>>>but we're following breaking news coming out of the
vatican
this morning, include iing some rules from
pope benedict
that change how they pick his replacement.
>>the pope has given the cardinals permission to move up the start date of the conclave which will choose his successor. a cardinal that has been in the headlines for the past
24 hours
for all the wrong reasons decides to resign and says he's not coming to the conclave. all this is happening while the faithful celebrate the end of benedict's papacy. even in his final days as pope, scandal continues to dog benedict's papacy and the church. headline rumors of blackmail and conspiracy that the
vatican
vehemental vehemently denies. because of his role protecting abusive priests, decide to stay home. and cardinal o'brian.
>>someone has erred in some way or another, it doesn't salt their judgment.
>> reporter: today he resigned. ugly headline that is one
vatican
watcher says will shape the deliberations of the conclave.
>>some of this is politics but other parts of it are the long-delayed reckoning with problems that require face iing and correcting in the church.
>> reporter: the scandals have left many of the faithful weary.
>>i'm a true believer and i hope that catholics will get a better name these days.
>> reporter: despite the controversy, st. peter's square still felt like a well-behaved
mosh pit
. 100,000 people came to say thank you to the 85-year-old pontiff, speaking from his window for the last time. he says he is not abandoning the church but following god's call to more prayer and meditation. now also this morning, the pope met with the three cardinals who prepared the secret dossier that's been talked about so much here, regarding the vati-leaks incident. the pope says only he has read that report and he will share it with the next pope. savannah?
>>anne thompson
at the
vatican
for us this morning. i will be live at the
vatican
wednesday and thursday for the pope's final public audience and last day as the leader of the church. matt?
The islands Reunion and Mauritius, both well-known tourist destinations, are hiding a micro-continent, which has now been discovered. The continent fragment known as Mauritia detached about 60 million years ago while Madagascar and India drifted apart, and had been hidden under huge masses of lava. Such micro-continents in the oceans seem to occur more frequently than previously thought, says a study in the latest issue of Nature Geoscience ("A Precambrian microcontinent in the Indian Ocean," Nature Geoscience, Vol 6, doi: 10.1038/NGEO1736).
The break-up of continents is often associated with mantle plumes: These giant bubbles of hot rock rise from the deep mantle and soften the tectonic plates from below, until the plates break apart at the hotspots. This is how Eastern Gondwana broke apart about 170 million years ago. At first, one part was separated, which in turn fragmented into Madagascar, India, Australia and Antarctica, which then migrated to their present position.
Plumes currently situated underneath the islands Marion and Reunion appear to have played a role in the emergence of the Indian Ocean. If the zone of the rupture lies at the edge of a land mass (in this case Madagascar / India), fragments of this land mass may be separated off. The Seychelles are a well-known example of such a continental fragment.
A group of geoscientists from Norway, South Africa, Britain and Germany have now published a study that suggests, based on the study of lava sand grains from the beach of Mauritius, the existence of further fragments. The sand grains contain semi-precious zircons aged between 660 and 1970 million years, which is explained by the fact that the zircons were carried by the lava as it pushed through subjacent continental crust of this age.
This dating method was supplemented by a recalculation of plate tectonics, which explains exactly how and where the fragments ended up in the Indian Ocean. Dr. Bernhard Steinberger of the GFZ German Research Centre for Geosciences and Dr. Pavel Doubrovine of Oslo University calculated the hotspot trail: "On the one hand, it shows the position of the plates relative to the two hotspots at the time of the rupture, which points towards a causal relation," says
Steinberger. "On the other hand, we were able to show that the continent fragments continued to wander almost exactly over the Reunion plume, which explains how they were covered by volcanic rock." So what was previously interpreted only as the trail of the Reunion hotspot, are continental fragments which were previously not recognized as such because they were covered by the volcanic rocks of the Reunion plume. It therefore appears that such micro-continents in the ocean occur more frequently than previously thought.
Helmholtz Association of German Research Centres: http://www.helmholtz.de/en/index.html
Thanks to Helmholtz Association of German Research Centres for this article.
This press release was posted to serve as a topic for discussion. Please comment below. We try our best to only post press releases that are associated with peer reviewed scientific literature. Critical discussions of the research are appreciated. If you need help finding a link to the original article, please contact us on twitter or via e-mail.
NEW YORK (AP) ? Stocks turned lower Monday following signs that Italy could be headed for political gridlock, potentially undermining the country's efforts to reform its economy and rekindling the region's debt crisis.
The Dow Jones industrial average was down 74 points, or 0.5 percent, to 13,926 as of 2:18 p.m. EST. The Standard & Poor's 500 fell 10 points, or 0.7 percent, to 1,505 and the Nasdaq composite dropped 14 points, or 0.4 percent, to 3,148.
Stocks had rallied in the early going as exit polls showed that a center-left coalition in Italy that favored economic reforms in the euro region's third-largest economy was leading in the polls. That gain evaporated after another poll showed that the elections could result in a stalemate in the country's legislature.
"The Italian elections have implications for the credit markets," said Quincy Krosby, market strategist at Prudential. "The ultimate worry is that the credit markets start reacting."
Investors sold Italian government bonds and erased most of an early rally in Italy's stock market as the camp led by former premier Silvio Berlusconi appeared more likely to take control of Italy's Senate, threatening the country's reform efforts.
The yield on Italy's 10-year government bond edged up to 4.43 percent from 4.40 percent. The country's benchmark stock index, the FSTE MIB, rose 0.7 percent, giving up an early gain of 4 percent.
Investors worry about the outcome of Italy's election because it could set off another crisis of confidence in the region's shared currency, the euro. Financial markets in both Europe and the U.S. have swooned at the prospect of Italy or Spain being dragged into the region's government debt troubles, which have led to bailouts of Greece, Ireland and Portugal.
On the New York Stock Exchange, Barnes & Noble rose $1.39, or 10 percent, to $14.90 after founder and chairman Leonard Riggio told the bookseller he is going to try to buy the company's retail business. Hertz advanced $1.12 to $19.85, despite posting a fourth-quarter loss, after the rental car company said that pricing improved, volume rose and it cut costs.
The Standard & Poor's 500 had its first weekly decline of the year last week. Investors sent stocks plunging after minutes from the Federal Reserve's latest policy meeting revealed disagreement over how long to keep buying bonds in an effort to boost the economy.
Fed chairman Ben Bernanke will testify before the U.S. Senate's banking committee Tuesday and again before Congress on Wednesday. Investors will watch to see if he gives any further indications about how long the central bank intends to keep providing stimulus to the economy.
Several reports about consumer confidence and the housing market, scheduled to be published Tuesday, will give investors more information about the state of the economy. Optimism that the housing market is maintaining its recovery have helped underpin a rally in stocks this year.
Many analysts say the Fed's bond-buying program and the resulting low interest rates have been a big driver behind this year's stock rally. The Dow has gained 6.3 percent this year and the S&P 500 5.6 percent, pushing both near record levels. The Dow's record close is 14,164, reaching in October 2007 and the S&P closed as high as 1,565 in the same month.
European stocks also advanced, but gave back much of their early gains. Benchmark indexes rose 0.4 percent in France, 1.5 percent in Germany and 0.8 percent in Spain. Britain's index was up just 0.3 percent after Moody's stripped the country late Friday of its triple-A credit rating.
The yield on the U.S. 10-year Treasury note, which moves inversely to its price, fell five basis points to 1.91 percent.
Among other stocks making big moves:
? Southwestern Energy rose 51 cents to $34 after Goldman Sachs added the company to its conviction buy list, saying that the company's shale returns are poised to improve.
? Drugmaker Affymax plunged $14, or 85 percent, to $2.49 after the company recalled its anemia drug following severe allergic reactions and the deaths of some kidney dialysis patients.
?Mead Johnson fell $2.60 to $76.33 after the company said that a new regulation in Hong Kong could affect the company's sales there as well as in mainland China.
All Critics (83) | Top Critics (21) | Fresh (80) | Rotten (3)
And justice for all? Hardly.
It tells the story of a terrible crime compounded by a grave injustice that's been remedied, but only in part, so it's impossible to have a single or simple response to the movie.
What sets this film apart from previous efforts to document the story is that Jackson and Walsh financed a private investigative team with legal and forensic experts who re-examined old evidence, conducted new interviews and found new witnesses.
Happy, sad, inspiring, infuriating, right and terribly wrong, all at the same time.
Berg's film is as much an indictment of the state of Arkansas' legal system as it is the prosecution.
Berg's film helps illuminate a case that should certainly be the shame of the state of Arkansas, and perhaps the criminal justice system of the entire United States.
West Of Memphis isn't afraid to show us the graphic nature of the crime and more importantly, it isn't afraid to point fingers at those whose actions deserve to be questioned.
It's reasonable to question whether the time and resources poured into this project might have been better spent highlighting a miscarriage of American justice that nobody knows about rather than one that enjoys a celebrity profile.
The most intense, nail-bitingly suspenseful thriller franchise "from the dark side" these days is not the product of a screenwriter's imagination.
The most intriguing and worthy aspect of this accomplished documentary is that it never lets anyone forget the biggest tragedy of the many threaded through this story - the helpless children who never deserved the brutal fate handed to them.
Somewhere along this narrative's mammoth timeline, examining the construction of modern social heroes became more important than the memories of three little boys.
Together with the rich material comprising interviews with family and friends, the footage shot in the various court rooms and at the crime scene is riveting
A powerful, touching and very infuriating documentary, although Berlinger and Sinofsky got there first and did it best
Amy Berg's West of Memphis does bring new information to light, which is why this somewhat procedural feature is so important.
In all, the director has assembled a powerful film, but the celebrity component feels rather unnecessary.
A frankly extraordinary document about the three innocent children who were murdered in West Memphis, Arkansas and the three innocent teenagers who spent 18 years in prison for the crime.
(Director Amy) Berg's doc is gripping, often infuriating, but in the end hopeful about the ability of truth and innocence to prevail thanks to the efforts of those who strive against all obstacles to uphold them.
The new film is largely a recap of the older ones, with more celebrity testimonials and fewer Metallica songs but little fresh insight into the miscarriage of justice it chronicles.
Extols the efforts of celebrities to win the release of three innocent men [and is] suspenseful when it's straightforward-the best CSI investigation that money can buy.
Nearly overwhelms you with hopelessness, if not an adrenaline rush of rage - even if you're familiar with the case.
It's a beautifully done piece of work in its own right, yet viewed beside the trilogy which preceded it, it comes across a bit like "Paradise Lost 3b - the Celebrity Edition."
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AAA??Feb. 24, 2013?8:29 PM ET First female South Korean president takes office By FOSTER KLUG and HYUNG-JIN KIM??By FOSTER KLUG and HYUNG-JIN KIM
In this Feb. 22, 2013 photo, South Korean President-elect Park Geun-hye, left, listens to Deputy commander, Republic of Korea-U.S. Combined Forces Command Gen. Kwon Oh-sung during her visit at the Combined Forces Command in Seoul, South Korea. Even before she takes office Monday, Feb. 25, 2013, as South Korea's first female president, Park's campaign vow to soften Seoul's current hard-line approach to rival North Korea is being tested by Pyongyang's recent underground nuclear detonation. Pyongyang, Washington, Beijing and Tokyo are all watching to see if Park, the daughter of a staunchly anti-communist dictator, pursues an ambitious engagement policy meant to ease five years of animosity on the divided peninsula or if she sticks with the tough stance of her fellow conservative predecessor, Lee Myung-bak. (AP Photo/Yonhap) KOREA OUT
In this Feb. 22, 2013 photo, South Korean President-elect Park Geun-hye, left, listens to Deputy commander, Republic of Korea-U.S. Combined Forces Command Gen. Kwon Oh-sung during her visit at the Combined Forces Command in Seoul, South Korea. Even before she takes office Monday, Feb. 25, 2013, as South Korea's first female president, Park's campaign vow to soften Seoul's current hard-line approach to rival North Korea is being tested by Pyongyang's recent underground nuclear detonation. Pyongyang, Washington, Beijing and Tokyo are all watching to see if Park, the daughter of a staunchly anti-communist dictator, pursues an ambitious engagement policy meant to ease five years of animosity on the divided peninsula or if she sticks with the tough stance of her fellow conservative predecessor, Lee Myung-bak. (AP Photo/Yonhap) KOREA OUT
FILE - In this Feb. 12 2013 file photo, South Korean President Lee Myung-bak, right, talks with President-elect Park Geun-hye during their meeting about North Korea's nuclear test at the presidential Blue House in Seoul, South Korea. Even before she takes office Monday, Feb. 25, 2013, as South Korea's first female president, Park's campaign vow to soften Seoul's current hard-line approach to rival North Korea is being tested by Pyongyang's recent underground nuclear detonation. Pyongyang, Washington, Beijing and Tokyo are all watching to see if Park, the daughter of a staunchly anti-communist dictator, pursues an ambitious engagement policy meant to ease five years of animosity on the divided peninsula or if she sticks with the tough stance of her fellow conservative predecessor, Lee Myung-bak. (AP Photo/Yonhap, Do Kwang-hwan) KOREA OUT
South Korea's outgoing President Lee Myung-bak, left, and his wife Kim Yoon-ok, right, make heart shape with arms before leaving the presidential Blue House in Seoul, South Korea, Sunday, Feb. 24, 2013. Park Geun-hye will take office Monday, Feb. 25 as South Korea's first female president. (AP Photo/Yonhap, Do Kwang-hwan) KOREA OUT
South Korean honor guards hold flags during a rehearsal of the 18th presidential inauguration ceremony inside the National Assembly in Seoul, South Korea, Sunday, Feb. 24, 2013. South Korean President-elect Park Geun-hye's inauguration will be held on Feb. 25. (AP Photo/Lee Jin-man)
A South Korean soldier, wearing a traditional uniform, walks through a sea of chairs arranged at the National Assembly during a rehearsal on the eve of President-elect Park Geun-hye's inauguration in Seoul, South Korea, Sunday, Feb. 24, 2013. (AP Photo/Lee Jin-man)
SEOUL, South Korea (AP) ? Park Geun-hye has become South Korea's first female president and returned to the presidential mansion where she grew up with her dictator father.
As president, Park will face stark divisions both in South Korean society and with rival North Korea, which detonated an underground nuclear device about two weeks ago. South Koreans worry about a growing gap between rich and poor, and there's pressure for her to live up to her campaign suggestion that she can return the country to the strong economic growth her strong-man father oversaw.
Park technically took over as the clock struck midnight. Her swearing-in ceremony Monday was to be attended by tens of thousands, including international dignitaries.
Financially, people can be divided into two categories: renters and keepers. Ownership requires going without some things for now, while the philosophy of indebtedness lets you sacrifice some of the future to have those things now.?
By Trent Hamm,?Guest blogger / February 23, 2013
A house for rent and for sale sign sit in front of a home in Portland, Ore. According to Hamm, being a 'renter' involves making long-term sacrifices, while being a 'keeper' means making short-term ones.
Rick Bowmer/AP/File
Enlarge
A while back, I ran across this brilliant quote from Sam Lipsyte?s 2010 novel, The Ask:
Skip to next paragraph Trent Hamm
The Simple Dollar is a blog for those of us who need both cents and sense: people fighting debt and bad spending habits while building a financially secure future and still affording a latte or two. Our busy lives are crazy enough without having to compare five hundred mutual funds ? we just want simple ways to manage our finances and save a little money.
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She was from the people who kept everything. I was from the people who rented some of everything for brief amounts of time. I knew I deserved no pity, would get none from the people who kept everything. They only pitied the people with nothing at all.
Setting aside the political undertones of what he?s writing here, I thought the analogy of the financially secure ?people who kept everything? and the financially unstable ?people who rented some of everything for brief amounts of time? was an interesting comparison.
Think about this in terms of car ownership.
One person buys a late model used car, paying cash. They save a little each month for the next late model used car purchase, and when their current car stops working well, they replace it, buying a new late model used car, paying cash.
Another person also buys late model used cars, but they take out a loan for it, preferably the longest possible term loan so the monthly payments are as small as possible. By the time the loan is over with, there?s only a year or two before they?re looking to trade off that late model used car for another one, taking out a loan for it, preferably the longest possible term loan.
One person ?who kept everything,? one person ?who rented some of everything.?
You can do the same thing in terms of home ownership.
One person buys a very inexpensive home, paying the largest down payment possible. They pay off that home as quickly as possible while dumping time and effort into refurbishing that home. They continue to save, then in a few years, they sell their home and pay cash for the remainder of the cost of a much nicer home.
Another person rents an apartment for years, then makes a small down payment on a much nicer home, also picking up a thirty year mortgage in the process.
One person ?who kept everything,? one person ?who rented some of everything.?
Are you going to be a person ?who kept everything? or a person who ?rented some of everything??
The philosophy of ownership versus the philosophy of indebtedness.
The catch, for most people, is that sticking to the philosophy of ownership requires going without some things for now, while the philosophy of indebtedness lets you sacrifice some of the future to have those things now. Over the long run, though, the philosophy of indebtedness drains you. It gives you a pile of monthly bills, restricting your career and personal choices. It ends up depleting your net worth.
The philosophy of ownership, on the other hand, means that interest works in your favor. It means fewer monthly bills and thus more career and personal freedom. It means you have much more control over buying and selling the things in your life, and it means that you have little worry of things being taken away from you if you can?t pay the bills.
The choice is up to you, and you make it with almost every financial transaction.
This year's Mobile World Congress is bound to be frenetic with phone news. That's why we're about to brave Barcelona's rain, airline strikes and pickpockets (no offense, dear BCN) in order to stay up-to-date. But if there's one aspect of mobile phones we're not counting on to provide much excitement, it's their fundamental physical design or form factor. We're in the grip of the monolith, the concrete slab, the plain rectangle, with its full touchscreen and a couple of buttons here and there, and that grip is so tight that even the pickpockets are slightly shocked when they haul in something with a physical QWERTY.
But the point of this piece isn't merely to plot the decline of form factor diversity. It's actually to argue that the current monotony is probably only temporary, and that signs of a revival are already in the air. Read on and we'll do our utmost to convince you.
The inaugural 3D Creative Summit will be held at the British Film Institute Southbank in London on March 27-28.
The event is open to industry professionals, as well as to the public. It is being produced by the International 3D Society and Ravensbourne digital design college.
Attendees may expect to hear executives from companies such as Dreamworks, FOX, and SKY speak about last year?s strides in 3D cinema and TV.
Creator of hit SKY series, Galapagos: 3D, Sir David Attenborough will also speak. Attendees will have a chance to learn about shooting 3D film at an event called ?The Rig Zone.? Two day tickets for non-members are going for 99 British pounds.
Source: ScreenDaily.com
Tags: 3d creative summit?International 3D Society?ravensbourne?sir david attenborough
Feb. 22, 2013 ? Atmospheric aerosol particles affect our climate by slowing down the global warming. After years of studying the international research group led by Academy Professor Markku Kulmala from the University of Helsinki, Department of Physics, Finland has succeeded in developing measurement techniques that allow detection of aerosol nucleation starting from the formation of clusters from vapor molecules, and the growth of these clusters into aerosol particles.
The results are published in the journal Science on the 22th of February 2013.
The study combines the cycles of sulphur, nitrogen and carbon in the ecosystem, as it shows that the molecular clusters need sulphuric acid, amines and oxygenated organics for growth. When the clusters reach a size of 1.5-2 nm, their growth increases considerably. The measurements were conducted at the University of Helsinki SMEAR II (Station for Measuring Forest Ecosystem-Atmosphere Relations) measurement station in Hyyti?l?, southern Finland, which is among the most comprehensive stations in the world for atmosphere and biosphere research.
During the last five years, the researchers at the University of Helsinki Physics Department have developed a Particle Size Magnifier (PSM), which is the first particle counter able to detect clusters and particles as small as 1 nm in diameter. The instrument is commercially available through the spin-off company Airmodus. The scientists have also put effort into developing mass spectrometric methods for measuring the composition of the recently born clusters. The results in this study would not have been achieved without this technical development.
Professor Kulmala predicted the existence of neutral molecular clusters already in the year 2000 and their growth mechanisms in 2004.
He says:-Years of systematical research are now bearing fruit. My theoretical predictions have been proven to reflect the reality.
He stresses that knowledge of the formation and growth mechanisms of nanoparticles is needed for understanding the interactions within the climate system. Assessing the global impact requires an extensive data bank and a world-wide observation network.
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The above story is reprinted from materials provided by Helsingin yliopisto (University of Helsinki), via AlphaGalileo.
Note: Materials may be edited for content and length. For further information, please contact the source cited above.
Journal Reference:
M. Kulmala, J. Kontkanen, H. Junninen, K. Lehtipalo, H. E. Manninen, T. Nieminen, T. Petaja, M. Sipila, S. Schobesberger, P. Rantala, A. Franchin, T. Jokinen, E. Jarvinen, M. Aijala, J. Kangasluoma, J. Hakala, P. P. Aalto, P. Paasonen, J. Mikkila, J. Vanhanen, J. Aalto, H. Hakola, U. Makkonen, T. Ruuskanen, R. L. Mauldin, J. Duplissy, H. Vehkamaki, J. Back, A. Kortelainen, I. Riipinen, T. Kurten, M. V. Johnston, J. N. Smith, M. Ehn, T. F. Mentel, K. E. J. Lehtinen, A. Laaksonen, V.-M. Kerminen, D. R. Worsnop. Direct Observations of Atmospheric Aerosol Nucleation. Science, 2013; 339 (6122): 943 DOI: 10.1126/science.1227385
Note: If no author is given, the source is cited instead.
Disclaimer: Views expressed in this article do not necessarily reflect those of ScienceDaily or its staff.
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UK-based audio outfit Orbitsound has just announced a new bluetooth-enabled range of soundbars. You may remember the British firm for its T14, T12 -- or more recently -- T9 offerings, but the latest line-up cuts the cable, opening up a host of new audio sources. So, it's out with the old 30-pin dock, but there's still optical, AUX, video out, RCA and 3.5mm jack connections if you prefer to keep things physically connected. It's not just the sound source that's on the loose either, as the companion active subwoofer uses a bespoke low-latency 2.4GHz connection (claimed to be 0.01 seconds delay) too -- no more hiding wires around the back. Other new features include a new digital amplifier, a Bluetooth remote, and a settings memory to remember your source, volume and EQ levels for next time. Not enough? How about a "grab" feature that instantly starts playing the last media from a paired phone or tabled? The firm's proprietary spatial sound? That, of course, remains present. There are two models to choose from, the M9 for smaller TVs, and the M12 for the bigger set in your front room. Expect to pay £299 (about $450) and £399 (about $600) respectively when they launch in March. UK retailer John Lewis will be getting them first, but online orders and "select" independent retailers should follow.
As the markets once again approach historic highs - the overly exuberant tone, extreme complacency and weakness in the economic data, bring to mind Bob Farrell's 10 investment rules.? These rules should be a staple for any long term successful investor.? These rules are often quoted yet rarely heeded - just as they are now.? Bob Farrell is a Wall Street veteran with over 50 years of experience in crafting his investing rules.? Farrell obtained his masters degree from Columbia Business School and started as a technical analyst at Merrill Lynch in 1957. Even though Farrell studied fundamental analysis under Gramm and Dodd, he turned to technical analysis after realizing there was more to stock prices than balance sheets and income statements. Farrell became a pioneer in sentiment studies and market psychology. His 10 rules on investing stem from personal experience with dull markets, bull markets, bear markets, crashes and bubbles. In short, Farrell has seen it all and lived to tell about it.
The 10 Rules Of Investing
1. Markets tend to return to the mean (average price) over time.
Like a rubber band that has been stretched too far ? it must be relaxed in order to be stretched again. This is exactly the same for stock prices which are anchored to their moving averages.? Trends that get overextended in one direction, or another, always return to their long-term average. Even during a strong uptrend or strong downtrend, prices often move back (revert) to a long-term moving average. The chart below shows the S&P 500 with a 52-week simple moving average.
The bottom chart shows the percentage deviation of the current price of the market from the 52-week moving average.? During bullish trending markets there are regular reversions to the mean which create buying opportunities.? However, what is often not stated is that in order to take advantage of such buying opportunities profits should have been taken out of portfolios as deviations from the mean reached historical extremes.? Conversely, in bearish trending markets, such reversions from extreme deviations should be used to sell stocks, raise cash and reduce portfolio risk rather than "panic sell" at market bottoms.
The dashed RED lines denote when the markets changed trends from positive to negative. This is the very essence of portfolio "risk" management.
2. Excesses in one direction will lead to an opposite excess in the other direction.
Markets that overshoot on the upside will also overshoot on the downside, kind of like a pendulum. The further it swings to one side, the further it rebounds to the other side. This is the extension of Rule #1 as it applies to longer term market cycles (cyclical markets).?
While the chart above showed prices behave on a short term basis - on a longer term basis markets also respond to Newton's 3rd law of motion:? "For every action there is an equal and opposite reaction."?? The first chart shows that cyclical markets reach extremes when more than 3-standard deviations above the 50-week moving average.? For the first time since the lows of the market in 2009 this has now occurred.? Notice that these excesses ARE NEVER worked off by just going sideways.
The second chart shows the price reversions of the S&P 500 on a long term basis and adjusted for inflation. Notice that when prices have historically reached extremes ? the reversion in price is just as extreme. It is clear that the current reversion in the stock market is still underway from the 2000 peak.
3. There are no new eras ? excesses are never permanent.
There will always be some "new thing" that elicits speculative interest.? These "new things" throughout history, like the "Siren's Song," has led many investor to their demise. In fact, over the last 500 years we have seen speculative bubbles involving everything from Tulip Bulbs to Railways, Real Estate to Technology, Emerging Markets (5 times) to Automobiles and Commodities.?? It is always starts the same and ends with the utterings of "This time it is different"??
[The chart below is from my March 2008 seminar discussing that the next recessionary bear market was about to occur.]
As legendary investor Jesse Livermore once stated:?
"A lesson I learned early is that there is nothing new in Wall Street. There can't be because speculation is as old as the hills. Whatever happens in the stock market today has happened before and will happen again."
4. Exponential rapidly rising or falling markets usually go further than you think, but they do not correct by going sideways
The reality is that excesses, such as we are seeing in the market now, can indeed go much further than logic would dictate. However, these excesses, as stated above, are never worked off simply by trading sideways. Corrections are always just as brutal as the advances were exhilarating. As the chart below shows when the markets broke out of their directional trends ? the corrections came soon thereafter.
5. The public buys the most at the top and the least at the bottom.
The average individual investor is most bullish at market tops and most bearish at market bottoms.? This is due to investor's emotional biases of "greed" when markets are rising and "fear" when markets are falling.? Logic would dictate that the best time to invest is after a massive selloff - unfortunately this is exactly the opposite of what investors do.
The chart below shows the flow of money into equity based mutual funds.
6. Fear and greed are stronger than long-term resolve.
As stated in Rule $5 it is emotions that cloud your decisions and affect your long-term plan.
"Gains make us exuberant; they enhance well-being and promote optimism," says Santa Clara University finance professor Meir Statman.? His studies of investor behavior show that "Losses bring sadness, disgust, fear, regret. Fear increases the sense of risk and some react by shunning stocks."
The composite index of bullish sentiment (an average of AAII and Investor's Intelligence surveys) shows that "greed" is beginning to reach levels where markets have generally reached intermediate term peaks.?
In the words of Warren Buffett:?
"Buy when people are fearful and sell when they are greedy."
Currently, those "people" are getting extremely greedy.
7. Markets are strongest when they are broad and weakest when they narrow to a handful of blue-chip names.
Breadth is important. A rally on narrow breadth indicates limited participation and the chances of failure are above average. The market cannot continue to rally with just a few large-caps (generals) leading the way. Small and mid-caps (troops) must also be on board to give the rally credibility. A rally that "lifts all boats" indicates far-reaching strength and increases the chances of further gains.?
The chart above shows the ARMS Index which is a volume-based indicator that determines market strength and breadth by analyzing the relationship between advancing and declining issues and their respective volume.? It is normally used as a short term trading measure of market strength.? However, for longer term periods the chart shows a weekly index smoothed with a 34-week average.? Spikes in the index has generally coincided with near-term market peaks.
8. Bear markets have three stages ? sharp down, reflexive rebound and a drawn-out fundamental downtrend
Bear markets often start with a sharp and swift decline. After this decline, there is an oversold bounce that retraces a portion of that decline. The longer term decline then continues, at a slower and more grinding pace, as the fundamentals deteriorate. Dow Theory suggests that bear markets consists of three down legs with reflexive rebounds in between.
The chart above shows the stages of the last two primary cyclical bear markets.? There were plenty of opportunities to sell into counter-trend rallies during the decline and reduce risk exposure.???
9. When all the experts and forecasts agree ? something else is going to happen.
This rule fits within Bob Farrell's contrarian nature.? As Sam Stovall, the investment strategist for Standard & Poor's once stated:
"If everybody's optimistic, who is left to buy? If everybody's pessimistic, who's left to sell?"
The point here is that as a contrarian investor, and along with several of the points already made within Farrell's rule set, excesses are built by everyone being on the same side of the trade.? Ultimately, when the shift in sentiment occurs ? the reversion is exacerbated by the stampede going in the opposite direction
Being a contrarian can be quite difficult at times as bullishness abounds.? However, it is also the secret to limiting losses and achieving long term investment success. As Howard Marks once stated:
"Resisting ? and thereby achieving success as a contrarian ? isn't easy. Things combine to make it difficult; including natural herd tendencies and the pain imposed by being out of step, since momentum invariably makes pro-cyclical actions look correct for a while. (That's why it's essential to remember that "being too far ahead of your time is indistinguishable from being wrong.")
Given the uncertain nature of the future, and thus the difficulty of being confident your position is the right one ? especially as price moves against you ? it's challenging to be a lonely contrarian."
10. Bull markets are more fun than bear markets
As stated above in Rule #5 ? investors are primarily driven by emotions. As the overall markets rise ? up to 90% of any individual stock?s price movement is dictated by the overall direction of the market hence the saying ?a rising tide lifts all boats.?
Psychologically, as the markets rise, investors begin to believe that they are ?smart? because their portfolio is going up. In reality, it is primarily more a function of ?luck? rather than ?intelligence? that is driving their portfolio.
Investors behave much the same way as individuals who addicted to gambling. When they are winning they believe that their success is based on their skill. However, when they began to lose, they keep gambling thinking the next ?hand? will be the one that gets them back on track.? Eventually - they leave the table broke.
It is true that bull markets are more fun than bear markets. Bull markets elicit euphoria and feelings of psychological superiority. Bear markets bring fear, panic and depression.
What is interesting is that no matter how many times we continually repeat these ?cycles? ? as emotional human beings we always ?hope? that somehow this ?time will be different.? Unfortunately, it never is and this time won?t be either. The only questions are: when will the next bear market begin and will you be prepared for it?
Conclusions
Like all rules on Wall Street, Bob Farrell's rules are not meant has hard and fast rules. There are always exceptions to every rule and while history never repeats exactly it does often "rhyme" very closely.
Nevertheless, these rules will benefit investors by helping them to look beyond the emotions and the headlines.? Being aware of sentiment can prevent selling near the bottom and buying near the top, which often goes against our instincts.
Regardless of how many times I discuss these issues, quote successful investors, or warn of the dangers ? the response from both individuals and investment professionals is always the same.
??I am a long term, fundamental value, investor.? So these rules don?t really apply to me.?
No you?re not. Yes, they do.
Individuals are long term investors only as long as the markets are rising.? Despite endless warnings, repeated suggestions and outright recommendations - getting investors to sell, take profits and manage your portfolio risks is nearly a lost cause as long as the markets are rising.? Unfortunately, by the time the fear, desperation or panic stages are reached it is far too late to act and I will only be able to say that I warned you.
LOS ANGELES (Reuters) - The movie studios behind this year's Best Picture nominees already have brought home a treasured prize: big box-office sales that placed the Oscar contenders among the most-watched films of 2012.
The nine competitors for Hollywood's top film award sold a combined $2 billion in tickets worldwide heading into Sunday's Academy Awards ceremony. Six of them, including frontrunners "Argo" and "Lincoln," hauled in at least $100 million apiece at U.S. and Canadian theaters.
"You've got pictures that are resonating with the public," said Keith Simanton, managing editor of movie website IMDb.com. "These are the happy confluence of commerce and art."
A year ago only one nominee, civil rights drama "The Help," reached the $100-million domestic sales mark, according to the Box Office Mojo website. The winning "The Artist," a mostly silent, black-and-white film, earned just $45 million in the North American (U.S. and Canadian) market during its entire theatrical run.
Global sales for last year's nine nominees topped out at $1.2 billion even after the Oscars and related publicity.
The inclusion of more commercially successful movies is partly by design. The Academy of Motion Picture Arts and Sciences, the group that awards the Oscars, took criticism for seeming to favor adult-oriented, art house films that few people had seen, creating a disconnect with teen and young adult movie fans who flock to action-packed blockbusters.
Complaints escalated after the snub of 2008 release "The Dark Knight," a critically acclaimed Batman thriller with $1 billion in worldwide sales.
In 2009, the academy decided to allow 10 instead of five Best Picture nominees, a change that opened the field to more films with bigger audiences.
Domestic sales for this year's nominees averaged $103 million, according to IMDb, compared with $70 million for last year's lesser-seen movies.
The popularity of this year's crop reflects studios' ability to make better films with smaller budgets, said Universal Pictures Chairman Adam Fogelson.
In prior years, he said, a film with the Oscar-worthy scope and A-list stars of Universal's nominee "Les Miserables" would have cost so much that executives wouldn't have greenlit it. Universal kept the musical's cost to $60 million through judicious cost-control and the contracts with Anne Hathaway and its other stars.
"Some of the nominated films were only made because they could be made for a price," he said.
Hollywood hopes the bigger box office sales translate to more viewers of the Oscars telecast on Walt Disney Co's ABC network. Last year's U.S. audience totaled 39 million, down from 55 million in 1998 when mega-hit "Titanic" swept the awards, according to Nielsen data provided by Horizon Media.
"We have gotten calls from past Oscar producers saying they are jealous, because we just lucked out and had this fantastic year in film," said Neil Meron, one of the producers of this year's show. "We are very grateful to the movie gods."
"Lincoln," Steven Spielberg's story of the 16th U.S. president's fight to end slavery, leads this year's nominees with $177 million domestically. The movie won praise for humanizing the revered president, and ranks 14th among 2012 North American releases. Six fellow nominees fall in the top 35.
Globally, shipwreck drama "Life of Pi" towers above the lot with $577 million in ticket sales, overcoming skepticism of how the book adaptation about a boy stranded on a lifeboat with a tiger could work on the big screen.
Ben Affleck's "Argo," based on the real-life rescue of U.S. diplomats from Iran, earned glowing reviews and saw domestic grosses climb to $127 million as it collected other awards.
The remaining $100-million-plus films locked in the Best Picture battle are "Les Miserables," Quentin Tarantino's slave revenge tale "Django Unchained," and romantic drama "Silver Linings Playbook."
"Zero Dark Thirty," the controversial account of the CIA's pursuit of Osama bin Laden, is close with $89 million.
Social media buzz helped "Zero Dark Thirty" and "Silver Linings" record the biggest sales bumps after the January 10 Oscar nominations, said Phil Contrino, editor of Boxoffice.com, which tracks film mentions on Facebook and Twitter.
The two smaller nominees are French language drama "Amour," with just $4 million from a limited domestic run, and mythological "Beasts of the Southern Wild" with $12 million.
The Best Picture field showcases the diversity of films that propelled 2012 domestic ticket sales to a record $10.8 billion, said Chris Aronson, president of domestic distribution at 20th Century Fox.
"'Les Mis' and 'Django' probably couldn't be more on the opposite end of the spectrum," Aronson said. "It's a very balanced marketplace where there was something for everyone, and that's what makes a very healthy business."
(Reporting By Lisa Richwine and Jill Serjeant in Los Angeles; Editing by Ronald Grover and Elaine Lies)
Sony's Alpha A58 and NEX-3N broke cover just a few days ago in rogue press shots, and now the firm's European branch has made the duo official. With a 16.1-megapixel Exmor APS HD CMOS sensor, the NEX-3N picks up the banner as the outfit's entry level mirrorless camera and packs a 3-inch LCD screen that can tilt up to 180 degrees. According to Sony, the NEX-3N is the smallest and lightest interchangeable lens camera with an APS-C sized sensor, gently tipping the scales at 269 grams. The shooter sports a pop-up flash, has its ISO notched up 16000, a revamped Bionz processor for noise reduction and even packs support for Sony's Triluminos display tech. A price tag for the NEX-3N is still MIA, but it's slated to hit Europe in March.
As for the translucent mirror-toting A58, it features a 20.1-megapixel Exmor APS HD CMOS sensor and a 2.6-inch, 460k-dot LCD with an adjustable angle. If you'd rather not compose shots with the LCD screen, however, the A58 also has an OLED viewfinder. When it comes to video, the device can record 1920×1080 footage in AVCHD. Hirai and Co.'s refreshed Bionz image processing engine makes an appearance in the camera as well. Come April, the A58 will be available in Europe with an as-of-yet unspecified price tag.
Itching for new lenses? Sony's just dished out details on a trio of new A-mount glass and accessories (with some E-mount peripherals as well) that are headed for a March debut in Europe. For the complete lowdown on the cams, lenses and accessories, hit the jump for the press releases and galleries.
Easy to handle, easy to use: the new NEX-3N by Sony puts pro-quality images in everyone's reach 20 February 2013
Super-compact interchangeable lens APS-C camera weighs just 210g
No-fuss self-portraits with 180° tiltable LCD screen and zoom lever
Large Exmor APS HD CMOS sensor with 16.1 effective megapixels and high sensitivity, for detail-packed, low noise photos and Full HD video
Beautiful compositions made easy with new Auto Object Framing
Light, compact body with pop-up flash
Moving up from your fixed lens camera? Travel light with the compact, easy to use NEX-3N E-mount camera with built-in flash - an exciting introduction to the world of interchangeable lens photography by Sony.
Self-portraits have never been simpler with the NEX-3N, thanks to the camera's easy-to-hold textured grip that fits reassuringly in the hand. The crisp, bright 7.5cm (3.0-type) LCD screen instantly flips through 180 degrees for fuss-free arm's-length compositions. What's more, a newly-added zoom lever on the camera body allows smooth, fingertip control of focal length with compatible lenses like the slim, light SELP1650 power zoom. Great for one-handed portrait framing, the zoom lever also adjusts digital zoom if you're not using a powered lens.
All serious photographers know that great photos start with a great composition. Brand new Auto Object Framing helps you get better-looking, more professional results without effort. The camera judges what's in the scene - one person, two people or even macro and moving objects - automatically cropping the shot to create more powerful, professionally-framed compositions.
Weighing approximately 210g, the NEX-3N is the world's smallest, lightest interchangeable-lens camera with a large APS-C sized sensor*. Grabbing more light than the sensor in ordinary compact cameras, it's the big sensor that's key to exquisitely detailed photos and sparkling Full HD movies that stand out from the crowd. What's more, it's easy to create pro-style background blur effects with your collection of interchangeable E-mount lenses... just like you'd achieve with a bigger, bulkier DSLR camera.
The camera's large sensor also boosts maximum sensitivity to ISO 16000. It's complemented by an evolved BIONZ processor that uses the same area-specific noise reduction techniques featured on the acclaimed full-frame α99. Levels of noise reduction and sharpness are individually adjusted for different image areas. Even if you're shooting in dim light, you'll enjoy crisp, ultra-low noise handheld shots without needing flash.
The NEX-3N is also the first NEX interchangeable lens camera from Sony that offers support for new "TRILUMINOS Colour". You'll experience a dramatically expanded palette of vivid, ultra-realistic colours when videos and still images are played back on any BRAVIA TV with support for "TRILUMINOS Display".
There's now a range of thirteen high-quality E-mount lenses to realise the immense creative potential of the NEX-3N. Choose from telephoto, zoom, wide angle, macro lenses by Sony and Carl Zeiss to suit any shooting situation. Every model blends superb optical performance with elegant looks to complement your E-mount camera. There's also a full range of coordinating accessories by Sony, from style-matching carry cases and straps to spare batteries.
The light, compact new NEX-3N interchangeable lens camera from Sony is available in Europe from March 2013.
* Among interchangeable-lens cameras with an APS-C sensor and pop-up flash, as of Feb 2013.
Never miss the moment: the new α58 from Sony
Digital SLT camera with Translucent Mirror Technology
Capture fine detail with new 20.1 effective megapixels Exmor APS HD CMOS sensor
Grab fast-moving action with speedy 8fps* shooting and new Lock-on Autofocus
Shoot and view with confidence through new OLED Tru-Finder
Compose like a pro with new Auto Object Framing
* In Tele-zoom Continuous Advance Priority AE mode
For life's spontaneous moments - catch all the split-second excitement with the new α58 interchangeable lens camera from Sony. With Translucent Mirror technology for speedy shooting with fast, accurate autofocus, it's the must-have choice for grabbing those once-in-a-lifetime picture opportunities. Even if you're new to interchangeable lens photography, you'll enjoy image quality that effortlessly exceeds your point-and-shoot compact camera, plus features you'd expect from a far higher-priced DSLR.
At the heart of the α58 is a brand new Exmor APS HD CMOS sensor with an extremely high resolution of (approx.) 20.1 effective megapixels. It's teamed with an improved BIONZ image processing engine for exceptionally detailed, low-noise stills and Full HD video, plus an extra-wide sensitivity range of ISO 100 to 16000.
Pick from the choice of 35 interchangeable A-mount lenses (including two tele-converters) and experience flawless images in virtually any lighting conditions, from dimly-lit interiors to atmospheric twilight scenes. Even if you're shooting handheld, SteadyShot INSIDE keeps pictures crisp and stable, letting you shoot with confidence at slower shutter speeds or higher zoom settings where wobbles are often a worry.
Unlike ordinary DSLR cameras, SLT cameras by Sony use Translucent Mirror technology that directs light onto the main image sensor as well as a separate autofocus sensor. This means that subjects stay sharply focused at all times as you compose scenes with the tilt-angle LCD or through the high-resolution, high-contrast OLED Tru-Finder. And with no moving mirror to slow you down, you'll enjoy non-stop live image preview during speedy burst shooting or while you're recording Full HD video.
The α58 is your ideal partner for grabbing the action as it happens - like sports, wildlife or spur-of-the-moment fun with friends and family. Tele-zoom Continuous Advance Priority AE mode brings that decisive moment closer with a high-speed burst of sharp images at 8 frames per second. The high-performance 15-point AF system now features Lock-on Autofocus with speedier, more accurate subject tracking. So now you can capture the athletic grace of a gymnast or animals in the wild with a burst of crisply-focused images, even if your subject's moving.
Featured on previous models, Auto Portrait Framing has now evolved into even more versatile Auto Object Framing - helping you get better-looking, more professional results without effort. The α58 judges what's in the scene - one person, two people, even moving objects or macro subjects - tracking, framing and cropping the shot to create powerful, professionally-framed compositions. Thanks to Pixel Super Resolution Technology by Sony, cropped images preserve the same resolution as the original exposure.
Instantly selectable from the mode dial, Picture Effect lets you pick from a palette of 15 artistic 'in-camera' treatments, like Toy Camera, Mono and Partial Colour.
Framing, focusing and viewing your shots is a pleasure through the new OLED Tru-Finder. This bright, high resolution electronic viewfinder accurately shows the results of adjusting camera settings in real time. Instantly see the result of adjusting exposure compensation, aperture, ISO, white balance, Picture Effect and other parameters before you shoot... not after. It's a great way to compose the perfect shot with confidence.
The α58 is the first-ever A-mount interchangeable lens camera from Sony that offers support for new 'TRILUMINOS Colour'. You'll experience a dramatically expanded palette of vivid, ultra-realistic colours when videos and still images are played back on any BRAVIA TV with support for 'TRILUMINOS Display'.
The new α58 interchangeable lens camera from Sony with Translucent Mirror technology is available from April 2013.
Sony adds three A-mount lenses, new A-mount and E-mount accessories
Full-frame G Lens 70-400mm telephoto zoom; Full-frame Carl Zeiss Planar 50mm F1.4; DT 18-55mm F3.5-5.6 standard zoom; compact add-on flash and remote commander
New-generation 70-400mm F4-5.6 G SSM II telephoto zoom - with 4x faster autofocus and improved optical performance
Full-frame, wide-aperture, single-focal-length Carl Zeiss Planar T* 50mm F1.4 ZA SSM - high-end image quality with renowned resolving power and contrast
Light, compact, newly-styled DT 18-55mm F3.5-5.6 SAM II standard 3x zoom lens - designed for APS-C cameras
HVL-F20M flash - space-saving design with wireless control and bounce flash
RM-VPR1 wired remote - easily control shutter release, video start/stop and zoom
Sony extends the range of A-mount interchangeable lenses with three new models to satisfy the most demanding enthusiasts and photo professionals.
The 70-400mm F4-5.6 G SSM II and Carl Zeiss Planar T* 50mm F1.4 ZA SSM lenses complement the impressive imaging capabilities of Sony's full-frame α99 SLT (Translucent Mirror) camera. The DT 18-55mm F3.5-5.6 SAM II is a light, compact 3x zoom that's an ideal partner for A-mount cameras with APS-C sensors.
They're joined by a compact new on-camera flash and a wired remote that's ideal for advanced shooting.
"70-400mm F4-5.6 G SSM II" telephoto zoom
Sony's G lens line-up is strengthened for 2013 with the revised 70-400mm F4-5.6 G SSM II. Ideal for capturing wildlife and action-packed sports, the upgraded super-telephoto zoom builds further on the premium performance of its predecessor with enhanced optics and faster, more responsive autofocus. Thanks to a new LSI drive circuit, autofocus speed of the SSM (Super Sonic Wave Motor) is around four times quicker than before. Teamed with enhanced tracking AF, the upgraded lens is now even more suitable for capturing stills and Full HD video of fast-moving subjects.
While its optical design is carried over from the previous-generation model, the new-generation lens features Sony's proprietary Nano AR Coating on optical surfaces. Offering around five times the efficiency of conventional anti-reflection coatings, this advanced technology reduces flare and ghosting for exceptionally high-contrast images.
Carl Zeiss "Planar T* 50mm F1.4 ZA SSM"
The new Planar T* 50mm F1.4 ZA SSM joins the existing Distagon 24mm, Planar 85mm and Sonnar 135mm in the A-mount range of prime length optics by Carl Zeiss. Offering a fixed 50mm focal length and extra-bright F1.4 aperture, the premium lens is an ideal choice for quality-critical portraiture and low-light shooting.
Featuring 8 elements in 5 groups with two aspherical elements, the brand new optical design is optimised for superb results with Sony's full-frame α99. Exceptional resolving power and contrast at all apertures are teamed with smooth, quiet autofocusing and a rear-focus system that maintains the same lens body length during AF. The dust- and moisture-resistant design extends the appeal of the new lens to a wide range of outdoor shooting applications.
"DT 18-55mm F3.5-5.6 SAM II" zoom
Boasting second-generation styling, this new lens succeeds the popular DT 18-55mm F3.5-5.6 SAM that was introduced in 2011. The light, compact 3x zoom lens covers a frequently-used range of focal lengths from wide-angle 18mm to standard 55mm (35mm camera equivalent range: 27-82.5mm). While retaining the same smooth AF motor (SAM) as its predecessor, newly-designed rear lens elements suppresses flare and ghost, while mechanical elements have been upgraded for more positive, comfortable operation.
New accessories for Sony cameras and camcorders
The HVL-F20M is a space-saving, easy to carry new flash for Multi Interface Shoe mounted cameras, that's ideal for brightening up portraits, interiors and dimly-lit scenes. Despite its compact size, it's packed with pro-style features like wireless control for fuss-free multi flash set-ups, simple bounce operation and Auto White Balance compensation for more accurate, natural-looking white balance. It's refreshingly easy to use: just raise the flash head to switch on... then turn off again by lowering when the flash isn't needed.
Compatible with a growing range of 'α' A-mount and E-mount, Cyber-shot[TM] and Handycam(R) models that feature the versatile Multi Terminal interface, the RM-VPR1 wired remote commander features handy controls for zoom and video recording start/stop. It also includes a shutter lock function that's ideal for long-exposure 'bulb' shooting with 'α' cameras. The remote comes supplied with two cables. One is for use with Multi Terminal-equipped cameras/camcorders, while the other allows simple shutter release with 'α' A-mount cameras that only include a REMOTE terminal.
Please see http://www.sony.co.uk/hub/lenses for full details on new lens and accessories.
The new lenses and accessories will start to become available in Europe from March 2013.
NEW YORK (AP) -- Shares of Threshold Pharmaceuticals Inc. rose Wednesday after a Piper Jaffray analyst upgraded the stock as the company prepares to report more clinical trial data for its experimental cancer drug TH-302.
THE SPARK: Analyst Charles Duncan raised his rating to "Overweight" from "Neutral" and doubled his price target to $10 per share from $5. Threshold is getting ready to report clinical trial data for TH-302 as a treatment for soft tissue sarcoma, but Duncan said investors are overlooking earlier-stage clinical trials of the drug as a treatment for leukemia, multiple myeloma, and gastrointestinal tumors and kidney cancer.
THE BIG PICTURE: TH-302 is designed to become active in parts of the body with abnormally low oxygen levels. Threshold said those conditions exist in many types of solid tumors because of the irregular growth of the blood vessels that feed the tumors. Once the drug becomes active, it stops cancer cells from replicating their DNA and dividing. The company said the drug can also attack oxygenated regions of the tumor.
"We believe that near-term data will enhance conviction on the broad applicability of Threshold's hypoxia-activation platform for targeting a wide range of cancer indications with the potential to substantively add/extend efficacy over standard chemotherapy," said Duncan.
Duncan said he is particularly interested in the possibility that TH-302 could be combined with drugs that block the blood vessel growth in tumors.
The South San Francisco, Calif., company is conducting late-stage trials of TH-302 as a treatment for soft tissue sarcoma and pancreatic cancer and early-stage trials in other cancers. It is developing TH-302 through a partnership with German drugmaker Merck KGaA.
SHARE ACTION: Threshold shares rose 45 cents, or 10 percent, to $4.91 in afternoon trading. The stock has traded between $3.30 and $9.28 in the last year, but has lost about half its value since Sept. 17 when it reported disappointing trial results for TH-302 as a treatment for pancreatic cancer.
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