Global shares rally on brighter global economic outlook

LONDON (Reuters) – World share markets extended a week-long rally on Thursday as manufacturing surveys in China and the United States boosted confidence over the growth outlook and euro zone data was not as weak as some had feared.

The single currency also touched a two-week high against the dollar, despite data indicating the euro zone’s economy is on course for its deepest downturn since early 2009, on renewed optimism of a deal emerging to provide aid payments to Greece.

“The driving factors behind euro/dollar are that the global macroeconomic backdrop seems to be improving and people are pricing out the tail risk on Greece,” said Arne Lohmann Rasmussen, head of currency research at Danske Bank.

The euro rose 0.3 percent to $ 1.2869, its highest level since November 7.

The prospects of a deal to help Athens were boosted when German Chancellor Angela Merkel said on Wednesday after the failure of overnight talks that an agreement was possible when euro zone ministers meet again on Monday.

The likelihood of a deal, combined with better economic data and a growing view that a resolution can be found to the U.S. fiscal crisis lifted the MSCI’s world equity index 0.3 percent to 325.75 points, putting it on track for its best week since mid-September.

Europe’s FTSE Eurofirst 300 index rose 0.4 percent to a two-week high of 1,101.90 points, with London’s FTSE 100, Paris’s CAC-40 and Frankfurt’s DAX between 0.3 and 0.7 percent higher.

However, trading across all markets was subdued, with U.S. markets closed for the Thanksgiving holiday.

CHINA BOOST

Confidence in the global economic outlook got its biggest lift from the HSBC flash Manufacturing Purchasing Managers Index (PMI) for China, which pointed to expansion after seven consecutive quarters of slowdown.

“There have been a lot of concerns regarding the outlook for global growth. In this context, any improvement in Chinese data is welcome, given that investors are still risk averse,” said Robert Parkes, equity strategist at HSBC Securities.

The Chinese data followed an report on Wednesday showing U.S. manufacturing grew in November at its quickest pace in five months, indicating strong economic growth in the fourth quarter.

PMI data on the manufacturing and services sectors in Europe’s two biggest economies of Germany and France added to the better tone, revealing that conditions had not worsened in November, though both economies are still contracting.

However, the PMI numbers for the wider euro zone remain extremely weak, pointing to the recession-hit region shrinking by about 0.5 percent in the current quarter – its sharpest contraction since the first quarter of 2009.

BOND DEMAND

Amid the improving appetite for riskier assets, Spain sold 3.88 billion euros ($ 4.97 billion) of new government bonds on Thursday, though it has already raised enough funds for this year’s needs.

The average yield on the three-year bonds in the auction was 3.617 percent, compared with 3.66 percent at a sale earlier in November and a 2012 average of 3.79 percent.

Ten-year Spanish yields were 6 basis points lower on the day at 5.67 percent, having traded above 6 percent at the start of the week.

German 10-year bonds yields, which tend to rise as investors’ anxiety over the euro zone outlook ease, were up slightly at 1.439 percent.

COMMODITIES STEADY

Commodity prices gained some support form the improving outlook for world demand from all the PMI data, but prospects of only modest global growth in 2013 kept gains in check.

London copper rose 0.6 percent to $ 7,740 a metric tonne, and spot gold inched up to $ 1,730 an ounce.

Brent crude oil dipped under $ 111 per barrel as a ceasefire between Israel and Gaza’s Hamas rulers eased concerns over the impact the unrest may have on supply from the region.

Brent slipped 34 cents to $ 110.52 a barrel, while U.S. crude was steady at $ 87.38.

(Reporting by Richard Hubbard; Editing by Will Waterman)

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Greek PM presses for deal on loan

ATHENS, Greece (AP) — Greece has reacted with dismay to the European Union‘s failure to agree to release vital rescue loan funds for the debt-ridden country, with the prime minister warning it was not just Greece’s future that hangs in the balance.

The delay prolongs uncertainty over the future of Greece, which faces a messy default that would threaten the entire euro currency used by 17 EU nations.

Prime Minister Antonis Samaras stressed that Greece has done what its creditors from the EU and International Monetary Fund required. “Our partners, along with the IMF, also must do what they have committed to doing,” he said.

He said that “it is not just the future of our country, but the stability of the entire eurozone” that depend on the success of negotiations in coming days.

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Republic Wireless Now Offering $19/Month Unlimited Smartphone Service to All

Prepaid wireless carrier Republic Wireless has been offering its $ 19 per month, unlimited everything, prepaid smartphone plan since about this time last year. At the time, though, there were a few catches; you had to buy a very low-end smartphone from them, you had to use its Hybrid Calling technology for most of your calls, and you could only get in if you were lucky enough to be accepted to an exclusive “beta wave.”

Since then, Republic Wireless has upgraded to the slightly more modern Motorola Defy XT as its flagship smartphone model, and has changed to allow unlimited calling, texting, and data over Sprint’s nationwide network, for the same $ 19/month price. Now the North Carolina-based startup is dropping its last restriction; the doors are open for anyone to preorder up to four Defy XT phones, “and they’ll begin shipping in mid-December.”

​The phone

The Motorola Defy XT is designed to be dustproof and waterproof, with rubber bumpers covering each port and an unlocking switch keeping the back cover sealed. Its specs are decidedly last year’s; powered by a 1 GHz, single-core processor, it often shows Kindle Fire-style lag when swiping between home screens on its 3.7 inch display. It runs 2010′s Android 2.3 Gingerbread, with no OS upgrades announced, and it doesn’t have much room to store games and apps, although it comes with a 2 GB microSD card.

​The service

Republic Wireless’ low monthly fee is partly made possible by its Hybrid Calling technology, which is basically an app that loads on startup and lets you make calls and send texts over Wi-Fi. Call quality is generally good, although it depends on how good your Wi-Fi connection is and how many people are streaming video over it while you’re trying to make your call. You can switch off Hybrid Calling by disabling Wi-Fi, if you want to make calls over Sprint’s network instead; this happens automatically if your Wi-Fi signal drops, which has the effect of hanging up your call.

​The support

“Here at Republic,” its Support page explains, “we believe in helping each other out as much as possible.” What this translates to is that there’s no number to call for questions or tech support. Instead, customers are directed to a community wiki and forums, for answers to their issues. If all else fails, you can contact Republic using an online form, and receive a response within 24 hours.

​The price

It costs close to $ 300 to begin using Republic Wireless’ service; $ 249 for the phone, a $ 10 startup fee, and $ 19 for your first monthly fee, before any applicable taxes. That $ 19 is charged once your phone ships, and if Republic’s difficulty keeping up with orders for its first beta waves is any indication, just because the phones “begin shipping in mid-December” doesn’t necessarily mean that that’s when you’ll get yours.

Jared Spurbeck is an open-source software enthusiast, who uses an Android phone and an Ubuntu laptop PC. He has been writing about technology and electronics since 2008.
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“Rise of the Guardians” Review: Magic, but you’d better believe in Santa Claus

LOS ANGELES (TheWrap.com) – There’s a really cool idea afoot in “Rise of the Guardians,” namely that Santa Claus, the Easter Bunny, the Tooth Fairy and the Sandman aren’t merely responsible for their little corner of children’s lives but are actually a super-team of “Avengers” proportions. Taking their cues from the unseen Man in the Moon, they protect children everywhere from evildoers.

There’s also a really tired concept dragging down the film, namely that new Guardians recruit Jack Frost isn’t sure that he wants to join up, and he doesn’t know who he really is – and he’s, basically, the umpteenth Joseph-Campbell-reluctant-hero who pops up in seemingly every kids’ movie and superhero epic. (Arguably, “Guardians” is both.)

And as much as I often found myself enchanted by this 3D animated film, based on the series of books by William Joyce, I couldn’t help noticing that this movie falls into a conundrum I like to call (with a tip of the hat to playwright Christopher Durang) “You didn’t clap loud enough – Tinkerbell’s dead.”

As an atheist (albeit one who loves Christmas movies), I get a little twitchy about films where children are made to feel guilty about not believing in things and people that don’t actually exist. So even though it’s nice to get a non-cynical story aimed at kids, in which open-heartedness and wonder are celebrated as virtues, this is another movie that paints itself into a theological corner by suggesting that those of us who question the existence of the Easter Bunny are at fault for all the world’s ills.

In this tale, the Guardians assemble for two reasons: to welcome Jack Frost (voiced by Chris Pine) into their ranks and to combat Pitch Black (Jude Law), a long-suppressed boogeyman who’s out to capture the Sandman (who never speaks, but is one of the movie’s funniest characters) and to replace his golden slumbers with hideous nightmares.

Santa (Alec Baldwin) – here made out to be the jolliest Russian stevedore on Earth – welcomes Jack to the fold and assures him that he can be a hero once he figures out what he’s made of. Less convinced is the Easter Bunny (Hugh Jackman), who has ongoing resentment against Jack for all those times that wintry weather has disrupted egg hunts.

And there’s the Tooth Fairy (Isla Fisher), who subcontracts most of her gig out to her army of pixies; one of the film’s interesting twists is to explain why children’s teeth are so valuable and what she does with them.

When the Guardians are zipping around the planet, invisibly enchanting children and ribbing each other, “Rise of the Guardians” has a real lift to it; first-time director Peter Ramsey knows how to pace the big set pieces, and he understands that anytime you can make characters fly around (or extreme-sled) in a 3D movie, audiences’ spirits will soar too.

All too often, however, the good stuff is interrupted by the extremely pat plot beats of Jack and his voyage of self-fulfillment, and those aren’t the only mistakes screenwriter David Lindsay-Abaire (“Rabbit Hole”) makes along the way.

There’s a major plot development that takes place off-camera, which gives a large chunk of the movie a “Wait, what just happened?” confusion that’s too much of a distraction.

The young’uns at the screening I attended were entranced for much of “Rise of the Guardians” (terrible title!), so parents can rest assured that its target audience will leave satisfied. But the best family films truly appeal to the whole family, and adults may find themselves asking, and fending off, too many questions to take the plunge into this fantasy universe.

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In HP-Autonomy debacle, many advisers but little good advice

(Reuters) – When Hewlett Packard acquired Autonomy last year for $ 11.1 billion, some 15 different financial, legal and accounting firms were involved in the transaction — and none raised a flag about what HP said Tuesday was a major accounting fraud.

HP stunned Wall Street with the allegations about its British software unit and took an $ 8.8 billion writedown, the latest in a string of reversals for the storied company.

HP Chief Executive Meg Whitman, who was a director at the company at the time of the deal, said the board had relied on accounting firm Deloitte for vetting Autonomy‘s financials and that KPMG was subsequently hired to audit Deloitte.

HP had many other advisers as well: boutique investment bank Perella Weinberg Partners to serve as its lead adviser, along with Barclays. Banking advisers on both sides of the deal were paid $ 68.8 million, according to data from Thomson Reuters/Freeman Consulting.

Barclays pocketed the biggest banker fee of the transaction at $ 18.1 million and Perella was paid $ 12 million. The company’s legal advisers included Gibson, Dunn & Crutcher; Freshfields Bruckhaus Deringer; Drinker Biddle & Reath; and Skadden, Arps, Slate, Meagher & Flom, which advised the board.

On Autonomy‘s side of the table were Frank Quattrone‘s Qatalyst Partners, which specializes in tech deals and which picked up $ 11.6 million.

UBS, Goldman Sachs, Citigroup, JPMorgan Chase and Bank of America were also advising Autonomy and were paid $ 5.4 million each. Slaughter & May and Morgan Lewis served as the company’s legal advisers.

While regulators in the United States and the United Kingdom, as well as the Federal Bureau of Investigation, are likely to spend many months if not years investigating what happened, legal experts said on Tuesday that it wasn’t clear if any of the advisers would ultimately be held liable.

“The most logical deep pocket would be the acquired firm’s auditors, who should have allegedly caught these defalcations,” said James Cox, a professor at Duke University law school who specializes in corporate and securities law. Since both auditors missed the problems and it appeared to have taken HP a while to catch it after it took over Autonomy, the auditors may have a strong defense.

“You can have a perfectly sound audit and still have fraud exist,” he said. A Deloitte UK spokesman said the company could not comment and would cooperate with any investigations.

The law firms and the bankers will likely argue that they were not hired to review the bookkeeping and had relied on the opinion of the auditors, securities law experts said.

Multiple sources with knowledge of the HP-Autonomy transaction added that the big-name banks on Autonomy‘s side were brought in days before the final agreement was struck. These sources said the banks were brought on as favors for their long relationships with the companies, in a little-scrutinized Wall Street practice of crediting — and paying — investment banks that actually have little do with the deal.

LAWSUITS, REPUTATIONS AT STAKE

Plaintiffs lawyers said they were taking calls from investors about HP on Tuesday. Darren Robbins, a San Diego-based plaintiff lawyer who represents shareholders, said the tech icon appears to have spent billions on a shoddy company without undertaking the proper due diligence, and thus misrepresented its finances to investors.

“I think they have serious troubles,” he said.

But plaintiff lawyers may have difficulty bringing so-called derivative lawsuits against professional services firms, said Brian Quinn, an M&A professor at Boston College Law School. In those cases, plaintiff lawyers can sue third parties, such as auditors, on behalf of HP — but they must convince a judge that HP’s board is unfit to pursue those claims itself. In this situation, though, HP’s board disclosed the alleged fraud itself, Quinn said.

Even if the bankers and lawyers escape any legal problems, they could suffer a reputational hit. The scrutiny could be particularly unwelcome for Perella Weinberg: the firm advised Japanese camera maker Olympus’ acquisition of British Gyrus — a transaction that prompted investigations in the United States, United Kingdom and Japan into fees and payments made by Olympus.

Olympus had hired Perella to execute the transaction, which included a fee paid to “advisers” of $ 687 million – way beyond the usual scale for a transaction valued at only $ 2 billion. Perella was not implicated in the matter.

Meanwhile, the most controversial banker involved in the HP-Autonomy deal, Frank Quattrone of Qatalyst, represented Autonomy and played a key role in getting HP to pay a high price.

A star investment banker in the 1990s, Quattrone had worked at Morgan Stanley, Deutsche Bank and Credit Suisse, and helped arrange some of the biggest tech initial public offerings of the era, including Amazon.com Inc and Cisco Systems Inc.

But his time at the top of Silicon Valley was curtailed by charges that he blocked an investigation into IPO kickbacks. After two trials failed to resolve his case, he ultimately reached a deal with prosecutors.

His return to the Silicon Valley M&A scene has impressed many in the tech world.

“His reputation is at an all-time high right now,” said Dan Scheinman, the former head of mergers and acquisitions at Cisco who has worked with Quattrone on several deals.

Analysts almost uniformly deemed the $ 11.1 billion he got HP to pay for Autonomy as overly rich — a compliment to him at the time, but possibly a hollow success if HP’s allegations prove true.

(Reporting By Nadia Damouni and Nicola Leske in New York and Andrew Callus in London. Additional reporting by Dan Levine in San Francisco.; Editing by Peter Lauria, Jonathan Weber, Muralikumar Anantharaman, Janet McBride)

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World stocks fall after Greece aid delayed

BANGKOK (AP) — World stock markets were mostly lower Wednesday after European Union officials held off on releasing a loan to debt-mired Greece and postposed further action until next week.

European finance ministers adjourned a meeting in Brussels without granting Greece the next installment of an emergency bailout loan that has been on hold for months. The €31.5 billion ($ 40 billion) loan is needed so Athens can pay its bills and avoid running out of cash.

Britain’s FTSE 100 fell 0.1 percent to 5,741.12. Germany‘s DAX lost 0.2 percent to 7,161.27. France‘s CAC-40 dropped 0.3 percent to 3,450.24.

Futures augured losses on Wall Street. Dow Jones industrial futures fell 0.1 percent to 12,746. S&P 500 futures lost 0.2 percent to 1,383.50.

The aid for Greece is being delayed until officials can resolve a dispute over whether to give Athens an extra two years to get to a point where it can independently raise funds on bond markets. Greece has been locked out of the international long-term debt market since 2010 and thus relies on rescue loans.

The reform program attached to the bailout was to steadily reduce Greece’s debt to 120 percent of its annual gross domestic product by a 2020 deadline. But some officials say the deadline may have been too ambitious and that Greece needs two more years.

Asia stocks were mixed. Japan‘s Nikkei 225 index rose 0.9 percent to close at 9,222.52, with export shares enjoying the benefits of a weakened yen.

Hong Kong‘s Hang Seng jumped 1.4 percent to 21,524.36. Mainland China‘s Shanghai Composite Index gained 1.1 percent to 2,030.32 while the smaller Shenzhen Composite Index advanced 1.1 percent to 808.

Peng Yunliang, an analyst based in Shanghai, said the gains were likely due to expectations that manufacturing data due to be released Thursday would point toward an improvement in the Chinese economy.

South Korea‘s Kospi fell 0.3 percent to 1,884.04. Australia‘s S&P/ASX 200 fell 0.4 percent at 4,369.50. Benchmarks in Thailand, New Zealand and Taiwan also were lower.

Among individual stocks, Japanese snack food maker Calbee dropped 4.3 percent after announcing the recall of millions of bags of potato chips due to possible contamination with glass fragments.

Benchmark oil for January delivery was up 24 cents at $ 86.99 per barrel in electronic trading on the New York Mercantile Exchange. The contract fell $ 2.53 to close at $ 86.75 a barrel on Tuesday after signs that Israel and Hamas are close to putting a halt to fighting that has lasted nearly a week.

In currencies, the dollar rose to 82.18 yen from 81.71 yen late Tuesday in New York. The euro fell to $ 1.2778 from $ 1.2807.

___

AP researcher Fu Ting in Shanghai contributed.

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U.S. fiscal impact of great concern to Canada: Canada’s Harper

TORONTO (Reuters) – Any fiscal problems that would significantly slow the U.S. economy would be of great concern to Canada, Canadian Prime Minister Stephen Harper said on Monday.

The United States needed a credible medium-term fiscal plan, Harper said at a business forum in Ottawa, adding that he was following the U.S. fiscal debate with “great interest.”

(Reporting by Solarina Ho)

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‘Trapped’ on Broadway? R. Kelly is working on it

NEW YORK (AP) — Is Broadway ready for Twan, Sylvester, Pimp Lucius and “the package”? R. Kelly thinks so — and says he’s working to bring the wacky characters and plotlines in his even wackier “Trapped in the Closet” series to the Great White Way.

The superstar announced on Monday night that he’s had an offer to bring the cult classic to the stage, and he may even be in some performances.

“To transform it into a Broadway version, that’s what I’m working on,” he told a packed house at the Sunshine Theater, where he unveiled the latest chapters in “Trapped in the Closet,” which will debut on the IFC on Friday.

Kelly gave no other details about a possible Broadway adaptation of the wildly popular video opera. It got its start from a stirring series of songs Kelly debuted in 2005, which ended with a cliff-hanger. The songs captured so much attention, Kelly made an over-the-top video series about it that just got crazier and crazier as he added more chapters.

Kelly has often referred to “Trapped” as an alien, and on Monday, he said: “I’m glad to be one of the astronauts to take this thing to the unknown.”

He thanked the enthusiastic crowd for accepting the series, and admitted that he always wanted to act: “Somehow, I landed ‘Trapped in the Closet’ from being silly.”

He also joked about the ridiculous nature of the series.

“I’m just having a lot of fun. I don’t have a job so I sit in the studio all day and think of stuff to do and this is just something stupid I’ve done that’s been successful for me,” he said. “I’m having a lot of fun with it.”

The latest chapters introduce a few new faces, and like the others series, ends with a cliffhanger. While it’s taken Kelly five years to add these latest chapters to the series, Kelly says he won’t take as long to produce more.

“I want everybody to know I’ve got 85 chapters of ‘Trapped in the Closet’ waiting in the studio for y’all,” he said. “The chapters that are coming — the show, we call it — is going to exceed every chapter that you have ever seen.”

Kelly capped of the evening with a rendition of one of his biggest hits, “I Believe I Can Fly,” for the audience.

___

http://www.r-kelly.com

http://www.ifc.com

___

Nekesa Mumbi Moody is the AP’s Global Entertainment & Lifestyles Editor. Follow her at http://www.twitter.com/nekesamumbi

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Psychiatrist found accused Oakland college shooter mentally ill

OAKLAND (Reuters) – A former nursing student charged with killing seven people at a Christian college in Oakland this year has been found by a psychiatrist to suffer from schizophrenia and unfit to stand trial, his lawyer told a judge on Monday.

One Goh, 44, is charged in Alameda County Superior Court with seven counts of murder and three counts of attempted murder in the April 2 shooting spree at Oikos University, where he once attended nursing school. He has pleaded not guilty.

The shooting spree was the deadliest at an American college since 2007, when a Virginia Tech University student killed 32 people and wounded 25.

Deputy Public Defender David Klaus said at a hearing in Alameda County Superior Court that a court-ordered psychiatric report concluded that Goh was “presently incompetent to stand trial due to his longstanding paranoid schizophrenia.”

A hearing on Goh’s competency was postponed until January 7 because a second psychiatrist, who the court also ordered to issue a report, was unable to interview the Korean-born defendant until a translator could be found.

Goh, who weighed 220 pounds when he was arrested a few hours after shooting, looked emaciated as he sat in a jury box in a red jail suit, his hands and feet shackled. Klaus estimated Goh, who refused food for four weeks after his arrest, had lost up to 75 pounds.

“I’ve felt strongly since the beginning of the case that he’s severely mentally ill,” Klaus said after Goh’s brief court appearance. “I believe that mental illness is, if not the direct cause, certainly the catalyst for this terrible tragedy that he committed.”

Klaus said the confidential psychiatrist’s report found that, based on interviews with family members, Goh has suffered from paranoid schizophrenia for nine to 15 years. He never sought treatment and has refused treatment in jail.

Alameda County District Attorney Nancy O’Malley, who has not yet decided whether to seek the death penalty, declined comment.

Authorities said they believe Goh became angry after he dropped out of the nursing school last year and administrators refused to refund his tuition. A Presbyterian minister from Korea founded Oikos University as a vocational school in 2004.

(Editing by Dan Whitcomb and Todd Eastham)

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Black Friday and the Triumph of Marketing

A century ago “Black Friday” referred to the market crash of Sept. 24, 1869, which was caused by two financiers’ failed attempt to corner the gold market. Today we know Black Friday as the country’s busiest shopping day, falling right after Thanksgiving. How did that happen?

One popular but false explanation is that the name marks the day retailers end an 11-month stretch of red ink and harvest profits for the first time all year. Others say it refers to the dark day thousands of retail workers will spend greeting shoppers, stocking shelves, folding garments, and ringing registers.

In fact, factory owners in the 1950s first coined Black Friday to lament the high number of workers who wouldn’t show up for work, as linguist Ben Zimmer pointed out last year. The connection between Black Friday, crowds, and shopping came in the early 1960s from some Philadelphia cops, he explained. They used the phrase to describe the mad traffic downtown on the day holiday shoppers converged with football fans arriving for the Army-Navy game, traditionally played in Philly on the Saturday after Thanksgiving.

The name Black Friday, picked up by the press, presented a branding problem from the start. Zimmer quotes a 1961 story from Public Relations News that called the label “hardly a stimulus for good business,” and notes city spinmeister Abe Rosen’s efforts to replace it with the anodyne “Big Friday.” The Philadelphia newspapers refused, and Black Friday stuck.

It’s not exactly clear when, in the decades since, retailers across the country embraced the name. By the time they did, it came with the reassuring myth that Black Friday was the day they turned a profit to be “in the black.” (A quick look at retailers’ quarterly earnings should put that canard to rest.) The retail industry shed any queasiness it had about the Black Friday brand in recent years, as big-box stores and shopping malls embraced “door-buster” sales that got shoppers to line up for discounts before opening time.

Although Black Friday has long been called the busiest shopping day of the year, that’s only become true in the past decade, according to data from retail analyst ShopperTrak. Before 2004, holiday shopping generally peaked on the Saturday before Christmas, the International Council of Shopping Centers reported (PDF). But after enough years of retailers and reporters and shoppers repeating that Black Friday was the busiest day, the myth eventually became true.

More recently, the hoopla has spread throughout the week. Cyber Monday was invented in 2005 by the National Retail Federation’s digital division in an attempt to promote online shopping when office workers get back to their desks after the holiday; it was not the highest volume day for e-commerce sales. In 2010, American Express (AXP) made up Small Business Saturday, with promotions and rebates aimed at getting gift-seekers to swipe their AmEx cards at local merchants’ shops. Note to retailers: Three days of Thanksgiving week remain unbranded. Or four, if Thanksgiving itself is not off limits.

And, of course, it’s not. Black Friday has been creeping earlier, from dawn to midnight to Thursday evening. Wal-Mart Stores (WMT) plans to open its doors on Thanksgiving day at 8 p.m. this year, two hours earlier than last year, a decision that’s helped provoke some workers to strike. Perhaps the earlier hour is an attempt to avoid the sometimes unruly crowds that door-buster sales attract. Last year, a Wal-Mart shopper in California reportedly pepper-sprayed fellow customers to reach coveted merchandise. But even that’s not Black Friday’s darkest moment: In 2008, Jdimytai Damour, a 34-year-old Queens man who took a seasonal job at a Wal-Mart in Valley Stream, N.Y, was killed when a pre-dawn Black Friday mob broke the glass doors and trampled him to death.

Long before such deadly excess, some activists seized the symbolism of Black Friday to make people think twice about consumer culture. Since the 1990s, the day after Thanksgiving has also been dubbed Buy Nothing Day, an idea championed by Adbusters magazine and, lately, the Occupy movement. The thought of getting masses of consumers to stay home on what has become the biggest shopping day of the year may sound like a pipe dream. But Black Friday only holds its current place in our culture through miracles of marketing, spin, and rebranding. Those celebrating Buy Nothing Day, at least, don’t have to explain the name.

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