Wall Street pulls flat as Apple pares losses, retailers gain

NEW YORK (Reuters) - Stocks pared losses and pulled near the unchanged mark on Tuesday as tech heavyweight Apple came off earlier lows and economic data helped retailers advance.

Apple fell for the third day in a row as the biggest drag on both the S&P 500 and Nasdaq 100 <.ndx> after reports on Monday of cuts to orders for iPhone parts. Shares were down nearly 2.5 percent at $489.11, rebounding somewhat from a session low of $483.84, its lowest level since February.

Retailer stocks advanced and helped to minimize the market's decline after a government report that retail sales rose more than expected in December was seen as a favorable sign for fourth-quarter growth. However, a separate report showed manufacturing activity in New York state contracted for the sixth month in a row in January.

"It's trying to push its way up in here, the question is, has Apple stabilized maybe a little bit down here? The retail sales numbers were really good, much better than expected this morning and that is helping the whole retail group," said Paul Mendelsohn, chief investment strategist at Windham Financial Services in Charlotte, Vermont.

"The bulls are clearly trying to take control of this market and hold it up here. There is clearly buying on any of the dips."

American Eagle Outfitters Inc gained 4 percent to $20.43 and Gap Inc rose 3 percent to $32.32. The Morgan Stanley retail index <.mvr> climbed 1.2 percent.

Investors also continue to eye the looming debt ceiling debate. On Monday, President Barack Obama rejected any negotiations with Republicans over raising the U.S. debt ceiling. The United States could default on its debt if Congress does not increase the borrowing limit.

Resolving the debt ceiling debate is more a question of how than if. Investors don't expect a U.S. default, but they are also wary of another eleventh-hour agreement like the one in August 2011.

The Dow Jones industrial average <.dji> shed 1.42 points, or 0.01 percent, to 13,505.90. The Standard & Poor's 500 Index <.spx> dipped 0.46 points, or 0.03 percent, to 1,470.22. The Nasdaq Composite Index <.ixic> lost 6.30 points, or 0.20 percent, to 3,111.20.

An expected lackluster earnings season also kept investors from taking aggressive bets. Analyst estimates for the quarter have fallen sharply since October. S&P 500 earnings growth is now seen up just 1.8 percent from a year ago, Thomson Reuters data showed.

Homebuilder Lennar reported a sharp rise in quarterly profit, but the stock fell 2.1 percent to $40.16 on worries that growth in orders was slowing. The PHLX housing sector index <.hgx> declined 0.3 percent.

Express Inc surged 22.5 percent to $17.22 as the biggest percentage gainer on the New York Stock Exchange after the apparel retailer raised its fourth-quarter and full year 2012 outlook.

Dell Inc shares added to earlier gains, up 5 percent to $12.91 after sources said talks to take the computer maker private are in an advanced stage.

Facebook declined 1 percent to $30.66 after the company unveiled a "graph search" feature that CEO Mark Zuckerberg said would help its billion-plus users sort through content within the social network and its content feeds.

(Reporting by Chuck Mikolajczak; Editing by Kenneth Barry and Nick Zieminski)

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Experts: Proposed NY gun law might hinder therapy

NEW YORK (AP) — Mental health experts say a new tougher New York state gun control law might interfere with treatment of potentially dangerous people and even discourage them from seeking help.

The law would require therapists, doctors, nurses and social workers to tell government authorities if they believe a patient is likely to harm himself or others. That could lead to revoking the patient's gun permit and seizing any guns.

In interviews Tuesday, one expert called the new law meaningless and said he expects mental health providers to ignore it, while others said they worry about its impact on patients.

Dr. Paul Appelbaum at Columbia University said the prospect of being reported to local mental health authorities and maybe the police might discourage people from revealing thoughts of harm to a therapist, or even from seeking treatment at all.

"The people who arguably most need to be in treatment and most need to feel free to talk about these disturbing impulses, may be the ones we make least likely to do so," said the director of law, ethics and psychiatry at Columbia. "They will either simply not come, or not report the thoughts that they have."

"If people with suicidal or homicidal impulses avoid treatment for fear of being reported in this way, they may be more likely to act on those impulses," he said.

Currently a mental health professional has a duty to protect potential victims of a patient, but there are several ways to do that, he said. The patient can be committed to an institution, voluntarily or not, or his medication can be changed to reduce the risk, or the intended victim can be warned, he said.

The patient's family can be asked to lock up any guns in the house, or to keep an eye on the patient to see if he's doing something that could bring on violence, like drinking or skipping his medications, Appelbaum said. The family could then notify the mental health professional.

This flexibility allows a therapist to deal with a risk of violence without breaching confidentiality in all cases, he said. And even if those steps are enough to blunt the danger, the proposed law would still require that the patient be reported to mental health authorities, he noted.

"It undercuts the clinical approach to treating these impulses, and instead turns it into a public safety issue," Appelbaum said.

He also noted that in many mass shootings in the past, the gunman had not been under treatment and so would not have been deterred by a law like the proposed measure.

Dr. Steven Dubovsky, chairman of the psychiatry department at the University at Buffalo, called the new measure meaningless. "It's pure political posturing" and a deceptive attempt to reassure the public, he said.

The intent seems to be to turn mental health professionals into detectives and policemen, he said, but "no patient is going to tell you anything if they think you're going to report them."

A therapist who took the measure seriously would have to warn patients about revealing anything incriminating, which would destroy the doctor-patient relationship, he said.

At the same time, he said the law can't be taken seriously because therapists won't be held liable if they don't report a patient they think is dangerous.

He thinks most therapists will ignore the law and continue to handle cases as they do now.

Dr. Mark Olfson, a psychiatry professor at Columbia, said that if the new law is "crudely applied," it could "erode patient trust in mental health care professionals," essential for effective care. Yet, he said, "if the law is implemented in a clinically well-informed manner, it holds the promise of helping to protect patients and the general public."

Eric Neblung, president of the New York State Psychological Association and a psychologist in Nyack, NY, called the new measure "a helpful step" but said it doesn't address a more fundamental need — improved access to mental health services.

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Medical writer Lindsey Tanner reported from Chicago.

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Leon Panetta Says U.S. Has Pledged to Help France in Mali

LISBON — In a move that could draw the United States into another conflict in North Africa, the Obama administration has pledged to help the French in their fight against Islamist militants in Mali, Defense Secretary Leon E. Panetta said Monday. He said the assistance could include air and other logistical support.

Jacquelyn Martin/Associated Press

Defense Secretary Leon E. Panetta boards a plane bound for Portugal on Monday.

The United States was already sharing intelligence with the French when their warplanes struck camps, depots and other militant positions deep inside Islamist-held territory in northern Mali on Sunday. Defense officials said that no decisions had been made about whether the United States would also offer help with midflight refueling planes and air transport, but that those options were under review.

Defense officials would not rule out the possibility that American military transport planes might land in Mali, where the United States has been conducting an ambitious counterterrorism program for years. The officials would not discuss whether the United States has deployed drone aircraft, either armed or unarmed, over Mali.

Mr. Panetta, who spoke to reporters on his plane en route to Portugal for a weeklong trip in Europe, said that the chaos in Mali was of deep concern to the administration, and he praised the French for their actions. He also said “what we have promised them is that we would work with them, to cooperate with them, to provide whatever assistance we can to try to help them in that effort.”

Mr. Panetta said that the Obama administration was deeply worried about the two extremist groups that hold large swaths of territory in northern Mali, Ansar Dine and Al Qaeda in the Islamic Maghreb, or AQIM. “We’re concerned that any time Al Qaeda establishes a base of operations, while they might not have any immediate plans for attacks in the United States and in Europe, that ultimately that still remains their objective,” he said.

For that reason, he said, “we have to take steps now to make sure that AQIM does not get that kind of traction.”

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Facebook shares rise in buildup to mystery event, earnings

SAN FRANCISCO (Reuters) – Facebook Inc’s stock opened on Monday above $ 32 for the first time since July as anticipation about upcoming products and financial results underscored Wall Street’s renewed confidence in the online social network.

Facebook will on Tuesday host its first major press event at its headquarters in Menlo Park, California, since its troubled initial public offering in May, triggering a guessing game among technology observers and online blogs about what it could unveil – everything from a smartphone to a search engine.

“There’s a lot of speculation. Nothing to me seems to be that certain,” Jefferies & Co analyst Brian Pitz said.

“If I were to bet, I’d think it was something that was ad-platform related. I’m not convinced on the phone,” said Pitz, citing previous comments by Facebook’s leaders including CEO Mark Zuckerberg that making a smartphone would be the “wrong strategy” for Facebook.

In an email to reporters last week, Facebook invited the media to “come and see what we’re building” without providing details.

Some analysts said the stock’s recent gains – shares are up roughly 17 percent since the start of the year – may have more to do with the company’s upcoming fourth-quarter financial results, slated for January 30.

“The stock is up because they have driven a dramatic increase in the ad load of their mobile app which is giving investors hope that they exceeded expectations,” BTIG analyst Richard Greenfield said.

Shares were down about 1.3 percent to $ 31.30 in mid-afternoon trading.

The world’s No.1 social network with 1 billion users, Facebook became the first U.S. company to debut on stock markets with a value of more than $ 100 billion. Its value subsequently plunged by more than 50 percent on mounting concerns about slowing revenue growth and the challenges of making money as users shift from personal computers to mobile devices.

Facebook surprised Wall Street in the third quarter by announcing that mobile ads accounted for 14 percent of its total ad revenue. Some analysts expect the company to report further growth in its nascent mobile ad business for the fourth quarter.

Zuckerberg, who founded Facebook in his Harvard dorm room, has said that mobile is the “most misunderstood aspect” of Facebook. But he has repeatedly poured cold water on rumors that Facebook would build its own smartphone to compete against Apple Inc’s iPhone and smartphones based on Google Inc’s Android operating system.

During an on-stage interview at a conference in September, Zuckerberg said that he believed search could be a ripe area of growth for Facebook.

“Facebook is really uniquely positioned to answer a lot of the questions that people have,” Zuckerberg said, such as finding a good restaurant or learning more about a job opportunity.

Still, many technology observers believe that Facebook is more likely to improve the search capabilities within Facebook than to develop a full-fledged search engine that indexes all the Web’s content and competes head-on with search leader Google.

Among the other items that technology blogs and analysts speculate might be unveiled on Tuesday were new standalone apps for Apple’s iPad tablet, new features to display video ads and even a new wing of corporate headquarters.

Some cautioned that expectations of a game-changing new product were likely to cause disappointment.

“There’s no way they’re announcing anything that has financial impact, or they wouldn’t do it now, they’d wait two weeks,” said Wedbush Securities analyst Michael Pachter, citing Facebook’s upcoming earnings.

“Why would you announce something that has a financial impact during the quiet period?,” he said.

(Reporting By Alexei Oreskovic; Editing by Paul Simao)

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Justin Timberlake's New 'Suit & Tie:' Review

By PEOPLE Music Critic Chuck Arnold

01/14/2013 at 02:45 PM EST

Inset:Joe Scarnici/Wireimage

At last Justin Timberlake is back to music, with Jay-Z in tow, on "Suit & Tie," his first new song since 2006 – and it sure is good to hear that falsetto croon again.

After the spacey beats of his last album, the multiplatinum FutureSex/LoveSounds, JT goes for a more retro vibe on this suave single, which previews his much-anticipated third solo album, The 20/20 Experience, due out later this year. With its smooth, horn-kissed lushness, it recalls the '70s R&B of Marvin Gaye as well as Robin Thicke's modern-day take on old-school soul.

While "Suit & Tie" does bring sexy back again, the lyrics find Timberlake, 32 this month, ready to sweep you – or perhaps his new wife, Jessica Biel – off your feet with old-fashioned romance.

"Let me show you a few things, show you a few things about love," he coos. Then, when Jay-Z swoops in for his rap, it's clear that wedded bliss is in the air: "Tell your mother that I love her cause I love you/ Tell your father we go farther as a couple/ They ain't lose a daughter, got a son."

Although the track once again finds Timberlake collaborating with producer Timbaland, it represents a sonic departure from previous hits like "Cry Me a River," "My Love" and "What Goes Around ... Comes Around."

"Suit & Tie" doesn't pack the same wallop as those songs, but it shows a more sophisticated side to the former boy-band member – all grown up now as a thirty-something married man.

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Apple demand worries weigh on S&P, Nasdaq

NEW YORK (Reuters) - The S&P 500 and Nasdaq edged lower on Monday as concerns about demand for Apple products sent shares of the tech heavyweight lower and investors braced for earnings disappointments.

But Dell Inc's stock jumped 12.8 percent to $12.28, offsetting some of the tech-sector weakness, after Bloomberg TV said the No. 3 personal computer maker is in talks with private equity firms to go private.

Apple lost 3.1 percent to $505.33 and was the biggest weight on both the S&P 500 and Nasdaq 100 <.ndx> indexes after reports that the company has cut orders for LCD screens and other parts for the iPhone 5 this quarter due to weak demand. The stock earlier hit a session low of $498.51, the first dip below $500 since February 16.

"It's clear from (Apple's) reducing their supply orders that the sales haven't met their expectations, though certainly the orders they put into place for the iPhone 5 displays were higher than those that were in place for the prior phone," said Peter Jankovskis, co-chief investment officer at OakBrook Investments LLC in Lisle, Illinois.

"Certainly, the rate of growth that they had - the tremendous surge in their revenue, stock price, all things do eventually slow and come down, so it's not a big surprise."

Apple suppliers also lost ground, with Cirrus Logic off 8.7 percent to $28.82 and Qualcomm down 1.4 percent to $63.98. The S&P tech sector <.gspt> declined 1 percent as the worst performer of the 10 major S&P sectors.

The Dow Jones industrial average <.dji> was up 24.95 points, or 0.19 percent, at 13,513.38. The Standard & Poor's 500 Index <.spx> was down 0.81 points, or 0.06 percent, at 1,471.24. The Nasdaq Composite Index <.ixic> was down 5.62 points, or 0.18 percent, at 3,120.02.

The Dow fared better than the other two indexes as Hewlett-Packard rose 6.3 percent to $17.18. The stock, which was up early in the session after JPMorgan upgraded its rating on the stock and raised its price target to $21 from $15, added to gains after the Dell report.

The pace of earnings season picks up this week with 38 S&P 500 companies set to report, including Goldman Sachs , Bank of America , Intel and General Electric .

Overall earnings are expected to grow by just 1.9 percent in this reporting period, according to Thomson Reuters data.

President Barack Obama warned Congress at a news conference on Monday that a refusal to raise the U.S. debt ceiling next month could mean a government shutdown and trigger economic chaos.

Separately, Federal Reserve Chairman Ben Bernanke will be speaking on monetary policy, recovery from the global financial crisis and long-term challenges facing the American economy at 4 p.m. (2100 GMT).

Appliance and electronics retailer Hhgregg Inc slumped 7.1 percent to $7.33 after the electronics and appliance retailer cut its same-store sales forecast for the full year.

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

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Flu more widespread in US; eases off in some areas

NEW YORK (AP) — Flu is now widespread in all but three states as the nation grapples with an earlier-than-normal season. But there was one bit of good news Friday: The number of hard-hit areas declined.

The flu season in the U.S. got under way a month early, in December, driven by a strain that tends to make people sicker. That led to worries that it might be a bad season, following one of the mildest flu seasons in recent memory.

The latest numbers do show that the flu surpassed an "epidemic" threshold last week. That is based on deaths from pneumonia and influenza in 122 U.S. cities. However, it's not unusual — the epidemic level varies at different times of the year, and it was breached earlier this flu season, in October and November.

And there's a hint that the flu season may already have peaked in some spots, like in the South. Still, officials there and elsewhere are bracing for more sickness

In Ohio, administrators at Miami University are anxious that a bug that hit employees will spread to students when they return to the Oxford campus next week.

"Everybody's been sick. It's miserable," said Ritter Hoy, a spokeswoman for the 17,000-student school.

Despite the early start, health officials say it's not too late to get a flu shot. The vaccine is considered a good — though not perfect — protection against getting really sick from the flu.

Flu was widespread in 47 states last week, up from 41 the week before, the Centers for Disease Control and Prevention said on Friday. The only states without widespread flu were California, Mississippi and Hawaii.

The number of hard-hit states fell to 24 from 29, where larger numbers of people were treated for flu-like illness. Now off that list: Florida, Arkansas and South Carolina in the South, the first region hit this flu season.

Recent flu reports included holiday weeks when some doctor's offices were closed, so it will probably take a couple more weeks to get a better picture, CDC officials said Friday. Experts say so far say the season looks moderate.

"Only time will tell how moderate or severe this flu season will be," CDC Director Dr. Thomas Frieden said Friday in a teleconference with reporters.

The government doesn't keep a running tally of adult deaths from the flu, but estimates that it kills about 24,000 people in an average year. Nationally, 20 children have died from the flu this season.

Flu vaccinations are recommended for everyone 6 months or older. Since the swine flu epidemic in 2009, vaccination rates have increased in the U.S., but more than half of Americans haven't gotten this year's vaccine.

Nearly 130 million doses of flu vaccine were distributed this year, and at least 112 million have been used. Vaccine is still available, but supplies may have run low in some locations, officials said.

To find a shot, "you may have to call a couple places," said Dr. Patricia Quinlisk, who tracks the flu in Iowa.

In midtown Manhattan, Hyrmete Sciuto got a flu shot Friday at a drugstore. She skipped it in recent years, but news reports about the flu this week worried her.

During her commute from Edgewater, N.J., by ferry and bus, "I have people coughing in my face," she said. "I didn't want to risk it this year."

The vaccine is no guarantee, though, that you won't get sick. On Friday, CDC officials said a recent study of more than 1,100 people has concluded the current flu vaccine is 62 percent effective. That means the average vaccinated person is 62 percent less likely to get a case of flu that sends them to the doctor, compared to people who don't get the vaccine. That's in line with other years.

The vaccine is reformulated annually, and this year's is a good match to the viruses going around.

The flu's early arrival coincided with spikes in flu-like illnesses caused by other bugs, including a new norovirus that causes vomiting and diarrhea, or what is commonly known as "stomach flu." Those illnesses likely are part of the heavy traffic in hospital and clinic waiting rooms, CDC officials said.

Europeans also are suffering an early flu season, though a milder strain predominates there. China, Japan, the West Bank, the Gaza Strip, Algeria and the Republic of Congo have also reported increasing flu.

Flu usually peaks in midwinter. Symptoms can include fever, cough, runny nose, head and body aches and fatigue. Some people also suffer vomiting and diarrhea, and some develop pneumonia or other severe complications.

Most people with flu have a mild illness. But people with severe symptoms should see a doctor. They may be given antiviral drugs or other medications to ease symptoms.

Some shortages have been reported for children's liquid Tamiflu, a prescription medicine used to treat flu. But health officials say adult Tamiflu pills are available, and pharmacists can convert those to doses for children.

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Associated Press writers Dan Sewell in Cincinnati, Catherine Lucey in Des Moines, and Malcolm Ritter in New York contributed to this report.

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Online:

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

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India Ink: Woman Raped by Seven Men in Punjab, India, Police Say

NEW DELHI — Police said Sunday that a  29-year-old woman had been raped by a bus driver, a bus conductor and five other men in the north Indian state of Punjab, in an incident that recalls the recent attack in Delhi that has caused widespread outrage.

The woman boarded a bus on Friday bound for Gurdaspur, to visit her in-laws, the police chief of Gurdaspur, Raj Jit Singh, said in a telephone interview. When she got off the bus, the driver offered her a ride on his motorcycle, perhaps to her in-laws village, the police said. Instead, he took her to a nearby village where he and six other men, including the bus conductor, raped her repeatedly through the night.

The next morning, the driver dropped her at her in-laws home, where the woman told her family members of the incident, and then reported it to the police, Mr. Singh said.

Six men, including the bus driver and conductor, have been arrested, he said. All of the men are their twenties.

Gurmesh Singh, the deputy superintendent of police for the  region, said it was unclear how or why the bus driver persuaded the woman to go with him on his motorcycle. She was in a state of distress during the bus ride, Mr. Singh said, and originally refused to get off of the bus when it reached its final destination.

The Press Trust of India reported that the bus driver did not stop at her stop when requested.

The gang-rape of a woman on a moving bus in New Delhi on Dec. 16, and her subsequent death from injuries sustained during the rape, has sparked widespread protests and calls for increased policing and tougher laws against sexual assault in India.

The case against five of the men arrested in that rape is being heard this month in a special fast-track court created just for incidents of sexual assault.

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Johnson’s tweet about Trestman landing NFL job creates buzz in football circles

Marc Trestman remains the head coach of the Montreal Alouettes, at least for now.

Former NFL head coach Jimmy Johnson got the football world — north and south of the border — buzzing Friday when he strongly suggested Trestman was heading to Chicago to become the Bears‘ head coach.

“Looks like 2 of my guys getting NFL jobs..Chud Cleveland and my QB coach at U Trestman to Chicago,” tweeted Johnson, now working as an NFL analyst with Fox.

An Alouettes spokesman said the CFL club had no comment about Johnson’s tweet while the Bears didn’t immediately comment publicly either.

Trestman interviewed with both Cleveland and Chicago but according to numerous reports the Bears continue to speak to potential coaching candidates and haven’t decided on a coach. The Browns are expected to unveil Rob Chudzinski as their new head coach Friday.

The Bears missed the NFL playoffs despite posting a 10-6 record and fired Lovie Smith after nine seasons as head coach.

Trestman, 56, has spent the last five seasons with Montreal, guiding the Alouettes to two Grey Cup victories in three appearances.

His coaching resume includes time in the NFL as an offensive co-ordinator, quarterback or running back coach with Minnesota (twice), Cleveland, San Francisco, Detroit, Arizona, Oakland, and Miami.

Trestman also coached in the NCAA with Johnson at Miami as well as North Carolina State.

Trestman is regarded as a quarterback guru and has a background with Chicago starter Jay Cutler and backup Jason Campbell, helping both in their respective pre-draft preparations.

Social Media News Headlines – Yahoo! News

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Prince William and Kate Advertise for Royal Housekeeper

By Simon Perry

01/13/2013 at 02:45 PM EST

The Duchess and Duke of Cambridge

REX USA

The Duke and Duchess of Cambridge are staffing up.

The royal couple are looking for a housekeeper for their home in Kensington Palace, PEOPLE has confirmed.

What are the job requirements? The applicant must be willing to keep their home clean, tend to the glass and silverware and run some basic errands for the couple. That could even mean looking after little Lupo, their cocker spaniel.

The position is a "standard housekeeping" role, a spokesman says, and it has been advertised internally to other royal household staff.

Shortly after their marriage in 2011, they advertised for similar help. But William and Kate reversed the decision, removing the advertisement after they told aides they didn't need household help just yet.

But things change: Now, as they are expecting their first child and prepare to move into their new, larger home at Apartment 1A of Kensington, they're ready for some assistance.

And they aren't short of applicants. The U.K.'s Sunday Express, which broke the story of opening in the royals' staff, says 15 people have put their hat in the ring.

The new post will be the couple's second recent appointment. Late last year they took on their first orderly – a Fijian corporal, seconded from the Parachute regiment. He has been driving the couple (and was seen behind the wheel at Kate's visit to her prep school, St. Andrew's in Pangbourne, just before she announced her pregnancy) and helping with logistics on their visits.

He reportedly will also be on hand to help periodically with Prince William's clothes.

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