Analysis: For tech investors, it’s hard to know when to bolt

(Reuters) – When Hewlett-Packard Co agreed to buy British software company Autonomy in August last year for $ 11.1 billion, two well-known investors made diametrically different bets on how the big deal would play out.

To short seller Jim Chanos, who had been raising red flags on Autonomy for years and had started shorting shares of HP in 2011, the deal was another nail in the coffin of the Silicon Valley tech giant, according to a source familiar with his thinking.

But to activist investor Ralph Whitworth, co-founder of Relational Investors LLC, it was time to commit to HP and the turnaround story the company was trying to sell to Wall Street. His fund bought more than 17.5 million HP shares after the deal was announced, and Whitworth received a seat on the company’s board. This year, Relational roughly doubled its stake in HP.

In the wake of HP’s decision to take an $ 8.8 billion write-down on the deal because of alleged accounting irregularities at Autonomy, it appears Chanos – whose call to short Enron before the energy company collapsed in a corporate scandal may be his most famous trade – was more astute.

HP’s shares are down 36 percent since Relational, which declined to comment, built its stake in the third quarter of 2011.

BARRIERS TO ENTRY

Relational’s big move into HP is a reminder that even smart investors can get things wrong in the fast-evolving technology sector, where once hot global names like Research in Motion and Yahoo can quickly become yesterday’s news.

It is a world where a company may effectively erect barriers to entry in a market only to have them torn down by a rival with a new whizz-bang product – just as Apple‘s iPhone broke the dominance that Research in Motion’s BlackBerry had enjoyed.

One warning sign that a tech company may be on the verge of losing its edge is when it makes acquisitions outside of its main area of expertise to move into new product lines. Savvy tech investors also say be wary of companies that experience a succession of management changes, or when a successful core business starts looking tired.

The pace of change in the technology sector is much faster than in other industries, said Kaushik Roy, an analyst at Hercules Technology Growth Capital. “It attracts new talent and capital, many startups are formed, which can be extremely disruptive to incumbents,” Roy said. “In other words, yesterday’s winners can rapidly become today’s losers and vice versa.”

In the case of HP, the company not only has had four CEOs since 1999, it has been striving to find another niche to dominate as demand for one of its core products – computer printers – wanes and as its PC business stumbles.

Or consider online search pioneer Yahoo, which has gone through six chief executives and is struggling to keep pace with Google.

Josh Spencer, a portfolio manager at T. Rowe Price, said frequent turnover in the executive suite at Yahoo was a warning sign to him. Spencer said he does not own Yahoo shares and has not in the recent past.

RED FLAGS

While a company may view an acquisition as a fresh start – that is what HP was trying to say about Autonomy – some investors see it as a warning the core business is struggling.

Spencer noted that the technology industry’s most successful companies – Apple and Samsung – generally have not made acquisitions and instead developed new products internally.

For Margaret Patel, managing director at Wells Capital Management, one of the first red flags she saw at HP was when former CEO Carly Fiorina bought Compaq for roughly $ 25 billion in 2002.

“I felt then that the acquisition was too large and expensive, and personal computers were not their core strength,” said Patel, who has since avoided investing in HP.

Of course, timing can be everything even if an investor is eventually proven right. Patel missed out on a 137 percent gain in HP’s stock price from the time of the Compaq deal up until the end of 2010.

PREMIUM VALUATIONS

A few money managers see a flashing yellow light in the big sell-off of Apple shares in the past few months.

Apple, the most valuable U.S. company, has shed nearly 30 percent of its value in the last three months.

Since the death of co-founder Steve Jobs – the driving force behind Apple’s iPod, iPhone and iPad – DoubleLine co-founder Jeffrey Gundlach has been recommending that investors short the company’s shares because “the product innovator isn’t there anymore.”

Gundlach said he began shorting Apple’s stock at around $ 610 and maintains that it could drop to $ 425. He declined to comment on Tim Cook, who succeeded Jobs over a year ago and is seen by many as less visionary and innovative than Jobs.

Christian Bertelsen, chief investment officer at Global Financial Private Capital, with assets under management of $ 1.7 billion, said his firm began paring back its exposure to Apple this fall because he felt the expectations for the company’s new iPhone5 had gotten overheated.

He said his firm dramatically took down its exposure to Apple shares when the stock hit $ 670 a share. “For us, the light bulb went off this fall,” he said. Mind you, Apple’s shares still remain up about 25 percent for the whole year.

And then there’s Research in Motion. Once a leader in smartphones, it’s now in danger of becoming irrelevant.

“They saw the move towards all touch-screen phones and didn’t move with it,” said Stuart Jeffrey, an analyst at Nomura Securities who noted how the BlackBerry 10 touch-screen phone will debut on January 30, 2013, six years after Apple released its first iPhone in 2007.

Robert Stimpson, a portfolio manager at Oak Associates Funds whose fund does not own any shares of Research in Motion, said the company’s BlackBerry phones are on a downward slope and it will be tough for the company to regain its lost luster.

“The end of the road is a long, lonely journey,” Stimpson said of Research in Motion. “I think they will fight the good fight for many years, probably unsuccessfully.”

(Reporting by Nicola Leske and Sam Forgione in New York; Editing by Paritosh Bansal, Tiffany Wu, Jennifer Ablan and Matthew Goldstein; Editing by Steve Orlofsky)

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‘Rescue Me’ singer Fontella Bass dies

ST. LOUIS (AP) — Fontella Bass, a St. Louis-born soul singer who hit the top of the R&B charts with “Rescue Me” in 1965, has died. She was 72.

Bass died Wednesday night at a St. Louis hospice of complications from a heart attack suffered three weeks ago, her daughter, Neuka Mitchell, said. Bass had also suffered a series of strokes over the past seven years.

“She was an outgoing person,” Mitchell said of her mother. “She had a very big personality. Any room she entered she just lit the room up, whether she was on stage or just going out to eat.”

Bass was born into a family with deep musical roots. Her mother was gospel singer Martha Bass, one of the Clara Ward Singers. Her younger brother, David Peaston, had a string of R&B hits in the 1980s and 1990s. Peaston died in February at age 54.

Bass began performing at a young age, singing in her church’s choir at age 6. She was surrounded by music, often traveling on national tours with her mother and her gospel group.

Her interest turned from gospel to R&B when she was a teenager and she began her professional career at the Showboat Club in north St. Louis at age 17. She eventually auditioned for Chess Records and landed a recording contract, first as a duet artist. Her duet with Bobby McClure, “Don’t Mess Up a Good Thing,” reached No. 5 on the R&B charts and No. 33 on the Billboard Top 100 in 1965.

She co-wrote and later that year recorded “Rescue Me,” reaching No. 1 on the R&B charts and No. 4 on the Billboard pop singles chart. Bass’s powerful voice bore a striking resemblance to that of Aretha Franklin, who is often misidentified as the singer of that chart-topping hit.

Bass had a few other modest hits but by her own accounts developed a reputation as a troublemaker because she demanded more artistic control, and more money for her songs. She haggled over royalty rights to “Rescue Me” for years before reaching a settlement in the late 1980s, Mitchell said. She sued American Express over the use of “Rescue Me” in a commercial, settling for an undisclosed amount in 1993.

“Rescue Me” has been covered by many top artists, including Linda Ronstadt, Cher, Melissa Manchester and Pat Benatar. Franklin eventually sang a form of it too — as “Deliver Me” in a Pizza Hut TV ad in 1991.

Bass lived briefly in Europe before returning to St. Louis in the early 1970s, where she and husband Lester Bowie raised their family. She recorded occasionally, including a 1995 gospel album, “No Ways Tired,” that earned a Grammy nomination.

Bass was inducted into the St. Louis Hall of Fame in 2000.

Funeral arrangements for Bass were incomplete. She is survived by four children. Bowie died in 1999.

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Surival Rates Similar for Two Types of Abdominal Aneurysm Repairs

Less-invasive surgery isn’t necessarily better than an open procedure to repair a potentially fatal abdominal aortic aneurysm. That’s the conclusion of researchers at the Johns Hopkins University School of Medicine, who found similar survival rates for both types of procedures.

The medical community was enthusiastic about a new, less-invasive procedure assumed to be safer and better than traditional open surgery, according to Medical News Today. The researchers followed patients for up to nine years. Surprisingly, they found that after four years, survival rates for the two types of surgery were very similar.

An aneurysm is a bulge resembling a balloon in an artery. When the artery’s wall has been weakened by genetic issues, trauma, or certain medical problems, the pressure of blood against it can cause an aneurysm. Aneurysms in the aorta claim the lives of around 13,000 Americans a year, says the National Heart Lung and Blood Institute. Most deaths occur after the rupture of an aneurysm or a split in the aorta’s wall.

An abdominal aortic aneurysm occurs when the aorta — the body’s largest blood vessel — balloons in the abdomen due to pressure on the wall. If it ruptures, massive bleeding can be quickly fatal. This type of aneurysm ranks 14th among leading causes of death for Americans between 60 and 85.

Treatment depends on an aneurysm’s size and location. The traditional surgery for an abdominal aortic aneurysm utilizes a large, open cut. The more recent type of repair is an endovascular embolization, in which the surgeon uses a stent to prop open the blood vessel or reinforce its wall, according to PubMed Health.

While the survival rate was higher after two years in patients in the Hopkins study who had undergone endovascular repair, by the four-year mark, rates were nearly the same. Among elderly patients considered bad risks for an open surgery, individuals didn’t fare better with the newer technique. The team found no increased survival in patients at least 70 years old who had undergone the less-invasive procedure. Any benefits occurred in younger individuals.

Study leader Julie A. Freischlag, M.D., says the results raise an issue over who should undergo aneurysm repair. Even when older patients underwent repairs, their lives weren’t prolonged. She says the issue is whether they should have either procedure, since they’re already dying of diseases associated with old age.

My father lived, largely symptom-free, for years with an abdominal aortic aneurysm . Citing a weak heart, surgeons declined to repair it. When he experienced sudden pain, my mother took him to the emergency room. He survived an open repair procedure but died after 16 days in intensive care of an infection at the surgical site. Although he was 71, we wonder if an endovascular embolization would have provided a different outcome, at least for four years after surgery.

Vonda J. Sines has published thousands of print and online health and medical articles. She specializes in diseases and other conditions that affect the quality of life.

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Former President George H.W. Bush in intensive care

HOUSTON (AP) — Former President George H.W. Bush has been admitted to the intensive care unit at a Houston hospital "following a series of setbacks including a persistent fever," but he is alert and talking to medical staff, his spokesman said Wednesday.

Jim McGrath, Bush's spokesman in Houston, said in a brief email that Bush was admitted to the ICU at Methodist Hospital on Sunday. He said doctors are cautiously optimistic about his treatment and that the former president "remains in guarded condition."

No other details were released about his medical condition, but McGrath said Bush is surrounded by family.

The 88-year-old has been hospitalized since Nov. 23, when he was admitted for a lingering cough related to bronchitis after having been in and out of the hospital for complications related to the illness.

Earlier Wednesday, McGrath said a fever that kept Bush in the hospital over Christmas had gotten worse and that doctors had put him on a liquids-only diet.

"It's an elevated fever, so it's actually gone up in the last day or two," McGrath told The Associated Press. "It's a stubborn fever that won't go away."

But he said the cough that initially brought Bush to the hospital has improved.

Bush was visited on Christmas by his wife, Barbara, his son, Neil, and Neil's wife, Maria, and a grandson, McGrath said. Bush's daughter, Dorothy, was expected to arrive Wednesday in Houston from Bethesda, Md. The 41st president has also been visited twice by his sons, George W. Bush, the 43rd president, and Jeb Bush, the former governor of Florida.

Bush and his wife live in Houston during the winter and spend their summers at a home in Kennebunkport, Maine.

The former president was a naval aviator in World War II — at one point the youngest in the Navy — and was shot down over the Pacific. He achieved notoriety in retirement for skydiving on at least three of his birthdays since leaving the White House in 1992.

___

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Police investigate NBC News anchor for showing gun clip

(Reuters) – NBC News anchor David Gregory is being investigated by police after displaying what he said was a high-capacity gun clip on Sunday’s broadcast of “Meet the Press,” Washington‘s Metropolitan Police Department said Wednesday.

Gregory held up what appeared to be a 30-round gun magazine – which would be barred under Washington municipal code – while hosting the nationally broadcast interview with National Rifle Association Chief Executive Officer Wayne LaPierre.

“Here is a magazine for ammunition that carries 30 bullets,” Gregory said as he held aloft the black cartridge, according to video posted on the network’s website.

“Now isn’t it possible that, if we got rid of these, if we replaced them and said ‘Well, you could only have a magazine that carries five bullets or ten bullets,’ isn’t it just possible that we can reduce the carnage in a situation like Newtown?” Gregory asked LaPierre.

“I don’t think it’s what will work,” LaPierre responded.

The network had contacted the police department prior to Sunday’s broadcast “inquiring if they could use a high capacity magazine for the segment,” police spokesman Araz Alali said on Wednesday.

“NBC was informed that possession of a high-capacity magazine was not permissible and their request was denied.”

Alali, the police spokesman, declined to elaborate on the investigation into NBC.

Washington’s municipal code prohibits possession, sale or transfer of “any large capacity ammunition feeding device, regardless of whether the device is attached to a firearm.”

The maximum penalty for conviction on such a charge is a $ 1,000 fine and one year in prison.

NBC spokeswoman Erika Masonhall, contacted by email, said the network had no comment on the investigation.

After the broadcast, which originated in Washington, a number of bloggers and websites questioned Gregory’s actions and the legality of the gun clip.

(Reporting by Chris Francescani and Paul Eckert; Editing by Paul Thomasch, Andrew Hay and Gunna Dickson)

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Mayo Scientists Link Enzyme to Aggressive Prostate Cancer

Researchers from the Mayo Clinic have directly linked an enzyme to aggressive prostate cancer. They’ve also developed a compound that restricts the ability of the molecule to fuel metastases of this type of cancer.

The team from Mayo’s Florida campus identified the first direct relationship between the enzyme known as PRSS3 to prostate cancer, according to Medical News Today. They published their results in Molecular Cancer Research.

The National Cancer Institute estimated that close to a quarter of a million men would be diagnosed with prostate cancer in 2012, and around 28,000 of them wouldn’t survive.

For years, medical professionals have relied on two types of screening for this disease: a digital rectal exam and the prostate specific antigen (PSA) test. However, the Mayo Clinic says using the PSA test is sometimes controversial, since it can provide false indicators and since there is no proof that it actually saves lives.

PRSS3, a protease, digests other molecules. The Mayo researchers concluded that activity associated with the enzyme alters the environment surrounding prostate cancer cells. They suspect that PRSS3 frees the cells from surrounding tissue, allowing them to become invasive and to spread cancer.

They haven’t concluded that the enzyme is the only issue linked to aggressive prostate cancer, however. Instead, they suspect that PRSS3 might power a potentially lethal form of this cancer.

The researchers examined databases available to the public that contained information from clinical studies. After finding a link between early breast cancer and protease in earlier work, they sought to discover whether any other type of cancer expressed protease and at which stages of the disease.

They found a dramatic relationship between increases in PRSS3 expression and progression of aggressive prostate cancer. The scientists determined that protease expression played a critical role in prostate cancer metastasis in mice models and found a site for an inhibiting agent to shut down the expression. In mice in which PRSS3 was “shut off,” the malignancy did not spread.

One outcome of the study is the possibility of testing prostate cancer patients for the molecule. Doctors could better determine patients at highest risk for an aggressive form of the disease. While the inhibitor utilized cannot be directly developed into a useful drug, it could provide a template for creating one.

My husband is among those who could eventually profit from this study. After two successive PSA tests with numbers that suddenly skyrocketed, he underwent painful biopsies that showed nothing amiss. Although his PSA numbers bounce, his urologist insists that he keep repeating the test.

With a family history of aggressive prostate cancer, my husband finds it hard to argue. Should he nix more PSA tests and eventually develop the illness, the link between the enzyme and prostate cancer provides some hope of a positive outcome.

Vonda J. Sines has published thousands of print and online health and medical articles. She specializes in diseases and other conditions that affect the quality of life.

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Toronto reaches skyward, but how dark the clouds?

TORONTO (Reuters) – Barry Fenton walked to the bank of floor-to-ceiling windows in his 30th-floor uptown Toronto penthouse suite and declared, “This is the best view of the city.”

To the south, a mass of steel-and-glass skyscrapers glinted in the bright autumn sun. Several cranes were in motion on unfinished buildings, a common sight in a city in the midst of a residential building boom.

“If you look around the core, every building you look at has a different look to it, a different ambience,” said the energetic co-founder of Lanterra Developments, one of the city’s most active builders. “That’s important.”

Fenton, 56, says he is confident the city’s condominium market will remain strong — despite warnings that it is all moving too far, too fast — and has an ambitious lineup for future development. And he is not alone in his optimism.

Toronto‘s seams are bursting with new condo and hotel towers designed by star architects like Frank Gehry and built by famed developers like Donald Trump.

But Fenton and others who see Toronto emerging from its “pokey” past — as a columnist in the Globe and Mail recently described it — face some formidable obstacles: an infrastructure buckling under soaring density rates, the laws of supply and demand and preservationists who say too many new towers are destroying the city’s character.

Canada’s central bank drew a bead on the city of 2.6 million this month in its weighty “Financial System Review,” warning of “potential future supply imbalances” in the condo market.

The Bank of Canada noted that the number of unsold condominiums in pre-construction has doubled, to 14,000, over the past year.

Greater Toronto home sales have slowed after years of steady increases. Sales fell 16 percent in November from the same month a year ago, according to the Toronto Real East Board. So far, however, prices are flattening, not falling, as some analysts have predicted.

In defiance of warnings by the central bank and economists, two mega-projects were unveiled within days of each other in October — a three-tower condo complex to be designed by Gehry and a multi-tower office project that includes a massive casino.

RACE TO THE TOP

More skyscrapers — 147 of them — are being built in Toronto than anywhere in North America, according to Emporis, the German data provider. That is twice as many as in New York, a city with about three times the population.

Toronto is getting taller fast. Fifteen buildings that will be more than 150 meters (492 feet) high are under construction, more than anywhere in the western hemisphere.

The recently completed Trump International Hotel topped out at 277 meters, just shy of Toronto’s tallest skyscraper, the 72-story First Canadian Place, which is 298 meters. That height could be exceeded by a couple of major projects on the drawing boards, including the Mirvish project.

(The city’s tallest freestanding structure, however, is the CN Tower, which soars over Toronto at 553 meters.)

“Toronto is creating a very sustainable future by building condos downtown,” said Daniel Libeskind, the American architect, who was in Toronto in October for a ceremony for one of his latest projects, the 57-story L Tower, with its sweeping, curvaceous, design that rises above the city’s modernist Sony Center for Performing Arts.

“It fights urban sprawl and brings people into the heart of the city.”

While building in big American cities and in Western Europe cratered following the financial crisis four years ago, Toronto never stopped booming. Demand for residential space has been strong, and while the office market has also been healthy, most of the new developments have been for condo projects.

Lanterra’s Fenton said his company has built some 9,000 condominium units in Toronto over the past 10 years and now has “in the hopper” up to 6 million square feet of property in downtown Toronto that is being rezoned for new projects.

Lanterra gained prominence over the past five years for the development of Maple Leaf Square, which included two condo towers, a hotel and office space, near the city’s hockey shrine, Air Canada Center, on land that had sat vacant for years.

Now it is “one of the hottest places to be,” said Fenton.

“ONE TOWER LEADS TO ANOTHER”

Some worry that Toronto can’t handle much more development.

“We have accumulated a serious infrastructure deficit,” wrote Ken Greenberg, a Toronto architect, in the Globe and Mail in October. “We have failed to make the investments in public transit that are urgently needed. Our narrow sidewalks and poorly designed streets are already jammed.”

He criticized the city officials and developers for a lack of coordinated planning. “One tower leads to another,” he said.

Despite decades of debate about transportation policy, Toronto has just two subway lines, a fleet of charming but lumbering streetcar lines and crumbling roadways.

Commuters in Toronto spend at least 80 minutes in traffic a day, on average — worse than what commuters face in London or Los Angeles — according to the Toronto Board of Trade.

Toronto’s City Planning Department did not respond to numerous requests for comment.

There is also concern about soaring neighborhood density rates. The city’s waterfront area has seen the most growth. Its population has soared 134 percent in a decade and is up 66 percent in the past five years, to 43,295, according to city data.

Toronto’s aging energy grid is strained. In July, downtown Toronto endured an eight-hour blackout after a transformer blew due to high demand. There was a similar outage last January.

THE MEGA-PROJECTS

Now two of the most ambitious projects the city has ever seen are being floated.

First out of the gate was theater impresario David Mirvish, who with his father, the late Ed Mirvish, helped create Toronto’s vibrant arts and theater scene.

In early October, Mirvish unveiled a plan for three condominium towers, with up to 85 floors each, that would be the city’s tallest buildings.

A podium at the buildings’ base would house two museums, including one for the Mirvish family’s contemporary art collection.

The Mirvish buildings would be designed by Gehry, the celebrated Canadian-born architect whose 76-story 8 Spruce Street residential tower was just completed in New York.

“These towers can become a symbol of what Toronto can be,” the 83-year-old Gehry said at project’s unveiling. “I am not building condominiums, I am building three sculptures for people to live in.”

Two weeks later, Oxford Properties Group, a Canadian developer with a $ 20 billion global real estate portfolio, announced a $ 3 billion makeover of the downtown convention center, just south of the Mirvish and Gehry project. It envisions a casino, two hotel towers and two office towers that would be among the tallest in the city.

Adam Vaughan, a city councilor whose district would encompass both projects, said a lot more planning is needed. He had kinder words for the Mirvish proposal — “it’s a transformative and astonishing proposal” — than for Oxford’s project, which he called “all out of proportion.”

“It’s time to have a really smart conversation about how we are building this neighborhood because there is a hell of lot of density arriving not just with this project but with all the projects that have been approved,” he said in an interview.

AT THE KIT KAT

Al Carbone, owner for the past three decades of the Kit Kat restaurant, doesn’t think people like Vaughan are listening to him, as the councilor and other politicians are not heeding the growing concerns about the rapid pace of development.

He said buildings are springing up too close to lot lines, creating jammed sidewalks and alleyways. And the sun does not shine on the streets like it once did.

He supports the Mirvish project, which would preserve his street, known as Restaurant Row. But he is battling a separate 47-story building that would go up steps away from his restaurant.

The plan, which still must be approved, would retain the historic facades of buildings on the street, which Carbone believes will destroy the character of the row.

“It’s a tough battle,” said Carbone, who launched the website SaveRestaurantrow.com to drum up support in opposition to the project. “You can’t have a condo on every corner.”

WHERE IS TORONTO HEADED?

Some believe Toronto is at a crossroads as developers, politicians and citizens debate the rapid changes the city’s urban landscape.

The Globe and Mail’s Marcus Gee dismissed the idea that the development was somehow bad for the city in a column in October, saying the condo boom “has transformed our once-pokey downtown into a vibrant, around-the-clock urban community.”

David Lieberman, an architect who also teaches at the University of Toronto’s architectural school, agrees the new developments have been good for the city, but he is not sure the city’s citizens are ready for it.

“We have such an excellent opportunity to get things right, but there is the Canadian conservatism,” Lieberman said, sipping coffee in his studio in an old downtown Toronto house. “Canadians in their city building are not risk takers.”

(Reporting By Russ Blinch. Editing by Janet Guttsman and Douglas Royalty)

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Newtown celebrates Christmas amid signs of mourning

NEWTOWN, Conn. - Newtown celebrated Christmas amid piles of snow-covered teddy bears and heaps of flowers as volunteers manned a 24-hour candlelight vigil in memory of the 20 children and six adults shot to death in the second-largest school shooting in U.S. history.

Well-wishers from around the country showed up Tuesday morning to hang ornaments on memorial Christmas trees, while police officers from around Connecticut took extra shifts to give local police a day off.

"It's a nice thing that they can use us this way," Ted Latiak, a police detective from Greenwich, Connecticut, said as he and a fellow detective came out of a store with bagels and coffee for other officers.

A steady stream of residents, some in pyjamas, relit candles that had been extinguished in an overnight snowstorm. Others dropped off toys and fought back tears at a huge sidewalk memorial filled with stuffed animals, poems, flowers, posters and cards.

In the morning, resident Joanne Brunetti watched over 26 candles that had been lit at midnight in honour of those slain at Sandy Hook Elementary School. She and her husband, Bill, signed up for a three-hour shift and erected a tent to ensure that the flames never went out throughout the day.

"You have to do something and you don't know what to do, you know? You really feel very helpless in this situation," she said. "My thought is if we were all this nice to each other all the time maybe things like this wouldn't happen."

Julian Revie played "Silent Night" on a piano on the sidewalk at the downtown memorial. Revie, from Ottawa, Canada, was visiting the area at the time of the shootings. He found a piano online and chose to spend Christmas Eve and Christmas Day playing for the people of Newtown.

"It was such a mood of respectful silence," said Revie. "But yesterday being Christmas Eve and today being Christmas Day, I thought now it's time for some Christmas carols for the children."

At a town hall memorial, Faith Leonard waved to people driving by and handed out Christmas cookies and children's gifts. She had driven from Arizona, at almost the other end of the country, to volunteer on Christmas morning alone.

"I guess my thought was if I could be here helping out, maybe one person would be able to spend more time with their family or grieve in the way they needed to," Leonard said.

Many residents attended Christmas Eve services and spent Tuesday morning at home with their families. Others attended church services in search of a new beginning.

At St. Rose of Lima Roman Catholic Church, which eight of the child victims of the massacre attended, the pastor told parishioners that "today is the day we begin everything all over again."

Recalling the events of Dec. 14, the Rev. Robert Weiss said: "The moment the first responder broke through the doors, we knew good always overcomes evil."

"We know Christmas in a way we never ever thought we would know it," Weiss said. "We need a little Christmas and we've been given it."

Police have yet to offer a theory about a possible motive for gunman Adam Lanza's rampage. The 20-year-old resident killed his mother in her bed before carrying out the massacre and killing himself.

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Boston Cop Rescues Drowning Woman

A Boston police officer is being hailed a hero after he jumped into the frigid cold water to rescue a drowning woman.

Cell phone video showed police officer Edward Norton plunging into Fort Point channel Friday afternoon during a torrential downpour to rescue the unidentified woman who’d reportedly fallen in by accident.

Norton, who just happened to be in the right place at the right time, says he didn’t think twice about jumping in.

“It just kind of happened. I saw here there. Someone had to do it,” Norton told ABC News. “As I was in the air, I was thinking I don’t know what’s under the water.”

Once in the water, Norton’s bullet-proof vest weighed him down, making the rescue more complicated than he anticipated. Onlookers did their part by tossing in a life preserver, which helped keep the frantic woman afloat.

“She kept saying stuff like, ‘I can’t hold on.’ So, I told her, ‘Hold on. Help is coming,’” Norton said. The officer remained with the woman in the water until firefighters arrived on the scene and pulled them both out of the water to safety.

Both were taken to local hospitals and checked for hypothermia, but were released with a clean bill of health.

As for the people calling Norton a hero, he says, not really because it’s all in a day’s work.

“I feel like I did what I would expect to do for one of my loved ones. My wife, my daughter, anyone,” Norton said.

While everyone made it out of the water safely with no injuries, there was one casualty so to speak. Norton says his wedding band slipped off when he hit the water and hero or not, his wife is none too pleased.

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Jessica Simpson’s Christmas gift: She’s pregnant

NEW YORK (AP) — Jessica Simpson‘s daughter has the news all spelled out: “Big Sis.”

Simpson on Tuesday tweeted a photo of her baby daughter Maxwell playing in the sand, the words “Big Sis” spelled out.

The 32-year-old old singer and personality has been rumored to be expecting again. The tweet appears to confirm the rumors.

“Merry Christmas from my family to yours” is the picture’s caption. Simpson used a tweet on Halloween in 2011 to announce she was pregnant with Maxwell. She is engaged to Eric Johnson and gave birth to Maxwell in May.

One possible complication regarding her pregnancy: She is a spokeswoman for Weight Watchers.

Entertainment News Headlines – Yahoo! News

Title Post: Jessica Simpson’s Christmas gift: She’s pregnant
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