‘Bumping’ Your Way to Safer Sex With a Smartphone App

Reported by Dr. Lauren Browne:

Let’s face it.  Teens have sex.  Parents may choose to ignore it, and teens may choose to deny it, but almost 50 percent of American high school students are having sex, according to the U.S. Centers for Disease Control. And each year, millions of those sexually active teens contract sexually transmitted diseases such as chlamydia, gonorrhea, syphilis, herpes and HIV.

Now one doctor hopes to curb the spread of STDs in this tech savvy group with a smartphone app that lets users “bump” their STD status.

It’s called ‘safe bumping,’” said Dr. Michael Nusbaum, the New Jersey developer of MedXSafe, a feature of the new app called MedXCom.  “If you happen to be out at a bar or a fraternity house or wherever, and you meet someone, you can then bump phones and exchange contact information and STD status.”

The app’s special feature, according to Nussbaum, encourages dating singles to go to the doctor for regular STD checks.  Those who screen negative can ask their doctors to document their STD-free status on the app, allowing users to share the information with whomever they choose.

An alarming 19 million new sexually transmitted infections occur each year, and rates of chlamydia and gonorrhea are on the rise, according to a new report released this month by the CDC.  More than 1.4 million chlamydia infections were reported in 2011, up 8 percent from the previous year.  Cases of gonorrhea were up by 4 percent, marking the second consecutive year of increases.

Nearly half of all infections occur in young people, between the ages of 15 to 24, a group that can be particularly devastated by the associated health effects.

“[Some] undetected and untreated STDs can increase a person’s risk for HIV and cause other serious health consequences, such as infertility,” said Mary McFarlane, an acting chief in the Division of STD Prevention at the CDC.  Harnessing modern social networking technology to prevent these infections may appeal to a younger tech-savvy generation.

MedXSafe is just one of several Internet-based programs devoted to easing confidential STD-status sharing between sexual partners.  Services like Qpid.me, whose slogan is Spread the Love, Nothing Else and U Should Know, designed by a former college student and his girlfriend, also allow their users to check on a partner’s STD status.

But could these services offer a false sense of security to teens who believe that, with a simple phone bump, they have the green light to have unprotected sex?

“It can take months for HIV to show up on a test,” said Renee Williams, executive director of SAFE, a nonprofit organization dedicated to abstinence education.  “So you can test negative today, go out on Friday night and have sex, and then get retested later and find out that you had HIV all along.”

The app does nothing to prevent unplanned pregnancy, and may even encourage high-risk behaviors that young people might otherwise not have been tempted to try, said Williams.

Nor is the app likely to be completely reliable, said Dr. J. Joseph Speidel, director of communication at the Bixby Center for Global Reproductive Health.

“Does it come with a condom?” asked Dr. Richard Besser, ABC’s chief health and medical editor, who’s also a pediatrician and former acting director at the CDC.

But the app’s creator said it does promote regular STD testing and encourages potential partners to openly discuss safe sex practices.

“We’re recognizing that this behavior is going to take place no matter what we do or what we say,” said Nusbaum.  “I have friends that are nuns and I’ve run this by them, and they also agree that it’s promoting safer behaviors.”

Although each program promises to keep health information strictly confidential, none are immune from cyber attacks.

But such attacks would not expose any users who have an STD, according to Nusbaum.  MedXSafe does not allow doctors to upload information about any tests that come back positive, including HIV.  A user with an infection is simply treated for the STD and then retested.  And that user is only confirmed STD-free via the app once subsequent test results come back negative.

Still, it is too early to tell whether these services will become popular with teens.  Lingering social stigma surrounding STDs might make potential partners reluctant to mention such an app when out at a party.

“It’s a big personal step to bring up using such an app,” said Noah Bloom, creator of a smartphone app called Jiber, which uses the same “bump” technology to electronically connect new friends.  “Who really wants anything in the way of getting lucky?”

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U.S. gun support runs far deeper than politics

BRYAN, Texas (AP) — Adam Lanza's mother was among the tens of millions of U.S. gun owners. She legally had a .223-caliber Bushmaster rifle and a pair of handguns, which her 20-year-old son used to kill 20 children and six adults in 10 minutes inside a Connecticut school.

In the raw aftermath of the second-worst school shooting in U.S. history, countless gun enthusiasts much like Lanza's mother complicate a gun-owning narrative that critics, sometimes simplistically, put at the feet of a powerful lobby and caricatured zealots. More civilians are armed in the U.S. than anywhere else in the world, with Yemen coming in a distant second, according to the independent Small Arms Survey in Geneva.

Take Blake Smith, a mechanical engineer who lives near Houston and uses an AR-15 style rifle in shooting competitions.

Texas Gov. Rick Perry, who famously claimed to have shot a coyote while jogging with a pistol holstered to his running shorts, has signed a half-dozen certificates applauding Smith as one of the state's top marksmen. "But I won't call myself a fanatic," said Smith, 54, whose father first let him handle a gun around age 6.

"I sit at a desk all day. And when I get out to the range, I don't hear any gunfire going on," said Smith, who likens his emotional detachment to his guns to the way he would feel about a car or any other machine. "I'm so intent on my sight alignment, my trigger pull, my position. I don't worry about anything. I don't think about anything. It's relieving. It's therapeutic. Everybody has to have their Zen."

Since the school shooting, President Barack Obama has asked for proposals on reducing gun violence that he can take to Congress in January, and he called on the National Rifle Association, the country's most powerful gun-rights organization, to join the effort.

Gun laws in the U.S. vary from state to state — for instance, as of last month it is now legal to carry a gun in public view in Oklahoma — and are defended by the firearms industry and the NRA. On Friday, the NRA broke a weeklong silence since the Connecticut massacre by calling for armed volunteers at public schools, prompting criticism from many quarters.

But in the U.S., gun-control advocates are up against a sizeable bloc of mainstream Americans for whom guns are central to their lives, whether for patriotism or personal sense of safety, or simply to occupy their spare time.

Dave Burdett, who owns an outdoors and adventure shop across the street from the sprawling Texas A&M University campus in College Station, says his affinity for guns is rooted in history, not sport.

"It isn't about hunting. Everyone says, 'Well, I can understand having a sporting rifle, but not an AR-15," Burdett said. "But wait a second — the idea of the Second Amendment was to preserve and protect the rights of individuals to have those guns."

"Remember that the (American) revolution was fought by citizen soldiers," he added. "To this day, that's one of the cornerstones of our military defense. We have an all-volunteer military."

An NRA poster picturing a bald eagle is taped to the glass door of his office. He started as a lawyer, dabbling in everything from commercial land to trying to block the deportation of an illegal immigrant, before seguing into selling guns.

When his daughter graduated with a business degree from Texas A&M, Burdett figured she would move somewhere cosmopolitan like Dallas and work in a downtown high-rise. She instead went to work in the store, built her own AR-15 out of spare parts and used it to join what her father described as the "let's-go-pig-hunting-tonight circuit." Those feral hog hunts often include high-powered rifles as well as night-vision goggles.

"The other thing is, shooting is fun. It really is," Burdett said.

Many think so. Smith, the mechanical engineer, said that includes teenage girls. At national shooting competitions, Smith has run into a group of girls around 13 or 14 years old who call themselves "The Pink Ladies," firing high-powered rifles at targets. He also recalls meeting Australians, whose country bans guns, who told him, "I love to shoot, so I'm going to the U.S."

Others add safety to the list of reasons for allowing people easy access to guns.

"To me it's obvious — the more people that have guns, or at least in their homes, it's more of a criminal deterrent," said Bill Moos, a local taxidermist in the small town of Bryan, near College Station. Moos, who owns more than 30 guns, can be spotted any given morning, prowling his roughly 40-acre (16-hectare) ranch with his dogs and a shotgun slung over his shoulder.

He tells a story of standing in the post office one day and hearing about a suspect driving around, wanted by the police. He thought of the woman behind the counter near him.

"My first thought was, 'How are you going to protect yourself?' Does she have a gun, in case someone tries to rob her?" he said. "It's the first thing you think of: How are you going to defend yourself?"

On the television in the corner of his workshop, above a stuffed gray fox and a clutch of animal jawbones dangling on a ring like a set of keys, Obama is holding his first press conference since the Connecticut tragedy. He's promising to send Congress legislation tightening gun laws and urging them to reinstate a ban on military-style assault weapons, like the one used by Lanza.

Moos turns down the volume.

"I guess it's something you get used to," he said of guns. "That you grow up around, and you enjoy them, and you accept the fact that you can own. It's a privilege. It's a whole different way of life. I guess I don't need three pick-ups and a Corvette. But I have them."

___

Follow Paul J. Weber on Twitter: www.twitter.com/pauljweber

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New Zealand level series thanks to Guptill century

EAST LONDON, South Africa (Reuters) – A brilliant, unbeaten century from opener Martin Guptill led New Zealand to an eight-wicket victory off the final ball against South Africa in the second T20 international on Sunday.

Chasing 169 for victory in 19 overs at Buffalo Park, Guptill helped erase the memory of Friday’s embarrassing capitulation to 86 all out in Durban with a stunning batting display as the tourists reached their target for the loss of just two wickets to level the series 1-1.

Requiring 39 from the final four overs and 11 off the last, Guptill was on 97 and needing four for victory when Rory Kleinveldt bowled the final delivery – a low full toss which was eased away through extra cover.

Guptill’s unbeaten 101 was just the third T20 international century by a New Zealander, the first two belonging to captain Brendon McCullum who was almost anonymous with 17 from 15 balls during a second-wicket partnership of 73 with Guptill.

The right-handed opener was similarly dominant during an opening stand of 76 with Rob Nicol (25) as he drove the Proteas attack impeccably straight and displayed the skills – and patience – so obviously missing from the New Zealand batsman in Durban.

Captain Faf du Plessis led from the front once again as South Africa posted a competitive 165-5 in 19 overs after losing the toss and being asked to bat first.

Du Plessis paced his innings to perfection on a tricky pitch to reach 63 from 43 balls with eight fours and a six in a match reduced to 19 overs per side following a 52-minute floodlight failure.

The deciding match takes place in Port Elizabeth on Wednesday.

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Quentin Tarantino unchains America’s tormented past in “Django”

LOS ANGELES (Reuters) – Twenty years after Quentin Tarantino unveiled his first film “Reservoir Dogs,” the director has turned his eye to America’s slavery history, spinning a blood-filled retribution tale in his trademark style for “Django Unchained.”

Tarantino, 49, has become synonymous with violence and dark humor, taking on the Nazis in “Inglourious Basterds” and mobsters in “Pulp Fiction.”

In “Django Unchained,” to be released in U.S. theaters on Christmas Day, he fuses a spaghetti Western cowboy action adventure with a racially charged revenge tale set in the 19th century, before the abolition of slavery in the United States.

Jamie Foxx stars as a slave whose freedom is bought by a former dentist, played by Christoph Waltz. The two set off as bounty hunters, rounding up robbers and cattle rustlers before turning their attention to brutal plantation owners in America’s Deep South.

Tarantino is well-versed in delivering violence. But the director said he faced “a lot of trepidation” about filming the slavery scenes. He has already come under fire from some critics for the frequent use in the film of the “N-word” – a racial slur directed at blacks.

The director said he was initially hesitant to ask black actors to play slaves who are shackled and whipped, and even considered filming outside of the United States.

But a dinner with veteran Oscar-winning actor Sidney Poitier, whom Tarantino called a “father figure,” changed his mind after Poitier urged him to not “be afraid” of his film.

“This movie is a deep, deep, deep American story, and it needed to be made by an American, and it needed to star Americans. … Lots of the movies dealing with this issue have usually had Brits playing Southerners and it creates this arm’s-distance quality,” Tarantino said.

Much of the film’s more graphic slavery scenes, such as gladiator-style fights to the death and being encased naked in a metal hot box in the heat of the Southern sun, are drawn from real accounts.

“We were shooting on hallowed ground. This was the ground of our ancestors. … Their blood was in the grass, there’s still bits of flesh embedded in the bark,” Tarantino said.

The film has received good reviews from critics and is expected to add Oscar nominations in January to its five Golden Globe nods.

With the exception of Waltz, who plays eccentric German bounty hunter Dr. King Schultz, the majority of the main players are not only American but from the South.

“It seemed sacred to us, and we couldn’t help but channel those emotions, everybody on the crew and on the set. … Those were very moving days,” Tarantino said.

‘DESPICABLE’ CHARACTERS

Tarantino reunited with Waltz, who won an Oscar in 2010 for his role as a menacing Nazi officer in “Inglourious Basterds,” and long-time collaborator Samuel L. Jackson, who plays slave housekeeper Stephen, a character who Tarantino described as “the most despicable black (character)” in movie history.

“Stephen might be frankly the most fascinating character in the whole piece, and it was important to deal with that whole upstairs-downstairs aspect of the Antebellum South,” he said.

The role that has people talking is Leonardo DiCaprio‘s first villainous turn as a racist plantation owner – a stark contrast from his Hollywood heartthrob “Titanic” days and roles as eccentric Americans in “The Aviator” and “J. Edgar.”

Asked how he felt to be the first director to make DiCaprio a villain, Tarantino laughed, saying he felt “pretty darn good about it.” He commended DiCaprio for turning into a “Southern-fried Caligula,” referring to the tyrannical ancient Roman emperor.

“I saw him as a petulant boy emperor. … He has nothing but hedonistic hobbies and vices to indulge him, and it’s almost as if he’s rotting from the inside,” Tarantino said.

The film’s female lead, Django’s wife Broomhilda played by Kerry Washington, moves away from Tarantino’s fierce screen women such as Uma Thurman in “Kill Bill” and Diane Kruger in “Inglourious Basterds.”

Tarantino said Broomhilda was meant to be the “princess in exile.” He said he was “annoyed” when he was asked by a friend why Broomhilda did not exact revenge on her abusers in the same way as Thurman’s “Kill Bill” character. The film, he said, is “Django’s story.”

“It invokes … that odyssey that Django goes on and gives the black slave narrative the romantic dimensions of great opera or great folklore tales,” Tarantino said.

(Editing by Jill Serjeant, Patricia Reaney and Will Dunham)

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Firefighters ambushed by gunman while responding to house fire

Residence near shooting and fire in Webster evacuated. (Max Schulte/Rochester Democrat&Chronicle via Twitter)

A gunman set a trap and shot and killed two firefighters responding to an early morning blaze in Webster, N.Y., police officials said. Two other firefighters were also shot and are in serious condition at a hospital.

"It does appear that it was a trap that was set for first responders, but the cause or reasons we don't have at this time," said Webster Police Chief Gerald Pickering as he described  the scene where shots were fired at West Webster firefighters when they arrived at 5:35 a.m. to battle the blaze along Lake Road. Webster is about 10 miles east of Rochester.

The apparent gunman was found dead at the scene, but it’s unclear if he was killed by  a self-inflicted gunshot or if it was from a weapon from police officers who were chasing him.

The victims were Mike Chiapperini, also a lieutenant and public information officer with the local police department, and Tomasz Kaczowka, Pickering said.

Chiapperini was described by Pickering as a lifelong firefighter who started with the department's explorer program and had about 20 years of experience. Kaczowka was a younger firefighter and was also a 911 dispatcher, he said.

West Webster firefighters Joseph Hofsetter and Theodore Scardino were seriously injured and are at Strong Memorial Hospital with gunshot wounds, a hospital spokeswoman said.  Scardino  has  injuries to his chest and lungs. Hofsetter was injured in the pelvis, the spokeswoman said at a media briefing.

Pickering said that one of the firefighters who survived made his way across a bridge to get to safety. The other three did not make it across, Pickering said. Police arrived and rescued the other three firefighters, but two were fatally shot, Pickering said.

"These are volunteers who get up in the middle of the night to fight fires. They don't expect to be shot and killed," a tearful Pickering said at the press conference.

The morning scene was described as chaotic as police and firefighters dealt with an immense blaze as well as gunshots,  local news station WHAM-TV  reports.

“I’m not aware of anything like this happening in Webster, obviously not a firefighter being fired upon,” Webster Fire Marshal Rob Boutillier told the Democrat & Chronicle.  Pickering described Webster as resort lakeside community that is quiet and usually peaceful.

There at least four houses that have been damaged by the fire along Lake Road, WHAM-TV reported. Firefighters had to leave the scene and stop battling the blazes while police secured the scene. They continue to battle the blaze.

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“Hobbit” fever beats Tom Cruise at box office

(Reuters) – The big-budget “Hobbit” fantasy movie ruled movie box office charts for a second straight weekend, fending off Hollywood heavyweight Tom Cruise in new crime drama “Jack Reacher.”

“The Hobbit: An Unexpected Journey” hauled in nearly $ 37 million from theaters in the United States and Canada, according to studio estimates of Friday-through-Sunday ticket sales. The film is the first of three movies based on the classic J.R.R. Tolkien novel about a world of dwarfs, elves and dragons in the fictitious Middle Earth.

In second place, Cruise’s “Jack Reacher” about the investigation into a sniper shooting brought in just short of $ 17 million at U.S. and Canadian theaters. Distributor Paramount Pictures postponed a premiere of the film after the fatal school shooting in Newtown, Connecticut, sparked new scrutiny of violent movies.

Adult comedy “This is 40,” starring Paul Rudd and Leslie Mann as a middle-aged couple, brought in $ 12 million, finishing in third place.

“The Hobbit” was distributed by Time Warner Inc’s Warner Bros. studio. Paramount Pictures, a unit of Viacom Inc, released “Jack Reacher.” Comcast Corp’s Universal Pictures distributed “This is 40.”

(Reporting By Lisa Richwine and Andrea Burzynski)

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Former President George H.W. Bush remains hospitalized

(Reuters) – Former President George H.W. Bush, who has been hospitalized for a month undergoing treatment for bronchitis, may not be released from a Houston hospital in time to celebrate Christmas at home as doctors had hoped.

Bush, 88, remained in stable condition and doctors were optimistic he would make a full recovery, George Kovacik, a spokesman at Methodist Hospital, said in an emailed statement on Sunday.

But doctors were being “extra cautious” with his care and no discharge date had been set, the statement said. Earlier this month, Kovacik said doctors expected Bush would be able to spend Christmas at home with his family.

“His doctors feel he should build up his energy before going home,” the statement said.

Bush, the 41st president and a Republican, took office in 1989 and served one term in the White House. The father of former President George W. Bush, he also is a former congressman, U.N. ambassador, CIA director and vice president for two terms under Ronald Reagan.

(Reporting by Kevin Gray; Editing by Daniel Trotta and Vicki Allen)

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NRA’s defiant LaPierre dismisses critics of school gun plan

The NRA's Wayne LaPierre speaks at Friday's press conference. (Chip Somodevilla/Getty Images)

Two days after suggesting a "good guy with a gun" be stationed at every school in the country in response to the deadly shootings in Newtown, Conn., National Rifle Association executive vice president Wayne LaPierre blasted critics of his plan.

In an interview broadcast on Sunday's "Meet The Press," LaPierre reiterated the statements he made Friday at a press conference in Washington, when he said the answer to preventing shootings like the one at Sandy Hook Elementary Sch00l is armed security in every school--in effect, protecting children with guns.

“If it’s crazy to call for putting police in and securing our schools to protect our children, then call me crazy," LaPierre said. “I think the American people think it’s crazy not to do it."

At one point during the often contentious exchange, host David Gregory held up a high-capacity magazine clip that carries 30 bullets, asking if the NRA would support a federal limit on the capacity of such clips.

"Isn't it just possible that we could reduce the carnage in a situation like Newtown?" Gregory asked.

"I don't believe that's going to make one difference," LaPierre responded.

"You're telling me that it's not a matter of common sense that if you don't have an ability to shoot off 30 rounds without reloading, that, just possibly, you could reduce the loss of life?" Gregory asked.

"I don't buy your argument for a minute," LaPierre said. "There are so many different ways to evade that, even if you had that."

“Is there no new gun regulation you would support?” an exasperated Gregory asked. LaPierre refused to answer.

At Friday's press conference, LaPierre--who did not take questions from reporters--argued that had someone at the school been armed, "innocent lives might have been spared."

"The only thing that stops a bad guy with a gun is a good guy with a gun," he said.

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Showrooming little threat to clothiers in ho-hum holidays

Chicago (Reuters) – In retail, showrooming has not hit shirts yet.

Showrooming, the retail term for shoppers who try a product, then buy it cheaper on Amazon.com or other websites, has driven retailers to the point of hiding barcodes, improving their own websites and coming up with methods to get people to complete their purchase in the store.

But brand-name clothing retailers have an advantage over companies that sell items you can buy anywhere, like televisions and home goods.

“Specialty apparel retailers are some of the least affected by showrooming since the more exclusive the product is, the harder it is to showroom,” said Joel Bines, managing director of the retail practice at advisory firm AlixPartners.

That, in turn, has helped retailers like Gap Inc and Lululemon Athletica Inc find favor with investors.

A survey of 2,010 adults conducted by AlixPartners showed consumers who shop for apparel were among the least likely (35 percent) to go to other websites after they liked an item at a store, compared with 42 percent of electronics shoppers and 41 percent of those looking for accessories like watches and jewelry.

“If you look at some of the most successful (clothes) companies in the past few years, they are those that have that moat around them,” said hedge fund manager Shawn Kravetz, who runs Esplanade Capital in Boston.

He cites yogawear maker Lululemon and Gap as good examples of how it can help to have clothes that are not sold elsewhere.

If a shopper wants to buy a Banana Republic or Nordstrom shirt from the latest season, they have to buy it either from their stores or online shop.

Discount retailers like Zappos, Amazon and others stock brand-name products, but the merchandise is often not from the current season or limited in colors and sizes.

“I don’t need to see if a television fits my body shape when I buy a TV,” said Joe Megibow, senior vice president of omni-channel e-commerce at American Eagle Outfitters. The teen clothes retailer has seen better sales than its peers over the past year.

“I can get a sense of the TV and I’m good. Clothing is different. Does it fit me, is it my style, do I like the quality of the material and how it is put together. There’s so much more with apparel that matters,” he said.

That is the part of the reason, analysts say, why online-only clothing companies like Bonobos and Gap’s Piperlime have started opening brick-and-mortar stores or tied up with retailers to sell their products in physical locations.

Choice and easy availability are the two most important aspects of shopping, especially during a holiday season that has lost steam after what looked like strong Thanksgiving sales.

Estelle Tran, an “impulsive” shopper in her twenties, agreed.

“If I want to buy books, tech items, DVDs, I would definitely buy online. For clothes, I would rather (visit stores) as it is also a fun experience to try on clothes,” said the Chicago-based finance auditor.

Tran said she would definitely check prices online if she was spending more than $ 100.

Luxury and high-priced items can be more susceptible to showrooming, because pricing is what drives the behavior, said Marshal Cohen, chief economist at the consultancy NPD Group.

“With electronics and certain consumer goods it is very easy to compare specific brands across multiple websites. But (showrooming is) happening and it will be growing. If a (clothes) retailer isn’t taking it seriously, they are going to fall behind,” said Bolette Andersen, principal in KPMG’s retail industry practice.

ROOM TO GROW

Some investors are betting on apparel stocks because of their relative insulation from the threat of showrooming.

While the S&P Apparel Index has returned a sizzling 27.71 percent year to date, according to Reuters data, far outperforming the S&P 500, which is up 14.80 percent, more gains may be coming.

“We still think there’s plenty of room to grow,” said Brian Peery, co-portfolio manager at Hennessy Funds. Its growth fund, heavily weighted in apparel and consumer discretionary goods shares, is up 30 percent over the year.

“As we look into the sector 12-18 months, we continue to buy the discretionary area. Two of our heaviest investments would be Foot Locker Inc and TJX Companies Inc,” he said.

Discount chains like TJX and Ross Stores, which sell branded clothes at low prices, have benefited from the surge in bargain-seeking shoppers.

Even the stocks of retailers like Gap and American Eagle that have staged or are staging turnarounds have gotten a good boost over the year. Gap has soared 69 percent and American Eagle is up 31 percent.

R. Shawn Neville, president of Avery Dennison retail branding and information solutions, said another reason that apparel and to a broader extent other consumer discretionary stocks do well is because of their sustainability.

“In uncertain times, investors look towards market segments that have strong underlying demand which are more stable, like the apparel industry,” Neville said.

Moreover, in times of economic uncertainty, shoppers can still afford clothes and shoes, as opposed to a new car, home, or expensive vacations, helping apparel stocks do well, he said.

“Though Amazon is clearly stealing some share in various categories, clothes retailers, say Abercrombie & Fitch isn’t going anywhere. They’re not being run out of the shopping mall,” said Esplanade’s Kravetz.

(Editing by Jeffrey Benkoe)

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Analysis: Apple’s swoon exposes risk lurking in mutual funds

NEW YORK (Reuters) – The nearly 28 percent decline in shares of Apple Inc since mid-September isn’t just painful to individual shareholders. It’s also being felt by investors who chased hot mutual funds that loaded up on Apple as the stock raced to a record $ 705 per share.

Apple makes up 10 percent or more of assets in 117 out of the 1,119 funds that own its shares, according to data from Lipper, a Thomson Reuters company. Those big stakes have contributed positively to each fund’s annual performance to date, with Apple still up about 32 percent for the year. It was trading at $ 527.73 soon after the opening on Friday.

But that year-to-date outcome may not accurately reflect the performance of the funds for individual investors. All told, approximately $ 4.5 billion has been added to funds with overweight stakes in Apple this year, according to Morningstar data. The majority of these dollars were invested after March and after Apple first exceeded $ 600 per share – meaning many investors have been riding down with the decline.

The $ 302 million Matthew 25 fund, for instance, holds 17.4 percent of its assets in Apple, according to Lipper. The fund’s 31.9 percent gain through Thursday makes it one of the top performing funds for the year.

Most of its Apple shares were bought years ago at a bargain basement price of about $ 125 per share. But $ 158.9 million of the fund’s assets – or 53 percent – were invested after the end of March, when Apple was trading near $ 615 per share, according to Morningstar data.

For those investors that bought after March, all that concentration in Apple hasn’t led to a stellar gain but rather a drag on the portfolio. Someone who invested in Matthew 25 in early April has seen the value of the fund’s Apple stake fall about 19 percent, while someone who invested at the beginning of September has watched that outsized Apple stake drop 27.2 percent.

In turn, the majority of the fund’s investors have reaped a much more modest performance than its year-end numbers suggest. Since the end of March, the fund has gained 6.7 percent, according to Morningstar data, far less than its 31 percent year-to-date gain and about two percentage points more than the benchmark Standard & Poor’s 500 index.

Since, September the fund is down nearly 3 percent through Thursday’s close, compared with a 1.1 percent decline in the S&P 500 in that period.

The impact of Apple’s falling stock price shows some of the drawbacks of portfolio concentration, experts say. These stakes can leave the funds overexposed to the ups and downs of one company – counter to what most mutual funds are supposed to do for investors.

“Any time you get over 10 percent of the portfolio in one company it’s a red flag,” said Michel Herbst, director of active fund research at Morningstar. Many fund managers do have risk management rules that prevent them from devoting more than 5 percent to 6 percent of their portfolio to any one stock, he said.

Then again, some funds purposely invest in just a few stocks. Mark Mulholland, the portfolio manager of the Matthew 25 fund, said that taking concentrated positions in companies is the only way to beat an index over longer periods of time.

‘RIGHT-SIZING’ PORTFOLIOS

Along with concerns about iPhone sales in China and tax-motivated selling among people who want to avoid potentially higher capital gains taxes in 2013, the wide fund ownership of Apple may be a factor in the size of the stock’s recent declines, fund managers said. In addition, with so many funds already heavily invested in the high-priced stock, there may be fewer marginal buyers available to push prices up again when shares begin to dip.

“The stock didn’t go from $ 700 to $ 520 because people didn’t like the new iPad. It’s become a favorite short of hedge funds because they know they can get in on this,” said Mark Spellman, a portfolio manager of the $ 300 million Value Line Income and Growth fund with a small position in Apple.

Short interest in the stock rose to 20.6 million shares at the end of November from 15.1 million shares at the end of September, according to Nasdaq.

“Some of my competitors have 12 percent of their assets in Apple, which I think is ludicrous”, said Spellman, who said the company is no longer trading on its fundamentals.

Sandy Villere, who has a 2.5 percent weighting of Apple in his $ 276 million Villere Balanced fund, said that some mutual fund managers are selling shares because of the over-weighting.

“Right now many people who did take huge overweight positions are right-sizing their portfolios to get it in line with their regular weightings,” he said.

Still, some bullish investors see the stock’s recent declines as a buying opportunity.

Mulholland, the Matthew 25 portfolio manager, continues to say that shares should be priced at over $ 1,000 per share based on his valuation of the company at 10 times enterprise value divided by earnings before interest, taxes, depreciation and amortization (EBITDA). Apple trades at about 7 times that figure now.

Wall Street analysts’ average price target as of Thursday is $ 742.56, according to Thomson Reuters data. But Mulholland is happy to be more bullish than his peers.

“I’m glad that I’m able to get it at these prices,” he said.

(Reporting By David Randall; Editing by Jennifer Merritt)

Tech News Headlines – Yahoo! News

Title Post: Analysis: Apple’s swoon exposes risk lurking in mutual funds
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