Facebook stock up as lock-up expires on largest block of shares

SAN FRANCISCO (Reuters) – Shares of Facebook Inc jumped 10 percent in early trading on Wednesday, even as the biggest block of shares held by insiders became eligible for sale for the first time since the social media company’s disappointing debut in May.

In heavy morning trading, Facebook gained $ 2.02 to $ 21.89.

“While the lock-up is expiring, there is nothing requiring anybody to sell,” said Tim Ghriskey, chief investment officer at Solaris Group in Bedford Hills, New York. “Given the low price, these long-term holders are deciding to hold the stock and that is lifting it here as the fear of the expiration subsides.”

Roughly 800 million Facebook shares could begin trading on Wednesday after restrictions on insider selling were lifted on the biggest block of shares since the May initial public offering.

The lock-up expiration greatly expanded the 921 million-share “float” available for trading on the market until now.

Facebook, the world’s No. 1 online social network, became the only U.S. company to debut with a market value of more than $ 100 billion. But its value has dropped nearly 50 percent since the IPO on concerns about its long-term money-making prospects.

Insider trading lock-up provisions started to expire in August, and the rolling expirations have added to the pressure on Facebook’s stock.

Pivotal Research Group analyst Brian Wieser said he didn’t expect Facebook insiders to sell all of their shares as the lock-ups expired.

“I would expect heavy volumes over the next few weeks, but not undigestible volumes,” said Wieser. By his estimates, roughly 486 million of the nearly 800 million newly freed Facebook shares will be sold.

There is some evidence that the heavy interest in shorting the stock was dissipating, given the poor performance since it first sold shares in May.

According to Markit’s Data Explorers, about 28 percent of the shares available for short-selling were being borrowed for that purpose, down from a high of more than 80 percent in early August.

Similarly, SunGard’s Astec Analytics, which also tracks interest in shorting, noted in a comment on Tuesday that the cost of borrowing Facebook shares is down more than 50 percent since the beginning of the month.

“Everything would seem to indicate the market is losing its appetite to short Facebook,” wrote Karl Loomes, market analyst at Astec.

Several members of Facebook’s senior management have sold millions of dollars worth of shares in recent weeks through pre-arranged stock trading plans as lock-up restrictions expired.

Chief Operating Officer Sheryl Sandberg has sold roughly 530 million shares this month, netting just over $ 11 million, though she still owns roughly 20 million vested shares in Facebook.

In August, Facebook board member Peter Thiel sold roughly $ 400 million worth of Facebook stock, the majority of his stake, when an earlier phase of lock-up restrictions expired.

Facebook’s 28-year-old chief executive, Mark Zuckerberg, has committed to not sell any shares before September 2013.

(Reporting by Alexei Oreskovic; Editing by Jeffrey Benkoe)

Internet News Headlines – Yahoo! News

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Hope Solo's Fiancé Jerramy Stevens Arrested for Domestic Assault

By Andrea Billups

11/14/2012 at 10:20 AM EST

Jerramy Stevens and Hope Solo

NFL/Getty; Jeff Vinnick/Getty

Former Seattle Seahawks tight end Jerramy Stevens has been arrested on suspicion of assaulting his fiancé, U.S. women's soccer team goalkeeper Hope Solo, according to police in Seattle.

Stevens, 33, was released by a Kirkland Municipal Court judge on Tuesday after his arrest Monday on charges of fourth degree domestic violence, reports the Associated Press.

The judge said there was not enough evidence to hold the former pro football star, but the case remains under investigation, Kirkland Police Lt. Mike Murray told the news service.

The couple had applied for a marriage license last Thursday, court records showed. They had been involved for two months and had reportedly argued over whether to wed in Florida or Washington State, the AP reported, citing court documents.

The arrest occurred after police responded to a 3:45 a.m. call about a physical altercation at a party in the Seattle suburb of Kirkland. It occurred the night before the couple had reportedly planned to wed.

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Ireland probes death of ill abortion-seeker

DUBLIN (AP) — The debate over legalizing abortion in Ireland flared Wednesday after the government confirmed a miscarrying woman suffering from blood poisoning was refused a quick termination of her pregnancy and died in an Irish hospital.

Prime Minister Enda Kenny said he was awaiting findings from three investigations into the death of Savita Halappanavar, an Indian living in Galway since 2008 who was 17 weeks along in her pregnancy. The 31-year-old's case highlights the bizarre legal limbo in which pregnant women facing severe health problems in predominantly Catholic Ireland can find themselves.

Ireland's constitution officially bans abortion, but a 1992 Supreme Court ruling found it should be legalized for situations when the woman's life is at risk from continuing the pregnancy. Five governments since have refused to pass a law resolving the confusion, leaving Irish hospitals reluctant to terminate pregnancies except in the most obviously life-threatening circumstances.

University Hospital Galway in western Ireland declined to say whether doctors believed Halappanavar's blood poisoning could have been reversed had she received an abortion rather than wait for the fetus to die on its own. In a statement it described its own investigation into the death, and a parallel probe by the national government's Health Service Executive, as "standard practice" whenever a pregnant woman dies in a hospital. The Galway coroner also planned a public inquest.

Savita Halappanavar's husband, Praveen, said doctors determined that she was miscarrying within hours of her hospitalization for severe pain on Sunday, Oct. 21. He said that over the next three days doctors refused their requests for a termination of her fetus to combat her own surging pain and fading health.

"Savita was really in agony. She was very upset, but she accepted she was losing the baby," he told The Irish Times in a telephone interview from Belgaum, southwest India. "When the consultant came on the ward rounds on Monday morning, Savita asked: 'If they could not save the baby, could they induce to end the pregnancy?' The consultant said: 'As long as there is a fetal heartbeat, we can't do anything.'"

"Again on Tuesday morning ... the consultant said it was the law, that this is a Catholic country. Savita said: "I am neither Irish nor Catholic," but they said there was nothing they could do," Praveen Halappanavar was quoted as saying.

He said his wife vomited repeatedly and collapsed in a restroom that night, but doctors wouldn't terminate the fetus because its heart was still beating.

The fetus died the following day and its remains were surgically removed. Within hours, Praveen Halappanavar said, his wife was placed under sedation in intensive care with systemic blood poisoning and he was never able to speak with her again. By Saturday her heart, kidneys and liver had stopped working and she was pronounced dead early Sunday, Oct. 28.

Praveen Halappanavar said he took his wife's remains back to India for a Hindu funeral and cremation Nov. 3. News of the circumstances that led to her death emerged Tuesday in Galway after the Indian community canceled the city's annual Diwali festival. Savita Halappanavar, a dentist, had been one of the festival's main organizers.

Opposition politicians appealed Wednesday for Kenny's government to introduce legislation immediately to make the 1992 Supreme Court judgment part of statutory law. Barring any such bill, the only legislation defining the illegality of abortion in Ireland dates to 1861 when the entire island was part of the United Kingdom. That British law, still valid here due to Irish inaction on the matter, states it is a crime to "procure a miscarriage."

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Youth soccer coach accused in You Tube sex abuse video

A former Rosemead wrestling coach who was accused of molestation by an alleged victim on YouTube was arrested in Mexico, authorities said Wednesday night.

Herbert Ortiz, 29, recently came to the attention of authorities after he visited the U.S. Consulate in Guadalajara to get a travel visa for Guatemala, according to authorities.

Ortiz, who was an assistant wrestling coach at Rosemead High, was sought by authorities in September after the YouTube video surfaced.

The mother of a 14-year-old boy saw the video in which another "male alleged he was victimized by the suspect and was warning viewers ... to protect their children," the Los Angeles County Sheriff's Department said in September. The mother recognized Ortiz and alerted deputies.

Ortiz was turned over to department detectives on Tuesday at Los Angeles International Airport. He was being held on $215,000 bail.

Anyone with information is asked to call detectives at (877) 710-5273.

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After Proposition 30 victory, UC confirms no midyear tuition hike

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— Robert J. Lopez

twitter.com/LAJourno

Photo: Herbert Ortiz. Credit: Los Angeles County Sheriff's Department

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Top U.S. Commander in Afghanistan Is Linked to Petraeus Scandal

PERTH, Australia — Gen. John R. Allen, the top American and NATO commander in Afghanistan, has become ensnared in the scandal over an extramarital affair acknowledged by David H. Petraeus, a former general. General Allen is being investigated for what a senior defense official said early Tuesday was “inappropriate communication” with Jill Kelley, a woman in Tampa, Fla., who was seen by Mr. Petraeus’s lover as a rival for his attentions.

In a statement released to reporters on his plane en route to Australia early Tuesday, Defense Secretary Leon E. Panetta said that the F.B.I. on Sunday had referred “a matter involving” General Allen to the Pentagon.

Mr. Panetta turned the matter over to the Pentagon’s inspector general to conduct an investigation into what a defense official said were 20,000 to 30,000 pages of documents, many of them e-mails between General Allen and Ms. Kelley, who is married and has children.

A senior law enforcement official in Washington said on Tuesday that F.B.I. investigators, looking into Ms. Kelley’s complaint about anonymous e-mails she had received,  examined all of her e-mails as a routine step.

“When you get involved in a cybercase like this, you have to look at everything,” the official said, suggesting that Ms. Kelley may not have considered that possibility when she filed the complaint. “The real question is why someone decided to open this can of worms.”

The official would not describe the content of the e-mails between General Allen and Ms. Kelley or say specifically why F.B.I. officials decided to pass them on to the Defense Department. “Generally, the nature of the e-mails warranted providing them to D.O.D.,” he said.

Under military law, adultery can be a crime.

The defense official on Mr. Panetta’s plane said that General Allen, who is also married, told Pentagon officials he had done nothing wrong. Neither he nor Ms. Kelley could be reached for comment early Tuesday. Mr. Panetta’s statement praised General Allen for his leadership in Afghanistan and said that “he is entitled to due process in this matter.”

But the Pentagon inspector general’s investigation opens up what could be a widening scandal into two of the most prominent generals of their generation: Mr. Petraeus, who was the top commander in Iraq and Afghanistan before he retired from the military and became director of the C.I.A., only to resign on Friday because of the affair, and General Allen, who also served in Iraq and now commands 68,000 American troops in Afghanistan.

Although General Allen will remain the commander in Afghanistan, Mr. Panetta said that he had asked President Obama to delay the general’s nomination to be the commander of American forces in Europe and the supreme allied commander of NATO, two positions he was to move into after what was expected to be easy confirmation by the Senate. Mr. Panetta said in his statement that Mr. Obama agreed with his request.

Gen. Joseph A. Dunford, the assistant commandant of the Marine Corps who was nominated last month by Mr. Obama to succeed General Allen in Afghanistan, will proceed as planned with his confirmation hearing. In his statement, Mr. Panetta urged the Senate to act promptly on his nomination.

The National Security Council spokesman, Tommy Vietor, said in a statement on Tuesday that Mr. Obama also believes that the Senate should swiftly confirm General Dunford.

The defense official said that the e-mails between Ms. Kelley and General Allen spanned the years 2010 to 2012. The official could not explain why there were so many pages of e-mails and did not specify their content. The official said he could not explain how the e-mails between Ms. Kelley and General Allen were related to the e-mails between Mr. Petraeus and his lover, Paula Broadwell, and e-mails between Ms. Broadwell and Ms. Kelley.

In what is known so far, Ms. Kelley went to the F.B.I. last summer after she was disturbed by harassing e-mails. The F.B.I. began an investigation and learned that the e-mails were from Ms. Broadwell. In the course of looking into Ms. Broadwell’s e-mails, the F.B.I. discovered e-mails between Ms. Broadwell and Mr. Petraeus that indicated that they were having an extramarital affair. Ms. Broadwell, officials say, saw Ms. Kelley as a rival for her affections with Mr. Petraeus.

The defense official said he did not know how General Allen and Ms. Kelley knew each other. General Allen has been in Afghanistan as the top American commander since July 2011, although before that he lived in Tampa as the deputy commander for Central Command, which oversees American military operations in the Middle East.

The defense official said that the Pentagon had received the 20,000 to 30,000 pages of documents from the F.B.I. and was currently reviewing them.

The defense official said that at 5 p.m. Washington time on Sunday, Mr. Panetta was informed by the Pentagon’s general counsel that the F.B.I. had the thousands of pages of e-mails between General Allen and Ms. Kelley. Mr. Panetta was at the time on his plane en route from San Francisco to Honolulu, his first stop on a weeklong trip to the Pacific and Asia. Mr. Panetta notified the White House and then the leaders of the Senate and House Armed Services Committees.

General Allen is now in Washington for what was to be his confirmation hearing as commander in Europe. That hearing, the official said, will now be delayed.

After arriving in Perth Mr. Panetta and Secretary of State Hillary Rodham Clinton met with Prime Minister Julia Gillard of Australia for a United States-Australian security and diplomatic conference. Asked by a reporter while pausing for photos with Mrs. Clinton and Ms. Gillard if General Allen could remain an effective commander while under investigation, Mr. Panetta said nothing.

Gen. Martin E. Dempsey, the chairman of the Joint Chiefs of Staff, was also in Perth for the defense meetings and had no comment on the investigation of General Allen. “I do know him well and I can’t say,” General Dempsey said of General Allen late on Tuesday after returning from an official dinner with the Australian officials, Mrs. Clinton and Mr. Panetta.

Scott Shane contributed reporting from Washington.

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It's a Boy for Tamera Mowry-Housley

Mom & Babies
Celebrity Baby Blog

11/13/2012 at 10:45 AM ET

Katee Grace

He’s finally here!

Tamera Mowry-Housley delivered a son, Aden John Tanner Housley, on Monday, Nov. 12 at Cedars-Sinai Medical Center in Los Angeles, PEOPLE confirms.

This is the first child for the Tia & Tamera star, 34, and her husband, FOX News correspondent Adam Housley.

Arriving two weeks after his due date of Oct. 30, Aden weighed in at 9 lbs., 5 oz. and is 21.5 inches long.

The actress, who blogged her pregnancy for PEOPLE.com, was more than ready for her baby boy to make his arrival.

“If I have yet to learn patience, my son is in the process of teaching me now,” Mowry-Housley wrote. “I have learned that I am not in control and that he will decide when he comes.”

She and Housley, 40, wed in May 2011 in Napa Valley.

RELATED GALLERY: Tamera Mowry-Housley’s Americana-Themed Nursery

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British medical journal slams Roche on Tamiflu

LONDON (AP) — A leading British medical journal is asking the drug maker Roche to release all its data on Tamiflu, claiming there is no evidence the drug can actually stop the flu.

The drug has been stockpiled by dozens of governments worldwide in case of a global flu outbreak and was widely used during the 2009 swine flu pandemic.

On Monday, one of the researchers linked to the BMJ journal called for European governments to sue Roche.

"I suggest we boycott Roche's products until they publish missing Tamiflu data," wrote Peter Gotzsche, leader of the Nordic Cochrane Centre in Copenhagen. He said governments should take legal action against Roche to get the money back that was "needlessly" spent on stockpiling Tamiflu.

Last year, Tamiflu was included in a list of "essential medicines" by the World Health Organization, a list that often prompts governments or donor agencies to buy the drug.

Tamiflu is used to treat both seasonal flu and new flu viruses like bird flu or swine flu. WHO spokesman Gregory Hartl said the agency had enough proof to warrant its use for unusual influenza viruses, like bird flu.

"We do have substantive evidence it can stop or hinder progression to severe disease like pneumonia," he said.

In the U.S., the Centers for Disease Control and Prevention recommends Tamiflu as one of two medications for treating regular flu. The other is GlaxoSmithKline's Relenza. The CDC says such antivirals can shorten the duration of symptoms and reduce the risk of complications and hospitalization.

In 2009, the BMJ and researchers at the Nordic Cochrane Centre asked Roche to make all its Tamiflu data available. At the time, Cochrane Centre scientists were commissioned by Britain to evaluate flu drugs. They found no proof that Tamiflu reduced the number of complications in people with influenza.

"Despite a public promise to release (internal company reports) for each (Tamiflu) trial...Roche has stonewalled," BMJ editor Fiona Godlee wrote in an editorial last month.

In a statement, Roche said it had complied with all legal requirements on publishing data and provided Gotzsche and his colleagues with 3,200 pages of information to answer their questions.

"Roche has made full clinical study data ... available to national health authorities according to their various requirements, so they can conduct their own analyses," the company said.

Roche says it doesn't usually release patient-level data available due to legal or confidentiality constraints. It said it did not provide the requested data to the scientists because they refused to sign a confidentiality agreement.

Roche is also being investigated by the European Medicines Agency for not properly reporting side effects, including possible deaths, for 19 drugs including Tamiflu that were used in about 80,000 patients in the U.S.

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Online:

www.bmj.com.tamiflu/

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Wrestling coach in You Tube molestation video arrested

A former Rosemead wrestling coach who was accused of molestation by an alleged victim on YouTube was arrested in Mexico, authorities said Wednesday night.

Herbert Ortiz, 29, recently came to the attention of authorities after he visited the U.S. Consulate in Guadalajara to get a travel visa for Guatemala, according to authorities.

Ortiz, who was an assistant wrestling coach at Rosemead High, was sought by authorities in September after the YouTube video surfaced.

The mother of a 14-year-old boy saw the video in which another "male alleged he was victimized by the suspect and was warning viewers ... to protect their children," the Los Angeles County Sheriff's Department said in September. The mother recognized Ortiz and alerted deputies.

Ortiz was turned over to department detectives on Tuesday at Los Angeles International Airport. He was being held on $215,000 bail.

Anyone with information is asked to call detectives at (877) 710-5273.

ALSO:

22-year-old Stanford graduate wins Stockton City Council seat

After Proposition 30 victory, UC confirms no midyear tuition hike

Condoms in porn: 'We will leave' county, Vivid Entertainment says

— Robert J. Lopez

twitter.com/LAJourno

Photo: Herbert Ortiz. Credit: Los Angeles County Sheriff's Department

Read More..

Syrian Jet Strikes Close to Border With Turkey

Murad Sezer/Reuters

Syrians fled from Ras al-Ain after an airstrike by Syrian forces on Monday.

GAZIANTEP, Turkey — A Syrian MIG-25 jet bombed the rebel-held town of Ras al-Ain a few yards from the Turkish border on Monday, Syrian witnesses said.

Veli Gurgah/Anadolu Agency, via European Pressphoto Agency

Smoke rose from Ras al-Ain as it was bombed.

Murad Sezer/Reuters

Syrians crossed into Turkey after the airstrike.

Murad Sezer/Reuters

A boy was wounded in the attack.

The attack demolished at least 15 buildings and killed many civilians, Nezir Alan, a doctor who witnessed the bombing, said. Local officials, quoted by The Associated Press, said at least six people were killed, but Dr. Alan said the toll was higher.

“We pulled bodies of 12 people from the rubble and are now trying to reach bodies of 8 others,” he said in a telephone interview. “There are around 70 injured, 50 of whom were in critical condition, and they are being transferred to Turkish hospitals across the border.”

Turkish fighter jets were seen in Turkish airspace shortly after the explosion, and a Syrian helicopter hovered above Ras al-Ain, which is only few yards from Ceylanpinar, a Turkish border town, Syrian witnesses said. “The plane appeared in seconds, dropped a bomb and killed children. Here is total chaos,” Dr. Alan said.

Ambulances were rushed to Ceylanpinar, Haber Turk, a private news television station, reported.

Windows of shops and houses in Ceylanpinar were shattered, and people on both sides of the border were seen running in panic, while military vehicles raced down streets as a huge cloud of smoke hung over the area, Haber Turk footage showed minutes after the explosion.

There were no immediate reports of any deaths or injuries on the Turkish side of the border.

Clashes in Ras al-Ain have intensified in recent days, prompting thousands of Syrians to seek refuge in Turkey.

Civilians in Ceylanpinar and other nearby towns were advised not to travel in areas close to the border.

Five Turkish civilians were killed in October when a Syrian shell landed in Akcakale, another border town about 75 miles west of Ceylanpinar, an act that prompted the Turkish Parliament to revise engagement rules and allow the military to retaliate in case of a direct threat from the border region.

The Turkish Army has increased its deployment along the 550-mile border with Syria since June, after Syria shot down a Turkish military jet, straining already tense relations between Ankara and Damascus.

The Turkish government is also considering asking NATO to station Patriot missiles in its border region to counter potential attacks from Syria.

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Microsoft’s Surface tablet has “modest” start: Ballmer

PARIS (Reuters) – Microsoft Corp‘s new Surface tablet – its challenger to Apple‘s iPad – had a “modest” start to sales because of limited availability, Microsoft Chief Executive Steve Ballmer told French daily Le Parisien.

The world’s largest software company put the Surface tablet center stage at its Windows 8 launch event last month in its fightback against Apple and Google in the exploding mobile computing market.

“We’ve had a modest start because Surface is only available on our online retail sites and a few Microsoft stores in the United States,” Ballmer was quoted as saying.

Meanwhile, 4 million upgrades to Windows 8 were sold in the three days following the system’s launch, Ballmer added. (Reporting by Lionel Laurent; Editing by David Cowell)

Tech News Headlines – Yahoo! News

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