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From Space.com:

Asteroid Given Slight Odds of Hitting Earth in 2014

A newfound asteroid has a 1-in-909,000 chance of hitting Earth in the year 2014 based on limited observations of its current path, astronomers said over the weekend. Those odds are likely to evaporate as more is learned about the object's trajectory.

In all similar cases in the past, the chances of a large rock hitting the planet have been reduced to zero when more data was collected. Meanwhile, astronomers gave asteroid 2003 QQ47 a rating of 1 on the Torino hazard scale, meaning it merits "careful monitoring." The scale runs from zero to 10 and only objects rated 8 and above -- none ever have been -- represent certain collisions.

Asteroid 2003 QQ47 is about three-quarters of a mile wide (1.2 kilometers), large enough to cause widespread regional catastrophe and even global damage were it to impact Earth. Most researchers believe large impacts in Earth's history have contributed to severe climate change and even the elimination of some plant and animal species.

The newly discovered rock is classified as a Near Earth Object (NEO). Its orbit was calculated based on 51 observations over seven days. It was discovered Aug. 24 by the Lincoln Near Earth Asteroid Research Program (LINEAR), in Socorro, New Mexico.

"As additional observations are made over the coming months, and the uncertainties decrease, asteroid 2003 QQ47 is likely to drop down the Torino scale," said Kevin Yates, project manager for the UK NEO Information Center.

A press release by the NEO Information Center has contributed to headlines about 2003 QQ47 in media around the world this morning. Similar scenarios in the past have fueled public concern and even fear prior to an object being determined harmless.