published: Sat, 04 Jul 2009 04:20:22 GMT
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Palin Resigning Governor’s Job; Future Unclear
published: Sat, 04 Jul 2009 04:20:22 GMT
Gov. Sarah Palin’s move shocked Republicans and fueled renewed speculation about her presidential ambitions and criticism of her political competence.
Top Reformers Admitted Plot, Iran Declarespublished: Sat, 04 Jul 2009 04:23:58 GMT
The Iranian government has made it a practice to publicize confessions from political prisoners, often subject to sleep deprivation, solitary confinement and torture, rights groups say.
Russia Opens Route for U.S. to Fly Arms to Afghanistanpublished: Sat, 04 Jul 2009 04:01:31 GMT
The opening of the corridor is one of the most concrete achievements in the effort to rebuild strained U.S.-Russian relations.
Biden Warns Iraq Leaders of Return to Ethnic Fightspublished: Sat, 04 Jul 2009 04:24:16 GMT
Vice President Joseph R. Biden Jr. said that the United States would not remain engaged in Iraq if the country reverts to sectarian violence.
Fans Rally, and Officials Brace to Honor Jacksonpublished: Sat, 04 Jul 2009 04:13:27 GMT
Michael Jackson fans flooded the Internet for free tickets to a Tuesday memorial service, stirring worries among Los Angeles officials over the expected throng.
College Stars Sue Over Likenesses in Video Gamespublished: Sat, 04 Jul 2009 03:25:45 GMT
Two quarterbacks contend the N.C.A.A. and a video game manufacturer should pay college athletes for using their likenesses in popular electronic games.
Back to Business: For Banks, Wads of Cash and Loads of Troublepublished: Sat, 04 Jul 2009 03:36:55 GMT
Bulk deposits from brokers, known as hot money, fueled growth at smaller banks across the country, but also led some to the brink, and beyond.
‘Family Friendly’ White House Is Less So for Aidespublished: Sat, 04 Jul 2009 03:26:27 GMT
While the Obamas have promised to accommodate employees with children, the demands of working for the president have made work-family balance elusive.
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Palin to resign as Alaska governor
published: Sat, 4 Jul 2009 04:06:10 GMT
Sarah Palin announced Friday she plans to resign as governor of Alaska in a few weeks, saying she will try to "affect positive change" from outside government.
Cops hunt serial killer after 4 shootings
published: Fri, 3 Jul 2009 17:50:08 GMT
Authorities in South Carolina are looking for a serial killer they believe has shot four people to death within 10 miles of each other over the past six days.
Myanmar denies request to see Suu Kyipublished: Fri, 3 Jul 2009 21:18:04 GMT
U.N. Secretary-General Ban Ki-moon met with Myanmar's top military ruler Friday but failed to win any concessions or to get permission to visit opposition leader Aung San Suu Kyi.
Report: N. Korea test-fires missiles
published: Sat, 4 Jul 2009 03:30:57 GMT
North Korea fired three missiles off its eastern coast Saturday, South Korea said, in what was likely to be seen as a message of defiance to the United States on its Independence Day holiday. .
Powerful sedative found in Jackson’s homepublished: Fri, 3 Jul 2009 23:38:55 GMT
A law enforcement official says the powerful sedative Diprivan was found in Michael Jackson's home. Diprivan is an intravenous anesthetic drug widely used in operating rooms to induce unconsciousness. Also known as Propofol, it's very unusual to have in a private home
Web lottery for Jackson memorial tickets
published: Fri, 3 Jul 2009 23:32:55 GMT
A public service will take place Tuesday at the Staples Center in Los Angeles with 17,500 seats available via lottery. Meanwhile, officials are asking non-credentialed fans to stay home.
Johnny comes marching home — to no job
published: Fri, 3 Jul 2009 11:55:43 GMT
National Guardsmen are coming home from Iraq to face a new enemy – a swooning economy that has landed like a KO’d heavyweight on the canvas of their home towns.
July 4 fireworks shows go up in smokepublished: Fri, 3 Jul 2009 11:49:36 GMT
With the recession eating away at state and local budgets everywhere, it will be a silent Fourth of July across the country for many communities that have canceled their annual fireworks shows.
Roddick wins war of Andys, will face Federer
published: Fri, 3 Jul 2009 21:57:06 GMT
American defeats British hope Murray in 4 sets to reach Wimbledon final
U.S. Marines push into Afghan towns
published: Fri, 3 Jul 2009 11:01:19 GMT
U.S. Marines moved into villages in Taliban strongholds in southern Afghanistan on Friday, meeting little resistance as they tried to win over local chiefs.
Iran cleric: U.K. Embassy staff to be tried
published: Fri, 3 Jul 2009 16:53:20 GMT
A top Iranian cleric said Friday that some of the detained Iranian staffers of the British Embassy in Tehran will be put on trial.
Tiger takes clubhouse lead at AT&T National
published: Fri, 3 Jul 2009 23:33:58 GMT
Tiger Woods lived up to his hopes of being a “greedy host” when he salvaged his round during a shaky stretch in the middle and shot 4-under 66 to take a one-shot lead at his AT&T National with the lowest 36-hole ever at Congressional Country Club.
Honduras says won't restore president
published: Sat, 4 Jul 2009 03:14:48 GMT
Honduras' Supreme Court rebuffed a personal appeal from the Americas' top international diplomat Friday, refusing to restore ousted President Manuel Zelaya before a Saturday deadline.
'Organic' label's integrity under fire
published: Fri, 3 Jul 2009 09:20:53 GMT
USDA shortcomings mean consumers who buy "organic" are not always getting foods without pesticides, produced in a way that is gentle on the environment.
26 killed in Pakistan helicopter crash
published: Fri, 3 Jul 2009 16:04:31 GMT
A military helicopter crashed in northwestern Pakistan on Friday, killing 26 security personnel, a Pakistan military official said.
Funeral for Billy Mays draws hundredspublished: Fri, 3 Jul 2009 17:58:54 GMT
Television product pitchman Billy Mays is remembered as a pop culture icon at his funeral near Pittsburgh.
Analysis: Lance's return could lead to best Tour ever
published: Wed, 1 Jul 2009 21:29:12 GMT
Analysis: Cyclist looks as good as ever, but even-better teammate stands in his way
Cop nabs robber minutes after graduating
published: Fri, 3 Jul 2009 14:54:51 GMT
One of the NYPD's newest officers made his first arrest just minutes after graduating from the Police Academy in a ceremony at Madison Square Garden.
Poo brew: Premium coffee is dung to a turn
published: Thu, 2 Jul 2009 14:40:19 GMT
It’s called civet coffee, because it’s made from beans that have been fed to a civet — a critter that looks like a cat on steroids — and then separated from its droppings. And believe it or not, 2 pounds of the stuff sells for as much as $700 in Europe — if you can find it.
Rogue broker blamed for oil spike
published: Fri, 3 Jul 2009 09:08:45 GMT
PVM Oil Associates, the world's biggest over-the-counter oil brokerage, says it lost nearly $10 million this week because of unauthorized trades that caused a temporary spike in Brent crude markets.
Ruling disappoints MySpace victim’s mompublished: Fri, 3 Jul 2009 13:28:26 GMT
Tina Meier had hoped to see her neighbor and former friend, Lori Drew, go to prison for her role in the online hoax that caused Meier's 13-year-old daughter, Megan, to end her life. But even though a judge is throwing out Drew's conviction, Meier believes Drew didn't get away with anything.
Artest set to sign with champion Lakers
published: Fri, 3 Jul 2009 07:30:19 GMT
The Houston Rockets forward has verbally agreed to play for Los Angeles next season, though the final contract details are still being worked out according to his agent.
NSA to help watch civilian networks
published: Fri, 3 Jul 2009 01:03:32 GMT
A Bush-era plan to use National Security Agency help in screening government computer traffic on private-sector networks is proceeding, according to current and former government officials.
Mexican wrestlers drugged to deathpublished: Fri, 3 Jul 2009 10:07:23 GMT
Mexican authorities say two professional wrestlers found dead in a low-rent hotel in the capital may have been drugged to death by female robbers.
Sitting duck? Palin wins dubious honorpublished: Fri, 3 Jul 2009 09:40:05 GMT
The National Society of Newspaper Columnists chose Alaska Gov. Sarah Palin as the winner of its annual Sitting Duck Award, a tongue-in-cheek honor that pokes fun at the most ridiculed newsmakers.
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language: en-uspublished: Fri, 03 Jul 2009 23:59:10 EDT
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'Serial killer' sought in South Carolina
published: Fri, 03 Jul 2009 22:57:56 EDT
The Cherokee County Sheriff's Office on Friday released a second sketch of a man believed to have fatally shot four people in less than a week near Gaffney, South Carolina. "Let me say that, under the FBI's definition of a serial killer, yes, we have a serial killer," Sheriff Bill Blanton said. In addition, Blanton said he did not know whether the shooter knew his victims or whether he may have chosen them at random.
published: Fri, 03 Jul 2009 23:40:56 EDT
Sarah Palin said Friday that she will step down as Alaska's governor by the end of the month. She will not seek election to a second gubernatorial term in 2010. As the 2008 Republican vice presidential nominee, Palin had been considered one of the front-runners for the GOP nomination in 2012.
published: Fri, 03 Jul 2009 19:47:41 EDT
Fans must register online for a lottery to win tickets to Tuesday's Michael Jackson memorial at the Staples Center in Los Angeles, organizers said. People who don't have one of the 17,500 free tickets to be handed out should stay away and watch on TV, officials said.
published: Fri, 03 Jul 2009 21:08:41 EDT
While authorities do not yet know what killed Michael Jackson, the possibility that anesthetics -- particularly the drug Diprivan -- might be involved continues to swell. Sources close to Jackson told CNN's Dr. Sanjay Gupta that the singer traveled with an anesthesiologist who would "take him down" at night and "bring him back up" during a tour in the mid-'90s.
published: Fri, 03 Jul 2009 22:05:21 EDT
North Korea fired a pair of mid-range missiles toward the Sea of Japan, South Korea's Yonhap news agency reported Saturday.
published: Fri, 03 Jul 2009 22:18:22 EDT
Iranians worried about their loved ones detained in the protests that followed the presidential election got the ear of a former president, who wants the detainees released, an Iranian reformist party newspaper reported on Thursday.
published: Fri, 03 Jul 2009 21:21:08 EDT
Mexican President Felipe Calderon will wake up a lame duck Monday. How lame will depend largely on nationwide midterm elections Sunday.
published: Fri, 03 Jul 2009 18:45:59 EDT
Two children were killed when a fire broke out in a high-rise apartment building in south London on Friday afternoon, officials said. Sixteen people were injured.
published: Fri, 03 Jul 2009 22:12:06 EDT
A sailor found dead earlier this week at California's Camp Pendleton was shot while standing sentry, and a fire was set in an attempt to cover up evidence, the U.S. Navy said.
published: Fri, 03 Jul 2009 10:18:31 EDT
John Demjanjuk, the former U.S. auto worker suspected of Nazi war crimes, has been deemed fit to stand trial, prosecutors said Friday.
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North Korea 'tests more missiles'
published: Sat, 04 Jul 2009 04:59:59 GMT
North Korea reportedly fires four short-range missiles amid speculation it may be planning another long-range test.
No Suu Kyi meeting for UN chiefpublished: Sat, 04 Jul 2009 04:28:02 GMT
Burma's junta refuses to allow visiting UN chief Ban Ki-moon to meet jailed opposition leader Aung San Suu Kyi.
Honduran court defiant on Zelayapublished: Sat, 04 Jul 2009 04:53:44 GMT
Honduras' high court rejects a demand by the Organization of American States to reinstate ousted President Manuel Zelaya.
Alaska Governor Palin to resignpublished: Fri, 03 Jul 2009 23:13:52 GMT
Republican ex-vice-presidential hopeful Sarah Palin is to quit as Alaska governor amid speculation about a possible presidential bid.
Russia 'agrees US troop transit'published: Fri, 03 Jul 2009 22:47:46 GMT
An Obama administration official says Russia has agreed to let US troops bound for Afghanistan fly through its airspace.
African Union in rift with courtpublished: Fri, 03 Jul 2009 22:28:18 GMT
The African Union halts co-operation with the International Criminal Court over its war-crimes charges against Sudan's leader.
Kenya sets new tribunal deadlinepublished: Sat, 04 Jul 2009 00:32:31 GMT
Kenya and the ICC agree a new deadline to set up a special tribunal to try the ringleaders of post-election violence.
Serbia jails Muslim 'terrorists'published: Sat, 04 Jul 2009 00:19:54 GMT
Twelve alleged Serbian Muslim radicals are jailed for up to 13 years for plotting terrorist attacks on an imam and others.
Jackson tickets via internet drawpublished: Fri, 03 Jul 2009 19:18:28 GMT
Tickets for a memorial service for Michael Jackson in Los Angeles will be made available via the internet, organisers reveal.
North Korea launches beer advertpublished: Fri, 03 Jul 2009 09:57:15 GMT
North Korea launches television adverts for a beer, in a rare commercial move for the resolutely communist nation.
Murray suffers semi-final miserypublished: Fri, 03 Jul 2009 17:44:39 GMT
Britain's long wait for a men's finalist at Wimbledon goes on after Andy Murray loses a nail-biting semi-final against an inspired Andy Roddick in four sets.
Federer eases into seventh finalpublished: Fri, 03 Jul 2009 14:16:21 GMT
Roger Federer beats Tommy Haas in straight sets to reach a seventh consecutive Wimbledon final and close in on a record 15th Grand Slam title.
Mass arrestspublished: Fri, 03 Jul 2009 17:04:26 GMT
Concern grows over fate of Iranian protesters
Around the hornpublished: Fri, 03 Jul 2009 19:55:56 GMT
So what exactly does the cuckold sign mean?
West meets Eastpublished: Fri, 03 Jul 2009 23:36:45 GMT
UK teenagers take up Japan's fashion rebellion
Custody battlepublished: Fri, 03 Jul 2009 17:02:12 GMT
Legal wrangles may lie ahead over Jackson's children
Danger zonepublished: Fri, 03 Jul 2009 16:41:59 GMT
BBC visits Somalia's radical guerrillas al-Shabab
Inside Opus Deipublished: Fri, 03 Jul 2009 11:49:42 GMT
Influential Catholic group lifts veil on its activities
Rai star jailed for abortion bidpublished: Fri, 03 Jul 2009 14:58:17 GMT
Algerian Rai music star Cheb Mami is jailed for five years in France for trying to force his former partner to have an abortion.
Month mourning for Comoros crashpublished: Fri, 03 Jul 2009 15:46:19 GMT
The Comoros will mourn the victims of this week's plane crash for 30 days, the president of Indian Ocean nation announces.
Putin urges Obama to scrap shieldpublished: Fri, 03 Jul 2009 16:10:35 GMT
Russian PM Vladimir Putin urges the US to shelve its missile defence shield, as Barack Obama prepares to visit Moscow.
WHO warns swine flu 'unstoppable'published: Fri, 03 Jul 2009 03:00:11 GMT
The UN's top health official tells a swine flu forum in Mexico that the spread of the virus worldwide is now unstoppable.
Japan rethinks silent hybrid carspublished: Fri, 03 Jul 2009 11:01:56 GMT
Japan considers adding noise-making devices to quiet hybrid cars to improve safety for blind pedestrians.
Fans and foes pray for ill Aquinopublished: Fri, 03 Jul 2009 04:56:33 GMT
Former Philippine President Cory Aquino has stopped treatment for cancer, prompting prayer vigils by fans and foes.
Demjanjuk cleared to stand trialpublished: Fri, 03 Jul 2009 12:40:26 GMT
The alleged Nazi war criminal John Demjanjuk is declared fit enough to stand trial in Germany.
Europe nears gas pipeline accordpublished: Fri, 03 Jul 2009 14:30:21 GMT
Five European governments are due to sign an agreement on 13 July for a major new pipeline from Central Asia.
UK seeks Iran trial clarificationpublished: Sat, 04 Jul 2009 03:42:55 GMT
British diplomats are trying to establish if Iran intends to act on its threat to prosecute staff from the UK's Tehran embassy.
Gaza girl killed in border clashpublished: Fri, 03 Jul 2009 11:23:45 GMT
A 17-year-old Palestinian girl has been killed in Gaza by Israeli fire in a clash with Palestinian militants near the border.
Deadly military crash in Pakistanpublished: Fri, 03 Jul 2009 16:26:59 GMT
Up to 26 Pakistani soldiers are feared dead after an army transport helicopter crashes in a tribal region, officials say.
India media hails gay sex rulingpublished: Fri, 03 Jul 2009 04:59:52 GMT
The Indian media welcomes a ruling by a Delhi court decriminalising homosexuality in the country.
An old-fashioned coup in Honduras?published: Thu, 02 Jul 2009 11:27:48 GMT
In Honduran capital, Tegucigalpa, Stephen Gibbs finds out what people think of the coup which exiled President Manuel Zelaya.
Pakistan's education battlegroundpublished: Fri, 03 Jul 2009 07:49:33 GMT
A lack of government schools and teachers means more and more children in Pakistan are being taught at madrassas.
Are you worried about swine flu?published: Fri, 03 Jul 2009 09:57:04 GMT
The UNs top health official has said the worldwide spread of swine flu is now unstoppable. Are you concerned?
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4 Gadgets to Stay Connected on the Road (Deal of the Day)
author: letters@smartmoney.com (Kelli B. Grant)
published: Thu, 02 Jul 2009 00:00:00 -0400
As Americans look to save on travel costs and gasoline prices hold fairly steady, more people are turning to their own cars to get them where they want to go. But few sounds drown out the joy of a summer road trip faster than a backseat chorus of “Are we there yet?”
Fortunately for the chauffeurs of the vocal and impatient, gadget makers have released new devices designed to make car trips easier for passengers, not to mention drivers. Among the possibilities: tuning into live TV while idling in traffic, getting enough battery power from your computer to play the entire "Harry Potter" DVD lineup back-to-back, and turning your cellphone into a radar detector.
SmartMoney.com talked to auto and electronics experts, as well as drivers, to find car-worthy gadgets. Here are four ways to stay in touch on the road:
1) Live TV
New satellite services ensure that a lengthy road trip doesn’t mean the family misses the latest episodes of hit summer series like “Burn Notice,” or popular kids’ shows, such as “Hannah Montana.” “This would be a lifesaver,” says Lisa Tyler, a spokeswoman for social networking site MomsLikeMe.com. She routinely sets up the car’s DVD player with videos for her four-and-a-half year-old twin boys but says it’s tough to keep their interest with the same shows on the family’s annual 14-hour summer roadtrip from Virginia to Florida. “With TV, you get the variety of programming,” Tyler says.
Systems can be installed in most vehicles, as long as you have an FM radio and a monitor. The technology is still in early adoption, so expect to pay steep fees for equipment. A few systems on the market:
- AT&T (T) CruiseCast. Browse the lineup of 42 satellite TV and radio channels, including Disney (DIS) XD, Discovery Kids, Animal Planet and Accuweather. The antenna/receiver combo costs $1,300, and a monthly subscription is $28.
- DirecTV (DTV) Total Choice Mobile. Watch any of the satellite service’s 185 channels, including the major networks and niche offerings like The History Channel and Spike. The service requires a subscription to the satellite provider (packages start at $30 per month) and an unobtrusive receiver (roughly $2,000) to be installed on your vehicle’s roof.
- Sirius (SIRI) Backseat TV. Programming is currently limited to three kid-friendly channels: Nickelodeon, Disney Channel and Cartoon Network. To set up the service you’ll need an audio/video tuner ($300), as well as a monthly subscription ($7, in addition to regular satellite radio subscription fees, which start at $7 a month).
2) Power converter
Forgot the car charger for your favorite electronic device? No sweat. Inexpensive power converters enable you to power any device that uses a standard plug, including your cellphone, your laptop or a blender for smoothies near the beach. This coffee-cup-shaped version ($30, from ThinkGeek) plugs into the cigarette lighter in your vehicle. It can power up to three devices at the same time, and fits into the car’s drink holder for easy storage and access.
3) Your smartphone
Whether he’s driving the family car or his motorcycle, debt counselor Steve Rhode of GetOutofDebt.org always brings his Apple (AAPL) iPhone along for the trip. “It’s my travel essential,” he says. “I rely on it.” In addition to music and games, Rhode has loaded his phone with apps to make his trips easier, including weather monitor RadarScope ($9.99 on iTunes) and “AroundMe” (free), which locates the nearest restaurants and other amenities. “I can make a more informed decision about where I get off the highway,” Rhode says. A few other useful apps for the road:
- Trapster. Avoid speeding tickets with this free app for the BlackBerry, iPhone, Android device or other phone operating system. It uses GPS to alert you when you’re approaching known speed traps, red-light cameras and speed cameras.
- SitorSquat. This free app for BlackBerry and the iPhone uses GPS to find nearby restrooms. An active user community rates each from zero to five stars for cleanliness.
4) GPS
New standalone and dashboard models on the market do more than direct you from Point A to Point B. Some alert you to congested roadways and offer alternate routes to cut your travel time. Voice activation commands let you keep your eyes on the road and your hands on the wheel. A handful — like the Garmin (GRMN) nüvi 265WT (on sale at Best Buy for $220, a 33% discount) — include Bluetooth technology, which allows you to reroute cellphone calls through the device’s built-in speakers and microphone. “We’re all in favor of anything that prevents distraction in a vehicle,” says Fran Clader, a spokeswoman for the California Highway Patrol, which has issued more than 100,000 citations to drivers using handheld cellphones on the road. And in New Jersey, hands-free might soon be the only legal way to operate your GPS.)
Many GPS models also include programs that can play your MP3 collection, point you to the nearest bookstore or amusement park and locate the cheapest gas around.
SMARTMONEY ® Layout and look and feel of SmartMoney.com are trademarks of SmartMoney, a joint venture between Dow Jones & Company, Inc. and Hearst SM Partnership. © 1995 - 2009 SmartMoney. All Rights Reserved.
author: letters@smartmoney.com (Stephanie AuWerter)
published: Thu, 02 Jul 2009 00:00:00 -0400
QUESTION: I like the yields on GNMA bonds. What are the risks?
—Frank Summers, Santa Ana, Calif.
Anyone tracking bonds backed by “Ginnie Mae” mortgages (from the Government National Mortgage Association) is likely wondering, “What mortgage meltdown?”
Ginnie Mae creates mortgage-backed securities consisting primarily of loans guaranteed by the Federal Housing Administration, which typically backs loans to folks with shaky credit and small down payments. These bonds have had an impressive run: The Barclays Capital U.S. MBS Fixed Rate GNMA index has an 8.6 percent one-year total return, compared with 8 percent for the intermediate Treasury bond index.
Despite their government backing, Ginnie Mae bonds carry slightly more risk than Treasurys. When a mortgage is paid back early (because the homeowner has moved, refinanced or was foreclosed upon), for instance, you’ll get your money back but miss out on future interest payments. You could then buy a new GNMA bond, but if mortgage rates have fallen, you’re stuck with a lower yield. “That’s a heightened risk right now,” says Ronald Reardon, a principal in Vanguard’s fixed-income department, noting that the Obama administration wants to keep mortgage rates low. If you decide to go this route, consider a low-fee mutual fund. And beware that the recent Ginnie Mae rally may be on the verge of downsizing.
QUESTION: My son, who graduated in 2005, has $60,000 in private student loans. Can he consolidate them?
—Bill Lee, Iola, Kan.
Yes, though it’s not as easy as it used to be. Private student loans can be consolidated only through private student-loan providers that specifically offer the service—and now, thanks to the credit crunch, that’s just four firms, says Mark Kantrowitz, publisher of FinAid.org, which offers a list of providers on its Web site.
Interest rates on private loans are variable and tied to another rate, like the three-month London Interbank Offering Rate (currently 0.66 percent), plus an additional 4 to 14 percent. It takes a 100-point improvement in a borrower’s credit score to garner better terms, though. Also, private loans can’t be consolidated with Federal student loans, which carry lower fixed rates.
QUESTION: How do you choose a financial planner? I don’t know where to start.
—Tania Giordani, Chicago
Start with a recommendation from someone in a similar financial situation, then tackle the due diligence. Believe it or not, anyone can call himself a financial planner or adviser, though he’ll need certain credentials for some tasks. Almost anyone offering to buy and sell securities for your account, for instance, needs to be a registered investment adviser with the Securities and Exchange Commission. Some planners work for insurance firms, which means they’re beholden to state insurance laws. Certified financial planners have met certain work requirements, passed an exam and agreed to follow the CFP Board of Standards’s ethics code.
Cost is also a consideration. Some planners charge a fee (either a flat fee or a percentage of assets), others are paid by commission, and some use a combo approach. “Obviously, if you want advice, you should expect to pay for it,” says Barbara Roper, director of investor protections for the Consumer Federation of America. “Just make sure the advice benefits you, not the salesperson.”
Finally, a preliminary meeting is usually free of charge. Ultimately, it comes down to chemistry. If it feels like a fit, you’ve found your planner.
SMARTMONEY ® Layout and look and feel of SmartMoney.com are trademarks of SmartMoney, a joint venture between Dow Jones & Company, Inc. and Hearst SM Partnership. © 1995 - 2009 SmartMoney. All Rights Reserved.
author: letters@smartmoney.com (Dan Burrows)
published: Thu, 02 Jul 2009 00:00:00 -0400
The recent market weakness might be making some investors nervous, but it also affords them an opportunity to pick up investments in cyclical sectors at more attractive prices, the brokerages say.
Who's Talking: Marc Zabicki, senior market strategist, Ameriprise Financial
The Gist: The market's "extraordinary" rally that started in early March cooled off in the last two weeks of June, but that's no cause for alarm, Zabicki says. In his view, the correction is overdue and, he says, it should be modest in nature.
"We believe the February and early March trading represented extraordinarily irrational expectations that have since been corrected by a sensible assessment of the business cycle," the strategist says. "We believe market sentiment and renewed realization of fundamentals will keep the current bout of equity weakness relatively contained."
With the market looking to be range-bound in the near term, investors would do well to take advantage of the lower stock prices and adjust their portfolios to reflect a more balanced allocation between cyclical and defensive sectors.
In fact, Zabicki upgraded early cycle sectors like industrials (to Overweight from Equal Weight) and energy (to Equal Weight from Underweight) while downgrading more defensive sectors such as consumer staples (to Equal Weight from Overweight) and utilities (to Underweight from Equal Weight).
"In our view, these shifts bring our U.S. equity allocations more balance, with no bias toward cyclical or defensive exposure," Zabicki says.
Here's how Ameriprise now weights the 10 sectors of the S&P 500:
| Sector | Weight |
|---|---|
| Consumer Discretionary | Underweight |
| Consumer Staples | Equal Weight |
| Energy | Equal Weight |
| Financials | Overweight |
| Health Care | Overweight |
| Industrials | Overweight |
| Information Technology | Equal Weight |
| Materials | Underweight |
| Telecom | Equal Weight |
| Utilities | Underweight |
Who's Talking: Brad Sorensen, director of market and sector analysis, Charles Schwab Center for Financial Research
The Gist: Like Zabicki, Sorensen sees the recent market weakness as an opportunity to "play the pullback" and increase exposure to more cyclical stocks at cheaper prices.
"The impressive overall market rally from the March lows has stalled, while the cyclical areas that had benefitted from hopes of an economic recovery have pulled back," says Sorensen. "However, in every situation lies an opportunity: Investors looking to make some shorter-term moves could benefit from buying stocks and funds at lower prices."
However, in contrast to Zabicki, Sorensen takes a slightly less balanced, more pro-cyclical view when it comes to sector allocation. Schwab continues to believe that global reflationary policies, combined with the possibility of a continued weakening of the dollar, will benefit the more cyclical technology, industrials and materials sectors. In contrast, they believe defensive-oriented consumer staples, telecommunication, and utilities sectors will underperform.
The differences between Ameriprise's more balanced weighting and Schwab's more aggressive outlook can be seen in their respective views of some key sectors. For example, where Ameriprise advocates overweighting financials, Schwab calls the sector at Market Perform (Ameriprise's equivalent of Equal Weight.) Schwab is also more bullish on Materials, which it puts at Outperform, vs. Ameriprise's Underweight.
Here is Schwab's recommended allocation to the 10 sectors of the S&P 500:
| Sector | Weight |
|---|---|
| Consumer Discretionary | Market Perform |
| Consumer Staples | Underperform |
| Energy | Market Perform |
| Financials | Market Perform |
| Health Care | Market Perform |
| Industrials | Outperform |
| Information Technology | Outperform |
| Materials | Outperform |
| Telecom | Underperform |
| Utilities | Underperform |
SMARTMONEY ® Layout and look and feel of SmartMoney.com are trademarks of SmartMoney, a joint venture between Dow Jones & Company, Inc. and Hearst SM Partnership. © 1995 - 2009 SmartMoney. All Rights Reserved.
author: letters@smartmoney.com (Jack Hough)
published: Thu, 02 Jul 2009 00:00:00 -0400
Companies don't seem interested in buying rivals at the moment, despite the comparatively low prices they could pay for them. That bodes poorly for stocks in general, but investors can still use the math of takeover pros to find bargains.
U.S. shares are 27% cheaper than a year ago, even after climbing 15% in the second quarter. During the first half, though, the value of announced acquisitions in the U.S. fell 45% from a year earlier, according to data provider Dealogic. TrimTabs, an investment research group, calls the second quarter the most bearish it has seen since it started tracking data in 1995, in terms of companies' zeal for selling new shares to the public and their reluctance to spend cash to buy either their shares or entire companies.
Investors should read that as a sign of stock-market pessimism among company managers, which signals poor market returns to come, according to TrimTabs. Perhaps that makes now a good time to raise cash, or at least trade pricey stocks for cheap ones. To the latter end, I've listed five companies below that corporate suitors might think are good deals right now, if they weren't so reluctant to spend. Some of the traits that can make a company a potential takeover target can also make it a promising stock. Chief among them is a modest price.
The companies have, in the parlance of merger and acquisition pros, low EV/Ebitda ratios. EV is enterprise value, which is what an investor would pay to buy a company in its entirety and repay all of its debt. Ebitda stands for earnings before interest, taxes, depreciation and amortization. It's a measure of underlying profit potential that allows for tidy comparisons of companies. A low EV/Ebitda ratio, then, means a company had a modest takeover price relative to its earnings potential. The companies on my list also generate free cash, something acquiring firms like to see.
BJ's Wholesale Club (BJ) shares have climbed 31% over the past five years, vs. an 18% decline for the S&P 500. They now sell for 13 times forward earnings, vs. more than 16 times earnings for the index. Sales and profits for BJ's are rising at the moment, as consumers forsake full-price shops for discount clubs. The company has low profit margins relative to peers like Costco (COST), but also increasing margins, which together suggest both improvement and room for more of it.
Dell (DELL) has suffered sharp sales declines of late, but it has reduced corporate expenses and still produces impressive returns on equity, the mark of an efficient company. In the absence of a global economic recovery, the chief appeal of the stock for investors is a low price. Subtracting the company's sizable cash balance from its stock price, shares go for about 10 times forward earnings.
Listed below are details on these two companies and three others.
| Company | Ticker | Industry | Curr. Price | EV/Ebitda | Return on Equity (%) | Dividend Yield (%) |
|---|---|---|---|---|---|---|
| Data as of July 1, 2009 | ||||||
| Dell | DELL | Personal Computers | 13.73 | 5.60 | 46.9 | n/a |
| Sherwin-Williams | SHW | Chemicals | 53.75 | 6.86 | 32.0 | 2.64 |
| Eastman Chemical | EMN | Chemicals | 37.90 | 5.63 | 14.1 | 4.64 |
| BJ's Wholesale Club | BJ | Discount Stores | 32.23 | 5.99 | 14.8 | n/a |
| Weis Markets | WMK | Grocery Stores | 33.52 | 5.93 | 8.2 | 3.46 |
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author: letters@smartmoney.com (Miriam Gottfried)
published: Thu, 02 Jul 2009 00:00:00 -0400
News at a Glance
- Labor Update: Economy lost 467k jobs in June.
- Equities Fall: Investors disappointed by jobs report.
- Demand Rises: Factory orders top May consensus.
- Long Day: Trading extended by 15 min. to fix glitches.
The Lowdown
A short week on Wall Street came to a bleak ending.
Stocks took an steep fall Thursday, as traders recoiled after a disappointing June employment report. Each of the major indexes finished the day down more than 2.6%. The Dow Jones Industrial Average dropped 223 points to 8281. The Nasdaq gave up 49 at 1797, and the S&P 500 slipped 27 to 896.
All 30 of the Dow's components ended the day in the red. Alcoa (AA), JPMorgan Chase (JPM) and Travelers Companies (TRV) were hit particularly hard.
The energy sector was also pummeled. Royal Dutch Shell (RDS.A) and ExxonMobil (XOM) each fell by more than 2.9% as oil prices fell on concern over demand. By 5 p.m., crude traded down $2.89 on the day at $66.42 a barrel.
The jobs report was a heavy weight on the broader market. Payrolls fell more than forecast in June, and the unemployment rate rose slightly, according to the Labor Department. Employers cut 467,000 jobs in June, compared to a decline of 345,000 in May. The unemployment rate hit 9.5%, up from 9.4% in May. Analysts had forecast payroll declines of 365,000 jobs and an unemployment rate of 9.6%.
For many traders, the session seemed as if it might never end. It wasn't all in their heads. Trading was extended by 15 extra minutes to clear up some technological glitches.
World markets were broadly lower. In Europe, stocks fell Thursday after the European Central Bank held the Euro Zone's benchmark interest rate at its record low of 1%. In Asia, stocks closed down on concern that the U.S. stimulus package isn't doing enough to curb job losses.
Corporate News
- General Motors (GM) could file for an initial public offering in 2010, said Harry Wilson, an auto task force advisor who testified in U.S. bankruptcy court Wednesday. The company was in court to get approval to sell about 60% of its assets to the Treasury. The remainder will be owned by the Canadian government and a union reitree trust fund. GM could exit bankruptcy as soon as this month.
- Lear (LEA) plans to file for bankruptcy after reaching an agreement with secured lenders and bondholders, the company said Wednesday in a statement. The auto supplier is responding to a slowdown in sales brought on by a decline in production on the assembly lines of its major customers.
- Exelon (EXC) raised its hostile takeover bid for NRG Energy (NRG) by 12% to $7.45 billion after a drop in its share price reduced the premium it had offered. The revised bid is 7.9% higher than NRG's closing price Wednesday.
The Economy
- Payrolls fell more than expected in June, declining by 467,000, compared to a decline of 345,000 in May, according to the Labor Department. The unemployment rate is now 9.5%, up from 9.4% in May. Unemployment was expected to reach 9.6%. Hourly earnings held steady at $18.53 after an increase of 0.1% in May. The average workweek fell by 0.1 to 33 hours. It was expected to hold steady at 33.1 hours. REPORT
- Weekly jobless claims fell to 614,000 in the week ending June 27, down from 627,000 the previous week, the Labor Department said. Forecasters had expected the number to come in at 615,000. REPORT
- Factory orders rose 1.2% in May, up from a revised April increase of 0.5%, the Commerce Department said. Factory orders, which reflect demand for durable and non-durable goods, had been expected to rise 0.9%. REPORT
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author: letters@smartmoney.com (Jonathan Hoenig)
published: Thu, 02 Jul 2009 00:00:00 -0400
Every time then-President Bush talked about ethanol back in 2005, fashionable stocks like Pacific Ethanol (PEIX), Aventine Renewable Energy Holdings (AVR) and VeraSun Energy would gap higher. Despite the fact that corn-based ethanol was inefficient and not economical, it thrived for a while on the basis of subsidies and political largess. The more Bush plugged ethanol, the higher the stocks zoomed. Then the reality of corn-based ethanol set in. Now most of the companies have either filed for bankruptcy or come darn close.
In similar fashion, it is quite possible that the government’s efforts to “fix” health care might, at least for a while, actually benefit many of the more dominant companies as contracts and businesses are doled out to established players. Catching my eye and nipping up against overhead resistance near $20 a share is PowerShares Dynamic Healthcare Sector Portfolio (PTH), an ETF featuring holdings such as Hospira (HSP), Bristol Myers Squibb (BMY) and Becton Dickinson (BDX). Unlike many existing health-care ETFs, which tend to be top-heavy in names like Merck (MRK) and Pfizer (PFE), PTH holds an unusually large amount — almost 45% — of smaller companies.
A Healthy Helping
PowerShares Dynamic Healthcare Sector Portfolio (PTH)—YTD
| Company | Ticker | Position % |
|---|---|---|
| Source: PowerShares | ||
| Waters Corp. | WAT | 2.80 |
| Hospira | HSP | 2.63 |
| DaVita | DVA | 2.59 |
| WellPoint | WLP | 2.58 |
| Gilead Sciences | GILD | 2.56 |
| Quest Diagnostics | DGX | 2.55 |
| Forest Laboratories | FRX | 2.50 |
| Becton Dickinson | BDX | 2.48 |
| Baxter International | BAX | 2.44 |
| Johnson & Johnson | JNJ | 2.43 |
If the fix is anything like previous marketplace interventions, politically connected firms can expect a windfall of benefits for a period of time. This lightly-traded fund is a top choice for investor searching for health-care exposure in a sector whose future will be determined not in a laboratory, but on Capitol Hill.
Higher Taxes or Free Gas?
A few months ago we highlighted ways in which private industry was creating value for consumers even as the economy cratered. Many more continue to do so, even those not benefiting from the government’s billion-dollar bailouts.
A truly remarkable program from a major retailer sets a new standard for corporate generosity. The Sears (SHLD) Buyers Protection Program covers any appliance valued more than $399 put on a Sears card before Aug. 1. If a customer loses their job, the company will credit one-twelfth the cost of the item to them every month they remain out of work. If the individual is still jobless a year after purchase, they get the remainder of the balance put on their account and get to keep the appliance for free.
Another offer comes from car maker Hyundai, whose new incentive program allows car buyers to lock in the price of gas at a set rate, now $1.49, for a year if they buy a car before September. Immediately saving buyers approximately $1 a gallon on gas, the company estimates it knocks $1,000 off the price of a car, far from chump change with most of its line selling for under $20,000 as it is.
The most defining characteristic about capitalism is that it is based on mutually beneficial trade. Profitable businesses succeed by offering a value, not demanding a sacrifice. Once again we see scores of companies dealing with economic adversity through innovation and wealth creation, for both their customers and themselves. A free dishwasher? $1,000 of gas? These are tangible values that mean a great deal, especially to a struggling family.
They’ve helped the companies as well: Hyundai’s earlier effort, the “Assurance Plan” that allows buyers to return their cars if they lose their job, has resulted in the company’s market share jumping from 2.9% to 4.2%.
How do Washington’s efforts compare? According to the to the Ethisphere TARP Index, first covered in this space last March, each taxpaying household has lost $1,233 on their “investment” in the government’s TARP program thus far.
A free dishwasher or a $1,233 bill for bailing out AIG (AIG) and Citigroup (C)? Which type of stimulus do you prefer?
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author: letters@smartmoney.com (Rob Wherry)
published: Thu, 02 Jul 2009 00:00:00 -0400
The first half of 2009 has been a whirlwind of events: Unprecedented government efforts to rescue a financial system on the brink, skyrocketing unemployment, dismal corporate earnings and a housing market plagued by defaults and foreclosures. Oh, and then there was that whole $50 billion Ponzi scheme.
Yet, even as all those detrimental factors played out, in March, the market quietly started staging a comeback. According to Lipper, the average S&P 500 index fund gained 15.7% during the second quarter and has now increased 3% year to date. Meanwhile, the average domestic equity fund has climbed 6.5% over the last six months and the average world equity fund has jumped 14.7%. That still doesn’t make up for a dismal 2008, but the performance does seem to indicate that investors are putting some of the bad news in the rearview mirror and are once again comfortable investing in stocks.
“It was a wild six months to try to lump together,” says Stacey Schreft, director of investment strategy at The Mutual Fund Store, headquartered in Overland Park, Kan. “As dramatic as things fell they turned around.”
Adds Ron Rowland, president of Capital Cities Asset Management in Austin, Texas: “Year to date, it looks like nothing ever happened.”
This week, the SmartMoney.com fund screen takes a break from its normal routine to focus on overall fund performance during the first half of 2009. Instead of looking at individual funds with good track records in their respective categories and low fees, we simply list the six-month performance of 24 key fund groups tracked by Lipper. Consider it a first-half report card for your portfolio. We do this screen for an important reason: By staying aware of fund returns, investors can hopefully spot burgeoning trends.
Indeed, one of the emerging themes of the first half of 2009 was the thumping growth funds gave their value counterparts. As you can see from the table below, growth funds easily outpaced value funds up and down the market capitalization spectrum. That trend had been playing out before the market took a nosedive last year — at that point, value briefly trumped growth — but now the gap is widening and many market experts think it will continue to do so since growth stocks historically tend to lead the market out of its doldrums.
“I have been in favor of growth since the middle of ‘07” says Rowland, who hung onto his growth fund holdings even as investors fled to safety.
Now, there were some fund categories that didn't do all that well. Financial services funds gained 27.4% during the second quarter after most big banks passed the government's "stress tests" and were able to raise capital to repay federal loans. However, the category is still down 3.4% in 2009. Real estate funds dropped 9.5% the last six months and equity income offerings, the funds that focus on dividend-paying stocks, managed to eke out a mere 1.2% gain.
But at the same time there were also some eye-popping returns. Technology funds soared 24.6% thanks to some M&A deals and opportunistic buying after tech stocks got hammered in 2008. Investors also became more willing to take on risk after fleeing to safe havens last year. The average emerging markets fund gained 34.2%. Latin America offerings, a subset of emerging markets, increased 44.5%. That was the single biggest increase in the first half of any of the 68 equity categories tracked by Lipper.
Investors shouldn't get overly excited about those rosy returns. “We clearly see people chasing returns,” says Schreft. And many market watchers think another event — rising unemployment, a failed bank, inflation — could cause the rally to quickly cool off. “I think it’s probably safe to say the complete meltdown and disruption of big financial institutions that was scaring everybody months ago is not going to happen,” says Rowland. “The worst case scenario is now off the table. However, the next worst case is still a possibility.”
| Fund Category | Year-to-Date Return (%) |
|---|---|
| Source: Lipper Note: Data is for date range between Dec. 31, 2008 and June 30, 2009 |
|
| Latin America | 44.5 |
| China Region | 37.2 |
| Pacific Ex Japan | 34.6 |
| Emerging Markets | 34.2 |
| Science & Technology | 24.6 |
| Basic Materials | 22.9 |
| Int'l Small/Mid Cap Growth | 21.0 |
| Gold | 18.0 |
| Pacific Region | 16.0 |
| Global Multicap Growth | 15.7 |
| Natural Resources | 13.8 |
| Midcap Growth | 13.0 |
| Consumer Services | 11.9 |
| Small-Cap Growth | 11.4 |
| Multicap Growth | 11.2 |
| Large-Cap Growth | 10.9 |
| Global Financial Services | 10.6 |
| Midcap Core | 9.2 |
| Midcap Value | 7.8 |
| Multicap Core | 7.3 |
| Small-Cap Core | 6.3 |
| Large-Cap Core | 4.8 |
| Small-Cap Value | 4.7 |
| S&P 500 Index | 3.0 |
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author: letters@smartmoney.com (Will Swarts)
published: Thu, 02 Jul 2009 00:00:00 -0400
Market Wrap-Up
Worse-than-expected job loss numbers ended a grim week ahead of the long Fourth of July weekend. Trading was extended until 4:15 p.m. on Thursday to clear up some technological glitches, but the four-session week ended roughly for stocks. The Labor Department reported that nonfarm payrolls shed 467,000 jobs in June, a much greater decline than the earlier estimate of 350,000. Crude oil dropped below $67 a barrel amid a wide selloff. The Dow Jones Industrial Average lost 218 to close at 8286. For a complete rundown on Thursday’s trading session see our market story.
Winners
Contrary, heavily leveraged short-term bets were the best move for traders during a disappointing week. The Direxion Daily Financial Bear 3X Shares fund (FAZ) rose 10.8%. Signs of an Asian recovery put the iShares MSCI Taiwan Index fund (EWT) among the best unleveraged, heavily traded ETFs, boosting shares 1.4% for the week.
Losers
The widespread dips in energy prices took the United States Natural Gas fund (UNG) down 9.4% for the week, and pushed back shares of the Oil Service HOLDRS Trust fund (OIH) by 8.0%. The broad selloff in stocks had the financial-services sector at its epicenter once again, knocking the SPDR KBW Regional Banking fund (KRE) 5.8% lower.
This Week’s Industry News
Launching Pad
ProShares Advisors launched a pair of leveraged exchange-traded funds Thursday. The ProShares Ultra Russell3000 (UWC) and ProShares UltraShort Russell3000 (TWQ) began trading on the New York Stock Exchange. They seek to replicate by 200% and -200%, respectively, the daily return of the Russell 3000 Index. The company said they are designed primarily for short-term trading strategies. The new funds charge 0.95% in annual expenses.
The Javelin Dow Jones Islamic Market International Index Fund (JVS) started trading Wednesday. It is advertised as the first ETF using an investing style tied to the tenets of Islam. Its portfolio now includes 23 companies representing 18 different currencies. The fund, which charges 0.6% a year, will not invest in companies involved in alcohol, gaming, weapons production, pork products and certain types of entertainment such as casinos, gambling and pornography.
The Securities and Exchange Commission approved the launch of the MacroShares Major Metro Up (UMM) and the MacroShares Major Metro Down (DMM) funds, which started trading Tuesday. The funds are designed to deliver 300% and -300% of the return of the S&P/Case-Shiller Home Price 10 Index, the leading benchmark of U.S. residential home prices.
Next Week’s Notebook
Earnings and Conference Calls
Monday
Vimicro International
Tuesday
A. Schulman, Aeon, Greenbrier, International Speedway, Ruby Tuesday
Wednesday
Alcoa, Family Dollar, Nu Horizons Electronic, Pepsi Bottling Group, Rodman & Renshaw, WD-40
Thursday
3Com, Chevron, Franklin Covey, Helen of Troy, Shaw Group, Value Line
Friday
Infosys Technologies, PriceSmart, Progressive
Economic Data
Monday
10:00 a.m. June ISM Non-Manufacturing Index
Tuesday
7:45 a.m. ICSC Chain Store Sales Index for July 4
8:55 a.m. Redbook Retail Sales Index for July 4
5:00 p.m. ABC/Wash Post Consumer Conf for July 4
Wednesday
3:00 p.m. May Consumer Credit
Thursday
8:30 a.m. Initial Jobless Claims for July 4 Week
10:00 a.m. May Wholesale Trade
10:00 a.m. DJ-BTMU Business Barometer for June 26
June Chain-Store Sales
Friday
10:00 a.m. May Trade Balance
10:00 a.m. June Import Prices
10:00 a.m. Mid-July Reuters/U. Michigan Sentiment Index
Quick Take
A look at how the industry's most popular ETFs did on Thursday.
| Symbol | Net Assets | Price | 52 Week High | 52 Week Low | Volume |
|---|---|---|---|---|---|
| SPY | 63,692 | 89.81 | 130.7 | 68.13 | 206,298,931 |
| EFA | 30,201 | 45.23 | 69.06 | 32.16 | 20,731,046 |
| EEM | 30,793 | 31.92 | 45.21 | 19.12 | 59,899,585 |
| GLD | NA | 91.25 | 97.24 | 70.14 | 7,354,752 |
| IVV | 17,692 | 90.07 | 130.92 | 68.24 | 2,731,112 |
| QQQQ | 13,357 | 35.6 | 48.32 | 25.51 | 110,693,833 |
| IWF | 9,442 | 40.21 | 55.45 | 30.49 | 2,606,710 |
| SHY | 7,059 | 83.77 | 85 | 82.52 | 542,824 |
| VTI | 10,157 | 45.32 | 65.56 | 33.75 | 1,812,598 |
| IWD | 7,122 | 45.88 | 70.64 | 34.22 | 2,829,932 |
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author: letters@smartmoney.com (Dan Burrows,Sarah Morgan)
published: Thu, 02 Jul 2009 00:00:00 -0400
So much for the second half of the year getting off to a strong start. The market plunged 2.5% in one trading session just two days into the third quarter. Blame the selloff on the Labor Department, which reported Thursday that the economy shed another 467,000 jobs last month. Earlier estimates pegged the losses at 365,000.
All is not lost, however. May factory orders came in better than economists' forecast, housing prices edged down at a much slower rate in April and oil fell back well below $70 a barrel. Indeed, these so-called "green shoots" of economic recovery (as Federal Reserve Chairman Ben Bernanke would say) may still be a bit wilted and patchy, but it's becoming clearer that the freefalls in earnings, GDP, unemployment and housing have been arrested. To be sure, lots of critical indicators are still in decline, but at least the rate of decline has slowed.
"Factory orders have been better the last couple of months and home sales look like they are starting to stabilize," says Richard Moody, chief economist at investment and research firm Forward Capital. "But any improvement — or any slower rate of deterioration — is really put at risk by what is going on in the labor market. That puts a downside risk on any outlook for the second half of the year."
Investors have an obstacle course of data and projections to contend with as they poise their portfolios for what promises to be a bumpy second half. Here, then, is a look at five critical areas — and what they portend for the next six months.
Corporate Earnings: Baby Steps Toward Recovery, but Don't Get Too Excited
The second-quarter earnings season is almost upon us and it's shaping up to look a lot like the first quarter: bad — but getting better. In the aggregate, S&P 500 second-quarter earnings are forecast to drop 35% year over year, according to Thomson Financial. However, not only is that projected drop a slight improvement over first-quarter results, but analysts' average forecast actually trended up in June, something that hasn't happened since 2007.
Investors have been pricing stocks for this "less bad is good" earnings environment throughout the rally that started in March, possibly setting themselves up for disappointment. "The market expectation is that earnings are going to be better in the second quarter than in the first," says Don Humphreys, president of Voyager Wealth Management. "If they don’t come out better, then the market is going to have to pull back."
On a positive note, the ratio of negative to positive second-quarter earnings pre-announcements for the S&P 500 is below the long-term average, according to Thomson Reuters. That helps bolster the case that analysts' estimates are on the mark and that the second quarter, as bad as it may prove to be, will indeed come in better than the first.
Energy Prices: Oil Prices Apt to Stay at Current Levels
"Oil prices are the wild card here, the big unknown," says Robert Brusca, chief economist at Fact and Opinion Economics. A weak economy doesn't bode well for energy demand, however, and the U.S economic recovery isn't exactly getting off to the races, he says. Indeed, GDP is forecast to grow just 0.6% in the third quarter, according to The Wall Street Journal Economic Forecasting Survey, and only 1.9% in the fourth. The European recovery looks to be weak as well, Brusca says. That argues against oil prices going much higher.
Of course, traditional theories of supply and demand don't always apply in the case of oil prices, says Brusca. "I wouldn't be surprised if oil prices stay where they are, move a little bit higher or even fall 10 or 20 bucks a barrel," the economist says. But one thing is for certain: The last thing cash-strapped consumers need is $4-a-gallon gas again.
Jobs: The Worst Won't Exactly Be Over
Employment numbers tend to lag behind other indicators in any recovery, and the current recession is no exception. "The bad news is that unemployment, which is watched very carefully by many Americans because it does affect us directly, will keep growing," says Dan Seiver, a finance professor at San Diego State University. "It’s quite conceivable we could hit 11% before unemployment actually peaks out," he says. Unfortunately, that peak may not happen before the end of the year, he says.
Even worse, the average American will keep an eye on the job market – and will likely not start spending freely until it shows some signs of improving. A tight job market, combined with essentially flat hourly wages, “bodes very poorly for consumer spending,” says Forward Capital's Moody.
"A lot of people are arguing that the stimulus is going to kick in over the second half of the year and that will provide some support," he says. "But with consumer spending remaining weak, business spending might remain weak."
Housing: Signs of Stability Ahead
The housing market got us into this mess, so investors and analysts seeking signs of a recovery are jumping on any housing data the second it comes out. That may prove to be a waste of energy during the second half of the year, however.
Recent numbers show a slowing rate of decline in housing prices and suggest that some regions could be bottoming out over the next few months. Those are promising signs, but unfortunately a stabilizing housing market won’t drive the recovery.
"When the jobs situation stabilizes, the housing situation will stabilize," says Fact and Opinion Economic's Brusca. "Housing isn't really a threat anymore. It could still decline. But we are not in a situation where housing is a key. The economy is key to housing, not the other way around."
Interest Rates: Short- and Long-Term Rates Should Stay Low
The next meeting of the Fed on Aug. 12 will offer a chance to see where short-term interest rates are heading – and how optimistic the Fed is about the overall health of the economy. For now, though, the Fed will likely continue to pursue a near zero-interest-rate policy in order to jumpstart the economy. However, the agency needs to be watchful of any sign of inflation. "Their big thing is to make sure to pull back on the liquidity in time, so as not to get a ‘double-dip recession," says Don Humphreys of Voyager Wealth Management.
Humphreys says he doesn’t expect inflation to be an issue for quite a while — at least until some real economic growth kicks in. That should also help to keep a lid on long-term rates and tame the so-called bond vigilantes, who sell bonds in the belief that the Fed will have to raise short-term rates to stifle inflation, causing bond prices to fall, says Brusca. (When interest rates rise, bond prices fall.) The recent selloff in long-dated Treasurys pushed longer-term interest rates higher — a situation that, if it continues, would eventually threaten any hopes for recovery.
But after coming very close to the psychologically significant 4%-yield mark, 10-year Treasurys are back at 3.5% "The bond vigilantes recognized that if you're not going to have a strong recovery, you don't have to be a vigilante about the interest rates going up," Brusca says.
SMARTMONEY ® Layout and look and feel of SmartMoney.com are trademarks of SmartMoney, a joint venture between Dow Jones & Company, Inc. and Hearst SM Partnership. © 1995 - 2009 SmartMoney. All Rights Reserved.
author: letters@smartmoney.com (Will Swarts)
published: Wed, 01 Jul 2009 00:00:00 -0400
Market Wrap-Up
Stocks posted moderate gains Wednesday as investors took comfort in improved home sales data and slowing contraction in manufacturing activity. Investors pushed the Dow Jones Industrial Average up more than 100 points in early trading, as the Institute for Supply Manufacturing reported its index of manufacturing activity was in line with economists' estimates. Private sector layoffs hit an eight-month low of 473,000 for June, according to a report from ADP. The Dow closed 57 points higher at 8504. For a complete rundown of Wednesday's trading session, see our market story.
Winners
The iShares MSCI South Korea Index fund (EWY) rose 3.2% after the release of better-than-expected trade data. Gold prices jumped above $941 an ounce Wednesday, pushing Market Vectors Gold Miners fund (GDX) up 4.2%.
Losers
Among unleveraged funds, the United States Gasoline fund (UGF) slid 2.4% Wednesday as gas futures dropped four cents a gallon. Declining natural gas prices again put the United States Natural Gas fund (UNG) among the decliners, dropping 1.5%.
Wednesday’s Industry Headlines
Launching Pad
The Javelin Dow Jones Islamic Market International Index Fund (JVS) began trading Wednesday as the first exchange-traded fund using an investing style tied to the tenets of Islam. It tracks an index of 100 companies, and its portfolio now includes 23 companies representing 18 different currencies. The fund, which charges 0.6% a year, will not invest in companies involved in alcohol, gaming, weapons production, pork products and certain types of entertainment such as casinos, gambling and pornography, which are forbidden by the Koran, Islam's holy text.
Thursday’s Notebook
Earnings and Conference Calls
Acuity Brands, Methode Electronics, MSC Industrial Direct
Economic Data
8:30 a.m. June 27 Weekly Jobless Claims
8:30 a.m. June Non-Farm Payrolls
8:30 a.m. June Unemployment Rate
10:00 a.m. June 20 DJ-BTMU Economic Barometer
10:00 a.m. May Factory Orders
10:30 a.m. June 19 EIA Natural Gas Inventories
4:30 p.m. June 22 Money Supply
Quick Take
A look at how the industry's most popular ETFs did on Wednesday.
| Symbol | Net Assets | Price | 52 Week High | 52 Week Low | Volume |
|---|---|---|---|---|---|
| SPY | 63,692 | 92.33 | 130.7 | 68.13 | 171,593,988 |
| EFA | 30,201 | 46.57 | 69.06 | 32.16 | 20,142,702 |
| EEM | 30,793 | 32.82 | 45.21 | 19.12 | 83,421,505 |
| GLD | NA | 92.39 | 97.24 | 70.14 | 10,741,016 |
| IVV | 17,692 | 92.63 | 130.92 | 68.24 | 7,699,709 |
| QQQQ | 13,357 | 36.4 | 48.32 | 25.51 | 85,775,378 |
| IWF | 9,442 | 41.28 | 55.45 | 30.49 | 3,143,974 |
| SHY | 7,059 | 83.68 | 85 | 82.52 | 1,202,186 |
| VTI | 10,157 | 46.54 | 65.56 | 33.75 | 2,159,452 |
| IWD | 7,122 | 47.74 | 70.64 | 34.22 | 2,560,618 |
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author: letters@smartmoney.com (Jack Hough)
published: Wed, 01 Jul 2009 00:00:00 -0400
A small pay increase or cut for a worker can make an extreme difference in the amount of pocket money left each month after the bills are paid. For much the same reason, moderate changes in corporate sales can lead to huge swings in earnings. Last quarter, companies in the S&P 500 index reported a 16.5% decline in sales vs. a year earlier. Earnings plunged 39%.
For stock investors, the relative stability of sales makes the measure more reliable than earnings for purposes of deciding which companies are cheap. Run a search for low price/sales ratios and you’ll uncover promising stocks that a search for low price/earnings ratios might miss. Moreover, according to market researchers like James O’Shaughnessy, who conducted a study of the matter for his investment guide “What Works On Wall Street,” the P/S ratio is a better predictor of stock performance than the P/E.
The companies below have low P/S ratios, stable or growing sales, strong balance sheets and decent dividends.
Boeing (BA) last week announced another delay in the test flight of its fuel-efficient 787 jetliner, which is now two years behind schedule. Qantas, the Australian carrier, cancelled orders for 15 of them. The delays are embarrassing for Boeing, but not uncommon in the industry, and analysts see little danger of customers defecting to its European competitor, Airbus, which is years behind Boeing in development of its competing A350 (although some carriers, like Qantas, might use the delays as an opportunity to put off orders during the current travel downturn). Boeing’s sales are still expected to increase 11% this year, and profits are projected to rise 23%. I recommended the stock in early March as one of “9 Stocks That Could Double Your Money.” It’s up 42% since that column ran but still looks cheap and comes with a 4% dividend yield.
Nothing says “recession” quite like canned chili. While most casual dining chains are suffering sales declines this year, Hormel Foods (HRL) is on pace for a 2% improvement in sales and an 11% rise in profits. The stock has climbed 12% since I highlighted it at the end of 2008 in a search for insider buying, but its P/S ratio still stands at a discount of 25% to that of Kraft (KFT). The company has a pristine balance sheet and pays a 2.2% dividend. It has topped Wall Street’s earnings forecasts in recent quarters by double-digit percentages, suggesting operational momentum that’s catching investors by surprise.
Scott’s Miracle-Gro (SMG) had a painful urea problem when I recommended the stock in July 2008. The nitrogen-rich compound, discarded freely by humans but manufactured by chemical companies using ammonia and carbon dioxide, had soared to $800 a ton on agricultural markets, crimping profits for fertilizer sellers, including Scott’s. A ton of the stuff now costs closer to $250, just in time for Scott’s to lock in new supply contracts. Shares are up 81% since my recommendation, vs. a 27% decline for the S&P 500. Even now, they still look reasonably priced, and while the stock’s 1.4% dividend yield is puny, it’s also easily affordable relative to profits.
Have a look if you like at the table below, which has details on these three and two other companies my P/S search recently turned up.
| Company | Ticker | Industry | Share Price | Price Change YTD (%) | Price / Sales | Yield (%) |
|---|---|---|---|---|---|---|
| Boeing | BA | Aerospace | $42.65 | -0.05 | 0.5 | 3.9 |
| Kroger | KR | Grocery Stores | 22.23 | -16 | 0.2 | 1.6 |
| Ingersoll-Rand Cl A | IR | Diversified Machinery | 21.2 | 22 | 0.5 | 3.4 |
| Hormel Foods | HRL | Meat Products | 34.82 | 12 | 0.7 | 2.2 |
| Scotts Miracle-Gro | SMG | Agricultural Chemicals | 35.45 | 19 | 0.8 | 1.4 |
SMARTMONEY ® Layout and look and feel of SmartMoney.com are trademarks of SmartMoney, a joint venture between Dow Jones & Company, Inc. and Hearst SM Partnership. © 1995 - 2009 SmartMoney. All Rights Reserved.
author: letters@smartmoney.com (Kelli B. Grant)
published: Wed, 01 Jul 2009 00:00:00 -0400
With more Americans putting their money away in savings accounts, it seems like a fitting time to remember that you don’t have to spend a lot to honor your country – even while on vacation.
Many hotels near patriotic sites have rolled back their prices to draw out tourists who might be setting aside less money for leisure in the midst of the recession. As the American wallet tightened, these businesses did not have much choice. Consumer confidence took a step back in June and remains at a level economists consider unhealthy -- and while Americans are spending, their dollars are not necessarily going toward travel. AAA predicts nearly 2% fewer Americans will travel over the July 4 weekend, and a Mintel survey of vacationers’ habits conducted earlier this month found that 60% of respondents chose to drive their own cars rather than fly during their last vacation.
With cities desperate to attract tourists, patriotic-minded travelers can find a host of deals in cities with rich histories and notable attractions. Already-struggling hotels have incentive to pull in more travelers over the long weekend. Those deals, coupled with inexpensive historical sites, can add up to road trips that won’t break the bank, especially with gas prices down sharply from a year ago. Travelers can find deals at sites that stretch across the country, from the East Coast to the Rocky Mountains and from New England down to the Mid-Atlantic states.
SmartMoney.com talked to historians and travel experts to find deals on all-American attractions. Check out six historic -- and economical -- cities to visit this summer:
Philadelphia
Follow in the footsteps of the founding fathers and declare your financial independence with a visit to this historic city. Fourth of July hotel rates are down 19% from last year, says Genevieve Brown Shaw, a spokeswoman for Travelocity. For example, four-star Sofitel Philadelphia is offering a night free with a reservation of at least four nights this summer, pushing the daily rate (regularly $205 and up) to an average $154. Shaw’s must-visit sites for first-time visitors -- the Liberty Bell, Independence Hall and the Betsy Ross House -- are more economical. Admission to the first two is free, although you’ll need timed tickets to avoid the crowds. Entry to the Betsy Ross House runs $3 for adults and $2 for kids.
Washington, D.C.
Vacationers voted Washington the city with the best free attractions in a June survey by travel review site TripAdvisor.com. The list of patriotic freebies is exhaustive. The National Mall & Memorial Parks include the Lincoln Memorial, the National World War II Memorial and the FDR Memorial. Ford’s Theater distributes free tickets for timed tours of the historic theater where Abraham Lincoln was assassinated and plays are still performed. Lincoln fans can also check out exhibits this year at the Smithsonian Institute’s museums (free) celebrating the bicentennial of his birth. If you stay in nearby Arlington (site of the Arlington National Cemetery, another free attraction) at the Westin Arlington Gateway, you’ll save 35% on a room with a three-night stay. You’ll pay $123 a night, down from $189.
New York
An Independence Day trip to the Big Apple will offer a rare view of the Manhattan skyline this year. Starting July 4, visitors can once again climb the steps of the Statue of Liberty to its crown. The crown had been closed since the Sept. 11, 2001, terrorist attacks and will be closed again shortly after the holiday for a two-year renovation. You can also head to Ellis Island, where you can conduct a search for your ancestors. Both attractions are free, though you’ll pay $12 for adults and $5 per child for the ferry ride over, plus a $3 fee for a trip to the Statue’s crown. Get the full immigrant experience with a trip to the New York City Tenement Museum ($17 adults, $13 kids). “You have to go [there] to complete the story,” says Edward O’Donnell, associate professor of history at the College of the Holy Cross in Worcester, Mass. “Most immigrants spent decades in tenements and only a few hours on Ellis Island.” Expedia lists many deals on accommodations, too. Rates at the three-and-a-half-star Bentley hotel are now down as much as 30%. Sale prices start at $154 per night.
Keystone, S.D.
Hike the Presidential Trail to the base of Mt. Rushmore, and listen to a free talk about how the four presidential heads were carved into the mountain face using dynamite. Entry to the memorial is free, and parking is $10. Time your summer visit to coincide with one of the U.S. National Park Service’s free weekends on July 18-19 and Aug. 15-16, and you can camp out in nearby Badlands National Park, a fossil-rich park about two hours away by car. (If you stay another time, it’s still a bargain at $15 for a seven-day vehicle permit.)
Gettysburg, Pa.
You can easily spend an entire day exploring the Gettysburg National Military Park, site of the battle that turned the course of the Civil War, says Allison Lockwood, project manager of travel information for AAA, who devised a nine-hour driving tour of Civil War sites. Entry to the park is free, but trading up to a guided tour is affordable. A two-hour car tour for up to six people with one of the park’s battlefield guides costs $55, while admission to the museum starts at $6 for adults and $4 for kids. Even the drive to the park can be a draw for history buffs. “You’re on some of the roads the troops traveled on,” Lockwood says. If you plan to stay overnight, the nearby two-star Chambersburg Travelodge is offering 15% off a stay of two nights or more for Expedia customers, which lowers the $85 weekend rate to $72.
Boston
"Boston's Freedom Trail is an easy way to see many of the city's historical sites, like the Paul Revere House, the Old North Church and Faneuil Hall,” Travelocity’s Shaw says. “There are 16 sites along the red-brick trail, but you can pick and choose the ones that interest you the most.” Most carry nominal admission fees -- for example, the Paul Revere House costs $3.50 for adults, $1 for kids -- so visitors who plan to explore them all might pick up a Go Boston card, which offers free access to more than 70 tours and attractions around the city. Prices for a one-day pass are $55 for adults and $38 for kids and scale up for additional days. Hotels rates for the July 4 weekend are down 7% from last year, according to Travelocity. The three-and-a-half-star Boston Park Plaza Hotel & Towers is knocking 20% off its rates, with sale prices starting at $164 per night.
SMARTMONEY ® Layout and look and feel of SmartMoney.com are trademarks of SmartMoney, a joint venture between Dow Jones & Company, Inc. and Hearst SM Partnership. © 1995 - 2009 SmartMoney. All Rights Reserved.
author: letters@smartmoney.com (Dyan Machan)
published: Wed, 01 Jul 2009 00:00:00 -0400
Can you, a newly minted entrepreneur, get a jump on the competition by self-publishing a book? Yes, you can! Or so claims Stacey Hanke, consultant and author of the self-published how-to book Yes You Can!
Last year Hanke was looking for a way to stand out from the mob of other consultants competing to serve as business communication advisers. So she spent nine months writing and a total of $3,000 to publish the 165-page book—and bought 500 copies so she could hand them out to potential clients. Hanke, 39, says the book “opened doors,” and boosted her business and requests for speeches by 20 percent. Today those speeches are ripe occasions for selling copies of Yes You Can! to other people, at $14 each. Try getting that kind of return with a copy of your résumé.
For growing numbers of professionals who want instant credibility, books are the new business cards. It’s part of a publishing surge that led the number of print-on-demand titles to rise 132 percent in 2008 over the previous year, according to Bowker’s Books in Print database. The entrepreneur with a book under her belt is no longer a schnook fighting for recognition; she’s a Published Author sharing her wisdom. “People figure you must be an expert—it’s kind of weird, but it works that way,” says Doug Wojcieszak, who self-published Sorry Works!, on how hospitals should treat families that bring malpractice cases.
The book-as-calling-card has been brought to us by advances in digital publishing, most notably the print-on-demand book. This business is an example of the “long tail” model, where online distribution enables sales of unique items (like your book) in tiny quantities (like 25 copies for your sales conference). New printing companies are eager to make the long tail happen. For $1,000, the company AuthorHouse proofread Sorry Works!—apparently, there’s no extra charge for exclamation points in the self-publishing world—helped Wojcieszak design a cover and got him the first copies of his $24.99 book within 30 days.
But note the word self. You’re basically on your own when it comes to marketing and distribution. Edward Zelinsky, a graphic designer in Falmouth, Maine, uses Lulu.com, another print-on-demand house, to publish books of his work. But he can’t recall someone hiring him for his design services via Lulu’s Web site, where his books are available for free viewing and downloading. “The Web sites are so deep and vast,” he says, “your book disappears into the maw.”
At least the publishers try to help authors cast a wider net. At Lulu.com you can pay an extra $49.95 to get the copyright and an ISBN (International Standard Book Number). That in turn will get it on the Books in Print list viewed by libraries and other publishers, making it possible for people to order it from retailers like Borders. For publishing packages starting at $500, AuthorHouse assigns its authors ISBNs and has them listed on sites like Amazon.com.
One great aspect of self-publishing, says Keith Ogorek, of AuthorHouse parent company Author Solutions, “is that the book doesn’t say it’s self-published, so nobody knows.” Just don’t count on these books as a way to get rich. Booksellers typically take 50 percent of the retail price, leaving authors 5 to 10 percent. An author should see self-publishing as a marketing tool, not a route to big bucks, says Hanke, who adds, “I’ll make millions on my next book.”
SMARTMONEY ® Layout and look and feel of SmartMoney.com are trademarks of SmartMoney, a joint venture between Dow Jones & Company, Inc. and Hearst SM Partnership. © 1995 - 2009 SmartMoney. All Rights Reserved.
author: letters@smartmoney.com (Dan Burrows,Jason Kephart)
published: Wed, 01 Jul 2009 00:00:00 -0400
America may be the great melting pot, but it hasn't always fully embraced the immigrants who have arrived on its shores and helped build its foundations. For years, there have been heated debates over everything from how many visas the government should issue to whether newcomers to America are stealing jobs and lowering wages for U.S. citizens.
Indeed, former Pennsylvania Senator Rick Santorum rose to national prominence partly on his support for building a barrier along the border with Mexico. On the other side of the debate, the Obama administration has pledged to make creating a path for illegal immigrants to become legal a top priority.
But no matter where people stand on the immigration issue there is one thing that isn't up for debate: Foreign-born entrepreneurs have founded some of the nation's biggest companies, and have been responsible for employing millions of Americans over the course of U.S. history.
Nearly 30 years after coming to this country, Vivek Wadhwa, an Indian immigrant, two-time entrepreneur and visiting scholar at the University of California, Berkeley (he holds similar appointments at Harvard and Duke Universities) co-authored a study that found that, between 1995 and 2005, more than a quarter of the nation's tech startups had at least one founder who was foreign born. Perhaps more important, immigrant-founded tech companies generated more than $50 billion in annual sales and, in 2005, employed some 450,000 people. The numbers are even greater if you look beyond the tech sector, he says.
"America is the most desirable country in the world for a foreigner," says Wadhwa. "And it is also the most entrepreneurial society on earth. America encourages risk-taking. It's called the American Dream."
From the French-born founder of DuPont (DD) who started out selling gunpowder in the early 1800s to Hungarian-born Andy Grove, the co-founder of Intel (INTC), corporate America and Americans have long benefitted from such risk-taking immigrant entrepreneurs. With Independence Day upon us, SmartMoney surveyed the corporate landscape looking for major American companies that were founded by immigrants. From the bluest (and oldest) of blue chips to the biggest of upstart tech giants, here is a look at 10 companies that fulfill the promise of the American Dream -- and provide tens of thousands of Americans with jobs.
Carnival Corporation
Founder: Ted Arison
Born in Israel
U.S. employees: 36,500
Israeli-born Arison started Carnival Cruise Lines in 1972 with a single ship – The Mardi Gras. But the party got off to a slow start. By 1974, the fledgling cruise line was struggling so much that Arison was able to buy full ownership of the company for $1. Now 35 years later, Carnival Cruise Lines has morphed into Carnival Corporation (CCL), which operates 11 separate cruise lines, and has a market cap of over $26 billion. The swine flu outbreak and consumers cutting back on travel haven’t helped the company’s bottom line this year. Analysts on average are expecting sales to fall 11% from 2008 to $13 billion, according to data from Thomson Reuters. The consensus is that 2010 will offer some calmer seas, with sales expected to rise to around $14 billion.
The photos in this article were supplied by the companies, except for the following: Pierre Omidyar and Sergey Brin are from Getty Images; Ted Arison is from the National Foundation for Advancement in the Arts.
DuPont
Founder: Éleuthère Irénée du Pont de Nemours
Born in France
U.S. employees: 25,000
DuPont (DD), the world's second-largest chemicals company and a long-time component of the Dow Jones Industrial Average, has given the world everything from nylon to Lycra to Teflon, but it started out as a humble gunpowder manufacturer in 1802. Éleuthère Irénée du Pont de Nemours, the son of a Paris watchmaker, came to the U.S. two years earlier to escape the violence of the French Revolution. By the mid-1800s, DuPont was the largest supplier of gunpowder to the U.S. military.
Based in Wilmington, Del., the company now operates in 70 countries and employs workers in nearly 30 U.S. states. As a basic materials company and early cycle stock, DuPont is well poised to benefit from an upturn in the global economy, especially when it comes to Chinese stimulus spending, says Laurence Alexander, an analyst at Jefferies & Co., who rates the company's shares at Outperform.
eBay
Founder: Pierre Omidyar
Born in France
U.S. employees: Approximately 10,000
French-born Pierre Omidyar's eBay (EBAY) not only employs roughly 10,000 Americans, but there are thousands more who have made a living off of the company he founded by auctioning items from their basements and attics. Born to Iranian-immigrant parents, Omidyar moved to the U.S. when he was 6. After graduating from Tufts with a degree in computer science he went to work at a subsidiary of Apple (AAPL), grinding out code by day -- and working on his entrepreneurial venture at night. Launched in 1997, eBay now claims the title of the world's largest online marketplace, but its outsize growth has cooled off due to competition from Amazon.com (AMZN) and other online retailers. Whether new Chief Executive John Donahoe, who succeeded Meg Whitman a year ago, can reinvigorate this growth story remains to be seen, says Benchmark analyst Frederick Moran, who rates shares at Hold.
Founder: Sergey Brin
Born in Russia
U.S. employees: Approximately 13,000
Born in Moscow, Brin immigrated to the U.S. at age 6. After graduating from the University of Maryland, College Park, with a bachelor's degree in science (and with honors in mathematics and computer science), he enrolled at Stanford University's prestigious graduate school in computer science where he met Larry Page. The two founded Google (GOOG) in 1998 and Brin -- now President, Technology -- is part of the three-man team (including Page and Chairman and Chief Executive Eric Schmidt) that shares day-to-day responsibility for running the company. At one point Google's growth seemed unstoppable, but the recession has taken a toll on its share price. Regardless, the company continues to grab market share in the all-important search business, making the stock a Buy, according to Jefferies analyst Youssef Squali.
Intel
Co-founder: Andy Grove
Born in Hungary
U.S. employees: Approximately 44,000
A refugee of the Hungarian Revolution, Grove immigrated to the U.S. under cover of darkness in 1956. After earning a bachelor's degree from City College of New York and a Ph.D. from U.C., Berkeley in 1963, Grove worked in the semiconductor industry for the next few years until becoming the fourth employee of a start-up called Intel (INTC), which was launched in 1968. Grove transformed Intel from a maker of memory chips to a manufacturer of microprocessors. The rest, as they say, is history: Today this Dow component is the world's largest maker of central processing units, or CPUs -- the central brain in the majority of the world's PCs. As an early cycle stock that's very sensitive to an uptick in the global economy (and a major exporter that benefits from a weaker dollar), Intel's fortunes look bright as the economy recovers, or so the thinking goes in the market. Investors have pushed Intel's stock up 30% since the broader market bottomed in early March.
Nvidia
Founder: Jen-Hsun Huang
Born in Taiwan
U.S. employees: 3,300
From rising ping pong star to the co-founder of a $6 billion graphics chip maker, the career track of Taiwan-born Jen-Hsun Huang has been event-filled to say the least. As a teenager, Huang was a nationally-ranked table tennis player; he competed in his first national tournament at the age of 14 in Las Vegas. He earned a degree in electrical engineering at Oregon State University and a masters at Stanford University. In 1993, he co-founded Nvidia (NVDA) with Chris Malachowsky and immediately began serving as president and CEO. It took two years for the company’s first product to launch, but it’s been on a roll ever since. One of their crowning achievements? Graphics technology that makes the yellow first-down line appear on live football games. The stock took last fall’s crash particularly rough: It fell 76%. But so far this year it's risen 43%.
Pfizer
Founders: Charles Pfizer and Charles Erhart
Born in Germany
U.S. employees: 30,000
It sounds like something out of a bad sci-fi movie: Two German chemists, cousins in fact, move to America seeking opportunity and find it – battling parasitic worms. But that’s how this pharma giant got its start. Charles Pfizer and Charles Erhart came to the U.S. in 1849, with a $2,500 loan, and set up shop in Williamsburg, Brooklyn. The cousins’ first pharma hit was Santonin, a drug used to fight tapeworms. Today, Pfizer (PFE) sells blockbuster drugs like the cholesterol-fighting Lipitor, which brings in $12 billion a year, more than a quarter of the company’s 2008 sales. Linda Bannister, a senior health care analyst at Edward Jones, is concerned that when Lipitor loses its patent protection in 2012, the company will be hard-pressed to replace those sales. But its pending acquisition of fellow drug maker Wyeth (WYE), which had $23 billion in sales last year, should help ease any withdrawal symptoms.
Procter & Gamble
Founders: William Procter and James Gamble
Born in England and Ireland, respectively
U.S. employees: Almost 40,000
Look around your home and you're likely to find P&G's (PG) products everywhere. From Tide detergent to Pampers diapers to Crest toothpaste, the nation's biggest consumer products company and Dow component is truly a red, white and blue chip. Less well-known is that it was founded in 1837 by an English candle maker named William Procter and a soap maker from Ireland named James Gamble. Another interesting piece of P&G trivia: In 1887, the company instituted a pioneering profit-sharing program that gave employees ownership stake in the company. Today P&G investors -- both those who are employed at the company and those who are not -- can scoff at the notion that the U.S. equity market is suffering from a lost decade. Instead, they can take comfort in the fact that this stalwart consumer staples stock outperformed the broader market by a full 50 percentage points over the last 10 years.
U.S. Steel
Founder: Andrew Carnegie
Born in Scotland
North American (figure includes Canada) employees: 28,680
Pittsburgh’s always been the home of the Steelers, but before there was Terry Bradshaw, Chuck Noll and the Steel Curtain defense, there was Andrew Carnegie and the Carnegie Steel Company. Carnegie, a Scottish immigrant, formed the company in the 1870s. In 1901, it was sold to Elbert H. Gary and J.P. Morgan, who already owned the Federal Steel Company. Together, the two steel manufacturers formed the nucleus of United States Steel Corporation (X), which today produces 31.7 million tons of raw steel annually. The past 18 months haven’t been kind to the steel giant -- sagging demand has sent the stock price down more than 65%, but the company’s been down this road before. Ten years ago, the steel industry hit a similar rough patch and U.S. Steel’s stock fell 64%, only to bounce back and gain 621% over the next six years.
Yahoo
Founder: Jerry Yang
Born in Taiwan
U.S. employees: 6,000
What started out as a directory of web sites eventually grew into one of the most trafficked sites on the internet, thanks in large part to its Taiwanese co-founder Jerry Yang. Yang, along with fellow Stanford University Ph.D. candidate, David Filo, began creating the web site that would later be named Yahoo (YHOO) in 1994. Two years later Yahoo went public, with just 46 employees. Now it employs 260 times that amount world-wide, and roughly 6,000 in the U.S. Yang traded in his title of Chief Yahoo to take the helm as CEO in 2007. But the role wasn't for him – Yahoo’s earnings fell 1% to $1.8 billion and its stock dropped 58% to $12 a share in less than two years. Yang handed over the CEO title to Carol Bartz in January and returned to his Chief Yahoo post. Analysts like Jefferies' Squali have high hopes that Bartz can reinvigorate Yahoo’s growth. Squali rates the company's shares a Buy.
SMARTMONEY ® Layout and look and feel of SmartMoney.com are trademarks of SmartMoney, a joint venture between Dow Jones & Company, Inc. and Hearst SM Partnership. © 1995 - 2009 SmartMoney. All Rights Reserved.
CNET News.com
Tech news and business reports by CNET News. Focused on information technology, core topics include computers, hardware, software, networking, and Internet media.
language: en-uspublished: Fri, 03 Jul 2009 22:00:07 PDT
2009 CBS Interactive Inc. All rights reserved
Blogging live from Spiral Jetty
published: Fri, 03 Jul 2009 15:26:00 PDT
Never say never, but this may be the first blog ever posted live from the monumental earthwork on the edge of the Great Salt Lake called Spiral Jetty.
Employee shot, wounded at Virginia Apple storepublished: Fri, 03 Jul 2009 14:25:00 PDT
The victim, a 26-year-old woman, is in serious but stable condition with a wound to the shoulder. Some media outlets are reporting robbery as the motive, but police say it's too early to tell.
Seattle fire knocks out service to Bing Travel, other sitespublished: Fri, 03 Jul 2009 12:14:00 PDT
At least two dozen sites experience protracted outage following Thursday night electrical fire at Fisher Plaza data center. Verizon's Seattle-area DSL service also gets temporarily disrupted.
What soccer team would your company be?published: Fri, 03 Jul 2009 12:11:00 PDT
Martin Veitch at CIO.co.uk riffs on how certain football clubs resemble software companies, to good and painful effect.
iPhone 3GS jailbreak, 'purplera1n,' hits Webpublished: Fri, 03 Jul 2009 10:54:00 PDT
Hacker who originally unlocked the iPhone has let loose a jailbreaking app for the iPhone 3GS ahead of the iPhone dev team. For now, it's Windows-only, but a Mac version is supposedly on the way.
Apple patents point to haptics, fingerprints, RFIDpublished: Fri, 03 Jul 2009 09:43:00 PDT
Three just-published patent applications hint at the company's future plans. But it could be a while before we see any of the functionality built into iPhones or other Apple devices.
Symantec's Ramzan on solving the antivirus puzzlepublished: Fri, 03 Jul 2009 08:00:00 PDT
q&a From puzzles and chess to ciphers and antivirus software, Zulfikar Ramzan talks about how he got into the computer security business and where it's headed.
Week in review: A speedier new Firefoxpublished: Fri, 03 Jul 2009 06:00:00 PDT
Mozilla's latest version plays catch-up with the browser competition. Also: the latest in Windows 7 news, and a Yahoo data center in a new shade of green.
Defending against chemical and biological weaponspublished: Fri, 03 Jul 2009 06:00:00 PDT
At the U.S. Army's Dugway Proving Grounds facility in the Utah desert, researchers look for ways to protect soldiers against "bugs" that could easily kill or sideline them.
Open source to shape cloud computing, but not dominate itpublished: Fri, 03 Jul 2009 05:54:00 PDT
Open source has a role to play in cloud computing, but it's likely not to be the vanquisher of old, proprietary dominance.
Firefox 3.5 and the potential of Web typographypublished: Thu, 02 Jul 2009 20:56:00 PDT
Firefox 3.5 introduces a new embeddable font feature that can make Web typography much more visually appealing. But type foundries have to play along.
Sites that help you lodge complaintspublished: Thu, 02 Jul 2009 15:49:32 PDT
If you've been wronged or you're just not happy with the way you were treated, there are some sites on the Web that will help you get your voice heard.
Google App Engine misfirespublished: Thu, 02 Jul 2009 15:40:00 PDT
A morning outage in Google App Engine--a hosting service for Web application developers--was resolved around noon Pacific Thursday.
iPhone heat issue much ado about nothingpublished: Thu, 02 Jul 2009 15:26:00 PDT
Some reports on Friday claim that Apple admitted in a tech note to having heat issues with the iPhone 3GS, but that's just not true.
Report: Guilty verdict overturned in MySpace suicide casepublished: Thu, 02 Jul 2009 14:26:00 PDT
Lori Drew allegedly used a fake MySpace profile to harass a teenager to the point of suicide, but judge says prosecutors can't use the Computer Fraud and Abuse Act against her.
Net neutrality gets a boost from the fedspublished: Thu, 02 Jul 2009 14:25:00 PDT
The Obama administration includes the FCC's Net neutrality principles as conditions for some of the funds it will allocate as part of the economic stimulus package.
DOJ opens formal investigation into Google Books settlementpublished: Thu, 02 Jul 2009 14:10:00 PDT
Government investigators will probe whether or not Google's agreement with publishers over the digital rights to index books violates antitrust laws.
Fisker's good Karmapublished: Thu, 02 Jul 2009 14:03:00 PDT
At a dinner speech recently, Henrik Fisker laid out his plans for Fisker Automotive and its first car, the plug-in hybrid Karma.
Apple fixing iPhone SMS security holepublished: Thu, 02 Jul 2009 14:03:00 PDT
Vulnerability in the way iPhones handle text messages could be used to track the location of the phone, turn on the microphone, or turn phone into botnet zombie.
TracFone offers $45 unlimited planpublished: Thu, 02 Jul 2009 13:21:00 PDT
TracFone's new StraightTalk service delivers 30MB of data plus unlimited calling and messaging for $45 per month.
Photos: NASA's science, tech showcasepublished: Tue, 30 Jun 2009 07:00:00 PDT
A look at the high-tech research and development going on inside the NASA Ames Research Center in Mountain View, Calif.
Top Stories
language: en-uspublished: Sat, 04 Jul 2009 04:33:01 GMT
Copyright (c) 2009 Yahoo! Inc. All rights reserved.
Palin resigns as governor, leaves plans secret (AP)
published: Sat, 04 Jul 2009 04:33:01 GMT
AP - Alaska Gov. Sarah Palin abruptly announced Friday she is resigning from office at the end of the month, a shocking move that rattled the Republican party but left open the possibility she would seek a run for the White House in 2012.
Powerful sedative found in Michael Jackson's home (AP)
published: Sat, 04 Jul 2009 04:34:24 GMT
AP - The powerful sedative Diprivan was found in Michael Jackson's home, a law enforcement official said Friday as the city planned for a massive crowd at the singer's memorial service.
SKorea says NKorea fires 3 missiles off east coast (AP)
published: Sat, 04 Jul 2009 04:29:00 GMT
AP - North Korea fired three missiles off its eastern coast Saturday, South Korea said, in what was likely to be seen as a message of defiance to the United States on its Independence Day holiday.
Iranian cleric: British Embassy staff to be tried (AP)
published: Sat, 04 Jul 2009 04:34:53 GMT
AP - EDITOR'S NOTE: Iranian authorities have barred journalists for international news organizations from reporting on the streets and ordered them to stay in their offices. This report is based on the accounts of witnesses reached in Iran and official statements carried on Iranian media.
Honduras rejects OAS appeal to restore president (AP)
published: Sat, 04 Jul 2009 04:35:19 GMT
AP - Honduras rebuffed a personal appeal from the Americas' top international diplomat Friday, refusing to reinstate President Manuel Zelaya and setting the stage for a dramatic showdown if the ousted leader returns to reclaim power this weekend.
Group Sotomayor belonged to sued over job tests (AP)
published: Sat, 04 Jul 2009 04:19:01 GMT
AP - A civil rights group advised by Supreme Court nominee Sonia Sotomayor in the 1980s brought several discrimination lawsuits that sought to scrap the results of job tests because too few Hispanics scored well, according to new documents that are fueling GOP criticism of the judge.
Marines seek to cut Afghan insurgent supply lines (AP)
published: Sat, 04 Jul 2009 04:35:54 GMT
AP - NAWA, Afghanistan U.S. Marines pushed deeper into Taliban areas of southern Afghanistan on Friday, seeking to cut insurgent supply lines and win over local elders on the second day of the biggest U.S. military operation here since the American-led invasion of 2001.
MOUNTAIN OF DEBT: Rising debt may be next crisis (AP)
published: Sat, 04 Jul 2009 04:36:43 GMT
AP - The Founding Fathers left one legacy not celebrated on Independence Day but which affects us all. It's the national debt.
Ramirez apologizes to fans, Dodgers teammates (AP)
published: Sat, 04 Jul 2009 04:27:36 GMT
AP - Manny Ramirez returned to the big leagues as only he could.
Venus faces lil' sis Serena in 4th Wimbledon final (AP)
published: Sat, 04 Jul 2009 04:37:47 GMT
AP - Venus Williams is just about the perfect older sibling: She supports Serena endlessly, protects her fiercely and even lets her pick which bedroom she wants when they're on the road. Where does Venus draw the line? At Grand Slam championships. The sisters face each other again in a major final, meeting Saturday for the Wimbledon title for the fourth time.
Palin resigning as Alaska governor in surprise move (Reuters)
published: Sat, 04 Jul 2009 04:01:33 GMT
Reuters - Sarah Palin, the brash, deeply conservative governor of Alaska who crashed onto the U.S. national political scene last year as the Republican candidate for U.S. vice president, announced abruptly on Friday she was resigning as governor.
North Korea raises stakes with new missile launch (Reuters)
published: Sat, 04 Jul 2009 03:44:38 GMT
Reuters - North Korea test-fired three Scud missiles on Saturday, South Korea's Yonhap news agency said, further stoking regional tensions that were already high due to its nuclear test in May.
Putin rejects Obama criticism before meeting (Reuters)
published: Fri, 03 Jul 2009 18:49:49 GMT
Reuters - Russian Prime Minister Vladimir Putin on Friday rejected U.S. President Barack Obama's charge that he was mired in Cold War thinking, setting the scene for a stormy first meeting at a Moscow summit next week.
Medici lawyer says Kohn didn't get Madoff payments (Reuters)
published: Fri, 03 Jul 2009 17:17:20 GMT
Reuters - Austrian fund manager Sonja Kohn did not receive any kickbacks from Bernard Madoff to steer Bank Medici customer funds to the swindler's investment business, a Medici lawyer said on Friday.
Honduras rulers reject OAS call for Zelaya return (Reuters)published: Sat, 04 Jul 2009 03:20:40 GMT
Reuters - Honduras's interim rulers spurned a demand from the Organization of American States on Friday to restore leftist President Manuel Zelaya to power, deepening Central America's worst political crisis in decades.
U.S. drone kills 10 in Pakistan, copter crash kills 26 (Reuters)
published: Fri, 03 Jul 2009 18:45:21 GMT
Reuters - A U.S. drone aircraft fired missiles on Friday into Pakistan's South Waziristan region, killing 10 militants, officials said, ahead of an expected Pakistani military offensive in the area.
Iranian cleric says UK embassy staff face trial (Reuters)
published: Fri, 03 Jul 2009 21:27:27 GMT
Reuters - A senior Iranian cleric warned on Friday that detained British embassy staff would face trial for their alleged role in post-election unrest, and EU countries summoned Iranian envoys to protest against the detentions.
U.S. sounds out Arabs on Israel gestures: diplomats (Reuters)
published: Fri, 03 Jul 2009 18:43:00 GMT
Reuters - The United States and its Western allies are sounding out Arab governments to see if they might ease sanctions on Israel if it stopped building Jewish settlements on Palestinian territory, diplomats said on Friday.
NKorea test-fires three missiles: SKorea ministry (AFP)published: Sat, 04 Jul 2009 03:58:36 GMT
AFP - North Korea test-fired three missiles on the eve of American Independence Day celebrations, South Korea's defence ministry said, further stoking tensions amid an international nuclear standoff.
Marines in 'hell of a fight' in Afghanistan: commander (AFP)
published: Fri, 03 Jul 2009 16:29:12 GMT
AFP - US Marines are in a "hell of a fight" as they storm into Taliban strongholds during a major assault in Afghanistan, their commanding officer said Friday.
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Palin resigning as Alaska governor in surprise move
published: Sat, 04 Jul 2009 00:01:33 -0400
ANCHORAGE, Alaska (Reuters) - Sarah Palin, the brash, deeply conservative governor of Alaska who crashed onto the U.S. national political scene last year as the Republican candidate for U.S. vice president, announced abruptly on Friday she was resigning as governor.
published: Fri, 03 Jul 2009 23:44:38 -0400
SEOUL (Reuters) - North Korea test-fired three Scud missiles on Saturday, South Korea's Yonhap news agency said, further stoking regional tensions that were already high due to its nuclear test in May.
published: Fri, 03 Jul 2009 15:08:05 -0400
MOSCOW (Reuters) - Russian Prime Minister Vladimir Putin on Friday rejected U.S. President Barack Obama's charge that he was mired in Cold War thinking, setting the scene for a stormy first meeting at a Moscow summit next week.
published: Fri, 03 Jul 2009 13:17:20 -0400
NEW YORK/VIENNA (Reuters) - Austrian fund manager Sonja Kohn did not receive any kickbacks from Bernard Madoff to steer Bank Medici customer funds to the swindler's investment business, a Medici lawyer said on Friday.
published: Fri, 03 Jul 2009 23:20:40 -0400
TEGUCIGALPA (Reuters) - Honduras's interim rulers spurned a demand from the Organization of American States on Friday to restore leftist President Manuel Zelaya to power, deepening Central America's worst political crisis in decades.
published: Fri, 03 Jul 2009 14:45:21 -0400
WANA, Pakistan (Reuters) - A U.S. drone aircraft fired missiles on Friday into Pakistan's South Waziristan region, killing 10 militants, officials said, ahead of an expected Pakistani military offensive in the area.
published: Fri, 03 Jul 2009 17:27:27 -0400
TEHRAN (Reuters) - A senior Iranian cleric warned on Friday that detained British embassy staff would face trial for their alleged role in post-election unrest, and EU countries summoned Iranian envoys to protest against the detentions.
published: Fri, 03 Jul 2009 14:47:46 -0400
JERUSALEM (Reuters) - The United States and its Western allies are sounding out Arab governments to see if they might ease sanctions on Israel if it stopped building Jewish settlements on Palestinian territory, diplomats said on Friday.
published: Fri, 03 Jul 2009 23:32:09 -0400
LOS ANGELES (Reuters) - More than half a million fans from around the world applied for 17,500 free tickets to Michael Jackson's public memorial service next week, organizers said on Friday as a massive security operation got underway.
published: Fri, 03 Jul 2009 13:27:26 -0400
JERUSALEM (Reuters) - An Israeli submarine sailed the Suez Canal to the Red Sea as part of a naval drill last month, defense sources said on Friday, describing the unusual maneuver as a show of strategic reach in the face of Iran.
Top Stories - Google News
 guardian.co.uk | Palin resigning as Alaska governor in surprise move Reuters ANCHORAGE, Alaska, July 3 (Reuters) - Sarah Palin, the brash, deeply conservative governor of Alaska who crashed onto the US national political scene last year as the Republican candidate for US vice president, announced abruptly on ... With Palin Leaving Office, the Spotlight on Alaska Is Likely to Go ... Sarah Palin resigns as Alaska governor Tired of the Full-Court Press |
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Palin resigning as Alaska governor in surprise move - Reuters
published: Sat, 04 Jul 2009 03:54:25 GMT
guardian.co.uk | Palin resigning as Alaska governor in surprise move Reuters ANCHORAGE, Alaska, July 3 (Reuters) - Sarah Palin, the brash, deeply conservative governor of Alaska who crashed onto the US national political scene last year as the Republican candidate for US vice president, announced abruptly on ... With Palin Leaving Office, the Spotlight on Alaska Is Likely to Go ... Sarah Palin resigns as Alaska governor Tired of the Full-Court Press |
published: Sat, 04 Jul 2009 04:32:27 GMT
 ABC News | Korean Test of Ballistic Missiles Is Reported New York Times By THE NEW YORK TIMES SEOUL, South Korea — North Korea fired three missiles into the sea between the Communist state and Japan on Saturday morning, the South Korean military announced. News reports here called them ballistic Scud or Rodong missiles. ... North Korea 'tests more missiles' Report: North Korea test-fires more missiles NKorea test-fires three missiles: SKorea ministry |
published: Sat, 04 Jul 2009 03:22:48 GMT
 Los Angeles Times | Tensions mount as Honduras defies OAS Los Angeles Times Supporters of the new government, lead by Roberto Micheletti, rallied at the presidential palace as the Honduran army maintained control. Ousted President Manuel Zelaya is set to return to the country over the weekend; Micheletti has threatened to ... Envoy Seeks Ousted Honduran President's Return Honduran court defiant on Zelaya As Honduras digs in, isolation deepens |
published: Sat, 04 Jul 2009 03:55:36 GMT
 ABC News | UK seeks Iran trial clarification BBC News British diplomats are trying to establish whether Iran intends to act on its threats to prosecute staff from the UK's embassy in Tehran. On Friday, a top cleric said some staff members would be tried for inciting protests over Iran's disputed election. ... EU resolve hardens as British workers face Iran show trial Iranian cleric says British embassy employees will be tried Iran plans to put British Embassy staffers on trial |
published: Sat, 04 Jul 2009 01:59:09 GMT
 Telegraph.co.uk | UN secretary-general defends his approach to the job Los Angeles Times United Nations Secretary-General Ban Ki-moon rejects the notions that the world body has been shunted aside on security matters and that his moral voice has been lacking. By Bruce Wallace Reporting from The United Nations -- UN Secretary-General Ban ... UN Chief Asks Burmese Junta for Meeting with Aung San Suu Kyi UN chief faces steep challenge in Burma UN chief gambles on Burma breakthrough |
published: Fri, 03 Jul 2009 22:40:50 GMT
 New York Daily News | Sanford heads for Florida for tense reunion with wife New York Daily News Love-sick Gov. Mark Sanford ditched his security detail before jetting to an Argentine rendezvous with his mistress last month. But he took the guards with him Friday for a Florida groveling session with his wife and in-laws. ... Sanford spending holiday weekend with family in Florida SC residents mixed over fate of cheating gov South Carolina Finds No Misuse of State Funds |
published: Sat, 04 Jul 2009 03:31:43 GMT
 BBC News | Marines seek to cut Afghan insurgent supply lines The Associated Press NAWA, Afghanistan — US Marines pushed deeper into Taliban areas of southern Afghanistan on Friday, seeking to cut insurgent supply lines and win over local elders on the second day of the biggest US military operation here since the American-led ... US Marine commander out shopping in Afghanistan Insurgents Step Up Attacks on Marines Marines targeting Taliban in Afghan push |
published: Sat, 04 Jul 2009 03:06:06 GMT
 ABC News | 'Serial killer' sought in South Carolina CNN (CNN) -- The Cherokee County Sheriff's Office on Friday released a second sketch of a man believed to have fatally shot four people in less than a week near Gaffney, South Carolina. Police say the suspect may be driving a light-gray or champagne tan ... Serial killer has South Carolina residents on edge 'Serial killer' loose in Upstate BREAKING: New Sketch Of Suspected Serial Killer Released |
published: Fri, 03 Jul 2009 16:07:44 GMT
 MiamiHerald.com | Fun Fourth of July Facts: A Pop Quiz! CBS News Pursue happiness this Fourth of July with a fireworks guide, patriotic quiz, photos, safety tips and more. (CBS) The Fourth of July is just a day away. You know the holiday means barbecue, sunshine and fireworks, but what do you really know about the ... Fourth of July Independence Day will always be special Celebrate the Fourth in Central Virginia |
published: Sat, 04 Jul 2009 02:40:12 GMT
 CTV.ca | US Drone Targets Taliban in Pakistan Washington Post ISLAMABAD, Pakistan, July 3 -- The followers of one of Pakistan's most feared Taliban commanders, Baitullah Mehsud, came under a fresh round of US drone attacks Friday in bombings that killed at least six people, ... Pakistan Army Helicopter Crash Kills 26 US drone attacks said to kill 17 at Taliban outposts in Pakistan Suspected US drone attacks target Pakistan Taliban leader |
Christian Science Monitor | Top Stories
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published: Thu, 02 Jul 2009 16:34 EDT
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Air France plane didn't break up? Skepticism grows.
published: Thu, 02 Jul 2009 16:34 EDT
Many wonder how French investigators, who announced their findings Thursday, could arrive at that conclusion when so little evidence has been recovered.
published: Thu, 02 Jul 2009 16:34 EDT
Supporters of ousted President Zelaya blocked streets Wednesday, vowing to protest until he is reinstated.
published: Thu, 02 Jul 2009 16:34 EDT
Karl Malden, who died today, spoke to the MONITOR in 1959 about acting and working with directors such as Kazan and Hitchcock.
published: Thu, 02 Jul 2009 16:34 EDT
Afghanistan hopes to gain control of more of its territory before August elections. The Taliban could disrupt voter turnout in areas it holds.
published: Thu, 02 Jul 2009 16:34 EDT
At least 5,000 women and girls were sent abroad to marry last year, according to a government report. Britain is toughening its stand against the practice with 'rescue??? teams, hotlines, and a new campaign to protect women.
The Register
Biting the hand that feeds IT
language: en-GBwebmaster: webmaster@theregister.co.uk
published: Fri, 03 Jul 2009 22:48:30 GMT
Copyright 2009, Situation Publishing
McAfee false-positive glitch fells PCs worldwide
published: Fri, 03 Jul 2009 22:48:30 GMT
When AV attacks
IT admins across the globe are letting out a collective groan after servers and PCs running McAfee VirusScan were brought down when the anti-virus program attack their core system files. In some cases, this caused the machines to display the dreaded blue screen of death.…
What is your recession sales strategy?
Firefox Gods summon New Ice Agepublished: Fri, 03 Jul 2009 18:23:00 GMT
Fur enough
Strategy Boutique You might notice that there's something subtly different about the new look of Firefox - the popular virtual memory stress test tool that's cunningly disguised as a web browser. With an icy blast from the Arctic, the British Isles - or something that used to look quite like them - have disappeared beneath sheets of glaciers.…
What is your recession sales strategy?
iTunes minus the player: hack your Apple beatspublished: Fri, 03 Jul 2009 18:02:05 GMT
Dodge the shareware sledgehammer
Mac Secrets QTMovie, the principal class inside the QTKit framework, isn't just for playing movies.…
What is your recession sales strategy?
Kentucky payroll phishing scam nets small fortunepublished: Fri, 03 Jul 2009 18:01:24 GMT
Blue grass county hit by Trojan-fueled cybercrime
A gang of cybercrooks has made off with $415,000 from the coffers of Bullitt County, Kentucky following the conclusion of an elaborate phishing scam, The Washington Post reports.…
Offloading malware protection to the cloud
NSA plans massive, 65MW, $2bn data center in Utahpublished: Fri, 03 Jul 2009 17:53:36 GMT
Yes, Utah
The ultra-secretive National Security Agency plans to build a 1-million-square-foot data center in Utah as it seeks to decentralize its computing resources and tap regions with ample supplies of lower-cost electricity.…
What is your recession sales strategy?
Lamson - email app coding without the palm sweatpublished: Fri, 03 Jul 2009 17:02:04 GMT
Doing what Java never did
"Can you integrate this with my e-mail?" It's one of the more dreaded questions in software development. For any programmer who has been around the block a few times, it evokes a long repressed fear of Sendmail m4 macros or Outlook COM objects. When a non-technical managerial type asks this question in a group meeting, and your boss assures him that Internal System from Hell X can easily be integrated with the company's e-mail system, your palms sweat.…
Web threats: Why conventional protection doesn't work
Swiss public sector allowed to buy Microsoft softwarepublished: Fri, 03 Jul 2009 15:53:19 GMT
Putting the Swiss army knife in
A Swiss federal court has handed Microsoft a temporary reprieve that allows the firm to sell its products and services to public sector customers, even though it could face an annulment in the final judgment.…
Web threats: Why conventional protection doesn't work
Who wants T-Mobile UK?published: Fri, 03 Jul 2009 15:50:27 GMT
Forget the customers, grab the spectrum and run
T-Mobile UK will be sold in the next few months, and the markets are salivating at the synergies possible - but it could easily be T-Mobile's network that remains in place when the dust settles.…
Case Study: WhatsUp keeps Legoland turnstyles ringing
Taxpayers pay for Silicon Valley bloggers' holidaypublished: Fri, 03 Jul 2009 15:36:22 GMT
They come over here, creating their social media...
A group of wealthy Californian bloggers are taking a holiday in the UK this month - and the taxpayer will help foot the bill.…
What is your recession sales strategy?
Daily Mail launches McKinnon campaignpublished: Fri, 03 Jul 2009 14:17:13 GMT
Wheelie-bin warriors mobilised in support of Pentagon hacker
The Daily Mail has launched a high-profile campaign supporting Gary McKinnon's fight against extradition to the USA.…
Case Study: WhatsUp keeps Legoland turnstyles ringing
Scientists print out super-slim batterypublished: Fri, 03 Jul 2009 14:02:04 GMT
Power cells produced T-shirt fashion
Power boffins have developed a prototype battery that’s not only lighter and thinner than existing power cells, but is produced using a printing process.…
Australia's 'answer to the velociraptor' unveiledpublished: Fri, 03 Jul 2009 13:51:10 GMT
Our dinos are hardest in world, claim Aussies
Australian media report that three "new dinosaurs" have been discovered at a "prehistoric billabong dating back 95 million years".…
Case Study: WhatsUp keeps Legoland turnstyles ringing
'Get cameraphones out of nurseries' pleapublished: Fri, 03 Jul 2009 13:35:18 GMT
Summer of Banning Stuff continues apace
A Plymouth-based group is campaigning for an end to mobile phone cameras in nurseries - or their "better control and management". It all depends on your point of view.…
Web threats: Why conventional protection doesn't work
Kicking songwriters for fun and profitpublished: Fri, 03 Jul 2009 13:20:24 GMT
The EFF's ringtone jihad is cynical and synthetic
Comment Why are the EFF and Public Knowledge ganging up with their traditional adversaries - big telecomms companies and major record labels - to screw songwriters?…
Web threats: Why conventional protection doesn't work
US sinks $0.5bn into electromagnetic aircraft-throwerspublished: Fri, 03 Jul 2009 13:16:20 GMT
Great idea for new Brit carriers - if we get any
The Pentagon has awarded a half-billion-dollar contract for the building of a radical new electromagnetic catapult, intended to hurl US Navy jets off future aircraft carriers and into the sky. The new tech could also be used to hugely enhance Britain's planned new carriers - but it's becoming more and more likely that these will never be built.…
What is your recession sales strategy?
Latin Best Buy surfers sprayed by drive-by download malwarepublished: Fri, 03 Jul 2009 13:02:29 GMT
¡Ay, Caramba!
Hackers have invaded the Best Buy website to plant exploit code targeted at South and central American surfers.…
Case Study: WhatsUp keeps Legoland turnstyles ringing
Oracle waves axe in faces of 1,000 European workers - reportpublished: Fri, 03 Jul 2009 12:55:39 GMT
Arm holding Sword of Damocles getting tired
Software giant Oracle is reportedly set to lay off up to 1,000 Europe-based employees.…
Case Study: WhatsUp keeps Legoland turnstyles ringing
Nikon Coolpix S630published: Fri, 03 Jul 2009 12:02:04 GMT
Powerful zooms do not a camera make
Review Some products remind you of certain things, and in the case of the Nikon Coolpix S630, it’s a banana. You can’t help but notice the curvature of the camera body, which sweeps gently towards the right. But although the Coolpix S630 comes in a variety of colours, yellow isn’t one of them.…
US starts emergency radio testspublished: Fri, 03 Jul 2009 11:49:51 GMT
Why have one network when one radio can use them all?
The Department of Homeland Security has announced preliminary tests of a radio designed to use all the frequencies where first responders hang out, which might prove easier than getting them all to use one network.…
Case Study: WhatsUp keeps Legoland turnstyles ringing
Firefox 3.5 patch coming soon as Mozilla cranks up downloadspublished: Fri, 03 Jul 2009 11:46:58 GMT
Pesky monkey still creating (some) havoc
Mozilla Foundation notched up five million downloads in the first 24 hours after it released Firefox 3.5 earlier this week.…
The power of collaboration within unified communications
Amiga Forever updated for Windows 7published: Fri, 03 Jul 2009 11:45:12 GMT
Geriatric User Interface?
Cloanto has released the latest version of Amiga Forever, its bundle combining the one-time Commodore operating system, "classic" hardware emulators, games and other assorted "items of historical interest".…
The power of collaboration within unified communications
'Non-compulsory' ID cards poised for a makeover?published: Fri, 03 Jul 2009 11:22:47 GMT
Kinder, gentler, don't mention the database
Analysis It's straight out of the New Labour Labs spin book. The Home Office executes a U-turn on compulsory ID cards, while the Home Secretary does the rounds of the media insisting that they were never compulsory in the first place, and that he is affirming his commitment to them by accelerating their rollout.…
Web threats: Why conventional protection doesn't work
A practical guide to disaster recovery planningpublished: Fri, 03 Jul 2009 11:03:40 GMT
Two papers for smaller businesses
Typically, vendor white papers are written with the ITDM or senior ITDM at a large company, in mind. [ITDM is industry jargon for "IT decision maker", since you ask.] People working at smaller companies are rather less well served, in quantity and quality. So today we focus our Reg Library selection on a couple of good papers aimed at small and medium-sized businesses.…
The power of collaboration within unified communications
Russians demand flying cars and telepathypublished: Fri, 03 Jul 2009 10:59:29 GMT
What’s on your 21st century wishlist?
Reader poll Pravda is offering an entertaining insight into just what Russians consider must-haves for the forthcoming century – a list which naturally includes flying cars, cheap space travel and the elixir of eternal youth.…
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Hackers crack ColdFusionpublished: Fri, 03 Jul 2009 10:55:25 GMT
Drive-by download attack hits multiple hosts
Hackers are running a mass compromise against sites running vulnerable ColdFusion application server installations.…
What is your recession sales strategy?
LaCie gets comfy on the rackpublished: Fri, 03 Jul 2009 10:53:34 GMT
12big product triple
External storage supplier LaCie has entered the rack world with a trio of products.…
The power of collaboration within unified communications
iPhone Dev Team player breaks ranks to release 3GS hack toolpublished: Fri, 03 Jul 2009 10:40:23 GMT
Jailbreak app lets you install unlock utility
The iPhone 3GS has been jailbroken, a process that opens the handset up to being loaded with apps that haven't been blessed by Apple. One of those applications can free the phone from ties to carriers.…
Ford talks up the e-car's futurepublished: Fri, 03 Jul 2009 10:36:11 GMT
And it's rosy, apparently
Leccy Tech Ford has laid down some ambitious plans to grow the market penetration of its electric vehicles over the coming years.…
Royal Society of Chemistry hunts Janet Leighpublished: Fri, 03 Jul 2009 10:33:53 GMT
Psycho shower lookalike wanted for water-conservation vid
The Royal Society of Chemistry is rather improbably looking for a Janet Leigh lookalike to star in a homage to the celebrated shower scene from Psycho.…
Offloading malware protection to the cloud
Lawyers claim ringtones are public performancepublished: Fri, 03 Jul 2009 10:21:28 GMT
EFF hits out at 'outlandish copyright claims'
Internet watchdog Electronic Frontier Foundation has hit out at a US music royalties collector, accusing it of making “outlandish copyright claims” about mobile phone ringtones.…
Case Study: WhatsUp keeps Legoland turnstyles ringing
Apple admits to iPhone 3GS heliophobiapublished: Fri, 03 Jul 2009 10:06:22 GMT
Good Day Sunshine. Not
Apple has finally admitted that the iPhone 3GS can suffer from heatstroke, kind of.…
Case Study: WhatsUp keeps Legoland turnstyles ringing
Hollywood prepares to battle Asteroidspublished: Fri, 03 Jul 2009 10:01:51 GMT
Plotless classic Atari game heads for the big screen
Universal Studios is preparing to bring Atari video game Asteroids to the big screen, despite the fact that the classic offers "no story line or fancy world-building mythology", as the Hollywood Reporter puts it.…
What is your recession sales strategy?
X2 supercopter in first tail-drive flightpublished: Fri, 03 Jul 2009 09:46:09 GMT
Sikorsky preps Osprey bitchslap
US-based whirlybird megacorp Sikorsky announced yesterday that its "X2" high speed helicopter prototype has now made test flights using its tail propulsor. The aircraft had already flown, but only using its main rotors.…
The power of collaboration within unified communications
Hitachi GST buys Malaysian platter plantpublished: Fri, 03 Jul 2009 09:25:22 GMT
Farewell Western Digital
A Western Digital plant in Sarawak, Malaysia, has been sold to Hitachi GST.…
Case Study: WhatsUp keeps Legoland turnstyles ringing
Police told to use Wikipedia for court preparationpublished: Fri, 03 Jul 2009 09:22:00 GMT
Not in your notebook? Get online then
The Crown Prosecution Service is telling police officers to use Wikipedia to prepare for court cases.…
Offloading malware protection to the cloud
Panasonic TX-L37V10 LCD HD TVpublished: Fri, 03 Jul 2009 08:02:03 GMT
The clutter-free viewing experience?
Review The first manufacturer to launch TV sets with integrated Freesat, Panasonic moves things on again with its 2009 Viera range. On paper, the TX-L37V10 is appears to be everything you’ll need for living room viewing – a satellite and terrestrial TV with a network media player, and access to Internet services such as YouTube. For many, it looks like the ultimate all-in-one solution.…
Month Of Twitter Bugs exposes microblogging flawspublished: Fri, 03 Jul 2009 04:36:37 GMT
Making a hashtag of Web 2.0 security
The Month Of Twitter Bugs has begun with the publication of a flaw in a URL shortening service often used in conjunction with the microblogging service.…
Case Study: WhatsUp keeps Legoland turnstyles ringing
Microsoft weighs next-phase in open-source supportpublished: Fri, 03 Jul 2009 04:27:39 GMT
Spring, PHP, and Apache sized up
Microsoft's, shall we say, cautious engagement with open-source could mean frameworks like Spring and Hibernate are the next projects tuned to Windows.…
Offloading malware protection to the cloud
Hackintosh maker rises from the deadpublished: Fri, 03 Jul 2009 00:37:35 GMT
'When life gives you apples, make applesauce'
Psystar, the Florida-based Hackintosher that's been giving Apple fits for over a year, refuses to die.…
Offloading malware protection to the cloud
DoJ confirms Googlebooks antitrust probepublished: Fri, 03 Jul 2009 00:35:01 GMT
Orphan monopoly
The US Justice Department has confirmed its antitrust probe into Google's $125m book-scanning settlement with American authors and publishers, indicating that the ongoing investigation is an important one.…
Offloading malware protection to the cloud
Gamer embezzles virtual cash to settle real debtspublished: Fri, 03 Jul 2009 00:17:41 GMT
Eve Online banker does a runner
As if high-profile investment scandals and the economic downturn weren't bad enough here on Earth, now folks have to deal with it outside our galaxy. Virtually, at least.…
Offloading malware protection to the cloud
Debian rejects open-source .NET threat claimpublished: Fri, 03 Jul 2009 00:13:24 GMT
Minority install
Debian, the foundation of Ubuntu, has rejected claims that it is potentially holding Linux's future hostage to Microsoft by including an open-source implementation of .NET in its code.…
The power of collaboration within unified communications
Conviction overturned in MySpace suicide casepublished: Fri, 03 Jul 2009 00:11:08 GMT
Good news for net users
A federal judge on Thursday tentatively overturned convictions against a mother accused of using MySpace to bully a 13-year-old girl who went on to hang herself to death.…
The power of collaboration within unified communications
AT&T's iPhone 'iLaunch' sets recordpublished: Thu, 02 Jul 2009 21:38:23 GMT
'Best-ever sales day'
An internal AT&T memo leaked to MacDailyNews crows that "iLaunch day 2009" - yes, you read that correctly, "iLaunch" - set multiple Big Phone sales records.…
Case Study: WhatsUp keeps Legoland turnstyles ringing
Google code cloud in six-hour blinkagepublished: Thu, 02 Jul 2009 21:35:37 GMT
App Engine stalls
Google App Engine - the development and hosting cloud that serves up third-party apps and websites - was on the fritz for a good six hours this morning.…
What is your recession sales strategy?
iPhone crashing bug could lead to serious exploitpublished: Thu, 02 Jul 2009 21:30:49 GMT
More fun with SMS
Updated This story was updated to correct factual errors contained in an IDG News article that first reported the vulnerability.…
Case Study: WhatsUp keeps Legoland turnstyles ringing
Iran ends text message blackoutpublished: Thu, 02 Jul 2009 21:21:22 GMT
Three weeks after election day
Iran's ban on SMS texting has been lifted for the first time since the country's disputed presidential election, according to reports.…
Case Study: WhatsUp keeps Legoland turnstyles ringing
PC giants ship Chinese censorware anywaypublished: Thu, 02 Jul 2009 20:15:40 GMT
The porn filter that keeps you from typing
Though the Chinese government has delayed plans to require the shipment of the highly-controversial Green Dam filtering app with all new PCs, several big-name PC manufacturers are shipping the thing anyway.…
Web threats: Why conventional protection doesn't work
Web 2.0 not liable for real-world assaults, says courtpublished: Thu, 02 Jul 2009 20:12:41 GMT
Decency Act deflects MySpace suits
Social networking sites like MySpace are not liable if underage users are sexually assaulted by people they meet on the website, a California appeals court has ruled.…
Web threats: Why conventional protection doesn't work
Apple patents karaoke lessonspublished: Thu, 02 Jul 2009 20:05:38 GMT
MaSfPRTFfK?!
The US Patent and Trademark office today released a flurry of 22 Apple patent applications, the most earth-shaking of which may rid the world of one of nightlife's most maddening menaces: off-key karaoke singers.…
Case Study: WhatsUp keeps Legoland turnstyles ringing
News for nerds, stuff that matters
UK Police Told To Use Wikipedia When Preparing For Court
Half-pint HAL tips news of UK prosecution lawyers who are instructing police to study information on Wikipedia when preparing to give expert testimony in court. "Mike Finn, a weaponry specialist and expert witness in more than 100 cases, told industry magazine Police Review: 'There was one case in a Midlands force where police officers asked me to write a report about a martial art weapon. The material they gave me had been printed out from Wikipedia. The officer in charge told me he was advised by the CPS to use the website to find out about the weapon and he was about to present it in court. I looked at the information and some of it had substance and some of it was completely made up.' Mr. Finn, a former Metropolitan Police and City of London officer and Home Office adviser, added that he has heard of at least three other cases where officers from around the country have been advised by the CPS to look up evidence on Wikipedia."
Read more of this story at Slashdot.
movesguy sends us to The Daily Galaxy for comments by Stephen Hawking about how humans are evolving in a different way than any species before us. Quoting: "'At first, evolution proceeded by natural selection, from random mutations. This Darwinian phase, lasted about three and a half billion years, and produced us, beings who developed language, to exchange information. I think it is legitimate to take a broader view, and include externally transmitted information, as well as DNA, in the evolution of the human race,' Hawking said. In the last ten thousand years the human species has been in what Hawking calls, 'an external transmission phase,' where the internal record of information, handed down to succeeding generations in DNA, has not changed significantly. 'But the external record, in books, and other long lasting forms of storage,' Hawking says, 'has grown enormously. Some people would use the term evolution only for the internally transmitted genetic material, and would object to it being applied to information handed down externally. But I think that is too narrow a view. We are more than just our genes.'"
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theodp writes "Three Amazon inventors set out to correct what they felt was a real problem: that 'out-of-print or rare books ... typically do not include advertisements ... the content is fixed and, therefore, has not been adapted to modern marketing.' Their solution is spelled out in newly-disclosed Amazon patent applications for On-Demand Generating E-Book Content with Advertising and Incorporating Advertising in On-Demand Generated Content. From the patent apps, here's what the future of reading may look like: 'For instance, if a restaurant is described on page 12, [then the advertising page], either on page 11 or page 13, may include advertisements about restaurants, wine, food, etc., which are related to restaurants and dining.' So, what would a delightfully-tacky-yet-unrefined Hooters ad do for your Hemingway experience?"
Read more of this story at Slashdot.
cin62 writes "The number of Internet scammers offering fake versions of the anti-swine flu drug Tamiflu has surpassed those selling counterfeit Viagra, reports CNN. Since the H1N1 virus, also known as swine flu, was declared a global pandemic last month, there has been an increase in the number of Web sites and junk emails offering Tamiflu for sale. 'Every Web site that used to sell Viagra is now selling Tamiflu. We are pretty sure that the same people are making the Tamiflu as are making the Viagra,' said Director of Policy for the UK's Royal Pharmaceutical Society." This news fits in nicely with a report Wired ran a couple weeks ago about the hysteria behind H1N1.
Read more of this story at Slashdot.
jadoon88 writes to share a series of old Atari 7800 games that have been unofficially open sourced. "Remember Dig Dug or Centipede or Robotron? They used to be favorites when Atari's 7800 series was still around. Since the era of those consoles is over, and a different world of interactive reality gaming has taken over, Atari has unofficially released source code of over 15 games for the coders and enthusiasts to admire the state-of-the-art (because this is what it was back then). During those times, nobody would have imagined in their wildest dreams the games that Atari's developers floated into the gaming thirsty market and instantly swept across continental boundaries. But things changed soon after that and a company once regarded as one of the most successful gaming console manufacturers and developers faded away in the pages of our technology's hall-of-fame."
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one-man orchestra writes "I'm the sole programmer of a small, multi-platform, commercial audio program (a spectrogram editor). After over 6 months on the market, I realized that the program would never just sell itself, and that I need some real marketing done for it. Being a one-man orchestra is becoming increasingly difficult; I only can devote so much time to marketing, my skills in that department are lacking, and I'd much rather spend more time coding. Despite my lackluster part-time marketing effort, I still manage to make a modest living out of the sales. My logical assumption is that with someone competent taking care of that part, revenue could greatly scale up. But what's the right way to go about doing this? What type of people/company do I need to contact? What to expect? What to look out for?"
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Hugh Pickens writes "Retired University of Tennessee Professor Dr. John Reece Roth has been sentenced to four years in prison after he allowed a Chinese graduate student to see sensitive information on Unmanned Air Vehicles (UAVs), also known as drones. In 2004, the company Roth helped found, Atmospheric Glow Technologies, won a US Air Force contract to develop a plasma actuator that could help reduce drag on the wings of drones, such as the ones the military uses. Under the contract, for which Roth was reportedly paid $6,000, he was prohibited from sharing sensitive data with foreign nationals. Despite warnings from his university's Export Control Officer, in 2006, Roth took a laptop containing sensitive plans with him on a lecture tour in China and also allowed graduate students Xin Dai of China and Sirous Nourgostar of Iran to work on the project. 'The illegal export of restricted military data represents a serious threat to national security,' says David Kris of the US Department of Justice. 'We know that foreign governments are actively seeking this information for their own military development. Today's sentence should serve as a warning to anyone who knowingly discloses restricted military data in violation of our laws.' During his trial, Roth testified that he was unaware that hiring the graduate students was a violation of his contract. 'This whole thing has not helped me, it has not helped the university,' said Roth. 'And it has probably not helped this country, either.'"
Read more of this story at Slashdot.
Techdirt has an interesting look at copyright and the idea that an author is the originator of a new work. Instead, the piece suggests that all works are in some way based on the works of others (even our own copyright law), and the system should be much more encouraging of "remixing" work into new, unique experiences. "Friedman also points back to another recent post where he discusses the nature of content creation, based on a blog post by Rene Kita. In it, she points out that remixing and creating through collaboration and building on the works of others has always been the norm. It's what we do naturally. It's only in the last century or so, when we reached a means of recording, manufacturing and selling music — which was limited to just those with the machinery and capital to do it, that copyright was suddenly brought out to 'protect' such things."
Read more of this story at Slashdot.
A recent eulogy for open source's relevance to cloud computing by Redmonk analyst Stephen O'Grady caught the attention of Matt Asay, who breaks down the difficulty of this David and Goliath problem. "In a world where horsepower matters more than the software feeding those 'horses,' in terms of the entry cost to compete, and where big vendors like Amazon and Google are already divvying up the market, the odds of a small-fry, open-source start-up challenging 'Goliath' are slim. It's not a new argument: Nick Carr has been suggesting for some time that only a few, big companies can afford relevance in this hardware-intensive business. Given this fact, O'Grady thinks the best we can hope for (and he thinks it's pretty important) is 'a loose coalition or confederation of [open-source] projects and vendors that will together comprise an increasingly viable top to bottom alternative to some of the cloud providers today.' He includes projects like Puppet (Reductive Labs) and Hadoop in this mix, but is careful to point out that he doesn't see a full-fledged, open-source alternative seriously challenging the closed platforms of Google, Amazon, Salesforce, and the other mega-clouds."
Read more of this story at Slashdot.
Many outlets are reporting on the recently released results of the various experiments and observations of NASA's Mars Phoenix Lander. Most notable is the discovery of nighttime snowfall on the planet, lending credibility to the idea of a hypothesized active water cycle based on earlier data collection. "The papers rely on evidence from a variety of the instruments on the lander, and the description of the data provides an impressive catalog of the various ways that Phoenix could prod and query the Martian pole. In the months before Martian winter shut the lander down, it managed to dig a dozen trenches, taking soil samples from each. These samples went into wet and dry chemistry labs, had their conductivity tested, and were even examined using an atomic force microscope. Meanwhile, cameras and a LIDAR system (a laser-based range detector) scanned the surroundings. The overall conclusion is that the northern pole has an active water cycle. This had been suggested by a variety of evidence from orbital sensors, as well early images returned from Phoenix. It's also not a huge shock, given the seasonal growth and retreat of the polar ice cap. Still, Phoenix provided some significant details on the cycling of water in the area where it landed."
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1sockchuck writes "A major power outage at Seattle telecom hub Fisher Plaza has knocked payment processing provider Authorize.net offline for hours, leaving thousands of web sites unable to take credit cards for online sales. The Authorize site is still down, but its Twitter account attributes the outage to a fire, while AdHost calls it a 'significant power event.' Authorize.net is said to be trying to resume processing from a backup data center, but there's no clear ETA on when Fisher Plaza will have power again."
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An anonymous reader writes "Now that some little time has passed, and the hype has died down a bit, I'm wondering if anyone has taken the $500 plunge and gotten a Kindle DX. From the academic-paper-reading-geek perspective, is it worth the money? How well does it work with PDFs, and is it easy to get them on and off? I haven't been able to find any good reviews on the interweb that address its usability as I would like to use it."
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Jake Lazaroff writes "According to the W3 News Archive, the charter for the XHTML2 Working Group — set to expire on December 31st, 2009 — will not be renewed. What does this mean? XHTML2 will never be a W3C recommendation, so get on the HTML 5 bandwagon now. According to the XHTML FAQ, however, the W3C does 'plan for the XML serialization of HTML to remain compatible with XML.' Looks like with HTML 5, we'll get the best of both worlds."
Read more of this story at Slashdot.
blackbearnh writes with this excerpt from O'Reilly Radar "Think about Wikipedia, what some consider the most complete general survey of human knowledge we have at the moment. Now imagine squeezing it down to fit comfortably on an 8GB iPhone. Sound daunting? Well, that's just what Patrick Collison's Encyclopedia iPhone application does. App Store purchasers of Collison's open source application can browse and search the full text of Wikipedia when stuck in a plane, or trapped in the middle of nowhere (or, as defined by AT&T coverage...)"
Read more of this story at Slashdot.
Ianopolous writes "Classic DOOM and DSL Linux Desktop inside your Java-enabled browser! The latest JPC, the fast 100% Java x86 PC emulator, is now available with online demos and downloads. JPC is open source and is the most secure way of running x86 software ever — 2 layers (applet sandbox, JPC sandbox) of independently validated security make it the world's most secure means of isolating x86 software. Visit the website to try out some classic games and play around with Linux all within your web browser. Refresh = reboot!"
Read more of this story at Slashdot.
Wired Top Stories
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Copyright 2007 CondeNet Inc. All rights reserved.
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language: en-uspublished: Fri, 03 Jul 2009 21:42:00 GMT
2009 E! Entertainment Television, Inc. All rights reserved., http://www.eonline.com/about/copyright/index.jsp
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language: en-uspublished: Sat, 04 Jul 2009 00:30:03 EDT
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