Friday, October 12, 2012

Wall Street flat as Apple cuts jobs data gains

NEW YORK (Reuters) - U.S. stocks ended flat on Thursday after gains brought by a sign of improvement in the labor market were erased in part by a drop in Apple shares after a legal setback in a court ruling.

Apple fell 2 percent to $628.10 after a U.S. appeals court overturned a preliminary injunction on the sale of Samsung's Galaxy Nexus smartphone, dealing a blow to the iPhone maker in a battle against Google's Android mobile software.

Traders have been bearish recently, with the S&P 500 down 2 percent in the last five sessions in anticipation of a weak earnings season. News that the number of Americans filing new claims for jobless benefits fell to its lowest level in more than 4-1/2 years gave the market only marginal support.

"Unless we get blowout numbers in the earnings season, this sort of volatile environment will likely continue in the near term," said Robert Pavlik, chief market strategist at New York-based Banyan Partners.

AT&T and Verizon also weighed after news that Japan's Softbank may buy a majority stake in their competitor, Sprint Nextel . Sprint shares rallied more than 13 percent but AT&T and Verizon lost more than 1 percent each on expectations of harsher market competition.

The S&P 500 is just over 8 percent below its record closing high, set five years ago, and the corporate results season that started this week is expected to show the first drop in year-on-year quarterly earnings since 2009.

"We're so close to all-time highs, and there's so much talk of fundamentally having no reason to be here, that people are taking profits," said Doreen Mogavero, CEO of Mogavero, Lee & Co in New York.

The Dow Jones industrial average fell 18.58 points, or 0.14 percent, to 13,326.39. The S&P 500 edged up 0.28 point, or 0.02 percent, to 1,432.84. The Nasdaq Composite dipped 2.37 points, or 0.08 percent, to 3,049.41.

Energy stocks led gains in the main 10 S&P 500 sectors with a 0.6 percent advance. Coal miner Peabody Energy rose 8.9 percent to $26.18 and its peer Consol Energy added 8 percent to $35.48 on bets higher natural gas prices would encourage coal use by power producers.

Sprint shares jumped 14.3 percent to $5.76 on news of the possible acquisition by Japan's Softbank, while AT&T lost 1.8 percent to $36.26 and Verizon dropped 1.3 percent to $45.20. Clearwire Corp , in which Sprint holds a majority interest, surged 70.8 percent to $2.22.

Truck manufacturer Oshkosh rallied 11.4 percent to $29.90 on news that investor Carl Icahn had offered to buy all of its shares for $32.50 each.

Dollar Tree , off 7.7 percent to $43.28, led percentage declines among discretionary sector stocks after it said it will post third-quarter sales at the lower end of its earlier forecast.

The S&P retail sector index fell 0.9 percent.

About 6.1 billion shares changed hands on the New York Stock Exchange, the Nasdaq and NYSE MKT, slightly below the daily average so far this year of about 6.52 billion shares.

On the NYSE, almost two issues rose for every one that fell and on the Nasdaq three issues rose for every two that posted declines.

(Editing by Kenneth Barry and Dan Grebler)

Source: http://news.yahoo.com/wall-street-ends-mixed-apple-dents-gains-201126929--finance.html

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Thursday, October 11, 2012

Pinkie Pie hacks Chrome, wins $60K (again)

2 hrs.

A teenage hacker, known only as Pinkie Pie, won a cool $60,000 from Google for his full exploit of the company's Chrome browser in Malaysia today on Wednesday.

His hack involved impersonating the extensions manager and breaking out of Chrome's sandbox, an isolated environment for untrusted applications to run in without access to a computer's essential functions and sensitive data.

"Once he was impersonating the extensions manager, Pinkie used two more bugs to finally break out of the sandbox, Google said. ?With these two bugs Pinkie was able to install and run his own NPAPI plug-in that executed outside the sandbox at full user privilege."

The award comes out of a $2 million purse Google has for hackers who can expose Chrome's security flaws in its Pwnium 2 contest at the Hack in the Box conference in Kuala Lumpur.

But this isn't the first time Pinkie Pie, whose name is presumably a reference to a "My Little Pony: Friendship is Magic" character, has won big with his hacking skills. The anonymous teen compromised Chrome in Vancouver at the CanSecWest conference in March, netting him another $60,000.

Out of all the entries for Pwnium 2, Pinkie Pie's was the only successful one. Google's security teams can patch a known bug in as little as 24 hours, but as of this writing the software company has not pushed out an update.

As technology becomes ever more pervasive in our lives, hackers become younger and younger. Many turn to digital vandalism and mischief out of boredom, but Pinkie Pie is an excellent example of how a young hacker can indulge his desires and make a lot of money doing it.

Follow Ben on Twitter@benkwx.

Source: http://www.nbcnews.com/technology/technolog/pinkie-pie-hacks-chrome-wins-60k-again-1C6390498

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Giants beat Reds in 10th, cut NLDS deficit to 2-1

Cincinnati Reds third baseman Scott Rolen throws to first base after fielding a ground ball hit by San Francisco Giants' Joaquin Arias in the 10th inning during Game 3 of the National League division baseball series, Tuesday, Oct. 9, 2012, in Cincinnati. Rolen was charged with an error on the play allowing Buster Posey to score. The Giants won 2-1 in the 10th inning to cut their playoff deficit to 2-1. (AP Photo/Michael Keating)

Cincinnati Reds third baseman Scott Rolen throws to first base after fielding a ground ball hit by San Francisco Giants' Joaquin Arias in the 10th inning during Game 3 of the National League division baseball series, Tuesday, Oct. 9, 2012, in Cincinnati. Rolen was charged with an error on the play allowing Buster Posey to score. The Giants won 2-1 in the 10th inning to cut their playoff deficit to 2-1. (AP Photo/Michael Keating)

Cincinnati Reds starting pitcher Homer Bailey throws against the San Francisco Giants in the first inning during Game 3 of the National League division baseball series, Tuesday, Oct. 9, 2012, in Cincinnati. (AP Photo/Al Behrman)

A Cincinnati Reds fan holds a sign supporting starting pitcher Homer Bailey prior to Game 3 of the National League division baseball series against the San Francisco Giants, Tuesday, Oct. 9, 2012, in Cincinnati. (AP Photo/Al Behrman)

Cincinnati Reds manager Dusty Baker watches from the dugout in the first inning during Game 3 of the National League division baseball series against the San Francisco Giants, Tuesday, Oct. 9, 2012, in Cincinnati. (AP Photo/Al Behrman)

Former Cincinnati Reds pitcher Tom Browning throws out the ceremonial first pitch prior to Game 3 of the National League division baseball series against the San Francisco Giants, Tuesday, Oct. 9, 2012, in Cincinnati. (AP Photo/Al Behrman)

(AP) ? Joaquin Arias hit a grounder toward third base and took off, covering those 90 feet in a blink as a full-to-capacity ballpark went silent with angst.

Which would get there first, the infielder or the ball? Who would win the decisive playoff dash?

"That's the fastest I've ever run to first," Arias said.

Fast enough to extend the San Francisco Giants' season one more day.

Reds third baseman Scott Rolen bobbled the short-hop, giving Arias enough time to beat the throw as the go-ahead run scored for a 2-1 victory Tuesday night that avoided an NL division series sweep.

Hardly able to get a hit the last two games, the Giants turned a passed ball and a misplayed grounder into a win that cut their series deficit to 2-1 and extended Cincinnati's 17 years of home postseason futility.

"These are the type of games we've played all season long," said Sergio Romo, who pitched the last two innings for the win. "We are a gritty and grinding team."

And, with their season on the line, a little lucky, too.

"We got a break there at the end," manager Bruce Bochy said.

Left-hander Barry Zito will pitch Game 4 on Wednesday for the Giants, who have won the last 11 times he started. The Reds have to decide whether to try ace Johnny Cueto, forced out of the opener in San Francisco on Saturday with spasms in his back and side.

Manager Dusty Baker said after the game that they hadn't decided whether to let Cueto try it, bring back Mat Latos on short rest again, or replace Cueto with Mike Leake, who wasn't on the division series roster.

Switching out Cueto would leave the Reds ace ineligible to pitch in the championship series should the Reds get that far.

"It's very difficult, but it all depends on if your ace can't go or whatever it is," Baker said. "That's part of the conversation ? us going without him. We realize what's at stake."

They were hoping to avoid having to make that choice. One grounder forced the issue.

The Giants managed only three hits against Homer Bailey and the Reds bullpen, but got two of them in the 10th ? along with a passed ball by Ryan Hanigan ? to pull it out. San Francisco won despite striking out 16 times.

Rolen, an eight-time Gold Glove winner, couldn't cleanly come up with Arias' grounder, which put him in a tough position.

"I've gone through the play many times in my mind between then and now, and I think I would play it the same way," Rolen said. "It hit my glove. I just couldn't get it to stick."

The Reds haven't won a home playoff game since 1995, the last time they reached the NL championship series. One win away from making it back there, they couldn't beat a Giants team that has barely been able to get a hit.

San Francisco got only two hits while losing 9-0 on Sunday night, setting up that 2-0 deficit in the series. The Giants had only one single in seven innings off Homer Bailey, making his first start at Great American Ball Park since his Sept. 28 no-hitter in Pittsburgh.

Fortunately for the Giants, Bailey's one lapse led to a run. He hit a batter, walked another and gave up a sacrifice fly by Angel Pagan in the third inning.

That was it until the 10th, with the Giants going down swinging ? the Reds set a season high with 16 strikeouts. Closer Aroldis Chapman got a pair of strikeouts on 100 mph fastballs during a perfect ninth inning, keeping it tied at 1.

San Francisco's one-hit wonders finally got it going against Jonathan Broxton, who gave up leadoff singles by Buster Posey ? the NL batting champion ? and Hunter Pence, who pulled his left calf on a wild swing before getting his hit.

With two outs, Hanigan couldn't come up with a pitch, letting the runners advance. Moments later, Cincinnati's chance for a sweep was over.

Instead, a Reds team that lost a lot ? closer Ryan Madson in spring training, top hitter Joey Votto for six weeks at midseason, Baker for the NL Central clincher, Cueto in the first inning of the first playoff game ? ended up with another playoff loss at home.

Baker was back in the home dugout at Great American for the first time in nearly a month, recovered from an irregular heartbeat and a mini-stroke. After a pregame ovation, he settled in his red folding chair with a toothpick on his lips.

The 63-year-old manager watched his pitching staff dominate again, but fail to get that breakthrough win. This time, the offense came up short, getting only four hits.

Cincinnati hasn't won a home playoff game since beating the Dodgers 10-1 at Riverfront Stadium for a three-game division sweep in the 1995 NLDS. They then got swept by Atlanta.

They didn't get back to the playoffs again until 2010, when they got no-hit by Roy Halladay and swept by the Phillies in the opening round.

The second-largest crowd in Great American history was still getting the hang of playoff rooting. A video board message instructed the 44,501 fans not to wave white rally towels while the Reds were in the field ? could be distracting.

Didn't take long to get those towels twirling. Brandon Phillips led off with a single, but was thrown out at third when he tried to advance on a ball that got away from Posey. It was costly ? the Reds went on to score on a walk and a pair of singles, including Jay Bruce's RBI hit to right.

The Reds got only one more hit the rest of the way.

NOTES: The game started 3 minutes late because a sign-waving fan ran onto the field. He was tackled by police in center field. ... Giants avoided their third playoff sweep in franchise history. ... The Giants haven't lost three in a row since they dropped five straight from July 25-30. ... Tom Browning, who pitched the Reds' previous no-hitter ? a perfect game against the Dodgers in 1988 ? threw the ceremonial pitch. ... Bailey fanned six in a row, matching the Reds' postseason record. ... The only larger crowd at GABP was for the 2010 playoff game against Philadelphia.

___

Follow Joe Kay on Twitter: http://twitter.com/apjoekay

Associated Press

Source: http://hosted2.ap.org/APDEFAULT/347875155d53465d95cec892aeb06419/Article_2012-10-09-NLDS-Giants-Reds/id-87ee8866cefc4b7a9713e655880f2cc6

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Source: http://www.briefingwire.com/pr/law-offices-of-yevgeny-levin-right-place-to-get-appropriate-legal-information

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Immigrant's Ex Sets Up Fake Escort Profile? INS Investigates - The ...

If there is one thing that the Immigration and Naturalization Service hates, it's recent immigrants that turn to crime. So, when they hear a tip that a young Russian female immigrant is?advertising her "touchy breasts" and "medium frame" on an escort site (for only $200 to $600 per hour), they are sure to investigate. Of course, should they find evidence of illegal activity, there's a good chance that her visa will be revoked and she'll be sent back home.

Ruzilya Khusnutdinova, 24, does not want to go home. She also does not engage in prostitution. According to Khusnutdinova, her ex-boyfriend created the profile as revenge and then tipped off INS. The numerous nude and semi-nude photos were taken during a romantic trip to Lake George in 2010. Their relationship ended in 2011. She's now suing him for $16 million, reports the Daily News. Among her claims for relief are emotional distress, defamation, and constitutional violations.

Some of you are cynical. You?re thinking that she?s only making this up now because she was caught and doesn?t want to be deported. Her ex-boyfriend claims the same, ?She told me she was working for an escort service. Maybe she?s blaming me just to get out of it,? Vladimir Dranovsky told the Daily News.

This isn?t the couple?s first legal dispute, however. Shortly after the break-up, he was charged with grand larceny after he refused to return her passport until she forked over $4,000. He pled guilty to a lesser charge in February.

The emotional distress and constitutional violation claims are interesting. In order to succeed on an emotional distress claim in New York, there has to be extreme and outrageous conduct that leads to severe emotional distress and typically at least one physical symptom, such as ulcers from the stress. Assuming that she?s telling the truth, a fake escort profile would qualify as extreme and outrageous, and the resulting INS investigation would almost certainly cause emotional distress. But are there physical symptoms of distress?

As for constitutional violations, these are typically brought against those acting under the color of law or legal authority, such as police officers beating and silencing protestors, or against discriminatory employers. It really would be interesting to see what constitutional violation could apply to an ex-boyfriend posting dirty images on the Internet.

Related Resources:

Source: http://newyorkpersonalinjurylegalblog.com/2012/10/immigrants-ex-sets-up-fake-sex-escort-profile-ins-investigates.html

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Malaysia license for Lynas rare earth plant left on hold

KUALA LUMPUR (Reuters) - A Malaysian court has kept on hold a license granted to Lynas Corp Ltd's controversial rare earth plant, delaying until next month a decision on whether to consider judicial reviews aimed at permanently blocking production.

Australia's Lynas, which received a temporary operating license for the $800 million plant early in September, had aimed to start production this month.

The firm confirmed in a statement that the launch would be delayed and gave no new timetable.

Protests in Malaysia over possible radioactive residue have drawn thousands of people and the project has become a hot topic ahead of an election that must be held by early next year.

Activists linked to the environmental group Save Malaysia Stop Lynas want the court to suspend the license until two judicial review cases challenging the government's decision allowing the plant to operate are heard.

Lynas says that its plant is safe and is not comparable to a rare-earths plant in Malaysia that was shut by a unit of Mitsubishi Chemicals in 1992, after residents there blamed the plant for birth defects and a high rate of leukemia cases.

Hon Kai Ping, a lawyer for the environmental group, said the decision had been delayed by the Kuantan High Court until November 8.

It was not immediately clear the reason for the delay, but the environmental group plans to bring in more expert witnesses.

"It is another month of relief but we won't be satisfied until Lynas is out of Malaysia," Jade Lee, a member of the Save Malaysia Stop Lynas group and a resident of the eastern city of Kuantan where the plant is located said after the court ruling.

Shares in Lynas had closed Wednesday's session 1.2 percent down ahead of the court decision.

The rare earth plant -- the biggest outside China -- has been ready to fire up since early May, but the company has been embroiled in environmental and safety disputes with local residents since construction began two years ago.

The plant is considered important to breaking China's grip on the processing of rare earths, which are used in products ranging from smartphones to hybrid cars.

(Reporting by Siva Sithraputhran and Sydney bureau; Editing by Ed Davies)

Source: http://news.yahoo.com/malaysia-license-lynas-plant-hold-lawyer-053703296.html

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Track Market Gurus with these ETFs - Zacks Investment Research

With the markets hitting a rough patch, the path forward for equities seems incredibly uncertain. The Fed appears willing to do anything and everything to boost market confidence, but conditions on the ground are less favorable heading into the heart of Q4.

Many key companies are warning about their profits and not just those that are focused on international segments either. Firms with a more domestic focus are also trying to temper investor expectations, suggesting that we could be in for a bumpy earnings season and a broad slowdown in the market.

With this kind of a backdrop some investors have taken to investing like the professionals in order to hopefully mitigate risk and find the best picks in the market. After all, those who are managing millions or those who can shift perception based on their purchases and sales can have an advantage over the ?regular? investor (read Three Biggest Mistakes of ETF Investing).

Fortunately, large investment firms and hedge funds are forced to disclose their holdings and their portfolio moves on a quarterly basis. This system helps to give the average investor an easy way to match the investing styles from some of their favorite investing gurus.

The main drawback to this approach is that the holdings updates can often be somewhat stale, as managers can move in and out of a security before an update is required by the SEC. Furthermore, some gurus may be taking positions?be it in swaps, futures, or more exotic securities?that are difficult if not downright impossible for investors to match (read The Truth About Low Volume ETFs).

If that wasn?t enough, tracking one ?master? of the investing world may not really be enough diversification for some, as the picks could be heavily concentrated in a particular style or market segment. Given these realities, an ETF approach to tracking top investment managers could be an interesting way to go instead.

With this approach, the guesswork and selection of managers is done for you, allowing a solid and well diversified portfolio to be built that still focuses in on market guru predictions. Additionally, while fees are somewhat higher in this space than in the less involved segments of the ETF world, the cost is likely to be but a fraction of what investors currently pay for ?true? hedge fund exposure, meaning that these investments could be a low cost way to play the space.

Thanks to this, we have highlighted three ETFs below which look to track market mavens and their investment picks. While all three have a somewhat similar approach to the problem, there are some key differences which investors should be aware of before making a choice in this interesting, and potentially lucrative, segment of the ETF market:

Global X Top Guru Holdings Index ETF (GURU)

One way to target market experts is with Global X?s aptly named ?GURU? which follows the Top Guru Holdings Index. This benchmark is comprised of the top U.S. listed equity positions reported on Form13F by a select group of institutions, as determined by Structured Solutions AG.

Hedge funds are selected for inclusion from a pool of 1,000s and are picked based on the size of their reported equity holdings and the efficacy of replicating their publicly disclosed positions. Additional filters are applied to eliminate hedge funds that have high turnover rates for equity holdings, and then the stocks are screened for liquidity and equal weighted.

With this approach, GURU has roughly 50 stocks in its basket and is weighted towards tech, financials, and industrials. A nice mix of large and small caps comprise the fund while a number of nations are represented as well, giving GURU a global focus (read Five Great Global ETFs for Complete Equity Exposure).

It should also be noted that volume is rather light for this product while expenses come in at 0.75%. This suggests that the cost is somewhat higher than the stated expense ratio, but as you will read, this expense ratio is far less than some of the more ?active? products on this list.

QAM Equity Hedge ETF (QEH)

This product looks to exceed the risk adjusted performance of roughly 50% of the long/short equity hedge fund universe, as defined by the HFRI Equity Hedge Total Index constituents. This approach includes looking at the Markov Processes International proprietary style analysis technique, patented hedge fund analysis software, as well as the manager?s knowledge of the space to determine which segments best represents the hedge fund industry.

The process will use ETFs for its exposure, giving it even more diversification. With this approach, the managers hope to also beat out the S&P 500 Index while still having lower risk levels than this key benchmark (see Three Low Beta ETFs for the Uncertain Market).

The fund is still quite new so holdings could be in flux, but it does have an interesting mix of bond and equity ETFs in its portfolio. At the top of the list is two bond ETFs, SHV and BIL, while two equal weight funds round out the rest of the top four with RSP and RYF accounting for another 10% of the total assets.

As we alluded to earlier, the fund is quite new so AUM is pretty low while volume is quite spotty suggesting wide bid ask spreads. Meanwhile expenses, thanks to acquired fund fees and ?other? come in at 1.64%, putting it near the top from a cost perspective.

AlphaClone Alternative Alpha ETF (ALFA)

Another new fund on this list is ALFA, from the relative unknown issuer AlphaClone. Their only fund tracks the AlphaClone Hedge Fund Long/Short Index which looks to provide exposure to US Traded equities which hedge funds and institutional investors have disclosed significant exposure.

Securities are chosen for inclusion based on managers ?Clone Score?, a proprietary ranking system from the advisor which looks to rate managers and thus allocate the most resources to the best ones. It should also be noted that the fund has the ability to employ a dynamic hedge so that the benchmark can either be 100% long or as much as 50% long and 50% short, depending on market conditions.

The fund is right around the others in terms of fees at 95 basis points a year while volume is quite low for this ETF as well. Correlation and standard deviation levels aren?t too meaningful at this point since the fund hasn?t been out for that long, but the fund has seen higher correlation levels than the others on the list, though its performance has been very good since its inception (Read The Five Best ETFs over the Past Five Years).

Currently, AAPL makes up the top holding in the ETF at just over 11% of assets while the rest of the top ten is rather spread out around the 2% level each. With this approach, the fund is heavily concentrated in technology, although consumer discretionary (21%) also makes up a big chunk, while health care and financials round out the top four with 10% each.

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Follow @Eric Dutram on Twitter

Source: http://www.zacks.com/stock/news/84395/track-market-gurus-with-these-etfs

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