Thursday, January 3, 2013

Barnes & Noble sells fewer Nooks, retail revenue falls

(Reuters) - Barnes & Noble Inc's Nook unit reported weak holiday season numbers on Thursday as it sold fewer e-readers and tablets at its own stores, and its e-books sales growth slowed, raising questions about the future of its digital business.

The Nook, launched in 2009 to compete with Amazon.com Inc's market-leading Kindle, has been the cornerstone of Barnes & Noble's strategy to counter the shift by many book readers to digital books. Early growth attracted a big investment last year from Microsoft Corp.

And last week, British education and media publisher Pearson Plc said it would take a 5 percent stake in Barnes & Noble's Nook Media unit, which also includes its college bookstore chain, giving it a $1.8 billion value, about double the company's value as a whole.

But questions swirled about whether it is worth that much, after the retailer said that the Nook segment's revenue fell 12.6 percent from a year earlier during the nine weeks ended December 29, hurt by lower unit sales and prices.

Sales of digital content like e-books and magazines rose 13.1 percent during the holidays, a much slower pace than the 38 percent gain last quarter and 113 percent in the 2011 holiday season, suggesting Barnes & Noble is having trouble holding on to its 25-30 percent share of the U.S. e-books market.

"We are way beyond the point where you should see content sales accelerate," Morningstar analyst Peter Wahlstrom told Reuters. "That hasn't materialized and that's concerning."

The numbers were all the more disappointing given that in late November, Barnes & Noble had told investors Nook device sales doubled over the Black Friday weekend, which follows Thanksgiving and kicks off the holiday season in earnest.

That suggests the rest of season was a debacle, analysts said, and Chief Executive William Lynch said in a statement that Barnes & Noble is "examining the root cause" of the shortfall and will adjust its strategy.

"The investment question for Barnes & Noble in 2013 is the Nook's staying power as a legitimate tablet device," Credit Suisse analyst Gary Balter wrote in the note, predicting the retailer will face stiffer competition this year from the likes of Apple Inc and Google Inc, since tablets now have improved functions that make them more appealing to book readers.

The drop in Nook sales came despite the launch of two well-reviewed high-definition Nook tablets in October and promotions at large chains like Wal-Mart Stores Inc and Target Corp, both of which stopped selling Kindles last year.

Despite the holiday results, Barnes & Noble still expects Nook Media sales of $3 billion this fiscal year, keeping a forecast it gave in October.

That steady forecast helped lift shares 2.6 percent to $14.88 in morning trading.

The company will report full quarterly results in late February.

The results follow a warning from Barnes & Noble in a filing last week that holiday sales would come in below its expectations. The warning erased most of the gains in its share price that followed the news of Pearson's investment.

FEWER VISITORS IN STORES

Compounding Barnes & Noble's troubles, fewer shoppers came into its bookstores during the Christmas period.

Barnes & Noble, which had enjoyed a sales bump after onetime rival Borders Group liquidated in 2011, reported a 10.9 percent decrease in sales at its bookstores and on its website over the holiday period.

Sales at stores open at least 15 months fell 3.1 percent, excluding Nook products, despite the benefit of some store closings -- Barnes & Noble operates 689 bookstores, 14 fewer than a year ago.

"The Borders tailwind is over," Morningstar's Wahlstrom said.

(Reporting by Phil Wahba in New York; editing by John Wallace and Nick Zieminski)

Source: http://news.yahoo.com/barnes-noble-revenue-falls-sharply-sells-fewer-nook-135004519--finance.html

elvis presley elvis presley vanessa bryant vanessa bryant Prince Harry naked Prince Harry Vegas Melky Cabrera

NCAA calls Pennsylvania suit an affront to Sandusky's victims

(Reuters) - The National Collegiate Athletic Association on Wednesday said a lawsuit by Pennsylvania Governor Tom Corbett appeared "without merit" and was "an affront to all of the victims" of convicted child molester Jerry Sandusky.

Corbett said he would sue the NCAA in federal court to challenge the sanctions it levied against Penn State University over the Sandusky child sex-abuse scandal.

"We are disappointed by the governor's action today," the NCAA said in a statement.

(Reporting by Daniel Trotta; Editing by Gerald E. McCormick)

Source: http://news.yahoo.com/ncaa-calls-pennsylvania-suit-affront-sanduskys-victims-181121861--nfl.html

Aurora victims usher James Holmes Minka Kelly sex tape Colorado shooting Colorado shooting victims aurora

Wednesday, January 2, 2013

NCAA calls Pennsylvania suit an affront to Sandusky's victims

(Reuters) - The National Collegiate Athletic Association on Wednesday said a lawsuit by Pennsylvania Governor Tom Corbett appeared "without merit" and was "an affront to all of the victims" of convicted child molester Jerry Sandusky.

Corbett said he would sue the NCAA in federal court to challenge the sanctions it levied against Penn State University over the Sandusky child sex-abuse scandal.

"We are disappointed by the governor's action today," the NCAA said in a statement.

(Reporting by Daniel Trotta; Editing by Gerald E. McCormick)

Source: http://news.yahoo.com/ncaa-calls-pennsylvania-suit-affront-sanduskys-victims-181121861--nfl.html

match day nene dark shadows trailer nate mcmillan clooney arrested southern miss rod blagojevich

Pa. governor sues NCAA over Penn State sanctions

Pennsylvania Gov. Tom Corbett speaks at a news conference Wednesday, Jan. 2, 2013 in State College, Pa. The NCAA overstepped its authority by imposing hefty sanctions on Penn State University in the wake of the Jerry Sandusky child molestation scandal, Corbett said in announcing a federal lawsuit against the college athletics governing body. (AP Photo/Ralph Wilson)

Pennsylvania Gov. Tom Corbett speaks at a news conference Wednesday, Jan. 2, 2013 in State College, Pa. The NCAA overstepped its authority by imposing hefty sanctions on Penn State University in the wake of the Jerry Sandusky child molestation scandal, Corbett said in announcing a federal lawsuit against the college athletics governing body. (AP Photo/Ralph Wilson)

Pennsylvania Gov. Tom Corbett speaks at a news conference Wednesday, Jan. 2, 2013 in State College, Pa. The NCAA overstepped its authority by imposing hefty sanctions on Penn State University in the wake of the Jerry Sandusky child molestation scandal, Corbett said in announcing a federal lawsuit against the college athletics governing body. (AP Photo/Ralph Wilson)

Pennsylvania Gov. Tom Corbett gestures while speaking at a news conference Wednesday, Jan. 2, 2013 in State College, Pa. The NCAA overstepped its authority by imposing hefty sanctions on Penn State University in the wake of the Jerry Sandusky child molestation scandal, Corbett said in announcing a federal lawsuit against the college athletics governing body. (AP Photo/Ralph Wilson)

Pennsylvania Gov. Tom Corbett, center at podium, speaks at a news conference Wednesday, Jan. 2, 2013 in State College, Pa. The NCAA overstepped its authority by imposing hefty sanctions on Penn State University in the wake of the Jerry Sandusky child molestation scandal, Corbett said in announcing a federal lawsuit against the college athletics governing body. (AP Photo/Ralph Wilson)

(AP) ? In a bold challenge to the NCAA's powers, Pennsylvania's governor claimed in a lawsuit Wednesday that college sports' governing body overstepped its authority and "piled on" when it penalized Penn State over the Jerry Sandusky child molestation scandal.

Gov. Tom Corbett asked that a federal judge throw out the sanctions, which include an unprecedented $60 million fine and a four-year ban on bowl games, arguing that the measures have harmed students, business owners and others who had nothing to do with Sandusky's crimes.

"A handful of top NCAA officials simply inserted themselves into an issue they had no authority to police under their own bylaws and one that was clearly being handled by the justice system," Corbett said at a news conference.

The case, filed under federal antitrust law, could define just how far the NCAA's authority extends. Up to now, the federal courts have allowed the organization broad powers to protect the integrity of college athletics.

In a statement, the NCAA said the lawsuit has no merit and called it an "affront" to Sandusky's victims.

Penn State said it had no role in the lawsuit. In fact, it agreed not to sue as part of the deal with the NCAA accepting the sanctions, which were imposed in July after an investigation found that football coach Joe Paterno and other top officials hushed up sexual-abuse allegations against Sandusky, a former member of Paterno's staff, for more than a decade for fear of bad publicity.

The penalties include a cut in the number of football scholarships the university can award and a rewriting of the record books to erase 14 years of victories under Paterno, who was fired when the scandal broke in 2011 and died of lung cancer a short time later.

The lawsuit represents a reversal by the governor. When Penn State's president consented to the sanctions last summer, Corbett, a member of the Board of Trustees, embraced them as part of the university's effort to repair the damage from the scandal.

Corbett said he waited until now to sue over the "harsh penalties" because he wanted to thoroughly research the legal issues and did not want to interfere with the football season.

The deal with the NCAA has been unpopular with many fans, students and alumni. Corbett, who is up for re-election next year, deflected a question about whether his response has helped or hurt him politically.

"We're not going to get into the politics of this," he said.

An alumni group, Penn Staters for Responsible Stewardship, applauded the lawsuit but said Corbett should have asked questions when the NCAA agreement was made.

"If he disapproved of the terms of the NCAA consent decree, or if he thought there was something illegal about them, why didn't he exercise his duty to act long before now?" the group said.

Paterno's family members said in a statement that they were encouraged by the lawsuit. Corbett "now realizes, as do many others, that there was an inexcusable rush to judgment," they said.

Corbett's lawsuit accuses the NCAA of cynically exploiting the Sandusky case, saying its real motives were to "gain leverage in the court of public opinion, boost the reputation and power of the NCAA's president" and "enhance the competitive position of certain NCAA members." It said the NCAA has not cited a rule that Penn State broke.

Corbett charged that the NCAA violated the Sherman Antitrust Act, which prohibits agreements that restrain interstate commerce. Legal experts called it an unusual case whose outcome is difficult to predict.

The NCAA has faced antitrust litigation before, with a mixed record of success. In 1984, the Supreme Court ruled against the NCAA's exclusive control over televised college football games. And in 1998, the Supreme Court let stand a ruling that said the NCAA's salary cap for some assistant coaches was unlawful price-fixing.

But federal courts have consistently rejected antitrust challenges to NCAA rules and enforcement actions designed to preserve competitive balance, academic integrity and amateurism in college athletics.

In this case, the courts might not be as sympathetic to the NCAA, said Matthew Mitten, director of the National Sports Law Institute at Marquette University Law School.

"It's difficult to justify the sanctions as necessary to protect the amateur nature of college sports, preserve competitive balance or maintain academic integrity," he said.

Joseph Bauer, an antitrust expert at the University of Notre Dame law school, said of Corbett's line of reasoning: "I don't think it's an easy claim for them to make, but it's certainly a viable claim."

Sandusky, 68, was convicted in June of sexually abusing 10 boys over a 15-year period, some of them on Penn State's campus. He is a serving a 30- to 60-year prison sentence.

Michael Boni, a lawyer for one of the victims, said he does not consider the lawsuit an affront. But he said he hopes Corbett takes a leading role in pushing for changes to state child-abuse laws.

"I really question who he's concerned about in this state," Boni said.

Michael Desmond, a businessman who appeared with Corbett at the news conference, said business at his five State College eating establishments was down about 10 percent during Penn State home game weekends this year.

"The governor's actions are going to be immensely popular with all Penn State alumni," Desmond said.

Corbett, a Republican, said his office did not coordinate its legal strategy with state Attorney General-elect Kathleen Kane, who is scheduled to be sworn in Jan. 15. Instead, the current attorney general, Linda Kelly, granted the governor authority to pursue the matter.

Kane, a Democrat, ran on a vow to investigate why it took prosecutors nearly three years to charge Sandusky. Corbett was attorney general when his office took over the case in 2009.

Kane had no comment on the lawsuit because she was not consulted about it by Corbett's office.

State and congressional lawmakers have objected to use of the NCAA fine to finance child-abuse prevention efforts in other states. Penn State has already made the first $12 million payment, and an NCAA task force is deciding how it should be spent.

___

Associated Press writers Peter Jackson in Harrisburg, Pa., and Michael Rubinkam contributed.

Associated Press

Source: http://hosted2.ap.org/APDEFAULT/3d281c11a96b4ad082fe88aa0db04305/Article_2013-01-02-Penn%20State-Abuse-Lawsuit/id-35b2598939fe4cbfac930038279310ac

st. bonaventure ira glass march madness swain match day nene dark shadows trailer

Tuesday, December 25, 2012

Sony says China business has recovered, foresees growth

BEIJING (Reuters) - Sony Corp's business in China has "more or less" returned to levels seen before recent protests against Japan's actions over a group of disputed islands, the Japanese company's China chief, Nobuki Kurita, told reporters on Tuesday.

Calls for boycotts of Japanese products broke out across China in September after Japan nationalized two of a group of disputed East China Sea islands, known as the Diaoyu in Chinese and the Senkaku in Japanese, by purchasing them from their private owners.

The spat plunged relations between Japan and China into a deep freeze and hit sales of Japanese goods in China. Kurita said, however, that Sony's China business would recover strongly in the coming three business years after a dip in the current one.

"My general impression is business conditions have more or less returned to the pre-crisis environment," he told a media briefing at a Sony store in eastern Beijing.

He saw sales in China falling 10 percent in the business year to next March from the previous year, but rebounding in the year to March 2013 and growing strongly in the two subsequent years.

Kurita declined to comment on what impact the election of the hawkish Shinzo Abe as Japan's new prime minister could have on Japan-China relations.

Abe has vowed not to back down on the island dispute, but still must balance that stance with the need for stable relations with China. Japanese media have reported that he will send a special envoy to China to mend ties.

"There's no market that has no risk," he said when asked about Japan-China relations.

"Our mandate is to maximize our business potential in any given situation."

Kurita said he expects Sony's business in emerging markets to grow about 40 percent from the current level to reach some 2.6 trillion yen ($31 billion) in the business year ending in March 2015. China would account for "a good chunk" of that growth, he said.

(Reporting by Norihiko Shirouzu; Editing by Jonathan Standing and Edmund Klamann)

Source: http://news.yahoo.com/sony-says-china-business-recovered-foresees-growth-074515105--finance.html

Jimmy Hoffa Ed Hochuli Opie modern family george strait how i met your mother PNC Bank

Lawmakers play waiting game with "fiscal cliff" deadline in sight (reuters)

Share With Friends: Share on FacebookTweet ThisPost to Google-BuzzSend on GmailPost to Linked-InSubscribe to This Feed | Rss To Twitter | Politics - Top Stories Stories, RSS and RSS Feed via Feedzilla.

Source: http://news.feedzilla.com/en_us/stories/politics/top-stories/272907770?client_source=feed&format=rss

Chad Johnson London 2012 Soccer dwight howard Olympics closing ceremony PGA Championship 2012 John Witherspoon george michael

Mophie OutRide action-cam case for iPhone now available: 170 degrees of Xmas footage for $150

Mophie OutRide action cam case for iPhone 44S available for $150

We took a look at Mophie's OutRide ruggedized action-cam case back at IFA in August, but the month of December notoriously brings many more photo ops. Perhaps that's why the company has chosen to announce availability of the case, which sports a lens capable of 170-degree viewing angles, on the cusp of year-end holidays. The waterproof OutRide is available now for $150 -- and that price includes a variety of mounts for handlebars, surfboards and helmets. A companion app is a free download from the App Store and lets users edit and share their recorded footage. The OutRide is currently only compatible with the iPhone 4 and iPhone 4S, so those who are gifted Apple's latest handset will have to sit this one out.

Continue reading Mophie OutRide action-cam case for iPhone now available: 170 degrees of Xmas footage for $150

Filed under:

Comments

Source: Mophie

Source: http://www.engadget.com/2012/12/25/mophie-outride-action-cam-case-iphone-for-150/

Rich Kids of Instagram felix hernandez julia child Ron Palillo Texas A&m katy perry Chad Johnson Twitter