Wall Street Week Ahead: Attention turns to financial earnings

NEW YORK (Reuters) - After over a month of watching Capitol Hill and Pennsylvania Avenue, Wall Street can get back to what it knows best: Wall Street.


The first full week of earnings season is dominated by the financial sector - big investment banks and commercial banks - just as retail investors, free from the "fiscal cliff" worries, have started to get back into the markets.


Equities have risen in the new year, rallying after the initial resolution of the fiscal cliff in Washington on January 2. The S&P 500 on Friday closed its second straight week of gains, leaving it just fractionally off a five-year closing high hit on Thursday.


An array of financial companies - including Goldman Sachs and JPMorgan Chase - will report on Wednesday. Bank of America and Citigroup will join on Thursday.


"The banks have a read on the economy, on the health of consumers, on the health of demand," said Quincy Krosby, market strategist at Prudential Financial in Newark, New Jersey.


"What we're looking for is demand. Demand from small business owners, from consumers."


EARNINGS AND ECONOMIC EXPECTATIONS


Investors were greeted with a slightly better-than-anticipated first week of earnings, but expectations were low and just a few companies reported results.


Fourth quarter earnings and revenues for S&P 500 companies are both expected to have grown by 1.9 percent in the past quarter, according to Thomson Reuters I/B/E/S.


Few large corporations have reported, with Wells Fargo the first bank out of the gate on Friday, posting a record profit. The bank, however, made fewer mortgage loans than in the third quarter and its shares were down 0.8 percent for the day.


The KBW bank index <.bkx>, a gauge of U.S. bank stocks, is up about 30 percent from a low hit in June, rising in six of the last eight months, including January.


Investors will continue to watch earnings on Friday, as General Electric will round out the week after Intel's report on Thursday.


HOUSING, INDUSTRIAL DATA ON TAP


Next week will also feature the release of a wide range of economic data.


Tuesday will see the release of retail sales numbers and the Empire State manufacturing index, followed by CPI data on Wednesday.


Investors and analysts will also focus on the housing starts numbers and the Philadelphia Federal Reserve factory activity index on Thursday. The Thomson Reuters/University of Michigan consumer sentiment numbers are due on Friday.


Jim Paulsen, chief investment officer at Wells Capital Management in Minneapolis, said he expected to see housing numbers continue to climb.


"They won't be that surprising if they're good, they'll be rather eye-catching if they're not good," he said. "The underlying drive of the markets, I think, is economic data. That's been the catalyst."


POLITICAL ANXIETY


Worries about the protracted fiscal cliff negotiations drove the markets in the weeks before the ultimate January 2 resolution, but fear of the debt ceiling fight has yet to command investors' attention to the same extent.


The agreement was likely part of the reason for a rebound in flows to stocks. U.S.-based stock mutual funds gained $7.53 billion after the cliff resolution in the week ending January 9, the most in a week since May 2001, according to Thomson Reuters' Lipper.


Markets are unlikely to move on debt ceiling news unless prominent lawmakers signal that they are taking a surprising position in the debate.


The deal in Washington to avert the cliff set up another debt battle, which will play out in coming months alongside spending debates. But this alarm has been sounded before.


"The market will turn the corner on it when the debate heats up," Prudential Financial's Krosby said.


The CBOE Volatility index <.vix> a gauge of traders' anxiety, is off more than 25 percent so far this month and it recently hit its lowest since June 2007, before the recession began.


"The market doesn't react to the same news twice. It will have to be more brutal than the fiscal cliff," Krosby said. "The market has been conditioned that, at the end, they come up with an agreement."


(Reporting by Gabriel Debenedetti; editing by Rodrigo Campos)



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India Ink: New Focus on Village of Delhi Rape Victim's Father

MEDAWARA, Uttar Pradesh — A makeshift helipad was being built this week in this remote dusty village in eastern Uttar Pradesh. The potholed single-lane road that leads the village was under repair, and journalists, district officials and local politicians had come to call.

Medawara, population 2,000, has never seen this kind of action and attention before, residents said.

A brutal rape took place 600 miles away in New Delhi that shook the conscience of the nation and sparked angry nationwide protests. The rape victim, who struggled for her life for 12 days before dying, belongs to Medawara village. Her family came here to perform 13 days of death rituals.

The family’s presence in the village brought members of the media, which in turn brought politicians who were apparently eager to make political capital out of the situation. And the visits of the politicians brought other government officials.

The village is 7 kilometers (4 miles) from a real road and gets electricity for only three to five hours a day. There are no health facilities, and a government primary school up to fifth grade and a private school up to eighth are the only means of education. No other signs of development are visible in the village.

Residents largely depend upon agriculture for their livelihood, and they grow wheat, sugarcane, pulses, rice, potatoes and onions. The village lies in the floodplains of the Ganges River and its tributaries, and it experienced massive floods in 1972, 1982 and 1994.

Like the family of the rape victim, many others from the village have migrated to Delhi, Mumbai and Ahmedabad, Gujarat for to earn a living.

Local politicians who were visiting the village this week told journalists “facts” about the village that were easy to disprove.

“The village gets electricity for 16 to 18 hours a day” said one, speaking to journalists sitting the victim’s family courtyard. “The village has a government high school” said another. Villagers who were there gave sceptical looks, but did not correct his statement.

“They do their dirty political games in every situation” one man who had lived in the village his entire life said after the politicians had  left the family courtyard.

After decades of being ignored, though, this week backhoes were levelling the ground and tractors were bringing bricks to construct the makeshift helipad in a private school ground. Road rollers were pressing the freshly put growl to fill the road potholes. Chief Minister Akhilesh Yadav was coming to visit, villagers said.

The locals were not immediately impressed by all the work.

“What will the helipad give to the village?” asked Ashwani Kumar, the founder of the private school. “If the big leaders would have come by road at least they will see the road condition and the backwardness of the area.”

Mr. Kumar is also worried that no one will remove the makeshift helipad from the school playground, leaving his students nowhere to play.

The state government was spending 3 million rupees ($55,000) sprucing up the village and its connecting road, a local official told India Today.  Earlier, the state government said it would give 2 million rupees to the family of the rape victim.

On Friday, the chief minister touched down, carrying a check for that amount. He also promised development of the village, including construction of a primary health center.

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Lenovo IdeaTab A2107 comes to AT&T for $200 with no contract






AT&T (T) on Friday announced the addition of the Lenovo (LNVGY) IdeaTab A2107 to its line of tablet PCs. The 7-inch slate is equipped with a 1GHz dual-core processor, 1GB of RAM, 16GB of internal storage, 3G connectivity and Android 4.0 Ice Cream Sandwich. The IdeaTab A2107 also includes a 3-megapixel rear camera, a microSD slot, a front-facing camera and a 3550 mAh battery. The tablet’s display isn’t nearly as good as the competition, however, sporting a mere 1024 x 600 resolution with a pixel density of 170 pixels per inch, falling short of Google’s (GOOG) similarly priced Nexus 7.


[More from BGR: Samsung cancels Windows RT plans in U.S.]






“The Lenovo IdeaTab is a great option for those in the market for a compact, multifunctional tablet at an affordable price,” said Chris Penrose, senior vice president of emerging devices at AT&T. “Connecting it to the AT&T network keeps customers connected while on the go to what matters most.”


[More from BGR: ‘Apple is done’ and Surface tablet is cool, according to teens]


The IdeaTab A2107 is available now for $ 200 without a two-year agreement or $ 100 on contract.


This article was originally published on BGR.com


Wireless News Headlines – Yahoo! News





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Demi Moore Is Dating Harry Morton















01/12/2013 at 10:50 AM EST







Demi Moore and Harry Morton


Craig Barritt/WireImage; John Shearer/WireImage


Demi Moore has a new love interest.

The actress and restaurant owner Harry Morton have been on several dates in recent weeks, including one to the South Beverly Grill in Beverly Hills, according to a source.

"Demi was very giddy during her date with Harry," says the source. "She was really into him and seemed to very much enjoy his company."

Moore, 50, and Morton, 31, have also hung out together at Moore's Beverly Hills home, the source adds.

In November of 2012, Moore and ex Ashton Kutcher announced the end of their marriage. He filed for divorce in December and has been dating his That '70s Show costar Mila Kunis.

Harry Morton, who founded Pink Taco restaurant chain, dated Lindsay Lohan in 2006 and was linked to Jennifer Aniston in 2010.

A source told E! Online, who first reported the news, "They are just getting to know one another ... [Moore is] in a really good place at the moment and is hopeful about the future."

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Flu season puts businesses and employees in a bind


WASHINGTON (AP) — Nearly half the 70 employees at a Ford dealership in Clarksville, Ind., have been out sick at some point in the past month. It didn't have to be that way, the boss says.


"If people had stayed home in the first place, a lot of times that spread wouldn't have happened," says Marty Book, a vice president at Carriage Ford. "But people really want to get out and do their jobs, and sometimes that's a detriment."


The flu season that has struck early and hard across the U.S. is putting businesses and employees alike in a bind. In this shaky economy, many Americans are reluctant to call in sick, something that can backfire for their employers.


Flu was widespread in 47 states last week, up from 41 the week before, the Centers for Disease Control and Prevention said Friday. The only states without widespread flu were California, Mississippi and Hawaii. And the main strain of the virus circulating tends to make people sicker than usual.


Blake Fleetwood, president of Cook Travel in New York, says his agency is operating with less than 40 percent of its staff of 35 because of the flu and other ailments.


"The people here are working longer hours and it puts a lot of strain on everyone," Fleetwood says. "You don't know whether to ask people with the flu to come in or not." He says the flu is also taking its toll on business as customers cancel their travel plans: "People are getting the flu and they're reduced to a shriveling little mess and don't feel like going anywhere."


Many workers go to the office even when they're sick because they are worried about losing their jobs, says John Challenger, CEO of Challenger, Gray & Christmas, an employer consulting firm. Other employees report for work out of financial necessity, since roughly 40 percent of U.S. workers don't get paid if they are out sick. Some simply have a strong work ethic and feel obligated to show up.


Flu season typically costs employers $10.4 billion for hospitalization and doctor's office visits, according to the CDC. That does not include the costs of lost productivity from absences.


At Carriage Ford, Book says the company plans to make flu shots mandatory for all employees.


Linda Doyle, CEO of the Northcrest Community retirement home in Ames, Iowa, says the company took that step this year for its 120 employees, providing the shots at no cost. It is also supplying face masks for all staff.


And no one is expected to come into work if sick, she says.


So far, the company hasn't seen an outbreak of flu cases.


"You keep your fingers crossed and hope it continues this way," Doyle says. "You see the news and it's frightening. We just want to make sure that we're doing everything possible to keep everyone healthy. Cleanliness is really the key to it. Washing your hands. Wash, wash, wash."


Among other steps employers can take to reduce the spread of the flu on the job: holding meetings via conference calls, staggering shifts so that fewer people are on the job at the same time, and avoiding handshaking.


Newspaper editor Rob Blackwell says he had taken only two sick days in the last two years before coming down with the flu and then pneumonia in the past two weeks. He missed several days the first week of January and has been working from home the past week.


"I kept trying to push myself to get back to work because, generally speaking, when I'm sick I just push through it," says Blackwell, the Washington bureau chief for the daily trade paper American Banker.


Connecticut is the only state that requires some businesses to pay employees when they are out sick. Cities such as San Francisco and Washington have similar laws.


Challenger and others say attitudes are changing, and many companies are rethinking their sick policies to avoid officewide outbreaks of the flu and other infectious diseases.


"I think companies are waking up to the fact right now that you might get a little bit of gain from a person coming into work sick, but especially when you have an epidemic, if 10 or 20 people then get sick, in fact you've lost productivity," Challenger says.


___


Associated Press writers Mike Stobbe in Atlanta, Eileen A.J. Connelly in New York, Paul Wiseman in Washington, Barbara Rodriguez in Des Moines, Iowa, and Jim Salter in St. Louis contributed to this report.


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Wall Street dips on Wells Fargo, Boeing; S&P up on week

NEW YORK (Reuters) - Stocks dipped on Friday after a record profit at Wells Fargo failed to attract buyers and Boeing shares were pressured by two further problems with its new Dreamliner aircraft.


The benchmark S&P 500 index fell slightly but was still up on the week and just a few points shy of a five-year high set Thursday.


Wells Fargo , the first major U.S. bank to post earnings this season, reported a record fourth-quarter profit as it set aside less money to cover bad loans and made more fees from mortgages. Its shares fell 2 percent to $34.70, erasing Thursday's gains but up 1.6 percent on the month.


Shares of Dow component Boeing fell 2 percent to $75.49 after a cracked cockpit window and an oil leak on separate flights in Japan added to other mishaps earlier in the week and to safety concerns about its new 787 Dreamliner. The US Department of Transportation said the jet would be subject to a review of its critical systems by regulators.


"The market is giving up a little of its rise yesterday," said Peter Jankovskis, co-chief investment officer at OakBrook Investments in Lisle, Illinois.


He said declines in Wells Fargo and Boeing were pressuring the overall market, but the consolidation around current levels showed the market remained resilient.


The Dow Jones industrial average <.dji> fell 21.54 points or 0.16 percent, to 13,449.68, the S&P 500 <.spx> lost 3.54 points, or 0.24 percent, to 1,468.58 and the Nasdaq Composite <.ixic> dropped 4.23 points, or 0.14 percent, to 3,117.53.


Best Buy shares rallied after its results showed a bit of a turnaround in its U.S. stores, though same-store sales were flat during the key holiday season. Shares were last up 12.2 percent at $13.70.


Basic materials shares were pressured after China's annual consumer inflation rate picked up to a seven-month high, narrowing the scope for the central bank to boost the economy by easing monetary policy. The S&P basic materials sector <.gspm> fell 0.7 percent.


Dendreon Corp shares jumped 18.2 percent to $6.03 after Sanford C. Bernstein upgraded the stock to "outperform" from "market-perform" and said the drugmaker could be one of the best performers in 2013.


U.S.-traded shares of India's No.2 software services provider Infosys Ltd jumped 18.3 percent to $51.98 after the company raised its revenue forecast.


(Editing by Bernadette Baum)



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BlackBerry Z10 shown off in leaked marketing materials









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Adele Arrives in Los Angeles for the Golden Globe Awards









01/11/2013 at 11:25 AM EST



She's landed – and she wants a Golden Globe!

Adele touched down in Los Angeles on Thursday, carrying her most precious cargo: her baby boy who was born in October.

The singer, 24, is in town for Sunday's awards show, where she's up for a Globe for her James Bond title song "Skyfall."

It will be her first official appearance since she and boyfriend Simon Konecki welcomed their son, who is apparently a "cutie," but whose name is still unknown.

For the new mom to win, she'll have to beat out some strong contenders in the best original song category, including Taylor Swift's Hunger Games song, "Safe & Sound," Jon Bon Jovi's "Not Running Anymore" from Stand Up Guys and "Suddenly," which was sung in Les Misérables by Hugh Jackman.

The 70th Golden Globe Awards will air live Sunday, Jan. 13, on NBC at 8 p.m. ET (5 p.m. PT) from the Beverly Hilton Hotel.

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Lung cancer scans backed for older, heavy smokers


After decades of qualms about lung cancer screening, the American Cancer Society says there now is enough evidence to recommend it, but only for current and former heavy smokers ages 55 to 74 and after a frank talk about risks and benefits.


The new guidelines, announced Friday, are a cautious but exciting step against the world's most deadly cancer, doctors who wrote the advice say.


It is based on a big study in 2011 that found annual, low-dose CT scans — a type of X-ray — could cut the chances of dying of lung cancer by 20 percent and from any cause by nearly 7 percent.


The study only included older people who smoked a pack of cigarettes a day for 30 years or the equivalent, such as two packs a day for 15 years. Whether screening would help others isn't known, so scans were not advised for them.


"We're trying to make sure we restrict harm that might come from screening," such as unneeded biopsies and follow-up procedures when scans falsely suggest cancer, said Dr. Richard Wender, family medicine chief at Thomas Jefferson University in Philadelphia. Lung cancer is fairly rare before age 55, so "the benefits of screening are going to be less if you start at a younger age."


Wender, a former Cancer Society president, led the guidelines panel. Three of its 20 members have ties to companies that make cancer treatment or imaging products. The scans cost $100 to as much as $400 and are not covered by Medicare or private insurers.


"We believe insurance companies should cover this test for the right people — not for everybody," Wender said.


More than 160,000 people die of lung cancer in the United States alone each year, and the vast majority are diagnosed after the disease has spread.


Cancer screening has provoked great argument in recent years, especially over when and how often women should get mammograms and whether men should have PSA blood tests to look for prostate cancer.


Some of the most influential guidelines come from a government-appointed panel — the U.S. Preventive Services Task Force — but it hasn't considered lung cancer screening since 2004, when it said there wasn't enough evidence to recommend for or against it. An update is in the works now.


The Cancer Society used to recommend screening with chest X-rays but withdrew that advice in 1980 after studies showed they weren't saving lives. Since then, the CT scans have come into wider use, and several medical groups backed limited screening with them.


Many private companies also market CT scans directly to the public, including for some who are at lower risk for lung cancer than the people in major studies have been.


WellStar Health System, a network of hospitals and private doctors in suburban Atlanta, has screened nearly 900 people since 2008. Less than 3 percent were referred for lung biopsies because of suspicious findings, and of those, 70 percent turned out to have lung cancer, said screening coordinator Vickie Beckler.


The system generally follows the advice of the National Comprehensive Cancer Network, a group of top cancer centers, but eligibility for scans is "a very fluid area" that's being refined, she said. Patients younger than 50 need a doctor's referral for a scan, but if they want one and have major risk factors, "it should be their prerogative to have access to screening as long as they understand the risks and benefits involved and come to that decision with their physician," she said.


Kathy DeJoseph, 62, of suburban Atlanta, is glad she was screened as part of a study at WellStar. Several years of scans found nothing but last year, one detected cancer.


"I'd have been dead had I not had that scan," she said. "I was very, very lucky."


She also finally quit smoking after 40 years to qualify for lung cancer surgery.


Counseling smokers on how to quit is part of the Cancer Society's guidance. Having a scare from a scan "is a great motivator for people to quit smoking — fear that they might have had lung cancer, that they dodged a bullet, really causes people to change and take a look at their behavior," Wender said.


People also should be told that a normal scan doesn't mean no change is needed.


"The absolute worse thing that would happen" is people thinking "now I'm safe and I can continue smoking," he said.


___


Online:


Cancer Society: www.cancer.org


National Cancer Institute: http://1.usa.gov/UZq7Vt


___


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


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Wall Street slightly higher on China data; S&P near resistance level

NEW YORK (Reuters) - U.S. stocks inched higher on Thursday, helped by stronger-than-expected exports in China, the world's second-biggest economy, but gains were capped as the S&P 500 hovered near a 5-year high.


Financial and telecommunications stocks were the day's top gainers, while the material sector was the biggest drag. The S&P 500 material sector index <.gspm> was off 0.3 percent. The financial sector index <.gspf> rose 0.6 percent and the telecom sector <.gspl> was up 0.5 percent.


The benchmark Standard & Poor's 500 index was near a five-year closing high of 1,466.47. On Friday, the index had ended at the highest close since December 2007.


"The market is technically right at the level of resistance, near 1,465-1,467. A solid breakthrough above the level would be the start of a next leg higher, but it looks like it is going to be difficult to break above that level for now," said Randy Frederick, managing director of active trading and derivatives at Charles Schwab. He cited concerns about the earnings season and upcoming debt ceiling talks.


The Dow Jones industrial average <.dji> was up 9.84 points, or 0.07 percent, at 13,400.35. The Standard & Poor's 500 Index <.spx> was up 2.55 points, or 0.17 percent, at 1,463.57. The Nasdaq Composite Index <.ixic> was down 2.01 points, or 0.06 percent, at 3,103.80.


In company news, shares of upscale jeweler Tiffany dropped 3.6 percent to $60.98 after it said earnings for the year through January 31 will be at the lower end of its forecast.


U.S.-traded Nokia shares jumped 17.3 percent to $4.40 after the Finnish handset maker said its fourth-quarter results were better than expected and that the mobile phone business achieved underlying profitability.


Herbalife Ltd stepped up its defense against activist investor Bill Ackman, stressing it was a legitimate company with a mission to improve nutrition and help public health. The stock was up 1.4 percent to $40.47.


Data showed China's export growth rebounded sharply to a seven-month high in December, a strong finish to the year after seven straight quarters of slowdown, even as demand from Europe and the United States remained subdued.


In the U.S., claims for unemployment benefits rose last week, though seasonal volatility made it difficult to get a clear picture of the labor market's health.


Also, U.S. wholesale inventories rose more than expected in November and sales rose by the most in more than 1-1/2 years. The market's reaction to both reports was muted.


(Reporting By Angela Moon; Editing by Nick Zieminski)



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