Market treads water before Friday's employment data

NEW YORK (Reuters) - Stocks were little changed on Thursday as investors were cautious after a mixed bag of economic data, while stellar earnings from chipmaker Qualcomm helped the Nasdaq index to edge higher.

The S&P 500 is on track to post its best month since October 2011 and its best January since 1997.

Investors expect a pullback in equities after the recent gains, though they have bought on dips over the past four weeks. The largest daily decline on the S&P 500 so far in 2013 was Thursday's 0.39 percent drop after data showed the economy contracted in the fourth quarter of 2012.

"This is a highly rotational market," said Janelle Nelson, portfolio analyst at RBC Wealth Management in Minneapolis, noting how investors dive into beaten-down sectors on the smallest encouraging news.

Data on Thursday that showed a slight rise in weekly jobless claims while incomes grew at the best pace since 2004 underscored how fragile the economic recovery still was.

On Friday the government is due to release figures on January's non-farm payrolls, which are expected to show employers added 160,000 jobs in January after a rise of 155,000 in December. Friday will also bring reports on consumer confidence, U.S. manufacturing, construction spending and car sales.

"The market's lack of movement is due in part to the large number of economic releases coming out tomorrow," said Nelson.

Qualcomm gained 4.7 percent to $66.53 as the top boost to the Nasdaq Composite after the world's leading supplier of chips for cellphones beat analysts' expectations for quarterly profit and revenue and raised its targets for the year.

Facebook was trading mostly flat at $31.21 after falling as low as $28.74 a day after the social network company said it doubled its mobile advertising revenue in the fourth quarter. However, growth trailed some of Wall Street's most aggressive estimates.

The Dow Jones industrial average <.dji> fell 19.72 points or 0.14 percent, to 13,890.7, the S&P 500 <.spx> lost 1.68 points or 0.11 percent, to 1,500.28 and the Nasdaq Composite <.ixic> added 3.04 points or 0.1 percent, to 3,145.35.

The S&P 500 has advanced more than 5 percent in January after legislators in Washington temporarily sidestepped a "fiscal cliff" of automatic tax increases and spending cuts that could have derailed the recovery. Better-than-expected corporate earnings have added to the gains.

It would be the benchmark's largest monthly advance since a more than 6 percent gain in October 2011 and the best January advance since a 6.1 percent jump in 1997.

UPS shares lost 2.1 percent to $79.49 after reporting fourth-quarter earnings that were below analysts' estimates on Thursday and forecasting weaker-than-expected profit for 2013.

Constellation Brands shares tumbled 18 percent to $32.10 after the U.S. Justice Department moved to stop Anheuser-Busch InBev from buying the half of Mexican brewer Grupo Modelo that it does not already own. Constellation would have distributed Corona beer in the United States if the transaction had been approved.

Tank barge operator Kirby Corp added 6.3 percent to $70.67 and transportation company Ryder Systems climbed 3.2 percent to $56.01 after posting quarterly results.

Thomson Reuters data through Thursday morning shows that of the 231 companies in the S&P 500 that have reported earnings this season, 69.3 percent have exceeded expectations, a higher proportion than over the past four quarters and above the average since 1994.

Overall, S&P 500 fourth-quarter earnings are forecast to have risen 3.7 percent. That's above a 1.9 percent forecast at the start of the earnings season but well below a 9.9 percent profit growth forecast on October 1, the data showed.

WMS Industries surged 51.6 percent to $24.81 after the company agreed to be acquired by Scientific Games for $26 per share in cash. Scientific Games jumped 8.5 percent to $9.68.

(Reporting by Rodrigo Campos; editing by Bernadette Baum and Kenneth Barry)

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Morsi Rejects Calls for New Unity Government in Egypt

Markus Schreiber/Associated Press

Chancellor Angela Merkel of Germany, center left, and President Mohammed Morsi of Egypt, center right, reviewed an honor guard on Wednesday before their talks at the chancellery in Berlin.

BERLIN — President Mohamed Morsi of Egypt, meeting with Chancellor Angela Merkel on Wednesday, rejected calls for a new unity government in response to the violent demonstrations rocking his country and defended his decision to impose a state of emergency and curfew in three cities.

“In Egypt there is a stable government working day and night in the interest of all Egyptians,” Mr. Morsi said. A new government will not be formed before the upcoming parliamentary election, Mr. Morsi said.

At a moment of acute political crisis at home in Egypt, Mr. Morsi found himself on a previously scheduled visit to Berlin, where he also met with the economy minister, Philipp Rösler, and leading representatives of German businesses. Germany is Egypt’s third most important trading partner, and investment and development aid from Germany will be necessary if Egypt hopes to get back on its feet, analysts say.

His visit to Germany was controversial, with newspapers and television commentators questioning whether Egypt was on the path to democracy. In a country conscious of its responsibility for the Holocaust, Mr. Morsi’s past comments about Jews and Zionists have also raised concerns.

After the two leaders met, Mr. Morsi and Ms. Merkel held a joint news conference at the chancellery building on Wednesday afternoon. A German reporter asked Mr. Morsi about comments in which he described Zionists as “bloodsuckers” and “the descendants of apes and pigs.”

Mr. Morsi said his statements had been taken out of context. “I am not against Judaism as a religion,” he said. “I am not against Jews practicing their religion. I was talking about anybody practicing any religion who spills blood or attacks innocent people — civilians. I criticize such behavior.

“My religion instructs me to believe in all the prophets and to respect all religions as well as every person’s freedom of religion,” Mr. Morsi continued. “Everyone believes in and practices his religion the way he sees fit as long as it remains lawful in the country he lives in.”

Ms. Merkel made it clear that Germany would continue its support of Egypt’s transition to democracy only if Mr. Morsi’s government upheld certain democratic ideals.

“One thing that is important for us is that the channels of dialogue are always open with all political forces in Egypt, so that the different political forces can play their role,” Ms. Merkel said.

She said Berlin would also like to see Egypt uphold human rights, ensure the free practice of religion and establish a government based on the rule of law in exchange for Germany’s support.

Last year, Egypt received around $130 million in development aid from Berlin.

The fact that Mr. Morsi decided to travel to Berlin despite the mounting problems at home reflects how important he views his country’s relationship to Germany, said Sarah Hartmann, an Egypt expert and head of the European Union-Middle East Forum at the German Council on Foreign Relations.

“They desperately need an improvement in their economic circumstances,” Ms. Hartmann said. “It’s going worse for the people than before the revolution. Egypt needs help from abroad. It can’t solve its problems itself.”

Following his meeting with the chancellor, Mr. Morsi and a delegation of business officials were to meet with representatives of German industry to set up a bilateral trade commission. Visitors from Germany also make up a significant part of the tourism sector, which Egypt relies on. The news that armed men had attacked the Semiramis InterContinental Hotel in Cairo on Tuesday is likely to further discourage vacationers from traveling to Egypt, hindering economic recovery.

The spiraling violence in three Suez Canal cities in recent days, and demands by members of the opposition that Mr. Morsi enter into dialogue with them, overshadowed his visit to Germany.

Egypt’s top general warned that the state was in danger of collapse as a result of the violence in three Suez Canal cities, Port Said, Suez and Ismailia. They are now under a one-month state of emergency, which gives the president and the police extraordinary powers and suspends ordinary judicial process as well as most civil rights.

In response to a question from an Egyptian reporter, Mr. Morsi addressed concerns that he was using the hated legal tool favored by Hosni Mubarak, the ousted president. “I have emphasized time and again that I do not like making use of these emergency powers in the course of the transformation process,” Mr. Morsi said. “And I will never allow myself or anybody else to break the law in that regard, in any direction, no matter what the circumstances are.” He said that was why he declared states of emergency in those three cities only.

Mr. Morsi also pointed to the fact that the emergency measures were temporary and that he had given the governors of those cities the authority to reverse the decision when the situation stabilized as evidence that he was not abusing those powers.

“This measure is to protect the safety of residents and put a stop to the conflicts and criminal attacks,” Mr. Morsi said. “As soon as the situation stabilizes, this measure will be reversed.”

Mayy el Sheikh contributed reporting from Cairo, and Chris Cottrell and Victor Homola from Berlin.

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California police probe stunts that shut down freeways

LOS ANGELES (Reuters) – The California Highway Patrol is investigating two apparently unrelated stunts that jammed freeways over the weekend, including one involving hundreds of motorcyclists celebrating a marriage proposal that inconvenienced motorists east of Los Angeles.

Both events created a flurry of viral Internet videos, fueling concerns about a repeat performance by copycats.

On Interstate 10 east of Los Angeles on Sunday, up to 300 bikers stopped traffic so that one of them could propose to his girlfriend, said Officer Vince Ramirez, a Los Angeles-area spokesman for the California Highway Patrol.

Video that surfaced online of the stunt showed some bikers creating a wall of smoke by spinning their tires against the concrete. In the middle of the gathering, pink smoke could be seen wafting into the air.

As they exited the freeway, several bikers were later ticketed for reckless riding unrelated to their possible role in the freeway shutdown, Ramirez said.

He said officers were working with the Los Angeles County District Attorney‘s office to prepare additional charges against some of the bikers.

The stunt did not cause any injuries or collisions, he said.

In Oakland on Saturday, traffic ground to a halt on Interstate 880 near the city’s sports coliseum, as several sports cars did doughnuts, spinning around and filling the air with tire smoke, officials said. Stunned motorists exited their cars and watched.

Several motorists caught in the sudden traffic jam were frightened or angry, according to recordings of calls to authorities released on Tuesday.

“I can’t believe this – I have three kids in the car,” one caller told an Oakland-area dispatcher. “It scares the hell out of me.”

Authorities have not found or identified any of the drivers, said California Highway Patrol Sergeant Diana McDermott.

California Highway Patrol officers said they feared the weekend events’ popularity on social media websites could start a dangerous trend. So far, such stunts have been rare, they said.

“That’s why the investigation is expanding,” Ramirez said.

“If there are any criminal charges that can be filed as a result of this incident, they will be filed,” he said.

(Editing by Alex Dobuzinskis, Tom Brown and Eric Walsh)

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Justin Timberlake & Barbra Streisand Performing at Grammys & Oscars

01/30/2013 at 01:20 PM EST

Justin Timberlake and Barbra Streisand

Justin Lane/Landov; Walter McBride/Retna

How's this for a generational gap?

This year's Grammy and Oscar ceremonies will feature top performers from two very different times. For the first time in four years, Justin Timberlake will appear onstage at the Grammy Awards with a live performance, according to Rolling Stone. Two weeks later, Barbra Streisand will make her own return to the Oscar stage, performing there for the second time.

Timberlake, 31, recently released a new single, "Suit and Tie." His upcoming album, The 20/20 Experience, drops March 19, and he'll put on his first show in four years at a Feb. 2 Super Bowl event, Rolling Stone reports.

As for Streisand, 70, she last sang at the Oscars in 1977, (performing "The Way We Were," which won best original song honors that night), according to CBS News.

"In an evening that celebrates the artistry of movies and music, how could the telecast be complete without Barbra Streisand?" said producers Craig Zadan and Neil Meron of the upcoming "very special performance."

The Grammy Awards air on Feb. 10 at 8 p.m. ET on CBS, and Oscar coverage begins on Feb. 24 at 7 p.m. ET on ABC.

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APNewsBreak: EPA moves to ban some rodent poisons

WASHINGTON (AP) — The Environmental Protection Agency is moving to ban the sale of a dozen rat and mouse poisons sold under the popular D-Con brand in an effort to protect children and pets.

The agency said Wednesday it hopes to reduce the thousands of accidental exposures that occur every year from rodent-control products. Children and pets are at risk for exposure because the products typically are placed on floors.

The agency had targeted a handful of companies two years ago, saying they needed to develop new products that are safer for children, pets and wildlife. All but Reckitt Benckiser Inc., manufacturer of D-Con, did so.

The company will have at least 30 days to request a hearing before an administrative law judge. If no hearing is requested, the ban will take effect.

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Wall Street flat ahead of Fed after GDP shock

NEW YORK (Reuters) - Stocks were little changed on Wednesday as data showing the economy unexpectedly contracted in the fourth quarter was offset by upbeat parts of the report and strong results from Boeing and Amazon.

Economists stressed that the 0.1 percent contraction in U.S. gross domestic product, caused partly by a plunge in government spending and lower business inventories, is not an indicator of recession.

"Inventories came down and that subtraction is actually positive for the private sector," said Jim Russell, chief equity strategist for U.S. Bank Wealth Management in Cincinnati.

"A lot of the important components going forth are there, like consumption by individuals and capital spending, and they are looking strong."

Wall Street opened slightly higher despite the GDP data, with traders awaiting a statement from the Federal Reserve after its two-day policy-setting meeting. The Fed is expected to keep monetary policy on a steady, accommodative path, though debate continues over when it should curtail its bond-buying program.

The S&P 500 held above 1,500, seen by technical analysts as an inflection point that will determine the overall direction in the near term. The index is on track to post its best month since October 2011 and its best January since 1997.

"This is a very modest pullback after a steep run," said Paul Zemsky, head of asset allocation at ING Investment Management in New York.

"It is too soon for the Fed to start talking about the end of (their bond buying program); the economy needs stimulus to sustain this recovery."

The Dow Jones industrial average <.dji> rose 0.27 points or 0 percent, to 13,954.69, the S&P 500 <.spx> lost 1.04 points or 0.07 percent, to 1,506.8 and the Nasdaq Composite <.ixic> dropped 0.11 points or -0 percent, to 3,153.55.

Both Boeing Co and Amazon.com shares gained after earnings beat expectations, continuing a trend this quarter of high-profile names advancing after results.

Amazon rose 5.4 percent to $274.40 and Boeing rose 1.2 percent to $74.54.

Thomson Reuters data showed that of the 192 companies in the S&P 500 that have reported earnings this season 68.8 percent have been above analyst expectations, which is a higher proportion than over the past four quarters and above the average since 1994.

Chesapeake Energy rose 6.5 percent to $20.20 a day after it said Aubrey McClendon would step down as chief executive. The last year has been marked by civil and criminal probes into the second-largest U.S. natural gas producer.

Research In Motion shares fell 5.7 percent to $14.76 after the company, which is changing its name to BlackBerry, unveiled a long-delayed line of smartphones in hopes of a comeback into a market it once dominated.

Giving the market extra support, private sector employment topped forecasts with the ADP National Employment report showing 192,000 jobs added in January, higher than the 165,000 expectation.

(Reporting by Rodrigo Campos; Editing by Kenneth Barry and Nick Zieminski)

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China may consider ending its decade-long ban on video game consoles

Shares of Sony (SNE) and Nintendo (NTDOY) surged on Monday following a report from China’s official newspaper that claimed the country is considering the lift of a decade-long ban on video game consoles. An unnamed source told the China Daily newspaper that the Ministry of Culture is “reviewing the policy,” and has conducted surveys and held discussions with other ministries on the possibility of lifting the ban. An official at the ministry’s cultural market department denied the report in a statement to Reuters, however, claiming it “is not considering lifting the ban.”

[More from BGR: BlackBerry 10 debuts on Wednesday – strap in for a wild ride]

China banned the sale of video game consoles in 2000 to safeguard children’s mental and physical development. In order for the ban to be lifted, the seven different ministries who issued the ruling must all agree to reverse it.

[More from BGR: Apple releases iOS 6.1 to iPhone, iPad and iPod touch users]

Shares of Sony’s stock were up more than 8% in Tokyo on Monday, while Nintendo gained 3.5% on a weaker Nikkei index.

This article was originally published on BGR.com

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Katy Perry Reveals Her Fast Food Indulgence

How does Katy Perry get that perfectly curvy bod? With lots of hiking, a little bit of training ... and the occasional double cheeseburger.

"I've cut out most fast food," the pop star, 28, told PEOPLE last week. "The only thing I stop for now is In-N-Out Burger."

Perry, who's been going strong with beau John Mayer for several months, also has a new work out addiction.

"I'm really obsessed with getting my steps in now," says the songstress, who recently purchased an UP by Jawbone activity tracker. "You create a team and everybody's competitive about who gets the best steps in and it also tracks your sleep."

But just because she's working out and eating healthier now doesn't mean Perry is no longer a foodie when she's traveling around the world.

"I do like to try all of the cuisines that are authentic to the area," says Perry, who recently dined at the sushi restaurant featured in the documentary Jiro Dreams of Sushi.

"It was really intense," she added. "[I] barely [finished]... with a lot of Sapporo!"

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Soldier looks forward to driving with new arms

BALTIMORE (AP) — A soldier who lost all four limbs in a roadside bombing in Iraq says he's looking forward to driving and swimming with new arms after undergoing a double-arm transplant.

"I just want to get the most out of these arms, and just as goals come up, knock them down and take it absolutely as far as I can," Brendan Marrocco said Tuesday.

The 26-year-old New Yorker spoke at a news conference at Johns Hopkins Hospital, where he was joined by surgeons who performed the operation.

After he was wounded, Marrocco said, he felt fine using prosthetic legs, but he hated not having arms.

"You talk with your hands, you do everything with your hands, basically, and when you don't have that, you're kind of lost for a while," he said.

Marrocco said his chief desire is to drive the black Dodge Charger that's been sitting in his garage for three years.

"I used to love to drive," he said. "I'm really looking forward to just getting back to that, and just becoming an athlete again."

Although he doesn't expect to excel at soccer, his favorite sport, Marrocco said he'd like to swim and compete in a marathon using a handcycle.

Marrocco joked that military service members sometimes regard themselves as poorly paid professional athletes. His good humor and optimism are among the qualities doctors cited as signs he will recover much of his arm and hand use in two to three years.

"He's a young man with a tremendous amount of hope, and he's stubborn — stubborn in a good way," said Dr. Jaimie Shores, the hospital's clinical director of hand transplantation. "I think the sky's the limit."

Shores said Marrocco has already been trying to use his hands, although he lacks feeling in the fingers, and he's eager to do more as the slow-growing nerves and muscles mend.

"I suspect that he will be using his hands for just about everything as we let him start trying to do more and more. Right now, we're the ones really kind of holding him back at this point," Shores said.

The procedure was only the seventh double-hand or double-arm transplant ever done in the United States.

The infantryman was injured by a roadside bomb in 2009. He is the first soldier to survive losing all four limbs in the Iraq War.

Marrocco also received bone marrow from the same donor to minimize the medicine needed to prevent rejection. He said he didn't know much about the donor but "I'm humbled by their gift."

The 13-hour operation on Dec. 18 was led by Dr. W.P. Andrew Lee, plastic surgery chief at Hopkins.

Marrocco was being released from the hospital Tuesday but will receive intensive therapy for two years at Hopkins and then at Walter Reed National Military Medical Center in Bethesda.

After a major surgery, human nerves regenerate at a rate of an inch per month, Lee said.

"The progress will be slow, but the outcome will be rewarding," he added.

___

Associated Press Writer David Dishneau contributed to this story from Hagerstown, Md.

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Defensive stocks extend rally as caution sets in

NEW YORK (Reuters) - Stocks rose on Tuesday, led by defensive sectors, in a sign the cash piles recently moving into the market are being put to use by cautious investors to pick up more gains.

The S&P 500 is on track to post its best monthly performance since October 2011 and its best January since 1997 as investors poured $55 billion in new cash into stock mutual funds and exchange-traded funds in January, the biggest monthly inflow on record.

Among rising defensive shares, which are companies relatively immune to economic swings, were drugmaker Pfizer, up 1.2 percent to $27.16 after posting earnings and AT&T , 1.5 percent higher at $34.64.

"Cyclicals were moving very nicely, now you see balance with some of the defensives. Many managers use that as an internal hedge in equity portfolios," said Quincy Krosby, market strategist at Prudential Financial in Newark, New Jersey.

She said the market is cautious ahead of Wednesday's statement following the Federal Reserve's two-day meeting. In addition, defensive stocks would hold up better if Friday's payrolls report surprises on the downside.

The S&P hovered near 1,500, and market technicians say the benchmark is at an inflection point which will determine the overall direction in the near term.

"The public is pouring in now," said Carter Worth, chief market technician at Oppenheimer & Co in New York. "It reflects complacency and that typically leads to hubris, and hubris leads to trouble. Everyone's buying."

The Dow Jones industrial average <.dji> rose 70.27 points or 0.51 percent, to 13,952.2, the S&P 500 <.spx> gained 6.62 points or 0.44 percent, to 1,506.8 and the Nasdaq Composite <.ixic> dropped 3.52 points or 0.11 percent, to 3,150.77.

The top performing sectors on the S&P 500 were healthcare <.spxhc> and telecom services <.splrcl>, so-called defensives, both up more than 1 percent.

The energy sector also advanced, on the back of strong earnings from Valero Energy Corp and a hedge fund move to break up Hess Corp to boost investor returns.

Valero shares jumped 10.3 percent to $42.82 and Hess gained 8.5 percent to $67.80.

The equity gains have largely come on a strong start to earnings season, though results were mixed on Tuesday with Pfizer rising but Ford Motor Co down after its report.

Both companies reported profits that topped expectations, but Ford also forecast a wider loss in its European segment. Ford dropped 5.6 percent to $13.01 as one of the biggest percentage losers on the S&P 500.

Thomson Reuters data showed that of the 174 companies in the S&P 500 that have reported earnings this season, 68.4 percent have been above analyst expectations, which is a higher proportion than over the past four quarters and above the average since 1994.

Disappointing outlooks from Seagate Technology and BMC Software pressured their shares. Seagate lost 9.6 percent to $33.82 and BMC fell 8.5 percent to $40.70.

Software maker VMware Inc lost 21 percent to $77.71 also after a cautious 2013 outlook.

Amazon was the biggest drag on the Nasdaq with a 2.1 percent drop to $270.17 before its results, expected after the closing bell.

U.S. home prices rose in November to rack up their best yearly gain since the housing crisis began, a further sign that the sector is on the mend, but consumer confidence fell to its lowest level in more than a year in the wake of higher taxes for many Americans.

(Reporting by Rodrigo Campos; Editing by Nick Zieminski)

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