Thursday, January 26, 2012

The nations weather (AP)

Weather Underground Forecast for Tuesday, January 24, 2012.

Snowy conditions persist over the Southwest, scattered showers and thunderstorms develop along the Gulf Coast, and snow showers linger over the Great Lakes on Tuesday. A low pressure system that moved over California and into the Great Basin and Four Corners will continue moving southeastward over Colorado and New Mexico. This will allow for snow showers to diminish over the Great Basin and Arizona, while a few lingering snow showers will persist over Colorado and New Mexico. Snowfall accumulation in these areas will range from 3 to 5 inches. Meanwhile, as this system moves into the Southern Plains, it will pull additional moisture and energy onshore from the Gulf of Mexico. This will allow for scattered showers and thunderstorms to develop from the US and Mexico border, through Oklahoma, Louisiana, and Arkansas. Some of these storms will turn severe with strong winds, hail, and possibly a tornado or two. Expect rainfall totals to range from 1 to 2 inches, more likely in areas of severe thunderstorm development.

In the Northeast, a low pressure system that brought wintry weather to the Northeast and Great Lakes will advance into eastern Canada. However, the back side of this system will kick up some lake effect snow showers along the downwind shores of the Great Lakes. Snowfall accumulation will range from 2 to 3 inches in most of these areas. Elsewhere, precipitation across the East Coast will wind down as a cold front pushes offshore early Tuesday morning.

In the Northwest, another strong trough of low pressure moves onshore, producing another round of rain and high elevation snow for Washington, Oregon, and northern California. New snowfall totals will range from 4 to 6 inches in the Cascades, with 1 to 3 inches likely in far northern California. Temperatures in the Lower 48 states Monday have ranged from a morning low of -5 degrees at Gunnison, Colo. to a high of 87 degrees at Crystal River, Fla.

Source: http://us.rd.yahoo.com/dailynews/rss/weather/*http%3A//news.yahoo.com/s/ap/us_weatherpage_weather

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Wednesday, January 25, 2012

ABC Finally Admits Emily Maynard is The Bachelorette


ABC finally confirmed the news we've been all but sure of for over a week: Emily Maynard is getting her second shot at love on The Bachelorette in 2012!

The 25-year-old single mom from North Carolina, will footsteps of Ashley Hebert ... who she bested for Brad Womack's love on The Bachelor last spring.

Maynard, who went on to split with Brad last summer, will begin filming in March, a source said, adding, "She's looking for a man ... not a little boy."

An interesting comment, since Brad is more than a decade older than Em.

An Emily Maynard Photo

The West Virginia native, who resides in Charlotte, N.C., with her 6-year-old daughter Ricki, was previously engaged to NASCAR driver and owner Ricky Hendrick.

He died in a plane crash in October 2004 while Maynard was pregnant, but before she even realized it. She went on to name their daughter after her late fiance.

"Emily’s strength, passion and southern charm - as a mother and as a woman - would make anyone happy to make her his wife," ABC says in a press release.

"She found love again with Brad and, even though it didn’t work out, she realized that the series can work. Among those 25 men, she is looking for someone who makes her laugh, doesn’t take himself too seriously and can be her best friend."

"Emily Maynard is hoping that the third time is the charm."

Emily Maynard as The Bachelorette: Good pick?

Source: http://www.thehollywoodgossip.com/2012/01/abc-finally-admits-emily-maynard-will-be-the-bachelorette/

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Fannie, Freddie writedowns too costly: regulator (Reuters)

WASHINGTON (Reuters) ? The regulator for Fannie Mae (FNMA.OB) and Freddie Mac (FMCC.OB) told lawmakers that forcing the government-controlled mortgage firms to write down the principal on underwater home loans would require more than $100 billion in fresh taxpayer funds.

In a letter sent on Friday to the Republican and Democratic leaders of a House of Representatives government oversight panel, the Federal Housing Finance Agency explained why it has long opposed principal reductions for borrowers who owe more than their homes are worth. In that situation, the mortgage is deemed "underwater."

About 22 percent of U.S. home mortgages have negative equity totaling about $750 billion, meaning that about one in five U.S. home mortgages is "underwater" with the amount owed exceeding the home's value, according to CoreLogic, a financial information and analytics company based in Santa Ana, California.

The Federal Housing Finance Agency said it had determined that such reductions would be more costly for Fannie Mae and Freddie Mac than forbearance, which was the less expensive option by comparison. The two mortgage firms have been using forbearance to help borrowers struggling to make payments.

Forbearance lets the borrow reduce or suspend payments on a loan for a specific amount of time.

The regulator, also known as the FHFA, has been under pressure from Democrats to permit the writedown of principal by the two government-controlled mortgage finance providers as a way to help some of the millions of U.S. homeowners whose mortgages are "underwater."

Representative Elijah Cummings of Maryland, the top Democrat on the House Oversight and Government Reform Committee, has pushed the housing regulator to explain its thinking in deciding not to offer principal reductions.

PRESERVING ASSETS A CONCERN

The FHFA, however, has maintained that widespread principal forgiveness would undercut the finances of Fannie and Freddie, which have already received about $169 billion in taxpayer aid. Republicans have supported the FHFA's decision.

"FHFA has a statutory responsibility as conservator to preserve and conserve the assets and property of the regulated entities," FHFA's acting director, Edward DeMarco, wrote in the letter to lawmakers dated January 20.

The Obama administration wants to secure widespread principal reductions in a legal settlement between the government and some of the biggest mortgage servicers. The settlement is aimed at cleaning up alleged foreclosure abuses.

"Given that any money spent on this endeavor would ultimately come from taxpayers and given that our analysis does not indicate a preservation of assets for Fannie Mae and Freddie Mac substantial enough to offset costs, an expenditure of this nature at this time would, in my judgment, require congressional action," DeMarco said in the letter.

In 2008, Fannie Mae and Freddie Mac were taken over by the government as mortgage losses mounted. Millions of loans issued during the housing bubble, many of them made to subprime borrowers with spotty credit histories, soured after the housing bust -- yet they remain on Fannie's and Freddie's books. Delinquencies on those loans continue to rise.

Fannie Mae and Freddie Mac own or guarantee roughly half of all outstanding mortgages in the United States. Of the approximately 30 million mortgages guaranteed by the two firms, close to 3 million of those loans were held by underwater borrowers as of last summer, according to an analysis provided in the letter.

Another barrier to principal writedowns, aside from pushing losses at the two firms even higher, DeMarco said, was the cost associated with new technology and training to servicers that would be needed to launch a program that offers principal forgiveness.

The FHFA told lawmakers that forbearance is a less costly option. Principal forbearance limits accounting losses and allows Fannie and Freddie to recoup the principal at some later point, according to the regulatory agency's letter.

"The net result of the analysis is that forbearance achieves marginally lower losses for the taxpayer than forgiveness, although both forgiveness and forbearance reduce the borrower's payment to the same affordable level," the FHFA's letter said.

The housing regulator also assured lawmakers that the FHFA remains committed to helping borrowers stay in their homes and will continue to work on such principal forbearance plans and government initiatives to modify or refinance loans.

The Federal Reserve, in a white paper to Congress earlier this month, said writedowns "had the potential to decrease the probability of default" and "improve migration between labor markets."

However, the Fed stopped short of endorsing such an initiative and noted concern that writing down loan balances would create a moral hazard - the concept that rescue efforts breed further behavior that exacerbates the existing problem - and could prompt other borrowers to stop making timely loan payments.

(Reporting By Margaret Chadbourn; Editing by Jan Paschal)

Source: http://us.rd.yahoo.com/dailynews/rss/business/*http%3A//news.yahoo.com/s/nm/20120124/bs_nm/us_usa_housing_fhfa

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Tuesday, January 24, 2012

Civil rights in Chile: Maid refuses to get on bus (AP)

CHICUREO, Chile ? Felicita Pinto arrived early at the gates of the luxurious community where she labors as a maid, but the minibus to her employer's home was late. So she decided to walk six blocks to work, on streets lined with broad lawns and imposing homes.

Security guards quickly chased her down and forced the 57-year-old widow back to the gate. Pinto's employer protested, as he had before, against the community bylaws that forbid servants to move at will.

Pinto's simple stroll helped set off national soul-searching over discrimination and mistreatment of domestic workers across Chile, where leaders ache to be accepted as representing an enlightened, developed nation. Local news media heard of the case and outrage followed when another homeowner in the El Algarrobal II development sought to justify the restrictions.

"Can you imagine what it would be like here if all the maids were walking outside, all the workers walking in the street and their children on bicycles?" neighbor Ines Perez told a local television channel.

Her comments prompted such a wave of insults and threats that Perez was forced to close her Facebook page.

Discrimination toward domestic workers is among the more entrenched social ills in Latin America and beyond. In luxury complexes just south of Peru's capital, maids can't swim in the ocean until their employers have left the water. In Mexico City, some luxury restaurants prohibit maids from sitting down to eat and some high-rises force workers to take the service elevators.

In today's Chile, however, human rights activists are challenging low pay, long hours and discrimination that afflict domestic workers. And so Pinto's decision to skip the bus has lit debate on social networks and has filled newspaper pages and radio and TV broadcasts with commentary. Thousands signed on to an Internet campaign against the subdivision's protocols, and about 20 people demonstrated in front of the gates on Saturday, some dressed as zombies in maid uniforms.

Pinto said the rules are humiliating.

"I feel just as if was a prisoner, a delinquent, a thief," Pinto told the Associated Press, describing several encounters with the guards.

Other workers are complaining as well.

Shortly before Pinto's rebellion became public, a nanny who works nearby in the Brisas de Chicureo Golf Club wasn't allowed to enter a pool with the 3-year-old girl she watches because she wasn't wearing the traditional maid's apron that all domestic workers are required to wear on the property. Chile's domestic workers union sued, and an appellate court on Jan. 5 granted an injunction suspending the uniform rule.

Edith Alonso, a maid in a nearby gated community, was among those protesting Saturday. She said she has got a good position now, but with a previous employer, "I suffered hunger, they counted every piece of fruit and bread, they made special food for themselves and forgot about the maid."

The administration of El Algarrobal II did not respond to requests from the AP for comment, but in an email to Pinto's employer, British shipping executive Bruce Taylor, it argued that maids, nannies, waiters, gardeners, construction workers and pool cleaners must ride the minibus to keep them from "committing robberies or providing information relevant to the privacy of other neighbors on their way to the house where they say they work."

There are more than 250 luxury homes in the complex, one of many gated communities in Chicureo, which 15 years ago was a bucolic rural town just north of the capital. Now, Chicureo has expensive private schools, a private health clinic and a walled-off toll highway that links it to other wealthy suburbs without exits to surrounding poor- and middle-class neighborhoods.

It's not easy to reach the town using public transportation, so the gated communities provide a refuge of sorts from the turmoil, traffic and crime that Chileans in other parts of the sprawling capital suffer. Still, as many as 700 workers a day enter El Algarrobal II. And until this month, each paid the equivalent of 60 cents each way for the minibus ride.

News about Pinto's complaints prompted the administration to suspend the fees.

Pinto's latest act of civil disobedience in December wasn't her first. Taylor said that several months earlier, she and his gardener, Claudio Marquez, refused to wait for the minibus and began to walk, "but the guards shoved her into a security vehicle, and kicked Claudio, who decided to quit" rather than submit, Taylor told the AP. Before that, still another gardener had been beaten by the guards and forced into a vehicle, he said in court papers.

Taylor has sued to overturn the bylaw against letting servants walk in the community, but judges have turned him down, saying the administrators have not acted illegally or arbitrarily, and that the rules were supported by a majority of the residents.

"The justice system didn't want to rule on the heart of the matter, the discrimination, and so other home owners here feel like they can do whatever they want," Taylor said.

And so Taylor has committed his own act of civil disobedience: He went to a notary and ceded part of his property to his maid ? it's a lovely corner surrounded with fruit trees where he's building a lake for swans ? to support his argument that Pinto should be allowed to walk freely in the streets.

While Taylor has lost in court, guards in recent weeks have allowed Pinto to walk to work, though others remain forbidden and she fears her exception will disappear once attention dies down.

The Chilean labor rights group Justa Causa ? "Just Cause" ? has now joined Pinto's cause. The group's lawyer, Nicolas Pavez, said Saturday that its last appeal has been turned down in the courts. Now it plans to accuse Chile before the InterAmerican Court of Human Rights of violating anti-discrimination treaties.

Meanwhile, other maids are coming forward, and Justa Causa is preparing lawsuits for them as well, Pavez said.

Marta Lagos, who directs the international Latinobarometro survey, said "Chile is an extremely tolerant country in terms of diversity. But having solidarity with your equals is one thing, and another is tolerance toward people who are different. This country is segmented, segregated: there are workers, the poor, and the rich, and each one of these segments is seen as bad by the other."

___

Follow Eva Vergara on Twitter at http://twitter.com/evergaraap

Source: http://us.rd.yahoo.com/dailynews/rss/latam/*http%3A//news.yahoo.com/s/ap/20120121/ap_on_re_la_am_ca/lt_chile_revolt_of_the_maids

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Monday, January 23, 2012

Buffett sings in video for China's New Year gala (AP)

BEIJING ? A hugely popular Chinese Lunar New Year variety show has a special guest star playing the ukulele: American billionaire Warren Buffett.

Buffett is shown wearing a dark sweat shirt and singing the folk song "I've Been Working On The Railroad" in the video posted on state broadcaster CCTV's "Spring Festival Gala" website Sunday.

There are no details on the website about where the 45-second clip was shot, but Buffett appears to be sitting in a small room with an elaborate model railroad set up in the background.

The video's simplicity contrasts with other performances posted on the website of the gala, which is usually a flashy extravaganza that draws 800 million viewers.

Source: http://us.rd.yahoo.com/dailynews/rss/asia/*http%3A//news.yahoo.com/s/ap/20120122/ap_on_bi_ge/as_china_buffett

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Sunday, January 22, 2012

Discovery Communications

DISCA 011912

Discovery Communications (DISCA)

What if you could touch 1.5 billion people in over 200 countries with your content?? Discovery Communications is the world?s number one non-fiction media company that does just that!? Did I mention it?s growing at a breakneck pace? ?Since you probably watch their productions, you might want to watch the stock.

They are the original "reality" TV network.?

Company Description & Developments
Not only does Discovery Communications own traditional media brands like the Oprah Winfrey Network, TLC, Discovery Channel and Animal Planet, they also own the website howstuffworks.com and many more valuable, popular brands.

If you?ve had enough of the Jersey Shore and Real Housewives programs like most of us, the Discovery brands offer cool, unique and informative programming in a world that otherwise lacks interesting, non-fictional TV. Discovery?s programs are eye opening, funny and relatable on many levels according to their reviews (and mine).? Its content spans cultures and creeds around the world.

Discovery also does a great job on web integration and content for other forms of media so they can keep up with an evolving space.

Aside from the solid financial growth which we will touch on shortly, I just love their programming!? Anecdotally, I hear so much positive chatter about their content coming from men and women in a wide age and social range that it?s hard to argue their reach.

If consumers are indeed getting healthier, they will be more likely to buy cable and satellite. ?Of course advertisers will be paying more, which is why expectations are for about 20% earnings growth over the next year.

Financial Profile
Discovery Communications is a larger mid-cap company (11.8 billion) that is trading at about 18 times trailing earnings (P/E).? Looking forward, Zacks Consensus Estimates sees Discovery Communication?s P/E dropping to 15.62, with no change in price from these levels. ??That puts it into a slightly elevated category, but certainly not overvalued in my opinion.

Discovery Communications jumped to a Zacks Rank 1 Strong Buy just yesterday.

One analyst revised their FY2012 earnings estimate up within the past month, which was most likely the push that got DISCA its current rating. ??

Last quarter DISCA reported sales growth of 18.25% year over year and 3% over the previous quarter with total sales of 3.8 billion in FY2010.? Discovery is expected to earn $2.39 in FY2011 according to the Zacks Consensus Estimate.?

Earnings Estimates
Expectations are for Discovery to make 69 cents this quarter when they report on February 10th.? Of the 16 analysts who cover the media company, the consensus is for the company to grow earnings by 34% in FY2011 and 18% in FY2012.

In terms of the magnitude of analyst estimate trends, we have seen most of the consensus estimates higher than they were 90 days ago.? This is not extremely bullish, but certainly positive.?

Discovery surprised analysts to the upside by 7.27% last quarter, with the average earnings surprise being a positive 4.20%. ??Positive surprises have been the norm over the past year.?

Market Performance & Technicals
Discovery?s stock has really picked up steam over the past month, rising almost 13.5%.? This extreme movement may be detraction to analysts upping their targets and estimates.

Momentum for Discovery has really been building since August, but it?s been a rocky road.? Given the past behavior of DISCA, it might be best to wait for the pullback before buying, as the stock has been up for nearly 10 days straight. Like many of the stocks I have targeted in our momentum picks, DISCA is knocking on the door of its 52 week high of $45.81.?

Even with the elevated volatility, it remains in a bullish channel (since August) and firmly above its 50 and 200 day moving averages of $41.49 and $41.01 respectively.

As I stated earlier, Discovery is a bit volatile, but yet its beta only reads .73.? ?That could also mean that Discovery just has a low correlation to its index, because there is no doubt this stock moves.?

Discovery has outpaced the S&P 500 by 9% over the past year and almost 4% over the past month.? Given the recent volume decline as DISCA has been rallying, I would be looking for a pullback before entering, perhaps to the $42.00 level.? ??

Jared A Levy is the Momentum Stock Strategist for Zacks.com. He is also the Editor in charge of the market-beating Zacks Whisper Trader Service.

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This Week's Momentum Zacks Rank Buy Stocks:

Brightpoint, Inc. (CELL)
The future of global communicaton and culture is without cords and boundaries.? Wireless technologies are changing the way we live, work and play.? Companies like Apple, Motorola, Samsung, Sandisk, Lenovo, Plantronics and many more are creating products that influence everything we do as a society. ?Brightpoint is a necessary catalyst for their continued success and in turn reaps serious rewards from growth in the entire space. ?READ FULL ARTICLE

Dollar Thrifty Automotive Group, Inc. (DTG)?
This car company showed strong Q3 results and beat estimates across the board.? Now with a new CEO, great rates and increasing demand, they may be poised for another strong year after rising 53% over the past twelve months. ? READ FULL ARTICLE

American Water Works Co., Inc (AWK)
Contrary to what you might believe, the most important commodity is not crude oil, natural gas, silver or even gold - humans can survive without any or all of them.? The one essential commodity that humans cannot live without is potable water.
What is most interesting is that there currently is no way to ?trade it? or to take advantage of this integral part of our lives or its scarcity. American Water Works is one of the ways you can invest in water, without having to build a tower in your neighborhood to store it.? READ FULL ARTICLE

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Source: http://www.zacks.com/commentary/19947/Discovery+Communications

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Indian casinos struggle to get out from under debt (AP)

HARTFORD, Conn. ? The warning from the ratings agency could not have been more direct: The parent company of the Mohegan Sun faces a "wall of debt" due early this year as the casino, struggling with rising competition and a weak economy that's hammered consumer spending, tries to refinance hundreds of millions of dollars in loans.

The Mohegan Tribal Gaming Authority has $505 million in loans outstanding and another $250 million due April 1, Keith Foley, an analyst at Moody's Investors Service, recently told investors. The gaming authority, parent company of casinos in Uncasville, Conn., and Wilkes-Barre, Pa., also has about $21 million in interest payments due Feb. 15, he said.

Mohegan Sun announced this month that fourth-quarter net income rose significantly, to $46.7 million, compared with a net loss of $26.3 million in the same period in 2010. But it also said it failed to reach an agreement to refinance debt, though lenders waived a possible default.

"They get to live another day," Foley said in an interview.

Executives at Mohegan Sun did not respond to a request for an interview.

Mohegan Sun is not alone as several Indian-run casinos ? some with plans for expansion that have been put on hold ? struggle to refinance debt after being caught short when the economy went into recession in December 2007.

Foxwoods Resort Casino in eastern Connecticut seeks to restructure debt, and the Mescalero Apache tribe restructured $200 million in bonds last year for casino resort property in New Mexico. A spokeswoman said Foxwoods is in debt talks, but would not provide details.

An advantage that Indian-run casinos have over their commercial counterparts is that they cannot file for bankruptcy and creditors can't foreclose on their properties because tribal governments are sovereign, said Clyde Barrow, director of the Center for Policy Analysis at the University of Massachusetts at Dartmouth.

Valerie Red-Horse, an investment banker and financial adviser who worked on the Mecalero Apache deal, called it the "best model out there," in part because it preserved the casino's financial distributions to tribal members and tribal government while bond holders kept their stakes, she said.

Some tribes have been forced to agree to cut their distributions until debt is paid down, Red-Horse said. Making sure distributions continue is a "very delicate subject. It causes a lot of angst among tribes," she said.

Financial problems at the casino, the Inn of the Mountain Gods, were due in part to the slowing economy and faltering tourism, she said.

Indian-run casinos expanded rapidly because they are strong economic development tools for the tribes that run the casinos, said Peter Kulick, a Lansing, Mich., tax and gaming lawyer. The businesses survived economic downturns in the 1970s and 1980s and were seen as immune to recessions, he said.

"In the last go-round, that's not the case," he said.

Kulick and Barrow said competition is the newest threat to casinos, even as revenue is now rising as the economy slowly improves.

"There are some real pockets of recovery going on right now," Barrow said.

Massachusetts legalized casino gambling in November, but it will be years before the three casinos authorized will be operating.

New York Gov. Andrew Cuomo announced this month that he would work with the Genting Group, one of the world's largest gambling companies, to transform the Aqueduct horse track into a megaplex that would eventually include the nation's largest convention center, 3,000 hotel rooms and a major expansion of a casino that began operating in October.

For Connecticut's two casinos, "Aqueduct could be pretty substantial competitive pressure," Barrow said.

"I don't see real revenue growth for Connecticut's casinos, he said.

Declining or stagnant revenue is bad news for Connecticut state government, which takes 25 percent of what the casinos pull in. State revenue from the two casinos reached their peak in 2007 at more than $411 million, said Kevin Lembo, Connecticut's comptroller who tracks state revenue from all sources.

That's declined to $342 million in the state's budget year that ended last June 30, down $69 million, or 17 percent.

"The loss of revenue is one obvious and immediate impact for the state," Lembo said. "What happens to jobs? What happens to future development plans? These are areas of concern for everyone at this point."

Lt. Gov. Nancy Wyman said the health of the two casinos is critical because they are destinations in southeast Connecticut, drawing tourists who also visit vineyards along the shoreline, the Mystic Aquarium and other sites.

"This is a big thing for us," she said.

Source: http://us.rd.yahoo.com/dailynews/rss/economy/*http%3A//news.yahoo.com/s/ap/20120121/ap_on_re_us/us_indian_casino_financing

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