The Economy Likely Grew After All, Thanks to Oil






There were big headlines—here and elsewhere—after the government reported on Jan. 30 that the U.S. economy shrank in the fourth quarter.


Never mind. A little more than a week later, surprisingly good trade figures today are leading economists to predict that the government will revise its gross domestic product estimate for the last three months of 2012 into positive territory.






The Department of Commerce said the trade deficit shrank 21 percent to about $ 39 billion, the smallest trade gap since January 2010. Oil was the biggest factor. The U.S. imported the fewest barrels of crude in almost 16 years, while fuel exports actually rose.


Commerce’s Bureau of Economic Analysis releases its first estimate on quarterly GDP growth just a month after the quarter ends, so it’s forced to make assumptions and extrapolations to fill in for missing data. The accuracy of its estimate improves as more complete information arrives.


Economists quickly incorporated the new figures into their GDP estimates. Macroeconomic Advisers (briefly) estimated that the economy grew at a 0.7 percent annual rate in the fourth quarter.


“The U.S. trade balance improved dramatically at the end of last year,” UniCredit (UCG) economist Harm Bandholz wrote to clients.


Wait, though. That wasn’t the end of things. Shortly after putting out better-than-expected trade data, the government released worse-than-expected data on wholesale inventories. Macroeconomic Advisers’ Ben Herzon said incorporating inventories would probably reduce its growth estimate to roughly 0.4 percent to 0.5 percent. Barclays (BCS) estimated 0.3 percent. JPMorgan Chase (JPM) economist Daniel Silver wrote to clients: “Our tracking estimate of 4Q GDP growth is now at 0.2%.”


The net of the flurry of revisions is that the economy probably didn’t really shrink in the fourth quarter after all. On the other hand, it didn’t grow much, either.


Businessweek.com — Top News





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Denver’s Housing Market Continued to Recover in January Offering an Unprecedented Opportunity for Sellers






DENVER, CO–(Marketwire – Feb 8, 2013) –  Year-over-year inventory levels continue to be low, home prices are up and average days on market (DOM) for Denver-area homes is down, making for a prime sellers’ market according to the latest reports from Metrolist®, which powers REcolorado.com, a free resource for Colorado home buyers, sellers, and owners.


Since July of last year, the number of available homes on the market has continued to shrink. At the close of January, there were only 7,094 homes for sale, which is 8 percent fewer than December figures. While January numbers typically reflect a seasonal slow down, average sale prices remained up 11 percent from this time last year.






Indicative of the competitive housing market, sellers can expect an extremely quick sales cycle, as the average DOM is at 78 days, 25 percent below January 2012.


“The time is now for sellers who have been waiting to put their home on the market,” said Kirby Slunaker, CEO and President of Metrolist. “Prices are back up to pre-recession levels and homes that have been priced appropriately are receiving multiple bids and closing at much faster rates.”


 ”We’re seeing a general sense of optimism within all facets of the housing industry and these numbers support what we’ve been hearing from local real estate professionals,” says Slunaker.


Historically low inventory levels have also led to a long-awaited uptick in residential construction. According to REcolorado.com’s recently launched new home construction search feature, 850 of the 8,600 listed properties were new homes.


REcolorado.com offers Colorado buyers, sellers and owners a free and easy resource to not only search for homes but also search for real estate agents, new construction and open houses.


“Given the competitiveness of the marketplace, it’s going to be critical that buyers and sellers leverage the many resources that are available to them on REColorado.com as they coordinate their efforts with an experienced realtor,” continued Slunaker.


About REcolorado.com
Before entering the market, buyers and sellers can get free access to up-to-the-minute housing information throughout the state of Colorado at REcolorado.com. The website offers advanced search features and filters for price and location, as well as home values and scheduled open houses. This comprehensive local resource enables both buyers and sellers to enter the housing market well informed.


About Metrolist
Metrolist is the largest MLS in the state of Colorado, supporting the largest network of Realtors® with the most comprehensive database of real property listings throughout the Front Range. Realtor-owned since 1984, Metrolist provides leading technology solutions to real estate agents and brokers to better serve buyers and sellers. More information about Metrolist is available at www.metrolist.com.


Marketwire News Archive – Yahoo! Finance




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Market rises on data but caution settles on Wall Street

NEW YORK (Reuters) - Stocks edged higher on Friday, with the benchmark S&P index hitting a five-year high after a batch of positive economic reports, but gains were capped as investors grew cautious about a further advance.


Data showing stronger international trade from China and Germany and a report showing a smaller U.S. trade deficit in December were seen as encouraging signs of global demand.


Among stocks on the rise, the technology sector was boosted by gains in LinkedIn Corp and AOL Inc following their quarterly results.


The S&P 500 <.spx>, up 6.3 percent for the year, is on track for six straight weeks of gains. But the index has found it tougher to climb in recent days as investors await strong trading incentives to drive it further upward.


"We are going to have this churn and this consolidation, which actually isn't a bad thing," said Ken Polcari, director of the NYSE floor division at O'Neil Securities in New York.


The market is building a base by consolidating and showing less volatility, he said.


"If it builds a base, from there it is easier to make the argument that you move ahead," Polcari said.


The Dow Jones industrial average <.dji> was up 34.83 points, or 0.25 percent, at 13,978.88. The Standard & Poor's 500 Index <.spx> was up 6.06 points, or 0.40 percent, at 1,515.45. The Nasdaq Composite Index <.ixic> was up 25.90 points, or 0.82 percent, at 3,191.04.


The CBOE Volatility index <.vix>, Wall Street's so-called fear gauge, was down 4.2 percent at 12.94. The gauge generally moves inversely to the S&P 500.


Still, there were concerns whether the market would stride higher.


"I'm watching the 14 level closely. The break below it at the beginning of the year signaled the sharp rally in January, and a rally back above it could be a sign to exercise some caution," said Bryan Sapp, senior trading analyst at Schaeffer's Investment Research.


Healthcare stocks also performed well. The Morgan Stanley healthcare payor index <.hmo> was up 2.3 percent. Molina Healthcare Inc surged 9.7 percent to $31.67 as the biggest boost to the index after posting fourth-quarter earnings.


McDonald's Corp said January sales at established hamburger restaurants around the world fell 1.9 percent, a steeper decline than analysts had expected. Still, shares edged up 0.7 percent to $95.31.


Data showed Chinese exports grew more than expected in January, while imports climbed 28.8 percent, highlighting robust domestic demand, while German data showed a 2012 surplus that was the nation's second highest in more than 60 years, an indication of the underlying strength of Europe's biggest economy.


Another positive sign was U.S. economic data which showed the trade deficit shrank in December to $38.5 billion, its narrowest in nearly three years, indicating the economy did much better in the fourth quarter than initially estimated.


Shares of LinkedIn jumped 18.8 percent to $147.40 after announcing quarterly profits and giving a bullish forecast for the year.


AOL Inc shares also jumped 7 percent to $33.60 after the online company said its quarterly profit had jumped, boosted by a 13 percent rise in advertising sales.


According to Thomson Reuters data through Friday morning, of 339 companies in the S&P 500 that have reported earnings, 69.9 percent have exceeded analysts' expectations, above a 62 percent average since 1994 and 65 percent over the past four quarters.


Fourth-quarter earnings for S&P 500 companies grew 5.2 percent, according to the data, above a 1.9 percent forecast at the start of the earnings season.


(Reporting By Angela Moon; Editing by Kenneth Barry)



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Super Bowl blackout traced to preventive equipment


NEW ORLEANS (AP) — An electrical device that had been installed expressly to prevent a power outage caused the Super Bowl blackout, the stadium's power company said Friday as it took the blame for the outage that brought the game to a halt for more than a half-hour.


Officials of Entergy New Orleans, a subsidiary of New Orleans-based Entergy Corp., said the device, called a relay, had been installed in switching gear to protect the Superdome from a cable failure between the company's incoming power line and lines that run into the stadium.


The switching gear is housed in a building known as "the vault" near the stadium that receives a line directly from a nearby Entergy power substation. Once the line reaches the vault, it splits into two cables that go into the Superdome.


Company officials said the device performed with no problems during January's Sugar Bowl and other earlier events, but has been removed and will be replaced. All systems at the Superdome are now working and the dome will host a major Mardi Gras event Saturday night, said Doug Thornton, an executive with SMG, the company that manages the stadium for the state.


The power failure at Sunday's big game cut lights to about half of the stadium for 34 minutes, halting play between the Baltimore Ravens and San Francisco 49ers.


The FBI had ruled out cyberterrorism as a cause.


Entergy's announcement came shortly before officials appeared before a committee of the City Council, which is the regulatory body for the company, to answer questions about the outage.


Entergy New Orleans CEO Charles Rice and Dennis Dawsey, an Entergy vice president for distribution, told the Council that SMG agrees the cause of the outage was a relay failure. Asked if the two corporations still plan to hire a third-party investigator, Rice said that possibility remains open.


Committee member Jackie Clarkson pressed for such an independent probe. "We've told the public we're going to have an outside investigation," she said.


"We'll work closely with SMG and if there is a need for a third-party investigation, we will do that," Rice said.


It remains unclear whether the problem with the relay was a design flaw or a manufacturing problem. Rice said Entergy is working with the manufacturer.


"I'm pleased that we were able to find the root cause," Thornton said.


Shabab Mehraeen, an assistant professor of electrical engineering at Louisiana State University, said the relay device is a common electrical fixture in businesses and massive facilities such as the Superdome.


"They are designed to keep a problem they sense from becoming something bigger, like a fire or catastrophic event," said Mehraeen, who holds a doctorate from the Missouri University of Science and Technology in Rolla, Mo.


The devices vary in size, and while Mehraeen noted he was not familiar with the specifics of the relay at the Superdome, he added, "I wouldn't be surprised if it was bigger than a truck."


Mehraeen said the reasons the devices fail are the subject of much academic research into the interaction of relays with the complex electrical systems they regulate.


"It's not unusual for them to have problems," he said. "They can be unpredictable despite national testing standards recommended by manufacturers."


Entergy and SMG had both upgraded lines and equipment in the months leading up to the Super Bowl. Rice said the new switching gear, with the faulty relay, was installed as part of a $4.2 million upgrade by Entergy, including the installation of a new power line dedicated solely to the stadium.


In a separate project, SMG replaced lines coming into the stadium after managers expressed concerns the Superdome might be vulnerable to a power failure like the one that struck Candlestick Park during a 49ers Monday Night Football game in 2011. That outage was blamed at least partly on a transformer explosion.


Thornton stressed Friday that the dome was drawing only about two-thirds of its power capacity Super Bowl night, and said typical NFL games in late August or September can draw a little more.


City officials had worried that the Super Bowl outage might harm New Orleans' chances of getting another NFL championship game.


But NFL Commissioner Roger Goodell downplayed that possibility after the outage, saying the NFL planned to keep New Orleans in its Super Bowl plans. Mayor Mitch Landrieu said the city intends to bid for the Super Bowl in 2018.


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Why I dread Chinese New Year




Kids see Chinese New Year through rose-tinted glasses.




STORY HIGHLIGHTS


  • Zoe Li: As an adult, Chinese New Year is an annual nightmare

  • It's a time when relatives have the right to be judgmental

  • Superstitious Chinese New Year foods often aren't that tasty




(CNN) -- For me, Chinese New Year used to be fun.


When I was a kid, I was excited during Chinese New Year when I got lai see and I could stay up late. I even had access to candy, a once-a-year treat while living under the roof of my Tiger Mom.


Riding strong on the sugar highs, I always thought to myself, this is what it must feel like to be an adult. I was flush, free and giddy.


Then at some point in my twenties, Chinese New Year became a chore. Not any garden variety chore, but a cold-sweat-inducing family obligation that I try hard to avoid.


As an adult, Chinese New Year is an annual nightmare, for the following reasons:


1. I find it sucks when you are single




Single twenty-something? Smile while you can until the interrogation begins.



Relatives feel that they have a right to judge you because you do share bits of DNA, so, really, it's almost like they're judging themselves.


Typically, the extended family gathers for Chinese New Year and spends an inordinate amount of time together, during which people get bored and focus their restlessness on judging the younger generation, particularly those who are single.


Singledom means a lack of responsibilities and responsibility-free people need to be reined in by the wisdom of elders, or they will be reckless with their directionless lives.


Here are some unavoidable conversations at Chinese New Year. By "conversations" I really mean monologues by one Wise Elder or another, fired away at a particular Single Younger in a trance-like manner:


"Why don't you have a boyfriend? If you have a boyfriend, why don't you get married?"


"Why are you not dieting at least a little bit? Second Cousin Yong Yong will have to start bringing clothes from America for you."


"What happened to your hair? Blue is not such a good color for us Chinese people."






"Are you saving up for an apartment? Why not? The most important thing in life is to have a roof over your head. You don't want to be homeless, do you? What if the economy collapses again? At least you will have an apartment."


"Why don't you get a better paid job? You are wasting your talent. You will regret your life."


2. I am employed


I loved the great Chinese tradition of gifting lai see. Getting HK$20 for no reason other than tradition really rocked my seven-year-old world.


I have an income now, so twenty bucks here and there doesn't make a huge difference, but I still retain that childhood anticipation for the red packets. It's just a bit disappointing when I open up an envelope and it isn't concealing a massive check.


And it's the guilt from feeling disappointed that makes me really hate Chinese New Year for making me hate myself.


It's just like being unable to conceal your letdown expression when unwrapping that pair of socks at Secret Santa parties.


Gifting is a heartwarming tradition. It's the thought that counts. I am not supposed to care. I am a bad person.


There's even worse.


Chinese New Year gambling is just out of hand.


Now that I have a job, I'm expected to bet real money at The Mahjong Table, a no man's land filled with hidden agendas, treacherous scheming and Janus-faced traitors.


If you beat your elder relatives at mahjong one too many times, beware their wrath. It really hurts when you get hit by a mahjong tile.


If you lose on purpose to your elders and are unable to skillfully conceal your purposefulness, you risk looking patronizing.


It will put them in a bad mood and lead to a vengeful "what are you doing with your life" interrogation later. See point number one.


If you're simply crap at the game, you lose a load of money and will probably be judged for being not very intelligent. See point number one again.


3. I like good food




Chinese New Year cake is good only when it's homemade.



When foreigners make jokes about Chinese eating weird foods, I cringe.


When Chinese New Year comes around, I'm the one making the damn jokes.


At this time of year, we do get some incredible festive dishes.


And then there are those odd ones that make you feel like the taste, texture and nutritional content of food have all become irrelevant -- we only eat for superstitions.


Lots of Chinese New Year foods are auspicious in meaning, but atrocious in taste. I propose that we at least get rid of these three that are now out of touch with our lives:


Chinese New Year cake


Called "leen go" in Cantonese ("niangao" in mainland China), the name sounds auspicious and means "to progress more and reach higher every year."


The cake is made from glutionous rice, sugar and flavored with red bean paste or jujubes. Cut into thin slices, dip into beaten eggs and pan fry until it's gooey on the inside and crisp on the outside.


The problem is, no one makes these at home anymore and the store-bought version is bland and stodgy, like eating slices of caulking.


Since glutinous rice is considered difficult to digest for the elderly, us Single Youngers who have nothing to lose are forced to finish the plateful.


Sugared lotus seeds


Back in the day -- before globalization brought us jelly beans and Sugus, before the invention of Coca-Cola, before Christopher Columbus brought cocoa beans to the Old World -- eating sugar-coated lotus seeds during Chinese New Year seemed like a good idea.


Today, we have so many more delicious ways to feed our sweet tooth, so why do people still buy sugared lotus seeds?


They look like mothballs, taste one dimensional and feel like a marble of sand broken upon the tongue.


The name "leen tsi" sounds like "to birth sons each year." No one in the family likes to eat them and most of them already have kids, which means us Single Youngers have to swallow.


Gok tsai


These are deep-fried sweet dumplings. The skin is a thick, lifeless pastry made from lard, the filling is a mind-numbingly sweet blend of sugar and nuts.


Its shape and color makes it, somewhat, resemble a gold ingot. Eating these symbolize prosperity for the new year.


If I had to run a marathon, I might appreciate the fat bomb. But the only thing that I run are scripts on my browser.


That point, like the others in this post, is lost on the Wise Elders, wise as they are.


The opinions expressed in this commentary are solely those of Zoe Li. A former CNN employee, Zoe is a Hong Kong resident and edits the Hong Kong section of BLOUIN ARTINFO.






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HMV boss Moore axed as one of 60 redundancies: source






LONDON (Reuters) – Administrators at HMV, the British music and video retailer which hit the rocks last month, have made the group’s chief executive Trevor Moore redundant, according to a source familiar with the situation.


Deloitte, which was appointed as administrator by HMV after the firm struggled against competition from online retailers, supermarkets and streaming sites, had on Friday announced 60 redundancies across HMV’s head office network.






It would not comment on whether Moore was one of those leaving the firm. He joined HMV in 2012 from camera specialist Jessops, which also went into administration this year.


The redundancies follow a move on Thursday to close 66 loss-making HMV stores over the next two months, putting almost 1,000 jobs at risk. The group currently operates from 220 stores in the UK and employs around 4,000 people.


Deloitte is seeking a buyer for all or parts of the business, with analysts expecting it to survive in a much smaller form with an online offering.


In January restructuring specialist Hilco bought HMV’s debt, giving the firm a big say in the fate of the 92-year-old group.


(Reporting by Neil Maidment; Editing by Kate Holton)


Music News Headlines – Yahoo! News





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How Samsung Is Winning the Ad War With Apple








68de3  3Gduepif0T1UGY8H4yMDoxOm1qO387Kn How Samsung Is Winning the Ad War With ApplePlay


Feb. 7 (Bloomberg) — Bloomberg Businessweek’s Sam Grobart has bad news for Apple: Samsung is winning the messaging wars with ads that are more clever, more current and connect more directly with consumers.










Businessweek.com — Top News





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US mortgage rates stay this week near record lows






The average U.S. rate on the 30-year fixed mortgage was unchanged this week near historic lows.


Here’s a look at rates for fixed and adjustable mortgages over the past 52 weeks:
































Current avg.Last week52-week high52-week low
30-year fixed3.533.534.083.31
15-year fixed2.772.813.302.63
5-year adjustable2.632.702.962.63
1-year adjustable2.532.592.842.52
All values in percentage points
Source: Freddie Mac Primary Mortgage Market Survey

Yahoo! Finance – Personal Finance | Loans





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Wall Street dips on renewed euro zone concerns

NEW YORK (Reuters) - Shares fell on Thursday after the euro currency dropped against the safe-haven dollar and yen, raising worries about Europe's outlook and curbing investors' appetite for risky assets such as stocks.


The euro sank after European Central Bank President Mario Draghi said the exchange rate was important to growth and price stability, which investors took as a sign the bank is concerned about the euro's advance in recent days.


U.S. stocks have been in an uninterrupted uptrend for most of the year, with the S&P 500 gaining more than 5 percent for 2013.


"The market is a bit shaky on the back of some of the Draghi comments" amid worry the strength of the euro might hamper economic recovery, said Andre Bakhos, director of market analytics at LEK Securities in New York.


"Whether this ignites renewed concerns about the euro debt struggles and Europe in general is yet to be seen, but the market is looking for any reason to take a profit. It is just consolidating near multi-year highs, taking a respite before we advance higher."


The Dow Jones industrial average <.dji> was down 92.05 points, or 0.66 percent, at 13,894.47. The Standard & Poor's 500 Index <.spx> was down 7.93 points, or 0.52 percent, at 1,504.19. The Nasdaq Composite Index <.ixic> was down 14.95 points, or 0.47 percent, at 3,153.52.


Housing and retail stocks were the day's biggest decliners. The housing sector index <.hgx> was off 1 percent and the S&P housing index <.spxrt> was off 0.5 percent.


Top U.S. retailers reported strong January sales after offering compelling merchandise that drew in shoppers facing a hit to their take-home pay from higher payroll taxes.


Macy's Inc rose 1.3 percent to $40.01 after reporting January same store sales rose 11.7 percent.


But Ann Inc dropped 6.6 percent to $30.63 after forecasting fourth-quarter sales below analysts' expectations.


Fund manager David Einhorn's Greenlight Capital on Thursday said it has sued Apple Inc and said the company needs to do more to unlock value for shareholders. Apple shares gained 1.2 percent at $460.16.


Akamai Technologies Inc lost 15.6 percent to $35.06 as the worst performer on the S&P 500 after the Internet content delivery company forecast current-quarter revenue below analysts' expectations.


Initial jobless claims dipped last week, with the four-week moving average falling to its lowest level since March 2008, signaling the economy continues to recover slowly.


A separate report said fourth-quarter productivity registered its biggest drop in nearly two years, while unit labor costs jumped 4.5 percent, more than economists expected.


According to Thomson Reuters data through Thursday morning, of 317 companies in the S&P 500 that have reported earnings, 69 percent have exceeded analysts' expectations, above a 62 percent average since 1994 and 65 percent over the past four quarters.


Fourth-quarter earnings for S&P 500 companies rose 5 percent, according to the data, above a 1.9 percent forecast at the start of the earnings season.


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



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NFL reinstates Williams, Titans add him to staff


NASHVILLE, Tenn. (AP) — The NFL has reinstated Gregg Williams after suspending him for his role in the New Orleans' bounty scandal, and the Titans have added him to their coaching staff.


The NFL ended Williams' indefinite suspension Thursday and approved the Titans' contract hiring Williams. Tennessee also announced in the same release that Williams had been hired as a senior assistant coach for its defense.


The league issued a statement saying that Commissioner Roger Goodell cited several reasons for reinstating Williams including that Williams accepted responsibility for his role in the bounty program, his commitment to never be involved in any pay for performance system and pledging to teach safe play and respect for the rules.


"The commissioner emphasized that Williams must fully conform to league rules and will be subject to periodic monitoring to confirm his compliance," the NFL said in its statement.


Williams, suspended indefinitely last March, is the last person involved in the scandal to be reinstated by league. New Orleans coach Sean Payton had his suspension lifted on Jan. 22.


Saints general manager Mickey Loomis was suspended for eight games and assistant head coach Joe Vitt for six. Four current or former Saints players were also suspended after an investigation found the club had a performance pool offering cash rewards for key plays, including big hits. The player suspensions eventually were overturned.


Williams coached for the Saints between 2009 and 2011 and was hired as defensive coordinator by the St. Louis Rams in January 2012 before being suspended. Williams had been free to look for a new job in the NFL since the playoffs started, and now he is returning to the team where he got his start in the league back in 1990.


The Titans scheduled a news conference for Thursday afternoon with Williams expected to be on hand along with Titans coach Mike Munchak.


"I have known Gregg for over two decades and have seen him work his way up from a quality control coach to a head coach," Munchak said in a statement. "He will bring a great deal of defensive knowledge and energy to our staff. The decision to bring him here only came after going through a thoughtful and thorough process."


How well this move works remains to be seen, but Munchak faces a must-win situation going into his third season as head coach.


The Titans missed the playoffs in his first season on a tiebreaker in 2011 before slumping to a 6-10 record in 2012. Fans have not been happy that Munchak has kept Jerry Gray as his coordinator after a season when Tennessee set a franchise record by allowing 471 points, gave up at least 30 points in seven different games and ranked 27th in yards allowed.


Munchak previously made only one move on his defensive staff, firing linebackers coach Frank Bush and moving Chet Parlavecchio from assisting with special teams to linebackers coach.


Williams will be working with Gray, the same man he took with him to Buffalo when he was hired as the Bills head coach in 2001 after four seasons as Tennessee's defensive coordinator under then-coach Jeff Fisher. Gray also worked with Williams at the Washington Redskins between 2004-07 before Williams worked with the Jacksonville Jaguars in 2008 and then with the Saints.


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