Analysis: For tech investors, it’s hard to know when to bolt

(Reuters) – When Hewlett-Packard Co agreed to buy British software company Autonomy in August last year for $ 11.1 billion, two well-known investors made diametrically different bets on how the big deal would play out.

To short seller Jim Chanos, who had been raising red flags on Autonomy for years and had started shorting shares of HP in 2011, the deal was another nail in the coffin of the Silicon Valley tech giant, according to a source familiar with his thinking.

But to activist investor Ralph Whitworth, co-founder of Relational Investors LLC, it was time to commit to HP and the turnaround story the company was trying to sell to Wall Street. His fund bought more than 17.5 million HP shares after the deal was announced, and Whitworth received a seat on the company’s board. This year, Relational roughly doubled its stake in HP.

In the wake of HP’s decision to take an $ 8.8 billion write-down on the deal because of alleged accounting irregularities at Autonomy, it appears Chanos – whose call to short Enron before the energy company collapsed in a corporate scandal may be his most famous trade – was more astute.

HP’s shares are down 36 percent since Relational, which declined to comment, built its stake in the third quarter of 2011.

BARRIERS TO ENTRY

Relational’s big move into HP is a reminder that even smart investors can get things wrong in the fast-evolving technology sector, where once hot global names like Research in Motion and Yahoo can quickly become yesterday’s news.

It is a world where a company may effectively erect barriers to entry in a market only to have them torn down by a rival with a new whizz-bang product – just as Apple‘s iPhone broke the dominance that Research in Motion’s BlackBerry had enjoyed.

One warning sign that a tech company may be on the verge of losing its edge is when it makes acquisitions outside of its main area of expertise to move into new product lines. Savvy tech investors also say be wary of companies that experience a succession of management changes, or when a successful core business starts looking tired.

The pace of change in the technology sector is much faster than in other industries, said Kaushik Roy, an analyst at Hercules Technology Growth Capital. “It attracts new talent and capital, many startups are formed, which can be extremely disruptive to incumbents,” Roy said. “In other words, yesterday’s winners can rapidly become today’s losers and vice versa.”

In the case of HP, the company not only has had four CEOs since 1999, it has been striving to find another niche to dominate as demand for one of its core products – computer printers – wanes and as its PC business stumbles.

Or consider online search pioneer Yahoo, which has gone through six chief executives and is struggling to keep pace with Google.

Josh Spencer, a portfolio manager at T. Rowe Price, said frequent turnover in the executive suite at Yahoo was a warning sign to him. Spencer said he does not own Yahoo shares and has not in the recent past.

RED FLAGS

While a company may view an acquisition as a fresh start – that is what HP was trying to say about Autonomy – some investors see it as a warning the core business is struggling.

Spencer noted that the technology industry’s most successful companies – Apple and Samsung – generally have not made acquisitions and instead developed new products internally.

For Margaret Patel, managing director at Wells Capital Management, one of the first red flags she saw at HP was when former CEO Carly Fiorina bought Compaq for roughly $ 25 billion in 2002.

“I felt then that the acquisition was too large and expensive, and personal computers were not their core strength,” said Patel, who has since avoided investing in HP.

Of course, timing can be everything even if an investor is eventually proven right. Patel missed out on a 137 percent gain in HP’s stock price from the time of the Compaq deal up until the end of 2010.

PREMIUM VALUATIONS

A few money managers see a flashing yellow light in the big sell-off of Apple shares in the past few months.

Apple, the most valuable U.S. company, has shed nearly 30 percent of its value in the last three months.

Since the death of co-founder Steve Jobs – the driving force behind Apple’s iPod, iPhone and iPad – DoubleLine co-founder Jeffrey Gundlach has been recommending that investors short the company’s shares because “the product innovator isn’t there anymore.”

Gundlach said he began shorting Apple’s stock at around $ 610 and maintains that it could drop to $ 425. He declined to comment on Tim Cook, who succeeded Jobs over a year ago and is seen by many as less visionary and innovative than Jobs.

Christian Bertelsen, chief investment officer at Global Financial Private Capital, with assets under management of $ 1.7 billion, said his firm began paring back its exposure to Apple this fall because he felt the expectations for the company’s new iPhone5 had gotten overheated.

He said his firm dramatically took down its exposure to Apple shares when the stock hit $ 670 a share. “For us, the light bulb went off this fall,” he said. Mind you, Apple’s shares still remain up about 25 percent for the whole year.

And then there’s Research in Motion. Once a leader in smartphones, it’s now in danger of becoming irrelevant.

“They saw the move towards all touch-screen phones and didn’t move with it,” said Stuart Jeffrey, an analyst at Nomura Securities who noted how the BlackBerry 10 touch-screen phone will debut on January 30, 2013, six years after Apple released its first iPhone in 2007.

Robert Stimpson, a portfolio manager at Oak Associates Funds whose fund does not own any shares of Research in Motion, said the company’s BlackBerry phones are on a downward slope and it will be tough for the company to regain its lost luster.

“The end of the road is a long, lonely journey,” Stimpson said of Research in Motion. “I think they will fight the good fight for many years, probably unsuccessfully.”

(Reporting by Nicola Leske and Sam Forgione in New York; Editing by Paritosh Bansal, Tiffany Wu, Jennifer Ablan and Matthew Goldstein; Editing by Steve Orlofsky)

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Retired General Norman Schwarzkopf dies

WASHINGTON (AP) — Retired Gen. H. Norman Schwarzkopf, who topped an illustrious military career by commanding the U.S.-led international coalition that drove Saddam Hussein's forces out of Kuwait in 1991 but kept a low public profile in controversies over the second Gulf War against Iraq, died Thursday. He was 78.

Schwarzkopf died in Tampa, Fla., where he had lived in retirement, according to a U.S. official, who was not authorized to release the information publicly and spoke on condition of anonymity.

A much-decorated combat soldier in Vietnam, Schwarzkopf was known popularly as "Stormin' Norman" for a notoriously explosive temper.

He served in his last military assignment in Tampa as commander-in-chief of U.S. Central Command, the headquarters responsible for U.S. military and security concerns in nearly 20 countries from the eastern Mediterranean and Africa to Pakistan.

Schwarzkopf became "CINC-Centcom" in 1988 and when Saddam Hussein invaded Kuwait three years later to punish it for allegedly stealing Iraqi oil reserves, he commanded Operation Desert Storm, the coalition of some 30 countries organized by then-President George H.W. Bush that succeeded in driving the Iraqis out.

At the peak of his postwar national celebrity, Schwarzkopf — a self-proclaimed political independent — rejected suggestions that he run for office, and remained far more private than other generals, although he did serve briefly as a military commentator for NBC.

While focused primarily in his later years on charitable enterprises, he campaigned for President George W. Bush in 2000 but was ambivalent about the 2003 invasion of Iraq, saying he doubted victory would be as easy as the White House and Pentagon predicted. In early 2003 he told the Washington Post the outcome was an unknown:

"What is postwar Iraq going to look like, with the Kurds and the Sunnis and the Shiites? That's a huge question, to my mind. It really should be part of the overall campaign plan," he said.

Initially Schwarzkopf had endorsed the invasion, saying he was convinced that former Secretary of State Colin Powell had given the United Nations powerful evidence of Iraqi weapons of mass destruction. After that proved false, he said decisions to go to war should depend on what U.N. weapons inspectors found.

He seldom spoke up during the conflict, but in late 2004, he sharply criticized then-Defense Secretary Donald Rumsfeld and the Pentagon for mistakes that included inadequate training for Army reservists sent to Iraq and for erroneous judgments about Iraq.

"In the final analysis I think we are behind schedule. ... I don't think we counted on it turning into jihad (holy war)," he said in an NBC interview.

Schwarzkopf was born Aug. 24, 1934, in Trenton, N.J., where his father, Col. H. Norman Schwarzkopf Jr., founder and commander of the New Jersey State Police, was then leading the investigation of the Lindbergh kidnap case, which ended with the arrest and 1936 execution of German-born carpenter Richard Hauptmann for stealing and murdering the famed aviator's infant son.

The elder Schwarzkopf was named Herbert, but when the son was asked what his "H'' stood for, he would reply, "H." Although reputed to be short-tempered with aides and subordinates, he was a friendly, talkative and even jovial figure who didn't like "Stormin' Norman" and preferred to be known as "the Bear," a sobriquet given him by troops.

He also was outspoken at times, including when he described Gen. William Westmoreland, the U.S. commander in Vietnam, as "a horse's ass" in an Associated Press interview.

As a teenager Norman accompanied his father to Iran, where the elder Schwarzkopf trained the country's national police force and was an adviser to Reza Pahlavi, the young Shah of Iran.

Young Norman studied there and in Switzerland, Germany and Italy, then followed in his father's footsteps to West Point, graduating in 1956 with an engineering degree. After stints in the U.S. and abroad, he earned a master's degree in engineering at the University of Southern California and later taught missile engineering at West Point.

In 1966 he volunteered for Vietnam and served two tours, first as a U.S. adviser to South Vietnamese paratroops and later as a battalion commander in the U.S. Army's Americal Division. He earned three Silver Stars for valor — including one for saving troops from a minefield — plus a Bronze Star, a Purple Heart and three Distinguished Service Medals.

While many career officers left military service embittered by Vietnam, Schwarzkopf was among those who opted to stay and help rebuild the tattered Army into a potent, modernized all-volunteer force.

After Saddam invaded Kuwait in August 1990, Schwarzkopf played a key diplomatic role by helping to persuade Saudi Arabia's King Fahd to allow U.S. and other foreign troops to deploy on Saudi territory as a staging area for the war to come.

On Jan. 17, 1991, a five-month buildup called Desert Shield became Operation Desert Storm as allied aircraft attacked Iraqi bases and Baghdad government facilities. The six-week aerial campaign climaxed with a massive ground offensive on Feb. 24-28, routing the Iraqis from Kuwait in 100 hours before U.S. officials called a halt.

Schwarzkopf said afterward he agreed with Bush's decision to stop the war rather than drive to Baghdad to capture Saddam, as his mission had been only to oust the Iraqis from Kuwait.

But in a desert tent meeting with vanquished Iraqi generals, he allowed a key concession on Iraq's use of helicopters, which later backfired by enabling Saddam to crack down more easily on rebellious Shiites and Kurds.

While he later avoided the public second-guessing by academics and think tank experts over the ambiguous outcome of Gulf War I and its impact on Gulf War II, he told the Washington Post in 2003, "You can't help but... with 20/20 hindsight, go back and say, 'Look, had we done something different, we probably wouldn't be facing what we are facing today.'"

After retiring from the Army in 1992, Schwarzkopf wrote a best-selling autobiography, "It Doesn't Take A Hero." Of his Gulf war role, he said, "I like to say I'm not a hero. I was lucky enough to lead a very successful war." He was knighted by Queen Elizabeth II and honored with decorations from France, Britain, Belgium, Kuwait, Saudi Arabia, United Arab Emirates, Qatar and Bahrain.

Schwarzkopf was a national spokesman for prostate cancer awareness and for Recovery of the Grizzly Bear, served on the Nature Conservancy board of governors and was active in various charities for chronically ill children.

"I may have made my reputation as a general in the Army and I'm very proud of that," he once told the AP. "But I've always felt that I was more than one-dimensional. I'd like to think I'm a caring human being. ... It's nice to feel that you have a purpose."

Schwarzkopf and his wife, Brenda, had three children: Cynthia, Jessica and Christian.

___

Pyle contributed from New York.

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Justice Sotomayor refuses to block contraceptives mandate

(Reuters) – U.S. Supreme Court Justice Sonia Sotomayor has refused to block enforcement starting next week of a requirement in President Barack Obama‘s 2010 healthcare overhaul that some companies provide insurance coverage for contraceptive drugs and devices.

In an order issued on Wednesday, Sotomayor said two for-profit companies controlled by Oklahoma City billionaire David Green and his family did not qualify for an injunction while they challenge the requirement in court.

Hobby Lobby Stores Inc, an arts and crafts chain with more than 500 stores, and Mardel Inc, a chain of 35 Christian-themed bookstores, said it violated their religious beliefs to require that their group health plans cover treatments that could induce abortions.

They said they face possible fines of $ 1.3 million a day if they disobey the mandate, which takes effect on January 1.

Sotomayor, who hears emergency appeals from the 10th Circuit, said it was not “indisputably clear” that Hobby Lobby and Mardel deserved an injunction, noting that lower courts have been divided in similar cases on whether temporary relief is proper.

“Even without an injunction pending appeal, the applicants may continue their challenge to the regulations in the lower courts,” and following a final judgment ask the Supreme Court at that time to consider their appeal, she said.

Sotomayor did not rule on the merits of the companies’ religious-based claims.

Kyle Duncan, general counsel for the nonprofit Becket Fund for Religious Liberty, which represents the chains, did not immediately respond to requests for comment. At least 42 lawsuits have been filed over the issue, the fund has said.

Hobby Lobby and Mardel claimed that the contraceptives provision violated the First Amendment to the U.S. Constitution, as well as the Religious Freedom Restoration Act of 1993.

But on November 19, Oklahoma federal judge Joe Heaton refused to issue a preliminary injunction, saying the chains did not have the same religious rights as Green family members. Then on Thursday, the 10th U.S. Circuit Court of Appeals in Denver refused to issue a injunction during the chains’ appeal.

Forbes magazine in September called David Green, 71, the 79th richest American, with a net worth of $ 4.5 billion.

The case is Hobby Lobby Stores Inc et al v. Sebelius et al, U.S. Supreme Court, No. 12A644.

(Reporting by Jonathan Stempel in New York; Editing by Cynthia Osterman)

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Police investigate NBC News anchor for showing gun clip

(Reuters) – NBC News anchor David Gregory is being investigated by police after displaying what he said was a high-capacity gun clip on Sunday’s broadcast of “Meet the Press,” Washington‘s Metropolitan Police Department said Wednesday.

Gregory held up what appeared to be a 30-round gun magazine – which would be barred under Washington municipal code – while hosting the nationally broadcast interview with National Rifle Association Chief Executive Officer Wayne LaPierre.

“Here is a magazine for ammunition that carries 30 bullets,” Gregory said as he held aloft the black cartridge, according to video posted on the network’s website.

“Now isn’t it possible that, if we got rid of these, if we replaced them and said ‘Well, you could only have a magazine that carries five bullets or ten bullets,’ isn’t it just possible that we can reduce the carnage in a situation like Newtown?” Gregory asked LaPierre.

“I don’t think it’s what will work,” LaPierre responded.

The network had contacted the police department prior to Sunday’s broadcast “inquiring if they could use a high capacity magazine for the segment,” police spokesman Araz Alali said on Wednesday.

“NBC was informed that possession of a high-capacity magazine was not permissible and their request was denied.”

Alali, the police spokesman, declined to elaborate on the investigation into NBC.

Washington’s municipal code prohibits possession, sale or transfer of “any large capacity ammunition feeding device, regardless of whether the device is attached to a firearm.”

The maximum penalty for conviction on such a charge is a $ 1,000 fine and one year in prison.

NBC spokeswoman Erika Masonhall, contacted by email, said the network had no comment on the investigation.

After the broadcast, which originated in Washington, a number of bloggers and websites questioned Gregory’s actions and the legality of the gun clip.

(Reporting by Chris Francescani and Paul Eckert; Editing by Paul Thomasch, Andrew Hay and Gunna Dickson)

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Nokia Lumia 920′s fascinating Christmas sets stage for battle with BlackBerry 10

The Chinese version of Nokia’s (NOK) new flagship Windows Phone model recently debuted in Shanghai. According to pictures posted to Chinese websites, the Lumia 920T drew a big crowd… and sold out in two hours. So the debate over whether there is wide mass market demand for the model rages on.

[More from BGR: Microsoft Surface trampled at the bottom of the tablet pile this Christmas]

The very limited early supply makes it hard to gauge the demand in China. The Lumia 920 did hit Amazon China’s (AMZN) top-five list a week ago, but sold out quickly and dropped out. There are now rumors about China Mobile planning to further subsidize the Lumia 920T in January, making it effectively free on contract. This would be China Mobile’s revenge on Apple (AAPL) for its refusal to cut a sweetheart deal with the giant carrier and its 700 million subscribers.

[More from BGR: Purported photo of new BlackBerry phone with QWERTY keyboard leaks]

Nokia may thus be close to landing the Chinese version of the role that Motorola played for Verizon (VZ) in 2010. Back then, the U.S. carrier used DROID models to flaunt the fact that it did not really need the iPhone as badly as many assumed.

China Mobile is now planning to show Apple it can turn even Windows Phones into mass-market hits in China with its marketing and subsidy machine. This could be great for Nokia — if Apple isn’t forced into a cutting a quick deal in coming months. The iPhone’s ho-hum market share performance in markets like Latin America and Asia is piling pressure on Apple right about now.

In a fascinating U.S. twist, the Lumia 920 climbed the Amazon charts again over the past week as its supply has improved. The black variant of the Lumia 920 debuted in the top-three in November, dropped out of top-40 after Amazon’s delivery time stretched to two weeks… and has now staged a comeback to No.14. This makes it the second-biggest AT&T (T) phone on Amazon right now, with only the blue version of the Galaxy S III outperforming the 920.

The Lumia 822 is fizzling badly at Verizon, but Nokia just might be gaining a toehold at AT&T even after the pre-Christmas supply drama. It is now clear that the Lumia 920 is beating its biggest Windows rival, the HTC Windows Phone 8X, convincingly at AT&T.

This sets up a very interesting rivalry when AT&T debuts the new generation of BlackBerry 10 models sometime in February or March. The battle for the third mobile ecosystem at AT&T will be effectively waged by Nokia and RIM (RIMM) this spring. The loser may well find out that it does not have strong subsidy or marketing support in 2013.

AT&T has an incentive to build up a third rival for the Apple and Android ecosystems, but it has little reason to support both minor operating systems.

This article was originally published by BGR

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Former President George H.W. Bush in intensive care

HOUSTON (AP) — Former President George H.W. Bush has been admitted to the intensive care unit at a Houston hospital "following a series of setbacks including a persistent fever," but he is alert and talking to medical staff, his spokesman said Wednesday.

Jim McGrath, Bush's spokesman in Houston, said in a brief email that Bush was admitted to the ICU at Methodist Hospital on Sunday. He said doctors are cautiously optimistic about his treatment and that the former president "remains in guarded condition."

No other details were released about his medical condition, but McGrath said Bush is surrounded by family. Bush has been hospitalized since Nov. 23.

Earlier Wednesday, McGrath said a fever that kept Bush in the hospital over Christmas had gotten worse and that doctors had put him on a liquids-only diet.

"It's an elevated fever, so it's actually gone up in the last day or two," McGrath told The Associated Press earlier in the day. "It's a stubborn fever that won't go away."

But he said the bronchitis-like cough that initially brought the 88-year-old to the hospital has improved.

Bush was visited on Christmas by his wife, Barbara, his son, Neil, and Neil's wife, Maria, and a grandson, McGrath said. Bush's daughter, Dorothy, was expected to arrive Wednesday in Houston from Bethesda, Md. The 41st president has also been visited twice by his sons, George W. Bush, the 43rd president, and Jeb Bush, the former governor of Florida.

Bush and his wife live in Houston during the winter and spend their summers at a home in Kennebunkport, Maine.

The former president was a naval aviator in World War II — at one point the youngest in the Navy — and was shot down over the Pacific. He achieved notoriety in retirement for skydiving on at least three of his birthdays since leaving the White House in 1992.

___

Plushnick-Masti can be followed on Twitter at https://twitter.com/RamitMastiAP

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Obesity declining in young, poorer kids: study

NEW YORK (Reuters Health) – The number of low-income preschoolers who qualify as obese or “extremely obese” has dropped over the last decade, new data from the Centers for Disease Control and Prevention show.

Although the decline was only “modest” and may not apply to all children, researchers said it was still encouraging.

“It’s extremely important to make sure we’re monitoring obesity in this low-income group,” said the CDC‘s Heidi Blanck, who worked on the study.

Those kids are known to be at higher risk of obesity than their well-off peers, in part because access to healthy food is often limited in poorer neighborhoods.

The new results can’t prove what’s behind the progress, Blanck told Reuters Health – but two possible contributors are higher rates of breastfeeding and rising awareness of the importance of physical activity even for very young kids.

Blanck and her colleagues used data on routine clinic visits for about half of all U.S. kids eligible for federal nutrition programs – including 27.5 million children between age two and four.

They found 13 percent of those preschoolers were obese in 1998. That grew to just above 15 percent in 2003, but dropped slightly below 15 percent in 2010, the most recent study year included.

Similarly, the prevalence of extreme obesity increased from nearly 1.8 percent in 1998 to 2.2 percent in 2003, then dropped back to just below 2.1 percent in 2010, the research team reported Tuesday in the Journal of the American Medical Association.

Whether kids are obese is determined by their body mass index (BMI) – a measure of weight in relation to height – and by their age and sex.

For example, a four-year-old girl who is 40 inches tall would be obese if she was 42 pounds or heavier. A two-year-old boy who is 35 inches tall qualifies as obese at 34 pounds or above, according to the CDC’s child BMI calculator. (The CDC’s BMI calculator for children and teens is available here:.)

The new findings are the first national data to show obesity and extreme obesity may be declining in young children, Blanck said.

“This is very encouraging considering the recent effort made in the field including by several U.S. federal agencies to combat the childhood obesity epidemic,” said Dr. Youfa Wang, head of the Johns Hopkins Global Center on Childhood Obesity in Baltimore.

Blanck said between 2003 and 2010 researchers also saw an increase in breastfeeding of low-income infants. Breastfeeding has been tied to a healthier weight in early childhood.

Additionally, states and communities have started working with child care centers to make sure kids have time to run around and that healthy foods are on the lunch menu, she added.

Parents can encourage better eating by having fruits and vegetables available at snack time and allowing their young kids to help with meal preparation, Blanck said.

Her other recommendations include making sure preschoolers get at least one hour of activity every day and keeping television sets out of the bedroom.

“The prevalence of overweight and obesity in many countries including in the U.S. is still very high,” Wang, who wasn’t involved in the new study, told Reuters Health in an email.

“The recent level off should not be taken as a reason to reduce the effort to fight the obesity epidemic.”

SOURCE: http://bit.ly/JjFzqx Journal of the American Medical Association, online December, 25, 2012.

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Jessica Simpson’s Christmas gift: She’s pregnant

NEW YORK (AP) — Jessica Simpson‘s daughter has the news all spelled out: “Big Sis.”

Simpson on Tuesday tweeted a photo of her baby daughter Maxwell playing in the sand, the words “Big Sis” spelled out.

The 32-year-old old singer and personality has been rumored to be expecting again. The tweet appears to confirm the rumors.

“Merry Christmas from my family to yours” is the picture’s caption. Simpson used a tweet on Halloween in 2011 to announce she was pregnant with Maxwell. She is engaged to Eric Johnson and gave birth to Maxwell in May.

One possible complication regarding her pregnancy: She is a spokeswoman for Weight Watchers.

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Boston Cop Rescues Drowning Woman

A Boston police officer is being hailed a hero after he jumped into the frigid cold water to rescue a drowning woman.

Cell phone video showed police officer Edward Norton plunging into Fort Point channel Friday afternoon during a torrential downpour to rescue the unidentified woman who’d reportedly fallen in by accident.

Norton, who just happened to be in the right place at the right time, says he didn’t think twice about jumping in.

“It just kind of happened. I saw here there. Someone had to do it,” Norton told ABC News. “As I was in the air, I was thinking I don’t know what’s under the water.”

Once in the water, Norton’s bullet-proof vest weighed him down, making the rescue more complicated than he anticipated. Onlookers did their part by tossing in a life preserver, which helped keep the frantic woman afloat.

“She kept saying stuff like, ‘I can’t hold on.’ So, I told her, ‘Hold on. Help is coming,’” Norton said. The officer remained with the woman in the water until firefighters arrived on the scene and pulled them both out of the water to safety.

Both were taken to local hospitals and checked for hypothermia, but were released with a clean bill of health.

As for the people calling Norton a hero, he says, not really because it’s all in a day’s work.

“I feel like I did what I would expect to do for one of my loved ones. My wife, my daughter, anyone,” Norton said.

While everyone made it out of the water safely with no injuries, there was one casualty so to speak. Norton says his wedding band slipped off when he hit the water and hero or not, his wife is none too pleased.

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Newtown celebrates Christmas amid signs of mourning

NEWTOWN, Conn. - Newtown celebrated Christmas amid piles of snow-covered teddy bears and heaps of flowers as volunteers manned a 24-hour candlelight vigil in memory of the 20 children and six adults shot to death in the second-largest school shooting in U.S. history.

Well-wishers from around the country showed up Tuesday morning to hang ornaments on memorial Christmas trees, while police officers from around Connecticut took extra shifts to give local police a day off.

"It's a nice thing that they can use us this way," Ted Latiak, a police detective from Greenwich, Connecticut, said as he and a fellow detective came out of a store with bagels and coffee for other officers.

A steady stream of residents, some in pyjamas, relit candles that had been extinguished in an overnight snowstorm. Others dropped off toys and fought back tears at a huge sidewalk memorial filled with stuffed animals, poems, flowers, posters and cards.

In the morning, resident Joanne Brunetti watched over 26 candles that had been lit at midnight in honour of those slain at Sandy Hook Elementary School. She and her husband, Bill, signed up for a three-hour shift and erected a tent to ensure that the flames never went out throughout the day.

"You have to do something and you don't know what to do, you know? You really feel very helpless in this situation," she said. "My thought is if we were all this nice to each other all the time maybe things like this wouldn't happen."

Julian Revie played "Silent Night" on a piano on the sidewalk at the downtown memorial. Revie, from Ottawa, Canada, was visiting the area at the time of the shootings. He found a piano online and chose to spend Christmas Eve and Christmas Day playing for the people of Newtown.

"It was such a mood of respectful silence," said Revie. "But yesterday being Christmas Eve and today being Christmas Day, I thought now it's time for some Christmas carols for the children."

At a town hall memorial, Faith Leonard waved to people driving by and handed out Christmas cookies and children's gifts. She had driven from Arizona, at almost the other end of the country, to volunteer on Christmas morning alone.

"I guess my thought was if I could be here helping out, maybe one person would be able to spend more time with their family or grieve in the way they needed to," Leonard said.

Many residents attended Christmas Eve services and spent Tuesday morning at home with their families. Others attended church services in search of a new beginning.

At St. Rose of Lima Roman Catholic Church, which eight of the child victims of the massacre attended, the pastor told parishioners that "today is the day we begin everything all over again."

Recalling the events of Dec. 14, the Rev. Robert Weiss said: "The moment the first responder broke through the doors, we knew good always overcomes evil."

"We know Christmas in a way we never ever thought we would know it," Weiss said. "We need a little Christmas and we've been given it."

Police have yet to offer a theory about a possible motive for gunman Adam Lanza's rampage. The 20-year-old resident killed his mother in her bed before carrying out the massacre and killing himself.

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