One Illness After Another, and an Eviction Looming

As the water surged through the basement apartment of a Coney Island town house during Hurricane Sandy, Jeffrey Cowen, a cherubic and chatty sort, tried to calm down the two tenants who had remained with him in the building.

Michelle V. Agins/The New York Times

Jeffrey Cowen, 51, in his Coney Island apartment. His illnesses have led to his falling about $8,400 behind in his rent.

For the past 100 years, The New York Times Neediest Cases Fund has provided direct assistance to children, families and the elderly in New York. To celebrate the 101st campaign, an article will appear daily through Jan. 25. Each profile will illustrate the difference that even a modest amount of money can make in easing the struggles of the poor.

Last year donors contributed $7,003,854, which was distributed to those in need through seven New York charities.

2012-13 Campaign

Previously recorded:

$3,512,137

Recorded Friday:

302,605

*Total:

$3,814,742

Last year to date:

$3,648,728

*Includes $709,856 contributed to the Hurricane Sandy relief efforts.

The Youngest Donors

If your child or family is using creative techniques to raise money for this year’s campaign, we want to hear from you. Drop us a line on Facebook or talk to us on Twitter.

“The water is not here yet, and we have two more floors and the roof,” Mr. Cowen, 51, recalled telling them, as everybody stood in his first-floor studio apartment. “It’s not time to panic. Even if the water gets in here, we’re still not going to panic, because that’s how people get hurt.”

This levelheadedness seems to inform his attitude about his illnesses — spinal stenosis, diabetes, hypertension and heart problems. Mr. Cowen has been to the operating room enough, he said, that he has developed a “shtick”:

“I say to the doctors, ‘Listen up — Rule No. 1: I don’t want to hear “Oops!”

“ ‘Rule No. 2: I don’t want to hear: “Dr. Brown, we haven’t seen anything like this since med school.” ’ ”

Nonetheless, Mr. Cowen’s illnesses have led to his falling about $8,400 behind in his rent; he could face eviction proceedings beginning next month.

Mr. Cowen, a counselor at John V. Lindsay Wildcat Academy, a charter school for at-risk youth, was born in Washington Heights in Manhattan but grew up with two siblings in Portsmouth, Ohio.

Mr. Cowen’s father owned a pallet-making business located in Portsmouth and Columbus, Ohio. The business thrived until the main plant in Portsmouth burned to the ground, he said.

The family eventually received welfare benefits.

Mr. Cowen received a bachelor’s degree in psychology from the Ohio State University, and another in political science from Antioch College. He went to Los Angeles after his five-year marriage ended in divorce. In 2000, an online relationship brought him to New York, and when the relationship ended, he stayed.

In 2007, he began feeling “a tingling down my spine.” An M.R.I. revealed that he had spinal stenosis, a narrowing of the spinal column that puts pressure on the cord. He had surgery to remove a piece of bone from his vertebrae to relieve pressure, he said.

In June 2010, he began feeling sick, and so run-down that he frequently missed work. When his sick days and vacation days were used up and he could not work, he had no income. About four months later, he had a heart attack, and had stents implanted. Because he had worked sporadically, he had fallen $3,300 behind in his rent and utilities, he said. Within nine months, he had recovered financially, he said.

“Around early fall of last year, I became weaker and weaker,” Mr. Cowen said. He exhausted his vacation and sick days and again began falling behind on his rent and bills. He said he did not seek medical care because disability payments would not be enough for him to make his rent. Being out of the hospital allowed him to work, if only intermittently.

“I popped children’s aspirin like M & M’s just to keep the blood flowing,” he said, but eventually he went to the hospital, where he found out he needed heart surgery — a triple bypass. He also found out that he had hypertension and diabetes.

Now, Mr. Cowen is back at work, trying to keep up with his rent and to pay his landlord extra each month to bring his rent current. He said he was relieved when he received assistance from the Metropolitan Council on Jewish Poverty, a beneficiary agency of UJA-Federation of New York, one of the organizations supported by The New York Times Neediest Cases Fund. Met Council drew $1,387 from the fund to help him pay outstanding electric and heating bills.

Mr. Cowen is applying to various sources for ways to pay the back rent, but he said that soon his landlord might have to initiate eviction proceedings.

And while he acknowledges that sometimes the whole situation “feels like a house of cards,” he does not feel sorry for himself. “It’s not unusual right now,” he said. “In this country, working people are often one medical disaster away from financial ruin.”

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2 Firefighters Killed in Western New York

Jamie Germano/Democrat & Chronicle, via Associated Press

House fires burned in Webster, N.Y., near Rochester Monday morning after two firefighters were shot dead when they responded to a fire. Two more firefighters were wounded.

WEBSTER, N.Y. — It was a simple call to put out a car fire, the sort of routine job that firefighters tackle all the time. The fire truck hurtled to the assignment early Monday in this drowsy town on the shores of Lake Ontario that was preparing for the joys of Christmas.

But it apparently was a trap, the authorities said. There were a house and a car burning. There was also a waiting killer, who had stationed himself like a sniper on a berm above the firefighters.

Before they could begin to extinguish the fire, the firefighters were met by a burst of gunfire. Four were hit by the volley of bullets, and two died. An off-duty police officer from nearby Greece, N.Y., who was on his way to work, was wounded when he and his car were hit by shrapnel.

For a few hours, the scene was chaotic: flames ignited adjacent houses as the police frantically searched for the gunman. They would find him dead near the beach, with a self-inflicted gunshot wound to the head. He was identified as William Spengler, 62, a man with a lengthy criminal record, who lived in the burning house. In 1981, he pleaded guilty to manslaughter for bludgeoning his 92-year-old grandmother to death with a hammer. He was imprisoned until 1998.

He remained on supervised parole until 2006, and the Webster police said they had not had recent brushes with him. His mother, Arline, who lived in the same house, died this year. A former neighbor, Roger D. Vercruysse, said Mr. Spengler and his sister had also lived in the house, but “he stayed in one part with his mother and his sister stayed in the other part, and they never talked to each other.”

Mr. Spengler’s ire for his sister was matched by love for his mother, Mr. Vercruysse said.

Mr. Spengler did not seem to have a lot of friends, but “every time I needed help, he was there,” Mr. Vercruysse, 64, said, whether it was for shoveling snow or driving Mr. Vercruysse’s blind sister to the store. The police said they found Mr. Spengler with three weapons by his side, including the rifle used in the shootings. Authorities said that they did not know where he got the weapons, but that there had been recent gun thefts in Monroe County, where Webster is. As a felon, Mr. Spengler was prohibited from owning guns.

Authorities said they were unaware of a motive, but Gerald L. Pickering, the police chief in Webster, suggested that “there were certainly mental health issues involved.”

The episode comes a little over a week after the Newtown, Conn., attack, and with the country engaged in an intense debate over gun control and care of the mentally ill. Grieving, Chief Pickering said in an interview: “We know that people are slipping through the cracks, not getting the help they need. And I suspect that this gentleman slipped through the cracks. Maybe he should have been under more intense supervision, maybe he should not have been in the public, maybe he should have been institutionalized, having his problems dealt with.”

The ambush shook residents of Webster, a town 12 miles northeast of Rochester.

“These people get up in the middle of the night to go put out fires,” Chief Pickering said of his lost firefighters. “They don’t expect to be shot and killed.”

At a news conference, he choked up repeatedly when giving the names of the crew members. The two men killed were Michael J. Chiapperini, 43, a local police lieutenant who owned a window-tinting business, and Tomasz Kaczowka, 19, a 911 dispatcher for Monroe County.

The two wounded firefighters, Theodore Scardino and Joseph Hofstetter, were listed in guarded to stable condition at Strong Memorial Hospital in Rochester. Mr. Hofstetter suffered an injury to his pelvis. Mr. Scardino was shot twice and had shoulder and lung wounds. The wounded off-duty officer, John Ritter, was treated and released from another hospital.

The firefighters belonged to the West Webster Fire Department, a volunteer force whose firehouse is around four miles from where the presumed ambush occurred on Lakeside Road. By afternoon, people had left bouquets and a wreath at the firehouse, and candles burned in memory of the dead crew members. Purple and black bunting hung over each of the garage bays.

It was just over a year since another shocking crime in Webster involving a house fire. On Dec. 7, 2011, the police said, a 15-year-old named Michael Pilato deliberately set fire to his home, killing his father and two brothers. His mother and sister survived. Mr. Pilato’s trial on charges of murder and arson is to begin in a few weeks.

Liz Robbins reported from Webster, N.Y., and N. R. Kleinfield from New York. Reporting was contributed by Matt Flegenheimer, J. David Goodman, Andy Newman, Michael D. Regan, Wendy Ruderman and Sarah Wheaton.

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Just got a new iPhone, iPad or Android device for Christmas? Gameloft cuts popular iOS and Android games to 99¢

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Reaction to the death of actor Jack Klugman

Celebrities on Monday reacted to the death of "Odd Couple" star Jack Klugman, who died Monday at age 90. Here are samples of sentiments expressed on Twitter:

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"R.I.P. Jack Klugman, Oscar, Quincy a man whose career spanned almost 50 years. I first saw him on the Twilight Zone. Cool guy wonderful actor." — Whoopi Goldberg.

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"You made my whole family laugh together." — Actor Jon Favreau, of "Swingers," ''Iron Man" and other films.

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"I worked with Jack Klugman several years ago. He was a wonderful man and supremely talented actor. He will be missed" — Actor Max Greenfield, of the "New Girl" on Fox.

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"So sorry to hear that Jack Klugman passed away. I learned a lot, watching him on television" — Dan Schneider, creator of Nickelodeon TV shows "iCarly," ''Drake and Josh" ''Good Burger," ''Drake & Josh."

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Bill O’Reilly Has Top 2 Spots on Hardcover Best-Seller List

“Abe would have liked this book,” the Fox News television host Bill O’Reilly said confidently of his blockbuster best-seller “Killing Lincoln: The Shocking Assassination That Changed America Forever.” Even the ending?

Robert Wright for The New York Times

Bill O’Reilly is the co-author of “Killing Kennedy” (No. 1) and “Killing Lincoln” (No. 2).

Mr. O’Reilly reasoned that Lincoln would have liked this fast-paced, thrillerlike retelling of his death “because it is simple and he was a really simple guy, straightforward guy. He didn’t like a lot of subterfuge or a lot of nonsense.”

“I don’t know if Kennedy would have liked the book,” he added with a tad of reflection about “Killing Kennedy: The End of Camelot,” his other history book written with Martin Dugard that is currently dominating the nonfiction best-seller lists, “because it really lays him out as far as what he did, and some of it wasn’t very nice. But in the end he comes off as fairly heroic.”

No one could accuse Mr. O’Reilly, 63, of playing down his own appeal — and perhaps justifiably so. He anchors the highest-rated news program on cable, his political and personal writings like “A Bold, Fresh Piece of Humanity” (2008) and “Pinheads and Patriots” (2010) have been huge sellers, and now, in his latest franchise, he has become arguably the most popular history author in America.

In the 65 weeks since “Killing Lincoln” was released in fall 2011, Mr. O’Reilly has owned territory near the top of The New York Times’s best-seller list for hardcover nonfiction. It would have been an extraordinary run by itself, but in October he released “Killing Kennedy,” which has since sold about one million copies.

For the last full week of the year he snagged both the No. 1 and 2 spots on the list, a rare feat.

But few authors manage more than one book on the hardcover list because even regulars like the historian David McCullough and the journalist Michael Lewis do not grind it out at the pace of Mr. O’Reilly, who has produced about a book a year over the past decade and intends to keep going. Others have had two atop the paperback nonfiction best-seller list, an act most recently accomplished by President Obama, whose two memoirs “Dreams From My Father” (1995) and “The Audacity of Hope” (2006) both spiked with his election in 2008.

Of course few authors also have the television platform Mr. O’Reilly has and which he uses for 30 seconds nightly to promote his books to his nearly three million viewers.

In person Mr. O’Reilly sheds his on-air bellicosity but maintains the forward energy of a barreling freight train. During an interview, held at his corner office at Fox headquarters in Manhattan, Mr. O’Reilly barely looked up as he autographed a pile of bookplates to be put into copies to be sold on his Web site for a premium for charity. He is determined, he explained, to take advantage of the holiday season.

Thirty minutes later he pointed to the pile completed and said: “That’s about 10 grand for charity right in that pile. Not bad.” That money, he said, is likely to go to the Coalition for the Homeless, a New York-based group that has successfully sued the city and won a court-ordered “right to shelter” — just the kind of policy initiative that Mr. O’Reilly and might gleefully label “radical” or “leftist” on his program.

But Mr. O’Reilly appears to relish not playing to type. Both on and over his desk, for example, are pictures of him and his daughter standing cozily with President and Mrs. Obama. “Michelle was very nice to my daughter,” he said.

Not being predictable is how he turned to history, he said. He was urged by publishers to do another memoir. It was an idea he dismissed “because I was repeating myself.”

This article has been revised to reflect the following correction:

Correction: December 24, 2012

An earlier version of this article misstated the title of President Obama’s first memoir. It is “Dreams From My Father,” not “Dreams of Our Fathers.” 

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8 New Etiquette Rules for Using Gadgets in the Office

As the use of personal technology increases at work, it’s important to observe some new etiquette rules about how we use it. Here are eight of the most important rules to follow at work when it comes to cell phones, email, and other modern technology.

1. Using speaker phone when others can hear you. Playing back your voicemail messages on speaker phone or conducting an entire call on speaker phone is distracting to people trying to work around you. Even if you’re in an office with the door closed, speakerphone noises tend to travel. Don’t value your hands-free convenience over the ability of others to focus on their work.

2. Keeping your cell phone out so you can glance at it during meetings. Glancing down at your phone while you’re supposed to be focused on a meeting signals that you’re bored, not fully engaged, or don’t respect the time of the people you’re meeting with. If you must keep your phone out because you’re expecting an important call or text, explain that at the start of the meeting so that people don’t assume you’re just being rude.

3. Don’t overuse “reply all.” When multiple people are included on an email chain, they don’t all need to see your reply of “thanks” or “will do.” Only use “reply all” if everyone included truly needs to see your response; otherwise, stick with “reply” so your response goes only to the sender and doesn’t clutter multiple in-boxes.

4. Don’t email and phone with the same message; pick one or the other. Nothing is more annoying than starting to read an email, only to have the email’s sender pop his head in your office to repeat the same message.

5. Turn off your cell phone’s ringer if you leave it behind while you’re away from your desk. Ask any office worker, and you’ll hear stories about the annoying guy who leaves his phone behind with his ringer on full-volume while he goes to meetings … leaving his co-workers forced to hear repeated renditions of “Who Let the Dogs Out” or whatever else he’s chosen for his ringtone.

6. Placing calls from a noisy location. If you make a call, ensure you’re somewhere where you and the person you’re speaking with will be able to hear each other–and where you can give your full focus. It’s irritating to get a call from someone who immediately puts you on hold to order coffee because she just reached the front of the line.

7. Keep religious and political messages out of your email signature. Including religious or political messages is likely to offend or at least irritate some of your recipients, and introduces topics that don’t belong in a professional setting. Keep your sign-off neutral and professional.

8. Don’t use your work email as your personal email. In most offices, sending occasional personal emails from your work account is fine, but you should use your personal account for most personal things. If you treat your work email as your default personal account, chances are good that when you leave your job and your inbox and sent folder are full of personal messages, one of your co-workers will be stuck reading through all of them, as they clean out your account for your replacement. In the best case scenario, that’s merely a nuisance for a co-worker –but in the worst case scenario, it could lead to embarrassing revelations.

Alison Green writes the popular Ask a Manager blog, where she dispenses advice on career, job search, and management issues. She’s also the co-author of Managing to Change the World: The Nonprofit Manager’s Guide to Getting Results, and former chief of staff of a successful nonprofit organization, where she oversaw day-to-day staff management, hiring, firing, and employee development.

Wireless News Headlines – Yahoo! News

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Thousands sign US petition to deport Piers Morgan

LONDON (AP) — Tens of thousands of people have signed a petition calling for British CNN host Piers Morgan to be deported from the U.S. over his gun control views.

Morgan has taken an aggressive stand for tighter U.S. gun laws in the wake of the Newtown, Connecticut, school shooting. Last week, he called a gun advocate appearing on his "Piers Morgan Tonight" show an "unbelievably stupid man."

Now, gun rights activists are fighting back. A petition created Dec. 21 on the White House e-petition website by a user in Texas accuses Morgan of engaging in a "hostile attack against the U.S. Constitution" by targeting the Second Amendment. It demands he be deported immediately for "exploiting his position as a national network television host to stage attacks against the rights of American citizens."

The petition has already hit the 25,000 signature threshold to get a White House response. By Monday, it had 31,813 signatures.

Morgan seemed unfazed — and even amused — by the movement.

In a series of Twitter messages, he alternately urged his followers to sign the petition and in response to one article about the petition said "bring it on" as he appeared to track the petition's progress.

"If I do get deported from America for wanting fewer gun murders, are there any other countries that will have me?" he wrote.

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N.Y.U. and Others Offer Shorter Courses Through Medical School

Training to become a doctor takes so long that just the time invested has become, to many, emblematic of the gravity and prestige of the profession.

But now one of the nation’s premier medical schools, New York University, and a few others around the United States are challenging that equation by offering a small percentage of students the chance to finish early, in three years instead of the traditional four.

Administrators at N.Y.U. say they can make the change without compromising quality, by eliminating redundancies in their science curriculum, getting students into clinical training more quickly and adding some extra class time in the summer.

Not only, they say, will those doctors be able to hang out their shingles to practice earlier, but they will save a quarter of the cost of medical school — $49,560 a year in tuition and fees at N.Y.U., and even more when room, board, books, supplies and other expenses are added in.

“We’re confident that our three-year students are going to get the same depth and core knowledge, that we’re not going to turn it into a trade school,” said Dr. Steven Abramson, vice dean for education, faculty and academic affairs at N.Y.U. School of Medicine.

At this point, the effort involves a small number of students at three medical schools: about 16 incoming students at N.Y.U., or about 10 percent of next year’s entering class; 9 at Texas Tech Health Science Center School of Medicine; and even fewer, for now, at Mercer University School of Medicine’s campus in Savannah, Ga. A similar trial at Louisiana State University has been delayed because of budget constraints.

But Dr. Steven Berk, the dean at Texas Tech, said that 10 or 15 other schools across the country had expressed interest in what his university was doing, and the deans of all three schools say that if the approach works, they will extend the option to larger numbers of students.

“You’re going to see this kind of three-year pathway become very prominent across the country,” Dr. Abramson predicted.

The deans say that getting students out the door more quickly will accomplish several goals. By speeding up production of physicians, they say, it could eventually dampen a looming doctor shortage, although the number of doctors would not increase unless the schools enrolled more students in the future.

The three-year program would also curtail student debt, which now averages $150,000 by graduation, and by doing so, persuade more students to go into shortage areas like pediatrics and internal medicine, rather than more lucrative specialties like dermatology.

The idea was supported by Dr. Ezekiel J. Emanuel, a former health adviser to President Obama, and a colleague, Victor R. Fuchs. In an editorial in the Journal of the American Medical Association in March, they said there was “substantial waste” in the nation’s medical education. “Years of training have been added without evidence that they enhance clinical skills or the quality of care,” they wrote. They suggested that the 14 years of college, medical school, residency and fellowship that it now takes to train a subspecialty physician could be reduced by 30 percent, to 10 years.

That opinion, however, is not universally held. Other experts say that a three-year medical program would deprive students of the time they need to delve deeply into their subjects, to consolidate their learning and to reach the level of maturity they need to begin practicing, while adding even more pressure to a stressful academic environment.

“The downside is that you are really tired,” said Dr. Dan Hunt, co-secretary of the Liaison Committee on Medical Education, the accrediting agency for medical schools in the United States and Canada. But because accreditation standards do not dictate the fine points of curriculum, the committee has approved N.Y.U.’s proposal, which exceeds by five weeks its requirement that schools provide at least 130 weeks of medical education.

The medical school is going ahead with its three-year program despite the damage from Hurricane Sandy, which forced NYU Langone Medical Center to evacuate more than 300 patients at the height of the storm and temporarily shut down three of its four main teaching hospitals.

Dr. Abramson of N.Y.U. said that postgraduate training, which typically includes three years in a hospital residency, and often fellowships after that, made it unnecessary to try to cram everything into the medical school years. Students in the three-year program will have to take eight weeks of class before entering medical school, and stay in the top half of their class academically. Those who do not meet the standards will revert to the four-year program.

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Syrian Resort Town Is Stronghold for Alawites

TARTUS, Syria — Loyalists who support the government of President Bashar al-Assad are flocking to the Mediterranean port of Tartus, creating an overflowing boomtown far removed from the tangled, scorched rubble that now mars most Syrian cities.

The New York Times

The port city of Tartus is sheltered by a mountain range.

There are no shellings or air raids to interrupt the daily calm. Families pack the cafes lining the town’s seaside corniche, usually abandoned in December to the salty winter winds. The real estate market is brisk. A small Russian naval base provides at least the impression that salvation, if needed, is near.

Many of the new residents are members of the Alawite minority, the same Shiite Muslim sect to which Mr. Assad belongs. The latest influx is fleeing from Damascus, people who have decided that summer villas, however chilly, are preferable to the looming battle for the capital.

“Going to Tartus is like going to a different country,” said a Syrian journalist who recently met residents here. “It feels totally unaffected and safe. The attitude is, ‘We are enjoying our lives while our army is fighting overseas.’ ”

Should Damascus fall to the opposition, Tartus could become the heart of an attempt to create a different country. Some expect Mr. Assad and the security elite will try to survive the collapse by establishing a rump Alawite state along the coast, with Tartus as their new capital.

There have been various signs of preparations.

This month, the governor of Tartus Province announced that experts were studying how to develop a tiny local airfield, now used mostly by crop-dusters, into a full-fledged civilian airport “to boost transportation, business, travel and tourism,” as the official Syrian news agency, SANA, reported. The announcement coincided with the first attacks on the airport in Damascus, forcing it to close temporarily to international traffic.

More important, security forces are continuously tightening an extensive ring of checkpoints around the potential borders of an Alawite canton. The mountain heartland of the Alawites rises steeply to the east of Tartus, separating it from much of Syria. Across the mountains, the Orontes River creates a rough line separating Alawite territory from central Syria. Rebel military commanders from adjoining Hama Province said government soldiers vigorously maintain checkpoints on routes leading up into the mountains.

“If we bomb a checkpoint, it is back in place sometimes within hours,” said Basil al-Hamwi, a rebel fighter, speaking on the sidelines of a meeting of opposition military commanders in Turkey. “Once, in Hama Province, we destroyed five in one day and they were all back the next day. This area is even more important for them than Damascus.”

Mr. Hamwi and other rebel leaders said there were about 40 government checkpoints along more than 60 miles in Homs and Hama Provinces alone. Many Alawite commanders of Mr. Assad’s army have sent their families to their home villages, so they are particularly aggressive in protecting the area, said Hassan M. al-Saloom, a rebel battalion commander. They have formed committees to guard the outskirts of their villages, he said, and often negotiate local truces.

“Nobody goes inside, and they don’t come out,” he said.

There are widespread suspicions within the opposition that the military is shipping weapons into the Alawite hinterland, or has already positioned them. “The mountains and the coast make it hard to raid,” Mr. Saloom said.

Castles left by the Crusaders dot the coastal range, a testament to its strategic value.

If Mr. Assad fled to Tartus, he could seek protection from the Russian naval base here, or flee aboard a Russian vessel. Russia announced Tuesday that it was sending a small flotilla toward Tartus, possibly to evacuate its citizens who live in Syria. But Tartus residents said that the Russian families from the naval base had already left, while the officers do not leave the base, which is little more than an enclosure near the civilian port.

An employee of The New York Times reported from Tartus, and Neil MacFarquhar from Antakya, Turkey. Hania Mourtada contributed reporting from Beirut, Lebanon, and Hala Droubi from Dubai, United Arab Emirates.

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Without an ‘iTV,’ Apple’s growth could shrink to the single digits by 2015

Another analyst believes that Apple is losing its shine. Toni Sacconaghi of Bernstein Research on Thursday trimmed his price target for the company, citing concerns that growth may be slowing. The analyst believes that iPhone sales will remain strong for at least the next two years, however Apple (AAPL) is expected to lose overall market share “if it does not bring out a lower-price device” in the wake of a changing industry. Sacconaghi notes that the iPad should continue to see success in a tablet market that is “a rocket…an absolute juggernaut,” with tablet PC shipments estimated to more than triple over the next five years. It is believed, however, that Apple will likely become a single digit growth company by 2015, unless it releases a new major product such as an HDTV.

[More from BGR: RIM’s biggest problem: It’s still scrambling to catch yesterday’s hottest mobile app]

“That said, it will have a pristine balance sheet, and be generating a mind-boggling $ 49 billion in free cash flow a year after paying its current dividend,” Sacconaghi wrote in a note to investors, according to Forbes. “More importantly, we believe that Apple’s innovation offers significant option value, which is not in our forecast. Three years ago, the iPad did not exist. Today it generates $ 32 billon in annual revenues, and as a standalone business would be the 11th biggest U.S. tech company. Potential ‘options’ for Apple investors include a lower-end iPhone, a television ‘solution,’ a larger iPad or converged device and monetizing advertising, e-commerce and search from its iOS platform (and credit card database) of 435 million users.”

[More from BGR: WhatsApp goes free for iPhone for a limited time]

The analyst kept his Outperform rating on shares of Apple, although he trimmed his price target from $ 800 to $ 750 and lowered his 2013 fiscal year EPS forecast to $ 49.41 per share, from $ 50.57.

This article was originally published by BGR

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