Wall Street gains, led by retail sector after Home Depot

NEW YORK (Reuters) – Stocks rose on Tuesday in a sharp turnaround from earlier losses, led by gains in retail stocks after strong results from Home Depot , the world’s largest home improvement company.

Traders said rumors that Spain may be close to asking for a sovereign bailout may have boosted buying.

Dow component Home Depot Inc was the top gainer on the S&P 500, climbing 4.5 percent to $ 63.90 after reporting earnings that beat expectations and raising its outlook. Rival retailer Lowes Companies also gained, up 1.1 percent to $ 32.32.

Energy stocks, which were trading lower earlier, also turned around sharply. The S&P 500 energy sector index <.GSPE> rose 0.7 percent.

Technology shares were little changed and earlier were under pressure from weakness in Microsoft after the executive most widely tipped to be the next chief executive left the company.

The Dow Jones industrial average <.DJI> was up 74.71 points, or 0.58 percent, at 12,889.79. The Standard & Poor’s 500 Index <.SPX> was up 7.49 points, or 0.54 percent, at 1,387.52. The Nasdaq Composite Index <.IXIC> was up 1.24 points, or 0.04 percent, at 2,905.50.

The euro zone debt crisis continued to roil global markets.

“The intraday moves are pretty big today as we continue to be in a rumor-filled market, mainly news out of Europe,” said Ryan Detrick, senior technical strategist at Schaeffer’s Investment Research in Cincinnati, Ohio.

Despite the gains, the S&P 500 was still down nearly 2 percent for the month on lingering concerns about the “fiscal cliff” in the U.S., and debt crisis in the euro zone.

The fiscal cliff is a series of budget cuts and tax hikes that begin to take effect in the new year. Market participants worry that if no deal is reached to avoid going over the cliff, the economy could fall back into recession.

Concerns over this possibility contributed to the S&P’s worst week since June last week, with no sign of a bottom despite a drop of almost 3 percent over the past two weeks.

“The attention in the equity markets has shifted more noticeably to the possibility that the U.S. fails to properly handle the so-called fiscal cliff,” said Ari Wald, analyst at PrinceRidge Group. He said equities in developed countries have been outperforming U.S. stocks despite worries about the euro zone’s financial health.

In other earnings news, AK Steel Holding Corp shares fell 10 percent to $ 4.91 after forecasting a fourth-quarter loss, while Michael Kors Holdings gained 3.9 percent to $ 52.58 after raising its outlook.

(Editing by Kenneth Barry)

Business News Headlines – Yahoo! News

Read More..

Clarke’s 218 puts Australia on front foot

BRISBANE (Reuters) – Australia captain Michael Clarke scored a brilliant unbeaten double century to give the hosts a remarkable 37-run first innings lead on the fourth day of the first test against South Africa on Monday.

Supported first by a maiden century from opener Ed Cowan in a record stand of 259, and then by Mike Hussey‘s 86 not out, Clarke’s 218 helped lift Australia from 40 for three when he took to the crease on Sunday to 487 for four when stumps were drawn.

It was Clarke’s sixth test century, and his third double hundred, in the 15 tests since he was named captain last year in the wake of the Ashes humiliation and Australia’s quarter-final exit at the World Cup.

Although by no means a chanceless knock, the 31-year-old played with patience when South Africa’s vaunted pacemen got anything out of the Gabba track before punishing anything loose with some fine shot-making.

When he carried his bat back to the pavilion at the end of the day to the raucous cheers of a sparse crowd at the famous Brisbane ground, Clarke had faced 350 balls over 504 minutes and scored 21 fours.

“I’m very happy with that,” Clarke, who accumulated his 1,000 test run of the year during the innings, said in an interview on the boundary.

“I didn’t feel great at the start and I think Ed Cowan batted beautifully.

“We’re in a great position with a 30-odd lead. I’d like another 70 odd runs in the morning and then I want to have a crack with the ball. We’ll see what happens.”

Cowan departed for 136 in heartbreaking fashion just before tea, run out at the non-striker’s end when Dale Steyn got a finger to a Clarke drive that hit the stumps and the opener was caught out of his crease backing up.

RECORD PARTNERSHIP

His partnership with Clarke was an Australian record for the fourth wicket at the Gabba, beating the 245 Clarke and Mike Hussey made against Sri Lanka in 2007.

Cowan’s wicket was the only wicket to fall on the day and Hussey started pouring on the runs as if determined to get the record back for his own partnership with his captain.

The 37-year-old bucked his poor recent form against South Africa by reaching his half century off just 68 balls with a drive through long-off and was closing on a century of his own when play ended.

It was Hussey’s cut four off Morne Morkel with which Australia overhauled South Africa’s first innings tally of 450 and put themselves in with an unlikely chance of even winning a test which lost an entire day to rain on Saturday.

Clarke’s negotiation of the “nervous nineties” for his century had been fraught and he was nearly run out going for a second run that would have brought him to the hundred mark.

There were no such jitters on his approach to the two hundred mark, which he passed by slapping the ball through mid-on for two runs before giving the badge on his helmet another kiss.

Cowan’s century was a retort to those critics who have consistently questioned his place in the team since he made his debut in last year’s Melbourne test against India.

The 30-year-old lefthander reached the mark two overs after lunch by pulling a short Vernon Philander delivery for four to the square leg boundary, beginning his joyous celebrations before the ball hit the rope.

South Africa’s number one test ranking is on the line in the series, which continues with matches in Adelaide and Perth after Brisbane.

Australia / Antarctica News Headlines – Yahoo! News

Read More..

Dutch teenagers sentenced in “Facebook murder”

AMSTERDAM (Reuters) – Two Dutch teenagers were sentenced to two years in juvenile detention and three years of compulsory therapy on Monday for ordering the death of a girl after an argument on Facebook.

The case, known in the Netherlands as the “Facebook murder”, has caused widespread debate about the role of social media in violent crime.

The victim, identified only as 15-year old Winsie, was fatally stabbed in January at the request of the boy and girl, who were aged 17 and 16 respectively at the time.

Winsie had argued for weeks with the girl, and they had swapped insults on the social networking site.

“The defendants are guilty of a particularly serious criminal offence. The fact that a friendship between two young girls can turn into deep hate and ultimately into murder being incited is shocking and hard to comprehend,” a court in the city of Arnhem said in a statement.

The killer, who Dutch media named only as Jinhua and who was 14 when he committed the crime, was sentenced in September to one year in juvenile detention.

(Reporting Gilbert Kreijger; Editing by Anthony Deutsch and Pravin Char)

Internet News Headlines – Yahoo! News

Read More..

Elmo puppeteer accused of underage relationship

NEW YORK (AP) — The puppeteer who performs as Elmo on “Sesame Street” is taking a leave of absence from the popular kids’ show in the wake of allegations that he had a relationship with a 16-year-old boy.

Sesame Workshop said puppeteer Kevin Clash denies the charges, which were first made in June by the alleged partner, who by then was 23.

“We took the allegation very seriously and took immediate action,” Sesame Workshop said in a statement issued Monday. “We met with the accuser twice and had repeated communications with him. We met with Kevin, who denied the accusation.”

The organization described the relationship as personal and “unrelated to the workplace.” Its investigation found the allegation of underage conduct to be unsubstantiated. But it said Clash exercised “poor judgment” and was disciplined for violating company policy regarding Internet usage. It offered no details.

“I had a relationship with (the accuser),” Clash told TMZ. “It was between two consenting adults and I am deeply saddened that he is trying to make it into something it was not.”

At his request, Clash has been granted a leave of absence in order to “protect his reputation,” Sesame Workshop said.

No further explanation was provided, nor was the duration of his leave specified.

“Elmo is bigger than any one person and will continue to be an integral part of ‘Sesame Street’ to engage, educate and inspire children around the world, as it has for 40 years,” Sesame Workshop said in its statement.

“Sesame Street” is currently in production, but other puppeteers are prepared to fill in for Clash during his absence, according to a person close to the show who spoke on condition of anonymity because that person was not authorized to publicly discuss details about the show’s production.

“Elmo will still be a part of the shows being produced,” that person said.

The 52-year-old Clash, the divorced father of a grown daughter, has been a puppeteer for “Sesame Street” since 1984. It was then that he was handed the fuzzy red puppet named Elmo and asked to come up with a voice for him. Clash transformed the character, which had been a marginal member of the Muppets troupe for a number of years, into a major star rivaling Big Bird as the face of “Sesame Street.”

In 2006, Clash published an autobiography, “My Life as a Furry Red Monster,” and was the subject of the 2011 documentary “Being Elmo: A Puppeteer’s Journey.”

Entertainment News Headlines – Yahoo! News

Read More..

Assisted Dying Advocates Deflated

More than 1.5 million Massachusetts voters said “no” to a ballot measure last week that would have allowed doctor-assisted suicide for the terminally ill, clinching a 51 percent majority. Jim Carberry might have been one of them, had he not watched his cancer-stricken wife starve herself to death.

Margie Carberry had four surgeries and 44 doses of radiation for a rare spinal tumor before doctors said “there was nothing more they could do.”

“By that point, she was just existing,” said Jim Carberry of Natick, Mass., recalling the 16-year cancer battle that left his wife unable to walk, talk, eat and even breathe on her own. “She started seeing the palliative care team at Mass General, as well as a social worker and her minister. And she told them all on numerous occasions that after our youngest daughter’s graduation, she wanted to die.”

Margie made it to the graduation ceremony, a milestone she imagined when at the time of her diagnosis when her daughters were 2 and 5 years old. A week later, she decided to die by removing her feeding tube.

“She exercised the only option she had,” said Carberry of the agonizing process that spanned five weeks in the summer of 2011. “It was horrendous watching her waste away, having my children watch her waste away. I decided that if there was anything I could do to help another family avoid this, I would do it.”

Carberry became a voice for Death With Dignity, a national campaign to let doctors prescribe life-ending medication to terminally ill patients. Assisted dying laws have already been passed in Oregon and Washington. And on Nov. 6, the issue was on the Massachusetts ballot as “Question 2.” The measure was met with fierce opposition by religious, medical and disability rights groups.

“I honestly thought we would win,” said Carberry, who was devastated by the narrow defeat. “The fact that we lost by such a close margin, and the fact that the other side was funded by some outside groups who really didn’t have a dog in this fight, I won’t lie, I’m really angry.”

One of the groups, the Committee Against Assisted Suicide, argued Question 2 was “poorly written, confusing and flawed,” opening the door for depressed patients to take their lives before getting mental health counseling or seeking hospice care.

”We believe the voters came to see this as a flawed approach to end of life care, lacking in the most basic safeguards,” committee chairwoman Rosanne Bacon Meade said in a statement to the Associated Press. ”We hope this marks the beginning of a real conversation about ways to improve end-of-life care in Massachusetts, which, as the nation’s health care capital, is well positioned to take the lead on this issue.”

Assisted dying advocates argue data from Oregon, where the Death With Dignity Act was passed in 1994, refutes concerns about safeguards and plan to push for the ballot measure again in 2014.

“The foundation for support has been built, and we’ll keep working to make sure voters in Massachusetts and other states get the facts they need for an open and honest debate about Death with Dignity,” Peg Sandeen, executive director of the Death With Dignity National Center, said in a statement.

Carberry admits his position on Question 2 was undoubtedly influenced by his personal experience, which he did his best to share in advance of the vote.

“If someone could watch what my family went through all the way to the end and say, ‘That’s how I want my loved one to pass away,’ then there’s nothing I can do,” he said. “But anyone who has an iota of compassion in the heart, I can’t see them saying that.”

Health News Headlines – Yahoo! News

Read More..

S&P 500 and Nasdaq inch higher, fiscal cliff a concern

NEW YORK (Reuters) – Stocks mostly ticked higher on Monday, but persistent concerns about the upcoming debate on the fiscal cliff limited gains even after last week’s steep sell-off.

Barclays cut its year-end target for the S&P 500 to 1,325, citing fiscal cliff issues.

The S&P 500 dropped 2.4 percent last week, the worst week for the benchmark index since June. It closed below its 200-day moving average for the first time in five months, and an extended run under that level could signal further losses ahead.

Trading volume is expected to be light, with the U.S. bond market and government offices closed on Monday for the Veterans Day holiday.

Last week’s weakness was partly propelled by concerns about whether there will be a timely solution to avoid the fiscal cliff, a combination of government spending cuts and tax increases set to go into effect early next year unless Congress acts to change the law before then. Though most consider it unlikely that no deal will be reached, analysts fear going over the cliff could push the economy back into recession

“Right now, all eyes are on Washington, and we’re just waiting,” said Matthew Keator, a partner in the Keator Group, a wealth management firm in Lenox, Massachusetts. “We’re hopeful something gets done, but we’ve been disappointed before. We need to see something done if we’re going to remain up for the year.”

The S&P 500 is still up 10 percent for 2012, though recent months have eroded those gains. The Nasdaq has fallen for five straight weeks.

The Dow Jones industrial average <.DJI> was down 3.69 points, or 0.03 percent, at 12,811.70. The Standard & Poor’s 500 Index <.SPX> was up 0.87 of a point, or 0.06 percent, at 1,380.72. The Nasdaq Composite Index <.IXIC> was up 4.53 points, or 0.16 percent, at 2,909.41.

Some major acquisition news gave investors some reasons for optimism on Monday. Precision Castparts Corp offered to buy Titanium Metals Corp for $ 2.9 billion, while Leucadia National Corp agreed to buy investment bank Jefferies Group for $ 3.6 billion.

Shares of Titanium surged 42.3 percent to $ 16.46 while Jefferies climbed 13.5 percent to $ 16.19. Precision rose 5.5 percent to $ 180.67. In contrast, Leucadia fell 4 percent to $ 20.93.

“After last week, there could be some bargain opportunities out there,” said Keator, who helps oversee $ 500 million in assets. “Especially since if there is a fiscal cliff deal, that could lead to a tremendous move on the upside.”

Overseas, a report over the weekend showed China’s export growth climbed to a five-month high, beating expectations and adding to recent data suggesting the country’s seven straight quarters of slowing economic growth have ended.

In addition, the Greek parliament on Sunday approved an austerity budget for next year, a necessary step to unblock a new tranche of credit from the European Union and International Monetary Fund before the government runs out of cash. Still, investors remain concerned about whether the EU and IMF will agree to send the next tranche.

Apple Inc rose 0.6 percent to $ 550.42 after the company announced a global patent settlement with HTC Corp <2498.TW>, as well as a 10-year licensing agreement. Apple‘s stock has been under pressure recently, dropping more than 20 percent from its 2012 high to enter bear market territory.

Homebuilder D.R. Horton Inc reported fourth-quarter earnings that beat expectations, helped by a jump in orders. D.R. Horton‘s shares gained 3.1 percent to $ 21.23.

According to Thomson Reuters data through Friday, of the 449 companies in the S&P 500 that have reported earnings, 63.3 percent have topped expectations. But only 38.2 percent of companies have topped revenue expectations – well below the 62 percent average since 2002.

(Editing by Jan Paschal)

Business News Headlines – Yahoo! News

Read More..

Israel kills Gaza rocket crewman in second day of clashes

GAZA (Reuters) – An Israeli air strike killed a Palestinian militant in the Hamas-governed Gaza Strip on Sunday as a surge in cross-border violence entered its second day, local officials said.

Islamic Jihad, a smaller faction than Hamas which often operates independently, identified the dead man as one of its own, saying he was a member of a rocket crew hit by an Israeli missile in Jabalya, northern Gaza.

The Israeli military confirmed carrying out an air strike in the area. The death brought to six the number of Palestinians killed by Israel since four of its troops were hurt in a missile attack on their jeep along the Gaza boundary fence.

Islamic Jihad said it had fired 70 short-range rockets and mortar bombs across the border since Saturday, salvoes which drove Israeli residents to blast shelters. At least one Israeli, in the town of Sderot, was wounded, ambulance workers said.

Israel described the jeep ambush as part of a Palestinian strategy of trying to curb its countermeasures against possible cross-border infiltration. Israeli forces often mount hunts for tunnels and landmines on the inside of the Gaza boundary, creating a no-go zone for Palestinians.

“Of course we don’t accept their attempt to change the rules,” Defence Minister Ehud Barak told Israel’s Army Radio.

“The essence of the struggle is over the fence. We intend to enable the IDF (Israel Defence Forces) to work not just on our side but on the other side as well.”

Palestinians said four of Saturday’s dead were civilians hit by an Israeli tank shell while paying respects at a crowded mourning tent in Gaza’s Shijaia neighborhood. Israel denies targeting civilians.

The bloodshed puts internal pressure on Hamas, which, though hostile to the Jewish state, has sat out some of the recent rounds of violence as it tried to consolidate its Gaza rule and reach out to neighboring Egypt and other foreign powers.

Israel blames Hamas for any attacks emanating from Gaza, but has shown little appetite for a major sweep of the territory which might strain its own fraught ties to the new Islamist-rooted government in Cairo.

(Writing by Dan Williams; Reporting by Nidal al-Mughrabi; Editing by Todd Eastham)

World News Headlines – Yahoo! News

Read More..

Bond bounds back to top of box office in “Skyfall”

LOS ANGELES (Reuters) – The new James Bond movie “Skyfall” dominated movie box offices with $ 87.8 million in ticket sales in its U.S. and Canadian debut over the weekend for the biggest Bond opening ever, according to studio estimates released on Sunday.

“Skyfall,” starring Daniel Craig as the famous super-spy, finished ahead of last weekend’s winner, family film “Wreck-It Ralph.” The animated Walt Disney Co movie about a videogame character grabbed $ 33.1 million from Friday through Sunday.

In third place, the Denzel Washington drama “Flight” earned $ 15.1 million. The movie tells the story of an airline captain who saves his plane from crashing but is accused of drinking before the flight.

Sony Corp’s movie studio released “Skyfall.” “Flight” was distributed by Paramount Pictures, a unit of Viacom Inc.

(Reporting by Lisa Richwine; Editing by Will Dunham)

Movies News Headlines – Yahoo! News

Read More..

Novartis drug helps patients with rare inflammatory diseases

ZURICH (Reuters) – Novartis‘ Ilaris helps reduce patients’ symptoms and the frequency of attacks in two rare inflammatory diseases, mid-stage studies showed, as the Swiss drugmaker looks to expand the use of the medicine.

Results of two separate studies on Sunday in patients with Familial Mediterranean Fever (FMF) and TRAPS – rare genetic diseases which can cause fever, rash and joint pain – both met their primary endpoints, Novartis said in a statement.

Both studies are being presented at the American College of Rheumatology (ACR) meeting in Washington D.C.

Ilaris or ACZ885, which blocks a protein called interleukin-1 beta that is thought to increase inflammation, is already sold for treating cryopyrin-associated periodic syndromes, a rare inflammatory disorder.

Novartis is also hoping to file the drug this year for regulatory approval in systemic juvenile idiopathic arthritis (SJIA), a debilitating disease that can affect a child’s growth.

Results of the phase II study showed the drug helped 100 percent of FMF patients reduce the frequency of attacks by at least 50 percent during three months of treatment.

Eight of the nine patients in the trial did not have an attack during the three months and blood markers of inflammation also normalized.

There are currently no approved treatments for FMF or TRAPS, rare genetically-inherited anti-inflammatory diseases, which can affect both children and adults.

Novartis is hoping to show the drug can be beneficial in treating rare inflammatory diseases after receiving a setback last year when U.S. health regulators rejected Ilaris for use in gout over concerns about side effects.

New data from a mid-stage study on the use of Ilaris in TRAPS showed that patients who came off therapy after being treated with the drug did not have a relapse for three months on average.

Earlier data from the study showed that 90 percent of patients experienced a significant improvement in symptoms after just one week of treatment with Ilaris. This rose to 95 percent after two weeks.

(Reporting by Caroline Copley; Editing by Elaine Hardcastle)

Diseases/Conditions News Headlines – Yahoo! News

Read More..

Swiss seek progress on U.S. tax deal: economy minister

ZURICH (Reuters) – Switzerland hopes to restart talks with the U.S. over a long-simmering tax dispute following the re-election of president Obama, its economy minister was quoted as saying on Sunday.

Switzerland is trying to reach a deal to end investigations by U.S. tax authorities into 11 banks, including Credit Suisse and Julius Baer , suspected of helping clients dodge U.S. taxes with the help of offshore bank accounts.

It needs the tax deal so that it can normalize its banking relations with the United States and wants the investigations dropped in return for the payment of hefty fines by the Swiss banks and the transfer of names of thousands of U.S. clients.

“We are seeking clarification quickly,” Johann Schneider-Ammann told the Zentralschweiz am Sonntag newspaper. “The situation has been blocked recently. That must now change.”

The talks had stalled in the run-up to the U.S. election, and finance minister Eveline Widmer-Schlumpf has suggested the ball is firmly in the U.S. court.

The two countries are at odds over U.S. demands for Switzerland to hand over bank data from before 2009.

In a separate interview with the BaslerZeitung at the weekend, Credit Suisse Chairman Urs Rohner said the unresolved tax deal was a burden.

“We are doing everything that we can and may to resolve the problem. But in the end there is a need for a solution that all involved will have to agree to.”

(Reporting by Caroline Copley; Editing by Elaine Hardcastle)

Economy News Headlines – Yahoo! News

Read More..