2012 stock report: Pains and gains

If you invested heavily in Illinois companies that provide consulting services, you had little reason to celebrate in 2012.

While the Standard & Poor's 500 index ended the year up 13 percent, most large businesses in the region that counsel other companies on how to improve their operations saw their stock prices drop.

Business support services was one of the few sectors getting clobbered in a 2012 Tribune ranking of Illinois and northwest Indiana stocks' performance.

Stock prices gained at about 70 percent of the 127 companies on the list, and about half outperformed the S&P 500. Bank owners such as Taylor Capital Group emerged from their 2011 doldrums, and Ulta Salon Cosmetics & Fragrance Inc. and Discover Financial Services marked their second consecutive year of soaring stock prices.

The year's biggest decliner, down 76 percent, was Groupon, as once-torrid revenue growth at the daily deals offerer started slowing.

Career Education was the second-worst performer; its stock fell 56 percent. The highly scrutinized for-profit school chain said it would close campuses and cut jobs amid sinking revenue and financial losses.

Sectors boosted by broad gains in 2012 included electrical parts and equipment, industrial machinery, and specialty chemicals.

Of seven Illinois banks on the list, all but one outperformed the S&P 500, with price appreciation of those six ranging from 16 to 86 percent.

In contrast, stocks of four of five professional services firms — Navigant Consulting, Huron Consulting Group, Heidrick & Struggles International and R.R. Donnelley & Sons — closed down 2 to 38 percent.

Each had its own set of issues.

Navigant's services, for example, include advising companies that face disputes, litigation and investigations, including government probes, as well as businesses that need help valuing potential mergers and acquisitions.

"You see fewer government investigations during an election year, as regulators are leaving their jobs, and they don't want to start new ones," said Tobey Sommer, a SunTrust Robinson Humphrey analyst. "Also, worries about the 'fiscal cliff' slowed M&A because CEOs didn't want to look foolish acquiring a company in September ahead of the fiscal cliff when they might have been able to buy it for 20 percent less in January had we gone off."

Meanwhile, Heidrick's troubles included a slowing market for executive searches. In early 2012, analysts expected Heidrick's annual earnings to be in the range of about $1.30 per share. It appears that it will earn closer to 57 cents a share.

Huron's earnings estimates during 2012 were also trimmed, to about $2.10 from about $2.40 a share as the timing of fee payments to its health care consulting business proved volatile.

"Its underlying demand is strong," but an increasing number of clients had signed contracts where a larger portion of revenue was contingent on the outcome of Huron's consulting work, said Randle Reece, analyst with Avondale Partners LLC. That made it harder for the company and the analysts who cover it to predict the timing of revenues, since they are deferred.

For investors interested in "Dumpster diving," Morningstar Inc. considers Exelon, WMS Industries and Caterpillar to be high quality yet undervalued this year, said Heather Brilliant, chief equities strategist.

Navigant is among the region's beaten-down stocks liked by stock research firm EVA Dimensions LLC. "Its fundamentals are improving, and it's really cheap," said EVA analyst Andrew Zamfotis.

Best of the best

Here are the top three stock gainers of 2012:

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Man, 38, fatally shot in city's 6th homicide of the day

A 38-year-old man was killed in the Englewood neighborhood tonight, making him the sixth person shot dead today, police said.

The latest shooting happened about 10:05 p.m. in the 7000 block of South Carpenter Street, Chicago Police News Affairs Officer Ron Gaines said.

The man died on the scene, Gaines said.

Earlier, in the second double homicide of the day, a 16-year-old boy and a 32-year-old man were gunned down in the West Garfield Park neighborhood about 5 p.m., police said.

Officers responded to a call of a person shot in the 4200 block of West Congress Parkway and found the two lying dead outside on the ground, according to the police.

Both victims lived in Chicago, police said. 

No one has been arrested.

Police had the crime scene near Genevieve Melody Elementary School taped off at least one block to the north, east and west, while neighbors milled about to get a better look.

On West Van Buren Street, a body could be scene lying in the roadway, near the curb and a bus stop.

A man who only identified himself as the teen victim's uncle said the boy, whose family lived nearby, had simply gone to run an errand.

"He was just going to the store," the man said. "They just killed him just like that."

Later, the man paced back and forth on the sidewalk, shaking his head in disbelief.

"He goes to school and everything," he said to a police officer.

This man and the boy were the 4th and 5th people killed today, and the shooting was the city's second double homicide.

chicagobreaking@tribune.com

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Opera about Nazi atrocity shown in Austria

VIENNA (AP) — Thousands of children were murdered by the Nazis because they fell short of the Aryan ideal. On Friday, a hushed audience gathered in Austria’s Parliament to watch the world premiere of an opera depicting how the Nazis methodically killed mentally or physically deficient children at a Vienna hospital during World War II.

The killings were part of a greater campaign that led to the deaths of about 75,000 people — homosexuals, the handicapped, or others the Nazis called “unworthy lives” — and served as a prelude to the Holocaust.

Austrians played a huge role in these and other atrocities of the era — nearly 800 children were killed at Vienna’s Spiegelgrund psychiatric ward — and Friday’s premiere of the opera “Spiegelgrund” was the latest installment of a national effort to atone for such acts in word and deed.

The timing was picked to commemorate Holocaust Memorial Day, which will be observed worldwide Sunday, and the performance was streamed live on the Internet for international audiences. But the parliamentary venue was chosen for a particularly Austrian reason: as a reminder of how the country’s politicians fomented the atmosphere of intolerance and authoritarianism that allowed Hitler’s troops to walk in in 1938, and a determination to not let history repeat itself.

Composer Peter Androsch said his focus on the era was in part born of his own family’s history. His great grandfather died in a Nazi concentration camp. Androsch said the fact that that was hidden for generations “says a lot about conditions in totalitarian regimes and should serve as a reminder for me and many others.”

At the premiere — a hauntingly effective hour-long performance — legislators were joined in the audience by diplomats, Holocaust survivors, former Spiegelgrund patients and other invited guests in an ornate chamber lined with Ionic columns and used for special legislative sessions.

Spiegelgrund survivor Friedrich Zavel was in the audience. He was brought to the clinic in 1940 after being accused of homosexuality. Now 83, he still shudders when he speaks of his ordeals: humiliation, solitary confinement and torture.

The “Wrap Treatment” consisted of orderlies binding a child first in two sheets soaked in ice water, then two dry sheets, followed by waiting for days without food and drink until the body warmth dried the sheets. There also were beatings and injections that either made the child vomit or left him unable to walk for days.

Asked Friday how he felt about the wrongs done to him, Zavel said: “I know neither revenge nor hate.”

The opera itself was more of an oratory. Backlit in gloomy purple and red, and accompanied by strings, flute, percussion and a harpsichord, a trio slipped into each other’s roles in an allegorical depiction of how all are victims and perpetrators.

Thus a white-coated doctor embodying “The Law” switched from vocalizing about Sparta’s doctrine of letting weak newborns die to singing a child’s ditty before moving to the role of “Memory” — singing broken phrases that harken back to the horrific experiences of the victimized children. The two other singers shifted roles accordingly as a narrator dryly recited facts reflecting the atrocities committed.

“On some days, so many children were killed that the orderlies had to pile the little bodies on a wheelbarrow,” narrator Karl Sibelius intones in one sequence before reading a letter from a mother addressed to an institute doctor and pleading for the return of her son.

Bass Robert Holzer was “The Law,” and sopranos Katerina Beranova and Alexandra Diesterhoeft sang “Memory” and “Children’s Song” respectively. All were very solid.

Parliament President Barbara Prammer said the nation could no longer focus only on glorifying its past.

“We can’t choose our history,” she told The Associated Press.

___

AP video journalist Philipp Jenne contributed.

___

Online: www.sonostream.tv

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Well: Ask Well: Squats for Aging Knees

You are already doing many things right, in terms of taking care of your aging knees. In particular, it sounds as if you are keeping your weight under control. Carrying extra pounds undoubtedly strains knees and contributes to pain and eventually arthritis.

You mention weight training, too, which is also valuable. Sturdy leg muscles, particularly those at the front and back of the thighs, stabilize the knee, says Joseph Hart, an assistant professor of kinesiology and certified athletic trainer at the University of Virginia, who often works with patients with knee pain.

An easy exercise to target those muscles is the squat. Although many of us have heard that squats harm knees, the exercise is actually “quite good for the knees, if you do the squats correctly,” Dr. Hart says. Simply stand with your legs shoulder-width apart and bend your legs until your thighs are almost, but not completely, parallel to the ground. Keep your upper body straight. Don’t bend forward, he says, since that movement can strain the knees. Try to complete 20 squats, using no weight at first. When that becomes easy, Dr. Hart suggests, hold a barbell with weights attached. Or simply clutch a full milk carton, which is my cheapskate’s squats routine.

Straight leg lifts are also useful for knee health. Sit on the floor with your back straight and one leg extended and the other bent toward your chest. In this position, lift the straight leg slightly off the ground and hold for 10 seconds. Repeat 10 to 20 times and then switch legs.

You can also find other exercises that target the knees in this video, “Increasing Knee Stability.”

Of course, before starting any exercise program, consult a physician, especially, Dr. Hart says, if your knees often ache, feel stiff or emit a strange, clicking noise, which could be symptoms of arthritis.

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Pitching Chicago to China

World Business Chicago Vice Chairman Michael Sacks and former Commerce Secretary William Daley leave Sunday on a six-day business mission to China, Sacks' first official foreign trip as a top adviser to Mayor Rahm Emanuel.

Sacks said that he and Daley will pay their own way to China while World Business Chicago, a nonprofit that acts as the city's economic development agency, will cover the travel costs for two staff members, including one from the mayor's office.

Sacks and Daley will visit Hong Kong and Beijing before joining up with Choose Chicago CEO Don Welsh and the Chicago Symphony Orchestra in Shanghai.

There, they'll take in a CSO concert and co-host a reception for about 75 people, including tour operators, and China-based alumni of Northwestern University's Kellogg School of Management and the University of Chicago's Booth School of Business.

Sacks said he asked for Daley's help in selling Chicago to foreign officials, specifically the Chinese, after the former chief of staff to President Barack Obama returned home from Washington last year. Sacks said that was months before Daley said he was considering a run for governor in 2014.

"His gravitas, his stature as former commerce secretary and former chief of staff have made the quality of this trip better than anything I could have done myself," Sacks said. "I would not have been able to secure these meetings without him."

Daley and Sacks are expected to meet with 30-plus corporate executives, including the CEO of Hong Kong-based airline Cathay Pacific and billionaire Chinese entrepreneur Lu Guanqiu, whose son-in-law, Pin Ni, runs Elgin-based auto parts maker Wanxiang America Corp.; six Chinese officials, including the acting mayor of Beijing and China's commerce minister, Chen Deming; and U.S. Ambassador to China Gary Locke.

Sacks' role with World Business Chicago is a volunteer position. His day job is CEO of Grosvenor Capital Management. The investment firm is known as a hedge fund of funds because its primary business is to invest in multiple hedge funds on behalf of large investors, such as pension funds, corporations and sovereign wealth funds.

Sacks frequently travels abroad for his work, often adding city-related sales pitches to his itineraries. This, however, is his first foreign trip focused on his work at World Business Chicago.

Spertus changes name

The Spertus Institute this week will tweak its name — and with it, its identity — as part of an ongoing effort to recover from an unfortunately timed decision to open a new building on the eve of the financial crisis.

The institute, which has been a pillar of Jewish culture in Chicago since 1924, will now be called the Spertus Institute for Jewish Learning and Leadership. The institute also announced that its programming for children and families will be cut for the foreseeable future in favor of new academic offerings for people working at nonprofits.

"During the past 31/2 years, we eliminated a $3.8 million operating deficit, largely by dramatically reducing our programmatic footprint," said Hal Lewis, the institute's president, who took over in July 2009. "So I didn't have the money to go and get branding assistance. But I was convinced we had a branding challenge — because when I first became president I spent a good solid four months on a listening tour, in which people told me, 'Oh, yeah, I know something about Spertus,' but there was uncertainty about the work we did."

A grant from the Harvey L. Miller Foundation paid for most of the rebranding effort, which an outside consulting firm led.

"I should say I'm generally skeptical of consultants," Lewis said. "But they taught me something elegantly simple: Spend more time talking about the why and less time on the how. We know the enormous array of programs we offer ... but we never said why that's important. ... (The answer is) we believe that a learning Jewish community is a vibrant Jewish community. It is the historic experience of the Jewish people that learning doesn't stop at adolescence."

The institute has about 400 students in degree and certificate programs, from a one-day certificate in grant writing to a doctorate in Jewish studies, which can take up to 10 years to complete. The institute also offers public lectures on politics, arts and culture as well as museum-style exhibits.

Spertus plans to offer new leadership concentrations within its master's degree programs aimed at youth workers, camp counselors and early childhood teachers. It also plans to create programs in social entrepreneurship and lay-leader training. Lewis said also he may eliminate one of Spertus' existing education degrees, but these changes are not final and will not be announced until the spring.

"We were never best at early childhood education," Lewis said. "The synagogues are far better at that ... So this is not a retreat from one of our historic strong suits."

The seeds of the long-running overhaul of Spertus can be traced to the November 2007 opening of its building, an iconic glass sculpture at 610 S. Michigan Ave.

Lewis said so many assumptions about the building failed to materialize, such as revenue from room rentals. Nonprofits also heavily cut professional development funds during the recession, which, in turn, lowered enrollment because students were no longer able to get help paying for their master's degrees.

However, rentals and other economic indicators are beginning to reverse. The falling stock market hurt Spertus' program endowment, slicing it to about $6 million, and its building endowment to about $12 million. Those funds are now at about $7 million and about $17 million, respectively, Lewis said.

Steven Nasatir, president of the Jewish United Fund/Jewish Federation of Metropolitan Chicago, said his organization is assisting Spertus with fundraising. He said without the branding and other program changes Lewis is making, Spertus would be "treading water."

"The name change is a manifestation of resetting goals and is a positive thing," he said. "People have to better understand what you're attempting to do."

Melissa Harris can be reached at mmharris@tribune.com or 312-222-4582.

Twitter @chiconfidential

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Arhoolie Records set highlights 50 years of roots-music

BOSTON (Reuters) – Chris Strachwitz discovered the first performer for his Arhoolie Records label by quizzing roadside field hands, a prosperous cotton farmer named Mr. Tom Moore, and a man called Peg Leg at a railroad station in Navasota, Texas.

As Strachwitz tells it, Peg Leg identified a highway worker and former tenant farmer who entertained local folks: Mance Lipscomb.

“Mance Lipscomb, Texas Sharecropper and Songster,” was recorded in 1960 in the musician’s shotgun house, and it launched Lipscomb into the surging U.S. folk-music revival.

It also launched German-born Strachwitz on a half-century career of uncovering and popularizing vernacular “roots music” of the Americas. That includes the blues of black Americans, the Zydeco of Louisiana’s Creoles, Mexican norteño and Tejano conjunto music, and other styles that spring from deep cultural wells and get crowds dancing in obscure rooms.

“I probably should have become a detective,” Strachwitz told Reuters in a telephone interview. “Meeting all these people was an intriguing adventure. I didn’t have to go on a safari, hunting for elephants or something. I hunted musicians.”

Some of the performers who Strachwitz tracked down on his back-road and honky-tonk rambles, and others influenced by him and his records, gathered two years ago in Berkeley, California for a 50th anniversary concert run.

The three-night run was released this week as “They All Played for Us,” a 4-CD set and photo book that showcases Arhoolie‘s mosaic of musicians.

“They had confidence in the music that they made,” Grammy-winning recording artist Taj Mahal said. “It wasn’t predicated on selling a million or millions … it’s what made them happy. Chris – most of his records were about that.”

Mahal and fellow roots-music pioneer Ry Cooder joined the performers at Berkeley’s Freight & Salvage Coffeehouse for the anniversary. Others included the Savoy-Doucet Cajun Band, bluegrass master Peter Rowan, norteño stars Los Cenzontles, the Treme Brass Band from New Orleans and The Campbell Brothers, a “sacred-steel” guitar gospel group.

GATHERING A MUSICAL FAMILY

Strachwitz, who said he fell in love with records as a child in pre-war Germany and came of age in southern California, gathered his musical family in several ways. He scoured record stores and listened to regional ethnic radio programs.

Strachwitz learned of bluesman “Black Ace” Turner when he inquired at a street-corner gambling game. Blues legend “Lightning” Hopkins took him to see a cousin, Clifton Chenier, who later rose to acclaim as the “King of Zydeco.”

Strachwitz named Arhoolie after a type of work song, a field holler, that had deep roots in African-American musical culture.

He was asked to describe the unique attributes of each musical style he recorded. But instead he cited a common thread.

“I think it’s the powerful rhythm,” he said. “They were all dance music – real dance music, not this boogaloo shit. And it’s sort of honky-tonk music, it’s just free flowing, rhythmic, stuff. With some good singing on top of it.”

He recorded in his living room, kitchens, beer joints and churches. “I didn’t give a damn about acoustics. I’d record in an outhouse if I had to,” he said.

He made sure his musicians got their due. Strachwitz recalled giving an appreciative Fred McDowell a royalty check for the Rolling Stones’ cover version of “You Gotta Move.”

“Fred McDowell enjoyed his life so much just playing for people, and after we got him the money … from the Rolling Stones, he said. ‘Well, I’m glad them boys enjoyed my music.’”

The 50th anniversary concert and recording were fundraisers for the Arhoolie Foundation, which supports folk culture and is advised by Bob Dylan, Bonnie Raitt and others. Projects include films, instrument donations, and digital transfers of more than 50,000 records and cassettes in the collection Strachwitz donated of Mexican and Mexican-American music.

A “SONGCATCHER” STRUGGLING TO STAY IN BUSINESS

Arhoolie Records and writer Adam Machado won a Grammy award last year for “Hear Me Howling,” an anthology of the Bay Area music scene culled from Strachwitz‘s recordings.

But Arhoolie, based in El Cerrito, California, is struggling. Strachwitz said. He called himself more of “songcatcher” than businessman.

“I’ve been trying to survive basically on the publishing royalties. I haven’t got a salary from Arhoolie in years and now they can’t even afford to pay the rent anymore,” he said.

But there will always be songs to catch and backwaters to explore, Mahal said. The folk-music scene is still vibrant and house concerts are supporting a wave of new talent to be discovered, he said.

And the legacy Strachwitz created will endure.

“Deep Americana (music) is a huge force and it has traveled out of our country to people around the world. It is a big source of comfort for a lot of people,” Mahal said.

“People like Chris Strachwitz have spent their lives making sure that that is so, and that these people don’t get lost in the shuffle, and drop through the cracks.”

(Reporting by Randall Mikkelsen, editing by Jill Serjeant)

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S&P tops 1,500 in biggest rally since 2004

NEW YORK (Reuters) - The Standard & Poor's 500 index closed above 1,500 for the first time in more than five years on Friday as strong earnings reports, including Procter & Gamble's, helped the benchmark extend its rally to eight days.

The winning streak is the longest in eight years and left the S&P 500 about 4.1 percent away from its all-time closing high of 1,565.15 on October 9, 2007.

The equity market's strong start this year has been attributed to solid corporate results, an agreement in Washington to extend the government's borrowing power, encouraging signs from the global economy and seasonal inflows into stocks.

Procter & Gamble shares led the Dow and S&P higher with a 4 percent gain to $73.25 after the world's top household products maker's quarterly profit soared past expectations. The company also raised its sales and earnings outlook for the fiscal year.

Sales of new U.S. single-family homes fell in December but rose in 2012 to the highest level since 2009, a sign the U.S. housing market turned a corner last year.

"Economic data in the U.S. has been trending higher, albeit modestly. Things are incrementally better," said Quincy Krosby, market strategist at Prudential Financial in Newark, New Jersey.

The Dow Jones industrial average rose 70.65 points or 0.51 percent, to close at 13,895.98. The S&P 500 gained 8.14 points or 0.54 percent, to 1,502.96. The Nasdaq Composite added 19.33 points or 0.62 percent, to end at 3,149.71.

The S&P 500 closed at its highest since December 10, 2007, and the Dow ended at its highest since October 31, 2007.

Apple shares dropped 2.4 percent to $439.88, and the iPhone maker lost its coveted title as the largest U.S. company by market capitalization to Exxon Mobil Corp .

Apple's market cap fell to $413 billion, down roughly $250 billion from its September peak. Apple's fall is about equal to the entire value of Google Inc .

"The market was able to move forward despite deterioration in Apple and that's also a positive," Prudential Financial's Krosby said.

There was heavy volume in Apple shares as it hit its session low shortly before the closing bell. The stock dropped by as much as $7, to $435 from $442, within the span of one second during the last minute of trading.

More than 50 orders were executed on NYSE Arca at $435 a share, according to Thomson Reuters time-and-sales data, in blocks as small as 100 shares and as large as 10,494 shares.

Adding to the overall bullish tone in the market, German business morale improved for a third consecutive month in January to its highest in more than six months. In addition, European banks said they will repay the European Central Bank much more than expected of the loans the bank gave them during the crisis.

"Good news in credit markets helps set the stage for (more investment in) riskier assets," Krosby said.

For the week, the Dow rose 1.8 percent, the S&P 500 gained 1.1 percent and the Nasdaq added 0.5 percent. It was the fourth straight week of gains for all three indexes.

Helping to lift the Nasdaq on Friday, Starbucks rose 4.1 percent to $56.81 after the coffee retailer reported stronger-than-expected sales in the United States and Asia. {ID:nL1N0ATH04]

Netflix added 15.5 percent to $169.56, following its massive 42.2 percent jump on Thursday after the company announced a surprising jump in subscribers to its video streaming service.

Thomson Reuters data through Friday showed that of the 147 S&P 500 companies that have reported earnings so far, 68 percent exceeded expectations. Since 1994, 62 percent of companies have topped expectations, while the average over the past four quarters stands at 65 percent.

Halliburton Co shares jumped 5.1 percent to $39.72 after the world's second-largest oilfield services company reported higher-than-expected earnings and sales for the fourth quarter.

About 6.4 billion shares changed hands on the New York Stock Exchange, the Nasdaq and NYSE MKT, below the daily average during January 2012 of about 6.93 billion shares.

On the NYSE, more than three issues rose for every two that fell. On the Nasdaq, five stocks advanced for every four that declined.

(Reporting by Rodrigo Campos; Editing by Kenneth Barry and Jan Paschal)

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Soccer coach suspended in Maine West hazing case

Another soccer coach linked to hazing allegations on athletic teams at Maine West High School has been suspended without pay by the district while officials pursue his dismissal.

Maine Township High School District 207 officials reached that decision on freshman boys soccer coach Emilio Rodriguez at a special board meeting Thursday night, a month after reaching the same decision on the employment of head varsity soccer coach Michael Divincenzo.

“The board believes Mr. Rodriguez violated District 207 Board of Education policy and professional expectations by failing to adequately prevent, recognize, report and punish student hazing,” board president Sean Sullivan said in a statement read at the meeting.

Both men were originally placed on paid leave and reassigned from teaching duties this fall when allegations of hazing surfaced in early October on the Des Plaines school’s soccer and baseball teams.

Those allegations are the subject of a lawsuit filed on behalf of four alleged hazing victims on the soccer team and against the district, both coaches and Maine West Principal Audrey Haugan.

Rodriguez, a tenured applied arts and technology teacher, has 17 days to request a hearing on his dismissal through the Illinois State Board of Education, officials said.

Through an attorney, Divincenzo recently requested an appeal hearing with the state board. The appeal process could take up to one year, officials said.

Rodriguez could not be reached for comment on Thursday night. But Des Plaines police reports show he and Divincenzo previously denied any knowledge of team hazing or initiation rituals.

District officials also fulfilled early promises made shortly after the hazing allegations surfaced by approving the hiring of former assistant U.S. attorney Sergio Acosta to lead the district’s independent investigation into hazing allegations, and California-based consultant Community Matters to lead focus groups studying bullying and hazing prevention techniques.

Last week, district officials confirmed the receipt of grand jury subpoenas in the Cook County state’s attorney’s ongoing investigation. Officials reiterated their commitment to “cooperate fully with all agencies conducting their own investigations, including the Cook County State’s Attorney, Des Plaines Police and the Illinois Department of Children and Family Services.

One subpoena, dated Dec. 6 and obtained by the Tribune, directs Maine West Principal Audrey Haugan to produce “personnel files, disciplinary records, reports, memorandums, summaries, interviews, investigations, notes, statements or other such writings or recordings for Michael Divincenzo and Emilio Rodriguez, and any and all other employees associated with coaching student athletes from 2007 to the present time.”

In another Dec. 6 subpoena, Superintendent Ken Wallace is directed to produce “any written materials describing or explaining” school, student athlete, coach or teacher conduct codes or rules, “or rules or any other similar such writings including but not limited to the topics of hazing, sexual misconduct or physical misconduct in any manner associated with Maine West High School.”

Wallace, Haugan, Maine East Principal Michael Pressler and Maine South Principal Shawn Messmer also received subpoenas dated Dec. 7. Those subpoenas, which were partially redacted, seek “any and all letters, emails, reports, memorandums, call logs, writings, recordings, or other such material regarding” redacted information, “including any such documents from within the school records or school file for” redacted information.

jbullington@tribune.com

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Samsung puts lid on capex for first time since financial crisis

SEOUL (Reuters) – Samsung Electronics Co turned cautious on spending for the first time since the global financial crisis, keeping its annual investment plan unchanged at 2012 levels, as demand for computer chips wanes and the smartphone market slows.

Samsung, one of the industry’s most aggressive spenders, has ramped up capital expenditure every year since 2004 except 2009 to meet soaring demand for its array of consumer electronics and mobile devices. It sold a record 700,000 smartphones a day in the last quarter.

But with the personal computer market shrinking for the first time in 11 years, the global smartphone market growing more slowly, and Apple Inc moving to buy fewer of Samsung‘s microprocessors used in the iPhone and iPad, the South Korean IT giant is now forced to keep a lid on spending.

“Overall its earnings momentum remains intact, and smartphone shipments will continue to grow even in the traditionally weak first quarter, as Samsung’s got a broader product line-up and Apple appears to be struggling in pushing iPhone volumes aggressively,” said Lee Se-chul, a Seoul-based analyst at Meritz Securities.

Samsung, which reported a record quarterly and annual profit on Friday, said it would keep 2013 capital expenditure unchanged from 2012.

“The key word for us in investment in 2013 is flexibility. We’ll decide as the market demand dictates,” Robert Yi, head of Samsung’s investor relations, told analysts.

Data from the company shows Samsung started to slow down planned investment in the last quarter.

Samsung said it spent 4.4 trillion won in October-December, pushing its 2012 investment to a record 23 trillion won ($ 21.5 billion). But the company said in October that it was on course to spend 25 trillion won in 2012.

Analysts had expected a 4-20 percent cut in Samsung’s 2013 capital spending.

By contrast, Taiwanese rival TSMC is planning to raise its capital expenditure to $ 9 billion this year, aimed in part at winning Apple orders away from Samsung.

Shares in Samsung fell 2.1 percent as of 0250 GMT, lagging a 1.1 percent decline in the wider market.

RECORD EARNINGS

Samsung had poured money into factories to boost production of chips and panels used in Apple products and its Galaxy range devices, pushing its operating profit to 8.84 trillion won in the last quarter. The 89 percent increase from a year earlier was in line with its earlier estimate.

Profit at its mobile devices division, which makes phones, tablets and cameras, more than doubled to 5.44 trillion won in the quarter from a year earlier, lifted by a broader offering of smartphones – from the very cheap to the very expensive.

The division accounted for 62 percent of Samsung’s overall fourth-quarter profit, up from 55 percent a year earlier.

Samsung is also seeing strong sales of its Note phablet, which analysts expect to help Samsung get through any seasonal weakness better than rivals.

Samsung, which doesn’t provide a breakdown of smartphone sales, is estimated to have sold around 63 million smartphones in the last quarter, including 15 million Galaxy S IIIs and 7 million Note IIs.

The company also said 2012 operating profit rose 86 percent to an all-time high of 29 trillion won.

SAMSUNG VS APPLE

Samsung sold 213 million smartphones last year and enlarged its share of the global market to 30.4 percent from around 20 percent in 2011, a report by market research firm Strategy Analytics showed on Friday. The sharp increase reflects Samsung’s aggressive marketing of its wide product range.

Apple’s share of the market shrank slightly to 19.4 percent from 19.0 percent in 2011, according to the report.

Globally, sales of smartphones surged 42.7 percent last year to 700 million, Strategy Analytics said.

Samsung said on Friday it expects the global smartphone segment to shrink in January-March from the seasonally strong fourth quarter, and that growth of the overall handset market will slow to the mid single-digits this year.

The forecast is in line with industry estimates, with signs of a slowdown having already emerged.

Apple shipped 47.8 million iPhones in the three months ended December, a record that nonetheless disappointed many analysts accustomed to years of outperformance. The Cupertino, California-based company also missed Wall Street’s revenue forecast for a third straight quarter as iPhone sales lagged expectations.

Apple shares have dropped by more than a third since mid-September as investors fret that its days of hyper growth are over and its devices are no longer as ‘must-have’ as they were.

By contrast, shares in Samsung have risen 12 percent in the same period as the company once seen as quick to copy the ideas of others now sets the pace in innovation.

At the world’s biggest electronics show in Las Vegas this month, Samsung unveiled a prototype phone with a flexible display that can be folded almost like paper, and a microchip with eight processing cores, creating a buzz that these may be used in the next Galaxy range.

“It’s very probable to us that the Exynos 5 Octa (processor) will find its way into the Galaxy S4,” UBS analyst Nicolas Gaudois wrote in a recent note.

“It also looked as if the curved display is close enough to finished product. We came away even more convinced that displays will provide significant differentiation to Samsung devices, and application processors will materially grow over time,” Gaudois said. ($ 1 = 1066.2000 Korean won)

(Reporting by Miyoung Kim; Editing by Ryan Woo)

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CBS orders pilots for “Bad Teacher,” Bruno Heller drama

LOS ANGELES (TheWrap.com) – A pilot based on the 2011 Cameron Diaz film “Bad Teacher” and a drama from “The Mentalist’ creator Bruno Heller have been ordered by CBS, an individual with knowledge of the orders told TheWrap on Wednesday.

“Bad Teacher” will be written and executive-produced by “My Name Is Earl” and “Community” veteran Hilary Winston, with Lee Eisenberg and Gene Stupnitsky, who were behind the film, executive-producing as well. Sam Hansen and Jimmy Miller will also executive-produce the pilot, which comes from Sony Pictures Television in association with the Mosaic Media Group, and follows a sexy, foul-mouthed divorcee who becomes a teacher to find her next husband.

“The Advocates,” written and executive-produced by Heller, revolves around a female lawyer and a male ex-con who team up as “victim advocates,” going to the very edge of the law to right wrongs and fight for the underdog. Warner Bros. is producing.

The new pilot orders follow on the heels of CBS ordering pilots for a small-screen adaptation of the Eddie Murphy film “Beverly Hills Cop” – which is being executive-produced by “The Shield” creator Shawn Ryan, and Murphy will appear in – as well as the sitcom “Friends With Better Lives” and the detective drama “Backstrom.”

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