Michelle Obama on Inauguration President Barack Obama

ET's Rocsi Diaz sat down first with First Lady Michelle Obama at the Kids' Inaugural Concert to discuss a variety of topics from her new hairstyle and birthday celebration to Lance Armstrong.

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Mrs. Obama debuted her shoulder-length bob with eye-level bangs via Twitter on her birthday, Thursday, January 17, and she told Rocsi that Dr. Jill Biden may have had an influence on her.

"I've been coveting [Dr. Biden's] bangs for four years," joked Mrs. Obama, quipping that they're "the bang sisters." She also revealed that husband President Barack Obama gave her a "beautiful necklace" as a recent birthday gift.

On the topic of Lance Armstrong's interview with Oprah in which he admits to doping, Mrs. Obama said, "I didn't even get a chance to see it. It's a sad situation for everyone who's watching ... I think we have to remember all the people that have been helped and who will continue to need the help of [The Livestrong Foundation]. We should focus on making sure that cancer survivors and people dealing with the disease have the kind of support, medical and research, that they need to deal with the situation. We can't lose sight of that accomplishment."

Rocsi will present at tonight's Kids' Inaugural, which marks the latest efforts by the First Lady and Dr. Jill Biden's Joining Forces initiative to urge Americans to support our troops, and our Gold Star and Blue Star families.

The First Lady described the event in a video message, explaining that it's about "celebrating who we are as Americans and the people who make our country great -- our men and women in uniform, our military spouses, and our amazing military kids. So it's no surprise that when Jill and I decided to host this event, everyone wanted to join us -- from Katy Perry to Glee, from Nick Cannon to Usher. They know that military kids serve this country right alongside their moms and dads, and we’re really looking forward to celebrating our military families this weekend."

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OMerica

John Podhoretz

As Barack Obama’s second term begins with a private swearing-in ceremony today, we know one thing: If he leaves office as a well-regarded two-termer in 2017, he will have become the most important president since Ronald Reagan and the most important liberal president since Franklin D. Roosevelt.

If the American electorate deems his eight years a success, the Obama presidency will have altered the ideological trajectory of the United States.

For decades now, since the Reagan era, the United States has been most accurately described as a center-right nation. That will not be the case if Obama does well over the next four years. By 2017, it will have moved several clicks starboard — for a generation at least. Due to Obama and his policies, the United States will have become a center-left nation.

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If, however, Obama crashes and burns during his second term — either because the public turns on his policies, as was the case with George W. Bush, or (impossible to believe) because of personal misconduct, as was the case with Bill Clinton — Obama will leave liberalism in the same state of crisis in which conservatism now finds itself.

Rather than enshrine it as the dominating force in American politics, he will have discredited left-liberalism.

So the stakes are pretty high. The reward for success will be vast. The cost of failure will be severe. And Obama has made sure we will be able to tell which is which. There will be no doubt.

He’s not Clinton, who saved his presidency by tacking to the right after losing in 1994. He’s not George W. Bush, who passed an education bill with Teddy Kennedy’s help and created a new entitlement program in 2003 (the Medicare prescription-drug benefit). Both presidents were loathed unreservedly by their ideological opposites, and yet both frequently tacked to the center on domestic politics.

By contrast, Obama was the first successful candidate for the presidency to call himself a “liberal” with no discomfort since Lyndon Johnson in 1964. And he meant it. His significant legislative accomplishments, all of which have tacked to the left, would have seemed like science-fictional dreams in 2005, when it appeared liberalism had been routed and conservatism had embedded itself permanently throughout the government.

Obama’s first term began with the passage of the largest domestic spending bill in US history, the trillion-dollar stimulus.

He moved on post-haste to the partial nationalization of two auto manufacturers, an unprecedented reach into the private marketplace made all the more audacious for its naked giveaways to the same auto workers union that played such a role in leading the companies to ruin.

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Investors await word from Apple

No company today elicits such devotion and dedication among its customers and shareholders like Apple. The fervor felt by Apple fans for its products, its leaders and its business underscore the company’s technological eco-centric strategy. While that loyalty has made for rich rewards over the long term, it will mean very little to a myopic stock market when Apple reports its latest financial results Wednesday.

When a company so dominates a business like Apple does, it is subject to plenty of rumors, especially when that company, like Apple, is disciplined to not respond to speculation. There have been a series of anonymous and Wall Street analyst worries floated in the past quarter centered on the iPhone 5. First were concerns Apple couldn’t get enough supplies to build the phones fast enough. Then there were hints Apple cut its supply orders, suggesting slower sales.

Apple optimists have been quick to defend the company even as its stock has fallen from $700 to around $500 per share since September. The stock drop has come even as Apple probably sold a record number of iPhones and iPads during the holiday quarter.

No doubt Apple will trumpet its financial prowess on Wednesday. And it should. After all it generates more than $500 million dollars a day. But the short-sighted stock market has been conditioned to expect big numbers. Therein is the challenge for Apple: incubating such devotion without inflating expectations.

Tom Hudson is anchor and managing editor of Nightly Business Report, produced by NBR Worldwide and distributed nationally by American Public Television. In South Florida, the show is broadcast at 7 p.m. weekdays on Channel 2. Follow him on Twitter, @HudsonNBR.

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King’s son brings message to South Florida

The past few days have kept the eldest son of Dr. Martin Luther King Jr. busy. He’s been to at least three states to carry on his father’s message: ending violence and learning from historical wrongs.

In a Fort Lauderdale Baptist church early Friday, he delivered another directive:

“A nation is judged on how we treat our most prized possession,” Martin Luther King III said. “And our most precious resource, I think, is our children.”

King served as the keynote speaker at the ninth annual Martin Luther King Jr. inspirational breakfast hosted by the YMCA of Broward County.

More than 500 gathered inside the First Baptist Church on Broward Boulevard, selling out the $2,500 per table event, to honor King’s legacy.

“My concern was that it would not be reduced to a day of relaxation,” said King III. “We have to look at this as a day on — not a day off.”

The Rev. King, a prominent civil rights leader, was born this week 84 years ago. He lead peaceful protests and bus strikes working for racial equality until his 1968 assassination.

The younger King told the South Florida audience about spending his youth at the local YMCA in Birmingham, learning to swim and working out with his dad.

“Those were wonderful experiences, experiences that I will never forget,” he said.

Like his father, King III has been a fighter for human rights, justice and non-violence in the United States and abroad. He also served as the Southern Christian Leadership Conference’s president, a position his father once held.

During his 2009 inauguration, President Barack Obama declared the holiday honoring King should be spent as a national day of service.

At Friday’s event, 15 youngsters from the Lauderhill YMCA were honored for their service to the community. The young friends managed to clean up a popular overpass and get rid of gangs who were harassing children.

They called their project “Own the Overpath.” The idea started when 14-year-old Kervens Jean-Louis was attacked by a gang on a fenced in walkway that spans the Florida Turnpike while coming from the YMCA, based at Boyd Anderson High School. But Jean-Louis didn’t back down.

He and other students mobilized and launched a campaign to clean-up the area surrounding the “overpath.” The youngsters made a formal presentation to the Lauderhill City Commission and Florida Department of Transportation officials.

Now, there is a $400,000 project in the works to install more lights on the bridge to increase visibility. The city broke ground in November.

“I learned that when you speak out loud it makes a difference,” said Jean-Louis.

For Jean-Louis, speaking loud meant going back to the bridge to warn others of the dangers of traveling across it at night.

He will spend this upcoming Saturday as a volunteer, painting and cleaning up a garden.

“Now I tell others what’s going on and how they can help out,” he said, much like the man they had all come to honor.

After the youngsters were honored, King III left the crowd to ponder a final thought: “We can either be a thermometer or a thermostat.”

A thermometer, he explained, takes the temperature while a thermostat regulates the temperature.

Despite the progress his father saw in his lifetime, and the decades since his death, there is still much work to be done, King III said.

“I always come with a heavy heart in January,” he said. “Because we have not fully realized the dream.”

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Paid apps are history

This week marked an important moment in the evolution of the iOS app market. As Pages just slipped out of the iPad top 10 highest grossing apps chart, there are now no paid apps among the ten applications that generate most revenue on the iPad. When the iPad application market was born a few years ago, it was dominated by relatively stiffly priced applications, mimicking the PC software or game console software markets. But over the past couple of years, app vendors have realized that free apps with clever in-app purchasing hooks create much more revenue than paid apps.

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The same applies to the iPhone — there is only one paid app among the twenty highest grossing iPhone apps today. It is notable that some of the highest grossing apps have relatively low download volumes. Clash of Clans has been the top-grossing iPad application for all of January, but it is only ranked 53rd on the iPad download chart. Hay Day is the seventh-biggest application when it comes to revenue generation on the iPhone, but is only ranked at #104 when it comes to download volume.

[More from BGR: Galaxy S IV benchmarks may confirm 1.8GHz CPU and Android 4.2]

Leading app developers have figured out how to decouple download volume from revenue generation by creating free games that seduce their fans into paying steadily for in-app features. The types of of games that require a $ 0.99 or a $ 2.99 fee per download are turning into something resembling nostalgia items. For a stark example of how badly the revenue generation power of paid apps has faded, consider that the current #1 paid app on iPhone, Wood Camera, is 46th on the iPhone chart that lists top-grossing apps.  The future belongs to free apps.

This article was originally published on BGR.com

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Drew Barrymore on Oprah's Next Chapter

Drew Barrymore opens up about her complicated childhood and the lessons she's learned when it comes to being a new mother on Oprah's Next Chapter, and we have a sneak peek!

Pics: Celebs and Their Cute Kids

Marking the first time cameras have ever been allowed inside her home, Drew also talks to Oprah about her new marriage to Will Kopelman, shares details about their newborn baby Olive, and reveals the story behind why her mother did not attend her wedding.

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Oprah's Next Chapter with Drew Barrymore airs Sunday at 9 pm ET/PT on OWN.

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Gorman’s gamble pays

James Gorman’s big bet on Morgan Stanley’s brokerage business is finally starting to pay dividends.

The investment banking chief — who has hitched the firm’s fortunes to its legion of 17,000 financial advisers at its wealth-management unit — reported fourth-quarter results that topped analysts’ expectations.

The performance sent the shares up nearly 8 percent yesterday to their highest level since June.

The wealth-management division fueled profit in the latest quarter. The business started out as a joint venture with Citigroup, known as Morgan Stanley Smith Barney, until Gorman struck a deal to buy out Citi. Gorman said yesterday the bank will accelerate the purchase of Citi’s remaining 35 percent, further fueling results.

JAMES GORMAN


Money man.

The business run by President Greg Fleming posted profit margins of 17 percent in the latest quarter. That’s better than the firm’s mid- to low-teen projections and well ahead of the mid-year timetable the bank had set.

Morgan Stanley also got a boost from cost-cutting, including 6,000 layoffs over the past year. It is aiming to slash another $1.6 billion in expenses over the next 18 months but said that will not result in more job cuts.

The measures helped the bank swing to a quarterly profit of $507 million, or 25 cents a share, compared with a loss of $250 million, or 15 cents, a year earlier.

Morgan Stanley changed the way it values debt due to accounting rules. Excluding the impact of that change, it had per-share earnings of 45 cents, topping analysts’ estimates for 27 cents.

Morgan Stanley said this week it would defer cash bonuses for top managers, spreading them out over three years. Overall compensation fell 4 .5 percent to $15.6 billion in 2012.

Gorman’s bumper quarter comes as investors are putting more pressure on the firm. “I am confident that we are on a path to return capital to shareholders regardless of the macro environment,” Gorman said.

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Norwegian Cruise Line launches strong IPO

Miami-based Norwegian Cruise Line joined its larger local competitors on Wall Street Friday in a strong debut.

Norwegian Cruise Line Holdings Ltd. raised nearly $447 million in an initial public offering of about 23.5 million shares and saw stocks sail 30 percent in trading.

Shares closed Friday afternoon at $24.79, up $5.79 from the $19 offering price set late Thursday night. That was above the range of $16-$18 that the company had expected.

“I think this was a classically beautiful IPO, albeit relatively small in terms of total dollars,” said Roderick McLeod, partner in the management consulting practice McLeod.Applebaum & Partners and a former cruise executive.

In regulatory filings, the company has said it plans to use proceeds from the IPO to reduce debt and pay expenses related to the offering. Norwegian is giving the underwriters a 30-day option to buy up to an additional 3.5 million shares.

Previously, the company was privately held in a partnership of Genting Hong Kong, with 50 percent of the cruise line, and private equity firms Apollo Management and TPG. Genting Hong Kong is a subsidiary of gambling and resort conglomerate Genting Group, which purchased the land currently occupied by The Miami Herald in 2011 for $236 million.

After the IPO, the three groups own a total of about 88 percent of the company’s ordinary shares.

Norwegian, with a fleet of 11 ships and three more on the way by the fall of 2015, has made its name by emphasizing a “freestyle” type of cruising that allows guests to choose from a variety of dining, entertainment and rooming options.

In an interview Friday morning, Norwegian Cruise Line President and CEO Kevin Sheehan said that the timing was right for the offering.

“It just seemed like a very logical time: We’re into 2013, we’ve got these beautiful new ships coming out soon and the marketplace is very excited about them,” he said. “The locomotive is moving and we’re at the tipping point with the brand.”

As the industry grows by just about 2.5 percent over the next five years, Sheehan said, Norwegian will grow capacity by more than 10 percent.

“It’s the double whammy,” he said. “Lower growth in the future with a phenomenal set of assets.”

He said the benefits of going public include raising capital, allowing the company to strengthen its balance sheet and putting it in the same playing field as its competitors. Carnival Corp., the world’s largest cruise ship company, and rival Royal Caribbean Cruises are both publicly traded. Carnival closed up about a percent at $38.58 Friday, while Royal Caribbean dropped just over a percent to $36.90.

“Now we’re out there and people can look at our results and the analysts can talk about us freely,” he said.

The launch capped years of attempts by Norwegian to go public, all abandoned for economic reasons.

Miami cruise expert Stewart Chiron, CEO of CruiseGuy.com, said the timing was good, with an industry performing well and a vastly improved company.

“I’m glad they finally got it done,” he said. “This was by far one of the important milestones that they wanted to cross.”

McLeod remembers an effort when he was president and chief operating officer at Norwegian that coincided with the stock market crash in October of 1987. He has also worked in senior positions at Royal Caribbean Cruises and Carnival Corp.

“I think we’ve all kind of known this was coming eventually and some of us have known it’s coming for 25 years,” McLeod said. “It’s never too late to do the right thing; this is the right thing for them to do.”

The move is smart, McLeod said, for several reasons.

“In addition to improving their leverage, reducing their debt, this expands their strategic options,” he said. “This is a currency, and that can work for them in lots of different ways.”

This report was supplemented with information from the Associated Press.

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Sen. Marco Rubio to swear in Miami-Dade commissioner Rebeca Sosa on Friday

Miami-Dade Commissioners Rebeca Sosa becomes Miami-Dade commission’s first Hispanic chairwoman when she is sworn in on Friday by U.S. Sen. Marco Rubio.

Also being sworn in is fellow commissioner Lynda Bell, who is now the vice chair. Miami-Dade County Judge Gladys Perez will swear in Bell

The installation ceremony will be at 11:30 a.m. ceremony at the commission chambers at the Stephen Clark Center, 111 NW First St.

First elected in 2001, Sosa represents District 6, which includes areas of Miami, Coral Gables, West Miami, Hialeah and Miami Springs, as well as unincorporated zones.

Sosa’s office explained the Florida Senator is doing the honors at the historic swearing in because the two are long-time friends.

Bell who was elected in 2010 represents District 8, which encompasses a significant area of southeastern Miami-Dade, including the municipalities of Palmetto Bay, Cutler Bay and Homestead with portions of Kendall an the Redlands.

Sosa and Bell won two-year terms in November.

The installation ceremony is open to the public.

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ASUS in talks with Microsoft to develop a Windows Phone 8 smartphone

The PC industry is in shambles and manufacturers have begun to explore new options to increase revenue. According to The Wall Street Journal, ASUS (2357) is in talks with Microsoft (MSFT) on a licensing deal to offer Windows Phone 8 device. This makes sense for ASUS since smartphone shipments increased by nearly 50% in 2012, compared to a mere 3.2% growth in computer shipments, and the company already has experience in the mobile world after developing a variety of Android tablets.

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Benson Lin, the company’s corporate vice president of mobile communication products, revealed in a recent interview that ASUS was hoping to bring its PadFone, a smartphone that can dock into a larger tablet, to the Windows 8 ecosystem.

[More from BGR: Clash of the bantams: The bloody smartphone battle that will take shape in 2013]

“With our Padfone concept, the phone plus tablet, I think it makes sense for Windows 8,” Lin said. “There is no target timeline…but we are interested in making Windows phones.”

The executive also said that ASUS has been in talks with a variety of American carriers in the hopes that its smartphones will launch in the United States in 2013.

This article was originally published on BGR.com

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