Wall Street edges higher, Amazon offsets GDP

NEW YORK (Reuters) - Stocks were flat on Wednesday as an unexpectedly weak read on fourth-quarter economic activity was offset by strong results at Boeing and Amazon.com.

Equities continued to shrug off negative news, with the S&P 500 staying above 1,500, a level that market technicians call an inflection point that will determine the overall direction in the near term.

The first read showed gross domestic product fell 0.1 percent, far below expectations for growth of 1.1 percent. However, private sector employment topped forecasts, with the ADP National Employment report showing 192,000 jobs added in January, higher than the 165,000 expectation.

"The GDP report is the only negative shock we've had in a while, and it isn't terrible since it showed increases in business and consumer spending, which is what everyone wants to drive growth from here," said Randy Frederick, managing director of active trading and derivatives for Charles Schwab in Austin, Texas.

Deeper losses were prevented by a rise in both Boeing Co and Amazon.com Inc , which rallied after earnings beat expectations, continuing a trend this quarter of high-profile names advancing after results.

Amazon.com Inc rose 6.7 percent to $277.87 a day after reporting strong revenue growth. Boeing rose 0.5 percent to $74 after its results. The Dow component also said that while production continued on its Dreamliner jet, which has had technical problems recently, it was suspending delivery until clearance was granted by the Federal Aviation Administration.

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

The Dow Jones industrial average <.dji> was up 5.50 points, or 0.04 percent, at 13,959.92. The Standard & Poor's 500 Index <.spx> was up 1.09 points, or 0.07 percent, at 1,508.93. The Nasdaq Composite Index <.ixic> was up 5.73 points, or 0.18 percent, at 3,159.39.

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

The Dow Jones industrial average has been flirting with 14,000, a level it hasn't seen since October 2007. Many analysts have said markets may need to take a pause.

"I'm neutral on markets at these levels, even though there aren't a lot of negatives out there," Frederick said. "At some point there will be a pullback, but the underlying trends remain strong and I think it is possible the S&P could hit a new all-time high sometime this quarter."

The all-time intraday high for the S&P 500 is 1,576.09, reached October 11, 2007.

The Federal Reserve concludes a two-day meeting on Wednesday, and while the central bank is expected to keep monetary policy on a steady path, intensive debates continue behind the scenes over when the controversial bond-buying program should be curtailed.

Chesapeake Energy Corp rose 11 percent to $21.11 as the S&P's biggest percentage gainer, a day after saying Aubrey McClendon would step down as chief executive after a year in which a series of Reuters investigations triggered civil and criminal probes of the second-largest U.S. natural gas producer.

(Editing by Chizu Nomiyama and Nick Zieminski)

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The Lede Blog: Syria President's Wife Pregnant, Lebanese Newspaper Says

Just as tens of thousands of Syrians are scrambling to get themselves and their children out of war-ravaged Syria, President Bashar al-Assad and his glamorous wife, Asma, apparently are taking the opposite approach. They are having a baby, according to a Lebanese newspaper sympathetic to the Assad family.

The newspaper, Al Akhbar, dropped this news on Monday as a tangential reference in a fawning article describing a visit with President Assad in Damascus, in which he predicts victory in an increasingly bloody insurgency that is almost two years old. “On a personal level, the man seems calm and in control,” said an English-language version of the article on the newspaper’s Web site. “His confidence stands out. Also, there’s the news of the pregnancy of his wife, Asma, which could not be dealt with as a simple personal matter between a couple.” The Assads already have three young children.

The Al Akhbar account provided no further insight into the pregnancy or due date. But the reference seemed to corroborate rumors that Mrs. Assad had conceived in June, which was reported in November by Al Bawaba, an Amman-based news Web site. Mrs. Assad, a 37-year-old former investment banker who was born in London, has not been seen publicly in months. Rumors have repeatedly surfaced that she has left Syria for personal safety reasons.

If the June conception rumors are correct, the Assads expanded their family during some of the worst mayhem in the country. Mr. Assad said for the first time that month that the country was in a state of war. He further antagonized his former friendly neighbor Turkey when Syrian gunners shot down a Turkish warplane over the Mediterranean. A rash of high-ranking military officers defected in Turkey, and a Syrian Air Force pilot flew his MiG to Jordan and sought asylum. And the United Nations cease-fire monitoring mission in Syria was suspended because of escalating violence.

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Cricket-Australia board play straight bat to Warne twitter rant

Jan 29 (Reuters) – Cricket Australia (CA) chief executive James Sutherland has defended the organisation following a scathing attack aimed at them by spin great Shane Warne, who panned the board in a series of Twitter rants.

Sutherland added that he was prepared to meet with Warne and discuss the 43-year-old’s criticism of CA’s player rotation policy and his claim that “rubbish” decisions were turning Australian cricket into a “big joke”.

After venting his initial anger on Monday, Warne reiterated his views a day later.

“As I said last night we need cricket people running the team & who understand cricket & what’s required at the top level, not muppets,” he tweeted on Tuesday.

Warne questioned the logic of having former rugby union international Pat Howard as the board’s high performance manager but Sutherland threw his weight behind the former Wallaby back.

“I have every confidence in Pat Howard and his team, and what they’re doing,” Sutherland told local media on Tuesday.

“Personally I find it a little bit disappointing to read about that (Warne’s criticisms) in the fashion that I have.

“Ideally you’d like to be able to sit down with Shane and understand a little bit more deeply his opinions.”

Australia won all three tests in a recent series against Sri Lanka but were held 2-2 in the subsequent one-day internationals after resting skipper Michael Clarke for the first two matches.

The hosts, however, lost both Twenty20 internationals and were left debating the merits of a controversial rotation policy CA has introduced to manage injuries and the workload of their frontline players.

While Warne insisted Australia needed to field their best 11 players every time they stepped out, fast bowling great Dennis Lillee has backed CA’s approach.

“He’s 100 percent in agreement with the selection panel with managing the load and development of players,” Sutherland said of Lillee, who captured 355 wickets in 70 tests.

“Who’s right here?

“You’ve got Shane Warne saying one thing, Dennis Lillee saying another. It’s not a black and white issue.”

Warne retired from test cricket in 2007 after taking 708 wickets in 145 tests. (Reporting by Amlan Chakraborty in New Delhi; Editing by John O’Brien)

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Camila McConaughey Takes Baby Livingston to the Park (Photo)

By Tim Nudd

01/29/2013 at 10:05 AM EST

Camila Alves and baby boy Livingston

FameFlynet

A lovely 80-degree day in Austin, Texas, was just what Livingston McConaughey needed for a nice stroll in the park.

Camila and Matthew McConaughey's newborn son enjoyed an outing with mom on Sunday – the first glimpse of the couple's third child, who was born Dec. 28.

Camila, who celebrated her 30th birthday on Jan. 28, shared her happiness via Twitter, writing, "Today I am 30 years old, Livingston is 30 days old and I'm blessed with 3 healthy children...I am so thankful and full of joy!"

At the park on Sunday, she mostly kept Livingston covered in a light blanket, and was seen kissing the boy on the head.

Camila, meanwhile, was dressed comfortably in a white shirt, black leggings, sneakers and dark sunglasses.

Matthew was also out and about in Austin on Sunday, looking well on his way back from his dramatic weight loss for a movie role.

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Study says leafy greens top food poisoning source

NEW YORK (AP) — A government study has fingered leafy green vegetables as the leading source of food poisoning illnesses.

However, the most food-related deaths were from contaminated chicken and other poultry.

The Centers for Disease Control and Prevention released the study Tuesday. It's based on an analysis of food poisoning cases from 1998 through 2008. It's the agency's most comprehensive attempt to identify which foods most often carry germs that make us sick.

The CDC estimates roughly 1 in 6 Americans — or 48 million people— gets sick from food poisoning each year. That includes 128,000 hospitalization and 3,000 deaths.

____

Online:

CDC journal: http://www.cdc.gov/eid/

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Wall Street flat, investors look for new catalyst

NEW YORK (Reuters) - Stocks were flat on Tuesday as investors looked for new reasons in economic data or earnings to extend a rally that pushed major averages near five-year highs.

Equities have been on a tear lately, with the S&P 500 recently climbing for eight straight sessions, extending its rise in January to 5.1 percent. The index hovered around 1,500, suggesting there was still support for a market that has been hovering around five-year highs.

"A move like this in one month is extraordinary, and keeping the gains going will depend on concrete news like earnings and data that show the economy is getting better," said Peter Tuz, president of Chase Investment Counsel in Charlottesville, Virginia. "We haven't seen enough of that to make people jump in after the rally we've had."

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

Both companies reported profits that topped expectations, but Ford also forecast a wider loss in its European segment. Shares dropped 3.6 percent to $13.32 as one of the biggest percentage losers on the S&P 500.

Pfizer, a Dow component, rose 1.2 percent to $27.16 after its results while Eli Lilly and Co rose 1.2 percent to $53.25 after reporting adjusted fourth-quarter earnings and revenue that beat expectations.

In economic news, stocks retreated slightly after data showed U.S. consumer confidence dropped to its lowest level in more than a year in January. Americans were more pessimistic about the economic outlook and their financial prospects, according to the Conference Board.

In addition, home prices rose 0.6 percent in November, as expected, according to the S&P Case/Shiller Home Price Index. The news comes a day after data showed an unexpected drop in December pending home sales.

Thomson Reuters data showed that of the 150 companies in the S&P 500 that have reported earnings so far, 67.3 percent have beaten analysts' expectations, which is a higher proportion than over the past four quarters and above the average since 1994.

The Dow Jones industrial average <.dji> was up 13.40 points, or 0.10 percent, at 13,895.33. The Standard & Poor's 500 Index <.spx> was down 1.01 points, or 0.07 percent, at 1,499.17. The Nasdaq Composite Index <.ixic> was down 18.21 points, or 0.58 percent, at 3,136.09.

The Nasdaq was pressured by a pair of disappointing tech outlooks. Seagate Technology Plc forecast third-quarter revenue below expectations while BMC Software Inc gave a 2013 profit view that was below forecasts.

Seagate shares slumped 8.7 percent to $34.10 while BMC fell 7.8 percent to $41.

On the upside in technology, Yahoo Inc rose 1.2 percent to $20.55 a day after forecasting a rise in annual revenue.

The Federal Reserve's Open Market Committee is due to hold two days of meetings on interest rates beginning on Tuesday.

In a sign of an improved view towards equities, investors poured $55 billion in new cash into stock mutual funds and exchange-traded funds in January, the biggest monthly inflow on record, research provider TrimTabs Investment Research said.

(Editing by Kenneth Barry and Nick Zieminski)

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Toyota Returns to No. 1 in Global Auto Sales

TOKYO — Toyota Motor sold a record 9.75 million vehicles last year, according to an official tally released Monday, roaring past General Motors and Volkswagen to reclaim its title as the world’s top automaker in 2012.

General Motors, which held the top spot in 2011, mustered 9.29 million vehicles in global sales last year. The U.S. company had been the top-selling automaker for decades before losing its lead to Toyota in 2008.

Volkswagen sold 9.1 million vehicles last year, a record for the German automaker, which has expanded its presence in emerging markets. VW also outsold Toyota in 2011.

Toyota estimated last month that it sold 9.7 million vehicles for the year, and final figures released Monday were slightly higher.

By confirming its No. 1 title, Toyota cements a strong comeback from several years of tumbles.

A sharp slowdown in exports during the global economic crisis led to the automaker’s biggest loss in decades, while controversy over its handling of recalls greatly tarnished its image for quality and reliability.

In 2011, the earthquake and tsunami in Japan, as well as widespread flooding in Thailand later that year, severely disrupted production, weighing on sales in important markets like the United States and pushing Toyota to No. 3 in global sales.

Toyota had a bumper year in 2012, however, as production rebounded and the automaker went on an offensive to win back market share. Toyota sales in the United States surged 27 percent, to 2.08 million vehicles. In Japan, sales rose 35 percent, to 2.41 million units, helped by government incentives for fuel-efficient cars.

Those increases were enough to offset a decline in sales in China, where Japanese businesses have been hurt by consumer boycotts amid a bitter territorial dispute between the two countries. In Europe, sales of Toyota cars rose by 2 percent. Toyota’s sales figures include deliveries from its subsidiaries Hino Motors and Daihatsu Motor.

The other automakers among Japan’s big three also sold more cars in 2012 and are set for even higher sales this year on the back of a weaker yen, which makes Japanese-made cars and parts more price competitive. Honda Motor said global sales jumped 19 percent to 3.82 million vehicles, while Nissan Motor logged a 5.8 percent sales growth to 4.94 million vehicles.

This year, Toyota aims to improve on its record for this year to sell 9.91 million cars worldwide.

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Michelle Williams Says Reports of Destiny's Child Super Bowl Reunion Are Not True

By Aaron Parsley

01/28/2013 at 10:15 AM EST

Destiny's Child (from left) Beyoncé Knowles, Michelle Williams and Kelly Rowland

Anthony Harvey/PA/Abaca

Are they or aren't they?

Fans of Destiny's Child may be wondering where Kelly Rowland and Michelle Williams will be at the Super Bowl halftime show.

While Beyoncé has posted photos of her rehearsals for the big performance, Williams says reports of a reunion for the pop group are merely unconfirmed rumors – and that they're "not true."

"I'm going to be in the musical Fela!," she told WRUG Media in a recent interview. "I hate to disappoint the people and tell them that it's not true."

Williams is headlining a world tour of the Tony Award-winning show, which kicks off Tuesday in Washington, D.C. According to the show's website, there are two performances of Fela! at D.C.'s Sidney Harman Hall, at 3 p.m. and 8 p.m. on Super Bowl Sunday, which would make it difficult to be in New Orleans for the game without help from an understudy.

"I'm so sorry. I'm so sorry," Williams said of the reunion rumors. "But we did record a song with each other before the holidays."

Destiny's Child – Love Songs, a greatest hits compilation of the group's most romantic recordings set for release Tuesday, will feature a new song, "Nuclear," their first in eight years.

But Williams did hint that a reunion outside the recording studio may still happen.

"We have talked about it," she said. "You know, one day soon."

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Wounded soldier gets double-arm transplant in Md.

BALTIMORE (AP) — A soldier who lost all four limbs in a roadside bomb attack in 2009 in Iraq has received a double-arm transplant in Baltimore.

Johns Hopkins Hospital surgeons plan to discuss the transplant Tuesday at a news conference with the infantryman.

Johns Hopkins says the soldier is one of seven in the United States who have undergone successful double-arm transplants.

Hospital officials say the transplant last month is the first for the hospital and involved an innovative treatment to prevent rejection of the new limbs. Johns Hopkins officials say the treatment used the dead donor's bone marrow cells and so far has prevented rejection and reduced the need for anti-rejection drugs. Those drugs can cause complications including infection and organ damage.

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Wall Street flat after rally, Caterpillar advances

NEW YORK (Reuters) - U.S. stocks were flat on Monday, with investors reluctant to make big bets following an extended equity rally, though strong data and results from Caterpillar kept a positive tone in markets.

The S&P 500 is coming off a streak of eight sessions of gains, the longest winning streak for the index in eight years. On Friday, it closed above 1,500 for the first time in more than five years.

Caterpillar Inc rose 1.8 percent to $97.24 after the Dow component reported adjusted fourth-quarter earnings that beat expectations, though revenue was slightly below forecasts. The heavy machinery maker also said it expects China's economy to improve, though not at the rates of 2010 and 2011.

The results continued the trend of major firms posting strong quarters, contributing to major averages rising for four straight weeks.

"You can't find more of a global bellwether than Cat, and people are pleased with the number, which suggests there could be less concern about slowing growth in China after this," said Wayne Kaufman, chief market analyst at John Thomas Financial in New York.

Thomson Reuters data through Friday showed that of the 147 S&P 500 companies that have reported earnings so far, 68 percent exceeded expectations. Since 1994, 62 percent of companies have topped expectations, while the average over the past four quarters stands at 65 percent.

The Dow Jones industrial average <.dji> was up 18.07 points, or 0.13 percent, at 13,914.05. The Standard & Poor's 500 Index <.spx> was down 0.07 points, or 0.00 percent, at 1,502.89. The Nasdaq Composite Index <.ixic> was up 7.25 points, or 0.23 percent, at 3,156.97.

The S&P 500 on Friday closed at its highest since December 10, 2007, and the Dow ended at its highest since October 31, 2007. Over the past four weeks, the S&P has jumped 7.2 percent, suggesting markets may be vulnerable to a pullback if news disappoints.

Durable goods jumped 4.6 percent in December, a pace that far outstripped expectations for a rise of 1.8 percent.

"We continue to have a parade of better-than-expected economic reports. All-in-all it's a good picture. I think there's a good chance we've reached a point of recognition where people don't think the economy will crater," Kaufman said.

In addition to earnings, equities have also risen on an agreement in Washington to extend the government's borrowing power. On Monday, Fitch Ratings said that agreement removed the near-term risk to the country's 'AAA' rating.

Previously, the agency said the lack of an agreement would prompt a review of the sovereign rating.

In company news, Keryx Biopharmaceuticals Inc said a late-stage trial of its experimental kidney disease drug met the main study goal of reducing phosphate levels in blood, sending shares up 43 percent to $4.91.

Bargain hunters may look to Apple Inc in the first session after the tech giant lost its coveted title as the largest U.S. company by market capitalization to Exxon Mobil Corp . Apple rose 0.7 percent to $443.06.

On Friday, Apple's market cap fell to $413 billion, down roughly $250 billion from its September peak. Apple's fall is about equal to the entire value of Google Inc .

"Apple is pretty attractive right now, so you may see an opportunity here," said Chris Bertelsen, who helps oversee $1.5 billion as chief investment officer of Global Financial Private Capital in Sarasota, Florida. "Those who think the stock is dead have made a big mistake."

(Editing by W Simon, Kenneth Barry and Nick Zieminski)

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