Boxer Hector 'Macho' Camacho dies days after being shot in head

Hector “Macho” Camacho, a former three-division boxing champion who had 88 professional fights against a who’s who of legendary opponents stretching from Ray Mancini (whom he defeated in 1989) to Oscar De La Hoya (who beat him by decision in 1997), has died. He was 50.

Camacho was pronounced dead Saturday after being shot in the head four days earlier while seated in a car outside a bar in Bayamon, Puerto Rico. Camacho’s condition deteriorated before his family opted to take him off life support.

Another man in the car, who had nine bags of cocaine in his possession, was also shot and immediately declared dead, according to the Associated Press.

PHOTOS: Hector “Macho” Camacho

Camacho, known for wearing outlandish trunks ranging from a leopard loin cloth to others adorned with lights or tassels, well understood the importance of selling a fight and employing some mental warfare.

Before fighting Mancini, he said, “I never did nothing to the character. How can he dislike a good-looking guy like me? It's jealousy. He can't even be in the same room with me because he knows he can't beat me mouth-to-mouth.”

The late Times columnist Jim Murray assessed the crowd-pleasing disparity between De La Hoya and Camacho like this:

“Oscar was winning a gold medal for his country, Macho was stealing one for himself. Oscar plays golf, Macho plays craps. He was a hyperactive child, and he's a hyperactive adult.

“He has a positive flair for rubbing people the wrong way, doing exactly what nobody wants. For instance, in his last fight, he committed the unpardonable sin of beating up Sugar Ray Leonard, no less. That's about as endearing to the public as burning the flag.”

Camacho’s theatrics were combined with an admirable desire to take on the best opponents possible. He faced the likes of Freddie Roach, Cornelius Boza Edwards, Rafael “Bazooka” Limon, Felix Trinidad, Roberto Duran and Julio Cesar Chavez Sr. His overall record was 79-6-3.

Camacho was born in Bayamon on May 24, 1962, and moved to New York City with his family. His career launched after he admitted to stealing cars in Spanish Harlem as a youth, with one transgression forcing him to jail in Rikers Island, N.Y. There, he boxed other inmates and was so good, one asked a question that stuck with him: “What are you doing here?”

“When he was young, you couldn’t hit him, that’s why he won his first 50 fights,” veteran boxing publicist Bill Caplan said.

The success emboldened his flair for flamboyance, as former Times boxing writer Richard Hoffer captured in a 1985 story:

“His style of dress … is outlandish enough to make Liberace look reserved. He wears enough jewelry to make Mr. T look like a man who only dabbles in accessories. It must be great fun to watch Camacho walk through a metal detector.”

When Camacho suffered his first loss in a 1991 World Boxing Organization lightweight title bout against Greg Haugen at Caesars Palace in Las Vegas, his personable nature shined.

“You’d think the guy would be devastated, but 15 minutes after the loss, he was back in press row for the second fight of the HBO doubleheader, shaking everyone’s hands,” Caplan said. “Just a happy-go-lucky guy who loved people.”

The flash wasn’t a mask to toughness. He was never knocked out.

Camacho’s grit was unmistakable to anyone who observed his 1992 beating in front of a sold-out Las Vegas fight crowd at the hands of Chavez Sr., Mexico’s greatest fighter who was at his peak when he pummeled Camacho with body shots en route to a unanimous decision.

De La Hoya knew the importance of beating up and knocking down Camacho in their 1997 bout:

“Listen, Chavez … and Felix Trinidad couldn't knock him out or drop him,” De La Hoya said afterward. “At least I dropped him.”

Camacho’s love of the sport was evident both in his desire to entertain beyond fisticuffs and instances such as his 1995 fight in the Olympic Auditorium in Los Angeles.

There, recalled promoter Don Chargin, main-event fighter Camacho showing up with his hands wrapped, in a robe and colorful trunks to sit alongside off-night fighters and managers in complimentary seats to watch preliminary matches 90 minutes before his own bout against Tony Rodriguez.

“He just wanted to be with people,” Caplan said.

Camacho’s son, Hector Camacho Jr., is a middleweight boxer with a 54-5-1 record who most recently fought in July.

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'Dallas' star Larry Hagman dies in Texas

J.R. Ewing was a business cheat, faithless husband and bottomless well of corruption. Yet with his sparkling grin, Larry Hagman masterfully created the charmingly loathsome oil baron — and coaxed forth a Texas-size gusher of ratings — on television's long-running and hugely successful nighttime soap, "Dallas."

Although he first gained fame as nice guy Major Tony Nelson on the fluffy 1965-70 NBC comedy "I Dream of Jeannie," Hagman earned his greatest stardom with J.R. The CBS serial drama about the Ewing family and those in their orbit aired from April 1978 to May 1991, and broke viewing records with its "Who shot J.R.?" 1980 cliffhanger that left unclear if Hagman's character was dead.

The actor, who returned as J.R. in a new edition of "Dallas" this year, had a long history of health problems and died Friday due to complications from his battle with cancer, his family said.

"Larry was back in his beloved hometown of Dallas, re-enacting the iconic role he loved the most. Larry's family and closest friends had joined him in Dallas for the Thanksgiving holiday," the family said in a statement that was provided to The Associated Press by Warner Bros., producer of the show.

The 81-year-old actor was surrounded by friends and family before he passed peacefully, "just as he'd wished for," the statement said.

Linda Gray, his on-screen wife and later ex-wife in the original series and the sequel, was among those with Hagman in his final moments in a Dallas hospital, said her publicist, Jeffrey Lane.

"He brought joy to everyone he knew. He was creative, generous, funny, loving and talented, and I will miss him enormously. He was an original and lived life to the fullest," the actress said.

Years before "Dallas," Hagman had gained TV fame on "I Dream of Jeannie," in which he played an astronaut whose life is disrupted when he finds a comely genie, portrayed by Barbara Eden, and takes her home to live with him.

Eden recalled late Friday shooting the series' pilot "in the frigid cold" on a Malibu beach.

"From that day, for five more years, Larry was the center of so many fun, wild and sometimes crazy times. And in retrospect, memorable moments that will remain in my heart forever," Eden said.

Hagman also starred in two short-lived sitcoms, "The Good Life" (NBC, 1971-72) and "Here We Go Again" (ABC, 1973). His film work included well-regarded performances in "The Group," ''Harry and Tonto" and "Primary Colors."

But it was Hagman's masterful portrayal of J.R. that brought him the most fame. And the "Who shot J.R.?" story twist fueled international speculation and millions of dollars in betting-parlor wagers. It also helped give the series a place in ratings history.

When the answer was revealed in a November 1980 episode, an average 41 million U.S. viewers tuned in to make "Dallas" one of the most-watched entertainment shows of all time, trailing only the "MASH" finale in 1983 with 50 million viewers.

It was J.R.'s sister-in-law, Kristin (Mary Crosby) who plugged him — he had made her pregnant, then threatened to frame her as a prostitute unless she left town — but others had equal motivation.

Hagman played Ewing as a bottomless well of corruption with a charming grin: a business cheat and a faithless husband who tried to get his alcoholic wife, Sue Ellen (Gray), institutionalized.

"I know what I want on J.R.'s tombstone," Hagman said in 1988. "It should say: 'Here lies upright citizen J.R. Ewing. This is the only deal he ever lost.'"

On Friday night, Victoria Principal, who co-starred in the original series, recalled Hagman as "bigger than life, on-screen and off. He is unforgettable, and irreplaceable, to millions of fans around the world, and in the hearts of each of us, who was lucky enough to know and love him."

Ten episodes of the new edition of "Dallas" aired this past summer and proved a hit for TNT. Filming was in progress on the sixth episode of season two, which is set to begin airing Jan. 28, the network said.

There was no immediate comment from Warner or TNT on how the series would deal with Hagman's loss.

In 2006, he did a guest shot on FX's drama series "Nip/Tuck," playing a macho business mogul. He also got new exposure in recent years with the DVD releases of "I Dream of Jeannie" and "Dallas."

Dallas Mayor Mike Rawlings said Saturday morning in a statement that Hagman's role as J.R. helped the city gain "worldwide recognition."

"Larry is a North Texas jewel that was larger than life and he will be missed by many in Dallas and around the world," Rawlings said.

The Fort Worth, Texas, native was the son of singer-actress Mary Martin, who starred in such classics as "South Pacific" and "Peter Pan." Martin was still in her teens when he was born in 1931 during her marriage to attorney Ben Hagman.

As a youngster, Hagman gained a reputation for mischief-making as he was bumped from one private school to another. He made a stab at New York theater in the early 1950s, then served in the Air Force from 1952-56 in England.

While there, he met and married young Swedish designer Maj Axelsson. The couple had two children, Preston and Heidi, and were longtime residents of the Malibu beach colony that is home to many celebrities.

Hagman returned to acting and found work in the theater and in such TV series as "The U.S. Steel Hour," ''The Defenders" and "Sea Hunt." His first continuing role was as lawyer Ed Gibson on the daytime serial "The Edge of Night" (1961-63).

He called his 2001 memoir "Hello Darlin': Tall (and Absolutely True) Tales about My Life."

"I didn't put anything in that I thought was going to hurt someone or compromise them in any way," he told The Associated Press at the time.

Hagman was diagnosed in 1992 with cirrhosis of the liver and acknowledged that he had drank heavily for years. In 1995, a malignant tumor was discovered on his liver and he underwent a transplant.

After his transplant, he became an advocate for organ donation and volunteered at a hospital to help frightened patients.

"I counsel, encourage, meet them when they come in for their operations, and after," he said in 1996. "I try to offer some solace, like 'Don't be afraid, it will be a little uncomfortable for a brief time, but you'll be OK.' "

He also was an anti-smoking activist who took part in "Great American Smoke-Out" campaigns.

Funeral plans had not been announced as of Saturday morning.

"I can honestly say that we've lost not just a great actor, not just a television icon, but an element of pure Americana," Eden said in her statement Friday night. "Goodbye, Larry. There was no one like you before and there will never be anyone like you again."

___

Associated Press writers Erin Gartner in Chicago and Shaya Mohajer in Los Angeles, and AP Television Writer Frazier Moore in New York contributed to this report.

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Toyota on track to become world's bestselling automaker again

Toyota Motor Corp. appears poised to regain its position as the world's largest automaker, a remarkable turnaround after years of safety recalls, huge federal fines and the Japanese earthquake last year.

In short order, surging sales have put that all in the rearview mirror.

Toyota is likely to sell 9.7 million vehicles this year, surpassing second-place General Motors Co. by more than 1 million vehicles and setting a record for annual auto sales. That's generating huge profits, with earnings tripling in the latest quarter to $3.2 billion and sales surging almost 20% compared with a year earlier.

The U.S. — where Toyota's reputation suffered most through the recalls — is now a cash cow. Through the first 10 months of the year, the Japanese automaker sold more than 1.7 million cars and trucks in the country, a 30% gain and more than double the industry growth rate.

"Toyota has done some smart things," said Rebecca Lindland, an analyst with IHS Automotive. "They have concentrated a lot of time and effort on the U.S., which is incredibly important because they make so much money here."

The Japanese automaker has launched 11 new or completely redesigned models in the U.S. in the last year, including new station wagon and commuter versions of its popular Prius hybrids. On Wednesday, the first day of the Los Angeles Auto Show, it will launch a new-generation RAV4 sport utility vehicle. The current model is an aging vehicle facing stiff competition from newly redesigned offerings such as Ford Motor Co.'s Escape and Honda Motor Co.'s CR-V.

Toyota has ramped up its factories in the U.S., opening a Corolla plant in Mississippi and expanding pickup truck manufacturing in Texas. And at the urging of Chief Executive and founding-family member Akio Toyoda, the automaker is looking to inject some panache into its historically bland styling, especially for its Lexus luxury division.

Toyota now accounts for 14.4% of the U.S. auto market, up from 12.6% during the first 10 months of 2011. In retail — not including rental and fleet sales — the Toyota brand is the biggest in the U.S., outselling GM's Chevrolet.

Lynne Thomas, a Santa Monica resident who works in the restaurant industry, bought a Toyota Prius C hybrid in October after considering other fuel-efficient vehicles including the Smart fortwo, Fiat 500 and Volkswagen Jetta.

"I love the mileage. I'm getting more than 50 mpg," Thomas said. "It fits my lifestyle completely. It is easy to park in this crazy city. I can put my bike in the back and drive somewhere and do an amazing bike ride. It works really well in stop-and-go traffic."

The company is expanding its factory network in the U.S. as part of a strategy to manufacture in regional markets and blunt the profit-eating consequences of the Japanese yen's strong exchange rate with the dollar. It has put $1.4 billion into U.S. factories and equipment in the last year, adding more than 2,700 jobs, on top of the 1,300 positions created in the U.S. the previous year.

The expansion comes after Toyota's controversial decision to close the New United Motor Manufacturing Inc. plant in Fremont, Calif., displacing nearly 5,000 workers in early 2010. Toyota shut the plant after GM, as part of its bankruptcy reorganization, pulled out of joint manufacturing there.

Toyota also is shipping more U.S.-built vehicles abroad. In the first 10 months of this year, it exported 74,000 U.S.-built cars to Canada and Mexico and 29,000 to overseas markets. It is sending Kentucky-built Camrys to South Korea and Indiana-built Sequoias to Saudi Arabia. Exports of U.S.-built Toyotas are on track to rise more than 50% this year.

Just three years ago, Toyota was the second-largest auto seller in America, with 17% of the market, and was closing in on a crippled GM, which was struggling with the stigma of bankruptcy and a federal bailout. But Toyota was derailed in a series of embarrassing recalls. In one high-profile accident, an improperly positioned floor mat in a sedan from Toyota's Lexus luxury division may have trapped the accelerator — causing the car to race down California Highway 125 near San Diego at more than 100 mph. The car crashed and burned, killing off-duty California Highway Patrol Officer Mark Saylor and three members of his family.

That crash led to a safety investigation and recall of 3.8 million Toyota and Lexus vehicles to fix the floor mat problem. After a Los Angeles Times series on unintended sudden acceleration, Toyota issued millions more recall notices to fix sticking gas pedals and other issues. Then, two years ago, Toyota paid record federal fines of nearly $50 million for failing to promptly inform regulators of defects and for delaying recalls. At one point it had to halt much of its production of new cars in the U.S. to fix recalled vehicles.

Just as the automaker started to recover, it was hobbled by last year's earthquake and tsunami in Japan, which upended Toyota's manufacturing even on American soil. Toyota's share of U.S. auto sales slid to 12.9%, well below GM's and Ford's.

Several factors have helped Toyota survive the recalls and disaster-related production shutdowns, said James E. Lentz, CEO of Toyota Motor Sales, the automaker's U.S. marketing arm.

First, there was "the loyalty of our consumers as we went from the financial crisis to the recalls to the tsunami," he said. "They stayed with us for the entire time."

Lentz is thankful for customers such as Evan Rabinowitz of Sherman Oaks, who bought a Camry sedan in August.

"I didn't look at anything else because I never had an issue with my 2008 Camry. Going back to Toyota was a no-brainer," said Rabinowitz, who owns a fabric business. He said his previous Toyota was recalled twice to fix pedal issues, but that work was done quickly and well and didn't dissuade him from purchasing another Camry.

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Lining up even earlier for Black Friday becomes a shop priority

In a tradition that seems to take a bigger slice of Thanksgiving every year, hordes of deal-sniffing shoppers descended on Southland stores Thursday, elbowing their way in search of toys, video games and that time-honored Black Friday symbol: cut-rate television sets. As nightfall came, they huddled in long lines, clutching coupons and hatching shopping strategies.

Rebecca Abbott, 42, of Torrance had it down to a science Thursday night. The accountant said she was out the door of the local Toys R Us store in 20 minutes with a shopping cart full of Christmas gifts for her two daughters. 

Her fourth time shopping on Black Friday, Abbott had spent a few hours in Toys R Us the day before scoping out her plan of attack. The first item on her list: a Rockstar Mickey Mouse doll, normally priced at $59.99 but selling for just $19.99.

"You have to have a strategy for this Black Friday madness," she said as she headed for the door. "First-timers will walk around all day looking at deals," Abbott said. "I got in, grabbed my stuff and got out." Her cart was overflowing with large toys — primarily Barbie and Mickey Mouse items. 

PHOTOS: Black Friday shoppers hunt for deals

At a Wal-Mart in Panorama City, just after 8 p.m., "it was really crazy, but you could still walk," said Marya Huaman, 23, as she left the store with her dad, her two infant sons and three bags full of Fisher-Price toys.

"No, you couldn't," scoffed her father, Edward Huaman. "I didn't see anyone fighting, but they will be soon. This is madness."

Last year, Thanksgiving night was marred by a pepper spray "shopping rage" incident at a Wal-Mart in Porter Ranch that injured at least seven people and forced employees to evacuate part of the store. One person was hospitalized.

Los Angeles Police Cmdr. Andy Smith said Thursday that the night appeared to be running smoothly across Los Angeles. "In general, I think things have gone really well," he said. "It sounds like the stores have taken proper precautions and everyone is aware of the hazards of Black Friday."

After retailers last year moved the opening bell for Black Friday sales to midnight, this year there were even more customers eager to get a jump on the traditional kickoff to the holiday shopping season. Wal-Mart, Sears and Toys R Us began rolling out their door busters at 8 p.m. on Turkey Day, followed by Target at 9 p.m. Macy's, Kohl's and Best Buy were set to open at midnight.

A handful of chains such as Kmart and Old Navy also had daytime hours on Thursday. And online merchants were touting bargains all day and night.

About 147 million shoppers are expected this all-important holiday weekend, with more logging in for online specials by Cyber Monday, according to the National Retail Federation. In all, the trade group estimated that holidays sales will rise 4.1% this year, to $586 billion.

"Though the Black Friday tradition is here to stay, there's no question that it has changed in recent years," NRF Chief Executive Matthew Shay said in a statement.

Many shoppers were perfectly content to queue up. At Best Buy electronic stores across the Southland, people waited for hours — and sometimes days — in tents before the midnight opening.

But many workers were angry about spending Turkey Day away from loved ones.

Frustrated retail employees and families have taken to creating online petitions at Change.org to beg companies not to cut into Thanksgiving dinners. More than 20 online petitions have popped up in recent weeks. Lines grew throughout the afternoon and into the evening as anxious shoppers surveyed the competition in line.

Throughout Southern California there were reports of lines wrapped around stores. In Glendale, more than 750 shoppers were lined up outside the Target at the Galleria.

For shoppers who just couldn't wait until Thursday night — much less Black Friday — some retailers opened their doors all day on Thanksgiving.

The sales weren't quite as glorious as the Black Friday specials that stores promise to roll out later. But they were pretty good nonetheless, shoppers said.

JoAnne Garcia walked into Kmart in Burbank in search of a roasting pan in which to cook her turkey. She walked out 90 minutes later, having shelled out $491, including $329 for an RCA 39-inch LCD flat-panel TV.

"The roasting pan was $14.99," Garcia said, laughing at how much she spent as she rolled her cart to the parking lot.

To the 53-year-old aerospace machinist, shopping on Thanksgiving made perfect sense.

Standing near a store display touting "Freak Out Pricing," Garcia explained her theory about shopping while cooking. "You get up, throw your turkey in the oven, and you come back and it's all done."

walter.hamilton@latimes.com

joseph.serna@latimes.com

Contributing to this report were staff writers Wesley Lowery, Marisa Gerber, Nicole Santa Cruz and Andrew Khouri.

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Halle Berry's ex arrested after fight at her house

LOS ANGELES (AP) — Halle Berry's ex-boyfriend Gabriel Aubry was arrested for investigation of battery Thursday after he and the Oscar-winning actress's current boyfriend got into a fight at her Hollywood Hills home, police said.

Aubry, 37, was booked for investigation of a battery, a misdemeanor, and released on $20,000 bail, according to online jail records. He's scheduled to appear in court Dec. 13.

Aubry came to Berry's house Thanksgiving morning and police responded to a report of an assault, said Los Angeles Police Officer Julie Boyer. Aubry was injured in the altercation and was taken to a hospital where he was treated and released.

Emails sent to Berry's publicist, Meredith O'Sullivan, and Aubry's family law attorney, Gary Fishbein, were not immediately returned.

Berry and Aubry have been involved in a custody dispute involving their 4-year-old daughter, Nahla. The proceedings were sealed because the former couple are not married. Both appeared in the case as recently as Nov. 9, but neither side commented on the outcome of the hearing.

Berry has been dating French actor Olivier Martinez, and he said earlier this year that they are engaged.

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Documents Show F.D.A.’s Failures in Meningitis Outbreak

Newly released documents add vivid detail to the emerging portrait of the Food and Drug Administration’s ineffective and halting efforts to regulate a Massachusetts company implicated in a national meningitis outbreak that has sickened nearly 500 people and killed 34.

In the documents, released on Tuesday in response to a Freedom of Information Act request, the agency would threaten to bring the full force of its authority down on the company, only to back away, citing lack of jurisdiction.

The company, the New England Compounding Center, at times cooperated with F.D.A. inspectors and promised to improve its procedures, and at other times challenged the agency’s legal authority to regulate it, refused to provide records and continued to ship a drug in defiance of the agency’s concerns.

Some of the documents were summarized last week by Congressional committees that held hearings on the meningitis outbreak. Republicans and Democrats criticized the F.D.A. for failing to act on information about unsafe practices at the company as far back as March 2002.

By law, compounding pharmacies are regulated primarily by the states, but the pharmacies have grown over the years into major suppliers of some of the country’s biggest hospitals. The F.D.A. is asking Congress for stronger, clearer authority to police them, but Republicans have said the agency already has enough power.

Records show that the agency was sometimes slow in pursuing its own inspection findings. In one case involving the labeling and marketing of drugs, the agency issued a warning letter to New England Compounding 684 days after an inspection, a delay that the company’s chief pharmacist complained was so long that some of the letter’s assertions no longer applied to its operations.

The agency said in a statement Wednesday that it “was not the timeline we strive for,” but that much of the delay was because of “our limited, unclear and contested authority in this area.” Because of litigation, it said, there was “significant internal discussion about how to regulate compounders.”

The agency first inspected the company in April 2002 after reports that two patients had become dizzy and short of breath after being injected with a steroid made by the company.

 On the first day of the inspection, Barry Cadden, the chief pharmacist, was cooperative, but the next day, the agency inspectors wrote, Mr. Cadden “had a complete change in attitude & basically would not provide any additional information either by responding to questions or providing records,” adding that he challenged their legal authority to be at his pharmacy at all.

The F.D.A. was back at New England Compounding in October 2002 because of possible contamination of another of its products, methylprednisolone acetate, the same drug involved in the current meningitis outbreak.

 While the F.D.A. had the right to seize an adulterated steroid, officials at the time said that action alone would not resolve the company’s poor compounding practices. In a meeting with Massachusetts regulators, F.D.A. officials left authority in the hands of the state, which “would be in a better position to gain compliance or take regulatory action,” according to a memo by an F.D.A. official summarizing the meeting.

 David Elder, compliance branch director for the F.D.A.’s New England District, warned at the meeting that there was the “potential for serious public health consequences if N.E.C.C.’s compounding practices, in particular those relating to sterile products, are not improved.”

 The company fought back hard, repeatedly questioning the F.D.A.’s jurisdiction. In a September 2004 inspection over concerns that the company was dispensing trypan blue, a dye used for some eye surgeries that had not been approved by the F.D.A., Mr. Cadden told the agency inspector that he had none in stock.

But in the clean room, the inspector noticed a drawer labeled “Trypan Blue,” which contained 189 vials of the medicine.

A few days later, Mr. Cadden was defiant. He told the agency that he was continuing to dispense trypan blue and that there was nothing in the law saying a compounder could not dispense unapproved products.

 The conversation turned testy. “Don’t answer any more questions!” Mr. Cadden told another pharmacy executive, according to the F.D.A.’s report.

Mr. Cadden rejected many of the assertions in the warning letter that finally came in December 2006. The next correspondence from the agency did not come until almost two years later, in October 2008, saying that the agency still had “serious concerns” about the company’s practices, and that failing to correct them could result in seizure of products and an injunction against the company and its principals.

It is not known whether any corrective actions were taken. The agency did not conduct another inspection until the recent meningitis outbreak.

Denise Grady contributed reporting.

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US stocks rise solidly in Black Friday retail rush

The stock market enjoyed some Black Friday cheer, rising sharply as shoppers braved the annual post-Thanksgiving rush. Major indexes were on track for their biggest weekly gains since early June.

Traders were encouraged by positive economic news from Germany and China, two engines of global growth. Technology stocks soared after a few weeks of selling. And early reports from retailers suggested that consumers may be ready to spend -- a sign of the economy's progress.

"Foot traffic appears heavier than we've seen in recent years, there are a lot of positive statements out of the companies themselves, and momentum appears to be strong," said JJ Kinahan, chief derivatives strategist at the brokerage TD Ameritrade.

Many stores opened earlier than ever this year, Kinahan said, allowing for earlier informal reports about their performance.

Technology stocks soared, lifting the Nasdaq composite index by more than 1%. Computer maker Dell, chipmaker AMD and computing giant Hewlett-Packard were the top three gainers in the Standard & Poor's 500 index. Technology rose the most among the index's 10 industry groups.

The stocks were bouncing back after confidence in tech stocks declined broadly, Kinahan said. AMD dropped sharply in recent weeks as investors fretted about its solvency. HP plunged 12% on Tuesday after executives said that a company HP bought for $10 billion last year lied about its finances.

The Nasdaq rose 29 points, or 1%, to 2,955 as of 12:30 p.m. EST. The Dow Jones industrial average gained 110 to 12,947. The S&P 500 added 12 to 1,402.

Stocks started strong after news that German business confidence rose unexpectedly in November after six straight declines. The gain in a closely watched index published by Munich's Ifo institute raised hopes that Europe's largest economy can continue to weather the continent's financial crisis.

China's manufacturing expanded for the first time in 13 months in November, the latest sign that the world's second-biggest economy is recovering from its deepest slump since the 2008 global crisis. HSBC Corp. said its monthly Purchasing Managers' Index improved to 50.4 for November. Any number above 50 indicates expansion.

The PMI measures overall manufacturing activity by surveying indicators including orders, employment and production. The result was released Thursday, when the U.S. market was closed for Thanksgiving.

Around the U.S., shoppers flocked to malls and logged on to computers to take part in the annual cheer-fueled retail rush known as Black Friday.

Target and Toys R Us welcomed buyers on Thanksgiving evening. Retailers are also trying to draw shoppers with free layaway and shipping, by matching prices of online rivals and by beefing up mobile shopping apps.

Retail is a key driver of the nation's economy. Consumer spending accounts for about 70% of U.S. economic activity. November and December, which can account for as much as 40% of a retailer's annual revenue, are crucial for stores.

The Friday after Thanksgiving is known as Black Friday because it begins the period in which many retailers turn profitable for the year. Traders will be looking for signs about how enthusiastically Americans are spending. That could reflect the momentum of the economic recovery.

Trading volume on Wall Street was light, with many investors away for an extended weekend after Thanksgiving. The market was to close early, at 1 p.m. EST.

The rally's strength will be tested on Monday, as many traders return to their desks and retailers begin to release hard data about their holiday sales results, Kinahan said.

"It's great when something like this happens, but on a half-day without the major players in there, it's not so surprising," he said.

European indexes added to earlier gains after Wall Street opened and closed higher. The FTSE 100 index of leading British shares rose 0.5%. Germany's DAX and France's CAC-40 both added 0.9%.

Investors were monitoring developments in Brussels, where European Union leaders are trying to agree on a $1.25 trillion long-term spending plan for the 27-nation bloc. Markets expect that another meeting will be needed for an agreement.

Among the stocks making big moves:

-- Research in Motion Ltd. jumped on growing optimism for an earlier-than-expected launch of its delayed BlackBerry 10 smartphone. A senior executive from the Canadian company said earlier this month that Research In Motion, or RIM, will release the latest version of its smartphone "not long after" a Jan. 30 event. One analyst saw that as an indication that the products are to be unveiled in February. U.S.-traded shares of RIM rose $1.45, or 14%, to $11.71.

-- MAP Pharmaceuticals spiked after the company announced that the Food and Drug Administration will review its experimental migraine drug Levadex. The stock rose $2.46, or 19%, to $15.28.

-- KIT Digital Inc., a video software and technology company, lost two-thirds of its value after the company's former chief executive accused it of blaming prior management for its financial problems. Two days earlier, KIT said it would restate its financial results because of accounting errors. The stock lost $1.34, or 65% to 73 cents.

Among tech's big gainers:

-- Dell rose 51 cents, or 6%, to $9.57.

-- HP added 53 cents, or 4%, to $12.47.

-- AMD 9 cents, or 5%, to $1.96.

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Post-Sandy, Macy's Thanksgiving parade is balm for the N.Y. soul

When Sandy slammed the East Coast, the Macy's Thanksgiving Day Parade balloons, floats and costumes were spared from the devastation. And Thursday morning, New Yorkers' mood elevated along with the traditional helium-filled balloons as the parade kicked off, just as it had for more than eight decades.

The sun was shining and the atmosphere reportedly was festive as the 86th annual event got started at 9 a.m. Eastern. The temperature was 47 degrees -- nothing a New Yorker couldn't handle -- and, according to the Associated Press, attendees were in a parade mood, marveling at the giant balloons, performers and marching bands.

Some had camped out for a good spot, cozy in sleeping bags.

PHOTOS: Macy's Day parade balloons and more

Among celebrities set for the parade: Kareem Abdul-Jabbar, Big Apple Circus, Flo Rida, Whoopi Goldberg, the Muppets and the cast of "Sesame Street." (If you're wondering whether Elmo will make an appearance amid the sex scandal surrounding puppeteer Kevin Clash, the character will reportedly be part of a "Sesame Street" float.)

New balloons set for this year were Hello Kitty, Elf on the Shelf and Papa Smurf -- as well as an unusual character known as KAWS' Companion. The black and gray figure that covers its face with its hands is by artist and former tagger Brian Donnelly, whose artistic alias is KAWS. The figure spurred a lot of stares in 2011 when it was installed at New York's Standard Hotel (pictures).

New York Mayor Michael Bloomberg stopped at the parade, according to the AP, where he praised those involved in the Sandy storm response, including police, firefighters, the armed services, volunteers and sanitation workers. He was then set to head to a firehouse in the Rockaways area of Queens, which was hit hard by the storm. 

The mayor's office, along with other organizations, were preparing Thursday to distribute 26,500 holiday meals in neighborhoods affected by Sandy.

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'John Doe Duffel Bag' arrested

Friends' wish for teen shooting victim: 'Rest in paradise'

Safety breaches alleged at Washington radioactive waste plant

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Lawsuit against Madonna dismissed in Russia

ST. PETERSBURG, Russia (AP) — A Russian court has dismissed a lawsuit that sought millions of dollars in damages from Madonna for allegedly traumatizing minors by speaking up for gay rights during a concert in St. Petersburg.

In February, the city made it illegal to promote homosexuality to minors. Six months later, the singer criticized the law on Facebook, then stood up for gay rights at a concert in St. Petersburg that drew fans as young as 12.

On Thursday, a St. Petersburg court threw out the Trade Union of Russian Citizens' lawsuit and the 333 million rubles ($10.7 million) in damages it sought from the performer for allegedly exposing minors to "homosexual propaganda."

Madonna did not attend the trial, and her publicist Liz Rosenberg said Thursday the star wouldn't comment about it.

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Recipes for Health: Apple Pear Strudel — Recipes for Health

Andrew Scrivani for The New York Times

This strudel is made with phyllo dough. When I tested it the first time, I found that I had enough filling for two strudels. Rather than cut the amount of filling, I increased the number of strudels to 2, as this is a dessert you can assemble and keep, unbaked, in the freezer.

Filling for 2 strudels:

1/2 pound mixed dried fruit, like raisins, currants, chopped dried figs, chopped dried apricots, dried cranberries

1 1/2 pounds apples (3 large) (I recommend Braeburns), peeled, cored and cut in 1/2-inch dice

1 tablespoon fresh lemon juice

2 tablespoons unsalted butter for cooking the apples

1/4 cup (50 grams) brown sugar

1 teaspoon vanilla

1 teaspoon cinnamon

1/2 teaspoon freshly grated nutmeg

1/4 cup (30 grams) chopped or slivered almonds

3/4 pound (1 large or 2 small) ripe but firm pears, peeled, cored and cut in 1/2-inch dice

For each strudel:

8 sheets phyllo dough

7/8 cup (100 grams) almond powder, divided

1 1/2 ounces butter, melted, for brushing the phyllo

1. Preheat the oven to 375 degrees. Line 2 sheet pans with parchment.

2. Place the dried fruit in a bowl and pour on hot or boiling water to cover. Let sit 5 minutes, and drain. Toss the apples with the lemon juice.

3. Heat a large, heavy frying pan over high heat and add 2 tablespoons butter. Wait until it becomes light brown and carefully add the apples and the sugar. Do not add the apples until the pan and the butter are hot enough, or they won’t sear properly and retain their juice. But be careful when you add them so that the hot butter doesn’t splatter. When the apples are brown on one side, add the vanilla, cinnamon, nutmeg and almonds, flip the apples and continue to sauté until golden brown, about 5 to 7 minutes. Stir in the pears and dried fruit, then scrape out onto one of the lined sheet pans and allow to cool completely. Divide into two equal portions (easiest to do this if you weigh it).

4. Place 8 sheets of phyllo dough on your work surface. Cover with a dish towel and place another, damp dish towel on top of the first towel. Place a sheet of parchment on your work surface horizontally, with the long edge close to you. Lay a sheet of phyllo dough on the parchment. Brush lightly with butter and top with the next sheet. Continue to layer all eight sheets, brushing each one with butter before topping with the next one.

5. Brush the top sheet of phyllo dough with butter. Sprinkle on half of the almond powder (50 grams). With the other half, create a line 3 inches from the base of the dough, leaving a 2 1/2-inch margin on the sides. Top this line with one portion of the fruit mixture. Fold the bottom edge of the phyllo up over the filling, then fold the ends over and roll up like a burrito. Using the parchment paper to help you, lift the strudel and place it on the other parchment-lined baking sheet. Brush with butter and make 3 or 4 slits on the diagonal along the length of the strudel. Repeat with the other sheets of phyllo to make a second strudel. If you are freezing one of them, double-wrap tightly in plastic.

6. Place the strudel in the oven and bake 20 minutes. Remove from the oven, brush again with butter, rotate the pan and return to the oven. Continue to bake for another 20 to 25 minutes, or until golden brown. Remove from the heat and allow to cool for at least 15 minutes. Serve warm or room temperature.

Yield: 2 strudels, each serving 8

Advance preparation: The fruit filling will keep for a couple of days in the refrigerator. The strudel can be baked a few hours before serving it. Recrisp in a medium oven for 10 minutes. It can also be frozen before baking, double-wrapped in plastic. Transfer directly from the freezer to the oven and add 10 minutes to the baking time.

Nutritional information per serving: 259 calories; 13 grams fat; 4 grams saturated fat; 3 grams polyunsaturated fat; 5 grams monounsaturated fat; 15 milligrams cholesterol; 34 grams carbohydrates; 4 grams dietary fiber; 91 milligrams sodium; 4 grams protein

Martha Rose Shulman is the author of “The Very Best of Recipes for Health.”

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Lake Tahoe ski resorts splurging on upgrades and expansions

The nation's ski industry suffered an epic wipeout last season, with the least snowfall in decades and one of the steepest drops in skier visits on record.

But instead of retrenching, resort owners are opening their wallets wide on upgrades and expansions.

One of the biggest jumps in spending is taking place at the snow-covered peaks around Lake Tahoe, where resorts are in the midst of a spending splurge of more than $100 million over the next five years.

The flurry of spending began two years ago and includes a newly built on-mountain lodge at Northstar California and a mile-long terrain park at Alpine Meadows, plus new lifts and upgrades to snow-making equipment at several resorts. The Olympic House lodge at Squaw Valley resembled a tired, aging casino before it recently underwent a $2-million face-lift.

"We are putting our shoulder into this," said Andy Wirth, president and chief executive at Squaw Valley. "We know that last year was an anomaly."

Video chat: Tahoe ski resorts get a makeover

Although the nation's ski mountains enjoyed bountiful snowfall in the 2010-11 season, last year they suffered the lowest snowfall in 20 years, forcing half of resorts to either open late or close early. They drew only 51 million skier and snowboarder visits, a 15.8% decline from the previous season, the second-biggest year-over-year decline on record, according to the National Ski Areas Assn., a trade group for resort operators.

"We know the snow is going to come back, and we want to be ready and not have to play catch up," said Nadia Guerriero, general manager of the Village at Northstar, who has managed a $3-million face-lift that includes new outdoor furniture, fire pits and a concert stage next to the village skating rink.

Most of the expenditures come from the deep pockets of two Colorado companies, Vail Resorts, which also owns and operates popular resorts in Colorado and Wyoming, and KSL Capital Partners, a private equity group in Denver. Combined, the two companies own or operate five of the biggest resorts around Lake Tahoe.

Despite erratic snow seasons, Vail Resorts and KSL say they are confident in the future of snow sports and see Lake Tahoe as an underdeveloped gem, in proximity to millions of potential resort visitors from the Bay Area, Sacramento and Southern California.

"Lake Tahoe is a place of unparalleled natural beauty with large, dynamic and successful markets in San Francisco, Sacramento and Reno," said Eric Resnick, a managing director at KSL. "We feel we have the ability to invest and upgrade the resorts and take full advantage of these assets."

Vail Resorts first moved into the Lake Tahoe area with the purchase of Heavenly ski resort in 2002. The company took over Northstar in 2010 and Kirkwood in February.

KSL acquired Squaw Valley ski resort in 2010 and took over Alpine Meadows in 2011, combining the operations to offer skiers 44 lifts and 270 trails on more than 6,000 acres of land.

For the last few years, Lake Tahoe resort owners have been discussing making a bid to host the 2022 Winter Olympics while making capital improvements crucial to winning over the International Olympic Committee, which chooses the host city for the Games.

But the U.S. Olympic Committee decided this summer that it would not bid on the 2022 games, opting instead to wait for the Summer Games of 2024 or Winter Olympics of 2026.

Even if Lake Tahoe doesn't host a Winter Olympics, Vail and KSL officials say they see the resort upgrades as smart investments sure to pay off in the long run.

Only a year after Vail Resorts spent $63 million to take over operations at Northstar in 2010, the company began to spend upward of $30 million for a new lodge with 700 seats for drinking and dining, a new high-speed chairlift and two intermediate trails on the backside of the mountain. Snowboarding legend Shaun White was even tapped to design a 22-foot halfpipe.

At the new Zephyr Lodge, which opened last December, Bill Rock, vice president and chief operating officer at Northstar California, pointed to the self-serve salad bar, the food counter that serves Asian fusion dishes and the wall of windows that look out on the snow-capped Sawtooth Ridge.

"Before we built this lodge there was no place to get food up here," he said. "Our guest survey scores have been going up ever since Vail Resorts came in."

Across the lake, Heavenly ski resort completed building a similar on-mountain lodge, Tamarack, in 2010.

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Egypt announces cease-fire agreement between Israel and Hamas

By Emily Alpert

November 21, 2012, 9:48 a.m.

Egypt announced a cease-fire agreement between Israel and Hamas effective Wednesday evening local time, the Associated Press reported.

In details of the agreement obtained by news agency, Israel will  cease all military activity against the Hamas-ruled Gaza Strip at 9 p.m. local time (11 a.m. PST) and Palestinian militants will cease rocket attacks into Israel. After 24 hours of quiet, Gaza's border crossings with Israel will be opened further to allow freer movement of goods and people.

The announcement by Egyptian Foreign Minister Mohamed Amr and U.S. Secretary of State Hillary Rodham Clinton followed talks in Cairo between Clinton and Egyptian President Mohamed Morsi.

TIMELINE: Israel-Gaza conflict

The agreement comes after eight days of devastating fighting that had raised fears on both sides that an Israeli ground invasion might be next. The death toll had reached 144 Palestinians and five Israelis, according to news reports.

Some observers questioned whether the negotiations in Egypt had spurred an uptick in violence in recent days, with each side trying to intimidate the other ahead of the anticipated truce.

Morsi had said Tuesday that a cease-fire was imminent, only to have talks fail to reach an agreement. Arab League leaders and United Nations Secretary-General Ban Ki-moon also helped negotiate the deal.

ALSO:

Tel Aviv bus bombing wounds at least 21

More Afghan land cultivated for opium poppies, U.N. finds

Israeli-Hamas clash sends unsettling ripples throughout Mideast

Edmund Sanders in Gaza City contributed to this report.

Comments are filtered for language and registration is required. The Times makes no guarantee of comments' factual accuracy. Readers may report inappropriate comments by clicking the Report Abuse link next to a comment. Here are the full legal terms you agree to by using this comment form.

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Justin Bieber won't face charge for May scuffle

LOS ANGELES (AP) — Prosecutors say they won't file any charges against Justin Bieber over a May confrontation with a photographer because of a lack of corroborating evidence.

A document obtained Wednesday states that three Los Angeles County sheriff's investigators found no visible injuries, video or photographs to confirm the photographer's story that Bieber kicked and punched him.

Prosecutors had been asked by police to consider filing a misdemeanor battery charge against the pop star.

Bieber was leaving a movie theater in Calabasas with girlfriend Selena Gomez when he got into an altercation with a photographer in the parking lot.

The photographer claimed Bieber kicked him in the abdomen and punched him.

The case was rejected in October and was first reported Wednesday by celebrity website TMZ.

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Ask an Expert: Ask and Expert About Alzheimer’s, Part 3

(Some questions published here have been edited, and not all questions can be answered.)

The doctor’s answers are meant for educational purposes and are not meant to be a substitute for advice from your own doctor. Readers should contact their physician before making health care decisions.

Q. What practical steps can a baby boomer take to stave off dementia of any type? — Canoe9, Hawaii

Q. My dad’s family has a history of Alzheimer’s disease: my grandfather and many of his brothers have either passed away from the disease, or are currently suffering from it. The disease can be traced back for many generations. My father has not yet started to show symptoms. Are there any medications he can take as a preventative measure? What are the best diet and lifestyle choices a person can make who has an increased risk of developing the disease? — VB, Canada

Q. Both of my inlaws have Alzheimer’s. What steps can my husband and his brothers take now to delay/prevent the disease? And should he be monitored at an Alzheimer’s center? — lbs, New Jersey

Q. My mother, two older brothers and two older sisters all had progressive mental dementia (I believe Alzheimer’s ) before age of 65. I am 64 and had extensive mental exam that found no symptoms. For prevention I am doing it as follows. 1. Have become a Vegan with very little use of vegetable oils after reading China Study by Campbell and Starch Solution by McDougall. 2. I use lots of turmeric, ginger, cinnamon in my food. 3. I have run 20 to 30 miles a week for the last 10 years. 4. I retired to reduce work related stress. Is there any other preventive measures you recommend? — Jaque, Champaign, Ill.

Q. My mother had a form or dementia, not sure if it was Alzheimer’s, and she lived to 96. And what can I do to improve my chances? I work out and am not overweight and am in good health otherwise. — Mitchellmcg, New York

A. There are dozens of causes of dementia and steps for prevention are different for each one. We have no proven preventive strategies for Alzheimer’s. The decision to monitor people at risk is made on a case by case basis, but I don’t usually recommend any monitoring until someone is about five years within the age their relative developed it; or they note changes in their memory. My top strategies to keep your brain healthy are listed below.

1. Vascular risks: Minimize your risk for strokes, heart disease and diabetes (keep your body weight, blood pressure, cholesterol and sugar in normal range). Studies find strong links between vascular risks and Alzheimer’s.

2. Exercise regularly: Regular aerobic activities, such as walking, may reduce risk for dementia by keeping the brain’s blood vessels healthy, boosting nerve growth chemicals and slowing age-related brain shrinkage.

3. Stimulate your mind: Socialize actively, make new friends, try new activities, travel to new places and be passionate about learning new things. Adult brains can grow new brain cell connections and developing a greater cognitive reserve might help the buffer against dementia pathology.

4. Heart healthy diet: follow a heart healthy diet such as a Mediterranean diet but heed the old Okinawan saying Hari Hachi Bu – eat only till you are 80 percent full; drink in moderation (but not till you cannot remember what happened the prior night!)

5. Minimize your risk for head injury by wearing helmets. (The Hovding is a new invisible helmet that promises to keeps your hair looking pretty and your head safe!)

6. Take part in clinical trials – pros are that trials may offer regular check-ups and you are helping science; cons are that there are safety risks. Our book, The Alzheimer’s Action Plan gives a step-by-step guide to evaluate which clinical trials are best for you. You might enjoy reading the new book, “Super Brain.” It’s coauthored by the dementia scientist Rudolf Tanzi and the mind-body guru, Deepak Chopra.

Q. I can´t find a Spanish version of “The Alzheimer’s Action Plan.” Will we have it soon? — Marisabel Neuman, Orlando, Fla.

A. Not yet, but we are open to it if you know an interested publisher! But your question does highlight the fact that many Spanish only speakers in the United States and elsewhere are often left out of the mainstream of information on Alzheimer’s. Hispanics in the United States may be at a slightly greater risk for Alzheimer’s due to higher rates of heart disease. Gracias por su interes!

Q. Since my mother developed Alzheimer’s in her mid-80’s, presumably I am at greater risk than the general population, should I live to a similar age. What is your best guess about the likelihood of preventative medications or treatments being developed in the next 25 years? — Beth, Singapore

A. The track record of scientists at predicting a “cure” is not very good (about the same as that of stock analysts predicting the market). The last dozen or so experimental medicines for Alzheimer’s (all touted as the next big thing) have not only failed but results have often been the opposite of what was predicted.

That said, in the next 5-10 years, we will have the results from over 25 trials testing a broad range of strategies such as drugs targeting plaques, drugs targeting tangles, drugs boosting brain memory chemicals, aerobic exercise, different types of diets and medical foods, gene therapy, as well as novel devices to stimulate the brain’s memory centers. (You can check clinicaltrials.org or adcs.org for more information). So the odds are quite good that we will have one or more new treatments by 2025. But even if a cure were in a test tube today, it would take ten years to get to the market. That’s why it’s critical that individuals, such as yourself, sign up for clinical trials.

You may be surprised to learn that one type of “cure” is already available. About 10 years ago, a woman with familial early onset Alzheimer’s successfully conceived a healthy baby free of the harmful APP gene mutation through a technique called preimplantation genetic diagnosis (PGD) at a fertility clinic run by the doctor, Yuri Verlinski. That baby, who would now be 10 years old, has hopefully been cured of familial Alzheimer’s and will in turn be able to have risk free children.

Q. My father, his mother, his mother’s sister, my maternal grandmother and her sister and my maternal aunt all had or have Alzheimer’s - symptomatic onset at 70 and in the early 80’s. I have just turned 60 and think I’d be a great research subject in terms of lifestyle. Can you suggest any research projects that might use me? I understand that some very important studies are being run through Duke. — Kristin Pop’s daughter, Ithaca.

Q. Kristin’s background, age, concerns, and interest in research studies mirror mine - which I have posted. Please inform us of potential studies. I am willing to travel, even to Duke, which she mentioned in her post. —Mary Christian Madden, East Greenwich, RI

A. Thanks for the offer! Most research studies require people to come for multiple visits over several months/years which would be difficult for people living far away. A university affiliated medical center closer to your home might be more ideal. Clinicaltrials.gov has a listing of all ongoing prevention studies. Many such studies are also advertised in pages of local newspapers. The Alzheimer’s Association chapter in your home town may be able to guide you to find a suitable research study in your town. Don’t sign up for a trial just because you have a spare half day. Make sure you thoroughly research the pros and cons. Fewer than 1 percent of drug trials are positive, but 100 percent of all drug trials carry risks. So the odds of you personally benefiting are the same as in a lottery.

Q. Her whole life my mother drank four cups of tea every day, read two to three books a week, ate mostly vegetables, didn’t smoke, drank wine moderately, and stayed slim. She started showing signs of Alzheimers in her mid 50’s and has been steadly declining for 15 years now. Although a bad lifestyle can cause dementia in many people, it is more complicated than that. — Joseph, Fla.

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Consumer confidence holds at five-year high, but barely

Consumer confidence has perked up in recent months. Above, customers Russell and Maggie Love listen to sales associate Kevin Kanifati at a Sears store in Torrance. (Patrick Fallon / Bloomberg)

By Don Lee

November 21, 2012, 7:47 a.m.

WASHINGTON -- Consumer confidence held at a five-year high in November, but there were signs that concerns about the "fiscal cliff" are starting to weigh on sentiments.

The final November index of consumer sentiment stood at 82.7 based on the widely followed survey by Thomson Reuters/University of Michigan. That's a notch above the 82.6 reading for October, but down from the 84.9 preliminary index earlier in November.

Details of the report released Wednesday showed consumers' mood about current conditions brightened in November, most likely reflecting the improving housing market and gains in job growth in October.

But consumers were less upbeat about expectations for the future, signaling greater awareness and caution about a fiscal cliff of higher taxes and federal spending cuts at the start of next year, unless lawmakers take action to avert what most analysts believe will lead the nation into recession.

The latest report comes just two days before the traditional start of the holiday shopping season. Surveys suggest that the Christmas retail season will likely match last year's performance, but sales could disappoint if consumers become increasingly nervous that the nation could go over the fiscal cliff.

ALSO:

Superstorm Sandy a factor in retail sales drop last month

Corporate chiefs fear 'fiscal cliff,' but consumers are unfazed

Fed chairman urges Obama, Congress to try to avoid 'fiscal cliff'

Comments are filtered for language and registration is required. The Times makes no guarantee of comments' factual accuracy. Readers may report inappropriate comments by clicking the Report Abuse link next to a comment. Here are the full legal terms you agree to by using this comment form.

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Feds charge former hedge fund manager in big insider-trading case

WASHINGTON -- Federal prosecutors on Tuesday charged a former hedge fund portfolio manager with securities fraud in connection with what they said was the most lucrative insider-trading case ever prosecuted.

In complaints filed in New York, authorities said investment advisors and hedge funds made more than $276 million in illegal profits or avoided losses by trading before the announcement in 2008 of negative results from clinical trials for an Alzheimer's disease drug being developed by Elan Corp. and Wyeth.

Prosecutors charged Mathew Martoma, a former portfolio manager at CR Intrinsic, an unregistered investment adviser, with securities fraud for allegedly illegally using information about the clinical trial results that he obtained from a neurologist at a hospital involved in the testing.

The criminal complaint did not name the neurologist, which it said was a cooperating witness in the case.

The Securities and Exchange Commission filed a a related civil suit Tuesday against Martoma, CR Intrinsic and Dr. Sidney Gilman, a neurology professor at the University of Michigan Medical School. The SEC suit said Gilman was chairman of the safety monitoring committee overseeing the clinical trials of the Alzheimer's drug.

Martoma met Gilman some time between 2006 and 2008 through paid consultations, the SEC complaint says. "During these consultations, Gilman provided Martoma with material, nonpublic information about the ongoing trial," the SEC complaint said.

In mid-July 2008, "Gilman provided Martoma with the actual, detailed results of the clinical trial" before an official announcement on July 29, 2008, the SEC said.

The FBI, SEC and U.S. attorney's office in New York scheduled a 12:30 p.m. EST news conference to discuss the case.

"The charges unsealed today describe cheating coming and going – specifically, insider trading first on the long side, and then on the short side, on a scale that has no historical precedent," said Preet Bharara, U.S. attorney for Manhattan.  "As alleged, by cultivating and corrupting a doctor with access to secret drug data, Mathew Martoma and his hedge fund benefited from what might be the most lucrative inside tip of all time."

Follow Jim Puzzanghera on Twitter and Google+.

Also:

Senate moves insider trading bill to Obama's desk.

Baseball star Eddie Murray settles insider-trading investigation.

Former Goldman Sachs director Rajat Gupta guilty of insider trading.

http://articles.latimes.com/2012/aug/17/business/la-fi-sec-murray-20120818

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Interpublic exits Facebook

(Reuters) – Interpublic Group of Cos said it sold its remaining investment in Facebook Inc for $ 95 million in cash.

Interpublic said it expects to record a pre-tax gain of $ 94 million. It had recorded a pre-tax gain of $ 132.2 million for the third quarter of last year from the sale of half of its 0.4 percent stake in Facebook.

Interpublic paid less than $ 5 million for the stake in 2006.

Shares of Facebook, which debuted with a market value of more than $ 100 billion in May, have lost nearly half their value since then on concerns about money-making prospects.

“We decided to sell our remaining shares in Facebook as our investment was no longer strategic in nature,” Chief Executive Michael Roth said in a statement.

Interpublic also authorized an increase in its existing share repurchase program to $ 400 million from $ 300 million. The company repurchased shares worth $ 151 million, as of September 30.

Shares of the company were up 1 percent at $ 10 on the New York Stock Exchange on Tuesday.

Facebook shares were marginally up at $ 23.00 on the Nasdaq.

(Reporting by Sruthi Ramakrishnan in Bangalore; Editing by Joyjeet Das)

Internet News Headlines – Yahoo! News

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