Homebuilding takes a breather, wholesale prices up

WASHINGTON (Reuters) – U.S. builders broke ground on fewer homes last month but a jump in permits for future construction to a 4-1/2 year high indicated the housing market recovery remains on track.

Another report on Wednesday showed wholesale prices rose for the first time in four months in January. However, the gain was smaller than expected and left scope for the Federal Reserve to keep buying bonds to stimulate the economy.

Housing starts dropped 8.5 percent in January to an 890,000-unit annual rate, pulled down by a sharp drop in the volatile multi-family unit category, the Commerce Department said.

But starts for single-family homes hit their highest level since July 2008 and permits for future construction, which lead starts by at least a month, were at their highest level since June of that year.

The drop in starts followed an outsized gain in December and was confined to the Northeast and Midwest, suggesting cold weather likely contributed to the pullback.

“The fundamentals are there and the drivers are looking good,” said Patrick Newport, an economist at IHS Global Insight in Lexington, Massachusetts. “We see more new construction this year. The only question is whether it will be in the multi-family or single-family segment.”

Housing has shifted from being a headwind for the economy to being a pillar of support, although mortgage rates have crept higher in recent weeks, cooling loan demand.

Luxury homebuilder Toll Brothers on Wednesday reported disappointing quarterly results, hurt in part by lower selling prices, but other homebuilders have been able to take advantage of the recovering market.

A separate report from the Labor Department showed producer prices rose 0.2 percent last month as rebounding food costs offset declining gasoline prices. Wholesale prices had slipped 0.3 percent in December, and economists had expected them to rise 0.4 percent in January.

U.S. financial markets were little moved by the data. By midday, stocks were down as weakness in energy and materials sectors weighed on the indexes, while Treasuries were slightly higher. The dollar was up against a basket of currencies.

INFLATION PRESSURES MUTED

Food prices accounted for more than 75 percent of the rise in wholesale prices last month.

Away from the spike in food prices, the producer price report showed inflation pressures were generally muted.

In the 12 months through January, wholesale prices were up 1.4 percent and data on Thursday is expected to show consumer inflation below the U.S. central bank’s goal of 2 percent.

“Inflationary pressures remain well contained,” said Diane Swonk, chief economist at Mesirow Financial in Chicago. “The Federal Reserve would rather see inflation slightly higher in response to stronger economic conditions than benign because the recovery remains tepid.”

In an effort to drive down borrowing costs and spur stronger growth, the Fed last year launched an open-ended bond buying program and said it would keep it up until it saw a substantial improvement in the outlook for the labor market.

Wholesale prices excluding volatile food and energy costs edged up 0.2 percent last month after gaining 0.1 percent in December. In the 12 months through January, so-called core prices rose 1.8 percent, the smallest gain since February 2011.

A surge in the cost of fresh and dried vegetables pushed up food prices in January. Gasoline prices surprisingly recorded another substantial decline last month, even though prices at the pump have been rising almost every week this year.

The core PPI was lifted by a jump in the cost of drugs, while passenger car and light truck prices fell.

(Additional reporting by Jason Lange; Editing by Andrea Ricci and Tim Ahmann)

Economy News Headlines – Yahoo! News

Title Post: Homebuilding takes a breather, wholesale prices up
Url Post: http://www.news.fluser.com/homebuilding-takes-a-breather-wholesale-prices-up/
Link To Post : Homebuilding takes a breather, wholesale prices up
Rating:
100%

based on 99998 ratings.
5 user reviews.
Author: Fluser SeoLink
Thanks for visiting the blog, If any criticism and suggestions please leave a comment

Read More..

SDTC Looking for Canada’s Next Cleantech Innovators

OTTAWA, ONTARIO–(Marketwire – Feb 20, 2013) – Sustainable Development Technology Canada (SDTC) is looking for the next wave of innovative cleantech entrepreneurs with the announcement of our call for applications to the SD Tech Fund™ from February 20^th to April 17^th, 2013.

“This is an exciting time for Canada”s cleantech industry, projected to grow to generate as much as $ 62 billion in revenues by 2020,” said SDTC President and CEO Vicky Sharpe. “SDTC is excited to meet and work with another set of cleantech entrepreneurs, bringing technologies to market and changing the way business is being done.”

On behalf of the Government of Canada, SDTC finances and supports the late-stage development and pre-commercial demonstration of clean technologies. Through its SD Tech Fund™, SDTC helps companies through the critical juncture when capital and scaling costs become challenges and the risk profile deters other investors.

SDTC supports technologies that address the challenges of Climate Change, Clean Air, Soil and Water, including technology solutions focused on these current priority areas:

• Natural Resources: Mitigate environmental impacts associated with Canada”s natural resource sector including “green mining”, cleaner fossil fuels and forestry.


• Clean Energy: Enable cleaner energy production, including natural gas, and improved energy efficiency of transportation, the built environment and industrial processes.


• Agriculture: Increase yield and improve temperature and drought resistance of agricultural crops and mitigate land-use changes and biodiversity loss.


• Northern/Remote Communities: Innovative solutions for self-sufficiency in smaller communities.


• Packaged Solutions: Integrated technology packages that combine one or more clean technologies, such as renewable energy generation, energy storage, and waste and wastewater management.

The SDTC portfolio is currently comprised of 245 clean technology projects, for a total value of $ 2.1 billion, of which over $ 1.5 billion is leveraged primarily from the private-sector.

It should be noted, however, that the SD Tech Fund™ has been fully allocated. The availability and timing of funding for future rounds is dependent on SDTC receiving additional support in 2013.

About SDTC

On behalf of the Government of Canada, SDTC helps commercialize Canadian clean technologies, readying them for growth and export markets. With a portfolio of companies under management valued at more than $ 2 billion, SDTC is positioning cleantech as a driver of jobs, productivity and economic prosperity.

SDTC operates two funds aimed at the development and demonstration of innovative technological solutions. The $ 590 million SD Tech Fund™ supports projects that address climate change, air quality, clean water, and clean soil. The $ 500 million NextGen Biofuels Fund™ supports the establishment of first-of-kind large demonstration-scale facilities for the production of next-generation renewable fuels.

SDTC works with the private sector, the financial sector and all levels of government to meet the Government of Canada”s commitment to create a healthy environment and a high quality of life for all Canadians. SDTC operates as a not-for-profit corporation. www.sdtc.ca.

Marketwire News Archive – Yahoo! Finance

Title Post: SDTC Looking for Canada’s Next Cleantech Innovators
Url Post: http://www.news.fluser.com/sdtc-looking-for-canadas-next-cleantech-innovators/
Link To Post : SDTC Looking for Canada’s Next Cleantech Innovators
Rating:
100%

based on 99998 ratings.
5 user reviews.
Author: Fluser SeoLink
Thanks for visiting the blog, If any criticism and suggestions please leave a comment

Read More..

Wall Street dips after rally, energy shares weaker

NEW YORK (Reuters) - Stocks dipped on Wednesday, with energy shares falling as investors found few reasons to buy following a rally that has held major indexes near five-year highs for three weeks.

In addition, investors waited for the minutes from the Federal Open Market Committee's January meeting due at 2 p.m. (1900 GMT) for clues to the interest rate outlook.

Traders said there were unconfirmed rumors in the market that a troubled hedge fund was selling assets.

"I heard the chatter about a hedge fund liquidating things today but how big, I don't know. Certainly it sparks concern," said Michael James, senior trader at Wedbush Morgan in Los Angeles.

A jump in January of permits for future home building offered hope the housing market's recovery remains on track. A separate report showed wholesale prices rose last month for the first time in four months.

The S&P 500 has jumped about 7 percent so far this year, and is on track for its eighth straight week of gains. However, many of those weekly gains have been slight, with equities trading within a narrow range for the past few weeks, suggesting valuations may be stretched at current levels.

"The market seems very tired and listless, and investors are prone to take profits now as they wait for the music to stop," said Matt McCormick, money manager at Bahl & Gaynor in Cincinnati.

Energy companies were among the weakest, hurt by disappointing corporate results and a 2.4 percent drop in crude oil prices.

Newfield Exploration fell 5.8 percent to $25.73 while Devon Energy Corp fell 1.6 percent to $59.60. Both companies posted fourth-quarter losses, with Devon hurt as it wrote down the value of its assets by $896 million due to weak natural gas prices.

Groundbreaking to build new U.S. homes fell 8.5 percent in January but new permits for construction rose to a 4 1/2-year high while producer prices rose in January for the first time in four months.

Investors will look to the minutes from the Fed's January meeting for any indication as to how long the Fed will keep buying $85 billion in bonds each month to bolster U.S. employment. Economic data should enable the Fed to maintain its easy monetary policy.

The Dow Jones industrial average <.dji> dropped 16.03 points, or 0.11 percent, to 14,019.64. The Standard & Poor's 500 Index <.spx> dropped 5.81 points, or 0.38 percent, to 1,525.13. The Nasdaq Composite Index <.ixic> dropped 13.82 points, or 0.43 percent, to 3,199.77.

Shares of OfficeMax Inc fell 3.8 percent to $12.51 while Office Depot slumped 13 percent to $4.37 as the companies announced a $1.2 billion merger agreement. The shares had risen sharply earlier this week after a source said a deal would be announced. Rival Staples Inc fell 3.5 percent.

Toll Brothers Inc lost 4 percent to $35.43 after the largest luxury homebuilder in the United States, reported first-quarter results well below analysts' estimates.

The stock is up 9 percent so far this year, building on jump of nearly 60 percent in 2012.

"Valuations appear a bit high at these levels, and if I was in a name that had seen a huge run, I'd want to take some chips off the table," said McCormick, who helps oversee about $8.2 billion in assets.

SodaStream dropped 6.5 percent to $49.04 after the seller of home carbonated drink maker machines posted fourth-quarter earnings and provided a 2013 outlook.

According to Thomson Reuters data through Tuesday morning, of the 405 companies in the S&P 500 that have reported results, 71 percent have exceeded analysts' expectations, compared with a 62 percent average since 1994 and 65 percent over the past four quarters.

Fourth-quarter earnings for S&P 500 companies are estimated to have risen 5.7 percent, according to the data, above a 1.9 percent forecast at the start of the earnings season.

(Editing by Kenneth Barry)

Read More..

Armstrong facing Wednesday deadline with USADA

AUSTIN, Texas (AP) — Lance Armstrong is facing a Wednesday deadline to decide whether he will meet with U.S. Anti-Doping Agency officials and talk with them under oath about what he knows about performance-enhancing drug use in cycling.

The agency has said Armstrong's cooperation in its cleanup effort is the only path open to Armstrong if his lifetime ban from sports is to be reduced.

Armstrong has given mixed signals about whether he plans to talk with USADA officials. Armstrong attorney Tim Herman previously suggested Armstrong would not meet with USADA before the agency's original Feb. 6 deadline. The two sides then agreed to give Armstrong another two weeks to work out an interview with investigators.

Armstrong previously denied using performance-enhancing drugs, but in January admitted doping to win seven Tour de France titles.

Read More..

Obama can't kick his legacy down road

By Gloria Borger, CNN Chief Political Analyst

February 20, 2013 -- Updated 1530 GMT (2330 HKT)

President Obama has a small window of opportunity to get Congress to act on his priorities, Gloria Borger says.

STORY HIGHLIGHTS

• Gloria Borger: Prospect of deep budget cuts was designed to compel compromise


• She says the "unthinkable" cuts now have many supporters


• The likelihood that cuts may happen shows new level of D.C. dysfunction, she says


• Borger: President may want a 2014 House victory, but action needed now

(CNN) -- So let's try to recount why we are where we are. In August 2011, Washington was trying to figure out how to raise the debt ceiling -- so the US might continue to pay its bills -- when a stunt was hatched: Kick the can down the road.

And not only kick it down the road, but do it in a way that would eventually force Washington to do its job: Invent a punishment.

Gloria Borger

If the politicians failed to come up with some kind of budget deal, the blunt instrument of across-the-board cuts in every area would await.

Unthinkable! Untenable!

Until now.

In fact, something designed to be worse than any conceivable agreement is now completely acceptable to many.

And not only are these forced budget cuts considered acceptable, they're even applauded. Some Republicans figure they'll never find a way to get 5% across-the-board domestic spending cuts like this again, so go for it. And some liberal Democrats likewise say 8% cuts in military spending are better than anything we might get on our own, so go for it.

Opinion: Forced budget cuts a disaster for military

The result: A draconian plan designed to force the two sides to get together has now turned out to be too weak to do that.

And what does that tell us? More about the collapse of the political process than it does about the merits of any budget cuts. Official Washington has completely abdicated responsibility, taking its dysfunction to a new level -- which is really saying something.

We've learned since the election that the second-term president is feeling chipper. With re-election came the power to force Republicans to raise taxes on the wealthy in the fiscal cliff negotiations, and good for him. Americans voted, and said that's what they wanted, and so it happened. Even the most sullen Republicans knew that tax fight had been lost.

Points on the board for the White House.

Now the evil "sequester" -- the forced budget cuts -- looms. And the president proposes what he calls a "balanced" approach: closing tax loopholes on the rich and budget cuts. It's something he knows Republicans will never go for. They raised taxes six weeks ago, and they're not going to do it again now. They already gave at the office. And Republicans also say, with some merit, that taxes were never meant to be a part of the discussion of across-the-board cuts. It's about spending.

Politics: Obama more emotional on spending cuts

Here's the problem: The election is over. Obama won, and he doesn't really have to keep telling us -- or showing us, via staged campaign-style events like the one Tuesday in which he used police officers as props while he opposed the forced spending cuts.

What we're waiting for is the plan to translate victory into effective governance.

Sure, there's no doubt the president has the upper hand. He's right to believe that GOP calls for austerity do not constitute a cohesive party platform. He knows that the GOP has no singular, effective leader, and that its message is unformed. And he's probably hoping that the next two years can be used effectively to further undermine the GOP and win back a Democratic majority in the House.

Slight problem: There's plenty of real work to be done, on the budget, on tax reform, on immigration, climate change and guns. A second-term president has a small window of opportunity. And a presidential legacy is not something that can be kicked down the road.

Follow @CNNOpinion on Twitter.

Join us at Facebook/CNNOpinion.

The opinions expressed in this commentary are solely those of Gloria Borger.

Part of complete coverage on

February 19, 2013 -- Updated 1419 GMT (2219 HKT)

Michael Hayden says the U.S. shouldn't let a lack of consensus at home drive policies on drones, cyber attacks.

February 19, 2013 -- Updated 1719 GMT (0119 HKT)

Apple is getting pushed around these days and its coolness factor seems to be fading. But John Abell says don't be too quick to count Apple out.

February 20, 2013 -- Updated 0100 GMT (0900 HKT)

Actor/producer Jesse Williams says Quentin Tarantino's film "Django Unchained" subordinates black characters and fails to illuminate the history of slavery.

February 19, 2013 -- Updated 1933 GMT (0333 HKT)

Ruben Navarrette believes that it's the guest workers program that will make or break the prospects for immigration reform.

February 19, 2013 -- Updated 1219 GMT (2019 HKT)

Howard Kurtz says lesser news stories eclipsed the follow up coverage that Obama's State of the Union deserved.

February 19, 2013 -- Updated 0024 GMT (0824 HKT)

President Obama may not have the votes to pass gun legislation, but David Frum says the government could do a lot to increase gun safety anyway.

February 19, 2013 -- Updated 0047 GMT (0847 HKT)

Since Canada will not tolerate an influx of zombies, we have to get ready and secure our borders, says Dean Obeidallah.

February 18, 2013 -- Updated 2259 GMT (0659 HKT)

Pablo Spiller says consumers will likely get more choices and improved quality of service.

February 18, 2013 -- Updated 1629 GMT (0029 HKT)

Convincing Congress to take on climate change will be an uphill battle, unless there's strong grass roots support, says Julian Zelizer.

February 17, 2013 -- Updated 1337 GMT (2137 HKT)

Bob Greene says the stories of former slaves, compiled in 1930s, tell of families torn apart, people deprived of basic freedoms

February 18, 2013 -- Updated 0028 GMT (0828 HKT)

Cameron Russell says her looks fit a narrow definition of beauty and her career as a model gives her views undeserved attention

February 19, 2013 -- Updated 0116 GMT (0916 HKT)

Meg Urry says the likelihood that a meteor hits and an asteroid passes close by Earth on the same day is quite improbable, yet the two events happened on Friday

February 19, 2013 -- Updated 1728 GMT (0128 HKT)

Frida Ghitis says the murder of Reeva Steenkamp allegedly by Oscar Pistorius is a reminder that we have to do more to protect women.

Read More..

Paul McCartney tops Bonnaroo music festival lineup

NASHVILLE, Tenn (Reuters) – Paul McCartney will perform at the Bonnaroo Music and Arts Festival in Tennessee in June along with Tom Petty & The Heartbreakers, Mumford & Sons, Bjork and Wilco, festival organizers said on Tuesday.

“Top to bottom, this is one of the strongest lineups we have ever had,” Bonnaroo spokesman Jeff Cuellar said in an interview. “Looking at the festival landscape out there … no other American festival has Mumford & Sons, Paul McCartney and Bjork all under one roof.”

Bonnaroo is among the top live music gatherings of the year, much like the Coachella Valley Music and Arts Festival in California and the Glastonbury Festival of Contemporary Performing Arts in Britain.

Up to 100,000 fans flock to the annual festival in Manchester, Tennessee, to see singers, comedians, art and films.

The 2013 concert lineup announced on Tuesday also included R. Kelly, Wu-Tang Clan, David Byrne & St. Vincent, ZZ Top, “Weird Al” Yankovic, Gov’t Mule and Dwight Yoakam.

Tickets for the festival go on sale February 23 on bonnaroo.com.

(Reporting by Tim Ghianni; Editing by David Bailey and Stacey Joyce)

Music News Headlines – Yahoo! News

Title Post: Paul McCartney tops Bonnaroo music festival lineup
Url Post: http://www.news.fluser.com/paul-mccartney-tops-bonnaroo-music-festival-lineup/
Link To Post : Paul McCartney tops Bonnaroo music festival lineup
Rating:
100%

based on 99998 ratings.
5 user reviews.
Author: Fluser SeoLink
Thanks for visiting the blog, If any criticism and suggestions please leave a comment

Read More..

Cameron calls for faster RBS reform

19 February 2013 Last updated at 05:31 ET

The Prime Minister, David Cameron, has called on Royal Bank of Scotland to speed up the overhaul of its business.

Speaking on a trip to India, Mr Cameron said he wanted the largely state-owned bank to “accelerate the adjustments” it was making.

He added he was “keen to examine all possibilities” for putting RBS back into the private sector.

However, he played down reports that the government was preparing to sell its stake in the bank.

RBS is 82%-owned by the tax payer after the government injected £45bn to stop it from collapsing during the financial crisis.

When asked to respond to comments that the government was preparing to sell its stake by 2014, Mr Cameron responded with: “These are all interesting questions for the future.”

“The first job is to turn around the performance of RBS and to strengthen its balance sheet, strengthen its business and that’s what [RBS chief executive] Stephen Hester and his team are doing.”

Mr Hester started the process of reforming the bank in 2009 and said it would take up to five years.

The aim of the overhaul is to make the bank safer and more profitable. It includes selling off its less important businesses and paring back its investment arm. A 30% stake in its insurance business, Direct Line, has already been floated on the stock market.

In November, the bank said that its restructuring plan was on track and would be completed in the next 18 months.

As part of the restructuring, RBS has been struggling to sell more than 300 branches by 2014, at the behest of the European Union, in return for its state aid. A deal with Santander fell through last year. The latest reports suggest that City investors are poised to enter the fray.

The bank was also recently fined for being embroiled in a global rate-rigging scandal. It was fined £390m ($ 610m) by UK and US authorities, which it intends to pay from past, current and future bonuses.

BBC News – Business

Title Post: Cameron calls for faster RBS reform
Url Post: http://www.news.fluser.com/cameron-calls-for-faster-rbs-reform/
Link To Post : Cameron calls for faster RBS reform
Rating:
100%

based on 99998 ratings.
5 user reviews.
Author: Fluser SeoLink
Thanks for visiting the blog, If any criticism and suggestions please leave a comment

Read More..

IIROC: Halt, VICTORIA GOLD CORP

VANCOUVER, BRITISH COLUMBIA–(Marketwire – Feb. 19, 2013) - The following issues have been halted by IIROC / L’OCRCVM a suspendu la négociation des titres suivants :

Company / Société :	VICTORIA GOLD CORP
TSX-Venture Symbol / Symbole à la Bourse de croissance TSX :	VIT
Reason / Motif :	At the Request of the Company Pending News / À la demande de la société en attendant une nouvelle
Halt Time (ET) / Heure de la suspension (HE)	12:14

IIROC can make a decision to impose a temporary suspension of trading in a security of a publicly listed company, usually in anticipation of a material news announcement by the company. Trading halts are issued based on the principle that all investors should have the same timely access to important company information. IIROC is the national self-regulatory organization which oversees all investment dealers and trading activity on debt and equity marketplaces in Canada.

L’OCRCVM peut prendre la décision d’imposer une suspension provisoire des négociations sur le titre d’une société cotée en bourse, habituellement en prévision d’une annonce importante de la part de la société. Les suspensions de négociations sont imposées suivant le principe que tous les investisseurs devraient avoir un accès égal et simultané à l’information importante au sujet des sociétés dans lesquelles ils investissent. L’OCRCVM est l’organisme d’autoréglementation national qui surveille l’ensemble des sociétés de courtage et l’ensemble des opérations effectuées sur les marchés boursiers et les marchés de titres d’emprunt au Canada.

For further information: IIROC Inquiries 1-877-442-4322 (Option 3) – Please note that IIROC is not able to provide any additional information regarding a specific trading halt. Information is limited to general enquiries only.

Pour de plus amples informations : Service des enquêtes de l’OCRCVM, au 1 877 442-4322 (option 3) – Veuillez prendre note que l’OCRCVM n’est pas en mesure de fournir d’informations supplémentaires au sujet d’une suspension des négociations en particulier. L’information est restreinte aux questions générales.

Marketwire News Archive – Yahoo! Finance

Title Post: IIROC: Halt, VICTORIA GOLD CORP
Url Post: http://www.news.fluser.com/iiroc-halt-victoria-gold-corp/
Link To Post : IIROC: Halt, VICTORIA GOLD CORP
Rating:
100%

based on 99998 ratings.
5 user reviews.
Author: Fluser SeoLink
Thanks for visiting the blog, If any criticism and suggestions please leave a comment

Read More..

M&A deals lift shares, suggest more value in market

NEW YORK (Reuters) - U.S. stocks rose on Tuesday as merger activity suggested the market could offer investors still more value even as the S&P 500 and Dow industrials hover near five-year highs.

Equities have resisted a pullback as investors use dips in stocks as buying opportunities. The S&P is up about 7 percent so far in 2013 and has climbed for the past seven weeks in its longest weekly winning streak since January 2011, though most of the weekly gains have been slim.

Office Depot Inc surged 9.4 percent to $5, pulling back from earlier highs after a person familiar with the matter said the No. 2 U.S. office supply retailer was in advanced talks to merge with smaller rival OfficeMax Inc . A deal could come as early as this week.

OfficeMax jumped 20 percent to $12.94 while larger rival Staples Inc shot up 9.4 percent to $14.17 as the best performer on the S&P 500.

More than $158 billion in deals has been announced thus far in 2013. Last week, agreements included the acquisition of H.J. Heinz Co by Berkshire Hathaway , and the sale by General Electric of its remaining stake in NBCUniversal to Comcast Corp .

"Equity investors have to be encouraged by M&A since, if the number crunchers are offering large premiums, that shows how much value is still in the market," said Mike Gibbs, co-head of the equity advisory group at Raymond James in Memphis, Tennessee.

The Dow Jones industrial average <.dji> was up 37.81 points, or 0.27 percent, at 14,019.57. The Standard & Poor's 500 Index <.spx> was up 6.84 points, or 0.45 percent, at 1,526.63. The Nasdaq Composite Index <.ixic> was up 9.39 points, or 0.29 percent, at 3,201.42.

U.S. markets were closed on Monday for the Presidents Day holiday.

Health insurance stocks tumbled, led by a 7 percent drop in Humana Inc to $72.50 after the company said the government's proposed 2014 payment rates for Medicare Advantage participants were lower than expected and would hurt its profit outlook.

UnitedHealth Group lost 1.7 percent to $56.37the biggest drag on the Dow. The Morgan Stanley healthcare payor index <.hmo> dropped 1.6 percent.

Express Scripts rose 2.4 percent to $56.87 after the pharmacy benefits manager posted fourth-quarter earnings.

Wall Street's strong start to the year for was fueled by stronger-than-expected corporate earnings, as well as a compromise by legislators in Washington that temporarily averted automatic spending cuts and tax hikes that are predicted to damage the economy.

The compromise on across-the-board spending cuts postponed the matter until March 1, at which point the cuts take effect. Ahead of the debate over the cuts, known as sequestration, further gains for stocks may be difficult to come by.

"If there's no major contention with sequestration, it looks like stocks are prepared to handle it, but until then we'll probably stay in a consolidation period marked by sideways trading with a slow rate of ascent," said Gibbs.

Economic data showed the NAHB/Wells Fargo Housing Market index unexpectedly edged down to 46 in February from 47 in the prior month as builders faced higher material costs.

According to the Thomson Reuters data through Monday morning, of the 391 companies in the S&P 500 that have reported results, 70.1 percent have exceeded analysts' expectations, compared with a 62 percent average since 1994 and 65 percent over the past four quarters.

Fourth-quarter earnings for S&P 500 companies have risen 5.6 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 Chizu Nomiyama, Kenneth Barry and Nick Zieminski)

Read More..

Pistorius: Thought lover an intruder in shooting

PRETORIA, South Africa (AP) — Oscar Pistorius wept Tuesday as his defense lawyer read the athlete's account of how he shot his girlfriend to death on Valentine's Day, claiming he had mistaken her for an intruder.

Prosecutors, however, told a packed courtroom that the double-amputee known as the Blade Runner intentionally and mercilessly shot and killed 29-year-old Reeva Steenkamp as she cowered inside a locked bathroom.

Pistorius told the Pretoria Magistrate's Court at a bail hearing he felt vulnerable in the presence of an intruder inside the bathroom because he did not have his prosthetic legs on, and fired into the bathroom door.

The Valentine's Day shooting in Pistorius' home in Pretoria shocked South Africans and many around the world who idolized him for overcoming adversity to become a sports champion, competing in the London Olympics last year in track besides being a Paralympian. Steenkamp was a model and law graduate who made her debut on a South African reality TV program that was broadcast on Saturday, two days after her death.

In a major point of contention emerged even during Tuesday bail hearing, prosecutor Gerrie Nel said Pistorius took the time to put on his prostheses, walked seven meters (yards) from the bed to the enclosed toilet inside his bathroom and only then opened fire. Three of the bullets hit Steenkamp of the four that were fired into the door, Nel said.

Pistorius said in his sworn statement that after opening fire, he realized that Steenkamp was not in his bed.

"It filled me with horror and fear," Pistorius said. The 26-year-old Olympian said he put on his prosthetic legs and tried to kick down the door before finally bashing it in with a cricket bat. Inside, he said he found Steenkamp, slumped over. He said he lifted her bloodied body into his arms and tried to carry her downstairs to seek medical help.

But by then, it was too late.

"She died in my arms," the athlete said.

Nel charged Pistorius with premeditated murder and said the athlete opened fire after the couple engaged in a shouting match and she fled to the bathroom.

"She couldn't go anywhere. You can run nowhere," Nel said. "It must have been horrific."

A conviction of premeditated murder carries a mandatory sentence of life in jail.

Chief Magistrate Desmond Nair ruled that Pistorius must face the harshest bail requirements available in South African law. That means Pistorius' lawyers must offer "exceptional" reasons for the athlete to be free before trial, besides simply giving up his two South African passports and posting a cash bond.

Pistorius sobbed softly as his lawyer, Barry Roux, insisted the shooting was an accident and that there was no evidence to substantiate a murder charge.

"We submit it is not even murder," he said. "There is no concession this is a murder."

Pistorius' emotional outbursts again played a part in how the hearing progessed, as it did during an initial hearing Friday. At one point, Nair stopped the hearing after Pistorius wept as Roux read a portion of the athlete's statement describing how Steenkamp bought him a Valentine's Day present, but wouldn't let him open it the night before.

"Maintain your composure," the magistrate said. "You need to apply your mind here."

Pistorius' voice quivered when he answered: "Yes, my lordship."

Affidavits from friends of Pistorius and Steenkamp described the two as a charming, happy couple. The night before the killing, they said, Pistorius and Steenkamp had canceled separate plans in order to spend the night before Valentine's Day together at his home, in a gated neighborhood.

Outside the court, several dozen singing women protested against domestic violence and waved placards urging that Pistorius be refused bail. "Pistorius must rot in jail," one placard said.

As details emerged at the dramatic court hearing in the capital, Steenkamp's body was being cremated Tuesday at a memorial service in the south-coast port city of Port Elizabeth. Six pallbearers carried her coffin, draped with a white cloth and covered in white flowers, into the church for the private service.

South Africa has some of the world's worst rates of violence against females and the highest rate in the world of women killed by an intimate partner, according to a study by the Medical Research Council. Professor Rachel Jewkes of the council said at least three women are killed by a partner every day in this country of 50 million.

Steenkamp campaigned actively against domestic violence and had tweeted on Twitter that she planned to join a "Black Friday" protest by wearing black in honor of a 17-year-old girl who was gang-raped and mutilated two weeks ago.

What "she stood for, and the abuse against women, unfortunately it's gone right around and I think the Lord knows that statement is more powerful now," her uncle Mike Steenkamp, the family's spokesman, said after her memorial.

He said the family had planned a big get-together at Christmas but that had not been possible. "But we are here today as a family and the only one who's missing is Reeva," he said, breaking down and weeping.

Pistorius has lost several valuable sponsorships estimated to be worth more than $1 million a year.

On Tuesday, the athlete was ousted from a pro-gay campaign being launched in Cape Town, organizers said. In a video axed from the campaign, Pistorius says: "You don't have to worry. You don't have to change. Take a deep breath and remember, 'It will get better.'"

And Clarins Group, which owns Thierry Mugler Perfumes, said in an email that "out of respect and compassion for the families involved in this tragedy, Thierry Mugler Perfumes have taken the decision to withdraw all of their advertising campaigns featuring Oscar Pistorius."

Read More..