Stock futures point to lower open after weak GDP read


NEW YORK (Reuters) - Stock index futures pointed to a slightly weaker open on Wednesday following an unexpected contraction in fourth-quarter economic activity.


The first read showed gross domestic product fell 0.1 percent, far below expectations for growth of 1.1 percent. However, a read on private sector employment topped forecasts, with the ADP National Employment report showing 192,000 jobs added in January, higher than the 165,000 expectation.


Futures dipped modestly following the GDP data; previously, they had indicated a flat open for equity markets, which have surged in recent sessions.


"This is one chink in the armor of the recent better-than-expected economic indicators. This will make people start to get wary," said Wayne Kaufman, chief market analyst at John Thomas Financial in New York. "If it turns out Sandy and the fiscal cliff were the reasons for (the contraction), people will shrug it off."


Deeper losses were prevented by a rise in both Boeing Co and Amazon.com Inc , which rallied after earnings, continuing a trend this quarter of high-profile names advancing after results.


Amazon.com Inc rose 8.8 percent to $283.30 in premarket trading a day after reporting better-than-expected fourth-quarter earnings and strong revenue growth. The rally put the stock within striking distance of an all-time high.


Boeing Co rose 1.3 percent to $74.60 before the bell after reporting adjusted fourth-quarter earnings that beat expectations. The Dow component also said that while production continued on its Dreamliner jet, which has had technical problems recently, it was suspending delivery until clearance was granted by the Federal Aviation Administration.


Thomson Reuters data showed that of the 174 companies in the S&P 500 that have reported earnings this season, 68.4 percent have been above analyst expectations, which is a higher proportion than over the past four quarters and above the average since 1994.


S&P 500 futures fell 2.6 point and were about even with fair value, a formula that evaluates pricing by taking into account interest rates, dividends and time to expiration on the contract. Dow Jones industrial average futures fell 18 points and Nasdaq 100 futures fell 3.25 points.


The S&P 500 has risen for nine of the past 10 sessions, putting it above 1,500, a level market technicians call an inflection point that will determine the overall direction in the near term. The benchmark index is on track to post its best monthly performance since October 2011 as investors poured $55 billion in new cash into stock mutual funds and exchange-traded funds in January, the biggest monthly inflow on record.


The Dow Jones industrial average has been flirting with 14,000, a level it hasn't seen since October 2007. Many analysts have said markets may need to take a pause at current levels.


The Federal Reserve concludes a two-day meeting on Wednesday, and while the central bank is expected to keep monetary policy on a steady path, intensive debates continue behind the scenes over when the controversial bond-buying program should be curtailed.


In company news, Chesapeake Energy Corp rose 10.5 percent to $20.95 in premarket trading a day after saying Aubrey McClendon would step down as chief executive after a year in which a series of Reuters investigations triggered civil and criminal probes of the second-largest U.S. natural gas producer.


U.S. stocks advanced on Tuesday, led by defensive sectors, in a sign the cash piles recently moving into the market are being put to use by cautious investors to pick up more gains.


(Editing by Chizu Nomiyama and Nick Zieminski)



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A-Rod implicated in PED use again as MLB probes


NEW YORK (AP) — Alex Rodriguez is in the middle of Major League Baseball's latest doping investigation after an alternative weekly newspaper reported baseball's highest-paid star was among the big leaguers listed in the records of a Florida clinic the paper said sold performance-enhancing drugs.


The Miami New Times said Tuesday that the three-time AL MVP bought human growth hormone and other performance-enhancing substances during 2009-12 from Biogenesis of America LLC, a now-closed anti-aging clinic in Coral Gables, Fla., near Rodriguez's offseason home.


The new public relations firm for the New York Yankees third baseman issued a statement denying the allegations.


New Times said it obtained records detailing purchases by Rodriguez, 2012 All-Star game MVP Melky Cabrera, 2005 AL Cy Young Award winner Bartolo Colon and 2011 AL championship series MVP Nelson Cruz of Texas.


Cabrera left San Francisco after the season to sign with Toronto, while Oakland re-signed Colon.


Other baseball players the newspaper said appeared in the records include Washington pitcher Gio Gonzalez, who finished third in last year's NL Cy Young Award voting, and San Diego catcher Yasmani Grandal.


Biogenesis, which the New Times said was run by Anthony Bosch, was located in a beige, nondescript office park. The former clinic is no longer listed as a business in its directory,


"There was a flier put out by the building management a couple weeks ago. It was put on all the doors and windows of all the offices," said Brad Nickel, who works in a cruise planning company on the floor above where the clinic was located. "It just said this guy's not really a doctor, he doesn't belong here, he's no longer allowed here, call the police or the building management if you see him."


The New Times posted copies of what it said were Bosch's handwritten records, obtained through a former Biogenesis employee it did not identify.


Bosch's lawyer, Susy Ribero-Ayala, said in a statement the New Times report "is filled with inaccuracies, innuendo and misstatements of fact."


"Mr. Bosch vehemently denies the assertions that MLB players such as Alex Rodriguez and Gio Gonzalez were treated by or associated with him," she said.


Rodriguez appears 16 times in the documents New Times received, the paper said, either as "Alex Rodriguez," ''Alex Rod" or the nickname "Cacique," a pre-Columbian Caribbean chief.


Rodriguez admitted four years ago that he used PEDs from 2001-03. Cabrera, Colon and Grandal were suspended for 50 games each last year by MLB following tests for elevated testosterone. Responding to the testosterone use, MLB and the players' union said Jan. 10 they were authorizing the World Anti-Doping Agency laboratory outside Montreal to store each major leaguer's baseline testosterone/epitestosterone (T/E) ratio in order to detect abnormalities.


"We are always extremely disappointed to learn of potential links between players and the use of performance-enhancing substances," MLB said in a statement. "Only law enforcement officials have the capacity to reach those outside the game who are involved in the distribution of illegal performance-enhancing drugs. ... We are in the midst of an active investigation and are gathering and reviewing information."


A baseball official, speaking on condition of anonymity because he was not authorized to make public statements, said Monday that MLB did not have any documentation regarding the allegations. If MLB does obtain evidence, the players could be subject to discipline. First offenses result in a 50-game suspension and second infractions in 100-game penalties. A third violation results in a lifetime ban.


Rodriguez is sidelined for at least the first half of the season after hip surgery Jan. 16. A 50-game suspension would cost him $7.65 million of his $28 million salary.


"The news report about a purported relationship between Alex Rodriguez and Anthony Bosch are not true," Rodriguez said in a statement issued by a publicist. "He was not Mr. Bosch's patient, he was never treated by him and he was never advised by him. The purported documents referenced in the story — at least as they relate to Alex Rodriguez — are not legitimate."


Jay Reisinger, a lawyer who has represented Rodriguez in recent years, said the three-time AL MVP had retained Roy Black, an attorney from Rodriguez's hometown of Miami. Black's clients have included Rush Limbaugh and William Kennedy Smith.


Bosch did not return a phone message seeking comment.


MLB hopes to gain the cooperation of Bosch and others connected with the clinic, another baseball official said, also on condition of anonymity because no public statements on the matter were authorized. In order to successfully discipline players based on the records, witnesses would be needed to authenticate them, the official said.


Players could be asked to appear before MLB for interviews, but the official said MLB would be reluctant to request interviews before it has more evidence.


Rodriguez spent years denying he used PEDs before Sports Illustrated reported in February 2009 that he tested positive for two steroids in MLB's anonymous survey while with the Texas Rangers in 2003. Two days later, he admitted in an ESPN interview that he used PEDs over a three-year period. He has denied using PEDs after 2003.


If the new allegations were true, the Yankees would face high hurdles to get out of the final five years and $114 million of Rodriguez's record $275 million, 10-year contract. Because management and the players' union have a joint drug agreement, an arbitrator could determine that any action taken by the team amounted to multiple punishments for the same offense.


But if Rodriguez were to end his career because of the injury, about 85 percent of the money owed by the Yankees would be covered by insurance, one of the baseball officials said.


Gonzalez, 21-8 for the Washington Nationals last season, posted on his Twitter feed: "I've never used performance enhancing drugs of any kind and I never will, I've never met or spoken with tony Bosch or used any substance provided by him. anything said to the contrary is a lie."


Colon was not issuing a statement, agent Adam Katz said through spokeswoman Lisa Cohen.


"We are aware of certain allegations and inferences," Cruz's law firm, Farrell & Reisinger, said in a statement. "To the extent these allegations and inferences refer to Nelson, they are denied."


Cruz and Gonzalez had not previously been linked to performance-enhancing drugs. Cruz hit 24 home runs last year for the Rangers.


The New Times report said it obtained notes by Bosch listing the players' names and the substances they received. Several unidentified employees and clients confirmed to the publication that the clinic distributed the substances, the paper said. The employees said that Bosch bragged of supplying drugs to professional athletes but that they never saw the sports stars in the office.


The paper said the records list that Rodriguez paid for HGH; testosterone cream; IGF-1, a substance banned by baseball that stimulates insulin production; and GHRP, which releases growth hormones.


___


Associated Press writers Jennifer Kay in Coral Gables, Fla., and Curt Anderson in Miami, and AP Sports Writers Howard Fendrich and Tim Reynolds contributed to this report.


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Severe weather rakes US midsection






JACKSON, Miss. – A large storm system packing high winds, rain and some possible tornadoes tore across several states in the South and central U.S. on Wednesday, blacking out power to thousands, downing trees and damaging homes.


One death was reported when a large tree blew down on a shed in Nashville, Tenn., where a man was sheltering, police told Nashville broadcaster WTVF-TV. Authorities did not immediately release further details when contacted by The Associated Press.






In Arkansas, another person was reported injured by lightning in Arkansas during the storm’s eastward trek. The severe weather ushered in a cold front that was headed toward the Eastern seaboard as it dumped rain over a wide area.


The rapidly changing conditions created a risk of tornadoes in the nation’s midsection and South. The National Weather Service’s Storm Prediction Center in Norman, Okla., said the threat was greatest in recent hours in northeast Texas, northern Louisiana, northwest Mississippi, southeast Missouri and much of Arkansas.


The center said it was investigating reports of at least four possible tornadoes in states including Arkansas and Mississippi. Hail ranging up to nearly golf-ball size was also reported in some areas and barns and other buildings collapsed or were damaged, the center added.


Thousands were reported without power in Tennessee, where tornado warnings and flash flood warnings were issued for several counties and a tractor-trailer truck was blown over by high winds.


Entergy Arkansas Inc. reported at least 9,000 power outages in several communities around Arkansas at the height of the storm, including in and around Little Rock.


Power lines fell, trees were toppled and some homes suffered damage to rooftops around the state, reports indicated. The weather service said suspected straight-line winds of up to 80 mph were reported in Arkansas late Tuesday night along with flooding in low-lying areas of Jonesboro in Arkansas’ northeastern corner.


Police in the Arkansas community of Monticello reported a person was injured by lightning late Tuesday but the injury was not life-threatening.


The Mississippi Emergency Management Agency urged residents to be on guard for severe thunderstorms, high winds and possible tornadoes Wednesday.


Earlier this week, a large swath of the Midwest and South bathed in unseasonably balmy temperatures that reached the high 70s in some areas.


The temperature in the central Missouri college town of Columbia reached 77 degrees on Monday, a record for January, and students exchanged their winter coats for shorts and flip-flops as freezing rain gave way to spring-like conditions. Foul weather made a quick return, however, with a Tuesday downpour that flooded some streets near the University of Missouri campus. Early morning snow was expected Wednesday.


Chicago residents also have been whiplashed by recent weather extremes. Workers who suffered through subzero temperatures and brutal wind chills a week ago strolled through downtown without coats Tuesday as temperatures soared into the mid-60s.


Carol Krueger, who lives in the Chicago suburb of North Hoffman Estates, noted that just a few days ago she was struggling to drive through blowing snow. All she needed Tuesday was a light jean jacket, although by Thursday temperatures were barely expected to reach 20 degrees.


“It’s bizarre, it’s scary,” Krueger said of the swiftly changing weather.


On Monday, the National Weather Service predicted a “moderate” risk of severe weather more than 24 hours out, only the fifth time it had done so in January in the past 15 years, said Gregory Carbin, the director of the Storm Prediction Center.


A system pulling warm weather from the Gulf of Mexico was colliding with a cold front moving in from the west, creating volatility.


The nation has had its longest break between tornado fatalities since detailed tornado records began being kept in 1950, according to the Storm Prediction Center and National Climatic Data Center. The last one was June 24, when a person was killed in a home in Highlands County, Fla. That was 220 days ago as of Tuesday.


The last day with multiple fatalities was June 4, when three people were killed in a mobile home in Scott County, Mo.



Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.



Weather News Headlines – Yahoo! News





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Bill Gates: We should grade teachers




Bill Gates discusses class work with students at South High School in Denver, Colorado last year.




STORY HIGHLIGHTS


  • Bill Gates says his foundation is focused on setting goals, measuring progress

  • To improve education, we need measures of teacher effectiveness, he says

  • Gates: It's worth spending what it takes for strong evaluation system

  • He says better measuring will empower teachers to do their best work




Editor's note: Bill Gates is co-chair of the Bill & Melinda Gates Foundation. Watch an interview with him Sunday on "Fareed Zakaria GPS" at 10 a.m. and 1 p.m. ET.


(CNN) -- Today I released my annual letter. Each year, I reflect on what I learned in the last year through our travels and work with the foundation and how that will shape my thinking over the coming months. This year, my letter focuses on how important it is to set clear goals and measure progress in order to accomplish the foundation's priorities, both here at home and around the world.


Setting a clear goal lets you know what you're driving at: Picking the right interventions that will have the most impact on that final goal, using that information to understand what's working and what's not, and adapting your strategy as necessary. One of the clearest examples of the power of measurement was the work of our partners to support great teachers.


In the past few years, the quest to understand great teaching has been at the center of the public discussion about how to improve education in America. But for the country's 3 million teachers and 50 million schoolchildren, great teaching isn't an abstract policy issue. For teachers, understanding great teaching means the opportunity to receive feedback on the skills and techniques that can help them excel in their careers. For students, it means a better chance of graduating from high school ready for success in life.


But what do we mean when we talk about great teaching? In my experience, the vast majority of teachers get zero feedback on how to improve.


That's because for decades, our schools have lacked the kinds of measurement tools that can drive meaningful change. Teachers have worked in isolation and been asked to improve with little or no feedback, while schools have struggled to create systems to provide feedback that's consistent, fair and reliable.


That's why the Gates Foundation supported the Measures of Effective Teaching, or MET, project. The project was an extraordinary, three-year collaboration between dozens of researchers and nearly 3,000 teacher volunteers from seven U.S. public school districts who opened their classrooms so we could study how to improve the way we measure and give feedback about great teaching.


Earlier this month, the MET project released its final findings. The report confirmed that it is possible to develop reliable measures that identify great teaching.




The project also found that using multiple measures to understand a teacher's performance -- including classroom observations, student surveys and growth in student achievement -- provides a richer and more reliable picture of a teacher's strengths and areas for improvement than any one measure alone.


Some critics say a strong evaluation system costs too much. The foundation and others have estimated that it could cost between 1.5% and 2% of the overall budget for teacher compensation and benefits to implement a feedback and evaluation system based on multiple measures of teaching performance.


But such an investment in great teaching would be small compared to what is being spent now on professional development that too often shows little results. And if lessons learned from addressing equally complex challenges in other sectors are any guide, investing in a reliable system to measure and support effective teaching will pay rich dividends.


Knowing how to identify and measure great teaching is a huge step toward providing better feedback and support for teachers and building a better education system for all our children -- but it's just one step. The challenge now is to use this information to give teachers the tools, resources and support they need to do their best work.


As schools become better equipped to provide tailored, constructive support, teachers will become empowered to be students of their own teaching. Creating that kind of environment -- one that supports teachers' professional growth and better prepares students for life after high school -- is worth the investment.


Follow @CNNOpinion on Twitter.


Join us at Facebook/CNNOpinion.


The opinions expressed in this commentary are solely those of Bill Gates.






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Ex-Gov. Ryan arrives at halfway house: 'He has paid a severe price'









A somber and silent George Ryan arrived at a West Side halfway house this morning after the former governor was released from a federal prison in Indiana.


Wearing a gray sports coat, white shirt and maroon tie, Ryan was surrounded by TV cameras as he walked across the street and entered the four-story red brick building at Ashland Avenue and Monroe Street shortly before 7 a.m.


Ryan smiled tightly as he refused to answer questions from reporters. Former Gov. Jim Thompson accompanied Ryan into the house.








After Ryan checked in, Thompson came back out and told reporters "today is another step in a long journey for George Ryan. . .He would like me to tell you he's grateful to leave the penitentiary. He's grateful also for the encouragement and support from many people. He has paid a severe price. The loss of his wife and brother while he was in the penitentiary, the loss of his pension, his office, his good name and 5 1/2 years of imprisonment. Now near 80 years old, that is a significant punishment. But he is going to go forward."


Ryan left the prison early this morning and managed to escape the notice of media camped at the facility. The first indication that Ryan has been released was when he began crossing the street in front of the halfway house, Thompson at his arm.


He said Ryan didn't speak much during the van trip to Chicago.


"He didn't talk much, just small talk," Thompson said. "He looks good. He's been lifting weights. . .He knows something about carpentry now.


"He tied his own tie this morning, he hasn't forgotten that," Thompson said. "He's in decent spirits. He has to become accustomed to seeing things differently. . .We came down Michigan Avenue and he was looking at the lights left over from Christmas. That was sort of wonderful, I think. He hasn’t seen the city of Chicago in 5 1/2 years.”


Thompson said people forget that Ryan "was a very good governor." But he added that Ryan "is not bitter, he's not angry. He's accepting. This has been a long fight."


Ryan completed more than 5 years of a a 6 1/2-year prison sentence in Terre Haute, Ind. for a corruption conviction. 


Ryan entered prison on Nov. 7, 2007. His wife of more than 50 years, Lura Lynn, died of cancer in June 2011.


If Ryan does well at the halfway house, he would be eligible to move to home confinement at his Kankakee residence to finish out his sentence, which ends July 4.


The halfway house, operated by the Salvation Army a few blocks east of the United Center, has been a way station for about 20,000 men and women since opening in 1975. Many corrupt Illinois politicians have finished their sentences at the facility. Among the most recent graduates was former Chicago Ald. Edward Vrdolyak.


Ryan's conviction for fraud, racketeering and other charges was the culmination of the federal Operation Safe Road investigation that exposed rampant bribery in state driver's license facilities while he was secretary of state as well as misdeeds as governor.


After a six-month trial, a federal jury convicted Ryan in 2006 of steering millions of dollars in state business to lobbyists and friends in return for vacations, gifts and other benefits to Ryan and his family.


The conviction overshadowed Ryan's long career in government.


The Kankakee native rose from speaker of the Illinois House to win statewide election as lieutenant governor, secretary of state and then one term as governor. His actions as governor included placing a moratorium on the death penalty and emptying death row, moves that won him international acclaim.


Thompson said Ryan may become involved in death penalty issues after his sentence ends in July. "It's way too soon to tell."


chicagobreaking@tribune.com

Twitter: @chicagobreaking





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Mursi heads to Germany on trip cut back by Egypt crisis


CAIRO/BERLIN (Reuters) - Egyptian President Mohamed Mursi flew to Germany on Wednesday to try to convince Europe of his democratic credentials, leaving behind a country in crisis after a week of violence that has killed more than 50 people.


Two more protesters were shot dead before dawn near Cairo's central Tahrir Square on the seventh day of what has become the deadliest wave of unrest since Mursi took power in June.


The Egyptian army chief warned on Tuesday that the state was on the brink of collapse if Mursi's opponents and supporters did not end street battles that have marked the two-year anniversary of the revolt that toppled autocrat Hosni Mubarak.


Because of the crisis, Mursi has curtailed his European visit, cancelling plans to go to Paris after Berlin. He is due to return to Cairo later in the day.


Near Tahrir Square on Wednesday morning, dozens of protesters threw stones at police who fired back teargas, although the scuffles were brief.


"Our demand is simply that Mursi goes, and leaves the country alone. He is just like Mubarak and his crowd who are now in prison," said Ahmed Mustafa, 28, a youth who had goggles on his head to protect his eyes from teargas.


Opposition politician Mohamed ElBaradei called for a meeting between the president, government ministers, the ruling party and the opposition to halt the violence. But he also restated the opposition's precondition that Mursi first commit to seeking a national unity government, which the president has so far rejected.


Mursi's critics accuse him of betraying the spirit of the revolution by keeping too much power in his own hands and those of his Muslim Brotherhood, the Islamist movement banned under Mubarak which won repeated elections since the 2011 uprising.


Mursi's supporters say the protesters want to overthrow Egypt's first democratically elected leader. The unrest has prevented a return to stability ahead of parliamentary elections due within months, and worsened an economic crisis that has seen the pound currency tumble in recent weeks.


The worst violence has been in the Suez Canal city of Port Said, where rage was fuelled by death sentences passed against soccer fans for deadly riots last year. Mursi responded by announcing on Sunday a month-long state of emergency and curfew in Port Said and two other Suez Canal cities.


Protesters have ignored the curfew and returned to the streets. Human Rights Watch called for Mursi to lift the decree.


Mursi will be keen to allay the West's fears over the future of the most populous Arab country when he meets German Chancellor Angela Merkel and powerful industry groups in Berlin.


"DISTURBING IMAGES"


"We have seen worrying images in recent days, images of violence and destruction, and I appeal to both sides to engage in dialogue," German Foreign Minister Guido Westerwelle said in a radio interview on Wednesday ahead of Mursi's arrival.


Germany's "offer to help with Egypt's transformation clearly depends on it sticking to democratic reforms", he added.


Germany has praised Mursi's efforts in mediating a ceasefire between Israel and Palestinians in Gaza after a conflict last year, but became concerned at Mursi's efforts to expand his powers and fast-track a constitution last year.


Berlin was also alarmed by video that emerged in recent weeks showing Mursi making vitriolic remarks against Jews and Zionists in 2010 when he was a senior Brotherhood official. Germany's Nazi past and strong support of Israel make it highly sensitive to anti-Semitism.


Mursi's past anti-Jewish remarks were "unacceptable", Westerwelle said. "But at the same time President Mursi has played a very constructive role mediating in the Gaza conflict."


Egypt's main liberal and secularist bloc, the National Salvation Front, has so far refused talks with Mursi unless he promises a unity government including opposition figures.


"Stopping the violence is the priority, and starting a serious dialogue requires committing to guarantees demanded by the National Salvation Front, at the forefront of which are a national salvation government and a committee to amend the constitution," ElBaradei said on Twitter.


Those calls have also been backed by the hardline Islamist Nour party - rivals of Mursi's Brotherhood. Nour and the Front were due to meet on Wednesday, signaling an unlikely alliance of Mursi's critics from opposite ends of the political spectrum.


Brotherhood leader Mohamed El-Beltagy dismissed the unity government proposal as a ploy for the Front to take power despite having lost elections. On his Facebook page he ridiculed "the leaders of the Salvation Front, who seem to know more about the people's interests than the people themselves".


German industry leaders see potential in Egypt but are concerned about political instability: "At the moment many firms are waiting on political developments and are cautious on any big investments," said Hans Heinrich Driftmann, head of Germany's Chamber of Industry and Commerce.


Mursi's supporters blame the opposition for preventing an economic recovery by halting efforts to restore stability. The opposition says an inclusive government is needed to bring calm.


"The economy depends on political stability and political stability depends on national consensus. But the Muslim Brotherhood does not talk about consensus, and so it will not lead to any improvement in the political situation, and that will lead the economy to collapse," said teacher Kamal Ghanim, 38, a protester in Tahrir Square.


(Additional reporting by Yasmine Saleh and Marwa Awad in Cairo, Stephen Brown and Gernot Heller in Berlin and Arshad Mohammed in Washington; Writing by Peter Graff; Editing by Giles Elgood and Paul Taylor)



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Stock futures point to modest losses, Ford drops


NEW YORK (Reuters) - Stock index futures pointed to slight losses at the open on Tuesday as investors took profits following an extended rally and looked for confirmation the gains could continue.


Equities have been on a tear lately, with the S&P 500 ending an eight-day streak of gains in Monday's session. The index remained above 1,500, suggesting there was still support for a market that has been hovering around five-year highs.


"We need to slow down and digest the huge move we've had, so it makes sense futures are weak this morning, though it is also encouraging that we're still strong enough to stay above 1,500," said Christian Wagner, chief executive officer at Longview Capital Management in Wilmington, Delaware.


The gains have largely come on a strong start to earnings season and that trend continued on Tuesday, with positive earnings from Ford Motor Co and Pfizer Inc .


Both companies reported profits that topped expectations, though Ford also forecast a wider loss in its European segment. After climbing more than 4 percent, it turned lower to fall 1.7 percent to $13.54 before the bell.


Pfizer, a Dow component, rose 0.7 percent to $27.03 after its results. Eli Lilly and Co , another pharmaceutical company, was flat after reporting adjusted fourth-quarter earnings and revenue that beat expectations.


Yahoo Inc rose 2.7 percent to $20.86 in premarket trading a day after reporting adjusted earnings that beat expectations and forecasting a rise in annual revenue.


"We've had some cross-currents on earnings, with both strength and weakness, and that's another reason we need some affirmation the upside will continue from here," said Wagner.


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, which is a higher proportion than over the past four quarters and above the average since 1994.


S&P 500 futures fell 3.9 points and were below fair value, a formula that evaluates pricing by taking into account interest rates, dividends and time to expiration on the contract. Dow Jones industrial average futures fell 20 points and Nasdaq 100 futures slid 5.25 points.


The Federal Reserve's Open Market Committee begins two days of meetings on interest rates. Traders speculated more solid U.S. growth might see the Fed pull back on its aggressive easing stimulus, which has played a key role in fuelling an equity market rally since the second half of last year.


In a sign of the improved view towards equities, investors poured $55 billion in new cash into stock mutual funds and exchange-traded funds in January, the biggest monthly inflow on record, research provider TrimTabs Investment Research said.


Home prices rose 0.6 percent in November, as expected, according to the S&P Case/Shiller Home Price Index. The news comes a day after data showed an unexpected drop in December pending home sales.


Futures were little impacted by the Case/Shiller report. January consumer confidence is due at 10 a.m. and is seen dipping to 64 from 65.1 in the previous month.


U.S. stocks edged modestly lower on Monday. However, Caterpillar Inc rallied after results, limiting losses in the Dow, while a rebound in shares of Apple Inc kept the Nasdaq in positive territory.


(Editing by Kenneth Barry and Nick Zieminski)



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Mayor: New Orleans deserves Super Bowl spotlight


NEW ORLEANS (AP) — A 20-story-high mural of the Lombardi Trophy, affixed to the glass exterior of a bustling hotel that was once a shattered symbol of Hurricane Katrina's devastation, rises like a beacon above the expansive white roof of the Superdome.


The Super Bowl is back in the Big Easy, finally, after 11 years, giving New Orleans a spotlight of global proportion to showcase how far it has come since Katrina left the city on its knees and under water in August of 2005.


"The story is much, much bigger than the Super Bowl," Mayor Mitch Landrieu said Monday afternoon. "This is a story about the resurrection and redemption of a great American city.


"The Super Bowl gives us an opportunity to reflect on where we've been and where we're going."


From 1970 to 2002, New Orleans was a regular host of the Super Bowl and hopes to become one again. This Sunday, when the Baltimore Ravens meet the San Francisco 49ers in the Superdome, the Crescent City will host the NFL's marquee game for the 10th time, tying Miami for the most of any city. If all goes well, it hopes to get back in the rotation.


Jay Cicero, president of the Greater New Orleans Sports Foundation, said his group will ask the NFL for permission to put together a bid for the 2018 Super Bowl, coinciding with the city's celebration of its 300th anniversary.


It is that history, which produced a colorful culture driven by a mix of European, Caribbean and African influences, that makes New Orleans such an attractive Super Bowl city, noted political consultant James Carville said.


"This is not just a city. This is a culture," said Carville, who lives in New Orleans and serves as the co-chairman of the Super Bowl host committee with his wife and fellow political pundit, Mary Matalin. "We have our own food, our own music, our own social structure, our own architecture, our own body of literature. By God, we have our own funerals."


Carville pointed out that Dallas spent about $38 million to host a Super Bowl two seasons ago, that Indianapolis spent about $25 million a year ago, and that New Orleans spent about $13 million.


"I wish that I could tell you that it's because we're just so much more efficient," Carville said. "The truth of the matter is we don't have to create anything in New Orleans. It's here. It's been here for 294 years. We just have to take what we have, shine it up a little bit, add a little something here and there — but 294 years of history and culture stand on its own."


Of course, Carville was not counting the billions of dollars spent in the past seven-plus years to rebuild New Orleans since Katrina pushed tidal surges through crumbling levees and flooded 80 percent of the city.


Extensive renovations to the Superdome, done in several phases during six years, ran about $336 million, transforming the stadium to a facility better equipped to host a Super Bowl than it was back in 2002. The lower bowl has all new seats, wider concourses and more concession areas, not to mention exclusive "bunker" clubs for those who pay top dollar. There are four high-end club lounges around the second deck which did not exist before the storm. The smaller suites ringing the stadium have all been remodeled and more have been added to total 152.


The faded gray siding that lined the stadium when the Super Bowl was last played there has been replaced. The dents from flying storm debris are gone and it has been restored to its original, glistening champagne color, which serves as the canvass for nightly light shows. The roof was completely rebuilt and there is now a public plaza called Champions Square adjacent to the dome, where part of a shopping mall used to be.


The Louis Armstrong International Airport has undergone $350 million in upgrades, with work going on right up until this month.


Streets throughout much of the city, including downtown and the French Quarter, have been repaved.


A new streetcar line, which opened on Monday morning, can shuttle people from the city's main train and bus station a few blocks from the Superdome to Canal Street, where downtown meets the French Quarter.


There are more restaurants in the metro area than before Katrina. Hotels throughout downtown have been renovated and some new ones have gone up, adding more than 4,000 more rooms than there were in 2005.


The 1,200-room Hyatt Hotel, with the signature giant Lombardi Trophy mural,, finally reopened a little more than a year ago after a $275 million renovation. During Katrina, hundreds of its windows blew out, leaving shredded curtains flapping in the wind. Now it is home to new restaurants and rebuilt convention space.


"The city looks great," said Jerry Romig, the Saints' 83-year-old public address announcer, a lifelong New Orleans resident who has been involved in some capacity in the previous nine Super Bowls. "It's never looked better."


He also takes issue with the idea that sympathy for New Orleans' suffering played a role in NFL owners awarding the city this Super Bowl.


"The New Orleanean's attitude is they would be very upset if the NFL was going to throw you a bone because you went through a hard time," Romig said. "The New Orleanean would think, 'We should get this game every year because we're the best place for it.' ... We've got everything that's necessary to make it a success and that's being shown better this year than past years."


Pockets of the city still bear obvious scars from Hurricane Katrina, most notably in eastern and low-lying portions of the city — like the lower Ninth Ward — were many homes were wiped out and many residents were too poor to rebuild.


So-called "Katrina tours" are still offered, with vans carting the curious to areas where they can see the remnants of the devastation — abandoned, crumbling homes and schools, and streets overgrown with weeds and brush.


When the city was bidding for the 2013 Super Bowl, it floated the idea of a Super Saturday of Service, whereby volunteers could undertake community projects to improve the city. This Saturday, restoration work will be done on five properties run by the New Orleans Recreational Department, including a high school football field where the Archie Manning's sons once played. After Sunday, the field will be the new home of the turf used in the Super Bowl.


Despite the community's ongoing needs, New Orleans has proved repeatedly in recent years that the heart of the city can successfully stage major national events. It hosted college football's BCS national championships in 2008 and 2012, an NBA All-Star game in 2008 and an NCAA men's Final Four in 2012.


Yet given how New Orleans was once a regular Super Bowl city, the return of the NFL's biggest game carries more symbolic weight than any single event since the storm.


"This is just another huge example of how the people of this city, who were 15 feet under water, are now on top of the world," Landrieu said.


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And Now, Back to Charles (Barkley) with the Weather






We realize there’s only so much time one can spend in a day watching new trailers, viral video clips, and shaky cell phone footage of people arguing on live television. This is why every day The Atlantic Wire highlights the videos that truly earn your five minutes (or less) of attention. Today:


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So, Charles Barkley is a semi-wonderful, candid announcer, and we fully respect his NBA career. A gifted meteorologist, however, Barkley is not — but that may be a good thing:


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Bless Manti Te’o and his silly story. Bless Katie Couric for devoting time to ask the Notre Dame football star about his silly story. But most of all, bless whoever put together this catchy and entertaining auto-tuning of the entire boondoggle:


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Australia, you are scary:


And finally, this is a baby raccoon who has learned to give people high-fives. Send him your way, because you, you rock star, just made it through a Monday: 


Weather News Headlines – Yahoo! News





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Why haven't we learned from fires?






STORY HIGHLIGHTS


  • Pyrotechnics, overcrowding, poor exits have contributed to tragic fires in recent years

  • You would think the world would have learned from past incidents, John Barylick says

  • Concertgoers have to be their own fire marshals, he says




Editor's note: John Barylick, author of "Killer Show," a book on the 2003 Station nightclub fire in Rhode Island, is an attorney who represented victims in wrongful death and personal injury cases arising from the fire.


(CNN) -- Sunday morning we awoke to breaking news of another tragic nightclub fire, this time in Brazil. At last report the death toll exceeded 230.


This tragedy is not without precedent. Next month will mark the 10th anniversary of a similar nightclub fire in Rhode Island. At this sad time, it's appropriate to reflect on what we've learned from club fires -- and what we haven't.


Rhode Island's Station nightclub fire of 2003, in which 100 concertgoers lost their lives, began when fireworks set off by Great White, an 80s heavy metal band, ignited flammable packing foam on the club's walls.


Deadly blazes: Nightclub tragedies in recent history



John Barylick

John Barylick





Panicked patrons stampeded toward the club's main exit, and a fatal pileup ensued. Contributing to the tragedy were illegal use of pyrotechnics, overcrowding and a wall covering that would have failed even the most rudimentary flammability tests.


Video images of the Station fire were broadcast worldwide: A concert begins; the crowd's mood changes from merry, to curious, to concerned, to horrified -- in less than a minute. You'd think the world would have learned from it. You would be wrong.



The following year, the Republica Cromanon nightclub in Argentina went up in flames, killing 194 people. The club was made to hold about 1,000 people, but it was estimated that more than 3,000 fans were packed inside the night of the fire, which began when fans began lighting flares that caught the roof on fire.


Echoes of the past: Rhode Island victims 'can't help but watch'


Then, in January 2009, at least 64 New Year's revelers lost their lives in a nightclub in Bangkok, Thailand, after fire ignited its ceiling. Many were crushed in a rush to get out of the club. In December of that same year, a fire in a Russian nightclub, ignited by pyrotechnics, killed 156 people. Overcrowding, poor exits, and indoor fireworks all played roles in these tragedies; yet no one bothered to learn from mistakes of the past.


While responsibility for concert disasters unquestionably lies with venue operators, performers and promoters, ultimately, we, as patrons of clubs and concerts, can enhance our own safety by taking a few simple steps. The National Fire Protection Association urges concertgoers to:


• Be observant. Is the concert venue rundown or well-maintained? Does the staff look well-trained?


• As you proceed to your seat, observe how long the process takes. Could you reverse it in a hurry? Do you pass through pinch points? Is furniture in the way?


• Once seated, take note of the nearest exit. (In an emergency, most people try to exit by the door they entered, which is usually not the closest, and is always overcrowded.) Then, share the location of that nearest exit with your entire party. Agree that at the first sign of trouble, you will all proceed to it without delay.


• Once the show begins, remain vigilant. If you think there's a problem, LEAVE IMMEDIATELY. Do not stay to "get your money's worth" despite concerns about safety. Do not remain to locate that jacket or bag you placed somewhere. No concert is worth your life. Better to read about an incident the next day than be counted as one of its statistics.


Read more: How to protect yourself in a crowd


To be sure, all fire codes must be vigorously enforced, and club and concert hall operators must be held to the highest standards. A first step is banning indoor pyrotechnics in all but the largest, stadium-type venues.


But, ultimately, we are our own best "fire marshals" when it comes to avoiding, and escaping, dangerous situations. We can still enjoy shows. But it is up to us to look out for our own safety.


In coming days, Rhode Islanders will follow the unfolding news from Brazil with a sense of queasy deja vu -- the rising body counts, the victim identification process, the grieving families, and the assigning (and dodging) of blame. If only they had learned from our tragedy.


The opinions expressed in this commentary are solely those of John Barylick.







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