,” he said.

Still, some bullish investors see the stock’s recent declines as a buying opportunity.

Mulholland, the Matthew 25 portfolio manager, continues to say that shares should be priced at over $ 1,000 per share based on his valuation of the company at 10 times enterprise value divided by earnings before interest, taxes, depreciation and amortization (EBITDA). Apple trades at about 7 times that figure now.

Wall Street analysts’ average price target as of Thursday is $ 742.56, according to Thomson Reuters data. But Mulholland is happy to be more bullish than his peers.

“I’m glad that I’m able to get it at these prices,” he said.

(Reporting By David Randall; Editing by Jennifer Merritt)

Tech News Headlines – Yahoo! News

Title Post: Analysis: Apple’s swoon exposes risk lurking in mutual funds
Rating:
100%

based on 99998 ratings.
5 user reviews.
Author: Fluser SeoLink
Thanks for visiting the blog, If any criticism and suggestions please leave a comment

Read More..

Study: Solo stars at higher death risk than bands

LONDON (AP) — Rock ‘n’ roll will never die — but it’s a hazardous occupation.

An academic study published Thursday confirms that rock and pop musicians are more likely to die prematurely than the general population, and finds that solo artists are twice as likely to die young as members of bands.

Researchers from Liverpool John Moores University and Britain’s Health Department studied 1,489 rock, pop, punk, R&B, rap, electronica and New Age stars who became famous between 1956 and 2006 — from Elvis Presley to the Arctic Monkeys.

They found that 137 of the stars, or 9.2 percent, had died, representing “higher levels of mortality than demographically matched individuals in the general population.”

The researchers dismissed the “fanciful but unsubstantiated” popular myth that rock stars tend to die at 27 — as Jim Morrison, Jimi Hendrix, Janis Joplin, Kurt Cobain and Amy Winehouse all did. The average age of death was 45.2 years for North American stars and 39.6 for European ones.

Solo performers had twice the death risk of members of bands. Lead researcher Mark Bellis speculated that could be because bands provide peer support at stressful times.

“Solo artists, even though they have huge followings, may be relatively isolated,” said Bellis, director of the Center for Public Health at Liverpool John Moores University.

Music critic John Aizlewood agreed that solo artists receive more attention and adulation — and also more pressure.

“And when you are a solo act, irrespective of what they say in interviews, it’s an incredibly egotistical thing,” he said. “So you tend to be dealing with people who are more emotionally extreme.

“They have an ego in the way a drummer or even a lead guitarist in a band doesn’t.”

In good news for aging rockers, the study found that, after 25 years of fame, stars’ death rates began to return to normal — at least in Europe. A European star still living 36 years after achieving fame faces a similar mortality rate to the European public. But U.S. artists continue to die in greater numbers.

Bellis said factors contributing to the difference could include longer careers — and thus longer exposure to rock ‘n’ roll excess — in the U.S., a huge, populous country with greater opportunities for aging stars to stay on the road. Europe’s stronger social safety net and socialized medicine may also play a role, he said.

The research, which updates a 2007 study by the same team, was published in the online journal BMJ Open.

The study suggests the infamous rock ‘n’ roll lifestyle may not be entirely to blame for rock stars‘ death risk.

The researchers looked for the first time at the role of “adverse childhood experiences” — such as physical or sexual abuse — on stars’ later behavior.

They found that performers who had had at least one adverse childhood experience were more likely to die from drug and alcohol use or “risk-related causes.”

“Substance abuse and risk-taking in stars are largely discussed in terms of hedonism, music industry culture, responses to the pressures of fame or even part of the creative process,” the researchers said.

However, they said, “adverse experiences in early life may leave some predisposed to health-damaging behaviors, with fame and extreme wealth providing greater opportunities to engage in risk-taking.”

But Ellis Cashmore, a cultural studies professor at Staffordshire University and author of the book “Celebrity/Culture,” said it would be wrong to overlook “artistic frustration” as a factor in artistic self-destruction.

He said troubled artists from Vincent Van Gogh and Ernest Hemingway to the Beach Boys’ Brian Wilson all illustrate “the torment that creativity brings with it.”

“Perhaps it is the continual striving for some sort of unattainable artistic perfection that drives them,” he said.

___

Jill Lawless can be reached at http://Twitter.com/JillLawless

Health News Headlines – Yahoo! News

Title Post: Study: Solo stars at higher death risk than bands
Rating:
100%

based on 99998 ratings.
5 user reviews.
Author: Fluser SeoLink
Thanks for visiting the blog, If any criticism and suggestions please leave a comment

Read More..

“Les Miserables” movie relies on close-ups for emotional punch

NEW YORK (Reuters) – For British director Tom Hooper, the key to turning “Les Miserables” from the wildly popular stage musical to a cinematic experience both sweeping and intimate, was all in the close-up.

The stage musical has left audiences around the world wiping away tears with its themes of justice, redemption and romantic and familial love. So bringing it to life on screen for fans and filmgoers was “hugely daunting,” Hooper says.

Still, the Oscar-winning director of “The King’s Speech,” was ambitious, wanting to offer even more of the “intense emotional experience” that has kept fans returning to various stage productions since “Les Miserables” made its English language debut 27 years ago.

“I felt very aware of the fact that so many millions of people hold this close to their hearts and would probably sit in the cinemas in complete fear,” Hooper told reporters about his big screen take on the tale of French revolutionaries rising up against powerful forces.

Movie stars Hugh Jackman, Russell Crowe and Anne Hathaway were all put through an intense audition and rehearsal process, to make sure they could sing take after take, live, with cameras positioned right in their face.

It also features a large ensemble including Amanda Seyfried and Eddie Redmayne, as well as Sacha Baron Cohen and Helena Bonham Carter who lead the comic relief song, “Master of the House.”

“I thought the great weapon in my arsenal was the close up, because the one thing on stage that you can’t enjoy is the detail of what is going on in people’s faces as they are singing,” Hooper said. “I felt (that) having to do a meditation on the human face was by far the best way to bring out the emotion of the songs.”

That tactic may or may not have paid off for a movie that is seen as one of the front runners for Oscar awards in February. Early screenings of the film that opens on Christmas Day have moved some audiences. Critics have praised the performances, but given the movie as a whole less than top marks.

The movie reunites the same team that worked on the original musical, including French composer Claude-Michel Schonberg, lyricist Alain Boublil, and English language adapter Herbert Kretzmer. It adds one original song to the existing show, which includes the well-known “I Dreamed a Dream”.

Jackman plays petty thief Jean Valjean, the protagonist of the story based on French writer Victor Hugo’s epic 1862 historical novel “Les Miserables.” Valjean transforms himself into a respected businessman but struggles for decades to escape the clutches of his nemesis, police inspector Javert (Russell Crowe), and along the way encounters factory worker Fantine (Anne Hathaway).

TIMELY MESSAGE

Inspired by films such as 1991′s “The Commitments,” singing was filmed live rather than later recorded in a studio to give the movie a more authentic feel.

Hathaway lost 25 pounds (11.3 kg) for the role and cut her long brown hair. She spent six months perfecting the task of crying and singing at the same time for “I Dreamed a Dream” and is a hot favorite for a best supporting actress Oscar.

In a twist of fate, Hooper had initially seen Hathaway singing to Jackman a boisterous version of the “Les Miserables” song “On My Own” at the 2011 Academy Awards ceremony, just when he was trying to decide whether to direct the film and was thinking about casting.

“I was sitting there, going: ‘There is something very strange happening’,” he joked. “Whatever happened, it certainly worked, because I ended up casting both of them.”

Hooper said he took his inspiration mostly from Hugo’s novel rather than any one stage production, and thus saw Crowe’s Javert more as a “deeply honorable” character than a simplistic “bad guy” as portrayed in some productions.

The time also felt right, he said, to bring the story to a larger audience on the big screen.

“There are so many people hurting around the world because of social, economic, inequality and inequity. There is such anger against the system,” he said, “whether it’s the protests on Wall Street or in London at St Paul’s, or the seismic shifts happening in the Middle East.”

“‘Les Miserables’ is the great advocate of the dispossessed,” Hooper said. “It teaches you the way to collective action is through passionate engagement with the people around you. It starts with love for the person next to you.”

(Editing by Jill Serjeant and David Storey)

Movies News Headlines – Yahoo! News

Title Post: “Les Miserables” movie relies on close-ups for emotional punch
Rating:
100%

based on 99998 ratings.
5 user reviews.
Author: Fluser SeoLink
Thanks for visiting the blog, If any criticism and suggestions please leave a comment

Read More..

Kenya police: 28 people killed in clashes

NAIROBI, Kenya (AP) — A police official says 28 people have been killed in clashes between farmers and herders in south-eastern Kenya.

Anthony Kamitu, who is leading police operations to prevent the attacks, said Friday that the Pokomo tribe of farmers raided a village of the Orma herding community, called Kipao, at dawn in the Tana River Delta.

The latest deaths in a tit-for-tat cycle of killings may be related to a redrawing of political boundaries and next year’s general elections, according to the U.N.

At least 110 people were killed in clashes between the Pokomo and Orma in September and October.

Animosity between the two communities over land and water resources has existed for decades.

Africa News Headlines – Yahoo! News

Title Post: Kenya police: 28 people killed in clashes
Rating:
100%

based on 99998 ratings.
5 user reviews.
Author: Fluser SeoLink
Thanks for visiting the blog, If any criticism and suggestions please leave a comment

Read More..

NRA calls for armed personnel in schools

Wayne LaPierre speaks at Friday's press conference (Chip Somodevilla/Getty Images)

The National Rifle Association on Friday offered its vision of a nationwide program that would place armed security in every school desiring protection in response to last week's shooting at Sandy Hook Elementary School in Newtown, Conn.

"I call on Congress today to appropriate whatever is necessary to put armed police officers in every single school in this nation," Wayne LaPierre, the NRA's executive vice president, said at a press conference in Washington, D.C. There, he unveiled the National School Shield NRA Education and Training Emergency Response program, to be headed up by former Arkansas U.S. Rep. Asa Hutchinson.

Under the proposed program, schools would be permitted to tailor the type of security desired to their school's situation or refuse it altogether.

Friday's press conference offered the NRA's first public comments-- other than a brief statement expressing condolence--s since the Newtown shooting Dec. 14. LaPierre, Hutchison and David Keene, president of the NRA, all declined to take questions from the press Friday and said NRA press officers won't be responding to the media until Monday.

LaPierre said the organization, unlike others who "tried to exploit tragedy for political gain, we have remained respectively silent."

And he noted that the Newtown incident would have been different if someone armed and trained was present at Sandy Hook that day. Twenty children and six adults were killed at Sandy Hook after a gunman opened fire in the school. Several adults died trying to stop the gunman and protect students.

"Innocent lives might have been spared," LaPierre said, if armed security was present. "The only thing that stops bad guy with a gun is a good guy with a gun."

Part of the problem in protecting schools currently is the designation of gun-free school zones, LaPierre said, which turns schools into targets for killers in his opinion.

The zones "tell every insane killer in America that schools are the safest place to inflict maximum mayhem with minimum risk," he said.

He criticized lawmakers who hail gun-free zones as accomplishments.

But stopping gun violence at its root requires changes made on many fronts including gaming and in the media, LaPierre said, blaming video games such as "Mortal Kombat," "Grand Theft Auto," "Bulletstorm," "Splatterhouse" and an internet game called "Kindergarten Killer."

He criticized the media for "stowing violence" on society and failing to report on games such as these as well as for vilifying guns and gun owners, and for publicizing inaccuracies about guns.

"Why is the idea of a gun good when it’s used to protect the president of our country or our police but bad when it’s used to protect children in our schools?" he posited.

LaPierre said the media "called [him] crazy" when he first suggested armed security in every school in America. But now, it's clearly time to make that a consideration.

"It’s our duty to protect them," LaPierre said of the nation's schoolchildren. "It’s our right to protect them."

Pressure on lawmakers from gun control advocates has increased in the wake of the shooting.

President Barack Obama on Friday released a web video in response to an outpouring of White House petitions calling on the president to respond to gun violence.

“We hear you," Obama said in the video. "I will do everything in my power as president to advance these efforts, because if there’s even one thing we can do as a country to protect our children, we have a responsibility to try. But as I said earlier this week, I can’t do it alone. I need your help.”

Obama has tasked Vice President Joe Biden to review potential gun legislation and other measures to act on next session.

Biden yesterday spoke to law enforcement leaders about banning assault weapons though no further details were released on the private discussion.

California Sen. Dianne Feinstein has pledged to introduce a new federal assault weapons ban in January and has received support from several gun rights advocates and from the White House.

Friday's press conference was interrupted twice by gun control protesters despite tight security at the Willard InterContinental Hotel.

A man rose from the press area in front of LaPierre during his speech and held up a pink cloth displaying "NRA Killing Our Kids." Later, a woman unfurled a sign reading "NRA blood on your hands” and shouted "reckless behavior coming from the NRA" and other comments as she was escorted out.

Gun control protesters as well as PETA protesters and others lined the street in front of the hotel entrance Friday waving signs and shouting in anticipation of the press conference.

Olivier Knox contributed to this report.

Read More..

Conditional approval for Minn. health exchange

ST. PAUL, Minn. (AP) — U.S. Health and Human Services Secretary Kathleen Sebelius says Minnesota has reached a milestone in its effort to establish a health insurance exchange.

Sebelius notified Gov. Mark Dayton Thursday that the state has been granted conditional approval to operate its health insurance marketplace in 2014.

Nine other states and the District of Columbia have been given similar approval. Sebelius says the Centers for Medicare & Medicaid Services granted approval based on the state’s progress to date and its expected progress. The approval is contingent on the state’s ability to comply with regulations and meet the anticipated progress, among other things.

The health insurance marketplace will give more than a million state residents and small businesses an easy way to compare and buy private health insurance plans, using subsidies if they qualify.

Seniors/Aging News Headlines – Yahoo! News

Title Post: Conditional approval for Minn. health exchange
Rating:
100%

based on 99998 ratings.
5 user reviews.
Author: Fluser SeoLink
Thanks for visiting the blog, If any criticism and suggestions please leave a comment

Read More..

“Gangnam Style” in line for UK dictionary inclusion

LONDON (Reuters) – He has the most-watched video in Youtube history, become a pop sensation with a horse-riding dance craze that has swept the world and now Korean singer Psy may cement his place in popular culture with recognition from a British dictionary.

“Gangnam Style,” Psy’s signature song, has been chosen along with “fiscal cliff” and “Romneyshambles” as some of Collins Dictionary‘s words of the year.

“We were looking for words that told the story of the year,” said Ian Brookes, the dictionary‘s consultant editor.

“Some words are from events that have been and gone and so are not likely to stick around … but others are probably here to stay.”

Other headline entries centered on American politics.

“Fiscal cliff” has drawn a lot of attention as the deadline for Congress and President Obama to agree on government spending and tax plans draws nearer.

While the term “Romneyshambles” entered the British public’s consciousness after Mitt Romney‘s gaffe-ridden visit to London in July in which he questioned Britain’s readiness to host the Olympics.

The inclusion of “47 percent” on the list after a leaked video showed Romney telling donors that 47 percent of Americans would definitely vote for Obama because of their dependency on the government capped off a bad year for the losing presidential candidate.

Collins received over 7,000 submissions on its online database.

Twelve words of the year – one for each month – were then selected on the basis of the frequency with which they were spoken, how many places they appeared and their longevity in public discourse.

Appearing on the Collins words of the year list is no guarantee of insertion in the next dictionary.

But Gangnam Style stands a very good chance, Brookes said.

“It’s obviously a craze, so there’s the possibility it will go away. But it’s been heard by so many people that I think it’s probably earned the right to go into the dictionary.”

Other words of the year include “mummy porn” after the popularity of the “Fifty Shades of Grey” books, and “superstorm” after Superstorm Sandy wreaked havoc along the east coast of America in October.

(Reporting By Peter Schwartzstein, editing by Paul Casciato)

Music News Headlines – Yahoo! News

Title Post: “Gangnam Style” in line for UK dictionary inclusion
Rating:
100%

based on 99998 ratings.
5 user reviews.
Author: Fluser SeoLink
Thanks for visiting the blog, If any criticism and suggestions please leave a comment

Read More..

State Department security chief leaves post over Benghazi

WASHINGTON (Reuters) – The U.S. State Department said on Wednesday its security chief had resigned from his post and three other officials had been relieved of their duties following a scathing official inquiry into the September 11 attack on the U.S. mission in Benghazi.

Eric Boswell has resigned effective immediately as assistant secretary of state for diplomatic security, State Department spokeswoman Victoria Nuland said in a terse statement. A second official, speaking on condition of anonymity, said Boswell had not left the department entirely and remained a career official.

Nuland said that Boswell, and the three other officials, had all been put on administrative leave “pending further action.”

An official panel that investigated the incident concluded that the Benghazi mission was completely unprepared to deal with the attack, which killed U.S. Ambassador Christopher Stevens and three other Americans.

The unclassified version of the report, which was released on Tuesday, cited “leadership and management” deficiencies, poor coordination among officials and “real confusion” in Washington and in the field over who had the authority to make decisions on policy and security concerns.

“The ARB identified the performance of four officials, three in the Bureau of the Diplomatic Security and one in the Bureau of (Near Eastern) Affairs,” Nuland said in her statement, referring to the panel known as an Accountability Review Board.

Secretary of State Hillary Clinton accepted Boswell’s decision to resign effective immediately, the spokeswoman said.

Earlier, a U.S. official who spoke on condition of anonymity said Boswell, one of his deputies, Charlene Lamb, and a third unnamed official has been asked to resign. The Associated Press first reported that three officials had resigned.

PANEL STOPS SHORT OF BLAMING CLINTON

The Benghazi incident appeared likely to tarnish Clinton’s four-year tenure as secretary of state but the report did not fault her specifically and the officials who led the review stopped short of blaming her.

“We did conclude that certain State Department bureau-level senior officials in critical positions of authority and responsibility in Washington demonstrated a lack of leadership and management ability appropriate for senior ranks,” retired Admiral Michael Mullen, one of the leaders of the inquiry, told reporters on Wednesday.

The panel’s chair, retired Ambassador Thomas Pickering, said it had determined that responsibility for security shortcomings in Benghazi belonged at levels lower than Clinton’s office.

“We fixed (responsibility) at the assistant secretary level, which is, in our view, the appropriate place to look for where the decision-making in fact takes place, where – if you like – the rubber hits the road,” Pickering said after closed-door meetings with congressional committees.

The panel’s report and the comments by its two lead authors suggested that Clinton, who accepted responsibility for the incident in a television interview about a month after the Benghazi attack, would not be held personally culpable.

Pickering and Mullen spoke to the media after briefing members of the House of Representatives Foreign Affairs Committee and Senate Foreign Relations Committee behind closed doors on classified elements of their report.

Clinton had been expected to appear at an open hearing on Benghazi on Thursday, but is recuperating after suffering a concussion, dehydration and a stomach bug last week. She will instead be represented by her two top deputies.

Clinton, who intends to step down in January, said in a letter accompanying the review that she would adopt all of its recommendations, which include stepping up security staffing and requesting more money to fortify U.S. facilities.

The National Defense Authorization Act for 2013, which is expected to go to Congress for final approval this week, includes a measure directing the Pentagon to increase the Marine Corps presence at diplomatic facilities by up to 1,000 Marines.

Some Capitol Hill Republicans who had criticized the Obama administration’s handling of the Benghazi attacks said they were impressed by the report.

“It was very thorough,” said Senator Johnny Isakson. Senator John Barrasso said: “It was very, very critical of major failures at the State Department at very high levels.” Both spoke after the closed-door briefing.

Others, however, took a harsher line and called for Clinton to testify as soon as she is able.

“The report makes clear the massive failure of the State Department at all levels, including senior leadership, to take action to protect our government employees abroad,” Representative Mike Rogers, the Republican chairman of the House Intelligence Committee, said in a statement.

Senator Bob Corker, who will be the top Republican on the Senate Foreign Relations Committee when the new Congress is seated early next year, said Clinton should testify about Benghazi before her replacement is confirmed by the Senate.

Republicans have focused much of their firepower on U.S. Ambassador to the United Nations Susan Rice, who appeared on TV talk shows after the attack and suggested it was the result of a spontaneous protest rather than a premeditated attack.

The report concluded that there was no such protest.

Rice, widely seen as President Barack Obama’s top pick to succeed Clinton, withdrew her name from consideration last week.

(Additional reporting by Tabassum Zakaria and Susan Cornwell; Editing by Christopher Wilson)

World News Headlines – Yahoo! News

Title Post: State Department security chief leaves post over Benghazi
Rating:
100%

based on 99998 ratings.
5 user reviews.
Author: Fluser SeoLink
Thanks for visiting the blog, If any criticism and suggestions please leave a comment

Read More..

Midwest storm sparks 25-vehicle crash

DES MOINES, Iowa (AP) — The first widespread snowstorm of the season began a slow crawl across the Midwest on Thursday, creating treacherous driving conditions that, in Iowa, led to a 25-vehicle pileup that killed one person.

Drivers were blinded by blowing snow and didn't see vehicles that had slowed or stopped on Interstate 80 about 60 miles north of Des Moines, state police said. A chain reaction of crashes involving semitrailers and passenger cars closed down a section of the highway.

Drivers throughout the Midwest were harried by heavy snow and strong winds that combined for blizzard conditions in areas from Kansas to Wisconsin. Those who planned to fly before the Christmas holiday didn't fare much better. Snow, wind and thunderstorms forced delays and cancellations at some of the nation's busiest airports, including those in Dallas and Chicago. Meanwhile, tens of thousands of people lost power as heavy snow and strong winds pulled down lines.

While the snow had tapered off by sunrise in Des Moines, Iowa transportation officials had advised drivers to stay off highways until midnight, and police repeated that warning after the crash north of the city.

"It's time to listen to warnings and get off the road," said Col. David Garrison, of the Iowa State Patrol. "Iowa's highways and interstates remain in poor condition for travel."

Conditions weren't much better on city streets. Thomas Shubert, a clerk at a store in Gretna near Omaha, said his brother drove him to work in his 4-by-4 truck but that some of his neighbors weren't so fortunate.

"I saw some people in my neighborhood trying to get out. They made it a few feet, and that was about it," Shubert said. "I haven't seen many cars on the road. There are a few brave souls out, but mostly trucks and plows."

The heavy, wet snow made some unplowed streets in Des Moines nearly impossible to navigate in anything other than a four-wheel drive vehicle. Even streets that had been plowed remained snow-packed and slippery. Jackknifed semitrailers were reported on sections of Interstates 80 and 35 east and north of the city, with portions of the roads closed until the accidents could be cleared.

While the snow had tapered off by sunrise in Des Moines, transportation officials warned drivers to stay off highways until midnight. Strong winds were creating whiteout conditions. The airport at Creston, Iowa, recorded the highest winds, with a gust of 53 mph, said Kevin Skow, a National Weather Service meteorologist in the city.

Strong wind contributed to tens of thousands of power outages in Arkansas, Iowa and Nebraska. While snow pulled down most lines in Iowa, others were felled by big gusts, said Justin Foss, a spokesman for Alliant Energy, which had 13,000 customers without power in central Iowa.

"The roads have been so bad our crews have not been able to respond to them," said Justin Foss, a spokesman for Alliant Energy, which had 13,000 customers without power in central Iowa. "We have giant four-wheel-drive trucks with chains on them so when we can't get there it's pretty rough."

Utilities reported more than 33,000 customers without power in the Des Moines area, more than 36,000 outages in eastern Nebraska and more than 41,000 without power in Arkansas, where thunderstorms took out lines. Smaller outages were reported in Alabama, Kansas, Missouri, Illinois and Louisiana.

Meteorologist Scott Dergan said the snow cover would drag temperatures much lower in Nebraska and Iowa.

"We're talking single digits," Dergan said. "We may even see some sub-zero temperatures in Nebraska. This cold weather will stick around for several days, maybe until the day after Christmas. So we're definitely going to have a white Christmas."

Before the storm, several cities in the Midwest had broken records for the number of consecutive days without measurable snow.

Chicago commuters began Thursday with heavy fog and cold, driving rain, and forecasters said snow would hit the Midwestern metropolis by mid-afternoon. Officials at O'Hare International Airport reported some flight delays and more than 90 cancellations. United Airlines said it would waive change fees for travelers who have to change their plans for travel through O'Hare because of the storm.

American Airlines reported 120 cancellations in Dallas because of thunderstorms there. There also were delays, most involving smaller regional planes that have more flight restrictions, spokeswoman Andrea Huguely said.

"We are trying to delay as much as we can, instead of canceling, because we know that we have many customers who are trying to make their holiday travel plans," Huguely said.

Along with Thursday's fatal accident in Iowa, the storm that swept through the Rockies earlier in the week was blamed for deaths in Wisconsin and Utah. At least two people died Wednesday in a fatal crash on slick roads in southeastern Wisconsin, sheriff's officials said. In southeastern Utah, a woman who tried to walk for help after her car became stuck in snow died Tuesday night. Search and rescue crews on snowmobiles found her buried in the snow just a few miles from her car.

The owner of the Norske Nook restaurant and bakery in Osseo, a town in west-central Wisconsin that woke up to at least 10 inches of snow, said "blizzardy" conditions were not unusual for the area and that the weather would not upset her business.

"It's our policy to stay open for the customers," said Jean Zingshiem. "In case someone is stranded they'll have somewhere to go."

Bill Riggins, of Madison, Wis. said he wouldn't let a little blizzard stop him from riding his bike into work on the University of Wisconsin campus, about five miles from his house. Riggins said his metal-studded snow tires did the trick for the early morning commute at 4:45 a.m.

"I honestly think it would have been more trouble to drive," Riggins said. The ride, which normally takes about 25 minutes, took 40 in the snow. As conditions worsen during the day, Riggins said he expected the ride home to take about an hour.

On the southern edge of the storm system, high winds damaged homes and downed trees in central Arkansas, the weather service said. A powerful storm peeled the roofs off buildings and toppled trucks in Mobile, Ala., but injured no one. Tornado warnings remained in effect in parts of Mississippi, Louisiana and Alabama early Thursday.

Hundreds of schools across the Midwest canceled classes Thursday because of heavy overnight snow. Government offices in Iowa and Nebraska were closed.

The moisture was welcome to farmers in the drought-parched region, but Meteorologist Kris Sanders said the storm wouldn't make much of a dent. In Kansas, for example, some areas are more than 12 inches below normal precipitation for the year.

"It's not going to have a big effect, maybe only a half-inch of liquid precipitation. It's not helping us out much," Sanders said.

Sanders said another storm similar to the current one could bring additional snow on Christmas or the day after.

Blake Landau, a cook serving eggs, roast beef sandwiches and chili to hungry snow plow drivers at Newton's Paradise Cafe in downtown Waterloo, Iowa, said he has always liked it when it snows on his birthday. He turned 27 on Thursday.

"It's kind of one of those things where it's leading up to Christmas time," Landau said. "We don't know when we get our first snowfall, and I hope we get it by my birthday. It's nice to have a nice snowy Christmas."

___

Beck reported from Omaha, Neb. Associated Press writers Scott Mayerowitz in New York; Dinesh Ramde and Gretchen Ehlke in Milwaukee; Scott Bauer in Madison, Wis.; Heather Hollingsworth in Kansas City, Mo.; Carla K. Johnson and Jason Keyser in Chicago; Jill Bleed in Little Rock, Ark.; and Ryan J. Foley in Iowa City, Iowa contributed to this report.

Read More..

Nintendo’s amazing triumph in Japan may doom the company internationally

According to Japanese gaming bible Famitsu, Nintendo (NTDOY) 3DS sold 333,000 units in the week ending December 16, while Sony’s (SNE) PS Vita limped along at 13,000 units, the new Wii U did an okay 130,000 units and the PlayStation 3 managed to sell 46,000 units.  The utter hardware domination of the 3DS is reshaping the Japanese software market. Franchises that were thought to be fading have been revitalized in their portable versions. The 3DS version of the ancient Animal Crossing series, famed for being the game where nothing happens, hit a staggering 1.7 million units last week in Japan. Inazuma Eleven sold 170,000 units in its launch week, up from 140,000 units its DS version managed in 2011.

[More from BGR: RIM, HTC and Nokia could all be headed the way of Palm]

Nintendo’s portable console 3DS had a muted start in its home market in the spring of 2011. Many thought that Sony would have a fair shot at competing with Nintendo once Playstation Vita launched at the end of 2011. But once Nintendo executed an aggressive price cut for 3DS in the summer of 2011 and then launched a large-screen version of the console in mid-2012, the gadget has grown into a Godzilla in Japan, demolishing both Sony Vita and aging tabletop console competition.

[More from BGR: BlackBerry 10 browser smokes iOS 6 and Windows Phone 8 in comparison test [video]]

3DS is doing well also in America, where its lifetime sales are moving close to the 6 million unit mark this holiday season. According to NPD, the 3DS sales in the United States topped 500,000 units in November. That’s a decent number, though far from the torrid volume the portable is racking up in its home market. The U.S. November video game software chart was dominated by massive home console juggernauts: new installments of Call of Duty, Halo and Assassin’s Creed franchises shifted more than 13 million units in retail. At the same time, the Japanese software chart remains in a ’90s time warp, dominated by Nintendo’s musty masterpieces: Super Mario Brothers, Pokemon, Animal Crossing, etc.

Japanese and American tastes have always been different. But what we are witnessing now is a particularly fascinating divergence. American consumers are spending more of their time and money on smartphone and tablet games, while console game spending is increasingly focusing on massive, graphically stunning blockbuster titles on Xbox360 and PS3. The casual gamers are shifting to mobile games, while hardcore gamers remain attracted to sprawling epics on home consoles. The overall video game spending in America keeps declining month after month, as casual titles and mid-list games slide. But the Triple A whales like the Call of Duty series are doing better than ever.

In Japan, Nintendo has been able to battle back iPhone and Android game invasion with a nostalgic series of portable games that basically recycle the biggest hits of ’80s and early ’90s. Mario, Pokemons and other portable heroes are slowly losing their grip on U.S. and European consumers. But in Japan, some form of national nostalgia is keeping Nintendo on track.

The problem here is that the Japanese success of the 3DS may now be convincing Nintendo that it does not have to reconsider its business strategy. The smartphone and tablet game spending continues growing explosively across the world. Unlike console games, mobile game sales in China are legal. The global gaming spending is shifting towards new hardware platforms even as console mammoths like Halo still reign in America. At this critical juncture, Nintendo has managed to cocoon its home market in a web of nostalgia, turning the 3DS console and its Eighties left-over franchises into epic bestsellers yet again.

This means that there is no sense of urgency to push Nintendo into rethinking its long-term plans. The company may continue simply ignoring the smartphone and tablet challenge, designing new portable consoles and the 28th Mario game to support it. Twenty years ago, Japan’s insularity doomed its chances to succeed in the mobile phone business. And now the idiosyncratic nature of Japan may be leading its biggest entertainment industry success astray.

This article was originally published by BGR

Gaming News Headlines – Yahoo! News

Title Post: Nintendo’s amazing triumph in Japan may doom the company internationally
Rating:
100%

based on 99998 ratings.
5 user reviews.
Author: Fluser SeoLink
Thanks for visiting the blog, If any criticism and suggestions please leave a comment

Read More..