Maggert, Merrick top leaderboard at 4-under 66

Jeff Maggert lines up a putt on the ninth green during the first round of the St. Jude Classic golf tournament on Thursday, June 7, 2012, in Memphis, Tenn. Maggert finished his round at 4-under-par 66. (AP Photo/Mark Humphrey)

Jeff Maggert lines up a putt on the ninth green during the first round of the St. Jude Classic golf tournament on Thursday, June 7, 2012, in Memphis, Tenn. Maggert finished his round at 4-under-par 66. (AP Photo/Mark Humphrey)

Rory McIlroy, of Northern Ireland, watches his putt on the ninth green during the first round of the St. Jude Classic golf tournament on Thursday, June 7, 2012, in Memphis, Tenn. McIlroy finished the day at 2-under-par 68. (AP Photo/Mark Humphrey)

Rory McIlroy signs a cap for Caleb Waddell, 11, at the 18th green Wednesday June 6, 2012, during the Championship Pro-Am in Germantown, Tenn. before the first round of the FedEx St. Jude PGA golf tournament begins tomorrow. Waddell, who has been a patient at St. Jude since he was only a year old, claimed a great spot at the corner of the grandstand to get pro autographs. (AP Photo/Jim Weber/The Commercial Appeal)

Ryo Ishikawa, of Japan, lines up a putt on the 18th green at the St. Jude Classic golf tournament on Thursday, June 7, 2012, in Memphis, Tenn. Ishikawa finished his round at at 2-over-par 72. (AP Photo/Mark Humphrey)

(AP) ? Jeff Maggert and John Merrick shot 4-under 66 on Thursday to share the first-round lead in the St. Jude Classic, leaving U.S. Open champion Rory McIlroy two strokes back.

Maggert took advantage of teeing off in the first group with calm conditions for the first seven holes, and finished with four birdies, an eagle and two bogeys. Merrick matched his best round of the year with six birdies and two bogeys, the last on No. 18 when his tee shot went into the water to drop him back into a tie for the lead.

"Had a loose shot there on 18, but you know ... can't hit every shot perfect out there," Merrick said. "So, I was really happy with today."

S.Y. Noh, Arjun Atwal, Jeff Overton and J.J. Henry were a stroke back.

McIlroy, preparing for his U.S. Open title defense next week at The Olympic Club in San Francisco, followed at 68 in a group that included Padraig Harrington, Y.E. Yang and John Daly.

McIlroy, coming off three straight cuts worldwide, played alongside Harrington and Graeme McDowell in an all-Irish threesome. McIlroy and McDowell are from Northern Ireland, and Harrington from Ireland.

The company and extra work on his game had McIlroy pretty happy Thursday despite two bogeys.

"I felt like that was about the best round of golf I played in a while. It could have been a lot better. Middle of the fairway, 3-under par have a 9-iron into the green par 5," McIlroy said of an approach shot that hit the water next to the green on No. 3 for his first bogey. "The scoring doesn't look too good. Off to a decent start definitely, 2 under is a decent start. Definitely so. Lot of good signs out there."

Golfers are used to playing through wind and muggy heat in Memphis. A front that kept the temperature a very comfortable 82 Thursday brought winds in from the north, and that created challenges most of the day when many expected good scoring conditions at the 7,239-yard TPC Southwind course.

"It's gusting a bit, but it's definitely from an unusual direction," Harrington said.

"And anybody who has played over the past number of years, it's playing a different golf course. On 9 there, I'm hitting driver off the tee. I normally hit 5-wood off the tee. There's a lot of holes to have changed like that out there. Some are much tougher, and some are a little easier."

Maggert is playing his 16th event this year after having shoulder surgery last June and earned his way back on tour at the qualifying tournament. He tied for 13th at the Sony Open and fifth in the Humana Challenge in January but has missed nine cuts.

He took a week off after missing the cut at Colonial and came to Memphis, where he won in 2006, even though his mother is recovering from surgery for breast cancer in Houston.

He matched his best opening round teeing off on No. 10. He had four birdies on his front nine, including on Nos. 14, 15 and 16 in making the turn at 4 under. He was the only player to reach 6 under, getting there when he eagled the par-5 third after hitting his second from 223 yards to 8 feet.

"I got off to a really good start," Maggert said.

Maggert bogeyed Nos. 5 and 8 to fall back to 4 under. He wasn't happy with his bogey at No. 8 after his ball on the par 3 stuck in mud in the fairway 48 yards shy of the pin. He called over two rules officials hoping for relief on a course that had dried out fairly well from heavy rains Monday considering the mud hadn't been there in Wednesday's pro-am.

"I felt like I was justified, but the powers that be thought that I was not," Maggert said.

Merrick tied for 11th here a year ago, and he matched the score he opened with in 2011 despite not getting a chance at a practice round on the course because he was at a U.S. Open qualifier pushed to Tuesday by weather Monday. He birdied three of his first four holes and birdied three of five on the back nine, his last taking advantage of hitting with the wind to get on the green at the par 5 in two before two-putting from 60 feet for birdie.

This is just the second time Merrick has had at least a share of the lead after 18 holes. He had a piece of the lead at the 2008 Mayakoba Golf Classic and wound up tied for third. Merrick, whose career best finish was second at the 2009 Bob Hope Classic, said he is looking at the leaderboard but isn't looking ahead.

"I'm really happy with where I am today," Merrick said.

Divots: Maggert is playing in Memphis for the 13th time in his career. This is the 10th time he has held at least a share of the 18-hole lead, the first since 2007 U.S. Bank in Milwaukee where he finished tied for fifth. ... Harrison Frazar, who won his first career title here a year ago, opened defense of his title with an 80. He's at risk of being only the third defending champ to miss the cut in Memphis since 2000. ... Luke Guthrie, a senior from the University of Illinois, shot a 69 in his tour debut after turning pro Tuesday. ... Garth Mulroy withdrew with a back injury after shooting 42 through nine holes.

Associated Press

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Tips on Finding Cheap Auto Insurance For Young Drivers | Car ...

Everyone is looking out for cheap car insurance. These young drivers generally are students in their teens generally over 19 years of age. Their affordability is really low and hence the search for economical but optimum car insurance. Today?s technology now ensures that most companies display their prices online and a comparison of these quotes is easily available.

There are some specialist insurance firms that provide insurance especially to young drivers over 19. Generally the terms include a one year no claim bonus. It is always a good idea to opt for LDW or Loss Damage Waiver which gives a complete cover against any loss caused to the vehicle at your own control. Yet this should be opted for only if you do not have any other insured vehicle.

It is advisable to push up deductibles as this gives you better discounts. The potential loss in many cases can be managed to be kept at the low end. As a young driver the susceptibility to an accident claim is 8 times more than the regular ones. Some insurance companies in some countries are asking for a speed detection device to be fit in a car. The insurance firms receives that over speeding data from the devices and will issues warnings to the driver as an when they notice a trend of rash driving. If the driver has been found speeding on more than three occasions then their low cost insurance quote is revoked.

Cheap car insurance companies work with teenagers to help them acquire best rates of insurance. Teenagers who have taken the pass plus course after passing their driver?s test are eligible for big discounts. For youngsters who find it difficult to make lump-sum premium payments, companies are also known to work out a monthly installment plan to help them with their premiums. There are also other methods of getting cheap car insurance. One option is to increase your deductibles. Remember that car models also dictate insurance rates. So opt for one that can help you with a decent insurance deal.

Attach car insurance to other health or home insurance that you already have. Check out companies with discount offers. Online comparison of companies and rates is also abundantly available.

Visit this website as I will discuss more about getting cheap car insurance for young drivers and how you can get instant car insurance quote here.

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Best Buy founder resigns, puts large stake in play

(Reuters) - Best Buy Co Inc founder and chairman Richard Schulze resigned from the company's board on Thursday and said he was exploring options for his 20.1 percent ownership stake, a move seen as a possible precursor of a Schulze-led private takeover.

Schulze's announcement came just two months after CEO Brian Dunn abruptly left the chain, and adds to management distractions as Best Buy struggles to compete with online and discount retailers.

Shares of Best Buy pared losses on Thursday afternoon to trade down 1.4 percent, after falling as much as 8.5 percent in the morning. The stock was already rocked in April when Dunn left amid a probe that later found he had engaged in an improper relationship with a female employee.

Best Buy said last month that Schulze would step down as chairman after the June 21 annual meeting, after he failed to tell the board about Dunn's relationship. He had planned to remain a director through the 2013 annual meeting.

The 71-year-old Schulze is by far Best Buy's largest shareholder, with 69.78 million shares as of April 11, according to Thomson Reuters data. He served as the retailer's chief executive for 36 years, until 2002.

Minneapolis-based Best Buy is struggling with the increasing trend of customers who visit stores to test pricey electronics, only to end up buying the items online from Amazon.com Inc and others. At the same time, Wal-Mart Stores Inc and Target Corp are flexing their competitive muscle by devoting space to popular Apple Inc devices in some of their stores.

Best Buy's sales at stores open at least 14 months, or same-store sales, have fallen in seven of the last eight quarters.

In May, interim CEO Mike Mikan said that Best Buy needs to "change substantially" to fend off rivals and that it would shed more light on a turnaround plan later this summer.

Earlier this year, Best Buy said it would close 50 large U.S. stores as it tries to turn around the business, a move some analysts said was far weaker than what is needed.

"We surmise that Schulze had some disagreement with the board and current management team around the strategies being considered," said Bernstein Research analyst Colin McGranahan, who has a "market-perform" rating on Best Buy shares.

Mikan is one of the candidates being considered as Spencer Stuart conducts Best Buy's months-long search for a new CEO.

Aside from stiff competition, Best Buy is also facing an electronics industry that has lacked compelling products that entice consumers.

Last week, Walmart U.S. Chief Merchandising and Marketing Officer Duncan Mac Naughton said there is a "lack of innovation" from manufacturers. Walmart, for its part, has tried to boost sales with services such as "disc to digital" movie conversion.

Schulze's announcement implies "little interest so far" for his stake from private equity firms, though the "fire sale" aspect of his sale could attract new bidders, McGranahan said.

"It is not obvious who or if there are buyers for such a substantial (though non-controlling) stake" at this point, said McGranahan.

A leveraged buyout of Best Buy would be tough to pull off, said BB&T Capital Markets analyst Anthony Chukumba.

"Even as depressed as their share price is right now, to (make an offer for) Best Buy, you're talking about probably a $10 billion deal," he said. "That's a much larger deal than I think is feasible in the current market environment."

As of Wednesday, Best Buy's market capitalization was $6.56 billion.

Investors initially worried on Thursday about the potential dilution that will arise if Schulze sells his nearly 70 million shares. The stock later pared losses after some investors perceived that Schulze's move might not be all bad for the company, Chukumba said.

He said that to some extent, investors realized that Schulze might be leaving the board "so he can team up with some private equity guys and make a run at the company."

'ICONIC ENTREPRENEUR'

Best Buy began in 1966 when Schulze opened the first Sound of Music store in Minnesota, and went public in 1985. It has had just three permanent CEOs, and all were insiders with long tenures at Best Buy.

Back in 1988, Best Buy hired Goldman Sachs to evaluate business options after dismal quarterly results. A few weeks later Schulze changed course, saying that Best Buy would press on with its own five-year growth plan.

After Schulze, Best Buy's largest shareholder is Fidelity Management & Research Co, which owned 24.2 million shares, or 7.06 percent, as of March 31, according to Thomson Reuters data. Tradewinds Global Investors LLC owned 14.9 million shares, or 4.3 percent, and Vanguard Group Inc owned 11.8 million shares, or 3.5 percent.

Best Buy named Hatim Tyabji as chairman, two weeks earlier than planned. Tyabji has been a Best Buy director since 1998. He is also chairman and CEO of Bytemobile Inc and chairman of Jasper Wireless Inc.

The board's audit committee, in its recent investigation report, criticized Schulze for the way he confronted Dunn on his own, saying "he created serious risks of employee retaliation and company liability."

Some analysts, investors and corporate governance experts have also criticized Schulze in the past for what they alleged were potential conflicts of interest in the boardroom. Almost two years ago, research company Management CV Inc raised issues about favoritism granted to Schulze's relatives, and transactions connected to Schulze's immediate family and some board members.

On Thursday, Best Buy called Schulze "an iconic entrepreneur" who "changed the landscape of American retail."

There are no U.S. Securities and Exchange Commission rules to prevent a person serving on the board of a public company from considering plans to sell their stake. However, leaving the board could make such a process easier. Having access to the kinds of material information typically shared with the board would make selling shares difficult, given the need to wait for approved trading windows.

Best Buy shares were down 1.4 percent at $19.61 on Thursday afternoon, off an earlier low at $18.19. The stock is down about 13 percent since the day before Dunn's departure was announced.

(Reporting by Jessica Wohl in Chicago and Dhanya Skariachan and Phil Wahba in New York; Editing by John Wallace, Maureen Bavdek and Matthew Lewis)

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White House to host Israel's Peres

The Forward reports the details of the White House official dinner with Israeli president Shimon Peres:

President Obama will honor Israeli President Shimon Peres with a White House dinner after he awards him the Presidential Medal of Freedom.

The dinner, to take place on June 13, will have 140 guests, including ?former Presidents of the United of States of America, Secretaries of State, Prime Ministers and ministers, senior diplomats and senior figures from the arts, culture and economy in the United States,? according to a statement issued Thursday by Peres? office.

Peres will also receive the presidential medal of freedom, the nation's highest civilian honor.

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Secretary Panetta, Afghanistan needs a peace settlement, not more war

US Secretary of Defense Leon Panetta arrived in Afghanistan, where US policy has been mostly military.?Washington continues to view Afghanistan through the lens of war when it most needs peace ? a negotiated settlement with insurgents and neighboring states like India and Pakistan.

By David Cortright / June 7, 2012

US Secretary of Defense Leon Panetta (right) speaks with Afghanistan Defence Minister Gen. Abdul Rahim Wardak during a joint news conference in Kabul June 7. Op-ed contributor David Cortright says 'many of the obstacles to a negotiated peace agreement could be reduced if the US were to apply to peace even a portion of the resources it now devotes to war.'

Jim Watson/Reuters

Enlarge

If all you have is a hammer, everything looks like a nail, to paraphrase psychologist Abraham Maslow. United States Secretary of Defense Leon Panetta arrived in Afghanistan today, where America?s policy toolkit has been mostly military. More than 90 percent of expenditures related to Afghanistan are channeled through the Pentagon, and so Washington looks mostly for military solutions to the problems there.

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Why do policymakers in the United States continue to view Afghanistan through the lens of war when what the country needs most is a focus on peace?

At the recent NATO summit in Chicago, the US military allies confirmed that they will withdraw most of their troops by 2014, but the US plans to maintain a residual military force to train and support Afghan security forces as they battle the insurgency. This will ?Afghanize? the war, lowering US casualties and costs but maintaining military operations to kill and arrest insurgents.

The problem is that counterinsurgency policies have not been able to defeat the Taliban over the past decade, and it is doubtful that they will be more successful with fewer troops in the years ahead. Armed conflict is likely to continue with no end in sight, and could lead to renewed civil war. If this were to occur, civilian suffering would increase, and gains in social development and women?s rights would almost certainly be lost.

Most modern wars end through negotiated peace agreements not military victory. If a peace accord could be reached in Afghanistan this would bring security and stability to the country and reduce the appeal of armed militancy in the region. Research shows that peace processes are most successful when they are comprehensive and inclusive, with strong international backing. The chances of success also improve when agreements are monitored and policed by third party peacekeeping forces.

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Microsoft says Xbox 360 has more than two years left

I guess they plan to support 360 long after 720 is out

Which makes sense, since it is always good to have a very cheap active system at all times and a much more expensive one going forward to eventually replace it in the long term

http://www.gamesradar.com/microsoft-...wo-years-left/

According to the head of Microsoft Studios, Phil Spencer, the Xbox 360 may well be with us for quite a long time yet.

With the next generation coming up quickly, some may expect that the Xbox 360 will fall by the wayside as Microsoft transitions to the next generation. However, that doesn't seem to be the case, as Spencer says it has "a lot more than just two years left."

Speaking to GameSpot, Spencer said, "It's a platform that has really reached scale; this is the time when you really see the great content showing up. The future in a lot of ways is always tomorrow: [things like] the SmartGlass technology and Windows 8 [show that] things are going to constantly evolve.

"The world where everything gets centered around one console and when that comes out--we kind of have to evolve away from just thinking about that, [especially] with the service-based nature of games today. Right now the Xbox 360 is really healthy and it's doing incredibly well. I think the 360 has a lot more than two years [left]. It has legs for a long time."

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World powers want talks with Iran over high-grade uranium

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