Wall Street edges up after Alcoa beats revenue estimates

NEW YORK (Reuters) - Stocks edged higher 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 as there were few catalysts to give direction and investors fretted 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, rose 0.5 percent to $9.15.

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 aren't particularly strong, analysts said.

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

"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 73.35 points, or 0.55 percent, at 13,402.20. The Standard & Poor's 500 Index <.spx> was up 5.16 points, or 0.35 percent, at 1,462.31. The Nasdaq Composite Index <.ixic> was up 14.83 points, or 0.48 percent, at 3,106.64.

Among other earnings, Constellation Brands , whose labels include Robert Mondavi and Ravenswood wines, reported higher profit and raised its earnings 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.

Dish Network Corp late Tuesday announced a bid for Clearwire Corp that trumped Sprint Nextel Corp's $2.2 billion offer, setting the stage for a battle over the wireless service provider.

Dish Network shares were up 2.1 percent at $36.73. Clearwire was up 7.5 percent at $3.14, while Sprint lost 2 percent to $5.85.

Hard drive maker Seagate Technology rose 4.2 percent to $32.70 after it raised its second-quarter revenue forecast.

(Reporting By Angela Moon; Editing by Kenneth Barry)

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Lawyers in Ohio football rape case want trial moved

(Reuters) – Attorneys for two Ohio teenage football players accused of raping a 16-year-old student have asked that the trial be moved because potential witnesses are afraid to come forward in defense of the boys, one of the lawyers said on Monday.

Walter Madison, the attorney for one of the accused rapists, Ma’lik Richmon, said social media efforts to bring the alleged rape into the national spotlight have led to an atmosphere of intimidation and coercion.

“This has a chilling effect on witnesses who could come forward to be part of this process so my client can get a fair and full proceeding,” he told Reuters. “So, we’re left without the opportunity to make our case. That’s pretty serious.”

Richmond and Trenton Mays, both 16 and members of the Steubenville High School football team, are charged with raping a 16-year-old fellow student at a party last August.

The two students are set to be tried as juveniles in February in Steubenville, a city of 19,000 about 40 miles west of Pittsburgh.

Madison said his client’s mother has had to change her cell phone number multiple times due to threats and harassment.

Last week, the online activist group Anonymous made public a picture allegedly of the rape victim, being carried by her wrists and ankles by two young men, and of a video that showed several other young men joking about an alleged assault.

Madison said that Richmond is not seen in the video.

A county sheriff under fire for how he has handled the high school rape investigation faced down a crowd of protestors on Saturday and said no new charges will be brought against anyone involved in the case.

Activists say there had been a cover-up by local officials to protect the integrity of the high school’s football program.

Meanwhile, a petition to the White House calling for the two rape suspects to be tried as adults reached 25,000 signatures Monday, the threshold required to receive a response from the Obama Administration.

Moving the case to the adult court system would allow for a jury trial and a more severe penalty, the petition says.

“This is a serious offense and this needs to be an example for everyone that this type of behavior should not, and will not be tolerated in our society,” it says.

The petition, created December 25, more than doubled its number of supporters overnight. It had 11,000 signatures on Sunday.

It was submitted to the White House through its online petition website, We The People. Now that it has the required 25,000 signatures, the Obama Administration will give an official statement at some point in the future. The petition has no legal impact.

(Editing by Paul Thomasch and Andrew Hay)

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Ned Wertimer, The Jeffersons' Ralph the Doorman, Dies at 89

By Stephen M. Silverman

01/09/2013 at 11:45 AM EST

The cast of The Jeffersons, with Ned Wertimer (back row, far right)

Everett

TV has lost one of its most familiar character actors: Ned Wertimer, best known as the tip-hungry Ralph the doorman on The Jeffersons, died Jan. 2 at a nursing facility outside Los Angeles, the result of a fall in his Burbank home last November, his manager announced late Tuesday. He was 89.

With more than 100 small-screen credits to his name, as well as Broadway (Bye Bye Birdie) and film (Mame and Pirates of the Caribbean: At World's End) roles, Wertimer was known to audiences of such shows as Gunsmoke, McMillan and Wife, The Mary Tyler Moore Show, WKRP in Cincinnati and Mork & Mindy, according to the Hollywood Reporter.

But it was on all 11 seasons of The Jeffersons, from 1975 to 1985, that he made his strongest mark.

Born in Buffalo, N.Y., Wertimer held a business degree from Wharton, which he earned after service as a pliot in World War II. But he also got the performing bug while in school, and starting in the late '40s began landing roles on Broadway.

With TV a new medium – and many shows shot live in New York at the time – Wertimer became a pioneer, and used his gift for improv to joke with Lamb Chop, Charlie Horse and the other puppets on The Shari Lewis Show.

By the mid-'60s he moved to Hollywood, as had most of TV production. Besides his acting, he was also heavily involved with his unions, SAG and AFTRA, and served as a longtime member of the board of directors of their Federal Credit Union, according to the Reporter.

Among his survivors, the trade paper also reports, are his wife Skyne, a professor emerita at California State University Long Beach; his sister-in-law Eleanor; and a niece and three nephews.

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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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Wall Street loses ground as earnings season starts

NEW YORK (Reuters) - U.S. stocks fell on Tuesday as the market consolidated from last week's rally on the "fiscal cliff" deal in Congress and investors awaited the start of the earnings season with lowered 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 0.7 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.

"The path of least resistance at the moment is lower just because we had that explosion to the upside after (the debate) in Washington," said Ken Polcari, director of the NYSE floor division at O'Neil Securities in New York.

"People are concerned about earnings," Polcari said, adding that other worries include raising the federal debt ceiling and automatic spending cuts set to take effect in weeks unless Congress acts.

"You are going to get this kind of apathetic market until we start to see what earnings look like," he said.

In Tuesday's results, Monsanto Co shares rose 2.6 percent to $98.46 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 66.38 points, or 0.50 percent, to 13,317.91. The Standard & Poor's 500 Index <.spx> lost 7.88 points, or 0.54 percent, to 1,454.01. The Nasdaq Composite Index <.ixic> shed 17.31 points, or 0.56 percent, to 3,081.51.

AT&T Inc , which fell 1.8 percent to $34.30, was the biggest drag 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. Rival Verizon Wireless said on Monday it had its strongest fourth quarter ever.

The S&P telecom services index <.gspl>, down 2.8 percent, was the worst performing of the 10 major S&P sectors.

Shares of restaurant-chain operator Yum Brands Inc fell 4.5 percent to $64.82 a day after the KFC parent warned sales in China, its largest market, shrank more than expected in the fourth quarter.

Sears Holdings shares slumped 5.4 percent to $40.59 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 dropped 4.8 percent to $23.57 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)

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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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Disney joins JAKKS, LA billionaire to bring toys to life

LOS ANGELES (Reuters) – Walt Disney toys are sold around the world. Now, children can find them in the cloud as well.

The media giant is teaming up with toy company JAKKS Pacific and Patrick Soon-Shiong, Los Angeles’ wealthiest person, on a new line of toys – with a nifty technological twist designed to link the goodies that kids lug home from the store with Disney’s stable of well-known animated characters.

“DreamPlay“, developed by Soon-Shiong’s NantWorks company, and JAKKS works via an app that can be downloaded on Apple Inc devices like the iPad, or smartphones and tablets running Google Inc Android software. When a device’s camera is trained on any toy specifically designed to work with DreamPlay, it triggers one of thousands of preset animations that appear on the device’s screen and seem to be unfolding in the real world.

With viewers’ eyes locked on the tablet or smartphone screen, fairies appear to glide in and out of buildings, animated critters start playing musical instruments, mythical characters prance on a toy piano’s keyboard.

Disney, which licensed its characters to DreamPlay, and its partners hope that children will take to the new approach, which is intended to extend and expand the life of the toy. But it remains to be seen if the concept will prove to be more than a novelty, and be able to arrest a child’s infamously short attention span.

The three will demo their concept on Tuesday at the Consumer Electronics Show in Las Vegas, but Reuters got a sneak peak at the technology on Monday.

In a showroom in the 20th floor of a Santa Monica, Calif. building, visitors to JAKKS’ demonstration are treated to an animated version of Sebastian – the red Jamaican crab from Disney’s “Little Mermaid” movie – who pops up onscreen on an iPad seconds after the tablet’s camera is trained on a real-life set of toy bongo drums.

The animated crab pounces on the drums and proceeds to bang out a calypso song onscreen, with both Sebastian and the physical drum set appearing together as if the two shared the same cartoon.

REAL, VIRTUAL INTERACTION

DreamPlay allows not just Sebastian, but also Tinker Bell and a host of other well-loved Disney characters to “interact” virtually with specially made toys via image-recognition software. The software was developed by Soon-Shiong, a former cancer surgeon who created drugs to fight diabetes and breast cancer and then sold the companies that produced them for $ 8.6 billion.

Soon-Shiong teamed with JAKKS, a $ 678 million-a-year toy maker and licensee of toys based on the Princess line of dolls, Marvel action figures and other Disney toys, among others.

The technology works via the “cloud” – images and video clips stored on remote servers that are streamed to kids’ mobiles when the app recognizes a particular item.

“It’s a tremendous way to combine great technology and Disney’s magical story telling to extend the time a child can play with a toy,” said Bob Chapek, president of Disney’s consumer products unit. “Kids find out that playing with their toy doesn’t end when they get it home.”

Since taking over in 2011, Chapek has repositioned Disney’s consumer product unit to expand its use of technology with its toys. DreamPlay is the first of what Chapek says are other products that will twin technology with familiar Disney toys, although he won’t name them.

Down the road, Disney may explore new business models, including selling subscriptions to content created specifically to be used with a particular toy, said Chapek.

The market is hardly certain for a product that requires a child to hold up a phone or tablet, and peer through it to play with a toy that’s stationary. Will children want to see Rapunzel endlessly dancing on the keys of a piano or Rosetta, a fairy from Disney’s “Tinker Bell” movies, fly in and out of a cottage?

“The technology may be great, but no one has proven to me yet that a kid will sit in front of an iPhone or iPad instead of playing with a toy that’s right in front of him,” said Sean McGowan, a toy analyst with Needham & Co who downgraded JAKKS to hold in September along with other toy companies, and then downgraded JAKKS to underperform in October.

JAKKS intends to begin selling DreamPlay versions of toys from the Disney Princess line in October. It will then expand its offerings next year, with international sales starting in 2014, said Stephen Berman, JAKKS President and CEO.

DreamPlay toys will be “a couple of dollars” costlier than the regular version, he says.

Target stores and Toys R Us are among the U.S. retailers who will carry the DreamPlay line, Berman says. Top-Toy, the giant Nordic retailer, has also signed on, while Beijing Hualian Group, which operates supermarkets and department stores across China, is coming onboard as well.

“Kids don’t own iPhones or iPads but they all know how to use them,” says Berman. “Kids have so much more imagination than we do. Imagine recording a bunch of the videos and giving the kid an iPad to play with them on a trip to see the grandparents.”

JAKKS will ramp up marketing for the DreamPlay line, said Berman. DreamPlay toys will be prominently displayed at all the partner-retailers, he added, and shoppers will be encouraged to use their smartphones to view them.

Those that aim smartphones at a boxed Tinker Bell, for instance, may get a start as the fairy from “Peter Pan” literally soars out of the box, leaving an empty package behind.

“Technology can help people live better, work better, play better,” said Soon-Shiong as he showed off the line of toys. “This is the way they will play better.”

(Reporting By Ronald Grover; Edited By Edwin Chan)

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How Eva Mendes Helped Ryan Gosling's Mom Get Red Carpet Ready

Stylewatch
Style News Now

01/08/2013 at 11:00 AM ET

Matt Baron/BEImages; Stacie McChesney/NBC/AP

Ryan Gosling looked smokin’ hot in his sleek Gucci suit at Monday night’s Gangster Squad premiere in Los Angeles. But Gosling’s mom Donna (his date for the evening) almost distracted us from his sexiness, because she looked so darn good, too. So what was her secret?

“My mother’s wearing all my girlfriend’s clothes,” Gosling told E! News of his mom’s ruched dress, paisley trench and statement necklace. “I’m wearing Eva Mendes,” Donna confirmed, adding, “She let me raid her closet.”

Gosling and Mendes, who clicked while filming The Place Beyond the Pines together in 2011, were first spotted holding hands in September of that year on a low-key date at Disneyland. Since then, they’ve taken their romance to New York, Los Angeles, Gosling’s native Canada and Paris, with Mendes first meeting Gosling’s mom on a movie date in N.Y.C. last January.

The stars have managed to remain pretty quiet about their relationship to this point, making Gosling’s use of the world “girlfriend” last night all the more poignant. Tell us: Would you ever lend your partner’s mom your clothes? 

–Kate Hogan

PHOTOS: SEE MORE GLAM RED CARPET LOOKS IN ‘LOVE IT OR LEAVE IT?’

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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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Wall Street falls after five-year high, earnings in focus

NEW YORK (Reuters) - Stocks fell on Monday as banks agreed to pay billions in a settlement with U.S. regulators and investors speculated that U.S. earnings for the end of 2012 would be only modestly better than in the previous quarter.

Financials declined after a group of home mortgage servicers, including major U.S. banks, agreed to pay a total of $8.5 billion to end a government-ordered, case-by-case review of foreclosures.

The KBW bank index <.bkx>, a gauge of U.S. bank stocks, was down 0.7 percent.

Earnings are expected to be only slightly better than the third-quarter's lackluster results, and analysts' current estimates are down sharply from what they were in October.

"There is little doubt that concerns about the fiscal cliff created spending hesitancy in both consumers and businesses in the fourth quarter, and it is likely that will adversely impact earnings season," said Randy Frederick, managing director of active trading and derivatives at Charles Schwab.

Aluminum company Alcoa Inc will unofficially launch the reporting season by announcing its results after Tuesday's market close.

The Dow Jones industrial average <.dji> was down 77.33 points, or 0.58 percent, at 13,357.88. The Standard & Poor's 500 Index <.spx> was down 8.69 points, or 0.59 percent, at 1,457.78. The Nasdaq Composite Index <.ixic> was down 12.39 points, or 0.40 percent, at 3,089.26.

The day's decline came a session after the S&P 500 finished at a five-year high and investors booked profits on stocks' best weekly gain in more than a year, boosted by a budget deal and economic data. The S&P 500 rose 4.6 percent last week.

Ten mortgage servicers - including Bank of America , Citigroup , JPMorgan , and Wells Fargo - agreed on Monday to pay $8.5 billion to end a case-by-case review of foreclosures required by U.S. regulators.

Bank of America also announced roughly $11.6 billion of settlements with mortgage finance company Fannie Mae and a $1.8 billion sale of collection rights on home loans.

The bank also entered into agreements with Nationstar Mortgage Holdings and Walter Investment Management to sell about $306 billion of residential mortgage servicing rights.

Bank of America shares were down 0.6 percent at $12.04 while Nationstar Mortgage Holdings jumped 11.3 percent to $36.97.

JPMorgan shares were down 0.4 percent at $45.16 and Citigroup shares were down 0.8 percent to $42.07. Wells Fargo shares fell 1.1 percent to $34.55.

Walt Disney Co started an internal cost cutting review several weeks ago that may include layoffs at its studio and other units, three people with knowledge of the effort told Reuters. Disney shares fell 2.4 percent to $50.95.

Video-streaming service Netflix Inc shares gained 5.8 percent to $101.55 after it said it will carry previous seasons of some popular shows produced by Time Warner's Warner Bros Television.

Amazon.com shares hit their highest price ever at $269.22 after Morgan Stanley raised its rating on the stock. Shares were up 3.3 percent at $267.77.

Major U.S. technology companies could miss estimates for fourth-quarter earnings as budget worries likely led some corporate clients to tighten their belts last month.

(Reporting By Angela Moon; Editing by Kenneth Barry)

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