Wall Street modestly higher as Alcoa beats revenue estimates

NEW YORK (Reuters) - Stocks edged up on Wednesday after Alcoa got the earnings season under way with better-than-expected revenue and an encouraging outlook for the year.

The market's rise came after two-days of declines, with few catalysts to give direction and investors fretting about the start of earnings season after the prior quarter's lackluster performance.

Alcoa Inc said late on Tuesday it expects global demand for aluminum to grow in 2013, though the company expressed concern about the impact on business from a confrontation in Washington over the U.S. budget. Shares of Alcoa, the largest U.S. aluminum producer, were trading flat in early afternoon at around $9.12, after earlier trading higher.

Overall, corporate profits were expected to beat the previous quarter's meager 0.1 percent rise. Both earnings and revenues in the fourth quarter were expected to grow by 1.9 percent, according to Thomson Reuters data.

But the lowered expectations leave room for companies to surprise investors even if their results are not particularly strong, analysts said.

The current quarter was shaping up like the previous one, with companies lowering expectations in recent weeks, said James Dailey, portfolio manager of TEAM Asset Strategy Fund in Harrisburg, Pennsylvania.

"So the big question and focus is on revenue, and Alcoa had better-than-expected revenue," calming the market a little, Dailey said.

The Dow Jones industrial average <.dji> was up 56.44 points, or 0.42 percent, at 13,385.29. The Standard & Poor's 500 Index <.spx> was up 3.31 points, or 0.23 percent, at 1,460.46. The Nasdaq Composite Index <.ixic> was up 11.50 points, or 0.37 percent, at 3,103.31.

Shares of Herbalife Ltd rose 3.5 percent to $39.70, following news that hedge fund manager Dan Loeb has taken a stake of more than 8 percent in the nutritional supplements seller, according to a regulatory filing. Herbalife has come under fire from prominent short-seller Bill Ackman, who has accused the company of being a "pyramid scheme," a charge it vehemently denies.

Facebook Inc shares rose above $30 per share for the first time since July, 2012. The social network sent out a media invitation on Tuesday saying, "Come and see what we're building." Facebook, which has been tight-lipped about its plans after its botched IPO in May, invited the media to its Menlo Park, California, campus on January 15.

Among other companies reporting earnings, Constellation Brands , whose labels include Robert Mondavi and Ravenswood wines, reported higher profit and raised its forecast. The stock was down 0.8 percent at $35.74.

Apollo Group Inc slid more than 11 percent after it reported lower student sign-ups for the third straight quarter and cut its operating profit outlook for 2013. Apollo's shares were last at $18.63.

(Reporting by Angela Moon; Editing by Kenneth Barry and Dan Grebler)

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Venezuela court endorses Chavez inauguration delay

CARACAS (Reuters) - Venezuela's top court endorsed the postponement of Hugo Chavez's inauguration this week and ruled on Wednesday that the cancer-stricken president remained the South American OPEC nation's leader.

The 58-year-old socialist has not been seen in public nor heard from in almost a month following surgery in Cuba. The government says he is in a delicate condition and cannot attend Thursday's scheduled swearing-in for a new six-year term.

"Right now we cannot say when, how or where the president will be sworn in," Supreme Court Chief Judge Luisa Morales told a news conference.

"As president re-elect there is no interruption of performance of duties ... The inauguration can be carried out at a later date before the Supreme Court."

Both Chavez and his heir apparent, Vice President Nicolas Maduro, would remain in the roles after January 10, she added in a judgment quashing opposition appeals for a caretaker president to be named.

Government leaders insist Chavez is fulfilling his duties as head of state, even though official medical bulletins said he suffered multiple complications after the surgery, including a severe pulmonary infection, and has had trouble breathing.

It was his fourth operation since being diagnosed with an undisclosed type of cancer in June 2011.

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

The president's resignation or death would upend politics in the oil-rich nation, where he is revered by poor supporters thankful for his social largesse.

His critics denounce him as an autocrat who has squandered billions of dollars from crude sales while dashing the independence of state institutions.

(Reporting by Eyanir Chinea, Marianna Parraga and Diego Ore, Writing by Daniel Wallis, Editing by Andrew Cawthorne and Doina Chiacu)

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Why bother with a Facebook phone? Facebook’s app is already on 86% of iPhones and iPads

Rumors suggesting Facebook (FB) is working on a smartphone have resurfaced a number of times over the past year. Each time, Facebook denied the various claims. Facebook may indeed still be working on its own phone but as a new report from market research firm NPD Group shows, it probably doesn’t need to.

[More from BGR: Is Samsung the new Apple?]

Facebook makes money by gathering information about its users and serving targeted ads based on that data. Allowing users to update Facebook with fresh data as often as possible is obviously beneficial to the company, and smartphones present a terrific opportunity to give users access to their Facebook accounts from anywhere. The more people using Facebook’s mobile apps, the better, and Facebook’s smartphone penetration is absolutely staggering right now.

[More from BGR: iPhone 5 now available with unlimited service, no contract on Walmart’s $ 45 Straight Talk plan]

According to data published by NPD Group on Tuesday, Facebook’s iOS application was used by 86% of iPhone, iPad and iPod touch owners as of November 2012. On the Android platform, 70% of smartphone and tablet owners used Facebook’s mobile app in November.

No other third-party app even comes close to approaching Facebook’s mobile penetration. Google’s (GOOG) YouTube app is the next most popular third-party app on iOS with 40% penetration and Amazon’s (AMZN) mobile application is the second most popular third-party Android app with just 28% penetration.

So why would Facebook bother making its own phone?

One answer — perhaps the obvious one — is that an own-brand smartphone with custom software would give Facebook access to far more personal data than it can reach using third-party applications. Considering Facebook’s track record with matters relating to privacy, however, users may be reluctant to buy a Facebook phone.

In any case, a Facebook phone certainly doesn’t seem like a necessity for the time being. Instead, focusing on ways to effectively monetize the hundreds of millions of users who interact with Facebook from a smartphone or tablet each month might be a wiser use of resources.

This article was originally published on BGR.com

Social Media News Headlines – Yahoo! News

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Robin Roberts Speaks About Returning to 'Good Morning America'

For the first time since beginning her medical leave of absence from Good Morning America in September, Robin Roberts has addressed her much anticipated return to the ABC morning show.

In a message posted on her Facebook page, the GMA co-host also gave a positive health update to her fans. "Wonderful Wednesday... I received very encouraging news from my doctors. They are extremely pleased with my recovery. I am getting stronger every day," she wrote. "I'm humbled by the speculation of my return to GMA."

RELATED: Robin Roberts Reveals Hospital Stay for Virus

The 52-year-old Roberts added: "My family and I are grateful that GMA/ABC's only concern is my full recovery. It's a great comfort not to feel pressured and a BLESSING to know I have a job waiting for me. Unfortunately not everyone in my situation can say that. Let's keep them in our thoughts and prayers."

Her message states that details of her return to the show will be revealed on the air in the coming days. "I'm so excited! Thank you for your patience and continued prayers," she wrote.

RELATED: Robin Roberts Health Update: 'Doing Great'

Roberts took a leave of absence from GMA to undergo a bone marrow transplant on September 20 in an attempt to combat
Myelodysplastic syndrome (MDS), a rare blood disorder that she
contracted after undergoing treatment for breast cancer.

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Flu season has Boston declaring health emergency

BOSTON (AP) — Massachusetts public health officials are reporting 18 flu-related deaths in the state already this season, and Boston has declared a public health emergency.

A spokeswoman for Mayor Thomas Menino says the city is working with health care centers to offer free flu vaccines and also hopes to set up public locations where people can go for vaccinations. The city is reporting four flu-related deaths, all seniors.

Menino said Wednesday there have been about 700 confirmed cases of the flu in Boston so far this season, compared with 70 all of last season.

The Massachusetts Department of Public Health says the state is one of 29 reporting higher-than-normal rates of flu-like illnesses. The Centers for Disease Control and Prevention has warned of a harsh flu season, which usually peaks in midwinter.

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Wall Street declines as earnings clarity awaited

NEW YORK (Reuters) - Stocks declined on Tuesday as the market continued its retreat from last week's rally on the "fiscal cliff" deal in Congress as investors awaited the start of the earnings season with muted expectations.

Profits in the fourth quarter are seen above the previous quarter's lackluster results, but analysts' current estimates are down sharply from where they were in October. Quarterly earnings are expected to grow by 2.7 percent, according to Thomson Reuters data.

The benchmark S&P index has fallen 0.5 percent in the wake of the 4.3 percent jump in the two days surrounding the conclusion of the fiscal cliff debate, and investors have found few catalysts to extend the brief rally.

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

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

In Tuesday's results, Monsanto Co shares rose 2.6 percent to $98.45 after hitting a more than four-year high at $99.99. The world's largest seed company raised its earnings outlook for fiscal 2013 and posted strong first-quarter results.

Education provider Apollo Group and Dow component Alcoa Inc , the largest U.S. aluminum producer, round out the start of earnings season after the closing bell.

The Dow Jones industrial average <.dji> dropped 73.13 points, or 0.55 percent, to 13,311.16. The Standard & Poor's 500 Index <.spx> lost 6.91 points, or 0.47 percent, to 1,454.98. The Nasdaq Composite Index <.ixic> fell 12.68 points, or 0.41 percent, to 3,086.13.

AT&T Inc , which fell 1.8 percent to $34.30, was among the biggest drags on the S&P 500 after the company said it had sold more than 10 million smartphones in the quarter, topping the same quarter in 2011 but also increasing costs for the wireless service provider.

Providers like AT&T pay hefty subsidies to handset makers so that they can offer device discounts to customers who commit to two-year contracts.

The S&P telecom services index <.gspl>, down 2.4 percent, was the worst performing of the 10 major S&P sectors.

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

Sears Holdings shares dropped 3.8 percent to $41.31 a day after the company said Chairman Edward Lampert would take over as CEO from Louis D'Ambrosio, who is stepping down due to a family member's health issue. The U.S. retailer also reported a 1.8 percent decline in quarter-to-date sales at stores open at least a year.

GameStop shares slumped 6.2 percent to $23.22 as the worst performer on the S&P 500 after the video game retailer reported sales for the holiday season and cut its guidance.

(Reporting by Chuck Mikolajczak; Editing by Kenneth Barry and Nick Zieminski)

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Tunisia frees man held over attack on U.S. consulate in Libya

Tunis (Reuters) - Tunisia has freed, for lack of evidence, a Tunisian man who had been suspected of involvement in an Islamist militant attack in Libya last year in which the U.S. ambassador was killed, his lawyer said on Tuesday.

Ali Harzi was one of two Tunisians named in October by the Daily Beast website as having been detained in Turkey over the violence in which Christopher Stevens, the U.S. ambassador to Libya, and three other American officials were killed.

"The judge decided to free Harzi and he is free now," lawyer Anouar Awled Ali told Reuters. "The release came in response to our request to free him for lack of evidence and after he underwent the hearing with American investigators as a witness in the case."

A Tunisian justice ministry spokesman confirmed the release of Harzi but declined to elaborate.

A month ago, Harzi refused to be interviewed by visiting U.S. FBI investigators over the September 11 assault on the U.S. consulate in the eastern Libyan city of Benghazi.

The Daily Beast reported that shortly after the attacks began, Harzi posted an update on an unspecified social media site about the fighting.

It said Harzi was on his way to Syria when he was detained in Turkey at the behest of U.S. authorities, and that he was affiliated with a militant group in North Africa.

(Reporting by Tarek Amara; Editing by Mark Heinrich)

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Target to match some rivals’ online prices year-round

(Reuters) – Target Corp said on Tuesday it will match on a year-round basis the prices found on the websites of key rivals Amazon.com Inc, Best Buy Co Inc, Wal-Mart Stores Inc and Toys R Us, its latest tactic to hold onto shoppers focused on price.

The move extends an online price-matching program that Target introduced over the holiday season and which was supposed to last only from November 1 to December 16. It also comes after Target last week reported flat sales growth in December at stores open at least a year.

In November Chief Executive Gregg Steinhafel said the retailer was not seeing a lot of price-match activity in its stores.

While shopping online has grown rapidly in recent years, it still represents a small fraction of overall shopping in the United States. Target’s policy of matching online prices differs from policies at several chains, which match only printed advertised prices for items sold at stores.

Target said that throughout the year it will match the price when a customer buys an eligible item at one of its stores and finds the same item at a lower price in the following week’s Target circular or in a local competitor’s printed ad. It will also match the price if the customer finds the same item at a lower price within a week on Target’s website or the websites of Amazon, Walmart, Best Buy and Toys R Us.

Amazon says it offers competitive prices and does not offer price matching when an item’s price drops after a customer buys it, with the exception of televisions. Walmart matches the prices of print ads from competitors. Walmart also says it checks the prices of 30,000 items at competing chains each week to make sure it has the lowest prices.

Best Buy matches the price from a local competitor’s store, a local Best Buy store or its own web site. Toys R Us matches in-store prices and certain online prices.

(Reporting By Jessica Wohl in Chicago and Phil Wahba in New York; Editing by Alden Bentley and John Wallace)

Internet News Headlines – Yahoo! News

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Ben Affleck Nominated for Highest Director's Honor

Warner Bros.

The nominations for Outstanding Directorial Achievement in Feature Film for 2012 have been announced by the Director's Guild of America, and Argo helmer Ben Affleck has found himself amid some very distinguished company. Read on to see who else was nominated…

Video: Ben Affleck Calls the Success of 'Argo' a 'Dream'

In addition to Affleck's first-ever DGA affirmation for his third directorial outing, Steven Spielberg was nominated for Lincoln (his eleventh nomination; he won the DGA Award three times for Saving Private Ryan (1998), Schindler's List (1993) and 1985's The Color Purple), Kathryn Bigelow was nominated for Zero Dark Thirty (her second nom; she won in 2009 for The Hurt Locker), Tom Hooper was nominated for Les Misérables (also his second nom; he won for The King's Speech in 2010), and Ang Lee earned his fourth nom for Life of Pi (he in 2005 for Brokeback Mountain and Crouching Tiger, Hidden Dragon in 2000).

Of the nominations, Guild President Taylor Hackford said, "DGA members have chosen an incredibly rich and varied group of filmmakers to nominate for this year's Outstanding Directorial Achievement in Feature Film Award. These directors represent the highest standard of filmmaking, and their films are a testament to artistic achievement, innovative storytelling and the passion that filmmakers share with their audiences. Being nominated by their peers is what makes this award particularly meaningful for directors, and I congratulate all of the nominees for their outstanding work."

Pics: A Closer Look at Spielberg's 'Lincoln'

The top director will be named at the 65th Annual DGA Awards Dinner on Saturday, February 2, 2013 at the Ray Dolby Ballroom at Hollywood & Highland in Los Angeles.

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Report: Death rates from cancer still inching down

WASHINGTON (AP) — Death rates from cancer are continuing to inch down, researchers reported Monday.

Now the question is how to hold onto those gains, and do even better, even as the population gets older and fatter, both risks for developing cancer.

"There has been clear progress," said Dr. Otis Brawley of the American Cancer Society, which compiled the annual cancer report with government and cancer advocacy groups.

But bad diets, lack of physical activity and obesity together wield "incredible forces against this decline in mortality," Brawley said. He warned that over the next decade, that trio could surpass tobacco as the leading cause of cancer in the U.S.

Overall, deaths from cancer began slowly dropping in the 1990s, and Monday's report shows the trend holding. Among men, cancer death rates dropped by 1.8 percent a year between 2000 and 2009, and by 1.4 percent a year among women. The drops are thanks mostly to gains against some of the leading types — lung, colorectal, breast and prostate cancers — because of treatment advances and better screening.

The news isn't all good. Deaths still are rising for certain cancer types including liver, pancreatic and, among men, melanoma, the most serious kind of skin cancer.

Preventing cancer is better than treating it, but when it comes to new cases of cancer, the picture is more complicated.

Cancer incidence is dropping slightly among men, by just over half a percent a year, said the report published by the Journal of the National Cancer Institute. Prostate, lung and colorectal cancers all saw declines.

But for women, earlier drops have leveled off, the report found. That may be due in part to breast cancer. There were decreases in new breast cancer cases about a decade ago, as many women quit using hormone therapy after menopause. Since then, overall breast cancer incidence has plateaued, and rates have increased among black women.

Another problem area: Oral and anal cancers caused by HPV, the sexually transmitted human papillomavirus, are on the rise among both genders. HPV is better known for causing cervical cancer, and a protective vaccine is available. Government figures show just 32 percent of teen girls have received all three doses, fewer than in Canada, Britain and Australia. The vaccine was recommended for U.S. boys about a year ago.

Among children, overall cancer death rates are dropping by 1.8 percent a year, but incidence is continuing to increase by just over half a percent a year. Brawley said it's not clear why.

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