S&P 500 dips after rally, but Apple lifts Nasdaq

NEW YORK (Reuters) - The Standard & Poor's 500 edged lower on Monday as a four-week rally stalled, while a rebound in Apple shares helped buoy the Nasdaq.

Caterpillar shares helped cap losses in the Dow industrials after the heavy equipment maker's outlook eased investors' fears about an economic slowdown in China. Caterpillar's shares rose 2.1 percent to $97.61.

The S&P 500 is coming off a streak of eight sessions of gains, the longest in eight years. On Friday, the major U.S. stock indexes closed a fourth straight week of gains with the S&P 500 ending the session above 1,500 for the first time in more than five years.

The rally has left the market vulnerable to a short-term pullback of up to 3 percent in the S&P 500 as bullish sentiment continues to rise, according to Richard Ross, Auerbach Grayson's global technical strategist.

"Still," Ross said, "we have a lot of momentum and nice seasonality, and technicals support the long-term bull market."

Data on Monday pointed to growing economic momentum as companies sensed improved consumer demand.

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. 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> rose 4.34 points, or 0.03 percent, to 13,900.32.. The S&P 500 <.spx> shed 0.19 of a point, or 0.01 percent, to 1,502.77. The Nasdaq Composite <.ixic> added 11.40 points, or 0.36 percent, to 3,161.11.

Bargain hunters lifted Apple after the tech giant's stock dropped 14.4 percent in the previous two sessions. With Apple's stock up 2.8 percent at $452, the iPad and iPhone maker regained the title as the largest U.S. company by market capitalization as Exxon Mobil fell 0.9 percent to $90.90 and slipped back to second place.

"I think there is more downside in Apple if you did get a broad market pullback," Auerbach Grayson's Ross said.

"I'd be patient unless you're a trader. It might not be the most attractive entry point."

U.S. durable goods orders jumped 4.6 percent in December, a pace that far outstripped expectations for a rise of 1.8 percent. Pending home sales unexpectedly dropped 4.3 percent. Analysts were looking for an increase of 0.3 percent.

Equities have gained support from a recent 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.

Hess Corp shares shot up 5.7 percent to $62.27 after the company said it would exit its refining business, freeing up to $1 billion of capital. Separately, hedge fund Elliott Associates is looking for approval to buy about $800 million more in Hess stock.

Keryx Biopharmaceuticals Inc said a late-stage trial of its experimental kidney disease drug met the main study goal, and its shares soared nearly 60 percent to $5.45.

(Editing by Jan Paschal)

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India Ink: At Literature Festival, Yearning for Bollywood Past

Nostalgia for classic Bollywood cinema reigned at the Jaipur Literature Festival, which celebrated 100 years of Indian cinema with several sessions featuring veteran actors and writers, who offered critiques of contemporary Indian film-making.

In the session titled “Bollywood and National Narrative,” Javed Akhtar, the Indian poet and lyricist who scripted several popular Hindi films in the 1970s and ’80s, said that India is a nation of great “movie buffs,” noting that perhaps it was the only country where temples dedicated to movie stars exist.

“If you watch cinema carefully, it tells you a lot about the last 60 to 70 years in India,” Mr. Akhtar, 68, said.

The influence of society on filmmaking was so ingrained that drawing a list of a villain’s character over the years gives a sense of the socioeconomic history of the country, he said. In the 1940s, the villain was the zamindar, or landlord, who exploited the oppressed farmers, he noted. But today, he said, there is no such clear-cut character in society because the line between the heroes and the villains has become blurred.

Pointing to a generational shift in the art of storytelling in Bollywood, Mr. Akhtar argued that nowadays the screenplay is driven by a formulaic method that is aimed at a young, affluent audience who wants to have a good time at the theater and is not willing to engage with serious subjects.

“There is no shortage of stories, but an average producer wants a brand new story that has come before,” he said.

Wistfully, he commented that with the exception of a handful of films, the young generation of filmmakers had “left literature, poetry, art and aesthetics behind.”

But he also said he was hopeful that the next 10 years would usher in an era of more depth in film-making.

In another session on Bollywood, titled “Sex and Sensibility: Women in Cinema,” Shabana Azmi, the veteran Bollywood actress, along with Prasoon Joshi, lyricist, writer and poet, discussed the role of cinema in creating gender perceptions.

Ms. Azmi, who has also worked as a social activist on several issues including women’s rights, argued that Hindi cinema has created an ideal of womanhood based on mythological constructs taken from epics like as the Ramayana. While the character of the vamp was created to satisfy men’s sexual appetites, the ideal woman was docile, submissive and had no sexuality, she said.

“The movies are setting the wrong kinds of role models for young girls,” she said.

Mr. Joshi said it was time that “we realize we are not only mirroring society we are shaping it. People are emulating cinema in their daily lives.”

In a fiery debate among the panelists, a consensus was reached that it was ultimately those involved in the business of film-making who were responsible for perpetuating the stereotypes.

“We are all culpable,” Ms. Azmi said.

The younger generation of writers may have been criticized by some veterans for the lack of sensibility in their work, but even they seemed to agree that some of the more recent films did not have a moral compass.

“The line between the hero and the antihero is blurring, and that is very dangerous,” said Mr. Joshi, who is 41. “The antihero is becoming cool. Crime can’t become cool.”

During a session on screenwriting, Jaideep Sahni, a screenwriter and lyricist who has some notable films to his credit, including “Kholsa Ka Ghosla” and “Chake De India” warned against having too much nostalgia for the past. He grew up watching films in the 1980s and the 1990s, and “they had bad scripts,” he said.

“There was a tyranny of listening to the same thing again and again,” he said.

He said a certain kind of popular, commercial entertainment was being considered the “be all and end all” but is having a negative impact on cinema.

However, the screenwriter, who is in his 40s, defended young screenwriters and lyricists like him, saying that they watched old films and listened to old Bollywood music but made films about the present times.

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Siemens picks banks for two disposals: sources

FRANKFURT (Reuters) – Siemens AG has picked banks to organize the sale of two units as part of its efforts to streamline operations and stay competitive in a weak global economy, people familiar with the matter said.

Goldman Sachs Group Inc will advise the German conglomerate on the sale of its Water Technologies units, while Rothschild will oversee the divestment of its smaller security products arm, which makes access card readers and technology for intruder detection and surveillance, the sources said on Monday.

Siemens, Goldman and Rothschild all declined comment.

Siemens, which ranks as Germany’s second-most valuable company and which makes products ranging from trains to hearing aids, late last year announced the plan to divest several units in a bid to focus on its most profitable businesses.

It also aims to put itself in a better position to compete in core product areas with the likes of Switzerland’s ABB Ltd and U.S.-based General Electric Co.

Since then, several possible bidders for the water unit – which has annual sales of about 1 billion euros ($ 1.4 million) and employs 600 – have approached the Munich-based group and investment bankers have started to work on the possible sale, the sources said.

HATS IN THE RING

Siemens built up its water technology operations through a flurry of acquisitions over the last decade, buying the water systems and services division of U.S. Filter from Veolia Environnement for instance for $ 1 billion in 2004.

Since much of Siemens’s water business is focused on North America, industry sources expect U.S.-based peers Xylem Inc and Pentair Ltd to take a look at the asset.

“Asian companies are also likely to throw their hats into the ring,” one of the people said.

The region is experiencing rapid economic growth, climate change effects, rising populations and stricter energy and water regulations and is therefore expected to see heavy investment in water treatment equipment in coming years, he said.

Kurita Water Industries Ltd, Hyflux Ltd, Hitachi Ltd and Marubeni Corp are seen as possible suitors, he added.

Big private equity groups like KKR & Co LP, Bain and Permira are also expected to show interest.

Permira in 2011 bought Israel-based Netafim, a maker of irrigation technology, for 800 million euros.

Siemens Water Technologies offers products ranging from conventional water treatment to emergency water supply and water disinfection systems.

A report published in 2010 by Global Water Intelligence, an industry journal, put the size of the global water market at more than $ 500 billion.

Siemens shares were down 0.3 percent by 8.25 a.m, backtracking from a five-month high set last week, compared with a 0.1 percent drop in the main German index.

(Additional reporting by Jens Hack; Editing by Hans-Juergen Peters)

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Predict the SAG Award Winners!

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CDC: Flu seems to level off except in the West

New government figures show that flu cases seem to be leveling off nationwide. Flu activity is declining in most regions although still rising in the West.

The Centers for Disease Control and Prevention says hospitalizations and deaths spiked again last week, especially among the elderly. The CDC says quick treatment with antiviral medicines is important, in particular for the very young or old. The season's first flu case resistant to treatment with Tamiflu was reported Friday.

Eight more children have died from the flu, bringing this season's total pediatric deaths to 37. About 100 children die in an average flu season.

There is still vaccine available although it may be hard to find. The CDC has a website that can help.

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

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Scandal-hit Monte Paschi seeks new investor to revive bank

MILAN (Reuters) - Italian bank Monte dei Paschi di Siena is seeking a financial investor to help revive the ailing lender and will remove a current cap on voting rights to help raise 1 billion euros ($1.3 billion), its chairman said.

"I would like to have a long-term financial investor," Alessandro Profumo told Italian business daily Il Sole 24 Ore in an interview published on Sunday. "Nationality is not a problem. The important thing is that it believes in our project".

Late on Saturday the Bank of Italy gave its approval to Monte Paschi's request for 3.9 billion euros ($5.3 billion) of state loans, which Profumo said would be issued by February.

The central bank's backing was the final stage required to free up the financial help for Italy's third-biggest lender, which this week revealed loss-making derivatives trades that could cost it about 720 million euros.

In October, investors cleared a 1 billion euro share issue as part of its business plan, which Profumo said would be launched by the end of 2015.

Shareholders in the world's oldest bank on Friday approved two additional capital boosting measures for a combined 6.5 billion euros to be used in case the bank is not able to pay back the loans and interest with cash.

Profumo said he was confident the bank would generate enough cash to pay back the state bailout over the next five years and may not need to turn to investors to raise the 6.5 billion euros, which he described "theoretical" guarantees.

"We believe in this. The objective is to return to profits already during the course of this year," he said.

The bank will remove its current 4 percent cap to voting rights before launching the 1 billion euro cash call, he added. The move would encourage investors who could end up with more than 4 percent stakes to participate.

The scandal around opaque Monte Paschi trades is widening fast and Italian media have reported that public prosecutors are investigating a large number of derivatives contracts.

The issue has shot to the centre of the campaign for next month's national election and has prompted questions about how the deals, which were conducted between 2006 and 2009 and involved Japanese bank Nomura and Deutsche Bank, could have been hidden from regulators.

Monte Paschi was already under investigation over its 9 billion euro cash acquisition of smaller lender Antonveneta from Spain's Santander in 2007.

In an interview with La Repubblica daily on Sunday, Monte Paschi Chief Executive Fabrizio Viola said he had no evidence at this time that any crime had been committed, but the bank would not hesitate to protect its interests by taking legal action should any crime be ascertained by judges. ($1 = 0.7421 euros)

(Reporting By Danilo Masoni; Editing by Alison Birrane and Jane Baird)

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The Lede Blog: Fire at a Nightclub in Southern Brazil

Victims of the fire are attended by medics.

An intense fire ripped through a nightclub crowded with university students in southern Brazil early on Sunday morning, leaving behind a scene of horror with bodies piled in the club’s bathrooms and outside on the street.

At least 245 people were killed, police officials said.

As my colleague, Simon Romero reports, a flare from a live band’s pyrotechnic show ignited the fire in the nightclub, called Kiss, in the southern city of Santa Maria. Throughout the morning on Sunday, rescue workers hauled bodies from the still smoldering building.

One video posted to YouTube showed several bodies of apparently unconscious victims splayed on concrete outside of the club as medics check them for signs of life.

Shortly before the fire, a club D.J. posted a photo on Facebook from inside the crowded club with the caption: “Kiss is pumping.”

A short time later, another photo purportedly taken inside the club and widely disseminated through social media showed smoke billowing on the crowded dance floor.

BOATE KISS PEGANDO FOGO! http://t.co/tdV2DO4q

— Boatos SM ® #LUTO (@BoatoSM) 27 Jan 13

The fire quickly engulfed the building.

Firefighters, apparently joined by volunteers who shielded their faces with T-shirts, struggled to pull people from the burning building.

Firefighters and volunteers tried to pull people from the burning building

Photos from the scene showed frantic friends and family members gathered outside the club and the hospital.

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Apple’s slowed growth has blown the future of the mobile industry wide open… and that’s very exciting

What a difference just a few months makes. If you don’t recall, it was only last September when Apple’s (AAPL) share prices were blasting past $ 700 and bullish analysts were proclaiming that the company was well be on its way to having a $ 1 trillion valuation and dominating the tech industry for years to come. All that’s changed now as Apple has lost its spot as the world’s most valuable company and investors are panicking that the company’s growth rate may have peaked. This isn’t to say that Apple is doomed (and sorry, Apple haters, but it isn’t) or that it can’t return to the lofty heights it achieved last summer, but for the time being it no longer seems destined to mop the floor with its competitors for years to come.

[More from BGR: Unlocking your smartphone will be illegal starting next week]

This development is exciting in a sense because it’s been part of a fairly chaotic period for the mobile tech industry that has seen companies such as Samsung (005930) rise to become market leaders while longtime stalwarts such as RIM (RIMM) and Nokia (NOK) have seen their market shares plummet. Throughout the past several years, it seemed that the only constant in the mobile world was that Apple would continue to out-innovate its competitors by being the first to market with revolutionary smartphones and tablets that would turn the industry on its ear. Now that Apple’s incredible innovation machine shown signs of slowing, the question becomes, “What comes next?”

[More from BGR: Sony’s PS Vita: Dead again]

Those who look at the success of Samsung, Google (GOOG) and Amazon (AMZN) will naturally say that it’s Android’s time to pick up the slack. But even if you believe this, you have to ask yourself, “Whose version of Android?” While the open-source nature of Google’s mobile operating system has helped it spread quickly throughout the world, it’s also left Google with relatively little control over how manufacturers use its creation. Samsung, for instance, may have become enough of a powerhouse where it doesn’t need to rely on Android to sell smartphones and tablets anymore. If the company either ditches Android or creates its own heavily modified version of Android that doesn’t rely on Google apps such as Gmail, Maps and YouTube, where would that leave Google?

Google seems to know the danger that Samsung poses, which is why it’s reportedly working with its own Motorola division to create a so-called “X Phone” that it hopes will lessen Samsung’s dominance of the Android market, just as its own Nexus 7 tablet loosened the Amazon Kindle Fire’s grip of the low-cost Android tablet market. Google knows that Android is a massive money loser if people aren’t using it to get access to its web apps, and the company will do everything in its power to assure that Android remains Google-centric.

In the non-Android realm, we’ve seen some initial signs of life from Nokia after the company recently swung its first quarterly profit in a year and a half. While the company’s flagship Lumia 920 hasn’t exactly lit up the charts in the United States, it has produced some strong results in Europe and has at least bought the company some more time to improve on its recent gains. Similarly, there’s been a lot of positive buzz over the past couple of weeks for RIM (RIMM) and its upcoming BlackBerry 10 handsets. While RIM still faces a long, long road back from its 2012 near-death experience, the company is at least generating some hope among its diehard fans for the first time in many months.

Now, all of this exciting competition could be just a mirage if Apple blows the world away with the iPhone 5S, if Windows Phone 8 devices all bomb as Microsoft’s (MSFT) ill-fated Surface has, and if Samsung’s dominance forces rival Android vendors to quit the market. But for the first time in a while, I feel as though I don’t really know where the mobile industry is headed. And that is very exciting.

This article was originally published on BGR.com

Linux/Open Source News Headlines – Yahoo! News

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The Surprising Style Item Adam Levine Likes to Wear

Stylewatch
Style News Now

01/25/2013 at 02:00 PM ET

Courtesy Men’s Health

While some stars are repeat Fashion Faceoff offenders (we’re looking at you, Kim Kardashian), Adam Levine is determined to never be one of them. (Though the man really never should say never.)

In fact, his desire to have singular style is so strong that he won’t even pick up a plain old tee at a regular store for fear that another dude owns it. “I don’t want to buy a T-shirt and then go out to lunch and see someone else wearing the same thing,” Levine says in the new issue of Men’s Health. “I want my clothes to be unique. Not necessarily expensive, just one of a kind.”

So with that in mind, Levine puts a lot of thought into selecting those T-shirts. And even though they might look like basic Hanes to everyone else, what’s important to him is that he knows they’re not. The singer usually finds the tops at vintage shops because, “I also want them to have a story, a history, some meaning.”

In addition to his tees with history, the Maroon 5 frontman loves formalwear, saying, “[At] night I’ll throw on a suit and go out looking like a businessman.”

But it’s what he wears when he’s not on the red carpet or taping The Voice that really left us surprised — when he relaxes at home, Levine prefers something a bit, well, tighter. “I love waking up, throwing on some yoga pants, and hanging out all day looking like a psycho,” the singer reveals. His words, not ours.

For more Levine, pick up the March issue of Men’s Health, on newsstands Feb. 5. Tell us: Do you like Levine’s style? What do you think of guys wearing yoga pants?

Courtesy Men’s Health

–Jennifer Cress

PHOTOS: SEE MORE STAR STYLE IN ‘LAST NIGHT’S LOOK’

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CDC: Flu seems to level off except in the West

New government figures show that flu cases seem to be leveling off nationwide. Flu activity is declining in most regions although still rising in the West.

The Centers for Disease Control and Prevention says hospitalizations and deaths spiked again last week, especially among the elderly. The CDC says quick treatment with antiviral medicines is important, in particular for the very young or old. The season's first flu case resistant to treatment with Tamiflu was reported Friday.

Eight more children have died from the flu, bringing this season's total pediatric deaths to 37. About 100 children die in an average flu season.

There is still vaccine available although it may be hard to find. The CDC has a website that can help.

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

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