Google’s Schmidt to sell roughly 42 percent of stake

SAN FRANCISCO (Reuters) – Google Inc Executive Chairman Eric Schmidt is selling roughly 42 percent of his stake in the Internet search company, a move that could potentially net the former chief executive a $ 2.51 billion windfall.

Schmidt, 57, will sell 3.2 million shares of Class A common stock through a stock trading plan, Google said in a filing with the U.S. Securities and Exchange Commission on Friday.

The plan, which Google said would give Schmidt “individual asset diversification and liquidity,” allows Schmidt to spread trades out over a period of one year to reduce the market impact.

Shares of Google were down $ 4.11 at $ 781.26 in after-hours trading on Friday.

A Google spokeswoman would not comment on why Schmidt is selling the shares at this time.

Wedbush Securities analyst James Dix said Schmidt’s stock sales did not worry him or signal a loss of confidence in the company by Schmidt.

“I’d be more worried if the current CEO or CFO sold a lot of their stake,” said Dix.

Schmidt, who served as Google’s chief executive until 2011, currently owns roughly 7.6 million shares of Class A and Class B common stock. The shares represent 2.3 percent of Google’s outstanding stock and roughly 8.2 percent of the voting power of Google’s stock.

The fact that Schmidt will still own a significant amount of shares after the sales means he’ll have a good deal of “skin in the Google game,” said Needham & Co analyst Kerry Rice. But he said it could hint at Schmidt playing a less central role within the company going forward.

“My speculation is that Eric’s relationship with Google is evolving,” said Rice. “I would assume that as he decides he wants to diversify away from Google – both his career and financially – he’s got ideas of what he would like to do with some of his funds.”

Schmidt, who helped turn Google into the world’s No.1 search engine during his decade as CEO, handed the reins to Google co-founder Larry Page in April 2011.

As executive chairman, Schmidt has been particularly involved in government relations, taking a leading role in the company’s discussions with antitrust regulators in the United States and the European Union. The U.S. Federal Trade Commission ended its investigation into Google last month without any action. Google has offered to change some of its business practices to appease European competition regulators.

“As Google moves to maybe more tactical battles, as opposed to the strategic battles it’s been waging with the government, once those are concluded, maybe his role can be lessened,” said Needham & Co’s Rice.

Schmidt has also made headlines apart from Google. In January, Schmidt traveled to North Korea with former New Mexico Governor Bill Richardson for a “personal” trip. The trip was criticized by the U.S. State Department as ill-timed – coming weeks after North Korea conducted a rocket launch in violation of U.N. Security Council sanctions.

Shares of Google are trading at all-time highs, finishing Friday’s regular session at a record closing price of $ 785.37. At that price, Schmidt’s share sales would be worth $ 2.51 billion.

Google said that Schmidt entered into the stock trading plan in November.

Schmidt was ranked 138 on the Forbes list of global billionaires with a net worth of $ 6.9 billion in March 2012.

Given Schmidt’s changed role at the company and the amount of his wealth tied up in Google’s stock, it was not unreasonable for him to diversify his holdings, said Wedbush Securities analyst Dix.

“As good as Google stock is, it isn’t as good as cash if you actually want to buy something,” he said.

(Reporting by Alexei Oreskovic; Editing by Tim Dobbyn and Lisa Shumaker)

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Kris Humphries: Why He Won't Divorce Kim Kardashian

02/07/2013 at 07:00 PM EST

Despite Kim Kardashian's pressing for a divorce, Kris Humphries deeply believes their 72-day marriage should be annulled and he won't give up the fight, a source tells PEOPLE.

"Kris only wants an annulment," says the source close to Humphries. "He never wanted to be married more than once and he feels like she cheated him out of the chance to have a real, loving marriage."

The Brooklyn Nets forward is also not sympathetic to Kardashian's pleas to end the battle for the sake of the baby she's having with boyfriend Kanye West, adds the source.

"He feels that even if she's pregnant, she still has to deal with the mess she made," the source says. "He thinks their entire marriage was a fraud, and he's not going to just give up because of the situation."

Kardashian, who says she's due to deliver in early July, is asking a judge to start a divorce trial as soon as possible or at the very least to have their marriage legally dissolved while they litigate other issues.

"There was no fraud on my part," she says in papers filed last month in L.A. Superior Court. "I wish this issue to be tried immediately so that this false claim can be put to rest and I can move on with my life."

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Southern diet, fried foods, may raise stroke risk

Deep-fried foods may be causing trouble in the Deep South. People whose diets are heavy on them and sugary drinks like sweet tea and soda were more likely to suffer a stroke, a new study finds.

It's the first big look at diet and strokes, and researchers say it might help explain why blacks in the Southeast — the nation's "stroke belt" — suffer more of them.

Blacks were five times more likely than whites to have the Southern dietary pattern linked with the highest stroke risk. And blacks and whites who live in the South were more likely to eat this way than people in other parts of the country were. Diet might explain as much as two-thirds of the excess stroke risk seen in blacks versus whites, researchers concluded.

"We're talking about fried foods, french fries, hamburgers, processed meats, hot dogs," bacon, ham, liver, gizzards and sugary drinks, said the study's leader, Suzanne Judd of the University of Alabama in Birmingham.

People who ate about six meals a week featuring these sorts of foods had a 41 percent higher stroke risk than people who ate that way about once a month, researchers found.

In contrast, people whose diets were high in fruits, vegetables, whole grains and fish had a 29 percent lower stroke risk.

"It's a very big difference," Judd said. "The message for people in the middle is there's a graded risk" — the likelihood of suffering a stroke rises in proportion to each Southern meal in a week.

Results were reported Thursday at an American Stroke Association conference in Honolulu.

The federally funded study was launched in 2002 to explore regional variations in stroke risks and reasons for them. More than 20,000 people 45 or older — half of them black — from all 48 mainland states filled out food surveys and were sorted into one of five diet styles:

—Southern: Fried foods, processed meats (lunchmeat, jerky), red meat, eggs, sweet drinks and whole milk.

—Convenience: Mexican and Chinese food, pizza, pasta.

—Plant-based: Fruits, vegetables, juice, cereal, fish, poultry, yogurt, nuts and whole-grain bread.

—Sweets: Added fats, breads, chocolate, desserts, sweet breakfast foods.

—Alcohol: Beer, wine, liquor, green leafy vegetables, salad dressings, nuts and seeds, coffee.

"They're not mutually exclusive" — for example, hamburgers fall into both convenience and Southern diets, Judd said. Each person got a score for each diet, depending on how many meals leaned that way.

Over more than five years of follow-up, nearly 500 strokes occurred. Researchers saw clear patterns with the Southern and plant-based diets; the other three didn't seem to affect stroke risk.

There were 138 strokes among the 4,977 who ate the most Southern food, compared to 109 strokes among the 5,156 people eating the least of it.

There were 122 strokes among the 5,076 who ate the most plant-based meals, compared to 135 strokes among the 5,056 people who seldom ate that way.

The trends held up after researchers took into account other factors such as age, income, smoking, education, exercise and total calories consumed.

Fried foods tend to be eaten with lots of salt, which raises blood pressure — a known stroke risk factor, Judd said. And sweet drinks can contribute to diabetes, the disease that celebrity chef Paula Deen — the queen of Southern cuisine — revealed she had a year ago.

The National Institute of Neurological Disorders and Stroke, drugmaker Amgen Inc. and General Mills Inc. funded the study.

"This study does strongly suggest that food does have an influence and people should be trying to avoid these kinds of fatty foods and high sugar content," said an independent expert, Dr. Brian Silver, a Brown University neurologist and stroke center director at Rhode Island Hospital.

"I don't mean to sound like an ogre. I know when I'm in New Orleans I certainly enjoy the food there. But you don't have to make a regular habit of eating all this stuff."

___

Marilynn Marchione can be followed at http://twitter.com/MMarchioneAP

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Wall Street ends lower on renewed euro zone fears

NEW YORK (Reuters) - Stocks declined on Thursday, taking a step back from their recent advance, prompted by comments by the ECB president on the euro and Europe's outlook.

The euro currency dropped against the safe-haven dollar and yen, spurring a retreat from risky assets such as stocks, after European Central Bank President Mario Draghi said the exchange rate was important to growth and price stability. Investors took that as a sign the bank is concerned about the euro's advance and its effect on the region's economy.

Growth sectors were among the weakest performers on the S&P 500: the S&P 500 materials index <.splrcma> was down 0.6 percent while the S&P energy index <.spny> was down 0.5 percent. Housing stocks also declined, with a housing sector index <.hgx> off 1.4 percent.

Despite the day's decline and weakness earlier this week, the stock market has been in an almost uninterrupted up trend for most of the year, with the S&P 500 up 5.8 percent so far for 2013.

Many analysts say some weakness at this point is no surprise.

"Given the amount the market moved in January, having a little bit of a pullback and some consolidation where the market goes sideways for a little while, we think would be a healthy sign," said Eric Marshall, director of research at Hodges Capital Management in Dallas.

Top U.S. retailers reported strong January sales after offering compelling merchandise that drew in shoppers facing a hit to their take-home pay from higher payroll taxes.

The Dow Jones industrial average <.dji> was down 42.47 points, or 0.30 percent, at 13,944.05. The Standard & Poor's 500 Index <.spx> was down 2.73 points, or 0.18 percent, at 1,509.39. The Nasdaq Composite Index <.ixic> was down 3.34 points, or 0.11 percent, at 3,165.13.

Shares of Apple helped to limit losses on the Nasdaq, the stock ending up 3 percent at $468.22. Fund manager David Einhorn's Greenlight Capital said it has sued Apple Inc and said the company needs to do more to unlock value for shareholders.

Though the earnings season is winding down, results continue to boost growth estimates for the fourth quarter. According to Thomson Reuters data through Thursday morning, of 317 companies in the S&P 500 that have reported earnings, 69 percent have exceeded analysts' expectations, above a 62 percent average since 1994 and 65 percent over the past four quarters.

Fourth-quarter earnings for S&P 500 companies rose 5 percent, according to the data, above a 1.9 percent forecast at the start of the earnings season.

Akamai Technologies Inc lost 15.2 percent to $35.26 as the worst percentage performer on the S&P 500 after the Internet content delivery company forecast current-quarter revenue below analysts' expectations.

Among retailers, Macy's Inc rose 2 percent to $40.27 after reporting January same store sales rose 11.7 percent.

But Ann Inc dropped 8 percent to $30.20 after forecasting fourth-quarter sales below analysts' expectations.

Economic data was mixed. Initial jobless claims dipped last week, with the four-week moving average falling to its lowest level since March 2008, signaling the economy continues to recover slowly.

A separate report said fourth-quarter productivity registered its biggest drop in nearly two years, while unit labor costs jumped 4.5 percent, more than economists expected.

Roughly 6.6 billion shares traded on the New York Stock Exchange, the Nasdaq and the NYSE MKT, compared with the 2012 average daily closing volume of about 6.45 billion.

Decliners outpaced advancers on the NYSE by nearly 4 to 3 and on the Nasdaq by about 5 to 3.

(Additional reporting by Angela Moon; Editing by Kenneth Barry and Nick Zieminski)

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World Briefing | Europe: Lasagna Products Test Positive for Horsemeat in Britain

British authorities say beef lasagna products recalled from British supermarkets by the frozen-food company Findus have tested positive for more than 60 percent horsemeat. The revelation comes after millions of burgers were taken off shop shelves this month as it emerged that beef products from three companies in Ireland and Britain contained horse DNA. The Food Standards Agency said Thursday that its tests on Findus’s beef lasagna were part of an investigation into mislabeled meat and that there was no evidence the results posed a food safety risk.

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Google must extend payments across Europe for use of content

LISBON (Reuters) – Google Inc must extend its offer made last week to pay French publishers for use of their content to all media companies across Europe, the head of the European Publishers Council said on Thursday.

Last week, the internet search giant agreed to pay 60 million euros ($ 80 million) into a special fund to help French media develop their presence on the Internet. It will not pay them for posting links to their content.

French publishers had demanded licensing fees for headlines and snippets of articles in its search engine results.

Google settled a similar case with Belgian publishers in December by helping them boost online revenue, but still faces a dispute with publishers in Germany.

“Search engines get more than 90 percent of revenues from online advertising and a substantial part of these come directly or indirectly from the free access to professional news or entertainment content produced by the media,” Francisco Pinto Balsemao told Reuters.

“The situation is very bad for media groups (in Europe). This use is carried out without the authorization from copyright holders or without any payment in return. So, all aggregators, like Google, should pay.

“Google’s openness to negotiate and talk looks like a good step that must now be followed in other (European) countries.”

The EPC represents 26 of the main media groups operating in Europe, including Thomson Reuters, Prisa, News International, Axel Springer and Impresa.

Advertising revenues in Portugal fell by 90 million euros last year to 526 million euros, its lowest since 1997.

Balsemao is also Chief Executive Officer of Portuguese media group Impresa, which owns Portugal’s best-selling weekly Expresso and television channel SIC.

($ 1=0.7469 euros)

(Reporting by Filipe Alves; Writing by Daniel Alvarenga, editing by Axel Bugge and Mike Nesbit)

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Leeza Gibbons: I Count My Blessings - Not My Stretch Marks

By Mike Fleeman

02/06/2013 at 07:30 PM EST

When TV personality Leeza Gibbons married Steven Fenton in 2011, she joked that she was finally embracing "my inner cougar" – on their first date he was 38 and she was 51.

Now approaching their two-year anniversary in April, Gibbons has given a little more thought to the dynamics of their relationship and concludes that "the term cougar has so much energy around it that doesn't really fit."

"We laugh about it all the time," Gibbons, now 55, tells PEOPLE. (Fenton is a longtime talent manager and former president of the Board of Education in Beverly Hills.) "I always joke that emotionally and with regard to maturity, he's much older than I am."

The theme of starting over – "rebooting your life," as Gibbons calls it – runs through her new book, Take 2: Your Guide to Creating Happy Endings and New Beginnings.

She's had much to draw on from her own life: She's been divorced (this is her fourth marriage), had high-profile jobs at Entertainment Tonight, Extra and Leeza, and seen her kids grow older. She became an activist for family caregivers as her mother and grandmother both had Alzheimer's.

She writes about navigating change, basking in one's past, handling disappointments, "test-driving our dreams," learning how to say no and embracing the "Goddess Quotient" – how to be "a good girlfriend to yourself."

As for her own big new beginning, Gibbons remembers how just a couple of years ago she privately worried about the age difference.

"I did play out all those fears," she says. "I went through the list: I've got kids, there's a lot in my life that is big and complicated, he should be starting a young family. I went through all of it. I decided that I needed to count my blessings and not my stretch marks. I recognized that my work in the relationship was not to decide what he felt about it."

In the end, she says, "It was up to Steven to decide how to receive. He didn't need me to protect him from our age difference. Now two years later, there's so much respect and so much fun and so much faith in each other. We truly are our biggest supporters. That's really love"

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New whooping cough strain in US raises questions

NEW YORK (AP) — Researchers have discovered the first U.S. cases of whooping cough caused by a germ that may be resistant to the vaccine.

Health officials are looking into whether cases like the dozen found in Philadelphia might be one reason the nation just had its worst year for whooping cough in six decades. The new bug was previously reported in Japan, France and Finland.

"It's quite intriguing. It's the first time we've seen this here," said Dr. Tom Clark of the Centers for Disease Control and Prevention.

The U.S. cases are detailed in a brief report from the CDC and other researchers in Thursday's New England Journal of Medicine.

Whooping cough is a highly contagious disease that can strike people of any age but is most dangerous to children. It was once common, but cases in the U.S. dropped after a vaccine was introduced in the 1940s.

An increase in illnesses in recent years has been partially blamed on a version of the vaccine used since the 1990s, which doesn't last as long. Last year, the CDC received reports of 41,880 cases, according to a preliminary count. That included 18 deaths.

The new study suggests that the new whooping cough strain may be why more people have been getting sick. Experts don't think it's more deadly, but the shots may not work as well against it.

In a small, soon-to-be published study, French researchers found the vaccine seemed to lower the risk of severe disease from the new strain in infants. But it didn't prevent illness completely, said Nicole Guiso of the Pasteur Institute, one of the researchers.

The new germ was first identified in France, where more extensive testing is routinely done for whooping cough. The strain now accounts for 14 percent of cases there, Guiso said.

In the United States, doctors usually rely on a rapid test to help make a diagnosis. The extra lab work isn't done often enough to give health officials a good idea how common the new type is here, experts said.

"We definitely need some more information about this before we can draw any conclusions," the CDC's Clark said.

The U.S. cases were found in the past two years in patients at St. Christopher's Hospital for Children in Philadelphia. One of the study's researchers works for a subsidiary of Johnson & Johnson, which makes a version of the old whooping cough vaccine that is sold in other countries.

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JournaL: http://www.nejm.org

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Wall Street ends flat as investors pull back

NEW YORK (Reuters) - Stocks ended mostly flat on Wednesday, taking another pause in the recent rally that has driven the S&P 500 to five-year highs, as transportation and technology shares lost ground.

Transportation stocks were among the worst performers. Shares of CH Robinson Worldwide fell 9.7 percent to $60.50 and the stock was the biggest percentage loser on the Nasdaq 100 after the freight transport company posted a lower-than-expected adjusted quarterly profit.

Without a strong catalyst, the market could struggle to continue its rally, analysts said. The benchmark S&P 500 index has advanced 6 percent this year, reaching its highest since December 2007, while the Dow Jones industrial average <.dji> has risen above 14,000 recently.

Bank of America-Merrill Lynch analysts see a near-term pullback likely, based on strong equity inflows at the start of the year, said Dan Suzuki, the bank's equity strategist in New York.

"The fact that we've gone since November without seeing one, from a timing perspective, it wouldn't be a surprise to see one now."

With fourth-quarter earnings nearing an end, the market will be losing one of its big supports, said Frank Lesh, a futures analyst and broker at FuturePath Trading LLC in Chicago. "That's one thing that's been holding the market up," he said.

Shares of Time Warner Inc jumped 4.1 percent to $52.01 after reporting higher fourth-quarter profit that beat Wall Street estimates, as growth in its cable networks offset declines in film, TV entertainment and publishing units.

The Dow Jones industrial average <.dji> was up 7.22 points, or 0.05 percent, at 13,986.52. The Standard & Poor's 500 Index <.spx> was up 0.83 points, or 0.05 percent, at 1,512.12. The Nasdaq Composite Index <.ixic> was down 3.10 points, or 0.10 percent, at 3,168.48.

Amazon.com shares, down 1.7 percent at $262.22, led the decline on the Nasdaq.

Also causing some strain on the market, investors have been speculating about leadership changes in Spain and Italy and watching for comments from European leaders, analysts said. European Central Bank policymakers are due to meet Thursday.

The Dow Jones Transportation average <.djt> was down 0.2 percent after hitting another record high on Tuesday. The average is up 10.7 percent for the year so far and has made a series of new highs since mid-January.

According to Thomson Reuters data, of 301 companies in the S&P 500 that have reported earnings, 68.1 percent have exceeded analysts' expectations, above a 62 percent average since 1994 and 65 percent over the past four quarters. In terms of revenue, 65.8 percent of companies have topped forecasts.

Fourth-quarter earnings for S&P 500 companies are estimated to have risen 4.7 percent, according to the data, above a 1.9 percent forecast at the start of the earnings season.

Walt Disney Co's stock was up 0.4 percent at $54.52, after the company beat estimates for quarterly adjusted earnings and gave an optimistic outlook for the next few quarters.

Volume was roughly 6.5 billion shares traded on the New York Stock Exchange, the Nasdaq and the NYSE MKT, compared with the 2012 average daily closing volume of about 6.45 billion.

Advancers outpaced decliners on the NYSE by roughly 17 to 12 and on the Nasdaq by about 13 to 11.

(Editing by Bernadette Baum, Kenneth Barry and Nick Zieminski)

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Obama Orders Release of Drone Memos to Lawmakers

WASHINGTON — The White House on Wednesday directed the Justice Department to release classified documents discussing the legal justification for the use of drones in targeting American citizens abroad who are considered terrorist to the two Congressional intelligence committees, according to an administration official.

The White House announcement appears to refer to a long, detailed 2010 memo from the Justice Department’s Office of Legal Counsel justifying the killing of Anwar al-Awlaki, an American-born cleric who had joined Al Qaeda in Yemen. He was killed in a C.I.A. drone strike in September 2011. Members of Congress have long demanded access to the legal memorandum.

The decision to release the legal memos to the intelligence committees came under pressure, two days after a bipartisan group of 11 senators joined a growing chorus asking for more information about the legal justification for targeted killings, especially of Americans. The announcement also came on the eve of the confirmation hearing scheduled for Thursday for John O. Brennan, President Obama’s choice to be director of the C.I.A. As Mr. Obama’s counterterrorism adviser, Mr. Brennan has been the chief architect of the drone program, and he is expected to be closely questioned about it at the hearing of the Senate Intelligence Committee.

Critics noted that in 2009, Mr. Obama had ordered the public release of the classified memos governing C.I.A. interrogations under President George W. Bush and accused Mr. Obama of hypocrisy. Administration officials replied that the so-called enhanced interrogations had been stopped, while drone strikes continue.

Until Wednesday night, the administration had refused to even officially acknowledge the existence of the documents, which have been reported about in the press. This week, NBC News obtained an unclassified, shorter legal memo, described as a “white paper,” that officials said described the legal framework that officials follow in using the drones.

Administration officials said Mr. Obama had decided to take the action — which they described as extraordinary — out of a desire to involve Congress in the development of the legal framework for the use of drones. Aides noted that Mr. Obama had made a pledge to do that during an appearance on “The Daily Show” last year.

“Today, as part of the president’s ongoing commitment to consult with Congress on national security matters, the president directed the Department of Justice to provide the congressional Intelligence committees access to classified Office of Legal Counsel advice related to the subject of the Department of Justice White Paper,” the administration official said.

The official said that members of the intelligence committees would now get “access” to the documents. It remained unclear what kind of access that would be.

Christopher Anders, senior legislative counsel for the American Civil Liberties Union, called the president’s move “a small step in the right direction.” But he noted that the legal memo or memos were not being shared with either of the armed services committees, which have jurisdiction over Pentagon strikes, or the judiciary committees, which oversee the Justice Department.

The public should be permitted to see at least a redacted version of the relevant memos, Mr. Anders said. “Everyone has a right to know when the government believes it can kill Americans and others,” he said.

The Congressional intelligence committees were created in the late 1970s to exercise oversight after a series of scandals at the spy agencies. The law requires that the committees be kept informed of intelligence activities. But most administrations withhold at least some legal opinions, treating them as confidential legal advice to the president and agency officials.

Senator Dianne Feinstein, the California Democrat who leads the Senate Intelligence Committee, had proposed a clause for the annual intelligence authorization bill requiring that legal opinions on relevant matters be routinely shared with the committees. But the White House objected, and the measure was dropped from the bill.

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