Wall Street drops again, data raises growth concerns

NEW YORK (Reuters) - U.S. stocks fell on Thursday and were on track for their biggest two-day decline since November as weak data suggested expectations for economic growth were overly optimistic.

The two-day decline marked the U.S. stock market's first sustained pullback this year. The Standard & Poor's 500 is up 5.2 percent so far this year. The benchmark index has climbed for seven straight weeks, putting it near five-year highs.

In the latest economic data, initial claims for unemployment benefits rose more than expected last week while the Federal Reserve Bank of Philadelphia said its index of business conditions in the U.S. mid-Atlantic region fell in February to minus 12.5, the lowest in eight months.

"The Philly Fed report was troublingly weak, and adds to concerns about whether growth will remain up," said Brad Sorensen, director of market and sector analysis at Charles Schwab in Denver. "The only growth we're seeing is sluggish."

On Wednesday, the S&P 500 and the Nasdaq posted their worst daily declines of the year after the minutes from the Federal Reserve's most recent meeting sparked concerns that the central bank may rein in its economic stimulus measures.

"The upside momentum in markets appears to be coming to an end as we consolidate recent gains," said Adam Sarhan, chief executive at Sarhan Capital in New York. "If the S&P breaks under its 50-day moving average, something more serious could be in store."

The S&P 500 would need to fall 1.9 percent to reach that level of 1,473.58.

Other reports showed consumer prices were flat in January while existing-home sales edged higher and left the inventory of homes at the lowest level in 13 years.

Wal-Mart Stores Inc shares gained 2.5 percent to $70.94 and helped curb the Dow's decline after the world's largest retailer reported earnings that beat expectations, though early February sales were sluggish.

The Dow Jones industrial average <.dji> was down 70.03 points, or 0.50 percent, at 13,857.51. The Standard & Poor's 500 Index <.spx> was down 11.23 points, or 0.74 percent, at 1,500.72. The Nasdaq Composite Index <.ixic> was down 36.50 points, or 1.15 percent, at 3,127.92.

The benchmark S&P 500 index has dropped 1.9 percent over the past two sessions, the biggest two-day decline since November.

Wall Street will soon face another test with the upcoming debate in Washington over the automatic across-the-board spending cuts put in place as part of a larger congressional budget fight. Those cuts, set to kick in on March 1 unless lawmakers agree on an alternative, are expected to depress economic growth.

Semiconductor stocks ranked among the weakest of the day, pressuring the Nasdaq as the Philadelphia Semiconductor index <.sox> fell 1.8 percent. Intel Corp fell 2.2 percent to $20.27 while Advanced Micro Devices lost 4.8 percent to $2.57 as the S&P's biggest percentage decliner.

The semiconductor sector has performed well so far in 2013, rising 8.4 percent.

In company news, shares of supermarket operator Safeway Inc jumped 13.4 percent to $22.83 and ranked as the S&P 500's top percentage gainer after the company reported earnings that beat expectations.

In contrast, shares of VeriFone Systems Inc tumbled nearly 40 percent to $19.28 after the credit-card swipe machine maker forecast first- and second-quarter profits well below expectations.

Of the 427 companies in the S&P 500 that have reported results so far, 69.3 percent have exceeded analysts' expectations, compared with a 62 percent average since 1994 and 65 percent over the past four quarters, according to Thomson Reuters data through Thursday morning.

Fourth-quarter earnings for S&P 500 companies are estimated to have risen 5.9 percent, according to the data, above a 1.9 percent forecast at the start of the earnings season.

Berry Petroleum Co jumped 17.3 percent to $45.25 after oil and gas producer Linn Energy LLC said it would buy the company in an all-stock deal valued at $4.3 billion, including debt. Linn Energy shares advanced 1.9 percent to $37.33.

(Editing by Kenneth Barry and Jan Paschal)

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Deadly Bombings Hit Southern India City

Mahesh Kumar A/Associated Press

A member of the bomb squad with a sniffer dog arrived at a blast site in Hyderabad on Thursday.

NEW DELHI — Two bombs planted on bicycles killed at least 13 people and wounded some 70 in a busy shopping district in the southern India city of Hyderabad at the height of Thursday’s evening rush hour, the largest terrorist bombing in the country since September 2011.

Sushil Kumar Shinde, India’s home affairs minister, said the central government had warned state governments that such an attack was planned. “We have had some information for the last two days of such an incident,” he said.

Hyderabad, one of India’s largest cities and a leading center of the country’s burgeoning pharmaceutical and biotechnology industries, has suffered other such attacks in recent years, usually linked to sectarian friction. The blast sites on Thursday — in the Dilsukh Nagar neighborhood, packed with shops, restaurants, theaters and a huge produce market — were quickly mobbed by protesters, reporters, the curious, and politicians and their large security contingents. Television news footage in the hours afterward showed chaotic scenes, with some investigators trying to find the remains of explosive devices while huge numbers of people jostled for space around them.

Mr. Shinde, speaking to journalists in New Delhi, said that the bicycles were 150 meters away from each other and the bombs detonated about 10 minutes apart , killing eight at one site and three at the other. But he forewarned that the toll could rise, and it did so, with 13 reported dead by midnight.

In a Twitter message, Prime Minister Manmohan Singh said. “This is a dastardly attack, the guilty will not go unpunished.”

They and other officials sought to diminish the chances of the kind of sectarian rioting that has long plagued the country.

Asked in a news conference if he believed that Muslim extremists were to blame for the bicycle blasts, Mr. Shinde said: “We have to investigate. We should not come to conclusion immediately.”

Mr. Singh, said in another Twitter message, said: “I appeal to the public to remain calm and maintain peace.”

Asaduddin Owaisi, a Muslim member of Parliament from Hyderabad, called the blasts “cowardly.”

“I feel that the priority is to maintain peace,” he said. “Let us not fall pray to rumors.” The crush of government officials at the blast sites, along with their with enormous entourages and their own police squads, was portrayed by NDTV-News as particularly unhelpful. The money and resources spent on protecting bureaucrats and politicians has become a source of increasing controversy in India, especially in the wake of a highly publicized gang-rape case in December in New Delhi. But Indian politicians, like those elsewhere, often compete with each other to show who is tougher on acts of terrorism and other crimes.

“We’ve seen political leaders come into the area and hold press conferences,” the anchor on NDTV said. “That’s the last thing they should be doing.”

Kiran Kumar Reddy, the chief minister of Andhra Pradesh, held a news conference away from the scene late Thursday night and asked people to stay away from the blast areas. Renuka Chowdhury, a leader of the Indian National Congress Party, pleaded with other politicians to stay away as well.

“I really wish politicians would recognize this,” Ms. Chowdhury said.

The bombings in recent years in Hyderabad have often used homemade explosives.

In May 2007, 13 people died after a bomb went off at the Mecca Masjid, including some who were killed in clashes between the police and Muslim protesters afterward. In August 2007, a pair of synchronized explosions tore through two popular gathering spots in Hyderabad, killing at least 42 and wounding dozens. Police found and defused 19 more bombs in the hours after the blasts, left at bus stops, theaters, pedestrian bridges and intersections.

In New Delhi in September 2011, a briefcase exploded near the high court, killing at least 12 people and injuring scores.

Hari Kumar contributed reporting.

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Diane Lane and Josh Brolin Split

02/21/2013 at 02:25 PM EST

Josh Brolin and Diane Lane

Frank Micelotta/PictureGroup

After eight years of marriage, Josh Brolin and Diane Lane are splitting, their reps confirm to PEOPLE.

The pair, who married in a 2004 ceremony at Brolin's central California ranch, were first introduced by the actor's stepmother, Barbra Streisand, at a party in 2002.

But just four months after saying "I do," Brolin, 45, was arrested for spousal battery, following "a misunderstanding at [the couple's] home," his rep said at the time. Lane, 48, did not press charges.

Brolin was more recently arrested for public intoxication just before midnight on New Year's Eve 2013.

Spotted without his wedding ring the following day, Brolin, donning sunglasses, seemed unfazed by the trouble as he ate with a male friend at Sauce on Hampton in Venice, Calif.

A few days later, Lane headed to the Palm Springs Film Festival – without her husband – where she presented an award to her former Unfaithful costar, Richard Gere.

Brolin was previously married to Alice Adair, with whom he had two children. Lane previously wed Christopher Lambert, and they had one child together.

•Reporting by JENNIFER GARCIA

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Obama admin. tackles colonoscopy confusion

WASHINGTON (AP) — The new health law requires that most insurance plans cover all costs for preventive care, including colon cancer screening.

But it didn't turn out to be that simple.

Many patients ended up with a bill when the doctor performing the colonoscopy removed precancerous growths known as polyps. Why the bill? Because a preventive screening had turned into a procedure.

Now the Obama administration is trying to straighten out the confusion: Polyp removal is part of preventive care, and therefore free of charge to the patient.

Health plans also must cover an expensive genetic test for breast cancer if a woman's doctor orders it. And the lowly aspirin for heart trouble is covered too, if prescribed.

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Wall Street drops as energy sector drags

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Boiko Borisov, Prime Minister of Bulgaria, Submits Resignation

Prime Minister Boiko Borisov of Bulgaria submitted his government’s resignation on Wednesday after a tumultuous week of public anger over rising electricity prices, corruption and worsening living standards that ignited mass protests nationwide and led to bloody clashes with the police on Tuesday night.

“The people gave us power, and today we are returning it,” Mr. Borisov said on Wednesday morning in Parliament, according to local news reports.

The speaker of Parliament, Tsetska Tsacheva, said the resignation of the prime minister and his cabinet would not be effective until Parliament put it to a vote on Thursday. Since Mr. Borisov controls Parliament, acceptance would seem sure.

The protests — the biggest in at least 15 years — were triggered by electricity price increases and corruption scandals, including one over the nominee to head the state electricity regulatory commission, which sets rates. She was accused of selling cigarettes illegally online and her nomination was later withdrawn.

Tempers were inflamed further when Bulgaria’s finance minister Simeon Djankov, the architect of painful fiscal probity, stepped down on Monday. Rather than allaying anger, analysts said the resignation was greeted by the public as an admission that the government’s economic policies, had not worked.

Tens of thousands of Bulgarians took to the streets across the country to protest. Some yelled “Mafia!” Others burned their utility bills.

While the country’s fiscal prudence has helped it to avoid having to seek an international bailout like Hungary or Romania, analysts said that rising unemployment and weak growth, coupled with wage and pension freezes and tax increases, had mobilized the country’s increasingly disgruntled middle class, who felt themselves squeezed during the financial crisis.

Opposition political parties had been trying to exploit public anger over the government’s austerity measures as general elections planned for July approached. Elections are now expected in April or May, and analysts said the opposition Socialist party was expected to benefit from the turmoil.

Daniel Smilov, program director at the Center for Liberal Strategies, a political research organization, in the Bulgarian capital, Sofia, said that Bulgarians were disillusioned that the overthrow of Communism in 1989 and the country’s subsequent democratization had not delivered the expected prosperity.

Bulgaria has struggled to shed a reputation for lawlessness and corruption. It remains poor, with an average monthly wage of just $480, the lowest in the European Union.

“What we are seeing is the result of a general distrust in government and the political system,” Mr. Smilov said, noting than protests had engulfed wealthy as well as poorer regions of the country. “These are not the bottom layers of society, but people in the middle strata who been hit hardest by the financial crisis. They fear they are losing their status, and they might become poor very fast.”

Trying to appease the protesters, the prime minister said on Tuesday that the license of the Czech utility CEZ, which provides power to many residential customers in Bulgaria, would be withdrawn. Mr. Borisov cited beatings of protesters Tuesday by the police as one reason.

“Every drop of blood for us is a stain,” he said. “I can’t look at a Parliament surrounded by barricades, that’s not our goal, neither our approach, if we have to protect ourselves from the people.”

Mr. Smilov said that after the Parliament accepted the government’s resignation, President Rosen Plevneliev would then appoint a caretaker government. Mr. Borisov said his party would not participate in an interim government.

Mr. Borisov’s resignation could signal the political demise of one of the country’s most colorful political figures. A former karate instructor, bodyguard, fireman and mayor of Sofia with a shaved head and a talk-tough approach, Mr. Borisov was once viewed as being so invincible that Bulgarians called him “Batman.”

As the owner of a private security company, he provided security services for Todor Zhivkov, the former Communist leader of Bulgaria. Mr. Borisov was then the personal bodyguard for Simeon Saxe-Coburg-Gotha, the child czar who returned to be elected prime minister in 2001.

Mr. Borisov rose to oversee the police at the Interior Ministry, before being elected mayor of Sofia and then becoming prime minister in 2009.

“Mr. Borisov is a typical populist leader who came to power promising to take revenge against the transition on behalf of the poor,” says Andrei Raichev, a political analyst at Gallup International in Sofia. “Now the people realize that they were lied to.”

Mr. Raichev said that no one could predict how the public will react to the resignation. “We could even reach the absurd situation that the protests continue against no one,” he said. “Which means that they are against everyone.”

This article has been revised to reflect the following correction:

Correction: February 20, 2013

An earlier version of this article and an accompanying photo caption misspelled the given name of Bulgaria’s prime minister. He is Boiko Borisov, not Boyko.

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Twitter begins integrating advertising software

SAN FRANCISCO (Reuters) – Twitter Inc said on Wednesday it is opening up its platform to third-party advertising management software, taking another step to establish its ad-based business model ahead of an initial public offering.

The ads application programming interface, or API, would allow advertisers to connect their existing ad management software to their Twitter account to automate ads on the micro-messaging platform.

Twitter said that it would begin by integrating with ad software by Adobe Systems Inc, Salesforce Inc, Hootsuite, SHIFT and TBG Global.

“With the Ads API, marketers now have more tools in their arsenal to help them deliver the right message, to the right audience, on the desktop and on mobile devices — all at scale,” Twitter product manager April Underwood wrote in a blog post.

Under pressure to show growing revenues, Twitter in recent years has ramped up its ad-serving capabilities while building a sales staff to woo corporate marketers. The firm said last year it would allow marketers to target Twitter users based on a profile of their perceived interests and by location.

Twitter makes money every time a user clicks or retweets a “promoted” message paid for by an advertiser. The new API would allow great automation for advertisers, who previously had to manually write every promoted tweet.

In 2013, Twitter’s ad revenues are expected to grow nearly 90 percent to $ 545 million, according to eMarketer which noted that Facebook Inc experienced similarly rapid growth after opening its API to advertisers in 2011.

(Reporting By Gerry Shih; Editing by Bernard Orr)

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Amy Poehler Is the Latest Star to Get Bangs - Who Should Be Next?

Stylewatch
Style News Now

02/20/2013 at 01:30 PM ET

Landov, AKM-GSI, BEImages, Wireimage

We’ve filled out our Oscar ballots and predicted the gowns, now the PEOPLE StyleWatch team is ready to talk hair.

Bold bangs are sizzling hot in Hollywood right now: Amy Poehler’s just the latest star to step out with fringe, which is why we’re hoping for a big bang debut at the Oscars. Now we just have to decide who will follow in the footsteps of Michelle Obama, LeAnn Rimes and Poehler, all who have gotten sassy chops in the last month. Here are our front runners:

Amanda Seyfried: The actress has had these long, layered golden locks since her Mean Girls days, so we’re ready for her to spice it up a bit. Seyfried, call your stylist and request some side-swept bangs. They’re flattering, flirty and not-too-frightening for a first-timer … and let’s be honest, you wouldn’t mind stealing some of that Les Mis spotlight from Anne Hathaway come Sunday night.

Jessica Chastain: Chastain already gives us major mane envy, which is why the star is a prime candidate for a blunt bangs cut à la Jessica Biel. Just think how chic she’d look if she wore her tresses straight with serious statement stunners — and since she’s been sporting dramatic hairstyles throughout awards season, we bet she’d dare to try something similar at the Oscars.

Bradley Cooper: Given that he’s one of the sexiest men alive, we’re not telling him to change much, but a little cleanup to his already face-framing locks could do wonders for Cooper‘s floppy hairdo.

Who do you think should try bangs at the Oscars? Vote below and sound off in the comments!

–Jennifer Cress

PHOTOS: SEE MORE STAR HAIRSTYLES!

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UK patient dies from SARS-like coronavirus

LONDON (AP) — A patient being treated for a mysterious SARS-like virus has died, a British hospital said Tuesday.

Queen Elizabeth Hospital in Birmingham, central England, said the coronavirus victim was also being treated for "a long-term, complex unrelated health problem" and already had a compromised immune system.

A total of 12 people worldwide have been diagnosed with the disease, six of whom have died.

The virus was first identified last year in the Middle East. Most of those infected had traveled to Qatar, Saudi Arabia, Jordan or Pakistan, but the person who just died is believed to have caught it from a relative in Britain, where there have been four confirmed cases.

The new coronavirus is part of a family of viruses that cause ailments including the common cold and SARS. In 2003, a global outbreak of SARS killed about 800 people worldwide.

Health experts still aren't sure exactly how humans are being infected. The new coronavirus is most closely related to a bat virus and scientists are considering whether bats or other animals like goats or camels are a possible source of infection.

Britain's Health Protection Agency has said while it appears the virus can spread from person to person, "the risk of infection in contacts in most circumstances is still considered to be low."

Officials at the World Health Organization said the new virus has probably already spread between humans in some instances. In Saudi Arabia last year, four members of the same family fell ill and two died. And in a cluster of about a dozen people in Jordan, the virus may have spread at a hospital's intensive care unit.

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M&A deals lift shares, suggest value in market

NEW YORK (Reuters) - U.S. stocks rose on Tuesday as this year's ongoing surge of merger activity suggested investors were still finding value in the market even as indexes hover near five-year highs.

Office Depot Inc surged 12.4 percent to $5.15 after a person familiar with the matter said the No. 2 U.S. office supply retailer was in advanced talks to merge with smaller rival OfficeMax Inc , which jumped 22 percent.

News of the potential move came just days after Berkshire Hathaway and a partner agreed to acquire H.J. Heinz Co for $23 billion, and a revised $20 billion takeover of Mexican brewer Grupo Modelo by Anheuser-Busch InBev .

Deal activity has helped equities resist a pullback as investors use dips in stocks as buying opportunities. The S&P is up about 7 percent so far in 2013 and has climbed for the past seven weeks in its longest weekly winning streak since January 2011, though most of the weekly gains have been slim.

"Deals are good for the market," said Frank Lesh, a futures analyst and broker at FuturePath Trading LLC in Chicago. "The fact that they're being done is a positive."

More than $158 billion in deals has been announced so far in 2013, more than double the activity in the same period last year and accounting for 57 percent of global deal volumes, according to Thomson Reuters Deals Intelligence.

The Dow Jones industrial average <.dji> gained 54.19 points, or 0.39 percent, to 14,035.95. The Standard & Poor's 500 Index <.spx> gained 9.66 points, or 0.64 percent, to 1,529.45. The Nasdaq Composite Index <.ixic> gained 13.53 points, or 0.42 percent, to 3,205.56.

Other stocks in the office supplies sector also rose. Larger rival Staples Inc shot up 12.9 percent to $14.61 as the best performer on the S&P 500.

"Equity investors have to be encouraged by M&A since, if the number crunchers are offering large premiums, that shows how much value is still in the market," said Mike Gibbs, co-head of the equity advisory group at Raymond James in Memphis, Tennessee.

On the downside, health insurance stocks tumbled, led by a 6.4 percent drop in Humana Inc to $72.99 after the company said the government's proposed 2014 payment rates for Medicare Advantage participants were lower than expected and would hurt its profit outlook.

UnitedHealth Group lost 1.9 percent to $56.25. The Morgan Stanley healthcare payor index <.hmo> dropped 1.6 percent.

Wall Street's strong start to the year for was fueled by better-than-expected corporate earnings, as well as a compromise by legislators in Washington that temporarily averted automatic spending cuts and tax hikes that are predicted to damage the economy.

The compromise on across-the-board spending cuts postponed the matter until March 1, at which point the cuts take effect. Ahead of the debate over the cuts, known as sequestration, further gains for stocks may be difficult to come by.

"If there's no major contention with sequestration, it looks like stocks are prepared to handle it, but until then we'll probably stay in a consolidation period marked by sideways trading with a slow rate of ascent," said Gibbs.

Economic data showed the NAHB/Wells Fargo Housing Market index unexpectedly edged down to 46 in February from 47 in the prior month as builders faced higher material costs.

According to the Thomson Reuters data through Monday morning, of the 391 companies in the S&P 500 that have reported results, 70.1 percent have exceeded analysts' expectations, compared with a 62 percent average since 1994 and 65 percent over the past four quarters.

Fourth-quarter earnings for S&P 500 companies have risen 5.6 percent, according to the data, above a 1.9 percent forecast at the start of the earnings season.

Express Scripts rose 1.7 percent to $56.49 after the pharmacy benefits manager posted fourth-quarter earnings.

(Additional reporting by Chuck Mikolajczak; Editing by Chizu Nomiyama, Kenneth Barry and Nick Zieminski)

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