Wall Street Week Ahead: "Cliff" worries may drive tax selling

NEW YORK (Reuters) - Investors typically sell stocks to cut their losses at year end. But worries about the "fiscal cliff" - and the possibility of higher taxes in 2013 - may act as the greatest incentive to sell both winners and losers by December 31.

The $600 billion of automatic tax increases and spending cuts scheduled for the beginning of next year includes higher rates for capital gains, making tax-loss selling even more appealing than usual.

Tax-related selling may be behind the weaker trend in the shares of market leader Apple , analysts said. The stock is down 20 percent for the quarter, but it's still up nearly 32 percent for the year.

Apple dropped 8.9 percent in this past week alone. For a stock that gained more than 25 percent a year for four consecutive years, the embedded capital gains suddenly look like a selling opportunity if one's tax bill is going to jump sharply just because the calendar changes.

"Tax-loss selling is always a factor (but) tax-gains selling has been a factor this year," said Paul Mendelsohn, chief investment strategist at Windham Financial Services in Charlotte, Vermont.

"You have a lot of high-net-worth individuals in taxable accounts, and that could be what's affecting stocks like Apple. If you look at the stocks that people have their largest gains in, they seem to be under a little bit more pressure here than usual."

Of this year's top 20 performers in the S&P 1500 index, which includes large, small and mid-cap stocks, all but four have lost ground in the last five trading sessions.

The rush to avoid higher taxes on portfolio gains could cause additional weakness.

The S&P 500 ended the week up just 0.1 percent after another week of trading largely tied to fiscal cliff negotiation news, which has pushed the market in both directions.

A PAIN PILL FROM THE FED?

Next week's Federal Reserve meeting could offer some relief if policymakers announce further plans to help the lackluster U.S. economy. The Federal Open Market Committee will meet on Tuesday and Wednesday. The policy statement is expected at about 12:30 p.m. on Wednesday after the conclusion of the meeting - the Fed's last one for the year.

Friday's jobs report showing non-farm payrolls added 146,000 jobs in November eased worries that Superstorm Sandy had hit the labor market hard.

"After the FOMC meeting, I think it's going to be downhill from there as worries about the fiscal cliff really take center stage and prospects of a deal become less and less likely," said Mohannad Aama, managing director of Beam Capital Management LLC in New York.

"I think we are likely to see an escalation in profit-taking ahead of tax rates going up next year," he said.

MORE VOLUME AND VOLATILITY

Volume could increase as investors try to shift positions before year end, some analysts said.

While most of that would be in stocks, some of the extra trading volume could spill over into options, said J.J. Kinahan, TD Ameritrade's chief derivatives strategist.

Volatility could pick up as well, and some of that is already being seen in Apple's stock.

"The actual volatility in Apple has been very high while the market itself has been calm. I expect Apple's volatility to carry over into the market volatility," said Enis Taner, global macro editor at RiskReversal.com, an options trading firm in New York.

Shares of Apple, the largest U.S. company by market value, registered their worst week since May 2010. In another bearish sign, the stock's 50-day moving average fell to $599.52 - below its 200-day moving average at $601.38.

"There's a lot of tax-related selling happening now, and it will continue to happen. Apple is an example, even (though) there are other factors involved with Apple," Aama said.

While investors may be selling stocks to avoid higher taxes in 2013, companies may continue to announce special and accelerated dividend payments before year end. Among the latest, Expedia announced a special dividend of 52 cents a share to be paid on December 28.

To be sure, the big sell-off in stocks following the November 6 election was likely related to tax selling, making it hard to judge how much more is to come.

Bruce Zaro, chief technical strategist at Delta Global Asset Management in Boston, said there's a decent chance that the market could rally before year end.

"Even with little or spotty news that one would put in the positive bucket regarding the (cliff) negotiations, the market has basically hung in there, and I think it's hung in there in anticipation of something coming," he said.

(Wall St Week Ahead runs every Friday. Questions or comments on this column can be emailed to: caroline.valetkevitch(at)thomsonreuters.com)

(Reporting by Caroline Valetkevitch; Editing by Jan Paschal; Multimedia versions of Reuters Top News are now available for:; 3000 Xtra: visit Reuters Top News; BridgeStation: view story .134; For London stock market outlook please click on .L/O; Pan-European stock market outlook .EU/O; Tokyo stock market outlook .T/O; Wall St Week Ahead runs every Friday.)

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FCC chairman urges FAA to revise in-flight iPad rules

No, it doesn’t make any sense that you have to turn off your iPad or Kindle during airplane landings, and now the chairman of the Federal Communications Commission wants to see that change. In a letter to the Federal Aviation Administration, FCC chairman Julius Genachowski urged the agency to “enable greater use of tablets, e-readers, and other portable devices” on flights, The Hill reports. Genachowski went on to say that letting passengers use their devices more during flights is important because “mobile devices are increasingly interwoven in our daily lives” and that they “enable both large and small businesses to be more productive and efficient, helping drive economic growth and boost U.S. competitiveness.”

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Kate's Severe Morning Sickness Could Be Hereditary

By Michelle Tauber

12/08/2012 at 11:15 AM EST

Catherine, Duchess of Cambridge

Ben Pruchnie/Getty

Even duchesses can get the monster of all morning sicknesses.

Known as hyperemesis gravidarum (HG), the condition – for which Kate was hospitalized for four days – is characterized by debilitating nausea and vomiting that severely inhibits a woman's ability to eat or drink and results in significant weight loss. Affecting up to 2 percent of all pregnant women, it can start as early as five weeks into pregnancy and endure for weeks or even months.

The condition typically comes on suddenly. During a visit to her prep school, St. Andrew's, on Nov. 30, a seemingly upbeat Kate dined on Scottish beef and played field hockey in 3-inch heels. Just two days later, she was rushed to the hospital and her pregnancy announced.

"It's the body reaction to the pregnancy hormone," Dr. Dagni Rajasingam, spokesperson for the Royal College of Obstetricians, tells PEOPLE. "Some women who are very sensitive to it can start feeling nauseated early on in pregnancy and it will provoke them to take the test."

Treatment options include IVs for fluids and, in at least 20 percent of cases, feeding tubes for nutrition. Anti-nausea medications commonly used for chemotherapy patients are often prescribed off-label for women suffering with HG, but "it's certainly not a cure," says Dr. Marlena Fejzo, a UCLA professor of research and leading expert on HG. Nor is there extensive research examining the potential effects of such medications on women and their babies.

Although the cause is unknown, a family history of HG raises a woman's risk. Women carrying multiples are also more likely to develop HG, as are women carrying girls. "The leading theory is that the cause is hormonal," says Dr. Fejzo. "Obviously when you're carrying twins those hormones are higher, so if you have a problem processing those hormones then you're more likely to feel worse."

Among the complications of HG for the mother: post-traumatic stress resulting "from the severe, prolonged nausea at a time when you know you're supposed to give your baby nutrients and you just can't," says Dr. Fejzo, who lost a baby to HG in 1999. "It's hell for these women – like going through a war." For the baby, complications can include fetal death, an increase in pre-term birth and low-birth weight.

Dr. Fejzo and others hope that the princess's struggle will a light on the disease to help boost research and funding for better treatment options. "It's a horrible condition," says Sarah Rosen, a Chicago-area mom who suffered from HG during her first pregnancy, "but at least maybe this will draw some attention to it."

For more information on HG, visit helpher.org.

• Reporting by SIMON PERRY

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Smokers celebrate as Wash. legalizes marijuana

SEATTLE (AP) — The crowds of happy people lighting joints under Seattle's Space Needle early Thursday morning with nary a police officer in sight bespoke the new reality: Marijuana is legal under Washington state law.

Hundreds gathered at Seattle Center for a New Year's Eve-style countdown to 12 a.m., when the legalization measure passed by voters last month took effect. When the clock struck, they cheered and sparked up in unison.

A few dozen people gathered on a sidewalk outside the north Seattle headquarters of the annual Hempfest celebration and did the same, offering joints to reporters and blowing smoke into television news cameras.

"I feel like a kid in a candy store!" shouted Hempfest volunteer Darby Hageman. "It's all becoming real now!"

Washington and Colorado became the first states to vote to decriminalize and regulate the possession of an ounce or less of marijuana by adults over 21. Both measures call for setting up state licensing schemes for pot growers, processors and retail stores. Colorado's law is set to take effect by Jan. 5.

Technically, Washington's new marijuana law still forbids smoking pot in public, which remains punishable by a fine, like drinking in public. But pot fans wanted a party, and Seattle police weren't about to write them any tickets.

In another sweeping change for Washington, Gov. Chris Gregoire on Wednesday signed into law a measure that legalizes same-sex marriage. The state joins several others that allow gay and lesbian couples to wed.

The mood was festive in Seattle as dozens of gay and lesbian couples got in line to pick up marriage licenses at the King County auditor's office early Thursday.

King County and Thurston County announced they would open their auditors' offices shortly after midnight Wednesday to accommodate those who wanted to be among the first to get their licenses.

Kelly Middleton and her partner Amanda Dollente got in line at 4 p.m. Wednesday.

Hours later, as the line grew, volunteers distributed roses and a group of men and women serenaded the waiting line to the tune of "Chapel of Love."

Because the state has a three-day waiting period, the earliest that weddings can take place is Sunday.

In dealing with marijuana, the Seattle Police Department told its 1,300 officers on Wednesday, just before legalization took hold, that until further notice they shall not issue citations for public marijuana use.

Officers will be advising people not to smoke in public, police spokesman Jonah Spangenthal-Lee wrote on the SPD Blotter. "The police department believes that, under state law, you may responsibly get baked, order some pizzas and enjoy a 'Lord of the Rings' marathon in the privacy of your own home, if you want to."

He offered a catchy new directive referring to the film "The Big Lebowski," popular with many marijuana fans: "The Dude abides, and says 'take it inside!'"

"This is a big day because all our lives we've been living under the iron curtain of prohibition," said Hempfest director Vivian McPeak. "The whole world sees that prohibition just took a body blow."

Washington's new law decriminalizes possession of up to an ounce for those over 21, but for now selling marijuana remains illegal. I-502 gives the state a year to come up with a system of state-licensed growers, processors and retail stores, with the marijuana taxed 25 percent at each stage. Analysts have estimated that a legal pot market could bring Washington hundreds of millions of dollars a year in new tax revenue for schools, health care and basic government functions.

But marijuana remains illegal under federal law. That means federal agents can still arrest people for it, and it's banned from federal properties, including military bases and national parks.

The Justice Department has not said whether it will sue to try to block the regulatory schemes in Washington and Colorado from taking effect.

"The department's responsibility to enforce the Controlled Substances Act remains unchanged," said a statement issued Wednesday by the Seattle U.S. attorney's office. "Neither states nor the executive branch can nullify a statute passed by Congress."

The legal question is whether the establishment of a regulated marijuana market would "frustrate the purpose" of the federal pot prohibition, and many constitutional law scholars say it very likely would.

That leaves the political question of whether the administration wants to try to block the regulatory system, even though it would remain legal to possess up to an ounce of marijuana.

Alison Holcomb is the drug policy director of the American Civil Liberties Union of Washington and served as the campaign manager for New Approach Washington, which led the legalization drive. She said the voters clearly showed they're done with marijuana prohibition.

"New Approach Washington sponsors and the ACLU look forward to working with state and federal officials and to ensure the law is fully and fairly implemented," she said.

___

Johnson can be reached at https://twitter.com/GeneAPseattle

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Wall Street flat in wake of weak consumer sentiment data

NEW YORK (Reuters) - Stocks were little changed on Friday after a weak consumer confidence survey for December overshadowed earlier gains triggered by a better-than-expected employment report.

Wall Street had opened higher after Labor Department data showed nonfarm employment increased more than expected by 146,000 jobs in November.

But major U.S. stock indexes gave up their gains, with the Nasdaq turning negative, after a separate report showed U.S. consumer confidence plunged in early December to its lowest since August, amid investor anxiety over the outcome of ongoing fiscal discussions in Washington.

Additionally, a drop in the jobless rate to a near-four year low, as people gave up the search for work, suggested the labor market was still tepid.

"While it (consumer confidence data) is just one measure of consumer sentiment, maybe the constant barrage of back and forth in DC with no resolution yet is having an impact," said Peter Boockvar, managing director at Miller Tabak & Co in New York.

The Dow Jones industrial average <.dji> was up 32.25 points, or 0.25 percent, at 13,106.29. The Standard & Poor's 500 Index <.spx> was up 0.80 points, or 0.06 percent, at 1,414.74. The Nasdaq Composite Index <.ixic> was down 7.11 points, or 0.24 percent, at 2,982.15.

Amarin Corp shares slumped 19 percent to $9.66 after the bio-pharmaceutical company raised $100 million in financing to help it launch its heart drug, Vascepa, but disappointed investors, who had hoped for a sale or partnership.

Shares of Netflix Inc rose 2.3 percent to $88.19 on news the Securities and Exchange Commission was considering taking action against the company and its Chief Executive Reed Hastings for violating public disclosure rules with a Facebook post.

After falling nearly 10 percent so far this week, Apple Inc shares were down 0.4 percent at $544.60 on Friday.

(Editing by Bernadette Baum)

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Afghan Spy Chief Hurt in Attack, Officials Say

KABUL, Afghanistan — A Taliban suicide bomber tried to assassinate the influential new chief of Afghanistan’s intelligence service at an agency guesthouse in Kabul on Thursday, officials said, in a brazen attack that left him seriously wounded and underscored the insurgency’s ability to go after those at the highest levels of the government.

The attack against Asadullah Khalid, who had just taken over the National Directorate of Security in September, has sidelined a man who had emerged as one of the insurgency’s fiercest opponents, as well as an implacable critic of Pakistan.

In his short time at the reins, Mr. Khalid has stepped up clandestine operations against the Taliban’s middle- and upper-level leadership, according to Afghan and coalition officials. He has also put his agency at the forefront of Afghan and Western efforts to clamp down on the killings of coalition troops by Afghan soldiers and the police, some of which have been attributed to Taliban infiltration.

The National Directorate of Security said in a statement that Mr. Khalid had survived a “cowardly terrorist attack.” It offered no details, but his wounds appeared substantial: Afghan and Western officials with knowledge of his condition said that he had sustained injuries to his chest and abdomen. One Afghan official said that he arrived bleeding and unconscious at a hospital run by the intelligence service.

President Hamid Karzai, who is close to Mr. Khalid, visited him soon after the attack and said in a statement that his condition was improving.

Mr. Khalid was later flown to Bagram Air Base, north of Kabul, said Jamie Graybeal, a spokesman for the coalition. The move was made to take advantage of the better medical facilities available at Bagram, one of the largest coalition bases in Afghanistan.

The Taliban claimed responsibility for the attack in an e-mail sent to the news media. Some Afghan officials, aware of Mr. Khalid’s public criticism of Pakistan’s ambitions and influence in Afghanistan, voiced suspicions that Pakistani interests may have approved of the attack — a frequent, though mostly unprovable, pattern of blame after high-profile attacks here in recent years.

The attack took place in the Kabul neighborhood of Taimani, an upscale district that is home to many foreigners, inside one of the guesthouses that Mr. Khalid and the intelligence directorate use, according to two Western officials.

Mr. Khalid, an ethnic Pashtun from Ghazni Province who has long been close to the Karzai family, became a favorite of Western intelligence officials because of his anti-Taliban record, first as governor of Ghazni and then Kandahar Province and then as the minister of border and tribal affairs.

Neighbors on the street where the bombing happened on Thursday, between 2:15 p.m. and 3 p.m., said that it was not a large explosion, but somewhat muffled, and that it appeared to have taken place inside the guesthouse.

Western and Afghan officials said that Mr. Khalid had been meeting there with the head of Department 24, which deals with borders and extraterritorial activities.

That the attack occurred inside the house suggested to some officials that whoever carried it out was trusted enough to enter without being thoroughly searched. Such a tactic would be similar to the one used in the September 2011 assassination of Burhanuddin Rabbani, a former president and the head of the High Peace Council, whose assassin was said to be a courier bringing an important message from the Taliban leadership and thus gained entrance to the house. The bomb, hidden in his turban, detonated within a few feet of Mr. Rabbani.

One neighbor who lives a few houses from the guesthouse said that Mr. Khalid frequently visited there, arriving alone with his driver in an armored vehicle. The man, who refused to give his name, said that Mr. Khalid always greeted his neighbors if they were on the street, shaking their hands.

It was not clear whether anyone was killed in the attack or whether other people were wounded.

Mr. Khalid has many enemies as well as admirers, and he was accused of human rights abuses during his time as governor of Kandahar, leading some Afghans and diplomats to raise objections about his elevation to intelligence chief. However, the potential for an intensified Taliban threat in many areas of the south and east as the Western combat mission deadline nears led many in the Afghan Parliament to eventually agree to his appointment.

This article has been revised to reflect the following correction:

Correction: December 7, 2012

An earlier version of this article misidentified the home province of Asadullah Khalid. He is originally from Ghazni Province, not Kandahar Province.

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Firm says first BlackBerry 10 phone to debut in March, QWERTY phone won’t launch until June

Research In Motion (RIMM) is gearing up for a series of make-or-break releases that could be considered the most important device launches in the company’s history. Everything is riding on the success of the RIM’s BlackBerry 10 platform, which will be unveiled in its finished state on January 30th next year. RIM CEO Thorsten Heins is on record confirming that BlackBerry 10 will launch in the first quarter and company COO Kristian Tear previously stated new BlackBerry devices will be available “not too long after” the platform is unveiled late next month, but exact timing is still a mystery. According to Boston-based brokerage firm Detwiler Fenton, however, RIM’s first two BlackBerry 10 handsets won’t launch until March and June, respectively.

“RIM’s stock has been on a tear recently thanks to a number of upgrades and optimism surrounding its upcoming BB10 platform,” Detwiler analysts wrote in a note to clients picked up by Forbes. “However, as we dig a little deeper, there appears to be a few issues that could set up for some disappointing numbers in the 2013 first half.”

The firm goes on state that AT&T (T) and T-Mobile will launch the first BlackBerry 10 smartphone some time in March, while Verizon Wireless (VZ) and Sprint (S) are targeting May launches. Detwiler also states that the second BlackBerry 10 smartphone, which will feature a touchscreen and a full QWERTY keyboard, might not launch until June.

“Therefore, it is possible RIMM’s February quarter may only see a very small number of BB10 sales with the May quarter also coming in light due to limited QWERTY keyboard shipments and limited shipments to Sprint and Verizon,” the firm continued. “It’s our opinion RIM will ship approximately 400,000 BB10 units in the February quarter and 2.2 million to 2.5 million units in the May quarter. While this is clearly a North American / developed market view, we think this is the right way to look at the 2013 first half because the initial BB10 handsets are higher end and not targeted for emerging markets.”

When asked to comment on the Detwiler note, RIM spokesman Nick Manning reiterated the company’s earlier position. ”Details of the commercial availability for BlackBerry 10 will be announced at the global launch events on January 30,” Manning said in a comment provided to BGR via email. “Our executives have made it clear that the touch screen device will be available shortly after launch with the physical keyboard version to follow shortly after that.”

BGR’s own sources were not able to provide details regarding the exact timing of RIM’s upcoming launches, however we are hearing from reliable sources that RIM’s QWERTY-equipped BlackBerry 10 smartphone will launch well ahead of the June timeframe mentioned by Detwiler.

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Eddie Redmayne: 5 Things You Should Know

By Mary Green and Julie Jordan

12/07/2012 at 10:15 AM EST

Eddie Redmayne, breakout star of Les Miserables, is receiving awards buzz as the student French revolutionary Marius, who falls in love with Cosette, played by Amanda Seyfried. Redmayne, who also played Michelle Williams's love interest in My Week with Marilyn, is enjoying a booming career. But you'd never know that the 30-year-old Brit has Kim Cattrall to thank for his success, or that he was destined for a role in Les Mis as a child. P.S.: Redmayne's also won a Tony and an Olivier Award for the play Red.

Here are five things you should know about Redmayne:

• Kim Cattrall's approval was pivotal: "I did a play in London called The Goat," he recalls. "I won a prize, and I couldn't go be there, but my parents went, and Kim Cattrall gave the prize. When my dad saw that Samantha from Sex and the City was giving me a prize, then it affirmed in my parents' mind that they were allowed to let their son continue to be an actor."

In fact, the two stars didn't meet til years later, but Cattrall is anxious to see his latest turn: "In 2005 I had the honor of presenting him the Ian Charlston Award as 'the most promising new comer' at the Evening Standard Awards in the U.K.," she told PEOPLE Thursday. "Unfortunately he was away working, but I did meet him a few years later and he told me his father was impressed he won the award but over the moon I was presenting. I have followed his career ever since and cannot wait to see him in Les Miserables."

• His first Les Mis experience: "I saw it when I was 7 and wanted to be Gavroche, [the young street urchin who helps the rebels]."

• His 'oh s--t' moment on set: "We were lying in the sewers half dead, swimming in s--t, and you're actually lying there for 12 hours. We're doing a close-up, and [director Tom Hooper] is saying, ‘Hugh, Eddie, you need to be still. Or it doesn't look like you're dead.' We're like, ‘Dude! We can't control our bodily functions.'"

•Be careful going to karaoke with him: "My karaoke song of choice is "Bat Out of Hell". About three minutes in to the 12-minute song, I keep getting ‘shut up!'"

•He's pals with Spider-Man: "Andrew Garfield is is one of my best friends," he says. "I get great inspiration from he and Tom Sturridge, friends of mine who are my age who are doing great work."

Redmayne in Les Miserables

Universal Pictures

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Smokers celebrate as Wash. legalizes marijuana

SEATTLE (AP) — The crowds of happy people lighting joints under Seattle's Space Needle early Thursday morning with nary a police officer in sight bespoke the new reality: Marijuana is legal under Washington state law.

Hundreds gathered at Seattle Center for a New Year's Eve-style countdown to 12 a.m., when the legalization measure passed by voters last month took effect. When the clock struck, they cheered and sparked up in unison.

A few dozen people gathered on a sidewalk outside the north Seattle headquarters of the annual Hempfest celebration and did the same, offering joints to reporters and blowing smoke into television news cameras.

"I feel like a kid in a candy store!" shouted Hempfest volunteer Darby Hageman. "It's all becoming real now!"

Washington and Colorado became the first states to vote to decriminalize and regulate the possession of an ounce or less of marijuana by adults over 21. Both measures call for setting up state licensing schemes for pot growers, processors and retail stores. Colorado's law is set to take effect by Jan. 5.

Technically, Washington's new marijuana law still forbids smoking pot in public, which remains punishable by a fine, like drinking in public. But pot fans wanted a party, and Seattle police weren't about to write them any tickets.

In another sweeping change for Washington, Gov. Chris Gregoire on Wednesday signed into law a measure that legalizes same-sex marriage. The state joins several others that allow gay and lesbian couples to wed.

The mood was festive in Seattle as dozens of gay and lesbian couples got in line to pick up marriage licenses at the King County auditor's office early Thursday.

King County and Thurston County announced they would open their auditors' offices shortly after midnight Wednesday to accommodate those who wanted to be among the first to get their licenses.

Kelly Middleton and her partner Amanda Dollente got in line at 4 p.m. Wednesday.

Hours later, as the line grew, volunteers distributed roses and a group of men and women serenaded the waiting line to the tune of "Chapel of Love."

Because the state has a three-day waiting period, the earliest that weddings can take place is Sunday.

In dealing with marijuana, the Seattle Police Department told its 1,300 officers on Wednesday, just before legalization took hold, that until further notice they shall not issue citations for public marijuana use.

Officers will be advising people not to smoke in public, police spokesman Jonah Spangenthal-Lee wrote on the SPD Blotter. "The police department believes that, under state law, you may responsibly get baked, order some pizzas and enjoy a 'Lord of the Rings' marathon in the privacy of your own home, if you want to."

He offered a catchy new directive referring to the film "The Big Lebowski," popular with many marijuana fans: "The Dude abides, and says 'take it inside!'"

"This is a big day because all our lives we've been living under the iron curtain of prohibition," said Hempfest director Vivian McPeak. "The whole world sees that prohibition just took a body blow."

Washington's new law decriminalizes possession of up to an ounce for those over 21, but for now selling marijuana remains illegal. I-502 gives the state a year to come up with a system of state-licensed growers, processors and retail stores, with the marijuana taxed 25 percent at each stage. Analysts have estimated that a legal pot market could bring Washington hundreds of millions of dollars a year in new tax revenue for schools, health care and basic government functions.

But marijuana remains illegal under federal law. That means federal agents can still arrest people for it, and it's banned from federal properties, including military bases and national parks.

The Justice Department has not said whether it will sue to try to block the regulatory schemes in Washington and Colorado from taking effect.

"The department's responsibility to enforce the Controlled Substances Act remains unchanged," said a statement issued Wednesday by the Seattle U.S. attorney's office. "Neither states nor the executive branch can nullify a statute passed by Congress."

The legal question is whether the establishment of a regulated marijuana market would "frustrate the purpose" of the federal pot prohibition, and many constitutional law scholars say it very likely would.

That leaves the political question of whether the administration wants to try to block the regulatory system, even though it would remain legal to possess up to an ounce of marijuana.

Alison Holcomb is the drug policy director of the American Civil Liberties Union of Washington and served as the campaign manager for New Approach Washington, which led the legalization drive. She said the voters clearly showed they're done with marijuana prohibition.

"New Approach Washington sponsors and the ACLU look forward to working with state and federal officials and to ensure the law is fully and fairly implemented," she said.

___

Johnson can be reached at https://twitter.com/GeneAPseattle

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Wall Street flat, volatile; fiscal talks, Apple in focus

NEW YORK (Reuters) - Stocks were little changed in choppy morning trading on Thursday as upbeat guidance from Broadcom partially offset weakness in Apple shares, while traders kept an eye on fiscal negotiations in Washington.

Extending Wednesday's 6.4 percent decline, Apple was trading down 0.7 percent at $535 early on Thursday, after falling as much as 3.7 percent at the open, which brought the market capitalization of the world's largest publicly traded company down to below $500 billion briefly. In September, it was capitalized at a record $663 billion.

Broadcom shares led the advance in chip makers with a 2.1 percent gain, one day after it forecast for fourth-quarter revenue at the high end of its target range, citing slightly better-than-expected sales in its mobile business.

The PHLX semiconductor index <.sox> rose 0.4 percent.

Budget discussions continued to be a key focus for investors. President Barack Obama said there could be a quick deal to avert the "fiscal cliff" - tax hikes and spending cuts set to begin next year, possibly driving the U.S. economy back into recession - if Republican leaders agree to raise tax rates for those making more than $250,000 a year.

While Republican leaders in the House of Representatives insist that raising tax rates on the rich is a no-go, some GOP lawmakers now see it as inevitable to avoid the fiscal cliff.

"There are no real triggers here. It is just positioning going on for year-end, and this big decision" on the fiscal cliff, said Rick Meckler, president of hedge fund LibertyView Capital Management LLC in Jersey City, New Jersey.

He said Apple's weakness was taking a toll on the market and expects equities to continue trading choppily through the day.

The Dow Jones industrial average <.dji> fell 17.89 points, or 0.14 percent, to 13,016.60. The S&P 500 <.spx> dropped 1.78 points, or 0.13 percent, to 1,407.50. The Nasdaq Composite Index <.ixic> gained 2.89 points, or 0.10 percent, to 2,976.59.

Apple Inc's rank in China's smartphone market fell to No.6 in the third quarter as it faces tougher competition from Chinese brands, research firm IDC said Thursday. Apple's 6.4 percent drop on Wednesday was its worst daily performance since December 2008 and dragged down the Nasdaq Composite.

Shares of Apple were down 0.7 percent at $535, after earlier falling more than 3 percent.

Sirius XM Radio shares rose 2.2 percent to $2.83 after its board approved a $2 billion stock repurchase and issued a special dividend, giving a big payout to its largest shareholder, Liberty Media .

Without action from Congress in coming weeks, tax cuts on capital gains and dividends will expire at the end of 2012.

Garmin shares rose 5 percent to $41.71 after Standard & Poor's said it would add the navigation device maker to its S&P 500 index. Garmin will replace R.R. Donnelley & Sons after the close of trading on December 11.

Several European equity benchmark indexes hit 2012 highs, boosted by hopes a U.S. budget deal will be reached before the year-end, and that the worst of Europe's debt crisis might be over. <.eu/>

(Additional reporting by Herbert Lash; Editing by Bernadette Baum)

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Resignations Continue in Egypt as Tanks Deploy Around Presidential Palace

Tara Todras-Whitehill for The New York Times

Egyptian soldiers put up barbed-wire fences near the presidential palace on Thursday in Cairo. More Photos »

CAIRO — Resignations rocked the government of President Mohamed Morsi on Thursday as tanks from the special presidential guard took up positions around his palace and the state television headquarters after a night of street fighting between his Islamist supporters and their secular opponents that left at least 6 dead and 450 wounded.

The director of state broadcasting resigned Thursday, as did Rafik Habib, a Christian who was the vice president of the Muslim Brotherhood’s Freedom and Justice Party and the party’s favorite example of its commitment to tolerance and pluralism. Their departures followed an announcement by Zaghoul el-Balshi, the new general secretary of the commission overseeing a planned constitutional referendum, that he was quitting. “I will not participate in a referendum that spilled Egyptian blood,” he said in a television interview during the clashes late Wednesday night.

With the resignations on Thursday, nine Morsi administration officials have quit in protest in recent days. In a day of tension and uncertainty unlike any other since the revolt that overthrew Hosni Mubarak nearly two years ago, state media reported that Mr. Morsi, of the Muslim Brotherhood’s political arm, was meeting with his top advisers and would deliver a public address in response to the clashes. The top scholar of Al Azhar, the center of Sunni Muslim learning that is considered Egypt’s chief moral authority, urged both sides to pull back from violence and seek “rational dialogue.”

The scale of the violence around the palace has raised the first doubts about Mr. Morsi’s effort to hold a public referendum on Dec. 15 to vote on a draft constitution approved by his Islamist allies over the objections of his secular opposition and the Coptic Christian Church.

About 1 p.m. Thursday, hundreds of his supporters who had camped outside his palace to defend it — many waking up with bandaged heads from wounds sustained from volleys of rocks and the blows of makeshift clubs the previous night — abruptly began to pull out of their encampment in unison, a development that suggested that their organizers in the Muslim Brotherhood had ordered a withdrawal. It took place just moments after several Brotherhood members camped there had vowed to stay put until the referendum, set for Dec. 15.

The Egyptian military, which seized power from Mr. Mubarak in February 2011, saying it was stepping in to protect the legitimate demands of the public, stayed silent after a statement Wednesday that it would not intervene in a dispute between political factions. The presidential guard that deployed Thursday is a separate unit that reports directly to the president.

Wednesday night’s battle was the worst clash between political factions here since the days of President Gamal Abdel Nasser’s military coup six decades ago, and Egyptians across the political spectrum responded with shock and dismay.

Abdel Moneim Aboul Fotouh, a popular former leader of the Muslim Brotherhood who ran for president as a liberal Islamist and has stayed on the sidelines of the escalating conflict between Mr. Morsi and his secular opponents, slammed the president and the Brotherhood for calling on their civilian supporters to defend the palace with force rather than relying the institutions of law enforcement.

“The palace is not a private property to the Muslim Brotherhood or Dr. Morsi; it belongs to us, all Egyptians,” Mr. Aboul Fotouh said in a televised news conference. He was flanked by a Morsi adviser who had just resigned and by a well-known revolutionary poet who is the son of Sheik Yusuf al-Qaradawi, perhaps the most influential religious scholar in the Sunni Muslim world and a spiritual guru to the Muslim Brotherhood.

Wednesday night’s clashes followed two weeks of sporadic violence around the country that erupted after Mr. Morsi, a former leader of the Muslim Brotherhood movement, seized temporary powers beyond the review of any court, removing the last check on his authority until ratification of the new constitution.

Mr. Morsi has said he needed the expanded powers to block a conspiracy by corrupt businessmen, Mubarak-appointed judges and opposition leaders to thwart Egypt’s transition to a constitutional democracy. Some opponents, Mr. Morsi’s advisers say, would sacrifice democracy to stop the Islamists from winning elections.

Mr. Morsi’s secular critics have accused Mr. Morsi and the Islamists of seeking to establish a new dictatorship, in part by ramming through a rushed constitution that they say could ultimately give new power over society to Muslim scholars and Islamists groups. And each side’s actions have confirmed the other’s fears.

Mai Ayyad contributed reporting.

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Apple to return some Mac production to U.S. in 2013: report

(Reuters) – Apple Inc is planning to bring back some of its production of Mac computers to the United States from China next year, Chief Executive Tim Cook said, according to a report published Thursday.

The company will spend more than $ 100 million to build the computers in the United States, Cook was cited as saying in an interview with Bloomberg Businessweek.

“This doesn’t mean that Apple will do it ourselves, but we’ll be working with people and we’ll be investing our money,” Cook said.

He told NBC in an interview to be aired late Thursday that only one of the existing Mac lines would be manufactured exclusively in the United States.

Higher-tech products are largely made overseas, often in subcontracted factories not owned by the brands whose products they are making.

Cheaper labor costs have been key in encouraging U.S. manufacturers to have move production to China, but with Chinese wage and transport costs increasing, the advantage against the U.S. has narrowed in recent years.

(Reporting by Nicola Leske; Editing by Bernadette Baum)

Tech News Headlines – Yahoo! News

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Brooke Burke-Charvet Recovering After Successful Thyroid Surgery

TV Watch

Dancing With the Stars

By Julia Haskins

12/06/2012 at 11:35 AM EST

Brooke Burke-Charvet is happy to report that she's doing well after undergoing thyroid surgery on Wednesday.

The Dancing with the Stars co-host stayed optimistic when faced with the threat thyroid cancer and preparing for the surgery. Now Brooke-Charvet is taking it easy after the successful thyroidectomy.

"I'm resting, recovering," she Tweeted Thursday, a day after her operation. "Surgery went well. Dr Adashek is a genius. Thx Dr! Feels like I got hit [by] a car :("

But the 41-year-old wife and mother is also thankful.

"Thank God it's over," she continued. "I'm clean, surgery went well & I can talk. Losing My voice was my biggest fear. Thx for all your prayers & light."

She later posted a photo of herself on her WhoSay page giving cancer an obscene gesture with a ringed middle finger, along with the caption, "Made it through my surgery, Thank God! so far so good F#@k Cancer! I'm recovering, I'm strong, I'm grateful for my brilliant Doctors."

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Celebrations planned as Wash. legalizes marijuana

SEATTLE (AP) — Legal marijuana possession becomes a reality under Washington state law on Thursday, and some people planned to celebrate the new law by breaking it.

Voters in Washington and Colorado last month made those the first states to decriminalize and regulate the recreational use of marijuana. Washington's law takes effect Thursday and allows adults to have up to an ounce of pot — but it bans public use of marijuana, which is punishable by a fine, just like drinking in public.

Nevertheless, some people planned to gather at 12:01 a.m. PST Thursday to smoke in public beneath Seattle's Space Needle. Others planned a midnight party outside the Seattle headquarters of Hempfest, the 21-year-old festival that attracts tens of thousands of pot fans every summer.

"This is a big day because all our lives we've been living under the iron curtain of prohibition," said Hempfest director Vivian McPeak. "The whole world sees that prohibition just took a body blow."

In another sweeping change for Washington, Gov. Chris Gregoire on Wednesday signed into law a measure that legalizes same-sex marriage. The state joins several others that allow gay and lesbian couples to wed.

That law also takes effect Thursday, when gay and lesbian couples can start picking up their wedding certificates and licenses at county auditors' offices. Those offices in King County, the state's largest and home to Seattle, and Thurston County, home to the state capital of Olympia, planned to open the earliest, at 12:01 a.m. Thursday, to start issuing marriage licenses. Because the state has a three-day waiting period, the earliest that weddings can take place is Sunday.

The Seattle Police Department provided this public marijuana use enforcement guidance to its officers via email Wednesday night: "Until further notice, officers shall not take any enforcement action — other than to issue a verbal warning — for a violation of Initiative 502."

Thanks to a 2003 law, marijuana enforcement remains the department's lowest priority. Even before I-502 passed on Nov. 6, police rarely busted people at Hempfest, despite widespread pot use, and the city attorney here doesn't prosecute people for having small amounts of marijuana.

Officers will be advising people to take their weed inside, police spokesman Jonah Spangenthal-Lee wrote on the SPD Blotter. "The police department believes that, under state law, you may responsibly get baked, order some pizzas and enjoy a 'Lord of the Rings' marathon in the privacy of your own home, if you want to."

Washington's new law decriminalizes possession of up to an ounce for those over 21, but for now selling marijuana remains illegal. I-502 gives the state a year to come up with a system of state-licensed growers, processors and retail stores, with the marijuana taxed 25 percent at each stage. Analysts have estimated that a legal pot market could bring Washington hundreds of millions of dollars a year in new tax revenue for schools, health care and basic government functions.

But marijuana remains illegal under federal law. That means federal agents can still arrest people for it, and it's banned from federal properties, including military bases and national parks.

The Justice Department has not said whether it will sue to try to block the regulatory schemes in Washington and Colorado from taking effect.

"The department's responsibility to enforce the Controlled Substances Act remains unchanged," said a statement issued Wednesday by the Seattle U.S. attorney's office. "Neither states nor the executive branch can nullify a statute passed by Congress" — a non-issue, since the measures passed in Washington and Colorado don't "nullify" federal law, which federal agents remain free to enforce.

The legal question is whether the establishment of a regulated marijuana market would "frustrate the purpose" of the federal pot prohibition, and many constitutional law scholars say it very likely would.

That leaves the political question of whether the administration wants to try to block the regulatory system, even though it would remain legal to possess up to an ounce of marijuana.

Colorado's measure, as far as decriminalizing possession goes, is set to take effect by Jan. 5. That state's regulatory scheme is due to be up and running by October 2013.

___(equals)

Johnson can be reached at https://twitter.com/GeneAPseattle

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Blue chips lead Wall Street bounce back

NEW YORK (Reuters) - Stocks swung back to positive territory in late morning trading on Wednesday, led by gains in Dow components Caterpillar and The Travelers , while Citigroup's 5 percent gain boosted bank stocks.

The Dow Jones industrial average <.dji> rose 72.71 points, or 0.56 percent, to 13,024.49. The S&P 500 <.spx> edged up 1.49 points, or 0.11 percent, to 1,408.54. The Nasdaq Composite <.ixic> dropped 17.86 points, or 0.60 percent, to 2,978.82.

Apple shares, down more than 4 percent, were the biggest drag on the Nasdaq.

(Reporting by Rodrigo Campos; Editing by Jan Paschal)

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Typhoon Kills Hundreds in Philippines

Bullit Marquez/Associated Press

A resident hung clothing amid fallen trees and debris on Wednesday, a day after Typhoon Bopha made landfall in the village of Andap, in southern Philippines.

MANILA — With many roads and bridges washed away, rescue teams struggled on Wednesday to reach isolated villages in the southern Philippines after a powerful out-of-season typhoon tore through the region, leaving more than 270 people dead and hundreds more missing, officials said.

Typhoon Bopha packed winds of up to 100 miles per hour when it struck on Tuesday, bringing torrential rains that flattened entire villages and left thousands homeless.

The deaths were concentrated in the Compostela Valley, a mountainous gold mining area, and the neighboring province of Davao Oriental, on the eastern coast of the southern Philippine island of Mindanao, Lt. Col. Lyndon Paniza, a military spokesman, said in a telephone interview late Wednesday afternoon.

A national disaster official, Benito Ramos, said at a news conference on Wednesday afternoon that 274 people had died, 339 were injured and 279 were missing. Those figures were likely to rise, he suggested, since rescue workers had not yet reached several villages in the hardest-hit areas and the casualties there were not known.

Most of the dead appeared to have drowned or been hit by falling trees or flying debris, officials said.

“There is debris in the road, so our soldiers are moving by foot,” Colonel Paniza said. “They are crossing rivers and landslides. I don’t want to speculate, but we don’t know what they will find when they reach those cut off areas.”

Three soldiers are known to have died, and eight are missing, he said. Several soldiers died when a landslide washed-out their patrol base, and others disappeared while on search-and-rescue operations.

Local television crews broadcast grisly footage of mud-covered bodies being loaded into trucks in villages that appeared flattened by the storm. In some areas, not a single structure could be seen standing.

In areas where roads were washed-out, the government dispatched seagoing vessels to take relief goods from the provincial capital of Mati to remote coastal areas.

“I have thus authorized the local government of Mati, its mayor and the provincial governor, to use their calamity funds to hire all available large, local fishing boats for an immediate sea-lift transfer of goods to the affected areas,” Manuel Roxas, the interior secretary, said in a statement.

The eastern coast of Mindanao, which was the area hardest hit by the storm, is a remote, impoverished agricultural area. Mr. Roxas told reporters on Wednesday that during his visit to the area, he had seen tens of thousands of coconut trees downed and many acres of destroyed banana plantations.

In New Bataan, the town hit hardest by the storm, Virgilia Babaag had been waiting nervously in her home before dawn Tuesday as hard rain from the approaching typhoon pounded her small village.

“My neighbors started yelling, ‘The water is coming fast! Run! Run!” she said Wednesday by telephone.

Ms. Babaag gathered up her three young nieces staying with her and ran through the night toward high ground. There she stayed with dozens of others as winds ripped through the town.

“When I came back, my roof was gone,” she said from her devastated home. “The houses around my place are destroyed. There are so many who have died here. The soldiers are still finding more.”

The Philippines is hit by as many as 20 powerful tropical storms each year, but this one struck remote communities south of the usual typhoon path.

“This is the first time that the people in this area have experienced a storm like this,” Colonel Paniza said. “They aren’t accustomed to big storms.”

Last December, Tropical Storm Washi — another out-of-season storm that hit south of the usual Philippine typhoon belt — killed more than 1,200 people and left hundreds of thousands homeless.

This year, officials put out strong warnings days in advance and implemented mandatory early evacuations of vulnerable communities.

President Benigno S. Aquino III, stung by criticism last year that the national government had not done enough to prepare for Tropical Storm Washi, went on television the day before the storm hit and pleaded with people to follow the instructions of local government officials.

“I am facing you now because the incoming storm is no laughing matter,” Mr. Aquino said, adding later: “We expect the cooperation of everyone so that nobody gets in harm’s way.”

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Austrian farmers dip into Internet “milking” craze

VIENNA (Reuters) – Dumping a bottle of milk over your head and filming it for a video post on the Internet has become a popular youth craze, but Austrian farmers say the spillage is a crying shame.

“Milking”, as the trend is known, is among a variety of tongue-in-cheek stunts in which young people shoot pictures or videos of themselves posing as owls, planks of wood, or famous people and then share them on YouTube and other social media.

Austria’s AMA farm lobby on Wednesday launched its own “true milking” campaign to decry the wanton waste of dairy resources and to encourage consumers to drink it instead.

“At a time when too much food already lands in the trash, it is worth questioning dumping milk. This is a valuable product of nature that our farmers provide daily with lots of love and labor,” AMA milk marketing manager Peter Hamedinger said.

Milking has become an Internet hit, with one video from Newcastle in England getting more than half a million clicks on YouTube. http://www.youtube.com/watch?v=qtJPAv1UiAE

AMA’s marketing arm said the milking craze seemed to reflect a strange youthful protest against authority. It sought to one-up the video trend with its own clip featuring a young man who holds a carton of milk high above his head and drinks the contents without spilling a drop.

http://www.youtube.com/watch?v=EsJ3OsP1Fks&feature=youtu.be

“In line with the nature of the medium, this message is not communicated in a commercial way and absolutely not with finger pointing, but rather with a wink of the eye for the Internet generation,” the farm products board said in a statement.

(Reporting by Michael Shields, editing by Paul Casciato)

Internet News Headlines – Yahoo! News

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Frankie Muniz Couldn't See or Speak During Mini-Stroke

Only on People.com

By Monica Rizzo

12/05/2012 at 11:40 AM EST

Nobody was more surprised to learn that former Malcolm in the Middle star Frankie Muniz had a mini-stroke last Friday than the actor and musician himself.

"I consider myself to be very healthy," says Muniz, who spoke to PEOPLE from his Phoenix home Tuesday afternoon. "I'm home and trying to relax and get ready to get back to work. My biggest problem is I always want to be working, going non-stop. So it's a wakeup call to take a little time and relax a bit."

Muniz, 27, says after a morning workout he hopped on his motorcycle to pick up a few things at the home of his fiancée Elycia Marie Turnbow's mother across town. As he was driving, the vision in his right eye began to blur.

"I thought I had something on the visor of my helmet. I couldn't focus out of my right eye," he says. "By the time I got to her mom's house I pretty much had no vision in my right eye."

By the time Muniz got home from the short drive, he felt even worse.

"I was really dizzy and in a lot of pain in my whole body and my head. My hands were numb. I didn't really have good balance and I was almost dropping the bike. I never had this before. I was like 'What's going on?' " he says, baffled at how quickly the symptoms came on and then intensified. "I felt like I was getting stabbed in the head – the worst headache you could ever think of. I couldn't see anything."

Less Invincible

Turnbow was home when he arrived and tried to assess his condition. "But I was saying things and she said, 'You're not speaking English,' " Muniz says. "It was really weird."

Muniz, who plays drums for the band Kingsfoil, went to a Phoenix area hospital, where he was treated and released. He's resting and still under a doctor's care, but plans to head out on an eight-date Northeast tour with the band this weekend.

Though Muniz admits he eats "like a 7 to 10-year-old-kid," he lives a healthy lifestyle.

"I never in my life had a sip of alcohol or even touched a drug," he says. "I take a lot of pride in that."

But the incident did leave him shaken. "They say it is usually a warning of maybe what could happen in the future," says Muniz. "It's changed my mentality when I'm going to eat now. I feel a lot less invincible."

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Longer tamoxifen use cuts breast cancer deaths

Breast cancer patients taking the drug tamoxifen can cut their chances of having the disease come back or kill them if they stay on the pills for 10 years instead of five years as doctors recommend now, a major study finds.

The results could change treatment, especially for younger women. The findings are a surprise because earlier research suggested that taking the hormone-blocking drug for longer than five years didn't help and might even be harmful.

In the new study, researchers found that women who took tamoxifen for 10 years lowered their risk of a recurrence by 25 percent and of dying of breast cancer by 29 percent compared to those who took the pills for just five years.

In absolute terms, continuing on tamoxifen kept three additional women out of every 100 from dying of breast cancer within five to 14 years from when their disease was diagnosed. When added to the benefit from the first five years of use, a decade of tamoxifen can cut breast cancer mortality in half during the second decade after diagnosis, researchers estimate.

Some women balk at taking a preventive drug for so long, but for those at high risk of a recurrence, "this will be a convincer that they should continue," said Dr. Peter Ravdin, director of the breast cancer program at the UT Health Science Center in San Antonio.

He reviewed results of the study, which was being presented Wednesday at a breast cancer conference in San Antonio and published by the British medical journal Lancet.

About 50,000 of the roughly 230,000 new cases of breast cancer in the United States each year occur in women before menopause. Most breast cancers are fueled by estrogen, and hormone blockers are known to cut the risk of recurrence in such cases.

Tamoxifen long was the top choice, but newer drugs called aromatase inhibitors — sold as Arimidex, Femara, Aromasin and in generic form — do the job with less risk of causing uterine cancer and other problems.

But the newer drugs don't work well before menopause. Even some women past menopause choose tamoxifen over the newer drugs, which cost more and have different side effects such as joint pain, bone loss and sexual problems.

The new study aimed to see whether over a very long time, longer treatment with tamoxifen could help.

Dr. Christina Davies of the University of Oxford in England and other researchers assigned 6,846 women who already had taken tamoxifen for five years to either stay on it or take dummy pills for another five years.

Researchers saw little difference in the groups five to nine years after diagnosis. But beyond that time, 15 percent of women who had stopped taking tamoxifen after five years had died of breast cancer versus 12 percent of those who took it for 10 years. Cancer had returned in 25 percent of women on the shorter treatment versus 21 percent of those treated longer.

Tamoxifen had some troubling side effects: Longer use nearly doubled the risk of endometrial cancer. But it rarely proved fatal, and there was no increased risk among premenopausal women in the study — the very group tamoxifen helps most.

"Overall the benefits of extended tamoxifen seemed to outweigh the risks substantially," Dr. Trevor Powles of the Cancer Centre London wrote in an editorial published with the study.

The study was sponsored by cancer research organizations in Britain and Europe, the United States Army, and AstraZeneca PLC, which makes Nolvadex, a brand of tamoxifen, which also is sold as a generic for 10 to 50 cents a day. Brand-name versions of the newer hormone blockers, aromatase inhibitors, are $300 or more per month, but generics are available for much less.

The results pose a quandary for breast cancer patients past menopause and those who become menopausal because of their treatment — the vast majority of cases. Previous studies found that starting on one of the newer hormone blockers led to fewer relapses than initial treatment with tamoxifen did.

Another study found that switching to one of the new drugs after five years of tamoxifen cut the risk of breast cancer recurrence nearly in half — more than what was seen in the new study of 10 years of tamoxifen.

"For postmenopausal women, the data still remain much stronger at this point for a switch to an aromatase inhibitor," said that study's leader, Dr. Paul Goss of Massachusetts General Hospital. He has been a paid speaker for a company that makes one of those drugs.

Women in his study have not been followed long enough to see whether switching cuts deaths from breast cancer, as 10 years of tamoxifen did. Results are expected in about a year.

The cancer conference is sponsored by the American Association for Cancer Research, Baylor College of Medicine and the UT Health Science Center.

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Marilynn Marchione can be followed at http://twitter.com/MMarchioneAP

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Wall Street flat, awaits movement on fiscal cliff talks

NEW YORK (Reuters) - Stocks were little changed in early trading on Tuesday as the market remains hostage to negotiations in Washington on how to avert a "fiscal cliff" that could push the U.S. economy into recession.

Republicans in Congress proposed steep spending cuts to bring down the budget deficit on Monday but gave no ground on President Barack Obama's call to raise taxes on the wealthiest Americans, and the proposal was quickly dismissed by the White House.

Headlines about the back-and-forth preliminary proposals by Republicans and Democrats have fixated the market. Still, many investors expect the two sides to come up with a deal before the year-end deadline, which could trigger a rally in equities.

"Support (for the market) is based on a belief that Washington will come to some agreement before we go over the fiscal cliff," said Art Hogan, managing director of Lazard Capital Markets in New York.

Hogan added, "On the first show of flexibility from either side, we'll get a relief rally."

Despite sudden moves in the market on the latest headlines about the fiscal cliff in recent days, a measure of investor anxiety has held surprisingly flat.

The CBOE volatility index <.vix>, a gauge of market anxiety, slipped to 16 and has not traded above 20 since July following its 2012 high near 28 hit in June. The VIX's 10-day Average True Range, an internal volatility measure, is at its lowest since early 2007.

Obama will meet with U.S. governors at the White House on Tuesday to talk about the fiscal cliff, a $600 billion package of tax hikes and federal spending cuts that would begin January 1.

The president is also expected to talk about the fiscal cliff during an interview scheduled for 12:30 p.m. (1730 GMT) on Bloomberg TV.

Coach became the latest company to advance the date of its next dividend payment. Expectations of higher taxes on dividends kicking in in 2013 have pushed many companies to pay special dividends this year or advance their next pay-back to investors.

The Dow Jones industrial average <.dji> rose 27.92 points, or 0.22 percent, to 12,993.52. The S&P 500 <.spx> edged up 0.44 points, or 0.03 percent, to 1,409.90. The Nasdaq Composite <.ixic> fell 4.44 points, or 0.15 percent, to 2,997.76.

Toll Brothers shares rose 1.8 percent to $33.01 after the largest U.S. luxury homebuilder reported a higher quarterly profit and said new orders rose sharply.

MetroPCS Communications shares dropped 6.5 percent to $10.07 after Sprint Nextel appeared unlikely to make a counter-offer for the wireless service provider.

Shares of Pep Boys-Manny Moe and Jack were down 12.4 percent at $9.36 a day after the release of the auto parts retailer's results.

(Reporting by Rodrigo Campos; Editing by Kenneth Barry)

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Royal Baby a ‘Delight,’ Especially to Britain’s Tabloids

LONDON — The speculation began virtually the moment Kate Middleton said “I will” to Prince William in April 2011, leaving an industry of tabloid newspapers and gossip magazines with a big black hole where their wedding coverage used to be.

Why, they asked, was the former Ms. Middleton, now the duchess of Cambridge, drinking water instead of wine at an official dinner, in what appeared to be a deliberate manner? And those photographs in which her stomach seemed microscopically less flat than normal — what was that about?

On Monday, everyone who had incorrectly guessed what was going on before could now finally claim to be right. Yes, St. James’s Palace announced, the duchess had become pregnant.

The news should help everyone forget the previous big news about the duchess this year: the embarrassing publication of a series of topless — and one or two bottomless — photographs taken illicitly while she and the duke were on vacation in France.

Announcing the news on the royal Web site, the duke and duchess said they were “very pleased.” Meanwhile, other members of the royal family, which is not prone to effusions of public emotion, allowed that they were “delighted.”

On Twitter, Prime Minister David Cameron declared that he, too, was delighted.

The pregnancy is in its very early stages and has not yet reached the three-month threshold that would normally have prompted the announcement. But the duchess is in the hospital suffering from “acute morning sickness,” the palace said, and hospitalizations are hard to keep secret.

“Her royal highness is expected to stay in hospital for several days and will require a period of rest thereafter,” the palace said.

There are many interesting things about a future royal baby. First, it will be third in line to the throne, even if it is a girl; the laws of succession are poised to be changed for this very reason, with the new rule applying to Kate and William’s child. Second, its presence would make the chances of the current No. 3, Prince Harry, becoming king ever more remote, barring some bizarre development in which four generations of his family — his grandmother, his father, his brother and his future niece or nephew — all stepped aside.

Also, it gives Britain something to be excited about at a time when life here has not been so exciting, what with austerity and widespread flooding across huge parts of England after a period of nearly biblical rainfall.

“A royal baby is something the whole nation will celebrate,” the Labour leader, Ed Miliband, observed on Twitter. “Fantastic news for Kate, William and the country.”

In addition to being delighted, the prime minister revealed that in his opinion, the duke and duchess of Cambridge would be “wonderful parents.”

But few people could be more excited than the editors of the newspapers and magazines that cover the royal family, who with any luck will have months of things to write about: What will it be, boy or girl? How fat will the duchess look in her pregnancy clothes? What is happening behind closed doors?

Already, The Daily Mail has revealed a gaggle of purportedly insider-ish details about what is really going on, including the news that the duchess began feeling sick over the weekend and was “unable to keep any food or water down.”

It continued, “Sources suggested that the duchess was hooked up to an intravenous drip to increase her fluid and nutrient levels.”

The papers have also made much of a retrospectively significant incident from last Wednesday, when a member of the public handed Prince William a baby outfit decorated with a helicopter and the words “Daddy’s little co-pilot” — and William smiled as he accepted it.

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Swiss spy agency warns U.S., Britain about huge data leak

ZURICH (Reuters) – Secret information on counter-terrorism shared by foreign governments may have been compromised by a massive data theft by a senior IT technician for the NDB, Switzerland‘s intelligence service, European national security sources said.

Intelligence agencies in the United States and Britain are among those who were warned by Swiss authorities that their data could have been put in jeopardy, said one of the sources, who asked for anonymity when discussing sensitive information.

Swiss authorities arrested the technician suspected in the data theft last summer amid signs he was acting suspiciously. He later was released from prison while a criminal investigation by the office of Switzerland’s Federal Attorney General continues, according to two sources familiar with the case.

The suspect’s name was not made public. Swiss authorities believe he intended to sell the stolen data to foreign officials or commercial buyers.

A European security source said investigators now believe the suspect became disgruntled because he felt he was being ignored and his advice on operating the data systems was not being taken seriously.

Swiss news reports and the sources close to the investigation said that investigators believe the technician downloaded terrabytes, running into hundreds of thousands or even millions of printed pages, of classified material from the Swiss intelligence service’s servers onto portable hard drives. He then carried them out of government buildings in a backpack.

One of the sources familiar with the investigation said that intelligence services like the U.S. Central Intelligence Agency and Britain’s Secret Intelligence Service, also known as MI6, routinely shared data on counter-terrorism and other issues with the NDB. Swiss authorities informed U.S. and British agencies that such data could have been compromised, the source said.

News of the theft of intelligence data surfaced with Switzerland’s reputation for secrecy and discretion in government and financial affairs already under assault.

Swiss authorities have been investigating, and in some cases have charged, whistleblowers and some European government officials for using criminal methods to acquire confidential financial data about suspected tax evaders from Switzerland’s traditionally secretive banks.

The suspect in the spy data theft worked for the NDB, or Federal Intelligence Service, which is part of Switzerland’s Defense Ministry, for about eight years.

He was described by a source close to the investigation as a “very talented” technician and senior enough to have “administrator rights,” giving him unrestricted access to most or all of the NDB’s networks, including those holding vast caches of secret data.

Swiss investigators seized portable storage devices containing the stolen data after they arrested the suspect, according to the sources. At this point, they said, Swiss authorities believe that the suspect was arrested and the stolen data was impounded before he had an opportunity to sell it.

However, one source said that Swiss investigators could not be positive the suspect did not sell or pass on any of the information before his arrest, which is why Swiss authorities felt obliged to notify foreign intelligence partners their information may have been compromised.

Representatives of U.S. and British intelligence agencies had no immediate response to detailed queries about the case submitted by Reuters, although one U.S. official said he was unaware of the case.

SECURITY PROCEDURES QUESTIONED

Swiss Attorney General Michael Lauber and a senior prosecutor, Carolo Bulletti, announced in September that they were investigating the data theft and its alleged perpetrator. A spokeswoman for the attorney general said she was prohibited by law from disclosing the suspect’s identity.

A spokesman for the NDB said he could not comment on the investigation.

At their September press conference, Swiss officials indicated that they believed the suspect intended to sell the data he stole to foreign countries. They did not talk about the possible compromise of information shared with the NDB by U.S. and British intelligence.

A European source familiar with the case said it raised serious questions about security procedures and structures at the NDB, a relatively new agency which combined the functions of predecessor agencies that separately conducted foreign and domestic intelligence activities for the Swiss government.

The source said that under the NDB’s present structure, its human resources staff – responsible for, among other things, ensuring the reliability and trustworthiness of the agency’s personnel – is lumped together organizationally with the agency’s information technology division. This potentially made it difficult or confusing for the subdivision’s personnel to investigate themselves, the source said.

According to the source, investigators now believe that in the months before his arrest, the data theft suspect displayed warning signs that should have been spotted by his bosses or by security officials.

The source said that the suspect became so disgruntled earlier this year that he stopped showing up for work.

However, according to Swiss news reports, the NDB did not realize that something was amiss until the largest Swiss bank, UBS, expressed concern to authorities about a potentially suspicious attempt to set up a new numbered bank account, which then was traced to the NDB technician.

A Swiss parliamentary committee is now conducting its own investigation into the data theft and is expected to report next spring. Investigators are known to be concerned that the NDB lacks investigative powers, such as to search premises or conduct wiretaps, which are widely used by counter-intelligence investigators in other countries.

(Reporting by Mark Hosenball; Editing by Mark Heinrich)

Tech News Headlines – Yahoo! News

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Prince William and Kate: What Will They Name the Baby?

By Anya Leon

12/04/2012 at 11:30 AM EST

Kate and Prince William

Pascal Le Segretain/Getty

The much-awaited news may be confirmed, but there's still plenty to buzz about when it comes to Prince William and wife Kate's baby announcement. Namely, well, the name.

With much speculation that the baby's moniker will honor William's late mother Diana, Europe's largest betting company is putting all their cards on the table for a spot in the name game.

According to Paddy Power, the odds that the royal couple will call their firstborn Mary, Victoria or John are 8-1; the popular choices of Diana and Frances stand at 9-1; while Charles, Philip, Anne and George round out the top picks at 10-1.

Will a little princess be named after her paternal grandmother? Or her paternal great-grandmother, Elizabeth? (Not likely with odds at 16-1). Or will the new parents choose to pay homage to William's grandfather and decide on Prince Philip?

No matter how the chips fall, don't expect to hear any crazy Hollywood baby names – the couple will more than likely keep their choice classic.

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Tapping citizen-scientists for a novel gut check

WASHINGTON (AP) — The bacterial zoo inside your gut could look very different if you're a vegetarian or an Atkins dieter, a couch potato or an athlete, fat or thin.

Now for a fee — $69 and up — and a stool sample, the curious can find out just what's living in their intestines and take part in one of the hottest new fields in science.

Wait a minute: How many average Joes really want to pay for the privilege of mailing such, er, intimate samples to scientists?

A lot, hope the researchers running two novel citizen-science projects.

One, the American Gut Project, aims to enroll 10,000 people — and a bunch of their dogs and cats too — from around the country. The other, uBiome, separately aims to enroll nearly 2,000 people from anywhere in the world.

"We're finally enabling people to realize the power and value of bacteria in our lives," said microbiologist Jack Gilbert of the University of Chicago and Argonne National Laboratory. He's one of a team of well-known scientists involved with the American Gut Project.

Don't be squeamish: Yes, we share our bodies with trillions of microbes, living communities called microbiomes. Many of the bugs, especially those in the intestinal tract, play indispensable roles in keeping us healthy, from good digestion to a robust immune system.

But which combinations of bacteria seem to keep us healthy? Which ones might encourage problems like obesity, diabetes or irritable bowel syndrome?

And do diet and lifestyle affect those microbes in ways that we might control someday?

Answering those questions will require studying vast numbers of people. Getting started with a grassroots movement makes sense, said National Institutes of Health microbiologist Lita Proctor, who isn't involved with the new projects but is watching closely.

After all, there was much interest in the taxpayer-funded Human Microbiome Project, which last summer provided the first glimpse of what makes up a healthy bacterial community in a few hundred volunteers.

Proctor, who coordinated that project, had worried "there would be a real ick factor. That has not been the case," she said. Many people "want to engage in improving their health."

Scott Jackisch, a computer consultant in Oakland, Calif., ran across American Gut while exploring the science behind different diets, and signed up last week. He's read with fascination earlier microbiome research: "Most of the genetic matter in what we consider ourselves is not human, and that's crazy. I wanted to learn about that."

Testing a single stool sample costs $99 in that project, but he picked a three-sample deal for $260 to compare his own bacterial makeup after eating various foods.

"I want to be extra, extra well," said Jackisch, 42. Differing gut microbes may be the reason "there's no one magic bullet of diet that people can eat and be healthy."

It's clear that people's gut bacteria can change over time. What this new research could accomplish is a first look at how different diets may play a role, said American Gut lead researcher Rob Knight of the University of Colorado, Boulder.

One challenge is making sure participants don't expect that a map of their gut bacteria can predict their future health, or suggest lifestyle changes, anytime soon.

"I understand I'm not going to be able to say, 'Oh, my gosh, I'll be susceptible to this,'" said Bradley Heinz, 26, a financial consultant in San Francisco. He is paying uBiome $119 to analyze both his gut and mouth microbiomes; just the gut is $69.

"The more people that participate, the more information comes out and the more that everybody benefits," he added.

Participants can sign up for either project via the social fundraising site Indiegogo.com over the next month. They also can send scrapings from the skin, mouth and other sites, to analyze that bacteria. Sign up enough family members or body sites, or be tracked over time, and the price can rise into the thousands. American Gut researchers plan some free testing for those who can't afford the fees, to try to increase the experiment's diversity.

Don't forget the pets: "We sleep with them, play with them, they often eat our food," said American Gut co-founder Jeff Leach, an anthropologist. What bacteria we have in common is the next logical question.

Already, American Gut researchers are preparing to compare what they find in the typical U.S. gut with a few hundred people in rural Namibia, who eat what's described as hunter-gatherer fare. Also, Leach will spend three months living in Namibia next year, and is storing his own stool samples for before-and-after comparison.

But diet isn't the only factor. Your bacterial makeup starts at birth: Babies absorb different microbes when they're born vaginally than when they're born by C-section, a possible explanation for why cesareans raise the risk for certain infections. Taking antibiotics, especially in early childhood, can alter this teeming inner world, and it's not clear if there are lasting consequences.

Then there's your environment, such as the infections spread in hospitals. In February, a new University of Chicago hospital building opens and Gilbert will test the surfaces, the patients and their health workers to see how quickly bad bugs can move in and identify which bacteria are protective.

Whatever the findings, all the research marks "a huge teachable moment" about how we interact with microbes, Leach said.

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EDITOR'S NOTE — Lauran Neergaard covers health and medical issues for The Associated Press in Washington.

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Online:

www.indiegogo.com/americangut

www.indiegogo.com/ubiome

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