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Gunman dead after killing 2 firefighters, 3 others wounded at scene of blaze near Rochester

Label: Health

@jgermano1 via Twitter

Jamie Germano tweeted this photo: "Fire on Lake Rd in Webster where firefighter were shot at upon arrival."

A sadistic gunman killed two firefighters and wounded three other first responders in western New York this morning after setting a blaze to lure victims into shooting range, officials said.

The murderer traded gunfire with cops and was eventually killed -- though it wasn’t immediately clear if officers brought him down, or if he committed suicide, said Webster police chief Gerald Pickering.

“It does appear it was a trap that was set for ... first responders,” Pickering said. “Causative reasons, we don’t have at this time.”

The fire, near the Lake Ontario shore just east of Rochester, broke out at 191 Lake Road at 5:45 a.m., and quickly spread to two more houses and a car, officials said.

Firefighters had to fall back after shots were fired, and flames eventually spread to seven more houses, officials said. Four houses were burned down and four were damaged by the time all flames were brought under control.

Pickering choked back tears as he revealed names of the two fatally wounded victims.

One of the fallen firefighters, 43-year-old Michael Chiapperini, was a volunteer -- his day job was a lieutenant in Webster’s police department, officials said.

The other tragically killed Bravest Tomasz Kaczowka, who was a Monroe County 911 dispatcher, officials said.

“These people get up in the middle of the night to fight fires,” said Pickering. “They don't expect to be shot and killed.”

Two of Webster's Bravest, who were shot and wounded, are in guarded condition at Strong Memorial Hospital in Rochester, officials said. They were identified as volunteer firefighters Joseph Hofsetter and Theodore Scardino.

One of them was reportedly shot through the hip and was in surgery this morning. He's expected to survive.

John Ritter, a police officer from nearby Greece, was wounded by flying shrapnel after responding in his private car, officials said.

Ritter was headed to work when he saw fire trucks and followed along, before his truck was hit twice with gunfire.

Lawyer takes child-support practice on the road

Label: Business

Her clients know her as “the child support lady with the cool truck.”

Chantale Suttle thinks that’s a pretty good description of her and her months-old business, DADvocacy.

For almost 20 years, she’s dealt with child support issues. In law school at the University of Miami, she interned in the child support office, and she went on to handle child support issues as a prosecutor, defense attorney and magistrate judge.

These days, she helps dads navigate the child support system from her mobile office: a bulletproof truck, wrapped with a photo of a man’s muscular, crossed arms, complete with a soundproof consultation room, sports magazines, sodas — and free diapers.

“We do not want to be fancy, golf-playing, mahogany-office kind of lawyers. I’m just a lady you come talk to about child support,” said 42-year old Suttle.

And for teen dads, she does it for free.

“I feel that’s when I can help them the most, and I feel that’s where being part of the child support system can be the most damaging to his future because of the credit bureau reporting,” Suttle said.

Older dads can get help for a flat fee.

Suttle drives the converted 22-passenger van herself. When it’s not parked outside of the child support courthouse at in Downtown Miami, Suttle motors throughout the county to speak at community events.

On a recent evening, the DADvocacy van was parked outside of the Girl Power community center, on Seventh Avenue just off I-95 in Miami. There, Fatherz in the Hood — an organization that provides training and resources for dads — organized an information session for parents frustrated with the child support system.

Suttle stood in front of a semi-circle of seated dads, both young and old, and schooled them about the child support system so that they, hopefully, would not have to see her for services.

Florida’s child support court is different from family court, where parents sort out divorce and domestic violence issues, she explained. Child support court deals only with issues related to collecting child support, which goes often goes directly to the state for social programs — not the mother.

Child support is based on “time-sharing” between parents, and fathers who spend more time with their kids may pay less child support.

“This system is supposed to reward good dads who spend time with their kids,” she told the Fatherz in the Hood group. “On this, we are light-years away from any other state.”

The dads at Fatherz in the Hood chuckled when, using an online calculator, Suttle showed them a huge drop in the amount of child support a dad would have to pay just by spending more overnight time with his kids. In one scenario, the mother actually ended up owing the father child support.

“Any of you know moms paying child support?” an amazed participant asked.

The dads shook their heads, “No.”

Another eye-opening bit of information that Suttle shares with all of her clients — whether they hire her or not — is how to use the Miami-Dade Clerk of Courts online filing system to check on their own cases’ status and any upcoming hearings. Her truck has a hotspot with internet access to check this information on the road, and she also checks to make sure she doesn’t have a conflict in the case — such as having ruled on any issues involving the mother while she served in her other legal roles.

Two customers killed in grocery store hold-up in Palm Beach

Label: World

Two customers at a grocery store in Delray Beach were shot and killed Sunday morning when two men burst in and began spraying bullets from semi-automatic handguns at employees and customers, police said.

One of the homicide victims was found dead at Community Market, 945 W. Atlantic Ave., in Palm Beach and the other died 90 minutes later at Delray Medical Center, according to Delray police. Neither has been identified.

Responding to a 5:57 a.m. call of a shooting, officers were told that two armed men, both with bandanas over their faces, entered the store and immediately opened fire. After the two customers were hit, the gunmen demanded cash from the register and pistol whipped an employee as he attempted to open the register, said police.

To read the entire Sun Sentinel story, click here.

Video games and shooting: Is the NRA right?

Label: Technology

After a week of silence following the Sandy Hook school shooting that killed 20 first graders and six staff in Newtown, Conn., the National Rifle Association blamed the entertainment industry – specifically the producers of violent video games for inciting what has become a pattern of gun violence in the United States.

In describing the industry, NRA Vice President Wayne LaPierre said, “There exists in this country a callous, corrupt and corrupting shadow industry that sells, and sows, violence against its own people.”

Mr. LaPierre faulted the news media for failing to report on “vicious, violent video games” such as “Grand Theft Auto,” “Mortal Kombat,” and “Splatterhouse” as egregious examples. He also singled out “Kindergarten Killer,” a free, fairly obscure online game.

“How come my research department could find it and all of yours either couldn’t or didn’t want anyone to know you had found it?” he asked reporters.

Recommended: Second Amendment Quiz

Most academic research, as well as studies by the FBI and the US Secret Service, examining the link between violent video games and incident of violence does not support the gun lobby’s charge.

For example, a 2008 report by researchers at Harvard Medical School and Massachusetts General Hospital funded by the US Department of Justice found that violent video games may increase bullying or physical fighting in schools, but not mass gun violence.

“It’s clear that the ‘big fears’ bandied about in the press – that violent video games make children significantly more violent in the real world; that they will engage in the illegal, immoral, sexist and violent acts they see in some of these games – are not supported by the current research, at least in such a simplistic form,” the report states.

Joan Saab, director of the visual and cultural studies program at the University of Rochester in New York, says the gaming industry should share in the blame for promoting military weaponry to young people, but adds that the popularity of such games reflect the “larger culture we live in, which is heavily militarized,” in the midst of lengthy combat operations in Iraq and Afghanistan.

Ms. Saab says that the NRA’s call for armed guards in schools would make that kind of military culture more pervasive for children.

“If there are more armed guards in schools, kids are exposed to more guns. That’s when fantasy and reality aren’t blurred. When there are guns in schools, it becomes real life and the day-to-day environment becomes more dangerous than the game,” she says. In Newtown, as in Aurora, Colo. and the sites of other mass shootings, the gunman was outfitted in military-style dress.

By blaming video games for gun violence, the NRA also puts itself in a vulnerable position because, as Mother Jones reports, the company partnered with gaming producer Cave Entertainment in 2006 for “NRA Gun Club,” a PlayStation 2 game that allows users to fire over 100 different brand-name handguns.

LaPierre did not specify if Congress should move forward in regulating the gaming industry, perhaps because previous attempts were not successful.

A US Supreme Court ruling in 2011 struck down a California law that made it a crime to sell or rent what it classified as violent video games to minors. The ruling said the law, signed by then-Gov. Arnold Schwarzenegger (R) in 2005, violates First Amendment protections.

In the wake of Sandy Hook, Senate Commerce Committee Chairman Jay Rockefeller introduced a bill that calls for the National Academy of Sciences to examine the possible links between violent video games and violent incidents caused by children.

Overall, gun-based video games do not wholly represent total gaming industry sales, according to data from VGChartz, a UK-based research firm that tracks gaming sales. In 2011, for example, just seven of the top 20 best-selling games in the US involve warfare simulation. The other titles – “Just Dance 3,” “Kinect Adventures!” “New Super Mario Bros. Wii,” “Madden NFL 12,” and “Pokemon Black/White” – are designed around sports, dance, and children’s cartoon characters.

All of the games LaPierre mentions are more than 15 years old, with some dating back to the 1980s, with their popularity waning. For example, total unit sales in the US for the “Mortal Kombat” franchise dropped 70 percent in 2012, compared to the previous year total. The game debuted in 1992.

Gaming experts say that the majority of the games LaPierre cited do not portray gun violence – “Mortal Kombat” involves hand-to-hand combat, for example. They say they do not understand why he did not single out “first person shooter” games such as blockbuster franchises like the “Call of Duty” series, which is based on simulated gun action and is considered one of the most hyper-violent on the market. In fact, according to news reports, the game was also a favorite of Adam Lanza, the Newtown gunman who spent hours at home playing it.

“Some of those games [LaPierre mentions] are older than the [Newtown] shooter,” who was 20, says Christopher Grant, editor-in-chief of Polygon.com, an online site based in New York City that covers gaming news and trends. “I have no idea why he chose them. My theory is he didn’t want to pick anything too modern [such as ‘Call of Duty’ or ‘Doom’] that might overlap unfavorably with something their own members might enjoy.”

“Call of Duty” is known as a favorite of the military and is often credited for driving up recruitment. Activision Blizzard, the company behind “Call of Duty,” has donated thousands of copies to the US Navy; the company also created a non-profit foundation to help returning US military veterans.

According to the NPD Group, a global market research firm, retail gaming sales in the US plummeted 20 percent in the first eight months of 2012 compared to the same time period the previous year, a trend that follows years of declining sales. Between 2008 and 2011, total sales of industry software and hardware dropped 20.5 percent. According to the gaming industry website Gamasutra, 2012 sales are expected to be the lowest since 2006.

The sales drop is representative of major shifts in the gaming industry, which is slowly moving away from console-based games to those that are played via smartphones, digital tablets, and online through social networks.

The change has produced a new type of gamer: They are generally older, more ethnically and economically diverse, and they feed their gaming appetite in smaller bites and on-the-go, as opposed to the traditional gamer profile of a few years ago, which tended to be young males playing for hours in one sitting.

The Entertainment Software Association, an industry trade group based in Washington, reports that the average gamer today is 30 years old, the most frequent game purchaser is 35 years old, and that almost half (47 percent) of all gamers are women.

Recommended: Second Amendment Quiz

Buzzmakers: New X Factor and Miss Universe Winners

Label: Lifestyle

What had ET readers buzzing this week?

1. 'The X Factor' Crowns A Winner!

And the $5 million recording contract goes to…

Tate Stevens! The 37-year-old country crooner beat out runner-up 13-year-old Carly Rose Sonenclar for the top prize Thursday night. 35 million votes were cast Wednesday to determine victory for L.A. Reid's mentee.

Near tears, the Raymore, Missouri native thanked his fans for their overwhelming support.

"This is the best day of my life," said an emotional Stevens.

Girl group Fifth Harmony, mentored by Simon Cowell, placed third in the competition. Earlier in the night, the holiday themed finale saw performances by One Direction and Pitbull.

Auditions for an all-new season of The X Factor USA have already begun online. In-person auditions will start on March 6, 2013 in Los Angeles.

The celebrity judging panel has yet to be announced, but L.A. Reid has already taken himself out of the running. Spears has expressed interest in returning to the show for season three, but nothing has been confirmed.

2. Miss Universe 2012 Crowned

Beauties from 89 countries strutted their stuff Wednesday night in pursuit of the Miss Universe crown, but only one woman would earn the coveted title.

In the end a panel of ten celebrity judges, including Cee Lo Green and U.S. Olympic gold medalist Kerri Walsh Jennings, appointed Miss USA Olivia Culpo the winner.

The 20-year-old Rhode Island native beat out Miss Brazil (Gabriela Markus) Miss Philippines (Janine Tugonon), Miss Mexico (Irene Sofía Esser Quintero), and Miss Australia (Renae Ayris) for the distinction.

Culpo follows in the footsteps of Miss Angola, Leila Lopes, who earned the crown in 2011.

The two-hour show was broadcast live from Las Vegas with musical acts One Direction and Train lending their talents to the annual extravaganza.

3. Exclusive: Arsenio on His Late Night TV Return

Break out the Woof! Woof! fist pump: Arsenio Hall is coming back to late night TV in the Fall of 2013 after a 17-year break from the game, and only ET is behind the scenes with the timeless talk show host as he shoots his first-ever promo for The Arsenio Hall Show!

"[This is] the first time America will see anything on television about the show," says Arsenio. "Instead of a commercial where I do something like say, 'I'm baaaaack' -- and everybody's, 'Ugh' -- they've come up with a real, unique, creative angle that -- actually, I looked at dailies, and it scared me. I looked at the dailies and I frightened myself."

The trailer-length promo from CBS Television Distribution pays homage to horror movies and begins airing today on all Arsenio Hall Show affiliate stations, kicking off the campaign for the new late night syndicated talk show that will be seen all across the country next year.

"I'm real excited about this; so many things have changed in pop culture since I left the air," says Arsenio about his return to late night. "I can't wait."

The Arsenio Hall Show premieres on 9/9/13. Look for much more with Arsenio between now and then, only on ET!

4. Claire Danes Gives Birth

It's a boy!

Homeland star Claire Danes and her husband Hugh Dancy welcomed their very first child together on Monday, December 17, her rep confirms to People Magazine.

The proud parents named their bouncing baby boy Cyrus Michael Christopher Dancy.

Danes, 33, wed Dancy, 37, in 2009 after two years of dating.

5. President Obama is Time's Person of the Year

For 2012, Time Magazine has selected President Barack Obama as their Person of the Year.

"For finding and forging a new majority, for turning weakness into opportunity and for seeking, amid great adversity, to create a more perfect union, Barack Obama is Time's 2012 Person of the Year," Time's Managing Editor Richzard Stengel explained.

He also cited both of the president's re-elections, snagging over 50 percent of the popular vote, as one reason he received this honor.

This is the second year Time has tapped Obama as their Person of the Year -- he previously was selected in 2008 for becoming the first black president of the United States.

Time previously named the eight finalists for 2012's Person of the Year. They included: Bill and Hillary Clinton, Apple CEO Tim Cook, Malala Yousafzai (the Pakistani girl who was shot by the Taliban for her crusade for better girls' education), Yahoo! CEO Marissa Mayer, Egyptian president Mohamed Morsi and the three scientists who discovered the Higgs Boson particle.

NYC starts new program for mentally ill defendants

Label: Health

New York City is making a new effort to channel mentally ill people who get arrested into treatment instead of jail, if they don't need to be there.

Mayor Michael Bloomberg announced the initiative on his weekly radio show Sunday.

Bloomberg says the effort will start next year and set out to work with 3,000 people annually.

Expert teams will assess the defendants' mental health needs, likelihood of showing up in court and potential for re-offending. The teams will make recommendations to judges about what psychological services and supervision are appropriate.

Some special mental-health-focused courts around the city have similar aims.

City officials say the mentally ill often can't post bail and so generally end up in jail twice as long as other inmates facing similar charges.

Times up for holiday shopping procrastinators

Label: Business

Last minute shoppers like Josette Tyne are in luck this year.

With a long weekend before Christmas, retailers want to make it easier for procrastinators to finish their gift buying. Macy’s for the first time is keeping all its stores open around the clock from Friday until Sunday at midnight. Toys “R” Us and Walmart Supercenters will be open non-stop until Christmas Eve.

Even those retailers skipping the all nighter still have added extended hours often as late as 11 pm or midnight. Coupled with a flurry of last minute promotions, they hope to lure shoppers, many of whom have been largely sitting on the sidelines since Black Friday.

Tyne, 33, just starting her shopping this week at Aventura Mall, armed with a list of about two dozen people and the presents they wanted. The list would have been longer if the Fort Lauderdale resident hadn’t limited it to the kids in her family.

“I’ll probably be shopping every day from now till Sunday,” said Tyne, as she wheeled the youngest of her three boys around H&M in a stroller before heading on to Game Stop, Urban Outfitters and BCBG. “Whatever catches my eye. Luckily the kids usually like everything I get. I’m the awesome Auntie.”

A Consumer Reports Poll released earlier this week found that with just five shopping days left until Christmas, a whopping 68 percent of shoppers — a projected 132 million Americans — have yet to finish their holiday shopping.

With an early Thanksgiving leaving an extra week until Christmas and a long weekend before Tuesday’s holiday, shoppers have felt little need to rush. They also haven’t found December deals to be quite as compelling as the November sales.

Based on disappointing sales trends earlier this month, ShopperTrak said Wednesday it was cutting its holiday sales forecast. The company, which counts foot traffic and its own proprietary sales numbers from 40,000 retail outlets across the country, now expects a 2.5 percent sales increase to $257.7 billion, down from the 3.3 percent growth it initially predicted. The National Retail Federation is sticking with its prediction of a 4.1 percent sales increase.

Online sales trends are more encouraging, up 13 percent to $35 billion from Nov. 1 through Dec. 16, according to comScore, an online research firm. But that pace is below the forecast of 17 percent for the season.

“It’s coming down to the wire,” said David Bassuk, managing director and co-head of the retail practice at AlixPartners, a global consulting firm. “It’s going to require retailers to be more aggressive with their promotions than they were hoping heading into the weekend.”

While the economy is certainly in a better position than it was during the recession, many consumers still feel uneasy this year about their financial future. Some are worried about the U.S. job market and others fear the stalemate between Congress and the White House over federal “fiscal cliff’’ that could lead to tax increases and less disposable income for shoppers.

That was the case for Latonya Jones, on the hunt for bargains at Aventura Mall, coupon-loaded iPad in hand.

“I wasn’t going to buy anything this year, because I wanted to save money,” said Jones, 39, of Miami Gardens, who was shopping with her daughter Richelle, 12, this week in Macy’s. “But then I changed my mind.”

On Saturday, Bay of Pigs invasion veterans mark 50 years since their release

Label: World

In the days before Christmas 50 years ago this weekend, 1,113 Bay of Pigs fighters captured by Fidel Castro’s forces and imprisoned for 20 months were finally released to a heroes’ welcome in Miami.

The first planeload of POWs arrived at Homestead Air Force Base on Dec. 23, 1962. Gaunt and betrayed by the John F. Kennedy administration, members of the proud Brigade 2506 were bused to Miami’s Dinner Key Auditorium, where waiting relatives engulfed them with hugs at a massive reunion that made front-page news. Five days later, JFK and his wife Jackie would be at the Orange Bowl to welcome them, too.

On Saturday, the 50th anniversary of those pivotal days will be observed as surviving brigade members — now in their 70s and 80s — hold a and 11 a.m. Mass and reunion at the Bay of Pigs Museum in Little Havana.

The release of the men was the one bright spot in the disastrous April 1961 CIA-backed invasion to overthrow the two-year old Castro government. Yet the fighters’ return also sent the somber message that exiles would not reclaim Cuba. The Cuban Missile Crisis that October had set the course of U.S.-Cuba relations until today.

Back then, it was sinking in: The Cuban exile community was in Miami to stay.

A defeated Jose Andreu, now 76, the first brigade member to sign up for the invasion, was among those who arrived home that bittersweet day.

“My wife to-be was there to meet me, along with my sister and my father,” Andreu said. “I remember a lot of hugging and crying.”

Among the young people waiting at the auditorium that day in 1962 was a teen-aged Ninoska Perez Castellon, there with her family to welcome her brothers and uncle, all brigade members.

“I remember being in that packed auditorium ... I can truly say as a child I viewed those men as my first heroes. I still do,” said Perez-Castellon, who grew up to become one of Miami’s most influential radio personalities.

Perez and her family still have black-and-white snapshots of the joyful reunion, showing her late grandmother proudly hugging her son.

The behind-the-scenes negotiations that finally led to the release of the brigadistas 50 years ago this week were the stuff of Hollywood movies. They involved months of haggling with Castro by everyone from a former first lady to a high-profile diplomatic negotiator who led the group that finally succeeded — a group of the prisoners’ mothers, wives and fathers who made up the Cuban Families Committee.

Their effort resulted in a now-forgotten 7,857 exodus of Cuban refugees, many relatives of the brigadistas, who arrived in cargo ships at Port Everglades in Fort Lauderdale from December 1962 to July 1963.

Two women in the committee played key roles — one in Cuba, motivated by a mother’s love; the other in Miami, seeking to free her husband.

Havana socialite, Berta Barreto, whose oldest son, Alberto Oms Barreto, had been captured during the invasion, made the initial contact with Castro and promised that the ransom he had set for the men would be paid. Years later, her second son, Pablo Perez-Cisneros Barreto, wrote the definitive book on the negotiations called After the Bay of Pigs, soon to be published in Spanish. “What my mother and the others managed to do, with no experience in high-level negotiating, was extraordinary,” Perez-Cisneros Barreto said.

Analysis: Apple’s swoon exposes risk lurking in mutual funds

Label: Technology

NEW YORK (Reuters) – The nearly 28 percent decline in shares of Apple Inc since mid-September isn’t just painful to individual shareholders. It’s also being felt by investors who chased hot mutual funds that loaded up on Apple as the stock raced to a record $ 705 per share.

Apple makes up 10 percent or more of assets in 117 out of the 1,119 funds that own its shares, according to data from Lipper, a Thomson Reuters company. Those big stakes have contributed positively to each fund’s annual performance to date, with Apple still up about 32 percent for the year. It was trading at $ 527.73 soon after the opening on Friday.

But that year-to-date outcome may not accurately reflect the performance of the funds for individual investors. All told, approximately $ 4.5 billion has been added to funds with overweight stakes in Apple this year, according to Morningstar data. The majority of these dollars were invested after March and after Apple first exceeded $ 600 per share – meaning many investors have been riding down with the decline.

The $ 302 million Matthew 25 fund, for instance, holds 17.4 percent of its assets in Apple, according to Lipper. The fund’s 31.9 percent gain through Thursday makes it one of the top performing funds for the year.

Most of its Apple shares were bought years ago at a bargain basement price of about $ 125 per share. But $ 158.9 million of the fund’s assets – or 53 percent – were invested after the end of March, when Apple was trading near $ 615 per share, according to Morningstar data.

For those investors that bought after March, all that concentration in Apple hasn’t led to a stellar gain but rather a drag on the portfolio. Someone who invested in Matthew 25 in early April has seen the value of the fund’s Apple stake fall about 19 percent, while someone who invested at the beginning of September has watched that outsized Apple stake drop 27.2 percent.

In turn, the majority of the fund’s investors have reaped a much more modest performance than its year-end numbers suggest. Since the end of March, the fund has gained 6.7 percent, according to Morningstar data, far less than its 31 percent year-to-date gain and about two percentage points more than the benchmark Standard & Poor’s 500 index.

Since, September the fund is down nearly 3 percent through Thursday’s close, compared with a 1.1 percent decline in the S&P 500 in that period.

The impact of Apple’s falling stock price shows some of the drawbacks of portfolio concentration, experts say. These stakes can leave the funds overexposed to the ups and downs of one company – counter to what most mutual funds are supposed to do for investors.

“Any time you get over 10 percent of the portfolio in one company it’s a red flag,” said Michel Herbst, director of active fund research at Morningstar. Many fund managers do have risk management rules that prevent them from devoting more than 5 percent to 6 percent of their portfolio to any one stock, he said.

Then again, some funds purposely invest in just a few stocks. Mark Mulholland, the portfolio manager of the Matthew 25 fund, said that taking concentrated positions in companies is the only way to beat an index over longer periods of time.

‘RIGHT-SIZING’ PORTFOLIOS

Along with concerns about iPhone sales in China and tax-motivated selling among people who want to avoid potentially higher capital gains taxes in 2013, the wide fund ownership of Apple may be a factor in the size of the stock’s recent declines, fund managers said. In addition, with so many funds already heavily invested in the high-priced stock, there may be fewer marginal buyers available to push prices up again when shares begin to dip.

“The stock didn’t go from $ 700 to $ 520 because people didn’t like the new iPad. It’s become a favorite short of hedge funds because they know they can get in on this,” said Mark Spellman, a portfolio manager of the $ 300 million Value Line Income and Growth fund with a small position in Apple.

Short interest in the stock rose to 20.6 million shares at the end of November from 15.1 million shares at the end of September, according to Nasdaq.

“Some of my competitors have 12 percent of their assets in Apple, which I think is ludicrous”, said Spellman, who said the company is no longer trading on its fundamentals.

Sandy Villere, who has a 2.5 percent weighting of Apple in his $ 276 million Villere Balanced fund, said that some mutual fund managers are selling shares because of the over-weighting.

“Right now many people who did take huge overweight positions are right-sizing their portfolios to get it in line with their regular weightings,” he said.

Still, some bullish investors see the stock’s recent declines as a buying opportunity.

Mulholland, the Matthew 25 portfolio manager, continues to say that shares should be priced at over $ 1,000 per share based on his valuation of the company at 10 times enterprise value divided by earnings before interest, taxes, depreciation and amortization (EBITDA). Apple trades at about 7 times that figure now.

Wall Street analysts’ average price target as of Thursday is $ 742.56, according to Thomson Reuters data. But Mulholland is happy to be more bullish than his peers.

“I’m glad that I’m able to get it at these prices,” he said.

(Reporting By David Randall; Editing by Jennifer Merritt)

Tech News Headlines – Yahoo! News

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Buzzmakers: New X Factor and Miss Universe Winners

Label: Lifestyle

What had ET readers buzzing this week?

1. 'The X Factor' Crowns A Winner!

And the $5 million recording contract goes to…

Near tears, the Raymore, Missouri native thanked his fans for their overwhelming support.

"This is the best day of my life," said an emotional Stevens.

Girl group Fifth Harmony, mentored by Simon Cowell, placed third in the competition. Earlier in the night, the holiday themed finale saw performances by One Direction and Pitbull.

Auditions for an all-new season of The X Factor USA have already begun online. In-person auditions will start on March 6, 2013 in Los Angeles.

2. Miss Universe 2012 Crowned

Beauties from 89 countries strutted their stuff Wednesday night in pursuit of the Miss Universe crown, but only one woman would earn the coveted title.

In the end a panel of ten celebrity judges, including Cee Lo Green and U.S. Olympic gold medalist Kerri Walsh Jennings, appointed Miss USA Olivia Culpo the winner.

Culpo follows in the footsteps of Miss Angola, Leila Lopes, who earned the crown in 2011.

The two-hour show was broadcast live from Las Vegas with musical acts One Direction and Train lending their talents to the annual extravaganza.

3. Exclusive: Arsenio on His Late Night TV Return

"I'm real excited about this; so many things have changed in pop culture since I left the air," says Arsenio about his return to late night. "I can't wait."

The Arsenio Hall Show premieres on 9/9/13. Look for much more with Arsenio between now and then, only on ET!

4. Claire Danes Gives Birth

It's a boy!

Homeland star Claire Danes and her husband Hugh Dancy welcomed their very first child together on Monday, December 17, her rep confirms to People Magazine.

The proud parents named their bouncing baby boy Cyrus Michael Christopher Dancy.

Danes, 33, wed Dancy, 37, in 2009 after two years of dating.

5. President Obama is Time's Person of the Year

For 2012, Time Magazine has selected President Barack Obama as their Person of the Year.

He also cited both of the president's re-elections, snagging over 50 percent of the popular vote, as one reason he received this honor.

This is the second year Time has tapped Obama as their Person of the Year -- he previously was selected in 2008 for becoming the first black president of the United States.

News managed

Category

Archive

Gunman dead after killing 2 firefighters, 3 others wounded at scene of blaze near Rochester

Lawyer takes child-support practice on the road

Two customers killed in grocery store hold-up in Palm Beach

Video games and shooting: Is the NRA right?

Buzzmakers: New X Factor and Miss Universe Winners

NYC starts new program for mentally ill defendants

Times up for holiday shopping procrastinators

On Saturday, Bay of Pigs invasion veterans mark 50 years since their release

Analysis: Apple’s swoon exposes risk lurking in mutual funds

Buzzmakers: New X Factor and Miss Universe Winners

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