Amazon smartphone reportedly set for 2013 launch

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'The Hobbit' tops box office with record $84.6M

NEW YORK (AP) — Peter Jackson's "The Hobbit" led the box office over the weekend with $84.6 million, a record-setting opening better than the three previous "Lord of the Rings" films.

The 3-D Middle Earth epic, the first of three planned films adapted from J.R.R. Tolkien's novel, was the biggest December opening ever, surpassing Will Smith's "I Am Legend," which opened with $77.2 million in 2007.

The top 20 movies at U.S. and Canadian theaters Friday through Sunday, followed by distribution studio, gross, number of theater locations, average receipts per location, total gross and number of weeks in release, as compiled Monday by Hollywood.com are:

1. "The Hobbit: an Unexpected Journey," Warner Bros., $84,617,303, 4,045 locations, $20,919 average, $84,617,303, one week.

2. "Rise of the Guardians," Paramount, $7,143,445, 3,387 locations, $2,109 average, $71,085,268, four weeks.

3. "Lincoln," Disney, $7,033,132, 2,285 locations, $3,078 average, $107,687,319, six weeks.

4. "Skyfall," Sony, $6,555,732, 2,924 locations, $2,242 average, $271,921,795, six weeks.

5. "Life of Pi," Fox, $5,413,066, 2,548 locations, $2,124 average, $69,572,472, four weeks.

6. "The Twilight Saga: Breaking Dawn, Part 2," Summit, $5,136,074, 3,042 locations, $1,688 average, $276,826,143, five weeks.

7. "Wreck-It Ralph," Disney, $3,216,043, 2,249 locations, $1,430 average, $168,721,592, seven weeks.

8. "Playing For Keeps," FilmDistrict, $3,146,443, 2,840 locations, $1,108 average, $10,737,535, two weeks.

9. "Red Dawn," FilmDistrict, $2,408,882, 2,250 locations, $1,071 average, $40,904,305, four weeks.

10. "Silver Linings Playbook," Weinstein Co., $2,109,274, 371 locations, $5,685 average, $16,979,323, five weeks.

11. "Flight," Paramount, $1,910,666, 1,823 locations, $1,048 average, $89,418,704, seven weeks.

12. "Argo," Warner Bros., $1,170,175, 667 locations, $1,754 average, $104,955,079, 10 weeks.

13. "Hitchcock," Fox Searchlight, $1,107,659, 561 locations, $1,974 average, $3,071,871, four weeks.

14. "Anna Karenina," Focus, $1,022,214, 409 locations, $2,499 average, $8,380,517, five weeks.

15. "Killing Them Softly," Weinstein Co., $1,008,127, 1,427 locations, $706 average, $14,140,432, three weeks.

16. "The Collection," LD Entertainment, $529,158, 621 locations, $852 average, $6,520,794, three weeks.

17. "Hyde Park On Hudson," Focus, $292,796, 36 locations, $8,133 average, $404,816, two weeks.

18. "Taken 2," Fox, $288,772, 339 locations, $852 average, $138,132,493, 11 weeks.

19. "Pitch Perfect," Universal, $245,680, 332 locations, $740 average, $63,869,423, 12 weeks.

20. "Talaash," Reliance Big Pictures, $168,828, 113 locations, $1,494 average, $2,706,375, three weeks.

___

Universal and Focus are owned by NBC Universal, a unit of Comcast Corp.; Sony, Columbia, Sony Screen Gems and Sony Pictures Classics are units of Sony Corp.; Paramount is owned by Viacom Inc.; Disney, Pixar and Marvel are owned by The Walt Disney Co.; Miramax is owned by Filmyard Holdings LLC; 20th Century Fox and Fox Searchlight are owned by News Corp.; Warner Bros. and New Line are units of Time Warner Inc.; MGM is owned by a group of former creditors including Highland Capital, Anchorage Advisors and Carl Icahn; Lionsgate is owned by Lions Gate Entertainment Corp.; IFC is owned by AMC Networks Inc.; Rogue is owned by Relativity Media LLC.

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Philippine Lawmakers Pass Reproductive Health Bill

MANILA — After a ferocious national debate that pitted family members against one another, and some faithful Catholics against their church, the Philippine Congress passed legislation on Monday to help the country’s poorest women gain access to birth control.

Jay Directo/Agence France-Presse — Getty Images

Supporters of a landmark reproductive health bill celebrated as the Philippine Congress passed legislation on Monday to help the country’s poorest women gain access to birth control. 

Jay Directo/Agence France-Presse — Getty Images

Opponents of a reproductive health bill, including a Catholic nun, looked at portraits of Philippine legislators as they passed a landmark measure Monday.

“The people now have the government on their side as they raise their families in a manner that is just and empowered,” said Edwin Lacierda, a spokesman for President Benigno S. Aquino III, who pushed for passage.

Each chamber of the national legislature passed its own version of the measure — by 13 to 8 in the Senate and 133 to 79 in the House of Representatives — and minor differences between the two must be reconciled before the measure goes to Mr. Aquino for his signature.

The measure had been stalled for more than a decade because of determined opposition from the Roman Catholic Church. Roughly four-fifths of Filipinos are Catholic.

Birth control is legal and widely available in the Philippines for people who can afford it, particularly those living in cities. But condoms, birth control pills and other methods can be difficult to find in rural areas, and their cost puts them out of reach for the very poor.

“Some local governments have passed local ordinances that banned the sale of condoms and contraceptives and forbid their distribution in government clinics, where most poor Filipinos turn for health care,” Human Rights Watch said in a statement on the issue, adding that the new bill would override such ordinances.

The measure passed on Monday would stock government health centers, including those in remote areas, with free or subsidized birth control options for the poor. It would require sex education in public schools and family-planning training for community health officers. The Philippines has one of the highest birthrates in Asia, but backers of the legislation, including the Aquino administration, have said repeatedly that its purpose is not to limit population growth. Rather, they say, the bill is meant to offer poor families the same reproductive health options that wealthier people in the country enjoy.

The United Nations Population Fund estimates that half of the 3.4 million pregnancies in the Philippines each year are unintended, and that there are 11 pregnancy-related deaths in the country each day, on average. Most of those could be avoided, the organization says, through improved maternal health care, a need that proponents say the new legislation will directly address.

Catholic Church officials took a hard line against the measure, saying it was out of line with the beliefs of most religious Filipinos. The church equated contraception with abortion, which is illegal in the Philippines.

“These artificial means are fatal to human life, either preventing it from fruition or actually destroying it,” the Catholic Bishops’ Conference of the Philippines said in a statement on the eve of the votes in Congress.

The statement cited health risks associated with some forms of birth control, but the bishops’ strongest objections have been lodged on moral rather than medical grounds. In a pastoral letter, they said: “The youth are being made to believe that sex before marriage is acceptable, provided you know how to avoid pregnancy. Is this moral? Those who corrupt the minds of children will invoke divine wrath on themselves.”

The legislation prompted a heated national debate in the Philippines over the role that government should play in family planning and women’s health.

“This bill no doubt has inflicted a very wide chasm of division in our society,” said Juan Ponce Enrile, the president of the Senate. “Families are even divided, mother and daughter differing in their views, husband and wife differing in their views.” Mr. Enrile opposed the bill; his son, Juan, a congressman, voted in favor of it.

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Holiday travel is expected to break records

The economy is on the mend, unemployment is on the decline and fuel prices have dropped for more than two months, setting the stage for the busiest holiday travel period in history.

Nearly 11.7 million Californians are expected to travel at least 50 miles for the holiday season, with 7.3 million of those coming from Southern California, posting what the Automobile Club of Southern California predicts will be records.

The travel numbers represent a 1.8% increase over last year for both the state and the region. Travel across the U.S. is expected to reach its highest level in six years, according to the Auto Club.

Quiz: Test your knowledge about airport security

The effect should be felt at packed hotels and airports.

"This year will be busier than last year," said Nancy Suey Castles, spokeswoman for Los Angeles International Airport, the nation's fifth-busiest airport. "Passengers should expect to see busy terminals and most domestic flights 90% to totally full."

Travelers are not looking forward to battling the crowds.

"I don't like flying out of LAX because of the crowds and the lines," said Kay Hwangbo, an executive assistant at a wealth management firm in Century City who plans to visit family in the Bay Area for the holidays. "But I'm resigned to it."

The travel numbers might have been even higher except that some Americans are putting off long trips because of such travel headaches.

"I hear from many of our clients, mostly older clients, that they are really trying to avoid any long trips simply because of the hassle of getting from Point A to Point B," said Jay Johnson, president of Coastline Travel Advisors in Garden Grove.

The scene may not be so hectic at Long Beach Airport, where a new 36,000-square-foot eco-friendly facility opened last week, replacing cramped, temporary trailers.

"We can accommodate everyone," Airport Director Mario Rodriguez said. "You are not going to see lines going all the way out to the roadway."

The Auto Club attributes the higher numbers to improving economic data. The Auto Club points out that spending on travel is expected to rise 6% over 2011, with travelers in the West Coast spending an average of more than $1,000 per household on year-end holiday trips.

The improving numbers offer more good news for airlines and hotels, two industries that have been enjoying steady growth since the recession ended a few years ago.

Video chat: Should airlines require dress codes?

With demand for air travel on the rebound, airlines have been packing planes at record levels, filling 83% of seats during the first eight months of 2012, according to the U.S. Bureau of Transportation Statistics.

Meanwhile, airline seats are getting more expensive. Domestic airfares have been on the rise since 2009, jumping 4% in the first half of 2012, the bureau said.

For the upcoming holiday season, the average airline ticket price for domestic flights is $469, a 4% increase over the same period last year, according to ticket sales on Priceline.com, one of the world's largest travel websites.

The hotel industry also expects a merry holiday season.

After a nearly two-year slump that pushed hotel foreclosures up more than 100% in 2010 compared with 2009, the nation's hotels have reported a rise in revenues, occupancy rates and daily rates over the last two years.

For the first week of December, the nation's hotel industry reported a 3.6% increase in occupancy and a 5.4% increase in the average daily rate, compared with the same period last year, according to hotel data from the STR, a Tennessee-based hotel research firm.

In Southern California, 88% of holiday travelers are expected to leave town by car, according to the Automobile Club of Southern California. The road trips should be a bit less expensive because Southern California gasoline prices have been dropping for nine straight weeks.

The state average fell last week to its lowest point of the year — $3.60 a gallon for regular — or $1.07 lower than the $4.671 record price set Oct. 9.

But the price of gas is not likely to play a role in most travel plans.

"For some people, if they have a family trip planned, they are going no matter what," Auto Club spokeswoman Marie Montgomery said.

hugo.martin@latimes.com

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Connecticut school gunman shot mother multiple times, autopsy finds

NEWTOWN, Conn. -- School shooter Adam Lanza killed his mother with "multiple" shots to her head and killed himself with a single shot to his head, according to a coroner’s report released Sunday.

After killing his mother in the home they shared, Lanza, 20, drove her car to Sandy Hook Elementary School, where he opened fire in two classrooms Friday morning, killing 20 children and six adults. He then turned the gun on himself.

The autopsy reports were released by Connecticut Chief Medical Examiner Dr. H. Wayne Carver II, who said earlier that all the children had been shot multiple times.

Officials have not identified the make of Lanza's weapon, which Carver has described only as a “long gun.”

As the autopsy reports were being released Sunday, a threatening phone call to a local church prompted a mid-service evacuation that jarred a day of mourning as residents throughout this community grappled with the aftermath of the elementary school massacre.

FULL COVERAGE: Connecticut school shooting

A church spokesman said police gave an all-clear soon after the evacuation at St. Rose of Lima Church. A SWAT team had surrounded the rectory across the parking lot from the main church building and hundreds of parishioners were forced to leave services that had been packed all morning.

"This is a very difficult time for all the families. We have seen incredible dignity in the faces of these people," church spokesman Brian Wallace said. The church was locked following the all-clear to "restore calm," Wallace said.

"I don't think anyone can be surprised about anything after what has happened," he said.

Earlier police said in a morning briefing that they may have to interview the youngest survivors of the school shooting as they try to determine the motive of the gunman.

State Police Lt. Paul Vance and Newtown Police Lt. George Sinko offered few new details of the crime or the investigation into the so-far inexplicable rampage at the elementary school.

Any motive -- speculation about Lanza's video game habits, and his relationship with the school and with his mother -- remained unconfirmed. Two days later, police still aren't saying why he did what he did.

PHOTOS: Connecticut school shooting

“For us to be able to give you the summary of the motive, we have to complete the investigation; we have to have the whole picture to say how and why this occurred," said Vance of the Connecticut State Police, the lead agency on the investigation. "There are weeks’ worth of work left for us to complete this."

Lanza's mother legally purchased the guns later recovered at the scene of the massacre, law enforcement officials have said. Officials have previously said those weapons included a military-style Bushmaster .223 rifle, a Glock 9-millimeter pistol and a Sig Sauer semiautomatic pistol, officials said.

Vance said police would be tracing the weapons' origins "back to their origin" at their manufacturers.

Connecticut Gov. Dan Malloy told CNN on Sunday morning: "What we know is he shot his way into the building, so he penetrated the building -- he wasn't buzzed in. He penetrated the building by literally shooting an entrance into the building."

Sinko, meanwhile, said it was "too early" to say if children ever would return to the two classrooms where the killings occurred. "It's too early to say, but I would find it very difficult for them to do that," he said.

Arrangements were under way for some children to report to another elementary school in Newtown when classes resume.

"We want to keep these kids together," said Sinko, explaining that they hoped children who were moved to new schools could stay with their classmates. "We want to move forward very slowly and respectfully," he added, by way of explaining why it was expected to take so long to interview surviving children.

At the news conference, Vance also said the FBI had been asked to help investigate false postings on social media sites that included "some things in somewhat of a threatening manner," and some that purported to be messages from the shooter himself or others involved in the incident.

"There are quotes by people who are posing as the shooter.... Suffice it to say, the information has been deemed as threatening," he said when asked to elaborate.

ALSO:

Suspect in massacre tried to buy rifle days before, sources say

In Newtown, death's chill haunts the morning after school shooting

Connecticut shooting: Gunman forced his way into school, police say

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Cisco hires bank to sell home wireless router unit: report

(Reuters) – Networking equipment company Cisco Systems Inc has hired Barclays to sell its Linksys home router unit, a report said on Sunday.

The business, which Cisco acquired for $ 500 million in 2003, will likely be valued for less because it has low margins, according to Bloomberg.

The sale is part of Cisco’s strategy to shed its consumer unit and focus on its software and technology services businesses.

Last year, Cisco axed its Flip camera business as part of this strategy.

(Reporting By Olivia Oran; Editing by Marguerita Choy)

Tech News Headlines – Yahoo! News

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Jack Hanlon, actor in Our Gang films, dies in NV

RENO, Nev. (AP) — Jack Hanlon, who had roles in the 1926 silent classic "The General" and in two 1927 "Our Gang" comedies, died Thursday in Las Vegas at the age of 96.

His niece, Wendy Putnam Park of Las Vegas, says the precocious, freckle-faced Hanlon was a natural as a child actor from 1926 to 1933.

After a small role with Buster Keaton in "The General," he played mischievous kids in two of Hal Roach's "Our Gang/Little Rascals" films: "The Glorious Fourth" and "Olympic Games."

Hanlon also played an orphan in the 1929 drama "The Shakedown," and got an on-screen kiss from Greta Garbo in the 1930 film "Romance."

After leaving Hollywood, Hanlon became a furniture mover and moved to Las Vegas in 1994.

Burial will be in Santa Monica, Calif.

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Mislabeled Foods Find Their Way to Diners’ Tables

ATLANTA — The menu offered fried catfish. But Freddie Washington, a pastor in Tuscaloosa, Ala., who sometimes eats out five nights a week and was raised on Gulf Coast seafood, was served tilapia.

Dustin Chambers for The New York Times

Consumers are misled most frequently when they buy fish, investigators say, because diners have such limited knowledge about seafood. 

It was a culinary bait and switch. Mr. Washington complained. The restaurant had run out of catfish, the manager explained, and the pastor left the restaurant with a free dinner, an apology and a couple of gift certificates.

“If I’m paying for a menu item,” Mr. Washington said, “I’m expecting that menu item to be placed before me.”

The subject of deceptive restaurant menus took on new life last week when Oceana, an international organization dedicated to ocean conservation, released a report with the headline “Widespread Seafood Fraud Found in New York City.”

Using genetic testing, the group found tilapia and tilefish posing as red snapper. Farmed salmon was sold as wild. Escolar, which can also legally be called oil fish, was disguised as white tuna, which is an unofficial nickname for albacore tuna.

Every one of 16 sushi bars investigated sold the researchers mislabeled fish. In all, 39 percent of the seafood from 81 grocery stores and restaurants was not what the establishment claimed it was.

“This thing with fish is age old, it’s been going on forever,” said Anne Quatrano, an Atlanta chef who opened Bacchanalia 20 years ago and kick-started the city’s sustainable food movement. “Unless you buy whole fish, you can’t always know what you’re getting from a supplier.”

Swapping one ingredient for a less expensive one extends beyond fish and is not always the fault of the person who sells food to the restaurant. Many a pork cutlet has headed to a table disguised as veal, and many an organic salad is not.

The term organic is regulated by the Department of Agriculture, but many other identifying words on a menu are essentially marketing terms. Unscrupulous chefs can falsely claim that a steak is Kobe beef or say a chicken was humanely treated without penalty.

In cases of blatant mislabeling, a chef or supplier often takes the bet that a local or federal agency charged with stopping deceptive practices is not likely to walk in the door. “This has been going on for as long as I’ve been cooking,” said Tom Colicchio, a New York chef and television personality. “When you start really getting into this stuff, there’s so many things people mislabel.”

At Mr. Colicchio’s New York restaurants, all but about 5 percent of the meat he serves is from animals raised without antibiotics, he said. It costs him about 30 percent more, so he charges more. “Yet I have a restaurant down the street that says they have organic chicken when they don’t, and they charge less money for it,” he said. “It’s all part of mislabeling and duping the public.”

Consumers are misled most frequently when they buy fish, investigators say, because there are so many fish in the sea and such limited knowledge among diners. The Food and Drug Administration lists 519 acceptable market names for fish, but more than 1,700 species are sold, said Morgan Liscinsky, a spokesman with the agency.

Marketing thousands of species in the ocean to a dining public who often has to be coaxed to move beyond the top five — shrimp, tuna, salmon, pollock and tilapia — is not an exact science.

The line between marketing something like Patagonian toothfish as Chilean sea bass or serving langostino and calling it lobster is a fine one.

Robert DeMasco, who owns Pierless Fish, a wholesaler in New York, used a profanity to describe someone who buys farm-raised fish and sells it as wild. “But on some of this, they’re splitting hairs,” he said.

In 2005, a customer sued Rubio’s, a West Coast taco chain, for misleading the public by selling a langostino lobster burrito. The FDA ruled that practice acceptable, which allowed chains like Long John Silver’s and Red Lobster to sell the crustacean called langostino and legally attach the word lobster to it. Maine lobstermen and lawmakers fought the decision unsuccessfully.

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Don't impoverish yourself to pay kids' student loans

Dear Liz: I'm in my 50s. My kids have college loan debts that might total more than $200,000. I allowed them to take out loans because I expected to inherit $300,000 to help them pay off the debt. Now that inheritance will not happen.

I have $250,000 saved for retirement. When I'm 58 1/2 years old, I would like to pull that money out and pay some or all of these debts. Or use home equity. I've recently been downsized in employment, but I am looking to increase my income so I can help with their debt. Advice?

Answer: If your goal is to impoverish yourself so your kids will have to take care of you in your old age, by all means proceed with your plan. Otherwise, you need to rethink this.

You've been laid off in the middle of what should be your peak earning years. Older workers often have a tougher time than younger ones finding replacement jobs, even in a better economy than this one. You may not be able to replace your former income, which means you may not be able to add much to the amount you've already saved. You should be conserving your resources, including your home equity, and not squandering it repaying debts that aren't yours.

And "squandering" is the right word. You may be able to avoid paying federal and state tax penalties on withdrawals under certain conditions; distributions made after age 59 1/2 avoid the penalties, as do those made if you're "separated from service" if the job termination occurred in or after the year you turn 55. But you'll still owe income taxes on the withdrawal, and those can be considerable.

Your children are the ones who will benefit from their educations. Those educations should allow them to earn incomes to repay these loans. The amount of debt they've accrued might be excessive — you didn't specify how many kids, or whether this debt is being incurred pursuing undergraduate or graduate degrees. Ultimately, though, they will be in a better position to pay the debt than you are.

If you promised them help you can't deliver, sit down with them now to break the bad news and strategize on how they can finish their educations without incurring substantially more debt.

Your story also should serve as a cautionary tale for anyone counting on an inheritance to pay future bills. Until the money is in your bank account, it's not yours and shouldn't be part of your financial planning.

Refinancing mortgage in divorce may not be wise move

Dear Liz: My soon-to-be ex wants to refinance our mortgage to pay for renovations so we can sell it for more money. He also wants to take out some cash to pay off unsecured loans. (I have $11,000 in credit card debt, and he has over $50,000.) The house recently appraised for $310,000 and we owe $158,000 on it. Is it wise to refinance in this circumstance?

Answer: A cash-out refinance would be a risky maneuver even if you intended to stay married. Renovations rarely boost a home sale price enough to cover their cost. Also, home equity that's used to pay off credit card bills is often wasted, since the borrower never fixes the problem that led to overspending in the first place and simply runs up more debt. Since he would be getting the bulk of the benefit by having more of his debt paid off, you also would need to adjust the rest of your property settlement.

Often, the best and easiest solution in a divorce is to simply sell the house. You certainly wouldn't want to remain on a mortgage with an ex after the divorce was final, if you could possibly avoid it. A good divorce attorney can give you advice about how to proceed from here.

Make saving money automatic

Dear Liz: What's the easiest way to save money? I have the hardest time. I want to save, but I feel that I don't make enough to start saving.

Answer: The easiest way to save is to do it without thinking about it.

That usually means setting up automatic transfers either from your paycheck or from your checking account. If you have to think about putting aside money, you'll probably think of other things to do with that cash. If it's done automatically, you may be surprised at how fast the money piles up.

The second part of this equation is to leave your savings alone. If you're constantly dipping into savings to cover regular expenses, you won't get ahead.

People manage to save even on small incomes because they make it a priority. They "pay themselves first," putting aside money for savings before any other bills are paid. Start with small, regular transfers and increase them as you can.

Questions may be sent to 3940 Laurel Canyon, No. 238, Studio City, CA 91604 or by using the "Contact" form at asklizweston.com. Distributed by No More Red Inc.

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Apple takes investors on a wild ride

SAN FRANCISCO — With only modest expectations, Robert Leitao of Santa Clarita made a decision in 1994 that would change his life. He bought Apple stock.

This was several years before Steve Jobs returned to resurrect Apple, long before the iPod, the iPhone or the iPads that would make Apple the most valuable company in the world. A $1 investment in Apple at the start of 1994 is now worth about $70.

"Even with the recent sell-off, I'm still doing very well with the stock," said Leitao, who works as director of operations at a Catholic church in Burbank. "Apple provided for a down payment on our home for our blended family of four kids."

Leitao is one of the countless people whose lives have been touched by Apple's stock, which has become a global economic force. It is now one of the most widely held stocks, and the most valuable. Even as Apple Inc.'s market value fell to $480 billion on Friday, it was still larger than the gross domestic product of Norway or Argentina, and more than the combined value of Google Inc. and Microsoft Corp.

Yet that astonishing size and economic influence is also what, many analysts believe, contributes to the extraordinary volatility that can make owning Apple's stock a hair-raising experience.

It was inevitable, analysts say, that after Apple's stock rose 74% in the first nine months of this year, a huge wave of selling would occur as fund managers locked in their profits. And yet, in recent years, these huge dips have been followed by even bigger run-ups that led to new record highs, a dynamic that one trader refers to as the "Apple slingshot."

That pattern has some analysts betting Apple will soar above $1,000 a share in 2013, a scenario almost guaranteed to drive the global obsession with the company's stock into an even greater frenzy.

"The impact on shareholders and on the economy is incredible," said Howard Silverblatt, senior index analyst for S&P Dow Jones Indices. "We've not seen anything like this in the modern trading era. Ever."

Even after the remarkable decade of Apple's revival, the company's stock managed to reach new milestones this year. Early in 2012, Apple became the sixth company ever to surpass $500 billion in market value. In August, it became the only company in history with a market value topping $622 billion.

That performance affects just about anyone who has a 401(k) account or a pension. According to FactSet, a research firm that tracks investment funds, 2,555 institutional investors — mutual funds, hedge funds and pension funds, among others — owned stock in Apple, just behind the 2,590 that held Microsoft stock, as of Sept. 30, the most recent date funds had to disclose their holdings. However, the value of that Apple stock held by institutional investors on that day was $427 billion, compared with $172 billion for Microsoft, according to FactSet.

Silverblatt said the only company that has come close to having such a strong influence on the broader stock markets since World War II is IBM in the early 1980s, when the PC revolution was just getting started. But not only is the value of Apple's stock remarkable, so is its volatility. Such large stocks rarely have such big, quick swings.

Apple shares peaked at $702.10 on Sept. 19, up from $401.44 at the start of the year, a run that astonished analysts. But just as remarkable has been its collapse, falling as low as $505.75 in intra-day trading Nov. 16.

"It's just amazing because it's such a large company," said Brian Colello, a senior research analyst at Morningstar. "The company lost about $35 billion in market cap in one day. That's the size of some large-cap stocks."

Yet such swings have become commonplace for Apple stock. Before its latest swoon of 23.4% since its September high, Apple had experienced three previous corrections of more than 10% over the last two years.

The value of Apple's stock and its extreme swings have made researching it and trading it almost a full-time job for some people. Jason Schwarz of Marina del Rey edits EconomicTiming.com, which sends out up to five newsletters each week to its 1,000 clients that focus in large measure on Apple. He also helps run Lone Peak Asset Management, which has about $500 million in assets.

Schwarz says that what he calls the "Apple slingshot" is actually a virtue of the shares.

"The extraordinary volatility is the result of Apple's strength," Schwarz said. "People try to blame the volatility on Apple's weaknesses."

Schwarz and many other Apple believers argue that people are making a big mistake when they try to understand the stock's behavior by focusing on various bits of bad news such as an executive shake-up, the Maps controversy or questions about market share or competition. They have almost nothing to do with the regular hits taken by Apple shares, the argument goes.

Instead, folks like Schwarz say more technical factors are at work, such as the fact that the fiscal year for many stock funds ends Oct. 31. When the stock peaked in September, many fund managers rushed to sell to lock in profits for the year. Apple stock makes so much money for so many people, then plummets when shareholders pause to reap their profits, Schwarz says.

The volatility has continued in recent weeks, the argument goes, because fears of higher taxes next year have many fund managers trying to take advantage of short-term swings to make bigger profits. That volatility offers tantalizing windows for huge, short-term profits for investors willing to take the risk.

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