Wall Street dips, focus shifts back to fiscal, Europe worries

NEW YORK (Reuters) - Stocks fell on Wednesday, erasing earlier gains, as strong earnings from technology bellwether Cisco weren't enough to offset investor anxiety over U.S. budget negotiations and Europe's economic troubles.

Wall Street had opened higher after Dow component Cisco Systems Inc reported first-quarter earnings and revenue late Tuesday that beat expectations, driving its shares up 5.8 percent to $17.83. But the positive momentum was short-lived.

"Again today, the market started off hoping for an optimistic tone out of Washington on the 'fiscal cliff' issue, which spurred a move higher. But then, we got nothing and gains basically fizzled out. We are probably going to have many more days like this," said Randy Frederick, managing director of trading and derivatives at Charles Schwab's Center for Financial Research.

"It's been very hard recently to be optimistic about anything and to have a real buying interest."

The S&P 500 has fallen 3.8 percent over the past five trading days. The index closed below its 200-day moving average for a fourth day in a row on Tuesday, a technical indicator that suggests recent declines could gain momentum.

The Dow Jones industrial average <.dji> was down 83.26 points, or 0.65 percent, at 12,672.92. The Standard & Poor's 500 Index <.spx> was down 7.61 points, or 0.55 percent, at 1,366.92. The Nasdaq Composite Index <.ixic> was down 10.90 points, or 0.38 percent, at 2,872.99.

"Under this scenario, there is near-term downside risk to 1,330-1,350 (on the S&P 500), the index's lower trend channel extended from its June low," said Ari Wald, an analyst at PrinceRidge Group, in New York.

Despite Cisco's gains Wednesday, the broader technology sector has been weak lately, dropping almost 10 percent over the past two months on earnings disappointments from Google and others. It was the worst-performing sector on Tuesday.

In earnings news, Abercrombie & Fitch Co soared 27.8 percent to $39.85 after reporting a steep rise in its quarterly profit and a full-year forecast that beat analysts' estimates. Staples Inc rose 1.8 percent to $11.46 after posting earnings that beat expectations.

Abercrombie, Cisco and Staples ranked as the S&P 500's top three percentage gainers.

But broader trading will likely be partially dictated by macroeconomic issues as investors grapple with the impact of Europe's debt crisis and the U.S. "fiscal cliff" - a series of mandated tax hikes and spending cuts that start to take effect next year.

Analysts say serious fiscal negotiations are still weeks away, but Congress' failure to reach a deal could tip the world's largest economy into recession.

Retail sales fell 0.3 percent in October, hurt by the impact of Superstorm Sandy in the U.S. Northeast. The drop was slightly more than expected, but stocks barely reacted to the data. The overall U.S. Producer Price Index fell 0.2 percent in October, contrary to economists' consensus forecast for a gain of 0.2 percent.

A separate piece of data showed U.S. business inventories rose more than expected in September but stocks excluding automobiles were flat for a second month, which could prompt economists to lower their estimates for third-quarter growth.

The FTSEurofirst-300 index of European shares <.fteu3> lost 1 percent as Greece's unresolved crisis raised questions about the region's potential for economic growth, while anti-austerity strikes across southern Europe added to concerns that fiscal reforms would be politically difficult to implement.

(Editing by Jan Paschal)

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Israelis Kill Hamas Military Commander in Gaza

Reuters

Palestinians extinguished a fire after an Israeli airstrike on a car carrying Ahmed al-Jabari, who ran Hamas's military wing, on Wednesday in Gaza City.

GAZA — The Israeli military carried out multiple airstrikes in Gaza on Wednesday and blew up a car carrying the commander of the Hamas military wing, making him the most senior official of the group to be killed by the Israelis since their invasion of Gaza four years ago. Hamas announced that Israel would “pay a high price.”

The death of the commander, Ahmed al-Jabari, 52, who was on Israel’s most-wanted list of Palestinian militants, was confirmed by Hamas and Israeli officials. The Israeli military said it had ordered the airstrikes as part of a response to days of rocket fire launched from Gaza into Israeli territory.

Mr. Jabari’s death signaled a further escalation in the renewed hostility between Israel and Hamas, the militant organization regarded by Israel as a terrorist group sworn to Israel’s destruction. The Israeli attacks could also further complicate Israel’s fragile relations with Egypt, where the new government has established closer ties with Hamas and had been acting as a mediator to restore calm between Israel and Gaza-based militant groups.

Hamas reacted furiously, saying in a statement that it considered the Israeli attacks to be the basis for a “declaration of war” against Israel. A spokesman for Hamas, Fawzi Barhoum, said the Israelis had “committed a dangerous crime and broke all redlines,” and that “the Israeli occupation will regret and pay a high price.”

Military officials in Israel, which announced responsibility for the death of Mr. Jabari, later said in a statement that their forces had carried out additional airstrikes in Gaza targeting what they described as “a significant number of long-range rocket sites” owned by Hamas that had stored rockets capable of reaching 25 miles into Israel. The statement said the airstrikes had dealt a “significant blow to the terror organization’s underground rocket-launching capabilities.”

Yisrael Katz, a minister from Israel’s governing Likud Party, issued a statement saying that the operation had sent a message to the Hamas political leaders in Gaza “that the head of the snake must be smashed. Israel will continue to kill and target anyone who is involved in the rocket attacks.”Hamas and medical officials in Gaza said both Mr. Jabari and a companion were killed by the airstrike on his car in Gaza City. Israeli news media said the companion was Mr. Jabari’s son, but there was no immediate confirmation.

The Israel Defense Forces said in a statement that Mr. Jabari had been targeted because he “served in the upper echelon of the Hamas command and was directly responsible for executing terror attacks against the state of Israel in the past number of years.”

The statement said the purpose of the attack was to “severely impair the command and control chain of the Hamas leadership as well as its terrorist infrastructure.”

The statement did not specify how the Israelis knew Mr. Jabari was in the car but said the operation had been “implemented on the basis of concrete intelligence and using advanced capabilities.”

Hamas has controlled Gaza since 2007, a year after the Israelis withdrew from the territory captured in the 1967 Arab-Israeli war. But Israeli forces went back into Gaza in the winter of 2008-09 in response to what they called a terrorist campaign by Palestinian militants there to launch rockets into Israel. The three-week military campaign killed as many as 1,400 Palestinians, including hundreds of civilians, and was widely condemned internationally.

Israel has long said it would hold Hamas responsible for attacks launched from Gaza on its forces and population, regardless of which group was behind them. Like the United States and Europe, Israel defines Hamas as a terrorist organization. Hamas refuses to recognize Israel’s right to exist.

Mr. Jabari became the acting leader of the Hamas military wing after Israel had severely wounded Muhammad Deif, the top commander, in an assassination attempt in 2003. Mr. Jabari had survived several previous Israeli raids. In 2004, Israeli planes attacked his house killing one of his sons and three other relatives.

Shin Bet, the Israeli security agency, considered Mr. Jabari responsible for what it called “all anti-Israeli terror activity” emanating from Gaza.

He was also known for having played a major role in negotiations that led to the release of Gilad Shalit, an Israeli soldier captured by Gaza militants in a cross-border raid in 2006. Mr. Jabari personally escorted Mr. Shalit to a handover to Egyptian intermediaries last year as part of a prisoner exchange for hundreds of Palestinians held in Israeli jails. Video of the handoff to Egypt showed Mr. Jabari standing near Mr. Shalit.

Lt. Col. Avital Leibovich, a spokeswoman for the Israeli military, acknowledged Mr. Jabari’s role in that prisoner exchange during a conference call with journalists on Wednesday announcing the airstrike on Mr. Jabari’s car. She also said Mr. Jabari had “a lot of blood on his hands.”

Fares Akram reported from Gaza, and Isabel Kershner from Jerusalem. Rick Gladstone contributed reporting from New York.

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When Facebook insiders, employees can sell stock

On Wednesday, additional Facebook stock became eligible for sale for the first time. It follows the expiration of similar lock-up periods in August and October. Other shares will become eligible for sale in the coming months.

Up to 1.56 billion more shares could flood the stock market — nearly four times the 421 million shares that had been trading since Facebook’s initial public offering in May. The 1.56 billion figure includes shares released from lock-up already.

On Aug. 16, a lock-up period expired for 271 million shares held by early investors and directors who had participated in the IPO, though CEO Mark Zuckerberg was excluded for unspecified reasons.

On Oct. 29, the lock-up ended for 234 million shares and stock options held by employees as of Oct. 15, excluding Zuckerberg. Oct. 31 was the first trading day since then because of stock market closures resulting from Superstorm Sandy.

On Wednesday, another 852 million shares and stock options became eligible. Zuckerberg had been eligible to sell his shares at this date, but Facebook has changed that given that the CEO had no plans to do so until at least next September.

Here’s the schedule for remaining lock-up expirations, as reported by Facebook Inc. in regulatory filings:

— Dec. 14: 156 million shares held by early investors and others who participated in IPO, except Zuckerberg.

— May 18, 2013: 47 million shares held by the Russian Internet company Mail.ru Group and DST Global, both of which made early investments in Facebook.

Social Media News Headlines – Yahoo! News

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It's a Boy for Tamera Mowry-Housley

Mom & Babies
Celebrity Baby Blog

11/13/2012 at 10:45 AM ET

Katee Grace

He’s finally here!

Tamera Mowry-Housley delivered a son, Aden John Tanner Housley, on Monday, Nov. 12 at Cedars-Sinai Medical Center in Los Angeles, PEOPLE confirms.

This is the first child for the Tia & Tamera star, 34, and her husband, FOX News correspondent Adam Housley.

Arriving two weeks after his due date of Oct. 30, Aden weighed in at 9 lbs., 5 oz. and is 21.5 inches long.

The actress, who blogged her pregnancy for PEOPLE.com, was more than ready for her baby boy to make his arrival.

“If I have yet to learn patience, my son is in the process of teaching me now,” Mowry-Housley wrote. “I have learned that I am not in control and that he will decide when he comes.”

She and Housley, 40, wed in May 2011 in Napa Valley.

RELATED GALLERY: Tamera Mowry-Housley’s Americana-Themed Nursery

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British medical journal slams Roche on Tamiflu

LONDON (AP) — A leading British medical journal is asking the drug maker Roche to release all its data on Tamiflu, claiming there is no evidence the drug can actually stop the flu.

The drug has been stockpiled by dozens of governments worldwide in case of a global flu outbreak and was widely used during the 2009 swine flu pandemic.

On Monday, one of the researchers linked to the BMJ journal called for European governments to sue Roche.

"I suggest we boycott Roche's products until they publish missing Tamiflu data," wrote Peter Gotzsche, leader of the Nordic Cochrane Centre in Copenhagen. He said governments should take legal action against Roche to get the money back that was "needlessly" spent on stockpiling Tamiflu.

Last year, Tamiflu was included in a list of "essential medicines" by the World Health Organization, a list that often prompts governments or donor agencies to buy the drug.

Tamiflu is used to treat both seasonal flu and new flu viruses like bird flu or swine flu. WHO spokesman Gregory Hartl said the agency had enough proof to warrant its use for unusual influenza viruses, like bird flu.

"We do have substantive evidence it can stop or hinder progression to severe disease like pneumonia," he said.

In the U.S., the Centers for Disease Control and Prevention recommends Tamiflu as one of two medications for treating regular flu. The other is GlaxoSmithKline's Relenza. The CDC says such antivirals can shorten the duration of symptoms and reduce the risk of complications and hospitalization.

In 2009, the BMJ and researchers at the Nordic Cochrane Centre asked Roche to make all its Tamiflu data available. At the time, Cochrane Centre scientists were commissioned by Britain to evaluate flu drugs. They found no proof that Tamiflu reduced the number of complications in people with influenza.

"Despite a public promise to release (internal company reports) for each (Tamiflu) trial...Roche has stonewalled," BMJ editor Fiona Godlee wrote in an editorial last month.

In a statement, Roche said it had complied with all legal requirements on publishing data and provided Gotzsche and his colleagues with 3,200 pages of information to answer their questions.

"Roche has made full clinical study data ... available to national health authorities according to their various requirements, so they can conduct their own analyses," the company said.

Roche says it doesn't usually release patient-level data available due to legal or confidentiality constraints. It said it did not provide the requested data to the scientists because they refused to sign a confidentiality agreement.

Roche is also being investigated by the European Medicines Agency for not properly reporting side effects, including possible deaths, for 19 drugs including Tamiflu that were used in about 80,000 patients in the U.S.

____

Online:

www.bmj.com.tamiflu/

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Wall Street gains, led by retail sector

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Top U.S. Commander in Afghanistan Is Linked to Petraeus Scandal

PERTH, Australia — Gen. John R. Allen, the top American and NATO commander in Afghanistan, has become ensnared in the scandal over an extramarital affair acknowledged by David H. Petraeus, a former general. General Allen is being investigated for what a senior defense official said early Tuesday was “inappropriate communication” with Jill Kelley, a woman in Tampa, Fla., who was seen by Mr. Petraeus’s lover as a rival for his attentions.

Chuck Burton/Associated Press

F.B.I. agents carried boxes and a computer from the home of Paula Broadwell on Tuesday.

In a statement released to reporters on his plane en route to Australia early Tuesday, Defense Secretary Leon E. Panetta said that the F.B.I. on Sunday had referred “a matter involving” General Allen to the Pentagon.

Mr. Panetta turned the matter over to the Pentagon’s inspector general to conduct an investigation into what a defense official said were 20,000 to 30,000 pages of documents, many of them e-mails between General Allen and Ms. Kelley, who is married and has children.

A senior law enforcement official in Washington said on Tuesday that F.B.I. investigators, looking into Ms. Kelley’s complaint about anonymous e-mails she had received,  examined all of her e-mails as a routine step.

“When you get involved in a cybercase like this, you have to look at everything,” the official said, suggesting that Ms. Kelley may not have considered that possibility when she filed the complaint. “The real question is why someone decided to open this can of worms.”

The official would not describe the content of the e-mails between General Allen and Ms. Kelley or say specifically why F.B.I. officials decided to pass them on to the Defense Department. “Generally, the nature of the e-mails warranted providing them to D.O.D.,” he said.

Under military law, adultery can be a crime.

The defense official on Mr. Panetta’s plane said that General Allen, who is also married, told Pentagon officials he had done nothing wrong. Neither he nor Ms. Kelley could be reached for comment early Tuesday. Mr. Panetta’s statement praised General Allen for his leadership in Afghanistan and said that “he is entitled to due process in this matter.”

A senior Defense Department official said General Allen has denied having an extramarital affair with Ms. Kelley. But the official said the content of some of the e-mails “was of a flirtatious nature; some were of an affectionate nature.”

“That is what makes the e-mails potentially inappropriate,” the official said, adding that it was unclear whether the tone of flirtation was from General Allen to Ms. Kelley or from Ms. Kelley to General Allen, or both. 

The official said he had not read the e-mails but had been briefed on the content, and he said that they did not contain anything inappropriate regarding operations or security. Pentagon officials cautioned against making too much of the number of documents, since some might be from e-mail chains, or brief messages printed out on a whole page, or simply copies of messages sent to other people.

The Pentagon inspector general’s investigation opens up what could be a widening scandal into two of the most prominent generals of their generation: Mr. Petraeus, who was the top commander in Iraq and Afghanistan before he retired from the military and became director of the C.I.A., only to resign on Friday because of the affair, and General Allen, who also served in Iraq and now commands 68,000 American troops in Afghanistan.

Although General Allen will remain the commander in Afghanistan, Mr. Panetta said that he had asked President Obama to delay the general’s nomination to be the commander of American forces in Europe and the supreme allied commander of NATO, two positions he was to move into after what was expected to be easy confirmation by the Senate. Mr. Panetta said in his statement that Mr. Obama agreed with his request.

Gen. Joseph A. Dunford, the assistant commandant of the Marine Corps who was nominated last month by Mr. Obama to succeed General Allen in Afghanistan, will proceed as planned with his confirmation hearing. In his statement, Mr. Panetta urged the Senate to act promptly on his nomination.

The National Security Council spokesman, Tommy Vietor, said in a statement on Tuesday that Mr. Obama also believes that the Senate should swiftly confirm General Dunford.

Scott Shane and Thom Shanker contributed reporting from Washington.

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At Mao-style conclave, China embraces Twitter age

BEIJING (AP) — During China’s last party congress, the cadres in charge of the world’s most populous nation didn’t know a hashtag from a hyperlink. But five years on, there’s a new message from Beijing: The political transition will be microblogged.

Party officials have this fall embraced social media with unprecedented enthusiasm, hoping it can help guide public opinion and stir up excitement about the staid and scripted party meeting taking place this week in Beijing that kicks off a transition to a new, younger set of top leaders.

Dozens of the more than 2,000 party delegates, among them Chairman Mao‘s grandson, are using social media to wax rhapsodic about China’s rise and Party General Secretary Hu Jintao’s live 90-minute reading of highlights from this year’s party work report. Typical posts include pictures of grinning delegates on Tiananmen Square and mobile snapshots of poinsettia arrangements and chandeliers from inside the Great Hall of the People, where the congress is meeting.

Guo Mingyi, a miner from the frigid northeast who was making his debut as a party delegate, tweeted: “On this land with great affections, how can I not sing, how can I not tear up, I love this piece of land, the people and the great Chinese Communist Party!”

State media also are posting microblog interviews with officials and shooting out updates about the congress schedule via Twitter-like accounts.

But apart from being a tool to deliver Beijing’s approved policy messages to the mobile phones of ordinary Chinese, the Internet is a two-way street that’s also being used by the public to poke fun at and critique the propaganda. Online commentators have compared the gushy crying and clapping of some delegates over Hu’s speech to North Korean style mass hysteria.

Responding to state media report about how a female delegate, Li Jian, cried five times at Hu’s work report, a Sina microblog user writing under the name ‘Buying Soysauce’ wrote: “I sobbed uncontrollably too, at the thought that these people were my compatriots.”

Wang Keqin, the assistant to the editor in chief of Beijing’s Economic Observer magazine, wrote about the tears of another delegate, He Guiqin: “It’s back to North Korea overnight!”

Other critics have dredged up old headlines from 1987 about the scourge of bribe-seeking and posted them online to highlight how little party rhetoric, and party problems, have changed despite major social change over the last three decades.

The clash of ideas underscores just how important the Internet has become in China’s campaign to guide public opinion — a major shift from just a few years ago.

At the last party conclave in October 2007, Twitter was a little over a year old and hashtags had only just been introduced. China’s leading homegrown Twitter-like microblog service, Sina Weibo, was still two years from launch.

But as elsewhere, China’s Internet population has exploded over the last five years, jumping from 170 million to more than 500 million today. Social media has boomed with it and now plays a huge part in everyday Chinese life, particularly for urban residents who use it to find restaurants, jobs and mates.

Beijing’s initial reaction to social media was to block and censor, to limit conversations by banning access to Twitter and Facebook and to limit mention of anything considered sensitive or destabilizing with keyword filters. Though authorities still use those tactics, the government is increasingly proactive and working to wrest control of the online conversation by flooding the zone with its own content.

David Bandurski, a researcher with the China Media Project at Hong Kong University, says Chinese officials have learned that simply banning or blocking reports is no longer effective in the porous Internet sphere and that stifling information can backfire by fanning more interest in scandals and crises and sparking online rumors.

“You can’t just stuff the genie back into the bottle,” said Bandurski. “You have also to channel public opinion … officially, they are seeing social media as the best way to send out their authoritative information and kind of drive the agenda.”

But the government remains yoked to its party-ese, which can seem hopelessly out of date in the Twitter age.

A dispatch on the trend by the official Xinhua News Agency gives a hint to the flavor of Beijing’s rhetoric.

“The Internet has been unprecedentedly embedded into the ongoing National Congress of the Communist Party of China,” the news agency trumpeted over the weekend. “Not only can contents on the Internet be found in the congress report, but online media practitioners are attending the congress in person.”

On Saturday, Chairman Mao’s grandson Mao Xinyu tweeted this to his 105,943 followers on Renmin Weibo, the microblog of the official party paper, the People’s Daily: “Mao Zedong thought will always be the guiding ideology of the party.”

It got 155 retweets, a mediocre showing in China‘s lively web sphere.

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Follow Alexa Olesen on Twitter: http://twitter.com/alobeijing

Social Media News Headlines – Yahoo! News

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