Hollywood expects to have a happy holiday season at the box office

LOS ANGELES — Movie theaters posted their worst attendance since 1994 last year, but Hollywood is poised for a big comeback — with the help of a secret agent, a sullen vampire and a hairy-footed hobbit.

Domestic ticket sales are already up by 3 percent compared with the same period last year, and a bumper crop of strong films this holiday season — including movies that will appeal to both popular and discerning tastes — could push annual box office receipts above $11 billion for the first time.

A strong finish to the year could ease the uncertainty gripping an industry under pressure to cut costs and boost profits, especially as revenue dwindles from once-reliable DVD sales and as more fans turn to video-on-demand and streaming to catch the latest movies.

"We're still facing the same structural issues — the DVD business is declining and there are distractions for the audience — so studios have to rationalize their costs," said Stacey Snider, chief executive of DreamWorks, which began releasing "Lincoln" Friday. But she points out: "All that doom and gloom people were talking about after the summer ticket sales didn't come to bear."

Snider was referring to the anxiety rampant in Hollywood earlier this year, amid the box office flop of big-budget films including "John Carter" and "Battleship." But those disappointments have been tempered by a handful of certified hits, including "The Avengers," "The Dark Knight Rises," "The Amazing Spider-Man" and "The Hunger Games."

And some movies have performed better than expected. One of those is the Iranian hostage drama "Argo," which has taken in nearly $80 million since opening Oct. 12.

"I'm becoming increasingly concerned about the movie business ... there's the feeling that it could all sort of fall apart or at least be greatly diminished," said Ben Affleck, who directed and stars in "Argo." "But there is a huge crop of really interesting movies coming out in the next couple of months, and I think that's great for the movie business."

The latest James Bond film, the well-reviewed "Skyfall," kicked off the holiday movie season last weekend and hauled in an estimated $87.8 million.

This week, multiplexes across the country will be swarming with young women eager to see Kristen Stewart and Robert Pattinson in "The Twilight Saga: Breaking Dawn Part 2," the fifth and final installment of the vampire franchise.

In December comes "The Hobbit: An Unexpected Journey," a prequel to Peter Jackson's "Lord of the Rings" trilogy, which grossed more than $2.9 billion worldwide.

"There's a good feeling about the business right now," said Amy Pascal, co-chair of Sony Pictures. "It really looks like we have a lot of fantastic movies coming at the end of the year."

In addition to the slew of big-budget films hitting theaters, an above-average array of less costly movies aimed at sophisticated filmgoers could provide a crucial assist for a box-office record: Steven Spielberg's "Lincoln" (which opened in limited release last weekend), the dramedy "Silver Linings Playbook" with Bradley Cooper, a star-studded version of Broadway's hit musical "Les Miserables" and "Zero Dark Thirty," about the mission to kill Osama bin Laden.

"Unlike last year, which had a very slow December, the final six weeks of this year are going to make up for that ... because of the mix of summer-style blockbusters and Oscar-bait films," said Paul Dergarabedian, president of Hollywood.com.

Still, there could be some costly misses. Director Ang Lee's 3-D spectacle "Life of Pi" has earned favorable reviews in early screenings, but with a production cost of $120 million and an unknown 19-year-old lead, the holiday release is considered a big gamble for 20th Century Fox and its financial partners.

"We all have a lot riding on these films, and you want people to be buying tickets," said Elizabeth Gabler, whose Fox 2000 Pictures produced "Life of Pi." "But I think ... the more exciting movies you can offer people will get them to the theater. When there's a lot of energy there, that fosters excitement about the moviegoing experience."

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Lance Armstrong cuts formal ties to Livestrong

AUSTIN, Texas — Lance Armstrong has cut formal ties with his cancer-fighting charity to avoid further damage brought by doping charges and being stripped of his seven Tour de France titles.

Armstrong resigned from the board of directors for Livestrong on Nov. 4. He had previously resigned as chairman from the charity he founded Oct. 17 but had kept a seat on the board.

The U.S. Anti-Doping Agency ordered Armstrong banned from the sport for life and stripped of his titles. The International Cycling Union, which had originally supported Armstrong's fight, later agreed to wipe out Armstrong's record seven victories.

Livestrong spokeswoman Katherine McLane said Monday that Armstrong "remains the inspiration" and is still its largest donor with nearly $7 million over the years.

In a statement, new board chairman Jeff Garvey said Armstrong stepped resigned from the board to spare the organization any negative effects resulting from the controversy surrounding his cycling career.

"Lance Armstrong was instrumental in changing the way the world views people affected by cancer. His devotion to serving survivors is unparalleled and for 15 years, he committed himself to that cause with all his heart," Garvey said.

Armstrong has not comment publicly on the USADA report and recently returned to Austin from Hawaii. Over the weekend, he posted a photograph on Twitter of him lying on a couch at his home with seven yellow Tour de France jerseys mounted on the wall.

Armstrong also has lost his personal sponsors, including Nike and brewing giant Anheuser-Busch, who dropped their contracts with him or said they would not renew when current deals expire.

USADA's report accused Armstrong of helping run "the most sophisticated, professionalized and successful doping program that sport has ever seen" within his U.S. Postal Service and Discovery Channel teams.

The USADA report said Armstrong and his teams used steroids, the blood booster EPO and blood transfusions. The report included statements from 11 former teammates who testified against Armstrong.

Armstrong denies doping, pointing to hundreds of passed drug tests. But he chose not to fight USADA in one of the agency's arbitration hearings, saying the process was biased against him. Former Armstrong team director Johan Bruyneel is also facing doping charges, but he is challenging the USADA case in arbitration.

___

Online:

http://www.livestrong.org/

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Stocks higher after bruising week

NEW YORK — Stocks are opening higher on this Veterans Day.

Just after the start of trading, the Dow Jones industrial average is up eight points at 12,823. The Standard & Poor's 500 index is up two at 1,382. And the Nasdaq composite index is up 11 at 2,916.

Last week, the market had its biggest sell-off of the year after the re-election of President Barack Obama. Investors are worried about the "fiscal cliff," tax increases and government spending cuts that go into effect Jan. 1 unless Congress acts.

The bond market is closed Monday.

Stocks in Europe are mixed after Greek lawmakers approved a 2013 budget overnight. The head of the finance ministers of the 17 euro countries says lenders have prepared a "positive" report on the country.

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Signature brands make comebacks

Automakers are always looking for ways to be original when unveiling new models. In certain instances, this means shifting gears and storing vintage nameplates in the garage.

"There just aren't that many that survive from the old days," said Scott Oldham, editor-in-chief of Edmunds.com. "A lot of brands move away from old nameplates in order for their vehicles to seem more fresh and not old-fashioned, while others hold on to nameplates to sort of have attachment remain to the glory days."

Certain car makers such as Cadillac and Buick have retired vintage nameplates altogether. Other brands, such as Chevrolet, Dodge and Ford, have been known to release a nameplate, keep it in the marketplace for years, put the brakes on it and then re-release it to the world.

On Saturday, the Herald unveiled its top 10 list of the best tough and rugged vehicles for 2013. This time we take a drive down memory lane as we present the 10 greatest survivor nameplates on the market today.

10. Chevrolet Impala

Its peak occurred from the early 1960s to the mid-1970s before disappearing until the mid-1990s. This time around, the modern Impala remains the mainstream American sedan for the everyman, as it is affordable with high value and offers "a large package for the family that's a little fun for Dad to drive," Oldham said.

(Production years: 1957-85, 1994-96, 1999-present; MSRP: $29,189)

9. Chevrolet Malibu

Here, then gone, then back again, the Malibu is a slightly smaller, slightly more affordable sedan than the Impala. Popular in the 1960s and 1970s, the Malibu invokes "positive connotations" with California's eponymous sun-soaked destination, Oldham said, adding, "Either you're a little older and you have grand fun memories of it as a child, or somebody you knew in the '70s had one that fell apart."

(Production years: 1953-82, 1997-present; MSRP: $25,074)

8. Dodge Dart

The new Dart is unrelated to the Darts of yore besides its nameplate and "the desire to deliver an affordable, high value, small car that's a bit fun to drive and doesn't hurt the pocketbook too much," according to Oldham. This year marked the first Dart released since 1976, which is based on the Alfa Romeo, a Fiat offering. Dodge is hoping family-friendly features and a low price will be "a magical combination" this time around, Oldham added.

(Production years: 1960-76, 2012-present; MSRP: $19,763)

7. Chrysler 300

The 300 may have disappeared from 1971 to 1998, but this has become "the signature vehicle for the Chrysler brand as a rear-wheel-drive performance sedan with some old-school characteristics," Oldham said. Undergoing a redesign last year, the 300 is as appealing as ever, offering a luxury standard that competes with German counterparts. "Chrysler's tagline for the vehicle is 'Imported from Detroit,' and that's had some success for them," Oldham added.

(Production years: 1955-65, 1971, 1998-present; MSRP: $39,324)

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Our experts see great returns

Our StoxSmart experts continue to soar.

Of 7,867 U.S. stock funds tracked by Morningstar, the best performer this year is Fairholme, which has returned 32 percent.

John Fish's 42 percent return blows that out of the water and Frank Quaratiello's 22 percent return would rank 14th on the Morningstar list.

Fish's two best picks have been Bank of America (81 percent annualized return) and Synovus Financial Corp. (74 percent).

Quaratiello's stocks are all in positive territory with returns ranging from 11 percent (Clorox) to 41 percent (Apple).

Greg Turner's Vanguard High Dividend Yield Index ETF and Vanguard Total Stock Market ETF have returned 9 and 12 percent, respectively.

Rob Lutts' best pick, EGShares India Infrastructure, has returned more than 22 percent.

The benchmark Standard & Poor's 500 Index is up 9.7 percent this year.

Investors will be looking for signs of agreement this week on budget and tax policy between President Obama and Congress, which returns to Capitol Hill tomorrow. Bond markets are closed today in observance of Veterans Day, but stocks and other markets have normal hours.

TJX reports earnings tomorrow while struggling Staples reports earnings Wednesday. Also watch for a retail sales report and the Federal Open Market Committee's minutes Wednesday.

Thursday's earnings include Wal-Mart, Target and Viacom, plus weekly jobless claims will be out.

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Elmo puppeteer accused of underage relationship

NEW YORK — The puppeteer who performs as Elmo on "Sesame Street" is taking a leave of absence from the popular kids' show following allegations that he had a relationship with a 16-year-old boy.

Sesame Workshop says puppeteer Kevin Clash denies the charges, which were first made in June by the alleged partner, who by then was 23.

In a statement issued Monday, Sesame Workshop said its investigation found the allegation of underage conduct to be unsubstantiated. But it said Clash exercised "poor judgment" and was disciplined for violating company policy regarding Internet usage. It offered no details.

At his request, Clash has been granted a leave of absence in order to "protect his reputation," Sesame Workshop says. No duration for the leave was specified. Clash has voiced and animated Elmo since the 1980s.

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Fiat Industrial announces new management structure

MILAN — Capital goods maker Fiat Industrial on Monday announced a new management structure aimed at making it easier to merge with its U.S. subsidiary CNH Global N.V., the agriculture equipment maker.

Fiat Industrial, which makes trucks, agriculture and construction equipment, said it has created a 20-seat Group Executive Council, which will be headed by Chairman Sergio Marchionne and CNH CEO Richard Tobin in the new position of group chief operating officer.

"The new organization announced today represents a key step in the integration of Fiat Industrial and CNH," Marchionne said in a statement.

The structure, which puts emphasis on brands, geography and industrial processes, is similar to a four-region management organization adopted at carmaker Fiat last year to drive integration between Italy's Fiat and the U.S. carmaker Chrysler, which it controls.

CNH advisers have rejected the original terms of the full merger proposed last spring, but Marchionne is working to save the deal. He told analysts recently that it would be more expensive, without elaborating.

Fiat Industrial owns 88 percent of CNH, which is based in the Chicago suburb of Burr Ridge, Illinois, and sells farm and construction equipment under the Case and New Holland brands in 170 countries

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Best Buy hires ex-Williams-Sonoma exec as CFO

NEW YORK — Struggling consumer electronics chain Best Buy said Monday that a former Williams-Sonoma executive will become its new chief financial officer beginning Dec. 10.

It's the latest executive move for the Minneapolis company since turnaround expert Hubert Joly joined as CEO in August.

Best Buy is trying to reverse a decline in its business due to a weak global economy and tough competition from online stores and discounters.

Sharon McCollam, 50, had been chief operating officer and chief financial officer at the home goods retailer before retiring. She also takes the title of chief administrative officer at Best Buy.

She replaces James Muehlbauer, who said he was leaving in October. Muehlbauer will continue to advise the company until the end of the fiscal year in February.

ISI Group analyst Greg Melich said McCollam is a solid choice to replace Muehlbauer. While she lacks direct consumer electronics experience, there are other similarities between the two retailers.

One similarity: Williams-Sonoma sells big-ticket items that are cheaper online. But through service offerings and online "prowess," Williams-Sonoma manages to sell 40 percent of its products directly. She is also talented in real-estate management, Melich said.

Muehlbauer's replacement by McCollam is one of several management changes made since Joly joined in August, after Best Buy's former CEO Brian Dunn left in April after an investigation into his relationship with a female employee.

Joly has eliminated two top executive positions in the U.S. and hired Expedia executive Scott Durchslag to head global e-commerce.

Meanwhile, Best Buy co-founder and former Chairman Richard Schulze is considering a plan to take the company private.

More information about Best Buy's plan will likely be given during a meeting with analysts on Tuesday. Best Buy reports fiscal third-quarter results Nov. 20. The company has forecast net income will be "significantly below" last year and a key revenue figure will fall.

Best Buy Co. shares rose 82 cents, or 5.4 percent, to $16.12 in morning trading Monday. Its shares traded as high as $28.53 in early December, but fell to a 52-week low or $14.38 last Tuesday.

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US fiscal uncertainty keeps lid on markets

LONDON — Uncertainty over whether Washington will agree a spending and taxation deal that is crucial to keeping the U.S. economic recovery on track kept a lid on global market gains on Monday.

Economists have said the U.S. risks slipping into recession if hundreds of billions of dollars in expiring tax cuts and automatic spending reductions take effect on Jan. 1 — the so called "fiscal cliff." Congress and the White House must find a compromise to prevent a big hit to the world's biggest economy.

President Barack Obama, fresh from a re-election victory, and House Speaker John Boehner have spoken of compromise but appear to be taking a firm stances on some issues, including whether to raise taxes for the wealthiest.

"Despite comments from the U.S. administration and Congressional leaders of a willingness to compromise, markets remain unconvinced," said Mitul Kotecha, analyst at Credit Agricole CIB.

European stocks lacked momentum in afternoon trading. Britain's FTSE 100 was up 0.2 percent to 5,780.20 while Germany's DAX edged up 0.3 percent to 7,182.88. France's CAC-40 lost 0.3 percent to 3,414.66.

Wall Street opened modestly higher — the Dow was 0.1 percent higher at 12,827.64 while the S&P 500 was up 0.2 percent at 1,382.84.

In Europe, investors will keep their eyes on a meeting of the finance ministers of the 17-country eurozone. The officials are expected to discuss Greece's economy and its bailout program.

Greece is waiting for approval of the next €31.5 billion ($40 billion) payout of its bailout loan. It faces a bond repayment on Friday it cannot afford.

The finance ministers will discuss the findings of a report on Greece by international debt inspectors at the meeting in Brussels. But no decision on giving Greece new loans is likely to be made at the meeting because some eurozone parliaments must approve the deal. Greek lawmakers approved the country's 2013 austerity budget early Monday, essential to unblocking the new payment.

Earlier in Asia, Japan's Nikkei 225 index fell 0.9 percent to close at 8,676.44. Growth figures showed the economy contracted an annualized 3.5 percent rate for the quarter ending September. Most economists forecast a further decline in economic activity for the October-December quarter, which would officially put the world's No. 3 economy in recession, according to the common definition of two consecutive quarters of contraction.

South Korea's Kospi fell 0.2 percent to 1,900.87 and Australia's S&P/ASX 200 lost 0.3 percent to 4,448.00. Benchmarks in Singapore, Taiwan and Indonesia fell. The Philippines and New Zealand rose.

Hong Kong and mainland Chinese stock markets rose following comments over the weekend by Chinese Cabinet officials that the country's economic slowdown has ended, although the economy is not ready to stage a recovery, and that exporters still face tough conditions.

Hong Kong's Hang Seng added 0.2 percent to 21,430.30. The Shanghai Composite Index gained 0.5 percent to 2,079.27 and the smaller Shenzhen Composite Index added 0.5 percent to 832.38.

Jackson Wong, vice president at Tanrich Securities in Hong Kong, cautioned against too much optimism regarding China's economy amid disappointing Chinese loan growth figures.

Lending in October stood at 505.2 billion yuan ($80.3 billion), dropping 81.6 billion yuan from a year earlier, the People's Bank of China said Monday, according to Xinhua news agency. The figure decreased from the 623.2 billion yuan of new yuan loans registered in September.

"Expect light trading this week unless major news comes out," Wong said.

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US seen overtaking Saudis as biggest oil producer

The United States will become the world's largest oil producer by around 2020, temporarily overtaking Saudi Arabia, as new exploration technologies help find more resources, the International Energy Agency forecast on Monday.

In its World Energy Outlook, the energy watchdog also predicted that greater oil and natural gas production — thanks partly to a boom in shale gas output — as well as more efficient use of energy will allow the U.S., which now imports around 20 percent of its energy needs, to become nearly self-sufficient around 2035.

That is "a dramatic reversal of the trend seen in most other energy-importing countries," the Paris-based IEA said in its report. "Energy developments in the United States are profound and their effect will be felt well beyond North America — and the energy sector."

Rebounding U.S. oil and gas production is "steadily changing the role of North America in global energy trade," the IEA said.

For example, oil exports out of the Mideast will increasingly go to Asia as the U.S. becomes more self-sufficient. That will increase the global focus on the security of strategic routes that bring Middle East oil to Asian markets. Tensions between Iran and Western powers have raised concerns that oil exports from the Persian Gulf could be blocked in a potential conflict over Tehran's alleged plan to develop nuclear weapons.

The IEA added that global trends in the energy markets will be influenced by some countries' retreat from nuclear power, the fast spread of wind and solar technologies and a rise in unconventional gas production.

The agency concluded that despite the rising use of low carbon energy sources, huge subsidies will keep fossil fuels "dominant in the global energy mix."

"Taking all new developments and policies into account, the world is still failing to put the global energy system onto a more sustainable path," the IEA said.

Global energy needs are forecast to increase by a third by 2035, with 60 percent of the additional demand coming from China, India and the Middle East.

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