Zynga profit tops views, but it forecasts lower revenue

SAN FRANCISCO (Reuters) – Zynga Inc, the one-time Silicon Valley darling that has been wrestling with a months-long exodus of online gamers, reported an unexpected fourth-quarter profit on Tuesday after embracing steep cuts and shifting forward deferred revenue.

The results assuaged investors who had feared the company might be in free fall and boosted Zynga shares by 7 percent to $ 2.93 in after-hours trade.

Still, the company reported fourth-quarter revenues of $ 311 million, virtually unchanged from a year ago and down from the prior quarter. And Zynga’s underlying business appeared to be continuing its downward slide, as the maker of “CityVille 2″ and other games projected revenue could shrink for a third sequential quarter.

Zynga forecast revenue for the first quarter of 2013 of between $ 255 million and $ 265 million, a roughly 20 percent drop from the same quarter in 2012.

The company attributed the weak sales forecast to a “light slate” of new games planned for quarter.

“The highlight was it was a good quarter and good free cash flow but outlook and guidance is somewhat cloudy,” said Arvind Bhatia, a Sterne Agee analyst.

Once hailed as one of Silicon Valley’s fastest growing companies, Zynga suffered a dramatic reversal in 2012, when users began to abandon its red-hot games like “CityVille.” The company was also caught off-guard by a sweeping, permanent change in consumer behavior, as people spent more time on their mobile phones instead of desktop computers – the platform for Zynga’s most lucrative, Facebook-based games.

The company went public in late 2011 at $ 10 a share. By November, its stock had dipped as low as $ 2.10, a price that valued the company only narrowly above the value of its securities, cash and assets.

But Zynga on Tuesday reported a quarterly profit of 1 cent per share on an adjusted basis, beating expectations for a loss of 3 cents per share, according to analysts polled by Thomson Reuters I/B/E/S.

COST CUTTING

In October, Zynga’a chief executive, Mark Pincus, laid off staff and announced $ 200 million in stock buybacks after the company forecast a loss for the December quarter.

To begin the company’s turnaround, he also vowed to make smartphone-based games a centerpiece of Zynga’s line-up, and to crack down on internal delays that affected game launches.

Excluding certain items such as one-time stock compensation costs, Zynga achieved profitability by sharply paring costs on research and development and administration, as well as by shifting forward $ 50 million in future guaranteed revenue to be counted in the current quarter.

New bookings fell to $ 261.2 million, a decline of 15 percent from a year ago.

Executives told analysts on Tuesday’s conference call that the company would adopt a more conservative game development strategy and discard titles that fail to become hits – a departure from earlier days when the high-flying startup spent lavishly on developing a wide array of game offerings.

For instance, CityVille 2, the sequel to Zynga’s most successful game to date, would be shuttered because it was underperforming, executives said.

“Not every launch was a success,” said Chief Operating Officer David Ko. “We’re taking a more disciplined approach to managing our game portfolio.”

FACEBOOK TIES UNRAVELED

Zynga’s management also played up the strength of its own gamer network, weeks after Zynga and Facebook dissolved a longstanding partnership that gave Zynga beneficial privileges on the Facebook platform.

For years, Zynga and Facebook enjoyed a closely symbiotic relationship: The world’s No. 1 social network fed new gamers to Zynga games by tweaking its recommendations algorithms and exposing Zynga games to Facebook users, while Zynga funneled millions in fees back to Facebook.

But Facebook has recently courted other developers to make games on its platform to diversify its revenue streams, while Pincus pushed Zynga to make itself less dependent on Facebook and more focused on mobile games.

Pincus told analysts Tuesday that the company’s own gamer network and websites, rather than Facebook, now represents Zynga’s “most important distribution channel.”

In an interview, Barry Cottle, Zynga’s chief revenue officer, said more than two-thirds of new game downloads were spurred by social communication tools Zynga developed for its own players, and that Zynga could harness social gaming without Facebook.

“We have a strong audience base through our own channels,” Cottle said. “And we’ve got a lot of experience here at Zynga that was built on understanding how players like to interact in games.”

(Reporting By Gerry Shih; Editing by Leslie Adler and M.D. Golan)

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Kim Kardashian's Pregnancy Is No Reason to Speed Divorce, says Kris Humphries

By Mike Fleeman

02/05/2013 at 09:20 PM EST

Kris Humphries and Kim Kardashian

Seth Browarnik/StarTraks

Kim Kardashian's baby is not even born yet and already is being drawn into mama's divorce.

Kardashian, carrying boyfriend Kanye West's child, has bristled at what she sees as stall tactics by estranged husband Kris Humphries to close the legal books on their 72-day marriage.

But Humphries's lawyer Marshall W. Waller writes that "what is really going on here is that an 'urgency' in the form of an apparently unplanned pregnancy" is being used by Kardashian as "an opportunity to gain a litigation advantage (to) prematurely set this matter for trial."

He adds parenthetically that the pregnancy is "something (Humphries) had nothing to do with."

Waller explains his reasoning for calling the pregnancy as unplanned: "Indeed, why would (she) plan to get pregnant in the midst of divorce proceedings?"

Kardashian, herself, recently addressed the timing.

"God brings you things at a time when you least expect it," she said last month. "I'm such a planner and this was just meant to be. What am I going to? Wait years to get a divorce? I'd love one. It's a process."

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Critics seek to delay NYC sugary drinks size limit

NEW YORK (AP) — Opponents are pressing to delay enforcement of the city's novel plan to crack down on supersized, sugary drinks, saying businesses shouldn't have to spend millions of dollars to comply until a court rules on whether the measure is legal.

With the rule set to take effect March 12, beverage industry, restaurant and other business groups have asked a judge to put it on hold at least until there's a ruling on their lawsuit seeking to block it altogether. The measure would bar many eateries from selling high-sugar drinks in cups or containers bigger than 16 ounces.

"It would be a tremendous waste of expense, time, and effort for our members to incur all of the harm and costs associated with the ban if this court decides that the ban is illegal," Chong Sik Le, president of the New York Korean-American Grocers Association, said in court papers filed Friday.

City lawyers are fighting the lawsuit and oppose postponing the restriction, which the city Board of Health approved in September. They said Tuesday they expect to prevail.

"The obesity epidemic kills nearly 6,000 New Yorkers each year. We see no reason to delay the Board of Health's reasonable and legal actions to combat this major, growing problem," Mark Muschenheim, a city attorney, said in a statement.

Another city lawyer, Thomas Merrill, has said officials believe businesses have had enough time to get ready for the new rule. He has noted that the city doesn't plan to seek fines until June.

Mayor Michael Bloomberg and other city officials see the first-of-its-kind limit as a coup for public health. The city's obesity rate is rising, and studies have linked sugary drinks to weight gain, they note.

"This is the biggest step a city has taken to curb obesity," Bloomberg said when the measure passed.

Soda makers and other critics view the rule as an unwarranted intrusion into people's dietary choices and an unfair, uneven burden on business. The restriction won't apply at supermarkets and many convenience stores because the city doesn't regulate them.

While the dispute plays out in court, "the impacted businesses would like some more certainty on when and how they might need to adjust operations," American Beverage Industry spokesman Christopher Gindlesperger said Tuesday.

Those adjustments are expected to cost the association's members about $600,000 in labeling and other expenses for bottles, Vice President Mike Redman said in court papers. Reconfiguring "16-ounce" cups that are actually made slightly bigger, to leave room at the top, is expected to take cup manufacturers three months to a year and cost them anywhere from more than $100,000 to several millions of dollars, Foodservice Packaging Institute President Lynn Dyer said in court documents.

Movie theaters, meanwhile, are concerned because beverages account for more than 20 percent of their overall profits and about 98 percent of soda sales are in containers greater than 16 ounces, according to Robert Sunshine, executive director of the National Association of Theatre Owners of New York State.

___

Follow Jennifer Peltz at http://twitter.com/jennpeltz

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Wall Street bounces back after sell-off; results a boost

NEW YORK (Reuters) - Stocks climbed on Tuesday, recovering a day after the market's biggest sell-off since November, as stronger-than-expected earnings brightened the profit picture.

Dell Inc's stock rose after the world's No. 3 computer maker agreed to be taken private in a $24.4 billion deal, the largest leveraged buyout since the 2008-2009 financial crisis. The stock gained 1.1 percent to $13.42.

All 10 S&P sectors were higher, and the S&P 500 and Nasdaq gained more than 1 percent.

The market's bounce follows a sell-off on Monday that gave the S&P 500 its biggest percentage decline since mid-November. The benchmark remains up 6 percent since the start of the year and is less than 4 percent away from its all-time closing high of 1,565.15 from October 2007.

Analysts said fourth-quarter results have been among factors helping to boost stocks. On Tuesday, Archer Daniels Midland reported revenue and adjusted fourth-quarter earnings that beat expectations, boosted by strong global demand for oilseeds. Shares rose 3.3 percent to $29.38.

"There's not a huge upside surprise by any means, but we're definitely seeing slightly better-than-expected earnings overall," said Bryant Evans, portfolio manager at Cozad Asset Management, in Champaign, Illinois.

The Dow Jones industrial average <.dji> was up 99.22 points, or 0.71 percent, at 13,979.30. The Standard & Poor's 500 Index <.spx> was up 15.58 points, or 1.04 percent, at 1,511.29. The Nasdaq Composite Index <.ixic> was up 40.41 points, or 1.29 percent, at 3,171.58.

The market shot higher at the start of the year after U.S. lawmakers were able to come to a last-minute agreement to avoid a national "fiscal cliff," but questions on spending cuts remain.

President Barack Obama on Tuesday urged Congress to pass a small package of spending cuts and tax reforms. Though the plan was quickly rebuffed by Republican leaders, investors are looking for an agreement.

"I think there's some hopefulness out there that a reasonable compromise will be made," Evans said.

Also in earnings, Estée Lauder Cos Inc reported a higher quarterly profit and raised its full-year profit forecast. The stock rose 6 percent to $64.71.

With results in from more than half of the S&P 500 companies, 69 percent have beaten profit expectations, compared with the 62 percent average since 1994 and the 65 percent average over the past four quarters. Sixty-six percent of companies have beaten on revenue.

Fourth-quarter earnings for S&P 500 companies are expected to rise 4.5 percent, according to the data, above the 1.9 percent forecast at the start of earnings season.

On the down side, McGraw-Hill shares slumped 10.7 percent to $44.92 after the U.S. Justice Department filed a civil lawsuit seeking $5 billion over mortgage bond ratings. Standard & Poor's, a McGraw Hill unit, was accused of inflating ratings and understating risk out of a desire to gain more business from investment banks.

On Monday, McGraw-Hill stock suffered its worst one-day decline since the 1987 market crash.

Volume was roughly 6.7 billion shares traded on the New York Stock Exchange, the Nasdaq and the NYSE MKT, compared with the 2012 average daily closing volume of about 6.45 billion.

Advancers outpaced decliners on the NYSE by nearly 11 to 4 and on the Nasdaq by about 3 to 1.

(Editing by Kenneth Barry and Nick Zieminski)

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The Lede Blog: North Korean Propaganda Video Imagines a Brighter World, Without Manhattan

Last Updated, 3:52 p.m. When aliens strike, the climate goes berserk, the Russians invade, an asteroid threatens the Earth, New York City is often the first place to be destroyed. Hollywood has long used the city’s skyline to demonstrate what destruction looks like in action movies and video games. It seems as if North Korea, in seeking to show how an assault on America would play out, also has Manhattan squarely in its cross hairs.

A new propaganda video, posted Sunday on a Web site and a YouTube channel that serve as outlets for North Korean state media, shows a computer-animated representation of Lower Manhattan in flames as bombs rain down.

A video posted on a North Korean YouTube channel this week features images of Manhattan in flames.

As a blogger for Kotaku reports, the attack on Manhattan is lifted straight from the video game “Call of Duty: Modern Warfare 3,” and unfolds as a sweeping instrumental version of “We Are the World” plays in the background.

The copy of the video on YouTube was removed on Tuesday afternoon, after a copyright complaint from Activision, the video-game maker.

The cartoonish propaganda clip is one of a slew of recent videos that have been released by North Korea to promote the country’s missile program. Although the video might make some observers laugh, the tension over North Korea’s nuclear ambitions and missile program is deadly serious.

The United Nations Security Council voted on Jan. 22 to tighten sanctions against North Korea as punishment for a Dec. 12 rocket launch. In response, the North vowed to expand its nuclear program “both quantitatively and qualitatively” and conduct a third nuclear test at a “higher level.”

As our colleagues David Sanger and William Broad reported after December’s successful missile launch by North Korea, there is no evidence that the country currently has technology that can threaten the continental United States – much less New York.

Administration officials said that while the launching was successful — and advanced the North’s missile program — it was hardly a threat to the United States, despite a warning by Robert M. Gates in 2011, when he was secretary of defense, that the North would have a missile capable of reaching the United States by 2016.

The video begins with an image of a man in blue pajamas sleeping. He recounts a dream in words that appear on the screen. “I had a dream last night, a dream of soaring into space on board our Unha-9 rocket,” the man says.

Unha, Korean for galaxy, is the name of the North Korean rocket series. The latest one, launched in December, was the Unha-3. So the dreamer is imagining a future, more advanced version of the rocket. After first showing footage of a real rocket launch, the video shifts to animation.

“Our Kwangmyongsong-21 spacecraft got separated from the rocket and traveled through space,” he says.

Once again, the dream appears to show the advances North Korea hopes to make in the years to come. In December, the satellite launched by the North was rocket number 3. By the time the series reaches 21 in the man’s dream, the rocket looks like the American space shuttle. The animation at that point shows the spacecraft circling the globe in search of its target, the music from “We are the World” building as it moves closer to the United States.

“I see stars and the green Earth. I also see a unified Korea.” These words appear on screen as the video moves from animation back to real footage of people waving flags, in particular, a “Korea-is-one” flag. The video shows a unified, not divided, Korean Peninsula in blue, a symbol of Korean reunification.

Then the video shows an overhead image of New York draped in the American flag. “Meanwhile, I see black smoke rising somewhere in America,” the dreaming man says. “It appears that the headquarters of evil, which has had a habit of using force and unilateralism and committing wars of aggression, is going up in flames it itself has ignited.”

At this point in the video, the computer-animated scene copied from “Call of Duty” show Lower Manhattan in flames.

“Just imagine riding in a Korean spaceship. One day, my dream will come true,” the narrator says. “No matter how hard the imperialists try to isolate and stifle us, they will not stop our people’s path toward our final victory of achieving a unified, strong and prosperous Korea.”

Robert Mackey contributed reporting.

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Facebook After Death: Who Owns Your Pages When You Die?

Most people can’t live without Facebook — but what happens to your Facebook page when you are no longer living? New Hampshire and other states are trying to figure that out.

State Rep. Peter Sullivan has introduced legislation to allow the executor of an estate control over the social networking pages of the dead. Last week, the New Hampshire House of Representatives voted 222-128 to give Sullivan more time to write an amendment that begins a study of the issue.

The bill proposed by Sullivan, a Democrat from Manchester, would allow control of someone’s Facebook, Twitter, and other accounts such as Gmail to be passed to the executor of their estate after death.

According to Sullivan, passage of his bill would bridge a gap in policies of social media sites regarding posthumous users. He said his bill would protect residents who have suffered loss.

“This would give the families a sense of closure, a sense of peace. It would help prevent this form of bullying that continues even after someone dies and nobody is really harmed by it.”

In an interview with WMUR, Sullivan tells the story of a young Canadian girl who committed suicide because of bullying. After she died the taunting continued on her Facebook page.

Read More About Teens Bullied On Facebook

“The family wasn’t able to do anything; they didn’t have access to her account.” Sullivan said. “They couldn’t go in and delete those comments, and they couldn’t take the page down completely.”

Five other states, including Oklahoma, Idaho, Rhode Island, Indiana and Connecticut, have established legislation regulating one’s digital presence after death. Rhode Island and Connecticut were first, but their bills were limited in scope to email accounts, excluding social networking sites.

According to opponents of Sullivan’s bill, contracts and provisions between the social media user and the site already lay out what happens to the page once the user passes. Opponents say Sullivan’s bill is unenforceable and incomplete. Some also say the issue would be better suited for federal law.

Ryan Kiesel, then a state legislator from Oklahoma, sponsored a similar bill in 2010 called the Digital Property Management After Death law. Though he supports states’ efforts to bring light to this issue, saying that it is a good way to get the conversation started, he also believes that this is a case that should eventually taken up by the federal government.

“Facebook and other online providers have changed their privacy policies to keep up with the times, but we still see a lot of flux within different sites like Facebook , Flickr, or Google, for example.” Keisel told ABC News. “The federal government should pass uniform laws to govern all digital assets because it is quite difficult for an estate to have to navigate endless numbers of digital policies postmortem.”

Kiesel, who now works as a civil rights activist, compared one’s digital legacy to the distribution of someone’s tangible assets after death.

Get more pure politics at ABCNews.com/Politics

“In Oklahoma, if you are administrator of the estate of a deceased person’s house and you find a box under their bed, you are well within your right to see what’s inside that box and if property is worth distributing, you should distribute it accordingly.” Kiesel told ABC News that the same idea goes for digital legacy.

Today marks the ninth Anniversary of the launch of Facebook, which currently has over 1 billion active users. That number, which has grown from just a million users in 2004, suggests there must be an enormous number of Facebook pages that must currently be occupied by deceased people.

Facebook has not completely ignored the growing number of deceased users. The site has created a function allowing Facebook pages to become memorials after they have died.

“Please use this form to request the memorialization of a deceased person’s account,” the site reads. “We extend our condolences and appreciate your patience and understanding throughout this process.”

Memorialization of a Facebook page, however, can only be done via online request. And the terms of service for Facebook’s say that it will not issue login and password information to family members of the deceased. The requestor must contact Facebook and request that the profile is taken down or memorialized.

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Jillian Michaels: My Son Phoenix Is 'Fiery' Like Me

Mom & Babies
Celebrity Baby Blog

02/04/2013 at 03:00 PM ET

Gregg DeGuire/WireImage

Jillian Michaels‘ son Phoenix is already taking after his mama — just not the right one!

Although The Biggest Loser trainer expected her baby boy to inherit her partner’s laidback approach to life — Heidi Rhoades delivered their son in May — the 8-month-old’s budding personality is the polar opposite.

“He wants to walk and he gets really pissed about it when he can’t. He gets frustrated,” Michaels, 38, told PEOPLE at the recent TCAs.

“He’s a fiery little sucker, he’s just like me. I’m like, ‘You were supposed to be like Heidi!’ But he’s not. It’s not good, not good.”

Admitting she is “terrified for when he’s a teenager,” Michaels has good reason to be: Recently she spotted her son — who is “crawling aggressively” — putting his electrician skills to the test in the family room.

“He’s into everything, which is kind of a nightmare to be totally honest,” she says. “We have an outlet in the floor in the living room and I caught him eating the outlet on the floor … I was like, ‘Mother of God!’”

Phoenix’s big sister Lukensia, 3, has also been busy keeping her mamas on their toes. “Lu just had her first ski trip and she had a little crush on her teacher, Ollie,” Michaels shares.

“At first I was like, ‘Oh my God, we’re letting our baby go!’ The second day we took her she ran right to him — loves Ollie.”

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Bullying study: It does get better for gay teens

CHICAGO (AP) — It really does get better for gay and bisexual teens when it comes to being bullied, although young gay men have it worse than their lesbian peers, according to the first long-term scientific evidence on how the problem changes over time.

The seven-year study involved more than 4,000 teens in England who were questioned yearly through 2010, until they were 19 and 20 years old. At the start, just over half of the 187 gay, lesbian and bisexual teens said they had been bullied; by 2010 that dropped to 9 percent of gay and bisexual boys and 6 percent of lesbian and bisexual girls.

The researchers said the same results likely would be found in the United States.

In both countries, a "sea change" in cultural acceptance of gays and growing intolerance for bullying occurred during the study years, which partly explains the results, said study co-author Ian Rivers, a psychologist and professor of human development at Brunel University in London.

That includes a government mandate in England that schools work to prevent bullying, and changes in the United States permitting same-sex marriage in several states.

In 2010, syndicated columnist Dan Savage launched the "It Gets Better" video project to encourage bullied gay teens. It was prompted by widely publicized suicides of young gays, and includes videos from politicians and celebrities.

"Bullying tends to decline with age regardless of sexual orientation and gender," and the study confirms that, said co-author Joseph Robinson, a researcher and assistant professor of educational psychology at the University of Illinois in Urbana-Champaign. "In absolute terms, this would suggest that yes, it gets better."

The study appears online Monday in the journal Pediatrics.

Eliza Byard, executive director of the Gay, Lesbian & Straight Education Network, said the results mirror surveys by her anti-bullying advocacy group that show bullying is more common in U.S. middle schools than in high schools.

But the researchers said their results show the situation is more nuanced for young gay men.

In the first years of the study, gay boys and girls were almost twice as likely to be bullied as their straight peers. By the last year, bullying dropped overall and was at about the same level for lesbians and straight girls. But the difference between men got worse by ages 19 and 20, with gay young men almost four times more likely than their straight peers to be bullied.

The mixed results for young gay men may reflect the fact that masculine tendencies in girls and women are more culturally acceptable than femininity in boys and men, Robinson said.

Savage, who was not involved in the study, agreed.

"A lot of the disgust that people feel when you bring up homosexuality ... centers around gay male sexuality," Savage said. "There's more of a comfort level" around gay women, he said.

Kendall Johnson, 21, a junior theater major at the University of Illinois, said he was bullied for being gay in high school, mostly when he brought boyfriends to school dances or football games.

"One year at prom, I had a guy tell us that we were disgusting and he didn't want to see us dancing anymore," Johnson said. A football player and the president of the drama club intervened on his behalf, he recalled.

Johnson hasn't been bullied in college, but he said that's partly because he hangs out with the theater crowd and avoids the fraternity scene. Still, he agreed, that it generally gets better for gays as they mature.

"As you grow older, you become more accepting of yourself," Johnson said.

___

Online:

Pediatrics: http://www.pediatrics.org

It Gets Better: http://www.itgetsbetter.org

___

AP Medical Writer Lindsey Tanner can be reached at http://www.twitter.com/LindseyTanner

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S&P 500 posts worst day since November; McGraw-Hill shares sink

NEW YORK (Reuters) - Stocks slid on Monday, giving the S&P 500 its worst day since November, as renewed worries about the euro zone crisis caused the market to pull back from recent gains.

Shares of McGraw-Hill shed 13.8 percent to $50.30, their worst daily percentage decline since the October 1987 market crash, after news the U.S. Justice Department plans to sue Standard & Poor's, a unit of McGraw-Hill, over its mortgage bond ratings. It would be the first such federal action against a credit rating agency related to the recent financial crisis.

Chevron and Wal-Mart were among the biggest drags on the Dow after analyst downgrades, and all 10 S&P 500 sectors were lower. The losses follow Friday's market climb that left the S&P 500 at a five-year high and the Dow above 14,000.

"The market is extended and due for a pullback. I think people are looking for an excuse to make sales, and there (is) the concern coming from Europe," said Michael James, senior trader at Wedbush Morgan in Los Angeles.

Spanish and Italian bond yields rose, renewing worries about the euro zone's sovereign debt crisis. Spain's prime minister faced calls to resign over a corruption scandal, while a probe of alleged misconduct involving an Italian bank was expected to widen three weeks before a national election.

Adding to market pressure, data from the U.S. Commerce Department showed overall factory orders for December were below economists' expectations.

The Dow Jones industrial average <.dji> was down 129.71 points, or 0.93 percent, at 13,880.08. The Standard & Poor's 500 Index <.spx> was down 17.46 points, or 1.15 percent, at 1,495.71. The Nasdaq Composite Index <.ixic> was down 47.93 points, or 1.51 percent, at 3,131.17.

With 18.7 billion shares traded, it was the busiest day on record for McGraw-Hill shares. Shares of ratings agency Moody's Corp fell 10.7 percent at $49.45, their worst one-day drop since August 2011.

The benchmark S&P 500 rose on Friday, leaving it roughly 60 points away from its all-time intraday high of 1,576.09, while the Dow's march above 14,000 was the highest for the index since October 2007.

The S&P index remains up about 5 percent for the year, with nearly half of the gains coming after U.S. legislators temporarily sidestepped the "fiscal cliff" of automatic tax increases and spending cuts.

The CBOE Volatility index VIX <.vix>, Wall Street's so-called fear gauge, jumped 13.7 percent.

Chevron dipped 1.1 percent to $115.20 after UBS cut its rating to neutral, while Wal-Mart Stores Inc shed 1.2 percent to $69.63 after JP Morgan lowered its rating on the world's largest retailer and reduced its price target.

Shares of household products company Clorox rose 0.7 percent to $79.72 after quarterly profit beat analysts' estimates as a severe flu season boosted sales of disinfecting wipes.

According to Thomson Reuters data, of the 256 companies in the S&P 500 that have reported earnings through Monday morning, 68.4 percent have reported earnings above analyst expectations, compared with the 62 percent average since 1994 and the 65 percent average over the past four quarters.

S&P 500 fourth-quarter earnings are expected to rise 4.4 percent, according to the data. That estimate is above the 1.9 percent forecast at the start of earnings season, but well below the 9.9 percent forecast on October 1.

In deal news, software maker Oracle Corp agreed to buy network equipment company Acme Packet Inc for $1.7 billion net of cash. Shares of Oracle were down 3 percent at $35.13 while Acme Packet shot up 23.7 percent to $29.59.

Shares of Herbalife Ltd ended up 1.3 percent at $35.54, recovering its losses ahead of the close. The New York Post reported the seller of weight loss products is facing a probe by the Federal Trade Commission.

Volume was roughly 6.3 billion shares traded on the New York Stock Exchange, the Nasdaq and the NYSE MKT, compared with the 2012 average daily closing volume of about 6.45 billion.

Decliners outpaced advancers on the NYSE by nearly 4 to 1 and on the Nasdaq also by about 4 to 1.

(Editing by Kenneth Barry and Nick Zieminski)

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Scholars Say Bones Belonged to Richard III

LEICESTER, England — Until it was discovered beneath a city parking lot last fall, the skeleton had lain unmarked, and unmourned, for more than 500 years. Friars fearful of the men who slew him in battle buried the man in haste, naked and anonymous, without a winding sheet, rings or personal adornments of any kind, in a space so cramped his cloven skull was jammed upright and askew against the head of his shallow grave.

Agence France-Presse — Getty Images

A photograph from the University of Leicester shows the skeleton believed to be King Richard III found at the Grey Friars Church excavation site in Leicester, England.

On Monday, confirming what many historians and archaeologists had suspected, a team of experts at the University of Leicester concluded on the basis of DNA and other evidence that the skeletal remains were those of King Richard III, for centuries the most reviled of English monarchs. But the conclusion, said to have been reached “beyond any reasonable doubt,” promised to achieve much more than an end to the oblivion that has been Richard’s fate since his death on Aug. 22, 1485, at the Battle of Bosworth Field, 20 miles from this ancient city in the sheep country of England’s East Midlands.

Among those who found his remains, there is a passionate belief that new attention drawn to Richard by the discovery will inspire a reappraisal that could rehabilitate the medieval king and show him to be a man with a strong sympathy for the rights of the common man, who was deeply wronged by his vengeful Tudor successors. Far from the villainous character memorialized in English histories, films and novels, far from Shakespeare’s damning representation of him as the limping, withered, haunted murderer of his two princely nephews, Richard III can become the subject of a new age of scholarship and popular reappraisal, these enthusiasts believe.

“I think he wanted to be found, he was ready to be found, and we found him, and now we can begin to tell the true story of who he was,” said Philippa Langley, a writer who has been a longtime and fervent member of the Richard III Society, an organization that has worked for decades to bring what it sees as justice to an unjustly vilified man. “Now,” Ms. Langley added, “we can rebury him with honor, and we can rebury him as a king.”

Other members of the team at the University of Leicester pointed to Ms. Langley as the inspiration behind the project, responsible for raising much of the estimated $250,000 — with major contributions from unnamed Americans — it cost to carry out the exhumation and the research that led to confirmation that indeed Richard had been found.

Ms. Langley’s account was that her research for a play about the king had led her to a hunch that Richard’s body would be found beneath the parking lot, in a corner of the buried ruins of the Greyfriars Priory, where John Rouse, a medieval historian writing in Latin within a few years after Richard’s death, had recorded him as having been buried. Other unverified accounts said the king’s body had been thrown by a mob into the River Soar, a mile or more from the priory.

Richard Taylor, the University of Leicester official who served as a coordinator for the project, said the last piece of the scientific puzzle fell into place with DNA findings that became available on Sunday, five months after the skeletal remains were uncovered. At that point, he said, members of the team knew that they had achieved something historic.

“We knew then, beyond reasonable doubt, that this was Richard III,” Mr. Taylor said. “We’re certain now, as certain as you can be of anything in life.”

The team’s leading geneticist, Turi King, said at a news conference that DNA samples from two modern-day descendants of Richard III’s family had provided a match with samples taken from the skeleton found in the priory ruins. Kevin Schurer, a historian and demographer, tracked down two living descendants of Anne of York, Richard III’s sister, one of them a London-based, Canadian-born furniture maker, Michael Ibsen, 55, and the other a second cousin of Mr. Ibsen’s who has requested anonymity.

Dr. King said tests conducted at three laboratories in England and France had found that the descendants’ mitochondrial DNA, a genetic element inherited through the maternal line of descent, matched that extracted from the parking lot skeleton. She said all three samples belonged to a type of mitochondrial DNA that is carried by only 1 to 2 percent of the English population, a rare enough group to satisfy the project team, pending more work on the samples, that a match had been found.

When she studied the results for the first time, she said, she “went very quiet, then did a little dance around the laboratory.”

Alan Cowell contributed reporting from London, and Nicholas Wade from Montclair, N.J.

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