Wall Street slips as earnings season gets under way

NEW YORK (Reuters) - Stocks fell on Tuesday, retreating from last week's rally on the "fiscal cliff" deal in Washington, as companies started to report results for the fourth quarter.

After a 4.3 percent jump in the two sessions around the close of the fiscal cliff negotiations, the S&P has declined a bit, with investors finding few catalysts to extend the rally that took the benchmark to five-year highs.

"We had a brief respite, courtesy of what happened on the fiscal cliff deal and the flip of the calendar with new money coming into the market," said Bucky Hellwig, senior vice president at BB&T Wealth Management in Birmingham, Alabama.

Shares of AT&T Inc dropped 1.7 percent to $34.35, making it one of the biggest drags on the S&P 500, after the company said it sold more than 10 million smartphones in the quarter.

This figure beat the same quarter in 2011, but also means increased costs for the wireless service provider. Providers like AT&T pay hefty subsidies to handset makers so that they can offer discounts to customers who commit to two-year contracts.

Fourth-quarter profits are expected to beat the previous quarter's lackluster results, but analyst estimates are down sharply from October. Quarterly earnings are expected to grow by 2.7 percent, according to Thomson Reuters data. Dow component Alcoa, the largest U.S. aluminum producer, reported results after the closing bell.

The Dow Jones industrial average <.dji> dropped 55.44 points, or 0.41 percent, to 13,328.85. The Standard & Poor's 500 Index <.spx> fell 4.74 points, or 0.32 percent, to 1,457.15. The Nasdaq Composite Index <.ixic> lost 7.01 points, or 0.23 percent, to 3,091.81.

"The stark reality of uncertainty with regard to earnings, plus the negotiations on the debt ceiling, are there and that doesn't give investors a lot of reason to take bets on the long side," Hellwig said.

With AT&T's fall, the S&P telecom services index <.gspl> was the worst performer of the 10 major S&P sectors, down 2.7 percent.

Sears Holdings shares dropped 6.4 percent to $40.16 a day after the company said Chairman Edward Lampert would take over as CEO from Louis D'Ambrosio, who is stepping down due to a family member's health issue. The U.S. retailer also reported a 1.8 percent decline in quarter-to-date sales at stores open at least a year.

Markets went lower as some of the first reported earnings were weak.

"It doesn't seem to be bouncing back, it might stay here or sell off a little further," said Stephen Carl, head of U.S. equity trading at The Williams Capital Group in New York.

Shares of restaurant-chain operator Yum Brands Inc fell 4.2 percent to $65.04 a day after the KFC parent warned sales in China, its largest market, shrank more than expected in the fourth quarter.

GameStop was one of the worst performers on the S&P 500 as shares slumped 6.3 percent to $23.19 after the video game retailer reported low customer traffic for the holiday season and cut its guidance.

Shares of Monsanto Co gained 2.5 percent to $98.42 after reaching a more than four-year high at $99.99. The world's largest seed company raised its earnings outlook for fiscal year 2013 and posted strong first-quarter results.

Volume was below the 2012 average of 6.42 billion shares traded per day, as 6.19 billion were traded on the New York Stock Exchange, NYSE MKT and Nasdaq.

Declining stocks outnumbered advancing ones on the NYSE by 1,495 to 1,458, while on the Nasdaq decliners beat advancers 1,305 to 1,158.

(Reporting by Gabriel Debenedetti; Editing by Kenneth Barry and Nick Zieminski)

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U.S. does not rule out complete pullout from Afghanistan after 2014

WASHINGTON (Reuters) - The Obama administration does not rule out a complete withdrawal of U.S. troops from Afghanistan after 2014, the White House said on Tuesday, just days before President Barack Obama is due to meet Afghan President Hamid Karzai.

The comments by U.S. Deputy National Security Adviser Ben Rhodes were the first signal that, despite initial recommendations by the top military commander in Afghanistan to keep as many as 15,000 troops in the country, the final decision may be to remove everyone, as happened in Iraq in 2011.

Asked about consideration of a so-called zero-option once the NATO combat mission ends at the end of 2014, Rhodes said: "That would be an option that we would consider."

"Because again, the president does not view these negotiations as having a goal of keeping U.S. troops in Afghanistan," he added, saying the objective was to ensure the training and equipping of Afghan forces and combating al Qaeda.

Rhodes, lowering expectations of any breakthrough in the talks with Karzai at the White House on Friday, said it would be months before a final decision is made on troop levels.

In Iraq, Obama decided to pull out all U.S. forces after failing in negotiations with the Iraqi government to secure immunity for any U.S. troops who would remain behind.

The Obama administration is also insisting on immunity for any U.S. troops that remain in Afghanistan, and that unsettled question will figure in this week's talks between Obama and Karzai and their aides.

Jeffrey Dressler, an Afghanistan expert at the Washington-based Institute for the Study of War who favors keeping a larger presence in Afghanistan, questioned what battlefield conditions would allow for a complete U.S. pullout.

"I can't tell that they're doing that as a negotiating position ... or if it is a no-kidding option," Dressler said. "If you ask me, I don't see how zero troops is in the national security interest of the United States."

U.S. officials have said privately that the White House had asked for options to be developed for keeping between 3,000 and 9,000 troops in the country, a lower range than was put forward initially by General John Allen, the top U.S. and NATO commander in Afghanistan.

Allen suggested keeping between 6,000 and 15,000 troops in Afghanistan.

(Reporting By Matt Spetalnick and Phil Stewart; Editing by Eric Beech)

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Google offers New York City neighborhood free WiFi

(Reuters) – Google Inc and a New York redevelopment organization are providing a Manhattan neighborhood with free public WiFi Internet access, making it the largest area of coverage in New York City.

The search giant and the non-profit Chelsea Improvement Co are making Internet access available outdoors in Chelsea, which is home to Google’s New York offices and several technology start-ups.

The neighborhood is also home to many students, as well as residents of one of the city’s public housing developments.

Google does not plan to extend the program, a company spokesman said on Tuesday.

The company also provides free Internet access to the city of Mountain View, California, where its main campus is located.

New York City Mayor Michael Bloomberg and U.S. Senator Charles Schumer helped unveil the initiative.

(Reporting by Jennifer Saba in New York; Editing by Dan Grebler)

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Man Wins $1 Million Lotto - Then Dies of Cyanide Poisoning: Police

By Johnny Dodd

01/08/2013 at 04:45 PM EST

Urooj Khan

Illinois Lottery/EPA/Landov

Urooj Khan won a million dollar lottery, but he lost his life the day after collecting his winnings. Now, the authorities suspect that the Chicago man was the victim of foul play.

Pathologists initially believed Khan died of natural causes, but have since changed their minds after a relative asked them to re-examine his death and they detected lethal amounts of cyanide in his blood.

"We are investigating the incident as a murder and are working closely with the medical examiner," Chicago Police spokeswoman Melissa Stratton tells PEOPLE.

Khan, a 46-year-old hardworking entrepreneur from India, bought the two lottery scratch-off tickets at a convenience store near his home last June.

Moments after scratching off the second ticket, he reportedly jumped into the air and screamed, "I hit a million!" then handed the clerk a hundred-dollar bill out of gratitude.

On July 19, Khan cashed in his ticket and received a check (minus taxes) for $425,000, some of which he planned on donating to a local children's hospital.

The next day he was back at work at his string of dry cleaning businesses. But that evening, shortly after going to bed, he awoke shrieking in agony.

Shabana Ansari, 32, his wife of 12 years, telephoned paramedics and he was rushed to nearby St. Francis Hospital where doctors pronounced him dead several hours later.

Khan's blood sample showed no signs of carbon monoxide, opiates or alcohol. And because there were no visible signs of trauma to his body and no evidence of foul play, pathologists didn't believe an autopsy needed to be performed.

His death was attributed to hardening of the arteries and Khan was eventually buried at a local cemetery.

But before a week had passed, an unidentified relative telephoned the Cook County Medical Examiner's office, saying that he suspected foul play. A morgue worker took another look at Khan's blood sample and this time discovered lethal levels of cyanide.

"If a family member has a concern that seems valid, we take those seriously," Cook County Medical Examiner Stephen Cina tells the Chicago Tribune. "We can't [ordinarily] look for every toxin under the sun like a CSI episode."

Homicide detectives are currently piecing together Khan's final days and deciding whether or not to exhume his body.

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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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Wall Street edges off five-year high, awaits earnings

NEW YORK (Reuters) - Stocks lost ground on Monday, as investors drew back from recent gains that lifted the S&P 500 to a five-year high, in anticipation of sluggish growth in corporate profits.

Shares of financial companies dipped after a group of major U.S. banks agreed to pay a total of $8.5 billion to end a government inquiry into faulty mortgage foreclosures. The KBW bank index <.bkx>, a gauge of U.S. bank stocks, was down 0.3 percent.

Other sectors were hit as well, most notably energy and utilities. The S&P 500 energy sector index <.gspe> fell 0.8 percent and the utilities sector <.gspu> was off 1.1 percent.

The day's decline came a session after the S&P 500 finished at a five-year high, boosted by a budget deal and strong economic data. The S&P 500 rose 4.6 percent last week, the best weekly gain in more than a year.

"It's a little bit of taking some risk off the table ahead of profit season, you're not going to see anything all that great" on earnings, said Larry Peruzzi, senior equity trader at Cabrera Capital Markets Inc in Boston.

Earnings are expected to be only slightly better than the third-quarter's lackluster results, and analysts' current estimates are down sharply from where they were in October. Fourth-quarter earnings growth is expected to come in at 2.8 percent, according to Thomson Reuters data.

Aluminum company Alcoa Inc begins the reporting season by announcing its results after Tuesday's market close. Alcoa shares fell 1.7 percent at $9.10.

The Dow Jones industrial average <.dji> dropped 50.92 points, or 0.38 percent, to 13,384.29. The Standard & Poor's 500 Index <.spx> fell 4.58 points, or 0.31 percent, to 1,461.89. The Nasdaq Composite Index <.ixic> lost 2.84 points, or 0.09 percent, to 3,098.81.

Ten mortgage servicers - including Bank of America , Citigroup , JPMorgan , and Wells Fargo - agreed on Monday to pay $8.5 billion to end a case-by-case review of foreclosures required by U.S. regulators.

In a separate case, Bank of America also announced roughly $11.6 billion of settlements with mortgage finance company Fannie Mae and a $1.8 billion sale of collection rights on home loans.

The bank also entered into agreements with Nationstar Mortgage Holdings and Walter Investment Management to sell about $306 billion of residential mortgage servicing rights.

Bank of America shares lost 0.2 percent at $12.09 while Nationstar Mortgage Holdings jumped 16.8 percent to $38.83.

Citigroup shares were up 0.09 percent to $42.47, and Wells Fargo shares fell 0.5 percent to $34.77.

"The financials probably have the wind behind them now with a lot of the regulations coming out ... the market has to absorb a lot of the gains, and for that reason there's a pullback from this level," said Warren West, principal at Greentree Brokerage Services in Philadelphia.

Shares of U.S. jet maker Boeing Co dropped 2 percent after a Boeing 787 Dreamliner aircraft with no passengers on board caught fire at Boston's Logan International Airport on Monday morning.

Amazon.com shares hit their highest price ever at $269.22 after Morgan Stanley raised is rating on the stock. Shares were up 3.6 percent at $268.46.

Video-streaming service Netflix Inc shares gained 3.4 percent to $99.20 after it said it will carry previous seasons of some popular shows produced by Time Warner's Warner Bros Television.

Walt Disney Co stock fell 2.3 percent to $50.97. The company started an internal cost-cutting review several weeks ago that may include layoffs at its studio and other units, three people with knowledge of the effort told Reuters.

Volume was lower than average, as 4.78 billion shares were traded on the New York Stock Exchange, NYSE MKT and Nasdaq. This is well below the 2012 average of 6.42 billion per session.

Declining stocks outnumbered advancing ones on the NYSE by 1,629 to 1,363, while on the Nasdaq decliners beat advancers 1,438 to 1,066.

(Reporting By Gabriel Debenedetti; Editing by Kenneth Barry and Nick Zieminski)

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Five accused in India rape case charged in court

NEW DELHI (Reuters) - Five men accused of raping and murdering an Indian student were read the charges in a near-empty courtroom on Monday after the judge cleared out lawyers for bickering over whether the men deserved a defense.

The 23-year-old physiotherapy student died two weeks after being gang-raped and beaten on a moving bus in New Delhi, then thrown bleeding onto the street. Protests followed, along with a fierce public debate over police failure to stem rampant violence against women.

With popular anger simmering against the five men and a teenager accused in the case, most lawyers in the district where the trial will be held refuse to represent them.

Before the men arrived for a pre-trial hearing on Monday, heckling broke out in a chamber packed with jostling lawyers, journalists and members of the public after two of the lawyers, Manohar Lal Sharma and V. K. Anand, offered to defend the men.

"We are living in a modern society," declared Lal Sharma, defending his decision. "We all are educated. Every accused, including those in brutal offences like this, has the legal right ... to defend themselves."

One woman lawyer prodded V. K. Anand in the chest, saying: "I'll see how you can represent the accused."

Unable to restore order, presiding magistrate Namrita Aggarwal ordered everyone to leave except the prosecution, and set police to guard the entrance.

She said the trial would now be held behind closed doors because of the sensitivity of the case.

FACES COVERED

Reuters video images showed the men stepping out of a blue police van that brought them from Tihar jail and walking, their faces covered, through a metal detector into the South Delhi court building.

The court was across the street from the cinema where the victim watched a film before she was attacked on her way home.

Aggarwal gave the men copies of the charges, which include murder, rape and abduction, a prosecutor in the case told Reuters.

Police have conducted extensive interrogations and say they have recorded confessions, even though the men have no lawyers.

If the men, most of them from a slum neighborhood, cannot arrange a defense, the court will offer them legal aid before the trial begins.

Two of them, Vinay Sharma and Pawan Gupta, have offered to give evidence against the others - Mukesh Kumar, Ram Singh and Akshay Thakura - possibly in return for a lighter sentence.

Mohan, describing what he called a heinous crime, said: "The five accused persons deserve not less than the death penalty."

The case has sharpened long-standing anger against the government and police for a perceived failure to protect women.

A male friend who was assaulted with the woman on December 16 said on Friday that passers-by left her unclothed and bleeding in the street for almost an hour and that, when police arrived, they spent a long time arguing about where to take them.

The woman lived for two weeks after her attack, dying in a Singapore hospital where she had been taken for treatment.

FAST-TRACK COURT

Aggarwal said the next hearing would be on January 10. The case is due to move later to another, fast-track court set up since the woman was attacked to help reduce a backlog of sex crime cases in Delhi.

Legal experts say the lack of representation for the five men may give grounds for appeal if they are found guilty. Convictions in similar cases have often been overturned years later.

Some legal experts have also warned that previous attempts to fast-track justice in India in some cases led to imperfect convictions that were later challenged.

The sixth member of the group alleged to have lured the student and a male friend into the private bus is under 18 and will be tried in a separate juvenile court.

The government is aiming to lower the age at which teenagers can be tried as adults, acknowledging public anger that the boy will face a maximum three-year sentence.

The victim was identified by a British newspaper at the weekend but Reuters has opted not to name her.

Indian law generally prohibits the identification of victims of sex crimes. The law is intended to protect victims' privacy and keep them out of the glare of media in a country where the social stigma associated with rape can be devastating.

The dead woman's father repeated on Monday that he wanted her identified and said he would be happy to release a photograph of her.

"We don't want to hide her identity. There is no reason for that. The only condition is it should not be misused," he told Reuters.

He said he was confident the trial would be quick and reiterated a call that the perpetrators be hanged.

(Writing by Frank Jack Daniel; Editing by Robert Birsel and Tom Pfeiffer)

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Mark Zuckerberg faces fine in Germany over Facebook privacy violations

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Aurora Shooting: Officer Emotionally Recalls Slipping on Bloody Floor

01/07/2013 at 04:10 PM EST

James Holmes

University of CO/Splash News Online

As a body armor-clad James Holmes calmly told police about the explosives in his apartment, other officers raced to save victims of the movie-theater massacre, the first witnesses testified Monday in Holmes's preliminary hearing.

Officer Justin Grizzle choked up on the stand recalling slipping on the bloody floor as he encountered "several bodies throughout the theater laying motionless." He testified that, as he drove six victims to the hospital, "there was so much blood I could hear it sloshing around in the back of my car."

Among the victims of the Aurora, Colo., shooting he transported was Caleb Medley, a stand-up comedian who was shot in the head and is the last victim still hospitalized. Grizzle said Medley made a "god-awful" gurgling sound as he tried to breathe.

"I shouted, 'Don’t f–––ing die on me,'" Grizzle testified.

The first witness, Officer Jason Oviatt, testified that Holmes, a 25-year-old former neuroscience student, told them explosives in his apartment would go off if they were tripped.

"He was very relaxed," Oviatt testified. "It was like there weren't normal emotional responses."

The hearing, in Centennial, Colo., is to determine if there is sufficient evidence against Holmes on the 166 criminal charges in the July 20 attack, which killed 12 people and injured at least 70.

Some of the survivors are expected to testify during the week-long proceeding. Before this week, authorities had avoided discussing details and evidence about the highly publicized attack.

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Organ donations fall in Germany after scandal

BERLIN (AP) — Organ donations have dropped sharply in Germany following a scandal over alleged corruption at several transplant clinics.

The German Foundation for Organ Transplantation says the number of organs donated fell almost 13 percent to 3,917 last year, the lowest figure in a decade.

Several German clinics are being investigated over allegations that doctors manipulated waiting lists to help some patients appear sicker than they were and so receive transplants sooner.

The foundation said Monday that the scandal had "massively shaken" the public's faith in the transplant system.

Some 12,000 people in Germany require organ transplants each year.

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