Hollywood hacker honed his skills for years

LOS ANGELES (AP) — Long before Christopher Chaney made headlines by hacking into the email accounts of such stars as Scarlett Johansson and Christina Aguilera, two other women say he harassed and stalked them online.

The women, who both knew Chaney, say their lives have been irreparably damaged by his actions. One has anxiety and panic attacks; the other is depressed and paranoid. Both say Chaney was calculated, cruel and creepy: he sent nude photos they had taken of themselves to their family members.

Their accounts as cybervictims serve as a cautionary tale for those, even major celebrities, who snap personal, and sometimes revealing photos.

Chaney, 35, of Jacksonville, Fla., is set to be sentenced Monday and could face up to 60 years in prison after pleading guilty to nine felony counts, including wiretapping and unauthorized access to a computer, for hacking into email accounts of Aguilera, Johansson and Mila Kunis.

Aguilera said in a statement that although she knows that she's often in the limelight, Chaney took from her some of the private moments she shares with friends.

"That feeling of security can never be given back and there is no compensation that can restore the feeling one has from such a large invasion of privacy," Aguilera said.

Prosecutors said Chaney illegally accessed the email accounts of more than 50 people in the entertainment industry between November 2010 and October 2011. Aguilera, Kunis and Johansson agreed to have their identities made public with the hopes that the exposure about the case would provide awareness about online intrusion.

The biggest spectacle in the case was the revelation that nude photos taken by Johansson herself and meant for her then-husband Ryan Reynolds were taken by Chaney and put on the Internet. The "Avengers" actress is not expected to attend the hearing, but she has videotaped a statement that may be shown in court.

Some of Aguilera's photos appeared online after Chaney sent an email from the account of her stylist, Simone Harouche, to Aguilera asking the singer for scantily clad photographs, prosecutors said.

Chaney forwarded many of the photographs to two gossip websites and another hacker, but there wasn't evidence he profited from his scheme, authorities said.

For the two women, who were only identified in court papers by their initials, their encounters with Chaney went from friendly to frightening.

One of the women, identified by the initials T.B., said she first met Chaney online in 1999 when she was 13 years old. She began talking with a girl named "Jessica" that later turned out to actually be Chaney.

Chaney figured out his victims' email passwords and security questions and set a feature to forward a copy of every email they received to an account he controlled.

The woman said that in February 2009 her friends contacted her and let her know that several nude photos of her were uploaded to a public gallery. A year later, Chaney sent a link to a photo-sharing website he created and had her nude pictures sent to her father.

She said she spends several hours a week monitoring the Internet for her personal information and breaks into a sweat whenever she receives a Google alert email notifying her that her name has been mentioned online.

In her letter to U.S. District Judge S. James Otero, she said she thinks Chaney won't stop and she still feels like he has control over her reputation, relationships and career.

Chaney was arrested in October 2011 as part of a yearlong investigation of celebrity hacking that authorities dubbed "Operation Hackerazzi." Chaney's computer hard drive contained numerous private celebrity photos and a document that compiled their extensive personal data, according to a search warrant.

Chaney has since apologized for what he has done, but prosecutors are recommending a nearly six-year prison sentence for him. They also want him to pay $150,000 in restitution, including about $66,000 to Johansson.

The second woman, identified in court papers only as T.C., said she was a close friend of Chaney's for more than a decade. As early as 2003 she noticed her passwords were being reset and email she hadn't looked at had been read by someone. She also said Chaney forwarded an invitation to an online photo gallery to her brother, who eventually saw naked pictures of her.

The woman said the night before she got married, Chaney deleted her email account and she was unable to correspond with a notary until she created a new email address.

In her letter to the judge, the woman said she's been broken by the physical and emotional toll and can no longer recall what it was like to have a private life.

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Experts Say Thimerosal Ban Would Imperil Global Health Efforts

A group of prominent doctors and public health experts warns in articles to be published Monday in the journal Pediatrics that banning thimerosal, a mercury compound used as a preservative in vaccines, would devastate public health efforts in developing countries.

Representatives from governments around the world will meet in Geneva next month in a session convened by the United Nations Environmental Program to prepare a global treaty to reduce health hazards by banning certain products and processes that release mercury into the environment.

But a proposal that the ban include thimerosal, which has been used since the 1930s to prevent bacterial and fungal contamination in multidose vials of vaccines, has drawn strong criticism from pediatricians.

They say that the ethyl-mercury compound is critical for vaccine use in the developing world, where multidose vials are a mainstay.

Banning it would require switching to single-dose vials for vaccines, which would cost far more and require new networks of cold storage facilities and additional capacity for waste disposal, the authors of the articles said.

“The result would be millions of people, predominantly in low- and middle-income countries, with significantly restricted access to lifesaving vaccines for many years,” they wrote.

In the United States, thimerosal has not been used in children’s vaccines since the early 2000s after the Food and Drug Administration and public health groups came under pressure from advocacy groups that believed there was an association between the compound and autism in children.

At the time, few, if any, studies had evaluated the compound’s safety, so the American Academy of Pediatrics called for its elimination in children’s vaccines, a recommendation that the authors argued was made under the principle of “do no harm.”

Since then, however, there has been a lot of research, and the evidence is overwhelming that thimerosal is not harmful, the authors said. Louis Z. Cooper, a former president of the academy and one of the authors, said that if the members had known then what they know now, they never would have recommended against using it. “Science clearly documented that we can’t find hazards from thimerosal in vaccines,” he said. “The preservative plays a critical role in distribution of vaccine to the global community. It was a no-brainer what our position needed to be.”

Advocacy groups have lobbied to include the substance in the ban, and some global health experts worry that because the government representatives due to vote next month are for the most part ministers of environment, not health, they may not appreciate the consequences of banning thimerosal in vaccines. The Pediatrics articles are timed to raise a warning before the meeting.

“If you don’t know about this, and you’re a minister of environment who doesn’t usually deal with health, it’s confusing,” said Heidi Larson, senior lecturer at the London School of Hygiene and Tropical Medicine, who runs the Vaccine Confidence Project.

In an open letter to the United Nations Environmental Program and the World Health Organization this year, the Coalition for Mercury-Free Drugs, a nonprofit group that supports the ban, disputed the assertion that scientific studies had offered proof that thimerosal is safe, and urged member states to include it in the ban.

That it is being used in developing countries, but not developed countries, is an “injustice,” the letter said.

The World Health Organization has also weighed in. In April, a group of experts on immunization wrote in a report that they were “gravely concerned that current global discussions may threaten access to thimerosal-containing vaccines without scientific justification.”

Dr. Larson said she believed that the efforts of pediatricians and global health experts, including the W.H.O., would influence the negotiations in Geneva and that the compound would most likely be left out of the final ban.

“You can’t just pull the plug on something without having a plan for an alternative,” she said.

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Stocks edge higher in early trading on Wall Street

Stocks are higher in early trading as traders were encouraged by signs of progress in budget talks and a prediction of steady economic growth next year.

The Dow Jones industrial average rose 42 points to 13,177 shortly after the opening bell Monday. The Standard & Poor's 500 index rose six to 1,419 and the Nasdaq rose 14 to 2,985.

A survey of business economists released by the National Association for Business Economics shows that most believe modest growth will continue next year, led by rising demand for housing. The group expects growth of 2.1 percent following 2.2 percent growth in 2012.

Clearwire slid 11 percent to $2.98 after Sprint announced terms of its buyout deal for the wireless Internet access company. Sprint's price was below Clearwire's closing stock price Friday.

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Speculation over autism, but shooter's 'why' has no easy answer

Among the details to emerge in the aftermath of the Connecticut elementary school massacre was the possibility that the gunman had some form of autism.

Adam Lanza, 20, had a personality disorder or autism, his brother reportedly told police. Former classmates described him as socially awkward, friendless and painfully shy.

While those are all traits of autism, a propensity for premeditated violence is not. Several experts said that at most, autism would have played a tangential role in the mass shooting -- if Lanza had it at all.

FULL COVERAGE: Connecticut school shooting

“Many significant psychiatric disorders involve social isolation,” said Catherine Lord, director of the Center for Autism and the Developing Brain at New York-Presbyterian Hospital.

Autism, she said, has become a catch-all term to describe anybody who is awkward.

Some type of schizophrenia, delusional disorder or psychotic break would more clearly fit the crime, experts said.

The hallmark characteristics of autism are social inability, communication problems and repetitive behaviors or obsessive interests. It emerges in early childhood and exists on a vast spectrum, from those who bang their head against the wall to those who can recite train schedules from memory.

PHOTOS: Connecticut school shooting

The rate of autism has skyrocketed over the last two decades, largely because of an expanded definition of the disorder and increasing awareness. The U.S. Centers for Disease Control and Prevention estimates that 1 in 88 children have it.

Researchers have struggled to draw clear lines between the various forms. As a result, the American Psychiatric Assn. is folding all of its varieties into a single diagnosis next year: autism spectrum disorder.

It will include people with Asperger’s syndrome -- the higher-functioning type that Lanza was most likely to have had.

There is more aggression associated with autism than with other disabilities. But it usually amounts to a tantrum and does not involve planning, weapons or an intention to harm anybody.

People with autism are more likely to be victims of violence than perpetrators. Those who are bright -- as Lanza was by several accounts -- often face bullying.

Some wind up in trouble with the law because they are unaware of social convention, and quirkiness or attempts at being friendly get misinterpreted.

Dr. John Constantino, an autism specialist at Washington University in St. Louis, said the social detachment and withdrawal associated with the disorder can accentuate other psychiatric conditions that are connected to violence.

And the feelings of isolation often intensify after high school, with the loss of a structured environment that allows many people with autism to stay afloat.

“They sort of fall off this cliff when they don’t have a village,” Constantino said.

Lanza finished high school early and was living with his mother. Police said he was disturbed by the divorce of his parents in 2009.

None of that, of course, explains why his killed his mother, 20 elementary school students, six women at the school and then himself.

“The only way somebody could do something like this is if they totally lost touch with reality,” said Dr. Daniel Geschwind, an autism expert at UCLA. “Autistic people are not sociopaths.”

ALSO:

Suspect in massacre tried to buy rifle days before, sources say

In Newtown, death's chill haunts the morning after school shooting

Connecticut shooting: Gunman forced his way into school, police say

alan.zarembo@latimes.com

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The Surface might be even more overpriced than the iPad

Everyone knows that Apple (AAPL) gets away with charging a premium for its wares because its fans have shown they’re willing to pay more money for their favorite products than fans of, say, Samsung (005930) and Amazon (AMZN) are willing to pay. This practice has led to enormous gross margins for Apple products but has not spawned many imitators because few companies command the sort of loyalty that Apple does. But Microsoft (MSFT) apparently believes it can pull off the trick with its Surface tablet, which is actually priced higher relative to its component costs than Apple’s iPad.

[More from BGR: Has the iPhone peaked? Apple’s iPhone 4S seen outselling iPhone 5]

Fortune uses some data from IHS iSuppli to show that the 32GB Surface’s screen, processor, battery, RAM and storage cost $ 271, or $ 22 less than the same components of a 32GB version of the new iPad. What this means is that based solely on the cost of its components, the Surface would haul in a profit of $ 315 for every 32GB Surface sold while Apple would make $ 296 for every new iPad sold. This doesn’t take into account manufacturing and marketing costs, of course, so we can’t look at it as a definitive count of each tablet’s gross margin.

[More from BGR: Sony’s PlayStation 4 could lose to the next Xbox before it’s even released]

All the same, Microsoft’s belief that it can grab iPad-like margins for the Surface stands in stark contrast with Amazon and Google (GOOG), who are making little if any money selling the Kindle Fire HD and the Nexus 7, respectively.

This article was originally published by BGR

Gadgets News Headlines – Yahoo! News

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Springsteen, Gaga join Stones; Newtown noted

NEW YORK (AP) — Only at a Rolling Stones concert could appearances by Bruce Springsteen and Lady Gaga seem almost like afterthoughts.

Those superstars and other top acts including the Black Keys and John Mayer jammed with the Stones on Saturday night, winding down a series of concerts celebrating the 50th year of rock's most enduring band (the occasion was also marked by a pay-per-view special).

The Boss rocked out with the band on out "Tumbling Dice"; Gaga matched Mick Jagger shimmy-for-shimmy on "Gimme Shelter"; the Black Keys joined on "Who Do You Love," and John Mayer and Gary Clark Jr. showed their considerable guitar chops alongside Keith Richards and Ronnie Wood on "Goin' Down."

But the Stones would not be upstaged. While the sold-out crowd roared with each special guest, it was the aging but dynamic foursome that generated the most excitement of the night, as they put new energy into their decades-old catalog of hits, including "It's Only Rock 'N Roll (But I Like It)," ''Start Me Up," ''Brown Sugar," ''Sympathy for the Devil" and more.

The band took a moment to acknowledge the shooting deaths of 20 children and six adults at an elementary school Friday in Newtown, Conn. "We just wanted to send our love and condolences to all the people who lost loved ones in the tragedy in Connecticut," Jagger early on in the concert as the audience applauded. Jagger noted the entire world was feeling the pain of the stunned nation.

But it was the only somber moment in an a frenetic show that showed why the Stones are considered by many to be the greatest rock band, and belied the much-discussed advanced age of the group's lineup (their ages range between 65 and 71).

Jagger himself poked fun at the senior citizen status of the band and their fans; speaking of the pay-per-view crowd at home, he joked: "Some of you have got your grandchildren watching you."

But few acts in their so-called prime would have been able to match the energy the Stones radiated onstage. The group had the crowd on its feet for the entire show as Jagger gyrated across the stage, his voice in top form. Both Wood and Richards dazzled on guitar (Richards got a raucous, sustained ovation as he took over vocals on two songs). And Charlie Watts kept the beat strong on the drums.

Before performing in London together late last month for the first of the concerts, the Stones hadn't performed in concert together since 2007. Going into these shows, there was some speculation that Saturday's concert, held at the Prudential Center, might be their last.

Earlier in the evening, Jagger teased that the concert might signal the end: "This could be the last time; I don't know," he said. But by the end of the evening, it seemed clear that the question was not when the Stones would return, but when.

"This is the last show of our anniversary tour, and we hope to see you all again soon," Jagger said.

Perhaps the night's most special guest was Mick Taylor, the former Stones guitarist who was part of some of their biggest moments from 1969 to 1975, when he left the group. He rejoined his band mates (and the man who replaced him, Wood) onstage for a powerful performance of "Midnight Rambler".

At the concert's end, while other special guests gave their final bows and left the stage, Jagger motioned for Taylor to stay, and the five took their final bow together.

___

Nekesa Mumbi Moody is the AP's Global Entertainment & Lifestyles Editor. Follow her at http://twitter.com/nekesamumbi

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Dr. William F. House, Inventor of Cochlear Implant, Dies

Dr. William F. House, a medical researcher who braved skepticism to invent the cochlear implant, an electronic device considered to be the first to restore a human sense, died on Dec. 7 at his home in Aurora, Ore. He was 89.

The cause was metastatic melanoma, his daughter, Karen House, said.

Dr. House pushed against conventional thinking throughout his career. Over the objections of some, he introduced the surgical microscope to ear surgery. Tackling a form of vertigo that doctors had believed was psychosomatic, he developed a surgical procedure that enabled the first American in space to travel to the moon. Peering at the bones of the inner ear, he found enrapturing beauty.

Even after his ear-implant device had largely been supplanted by more sophisticated, and more expensive, devices, Dr. House remained convinced of his own version’s utility and advocated that it be used to help the world’s poor.

Today, more than 200,000 people in the world have inner-ear implants, a third of them in the United States. A majority of young deaf children receive them, and most people with the implants learn to understand speech with no visual help.

Hearing aids amplify sound to help the hearing-impaired. But many deaf people cannot hear at all because sound cannot be transmitted to their brains, however much it is amplified. This is because the delicate hair cells that line the cochlea, the liquid-filled spiral cavity of the inner ear, are damaged. When healthy, these hairs — more than 15,000 altogether — translate mechanical vibrations produced by sound into electrical signals and deliver them to the auditory nerve.

Dr. House’s cochlear implant electronically translated sound into mechanical vibrations. His initial device, implanted in 1961, was eventually rejected by the body. But after refining its materials, he created a long-lasting version and implanted it in 1969.

More than a decade would pass before the Food and Drug Administration approved the cochlear implant, but when it did, in 1984, Mark Novitch, the agency’s deputy commissioner, said, “For the first time a device can, to a degree, replace an organ of the human senses.”

One of Dr. House’s early implant patients, from an experimental trial, wrote to him in 1981 saying, “I no longer live in a world of soundless movement and voiceless faces.”

But for 27 years, Dr. House had faced stern opposition while he was developing the device. Doctors and scientists said it would not work, or not work very well, calling it a cruel hoax on people desperate to hear. Some said he was motivated by the prospect of financial gain. Some criticized him for experimenting on human subjects. Some advocates for the deaf said the device deprived its users of the dignity of their deafness without fully integrating them into the hearing world.

Even when the American Academy of Ophthalmology and Otolaryngology endorsed implants in 1977, it specifically denounced Dr. House’s version. It recommended more complicated versions, which were then under development and later became the standard.

But his work is broadly viewed as having sped the development of implants and enlarged understanding of the inner ear. Jack Urban, an aerospace engineer, helped develop the surgical microscope as well as mechanical and electronic aspects of the House implant.

Karl White, founding director of the National Center for Hearing Assessment and Management, said in an interview that it would have taken a decade longer to invent the cochlear implant without Dr. House’s contributions. He called him “a giant in the field.”

After embracing the use of the microscope in ear surgery, Dr. House developed procedures — radical for their time — for removing tumors from the back portion of the brain without causing facial paralysis; they cut the death rate from the surgery to less than 1 percent from 40 percent.

He also developed the first surgical treatment for Meniere’s disease, which involves debilitating vertigo and had been viewed as a psychosomatic condition. His procedure cured the astronaut Alan B. Shepard Jr. of the disease, clearing him to command the Apollo 14 mission to the moon in 1971. In 1961, Shepard had become the first American launched into space.

In presenting Dr. House with an award in 1995, the American Academy of Otolaryngology-Head and Neck Surgery Foundation said, “He has developed more new concepts in otology than almost any other single person in history.”

William Fouts House was born in Kansas City, Mo., on Dec. 1, 1923. When he was 3 his family moved to Whittier, Calif., where he grew up on a ranch. He did pre-dental studies at Whittier College and the University of Southern California, and earned a doctorate in dentistry at the University of California, Berkeley. After serving his required two years in the Navy — and filling the requisite 300 cavities a month — he went back to U.S.C. to pursue an interest in oral surgery. He earned his medical degree in 1953. After a residency at Los Angeles County Hospital, he joined the Los Angeles Foundation of Otology, a nonprofit research institution founded by his brother, Howard. Today it is called the House Research Institute.

Many at the time thought ear surgery was a declining field because of the effectiveness of antibiotics in dealing with ear maladies. But Dr. House saw antibiotics as enabling more sophisticated surgery by diminishing the threat of infection.

When his brother returned from West Germany with a surgical microscope, Dr. House saw its potential and adopted it for ear surgery; he is credited with introducing the device to the field. But again there was resistance. As Dr. House wrote in his memoir, “The Struggles of a Medical Innovator: Cochlear Implants and Other Ear Surgeries” (2011), some eye doctors initially criticized his use of a microscope in surgery as reckless and unnecessary for a surgeon with good eyesight.

Dr. House also used the microscope as a research tool. One night a week he would take one to a morgue for use in dissecting ears to gain insights that might lead to new surgical procedures. His initial reaction, he said, was how beautiful the bones seemed; he compared the experience to one’s first view of the Grand Canyon. His wife, the former June Stendhal, a nurse, often helped.

She died in 2008 after 64 years of marriage. In addition to his daughter, Dr. House is survived by a son, David; three grandchildren; and two great-grandchildren.

The implant Dr. House invented used a single channel to deliver information to the hearing system, as opposed to the multiple channels of competing models. The 3M Company, the original licensee of the House implant, sold its rights to another company, the Cochlear Corporation, in 1989. Cochlear later abandoned his design in favor of the multichannel version.

But Dr. House continued to fight for his single-electrode approach, saying it was far cheaper, and offered voluminous material as evidence of its efficacy. He had hoped to resume production of it and make it available to the poor around the world.

Neither the institute nor Dr. House made any money on the implant. He never sought a patent on any of his inventions, he said, because he did not want to restrict other researchers. A nephew, Dr. John House, the current president of the House institute, said his uncle had made the deal to license it to the 3M Company not for profit but simply to get it built by a reputable manufacturer.

Reflecting on his business decisions in his memoir, Dr. House acknowledged, “I might be a little richer today.”

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Don't impoverish yourself to pay kids' student loans

Dear Liz: I'm in my 50s. My kids have college loan debts that might total more than $200,000. I allowed them to take out loans because I expected to inherit $300,000 to help them pay off the debt. Now that inheritance will not happen.

I have $250,000 saved for retirement. When I'm 58 1/2 years old, I would like to pull that money out and pay some or all of these debts. Or use home equity. I've recently been downsized in employment, but I am looking to increase my income so I can help with their debt. Advice?

Answer: If your goal is to impoverish yourself so your kids will have to take care of you in your old age, by all means proceed with your plan. Otherwise, you need to rethink this.

You've been laid off in the middle of what should be your peak earning years. Older workers often have a tougher time than younger ones finding replacement jobs, even in a better economy than this one. You may not be able to replace your former income, which means you may not be able to add much to the amount you've already saved. You should be conserving your resources, including your home equity, and not squandering it repaying debts that aren't yours.

And "squandering" is the right word. You may be able to avoid paying federal and state tax penalties on withdrawals under certain conditions; distributions made after age 59 1/2 avoid the penalties, as do those made if you're "separated from service" if the job termination occurred in or after the year you turn 55. But you'll still owe income taxes on the withdrawal, and those can be considerable.

Your children are the ones who will benefit from their educations. Those educations should allow them to earn incomes to repay these loans. The amount of debt they've accrued might be excessive — you didn't specify how many kids, or whether this debt is being incurred pursuing undergraduate or graduate degrees. Ultimately, though, they will be in a better position to pay the debt than you are.

If you promised them help you can't deliver, sit down with them now to break the bad news and strategize on how they can finish their educations without incurring substantially more debt.

Your story also should serve as a cautionary tale for anyone counting on an inheritance to pay future bills. Until the money is in your bank account, it's not yours and shouldn't be part of your financial planning.

Refinancing mortgage in divorce may not be wise move

Dear Liz: My soon-to-be ex wants to refinance our mortgage to pay for renovations so we can sell it for more money. He also wants to take out some cash to pay off unsecured loans. (I have $11,000 in credit card debt, and he has over $50,000.) The house recently appraised for $310,000 and we owe $158,000 on it. Is it wise to refinance in this circumstance?

Answer: A cash-out refinance would be a risky maneuver even if you intended to stay married. Renovations rarely boost a home sale price enough to cover their cost. Also, home equity that's used to pay off credit card bills is often wasted, since the borrower never fixes the problem that led to overspending in the first place and simply runs up more debt. Since he would be getting the bulk of the benefit by having more of his debt paid off, you also would need to adjust the rest of your property settlement.

Often, the best and easiest solution in a divorce is to simply sell the house. You certainly wouldn't want to remain on a mortgage with an ex after the divorce was final, if you could possibly avoid it. A good divorce attorney can give you advice about how to proceed from here.

Make saving money automatic

Dear Liz: What's the easiest way to save money? I have the hardest time. I want to save, but I feel that I don't make enough to start saving.

Answer: The easiest way to save is to do it without thinking about it.

That usually means setting up automatic transfers either from your paycheck or from your checking account. If you have to think about putting aside money, you'll probably think of other things to do with that cash. If it's done automatically, you may be surprised at how fast the money piles up.

The second part of this equation is to leave your savings alone. If you're constantly dipping into savings to cover regular expenses, you won't get ahead.

People manage to save even on small incomes because they make it a priority. They "pay themselves first," putting aside money for savings before any other bills are paid. Start with small, regular transfers and increase them as you can.

Questions may be sent to 3940 Laurel Canyon, No. 238, Studio City, CA 91604 or by using the "Contact" form at asklizweston.com. Distributed by No More Red Inc.

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Apple takes investors on a wild ride

SAN FRANCISCO — With only modest expectations, Robert Leitao of Santa Clarita made a decision in 1994 that would change his life. He bought Apple stock.

This was several years before Steve Jobs returned to resurrect Apple, long before the iPod, the iPhone or the iPads that would make Apple the most valuable company in the world. A $1 investment in Apple at the start of 1994 is now worth about $70.

"Even with the recent sell-off, I'm still doing very well with the stock," said Leitao, who works as director of operations at a Catholic church in Burbank. "Apple provided for a down payment on our home for our blended family of four kids."

Leitao is one of the countless people whose lives have been touched by Apple's stock, which has become a global economic force. It is now one of the most widely held stocks, and the most valuable. Even as Apple Inc.'s market value fell to $480 billion on Friday, it was still larger than the gross domestic product of Norway or Argentina, and more than the combined value of Google Inc. and Microsoft Corp.

Yet that astonishing size and economic influence is also what, many analysts believe, contributes to the extraordinary volatility that can make owning Apple's stock a hair-raising experience.

It was inevitable, analysts say, that after Apple's stock rose 74% in the first nine months of this year, a huge wave of selling would occur as fund managers locked in their profits. And yet, in recent years, these huge dips have been followed by even bigger run-ups that led to new record highs, a dynamic that one trader refers to as the "Apple slingshot."

That pattern has some analysts betting Apple will soar above $1,000 a share in 2013, a scenario almost guaranteed to drive the global obsession with the company's stock into an even greater frenzy.

"The impact on shareholders and on the economy is incredible," said Howard Silverblatt, senior index analyst for S&P Dow Jones Indices. "We've not seen anything like this in the modern trading era. Ever."

Even after the remarkable decade of Apple's revival, the company's stock managed to reach new milestones this year. Early in 2012, Apple became the sixth company ever to surpass $500 billion in market value. In August, it became the only company in history with a market value topping $622 billion.

That performance affects just about anyone who has a 401(k) account or a pension. According to FactSet, a research firm that tracks investment funds, 2,555 institutional investors — mutual funds, hedge funds and pension funds, among others — owned stock in Apple, just behind the 2,590 that held Microsoft stock, as of Sept. 30, the most recent date funds had to disclose their holdings. However, the value of that Apple stock held by institutional investors on that day was $427 billion, compared with $172 billion for Microsoft, according to FactSet.

Silverblatt said the only company that has come close to having such a strong influence on the broader stock markets since World War II is IBM in the early 1980s, when the PC revolution was just getting started. But not only is the value of Apple's stock remarkable, so is its volatility. Such large stocks rarely have such big, quick swings.

Apple shares peaked at $702.10 on Sept. 19, up from $401.44 at the start of the year, a run that astonished analysts. But just as remarkable has been its collapse, falling as low as $505.75 in intra-day trading Nov. 16.

"It's just amazing because it's such a large company," said Brian Colello, a senior research analyst at Morningstar. "The company lost about $35 billion in market cap in one day. That's the size of some large-cap stocks."

Yet such swings have become commonplace for Apple stock. Before its latest swoon of 23.4% since its September high, Apple had experienced three previous corrections of more than 10% over the last two years.

The value of Apple's stock and its extreme swings have made researching it and trading it almost a full-time job for some people. Jason Schwarz of Marina del Rey edits EconomicTiming.com, which sends out up to five newsletters each week to its 1,000 clients that focus in large measure on Apple. He also helps run Lone Peak Asset Management, which has about $500 million in assets.

Schwarz says that what he calls the "Apple slingshot" is actually a virtue of the shares.

"The extraordinary volatility is the result of Apple's strength," Schwarz said. "People try to blame the volatility on Apple's weaknesses."

Schwarz and many other Apple believers argue that people are making a big mistake when they try to understand the stock's behavior by focusing on various bits of bad news such as an executive shake-up, the Maps controversy or questions about market share or competition. They have almost nothing to do with the regular hits taken by Apple shares, the argument goes.

Instead, folks like Schwarz say more technical factors are at work, such as the fact that the fiscal year for many stock funds ends Oct. 31. When the stock peaked in September, many fund managers rushed to sell to lock in profits for the year. Apple stock makes so much money for so many people, then plummets when shareholders pause to reap their profits, Schwarz says.

The volatility has continued in recent weeks, the argument goes, because fears of higher taxes next year have many fund managers trying to take advantage of short-term swings to make bigger profits. That volatility offers tantalizing windows for huge, short-term profits for investors willing to take the risk.

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School shooting postpones Cruise premiere in Pa.

NEW YORK (AP) — The U.S. premiere of the Tom Cruise action movie "Jack Reacher" is being postponed following the deadly Connecticut school shooting.

Paramount Pictures says "out of honor and respect for the families of the victims" the premiere won't take place Saturday in Pittsburgh, where "Jack Reacher" was filmed.

The premiere would've been Cruise's first U.S. media appearance since his split from Katie Holmes over the summer. It was to be more contained with select outlets covering and a location away from Hollywood or New York.

A proclamation ceremony for Cruise had been planned with Pennsylvania Gov. Tom Corbett and Pittsburgh Mayor Luke Ravenstahl.

No new date for the premiere has been set. The movie opens Dec. 21.

Friday's massacre at a Newtown, Conn., elementary school killed 20 children and several adults.

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