Wall Street off five-year highs, Boeing weighs

NEW YORK (Reuters) - U.S. stocks fell off five-year highs on Wednesday as concerns about global economic growth offset strong bank results and shares of Boeing weighed on the Dow after two Japanese airlines grounded their Dreamliner fleets.

Goldman Sachs shares hit an 18-month high as its earnings nearly tripled on increased revenue from dealmaking and lower compensation expenses, while JPMorgan Chase said fourth-quarter net income jumped 53 percent and earnings for 2012 set a record.

JPMorgan shares were last down 0.8 percent at $46 and Goldman added 2 percent to $138.26.

Concern about global economic growth was weighing on the markets, said Peter Jankovskis, co-chief investment officer at OakBrook Investments in Lisle, Illinois.

A slow economic recovery in developed nations is holding back the global economy, the World Bank said on Tuesday, as it sharply scaled back its forecast for world growth in 2013 to 2.4 percent from an earlier forecast of 3.0 percent.

Shares of Dow component Boeing fell 3.5 percent to $74.25 on concerns about the safety of its new Dreamliner passenger jets. Japan's two leading airlines grounded their fleets of 787s after an emergency landing, adding to safety concerns triggered by a ream of recent incidents.

"It's certainly going to pull averages down, given Boeing's large market cap, but I don't see it as having broader market implications," Jankovskis said.

The Dow Jones industrial average <.dji> fell 61.79 points or 0.46 percent, to 13,473.1, the S&P 500 <.spx> lost 4.39 points or 0.3 percent, to 1,467.95 and the Nasdaq Composite <.ixic> dropped 2.72 points or 0.09 percent, to 3,108.06.

Losses on Nasdaq were limited by gains in Apple shares, which were up 2 percent at $495.75.

Talks to take Dell Inc private were at an advanced stage, with at least four major banks lined up to provide financing, two sources with knowledge of the matter told Reuters. Shares fell 3.6 percent to $12.69 after jumping more than 21 percent over the past two sessions.

U.S. consumer prices were flat in December, pointing to muted inflation pressures that should give the Federal Reserve room to prop up the economy by staying on its ultra-easy monetary policy path.

(Editing by Bernadette Baum)

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Blasts at Aleppo University Cause Casualties

DAMASCUS, Syria (AP) — Two explosions struck the main university in the northern Syrian city of Aleppo on Tuesday, causing an unknown number of casualties, state media and anti-government activists said.

There were conflicting reports as to what caused the blast at Aleppo University, which was in session Tuesday.

State TV said two rockets hit the university, killing students and people who had fled fighting elsewhere in recent months and taken refuge on the campus grounds. It did not say how many people were killed, and blamed rebels for the attack.

The Britain-based Syrian Observatory for Human Rights, which has a network of activists around the country, offered a slightly different account. It said 15 people were killed and "tens" wounded in two explosions near the university's dorms, but said it was not clear whether the blasts were the result of shells or bombs.

Aleppo, a former commercial hub, has been a major front in the country's civil war since July. Since then, the fight in the Syria's largest city has settled into a bloody stalemate between regime troops and rebels, with ferocious street battles, sniper fire and frequent exchanges of rocket and mortar rounds.

The city, along with the capital, Damascus, also has been hit by a wave of explosions in recent that have killed scores of people. Many of the bombings, which have largely targeted government buildings, have been claimed by Islamic extremists fighting on the rebel side.

Violence raged in other parts of Syria as well on Tuesday, with clashes in the suburbs of Damascus, and government air raids and shelling in other regions that killed dozens of people, activists said.

The violence came a day after Syria's deputy foreign minister said President Bashar Assad will not step down before scheduled presidential elections in mid-2014. Faisal Mekdad said Assad will run again for the post next year — a declaration which lowers already diminished expectations that a political settlement can be reached.

Since Syria's crisis began in March 2011, the opposition has said it will not accept anything less than Assad's departure.

Mekdad's comments appear to contradict a plan proposed by international envoy Lakhdar Brahimi. Since starting his job in the summer, Brahimi has sought to advance an international plan that calls for an open-ended cease-fire between rebels and government troops and the formation of a transitional government to run the country until elections can be held.

Brahimi did not mention Assad by name in the plan, but he has said the transitional government would have "full executive powers," meaning "all the authority of the state should be possessed by that government" — a description that would seem to exclude the incumbent Assad from a role.

Asked by a BBC interviewer if the president says he wants to run in 2014, Mekdad answered, "What's wrong with that?"

"The president and many other candidates who may run will go to the people put their programs and to be elected by the people," Mekdad said in English. "The ballot box will be the place where the future of the leadership of Syria will be decided."

"It is a coup d'etat ... if we listen to what the armed groups and those enemies of Syria are proposing," Mekdad said, referring to the opposition and countries that support it.

Earlier this month, Assad dismissed calls from the U.S. and others that he step down and vowed to keep fighting until the country is free of "terrorists" — his government's shorthand for rebels.

Last year, a new constitution drafted in Syria imposed a limit of two seven-year terms on the president, but the limit would not count the nearly 13 years that he has already held office. It means Assad could remain legally in power through 2028.

Assad took office in 2000 after the death of his father, Hafez Assad, who ruled Syria for 30 years.

Mekdad said it would be undemocratic to tell Assad not to run for the post again.

Also Tuesday, Syrian Prime Minister Wael al-Halqi arrived in Iran, Syria's strongest ally in the region, where he will discuss the country's crisis, including Assad's proposal to end the fighting, with Iranian officials.

Iran has tried to mediate in the past but the opposition rejected the offer saying Tehran is taking sides in the conflict.

Meanwhile, activists reported clashes in suburbs south of Damascus. The government is trying to drive rebels from their bases around Damascus from which they can threaten key facilities.

Away from Damascus, the Observatory and the Local Coordination Committees activist groups said troops bombarded the Houla region in the central province of Homs, killing at least 10 people including five women and two children. The LCC said 17 people were killed in Homs, most of them in Houla.

The U.N. says at least 60,000 people have been killed in the war and millions have fled their homes.

___

Mroue reported from Beirut. Associated Press writer Ali Akbar Dareini contributed to this report from Tehran, Iran.

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Tata Consultancy says demand in U.S. strong across segments

MUMBAI/BANGALORE (Reuters) – India’s top software services provider Tata Consultancy Services Ltd (TCS) said demand in the key U.S. market is strong across its business segments, with regional banks stepping up spending on technology.

The Mumbai-based company said on Monday that profit jumped 23 percent in the quarter ended December, beating analysts‘ expectations. TCS also gave an upbeat growth outlook, sending its shares up the most in more than eight months and prompting analyst upgrades on the stock.

Economic uncertainty in the United States had fuelled investor worry that clients may keep their IT budgets tight and postpone decision-making on technology spending.

“The U.S. is still a growth market,” Chief Financial Officer S Mahalingam told Reuters in an interview at his Mumbai office on Tuesday. “If it sneezes then we have got a big problem. (But) the demand is very good across all segments.”

The United States accounts for about half of TCS’ revenue, compared with more than 60 percent overall for India’s $ 100 billion outsourcing industry.

Banks, insurers and other financial services clients usually account for more than a third of the revenue at companies such as TCS’ rival Infosys Ltd , where better-than-expected results on Friday and an increased revenue outlook powered a 20 percent rise in its shares over two sessions.

“(The) U.S. economy has regional banks as well, and they are starting to spend. So there is growth,” Mahalingam said.

While Monday’s results prompted analysts from HSBC and CLSA to increase their ratings on TCS stock, some analysts said volume growth was not especially impressive.

Volumes, or billable hours, rose 1.25 percent on a sequential basis, while revenue in dollar terms increased 3.3 percent over the September quarter.

“The key disappointment was soft volume growth of 1.25 percent quarter-on-quarter. However, we remain assured by management’s optimistic outlook on FY14 growth,” Nomura analysts wrote in a note to clients.

(Editing by Tony Munroe and Ryan Woo)

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Sofia Vergara Wants Her Wedding to 'Be a Big Event'

By Dahvi Shira

01/15/2013 at 10:50 AM EST

Sofia Vergara doesn't know much about her eventual wedding day, but she's sure of one thing in particular: it's going to be over-the-top.

"If I'm going to do something, it's going to have to be a big event," the Modern Family star, who is engaged to Nick Loeb, told PEOPLE last Friday. "I just had my 40th birthday in Mexico. I had more than 100 people."

Unfortunately for the starlet, along with an extravagant affair comes appropriate planning, which she's too busy for these days.

"Now I don't have the time – and it will have to be one weekend when I have the time to plan something fun," she says. "I don't even know what I'm going to do."

One item she can cross of her list of things to worry about on her big day is designating someone to give a toast at the reception.

"We don't do that type of tradition," she explains. "[Nick and I want] more like of a party [with] music, dancing, a lot of food; not really sitting there hours and giving speeches."

Ironically, Vergara is the one doing some cheers of her own when she gives an impromptu wedding speech in the latest Diet Pepsi commercial, as part of her "Love Every Sip" campaign.

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Wall Street knocked lower by debt limit worries, Apple

NEW YORK (Reuters) - U.S. stocks fell on Tuesday on worries over the debate brewing in Washington over raising the U.S. borrowing limit, while Apple's stock extended its fall on concerns of weaker demand for its products.

Economic data offset some of the negative tone after retail sales rose more than expected in December. But manufacturing activity in New York state contracted for the sixth month in a row in January.

On Monday, President Barack Obama rejected any negotiations with Republicans over raising the U.S. debt ceiling. The United States could default on its debt if Congress does not increase the borrowing limit.

Resolving the debt ceiling debate is more a question of how than if. Investors don't expect a U.S. default, but they are also wary of another eleventh-hour agreement like the one in August 2011.

"The concern is just the uncertainty and the negotiating going down to the last minute," said John Fox, co-manager of the FAM Value Fund, in Cobleskill, New York.

Apple fell for the third day in a row, weighing on the Nasdaq after reports on Monday of cuts to orders for iPhone parts. Apple was down more than 2 percent at $491.96. The stock fell below $500 for the first time in almost a year on Monday.

The Dow Jones industrial average <.dji> slipped 29.55 points, or 0.22 percent, to 13,477.77. The Standard & Poor's 500 Index <.spx> fell 4.35 points, or 0.30 percent, to 1,466.33. The Nasdaq Composite Index <.ixic> gave up 18.82 points, or 0.60 percent, at 3,098.68.

Although Tuesday's economic data was mostly positive, reaction in the market was likely to be limited since investors' attention centered on the negotiations over the debt ceiling and spending cuts, said Hugh Johnson, chief investment officer of Hugh Johnson Advisors LLC in Albany, NY.

"'Fiscal Cliff Two' is now the principal focus of investors," he said.

An expected lackluster earnings season also kept investors from taking aggressive bets. Analyst estimates for the quarter have fallen sharply since October. S&P 500 earnings growth is now seen up just 1.9 percent from a year ago, Thomson Reuters data showed.

Homebuilder Lennar reported a sharp rise in quarterly profit, but the stock fell 2.2 percent to $40.11 on worries that growth in orders was slowing.

Shares of Dell rose 3.1 percent to $12.67 the day after sources said the company is in talks with private equity firms on a potential buyout.

Facebook added 0.6 percent to $31.11 ahead of a major news event at its headquarters. The secretive nature of the event has triggered a guessing game about what the company could unveil.

(Editing by Kenneth Barry)

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China Allows Media to Report Alarming Air Pollution Crisis

BEIJING — The Chinese state news media on Monday published aggressive reports on what it described as the sickening and dangerous air pollution in Beijing and other parts of northern China, indicating that popular anger over air quality had reached a level where Communist Party propaganda officials felt that they had to allow the officially sanctioned press to address the growing concerns of ordinary citizens.

The across-the-board coverage of Beijing’s brown, soupy air, which has been consistently rated “hazardous” or even worse by foreign and local monitors since last week, was the most open display of coverage on the issue in recent memory. Since 2008, when Beijing made efforts to clean up the city before the Summer Olympics, the air has appeared to degrade in the view of many residents, though the official news media has often avoided addressing the problem.

The wide coverage on Monday appears to be in part a reaction to the conversation that has been unfolding on Chinese microblogs, where residents of northern China have been discussing the pollution nonstop in recent days.

The problem is so serious — the worst air quality since the United States Embassy began recording levels in 2008 — that hospitals reported on Monday a surge in patient admissions for respiratory problems, and Beijing officials ordered government cars off the road to try to curb the pollution, which some people say has been exacerbated by a weather phenomenon, called an inversion, that is trapping dirty particles.

“I’ve never seen such broad Chinese media coverage of air pollution,” said Jeremy Goldkorn, a business consultant in Beijing who tracks the Chinese news media. “From People’s Daily to China Central Television, the story is being covered thoroughly, without trying to put a positive spin on it.”

People’s Daily, the official party mouthpiece, published a front-page signed editorial on Monday under the headline, “Beautiful China Starts With Healthy Breathing.” “The seemingly never-ending haze and fog may blur our vision,” it said, “but makes us see extra clearly the urgency of pollution control and the urgency of the theory of building a socialist ecological civilization, revealed at the 18th Party Congress.”

The 18th Party Congress, a meeting of party elites held in Beijing last November, was part of a once-a-decade leadership transition. In a political report delivered on the first day, Hu Jintao, the president and departing party chief, said China must address environmental problems worsened by rapid development. The inclusion of sections in the report on the need for “ecological progress” could be opening the door for greater dialogue on such issues under the watch of Xi Jinping, the new party chief, and his colleagues on the Politburo Standing Committee.

Even before the congress, the official news media had some latitude to publish critiques of environmental policy and investigate environmental degradation, in contrast to strict limits on what they can say on “core interest” issues like Tibet and Taiwan. Nevertheless, the coverage unfolding now represents a new level of depth in addressing air pollution.

Bill Bishop, the editor of Sinocism, a daily online newsletter about news media coverage of China, wrote on Monday that “Chinese media is all over the story in a remarkably transparent contrast to today’s haze in Beijing.”

Mr. Bishop said: “Clearly it is impossible to pretend that the air is not polluted or that the health risks are not significant, so are the propaganda authorities just recognizing reality in allowing coverage? Or is there something more going on here, as perhaps the new government wants to both demonstrate a commitment to transparency and accountability as well as use this crisis to further the difficult reforms toward a more sustainable development model?”

China Youth Daily, a state-run newspaper, published a scathing signed commentary on Monday under the headline, “Lack of Responsive Actions More Choking Than The Haze and Fog.” The commentary questioned basic economic policies and the China growth model: “This choking, dirty and poisonous air forces the Chinese to rethink the widespread, messy development model.”

Global Times, a newspaper that often defends the party, said in an editorial that the government in the past had erred by releasing pollution information in a “low-key way.” It said: “In the future, the government should publish truthful environmental data to the public. Let society participate in the process of solving the problem.”

On Saturday, when an American Embassy Twitter feed rated the air in central Beijing an astounding 755 on an air quality scale of 0 to 500, China Central Television, the main state network, devoted a big part of its 7 p.m. newscast to the pollution. That night, the Beijing government reported alarming levels of a potentially deadly particulate matter called PM 2.5; in some districts, it exceeded 900 micrograms per cubic meter, on par with some of the worst days of the killer smog in London in the mid-20th century.

Under pressure from the existence of the embassy monitor and growing anger among prominent Chinese Internet users, Chinese officials have been releasing more data on PM 2.5 levels, in a sign of creeping transparency. Beijing began reporting PM 2.5 levels in January 2012. Xinhua, the state-run news agency, announced late last year that the Ministry of Environmental Protection had required 74 cities to start releasing PM 2.5 data. For years, Chinese officials had been trying to limit public information to data on PM 10 or other pollutants that are generally considered less deadly than PM 2.5, which is invisible and can lodge deep in the lungs.

“Last year, Chinese media began to report with regularity on air pollution, especially in Beijing and concerning PM 2.5 in particular,” Mr. Goldkorn said. “But the apocalyptic skies above the capital this last weekend seemed to have encouraged an even greater enthusiasm for reporting this story.”

Mia Le contributed research.

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RIM says 15,000 BlackBerry 10 apps submitted in under two days

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Kaley Cuoco Hits the Dance Floor at Golden Globes Afterparty

01/14/2013 at 10:45 AM EST

Hayden Panettiere and Kaley Cuoco

Stefanie Keenan/Getty

Just bust a move!

At the 14th Annual Warner Bros. and InStyle Golden Globes afterparty on Sunday, The Big Bang Theory star Kaley Cuoco was anything but shy on the dance floor.

After running over to Hayden Panettiere, the People's Choice Awards host looked the Nashville star up and down and exclaimed, "Gorgeous! Gorgeous!" about her blush, tiered strapless gown, an onlooker tells PEOPLE.

Grabbing each other's hands, Cuoco and Panettiere were engulfed in "animated conversation," but things got even more fun once the deejay played Madonna's "Like a Prayer."

Cuoco and pals hit the dance floor, where she clapped, swayed and "was twirled by a male," the source adds. Later when Bell Biv Devoe's 1990 hit "Poison" was played, Cuoco held up her long dress while showing off a few more moves.

The actress was dancing so much that she "left the party with her heels in hand!" the source adds.

– Dahvi Shira

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Flu more widespread in US; eases off in some areas

NEW YORK (AP) — Flu is now widespread in all but three states as the nation grapples with an earlier-than-normal season. But there was one bit of good news Friday: The number of hard-hit areas declined.

The flu season in the U.S. got under way a month early, in December, driven by a strain that tends to make people sicker. That led to worries that it might be a bad season, following one of the mildest flu seasons in recent memory.

The latest numbers do show that the flu surpassed an "epidemic" threshold last week. That is based on deaths from pneumonia and influenza in 122 U.S. cities. However, it's not unusual — the epidemic level varies at different times of the year, and it was breached earlier this flu season, in October and November.

And there's a hint that the flu season may already have peaked in some spots, like in the South. Still, officials there and elsewhere are bracing for more sickness

In Ohio, administrators at Miami University are anxious that a bug that hit employees will spread to students when they return to the Oxford campus next week.

"Everybody's been sick. It's miserable," said Ritter Hoy, a spokeswoman for the 17,000-student school.

Despite the early start, health officials say it's not too late to get a flu shot. The vaccine is considered a good — though not perfect — protection against getting really sick from the flu.

Flu was widespread in 47 states last week, up from 41 the week before, the Centers for Disease Control and Prevention said on Friday. The only states without widespread flu were California, Mississippi and Hawaii.

The number of hard-hit states fell to 24 from 29, where larger numbers of people were treated for flu-like illness. Now off that list: Florida, Arkansas and South Carolina in the South, the first region hit this flu season.

Recent flu reports included holiday weeks when some doctor's offices were closed, so it will probably take a couple more weeks to get a better picture, CDC officials said Friday. Experts say so far say the season looks moderate.

"Only time will tell how moderate or severe this flu season will be," CDC Director Dr. Thomas Frieden said Friday in a teleconference with reporters.

The government doesn't keep a running tally of adult deaths from the flu, but estimates that it kills about 24,000 people in an average year. Nationally, 20 children have died from the flu this season.

Flu vaccinations are recommended for everyone 6 months or older. Since the swine flu epidemic in 2009, vaccination rates have increased in the U.S., but more than half of Americans haven't gotten this year's vaccine.

Nearly 130 million doses of flu vaccine were distributed this year, and at least 112 million have been used. Vaccine is still available, but supplies may have run low in some locations, officials said.

To find a shot, "you may have to call a couple places," said Dr. Patricia Quinlisk, who tracks the flu in Iowa.

In midtown Manhattan, Hyrmete Sciuto got a flu shot Friday at a drugstore. She skipped it in recent years, but news reports about the flu this week worried her.

During her commute from Edgewater, N.J., by ferry and bus, "I have people coughing in my face," she said. "I didn't want to risk it this year."

The vaccine is no guarantee, though, that you won't get sick. On Friday, CDC officials said a recent study of more than 1,100 people has concluded the current flu vaccine is 62 percent effective. That means the average vaccinated person is 62 percent less likely to get a case of flu that sends them to the doctor, compared to people who don't get the vaccine. That's in line with other years.

The vaccine is reformulated annually, and this year's is a good match to the viruses going around.

The flu's early arrival coincided with spikes in flu-like illnesses caused by other bugs, including a new norovirus that causes vomiting and diarrhea, or what is commonly known as "stomach flu." Those illnesses likely are part of the heavy traffic in hospital and clinic waiting rooms, CDC officials said.

Europeans also are suffering an early flu season, though a milder strain predominates there. China, Japan, the West Bank, the Gaza Strip, Algeria and the Republic of Congo have also reported increasing flu.

Flu usually peaks in midwinter. Symptoms can include fever, cough, runny nose, head and body aches and fatigue. Some people also suffer vomiting and diarrhea, and some develop pneumonia or other severe complications.

Most people with flu have a mild illness. But people with severe symptoms should see a doctor. They may be given antiviral drugs or other medications to ease symptoms.

Some shortages have been reported for children's liquid Tamiflu, a prescription medicine used to treat flu. But health officials say adult Tamiflu pills are available, and pharmacists can convert those to doses for children.

___

Associated Press writers Dan Sewell in Cincinnati, Catherine Lucey in Des Moines, and Malcolm Ritter in New York contributed to this report.

___

Online:

CDC flu: http://www.cdc.gov/flu/index.htm

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Wall Street sags as demand worries hit Apple

NEW YORK (Reuters) - Wall Street fell on Monday as shares of Apple were hit by demand concerns, while investors faced a busy week for earnings in what is expected to be a lackluster quarter.

Apple slid more than 3 percent after a report that the tech company has cut orders for LCD screens and other parts for the iPhone 5 this quarter due to weak demand. The stock was down 3.5 percent at $502.30. [ID:nL2N0AJ14E] It was the biggest drag on the S&P 500 and Nasdaq composite indexes.

"They've had great growth, but the growth is going to slow because we have some formidable competitors we didn't have when the iPhone first came out," said Alan Lancz, president at Alan B. Lancz & Associates Inc in Toledo, Ohio

Apple suppliers Cirrus Logic tumbled 4.8 percent to $30.04 and Qualcomm lost 1.4 percent to $64. The S&P tech sector gave up 0.9 percent.

Earnings season picks up the pace this week with reports expected from companies including Goldman Sachs, Bank of America, Intel and General Electric.

Overall earnings are expected to grow by just 1.9 percent in this reporting period, according to Thomson Reuters data. Thirty-eight S&P 500 companies are due to report results this week.

"Expectations have been lowered from where they were a few weeks ago. Whether they're low enough is going to be the key question," said Lancz.

Analysts say the focus will be on what kind of guidance companies offer now that a deal has been reached on the "fiscal cliff."

Investors will be watching a news conference from President Barack Obama, scheduled for 11:15 a.m. (1615 GMT). Obama is expected to focus on looming budget and borrowing due dates, White House officials said.

Separately, Federal Reserve Chairman Ben Bernanke will be speaking on monetary policy, recovery from the global financial crisis and long-term challenges facing the American economy at 4 p.m. (2100 GMT).

The Dow Jones industrial average slipped 23.01 points, or 0.17 percent, to 13,465.42. The Standard & Poor's 500 Index fell 4.80 points, or 0.33 percent, to 1,467.25. The Nasdaq Composite Index gave up 15.57 points, or 0.50 percent, at 3,110.06.

Appliance and electronics retailer Hhgregg Inc cut its same-store sales forecast for the full year, sending its shares down 11 percent at $7.02.

Transocean Ltd has disclosed that billionaire activist investor Carl Icahn has acquired a 1.56 percent stake in the offshore rig contractor and is looking to increase that holding. Its shares rose 3.4 percent to $55.92.

The Dow fared better than the other two indexes as Hewlett-Packard rose 1.6 percent to $16.42 after JPMorgan raised its price target to $21 from $15.

(Editing by Kenneth Barry)

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