Wall Street rises after Alcoa reports earnings

NEW YORK (Reuters) - Stocks rose on Wednesday, rebounding from two days of losses, as investors turned their focus to the first prominent results of the earnings season.

Stocks had retreated at the start of the week from the S&P 500's highest point in five years, hit last Friday, on worries about possible earnings weakness.

Shares of Alcoa Inc were down 0.5 percent to $9.08 after early gains, following the company's earnings release after the bell on Tuesday. The largest U.S. aluminum producer said it expects global demand for aluminum to grow in 2013.

Herbalife Ltd stock rose 4.2 percent to $39.95 in its most active day of trading in the company's history after hedge fund manager Dan Loeb took a large stake in the nutritional supplements seller. Prominent short-seller Bill Ackman had previously accused the company of being a "pyramid scheme," which Herbalife has denied.

Traders have been cautious as the current quarter shaped up like the previous one, with companies recently lowering expectations, said James Dailey, portfolio manager of Team Asset Strategy Fund in Harrisburg, Pennsylvania. Lower expectations leave room for companies to surprise investors even if their results are not particularly strong.

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

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

The Dow Jones industrial average <.dji> gained 61.66 points, or 0.46 percent, to 13,390.51. The Standard & Poor's 500 Index <.spx> rose 3.87 points, or 0.27 percent, to 1,461.02. The Nasdaq Composite Index <.ixic> gained 14.00 points, or 0.45 percent, to 3,105.81.

Facebook Inc shares rose above $30 for the first time since July 2012, trading up 5.3 percent at $30.59. Facebook, which has been tight-lipped about its plans after its botched IPO in May, invited the media to its headquarters next week.

Clearwire Corp shares jumped 7.2 percent to $3.13 after Dish Network bid $2.28 billion for the company, beating out a previous Sprint offer and setting the stage for a takeover battle for the wireless service provider that owns crucial mobile spectrum.

Apollo Group Inc slid after heavier early losses, a day 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 off 7.8 percent at $19.32.

Volume was below the 2012 average of 6.42 billion shares traded per day, as 6.10 billion were traded on the New York Stock Exchange, NYSE MKT and Nasdaq.

Advancing stocks outnumbered declining ones on the NYSE by 2,014 to 963, while on the Nasdaq advancers beat decliners 1,603 to 859.

(Reporting by Gabriel Debenedetti; additional reporting by Angela Moon; Editing by Nick Zieminski)

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IHT Rendezvous: Rescuing China's Bears from Bile Farms, One by One

BEIJING — Some had wounded faces and bloodied paws. Some were angry after years of mistreatment.

But six Asiatic black bears now have a chance at a life of dignity after being rescued on Wednesday from a Chinese bile farm by Animals Asia, an animal rights group, and the Chinese government’s State Forestry agency.

The bear rescue will continue for a few days as the animals are settled into their new home at a shelter outside Chengdu, the capital of Sichuan province, which now houses nearly 150 bears, You can follow it on Animals Asia’s Twitter feed with the hashtag #newyearrescue.

Here’s a latest tweet:

Today’s story is a happy one, though it’s part of the bigger, sadder picture of how thousands of bears are “farmed” for their bile here in China, often in excruciatingly painful conditions. Some are caged as cubs, and grow up crooked; physical injury and emotional trauma is the norm.

Rendezvous readers have debated passionately about bear bile farming before. It’s common in China and Vietnam, where it is illegal. While the Chinese government is taking action against some bear farms, it’s not illegal here if farms have licenses for it. About 10,000 bears are believed to be caged for their bile in China and a couple thousand in Vietnam. It’s a lucrative trade, with bile prized by the Chinese traditional medicine industry for a range of cures. As my former colleague, Mark McDonald, summed it up:

“Bear bile is prized in traditional Chinese medicine for its alleged ability to relieve muscle aches, joint pains, fever, migraines and hangovers, as well as being a curative for impotence, gallstones, cirrhosis, even cancer. Synthetic compounds are just as effective for many of these ailments, but many Asians, especially Chinese and Vietnamese men of a certain age, favor fresh bile.”

Your consensus, readers, was that it’s a horrific practice, despite arguments made by the Chinese traditional medicine industry that bile farming is “humane,” as Fang Shuting, the head of the Chinese Association of Traditional Chinese Medicine, said: “The process of extracting bear bile is like turning on a tap: natural, easy and without pain,’’ Mr. Fang said. “After they’re done, the bears can even play happily outside. I don’t think there’s anything out of the ordinary! It might even be a very comfortable process!”

As Mark wrote: “Wildlife biologists vehemently disagree, saying the needle sticks, catheterization and repeated draining of the gall bladder creates infections and leakage, which can lead to peritonitis and septicemia. ‘An excruciating death,’’ said one scientist.”

Revulsion is growing among ordinary Chinese, too. “I don’t believe it at all that extracting bile is as easy and comfortable as Fang said. Why doesn’t he extract the bile from his body in the same way to prove it?” one wrote on Sina Weibo, the microblog site, Mark reported.

But today I want to tell you about a spot of light in the night.

Here’s what a journalist who witnessed a bear arriving at the rescue wrote:

“The Asiatic black bear gave a deep growl and struggled in a rusty cage only just bigger than her giant body, as rescue workers from the Animals Asia bear sanctuary fed her fruit to soothe her shattered nerves, and examined her body for signs of sores or bleeding.” (Full disclosure — this reporter is my husband, Clifford Coonan, the Irish Times China correspondent.)

Jill Robinson, the founder of Animals Asia, was there, organizing and watching.

“What we have here are six highly traumatised bears from an illegal bear bile farm here in Sichuan province,” Clifford quoted her as saying. “One of the bears has bile leakage, and others have the stereotypical head injuries from bashing the bars of their cages. But it’s such a relief to have them here.”

Around the world, on Twitter and through video, people were watching, too.

Here’s a tweet from the actor Peter Egan, of “Downton Abbey” and “A Perfect Spy” fame, and an animal rights supporter.

As a member of Animals Asia wrote in an email to Rendezvous: watching the bears arrive “was exciting and sad in equal measure.” Exciting because it was the start of a new life for six; sad, because they need treatment and help, and because there are so many more out there.

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Three top U.S. wireless carriers to embrace BlackBerry 10

LAS VEGAS (Reuters) – Three of the top U.S. cellphone carriers signaled this week that they would support Research In Motion’s BlackBerry 10 products, the first of which are due to be unveiled Jan 30, offering a hopeful sign for RIM’s comeback effort.

Executives at Verizon Communications , AT&T Inc and T-Mobile USA all said they are looking forward to the devices, which will be crucial for RIM’s chances of regaining lost ground from rivals such as Apple Inc and Samsung Electronics .

“We’re hopeful its going to be a good device,” Lowell McAdam, chief executive of Verizon Communications, majority owner of the biggest U.S. mobile service Verizon Wireless.

“We’ll carry it,” McAdam said in an interview at the Consumer Electronics Show in Las Vegas.

BlackBerry 10 is RIM’s next-generation mobile operating platform and it is preparing to launch new smartphones later this month. Word that major carriers will offer the devices is good news for RIM.

RIM, which once commanded the lead in the smartphone market, has rapidly lost ground to Apple’s iPhone and Samsung’s line of Galaxy products, especially in North American and European markets, as customers abandon its aging BlackBerry devices.

It has been testing the new BlackBerry 10 devices with carriers so they can assess their compatibility with networks.

No. 4 U.S. mobile provider T-Mobile USA, a unit of Deutsche Telekom , also plans to carry the new BlackBerry 10.

“We’re extremely optimistic that it’s going to be a successful product and our business customers are extremely interested in it,” Chief Executive John Legere said.

AT&T has promised to support the BlackBerry 10 platform, according to Chief Marketing Officer David Christopher, but he would not discuss specific devices.

However, AT&T handset executive Jeff Bradley made it clear that the No. 2 U.S. mobile operator would carry the phone.

“It’s logical to expect our current (BlackBerry) customers will have the best BlackBerry devices to choose from in the future,” Bradley said.

(Reporting By Sinead Carew; Editing by Cynthia Osterman)

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Kangaroo Gets Loose at Melbourne Airport

People Pets

01/08/2013 at 08:00 PM EST

Travelers passing through Australia's Melbourne Airport on Monday may have been greeted by an unexpected baggage handler.

At around 7 a.m., a 3-year-old eastern gray kangaroo was spotted in the airport's parking garage, where it hopped around for almost two hours, giving security officers the slip in the process.

Wildlife officer Manfred Zabinskas was then called in to catch the young animal, who was tranquilized in order to be transported to safety. Analyzing the critter, Zabinskas noted he had been away from his natural habitat for some time, and that the romp through the parking garage had done some damage to his feet. Prior to being re-released into the wild, the kangaroo will be looked at by a veterinarian.

This is the second time a kangaroo has paid a visit to the Melbourne Airport. Last October, another marsupial made its way up to the fifth floor of the parking garage before being spotted.

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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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Asian shares rise as earnings eyed

TOKYO (Reuters) - Asian shares rose on Wednesday as investors resumed buying after taking profits from a sharp rally at the start of the year while warily bracing for corporate earnings season to kick off in full force.

European shares were seen following Asia's lead with a modest rise, with financial spreadbetters predicting London's FTSE 100 <.ftse>, Paris's CAC-40 <.fchi> and Frankfurt's DAX <.gdaxi> would open as much as 0.3 percent higher. U.S. stock futures suggested a firmer Wall Street start with a 0.1 percent gain. <.l><.eu><.n/>

The yen's rebound as part of broader market position adjustments was also short-lived, with the dollar erasing earlier losses to rise 0.5 percent to 87.48 yen on sustained expectations of further monetary easing in Japan.

MSCI's broadest index of Asia-Pacific shares outside Japan <.miapj0000pus> rose 0.4 percent. Hong Kong shares <.hsi> were among the top gainers with a 0.5 percent climb, bouncing from their lowest in a week as Chinese banks were supported by a brokerage upgrade. Shanghai shares <.ssec> rose 0.3 percent.

"We are running into chart resistance now, so investors are looking to rotate into laggards. There is no need to be too bearish right now, at least in the first quarter," said Hong Hao, Bank of Communication International Securities' chief strategist.

Australian shares <.axjo> ended up 0.4 percent to break a three-day losing streak.

Alcoa Inc , the largest aluminum producer in the U.S., with customers in a wide range of industries, launched the U.S. earnings season on Tuesday. It reported a fourth-quarter profit of $242 million, in line with Wall Street expectations.

U.S. corporate profits are expected to be higher than the third quarter's lackluster results, but analysts' estimates are down sharply from where they were in October.

Credit Suisse said in a research note that Asian equity market price indices may start to catch up with earnings estimates which had been outperforming market prices, suggesting further upside scope for Asian share prices.

The consensus earnings forecast so far is flat in January, following virtually flat revisions in December, it said.

"It was the persistent EPS downgrades that led to the gap between equity market price indices and EPS. These flat revisions could act as a catalyst for equity market price indices to converge with EPS," Credit Suisse said.

Data flows were light with Australian retail sales surprisingly fell 0.1 percent in November from October, against forecasts for a 0.3 percent rise on the month, sending the Australian dollar down to session lows of $1.0486 from $1.0517 before the data was released.

China will release its December trade data on Thursday, which includes initial estimates for metals imports and exports.

U.S. crude and Brent both eased 0.1 percent to $93.03 a barrel and $111.86 respectively.

"What we're seeing in the oil markets is the cautious sentiment playing up ahead of some key economic events this week," said Ker Chung Yang, senior investment analyst at Phillips Futures Pte in Singapore.

Australian retail sales: http://link.reuters.com/zew92t

China exports graphic: http://link.reuters.com/kun94t

Euro zone retail sales: http://link.reuters.com/tyb25s

^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^>

YEN STAYS WEAK

Japan's benchmark Nikkei stock average <.n225> erased earlier losses to end 0.7 percent higher, bolstered by the yen's resumed weakness. The dollar had risen about 12 percent over the past two months against the yen, contributing to the Nikkei's 22 percent jump in the same period. <.t/>

Expectations of much bolder monetary easing from the Bank of Japan to help Tokyo beat deflation under new Japanese Prime Minister Shinzo Abe have encouraged investors to sell the yen.

But as trading resumed from year-end holidays, analysts and traders said markets were ripe for position adjustments.

"After a good run in risk assets since December, we entered in a phase of consolidation which is moving from Japanese equities to short JPY positions," said Sebastien Galy, FX strategist at Societe Generale in New York, in a note, adding that the dollar could consolidate to 85 yen but must first take out the first Fibonacci retracement at 85.75 yen.

Yen crosses which had been bought the most, including the yen/Korean won, are the most exposed to the correction.

"Such a washout in JPY crosses is the opportunity many long-term investors will be waiting for to continue their switch into strategic short yen positions," he said.

The dollar earlier on Wednesday fell as low as 86.825 yen, having scaled its highest since July 2010 at 88.48 on Friday. The euro also added 0.2 percent to 114.475 yen, off the day lows of 113.55. The euro last week hit 115.995 yen, its highest since July 2011.

The Bank of Japan will consider easing monetary policy again at its January 21-22 meeting, by likely boosting buying of government bonds and treasury discount bills, while considering a doubling of its inflation target to 2 percent.

The euro held steady against the dollar at $1.3086, ahead of Thursday's European Central Bank policy meeting and Spanish and Italian bond auctions toward the end of the week.

Sentiment turned cautious in Asian credit markets, with the spread on the iTraxx Asia ex-Japan investment-grade index widening slightly by 1 basis point.

(Additional reporting by Clement Tan in Hong Kong and Ramya Venugopal in Singapore; Editing by Eric Meijer)

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India Ink: Justice for India's Rape Victims

Influenced by extraordinary street protests, Indian authorities have moved swiftly to try the men accused of gang-raping a 23-year-old physiotherapy student in New Delhi. Clearly, justice must be served, but there are disturbing aspects to the way the case is being handled.

The victim died last month, two weeks after the brutal attack in which she was beaten, assaulted with an iron rod on a moving bus and then thrown bleeding onto the street. She had taken the bus after seeing a movie with a male friend, who was also beaten. Thousands of Indians have demonstrated and called for justice.

The case has brought to light India’s growing problem with violence against women. It has underscored serious weaknesses in the judicial system, which encourages women not to bring charges against rapists and rarely brings to justice those who are accused. Incompetent police are also part of the problem. The victim’s male companion said later that police were slow to respond and then wasted more time wrangling over who had jurisdiction over the crime.

Stunned by the popular response, authorities set up a fast-track process to hear the case. But while efforts to try the case expeditiously are to be commended, some legal experts are understandably concerned that a rush to judgment could mean that any verdicts will be overturned on appeal. The government should not be so eager to appease popular rage that it takes imprudent shortcuts.

Also disturbing is the fact that most lawyers have refused to represent the defendants. Their outrage at the reprehensible attack is understandable, but for the sake of all Indians, and for the country’s judicial system, there needs to be a fair trial, which requires that the accused have counsel so they can prepare a defense. Two lawyers have agreed to represent three of the five accused men. A sixth defendant, a teenager, is to be tried separately in juvenile court.

The judge overseeing the trial has contributed to the sense of unease about the fairness of the proceedings. On Monday, he closed the trial to reporters and invoked a law that makes it “unlawful for any person to print or publish any matter in relation to any such proceedings, except with the previous permission of the court.”

Transparency is needed to give Indians confidence that the judiciary is serving the common good and delivering credible justice. India allowed journalists to cover the trial of those accused of the 2008 Mumbai terrorist attacks and should do so in this case as well.

The New Delhi attack has focused much-needed attention on India’s sexual assault laws, which are now being reviewed by a special panel of judges. Its report, expected in January, and New Delhi’s reaction to it (some proposed new laws have already been introduced in Parliament) will reveal a lot about whether the government is serious about doing more to protect women. This case is too important to allow it to be tarnished by cutting legal corners.

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The next CIA’s director’s challenges

qWhat John Brennan faces after confirmation

I see no reason why the Senate won’t confirm John Brennan, President Obama‘s chief counter-terrorism adviser, to be the next director of the CIA. There will be pro forma inquiries into his past entanglements with the NSA’s domestic surveillance program and his knowledge and approval of the CIA’s “Greystone” torture protocols, but he will have ready answers for the questions and he will say plenty in private to sooth the concerns of those whose concerns need to be soothed.

Assuming Brennan becomes the DCIA, as he will thenceforth be acronymed, he’ll inherit a powerful spy agency facing a set of tough questions. Actually, every CIA director since the advent of the age of Al Qaeda has more or less dealt with these same issues. The daily demands of the job require tactical thinking and leave little room for attention to the bigger picture.

SEE MORE: Why Django is better than Lincoln

# Is the CIA a paramilitary force? Should it go back to its roots as a source of intelligence and warning?  You see this question phrased as such a lot, but it ignores virtually all of the CIA’s history, except for a period in the 1990s when the “Peace Dividend” and director John Deutch pulled back significantly on the agency’s ambit. The CIA has always been both and will always be both. From the start, the agency has very broadly and probably (in an affront to the original understanding of the National Security Act of 1947) interpreted its mandate to do stuff to further American interests abroad, even and often to the point of violence, as Adam Elkus reminds us today. The question really is one of authorities and chains of command: how are American resources properly allocated? Are the mechanisms of accountability sufficient? Is there really anything better than an ad hoc framework for determining whether combined CIA-military operations are really CIA operations or military operations?

# There is no such thing as secrecy anymore, at least not in the way that the CIA has understood the term. We live in an era of open source everything, which means that the agency’s crown jewels have very short lifespans and that public interest in what the CIA does is bound to increase exponentially. The agency has to figure out a posture on the New Secrecy that satisfies its mission while accepting the Open Source reality. Younger analysts have different expectations of how to gather and collect information and are less satisfied with the complicated and fairly broken traditional secrecy rules.

# Similarly, it is exceedingly difficult for would-be spies to come to the CIA without significant social media trails, and it is very hard for them to work in the world without leaving electromagnetic detritus for everyone to exploit and discover. How can the CIA’s case officers maintain their cover identities? Is the era of fully-fledged cover identities over? Will the CIA continue to rely (and over-rely) on foreign intelligence services for critical human intelligence operations? 

# The same Open Source world that hinders CIA secrecy also provides the agency with far more data than it ever imagined having. The CIA will never face a problem of not having enough intelligence. It will face the problem of having too much and not knowing what it has or how to use it.

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Justin Bartha Is Dating Trainer Lia Smith

01/07/2013 at 07:00 PM EST

Lia and Justin in Hawaii New Years Day

Pacific Coast News

Justin Bartha's "mystery woman" is in fact his girlfriend, trainer Lia Smith, a source reveals to PEOPLE.

The pair recently enjoyed a cozy trip to Smith's native Hawaii and were snapped basking in the sun on Maui on New Year's Day, which got people buzzing about her identity.

"They were very cute with each other," says an eyewitness. "They had their arms around each other and were kissing."

The couple also spent time with Smith's parents on Oahu. Bartha, who currently stars on The New Normal, was previously linked to Scarlett Johansson and dated Ashley Olsen for two years before breaking up in 2011.

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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.

Read More..