landisjohnsentt: 2012

Wednesday 12 September 2012

AP Source: UConn coach Jim Calhoun retiring

FILE - In this April 4, 2011, file photo, Connecticut head coach Jim Calhoun sits on the sideline during the second half of the men's NCAA Final Four college basketball championship game against Butler in Houston. Calhoun is expected to announce his retirement on Thursday, Sept. 13, 2012. (AP Photo/Eric Gay, File)

FILE - In this March 15, 2012, file photo, Connecticut head coach Jim Calhoun watches from the sidline in the first half of their second-round NCAA tournament college basketball game against Iowa State in Louisville, Ky. Calhoun is expected to announce his retirement on Thursday, Sept. 13. (AP Photo/John Bazemore, File)

FILE - In this April 5, 2004, file photo, Connecticut head coach Jim Calhoun holds the trophy after his team defeated Georgia Tech 82-73 to win the NCAA Final Four college championship game in San Antonio. Calhoun is expected to announce his retirement on Thursday, Sept. 13, 2012. (AP Photo/Eric Gay, File)

FILE - In this April 5, 2004, file photo, Connecticut head coach Jim Calhoun shouts out to his team in the second half of the NCAA Final Four college championship game against Georgia Tech in San Antonio. Calhoun is expected to announce his retirement on Thursday, Sept. 13, 2012. (AP Photo/Ed Reinke, File)

FILE - In this April 4, 2011, file photo, Connecticut head coach Jim Calhoun holds the net after his team defeated Butler 53-41 to win the men's NCAA Final Four college basketball championship game in Houston. Calhoun is expected to announce his retirement on Thursday, Sept. 13, 2012. (AP Photo/Mark Humphrey, File)

NEW YORK (AP) ? Jim Calhoun has spent more than half his life as a head basketball coach, never venturing far from the New England area where he was born.

Between coaching stints at Northeastern and Connecticut, he racked up 873 wins ? 625 of them coming at his beloved UConn, where he ran the men's program for 26 years and won three national titles.

Recently, though, the 70-year-old Hall of Famer has struggled with health problems, including a fractured hip last month that put him on crutches. On Thursday, he planned to announce his retirement, a person familiar with the decision told The Associated Press.

The person spoke to the AP on condition of anonymity because Calhoun's move had not yet been made public. WVIT-TV in Hartford first reported the expected announcement.

Assistant coach Kevin Ollie was expected to replace Calhoun, the person who spoke to the AP said. The school scheduled a 2 p.m. news conference "to address the future of the men's basketball program."

Ollie will take over a Huskies team that is ineligible for the 2013 NCAA tournament because of its failure to meet national academic standards, one of several off-court problems that hit UConn late in Calhoun's tenure.

The Huskies will open this year with just five players who saw significant playing time last season.

Before fracturing his hip, Calhoun fought off cancer three times and missed eight games last season while suffering from a painful spinal condition. He returned just four days after having back surgery to coach the Huskies in their regular-season finale and the postseason.

UConn finished the year 20-14, losing to Iowa State in the first-round of the NCAA tournament.

In addition to his medical leave, Calhoun served a three-game suspension at the start of the Big East season last winter for failing to maintain an atmosphere of compliance in his program with NCAA rules, an issued that dated back to recruiting violations in 2008.

A native of Braintree, Mass., Calhoun played college basketball at American International in Springfield, where he was a team captain and leading scorer his junior and senior years.

After graduating in 1968, he began his head coaching career at Old Lyme High school, before moving back to Massachusetts where he coached at Westport High School and then Dedham High School.

He led Dedham to a 21-1 record in 1972, and was hired as head coach at Northeastern.

Calhoun spent the next 14 years at the school, leading the team from Division II program, to a mid-major power with five appearances in the NCAA tournament.

Calhoun was then hired by UConn in May 1986 and won an NIT title in his second season. His teams won 10 Big East regular-season championships and seven Big East Tournament titles over his tenure.

In 1999, he coached the Huskies to a 34-2 record and their first NCAA championship, a 77-74 upset over Duke.

In 2004, the Huskies started and ended the season at No. 1, beating Georgia Tech in the NCAA championship game 82-73. The Huskies, led by Emeka Okafor and Ben Gordon, won their six tournament games by an average of over 17 points.

In 2011, UConn finished the regular season in ninth place in the Big East before reeling off a remarkable 11-consecutive wins during the postseason, including a 53-41 victory over Butler in the national championship game.

Calhoun's only loss in the Final Four came in 2009 to Michigan State in the national semifinals. The coach missed the Huskies' first NCAA tournament game that season after being hospitalized for dehydration.

It was one of several health issues that marked his time at UConn, where he missed 29 games, and left another 11 because of illness. He successfully battled prostate cancer in 2003 and skin cancer twice, most recently in 2008.

Calhoun took his latest medical leave on Feb. 3 and missed eight games because of the effects of spinal stenosis, a narrowing of the spine normally associated with aging and sometimes with arthritis. It began affecting him in the summer of 2011, but reached the point where he could no longer coach after the team lost at Georgetown on Feb. 1.

He underwent a two-hour surgery on Feb. 27 in New York that involved removing a large disk fragment that had been pressing on a spinal nerve, the school said. The surgeons decompressed the area around the nerve.

He returned in time to coach UConn to a regular-season ending win in Pittsburgh and two victories in the conference tournament, before the Huskies lost in the Big East quarterfinals to Syracuse, and in the first-round of the NCAA tournament to Iowa State.

Last month, Calhoun had surgery to repair a left hip fracture from a bicycle accident. He was cycling near his summer home in Madison when he hit sand and fell, hours before he was to coach former players in a charity game.

Calhoun also was hospitalized in 2009 after breaking several ribs during a charity bike ride and he missed seven games in the 2009-210 season for an undisclosed stress-related medical reason.

In May 2010, the program was cited by the NCAA for eight major rules violations. The allegations came at the end of a 15-month investigation into the recruiting of former player Nate Miles, who was expelled from UConn in October 2008 without ever playing a game for the Huskies.

Besides accusations that his staff improperly contacted recruits, gave them improper benefits and distributed free tickets to high school coaches and others, Calhoun was cited for failing to maintain an atmosphere of compliance.

The accusations led to the resignations of two assistants, and a promise from Calhoun to make things right. He told reporters that the idea of bringing closure to that issue was a "major, major factor" in his decision to come back after the 2011 championship season.

Calhoun also faced criticism for his team's performance in the classroom. His team failed to qualify academically for the 2013 NCAA tournament under rules passed in the fall of 2011.

UConn sought a waiver citing improved scores in 2011-12, but that was rejected and five underclassmen left the Huskies after last season.

Sophomore guard Jeremy Lamb and freshman center Andre Drummond departed for the NBA, a move both were expected to make even if UConn had been eligible for the tournament.

Alex Oriakhi transferred to Missouri for his senior season, citing the NCAA decision. Sophomore forward Roscoe Smith transferred to UNLV and redshirt freshman center Michael Bradley left for Western Kentucky.

Ollie, Calhoun's expected successor, played at UConn and spent 13 seasons in the NBA, before being hired as an assistant in 2010. He has long been mentioned as a logical successor, and has said he would want the job.

Calhoun is well known for his support of many charities, and has raised millions to help build the Pat and Jim Calhoun Cardiology Center at UConn Health Center.

He also is the state's highest paid employee, signing five-year, $13 million contract in 2010.

___

Associated Press writer Pat Eaton-Robb in Hartford, Conn., contributed to this report.

Associated Press

Source: http://hosted2.ap.org/APDEFAULT/347875155d53465d95cec892aeb06419/Article_2012-09-12-Calhoun%20Retires/id-d56fe356783642379db11b8d562c371e

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Fall 2012 Drought Forecast Brings Mix Of Grim News And Relief

Severe Drought Threatens Midwest Corn Crops

PRINCETON, IN - JULY 17: Drought-damaged corn grows in a field on July 17, 2012 near Princeton, Indiana. The corn and soybean belt in the middle of the nation is experiencing one of the worst droughts in more than five decades. Indiana was the nation's fourth largest corn producer in 2011. (Photo by Scott Olson/Getty Images)

Severe Drought Threatens Midwest Corn Crops

FRITCHTON, IN - JULY 17: Corn plants dry in a drought-stricken farm field on July 17, 2012 near Fritchton, Indiana. The corn and soybean belt in the middle of the nation is experiencing one of the worst droughts in more than five decades. Indiana was the nation's fourth largest corn producer in 2011. (Photo by Scott Olson/Getty Images)

In this July 26, 2012 photo, dead fish float in a drying pond near Rock Port, Mo., as a turkey vulture paces the shore. Multitudes of fish are dying in the Midwest as the sizzling summer dries up rivers and raises water temperatures in some spots to nearly 100 degrees. (AP Photo/Nati Harnik)

Severe Midwest Drought Continues

WYATT, MO - JULY 18: A buoy used to help guide barges rests on the bank after the water level dropped on the Mississippi River July 18, 2012 near Wyatt, Missouri. Some barge operators have lightened their loads or stopped running altogether on the lower Mississippi because of low water levels. (Photo by Scott Olson/Getty Images)

Midwest Farmers Continue To Struggle Against Extended Drought

CUBA, IL - AUGUST 03: Grass, dried from heat and drought, struggles to survive in a cattle pasture August 3, 2012 near Cuba, Illinois. Cattle being raised in the pasture used to be self-sustaining. This summer's drought has forced the farmer to truck in water, after the pond dried up, and extra feed, to supplement the dry grass, from another farm nearly 20 miles away. Farmers in the Midwest and elsewhere continue to struggle after than half the counties in the United States have been designated disaster areas, mostly due to drought conditions throughout the Midwest. (Photo by Scott Olson/Getty Images)

Midwest Farmers Continue To Struggle Against Extended Drought

NEW HARMONY, IN - AUGUST 03: Corn dead from drought sits in a field August 4, 2012 near New Harmony, Indiana. More than half of the counties in the United States have been designated disaster areas, mostly due to drought conditions throughout the Midwest. (Photo by Scott Olson/Getty Images)

The last remaining water in a drought-stricken rural pond reflects the sky and clouds near Calumet, Okla., Friday, July 20, 2012. The nation's widest drought in decades is spreading. More than half of the continental U.S. is now in some stage of drought. (AP Photo/Sue Ogrocki)

Cattle graze in a dry field near Calumet, Okla., Friday, July 20, 2012. (AP Photo/Sue Ogrocki)

Rows of corn stalks stand under a cloudless sky south of Blair, Neb., Monday, July 23, 2012. The drought-damaged field was cut down for silage. (AP Photo/Nati Harnik)

Central Illinois cattle stand in a pasture struggling from lack of rain and a heat wave covering most of the country, Friday, July 20, 2012, in Farmingdale, Ill. The nation's widest drought in decades is spreading. More than half of the continental U.S. is now in some stage of drought, and most of the rest is abnormally dry. (AP Photo/Seth Perlman)

In this July 19, 2012 photo, a herd of cattle belonging to Kendal Grecian drink from a water tank at his ranch in Palco, Kan. Grecian spent years meticulously breeding his cows to improve the genetics in each generation, but with Kansas in one of the worst droughts seen in decades, he's struggling to find enough grazing to feed 300 cows, plus their calves. He hopes to get by with selling only a quarter of his herd, but there are no guarantees with the drought expected to linger through October. (AP Photo/John L. Mone)

A field of corn withers under triple-degree heat north of Wichita, Kan., in Sedgwick County Monday, July 16, 2012. The drought gripping the United States is the widest since 1956, according to new data released Monday by the National Oceanic and Atmospheric Administration. Fifty-five percent of the continental U.S. was in a moderate to extreme drought by the end of June, NOAA's National Climatic Data Center in Asheville, N.C., said in its monthly State of the Climate drought report. That's the largest percentage since December 1956, when 58 percent of the country was covered by drought. (AP Photo/The Wichita Eagle, Mike Hutmacher)

Boats sit on the bottom in a dry cove at Morse Reservoir in Noblesville, Ind., Monday, July 16, 2012. The reservoir is down nearly 6 feet from normal levels and being lowered 1 foot every five days to provide water for Indianapolis. (AP Photo/Michael Conroy)

A Great White Egret looks for food on a lake drying up from lack of rain Saturday, July 21, 2012 in Chandlerville, Ill. Wildlife as well as livestock, and crops are struggling from the dry weather and a heat wave covering most of the country. The nation's widest drought in decades is spreading. More than half of the continental U.S. is now in some stage of drought, and most of the rest is abnormally dry. (AP Photo/Seth Perlman)

Boats sit on the dry, cracked bottom in a dry cove at Morse Reservoir in Noblesville, Ind., Monday, July 16, 2012. The reservoir is down nearly 6 feet from normal levels and being lowered 1 foot every five days to provide water for Indianapolis. (AP Photo/Michael Conroy)

A cow looks for something to eat as it grazes in a dry pasture southwest of Hays, Kan., in a July 6, 2012 photo. The nation's widest drought in decades is spreading. More than half of the continental U.S. is now in some stage of drought, and most of the rest is abnormally dry. (AP Photo/The Hays Daily News, Steven Hausler)

Corn stalks struggling from lack of rain and a heat wave covering most of the country lie flat on the ground Monday, July 16, 2012, in Farmingdale, Ill. The nation's widest drought in decades is spreading. More than half of the continental U.S. is now in some stage of drought, and most of the rest is abnormally dry. (AP Photo/Seth Perlman)

The gate is closed on a boat ramp leading to a dry cove at Morse Reservoir in Noblesville, Ind., Monday, July 16, 2012. The reservoir is down nearly 6 feet from normal levels and being lowered 1 foot every five days to provide water for Indianapolis. (AP Photo/Michael Conroy)

Farmer Joe Fischer holds ears of corn showing the variety of kernal development Thursday, July 12, 2012, at Fischer Farms Inc. in Owensboro, Ky. Normally the silks would already be brown, Fischer said. "There is no pollen left because the silks were delayed. . . because it has been too hot and dry," Fischer said. All five Owensboro-area counties have been designated primary disaster areas because of drought. (AP Photo/The Messenger-Inquirer, John Dunham)

Devin Davis of Paul Tree Farms uses a special water canon to water 30,000 trees on the 60 acre farm Saturday, July 21, 2012 in Pleasant Plains, Ill. The trees as well as livestock, wildlife and crops are struggling from lack of rain and a heat wave covering most of the country. The nation's widest drought in decades is spreading. More than half of the continental U.S. is now in some stage of drought, and most of the rest is abnormally dry. (AP Photo/Seth Perlman)

A pontoon is anchored on a mud flat as the owner could not reach their dock at Morse Reservoir in Noblesville, Ind., Monday, July 16, 2012. The reservoir is down nearly 6 feet from normal levels and being lowered 1 foot every five days to provide water for Indianapolis. (AP Photo/Michael Conroy)

This Thursday, July 5, 2012 photo shows dry soil in a corn field in western Kentucky. Persisting drought conditions have endangered corn fields in western Kentucky. (AP Photo/The Paducah Sun, Allie Douglass)

Illinois Farms Hurt By Continued Midwest Drought

OLMSTED, IL - JULY 26: A corn plant grows in a field parched by drought on July 26, 2012 near Olmsted, Illinois. The field, farmed by Kevin Ulrich, was one of several in the drought stricken region of Southern Illinois that were visited by officials from the United States Department of Agriculture's (USDA) Farm and Foreign Agriculture Services (FFAS) department and Farm Service Agency (FSA). Seventy percent of Illinois, the nation's number two corn producing state, is classified as experiencing some level of drought.(Photo by Scott Olson/Getty Images)

Burnt stalks lie on the ground among rows of corn damaged by drought in a parched field in Louisville, Ill. on Monday, July 16, 2012. Over ten days of triple digit temperatures with little rain in the past two months is forcing many farmers to call 2012 a total loss. Rows of corn sit under high temperatures, burning and crisping until the stalks eventually fall, burning into the dry soil. (AP Photo/Robert Ray)

Four rows of corn left for insurance adjusters to examine are all that remain of a 40-acre cornfield in Geff, Ill. that was mowed down Monday, July 16, 2012. Over ten days of triple digit temperatures with little rain in the past two months is forcing many farmers to call 2012 a total loss. (AP Photo/Robert Ray)

Jack Maloney checks on corn on his farm in Brownsburg, Ind., Monday, July 16, 2012. With no significant rainfall since May 3 and the bleak outlook for rain, Maloney expects a total loss on his corn and soybean crop. (AP Photo/Michael Conroy)

A dry field of corn is seen near Fremont, Neb., Monday, July 16, 2012. The drought gripping the United States is the widest since 1956, according to new data released by the National Oceanic and Atmospheric Administration. (AP Photo/Nati Harnik)

Jack Maloney displays a drought-damaged ear of corn on his farm in Brownsburg, Ind., Monday, July 16, 2012. With no significant rainfall since May 3 and the bleak outlook for rain, Maloney expects a total loss on his corn and soybean crop. (AP Photo/Michael Conroy)

An empty dock sits on the bottom of a dry cove at Morse Reservoir in Noblesville, Ind., Monday, July 16, 2012. The reservoir is down nearly 6 feet from normal levels and being lowered 1 foot every five days to provide water for Indianapolis. (AP Photo/Michael Conroy)

Leaves become dry and brittle on stalks of corn in a parched field outside Effingham, Ill., Monday, July 16, 2012. The drought gripping the United States is the widest since 1956, according to new data released Monday by the National Oceanic and Atmospheric Administration. This summer, 80 percent of the U.S. is abnormally dry, and the report said the drought expanded in the West, Great Plains and Midwest last month with the 14th warmest and 10th driest June on record. (AP Photo/Robert Ray)

The sun rises Sunday, July 15, 2012, in Pleasant Plains, Ill. Corn stalks are struggling in the heat and continuing drought that has overcome most of the country. All of Illinois is officially in a drought, and Illinois Gov. Pat Quinn plans a trip to southern Illinois to discuss the state's plans for responding to dry conditions. (AP Photo/Seth Perlman)

Joe Fischer checks on his corn field Thursday, July 12, 2012, at Fischer Farms Inc. in the 3700 block of Fisher Road in Owensboro, Ky. "We've been in a drought for the last three weeks," he said. Fischer farms the property with his brother Tony Fischer. They planted 900 acres of corn with 30,000 plants per acre. "We have no idea what our yield will be," Joe Fischer said. U.S. Agriculture Secretary Tom Vilsack has designated 26 Kentucky counties among more than 900 counties in 29 states as disaster areas. (AP Photo/Messenger-Inquirer, John Dunham)

In this photo taken June 27, 2012, farm worker Juan Carlos walks to an irrigated soybean field near England, Ark. The U.S. Agriculture Department has granted a disaster declaration for 69 of Arkansas' 75 counties due to the drought. (AP Photo/Danny Johnston)

Midwest Farmers Continue To Struggle Against Extended Drought

CUBA, IL - AUGUST 03: Cattle try to keep cool in the remains of a farm pond in a pasture heavily damaged by drought August 3, 2012 near Cuba, Illinois. Farmers in the Midwest and elsewhere continue to struggle after than half the counties in the United States have been designated disaster areas, mostly due to drought conditions throughout the Midwest. (Photo by Scott Olson/Getty Images)

Midwest Farmers Continue To Struggle Against Extended Drought

CUBA, IL - AUGUST 03: Cattle nibble the remains of grass in a pasture heavily damaged by drought August 3, 2012 near Cuba, Illinois. Farmers in the Midwest and elsewhere continue to struggle after than half the counties in the United States have been designated disaster areas, mostly due to drought conditions throughout the Midwest. (Photo by Scott Olson/Getty Images)

Steve Niedbalski chops down his drought and heat stricken corn for feed Wednesday, July 11, 2012 in Nashville Ill. Farmers in parts of the Midwest are dealing with the worst drought in nearly 25 years. (AP Photo/Seth Perlman)

Illinois Gov. Pat Quinn, second left, peels away the husk of a drought-ravaged ear of corn, only to find it had no kernels, as Illinois Farm Bureau President Philip Nelson, right, looks on during visit to the Laird Family Farm in Waltonville, Ill. on Monday, July 16, 2012. Quinn says the state will offer an array of debt restructuring and loan programs to farmers and ranchers affected by the drought. Drought is affecting much of the Midwest, where almost a third of the nation's corn crop has been damaged by heat and drought so severe that some farmers have cut down crops midway through the growing season. (AP Photo/Jim Suhr)

Also On The Huffington Post...

A devastating drought in southwestern China's Yunnan province is entering its third year.

Severe Midwest Drought Continues

WYATT, MO - JULY 18: Corn plants struggle to survive in a drought-stricken farm field on July 18, 2012 near Wyatt, Missouri. The corn and soybean belt in the middle of the nation is experiencing one of the worst droughts in more than five decades. All 114 of Missouri's counties have received disaster designations because of drought. Last year this area, which sits across the Mississippi River from Illinois, was ravaged by flooding after the Army Corps of Engineers blasted a hole in a levee to save the town of Cairo, Illinois from the rising Mississippi. (Photo by Scott Olson/Getty Images)

Severe Midwest Drought Continues

VINCENNES, IN - JULY 18: Corn plants struggle to survive in a drought-stricken farm field on July 18, 2012 near Vincennes, Indiana. The corn and soybean belt in the middle of the nation is experiencing one of the worst droughts in more than five decades. Indiana was the nation's fourth largest corn producer in 2011. (Photo by Scott Olson/Getty Images)

In this July 26, 2012 photo, dead fish decompose in a drying pond near Rock Port, Mo. Multitudes of fish are dying in the Midwest as the sizzling summer dries up rivers and raises water temperatures in some spots to nearly 100 degrees. (AP Photo/Nati Harnik)

This photo from July 31, 2012 shows a beached air boat as bathers walk in the nearly dry Platte River near Yutan, Neb., Tuesday, July 31, 2012. The latest U.S. Drought Monitor survey shows an increase in extreme drought conditions in four Plains states but a slight decrease in the overall area of the lower 48 states experiencing some form of drought. (AP Photo/Nati Harnik)

Source: http://www.huffingtonpost.com/2012/09/11/fall-2012-drought-forecast_n_1871993.html

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Helmet Art Show at Barber Vintage Festival ? Skull ... - Ducati.net

Artist Larry Gardinier putting the final touches on his
Biltwell Skull Canvas. (Yes, it will be for sale at the show.)

Hot rod and motorcycle builder Bryan Fuller and artist Larry Gardinier have?teamed up to present Skull Canvas: A Gallery of Cranial Protection.

Skull Canvas is a helmet art show that will be held at Barber Motorsports
Park during their Vintage Motorcycle Festival on October 12th and 13th. The
display will feature more than 50 helmets from around the world ending with
the helmets being sold at a VIP party on Saturday night. Proceeds from the
silent auction of each helmet will go back to the artists that created the
helmets. Walk through Friday and Saturday, check out the amazing detail
and place a bid?maybe you?ll win!
The Barber Vintage Festival is one of the best motorhead events in the
country, bar none. The 8th Annual event is expected to bring 40,000 to 50,000
visitors this year after gaining more and more folks every year. Some of the
other events include a 100 year old bike race, side car races, vintage road and
off-road racing all weekend, acres of swap meet grounds, several bike shows, air
shows, firetrucks, walls of death, and of course, the 800 motorcycles and cars on
display in the museum!!
If you?ve ever wanted a custom painted helmet but haven?t got around to
contracting your favorite artist?.here?s your chance!!!
THE DEADLINE FOR HELMET SUBMISSIONS IS OCTOBER 1st, 2012.
Sponsors:

Fuller Hot Rods, ArtRacer Goods and Services, Lincoln Electric, Industrial Depot,Metal Rescue, JET Tools, OTC, Sweet Water Brewing, Biltwell Helmets, HagertyInsurance, The Workshop Hero and Automotive Racing Products.

For more information, see Skull Canvas on Facebook or contact:
Larry Gardinier Bryan Fuller
ArtRacer Goods & Services Fuller Hot Rods
gardinier@comcast.net bryan@fullerhotrods.com

Jason Prouty
Jeremy Kemp
Larry Gardinier
Bryan Fuller
Terrence Morrison
Richard King
Kristina Albrecht
Ryan Curtis
Tom ?Big Toe? Laura
Ken Ruzic
Michael Lueders
Odd Rodney McLellan
Paul Erlandson
D.Jay Gillespie
Beth Kearney
Joel Nelson
Keri Luiz
Mark Hagstrom
Jaime Wim Trevino
Helmet Artists Include:
Source: http://www.ducati.net/2012/09/helmet-art-show-at-barber-vintage-festival-skull-canvas-a-gallery-of-cranial-protection/
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Tuesday 11 September 2012

Facebook CEO dangles search and mobile, shares rally

SAN FRANCISCO (Reuters) - Facebook Inc CEO Mark Zuckerberg soothed investors in his first major public appearance since the No. 1 social network's rocky May IPO, breathing life into its struggling shares after hinting at new growth areas from mobile to search.

The 28-year-old co-founder looked confident in a gray T-shirt and jeans, asking Wall Street to be patient as the company developed new products, addressing issues such as employee morale, and dashing rumors Facebook may build a smartphone.

Facebook became the first U.S. company to debut on stock markets with a value of more than $100 billion. But it has since lost more than half of its capitalization as investors fret about slowing growth and the company's challenges making money as users shift from PCs to mobile devices.

Zuckerberg, who has himself lost billions of dollars on paper since Facebook's market debut, admitted to disappointment about his company's crumbling share price, but argued Wall Street has yet to grasp the full potential of its fledgling mobile business.

His comments helped drive Facebook shares up more than 3 percent after hours to above $20, building on a 3.3 percent gain in regular trade on Tuesday. The stock is still well off its $38 debut price.

"It was positive just to see him out there speaking," said Raymond James analyst Aaron Kessler. "He was hinting that the stock was undervalued, and we'll see about that. But he's looking at this business as a multiyear investment, even if investors are looking for results much sooner."

Speaking at the TechCrunch Disrupt conference in San Francisco on Tuesday, Zuckerberg highlighted Facebook's progress in mobile over the past six months and the company's room for growth.

Facebook's recently released mobile ads are already delivering better results for advertisers than the traditional "display" ads that appear on the right-hand side of the social networking service on PCs, Zuckerberg said.

"One of the main things that I think is misunderstood right now is how fundamentally good" the company's mobile prospects are, he said.

ADVERTISING, SEARCH

While declining to offer details, Zuckerberg hinted that the company was halfway through a cycle to "retool" and offer new advertising products. He also said he believed search could be a ripe area of growth for Facebook and was working to offer a competitive search product -- comments that likely interested executives at Google Inc, one of Facebook's fiercest competitors.

Facebook has a team working on the social network's existing search feature, which already garners roughly 1 billion queries every day, Zuckerberg noted. But at some point he said Facebook would focus its efforts more intently on developing a full-featured search service, which he described as a "big opportunity."

Zuckerberg, who wrote in the IPO prospectus that the company has always cared primarily about its "social mission," has kept a low public profile as the stock has crumbled in the months since the IPO.

Adding to the pressure on the stock is the ongoing expiration of "lock-up" selling restrictions for shares held by employees, insiders and early investors: More than 1 billion additional Facebook shares are set to become available for trading by year's end.

Zuckerberg, who recently committed not to sell his own shares for at least 12 months, conceded that the company's downward-spiraling stock was not helping staff morale, but stressed he still thought it was a good time to join the company and "double down."

"It's not like this is the first up and down that we've ever had," he told hundreds of attendees at the conference. "I would rather be in the cycle where people underestimate us."

SMARTPHONES

While Facebook has taken a beating on Wall Street, some of the Internet industry programmers, entrepreneurs and investors who packed the aisles to watch Zuckerberg's roughly 30-minute talk said their faith in the CEO and the company was not shaken.

"This company is about vision and changing the world and I don't know who would be better prepared to lead it than the guy who had that vision and built the company to a profitable multibillion dollar company before his 30th birthday," said Dave Crowder of GSV Asset Management, which owns Facebook shares.

Zuckerberg acknowledged that he had erred years ago by using a programming language that slowed the development of Facebook apps for Apple and Android phones.

"Probably we will look back and say that that was the biggest mistake, the biggest strategic mistake we made," he said of the company's decision to create mobile apps using open web standards instead of building apps specially designed for iPhone and Android smartphones.

But he again quashed a years-long rumor that Facebook is wading into the hardware business and developing a branded phone.

Building a smartphone would be "clearly the wrong strategy for us," Zuckerberg said.

(Reporting by Alexei Oreskovic and Gerry Shih; Editing by Leslie Gevirtz and Chris Gallagher)
Source: http://news.yahoo.com/facebook-ceo-dangles-search-mobile-shares-rally-013422155.html
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Obama, Democrats raise more than $114 million in August

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