Comedian Katt Williams arrested in LA






LOS ANGELES (AP) — Katt Williams, the comedian who has repeatedly found himself on the wrong side of the law, is out on bail after being arrested in Los Angeles on suspicion of child endangerment and possession of a stolen gun.


Police Officer Norma Eisenman says Williams was taken into custody Friday after the LA County Department of Children and Family Services did a welfare check at his home. Authorities found more than one firearm, one of which had been reported stolen.






Eisenman says the DCFS did not specify how many children lived at the home or whether they were removed.


The 41-year-old was arrested this month on a felony warrant related to a police chase. In November, he was accused of hitting a man on the head with a bottle during a fight.


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Dr. Rita Levi-Montalcini, a Revolutionary in the Study of the Brain, Dies at 103


Fabio Campana/European Pressphoto Agency


Rita Levi-Montalcini, the Italian Nobel laureate, in 2007.







Dr. Rita Levi-Montalcini, a Nobel Prize-winning neurologist who discovered critical chemical tools that the body uses to direct cell growth and build nerve networks, opening the way for the study of how those processes can go wrong in diseases like dementia and cancer, died on Sunday at her home in Rome. She was 103.




Her death was announced by Mayor Gianni Alemanno of Rome.


“I don’t use these words easily, but her work revolutionized the study of neural development, from how we think about it to how we intervene,” said Dr. Gerald D. Fishbach, a neuroscientist and professor emeritus at Columbia.


Scientists had virtually no idea how embryo cells built a latticework of intricate connections to other cells when Dr. Levi-Montalcini began studying chicken embryos in the bedroom of her house in Turin, Italy, during World War II. After years of obsessive study, much of it at Washington University in St. Louis with Dr. Viktor Hamburger, she found a protein that, when released by cells, attracted nerve growth from nearby developing cells.


In the early 1950s, she and Dr. Stanley Cohen, a biochemist also at Washington University, isolated and described the chemical, known as nerve growth factor — and in the process altered the study of cell growth and development. Scientists soon realized that the protein gave them a new way to study and understand disorders of neural growth, like cancer, or of degeneration, like Alzheimer’s disease, and to potentially develop therapies.


In the years after the discovery, Dr. Levi-Montalcini, Dr. Cohen and others described a large family of such growth-promoting agents, each of which worked to regulate the growth of specific cells. One, called epidermal growth factor and discovered by Dr. Cohen, plays a central role in breast cancer; in part by studying its behavior, scientists developed drugs to combat the abnormal growth.


In 1986, Dr. Levi-Montalcini and Dr. Cohen shared the Nobel Prize in Physiology or Medicine for their work.


Dr. Cohen, now an emeritus professor at Vanderbilt University, said Dr. Levi-Montalcini possessed a rare combination of intuition and passion, as well as biological knowledge. “She had this feeling for what was happening biologically,” he said. “She was an intuitive observer, and she saw that something was making these nerve connections grow and was determined to find out what it was.”


One of four children, Rita Levi-Montalcini was born in Turin on April 22, 1909, to Adamo Levi, an engineer, and Adele Montalcini, a painter, both Italian Jews who traced their roots to the Roman Empire. In keeping with the Victorian customs of the time, Mr. Levi discouraged his three daughters from entering college, fearing that it would interfere with their lives as wives and mothers.


It was not a future that Rita wanted. She had decided to become a doctor and told her father so. “He listened, looking at me with that serious and penetrating gaze of his that caused me such trepidation,” she wrote in her autobiography, “In Praise of Imperfection” (1988). He also agreed to support her.


She graduated summa cum laude from the University of Turin medical school in 1936. Two years later, Mussolini issued a manifesto barring non-Aryan Italians from having professional careers. She began her research anyway, setting up a small laboratory in her home to study chick embryos, inspired by the work of Dr. Hamburger, a prominent researcher in St. Louis who also worked with the embryos.


During World War II, the family fled Turin for the countryside, and in 1943 the invasion by Germany forced them to Florence. The family returned at the close of the war, in 1945, and Dr. Hamburger soon invited Dr. Levi-Montalcini to work for a year in his lab at Washington University.


She stayed on, becoming an associate professor in 1956 and a full professor in 1958. In 1962, she helped establish the Institute of Cell Biology in Rome and became its first director. She retired from Washington University in 1977, becoming a guest professor and splitting her time between Rome and St. Louis.


Italy honored her in 2001 by making her a senator for life.


An elegant presence, confident and passionate, she was a sought-after speaker until late in life. “At 100, I have a mind that is superior — thanks to experience — than when I was 20,” she said in 2009.


She never married and had no children. In addition to her autobiography, she was the author or co-author of dozens of research studies and received numerous professional awards, including the National Medal of Science.


“It is imperfection — not perfection — that is the end result of the program written into that formidably complex engine that is the human brain,” Dr. Levi-Montalcini wrote in her autobiography, “and of the influences exerted upon us by the environment and whoever takes care of us during the long years of our physical, psychological and intellectual development.”


This article has been revised to reflect the following correction:

Correction: December 30, 2012

An earlier version of this obituary misstated the year Mussolini issued a manifesto barring non-Aryan Italians from having professional careers. It was 1938, not 1936.



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Webster, N.Y., sniper's ex-neighbor charged with buying him guns









WASHINGTON — A former neighbor of the Webster, N.Y., sniper who killed two volunteer firefighters on Christmas Eve illegally bought the guns used in the killing, federal authorities charged Friday.


Dawn M. Nguyen, 24, of Greece, N.Y., was charged in federal court with acting as a straw purchaser for William Spengler, who as a felon could not legally buy guns for himself. Spengler was convicted of killing his grandmother in 1980. Nguyen also faces state felony charges on allegations of falsifying business records.


U.S. Atty. William J. Hochul Jr. said Nguyen purchased a Bushmaster .223 semiautomatic rifle and a Mossberg 12-gauge shotgun from the Gander Mountain store in Rochester on June 6, 2010. But in truth, he said, she "knowingly made a false statement in connection with the purchase of the two firearms" and actually was acquiring them for Spengler.





She did not immediately enter a plea in the more serious federal case, in which she could face 10 years in prison and a $250,000 fine.


Spengler fatally shot himself after killing volunteer firefighters Michael Chiapperini and Tomasz Kaczowka and wounding two other firefighters and an off-duty police officer.


Authorities say Spengler created a ruse by setting his car on fire in a blaze that spread to his home and six other houses on Lake Road in Webster. Spengler then opened fire on the emergency crew as they arrived at the neighborhood on the shore of Lake Ontario.


Sean J. Martineck, a special agent with the federal Bureau of Alcohol, Tobacco, Firearms and Explosives, said in a court affidavit that authorities learned of Nguyen from a suicide note Spengler left behind in which he said he obtained the weapons from his neighbor's daughter.


Nguyen lived next door to Spengler in 2008, two years after he was paroled from prison for killing his grandmother.


When officials spoke with Nguyen, Martineck said, she admitted that Spengler accompanied her to the gun shop and that he "picked out the firearms Nguyen purchased." But she said she wanted the weapons for her own personal safety and that they later were stolen from her vehicle. She never reported them stolen, however.


Finally, Martineck said, Nguyen "admitted that she purchased the guns for the guy who was her old neighbor," even though on the federal purchase form she had stated the weapons were for her own use.


richard.serrano@latimes.com





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China tightens Internet controls, legalizes post deletion






BEIJING (Reuters) – China unveiled tighter Internet controls on Friday, legalizing the deletion of posts or pages which are deemed to contain “illegal” information and requiring service providers to hand over such information to the authorities for punishment.


The rules signal that the new leadership headed by Communist Party chief Xi Jinping will continue muzzling the often scathing, raucous online chatter in a country where the Internet offers a rare opportunity for debate.






The new regulations, announced by the official Xinhua news agency, also require Internet users to register with their real names when signing up with network providers, though, in reality, this already happens.


Chinese authorities and Internet companies such as Sina Corp have long since closely monitored and censored what people say online, but the government has now put measures such as deleting posts into law.


Service providers are required to instantly stop the transmission of illegal information once it is spotted and take relevant measures, including removing the information and saving records, before reporting to supervisory authorities,” the rules state.


The restrictions follow a series of corruption scandals amongst lower-level officials exposed by Internet users, something the government has said it is trying to encourage.


Li Fei, deputy head of parliament’s legislative affairs committee, said the new rules did not mean people needed to worry about being unable to report corruption online. But he added a warning too.


“When people exercise their rights, including the right to use the Internet, they must do so in accordance with the law and constitution, and not harm the legal rights of the state, society … or other citizens,” he told a news conference.


Chinese Internet users already cope with extensive censorship measures, especially over politically sensitive topics like human rights and elite politics, and popular foreign sites Facebook, Twitter and Google-owned YouTube are blocked.


Earlier this year, the government began forcing users of Sina’s wildly successful Weibo microblogging platform to register their real names.


The new rules were quickly condemned by some Weibo users.


“So now they are getting Weibo to help in keeping records and reporting it to authorities. Is this the freedom of expression we are promised in the constitution?” complained one user.


“We should resolutely oppose such a covert means to interfere with Internet freedom,” wrote another.


The government says tighter monitoring of the Internet is needed to prevent people making malicious and anonymous accusations online, disseminating pornography and spreading panic with unfounded rumors, pointing out that many other countries already have such rules.


Despite periodic calls for political reform, the party has shown no sign of loosening its grip on power and brooks no dissent to its authority.


(Reporting by Ben Blanchard and Sally Huang; Editing by Nick Macfie)


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Fans to join Beyonce onstage at Super Bowl






NEW YORK (AP) — All the single ladies — and fellas — will have a chance to join Beyonce onstage at the upcoming Super Bowl.


Pepsi announced Friday that 100 fans will hit the stage when the Grammy-winning diva performs on Feb. 3 at the Mercedes-Benz Superdome in New Orleans. A contest that kicks off Saturday will allow fans to submit photos of themselves in various poses, including head bopping, feet tapping and hip shaking. Those pictures will be used in a TV ad introducing Beyonce’s halftime performance, and 50 people — along with a friend — will be selected to join the singer onstage.






The photo contest — at www.pepsi.com/halftime — ends Jan. 19, but Jan. 11 is the cut-off date for those interested in appearing onstage with Beyonce.


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Surgery Returns to NYU Langone Medical Center


Chang W. Lee/The New York Times


Senator Charles E. Schumer spoke at a news conference Thursday about the reopening of NYU Langone Medical Center.







NYU Langone Medical Center opened its doors to surgical patients on Thursday, almost two months after Hurricane Sandy overflowed the banks of the East River and forced the evacuation of hundreds of patients.




While the medical center had been treating many outpatients, it had farmed out surgery to other hospitals, which created scheduling problems that forced many patients to have their operations on nights and weekends, when staffing is traditionally low. Some patients and doctors had to postpone not just elective but also necessary operations for lack of space at other hospitals.


The medical center’s Tisch Hospital, its major hospital for inpatient services, between 30th and 34th Streets on First Avenue, had been closed since the hurricane knocked out power and forced the evacuation of more than 300 patients, some on sleds brought down darkened flights of stairs.


“I think it’s a little bit of a miracle on 34th Street that this happened so quickly,” Senator Charles E. Schumer of New York said Thursday.


Mr. Schumer credited the medical center’s leadership and esprit de corps, and also a tour of the damaged hospital on Nov. 9 by the administrator of the Federal Emergency Management Agency, W. Craig Fugate, whom he and others escorted through watery basement hallways.


“Every time I talk to Fugate there are a lot of questions, but one is, ‘How are you doing at NYU?’ ” the senator said.


The reopening of Tisch to surgery patients and associated services, like intensive care, some types of radiology and recovery room anesthesia, was part of a phased restoration that will continue. Besides providing an essential service, surgery is among the more lucrative of hospital services.


The hospital’s emergency department is expected to delay its reopening for about 11 months, in part to accommodate an expansion in capacity to 65,000 patient visits a year, from 43,000, said Dr. Andrew W. Brotman, its senior vice president and vice dean for clinical affairs and strategy.


In the meantime, NYU Langone is setting up an urgent care center with 31 bays and an observation unit, which will be able to treat some emergency patients. It will initially not accept ambulances, but might be able to later, Dr. Brotman said. Nearby Bellevue Hospital Center, which was also evacuated, opened its emergency department to noncritical injuries on Monday.


Labor and delivery, the cancer floor, epilepsy treatment and pediatrics and neurology beyond surgery are expected to open in mid-January, Langone officials said. While some radiology equipment, which was in the basement, has been restored, other equipment — including a Gamma Knife, a device using radiation to treat brain tumors — is not back.


The flooded basement is still being worked on, and electrical gear has temporarily been moved upstairs. Mr. Schumer, a Democrat, said that a $60 billion bill to pay for hurricane losses and recovery in New York and New Jersey was nearing a vote, and that he was optimistic it would pass in the Senate with bipartisan support. But the measure’s fate in the Republican-controlled House is far less certain.


The bill includes $1.2 billion for damage and lost revenue at NYU Langone, including some money from the National Institutes of Health to restore research projects. It would also cover Long Beach Medical Center in Nassau County, Bellevue, Coney Island Hospital and the Veterans Affairs hospital in Manhattan.


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Senate Leaders Set to Work on a Last-Minute Tax Agreement


Luke Sharrett for The New York Times


In a televised statement at the White House after meeting with Congressional leaders on Friday, President Obama said he was “modestly optimistic” that an agreement could be reached.







WASHINGTON — At the urging of President Obama, the Democratic and Republican leaders of the Senate set to work Friday night to assemble a last-minute tax deal that could pass both chambers of Congress and avert large tax increases and budget cuts next year, or at least stop the worst of the economic punch from landing beginning Jan. 1.




After weeks of fruitless negotiations between the president and Speaker John A. Boehner, Mr. Obama turned to Senator Harry Reid, the majority leader, and Senator Mitch McConnell of Kentucky, the Republican leader — two men who have been fighting for dominance of the Senate for years — to find a solution. The speaker, once seen as the linchpin for any agreement, essentially ceded final control to the Senate and said the House would act on whatever the Senate could produce.


“The hour for immediate action is here. It is now,” Mr. Obama said in the White House briefing room after an hourlong meeting with the two Senate leaders, Mr. Boehner and Representative Nancy Pelosi, the House Democratic leader. He added, “The American people are not going to have any patience for a politically self-inflicted wound to our economy, not right now.”


Senate Democrats want Mr. McConnell to propose an alternative to Mr. Obama’s final offer and present it to them in time for a compromise bill to reach the Senate floor on Monday and be sent to the House. Absent a bipartisan deal, Mr. Reid said Friday night that he would accede to the president’s request to put to a vote on Monday Mr. Obama’s plan to extend tax cuts for all income below $250,000 a year and to renew expiring unemployment compensation for as many as two million people, essentially daring Republicans to block it and allow taxes to rise for most Americans.


Bipartisan agreement still hinged on the Senate leaders finding an income level above which taxes will rise on Jan. 1, most likely higher than Mr. Obama’s level of $250,000. Quiet negotiations between Senate and White House officials were already drifting up toward around $400,000 before Friday’s White House meeting. The two sides were also apart on where to set taxes on inherited estates.


But senators broke from a long huddle on the Senate floor with Mr. McConnell on Friday night to say they were more optimistic that a deal was within reach. Mr. McConnell, White House aides and Mr. Reid were to continue talks on Saturday, aiming for a breakthrough as soon as Sunday.


“We’re working with the White House, and hopefully we’ll come up with something we can recommend to our respective caucuses,” said Mr. McConnell, who has played a central role in cutting similar bipartisan deals in the past.


The emerging path to a possible resolution, at least on Friday, appeared to mirror the end of the protracted stalemate over the payroll tax last year. In that conflict, House Republicans refused to go along with a short-term extension of the cut, but Mr. McConnell reached an agreement that permitted such a measure to get through the Senate, and the House speaker essentially forced members to accept it from afar, after they had left forChristmas recess.


This time, the consequences are more significant, with more than a half-trillion dollars in tax increases and across-the-board spending cuts just days from going into force, an event most economists warn would send the economy back into recession if not quickly mitigated. With the House set to return to the Capitol on Sunday night, Mr. Boehner has said he would place any Senate bill before his chamber and let the vote proceed and the chips fall. The House could also change the legislation and return it to the Senate.


If the Senate is able to produce a bill that is largely bipartisan, there is a strong belief among House Republicans that the same measure would easily pass the House, with a large number of Republicans. While Mr. Boehner was unable to muster enough votes for his alternative bill that would have protected tax cuts for income under $1 million, that was because the measure lacked Democratic support, and was roughly a few dozen votes shy of passage with Republicans alone.


Helene Cooper and Ron Nixon contributed reporting.



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Retired Gen. Norman Schwarzkopf dies at 78








Retired Gen. H. Norman Schwarzkopf, who topped an illustrious military career by commanding the U.S.-led international coalition that drove Saddam Hussein's forces out of Kuwait in 1991 but kept a low public profile in controversies over the second Gulf War against Iraq, died Thursday. He was 78.

Schwarzkopf died in Tampa, Fla., where he had lived in retirement, according to a U.S. official, who was not authorized to release the information publicly and spoke on condition of anonymity.

A much-decorated combat soldier in Vietnam, Schwarzkopf was known popularly as "Stormin' Norman" for a notoriously explosive temper.

He served in his last military assignment in Tampa as commander-in-chief of U.S. Central Command, the headquarters responsible for U.S. military and security concerns in nearly 20 countries from the eastern Mediterranean and Africa to Pakistan.

Schwarzkopf became “CINC-Centcom” in 1988, and when Saddam Hussein invaded Kuwait three years later to punish it for allegedly stealing Iraqi oil reserves, he commanded Operation Desert Storm, the coalition of some 30 countries organized by President George H.W. Bush that succeeded in driving the Iraqis out.

“Gen. Norm Schwarzkopf, to me, epitomized the 'duty, service, country' creed that has defended our freedom and seen this great nation through our most trying international crises," Bush said in a statement. "More than that, he was a good and decent man — and a dear friend."

At the peak of his postwar national celebrity, Schwarzkopf — a self-proclaimed political independent — rejected suggestions that he run for office, and remained far more private than other generals, although he did serve briefly as a military commentator for NBC.

While focused primarily in his later years on charitable enterprises, he campaigned for President George W. Bush in 2000 but was ambivalent about the 2003 invasion of Iraq, saying he doubted victory would be as easy as the White House and Pentagon predicted.


In early 2003 he told the Washington Post the outcome was an unknown: “What is postwar Iraq going to look like, with the Kurds and the Sunnis and the Shiites? That's a huge question, to my mind. It really should be part of the overall campaign plan,” he said.

Initially Schwarzkopf had endorsed the invasion, saying he was convinced that former Secretary of State Colin Powell had given the United Nations powerful evidence of Iraqi weapons of mass destruction. After that proved false, he said decisions to go to war should depend on what U.N. weapons inspectors found.

He seldom spoke up during the conflict, but in late 2004, he sharply criticized then-Defense Secretary Donald Rumsfeld and the Pentagon for mistakes that included inadequate training for Army reservists sent to Iraq and for erroneous judgments about Iraq.

"In the final analysis I think we are behind schedule. … I don't think we counted on it turning into jihad," he said in an NBC interview.

Schwarzkopf was born Aug. 24, 1934, in Trenton, N.J., where his father, Col. H. Norman Schwarzkopf Jr., founder and commander of the New Jersey State Police, was then leading the investigation of the Lindbergh kidnap case, which ended with the arrest and 1936 execution of German-born carpenter Richard Hauptmann for stealing and murdering the famed aviator's infant son.

The elder Schwarzkopf was named Herbert, but when the son was asked what his H stood for, he would reply, "H." Although reputed to be short-tempered with aides and subordinates, he was a friendly, talkative and even jovial figure who didn't like "Stormin' Norman" and preferred to be known as "the Bear," a sobriquet given him by troops.

He also was outspoken at times, including when he described Gen. William Westmoreland, the U.S. commander in Vietnam, as "a horse's ass" in an Associated Press interview.

As a teenager Norman, accompanied his father to Iran, where the elder Schwarzkopf trained the country's national police force and was an adviser to Reza Pahlavi, the young Shah of Iran.

Young Norman studied there and in Switzerland, Germany and Italy, then followed in his father's footsteps to West Point, graduating in 1956 with an engineering degree. After stints in the U.S. and abroad, he earned a master's degree in engineering at the University of Southern California and later taught missile engineering at West Point.

In 1966 he volunteered for Vietnam and served two tours, first as a U.S. adviser to South Vietnamese paratroops and later as a battalion commander in the U.S. Army's Americal Division. He earned three Silver Stars for valor — including one for saving troops from a minefield — plus a Bronze Star, a Purple Heart and three Distinguished Service Medals.

While many career officers left military service embittered by Vietnam, Schwarzkopf was among those who opted to stay and help rebuild the tattered Army into a potent, modernized all-volunteer force.

After Saddam invaded Kuwait in August 1990, Schwarzkopf played a key diplomatic role by helping to persuade Saudi Arabia's King Fahd to allow U.S. and other foreign troops to deploy on Saudi territory as a staging area for the war to come.

On Jan. 17, 1991, a five-month buildup called Desert Shield became Operation Desert Storm as allied aircraft attacked Iraqi bases and Baghdad government facilities. The six-week aerial campaign climaxed with a massive ground offensive on Feb. 24-28, routing the Iraqis from Kuwait in 100 hours before U.S. officials called a halt.

Schwarzkopf said afterward he agreed with Bush's decision to stop the war rather than drive to Baghdad to capture Saddam, as his mission had been only to oust the Iraqis from Kuwait.

But in a desert tent meeting with vanquished Iraqi generals, he allowed a key concession on Iraq's use of helicopters, which later backfired by enabling Saddam to crack down more easily on rebellious Shiites and Kurds.

While he later avoided the public second-guessing by academics and think tank experts over the ambiguous outcome of Gulf War I and its impact on Gulf War II, he told the Washington Post in 2003, “You can't help but… with 20/20 hindsight, go back and say, 'Look, had we done something different, we probably wouldn't be facing what we are facing today.'"

After retiring from the Army in 1992, Schwarzkopf wrote a best-selling autobiography, "It Doesn't Take A Hero." Of his Gulf war role, he said, "I like to say I'm not a hero. I was lucky enough to lead a very successful war." He was knighted by Queen Elizabeth II and honored with decorations from France, Britain, Belgium, Kuwait, Saudi Arabia, United Arab Emirates, Qatar and Bahrain.

Schwarzkopf was a national spokesman for prostate cancer awareness and for Recovery of the Grizzly Bear, served on the Nature Conservancy board of governors and was active in various charities for chronically ill children.

"I may have made my reputation as a general in the Army, and I'm very proud of that," he once told the AP. "But I've always felt that I was more than one-dimensional. I'd like to think I'm a caring human being. … It's nice to feel that you have a purpose."

Schwarzkopf and his wife, Brenda, had three children: Cynthia, Jessica and Christian.






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Analysis: For tech investors, it’s hard to know when to bolt






(Reuters) – When Hewlett-Packard Co agreed to buy British software company Autonomy in August last year for $ 11.1 billion, two well-known investors made diametrically different bets on how the big deal would play out.


To short seller Jim Chanos, who had been raising red flags on Autonomy for years and had started shorting shares of HP in 2011, the deal was another nail in the coffin of the Silicon Valley tech giant, according to a source familiar with his thinking.






But to activist investor Ralph Whitworth, co-founder of Relational Investors LLC, it was time to commit to HP and the turnaround story the company was trying to sell to Wall Street. His fund bought more than 17.5 million HP shares after the deal was announced, and Whitworth received a seat on the company’s board. This year, Relational roughly doubled its stake in HP.


In the wake of HP’s decision to take an $ 8.8 billion write-down on the deal because of alleged accounting irregularities at Autonomy, it appears Chanos – whose call to short Enron before the energy company collapsed in a corporate scandal may be his most famous trade – was more astute.


HP’s shares are down 36 percent since Relational, which declined to comment, built its stake in the third quarter of 2011.


BARRIERS TO ENTRY


Relational’s big move into HP is a reminder that even smart investors can get things wrong in the fast-evolving technology sector, where once hot global names like Research in Motion and Yahoo can quickly become yesterday’s news.


It is a world where a company may effectively erect barriers to entry in a market only to have them torn down by a rival with a new whizz-bang product – just as Apple‘s iPhone broke the dominance that Research in Motion’s BlackBerry had enjoyed.


One warning sign that a tech company may be on the verge of losing its edge is when it makes acquisitions outside of its main area of expertise to move into new product lines. Savvy tech investors also say be wary of companies that experience a succession of management changes, or when a successful core business starts looking tired.


The pace of change in the technology sector is much faster than in other industries, said Kaushik Roy, an analyst at Hercules Technology Growth Capital. “It attracts new talent and capital, many startups are formed, which can be extremely disruptive to incumbents,” Roy said. “In other words, yesterday’s winners can rapidly become today’s losers and vice versa.”


In the case of HP, the company not only has had four CEOs since 1999, it has been striving to find another niche to dominate as demand for one of its core products – computer printers – wanes and as its PC business stumbles.


Or consider online search pioneer Yahoo, which has gone through six chief executives and is struggling to keep pace with Google.


Josh Spencer, a portfolio manager at T. Rowe Price, said frequent turnover in the executive suite at Yahoo was a warning sign to him. Spencer said he does not own Yahoo shares and has not in the recent past.


RED FLAGS


While a company may view an acquisition as a fresh start – that is what HP was trying to say about Autonomy – some investors see it as a warning the core business is struggling.


Spencer noted that the technology industry’s most successful companies – Apple and Samsung – generally have not made acquisitions and instead developed new products internally.


For Margaret Patel, managing director at Wells Capital Management, one of the first red flags she saw at HP was when former CEO Carly Fiorina bought Compaq for roughly $ 25 billion in 2002.


“I felt then that the acquisition was too large and expensive, and personal computers were not their core strength,” said Patel, who has since avoided investing in HP.


Of course, timing can be everything even if an investor is eventually proven right. Patel missed out on a 137 percent gain in HP’s stock price from the time of the Compaq deal up until the end of 2010.


PREMIUM VALUATIONS


A few money managers see a flashing yellow light in the big sell-off of Apple shares in the past few months.


Apple, the most valuable U.S. company, has shed nearly 30 percent of its value in the last three months.


Since the death of co-founder Steve Jobs – the driving force behind Apple’s iPod, iPhone and iPad – DoubleLine co-founder Jeffrey Gundlach has been recommending that investors short the company’s shares because “the product innovator isn’t there anymore.”


Gundlach said he began shorting Apple’s stock at around $ 610 and maintains that it could drop to $ 425. He declined to comment on Tim Cook, who succeeded Jobs over a year ago and is seen by many as less visionary and innovative than Jobs.


Christian Bertelsen, chief investment officer at Global Financial Private Capital, with assets under management of $ 1.7 billion, said his firm began paring back its exposure to Apple this fall because he felt the expectations for the company’s new iPhone5 had gotten overheated.


He said his firm dramatically took down its exposure to Apple shares when the stock hit $ 670 a share. “For us, the light bulb went off this fall,” he said. Mind you, Apple’s shares still remain up about 25 percent for the whole year.


And then there’s Research in Motion. Once a leader in smartphones, it’s now in danger of becoming irrelevant.


“They saw the move towards all touch-screen phones and didn’t move with it,” said Stuart Jeffrey, an analyst at Nomura Securities who noted how the BlackBerry 10 touch-screen phone will debut on January 30, 2013, six years after Apple released its first iPhone in 2007.


Robert Stimpson, a portfolio manager at Oak Associates Funds whose fund does not own any shares of Research in Motion, said the company’s BlackBerry phones are on a downward slope and it will be tough for the company to regain its lost luster.


“The end of the road is a long, lonely journey,” Stimpson said of Research in Motion. “I think they will fight the good fight for many years, probably unsuccessfully.”


(Reporting by Nicola Leske and Sam Forgione in New York; Editing by Paritosh Bansal, Tiffany Wu, Jennifer Ablan and Matthew Goldstein; Editing by Steve Orlofsky)


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‘Rescue Me’ singer Fontella Bass dies






ST. LOUIS (AP) — Fontella Bass, a St. Louis-born soul singer who hit the top of the R&B charts with “Rescue Me” in 1965, has died. She was 72.


Bass died Wednesday night at a St. Louis hospice of complications from a heart attack suffered three weeks ago, her daughter, Neuka Mitchell, said. Bass had also suffered a series of strokes over the past seven years.






“She was an outgoing person,” Mitchell said of her mother. “She had a very big personality. Any room she entered she just lit the room up, whether she was on stage or just going out to eat.”


Bass was born into a family with deep musical roots. Her mother was gospel singer Martha Bass, one of the Clara Ward Singers. Her younger brother, David Peaston, had a string of R&B hits in the 1980s and 1990s. Peaston died in February at age 54.


Bass began performing at a young age, singing in her church’s choir at age 6. She was surrounded by music, often traveling on national tours with her mother and her gospel group.


Her interest turned from gospel to R&B when she was a teenager and she began her professional career at the Showboat Club in north St. Louis at age 17. She eventually auditioned for Chess Records and landed a recording contract, first as a duet artist. Her duet with Bobby McClure, “Don’t Mess Up a Good Thing,” reached No. 5 on the R&B charts and No. 33 on the Billboard Top 100 in 1965.


She co-wrote and later that year recorded “Rescue Me,” reaching No. 1 on the R&B charts and No. 4 on the Billboard pop singles chart. Bass’s powerful voice bore a striking resemblance to that of Aretha Franklin, who is often misidentified as the singer of that chart-topping hit.


Bass had a few other modest hits but by her own accounts developed a reputation as a troublemaker because she demanded more artistic control, and more money for her songs. She haggled over royalty rights to “Rescue Me” for years before reaching a settlement in the late 1980s, Mitchell said. She sued American Express over the use of “Rescue Me” in a commercial, settling for an undisclosed amount in 1993.


“Rescue Me” has been covered by many top artists, including Linda Ronstadt, Cher, Melissa Manchester and Pat Benatar. Franklin eventually sang a form of it too — as “Deliver Me” in a Pizza Hut TV ad in 1991.


Bass lived briefly in Europe before returning to St. Louis in the early 1970s, where she and husband Lester Bowie raised their family. She recorded occasionally, including a 1995 gospel album, “No Ways Tired,” that earned a Grammy nomination.


Bass was inducted into the St. Louis Hall of Fame in 2000.


Funeral arrangements for Bass were incomplete. She is survived by four children. Bowie died in 1999.


Entertainment News Headlines – Yahoo! News





Title Post: ‘Rescue Me’ singer Fontella Bass dies
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