The Best Tax Breaks for Retirement Savers

The federal government encourages saving for retirement by giving tax breaks to people who save in specific ways. There are several types of tax perks for retirement savers, each with special rules and restrictions. Here are some of the best tax breaks available to people who save for retirement:

401(k). One of the best ways to get a tax deduction while you save for retirement is through a 401(k) or similar type of retirement account, like a 403(b) or the federal government’s thrift savings plan. Employees who are eligible for these workplace retirement accounts can defer income tax on up to $ 17,500 in 2013, $ 500 more than in 2012. And people age 50 and older can delay paying income tax on as much as $ 23,000 in 2013, $ 5,500 more than younger people. Income tax won’t be due on your contributions until you withdraw the money, which you are required to do beginning after age 70 1/2. Traditional 401(k)s generally work best for people who expect to be in a lower tax bracket in retirement than they are now. “You get the employer match and tax-deferred growth, and you get to take it out when your taxes are theoretically going to be lower,” says John Dulmage, a certified financial planner for Financial Pathways in Londonderry, N.H.

[Read: Retirement Tax Deadlines for 2012.]

Roth 401(k). Roth 401(k) contribution limits are the same as those for traditional 401(k)s, but the tax treatment is different. Roth accounts allow you to contribute after-tax dollars, and then withdrawals from the account, including the earnings, are tax-free in retirement. Employers are increasingly offering a Roth option, and even allowing workers to convert some of their existing retirement savings to a Roth by paying income tax on the amount converted. A recent Aon Hewitt survey of 300 large U.S. employers found that about half of these companies already offer a Roth account and 29 percent of those without a Roth option are planning to add this feature in the next 12 months. Roth accounts often produce the biggest rewards for young and low-income retirement savers. “I usually recommend that my clients who are in the 15 percent tax bracket use the Roth as the vehicle,” says Dulmage.

IRA. Workers can defer income tax on up to $ 5,500 by contributing to an IRA in 2013, which jumps to $ 6,500 at age 50 or older. However, the ability to claim this tax deduction is phased out if you have a retirement plan at work and a modified adjusted gross income between $ 59,000 and $ 69,000 in 2013 ($ 95,000 and $ 115,000 for couples). For investors who don’t have a workplace retirement plan but are married to someone who does, the deduction is phased out if the couple’s income is between $ 178,000 and $ 188,000 in 2013. IRAs generally give you more investment options than a 401(k), and savvy investors can seek out lower fees. “If you have a lot of funds in your 401(k) that have high expense ratios of 1 percent or above, then the best bet is to go with the IRA where you can invest in practically anything you want to,” says Kirk Kinder, a certified financial planner for Picket Fence Financial. And while the deadline has already passed to make 401(k) contributions that count for the 2012 tax year, you have until April 15, 2013, to make an IRA contribution that will get you a tax deduction on your 2012 tax bill.

[Read: How to Claim the Retirement Saver's Tax Credit.]

Roth IRA. You can prepay income tax on up to $ 5,500 ($ 6,500 at age 50 or older) in a Roth IRA. The ability to contribute to a Roth IRA is phased out for individuals and heads of household earning between $ 112,000 to $ 127,000 ($ 178,000 to $ 188,000 for couples) in 2013. However, people who earn above these limits may still be able to contribute to a Roth IRA by converting some of their traditional IRA assets to a Roth. Roth accounts give retirees flexibility in retirement because withdrawals are not required during the original account owner’s lifetime. “There are no strings attached to when the money comes out,” says Philip Watson, a certified financial planner for Watson Planning in Franklin, Tenn. “You don’t have to take the money out in your lifetime. You can pass a Roth to your heirs.”

IRA tax-free charitable contributions. Individuals age 70 1/2 and older are generally required to withdraw money from their traditional IRAs and pay income tax on each distribution. But retirees in the fortunate position of not needing the money they have stashed away in their IRA can avoid paying income tax on their required withdrawals by donating up to $ 100,000 of their distributions to charity. To qualify for the tax break, charitable distributions for 2013 must be paid directly from the IRA to a qualified charity by the end of the calendar year.

[Read: Understand Your Rollover Options.]

Saver’s credit. Low- and moderate-income people who save for retirement in a 401(k) or IRA are eligible to claim the saver’s credit, which can be worth up to $ 1,000 for individuals and $ 2,000 for couples. People age 18 and older who are not full-time students or dependents on someone else’s tax return can claim this tax credit until their income exceeds $ 29,500 for singles, $ 44,250 for heads of household, and $ 59,000 for couples in 2013. The credit is calculated based on up to $ 2,000 of retirement account contributions and your income, with the biggest tax credit going to retirement savers with the lowest incomes. For example, a married couple earning $ 30,000 that contributed $ 1,000 to an IRA would get a $ 500 credit. But few people get that much. Among the 6.1 million income tax returns that claimed the saver’s credit in 2010, the credits averaged $ 204 for couples, $ 165 for heads of household, and $ 122 for individuals. There’s still time to claim the saver’s credit on your 2012 tax return. Workers have until April 15, 2013, to make an IRA or Roth IRA contribution that will qualify them for a tax-year 2012 saver’s credit.

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Dow, S&P slip after uncertain Italian election

NEW YORK (Reuters) - U.S. stocks mostly fell on Monday on fears that a divided parliament in Italy would get in the way of the country's reforms and hamper the euro zone's stability.

Election projections showed the center-right coalition led by former prime minister Silvio Berlusconi was leading in the race for the Italian Senate, contradicting initial exit polls and raising the specter of deadlock in parliament.

Earlier polls pointing to a center-left victory lifted stocks in Milan and other European markets on investors' belief that they would continue the path to pay down Italian debt, said Art Hogan, managing director of Lazard Capital Markets in New York.

"What we don't want to hear is a renewed fear about a euro- zone fracture," he said.

Last week, the benchmark S&P 500 closed below its 14-day moving average on Wednesday for the first time this year. At midday, the S&P 500 was trading just below that level, now near 1,515.

The index was, nonetheless, still near highs not seen in five years, as bets on a strong U.S. economy have given equities support. The S&P 500's slight fall last week was the first weekly drop after a seven-week string of gains.

Banks and other financial stocks led Monday's decline on concern about the sector's exposure to Italy's massive debt. The KBW Bank Index <.bkx> fell 0.7 percent.

The Dow Jones industrial average <.dji> slipped 18.58 points or 0.13 percent, to 13,981.99. The Standard & Poor's 500 <.spx> shed 2.30 points or 0.15 percent, to 1,513.30. But the Nasdaq Composite <.ixic> rose 3.03 points or 0.10 percent, to 3,164.85.

Barnes & Noble Inc shares climbed 11.9 percent to $15.12 after the bookseller's chairman offered to buy its declining retail business.

The Nasdaq received support from Amgen Inc , up 4.2 percent at $90.47, after a rival issued a voluntary recall of its only drug, an anemia treatment that competes with Amgen's top-selling red blood cell booster, Epogen.

The FTSEurofirst-300 index of top European shares <.fteu3> unofficially closed up 0.1 percent and Italy's main FTSE MIB <.ftmib> ended up 0.7 percent after earlier gaining near 4 percent.

U.S. equities will face a test with the looming debate over the so-called sequestration, U.S. government budget cuts that will take effect starting on Friday if lawmakers fail to reach an agreement over spending and taxes. The White House issued warnings about the harm the cuts are likely to inflict on the economy if enacted.

With 83 percent of the S&P 500 companies having reported results so far, 69 percent beat profit expectations, compared with a 62 percent average since 1994 and 65 percent over the past four quarters, according to Thomson Reuters data.

Fourth-quarter earnings for S&P 500 companies are estimated to have risen 6 percent, according to the data, above a 1.9 percent forecast at the start of the earnings season.

(Editing by Kenneth Barry and Jan Paschal)

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Iran plans own response to 'Argo'

(File photo) Argo tells the story of a rescue of U.S. diplomats from revolutionary Iran.

STORY HIGHLIGHTS

• Ben Affleck's "Argo" tells the story of a dramatic rescue of U.S. diplomats from revolutionary Iran


• Iranian state media criticize the movie as "replete with historical inaccuracies and distortions"


• Iran's Art Bureau says it will fund its own film about the handing over of 20 U.S. hostages

(CNN) -- Ben Affleck has more than just a couple of Golden Globes to add to his resume.

His movie "Argo," about the suspenseful rescue of U.S. diplomats during the Iran hostage crisis, has also achieved the unusual honor of prompting Tehran to produce its own cinematic response.

Opinion: Latino should have played lead in 'Argo'

"Argo" was named best drama movie during the Golden Globes ceremony on Sunday night in Los Angeles, and Affleck won the award for best director, a category for which he was passed over in the recent Oscar nominations.

But his efforts to recreate on screen the drama of the secret operation by the CIA and Canada to extract six U.S. embassy workers from revolutionary Iran in 1980 haven't been overlooked by Tehran's Art Bureau.

'Argo' recognizes forgotten heroes of Iran hostage saga

It plans to fund a movie entitled "The General Staff," about 20 American hostages who were handed over to the United States by Iranian revolutionaries, according to a report last week by Mehr News, the official Iranian agency.

"This film, which will be a big production, should be an appropriate response to the ahistoric film 'Argo,'" said Ataollah Salmanian, the director of the Iranian film, according to Mehr.

"Argo" claims to be based on a true story rather than to constitute a scrupulous retelling of exactly what took place, and its deviations from reality have been documented.

But Iranian authorities have taken offense at the film's portrayal of the country and its people. "Argo" was officially viewed as "anti-Iranian" following its U.S. release last year, Mehr reported.

Iran's state-run broadcaster Press TV detailed its objections to the film in an online article on Sunday.

"The Iranophobic American movie attempts to describe Iranians as overemotional, irrational, insane, and diabolical while at the same, the CIA agents are represented as heroically patriotic," it complained.

In the movie, in which Affleck plays the lead role, the CIA operation is shown outwitting Iranian authorities through an elaborate plan based on pretending that the U.S. diplomats fleeing the country were part of team scouting locations for an outlandish science-fiction film.

But according to Press TV, the film is "a far cry from a balanced narration" and is "replete with historical inaccuracies and distortions."

On the other hand, "The General Staff," set to begin shooting next year, will be based on eyewitness accounts, Salmanian said.

The Art Bureau, which is to provide the financing, is affiliated with the Islamic Ideology Dissemination Organization, according to Mehr.

Press TV cited Salmanian as saying that his film would depict "the historical event unlike the American version which lacks a proper view of the story."

CNN's Samira Said contributed to this report.

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Quvenzhané Wallis to play title role in “Annie” movie

NEW YORK (Reuters) – Nine-year-old Oscar nominee Quvenzhané Wallis will play the title role in “Annie,” Sony’s Columbia Pictures announced on Sunday.

“Annie” is due to hit theaters in 2014 during the winter holiday season, and is based on the stage play about an orphan’s adventures in finding her family and a better life while overcoming the schemes of orphanage mistress Miss Hannigan.

President of production at Columbia Pictures Hannah Minghella expressed confidence in Wallis’ talent and star power.

“With the recent Academy Award nomination and critical acclaim, Quvenzhané Wallis is a true star and we believe her portrayal as Annie will make her a true worldwide star,” she said.

“She is an extraordinary young talent with an amazing range, not only as an actress but as a singer and dancer, and we can’t wait for audiences to further discover her.”

Among the film’s co-producers are Will Smith, Jada Pinkett Smith and Shawn “Jay-Z” Carter. Carter’s 1998 Grammy-winning album “Vol. 2… Hard Knock Life” contains a hip-hop version of “It’s a Hard Knock Life,” a song from the original Broadway musical “Annie.”

The hit musical was first made into a film starring Carol Burnett as Miss Hannigan in 1982. A made-for-TV version with Kathy Bates in the same role aired on ABC in 1999, and earned two Emmy awards.

Wallis is the youngest actress to ever be nominated for a Best Actress Oscar. She was nominated for her role as Hushpuppy in indie drama “Beasts of the Southern Wild,” which also earned a nod for Best Picture. “Beasts” is Wallis’ first acting job.

Among her other firsts, she will also be the first African-American actress to play Annie, who has been traditionally portrayed as a freckle-faced redhead.

Later this year, she will star alongside Brad Pitt and Michael Fassbender in Steve McQueen’s historical drama “Twelve Years a Slave,” based on the book by Solomon Northup.

(Editing by Eric Walsh and Jackie Frank)

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Frustrated Italians vote in crucial election for euro zone

ROME (Reuters) – Italians voted on Sunday in one of the most closely watched and unpredictable elections in years, with pent-up fury over a discredited elite adding to concern it may not produce a government strong enough to lead Italy out of an economic slump.

The election, which concludes on Monday afternoon, is being followed closely by investors; their memories are still fresh of the potentially catastrophic debt crisis that saw Mario Monti, an economics professor and former bureaucrat, summoned to serve as prime minister in place of Silvio Berlusconi 15 months ago.

A weak Italian government could, many fear, prompt a new dip in confidence in the European Union‘s single currency.

Opinion polls give the center-left a narrow lead but the result has been thrown completely open by the prospect of a huge protest vote against the painful austerity measures imposed by Monti’s government and deep anger over a never-ending series of corruption scandals. Berlusconi’s centre-right has also revived.

“I’m not confident that the government that emerges from the election will be able to solve any of our problems,” said Attilio Bianchetti, a 55-year-old builder in Milan, who voted for the anti-establishment 5-Star Movement of comic and blogger Beppe Grillo.

The 64-year-old Grillo, heavily backed by a frustrated generation of young Italians hit by record unemployment, has been one of the biggest features of the last stage of the campaign, packing rallies in town squares up and down Italy.

“He’s the only real new element in a political landscape where we’ve been seeing the same faces for too long,” said Vincenzo Cannizzaro, 48, in the Sicialian capital Palermo.

Italians started voting at 8 a.m. (0700 GMT). Polling booths will remain open until 10 p.m. on Sunday and open again between 7 a.m. and 3 p.m. on Monday. Exit polls will come out soon after voting ends and official results are expected by early Tuesday.

Snow in northern regions is expected to last into Monday and could discourage some of the 47 million people eligible to vote in Italy to head out to polling stations, though the Interior Ministry has said it is fully prepared for bad weather.

Monti and his wife cast their votes at a polling booth in a Milan school on Sunday morning and centre-left leader Pier Luigi Bersani, the leader opinion polls suggest will have to form a new government, voted in his home town of Piacenza.

A small group of women’s rights demonstrators greeted former prime minister Berlusconi when he voted in Milan. They bared their breasts in protest at the conservative leader, who is on trial at present for having sex with an underage prostitute.

Whichever government emerges from the election will have to tackle reforms needed to address problems that have given Italy one of the most sluggish economies in the developed world for the past two decades.

But the widespread despair over the state of the country, where a series of corruption scandals has highlighted the stark divide between a privileged political elite and millions of ordinary Italians, has left deep scars.

“It’s our fault, Italian citizens. It’s our closed mentality. We’re just not Europeans,” said Luciana Li Mandri, a 37-year-old public servant in Palermo.

“We’re all about getting favors when we study, getting a protected job when we work. That’s the way we are and we can only be represented by people like that as well,” she said.

FRUSTRATION

Final polls published two weeks ago showed center-left leader Bersani with a 5-point lead, but analysts disagree about whether he will be able to form a stable majority that can make the economic reforms they believe Italy needs.

While the center left is still expected to gain control of the lower house, thanks to rules that guarantee a strong majority to whichever party wins the most votes nationally, a much closer battle will be fought for the Senate, which any government also needs to control to be able to pass laws.

The euro zone’s third-largest economy is stuck in deep recession, struggling under a public debt burden second only to Greece in the 17-member currency bloc and with a public weary of more than a year of austerity policies.

Bersani is now thought to be just a few points ahead of media magnate Berlusconi, the four-times prime minister who has promised tax refunds and staged a media blitz in an attempt to win back voters.

Think-tank consultant Mario, 60, who was on his way to vote in Bologna, said Bersani’s Democratic Party was the only serious grouping that could help solve the country’s economic woes.

“They’re not perfect,” he said. “But they’ve got the organization and the union backing that will help them push through the structural reforms.”

A strong fightback by Berlusconi, who has promised to repay a widely hated housing tax, the IMU, imposed by Monti last year, saw his support climb during a campaign that relentlessly attacked the “German-centric” austerity policies of the former European Union commissioner.

“I won’t vote for Monti, and I don’t think a lot of people will. He made a huge blunder with IMU,” said 35-year-old hairdresser Marco Morando, preparing to vote in Milan.

But the populist frustration Berlusconi’s campaign tapped into has also benefitted Grillo and many pollsters said his 5-Star Movement, made up of political novices, was challenging the center-right for the position as second political force.

“I’m very worried. There seems to be no way out from a political point of view, or from being able to govern,” said Calogero Giallanza, a 45-year-old musician in Rome, who voted for Bersani’s Democrats.

“There’s bound to be a mess in the Senate because, as far as I can see, the 5-Star Movement is unstoppable.”

(Additional reporting by Cristiano Corvino, Lisa Jucca, Jennifer Clark, Matthias Baehr and Sara Rossi in Milan, Stephen Jewkes in Bologna, Wladimir Pantaleone in Palermo, Stefano Bernabei and Massimiliano Di Giorgio in Rome; Editing by Robin Pomeroy and Alastair Macdonald)

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HP Unveils Android Consumer Tablet

BARCELONA, SPAIN–(Marketwire – Feb 24, 2013) – HP ( NYSE : HPQ ) today announced the HP Slate⁷, an affordable Android Jelly Bean consumer tablet that provides customers with easy access to Google Mobile services.

With a 7-inch diagonal screen and weighing 13 ounces, the HP Slate⁷ is an ideal trusted personal companion, featuring a stainless-steel frame and soft black paint in gray or red on the back. It also is the industry’s first tablet to offer embedded Beats Audio, for the best-sounding, richest audio experience available on a tablet.

The HP Slate⁷ delivers the Google experience with services like Google Now, Google Search, Gmail, YouTube, Google Drive and Google+ Hangouts for multiperson video chat as well as access to apps and digital content through Google Play.⁽¹⁾

“To address the growing interest in tablets among consumers and businesses alike, HP will offer a range of form factors and leverage an array of operating systems,” said Alberto Torres, senior vice president, Mobility Global Business Unit, HP. “Our new HP Slate⁷ on Android represents a compelling entry point for consumer tablets, while our ground-breaking, business-ready HP ElitePad on Windows® 8 is ideal for enterprises and governments. Both deliver the service and support people expect from HP.”

The HP Slate⁷ joins the recently introduced HP Chromebook as part of HP’s push to offer access to the Google experience.

HP’s tablet offerings reside in the company’s newly formed Mobility Global Business Unit, established in September 2012 with the hiring of Torres. Torres joined HP from Nokia, where he was executive vice president and oversaw the MeeGo products and platform.

HP Slate⁷ makes computing easy while on the go
Powered by an ARM Dual Core Cortex-A9 1.6 GHz processor, the HP Slate⁷ is fast and responsive. Integrated wireless allows customers to access email, the internet and key applications, while the High-aperture-ratio Field Fringe Switching (HFFS) panel offers wide viewing angles that provide easy viewing of documents, games, photos and videos — even in outdoor lighting conditions.

The HP Slate⁷ includes a 3-megapixel camera on the back and a VGA camera on the front for chatting, videos and photos.

With the HP ePrint ⁽²⁾ application, customers can easily print while at home or on the go, and the exclusive native printing capability enables customers to print directly from most applications. A micro USB port allows customers to easily transfer files, and a suite of applications from HP spans exclusive games to productivity tools.

HP will provide an array of simple and easy-to-access support tools and resources to help customers take full advantage of all of the features the HP Slate⁷ has to offer. In addition to extensive phone and online support offerings included with the HP Slate⁷, HP is offering customers the opportunity to add to the standard product limited warranty with its HP Care Pack services. HP Slate⁷ customers will have the option to protect their investment with a two-year HP Care Pack for $ 29 or a two-year HP Care Pack with Accidental Damage Protection (ADP) for $ 49.⁽³⁾

Pricing and availability⁽³⁾
The HP Slate⁷ is expected to be available in the United States in April with a starting price of $ 169.

Additional information about the HP Slate⁷ is available at www.hp.com/slate and The Next Bench.

About HP
HP creates new possibilities for technology to have a meaningful impact on people, businesses, governments and society. The world’s largest technology company, HP brings together a portfolio that spans printing, personal computing, software, services and IT infrastructure to solve customer problems. More information about HP is available at http://www.hp.com.

⁽¹⁾ Internet service required and not included.
⁽²⁾ Requires an internet connection to HP web-enabled printer and HP ePrint account registration. (A list of eligible printers, supported documents and image types and other HP ePrint details is available at www.hp.com/go/eprintcenter.) Mobile devices require internet connection and email capability. May require wireless access point. Separately purchased data plans or usage fees may apply. Print times and connection speeds may vary.
⁽³⁾ Estimated U.S. street prices. Actual prices may vary.

ARM is a registered trademark of ARM Limited. Microsoft and Windows are U.S. registered trademarks of Microsoft Corporation.

This news release contains forward-looking statements that involve risks, uncertainties and assumptions. If such risks or uncertainties materialize or such assumptions prove incorrect, the results of HP and its consolidated subsidiaries could differ materially from those expressed or implied by such forward-looking statements and assumptions. All statements other than statements of historical fact are statements that could be deemed forward-looking statements, including but not limited to statements of the plans, strategies and objectives of management for future operations; any statements concerning expected development, performance, market share or competitive performance relating to products and services; any statements regarding anticipated operational and financial results; any statements of expectation or belief; and any statements of assumptions underlying any of the foregoing. Risks, uncertainties and assumptions include macroeconomic and geopolitical trends and events; the competitive pressures faced by HP’s businesses; the development and transition of new products and services and the enhancement of existing products and services to meet customer needs and respond to emerging technological trends; the execution and performance of contracts by HP and its customers, suppliers and partners; the protection of HP’s intellectual property assets, including intellectual property licensed from third parties; integration and other risks associated with business combination and investment transactions; the hiring and retention of key employees; assumptions related to pension and other post-retirement costs and retirement programs; the execution, timing and results of restructuring plans, including estimates and assumptions related to the cost and the anticipated benefits of implementing those plans; the resolution of pending investigations, claims and disputes; and other risks that are described in HP’s filings with the Securities and Exchange Commission, including HP’s Annual Report on Form 10-K for the fiscal year ended October 31, 2012. HP assumes no obligation and does not intend to update these forward-looking statements.

© 2013 Hewlett-Packard Development Company, L.P. The information contained herein is subject to change without notice. The only warranties for HP products and services are set forth in the express warranty statements accompanying such products and services. Nothing herein should be construed as constituting an additional warranty. HP shall not be liable for technical or editorial errors or omissions contained herein.

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Investors face another Washington deadline

NEW YORK (Reuters) - Investors face another Washington-imposed deadline on government spending cuts next week, but it's not generating the same level of fear as two months ago when the "fiscal cliff" loomed large.

Investors in sectors most likely to be affected by the cuts, like defense, seem untroubled that the budget talks could send stocks tumbling.

Talks on the U.S. budget crisis began again this week leading up to the March 1 deadline for the so-called sequestration when $85 billion in automatic federal spending cuts are scheduled to take effect.

"It's at this point a political hot button in Washington but a very low level investor concern," said Fred Dickson, chief market strategist at D.A. Davidson & Co. in Lake Oswego, Oregon. The fight pits President Barack Obama and fellow Democrats against congressional Republicans.

Stocks rallied in early January after a compromise temporarily avoided the fiscal cliff, and the Standard & Poor's 500 index <.spx> has risen 6.3 percent since the start of the year.

But the benchmark index lost steam this week, posting its first week of losses since the start of the year. Minutes on Wednesday from the last Federal Reserve meeting, which suggested the central bank may slow or stop its stimulus policy sooner than expected, provided the catalyst.

National elections in Italy on Sunday and Monday could also add to investor concern. Most investors expect a government headed by Pier Luigi Bersani to win and continue with reforms to tackle Italy's debt problems. However, a resurgence by former leader Silvio Berlusconi has raised doubts.

"Europe has been in the last six months less of a topic for the stock market, but the problems haven't gone away. This may bring back investor attention to that," said Kim Forrest, senior equity research analyst at Fort Pitt Capital Group in Pittsburgh.

OPTIONS BULLS TARGET GAINS

The spending cuts, if they go ahead, could hit the defense industry particularly hard.

Yet in the options market, bulls were targeting gains in Lockheed Martin Corp , the Pentagon's biggest supplier.

Calls on the stock far outpaced puts, suggesting that many investors anticipate the stock to move higher. Overall options volume on the stock was 2.8 times the daily average with 17,000 calls and 3,360 puts traded, according to options analytics firm Trade Alert.

"The upside call buying in Lockheed solidifies the idea that option investors are not pricing in a lot of downside risk in most defense stocks from the likely impact of sequestration," said Jared Woodard, a founder of research and advisory firm condoroptions.com in Forest, Virginia.

The stock ended up 0.6 percent at $88.12 on Friday.

If lawmakers fail to reach an agreement on reducing the U.S. budget deficit in the next few days, a sequester would include significant cuts in defense spending. Companies such as General Dynamics Corp and Smith & Wesson Holding Corp could be affected.

General Dynamics Corp shares rose 1.2 percent to $67.32 and Smith & Wesson added 4.6 percent to $9.18 on Friday.

EYES ON GDP DATA, APPLE

The latest data on fourth-quarter U.S. gross domestic product is expected on Thursday, and some analysts predict an upward revision following trade data that showed America's deficit shrank in December to its narrowest in nearly three years.

U.S. GDP unexpectedly contracted in the fourth quarter, according to an earlier government estimate, but analysts said there was no reason for panic, given that consumer spending and business investment picked up.

Investors will be looking for any hints of changes in the Fed's policy of monetary easing when Fed Chairman Ben Bernake speaks before congressional committees on Tuesday and Wednesday.

Shares of Apple will be watched closely next week when the company's annual stockholders' meeting is held.

On Friday, a U.S. judge handed outspoken hedge fund manager David Einhorn a victory in his battle with the iPhone maker, blocking the company from moving forward with a shareholder vote on a controversial proposal to limit the company's ability to issue preferred stock.

(Additional reporting by Doris Frankel; Editing by Kenneth Barry)

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Daytona ready for race, willing to relocate fans

DAYTONA BEACH, Fla. (AP) — Fans feeling unsafe after the horrific crash at Daytona International Speedway can change seats for NASCAR's biggest race.

Track President Joie Chitwood said Sunday workers successfully repaired a section of fence — 54 feet wide and 22 feet high — that was shredded Saturday when Kyle Larson's car went airborne on the final lap of a second-tier race and crashed through the barrier that separates cars from fans. Large pieces of debris, including a tire, sprayed into the upper and lower section of the stands.

The crash injured more than 30 people, raising more questions about fan safety at race tracks.

Halifax Health spokesman Byron Cogdell said seven people with crash-related injuries remained hospitalized Sunday in Daytona Beach in stable condition. The six people brought to a different Halifax hospital in Port Orange with crash-related injuries had all been discharged by Sunday morning, Cogdell said.

A spokeswoman at Florida Memorial Medical Center would not release information Sunday on the patients brought to that hospital.

Chitwood, meanwhile, said if any fans are uncomfortable with their up-close seating for Sunday's Daytona 500, officials will work to move them.

"If fans are unhappy with their seating location or if they have any incidents, we would relocate them," Chitwood said Sunday. "So we'll treat that area like we do every other area of the grandstand. If a fan is not comfortable where they're sitting, we make every accommodation we can."

Larry Spencer of Nanticoke, Pa., said Sunday he's not sure he wants to ever sit that low again after his 15-year-old brother, Derrick, needed three stitches in his cheek after being hit by metal debris flying from the crash. They sat close to the fence Saturday, but returned for the Daytona 500 with tickets dozens of rows farther away from the track.

"I thought it was just neat to see the cars going by that close," Spencer said. "After yesterday, though, I definitely will reconsider sitting lower ever again."

The tire that flew into the stands landed a couple of rows above where they had been standing. After the crash, looking around at the people seriously injured, Spencer said he decided to take his brother to a hospital himself so that speedway crews and paramedics could focus on the people who needed more help.

"The only way to describe it was like a bomb went off, and the car pretty much exploded," Spencer said.

Track workers finished repairs about 2 a.m. Sunday, having installed a new fence post, new metal meshing and part of the concrete wall.

Officials decided not to rebuild the collapsed cross-over gate, which allows fans to travel between the stands and the infield before races.

Daytona has a grandstand remodel planned. Chitwood said the injuries could prompt a redesign that might include sturdier fences or stands further away from the on-track action.

"It's tough to connect the two right now in terms of a potential redevelopment and what occurred," Chitwood said. "We were prepared yesterday, had emergency medical respond. As we learn from this, you bet: If there are things that we can incorporate into the future, whether it's the current property now or any other redevelopment, we will.

"The key is sitting down with NASCAR, finding out the things that happened and how we deal with them."

Daytona reexamined its fencing and ended up replacing the entire thing following Carl Edwards' scary crash at Talladega Superspeedway in Alabama in 2009. Edwards' car sailed into the fence and spewed debris into the stands.

"We've made improvements since then," Chitwood said. "I think that's the key: that we learn from this and figure out what else we need to do."

NASCAR plans to take what remained of Larson's sheared car along with debris back to its research and development center in Charlotte, N.C., for testing.

"We'll bring in the best and brightest," said Steve O'Donnell, NASCAR's senior vice president for racing operations. "Anything we can learn will be put in place. ... Fans are our first priority. Obviously we want everybody to be safe at an event. We've talked to the speedway. We're confident in what's in place at today's event. Certainly still thinking about those affected, but we're confident to move forward for this race."

The 12-car crash began as the front-runners approached the checkered flag. Leader Regan Smith attempted to block Brad Keselowski for the win, triggering a pileup that could have been much worse.

Larson's burning engine wedged through a gaping hole in the fence. Parts and pieces of his car sprayed into the stands, including a tire that cleared the top of the fence and landed midway up the spectator section closest to the track.

The 20-year-old Larson stood in shock a few feet from his car as fans in the stands waved frantically for help. Smoke from the burning engine briefly clouded the area, and emergency vehicles descended on the scene.

Ambulance sirens could be heard wailing behind the grandstands at a time the race winner would typically be doing celebratory burnouts.

"It was freaky. When I looked to my right, the accident happened," Rick Harpster of Orange Park said. "I looked over and I saw a tire fly straight over the fence into the stands, but after that I didn't see anything else. That was the worst thing I have seen, seeing that tire fly into the stands. I knew it was going to be severe."

In 1987, Bobby Allison's car lifted off the track at Talladega while running over 200 mph, careening into the steel-cable fence and scattering debris into the crowd. That crash led to the use of horsepower-sapping restrictor plates at Talladega and its sister track in Daytona, NASCAR's fastest layouts.

As a result, the cars all run nearly the same speed, and the field is typically bunched tightly together — which plenty of drivers have warned is actually a more dangerous scenario than higher speeds.

"That's one of the things that really does scare you," Allison said Sunday. "But it's always a possibility because of the speeds, where they are."

___

Associated Press writer Jennifer Kay in Miami contributed to this report.

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Vatican 'Gay lobby'? Probably not

STORY HIGHLIGHTS

• Benedict XVI not stepping down under pressure from 'gay lobby,' Allen says


• Allen: Benedict is a man who prefers the life of the mind to the nuts and bolts of government


• However, he says, much of the pope's time has been spent putting out fires

Editor's note: John L. Allen Jr. is CNN's senior Vatican analyst and senior correspondent for the National Catholic Reporter.

(CNN) -- Suffice it to say that of all possible storylines to emerge, heading into the election of a new pope, sensational charges of a shadowy "gay lobby" (possibly linked to blackmail), whose occult influence may have been behind the resignation of Benedict XVI, would be right at the bottom of the Vatican's wish list.

Proof of the Vatican's irritation came with a blistering statement Saturday complaining of "unverified, unverifiable or completely false news stories," even suggesting the media is trying to influence the papal election.

Two basic questions have to be asked about all this. First, is there really a secret dossier about a network of people inside the Vatican who are linked by their sexual orientation, as Italian newspaper reports have alleged? Second, is this really why Benedict XVI quit?

John L. Allen Jr.

The best answers, respectively, are "maybe" and "probably not."

It's a matter of record that at the peak of last year's massive Vatican leaks crisis, Benedict XVI created a commission of three cardinals to investigate the leaks. They submitted an eyes-only report to the pope in mid-December, which has not been made public.

It's impossible to confirm whether that report looked into the possibility that people protecting secrets about their sex lives were involved with the leaks, but frankly, it would be surprising if it didn't.

There are certainly compelling reasons to consider the hypothesis. In 2007, a Vatican official was caught by an Italian TV network on hidden camera arranging a date through a gay-oriented chat room, and then taking the young man back to his Vatican apartment. In 2010, a papal ceremonial officer was caught on a wiretap arranging liaisons through a Nigerian member of a Vatican choir. Both episodes played out in full public view, and gave the Vatican a black eye.

Pope Benedict XVI

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In that context, it would be a little odd if the cardinals didn't at least consider the possibility that insiders leading a double life might be vulnerable to pressure to betray the pope's confidence. That would apply not just to sex, but also potential conflicts of other sorts too, such as financial interests.

Vatican officials have said Benedict may authorize giving the report to the 116 cardinals who will elect his successor, so they can factor it into their deliberations. The most immediate fallout is that the affair is likely to strengthen the conviction among many cardinals that the next pope has to lead a serious house-cleaning inside the Vatican's bureaucracy.

It seems a stretch, however, to suggest this is the real reason Benedict is leaving. For the most part, one should probably take the pope at his word, that old age and fatigue are the motives for his decision.

That said, it's hard not to suspect that the meltdowns and controversies that have dogged Benedict XVI for the last eight years are in the background of why he's so tired. In 2009, at the height of another frenzy surrounding the lifting of the excommunication of a Holocaust-denying traditionalist bishop, Benedict dispatched a plaintive letter to the bishops of the world, voicing hurt for the way he'd been attacked and apologizing for the Vatican's mishandling of the situation.

Even if Benedict didn't resign because of any specific crisis, including this latest one, such anguish must have taken its toll. Benedict is a teaching pope, a man who prefers the life of the mind to the nuts and bolts of government, yet an enormous share of his time and energy has been consumed trying to put out internal fires.

It's hard to know why Benedict XVI is stepping off the stage, but I doubt it is because of a "gay lobby."

Follow us on Twitter @CNNOpinion.

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The opinions expressed in this commentary are solely those of John L. Allen Jr.

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Lindsay Lohan Chewed to Pieces in Pitbull Lawsuit

LOS ANGELES (TheWrap.com) – As it turns out, Lindsay Lohan doesn’t have much luck as a plaintiff in legal proceedings either.

Troubled “Liz & Dick” actress Lohan, who has experienced more than her share of legal woes in recent years, was shot down Thursday in her lawsuit against Pitbull, Ne-Yo and Afrojack over the 2011 song “Give Me Everything.”

Lohan had sued the trio, along with others, under New York Civil Rights Law, claiming that the song made “disparaging and defamatory statements” about Lohan, violated her privacy, and used her name for advertising purposes without authorization.

Oh, and she also claimed that the tune caused her “tremendous emotional distress.”

Specifically, Lohan took issue with the lyrics, “So, I’m tiptoein’, to keep flowin’/I got it locked up like Lindsay Lohan.”

However, Lohan’s claims went down in flames in U.S. District Court in New York on Thursday, as Judge Denis R. Hurley granted the defendants’ motion to dismiss and tossed out Lohan’s complaint.

In his ruling, Hurley found that the song, as a protected work of art under the First Amendment, doesn’t violate the New York Civil Rights Law.

The judge also dismissed Lohan’s claim that the songwriters used her name for advertising or purposes or trade.

“Even if the Court were to conclude that plaintiff had sufficiently alleged that her name was used in the Song for purposes of advertising or trade, the isolated nature of the use of her name would, in and of itself, prove fatal to her New York Civil Rights Law claim,” Hurley found.

As for the claim of emotional distress? Yeah, that didn’t fly either, with Hurley ruling, “even if the defendants used plaintiff’s name in one line of the Song without her consent, such conduct is insufficient to meet the threshold for extreme and outrageous conduct necessary to sustain a claim for intentional infliction of emotional distress.”

On the plus side for Lohan, the judge decided not to impose sanctions on the actress, as the defendants had requested.

In her complaint, Lohan asked for a permanent injunction preventing any further distribution of the song, plus an injunction ordering the defendants to surrender all existing copies of the song to Lohan.

Naturally, she was also asking for an accounting of the profits that the song had generated for the defendants to date, and “compensatory damages in an amount to be determined in the Court.”

Looks like she’s the one who hit a bum note, as far as the justice system is concerned.

(Pamela Chelin contributed to this report)

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