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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Russia rejects Assad exit as precondition for Syria deal

MOSCOW/BEIRUT (Reuters) - Russia voiced support on Saturday for international peace envoy Lakhdar Brahimi but insisted Syrian President Bashar al-Assad's exit cannot be a precondition for a deal to end the country's conflict.

Some 60,000 Syrians have been killed during the 21-month-old revolt and world powers are divided over how to stop the escalating bloodshed. Government aircraft bombed outer districts of Damascus on Saturday after being grounded for a week by stormy weather, opposition activists in the capital said.

A Russian Foreign Ministry statement following talks on Friday in Geneva with the United States and Brahimi reiterated calls for an end to violence in Syria, but there was no sign of a breakthrough.

Brahimi said the issue of Assad, who the United States, European powers and Gulf-led Arab states insist must step down to end the civil war, appeared to be a sticking point.

Russia's Foreign Ministry said: "As before, we firmly uphold the thesis that questions about Syria's future must be decided by the Syrians themselves, without interference from outside or the imposition of prepared recipes for development."

Russia has been Assad's most powerful international backer, joining with China to block three Western- and Arab-backed U.N. Security Council resolutions aimed to pressure him or push him from power. Assad can also rely on regional powerhouse Iran.

Russia called for "a political transition process" based on an agreement by foreign powers last June.

Brahimi, who is trying to build on that agreement, has met three times with senior Russian and U.S. diplomats since early December and met Assad in Damascus.

Russia and the United States disagreed over what the June agreement meant for Assad, with Washington saying it sent a clear signal he must go and Russia contending it did not.

Qatar on Saturday made a fresh call for an Arab force to end bloodshed in Syria if Brahimi's efforts fail, according to the Doha-based al Jazeera television.

"It is not a question of intervention in Syria in favor of one party against the other, but rather a force to preserve security," Qatar's Prime Minister and Foreign Minister, Sheikh Hamad bin Jassim al-Thani, said in an al Jazeera broadcast.

CONFLICT INTENSIFIES

Moscow has been reluctant to endorse the "Arab Spring" popular revolts of the last two years, saying they have increased instability in the Middle East and created a risk of radical Islamists seizing power.

Although Russia sells arms to Syria and rents one of its naval bases, the economic benefit of its support for Assad is minimal. Analysts say President Vladimir Putin wants to prevent the United States from using military force or support from the U.N. Security Council to bring down governments it opposes.

However, as rebels gain ground in the war, Russia has given indications it is preparing for Assad's possible exit, while continuing to insist he must not be forced out by foreign powers.

Opposition activists say a military escalation and the hardship of winter have accelerated the death toll.

Rebel forces have acquired more powerful anti-tank and anti-aircraft weapons during attacks on Assad's military bases.

Assad's forces have employed increasing amounts of military hardware including Scud-type ballistic missiles in the past two months. New York-based Human Rights Watch said they had also used incendiary cluster bombs that are banned by most nations.

STALEMATE IN CITIES

The weeklong respite from aerial strikes has been marred by snow and thunderstorms that affected millions displaced by the conflict, which has now reached every region of Syria.

On Saturday, the skies were clear and jets and helicopters fired missiles and dropped bombs on a line of towns to the east of Damascus, where rebels have pushed out Assad's ground forces, the Syrian Observatory for Human Rights said.

The British-based group, which is linked to the opposition, said it had no immediate information on casualties from the strikes on districts including Maleiha and farmland areas.

Rebels control large swathes of rural land around Syria but are stuck in a stalemate with Assad's forces in cities, where the army has reinforced positions.

State TV said government forces had repelled an attack by terrorists - a term it uses for the armed opposition - on Aleppo's international airport, now used as a helicopter base.

Reuters cannot independently confirm reports due to severe reporting restrictions imposed by the Syrian authorities and security constraints.

On Friday, rebels seized control of one of Syria's largest helicopter bases, Taftanaz in Idlib province, their first capture of a military airfield.

Eight-six people were killed on Friday, including 30 civilians, the Syrian Observatory said.

(Writing by Oliver Holmes; Editing by Tom Pfeiffer and Doina Chiacu)

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“Storage Wars” porn lawsuit: alleged Brandi Passante video distributor found in contempt

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Poppy Montgomery Expecting Second Child

Mom & Babies
Celebrity Baby Blog

01/11/2013 at 04:00 PM ET

Gregg DeGuire/WireImage

There’s a baby on the way for Poppy Montgomery!

The Unforgettable star is expecting her second child this spring, a rep for Montgomery confirms to PEOPLE exclusively.

This will be the actress’ first child with Shawn Sanford, a Microsoft executive Montgomery began dating in late 2011. She’s already mom to son Jackson, 5, from her prior relationship with actor Adam Kaufman.

“Shawn and I are thrilled and Jackson is so excited to be a big brother!” Montgomery, who is also known for her series Without a Trace, tells PEOPLE.

In addition to writing her PEOPLE.com blog, Montgomery will continue work on Unforgettable when it returns to CBS this summer.

RELATED: Poppy Montgomery’s PEOPLE.com Blog Series

– Sarah Michaud

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Flu more widespread in US; eases off in some areas

NEW YORK (AP) — Flu is more widespread across the nation, but the number of hard-hit states has declined, health officials said Friday.

Flu season started early this winter, and includes a strain that tends to make people sicker. Health officials have forecast a potentially bad flu season, following last year's unusually mild one. The latest numbers, however, hint that the flu season may already have peaked in some spots.

Flu was widespread in 47 states last week, up from 41 the week before, the Centers for Disease Control and Prevention said on Friday. Many cases may be mild. The only states without widespread flu are California, Mississippi and Hawaii.

The hardest hit states fell to 24 from 29, with large numbers of people getting treated for flu-like illness. Dropped off that list were Florida, Arkansas and South Carolina in the South, the first region hit this flu season.

Recent flu reports have included the holidays when some doctor's offices were closed, so it will probably take a couple more weeks to know if the flu has peaked in some places or grown stronger in others, CDC officials said Friday.

"Only time will tell how moderate or severe this flu season will be," CDC Director Dr. Thomas Frieden said in a teleconference with reporters.

Nationally, 20 children have died from the flu. There is no running tally of adult deaths, but the CDC estimates that the flu kills about 24,000 people in an average year.

Flu vaccinations are recommended for everyone 6 months or older, and health officials say it is not too late to get vaccinated. flu reports.

Nearly 130 million doses of flu vaccine were distributed this year, and at least 112 million have been used. Vaccine is still available, but supplies may have run low in some locations, health officials say.

Hyrmete Sciuto, of Edgewater, N.J., got a flu shot Friday at a New York City drugstore. She hadn't got one in years, but news reports on the flu this week made her concerned.

As a commuter by ferry and bus, "I have people coughing in my face," she said. "I didn't want to risk it this year."

The flu vaccine isn't foolproof; people who get vaccinated can still get sick.

On Friday, CDC officials said a recent study of more than 1,100 people has concluded the current flu vaccine is 62 percent effective. That means the average vaccinated person is 62 percent less likely to get a case of flu that's bad enough to require a trip to the doctor, compared to people who don't get the vaccine.

That's in line with how effective the vaccine has been in other years.

The flu vaccine is reformulated annually, and officials say this year's version is a good match to the viruses going around.

Flu usually peaks in midwinter. Symptoms can include fever, cough, runny nose, head and body aches and fatigue. Some people also suffer vomiting and diarrhea, and some develop pneumonia or other severe complications.

Most people with flu have a mild illness. But people with severe symptoms should see a doctor. They may be given antiviral drugs or other medications to ease symptoms.

Some shortages have been reported for children's liquid Tamiflu, a prescription medicine used to treat flu. But health officials say adult Tamiflu pills are available, and pharmacists can convert those to doses for children.

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AP Science Writer Malcolm Ritter in New York contributed to this report.

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Online:

CDC flu: http://www.cdc.gov/flu/index.htm

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Wall Street flat, pressured by Wells Fargo, banks

NEW YORK (Reuters) - Stocks were little changed on Friday after Wells Fargo & Co reported a decline in net interest margin despite a record profit in the latest quarter, weighing on bank stocks.

Dow component Boeing also weighed on the market after a cracked cockpit window and an oil leak on separate flights in Japan added to problems with some of its Dreamliner jets earlier in the week, compounding safety concerns about the new aircraft.

The U.S. Department of Transportation said the jet would be subject to a review of its critical systems by regulators. Boeing was the biggest loser on the Dow, falling 3.1 percent to $74.73.

Wells Fargo was the first major bank to report results and said its fourth-quarter net interest margin - a key measure of how much money banks make from loans - fell, even as profit jumped 24 percent. The bank also made fewer mortgage loans than in the third quarter.

"It (Wells Fargo results) is weighing on the sector. We are keeping our fingers crossed that this won't be a sector thing and more confined to Wells Fargo, but it's definitely playing a factor today," said Larry Peruzzi, senior equity trader at Cabrera Capital Markets LLC in Boston.

The bank's shares fell 1.4 percent to $34.91. The S&P 500 financial sector index <.gspf> fell 0.7 percent after rallying more than 1 percent on Thursday and the KBW Banks index <.bkx> fell 1.3 percent.

The Dow Jones industrial average <.dji> was off 3.24 points, or 0.02 percent, to 13,467.98. The Standard & Poor's 500 Index <.spx> fell 2.50 points, or 0.17 percent, to 1,469.62. The Nasdaq Composite Index <.ixic> dipped 0.64 points, or 0.02 percent, to 3,121.13.

Bank of America Corp , JPMorgan Chase & Co and Citigroup Inc are due to report results next week.

Overall earnings were expected to grow by 1.9 percent in this earnings season, according to Thomson Reuters data. But analysts say that with the bar so low, there's room for companies to beat expectations, even if their results are not stellar.

"People are going to be looking for a slowdown in Europe to hit revenues for companies in the U.S. that are exposed to that. I don't think the market is going to react to that, that's already built in," said Troy Logan, managing director and senior economist at Warren Financial Service, in Exton, Pennsylvania.

Best Buy shares rallied after its results showed a small turnaround in its U.S. stores, though same-store sales were flat during the key holiday season. Shares jumped 13.4 percent to $13.85, making it the best performer on the S&P 500.

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> slipped 0.4 percent.

Dendreon Corp shares surged 17.4 percent to $5.99 after Sanford C. Bernstein upgraded the drugmaker's stock to "outperform" from "market-perform" and said it could be one of the best performers in 2013.

(Editing by Bernadette Baum)

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Obama, Karzai agree to speed up Afghan military transition

WASHINGTON (Reuters) - President Barack Obama and Afghan President Hamid Karzai agreed on Friday to speed up the handover of combat operations in Afghanistan to Afghan forces this year, underscoring Obama's determination to move decisively to wind down the long, unpopular war.

Signaling a narrowing of differences, Karzai appeared to give ground in White House talks on U.S. demands for immunity from prosecution for any U.S. troops who stay in Afghanistan beyond 2014, a concession that could allow Obama to keep at least a small residual force there.

Both leaders also threw their support behind tentative Afghan reconciliation efforts with Taliban insurgents. They each voiced support for the establishment of a Taliban political office in the Gulf state of Qatar in hopes of bringing insurgents to inter-Afghan talks.

Karzai's visit, which follows a year of growing strains in U.S.-Afghan ties, comes amid stepped-up deliberations in Washington over the size and scope of the U.S. military role in Afghanistan once the NATO-led combat mission concludes at the end of next year.

The Obama administration has been considering a residual force of between 3,000 and 9,000 troops in Afghanistan to conduct counterterrorism operations while providing training and assistance for Afghan forces.

But a top Obama aide said this week that the administration does not rule out a complete withdrawal after 2014, a move that some experts say would be disastrous for the still-fragile Afghan government and its fledgling security apparatus.

Saying that Afghan forces were being trained and were "stepping up" faster than expected, Obama said Afghan troops would take over the lead in combat missions across the country this spring, rather than waiting until the summer, as was originally planned.

"Starting this spring, our troops will have a different mission: training, advising, assisting Afghan forces," Obama said. "It will be a historic moment and another step toward full Afghan sovereignty."

There are some 66,000 U.S. troops currently in Afghanistan. NATO allies have also been steadily reducing their troop numbers there with the aim of ending the foreign combat role in 2014, despite doubts about the ability of Afghan forces to shoulder full responsibility for security.

Obama said final decisions on this year's troop reductions and the post-2014 U.S. military role were still months away, but his comments raised the prospects of an accelerated withdrawal timetable as the security transition proceeds.

Precisely how much of an acceleration was unclear.

For his part, Karzai voiced satisfaction over Obama's agreement to turn over control of detention centers to Afghan authorities, a source of dispute between their countries.

The two leaders, who have had a tense relationship in the past, stood side by side in the White House East Room, nodding occasionally as the other spoke.

Obama once called Afghanistan a "war of necessity," but he is heading into a second term looking for an orderly way out of the conflict, which was sparked by the September 11, 2001 attacks by al Qaeda on the United States.

(Additional reporting by David Alexander; Editing by Warren Strobel and David Brunnstrom)

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Video game retail sales continued to slide in December, down 22% from 2011

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William & Kate's Future Home: Anmer Hall?

By Simon Perry

01/10/2013 at 04:00 PM EST

Anmer Hall, on the Sandringham estate

REX USA

It's a house fit for a (future) king.

That's the speculation in Britain, where the magnificent Anmer Hall on the Sandringham estate, Queen Elizabeth's retreat in Norfolk, has been mentioned as a possible family home for William and Kate when they leave Wales.

A report in the Sunday Telegraph suggested the house, in the tiny village of Anmer, 120 miles north of London, is being earmarked for the couple. But it is believed the current tenants may stay for a few more years.

Still, royal preparations could already be in the works. The estate reportedly applied in December for a series of planning measures for the home. Details are not being made public, for security reasons, but PEOPLE has confirmed they include rerouting the driveway into the property, extending a garage block and converting woods stores for accommodation.

Building a new "garden room" is also in the plans.

William knows the house well, as his close friends the van Cutsem family rented it for many years. Emilie van Cutsem, the mother of four sons who are close to Princes William and Harry, was seen by some as a surrogate mother to the princes in their teen years, after they lost their mother Diana, Princess of Wales.

Buckingham Palace had no comment, saying the house is a private home on a private estate.

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Flu season hits early and, in some places, hard

NEW YORK (AP) — From the Rocky Mountains to New England, hospitals are swamped with people with flu symptoms. Some medical centers have limited visitors, and one Pennsylvania hospital set up a tent outside its ER to handle the feverish patients.

Flu season in the U.S. has hit early and, in some places, hard. But whether this will be considered a bad season by the time it has run its course in the spring remains to be seen.

"Those of us with gray hair have seen worse," said Dr. William Schaffner, a flu expert at Vanderbilt University in Nashville.

The evidence so far is pointing to a moderate season, Schaffner and others believe. It just looks bad compared with last year — an unusually mild one.

Flu usually doesn't blanket the country until late January or February, but it is already widespread in more than 40 states.

What's probably complicating the situation: The main influenza virus this year tends to make people sicker. And there are other bugs out there causing flu-like illnesses. So what people are calling the flu may, in fact, be something else.

"There may be more of an overlap than we normally see," said Dr. Joseph Bresee, who tracks the flu for the Centers for Disease Control and Prevention.

The flu's early arrival in the U.S. coincided with spikes in a variety of other viruses, including a childhood malady that mimics flu and a new norovirus that causes what some people call "stomach flu."

Most people don't undergo lab tests to confirm flu, and the symptoms are so similar that it's sometimes hard to distinguish flu from other viruses, or even a cold. Over the holidays, 250 people were sickened at a Mormon missionary training center in Utah, but the culprit turned out to be a norovirus, not the flu.

Flu is a major contributor, though, to what's going on.

"I'd say 75 percent," said Dr. Dan Surdam, head of the emergency department at Cheyenne Regional Medical Center, Wyoming's largest hospital. The 17-bed ER saw its busiest day ever last week, with 166 visitors.

The early onslaught has resulted in a spike in hospitalizations, prompting hospitals to take steps to deal with the influx and protect other patients from getting sick, including restricting visits from children, requiring family members to wear masks, and banning anyone with flu symptoms from maternity wards.

One hospital in Allentown, Pa., this week set up a tent for a steady stream of patients with flu symptoms.

But so far, "what we're seeing is a typical flu season," said Terry Burger, director of infection control and prevention for the hospital, Lehigh Valley Hospital-Cedar Crest.

On Wednesday, Boston declared a public health emergency, and all the flu activity has caused some to question whether this year's flu shot is working.

There's a new flu vaccine each year, based on the best guess of what flu viruses will be strongest that year. This year's vaccine is well-matched to what's going around. The government estimates that between a third and a half of Americans have gotten the vaccine.

But the vaccine isn't foolproof, and even those who were vaccinated can still get sick. At best, the vaccine may be only 75 percent effective in younger people and even less so in the elderly and people with weak immune systems.

Health officials are analyzing the vaccine's effectiveness, but early indications are that about 60 percent of all vaccinated people have been protected from the flu. That's in line with how effective flu vaccines have been in other years.

In New York City, 57-year-old Judith Quinones suffered her worst case of flu-like illness in years, laid up for nearly a month with fever and body aches. "I just couldn't function," she said.

She decided to skip getting a flu shot last fall. But her daughter got the shot. "And she got sick twice," Quinones said.

On average, about 24,000 Americans die each flu season, according to the CDC.

Flu usually peaks in midwinter. Symptoms can include fever, cough, runny nose, head and body aches and fatigue. Some people also suffer vomiting and diarrhea, and some develop pneumonia or other severe complications.

Most people with flu have a mild illness and can help themselves and protect others by staying home and resting. But people with severe symptoms should see a doctor. They may be given antiviral drugs or other medications to ease symptoms.

The last bad flu season involved a swine flu that hit in two waves in the spring and fall of 2009. But that was considered a unique strain, different from the regular winter flu.

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Online:

CDC flu: http://www.cdc.gov/flu/index.htm

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