Monday, January 23, 2012

Bonus season not as festive for bank CEOs (AP)

NEW YORK ? JPMorgan Chase, the nation's largest bank, posted record profit for 2011. Morgan Stanley's latest quarter topped expectations as the bank trimmed costs and cleaned up mortgage-related problems. But CEOs Jamie Dimon and James Gorman aren't taking home bigger bonuses.

Banks are curbing bonus pay for last year, as stock prices slumped, mortgage-related costs still mounted and the Occupy Wall Street movement went national.

On Friday, regulatory filings showed Gorman received 2011 stock awards valued at $5.1 million ? half of what he got in 2010. JPMorgan's Dimon received restricted stock worth $12.6 million and stock appreciation rights reportedly valued at about $5 million. That's about even with the year before.

None of the banks have yet filed annual proxy statements, which include complete details on CEOs' pay.

Source: http://us.rd.yahoo.com/dailynews/rss/personalfinance/*http%3A//news.yahoo.com/s/ap/20120121/ap_on_bi_ge/bank_bonuses

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Sunday, January 22, 2012

Intel results exceed Street, capex jumps (Reuters)

SAN FRANCISCO (Reuters) ? Intel Corp's quarterly results modestly beat Wall Street's expectations as it faces a tough PC market, and the chipmaker said it was sharply increasing its capital expenditures in an apparent bid to speed up its entry into tablets and smartphones.

Intel warned last month that the damage wrought by flooding in Thailand - the world's largest producer of computer drives - would curtail December-quarter earnings in a PC market already hit by a weak economy.

Adding to its troubles, Intel has failed to find a foothold in smartphones and tablets, where processors based on ARM Holdings' power efficient chip designs are widely used.

Rushing to speed up its development of competitive chips for smartphones and tablets, Intel said it would boost capital expenditures in 2012 to $12.5 billion, plus or minus $400 million. Last year its capital expenditures were $10.7 billion.

"The biggest surprise is the capex for the new year," said Evercore Partners analyst Patrick Wang. "They're investing to catch up and not only be at parity but exceed where the handset incumbents are."

Lenovo and Motorola Mobility have agreed to use Intel's new Medfield chip in upcoming smartphones, and investors are keen to see how the new devices do with consumers.

Intel's main PC client group raised its revenue 17 percent in the December quarter to $9 billion. Its revenues from selling server chips for data centers rose 8 percent.

After flooding in Thailand ruined factories and sensitive machinery, shortages of the components are expected to persist through the first half of 2012 and disrupt PC production.

"Last quarter they underestimated the flood impact. I am wondering if they are still underestimating the Thailand flood impact, and the market's ability to ramp back up to get to these numbers," said RBC analyst Doug Freedman.

Upbeat earnings forecasts by Linear Technology, Xilinx and TSMC this week have made investors cautiously optimistic that a drawdown of inventories in the broader chip industry, including semiconductores used in automobiles, communications and factories, may be ending, clearing the way for higher sales.

SKINNY LAPTOPS

Hoping to safeguard its position in PCs, Intel this year will kick off its largest marketing campaign since 2003, with "Ultrabooks" - instant-on super-thin laptops it hopes can stand up to the likes of Apple's Macbook Air, while giving off some of the technological chic the iPad and other tablets exude.

Fears of falling PC sales hurt the shares of Microsoft, Dell Inc and Intel for much of 2011. Intel's stock has recovered over the past three months, partly due to the chipmaker's relatively high 3.3 percent dividend yield.

Still trading at a modest 10.8 times expected earnings, the shares recently hit a 52-week high.

Intel said revenue in the current quarter would be $12.8 billion, plus or minus $500 million. Analysts on average had expected current-quarter revenue of $12.770 billion, according to Thomson Reuters I/B/E/S.

The world's leading chipmaker said revenue in the fourth quarter was $13.9 billion, up 21 percent and slightly higher than the $13.718 billion expected.

GAAP net income in the fourth quarter was $3.4 billion, up 6 percent. GAAP earnings per share were 64 cents. Analysts had expected 61 cents.

Intel had a gross margin of 64 percent in the fourth quarter, with a non-GAAP gross margin of 65 percent. Analysts on average expected 64.6 percent.

Shares of Intel were unchanged after its earnings report from a close of $25.63, up 0.95 percent on Nasdaq.

(Reporting by Noel Randewich,; Additional reporting by Poornima Gupta; Editing by Gary Hill)

Source: http://us.rd.yahoo.com/dailynews/rss/economy/*http%3A//news.yahoo.com/s/nm/20120119/bs_nm/us_intel

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Eli Manning returns to practice after one-day bug

New York Giants quarterback Eli Manning enters the practice field after leaving momentarily during NFL football practice, Wednesday, Jan. 18, 2012, in East Rutherford, N.J. Manning missed part of the practice session with a stomach illness. The Giants travel to San Francisco to play the 49ers in the NFC championship game. (AP Photo/Julio Cortez)

New York Giants quarterback Eli Manning enters the practice field after leaving momentarily during NFL football practice, Wednesday, Jan. 18, 2012, in East Rutherford, N.J. Manning missed part of the practice session with a stomach illness. The Giants travel to San Francisco to play the 49ers in the NFC championship game. (AP Photo/Julio Cortez)

New York Giants quarterback Eli Manning tosses a football during NFL football practice, Wednesday, Jan. 18, 2012, in East Rutherford, N.J. Manning missed part of practice session with a stomach illness. (AP Photo/Julio Cortez)

(AP) ? New York Giants quarterback Eli Manning was back at practice Thursday after missing part of Wednesday's workout with "a stomach bug."

Neither Manning nor coach Tom Coughlin was immediately available to say how Manning felt or to discuss his status for Sunday's NFC title game against the 49ers in San Francisco.

Manning's inclusion on the Giants' injury report Wednesday marked for the first time this season that he missed any work.

The Giants seemingly were not concerned about Manning's illness. Guard and close friend Chris Snee said Manning is the one person of the team who could afford to miss a workout.

Associated Press

Source: http://hosted2.ap.org/APDEFAULT/347875155d53465d95cec892aeb06419/Article_2012-01-19-FBN-Giants-Manning/id-f524786e5e364f1f827fb5cc551d5e57

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Saturday, January 21, 2012

Wildfire near Reno destroys more than 20 homes

A house burns just south of the Old 395 Gas Station Thursday, Jan. 19, 2012 in Washoe Valley, Nev. Winds gusting up to 82 mph pushed a fast-moving brush fire south of Reno out of control on Thursday as it burned several homes, threatened dozens more and forced more than 4,000 people to evacuate their neighborhoods. (AP Photo/The Reno Gazette-Journal, Liz Margerum) NEVADA APPEAL OUT; MAGS OUT; NO SALES

A house burns just south of the Old 395 Gas Station Thursday, Jan. 19, 2012 in Washoe Valley, Nev. Winds gusting up to 82 mph pushed a fast-moving brush fire south of Reno out of control on Thursday as it burned several homes, threatened dozens more and forced more than 4,000 people to evacuate their neighborhoods. (AP Photo/The Reno Gazette-Journal, Liz Margerum) NEVADA APPEAL OUT; MAGS OUT; NO SALES

Firefighters battle a fast-moving brush fire burns in Pleasant Valley, south of Reno, Nev., on Thursday, Jan. 19, 2012. Winds gusting up to 82 mph pushed a fast-moving brush fire through a valley south of Reno on Thursday, burning several homes, threatening dozens more and forcing hundreds of residents to evacuate their neighborhoods. (AP Photo/Cathleen Allison)

The ruins of a home in Pleasant Valley, south of Reno, Nev. smolders as firefighters battle a wind-driven brush fire on Thursday, Jan. 19, 2012. Winds gusting up to 82 mph pushed a fast-moving brush fire south of Reno out of control on Thursday as it burned several homes, threatened dozens more and forced more than 4,000 people to evacuate their neighborhoods. (AP Photo/Cathleen Allison)

The ruins of a home in Pleasant Valley, south of Reno, Nev. smolders as firefighters battle a wind-driven brush fire on Thursday, Jan. 19, 2012. Winds gusting up to 82 mph pushed a fast-moving brush fire south of Reno out of control on Thursday as it burned several homes, threatened dozens more and forced more than 4,000 people to evacuate their neighborhoods. (AP Photo/Cathleen Allison)

Firefighters wait for water before attacking an outbuilding adjacent to a home Thursday, Jan. 19, 2012 in Pleasant Valley, Nev. Winds gusting up to 82 mph pushed a fast-moving brush fire south of Reno out of control on Thursday as it burned several homes, threatened dozens more and forced more than 4,000 people to evacuate their neighborhoods. (AP Photo/The Reno Gazette-Journal, Tim Dunn) NEVADA APPEAL OUT; MAGS OUT; NO SALES

(AP) ? A brush fire fueled by 82 mph wind gusts burned more than 20 homes Thursday and forced thousands of people to evacuate their neighborhoods before firefighters stopped the flames' surge toward Reno.

About 2,000 people remained under evacuation orders late Thursday as 250 firefighters battled the blaze, said Reno Fire Chief Michael Hernandez, who warned that a full assessment might reveal even more damage.

There was one fatality in the fire area, Hernandez said, but he declined to provide more details, saying an autopsy would be needed to determine the cause of death.

The fire, of unknown origin, broke out shortly after noon in a valley along U.S. Highway 395. Soon, more than 10,000 people were told to flee their homes.

The blaze quickly grew to nearly 6 square miles and was eerily similar to another unusual winter fire that destroyed 30 homes in southwest Reno two months ago.

By nightfall, the fire had burned to the city's southern outskirts. Flames were visible from the downtown casino district, about 10 miles away.

"The area burned is absolutely devastated," Washoe County Sheriff Mike Haley said.

The wind died down after nightfall and rain started falling, much to the delight of fire crews who stopped the flames' forward progress at Galena High School, where Vice President Joe Biden had been speaking just a few hours earlier.

The strong winds coming across the Sierra ahead of a winter storm had already delayed Biden's visit to the school on the south end of town.

With the smell of smoke in the air, Biden was about 25 minutes into his address when aides summoned him off stage. He told the audience he would have to move onto a question-and-answer period before officials "made me get out of here."

Hernandez later held a briefing at the high school, but it was evacuated along with surrounding neighborhoods shortly afterward.

About 300 elementary school students were taken to an evacuation center, and deputies went door to door asking people to leave their homes in Pleasant Valley, Old Washoe Valley and Saint James Village, Washoe County sheriff's Deputy Armando Avina said.

Erika Minnberry, 28, said she didn't become concerned at first because smoke from the fire appeared far enough away.

"Probably 30 minutes later, it was up to our house because of the high winds," she said. "I felt pure survival adrenaline. When we drove away, the smoke was so thick, we could barely see ahead of us. Now I feel anxiety. I couldn't find my two cats at the time and I hope they're OK."

With zero containment, firefighters were concentrating on using crews and trucks to protect homes in the path of the flames, Hernandez said earlier Thursday.

He estimated firefighters had saved about 1,000 structures and said another 80 to 120 firefighters were expected to arrive to help before midnight.

"To say we are in the thick of battle is an understatement," he told reporters.

Hernandez said the fire was "almost a carbon copy" of a huge wild fire on the edge of the Sierra foothills that destroyed 30 homes in southwest Reno in November. It burned about 3 square miles and also forced the evacuation of 10,000 people.

"It's inconceivable that this community has been struck by tragedy again," said Gov. Brian Sandoval, who declared a state of emergency Thursday afternoon.

As with the November fire, which was sparked by downed power lines, strong winds and dry conditions helped fuel the latest blaze. The Reno area had gone a winter-record 56 days without any precipitation until light snow fell earlier this week.

"There's a lot of dry trees," Avina said. "We're battling with Mother Nature and these winds."

More wet weather was forecast Friday, and snow was forecast Friday night. But high winds were expected to continue, with gusts up to 40 mph.

About 2,300 homes in the area were without power Thursday night.

Thomas Young, 48, a freelance writer, said he had just gotten out of the shower at his Pleasant Valley home when the power went out. Draped in only a towel, he looked out a window and saw his barn on fire and flames up to his backyard.

"Right away the flames went up a power line, and I said, 'We have to get out of here,'" Young said. "We put two dogs and two kids in the car and drove away about three minutes later. Unfortunately, I think my house is burned down from what I saw."

The flames, up to 40 feet high, raced through sage brush, grass and pines in an area where small neighborhoods are dispersed among an otherwise rural landscape. Washoe County animal services officials helped round up horses and other livestock for evacuation.

Part of U.S. 395 was closed as heavy smoke reduced visibility to zero, and an 11-mile stretch of the highway would remain closed indefinitely, Hernandez said.

___

Associated Press writers Martin Griffith in Reno and Sandra Chereb in Carson City contributed to this report.

Associated Press

Source: http://hosted2.ap.org/APDEFAULT/3d281c11a96b4ad082fe88aa0db04305/Article_2012-01-20-Reno%20Brush%20Fire/id-cfb63244626043048d476782fcf2ae28

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Friday, January 20, 2012

Wikipedia, Google protest US antipiracy proposals

This screen shot shows the blacked-out Wikipedia website, announcing a 24-hour protest against proposed legislation in the U.S. Congress, intended to protect intellectual property that critics say could facilitate censorship, referred to as the "Stop Online Piracy Act," or "SOPA," and the "Protect IP Act," or "PIPA." (AP Photo/Wikipedia)

This screen shot shows the blacked-out Wikipedia website, announcing a 24-hour protest against proposed legislation in the U.S. Congress, intended to protect intellectual property that critics say could facilitate censorship, referred to as the "Stop Online Piracy Act," or "SOPA," and the "Protect IP Act," or "PIPA." (AP Photo/Wikipedia)

(AP) ? January 18 is a date that will live in ignorance, as Wikipedia started a 24-hour blackout of its English-language articles, joining other sites in a protest of pending U.S. legislation aimed at shutting down sites that share pirated movies and other content.

Reddit.com shut down its social news service for 12 hours. Other sites made their views clear without cutting off surfers. Google blacked out the logo on its home page, directing surfers to a page where they could add their names to a petition against the bills.

Local listings site Craigslist took a middle route, changing its local home pages to a black screen directing users to an anti-legislation page. After 10 seconds, a link to the main site appears on the home page, but some surfers missed that and were fooled into thinking the whole site was blacked out.

The Internet companies are concerned that the Stop Online Piracy Act in the House and the Protect Intellectual Property Act under consideration in the Senate, if passed, could be used to target legitimate sites where users share content.

The 24-hour Wikipedia blackout is an unprecedented move for the online encyclopedia. The decision was reached after polling the community of contributors, but dissenters say political advocacy undermines the site's mission as a neutral source.

However, it's not complete: the block can be bypassed by changing browser settings to disable JavaScript, or by using the version of the site designed for cellphone screens.

There's also a "mirror" or copy, of Wikipedia called The Free Dictionary, but it's not up to date.

___

Online:

Wikipedia for mobiles: http://en.m.wikipedia.org/

"Mirror" site of Wikipedia: http://encyclopedia.thefreedictionary.com/

Associated Press

Source: http://hosted2.ap.org/APDEFAULT/f70471f764144b2fab526d39972d37b3/Article_2012-01-18-Internet%20Protest/id-ddd9aa4ad51c4782959e88116549a1ce

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