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The average rate on the 30-year fixed mortgage was nearly unchanged for a second straight week after rising from a record low, Freddie Mac said Thursday. Three weeks ago, the average rate fell below 4 percent for the first time in history. Here's a look at rates for fixed and adjustable mortgages over the past 52 weeks. |
Current week's average Last week's average 52-week high 52-week low |
30-year fixed 4.10 4.11 5.05 3.94 |
15-year fixed 3.38 3.38 4.29 3.26 |
5-year adjustable 3.08 3.01 3.92 2.96 |
1-year adjustable 2.90 2.94 3.40 2.81 |
All values are in percentage points. |
Source: Freddie Mac Primary Mortgage Market Survey. |
Copyright ? 2011 The Associated Press. All rights reserved. The information contained in the AP News report may not be published, broadcast, rewritten or redistributed without the prior written authority of The Associated Press.
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WASHINGTON (Reuters) ? Sprint Nextel lost a bid on Monday to get access to masses of AT&T documents that it had hoped to use in its lawsuit aimed at stopping AT&T's $39 billion acquisition of discount rival T-Mobile.
U.S. District Judge Ellen Huvelle also heard arguments about AT&T's request to dismiss the lawsuit brought by Sprint, but did not immediately rule.
Huvelle, who is hearing both the private antitrust case and the U.S. Justice Department's lawsuit to stop the deal, challenged Sprint's standing at least once during the hearing.
"You don't stand in the shoes of the consumer or the Department of Justice," she said.
The Justice Department in August sued to block the deal, which would vault No. 2 ranked AT&T into the leading position in the U.S. wireless market through the purchase of No. 4 operator T-Mobile, a unit of Deutsche Telekom AG.
Sprint, the No. 3 U.S. carrier, filed its own suit in September to block the deal. It complained that the mega-combination would harm its ability to obtain the latest handsets, reach roaming agreements and gain access to the market for backhaul services, links between the core network and more remote locations.
Verizon Wireless, a venture of Verizon Communications Inc and Vodafone Group Plc, is the current No. 1.
Sprint argued in court on Monday that it should have access to documents AT&T had already given to the Justice Department's antitrust division because it needs to build its own case.
At stake are AT&T's confidential documents, which likely provide an inside look at how the company views the deal with T-Mobile and how it conducts its business.
Sprint said AT&T currently has the upper hand because it already has documents that Sprint gave the Justice Department.
Huvelle declined to give Sprint the documents. "I don't see it as efficient or fair," said Huvelle, in denying the motion.
Bert Foer, head of the American Antitrust Institute, said the decision is good news for AT&T because Sprint would have given the Justice Department valuable help.
"There are ways in which Sprint can be exceptionally helpful to the government agencies and I'm sure that they will continue to provide advice but with more access to documents they're likely to provide better advice," Foer said.
UNUSUAL CHALLENGE
Huvelle also heard arguments about AT&T's request to dismiss the lawsuit brought by Sprint and another one brought by C Spire, the new name for Cellular South.
Speaking for Sprint, attorney Steven Sunshine argued that if AT&T was allowed to buy T-Mobile that Sprint would have increasing trouble making deals for handsets like Apple's iPhone.
"If this transaction goes forward, the plaintiffs will be impaired in their ability to compete," said Sunshine.
Huvelle did not give an indication of when she will rule on AT&T's motion to dismiss Sprint's lawsuit.
Sprint issued a statement later on Monday saying a competitor has standing if it demonstrates there is a plausible case it would be harmed by the proposed transaction's effect on the market. "We believe Sprint passed that test and we await the court's ruling."
Sprint's strategy is unusual in that competitors which fear mergers frequently complain vociferously to antitrust regulators but rarely file a lawsuit of their own.
Further, U.S. antitrust law is designed to protect consumers, rather than competitors, which means that courts would be expected to view a competitor's lawsuit skeptically.
Huvelle has set February 13 as the start date for trial of the government's case, and set aside up to six weeks for arguments. She will preside without a jury. The next status hearing will be on November 30.
A key government concern is that T-Mobile generally costs less than other carriers so its disappearance could mean higher prices for wireless service.
AT&T has defended the transaction, saying it would bring 5,000 overseas jobs back to the United States and enable it to expand high-speed wireless Internet coverage to 97 percent of all Americans.
AT&T has said it is keenly interested in reaching a settlement that would lead to Justice Department approval. The Justice Department has given no signs that it is interested in settling.
If the deal is abandoned, AT&T faces paying upward of $6 billion in cash and spectrum to T-Mobile.
The cases are USA v. AT&T, T-Mobile USA Inc and Deutsche Telekom AG, case No. 11-1560 and Sprint Nextel Corp v. AT&T Inc et al, No. 11-1600, and Cellular South v. AT&T, No. 11-1690. All the cases are before the U.S. District Court for the District of Columbia.
(Reporting by Diane Bartz; Editing by Tim Dobbyn)
(This story corrected the date of next status hearing in bullet and paragraph 21 to Nov. 30)
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The Daily App Deals post is a round-up of the best app discounts of the day, as well as some notable mentions for ones that are on sale.
Microsoft Visio 2010 Professional (DiscountMountain) Previously $559.99, now $167.50 + free shipping. Microsoft Visio 2010 Professional integrates with Excel, Microsoft SQL Server, and SharePoint lists to take diagramming to a whole new level. It includes vibrant graphics and the ability to share your diagrams real-time via the web, even with those who don't have Visio. Get it for $167.50 (via TechDealDigger)
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COLUMBIA, Mo. ? Even without its starting wide receivers, Oklahoma State had plenty left on offense. The Cowboys' big-play defense stepped up, too.
Joseph Randle scored a career-best four touchdowns, two on runs that capitalized on an interception and fumble recovery by Shaun Lewis, as No. 6 Oklahoma State remained unbeaten and ended Missouri's 10-game home winning streak with a 45-24 victory on Saturday.
"This place will get kind of rowdy if you let it," quarterback Brandon Weeden said. "Anytime you get them out of their seats and headed to the exits, that's huge."
Missouri quarterback James Franklin committed four turnovers in the second half: three interceptions and a lost fumble at the Oklahoma State 4.
"I know that I didn't play the best," Franklin said. "And it's frustrating. But being sad about it isn't going to do anything about it."
Randle had 138 yards on 14 carries and scored on runs of 16, 59 and 12 yards. He also caught a 13-yard touchdown pass in the second quarter.
"He's a big play waiting to happen," Weeden said. "The guy is explosive. Without looking at the tape, he's got to be our MVP."
Weeden had three touchdown passes after the opening snap of the second quarter. Lewis' interception and fumble recovery helped the Cowboys (7-0, 4-0 Big 12) pull away and win their ninth in a row on the road despite injuries to both starting wide receivers.
They're 7-0 for just the third time in school history, also doing it in 2008 and 1945. A major reason: They've forced 22 turnovers the last five games.
"They gave us what we had been working on all week," defensive end Jamie Blatnick said. "When we see what we've prepared for it works out for us."
Justin Blackmon caught a touchdown pass in the first quarter but was held out the second half as a precaution after taking a blow to the head. Hubert Anyiam, the Cowboys' third-leading receiver, is out for the season with a broken bone in his left foot.
Isaiah Anderson had a career-best five receptions and Tracy Moore matched his career best with seven receptions.
"It's interesting how young men will play when they know they have to play," coach Mike Gundy said.
Henry Josey had 138 yards on 25 carries and T.J. Moe had six catches for 103 yards and a score for Missouri (3-4, 1-3), which has yet to win consecutive games and has dropped three straight in the series. All four of the Tigers' losses have come against teams ranked at the time, and they play at No. 18 Texas A&M next week.
"We adjusted at halftime and played a little better," defensive end Jacquies Smith said. "But we didn't make enough plays."
The Tigers had a strong second quarter, scoring on an 18-yard run by Kendial Lawrence and Moe's 34-yard catch from James Franklin to cut the deficit to seven, before being undone by mistakes.
Lewis intercepted a tipped pass at the Missouri 27 and three plays later Randle scored on a 16-yard run for a two-touchdown cushion midway through the third quarter.
Missouri appeared to regain momentum when E.J. Gaines intercepted Weeden in the end zone and returned it 54 yards, also ending Weeden's string of 194 consecutive passes without a pick. Franklin's lost fumble gave the Cowboys possession at the 12, and again they needed just three plays to respond with Randle's 59-yard jaunt making it 38-17. Brodrick Brown's interception and 21-yard return set up Randle's fourth TD in the final minute.
"We had opportunities," Pinkel said. "Against a team like this, a really, really good team, we have to take advantage of every single opportunity."
Weeden was 33 for 49 for 338 yards after a sizzling start and extended his streak of 30-yard completions to 15 games. The 28-year-old senior was 19 for 25 for 214 yards in the first quarter, with all six incompletions on drops.
"We may score 40 in the first half if we just catch the dang ball," Gundy said. "We have to clean that up this week."
Michael Harrison was wide open on a 27-yard catch and Blackmon caught an 8-yarder for his 28th receiving touchdown in 19 games. On the first play of the second quarter, Oklahoma State went up 21-3 on Weeden's 13-yard TD pass to Randle.
Trickery produced Missouri's best play of the quarter, with Franklin throwing a lateral pass to Moe and then getting it back for a 31-yard gain to the 13. But the Tigers stalled, settling for a short field goal by Grant Ressel.
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Home Front Defense Minister Matan Vilnai and senior IDF officials are expected to travel to Japan to examine how the Asian country is coping with the earthquake and tsunami it had suffered earlier this year.
?
The delegation is expected to meet with Japan's Disaster Management Minister Tatsuo Hirano and tour the area near the Fukushima Nuclear Plant. (Yoav Zitun)
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Source: http://feedproxy.google.com/~r/Israelnews/~3/VyV2UB4nnRw/0,7340,L-4137519,00.html
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President Barack Obama's announcement that he would bring all U.S. forces in Iraq home in time for the holidays drew a range of reaction on Friday. Here's a sampling worldwide:
Related content
'I'm afraid'
Ziyad Jabari, a Baghdad shop owner, expressed concern, saying he was worried about Iraq's possible slide back into sectarian violence once American forces leave.
"I would be very happy with this withdrawal if our military and security forces are ready to fill the gap of the American forces. But I don't believe they are. We can't deceive ourselves," Jabari said. "Our forces are still not capable of facing our security challenges. I'm afraid this withdrawal will allow al-Qaida and the militias to return."
Video: Troop withdrawal: The talks behind the scenes (on this page)For mom, it's too late
Norma Aviles of Tampa, Fla., said she's glad that more families will be spared the pain she has suffered.
"I was always against this war. We never should have been there," Aviles told Tampa Bay Online. "I lost my son, my beautiful son. That life will never be replaced. I am glad we are getting out of that place."
Her son, Marine Lance Cpl. Andrew Aviles of Tampa, was killed in Iraq on April 7, 2003. He was 18.
"So many lives have been lost in this war," Aviles said. "Especially young Americans like my son. ... The pain of losing him never goes away."
'A good thing'
Jordan Calder of St. Petersburg, Fla., was injured by an explosion in Baghdad in June. He heard the news while heading to Fort Riley in Kansas and said he was relieved for his fellow soldiers in the war-torn country.
"I think it's a good thing we're all coming back," he said in a telephone interview with Tampa Bay Online. "How effective that is going to be, I don't know. Things change over there like there's no tomorrow."
He said he's happy to be back in the United States and his wounds from the June blast are about healed.
"I'm doing good," he said. "I just got three scars on lower right leg. That's it."
Only on msnbc.com
McCain: Pullout premature
Sen. John McCain, R-Ariz., a proponent of U.S. military presence in Iraq beyond 2011, criticized Obama's plan.
"I am confident that no U.S. commander of any stature who has served in Iraq recommended the course of action that has now been taken," said McCain, according to Stars and Stripes.
Republicans criticize Obama over Iraq withdrawalNumber 870 and 37
Darlene Ginther was happy to hear the news for all the other troops in Iraq, but remained skeptical of the road ahead.
"It's been a long time coming," the Port Charlotte woman told Tampa Bay Online. "I don't think it's going to happen. It's just my feeling I don't think it's going to happen."
Her son, Ronald Ginther, had been in the Navy for four years when terrorists attacked New York and Washington 10 years ago. He called home to tell his parents he likely would be shipped to a war zone, she said.
The petty officer was killed on May 2, 2004, in Anbar, Iraq. He was 37.
"He was number 870," his mother said, referring to service men and woman killed in the line of duty in Iraq and Afghanistan. "He's missed."
Indianapolis readers weigh in
"Whatever the motive, let's be thankful our troops are coming home! And be thankful you live in this country where you can openly voice your opinions on such media as this ... without being executed!" wrote Brooke Doughty Huber on WTHR's Facebook wall, the NBC affiliate in Indianapolis reported.
Obama keeps campaign promise with Iraq
"That's great news but how many will actually get to come home?" wondered another reader, Alice Crawford of Indianapolis. "I have heard many are being deployed to other regions of the world. Afghanistan and other places. Yes, it's part of the job and all, but many of those men and women haven't been HOME in a long time. I think they need to come home on leave for a while before being sent somewhere else. It's the least the government can do for them."
'Kind of premature'
Donald H. Linborg, past commander of the American Legion in Monroe County and the Cottreall-Warner Post 942 in Webster, N.Y., said he believes pulling out American troops could be a mistake.
?It?s kind of premature, to walk away at this point,? Linborg told the Democrat and Chronicle. ?There?s a lot of people waiting for us to leave so they can just walk in and take over.?
'Support our veterans'
Paul Rieckhoff, founder and director of Iraq and Afghanistan Veterans of America and an Iraq veteran, said the nation needs to support those returning from Iraq.
"The men and women who have served need support in tackling record levels of unemployment, suicide and mental health injuries," Rieckhoff said in an emailed statement, adding "Just as we supported them overseas in Iraq, all Americans must continue to support our veterans as they transition back home.?
? 2011 msnbc.com
Source: http://www.msnbc.msn.com/id/44991951/ns/world_news-mideast_n_africa/
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October 20, 2011 by Christina Warren
The Extraordinary Entrepreneurs Series is supported by Diet Coke?. Now, the drink that helps you stay extraordinary brings you extraordinary people. Find Diet Coke? on Facebook for access to a whole lot of extraordinary.
For nearly two years, the casual game market has belonged to Angry Birds. The megahit app has been downloaded over 400 million times and boasts 30 million daily active users.
For Rovio, the developers behind the juggernaut, the success of Angry Birds has led to movie deals, increased funding and rumors of IPO plans.
Mashable interviewed Mikael Hed, CEO of Rovio, to talk about the success of Angry Birds, the state of developing for multiple platforms and Rovio?s future beyond defeating the pigs.
The success of Angry Birds is truly breathtaking. How has its success changed your approach to developing not only the game itself, but also running the company?
The company is much larger than it used to be. We currently have 160 people compared to 20 a year ago, and we?re expanding rapidly in publishing, licensing and animation. As the company has grown, running it has become more complicated. But we haven?t changed our basic focus: excellence in everything we do.
Angry Birds is now a franchise ? it has toys, apparel, Halloween costumes, lunchboxes, a movie is in the works. What is the challenge of balancing these aspects with also continuing to focus on game development?
We don?t really see these aspects as competing. The expansion into franchising is a natural extension of people?s enthusiasm for Angry Birds. The game is still very close to the core of our brand, but we see Angry Birds already as a broader entertainment platform.
Are games still at the heart of Rovio?s mission, or have your ambitions as a company expanded because of success and opportunities?
Game development will continue to be an important part of the company, but for more than a year, we have actively driven the strategy of becoming an entertainment media company. Angry Birds is our biggest brand, but will definitely not remain our only one.
After launching successfully on the iPhone and iPad, you ported Angry Birds to other platforms, including Android, webOS, PlayStation, etc. What platform is your favorite? Do you still design for one OS and then port to others or do you take a more agnostic approach?
We love all platforms! New web technologies are of course particularly interesting, as they allow the same experience on multiple platforms. We are still developing for a number of platforms simultaneously, when necessary ? native experience is still often the best, and the best possible user experience is what drives our development.
Angry Birds was designed as a touch game, yet now it exists on Macs, the web browser and on video game consoles. How difficult has it been to translate the experience from touch to an object like a mouse or game controller?
We have to make some adjustments, but the general gameplay has stayed the same. We think the game experience translates very well across different platforms and controllers. Judging on just game content alone, we have a very impressive game with a lot of longevity and replay value. Touch controls are just another flavor of the Angry Birds experience.
You introduced in-app purchase with the Mighty Eagle to what looks like great success. Do you see adding in more options for in-app purchase to your titles in the future?
It?s definitely something that we?re looking into. The key here is not providing just content purchases, but exceptional experiences. Consider the Mighty Eagle: You get a new character, a game aid, new gameplay goals and achievements ? Mighty Eagle is not just another in-app purchase, but a real extension of the game.
The mobile games space is very different than it was in 2003 ? what advice would you offer to startups who are entering the mobile gaming space today?
The important thing is to focus on quality and the fans. If you make a great product that people enjoy, the downloads will follow naturally. You also need to plan for the future. With Angry Birds, we?re not providing just an app. We?re providing a service with regular content updates, lots of engaging content through our fan community, and so on.
What comes after Angry Birds? Are you going to develop other game franchisees, and if so, what is your target platform?
Angry Birds is of course our biggest focus, and we have many fantastic things in the pipeline. Regarding other gaming franchises, the short answer is ?yes.? We have a number of development projects on the drawing board, and we also have a great opportunity to use our reach as a publisher to take other developers? property to the market.
View As Slideshow ?1. Smartphone Apps
Where the revolution began: Angry Birds first released the game onto Apple's iOS in December 2009.
2. Toys
3. Television
4. Google Chrome
5. Facebook
6. PSP
7. Board Game
8. Cookbook
9. Holiday Themes
With all its popularity, Angry Birds certainly has cause to celebrate. Its users do too with holiday-themed game levels like Valentine's Day, Halloween and Easter.10. Movie Partnerships / Superbowl Ads
The Extraordinary Entrepreneurs Series is supported by Diet Coke?. Now, the drink that helps you stay extraordinary brings you extraordinary people. Find Diet Coke? on Facebook for access to a whole lot of extraordinary.
Source: http://mashable.com/2011/10/20/angry-birds-mikael-hed-interview/
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Lindsay Lohan is taken into custody by Los Angeles Country sheriffs after a judge finds her in violation of probation Wednesday, Oct. 19, 2011, in Los Angeles. Superior Court Judge Stephanie Sautner revoked Lohan's probation Wednesday after the actress encountered problems during her community service assignment at a women's shelter. Bail has been set at $100,000. (AP Photo/Mark Boster, Pool)
Lindsay Lohan is taken into custody by Los Angeles Country sheriffs after a judge finds her in violation of probation Wednesday, Oct. 19, 2011, in Los Angeles. Superior Court Judge Stephanie Sautner revoked Lohan's probation Wednesday after the actress encountered problems during her community service assignment at a women's shelter. Bail has been set at $100,000. (AP Photo/Mark Boster, Pool)
Lindsay Lohan arrives at the Los Angeles Superior Court West District Airport Courthouse Wednesday, Oct. 19, 2011, in Los Angeles. Lohan was taken into custody after a judge finds her in violation of probation. A city prosecutor will recommend Wednesday that the troubled starlet be sent back to jail because she had been ousted from a community service assignment at a women's shelter.(AP Photo/Damian Dovarganes)
Lindsay Lohan arrives at the Los Angeles Superior Court West District Airport Courthouse Wednesday, Oct. 19, 2011, in Los Angeles. A city prosecutor will recommend Wednesday that Lohan be sent back to jail because she had been ousted from a community service assignment at a women's shelter. (AP Photo/Damian Dovarganes)
Lindsay Lohan, right, alongside her attorney Shawn Chapman Holley, is shown in court, before Lohan was taken into custody by Los Angeles Country sheriffs deputies after a judge found her in violation of probation Wednesday, Oct. 19, 2011, in Los Angeles.(AP Photo/Mark Boster, Pool)
Lindsay Lohan is seen in court before being taken into custody by Los Angeles Country sheriffs deputies after a judge found her in violation of probation Wednesday, Oct. 19, 2011, in Los Angeles. (AP Photo/Mark Boster, Pool)
LOS ANGELES (AP) ? A judge revoked Lindsay Lohan's probation and she was led away in handcuffs, after the actress was ousted from a community service assignment at a women's shelter.
She was released a short time later from Airport Courthouse after $100,000 bail was posted, according to her spokesman Steve Honig.
Superior Court Judge Stephanie Sautner hammered Lohan during a tense proceeding Wednesday and urged her to complete a minimum of 16 hours of her community service at the county morgue before her next scheduled hearing Nov. 2. At that time, Sautner will decide whether Lohan should serve her fifth stint behind bars. Lohan was released early due to jail overcrowding four previous times.
"There has been violation after violation," Sautner said.
"We're dealing with someone on probation," said Lohan's attorney, Shawn Holley. "Most people on probation don't always do things perfectly."
A city prosecutor recommended jail time, but Sautner put that decision off until next month's hearing when Lohan's probation officer and other officials will testify about her efforts to complete her sentence.
"If jail meant something in the state of California now, maybe I'd put her in jail," Sautner said.
The development marked the latest legal problem for the 25-year-old Lohan, who was given probation for a 2007 drunken driving case and a misdemeanor theft case this year.
"Lindsay is hoping this matter will be resolved on Nov. 2 and the court will reinstate probation and allow her to continue fulfilling her community service," Honig said.
Lohan had been ordered in April to serve 360 hours at the Downtown Women's Center, an agency that helps homeless women. Nine of Lohan's appointments at the center were "just blown off" and she "showed up once and left after an hour," Sautner said.
Lohan has since started serving hours with the American Red Cross, but Sautner said that would not count because it was not part of her sentence.
During the roughly 40-minute proceeding, the judge admonished Lohan for failing to show up for her four-hour appointments at the women's center and for taking six months to complete a court-ordered Shoplifters Anonymous course. The judge also questioned how Lohan could have complied with her court-ordered weekly psychological counseling when she was traveling in Europe from Sept. 9 to Oct. 5.
"I don't know how she did that in person every week," said Sautner.
Lohan, aside from a role in last year's film "Machete," has seen her acting career evaporate in recent years. She has been in perpetual trouble since May 2010.
Another judge determined she violated her probation in the drunken driving case and sentenced her to jail and rehab. She faltered after being released early from a rehab facility early and was sent to the Betty Ford Center, where she got in an altercation with a rehab worker who later sued.
Within weeks of her release from Betty Ford, Lohan was accused of taking a $2,500 necklace without permission from an upscale jewelry store near her home in the Venice neighborhood of Los Angeles.
Sautner determined the January incident constituted a probation violation, and Lohan was ordered to undergo psychological counseling and perform 480 hours of community service, with 120 hours to be spent at the morgue.
Lohan later pleaded no contest to a misdemeanor charge in the theft case and served 35 days of a four-month sentenced on house arrest.
___
AP Entertainment Writer Anthony McCartney contributed to this report.
____
AP Entertainment Writer Derrik J. Lang can be reached at http://www.twitter.com/derrikjlang.
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Based on multiple reports, including strong hints dropped by offensive coordinator Al Saunders, the Raiders plan to put quarterback Carson Palmer straight onto the field Sunday, when Oakland hosts the Chiefs.
The fact that the alternative is Kyle Boller supports the decision.? The fact that the Raiders hope to get 10 games plus a postseason out of Palmer undercuts it.
Throwing passes to T.J. Houshmandazadeh and doing footwork drills with Ken O?Brien gets a guy into shape.? It doesn?t get him into football shape.
And it definitely doesn?t get him ready to implement Saunders? offense (unless, of course, someone slipped Carson a copy of the playbook in anticipation of the eventual trade).? Even if Palmer has been studying Saunders? playbook, Palmer doesn?t know the offensive linemen or the running backs or the receivers or the tight ends who are executing it.
As a result, there?s a more pronounced risk of injury for Palmer.? He?ll be more likely to take hits in the pocket.? And if he tries to sprint away from trouble, he could pop an Achilles? tendon.
Though plenty of players are thriving with limited preparation, including veteran quarterback Matthew Hasselbeck, guys like Hasselbeck at least had an opportunity to participate in weeks of practices and preseason games in order to get ready.
Palmer will have three practices.
There?s also a chance that the Raiders aren?t telling the truth about Palmer?s prospects for playing, hoping to force the Chiefs to prepare for Palmer, when in reality Boller will be behind center.? Teams are required only to disclose injuries, not strategies, and it could be come Sunday that coach Hue Jackson will explain that he decided Carson wasn?t ready ? just as Hue did after not giving Terrelle Pryor playing time in the preseason finale, even after Jackson had said he would.
Either way, the smart move is to give Palmer until after the Week Eight bye to get ready to play.
Source: http://profootballtalk.nbcsports.com/2011/10/20/decision-to-start-palmer-invites-risk/related/
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INDIANAPOLIS ? Eli Lilly and Co.'s third-quarter earnings fell 5 percent on rising expenses fueled by foreign exchange rates, the health care overhaul and the drugmaker's preparations for a critical patent expiration.
The Indianapolis company loses U.S. patent protection for its top seller, the antipsychotic Zyprexa, on Sunday. Zyprexa generated $1.18 billion in sales during the third quarter, or 19 percent of total revenue.
Lilly has said it expects "rapid and severe erosion" of Zyprexa sales. It hopes to fill that hole by relying on its animal health business, emerging markets like China, sales in Japan and its pipeline of drugs under development.
It has 10 potential drugs in late-stage testing, the last phase before seeking regulatory approval, including treatments for Alzheimer's disease and depression. Lilly also is collaborating with German drugmaker Boehringer Ingelheim to develop diabetes drugs, and the company cited that as a factor behind its 10 percent rise in operating expenses to about $3.2 billion in the quarter.
The company's cost of sales, or the expense of making its products, also climbed 35 percent to $1.34 billion. Spokesman Mark Taylor said a stronger euro, which helps revenue, leads to higher overseas manufacturing costs.
Lilly reported on Thursday net income of $1.24 billion, or $1.11 per share, in the quarter that ended Sept. 30. That's down from $1.3 billion, or $1.18 per share, in last year's third quarter. Revenue climbed 9 percent to a better-than-expected $6.15 billion.
Excluding $25 million in restructuring charges, adjusted profit was $1.13 per share, and that matched Wall Street expectations. Analysts surveyed by FactSet expected, on average, earnings of $1.13 per share on $6.07 billion in revenue.
Lilly said the U.S. health care overhaul, which aims to eventually cover millions of uninsured people, delivered a $465-million hit in the quarter. Rebates for Medicare prescription drug coverage reduced revenue by $330 million, and a drugmaker's fee increased expenses by $135 million.
Revenue from Lilly's second-best seller, the antidepressant Cymbalta, climbed 29 percent to $1.07 billion in the third quarter, helped mostly by higher prices and demand. Revenue from its animal health business jumped 28 percent to $451 million.
But cancer drug Gemzar's revenue plunged 72 percent to $91 million. Gemzar lost patent protection last year.
Lilly also loses U.S. patent protection for Cymbalta in 2013, and the drugmaker faces one of the steepest so-called patent cliffs in the pharmaceutical industry.
Analysts expect Lilly earnings to drop through about 2014 before possibly rebounding with newer revenue sources. Edward Jones analyst Linda Bannister said the company's challenge is sharpened because it will lose revenue sources while raising expenses with late-stage testing of several drugs. Those studies are the most expensive phase of testing because they typically involve a large number of patients.
"It's going to be a challenging time for the management of Lilly, I don't think there's any doubt about it," she said.
Some analysts have questioned Lilly's ability to maintain its dividend, which currently stands at a quarterly rate of 49 cents per share. Chief Financial Officer Derica Rice addressed that during a Thursday morning conference call with analysts.
"As we head into the teeth of our patent expiration period, we have positioned the company to fund the (research and development) necessary to fuel our future growth, recapitalize our fiscal assets and maintain our dividend," he said.
For the full year, Lilly now expects adjusted earnings of $4.30 to $4.35 per share, compared with its forecast in July for earnings of $4.25 to $4.35. The new forecast would result in a drop of between 8 percent and 9 percent compared with last year's results.
Lilly shares fell 9 cents to close at $38.61 Thursday.
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ScienceDaily (Oct. 20, 2011) ? Giant flakes of graphene oxide in water aggregate like a stack of pancakes, but infinitely thinner, and in the process gain characteristics that materials scientists may find delicious.
A new paper by scientists at Rice University and the University of Colorado details how slices of graphene, the single-atom form of carbon, in a solution arrange themselves to form a nematic liquid crystal in which particles are free-floating but aligned.
That much was already known. The new twist is that if the flakes -- in this case, graphene oxide -- are big enough and concentrated enough, they retain their alignment as they form a gel. That gel is a handy precursor for manufacturing metamaterials or fibers with unique mechanical and electronic properties.
The team reported its discovery online this week in the Royal Society of Chemistry journal Soft Matter. Rice authors include Matteo Pasquali, a professor of chemical and biomolecular engineering and of chemistry; James Tour, the T.T. and W.F. Chao Chair in Chemistry as well as a professor of mechanical engineering and materials science and of computer science; postdoctoral research associate Dmitry Kosynkin; and graduate students Budhadipta Dan and Natnael Behabtu. Ivan Smalyukh, an assistant professor of physics at the University of Colorado at Boulder, led research for his group, in which Dan served as a visiting scientist.
"Graphene materials and fluid phases are a great research area," Pasquali said. "From the fundamental point of view, fluid phases comprising flakes are relatively unexplored, and certainly so when the flakes have important electronic properties.
"From the application standpoint, graphene and graphene oxide can be important building blocks in such areas as flexible electronics and conductive and high-strength materials, and can serve as templates for ordering plasmonic structures," he said.
By "giant," the researchers referred to irregular flakes of graphene oxide up to 10,000 times as wide as they are high. (That's still impossibly small: on average, roughly 12 microns wide and less than a nanometer high.) Previous studies showed smaller bits of pristine graphene suspended in acid would form a liquid crystal and that graphene oxide would do likewise in other solutions, including water.
This time the team discovered that if the flakes are big enough and concentrated enough, the solution becomes semisolid. When they constrained the gel to a thin pipette and evaporated some of the water, the graphene oxide flakes got closer to each other and stacked up spontaneously, although imperfectly.
"The exciting part for me is the spontaneous ordering of graphene oxide into a liquid crystal, which nobody had observed before," said Behabtu, a member of Pasquali's lab. "It's still a liquid, but it's ordered. That's useful to make fibers, but it could also induce order on other particles like nanorods."
He said it would be a simple matter to heat the concentrated gel and extrude it into something like carbon fiber, with enhanced properties provided by "mix-ins."
Testing the possibilities, the researchers mixed gold microtriangles and glass microrods into the solution, and found both were effectively forced to line up with the pancaking flakes. Their inclusion also helped the team get visual confirmation of the flakes' orientation.
The process offers the possibility of the large-scale ordering and alignment of such plasmonic particles as gold, silver and palladium nanorods, important components in optoelectronic devices and metamaterials, they reported.
Behabtu added that heating the gel "crosslinks the flakes, and that's good for mechanical strength. You can even heat graphene oxide enough to reduce it, stripping out the oxygen and turning it back into graphite."
Co-authors of the paper are Angel Martinez and Julian Evans, graduate students of Smalyukh at the University of Colorado at Boulder.
The Institute for Complex Adaptive Matter, the Colorado Renewable and Sustainable Energy Initiative, the National Science Foundation, the Air Force Research Lab, the Air Force Office of Scientific Research, the Welch Foundation, the U.S. Army Corps of Engineers Environmental Quality and Installation Program and M-I Swaco supported the research.
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Source: http://www.sciencedaily.com/releases/2011/10/111020171446.htm
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After Bill Parcells quit his job as Dolphins V.P. of football operations, owner Stephen Ross reportedly told G.M. Jeff Ireland that former Chiefs president/G.M. Carl Peterson wouldn?t be taking over Parcells? job.? A year later, a growing number of league insiders believe that Peterson eventually will be taking over Ireland?s job.
Peterson and Ross have a lengthy relationship.? From a business standpoint, they have been working together most recently on the FanVision product, a handheld video device that is used in certain stadiums.? From a football standpoint, Peterson served nearly 30 years ago as G.M. of the USFL?s Philadelphia Stars, which were owned by Ross.
Since most owners have no independent football knowledge, they have to rely on others for advice and counsel.? When it comes to evaluating the G.M. and/or coach, an owner needs to rely on someone else, and it?s widely believed that Ross is relying on Peterson.
Peterson has been spotted at multiple Dolphins? games.? Most recently, Peterson was seen at MetLife Stadium on Monday, where the Dolphins fell to 0-5 against the Jets.
The working theory is that Peterson will, at a minimum, be heavily involved in selecting the next G.M. and coach.? Or Peterson will be the next G.M., at which time he could round up various former Chiefs officials, like Denny Thum and Bill Kuharich, who currently aren?t employed by NFL teams.
Peterson also has a connection to former Steelers coach Bill Cowher, given that Cowher worked in Kansas City as an assistant coach before becoming the head coach in Pittsburgh.? And with Ross reportedly wanting a superstar coach, Peterson could be instrumental in luring Cowher to Miami.
If Cowher ends up being the coach, Peterson may have to step aside from the day-to-day football operations, since Cowher likely will want to run the show with help from someone like Kevin Colbert or Omar Khan.? From time to time over the past several years, we?ve heard that Colbert and Khan have gotten the word that Cowher could be heading back to the NFL.
It?s unknown whether Cowher is ready to return, or whether he?d be interested in the Dolphins.? But the belief is getting stronger and stronger that Peterson will be instrumental in the direction of the franchise after the 2011 season ends.
We can only wonder how long it will be until Peterson properly christens his chair.
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New Razr will be available for pre-order later this month. So how does Motorola's new Razr stack up?
Earlier this week, Motorola took the wraps off the new Razr, a next-generation Android update of the classic flip-phone. In a press release, Motorola touted the thinness of the new Droid Razr ? a papery 0.27 inches thick ? along with a Kevlar-coated frame, Gorilla Glass display, and dual-core 1.2 GHz processor. Today, the first few hands-on previews have begun to leak out across the Web, and judging by the early buzz, the new Razr is a phone to watch.
Skip to next paragraph"I always go back and forth about screen size," writes Dan Rosenbaum of Computerworld. "Although I like the ability to fully operate a phone with only one hand, the larger real estate of the bigger screen [on the Razr] is not without its appeal. If you're used to an iPhone, the Razr will feel like a big slab of glass; if you're an Android customer, you'll absolutely notice the thinness."
Rosenbaum takes special note of the Super AMOLED display, "which is something that has previously been seen only on Samsung phones. These beautiful screens are thin, light and power-stingy ? three things that were clearly design goals of the Razr."
Over at CNET, Nicole Lee notes that the Droid Razr has "an immediate wow factor." The dual-core processor on the Razr, Lee adds, yields "a seamless navigational experience. We flipped through screens with speed, with no transition lag at all. We didn't notice any sluggishness when launching and multitasking between several apps, either."
The new Razr, which is available for pre-order later this month, is expected to ship in early November, putting it in direct competition with the recently released iPhone 4S. How does it hold up against the Apple device? Brian Heater of Engadget only tiptoes around the answer, noting that the iPhone is "downright beefy" when compared to the Razr.
The Razr, Heater says, is "just a big, surprisingly light handset. It's a slick, fast, thin phone, that certainly seems worthy of the RAZR name [we] all know and love."
For more tech news, sign up for the weekly BizTech newsletter, which ships every Wednesday.
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Sanjay Jha, CEO of Motorola Mobility, holds the Droid Razr, Tuesday, Oct. 18, 2011 in New York. Seeking an edge in the world of high-end smartphones, Motorola is bringing back the "Razr" name, once attached to the best-selling phone in the world. (AP Photo/Mark Lennihan)
Sanjay Jha, CEO of Motorola Mobility, holds the Droid Razr, Tuesday, Oct. 18, 2011 in New York. Seeking an edge in the world of high-end smartphones, Motorola is bringing back the "Razr" name, once attached to the best-selling phone in the world. (AP Photo/Mark Lennihan)
Sanjay Jha, CEO of Motorola Mobility, introduces the Droid Razr, Tuesday, Oct. 18, 2011 in New York. Seeking an edge in the world of high-end smartphones, Motorola is bringing back the "Razr" name, once attached to the best-selling phone in the world. (AP Photo/Mark Lennihan)
Sanjay Jha, CEO of Motorola Mobility, introduces the Droid Razr, Tuesday, Oct. 18, 2011 in New York. Seeking an edge in the world of high-end smartphones, Motorola is bringing back the "Razr" name, once attached to the best-selling phone in the world. (AP Photo/Mark Lennihan)
NEW YORK (AP) ? Seeking an edge in the world of high-end smartphones, Motorola is bringing back the "Razr" name, once attached to the best-selling phone in the world.
The phone revealed Tuesday is thin, like the old Razr. Otherwise, the new Razr is a different breed from the folding "dumb" phone that made Motorola the second-largest phone maker in the world, before Apple Inc. shook up the industry with its iPhone in 2007.
The new phone, called the Droid Razr, has a big touchscreen and runs Google Inc.'s Android operating system. Verizon Wireless will start taking pre-orders on Oct. 27 and sell it for $300 with a two-year contract. The Droid Razr will use Verizon's new LTE high-speed wireless data network.
In an interview, Motorola Mobility Holdings Inc. CEO Sanjay Jha said the company's testing had revealed that the Razr name still resonates with people, and they say they're more likely to buy a phone that carries it.
"People have incredibly fond memories of using their Razrs," he said at a press event in New York.
As sold by Verizon, the phone will be called the "Droid Razr." In other countries, it will be just "Razr."
Motorola was never able to come up with a phone that could match the old Razr in popularity. As its popularity declined, the company's fortunes plummeted. The company split up in January, with Motorola Mobility taking the cellphone part of the business. It is now the world's eighth-largest maker of phones.
Motorola Mobility is based in Libertyville, Ill., and has agreed to be bought by Google for $12.5 billion. The deal is expected to close by early next year.
Motorola Mobility's stock rose 10 cents to close Tuesday at $38.92.
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TOKYO (Reuters) ? Sony Corp said on Wednesday it would launch its new handheld games device, the PlayStation Vita, on February 22 in the United States and Europe.
The new device, which hits stores in Japan on Dec 17, will be priced at $249.99 for the Wi-Fi version and $299.99 for the 3G/Wifi version in the U.S. market, way above rival Nintendo's 3DS, which now sells for $169.99 in the U.S.
But analysts note Sony's handheld games devices sell mostly to core gamers, who are more likely to accept higher prices. Domestic media reports said the start of advance orders for the PS Vita in Japan on October 15 had attracted large crowds.
(Reporting by Isabel Reynolds in Tokyo and Bangalore Newsroom; Editing by Joseph Radford)
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FILE - In this Oct. 6, 2011, file photo, NYPD Commissioner Raymond Kelly listens during his testimony about NYPD intelligence operations to the New York City Council public safety committee in New York. Three months ago, one of the CIA?s most experienced clandestine operatives started work inside the New York Police Department. His title is special assistant to the deputy commissioner of intelligence. Since The Associated Press revealed the assignment in August, federal and city officials have offered differing explanations for why this CIA officer, a seasoned operative who handled foreign agents and ran complex operations in Jordan and Pakistan, was assigned to a municipal police department. Kelly said the CIA operative provides his officers "with information, usually coming from perhaps overseas." He said the CIA operative provides "technical information" to the NYPD but "doesn?t have access to any of our investigative files." (AP Photo/Bebeto Matthews, File)
FILE - In this Oct. 6, 2011, file photo, NYPD Commissioner Raymond Kelly listens during his testimony about NYPD intelligence operations to the New York City Council public safety committee in New York. Three months ago, one of the CIA?s most experienced clandestine operatives started work inside the New York Police Department. His title is special assistant to the deputy commissioner of intelligence. Since The Associated Press revealed the assignment in August, federal and city officials have offered differing explanations for why this CIA officer, a seasoned operative who handled foreign agents and ran complex operations in Jordan and Pakistan, was assigned to a municipal police department. Kelly said the CIA operative provides his officers "with information, usually coming from perhaps overseas." He said the CIA operative provides "technical information" to the NYPD but "doesn?t have access to any of our investigative files." (AP Photo/Bebeto Matthews, File)
WASHINGTON (AP) ? Three months ago, one of the CIA's most experienced clandestine operatives started work inside the New York Police Department. His title is special assistant to the deputy commissioner of intelligence. On that much, everyone agrees.
Exactly what he's doing there, however, is much less clear.
Since The Associated Press revealed the assignment in August, federal and city officials have offered differing explanations for why this CIA officer ? a seasoned operative who handled foreign agents and ran complex operations in Jordan and Pakistan ? was assigned to a municipal police department. The CIA is prohibited from spying domestically, and its unusual partnership with the NYPD has troubled top lawmakers and prompted an internal investigation.
His role is important because the last time a CIA officer worked so closely with the NYPD, beginning in the months after the 9/11 attacks, he became the architect of aggressive police programs that monitored Muslim neighborhoods. With the earlier help from this CIA official, the police put entire communities under the microscope, according to internal police documents, based on ethnicity rather allegations of wrongdoing.
It was an extraordinary collaboration that at times troubled some senior CIA officials and may have stretched the bounds of how the CIA is legally allowed to operate in the United States.
The arrangement surrounding the newly arrived CIA officer has been portrayed differently than that of his predecessor. When first asked by the AP, a senior U.S. official described the posting as a sabbatical, a program aimed at giving the man in New York more management training.
Testifying at City Hall recently, New York Police Commissioner Raymond Kelly said the CIA operative provides his officers "with information, usually coming from perhaps overseas." He said the CIA operative provides "technical information" to the NYPD but "doesn't have access to any of our investigative files."
CIA Director David Petraeus has described him as an adviser, someone who could ensure that information was being shared.
But the CIA already has someone with that job. At its large station in New York, a CIA liaison shares intelligence with the Joint Terrorism Task Force in New York, which has hundreds of NYPD detectives assigned to it. And the CIA did not explain how, if the officer doesn't have access to NYPD files, he is getting management experience in a division built entirely around collecting domestic intelligence.
James Clapper, the director of national intelligence, mischaracterized him to Congress as an "embedded analyst" ? his office later quietly said that was a mistake ? and acknowledged it looked bad to have the CIA working so closely with a police department.
All of this has troubled lawmakers, including Sen. Dianne Feinstein, D-Calif., the chairwoman of the Senate Intelligence Committee, who has said the CIA has "no business or authority in domestic spying, or in advising the NYPD how to conduct local surveillance."
"It's really important to fully understand what the nature of the investigations into the Muslim community are all about, and also the partnership between the local police and the CIA," said Rep. Jan Schakowsky, D-Ill., a member of the House Intelligence Committee.
Still, the undercover operative remains in New York while the agency's inspector general investigates the CIA's decade-long relationship with the NYPD. The CIA has asked the AP not to identify him because he remains a member of the clandestine service and his identity is classified.
The CIA's deep ties to the NYPD began after the attacks of Sept. 11, 2001, when CIA Director George Tenet dispatched a veteran officer, Larry Sanchez, to New York, where he became the architect of the police department's secret spying programs.
While still on the agency payroll, Sanchez, a CIA veteran who spent 15 years overseas in the former Soviet Union, South Asia, and the Middle East, instructed officers on the art of collecting information without attracting attention. He directed officers and reviewed case files.
Sometimes, officials said, intelligence collected from NYPD's operations was passed informally to the CIA.
Sanchez also hand-picked an NYPD detective to attend the "Farm," the CIA's training facility where its officers are turned into operatives. The detective, who completed the course but failed to graduate, returned to the police department where he works today armed with the agency's famed espionage skills.
Also while under Sanchez's direction, documents show that the NYPD's Cyber Intelligence Unit, which monitors domestic and foreign websites, also conducted training sessions for the CIA.
Sanchez was on the CIA payroll from 2002 to 2004 then took a temporary leave of absence from the CIA to become deputy to David Cohen, a former senior CIA officer who became head of the NYPD intelligence division just months after the 9/11 attacks.
In 2007, the CIA's top official in New York complained to headquarters that Sanchez was wearing two hats, sometimes operating as an NYPD official, sometimes as a CIA officer. At headquarters, senior officials agreed and told Sanchez he had to choose.
He formally left the CIA, staying on at the NYPD until late 2010. He now works as a security consultant in the Persian Gulf region.
Sanchez's departure left Cohen scrambling to find someone with operational experience who could replace him. He approached several former CIA colleagues about taking the job but they turned him down, according to people familiar with the situation who, like others interviewed for this story, spoke on condition of anonymity to discuss the department's inner workings.
When they refused, Cohen persuaded the CIA to send the current operative to be his assistant.
He arrived with an impressive post-9/11 resume. He had been the station chief in Pakistan and then Jordan, two stations that served as focal points in the war on terror, according to current and former officials who worked with him. He also was in charge of the agency's Counter Proliferation Division.
But he is no stranger to controversy. Former U.S. intelligence officials said he was nearly expelled from Pakistan after an incident during President George W. Bush's first term. Pakistan became enraged after sharing intelligence with the U.S., only to learn that the CIA station chief passed that information to the British.
Then, while serving in Amman, the station chief was directly involved in an operation to kill al-Qaida's then-No. 2, Ayman al-Zawahri. But the plan backfired badly. The key informant who promised to lead the CIA to al-Zawahiri was in fact a double agent working for al-Qaida.
At least one CIA officer saw problems in the case and warned the station chief but, as recounted in a new book "The Triple Agent" by Washington Post reporter Joby Warrick, the station chief decided to push ahead anyway.
The informant blew himself up at remote CIA base in Khost, Afghanistan, in December 2009. He managed to kill seven CIA employees, including the officer who had warned the station chief, and wound six others. Leon Panetta, the CIA director at the time, called it a systemic failure and decided no one person was at fault.
___
Contact the Washington investigative team at DCInvestigations(at)ap.org
Read AP's previous stories and documents about the NYPD at: http://www.ap.org/nypd
Follow Goldman and Apuzzo at http://twitter.com/goldmandc and http://twitter.com/mattapuzzo
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NEW YORK?? Actor Zachary Quinto says he feels a range of emotions after coming out in a recent New York magazine interview, but most of all he's grateful for the kindness he's received since.
"I feel so incredibly grateful to all of the people who've reached out to me directly or indirectly or just in spirit and I feel really, really like my entire future is laid out in a different way and it's thrilling and scary and overwhelming," said Quinto at the premiere of his film "Margin Call" Monday night in New York.
Story: Zachary Quinto comes out as gayThe 34-year-old looks forward to the day when saying you're gay "won't be hard" and won't matter.
"There've been people on this path who were much bigger trailblazers than me who did this at a time when it was even harder ... and if me standing up and making some kind of acknowledgement and declaration helps that, then I can't ask for anything more out of my life."
Updated 19 minutes ago 10/19/2011 2:03:38 AM +00:00 With her dwindling team lagging behind, Bonnie decided she?d finally had enough of Anna Kournikova?s seemingly supportive approach.
Quinto is best known for playing Spock in the latest "Star Trek" movie and for the TV show "Heroes."
Story: Exclusive movie clip: 'Margin Call' turns financial crisis into thrillerHe not only acts in "Margin Call" but also serves as an executive producer.
The film focuses on a group of bank employees during a 24 hour period as the 2008 financial crisis is about to hit. It stars a roster of celebrities including Kevin Spacey, Demi Moore, Simon Baker and Penn Badgley.
"Margin Call" opens October 21.
Copyright 2011 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
Source: http://today.msnbc.msn.com/id/44941734/ns/today-entertainment/
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