Massachusetts fines Morgan Stanley over Facebook research






BOSTON (Reuters) – Morgan Stanley, the lead underwriter for Facebook Inc’s initial public offering, will pay a $ 5 million fine to Massachusetts to settle charges that its bankers improperly influenced its research analysts when the Internet company went public.


Massachusetts’ top securities regulator, William Galvin, charged that Morgan Stanley improperly helped Facebook disclose sensitive financial information selectively, perpetuating what he calls “an unlevel playing field” between Wall Street and Main Street.






Morgan Stanley has been under criticism since the social media company went public in May for having revealed revised earnings and revenue forecasts to select clients on conference calls before the media company’s $ 16 billion initial public offering. A Morgan Stanley spokeswoman did not immediately return a call seeking comment.


Galvin, who has been aggressive in policing how research is distributed on Wall Street ever since investment banks reached a global settlement in 2003, said the bank violated that settlement. He fined Citigroup $ 2 million over similar charges in late October.


Massachusetts says that a senior Morgan Stanley banker helped a Facebook executive release new information and then guided the executive on how to speak with Wall Street analysts about it. The banker, Galvin’s office said, rehearsed with Facebook’s Treasurer and wrote the bulk of the script Facebook’s Treasurer used when calling the research analysts.


The banker “was not allowed to call research analysts himself, so he did everything he could to ensure research analysts received new revenue numbers which they then provided to institutional investors,” Galvin said in a statement.


Retail investors were not given any similar information, Galvin said, saying this case illustrates how institutional investors often have an edge over retail investors.


(Reporting By Svea Herbst-Bayliss with additional reporting by Suzanne Barlyn in New York; Editing by Theodore d’Afflisio)


Internet News Headlines – Yahoo! News





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Connecticut Shooting: First Funerals Are Held for Noah Pozner and Jack Pinto









12/17/2012 at 03:20 PM EST







Noah Pozner (left) and Jack Pinto


AP; Landov


Friends and family said goodbye on Monday to two of the 27 victims of the massacre at Sandy Hook Elementary school in Newtown, Conn.

Noah Pozner and Jack Pinto, both 6, were the first laid to rest.

"Today is extremely emotional," Noah's aunt, Victoria Haller, tells PEOPLE. "My sister-in-law has been pretty much a wreck, which you can imagine. It's the worst thing in the world to lose a child."

Pozner, a loving boy who was inseparable from his siblings, had his services at Abraham L. Green and Son Funeral Home in Farfield, Conn., with his burial at B'nai Israel Cemetery in Monroe, Conn.

The entrance to the funeral home was adorned with white balloons. A large oak tree across from the home was covered with a sign that says, "Our hearts are with you Noah."

Pozner's twin sister, Arielle, along with older sister Sophia, 8, both survived the shooting.

Pinto, known for his love of the New York Giants, had his services at Honan Funeral Home in Newtown, and his burial at Newtown Village Cemetery.

On Saturday, his favorite player – wide receiver Victor Cruz – dedicated his game to Pinto, writing, "Jack Pinto, My Hero" on one of his cleats, and "Jack Pinto This one is 4 U!" on his gloves.

Friday morning's massacre took the lives of 20 children – 12 girls and eight boys. The gunman, identified as 20-year-old Adam Lanza, took his own life. His mother was also found killed in a different location.

Sandy Hook was closed on Monday. Other schools in the area will open on Tuesday, and the district has reportedly made plans to send surviving Sandy Hook students to a school in a neighboring town, but there is no date set.

Other victims of the tragedy have funeral dates set for later this week.

Reporting by MARY GREEN

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Experts: No link between Asperger's, violence


NEW YORK (AP) — While an official has said that the 20-year-old gunman in the Connecticut school shooting had Asperger's syndrome, experts say there is no connection between the disorder and violence.


Asperger's is a mild form of autism often characterized by social awkwardness.


"There really is no clear association between Asperger's and violent behavior," said psychologist Elizabeth Laugeson, an assistant clinical professor at the University of California, Los Angeles.


Little is known about Adam Lanza, identified by police as the shooter in the Friday massacre at a Newtown, Conn., elementary school. He fatally shot his mother before going to the school and killing 20 young children, six adults and himself, authorities said.


A law enforcement official, speaking on condition of anonymity because the person was not authorized to discuss the unfolding investigation, said Lanza had been diagnosed with Asperger's.


High school classmates and others have described him as bright but painfully shy, anxious and a loner. Those kinds of symptoms are consistent with Asperger's, said psychologist Eric Butter of Nationwide Children's Hospital in Columbus, Ohio, who treats autism, including Asperger's, but has no knowledge of Lanza's case.


Research suggests people with autism do have a higher rate of aggressive behavior — outbursts, shoving or pushing or angry shouting — than the general population, he said.


"But we are not talking about the kind of planned and intentional type of violence we have seen at Newtown," he said in an email.


"These types of tragedies have occurred at the hands of individuals with many different types of personalities and psychological profiles," he added.


Autism is a developmental disorder that can range from mild to severe. Asperger's generally is thought of as a mild form. Both autism and Asperger's can be characterized by poor social skills, repetitive behavior or interests and problems communicating. Unlike classic autism, Asperger's does not typically involve delays in mental development or speech.


Experts say those with autism and related disorders are sometimes diagnosed with other mental health problems, such as depression, anxiety, bipolar disorder or obsessive-compulsive disorder.


"I think it's far more likely that what happened may have more to do with some other kind of mental health condition like depression or anxiety rather than Asperger's," Laugeson said.


She said those with Asperger's tend to focus on rules and be very law-abiding.


"There's something more to this," she said. "We just don't know what that is yet."


After much debate, the term Asperger's is being dropped from the diagnostic manual used by the nation's psychiatrists. In changes approved earlier this month, Asperger's will be incorporated under the umbrella term "autism spectrum disorder" for all the ranges of autism.


__


AP Writer Matt Apuzzo contributed to this report.


___


Online:


Asperger's information: http://1.usa.gov/3tGSp5


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Optimism about "cliff," financial shares lift market

NEW YORK (Reuters) - U.S. stocks climbed on Monday on rising hopes that negotiations over the "fiscal cliff" were making progress and that a deal could be reached in days.


After weeks of stalemate, President Barack Obama and Republican House Speaker John Boehner met at the White House on Monday, raising hopes that Washington will be able to head off steep tax hikes and spending cuts that threaten the economy.


All of the S&P 500's 10 sectors were higher, led by financials. The S&P Financial Index <.gspf> gained 1.5 percent, and shares of Bank of America rose 2.6 percent to $10.86 while Citigroup gained 3.1 percent to $38.79.


Boehner has edged closer to Obama's position by proposing to extend lower tax rates for everyone who earns less than $1 million. Still, his position remains far from that of President Obama.


"Trumping everything right now are the fiscal cliff talks. It seems like progress is being made. I think it's getting to the nitty gritty, and I think that's what the market is reacting to," said Alan Lancz, president of Alan B. Lancz & Associates Inc. in Toledo, Ohio.


"The bet right now is that something will come by the end of this week."


Investors worry the U.S. economy could slide into recession if the tax and spending changes are implemented.


The Dow Jones industrial average <.dji> was up 54.81 points, or 0.42 percent, at 13,189.82. The Standard & Poor's 500 Index <.spx> was up 10.19 points, or 0.72 percent, at 1,423.77. The Nasdaq Composite Index <.ixic> was up 22.44 points, or 0.76 percent, at 2,993.78.


Both the S&P 500 and Nasdaq briefly rose more than 1 percent earlier in the session.


If the S&P 500 ends higher, it would end a two-day losing streak that came after a six-day run of gains. Despite the uncertainty, the S&P has performed well in the last month, grinding higher in mostly light volume.


Advancing stocks included the homebuilding sector <.djushb>, which rose 3.7 percent.


Clearwire Corp agreed to sell the rest of the company to Sprint Nextel Corp for a slightly sweetened $2.2 billion offer just days after minority shareholders criticized the previous bid as too low. Clearwire tumbled 12.8 percent to $2.94, while Sprint was down 0.7 percent to $5.51.


Apple Inc shares edged up after recent losses, rising 0.6 percent to $512.88. Two firms cut their price targets on the stock Monday.


The tech giant said it sold more than 2 million of its new iPhone 5 smartphones in China during the three days after its launch there on Friday, but the figures did not ease worries about stiffer competition. Apple shares have tumbled more than 25 percent in about three months.


Compuware Corp rose 13 percent to $10.78 after hedge fund Elliott Management offered to buy the business software maker for $2.3 billion and S&P Capital IQ raised the target price and moved it to "hold" from "strong sell.


(Reporting by Gabriel Debenedetti and Caroline Valetkevitch; Editing by Kenneth Barry and Nick Zieminski)



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Syrian Airstrike Kills Palestinian Refugees





DAMASCUS, Syria — Syrian government forces for the first time hit the country’s largest Palestinian refugee neighborhood with airstrikes on Sunday, killing at least eight people in the Yarmouk district of Damascus and reportedly driving dozens of formerly pro-government Palestinian fighters to defect to the rebels.




New signs emerged on Sunday of political pressure on President Bashar al-Assad. Mr. Assad’s vice president was quoted as saying neither side could win the war and calling for “new partners” in a unity government, a possible sign that at least some in the government were exploring new ways out of the crisis. The comments came as two close allies, the government of Iran and the leader of the Lebanese Shiite group Hezbollah, appeared to slightly temper their support.


In Yarmouk, flesh stuck to the walls and burned body parts littered the ground at the Sheik Abdul Qader mosque, which had offered shelter to Palestinians and others displaced by fighting in other areas. Minutes before, a reporter saw a Syrian fighter jet fire rockets at the camp. Women, crying children and white-bearded men thronged the streets with hurriedly packed bags, not sure where to look for safety.


For many Yarmouk residents — refugees from conflict with Israel and their descendants — the attacks shattered what was left of the Syrian government’s claim to be a champion and protector of Palestinians, a position that the Assad family relied upon as a source of domestic and international legitimacy during more than 40 years of iron-fisted rule.


“For decades the Assad regime was talking about the Palestinians’ rights,” said a Palestinian refugee who gave his name as Abu Ammar as he debated whether to flee with his wife and five children from the camp, on the southern edge of Damascus. “But Bashar al-Assad has killed more of us today than Israel did in its latest war on Gaza.”


He added: “What does Bashar expect from us after today? All of us will be Free Syrian Army fighters.”


The Palestinian militant group and political party Hamas has broken with Mr. Assad over his crackdown on what began as a peaceful protest movement, and while most Palestinian parties still profess neutrality, a growing number of Palestinians support — and have even joined — the rebels.


The Syrian government long held the loyalty of hundreds of thousands of Palestinian refugees, giving them health care, education, and access to professional careers, among other rights denied by other Arab host countries. But those policies also gave Palestinians a stake and sense of belonging in Syria that has led many to join the uprising.


Several of Mr. Assad’s allies signaled a new push for a peaceful solution. Iran’s Foreign Ministry called for an end to military action, the release of political prisoners and a broad-based dialogue to form a transitional government that would hold free elections, Iran’s state news agency reported.


Mr. Assad’s vice president, Farouk al-Shara, said that neither the government nor the rebels could end the conflict militarily, the pro-Syrian Lebanese newspaper Al Akhbar reported. And he called for a solution involving a cease-fire and brokered by international leaders that would establish a “national unity government with wide powers.”


He added that the battle was for the country’s very existence, not “the survival of an individual or a regime,” and that Syria’s leaders “cannot achieve change without new partners.”


The impact of the statements was unclear. Mr. Shara, a Sunni Muslim like most of the rebels, has been floated by the Arab League as a possible successor, but many of Mr. Assad’s opponents reject any dealings with leaders of the current government.


In neighboring Lebanon, Hassan Nasrallah, the leader of Hezbollah, appeared to acknowledge for the first time that the Syrian uprising is at least in part driven by popular sentiment.


“Today, in Syria,” he said in a videotaped address at a graduation ceremony, “there is a big part of the population with the Syrian regime and a part against it, and the latter armed themselves to fight the regime.”


An employee of The New York Times reported from Damascus, and Anne Barnard from Beirut. Hani Mourtada contributed reporting from Beirut, and Hala Droubi from Dubai.



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Samaire Armstrong Welcomes a Son




Celebrity Baby Blog





12/16/2012 at 03:30 PM ET



Samaire Armstrong Welcomes Son Calin
Jason Merritt/Getty


Samaire Armstrong is a mom!


The Mentalist star, 32, recently welcomed her first child, she announced via Facebook on Sunday.


“Thank you sooo much for all the love!! Will post pictures after a little rest,” Armstrong writes.


“We’re all doing wonderfully. It was an amazing experience and we couldn’t be more thrilled with our new arrival. :) ) xoxoxoxoxo!!!!!”


The baby is reportedly a boy named Calin.


In addition to her role as Summer on The Mentalist, Armstrong is known for playing Juliet on Dirty Sexy Money and Anna on The O.C.


– Sarah Michaud


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Experts: No link between Asperger's, violence


NEW YORK (AP) — While an official has said that the 20-year-old gunman in the Connecticut school shooting had Asperger's syndrome, experts say there is no connection between the disorder and violence.


Asperger's is a mild form of autism often characterized by social awkwardness.


"There really is no clear association between Asperger's and violent behavior," said psychologist Elizabeth Laugeson, an assistant clinical professor at the University of California, Los Angeles.


Little is known about Adam Lanza, identified by police as the shooter in the Friday massacre at a Newtown, Conn., elementary school. He fatally shot his mother before going to the school and killing 20 young children, six adults and himself, authorities said.


A law enforcement official, speaking on condition of anonymity because the person was not authorized to discuss the unfolding investigation, said Lanza had been diagnosed with Asperger's.


High school classmates and others have described him as bright but painfully shy, anxious and a loner. Those kinds of symptoms are consistent with Asperger's, said psychologist Eric Butter of Nationwide Children's Hospital in Columbus, Ohio, who treats autism, including Asperger's, but has no knowledge of Lanza's case.


Research suggests people with autism do have a higher rate of aggressive behavior — outbursts, shoving or pushing or angry shouting — than the general population, he said.


"But we are not talking about the kind of planned and intentional type of violence we have seen at Newtown," he said in an email.


"These types of tragedies have occurred at the hands of individuals with many different types of personalities and psychological profiles," he added.


Autism is a developmental disorder that can range from mild to severe. Asperger's generally is thought of as a mild form. Both autism and Asperger's can be characterized by poor social skills, repetitive behavior or interests and problems communicating. Unlike classic autism, Asperger's does not typically involve delays in mental development or speech.


Experts say those with autism and related disorders are sometimes diagnosed with other mental health problems, such as depression, anxiety, bipolar disorder or obsessive-compulsive disorder.


"I think it's far more likely that what happened may have more to do with some other kind of mental health condition like depression or anxiety rather than Asperger's," Laugeson said.


She said those with Asperger's tend to focus on rules and be very law-abiding.


"There's something more to this," she said. "We just don't know what that is yet."


After much debate, the term Asperger's is being dropped from the diagnostic manual used by the nation's psychiatrists. In changes approved earlier this month, Asperger's will be incorporated under the umbrella term "autism spectrum disorder" for all the ranges of autism.


__


AP Writer Matt Apuzzo contributed to this report.


___


Online:


Asperger's information: http://1.usa.gov/3tGSp5


Read More..

Wall Street Week Ahead: Holiday "on standby" as clock ticks on cliff

NEW YORK (Reuters) - The last two weeks of December are traditionally quiet for stocks, but traders accustomed to a bit of time off are staying close to their mobile devices, thanks to the "fiscal cliff."


Last-minute negotiations in Washington on the so-called fiscal cliff - nearly $600 billion of tax increases and spending cuts set to take effect in January that could cause a sharp slowdown in growth or even a recession - are keeping some traders and analysts from taking Christmas holidays because any deal could have a big impact on markets.


"A lot of firms are saying to their trading desks, 'You can take days off for Christmas, but you are on standby to come in if anything happens.' This is certainly different from previous years, especially around this time of the year when things are supposed to be slowing down," said J.J. Kinahan, chief derivatives strategist at TD Ameritrade in Chicago.


"Next week is going to be a Capitol Hill-driven market."


With talks between President Barack Obama and House Speaker John Boehner at an apparent standstill, it was increasingly likely that Washington will not come up with a deal before January 1.


Gordon Charlop, managing director at Rosenblatt Securities in New York, will also be on standby for the holiday season.


"It's a 'Look guys, let's just rotate and be sensible" type of situation going on," Charlop said.


"We are hopeful there is some resolution down there, but it seems to me they continue to walk that political tightrope... rather than coming up with something."


Despite concerns that the deadline will pass without a deal, the S&P 500 has held its ground with a 12.4 percent gain for the year. For this week, though, the S&P 500 fell 0.3 percent.


BEWARE OF THE WITCH


This coming Friday will mark the last so-called "quadruple witching" day of the year, when contracts for stock options, single stock futures, stock index options and stock index futures all expire. This could make trading more volatile.


"We could see some heavy selling as there is going to be a lot of re-establishing of positions, reallocation of assets before the year-end," Kinahan said.


RETHINKING APPLE


Higher tax rates on capital gains and dividends are part of the automatic tax increases that will go into effect next year, if Congress and the White House don't come up with a solution to avert the fiscal cliff. That possibility could give investors an incentive to unload certain stocks in some tax-related selling by December 31.


Some market participants said tax-related selling may be behind the weaker trend in the stock price of market leader Apple . Apple's stock has lost a quarter of its value since it hit a lifetime high of $705.07 on September 21.


On Friday, the stock fell 3.8 percent to $509.79 after the iPhone 5 got a chilly reception at its debut in China and two analysts cut shipment forecasts. But the stock is still up nearly 26 percent for the year.


"If you owned Apple for a long time, you should be thinking about reallocation as there will be changes in taxes and other regulations next year, although we don't really know which rules to play by yet," Kinahan said.


But one indicator of the market's reduced concern about the fiscal cliff compared with a few weeks ago, is the defense sector, which will be hit hard if the spending cuts take effect. The PHLX Defense Sector Index <.dfx> is up nearly 13 percent for the year, and sits just a few points from its 2012 high.


(Reporting by Angela Moon; Additional reporting by Chuck Mikolajczak; Editing by Jan Paschal)



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Foreign Minister Blames Sanctions for Syria’s Troubles





BEIRUT, Lebanon — Receiving a high-level United Nations delegation on Saturday in Damascus, Syria’s foreign minister blamed international sanctions for his country’s problems and called on the United Nations to help lift the measures, which were imposed to punish the government for its crackdown on pro-democracy protesters that spiraled into armed conflict.




Government forces continued airstrikes and artillery barrages in the suburbs of Damascus, the capital, as a top United Nations official, Valerie Amos, visited the city to investigate the needs of Syrians during a conflict that has killed more than 40,000 people and led more than a half-million to flee the country, with many more displaced inside Syria.


The civil war set off by the brutal crackdown on peaceful protests has devastated many cities and suburbs as the government levels rebellious neighborhoods and some rebels set off bombs.


But Foreign Minister Walid al-Moallem and other officials placed the blame elsewhere, according to Syrian and foreign news reports, saying, “The sanctions imposed by the United States and countries of the European Union on Syria are responsible for the suffering of the Syrian people.”


In the northern city of Aleppo, rebels claimed to have taken another important military installation, the region’s infantry school, though some reports said that fighting continued on Saturday.


There was an outpouring of grief from antigovernment activists and fighters after a commander of a rebel group, the Tawhid, or Unification, Brigade, was reported to have died in the fighting. It was an unusual moment of focus on an individual in an uprising with few widely known leaders or public faces.


The commander, Yousef al-Jader, also known as Abu Furat, had earlier recorded a statement, posted online on Saturday, that resonated with many Syrians.


“I feel very sad whenever I see a dead man, whether from our side or their side,” he said.


Speaking about President Bashar al-Assad, who has resisted calls to step down, he asked: “Why did he have to hold on to his seat? If he had resigned, we would have the best country in the world.”


Opposition members were distraught over the death of Mr. Jader, considered a skilled and respected officer by others in the loose-knit Free Syrian Army.


“A man has left our world, and men are few,” Samar Yazbek, a prizewinning novelist, wrote on Facebook, adding that Mr. Jader’s statement had made her cry. “His quavering and humanitarian voice represented, for me, the lovely and difficult future of Syria,” she wrote. “He barely lighted a star in the sky of our pain!”


The commander was one of many fighters to die in the fighting at the infantry school, which is north of Aleppo, in Muslimiyah.


A Syrian activist in the region, reached by phone, said rebels, who had breached the school’s compound several days ago and had been fighting for it building by building, had lost as many as 25 fighters there on Saturday. “It was a big victory for us, but very costly,” said the activist, Yasser al-Haji.


It is unclear whether the rebels will keep control of the base. In many cases, rebels have quickly taken ammunition from captured bases and then abandoned them, wary of government attacks.


In Jordan, officials who defected from the Syrian government announced that they had formed a new opposition group led by Mr. Assad’s former prime minister, Riyad Farid Hijab, one of the highest-ranking officials to desert during the conflict.


The group, called the National Free Coalition of the Workers of Syrian Government Institutions, aims to keep state structures intact if Mr. Assad’s government falls, Reuters reported.


The group includes Abdu Hussameldin, the former deputy oil minister, and others, who, at a news conference in Amman, expressed support for the Free Syrian Army and the National Coalition of Syrian Revolutionary and Opposition Forces, recently recognized by the United States and others as the legitimate representative of Syrians.


Fighting continued east of Damascus; activists reported airstrikes in Beit Saham, near the Damascus airport. The government claims to have pushed rebels out of some southern suburbs after heavy shelling, and is now focusing attacks in the east in an effort to seal off the capital.


While rebels appeared to make many some gains in a semicircle of suburbs around the capital in recent weeks, those were followed by a fearsome government counterattack, and some analysts have suggested that what began as a victory for the rebels has become, as has happened several times before, a defeat.


The government may have led rebels into a trap, reported the Lebanese newspaper As-Safir, a left-leaning publication that often supports the pro-Assad Lebanese group Hezbollah. Citing informed sources, the newspaper said that the government intentionally withdrew forces from some Damascus suburbs to draw rebels in, stretch their supply lines and later wipe them out.


Syrian state news media reported that Leila Zerrougui, a United Nations special representative, visited camps for families displaced by the fighting and called on all sides to protect children affected by the conflict.


Anne Barnard reported from Beirut, and C. J. Chivers from Antakya, Turkey. Hania Mourtada contributed reporting from Beirut.



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Manitoba Tories to oust youth president over social media comments






WINNIPEG – An official with Manitoba’s Progressive Conservative party is being ousted over social media comments about aboriginals.


Brayden Mazurkiewich, the president of the party’s youth wing, is being asked to resign over a post on his Facebook page today.






The post concerns a planned urban reserve on a former Winnipeg military base, and says the land was designed for — quote — “hard-working men and women of the military, not free-loading Indian.”


Party president Ryan Matthews says the comments are unacceptable.


Matthews says if Mazurkiewich doesn’t quit voluntarily, the party’s management committee will convene next week to deal with the matter.


Mazurkiewich was not immediately available for comment.


Social Media News Headlines – Yahoo! News


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