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Late NC businessman's Ferrari auctioned for $27M

Written By Unknown on Selasa, 20 Agustus 2013 | 00.33

LOS ANGELES — A rare 1967 Ferrari owned by a North Carolina orphan-turned-millionaire sold at auction for $27.5 million.

The red Ferrari was one of only 10 ever built, and its single-family ownership increased interest in the sale, the Los Angeles Times reported (http://lat.ms/1bJDZKB).

The owner, the late Eddie Smith, was a former mayor of Lexington, N.C. He died in 2007 at age 88. Since then, the car has been stored in a specially built garage.

"This is a bittersweet moment for us," Eddie Smith Jr. told a packed crowd before bidding began Saturday. "Ferraris came and went, but this one never went, thank God. We enjoyed it as a family for 45 years."

The sale of the Ferrari 275 GTB/4(asterisk)S N.A.R.T. Spider was handled by RM Auctions in Monterey. N.A.R.T. stands for North American Racing Team, a Ferrari-backed venture created in the late 1950s to promote the brand in the U.S.

Smith Jr. advised the new owner to "drive it, love it, enjoy it, and more importantly share it with others so they can see it." The auction house has not disclosed the new owner.

In keeping with his father's philanthropy, the family was giving all proceeds to various charities, Smith Jr. said.

Smith Sr., who became wealthy from a mail-order company he started, was a beloved figure in Lexington. Mayor from 1970 to 1975, he also led hospital, college and chamber of commerce boards.

The avid car enthusiast owned several Ferraris, but the 275 N.A.R.T. Spider was his favorite because he loved the look, sound and feel of it, Smith Jr. told The Dispatch of Lexington (http://bit.ly/12gRO0j ).

"Dad wouldn't want the car to be shut away, he would want it to be enjoyed," he said. "Even when the value reached went over a million dollars, he would still drive it."

The 275 N.A.R.T. Spider was featured in the 1968 film "The Thomas Crown Affair," the Los Angeles Times reported.

___

Information from: Los Angeles Times, http://www.latimes.com


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A look at smartest back-to-school gadgets

From handy personal assistants to laptops with double the speed of a year ago, the hottest new digital tools can take the sting out of going back to school.

If you're a college student looking for a laptop: Remember Haswell. It's the code name for Intel's latest line of processors, the fourth generation Intel Core series. This processor not only makes the computer ultra-fast, but also extends the battery life with no tradeoff in performance.

Waiting a few weeks will give you more choices, because these machines are just starting to come out. But if you need something now, try the Acer Aspire S7 touchscreen, which comes with Office 365 University edition. The $1,259 price at the Microsoft Store is discounted for students.

Apple fans, have no fear, because the 2013 MacBook Air also includes Haswell. Ranging from just south of $1,000 for the 11-inch version to $1,249 for the 13-inch, the MacBook Air comes with a $100 App Store credit for students.

This is the first year since Apple's trailblazing tablet exploded onto the scene in 2010 that I can't recommend it as a note-taking and textbook-reading companion. Any iPad you buy now will take a quick nosedive in value, with a new generation due to be announced this fall. Also, the experience — and the price — of attaching a keyboard accessory to the iPad is simply not worth it.

If bringing a laptop to class is a hassle, invest in a Microsoft Surface with a keyboard cover. In fact, if you aren't a gamer or graphic designer, consider the Surface RT as a budget-friendly replacement for a laptop and tablet. At 1.5 pounds, buy the Surface RT with the so-called Type Cover for a total of $479.

The iPad is a fine textbook reader, but here's a secret: The Kindle Paperwhite, for a fraction of the price at $139, is the best pure e-reader on the market and will give your eyes a rest with its front-lit, glare-free screen — and with a whopping 8 weeks of battery life.

Now that you're ready for class, the only hurdle is getting there. For that, I direct iPhone users to the new iOS personal assistant app, Donna. Though geared toward busy professionals, it works as well for those pesky 8 a.m. classes. Simply input your schedule to the calendar, and good ol' Donna will tell you when to leave and how to get there — depending on whether you bike, walk or drive.

Smartphone shoppers should look no further than the Nokia Lumia 1020 from AT&T, now at $199 with a two-year contract. Take professional-quality photos of all those exciting new experiences. And please, send them to your parents. They did, after all, drop a ton of cash on your spoiled, digitally decked-out self.


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Medical marijuana pot deadline near

People who want to open medical marijuana dispensaries in Massachusetts have until Thursday to hand-deliver their initial application to the state Department of Public Health.

"The Department has created a solid regulatory framework for this new industry, and now we are ready to move forward with the competitive application process," DPH Commissioner Cheryl Bartlett said in a press release.

"We are committed to a fully transparent process that respects patient needs, while ensuring safe communities."

The law, approved by voters last November, allows for up to 35 dispensaries in the state.

The dispensaries will provide marijuana for people with certified medical conditions such as cancer, Parkinson's disease and AIDS.

The state has enacted a two-step application procedure to select dispensary operators.

In the first phase, regulators will review each applicant's financial viability and conduct background checks.

Applicants must report if any member of their organization has been subject to a felony drug conviction.

Those who clear the initial screening can move on to a second phase where a selection committee will review final applications.

Prospective marijuana dispensaries must pay a $1,500 fee as part of the Phase 1 application. If they qualify for Phase 2, they will have to pay an additional $30,000. Both sets of fees are non-refundable.

Dispensaries that are selected must pay another $50,000 annual fee for a state-approved Certificate of Registration.

"The application and patient registration fees that DPH has put into place are in line with other states and will be affordable to patients," Bartlett said in a statement. "Dispensaries will be required to pay their fair share to support this program, so we do not rely on taxpayer resources."

DPH will use the fees to meet the program's operational needs, including hiring staff and training inspectors to monitor the industry.

DPH also will develop an online system for registering and auditing for participant eligibility.

The law is required to be revenue-neutral, and fees are expected to cover all estimated operating costs.

Herald wire services contributed to this story.


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California city becomes rarity: a 2 newspaper town

LONG BEACH, Calif. — The latest experiment in American journalism is a throwback: a new daily newspaper to compete against an established one in a big city.

The front page of Monday's debut edition of the Long Beach Register featured stories under the headlines "Welcome to your new local paper" and "A glimpse into Long Beach's future."

With the newspaper, the ambitious owners of the Orange County Register are expanding their bet that consumers will reward an investment in news inked on paper and delivered to their doorsteps — that their newspaper will be a big part of Long Beach's future.

The competition is the Long Beach Press-Telegram, founded more than a century ago.

As a result of the budding newspaper battle, this city of 468,000 is joining the likes of Chicago, Philadelphia and Boston as what has become a rarity in 21st century America — the two newspaper town. Never mind shrinking circulations and online news migration.

"We believe that a city with the size and vibrancy of Long Beach should be happy to support a great newspaper of the variety we want to provide," said Aaron Kushner, who since buying the Orange County Register a year ago with a partner has surprised industry watchers by expanding reporting staff and page counts. "If it is, we'll make healthy money. If it's not, that'll be unfortunate for everyone. But we believe we'll be successful."

By launching the Long Beach Register, Kushner, publisher of the Register and CEO of Freedom Communications, is taking his contrarian instincts outside Orange County.

Media business analyst Rick Edmonds said the last time he can recall a major U.S. city adding a new daily paper was around World War II, when Chicago got the Sun-Times and New York got Newsday. There have been scattered other instances in smaller cities, but since newspapers entered their recent troubles, the creation of a new rivalry is itself news. A brewing newspaper war in New Orleans between that city's Times-Picayune and a challenger based about 80 miles away in Baton Rouge, La., is the closest to what's unfolding in Long Beach.

"How will it play out?" asked Edmonds, of the Poynter Institute, a journalism foundation in St. Petersburg, Fla. "Don't really know until it happens."

Long Beach is a diverse city better known for its sprawling container ship port — one of the world's largest — than its beaches.

While its oceanfront drive features a large aquarium and the historic Queen Mary ocean liner, it also has big city problems including gangs. Bordering Orange County's urbanized north, it is in Los Angeles County, about 20 miles south of downtown LA.

In their small, sunlight-flooded newsroom, reporters for the new Register were greeted Thursday by two boxes of doughnuts and the kinds of issues that bedevil startups: who sits where, how come this outlet has no power, and how to get an Internet connection?

After a round of introductions, editor Paul Eakins told his staff that with at least 16 pages to fill each day, the paper would both cover "hyperlocal" news and welcome contributions from readers. In all, the paper has about 20 editorial employees.

Write about a boy becoming an Eagle Scout? Yes. Opening of the new dog park? You bet.

"I don't think they quite know what's coming," Eakins said of readers.

On Monday, 10,000 copies are being distributed, publisher Ian Lamont said. The paper will be wrapped around the Orange County Register, so readers will get coverage of Long Beach's schools, sports, courts, happenings and City Hall — plus news from around the region and world. There will be no separate Long Beach paper on weekends.

By contrast, the Press-Telegram maintains an average weekday circulation of about 55,000.

Several reporters at the Long Beach Register are Press-Telegram alums, and though Eakins downplayed any rivalry, at the staff meeting there were gentle jabs about besting an old employer.

For their part, the Press-Telegram's bosses are giving no ground.

"We're not going to let a competitor come into our city and take it," said Michael A. Anastasi, vice president of news and executive editor of the Los Angeles News Group, which owns the Press-Telegram and eight other daily papers in the area.

The competition's certain winners, Anastasi said, will be local residents.

___

Follow Justin Pritchard at https://twitter.com/lalanewsman


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Al-Jazeera America prepares for Tuesday launch

NEW YORK — In a warren of offices at a former bank building near Madison Square Garden, dozens of journalists are at work on gleaming new electronic equipment, ready to turn their test runs of Al-Jazeera America into the real thing.

The Qatar-based news organization will finally establish a firm foothold on American television Tuesday after a decade of trying. At 3 p.m. EDT, Al Gore's former Current TV will turn out the lights in more than 45 million TV homes, replaced by the new U.S. affiliate of Al-Jazeera.

The network has hired many veterans of U.S. television, including John Seigenthaler, Joie Chen, Antonio Mora and Sheila MacVicar, and is promising a meaty diet of news that it believes will contrast with the opinionated talk that dominates American news networks.

"We're breaking in with something that we think is unique and are confident, with our guts and some research, that the American people are looking for," said Kate O'Brian, the former ABC News executive who is now Al-Jazeera America's president.

The dozens of flat-screen TVs and occupied desks scattered around marble pillars in AJA's New York office indicate this is no cheap startup. And this is temporary; the network is looking for a larger office in New York but wanted to start quickly after buying out Current in January. Bureaus are also being established in 11 other American cities.

Until Al-Jazeera America revealed a prime-time schedule last week, there were few indications of what the network would look like. Scheduled shows include a nightly newscast anchored by Seigenthaler, a newsmagazine hosted by Chen, a news talk show with Mora and a business program starring Ali Velshi.

It's still not clear what will be shown in the mornings and whether much of the broadcast day will be devoted to documentary-style programming or live news.

With its domestic bureaus, AJA will seek out stories beyond the towers of New York and government buildings in Washington, said Ehab Al Shihabi, the network's interim CEO. Besides those two cities, bureaus are located in Los Angeles, San Francisco, Dallas, Detroit, Chicago, Denver, Miami, Seattle, Nashville, Tenn., and New Orleans.

"I am here because the promise of doing good work is just exceptional," said David Doss, a veteran of ABC, NBC and CNN who is Al-Jazeera America's senior vice president of news programming.

Al-Jazeera is well-established overseas, and the American network will take advantage of its 70 bureaus. But executives have been careful to stress that AJA will be geared toward American tastes. They have a careful line to walk: Al-Jazeera doesn't want to remind Americans of when Bush administration officials questioned its independence in the months after the terrorist attacks, and the years when American cable operators wanted nothing to do it. Tight security is evident at the New York office. A visitor last week needed to go through an airport-style metal detector and be checked by two guards.

The American launch has caused some internal dissension. A memo to his bosses from Marwan Bishara, an Al-Jazeera political analyst, suggested that executives have gone too far to ingratiate themselves with a U.S. audience. "How have we moved from the main idea that the strength of (Al-Jazeera) lies in the diversity, plurality and even accents of its journalists to a channel where only Americans work?" Bishara wrote, his memo made public by The Guardian newspaper in England.

Bishara said that asking potential viewers in a poll whether they consider Al-Jazeera to be anti-American sends a bad message.

Bishara worries that Al-Jazeera will water down its journalism for an American audience, "and nothing could be further from the truth," said Paul Eedle, deputy launch manager. Being bold — not bland — is the secret to success, he said.

The Al-Jazeera English network, which has disseminated its programming online and over some widely scattered cable systems during the past decade, is generally straightforward in its news coverage, said Philip Seib, a professor of journalism and public policy at the University of Southern California, who has written a book about Al-Jazeera.

"That's what's encouraging about Al-Jazeera America," Seib said. A focus on technology and science-oriented programs indicate an effort to reach smart, younger viewers, he said.

Dave Marash, a former Al-Jazeera English reporter, said he believes that AJA will be able to produce the solid news reporting it is counting on to distinguish itself from its competition.

"Almost all of their hires are respectable people with real careers and real records," Marash said. "Several are flat-out outstanding — Sheila MacVicar is outstanding. I'm optimistic."

AJA will be available in less than half of American homes at its launch. The Time Warner cable system, for example, dropped Current when the sale was announced. AJA is negotiating with Time Warner and carriers like Cablevision that didn't carry Current in the first place, to get in more homes. But people at the network expect a wait-and-see period.

Another handicap is the channel's location on cable systems. Current was often given a high-numbered channel that makes it much less likely that viewers would find it by chance; AJA said it is working to improve that.

Even with Al-Jazeera rarely available on TV in the U.S., the Al-Jazeera English network had a substantial following online. But that will end; as a condition of being carried on cable systems, Al-Jazeera will no longer be able to send out a live Internet stream of its programming.

That seems unwise, Marash said. Essentially, Al-Jazeera will be trading a young and growing audience online — the distribution form that best represents the industry's future — for a smaller, older television audience, he said.

"None of this makes any sense unless you talk about it in the context of ego," Marash said.

AJA has said little about its online plans. Al Shihabi said the company's goal is to get near-universal carriage on television, making the worries about the online audience moot.

"We are not coming here to compete," Al Shihabi said. "We are coming here to win."

___

EDITOR'S NOTE — David Bauder can be reached at dbauder@ap.org or on Twitter @dbauder. His work can be found at http:bigstory.ap.org/content/david-bauder.


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Al-Jazeera America prepares for Tuesday launch

NEW YORK — In a warren of offices at a former bank building near Madison Square Garden, dozens of journalists are at work on gleaming new electronic equipment, ready to turn their test runs of Al-Jazeera America into the real thing.

The Qatar-based news organization will finally establish a firm foothold on American television Tuesday after a decade of trying. At 3 p.m. EDT, Al Gore's former Current TV will turn out the lights in more than 45 million TV homes, replaced by the new U.S. affiliate of Al-Jazeera.

The network has hired many veterans of U.S. television, including John Seigenthaler, Joie Chen, Antonio Mora and Sheila MacVicar, and is promising a meaty diet of news that it believes will contrast with the opinionated talk that dominates American news networks.

"We're breaking in with something that we think is unique and are confident, with our guts and some research, that the American people are looking for," said Kate O'Brian, the former ABC News executive who is now Al-Jazeera America's president.

The dozens of flat-screen TVs and occupied desks scattered around marble pillars in AJA's New York office indicate this is no cheap startup. And this is temporary; the network is looking for a larger office in New York but wanted to start quickly after buying out Current in January. Bureaus are also being established in 11 other American cities.

Until Al-Jazeera America revealed a prime-time schedule last week, there were few indications of what the network would look like. Scheduled shows include a nightly newscast anchored by Seigenthaler, a newsmagazine hosted by Chen, a news talk show with Mora and a business program starring Ali Velshi.

It's still not clear what will be shown in the mornings and whether much of the broadcast day will be devoted to documentary-style programming or live news.

With its domestic bureaus, AJA will seek out stories beyond the towers of New York and government buildings in Washington, said Ehab Al Shihabi, the network's interim CEO. Besides those two cities, bureaus are located in Los Angeles, San Francisco, Dallas, Detroit, Chicago, Denver, Miami, Seattle, Nashville, Tenn., and New Orleans.

"I am here because the promise of doing good work is just exceptional," said David Doss, a veteran of ABC, NBC and CNN who is Al-Jazeera America's senior vice president of news programming.

Al-Jazeera is well-established overseas, and the American network will take advantage of its 70 bureaus. But executives have been careful to stress that AJA will be geared toward American tastes. They have a careful line to walk: Al-Jazeera doesn't want to remind Americans of when Bush administration officials questioned its independence in the months after the terrorist attacks, and the years when American cable operators wanted nothing to do it. Tight security is evident at the New York office. A visitor last week needed to go through an airport-style metal detector and be checked by two guards.

The American launch has caused some internal dissension. A memo to his bosses from Marwan Bishara, an Al-Jazeera political analyst, suggested that executives have gone too far to ingratiate themselves with a U.S. audience. "How have we moved from the main idea that the strength of (Al-Jazeera) lies in the diversity, plurality and even accents of its journalists to a channel where only Americans work?" Bishara wrote, his memo made public by The Guardian newspaper in England.

Bishara said that asking potential viewers in a poll whether they consider Al-Jazeera to be anti-American sends a bad message.

Bishara worries that Al-Jazeera will water down its journalism for an American audience, "and nothing could be further from the truth," said Paul Eedle, deputy launch manager. Being bold — not bland — is the secret to success, he said.

The Al-Jazeera English network, which has disseminated its programming online and over some widely scattered cable systems during the past decade, is generally straightforward in its news coverage, said Philip Seib, a professor of journalism and public policy at the University of Southern California, who has written a book about Al-Jazeera.

"That's what's encouraging about Al-Jazeera America," Seib said. A focus on technology and science-oriented programs indicate an effort to reach smart, younger viewers, he said.

Dave Marash, a former Al-Jazeera English reporter, said he believes that AJA will be able to produce the solid news reporting it is counting on to distinguish itself from its competition.

"Almost all of their hires are respectable people with real careers and real records," Marash said. "Several are flat-out outstanding — Sheila MacVicar is outstanding. I'm optimistic."

AJA will be available in less than half of American homes at its launch. The Time Warner cable system, for example, dropped Current when the sale was announced. AJA is negotiating with Time Warner and carriers like Cablevision that didn't carry Current in the first place, to get in more homes. But people at the network expect a wait-and-see period.

Another handicap is the channel's location on cable systems. Current was often given a high-numbered channel that makes it much less likely that viewers would find it by chance; AJA said it is working to improve that.

Even with Al-Jazeera rarely available on TV in the U.S., the Al-Jazeera English network had a substantial following online. But that will end; as a condition of being carried on cable systems, Al-Jazeera will no longer be able to send out a live Internet stream of its programming.

That seems unwise, Marash said. Essentially, Al-Jazeera will be trading a young and growing audience online — the distribution form that best represents the industry's future — for a smaller, older television audience, he said.

"None of this makes any sense unless you talk about it in the context of ego," Marash said.

AJA has said little about its online plans. Al Shihabi said the company's goal is to get near-universal carriage on television, making the worries about the online audience moot.

"We are not coming here to compete," Al Shihabi said. "We are coming here to win."

___

EDITOR'S NOTE — David Bauder can be reached at dbauder@ap.org or on Twitter @dbauder. His work can be found at http:bigstory.ap.org/content/david-bauder.


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Unemployment rates rise in most US states in July

WASHINGTON — Unemployment rates rose in more than half of U.S. states in July and fewer states added jobs, echoing national data that show the job market may have lost some momentum.

The Labor Department said Monday that unemployment rates increased in 28 states. They were unchanged in 14 and fell in eight states — the fewest to show a decline since January.

Hiring increased in 32 states in July compared with June, the fewest to report job gains in three months. Seventeen states reported job losses. California, Georgia and Florida reported the largest job gains, while New Jersey and Nevada lost the most.

Nationwide, hiring has been steady this year but slowed in July. Employers added 162,000 jobs, the fewest since March. The unemployment rate fell to 7.4 percent, a 4 ½ -year low, from 7.6 percent.

And while the job market has improved over the past 12 months, the gains appear to be benefiting southern and western states most of all.

Unemployment in the West fell to 7.9 percent in July. That's down from 9.3 percent a year earlier and the biggest decline of the four regions. In the South, unemployment fell to 7.3 percent, from 7.8 percent a year ago.

Unemployment has barely dipped in the Midwest, to 7.3 percent from 7.5 percent in the past year. In the Northeast, it dropped to 7.6 percent from 8.4 percent.

Steve Cochrane, an economist at Moody's Analytics, says southern and western states have seen steady growth in manufacturing jobs. And the South is also benefiting from lower taxes and cheaper labor.

"Some of the old, long-standing comparative advantages are re-emerging as drivers of growth," he added.

California has propelled much of the gains in the West, adding 38,100 jobs in July to lead all states. And California has added 236,000 jobs in the past year, second only to Texas's 293,000 jobs.

Unemployment in California has fallen to 8.7 percent in July from 10.6 percent 12 months ago — the biggest year-over-year drop of any state.

Another bright spot is Utah, which has gained the largest percentage of jobs in the past 12 months. Utah's gains were in information technology, manufacturing and construction.

In the South, Texas, Florida and Georgia have been driving job growth. Georgia added 30,900 jobs in July, the second most of any state. Much of the gains were in categories that include transportation, utilities, retail, hotels, restaurants and amusement parks.

Nevada reported the nation's highest unemployment rate in July, at 9.5 percent. It was followed by Illinois, 9.2 percent. North Dakota continues to have the nation's lowest unemployment at 3 percent. South Dakota is close behind at 3.9 percent.


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UK lawmaker arrested at anti-fracking protest

LONDON — A British lawmaker was among more than two dozen people arrested Monday at a protest against shale gas extraction in southern England.

Caroline Lucas, Britain's only Green Party member in Parliament, was led away by police from a sit-in at the gates of a drilling site near the village of Balcombe and put in a police van. Sussex Police said about 25 protesters were arrested for offenses including assault and "obstruction of the highway."

Lucas said she and the other demonstrators "took peaceful non-violent direct action only after exhausting every other means of protest available."

"Along with everyone else who took action today, I'm trying to stop a process which could cause enormous damage for decades to come," Lucas said. "The evidence is clear that fracking undermines efforts to tackle the climate crisis and poses potential risks to the local environment."

The Cuadrilla Resources Ltd. site, 30 miles (50 kilometers) south of London, has been targeted by demonstrators opposing the process known as fracking.

The company says its operation at Balcombe involves exploratory drilling for oil and won't include fracking, though it hasn't ruled it out in future.

Cuadrilla suspended work at the site Friday as protesters gathered for a six-day protest camp.

The government says tapping shale gas could transform Britain's energy supply, but critics say it risks despoiling the countryside.

Other protesters blockaded Cuadrilla's central England headquarters on Monday, while another group glued themselves to the door of the London PR firm the company employs. Several people were arrested.

Cuadrilla condemned the protests.

"What we are doing is legal, approved and safe," it said in a statement. "Shale gas is essential to improve our energy security, heat our homes and create jobs and growth."


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New Samsung 'Mega' phone nearly tablet-sized

NEW YORK — Smartphones are getting bigger as people use them more to watch movies and play games. A new one from Samsung is beyond big.

With a screen measuring 6.3 inches diagonally, the Galaxy Mega is almost as big as a 7-inch tablet computer. The difference: It makes phone calls.

Samsung says the Mega is a hybrid that combines the portability of a smartphone with the immersive experience that a tablet offers for movies, books, music and games. Phones of this size are typically referred to as phablets.

Samsung Electronics Co. is known for big phones. Its flagship Galaxy S4 is 5 inches, while the Galaxy Note 2 is 5.5 inches. Apple's iPhone 5 is 4 inches.

Samsung is also known for offering a variety of devices, with different screen sizes and prices, to target a range of consumers. Because of that, it's now the leading maker of phones. Apple, by contrast, has been releasing one model a year that targets high-end consumers. A new iPhone is expected this fall.

The Mega includes many features available in other recent Galaxy phones. That includes Multi Window, which allows multitasking in a split screen, and Easy Mode, which reduces the number of features and choices for new smartphone users.

AT&T Inc. says it will start selling the Mega on Friday for $150 with a two-year service contract. The Mega is also coming to Sprint and U.S. Cellular. Dates and prices weren't available for those carriers. The Mega made its debut in Europe and Russia in May, but hasn't been available in the U.S. until now.

As Samsung's phones get larger, at least one of HTC Corp.'s is getting smaller. AT&T announced Monday that it will start selling a smaller version of the HTC One. Called the HTC One Mini, it will have a 4.3-inch screen, compared with 4.7 inches on the standard model. It's also lighter, at 4.3 ounces. The One is 5 ounces. The One Mini will be about $100 cheaper than its big brother. It will be available starting Friday for $100 with a two-year service agreement.


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Stocks move lower, despite tech advances

NEW YORK — The stock market was mostly lower Monday as worries about the recent rise in bond yields outweighed an advance in the technology sector.

The Dow Jones industrial average was down 19 points, or 0.1 percent, to 15,062 shortly after noon. The Standard & Poor's 500 index lost 2 points, or 0.1 percent, to 1654. The market fell broadly; Two stocks fell for every one that rose on the New York Stock Exchange.

Intel led the Dow higher after the stock was upgraded by PiperJaffray. The investment bank raised its rating on Intel, predicting strong sales for chips used in tablet computers and mobile devices. Intel rose 60 cents, or 2.7 percent, to $22.50.

The technology-heavy Nasdaq composite index rose 13 points, or 0.4 percent, to 3,615.

Other major tech stocks also rose. Apple rose $9.76, or 1.9 percent, to $511.90 and Google rose $12.28, or 1.4 percent, to $869.70.

However, the main focus for many investors was the rapid rise in bond yields. The yield on the benchmark 10-year Treasury note rose to 2.88 percent from 2.83 percent Friday.

The yield is the highest it's been since July 2011. It has been rising sharply from its recent low of 1.63 percent reached in early May as the economy improves and as investors anticipate an end to the Federal Reserve's huge bond-buying program.

The quick rise in bond yields has worried some investors because it leads to higher interest rates on many kinds of loans, including home mortgages and corporate loans.

"I do think we're not too far away from that point in time where this heavy increase in bond yields is going to start impacting the (stock) markets," said Doug Peebles, chief investment officer of AllianceBernstein Fixed Income.

Some investors expect the 10-year note could rise above the psychologically important 3 percent mark as early as month's end.

The Dow is coming off its worst week this year. The benchmark index fell 2.2 percent last week and the S&P 500 lost 2.1 percent. Investors have been focused on the possibility that the Federal Reserve may pare back its massive bond-buying program as early as next month. The program has been keeping interest rates low to encourage borrowing and hiring.

"We've been in this artificially low interest rate environment for so long, it's hard to figure out what 'normal' is," said Jim Dunigan, chief investment officer with PNC Wealth Management.

More news from the Fed is coming up this week. On Wednesday the Federal Reserve will publish the minutes of its July policy meeting, and on Thursday the Fed starts its annual conference in Jackson Hole, Wyo.

Dunigan said the recent rise in bond yields might be temporary as the market waits for the Fed's next policy meeting Sept. 17-18. "We expected interest rates would rise with this improving economy," he said.

A rout for retailers continued Monday. Saks, the luxury retailer, reported a wider loss two weeks after agreeing to be bought by the Canadian retailer Hudson's Bay, the parent company of Lord & Taylor, for $2.4 billion.

The retail sector got off to a dismal start last week after Wal-Mart, Macy's and Nordstrom cut their sales outlooks for the year. This week, J.C. Penney, Target, the Gap, Home Depot, Sears and others report quarterly earnings. The retail industry is often closely watched by investors because consumer spending makes up a large chunk of the U.S. economy.

Among other stocks making big moves:

— Zillow said it was buying New York-focused real estate website StreetEasy for $50 million. Zillow dropped $4.57, or 5 percent, to $87.03.

— Dollar General rose $1.56, or 3 percent, to $54.04, the biggest gain in the S&P 500. Analysts at JPMorgan Chase upgraded the stock to "overweight" from "neutral" and raised their price target to $64 from $51, citing signs that sales and profit margins were improving.


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