Barnes & Noble sells fewer Nooks, retail revenue falls

(Reuters) – Barnes & Noble Inc’s Nook unit reported weak holiday season numbers on Thursday as it sold fewer e-readers and tablets at its own stores, and its e-books sales growth slowed, raising questions about the future of its digital business.

The Nook, launched in 2009 to compete with Amazon.com Inc‘s market-leading Kindle, has been the cornerstone of Barnes & Noble‘s strategy to counter the shift by many book readers to digital books. Early growth attracted a big investment last year from Microsoft Corp.

And last week, British education and media publisher Pearson Plc said it would take a 5 percent stake in Barnes & Noble‘s Nook Media unit, which also includes its college bookstore chain, giving it a $ 1.8 billion value, about double the company’s value as a whole.

But questions swirled about whether it is worth that much, after the retailer said that the Nook segment’s revenue fell 12.6 percent from a year earlier during the nine weeks ended December 29, hurt by lower unit sales and prices.

Sales of digital content like e-books and magazines rose 13.1 percent during the holidays, a much slower pace than the 38 percent gain last quarter and 113 percent in the 2011 holiday season, suggesting Barnes & Noble is having trouble holding on to its 25-30 percent share of the U.S. e-books market.

“We are way beyond the point where you should see content sales accelerate,” Morningstar analyst Peter Wahlstrom told Reuters. “That hasn’t materialized and that’s concerning.”

The numbers were all the more disappointing given that in late November, Barnes & Noble had told investors Nook device sales doubled over the Black Friday weekend, which follows Thanksgiving and kicks off the holiday season in earnest.

That suggests the rest of season was a debacle, analysts said, and Chief Executive William Lynch said in a statement that Barnes & Noble is “examining the root cause” of the shortfall and will adjust its strategy.

“The investment question for Barnes & Noble in 2013 is the Nook‘s staying power as a legitimate tablet device,” Credit Suisse analyst Gary Balter wrote in the note, predicting the retailer will face stiffer competition this year from the likes of Apple Inc and Google Inc, since tablets now have improved functions that make them more appealing to book readers.

The drop in Nook sales came despite the launch of two well-reviewed high-definition Nook tablets in October and promotions at large chains like Wal-Mart Stores Inc and Target Corp, both of which stopped selling Kindles last year.

Despite the holiday results, Barnes & Noble still expects Nook Media sales of $ 3 billion this fiscal year, keeping a forecast it gave in October.

That steady forecast helped lift shares 2.6 percent to $ 14.88 in morning trading.

The company will report full quarterly results in late February.

The results follow a warning from Barnes & Noble in a filing last week that holiday sales would come in below its expectations. The warning erased most of the gains in its share price that followed the news of Pearson’s investment.

FEWER VISITORS IN STORES

Compounding Barnes & Noble‘s troubles, fewer shoppers came into its bookstores during the Christmas period.

Barnes & Noble, which had enjoyed a sales bump after onetime rival Borders Group liquidated in 2011, reported a 10.9 percent decrease in sales at its bookstores and on its website over the holiday period.

Sales at stores open at least 15 months fell 3.1 percent, excluding Nook products, despite the benefit of some store closings — Barnes & Noble operates 689 bookstores, 14 fewer than a year ago.

“The Borders tailwind is over,” Morningstar’s Wahlstrom said.

(Reporting by Phil Wahba in New York; editing by John Wallace and Nick Zieminski)

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Obama expected to nominate Chuck Hagel for Defense Secretary: report

WASHINGTON – President Obama is expected to announce Monday that he has picked former Nebraska Republican Senator and Vietnam veteran Chuck Hagel as his new Defense Secretary, according to a report.

Hagel will succeed current secretary Leon Panetta, who is stepping down, according to a report in Politico.

The nomination of Hagel, who voted against entering the Iraq war, is expected to ignite a fierce confirmation fight. Senate Republicans criticized Hagel, who would be the first enlisted soldier and Vietnam veteran to serve in the post, for his Iraq war vote.

REUTERS

Chuck Hagel leaves a news conference in Omaha, Nebraska in 2007.

Democratic backed groups have slammed Hagel, 66, for his support of Israel negotiations with Palestine and opposition to some Iran sanctions and for making an anti-gay comment about an ambassador nominee, a statement Hagel recently apologized for.

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Billionaire Phillip Frost an ‘entrepreneur’s entrepreneur’

For that blind first date, a half-century ago, the young doctor, Phillip Frost, showed up at Patricia Orr’s family house in suburban New York, with an unusual gift: a miniature mushroom garden.

In the 50 years since, Frost, the son of a shoe store owner, has gone on to amass a fortune of $2.4 billion, according to Forbes magazine, becoming the 188th wealthiest man in the United States by developing and selling pharmaceutical companies. Along the way, he and Patricia have become major philanthropists in Miami-Dade County and they’ve signed a pledge to give away at least $1 billion more.

“He’s a relentless guy,” says Miami banker Bill Allen, who’s know him for more than 40 years. “He’s not afraid to take risks. ... He knows the intimate details of the chemistry of products, and he’s the kind of guy who can examine 50 deals while eating a sandwich.”

CNBC’s Jim Cramer recently praised Frost’s “incredible track record” for developing companies, calling Frost’s latest endeavor, OPKO Health, a “very risky” investment while noting it could offer huge gains under Obamacare.

But back in 1962, Patricia’s first impression was that Phil Frost was a bit of a nerd, finishing his medical internship with a strong interest in research — including mushrooms. She figured an academic career loomed.

“My mother was very impressed,” recalls Patricia, not so much by the M.D. behind Frost’s name but by the gift, something more serious than the usual flowers or candy. Serious was fine with Patricia, who was living at home while working toward a master’s degree in education at Columbia University. For their first date, they listened to a classical music concert.

Frost’s rise to riches may seem highly distinctive, but in an odd coincidence he has much in common with another prominent Miamian. Frost, 76, and car dealer Norman Braman, 80, both frequently appear on the Forbes list of wealthiest Americans. Both grew up in Philadelphia — Frost the son of a man who sold shoes, Braman son of a barber. Both are Jewish, well-known art collectors and philanthropists.

“He’s an entrepreneur’s entrepreneur,” says Braman. “We have a lot in common, coming from very poor families. But he went to Central High (a public school for exceptional students) and I was not qualified to go there.”

There are other differences. While Braman is voluble and highly visible in the causes he supports, Frost tends to be a reticent, almost shy speaker, given to careful pauses.

‘Lucky chances’

Told that a former colleague had called Frost “lucky,” Frost thought for a long moment. He could have cited many national business stories about his business acumen. Instead, he responded crisply: “I’ll be satisfied with lucky. I benefited from chance meetings.”

Frost spent his first years living above the shoe shop within an Italian market in South Philly. His two brothers were 15 and 16 years older. “I was an afterthought.”

The family was religiously observant, and Frost recalls his father singing him songs in Yiddish when he was small. He lived at home while attending the University of Pennsylvania, except for a year abroad in France. He took many science courses, but his major was French literature.

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In Miami’s Wynwood district, the party has overtaken the art

First there was the woman who sat down in the middle of the gallery and spilled her drink on the floor. Then there was another woman who snuck into the gallery’s parking garage, her pants halfway pulled down, desperately looking for a bathroom.

But what made Pan American Art Projects Director Janda Wetherington decide to stop participating in Wynwood’s Second Saturday Art Walks was when someone spilled wine onto a $15,000 painting, then bailed before anyone noticed.

“By that point, we had already stopped offering wine or water to people who came into the gallery, and we even had someone guarding the door to make sure no one brought any food or drink inside,” Wetherington said. But even that tactic failed. “That’s when we started opening earlier in the afternoon on Second Saturdays and close by 8 p.m. at the latest.”

The monthly art walks, which are held the second Saturday of each month, draw thousands of young people and usually wind up as boisterous block parties. On Tuesday, ARTtuesdays/MIAMI will present a panel discussion titled “What’s Next for the Wynwood Art Galleries?” at Books & Books in Coral Gables to explore whether the neighborhood’s increasingly bustling nightlife, combined with the large number of empty warehouse spaces and a lack of a geographical center, may have a negative impact on the galleries.

“Wynwood now has an international profile,” says Helen Kohen, the art historian and critic who will moderate the panel. “It’s been written about a lot. All the people who come to Art Basel have been to Wynwood for various reasons. So here Miami finally has developed a viable arts center, and it seems to be imploding.”

Wedged between 20th and 36th streets, just east of I-95, Wynwood’s Art District is currently home to more than 70 museums, galleries and collections. One of the neighborhood’s most popular attractions are the Wynwood Walls, giant murals that line the streets painted by renowned graffiti artists. There is even a movie theater, O Cinema, that specializes in art film fare.

But the neighborhood is also dotted by vacant warehouses, industrial businesses and eyesore buildings that get in the way of the intended art village vibe.

Fredric Snitzer, one of the few Miami gallerists invited to exhibit at Art Basel Miami Beach, says he doesn’t even bother to open on Second Saturdays any more. He is also pessimistic about the future of Wynwood as a thriving art district, even though he was one of the area’s pioneers (his gallery opened in 1977).

“I don’t know what is going to happen here,” he says. “One of the initial aspirations I had for the neighborhood is that there were so many beautiful kinds of raw spaces that perhaps serious galleries from out-of-town would come in and there would be a Chelsea or SoHo feel — a cluster of galleries showing solid work.

“But there are too many buildings spread out over too large of an area. The neighborhood is sprawling and it still has quite a bit of a crime problem. If it was smaller, the city could control it. But now, there’s a gallery over here and a restaurant a mile away over there. I don’t have the aspirations I used to have about the neighborhood any more.’’

Susan P. Kelley, director of the Kelley Roy Gallery, says that because her gallery is not located on NW Second Avenue — ground zero for the Second Saturday parties — she has been spared a lot of the chaos.

“We don’t get the herds; we get to cultivate our audience to come to us,” she says. “But the tide has shifted dramatically. We used to serve wine, and we stopped that two years ago because kids would come in, pick up the glasses of wine and leave. One of the purposes of a gallery is to provide entertainment to people. Not everyone is a buyer. But you still want them to come to enjoy the art and learn and have their minds expanded. Just not to the point where it isn’t respected.’’

Kelley says that “very little” art is sold on Second Saturdays, and points out that an increasing number of art dealers are holding their openings via invitation on Thursday or Friday nights instead.

But other gallery owners say Second Saturdays are an effective way to entice younger people to pay attention to art.

“People in the art world are constantly complaining that contemporary art doesn’t have a modern audience, and this is one way to fix that,” says Nina Johnson-Milweski, director of Gallery Diet. On Second Saturdays, she extends opening hours to 9 p.m. from her usual 5 p.m. closing time.

“Part of my interest in running a gallery isn’t just for the business: It’s also for the cultural benefit of the city as a whole. A lot of people who live in Miami aren’t even aware of the art scene here.”

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Cricketer Herath alive and bowling despite death rumors

SYDNEY (Reuters) – As Mark Twain might have said, rumors of the death of Sri Lankan spinner Rangana Herath which spread like wildfire across social media late on Friday proved to be greatly exaggerated.

Far from lying in a Sydney morgue alongside former test bowler Chaminda Vaas after perishing in a car crash as the reports had suggested, Herath was very much alive when he pitched up for work at the Sydney Cricket Ground on Saturday.

The most prolific wicket-taker in test cricket last year, the 34-year-old leg spinner claimed two Australian wickets to seal a haul of four for 95 and then contributed nine runs with the bat.

Team mate Dimuth Karunaratne told reporters at the conclusion of the day’s play that the team had been dumbfounded by the rumors.

“I heard about it when we having breakfast but I had no idea where that came from,” he said with a laugh.

“Guys from Sri Lanka were calling us asking ‘when is the funeral?’ and stuff like that.

“Rangana is alive,” he added, somewhat unnecessarily.

Herath’s efforts were not enough to prevent Australia taking an iron grip on the third test match on Saturday and move to the brink of a 3-0 series sweep.

That could all change, however, if he and Dinesh Chandimal, who finished the third day unbeaten on 22, are able to dig in on Sunday, inflate their lead beyond the current 87 and give Sri Lanka a decent target to bowl at.

The Sydney track has traditionally offered a lot of turn for spinners in the last couple of days of a test and, as Herath’s 60 wickets last year showed, there are few better spinners operating in test cricket at the moment.

“The wicket is turning a lot now and the Aussie guys are playing the fourth innings, so I think Rangana… can do something,” said Karunaratne.

Vaas has no position with the test team and remains, also unharmed, in Sri Lanka, Sri Lankan reporters said.

(Editing by John O’Brien)

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3 people dead, one man fighting for life after wild car crash

G.N.Miller/New York Post

The red Toyota after it was T-boned by a black Acura this morning

Three people were killed in a wild car crash in Brooklyn this morning that also left an injured man fighting for his life, police said.

A black Acura was driving on Avenue U in Sheepshead Bay at about 2 a.m. when it T-boned a red Toyota headed north on East 5th Street.

Several nearby parked cars and an MTA bus were also hit in the crash.

Cops are investigating whether the Acura blew a red light at the intersection.

Two men and one woman were killed at the scene. Another victim was listed in critical condition at Lutheran Hospital, authorities said.

Two women hurt in the crash were also at Lutheran, listed in stable condition.

G.N.Miller/New York Post

The Acura after today's fatal accident

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Needle reaches the inner groove for Spec’s

In the end, even the almighty Adele and Taylor Swift could not hold back the inevitable.

Spec’s, one of the last great record stores, will close its flagship location in Coral Gables on U.S.1, thus joining once-favored chains like Virgin, Tower and Peaches, locally and abroad, that have withered from Internet shopping.

With the closing, sometime in January after the merchandise is liquidated, 64 years of history becomes memory for countless people who discovered a love of music in the home Martin “Mike” Spector built in 1948 when U.S.1 was but a two-lane road.

The original store, which sold cameras alongside 78-rpm records, was a few blocks south on the highway in South Miami and is now an Einstein’s bagel spot. The present location, opened in 1953 in Coral Gables, lived through the bobby sox era, Beatlemania, disco, punk, hip hop/rap, grunge, electronic dance music and all the format changes including 12-inch vinyl, 45-rpm, reel to reel, 8-track, cassette, compact disc and mp3.

After the first music industry recession in the late 1970s, Spec’s still managed to double in size by breaking through the walls of two restaurants in 1980 on its north side. The original room on the south side of the building would house, first, Spec’s’ VHS movie rentals and sales — Saturday Night at Spec’s! — and, later, one of the most expansive collections of classical music in town.

“It’s the soundtrack of our lives,” said store manager Lennie Rohrbacher, who spent 23 years of his life working at Spec’s, from Clearwater to Coral Gables

Music sales

At its peak, the Spec’s chain grew to some 80 stores in Florida and Puerto Rico. In 1993, annual sales exceeded $70 million. Spec’s went public in 1985 and, in 1998, the Spectors sold to Camelot Music Group, which was acquired by Trans World Entertainment Corp.

Trans World, which did not return several telephone messages, shrewdly kept the Spec’s name attached to the flagship store as goodwill even though, technically, it operated under the company’s retail subsidiary, F.Y.E. (For Your Entertainment).

But those are the cold, hard business facts.

Spec’s was “not like another Eckerd’s,” a drug store chain that also slipped into oblivion amid changing times, said Rohrbacher. “This was part of the community, part of my life. It’s not another store going under.”

Indeed, Spec’s was, first and foremost, a community gathering spot to share a love of music. In the ‘70s and ‘80s Spec’s resembled a makeshift camp site where people would sleep overnight in the parking lot to get the best shot at concert tickets in a pre-Internet world. Spec’s, a hop-skip from the University of Miami’s music school, served as its own music education outlet thanks to a knowledgeable sales staff.

Music education

“The proximity to the UM is prime real estate. Not to have it there will really be different. Even if they didn’t have what I was looking for, the staff was knowledgeable and you were sort of tapping into this knowledge base of people who could turn you on to new music. That’s what I’ll miss about it and the community around the store,” said Margot Winick, an employee at the Coral Gables Spec’s in the mid-1980s when she was a freshman at the UM.

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Opening statements to start in Miami terrorism trial of local Muslim clerics

Opening statements are set to begin Friday in the Miami federal trial of an elderly Muslim cleric and his son on charges they funneled tens of thousands of dollars from South Florida to the Pakistani Taliban terrorist organization to carry out violent attacks against U.S. interests overseas.

A jury of 12 people was selected Thursday after they filled out four-page questionnaires in the case of Hafiz Khan, 77, and his 26-year old son, Izhar Khan. The elder Khan was imam at a Miami mosque, and his son held the same post at a mosque in Margate.

Both have pleaded not guilty to charges of conspiracy and material support to terrorism, asserting they were sending financial support to relatives and friends in Pakistan who have struggled for survival -- not to terrorists. Each count carries a maximum prison sentence of 15 years.

Charges were dismissed last year against another son, Irfan Khan, because of a lack of evidence.

The Pakistani Taliban is linked to al-Qaida and has played roles in several attacks against the U.S., including a December 2009 suicide bombing at a military base in Khost, Afghanistan, that killed seven U.S. citizens, prosecutors said. The group also was connected to the attempt in May 2010 by Faisal Shahzad to detonate a bomb in New York's Times Square.

Central to the prosecution's case against the Khans are more than 1,000 phone calls and other communications intercepted by the FBI from 2008 to 2010. Based in large part on those calls, prosecutors say the Khans wired at least $50,000 to help finance the Pakistani Taliban.

In addition, prosecutors say Hafiz Khan founded a religious school, known as a madrassa, in Pakistan's Swat Valley that was used by the Taliban to train and indoctrinate children in fighting Americans. The madrassa was shut down in 2009 by the Pakistani army.

Court documents also show that the calls contain anti-American rhetoric and strong support for the Taliban, mainly on the part of the older Khan.

In July 2009, for example, the FBI said Khan “cursed the leaders and army of Pakistan, and called for the death of Pakistan's president and for blood to be shed in violent revolution.”

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Bloomberg says his 'instinct' is against publishing names of gun permit holders

He's one of the nation's leading advocates for stricter gun laws, but Mayor Bloomberg today refused to support a newspaper's decision to publish the names and addresses of weapons permit holders.

It wasn't an easy call.

"My instincts would be no, but I can't give you a good argument," the mayor said on his weekly WOR radio show.

He noted that the information is public and publication was protected by the First Amendment.

"The public owns the data," he said. "On the other hand I'm not so sure we should go publish everybody's tax return...or everybody's psychiatric records if they have dealings with a public hospital. Do we really want that?"

Those records, however, are considered private and are not made public.

The Journal News created a furor when it published a map with the names and addresses of weapons permit holders in Westchester and Rockland counties.

The information was obtained through a Freedom of Information request. Another upstate county, Putnam, won't provide its gun data to the newspaper.

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The return of the cranes: Miami-Dade construction projects on the horizon in 2013

The cranes are coming back to Miami.

The battered construction industry is going higher in the new year after showing strong signs of life in 2012. Will Miami feel more like Manhattan in a few years? It just might.

So far, there has been more talk than action, fewer shovels in the ground than grand announcements. Even so, construction is underway on a dozen new condominiums in Miami-Dade County — something that seemed beyond the realm of possibility not so long ago.

Commercial building is picking up, too, particularly in Miami’s hot new urban core.

The construction sector, which posted 62 consecutive months of job losses in Miami-Dade as of November 2012, is expected to finally begin adding jobs in 2013.

By far the centerpiece project to date is Brickell CityCentre, a $1.05 billion shopping and mixed-use project that broke ground in June 2012 and will span three blocks just west of Brickell Avenue to the south of the Miami River.

The 5-million-square-foot mega-project by developer Swire Properties will include a department store, luxury shops, restaurants, a hotel, office towers and condominiums. It is expected to be connected with bridges and covered walkways and to cement downtown Miami’s emerging image as a trendy place to work, live and play.

In Brickell alone, three new condominium projects already are under construction: Jorge Perez’s Related Group is building Millecento, a 42-story tower with 382 units, and MyBrickell, a smaller project with 28 stories and 192 units shoehorned onto a 0.4-acre site. Newgard Development Group is building BrickellHouse, a 46-story, 374-unit project.

More building, much more, is coming.

“We’re going to see a lot of cranes popping up in the first and second quarter, and a year from now, we’re going to see cranes all over the skyline,” said Tom Murphy Jr., chairman and CEO of Coastal Construction, a large Miami builder that is involved in various projects, from hotels to condominiums. “I believe we as a community — South Florida, especially Miami — will build more in the next 10 years than we did in the last 15.”

Among a long roster of projects, Coastal was tapped by developer DACRA for a major renovation project in the Design District, which in 2012 marked the arrival of luxury fashion retailers such as Cartier, Hermes, Louis Vuitton, Celine, Christian Dior and Prada, adding a new dimension to an area already known for home furnishings and restaurants.

DACRA president and CEO Craig Robins has a broader plan to bring in 40 to 50 luxury brands to the Design District by 2014. The area will have a pedestrian promenade, rooftop gardens and public plazas, in keeping with Miami’s emerging urban scene.

The focus on commercial development in Miami’s urban core, is all about providing more services to cater to the new residents who want everything within walking distance.

Spanish developer Espacio USA will break ground in 2013 on the first phase of a $412 million mixed-use project at 1400 Biscayne Boulevard. Starting with one 103,000-square foot office tower, the project will eventually include retail shops and residential units.

“It’s becoming much more of a New York lifestyle, and we’ll continue to see that,” said Ron Shuffield, president of Esslinger-Wooten-Maxwell Realtors in Coral Gables.

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