Wall Street pulls back after recent gains

NEW YORK (Reuters) - Stocks drifted lower on Wednesday as investors pulled back after the recent push to five-year highs on the S&P 500 and as worries about political problems in Europe weighed on sentiment.


Transportation stocks were among the worst performers, pressured by a 9.7 percent drop in CH Robinson Worldwide to $60.48 after the freight transport company posted a lower-than-expected adjusted quarterly profit.


The benchmark S&P 500 index has advanced 6 percent this year and reached to its highest since December 2007. The Dow industrials <.dji> have risen above 14,000 recently, making it a challenge for investors to push stocks higher in the absence of strong positive catalysts.


"The market is starting to feel a little tired, though we're holding together. I think a lot of people are wondering whether this (up trend) continues," said Frank Lesh, a futures analyst and broker at FuturePath Trading LLC in Chicago.


Also, investors have been speculating about leadership changes in Spain and Italy, as well as watching for comments from European leaders. European Central Bank policymakers are due to meet Thursday.


The Dow Jones industrial average <.dji> was down 27.37 points, or 0.20 percent, at 13,951.93. The Standard & Poor's 500 Index <.spx> was down 3.66 points, or 0.24 percent, at 1,507.63. The Nasdaq Composite Index <.ixic> was down 12.27 points, or 0.39 percent, at 3,159.31.


Both the S&P 500 and Nasdaq rose more than 1 percent on Tuesday.


The Dow Jones Transportation average <.djt> was down 0.4 percent after hitting another record high on Tuesday. The average is up 10.4 percent for the year so far and has made a series of new highs since mid-January.


Among shares trading higher, Time Warner Inc jumped 4.4 percent to $52.18 after reporting higher fourth-quarter profit that beat Wall Street estimates, as growth in its cable networks offset declines in film, TV entertainment and publishing units.


Walt Disney Co was up 0.7 percent at $54.66, after the company beat estimates for quarterly adjusted earnings and gave an optimistic outlook for the next few quarters.


According to Thomson Reuters data, of 301 companies in the S&P 500 that have reported earnings, 68.1 percent have exceeded analysts' expectations, above a 62 percent average since 1994 and 65 percent over the past four quarters. In terms of revenue, 65.8 percent of companies have topped forecasts.


Fourth-quarter earnings for S&P 500 companies are estimated to have risen 4.7 percent, according to the data, above a 1.9 percent forecast at the start of the earnings season.


(Editing by Bernadette Baum, Kenneth Barry and Nick Zieminski)



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Tunisian leader to form new government after activist shot


TUNIS (Reuters) - The killing of an outspoken critic of Tunisia's Islamist-led government on Wednesday sparked street protests by thousands who fear religious radicals are stifling freedoms won two years ago in the first of the Arab Spring uprisings.


Chokri Belaid was shot at close range as he left for work by a gunmen who fled on the back of a motorcycle; crowds poured on to the streets of Tunis and other cities, attacking offices of the main ruling party Ennahda, and by the end of the day the Islamist prime minister promised a national unity government.


There was no immediate local reaction to the plan by Prime Minister Hamadi Jebali of Ennahda to dissolve his coalition and bring in a wider range of political groups. After dark, hundreds of demonstrators were still fighting running battles with police in the capital, throwing rocks amid volleys of teargas.


Jebali, whose party has dismissed any suggestion it might be behind the assassination, said he would shortly announce the formation of a new government of non-partisan technocrats.


World powers, alarmed in recent months at the extent of radical Islamist influence and the bitterness of the political stalemate, urged Tunisians to reject violence and see through the move to democracy they began two years ago, when the Jasmine Revolution ended decades of dictatorship and inspired fellow Arabs in Egypt and across North Africa and the Middle East.


As in Egypt, the rise to power of political Islam through the ballot box has prompted a backlash among less organized, more secular minded political movements in Tunisia. Belaid, a 48-year-old left-wing lawyer who made a name challenging the old regime of Zine al-Abidine Ben Ali, led a party with little electoral support but his vocal opinions had a wide audience.


The day before his death he was publicly lambasting a "climate of systematic violence". He had blamed tolerance shown by Ennahda and its two, smaller secularist allies in the coalition government toward hardline Salafists for allowing the spread of groups hostile to international culture.


(Additional reporting by John Irish in Paris; Writing by Alison Williams and Alastair Macdonald; Editing by Giles Elgood)



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Twitter acquires social TV analytics company Bluefin Labs






SAN FRANCISCO (Reuters) – Twitter Inc said on Tuesday it has agreed to acquire advertising analytics company Bluefin Labs.


Terms of the deal were not disclosed.






Twitter Chief Operating Officer Ali Rowghani said in a blog post announcing the deal: “Bluefin‘s data science capabilities and social TV expertise will help us create innovative new ad products and consumer experiences in the exciting intersection of Twitter and TV.”


The deal was reported first by Business Insider.


In the past year the privately held microblogging service has made the integration of Twitter and television the centerpiece of its growth strategy.


Under Chief Executive Dick Costolo, the company has encouraged marketers to incorporate Twitter “hashtags” into their TV ads to generate online chatter, while also nudging its 200 million monthly users to discuss ads that are being aired.


(Reporting by Gerry Shih; Editing by Eric Walsh)


Social Media News Headlines – Yahoo! News





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Sandra Bullock's Son Louis: Was He the Baltimore Ravens's Lucky Charm?















02/05/2013 at 03:30 PM EST







Sandra Bullock and son Louis with Leigh Ann Tuohy (inset)


Splash News Online; Inset: Getty


The Baltimore Ravens won Super Bowl XLVII – and they may have gotten an assist from Sandra Bullock's son Louis who was watching in the stands.

"The 3-year-old had the lucky No. 3 jersey on! He wore it all through playoffs,” Leigh Ann Tuohy, Bullock's real-life Blind Side inspiration, tells PEOPLE. (Tuohy was at the game with Bullock, her son and the rest of Baltimore Raven Michael Oher's adoptive family.)

"My comment was, 'It better make it to New Orleans!' And it did," she says.

And it seems the blackout in the stadium following Beyoncé's half-time performance was of no concern to the toddler.

"I think Louis was a little more interested in the little lights that would go on your finger [that were passed out in the stands] verses the game, but that is OK,” Tuohy says.

Not wanting to divert attention from the players on the field, Tuohy and Bullock took special care not to be photographed or televised together during the game.

"It wasn't about us. Sandy and I knew that," Tuohy says. "It was about celebrating a young man who worked tremendously hard for the last 11 years to overcome every kind of adverse situation – and [Sunday] he achieved his dream. We're still giddy. We really are."

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Critics seek to delay NYC sugary drinks size limit


NEW YORK (AP) — Opponents are pressing to delay enforcement of the city's novel plan to crack down on supersized, sugary drinks, saying businesses shouldn't have to spend millions of dollars to comply until a court rules on whether the measure is legal.


With the rule set to take effect March 12, beverage industry, restaurant and other business groups have asked a judge to put it on hold at least until there's a ruling on their lawsuit seeking to block it altogether. The measure would bar many eateries from selling high-sugar drinks in cups or containers bigger than 16 ounces.


"It would be a tremendous waste of expense, time, and effort for our members to incur all of the harm and costs associated with the ban if this court decides that the ban is illegal," Chong Sik Le, president of the New York Korean-American Grocers Association, said in court papers filed Friday.


City lawyers are fighting the lawsuit and oppose postponing the restriction, which the city Board of Health approved in September. They said Tuesday they expect to prevail.


"The obesity epidemic kills nearly 6,000 New Yorkers each year. We see no reason to delay the Board of Health's reasonable and legal actions to combat this major, growing problem," Mark Muschenheim, a city attorney, said in a statement.


Another city lawyer, Thomas Merrill, has said officials believe businesses have had enough time to get ready for the new rule. He has noted that the city doesn't plan to seek fines until June.


Mayor Michael Bloomberg and other city officials see the first-of-its-kind limit as a coup for public health. The city's obesity rate is rising, and studies have linked sugary drinks to weight gain, they note.


"This is the biggest step a city has taken to curb obesity," Bloomberg said when the measure passed.


Soda makers and other critics view the rule as an unwarranted intrusion into people's dietary choices and an unfair, uneven burden on business. The restriction won't apply at supermarkets and many convenience stores because the city doesn't regulate them.


While the dispute plays out in court, "the impacted businesses would like some more certainty on when and how they might need to adjust operations," American Beverage Industry spokesman Christopher Gindlesperger said Tuesday.


Those adjustments are expected to cost the association's members about $600,000 in labeling and other expenses for bottles, Vice President Mike Redman said in court papers. Reconfiguring "16-ounce" cups that are actually made slightly bigger, to leave room at the top, is expected to take cup manufacturers three months to a year and cost them anywhere from more than $100,000 to several millions of dollars, Foodservice Packaging Institute President Lynn Dyer said in court documents.


Movie theaters, meanwhile, are concerned because beverages account for more than 20 percent of their overall profits and about 98 percent of soda sales are in containers greater than 16 ounces, according to Robert Sunshine, executive director of the National Association of Theatre Owners of New York State.


___


Follow Jennifer Peltz at http://twitter.com/jennpeltz


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Wall Street climbs on results; Dow above 14,000

NEW YORK (Reuters) - Stocks climbed on Tuesday, pushing the Dow above 14,000 a day after the market's biggest sell-off since November, as stronger-than-expected earnings brightened the profit picture.


All 10 S&P sectors were higher, and the S&P 500 and Nasdaq gained more than 1 percent.


Dell Inc's stock rose after the world's No. 3 computer maker agreed to be taken private in a $24.4 billion deal, the largest leveraged buyout since the 2008-2009 financial crisis. The stock gained 1.3 percent to $13.44 after a delayed open.


The market's bounce follows a sell-off on Monday that gave the S&P 500 its biggest percentage decline since mid-November. Still, the benchmark is up about 5 percent since the start of the year and is less than 5 percent away from its all-time intraday high of 1,576.09 in October 2007.


Analysts said fourth-quarter results have been among the positives for the market. On Tuesday, Archer Daniels Midland reported revenue and adjusted fourth-quarter earnings that beat expectations, boosted by strong global demand for oilseeds. Shares rose 3.4 percent to $29.40.


"This quarter was one that had relatively low expectations coming into it, but the beats on the earnings and on the revenue side have been pretty good, particularly on the revenue side," said Mark Luschini, chief investment strategist at Janney Montgomery Scott in Philadelphia.


"And in the aggregate so far, the earnings growth is just under 5 percent, and that's relieved those who thought maybe the earnings picture was deteriorating to the point where we would see surprisingly poor earnings."


The Dow Jones industrial average <.dji> was up 121.49 points, or 0.88 percent, at 14,001.57. The Standard & Poor's 500 Index <.spx> was up 16.95 points, or 1.13 percent, at 1,512.66. The Nasdaq Composite Index <.ixic> was up 40.79 points, or 1.30 percent, at 3,171.96.


Also in earnings, Estée Lauder Cos Inc reported a higher quarterly profit and raised its full-year profit forecast. The stock rose 5.7 percent to $64.52.


With results in for more than half of the S&P 500 companies, 69 percent have beaten profit expectations, compared with the 62 percent average since 1994 and the 65 percent average over the past four quarters.


Fourth-quarter earnings for S&P 500 companies are expected to rise 4.5 percent, according to the data, above the 1.9 percent forecast at the start of earnings season.


On the down side, McGraw-Hill shares slumped 7.5 percent to $46.51 after the Justice Department filed a civil lawsuit against it seeking $5 billion over mortgage bond ratings. Standard & Poor's, a McGraw Hill unit, was accused of inflated ratings and understated risks out of a desire to gain more business from investment banks.


On Monday, the stock suffered its worst one-day decline since the 1987 market crash.


(The story corrects year of S&P 500 all-time intraday high to 2007 from 2011. The error occurred in earlier updates. In final paragraph removes word "market")


(Additional reporting By Angela Moon; Editing by Kenneth Barry)



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Iran's Ahmadinejad kissed and scolded in Egypt


CAIRO (Reuters) - Mahmoud Ahmadinejad was both kissed and scolded on Tuesday when he began the first visit to Egypt by an Iranian president since Tehran's 1979 Islamic revolution.


The trip was meant to underline a thaw in relations since Egyptians elected an Islamist head of state, President Mohamed Mursi, last June. But it also highlighted deep theological and geopolitical differences.


Mursi, a member of the Sunni Muslim Brotherhood, kissed Ahmadinejad after he landed at Cairo airport and gave him a red carpet reception with military honors. Ahmadinejad beamed as he shook hands with waiting dignitaries.


But the Shi'ite Iranian leader received a stiff rebuke when he met Egypt's leading Sunni Muslim scholar later at Cairo's historic al-Azhar mosque and university.


Sheikh Ahmed al-Tayeb, head of the 1,000-year-old seat of religious learning, urged Iran to refrain from interfering in Gulf Arab states, to recognize Bahrain as a "sisterly Arab nation" and rejected the extension of Shi'ite Muslim influence in Sunni countries, a statement from al-Azhar said.


Visiting Cairo to attend an Islamic summit that begins on Wednesday, Ahmadinejad told a news conference he hoped his trip would be "a new starting point in relations between us".


However, a senior cleric from the Egyptian seminary, Hassan al-Shafai, who appeared alongside him, said the meeting had degenerated into an exchange of theological differences.


"There ensued some misunderstandings on certain issues that could have an effect on the cultural, political and social climate of both countries," Shafai said.


"The issues were such that the grand sheikh saw that the meeting ... did not serve the desired purpose."


The visit would have been unthinkable during the rule of Hosni Mubarak, the military-backed autocrat who preserved Egypt's peace treaty with Israel during his 30 years in power and deepened ties between Cairo and the West.


"The political geography of the region will change if Iran and Egypt take a unified position on the Palestinian question," Ahmadinejad said in an interview with Al Mayadeen, a Beirut-based TV station, on the eve of his trip.


He said he wanted to visit the Gaza Strip, the Palestinian territory which neighbors Egypt to the east and is run by the Islamist movement Hamas. "If they allow it, I would go to Gaza to visit the people," Ahmadinejad said.


Analysts doubt that the historic changes that brought Mursi to power will result in a full restoration of diplomatic ties between states whose relations were broken off after the conclusion of Egypt's peace treaty with Israel in 1979.


OBSTACLES TO FULL TIES


At the airport the two leaders discussed ways of improving relations and resolving the Syrian crisis "without resorting to military intervention", Egyptian state media reported.


Egypt is concerned by Iran's support for Syrian President Bashar al-Assad, who is trying to crush an uprising inspired by the revolt that swept Mubarak from power two years ago. Egypt's overwhelmingly Sunni Muslim population is broadly supportive of the uprising against Assad's Alawite-led administration.


Egyptian Foreign Minister Mohamed Kamel Amr sought to reassure Gulf Arab allies - that are supporting Cairo's battered state finances and are deeply suspicious of Iran - that Egypt would not jeopardize their security.


"The security of the Gulf states is the security of Egypt," he said in remarks reported by the official MENA news agency.


Mursi wants to preserve ties with the United States, the source of $1.3 billion in aid each year to the influential Egyptian military.


"The restoration of full relations with Iran in this period is difficult, despite the warmth in ties ... because of many problems including the Syrian crisis and Cairo's links with the Gulf states, Israel and the United States," said one former Egyptian diplomat.


Iranian Foreign Minister Ali Akbar Salehi said he was optimistic that ties could grow closer.


"We are gradually improving. We have to be a little bit patient. I'm very hopeful about the expansion of the bilateral relationship," he told Reuters. Asked where he saw room for closer ties, he said: "Trade and economics."


Egypt and Iran have taken opposite courses since the late 1970s. Egypt, under Mubarak's predecessor Anwar Sadat, concluded a peace treaty with Israel in 1979 and became a close ally of the United States and Europe. Iran from 1979 turned into a center of opposition to Western influence in the Middle East.


Symbolically, Iran named a street in Tehran after the Islamist who led the 1981 assassination of Sadat.


Egypt gave asylum and a state funeral to Iran's exiled Shah Reza Pahlavi, who was overthrown in the 1979 Iranian revolution. He is buried in a mosque beside Cairo's mediaeval Citadel alongside his ex-brother-in-law, Egypt's last king, Farouk.


(Additional reporting by Ayman Samir, Marwa Awad and Alexander Diadosz; Writing by Paul Taylor and Tom Perry; Editing by Andrew Roche and Robin Pomeroy)



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EU wants to tackle money laundering on gaming sites






BRUSSELS (Reuters) – The European Union may try to counter money laundering through online betting sites by extending legislation beyond casinos to include Internet gambling.


The executive European Commission formally proposed on Tuesday to include online gaming in EU-wide legislation that seeks to combat fraud. It could become law within two years if approved by the EU’s 27 member countries.






The Commission said by currently only monitoring casinos, “other areas of gambling (are) vulnerable to misuse by criminals”.


The Commission also proposed reducing the permitted maximum for cash payments for goods and services to 7,500 euros ($ 10,200) from 15,000 euros and submitting shops and traders to a series of checks if they make or receive large payments.


About $ 1.6 trillion was laundered worldwide in 2009 – about 4 percent of the world’s economic output, according to the United Nations Office on Drugs and Crime.


Online gambling is growing in popularity and companies such as Britain’s largest bookmaker, William Hill, and rivals SportingBet and Stanleybet, have benefited from the rise in demand, particularly for betting on sporting events.


But gaming firms have also protested against stricter regulation, with some countries such as Germany having increased controls on advertising, as well as limiting the amounts customers can gamble and increasing taxes on betting.


(Reporting by Robin Emmott; editing by Rex Merrifield)


Internet News Headlines – Yahoo! News





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Sesame Street Spoofs Downton Abbey















02/04/2013 at 03:30 PM EST



There's been plenty of drama on Downton Abbey this season but nothing compared to the challenges facing the residents of Upside Downton Abbey.

In a Sesame Street spoof of the hit PBS show, a Dowager Countess of Grantham lookalike requests several items from her butler, Carson, including tea, crumpets and a steak and kidney pie.

"I live to serve," he says, bringing her the food and drink. But each time the items fall to the ceiling because, the puppets discuss, everything is upside down on Upside Downton Abbey.

"Perhaps you can change the name from Upside Downton Abbey to Rightside Upton Abbey," Carson suggests.

"Then we could be right-side up and have our steak and kidney pie," the countess says, before officially changing the name and the direction of things in the home.

Then, of course, the steak and kidney pie comes crashing down on her head.

What would Maggie Smith say?

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Bullying study: It does get better for gay teens


CHICAGO (AP) — It really does get better for gay and bisexual teens when it comes to being bullied, although young gay men have it worse than their lesbian peers, according to the first long-term scientific evidence on how the problem changes over time.


The seven-year study involved more than 4,000 teens in England who were questioned yearly through 2010, until they were 19 and 20 years old. At the start, just over half of the 187 gay, lesbian and bisexual teens said they had been bullied; by 2010 that dropped to 9 percent of gay and bisexual boys and 6 percent of lesbian and bisexual girls.


The researchers said the same results likely would be found in the United States.


In both countries, a "sea change" in cultural acceptance of gays and growing intolerance for bullying occurred during the study years, which partly explains the results, said study co-author Ian Rivers, a psychologist and professor of human development at Brunel University in London.


That includes a government mandate in England that schools work to prevent bullying, and changes in the United States permitting same-sex marriage in several states.


In 2010, syndicated columnist Dan Savage launched the "It Gets Better" video project to encourage bullied gay teens. It was prompted by widely publicized suicides of young gays, and includes videos from politicians and celebrities.


"Bullying tends to decline with age regardless of sexual orientation and gender," and the study confirms that, said co-author Joseph Robinson, a researcher and assistant professor of educational psychology at the University of Illinois in Urbana-Champaign. "In absolute terms, this would suggest that yes, it gets better."


The study appears online Monday in the journal Pediatrics.


Eliza Byard, executive director of the Gay, Lesbian & Straight Education Network, said the results mirror surveys by her anti-bullying advocacy group that show bullying is more common in U.S. middle schools than in high schools.


But the researchers said their results show the situation is more nuanced for young gay men.


In the first years of the study, gay boys and girls were almost twice as likely to be bullied as their straight peers. By the last year, bullying dropped overall and was at about the same level for lesbians and straight girls. But the difference between men got worse by ages 19 and 20, with gay young men almost four times more likely than their straight peers to be bullied.


The mixed results for young gay men may reflect the fact that masculine tendencies in girls and women are more culturally acceptable than femininity in boys and men, Robinson said.


Savage, who was not involved in the study, agreed.


"A lot of the disgust that people feel when you bring up homosexuality ... centers around gay male sexuality," Savage said. "There's more of a comfort level" around gay women, he said.


Kendall Johnson, 21, a junior theater major at the University of Illinois, said he was bullied for being gay in high school, mostly when he brought boyfriends to school dances or football games.


"One year at prom, I had a guy tell us that we were disgusting and he didn't want to see us dancing anymore," Johnson said. A football player and the president of the drama club intervened on his behalf, he recalled.


Johnson hasn't been bullied in college, but he said that's partly because he hangs out with the theater crowd and avoids the fraternity scene. Still, he agreed, that it generally gets better for gays as they mature.


"As you grow older, you become more accepting of yourself," Johnson said.


___


Online:


Pediatrics: http://www.pediatrics.org


It Gets Better: http://www.itgetsbetter.org


___


AP Medical Writer Lindsey Tanner can be reached at http://www.twitter.com/LindseyTanner


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