McDonald's sales drop, first time since 2003

McDonald's Corp. reported its first decline in monthly U.S. same store sales in nine years Thursday, as the chain began to suffer problems plaguing the rest of the fast food industry for several years.

Sales at restaurants open more than a year declined 2.2 percent. Same store sales also declined in Europe, 2.2 percent, and the Asia Pacific, Middle East and Africa region, 2.4 percent.

The chain cited lower demand and greater competition for the lower sales. While hamburger competitors Burger King and Wendy’s were walloped by the onset of the recession, both  have changed hands in recent years and launched new menu items that better compete with McDonald’s including expanded breakfast offerings, improved coffee options and more innovative salads.

"Though October's sales results reflect the pervasive challenges of today's global marketplace, I am confident that our strategies and the adjustments we are making in response to the current business headwinds will build sales momentum and drive sustained, profitable growth," McDonald's CEO Don Thompson said. 

Although the decline is historic for the world's largest restaurant chain, which has been on a roll since the beginning of its historic turnaround in 2003, it was not unexpected. Analysts have been tempering expectations and downgrading the stock for months.

To rev up sales, McDonald's has been working to emphasize value in markets around the world.

In the U.S., for example, McDonald's is stepping up advertising for its Dollar Menu after its attempt to market an "Extra Value Menu" for slightly higher prices fell flat. But the company said Thursday that the efforts were offset by "modest consumer demand" and competition.

In particular, McDonald's is facing stiffer competition from longtime rivals Burger King and Wendy's, which are both in the midst of reviving their brands with new ad campaigns and improved menus. Taco Bell, owned by Yum Brands Inc., is also enjoying growth with the help of new offerings such as it Doritos Locos Tacos and higher-end Cantina Bell bowls and burritos.

Stock slipped 0.99 percent in pre-market trades, to $86 in early trading. McDonald's hit an all-time high of $101.74 in February.

Baird analyst David Tarantino maintained an outperform rating on McDonald's, saying in a research note that, "We are cautiously optimistic that better trends can emerge as McDonald's gets past a wall of challenging comparisons in upcoming months."

Tarrantino added that though results "could remain soft" through early 2013, "we see opportunity for better performance to emerge in 2013 as a whole," because of emphasis on value offerings, lower ingredient costs, and reduced currency impact.

eyork@tribune.com | Twitter: @emilyyork

- Reuters contributed to this report

MCD Net Income Quarterly data by YCharts

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Funeral for fallen firefighter: 'Our family has lost a real hero'

Led by the slow march of a drum and pipe corps, a fire truck pulled up to a Southwest Side church today bearing the flag-draped casket of Capt. Herbert "Herbie" Johnson, a 32-year veteran who died battling an extra-alarm fire.

As firefighters in dress uniforms stood at attention under dark skies, Johnson's casket was brought into St. Rita of Cascia Shrine Chapel past his family and hundreds of friends and colleagues.

"He was a bully for love and life," the Rev. Thomas McCarthy said during the packed funeral. "And for us, his friends, we are so lucky.

"He was there when anyone needed him," he said. "To go into a burning building and not think of yourself, that was Herbie Johnson."

Mayor Rahm Emanuel said Johnson was "someone who was recognized for his bravery."

"Our city is richer, our city is greater because Herbie Johnson blessed us with his presence," he said.

Johnson's younger brother, John, a Chicago police officer, struggled through tears as he spoke. "Mom and dad, Tommy's home," he said, calling his brother by his middle name.

"He was a firefighter to the end," he said. "Herbie, I could not be prouder of you."

Johnson's sister, Julie, recounted funny and touching family stories of her brother.

"We knew we could count on our older brother," she said. "Our family has lost a real hero. That was where my brother was meant to be. . .Please continue to love him."

As the funeral drew to a close, the church's bells tolled and the casket was carried down the aisle and to the waiting fire truck. Rows of firefighters outside saluted as American and Chicago flags snapped in the wind.

Before the service,  Crestwood Fire Chief Jon Bruce, 48, stood near a line of fire engines that stretched for nearly a block along Western Avenue near the church. "We're a brotherhood," he said.

"He will be missed by many but forgotten by none," said Lt. Rick Colby, 55, of the 19th battalion, who was assigned to the same fire engine as Johnson the day he died. "It's a somber day for all of us."

Looking around at the thousands of firefighters and police, Tom Munizzi said he was not surprised by the show of support.

"Everyone knew Herbie," said Munizzi, 54, also in the 19th battalion. "It shows you how much he was loved."

The somber crowd grew silent as the pipe and drum corps started playing. Purple ribbons were tied to the trees and light poles along the street in front of the church.

As Mayor Rahm Emanuel joined a line of saluting firefighters and police, Johnson's casket, draped in a Chicago flag, was lowered from the fire truck.

A second fire truck, draped in purple ribbons and flowers, bore Johnson's name and the lines, "Loved dearly by all and missed none the less. Captain Herbie Johnson, one of CFD's best."

A day earlier, firefighters crowded into the same Southwest Side church for the wake, some standing outside for nearly an hour.

"Anybody who does our job, we have a mutual respect and connection with," Barrington firefighter Kyle Racina, who never met Johnson, said as he stood outside the visitation. "He made the ultimate sacrifice for the job."

The visitation continued through the afternoon and into the evening as a steady stream of mourners waited in a line that sometimes stretched into the parking lot of the Catholic church at 7740 S. Western Ave. Cars, including police vehicles and firetrucks from all over the Chicago region, packed the neighboring streets, which were backed up with traffic for hours.

Johnson's brother, Ted, who also is a Chicago firefighter, said the tragedy still seems surreal. His family is struggling to deal with the loss but grateful for the outpouring of support from across the country, he said.

"I'm going to have to carry my brother's body to his grave," Johnson said on Wednesday. "But I'm going to have over 4,000 brothers and sisters right there with me."

Inside the chapel Wednesday, a line weaved in and out of the aisles as people chatted, cried and reminisced about Johnson and his large, tightknit family.

Pat Popek laughed as she recalled the time Johnson sported his grammar school basketball jersey at their 25th eighth-grade reunion.

"Believe me, it didn't fit him very well," she said with a smile. "But that was his personality."

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Exclusive: Google Ventures beefs up fund size to $300 million a year

SAN FRANCISCO (Reuters) - Google will increase the cash it allocates to its venture-capital arm to up to $300 million a year from $200 million, catapulting Google Ventures into the top echelon of corporate venture-capital funds.

Access to that sizeable checkbook means Google Ventures will be able to invest in more later-stage financing rounds, which tend to be in the tens of millions of dollars or more per investor.

It puts the firm on the same footing as more established corporate venture funds such as Intel's Intel Capital, which typically invests $300-$500 million a year.

"It puts a lot more wood behind the arrow if we need it," said Bill Maris, managing partner of Google Ventures.

Part of the rationale behind the increase is that Google Ventures is a relatively young firm, founded in 2009. Some of the companies it backed two or three years ago are now at later stages, potentially requiring larger cash infusions to grow further.

Google Ventures has taken an eclectic approach, investing in a broad spectrum of companies ranging from medicine to clean power to coupon companies.

Every year, it typically funds 40-50 "seed-stage" deals where it invests $250,000 or less in a company, and perhaps around 15 deals where it invests up to $10 million, Maris said. It aims to complete one or two deals annually in the $20-$50 million range, Maris said.

LACKING SUPERSTARS

Some of its investments include Nest, a smart-thermostat company; Foundation Medicine, which applies genomic analysis to cancer care; Relay Rides, a carsharing service; and smart-grid company Silver Spring Networks. Last year, its portfolio company HomeAway raised $216 million in an initial public offering.

Still, Google Ventures lacks superstar companies such as microblogging service Twitter or online bulletin-board company Pinterest. The firm's recent hiring of high-profile entrepreneur Kevin Rose as a partner could help attract higher-profile deals.

Soon it could have even more cash to play around with. "Larry has repeatedly asked me: 'What do you think you could do with a billion a year?'" said Maris, referring to Google chief executive Larry Page.

(Editing by Muralikumar Anantharaman)

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Look who’s talking! Kirstie Alley calls Travolta “greatest love”

LOS ANGELES (Reuters) – Actress Kirstie Alley described on Wednesday how she fell in love more than 20 years ago with John Travolta, and rejected widespread Hollywood speculation that the “Grease” star is secretly gay.

Alley, former star of the 1980s TV comedy “Cheers,” told ABC television journalist Barbara Walters that she fell for both Travolta and actor Patrick Swayze in the 1980s, although their romances never got physical.

Alley, 61, said she was attracted to Travolta while the pair were making the 1989 movie “Look Who’s Talking,” calling him “the greatest love of my life.”

“Believe me, it took everything I had inside, outside, whatever, to not run off and marry John and be with John for the rest of my life,” Alley told Walters in an interview broadcast on breakfast TV show “Good Morning America.”

Asked by Walters to comment on persistent rumors about Travolta’s sexuality, she said: “I know John with all my heart and soul. He’s not gay.”

Alley added: “I think in some weird way, in Hollywood, if someone gets big enough and famous enough, and they’re not out doing drugs and they’re not womanizing, what do you say about them?”

Travolta was single at the time, but Alley was on her second marriage, so she never pursued her feelings, she explained.

Travolta later married actress Kelly Preston, his wife for the past 20 years. But the actor was the target of two lawsuits earlier this year, which were quickly dropped, from two male masseurs who claimed Travolta made unwanted sexual advances.

Alley, who talks more about her love life in her new book, “The Art of Men,” said she fell for Swayze while they were filming the 1985 Civil War TV miniseries “North and South.”

“We did fall in love. I was more willing to break up my marriage and I wasn’t willing to break up his marriage,” Alley said, explaining why the relationship failed to go further.

Swayze, best known for his lead role in “Dirty Dancing,” died of pancreatic cancer in 2009 at the age of 57. He was married to dancer Lisa Niemi from 1975 until his death.

Alley has been married twice. Her second marriage, to actor Parker Stevenson, ended in 1997.

(Reporting by Jill Serjeant; editing by Matthew Lewis)

Celebrity News Headlines – Yahoo! News

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Global Update: Polio Eradication Efforts in Pakistan Focus on Pashtuns

Michael Kamber for The New York Times

Polio will never be eradicated in Pakistan until a way is found to persuade poor Pashtuns to embrace the vaccine, according to a study released by the World Health Organization.

A survey of 1,017 parents of young children found that 41 percent had never heard of polio and 11 percent refused to vaccinate their children against it. The survey was done in Karachi, Pakistan’s largest city and the only big city in the world where polio persists; it was published in the agency’s November bulletin.

Parents from poor families “cited lack of permission from family elders,” said Dr. Anita Zaidi, who teaches pediatrics at the Aga Khan University in Karachi. Some rich parents also disdained the vaccine, saying it was “harmful or unnecessary,” she added.

Pashtuns account for 75 percent of Pakistan’s polio cases even though they are only 15 percent of the population. Wealthy children are safer because the virus travels in sewage, and their neighborhoods may have covered sewers and be less flood-prone.

Pashtuns are the largest ethnic group in next-door Afghanistan, where polio has also never been wiped out. Most Taliban fighters are Pashtun, and some Taliban threatened to kill vaccinators earlier this year. Two W.H.O. vaccinators were shot in Karachi in July.

Rumors persist that the vaccine is a plot to sterilize Muslims. But the eradication drive is recruiting Pashtuns as vaccinators and asking prominent religious leaders from various sects to make videos endorsing the vaccine.

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'Fiscal cliff' takes center stage

Now that Wall Street knows President Obama will stay in the White House, investors' attention has returned to looming crises facing the U.S. and European economies.

Major stock indexes were down more than 2 percent midway through the first trading session after election day.

At the top of the agenda is the "fiscal cliff," the automatic spending cuts and tax hikes looming at year's end. If Obama cannot successfully resolve the crisis with a House still controlled by Republicans, economists have warned that the "cliff" could slow growth and push the U.S. back into recession.

"We've gotten certainty on the presidency and now we move into the uncertainty of where we were before -- the fiscal cliff," said Quincy Krosby, a market strategist at Prudential Financial. "The market's not going to have much patience to wait to see when the negotiations begin in earnest and how they evolve."

The Dow Jones industrial average regained some ground but was still down 303 points, or 2.3 percent, to 12,943 in midday trading.

The broader Standard & Poor's 500 index was down 32 points, or 2.2 percent, to 1,396. The Nasdaq was down 71 points, or 2.4 percent, to 2,941.

Corporations reported sluggish revenues in the third quarter, signaling slowing economic growth regardless of the fiscal cliff, Krosby noted. Declining company fortunes could lead to job cuts and further drags on economic growth as consumer demand falls.

Also weighing on investors' minds: Continuing worries out of Europe. Economic data out of Germany indicate that not even the continent's most powerful economy is immune to the Eurozone slowdown, as European Central Bank President Mario Draghi noted in remarks Wednesday.

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Obama wins but 'fiscal cliff' looms

President Barack Obama faces a new urgent task now that he has a second term, working with a status-quo Congress to address an impending financial crisis that economists say could send the country back into recession.

"You made your voice heard," Obama said in his acceptance speech, signaling that he believes the bulk of the country is behind his policies. It's a sticking point for House Republicans, sure to balk at that.

The same voters who gave Obama four more years in office also elected a divided Congress, sticking with the dynamic that has made it so hard for the president to advance his agenda. Democrats retained control of the Senate; Republicans kept their House majority.

House Speaker John Boehner, R-Ohio, spoke of a dual mandate. "If there is a mandate, it is a mandate for both parties to find common ground and take steps together to help our economy grow and create jobs," he said.

Senate Republican Leader Mitch McConnell of Kentucky had a more harsh assessment.

"The voters have not endorsed the failures or excesses of the president's first term," McConnell said. "They have simply given him more time to finish the job they asked him to do together" with a balanced Congress.

Obama's more narrow victory was nothing like the jubilant celebration in 2008, when his hope-and-change election as the nation's first black president captivated the world. This time, Obama ground it out with a stay-the-course pitch that essentially boiled down to a plea for more time to make things right and a hope that Congress will be more accommodating than in the past.

Even his victory party was more subdued. His campaign said Wednesday that 20,000 people came to hear his speech in downtown Chicago, compared with 200,000 four years ago.

The most pressing challenges immediately ahead for the 44th president are all too familiar: an economy still baby-stepping its way toward full health; 23 million people out of work or in search of better jobs; civil war in Syria; a menacing standoff over Iran's nuclear program.

Sharp differences with Republicans in Congress on taxes, spending, deficit reduction, immigration and more await. While Republicans control the House, Democrats have at least 53 votes in the Senate and Republicans 45. One newly elected independent isn't saying which party he'll side with, and North Dakota's race was not yet called.

Obama's list of promises to keep includes many holdovers he was unable to deliver on in his first term, such as rolling back tax cuts for upper-income people, overhauling immigration policy and reducing federal deficits. Six in 10 voters said in exit polls that taxes should be increased, and nearly half of voters said taxes should be increased on incomes over $250,000, as Obama has called for.

"It's very clear from the exit polling that a majority of Americans recognize that we need to share responsibility for reducing the deficit," Maryland Rep. Chris Van Hollen, the top Democrat on the House Budget Committee, told CNN. "That means asking higher-income earners to contribute more to reducing the deficit."

But Sara Taylor Fagen, who served as political director in President George W. Bush's second term, warned the current White House to pay heed to the closely divided electorate, a lesson her party learned after 2004. With 98 percent of precincts reporting, Obama had 50 percent to 48 percent for Romney.

"It'll be interesting if the Obama team misinterprets the size of their victory," Fagen said. "I think if you look back at history, we pushed Social Security and the Congress wasn't ready for that and wasn't going to do it. And had President Bush gone after immigration, we may be sitting in a very different position as a party."

Obama predicted in the waning days of the campaign that his victory would motivate Republicans to make a deal on immigration policy next year to make up for having "so alienated the fastest-growing demographic group in the country, the Latino community."

Former Mississippi Gov. Haley Barbour agreed that a lesson of 2012 is for his Republican Party to change the party's approach on immigration.

"Republicans say, 'We don't want to reward people for breaking the law,'" Barbour told CBS. "The way we need to look at it is, how are we going to grow the American economy and where does our immigration policy fit into that?"

Even before Obama gets to his second inaugural on Jan. 20, he must deal with the threatened "fiscal cliff." A combination of automatic tax increases and steep across-the-board spending cuts are set to take effect in January if Washington doesn't quickly reach a budget deal. Experts have warned that the economy could tip back into recession without an agreement.

The top Democrat in Congress called Wednesday for a quick solution to Washington's "fiscal cliff" in an upcoming post-election session of Congress.

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Apple shares slide to five-month low, competition grows

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A Minute With: Taylor Lautner finding new dawn after “Twilight”

LOS ANGELES (Reuters) – As dusk sets on the “Twilight” saga with the final film, actor Taylor Lautner is looking at a new dawn for the next stage in his career.

Lautner, 20, shot to fame after being cast as werewolf Jacob Black in the “Twilight” films, entangled in a torrid love triangle with Kristen Stewart‘s Bella Swan and Robert Pattinson‘s vampire Edward Cullen. He became a household name and pin-up for his clean-cut good looks and shirtless scenes.

In “Breaking Dawn – Part 2,” out in U.S. theaters on November 16, Lautner’s character finds new love, albeit unusual, and indulges his comedic side as the story comes to an end.

Lautner spoke to Reuters about leaving Jacob and his cast mates behind, and why the final film may leave fans in tears.

Q: What’s different about Jacob in “Breaking Dawn – Part 2″?

A: “He’s always been so stressed and emotional and things aren’t going his way and there was a huge weight lifted off his shoulders in this one, huge. It was nice to play that side of Jacob where he could sit back and relax and have a smile on his face and crack a few funny jokes every now and then.”

Q: Jacob finds his soul mate in Bella and Edward’s daughter Renesmee from the moment she is born. Was it challenging to balance his affection for her without coming across creepy?

A: “It was a challenge, and it is so complicated, but really nobody understands it more than Stephenie Meyer who created it. I was picking her brain all day long about it. She basically told me over and over again, ‘Taylor, stop trying to overthink it, stop trying to take it different places … It’s a life-long bond between two people, that’s it.’ In the movie, (Renesmee) is 10 years old, it’s much more of a protector relationship right now, and of course the relationship will grow but we don’t explore that, but it was important for me to keep it simple.”

Q: What are you going to miss most about your character and the franchise?

A: “These characters have never stopped changing throughout the entire franchise, and that’s what I love about Jacob. Jacob himself has grown up so much and gone through so many hurdles and it was a fantastic character to play. For me, it’ll be tough to say goodbye to spending time with people that I love. We’ve grown so close over the past few years. Our relationships will go on past this but to not have that excuse to spend day after day together while filming or promoting will be different.”

Q: “Twilight” fans are not just interested in your characters, they’re also interested in your personal lives. The past summer has seen a lot of attention on Robert and Kristen’s relationship. How do you handle that level of scrutiny?

A: “It’s unlike anything else because when we do talk about the movies, 90 percent of the time people want to know more about ourselves than the characters and what’s going on. I guess that just comes with a fan base like this, it comes with the job and you try and not let it affect you too much, but I have no complaints … The scrutiny, is it unfortunate? Yeah, but you just got to make your way around it and think about things more.”

Q: Do you feel protective of your cast members?

A: “Yes, I definitely do, we’re so close by this point, I think that it’s hard not to.”

Q: What do you hope “Twilight” fans take away from “Breaking Dawn – Part 2″?

A: “I just hope they’re happy and they’re proud because we really do make these movies for them. They’re the reason we are able to make them, their support is unreal and we’re so proud of this last one. This last one specifically wraps it up so nicely, it’s an amazing movie. During the movie, it’ll keep you on the edge of your seat but by the end, I think more than a few of the fans will be in tears.”

Q: Post-Twilight, where do you want to take your career to, what roles would you like to explore? I hear you have a cameo in the comedy “Grown Ups 2″?

A: “It was great to do (comedy), just hop in and show a different side, do something fun and work with somebody like Adam (Sandler). But now I’m looking forward to doing something different from that. There are a few projects that I’m very excited about that are extremely challenging and dramatic and would be tough.”

(Reporting By Piya Sinha-Roy, editing by Jill Serjeant and Patricia Reaney)

Movies News Headlines – Yahoo! News

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A Collective Effort to Save Decades of Research at N.Y.U.

The calls started coming in late on Tuesday and early Wednesday: offers of dry ice, freezer space, coolers. By the end of Thursday there were dozens more: A researcher at Weill Cornell Medical College would clear 1,000 tanks to save threatened zebra fish; another, at Cold Spring Harbor Laboratory, promised to replace some genetically altered mice that were lost; and a doctor at the Children’s Hospital of Philadelphia even offered take over entire experiments, to keep them going.

As hurricane-driven waters surged into New York University research buildings in Kips Bay, on the East Side of Manhattan, investigators in New York and around the world jumped on the phone to offer assistance — executing a reverse Noah’s ark operation, to rescue lab animals and other assets from a flooding vessel.

“I’ve had 43 people who have offered to help so far, and some of them are direct competitors,” said Gordon Fishell, associate director of the N.Y.U. Neuroscience Institute, who lost more than 5,000 genetically altered mice when storm waters surged the night of Oct. 30, cutting off power. “It’s just been unbelievable,” he said. “It really buoys my spirits and my lab’s.”

Staff members at N.Y.U. worked around the clock to preserve research materials, running in and out of darkened buildings without elevator service, hauling dry ice and other supplies up anywhere from 2 to more than 15 floors.

The university’s medical center also got instant help, from almost every major research institution in the area.

The response reflects large shifts in the way that science is conducted over the past generation or so. Individual labs always compete to be first, but researchers increasingly share materials that are enormously expensive and time-consuming to reproduce. The loss of a single cell line or genetically altered animal can slow progress for years in some areas of biomedical research.

“We are totally dependent on each other in the life sciences now, for a very large number of cell lines and extracts, research animals and unique chemical tools and antibodies that might not have backup copies anywhere in the world, or in very few places,” said Dr. Steven Hyman, director of the Stanley Center for Psychiatric Research at the Broad Institute of M.I.T. and Harvard. “Losing any of these tools tears a significant hole in the entire field.”

Danny Reinberg, a professor of biochemistry at N.Y.U.’s medical school, has studied genetics for 30 years, accumulating valuable mice strains and stocks of extracts from cell nuclei that would be extremely difficult to replace. The extracts must be stored at minus 112 degrees Fahrenheit.

Dr. Reinberg said he lost all of his mice: nine strains, including more than 1,000 animals that died in the storm surge. But he managed to save all of the cell extracts by moving some containers into freezers at N.Y.U. labs that weren’t affected and others to the Rockefeller, Columbia and Cornell medical centers, each of which cleared space, he said.

“We were able to save many things; it was just phenomenal to get that kind of help,” said Dr. Reinberg, whose house in New Jersey has had no power.

“Later in the week, at a Starbucks, I could finally download all my e-mail, and there were messages from people at the University of Pennsylvania and the Howard Hughes Medical Institute, asking how they could help us re-establish the mouse lines we lost,” he said.

Some scientists have become interdependent because their students, who develop a specialty in specific tissues or animals, often move among labs. Research projects sometimes draw on experiments or analyses the students worked on at more than one place.

One researcher working in Dr. Fishell’s lab was formerly a student of Dr. Stewart Anderson of the Children’s Hospital of Philadelphia, who sent Dr. Fishell a text message on Wednesday to offer help. “I told him that even if it costs money, we’re happy to keep experiments rolling, if we’re able to,” Dr. Anderson said.

By late Thursday, freezer space in minus-112-degree units was extremely tight in the city. So was dry ice.

Susan Zolla-Pazner, director of AIDS research at the Manhattan Veterans Affairs Medical Center, had lost power in her 18th-floor lab in the department’s building at 23rd Street and First Avenue. She finally hired a company to haul her 20 freezers-full of specimens, for safekeeping.

“We spent all of Tuesday and Wednesday hauling 1,300 pounds of dry ice up to the 18th floor, using the stairs, to stabilize the freezers first,” said Dr. Zolla-Pazner, who is also a professor of pathology at N.Y.U. School of Medicine. “And the dry ice people would only take cash. I have about 25 to 30 people working for me, and everyone was out there on 23rd Street, reaching into their pockets to get what we needed. It was a herculean and heroic effort on the part of everyone here, and that is the story that needs to be told.”

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