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Storage technology vendor NetApp (NTAP) this afternoon reported fiscal Q4 revenue and earnings per share that missed analysts' expectations, and forecast this quarter's results well below consensus.
Revenue in the three months ended in April fell 7%, year over year, to $1.54 billion, yielding EPS of 65 cents.
Analysts had been modeling $1.59 billion and 72 cents.
For the current quarter, the company sees revenue in a range of $1.275 billion to $1.375 billion, and EPS of 20 cents to 25 cents. That compares to consensus of $1.459 billion and 60 cents a share.
NetApp also said its board of directors approved an increase in the company's cash dividend to 18 cents per share, up 9% from the prior rate.
CEO Tom Georgens said the company is "not satisfied with our fourth quarter results and are taking concrete action to transition NetApp for the next phase of growth."
Georgens added that "Clustered ONTAP is the foundation of a Data Fabric, our vision for the future of data management, which enables enterprises to realize the value of the cloud as a seamless extension of their on-premises environment. This vision is resonating well with customers and underpins our confidence."
NetApp ended the quarter with $5.33 billion in cash and equivalents.
NetApp stock is down $2.10, or almost 6%, at $33.23, in late trading.
Shares of tech consultancy Computer Sciences Corporation (CSC) are up $1.61, or 2.4%, at $69.27, after the company yesterday afternoon said it would split in two this October, with one company focusing on U.S. government contract work, and another serving companies around the world.
CSC also said it would pay a one-time special dividend of $10.50 per share.
There's quite a bit of disagreement on the Street about what the embedded value is of the various lines of business, both intrinsically, and as compared to peers.
One longtime bull on CSC, Juliusz Sas of Global Situations Research Company, today writes that the combined value of the companies individual lines of business is more like $137 per share, based on a report he'd originally published back in late January:
We value Computer Sciences Corporation, the fourth-largest provider of IT consulting and professional services, and business process outsourcing at $13.1 billion, or $85.79 per share on a trading comparables analysis based on peer group valuation, and $14.5 billion, or $95.07 per share, on a sum-ofthe-parts valuation. These two assessments indicate that CSC shares, which traded at $55.96 per share at the close of January 15, 2010, are at a respective 34.8% and 41.1% discount to its peers and to the sum-of-the parts valuation of the company's businesses. We also performed an analysis that values CSC's three reported segments as separately traded public companies, resulting in a combined value of $136.65 per share, although it is not clear whether these businesses could be split according to their reported lines, as this task was contemplated and abandoned by a consortium composed of Lockheed Martin, TPG, Warburg Pincus, and Blackstone Group in 2005.
On the other hand, Jefferies & Co.'s Jason Kupferberg, who has a Hold rating on CSC, and a $70 price target, today questions how much value is being created:
We agree with the strategic rationale of the planned tax-free split of CSC into two separate companies, focused on the government ($4.1B in LTM revs) and commercial ($8.1B in LTM revs) sectors. There wasn't much synergy to having the two businesses together, we don't expect material cost dis-synergies (though there will be $50M-$75M of one-time separation costs), and the overall company is much more efficiently organized and operated than when Mike Lawrie became CEO 3 years ago (he is staying on as CEO of the commercial biz and will be executive chairman of the government biz). Investors will likely be pleased by the $10.50/share special cash dividend to be paid in conjunction with the transaction, but we question how much incremental value will be created by the split, given the extent of margin and cash flow improvement already realized by CSC since 2012. Our updated sum-of-the-parts model
suggests fair value of $74, only slightly ahead of where CSC is trading after-hours. Our PT of $70 is based on a blend of our SOTP, 14x our C16 EPS ests, and DCF.
Shares of tech consultancy Computer Sciences Corporation (CSC) are up $3.33, or almost 5%, at $70.99, after the company this afternoon said it would be the latest tech outfit to split in two, and will pay a $10.50 special one-time dividend for each share of common stock.
The two divisions will serve commercial clients, meaning the "Fortune 1,000" of business, one the one hand, and the U.S. federal, state and defense institutions, on the other, said CSC.
CSC explained it has completed the "Get Fit phase" of a three-year turnaround. But responsibilities in the two different markets suggest a split is required:
At the same time, markets have evolved rapidly, with diverging opportunities and challenges. On the commercial side, clients seek partners with a deep understanding of their business who can help lead their digital transformations. In the U.S. public sector, technology demands are increasing, and clients want providers with specific experience in government-focused innovation. By separating, each business will have the scale – among the largest in their respective categories – as well as the focus to meet unique customer needs and market requirements [...] Based on these factors, CSC's Board of Directors believes that the next phase of the turnaround, focused on growth, will be enhanced by the ability of the two businesses to function as pure plays focused exclusively on their respective customer segments.
The split is intended to be tax-free to shareholders, and is expected to be completed by the end of October. The board has approved the split, said CSC, and it does not require shareholder approval.
CSC is the latest company to announce a split, following announcements last year by JDSU (JDSU), eBay (EBAY), Hewlett-Packard (HPQ), and Symantec (SYMC).
In a separate release, the company reported fiscal Q4 results for the quarter ending in March that were below consensus on revenue but beat on the bottom line.
Revenue fell nearly 13%, year over year, to $2.91 billion, and missed the average analyst estimate of $2.97 billion. But EPS of $1.26 was better than the $1.20 expected.
For the full year, the company sees EPS in a range of $4.75 to $5.05, better than the consensus $4.80.
Chip equipment maker Lam Research (LRCX) announced after market close it will increase its quarterly dividend by 67%, from 18 cents to 30 cents, effective with the July 1st payment to holders of record as of June 10th.
Said CEO Martin Anstice, the increase "reflects management's confidence in Lam Research's sustained market outperformance and strong cash flow generation."
The annual payout of $1.20 would equate to a 1.5% yield at Lam's closing price today of $79.46.
Bernstein Research's Mark Moerdler today reiterates an Outperform rating on shares of Microsoft (MSFT), and a $56 price target, after reflecting on what he learned at the company's "Build" developer conference in San Francisco two weeks ago, and the accompanying analyst day event with CEO Satya Nadella and team.
Moerdler makes the "bull case in a nutshell," which includes the fact the new management is "aggressively transforming to a mobile- and cloud-centric company with greater focus on revenue synergies across business lines."
Among the factors in favor of the company are a pick-up in growth — 11% revenue growth in fiscal '16 and 15% in fiscal '17 — and improving profit margin and rising capital returns:
Accelerating revenue growth, driven by a shift to subscription-based licensing, new cloud and mobile offerings, and strong growth in enterprise business. Margins should improve as the new management team continues to streamline the company to be more efficient, even when accounting for the Nokia acquisition. Increased return of capital, driven by several new board members who we believe are much more likely to issue debt (secured by overseas cash) to fund larger buybacks.
As far as growth, the company should enjoy sales of the "Office 365″ version of its productivity suite, but also new applications within its "commercial cloud" offerings:
We estimate that the $20B in commercial Cloud revenue in FY18 conservatively includes $9.3B in new revenue and $10.7B in license revenue that transitions to Cloud revenue. We estimated that 78% of commercial Cloud revenue today is from Office 365 (see Exhibit 6), 15% from Azure and 7% from Dynamics CRM and other commercial Cloud sources, most of which are in their infancy but could be significant in the future. This is a combination of new revenue sources for Microsoft and existing revenues have transitioned.
And Moerdler supplies this infographic of the pecking order of growth drivers (click on the image to see it larger):
Shares of chip maker Linear Technology (LLTC) are up 80 cents, or 1.8%, at $46.87, on a couple of positive Street notes today.
J.P. Morgan's Harlan Sur raises his rating on the stock to Neutral from Underweight, and raised his price target to $48 from $40, after concluding the company has favorable "exposure" to the markets for chips in autos and industrial applications, and that it may increase its return of capital to shareholders over time.
He notes the rise of the company's chip content in those key markets:
We believe content-driven growth in Industrial and Automotive segments should continue growing at a fast clip in the coming years. In the case of automotive, global auto production will likely grow by 3-4% this year and, when combined with 3-5% semiconductor dollar content growth, should drive solid growth in Linear's auto segment (notably infotainment, hybrid/electric battery and lighting). Within industrial, we believe sub-segments such as factory automation, medical and test & measurement are areas where Linear is gaining meaningful content share. Linear's Automotive segment has grown by 13% in each of the past two years, while the Industrial segment grew by 13% in CY14 and 8% in CY13 (compared to 10% semi industry revenue growth in 2014 and 5% in 2013).
The company can see a rising payout ratio, he writes:
Our prior UW thesis had been based on LLTC's relatively weak payout ratio (dividend + share repurchase as percentage of FCF) compared to competitors. As Table 1 illustrates, Linear has averaged ~56% payout ratio over a six-year period vs. a peer average of 81%. However, in 2014, Linear's payout ratio was 75%. We remind investors that in 2007, Linear executed a large, debt-financed buyback. Since then, Linear has paid down its debt and could consider additional leverage and/or repatriating overseas cash (>75% of cash held overseas) to fund additional share repurchases and/or increase its dividend. We note that Linear's long tenured CFO, Paul Coughlan, will retire soon and his replacement, Don Zerio, may move to increase the company's payout ratio over time.
Despite all that, Sur concludes, "Limited upside from current levels keeps us from going Overweight."
Also today, Stifel Nicolaus's Tore Svanberg reiterates a Hold rating, but has positive things to say about the company's role in the Internet of Things.
Svanberg writes that he attended a conference called the IoT World, in San Francisco, where he gleaned some things about Linear's role in that emerging market.
For one thing, IoT is not just about wearable tech, he writes, it's also about infrastructure:
The notion of IoT has been made popular by the advent of consumer wearables, such as the Nest learning thermostat and the Apple Watch. But in fact, IoT finds applications in all major markets—Automotive, Communications, Computing, Consumer, Medical, and Industrial. In fact, Industrial is expected to be one of the fastest growing IoT segments in the coming years, and it just so happens to be Linear's focus end market. The IoT market is indeed sizable: already, an estimated 19.7bn IoT devices were deployed in 2014 and one forecast is for IoT deployments to reach 95.5bn by 2025.
Svanberg likes the prospects for Linear in some of those applications:
Linear targets large-scale, wireless mesh sensor network for Industrial IoT applications. Examples of applications include smart parking, flow & process monitoring, fence line security, and data center energy management, to name just a few. Linear's solution is based on the WirelessHART standard (IEEE 802.15.4), and 6TiSCH (IPv6 over Timeslotted Channel Hopping) (IEEE 802.15.4e). WirelessHART is a multi-vendor, wireless standard that grew out of the wired HART standard. WirelessHART networks are self-configuring, and their dependability, even with the associated cost of higher command overhead, makes them ideal for industrial use.
He's particularly focused on the progress that may be seen over time at the company's Dust Networks division:
Although Dust Networks, a division of Linear Technology, is still relatively small in revenues, its products and technology seem mature and, we believe, could be gaining traction in the market place. We believe wireless network holds great promise in the area of Internet-of-Things (IoT). As IoT drives innovation in the Industrial end market, we anticipate Linear to be well positioned to benefit from the industry's adoption.
Networking giant Cisco Systems (CSCO) this afternoon reported fiscal Q3 revenue and earnings per share that topped analysts' expectations.
Revenue in the three months ended in April rose 5%, year over year, to $12.1 billion, yielding EPS of 54 cents, excluding some costs.
Analysts had been modeling $12.06 billion and 53 cents per share.
Cash and equivalents at quarter's end rose to $54.4 billion from $53 billion, after the company paid out $1.1 billion in dividends and bought back $1 billion of its stock, it said.
CEO John Chambers, who announced last week he will pass the reins to Chuck Robbins after 20 years running Cisco, remarked that "I am extremely honored and proud to have led Cisco for the last 20 years and to get us to this positive inflection point."
Added Chambers, "We have a tremendous opportunity to extend our lead in the industry, and with Chuck Robbins as the CEO for Cisco's next chapter, we have exactly the right leader to capture that opportunity. I could not be more confident in our future."
Chambers reflected on the state of the business:
Cisco is in a very strong position and we delivered another solid quarter. Our vision and strategy are working and we are executing very well in a tough environment, as evidenced in our revenue growth, profitability, strong gross margins and cash generation. Our customers feel the pace of change and disruption in every industry and market, and know their success depends on digitizing their business. Whether they are the disruptor or the incumbent, they are coming to Cisco as their strategic partner. We believe we are pulling away from our competition using the same formula we've always used: integrating our industry-leading products in every category into architectures and solutions that deliver real outcomes. We've created this opportunity and it is ours to execute.
Cisco management will host a conference call with analysts at 4:30 pm, Eastern time, this evening, and you can catch a webcast of it on the company's investor relations home page.
Cisco stock is down 18 cents, or 0.6%, at $29.17, in late trading.
Update: On the call, Cisco forecast revenue this quarter to rise by 1% to 2%, year over year, and forecast EPS of 55 cents to 57 cents. That is right in line with consensus of 2% growth and 56 cents a year.
Cisco stock is now down 20 cents, or 0.7%, at $29.15
Nvidia (NVDA) shares closed down $1.66, or 7.4%, at $20.83, after the chip maker yesterday afternoon missed fiscal Q1 expectations, and forecast this quarter's revenue lower as well, but expanded its capital returns program, including raising its dividend.
The company was upbeat about its success in high-end gaming and other GPU uses, and in the emerging market for various smart car applications, including display graphics for in-vehicle information appliances.
However, the generally weak PC market weighed on the results and outlook, with CFO Colette Kress noting "What we see going into Q2 is a very soft market with the PC OEMs, and we do see probably a seasonal decline."
The company also detailed some exceptional items, including the cost of two lawsuits for patent infringement, against Samsung Electronics (005930KS) and Qualcomm (QCOM), which are expected to cost Nvidia $70 million to $90 million this fiscal year, it said; and the details of the expected cost savings from shuttering its Icera modem unit, announced earlier this week.
The company indicated to analysts it expects that the large spend on litigation will bring a worthwhile return on investment.
Asked about a possible sale of the unit, which Nvidia said its open to, CEO Jen-Hsun Huang said the companyh had "just started that business" and "so we don't have much to report at this time."
The sell side seems fairly positive on the return of capital, and bulls are upbeat about progress in automotive and gaming markets; the bears, as you can imagine, are fixed on the company's continued exposure to the PC market.
Estimates and price targets are coming down here and there.
Hans Mosesmann, Raymond James: Reiterates a Strong Buy, and a $27 price target. "business. Management was unambiguous regarding continued strength in Gaming, Tesla (datacenter acceleration seeing >50% y/y growth), and Auto. It sounded to us that with channel inventories lean today, expectations for normal seasonality in 2H (per management) seems reasonable off a low base, helped not only by Win10 but also 4K displays and VR (virtual reality) hitting the market. The Street will applaud the exit from the Icera modem business, with positive operating expense implications for 2H16 [...] We are cutting our FY16 GAAP EPS estimate to $0.84 from $1.14, reflecting the near-term PC and FX headwinds outlined above, as well as higher operating expense assumptions including litigation expenses (~$80 million in FY16). For FY17, our GAAP EPS estimate moves to $1.20 from $1.30 as we model high-single digit top-line growth off a lower base."
Sanjay Chaurasia, Nomura: Reiterates a Buy rating, but cuts his target to $23 from $25. "European currency weakness and an air-pocket ahead of Windows 10 launch are impacting the Q2 guide. We are modeling GPU to decline 15% qoq and Tegra to grow 1% in FQ2. Post-FQ2, PC OEM revenue would be reduced to 10-13% of sales from high-teens [...] Seasonal decline (down 6-8% qoq) in gaming in FQ1 indicates that PC gaming remains decoupled from PCs, which declined 15-16% in Q1. We expect gaming and auto to grow in the near-term and see margin accretive upside from HPC and GRID in the coming periods."
Rajvindra Gill, Needham & Co.: Reiterates a Buy rating, and a $27 price target. "As we previewed, NVDA's lower sales outlook was affected by the depreciating Euro and ongoing softness in the PC market. NVDA was not alone in citing FX issues: virtually every semi company this earnings season noted FX issues leading to demand destruction across several end verticals. The good news is the Euro is starting to appreciate and we see several growth drivers for NVDA in the C2H — gaming, auto and cloud-computing ramps. In addition, the exit of the Icera modem business has led to OPEX savings and NVDA is expecting OPEX to remain flat Y/Y, exlitigation.
Moreover, NVDA increased its dividend by 15% and capital return program by
$200MM to $800MM, thus providing downside protection. We see $1.60 of long-term earnings power for NVDA, ex INTC royalty."
Ian Ing, MKM Partners: Reiterates a Neutral rating, and a $24 price target. "While we predicted the strength in NVDA's gaming and automotive Tegra segments correctly in our preview, we underappreciated the company's exposure to PC OEM weakness [...] It turned out that it is very much exposed to weakness at PC OEMs. NVDA's OEM & IP segment fell by 38% y/y to $218mn (~19% of total revs). Management attributes PC weakness to demand destruction from a strong dollar, as well as a delay in orders as the Windows 10 launch date approaches (anticipated to be in late July). While we correctly anticipated the strength in Gaming by looking at ASPs in the retail card market (NVDA's Gaming segment was up 25% y/y), we note that with the anticipated launch of AMD's (Neutral, $2.32, $3.20 FV) R9 300 GPU family in late C2Q, NVDA might have reasonable competition in the retail GPU market until it launches Pascal in 2016 (NVDA's Maxwell currently dominates the market)."
Blayne Curtis, Barclays: Reiterates an Equal Weight rating, and a $20 price target. "No specific segment guidance was provided but we project a sharp decline in GPU (down midteens) and Tegra flattish. GM (56.0%) are guided down slightly Q/Q (mix) while Opex is projected higher than expected (non-GAAP expected flat Y/Y in FY16) even excluding anticipated Icera restructuring costs in the $100-125M range (largely in FY16). Net net, this yields implied GAAP EPS of $0.11 to $0.14, well below Street $0.26.At current levels we remain on the sidelines pending further indications of material revenue in these new markets and clarity on the LT license situation."
Ross Seymore, Deutsche Bank: Reiterates a Hold rating, and a $19 price target. "Not immune to PC headwinds. NVDA delivered decent 1Q results but guided significantly below expectations for 2Q, as headwinds in PCs and to a lesser extent its Enterprise level products emerged. While the company has invested to diversify its business outside of the PC realm, this guidance once again reminds us that the co remains heavily PC exposed (Gaming or otherwise). Consequently we lower our ests and when combined with a full valuation, we maintain our Hold rating and $19 target."
James Covello, Goldman Sachs: Reiterates a Sell rating, and trims his price target to $19 from $20. "Nvidia attributed weaker guidance to FX and weaker demand in Europe in particular, and we believe its core gaming market could decelerate in 2015 following a very strong 2014. In addition, Nvidia's licensing agreement with Intel is set to expire in 1QFY18 (last cash impact in Jan. 2016, last P&L recognition in April 2017), and our case studies suggest that stock multiples compress in the 12–18 months before binary licensing events."
Shares of chip maker Nvidia (NVDA) are higher in late trading by 64 cents, or almost 3%, at $21.85, after the company this afternoon reported fiscal Q1 revenue that missed analysts' expectations, met expectations on the bottom line, and forecast this quarter's revenue lower, and said it boosted its program of capital returns.
Revenue in the three months ended in April rose 4%, year over year, to $1.15 billion, yielding EPS of 33 cents.
Analysts had been modeling $1.16 billion and 33 cents a share.
Gross profit margin was 56.9%, on a non-GAAP basis, a new record, the company said.
Regarding the shutting down of the company's Icera modem business, announced earlier this week, the company reiterated that it is open to selling the technology, and said it will have restructuring charges of $100 million to $125 million during this fiscal year.
The wind-down should benefit Nvidia's non-GAAP operating expenses in the second half of this year, it said, "and the company will carefully invest in its growth initiatives of deep learning, self-driving cars, and gaming."
Nvidia said its board of directors raised the company's quarterly dividend to 9.75 cents per share per quarter from a prior 8.5 cents. It said it also increased its total capital returns expected this year to $800 million from $600 million, while extending a repurchase program through 2018 by $1.62 billion, to $2 billion in total.
CEO Jen-Hsun Huang remarked,
The importance of visual computing is evident all around us. Our expertise in this field enables us to take a leading position to advance deep learning, virtual reality and self-driving cars. Our singular focus on visual computing is aligned with some of the most exciting growth opportunities in computing today."
Revenue this quarter is expected to be $1.01 billion, plus or minus 2%, the company said, while margins are expected to be in a range of 56%, on a non-GAAP basis.
That revenue outlook is below consensus for $1.18 billion.
In a companion document posted online, the company's CFO, Colette Kress, noted that the company's graphics chip, or "GPU," revenue was up 5% from the prior-year period, and down 12% from the prior quarter, at $940 million, with gaming notebooks contributing "well above year-ago levels," but revenue from "Quadro" products declining.
Kress said revenue in the company's "Tegra" family of mobile processors rose 4% from a year earlier and 29% from the prior quarter, helped by sales into automotive systems and the company's "SHIELD" gaming machine.
Rod Hall of J.P. Morgan today reiterates an Overweight rating on shares of Apple (AAPL), writing that "prudent investors" should try to get a clearer understanding of what Apple faces if a European Commission investigation of the company's overseas tax situation goes against Apple.
Apple shares are up 75 cents, or 0.6%, at $125.26, this morning, and part of that may be because Hall concludes the impact to earnings would be a mere 10% on an ongoing basis, as a result of a higher tax rate, which he thinks is not that big a deal.
As was noted in the company's form 10-Q for the March fiscal Q2, Apple is facing a formal inquiry that could lead to the governement of Ireland collecting back taxes from Apple.
Writes Hall, Apple's language in its most recent conference call extolling its accomplishments in Europe — it has created lots of money for developers in Europe, it's building big bigger data centers in Europe — suggest something may be afoot.
"We doubt that this focus on Europe is coincidence given the ongoing EC investigation of Apple's Irish tax structure that began in June 2013," writes Hall. "We believe recent disclosures may be leading up to a significant decision point by the EC on the case."
Hall briefly reviews the situation of Apple's subsidiaries in Ireland: AOI, which in turn has sub-members:
Through an Irish tax entity Apple, like other major corporates, has shielded itself from taxes for a large part of its overseas earnings. This is effectively accomplished via AOI or Apple Operations International which is an un-taxed entity. AOI has this special status because of a peculiarity in Irish tax law (some say there by design) which only taxes entities based on where management control resides. The structure is more complex than this with multiple other Irish entities involved including Apple Sales International (ASI) and Apple Operations Europe (AOE).
The AOI entity gets paid dividends, he explains: "From 2009 to 2012, AOI received $29.9bn in dividends from lower-tiered offshore affiliates, AOE and ASI. According to Apple, AOI's net income made up 30% of Apple's total worldwide net profits from 2009-2011."
Here's the infographic for the structure of offshore entities:
Then, Hall "follows the money," as they say, explaining his "best guess" of how money flows between the different entities of the Apple European operations:
We believe that ASI contracts with Foxconn to assemble finished Apple products. According to the US PSI report, ASI is the initial purchaser of all goods intended to be sold in the EMEA, India and APAC regions. Once ASI takes initial title of the finished goods, we believe that it resells the goods to the appropriate in-region distribution entity, in most cases without taking physical possession of the goods in Ireland. For sales in Europe, for example, we believe ASI purchases the finished products from Foxconn and sells them to ADI (Apple Distribution International). ADI then resells the products to local Apple retail subsidiaries and/or third-party resellers. For sales in the APAC region, ASI sells the finished goods to Apple Singapore, which again then re- sells them to Apple retail subsidiaries or third party resellers. Only a small percentage of Apple's manufactured products ever enter Ireland. Rather, we believe title is transferred between Foxconn and ASI while the products are directly shipped to the eventual country of sale. In the end this arrangement results in very little tax being levied against Apple's non-Americas profits due to the specifics of the Irish structure.
Here's the money-flow diagram:
Hall sees ASI and AOI not paying taxes to the U.S. nor to Ireland for most of the proceeds of, say, the iPhone:
When adjusted for these costs, ASI's operating income on our illustrative iPhone sale is ~$384. Of this $384, ASI pays some portion as a dividend to AOI and we believe it retains the rest. ASI is not a recognized entity by the US tax authorities (due to a provision called 'check-the-box') and it ends up paying no tax to the US on its income. Also, as AOI is a non-taxable entity for the US, the dividend income it earns from ASI is also not taxed in the US. Based on available documentation, it appears that ASI pays taxes to Ireland based only on income generated in the country and that the bulk of international profits fall into limbo with little tax being assessed.
Hall deduces "only ~1% of ASI+AOE's total revenue (as stated in Apple filings) is reported to the Irish tax authorities and only 0.4% of total ASI+AOE EBT was reported for tax in 2011 with data suggesting a similar outcome in 2012."
Here's the infographic:
The crux of the matter is how the ASI division's sales rose while its operating costs didn't rise by a comparable amount:
The reported Sales income of ASI increased by 415% from 2009-2012 to $63.9bn. For the same period, the operating costs as reflected by the taxable income (which represents around [8-18]% of operating costs of the branch according to the ruling of 2007) increased by [10-20]% [...] , the EC says that the sales increase and the operating cost increase don't match and that this may point to an inconsistency in profit allocation to the Irish activities.
Hall concludes Apple could be up against a $19 billion bill:
Based on public filings we estimate that Apple generated ~$184bn in operating income outside of the Americas over the last 10 years (between June '05 and March '15) and had total cumulative unallocated expenses of ~$55bn. Assuming that these expenses are allocated in proportion to revenue generated outside the US, we estimate total EBT of ~$152bn outside of the Americas over the period. If the EC were to drive taxation of Apple's non-Americas income at Ireland's nominal 12.5% corporate rate this would imply a back tax bill of ~$19bn.
The "bigger issue," writes Hall, is what the ongoing taxation would be.
He comes up with a scenario that seems, actually not that bad:
This scenario assumes that Apple would go from paying no tax on the 59% of EBT that we estimate is generated outside of the Americas to paying the nominal Irish corporate rate of 12.5%. We emphasize that we see this as an unlikely outcome given the fact that Apple has other tax optimization options globally. We also believe that, like most things in life, this will end up a negotiation between the EC, Ireland and Apple with a multitude of possible outcomes [...] This increases Apple's effective tax rate to 33.6% from 26.3% and drives a worst case EPS impact of about 10% when compared to our F2016 forecasts.
Tech Trader Daily is a blog on technology investing written by Barron's veteran Tiernan Ray. The blog provides news, analysis and original reporting on events important to investors in software, hardware, the Internet, telecommunications and related fields. Comments and tips can be sent to: firstname.lastname@example.com.


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SciFEST Quiz Bowl
Watch SciFEST Participants answer STEM related questions
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Sat, November 16 @ 07:30 pm - 08:30 pm
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Join us in watching and cheering on the SciFEST participants as they answer STEM-related questions during the final event for the weekend. Dr. Dave Nowack, from the Department of Chemistry & Biochemistry, will MC.
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Sponsors: CAS / STEM Division
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Elaina was hanging out with her boyfriend, Seth, who was staying with her at her step moms house at the moment. Elainas step mom, Diana, came home and after talking to Elaina and Seth, she decided to go to her room and get dressed. Diana began to take a shower, while Seth decided to also take a shower, but the downstairs shower was not working. He walked in on her in the upstairs shower and she told him to join her. She began to wash his body and then, wash his cock. She stroked his dick and made it rock hard. She began sucking his cock and took him to the bedroom. She continued to suck his dick and told him to eat her pussy and ass. She told him to fuck her from behind and pound that pussy. Elaina walked in and caught them fucking. Her step mom, Diana, told her it was ok and brought her into the action. Elaina licked Dianas ass while she got drilled from behind. They took turns getting their twats hammered and Diana showed Elaina how to make her boyfriend cum hard.
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text:
Dr Martina Bradic who lead the research continued, "Despite interbreeding and gene flow from the surface populations the eyeless 'cave phenotype' has been maintained in the caves. This indicates that there must be strong selection pressure against eyes in the cave environment. Whatever the advantage of the eyeless condition, it may explain why different populations of A. mexicanus cave fish have independently evolved the same eyeless condition, a striking example of convergent evolution."
Media Contact
Dr Hilary Glover
Scientific Press Officer, BioMed Central
Tel: 44-20-3192-2370
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Email: email@example.com
Notes to Editors
1. Gene flow and population structure in the Mexican blind cavefish complex (Astyanax mexicanus) Martina Bradic, Peter Beerli, Francisco Garca-de Len, Sarai Esquivel-Bobadilla and Richard Borowsky BMC Evolutionary Biology (in press)
Please name the journal in any story you write. If you are writing for the web, please link to the article. All articles are available free of charge, according to BioMed Central's open access policy.
Article citation and URL available on request at firstname.lastname@example.com on the day of publication.
2. BMC Evolutionary Biology is an open access, peer-reviewed journal that considers articles on all aspects of molecular and non-molecular evolution of all organisms, as well as phylogenetics and palaeontology.
3. BioMed Central (http://www.biomedcentral.com/) is an STM (Science, Technology and Medicine) publisher which has pioneered the open access publishing model. All peer-reviewed research ar
|Contact: Dr Hilary Glover
BioMed Central


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Guardians co-writer Nicole Perlman hopes to explore Gamora's origins in next year's Gamora solo series.
Silent Hill Downpour will be released on March 13, 2012. $10 Credit and Exclusive Pre-order Bonus Offer Pre-order Silent Hill Downpour, for PS3 or Xbox 360, and receive a $10 promotional credit toward the purchase of items shipped and sold by Amazon.com


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Propositions for debate
Expand Messages
- Propositions for Debate
McDonald Vs. Baty
1. Resolved: The evidence concludes that Robert Baty is an atheist.
Affirm: Jerry D. McDonald
2. If God's word (the text) says everything began over a period of six days, is interpreted by some to mean it was six 24-hour days occurring a few thousand years ago, and there is empirical evidence that some thing is actually much older than a few thousand years, then the interpretation of the text by some is wrong.
Affirm: Robert Baty
Deny: Jerry D. McDonald
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You won't be able to dismiss this by usual means (escape or click button), but you can close it programatically based on user choices or actions.
"The designer of the card was great. They reworked the spacing because my information was a lot more than the sample. They were really able to make the card feel like it was made for my wedding"
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Statements about Education
Hillary Clinton
"The United States invented the community college. Nobody else had ever done anything like it."
— National
Rick Perry
On in-state tuition for unauthorized immigrants.
— Texas
Rick Santorum
Seventy percent of Americans "don't have a college degree."
— National
Susan Stimpson
Virginia House Speaker Bill Howell is "allied to group pushing MIXED SEX BATHROOMS in Stafford Schools."
— Virginia
Janet Adkins
A school uniform policy helps with "school safety, helps with truancy."
— Florida
George P. Bush
A "majority of our students are trapped in" underperforming schools.
— Texas
Scott Walker
"I unsealed my records" at Marquette University.
— Wisconsin


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|Project Name
|Price (USD)
|Project Name
|Price (USD)
|Jquery Landing page using Facebook API
|...the attached PHP responsive landing page based on the content from a facebook (API 2.2 supplemented with...with twitter and youtube ). Create a Jquery plugin that has EXACTLY the same functionality. The only...only php allowed is a script to retrieve the Facebook access token. If you could make an automated wizard
|PHP, Javascript, AJAX, jQuery / Prototype
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|Mobile Landing Page HTML5 Work
|Add Facebook Like Button to Mobile LP as well as jquery shining effect
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|Professional Facebook Landing Page - HTML5
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|Simple Landing Page
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|landing page (jquery)
|I need a 1 page landing page for domain name. I will give more detail to the potential designer
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|Landing page copy
|...need a copy of a landing page (see attach) + modification. The current landing page is in flash, we need...need the same in html + JS + css + Jquery (no flash) Modifications: 1 - replace the logo and names...my logo and names (see attach) 2 - replace the Facebook LIKE with ours (see attach) 3 - Upper part changes
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|Landing Page For Facebook Page
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text:
The foods most commonly associated with a severe reaction included tree nuts and peanuts, shellfish, soy and finned fish.
"Especially for kids with multiple food allergies, it complicates their lives and makes it really tough on these kids to avoid multiple foods to stay healthy and stay alive," Gupta said.
Parents of children with food allergies should always carry antihistamine and an epinephrine shot (i.e., an EpiPen) with them, Gupta said. Even with those close at hand, witnessing a child having a serious food reaction can be terrifying for parents, who don't know how bad it's going to get and need to decide within moments whether to administer the shot and call 911.
Often, reactions happen when parents least expect them -- while they're at a family gathering or some other social event, and the child accidentally ingests something.
Dr. Susan Schuval, a pediatric allergist at Cohen Children's Medical Center in New Hyde Park, N.Y., agreed that food allergies seem to be getting more common.
"We are seeing tons and tons of food allergies. There also seems to be an increase from what we've seen in the past," Schuval said.
Right now, the only treatment available to most food allergic kids is avoidance. For parents and children, that means paying close attention to labels, taking precautions when eating out, bringing along their own food when they travel or go to social events such as birthday parties. It also means educating teachers, caregivers and other parents who may have their kids over to play about using an epinephrine shot and the seriousness of the allergy.
"They need to maintain their full alertness out of the home, in the schools and in restaurants," Schuval said.
For some children, food allergies get better over time. Previous research has found many kids outgrow allergies to mil
|Copyright©2010 ScoutNews,LLC.
All rights reserved


text:
Mallory always felt food would play a huge part in her life and career. As part of a family that loved cooking and spending dinner together, she equated food with having a good time.
Get to know the members of the Land O'Lakes Co-op with a seasonal look at family life on the dairy farm.
View our story
Cranberries add a tangy note to this cheese-topped sandwich that is great to serve for casual entertaining this season.
Combine cranberry sauce and horseradish in bowl; mix well.
Heat broiler.
Place bread onto ungreased baking sheet, cut-side up. Spread each bread half with 2 tablespoons butter. Broil 5 to 6 inches from heat 1-2 minutes or until lightly browned.
Spread each bread half with 3/4 cup cranberry mixture; layer each evenly with turkey and cheese triangles.
Continue broiling 1-2 minutes or until cheese is melted.
Cut each half into 6 pieces.
Calories: 300
Fat: 10g
Cholesterol: 50mg
Sodium: 1120mg
Carbohydrates: 37g
Dietary Fiber: 2g
Protein: 19g
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Please return to landolakes.com to rate and review this recipe.
Your comments and suggestions are appreciated by others.
This recipe was reprinted from landolakes.com. http://www.landolakes.com/recipe/1095
© 2015 Land O'Lakes, Inc.
Once the temperature drops a few degrees, I'm in full-on fall foods mode. Pumpkin bars, apple crisp, cranberry bread…you name it, I'm making it. However, most of it revolves around sweets. Why doesn't dinner get a fair chance?
Once the temperature drops a few degrees, I'm in full-on fall foods mode. Pumpkin bars, apple crisp, cranberry bread…you name it, I'm making it. However, most of it revolves around sweets. Why doesn't dinner get a fair chance? More ...
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Hi, I'm Becky. I'm eager to share my best ideas and favorite recipes from my 20+ years in the Land O'Lakes Test Kitchen. I'm also excited to help with any questions you have about cooking and baking with Land O Lakes® products. Some of the questions and answers will be published in our newsletter, The Measuring Cup®. Please use the short form below to ask your questions, or share your tip or memory.
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Eating in Istanbul During the Taksim Square Protests
Ben Pomeroy went to Istanbul hoping to eat. Instead, he found anti-government protests, riot police, and tear gas--plus some really good meze
6 Cool Ingredients to Bring Back from Southeast Asia
Going to Southeast Asia? Look out for these 6 cool ingredients, from fish sauce to chile wood, you'll want to bring home (legally, of course)
The Best Food from the Kennebunkport Festival 2013
Five days of dining, drinking, and dancing with the wealthy and fabulous of Kennebunkport, Maine? Web editor Matt Gross accepts the hardship assignment
What to Eat in Mexico City
Savor the world's next great dining destination with this insider's guide to cutting-edge restaurants, mezcal bars, and unforgettable street food
How to Eat Strategically in Mexico City
In Mexico City, our assistant food editor Alison Roman finds herself tempted at every corner by crunchy, salty, sweet, tangy, tiny treats
How to Eat Strategically in Mexico City
Our assistant food editor is in Mexico City for a symposium, and trying to enjoy the panoply of tastes without busting her gut. Here's her strategy
The 7 Best Buffets in Las Vegas Casinos
Las Vegas buffets once had a bad rap, but now they're stepping up their game with Neapolitan pizza, Korean squid salad, and more. Here's 7 of the best
Eating and Drinking in Las Vegas–Everything You Need to Know
Our Vegas Uncork'd festival kicks off Thursday, so here's everything we know (or at least what we'll admit) about Sin City, all in one place
Cherry Blossom Season in Japan Means It's Time for a Picnic
When the cherry blossoms form a white canopy, Tokyo's parks flood with picnickers. We've got photos of them--and their incredible snacks
The Latest Trend in Tokyo
Tokyo is going gaga for huge, messy, American-style burgers. Shake Shack, watch out!


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Welcome, New Orleans Brunch Connoisseurs!
Horn'sCome sit under our overhang for the best people watching in the city. We are dog friendly under outside and will bring water bowls for your pets to hydrate. Our rustic... Learn more
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Bouligny Tavernhttp://www.boulignytavern.com/about/When a restaurant becomes as well-loved and popular as Chef John Harris' Lilette, naturally there is an expectation that another and... Learn more
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September 27 · 12:30 PMBalise RestaurantBalise is a bar and parlour restaurant located in the Central Business District of New Orleans. This is the second restaurant from husband and wife team Justin and Mia... Learn more
September 26 · 7:00 PMFree Invitation To A Comedy Show FilmingFREE INVITATION to all Members! Comedian THEO VON New Orleans Civic Theater 2 Free Shows 7:00 + 9:30PM These Shows will be filmed for TV! Theo Von was voted "Fan... Learn more
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July 26 · 12:30 PMTour NOMA and enjoy lunch afterwards at Brown Butter
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- See all past Meetups


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Investor Relations
CA Technologies is one of the worlds leading providers of information technology (IT) management software and solutions. Our solutions help organizations of all sizes develop, manage, and secure complex IT environments that increase productivity and enhance the competitiveness in their businesses. We do this across a wide range of environments such as mainframe, distributed, cloud, and mobile.
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CA Technologies Agrees to Acquire Rally Software
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Don't forget to check the Nightly builds in the appropriate forum.
Well I'm telling you now that it's NOT obvious. I know it's probably simple but not all of us know where linux has put the compiler.
If you are a cook wouldn't you need to know where your tools are? I think this is so basic, that it's really hard to believe you said this.
Every forum I've been to has been polite to those of us who have read the forum guidelines, have searched the topic before posting, and have provided as much info as possible. Here it seems like the thing is to lambast the noobs.


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Lecture for iSchool Colloquium Series
Faculty of Information - University of Toronto
September 29, 2011
By explicitly hinting in the title at Erwin Panofsky's essay Perspective as Symbolic Form (1927), in this Colloquium Paolo Granata tries to understand if it is possible to develop a discourse on the situation of contemporary visual culture that echoes the one proposed by the German art historian. The following arguments try to prove that it is indeed possible to do so, by referring to the relations currently binding art, aesthetics and the new media, from the interdisciplinary perspective.
If we accept that video is the prevailing symbolic form of the contemporary technological-cultural cycle, it is right what the American artist Peter Campus seems to have captured in 1999 with his brilliant expression Video Ergo Sum, that sounds laconically as "We are what we see".
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THE Southampton defender reckons the game is so fast down south it's like a pinball in midfield.
THE Kilmarnock keeper plays a blinder as he keeps on denying Sam Nicholson and Co.
AND the Bairns manager could face separate rap for branding the whistler a "sh***bag".
Manager and striker grab Ladbrokes gongs after a successful September.
THE Clyde gaffer has signed up the experienced centre half, who is two years his senior, as the Bully Wee continue their push for promotion.
OUR very own @tedermeatballs (yes you read that right) takes your calls and emails and is left feeling thoroughly depressed.
THE Dutch legend also reopens his long-running feud with Louis van Gaal over his style of play at Manchester United.
WATCH the Scotland No.2 in his press conference while our top team deliver their verdicts ahead of Thursday's mouth-watering match-up.
Click here to download the apps
Scottish Daily Record


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2 bedroom apartment for sale Wrenbury Court, Eldon Road, Reading, RG1This stunning split-level apartment is ideally placed for easy access to Reading town centre offering numerous shops, bars and restaurants. The property is within close proximity of Reading mainline railway station, regular bus routes and excellent transport links via the A329 and M4 motorway. ... More details ›
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2 bedroom flat for sale Regents Riverside, Brigham Road, Reading, Berkshire, RG1This two bedroom duplex apartment is located within the sought after Regents Riverside complex besides the River Thames and a short walk from Reading train station (with London Paddington just 25 minutes by train), Caversham and Reading town centre. The property comprises a spacious (contd...) More details ›
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2 bedroom flat for sale Thames Court, Norman Place, ReadingA fabulous 2 bed ground floor apartment with commanding views over the River Thames. Thames Court is a modern apartment building located within easy walking distance of Reading town centre, the mainline train station (Paddington 25 minutes) and the boutique shops and restaurants of Caversham. The... More details ›
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2 bedroom flat for sale Reading, BerkshireSet Close to Reading Town Centre Is This Two Bedroom Penthouse Apartment With Roof Terrace and Stunning Living Space, Ensuite to Master Bedroom More details ›
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2 bedroom apartment for sale Eldon Square, Reading, RG1A 2 bed split level apartment in the Eldon Road Conservation. Featuring a 17ft x 15ft living room, two double bedrooms, high spec kitchen and luxury bathroom with steam room. Off road parking. EPC Rating E. More details ›
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2 bedroom apartment for sale George Close, Caversham, ReadingSuperb modern first floor apartment located in a tranquil cul-de-sac off a private road, within a sensible walk to Reading station and Caversham centre. (contd...) More details ›
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2 bedroom apartment for sale St. James Wharf, Forbury Road, ReadingA contemporary two bedroom top floor apartment located in Central Reading. The property in brief comprises two double bedrooms with an en-suite to the master, open plan lounge/diner with a fitted kitchen and a wrap round terrace. (contd...) More details ›
2 bedroom apartment for sale City Gate, 95-107 Southampton Street, ReadingINVESTORS ONLY. A contemporary styled first floor two bedroom apartment ideally situated within close proximity to Reading town centre. (contd...) More details ›
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Benefit's brand new cheek & lip tint is three shades of gorgeous. This creamy stick features lovely coral, watermelon, and champagne pigments that blend together for a sheer wash of color. The swipe-on stick is supereasy to apply—great for times when you're on the go. We got the first look on this multitasking wonder—see the blush in action in our exclusive video with Benefit's Maggie Ford Danielson in their Soho boutique.
I was really hesitant to drop so much money on blush. I mean, it's BLUSH. I decided to spoil myself after watching the Birchbox demo video. I'm glad I did! I love the cream-to-powder texture of this blush. The blend of colors is really pretty!
Although I don't use it on my lips too often, I like the color(s) as a lip tint.
i really like a good cream blush, this is one of those! i dig the multiple tones of blush it has and it goes on really smoothly. It doesn't do well over powder, or powder bronzer, but it works great with tinted moisturizer or moisturizer alone. My one complaint is if you're tan or have an olive complexion you really have to use a lot of the product to achieve a good color4
Pros: SUPER EASY TO APPLY! I love that I can throw it in my makeup clutch, then whip it out when I need it! No brushes required! And, its multipurpose! I love using it on my lips under my lip balm.
Cons: my skin is SUPER fair (we're talkin translucent, honey), and this creme blush doesn't show up very much, so I had to apply it fairly heavy. Secondly, I have combination, acne prone skin, and this made me breakout where I applied it.
Overall: Its a great idea, but if it came in more shades and was easier for combination, acne prone skin, it would be perfect.
I love the coral tones for summer. This is a great item to keep in your purse for touch up during the day. I use it both on my cheeks and my lips. When applied to my cheeks, I like to use a foundation brush to blend it in better. You must blend it in so you don't have lines of color on your cheeks.4
I really like the concept of everything being in "one". The stick can get a little dirty when applied over makeup, so I like using it on days when I just put on a little moisturizer. The colors can also be a little bright, so make sure to blend it really well before going out! The colors look great on my skin!4


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EECS' Professor Clifford C. Mosher Remembered
PULLMAN, Wash. - Clifford Coleman Mosher III, 85, of Pullman, passed away Sunday. He died in Redlands, Calif., where he had moved to be closer to family. He is survived by his beloved wife of 59 years, Helene: his son Elliott (Julie) Mosher, and his daughter Alice Prescott.
Professor Mosher moved to Pullman in 1973 for the power professorship at WSU, and so enjoyed his work, he continued to teach well beyond retirement. His interest in electronics started in the Navy, where he served from 1945 to 1949. He earned his bachelor's degree from Michigan State, where he was initiated into Phi Kappa Phi; master's from University of Texas at Austin, and PhD from Stanford in 1965. One of many accomplishments while on faculty here was initiating the Western Protective Relay Conference.
Local Student Receives Fellowship Award from WSU
Congratulations to Jessamyn Dahmen, Computer Science major graduating this May, 2013! She has been awarded the Auvil Undergraduate Scholars Fellowship from the University College at Washington State University. This particular award is given to any student who is pursuing undergraduate research at WSU. Jessamyn graduated from Colton High School in 2009. She is a member of ACM student group at EECS, and is a Distinguished Regents Scholar.
On behalf of the faculty and staff at EECS, we would like to congratulate you on your hard work. Way to go!
The 2012 Fall Senior Design Poster Session and Student Forum Highlights
Thursday, November 29th was the Fall Senior Design Poster Session and Student Forum. There were 11 senior design groups that presented their innovative ideas to a panel of 4 judges from industry. Eight student groups were highlighted this year, and they got a chance to explain what their group was all about and encourage people to join. It was a day of reviewing senior design posters, getting to introduce EECS Student Groups, having a free lunch while being briefed on EECS, and winning free stuff.
So, without hesitation, the winners are........
Senior Design Poster Session
Third Place
Team RoboSub


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Select Local Merchants
Diwan Restaurant and BarRead MoreA flavorful restaurant, Diwan Restaurant and Bar serves spicy Indian fare. Diwan Restaurant and Bar is a local eatery that serves up both gluten-free and low-fat dishes. Find time to peruse the wine list here — Diwan Restaurant and Bar offers a variety of drink options. Youngsters don't need to sit out a trip to Diwan Restaurant and Bar — it's super family-friendly and perfect for little diners and their folks. Whether you have a large or small group, Diwan Restaurant and Bar can accommodate both. Crowds tend to pack the place on weekends, so call ahead to reserve a table. Take it nice and easy at Diwan Restaurant and Bar, where casual dress is the rule of the day. It's time to gather up the party people. Serve them great food from Diwan Restaurant and Bar. For those in a hurry, the restaurant lets you take your grub to go. Diwan Restaurant and Bar provides easy access to an adjacent lot. You'll also find plenty of safe spaces to lock up your bike if you prefer to cycle to the restaurant. A night out here can be a bit pricey, so prepare to shell out a bit more. You can pay with Visa, MasterCard, Discover, American Express or any major credit card.415 S BroadwayHicksville, NY US
The Long Island Puppet TheaterRead MoreThe Long Island Puppet Theater amazes audiences with a cast of colorful marionette puppets, each with a story to tell. Its shows cater to audiences aged one and up and include familiar characters including The Little Mermaid. Special events encourage kids to play with Barbies or dance alongside Cinderella and Batman, whereas traveling shows bring interactive fun to the tristate area with pirates and jungle animals. In addition to performances, the theater also offers private themed parties for special occasions, such as a birthday or day you transform from a wooden puppet into a real boy or girl.10 Heitz Pl.Hicksville, NY US
Broadway Multiplex CinemasRead MoreWhether you're looking for an Oscar-nominated flick or a feel-good rom-com, Broadway Multiplex Cinemas has the perfect movie for you at their theater in Hicksville. For a well-crafted dish, be sure to visit the restaurant at this theater. Bring the whole family to this theater, where kiddos are welcomed with open arms. Check out the cinematic offerings from Broadway Multiplex Cinemas in their open-air screening space. Parking is plentiful, so patrons can feel free to bring their vehicles.955 Broadway MallHicksville, NY US
The ShoppeRead MoreFor true American comfort food, head to The Shoppe for a sandwich or side of fries. Low-fat is one factor and amazing taste is another. Come see which wins out at The Shoppe. Don't waste time on public transportation! Bring your own wheels to the restaurant and easily park nearby. If you don't want a night that will cost you an arm and a leg but you do want a delicious meal, come to The Shoppe.4 W Village GrnHicksville, NY US
Woodbury Studio of Dance ArtsRead MoreAll the world's a stage, but Woodbury Studio of Dance Arts in Hicksville offers the best shows around. With a sizzling plate of terrific food, this theater boasts among the best eats this side of the city. Save money on a sitter — kids are welcome to join in the fun at this theater. Parking is plentiful, so patrons can feel free to bring their vehicles.103 Woodbury RdHicksville, NY US
Ella Marie School of DanceRead MoreCostumes and actors and plays, oh my! Ella Marie School of Dance offers engaging theater for you and everyone you know in Hicksville. Even the clumsiest of dancers will learn how to glide gracefully at Ella Marie School of Dance. Parking is plentiful, so patrons can feel free to bring their vehicles.376 West Old Country RoadHicksville, NY US


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Lissette Moreno
Clinical Research Coordinator
Lissette is a Clinical Research Coordinator and Assistant to Dr. Nahab in the Department of Neurology at the University of Miami Miller School of Medicine.
University of Miami Neurology - Unveils Robert M. and Judith K. Cornfeld Neuroimaging Research Program
Fox News - Study finds potential protective effects of cholesterol medicines on Parkinson disease...
Study will examine the brain regions causing ET and the actions of various treatments.
Essential Tremor (ET) is the most common tremor disorder, currently affecting an estimated 2.9 million Americans. The most common symptoms are tremors occurring during movement that involve the hands and head. While…
More Research Projects »


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The New York Times
Berlin 1961: Kennedy, Khrushchev, and the Most Dangerous Place on Earthby Frederick Kempe
View All Available Formats & Editions
A fresh, controversial, brilliantly written account of one of the epic dramas of the Cold War-and its lessons for today.
History at its best." -Zbigniew Brzezinski
"Gripping, well researched, and thought-provoking, with many lessons for today." -Henry Kissinger
"Captures the drama [with] the 'You are there' storytelling skills of a/b>… See more details below
A fresh, controversial, brilliantly written account of one of the epic dramas of the Cold War-and its lessons for today.
History at its best." -Zbigniew Brzezinski
"Gripping, well researched, and thought-provoking, with many lessons for today." -Henry Kissinger
"Captures the drama [with] the 'You are there' storytelling skills of a journalist and the analytical skills of the political scientist." - General Brent Scowcroft
In June 1961, Nikita Khrushchev called it "the most dangerous place on earth." He knew what he was talking about.
Much has been written about the Cuban Missile Crisis a year later, but the Berlin Crisis of 1961 was more decisive in shaping the Cold War-and more perilous. For the first time in history, American and Soviet fighting men and tanks stood arrayed against each other, only yards apart. One mistake, one overzealous commander-and the trip wire would be sprung for a war that would go nuclear in a heartbeat. On one side was a young, untested U.S. president still reeling from the Bay of Pigs disaster. On the other, a Soviet premier hemmed in by the Chinese, the East Germans, and hard-liners in his own government. Neither really understood the other, both tried cynically to manipulate events. And so, week by week, the dangers grew.
Based on a wealth of new documents and interviews, filled with fresh- sometimes startling-insights, written with immediacy and drama, Berlin 1961 is a masterly look at key events of the twentieth century, with powerful applications to these early years of the twenty- first.
Editorial Reviews
The New York Times
The Washington Post
"Good journalistic history in the tradition of William L. Shirer and Barbara Tuchman." — Kirkus Reviews
"Frederick Kempe's compelling narrative, astute analysis, and meticulous research bring fresh insight into a crucial and perilous episode of the Cold War." — Strobe Talbott, President, Brookings Institution
"History at its best. Kempe's book masterfully dissects the Cold War's strategically most significant East-West confrontation, and in the process significantly enlightens our understanding of the complexity of the Cold War itself." — Dr. Zbigniew Brzezinski, National Security Advisor to President Jimmy Carter
"Berlin 1961 takes us to Ground Zero of the Cold War. Reading these pages, you feel as if you are standing at Checkpoint Charlie, amid the brutal tension of a divided Berlin." — David Ignatius, Columnist, The Washington Post
"Informed...His chronology of memos and meetings dramatizes events behind closed doors...Kempe's history reflects balanced discernment about the creation of the Berlin Wall." — Booklist
"Kempe...skillfully weaves oral histories and newly declassified documents into a sweeping, exhaustive narrative...Likely the best, most richly detailed account of the subject, this will engross serious readers of Cold War history who enjoyed W.R. Smyser's Kennedy and the Berlin Wall but appreciate further detail." — Library Journal
A tale of missed opportunities just might have ended in nuclear war.
Former longtime Wall Street Journal editor Kempe (Father/Land: A Personal Search for the New Germany, 1999, etc.) recounts a curious series of episodes in which the Russians appeared to be bearing olive branches, the Americans arrows. When John F. Kennedy came into office, Nikita Khrushchev made unexpectedly conciliatory gestures—for instance, he allowed Radio Free Europe to be broadcast behind the Iron Curtain, released American fliers who had been shot down while spying in Soviet airspace and even published Kennedy's inaugural address inPravda. Kennedy, however, mistrusted Khrushchev, who was "vacillating between his instinct for reform and better relations with the West and his habit of authoritarianism and confrontation." Given this suspicion, Kennedy failed to encourage the Soviet leader's good moments. Meanwhile, Khrushchev faced a difficult problem. He had defanged his most dangerous rival, Stalin-era secret policeman Lavrentiy Beria, but still faced considerable opposition from hardcore Stalinists—and competition from Mao's China, which was jockeying for position as the world's leading communist power. He was also embroiled in a bad situation in East Germany, which seemed in danger of collapsing in the wake of his post-Stalin reforms and which was serving as a gateway through which other Eastern Europeans could easily escape to the West. The climax of the difficult year 1961, as Kempe demonstrates, was the building of the Berlin Wall following one misreading of Soviet cues after another on the part of the Kennedy administration. In the end, Kennedy had to swallow his pride and accept the fact of the wall, which "had risen as he passively stood by." That failure notwithstanding, Kempe concludes that, ultimately, Kennedy was able to regain advantage with his successful handling of the Cuban Missile Crisis the following year.
A bit too long, but good journalistic history in the tradition of William L. Shirer and Barbara Tuchman.
Product Details
- 9781101515020
- Publisher:
- Penguin Publishing Group
- Publication date:
- 05/10/2011
- Sold by:
- Penguin Group
- Format:
- NOOK Book
- Pages:
- 608
- Sales rank:
- 214,110
- File size:
- Age Range:
- 18 Years
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All things Portuguese with a side order of Bavaria for Thanksgiving. Fall in Portugal and as the Portuguese did many years before -exploring new territories down the coast of Africa to South America.
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Join us once again as Jim celebrates one full year of retirement - and what a year it has been for him - enjoying the rewards of many years of hard work - we have seen a lot together - a lot of churches and ancient history - great food (Gelato included), ...
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Food & Agribusiness Institute
The Business of Nurseries
Join FAI for the Business of Nurseries with alumnus Steve McShane, MBA '02 on May 17th at 5:00 p.m. in Conference Room 21 in the Benson Center. Steve will discuss the "behind the scenes" aspects of the nursery business, focusing on distribution and retail. He will share his experience creating and sustaining a successful business. He previously worked for Taylor Farms of California as a Product Manager and for NewStar Fresh Foods as a Director of Quality Assurance before opening McShane's Nursery and Landscape Supply in 2005.
Posted by FAI


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Vote for Cubs 2011 MVP and LVP
It's that time of year again, your chance to vote for the Cubs 2011 MVP and LVP.
2011 Cubs MVP
Click here if you're having issues with seeing the poll within the post.
Previous winners include:
- 2010 - Carlos Marmol
- 2009 - Derrek Lee
- 2008 - Geovany Soto
WAR values come from Baseball Reference, ranking is for team of course, not the league.
|1st in BA, H, 2B, 3B, R + 2nd in SB, 4th in OBP
|1st in ERA, W, K, WHIP + 2nd in IP for starters
|1st in ERA, WHIP and HLDS
|1st in RBI, SLG + 2nd in BA, H, R, HR, OBP
|Fired Hendry, spent a lot on the draft
2011 Cubs LVP
Click here if you're having issues with the poll within the post. Previous losers were:
- 2010 - Lou Piniella
- 2009 - Alfonso Soriano
|Jim Hendry
|left team with little rotation depth, and lots of dead weight on contracts.
|Carlos Marmol
|blew league leading 10 Saves
|Mike Quade
|acted very confused, consistently...
|Alfonso Soriano
|if you care to concentrate on the value portion of LVP, Soriano gave little bang for the buck
|Carlos Zambrano
|similar to Soriano, money paid grossly overstated to performance given. May have kicked a puppy.
I'll leave it open through the end of the week. Comments always appreciated.
Re: Vote for Cubs 2011 MVP and LVP
Definitely kicked a puppy.
Re: Vote for Cubs 2011 MVP and LVP
sportswriters like to smoke fat rocks in BOS, too...
"According to Jon Heyman of SI.com, Bobby Valentine is not a candidate for the Red Sox managerial opening."
...evidently the other hot "okay, really?" name popular in their press is joe torre.
Re: Vote for Cubs 2011 MVP and LVP
Wasn't Earl Weaver available?
Re: Vote for Cubs 2011 MVP and LVP
Really, people? Zambrano? He would've probably outproduced Soriano in WAR if management hadn't sent him home, and it's Hendry and Rickett's that screwed the pooch by locking themselves into a "he's not coming back" position.
(I also suspect Zambrano could've outproduced Soriano at the plate and in the field given the chance.)
Re: Vote for Cubs 2011 MVP and LVP
i say bring Z back as our new starting 1B. think about it...
Re: Vote for Cubs 2011 MVP and LVP
AZ PHIL: What was the deal with Al Albequerque, again?
Did the Cubs trade him to the Rox in some phantom deal, or was he not designated for the 40-man ever?
I recall you discussing his arm on occasion, and had seen him on your various AFL lists, etc.
I am happy for his success this year with the Tigers, and just was curious what it took for his light to get switched on. Or, did we blow it on another prospect?
Re: Vote for Cubs 2011 MVP and LVP
After being traded to the Rockies for Jeff Baker in July 2009, Alberto Alburquerque was added to the Rockies 40-man roster post-2009, was outrighted in May 2010 (nobody claimed him off waivers - anybody could have), and then he became an MLB Rule 55 Six-Year Minor League FA post-2010 (again, available for anybody who wanted him) and he signed a minor league contract with the Tigers with an NRI to Spring Training.
Re: Vote for Cubs 2011 MVP and LVP
Thanks, gents.
Re: Vote for Cubs 2011 MVP and LVP
Alburquerque had good numbers at Daytona in 2009. He was on my radar because his high strikeouts and low hits-allowed (44/26 in 34.2 innings) fed into my Marmol index. If I remember correctly, I squawked a little on TCR when he was traded.
Re: Vote for Cubs 2011 MVP and LVP
I don't know why but people are always accusing me of liking Sam Fuld. Fuld was the last thing in my thoughts when he went in the Garza deal. It was only when Fernando Perez washed out and Fukudome slid into the leadoff spot that I thought, and said out loud, that we always had Fuld for this situation and it was odd timing to have traded him now along with Guyer, someone else who could have led off.
Tony Thomas: you got me there. I did grow to like him after 2010--as did the Red Sox. Second basemen with speed and pop have two advantages over, say, Barney. But I've really gotten to like Coello and wouldn't trade him today for Thomas.
But that's a prospect for a prospect. I'd probably trade Garza today for Lee, Archer, Guyer and Chirinos, with or without Fuld. I'd certainly trade Baker for Alburquerque and Harden + Gaudin for Donaldson. With Donaldson's HR power (35 in last two seasons) and 38% caught-stealing pct., I think he would catch for the Cubs next season.
And of course I would trade Grabow and Gorzellany for Josh Harrison, who could play third next year.
So I generally favor squawking when they trade a nice prospect. Almost invariably, it's selling low.
Re: Vote for Cubs 2011 MVP and LVP
Well, it was in my blog then, September 10, 2009:
Alberto Alburquerque, by the way, was in my top ten when he was traded to Colorado for Jeff Baker. I take exception when I hear it said that the Cubs got Baker for nothing.
Re: Vote for Cubs 2011 MVP and LVP
Yeah, I see it now.
He has an extraneous "r" in his name--Alburquerque. I spelled it right in my search but wrong in my comment.
Re: Vote for Cubs 2011 MVP and LVP
I liked Marmolaid for LVP, even more when I consider that he was the MVP last year.
Castro was the player most fun to watch, but since we're, in theory, supposed to be entertained by this mess, I guess that's a good criteria for him to win.
Re: Vote for Cubs 2011 MVP and LVP
Since there was no realistic chance that the Cubs were going to win in 2011, the only person whose actions mattered was Hendry. Sadly he was unable to turn good performances by ARam, Pena and others into young players via a trades.
Thus, in my opinion, Hendry is the only choice for LVP.
Re: Vote for Cubs 2011 MVP and LVP
Remember he was "handcuffed" by his being fired, to some degree, and also AramRam didn't seem too excited about waiving his NTC.
If Pena nets us a 2nd supplemental pick, that's probably not going to be much worse than what we could have gotten for him.
Not to defend Hendry...
Re: Vote for Cubs 2011 MVP and LVP
Valid points, and as you note there is still time to correct the problem through draft pick compensation, but IMO the fact remains that Henry's failure to turn over the roster makes him the LVP.
Re: Vote for Cubs 2011 MVP and LVP
Or the fact that it took Hendry several years of work to produce this shitty roster.
Re: Vote for Cubs 2011 MVP and LVP
I don't think Hendry's problem was creating a shitty roster, the roster did go to multiple playoffs. Hendry's problem is that he did not react fast enough when the window was closing to really clean house.
Re: Vote for Cubs 2011 MVP and LVP
A roster that is good in 2008 is not necessarily good in 2011, and he had plenty of time in 2009 and 2010 to realize that and try to do something about it. This is a franchise that ought to be in contention most of the time, particularly in the NL Central--not in contention half the time and pure shit some of the time.
Re: Vote for Cubs 2011 MVP and LVP
Isn't that what I said?
Re: Vote for Cubs 2011 MVP and LVP
Maybe, except you started by saying that you didn't think Hendry's problem was creating shitty roster, so that confused me. He created good rosters in 2007 and 2008 (and 2003 and 2004). But he created the shitty rosters in 2010 and 2011 as well.
Re: Vote for Cubs 2011 MVP and LVP
Rob has the MVPs right, but my LVPs are Byrd and DeWitt. I just hate those ugly swings. DeWitt is supposed to have been drafted for his swing but I just don't see it. When he hits the ball hard, it's a golf shot headed for the foul pole.
Not to sound like one of those villainous scouts in Moneyball . . .
Re: Vote for Cubs 2011 MVP and LVP
dewitt was supposed to be hitting 20-25+ HR a year by now...meh. i wouldn't mind keeping him around another year.
Re: Vote for Cubs 2011 MVP and LVP
note Az Phil's post on the Baker for Alberquerque thread...#96:
As for Alberto Alburquerque, he has had arm problems (elbow and shoulder) for much of his carerer, but he's finlly healthy this season and was throwing in the mid-90's at Daytona.
I would compare him to Marcos Mateo (but Alburquerque has a better fastball), and as of right now, I would have rated Alburquerque as one of the Top 5 minor leaguers most-likely to get added to the Cubs 40-man roster post-2009 (along with Welington Castillo, Steve Clevenger, Tyler Colvin, and John Gaub).
Cubs have gotten mileage out of Baker, wasn't he Quade's favorite cleanup hitter vs leftys? ((facepalm))
2011 split vs LHP (.314/.349/.463/.812)
Recent comments
That was good!
Well said. On one hand, I thought the HBP was a bad baseball play -- down 4 runs, put a runner on for a red-hot Fowler. On the other hand, they needed to do something -- I hadn't thought about the warning/pitching inside point. Is Hurdle that smart? He does not strike me that way. By the way -- not clear which fan base you are referring to in your "first" 3rd point.
My unsolicited opinions on topics covered in this thread:
1. I hate the fact that after 162 games, a team could be out after 1 game. However, I think the system is pretty close to perfect right now. 2 of 3 isn't feasible unless they shorten the regular season, and it ices the division winners for way too long. This creates excitement, and rewards the division winners.
Personally, I think the game could have had a very different look had the Pirates held onto the ball and tagged Fowler out on the steal in the first. Cole was clearly frazzled, but if they took that runner off the base, it could have relaxed him a lot.
Football games are played once a week. There are 16 games a year. I'm not even remotely following at all how you can compare the two leagues and playoff systems. It is physically impossible to play a home and away series. The idea of not having any road games in baseball playoffs is certainly a head scratcher.
How is not having the first and last game at home a benefit for the division winners and team with the best record? How is it not an incentive to win the division when a WC team has to blow their top pitcher?
Call me lost.
Two 97+ win teams in a do-or-die, great bullpens, overpowering starters, plenty of pop--hard to believe that game wouldn't be tense. A 4-0 lead is not a blowout, especially in that situation and with the Cubs' young bullpen. Not only would a defensive play here or there make a difference, but you get the win there also on the home plate umps strike zone (generous strike calls for Arrieta, including a couple Ks), and on Schwarber sitting on the right pitch at the right time.
Unbeleivable Dodgers:
I just noticed the Dodger's payroll today. It is just absurd. $300,000,000+!!
Here is where just some of their money is for 2015:
Some "Highlights"
Carl Crawford $20MM
Brandon McCarthy $17MM
Bronson Arroyo $3.5MM
Darwin B $2.2MM
Dan Haren $10MM
Matt Kemp $18MM
Brian Wilson $10MM
Ryan Webb $2.2MM
Dee Gordon $2.5MM
So I think tomorrow will be the most important test of how far we can go. We can win it all with two pitchers since Arietta has shown he can carry over his success to the post season. If Lester can be dominant also then I think we can go far no matter how Hendricks or Hammel do.
And in terms of pitching just went through to see how we could maximize Lester and Arietta and came up with this (Lester would be going on 4 days rest three times and Arietta twice):
i still can't believe that crawford contract (7/142). all that loot and years for a LF'r who's entire hitting game revolves around his legs and line-drive power. those triples that raised his value are deceptive as hell to his true power, but it helped him get paid.
there's also pause about a guy who's ob% is almost totally driven by hits rather than walks. BOS got lucky unloading that crap deal.
I think the Cubs take Berry and Soler off playoff roster and add Hammel & Ramirez. Believe Maddon will find Denorfia & Jackson defense too hard to lose.
O & B: I like the one-game Wild Card heart attack game, but I'd actually like to see a best two-out-of-three LDS played in the home parks of the two division winners with the best records, and then the LCS as a best two-out-of-three in the home park of the division winner left standing with the best record, and then let's get to the World Series already.
I...don't know. If chanting would help the Cubs beat the Cardinals in the next series or ultimately the World Series I think I'd be ok with it lol. I'm not supportive of saying insulting things to opposing fans or throwing things but loud noise and chanting seems appropriate to me.
I also grew up in France though and that kind of thing is par for the course at soccer and rugby matches and I love it. I find crowds too passive here.
Enjoyable read on David Ross.
Er, they won the first one. My bad. Carry on.
With last night's win in Pittsburgh, the Cubs have tied the Pirates with 98 wins, and are only 2-1/2 games behind the Cardinals. No reason why the Cubs can't finish the post-season with the best winning percentage in baseball (regular season & post-season combined).


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No more cat problems at troubled SF crime lab
SAN FRANCISCO (AP) - Officials at San Francisco's embattled police crime lab say they have dealt with the latest issue at the lab -- several feral cats living in a hangar at the lab.
Assistant Chief Jeff Godown said during a tour of the lab's evidence area Thursday that the cats were removed by Animal Care and Control workers.
Godown said last week that he spotted the felines and their feces near property evidence boxes. He also said that the current evidence area is at what he termed "max capacity" and needs revamping.
The lab has been shuttered for about a month amid allegations that former longtime lab technician Deborah Madden stole cocaine evidence.
Madden has not been charged by San Francisco authorities in the case, but has been charged with felony cocaine possession in San Mateo County. She has pleaded not guilty.
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