DealBook: Wells Fargo Profit Jumps 24% in Quarter, Driven by Mortgage Gains

8:46 a.m. | Updated

Wells Fargo reported $5.1 billion in profit for the fourth quarter on Friday, a 24 percent increase, driven by the bank’s lucrative mortgage business.

Seizing on low-interest rates that have spurred a flurry of refinancing activity, the bank again notched record profits. For the last 12 quarters, profits at the bank have increased.

In this latest quarter, Wells Fargo, based in San Francisco, reported earnings of 91 cents a share, which exceeded analysts’ expectations. Ahead of the report, analysts polled by Thomson Reuters estimated that the bank would report earnings of 89 a share.

Wells Fargo, unlike many of its rivals, has been able to steadily increase its revenue. The first bank to release fourth-quarter earnings, Wells Fargo reported $21.95 billion in revenue in the fourth quarter, up 7 percent from a year earlier.

Much of the revenue gains stemmed from the bank’s consumer lending business, as borrowers jumped on record low interest rates to refinance their mortgages. Wells Fargo, which dominates the market as the nation’s largest mortgage lender, notched $125 billion in mortgage originations, up from $120 billion in the fourth quarter of 2011. Refinancing applications accounted for nearly 75 percent of that total.

The big profit in the group came from the extra money that Wells Fargo makes bundling the mortgages into bonds and selling them to the government. In the fourth quarter, the bank reported $2.8 billion of so-called net gains on its mortgages activities, up 51 percent from the previous year.

The question is whether those gains are sustainable. Refinancing activity shows signs of tapering off. And the housing recovery is far from robust, which means it may be tough to make new mortgages.

Investors seemed to look beyond the strong profits to the potential challenges. Shares of the Wells Fargo were down modestly on Friday, as the bank reported a drop in its net interest margin.

Under the tenure of its chief executive, John G. Stumpf, Wells Fargo has aggressively expanded into the mortgage market, a strategy that might help the bank surpass its rivals in profits, notably JPMorgan Chase.

Wells Fargo’s net interest margin, a closely watched profit metric that measures the difference between the interest the bank collects and the interest it pays on its own borrowings, was down slightly to 3.56 percent, from 3.89 percent a year earlier.

Profit in the community banking division, which spans Wells Fargo’s retail branches and mortgage business, increased 14 percent to $2.9 billion.

The bank successfully courted more cash from depositors, adding $72 billion in total core checking and savings deposits than a year earlier.

“The company’s underlying results were driven by solid loan growth, improved credit quality, and continued success in improving efficiency,” Wells Fargo’s chief financial officer, Tim Sloan, said in a statement.

The bank has benefited from sweeping federal stimulus initiatives that have buoyed the mortgage business. The Treasury Department has helped spur Americans to refinance their mortgages.

Wells Fargo is the reigning titan in the mortgage industry, generating roughly a third of all the mortgages across the United States. Mortgage originations continued to climb, up 4 percent to $125 billion.

Adding to its mortgage-related profit, Wells Fargo reported a $926 million profit from its servicing business, in which the bank collects payments from homeowners. That’s up roughly 6 percent from a year earlier.

Alongside the consumer loan business, Wells Fargo had gains in its wealth management business, a particular focus for the bank to defray the impact of federal regulations that dragged down profits elsewhere.

Still, Wells Fargo’s profit from residential mortgages could wane this year if the Federal Reserve halts its extensive bond buying spree.

Working to move beyond the mortgage crisis woes that have dogged the bank, Wells Fargo has been brokering deals with federal regulators. Wells Fargo was one of 10 banks that signed onto an $8.5 billion settlement this week with the Comptroller of the Currency and the Federal Reserve over claims that shoddy foreclosure practices may have led to the wrongful eviction of homeowners.

The sweeping federal pact ends a deeply flawed review of millions of loans in foreclosure that was mandated by federal regulators in 2011. The review, which was ended this week, began in November 2011 amid mounting public fury that bank employees were churning through hundreds of foreclosure filings without reviewing them for accuracy.

In addition to the settlement, the bank set aside $1.2 billion to prevent foreclosures.

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Irvine City Council overhauls oversight, spending on Great Park

Capping a raucous eight-hour-plus meeting, the Irvine City Council early Wednesday voted to overhaul the oversight and spending on the beleaguered Orange County Great Park while authorizing an audit of the more than $220 million that so far has been spent on the ambitious project.

A newly elected City Council majority voted 3 to 2 to terminate contracts with two firms that had been paid a combined $1.1 million a year for consulting, lobbying, marketing and public relations. One of those firms — Forde & Mollrich public relations — has been paid $12.4 million since county voters approved the Great Park plan in 2002.

"We need to stop talking about building a Great Park and actually start building a Great Park," council member Jeff Lalloway said.

The council, by the same split vote, also changed the composition of the Great Park's board of directors, shedding four non-elected members and handing control to Irvine's five council members.

The actions mark a significant turning point in the decade-long effort to turn the former El Toro Marine base into a 1,447-acre municipal park with man-made canyons, rivers, forests and gardens that planners hoped would rival New York's Central Park.

The city hoped to finish and maintain the park for years to come with $1.4 billion in state redevelopment funds. But that money vanished last year as part of the cutbacks to deal with California's massive budget deficit.

"We've gone through $220 million, but where has it gone?" council member Christina Shea said of the project's initial funding from developers in exchange for the right to build around the site. "The fact of the matter is the money is almost gone. It can't be business as usual."

The council majority said the changes will bring accountability and efficiencies to a project that critics say has been larded with wasteful spending and no-bid contracts. For all that has been spent, only about 200 acres of the park has been developed and half of that is leased to farmers.

But council members Larry Agran and Beth Krom, who have steered the course of the project since its inception, voted against reconfiguring the Great Park's board of directors and canceling the contracts with the two firms.

Krom has called the move a "witch hunt" against her and Agran. Feuding between liberal and conservative factions on the council has long shaped Irvine politics.

"This is a power play," she said. "There's a new sheriff in town."

The council meeting stretched long into the night, with the final vote coming Wednesday at 1:34 a.m. Tensions were high in the packed chambers with cheering, clapping and heckling coming from the crowd.

At one point council member Lalloway lamented that he "couldn't hear himself think."

During public comments, newly elected Orange County Supervisor Todd Spitzer chastised the council for "fighting like schoolchildren." Earlier this week he said that if the Irvine's new council majority can't make progress on the Great Park, he would seek a ballot initiative to have the county take over.

And Spitzer angrily told Agran that his stewardship of the project had been a failure.

"You know what?" he said. "It's their vision now. You're in the minority."

mike.anton@latimes.com

rhea.mahbubani@latimes.com

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Hands-On: Nvidia's Project Shield Is Impressive, But Not Perfect

As a gamer, I can’t help but be wowed by Nvidia’s Project Shield. But after getting to use the Android-powered portable gaming console/controller/mini-tablet hybrid device here at CES, I see some potential pitfalls.

Project Shield is a console-style gaming controller with the buttons, triggers, dual joysticks and single directional pad you’re familiar with if you’ve ever touched an Xbox or PlayStation controller. It’s comfortable for gameplay and everything responds well for a prototype, though the joysticks and triggers feel like they could use a bit more tuning before the device heads to retail.

But Project Shield is more than a controller. It has a 5-inch 720p touchscreen built into a clam shell cover. The display is detailed, bright and really, really attractive — it’s competitive with any phone or tablet out there.

Project Shield runs what is essentially stock Android Jelly Bean, which is the best flavor of Android out there. As such, the device can run any Android game or app found in Google Play. Thanks to an HDMI port, anything that shows up on Project Shield can show up on our HDTV. It can’t, however, make a phone call, but that’s no biggie. This is, after all, a device designed with gamers in mind.

The most tremendous feature of Project Shield is its ability to stream PC games (including those found on the popular gaming service Steam) from a PC in your home, to the device’s 5-inch display. I played Need For Speed Most Wanted, streamed from a PC, and it went smoothly, with no noticeable lag or degradation in visual quality while playing. But the PC streaming only works if your PC is on the same Wi-Fi network as Project Shield (i.e. no PC streaming outside of the home) and if the streaming PC has Nvidia’s GeForce GTX graphic processor installed.

The technology used to pull of this PC streaming — the interaction between the GeForce GTX and the Nvidia Tegra 4 processor inside of Project Shield — should show up in more of Nvidia’s graphics cards in the future. If that pans out, the best case scenario here is that this PC streaming capability will grow over time. The worst case scenario is that Project Shield will be used simply as an Android gaming console and nothing else — which, if priced right, wouldn’t be a horrible.

At the moment, Nvidia isn’t saying what Project Shield will cost. This decision will be key. Google’s Nexus 7, Amazon’s Kindle Fire and Apple’s iPads have opened up an entirely new world of gaming in large part because they’re accessibly priced. Project Shield, which Nvidia says will be renamed before it officially goes on sale, offers the promise of the best features of a tablet married with console-quality gaming. It’s an attractive concept, but getting a lot of consumers to pick up a Shield instead of a tablet, or a Nintendo 3DS, will be tough if the price tag is too high.

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Depardieu skips court to set up Strauss-Kahn role

PARIS (Reuters) – French film star Gerard Depardieu skipped a court hearing on drink-driving charges on Tuesday as he pursued a headline-grabbing world tour that has seen him set up an alleged tax haven home in Belgium and pick up a passport in Russia.

The garrulous actor’s lawyer said he had missed the hearing in Paris because he was now in Montenegro for meetings about a film in which he will play disgraced former IMF chief Dominique Strauss-Kahn.

He was not obliged to attend the pre-trial hearing, but the no-show means the case will turn into a full trial, guaranteeing another day in the spotlight for Depardieu, already caught up in a public row with French authorities over his tax status.

It could also lead to the 64-year-old star of “Cyrano de Bergerac” and “Asterix and Obelix” getting a tougher sentence if convicted – in theory up to two years in prison.

“Despite wanting to be there and meet the judges and in no way to escape justice, Gerard Depardieu absolutely could not be present,” his lawyer Eric de Caumont told a scrum of reporters outside the Paris courtroom on Tuesday.

He said Depardieu was in Montenegro negotiating a deal for the film about Strauss-Kahn, who was seen as the next president of France until a U.S. sex scandal ended his career.

Depardieu also met Montenegrin Prime Minister Milo Djukanovic, who suggested he might become a cultural ambassador for Montenegro.

Asked if that meant he planned to add Montenegrin citizenship to his growing list, Depardieu said: “I’m not collecting passports …

“If I got a Montenegrin passport it would be without personal gain. But … I’m honored by the idea that I could be a Montenegrin cultural ambassador to the world.”

HIGH TAX POLICY

Depardieu’s actions have guaranteed international coverage of a high-tax policy by France‘s Socialist government that has seen a stream of wealthy citizens seek exile.

His purchase of a house in Belgium last month spurred accusations that he was trying to avoid tax.

Prime Minister Jean-Marc Ayrault called the move “pathetic” and unpatriotic, and Depardieu’s acceptance of a Russian passport last week provoked even fiercer charges that he had abandoned his homeland.

Russia has a flat income tax rate of 13 percent, compared to the 75 percent on income over 1 million euros ($ 1.32 million) that President Francois Hollande wants to levy in France.

Actor-director Mathieu Kassovitz, best known abroad for his role in the whimsical movie romance “Amelie”, said on Monday he understood those fleeing high taxes and that he also planned to quit France because of a lack of financing for films.

Depardieu denied on Monday that he was leaving France for tax reasons.

“I have a Russian passport, but I remain French and I will probably have dual Belgian nationality. But if I’d wanted to escape the taxman, as the French press say, I would have done it a long time ago,” he said.

Depardieu is a larger-than-life figure who began his long career playing thugs and drop-outs before moving on to leading-man roles in films like the romantic comedy “Green Card”.

The actor is accused of crashing his scooter in Paris with more than three times the legal limit of alcohol in his blood. No one else was injured in the accident.

By skipping the pre-trial hearing, he missed out on the chance to strike a bargain with prosecutors.

A few months before the scooter incident, a car driver accused Depardieu of assault and battery during an altercation in Paris. Last year, the actor outraged passengers on an Air France flight by urinating into a bottle in the aisle.

(Additional Reporting by Thierry Leveque and Catherine Bremer in Paris and Petar Komnenic in Podgorica; Editing by Mark John and Kevin Liffey)

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Flu Widespread, Leading a Range of Winter’s Ills

It is not your imagination — more people you know are sick this winter, even people who have had flu shots.

The country is in the grip of three emerging flu or flulike epidemics: an early start to the annual flu season with an unusually aggressive virus, a surge in a new type of norovirus, and the worst whooping cough outbreak in 60 years. And these are all developing amid the normal winter highs for the many viruses that cause symptoms on the “colds and flu” spectrum.

Influenza is widespread, and causing local crises. On Wednesday, Boston’s mayor declared a public health emergency as cases flooded hospital emergency rooms.

Google’s national flu trend maps, which track flu-related searches, are almost solid red (for “intense activity”) and the Centers for Disease Control and Prevention’s weekly FluView maps, which track confirmed cases, are nearly solid brown (for “widespread activity”).

“Yesterday, I saw a construction worker, a big strong guy in his Carhartts who looked like he could fall off a roof without noticing it,” said Dr. Beth Zeeman, an emergency room doctor for MetroWest Medical Center in Framingham, Mass., just outside Boston. “He was in a fetal position with fever and chills, like a wet rag. When I see one of those cases, I just tighten up my mask a little.”

Massachusetts General Hospital in Boston started asking visitors with even mild cold symptoms to wear masks and to avoid maternity wards. The hospital has treated 532 confirmed influenza patients this season and admitted 167, even more than it did by this date during the 2009-10 swine flu pandemic.

At Brigham and Women’s Hospital, 100 patients were crowded into spaces licensed for 53. Beds lined halls and pressed against vending machines. Overflow patients sat on benches in the lobby wearing surgical masks.

“Today was the first time I think I was experiencing my first pandemic,” said Heidi Crim, the nursing director, who saw both the swine flu and SARS outbreaks here. Adding to the problem, she said, many staff members were at home sick and supplies like flu test swabs were running out.

Nationally, deaths and hospitalizations are still below epidemic thresholds. But experts do not expect that to remain true. Pneumonia usually shows up in national statistics only a week or two after emergency rooms report surges in cases, and deaths start rising a week or two after that, said Dr. Gregory A. Poland, a vaccine specialist at the Mayo Clinic in Minnesota. The predominant flu strain circulating is an H3N2, which typically kills more people than the H1N1 strains that usually predominate; the relatively lethal 2003-4 “Fujian flu” season was overwhelmingly H3N2.

No cases have been resistant to Tamiflu, which can ease symptoms if taken within 48 hours, and this year’s flu shot is well-matched to the H3N2 strain, the C.D.C. said. Flu shots are imperfect, especially in the elderly, whose immune systems may not be strong enough to produce enough antibodies.

Simultaneously, the country is seeing a large and early outbreak of norovirus, the “cruise ship flu” or “stomach flu,” said Dr. Aron J. Hall of the C.D.C.’s viral gastroenterology branch. It includes a new strain, which first appeared in Australia and is known as the Sydney 2012 variant.

This week, Maine’s health department said that state was seeing a large spike in cases. Cities across Canada reported norovirus outbreaks so serious that hospitals were shutting down whole wards for disinfection because patients were getting infected after moving into the rooms of those who had just recovered. The classic symptoms of norovirus are “explosive” diarrhea and “projectile” vomiting, which can send infectious particles flying yards away.

“I also saw a woman I’m sure had norovirus,” Dr. Zeeman said. “She said she’d gone to the bathroom 14 times at home and 4 times since she came into the E.R. You can get dehydrated really quickly that way.”

This month, the C.D.C. said the United States was having its biggest outbreak of pertussis in 60 years; there were about 42,000 confirmed cases, the highest total since 1955. The disease is unrelated to flu but causes a hacking, constant cough and breathlessness. While it is unpleasant, adults almost always survive; the greatest danger is to infants, especially premature ones with undeveloped lungs. Of the 18 recorded deaths in 2012, all but three were of infants under age 1.

That outbreak is worst in cold-weather states, including Colorado, Washington, Wisconsin, Minnesota and Vermont.

Although most children are vaccinated several times against pertussis, those shots wear off with age. It is possible, the authorities said, that a new, safer vaccine introduced in the 1990s gives protection that does not last as long, so more teenagers and adults are vulnerable.

And, Dr. Poland said, if many New Yorkers are catching laryngitis, as has been reported, it is probably a rhinovirus. “It’s typically a sore, really scratchy throat, and you sometimes lose your voice,” he said.

Though flu cases in New York City are rising rapidly, the city health department has no plans to declare an emergency, largely because of concern that doing so would drive mildly sick people to emergency rooms, said Dr. Jay K. Varma, deputy director for disease control. The city would prefer people went to private doctors or, if still healthy, to pharmacies for flu shots. Nursing homes have had worrisome outbreaks, he said, and nine elderly patients have died. Homes need to be more alert, vaccinate patients, separate those who fall ill and treat them faster with antivirals, he said.

Dr. Susan I. Gerber of the C.D.C.’s respiratory diseases branch, said her agency has not seen any unusual spike of rhinovirus, parainfluenza, adenovirus, coronavirus or the dozens of other causes of the “common cold,” but the country is having its typical winter surge of some, like respiratory syncytial virus “that can mimic flulike symptoms, especially in young children.”

The C.D.C. and the local health authorities continue to advocate getting flu shots. Although it takes up to two weeks to build immunity, “we don’t know if the season has peaked yet,” said Dr. Joseph Bresee, chief of prevention in the agency’s flu division.

Flu shots and nasal mists contain vaccines against three strains, the H3N2, the H1N1 and a B. Thus far this season, Dr. Bresee said, H1N1 cases have been rare, and the H3N2 component has been a good match against almost all the confirmed H3N2 samples the agency has tested.

About a fifth of all flus this year thus far are from B strains. That part of the vaccine is a good match only 70 percent of the time, because two B’s are circulating.

For that reason, he said, flu shots are being reformulated. Within two years, they said, most will contain vaccines against both B strains.

Joanna Constantine, 28, a stylist at the Guy Thomas Hair Salon on West 56th Street in Manhattan, said she recently was so sick that she was off work and in bed for five days — and silenced by laryngitis for four of them.

She did not have the classic flu symptoms — a high fever, aches and chills — so she knew it was probably something else.

Still, she said, it scared her enough that she will get a flu shot next year. She had not bothered to get one since her last pregnancy, she said. But she has a 7-year-old son and a 5-year-old daughter, “and my little guys get theirs every year.”

Jess Bidgood contributed reporting.

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Media Decoder Blog: With 'Daisy,' Beats Electronics Bets on Digital Music

Memo to Spotify: Beats Electronics is coming for you.

Beats, whose success with the Beats by Dr. Dre line of high-end headphones transformed a hobbyist niche into a huge mainstream market, has been planning its entry into the streaming music world since at least last year, when it bought the digital service, Mog.

Beats has been slow to reveal its plans, and the streaming market has been growing steadily without it. But two recently announced hires should signal to Spotify, Rhapsody and others that Beats is serious about challenging them.

On Thursday, Beats — whose founders are the hip-hop star Dr. Dre and the music executive Jimmy Iovine — announced that Ian Rogers of Topspin Media would be the chief executive of its digital service, which is code-named Daisy. Last month, a profile in The New Yorker of the musician Trent Reznor (Nine Inch Nails, “The Social Network”) revealed that he was acting as creative director.

The announcement on Thursday offered few details about what music fans (and current Mog subscribers) can expect. Daisy will be based on Mog’s technology to some degree, although executives suggested some changes, like the ability for artists to interact with their fans.

Mr. Rogers, a veteran of digital music well known by music executives and musicians alike, has been a longtime critic of existing digital music services; in 2006 he called iTunes “a spreadsheet that plays music.” On Tuesday, Mr. Iovine characterized the appeal of existing services as, “Give me your credit card, here are 12 million songs, and good luck.”

All digital services have to some degree or other been struggling with that perception. Last month, for example, Spotify introduced a number of features to help users find music on the service, like the ability to follow favorite artists and cellphone alerts for new songs.

A bigger challenge, however, is growth. Spotify has five million paying subscribers, Rhapsody about one million, and other American services are believed to be far behind. While Pandora has built a huge audience offering a free digital alternative to radio, and Sirius XM has gotten nearly 24 million paying subscribers for its version of radio, so-called on-demand services like Spotify and Rhapsody — which let consumers pick exactly what songs to listen to — have been slow to penetrate the mainstream.

Beats, however, has a major advantage in reaching everyday consumers: its headphones, which have become popular enough to be fashion accessories. The company is estimated to have more than $1 billion in sales, and says that it has nearly two-thirds of the premium headphone market. Beats headphones range from $100 earbuds to a $400 “pro” model.

Mr. Rogers, 40, got his start in the music business when the Beastie Boys spotted the fan site he had made in college, and hired him to run its Web operation. He later worked for Yahoo Music before joining Topspin, which offers online tools to musicians and record companies to help them market and sell music. (The Beastie Boys and Nine Inch Nails are two of its most prominent clients.)

“This is the gig I’ve been training for my whole career,” Mr. Rogers said.

Beats also made an investment in Topspin, which will continue with Jeremy Bellinghausen as its chief executive and Mr. Rogers as its executive chairman.

---

Ben Sisario writes about the music industry. Follow @sisario on Twitter.

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L.A. County sheriff's area homicides fall; serious crime up overall

January 9, 2013, 11:55 a.m.

The number of homicides in the L.A. County Sheriff's Department's patrol areas fell to its lowest level since 1970 with 166 killings in 2012, Sheriff Lee Baca announced Wednesday.

The number of killings was four less than in 2011, a 2.3% drop. But serious crime increased 4.2% and all types of crime jumped 3%.

Violent crime -- rape, robbery, aggravated assaults and murder -- climbed 3.5% from 2011. Property crimes across the sheriff's areas jumped 4.3%.

"This is real historic," Baca said, referring to the low homicide rate, during a news conference at sheriff's headquarters in Monterey Park.

He said the decline in homicides makes for a positive picture despite a slight upturn in so-called "Part 1" serious crime.

"We are feeling positive despite the slight increase," he said.

Baca said gangs remain the most serious issue, as was underscored by an AK-47 gun battle between rival gangs Tuesday deputies came upon. 

Because the Sheriff's Department patrols such a vast territory, there was a great deal of disparity in the numbers. The Crescenta Valley station saw a 4.3% drop in serious crimes; the Temple City and Compton stations also reported 5% declines.

But the Avalon station on Catalina Island experienced a 17% jump in serious crime. Serious crime climbed 10.9% in West Hollywood, 9.3% in the Carson area and 8.5% in Lancaster when compared to 2011.

The number of deputy-involved shootings rose from 37 in 2011 to 49 in 2012, but most of the increase came from non-hit shootings.

The Century station in Lynwood saw its number of homicides decline from 35 to 25.

The department's homicide bureau reported overall gang homicides rose 10.5% compared to 2011, when it includes killings it investigated in other non sheriff's area cities.

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Glenn Beck Says 3-D Printers Will Make America Great Again

Glenn Beck has seen the future, and it is 3-D printed.

On Tuesday, he featured one of MakerBot’s Replicators on his radio show/online broadcast, making it clear that he was impressed by the desktop device.

“This can make anything,” he says as the machine diligently prints out a tiny shark model. He’s no less impressed by how easy it is to create the models for a print, too, pointing to Autodesk’s 123D Catch as an exemplar. “Now I can take a picture of anything and it will make it.”

While this isn’t — strictly speaking — true (Beck would do well to remember Steve Jobs’ famous dictum that design is how it works, not what it looks like), it’s not that different from what we hear from the most enthusiastic advocates for 3-D printing.

In the segment, Beck is quick to highlight the societal implications, worrying about what it could mean for patents, art and currency. But his main focus is on the means to use this kind of technology to restore American exceptionalism.

“Jobs will come back to America because you’ll be able to make things again, remember this is early technology here,” he says. “However, those aren’t manufacturing jobs, they aren’t labor union jobs, they aren’t dolt jobs, per se. You will be able to make anything you need. So our economy in the entire world is turned upside down. You don’t need little slave children in China to make stuff. The Replicator 2000 will do it for you.”

Redesigning the World

Beck has always been something of a futurist. At the peak of his popularity at Fox News, his outlook was exceedingly dim. He warned of a coming insurrection, and a country that would fall into ruin. Accordingly, he encouraged his viewers should stock up on gold and disaster survivalist kits. As recently as the 2012 election, he was ready to suggest that call for the destruction of America in the face of an Obama win.

Today, Beck strikes a much more hopeful tone. On Monday, standing between his iconic chalkboard and an iPad, he launched the American Dream Labs, a series of initiatives to secure the future of the country. “I am not going to let somebody else redesign the world without me involved and without you involved because I don’t like the global planners. Here, we’re going to push the envelope and look for new creative innovative things in more than one area. I will show you how we can master technology,” he tells viewers.

“Here in Dallas we’re working on energy and food, but we’re also working on digital features that are going to blow your mind,” Beck says. He also promises revolutions in education and entertainment, if only he can find the right partners.

“This week we want to put you on notice that there is light at the end of the tunnel. Somebody is doing something, somebody is dreaming big, somebody is actually doing something big. Hank Rearden is about to pour some steel. It will fundamentally transform us back into the people that deserve the citizenship of the United States of America.”

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Jimmy Kimmel beats Letterman, closes on Leno in new time slot

NEW YORK (Reuters) – In a late night riff on David and Goliath, TV talk show host Jimmy Kimmel beat out veteran David Letterman and nearly caught ratings champion Jay Leno with his first show in their time slot.

The move from midnight to 11:35 p.m., which took effect on Tuesday, paid off big for ABC. “Jimmy Kimmel Live,” with guest Jennifer Aniston, attracted 3.1 million viewers, the second-highest number ever for the 10-year-old show and a 59 percent increase over its usual audience, according to ratings data on Wednesday.

Leno’s “Tonight Show” on NBC had 3.3 million total viewers, while Letterman’s “Late Show” on CBS was watched by 2.9 million Americans.

In the cherished 18-49 demographic, Kimmel trounced Letterman by 30 percent, with 887,000 versus 683,000 viewers.

“I am now 25 minutes closer to my lifelong dream of co-hosting ‘The View,’” Kimmel quipped on Tuesday about his show’s earlier time slot, referring to the long-running, popular daytime talk show hosted by Barbara Walters.

“The Tonight Show with Jay Leno” has led the late-night broadcast comedy race with 3.4 million viewers on average, according to Nielsen. “The Late Show with David Letterman” pulls in 3 million, while “Jimmy Kimmel Live” has grabbed 1.9 million in its former midnight time slot.

At 45, Kimmel is two decades younger than Leno, 62, and Letterman, 65.

ABC hopes that fact, coupled with his younger, tech-savvy audience, will make his show more appealing to advertisers. The network’s marketing blitz features ads with the tagline: “Younger. Smarter. Funnier. Earlier.”

Kimmel has been making the media interview rounds and exposed his butt crack for a Rolling Stone magazine cover story.

ABC television is a unit of Walt Disney Co..

(Reporting by Chris Michaud editing by Jill Serjeant)

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Pap Test May Prove Useful at Detecting More Types of Cancer, Study Suggests

The Pap test, which has prevented countless deaths from cervical cancer, may eventually help to detect cancers of the uterus and ovaries as well, a new study suggests.

For the first time, researchers have found genetic material from uterine or ovarian cancers in Pap smears, meaning that it may become possible to detect three diseases with just one routine test.

But the research is early, years away from being used in medical practice, and there are caveats. The women studied were already known to have cancer, and while the Pap test found 100 percent of the uterine cancers, it detected only 41 percent of the ovarian cancers. And the approach has not yet been tried in women who appear healthy, to determine whether it can find early signs of uterine or ovarian cancer.

On the other hand, even a 41 percent detection rate would be better than the status quo in ovarian cancer, particularly if the detection extends to early stages. The disease is usually advanced by the time it is found, and survival is poor. About 22,280 new cases were expected in the United States in 2012, and 15,500 deaths. Improved tests are urgently needed.

Uterine cancer has a better prognosis, but still kills around 8,000 women a year in the United States.

These innovative applications of the Pap test are part of a new era in which advances in genetics are being applied to the detection of a wide variety of cancers or precancerous conditions. Scientists are learning to find minute bits of mutant DNA in tissue samples or bodily fluids that may signal the presence of hidden or incipient cancers. Ideally, the new techniques would find the abnormalities early enough to cure the disease or even prevent it entirely. But it is too soon to tell.

“Is this the harbinger of things to come? I would answer yes,” said Dr. Bert Vogelstein, director of the Ludwig Center for Cancer Genetics and Therapeutics at Johns Hopkins University, and a senior author of a report on the Pap test study published on Wednesday in the journal Science Translational Medicine. He said the genomes of more than 50 types of tumors had been sequenced, and researchers were trying to take advantage of the information.

Similar studies are under way or are being considered to look for mutant DNA in blood, stool, urine and sputum, both to detect cancer and also to monitor the response to treatment in people who already have the disease.

But researchers warn that such tests, used for screening, can be a double-edged sword if they give false positive results that send patients down a rabbit hole of invasive tests and needless treatments. Even a test that finds only real cancers may be unable to tell aggressive, dangerous ones apart from indolent ones that might never do any harm, leaving patients to decide whether to watch and wait or to go through surgery, chemotherapy and radiation with all the associated risks and side effects.

“Will they start recovering mutations that are not cancer-related?” asked Dr. Christopher P. Crum, a professor at Harvard Medical School who was not involved in the research.

But he also called the study a “great proof of principle,” and said, “Any whisper of hope to women who suffer from endometrial or ovarian cancer would be most welcome.”

DNA testing is already performed on samples from Pap tests, to look for the human papillomavirus, or HPV, which causes cervical cancer. Dr. Vogelstein and his team decided to try DNA testing for cancer. They theorized that cells or DNA shed from cancers of the ovaries and the uterine lining, or endometrium, might reach the cervix and turn up in Pap smears.

The team picked common mutations found in these cancers, and looked for them in tumor samples from 24 women with endometrial cancer and 22 with ovarian cancer. All the cancers had one or more of the common mutations.

Then, the researchers performed Pap tests on the same women, and looked for the same DNA mutations in the Pap specimens. They found the mutations in 100 percent of the women with endometrial cancer, but in only 9 of the 22 with ovarian cancer. The test identified two of the four ovarian cancers that had been diagnosed at an early stage.

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