A laser first developed in the early 1990s to survey complex architectural structures in the petrochemical and nuclear industries is now being leveraged to preserve at-risk monuments— at least in digital form.
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Yes, it shares the same codename as NVIDIA's portable Android console, but Google's Project Shield has nothing to do with gaming -- it's all about helping the little guy. Created in response to a Google Ideas request -- a think tank that provides tech solutions for social issues -- made by Middle ...Apple is prepping a new iPad Mini with the higher-resolution Retina Display, says the Wall Street Journal.
The iPad Mini will finally sport a Retina Display. But will we see it on Tuesday?
Citing information from Apple's component suppliers, the Journal said on Monday that "Apple is now readying a revamped iPad Mini with a high-resolution 'Retina' Display." The Journal's careful wording suggests that the new high-res Mini is in the works but doesn't specifically say it will take its bow at Apple's launch event on Tuesday.
Prior peports have been on the fence over if and when a Retina iPad Mini will see the light of day. Some analysts say it will happen but cite manufacturing issues that may delay the launch of the device or at least limit its initial supply.
Apple is also working on a thinner, lighter version of the 9.7-inch iPad that will see the its glass screen replaced with a thin film. But again, the Journal doesn't say when this revamped iPad will debut. Other reports have said that the fifth-generation iPad will borrow a new thin and light design from the Mini.
We should know for sure what the iPad Mini and iPad will offer after Apple kicks off its launch event Tuesday at 10:00 a.m. PT. CNET will host a live blog of the event.
Editors' Take: Will a Retina Display finally make its way into Apple's smallest iPad? Here are our best pre-event guesses. Read More
China's media watchdog has cut back the number of foreign TV formats allowed to be broadcast in the country, with satellite broadcasters restricted to airing one per year beginning in 2014. The move is part of a broader crackdown on what the government sees as vulgarity in broadcasting, as well as an effort to promote local content -- especially education programming and that which "builds morality."
The rules are bad news for Hollywood and overseas TV companies seeking a foothold in China. They step up a raft of regulations introduced in February, which capped the broadcast of foreign television series to 50 episodes, and will result in fewer foreign series being aired in China.
PHOTOS: Inside Hollywood's Surprise Trip to 'China's Oscars'
This is expected to result in more TV viewers abandoning the traditional TV format and watching on other platforms, such as computers, tablets and mobile devices.
Chinese audiences have warmly embraced overseas formats like China’s Got Talent and The Voice, but now the State Administration of Radio, Film and Television says satellite broadcasters will be allowed to buy only one format per year.
China's broadcasting landscape is dominated by CCTV, the state-run TV colossus, but provincial satellite channels are becoming more and more influential. Hunan Satellite Television, in the central province of Hunan, is the second most-watched channel in China, is widely available around the country, and has scored some major successes over the years with programs like the American Idol-style Super Girl and it also owns the X-Factor franchise in China.
Meanwhile, The Voice of China, which shows on Zhejiang Satellite TV (ZJTV), has topped the ratings for two consecutive years.
The Chinese government regularly bemoans what it sees as the rising level of vulgarity in domestic TV programming, while trying to keep overseas shows to a minimum.
Overseas formats cannot be aired during prime time from 7:30 p.m. to 10:00 p.m. within the year they are imported. And only one domestic musical talent show will be approved every three months by the administration to be aired during prime time, according to the new guidelines.
STORY: Business Group Vice-Chaired by Bob Iger Views China With 'Tempered Optimism'
The new order is aimed at pushing domestically-produced and "morality-building programs," the state-backed People's Daily reported. The vacated slots will have to be filled with news, education programs and service shows, according to the state directive.
The government watchdog has ordered broadcasters to air at least 30 minutes of domestically made documentaries between 6 a.m. to 1 a.m., and 30 minutes of children’s programs or cartoons between 8 a.m. and 9:30 p.m. every day.
"It is really a headache on how we can make up for the seven and a half hours of time. Many TV stations are used to airing TV dramas, shows and films," one TV station staffer told China's Southern Metropolis Daily.
The People's Daily quoted Liu Yuan, deputy director of the chief editing office with Jiangsu Satellite TV, as admitting that the new regulations would make it tougher for them, while Wu Chaoyang, publicity director of Shanghai’s Dragon TV, told the newspaper the television station has always tried to localize overseas programs and already has four and a half hours of news programs daily.
Vanderbilt head coach James Franklin talks with quarterback Austyn Carta-Samuels (6) in the first quarter of an NCAA college football game against Georgia on Saturday, Oct. 19, 2013, in Nashville, Tenn. (AP Photo/Mark Humphrey)
Vanderbilt head coach James Franklin talks with quarterback Austyn Carta-Samuels (6) in the first quarter of an NCAA college football game against Georgia on Saturday, Oct. 19, 2013, in Nashville, Tenn. (AP Photo/Mark Humphrey)
Vanderbilt wide receiver Jordan Matthews (87) is stopped by Georgia defenders Corey Moore (39) and Amarlo Herrera (52) in the first quarter of an NCAA college football game on Saturday, Oct. 19, 2013, in Nashville, Tenn. (AP Photo/Mark Humphrey)
Georgia head coach Mark Richt walks the sideline in the first quarter of an NCAA college football game against Vanderbilt on Saturday, Oct. 19, 2013, in Nashville, Tenn. (AP Photo/Mark Humphrey)
Georgia quarterback Aaron Murray (11) calls a play at the line of scrimmage against Vanderbilt in the first quarter of an NCAA college football game on Saturday, Oct. 19, 2013, in Nashville, Tenn. (AP Photo/Mark Humphrey)
Georgia's Reggie Davis (81) fumbles a punt as he is hit by Vanderbilt defenders Darrius Sims (6) and Jahmel McIntosh, right, in the first quarter of an NCAA college football game on Saturday, Oct. 19, 2013, in Nashville, Tenn. Georgia recovered the ball on the play. (AP Photo/Mark Humphrey)
NASHVILLE, Tenn. (AP) — Vanderbilt finally has a Southeastern Conference victory this season, and the Commodores got their big upset using a backup quarterback and a very stingy defense.
Jerron Seymour ran for a 13-yard touchdown with 2:53 left, and Vanderbilt rallied from a 13-point deficit by scoring 17 unanswered points in the fourth quarter Saturday to beat No. 15 Georgia 31-27.
The Commodores (4-3, 1-3) got their first victory over Georgia in Nashville since 1991. They also snapped a six-game skid to the Bulldogs. They did it despite losing Austyn Carta-Samuels in the second quarter with an injured left leg that had him on the sidelines with crutches for the second half.
Georgia (4-3, 3-2) lost its second straight after failing to hold a 27-14 lead with 6:24 left following Marshall Morgan's second field goal of the game. The Bulldogs had chances to rally, but Brendan Douglas fumbled after a catch with 1:59 left, and Aaron Murray was intercepted on the final play.
Torren McGaster started the comeback by recovering a fumbled punt by Damian Swann late in the third quarter. Backup quarterback Patton Robinette ran for a 2-yard TD, and Carey Spear kicked a 40-yard field goal. Seymour put Vandy ahead a play after Georgia punter Collin Barber could only fall on a high snap at his own 13.
Vanderbilt wound up holding the ball for more than 35 minutes and outgained Georgia 337-221 in total offense. The Commodores held Murray to just 114 yards passing.
Murray became the SEC's career leader in total offense late in the first quarter with a 7-yard pass to Arthur Lynch. That put him a yard past Tim Tebow. Murray then finished off the drive with a 1-yard keeper, putting Georgia up 10-7 at the end of the first quarter.
The senior making his 48th career start also added a 2-yard TD just before halftime for a 24-14 lead. But with so many offensive players out with injuries, Murray couldn't keep the Bulldogs' hopes of an SEC East title alive.
Vandy's comeback was helped by the second targeting penalty against Georgia in the game. Robinette's TD came on a drive kept alive when officials flagged Georgia linebacker Ramik Wilson for hitting Vandy receiver Jonathan Krause with his shoulder on an incompletion on fourth-and-4. Review kept Wilson in the game, but the penalty stood for a first down.
Georgia played without tailback Todd Gurley for a third straight game because of a sprained ankle, along with the other injured Bulldogs. The list grew longer as Bulldogs safety Josh Harvey-Clemons hurt his right foot in the first half and did not return.
Then Georgia defensive end Ray Drew was lost with 11:19 left in the second quarter. Officials flagged the defensive end for targeting when Drew hit Carta-Samuels after he threw a pass and pushed the quarterback to the ground.
Spear also ran for a 3-yard TD on a fake field goal in the second quarter, giving Vandy a 14-10 lead.
The Commodores had all the momentum as they forced Georgia three-and-out. Then they got too fancy, overloading the line wide left. Shaq Wiggins jumped the screen from Carta-Samuels from the side and returned the interception 39 yards for the TD and a 17-14 lead.
Carta-Samuels was knocked out of the game on the next series when sacked by Jordan Jenkins, one of three sacks by Georgia.
Associated PressSource: http://hosted2.ap.org/APDEFAULT/347875155d53465d95cec892aeb06419/Article_2013-10-19-FBC-T25-Georgia-Vanderbilt/id-c7de6bc3b1144ac29155347483acdc08BRUSSELS (AP) — A plane carrying parachutists for a skydiving trip crashed in southern Belgium on Saturday, killing all 11 people aboard, officials said.
Minutes after the aircraft took off from a small airfield near the city of Namur, witnesses saw part of a wing break off, sending the plane into a spiraling nosedive and crash in a field close to Fernelmont town, said its mayor, Jean-Claude Nihoul.
The skydivers and their instructors "were not able to jump out," Nihoul said in a telephone interview.
Everyone aboard was killed and no one was hurt on the ground, he said, adding that three parachutes were found near the crash site. No information was immediately available about what caused the accident.
The Pilatus PC-6 Turbo Porter plane carrying the instructors and skydiving pupils took off in partly cloudy conditions over the wooded and hilly area about 40 miles (60 kilometers) south of Brussels.
Nicolas Hormans of the Paraclub Namur, whose skydivers were among the victims, told RTL network that the plane was probably about 3 kilometers (2 miles) high when it suddenly went down. He said the nosedive would have thrown everyone aboard around with such force that they would not have been able to jump out and parachute to safety.
Such plane crashes in Belgium, a small country of 11 million people, are fairly rare.
Prime Minister Elio Di Rupo quickly issued a statement confirming the crash and saying his thoughts are with the families of the victims. King Phillipe was expected the visit the scene later Saturday.
Last week, the internet was delighted and puzzled by Shep Smith's introduction of the Fox News Rooms' bizarre, jumbo-sized tablets, so naturally, we asked you to do a little investigative work and find out what was really going on.
Source: http://gizmodo.com/photoshop-contest-whats-fox-news-really-using-those-g-1443578352/1446612038/@ashleyfeinbergThis prank is such pure evil genius that you can't help but laugh. And feel bad because you'd get freaked out too. Funny man Jack Vale scared the creepy crawly goosebumps out of people by asking strangers to take his picture with his iPhone. Why's that scary? Because Vale had pre-recorded a fake 'ghost' (or zombie) walking through the frame of the camera so people would think they just saw a dead person that wasn't there in real life move across the screen. What the people thought they were seeing in real time was actually a horrifying recording.
Creepy! But totally genius, right? And totally not expected when a stranger asks you to take their picture. Some people's reactions are priceless, though I would have expected more people to shriek and drop the phone as opposed to being deeply unsettled by their sixth sense. [Jack Vale]
On Saturday night, Junior Dos Santos demonstrated incredible gameness, conditioning and strength of will in a fight while also being beaten to a pulp. That was the second time it’s happened to Dos Santos in the last year.
Cain Velasquez battered Dos Santos for five straight rounds last December, taking his UFC heavyweight title in the process.
At UFC 166 on Saturday, Cain did it again. The champion blasted dos Santos for nearly five full rounds but the bout should have been stopped in the third.
Cain dropped Dos Santos in the third round and continued the onslaught as referee Herb Dean watched on closely. Dos Santos lay prone on the mat and the fight appeared to be over.
Moments later, the tough Braziian got back up. Even then, however, Dos Santos appeared to be “out on his feet.” His brain had rattled around in his skull but he was too tough and well-conditioned to actually go unconscious.
"I wanted to throw in the towel," UFC president Dana White told reporters after the event, remembering how he felt watching Velasquez bludgeon Dos Santos.
"I don't want this to come out the wrong way, but I'm a believer. I always like to say that if anybody in his [expletive] corner cares about him, please, throw in that towel. I thought the fight was done in the third round. Is Junior dos Santos tough enough and does he have the heart to go through it? Yeah, but does that mean he should?” White went on.
“If you look at the fight, it ended in the fifth. That guy took seven, eight minutes more punishment that he didn't need to take until it ended. That seven or eight minutes, I don't know man. I just, I don't like it.
"There's no need for a young, talented guy to take that kind of punishment when he's out on his feet," White said. "I was kinda hoping somebody was going to throw the towel in or the ref would come stop it, or the doctor was going to stop it…If you watch that third round again when he's getting hit, his arms are [out]. He's not defending himself, he doesn't have his hands up. He's out."
White can be called a lot of things but squeamish isn’t one of them. He’s also dead-on about Velasquez vs. Dos Santos III being allowed to go on too long.
Herb Dean did not stop the fight in the third. At one point, Dean looked like he wanted to.
In a bizarre moment, Dean appeared to tap Velasquez on his right shoulder as the champ pressed Dos Santos against the cage and hit him. There’s no telling what the shoulder tap was supposed to communicate to Velasquez and no reason to believe he even felt it while fighting.
When it is time to stop a fight, like it was in the third round of the UFC 166 main event, referees throw their whole body into the fray in order to let the fighters know it is over. Herb Dean has done that countless times before.
Dean has, in fact, likely saved the careers of a number of fighters with his excellent refereeing. On Saturday night, however, he made two big mistakes.
The first was not stopping the fight in the third round and letting Dos Santos take un-needed damage. The second mistake was in being indecisive when he apparently was considering stopping it.
Dos Santos, with his punching power and conditioning is always a threat as long as he’s breathing in a fight. But that doesn’t mean that his corner, the ring side doctors and the referee should allow him to take damage that will undoubtedly color his health in the years to come.
Prodding Dos Santos on when they should be protecting him by refusing to let him out of his corner was not good enough from the former champ’s coaches. Asking Dos Santos to perform an instant self-health evaluation with a simple “are you ok?” was not good enough from the attending physician. And, letting Velasquez pound on Dos Santos for extra rounds as “Cigano” mounted no defense or offense just because he’s tough enough to take it was not good enough from the referee last night.
Of course, Dean did ultimately stop Velasquez and Dos Santos. With Dos Santos once again prone on the mat, face down, and having just eaten another punch to his ear from Velasquez, Dean stepped in with certainty in the fifth round.
Source: http://sports.yahoo.com/blogs/mma-cagewriter/junior-dos-santos-failed-those-place-protect-him-225225960--mma.html
Wendy Montgomery and two of her children, including Jordan.
Wendy Montgomery and two of her children, including Jordan.
Wendy Montgomery was raised, and raised her children, in the Mormon church. She was part of the church's campaign to aid a ballot initiative banning same-sex marriage in California. But her faith was shaken when she found out her teenage son is gay. She talks to Tell Me More host Michel Martin about how she came to accept her son and her faith, and is now trying to change the Mormon Church from the inside.
"Everything I thought a gay person was..."
My husband and I both grew up in very devout, conservative Mormon households and communities. And I remember hearing things growing up like 'AIDS is God's punishment for homosexuality' and that being gay was a choice. It was wrong, it was a deviant lifestyle. So I had a lot of judgments and stereotypes and preconceived ideas coming into this. One of the first thoughts I had when I learned Jordan was gay was that everything I thought a gay person was, he was none of those things.
On watching her son's internal struggles
I had to take a lot of ownership knowing that those thoughts were there because of the way we had raised him, the way I was raised, the church we belonged to. He didn't think he fit into our family. He didn't think he fit into the church that we had raised him into, and he didn't know where he belonged. And he couldn't find a way to make it work and thought because he didn't have a purpose in life that he just didn't want to be here. There's just something not right with a 13 year old having to think that. I found myself being angry that he even had those thoughts in his head and how unfair those emotions were to him.
Keeping the faith
There was no question in my mind, 100%, we would accept him, we would love him, none of that change. If I had to make a choice between my son and my church, it would be my son. There was no question. The part I struggled was, I didn't want to have to chose between my church, I didn't want to have to give my church up. I wanted to make it work in the context of my faith, and that was where it became hard.
No apologies, please
Having a gay son, some people come up and they apologize, they're like "oh, I'm so sorry, that must be awful." And I think, are you kidding? What you look at as a burden has become one of my biggest blessings. I am a better person for having a gay son. Blinders that I didn't even know I was wearing have been taken off. I love people more, I judge people less. My religion didn't teach me how to love, my son did. And I am so grateful for that. ... So when people apologize to me for having a gay son, I say "please don't." My life isn't hard and hard things don't happen because I have a gay son. It's how people treat me because I have a gay son.
WASHINGTON (AP) — A former Army captain is receiving the nation's highest military honor from President Barack Obama for his bravery in one of the most deadly firefights in Afghanistan.
William D. Swenson is being awarded the Medal of Honor Tuesday for his actions in a lengthy battle against the Taliban in the Ganjgal valley near the Pakistan border on Sept. 8, 2009, which claimed the lives of five Americans, 10 Afghan army troops and an interpreter.
At the time, Swenson was an embedded trainer and mentor with the Afghan National Security Forces in Kunar Province in eastern Afghanistan. He risked his life to recover bodies and help save fellow troops.
Swenson complained to military leaders after the fight that many of his calls for help were rejected by superior officers. Two Army officers were reprimanded for being "inadequate and ineffective" and for "contributing directly to the loss of life" following an investigation into the day's events.
Four Americans died in the ambush: 1st Lt. Michael Johnson, a 25-year-old from Virginia Beach; Staff Sgt. Aaron Kenefick, 30, of Roswell, Ga.; Corpsman James Layton, 22, of Riverbank, Calif.; and Edwin Wayne Johnson Jr., a 31-year-old gunnery sergeant from Columbus, Ga. A fifth man, Army Sgt. Kenneth W. Westbrook, 41, of Shiprock, N.M., later died from his wounds.
The military says Swenson's initial medal nomination was lost. Another man who fought in the battle, Marine Cpl. Dakota Meyer, was awarded the Medal of Honor in 2011.
Swenson, 34, retired from the military in February 2011. He has a Purple Heart and Bronze Star Medal and lives in Seattle.
Swenson will be the sixth living recipient to be awarded the Medal of Honor for actions in Iraq or Afghanistan. Vice President Joe Biden and first lady Michelle Obama also will attend Tuesday's medal ceremony in the East Room of the White House.
DALLAS (AP) — After years of losses, American Airlines is making money by boosting revenue and cutting labor costs.
The nation's third-largest airline is doing well enough to add dozens of new planes to its fleet, announce new flights to China, and set aside money for profit-sharing with employees.
The results, plus an upgrade from J.P. Morgan, fueled a rally in shares of parent AMR Corp.
AMR said Thursday that it earned $289 million, or 76 cents per share, in the third quarter. That's a turnaround from a loss of $238 million, or 71 cents per share, a year earlier. AMR's adjusted profit was a record $530 million. That figure doesn't include bankruptcy-reorganization costs and other special items.
Revenue rose 6 percent, as passengers paid more per mile to fly. Labor costs fell 13 percent from a year ago, as the company cut jobs during its makeover under bankruptcy protection.
American expects to add about 60 new planes this year to its fleet of more than 600 aircraft. It just announced plans to start flying from Dallas to Hong Kong and Shanghai next year, and it is expanding ties with partner airlines in Latin America. All of those things are either helping to improve the company's financial performance now, or will in the future, Chairman and CEO Tom Horton said in an interview.
"But the most important thing is day-to-day execution," Horton said. American has long struggled with high rates of delays and cancelations, but so far in October there have been eight days with no canceled flights, he said.
Airline officials feel confident enough that they plan to boost passenger-carrying capacity by 3.5 percent in the fourth quarter, compared with the same period last year.
Horton said the airline's improved performance creates momentum for its planned merger with US Airways.
The airlines had expected to close the merger this summer but were delayed when the U.S. Justice Department and several states filed an antitrust lawsuit to block the deal. A trial on the lawsuit is scheduled to start Nov. 25, and Horton said, "We remain open to a reasonable, common-sense settlement" that would allow the airlines to combine.
The Justice Department has pointed to American's improving fortunes as evidence that it doesn't need a merger to succeed. However, the attorney general of Texas pulled out of the lawsuit two weeks ago, and more than 60 House Democrats wrote to President Barack Obama this week to urge the administration to allow the merger.
AMR filed for bankruptcy protection in 2011 after losing more than $10 billion over the previous decade. It has used bankruptcy to renegotiate deals with labor unions and suppliers, which showed up in a reduction of $248 million, or 4 percent, in third-quarter operating costs. Labor, the airline's second-biggest cost after fuel, fell $237 million.
AMR ended the quarter with $7.7 billion in cash and short-term investments, compared with $5.1 billion a year earlier.
The Fort Worth, Texas-based company set aside $59 million for expected profit sharing next spring. American Airlines employees haven't received such payouts since 2001.
Before the earnings report, J.P. Morgan upgraded AMR shares to "Overweight" from "Neutral." Analyst Jamie Baker said he saw a 60-percent likelihood of a merger, up from 50-50. Even without a deal, the downside for AMR shares might not be as bad as feared because of improvement in the airline industry, he said.
The shares, which have traded over the counter since being removed from the New York Stock Exchange in January 2012, jumped 48 cents, or 9.3 percent, to close at $5.62.
AMR was the first big U.S. airline company to report third-quarter numbers. Analysts expect that United, Delta, Southwest and US Airways will all report larger profits than a year ago.
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Follow David Koenig at http://www.twitter.com/airlinewriter
By Rodrigo Campos and Julia Edwards
NEW YORK (Reuters) - It is back to basics on Wall Street after several weeks of market obsession with political manoeuvring over a government shutdown and threatened debt default. But some of corporate America's numbers have been found wanting.
The U.S. stock market broadly celebrated an agreement in the U.S. Congress that ended a 16-day partial closure of federal agencies and budget impasse but was then socked by earnings from market bellwether IBM
Big Blue, as it is commonly known, was joined by a pair of underwhelming results from fellow Dow members Goldman Sachs Group
The mixed nature of the picture was underlined by disappointing results in the technology sector from eBay
With the S&P 500 touching an all-time record Thursday after the congressional deal, some of the earnings reports send a cautionary message. Profit margins are declining, and part of the market's rally earlier in the year was based on expectations for strong second half results. That has not happened, making current valuations - at about four-year highs - questionable.
The market "is not at an expensive valuation compared to historic levels, but it's expensive relative to recent history," said Michael O'Rourke, chief market strategist at JonesTrading in Greenwich, Connecticut.
Overall earnings growth is expected to come in at just 1.9 percent for the third quarter, down from an estimated 4.5 percent at the beginning of October. Any impact from the government shutdown and related political uncertainty will likely only be felt in the fourth quarter.
The disarray in Washington has had a silver lining for investors as it has ensured the Federal Reserve's massive bond-buying program to stimulate the economy is unlikely to be reduced until next year. Money coursing through the financial system should remain plentiful and cheap for at least the next few months.
For the market to sustain its rally, however, investors will need to believe that stocks are still undervalued based on hopes for future earnings growth - whether that growth is due to Fed stimulus or more fundamental growth in the global economy.
The S&P's forward price-to-earnings ratio is around 14.5, about the highest in four years, and a shade under the long-term mean of 14.85. The P/E multiple has risen throughout the year as earnings growth has remained stagnant, and forecasts are likely to fall in coming months. Without improved growth, that P/E will start to look expensive.
"The stock market's expansion this year has been driven by multiple expansion rather than material improvement in underlying fundamentals. That's why people do take a lot from IBM," said Adrian Cronje, chief investment officer at Balentine in Atlanta.
IBM said profitability in its hardware business declined by $1 billion year-to-date, and it missed revenue expectations by about $1 billion as well. The company's margin on earnings excluding interest and taxes fell to 17.8 percent for the first nine months of 2013, compared with 19.2 percent for the first nine months of 2012.
That's emblematic of a continuing trend, Goldman Sachs highlighted in a research note Wednesday. Excluding financial stocks, the S&P's earnings margin before interest and taxes - an important way of measuring profitability - had dropped for seven consecutive quarters through the second quarter, with the tech sector's margins hitting a three-year low.
This underscores the continued squeeze as a result of weakening demand and cost-cutting.
"The question is, how many levers do these companies have left to pull to keep that earnings growth going?" asked JonesTrading's O'Rourke.
LOFTY FORECASTS
Part of what fuelled the rally this year - other than Fed policy - was expectations for a strong second half of the year.
In July, Credit Suisse noted that six of the 10 sectors in the Russell 2000 were forecast to earn more than their usual percentage of earnings in the second half, with technology garnering 55 percent of its 2013 earnings from the latter half of the year.
"Earnings estimates for this year were very back-end loaded and if Q3 earnings are missing, it should lead to a healthy reduction of Q4 estimates," O'Rourke said. "That's the point (at which) the market starts to reconnect with the economic data, earnings and the real economy."
Those estimates have been driven sharply lower. The 1.9 percent expected growth in the third quarter compares with an estimate of 8.5 percent at the beginning of July. But forecasts for the fourth quarter have not fallen as much, and 2014's estimates have stayed pretty steady in the 11 percent range for months.
Tobias Levkovich, chief U.S. equity strategist at Citigroup Global Markets, believes these lofty forecasts are going to decline in the next couple of months, and "hence, buying into the risk-on trade has its detriments."
Levkovich specifically sees cyclical sectors, including consumer discretionary, materials, and industrials as having already priced in the good news. Current 2014 growth estimates for discretionary and materials shares sit at 18.9 percent and 17.4 percent respectively, according to Thomson Reuters data.
For their part, Wall Street analysts do not expect many gains next year, seeing the S&P 500 ending 2014 at 1,845, which would represent a 6.7 percent increase from current levels.
Still, the fourth quarter did not start well with the shutdown and threat of debt default expected to cut about 0.6 percent from gross domestic product growth, further hurting corporate earnings.
The struggles in Congress and the Fed's easy money have kept investors focus away from earnings in recent weeks.
"Right now the market is not looking at the economic data and earnings," O'Rourke said. "But several disappointing numbers and I would expect lower revisions for the fourth quarter will eventually weigh on equity prices."
(Editing by David Gaffen, Martin Howell and Grant McCool)
BBC America
Matt Smith as Dr. Who
BBC has released the trailer for the 50th anniversary special of Doctor Who.
The anticipated program, titled "The Day of the Doctor," airs on Nov. 23 in the U.K. and U.S.The trailer had been previously screened at Comic-Con in July but not released online.
"Now is the time to face the choices I've made in the name of the Doctor -- our future depends on one single moment of one impossible day," goes the narration.
PHOTOS: Peter Capaldi and the 12 Men Who've Played the Doctor
Watch below:
On-the-go Fresh Paint artists no longer have to finish their masterpieces on their smartphones. An upgrade to the Windows Phone 8 app now lets creators resume painting on their desktop, saving any progress through SkyDrive. There are a few perks for small-screen devotees, too -- the update brings a ...Drivers and a man pushing a lawnmower line up at gas station in San Jose, Calif., in March 1974.
Drivers and a man pushing a lawnmower line up at gas station in San Jose, Calif., in March 1974.
Americans started thinking differently about U.S. dependence on imported oil 40 years ago this Sunday. Decades later, the U.S. is in the midst of a homegrown energy boom.
The oil embargo began in 1973. The United States had long taken cheap and plentiful oil for granted when Saudi Arabia shocked the country by suddenly cutting off all direct oil shipments in retaliation for U.S. support of Israel. Other Arab countries followed suit.
Prices soared. Gasoline lines stretched for blocks. Richard Nixon became the first of many U.S. presidents to call for energy independence.
"Whenever the American people are faced with a clear goal, and they are challenged to meet it, we can do extraordinary things," he said.
One outgrowth of that '73 embargo was a new, bipartisan group in Washington dedicated to energy efficiency. The Alliance to Save Energy still exists, and its president, Kateri Callahan, says there has been a lot of progress.
"Since the 1970s, our economy has doubled its energy productivity. We're producing twice as much for each unit of energy that we use," she says.
But the commitment to efficiency has been uneven, rising and falling with the price of gasoline. When gas prices tumbled in the 1990s, Americans traded in their fuel-efficient cars for SUVs. Callahan says the U.S. still lags other developed countries in its energy-efficiency gains.
"We had a flurry of activity. And then, because of cheap oil and easy and abundant resources, we were lulled into complacency. So it takes a crisis to mobilize the United States, unfortunately," she says.
After dipping during the recent recession, crude oil prices are now back around $100 a barrel, and Americans are rediscovering the benefits of fuel efficiency. Two years ago, automakers agreed to develop cars that will go twice as far on a gallon of gas by 2025.
In the meantime, America has witnessed a revolution on the supply side, thanks to advances in drilling techniques such as "fracking," which allow producers to reach previously untapped shale deposits. Rayola Dougher, a senior economic adviser for the American Petroleum Association, says that domestic oil production has come roaring back since bottoming out five years ago.
"It's been a real stunning reversal of fortune in terms of the amount of oil and natural gas we're able to bring to the market," she says. "Last year, we brought on a million new barrels a day, which is the biggest increase we've ever done in the history of the United States."
This year, the U.S. is expected to surpass Russia as the world's largest producer of oil and natural gas. Economic historian Daniel Yergin, who writes about energy in his books The Prize and The Quest, says the boom in homegrown oil and gas is supporting more than 2 million jobs, while saving money for consumers on their electric bills.
"What's happened with oil and gas has been the most positive thing to happen in our economy since the downturn began in 2008," he says.
President Obama took note of the turnaround during a White House news conference on Tuesday.
"This year, for the first time in a very long time, we're producing more oil than we're importing. So we've got a lot of good things going for us," he said.
U.S. reliance on imported oil has dropped from 60 percent eight years ago to less than 40 percent today. Historian Yergin was thinking about that change as he watched the messy debt ceiling drama unfold in Washington this week.
"It turns out you can get natural gas out of shale, but the rock out of which we shape our national politics seems even harder and more difficult to deal with," he says.
GRANTS PASS, Ore. (AP) -- A surprise extension of a federal subsidy to timber counties will prevent jail shutdowns and keep deputies on the road, but local Oregon officials say the money is a fraction of what they need, and in one cash-strapped county the infusion has sparked fears that it could do more harm than good.
The federal payout will bring about $100 million to the state. Some has been earmarked for schools, some has been set aside for roads, and for parts of western Oregon, some is available for law enforcement. By comparison, the state got about $250 million in timber funds in 2008.
The gap has prompted timber county officials to call for increased logging to bring in more jobs and tax revenue, despite environmental concerns that led to the current restriction.
Sen. Ron Wyden, D-Ore., has managed to fund the subsidy since 2000 as a safety net for timber counties across the nation after logging on national forests was dramatically decreased to protect fish, wildlife and clean water. This year he tacked the one-year extension of his Secure Rural Schools Act onto a bill to save the nation's helium reserve.
Wyden said in a statement late last month that the subsidy helps timber counties while Congress works on a long-term solution that gives rural counties stable funding and protects the environment.
But not everyone is excited about the payout.
"While the money may help us keep patrols on the road, it is not a sustainable plan," said Curry County Sheriff John Bishop.
In Curry County, which is teetering on the brink of bankruptcy, voters are considering whether to approve a tax increase at the ballot next month, and Sheriff John Bishop says the short-term funds could doom the plan.
"Individuals will think, 'Well, you got your money, so I'm not going to vote for anything," he said.
Meanwhile, timber counties in southwestern Oregon are hoping that Wyden can engineer enactment of legislation to increase logging on the O&C lands — federally-owned forest lands set aside for the economic benefit of 18 western counties in the state. A bill addressing that issue has passed the U.S. House but has earned a veto threat from the Obama administration.
Lane County Commissioner Sid Leiken also says the temporary funding is not enough. He and other commissioners want federal officials to allow more logging on national forests, saying it would create more jobs as well boost county revenues.
Conservationist activist Andy Kerr says that Oregon timber jobs have declined 45 percent since 1995, while milling capacity has increased 24 percent.
Lane County passed a tax increase to fund the most essential parts of law enforcement, but a similar measure in Curry County narrowly failed.
The subsidy extension brings in $1 million for Curry County, most of which will go to law enforcement. Commissioners say that's not enough and have put a $3.2 million funding measure on the November ballot.
"We keep kicking the can down the road," Bishop said, calling for more logging.
"Why don't we put people back to work in the woods and do some good?"
OTTAWA (Reuters) - Canadian Prime Minister Stephen Harper will fly to Brussels on Thursday in a bid to seal a free trade deal, Harper's office said on Wednesday.
Talks on the Comprehensive Economic and Trade Agreement(CETA) deal with the European Union have dragged on for almost two years longer than planned amid a series of disagreements.
"The Prime Minister will travel to Brussels to meet with the President of the European Commission, Jose Manuel Barroso, with the goal of concluding the CETA negotiations," said the statement. Harper is due to fly out on Thursday and return on Friday.
(Reporting by David Ljunggren)
Each week, our friends at gdgt go through the latest gadgets and score them to help you decide which ones to buy. Here are some of their most recent picks. Want more? Visit gdgt anytime to catch up on the latest, and subscribe to gdgt's newsletter to get a weekly roundup in your inbox. ...In Texas, there are have been a couple of recent high-profile run-ins between police and people carrying rifles in public, leading gun-rights advocates to hold a big rally at the Alamo. The event is scheduled for Saturday, and is expected to draw at least a thousand people.
I used to love Facebook. When I first signed up back in 2004, I was all about it. I could find old classmates, quickly share a funny link with my buddies, and generally stay connected in a way I’d never experienced before. It only got better when they rolled out the mobile version. Then something happened. It started to make me slightly depressed. It got strangely political. It started to creep me out. Last year, I deleted my Facebook account. And I’m never going back.
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