RIM shares jump after hours following results

U.S.-traded shares Research In Motion rallied in after-hours trading on Thursday after the BlackBerry maker posted a smaller-than-expected quarterly loss excluding one-time items.
The company's Nasdaq-listed shares were last up 8 percent at $15.25, extending a 3.6-percent gain in regular trading hours. They are also on track to close with a fourth straight month of gains.
The stock has more than doubled since the start of September, including a more than 46 percent gain in November, but was still negative for the year at the close on Thursday.

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RIM posts smaller than expected loss; shares surge

Research In Motion reported a smaller-than-expected quarterly loss on Thursday and boosted its cash cushion, sending its shares soaring more than 7 percent.
But the struggling BlackBerry maker also recorded the first-ever decline in its subscriber base, barely a month before the crucial launch of the new BB10 smartphone line.
RIM reported a loss of $114 million or 22 cents a share, excluding one-time items. Analysts, on average, had forecast a loss of 35 cents a share, according to Thomson Reuters I/B/E/S.
RIM shares, which closed 3.6 percent higher at $14.12 on Thursday, rose 7.6 percent after the closing bell in the United States to $15.20, as investors cheered the surge in RIM's cash pile ahead of next month's launch of the new BB10 devices.
RIM built its cash cushion up to $2.9 billion in the quarter, from $2.3 billion in the prior period. RIM will need the funds to manufacture and promote its new line of products ahead of the January 30 launch.
The Waterloo, Ontario-based company hopes to reinvent itself and revive its fortunes with the BlackBerry 10. It also reported a surprise net profit in its fiscal third-quarter, reflecting a one-time tax gain from restructuring of its international operations.
In the period ended December 1, RIM reported net income of $9 million, or 2 cents a share. That compared with a year-ago profit of $265 million, or 51 cents.
RIM said its subscriber base fell to about 79 million in the quarter from about 80 million in the period ended September 1.
The decline is a disconcerting marker in the history of RIM, which virtually invented the concept of on-the-go email. In recent years, RIM's user base has grown, even as the BlackBerry lost ground in North America and Europe, boosted by gains in emerging markets.
The company, whose aging line of BlackBerry devices has lost ground to the likes of Apple Inc's iPhone and a slew of devices powered by Google Inc's Android operating system, said it shipped 6.9 million smartphones in the quarter.

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This subscriber loss may haunt RIM in coming months

RIM’s (RIMM) share price popped by 8% soon after it released its earnings, buoyed by positive sales and earnings surprises. The fact that RIM managed to beat expectations on both fronts is a real achievement. The company has been able to manage the 50% annualized decline in device volume a lot more gracefully than most investors expected. The adjusted EPS loss of $0.22 was much smaller than the $0.36 loss Wall Street expected. However, there is a fly in the ointment the size of a hamster — for the first time ever, the base of BlackBerry subscribers has started shrinking globally. Wall Street expected RIM to add 300,000 new subscribers. Instead, the company lost about a million, with the number of total subscribers dipping from 80 million to 79 million in three months.
[More from BGR: RIM’s first BlackBerry 10 smartphone to be called the ‘Z10′]
The key surprise in RIM’s summer quarter was the company’s ability to expand its subscriber base even as its sales in the United States and the United Kingdom markets tanked. That was one of the factors that underpinned the strong share price rebound during the autumn. And the key surprise in RIM’s November quarter is the new trend of subscriber base decline. What has been crucially important for RIM over the past dark year is the rock solid loyalty of its emerging market customers in South Africa, Nigeria, Indonesia, Malaysia, the Philippines and Brazil. Those markets have enabled RIM to beat subscriber base estimates for four quarters running, even as American and British consumers abandoned the brand.
[More from BGR: RIM beats estimates in Q3, but subscriber base shrinks]
That loyalty may now be wobbling. Nokia (NOK) launched a broad range of very cheap Asha QWERTY models in the beginning of 2012 and has been pushing these models aggressively into Africa and Asia over the past two quarters. Samsung (005930) has moved into bargain basement level with its own Android QWERTY devices dropping to the 5,000 rupee level and below in India. This pincer move may have started to take its toll on RIM.
RIM added 2 million subscribers during the August quarter and then lost 1 million in the November quarter. It’s hard to estimate precise rates, because RIM refuses to give out detailed information but this could represent a swing from 9% annualized growth to 4% annualized decline in just three months.
In a couple of months, RIM will launch a new range of Blackberry models with a spanking new OS and appealing revamp of the Blackberry Messenger software. But the first models coming out will be expensive and aimed at business users. The low-end erosion that the autumn subscriber loss indicates may bite deep during the February and May quarters. What RIM really needs badly is a range of appealing new QWERTY devices priced well below $200 in retail. It is not clear when these devices will arrive. Much hinges now on whether RIM has an aggressive low-end strategy in place or whether the company will chase the dream of reconquering its high-end prominence.
Messaging apps like 2go and WhatsApp are growing at breakneck speed in Africa and Asia — they knit together users of various platforms from iOS to Android to S40 to Blackberry. The subscriber contraction of the November quarter indicates that RIM needs to somehow revive the emerging market interest in BBM very soon. The short squeeze that started in October is still driving RIM’s share price higher. But over the coming weeks we may well see investors begin to ponder the year 2013 subscriber trajectory.

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RIM loses BlackBerry subscribers for first time

TORONTO (AP) — Research In Motion's stock plunged in after-hours trading Thursday after the BlackBerry maker said it plans to change the way it charges fees.
RIM also announced that it lost subscribers for the first time in the latest quarter, as the global number of BlackBerry users dipped to 79 million.
In a rare positive sign, the Canadian company added to its cash position during the quarter as it prepared to launch new smartphones on Jan. 30. The new devices are deemed critical to the company's survival.
RIM's stock initially jumped more than 8 percent in after-hours trading on that news, but then fell $1.48, or 10.4 percent, to $12.65 after RIM said on a conference call that it won't generate as much revenue from telecommunications carriers once it releases the new BlackBerry 10 platform.
RIM is changing the way it charges service fees, putting an important source of revenue at risk. RIM CEO Thorsten Heins said only subscribers who want enhanced security will pay fees under the new system.
"Other subscribers who do not utilize such services are expected to generate less or no service revenue," Heins said. "The mix in level of service fees revenue will change going forward and will be under pressure over the next year during this transition."
RIM's stock had been on a three-month rally that has seen the stock more than double from its lowest level since 2003.
But Mike Walkley, an analyst with Canaccord Genuity, said BlackBerry 10 will change RIM's services revenue model dramatically. He said that instead of getting about $6 per device each month from carriers and users RIM could get as little as zero.
"That's what turned the stock from being up 10 percent to being down 10 percent," Walkley said. "That's been part of our worry. How do they come back with a new platform and get carriers to continue to share the higher revenue —which sounds like they are not going to— and then subsidize the phone to make it affordable for consumers and enterprises."
"People are seeing that the services revenue has a lot of risk to it now with the BlackBerry 10 migration."
Three months ago, RIM had 80 million subscribers. Analysts said the loss of 1 million subscribers was expected. Once coveted symbols of an always-connected lifestyle, BlackBerry phones have lost their luster to Apple's iPhone and phones that run on Google's Android software.
RIM is banking its future on its much-delayed BlackBerry 10 platform, which is meant to offer the multimedia, Internet browsing and apps experience that customers now demand.
"We believe the company has stabilized and will turn the corner in the next year," Heins said. He noted that the company's cash holdings grew by $600 million in the quarter to $2.9 billion, even after the funding of all its restructuring costs. RIM previously announced 5,000 layoffs this year.
Heins said subscribers in North America showed the largest decline, but said there is growth overseas.
Colin Gillis, an analyst with BGC Financial, said before the conference call that the company bought itself more time.
"It doesn't mean (BlackBerry) 10 will gain traction. A lot of people said 10 would be DOA, but I don't think that's going to be the case," he said.
Jefferies analyst Peter Misek also earlier called the results better than expected, noting that RIM added a significant amount of cash. RIM will need the money to advertise the new BlackBerrys and operating system.
Misek also called it a positive development that RIM said there would not be another delay to BlackBerry 10.
"The success or failure of this company will be on BlackBerry 10," Misek said.
RIM posted net income of $14 million, or 3 cents per share for its fiscal third quarter, which ended Dec. 1. That compares with a profit of $265 million, or 51 cents per share, in the same quarter a year ago.
The latest figure includes a favorable tax settlement. Excluding that adjustment, RIM lost 22 cents per share. Analysts polled by FactSet were expecting a wider loss of 27 cents.
RIM reported revenue of $2.7 billion, down 47 percent from a year ago.

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RIM shares slump as service revenue, subscriber concerns weigh

Research In Motion shares tumbled more than 10 percent on Thursday after the company reported the first ever decline in its subscriber numbers and outlined plans to transform the way it charges for its BlackBerry services.
RIM, which hopes to revive its fortunes and reinvent itself via the launch of a brand new line of BlackBerry 10 devices next month, caught investors off-guard on its quarterly conference call, when it said it plans to alter its service revenue model - a move that will pressure the high-margin business that accounts for about a third of RIM's sales.
"RIM provided few details regarding the economics of these changes, thus adding a large cloud of uncertainty to the primary driver of its profitability, which we view as especially worrisome given risks already surrounding the firm's massive BlackBerry 10 transition," said Morningstar analyst Brian Colello.
Those subscribers who need enhanced services like advanced security will pay for these services, while those who do not use such services will generate much lower to no service revenue, RIM Chief Executive Thorsten Heins told analysts and investors on a conference call on Thursday.
"I want to be very clear on this. Service revenues are not going away, but our business model and service offerings are going to evolve ... The mix in level of service fees revenue will change going forward and will be under pressure over the next year," cautioned Heins.
The news startled investors, who had earlier in the evening pushed RIM's stock more than 7 percent higher in post-market trading, after the company reported a narrower-than-expected quarterly loss and said it boosted its cash cushion ahead of next month's crucial launch of the BlackBerry 10 smartphone.
RIM's shares have for weeks been on a tear as optimism around BB10 has grown. Following RIM's surprise announcement on service revenues, however, the stock ended 9 percent lower at $12.85 in trading after the closing bell.
Analysts also expressed concern about the decline in RIM's subscriber base.
"The early reaction was probably just 'Hey, numbers looked OK, better loss, the cash flow was good' but if you know the company, you're looking at the subscriber base falling off," said Mark McKechnie at Evercore Partners in San Francisco.
CASH BALANCE
One reason the shares rose earlier was RIM managed to build up its cash cushion to $2.9 billion from $2.3 billion in the previous quarter.
Analysts have been keeping a sharp eye on the size of RIM's cash pile, as RIM will need the funds to manufacture and effectively promote BlackBerry 10 in a crowded market.
RIM is counting on the new line to claw back market share lost in recent years to the likes of Apple Inc's iPhone and a slew of devices powered by Google Inc's Android operating system.
"They've done a great job at generating cash," said Raymond James analyst Tavis McCourt in Nashville. "They're certainly in a much better position than they were three or four quarters ago."
The Waterloo, Ontario-based company said it is now testing its BB10 devices with more than 150 carriers - up from about 50 carriers as of the end of October. RIM expects more carriers to come on board ahead of the formal launch of BB10 on January 30.
Positive feedback from developers and carriers around RIM's new BlackBerry 10 devices has buoyed the stock in the last three months. Despite the plunge in RIM's share price on Thursday, the stock has more than doubled in value the last three months.
SMALLER-THAN-EXPECTED LOSS
On an operating basis, RIM fared a little better than Wall Street had expected. It reported a loss of $114 million or 22 cents a share, excluding one-time items. Analysts, on average, had forecast a loss of 35 cents a share, according to Thomson Reuters I/B/E/S.
RIM also reported a surprise net profit of $9 million, or 2 cents a share, for its fiscal third quarter ended December 1, on the back of a one-time income tax related gain. That compared with a year-ago profit of $265 million, or 51 cents.
RIM said it shipped 6.9 million smartphones in the quarter, even as its subscriber base fell to about 79 million in the quarter from about 80 million in the period ended September 1.
In recent years, RIM's user base has grown, even as the BlackBerry lost ground in North America and Europe, boosted by gains in emerging markets. While eye opening, the shrinkage was not as bad as some observers expected during the last quarter before the BB10 launch.
"We're encouraged that the subscriber base only declined slightly during a very public transition, and BlackBerry sales were about what we expected," said Morningstar's Colello, who is based in Chicago.

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White House defends offer as 'good faith effort'

WASHINGTON (AP) — The White House is defending President Barack Obama's proposal to set a higher threshold for tax increases than what he vowed to do during his presidential campaign. The White House says Obama has moved halfway to meet House Speaker John Boehner on a "fiscal cliff" deal that raises $1.2 trillion in tax revenue, down from the $1.6 trillion Obama had initially requested.
White House spokesman Jay Carney says that offering to raise taxes on taxpayers earning more than $400,000 rather than the $200,000 he ran on demonstrates, in Carney's words, Obama's good faith effort to reach a compromise.
The new tax proposal is contained in a broader plan that Obama gave Boehner Monday that would cut spending further and lower cost-of-living increases for most Social Security beneficiaries.

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Factbox: U.S. House "Plan B" tax bill likely to have short shelf life

The U.S. House of Representatives is likely to vote this week on what is being called "Plan B" on avoiding the "fiscal cliff."
The Republican-sponsored legislation aims to extend current low tax rates for most families. Without such action by Congress, across-the-board income tax rates will rise on January 1.
The combination of $500 billion in tax hikes and $100 billion in spending cuts, which are scheduled to start in the new year, could push the U.S. economy into recession, according to experts.
House Speaker John Boehner, the top Republican in Congress, and Democratic President Barack Obama have been trying for weeks to avoid the fiscal cliff with an alternative tax and spending-cut deal. Boehner says he is offering this very limited alternative in case negotiations with Obama fail.
Here are key elements of Boehner's Plan B:
* A House vote is expected on Thursday.
* Boehner expressed confidence on Wednesday that the measure would pass but some House Republican aides were not yet predicting that.
* The White House has said Obama would veto the Boehner Plan B in the unlikely event it made it to his desk.
* Democrats are viewing Plan B as nothing more than a diversion from attempts to reach a broad deficit-reduction deal to avoid the fiscal cliff. They see it as a way for Boehner to give his conservatives a vote on a measure that they can tout as a tax-cut bill for all but the wealthiest and inoculate them against Democratic accusations of obstruction.
* Republicans argue that they are acting responsibly by providing a backstop against massive tax increases in case the Obama-Boehner negotiations fail.
* Once Plan B is dealt with, all attention will shift to whether Obama and Boehner can work out a broad agreement by December 31 or whether the country will go off the cliff. If that happens, there is speculation that some sort of deal might be worked out in the early weeks of January to avoid the full brunt of the tax hikes and spending cuts.
* Under Boehner's Plan B, current low tax rates would be made permanent for families with net annual incomes of up to $1 million. The measure would let tax rates rise on income above $1 million. Without action by Congress, all income tax rates are set to rise on January 1 with the expiration of tax cuts enacted a decade ago by then-President George W. Bush.
* Plan B includes a grab bag of other expiring tax provisions. It would permanently fix the alternative minimum tax so that middle-class taxpayers do not creep into a tax bracket intended for the wealthiest. Annual AMT fixes have prevented tens of millions of households from paying a higher tax rate.
Also included are moves to maintain estate taxes at their current 35 percent rate per individual after a $5 million exemption. The White House backs reverting to the 2009 estate tax levels of 45 percent tax after a $3.5 million exemption per individual, though some moderate Democrats back keeping the current law.
Plan B legislation would raise dividend and capital gains tax rates for those earning $1 million and over to 20 percent, from its current 15 percent for most who pay such taxes. Most Democrats back raising the current 15 percent tax rate on investment income to 20 percent for households earning more than $250,000.
* The Joint Committee on Taxation estimates the plan would reduce U.S. revenues by around $4 trillion over 10 years.
* The plan does not address spending issues, including automatic across-the-board spending cuts also looming at year's end.
* The bill does not address how to resolve a looming stand-off over the government's borrowing authority. The government will need to raise the "debt ceiling" in the next few months to avoid default, and Obama wants higher borrowing authority approved promptly. House Republicans continue to want to hold back and use it as leverage in ongoing fiscal cliff talks, according to aides.
* Senate Majority Leader Harry Reid already has warned there are not the votes in his chamber to pass Boehner's plan. But if the House sent the Senate such a bill, Reid could respond in one of a few ways. He could declare that the Senate in July passed its version of this legislation, but with a $250,000 threshold, and take no further action. Or, he could offer a variation of the Senate-passed bill. Obama has proposed a $400,000 cut-off for maintaining low income tax rates. Reid could embrace that level or another one.
* The legislation is being inserted into an existing bill that originally had to do with Burma trade policy. A House Rules Committee spokesman said this was being done to avoid some potential procedural delays.

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U.S. charges three Swiss bankers in offshore account case

Three Swiss bankers accused of conspiring with American clients to hide more than $420 million from the tax-collecting U.S. Internal Revenue Service were indicted, the U.S. Attorney's Office in Manhattan said on Wednesday.
The indictment named Stephan Fellmann, Otto Huppi and Christof Reist, all former client advisers with an unnamed Swiss bank. None of the bankers have been arrested, authorities said.
Their attorneys were not immediately known.
The indictment said the unnamed bank did not have offices in the United States.
Banking secrecy is enshrined in Swiss law and tradition, but it has recently come under pressure as the United States and other nations have moved aggressively to tighten tax law enforcement and demanded more openness and cooperation.
In April, two Swiss financial advisers were indicted on U.S. charges of conspiring to help Americans hide $267 million in secret bank accounts.
In January, prosecutors charged three Swiss bankers with conspiring with wealthy taxpayers to hide more than $1.2 billion in assets from tax authorities.
UBS AG, the largest Swiss bank, in 2009 paid a $780 million fine as part of a settlement with U.S. authorities who charged the bank helped thousands of wealthy Americans hide billions of dollars in assets in secret Swiss accounts.

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"Fiscal cliff" turmoil could hit 100 million taxpayers: U.S. IRS

WASHINGTON (Reuters) - U.S. tax authorities warned on Wednesday that as many as 100 million taxpayers - far more than previously estimated - could face refund delays if lawmakers' "fiscal cliff" negotiations fail to fix the alternative minimum tax (AMT) before year-end.
The Internal Revenue Service said in a letter to lawmakers that it was raising its estimate on AMT impact from 60 million.
"It is becoming apparent that an even larger number of taxpayers - 80 to 100 million of the 150 million total returns expected to be filed - may be unable to file," IRS Acting Commissioner Steven Miller wrote.
The AMT is a levy designed to ensure that high-income taxpayers pay a minimum tax. Democrats and Republican typically agree to adjust the tax for inflation to prevent unintended taxpayers from being hit by it.
This year, however, its fate is tied to heated negotiations - primarily between President Barack Obama and House Speaker John Boehner - over future taxes and federal spending as they try to avoid the automatic tax increases and spending cuts known as the fiscal cliff.
The AMT fix for calculating 2012 income tax has broad bipartisan support, but so far been drowned out by the larger federal budget questions.
Without action soon to fix the AMT, there could be "lengthy delays of tax refunds and unexpectedly higher taxes for many taxpayers," Miller said.
The IRS needs congressional authority to update tax-filing software and forms so that Americans can start their tax returns next year. Inaction by Congress on the AMT has left IRS unsure which taxpayers will need to pay the AMT tax.
An IRS spokesman declined to comment on the agency's AMT preparations to date.
"Failure to act on the fiscal cliff will throw the 2013 tax filing season into chaos," Representative Sander Levin, a Michigan Democrat, said in a statement.
About 4 million taxpayers pay the AMT now because Congress routinely "patches" it for inflation to keep it from reaching down into middle-income tax brackets.
Without a patch for 2012, up to 33 million taxpayers will have to pay the AMT, according to IRS.
Obama's most recent offer to Republicans included a permanent AMT patch.
House Republicans plan to vote Thursday on a bill to address the fiscal cliff that also includes an AMT patch.

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What's on the table now in 'fiscal cliff' talks

An update on the latest offers on the table in negotiations to avert a year-end avalanche of federal tax increases and spending cuts known as the "fiscal cliff":
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INCOME TAXES
House Speaker John Boehner would allow income tax rates to rise for people making more than $1 million per year and would hold rates where they are for everyone making less. The top rate on income exceeding $1 million would go from 35 percent to 39.6 percent.
President Barack Obama would freeze income tax rates for taxpayers making $400,000 or less and raise them for people making more.
The two sides are moving closer together. Previously, the Republican House leader opposed allowing any tax rates to go up; Obama wanted higher taxes for individual income above $200,000, or $250,000 for couples.
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PAYROLL TAX
Obama has dropped his proposal to extend a temporary cut in Social Security payroll taxes paid by 163 million workers. Republicans want that tax to go back up.
Raising the payroll tax by 2 percentage points to its old level would cost a worker making $50,000 a year another $1,000 — or a little more than $19 per week — during 2013.
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SOCIAL SECURITY
Obama is offering to reduce cost-of-living increases for Social Security recipients. Republicans have been seeking this as a key to long-term deficit reduction. But many congressional Democrats oppose it.
Government pensions and veterans' benefits would also get smaller cost-of-living increases.
In addition, taxpayers, especially low- and middle-income families, would pay more because of changes in the way that tax brackets are adjusted for inflation.
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MEDICARE
Obama continues to reject Republicans' plan to raise the eligibility age for Medicare from 65 to 67. Boehner now says raising the eligibility age is not essential to a deal.
Obama wants to limit cuts in Medicare and other health care programs to about $400 billion over 10 years; Republicans want to overhaul Medicare to save even more money.
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DEBT LIMIT
Obama wants a deal that would raise the amount the government is allowed to borrow to cover the next two years, to avoid another debt showdown with Congress until after the 2014 midterm elections.
Previously, Obama had demanded permanent authority to increase the debt ceiling without congressional approval. Republicans want Congress to be part of the decision-making process so they can demand budget-cutting in exchange for additional borrowing.

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Swiss lender ZKB says three charged by U.S. authorities

Swiss lender Zuercher Kantonalbank (ZKB) said two of its bankers and one former employee had been charged by U.S. authorities, which had accused them of helping U.S. clients avoid taxes.
The three were indicted over changes of conspiring with American clients to hide more than $420 million from the U.S. Internal Revenue Service, the U.S. Attorney's Office in Manhattan had said on Wednesday.
The indictment did not identify the bank concerned but named Stephan Fellmann, Otto Hueppi and Christof Reist, who it said were all former client advisers for the unnamed institution.
None of the bankers had been arrested, authorities said.
Banking secrecy is enshrined in Swiss law and tradition but has recently come under pressure as the United States and other nations have moved aggressively to tighten tax law enforcement and demand more openness and cooperation.
U.S. authorities are investigating at least 11 banks, including Julius Baer , Credit Suisse and other Swiss regional banks, along with UK-based HSBC Holdings and Israel's Hapoalim, Mizrahi-Tefahot Bank Ltd and Bank Leumi .
In February, Wegelin & Co, Switzerland's oldest private bank, was indicted.
UBS AG , the largest Swiss bank, in 2009 paid a $780 million fine as part of a settlement with U.S. authorities who charged the bank helped thousands of wealthy Americans hide billions of dollars in assets in secret Swiss accounts.
ZKB said in a statement it was cooperating with U.S. authorities. The bank said it could give no details about the employees due to the ongoing investigation and did not confirm what they had been changed with.
ZKB bankers Fellmann and Reist could not be reached for comment. Hueppi declined to comment.

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Crowdfunding Shakeup On The Horizon: What’s in it for the Contributor?

Douglas E. Castle, the Chief Executive Officer of CrowdFunding Incubator LLC (“CFI”) envisions a substantial shakeup in the crowdfunding industry in 2013 where contributors, who have been only remotely involved in the myriad of business startups, early-stage ventures and napkin sketch ideas which they have funded, are going to ask for some type of accounting from their beneficiaries.

Westchester, NY (PRWEB) December 25, 2012
Douglas E. Castle, the Chief Executive Officer of CrowdFunding Incubator LLC (“CFI”), predicts a substantial shakeup in the crowdfunding industry in 2013. The disruption will begin where both project promoters and contributors, who have been only remotely involved with the projects which they have helped finance, are going to ask some tough questions of platform providers and project sponsors. Then, there will begin a purge of this largely unmonitored industry coupled by a flight to quality, in terms of crowdfunding site operators, project promoters, and benefits to more equitably match their contributions.
“Most contributors participate in a project because they are excited by the concept, or because they are impassioned by the underlying idea or project mission. It’s very much like entering into a club based upon a common cause and an assumption of trust," said Castle.
“In many cases the extra enticement includes some special benefits secondarily offered by project sponsors such as discount coupons, prepaid orders for prototypes, beta test opportunities, a dinner with the founders; generally speaking, something of value which may or may not actually be realized. The crowdfunding model to date has been based mostly upon the thrill, the gamble, the feeling of belonging and the hope, of course, that the project will succeed.
“Now that crowdfunding platforms have been alive for several business cycles with plenty of projects funded, contributors are going to want to start seeing results. They are going to want to see, at minimum, that their funds weren’t wasted or misappropriated, and that the ideas in which they chose to participate are taking some shape...making some progress. Naturally, they would also like for the project promoters to keep in touch with them, to have them incorporated in the news loop,” Castle added. “There’s a potential for some backlash against the crowdfunding sites and against the project promoters if the contributors feel that they have been orphaned.
CFI’s website, which is expected to go live in January, is based on a more rigorous screening of prospective projects and their promoters than is generally performed by the other players, and upon the significance of the founding role, both at the first funding, and as the projects move forward, played by the contributors. You can view CFI’s LinkedIn Corporate Summary at http://www.linkedin.com/company/crowdfunding-incubator. One of CrowdFunding Incubator’s criteria for acceptance of a project is that the contributors are given something of significant value for their initial vote of faith and confidence, and that the project sponsors maintain a high level of accountability and ongoing, high-touch contact with all of their benefactors, regardless of their contribution level.
“In the coming year, many crowdfunding bets are going to be coming home to roost. Some projects will have evaporated, while others will have made admirable progress. But regardless, 2013 is going to be the year when the contributors want to hear word back from their hatch-lings. The biggest mistake that the promoters of any project could make is to be either dishonest or to appear ungrateful. Everyone understands that in business, there is an element of risk - but contributors, especially after being socked with their holiday credit card and installment payment bills, are going to want to get some kind of accounting, as well as some kind of acknowledgement that they are still members of the clubs that they opted into last year or earlier.”
The principals at CrowdFunding Incubator are anticipating 2013 to be a year of reckoning, and believe that any successful future crowdfunding models will have to take project quality, integrity, accountability of the promoters, and communications between recipients and providers of funds very seriously. CFI stands ready for the anticipated flight to quality and to embrace a new standard of professionalism, by legitimate project hopefuls, as well as by prospective contributors.

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New Website CarHistory.us.org Warns of Flooded Car Scams and Dangers

Should consumers be in the market for a used car, chances are that the car identified has been involved in a water incident. With a vehicle history report from CarHistory.us.org this problem can be spotted early.

New York, NY (PRWEB) December 25, 2012
Buying a flooded car carries a substantial amount of risk and consumers need to be aware of those risks before parting with their hard-earned money. Assessing the dangers posed by flooding should not be done casually as most of the damage can never be correctly determined without expert help.
New website CarHistory.us.org can help consumers spot flooded car damage and more with a simple vehicle history report. When a car has been flooded, there is every possibility that some of the electrical components have been damaged and, while there might be no evidence of this at the seller’s yard, and the consumer could soon be spending huge amounts of money on repairs.
Apart from expensive electrical repairs, any warranty that could be remaining on a flooded car will be voided and, should anything happen, the consumer is on your own. This happens because most flooded cars are usually considered write-offs regardless of how sparkling they might appear.
Of course most car dealers will not tell buyers the extent of the flooding and they could easily be the victim of a used car scam. To guard against such a possibility, it is important to obtain an independent review such as what is providing at CarHistory.us.org.
One might wonder why, with all the risks involved, used car dealers are allowed to sell flooded cars. The truth is that the sale of such cars is completely legit – it is really up to consumers to determine the extent of the damage caused by the flood waters as this has a definite influence on price. That is why buyers should consider obtaining a car review from a provider of vehicle history reports. Without such a report, consumers could easily fall into a scam.
About CarHistory.us.org:
At CarHistory.us.org they take pride in providing most comprehensive vehicle history reports in United States and Canada. With hundreds of users daily, motor vehicle report availability and customer service are top priorities for CarHistory.us.org. For more information, visit the company website or call customer service at 1-855-395-6395.

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Demand For Christmas Trees Strong According To American Christmas Tree Association Study

Nearly 33 million Christmas trees were purchased this Christmas season. Christmas trees remain an integral part of the Christmas celebration.

Los Angeles, CA (PRWEB) December 25, 2012
About 33 million Christmas trees were purchased for the 2012 Christmas season, reports the American Christmas Tree Association (ACTA).
A study of approximately 30,000 U.S. households nationwide conducted by Nielsen on behalf of ACTA found that celebrants planned to buy about 22 million real Christmas trees and nearly 12 million artificial trees.
The study also found that 83 percent of U.S. households planning to display a Christmas tree likely used an artificial Christmas tree in 2012, up from 79 percent in 2011. Twenty-three percent of U.S. households displayed a real Christmas tree.
Other key findings included the following:
-- Nearly two-thirds of all American households planned to celebrate Christmas with an artificial Christmas tree; Eighteen percent of all households planned to display a real tree
--More than 50 percent of all households that display an artificial Christmas tree said they planned to display their tree for 10 years or more
--Nearly six percent of all households that display a tree will display both a real and an artificial Christmas tree
--Sixteen percent of all households that display an artificial Christmas tree displayed more than one artificial tree
--The average cost consumers paid for a real tree was $45; the average cost of an artificial tree was $80.00
“These strong numbers indicate that Christmas trees remain a vital part of the Christmas celebration,” said Warner. “This season in particular we have seen how Christmas trees have helped communities to bond and heal.

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President George H.W. Bush Describes for the Blind “It’s A Wonderful Life™” “Eyes Of Christmas™” - Celebrity Broadcast

Top Stars Rally for RPI Fighting Blindness, Sending Their Message out to 160 Million Homes on ION Media Network, Fox-KCOP Channel 13 Los Angeles, Dish and DirecTv, December 25th, Preceded by President George Herbert Walker Bush Describing the Frank Capra Classic, 'It's A Wonderful Life' for the Blind and Vision Impaired. Broadcast Includes Eye Test for Early Detection of Visual Disorders and Degenerative Diseases

(PRWEB) December 24, 2012
On the anniversary of her husband’s death in 1999, Helen Harris, Founder of RP International got the wonderful news of lung cancer reversing at a never before seen rate.
Diagnosed with breast cancer in 2007, Harris underwent surgery at Cedars-Sinai Hospital in Los Angeles, California and was discharged with a positive future. On chemotherapy and hormone shots for nearly five years, the happy ending turned into a nightmare of near immediate death from cancer which was thought to be under control by her physicians.
Harris now finds herself in a battle for her life, and as a blind patient she has a remarkable picture of living in the darkness while the chemotherapy intravenously goes through her body. However, this treatment she says now was not working and no one told her about it.
Harris switched doctors when she was told that she no longer could get PET scans. She found and met with Dr. William Audeh at Cedars-Sinai who was willing to help her. Two weeks after the meeting, Dr. Audeh took over her treatment. Within what he now calls an unbelievable record setting time, Harris began to show remarkable improvement in her lungs. Years ago, they were told that the cancer was traveling at a record speed. Her son was told by her original physician that she would be dead within weeks after a cold turned into pneumonia. This so-called pneumonia turned out to be a massive invasion of lung cancer. Following a visit to a pulmonary specialist, Harris was immediately put onto an oxygen machine in the office. She was told that she would need to use this machine for the rest of her life since there is not enough oxygen helping her. Harris left the office wearing her oxygen machine with no understanding of how this was possible.
Harris reminds us on the anniversary of her husband’s death (December 10th) of the miracle of a massive reduction of fluid and cancer in her lungs that began to formulate. During a doctor visit, the doctor let out a shout as he reviewed the x-rays. Harris asked him why he was shouting, and he explained to her as he read the ever improving x-rays which showed a 90% reversal of the lung cancer. Harris blesses herself with the sign of the cross. She reminiscences as she recalls the moment which she has done before when Dr. William Audeh of Cedars-Sinai Medical Center read the results. Harris states that she has been given the chance for her life to be saved and what has happened to her has never happened to anyone else before.
With months of agonizing side effects, including the hand-foot syndrome which left her with blistering, swollen and peeling hands and feet with numbness and no voice, the blind artist and grandmother undergoes monthly visits to Dr. Audeh’s office for speech therapy to regain her once beautiful voice. She also receives therapy for the numbness and burning in her hands and physical therapy for the swollen and numb feet that keep her from wearing shoes or socks. “This is the price of life”, she says laughing through the wearing treatments and visits to Cedars-Sinai and local physicians while still producing former President George Herbert Walker Bush’s description of “It’s A Wonderful Life.” Written and delivered to NBC by Helen Harris, now grandmother of three boys.
Harris has three sons of her own, two of which have RP. Harris states that her middle son asked her a question yesterday, “mom”, he said, “is your life fulfilled, I mean do you have any unfulfilled wishes.” Harris responded, “of course, I want to live to see the cure for RP, so you, your brother and I can see again.” After fifty years of searching for the cure, the adult cell transplant was kicked-off by Harris in 1984 when she funded the first patient research and restoration of partial vision in New Orleans through RP International. With this hope, Harris states, “someday, I will see again and paint.”
On Christmas Eve, December 24th, NBC will air “It’s A Wonderful Life” described by Former President George Herbert Walker Bush in its entirety and on Christmas Day, December 25th, at 8 p.m. “The Eyes of Christmas” airs nationwide Christmas Eve morning nationally at 6 a.m. and on KCOP Fox Channel 13 in Los Angeles from 4 to 6 a.m., with a hundred stars including Vin Scully, Bob Costas, George Burns, Bob Hope, Celine Dion, and fifty other Hollywood top stars.
I put the stars in the eyes of blind children for Christmas. Twenty years ago, what was once a forgotten show, I put on CD in English and Spanish as well as Korean. Now I want the life of everyone with this horrible cancer to get treatment as I have. With the treatment of children’s eyes and the best cure in the world for eyesight restoral, the joy of living to see is mine forever.

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CGJ-Shop Launched its New Website, and Announced a Winter Jacket Promotion

CGJ-Shop, a leading online shop of winter jackets, proudly announces its new website, which is easy to navigate, and people can find their favorite jackets easily.

(PRWEB) December 25, 2012
CGJ-Shop, a leading online shop of winter jackets, proudly announces its new website, which is easy to navigate, and people can find their favorite jackets easily. Moreover, CGJ-Shop announced a winter jacket promotion, up to 58% off.
The new website promotes comprehensive discussions on the latest fashion trends. In addition, it offers in-depth reviews, coupons, and discounts for brand jackets, like Canada Goose Jakke and Canada Goose Norge.
Winter jackets have become very important in a cold weather, and even become a fashion trend among some many people. But, how to select a suitable Winter jacket can be a little complex.
The updated website aims to make it simple and affordable to buy suitable winter jackets online.
Alisa James, CEO of the company, said, “We have more than six years experience in the winter parka industry. The demand for winter jackets is great in this season, and we are so excited to help more people with our new website.”
CGJ-Shop is selling hundreds of Canada Goose jackets in different colors and styles. They have vowed to spare no energy to provide their best products for costumers as well as fast delivery.
In addition, CGJ-Shop has launched a promotion to expand the online market share. For those searching for winter jackets, it can be a good chance.  
About CGJ-Shop

Founded in 2003, CGJ-Shop (Canadagoosejakkeinorge.eu) is a popular online shop for winter jackets. It has always paid much attention to the latest fashion trends. With its reviews and coupons, customers can get better winter parkas and relative services at lower cost.

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Daimer Debuts Carpet Cleaners For Car Dealerships Seeking Interior Auto Detailing Steam Cleaner Machines Featuring Higher Power and A Larger Water Capacity

Car dealers offer similar car detailing services as private detailers, and require the best and most effective upholstery carpet cleaner machines to maximize productivity and clean cars as swiftly as possible. The latest steam cleaners offer fast heating systems, quick drying times, and exclusive technologies to achieve outstanding cleaning results.

Woburn, MA (PRWEB) December 25, 2012
Daimer Industries, Inc.®, the world's most highly recognized American brand of cleaning systems for commercial use, including heated carpet cleaners, enhanced commercial carpet cleaners, truck mount carpet cleaners, and other models totaling over 700 shipped to over 200 countries, is debuting the company's XTreme Power® XPH-9300U, a powerful machine for cleaning car carpeting and mats as well as fabric upholstery. The equipment with outstanding pressure of 220 psi and adjustable temperature levels up to 210º F provides superior cleaning action. Well maintained cars enhance resale values, and offer better interior car cleaning services allowing dealers to justify their higher car detailing prices.
“Maintaining cars' exteriors and interiors is important for exceptional auto detailing, especially for used car dealers trying to maximize selling prices and profits. Newer-looking interiors will create a better impression on prospective buyers. Cleaning professionals are always on the lookout for machines empowered with the latest carpet cleaning equipment technologies, such as low flow functionality and other features resulting in fast drying times and enhanced cleaning results,” says Matthew Baratta, spokesman of Daimer Industries, Inc.®. “Daimer® is pleased to announce the launch of its XTreme Power® XPH-9300U carpet cleaning machines, which feature unsurpassed, advanced technologies that help cleaning professionals clean car interiors in no time. The machine's sophisticated inline heating technology and large water chamber allow operators to clean a large number of cars all day with minimal downtime.”
The XTreme Power® XPH-9300U's carpet cleaners offer high temperatures help remove stubborn dirt buildup from car seats, upholstery, and carpeting quickly and easily. The Adjustable Temperature Control™ (ATC™) technology helps users adjust the temperatures as desired, depending upon the particular types of carpeting. The carpet steam cleaners reach high temperatures within merely five minutes, given the presence of two inline heating elements.
Daimer®'s exclusive low flow technology featured within these carpet steam cleaners reduces the need for as much water as other brands by transferring less water onto the surface, hence reducing the drying time to as low as one hour. Moreover, the XTreme Power® XPH-9300U's 150 inch water column lift and 200 cfm of airflow further maximize cleaning power and minimize drying time, making these carpet cleaners ideal for car dealers and auto detailers, and even commercial furniture/upholstery cleaning contractors, hotels, and businesses for that matter. The world class carpet extractor systems are able to withstand rough commercial cleaning applications due to their rugged construction.
The XTreme Power® XPH-9300U carpet cleaning machines offer 60% greater suction due to Daimer®'s patented wand technology. Users can buy the optional 12" carpet wand if they clean wish to clean wall-to-wall carpeting within their building or elsewhere. The wand offers suction equivalent to an additional vacuum motor. The extra long 25 foot hoses are included with the machines and allow for cleaning even the largest vehicles without moving the machine an inch.
During a promotion Daimer® is supplying free with each carpet cleaner machine its exclusive Eco-Green® Carpet and Upholstery Care solution that helps remove dirt and other tough build-up from carpets and upholstery. Cleaning professionals recommend pre-spraying the surfaces with this solution. Each gallon of the liquid forms up to 356 quart spray bottles worth, which is plenty to clean many cars. The solution extracts immediately since it is completely soap-free. Eco-Green® is completely plant-based and offers the best and most effective environmentally-safe cleaning effects.
Eco-Green® chemicals and low water usage make the XTreme Power® XPH-9300U from Daimer® a greener machine than other commercial carpet cleaners on the market. Accessories included with the machine include a four inch single jet upholstery wand, a 25 feet vacuum hose, and a 25 feet solution hose.
For Additional Information:
Visit Daimer®'s website or call Matthew Baratta directly at (888) 507-2220 to learn more about the XTreme Power® XPH-9300U. The machine is exported to most countries globally.
About Daimer Industries, Inc.®:
Daimer Industries, Inc.® is the world leader of more than 600 models of highly advanced machines, including truck mount carpet cleaners, vapor steam cleaner systems, pressure optimized carpet shampooer equipment, floor steam cleaner systems, pressure wash machines, and other outstanding cleaning technologies with exclusive patented features for tile and grout cleaning, pest control, kitchen cleaning, gum removal, and virtually unlimited other applications globally.

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What If There is Nobody or Nothing to Blame for Lanza? Guns, Video Games, Autism or Authorities

What if there is nobody or nothing to blame for Adam Lanza's heinous acts? Other than Lanza, of course. What if school security and the school psychiatrist kept an eye on Lanza since his freshman year? The Wall Street Journal has a compelling narrative about the red flags addressed. What if he had a form of autism that has little or no link to violent behavior? Lanza may have had Asperger's syndrome but, even so, that is not a cause. What if it's too simple to lay the massacre at the feet of the gun lobby? Reader Larry Kelly tweets that shaming Aspies "makes about as much sense at stigmatizing the NRA. Pick an enemy ... any enemy. Let outrage and fear rule." What if Lanza wasn't provoked by video games? David Axelrod, a close friend an adviser of President Obama, tweeted last night: "In NFL post-game: an ad for shoot 'em up video game. All for curbing weapons of war. But shouldn't we also quit marketing murder as a game." When I asked whether he was laying groundwork for a White House initiative, Axelrod said no: "Just one man's observation." A senior administration official, speaking on condition of anonytmmity, said today that Axelrod was not a stalking horse for Obama on this issue. What if Lanza's mother did everything she could, short of keeping her guns out her adult son's reach? What if there is nobody or nothing to blame? Would that make this inexplicable horror unbearable? What if we didn't rush to judgement? What if we didn't waste our thoughts, prayers and actions on assigning blame for the sake of mere recrimination? What if we calmly and ruthlessly learned whatever lessons we can from the massacre -- and prevented the next one?

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What If Nothing or Nobody is to Blame for Adam Lanza? Guns, Video Games, Autism or Authorities

What if there is nobody or nothing to blame for Adam Lanza's heinous acts? Other than Lanza, of course. What if school security and the school psychiatrist kept an eye on Lanza since his freshman year? The Wall Street Journal has a compelling narrative about the red flags addressed. What if he had a form of autism that has little or no link to violent behavior? Lanza may have had Asperger's syndrome but, even so, that is not a cause. (RELATED: How To Make Sense of America's Confusing Patchwork of Gun Control Laws) What if it's too simple to lay the massacre at the feet of the gun lobby? Reader Larry Kelly tweets that shaming Aspies "makes about as much sense at stigmatizing the NRA. Pick an enemy ... any enemy. Let outrage and fear rule." What if Lanza wasn't provoked by video games? David Axelrod, a close friend an adviser of President Obama, tweeted last night: "In NFL post-game: an ad for shoot 'em up video game. All for curbing weapons of war. But shouldn't we also quit marketing murder as a game." When I asked whether he was laying groundwork for a White House initiative, Axelrod said no: "Just one man's observation." A senior administration official, speaking on condition of anonymity, said today that Axelrod was not a stalking horse for Obama on this issue. What if Lanza's mother did everything she could, short of keeping her guns out her adult son's reach? What if he wasn't bullied? What if there is nobody or nothing to blame? Would that make this inexplicable horror unbearable? What if we didn't rush to judgement? What if we didn't waste our thoughts, prayers and actions on assigning blame for the sake of mere recrimination? What if we calmly and ruthlessly learned whatever lessons we can from the massacre -- and prevented the next one?

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Xbox SmartGlass updated with second-screen ESPN and NBA Game Time app experiences

Little by little, Microsoft’s (MSFT) Xbox SmartGlass app is becoming more useful. Microsoft Director of Programming for Xbox LIVE Larry “Major Nelson” Hyrb announced on Monday the release of the Sports Picks app, which allows users to “make picks, compete with your Xbox LIVE friends and fight for domination of the leaderboard.” Xbox SmartGlass also has new ESPN and NBA Game Time experiences that provide second-screen information and navigation to “thousands of live events, highlights and replays” during a game. Xbox SmartGlass is compatible with dozens of existing Android, iOS and Windows Phone 8 smartphones and tablets as well as Windows 8-compatible mobile devices. The new update to Xbox SmartGlass is the latest in Microsoft’s attempts to position the Xbox 360 as the ultimate living room device.

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Nintendo's TVii a replacement for the remote

LOS ANGELES (AP) — Nintendo is switching on a television service that transforms the tablet-like controller for its new Wii U game console into a remote that changes the channel on your TV and puts programs from the Internet just a few finger taps away. The TVii service will debut in the U.S. and Canada on Thursday, the company said. That's a delay from previous plans to have the service available when the game console went on sale in North America on Nov. 18. The TVii service launched in Japan on Dec. 8. The aim of TVii is to bring order to the hundreds of channels on regular TV and the thousands of shows and movies available through apps from Netflix Inc., Amazon.com Inc., Hulu Plus and Google Inc.'s YouTube. It's the first time a video game console maker has integrated live TV controls in a device and could be the extra incentive needed for on-the-fence shoppers ahead of the Christmas holiday. Nintendo Co.'s Wii U console has a unique controller — the GamePad — which is covered with joysticks and buttons and boasts a front-facing camera and 6.2-inch touch screen. The GamePad also houses an infrared emitter that talks directly to your TV or set-top box. TVii scans what's available and offers you the option of watching a show, sports event or movie on live TV or through apps that connect to the Internet. By the end of March, Nintendo says that it will integrate TVii with TiVo so that it will be possible to program a TiVo digital video recorder through the game console as well. "This is a way to get every member of the household to pick up the GamePad hopefully every day," said Reggie Fils-Aime, president of Nintendo of America. "Hopefully this leads to a significant change in how consumers view and interact with their TV." For years, home entertainment enthusiasts have had to grapple with a bunch of different controllers to work their televisions, set-top boxes, DVRs, disc players and game consoles. TVii has the potential to dispense with some of that hassle. If you search for "The Walking Dead," for example, TVii will show you the next time it's on AMC and give you the option of buying previous episodes from Amazon or watching them on Netflix. If it's on now, you can change the channel from the GamePad. Users will be able to watch only channels they already get via antenna or through their TV provider, but search results will include all the options available, which could entice some people to upgrade their channel packages. Netflix and Hulu Plus require separate subscriptions that cost $8 a month each. TVii itself is free. TVii also has a traditional channel guide and will recommend shows you might like based on favorite shows, networks and movies that you enter. Different users can have different profiles, and parental controls are included. Nintendo hopes the service boosts sales of its console. About 425,000 Wii U units were sold in the first seven days on sale. That's faster than the rollout of Microsoft Corp.'s Xbox 360 and Sony Corp.'s PlayStation 3 when they debuted in November 2005 and November 2006 respectively, although initial sales are often constrained by supply, not demand. Analyst Michael Pachter of Wedbush Securities said the TVii service puts Nintendo a step ahead of its competitors, but he expects Microsoft to close the gap next year with a next-generation Xbox that includes a TV tuner. Microsoft hasn't announced such a device. "It gives them a head start. I think they should be congratulated on making this a truly multimedia device," Pachter said. "I don't think that advantage is going to last very long." Nintendo has also added social networking features to its service. A team of curators will watch the top 100 shows on live TV and post details and a screenshot of important events, such as "a great shot in a basketball game or an unexpected twist in 'Mad Men,'" according to Zach Fountain, director of network business for Nintendo of America. Users can then comment on these moments and have those posts show up on Nintendo's Miiverse network, as well as Facebook and Twitter if they choose. Users that express emotions could wind up with a sad or happy-looking Mii avatar. Live sporting events such as pro or college football will also be accompanied by scores and play-by-play summaries on the GamePad's screen. One problem with the service could be the GamePad's battery life. Nintendo says the controller can be used three to five hours depending on activity and screen brightness before it needs to be charged. But TV ratings agency The Nielsen Co. says the average American watches nearly five hours of TV per day. Heavy users may need to keep the controller plugged in to a wall socket, or buy a $25 battery pack that its maker, Nyko, promises will double the battery life.

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McLemore's 22 gives Kansas huge road win, 74-66

COLUMBUS, Ohio (AP) — It's not supposed to be this easy for a kid playing his first collegiate road game. Kansas' Ben McLemore, a redshirt freshman surrounded in the starting lineup by seniors, didn't let the raucous crowd, the travel or sleeping in a strange bed bother him. McLemore scored 22 points and No. 9 Kansas proved it was more than just a bully at home by beating seventh-ranked Ohio State 74-66 on Saturday. "This was great. It was my first time playing in an away game," McLemore said with a slight smile. "You go up and down the court a little bit, and you get into the game. I kept my intensity, I just played my game." For that matter, none of the Jayhawks had yet played a true road game this season. Kansas, which has won nine in a row since losing to Michigan State 67-64 on Nov. 13 in Atlanta, came in 7-0 at home, with two other games played before friendly fans in nearby Kansas City. They had barely heard a boo all season. No wonder coach Bill Self was a little worried. "I had concerns, for sure," Self said. "Our seniors are good and quality and they've been through some things, but against a team that pressures man-to-man and you're playing with one primarily (ball) handler? That was my biggest concern." But the Jayhawks (10-1) weathered a 14-0 run by the Buckeyes (9-2) in the first half that turned the volume up in Value City Arena to 11 on a scale of 10. Then, down in the second half, they held cold-shooting Ohio State without a field goal for more than 10 minutes to take control. The Buckeyes, who were led by Deshaun Thomas' 16 points and a career-best 15 by Shannon Scott, hit just 9 of 36 shots from the field in the final 20 minutes. For the game, they ended up making only 31 percent of their shots from the field. No wonder coach Thad Matta looked so stunned when he spoke after the game. "There was one point in the second half where I turned to the bench and I said, 'Hey, let's call a play where we score,'" he said, heavy on the irony. "A lot of it just comes down to you've got to put the ball in the basket in a game like this and we couldn't do it. It became contagious." Sixty percent of the starting lineup — star defender Aaron Craft, usually reliable Lenzelle Smith Jr. and post man Evan Ravenel — was a combined 5 of 24 from the field. Credit the Jayhawks, who play withering man-to-man defense and then are backed up by the incredible wingspan of 7-foot Jeff Withey underneath. Or blame the Buckeyes, who frequently were all alone when they bricked a shot off the rim. But no matter the reason, Ohio State couldn't buy a bucket for most of the second half. It was the third victory for the Jayhawks in little more than a year over the Buckeyes (9-2). Kansas won a 64-62 thriller in last year's NCAA semifinals. "Today's probably the best we've played against Ohio State in the three games," Self said. "We were really good except for about a 3-minute stretch in the first half when they went on a (14-0) run. Other than that stretch, that was a pretty good 35 minutes we played out there." Withey added 14 points and 10 rebounds for the Jayhawks. Elijah Johnson had 13 points and Travis Releford 11. They weathered Ohio State's first-half tear by relying on the seniors. "We have a good group of vets and we've been in tough situations before," Withey said. "We just bounced back. We just had to kind of breathe a little bit." Ahead 56-52 with 7 minutes left, Kansas pulled away thanks to its McLemore. He hit a pair of foul shots and then flipped in a 15-foot jumper that bounced not once, not twice, but three times before falling through. Off an inbounds pass, McLemore then came off a back pick and dunked to push the lead to 62-52 with 5 minutes left. The Buckeyes never got closer than six points again. Self said he found out a little more about McLemore in the game. "There's a lot of stuff I'm curious about Ben," he said. "He's still trying to figure out how to play. You can tell in late-game situations, he's played less basketball than anybody that's as old as him and as good as him around. It's all new to him. When it all comes naturally to him, he's going to become terrific." In his first road game, he already was.

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AP source: Pirates, Red Sox near deal for Hanrahan

PITTSBURGH (AP) — The Boston Red Sox are pursuing another burly right-hander to shore up their bullpen. A person familiar with the talks said the Red Sox and Pirates are close to completing a trade that would send All-Star closer Joel Hanrahan to Boston for a handful of prospects. Pittsburgh would ship Hanrahan and another player to the Red Sox in exchange for four players, including outfielder-first baseman Jerry Sands and minor league pitcher Stolmy Pimentel. The person spoke on condition of anonymity Saturday because the trade was pending physicals and had not been finalized. The deal was previously reported by several media outlets. The 31-year-old Hanrahan has been one of baseball's best closers the last two years, saving 76 games from 2011-12 and making the NL All-Star team in both seasons. He made $4,135,000 this year and is eligible for arbitration, putting him in line for a hefty raise. The 6-foot-4, 250-pound Hanrahan and his 96 mph fastball gave the Pirates stability at the back end of the bullpen after he took over the closer's role full-time in 2011. He helped the Pirates post a 22-game improvement from 2010 to 2012. Pittsburgh went 79-83 this year, tied for the franchise's best record in two decades — though it was still the team's 20th straight losing season. Jason Grilli, re-signed by the Pirates this month, would likely step into the closer role next year. The Red Sox hope Hanrahan will be able to give their beleaguered bullpen an identity. Boston slumped to a 69-93 record in 2012 thanks in part to a bullpen that struggled after closer Jonathan Papelbon left for Philadelphia in free agency. Fill-in Alfredo Aceves went 2-10 with a 5.36 ERA and eight blown saves in 33 chances as the Red Sox finished last in the AL East. Hanrahan would team with 28-year-old righty Andrew Bailey to give the Red Sox a potent 1-2 punch in the late innings. Bailey was expected to be the closer last season but he missed most of the year with an injury. He finished 1-1 with six saves and a 7.04 ERA in 19 games for the Red Sox after spending 2009-11 as the closer in Oakland. The move could also be a one-year experiment if the Red Sox don't sign Hanrahan to a new contract. He can become a free agent after the 2013 season. The Pirates would get a potential slugger in the 25-year-old Sands, who hit 296 with 26 home runs and 107 RBIs at Triple-A last season. He came to the Red Sox in a trade with the Los Angeles Dodgers and his bat and versatility could make Pittsburgh first baseman-outfielder Garrett Jones expendable. Jones hit a career-high 27 home runs in 2012, when he made $2.25 million, and he will be eligible for arbitration after next season. The Pirates already have a first baseman in place in Gaby Sanchez, who came over in a trade with the Miami Marlins last season. The proposed trade caps a busy few days for the Pirates, who have agreed in principal to sign former Minnesota Twins and Chicago White Sox left-hander Francisco Liriano. The $14 million, two-year deal is pending a physical. Liriano would give Pittsburgh four experienced starters heading into 2013, joining A.J. Burnett, Wandy Rodriguez and James McDonald. The 29-year-old Liriano is 53-54 with a 4.40 ERA in seven major league seasons. He went 6-12 with a 5.34 ERA in 2012 while splitting the season between the Twins and White Sox.

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Ross, Diamondbacks agree to $26 million, 3-yr deal

PHOENIX (AP) — Cody Ross and the Arizona Diamondbacks agreed to a $26 million, three-year contract Saturday that includes a club option for 2016. Ross, who turns 32 on Sunday and lives in nearby Scottsdale, adds to the abundance of outfielders on the Arizona roster, leading to speculation a trade might be coming. Ross batted .267 with 22 home runs and 81 RBIs last season for the Boston Red Sox. He's a .267 career hitter in nine big league seasons with six teams. "Could not be happier to be in the Dbacks family! Truly Blessed!" Ross posted on his Twitter account. The addition gives the Diamondbacks four veteran outfielders — Ross, Justin Upton, Gerardo Parra and Jason Kubel — along with two youngsters the organization has deemed ready for the majors: Adam Eaton and A.J. Pollock. That would indicate a trade could be in the works, with Kubel the center of that speculation. In his first season with Arizona last year, the left-handed slugger hit .253 with 30 home runs and 90 RBIs. He was hitting .300 on July 22 but batted .176 with 19 RBIs the rest of the season. Ross, who throws left-handed and bats right-handed, was a fourth-round draft pick of Detroit out of Carlsbad, N.M., High School in 1999. He had brief major league stints with the Tigers, Los Angeles Dodgers and Cincinnati before becoming a full-time big leaguer with the Florida Marlins. Ross was claimed by San Francisco off waivers in August 2010 and was MVP of that year's NL championship series, hitting .350 with three home runs and five RBIs against Philadelphia. He also homered against Texas in the World Series and batted .294 (15 for 51) with five homers, five doubles and 10 RBIs in 15 postseason games for the champion Giants. He committed one error in each of the last two seasons. The Diamondbacks also announced that infielder Gustavo Nunez cleared waivers and was returned to Detroit, opening a spot for Ross on the 40-man roster. Nunez was claimed off waivers from Pittsburgh in October after the Pirates selected him from the Tigers in the 2011 Rule 5 draft.

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AP source: Ibanez, Mariners agree to $2.75M deal

NEW YORK (AP) — Raul Ibanez and the Seattle Mariners have agreed to a $2.75 million, one-year contract, a person familiar with the negotiations told The Associated Press on Saturday night. The deal allows Ibanez to earn an additional $1.25 million in performance bonuses, the person said, speaking on condition of anonymity because the agreement had not been announced. Ibanez returns to the team he began his big league career with from 1996-00, then rejoined from 2004-08. Now 40, Ibanez spent the past season with the New York Yankees and became popular with fans for his late-game home runs. He had hoped to remain with New York, but the Yankees have moved slowly during the offseason. Ibanez hit .240 with 19 homers and 62 RBIs in 384 at-bats, his pull swing making him a natural for the short right-field porch at Yankee Stadium. He batted just .197 with five RBIs in 61 at-bats against left-handers. Including the playoffs, Ibanez hit five home runs that tied the score for the Yankees and eight that put New York ahead, according to STATS. He homered twice after entering as a pinch hitter on Sept. 22 in a 10-9, 14-inning win over Oakland. And with New York fighting for the AL East title, he delivered a tying, pinch-hit homer against Boston in the ninth on Oct. 2 and then singled in the winning run in the 12th. Then in Game 3 of the division series against Baltimore, he became the first player in major league history to homer twice in a postseason game he didn't start. He pinch-hit for Alex Rodriguez in the ninth inning and hit a tying home run, then hit a winning shot in the 12th. Three days later his two-run homer in a four-run ninth inning tied the AL championship series opener against Detroit, a game the Yankees lost 6-4 in 12 innings as the Tigers started their way to a four-game sweep. Ibanez had a $1.1 million base salary last season and earned another $2.05 million in performance bonuses. He joins a Seattle team that added power-hitting Kendrys Morales earlier in the week in a trade that sent left-hander Jason Vargas to the Los Angeles Angels. Former Yankees prospect Jesus Montero started 77 games at designated hitter last season for the Mariners and 55 behind the plate, so Ibanez's acquisition by the Mariners could make catcher John Jaso expendable. Jaso made 39 starts behind the plate and 44 at DH. In 17 major league seasons that also included time with Kansas City (2001-03) and Philadelphia (2009-11), Ibanez has a .278 career average with 271 home runs and 1,116 RBIs. With Ichiro Suzuki likely to see most of his time in a corner outfield spot because New York hasn't attempted to re-sign Nick Swisher, Ibanez's departure leaves the Yankees searching for a left-handed bat for a part-time designated hitter role. New York's priority before filling that spot appears to be a right-handed bat because Andruw Jones left for Rakuten in Japan after a subpar season and all three starting outfielders — Suzuki, Curtis Granderson and Brett Gardner — are left-handed hitters.

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Heat beat Jazz to break clear atop Eastern Conference

(Reuters) - LeBron James jammed home 30 points as the NBA champion Miami Heat silenced the Utah Jazz 105-89 on Saturday to move past the New York Knicks atop the Eastern Conference. Miami turned a four-point lead at intermission into a double-digit cushion by scoring the first eight points of the third quarter helped by a pair of three-pointers by Shane Battier. The lead was stretched to 20 points but Utah battled back to close the gap, getting as close as eight in the fourth quarter, though the Heat were never seriously threatened. The Heat won every quarter, building their lead behind the all-round brilliance of James and an equally well-rounded effort by his running mate Dwyane Wade to lift Miami's record to 18-6, and push past the fast-starting New York Knicks (19-7). James shared the team lead with nine rebounds and seven assists, while Wade scored 21 points to go with seven rebounds and seven assists. Miami shot a blistering 52 percent from the floor, including 11-for-24 from three-point range in improving to 13-2 on their home court. The Jazz, who were paced by Marvin Williams with 16 points, continued their road struggles, falling to 5-12 away from home. James has scored at least 20 points in all 24 Heat games this season, matching the longest such streak to start a season since former Utah Jazz forward Karl Malone in the 1989-90 campaign. Miami, winners of four straight games, will put their streak on the line on Christmas against the Western Conference-leading Oklahoma City Thunder (21-5) in a rematch of last season's NBA Finals.

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Wells Fargo agrees to proposed settlement on shareholder actions

(Reuters) - Wells Fargo & Co would pay up to $2.5 million in attorneys' fees and implement certain corporate governance changes under a proposed settlement of lawsuits brought by shareholders on behalf of the company, according to a securities filing by Wells on Friday.
The suits were filed in U.S. District Court in Northern California in 2010 on behalf of Wells Fargo and its shareholders against current and former directors and executives largely related to conduct at Wachovia bank, which Wells bought in 2008.
The suits claim that from 2005 to 2008 the former Wachovia defendants disregarded "their fundamental responsibilities" with respect to Wachovia's acquisition of mortgage lender Golden West Financial and other activities at Wachovia, according to settlement documents. The suits also allege that Wells directors did not pursue "valuable claims" that it inherited in the Wachovia acquisition, according to the documents.
Wells bought Wachovia as the lender verged on collapse due to ballooning mortgage losses and a run on its deposits. All the defendants denied wrongdoing and filed motions to dismiss, according to the documents.
A hearing will be held on the settlement on March 5, according to Friday's filing by Wells with the Securities and Exchange Commission. The governance changes include a requirement that the risk committee of the Wells Fargo board hire an outside consultant for three years.
Under the proposed settlement, the defendants would not make any payments to Wells Fargo or the plaintiffs, according to the securities filing. Wells will pay any attorneys' fees.
The cases are Feuer v. Thompson et al, U.S. District Court, Northern District of California, No. 10-0279; and Rogers v. Thompson et al, U.S. District Court, Northern District of California, No. 12-0203.

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California jobless rate dips below 10 percent

SACRAMENTO, Calif. (AP) — After a long twilight, business is booming again at Matt Construction as high-end orders come in for hotels and office complexes.
The Los Angeles-area company increased hiring by about 20 percent this year, adding 30 employees as more construction jobs — and bigger ones — piled up.
Such stories are a major reason California's jobless rate dipped below 10 percent last month for the first time since the recession began. The 9.8 percent unemployment rate reported Friday by the Employment Development Department is down from 10.1 percent in October.
The last time the unemployment rate was in single digits was in January 2009, when the number was 9.7 percent.
The improvement, led by a surge in technology jobs that have spurred a wave of new construction, comes as something of a surprise. Leading economists had predicted that California's unemployment rate would remain in double digits through 2013.
Al Matt, executive vice president of Matt Construction, said his Santa Fe Springs-based company has seen a strong recovery from the height of the recession in 2009, when revenues dropped by half.
"Overall, our revenues are up in 2012 by a substantial amount, as much as 30 percent," he said. "It looks like next year will be a similar sort of increase."
There are other positive signs. The number of unemployed Californians dropped to 1.8 million, also the lowest number in nearly four years. The state has added more than 564,000 nonfarm payroll jobs since the economic recovery began in 2010.
"The job gains have been fairly widespread," said economist Jerry Nickelsburg, a professor at the University of California, Los Angeles. "We're finally seeing an increase in construction, particularly single-family housing."
He added that such signs are "continued evidence that California's economy is growing and is recovering."
Experts say growth in single-family housing and construction are good indicators of recovery because they signal increased wealth, relatively high-paying blue-collar jobs, and general optimism.
The danger of a downturn still lurks, however, most immediately in the form of the impending "fiscal cliff." Business and government officials have warned that fallout from ongoing budget negotiations at the nation's capital could halt California's recovery.
Without a deal, automatic spending cuts will slash local government budgets and raise tax rates for workers as the nation struggles to get over the effects of the Great Recession. Also, unemployment benefits for 400,000 Californians would expire next month without an agreement from Congress and the president.
Also, despite the gains indicating one of the nation's fastest growing economies, California still lagged behind the national unemployment rate of 7.7 percent.
About 14.4 million Californians were working last month, and the recovery varied significantly across the state. Imperial County had a whopping 26.6 percent unemployment rate, while rates in many inland counties remained in the double digits.
Expansion in high-paying technology jobs helped the San Francisco Bay Area remain the state's growth leader, said Stephen Levy, a senior economist at the Center for Continuing Study of the California Economy.
The unemployment rate was 5.8 percent in Marin County, while San Francisco and San Mateo counties hovered above 6 percent.
The information sector, meanwhile, showed the biggest percentage gain in jobs over the last year, up nearly 6 percent.
Growth in San Diego County also has been strong, Levy said. Los Angeles County and others nearby also have joined the recovery, while the Central Valley is slowly regrouping.
The capitol region, where government is a large employer, still is lagging, Levy said in an email.
Government employment showed the biggest losses in Friday's report, down 34,500 jobs in the last year, indicating an overall decline in spending.
The contraction has meant less money for public projects like road construction, said Skip Brown, owner of road contractor Delta Construction Co. in Sacramento.
Brown said he hasn't taken a paycheck from his own company in five years, and his salaried employees have eaten pay cuts up to 40 percent.
Meanwhile, stricter air pollution standards mean most of his heavy diesel equipment will be illegal to use in California in coming years. Brown said if he can't sell the 69-year-old firm started by his father, he'll close the doors once he can no longer operate his paving and grading equipment.

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Wall Street ends lower after "fiscal cliff" setback

NEW YORK (Reuters) - U.S. stocks finished lower on Friday after a Republican plan to avoid the "fiscal cliff" failed to gain sufficient support on Thursday night, draining hopes that a deal would be reached before 2013.
Still, stocks managed to rebound from the day's lows near the end of the session, and for the week, the three major U.S. stock indexes still ended higher, with the S&P 500 gaining 1.2 percent.
Trading was volatile because of waning confidence in the prospect of a deal out of Washington, and in part, as the result of the quarterly expiration of options and futures contracts. The CBOE Volatility Index <.vix> or VIX, the market's favorite barometer of investor anxiety, finished below its session high.
Republican House Speaker John Boehner failed to garner enough votes from even his own party to pass his "Plan B" tax bill late on Thursday. It was the latest setback in negotiations to avoid $600 billion in tax hikes and spending cuts that some say could tip the U.S. economy into recession.
"The failure with Plan B was disappointing, if not terribly surprising, but now there's a real lack of clarity about what will happen, and markets hate that," said Mike Hennessy, managing director of investments for Morgan Creek in Chapel Hill, North Carolina.
The Dow Jones industrial average <.dji> dropped 120.88 points, or 0.91 percent, to 13,190.84 at the close. The Standard & Poor's 500 Index <.spx> fell 13.54 points, or 0.94 percent, to 1,430.15. The Nasdaq Composite Index <.ixic> lost 29.38 points, or 0.96 percent, to 3,021.01.
"Amazingly, this sharp decline today may not actually change the technical picture much - unless the decline gets worse," said Larry McMillan, president of options research firm McMillan Analysis Corp, in a research note.
For the week, the Dow gained 0.4 percent and the Nasdaq climbed 1.7 percent.
On Friday, Herbalife dropped for an eighth straight session. Investor Bill Ackman recently ramped up his campaign against the company. The stock skidded 19.2 percent to $27.27 and has lost more than 35 percent this week.
Plan B, which called for tax increases on those who earn $1 million or more a year, was not going to pass the Democratic-led Senate or win acceptance from the White House anyway. But it exposed the reality that it will be difficult to get Republican support for the more expansive tax increases that President Barack Obama has urged.
Still, the declines of about 1 percent in the three major U.S. stock indexes suggest that investors do not believe the economy will be unduly damaged by the absence of a deal, said Mark Lehmann, president of JMP Securities, in San Francisco.
"You could have easily woken up today and seen the market down 300 or 400 points, and everyone would have said, 'That's telling you this is really dire,'" Lehmann said.
"I think if you get into mid-January and (the talks) keep going like this, you get worried, but I don't think we're going to get there."
Banking shares, which outperform during economic expansion and have led the market on signs of progress on resolving the fiscal impasse, led Friday's declines. Citigroup Inc fell 1.7 percent to $39.49, while Bank of America slid 2 percent to $11.29. The KBW Banks index <.bkx> lost 1.19 percent.
Volatility on Friday was exacerbated in part by "quadruple witching," the quarterly expiration of stock index futures and options, stock options and single stock futures contracts.
About 8.59 billion shares changed hands on major U.S. exchanges, more than the daily average of 6.47 billion daily in 2012, in part because of the "quadruple witching" expiration.
The day's round of data indicated the economy was surprisingly resilient in November; consumer spending rose by the most in three years and a gauge of business investment jumped.
But separate data showed consumer sentiment slumped in December. The S&P Retail Index <.spxrt> fell 1.2 percent.
U.S.-listed shares of Research in Motion sank 22.7 percent to $10.91 after the Canadian company, known as the BlackBerry maker, reported its first-ever decline in its subscriber numbers on Thursday alongside a new fee structure for its high-margin services segment.

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Obama tries to rescue fiscal talks for post-Christmas deal

WASHINGTON (Reuters) - The White House on Friday tried to rescue stalled talks on a fiscal crisis after a Republican plan imploded in Congress, but there was little headway as lawmakers and President Barack Obama abandoned Washington for Christmas.
In remarks before flying to Hawaii for a break, Obama suggested reaching a short-term deal on taxes and extending unemployment insurance to avoid the worst effects of the "fiscal cliff" on ordinary Americans at the start of the New Year.
"We've only got 10 days to do it. So I hope that every member of Congress is thinking about that. Nobody can get 100 percent of what they want," said Obama.
Obama said he wanted to sign legislation extending Bush-era tax cuts for 98 percent of Americans in the coming days.
The Democrat appeared to be offering bickering lawmakers a way to fix the most pressing challenge - tax cuts that expire soon - while leaving thorny topics such as automatic spending cuts or extending the debt ceiling for later.
Obama called on lawmakers to use the holiday break to cool off frayed nerves, "drink some eggnog, have some Christmas cookies, sing some Christmas carols," and come back next week ready to make a deal.
Negotiations were thrown into disarray on Thursday when House of Representatives Speaker John Boehner failed to convince his fellow Republicans to accept tax cuts for even the wealthiest of Americans as part of a possible agreement with Obama.
"How we get there, God only knows," Boehner told reporters on Friday when asked about a possible comprehensive fiscal cliff solution.
If there is no agreement, taxes would go up on all Americans and hundreds of billions of dollars in automatic government spending cuts would kick in next month - actions that could plunge the U.S. economy back into recession.
Obama spoke to Boehner on Friday and held a face-to-face White House meeting with the top Democrat in Congress, Senate Majority Leader Harry Reid.
Before his defeat in Congress, Boehner had extracted a compromise from Obama to raise taxes on Americans making more than $400,000 a year, instead of the president's preference of those with income of $250,000 a year.
But with talks stalled on the level of spending cuts to which Obama would agree, Boehner attempted a backup plan to raise taxes only on those making more than $1 million a year - amounting to just 0.18 percent of Americans.
BAD DEFEAT FOR BOEHNER
Boehner's reverse in the House was worse than first thought. A key Republican lawmaker said Boehner scrapped the vote when he realized that between 40 and 50 of the 241 Republicans in the House would not back him.
Obama and his fellow Democrats in Congress are insisting that the wealthiest Americans pay more in taxes in order to help reduce federal budget deficits and avoid deep spending cuts. Republicans control the House and Democrats control the Senate.
Stocks dropped sharply early Friday on fears that the United States could go fall back into recession if politicians do not prevent it.
But major indexes lost less than 1 percent, suggesting investors still held out hope that an agreement will be brokered in Washington.
"I think if you get into mid-January and (the talks) keep going like this, you get worried, but I don't think we're going to get there," said Mark Lehmann, president of JMP Securities, in San Francisco.
Boehner, joined by his No. 2, Eric Cantor, at a Capitol Hill news conference, said the ultimate fault rests with Obama for refusing to agree to more spending reductions that would bring down America's $1 trillion annual deficit and rising $16 trillion debt.
"What the president has proposed so far simply won't do anything to solve our spending problem. He wants more spending and more tax hikes that will hurt our economy," Boehner said.
Democrats responded with incredulity.
House members, heading to their home states for the holidays, were instructed to be available on 48 hours notice if necessary.
"They went from 'Plan B' to 'plan see-you-later,'" Obama adviser David Axelrod said on MSNBC on Friday morning.
The crumbling of Boehner's plan highlights his struggle to lead some House Republicans who flatly reject any deal that would increase taxes on anyone.
Republican Representative Tim Huelskamp criticized Boehner's handling of the negotiations, saying the speaker had "caved" to Obama opening the door to tax hikes. Huelskamp, a dissident first-term congressman from Kansas, said he was not willing to compromise on taxes even if they are coupled with cuts to government spending sought by conservatives.
Fiscal conservatives "are so frustrated that the leader in the House right now, the speaker, has been talking about tax increases. That's all he's been talking about," Huelskamp said on MSNBC on Friday morning.
(Additional reporting by Roberta Rampton, Richard Cowan, Rachelle Younglai, Thomas Ferraro and Matt Spetalnick; Writing by Steve Holland; Editing by Alistair Bell and Lisa Shumaker

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Wall Street Week Ahead: A lump of coal for "Fiscal Cliff-mas"

NEW YORK (Reuters) - Wall Street traders are going to have to pack their tablets and work computers in their holiday luggage after all.
A traditionally quiet week could become hellish for traders as politicians in Washington are likely to fall short of an agreement to deal with $600 billion in tax hikes and spending cuts due to kick in early next year. Many economists forecast that this "fiscal cliff" will push the economy into recession.
Thursday's debacle in the U.S. House of Representatives, where Speaker John Boehner failed to secure passage of his own bill that was meant to pressure President Obama and Senate Democrats, only added to worry that the protracted budget talks will stretch into 2013.
Still, the market remains resilient. Friday's decline on Wall Street, triggered by Boehner's fiasco, was not enough to prevent the S&P 500 from posting its best week in four.
"The markets have been sort of taking this in stride," said Sandy Lincoln, chief market strategist at BMO Asset Management U.S. in Chicago, which has about $38 billion in assets under management.
"The markets still basically believe that something will be done," he said.
If something happens next week, it will come in a short time frame. Markets will be open for a half-day on Christmas Eve, when Congress will not be in session, and will close on Tuesday for Christmas. Wall Street will resume regular stock trading on Wednesday, but volume is expected to be light throughout the rest of the week with scores of market participants away on a holiday break.
For the week, the three major U.S. stock indexes posted gains, with the Dow Jones industrial average <.dji> up 0.4 percent, the S&P 500 <.spx> up 1.2 percent and the Nasdaq Composite Index <.ixic> up 1.7 percent.
Stocks also have booked solid gains for the year so far, with just five trading sessions left in 2012: The Dow has advanced 8 percent, while the S&P 500 has climbed 13.7 percent and the Nasdaq has jumped 16 percent.
IT COULD GET A LITTLE CRAZY
Equity volumes are expected to fall sharply next week. Last year, daily volume on each of the last five trading days dropped on average by about 49 percent, compared with the rest of 2011 - to just over 4 billion shares a day exchanging hands on the New York Stock Exchange, the Nasdaq and NYSE MKT in the final five sessions of the year from a 2011 daily average of 7.9 billion.
If the trend repeats, low volumes could generate a spike in volatility as traders keep track of any advance in the cliff talks in Washington.
"I'm guessing it's going to be a low volume week. There's not a whole lot other than the fiscal cliff that is going to continue to take the headlines," said Joe Bell, senior equity analyst at Schaeffer's Investment Research, in Cincinnati.
"A lot of people already have a foot out the door, and with the possibility of some market-moving news, you get the possibility of increased volatility."
Economic data would have to be way off the mark to move markets next week. But if the recent trend of better-than-expected economic data holds, stocks will have strong fundamental support that could prevent selling from getting overextended even as the fiscal cliff negotiations grind along.
Small and mid-cap stocks have outperformed their larger peers in the last couple of months, indicating a shift in investor sentiment toward the U.S. economy. The S&P MidCap 400 Index <.mid> overcame a technical level by confirming its close above 1,000 for a second week.
"We view the outperformance of the mid-caps and the break of that level as a strong sign for the overall market," Schaeffer's Bell said.
"Whenever you have flight to risk, it shows investors are beginning to have more of a risk appetite."
Evidence of that shift could be a spike in shares in the defense sector, expected to take a hit as defense spending is a key component of the budget talks.
The PHLX defense sector index <.dfx> hit a historic high on Thursday, and far outperformed the market on Friday with a dip of just 0.26 percent, while the three major U.S. stock indexes finished the day down about 1 percent.
Following a half-day on Wall Street on Monday ahead of the Christmas holiday, Wednesday will bring the S&P/Case-Shiller Home Price Index. It is expected to show a ninth-straight month of gains.
U.S. jobless claims on Thursday are seen roughly in line with the previous week's level, with the forecast at 360,000 new filings for unemployment insurance, compared with the previous week's 361,000.

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National Geographic marks anniversary with "Exploration" of Titanic, Lighting Strikes, Genghis Khan

NEW YORK (TheWrap.com) - The National Geographic Channel is celebrating the 125th anniversary of the National Geographic Society with a new "Night of Exploration" on Fridays that will look at Titanic, Stonehenge, Easter Island, and more of the world's fascinating places and mysteries.

Beginning January 11, the network will air programs about exploration every Friday night from 8 to 10 p.m. On that night, it will premiere of "A New Age of Exploration: National Geographic at 125," which will feature such explorers as storm chaser Tim Samaras as he tries to film a lightning bolt the moment it hits the ground.

The special will also feature research scientist and engineer Albert Lin, who believes he's located the burial ground of Genghis Khan, and James Cameron and Bob Ballard as they plunge the ocean's depths. NGC will also re-air "Titanic: The Final Word With James Cameron" on January 11.

Subsequent Friday-night programming includes re-airings of "The Human Family Tree," "Stonehenge Decoded" and "Easter Island Underworld." Other re-airings include "Drain the Ocean," "King Tut and the Lost Dynasty," and "King Tut's Final Secrets."

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Joss Whedon's "S.H.I.E.L.D." pilot adds 'Nashville' star Chloe Bennet

LOS ANGELES (TheWrap.com) - Chloe Bennet is moving from "Nashville" and into far stranger territory.

Bennet, who has a recurring role on the ABC drama "Nashville" as Hailey, has been cast in Joss Whedon's superhero pilot "Marvel's S.H.I.E.L.D.," which is being written by "Avengers" writer-director Whedon, his brother Jed Whedon and Maurissa Tancharoen ("Dollhouse").

Bennet, who also goes by the name Chloe Wang but is billed as Chloe Bennet on "Nashville," will play Skye, a young woman who's fascinated with superheroes and the organizations that spring up around them, an individual with knowledge of the casting told TheWrap.

The actress joins a cast that also includes "ER" alum Ming-Na, who'll play agent Melinda May, and Clark Gregg, who played S.H.I.E.L.D.'s Agent Coulson in "The Avengers."

The Whedons and Tancharoen will also executive-produce the project, along with Jeffrey Bell and Jeph Loeb of Marvel Television, if it goes into production, and Joss Whedon is also attached to direct, schedule permitting.

The project comes from ABC Studios and Marvel Television.

Hollywood Reporter first reported the news of Bennet's casting.

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Twilight Zone" reboot in the works from Bryan Singer, CBS Television Studios

LOS ANGELES (TheWrap.com) - Bryan Singer is about to enter "The Twilight Zone."

The "X-Men" director is working on a reboot of Rod Serling's television series with CBS Television Studios, a spokeswoman for CBS Television Studios told TheWrap. Singer will develop and executive-produce the project, and could direct.

The project is currently in the very early stages.

The original "Twilight Zone" ran on CBS from 1959 to 1964, and the network revived the series in the 1980s. Most recently, the UPN ran a revival of the series, with Forest Whitaker hosting. That version, which launched in 2002, lasted one season.

Singer was also involved in the revival of another classic television series earlier this year, with NBC's "The Munsters" revamp, dubbed "Mockingbird Lane." Initially conceived as a series, "Mockingbird Lane" aired as a Halloween special for the network.

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Michael Kors replaced by Zac Posen as "Project Runway" judge

LOS ANGELES (TheWrap.com) - Michael Kors is out at "Project Runway."

Fashion designer Kors will not be a judge on the Lifetime reality competition when it returns for its 11th season on January 24, Lifetime said Tuesday. Instead, designer Zac Posen will join Heidi Klum, Nina Garcia and Tim Gunn as a featured judge.

Lifetime told TheWrap that Kors is vacating his judge's position due to scheduling conflicts.

"Due to the back-to-back film schedule for seasons 10 and seasons 11 this summer, Michael was not able to commit to all the dates required for filming season 11," a Lifetime spokeswoman said in a statement. "Always part of the 'Project Runway' family, Michael will be seen in the future on the show, and we are excited to confirm that Michael will be back as a judge for the season 11 finale."

Kors' departure isn't the only change that's coming to "Project Runway" for its upcoming season. This cycle, the competing designers will be made to work together for every challenge, where they will have to work together while ensuring that their creations stand out on the runway. It's hoped this will lead to riveting combination of collaboration and backbiting.

Guests judges for the upcoming season include Bette Midler, Susan Sarandon, Miranda Lambert, John Legend, Emmy Rossum, Kristin Davis and others.

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Anderson Cooper Reveals He's Gay

After years of speculation about his sexuality, Anderson Cooper has revealed that he's gay.

The 45-year-old CNN anchor came out in an email to the Daily Beast's Andrew Sullivan that was published on Sullivan's blog this morning. Cooper was responding to an Entertainment Weekly article about how gay public figures are increasingly coming out in more restrained ways than in the past.

"The fact is, I'm gay, always have been, always will be, and I couldn't be any more happy, comfortable with myself, and proud," Cooper writes.

Cooper explains that he kept his sexuality private "for professional reasons" but had "begun to consider whether the unintended outcomes of maintaining my privacy outweigh personal and professional principle." Instances of gay bullying made him "believe there is value in making clear where I stand."

While Cooper doesn't go into the specifics about romantic relationships, he writes, "I am also blessed far beyond having a great career. I love, and I am loved."

He concludes his email, "I still consider myself a reserved person and I hope this doesn't mean an end to a small amount of personal space. But I do think visibility is important, more important than preserving my reporter's shield of privacy."

In addition to anchoring CNN's primetime news show "Anderson Cooper 360°," Cooper hosts a daytime talk show, "Anderson."

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Chavez back in Venezuela after Cuba treatment

CARACAS, Venezuela (AP) — Venezuelan President Hugo Chavez arrived back home early Friday after 10 days of medical treatment in Cuba, but his failure to attend a regional meeting in Brazil raised new questions about his health.

State television showed Chavez arriving at Caracas' airport and walking down the steps from the presidential jet wearing a track suit. He smiled and laughed heartily as he chatted with Vice President Nicolas Maduro and members of his Cabinet.

Chavez, who has been fighting an unspecified type of cancer during the past year and half, didn't explain why he skipped a Friday meeting in Brasilia with leaders of the South American trade bloc Mercosur. The Brazilian government said Venezuelan Oil Minister Rafael Ramirez represented his country at the meeting — the first since Venezuela became a full member.

Chavez traveled to Cuba on the night of Nov. 27 after announcing plans to undergo hyperbaric oxygen treatment in Havana. The Venezuelan leader has spent much of the past 18 months battling cancer in the pelvic area, and he said in July that tests had shown he was cancer-free.

While in Cuba, he kept a low profile and did not speak on television. Chavez last appeared publicly during a televised meeting Nov. 15 in Caracas, and his long absence renewed speculation among some Venezuelans that his health might be taking a turn for the worse.

Chavez appeared vigorous as he spoke on television upon his arrival at Caracas' airport after 2:30 a.m. Friday. He didn't mention his health. Chavez, who travels on a presidential plane, often arrives in Venezuela very late at night or early in the morning.

"I'm very happy, as you all can see, to be arriving here again," Chavez said. "Very happy."

Chavez noted that Thursday marked two months since his Oct. 7 re-election. Addressing Maduro and recalling other election victories, Chavez said: "Look at how we've come, Nicolas, from victory to victory."

Chavez hasn't given details recently about the hyperbaric oxygen treatment, during which patients breathe pure oxygen while in a pressurized, sealed chamber. The treatment's value is well-established for treating burns and some other medical conditions and for aiding wound healing and helping repair bone and tissue damaged by radiation treatments.

The 58-year-old president first underwent cancer surgery in Cuba in June 2011 and later underwent another surgery last February. He has also undergone chemotherapy and radiation treatments.

Hyperbaric oxygen is regularly used to treat infections that can develop after radiation treatment, said Dr. Igor Astsaturov, a gastrointestinal cancer specialist who is not involved in Chavez's treatment.

"I would speculate that this is not directly related to the cancer process itself but maybe an infectious complication of pelvic radiation," said Astsaturov, an assistant professor at Fox Chase Cancer Center in Philadelphia. He said that such oxygen treatment "is used to treat infections but not tumors."

Throughout his treatments, Chavez has kept many details of his illness secret, including the type of cancer and the precise location of the tumors that were removed.

Chavez said his departure from Cuba had been delayed by a conversation with Fidel Castro, with whom he had been discussing poetry and reciting verses.

The Venezuelan leader also referred to the country's upcoming state gubernatorial elections Dec. 16, saying: "We're eight days away from the next victory."

The government launched a hashtag phrase on Twitter, "BienvenidoComandante," or Welcome Commander, which became a top trending topic in the country Friday morning.

During Chavez's absence, the government had announced that the president appointed new ambassadors in various countries, and he released a couple of written statements. But no messages have been posted on Chavez's Twitter account since Nov. 1.

The uncertainty sparked a rally in Venezuelan government bonds during the past week as investors speculated about the possibility that Chavez's health might be worsening. Bond prices dipped after the president's return. Even as bond prices declined by as much as two percentage points Friday, though, they were still trading about 10 percentage points higher than when Chavez abruptly announced his return to Cuba on Nov. 27, said Russell Dallen, a securities trader at Caracas Capital Markets.

Despite the lack of information about Chavez's condition, some say they think Venezuelans haven't seemed particularly concerned lately.

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