Wall Street slips as earnings season gets under way

NEW YORK (Reuters) - Stocks fell on Tuesday, retreating from last week's rally on the "fiscal cliff" deal in Washington, as companies started to report results for the fourth quarter.


After a 4.3 percent jump in the two sessions around the close of the fiscal cliff negotiations, the S&P has declined a bit, with investors finding few catalysts to extend the rally that took the benchmark to five-year highs.


"We had a brief respite, courtesy of what happened on the fiscal cliff deal and the flip of the calendar with new money coming into the market," said Bucky Hellwig, senior vice president at BB&T Wealth Management in Birmingham, Alabama.


Shares of AT&T Inc dropped 1.7 percent to $34.35, making it one of the biggest drags on the S&P 500, after the company said it sold more than 10 million smartphones in the quarter.


This figure beat the same quarter in 2011, but also means increased costs for the wireless service provider. Providers like AT&T pay hefty subsidies to handset makers so that they can offer discounts to customers who commit to two-year contracts.


Fourth-quarter profits are expected to beat the previous quarter's lackluster results, but analyst estimates are down sharply from October. Quarterly earnings are expected to grow by 2.7 percent, according to Thomson Reuters data. Dow component Alcoa, the largest U.S. aluminum producer, reported results after the closing bell.


The Dow Jones industrial average <.dji> dropped 55.44 points, or 0.41 percent, to 13,328.85. The Standard & Poor's 500 Index <.spx> fell 4.74 points, or 0.32 percent, to 1,457.15. The Nasdaq Composite Index <.ixic> lost 7.01 points, or 0.23 percent, to 3,091.81.


"The stark reality of uncertainty with regard to earnings, plus the negotiations on the debt ceiling, are there and that doesn't give investors a lot of reason to take bets on the long side," Hellwig said.


With AT&T's fall, the S&P telecom services index <.gspl> was the worst performer of the 10 major S&P sectors, down 2.7 percent.


Sears Holdings shares dropped 6.4 percent to $40.16 a day after the company said Chairman Edward Lampert would take over as CEO from Louis D'Ambrosio, who is stepping down due to a family member's health issue. The U.S. retailer also reported a 1.8 percent decline in quarter-to-date sales at stores open at least a year.


Markets went lower as some of the first reported earnings were weak.


"It doesn't seem to be bouncing back, it might stay here or sell off a little further," said Stephen Carl, head of U.S. equity trading at The Williams Capital Group in New York.


Shares of restaurant-chain operator Yum Brands Inc fell 4.2 percent to $65.04 a day after the KFC parent warned sales in China, its largest market, shrank more than expected in the fourth quarter.


GameStop was one of the worst performers on the S&P 500 as shares slumped 6.3 percent to $23.19 after the video game retailer reported low customer traffic for the holiday season and cut its guidance.


Shares of Monsanto Co gained 2.5 percent to $98.42 after reaching a more than four-year high at $99.99. The world's largest seed company raised its earnings outlook for fiscal year 2013 and posted strong first-quarter results.


Volume was below the 2012 average of 6.42 billion shares traded per day, as 6.19 billion were traded on the New York Stock Exchange, NYSE MKT and Nasdaq.


Declining stocks outnumbered advancing ones on the NYSE by 1,495 to 1,458, while on the Nasdaq decliners beat advancers 1,305 to 1,158.


(Reporting by Gabriel Debenedetti; Editing by Kenneth Barry and Nick Zieminski)



Read More..

Bucks coach Scott Skiles out, Boylan to fill in


MILWAUKEE (AP) — Once again, an NBA team has parted ways with head coach Scott Skiles. Once again, veteran assistant Jim Boylan is being asked to pick up the pieces.


One day after Milwaukee and Skiles agreed it was time for a change, the Bucks said Tuesday that Boylan will coach the team for the rest of the season. General manager John Hammond downplayed the notion that Skiles had lost control of the locker room or otherwise felt friction with management.


"Scott and I did not have a frosty relationship. Scott did not hate this team," said Hammond, who noted that more than half the season remains. "We're not a team in dire straits ... we're expecting good things to happen."


Boylan met with reporters before Tuesday night's home game against Phoenix.


"We'll do what we've been doing as far as being professional, getting ourselves ready for every game and getting out there and competing," Boylan said. "That's my job right now, to get us back on the right track, move us in the right direction and I think the guys we have on the team right now are quality people and committed to that task. That'll be our ultimate goal."


If this change sounds familiar, it should: Skiles was fired as head coach in Chicago on Christmas Eve in 2007 after the Bulls started 9-16. Boylan, an assistant in Chicago, took over and went 24-32. He was fired at the end of the season.


In an interview Tuesday with the Milwaukee Journal Sentinel, Skiles disputed the notion that he didn't like his team.


"There's always the normal coach-player friction that goes on," Skiles said in the Journal Sentinel interview. "Guys at this level are great players. This is, as NBA teams go, this is a good group of guys."


Hammond said he and Skiles had been having a number of conversations recently about the future of the team. He said there was no single factor in Skiles' departure, and that no other assistant coaches were leaving.


"It was a mutual decision. We both agreed to make this decision," he said.


Skiles had a 162-182 record in four-plus seasons with Milwaukee, with one playoff appearance — a first-round loss to Atlanta in seven games during the 2009-10 season. He was a hard-nosed, defensive-minded coach who sometimes seemed to have difficulty meshing with a roster built around volume shooters Brandon Jennings and Monta Ellis.


Jennings said he heard about the change in a phone call Monday night from Skiles and not from anyone within the organization.


"I think that's why I was a little bit frustrated at first," he said. "Just the fact that I had to hear it from my own coach and not the team. If I'm supposed to be their franchise player, why don't I hear the news first?"


Jennings said he was shocked but not upset about the change. He said he spoke with Skiles for about 20 minutes.


"We had our ups and downs, we had great times here," he said. "I have nothing but respect for him because as a rookie he did put the ball in my hands first."


Luc Mbah a Moute said he was shocked and had a great experience playing for Skiles, but coaching changes simply were part of the business of the NBA.


"I kind of had an idea of hearing that the team wasn't really happy with the way everything was going, and not just this year, you know the last couple of years with Skiles," he said. "This year we were kind of like started a good start and then went through a patch where we didn't play so great."


Boylan said the initial change he would make was to insert forward Ersan Ilyasova into the starting lineup for Ekpe Udoh.


Ilyasova re-signed with the Bucks during the summer, but saw his minutes decrease to 22 per game this year after playing 27 in the 2011-12 season. He said he was looking forward to playing for Boylan.


"For me, it's not a big deal you know, if you start or not, my concern has been about the minutes," Ilyasova said. "When you come from the season I had last year, I didn't expect to play less than last year."


Skiles' agent, Keith Glass, said it was hard to pinpoint when Skiles began thinking of stepping aside, but all parties agreed the timing was right.


"There was no blowup. There was no animosity going on. I think everybody made the right decision for their own respective sides," he said.


Two other coaches, the Lakers' Mike Brown and Brooklyn's Avery Johnson, are also out of work in this young season. Brown was fired after five games and Johnson late last month, about three weeks after being named Eastern Conference coach of the month.


The 57-year-old Boylan has been the lead assistant for the Bucks the past four seasons. In a 20-year NBA coaching career, he has also been an assistant in Cleveland, Vancouver, Phoenix, Atlanta and Chicago.


Boylan said he was too worried about keeping the job when he succeeded Skiles in Chicago.


"Last time, from a personal standpoint, I was too worried about trying to keep the job and it kind of restricted me as time went on," he said. "I made the determination when this happened last night, that I was going to try and enjoy this and just do what I like to do which is coach these guys, being around these guys and the coaching staff and the organization and just enjoy it.


"Have a good time with it and get the guys to play hard and compete and let the chips fall where they may at the end," he said.


Milwaukee, losers of four straight when the coaching change was announced, started out a surprising 6-2, only to lose seven of its next nine. The Bucks followed that with a four-game winning streak, the kind of wild swings that didn't sit well with a coach who values consistency — both in play and preparation.


"Considering like a week ago we were 16-12 and beat Miami, you probably wouldn't have guessed this would have happened a week later," forward Mike Dunleavy said.


Skiles did help coax a breakout season out of Larry Sanders, who has emerged as a rebounding and shot-blocking monster over the last few weeks. The demanding coach pushed Sanders to be more consistent, and the lanky forward/center has responded. He grabbed 20 rebounds against Boston on Dec. 21 to start a string of double-digit rebound nights in five of his last eight games and leads the league with 3.07 blocks per game.


Skiles' focus on defense was always going to be tested by a roster revolving around Jennings and Ellis, two flashy scorers who prefer to get up and down the court and lure opposing teams into shootouts.


Jennings and Ellis have been giving plenty of effort, but the Bucks were in the middle of the pack in points allowed per game (15th) and field goal percentage defense (18th), below Skiles' lofty expectations.


Still, the Bucks are only a few games behind Indiana in the Central Division, despite injuries to Beno Udrih and top defender Mbah a Moute, and in seventh place in the Eastern Conference playoff chase.


Skiles' departure could be the first in a series of big shake-ups for the Bucks. Hammond is in the final year of his deal, while Jennings and Ellis can both become restricted free agents after this season.


Hammond said he and team owner Herb Kohl are in discussions about an extension, but he declined to elaborate on the progress of their conversations.


As for Skiles, he is now 443-433 as an NBA head coach in 12-plus seasons, which also includes stints with Chicago and Phoenix. He started this season with a host of new players, though the biggest trade during his tenure was the deal that sent former No. 1 draft pick Andrew Bogut to Golden State for Ellis.


"I never heard Scott say a negative thing to me about that trade or anything else," Glass said. "Everybody has their own opinions on the way things are done, but Scott was always on board with — in terms of support — whatever move was made. ... And I think he liked Monta. I never heard him say a word about that at all in a negative sense."


Glass said it was too early to say whether Skiles was looking to stay in coaching.


"Today is not the day for that ... but I'm sure we will discuss that in the next month or so," he said. "But he's not burning right now."


AP Sports Writers Jon Krawczynski in Minneapolis and Andrew Seligman in Chicago and AP Freelancer DiGiovanni in Milwaukee contributed to this report.


___


Dinesh Ramde can be reached at dramde(at)ap.org.


Read More..

Wanted: Mars Colonists to Explore Red Planet






If you think you have the right stuff to help colonize Mars, you’ll soon get your chance to prove it.


The Netherlands-based nonprofit Mars One, which hopes to put the first boots on the Red Planet in 2023, released its basic astronaut requirements today (Jan. 8), setting the stage for a televised global selection process that will begin later this year.






Mars One isn’t zeroing in on scientists or former fighter pilots; anyone who is at least 18 years old can apply to become a Mars colony pioneer. The most important criteria, officials say, are intelligence, good mental and physical health and dedication to the project, as astronauts will undergo eight years of training before launch.


“Gone are the days when bravery and the number of hours flying a supersonic jet were the top criteria,” Norbert Kraft, Mars One’s chief medical director and a former NASA researcher, said in a statement. “Now, we are more concerned with how well each astronaut works and lives with the others, in the long journey from Earth to Mars and for a lifetime of challenges ahead.”


Mars One plans to launch a series of robotic cargo missions between 2016 and 2021, which will build a habitable Red Planet outpost ahead of the arrival of the first four colonists in 2023. More settlers will arrive every two years after that. There are no plans to return the pioneers to Earth. [Mars One: 'Big Brother' on Mars? (Video)]


The organization will fund most of its ambitious activities by staging a global reality-TV event that follows the colonization effort from astronaut selection through the settlers’ first years on Mars.


Mars One, which transitioned from a private company to a nonprofit late last year, has already received a number of inquiries from prospective colonists, officials said.


“Well before the official Astronaut Selection Program, we received more than 1,000 emails from individuals who desire to go to Mars,” Suzanne Flinkenflögel, Mars One’s communications director, said in a statement. “We are working hard to launch our selection campaign as soon as possible, to open the doors to everyone who aspires to do something tremendous in their lifetime.”


Final astronaut candidates will be selected after review by Mars One experts and a global TV event. Those chosen will be employed by Mars One during their Earth-based training and for the length of their time on the Red Planet, officials said.


To learn more about the selection process, go to www.thenextgiantleap.com.


Follow SPACE.com on Twitter @Spacedotcom. We’re also on Facebook & Google+


Copyright 2013 SPACE.com, a TechMediaNetwork company. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
Space and Astronomy News Headlines – Yahoo! News





Title Post: Wanted: Mars Colonists to Explore Red Planet
Url Post: http://www.news.fluser.com/wanted-mars-colonists-to-explore-red-planet/
Link To Post : Wanted: Mars Colonists to Explore Red Planet
Rating:
100%

based on 99998 ratings.
5 user reviews.
Author: Fluser SeoLink
Thanks for visiting the blog, If any criticism and suggestions please leave a comment




Read More..

Case of Wall Street greed gone too far




Goldman Sachs CEO Lloyd Blankfein was one of the executives whose stock award was accelerated to beat higher tax rate.




STORY HIGHLIGHTS


  • Goldman Sachs granted $65 million in stock to execs before new tax rates began

  • Susan Antilla says the firm's CEO had endorsed higher rates, called for entitlement cuts

  • She says Goldman benefits from the implicit promise that U.S. will bail it out

  • Antilla: It was unseemly for Goldman to rush the payments to shield execs from new rates




Editor's note: Susan Antilla is a columnist at Bloomberg View and a contributor to TheStreet.com. She has written about finance for more than 30 years. She is author of "Tales From the Boom-Boom Room: The Landmark Legal Battles That Exposed Wall Street's Shocking Culture of Sexual Harassment." Follow her on Twitter @antillaview.


(CNN) -- Nobody likes to pay taxes, so can you blame the good folks at Goldman Sachs & Co. for doing what they could to avoid the higher rates that kicked in on January 1?


While the rest of us were donning our party clothes on New Year's Eve, the legal worker bees at Goldman were pushing the send button on 10 regulatory filings to the Securities and Exchange Commission.


By the time the ball dropped in Times Square, regulators had been notified that $65 million in Goldman stock had been granted a month early, helping a cluster of powerful multimillionaire executives trim their tax tab.


Among the 10 who shared that $65 million, Chief Executive Officer Lloyd Blankfein, Chief Operating Officer Gary Cohn and Chief Financial Officer David Viniar wound up with $8.4 million apiece in Goldman stock.



Susan Antilla

Susan Antilla



Blankfein's compensation in 2011 was $16.2 million. Cohn and Viniar that year made $15.8 million. Even Gordon Gekko would be impressed to see that bosses making that much money were able to catch a tax break for a couple hundred thousand.


The 10 executives who skirted 2013's higher rates were not the only Goldmanites who benefited from the "accelerated" vesting. Michael DuVally, a Goldman spokesman, acknowledged there was "a group larger than" the 10 but declined to say how many. DuVally would not comment on who made the decision to grant the shares early.


The shrewd Goldman move is hardly unique among rich business executives or even 99 percenters of more modest means. It was no secret that higher taxes were coming this year, and taxpayers of all shapes and sizes did what they could to ensure that "tax events" would occur in 2012.



Even environmental activist and Nobel Prize winner Al Gore tried, albeit without success, to unload his Current TV to Al Jazeera before the new year dawned.


What makes the Goldman move distasteful is that it wasn't even two months ago that CEO Blankfein was mouthing off in a Wall Street Journal op-ed that he endorsed tax increases "especially for the wealthiest" -- along with a plug to cut entitlements to all you freeloaders out there.








If you're pushing the position that the rich should pay more to help fix the deficit, it doesn't quite follow to employ a tax dodge, says Dennis Kelleher, president of the Washington-based public interest group Better Markets Inc.


"Goldman's quickie year-end tax shenanigans deprived the government of what it otherwise would get," he says. "So they either cause the debt to go up, or cause others to pay more by the taxes they are avoiding."


DuVally, the Goldman spokesman, declined to comment when I asked whether it was inconsistent for Goldman to make a move for its executives to avoid taxes after Blankfein endorsed increases for the wealthy.


I've got to hand it to Goldman. The firm is a master of the "have-your-cake-and-eat-it-too" brand of politics and public relations. One minute, Goldman is cranking out press releases about its devotion to women entrepreneurs in its philanthropic "10,000 women" program. The next, it is announcing its annual list of new partners that includes a paltry 10 women but 60 men.


Goldman was a victim on the defensive when Greg Smith, a former employee, wrote a New York Times op-ed on March 14, blasting the firm for having "morally bankrupt people" who needed to be weeded out. You could almost feel sorry for poor Goldman, which shipped out a memo reminding employees that their estimable employer had been named one of the best places to work in the United Kingdom only weeks before the London-based Smith's "Why I Am Leaving Goldman Sachs" essay.


By the time Smith published a book seven months later, the firm had turned ruthless revenge-seeker, even sharing parts of Smith's self-evaluations with the media. A "best place to work?" Really? Careful what you say in the press -- and in your HR file -- if you get your paycheck from a Goldman-style operation.


The brouhaha over Smith's op-ed and book stirred up debate of the "What did you expect of an investment bank operating in capitalistic society?" type.


Fair enough. Banks are not in the philanthropy business -- even if they spend as much time as Goldman does talking about its good deeds and famous "business principles." ("Our clients always come first" is famously No. 1 on the list.)


At Goldman and other "too big to fail" banks, though, employees walk through the doors each morning knowing that the rest of us will be forced to bail them out again should another crisis ensue. We taxpayers provide the insurance policy that they enjoy without ever sending us premiums. In October of 2008, Goldman got $10 billion in taxpayer money from the Troubled Asset Relief Program, which it ultimately paid back.


Blankfein, like other bank CEOs, would later make the case that Goldman wasn't "relying on" that government help.


But leaf through the tomes of some of the regulators who lived through the crisis, and you start to wonder whether our tax-dodging heroes might be out of jobs today if the public hadn't fronted a bailout.


From "Bull by the Horns," by former Federal Deposit Insurance Corp. chairman Sheila Bair: Goldman and Morgan Stanley were "teetering on the edge" in the fall of 2008.


From "Bailout: An Inside Account of how Washington Abandoned Main Street While Rescuing Wall Street," by Neil Barofsky, former special inspector general to oversee the Troubled Assets Relief Program: Federal Reserve chairman Ben Bernanke "confided that he believed that Goldman Sachs would have been the next to go" after Morgan Stanley.


We need to change the conversation here.


Goldman and its too-big-to-fail brethren are banks that accepted welfare and are in debt to U.S. taxpayers for averting disaster. This hasn't been about hard-nosed capitalism since those first TARP wire transfers made their way into Goldman Sachs' coffers.


As for the bank's recent tax-reduction maneuver, it's another reminder that Goldman's management is either clueless about how bad it looks or doesn't care. Sometimes bad PR is a just a cost of doing business.


Follow @CNNOpinion on Twitter


Join us at Facebook/CNNOpinion


The opinions expressed in this commentary are solely those of Susan Antilla.






Read More..

Medical examiner seeks to exhume body of poisoned lottery winner













Urooj Khan


Urooj Khan won the $1 million in the lottery just weeks before he died suddenly of a heart attack in his West Rogers Park home last summer. Now, months after his death, Chicago police were conducting a homicide investigation after it was discovered that he had been poisoned.
(January 7, 2013)



























































Cook County authorities investigating the cyanide-poisoning death of a Chicago man who had hit a lottery jackpot want to exhume his body to conduct an autopsy.

In a telephone interview today with the Tribune, Medical Examiner Stephen J. Cina said he sent a sworn statement to prosecutors laying out why he wanted the body of Urooj Khan exhumed. The state’s attorney’s office is planning to file papers in civil court in coming days asking a judge to approve the exhumation of Khan’s remains, spokeswoman Sally Daly said.


As first reported by the Tribune in a front-page story Monday, Khan, 46, who owned a dry cleaning business on the city’s North Side, died suddenly last July just weeks after winning a million-dollar prize at a 7-Eleven store near his home. Finding no trauma to his body and no unusual substances in his blood, the medical examiner's office declared his death to be from natural causes and he was buried at Rosehill Cemetery without an autopsy.





About a week later, a relative told the medical examiner’s office to take a closer look at Khan’s death. By early December, comprehensive toxicology tests showed that Khan had died of a lethal amount of cyanide, prompting Chicago police and county prosecutors to investigate his homicide.


While a motive has not been determined yet, police haven't ruled out that Khan was killed because of his big lottery win, a law enforcement source told the Tribune. He died before he could collect the winnings – about $425,000 after taxes.


 jmeisner@tribune.com


jgorner@tribune.com






Read More..

Venezuela postpones inauguration for cancer-stricken Chavez


CARACAS (Reuters) - Venezuela will postpone the inauguration of President Hugo Chavez for a new term due to health problems, the government said on Tuesday, another sign the socialist leader's cancer may be bringing an end to his 14 years in power.


The 58-year-old former soldier who has dominated the South American OPEC nation since 1999 has not been heard from since surgery on December 11 in Cuba - his fourth operation since he was diagnosed with an undisclosed type of cancer in June 2011.


The announcement outraged opposition leaders who insist that Chavez must be sworn in before the National Assembly on January 10 as laid out in the constitution, or temporarily step aside and leave an ally in power.


"The commander president wants us to inform that, based on his medical team's recommendations, the post-operative recovery should extend past January 10," said Vice President Nicolas Maduro, Chavez's chosen successor, in a letter read to the legislature.


"As a result, he will not be able to be present at the National Assembly on that date."


The letter said authorities would seek another date for the inauguration ceremony but did not say when it would take place or give a time frame for Chavez's return from Havana.


Rather than being sworn in by the legislature, he would take his oath at a later date before the Supreme Court, the letter said, as allowed by the constitution.


Government leaders insist Chavez is completely fulfilling his duties as head of state, even though official medical bulletins say he has a severe pulmonary infection and has had trouble breathing.


The government has called for a massive rally outside the presidential palace on Thursday, and allied presidents including Uruguay's Jose Mujica and Bolivia's Evo Morales have confirmed they will visit Venezuela this week despite Chavez's absence.


Argentine President Cristina Fernandez has announced plans to visit Chavez in Havana on Friday.


But the unprecedented silence by the president - famous for regularly speaking for hours in meandering broadcasts - has left many convinced he could be in his last days.


His resignation or death would upend politics in the oil-rich nation, where he enjoys a deity-like status among poor supporters thankful for his social largesse.


His critics call him a fledgling dictator who has squandered billions of dollars from crude sales while dashing the independence of state institutions.


CONSTITUTION DISPUTE


The constitution does not specify what happens if the president does not take office on January 10.


The Supreme Court, controlled by Chavez allies, called a news conference for Wednesday. It is widely expected to announce an interpretation of the constitution that will give Chavez leeway to take office when he is fit to do so.


If he dies or steps aside, new elections would be called within 30 days. Before leaving for Havana in December, the president instructed his supporters to back Maduro in that vote if he were unable to continue.


Opposition leaders argue that Congress chief and Chavez ally Diosdado Cabello should take over, as mandated by the constitution if the president's absence is formally declared.


Cabello has ruled that out, saying the president continues to be in charge.


"Who could have believed the opposition would be screaming for Diosdado Cabello to be given the presidency of the republic?" he said during a rambunctious session of Congress. "That's crazy, the opposition is losing it."


Meanwhile opposition deputies accused the Socialist Party of failing to follow Chavez's instructions - a scene that would have been unimaginable before Chavez's prolonged absence.


"President Chavez is the only one among you who has spoken clearly," said opposition leader Julio Borges.


He was drowned out by pro-Chavez deputies clapping and chanting the socialist leader's name and rebuffed by Cabello, who had long been considered a potential successor to Chavez until he was passed over for Maduro.


"It's not my fault you weren't chosen, don't take your frustration out on me," Borges quipped.


Another opposition deputy complained that during the debate a copy of the constitution was thrown across the chamber from the direction of the Socialist Party's deputies.


Chavez's supporters have held near-daily vigils for his recovery, while opposition activists accuse the president's allies of a Cuban-inspired manipulation of the situation.


Maduro has taken over the day-to-day running of the government and looks set to continue in the role past Thursday.


The mustachioed former bus driver lacks Chavez's charisma, but he has sought to imitate the president's style with vituperative attacks on the opposition and televised ribbon-cutting ceremonies.


With the micro-managing Chavez away, major policy decisions in Venezuela, such as a widely expected devaluation of the bolivar currency, appear to be on hold.


Venezuelan bond prices, which had soared in recent weeks on Chavez's health woes, dipped on Monday and Tuesday as investors' expectations of a quick government change apparently dimmed.


"The 'regime change' euphoria seems excessive taking into account the unclear legal transition and perhaps, more importantly, the risk that regime change does not allow for policy change," New York-based Jefferies' managing director Siobhan Morden said in a note on the bonds.


(Editing by Daniel Wallis and Eric Beech)



Read More..

Wall Street edges off five-year high, awaits earnings

NEW YORK (Reuters) - Stocks lost ground on Monday, as investors drew back from recent gains that lifted the S&P 500 to a five-year high, in anticipation of sluggish growth in corporate profits.


Shares of financial companies dipped after a group of major U.S. banks agreed to pay a total of $8.5 billion to end a government inquiry into faulty mortgage foreclosures. The KBW bank index <.bkx>, a gauge of U.S. bank stocks, was down 0.3 percent.


Other sectors were hit as well, most notably energy and utilities. The S&P 500 energy sector index <.gspe> fell 0.8 percent and the utilities sector <.gspu> was off 1.1 percent.


The day's decline came a session after the S&P 500 finished at a five-year high, boosted by a budget deal and strong economic data. The S&P 500 rose 4.6 percent last week, the best weekly gain in more than a year.


"It's a little bit of taking some risk off the table ahead of profit season, you're not going to see anything all that great" on earnings, said Larry Peruzzi, senior equity trader at Cabrera Capital Markets Inc in Boston.


Earnings are expected to be only slightly better than the third-quarter's lackluster results, and analysts' current estimates are down sharply from where they were in October. Fourth-quarter earnings growth is expected to come in at 2.8 percent, according to Thomson Reuters data.


Aluminum company Alcoa Inc begins the reporting season by announcing its results after Tuesday's market close. Alcoa shares fell 1.7 percent at $9.10.


The Dow Jones industrial average <.dji> dropped 50.92 points, or 0.38 percent, to 13,384.29. The Standard & Poor's 500 Index <.spx> fell 4.58 points, or 0.31 percent, to 1,461.89. The Nasdaq Composite Index <.ixic> lost 2.84 points, or 0.09 percent, to 3,098.81.


Ten mortgage servicers - including Bank of America , Citigroup , JPMorgan , and Wells Fargo - agreed on Monday to pay $8.5 billion to end a case-by-case review of foreclosures required by U.S. regulators.


In a separate case, Bank of America also announced roughly $11.6 billion of settlements with mortgage finance company Fannie Mae and a $1.8 billion sale of collection rights on home loans.


The bank also entered into agreements with Nationstar Mortgage Holdings and Walter Investment Management to sell about $306 billion of residential mortgage servicing rights.


Bank of America shares lost 0.2 percent at $12.09 while Nationstar Mortgage Holdings jumped 16.8 percent to $38.83.


Citigroup shares were up 0.09 percent to $42.47, and Wells Fargo shares fell 0.5 percent to $34.77.


"The financials probably have the wind behind them now with a lot of the regulations coming out ... the market has to absorb a lot of the gains, and for that reason there's a pullback from this level," said Warren West, principal at Greentree Brokerage Services in Philadelphia.


Shares of U.S. jet maker Boeing Co dropped 2 percent after a Boeing 787 Dreamliner aircraft with no passengers on board caught fire at Boston's Logan International Airport on Monday morning.


Amazon.com shares hit their highest price ever at $269.22 after Morgan Stanley raised is rating on the stock. Shares were up 3.6 percent at $268.46.


Video-streaming service Netflix Inc shares gained 3.4 percent to $99.20 after it said it will carry previous seasons of some popular shows produced by Time Warner's Warner Bros Television.


Walt Disney Co stock fell 2.3 percent to $50.97. The company started an internal cost-cutting review several weeks ago that may include layoffs at its studio and other units, three people with knowledge of the effort told Reuters.


Volume was lower than average, as 4.78 billion shares were traded on the New York Stock Exchange, NYSE MKT and Nasdaq. This is well below the 2012 average of 6.42 billion per session.


Declining stocks outnumbered advancing ones on the NYSE by 1,629 to 1,363, while on the Nasdaq decliners beat advancers 1,438 to 1,066.


(Reporting By Gabriel Debenedetti; Editing by Kenneth Barry and Nick Zieminski)



Read More..

Bama starts with bang at BCS championship game


MIAMI GARDENS, Fla. (AP) — One of the most anticipated BCS championship games began with Alabama getting the ball and driving it down the field for a touchdown against No. 1 Notre Dame's vaunted defense.


Sun Life Stadium was packed and raucous for the kickoff Monday night.


The Fighting Irish won the coin toss, decided to kickoff and the Crimson Tide marched down the field with ease, driving 82 yards on five plays to take a 7-0 lead on Eddie Lacy's 20-yard touchdown run up the middle with 12:03 left in the first quarter.


It was only the third rushing touchdown Notre Dame has allowed this season.


Read More..

NASA’s Kepler telescope finds 461 potential new planets






CAPE CANAVERAL, Florida (Reuters) – NASA’s Kepler space telescope has uncovered another 461 potential new planets, most of which are the size of Earth or a few times larger, scientists said on Monday.


The announcement brings Kepler’s head count to 2,740 candidate new worlds, 105 of which have been confirmed.






“Two years ago we had around 1,200 candidate planet objects. A year later, we added a significant number of new objects and saw the trend of huge numbers of very small planets … twice the size of Earth and smaller,” Kepler astronomer Christopher Burke told a news conference webcast from the American Astronomical Society conference in Long Beach, California.


With the addition of 461 new candidate planets, collected over 22 months of Kepler telescope observations, the proliferation of smaller planets continues.


The new targets include what appears to be a planet about 1.5 times bigger than Earth circling its sun-like parent star in a 242-day orbit – a distance where liquid water, believed to be necessary for life, could exist on its surface.


In related research, astronomers have determined that about one in six sun-like stars have Earth-sized planets circling their parent stars closer than Mercury’s 88-day day orbit around the sun.


The goal of the Kepler mission, which began in 2009, is to determine how many stars in the Milky Way galaxy have an Earth-sized planet orbiting in so-called habitable zones, where water can exist on its surface.


“You need very specific conditions to have liquid water. You can’t have your planet too close to your star where it’s too hot. You can’t have it too far away for the planet conditions to be too cold. We’re trying to find these planets in this very specific habitable zone,” said Burke, who is with the SETI Institute in Mountain View, California.


The Kepler telescope works by tracking slight decreases in the amount of light coming from 160,000 target stars caused by a planet or planets passing by, or transiting, relative to the telescope’s point of view.


Earth-sized planets located about where Earth orbits the sun would take 365 days to circle their parent star. Those located closer, in Mercury-like 88-day orbits, transit more frequently.


Scientists need at least two and preferably three or more cycles to determine whether an apparent transit is real or some other phenomena.


“In order to catch several transits of an Earth analog, you have to wait for one more year to get another transit. It’s simply too early to call,” said astronomer Francois Fressin, with the Harvard-Smithsonian Center for Astrophysics.


The Kepler roster also boosts the number of multi-planet systems. Of the 2,740 objects, 299 are in dual-planet systems, 112 are in triplets, 44 are part of four-planet systems, 11 systems have five planets and one system has six planets.


(Editing by Jane Sutton and Christopher Wilson)


Space and Astronomy News Headlines – Yahoo! News





Title Post: NASA’s Kepler telescope finds 461 potential new planets
Url Post: http://www.news.fluser.com/nasas-kepler-telescope-finds-461-potential-new-planets/
Link To Post : NASA’s Kepler telescope finds 461 potential new planets
Rating:
100%

based on 99998 ratings.
5 user reviews.
Author: Fluser SeoLink
Thanks for visiting the blog, If any criticism and suggestions please leave a comment




Read More..

Why Al Jazeera deal doesn't seem right






STORY HIGHLIGHTS


  • Al Gore sold Current to al Jazeera and could net an estimated $70 million

  • Howard Kurtz: Gore's Current network failed to gain an identity or viewers

  • He says it's odd that the former vice president is selling to an oil-rich potentate

  • Kurtz: Al Jazeera may have a tough time getting traction with U.S. viewers




Editor's note: Howard Kurtz is the host of CNN's "Reliable Sources" and is Newsweek's Washington bureau chief. He is also a contributor to the website Daily Download.


(CNN) -- So Al Gore starts a liberal cable network, which turns into a complete and utter flop, then sells it to a Middle East potentate in a deal that will bring him an estimated $70 million.


Is America a great country or what?


There is something highly unusual -- OK, just plain weird -- about a former vice president of the United States doing this deal with the emir of Qatar, Sheikh Hamad bin Khalifa al-Thani.



Howard Kurtz

Howard Kurtz



Al Jazeera, owned by said emir's government, is trying to buy its way into the American television market by purchasing Current TV for a half billion dollars. The only thing stranger would be if Gore had sold Current to Glenn Beck -- oh wait, Beck did try to buy it and was told no way within 15 minutes.


So the sale was in part about ideology, which opens the door to examining why Gore believes Al Jazeera gives "voice to those who are not typically heard" and speaks "truth to power."


Bill O'Reilly, on Fox News, calls the network "anti-American." Fox pundit Dick Morris says Gore has sold to a fount of "anti-Israel propaganda." Such labels are rooted in the network's role during the height of the war on terror, when it aired smuggled videos of Osama bin Laden and was denounced by Bush administration officials.


Watch: How Lance Armstrong lied to me about doping



But Al Jazeera English, the spinoff channel launched in 2006, doesn't have the same reputation. In fact, no less a figure than Secretary of State Hillary Clinton has praised it as "real news," and the channel has won journalism awards for its reporting on the Arab Spring and other global events.


To be sure, the main Al Jazeera network gives a platform to such figures as Yusuf al-Qaradawi. He's the Muslim cleric in Egypt who, The Washington Post gas reported, frequently appears on air to castigate Jews and America and has praised suicide bombings. But when I went to the home page of Al Jazeera English the other day, there was video of David Frost, the acclaimed British journalist who now works for the main network, interviewing Israeli President Shimon Peres.




That's not to say Al Jazeera America, the working name for the new channel, won't have its own biases. Al Jazeera English is sometimes determined to paint the U.S. in a negative light.


During a report on President Barack Obama signing a renewal of the Foreign Intelligence Surveillance Act, which entails a legitimate controversy over civil liberties, the reporter said flatly that the law "violate(s) U.S. constitutional rights in the name of national security."


Watch: Can Al Jazeera make it in the American market?


Dave Marash, the ABC News veteran who once worked for Al Jazeera English, told me the network has a "post-colonial" view of America and its stories can be infused with that attitude.


And there are real questions about how independent these channels are from the Qatar government that helps bankroll them. The director-general of Al Jazeera, Sheikh Ahmed bin Jassim al-Thani, is a member of the country's royal family and has no background in journalism.


Such details add to the odd spectacle of the ex-veep, who would have been running Mideast policy had he won a few more votes in Florida, selling -- and some say selling out -- to the emir. Not to mention that the crusader against climate change is taking petrodollars from an empire built on oil, the bete noire of environmentalists.


Watch: Hey Fox, Hillary Clinton was sick after all


But what is Al Jazeera buying? The network is going to have a tough time cracking the American market.


Its earlier reputation makes the company highly controversial, and other cable carriers might follow the lead of Time Warner Cable (which is no longer owned by CNN's parent company, Time Warner) in refusing to carry it. These carriers agreed to air Current TV, after all, and contracts generally require them to approve a major change in programming.


Global politics aside, it may just be bad business. There's a reason Al Jazeera English, which will supply 40% of the content to the new channel, has barely gotten a foothold in the United States. Most Americans aren't lusting for a steady diet of international news.


Watch: Did Nancy Pelosi go too far in photoshopping picture of congresswomen?


There's no denying that Gore, a onetime newspaper reporter who had testy relations with the press during his 2000 campaign, presided over a lousy cable channel. No one quite knew what Current was during the years when it aired mostly low-rent entertainment fare and was famous mainly for North Korea taking two of its correspondents, including Lisa Ling's sister Laura, into custody.


Then Gore tried to relaunch it as a talking head channel to the left of MSNBC, hiring Keith Olbermann -- a relationship that ended with his firing and mutual lawsuits -- along with the likes of Eliot Spitzer and Jennifer Granholm, former Michigan governor. Gore himself offered commentary during major political events.


It was the utter failure of that incarnation of Current that prompted Gore and co-founder Joel Hyatt to put the thing up for sale.


Some detractors have slammed Gore for hypocrisy because, while he has advocated higher taxes on the rich, he tried to get the Al Jazeera deal done by December 31 to avoid the Obama tax hike. (The sale didn't close until January 2.) I don't see a problem trying to legally take advantage of changes in the tax code, no matter what your political stance.


Nor do I want to prejudge Al Jazeera America. The marketplace will decide its fate.


But there is something unsettling about Gore making off with such a big payday from a government-subsidized channel after making such bad television. Nice work if you can get it.


Follow @CNNOpinion on Twitter


Join us at Facebook/CNNOpinion


The opinions expressed in this commentary are solely those of Howard Kurtz.






Read More..