The supercommittee sell-off: Dow loses almost 250 (AP)

NEW YORK ? The stock market was not exactly surprised that a so-called supercommittee in Congress failed to reach a deal to cut the federal budget deficit. But since summer, investors have sold at the first hint of trouble.

So on Monday, they sold big. The Dow Jones industrial average lost almost 250 points on a day when investors despaired over debt problems at home and abroad.

Members of the special committee, created in August to come up with $1.2 trillion in deficit cuts over 10 years, indicated all day that there would be no deal. After the market closed, the committee's bipartisan leadership made it official.

"They're essentially giving up," said Robert Robis, head of fixed income macro strategies at ING Investment Management.

The supercommittee stalemate is supposed to trigger automatic spending cuts across the government, but there were already hints that Congress would find a way around them. Analysts say that could lead to another downgrade of the U.S. credit rating.

In addition, the failure raises the question of how a gridlocked Congress will find a way to renew a cut in the Social Security tax or agree on whether to extend long-term unemployment benefits.

Congress passed the tax cut last December for one year, and some lawmakers support extending it through 2012 because economic growth remains weak. Both measures would put cash in the pockets of Americans, who can spend it and help the economy grow.

The stalemate also shows lawmakers may not be able to make progress on anything budget-related in the coming months, said Robert Pavlik, chief market strategist with Banyan Partners LLC in New York.

"It shows that there's a bigger problem at hand, and if they can't work to resolve these relatively small yet meaningful issues, what's going to happen if we get into a situation like Europe is in?" he said. "And we're kind of headed there."

The result was another day of heavy selling in a market that has grown used to big swings. The Dow finished down 248.85 points, or 2.1 percent, at 11,547.31. At its low point of the day, the Dow was down 342.

Volatility seized the stock market in late July, when Congress was wrestling with whether to raise the limit on how much the federal government can borrow.

The Dow rose or fell 100 points or more on 15 trading days in August, 16 in September and 15 in October. Monday was its 10th triple-digit move this month, with six trading days to go.

"People are getting so short-term oriented now that all they know is how to make day trades," he said.

The selling swung the Dow from a gain for the year to a loss, the first time that has happened in a month.

In Europe, Moody's, a prominent ratings agency, warned that France could face a downgrade because the debt crisis in Europe has pushed borrowing costs higher for the French government. For now, France has a rating of AAA, the best.

One European country after another has fallen into crisis because of debt. Wary of the ability of countries to pay back their loans, bond investors have insisted on higher returns on national bonds, pushing borrowing costs to dangerous levels.

Stock indexes fell 3.4 percent in both Germany and France ? bigger declines than in the United States. Germany and France are the two largest economies in Europe.

Investors still see American debt as safe, despite the failure of the supercommittee. On Monday, the yield on the benchmark 10-year Treasury note fell to 1.97 percent. It traded at 2.01 percent late Friday.

Bond yields move down when bond prices go up. The higher demand for U.S. bonds Monday was a sign that investors believe in their safety.

The Standard & Poor's 500 index dropped 22.67, or 1.9 percent, to 1,192.98. The S&P 500 fell 3.8 percent last week, its worst since September. The Nasdaq composite index declined 49.36, or 1.9 percent, to 2,523.14.

Last week's steepest falls were Wednesday and Thursday, after Fitch, another ratings agency, warned that the European debt crisis could hit the largest American banks. The S&P 500 is down more than 5 percent for the year. On Nov. 15, it was still up slightly.

The declines Monday were broad. Energy and technology stocks lost the most. All 30 stocks in the Dow average fell, led by Boeing Co. with a 4.7 percent decline. The dollar rose along with U.S. Treasury prices.

Gilead Sciences Inc. stock plunged 9 percent, the most in the S&P 500. The company plans to buy drug developer Pharmasset Inc. for $11 billion. Pharmasset, which has an experimental hepatitis C drug in late-stage clinical trials, jumped almost 85 percent.

Alleghany Corp. fell almost 7 percent after the property and casualty insurer said it had agreed to buy the reinsurance company Transatlantic Holdings Inc. for $3.4 billion. Transatlantic edged up almost 1 percent.

Irish electronics company Cooper Industries PLC bucked the market trend, rising 2.6 percent, after S&P said it will be added to the S&P 500 index. Stocks often rally when they are added to major indexes, because investment funds that mirror the indexes must buy them.

___

Wagner reported from Washington.

Daniel Wagner can be reached at http://www.twitter.com/wagnerreports.

Source: http://us.rd.yahoo.com/dailynews/rss/stocks/*http%3A//news.yahoo.com/s/ap/20111121/ap_on_bi_st_ma_re/us_wall_street

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Alleghany buying Transatlantic in $3.4B deal

(AP) ? Property and casualty insurer Alleghany Corp. has agreed to buy the reinsurer Transatlantic Holdings Inc. in a cash-and-stock deal valued at about $3.4 billion.

The companies said Monday that the transaction values Transatlantic at $59.79 per share in cash and stock. That's a 10 percent premium to the company's $54.43 Friday closing stock price.

The acquisition will create a global specialty reinsurance company with significant underwriting diversification by product and geography, the two New York-based companies said.

Alleghany and Transatlantic had $4.7 billion in pro forma net premiums written for the year ended Sept. 30.

"The companies are complementary with virtually no overlap in their underwriting operations and have highly compatible cultures, which we believe will make integration seamless and efficient," Transatlantic Chairman Richard Press said in a statement.

Transatlantic had been courted by several businesses, receiving takeover offers from Validus Holdings Ltd. and a unit of Warren Buffett's Berkshire Hathaway Inc., National Indemnity Corp. It also said in October that it had started confidential talks with an unnamed party.

Transatlantic provides reinsurance, which is purchased as a backup by primary insurance companies so the industry can cover big losses.

In October, Transatlantic and Switzerland-based Allied World Assurance Co. Holdings AG called off their deal to combine the companies. Transatlantic and Allied World did not specify a reason for calling off the deal, although they described it as a mutual decision.

In the deal with Alleghany, Transatlantic stockholders will receive 0.145 shares of Alleghany and $14.22 in cash for each share they own. Transatlantic shareholders may choose to receive either the cash or stock option.

Alleghany said the transaction will immediately add to its earnings per share once it is completed.

Transatlantic will become an Allleghany subsidiary once the deal closes. The acquisition, which is not subject to a financing condition, is expected to be completed early next year.

Upon the buyout's closing, Joseph Brandon will become president of Alleghany Insurance Holdings LLC, executive vice president of Alleghany and Transatlantic's chairman. Brandon is the former CEO of Berkshire Hathaway's General Re Corp.

Michael Sapnar will still serve as Transatlantic's president and become CEO on Jan. 1. He will take over the CEO post from Robert Orlich, who is retiring at the end of the year. Orlich will continue to serve as a board member and senior advisor to Transatlantic.

Alleghany's board will increase to 14 members from 11 members, with three additional independent directors being added from Transatlantic's current board.

Associated Press

Source: http://hosted2.ap.org/APDEFAULT/f70471f764144b2fab526d39972d37b3/Article_2011-11-21-Alleghany-Transatlantic/id-97ff533825314471b7388bd5fff92ed8

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New computer system can read your emotions, will probably be annoying about it (video)

It's bad enough listening to your therapist drone on about the hatred you harbor toward your father. Pretty soon, you may have to put up with a hyper-insightful computer, as well. That's what researchers from the Universidad Carlos III de Madrid have begun developing, with a new system capable of reading human emotions. As explained in their study, published in the Journal on Advances in Signal Processing, the computer has been designed to intelligently engage with people, and to adjust its dialogue according to a user's emotional state. To gauge this, researchers looked at a total of 60 acoustic parameters, including the tenor of a user's voice, the speed at which one speaks, and the length of any pauses. They also implemented controls to account for any endogenous reactions (e.g., if a user gets frustrated with the computer's speech), and enabled the adaptable device to modify its speech accordingly, based on predictions of where the conversation may lead. In the end, they found that users responded more positively whenever the computer spoke in "objective terms" (i.e., with more succinct dialogue). The same could probably be said for most bloggers, as well. Teleport past the break for the full PR, along with a demo video (in Spanish).

Continue reading New computer system can read your emotions, will probably be annoying about it (video)

New computer system can read your emotions, will probably be annoying about it (video) originally appeared on Engadget on Tue, 22 Nov 2011 16:01:00 EDT. Please see our terms for use of feeds.

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Tottenham wins, rises to 3rd in Premier League

updated 5:25 p.m. ET Nov. 21, 2011

LONDON - Tottenham beat Aston Villa 2-0 on two goals by Emmanuel Adebayor on Monday, advancing to third place in the Premier League. Villa extended its unbeaten streak to nine matches, including eight victories.

Tottenham manager Harry Redknapp made his first appearance on the bench since minor heart surgery three weeks ago.

Adebayor, on loan from Manchester City, scored in 14th and 40th minutes.

Tottenham hasn't lost in the league since the 5-1 thrashing by Man City in August. The Spurs moved past Chelsea and Newcastle in the standings and are nine points behind first-place City and four behind second-place Manchester United but with a match in hand on both. Villa is eighth, 19 points off the pace.

Copyright 2011 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.


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Source: http://nbcsports.msnbc.com/id/45391995/ns/sports-soccer/

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GOP debate: Will Newt Gingrich widen lead over Mitt Romney?

Newt Gingrich leads the GOP presidential candidate race, say polls. Will the gap between Gingrich and Mitt Romney widen during tonight's CNN GOP debate over Iran, Pakistan, and other foreign policy issues?

The Republican presidential hopefuls meet on Tuesday for their second foreign policy debate in 10 days, with Newt Gingrich looking to extend a campaign surge that has propelled him to a lead over Mitt Romney in polls for the 2012 race.

Skip to next paragraph

The debate will shine a spotlight on Republican differences over Iran, Pakistan, the use of waterboarding, and foreign aid in a race that so far has focused largely on economic issues and featured few policy clashes among the top contenders.

Gingrich, Romney and six other Republicans take part in the 8 p.m. debate at Washington's DAR Constitution Hall, which airs live on CNN.

IN PICTURES: Newt Gingrich now and then

Gingrich could have the most to lose in Tuesday's showdown. He is the latest in a series of conservatives to challenge the more moderate Romney for the top spot in the Republican race for the right to face Democratic President Barack Obama in 2012.

A CNN/Opinion Research poll on Monday showed Gingrich, a former speaker of the U.S. House of Representatives, with a 4-point national edge over Romney, the former Massachusetts governor who has hovered near the top of polls all year.

Conservatives have failed to coalesce around a clear alternative to Romney, but Gingrich's campaign has soared in recent weeks as rivals like businessman Herman Cain and Texas Governor Rick Perry faltered in the spotlight.

The debate, the 11th of the year for the Republican candidates, comes barely more than a month before Iowa kicks off the state-by-state nominating fight. But the focus on foreign policy, which has taken a backseat to the economy, could limit its long-term impact.

"There are differences in views among the Republican presidential candidates on foreign policy, but that isn't where the interest has been for voters or the media," Republican strategist Matt Mackowiak said.

FOREIGN POLICY DIFFERENCES

Source: http://rss.csmonitor.com/~r/feeds/csm/~3/NASkI4i6Rfc/GOP-debate-Will-Newt-Gingrich-widen-lead-over-Mitt-Romney

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Egyptian police, protesters clash in Tahrir Square (Reuters)

CAIRO (Reuters) ? Protesters and riot police clashed in Cairo's Tahrir square Saturday, wounding around 500 people, after police dispersed a sit-in by demonstrators demanding the ruling military transfer power swiftly to a civilian government.

The police pulled down tents of about 100 protesters who had camped in the square overnight after a demonstration Friday of about 50,000 people, mostly Islamists, against the military leadership.

The action prompted around 5,000 protesters to return and clashes broke out.

The violence could cast a shadow over Egypt's parliamentary elections, which are set to begin on November 28, the first since former President Hosni Mubarak's removal and meant to be a major step toward a civilian democratic system.

Police fired blank shots and rubber bullets at protesters, witnesses said. Two police cars were set on fire in Tahrir square after witnesses said they had seen protesters climb into the vehicles. A third vehicle, close to the headquarters of the Arab League, was also on fire, a witness said.

"The people want to topple the regime!" hundreds of youths chanted as they rushed toward a line of helmeted police.

Riot police later fired tear gas to try to clear the area and they closed off streets leading to the square, witnesses said. They beat protesters with batons while demonstrators broke off cement from sidewalks to throw at the police.

"We are fighting them non-stop," shouted one protester.

The Muslim Brotherhood's Freedom and Justice Party said in a statement earlier it "denounced the breakup of the Tahrir sit-in by force."

"The break-up (of the sit-in) ... led to injuries, some serious, according to some media reports," the party said.

"(This is) reminiscent of the practices of the defunct regime's interior ministry."

The April 6th Youth Movement said in a statement it said opposed the use of force against peaceful protesters and demanded that the interior minister "leave immediately."

"TROUBLEMAKERS"

State news agency MENA cited a health ministry spokesman as saying that 507 people had been wounded in the clashes.

State television reported that "18 troublemakers had been arrested and legal procedures were being taken."

Friday's rally appeared to be the biggest Islamist challenge to military rule since the largely secular uprising that toppled Mubarak in February.

Protesters expressed their anger at a constitutional draft that Deputy Prime Minister Ali al-Silmi showed to political groups earlier this month which would give the army exclusive authority over its internal affairs and budget.

Parliamentary polls could be disrupted if parties and the government fail to resolve the row over the constitutional proposal that would deny parliamentary oversight of the army, potentially allowing it to defy an elected government.

MENA reported later Saturday that al-Silmi had amended clauses 9 and 10 of the constitutional proposal.

The new proposal omits the segment of clause 9 that said the armed forces were responsible for protecting (Egypt's) constitutional legitimacy, MENA said. It also amended the part which said the armed forces alone would be responsible for its internal affairs, budget and legislation.

Clause 10 was also amended to say that a National Defense Council would be created and presided over by the president.

Al-Silmi said the committee chosen to write Egypt's new constitution would not be confined to the larger groups in parliament to ensure "a constitution that reflects national consensus and receives the consent of all segments of society."

But political analyst Ezzedine Fishere said he did not expect the amendments to appease Islamist groups who had taken to Tahrir Friday.

"There are those who oppose clauses 9 and 10 ... but the main problem of the Muslim Brotherhood and the Salafi currents is with the remaining elements of the document," said Fishere.

"(Islamists) see that they will get a majority in parliament and hence want total freedom in choosing the constitutional committee and writing the constitution," he said.

Analysts suggest Islamists could win 40 percent of seats, with a big portion going to the Brotherhood.

"What is happening now is a showdown between the two factions ... an on-the-ground confrontation with each party trying to enforce its will, the military council from one end and the Islamist currents from the other," Fishere said.

(Reporting by Shaimaa Fayed, Omar Fahmy, Patrick Werr, Tamim Elyan, and Marwa Awad; Editing by Elizabeth Piper)

Source: http://us.rd.yahoo.com/dailynews/rss/world/*http%3A//news.yahoo.com/s/nm/20111119/wl_nm/us_egypt_protests

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UK phone-hacking victims condemn intrusion (Reuters)

LONDON (Reuters) ? The parents of a murdered British schoolgirl pleaded on Monday for the country's newspapers to curb practices such as phone hacking and covert photography as a public inquiry into media standards turned the spotlight on the celebrity obsessed press.

The disclosure in July that a long-simmering row over phone hacking at Rupert Murdoch's News of the World tabloid had spread from celebrities to a murder victim provoked an national outcry that led to the closure of the newspaper.

Within days, his News Corp group withdrew its bid to buy the 61 percent of broadcaster BSkyB it did not already own; its British newspaper arm News International shut the 168-year-old paper and Prime Minister David Cameron ordered the inquiry.

To a silent court room, Sally Dowler told how she had suddenly become excited during the hunt for her daughter when she realized that phone messages left on Milly's phone were being deleted - thinking, falsely, she was still alive.

Bob Dowler said the family had felt hounded and afraid to leave their home, with journalists popping up from behind hedges to fire questions, and photographers taking pictures during intensely private moments.

"It felt like such an intrusion into a really private grief moment," Sally Dowler told the central London court room.

The Dowlers, who have become key figures in the national debate about media practices, were appearing as the first witnesses in the inquiry as Hollywood stars and other high-profile figures unite to expose the press's tactics.

"One would sincerely hope that News International and other media organizations would sincerely look very carefully at how they procure, how they obtain information about stories," Bob Dowler told the inquiry.

"Because obviously the ramifications are far greater than just an obvious story in the press."

SHOCKING REVELATION

Another witness, columnist Joan Smith talked about how she had gone into shock when she saw the lengthy notes made about her by a private investigator working for the News of the World, detailing her movements and calls.

"It seems to me that tabloid culture is so remorseless that the people involved have lost any sense that they are human beings," said Smith, who writes for Britain's broadsheets.

Smith described the British tabloids' obsession with celebrity sex scandals as "infantile."

"We do have a tabloid culture that is almost infantile in its attitude to sex and private life. My impression is that tabloid hacks go around like children who've just discovered the astonishing information that their parents have sex," she said.

"Notting Hill" actor Hugh Grant will speak later in the day, as a range of witnesses spell out how they and their families have suffered from a ruthless hunt for stories to boost flagging newspaper sales.

Graham Shear, a lawyer who has acted for famous footballers and entertainers, told the inquiry that the tabloid press had in recent years lost their ethical compass and become "almost untouchable" in their approach to dealing with the public.

Last Wednesday, the lawyer representing 51 clients who say they have suffered at the hands of the press delivered a withering critique of newspapers which he said had resorted to unacceptable, "tawdry" tactics to find exclusives.

Three of those he represents say they believed papers' hounding had contributed to family members committing suicide or attempting to kill themselves.

All were targeted to get stories to make money for the papers, he told the inquiry. "That's why it was done: to sell newspapers. Not to detect crime or to expose wrongdoing, not to protect society or for the public good."

Most of the focus of the inquiry so far has fallen on News International, whose lawyer has admitted that phone-hacking was widespread until 2007, when one reporter was jailed, and possibly beyond.

However, lawyer David Sherborne has made it clear that all papers' activities deserve to be scrutinized and reformed.

The inquiry, headed by senior judge Brian Leveson and due to last a year, will make recommendations that could have a lasting impact on the industry, lead to tighter media rules or at least an overhaul of the current system of self-regulation.

Central to discussions will be what constitutes public interest, and whether paying for so-called "kiss and tell" stories about the private and sex lives of well-known figures could be justified.

(Additional reporting by Alessandra Prentice and Michael Holden)

Source: http://us.rd.yahoo.com/dailynews/rss/movies/*http%3A//news.yahoo.com/s/nm/20111121/en_nm/us_newscorp_hacking_inquiry

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Firefighters aided by easing winds in Reno fire

Water from a fire department hose forms a cloud above a home burning on Star Meadows Loop during the Caughlin Fire in southwest Reno, Nev. Friday, Nov. 18, 2011. The blaze raged through more than 400 acres, claimed at least one life, injured several others, destroyed 20 homes and blanketed Reno and its suburban enclaves in a fiery curtain as violent winds sidelined firefighters and rescue helicopters. (AP Photo/Reno Gazette-Journal, David B. Parker)

Water from a fire department hose forms a cloud above a home burning on Star Meadows Loop during the Caughlin Fire in southwest Reno, Nev. Friday, Nov. 18, 2011. The blaze raged through more than 400 acres, claimed at least one life, injured several others, destroyed 20 homes and blanketed Reno and its suburban enclaves in a fiery curtain as violent winds sidelined firefighters and rescue helicopters. (AP Photo/Reno Gazette-Journal, David B. Parker)

Firefighters battle a 400-acre brush fire in south Reno, Nev., on Friday, Nov. 18, 2011. The fire raged through more than 400 acres, claimed at least one life, injured several others, destroyed dozens of homes and blanketed Reno and its suburban enclaves in a fiery curtain as violent winds sidelined firefighters and rescue helicopters. (AP Photo/Cathleen Allison)

Crews work on downed power lines as a 400-acre brush fire burns in south Reno, Nev., on Friday, Nov. 18, 2011. The fire raged through more than 400 acres, claimed at least one life, injured several others, destroyed dozens of homes and blanketed Reno and its suburban enclaves in a fiery curtain as violent winds sidelined firefighters and rescue helicopters. (AP Photo/Cathleen Allison)

Firefighters work to protect a home in the path of a 400-acre brush fire in Reno, Nev., on Friday, Nov. 18, 2011. The fire raged through more than 400 acres, claimed at least one life, injured several others, destroyed dozens of homes and blanketed Reno and its suburban enclaves in a fiery curtain as violent winds sidelined firefighters and rescue helicopters. (AP Photo/Cathleen Allison)

A Reno firefighter tries to save an outbuilding as a house burns in a 400-acre brush fire in south Reno, Nev., on Friday, Nov. 18, 2011. The fire raged through more than 400 acres, claimed at least one life, injured several others, destroyed dozens of homes and blanketed Reno and its suburban enclaves in a fiery curtain as violent winds sidelined firefighters and rescue helicopters. (AP Photo/Cathleen Allison)

RENO, Nev. (AP) ? Aided by easing winds and spreading snow, firefighters advanced on a wildfire fueled by fierce gusts that sent nearly 10,000 people from their homes as it sparked blazes throughout an affluent community at Reno's edge.

Authorities said that the worst was likely over as growing flurries and falling temperatures stoked hopes that the remaining showers of ember and ash would die down.

The fire was blamed for the death of a 74-year-old man who had a heart attack while trying to flee. It also left a firefighter first- and second-degree burns and sent 16 people to hospitals, many for smoke inhalation.

Fire officials cited winds of up to 60 mph as a driving force of the northwestern Nevada fire early Friday that also destroyed or damaged up to 25 homes.

Reno Fire Chief Mike Hernandez said that firefighters made large advances against the blaze.

"The winds are laying down which is greatly improving our ability to manage the fire," he said just before sunset, adding that snowfall will also help extinguish hot spots.

But fire officials at an evening news conference weren't ready to declare victory.

"The threat to homes is still there," said fire spokesman Mike Regan. "There is still a lot of hot embers and dry fuel out there. We don't have a good established line around the fire."

More than 100 police officers and National Guard members were patrolling streets in the fire area to protect homes from vandals, Assistant Police Chief Mke Whan said.

The wind carried embers up to a mile, attacking upscale homes in random spurts. Police went house-to-house, pounding on doors and urging residents to evacuate in the dark of the night. Flames at times reached 50-feet high.

The cause of the blaze wasn't known, but a downed power line or homeless encampments in the area might be to blame, Hernandez said. He said the region is also a popular area for teenagers who might have started the fire to stay warm.

At least 400 firefighters from as far as 260 miles away flocked to Reno early Friday as multiple fires roared from the Sierra Nevada foothills in northwestern Nevada and spread to the valley floor.

The wind grounded firefighting helicopters and made it difficult for firefighters to approach Caughlin Ranch, the affluent subdivision bordering pine-forested hills where the fire likely began after 12:30 a.m. It also helped the fire spread from 400 acres to more than 3 square miles.

The gusts were comparable to the Santa Ana winds that often aggravate and spread wildfires in the hills surrounding Los Angeles, officials said.

"The wind is horrific," said Reno spokeswoman Michele Anderson. "We just watched a semi nearly blow over on the freeway."

Hernandez said residents ran from their homes dressed in pajamas, frantically trying to grab as many possessions as possible. One elderly man dressed in his underwear ran out with a blanket wrapped around his body.

Dick Hecht said that when he escaped from his home with his wife, "the whole mountain was on fire," and it was so windy he could barely stand.

"It was like a tornado," he said.

The couple tried to return to their home before morning, but they were turned back by high winds and erupting flames. As they made their way back down the mountain roads, flames burned less than 40 yards from their vehicle.

Evacuees could return to their homes at noon Saturday, Reno Mayor Bob Cashell said. A number of local hotel-casinos were also offering discounted rooms to displaced residents.

More than 150 people had filled two shelters set up at area high schools by midmorning.

John and Maggie Givlin were among those watching a television at Reno High School, scanning the screen for details on whether the home they left behind was safe. They already were preparing to flee when a police officer knocked on their door at about 1:30 a.m.

"I looked out the front window and saw the glow over the hill before us," John Givlin said.

He and his wife made their way out of their home with a flashlight. Outside, flames billowed in every direction.

A number of local hotel-casinos offered discounted rooms to displaced residents and at least 90 schools were closed for the day to clear the roads of school traffic and make way for emergency workers.

More than 4,000 NV Energy customers lost power as poles and electrical wires were scorched and knocked down, said spokeswoman Faye Andersen. Utility workers were not allowed into the fire area.

The U.S. Postal Service suspended delivery to the area for the day, and the state high school athletic association moved its football playoffs from Friday night to Monday.

___

Associated Press writers Martin Griffith in Reno; a and Michelle Rindels, Cristina Silva and Ken Ritter in Las Vegas contributed to this report.

Associated Press

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Regis Philbin makes exit from morning TV (AP)

NEW YORK ? Regis Philbin couldn't leave without a joke.

Signing off from morning television after more than 28 years, he brought to a close his final hour hosting "Live! With Regis and Kelly" by telling viewers, "I'll always remember spending these mornings with all of you."

Then, as the studio audience's ovation subsided after the program's fade-out, he voiced a kidding postscript to that crowd in attendance.

"I just thought of something I SHOULD have said," he quipped, "I really want to stay!"

No such luck.

Philbin, who at 80 years old has logged more than 16,000 hours on television in a career that dates back to the 1950s, was making good on his decision to leave the daily TV grind, an announcement he delivered on his show last January.

And Friday's tribute ? concluding weeks of Philbin farewell mania ? was good for instant TV history, both on- and off-the-air.

The show had opened with cameras following Philbin's walk from his dressing room to the stage, knocking on Kelly Ripa's door along the way.

"I love you," she said softly as they stepped before the cameras.

Then Philbin barked out the question his fans have been asking for months.

"Where's Regis going?" he erupted with a shrug. "Regis don't know. Stop asking me!"

During the hour, past guests such as Justin Timberlake and Anne Hathaway offered brief filmed tributes.

The show was otherwise devoted to emotion-filled clip sequences of high jinks with Ripa, and such stars as Dana Carvey and Ben Affleck demonstrating their Regis impersonations.

Philbin's parting gifts included a key and a plaque. New York City Mayor Michael Bloomberg paid a visit to thank Philbin for making the city a big part of his show, and presented him with a symbolic key. Walt Disney Co. chief executive Bob Iger showed a plaque honoring Philbin that's newly installed on the outside of ABC's Manhattan facility from which the show originates.

But the morning's festivities had started an hour before the 9 a.m. EST airtime with a coffee-and-pastries reception for the studio audience. This was a hand-picked ? and seating-chart-arranged ? group of family, friends, past and present colleagues, and celebrities including Diane Sawyer, Bryant Gumbel, Donald Trump, Meredith Vieira, Tony Danza, Dr. Ruth Westheimer and Ripa's co-host predecessor, Kathie Lee Gifford.

"The world adores Regis," said Judge Judy Sheindlin, "but his friends adore him even more ? enough to get up early in the morning, put on some makeup, come out and give him a cheer. Because, he's just a special, sweet man."

A decade ago, Philbin gained prime-time fame as the quizmaster of ABC's "Who Wants to Be a Millionaire." But his enduring impact has been as a morning show host, and a raconteur adept at weaving something from nothing in the so-called "host chat," turning stories about a night on the town or his frustration with a household product into compelling TV.

Alan Alda described Philbin as "unique in all of broadcasting. He invented a form: going on the air and just telling stories about the day before, for 20 minutes."

"He has such an ease in front of the camera," said "30 Rock" star Jane Krakowski, an occasional guest host. "He's such an everyman. He makes us feel like he's one of us."

And Katie Couric hailed him as "completely upfront. You never get the sense that he's editing himself. And on television, where people are so manufactured and packaged, you rarely see that kind of thing."

Philbin's unsurpassed quantity of airtime was celebrated by the 14-member troupe from the off-Broadway musical "Rent," which sang a version of the show-stopper "Seasons of Love" tailored to Philbin's endurance: "995,600 minutes! How do you measure a career? How about love!"

Unseen by viewers during commercial breaks, Philbin schmoozed with the studio audience and occasionally cracked wise about the on-air ceremony, which clearly left him as uncomfortable as he was touched.

"Gelman's getting carried away," he said at one point, meaning longtime executive producer Michael Gelman. "He thinks he's Scorsese! He's NOT!"

And although Philbin had publicly sworn he wouldn't shed tears at his farewell, members of the studio audience were privy to displays of emotion by him that were unseen at home.

Watching one pre-taped piece where viewers held hand-lettered signs that said "Regis," he finally drew a finger across his throat in mock-desperation as if to signal "Kill it, please," then glanced heavenward as his eyes welled.

Ripa was much more demonstrative on camera, fighting tears as she recounted how terrified she was on her first day as Philbin's partner, and how he put her at ease.

As they entered the studio that day in 2001, "the audience leapt to their feet, and they were cheering and screaming," she recalled for him, "and you said, `You see that, sweetie? That's all for you.'

"Your light is what shined around all of us," she told him, "and made us look so bright, for so long."

The show will continue with Ripa. Similar to when she was chosen to replace Gifford, a succession of co-hosts will join her, some in contention for the permanent job.

Meanwhile, Philbin has been careful to say he's not retiring. His immediate plans include a tour to promote his new book, "How I Got This Way."

"I'm so happy for Regis because he's happy," his wife, Joy Philbin, said after the show, at a champagne gathering in an adjacent studio. "He knew it was time and he wanted to do this."

And with the emotion-wracked hour done, Gelman, who will continue running things in Philbin's absence, said, "I'm relieved," and added with satisfaction, "Regis is happy.

"He doesn't like being honored," Gelman explained with a laugh. "So now he's happy, `cause he's not being honored anymore."

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AP Television Writer David Bauder contributed to this report.

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Source: http://us.rd.yahoo.com/dailynews/rss/entertainment/*http%3A//news.yahoo.com/s/ap/20111118/ap_en_ot/us_tv_philbin_exits

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