To Crack China, Apple Needs More Than Cheap iPhones

When Apple reports its quarterly earnings after the markets close Wednesday, investors will be looking for clues about how Chief Executive Tim Cook plans to cope with the company’s challenges in China. In the world’s largest telecom market, Apple has not only fallen far behind arch rival Samsung Electronics (005930), it also lags behind Lenovo, a PC company that just two years ago was barely even in the smartphone business at all.

Adding to the indignity, Apple (AAPL) is also behind an even less-known brand called Coolpad,  which is owned by Shenzhen-based China Wireless Technologies. As my Bloomberg News colleague Edmond Lococo and I reported Wednesday, Coolpad has become the No. 3 brand in China, behind only Samsung and Lenovo and well ahead of Apple, thanks to its focus on low-cost smartphones.

The below-$ 200 market segment is growing fast in China but it’s one that Apple has long ignored. The cheapest iPhone on Apple’s China website, an 8-gigabyte iPhone 4, costs 3,088 yuan (or $ 495). The latest iPhone 5 starts at 5,288 yuan ($ 850).

A cheaper iPhone might help Apple address that problem and take down upstarts like Coolpad. As Bloomberg has reported, Apple is working on a low-cost iPhone priced between $ 99 and $ 149, with China and other developing markets the target.

But selling more gadgets is just one of Apple’s China challenges. Another is getting Chinese to pay for things on iTunes. China is notorious as a piracy playground, and with counterfeit CDs and DVDs so easy to buy in the markets, and unauthorized music and movies so easy to download from the Internet, relatively few Chinese can be bothered buying from an online service. And even if they wanted to pay, they wouldn’t have the chance; Apple doesn’t sell music or movies in China.

Apple is trying. There is a Chinese iTunes store that offers apps, although most of the popular ones are free. Suppose you’re in China and you want to buy a game app for your iPhone or make an “in-app” purchase while playing a free game. Until last year, you needed a credit card from the U.S. or another Apple-blessed place to buy from iTunes. Now Apple has started a local version of iTunes for people with Chinese credit cards.

Still, it’s not easy to be loyal to iTunes in China. First of all, the servers are not in China, so the service is slow. Also, any would-be shopper must prepay to buy from China’s version of iTunes. If you haven’t put money into the account, you can’t buy anything. That makes impulse shopping very difficult. And unlike Android users, iPhone owners can’t just make purchases and have the charges show up on their mobile-phone bills. China’s cellular operators last year starting offering that service for Android, greatly simplifying the purchasing process. Apple doesn’t have anything comparable yet. Perhaps that’s one of many things on Tim Cook’s agenda when he met this month with Xi Guohua, the chairman of China Mobile.

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Chain store sales point to a hit from tax hike

By Jason Lange

WASHINGTON (Reuters) – A slowdown in sales growth at many big U.S. retailers suggests a clutch of tax hikes enacted this month is already leading consumers to hold back on spending, putting a brake on economic growth.

Sales growth has cooled for three straight weeks when measured from a year earlier in the Johnson Redbook Retail Sales Index, data showed on Wednesday.

Similarly, the ICSC U.S. retail chain store sales index, which is the other major weekly barometer of retail spending, has showed weakening of growth in the last two weeks.

“We can very tentatively say that these numbers look consistent with our view that the increase in taxes at the start of 2013 led to a slowdown in consumer spending,” said Daniel Silver, an economist at JPMorgan in New York.

Washington this month raised taxes on most Americans.

The brunt of the tax hike came from the expiration of a temporary payroll tax cut. That cut — a 2 percentage point reduction in a levy that funds Social Security — was put in place two years ago to help the economy, which was still smarting from the 2007-09 recession.

About 160 million workers pay this tax, and the increase will cost the average worker about $ 700 a year, according to the Tax Policy Center, a Washington think tank.

Congress and President Barack Obama also allowed income tax rates to rise this month for households making more than $ 450,000 a year, a partial repeal of tax cuts put in place under President George W. Bush. The wealthy will also pay a new tax to help fund a health insurance reform passed in 2010.

These will have a smaller impact on the wider economy because they affect fewer people. But taken together, this year’s tax hikes could subtract a full percentage point from growth, JPMorgan estimates.

Some economic data appears to be baring out economists’ predictions.

Compared to the same week one year earlier, the Redbook index rose 1.8 percent in the week ending January 19, down from 1.9 percent in the January 12 week and 2.1 percent in the January 5 week. Sales were up 2.9 percent in the December 29 week from a year earlier.

Weekly data on retail sales can be quite volatile, and analysts said more compelling evidence of a slowdown in spending — or even an outright decline — will likely come from the government’s more comprehensive report on retail sales for the full month of January due on February 13.

“There is some kind of slowdown in spending perhaps going on … but it’s hard to know how significant that is based on a fairly ropy batch of data,” said Paul Dales, an economist at Capital Economics in London.

The ICSC U.S. retail chain store sales index, which banking giant Goldman Sachs helps to produce, rose 3.2 percent in the week ending January 19 from a year ago, down from 3.3 percent in the week of January 12 and 4 percent in the week before that.

For the whole of 2013, economists estimate the payroll tax hike will reduce household incomes by roughly $ 125 billion.

The payroll tax hike alone could reduce economic growth this year by about 0.7 percentage point, Dales said.

(Reporting by Jason Lange; editing by Andrew Hay)

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Dow, Nasdaq boosted by tech; S&P flat

NEW YORK (Reuters) - The Dow and Nasdaq edged higher on Wednesday, lifted by IBM and Google whose stronger-than-expected profits helped to soothe investors' concerns about the tech sector.

IBM's and Google's earnings, released after Tuesday's close, were the latest reassuring fourth-quarter results that pushed the Dow and S&P 500 to five-year highs as worries about the "fiscal cliff" and euro zone debt crisis faded and earnings became the market's main focus.

International Business Machines Corp forecast better-than-anticipated 2013 results and also posted fourth-quarter earnings and revenue that beat expectations.

Shares in the world's largest technology services company, climbed 5.5 percent to $206.87, its biggest advance since July, making it by far the largest boost to the Dow.

Worries about the profit potential in the tech sector had increased amid questions about waning demand for Apple Inc products and a weak outlook from Intel Corp last week.

Also helping to boost the tech sector was a 6.1 percent jump in Internet search company Google Inc to $746.02. The Internet search company reported its core business outpaced expectations and revenue was higher than expected.

Despite a 1.3 percent gain in the S&P technology sector <.splrct>, gains on the broader S&P 500 index were limited a day after the benchmark index closed at a fresh 5-year high.

The recent gains have been largely fueled by a stronger than expected start to the earning season, pushing the benchmark S&P index near the 1,500 level, last reached on December 12, 2007, and may make additional gains harder to come by after a 4.6 increase for the month.

"This certainly is new air up here, you have to give it some time at this level," said Troy Logan, managing director and senior economist at Warren Financial Service in Exton, Pennsylvania.

"More fundamentally, there is less concern about Europe. You need less noise on the political front and the focus back on corporate American growing earnings."

With tech earnings strong, Thomson Reuters data through Wednesday shows that of the 99 S&P 500 companies that have reported earnings so far, 67.7 percent have topped expectations, above the 62 percent average since 1994 and the 65 percent average over the past four quarters.

The Dow Jones industrial average <.dji> gained 43.27 points, or 0.32 percent, to 13,755.48. The Standard & Poor's 500 Index <.spx> shed 1.32 points, or 0.09 percent, to 1,491.24. The Nasdaq Composite Index <.ixic> added 8.82 points, or 0.28 percent, to 3,152.00.

McDonald's slipped 0.3 percent to $92.63 after reporting a rise in fourth-quarter earnings, lifted by an increase in same-store sales. Fellow Dow component United Technology Corp's earnings fell from the prior year, hurt by large restructuring charges. Shares edged up 0.4 percent to $87.86.

On the downside, leather-goods maker Coach Inc plunged 14.8 percent to $51.75 as the S&P's worst performer after reporting sales that missed expectations. The S&P consumer discretionary sector <.splrcd> lost 0.5 percent.

After the market closes, investors will scour Apple's results for signs it can continue to grow at an accelerated pace. The stock has been pressured recently by questions raised about demand for Apple's products. The stock has fallen 5 percent since the start of the year, compared with gains of 4.6 percent in the S&P 500. It rose 0.4 percent to $507.04 on Wednesday.

"Pretty much all eyes are on Apple to see what they are going to do this evening. What happened to Apple is they had some misses in the second and third quarters of 2012 and the explanation was anticipation of the new iPhone 5, so this quarter they really have to deliver on that story," Logan said.

Overall, S&P 500 fourth-quarter earnings rose 2.8 percent, according to Thomson Reuters data. That estimate is above the 1.9 percent forecast from the start of earnings season, but well below the 9.9 percent fourth-quarter earnings forecast from October 1, the data showed.

Republican leaders in the U.S. House of Representatives aim on Wednesday to pass a bill to extend the U.S. debt limit by nearly four months, to May 19. The White House welcomed the move, saying it would remove uncertainty about the issue.

The debt limit issue has hung over the market for weeks, with many investors worried that if no deal is reached to raise the limit, it could have a negative impact on the economy.

(Reporting by Chuck Mikolajczak; Editing by Kenneth Barry)

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Seau's family sues NFL over brain injuries

The family of Junior Seau has sued the NFL, claiming the former linebacker's suicide was the result of brain disease caused by violent hits he sustained while playing football.

The wrongful death lawsuit, filed Wednesday in California Superior Court in San Diego, blames the NFL for its "acts or omissions" that hid the dangers of repetitive blows to the head. It says Seau developed chronic traumatic encephalopathy (CTE) from those hits, and accuses the NFL of deliberately ignoring and concealing evidence of the risks associated with traumatic brain injuries.

Seau died at age 43 of a self-inflicted gunshot in May. He was diagnosed with CTE, based on posthumous tests, earlier this month.

An Associated Press review in November found that more than 3,800 players have sued the NFL over head injuries in at least 175 cases as the concussion issue has gained attention in recent years. More than 100 of the concussion lawsuits have been brought together before U.S. District Judge Anita B. Brody in Philadelphia.

Helmet manufacturer Riddell Inc., also is being sued by the Seaus, who say Riddell was "negligent in their design, testing, assembly, manufacture, marketing, and engineering of the helmets" used by NFL players. The suit says the helmets were unreasonably dangerous and unsafe.

Seau was one of the best linebackers during his 20 seasons in the NFL. He retired in 2009.

"We were saddened to learn that Junior, a loving father and teammate, suffered from CTE," the family said in a statement released to the AP. "While Junior always expected to have aches and pains from his playing days, none of us ever fathomed that he would suffer a debilitating brain disease that would cause him to leave us too soon.

"We know this lawsuit will not bring back Junior. But it will send a message that the NFL needs to care for its former players, acknowledge its decades of deception on the issue of head injuries and player safety, and make the game safer for future generations."

Plaintiffs are listed as Gina Seau, Junior's ex-wife; Junior's children Tyler, Sydney, Jake and Hunter, and Bette Hoffman, trustee of Seau's estate.

The lawsuit accuses the league of glorifying the violence in pro football, and creating the impression that delivering big hits "is a badge of courage which does not seriously threaten one's health."

It singles out NFL Films and some of its videos for promoting the brutality of the game.

"In 1993's 'NFL Rocks,' Junior Seau offered his opinion on the measure of a punishing hit: 'If I can feel some dizziness, I know that guy is feeling double (that)," the suit says.

The NFL consistently has denied allegations similar to those in the lawsuit.

"The NFL, both directly and in partnership with the NIH, Centers for Disease Control and other leading organizations, is committed to supporting a wide range of independent medical and scientific research that will both address CTE and promote the long-term health and safety of athletes at all levels," the league told the AP after it was revealed Seau had CTE.

The lawsuit claims money was behind the NFL's actions.

"The NFL knew or suspected that any rule changes that sought to recognize that link (to brain disease) and the health risk to NFL players would impose an economic cost that would significantly and adversely change the profit margins enjoyed by the NFL and its teams," the Seaus said in the suit.

The National Institutes of Health, based in Bethesda, Md., studied three unidentified brains, one of which was Seau's, and said the findings on Seau were similar to autopsies of people "with exposure to repetitive head injuries."

"It was important to us to get to the bottom of this, the truth," Gina Seau told the AP then. "And now that it has been conclusively determined from every expert that he had obviously had CTE, we just hope it is taken more seriously. You can't deny it exists, and it is hard to deny there is a link between head trauma and CTE. There's such strong evidence correlating head trauma and collisions and CTE."

In the final years of his life, Seau went through wild behavior swings, according to Gina and to 23-year-old son, Tyler. There also were signs of irrationality, forgetfulness, insomnia and depression.

"He emotionally detached himself and would kind of 'go away' for a little bit," Tyler Seau said. "And then the depression and things like that. It started to progressively get worse."

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2013 could be 'climate game-changer'

An ice sculpture entitled 'Minimum Monument' by Brazilian artist Nele Azevedo outside Berlin's Concert Hall, September 2, 2009.

STORY HIGHLIGHTS

• The "neglected" risk of climate change seems to be rising to the top of leaders' agendas


• Extreme weather events are costing the global economy billions of dollars each year


• Gas can be an important bridge to a lower carbon future but it's not the answer


• More investment in renewable energy is needed, with fewer risks

Editor's note: Andrew Steer is President and CEO of the World Resources Institute, a think tank that works with governments, businesses and civil society to find sustainable solutions to environmental and development challenges.

(CNN) -- As leaders gather for the World Economic Forum in Davos, signs of economic hope are upon us. The global economy is on the mend. Worldwide, the middle class is expanding by an estimated 100 million per year. And the quality of life for millions in Asia and Africa is growing at an unprecedented pace.

Threats abound, of course. One neglected risk -- climate change -- appears to at last be rising to the top of agendas in business and political circles. When the World Economic Forum recently asked 1,000 leaders from industry, government, academia, and civil society to rank risks over the coming decade for the Global Risks 2013 report, climate change was in the top three. And in his second inaugural address, President Obama identified climate change as a major priority for his Administration.

Andrew Steer

For good reason: last year was the hottest year on record for the continental United States, and records for extreme weather events were broken around the world. We are seeing more droughts, wildfires, and rising seas. The current U.S. drought will wipe out approximately 1% of the U.S. GDP and is on course to be the costliest natural disaster in U.S. history. Damage from Hurricane Sandy will cost another 0.5% of GDP. And a recent study found that the cost of climate change is about $1.2 trillion per year globally, or 1.6% of global GDP.

Shifting to low-carbon energy sources is critical to mitigating climate change's impacts. Today's global energy mix is changing rapidly, but is it heading in the right direction?

Coal is the greatest driver of carbon dioxide emissions from energy, accounting for more than 40% of the total worldwide. Although coal demand is falling in the United States -- with 55 coal-powered plants closed in the past year -- it's growing globally. The World Resources Institute (WRI) recently identified 1,200 proposed new coal plants around the world. And last year, the United States hit a record-high level of coal exports—arguably transferring U.S. emissions abroad.

Meanwhile, shale gas is booming. Production in the United States has increased nearly tenfold since 2005, and China, India, Argentina, and many others have huge potential reserves. This development can be an economic blessing in many regions, and, because carbon emissions of shale gas are roughly half those of coal, it can help us get onto a lower carbon growth path.

However, while gas is an important bridge to a low carbon future—and can be a component of such a future—it can't get us fully to where we need to be. Greenhouse gas emissions in industrial countries need to fall by 80-90% by 2050 to prevent climate change's most disastrous impacts. And there is evidence that gas is crowding out renewables.

Renewable energy -- especially solar and wind power -- are clear winners when it comes to reducing emissions. Unfortunately, despite falling prices, the financial markets remain largely risk-averse. Many investors are less willing to finance renewable power. As a result of this mindset, along with policy uncertainty and the proliferation of low-cost gas, renewable energy investment dropped 11%, to $268 billion, last year.

What do we need to get on track?

Incentivizing renewable energy investment

Currently, more than 100 countries have renewable energy targets, more than 40 developing nations have introduced feed-in tariffs, and countries from Saudi Arabia to South Africa are making big bets on renewables as a growth market. Many countries are also exploring carbon-trading markets, including the EU, South Korea, and Australia. This year, China launched pilot trading projects in five cities and two provinces, with a goal of a national program by 2015.

Removing market barriers

Despite growing demand for renewable energy from many companies, this demand often remains unmet due to numerous regulatory, financial, and psychological barriers in the marketplace.

In an effort to address these, WRI just launched the Green Power Market Development Group in India, bringing together industry, government, and NGOs to build critical support for renewable energy markets. A dozen major companies from a variety of sectors—like Infosys, ACC, Cognizant, IBM, WIPRO, and others— have joined the initiative. This type of government-industry-utility partnership, built upon highly successful models elsewhere, can spur expanded clean energy development. It will be highlighted in Davos this week at meetings of the Green Growth Action Alliance (G2A2).

De-risking investments

For technical, policy, and financial reasons, risks are often higher for renewables than fossil-based energy. Addressing these risks is the big remaining task to bring about the needed energy transformation. Some new funding mechanisms are emerging that can help reduce risk and thus leverage large sums of financing. For example, the Green Climate Fund could, if well-designed, be an important venue to raise funds and drive additional investments from capital markets. Likewise, multi-lateral development banks' recent $175 billion commitment to sustainable transport could help leverage more funds from the private and public sectors.

Some forward-looking companies are seeking to create internal incentives for green investments. For example, companies like Unilever, Johnson & Johnson, and UPS have been taking actions to reduce internal hurdle rates and shift strategic thinking to the longer-term horizons that many green strategies need.

Davos is exactly the type of venue for finding solutions to such issues, which requires leadership and coalition-building from the private and public sectors. For example, the the G2A2, an alliance of CEOs committed to addressing climate and environmental risks, will launch the Green Investment Report with precisely the goal of "unlocking finance for green growth".

Depending on what happens at Davos—and other forums and meetings like it throughout the year—2013 could just be a game-changer.

Follow us on Twitter@CNNOpinion.

Join us on Facebook/CNNOpinion.

The opinions expressed in this commentary are solely those of Andrew Steer.

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Live Nation to rock London Olympic park in 2013

LONDON (Reuters) – Live Nation Entertainment said on Tuesday it had secured exclusive rights to host major music concerts in London’s Olympic Park and Stadium complex in 2013.

Live Nation, which hosted more than 400 concerts and performances across Europe in the past year, said it has already planned to hold its Wireless Festival and Hard Rock Calling events at the Queen Elizabeth Olympic Park in the summer.

“We are delighted to be staging music concerts at the London Olympics venue, which last year became a globally-recognized site for outstanding performances – both in sport and music,” John Reid, president of concerts at Live Nation Europe said in a statement on the company’s website.

The announcement is a boost for the British government, which provided almost 9 billion pounds ($ 14.25 billion) of public money to build and provide security for the London 2012 Games, quashing criticism that the east London site could become an expensive white elephant after a glorious summer of sporting drama.

The London Legacy Development Corp (LLDC), set up to transform the park into a viable space for entertainment, leisure and work, said the concerts will form part of a series of events that include a cycling festival, a weekend of music and other activities.

LLDC Chairman and London Mayor Boris Johnson said the Live Nation deal was a ringing endorsement of the efforts made to transform the park.

“Along with the other major international sports events we have already secured this latest news proves that the park has a very bright future indeed,” Johnson said in a statement on the LLDC website.

The LLDC is negotiating with West Ham United to try to finalise a deal for the Premier League soccer club to move into the Olympic Stadium.

The deal also provides Live Nation with a venue to stage events that had become a bone of contention for some residents living near London’s Royal Parks, who complained that its summer concerts failed to end at the appointed time and were too loud.

Concert-goers were surprised in July when microphones were suddenly switched off on Paul McCartney and Bruce Springsteen in mid-duet when a Hyde Park concert ran over time.

Financial terms of the London Olympic venue contract have not been disclosed. Details of the music acts and dates to perform at the site will be announced in the first quarter of 2013, Live Nation said.

($ 1 = 0.6316 British pounds)

(Reporting by Paul Casciato; editing by Keith Weir)

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Hilco takes control of HMV chain

22 January 2013 Last updated at 11:28 ET

Restructuring specialist Hilco has taken effective control of music and DVD retailer HMV.

Hilco, which already owns HMV Canada, has bought the debt of HMV from the group’s lenders, Lloyds and Royal Bank of Scotland.

The debt deal paves the way for Hilco to gain full control of HMV. A further announcement is expected later.

HMV has been hit by competition from online rivals, supermarkets, and illegal music and film downloads.

HMV’s estimated debt was about £176m, but Hilco is believed to have paid much less than this to acquire it because the retail chain is in administration.

It is understood that the debt had to be purchased as a prerequisite to taking full control of HMV. A source told the BBC that an announcement about the completion of the purchase could come as early as Tuesday evening.

Hilco said in a statement: “Hilco UK confirms that it has acquired HMV’s debt from the group’s lenders. It has not bought the business itself.

“Hilco believes there to be a viable underlying HMV business and will now be working closely with Deloitte who, as administrators, are reviewing the business to determine future options.”

An industry group of music labels and film studios, including Universal Music and Sony, were reported on Monday to favour a buyout of HMV by Hilco.

Hilco bought out HMV Canada from parent HMV group in 2011 for £2m, and this history means suppliers are likely to give a Hilco-owned HMV in the UK more favourable credit terms.

In Canada, Hilco said the support of HMV’s key suppliers had been of “critical importance” to the business’s performance.

HMV has 223 UK stores in total, and a workforce of about 4,000.

On Monday, the administrators for HMV said that the retail chain would start accepting gift vouchers in stores from Tuesday.

Deloitte, which had previously said that gift cards could not be redeemed in stores, said it had made the change after assessing HMV’s financial position.

BBC News – Business

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ETFO Locals Introduce NoToBill115 Campaign

TORONTO, ONTARIO–(Marketwire – Jan 22, 2013) -

Editors Note: There is a photo associated with this press release.

The Elementary Teachers of Toronto, Durham, York, Simcoe, Peel and Halton have released NoToBill115, a massive political campaign bringing awareness to Bill 115 and the negative implications the bill poses to democracy in the work force.

Passed September 11, 2012, by the Liberals with support from the Progressive Conservatives, Bill 115 stripped public school teachers of their collective bargaining rights, instead imposing contract terms approved by the government and modeled on the Ontario English Catholic Teachers” Association (OECTA) Memorandum of Understanding (MOU). Enforced by Education Minister Laurel Broten, on January 3, 2013, the Bill imposed numerous concessions on education workers, such as reduced sick days, the elimination of bankable sick days, wage freezes and loss of pay due to mandatory unpaid days. The government cynically announced it would repeal the bill immediately after imposing contracts. The Canadian Civil Liberties Association has deemed Bill 115 “an unprecedented attack on the civil liberties and constitutional rights of educational workers.” Labour leaders are concerned the bill is setting a dangerous precedent that will allow the government to dictate the terms and working conditions of all Ontarians without repercussion.

To bring awareness to Bill 115”s attack on democracy, NoToBill115 advertisements have been released in various locations throughout the GTA. Multiple campaign advertisements, released in digital formats, have been placed on billboards and TTC platforms as well as in various residential, business areas and malls across Toronto.

President of ETT, Martin Long says the campaign has been launched to bring awareness to the undemocratic future the bill represents if action is not taken now to support worker rights.

“Bill 115 is an impediment and the result of Bill 115 will continue to be an impediment in the good will of teachers throughout Ontario schools,” said Long.

As part of the campaign, ETFO and GTA locals will be holding a Respect for Democracy rally on January 25 starting at 6:30 pm and will be part of the Ontario Federation of Labour (OFL) led rally on January 26 at 1 pm (gathering at 9 am) at Maple Leaf Gardens, Carlton and Church St. For more information about the campaign and how you can get involved, visit www.notobill115.ca!

To view the photo associated with this press release, please visit the following link: http://www.marketwire.com/library/20130122-ETFONoToBill115.jpg.

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Dow, S&P 500 edge higher as earnings eyed

NEW YORK (Reuters) - Stocks mostly edged up on Tuesday after ending last week at five-year highs, but gains were limited with investors showing caution as the earnings season picks up speed.

Both the Dow and the Standard & Poor's 500 closed at five-year highs on Friday, boosted by better-than-expected results in the early part of the earnings season. Although major companies have issued bullish statements, many investors remain wary that economic uncertainty in the fourth quarter dented earnings and revenues.

"The market is playing wait-and-see to see the way the earnings come in this week because you've got some biggies," said Fred Dickson, chief market strategist at D.A. Davidson & Co., in Lake Oswego, Oregon.

Recent concerns about waning demand for Apple Inc products and a weak outlook from Intel Corp have diminished optimism about the tech sector's prospects. The S&P technology sector index, down 0.4 percent, was the worst performing of the 10 major S&P 500 sectors on Tuesday.

Major tech companies scheduled to report results after the market's close on Tuesday include Google Inc, International Business Machines and Texas Instruments. Tech bellwethers Apple and Microsoft Corp are also set to report earnings this week.

"Any one of those, if there is a big surprise up or down, could shift the balance in the markets. So investors are being far more cautious than normal, especially with the market averages having broken out to five-year highs," Dickson said.

The Dow Jones industrial average gained 31.32 points, or 0.23 percent, to 13,681.02. The Standard & Poor's 500 Index added 1.48 points, or 0.10 percent, to 1,487.46. The Nasdaq Composite Index slipped 4.42 points, or 0.14 percent, to 3,130.29.

Four Dow components reported early on Tuesday, and three rose on the results. Insurer Travelers Cos was the standout, climbing 2.6 percent to $78.33 and giving the biggest boost to the Dow after the company forecast higher premiums across its business.

DuPont, the largest U.S. chemical company by market capitalization, reported revenue that exceeded Wall Street's expectations, while Verizon Communications Inc also posted revenue that beat forecasts.

Shares of DuPont shot up 1.6 percent to $47.75 while Verizon's stock rose 0.9 percent to $42.94.

On the downside, shares of Johnson & Johnson, the diversified health company, slipped 0.6 percent to $72.79 after the Dow component forecast 2013 earnings below expectations.

According to Thomson Reuters data through Tuesday morning, of the 74 companies in the S&P 500 that have reported earnings so far, 62.2 percent have topped expectations, roughly even with the 62 percent average since 1994, but below the 65 percent average over the past four quarters.

Overall, S&P 500 fourth-quarter earnings are forecast to have risen 2.6 percent. That estimate is above the 1.9 percent forecast from the start of earnings season, but well below the 9.9 percent fourth-quarter earnings forecast from October 1, the data showed.

Economic data from the National Association of Realtors showed existing-home sales unexpectedly fell 1 percent in December, which was below expectations, but not a big enough dip to suggest the housing market's recovery may be in jeopardy.

Republican leaders in the U.S. House of Representatives said they aim on Wednesday to pass a nearly four-month extension of the U.S. debt limit, allowing the government to borrow enough to meet its obligations during that period.

Markets have recently been pressured by uncertainty stemming from Washington about the federal debt limit and spending cuts that could hamper U.S. growth.

U.S.-listed shares of Research in Motion jumped 9.6 percent to $17.36 a day after its chief executive said the Canadian company may consider strategic alliances with other companies after the launch of devices powered by RIM's new BlackBerry 10 operating system.

(Editing by Jan Paschal)

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Woman in Te'o fake girlfriend photo speaks out

NEW YORK (AP) — The woman whose photo was used as the "face" of the Twitter account of Manti Te'o's supposed girlfriend says the man allegedly behind the hoax confessed and apologized to her.

Diane O'Meara told NBC's "Today" show Tuesday that Ronaiah Tuiasosopo used pictures of her without her knowledge in creating a fake woman called Lennay Kekua. Te'o asserts he was tricked into an online romance with Kekua and, until last week, believed she died of leukemia in September.

O'Meara went to high school in California with Tuiasosopo, but she says they're not close. He called to apologize Jan. 16, the day Deadspin.com broke the hoax story, she said.

"I don't think there's anything he could say to me that would fix this," said O'Meara, a 23-year-old marketing executive in Los Angeles.

O'Meara said she had never had any contact with Te'o, and that for five years, Tuiasosopo "has literally been stalking my Facebook and stealing my photos."

Tuiasosopo has not spoken publicly since the news broke. His family has said they may speak out this week.

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